N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Rachael M. Zufall, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, NC 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2014

Item 1. Reports to Stockholders.

  2014 Semiannual Report College Retirement   Equities Fund June 30, 2014  

	Contents
	Understanding your CREF report	2
	Information for CREF participants	3
	About the accounts’ benchmarks	4
	Important information about expenses	6
	Account performance
	CREF Stock Account	7
	CREF Global Equities Account	10
	CREF Growth Account	13
	CREF Equity Index Account	16
	CREF Bond Market Account	19
	CREF Inflation-Linked Bond Account	22
	CREF Social Choice Account	24
	CREF Money Market Account	27
	Summary portfolios of investments	30
	Financial statements (unaudited)
	Statements of assets and liabilities	64
	Statements of operations	66
	Statements of changes in net assets	68
	Financial highlights	74
	Notes to financial statements	78
	Board renewal of the investment management agreement	94
	Additional information about index providers	103
	How to reach us	Inside back cover

Understanding your CREF report

This semiannual report contains information about the eight CREF accounts and describes the accounts’ results for the six months ended June 30, 2014. The report contains three main sections:

• The account performance section compares each account’s investment returns with those of its benchmark index.

• The summary portfolios of investments list the industries and types of securities in which each account had investments as of June 30, 2014.

• The financial statements provide detailed information about the operations and financial condition of each account.

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

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

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Information for CREF participants

Portfolio holdings

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

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

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

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

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

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

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

Proxy voting

CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s web-site 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  ■  2014 Semiannual Report 3

About the accounts’ benchmarks

CREF Stock Account

The account’s composite benchmark is a weighted average of two indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World ex USA Investable Market Index, which measures the performance of large-, mid- and small-cap stocks in 45 developed and emerging market nations throughout the world, excluding the United States.

CREF Global Equities Account

The account’s benchmark is the MSCI World Index, an aggregate of 23 country indexes in developed market nations, including the United States.

CREF Growth Account

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

CREF Equity Index Account

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

CREF Bond Market Account

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

CREF Inflation-Linked Bond Account

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

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About the accounts’ benchmarks

CREF Social Choice Account

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

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

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

College Retirement Equities Fund  ■  2014 Semiannual Report 5

Important information about expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2014–June 30, 2014).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

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CREF Stock Account

Performance for the six months ended June 30, 2014

The CREF Stock Account returned 5.89% for the period, compared with the 6.59% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index. For the twelve months ended June 30, 2014, the account returned 23.92%, versus 24.37% for the composite index.

After harsh winter weather took a toll on the U.S. economy in the first quarter, investors were encouraged by improvements in employment, consumer spending and housing in the second quarter. The Federal Reserve began to reduce its monthly bond purchases but held short-term interest rates near zero. U.S. stocks, which represent more than two-thirds of the account’s composite benchmark, returned 6.94% in the first half of 2014, as measured by the Russell 3000 Index.

The MSCI index, which measures stock performance in 45 developed and emerging nations, returned 5.77% in U.S. dollar terms. India, Denmark, Indonesia and the Philippines were the top-performing markets. Laggards included Russia, Hungary, Chile and Japan. Exchange rates were an important factor, with the MSCI index returning 4.44% in local currency terms.

Despite a healthy gain, the account lags its benchmark

The account’s key detractors included overweight holdings in General Motors, Cliff Natural Resources and Best Buy and an underweight in Intel. These negative effects were partly offset by a stake in Intercept Pharmaceuticals and overweight positions in chemical company LyondellBasell Industries and Questcor Pharmaceuticals.

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

College Retirement Equities Fund  ■  2014 Semiannual Report 7

CREF Stock Account

Performance as of June 30, 2014

						Average annual
		Total return				total return
	Inception date	6 months		1 year		5 years		10 years
CREF Stock Account	7/31/1952	5.89	%	23.92	%	16.61	%	7.54	%
CREF Stock Composite Benchmark*	—	6.59		24.37		16.92		7.76
Broad market index
Russell 3000® Index	—	6.94		25.22		19.33		8.23

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

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

* On June 30, 2014, the CREF Stock Composite Benchmark consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Investable Market Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		†
CREF Stock Account	(1/1/14		)	(6/30/14		)	(1/1/14–6/30/14		)
Actual return		$ 1,000.00			$ 1,058.87			$ 2.45
5% annual hypothetical return		1,000.00			1,022.41			2.41

^† “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. 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.

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CREF Stock Account

Portfolio composition

Sector	% of net assets as of 6/30/2014
Financials	18.9
Information technology	15.2
Consumer discretionary	13.3
Industrials	12.0
Health care	11.8
Energy	9.7
Consumer staples	7.6
Materials	5.2
Utilities	2.9
Telecommunication services	2.8
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2014
More than $50 billion	42.4
More than $15 billion–$50 billion	24.5
More than $2 billion–$15 billion	26.3
$2 billion or less	6.8
Total	100.0

Holdings by country

	% of portfolio investments as of 6/30/2014
United States	66.4
Japan	4.2
United Kingdom	3.9
France	2.3
Canada	2.3
Switzerland	1.7
Germany	1.7
Australia	1.2
58 other nations	12.1
Short-term investments	4.2
Total	100.0

College Retirement Equities Fund  ■  2014 Semiannual Report 9

CREF Global Equities Account

Performance for the six months ended June 30, 2014

The CREF Global Equities Account returned 4.57% for the period, compared with the 6.18% return of its benchmark, the MSCI World Index. For the twelve months ended June 30, 2014, the account returned 22.93%, versus 24.05% for the index.

In the United States, a harsh winter and weak economic data contributed to a sharp drop in stocks in January. Although stocks rallied in February, volatility returned in March because of concerns about slowing growth in emerging nations and geopolitical uncertainty in Ukraine. Global stocks, as measured by the MSCI World Index, returned 1.26% in the first quarter of 2014 and advanced 4.86% in the following quarter on data signaling improvement in the U.S. and European economies.

Market performance varied significantly across countries. U.S. stocks, which comprised more than half of the index’s market capitalization at period-end, gained 6.83% and contributed the most to the benchmark’s return. Two smaller markets—Israel and Denmark—made outsized contributions, posting gains of 21.1% and 19.7%, respectively. Underperforming countries in the benchmark included the Netherlands, Sweden and Ireland.

A weakening dollar increased returns for U.S. investors. In terms of local currencies, the MSCI World Index gained 5.48% for the six months.

Stock selection hinders the account’s performance

The account’s underperformance of its benchmark was driven by overweight positions in U.K. Internet retailer ASOS, U.K. bank Barclays, Portugal-based Banco Espirito Santo and an underweight stake in Spanish-based Banco Santander.

Relative performance was aided by the account’s overweight positions in drug makers Shire and Forest Laboratories, as well as a nonbenchmark position in Indian real estate investment company Unitech.

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

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CREF Global Equities Account

Performance as of June 30, 2014

						Average annual
		Total return				total return
	Inception date	6 months		1 year		5 years		10 years
CREF Global Equities Account	5/1/1992	4.57	%	22.93	%	15.11	%	6.99	%
MSCI World Index	—	6.18		24.05		14.99		7.25

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.

Expense example

Six months ended June 30, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Global Equities Account		(1/1/14	)		(6/30/14	)		(1/1/14–6/30/14	)
Actual return		$ 1,000.00			$ 1,045.74			$ 2.38
5% annual hypothetical return		1,000.00			1,022.46			2.36

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. The account’s annualized six-month expense ratio for that period was 0.47%.

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

College Retirement Equities Fund  ■  2014 Semiannual Report 11

CREF Global Equities Account

Portfolio composition

	% of net assets
Sector	as of 6/30/2014
Financials	19.9
Consumer discretionary	14.5
Information technology	13.7
Health care	12.9
Industrials	12.2
Energy	8.8
Consumer staples	6.9
Materials	4.8
Telecommunication services	2.5
Utilities	2.3
Short-term investments, other assets & liabilities, net	1.5
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2014
More than $50 billion	45.7
More than $15 billion–$50 billion	28.2
More than $2 billion–$15 billion	24.0
$2 billion or less	2.1
Total	100.0

Holdings by country

	% of portfolio investments as of 6/30/2014
United States	52.9
Japan	7.4
United Kingdom	6.9
France	4.0
Switzerland	3.8
Canada	3.8
Germany	3.4
Australia	2.1
35 other nations	12.6
Short-term investments	3.1
Total	100.0

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CREF Growth Account

Performance for the six months ended June 30, 2014

The CREF Growth Account returned 5.62% for the period, compared with the 6.31% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2014, the account returned 28.27%, versus 26.92% for the index.

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose 6.94% in the first half of 2014. Investors were emboldened by the strengthening domestic economy—a drop in unemployment and a rise in housing prices and consumer spending—and efforts by the Federal Reserve to stimulate economic activity by keeping interest rates low.

For the six-month period, growth equities lagged the broad U.S. equity market by nearly one percentage point. Within the growth category, large-cap stocks outperformed small caps, which gained 2.22%, but underperformed mid caps, which were up 6.51%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended June 30, 2014, the Russell 1000 Growth Index garnered an average annual return of 8.20%, versus the 8.23% average gain of the Russell 3000 Index.

Energy and utilities were standout performers

All ten industry sectors of the Russell 1000 Growth Index produced gains for the period. The best-performing sectors were energy (up 25.0%) and utilities (up 16.8%). Another strong contributor was the materials sector (up 8.7%). The index’s largest sectors were information technology (up 6.5%), consumer discretionary (up 0.4%), health care (up 9.7%) and industrials (up 4.5%). Together, these four sectors made up nearly three-quarters of the benchmark’s total market capitalization on June 30, 2014.

For the first half of the year, the account did not keep up with its benchmark primarily due to stock selection. Notable detractors included overweight positions in MasterCard, real estate franchise firm Realogy Holdings and Amazon.com. An underweight position in energy firm Schlumberger and a nonbenchmark position in telecommunications and media firm SoftBank also weighed on relative performance.

These detractors were partly offset by positive contributions to relative performance from successful stock choices, such as overweight positions in drug manufacturer Allergan, software developer Adobe Systems, social media company Facebook, Delta Air Lines and chemical company LyondellBasell.

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CREF Growth Account

Performance as of June 30, 2014

						Average annual
		Total return				total return
	Inception date	6 months		1 year		5 years		10 years
CREF Growth Account	4/29/1994	5.62	%	28.27	%	18.79	%	7.89	%
Russell 1000® Growth Index	—	6.31		26.92		19.24		8.20

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.

Expense example

Six months ended June 30, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Growth Account	(1/1/14		)	(6/30/14		)	(1/1/14–6/30/14		)
Actual return		$1,000.00			$1,056.21			$2.14
5% annual hypothetical return		1,000.00			1,022.71			2.11

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. The account’s annualized six-month expense ratio for that period was 0.42%.

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

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CREF Growth Account

Portfolio composition
	% of net assets
Sector	as of 6/30/2014
Information technology	28.6
Consumer discretionary	20.2
Health care	14.3
Industrials	11.6
Financials	7.0
Consumer staples	6.6
Energy	5.1
Materials	4.4
Telecommunication services	1.4
Utilities	0.1
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Holdings by company size
	% of equity investments
Market capitalization	as of 6/30/2014
More than $50 billion	50.7
More than $15 billion–$50 billion	26.7
More than $2 billion–$15 billion	22.3
$2 billion or less	0.3
Total	100.0

College Retirement Equities Fund  ■  2014 Semiannual Report 15

CREF Equity Index Account

Performance for the six months ended June 30, 2014

The CREF Equity Index Account returned 6.75% for the period, compared with the 6.94% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2014, the account returned 24.71%, versus 25.22% for the index.

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

The broad U.S. stock market, as measured by the Russell 3000 Index, rose 6.94% in the first half of 2014. Investors were emboldened by the strengthening domestic economy—a drop in unemployment and a rise in housing prices and consumer spending—and efforts by the Federal Reserve to stimulate economic activity by keeping interest rates low. Large-cap stocks outperformed the broad equity market and outpaced small caps by more than four percentage points.

In terms of investment styles, value equities gained 7.95%, outperforming the 5.98% return of growth stocks and the broad market’s performance. (Returns by investment style and market capitalization are based on the Russell indexes.)

Defensive utilities and energy sectors outperform

For the six months, all ten industry sectors of the Russell 3000 Index posted positive returns, with three generating double-digit gains. Utilities performed the best, returning 18.0%. Additional lift was provided by the energy, health care and materials sectors, which returned 14.0%, 10.2% and 8.3%, respectively. Together, these four sectors represented more than one-half of the benchmark’s total market capitalization on June 30, 2014.

Intercept Pharmaceuticals, American Airlines and entertainment conglomerate Liberty Global were among the top performers in the index.

The worst-performing sectors for the period included consumer discretionary, industrials and telecommunication services, which returned 1.0%, 3.9% and 4.4%, respectively. Loan service provider Navient and ARIAD Pharmaceuticals were among the stocks limiting the index’s return.

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CREF Equity Index Account

Performance as of June 30, 2014

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Equity Index Account		4/29/1994		6.75	%		24.71	%		18.86	%		7.81	%
Russell 3000 Index		—		6.94			25.22			19.33			8.23

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

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

Expense example

Six months ended June 30, 2014

	Beginning		Ending		Expenses paid
	account value		account value		during period*
CREF Equity Index Account	(1/1/14)		(6/30/14)		(1/1/14–6/30/14)
Actual return		$1,000.00		$1,067.45		$2.00
5% annual hypothetical return		1,000.00		1,022.86		1.96

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. The account’s annualized six-month expense ratio for that period was 0.39%.

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

College Retirement Equities Fund  ■  2014 Semiannual Report 17

CREF Equity Index Account

Portfolio composition
	% of net assets
Sector	as of 6/30/2014
Information technology	18.2
Financials	17.3
Health care	13.0
Consumer discretionary	12.4
Industrials	11.6
Energy	9.8
Consumer staples	8.2
Materials	3.9
Utilities	3.2
Telecommunication services	2.2
Short-term investments, other assets & liabilities, net	0.2
Total	100.0

Holdings by company size
	% of equity investments
Market capitalization	as of 6/30/2014
More than $50 billion	48.9
More than $15 billion–$50 billion	23.6
More than $2 billion–$15 billion	22.5
$2 billion or less	5.0
Total	100.0

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CREF Bond Market Account

Performance for the six months ended June 30, 2014

The CREF Bond Market Account returned 4.03% for the six-month period, compared with the 3.93% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2014, the account returned 4.92%, versus 4.37% for the index.

The U.S. economy showed improvement in the second quarter of 2014 after a weak first-quarter performance. Unemployment declined to 6.1% in June 2014, down from 6.7% in December 2013 and 7.5% a year earlier. Advance estimates from the U.S. Department of Commerce show 4.0% annualized growth in gross domestic product (GDP) for the second quarter of 2014, offsetting a decline in GDP of 2.1% in the first quarter.

The economic struggles early in the year can be attributed to a range of factors, including cold weather, slowing growth in emerging markets and a geopolitical crisis in Ukraine. Adding to the uncertainty were concerns that the Federal Reserve’s decision to reduce its monthly purchases of government bonds could lead to higher interest rates. In the second quarter, economic data—particularly with regard to employment—improved, while inflation and interest rates remained low.

Corporate holdings drive outperformance

In this environment, bonds performed well for the period. U.S. Treasuries remained a higher-yielding alternative to other global government securities, while corporate and mortgage-backed securities benefited from low interest rates and the improving economy. As the benchmark’s largest sector, Treasuries had positive performance for the period, with a return of 2.7%. Yields on the 10-year Treasury declined from 3.0% on December 30, 2013 to 2.5% by period-end.

U.S. mortgage-backed securities, the second-largest benchmark weighting, also had strong performance, returning 4.1% for the period. Corporate bonds—a significant weighting—returned 5.7%, while municipal bonds had an impressive 5.9% gain. Among the benchmark’s smaller weightings, government agency securities, commercial mortgage-backed securities and asset-backed securities had returns of 2.9%, 2.6% and 1.3%, respectively.

The account outperformed its benchmark primarily because of overweight positions in, and successful selection among, corporate securities. The account’s significant overweight to municipals had a positive impact as well. An underweight to Treasuries detracted from the account’s relative returns for the period.

College Retirement Equities Fund  ■  2014 Semiannual Report 19

CREF Bond Market Account

Performance as of June 30, 2014

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Bond Market Account		3/1/1990		4.03	%		4.92	%		5.06	%		4.54	%
Barclays U.S. Aggregate Bond Index		—		3.93			4.37			4.85			4.93

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.

Expense example

Six months ended June 30, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Bond Market Account	(1/1/14		)	(6/30/14		)	(1/1/14–6/30/14		)
Actual return		$1,000.00			$1,040.33			$2.28
5% annual hypothetical return		1,000.00			1,022.56			2.26

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. The account’s annualized six-month expense ratio for that period was 0.45%.

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

20 2014 Semiannual Report  ■  College Retirement Equities Fund

CREF Bond Market Account

Portfolio composition

	% of net assets
	as of 6/30/2014
Corporate bonds	23.6
Mortgage-backed securities†	23.2
Foreign government & corporate bonds denominated in U.S. dollars	15.2
U.S. Treasury securities	13.4
Asset-backed securities	11.1
Municipal bonds	4.1
Commercial mortgage-backed securities	3.4
U.S. agency securities	2.9
Bank loan obligations	0.3
Preferred stock	0.2
Short-term investments, other assets & liabilities, net	2.6
Total	100.0

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

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 6/30/2014
Less than 1 year	11.1
1–3 years	19.1
3–5 years	23.3
5–10 years	34.1
Over 10 years	12.4
Total	100.0

Holdings by credit quality‡
	% of fixed-income investments
	(excluding short-term investments)
	as of 6/30/2014
Aaa/AAA	51.4
Aa/AA	10.7
A/A	14.0
Baa/BBB	17.5
Ba/BB	3.7
B/B	1.6
Below B/B	0.5
Non-rated	0.6
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  ■  2014 Semiannual Report 21

CREF Inflation-Linked Bond Account

Performance for the six months ended June 30, 2014

The CREF Inflation-Linked Bond Account returned 5.71% for the six-month period, compared with the 5.83% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the twelve months ended June 30, 2014, the account returned 4.13%, versus 4.44% for the index.

During the period, the year-over-year inflation rate, as measured by the Consumer Price Index (CPI), crept up from 1.5% in December 2013 to 2.1% in May 2014. Although still low by historical standards, this increase reflects both the economy’s growth in the second quarter of 2014—after negative growth in the first quarter—as well as a sharp increase in the price of oil. The 2.1% rate remained below the 2.4% average annual inflation rate over the ten years ended December 31, 2013.

The price of oil, which has a significant impact on inflation, increased by 7.1%, from $98 per barrel on December 31, 2013, to $105 per barrel at period-end. Among the components of the CPI, food increased at a year-over-year rate of 2.5% in May 2014, while medical care services rose 3.0%.

TIPS outperform as Treasury yields decline

For the six months, the 5.8% return of TIPS significantly outperformed the 3.9% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. TIPS’ longer maturities enhanced their performance in a period in which 10-year U.S. Treasury yields declined from 3.0% on December 31, 2013, to 2.5% at period-end. In addition, with the increase in inflation in general, and the price of oil in particular, investors may be expecting further price increases in the year ahead.

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

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

22 2014 Semiannual Report  ■  College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of June 30, 2014

		Total return					Average annual total return
	Inception date		6 months		1 year			5 years		10 years
CREF Inflation-Linked Bond Account	5/1/1997		5.71	%	4.13	%		5.13	%	4.79	%
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)	—		5.83		4.44			5.55		5.25

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.

Expense example

Six months ended June 30, 2014

	Beginning			Ending			Expenses paid
CREF Inflation-Linked	account value			account value			during period		*
Bond Account	(1/1/14		)	(6/30/14		)	(1/1/14–6/30/14		)
Actual return		$1,000.00			$1,057.09			$2.09
5% annual hypothetical return		1,000.00			1,022.76			2.06

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. The account’s annualized six-month expense ratio for that period was 0.41%.

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

Portfolio composition

	% of net assets
	as of 6/30/2014
U.S. Treasury securities	99.5
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 6/30/2014
1–3 years	21.7
3–5 years	14.0
5–10 years	33.9
Over 10 years	30.4
Total	100.0

College Retirement Equities Fund  ■  2014 Semiannual Report 23

CREF Social Choice Account

Performance for the six months ended June 30, 2014

The CREF Social Choice Account returned 5.65% for the period, compared with the 5.59% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2014, the account returned 15.64%, versus 16.43% for the benchmark index. The account uses certain social criteria, while the benchmark does not.

Because of its social criteria, the account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. The account’s exclusions of benchmark holdings Amazon.com, General Electric, Exxon Mobil and Citigroup were among the largest contributors to its performance versus the benchmark. Amazon’s shares dropped in reaction to disappointing earnings.

These positive effects were partly offset by the account’s exclusion of Apple, energy giant Schlumberger, Wells Fargo and Microsoft. The exclusion of Royal Dutch Shell and French energy company Total trimmed results as well.

Stock choices push returns above its benchmark

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

The account’s relative performance was boosted by overweight positions in oil and gas producer EOG Resources and Weatherford International, a nonbenchmark holding. Internationally, global biopharmaceutical firm Actelion and Danish health care firm Novo Nordisk were both account overweights that helped relative performance, as did the exclusion of U.K. financial company Barclays.

These positive contributions more than offset detractions from other equities, including overweight positions in Discovery Communications (Class A shares), TJX Companies and Yahoo. Shares of Yahoo have remained flat in the first half of 2014 with revenues down from 2013.

Fixed income contributes to the account’s outperformance

During the six months, the account’s fixed-income component outperformed the Barclays aggregate index. The largest contributions to the account’s performance versus the index came from overweight positions in municipal and corporate bonds, and government-related agency securities. The account’s underweight in U.S. Treasury and mortgage-backed securities partially detracted from its returns.

24 2014 Semiannual Report  ■  College Retirement Equities Fund

CREF Social Choice Account

Performance as of June 30, 2014

		Total return					Average annual total return
	Inception date		6 months		1 year			5 years		10 years
CREF Social Choice Account	3/1/1990		5.65	%	15.64	%		12.65	%	6.52	%
CREF Social Choice Composite Benchmark*	—		5.59		16.43			12.69		6.70
Broad market index Russell 3000® Index	—		6.94		25.22			19.33		8.23

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

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

* On June 30, 2014, the CREF Social Choice Composite Benchmark consisted of: 47.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 13.0% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		†
CREF Social Choice Account	(1/1/14		)	(6/30/14		)	(1/1/14–6/30/14		)
Actual return		$1,000.00			$1,056.54			$2.19
5% annual hypothetical return		1,000.00			1,022.66			2.16

^† “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. 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.

College Retirement Equities Fund  ■  2014 Semiannual Report 25

CREF Social Choice Account

Portfolio composition

	% of net assets
	as of 6/30/2014
Equities	59.9
Long-term bonds	38.4
Short-term investments, other assets & liabilities, net	1.7
Total	100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 6/30/2014
Less than 1 year	6.6
1–3 years	18.3
3–5 years	23.4
5–10 years	36.2
Over 10 years	15.5
Total	100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 6/30/2014
More than $50 billion	36.8
More than $15 billion–$50 billion	42.9
More than $2 billion–$15 billion	18.6
$2 billion or less	1.7
Total	100.0

26 2014 Semiannual Report  ■  College Retirement Equities Fund

CREF Money Market Account

Performance for the six months ended June 30, 2014

The CREF Money Market Account returned 0.00% for the six-month period, compared with the 0.01% return of the iMoneyNet Money Fund 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.

The supply of money market instruments continued to decline in the first half of 2014, with elevated prices and very low yields. In January 2014, the Federal Reserve (“Fed”) began to reduce its purchases of U.S. Treasuries at a rate of $10 billion per month.

Yields remained low on repurchase agreements, which often use Treasuries as collateral. Commercial paper issuance continued to decline, with outstanding issuance down by more than $1 trillion since mid-2007 due to excess corporate cash and borrowing at longer maturities.

Low interest rates continue to challenge money market funds

The Fed again kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% during the period, with no signal of an intention to increase it. The three-month LIBOR rate declined from 0.25% on December 31, 2013, to 0.23% as of June 30, 2014. (LIBOR is a widely used indicator of the interest rates that banks expect to pay to other banks for loans on the London market.) The three-month T-bill rate declined from 0.7% in December 2013 to 0.4% at period-end.

Against this backdrop of low rates and little supply, management sought higher-yielding investments while remaining in full compliance with SEC regulations. Accordingly, the account maintained more than half its portfolio in U.S. Treasury and government agency securities. With few options in the commercial paper market, managers selectively found opportunities abroad in Pacific Rim banks. As of June 24, 2014, the account’s weighted average maturity was 53 days, versus 43 days for the average iMoneyNet fund.

In response to exceptionally low interest rates, part or all of CREF Money Market Account’s 12b-1 distribution fees and/or administrative fees were voluntarily withheld (waived) by TIAA to prevent the account’s yield from turning negative.

College Retirement Equities Fund  ■  2014 Semiannual Report 27

CREF Money Market Account

Net annualized yield for the 7 days ended June 24, 2014*

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

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

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

Performance as of June 30, 2014

		Total return					Average annual total return
	Inception date		6 months		1 year			5 years		10 years
CREF Money Market Account†	4/1/1988		0.00	%	0.00	%		0.00	%	1.56	%
iMoneyNet Money Fund Averages—All Taxable‡	—		0.01		0.01			0.03		1.46

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

28 2014 Semiannual Report  ■  College Retirement Equities Fund

CREF Money Market Account

Expense example

Six months ended June 30, 2014

	Beginning	Ending	Expenses paid
	account value	account value	during period	*
CREF Money Market Account	(1/1/14)	(6/30/14)	(1/1/14–6/30/14	)
Actual return	$1,000.00	$1,000.00	$0.60
5% annual hypothetical return	1,000.00	1,024.20	0.60

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2014. The account’s annualized six-month expense ratio for that period was 0.12%. The expense charges of the account reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

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

Portfolio composition

	% of net assets
	as of 6/30/2014
Commercial paper	38.7
U.S. government agency securities	31.0
U.S. Treasury securities	14.9
Floating rate securities, government	9.8
Certificates of deposit	5.0
Asset-backed securities	0.6
Total	100.0

College Retirement Equities Fund  ■  2014 Semiannual Report 29

Summary portfolio of investments (unaudited)

CREF Stock Account  ¡  June 30, 2014

Principal			Issuer	Value (000)			% of net assets
BONDS
CORPORATE BONDS
CAPITAL GOODS				$	0	^		0.0	%
DIVERSIFIED FINANCIALS					466			0.0
FOOD, BEVERAGE & TOBACCO					37			0.0
REAL ESTATE					20			0.0
			TOTAL CORPORATE BONDS (Cost $536)		523			0.0
GOVERNMENT BONDS
U.S. TREASURY SECURITIES					289			0.0
			TOTAL GOVERNMENT BONDS (Cost $303)		289			0.0
			TOTAL BONDS (Cost $839)		812			0.0
	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	6,329,637		Toyota Motor Corp		378,972			0.3
			Other		2,517,462			2.0
					2,896,434			2.3
BANKS
	43,438,164		Bank of America Corp		667,644			0.5
	9,960,459		Citigroup, Inc		469,138			0.4
	11,141,658		JPMorgan Chase & Co		641,982			0.5
	26,201,941		Wells Fargo & Co		1,377,174			1.1
			Other		6,405,496			4.9
					9,561,434			7.4
CAPITAL GOODS
	2,839,656		3M Co		406,752			0.3
	38,518,753		General Electric Co		1,012,273			0.8
	5,857,754		Honeywell International, Inc		544,478			0.4
			Other		8,417,482			6.5
					10,380,985			8.0
COMMERCIAL & PROFESSIONAL SERVICES					1,550,639			1.3
CONSUMER DURABLES & APPAREL					2,465,392			1.9
CONSUMER SERVICES
	1,013,580	*,a,e	Papa Murphy’s Holdings, Inc		9,710			0.0
			Other		2,751,522			2.1
					2,761,232			2.1
DIVERSIFIED FINANCIALS					4,916,106			3.8

30 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments(unaudited) continued

CREF Stock Account  ¡  June 30, 2014

Shares			Company	Value (000)		% of net assets
ENERGY
	8,104,558		Chevron Corp	$	1,058,050		0.8	%
	3,318,875		EOG Resources, Inc		387,844		0.3
	16,152,124		Exxon Mobil Corp		1,626,196		1.3
	5,613,526		Schlumberger Ltd		662,115		0.5
			Other		8,807,384		6.8
					12,541,589		9.7
FOOD & STAPLES RETAILING
	5,750,223		CVS Corp		433,394		0.3
			Other		1,494,347		1.2
					1,927,741		1.5
FOOD, BEVERAGE & TOBACCO
	9,572,638		Altria Group, Inc		401,476		0.3
	11,653,916		Coca-Cola Co		493,660		0.4
	6,185,577		PepsiCo, Inc		552,620		0.4
	5,858,734		Philip Morris International, Inc		493,950		0.4
			Other		4,044,158		3.1
					5,985,864		4.6
HEALTH CARE EQUIPMENT & SERVICES					4,351,922		3.4
HOUSEHOLD & PERSONAL PRODUCTS
	9,513,656		Procter & Gamble Co		747,678		0.6
			Other		1,191,087		0.9
					1,938,765		1.5
INSURANCE
	4,941,872	*	Berkshire Hathaway, Inc (Class B)		625,443		0.5
	7,194,441		Metlife, Inc		399,723		0.3
			Other		4,438,531		3.4
					5,463,697		4.2
MATERIALS
	6,834,162	*,a	Berry Plastics Group, Inc		176,321		0.1
			Other		6,566,633		5.1
					6,742,954		5.2
MEDIA
	13,417,074	e	Comcast Corp (Class A)		720,228		0.6
	8,197,085		Walt Disney Co		702,818		0.5
			Other		2,978,294		2.3
					4,401,340		3.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	7,052,113		AbbVie, Inc		398,021		0.3
	1,290,677	*	Biogen Idec, Inc		406,963		0.3
	5,470,654	*	Celgene Corp		469,820		0.4
	8,603,258	*,e	Gilead Sciences, Inc		713,296		0.5
	13,223,445		Johnson & Johnson		1,383,437		1.1
	11,868,886		Merck & Co, Inc		686,615		0.5
	5,093,278		Novartis AG.		461,239		0.4

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 31

Summary portfolio of investments(unaudited) continued

CREF Stock Account  ¡  June 30, 2014

Shares			Company	Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES–continued
	24,189,658		Pfizer, Inc	$	717,949		0.5	%
			Other		5,657,948		4.4
					10,895,288		8.4
REAL ESTATE
	19,838,166	*,a,e	Hibernia REIT Plc		30,152		0.0
			Other		4,349,971		3.4
					4,380,123		3.4
RETAILING
	9,582,000		Home Depot, Inc		775,758		0.6
			Other		3,921,474		3.0
					4,697,232		3.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	15,931,053		Intel Corp		492,270		0.4
			Other		2,662,858		2.1
					3,155,128		2.5
SOFTWARE & SERVICES
	8,777,825	*	Facebook, Inc		590,660		0.5
	1,486,209	*	Google, Inc		854,986		0.7
	846,862	*	Google, Inc (Class A)		495,135		0.4
	3,001,056		International Business Machines Corp		544,001		0.4
	5,491,958		Mastercard, Inc (Class A)		403,494		0.3
	35,764,464		Microsoft Corp		1,491,378		1.1
	13,928,815		Oracle Corp		564,535		0.4
	2,654,176	e	Visa, Inc (Class A)		559,262		0.4
			Other		4,355,539		3.4
					9,858,990		7.6
TECHNOLOGY HARDWARE & EQUIPMENT
	26,491,114		Apple, Inc		2,461,819		1.9
	19,217,749		Cisco Systems, Inc		477,561		0.4
	6,643,661		Qualcomm, Inc		526,178		0.4
			Other		3,163,914		2.4
					6,629,472		5.1
TELECOMMUNICATION SERVICES
	12,215,207		AT&T, Inc		431,930		0.3
	18,382,787		Verizon Communications, Inc		899,470		0.7
			Other		2,268,117		1.8
					3,599,517		2.8
TRANSPORTATION
	5,836,405		Union Pacific Corp		582,181		0.5
			Other		3,004,286		2.3
					3,586,467		2.8
UTILITIES					3,799,410		2.9
			TOTAL COMMON STOCKS (Cost $106,695,991)		128,487,721		99.4

32 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments(unaudited) continued

CREF Stock Account  ¡  June 30, 2014

Shares		Company		Value (000)			% of net assets
PURCHASED OPTIONS
FOOD & STAPLES RETAILING				$	5			0.0	%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					6			0.0
		TOTAL PURCHASED OPTIONS	(Cost $12)		11			0.0
PREFERRED STOCKS
BANKS					19,702			0.0
CAPITAL GOODS					270			0.0
MEDIA					130			0.0
DIVERSIFIED FINANCIALS					1,607			0.0
REAL ESTATE					20			0.0
		TOTAL PREFERRED STOCKS	(Cost $24,732)		21,729			0.0
RIGHTS / WARRANTS
AUTOMOBILES & COMPONENTS					31			0.0
BANKS					3,830			0.0
CAPITAL GOODS					46			0.0
DIVERSIFIED FINANCIALS					8			0.0
ENERGY					1,488			0.0
HEALTH CARE EQUIPMENT & SERVICES					13			0.0
MATERIALS					284			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					190			0.0
REAL ESTATE					344			0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					51			0.0
SOFTWARE & SERVICES					46			0.0
TELECOMMUNICATION SERVICES					589			0.0
TRANSPORTATION					0	^		0.0
		TOTAL RIGHTS / WARRANTS	(Cost $4,094)		6,920			0.0
	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					121,290			0.1
TREASURY DEBT					483,202			0.4
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT					825,000			0.6

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 33

Summary portfolio of investments(unaudited) concluded

CREF Stock Account  ¡  June 30, 2014

Principal			Issuer		Value  (000)			% of net assets
REPURCHASE AGREEMENT
$	500,000,000	n	Barclays	0.070%, 07/01/14	$	500,000			0.4	%
	422,000,000	o	Calyon	0.080%, 07/01/14		422,000			0.3
	700,000,000	p	HSBC	0.060%, 07/03/14		700,000			0.5
	1,000,000,000	q	Royal Bank of Scotland	0.060%, 07/02/14		1,000,000			0.8
		r	Other Repurchase Agreements	0.010%-0.100%, 07/01/14-07/03/14		1,165,000			0.9
						3,787,000			2.9
TREASURY DEBT						199,980			0.2
VARIABLE RATE SECURITIES						212,401			0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,024,381			3.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $5,629,833)		5,628,873			4.4
			TOTAL PORTFOLIO	(Cost $112,355,501)		134,146,066			103.8
			OTHER ASSETS & LIABILITIES, NET			(4,864,195	)		(3.8	)
			NET ASSETS		$	129,281,871			100.0	%

^	Amount represents less than $1,000.
*	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 is $5,741,726,000.
n	Agreement with Barclays, 0.07% dated 6/30/14 to be repurchased at $500,001,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $520,028,000.
o	Agreement with Calyon, 0.08% dated 6/30/14 to be repurchased at $422,001,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $430,440,000.
p	Agreement with HSBC, 0.06% dated 6/30/14 to be repurchased at $700,001,000 on 7/3/14, collateralized by U.S. Government Agency Securities valued at $714,001,000.
q	Agreement with Royal Bank of Scotland, 0.06% dated 6/30/14 to be repurchased at $1,000,004,000 on 7/2/14, collateralized by U.S. Government Agency Securities valued at $1,020,005,000.
r	Agreements, 0.01%-0.10% dated 6/30/14 to be repurchased at $1,165,009,000 on 7/1/14-7/3/14, collateralized by U.S. Government Agency Securities valued at $1,188,891,000.

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

At 6/30/14, the aggregate value of restricted securities amounted to $250,000 or 0.0% of net assets.

At 6/30/14, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 of which deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers amounted to $6,724,000 or 0.0% of net assets.

Cost amounts are in thousands.

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

34 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary of market values by country(unaudited)

CREF Stock Account  ¡  June 30, 2014

Country	Value  (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	94,542,106		70.6	%
TOTAL DOMESTIC		94,542,106		70.6
FOREIGN
AUSTRALIA		1,653,886		1.2
AUSTRIA		163,368		0.1
BAHAMAS		218		0.0
BELGIUM		277,815		0.2
BERMUDA		79,618		0.1
BRAZIL		845,825		0.6
CANADA		3,055,848		2.3
CAYMAN ISLANDS		3,260		0.0
CHILE		120,910		0.1
CHINA		1,554,484		1.2
COLOMBIA		85,400		0.1
CYPRUS		137		0.0
CZECH REPUBLIC		22,482		0.0
DENMARK		427,490		0.3
EGYPT		29,068		0.0
FAROE ISLANDS		975		0.0
FINLAND		285,194		0.2
FRANCE		3,057,410		2.3
GEORGIA		3,933		0.0
GERMANY		2,277,552		1.7
GIBRALTAR		1,351		0.0
GREECE		230,483		0.2
HONG KONG		992,084		0.7
HUNGARY		10,998		0.0
INDIA		743,845		0.6
INDONESIA		215,506		0.2
IRELAND		418,591		0.3
ISLE OF MAN		7,655		0.0
ISRAEL		142,863		0.1
ITALY		735,453		0.6
JAPAN		5,676,671		4.2
JERSEY, C.I.		23,126		0.0

Country	Value  (000)		% of total portfolio
KOREA, REPUBLIC OF	$	1,298,505		1.0	%
LUXEMBOURG		34,158		0.0
MACAU		24,608		0.0
MALAYSIA		299,033		0.2
MALTA		189		0.0
MEXICO		420,495		0.3
MONACO		4,784		0.0
NETHERLANDS		1,366,517		1.0
NEW ZEALAND		100,752		0.1
NORWAY		247,131		0.2
PANAMA		24,741		0.0
PERU		26,268		0.0
PHILIPPINES		121,953		0.1
POLAND		136,534		0.1
PORTUGAL		91,124		0.1
PUERTO RICO		15,848		0.0
QATAR		26,877		0.0
ROMANIA		1,073		0.0
RUSSIA		376,008		0.3
SINGAPORE		522,847		0.4
SOUTH AFRICA		606,647		0.5
SPAIN		604,688		0.5
SRI LANKA		1,858		0.0
SWEDEN		864,480		0.6
SWITZERLAND		2,333,630		1.7
TAIWAN		1,178,797		0.8
THAILAND		225,103		0.2
TURKEY		152,314		0.1
UKRAINE		808		0.0
UNITED ARAB EMIRATES		49,733		0.0
UNITED KINGDOM		5,298,177		3.9
VIETNAM		1,577		0.0
VIRGIN ISLANDS, U.S.		3,204		0.0
TOTAL FOREIGN		39,603,960		29.4
TOTAL PORTFOLIO	$	134,146,066		100.0	%

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 35

Summary portfolio of investments (unaudited)

CREF Global Equities Account  ¡  June 30, 2014

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUSTRALIA
	2,180,002	BHP Billiton Ltd	$	74,348		0.4	%
		Other		344,756		1.7
				419,104		2.1
AUSTRIA				34,112		0.2
BELGIUM				109,321		0.6
BERMUDA				3,424		0.0
BRAZIL				11,406		0.1
CANADA
	1,429,523	Toronto-Dominion Bank		73,589		0.4
		Other		691,583		3.5
				765,172		3.9
CHINA				181,156		0.9
COLOMBIA				3,620		0.0
DENMARK				108,350		0.6
FINLAND				86,598		0.4
FRANCE
	1,130,868	BNP Paribas		76,852		0.4
	673,656	Sanofi-Aventis		71,603		0.4
	1,470,055	Total S.A.		106,358		0.5
		Other		550,615		2.8
				805,428		4.1
GERMANY
	505,155	Allianz AG.		84,317		0.4
	625,354	Bayer AG.		88,221		0.5
	699,515	Beiersdorf AG.		67,605		0.3
	764,025	Daimler AG. (Registered)		71,371		0.4
		Other		371,015		1.9
				682,529		3.5
GREECE				38,203		0.2
HONG KONG				233,958		1.2
INDIA				104,208		0.5
INDONESIA				4,433		0.0
IRELAND
	991,075	Shire Ltd		77,743		0.4
		Other		127,634		0.6
				205,377		1.0
ISLE OF MAN				3,294		0.0

36 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) continued

CREF Global Equities Account  ¡  June 30, 2014

Shares			Company	Value (000)		% of net assets
ISRAEL				$	19,472		0.1	%
ITALY					214,762		1.1
JAPAN
	1,574,948		Toyota Motor Corp		94,297		0.5
			Other		1,390,213		7.0
					1,484,510		7.5
JERSEY, C.I.					773		0.0
KOREA, REPUBLIC OF					50,538		0.3
LUXEMBOURG					4,829		0.0
MACAU					12,192		0.1
MALAYSIA					7,044		0.0
MEXICO					8,705		0.0
NETHERLANDS
	5,903,975	*	ING Groep NV		82,847		0.4
	2,019,525		Royal Dutch Shell plc (A Shares)		83,452		0.4
			Other		216,794		1.1
					383,093		1.9
NEW ZEALAND					14,881		0.1
NORWAY					48,398		0.2
PHILIPPINES					15,855		0.1
PORTUGAL					23,125		0.1
RUSSIA					13,077		0.1
SINGAPORE					138,516		0.7
SPAIN					187,766		1.0
SWEDEN					178,730		0.9
SWITZERLAND
	1,041,508		Nestle S.A.		80,703		0.4
	1,752,517		Novartis AG.		158,705		0.8
	457,069		Roche Holding AG.		136,187		0.7
	3,669,782		UBS AG.		67,284		0.4
			Other		322,617		1.6
					765,496		3.9
TAIWAN					76,447		0.4
THAILAND					5,783		0.0
TURKEY					11,757		0.1
UNITED ARAB EMIRATES					5,349		0.0

See notes to financial statements College Retirement Equities Fund  ¡  2014 Semiannual Report 37

Summary portfolio of investments (unaudited) continued

CREF Global Equities Account  ¡  June 30, 2014

Shares			Company		Value (000)		% of net assets
UNITED KINGDOM
	23,823,958		Barclays plc		$	86,785		0.4	%
	3,042,601		Prudential plc			69,710		0.4
			Other			1,222,418		6.2
						1,378,913		7.0
UNITED STATES
	2,067,572		Abbott Laboratories			84,564		0.4
	3,921,122		Apple, Inc			364,390		1.8
	6,056,441		Bank of America Corp			93,087		0.5
	229,697	*	Biogen Idec, Inc			72,426		0.4
	923,332	*	Celgene Corp			79,296		0.4
	895,061		Chevron Corp			116,850		0.6
	2,327,187		Comcast Corp (Class A)			124,923		0.6
	1,013,133		CVS Corp			76,360		0.4
	1,283,138		Dow Chemical Co			66,030		0.3
	1,841,357	d	Exxon Mobil Corp			185,388		0.9
	5,202,341		General Electric Co			136,718		0.7
	1,104,636	*	Gilead Sciences, Inc			91,585		0.5
	218,919	*	Google, Inc			125,940		0.6
	1,465,292		Home Depot, Inc			118,630		0.6
	903,423		Honeywell International, Inc			83,973		0.4
	1,274,086	e	iShares MSCI EAFE Index Fund			87,109		0.4
	1,798,956		Johnson & Johnson			188,207		1.0
	1,401,141		JPMorgan Chase & Co			80,734		0.4
	4,780,385		Microsoft Corp			199,342		1.0
	877,458		PepsiCo, Inc			78,392		0.4
	4,654,360		Pfizer, Inc			138,141		0.7
	1,373,021		Procter & Gamble Co			107,906		0.5
	1,215,920		Qualcomm, Inc			96,301		0.5
	752,411		Schlumberger Ltd			88,747		0.5
	833,928		Union Pacific Corp			83,184		0.4
	2,350,269		Verizon Communications, Inc			114,999		0.6
	435,314		Visa, Inc (Class A)			91,725		0.5
	1,347,083		Walt Disney Co			115,499		0.6
	4,014,701		Wells Fargo & Co			211,013		1.1
			Other			7,072,577		35.9
						10,574,036		53.6
			TOTAL COMMON STOCKS	(Cost $15,951,165)		19,423,740		98.5
RIGHTS / WARRANTS
AUSTRALIA						0		0.0
HONG KONG						159		0.0
MALAYSIA						197		0.0
SPAIN						1,085		0.0
UNITED STATES						59		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $1,099)		1,500		0.0

38 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) concluded

CREF Global Equities Account  ¡  June 30, 2014

Principal			Issuer			Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	57,223			0.3	%
TREASURY DEBT
	$89,000,000		United States Treasury Bill	0.096%-0.101%, 06/25/15			88,907			0.5
			Other				102,048			0.5
							190,955			1.0
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT							75,000			0.4
REPURCHASE AGREEMENTS
	126,000,000	n	Calyon		0.080%, 07/01/14		126,000			0.6
		o	Other Repurchase Agreements	0.060%-0.100%, 07/01/14-07/03/14			113,000			0.6
							239,000			1.2
TREASURY DEBT							21,998			0.1
VARIABLE RATE SECURITIES							37,426			0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							373,424			1.9
		TOTAL SHORT-TERM INVESTMENTS			(Cost $621,766)		621,602			3.2
		TOTAL PORTFOLIO			(Cost $16,574,030)		20,046,842			101.7
		OTHER ASSETS & LIABILITIES, NET					(333,607	)		(1.7	)
		NET ASSETS				$	19,713,235			100.0	%

*	Non-income producing.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $605,229,000.
n	Agreement with Calyon, 0.08% dated 6/30/14 to be repurchased at $126,000,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $128,520,000.
o	Agreements, 0.06%-0.10% dated 6/30/14 to be repurchased at $113,002,000 on 7/1/14–7/3/14, collateralized by U.S. Government Agency Securities valued at $114,262,000.

“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  ¡  2014 Semiannual Report 39

Summary of market values by sector (unaudited)

CREF Global Equities Account  ¡  June 30, 2014

Sector	Value (000)			% of net assets
FINANCIALS	$	3,939,458			19.9	%
CONSUMER DISCRETIONARY		2,866,509			14.5
INFORMATION TECHNOLOGY		2,691,133			13.7
HEALTH CARE		2,543,357			12.9
INDUSTRIALS		2,396,577			12.2
ENERGY		1,732,082			8.8
CONSUMER STAPLES		1,362,158			6.9
MATERIALS		953,462			4.8
TELECOMMUNICATION SERVICES		496,739			2.5
UTILITIES		443,765			2.3
SHORT-TERM INVESTMENTS		621,602			3.2
OTHER ASSETS & LIABILITIES, NET		(333,607	)		(1.7	)
NET ASSETS	$	19,713,235			100.0	%

40 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments(unaudited)

CREF Growth Account  ■  June 30, 2014

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	411,795		2.0	%
BANKS					48,537		0.2
CAPITAL GOODS
	1,023,025		3M Co		146,538		0.7
	1,066,640		Boeing Co		135,709		0.7
	1,205,482		Honeywell International, Inc		112,049		0.6
			Other		869,571		4.3
					1,263,867		6.3
COMMERCIAL & PROFESSIONAL SERVICES
	2,357,077		Nielsen Holdings NV		114,106		0.6
	1,689,467	*	Verisk Analytics, Inc		101,402		0.5
			Other		100,049		0.5
					315,557		1.6
CONSUMER DURABLES & APPAREL
	1,451,039		Nike, Inc (Class B)		112,528		0.5
			Other		454,355		2.3
					566,883		2.8
CONSUMER SERVICES
	1,348,230		Las Vegas Sands Corp		102,762		0.5
	1,783,814		Starbucks Corp		138,032		0.7
			Other		358,601		1.8
					599,395		3.0
DIVERSIFIED FINANCIALS
	486,858	*	Affiliated Managers Group, Inc		100,000		0.5
	954,689		Ameriprise Financial, Inc		114,563		0.6
	536,080		IntercontinentalExchange Group, Inc		101,265		0.5
	1,581,269		Moody’s Corp		138,614		0.7
			Other		447,432		2.2
					901,874		4.5
ENERGY
	1,947,759		EOG Resources, Inc		227,615		1.1
	1,742,131		Halliburton Co		123,709		0.6
	1,681,227		Schlumberger Ltd		198,301		1.0
			Other		478,876		2.4
					1,028,501		5.1
FOOD & STAPLES RETAILING					293,052		1.4
FOOD, BEVERAGE & TOBACCO
	2,959,794		Altria Group, Inc		124,134		0.6
	2,962,393		Coca-Cola Co		125,487		0.6
	1,484,545		PepsiCo, Inc		132,629		0.7
			Other		431,643		2.2
					813,893		4.1

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 41

Summary portfolio of investments (unaudited) continued

CREF Growth Account  ■  June 30, 2014

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES				$	593,955		3.0	%
HOUSEHOLD & PERSONAL PRODUCTS
	1,670,193		Estee Lauder Cos (Class A)		124,029		0.6
			Other		86,121		0.4
					210,150		1.0
INSURANCE					151,043		0.8
MATERIALS
	1,756,869		LyondellBasell Industries AF S.C.A		171,558		0.9
	1,673,221		Monsanto Co		208,718		1.0
			Other		500,563		2.5
					880,839		4.4
MEDIA
	6,334,429		Comcast Corp (Class A)		340,032		1.7
	2,956,168		Walt Disney Co		253,462		1.2
			Other		517,999		2.6
					1,111,493		5.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	463,604	*	Actavis plc		103,407		0.5
	941,673		Amgen, Inc		111,466		0.6
	785,082	*	Biogen Idec, Inc		247,544		1.2
	3,350,836	*	Celgene Corp		287,770		1.4
	4,756,196	*	Gilead Sciences, Inc		394,336		2.0
	742,306		Perrigo Co plc		108,199		0.5
			Other		1,016,136		5.1
					2,268,858		11.3
REAL ESTATE					295,496		1.5
RETAILING
	851,884	*	Amazon.com, Inc		276,675		1.4
	1,461,598		Expedia, Inc		115,116		0.6
	3,301,671		Home Depot, Inc		267,303		1.3
	83,679	*	Priceline.com, Inc		100,666		0.5
			Other		604,974		3.0
					1,364,734		6.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					430,539		2.1

42 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) continued

CREF Growth Account  ■  June 30, 2014

	Shares		Company			Value (000)		% of net assets
SOFTWARE & SERVICES
	2,745,653	*	Adobe Systems, Inc		$	198,675		1.0	%
	5,495,501	*	Facebook, Inc			369,792		1.8
	627,989	*	Google, Inc			361,270		1.8
	536,419	*	Google, Inc (Class A)			313,628		1.6
	882,184		International Business Machines Corp			159,913		0.8
	2,847,389		Intuit, Inc			229,300		1.1
	3,773,090		Mastercard, Inc (Class A)			277,209		1.4
	7,900,935		Microsoft Corp			329,469		1.6
	6,618,556		Oracle Corp			268,250		1.3
	2,227,648	*	Salesforce.com, Inc			129,382		0.7
	1,447,784		Visa, Inc (Class A)			305,063		1.5
			Other			942,513		4.7
						3,884,464		19.3
TECHNOLOGY HARDWARE & EQUIPMENT
	11,284,836	d	Apple, Inc			1,048,700		5.2
	2,542,209		Qualcomm, Inc			201,343		1.0
			Other			237,698		1.2
						1,487,741		7.4
TELECOMMUNICATION SERVICES
	3,044,146		Verizon Communications, Inc			148,950		0.7
			Other			131,611		0.7
						280,561		1.4
TRANSPORTATION
	2,767,884		Delta Air Lines, Inc			107,172		0.5
	1,892,746		Union Pacific Corp			188,801		0.9
			Other			450,255		2.3
						746,228		3.7
UTILITIES						9,379		0.1
			TOTAL COMMON STOCKS	(Cost $15,295,364)		19,958,834		99.3
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						99,278		0.5
TREASURY DEBT						61,154		0.3
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	352,010,150	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			352,010		1.8
						352,010		1.8
			TOTAL SHORT-TERM INVESTMENTS	(Cost $512,439)		512,442		2.6
			TOTAL PORTFOLIO	(Cost $15,807,803)		20,471,276		101.9
			OTHER ASSETS & LIABILITIES, NET			(375,205	)	(1.9	)
			NET ASSETS		$	20,096,071		100.0	%

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 43

Summary portfolio of investments (unaudited) concluded

CREF Growth Account  ■  June 30, 2014

*	Non-income producing.
a	Affiliated holding.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.

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

At 6/30/14, the aggregate value of securities on loan is $348,208,000.

At 6/30/14, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 of which deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers amounted to $24,092,000, or 0.1% of net assets.

Cost amounts are in thousands.

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

44 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Equity Index Account  ■  June 30, 2014

				Value		% of net
Shares			Company	(000)		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	202,830		1.2	%
BANKS
	7,965,569		Bank of America Corp		122,431		0.7
	2,304,856		Citigroup, Inc		108,559		0.7
	2,866,656		JPMorgan Chase & Co		165,177		1.0
	3,617,453		Wells Fargo & Co		190,133		1.1
			Other		392,193		2.4
					978,493		5.9
CAPITAL GOODS
	495,538		3M Co		70,981		0.4
	553,616		Boeing Co		70,437		0.4
	7,595,973		General Electric Co		199,622		1.2
	694,378		United Technologies Corp		80,166		0.5
			Other		934,836		5.6
					1,356,042		8.1
COMMERCIAL & PROFESSIONAL SERVICES					186,856		1.1
CONSUMER DURABLES & APPAREL					250,858		1.5
CONSUMER SERVICES
	748,615		McDonald’s Corp		75,415		0.4
			Other		283,596		1.7
					359,011		2.1
DIVERSIFIED FINANCIALS
	687,066		American Express Co		65,182		0.4
			Other		539,948		3.2
					605,130		3.6
ENERGY
	1,441,996		Chevron Corp		188,253		1.1
	929,954		ConocoPhillips		79,725		0.5
	3,264,226	d	Exxon Mobil Corp		328,642		2.0
	595,049		Occidental Petroleum Corp		61,070		0.4
	985,122		Schlumberger Ltd		116,195		0.7
			Other		856,275		5.1
					1,630,160		9.8
FOOD & STAPLES RETAILING
	885,741		CVS Corp		66,758		0.4
	1,206,895		Wal-Mart Stores, Inc		90,602		0.5
			Other		164,346		1.0
					321,706		1.9

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 45

Summary portfolio of investments(unaudited) continued

CREF Equity Index Account  ■  June 30, 2014

				Value		% of net
Shares			Company	(000)		assets
FOOD, BEVERAGE & TOBACCO
	1,504,770		Altria Group, Inc	$	63,110		0.4	%
	2,971,326		Coca-Cola Co		125,865		0.7
	1,148,290		PepsiCo, Inc		102,588		0.6
	1,191,397		Philip Morris International, Inc		100,447		0.6
			Other		359,950		2.2
					751,960		4.5
HEALTH CARE EQUIPMENT & SERVICES
	742,160		UnitedHealth Group, Inc		60,671		0.4
			Other		689,041		4.1
					749,712		4.5
HOUSEHOLD & PERSONAL PRODUCTS
	2,049,768		Procter & Gamble Co		161,091		1.0
			Other		132,321		0.8
					293,412		1.8
INSURANCE
	1,381,607	*	Berkshire Hathaway, Inc (Class B)		174,856		1.1
			Other		504,833		3.0
					679,689		4.1
MATERIALS					650,807		3.9
MEDIA
	1,962,017		Comcast Corp (Class A)		105,321		0.6
	1,311,897		Walt Disney Co		112,482		0.7
			Other		360,224		2.2
					578,027		3.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,205,062		AbbVie, Inc		68,014		0.4
	570,723		Amgen, Inc		67,556		0.4
	1,250,290		Bristol-Myers Squibb Co		60,652		0.4
	1,163,138	*	Gilead Sciences, Inc		96,436		0.6
	2,142,952		Johnson & Johnson		224,196		1.3
	2,213,596		Merck & Co, Inc		128,056		0.8
	4,831,609		Pfizer, Inc		143,402		0.9
			Other		621,231		3.7
					1,409,543		8.5
REAL ESTATE					619,185		3.7
RETAILING
	284,575	*	Amazon.com, Inc		92,424		0.6
	1,035,965		Home Depot, Inc		83,872		0.5
			Other		502,127		3.0
					678,423		4.1

46 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments(unaudited) continued

CREF Equity Index Account  ■  June 30, 2014

					Value			% of net
Shares			Company		(000)			assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,770,656		Intel Corp		$	116,513			0.7	%
			Other			279,816			1.7
						396,329			2.4
SOFTWARE & SERVICES
	1,491,705	*	Facebook, Inc			100,377			0.6
	213,945	*	Google, Inc			123,078			0.7
	211,490	*	Google, Inc (Class A)			123,652			0.7
	716,559		International Business Machines Corp			129,891			0.8
	6,271,656		Microsoft Corp			261,528			1.6
	2,487,815		Oracle Corp			100,831			0.6
	379,835		Visa, Inc (Class A)			80,035			0.5
			Other			756,436			4.6
						1,675,828			10.1
TECHNOLOGY HARDWARE & EQUIPMENT
	4,567,255		Apple, Inc			424,435			2.5
	3,880,099		Cisco Systems, Inc			96,420			0.6
	1,278,601		Qualcomm, Inc			101,265			0.6
			Other			344,098			2.1
						966,218			5.8
TELECOMMUNICATION SERVICES
	3,931,717		AT&T, Inc			139,025			0.9
	3,136,668		Verizon Communications, Inc			153,477			0.9
			Other			69,187			0.4
						361,689			2.2
TRANSPORTATION
	687,483		Union Pacific Corp			68,577			0.4
			Other			309,889			1.9
						378,466			2.3
UTILITIES						525,564			3.2
			TOTAL COMMON STOCKS	(Cost $9,247,007)		16,605,938			99.8
RIGHTS / WARRANTS
ENERGY						0	^		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4			0.0
TELECOMMUNICATION SERVICES						118			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $118)		122			0.0

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 47

Summary portfolio of investments(unaudited) concluded

CREF Equity Index Account  ■  June 30, 2014

						Value		% of net
Principal			Issuer			(000)		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					$	9,998		0.1	%
TREASURY DEBT						4,695		0.0
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	537,479,576	a,c	TIAA-CREF Short Term Lending Portfolio of the
			State Street Navigator Securities Lending Trust			537,480		3.2
						537,480		3.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $552,172)		552,173		3.3
			TOTAL PORTFOLIO	(Cost $9,799,297)		17,158,233		103.1
			OTHER ASSETS & LIABILITIES, NET			(516,275	)	(3.1	)
			NET ASSETS		$	16,641,958		100.0	%

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

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

At 6/30/14, the aggregate value of securities on loan is $526,192,000.

Cost amounts are in thousands.

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

48 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Bond Market Account  ■  June 30, 2014

						Value	% of net
Principal			Issuer			(000)	assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS					$	7,797	0.1	%
FOOD, BEVERAGE & TOBACCO						10,703	0.1
HEALTH CARE EQUIPMENT & SERVICES						4,177	0.0
MATERIALS						2,660	0.0
MEDIA						1,821	0.0
RETAILING						2,010	0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						12,485	0.1
UTILITIES						197	0.0
			TOTAL BANK LOAN OBLIGATIONS  (Cost $41,654)			41,850	0.3
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						37,745	0.3
BANKS
	$50,520,000	g	Bank of Nova Scotia	1.650%, 10/29/15		51,333	0.4
	70,000,000	g	Toronto-Dominion Bank	1.500%, 03/13/17		70,954	0.5
			Other			667,583	5.0
						789,870	5.9
CAPITAL GOODS						91,363	0.7
COMMERCIAL & PROFESSIONAL SERVICES						48,982	0.4
CONSUMER DURABLES & APPAREL						38,064	0.3
CONSUMER SERVICES						127,403	0.9
DIVERSIFIED FINANCIALS
	52,076,760		Tagua Leasing LLC	1.900%, 07/12/24		50,940	0.4
			Other			685,701	5.1
						736,641	5.5
ENERGY						355,619	2.6
FOOD & STAPLES RETAILING						25,887	0.2
FOOD, BEVERAGE & TOBACCO						108,597	0.8
HEALTH CARE EQUIPMENT & SERVICES						100,770	0.8
HOUSEHOLD & PERSONAL PRODUCTS						14,589	0.1
INSURANCE						234,857	1.7
MATERIALS						230,644	1.7
MEDIA						211,090	1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						60,579	0.5
REAL ESTATE						131,576	1.0

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 49

Summary portfolio of investments(unaudited) continued

CREF Bond Market Account  ■  June 30, 2014

						Value		% of net
Principal			Issuer			(000)		assets
RETAILING						$	85,539		0.7	%
SOFTWARE & SERVICES							53,314		0.4
TECHNOLOGY HARDWARE & EQUIPMENT							141,649		1.1
TELECOMMUNICATION SERVICES							285,339		2.1
TRANSPORTATION							71,957		0.5
UTILITIES							438,580		3.3
			TOTAL CORPORATE BONDS   (Cost $4,262,082)				4,420,654		33.1
GOVERNMENT BONDS
AGENCY SECURITIES
	$180,300,000		Private Export Funding Corp
			(PEFCO)	1.375%–5.450%, 10/15/14–11/15/22			186,875		1.4
	62,753,000		Tunisia Government AID Bonds		1.686%, 07/16/19		62,013		0.5
			Other				155,584		1.0
							404,472		2.9
FOREIGN GOVERNMENT BONDS							785,044		5.7
MORTGAGE BACKED
	65,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500%, 08/15/44		66,629		0.5
	101,000,000	h	FGLMC		4.000%, 08/15/44		106,699		0.8
	149,589,564		FGLMC	3.500%–8.000%, 12/01/16–07/15/44			164,055		1.2
	81,000,000	g,h	Federal National Mortgage Association (FNMA)		3.000%, 07/25/29		84,139		0.6
	80,000,000	h	FNMA		3.500%, 08/25/29		84,575		0.6
	80,000,000	h	FNMA		4.000%, 07/25/44		84,900		0.6
	111,000,000	h	FNMA		3.500%, 08/25/44		113,914		0.8
	133,000,000	h	FNMA		5.000%, 08/25/44		147,298		1.1
	137,000,000	h	FNMA		4.000%, 09/25/44		144,508		1.1
	64,000,000	h	FNMA		5.000%, 09/25/44		70,700		0.5
	102,000,000	h	FNMA		3.500%, 07/25/44		104,996		0.8
	242,000,000	h	FNMA		4.500%, 07/25/44		262,078		2.0
	48,713,378		FNMA		4.000%, 06/25/39		52,267		0.4
	817,149,056		FNMA	2.005%–9.000%, 01/01/15–09/25/44			857,209		6.4
	73,000,000	h	Government National Mortgage Association (GNMA)		4.500%, 07/15/44		79,493		0.6
	81,000,000	h	GNMA		4.000%, 07/15/44		86,518		0.6
	163,000,000	h	GNMA		3.500%, 07/15/44		169,507		1.3
	54,000,000	h	GNMA		3.000%, 07/15/44		54,405		0.4
	49,000,000	h	GNMA		3.500%, 07/20/44		51,040		0.4
	50,000,000	h	GNMA		4.000%, 07/20/44		53,508		0.4
	149,249,924		GNMA	2.176%–9.500%, 06/15/16–08/20/44			161,801		1.2
			Other				113,926		0.9
							3,114,165		23.2
MUNICIPAL BONDS
	194,685,000		State of Illinois	0.750%–5.463%, 03/01/15–04/01/28			196,326		1.5
	60,000,000		University of California		1.796%, 07/01/19		59,379		0.4
			Other				288,922		2.2
							544,627		4.1

50 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments(unaudited) continued

CREF Bond Market Account  ■  June 30, 2014

						Value		% of net
Principal			Issuer			(000)		assets
U.S. TREASURY SECURITIES
	$49,175,000		United States Treasury Bond		5.250%, 02/15/29	$	63,036	0.5	%
	45,661,000		United States Treasury Bond		5.375%, 02/15/31		59,951	0.5
	48,602,000		United States Treasury Bond		4.500%, 02/15/36		59,029	0.4
	56,375,000		United States Treasury Bond		3.625%, 08/15/43		59,546	0.4
	50,485,000		United States Treasury Note		0.125%, 12/31/14		50,495	0.4
	166,905,000		United States Treasury Note		0.250%, 01/31/15		167,068	1.3
	112,305,000		United States Treasury Note		0.250%, 02/28/15		112,423	0.8
	53,410,000		United States Treasury Note		0.250%, 08/15/15		53,460	0.4
	144,410,000		United States Treasury Note		0.375%, 04/30/16		144,365	1.1
	55,500,000		United States Treasury Note		0.375%, 05/31/16		55,450	0.4
	73,000,000		United States Treasury Note		0.625%, 02/15/17		72,818	0.5
	189,872,000		United States Treasury Note		8.000%, 11/15/21		265,925	2.0
	81,689,000		United States Treasury Note		2.750%, 02/15/24		83,546	0.6
	434,561,400		United States Treasury Note	0.250%–3.125%, 06/30/14–05/15/24			436,946	3.3
			Other				112,308	0.8
							1,796,366	13.4
			TOTAL GOVERNMENT BONDS		(Cost $6,533,580)		6,644,674	49.3
STRUCTURED ASSETS
ASSET BACKED
	136,912,794	g	Dominos Pizza Master Issuer LLC
			Series - 2012 1A (Class A2)		5.216%, 01/25/42		147,130	1.1
	100,000,000	g	HLSS Servicer Advance Receivables Backed Notes
			Series - 2014 T1 (Class AT1)		1.244%, 01/17/45		100,080	0.8
	70,000,000	g	New Residential Advance Receivables Trust
			Advance Receivables Backed
			Series - 2014 T1 (Class A1)		1.274%, 03/15/45		70,077	0.5
			Other				1,169,803	8.7
							1,487,090	11.1
OTHER MORTGAGE BACKED
	59,379,426		JP Morgan Chase Commercial Mortgage
			Securities Trust
			Series - 2006 LDP9 (Class A1A)		5.257%, 05/15/47		62,972	0.5
			Other				390,525	2.9
							453,497	3.4
			TOTAL STRUCTURED ASSETS		(Cost $1,928,388)		1,940,587	14.5
			TOTAL BONDS		(Cost $12,724,050)		13,005,915	96.9
Shares			Company
PREFERRED STOCKS
BANKS							20,939	0.2
			TOTAL PREFERRED STOCKS		(Cost $49,941)		20,939	0.2

See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 51

Summary portfolio of investments(unaudited) concluded

CREF Bond Market Account  ■  June 30, 2014

						Value			% of net
Principal			Issuer			(000)			assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT						$	25,000			0.2	%
GOVERNMENT AGENCY DEBT
	$55,000,000	w	Federal Home Loan Bank (FHLB)		0.078%–0.080%, 09/10/14		54,996			0.4
			Other				113,084			0.9
							168,080			1.3
TREASURY DEBT
	339,200,000	w	United States Treasury Bill		0.056%–0.120%, 07/24/14		339,179			2.5
	64,300,000	w	United States Treasury Bill		0.050%, 08/14/14		64,296			0.5
	691,950,000	w	United States Treasury Bill		0.060%–0.135%, 08/21/14		691,840			5.2
	55,000,000	w	United States Treasury Bill		0.056%, 12/18/14		54,987			0.4
	75,000,000	w	United States Treasury Bill		0.050%–0.100%, 02/05/15		74,976			0.5
	149,000,000	w	United States Treasury Bill		0.083%–0.110%, 03/05/15		148,941			1.1
	312,800,000	w	United States Treasury Bill		0.078%–0.100%, 04/30/15		312,622			2.3
	121,800,000	w	United States Treasury Bill		0.091%–0.095%, 05/28/15		121,697			0.9
	121,000,000		United States Treasury Bill		0.096%–0.101%, 06/25/15		120,873			0.9
	145,400,000		United States Treasury Bill		0.033%–0.108%, 07/17/14–04/02/15		145,371			1.1
			Other				37,925			0.3
							2,112,707			15.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $2,305,676)			2,305,787			17.2
			TOTAL PORTFOLIO	(Cost $15,121,321)			15,374,491			114.6
			OTHER ASSETS & LIABILITIES, NET				(1,961,952	)		(14.6	)
			NET ASSETS			$	13,412,539			100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/14, the aggregate value of these securities, including those in “Other,” was $2,070,817,000, or 15.4% 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.

52 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements

Portfolio of investments (unaudited)

CREF Inflation-Linked Bond Account  ■  June 30, 2014

						Value		% of net
Principal			Issuer			(000)		assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
	$10,000,000		United States Treasury Bond		3.625%, 02/15/44	$	10,553		0.1	%
	48,822,600	k	United States Treasury Inflation Indexed Bonds		1.375%, 02/15/44		53,697		0.7
	170,129,124	k	United States Treasury Inflation Indexed Bonds		1.875%, 07/15/15		176,695		2.3
	183,268,404	k	United States Treasury Inflation Indexed Bonds		2.000%, 01/15/16		193,219		2.5
	401,001,128	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/16		411,527		5.3
	194,348,624	k	United States Treasury Inflation Indexed Bonds		2.500%, 07/15/16		210,899		2.7
	176,327,726	k	United States Treasury Inflation Indexed Bonds		2.375%, 01/15/17		192,900		2.5
	477,909,252	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/17		494,337		6.4
	144,910,591	k	United States Treasury Inflation Indexed Bonds		2.625%, 07/15/17		162,221		2.1
	167,518,575	k	United States Treasury Inflation Indexed Bonds		1.625%, 01/15/18		182,713		2.3
	256,365,000	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/18		264,817		3.4
	149,061,012	k	United States Treasury Inflation Indexed Bonds		1.375%, 07/15/18		162,872		2.1
	146,290,600	k	United States Treasury Inflation Indexed Bonds		2.125%, 01/15/19		164,760		2.1
	141,629,600	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/19		145,834		1.9
	145,434,890	k	United States Treasury Inflation Indexed Bonds		1.875%, 07/15/19		163,705		2.1
	223,951,617	k	United States Treasury Inflation Indexed Bonds		1.375%, 01/15/20		245,647		3.2
	289,810,812	k	United States Treasury Inflation Indexed Bonds		1.250%, 07/15/20		317,592		4.1
	360,783,772	k	United States Treasury Inflation Indexed Bonds		1.125%, 01/15/21		390,802		5.0
	342,656,892	k	United States Treasury Inflation Indexed Bonds		0.625%, 07/15/21		360,941		4.6
	341,405,374	k	United States Treasury Inflation Indexed Bonds		0.125%, 01/15/22		343,673		4.4
	398,919,600	k	United States Treasury Inflation Indexed Bonds		0.125%, 07/15/22		401,631		5.2
	270,090,480	k	United States Treasury Inflation Indexed Bonds		0.125%, 01/15/23		269,162		3.5
	51,948,600	k	United States Treasury Inflation Indexed Bonds		0.375%, 07/15/23		52,955		0.7
	77,463,900	k	United States Treasury Inflation Indexed Bonds		0.625%, 01/15/24		80,272		1.0
	248,695,066	k	United States Treasury Inflation Indexed Bonds		2.375%, 01/15/25		301,290		3.9
	212,977,114	k	United States Treasury Inflation Indexed Bonds		2.000%, 01/15/26		250,930		3.2
	160,096,290	k	United States Treasury Inflation Indexed Bonds		2.375%, 01/15/27		196,456		2.5
	197,899,350	k	United States Treasury Inflation Indexed Bonds		1.750%, 01/15/28		227,832		2.9
	139,268,640	k	United States Treasury Inflation Indexed Bonds		3.625%, 04/15/28		195,585		2.5
	179,854,632	k	United States Treasury Inflation Indexed Bonds		2.500%, 01/15/29		226,926		2.9
	168,836,755	k	United States Treasury Inflation Indexed Bonds		3.875%, 04/15/29		246,818		3.2
	55,101,492	k	United States Treasury Inflation Indexed Bonds		3.375%, 04/15/32		79,566		1.0
	86,257,815	k	United States Treasury Inflation Indexed Bonds		2.125%, 02/15/40		109,743		1.4
	103,265,730	k	United States Treasury Inflation Indexed Bonds		2.125%, 02/15/41		132,422		1.7
	225,861,298	k	United States Treasury Inflation Indexed Bonds		0.750%, 02/15/42		212,610		2.7
	117,537,420	k	United States Treasury Inflation Indexed Bonds		0.625%, 02/15/43		106,702		1.4
							7,740,304		99.5
			TOTAL GOVERNMENT BONDS	(Cost $7,196,871)			7,740,304		99.5
			TOTAL PORTFOLIO	(Cost $7,196,871)			7,740,304		99.5
			OTHER ASSETS & LIABILITIES, NET				40,604		0.5
			NET ASSETS			$	7,780,908		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  ■  2014 Semiannual Report 53

Summary portfolio of investments (unaudited)

CREF Social Choice Account  ¡  June 30, 2014

Principal	Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
CONSUMER DURABLES & APPAREL			$	1,099		0.0	%
HEALTH CARE EQUIPMENT & SERVICES				8,083		0.0
MEDIA				9,717		0.1
UTILITIES				11,561		0.1
	TOTAL BANK LOAN OBLIGATIONS	(Cost $30,188)		30,460		0.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				25,120		0.2
BANKS				489,785		3.5
CAPITAL GOODS				99,742		0.7
COMMERCIAL & PROFESSIONAL SERVICES				27,251		0.2
CONSUMER DURABLES & APPAREL				12,961		0.1
CONSUMER SERVICES				41,250		0.3
DIVERSIFIED FINANCIALS				251,898		1.9
ENERGY				113,282		0.8
FOOD & STAPLES RETAILING				26,464		0.2
FOOD, BEVERAGE & TOBACCO				24,466		0.2
HEALTH CARE EQUIPMENT & SERVICES				43,067		0.2
HOUSEHOLD & PERSONAL PRODUCTS				8,296		0.1
INSURANCE				45,667		0.3
MATERIALS				97,109		0.7
MEDIA				18,070		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				129,555		0.9
REAL ESTATE				86,421		0.6
RETAILING				5,140		0.0
SOFTWARE & SERVICES				14,848		0.1
TECHNOLOGY HARDWARE & EQUIPMENT				51,406		0.4
TELECOMMUNICATION SERVICES				50,055		0.3
TRANSPORTATION				64,112		0.4
UTILITIES				204,662		1.4
	TOTAL CORPORATE BONDS	(Cost $1,882,995)		1,930,627		13.6

54 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) continued

CREF Social Choice Account  ¡  June 30, 2014

						Value		% of net
Principal			Issuer			(000)		assets
GOVERNMENT BONDS
AGENCY SECURITIES
	$198,895,280		Overseas Private Investment
			Corp (OPIC)	0.000%–5.142%, 07/12/14–06/01/33		$	204,037		1.4%
			Other				408,657		2.8
							612,694		4.2
FOREIGN GOVERNMENT BONDS
	49,000,000		International Bank for Reconstruction & Development		0.375%, 08/24/15		49,080		0.3
			Other				546,282		3.9
							595,362		4.2
MORTGAGE BACKED
	64,000,000	h	Federal National Mortgage Association (FNMA)		3.500%, 08/25/44		65,680		0.5
	51,000,000	h	FNMA		4.000%, 07/25/44		54,124		0.4
	45,000,000	h	FNMA		5.000%, 08/25/44		49,837		0.3
	89,000,000	h	FNMA		4.000%, 09/25/44		93,878		0.7
	56,000,000	h	FNMA		3.500%, 07/25/44		57,645		0.4
	62,000,000	h	FNMA		4.500%, 07/25/44		67,144		0.5
	399,688,579		FNMA	2.005%–8.500%, 11/01/14–09/25/44			417,273		2.9
	70,000,000	h	Government National Mortgage Association (GNMA)		3.500%, 07/15/44		72,795		0.5
	189,428,303		GNMA	2.300%–9.000%, 12/15/17–08/20/44			198,772		1.4
			Other				79,494		0.5
							1,156,642		8.1
MUNICIPAL BONDS							357,130		2.5
U.S. TREASURY SECURITIES
	100,000,000		United States Treasury Bond		2.875%, 05/15/43		91,375		0.6
	96,645,000		United States Treasury Bond		3.625%, 02/15/44		101,991		0.7
	134,845,000		United States Treasury Note		1.625%, 06/30/19		134,845		1.0
	72,464,000		United States Treasury Note		2.500%, 05/15/24		72,362		0.5
	150,460,500		United States Treasury Note	0.250%–2.500%, 08/31/14–11/15/22			150,245		1.1
			Other				5,776		0.0
							556,594		3.9
			TOTAL GOVERNMENT BONDS		(Cost $3,221,277)		3,278,422		22.9
STRUCTURED ASSETS
ASSET BACKED							174,722		1.2
OTHER MORTGAGE BACKED							93,618		0.7
			TOTAL STRUCTURED ASSETS		(Cost $264,222)		268,340		1.9
			TOTAL BONDS		(Cost $5,368,494)		5,477,389		38.4

See notes to financial statements College Retirement Equities Fund  ¡  2014 Semiannual Report 55

Summary portfolio of investments (unaudited) continued

CREF Social Choice Account  ¡  June 30, 2014

				Value	% of net
	Shares	Company		(000)	assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	3,056,597	Ford Motor Co	$	52,696	0.4	%
		Other		179,299	1.2
				231,995	1.6
BANKS
	1,282,839	US Bancorp		55,572	0.4
		Other		454,400	3.1
				509,972	3.5
CAPITAL GOODS
	432,713	3M Co		61,982	0.5
		Other		549,093	3.8
				611,075	4.3
COMMERCIAL & PROFESSIONAL SERVICES				57,415	0.4
CONSUMER DURABLES & APPAREL				97,741	0.6
CONSUMER SERVICES
	583,456	McDonald’s Corp		58,777	0.4
		Other		119,736	0.8
				178,513	1.2
DIVERSIFIED FINANCIALS
	620,453	American Express Co		58,862	0.4
	576,583	Capital One Financial Corp		47,626	0.4
		Other		418,762	2.9
				525,250	3.7
ENERGY
	460,668	EOG Resources, Inc		53,834	0.4
	474,102	Occidental Petroleum Corp		48,657	0.3
		Other		730,037	5.1
				832,528	5.8
FOOD & STAPLES RETAILING				110,221	0.7
FOOD, BEVERAGE & TOBACCO
	801,664	PepsiCo, Inc		71,621	0.5
		Other		256,557	1.8
				328,178	2.3
HEALTH CARE EQUIPMENT & SERVICES
	1,208,349	Abbott Laboratories		49,422	0.3
	802,734	Medtronic, Inc		51,182	0.4
		Other		152,612	1.1
				253,216	1.8

56 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) continued

CREF Social Choice Account  ¡  June 30, 2014

				Value		% of net
Shares			Company	(000)		assets
HOUSEHOLD & PERSONAL PRODUCTS
	707,780		Colgate-Palmolive Co	$	48,257		0.3	%
	1,202,803		Procter & Gamble Co		94,528		0.7
			Other		96,032		0.7
					238,817		1.7
INSURANCE
	798,759	*	Berkshire Hathaway, Inc (Class B)		101,091		0.7
			Other		392,403		2.7
					493,494		3.4
MATERIALS					482,059		3.4
MEDIA
	724,009		Time Warner, Inc		50,862		0.3
			Other		183,631		1.3
					234,493		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	462,789		Amgen, Inc		54,780		0.4
	158,236	*	Biogen Idec, Inc		49,894		0.3
	1,111,385		Bristol-Myers Squibb Co		53,913		0.4
	821,991	*	Gilead Sciences, Inc		68,151		0.5
	1,177,080		Johnson & Johnson		123,146		0.9
	1,453,994		Merck & Co, Inc		84,114		0.6
			Other		307,979		2.1
					741,977		5.2
REAL ESTATE					330,567		2.3
RETAILING					329,797		2.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,647,489		Intel Corp		81,808		0.6
			Other		118,509		0.8
					200,317		1.4
SOFTWARE & SERVICES
	136,927	*	Google, Inc		78,771		0.5
	135,951	*	Google, Inc (Class A)		79,487		0.6
	462,124		International Business Machines Corp		83,769		0.6
	1,827,742		Oracle Corp		74,078		0.5
			Other		375,257		2.6
					691,362		4.8
TECHNOLOGY HARDWARE & EQUIPMENT
	2,984,256		Cisco Systems, Inc		74,159		0.5
	1,568,789		Hewlett-Packard Co		52,837		0.4
	854,280		Qualcomm, Inc		67,659		0.5
			Other		130,594		0.9
					325,249		2.3

See notes to financial statements College Retirement Equities Fund  ¡  2014 Semiannual Report 57

Summary portfolio of investments (unaudited) continued

CREF Social Choice Account  ¡  June 30, 2014

Shares	Company		Value (000)		% of net assets
TELECOMMUNICATION SERVICES
1,157,001	Verizon Communications, Inc		$	56,612		0.4	%
	Other			153,084		1.1
				209,696		1.5
TRANSPORTATION
510,592	United Parcel Service, Inc (Class B)			52,417		0.3
	Other			182,223		1.3
				234,640		1.6
UTILITIES				304,471		2.1
	TOTAL COMMON STOCKS	(Cost $5,420,609)		8,553,043		59.5
PREFERRED STOCKS
BANKS				24,531		0.2
	TOTAL PREFERRED STOCKS	(Cost $38,865)		24,531		0.2
RIGHTS / WARRANTS
ENERGY				288		0.0
	TOTAL RIGHTS / WARRANTS	(Cost $278)		288		0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					56,990	0.4
TREASURY DEBT
	$199,600,000	w	United States Treasury Bill	0.056%–0.116%,  07/24/14	199,587	1.4
	134,500,000	w	United States Treasury Bill	0.075%–0.135%,  08/21/14	134,480	0.9
	150,500,000	w	United States Treasury Bill	0.060%–0.097%,  04/02/15	150,431	1.0
	108,200,000	w	United States Treasury Bill	0.090%–0.100%,  04/30/15	108,139	0.8
	212,700,000	w	United States Treasury Bill	0.090%–0.096%,  05/28/15	212,519	1.5
			Other		104,651	0.7
					909,807	6.3
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT					81,645	0.6
TREASURY DEBT
	55,800,000		United States Treasury Bill	0.080%–0.110%, 03/05/15	55,778	0.4
	50,000,000		United States Treasury Bill	0.060%–0.118%,  08/21/14	49,994	0.3
			Other		104,934	0.8
					210,706	1.5

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				292,351		2.1
	TOTAL SHORT-TERM INVESTMENTS	(Cost $1,259,076)		1,259,148		8.8
	TOTAL PORTFOLIO	(Cost $12,117,510)		15,344,859		107.1
	OTHER ASSETS & LIABILITIES, NET			(1,012,657	)	(7.1	)
	NET ASSETS		$	14,332,202		100.0	%

58 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) concluded

CREF Social Choice Account  ¡  June 30, 2014

*	Non-income producing.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar
	rolls.

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

At 6/30/14, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers amounts to $528,192,000 or 3.7% of net assets.

At 6/30/14, the aggregate value of securities on loan is $324,860,000.

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  ¡  2014 Semiannual Report 59

Summary portfolio of investments (unaudited)

CREF Money Market Account  ¡  June 30, 2014

					Value		% of net
Principal			Issuer			(000)		assets
SHORT-TERM INVESTMENTS
ASSET BACKED					$	69,506		0.6	%
CERTIFICATE OF DEPOSIT
	$140,000,000		Banco Del Estado de Chile	0.190%–0.210%,  08/04/14–09/24/14		140,000		1.2
	180,000,000		Toronto-Dominion Bank	0.110%–0.160%,  08/08/14–10/02/14		180,000		1.5
			Other			260,875		2.3
						580,875		5.0
COMMERCIAL PAPER
	215,000,000		American Honda Finance Corp	0.090%–0.120%,  07/07/14–09/22/14		214,978		1.8
	65,000,000	y	Australia & New Zealand Banking Group Ltd	0.150%, 07/11/14		64,997		0.5
	180,000,000	y	Australia & New Zealand Banking Group Ltd	0.140%–0.170%,  07/23/14–10/07/14		179,950		1.5
	140,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd	0.110%–0.160%,  07/03/14–08/19/14		139,992		1.2
	160,645,000	y	Coca-Cola Co	0.110%–0.190%, 08/04/14–10/30/14		160,604		1.4
	136,545,000	y	Commonwealth Bank of Australia	0.130%–0.160%, 07/07/14–09/02/14		136,531		1.2
	222,416,000	y	Fairway Finance LLC	0.080%–0.180%, 07/02/14–08/26/14		222,386		1.9
	196,665,000		General Electric Capital Corp	0.120%–0.150%, 08/15/14–10/03/14		196,611		1.7
	90,000,000	y	International Business Machines Corp	0.100%, 09/04/14		89,984		0.8
	217,700,000	y	International Business Machines Corp	0.085%–0.110%, 07/28/14–09/22/14		217,669		1.8
	159,620,000	y	Liberty Street Funding LLC	0.150%–0.180%, 07/01/14–08/11/14		159,598		1.4
	163,335,000	y	National Australia Funding Delaware, Inc	0.125%–0.150%, 07/03/14–10/01/14		163,311		1.4
	137,645,000	y	Old Line Funding LLC	0.130%–0.180%, 07/21/14–10/22/14		137,592		1.2
	128,868,000		PACCAR Financial Corp	0.080%–0.125%, 07/11/14–09/18/14		128,853		1.1
	266,750,000	y	Procter & Gamble Co	0.080%–0.110%, 07/08/14–09/16/14		266,721		2.3
	297,311,000		Province of Ontario Canada	0.080%–0.110%, 07/03/14–09/30/14		297,289		2.5
	252,735,000	y	Province of Quebec Canada	0.075%–0.100%, 07/07/14–09/05/14		252,715		2.1
	210,550,000	y	PSP Capital, Inc	0.135%–0.270%, 07/07/14–09/19/14		210,507		1.8
	140,000,000		Toyota Motor Credit Corp	0.100%–0.120%, 09/09/14–09/24/14		139,968		1.2
	60,000,000	y	United Overseas Bank Ltd	0.212%–0.240%, 10/14/14		59,962		0.5
			Other			1,106,430		9.4
						4,546,648		38.7
GOVERNMENT AGENCY DEBT
	116,404,000		Federal Home Loan Bank (FHLB)	0.042%–0.065%, 07/02/14		116,404		1.0
	143,100,000		FHLB	0.055%–0.060%, 07/09/14		143,098		1.2
	94,720,000		FHLB	0.050%–0.065%, 07/16/14		94,718		0.8
	135,670,000		FHLB	0.048%–0.110%, 07/18/14		135,666		1.2
	82,230,000		FHLB	0.055%–0.092%, 07/23/14		82,226		0.7
	109,725,000		FHLB	0.045%–0.082%, 07/25/14		109,721		0.9
	165,364,000		FHLB	0.055%–0.082%, 07/30/14		165,355		1.4
	109,255,000		FHLB	0.050%–0.060%, 08/01/14		109,250		0.9
	90,000,000		FHLB	0.058%–0.060%, 08/06/14		89,995		0.8
	108,580,000		FHLB	0.050%–0.065%, 08/08/14		108,573		0.9
	84,500,000		FHLB	0.055%–0.063%, 08/13/14		84,494		0.7
	64,080,000		FHLB	0.058%–0.065%, 08/20/14		64,075		0.5

60 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) continued

CREF Money Market Account  ¡  June 30, 2014

					Value		% of net
Principal			Issuer		(000)		assets
GOVERNMENT AGENCY DEBT—continued
	$117,480,000		FHLB	0.062%–0.095%, 08/22/14	$	117,469		1.0	%
	113,300,000		FHLB	0.060%–0.065%, 08/27/14		113,289		1.0
	137,315,000		FHLB	0.050%–0.066%, 08/29/14		137,301		1.2
	70,053,000		FHLB	0.062%–0.072%, 09/03/14		70,044		0.6
	73,690,000		FHLB	0.072%–0.080%, 09/05/14		73,680		0.6
	64,859,000		FHLB	0.060%–0.080%, 09/10/14		64,850		0.6
	131,034,000		FHLB	0.065%–0.083%, 09/12/14		131,015		1.1
	139,550,000		FHLB	0.060%–0.082%, 09/19/14		139,527		1.2
	326,390,000		FHLB	0.045%–0.140%, 07/07/14–10/03/14		326,363		2.8
	318,358,000		Federal Home Loan Mortgage Corp (FHLMC)	0.043%–0.090%, 07/01/14–09/26/14		318,328		2.7
	83,175,000		Federal National Mortgage Association (FNMA)	0.090%, 07/14/14		83,173		0.7
	68,145,000		FNMA	0.050%–0.075%, 08/18/14		68,140		0.6
	59,380,000		FNMA	0.050%–0.057%, 08/27/14		59,375		0.5
	91,070,000		FNMA	0.055%–0.075%, 09/08/14		91,058		0.8
	64,220,000		FNMA	0.072%–0.076%, 09/17/14		64,210		0.5
	102,220,000		FNMA	0.060%–0.075%, 09/22/14		102,204		0.9
	370,247,000		FNMA	0.035%–0.085%, 07/01/14–11/03/14		370,221		3.2
						3,633,822		31.0
TREASURY DEBT
	70,735,000		United States Treasury Bill	0.055%–0.078%, 07/24/14		70,732		0.6
	71,005,000		United States Treasury Bill	0.025%–0.050%, 08/14/14		71,002		0.6
	86,225,000		United States Treasury Bill	0.089%–0.096%, 08/21/14		86,213		0.7
	64,260,000		United States Treasury Bill	0.025%–0.040%, 08/28/14		64,257		0.6
	59,645,000		United States Treasury Bill	0.041%–0.096%, 11/13/14		59,630		0.5
	369,080,000		United States Treasury Bill	0.020%–0.133%, 07/03/14–01/08/15		369,056		3.1
	111,325,000		United States Treasury Note	0.625%, 07/15/14		111,345		0.9
	100,000,000		United States Treasury Note	0.125%, 01/15/15		100,001		0.8
	68,050,000		United States Treasury Note	0.500%, 08/15/14		68,080		0.6
	59,710,000		United States Treasury Note	0.250%, 09/15/14		59,732		0.5
	80,000,000		United States Treasury Note	0.250%, 09/30/14		80,036		0.7
	70,000,000		United States Treasury Note	0.500%, 10/15/14		70,090		0.6
	100,000,000		United States Treasury Note	0.250%, 10/31/14		100,052		0.9
	100,355,000		United States Treasury Note	0.250%, 11/30/14		100,415		0.9
	76,010,000		United States Treasury Note	0.250%, 12/15/14		76,046		0.6
	100,000,000		United States Treasury Note	0.250%, 01/15/15		100,056		0.9
	160,625,000		United States Treasury Note	0.125%–0.375%, 12/31/14–06/15/15		160,806		1.4
						1,747,549		14.9
VARIABLE RATE SECURITIES
	65,000,000	i	Federal Farm Credit Bank (FFCB)	0.155%, 07/01/14		64,992		0.6
	70,000,000	i	FFCB	0.200%, 07/01/14		70,000		0.6
	70,000,000	i	FFCB	0.140%, 07/01/14		70,000		0.6
	75,000,000	i	FFCB	0.240%, 07/01/14		74,995		0.6
	95,000,000	i	FFCB	0.180%, 07/01/14		95,000		0.8
	94,500,000	i	FFCB	0.180%, 07/01/14		94,491		0.8
	466,850,000	i	FFCB	0.105%–0.280%, 07/01/14–04/01/15		466,879		4.0
			Other			210,004		1.8
						1,146,361		9.8

See notes to financial statements College Retirement Equities Fund  ¡  2014 Semiannual Report 61

Summary portfolio of investments (unaudited) concluded

CREF Money Market Account  ¡  June 30, 2014

		Value			% of net
		(000)			assets
TOTAL SHORT-TERM INVESTMENTS	(Cost $11,724,761)	$	11,724,761			100.0	%
TOTAL PORTFOLIO	(Cost $11,724,761)		11,724,761			100.0
OTHER ASSETS & LIABILITIES, NET			(1,440	)		0.0
NET ASSETS		$	11,723,321			100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/2014, the aggregate value of these securities, including those in “Other,” was $3,244,548,000 or 27.7%% 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 Fund uses more specific categories in following its investment limitations on investment concentrations.

62 2014 Semiannual Report  ¡  College Retirement Equities Fund See notes to financial statements

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College Retirement Equities Fund  ¡  2014 Semiannual Report 63

Statements of assets and liabilities (unaudited)

College Retirement Equities Funds  ■  June 30, 2014

(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*†		$	133,929,883	$	20,046,842	$	20,119,266	$	16,620,753	$	15,374,491	$	7,740,304	$	15,344,859	$	11,724,761
Affiliated issuers‡			216,183		—		352,010		537,480		—		—		—		—
Total portfolio investments, at value		$	134,146,066	$	20,046,842	$	20,471,276	$	17,158,233	$	15,374,491	$	7,740,304	$	15,344,859	$	11,724,761
Cash**#			911,223		257,911		—		388		95,720		1,946		81,158		7
Cash — foreign^			20,395		2,466		—		—		—		—		718		—
Dividends and interest receivable			215,890		40,660		11,860		18,363		74,432		36,928		44,132		1,297
Receivable from securities transactions			4,376,556		200,379		1,014,701		322,464		74,828		17,406		2,377		—
Receivable for delayed delivery securities			—		—		—		—		1,349,438		—		543,849		—
Receivable for variation margin on open futures contracts			—		13		19		16		—		—		—		—
Other			9,013		1,321		1,598		1,468		1,162		1,036		1,158		1,233
Total assets			139,679,143		20,549,592		21,499,454		17,500,932		16,970,071		7,797,620		16,018,251		11,727,298
LIABILITIES
Payable for collateral for securities loaned			5,936,155		630,952		352,010		537,480		—		—		336,397		—
Payable for securities transactions			4,304,293		201,084		1,049,365		316,437		27,602		13,511		6,974		—
Payable for delayed delivery securities			—		—		—		—		3,527,467		—		1,341,504		—
Due to affiliates			142,993		3,017		1,018		4,051		1,385		2,030		497		2,746
Overdraft payable			—		—		24		—		—		—		—		—
Written options§			11		—		—		—		—		—		—		—
Other			13,820		1,304		966		1,006		1,078		1,171		677		1,231
Total liabilities			10,397,272		836,357		1,403,383		858,974		3,557,532		16,712		1,686,049		3,977
NET ASSETS:
Accumulation Fund		$	116,100,552	$	19,341,523	$	19,797,997	$	16,324,845	$	13,140,754	$	7,543,978	$	13,993,077	$	11,518,879
Annuity Funds			13,181,319		371,712		298,074		317,113		271,785		236,930		339,125		204,442
Total net assets		$	129,281,871	$	19,713,235	$	20,096,071	$	16,641,958	$	13,412,539	$	7,780,908	$	14,332,202	$	11,723,321
Accumulation units outstanding			319,287		138,810		165,578		106,176		117,463		110,847		72,785		451,124
Accumulation unit value		$	363.62	$	139.34	$	119.57	$	153.75	$	111.87	$	68.06	$	192.25	$	25.53
*	Includes securities loaned of	$	5,741,726	$	605,229	$	348,208	$	526,192	$	—	$	—	$	324,860	$	—
**	Includes cash collateral for securities loaned of	$	912,513	$	257,681	$	—	$	—	$	—	$	—	$	41,171	$	—
#	Includes cash collateral for mortgage dollar rolls of	$	—	$	—	$	—	$	—	$	95,000	$	—	$	27,549	$	—
†	Portfolio investments; unaffiliated issuers cost	$	112,169,317	$	16,574,030	$	15,455,793	$	9,261,817	$	15,121,321	$	7,196,871	$	12,117,510	$	11,724,761
‡	Portfolio investments; affiliated issuers cost	$	186,184	$	—	$	352,010	$	537,480	$	—	$	—	$	—	$	—
^	Foreign cash, cost	$	20,666	$	2,464	$	—	$	—	$	—	$	—	$	718	$	—
§	Written options premiums	$	12	$	—	$	—	$	—	$	—	$	—	$	—	$	—

64 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 65

Statements of operations (unaudited)

College Retirement Equities Funds  ■  For the period ended June 30, 2014

(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*		$	1,579,208		$	296,458		$	123,386		$	151,938		$	—		$	—	$	111,962		$	—
Income from securities lending			41,008			6,172			1,255			2,684			—			—		2,143			—
Interest			196			78			53			7			158,275			136,714		62,969			6,989
Other			27			—			—			—			18			—		—			—
Total income			1,620,439			302,708			124,694			154,629			158,293			136,714		177,074			6,989
EXPENSES
Administrative			159,020			23,416			23,753			19,577			16,187			9,363		16,766			14,444
Investment advisory			77,210			12,735			8,043			3,473			6,692			2,437		5,237			3,449
Distribution			58,812			8,027			8,299			7,301			6,571			3,437		6,826			5,468
Mortality and expense risk charges			3,109			473			480			395			329			190		339			294
Total expenses			298,151			44,651			40,575			30,746			29,779			15,427		29,168			23,655
Less: Expenses withheld by TIAA			—			—			—			—			—			—		—			16,667
Net expenses			298,151			44,651			40,575			30,746			29,779			15,427		29,168			6,988
Net investment income (loss)			1,322,288			258,057			84,119			123,883			128,514			121,287		147,906			1
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers			9,013,902			1,019,198			1,283,367			211,674			135,509			32,456		230,049			—
Affiliated issuers			85			—			—			—			—			—		—			—
Futures transactions			—			7,531			8,729			(535	)		—			—		—			—
Purchased options			(52	)		—			—			—			—			—		—			—
Written options			124			—			—			—			—			—		—			—
Swap transactions			—			—			—			—			(595	)		—		—			—
Foreign currency transactions			(1,076	)		(537	)		100			—			862			—		80			—
Net realized gain (loss) on total investments			9,012,983			1,026,192			1,292,196			211,139			135,776			32,456		230,129			—
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡			(3,129,973	)		(419,651	)		(301,712	)		718,480			258,356			272,394		386,162			—
Affiliated issuers			25,319			—			—			—			—			—		—			—
Futures transactions			—			(2,831	)		(3,522	)		(177	)		—			—		—			—
Purchased options			(1	)		—			—			—			—			—		—			—
Written options			1			—			—			—			—			—		—			—
Swap transactions			—			—			—			—			472			—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			313			102			2			—			—			—		(2	)		—
Net change in unrealized appreciation (depreciation) on total investments			(3,104,341	)		(422,380	)		(305,232	)		718,303			258,828			272,394		386,160			—
Net realized and unrealized gain (loss) on total investments			5,908,642			603,812			986,964			929,442			394,604			304,850		616,289			—
Net increase (decrease) in net assets from operations		$	7,230,930		$	861,869		$	1,071,083		$	1,053,325		$	523,118		$	426,137	$	764,195		$	1
*	Net of foreign withholding taxes of unaffiliated issuers	$	69,776		$	15,193		$	1,585		$	48		$	—		$	—	$	3,602		$	—
‡	Includes net change in unrealized foreign capital gains taxes of	$	(6,405	)	$	—		$	—		$	—		$	—		$	—	$	—		$	—

66 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 67

Statements of changes in net assets

College Retirement Equities Funds  ■  For the period or year ended

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	June 30, 2014			December 31, 2013			June 30, 2014			December 31, 2013			June 30, 2014			December 31, 2013
	(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)	$	1,322,288		$	1,946,025		$	258,057		$	285,632		$	84,119		$	145,950
Net realized gain (loss) on total investments		9,012,983			13,558,646			1,026,192			1,557,314			1,292,196			2,293,529
Net change in unrealized appreciation (depreciation) on total investments		(3,104,341	)		12,977,575			(422,380	)		2,285,441			(305,232	)		2,668,576
Net increase (decrease) in net assets from operations		7,230,930			28,482,246			861,869			4,128,387			1,071,083			5,108,055
FROM PARTICIPANT TRANSACTIONS
Premiums		2,071,596			4,501,136			525,545			1,116,007			483,372			990,848
Net transfers between CREF Accounts		(491,558	)		(854,354	)		36,519			237,015			(24,507	)		(50,465	)
Annuity payments		(679,996	)		(1,249,549	)		(16,303	)		(28,826	)		(13,008	)		(22,260	)
Withdrawals and death benefits		(5,192,463	)		(10,509,456	)		(822,114	)		(1,532,548	)		(834,531	)		(1,557,216	)
Net increase (decrease) from participant transactions		(4,292,421	)		(8,112,223	)		(276,353	)		(208,352	)		(388,674	)		(639,093	)
Net increase (decrease) in net assets		2,938,509			20,370,023			585,516			3,920,035			682,409			4,468,962
NET ASSETS
Beginning of period		126,343,362			105,973,339			19,127,719			15,207,684			19,413,662			14,944,700
End of period	$	129,281,871		$	126,343,362		$	19,713,235		$	19,127,719		$	20,096,071		$	19,413,662
ACCUMULATION UNITS:
Units purchased		5,976,002			14,779,827			3,922,856			9,466,300			4,239,723			10,197,318
Units sold / transferred		(16,688,506	)		(37,985,697	)		(5,979,897	)		(11,088,847	)		(7,639,512	)		(16,863,917	)
Outstanding:
Beginning of period		329,999,969			353,205,839			140,866,925			142,489,472			168,978,226			175,644,825
End of period		319,287,465			329,999,969			138,809,884			140,866,925			165,578,437			168,978,226

68 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 69

Statements of changes in net assets continued

College Retirement Equities Funds  ■  For the period or year ended

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	June 30, 2014			December 31, 2013			June 30, 2014			December 31, 2013			June 30, 2014			December 31, 2013
	(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)	$	123,883		$	223,387		$	128,514		$	255,205		$	121,287		$	123,008
Net realized gain (loss) on total investments		211,139			224,787			135,776			58,902			32,456			286,945
Net change in unrealized appreciation (depreciation) on total investments		718,303			3,507,233			258,828			(605,469	)		272,394			(1,292,598	)
Net increase (decrease) in net assets from operations		1,053,325			3,955,407			523,118			(291,362	)		426,137			(882,645	)
FROM PARTICIPANT TRANSACTIONS
Premiums		466,338			1,003,856			472,059			1,043,978			300,803			679,616
Net transfers between CREF Accounts		42,829			347,432			158,924			40,206			(11,669	)		(833,191	)
Annuity payments		(13,462	)		(22,907	)		(12,012	)		(23,834	)		(10,864	)		(23,422	)
Withdrawals and death benefits		(765,083	)		(1,438,860	)		(804,967	)		(2,184,672	)		(561,609	)		(2,125,347	)
Net increase (decrease) from participant transactions		(269,378	)		(110,479	)		(185,996	)		(1,124,322	)		(283,339	)		(2,302,344	)
Net increase (decrease) in net assets		783,947			3,844,928			337,122			(1,415,684	)		142,798			(3,184,989	)
NET ASSETS
Beginning of period		15,858,011			12,013,083			13,075,417			14,491,101			7,638,110			10,823,099
End of period	$	16,641,958		$	15,858,011		$	13,412,539		$	13,075,417		$	7,780,908		$	7,638,110
ACCUMULATION UNITS:
Units purchased		3,192,778			7,934,869			4,290,416			9,637,856			4,542,506			10,034,924
Units sold / transferred		(5,065,646	)		(8,809,741	)		(5,985,623	)		(20,072,174	)		(8,691,475	)		(44,041,945	)
Outstanding:
Beginning of period		108,048,713			108,923,585			119,157,904			129,592,222			114,995,683			149,002,704
End of period		106,175,845			108,048,713			117,462,697			119,157,904			110,846,714			114,995,683

70 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 71

Statements of changes in net assets concluded

College Retirement Equities Funds  ■  For the period or year ended

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	June 30, 2014			December 31, 2013			June 30, 2014			December 31, 2013
	(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)	$	147,906		$	221,165		$	1		$	77
Net realized gain (loss) on total investments		230,129			253,941			—			2
Net change in unrealized appreciation (depreciation) on total investments		386,160			1,411,925			—			—
Net increase (decrease) in net assets from operations		764,195			1,887,031			1			79
FROM PARTICIPANT TRANSACTIONS
Premiums		496,565			857,785			1,836,203			4,529,281
Net transfers between CREF Accounts		257,384			350,169			32,078			763,188
Annuity payments		(14,889	)		(27,380	)		(10,402	)		(20,863	)
Withdrawals and death benefits		(512,013	)		(1,007,941	)		(2,115,472	)		(5,199,990	)
Net increase (decrease) from participant transactions		227,047			172,633			(257,593	)		71,616
Net increase (decrease) in net assets		991,242			2,059,664			(257,592	)		71,695
NET ASSETS
Beginning of period		13,340,960			11,281,296			11,980,913			11,909,218
End of period	$	14,332,202		$	13,340,960		$	11,723,321		$	11,980,913
ACCUMULATION UNITS:
Units purchased		2,684,325			5,034,332			71,910,421			177,383,548
Units sold / transferred		(1,428,040	)		(4,030,321	)		(81,896,861	)		(174,538,957	)
Outstanding:
Beginning of period		71,528,662			70,524,651			461,110,558			458,265,967
End of period		72,784,947			71,528,662			451,124,118			461,110,558

72 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 73

Financial highlights

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized & unrealized													Ratios to average net assets									Accumulation units						Net assets
For the								Net						Net			Accumulation		Accumulation								Net									Accumulation
period or								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			outstanding at			fund net			at end
year		Investment						income			on total			accumulation			beginning		end of		Total			Gross			income			turnover			end of period			assets			of period
ended		income		a	Expenses		a	(loss		)a	investments			unit value			of period		period		return		b	expenses			(loss		)	rate			(in millions		)	(in millions		)	(in millions		)
STOCK ACCOUNT
6/30/14	§	$	4.476		$	0.823		$	3.653		$	16.561		$	20.214		$	343.410	$	363.624		5.89	%c		0.48	%d		2.13	%d		30	%c		319		$	116,101		$	129,282
12/31/13			6.581			1.476			5.105			69.661			74.766			268.644		343.410		27.83			0.48			1.68			59			330			113,325			126,343
12/31/12			6.328			1.244			5.084			34.469			39.553			229.091		268.644		17.26			0.49			2.01			57			353			94,887			105,973
12/31/11			5.308			1.151			4.157			(16.066	)		(11.909	)		241.000		229.091		(4.94	)		0.48			1.73			56			377			86,395			96,783
12/31/10			4.506			1.006			3.500			29.246			32.746			208.254		241.000		15.72			0.47			1.63			61			401			96,598			108,700
12/31/09			4.251			0.849			3.402			47.129			50.531			157.723		208.254		32.04			0.49			1.97			58			418			87,141			98,509
GLOBAL EQUITIES ACCOUNT
6/30/14	§		2.126			0.313			1.813			4.282			6.095			133.243		139.338		4.57	c		0.47	d		2.73	d		27	c		139			19,342			19,713
12/31/13			2.590			0.616			1.974			26.579			28.553			104.690		133.243		27.27			0.52			1.67			63			141			18,770			19,128
12/31/12			2.566			0.522			2.044			14.260			16.304			88.386		104.690		18.45			0.53			2.09			70			142			14,917			15,208
12/31/11			2.131			0.490			1.641			(9.051	)		(7.410	)		95.796		88.386		(7.74	)		0.52			1.74			78			146			12,898			13,158
12/31/10			1.888			0.432			1.456			8.987			10.443			85.353		95.796		12.24			0.50			1.69			81			152			14,527			14,833
12/31/09			1.862			0.374			1.488			19.648			21.136			64.217		85.353		32.91			0.53			2.11			59			155			13,205			13,490
GROWTH ACCOUNT
6/30/14	§		0.733			0.238			0.495			5.870			6.365			113.204		119.569		5.62	c		0.42	d		0.88	d		30	c		166			19,798			20,096
12/31/13			1.288			0.450			0.838			28.513			29.351			83.853		113.204		35.00			0.46			0.86			63			169			19,129			19,414
12/31/12			1.388			0.382			1.006			10.481			11.487			72.366		83.853		15.87			0.47			1.24			67			176			14,728			14,945
12/31/11			0.979			0.333			0.646			0.202			0.848			71.518		72.366		1.19			0.46			0.88			57			181			13,079			13,265
12/31/10			0.907			0.293			0.614			8.706			9.320			62.198		71.518		14.98			0.46			0.96			77			187			13,350			13,540
12/31/09			0.836			0.249			0.587			16.058			16.645			45.553		62.198		36.54			0.48			1.14			81			190			11,842			12,013
EQUITY INDEX ACCOUNT
6/30/14	§		1.417			0.282			1.135			8.580			9.715			144.038		153.753		6.75	c		0.39	d		1.57	d		3	c		106			16,325			16,642
12/31/13			2.546			0.531			2.015			33.715			35.730			108.308		144.038		32.99			0.42			1.59			5			108			15,563			15,858
12/31/12			2.391			0.442			1.949			12.978			14.927			93.381		108.308		15.98			0.43			1.89			4			109			11,797			12,013
12/31/11			1.832			0.390			1.442			(0.825	)		0.617			92.764		93.381		0.66			0.41			1.53			5			112			10,502			10,692
12/31/10			1.613			0.343			1.270			11.830			13.100			79.664		92.764		16.45			0.42			1.54			8			116			10,765			10,962
12/31/09			1.470			0.288			1.182			16.176			17.358			62.306		79.664		27.86			0.43			1.77			5			116			9,253			9,426
BOND MARKET ACCOUNT
6/30/14	§		1.312			0.246			1.066			3.270			4.336			107.536		111.872		4.03	c		0.45	d		1.95	d		156	ce		117			13,141			13,413
12/31/13			2.485			0.482			2.003			(4.211	)		(2.208	)		109.744		107.536		(2.01	)		0.45			1.85			363	e		119			12,814			13,075
12/31/12			2.835			0.482			2.353			3.163			5.516			104.228		109.744		5.29			0.45			2.19			356	e		130			14,222			14,491
12/31/11			3.341			0.439			2.902			3.876			6.778			97.450		104.228		6.96			0.44			2.88			261	e		126			13,124			13,369
12/31/10			3.470			0.422			3.048			3.096			6.144			91.306		97.450		6.73			0.44			3.19			230	e		122			11,915			12,148
12/31/09			3.818			0.399			3.419			2.556			5.975			85.331		91.306		7.00			0.45			3.88			185	e		113			10,296			10,512

74 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 75

Financial highlights concluded

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Accumulation						Net
For the								Net			& unrealized				Net		Accumulation		Accumulation								Net						units			Accumulation			assets
period or								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			outstanding at			fund net			at end
year		Investment						income			on total			accumulation			beginning		end of		Total			Gross			income			turnover			end of period			assets			of period
ended		income		a	Expenses		a	(loss		)a	investments			unit value			of period		period		return		b	expenses			(loss		)	rate			(in millions		)	(in millions		)	(in millions		)
INFLATION-LINKED BOND ACCOUNT
6/30/14	§	$	1.179		$	0.133			$ 1.046		$	2.630		$	3.676		$	64.382	$	68.058		5.71	%c		0.41	%d		3.19	%d		5	%c		111		$	7,544		$	7,781
12/31/13			1.207			0.301			0.906			(7.289	)		(6.383	)		70.765		64.382		(9.02	)		0.45			1.34			13			115			7,404			7,638
12/31/12			2.050			0.310			1.740			2.523			4.263			66.502		70.765		6.40			0.45			2.52			11			149			10,544			10,823
12/31/11			2.817			0.272			2.545			5.187			7.732			58.770		66.502		13.16			0.43			4.05			13			146			9,699			9,950
12/31/10			1.596			0.254			1.342			1.929			3.271			55.499		58.770		5.89			0.44			2.33			15			135			7,955			8,177
12/31/09			0.974			0.241			0.733			4.119			4.852			50.647		55.499		9.58			0.45			1.38			11			134			7,453			7,665
SOCIAL CHOICE ACCOUNT
6/30/14	§		2.393			0.394			1.999			8.290			10.289			181.963		192.252		5.65	c		0.43	d		2.18	d		65	cf		73			13,993			14,332
12/31/13			3.804			0.757			3.047			22.950			25.997			155.966		181.963		16.67			0.45			1.79			133	f		72			13,016			13,341
12/31/12			3.866			0.677			3.189			12.242			15.431			140.535		155.966		10.98			0.45			2.14			149	f		71			10,999			11,281
12/31/11			3.732			0.619			3.113			(0.595	)		2.518			138.017		140.535		1.82			0.44			2.22			122	f		72			10,074			10,335
12/31/10			3.618			0.561			3.057			11.683			14.740			123.277		138.017		11.95			0.44			2.39			98	f		72			9,968			10,239
12/31/09			3.517			0.488			3.029			19.530			22.559			100.718		123.277		22.41			0.45			2.81			85	f		68			8,430			8,673
		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Accumulation						Net
									Net		& unrealized			Net			Accumulation		Accumulation								Expenses			Net			units			Accumulation			assets
For the									investment		gain (loss		)	change in			unit value		unit value								net of			investment			outstanding at			fund net			at end
year		Investment							income		on total			accumulation			beginning		end of		Total			Gross			TIAA			income			end of period			assets			of period
ended		income		a	Expenses		a		(loss)	a	investments			unit value			of period		year		return		b	expenses			withholding			(loss		)	(in millions		)	(in millions		)	(in millions		)
MONEY MARKET ACCOUNT
6/30/14	§	$	0.015		$	0.015			$ 0.000			$ 0.000			$ 0.000		$	25.534	$	25.534		0.00	%c		0.40	%d		0.12	%d		0.00	%d		451		$	11,519		$	11,723
12/31/13			0.036			0.036			0.000			0.000			0.000			25.534		25.534		0.00			0.41			0.14			0.00			461			11,774			11,981
12/31/12			0.044			0.044			0.000			0.000			0.000			25.534		25.534		0.00			0.42			0.17			0.00			458			11,701			11,909
12/31/11			0.044			0.044			0.000			0.001			0.001			25.533		25.534		0.00			0.41			0.17			0.00			477			12,178			12,399
12/31/10			0.062			0.062			0.000			0.000			0.000			25.533		25.533		0.00			0.41			0.24			0.00			463			11,816			12,054
12/31/09			0.164			0.104			0.060			(0.031	)		0.029			25.504		25.533		0.11			0.43			0.41			0.21			512			13,070			13,327

a	Based on average units outstanding.
b	Based on per accumulation unit data.
c	The percentages shown for this period are not annualized.
d	The percentages shown for this period are annualized.
e	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2014, December 31, 2013, December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 49%, 105%, 117%, 62%, 62%, and 96%, respectively.
f	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2014, December 31, 2013, December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 29%, 46%, 52%, 45%, 40% and 49%, respectively.
§	Unaudited

76 2014 Semiannual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2014 Semiannual Report 77

Notes to financial statements (unaudited)

College Retirement Equities Fund

Note 1—organization and significant accounting policies

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

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

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

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Accounts determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a

78 2014 Semiannual Report  ■  College Retirement Equities Fund

return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

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

Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. CREF files income tax returns in U.S. federal and applicable state jurisdictions. An account’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Accounts’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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

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

New accounting pronouncement: In June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Accounts adopted the update for this semiannual report. The adoption of the Update did not have a material impact on the Accounts’ financial statements and notes disclosures.

College Retirement Equities Fund  ■  2014 Semiannual Report 79

Notes to financial statements (unaudited)

Note 2—valuation of investments

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

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

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

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

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

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

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

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

80 2014 Semiannual Report  ■  College Retirement Equities Fund

continued

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

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

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

Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2014, there were no material transfers between levels by the Accounts.

As of June 30, 2014, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

College Retirement Equities Fund  ■  2014 Semiannual Report 81

Notes to financial statements (unaudited)

The following table summarizes the market value of the Accounts’ investments as of June 30, 2014, based on the inputs used to value them (dollar amounts are in thousands):

Account	Level 1			Level 2		Level 3		Total
Stock
Equity investments:
Consumer discretionary	$	12,097,008		$	5,110,676	$	56	$	17,207,740
Consumer staples		6,708,398			3,143,969		4		9,852,371
Energy		9,316,642			3,226,432		3		12,543,077
Financials		14,756,871			9,589,789		332		24,346,992
Health care		12,092,649			3,153,881		595		15,247,125
Industrials		10,534,467			4,982,089		2,105		15,518,661
Information technology		16,661,692			2,995,326		632		19,657,650
Materials		3,468,282			3,273,878		1,078		6,743,238
Telecommunication services		2,012,562			1,587,050		494		3,600,106
Utilities		2,546,610			1,252,800		—		3,799,410
Corporate bonds		—			20		503		523
Government bonds		—			289		—		289
Purchased options**		11			—		—		11
Written options**		(11	)		—		—		(11	)
Short-term investments		—			5,628,873		—		5,628,873
Total	$	90,195,181		$	43,945,072	$	5,802	$	134,146,055
Global Equities
Equity investments:
Asia	$	—		$	1,718,627	$	—	$	1,718,627
Australasia		—			419,104		—		419,104
Europe		125,790			3,889,669		—		4,015,459
North America		10,542,555			796,711		—		11,339,266
All other equity investments*		131,773			1,801,011		—		1,932,784
Short-term investments		—			621,602		—		621,602
Futures**		494			—		—		494
Total	$	10,800,612		$	9,246,724	$	—	$	20,047,336
Growth
Equity investments:
Consumer discretionary	$	3,821,892		$	232,407	$	—	$	4,054,299
Consumer staples		1,296,116			20,978		—		1,317,094
Energy		1,028,501			—		—		1,028,501
Financials		1,384,898			12,052		—		1,396,950
Health care		2,749,869			112,944		—		2,862,813
Industrials		2,290,492			35,161		—		2,325,653
Information technology		5,755,087			47,658		—		5,802,745
Materials		873,589			7,250		—		880,839
Telecommunication services		195,940			84,621		—		280,561
All other equity investments*		9,379			—		—		9,379
Short-term investments		352,010			160,432		—		512,442
Futures**		635			—		—		635
Total	$	19,758,408		$	713,503	$	—	$	20,471,911

82 2014 Semiannual Report  ■  College Retirement Equities Fund

continued

Account	Level 1		Level 2		Level 3		Total
Equity Index
Equity investments:
Health care	$	2,159,243	$	—	$	16	$	2,159,259
Telecommunication services		361,689		—		118		361,807
All other equity investments*		14,084,994		—		—		14,084,994
Short-term investments		537,480		14,693		—		552,173
Futures**		131		—		—		131
Total	$	17,143,537	$	14,693	$	134	$	17,158,364
Bond Market
Bank loan obligations	$	—	$	41,850	$	—	$	41,850
Corporate bonds		—		4,420,654		—		4,420,654
Government bonds		—		6,644,674		—		6,644,674
Structured assets		—		1,936,916		3,671		1,940,587
Preferred stocks		20,939		—		—		20,939
Short-term investments		—		2,305,787		—		2,305,787
Total	$	20,939	$	15,349,881	$	3,671	$	15,374,491
Social Choice
Equity investments:
Consumer discretionary	$	884,537	$	188,003	$	—	$	1,072,540
Consumer staples		507,210		170,005		—		677,215
Energy		673,576		159,240		—		832,816
Financials		1,395,512		488,303		—		1,883,815
Health care		820,914		174,279		—		995,193
Industrials		672,823		230,307		—		903,130
Information technology		1,156,009		60,918		—		1,216,927
Materials		312,916		169,143		—		482,059
Telecommunication services		129,816		79,880		—		209,696
Utilities		237,288		67,183		—		304,471
Bank loan obligations		—		30,460		—		30,460
Corporate bonds		—		1,930,627		—		1,930,627
Government bonds		—		3,278,422		—		3,278,422
Structured assets		—		268,340		—		268,340
Short-term investments		—		1,259,148		—		1,259,148
Total	$	6,790,601	$	8,554,258	$	—	$	15,344,859

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	Derivative instruments, excluding purchased options, are not reflected in the Summary portfolio of investments.

Note 3—derivative instruments

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

College Retirement Equities Fund  ■  2014 Semiannual Report 83

Notes to financial statements (unaudited)

At June 30, 2014, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities (dollar amounts are in thousands):

		Asset derivatives				Liabilities derivatives
Derivative contracts		Location	Fair value amount			Location	Fair value amount
Stock Account
Equity contracts	Portfolio investments		$	11
Equity contracts					Written options		$	11
Global Equities Account
Equity contracts		Futures*		494
Growth Account
Equity contracts		Futures*		635
Equity Index Account
Equity contracts		Futures*		131

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

For the period ended June 30, 2014, the effect of derivative contracts on the Accounts Statements of Operations was as follows (dollar amounts are in thousands):

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Stock Account
Equity contracts	Purchased options	$	(52	)	$	(1	)
Equity contracts	Written options		124			1
Global Equities Account
Equity contracts	Futures transactions		7,531			(2,831	)
Growth Account
Equity contracts	Futures transactions		8,729			(3,522	)
Equity Index Account
Equity contracts	Futures transactions		(535	)		(177	)
Bond Market Account
Credit contracts	Swap transactions		(595	)		472

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting

84 2014 Semiannual Report  ■  College Retirement Equities Fund

continued

changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the period ended June 30, 2014, the Global Equities Account, the Growth Account, and the Equity Index Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 2014, the Accounts held the following open futures contracts (dollar amounts are in thousands):

Account	Futures	Number of contracts	Settlement value		Expiration date	Unrealized gain (loss		)
Global Equities	S&P 500 Index E-mini	737	$	71,946	September 2014	$	494
Growth	S&P 500 Index E-mini	800		78,096	September 2014		635
Equity Index	S&P 500 Index E-mini	102		9,957	September 2014		80
	S&P Mid-Cap 400 Index E-mini	8		1,144	September 2014		22
	Russell 2000 Mini index	10		1,190	September 2014		29
Total		120	$	12,291		$	131

Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2014, the Stock Account had exposure to options, based on underlying nominal values, generally between 0% and 1% of net assets.

College Retirement Equities Fund  ■  2014 Semiannual Report 85

Notes to financial statements (unaudited)

Purchased options outstanding as of June 30, 2014 were as follows (dollar amounts are in thousands):

	Number of contracts		Value
Stock Account
First Solar, Inc, Call, 7/19/14 at $72.5		4	$	1
Micron Technology, Inc, Call, 10/18/14 at $35		30		5
Walgreen Co, Call, 8/16/14 at $80		40		5
		74	$	11

Written options outstanding as of June 30, 2014 were as follows (dollar amounts are in thousands):

	Number of contracts		Value
Stock Account
First Solar, Inc, Call, 7/19/14 at $75		4	$	(1	)
First Solar, Inc, Call, 7/19/14 at $80		4		—
Micron Technology, Inc, Call, 10/18/14 at $38		30		(3	)
Micron Technology, Inc, Call, 10/18/14 at $39		30		(2	)
Walgreen Co, Call, 8/16/14 at $82.5		40		(3	)
Walgreen Co, Call, 8/16/14 at $85		40		(2	)
		148	$	(11	)

Transactions in written options and related premiums received during the period ended June 30, 2014 were as follows (dollar amounts are in thousands):

	Number of contracts			Premiums
Stock Account
Outstanding at beginning of period		—		$	—
Written		7,223			310
Purchased		(1,240	)		(89	)
Exercised		(2,097	)		(63	)
Expired		(3,738	)		(146	)
Outstanding at end of period		148		$	12

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

86 2014 Semiannual Report  ■  College Retirement Equities Fund

continued

cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Account.

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

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

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

The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Account and/or to facilitate the implementation of portfolio strategies to seek to increase the total return.

There were no open credit default swap contracts outstanding as of June 30, 2014.

Note 4—investment adviser and affiliates

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

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

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

College Retirement Equities Fund  ■  2014 Semiannual Report 87

Notes to financial statements (unaudited) continued

For the period ended June 30, 2014, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account totaling $16,667,000. 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. As of June 30, 2014, the cumulative amount of expenses waived subject to recovery is $96,945,000. The amounts waived and reimbursed are disclosed on the Statements of Operations.

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

Amounts owed to Account affiliates for payment of Account expenses, payments for units purchased, and receipt for units sold are disclosed as due to/from affiliates on the Statements of Assets and Liabilities. Account expenses owed to affiliates are reflected in the Statements of Operations.

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

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

Issue	Value at December 31, 2013		Purchase cost		Sales proceeds		Realized gain (loss)		Dividend income		Shares at June 30, 2014		Value at June 30, 2014
Stock Account
Berry Plastics Group Inc	$	*	$	68,133	$	909	$	85	$	—		6,834,162	$	176,321
Hibernia REIT Plc		31,243		—		—		—		—		19,838,166		30,152
Papa Murphy’s Holdings Inc		*		10,173		—		—		—		1,013,580		9,710
	$	31,243	$	78,306	$	909	$	85	$	—			$	216,183
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	338,936	$	341,109	$	328,035	$	—	$	—		352,010,000	$	352,010
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	536,110	$	111,900	$	110,530	$	—	$	—		537,480,000	$	537,480

* Not an affiliate investment as of December 31, 2013

88 2014 Semiannual Report  ■  College Retirement Equities Fund College Retirement Equities Fund  ■  2014 Semiannual Report 89

Notes to financial statements (unaudited)

Note 5—investments

Securities lending: Certain Accounts may lend their securities to qualified institutional borrowers to earn additional income. An Account receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“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 Account consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the 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 investment of collateral and the risk the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

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

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

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continued

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

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

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

Net unrealized appreciation (depreciation): At June 30, 2014, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows (dollar amounts are in thousands):

Account	Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock	$	23,566,283	$	(1,775,718	)	$	21,790,565
Global Equities		3,714,820		(242,008	)		3,472,812
Growth		4,759,724		(96,251	)		4,663,473
Equity Index		7,814,300		(455,364	)		7,358,936
Bond Market		325,167		(71,997	)		253,170
Inflation-Linked Bond		621,942		(78,509	)		543,433
Social Choice		3,360,194		(132,845	)		3,227,349

College Retirement Equities Fund  ■  2014 Semiannual Report 91

Notes to financial statements (unaudited)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the period ended June 30, 2014 were as follows (dollar amounts are in thousands):

			Stock Account		Global Equities Account		Growth Account
Purchases:
Non-Government			$	37,575,496	$	5,127,653	$	5,812,889
Government				—		—		—
Total Purchases			$	37,575,496	$	5,127,653	$	5,812,889
Sales:
Non-Government			$	40,625,404	$	5,182,253	$	6,051,875
Government				—		—		—
Total Sales			$	40,625,404	$	5,182,253	$	6,051,875
	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-Government	$	473,631	$	2,460,941	$	—	$	1,839,431
Government		—		17,682,118		396,735		7,309,224
Total Purchases	$	473,631	$	20,143,059	$	396,735	$	9,148,655
Sales:
Non-Government	$	598,977	$	2,216,624	$	—	$	1,507,611
Government		—		17,912,483		538,172		7,236,110
Total Sales	$	598,977	$	20,129,107	$	538,172	$	8,743,721

Note 6—line of credit

Each of the Accounts, except the Money Market Account, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. This facility expired June 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or funds at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2014, there were no borrowings under this credit facility by the Accounts.

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concluded

Note 7—indemnification

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

College Retirement Equities Fund  ■  2014 Semiannual Report 93

Board renewal of the investment management agreement(unaudited)

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

Most investment companies that are registered under the Investment Company Act of 1940 (the “1940 Act”) enter into investment management agreements that are subject to Section 15(c) of the 1940 Act. This provision provides, in part, that, after an initial period of up to two years, the investment management agreement will remain in effect only if a fund’s board, including a majority of those trustees who have no direct or indirect interest in the agreement, and who are not “interested persons” of the fund, as that term is defined in the 1940 Act, annually renews the agreement. CREF’s Agreement with TCIM is not subject to this requirement due to its unique “at-cost” structure under which TCIM provides services to CREF on an at-cost basis. Nevertheless, the Board determined that it would conduct an annual review of the Agreement, as described below, in a manner generally consistent with relevant 1940 Act requirements.

Overview of the renewal process

The Board held meetings on March 14, 2014 and March 27, 2014, at which it considered the annual renewal of the Agreement with respect to each Account using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TCIM, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also had worked with TCIM to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2013 renewal process. During a series of meetings held prior to the March 14 and March 27, 2014 Board meetings, the Operations Committee, along with other Board Committees, as applicable, had reviewed such guidelines and follow-up requests in consultation with TCIM representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TCIM and the CREF, and then evaluated the information produced in accordance with those guidelines and requests.

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

94 2014 Semiannual Report  ■  College Retirement Equities Fund

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

In advance of the Board meetings held on March 14 and March 27, 2014, legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Account that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Account’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TCIM or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts aside from TCIM’s direct fee payments pursuant to the Agreement; (5) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with rendering services to the Accounts; (6) a copy of the Agreement and certain related service agreements between the Accounts and affiliates of TCIM; (7) a copy of TCIM’s Form ADV registration statement as filed with the Securities and Exchange Commission

College Retirement Equities Fund  ■  2014 Semiannual Report 95

Board renewal of the investment management agreement (unaudited)

(which was presented only to legal counsel for the Trustees); and (8) proposed narrative explanations of reasons why the Board should renew the Agreement.

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

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

While the Board considered the Agreement with respect to all Accounts, the Board received and considered Account-specific information and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 27, 2014, the Board voted unanimously to renew the Agreement for each Account. Set forth below are certain general factors the Board considered for all of the Accounts, followed by a summary of certain specific factors the Board considered for each particular Account.

The nature, extent and quality of services

The Board considered that TCIM is an experienced investment adviser that has managed the Accounts for many years. Investment professionals at TCIM or its affiliates also manage the TIAA-CREF Funds, the TIAA-CREF Life Funds and TIAA Separate Account VA-1. Under the Agreement, TCIM is responsible for, among other duties: managing the assets of the Accounts, including conducting research, recommending investments and placing orders to buy and sell securities for the

96 2014 Semiannual Report  ■  College Retirement Equities Fund

continued

Accounts’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Accounts to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Accounts. The Board considered that TCIM has carried out these responsibilities in a competent and professional manner.

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

Investment performance

The Board considered the investment performance of each Account, over the periods indicated in the Account-by-Account synopsis below. The Board considered each Account’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Account before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, securities lending and class action litigation on each Account’s performance as compared to the performance of its benchmark index. In this regard, the Board considered that the performance of most Accounts generally compared favorably to their respective benchmarks (after considering the effect of expenses incurred to operate the Accounts and certain other relevant factors) and the Accounts generally ranked in the top three performance quintiles versus their peer groups and universes of mutual funds. (For additional detail regarding each Account’s performance, see the Account-by-Account synopsis below.) The Board considered that, in those cases in which an Account had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TCIM had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Account’s investment performance, or TCIM had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was within an acceptable range or that appropriate actions had been or were being implemented.

Cost and expenses

The Board considered the amounts charged by TCIM to each Account based upon the cost allocation methodology utilized by TCIM and its affiliates during 2013, as well as the new methodology to be utilized in 2014. This included investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a

College Retirement Equities Fund  ■  2014 Semiannual Report 97

Board renewal of the investment management agreement (unaudited)

reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. The Board noted that, because TCIM provides its services on an at cost basis under the arrangement outlined in the Agreement, there was no profit or loss data for the Board to consider.

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

Fees charged by other advisers

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

Economies of scale

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

Fee comparison with other TCIM clients

The Board considered that CREF is the only client of TCIM and, thus, TCIM has no comparable client accounts. The Board also considered information regarding portfolios managed by Teachers Advisors, Inc. (“TAI”), TCIM’s affiliate, which

98 2014 Semiannual Report  ■  College Retirement Equities Fund

continued

provides similar investment management services to other affiliated investment companies. In addition, TAI manages institutional client assets through a small number of unregistered commingled funds and separate accounts with similar investment strategies and investment staff as certain of the Accounts. The Board considered that TAI is a for-profit company and, as a result, it generally renders management services to investment companies and other accounts with similar investment objectives and strategies at higher fee rates than the advisory costs charged by TCIM to CREF. The Board considered the schedule of management fee rates for each of these funds and accounts, and the management fee rates actually charged to clients with current separate accounts that are managed under similar investment strategies. The Board also considered that: TCIM and its affiliates render somewhat different services to CREF as compared to services rendered by TAI and its affiliates regarding the portfolios that TAI manages; and some of these other funds and accounts are offered through products that charge additional fees to their investors, are offered in different types of markets, are provided with different types or levels of services by TAI, target different types of investors, and/or are packaged with other products. The Board concluded that these factors, among others, justify different management fee rate schedules.

Other benefits

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

Account-by-Account factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All time periods referenced below are ended December 31, 2013. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The term “gross performance” as utilized below means an Account’s performance without any reductions for fees or expenses. For reference, one basis point is equal to 0.01%.

College Retirement Equities Fund  ■  2014 Semiannual Report 99

Board renewal of the investment management agreement (unaudited)

CREF Stock Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.115% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).

• The Account ranked 1st out of 3 within the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for each of the one-, three- and five-year periods. The Account ranked 2nd out of 2 within its Performance Group for the ten-year period. The Account was in the 2nd quintile of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for each of the one-, three- and five-year periods and in the 3rd quintile of its Performance Universe for the ten-year period.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF Global Equities Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.125% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 1st quintile of its Expense Group and Expense Universe.

• The Account ranked 1st out of 3 within its Performance Group for each of the one- and three-year periods. The Account ranked 2nd out of 3 within its Performance Group for the five-year period and 2nd out of 2 within its Performance Group for the ten-year period. The Account was in the 3rd quintile of its Performance Universe for each of the one-, three- and five-year periods and in the 5th quintile of its Performance Universe for each of the ten-year period.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF Growth Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.075% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 1st quintile of its Expense Group and Expense Universe.

• The Account was in the 2nd quintile of its Performance Group for each of the one-, three-, five- and ten-year periods. The Account was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Account received an Overall Morningstar Rating of 4 stars.

100 2014 Semiannual Report  ■  College Retirement Equities Fund

continued

CREF Equity Index Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.040% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 1st and 2nd quintiles of its Expense Group, respectively, and each are in the 1st quintile of the Account’s Expense Universe.

• The Account ranked 2nd out of 3 within its Performance Group for each of the one- and three-year periods. The Account ranked 1st out of 3 within its Performance Group for the five-year period and 1st out of 2 within its Performance Group for the ten-year period. The Account was in the 2nd, 1st, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten year periods, respectively.

• For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the Russell 3000^® Index, was 0 and +5 basis points, respectively.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF Social Choice Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.065% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 1st quintile of its Expense Group and Expense Universe.

• The Account was in the 4th, 4th, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 2nd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF Inflation-Linked Bond Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.065% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 1st quintile of its Expense Group and Expense Universe.

• The Account was in the 3rd, 4th, and 4th quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Account ranked 2nd out of 3 within its Performance Group for the ten-year period. The Account was in the 4th, 4th, 5th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Account received an Overall Morningstar Rating of 3 stars.

College Retirement Equities Fund  ■  2014 Semiannual Report 101

Board renewal of the investment management agreement (unaudited) concluded

CREF Bond Market Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.110% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 1st quintile of its Expense Group and Expense Universe.

• The Account was in the 3rd, 4th, 5th and 4th quintiles of its Performance Group for the one, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 3rd, 5th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF Money Market Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.055% of average daily net assets for 2014.

• The Account’s pro forma management costs and total costs are in the 2nd and 1st quintiles of its Expense Group, respectively, and each are in the 1st quintile of its Expense Universe.

• The Account was in the 4th, 5th, 5th and 3rd quintiles of its Performance Group for the one, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 3rd, 4th and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• In order to avoid a negative yield, CREF’s administrator, Teachers Insurance and Annuity Association of America (“TIAA”), has agreed to withhold administrative and distribution expenses attributable to the Account. Through December 31, 2013, these waived amounts exceeded $115 million. Under certain circumstances, these withheld amounts contractually may be recouped by TIAA if the Account’s yield becomes positive.

• Money market funds are not rated by Morningstar.

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

102 2014 Semiannual Report  ■  College Retirement Equities Fund

Additional information about index providers (unaudited)

Russell Indexes

The Russell 1000^® Index, the Russell 1000 Growth Index and the Russell 3000^® Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The accounts are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the accounts nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

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

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

MSCI Indexes

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

College Retirement Equities Fund  ■  2014 Semiannual Report 103

Additional information about index providers (unaudited) concluded

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

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

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

104 2014 Semiannual Report  ■  College Retirement Equities Fund

How to reach us

TIAA-CREF website

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800 842-2252

24 hours a day, 7 days a week

National contact center

Retirement saving and planning, income options and payments, beneficiary services and tax reporting

800 842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. (ET), Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 8 p.m. (ET), Monday–Friday

For the hearing- or
speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

TIAA-CREF brokerage services

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. (ET), Monday–Friday

TIAA-CREF Trust Company, FSB

Asset management, trust administration, estate planning, planned giving and endowment management

888 842-9001

9 a.m. to 6 p.m. (ET), Monday–Friday

Advisor services

888 842-0318

8 a.m. to 7:30 p.m. (ET), Monday–Friday

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

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

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

	730 Third Avenue New York, NY 10017-3206
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C17711 A10939 (8/14)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audited Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2014

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BONDS - 0.0%
CORPORATE BONDS - 0.0%
CAPITAL GOODS - 0.0%
$	31,135	j,m	PDG Realty S.A. Empreendimentos e Participacoes		0.000	%	09/19/16	$	0	^
			TOTAL CAPITAL GOODS						0	^
DIVERSIFIED FINANCIALS - 0.0%
	466,000	m	Asia Pacific Investment Partners		8.000		04/29/16		466
			TOTAL DIVERSIFIED FINANCIALS						466
FOOD, BEVERAGE & TOBACCO - 0.0%
	800	m	Marfrig Global Foods S.A.		1.000		07/15/15		37
			TOTAL FOOD, BEVERAGE & TOBACCO						37
REAL ESTATE - 0.0%
	22,147		Kiwi Income Property Trust		8.950		12/20/14		20
			TOTAL REAL ESTATE						20
			TOTAL CORPORATE BONDS						523
			(Cost $536)
GOVERNMENT BONDS -  0.0%
U.S. TREASURY SECURITIES - 0.0%
	300,000		United States Treasury Note		1.750		05/15/22		289
			TOTAL U.S. TREASURY SECURITIES						289
			TOTAL GOVERNMENT BONDS						289
			(Cost $303)
			TOTAL BONDS						812
			(Cost $839)
SHARES			COMPANY
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 2.3%
	104,085		Actron Technology Corp						450
	67,100		Aisan Industry Co Ltd						598
	696,755		Aisin Seiki Co Ltd						27,735
	573,400	e	Akebono Brake Industry Co Ltd						2,890
	571,403	*	American Axle & Manufacturing Holdings, Inc						10,794
	153,886	*	Amtek Auto Ltd						629

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	158,686	*	Amtek India Ltd	$	260
	437,195		Apollo Tyres Ltd		1,449
	62,397	e	ARB Corp Ltd		720
	18,571		AtlasBX Co Ltd		751
	135,332	e	Autoliv, Inc		14,424
	64,800		Autoliv, Inc (ADR)		6,915
	65,600		Autometal S.A.		564
	10,193		Autoneum Holding AG.		2,043
	128,434		Bajaj Holdings and Investment Ltd		4,949
	271,895		Bayerische Motoren Werke AG.		34,430
	3,587		Bayerische Motoren Werke AG. (Preference)		343
	654,012		Bharat Forge Ltd		6,810
	526,327	e	BorgWarner, Inc		34,311
	108,024		Brembo S.p.A.		3,944
	875,538		Bridgestone Corp		30,664
	3,653,900		Brilliance China Automotive Holdings Ltd		6,859
	581,000	*	Byd Co Ltd		3,340
	608,000		Calsonic Kansei Corp		4,057
	1,899,000	e	Chaowei Power Holdings Ltd		1,066
	2,340,734		Cheng Shin Rubber Industry Co Ltd		5,989
	280,100		China Motor Corp		280
	1,082,662		Chongqing Changan Automobile Co Ltd		2,137
	95,021		Cie Automotive S.A.		1,366
	179,590		Compagnie Plastic-Omnium S.A.		5,633
	284,093		Continental AG.		65,685
	232,446		Cooper Tire & Rubber Co		6,973
	49,686	*	Cooper-Standard Holding, Inc		3,287
	23,000		Cub Elecparts, Inc		307
	45,350		Dae Won Kang Up Co Ltd		286
	28,000		Daido Metal Co Ltd		353
	107,504		Daihatsu Motor Co Ltd		1,913
	1,655,569		Daimler AG. (Registered)		154,654
	631,926		Dana Holding Corp		15,432
	3,336,276		Delphi Automotive plc		229,336
	725,929		Denso Corp		34,678
	347,000		Depo Auto Parts Ind Co Ltd		1,500
	5,760		Dong Ah Tire & Rubber Co Ltd		116
	3,445,300		Dongfeng Motor Group Co Ltd		6,171
	27,672		Dongyang Mechatronics Corp		274
	84,007	*,e	Dorman Products, Inc		4,143
	499,900		Double Coin Holdings Ltd		341
	1,143,600		Drb-Hicom BHD		787
	155,920		Drew Industries, Inc		7,798
	27,000		Eagle Industry Co Ltd		483
	37,221		ElringKlinger AG.		1,534
	44,182		Exedy Corp		1,315
	486,347		Faurecia		18,352
	47,100		FCC Co Ltd		886
	739,945		Federal Corp		523
	106,340	*	Federal Mogul Corp (Class A)		2,151
	1,412,776	*	Fiat S.p.A.		13,929
	4,248,969		Ford Motor Co		73,252

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	62,383	*	Ford Otomotiv Sanayi AS	$	778
	34,123	*	Fox Factory Holding Corp		600
	52,993	*,e	Fuel Systems Solutions, Inc		590
	877,753		Fuji Heavy Industries Ltd		24,339
	168,397	*	Futaba Industrial Co Ltd		770
	6,073,900	e	Geely Automobile Holdings Ltd		2,139
	4,230,271	*,e,m	General Motors Co		0	^
	9,692,171		General Motors Co		351,826
	26,439,191	*,m	General Motors Co		0	^
	7,950,000	*,m	General Motors Co		0	^
	6,062,000	*,m	General Motors Co		0	^
	35,983,677	*,m	General Motors Co		0	^
	722,689	*,e,m	General Motors Co		0	^
	24,057,000	*,m	General Motors Co		0	^
	85,268,000	*,e,m	General Motors Co		0	^
	18,507,434	*,m	General Motors Co		0	^
	40,684,487	*,m	General Motors Co		0	^
	726,108		Gentex Corp		21,123
	107,697	*	Gentherm, Inc		4,787
	3,926,724		GKN plc		24,377
	9,064		Global & Yuasa Battery Co Ltd		424
	31,267		Goodyear Lastikleri Turk AS.		981
	1,489,981		Goodyear Tire & Rubber Co		41,392
	35,944		Grammer AG.		2,012
	1,285,300		Great Wall Motor Co Ltd		4,780
	18,000	e	G-Tekt Corp		236
	2,515,066		Guangzhou Automobile Group Co Ltd		2,914
	128,995		Halla Climate Control Corp		5,842
	60,230	m	Hanil E-Wha Co Ltd		1,259
	76,422		Hankook Tire Co Ltd		4,559
	450,080		Harley-Davidson, Inc		31,438
	104,621		Hero Honda Motors Ltd		4,585
	1,440,197		Honda Motor Co Ltd		50,255
	1,845,140		Hota Industrial Manufacturing Co Ltd		3,278
	79,199		Hu Lane Associate, Inc		310
	21,260		Hwa Shin Co Ltd		261
	93,257		Hyundai Mobis		26,191
	324,483		Hyundai Motor Co		73,567
	44,763		Hyundai Motor Co Ltd (2nd Preference)		7,080
	28,438		Hyundai Motor Co Ltd (Preference)		4,259
	15,650		Hyundai Wia Corp		3,032
	250,133	*,e	IMMSI S.p.A.		229
	806,792		Isuzu Motors Ltd		5,343
	1,557,581		Johnson Controls, Inc		77,770
	201,896		Kayaba Industry Co Ltd		951
	352,503		Keihin Corp		5,605
	974,128		Kenda Rubber Industrial Co Ltd		2,088
	809,972		Kia Motors Corp		45,314
	66,000		Kinugawa Rubber Industrial Co Ltd		337
	86,289		Koito Manufacturing Co Ltd		2,211
	427,296	*	Kongsberg Automotive ASA		494
	119,668	*	Kumho Tire Co, Inc		1,384

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	670,698		Lear Corp	$	59,907
	36,604		Leoni AG.		2,909
	97,130		Linamar Corp		5,730
	33,000		Macauto Industrial Co Ltd		161
	485,230		Magna International, Inc (Class A)		52,231
	217,234		Magna International, Inc (Class A) (NY)		23,407
	416,094		Mahindra & Mahindra Ltd		7,950
	132,900		Mahle-Metal Leve S.A. Industria e Comercio		1,383
	29,363		Mando Corp		3,685
	104,582	e	Martinrea International, Inc		1,243
	14,914,142	*	Mazda Motor Corp		69,991
	158,792	e	Metair Investments Ltd		560
	850		MGI Coutier		170
	381,948		Michelin (C.G.D.E.) (Class B)		45,606
	1,214,000	e	Minth Group Ltd		2,358
	36,400	*	Mitsuba Corp		578
	362,096		Mitsubishi Motors Corp		4,001
	167,982	*	Modine Manufacturing Co		2,644
	8,662	e	Montupet		738
	576,005		Motherson Sumi Systems Ltd		3,107
	21,240		Motonic Corp		280
	44,937	*	Motorcar Parts of America, Inc		1,094
	3,429		MRF Ltd		1,347
	26,000		Musashi Seimitsu Industry Co Ltd		652
	255,948	*	Nan Kang Rubber Tire Co Ltd		299
	1,317		Nexen Corp		112
	41,427		Nexen Tire Corp		633
	468,000		Nexteer Automotive Group Ltd		326
	207,724		NGK Spark Plug Co Ltd		5,865
	164,554		NHK Spring Co Ltd		1,544
	108,351		Nifco, Inc		3,616
	46,000		Nippon Seiki Co Ltd		889
	4,115,304		Nissan Motor Co Ltd		38,970
	89,241		Nissan Shatai Co Ltd		1,513
	80,700		Nissin Kogyo Co Ltd		1,602
	132,035		NOK Corp		2,655
	12,062		Nokian Renkaat Oyj		470
	52,800	*	Norstar Founders Group Ltd		3
	13,594		Otokar Otobus Karoseri Sanayi AS		374
	84,100		Pacific Industrial Co Ltd		687
	348,622	*	Peugeot S.A.		5,158
	180,127	*,e	Piaggio & C S.p.A.		641
	8,800		Piolax Inc		339
	46,291		Pirelli & C S.p.A.		742
	38,786		Porsche AG.		4,033
	135,000		Press Kogyo Co Ltd		517
	32,291,900		PT Astra International Tbk		19,826
	2,517,800		PT Gajah Tunggal Tbk		389
	526,200		PT Selamat Sempurna Tbk		198
	22,843		Pyeong Hwa Automotive Co Ltd		498
	9,366,000		Qingling Motors Co Ltd		2,659
	53,887		Remy International, Inc		1,258

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,162,717		Renault S.A.	$	105,103
	119,000		Riken Corp		550
	30,050		S&T Daewoo Co Ltd		951
	119,053		SAF-Holland S.A.		1,874
	180,000	*	Sanden Corp		1,000
	777,920		Sanyang Industry Co Ltd		816
	31,687		Sejong Industrial Co Ltd		532
	26,918	*	Shiloh Industries, Inc		497
	111,000		Showa Corp		1,352
	46,294		SL Corp		1,029
	177,336	*,e	Sogefi S.p.A.		963
	978,725		Somboon Advance Technology PCL		543
	141,221		Spartan Motors, Inc		641
	1,939,500		Sri Trang Agro-Industry PCL (Foreign)		849
	53,107	*	Ssangyong Motor Co		459
	86,718		Standard Motor Products, Inc		3,874
	235,453		Stanley Electric Co Ltd		6,143
	155,030	*	Stoneridge, Inc		1,662
	10,475		Strattec Security Corp		676
	607,621		Sumitomo Rubber Industries, Inc		8,782
	41,790		Sungwoo Hitech Co Ltd		576
	109,127		Superior Industries International, Inc		2,250
	196,219		Suzuki Motor Corp		6,156
	2,143,653		T RAD Co Ltd		5,868
	24,000		Tachi-S Co Ltd		415
	19,400		Taiho Kogyo Co Ltd		209
	42,300		Takata Corp		910
	247,400		TAN Chong Motor Holdings BHD		391
	1,942,312		Tata Motors Ltd		13,979
	22,200		Teikoku Piston Ring Co Ltd		552
	414,738	*	Tenneco, Inc		27,248
	180,289	*,e,z	Tesla Motors, Inc		43,280
	151,400		Thai Stanley Electric PCL (ADR)		1,064
	42,490		Thor Industries, Inc		2,416
	2,116,000		Tianneng Power International Ltd		798
	357,457		Tofas Turk Otomobil Fabrik		2,219
	213,163		Tokai Rika Co Ltd		4,282
	94,100		Tokai Rubber Industries, Inc		1,067
	617,699		Tong Yang Industry Co Ltd		841
	42,500		Topre Corp		578
	147,116	*	Tower International, Inc		5,420
	161,000		Toyo Tire & Rubber Co Ltd		2,741
	107,277		Toyoda Gosei Co Ltd		2,230
	112,600	e	Toyota Boshoku Corp		1,192
	184,721		Toyota Industries Corp		9,545
	6,329,637		Toyota Motor Corp		378,972
	245,216	*	TRW Automotive Holdings Corp		21,952
	81,700		TS Tech Co Ltd		2,380
	97,265		Tube Investments Of India		475
	110,089		Tung Thih Electronic Co Ltd		444
	420,462		TVS Motor Co Ltd		1,137
	472,882		UMW Holdings BHD		1,609

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	50,200		Unipres Corp	$	1,207
	319,383		Valeo S.A.		42,853
	113,233	*	Visteon Corp		10,985
	175,799		Volkswagen AG.		45,340
	12,441		Volkswagen AG. (Preference)		3,259
	124,257	*	Winnebago Industries, Inc		3,129
	2,228,400	*	Xinchen China Power Holdings Ltd		1,440
	2,160,000		Xingda International Holdings Ltd		870
	2,158,785	e	Xinyi Glass Holdings Co Ltd		1,267
	300,810		Yamaha Motor Co Ltd		5,180
	140,000		Yokohama Rubber Co Ltd		1,212
	247,300		Yorozu Corp		4,912
	719,558		Yulon Motor Co Ltd		1,171
			TOTAL AUTOMOBILES & COMPONENTS		2,896,434
BANKS - 7.4%
	56,882		1st Source Corp		1,742
	119,638		1st United Bancorp, Inc		1,031
	1,189,030		77 Bank Ltd		6,272
	162,776		Aareal Bank AG.		7,488
	1,173,421	*	Abu Dhabi Commercial Bank PJSC		2,256
	63,475,000		Agricultural Bank of China		28,016
	8,600		Aichi Bank Ltd		450
	674,941	*	Ajman Bank PJSC		458
	2,125,188		Akbank TAS		7,816
	138,220	*	Al Khalij Commercial Bank		746
	443,038		Albaraka Turk Katilim Bankasi AS		372
	64,818	*	Alior Bank S.A.		1,771
	336,131		Allahabad Bank		811
	1,003,400		Alliance Financial Group BHD		1,475
	6,197,922	*	Alpha Bank S.A.		5,763
	315,270	*,m	Amagerbanken AS		0	^
	32,089		American National Bankshares, Inc		697
	93,892	*	Ameris Bancorp		2,024
	34,993	e	Ames National Corp		810
	1,705,705		AMMB Holdings BHD		3,783
	206,026		Andhra Bank		353
	13,413,576		Aozora Bank Ltd		44,101
	121,099		Apollo Residential Mortgage		2,025
	46,353	e	Arrow Financial Corp		1,202
	385,500	*	Ashikaga Holdings Co Ltd		1,647
	100,274		Associated Banc-Corp		1,813
	325,235		Astoria Financial Corp		4,374
	514,415	*	Asya Katilim Bankasi AS		374
	3,056,008		Australia & New Zealand Banking Group Ltd		96,095
	232,721		Awa Bank Ltd		1,324
	101,596	e	Banc of California, Inc		1,107
	1,140,734	*,e	Banca Carige S.p.A.		256
	11,437,074		Banca Intesa S.p.A.		35,287
	643,554		Banca Intesa S.p.A. RSP		1,709
	457,714	*,e	Banca Monte dei Paschi di Siena S.p.A		887
	414,882	*,e	Banca Popolare dell’Emilia Romagna Scrl		3,743

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,000,438	*	Banca Popolare di Milano	$	4,477
	615,047		Banca Popolare di Sondrio SCARL		3,018
	30,519		Bancfirst Corp		1,889
	865,737		Banche Popolari Unite Scpa		7,481
	183,494		Banco ABC Brasil S.A.		1,129
	2,384,663		Banco Bilbao Vizcaya Argentaria S.A.		30,394
	408,167	*	Banco BPI S.A.		855
	754,960	*	Banco Bradesco S.A.		11,016
	3,138,486	*	Banco Bradesco S.A. (Preference)		45,525
	16,540,232	*,e	Banco Comercial Portugues S.A.		4,323
	105,132		Banco Davivienda S.A.		1,698
	58,500		Banco Daycoval S.A.		248
	54,120,373		Banco de Chile		7,219
	61,767		Banco de Credito e Inversiones		3,573
	4,050,942		Banco de Oro Universal Bank		8,674
	1,304,474		Banco de Sabadell S.A.		4,452
	1,550,822		Banco do Brasil S.A.		17,442
	181,181		Banco do Estado do Rio Grande do Sul		882
	48,653,115	*	Banco Espirito Santo S.A.		40,029
	58,300	*	Banco Industrial e Comercial S.A.		199
	5,371,592		Banco Itau Holding Financeira S.A.		77,723
	110,511		Banco Latinoamericano de Exportaciones S.A. (Class E)		3,279
	114,800	*	Banco Panamericano S.A.		179
	57,907		Banco Pine S.A.		197
	554,437	*	Banco Popolare SC		9,120
	685,550		Banco Popular Espanol S.A.		4,580
	2,602,944		Banco Santander Brasil S.A.		17,812
	5,403,187		Banco Santander Central Hispano S.A.		56,459
	75,431,084		Banco Santander Chile S.A.		4,977
	119,708		BanColombia S.A.		1,692
	626,802		BanColombia S.A. (Preference)		9,181
	355,583		Bancorpsouth, Inc		8,737
	95,000		Bangkok Bank PCL		565
	655,700		Bangkok Bank PCL (ADR)		3,900
	1,104,400		Bangkok Bank PCL (Foreign)		6,584
	15,306,801	*	BANIF-Banco Internacional do Funchal S.A.		201
	64,420		Bank Handlowy w Warszawie S.A.		2,539
	1,314,931		Bank Hapoalim Ltd		7,595
	713,067	*	Bank Leumi Le-Israel		2,779
	876,235		Bank Millennium S.A.		2,243
	186,236		Bank Mutual Corp		1,080
	43,438,164		Bank of America Corp		667,644
	1,816		Bank of Baroda		26
	133,479,000		Bank of China Ltd		59,760
	383,000	*,e	Bank of Chongqing Co Ltd		253
	21,058,472		Bank of Communications Co Ltd		14,536
	4,349,184	*,m	Bank of Cyprus Public Co Ltd		60
	2,235,552		Bank of East Asia Ltd		9,269
	97,810		Bank of Georgia Holdings plc		3,933
	72,080		Bank of Hawaii Corp		4,230
	4,659		Bank of India		23
	24,014,792	*	Bank of Ireland		8,104

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	31,900		Bank of Iwate Ltd	$	1,571
	794,226		Bank of Kaohsiung		255
	25,167		Bank of Kentucky Financial Corp		876
	402,505		Bank of Kyoto Ltd		3,663
	24,705	e	Bank of Marin Bancorp		1,126
	1,022,906	e	Bank of Montreal (Toronto)		75,329
	202,000		Bank of Nagoya Ltd		804
	1,719,020	e	Bank of Nova Scotia		114,607
	24,000		Bank of Okinawa Ltd		1,038
	362,628		Bank of Queensland Ltd		4,167
	263,541		Bank of Saga Ltd		609
	243,387		Bank of the Ozarks, Inc		8,141
	1,030,118		Bank of the Philippine Islands		2,148
	183,400		Bank of the Ryukyus Ltd		2,630
	2,363,445		Bank of Yokohama Ltd		13,611
	146,098		Bank Pekao S.A.		8,368
	30,678,500		Bank Rakyat Indonesia		26,731
	31,979		Bank Zachodni WBK S.A.		3,887
	80,829		BankFinancial Corp		902
	678,269	*	Bankia S.A.		1,315
	988,701		Bankinter S.A.		7,737
	205,227		BankUnited		6,871
	75,151		Banner Corp		2,978
	6,430		Banque Cantonale Vaudoise		3,506
	428,800		Banregio Grupo Financiero SAB de C.V.		2,537
	887,327		Barclays Africa Group Ltd		13,475
	51,326,848		Barclays plc		186,972
	671,465		BB&T Corp		26,476
	297,872		BBCN Bancorp, Inc		4,751
	25,952	*	BBX Capital Corp		467
	313,792		Bendigo Bank Ltd		3,610
	136,054	*	Beneficial Mutual Bancorp, Inc		1,845
	108,239		Berkshire Hills Bancorp, Inc		2,513
	60		BIMB Holdings BHD		0	^
	74,628	e	BNC Bancorp		1,274
	2,226,725		BNP Paribas		151,325
	6,048,037	e	BOC Hong Kong Holdings Ltd		17,522
	44,011	*,e	BofI Holding, Inc		3,233
	25,669		BOK Financial Corp		1,710
	308,712		Boston Private Financial Holdings, Inc		4,149
	27,457		BRE Bank S.A.		4,569
	46,645		Bridge Bancorp, Inc		1,119
	44,275	*,e	Bridge Capital Holdings		1,072
	267,651		Brookline Bancorp, Inc		2,508
	50,026		Bryn Mawr Bank Corp		1,457
	489,581		BS Financial Group, Inc		7,212
	5,846,925		Bumiputra-Commerce Holdings BHD		13,334
	6,295,669		CaixaBank S.A.		38,838
	71,263	*,m	CaixaBank S.A. (Temp)		440
	28,514		Camden National Corp		1,105
	746,192	e	Canadian Imperial Bank of Commerce/Canada		67,902
	100,576	e	Canadian Western Bank		3,760

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,601		Canara Bank	$	28
	91,004	*	Capital Bank Financial Corp		2,149
	45,862	e	Capital City Bank Group, Inc		666
	592,088		Capitol Federal Financial		7,200
	148,467		Cardinal Financial Corp		2,741
	111,632	*,e	Cascade Bancorp		582
	298,819		Cathay General Bancorp		7,638
	132,908		Centerstate Banks of Florida, Inc		1,489
	100,000		Central Bank Of India		129
	72,316		Central Pacific Financial Corp		1,435
	13,173		Century Bancorp, Inc		466
	5,409,559		Chang Hwa Commercial Bank		3,353
	85,666		Charter Financial Corp		951
	110,059		Chemical Financial Corp		3,090
	946,189		Chiba Bank Ltd		6,683
	39,000	*	Chiba Kogyo Bank Ltd		303
	28,850,000		China Citic Bank		17,493
	111,169,791		China Construction Bank		84,072
	15,368,770		China Development Financial Holding Corp		5,055
	3,969,000	*	China Everbright Bank Co Ltd		1,829
	10,567,122	e	China Merchants Bank Co Ltd		20,832
	8,239,920	e	China Minsheng Banking Corp Ltd		7,466
	15,931,485		Chinatrust Financial Holding Co		10,621
	16,562,500	e	Chongqing Rural Commercial Bank		7,651
	26,528		Chugoku Bank Ltd		408
	360,776		CIT Group, Inc		16,509
	9,960,459		Citigroup, Inc		469,138
	49,578		Citizens & Northern Corp		966
	60,298	e	City Holding Co		2,721
	30,071		City National Corp		2,278
	122,542		Clifton Bancorp, Inc		1,553
	55,926		CNB Financial Corp		940
	133,758		CoBiz, Inc		1,441
	200,427		Columbia Banking System, Inc		5,273
	32,913		Comdirect Bank AG.		341
	223,367		Comerica, Inc		11,204
	89,549		Commerce Bancshares, Inc		4,164
	40,728	*	Commercial Bank of Qatar QSC		692
	1,796,166		Commercial International Bank		8,978
	782,888	*	Commerzbank AG.		12,270
	1,325,985		Commonwealth Bank of Australia		101,130
	153,884		Community Bank System, Inc		5,571
	59,214		Community Trust Bancorp, Inc		2,026
	41,528	*,e	CommunityOne Bancorp		403
	52,726	*	ConnectOne Bancorp, Inc		1,014
	12,283	e	ConnectOne Bancorp, Inc (Old)		613
	15,000		Corp Bank		98
	151,135,124		CorpBanca S.A.		1,871
	124,497		Credicorp Ltd (NY)		19,356
	2,509,759		Credit Agricole S.A.		35,435
	93,950		Credito Emiliano S.p.A.		840
	39,800	*,e	CU Bancorp		759

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	63,557		Cullen/Frost Bankers, Inc	$	5,048
	116,156	*	Customers Bancorp, Inc		2,324
	400,031		CVB Financial Corp		6,413
	5,646,074	*,m	Cyprus Popular Bank Public Co		77
	1,086,635		Dah Sing Banking Group Ltd		1,823
	423,264		Dah Sing Financial Holdings Ltd		2,239
	345,000		Daishi Bank Ltd		1,295
	508,471		Danske Bank AS		14,374
	3,334,803		DBS Group Holdings Ltd		44,852
	3,709,345	*	Development Credit Bank Ltd		5,114
	125,597		Dewan Housing Finance Corp Ltd		757
	149,810		DGB Financial Group Co Ltd		2,243
	1,940,892	*	Dhanalakshmi Bank Ltd		1,779
	136,389		Dime Community Bancshares		2,154
	1,683,274		DNB NOR Holding ASA		30,756
	36,935	*	Doha Bank QSC		550
	847	*,e	Doral Financial Corp		4
	583,849	*	Dubai Islamic Bank PJSC		1,025
	6,256,916		E.Sun Financial Holding Co Ltd		4,014
	88,777	*	Eagle Bancorp, Inc		2,996
	959,781		East West Bancorp, Inc		33,583
	410,000	*	EastWest Banking Corp		283
	307,000		Eighteenth Bank Ltd		797
	29,986		Enterprise Bancorp, Inc		619
	73,362		Enterprise Financial Services Corp		1,325
	177,809		Erste Bank der Oesterreichischen Sparkassen AG.		5,749
	49,778	e	ESB Financial Corp		644
	823,151	*	Essent Group Ltd		16,537
	29,883,421	*	Eurobank Ergasias SA		15,079
	438,123	e	EverBank Financial Corp		8,833
	2,523,566		Far Eastern International Bank		930
	38,526		Federal Agricultural Mortgage Corp (Class C)		1,197
	1,800,000		Federal Bank Ltd		4,004
	69,239		Fidelity Southern Corp		899
	3,810,032		Fifth Third Bancorp		81,344
	52,962		Financial Institutions, Inc		1,240
	83,367		First Bancorp (NC)		1,530
	394,386	*,e	First Bancorp (Puerto Rico)		2,145
	38,673		First Bancorp, Inc		675
	295,987		First Busey Corp		1,720
	15,160		First Business Financial Services, Inc		713
	29,722		First Citizens Bancshares, Inc (Class A)		7,282
	369,194		First Commonwealth Financial Corp		3,404
	71,344		First Community Bancshares, Inc		1,022
	62,956		First Connecticut Bancorp		1,010
	38,763	e	First Defiance Financial Corp		1,113
	221,629		First Financial Bancorp		3,814
	223,893	e	First Financial Bankshares, Inc		7,024
	43,033		First Financial Corp		1,385
	7,817,427		First Financial Holding Co Ltd		5,026
	68,799		First Financial Northwest, Inc		748
	1,309,887		First Gulf Bank PJSC		5,674
	103,533		First Horizon National Corp		1,228

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	50,564		First International Bank Of Israel Ltd	$	811
	66,291		First Interstate Bancsystem, Inc		1,802
	132,119		First Merchants Corp		2,793
	284,828		First Midwest Bancorp, Inc		4,851
	13,000	e	First National Financial Corp		270
	66,145	*	First NBC Bank Holding Co		2,217
	154,406		First Niagara Financial Group, Inc		1,350
	32,241		First of Long Island Corp		1,260
	187,311		First Republic Bank		10,300
	620,323		FirstMerit Corp		12,251
	77,685	*	Flagstar Bancorp, Inc		1,406
	129,734		Flushing Financial Corp		2,666
	608,651		FNB Corp		7,803
	48,764		Fox Chase Bancorp, Inc		822
	40,072	*	Franklin Financial Corp		870
	780,540		Fukuoka Financial Group, Inc		3,770
	337,444		Fulton Financial Corp		4,181
	93,840	e	Genworth MI Canada, Inc		3,343
	53,395		German American Bancorp, Inc		1,446
	1,138,126	*	Get Bank S.A.		1,177
	691,438	*	Getin Holding S.A.		711
	284,074		Glacier Bancorp, Inc		8,062
	38,985		Great Southern Bancorp, Inc		1,249
	99,790		Gruh Finance Ltd		334
	1,221,638		Grupo Aval Acciones y Valores		878
	4,147,189		Grupo Financiero Banorte S.A. de C.V.		29,662
	4,606,232		Grupo Financiero Inbursa S.A.		13,662
	3,828,900	e	Grupo Financiero Santander Mexico SAB de C.V.		10,164
	59,639		Guaranty Bancorp		829
	332,218		Gunma Bank Ltd		1,966
	574,116		Hachijuni Bank Ltd		3,555
	139,969	*,e	Hampton Roads Bankshares, Inc		242
	336,335		Hana Financial Group, Inc		12,464
	308,980		Hancock Holding Co		10,913
	1,702,488		Hang Seng Bank Ltd		27,801
	120,507		Hanmi Financial Corp		2,540
	640,564		HDFC Bank Ltd		8,757
	60,018		Heartland Financial USA, Inc		1,484
	84,201		Heritage Commerce Corp		688
	113,958		Heritage Financial Corp		1,834
	78,416	*	Heritage Oaks Bancorp		598
	169,000		Higashi-Nippon Bank Ltd		431
	189,331		Higo Bank Ltd		1,055
	200,809		Hiroshima Bank Ltd		960
	540,000		Hokkoku Bank Ltd		1,856
	507,000		Hokuetsu Bank Ltd		1,056
	117,000	*	Hokuhoku Financial Group, Inc		250
	175,219		Home Bancshares, Inc		5,751
	152,148	e	Home Capital Group, Inc		6,820
	262,426	e	Home Loan Servicing Solutions Ltd		5,965
	47,727		HomeStreet, Inc		877
	81,926	*	HomeTrust Bancshares, Inc		1,292

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	509,940		Hong Leong Bank BHD	$	2,192
	123,112		Hong Leong Credit BHD		619
	35,805		Horizon Bancorp		782
	2,940,036		Housing Development Finance Corp		48,540
	15,631,141		HSBC Holdings plc		158,579
	6,227,596		Hua Nan Financial Holdings Co Ltd		3,900
	223,016		Hudson City Bancorp, Inc		2,192
	61,607		Hudson Valley Holding Corp		1,112
	7,785,019		Huntington Bancshares, Inc		74,269
	308,692		Hyakugo Bank Ltd		1,287
	326,000		Hyakujushi Bank Ltd		1,175
	114,618		IBERIABANK Corp		7,930
	440,679	*	ICICI Bank Ltd		10,395
	21,469	*	ICICI Bank Ltd (ADR)		1,071
	89,320	e	Independent Bank Corp (MA)		3,428
	81,516	*	Independent Bank Corp (MI)		1,049
	38,941	e	Independent Bank Group, Inc		2,168
	47,711		Indian Bank		146
	192,922		IndusInd Bank Ltd		1,835
	141,706,366		Industrial & Commercial Bank of China		89,606
	884,030		Industrial Bank of Korea		11,793
	214,103		ING Vysya Bank Ltd		2,315
	202,928		International Bancshares Corp		5,479
	6,989,255		Investors Bancorp, Inc		77,231
	541,290	*,m	Irish Bank Resolution Corp Ltd		0	^
	1,015,998	*	Israel Discount Bank Ltd		1,720
	38,140		Iyo Bank Ltd		386
	33,860		Jammu & Kashmir Bank Ltd		879
	94,533		JB Financial Group Co Ltd		692
	354,200		Jimoto Holdings Inc		759
	427,485		Joyo Bank Ltd		2,280
	11,141,658		JPMorgan Chase & Co		641,982
	386,555		Juroku Bank Ltd		1,447
	88,928	*	Jyske Bank		5,052
	172,000		Kagoshima Bank Ltd		1,162
	922,535	*	Kansai Urban Banking Corp		1,129
	104,000	*	Kanto Tsukuba Bank Ltd		374
	401,112		Karnataka Bank Ltd		935
	48,913	*	Karur Vysya Bank Ltd		378
	503,500		Kasikornbank PCL		3,165
	474,300		Kasikornbank PCL - NVDR		2,981
	1,766,700		Kasikornbank PCL (Foreign)		11,160
	699,200		KB Financial Group, Inc		24,299
	44,842	*	KBC Groep NV		2,439
	57,931	*	Kearny Financial Corp		877
	742,000		Keiyo Bank Ltd		3,767
	8,138,926		Keycorp		116,631
	553,332		Kiatnakin Bank PCL		750
	1,117,000		King’s Town Bank		1,077
	78,000	*	Kiyo Bank Ltd		1,063
	20,683	*	KJB Financial Group Co Ltd		228
	41,773	*	KNB Financial Group Co Ltd		531

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	49,898		Komercni Banka AS	$	11,476
	465,415		Kotak Mahindra Bank Ltd		6,839
	4,392,500		Krung Thai Bank PCL (Foreign)		2,828
	57,495	*,e	Ladder Capital Corp		1,039
	140,879		Lakeland Bancorp, Inc		1,521
	71,985		Lakeland Financial Corp		2,747
	33,052		Laurentian Bank of Canada		1,544
	5,426,240		LH Financial Group PCL		266
	15,156,059	*,e	Liberbank S.A.		14,500
	788,941		LIC Housing Finance Ltd		4,297
	90,574,476	*	Lloyds TSB Group plc		115,127
	57,936	e	M&T Bank Corp		7,187
	98,601	e	Macatawa Bank Corp		500
	79,437		MainSource Financial Group, Inc		1,370
	8,350,278		Malayan Banking BHD		25,569
	1,300,102		Malaysia Building Society		879
	422,734	*	Masraf Al Rayan		5,286
	209,838		MB Financial, Inc		5,676
	23,740,968		Mega Financial Holding Co Ltd		19,756
	63,149		Mercantile Bank Corp		1,445
	23,240		Merchants Bancshares, Inc		743
	30,321	*	Meridian Interstate Bancorp, Inc		779
	26,102		Meta Financial Group, Inc		1,044
	2,167,320		Metropolitan Bank & Trust		4,339
	1,173,430	*,e	MGIC Investment Corp		10,842
	34,642		Midsouth Bancorp, Inc		689
	28,028		MidWestOne Financial Group, Inc		672
	128,000		Mie Bank Ltd		292
	436,000	*	Minato Bank Ltd		801
	15,869,364		Mitsubishi UFJ Financial Group, Inc		97,417
	3,846,494		Mitsui Trust Holdings, Inc		17,580
	346,000		Miyazaki Bank Ltd		1,144
	13,137		Mizrahi Tefahot Bank Ltd		170
	30,830,152		Mizuho Financial Group, Inc		63,371
	70,368		Musashino Bank Ltd		2,467
	322,928		Nanto Bank Ltd		1,339
	14,342	e	NASB Financial, Inc		339
	1,846,594		National Australia Bank Ltd		57,076
	160,850		National Bank Holdings Corp		3,207
	636,420	*	National Bank of Abu Dhabi PJSC		2,461
	674,038	e	National Bank of Canada		28,590
	19,093,545	*	National Bank of Greece S.A.		69,439
	26,887	e	National Bankshares, Inc		831
	447,338		National Penn Bancshares, Inc		4,733
	43,567	*,e	Nationstar Mortgage Holdings, Inc		1,581
	2,536,299		Natixis		16,278
	168,791		NBT Bancorp, Inc		4,054
	223,771		Nedbank Group Ltd		4,824
	188,931	e	New York Community Bancorp, Inc		3,019
	123,036	*	NewBridge Bancorp		992
	827,300		Nishi-Nippon City Bank Ltd		2,034

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	187,058	*	NMI Holdings, Inc	$	1,964
	41,749	*	NOMOS-BANK (GDR)		513
	3,846,820		Nordea Bank AB		54,232
	737,000		North Pacific Bank Ltd		3,181
	262,803		Northfield Bancorp, Inc		3,445
	28,066		Northrim BanCorp, Inc		718
	358,664		Northwest Bancshares, Inc		4,867
	55,077		OceanFirst Financial Corp		912
	215,455	*	Ocwen Financial Corp		7,993
	172,988		OFG Bancorp		3,185
	361,000		Ogaki Kyoritsu Bank Ltd		1,013
	260,000		Oita Bank Ltd		940
	29,853		Old Line Bancshares, Inc		470
	401,343	e	Old National Bancorp		5,731
	46,328		OmniAmerican Bancorp, Inc		1,158
	16,077	*	Opus Bank		467
	201,852		Oriental Bank of Commerce		1,101
	172,516		Oritani Financial Corp		2,655
	228,962		OTP Bank		4,399
	1,792,680	e	Oversea-Chinese Banking Corp		13,750
	70,476		Pacific Continental Corp		968
	75,463	*	Pacific Premier Bancorp, Inc		1,063
	174,367		PacWest Bancorp		7,527
	14,745	*,e	Palmetto Bancshares, Inc		212
	423,986		Paragon Group of Cos plc		2,552
	47,041	e	Park National Corp		3,632
	173,982		Park Sterling Bank		1,147
	43,508		Peapack Gladstone Financial Corp		923
	17,723	e	Penns Woods Bancorp, Inc		835
	55,998	*	Pennsylvania Commerce Bancorp, Inc		1,295
	45,481	*	PennyMac Financial Services, Inc		691
	41,453		Peoples Bancorp, Inc		1,096
	26,757		Peoples Financial Services Corp		1,375
	132,911	e	People’s United Financial, Inc		2,016
	1,957,216	*	Philippine National Bank		4,058
	3,100,620	*,e	Piccolo Credito Valtellinese Scarl		4,386
	134,823		Pinnacle Financial Partners, Inc		5,323
	27,324,513	*	Piraeus Bank S.A.		60,519
	1,579,380		PNC Financial Services Group, Inc		140,644
	246,470	*	Popular, Inc		8,424
	1,022,005		Powszechna Kasa Oszczednosci Bank Polski S.A.		12,689
	44,706	*	Preferred Bank		1,057
	272,131		PrivateBancorp, Inc		7,908
	306,488		Prosperity Bancshares, Inc		19,186
	229,508		Provident Financial Services, Inc		3,975
	62,430,400		PT Bank Bukopin Tbk		3,292
	12,763,600		PT Bank Central Asia Tbk		11,853
	3,669,835		PT Bank Danamon Indonesia Tbk		1,283
	5,359,900		PT Bank Jabar Banten Tbk		373
	10,803,848		PT Bank Mandiri Persero Tbk		8,849
	16,938,450		PT Bank Negara Indonesia		6,811
	44,500,000	*	PT Bank Pan Indonesia Tbk		3,378

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	14,399,500		PT Bank Pembangunan Daerah Jawa Timur Tbk	$	496
	14,756,394		PT Bank Tabungan Negara Tbk		1,295
	2,826,857		Public Bank BHD		17,238
	50,545	*	Qatar Islamic Bank SAQ		1,140
	60,569	*	Qatar National Bank		2,718
	687,414	e	Radian Group, Inc		10,181
	1,056,292		Raiffeisen International Bank Holding AG.		33,674
	7,790,760		Regions Financial Corp		82,738
	116,197		Renasant Corp		3,378
	40,094		Republic Bancorp, Inc (Class A)		951
	114,997	*	Republic First Bancorp, Inc		580
	5,584,840	*	Resona Holdings, Inc		32,545
	759,523		RHB Capital BHD		2,023
	505,690		Rizal Commercial Banking Corp		614
	5,200	*,m	Roskilde Bank		0	^
	108,901		Royal Bank of Canada		7,779
	2,506,150		Royal Bank of Canada (Toronto)		179,157
	1,049,257	*	Royal Bank of Scotland Group plc		5,897
	113,718		S&T Bancorp, Inc		2,826
	102,068		Sandy Spring Bancorp, Inc		2,543
	172,000		San-In Godo Bank Ltd		1,279
	4,495,540		Sberbank of Russian Federation (ADR)		45,424
	69,548	*	Seacoast Banking Corp of Florida		756
	465,036	*	Sekerbank TAS		428
	236,380	*	Senshu Ikeda Holdings, Inc		1,204
	1,805	*	ServisFirst Bancshares, Inc		156
	268,946		Seven Bank Ltd		1,100
	276,000		Shiga Bank Ltd		1,662
	989,553		Shinhan Financial Group Co Ltd		45,654
	4,612,823	*	Shinsei Bank Ltd		10,390
	734,559		Shizuoka Bank Ltd		7,946
	3,152,200		Siam Commercial Bank PCL (Foreign)		16,074
	49,098		Sierra Bancorp		776
	462,790	*	Signature Bank		58,395
	62,719		Simmons First National Corp (Class A)		2,471
	7,728,454		SinoPac Financial Holdings Co Ltd		3,481
	3,187,090		Skandinaviska Enskilda Banken AB (Class A)		42,540
	1,479,057		Societe Generale		77,566
	89,689		South State Corp		5,471
	72,034	e	Southside Bancshares, Inc		2,086
	73,948		Southwest Bancorp, Inc		1,262
	118,612		Spar Nord Bank A/s		1,308
	258,462		Sparebanken Midt-Norge		2,284
	178,768	e	Sparebanken Nord-Norge		1,034
	19,130	*	Square  Financial, Inc		364
	4,960	e	St Galler Kantonalbank		1,956
	1,624,383	e	Standard Bank Group Ltd		22,151
	1,264,526		Standard Chartered plc		25,847
	121,509	e	State Bank & Trust Co		2,055
	7,332	*	State Bank of Bikaner & Jaip		67
	84,043		State Bank of India Ltd		3,755
	111,239		State Bank of India Ltd (GDR)		9,910

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	774	*	State Bank of Travancore	$	8
	313,376	e	Sterling Bancorp/DE		3,761
	60,707		Stock Yards Bancorp, Inc		1,815
	37,077		Stonegate Bank		934
	51,123	*,e	Stonegate Mortgage Corp		713
	46,785	*	Suffolk Bancorp		1,044
	3,179,220		Sumitomo Mitsui Financial Group, Inc		133,390
	169,910	*,e	Sun Bancorp, Inc		681
	1,616,598		SunTrust Banks, Inc		64,761
	705,789		Suruga Bank Ltd		13,709
	719,506		Susquehanna Bancshares, Inc		7,598
	160,993	*	SVB Financial Group		18,775
	404,671		Svenska Handelsbanken (A Shares)		19,788
	1,115,932		Swedbank AB (A Shares)		29,558
	83,226	*	Sydbank AS		2,197
	380,092		Syndicate Bank		1,108
	227,862		Synovus Financial Corp		5,555
	2,345,059	*	Ta Chong Bank Co Ltd		793
	2,280,794		Taichung Commercial Bank		813
	8,125,871		Taishin Financial Holdings Co Ltd		4,164
	2,056,769	*	Taiwan Business Bank		641
	6,248,091		Taiwan Cooperative Financial Holding		3,578
	90,255	*	Talmer Bancorp Inc		1,245
	74,447	*,e	Taylor Capital Group, Inc		1,592
	4,058,071		TCF Financial Corp		66,431
	656,872	*	TCS Group Holding plc (ADR)		4,301
	22,481	*	Tekstil Bankasi AS.		21
	40,743		Territorial Bancorp, Inc		851
	201,519	*	Texas Capital Bancshares, Inc		10,872
	130,151	*	TFS Financial Corp		1,856
	2,049,000		Thanachart Capital PCL		2,225
	122,627	*	The Bancorp, Inc		1,460
	1,113,180		Tisco Bank PCL		1,406
	10,590,300		TMB Bank PCL (Foreign)		790
	126,000		Tochigi Bank Ltd		540
	468,000		Toho Bank Ltd		1,711
	78,000	*,e	Tokyo Tomin Bank Ltd		956
	213,000		Tomony Holdings, Inc		940
	54,896		Tompkins Trustco, Inc		2,645
	3,392,199		Toronto-Dominion Bank		174,625
	391,000	*	Towa Bank Ltd		382
	110,860	e	TowneBank		1,742
	24,339	*,e	Tree.com, Inc		709
	60,335	e	Trico Bancshares		1,396
	80,325	*	Tristate Capital Holdings, Inc		1,135
	413,190		Trustco Bank Corp NY		2,760
	253,250		Trustmark Corp		6,253
	2,250,000	*	TSB Banking Group plc		10,840
	3,347,316		Turkiye Garanti Bankasi AS		13,109
	1,267,505		Turkiye Halk Bankasi AS		9,516
	2,755,571		Turkiye Is Bankasi (Series C)		7,455
	1,663,734		Turkiye Sinai Kalkinma Bankasi AS		1,359

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,443,919		Turkiye Vakiflar Bankasi Tao	$	5,737
	168,775		UMB Financial Corp		10,699
	629,970		Umpqua Holdings Corp		11,289
	5,631,678		UniCredit S.p.A		47,089
	862,049	*	Union Bank Of Taiwan		318
	172,799		Union Bankshares Corp		4,432
	255,426	e	United Bankshares, Inc		8,258
	188,913	*,e	United Community Banks, Inc		3,093
	168,701	*,e	United Community Financial Corp		697
	207,244	e	United Financial Bancorp, Inc (New)		2,808
	1,056,911	e	United Overseas Bank Ltd		19,112
	68,060		Univest Corp of Pennsylvania		1,409
	4,466,681		US Bancorp		193,497
	14,770		UTI Bank Ltd		471
	33,864		Valiant Holding		3,527
	741,879	e	Valley National Bancorp		7,352
	45,751	*,e	VantageSouth Bancshares, Inc		272
	148,196		ViewPoint Financial Group		3,988
	477,660	*	Vijaya Bank		441
	4,309,982		VTB Bank OJSC (GDR)		10,493
	83,049	*	Walker & Dunlop, Inc		1,172
	377,719		Washington Federal, Inc		8,472
	55,028		Washington Trust Bancorp, Inc		2,023
	122,817	*	Waterstone Financial, Inc		1,401
	369,168		Webster Financial Corp		11,644
	26,201,941		Wells Fargo & Co		1,377,174
	97,717		WesBanco, Inc		3,033
	64,678		West Bancorporation, Inc		985
	103,395	e	Westamerica Bancorporation		5,405
	256,257	*	Western Alliance Bancorp		6,099
	3,781,726		Westpac Banking Corp		120,963
	263,706		Wilshire Bancorp, Inc		2,708
	355,659		Wing Hang Bank Ltd		5,736
	174,334		Wintrust Financial Corp		8,019
	321,640	*	Woori Finance Holdings Co Ltd		3,829
	32,705		WSFS Financial Corp		2,409
	31,500		Yachiyo Bank Ltd		1,033
	53,502	*,e	Yadkin Financial Corp		1,008
	181,000	e	Yamagata Bank Ltd		860
	57,492		Yamaguchi Financial Group, Inc		606
	252,000		Yamanashi Chuo Bank Ltd		1,194
	1,995,058		Yapi ve Kredi Bankasi		4,351
	1,898,612		Yes Bank Ltd		17,088
	119,154		Zions Bancorporation		3,511
			TOTAL BANKS		9,561,434
CAPITAL GOODS - 8.0%
	2,839,656		3M Co		406,752
	211,306		A.O. Smith Corp		10,477
	209,860		Aalberts Industries NV		6,854
	87,535		Aaon, Inc		2,934
	151,081		AAR Corp		4,164

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	304,268		ABB Ltd	$	7,001
	589,656	e	Abengoa S.A.		3,804
	225,821	e	Abengoa S.A. (B Shares)		1,191
	2,236,272		Aboitiz Equity Ventures, Inc		2,869
	1,468,000		AcBel Polytech, Inc		2,197
	121,741	*	Accuride Corp		595
	118,241		Aceto Corp		2,145
	364,035		ACS Actividades Construccion y Servicios S.A.		16,662
	664		Acter Co Ltd		2
	272,278		Actuant Corp (Class A)		9,413
	44,803		Acuity Brands, Inc		6,194
	164,159		Adani Enterprises Ltd		1,245
	35,639		Aditya Birla Nuvo Ltd		818
	139,500	*	Advan Co Ltd		1,558
	111,000	*	Advanced Lithium Electrochemistry Co Ltd		269
	97,291	*	Aecom Technology Corp		3,133
	165,255		Aecon Group, Inc		2,625
	143,500	*	Aegion Corp		3,339
	65,222	*	Aerovironment, Inc		2,074
	19,137		AFG Arbonia-Forster Hldg		649
	33,900	e	AG Growth International Inc		1,506
	374,133		AGCO Corp		21,034
	60,299		Aica Kogyo Co Ltd		1,289
	40,500		Aichi Corp		191
	180,300	*	Aida Engineering Ltd		1,826
	142,966		Air Lease Corp		5,516
	228,060		Aircastle Ltd		4,053
	442,508		Airtac International Group		4,765
	136,146		Akfen Holding AS.		331
	26,488		Alamo Group, Inc		1,433
	252,099		Alarko Holding AS		569
	122,357		Albany International Corp (Class A)		4,645
	272,906		Alfa Laval AB		7,027
	4,879,440		Alfa S.A. de C.V. (Class A)		13,506
	2,049,039		Allegion plc		116,140
	7,562,600		Alliance Global Group, Inc		5,039
	238,327		Alliant Techsystems, Inc		31,917
	238,834		Allied Electronics Corp Ltd (Preference)		568
	169,288		Allison Transmission Holdings, Inc		5,265
	24,862		Alstom Projects India Ltd		213
	1,147,404		Alstom RGPT		41,671
	81,783		Altra Holdings, Inc		2,976
	487,822		Amada Co Ltd		4,969
	40,681		Amara Raja Batteries Ltd		319
	73,093	*	Ameresco, Inc		514
	29,713	e	American Railcar Industries, Inc		2,014
	38,461		American Science & Engineering, Inc		2,677
	3,742	*,e	American Superconductor Corp		6
	64,762	*	American Woodmark Corp		2,064
	574,385		Ametek, Inc		30,029
	34,000	*,m	Amrep Corp		0	^
	7,812		Andritz AG.		451

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	98,692		Apogee Enterprises, Inc	$	3,440
	156,764		Applied Industrial Technologies, Inc		7,953
	1,256,679	*	Arabtec Holding Co		893
	7,178	*	ARC Group Worldwide, Inc		109
	72,506		Arcadis NV		2,499
	90,888	*,e	Arcam AB		3,006
	56,296		Argan, Inc		2,099
	433,787	*	Armstrong World Industries, Inc		24,912
	404,357	*	ArvinMeritor, Inc		5,273
	57,600		Asahi Diamond Industrial Co Ltd		915
	312,042		Asahi Glass Co Ltd		1,840
	1,597,648		Ashok Leyland Ltd		970
	3,804,014		Ashtead Group plc		56,908
	571,358		Assa Abloy AB (Class B)		29,063
	177,490	e	Astaldi S.p.A.		2,015
	71,662		Astec Industries, Inc		3,145
	51,275	*	Astronics Corp		2,894
	728,016	*	Asunaro Aoki Construction Co Ltd		4,421
	276,522		Atlas Copco AB (A Shares)		7,984
	205,688		Atlas Copco AB (B Shares)		5,489
	108,119	*	ATS Automation Tooling Systems, Inc		1,582
	335,067	e	Ausdrill Ltd		270
	1,892,675	*,e	Austal Ltd		2,280
	597,209	*	Aveng Ltd		1,299
	2,681,300	e	AviChina Industry & Technology Co		1,515
	79,750		AZZ, Inc		3,675
	32,058		B&B Tools AB		734
	48,289		Babcock & Wilcox Co		1,567
	70,800		Badger Daylighting Ltd		2,332
	2,360,007		BAE Systems plc		17,480
	815,236		Balfour Beatty plc		3,270
	114,800	*,e	Ballard Power Systems, Inc		474
	193,000		Bando Chemical Industries Ltd		791
	436,000		Baoye Group Co Ltd		254
	240,250		Barloworld Ltd		2,287
	203,680		Barnes Group, Inc		7,850
	13,791	*	Bauer AG.		356
	30,947		BayWa AG.		1,719
	333,141	*	BE Aerospace, Inc		30,812
	57	*	Beacon Power Corp		0	^
	177,453	*	Beacon Roofing Supply, Inc		5,877
	1,008,300		Beijing Enterprises Holdings Ltd		9,544
	532,700		Benalec Holdings BHD		187
	2,890,200		Berjaya Corp BHD		473
	1,000,000		BES Engineering Corp		269
	528,759		Besalco S.A.		346
	704,082		Bharat Heavy Electricals		2,932
	8,821		BHI Co Ltd		141
	418,293		Bidvest Group Ltd		11,117
	52,138	e	Bird Construction Income Fund		655
	102,800		BJC Heavy Industries PCL		119
	153,471	*	Blount International, Inc		2,165

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	429,885		Bodycote plc	$	5,058
	2,674,272		Boeing Co		340,248
	346,000		Boer Power Holdings Ltd		427
	542,000	e	Bolina Holding Co Ltd		205
	1,794,780	e	Bombardier, Inc		6,341
	115,667		Boskalis Westminster		6,633
	7,478		Bossard Holding AG.		891
	1,377,601		Bouygues S.A.		57,322
	221,722	e	Bradken Ltd		794
	41,510		Brenntag AG.		7,416
	180,605	e	Briggs & Stratton Corp		3,695
	12,798		Bucher Industries AG.		4,392
	19,560		Budimex S.A.		773
	140,640	*	Builders FirstSource, Inc		1,052
	130,000		Bunka Shutter Co Ltd		1,129
	178,565		Bunzl plc		4,957
	50,756		Burckhardt Compression Holding AG.		27,330
	4,955		Burkhalter Holding AG.		455
	522,102		CAE, Inc		6,831
	1,091,700		Cahya Mata Sarawak BHD		1,267
	63,499	*	CAI International, Inc		1,398
	1,017,435	*,e	Capstone Turbine Corp		1,536
	15,161	e	Carbone Lorraine		475
	14,839	*,e	Carbures Europe S.A.		688
	430,693	e	Cardno Ltd		2,565
	41,771		Cargotec Corp (B Shares)		1,590
	533,532		Carillion plc		3,023
	228,622		Carlisle Cos, Inc		19,803
	1,509,927		Caterpillar, Inc		164,084
	294,900		CB Industrial Product Holding BHD		402
	987,327		Central Glass Co Ltd		3,636
	9,491		CENTROTEC Sustainable AG.		236
	513,669	*	Cersanit Krasnystaw S.A.		216
	218,500		Changchai Co Ltd		129
	5,299,240	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		3,281
	14,882,000	*	Charisma Energy Services Ltd		611
	95,166	*,e	Chart Industries, Inc		7,874
	227,615		Chemring Group plc		801
	519,727		Chicago Bridge & Iron Co NV		35,445
	282,000	*	Chicony Power Technology Co Ltd		433
	50		Chien Kuo Construction Co Ltd		0	^
	12,200,000		China Automation Group Ltd		2,219
	13,825,700		China Communications Construction Co Ltd		9,266
	230,000		China Conch Venture Holdings Ltd		507
	51,000		China Ecotek Corp		130
	3,854,000	*	China Energine International Holdings Ltd		333
	531,050		China Fangda Group Co Ltd		252
	1,874,000	*	China Glass Holdings Ltd		234
	1,566,000	*,e	China High Speed Transmission Equipment Group Co Ltd		1,044
	624,170		China International Marine Containers Group Co Ltd		1,204
	2,386,200	e	China Railway Construction Corp		2,101

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,433,100		China Railway Group Ltd	$	8,033
	795,400		China Singyes Solar Technologies Holdings Ltd		1,342
	2,541,028	e	China South Locomotive and Rolling Stock Corp		1,909
	2,762,000		China State Construction International Holdings Ltd		4,844
	163,000		China Steel Structure Co Ltd		171
	5,180,000	*	China WindPower Group Ltd		414
	494,000		Chip Eng Seng Corp Ltd		311
	37,939	*	Chiyoda Corp		460
	41,700		Chiyoda Integre Co Ltd		640
	17,926,000		Chongqing Machinery & Electric Co Ltd		2,497
	69,700		Chudenko Corp		1,098
	1,172,000		Chung Hsin Electric & Machinery Manufacturing Corp		838
	599,922	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		13,367
	410,633	*	CIR-Compagnie Industriali Riunite S.p.A.		618
	81,685		CIRCOR International, Inc		6,300
	1,898,814	e	Citic Pacific Ltd		3,330
	4,715,000	*	Citic Resources Holdings Ltd		791
	183,000		Civmec Ltd		100
	15,209		CJ Corp		2,105
	155,900		CKD Corp		1,503
	185,421		Clarcor, Inc		11,468
	215,529		CNH Industrial NV		2,212
	329,166		Coastal Contracts BHD		513
	469,312		Cobham plc		2,507
	459,368	*	Cofide S.p.A.		326
	581,049	*	Colfax Corp		43,311
	71,400		Columbus McKinnon Corp		1,931
	168,381		Comfort Systems USA, Inc		2,660
	83,500	*	Commercial Vehicle Group, Inc		838
	3,278,605	e	Compagnie de Saint-Gobain		184,986
	7,985		Compagnie d’Entreprises CFE		826
	192,100		COMSYS Holdings Corp		3,572
	51,711	e	Concentric AB		729
	2,263		Construcciones y Auxiliar de Ferrocarriles S.A.		1,082
	35,730	*	Continental Building Products Inc		550
	827,000		Continental Engineering Corp		320
	1,190,000	e	Cosco Corp Singapore Ltd		682
	1,452,000		Cosco International Holdings Ltd		596
	23,385		Cosel Co Ltd		308
	196,611	e	Costain Group plc		875
	94,732		Cramo Oyj (Series B)		2,302
	441,765		Crane Co		32,850
	1,084,590		CSBC Corp Taiwan		652
	714,300		CTCI Corp		1,237
	77,100		Cubic Corp		3,432
	732,670		Cummins, Inc		113,044
	174,951		Curtiss-Wright Corp		11,470
	556,000		DA CIN Construction Co Ltd		505
	32,832		Daelim Industrial Co		2,735
	19,970		Daesang Holdings Co Ltd		344
	17,573		Daetwyler Holding AG.		2,668
	116,915	*	Daewoo Engineering & Construction Co Ltd		1,014

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	56,458		Daewoo International Corp	$	2,041
	122,708		Daewoo Shipbuilding & Marine Engineering Co Ltd		3,116
	98,500		Daifuku Co Ltd		1,381
	134,641		Daihen Corp		629
	83,000		Daiichi Jitsugyo Co Ltd		391
	319,178		Daikin Industries Ltd		20,144
	45,000		Daiwa Industries Ltd		310
	190,200		Dalian Refrigeration Co Ltd		170
	2,196,231		Danaher Corp		172,909
	13,791		Danieli & Co S.p.A.		437
	65,810		Danieli & Co S.p.A. (RSP)		1,475
	197,602		DCC plc		12,117
	370,621		Decmil Group Ltd		625
	200,352		Deere & Co		18,142
	12,900		Denyo Co Ltd		201
	323,382		Deutz AG.		2,573
	2,033,300		Dialog Group BHD		2,401
	280,788	*	DigitalGlobe, Inc		7,806
	26,782	*	Discount Investment Corp		214
	194,200		DKSH Holdings Malaysia BHD		501
	932,460		DMCI Holdings, Inc		1,584
	1,099,546	*	Dogan Sirketler Grubu Holdings		425
	99,202		Donaldson Co, Inc		4,198
	19,100	e	Dongfang Electric Co Ltd		33
	26,169		Dongkuk Structures & Construction Co Ltd		116
	23,672		Doosan Corp		2,924
	24,330	*	Doosan Engine Co Ltd		201
	63,490		Doosan Heavy Industries and Construction Co Ltd		2,199
	143,710	*	Doosan Infracore Co Ltd		1,840
	88,376		Douglas Dynamics, Inc		1,557
	286,369		Dover Corp		26,045
	37,547	*	Ducommun, Inc		981
	82,624		Duerr AG.		7,315
	70,881	e	Duro Felguera S.A.		473
	57,895	*	DXP Enterprises, Inc		4,373
	108,531	*	Dycom Industries, Inc		3,398
	52,438		Dynamic Materials Corp		1,160
	280,200		Dynasty Ceramic PCL		503
	1,978,571		Eaton Corp		152,706
	757,828		Ebara Corp		4,792
	863,100		EEI Corp		222
	51,066		Eiffage S.A.		3,472
	42,770		Elbit Systems Ltd		2,631
	3,196		Electra Israel Ltd		454
	315,738		EMCOR Group, Inc		14,060
	1,493,098		Emerson Electric Co		99,082
	824,982		Empresa Brasileira de Aeronautica S.A.		7,539
	809,500	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		1,575
	67,695		Encore Wire Corp		3,320
	10,400	e	Endo Lighting Corp		157
	145,602	*,e	Energy Recovery, Inc		716
	172,283		EnerSys		11,851

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	67,386	*	Engility Holdings, Inc	$	2,578
	96,933	*	Engineers India Ltd		523
	528,163		Enka Insaat ve Sanayi AS		1,434
	56,116	*,e	Enphase Energy, Inc		480
	70,639	*,e	EnPro Industries, Inc		5,168
	784,000		Enric Energy Equipment Holdings Ltd		1,033
	23,243	*,e	Erickson Air-Crane, Inc		378
	106,372		ESCO Technologies, Inc		3,685
	229,255	*	Esterline Technologies Corp		26,392
	1,188,536		European Aeronautic Defence and Space Co		79,689
	1,432,000		EVA Precision Industrial Holdings Ltd		329
	186,089		Exelis, Inc		3,160
	7,419		Faiveley S.A.		538
	116,488		Fanuc Ltd		20,116
	870,000		Far East Global Group Ltd		156
	3,598,949		Far Eastern Textile Co Ltd		3,876
	612,080	e	Fastenal Co		30,292
	10,160,000	*	FDG Electric Vehicles Ltd		668
	255,862	*,e	Federal Signal Corp		3,748
	227,099		Fenner plc		1,391
	1,696,545		Ferreyros S.A.		1,152
	737,487	*,e	Finmeccanica S.p.A.		7,003
	528,847		Finning International, Inc		14,789
	588,000	e	First Tractor Co		386
	350,345		Flowserve Corp		26,048
	58,435	e	FLSmidth & Co AS		3,263
	164,857		Fluor Corp		12,678
	71,026	*,e	Fomento de Construcciones y Contratas S.A.		1,656
	1,233,477		Fortune Brands Home & Security, Inc		49,253
	290,100		Foshan Electrical and Lighting Co Ltd		238
	299,927		Foster Wheeler AG.		10,219
	176,743		Franklin Electric Co, Inc		7,128
	45,574		Freightcar America, Inc		1,141
	37,872	*	Frigoglass S.A.		193
	723,942		FSP Technology, Inc		785
	183,200	*,e	Fudo Tetra Corp		355
	681,282	*,e	FuelCell Energy, Inc		1,635
	2,143,587		Fuji Electric Holdings Co Ltd		10,171
	81,692		Fuji Machine Manufacturing Co Ltd		714
	347,978		Fujikura Ltd		1,695
	81,000		Fujitec Co Ltd		857
	113,692	*	Furmanite Corp		1,323
	379,000	*	Furukawa Co Ltd		774
	1,068,000	*	Furukawa Electric Co Ltd		2,268
	189,119		Futaba Corp/Chiba		3,241
	196,045		Galliford Try plc		3,828
	229,621	*	Gamesa Corp Tecnologica S.A.		2,864
	2,073,525		Gamuda BHD		3,044
	194,608	e	GATX Corp		13,027
	25,756		GEA Group AG.		1,218
	32,006		Geberit AG.		11,227
	159,138	*	GEK Group of Cos S.A.		805

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	188,447	*,e	GenCorp, Inc	$	3,599
	228,876	*,e	Generac Holdings, Inc		11,155
	185,324		General Cable Corp		4,755
	1,646,376		General Dynamics Corp		191,885
	38,518,753		General Electric Co		1,012,273
	35,237	*	General Finance Corp		335
	10,441	*	Georg Fischer AG.		7,473
	3,226		Gesco AG.		341
	118,544	*	Gibraltar Industries, Inc		1,839
	17,221		Giken Seisakusho Co, Inc		272
	91,609		Gildemeister AG.		3,184
	83,638		Global Brass & Copper Holdings, Inc		1,413
	63,560		Global Power Equipment Group, Inc		1,027
	99,356		Glory Ltd		3,241
	1,031,335	*	GMR Infrastructure Ltd		591
	62,662		Gorman-Rupp Co		2,216
	160,139		Graco, Inc		12,504
	435,308	*,e	GrafTech International Ltd		4,553
	1,647,966		Grafton Group plc		16,348
	34,873		Graham Corp		1,214
	69,163		Grana y Montero S.A.		247
	146,077		Granite Construction, Inc		5,256
	220,317	*	Great Lakes Dredge & Dock Corp		1,760
	22,415		Greaves Cotton Ltd		43
	84,422	*	Greenbrier Cos, Inc		4,863
	167,818		Griffon Corp		2,081
	58,821	*,e	Grontmij (ADR)		350
	206,387		Group Five Ltd		795
	1,044,337	e	Grupo Carso S.A. de C.V. (Series A1)		5,432
	60,020	*	GS Engineering & Construction Corp		1,998
	10,060		GS Global Corp		98
	398,000	*,e	GS Yuasa Corp		2,536
	224,800	e,m	Guangzhou Shipyard International Co Ltd		399
	415,600		Gunkul Engineering PCL		215
	522,000	e	Guodian Technology & Environment Group Corp Ltd		119
	284,209		GWA International Ltd		704
	95,750	*	H&E Equipment Services, Inc		3,480
	896,000	e	Haitian International Holdings Ltd		2,092
	41,692		Haldex AB		514
	24,514	*	Halim Co Ltd		121
	6,670	*	Halla Engineering & Construction Corp		40
	470,896		Hangzhou Steam Turbine Co		544
	53,291	*	Hanjin Heavy Industries & Construction Co Ltd		451
	1,257,395		Hanwa Co Ltd		5,446
	111,000		HAP Seng Consolidated BHD		125
	2,164,000		Harbin Power Equipment		1,312
	246,229		Harsco Corp		6,557
	215,806		Havells India Ltd		4,209
	310,400	*	Hazama Ando Corp		1,875
	154,853	*	HD Supply Holdings, Inc		4,396
	210,077	e	Heico Corp		10,911
	259,276	*,e	Heidelberger Druckmaschinen		945

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	226,754	*	Hellenic Technodomiki Tev S.A.	$	1,278
	2,804,000		Henderson Investment Ltd		217
	73,625		Hexagon Composites ASA		438
	799,800	*	Hexcel Corp		32,712
	21,400		Hibiya Engineering Ltd		344
	503,527		Hills Industries Ltd		825
	646,481		Hino Motors Ltd		8,919
	19,000		Hisaka Works Ltd		176
	78,891	e	Hitachi Construction Machinery Co Ltd		1,575
	55,000		Hitachi Koki Co Ltd		476
	176,900		Hitachi Zosen Corp		911
	229,935		Hiwin Technologies Corp		2,836
	4,838,000	*,e	HKC Holdings Ltd		136
	71,696		Hochtief AG.		6,205
	446,735		Hock Seng Lee BHD		270
	17,322		Homag Group AG.		568
	5,857,754		Honeywell International, Inc		544,478
	290,000		Hong Leong Asia Ltd		369
	1,029,558		Hopewell Holdings		3,587
	43,000		Hoshizaki Electric Co Ltd		2,146
	75,729		Hosken Consolidated Investments Ltd		1,211
	30,000		Hosokawa Micron Corp		189
	70,940		Houston Wire & Cable Co		880
	2,370,000		Hsin Chong Construction Group Ltd		315
	784,000		HUA ENG Wire & Cable		295
	35,416		Hubbell, Inc (Class B)		4,361
	18,477		Huber & Suhner AG.		969
	36,148		Hudaco Industries Ltd		324
	286,222		Huntington Ingalls		27,074
	25,688		Hurco Cos, Inc		724
	3,470,961		Hutchison Whampoa Ltd		47,471
	13,726		Hy-Lok Corp		442
	42,782		Hyster-Yale Materials Handling, Inc		3,788
	47,020		Hyundai Corp		1,641
	65,666		Hyundai Development Co		2,089
	6,714	*	Hyundai Elevator Co Ltd		199
	85,163		Hyundai Engineering & Construction Co Ltd		4,850
	48,292		Hyundai Heavy Industries		8,449
	11,591		Hyundai Mipo Dockyard		1,678
	26,700		Idec Corp		257
	378,754		IDEX Corp		30,581
	197,665	*	II-VI, Inc		2,858
	3,307,207		IJM Corp BHD		6,901
	377,155		Illinois Tool Works, Inc		33,024
	124,394		IMARKETKOREA,Inc		4,553
	145,601		IMI plc		3,702
	16,460	*	Implenia AG.		1,108
	26,422		IMS-Intl Metal Service		558
	417,195	*,e	Imtech NV		415
	60,410	*	Inaba Denki Sangyo Co Ltd		2,039
	132,084		Inabata & Co Ltd		1,242
	53,196		Indus Holding AG.		2,637

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	40,225		Industria Macchine Automatiche S.p.A.	$	1,901
	48,481	*	Industries Qatar QSC		2,250
	41,274		Indutrade AB		1,926
	2,701,969		Ingersoll-Rand plc		168,900
	78,784		Insteel Industries, Inc		1,548
	5,360,000	*	Interchina Holdings Co		253
	89,272		Interpump Group S.p.A.		1,228
	305,446		Interserve plc		3,135
	29,503		Invicta Holdings Ltd		315
	95,800		Iochpe-Maxion S.A.		855
	798,646		IRB Infrastructure Developers Ltd		3,049
	12,320	*	IS Dongseo Co Ltd		352
	324,000	*	Iseki & Co Ltd		851
	261,000		I-Sheng Electric Wire & Cable Co Ltd		414
	3,776,417	*	Ishikawajima-Harima Heavy Industries Co Ltd		17,603
	1,912,350	*	Italian-Thai Development PCL		293
	2,540,372		Itochu Corp		32,613
	759,620		ITT Corp		36,538
	64,128	*	IVRCL Infrastructures & Projects Ltd		28
	277,000	*	Iwatani International Corp		1,967
	298,432	*	Jacobs Engineering Group, Inc		15,900
	366,751	*	Jain Irrigation Systems Ltd		729
	1,132,194		Jaiprakash Associates Ltd		1,456
	10,000	*	Jamco Corp		186
	265,400	*,e	Japan Bridge Corp		388
	106,604		Japan Pulp & Paper Co Ltd		356
	476,000		Japan Steel Works Ltd		2,089
	2,772,100		JG Summit Holdings (Series B)		3,252
	44,481	*	JGC Corp		1,353
	3,340,000		Jiangnan Group Ltd		711
	4,279,000	*,e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		922
	1,315,000	*	Jinchuan Group International Resources Co Ltd		158
	496,000	*	Jingwei Textile Machinery		435
	134,760		John Bean Technologies Corp		4,176
	1,099,914		John Keells Holdings plc		1,858
	3,166,000	*,e	Johnson Electric Holdings Ltd		2,829
	1,257,446	e	Joy Global, Inc		77,434
	846,954		JTEKT Corp		14,291
	179,000	*	Juki Corp		405
	20,086		Jungheinrich AG.		1,414
	6,763	*	JVM Co Ltd		418
	40,681		Kadant, Inc		1,564
	30,990		Kajaria Ceramics Ltd		273
	85,941		Kajima Corp		380
	93,167		Kaman Corp		3,981
	26,000		Kamei Corp		199
	34,000		Kanamoto Co Ltd		1,356
	319,000		Kandenko Co Ltd		1,855
	1,310,000		Kanematsu Corp		2,357
	23,600		Katakura Industries Co Ltd		304
	56,000		Kato Works Co Ltd		399
	1,003,909	*	Kawasaki Heavy Industries Ltd		3,827

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	551,137		KBR, Inc	$	13,145
	10,927		KCC Corp		6,662
	55,785		KCI Konecranes Oyj		1,799
	85,552		Keller Group plc		1,347
	19,810		Kendrion NV		688
	1,023,055		Kennametal, Inc		47,347
	304,746		Kentz Corp Ltd		4,829
	138,400		Kepler Weber S.A.		2,568
	2,480,707		Keppel Corp Ltd		21,474
	124,142	*,e	KEYW Holding Corp		1,560
	46,099	*	KHD Humboldt Wedag International AG.		361
	160,000	*	KI Holdings Co Ltd		701
	63,825		Kier Group plc		1,939
	186,000		Kinden Corp		1,810
	358,000		King Slide Works Co Ltd		5,117
	198,992		Kingspan Group plc		3,345
	90,000		Kinik Co		249
	50,000	*	Kinki Sharyo Co Ltd		155
	23,426		KION Group AG.		1,014
	112,600		Kitz Corp		633
	117,157	*	Kloeckner & Co AG.		1,764
	1,649,428		KOC Holding AS		8,096
	3,958	*	Kolon Engineering & Construction Co Ltd		38
	1,458,281		Komatsu Ltd		33,851
	10,574		Komax Holding AG.		1,766
	203,060	*	Kombassan Holdings AS		275
	135,790		Komori Corp		1,730
	450,724	e	Kone Oyj (Class B)		18,793
	269,445	e	Koninklijke BAM Groep NV		1,318
	932,681		Koninklijke Philips Electronics NV		29,602
	98,525		Kopex S.A.		358
	51,132		Korea Aerospace Industries Ltd		1,577
	15,700		Korea Electric Terminal Co Ltd		667
	169,102	*	Kratos Defense & Security Solutions, Inc		1,319
	38,556	e	Krones AG.		3,820
	909,863		Kubota Corp		12,911
	97,352		KUKA AG.		5,887
	356,000	*,e	Kumagai Gumi Co Ltd		911
	18,726	*	Kumho Industrial Co Ltd		189
	141,000		Kuo Toong International Co Ltd		257
	11,998		Kurita Water Industries Ltd		278
	121,579		Kuroda Electric Co Ltd		1,876
	50,500		Kyokuto Kaihatsu Kogyo Co Ltd		745
	314,700		Kyowa Exeo Corp		4,486
	44,000		Kyudenko Corp		428
	619,486		L-3 Communications Holdings, Inc		74,803
	2,006	*	Lakshmi Machine Works Ltd		125
	1,161,918	*	Lanco Infratech Ltd		235
	790,538		Larsen & Toubro Ltd		22,386
	74,748	*,e	Layne Christensen Co		994
	43,556		LB Foster Co (Class A)		2,357
	32,423		Legrand S.A.		1,986

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	534,899	e	Leighton Holdings Ltd	$	9,932
	280,545		Lennox International, Inc		25,128
	112,194		LG Corp		6,930
	28,809		LG Hausys Ltd		5,514
	58,703		LG International Corp		1,668
	44,010		Lincoln Electric Holdings, Inc		3,075
	67,733	*,e	Lindab International AB		794
	41,741	e	Lindsay Manufacturing Co		3,526
	7,094	e	LISI		1,117
	366,591		LIXIL Group Corp		9,922
	40,617	*,e	LMI Aerospace, Inc		531
	609,001		Lockheed Martin Corp		97,885
	6,826,000	*,e	Lonking Holdings Ltd		1,172
	20,649		LS Cable Ltd		1,517
	16,994		LS Industrial Systems Co Ltd		1,107
	87,399		LSI Industries, Inc		697
	63,778	*	Lydall, Inc		1,746
	19,218		Mabuchi Motor Co Ltd		1,457
	124,623		MACA Ltd		218
	44,625		MacDonald Dettwiler & Associates Ltd		3,644
	147,000	*	Maeda Corp		1,162
	15,600	*,e	Maeda Kosen Co Ltd		196
	117,541	*	Maeda Road Construction Co Ltd		2,037
	126,640	*,e	Maire Tecnimont S.p.A		403
	216,748		Makino Milling Machine Co Ltd		1,868
	31,299		Makita Corp		1,934
	24,900		Malaysia Marine and Heavy Engineering Sdn BHD		29
	2,224,300		Malaysian Resources Corp BHD		1,185
	6,642		MAN AG.		821
	43,368	*	Manitex International, Inc		704
	10,434		Manitou BF S.A.		171
	88,889		Manitowoc Co, Inc		2,921
	626,300		Marcopolo S.A.		1,216
	2,479,207		Marubeni Corp		18,145
	3,599,491		Masco Corp		79,909
	105,892	*	Masonite International Corp		5,957
	188,823	*,e	Mastec, Inc		5,820
	37,000	*	Max Co Ltd		417
	186,758		MAX India Ltd		895
	1,056,518		Meggitt plc		9,147
	223,000	*	Meidensha Corp		933
	945,488		Melrose Industries plc		4,207
	44,359		Metka S.A.		783
	12,793		Metso Oyj		484
	99,654	*,e	Meyer Burger Technology AG.		1,553
	66,003		Micron Machinery Co Ltd		1,661
	61,266	*	Middleby Corp		5,068
	43,414		Miller Industries, Inc		893
	283,700		Mills Estruturas e Servicos de		3,329
	1,414,000		Minebea Co Ltd		15,931
	292,300		Miraito Holdings Corp		2,932
	102,300		MISUMI Group, Inc		2,815

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,432,543		Mitsubishi Corp	$	50,632
	1,972,874		Mitsubishi Electric Corp		24,370
	3,243,696		Mitsubishi Heavy Industries Ltd		20,260
	31,000	*,e	Mitsubishi Nichiyu Forklift Co Ltd		204
	121,700		Mitsuboshi Belting Co Ltd		749
	3,425,165		Mitsui & Co Ltd		54,911
	1,885,900	*	Mitsui Engineering & Shipbuilding Co Ltd		4,235
	31,600		Miura Co Ltd		1,079
	3,934,674		MMC Corp BHD		3,112
	272,663	e	Monadelphous Group Ltd		4,038
	70,800	e	MonotaRO Co Ltd		1,956
	175,678	*	Moog, Inc (Class A)		12,805
	366,679		Morgan Crucible Co plc		2,035
	58,155		Morgan Sindall plc		850
	132,500		Mori Seiki Co Ltd		1,927
	53,000		Morita Holdings Corp		498
	94,554		Mota Engil SGPS S.A.		740
	279,279	*	MRC Global, Inc		7,901
	136,775		MSC Industrial Direct Co (Class A)		13,081
	67,743		MTU Aero Engines Holding AG.		6,221
	852,166		Mudajaya Group BHD		666
	256,640		Mueller Industries, Inc		7,548
	835,718		Mueller Water Products, Inc (Class A)		7,221
	854,700		Muhibbah Engineering M BHD		795
	620,705	*,e	Murray & Roberts Holdings Ltd		1,419
	79,689	*	MYR Group, Inc		2,019
	19,740		Nabtesco Corp		437
	184,332		Nachi-Fujikoshi Corp		1,300
	227,900		Nagase & Co Ltd		2,950
	51,000		Nak Sealing Technologies Corp		224
	42,800	e	Namura Shipbuilding Co Ltd		442
	341,540		National Central Cooling Co PJSC		134
	17,850	e	National Presto Industries, Inc		1,300
	283,000		Nature Flooring Holding Co Ltd		48
	448,797	*,e	Navistar International Corp		16,821
	16,053	*	NCC AB		551
	250,923	*	NCC AB (B Shares)		8,637
	84,979	*	NCI Building Systems, Inc		1,651
	54,300	e	NEC Capital Solutions Ltd		1,070
	454,351	*	Neo-Neon Holdings Ltd		86
	49,200	e	New Flyer Industries, Inc		568
	34,812	e	Nexans S.A.		1,825
	576,954		NGK Insulators Ltd		13,097
	176,663		Nibe Industrier AB (Series B)		5,546
	123,000		Nichias Corp		848
	6,700	*	Nichiden Corp		162
	93,200		Nichiha Corp		1,052
	209,828	e	Nidec Corp		12,904
	15,900	e	Nihon Trim Co Ltd		622
	181,000	*	Nippo Corp		3,050
	42,000	*	Nippon Densetsu Kogyo Co Ltd		679
	80,000		Nippon Koei Co Ltd		396

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	255,000	*	Nippon Road Co Ltd	$	1,435
	455,730	e	Nippon Sharyo Ltd		1,883
	1,131,000	*	Nippon Sheet Glass Co Ltd		1,599
	366,450		Nippon Steel Trading Co Ltd		1,424
	75,000		Nippon Thompson Co Ltd		393
	311,000	*	Nishimatsu Construction Co Ltd		1,325
	33,600		Nishio Rent All Co Ltd		1,427
	516,000		Nisshinbo Industries, Inc		5,174
	146,000		Nissin Electric Co Ltd		960
	47,900		Nitta Corp		1,108
	170,000	*	Nitto Boseki Co Ltd		692
	76,447		Nitto Kogyo Corp		1,683
	11,573		Nitto Kohki Co Ltd		237
	29,382		NKT Holding AS		2,020
	56,193		NN, Inc		1,437
	7,416,071		Noble Group Ltd		8,163
	33,041	*	Norcraft Cos, Inc		473
	175,947	*	Nordex AG.		3,897
	154,688	e	Nordson Corp		12,404
	134,919		Noritake Co Ltd		360
	32,000		Noritz Corp		631
	73,339		NORMA Group		4,046
	27,287	*,e	Nortek, Inc		2,449
	680,004		Northrop Grumman Corp		81,349
	36,349	*	Northwest Pipe Co		1,466
	528,057	*,e	NOW, Inc		19,121
	982,867		NRW Holdings Ltd		853
	230,573		NSK Ltd		3,001
	945,000	*	NTN Corp		4,134
	3,568,930		NWS Holdings Ltd		6,622
	22,500		Obara Corp		976
	522,888		Obayashi Corp		3,735
	106,335	e	Obrascon Huarte Lain S.A.		4,667
	550,378		OC Oerlikon Corp AG.		7,967
	69,524	*	OCI NV		2,713
	10,302	*	OHB AG.		326
	117,500		Oiles Corp		2,594
	68,300		Okabe Co Ltd		838
	159,641		Okuma Holdings, Inc		1,536
	209,000	*	Okumura Corp		1,061
	8,243		Omega Flex, Inc		162
	13,600	e	Onoken Co Ltd		154
	232,424	*	Orbital Sciences Corp		6,868
	46,000		Organo Corp		235
	104,265	*	Orion Marine Group, Inc		1,129
	64,681		Ormat Industries		501
	82,400		OSG Corp		1,518
	194,288		Oshkosh Truck Corp		10,789
	216,397	*	Osram Licht AG.		10,898
	198,296	e	Outotec Oyj		2,083
	4,329,237	*	Owens Corning, Inc		167,455
	882,783		Paccar, Inc		55,465

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,967		Palfinger AG.	$	659
	230,964		Pall Corp		19,722
	209,239		Parker Hannifin Corp		26,308
	35,074	*	Patrick Industries, Inc		1,634
	192,972		Peab AB (Series B)		1,509
	241,254		Pentair plc		17,399
	340,500	*,e	Penta-Ocean Construction Co Ltd		1,130
	2,115		PER Aarsleff A.S.		417
	140,670	*	Perini Corp		4,465
	10,960		Pfeiffer Vacuum Technology AG.		1,207
	336,708	*,e	Pgt, Inc		2,852
	137,341	*	Pike Electric Corp		1,231
	33,032	*	Pinguely-Haulotte		576
	28,483		Pkc Group Oyj		816
	7,490		Plasson		324
	608,664	*	Plug Power, Inc		2,849
	66,597	*,e	Ply Gem Holdings, Inc		673
	396,700		Polyplex PCL		136
	138,170	*,e	Polypore International, Inc		6,595
	65,000		Portobello S.A.		150
	35,356		Powell Industries, Inc		2,312
	13,499	*,e	Power Solutions International, Inc		972
	85,433	*,e	PowerSecure International, Inc		832
	541,719		Precision Castparts Corp		136,730
	10,615		Preformed Line Products Co		571
	138,758		Primoris Services Corp		4,002
	622,000	*,e	Promotora y Operadora de Infraestructura SAB de C.V.		8,311
	168,285	*,e	Proto Labs, Inc		13,786
	21,354		Prysmian S.p.A.		482
	3,322,000		PT Adhi Karya Persero Tbk		780
	8,114,000		PT Arwana Citramulia Tbk		691
	2,747,800	*	PT Inovisi Infracom Tbk		368
	3,352,900		PT Pembangunan Perumahan Tbk		524
	8,778,500		PT Surya Semesta Internusa Tbk		507
	1,914,500		PT Total Bangun Persada Tbk		116
	3,752,484		PT United Tractors Tbk		7,322
	11,125,500		PT Waskita Karya Persero Tbk		638
	3,392,800		PT Wijaya Karya		635
	746,805		QinetiQ plc		2,642
	185,964		Quanex Building Products Corp		3,323
	497,466	*	Quanta Services, Inc		17,202
	5,869	m	R Stahl AG.		321
	54,800	*	Raito Kogyo Co Ltd		400
	165,540		Ramirent Oyj		1,850
	208,000		Randon Participacoes S.A.		580
	3,978		Rational AG.		1,284
	356,939		Raubex Group Ltd		760
	109,500		Raven Industries, Inc		3,629
	1,137,298		Raytheon Co		104,916
	71,835		RBC Bearings, Inc		4,601
	321,660		RCR Tomlinson Ltd		849
	758,172		Rechi Precision Co Ltd		808

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	158,060		Regal-Beloit Corp	$	12,417
	322,918		Reunert Ltd		1,972
	109,656	*,e	Revolution Lighting Technologies, Inc		252
	2,559,195		Rexel S.A.		59,854
	264,567	*	Rexnord Corp		7,448
	46,013		Rheinmetall AG.		3,254
	334,583		Rich Development Co Ltd		153
	3,773		Rieter Holding AG.		942
	879,125		Rockwell Automation, Inc		110,031
	455,637		Rockwell Collins, Inc		35,603
	8,160		Rockwool International AS (B Shares)		1,505
	1,775,164		Rolls-Royce Group plc		32,434
	988,676		Roper Industries, Inc		144,357
	741,000		Rotary Engineering Ltd		440
	183,961		Rotork plc		8,395
	115,000		Ruentex Engineering & Construction Co		258
	109,931	*	Rush Enterprises, Inc (Class A)		3,811
	77,933	e	Russel Metals, Inc		2,506
	468,000		Ryobi Ltd		1,582
	35,015		S&T Dynamics Co Ltd		377
	75,407		Saab AB (Class B)		2,316
	365,430	*	Sacyr Vallehermoso S.A.		2,315
	964,723		Safran S.A.		63,155
	60,353		Saft Groupe S.A.		2,314
	813,199		Salfacorp S.A.		612
	12,880		Sam Yung Trading Co Ltd		262
	250,687		Samsung Corp		18,491
	69,798	*	Samsung Engineering Co Ltd		5,523
	170,156		Samsung Heavy Industries Co Ltd		4,552
	38,098		Samsung Techwin Co Ltd		1,995
	24,860		San Miguel Corp		47
	2,486	*	San Miguel Corp (New)		7
	158,220		San Shing Fastech Corp		456
	598,304		Sandvik AB		8,171
	67,040		Sanitec Corp		889
	70,000		Sanki Engineering Co Ltd		528
	29,800		Sankyo Tateyama, Inc		602
	384,000		Sanwa Shutter Corp		2,703
	1,348,000	e	Sany Heavy Equipment International		299
	46,000		Sanyo Denki Co Ltd		327
	9,491		Schindler Holding AG.		1,442
	16,388		Schindler Holding AG. (Registered)		2,469
	815,206		Schneider Electric S.A.		76,869
	993		Schweiter Technologies AG.		718
	131,000		Sekisui Jushi Corp		1,872
	1,651,701		SembCorp Industries Ltd		7,117
	1,889,780	e	SembCorp Marine Ltd		6,218
	21,039		Semperit AG. Holding		1,288
	872,009		Senior plc		4,224
	508	*	Sensata Technologies Holding BV		24
	31,603	*,e	SGL Carbon AG.		1,038
	385,308	*	SGSB Group Co Ltd		213

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	144,200	*,m	Shanghai Automation Instrumentation Co Ltd	$	95
	754,880		Shanghai Diesel Engine Co Ltd		503
	11,084,500		Shanghai Electric Group Co Ltd		4,469
	746,600	m	Shanghai Erfangji Co Ltd		432
	605,800		Shanghai Highly Group Co Ltd		324
	1,623,000		Shanghai Industrial Holdings Ltd		4,945
	503,020		Shanghai Mechanical and Electrical Industry Co Ltd		834
	15,500		Shibuya Kogyo Co Ltd		484
	543,000		Shihlin Electric & Engineering Corp		686
	492,127		Shikun & Binui Ltd		1,189
	34,600		Shima Seiki Manufacturing Ltd		664
	1,534,936		Shimizu Corp		10,877
	184,000		Shin Zu Shing Co Ltd		546
	160,590		Shinmaywa Industries Ltd		1,418
	26,300	e	SHO-BOND Holdings Co Ltd		1,202
	16,000		Showa Aircraft Industry Co Ltd		176
	709,763		Siam Future Development PCL		121
	852,648		Siemens AG.		112,579
	75,870		Siemens India Ltd		1,206
	9,995		SIFCO Industries, Inc		312
	668,909		SIG plc		2,159
	3,378,273		Sime Darby BHD		10,178
	176,251		Simpson Manufacturing Co, Inc		6,408
	2,138,000		Singamas Container Holdings Ltd		436
	234,987		Singapore Technologies Engineering Ltd		717
	1,086,557		Sino Thai Engineering & Construction PCL		764
	1,363,500		Sinopec Engineering Group Co Ltd		1,533
	1,043,500	e	Sinotruk Hong Kong Ltd		520
	46,300		Sintokogio Ltd		331
	27,066		SK Corp		4,884
	139,010	*	SK Networks Co Ltd		1,475
	450,667		Skanska AB (B Shares)		10,288
	2,691,605		SKF AB (B Shares)		68,630
	11,119	*	SKF India Ltd		199
	217,860		SM Investments Corp		4,072
	27,177		SMC Corp		7,282
	810,392		Smiths Group plc		17,958
	179,961		Snap-On, Inc		21,329
	134,563	e	SNC-Lavalin Group, Inc		7,077
	366,016		SOCAM Development Ltd		425
	2,014,600		Sojitz Holdings Corp		3,563
	13,021		Solar Holdings AS (B Shares)		1,028
	79,259	*,e	SolarCity Corp		5,596
	30,549	*	Sparton Corp		847
	691,329		Speedy Hire plc		627
	127,405		Spirax-Sarco Engineering plc		5,955
	220,234	*	Spirit Aerosystems Holdings, Inc (Class A)		7,422
	241,611		SPX Corp		26,145
	114,400	*	Sriracha Construction PCL		122
	66,972		Standex International Corp		4,988
	348,187		Stanley Works		30,578
	40,300		Star Micronics Co Ltd		575

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,066	*	Sterling Construction Co, Inc	$	648
	42,433	*	Stock Building Supply Holdings, Inc		837
	349,200		STP & I PCL		215
	706,000	*,e	STX OSV Holdings Ltd		598
	4,458		Sulzer AG.		625
	1,871,720		Sumitomo Corp		25,255
	16,300		Sumitomo Densetsu Co Ltd		187
	453,735		Sumitomo Electric Industries Ltd		6,387
	5,629,913		Sumitomo Heavy Industries Ltd		26,798
	730,300	*	Sumitomo Mitsui Construction C		837
	19,747,268	*,e	Summit Ascent Holdings Ltd		15,160
	67,506		Sun Hydraulics Corp		2,741
	36,077	*	Sung Jin Geotec Co Ltd		127
	22,330		Sung Kwang Bend Co Ltd		447
	148,000		Sunspring Metal Corp		261
	1,585,606	*	Suzlon Energy Ltd		747
	329,000	*,e	SWCC Showa Holdings Co Ltd		338
	285,995	*	Swisslog Holding AG.		358
	199,000		Syncmold Enterprise Corp		484
	126,000		Tadano Ltd		2,097
	10,658	*	Taewoong Co Ltd		233
	61,200	*	Taeyoung Engineering & Construction		332
	108,764	*	Taihan Electric Wire Co Ltd		209
	40,000	*	Taihei Dengyo Kaisha Ltd		296
	102,000	*	Taihei Kogyo Co Ltd		541
	31,800		Taikisha Ltd		744
	3,982,561	e	Taisei Corp		22,072
	904,872		Taiwan Glass Industrial Corp		764
	38,400	e	Takaoka Toko Holdings Co Ltd		561
	95,929		Takara Standard Co Ltd		846
	163,100		Takasago Thermal Engineering Co Ltd		1,932
	15,800	*	Takeuchi Manufacturing Co Ltd		541
	82,000		Takuma Co Ltd		534
	119,097	e	TAL International Group, Inc		5,283
	21,343	*,e	Tarkett S.A.		809
	494,320	*	Taser International, Inc		6,574
	326,000	e	Tat Hong Holdings Ltd		230
	46,000	e	Tatsuta Electric Wire and Cable Co Ltd		265
	300,600	*	Tebrau Teguh BHD		125
	1,354,000	*	Tech Pro Technology Development Ltd		802
	3,078,133		Teco Electric and Machinery Co Ltd		3,543
	32,500		Teikoku Sen-I Co Ltd		688
	164,460	*	Tekfen Holding AS		396
	130,000	*,e	Tekken Corp		417
	312,396	*	Teledyne Technologies, Inc		30,356
	96,243		Tennant Co		7,345
	69,685		Terex Corp		2,864
	76,045	e	Textainer Group Holdings Ltd		2,937
	3,573,819		Textron, Inc		136,842
	229,309		Thales S.A.		13,865
	30,677	*,e	The ExOne Company		1,215
	38,966		Thermax Ltd		608

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	165,795	*	Thermon Group Holdings	$	4,364
	58,261		THK Co Ltd		1,374
	772,000	*,e	Tianjin Development Hldgs		584
	323,745		Timken Co		21,963
	171,568	e	Titan International, Inc		2,886
	63,063	*,e	Titan Machinery, Inc		1,038
	24,093	*	TK Corp		384
	75,785		TKH Group NV		2,584
	397,000	*	Toa Corp/Tokyo		694
	14,000		Tocalo Co Ltd		235
	711,000	*	Toda Corp		2,765
	49,000		Toenec Corp		281
	174,400		Tokai Corp		720
	84,760	*	Tokyu Construction Co Ltd		401
	111,057		Tong-Tai Machine & Tool Co Ltd		132
	18,500	e	Torishima Pump Manufacturing Co Ltd		161
	44,372		Toro Co		2,822
	164,342		Toromont Industries Ltd		4,052
	9,775,371		Toshiba Corp		45,694
	138,964		Toshiba Machine Co Ltd		647
	45,000		Toshiba Plant Systems & Services Corp		669
	25,400	*	Totetsu Kogyo Co Ltd		566
	616,677	e	Toto Ltd		8,317
	76,000	*	Toyo Construction Co Ltd		285
	152,000	*,e	Toyo Engineering Corp		663
	15,900	e	Toyo Tanso Co Ltd		344
	268,999		Toyota Tsusho Corp		7,741
	200,400		Toyo-Thai Corp PCL		210
	342,618		Trakya Cam Sanayi AS		411
	359,336		TransDigm Group, Inc		60,103
	1,752,273		Travis Perkins plc		49,073
	1,464,015		Trelleborg AB (B Shares)		31,135
	102,108		Trevi Finanziaria S.p.A.		924
	182,496	*,e	Trex Co, Inc		5,260
	210,733	*	Trimas Corp		8,035
	567,847		Trinity Industries, Inc		24,826
	39,779		Triumph Group, Inc		2,777
	41,662		Trusco Nakayama Corp		1,047
	351,000		Tsubakimoto Chain Co		2,897
	70,000	e	Tsugami Corp		388
	52,000		Tsukishima Kikai Co Ltd		588
	516,243		Turk Sise ve Cam Fabrikalari AS		727
	28,528		Twin Disc, Inc		943
	82,070		Ultra Electronics Holdings		2,618
	11,700		Union Tool Co		300
	513,000	e	United Engineers Ltd		971
	510,132	e	United Group Ltd		3,291
	612,000		United Integrated Services Co Ltd		685
	457,195	*	United Rentals, Inc		47,882
	1,406,526		United Technologies Corp		162,383
	93,751		Universal Forest Products, Inc		4,525
	111,208		Uponor Oyj		2,048

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	29,718		URS Corp	$	1,363
	3,894,587	*,e	USG Corp		117,344
	1,096,100	*	Ushio, Inc		14,125
	11,242		Vallourec		504
	129,365		Valmet Corp		1,546
	49,207	e	Valmont Industries, Inc		7,477
	309,436	*	Vestas Wind Systems AS		15,614
	311,482		Vesuvius plc		2,442
	70,918	*	Vicor Corp		594
	1,371,388		Vinci S.A.		102,523
	166,997		Voltas Ltd		606
	4,263,727		Volvo AB (B Shares)		58,697
	91,793	*	Von Roll Holding AG.		181
	10,368		Vossloh AG.		881
	197,736		W.W. Grainger, Inc		50,278
	209,015	*	Wabash National Corp		2,978
	687,624	*	WABCO Holdings, Inc		73,452
	50,988		Wacker Construction Equipment AG.		1,198
	19,238	e	Wajax Income Fund		636
	123,700	*	Wakita & Co Ltd		1,589
	3,860,250	*	Walsin Lihwa Corp		1,377
	3,238	*	Walter Meier AG.		174
	20,789		Wartsila Oyj (B Shares)		1,030
	131,465		Watsco, Inc		13,509
	107,552		Watts Water Technologies, Inc (Class A)		6,639
	1,449,800		WCT Berhad		985
	310,830		Weg S.A.		3,980
	670,900	e	Weichai Power Co Ltd		2,591
	124,214		Weir Group plc		5,566
	199,520		Well Shin Technology Co Ltd		386
	334,172	*,e	WESCO International, Inc		28,866
	597,246		Westinghouse Air Brake Technologies Corp		49,327
	65,305	*,e	Westport Innovations, Inc		1,178
	4,027,784		Wienerberger AG.		67,488
	78,253		Wilson Bayly Holmes-Ovcon Ltd		935
	314,418		Wolseley plc		17,224
	281,636		Woodward Governor Co		14,132
	120,100		WSP Global, Inc		4,253
	50,242	*	Xerium Technologies, Inc		701
	127,137		Xxentria Technology Materials Corp		374
	194,138		Xylem, Inc		7,587
	16,582		Y G-1 Co Ltd		184
	36,000		Yahagi Construction Co Ltd		297
	26,700	*	YAMABIKO Corp		1,044
	57,700		Yamazen Corp		437
	7,301,449	e	Yangzijiang Shipbuilding		6,326
	119,789		Yazicilar Holding AS		1,060
	436,000		Yinson Holdings BHD		398
	132,404	e	YIT Oyj		1,524
	34,000		Yokogawa Bridge Holdings Corp		493
	717,000	e	Yoma Strategic Holdings Ltd		412
	2,996,000	e	Yuanda China Holdings Ltd		264

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	236,000		Yuasa Trading Co Ltd	$	513
	22,000		Yungshin Construction & Development Co Ltd		57
	488,000		Yungtay Engineering Co Ltd		1,160
	53,000		Yurtec Corp		326
	10,300		Yushin Precision Equipment Co Ltd		247
	46,422	e	Zardoya Otis S.A.		827
	11,053		Zehnder Group AG.		474
	2,066,500		Zhuzhou CSR Times Electric Co Ltd		6,278
	137,080		Zodiac S.A.		4,641
	3,600	e	Zuiko Corp		204
	31,286		Zumtobel AG.		731
			TOTAL CAPITAL GOODS		10,380,985
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	16,000	*,e	51job, Inc (ADR)		1,055
	211,977		ABM Industries, Inc		5,719
	185,572	e	Acacia Research (Acacia Technologies)		3,294
	425,697	*	ACCO Brands Corp		2,729
	60,075		Adcorp Holdings Ltd		194
	1,210,127		Adecco S.A.		99,586
	100,398		Administaff, Inc		3,313
	703,382	e	ADT Corp		24,576
	111,732	*	Advisory Board Co		5,788
	76,700		Aeon Delight Co Ltd		1,854
	136,136		AF AB		2,438
	75,158		Aggreko plc		2,122
	17,158		Akka Technologies S.A.		611
	264,277	e	ALS Ltd		2,208
	10,596		Amadeus Fire AG		810
	98,525		American Banknote S.A.		1,707
	96,605		American Ecology Corp		4,729
	155,194	*	ARC Document Solutions, Inc		909
	17,230		Assystem		528
	206,872		Atkins WS plc		4,666
	518,152		Babcock International Group		10,299
	51,977		Barrett Business Services, Inc		2,443
	21,000		Benefit One, Inc		178
	11,857		Bertrandt AG.		1,884
	144,350	e	BFI Canada Ltd		3,705
	62,492		Bilfinger Berger AG.		7,116
	49,200	e	Black Diamond Group Ltd		1,582
	314,229		Blue Label Telecoms Ltd		253
	182,110		Brady Corp (Class A)		5,440
	1,322,599		Brambles Ltd		11,459
	182,427		Brink’s Co		5,148
	62,920		Brunel International NV		1,836
	224,522		Bureau Veritas S.A.		6,236
	297,084	e	Cabcharge Australia Ltd		1,130
	138,366		Cape plc		700
	1,145,233		Capita Group plc		22,437
	2,216,000	*	Capital Environment Holdings Ltd		192
	130,994	*	Casella Waste Systems, Inc (Class A)		656

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	114,213		Caverion Corp	$	1,208
	133,489	*	CBIZ, Inc		1,205
	53,506		CDI Corp		771
	77,728	e	Ceco Environmental Corp		1,212
	197,910	*,e	Cenveo, Inc		734
	14,107		Cewe Color Holding AG.		1,006
	7,534,200		China Everbright International Ltd		10,761
	369,818		Cintas Corp		23,498
	447,414	*	Civeo Corp		11,199
	41,719	*	Clean Harbors, Inc		2,680
	87,000		Cleanaway Co Ltd		526
	1,178,757	e	CNH Industrial NV (NYSE)		12,047
	21,900	*	Contax Participacoes S.A.		161
	233,160	*	Copart, Inc		8,384
	144,077		Corporate Executive Board Co		9,829
	46,677	*	Corporate Resource Services, Inc		139
	310,963		Corrections Corp of America		10,215
	202,900		Covanta Holding Corp		4,182
	38,768	*	CRA International, Inc		894
	95,642		Credit Corp Group Ltd		785
	400,740		Dai Nippon Printing Co Ltd		4,187
	41,500		Daiseki Co Ltd		745
	383,189		Davis Service Group plc		6,418
	223,855		De La Rue plc		3,102
	168,922		Deluxe Corp		9,895
	114,315		Derichebourg		364
	31,900	e	DirectCash Payments, Inc		450
	643,938		Downer EDI Ltd		2,748
	73,886		Dun & Bradstreet Corp		8,142
	52,898		Duskin Co Ltd		1,024
	811,755	*	Eastern Media International Corp		367
	2,007,572		Edenred		60,877
	15,200		en-japan, Inc		325
	97,545		Ennis, Inc		1,489
	246,231		Equifax, Inc		17,862
	1,054,836		Experian Group Ltd		17,822
	70,046		Exponent, Inc		5,191
	37,189	*	Franklin Covey Co		749
	151,224	*	FTI Consulting, Inc		5,719
	15,463,000	*	Fung Choi Media Group Ltd		1,039
	75,343		G & K Services, Inc (Class A)		3,923
	72,659		Gategroup Holding AG.		1,974
	287,102		Geo Group, Inc		10,258
	9,568		GL Events		230
	48,616	*	GP Strategies Corp		1,258
	2,749,320		Group 4 Securicor plc		12,003
	3,004	e	Groupe CRIT		181
	60,817	e	Gunnebo AB		352
	9,496,320		Hays plc		23,736
	221,152		Healthcare Services Group		6,511
	70,943		Heidrick & Struggles International, Inc		1,312
	29,544	*	Heritage-Crystal Clean, Inc		580

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	180,350		Herman Miller, Inc	$	5,454
	67,287	*	Hill International, Inc		419
	174,188		HNI Corp		6,812
	519,512		Homeserve plc		2,863
	241,600	e	Horizon North Logistics, Inc		1,734
	116,265	*	Huron Consulting Group, Inc		8,234
	75,052	*	ICF International, Inc		2,654
	655,403	*	ICO Global Communications Holdings Ltd		1,153
	158,323	*	IHS, Inc (Class A)		21,480
	136,841	*,e	Innerworkings, Inc		1,163
	1,158,000	*	Integrated Waste Solutions Group Holdings Ltd		59
	204,316		Interface, Inc		3,849
	128,887		Intertek Group plc		6,060
	338,173		Intrum Justitia AB		10,087
	349,210		Iron Mountain, Inc		12,379
	750,523		ITE Group plc		3,041
	119,200		Itoki Corp		920
	3,721		Kaba Holding AG.		1,840
	103,313		KAR Auction Services, Inc		3,293
	37,000		KD Holding Corp		223
	105,568		Kelly Services, Inc (Class A)		1,813
	26,016		KEPCO Plant Service & Engineering Co Ltd		1,779
	100,252		Kforce, Inc		2,170
	718,800		K-Green Trust		602
	150,275		Kimball International, Inc (Class B)		2,513
	162,002		Knoll, Inc		2,807
	235,700		Kokuyo Co Ltd		1,977
	207,782	*	Korn/Ferry International		6,103
	105,000		Kyodo Printing Co Ltd		354
	129,133		Loomis AB		3,967
	284,176		Manpower, Inc		24,112
	16,662		Matsuda Sangyo Co Ltd		207
	96,108	e	McGrath RentCorp		3,532
	85,431	e	McMillan Shakespeare Ltd		739
	146,238		Mears Group plc		1,164
	34,400		Meitec Corp		1,074
	335,263		Michael Page International plc		2,472
	556,015		Mineral Resources Ltd		5,033
	63,052	*	Mistras Group, Inc		1,546
	720,132		Mitie Group		3,928
	20,072		Mitsubishi Pencil Co Ltd		580
	174,160		Mobile Mini, Inc		8,341
	138,091	*,e	Moleskine S.p.A		238
	81,260	e	Morneau Sobeco Income Fund		1,312
	48,500		Moshi Moshi Hotline, Inc		478
	134,862		MSA Safety, Inc		7,752
	42,524		Multi-Color Corp		1,701
	188,696	*	Navigant Consulting, Inc		3,293
	57,207	e	Newalta, Inc		1,149
	1,052,634		Nielsen Holdings NV		50,958
	79,200		Nihon M&A Center, Inc		2,261
	4,700		Nippon Kanzai Co Ltd		116

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	35,560	*,e	Nissha Printing Co Ltd	$	541
	26,299		NL Industries, Inc		244
	42,600	*	Nomura Co Ltd		366
	163,000		Okamura Corp		1,430
	266,223	*	On Assignment, Inc		9,470
	59,568		Oyo Corp		976
	74,500		Park24 Co Ltd		1,355
	29,500	*	Paylocity Holding Corp		638
	43,800		PayPoint plc		823
	192,764	*	Performant Financial Corp		1,947
	17,600		Pilot Corp		769
	2,421,340	e	Pitney Bowes, Inc		66,877
	79,293		Proffice AB		316
	299,413		Programmed Maintenance Services Ltd		797
	29,900		PRONEXUS, Inc		235
	310,718	e	Prosegur Cia de Seguridad S.A.		2,226
	8,713,300	*	PT Hanson International Tbk		445
	96,294		Quad		2,154
	36,061	*	Quest Resource Holding Corp		188
	1,001,652		R.R. Donnelley & Sons Co		16,988
	118,640		Randstad Holdings NV		6,431
	354,815	*	Recall Holdings Ltd		1,599
	748,703		Regus plc		2,328
	2,057,162		Rentokil Initial plc		3,919
	588,696		Republic Services, Inc		22,353
	153,511		Resources Connection, Inc		2,013
	117,400	e	Ritchie Bros Auctioneers, Inc		2,894
	1,169,265		Robert Half International, Inc		55,821
	159,250		Rollins, Inc		4,777
	289,251		RPS Group plc		1,376
	298,965	*	RPX Corp		5,307
	20,914		S1 Corp (Korea)		1,682
	275,831		SAI Global Ltd (New)		1,331
	29,000	*,e	Sanix, Inc		393
	31,252	e	Sato Corp		823
	47,126		Schawk, Inc (Class A)		959
	3,453		Seche Environnement S.A.		127
	243,783	*	Secom Co Ltd		14,882
	644,570		Securitas AB (B Shares)		7,643
	511,756		Seek Ltd		7,653
	1,062,024	e	Serco Group plc		6,643
	4,290		SGS S.A.		10,266
	289,500	*	Shanghai Youngsun Investment C		309
	525,715		Shanks Group plc		960
	97,050		Shenzhen Dongjiang Environmental Co Ltd		316
	182,433		Skilled Group Ltd		395
	43,801		Societe BIC S.A.		5,994
	66,000		Sohgo Security Services Co Ltd		1,584
	48,639	*	SP Plus Corp		1,040
	128,752		Sporton International, Inc		567
	102,093		Stantec, Inc		6,322
	340,047		Steelcase, Inc (Class A)		5,145

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	545,990	*	Stericycle, Inc	$	64,656
	401,000		Taiwan Secom Co Ltd		1,044
	265,000		Taiwan-Sogo Shinkong Security Corp		361
	61,851	*	Team, Inc		2,537
	264,271		Teleperformance		16,190
	48,100		Temp Holdings Co Ltd		1,581
	246,629		Tetra Tech, Inc		6,782
	486,000		Tianjin Capital Environmental Protection Group Co Ltd		309
	225,147		Tomra Systems ASA		1,832
	126,100		Toppan Forms Co Ltd		1,267
	710,829		Toppan Printing Co Ltd		5,496
	117,994		Towers Watson & Co		12,299
	149,096		Tox Free Solutions Ltd		475
	154,530	e	Transcontinental, Inc		2,171
	1,864,705	*	Transfield Services Ltd		1,912
	2,038,140	*	Transpacific Industries Group Ltd		1,950
	54,792	*	TriNet Group, Inc		1,319
	236,725	*	TrueBlue, Inc		6,526
	3,800,510		Tyco International Ltd		173,303
	76,614		Unifirst Corp		8,121
	387,000	e	United Envirotech Ltd		441
	152,194		United Stationers, Inc		6,311
	74,489		USG People NV		1,133
	328,182	*	Veda Group Ltd		612
	926,672	*	Verisk Analytics, Inc		55,619
	78,257		Viad Corp		1,866
	15,567		VSE Corp		1,095
	165,062	*	WageWorks, Inc		7,958
	280,280		Waste Connections, Inc		13,608
	1,003,314		Waste Management, Inc		44,878
	5,200		Weathernews, Inc		153
	130,019		West Corp		3,484
	619,624		Yem Chio Co Ltd		430
	706,700	e	Yumeshin Holdings Co Ltd		6,696
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,550,639
CONSUMER DURABLES & APPAREL - 1.9%
	1,492,000	e	361 Degrees International Ltd		341
	900,000		Ability Enterprise Co Ltd		657
	20,879	*	Accell Group NV		403
	203,402		Adidas-Salomon AG.		20,567
	186,522		Aksa Akrilik Kimya Sanayii		675
	210,000		Alpine Electronics, Inc		2,962
	551,940		Altek Corp		515
	149,843		Amer Sports Oyj (A Shares)		3,066
	2,072,949		AmTRAN Technology Co Ltd		1,562
	3,155,900	e	Anta Sports Products Ltd		5,015
	550,709		Arcelik AS		3,352
	61,905	e	Arctic Cat, Inc		2,440
	66,500		Arezzo Industria e Comercio S.A.		950
	220,700	*,e	Aruze Corp		3,917
	381,444		Arvind Ltd		1,483

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	114,851	*	Asics Corp	$	2,682
	2,501,741		Avermedia Technologies		1,081
	23,048	*	Bajaj Electricals Ltd		131
	86,621	*,e	Bang & Olufsen AS (B Shares)		1,085
	1,350,101		Barratt Developments plc		8,626
	15,040		Basic House Co Ltd		348
	23,734		Bata India Ltd		506
	92,213	*	Beazer Homes USA, Inc		1,935
	185,570		Bellway plc		4,971
	52,989	*,e	Beneteau S.A.		966
	300,175		Berkeley Group Holdings plc		12,407
	4,797	*,e	Bijou Brigitte AG.		454
	647,049	*	Billabong International Ltd		305
	76,000		Bizlink Holdings Inc		365
	83,688	*,e	Black Diamond, Inc		939
	259,681		Bombay Dyeing & Manufacturing Co Ltd		339
	4,099,300	e	Bosideng International Holdings Ltd		613
	167,313		Bovis Homes Group plc		2,263
	405,192	*	Brookfield Incorporacoes S.A.		266
	41,400	*	BRP, Inc		1,020
	27,248	e	Brunello Cucinelli S.p.A		619
	324,702		Brunswick Corp		13,680
	129,752		Burberry Group plc		3,293
	298,006		Callaway Golf Co		2,479
	227,711		Carter’s, Inc		15,696
	31,419		Casio Computer Co Ltd		456
	26,724	*	Cavco Industries, Inc		2,280
	108,000		Cecep Costin New Materials Grp Ltd		42
	380,200	*	Chengde Nanjiang Co Ltd		134
	4,614,400	e	China Dongxiang Group Co		868
	3,848,000	*,e	China Haidian Holdings Ltd		482
	1,466,000		China Lilang Ltd		934
	20,400		Chofu Seisakusho Co Ltd		546
	60,604		Christian Dior S.A.		12,066
	22,600		Cia Providencia Industria e Comercio S.A.		77
	793,053		Cie Financiere Richemont S.A.		83,103
	165,000	*,e	Clarion Co Ltd		442
	67,400		Cleanup Corp		605
	222,235		Coach, Inc		7,598
	54,231	e	Columbia Sportswear Co		4,482
	1,704,700	*,e	Consorcio ARA, S.A. de C.V.		788
	17,000		Corona Corp		191
	654,100	*,e,m	Corp GEO S.A. de C.V. (Series B)		1
	499,264	*	Crest Nicholson Holdings plc		2,946
	482,626	*	CROCS, Inc		7,254
	34,263		CSS Industries, Inc		904
	31,420		Culp, Inc		547
	1,625,981		Cyrela Brazil Realty S.A.		10,170
	30,200		Daidoh Ltd		170
	42,200		Daikoku Denki Co Ltd		701
	177,215	*,e	Deckers Outdoor Corp		15,299
	137,218		De’Longhi S.p.A.		2,966

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	54,590	*	Descente Ltd	$	490
	247,600		Direcional Engenharia S.A.		1,300
	47,261	*	Dixie Group, Inc		500
	35,533		Dorel Industries, Inc (Class B)		1,312
	1,905,756		DR Horton, Inc		46,843
	267,940		Eclat Textile Co Ltd		3,246
	66,000		E-Lead Electronic Co Ltd		170
	798,927		Electrolux AB (Series B)		20,162
	248,000		Embry Holdings Ltd		144
	39,681		Escalade, Inc		640
	94,839	e	Ethan Allen Interiors, Inc		2,346
	580,800		Even Construtora e Incorporadora S.A.		1,722
	5,753	*,e	EveryWare Global, Inc		7
	157,200		Ez Tec Empreendimentos e Participacoes S.A.		1,666
	469,271		Feng TAY Enterprise Co Ltd		1,331
	24,500		Fields Corp		363
	13,082		Fila Korea Ltd		1,243
	18,433		Flexsteel Industries, Inc		615
	3,923		Forbo Holding AG.		4,183
	634,020		Formosa Taffeta Co Ltd		701
	97,227		Forus S.A.		402
	236,059	*	Fossil Group, Inc		24,673
	29,791		Foster Electric Co Ltd		408
	160,000		France Bed Holdings Co Ltd		294
	201,600	*	Fuguiniao Co Ltd		232
	94,000	*,e	Fujibo Holdings Inc		263
	107,000		Fujitsu General Ltd		1,180
	24,800	*	Funai Electric Co Ltd		250
	1,071,000		Gafisa S.A.		1,634
	363,146	e	Garmin Ltd		22,116
	113,353	*,e	Geox S.p.A.		418
	39,793		Gerry Weber International AG.		1,942
	651,949		Giant Manufacturing Co Ltd		5,078
	55,732	*	G-III Apparel Group Ltd		4,551
	106,357		Gildan Activewear, Inc		6,267
	32,000	*	Goldwin, Inc		143
	1,026,000	e	Goodbaby International Holding		506
	255,932	*	GoPro, Inc		10,378
	98,272	e	GUD Holdings Ltd		576
	1,000,000	*	Gunze Ltd		2,873
	1,350,000		Haier Electronics Group Co Ltd		3,528
	22,090		Handsome Co Ltd		603
	759,889		Hanesbrands, Inc		74,803
	42,518		Hansae Co Ltd		1,149
	28,767		Hanssem Co Ltd		2,211
	292,281		Harman International Industries, Inc		31,400
	2,496,505		Hasbro, Inc		132,440
	1,128,100		Haseko Corp		9,077
	234,248		Hefei Meiling Co Ltd		151
	48,500		Heiwa Corp		1,078
	390,150		Helbor Empreendimentos S.A.		1,195
	101,211	*	Helen of Troy Ltd		6,136

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	696,000	*	Hisense Kelon Electrical Holdings Co Ltd	$	817
	880,000		Hosa International Ltd		278
	539,664	*,e	Hovnanian Enterprises, Inc (Class A)		2,779
	74,918		Hugo Boss AG.		11,187
	300,950		Husqvarna AB (B Shares)		2,339
	67,270		Huvis Corp		758
	8,644		IC Companys AS		294
	164,440	*	Iconix Brand Group, Inc		7,061
	94,882	*	Iida Group Holdings Co Ltd		1,442
	1,000		Ilshin Spinning Co Ltd		129
	47,239	*,e	Indesit Co S.p.A.		702
	26,317	*	Installed Building Products Inc		322
	95,087	*,e	iRobot Corp		3,894
	73,593	e	Jakks Pacific, Inc		570
	98,000		Japan Vilene Co Ltd		553
	70,000		Japan Wool Textile Co Ltd		551
	2,389,044	*	Jarden Corp		141,790
	203,699	*	Jinshan Development & Construction Co Ltd		120
	276,294		JM AB		10,240
	118,680		Johnson Health Tech Co Ltd		376
	19,772		Johnson Outdoors, Inc		510
	148,200	*	JVC KENWOOD Holdings, Inc		312
	898,895	*	Kate Spade & Co		34,284
	270,520	e	KB Home		5,053
	1,799,000		Kinpo Electronics		841
	47,150		KMC Kuei Meng International In		222
	983,500		Konka Group Co Ltd		366
	505,000	*	Kurabo Industries Ltd		918
	472,800		Kwong Fong Industries		316
	1,675		Kyungbang Ltd		191
	497,620		Lao Feng Xiang Co Ltd		1,289
	242,803		La-Z-Boy, Inc		5,626
	864,000		Le Saunda Holdings		434
	93,112		Lealea Enterprise Co Ltd		33
	241,692	*,e	Leapfrog Enterprises, Inc		1,776
	80,535	e	Leggett & Platt, Inc		2,761
	151,190		Lennar Corp (Class A)		6,347
	110,757		LG Electronics, Inc		8,134
	39,281		LG Fashion Corp		1,073
	50,096	*	LGI Homes, Inc		914
	1,467,750	*,e	Li Ning Co Ltd		1,175
	381,356	*	Li Peng Enterprise Co Ltd		169
	62,580	*	Libbey, Inc		1,667
	39,952		Lifetime Brands, Inc		628
	11,856	*	LiHOM-CUCHEN Co Ltd		157
	352	*,e	Lululemon Athletica, Inc		14
	3,232,000	*,e	Lung Cheong International Holdings Ltd		371
	580,700		Luthai Textile Co Ltd		781
	662,743		Luxottica Group S.p.A.		38,377
	350,143		LVMH Moet Hennessy Louis Vuitton S.A.		67,567
	93,211	*	M/I Homes, Inc		2,262
	4,054		Maisons France Confort		195

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	263,000		Makalot Industrial Co Ltd	$	1,422
	34,959	*,e	Malibu Boats Inc		703
	856,800	e	Man Wah Holdings Ltd		1,368
	6,442	*,m	Mariella Burani S.p.A.		0	^
	35,827	e	Marine Products Corp		297
	8,300		Mars Engineering Corp		164
	1,601,647		Matsushita Electric Industrial Co Ltd		19,415
	225,593		Mattel, Inc		8,791
	424,400		MC Group PCL		245
	2,516,600		MC Group PCL (ADR)		1,450
	145,269	*,e	MDC Holdings, Inc		4,400
	202,500		Merida Industry Co Ltd		1,343
	148,568	*	Meritage Homes Corp		6,271
	1,683,263	*	Michael Kors Holdings Ltd		149,221
	28,500	*	Misawa Homes Co Ltd		375
	60,000		Mitsui Home Co Ltd		285
	126,000	e	Mizuno Corp		755
	259,767	*	Mohawk Industries, Inc		35,936
	324,474	e	Moncler S.p.A		5,376
	115,497		Movado Group, Inc		4,813
	464,465		MRV Engenharia e Participacoes S.A.		1,568
	34,678	e	Mulberry Group plc		451
	17,074		Nacco Industries, Inc (Class A)		864
	223,722		Namco Bandai Holdings, Inc		5,245
	52,000	*	Nan Liu Enterprise Co Ltd		267
	140,354	*	Nautilus, Inc		1,557
	60,731	*	New Home Co Inc		858
	54,573		New Wave Group AB (B Shares)		339
	1,799,995		Newell Rubbermaid, Inc		55,782
	71,176		Nexity		3,271
	478,129		Nien Hsing Textile Co Ltd		484
	2,392,939		Nike, Inc (Class B)		185,572
	184,749		Nikon Corp		2,911
	146,259		Nobia AB		1,220
	41,145	*	NVR, Inc		47,341
	664,531	*	Onward Kashiyama Co Ltd		4,771
	54,362		Oriental Weavers		388
	45,144		Oxford Industries, Inc		3,010
	1,212,637		Pacific Textile Holdings Ltd		1,516
	7,625		Page Industries Ltd		908
	161,000		PanaHome Corp		1,257
	100,436		Pandora AS		7,708
	1,783,598	*	PDG Realty S.A.		1,179
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	2,442,000		Peak Sport Products Co Ltd		595
	15,000	e	Pegas Nonwovens S.A.		449
	500,000	*,e	Performance Sports Group Ltd		8,575
	57,100	*	Performance Sports Group Ltd (Canada)		982
	49,374	*	Perry Ellis International, Inc		861
	346,884	*	Persimmon plc		7,555
	362,375		Phillips-Van Heusen Corp		42,253
	529,703	*	PIK Group (GDR)		1,271

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	528,200	*	Pioneer Corp	$	1,164
	8,104,857		Playmates Holdings Ltd		10,215
	556,000	e	Playmates Toys Ltd		211
	239,219		Polaris Industries, Inc		31,156
	71,428	*,m	Poltrona Frau S.p.A.		290
	141,600		Pool Corp		8,009
	661,000	e	Ports Design Ltd		299
	2,189,170		Pou Chen Corp		2,638
	6,100	*	Pressance Corp		181
	1,354,200	e	Prime Success International Group Ltd		531
	10,350,000	*	PT Sri Rejeki Isman Tbk		156
	4,181,643		Pulte Homes, Inc		84,302
	457,262	*,e	Quiksilver, Inc		1,637
	227,481	*	Rajesh Exports Ltd		711
	100,137		Ralph Lauren Corp		16,091
	73,039		Raymond Ltd		493
	252,336		Redrow plc		1,175
	155,700	*	Restoque Comercio e Confeccoes de Roupas S.A.		482
	39,495		RG Barry Corp		748
	38,766		Rinnai Corp		3,742
	30,800		Rodobens Negocios Imobiliarios S.A.		150
	22,400	e	Roland Corp		411
	344,556	*	Rossi Residencial S.A.		270
	1,593,217		Ruentex Industries Ltd		4,120
	232,795		Ryland Group, Inc		9,181
	40,054	*,e	Safilo Group S.p.A.		873
	56,447		Salvatore Ferragamo Italia S.p.A		1,682
	1,045,000		Sampo Corp		424
	1,227,000		Samson Holding Ltd		149
	443,900		Samsonite International		1,463
	32,976		Sangetsu Co Ltd		894
	88,221		Sankyo Co Ltd		3,394
	122,400		Sanyo Electric Taiwan Co Ltd		140
	283,000		Sanyo Shokai Ltd		643
	26,614		SEB S.A.		2,356
	378,821		Sega Sammy Holdings, Inc		7,460
	168,000	*	Seiko Holdings Corp		683
	1,192,530		Seiren Co Ltd		10,321
	997,469		Sekisui Chemical Co Ltd		11,564
	1,602,271		Sekisui House Ltd		21,987
	53,476	*	Sequential Brands Group, Inc		739
	481,900	*	Shanghai Haixin Group Co		218
	137,802	*,e	Sharp Corp		442
	1,496,000	e	Shenzhou International Group Holdings Ltd		5,104
	68,191		Shimano, Inc		7,567
	221,000		Shinkong Textile Co Ltd		289
	300,000		Sitoy Group Holdings Ltd		183
	197,925	*	Skechers U.S.A., Inc (Class A)		9,045
	108,031	*	Skullcandy, Inc		783
	2,557,702		Skyworth Digital Holdings Ltd		1,221
	171,500	*,e	Smith & Wesson Holding Corp		2,494
	876,666		Socovesa S.A.		184

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,504,609	e	Sony Corp	$	91,985
	13,300		SRI Sports Ltd		161
	549,542	*	Standard-Pacific Corp		4,726
	22,500		Starts Corp, Inc		359
	4,415,173	e	Steinhoff International Holdings Ltd		24,614
	962,000		Stella International Holdings Ltd		2,613
	282,117	*	Steven Madden Ltd		9,677
	60,689	e	Sturm Ruger & Co, Inc		3,581
	340,854		Sumitomo Forestry Co Ltd		4,162
	39,539		Swatch Group AG.		23,841
	255,749		Swatch Group AG. (Registered)		28,373
	121,000	*,e	Sxl Corp		139
	992,755		Tainan Spinning Co Ltd		647
	287,600		Taiwan Paiho Ltd		410
	82,400		Taiwan Sakura Corp		60
	145,093		Takamatsu Corp		2,470
	75,300	e	Tama Home Co Ltd		545
	18,500	e	Tamron Co Ltd		443
	2,501,298	*	Tatung Co Ltd		797
	13,332	*	Taylor Morrison Home Corp		299
	6,043,782		Taylor Woodrow plc		11,780
	792,000	*,e	TCL Multimedia Technology Holdings Ltd		277
	39,000		Technos S.A.		226
	2,217,000		Techtronic Industries Co		7,107
	411,800		Tecnisa S.A.		1,340
	222,775	*	Tempur-Pedic International, Inc		13,300
	908,000	e	Texhong Textile Group Ltd		688
	852,000		Texwinca Holdings Ltd		844
	332,161	*	Thomson		2,688
	3,108,000		Time Watch Investments Ltd		453
	8,665		Titan Industries Ltd		51
	14,445	e	Tod’s S.p.A.		1,839
	8,290		Token Corp		387
	183,952	*	Toll Brothers, Inc		6,788
	126,426	*	TomTom NV		989
	72,168		Tomy Co Ltd		418
	40,000		Topkey Corp		223
	94,000		Toung Loong Textile Manufacturing		313
	622,854	*,e	TRI Pointe Homes, Inc		9,791
	10,988	*	Trigano S.A.		266
	1,198,000	e	Trinity Ltd		255
	223,300	*	TSI Holdings Co Ltd		1,544
	5,640		TTK Prestige Ltd		331
	770,312	*,e	Tumi Holdings, Inc		15,506
	113,808		Tupperware Corp		9,526
	17,240	*	Turtle Beach Corp		159
	28,189	*,e	UCP, Inc (Class A)		385
	133,202	*,e	Under Armour, Inc (Class A)		7,924
	55,502	*	Unifi, Inc		1,528
	624,000	*,e	Unitika Ltd		296
	84,761	*	Universal Electronics, Inc		4,143
	591,479	*,e,m	Urbi Desarrollos Urbanos S.A. de C.V		54

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,476	*	Vardhman Textiles Ltd	$	12
	66,575	*,e	Vera Bradley, Inc		1,456
	179,066	*	Vestel Elektronik Sanayi		241
	1,358,141		VF Corp		85,563
	43,972		Videocon Industries Ltd		135
	35,615	*	Vince Holding Corp		1,304
	288,627	*	Wacoal Holdings Corp		3,135
	54,062	*	WCI Communities, Inc		1,044
	343,000	e	Weiqiao Textile Co		169
	2,980,000		Welling Holding Ltd		849
	16,200	e	West Holdings Corp		244
	25,975		Weyco Group, Inc		712
	247,904		Whirlpool Corp		34,513
	32,773	*	Whirlpool of India Ltd		183
	79,196	*	William Lyon Homes, Inc		2,411
	317,002	e	Wolverine World Wide, Inc		8,261
	26,618	*	Woongjin Chemical Co Ltd		355
	214,578		Woongjin Coway Co Ltd		17,960
	323,131		Wuxi Little Swan Co Ltd		416
	1,480,500		XTEP International Holdings		624
	371,388		Yamaha Corp		5,872
	83,000		YGM Trading Ltd		182
	20,800		Yondoshi Holdings, Inc		429
	31,156		Youngone Corp		1,399
	10,670		Youngone Holdings Co Ltd		837
	649,907		Yue Yuen Industrial Holdings		2,175
	823	*	Zagg, Inc		4
	46,764		Zeng Hsing Industrial Co Ltd		265
	11,000	*	Zhonglu Co Ltd		9
	250,596		Zig Sheng Industrial Co Ltd		79
			TOTAL CONSUMER DURABLES & APPAREL		2,465,392
CONSUMER SERVICES - 2.1%
	35,618	*	2U, Inc		599
	482,856		888 Holdings plc		985
	39,300		Abril Educacao S.A.		619
	2,759,135		Accor S.A.		143,407
	141,700	e	Accordia Golf Co Ltd		1,881
	439,058		Advtech Ltd		353
	371,764		Ainsworth Game Technology Ltd		1,310
	820,000		Ajisen China Holdings Ltd		637
	1,381,002	*,e	Alsea SAB de C.V.		4,968
	78,800	*,e	Amaya Gaming Group, Inc		1,707
	255,000		Ambassador Hotel		243
	54,545	*	American Public Education, Inc		1,875
	1,137,000	*	Anhanguera Educacional Participacoes S.A.		9,469
	1,001,671	*	Apollo Group, Inc (Class A)		31,302
	1,867,359		ARAMARK Holdings Corp		48,327
	1,377,376		Aristocrat Leisure Ltd		6,825
	52,528	*	Ascent Media Corp (Series A)		3,467
	58,300	*,e	Atom Corp		336
	147,266	*	Autogrill S.p.A.		1,297

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	148,319	*,e	Bally Technologies, Inc	$	9,748
	88,167		Benesse Corp		3,824
	673,763		Berjaya Sports Toto BHD		815
	17,800	e	Best Bridal Inc		115
	142,488		BETFAIR Group Ltd		2,497
	44,851		Betsson AB		1,550
	334,634	*	BHG S.A.-Brazil Hospitality Group		2,101
	87,232	*	BJ’s Restaurants, Inc		3,045
	14,030,800	*	Bloomberry Resorts Corp		3,459
	309,038	*	Bloomin’ Brands, Inc		6,932
	92,180	e	Bob Evans Farms, Inc		4,614
	407,233	*	Boyd Gaming Corp		4,940
	60,652	*	Bravo Brio Restaurant Group, Inc		947
	65,137	*,e	Bridgepoint Education, Inc		865
	93,371	*	Bright Horizons Family Solutions		4,009
	362,188	e	Brinker International, Inc		17,620
	59,639	*	Buffalo Wild Wings, Inc		9,883
	3,244,174	e	Burger King Worldwide, Inc		88,306
	167,837	*	Caesars Acquisition Co		2,076
	186,225	*,e	Caesars Entertainment Corp		3,367
	706,000	e	Cafe de Coral Holdings Ltd		2,382
	69,858		Capella Education Co		3,800
	253,185	*	Career Education Corp		1,185
	1,662,754		Carnival Corp		62,603
	71,311		Carnival plc		2,690
	57,926	e	Carriage Services, Inc		992
	152,853	*	Carrols Restaurant Group, Inc		1,088
	84,205		CBRL Group, Inc		8,384
	888,800		Central Plaza Hotel PCL		1,014
	1,514,040	e	Century City International		125
	169,312	e	Cheesecake Factory		7,859
	275,554	*,e	Chegg, Inc		1,940
	8,400,000		China LotSynergy Holdings Ltd		802
	6,578,000		China Travel International Inv HK		1,290
	209,446	*	Chipotle Mexican Grill, Inc (Class A)		124,099
	15,799		Choice Hotels International, Inc		744
	43,570		Churchill Downs, Inc		3,926
	544,206	*,e	Chuy’s Holdings, Inc		19,755
	11,133	*	Cie des Alpes		247
	64,720	e	City Lodge Hotels Ltd		773
	25,536	*,m	Club Mediterranee S.A.		734
	66,989		ClubCorp Holdings, Inc		1,242
	18,997		Collectors Universe		372
	70,000	*,e	Colowide Co Ltd		875
	440,510		Compass Group plc		7,659
	136,525	e	Consumers’ Waterheater Income Fund		1,560
	89,199		Corporate Travel Management Lt		540
	63,279		Cox & Kings India Ltd		224
	2,888		Credu Corp		193
	214,405		Crown Ltd		3,056
	51,100		CVC Brasil Operadora e Agencia de Viagens S.A.		311
	70,000		Dahan Development Corp		201

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,000		Daisyo Corp	$	122
	1,986,959	e	Darden Restaurants, Inc		91,937
	620,489	*	Del Frisco’s Restaurant Group, Inc		17,101
	462,615	*	Denny’s Corp		3,016
	243,492		DeVry, Inc		10,309
	158,996	*	Diamond Resorts International, Inc		3,700
	70,551		Dignity plc		1,655
	58,654		DineEquity, Inc		4,662
	4,768		DO & CO AG.		301
	76,259	e	Domino’s Pizza Enterprises Ltd		1,543
	252,414		Domino’s Pizza UK & IRL plc		2,262
	108,980		Domino’s Pizza, Inc		7,965
	33,400		Doutor Nichires Holdings Co Ltd		592
	74,448		Dunkin Brands Group, Inc		3,410
	2,585,400		Dynam Japan Holdings Co Ltd		7,723
	29,396,823		Echo Entertainment Group Ltd		86,986
	74,112	*,e	Education Management Corp		125
	157,628		EIH Ltd		250
	33,160		Einstein Noah Restaurant Group, Inc		533
	1,445,000		Emperor Entertainment Hotel Ltd		541
	54,949	*	Empire Resorts, Inc		393
	619,582	*	Enterprise Inns plc		1,339
	1,474,000		Erawan Group PCL		200
	585,300		Estacio Participacoes S.A.		7,748
	31,247	*	Euro Disney SCA		170
	3,439,165	e	Extended Stay America, Inc		79,651
	101,806		Famous Brands Ltd		924
	13,837	*	Famous Dave’s of America, Inc		397
	119,883	*	Fiesta Restaurant Group, Inc		5,564
	367,633		First Hotel		240
	44,982	e	Flight Centre Ltd		1,885
	35,037		Formosa International Hotels Corp		426
	69,000		Fortuna Entertainment Group NV		432
	199,000	*,e	Fu Shou Yuan International Group Ltd		109
	63,000	*,e	Fuji Kyuko Co Ltd		718
	69,000		Fujita Kanko, Inc		252
	766,769	e	G8 Education Ltd		3,326
	38,200		GAEC Educacao S.A.		515
	2,038,155	*	Galaxy Entertainment Group Ltd		16,290
	2,436,506		Genting BHD		7,581
	62,813,228	e	Genting International plc		67,064
	71,000		Gourmet Master Co Ltd		550
	6,530		Graham Holdings Co		4,689
	141,351	*	Grand Canyon Education, Inc		6,498
	40,500		Grand Korea Leisure Co Ltd		1,665
	88,657	*	Great Canadian Gaming Corp		1,418
	274,030		Greene King plc		3,956
	223,123	e	GTECH S.p.A.		5,452
	663,000	e	GuocoLeisure Ltd		604
	1,168,041		H&R Block, Inc		39,153
	12,020		Hana Tour Service, Inc		805
	238,963		Hillenbrand, Inc		7,795

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	664,325	*	Hilton Worldwide Holdings, Inc	$	15,479
	26,500		Hiramatsu Inc		177
	195,500		HIS Co Ltd		6,314
	33,326		Hotel Shilla Co Ltd		3,010
	175,300	*	Hoteles City Express SAB de C.V.		317
	403,600	*,e	Houghton Mifflin Harcourt Co		7,733
	254,050		Huangshan Tourism Development Co Ltd		304
	119,916	*	Hyatt Hotels Corp		7,313
	7,700		Ichibanya Co Ltd		322
	25,468	*,e	Ignite Restaurant Group, Inc		371
	440,248		Indian Hotels Co Ltd		762
	38,315		InterContinental Hotels Group plc		1,585
	153,514		International Game Technology		2,442
	72,000		International Meal Co Holdings S.A.		668
	104,664		International Speedway Corp (Class A)		3,483
	554,357		Interval Leisure Group, Inc		12,163
	312,186	*	Intralot S.A.-Integrated Lottery Systems & Services		863
	64,777	*,e	Intrawest Resorts Holdings Inc		742
	122,071		Invocare Ltd		1,164
	84,253	*	Isle of Capri Casinos, Inc		721
	88,382	*,e	ITT Educational Services, Inc		1,475
	189,146		Jack in the Box, Inc		11,319
	98,761	*	Jamba, Inc		1,195
	449,400		Jollibee Foods Corp		1,812
	54,500	e	JP-Holdings Inc/Japan		245
	14,198	*,e	JTH Holding, Inc		473
	117,854	*,e	K12, Inc		2,837
	36,549	*	Kambi Group plc		189
	121,707		Kangwon Land, Inc		3,574
	31,300	*,e	Kappa Create Co Ltd		325
	23,300	e	Kisoji Co Ltd		459
	404,000	*	KNT-CT Holdings Co Ltd		774
	13,900	e	Koshidaka Holdings Co Ltd		490
	815,333		Kosmopolito Hotels International Ltd		141
	325,928	*	Krispy Kreme Doughnuts, Inc		5,208
	399,100		Kroton Educacional S.A.		11,192
	3,916		Kuoni Reisen Holding		1,516
	12,400		Kura Corp		335
	17,400		Kyoritsu Maintenance Co Ltd		724
	140,451	*	La Quinta Holdings, Inc		2,688
	2,512,785		Ladbrokes plc		6,033
	3,015,016		Las Vegas Sands Corp		229,805
	151,566	*,e	Life Time Fitness, Inc		7,387
	377,892	*,e	LifeLock, Inc		5,275
	3,094,000	*,e	Macau Legend Development Ltd		2,144
	1,044,310		Macquarie Leisure Trust Group		2,667
	70,240		Marcus Corp		1,282
	1,615,971		Marriott International, Inc (Class A)		103,584
	108,754	*	Marriott Vacations Worldwide Corp		6,376
	649,105		Marston’s plc		1,610
	12,000	e	Matsuya Foods Co Ltd		225
	104,364	e	Matthews International Corp (Class A)		4,338

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,580,389		McDonald’s Corp	$	159,208
	4,864	e	McDonald’s Holdings Co Japan Ltd		137
	13,048		MegaStudy Co Ltd		779
	15,400		Meiko Network Japan Co Ltd		197
	82,500		Melco Crown Entertainment Ltd		993
	8,765,800	*	Melco Crown Philippines Resorts Corp		2,302
	1,059,000		Melco International Development		3,202
	544,355		Melco PBL Entertainment Macau Ltd (ADR)		19,439
	1,804,000	*	MelcoLot Ltd		316
	1,096,800	*,g	Merlin Entertainments plc		6,724
	3,612,800		MGM China Holdings Ltd		12,530
	370,561	*	MGM Mirage		9,783
	228,103		Millennium & Copthorne Hotels plc		2,271
	4,754,690		Minor International PCL (Foreign)		4,286
	244,500	*	Mitchells & Butlers plc		1,630
	300,000		MK Restaurants Group PCL		573
	9,783		Modetour Network, Inc		229
	52,202	*	Monarch Casino & Resort, Inc		790
	103,778	*	Morgans Hotel Group Co		823
	32,000		MOS Food Services, Inc		701
	15,800		MTY Food Group, Inc		447
	193,606	*	Multimedia Games, Inc		5,739
	10,303	*	Nathan’s Famous, Inc		558
	272,832		Navitas Ltd		1,834
	252,771	*	NET Holding AS		290
	206,580	*,e	NH Hoteles S.A.		1,223
	33,675	*,e	Noodles & Co		1,158
	104,869	*	Norwegian Cruise Line Holdings Ltd		3,324
	11,700		Ohsho Food Service Corp		519
	900,035		OPAP S.A.		16,002
	11,582	*	Orascom Development Holding AG.		263
	57,881		Oriental Land Co Ltd		9,920
	2,483,989	*	Orient-Express Hotels Ltd		36,117
	362,000		Overseas Union Enterprise Ltd		706
	24,500	e	Pacific Golf Group International Holdings KK		253
	110,595		Paddy Power plc		7,272
	38,931	*	Panera Bread Co (Class A)		5,833
	162,162		Papa John’s International, Inc		6,874
	1,013,580	*,a,e	Papa Murphy’s Holdings, Inc		9,710
	41,332		Paradise Co Ltd		1,528
	468,000	*,e	Paradise Entertainment Ltd		307
	822,625	e	PartyGaming plc		1,351
	358,233	*	Penn National Gaming, Inc		4,349
	20		Philweb Corp		0	^
	5,230	*	Pierre & Vacances		242
	187,255	*,e	Pinnacle Entertainment, Inc		4,715
	71,600		Plenus Co Ltd		1,649
	124,712	*	Popeyes Louisiana Kitchen, Inc		5,451
	42,831	*,e	Potbelly Corp		684
	952,398	*	Raffles Education Corp Ltd		260
	44,997	*	Red Robin Gourmet Burgers, Inc		3,204
	965,000		Regal Hotels International Holdings Ltd		603

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	172,258		Regis Corp	$	2,425
	3,159,800		Resorts World BHD		4,134
	150,700		Resorttrust, Inc		3,009
	435,782		Restaurant Group plc		4,478
	121,286		Retail Food Group Ltd		519
	25,752,466	e	REXLot Holdings Ltd		3,027
	117,406	*	Rezidor Hotel Group AB		777
	19,200	e	Ringer Hut Co Ltd		321
	75,200		Round One Corp		479
	710,255		Royal Caribbean Cruises Ltd		39,490
	75,700	e	Royal Holdings Co Ltd		1,268
	229,315	*	Ruby Tuesday, Inc		1,741
	203,544		Ruth’s Chris Steak House, Inc		2,514
	32,200	e	Saizeriya Co Ltd		409
	5,368,814		Sands China Ltd		40,522
	227,770	*,e	Scientific Games Corp (Class A)		2,533
	87,304		SeaWorld Entertainment, Inc		2,473
	52,800		Ser Educacional S.A.		610
	703,272		Service Corp International		14,572
	224,984	*	Shanghai Jinjiang International Hotels Development Co Ltd		335
	2,454,000	e	Shanghai Jinjiang International Hotels Group Co Ltd		653
	107,249		Shanghai Jinjiang International Travel Co Ltd		184
	116,120		Shangri-La Asia Ltd		182
	2,859		Shinsegae Food Co Ltd		198
	532,467		Six Flags Entertainment Corp		22,656
	3,940,613		SJM Holdings Ltd		9,872
	24,771		SkiStar AB (Series B)		313
	1,266,114		Sky City Entertainment Group Ltd		4,410
	193,608		Slater & Gordon Ltd		943
	36,231	*	SM Culture & Contents Co Ltd		122
	12,818		Sodexho Alliance S.A.		1,379
	53,463	e	Sol Melia S.A.		656
	313,640	*	Sonic Corp		6,925
	188,014		Sotheby’s (Class A)		7,895
	44,931	e	Speedway Motorsports, Inc		820
	1,079,781		Spirit Pub Co plc		1,367
	144,376	e	Spur Corp Ltd		438
	8,200		St Marc Holdings Co Ltd		440
	944,000		Stamford Land Corp Ltd		504
	37,000	e	Starbucks Coffee Japan Ltd		425
	3,053,021		Starbucks Corp		236,243
	859,860		Starwood Hotels & Resorts Worldwide, Inc		69,494
	5,455	*	Steak N Shake Co		2,307
	69,032	*	Steiner Leisure Ltd		2,988
	64,169	*,e	Strayer Education, Inc		3,370
	159,867		Sun International Ltd		1,654
	1,506,300		Ta Enterprise BHD		403
	65,416		Tabcorp Holdings Ltd		207
	138,237		Tattersall’s Ltd		426
	216,335		Texas Roadhouse, Inc (Class A)		5,625
	1,734,783	*,e	Thomas Cook Group plc		3,959

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	203,460		Tim Hortons, Inc (Toronto)	$	11,130
	6,502		Tipp24 SE		438
	215,000		Tokyo Dome Corp		1,015
	169,000	e	Tokyotokeiba Co Ltd		528
	18,100	*,e	Toridoll.corp		166
	444,000	e	Tsui Wah Holdings Ltd		215
	461,910		TUI AG.		7,764
	308,653		TUI Travel plc		2,101
	36,549		Unibet Group plc (ADR)		1,816
	83,492	e	Universal Technical Institute, Inc		1,014
	110,025	e	Vail Resorts, Inc		8,492
	154,187	*,e	Vocation Ltd		443
	23,700	e	Watami Co Ltd		335
	121,906	e	Weight Watchers International, Inc		2,459
	120,347		Wendy’s		1,027
	142,299		Wetherspoon (J.D.) plc		1,926
	61,100		Whistler Blackcomb Holdings, Inc		1,016
	626,047		Whitbread plc		47,229
	156,751		William Hill plc		880
	76,220		Wowprime Corp		1,099
	457,540		Wyndham Worldwide Corp		34,645
	2,536,471		Wynn Macau Ltd		9,935
	93,210		Wynn Resorts Ltd		19,347
	812,000		Xiao Nan Guo Restaurants Holdings Ltd		118
	325,000		YBM Sisa.com, Inc		1,380
	50,000		Yomiuri Land Co Ltd		236
	138,700	e	Yoshinoya D&C Co Ltd		1,955
	424,182	e	Yum! Brands, Inc		34,444
	105,400	e	Zensho Co Ltd		1,073
	672,000		Zhuhai Holdings Investment Group Ltd		102
	167,396	*,e	Zoe’s Kitchen, Inc		5,755
			TOTAL CONSUMER SERVICES		2,761,232
DIVERSIFIED FINANCIALS - 3.8%
	847,475		3i Group plc		5,824
	33,714	e	ABC Arbitrage		235
	2,229,143		Aberdeen Asset Management plc		17,300
	29,640		Ackermans & Van Haaren		3,738
	298,500	*,e	Acom Co Ltd		1,422
	45,290		Aeon Credit Service Co Ltd		1,184
	20,000		Aeon Credit Service M BHD		100
	892,612	*	Affiliated Managers Group, Inc		183,342
	665,825		AFP Habitat S.A.		890
	1,492,959	e	African Bank Investments Ltd		953
	177,569	e	AGF Management Ltd		2,077
	343,900	*,e	Aiful Corp		2,220
	34,074		Aker ASA (A Shares)		1,344
	1,832,992	*	Al Waha Capital PJSC		1,104
	71,925	e	Alaris Royalty Corp		1,949
	402,185	*,e	Ally Financial, Inc		9,616
	65,346		Altamir Amboise		1,016
	414,898	*	American Capital Ltd		6,344

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,205,759		American Express Co	$	304,130
	1,750,236		Ameriprise Financial, Inc		210,028
	5,139,937	*	Anima Holding S.p.A		31,024
	217,541		Apollo Management LP		6,030
	951,649		ARA Asset Management Ltd		1,359
	404,057		Ares Capital Corp		7,216
	174,732	*	Arrow Global Group plc		688
	128,664		Artisan Partners Asset Management, Inc		7,293
	417,704	e	Ashmore Group plc		2,637
	12,981	*,m	Asia Pacific Investment Partners Limited		99
	1,387,200		Asia Plus Securities PCL		154
	8,825,000	e	Asian Pay Television Trust		5,520
	192,600		Asset Managers Co Ltd		665
	20,115		Aurelius AG.		733
	228,963		Australian Stock Exchange Ltd		7,698
	25,694		Avanza AB		1,076
	279,917		Ayala Corp		4,151
	2,215	*,m	Ayala Corp Preferred		0	^
	115,933		Azimut Holding S.p.A.		2,984
	19,847		Bajaj Auto Finance Ltd		662
	199,580		Banca Generali S.p.A		5,487
	82,955		Banca IFIS S.p.A.		1,540
	691,123		Banca Profilo S.p.A.		335
	1,160,253		Bank of New York Mellon Corp		43,486
	734,837		BGC Partners, Inc (Class A)		5,467
	160,904		BinckBank NV		2,036
	390,987		BlackRock, Inc		124,959
	1,110,939		Blackstone Group LP		37,150
	2,339,011		BM&F Bovespa S.A.		12,269
	30,669,573	*	Bolsa de Valores de Colombia		376
	612,700	e	Bolsa Mexicana de Valores S.A. de C.V.		1,300
	101,664		Bolsas y Mercados Espanoles		4,853
	699,337	*	Brait S.A.		4,294
	403,343	*	Brewin Dolphin Holdings plc		2,138
	200,324		BT Investment Management Ltd		1,218
	85,021		Bure Equity AB		381
	338,700		Bursa Malaysia BHD		819
	69,716		Calamos Asset Management, Inc (Class A)		933
	158,582	e	Canaccord Financial, Inc		1,826
	3,628,762		Capital One Financial Corp		299,736
	1,471,300		Capital Securities Corp		564
	106,954		Cash America International, Inc		4,752
	788,459		CBOE Holdings, Inc		38,800
	54,976		Cembra Money Bank AG.		3,472
	84,001		Century Leasing System, Inc		2,835
	239,167		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		3,404
	2,102,070		Chailease Holding Co Ltd		5,287
	989,567		Challenger Financial Services Group Ltd		6,941
	3,707,692		Charles Schwab Corp		99,848
	468,000	*	China Assurance Finance Group Ltd		85
	1,130,000		China Bills Finance Corp		420
	5,310,000	*,e	China Cinda Asset Management Co Ltd		2,637

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,223,200		China Everbright Ltd	$	1,644
	5,200,000	*	China Galaxy Securities Co Ltd		3,361
	3,665,000		China LNG Group Ltd		331
	144,665	e	China Merchants China Direct Investments Ltd		194
	3,236		Cholamandalam DBS Finance Ltd		21
	301,250	e	CI Financial Corp		9,895
	731,895	*	Citadel Capital Corp		386
	1,673,200	e	CITIC Securities Co Ltd		3,691
	348,009		Close Brothers Group plc		7,603
	228,204		CME Group, Inc		16,191
	59,806	e	Cohen & Steers, Inc		2,594
	1,705,900	e	Compartamos SAB de C.V.		3,287
	275	*	Concord Securities Corp		0	^
	74,749	*	Consumer Portfolio Services, Inc		570
	106,429		CorEnergy Infrastructure Trust, Inc		789
	249,598		Coronation Fund Managers Ltd		2,242
	21,536		Corp Financiera Alba		1,402
	81,637		Corp Financiera Colombiana S.A.		1,667
	425,015	*	Cowen Group, Inc		1,794
	35,619	*	Credit Acceptance Corp		4,385
	5,904	*	Credit Analysis & Research Ltd		108
	1,953,600	e	Credit China Holdings Ltd		436
	106,268	*	Credit Saison Co Ltd		2,213
	2,126,184		Credit Suisse Group		60,468
	1,604,700	e	Credito Real SAB de C.V.		3,593
	203,169		Daewoo Securities Co Ltd		1,751
	59,940		Daishin Securities Co Ltd		515
	29,060		Daishin Securities Co Ltd PF		169
	4,813,135		Daiwa Securities Group, Inc		41,702
	130,557	*,e	DeA Capital S.p.A.		255
	18,936	e	Deerfield Capital Corp		171
	712,552		Deutsche Bank AG.		25,043
	11,744	*	Deutsche Beteiligungs AG.		347
	161,992		Deutsche Boerse AG.		12,560
	10,540		Diamond Hill Investment Group, Inc		1,346
	1,816,580		Discover Financial Services		112,592
	2,317,475	*	Dubai Financial Market		1,647
	48,713	*	Dundee Corp		784
	366,724	*	E*Trade Financial Corp		7,797
	30,650	*	East Capital Explorer AB		264
	251,323		Eaton Vance Corp		9,497
	3,322		EFG Financial Products Holding AG.		797
	114,029	e	EFG International		1,329
	999,622	*	Egypt Kuwait Holding Co		1,055
	512,469	*	Egyptian Financial Group-Hermes Holding		1,101
	231,300	*	Element Financial Corp		2,922
	85,900	*,e	Encore Capital Group, Inc		3,902
	23,694		Eurazeo		1,972
	166,259		Evercore Partners, Inc (Class A)		9,583
	74,027		Exor S.p.A.		3,037
	199,112	*,e	Ezcorp, Inc (Class A)		2,300
	2,158,200		Far East Horizon Ltd		1,576

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	33,023	*	FBR & Co	$	896
	86,067	e	Federated Investors, Inc (Class B)		2,661
	127	e	Fidus Investment Corp		3
	266,129	e	Financial Engines, Inc		12,050
	14,200	e	Financial Products Group Co Ltd		128
	95,102	*,e	First Cash Financial Services, Inc		5,477
	2,730,785		First Pacific Co		3,048
	6,020,169		FirstRand Ltd		23,063
	256,583		FlexiGroup Ltd		767
	133,250		Fonterra Shareholders’ Fund		677
	385,866		Franklin Resources, Inc		22,318
	67,648	e	Friedman Billings Ramsey Group, Inc (Class A)		1,849
	7,943,286		Fubon Financial Holding Co Ltd		11,474
	25,253,634		Fuhwa Financial Holdings Co Ltd		13,656
	34,300	e	Fuyo General Lease Co Ltd		1,534
	168,910	e	FXCM, Inc		2,527
	83,988	e	Gain Capital Holdings, Inc		661
	22,802		GAMCO Investors, Inc (Class A)		1,894
	267,469	e	GFI Group, Inc		888
	24,137	e	Gimv NV		1,208
	186,590	*	Global Infratech & Finance Ltd		67
	70,195		Gluskin Sheff + Associates, Inc		2,095
	72,466		GMP Capital, Inc		579
	1,326,910		Goldman Sachs Group, Inc		222,178
	263	e	Golub Capital BDC, Inc		5
	118,431	*	Green Dot Corp		2,248
	89,944	e	Greenhill & Co, Inc		4,430
	72,983		Groupe Bruxelles Lambert S.A.		7,585
	883	*,m	Groupe Bruxelles Lambert S.A. - (Strip VVPR)		0	^
	549,023		Grupo de Inversiones Suramericana S.A.		11,668
	29,448		Grupo de Inversiones Suramericana S.A. (Preference)		624
	188,800	e	Grupo Financiero Interacciones S.A. de C.V.		1,368
	193,270		GT Capital Holdings, Inc		3,853
	1,120,888	*	Gulf General Investment Co		253
	568,000	e	Guotai Junan International Hol		322
	1,635,966		Haci Omer Sabanci Holding AS		7,641
	3,800,800		Haitong Securities Co Ltd		5,893
	27,167		Hankook Tire Worldwide Co Ltd		603
	84,290	*	Hanwha Securities Co		287
	314,513		Hargreaves Lansdown plc		6,659
	134,233		Hellenic Exchanges S.A.		1,524
	2,434,091		Henderson Group plc		10,019
	202,652		HFF, Inc (Class A)		7,537
	160,800		Hitachi Capital Corp		4,505
	8,930	*	HMC Investment Securities Co Ltd		90
	1,103,102	e	Hong Kong Exchanges and Clearing Ltd		20,564
	138,396	*	Hyundai Securities Co		808
	30,500		IBJ Leasing Co Ltd		804
	90,920		ICAP plc		591
	40,600		Ichiyoshi Securities Co Ltd		573
	1,505,109	*	IFCI Ltd		1,054
	847,878		IG Group Holdings plc		8,518

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	187,412	e	IGM Financial, Inc	$	8,971
	105,600	e	IMF Australia Ltd		183
	227,644		India Infoline Ltd		479
	305,403		Indiabulls Housing Finance Ltd		1,930
	18,736		Indiabulls Securities Ltd		9
	88,142		Industrivarden AB		1,740
	128,704		Infrastructure Development Finance Co Ltd		289
	17,163,273	*	ING Groep NV		240,843
	1,484,065	*,e	ING Groep NV (ADR)		20,807
	91,018		Interactive Brokers Group, Inc (Class A)		2,120
	179,983	*,m	Interbolsa S.A.		0	^
	593,443		IntercontinentalExchange Group, Inc		112,101
	986,385		Intermediate Capital Group plc		6,584
	53,979	*	International Assets Holding Corp		1,075
	287,504		International Personal Finance plc		2,887
	153,000	*	Internet Capital Group, Inc		3,195
	83,617		Inversiones La Construccion S.A.		1,010
	705,140		Invesco Ltd		26,619
	271,544		Investec Ltd		2,491
	276,934		Investec plc		2,551
	139,261	*	Investment Technology Group, Inc		2,351
	509,837		Investor AB (B Shares)		19,104
	375,701		IOOF Holdings Ltd		2,976
	14,984		Is Finansal Kiralama AS.		7
	47,319	e	iShares China Large-Cap ETF		1,753
	194,971	e	iShares MSCI Canada Index Fund		6,280
	988,658	e	iShares MSCI EAFE Index Fund		67,595
	467,603		iShares MSCI Emerging Markets		20,214
	65,435	e	iShares MSCI Japan Index Fund		788
	149,481	e	iShares Russell 2000 Index Fund		17,760
	83,600		Iwai Securities Co Ltd		970
	146,100	e	J Trust Co Ltd		2,149
	160,000		Jaccs Co Ltd		825
	76,817	*,e	Jafco Co Ltd		3,363
	559,123	e	Janus Capital Group, Inc		6,978
	1,277,200		Japan Securities Finance Co Ltd		7,948
	43,727	*,e	JGWPT Holdings, Inc		492
	2,324,930		Jih Sun Financial Holdings Co Ltd		664
	202,810		JSE Ltd		1,829
	200,738		Julius Baer Group Ltd		8,270
	378,928		Julius Baer Holding AG.		7,212
	764,725		Jupiter Investment Management Group Ltd		5,223
	846,000		K1 Ventures Ltd		127
	93,800	*	kabu.com Securities Co Ltd		462
	478,195	*	Kailash Auto Finance Ltd		244
	41,429	*,e	KBC Ancora		1,251
	198,626	*	KCG Holdings, Inc		2,360
	507,226		Kinnevik Investment AB (Series B)		21,612
	17,273		KIWOOM Securities Co Ltd		714
	43,090		Korea Investment Holdings Co Ltd		1,711
	48,900		Krungthai Card PCL		66
	42,540		Kyobo Securities Co		272

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,900		Kyokuto Securities Co Ltd	$	380
	311,623	*,e	Ladenburg Thalmann Financial Services, Inc		982
	980,086		Lazard Ltd (Class A)		50,533
	870,759		Legg Mason, Inc		44,679
	574,967		Leucadia National Corp		15,076
	78,469		London Stock Exchange Group plc		2,694
	136,750		LPL Financial Holdings, Inc		6,802
	90,886		Lundbergs AB (B Shares)		4,378
	313,588		Macquarie Group Ltd		17,640
	148,871	e	Magellan Financial Group Ltd		1,534
	293,182		Mahindra & Mahindra Financial Services Ltd		1,375
	107	e	Main Street Capital Corp		4
	31,913,744		Man Group plc		57,436
	441,436		Manappuram General Finance & Leasing Ltd		173
	69,461		Manning & Napier, Inc		1,199
	34,100	*	Marcus & Millichap, Inc		870
	829,435	*	Marfin Investment Group S.A		550
	182,903		MarketAxess Holdings, Inc		9,888
	31,888		Marlin Business Services Corp		580
	210,600		Marusan Securities Co Ltd		1,695
	1,973,000		Masterlink Securities Corp		704
	804,600	e	Matsui Securities Co Ltd		8,172
	1,046	e	MCG Capital Corp		4
	987,689		McGraw-Hill Financial, Inc		82,008
	88	e	Medallion Financial Corp		1
	5,486,856	*	Mediobanca S.p.A.		54,636
	96,184		Meritz finance Holdings Co Ltd		714
	619,540		Meritz Securities Co Ltd		1,322
	12,181,000		Metro Pacific Investments Corp		1,400
	72,991		Mirae Asset Securities Co Ltd		3,235
	57,000		Mito Securities Co Ltd		219
	1,240,860		Mitsubishi UFJ Lease & Finance Co Ltd		7,133
	67,199		MLP AG.		452
	25,593	*	Moelis & Co		860
	1,534,700	e	Monex Beans Holdings, Inc		5,686
	1,615,388		Moody’s Corp		141,605
	9,733,301		Morgan Stanley		314,678
	326,500	*	MPHB Capital BHD		219
	227,936	*	MSCI, Inc (Class A)		10,451
	1,531,700	*	Mulpha International BHD		210
	1,197,500		Multi-Purpose Holdings BHD		1,137
	83,354		NASDAQ OMX Group, Inc		3,219
	1,198,621		Navient Corp		21,228
	79,696		Nelnet, Inc (Class A)		3,302
	105,157	*	NewStar Financial, Inc		1,478
	65,343		NH Investment & Securities Co Ltd		387
	4,010		NICE Holdings Co Ltd		50
	39,184		Nicholas Financial, Inc		563
	3,851,572		Nomura Holdings, Inc		27,282
	146,920		Nordnet AB (Series B)		703
	118,265		Northern Trust Corp		7,594
	4,867,866	e	NZX Ltd		5,583

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,040		Oaktree Capital Group LLC	$	352
	202,000	*	Okasan Holdings, Inc		1,678
	481		OKO Bank (Class A)		10
	86,387		Onex Corp		5,345
	38,560		Oppenheimer Holdings, Inc		925
	18,269	*	Oresund Investment AB		409
	554,000	*	Orient Corp		1,494
	4,301,790	*	ORIX Corp		71,327
	285,200	e	Osaka Securities Exchange Co Ltd		7,029
	720,575		OSK Holdings BHD		402
	253,331	e	OzForex Group Ltd		630
	6,489		Pargesa Holding S.A.		582
	3,696		Partners Group		1,010
	517,000	*,m	Peregrine Investment Holdings		0	^
	111,654		Perpetual Trustees Australia Ltd		4,986
	327,855	*	PHH Corp		7,534
	82,264		Philippine Stock Exchange, Inc		522
	98,103	*	Pico Holdings, Inc		2,331
	378,585	*	Pioneers Holding		700
	62,292	*	Piper Jaffray Cos		3,225
	539,114		Platinum Asset Mangement Ltd		3,202
	221,232	e	Plus500 Ltd		1,735
	18,911	*	PMC Fincorp Ltd		244
	103,300		Pocket Card Co Ltd		858
	158,917	*,e	Portfolio Recovery Associates, Inc		9,460
	642,071		Power Finance Corp Ltd		3,280
	66,000	e	PowerShares QQQ Trust Series		6,198
	1,429,509		President Securities Corp		828
	195,210		Provident Financial plc		7,626
	1,261,390	*	PT Minna Padi Investama Tbk		84
	49,459	e	Pzena Investment Management, Inc (Class A)		552
	10,236	*	Qatar Industrial Manufacturing Co		125
	5,134		Rathbone Brothers		174
	226,916	e	Ratos AB (B Shares)		2,098
	89,016		Raymond James Financial, Inc		4,516
	27,630	e	RCS Capital Corp (Class A)		587
	71,637	*	Regional Management Corp		1,108
	315,111		Reliance Capital Ltd		3,441
	25,418	*	Religare Enterprises Ltd		145
	665,761		Remgro Ltd		14,401
	55,116		Resource America, Inc (Class A)		515
	99,247	*,e	RHJ International		483
	17,700		Ricoh Leasing Co Ltd		506
	978,033		RMB Holdings Ltd		4,838
	908,000	*	Rowsley Ltd		200
	575,779		Rural Electrification Corp Ltd		3,444
	79,223	*,e	Safeguard Scientifics, Inc		1,647
	70,209	*	Salam International Investment Co		297
	212,602		Samsung Card Co		9,067
	72,231		Samsung Securities Co Ltd		3,161
	389,475		Santander Consumer USA Holdings, Inc		7,571
	300,100	*,e	Sawada Holdings Co Ltd		2,681

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	83,927	*	SBI Holdings, Inc	$	1,029
	142,037		Schroders plc		6,087
	26,309	*	SE Investments Ltd		143
	715,132		SEI Investments Co		23,435
	5	*,m	SFCG Co Ltd		0	^
	209,243		Shriram Transport Finance Co Ltd		3,149
	751,678	*	SHUAA Capital PSC		209
	16,496		Silvercrest Asset Management Group, Inc		284
	932,356	e	Singapore Exchange Ltd		5,200
	231,254	*	SK Securities Co Ltd		162
	90,848	*	SKS Microfinance Pvt Ltd		418
	833,100		SLM Corp		6,923
	768,475	*,e,m	SNS Reaal		10
	7,139	*	Societe Fonciere Financiere et de Participations FFP		455
	124,900	e	Sparx Group Co Ltd		290
	88,303	e	SPDR S&P MidCap 400 ETF Trust		23,008
	939,376	e	SPDR Trust Series 1		183,855
	91,683	*,e	Springleaf Holdings, Inc		2,379
	135,168		Sprott, Inc		384
	409,246		SREI Infrastructure Finance Ltd		345
	2,641,200		State Street Corp		177,647
	251,190	*	Stifel Financial Corp		11,894
	28,434		Sundaram Finance Ltd		440
	242,417	*	SVG Capital plc		1,727
	10,731		Swissquote Group Holding S.A.		409
	114,880	*	SWS Group, Inc		836
	480,554		T Rowe Price Group, Inc		40,564
	1,516,632	e	Tai Fook Securities Group Ltd		782
	416,000		Taiwan Acceptance Corp		1,138
	170,000		Takagi Securities Co Ltd		457
	228,931		Tamburi Investment Partners S.p.A.		780
	348,772		TD Ameritrade Holding Corp		10,934
	23,167		Tiptree Financial, Inc		202
	39,700		TMX Group Ltd		2,190
	349,380		Tokai Tokyo Securities Co Ltd		2,719
	84,400		Tong Yang Investment Bank		193
	253,000	*	Toyo Securities Co Ltd		780
	90,800	e	Tricon Capital Group, Inc		670
	257,155		Tullett Prebon plc		1,165
	9,650,926		UBS AG.		176,945
	999,114		UOB-Kay Hian Holdings Ltd		1,297
	142,337	*,e	Uranium Participation Corp		647
	897,000	e	Value Partners Group Ltd		601
	37,693	*	Virtus Investment Partners, Inc		7,981
	30,606		Vontobel Holding AG.		1,068
	203,731	*,e	Vostok Nafta Investment Ltd (ADR)		1,606
	464,265		Voya Financial, Inc		16,871
	343,194		Waddell & Reed Financial, Inc (Class A)		21,480
	139,894	*,e	Walter Investment Management Corp		4,166
	44,643		Warsaw Stock Exchange		572
	3,677,611		Waterland Financial Holdings		1,168
	29,801		Wendel		4,269

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	25,048		Westwood Holdings Group, Inc	$	1,504
	531,034	*,e	WisdomTree Investments, Inc		6,564
	16,707		Woori Financial Co Ltd		344
	129,359		Woori Investment & Securities Co Ltd		1,116
	26,862	*,e	World Acceptance Corp		2,040
	746,241		Zeder Investments Ltd		400
	51,400	*	Zenkoku Hosho Co Ltd		1,399
			TOTAL DIVERSIFIED FINANCIALS		4,916,106
ENERGY - 9.7%
	438,566	*	Abraxas Petroleum Corp		2,745
	1,060,479		Acergy S.A.		19,767
	10,394		Adams Resources & Energy, Inc		812
	16,606,127		Adaro Energy Tbk		1,649
	587,877	*	Advantage Oil & Gas Ltd		3,950
	8,505,055	*	Afren plc		21,070
	16,213		Aker Kvaerner ASA		281
	273,100		Alam Maritim Resources BHD		134
	145,182		Alliance Holdings GP LP		9,406
	194,025		Alon USA Energy, Inc		2,414
	935,338	*,e	Alpha Natural Resources, Inc		3,470
	99,549	e	AltaGas Income Trust		4,579
	183,486		AMEC plc		3,810
	106,124	*	American Eagle Energy Corp		636
	2,474,298	*,e	Amerisur Resources plc		2,710
	116,842	*,e	Amyris Biotechnologies, Inc		436
	2,386,967		Anadarko Petroleum Corp		261,301
	153,176		Anglo Pacific Group plc		459
	331,885	*,e	Antero Resources Corp		21,782
	1,488,000	e	Anton Oilfield Services Group		1,013
	2,300,032		Apache Corp		231,429
	33,503	*,e	APCO Argentina, Inc		483
	138,286	*,e	Approach Resources, Inc		3,143
	1,492,749	e	ARC Energy Trust		45,452
	808,123	e	Arch Coal, Inc		2,950
	1,230,103	*,e	Archer Ltd		2,202
	63,484		Ardmore Shipping Corp		878
	238,348	*	Athabasca Oil Corp		1,711
	163,895	*	Athlon Energy, Inc		7,818
	106,190	*	Atwood Oceanics, Inc		5,573
	1,618,664	*	Australian Worldwide Exploration Ltd		2,747
	45,994	e	Awilco Drilling plc		1,050
	1,726,157		Baker Hughes, Inc		128,512
	266,700		Bangchak Petroleum PCL		242
	946,001	*	Bankers Petroleum Ltd		6,046
	1,239,800		Banpu PCL (Foreign)		1,131
	144,249	*	Basic Energy Services, Inc		4,215
	283,978	e	Baytex Energy Trust		13,107
	5,852,401		Beach Petroleum Ltd		9,266
	201,731	*	Bellatrix Exploration Ltd		1,751
	4,127,521		BG Group plc		87,096
	482,190		Bharat Petroleum Corp Ltd		4,814

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	184,962	*,e	Bill Barrett Corp	$	4,953
	377,117	*	Birchcliff Energy Ltd		4,983
	437,200	*	BlackPearl Resources, Inc		926
	99,211	*	Bonanza Creek Energy, Inc		5,674
	408,000	e	Bonavista Energy Trust		6,259
	31,626	e	Bonterra Oil & Gas Ltd		1,919
	343,096		Boustead Singapore Ltd		519
	14,770,698		BP plc		130,070
	1,131,555		BP plc (ADR)		59,690
	421,599	*,e	BPZ Energy, Inc		1,299
	5,465,000	*,e	Brightoil Petroleum Holdings Ltd		1,777
	136,318		Bristow Group, Inc		10,990
	2,189,100		Bumi Armada BHD		2,318
	65,049	*	BUMI plc		83
	274,423	*,e	Buru Energy Ltd		287
	84,011		BW LPG Ltd		1,231
	757,912		BW Offshore Ltd		1,111
	147,739	*,e	C&J Energy Services, Inc		4,991
	868,374		Cabot Oil & Gas Corp		29,646
	677,397	*	Cairn Energy plc		2,318
	973,835		Cairn India Ltd		5,910
	79,994		Calfrac Well Services Ltd		1,496
	151,861	*	Callon Petroleum Co		1,769
	160,352		Caltex Australia Ltd		3,263
	776,216	e	Cameco Corp		15,222
	541,088	e	Cameco Corp (Toronto)		10,613
	229,223	*	Cameron International Corp		15,521
	111,500	*	Canacol Energy Ltd		726
	69,200		Canadian Energy Services & Technology Corp		2,167
	2,365,361		Canadian Natural Resources Ltd (Canada)		108,686
	1,288,326	e	Canadian Oil Sands Trust		29,194
	97,300		CanElson Drilling, Inc		745
	74,400		Canyon Services Group, Inc		1,318
	310,000		Capital Product Partners LP		3,540
	60,395	e	CARBO Ceramics, Inc		9,308
	37,400		Cardinal Energy Ltd		631
	177,201	*	Carrizo Oil & Gas, Inc		12,273
	114,143		CAT Oil AG.		2,926
	657,350		Cenovus Energy, Inc (Toronto)		21,309
	137,400	*	Cequence Energy Ltd		377
	122,080	*,e	CHC Group Ltd		1,030
	2,254,341	*	Cheniere Energy, Inc		161,636
	1,832,665		Chesapeake Energy Corp		56,959
	8,104,558		Chevron Corp		1,058,050
	5,876,900	e	China Coal Energy Co		3,053
	6,188,470	e	China Oilfield Services Ltd		14,883
	8,618,899		China Shenhua Energy Co Ltd		24,898
	2,132,000		China Suntien Green Energy Cor		692
	749,000		Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		259
	467,646		Cimarex Energy Co		67,088
	24,700	*	Clayton Williams Energy, Inc		3,393

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	237,673	*,e	Clean Energy Fuels Corp	$	2,786
	232,740	*	Cloud Peak Energy, Inc		4,287
	40,143,700		CNOOC Ltd		72,165
	2,077,885		Coal India Ltd		13,307
	1,114,152	*	Cobalt International Energy, Inc		20,445
	180,048	*,e	Compagnie Generale de Geophysique S.A.		2,551
	182,911		Comstock Resources, Inc		5,275
	493,944	*	Concho Resources, Inc		71,375
	3,933,503		ConocoPhillips		337,219
	1,145,089		Consol Energy, Inc		52,754
	82,252	*	Contango Oil & Gas Co		3,480
	318,989	*,e	Continental Resources, Inc		50,413
	51,745	e	Core Laboratories NV		8,645
	205,974		Cosan SA Industria e Comercio		3,738
	1,159,000	*	Cosmo Oil Co Ltd		2,486
	322,125	e	Crescent Point Energy Corp		14,276
	126,728	*	Crew Energy, Inc		1,312
	29,414		CropEnergies AG.		198
	31,587	e	CVR Energy, Inc		1,522
	4,355,839	*	Dana Gas PJSC		712
	31,089		Dawson Geophysical Co		891
	868,650		Dayang Enterprise Holdings BHD		974
	205,866	*,e	Deep Sea Supply plc		334
	190,700	*	DeeThree Exploration Ltd		2,037
	14,001		Delek Group Ltd		5,791
	280,523		Delek US Holdings, Inc		7,919
	170,100	*	Delphi Energy Corp		693
	666,888		Denbury Resources, Inc		12,311
	395,408	*,e	Denison Mines Corp		500
	81,995	*,e	Det Norske Oljeselskap ASA		896
	1,209,420		Devon Energy Corp		96,028
	252,010		DHT Holdings, Inc		1,814
	26,299	e	Diamond Offshore Drilling, Inc		1,305
	143,720	*	Diamondback Energy, Inc		12,762
	720,345	*	DNO International ASA		2,765
	797,633	*,e	Dolphin Group AS.		799
	26,138	*	Dorian LPG Ltd		601
	688,075		Dragon Oil plc		7,215
	335,376	*	Dresser-Rand Group, Inc		21,374
	3,513,332	*,e	Drillsearch Energy Ltd		4,836
	158,778	*	Dril-Quip, Inc		17,345
	719,000	e	Dyna-Mac Holdings Ltd		216
	7,478,695		Ecopetrol S.A.		13,583
	207,938	*,e	Electromagnetic GeoServices AS		217
	209,846	*,e	Emerald Oil, Inc		1,605
	1,012,961		Empresas COPEC S.A.		13,200
	111,411	e	Enbridge Income Fund		2,915
	689,575		Enbridge, Inc		32,719
	949,553		EnCana Corp		22,496
	2,230	*,e	Endeavour International Corp		3
	155,018		Enerflex Ltd		2,952
	249,634		Energen Corp		22,187

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,671,000		Energy Absolute PCL	$	945
	1,307,200		Energy Earth PCL		240
	1,003,961	*,e	Energy Resources of Australia Ltd		1,155
	382,462	e	Energy XXI Bermuda Ltd		9,038
	356,180	e	Enerplus Resources Fund		8,976
	2,903,220		ENI S.p.A.		79,402
	869,152	*	Enquest plc (London)		2,100
	810	e	Ensco plc		45
	187,193		Ensign Energy Services, Inc		2,907
	3,318,875		EOG Resources, Inc		387,844
	999,225	*,e	EP Energy Corp		23,032
	137,342		Equal Energy Ltd		744
	736,613		Equitable Resources, Inc		78,744
	76,405	*	Era Group, Inc		2,191
	68,657		ERG S.p.A.		1,060
	293,100		Essential Energy Services Ltd		758
	2,656		Esso SA Francaise		129
	1,545,400	*	Esso Thailand PCL (Foreign)		288
	113,849	*	Etablissements Maurel et Prom		1,952
	101,370		Eurasia Drilling Co Ltd (GDR)		3,193
	47,837	*	Euronav NV		585
	61,794		Evolution Petroleum Corp		677
	2,276,557	e	EXCO Resources, Inc		13,409
	58,490		Exmar NV		949
	225,414		Exterran Holdings, Inc		10,141
	16,152,124		Exxon Mobil Corp		1,626,196
	2,988,800	e	Ezion Holdings Ltd		4,991
	858,200	e	Ezra Holdings Ltd		764
	211,854	*	Faroe Petroleum plc		448
	1,258,565	*	FMC Technologies, Inc		76,861
	444,997	*,e	Forest Oil Corp		1,015
	1,848,680		Formosa Petrochemical Corp		4,814
	205,369	*	Forum Energy Technologies, Inc		7,482
	67,054	e	Frank’s International NV		1,650
	103,364		Fred Olsen Energy ASA		2,931
	120,213	e	Freehold Royalty Trust		3,017
	240,476	*,e	Frontline Ltd		702
	135,943	e	Fugro NV		7,774
	172,046	*,e	FX Energy, Inc		621
	204,784		Galp Energia SGPS S.A.		3,754
	150,030		GasLog Ltd		4,784
	202,014	*	Gastar Exploration, Inc		1,760
	9,582,422		Gazprom OAO (ADR)		83,261
	62,658		Gazpromneft OAO (ADR)		1,381
	10,875,000	*,e	Genesis Energy Holdings Ltd		341
	49,330	*,e	Geospace Technologies Corp		2,717
	411,909	e	Gibson Energy, Inc		13,140
	34,273	*	Glori Energy, Inc		372
	79,444	e	Golar LNG Ltd		4,775
	106,883	*,e	Goodrich Petroleum Corp		2,950
	119,880		Green Plains Renewable Energy, Inc		3,940
	98,092	*	Grupa Lotos S.A.		1,195

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	133,735		GS Holdings Corp	$	5,963
	118,398	*	Gujarat Mineral Development Corp Ltd		333
	51,360		Gulf Island Fabrication, Inc		1,105
	1,014,809	*,e	Gulf Keystone Petroleum Ltd		1,892
	100,325		Gulfmark Offshore, Inc		4,533
	205,083	*	Gulfport Energy Corp		12,879
	969,555	*,e	Halcon Resources Corp		7,068
	38,470		Hallador Petroleum Co		365
	5,111,568		Halliburton Co		362,972
	1,924		Hankook Shell Oil Co Ltd		846
	40,992		Hargreaves Services plc		530
	148,498	*	Harvest Natural Resources, Inc		741
	395,919	*	Helix Energy Solutions Group, Inc		10,417
	4,165		Hellenic Petroleum S.A.		33
	463,163		Helmerich & Payne, Inc		53,778
	595,540	*,e	Hercules Offshore, Inc		2,394
	204,744	*,m	Heritage Oil Ltd		1,121
	1,352,501		Hess Corp		133,749
	190,900	*	Hibiscus Petroleum BHD		96
	1,888,000	*,e	Hidili Industry International Development Ltd		222
	1,804,000	e	Hilong Holding Ltd		896
	45,851	*,e	Hoegh LNG Holdings Ltd		568
	247,553		Holly Corp		10,816
	1,875,000	e	Honghua Group Ltd		464
	1,241,663	*,e	Horizon Oil Ltd		410
	137,575	*,e	Hornbeck Offshore Services, Inc		6,455
	158,243		Hunting plc		2,323
	703,927	e	Husky Energy, Inc		22,733
	80,900		Idemitsu Kosan Co Ltd		1,757
	133,608	*,e	IGAS Energy plc		290
	300,834	e	Imperial Oil Ltd		15,853
	1,535,736		Inner Mongolia Yitai Coal Co		1,966
	1,480,700		Inpex Holdings, Inc		22,525
	307,960	e	Inter Pipeline Ltd		9,559
	790,127	*	ION Geophysical Corp		3,334
	149,020	*	Ipek Matbacilik Sanayi Ve Ticaret AS		189
	18,559,600		IRPC PCL (Foreign)		1,933
	3,133	*,e	Isramco, Inc		398
	430,700	*	Ithaca Energy, Inc		1,122
	128,453		Itochu Enex Co Ltd		923
	6,100	*,e	Japan Drilling Co Ltd		320
	36,400		Japan Petroleum Exploration Co		1,519
	887,973		John Wood Group plc		12,244
	47,803	*	Jones Energy, Inc (Class A)		980
	1,057,807		JX Holdings, Inc		5,661
	278,350	*,e	Karoon Gas Australia Ltd		806
	101,355	*	Kelt Exploration Ltd		1,447
	493,347	*	Key Energy Services, Inc		4,509
	355,876	e	Keyera Facilities Income Fund		26,218
	391	*,e	Kinder Morgan Management LLC		31
	2,996,420		Kinder Morgan, Inc		108,650
	11,893	*,e	KiOR, Inc (Class A)		4

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	123,402		Knightsbridge Tankers Ltd	$	1,751
	1,722,637	*	KNM Group BHD		486
	838,688	*	Kodiak Oil & Gas Corp		12,203
	59,500	*	Koninklijke Vopak NV		2,905
	223,228	*	Kosmos Energy LLC		2,507
	315,000	*	KrisEnergy Ltd		205
	438,654	e	Kumba Resources Ltd		5,720
	527,368		Kvaerner ASA		1,082
	408,854	*,e	Laredo Petroleum Holdings, Inc		12,666
	191,800	*	Legacy Oil & Gas, Inc		1,700
	265,207	e	Lightstream Resources Ltd		2,028
	69,970		Lubelski Wegiel Bogdanka S.A.		2,747
	883,062		LUKOIL (ADR)		52,603
	25,317	*	Lundin Petroleum AB		512
	138,511		Magellan Midstream Partners LP		11,640
	800,871	*	Magnum Hunter Resources Corp		6,567
	4,318,801		Marathon Oil Corp		172,407
	1,488,019		Marathon Petroleum Corp		116,170
	254,291	*	Maridive & Oil Services SAE		267
	744,342	*	Matador Resources Co		21,794
	196,625	*	Matrix Service Co		6,447
	294,355	e	Maurel & Prom Nigeria		1,644
	1,212,782	*,e	McDermott International, Inc		9,811
	68,513	*	MEG Energy Corp		2,497
	133,491	*,e	Midstates Petroleum Co, Inc		965
	3,720,000	e	MIE Holdings Corp		686
	114,340	*,e	Miller Petroleum, Inc		732
	52,383	*	Mitcham Industries, Inc		732
	18,500	e	Modec, Inc		442
	55,825		MOL Hungarian Oil and Gas plc		2,985
	84,761		Motor Oil Hellas Corinth Refineries S.A.		898
	204,767	e	Mullen Group Ltd		5,895
	394,101		Murphy Oil Corp		26,200
	2,424,838		Nabors Industries Ltd		71,217
	48,350	*	Naphtha Israel Petroleum Corp Ltd		357
	977,993		National Oilwell Varco, Inc		80,538
	47,129	*	Natural Gas Services Group, Inc		1,558
	294,438		Navios Maritime Acq Corp		1,092
	316,362		Neste Oil Oyj		6,173
	1,474,366		New Zealand Oil & Gas Ltd		1,026
	764,249	*	Newfield Exploration Co		33,780
	3,016,000	e	Newocean Energy Holdings Ltd		2,256
	408,949	*	Newpark Resources, Inc		5,096
	266,000	*	Nippon Coke & Engineering Co Ltd		307
	175,879		Noble Corp plc		5,902
	1,454,034		Noble Energy, Inc		112,629
	332,370	e	Nordic American Tanker Shipping		3,167
	419,586	e	North Atlantic Drilling Ltd		4,456
	235,083	*,e	Northern Oil And Gas, Inc		3,829
	160,855		NovaTek OAO (GDR)		19,973
	53,321	*,e	Nuverra Environmental Solutions, Inc		1,072
	484,690	*	NuVista Energy Ltd		5,428

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	208,169	*	Oasis Petroleum, Inc	$	11,635
	2,624,025		Occidental Petroleum Corp		269,304
	93,807		Ocean Yield ASA		604
	243,950		Oceaneering International, Inc		19,060
	65,805		Odfjell Drilling Ltd		360
	321,623		Oil India Ltd		3,142
	1,511,614	*	Oil Refineries Ltd		438
	1,752,016		Oil Search Ltd		15,986
	91,632	*	Oil States International, Inc		5,873
	217,659		OMV AG.		9,833
	652,613		Oneok, Inc		44,430
	1,021,060	*	Ophir Energy plc		3,850
	1,074,385		Origin Energy Ltd		14,809
	71,454	*	Pacific Ethanol, Inc		1,093
	2,415,000	e	Pacific Radiance Ltd		2,575
	482,173		Pacific Rubiales Energy Corp (Toronto)		9,797
	99,100	*	Painted Pony Petroleum Ltd		1,268
	995,999	*,e	Paladin Resources Ltd		277
	21,624		Panhandle Oil and Gas, Inc (Class A)		1,212
	107,161	*	Paramount Resources Ltd (Class A)		5,980
	276,300	*	Parex Resources, Inc		3,250
	443,592	*	Parker Drilling Co		2,892
	212,386	e	Parkland Income Fund		4,092
	261,150	*,e	Parsley Energy, Inc		6,286
	150,526		Pason Systems, Inc		4,232
	1,020,129		Patterson-UTI Energy, Inc		35,643
	5,276		Paz Oil Co Ltd		853
	436,982		PBF Energy, Inc		11,646
	276,321	*	PDC Energy, Inc		17,450
	113,640	e	Peabody Energy Corp		1,858
	523,838	e	Pembina Pipeline Income Fund		22,538
	451,999	e	Pengrowth Energy Trust		3,241
	249,299	*,e	Penn Virginia Corp		4,226
	372,671	e	Penn West Energy Trust		3,639
	502,580	*	Perdana Petroleum BHD		287
	794,000	*	Perisai Petroleum Teknologi BHD		388
	48,220		Petrofac Ltd		992
	477,000	*	Petro-King Oilfield Services Ltd		137
	4,615,176		Petroleo Brasileiro S.A.		33,922
	390,800		Petroleo Brasileiro S.A. (ADR)		5,717
	7,054,782		Petroleo Brasileiro S.A. (Preference)		55,206
	265,125		Petroleum Geo-Services ASA		2,807
	636,018		Petronas Dagangan BHD		4,765
	185,372	*	Petroquest Energy, Inc		1,394
	1,370,105	e	Peyto Energy Trust		51,759
	50,000	*,m	Peyto Exploration & Development Corp		1,889
	47,037	*	PHI, Inc		2,096
	2,807,790		Phillips 66		225,831
	79,200	e	PHX Energy Services Corp		1,231
	303,605	*	Pioneer Energy Services Corp		5,325
	650,873		Pioneer Natural Resources Co		149,577
	163,345		Plains GP Holdings LP		5,225

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,078,158	*,e	Polarcus Ltd	$	606
	3,042,455		Polish Oil & Gas Co		5,256
	377,767		Polski Koncern Naftowy Orlen S.A.		5,097
	100,100	*,m	Poseidon Concepts Corp		1
	328,400		Precision Drilling Trust		4,650
	633,980		Premier Oil plc		3,620
	37,337	*	Profire Energy, Inc		168
	266,976	e	ProSafe ASA		2,200
	22,589,400	*	PT Benakat Petroleum Energy		242
	588,200	*	PT Bumi Resources Tbk		8
	81,175,200	*	PT Energi Mega Persada Tbk		644
	595,000	*	PT Golden Eagle Energy Tbk		315
	1,810,500		PT Harum Energy Indonesia Tbk		356
	2,943,000		PT Indika Energy Tbk		157
	509,000		PT Indo Tambangraya Megah		1,159
	1,854,200		PT Medco Energi Internasional Tbk		555
	20,000		PT Resource Alam Indonesia Tbk		3
	24,204,500	*	PT Sugih Energy Tbk		888
	3,441,034		PT Tambang Batubara Bukit Asam Tbk		3,117
	350,600		PTT Exploration & Production PCL (ADR)		1,810
	4,189,830		PTT Exploration & Production PCL (Foreign)		21,626
	1,744,250		PTT PCL (Foreign)		17,103
	256,200		QGEP Participacoes S.A.		1,044
	388,607	*,e	Quadrise Fuels International plc		206
	330,203		Questar Market Resources, Inc		11,392
	460,778	*,e	Quicksilver Resources, Inc		1,230
	356,600	*	Raging River Exploration, Inc		3,626
	641,561	e	Range Resources Corp		55,784
	4		Refineria La Pampilla S.A. Relapasa		0	^
	2,560,870		Reliance Industries Ltd		43,238
	272,291	*	Renewable Energy Group, Inc		3,123
	2,153,286		Repsol YPF S.A.		56,775
	291,642	*,e	Resolute Energy Corp		2,520
	143,495	*	Rex Energy Corp		2,541
	297,000	*	Rex International Holding Ltd		150
	52,830	*	Rex Stores Corp		3,873
	33,670	*	Rice Energy, Inc		1,025
	36,951	*,e	RigNet, Inc		1,989
	56,352	*	Ring Energy, Inc		983
	118,200	*	RMP Energy Inc		1,046
	954,967	*	Roc Oil Co Ltd		540
	355,101	*,e	Rockhopper Exploration plc		535
	225,180	*	Rosetta Resources, Inc		12,351
	1,506,693		Rosneft Oil Co (GDR)		10,998
	618,425		Rowan Cos plc		19,746
	7,118,773		Royal Dutch Shell plc (A Shares)		294,167
	4,371,179		Royal Dutch Shell plc (B Shares)		189,972
	847,144		RPC, Inc		19,899
	483,088	*,e	RSP Permian, Inc		15,671
	28,555	*	Saipem S.p.A.		770
	333,027	*	Salamander Energy plc		798
	140,000		San-Ai Oil Co Ltd		1,055

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	151,173	*,e	Sanchez Energy Corp	$	5,683
	887,876	*,e	SandRidge Energy, Inc		6,348
	358,243		Santos Ltd		4,819
	5,071,600	*	Sapurakencana Petroleum BHD		6,918
	325,925	*,e	Saras S.p.A.		447
	1,081,810		Sasol Ltd		64,264
	193,138	e	Savanna Energy Services Corp		1,529
	220,756	*	SBM Offshore NV		3,559
	5,613,526		Schlumberger Ltd		662,115
	23,226		Schoeller-Bleckmann Oilfield Equipment AG.		2,997
	756,600	*	Scomi Energy Services BHD		230
	569,500	*	Scomi Group BHD		72
	745,991	e	Scorpio Tankers, Inc		7,587
	82,938	*	SEACOR Holdings, Inc		6,822
	419,364	e	Seadrill Ltd		16,754
	198,511	e	Seadrill Ltd (Oslo Exchange)		7,867
	126,500		Secure Energy Services, Inc		2,780
	146,749		SemGroup Corp		11,571
	1,047,456	*,e	Senex Energy Ltd		687
	50	*,m	Serval Integrated Energy Services		0	^
	352,100	*,e	Sevan Drilling AS.		175
	219,200		Shandong Molong Petroleum Machinery Co Ltd		100
	72,053		ShawCor Ltd		4,007
	40,900	*	Shinko Plantech Co Ltd		320
	219,798	e	Ship Finance International Ltd		4,086
	960,654	e	Showa Shell Sekiyu KK		10,920
	1,133,800		Siamgas & Petrochemicals PCL (Foreign)		597
	61,000	*	Sinanen Co Ltd		253
	8,240,000	*,e	Sino Union Energy Investment Group Ltd		409
	1,390,000	e	Sinopec Kantons Holdings Ltd		1,128
	71,347		SK Energy Co Ltd		7,969
	11,771		SK Gas Co Ltd		1,135
	24,934	*	Societatea Nationala de Gaze Naturale ROMGAZ S.A. (GDR)		261
	77,402	*	Societatea Nationala de Gaze Naturale ROMGAZ S.A. (GDR) (Registered)		813
	439,124		Soco International plc		3,096
	65,150		S-Oil Corp		3,663
	232,259	*,e	Solazyme, Inc		2,736
	371,295	*,e	Songa Offshore SE		159
	1,308,400	*	Southwestern Energy Co		59,519
	1,766,595		Spectra Energy Corp		75,045
	109,222		Sprott Resource Corp		323
	816,000	e	SPT Energy Group, Inc		430
	327,728	e	Spyglass Resources Corp		531
	305,603		St. Mary Land & Exploration Co		25,701
	1,538,125	*	Statoil ASA		47,280
	214,598	*	Stone Energy Corp		10,041
	2,331,259		Suncor Energy, Inc		99,407
	134,778		Suncor Energy, Inc (NY)		5,746
	373,194	*	Sundance Energy Australia Ltd		406
	1,005,024		Superior Energy Services		36,322

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	378,765	e	Surge Energy, Inc	$	2,776
	2,640,748		Surgutneftegaz (ADR)		20,365
	316,700	e	Surgutneftegaz (ADR) (London)		2,448
	433,000	e	Swiber Holdings Ltd		189
	169,524	*,e	Swift Energy Co		2,200
	207,316	*	Synergy Resources Corp		2,747
	4,620,649		Talisman Energy, Inc		48,979
	4,250,397		Talisman Energy, Inc (Toronto)		44,932
	190,769		Targa Resources Investments, Inc		26,626
	391,188		Tatneft (GDR)		15,159
	171,762		Technip S.A.		18,767
	55,791		Tecnicas Reunidas S.A.		3,451
	685,544		Teekay Corp		42,675
	235,990	e	Teekay Tankers Ltd (Class A)		1,012
	471,058	e	Tenaris S.A.		11,099
	175,428		Tesco Corp		3,744
	370,189		Tesoro Corp		21,719
	73,173	*	Tethys Oil AB		843
	299,807	*	Tetra Technologies, Inc		3,532
	280,208	e	TGS Nopec Geophysical Co ASA		8,947
	380,800	*	TH Heavy Engineering BHD		103
	1,217,400		Thai Oil PCL (Foreign)		1,951
	91,619		Tidewater, Inc		5,144
	111,453	e	TMK OAO (GDR)		1,081
	61,335		TonenGeneral Sekiyu KK		583
	85,500	e	TORC Oil & Gas Ltd		1,176
	45,006		Total Energy Services, Inc		980
	4,115,012		Total S.A.		297,720
	554,650	*	Tourmaline Oil Corp		29,244
	142,000	*	Toyo Kanetsu K K		365
	84,741	*	TransAtlantic Petroleum Ltd		965
	1,080,883	e	TransCanada Corp		51,590
	147,333		TransGlobe Energy Corp		1,106
	167,047		Transocean Ltd		7,505
	40,000	e	Transocean Ltd (NYSE)		1,801
	253,080	*,e	Triangle Petroleum Corp		2,974
	182,000	e	Trican Well Service Ltd		2,939
	254,146	e	Trilogy Energy Corp		6,955
	347,166		Trinidad Drilling Ltd		3,940
	1,175,118		Tullow Oil plc		17,143
	268,254		Tupras Turkiye Petrol Rafine		6,258
	74,343		Turcas Petrolculuk AS		87
	286,200	e	Twin Butte Energy Ltd		483
	912,731	*,e	Ultra Petroleum Corp		27,099
	622,600		Ultrapar Participacoes S.A.		14,822
	153,858	*	Unit Corp		10,590
	247,347	*	Vaalco Energy, Inc		1,788
	3,184,812		Valero Energy Corp		159,559
	751,377	*,e	Vantage Drilling Co		1,443
	426,000	e	Veresen, Inc		7,486
	427,613	e	Vermilion Energy Trust		29,755
	31,648	*	Vertex Energy, Inc		307

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	141,140		W&T Offshore, Inc	$	2,310
	5,016,515		Wah Seong Corp BHD		2,955
	279,117	*	Warren Resources, Inc		1,731
	813,281	*	Weatherford International Ltd		18,705
	199,300	e	Western Energy Services Corp		2,081
	306,785	e	Western Refining, Inc		11,520
	105,574	e	Westfire Energy Ltd		560
	48,730	*,e	Westmoreland Coal Co		1,768
	208,600	e	Whitecap Resources, Inc		3,220
	850,318	*,e	Whitehaven Coal Ltd		1,150
	383,124	*	Whiting Petroleum Corp		30,746
	179,074	*	Willbros Group, Inc		2,212
	4,632,395		Williams Cos, Inc		269,652
	1,398,000	*,e,m	Wison Engineering Services Co Ltd		2
	819,291		Woodside Petroleum Ltd		31,765
	135,154		World Fuel Services Corp		6,654
	411,319		WorleyParsons Ltd		6,747
	362,548	*	WPX Energy, Inc		8,669
	295,238	*,e	Xcite Energy Ltd		339
	2,732,900	e	Yanzhou Coal Mining Co Ltd		2,059
	390,338		Z Energy Ltd		1,339
			TOTAL ENERGY		12,541,589
FOOD & STAPLES RETAILING - 1.5%
	424,502		Aeon Co Ltd		5,224
	14,200		Ain Pharmaciez Inc		685
	4,883	*	Al Meera Consumer Goods Co		227
	1,171,781		Alimentation Couche Tard, Inc		32,099
	358,877		Almacenes Exito S.A.		6,040
	123,557		Andersons, Inc		6,373
	36,379		Arcs Co Ltd		769
	35,389	e	Axfood AB		1,922
	367,599	*	BIM Birlesik Magazalar AS		8,434
	39,862		Bizim Toptan Satis Magazalari AS		355
	2,381,103		Booker Group plc		5,285
	325,528	*	Brazil Pharma S.A.		544
	581,128		Carrefour S.A.		21,429
	120,625		Casey’s General Stores, Inc		8,479
	196,953		Casino Guichard Perrachon S.A.		26,112
	33,600	*	Cawachi Ltd		642
	2,567,934		Centros Comerciales Sudamericanos S.A.		8,456
	56,176	*,e	Chefs’ Warehouse Holdings, Inc		1,111
	1,400,800		China Resources Enterprise		3,888
	290,306		Cia Brasileira de Distribuicao Grupo Pao de Acucar		13,532
	7,493	*	CJ Freshway Corp		216
	362,757	e	Clicks Group Ltd		2,166
	20,860		Cocokara Fine Holdings, Inc		634
	44,066		Colruyt S.A.		2,238
	1,033,200	e	Controladora Comercial Mexicana S.A. de C.V.		3,871
	3,593,600	*	Cosco Capital, Inc		797
	10,500		Cosmos Pharmaceutical Corp		1,108
	1,017,447		Costco Wholesale Corp		117,169

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,917,000		CP Seven Eleven PCL (Foreign)	$	7,274
	11,100		Create SD Holdings Co Ltd		380
	5,750,223		CVS Corp		433,394
	5,900		Daikokutenbussaan Co Ltd		151
	318,218	e	Delhaize Group		21,533
	134,638		Distribuidora Internacional de Alimentacion S.A.		1,239
	44,076		Dongsuh Co, Inc		732
	43,005		E-Mart Co Ltd		9,863
	51,358		Empire Co Ltd		3,492
	91,598		Eurocash S.A.		1,214
	60,397	*,e	Fairway Group Holdings Corp		402
	61,681		FamilyMart Co Ltd		2,659
	157,319	*,e	Fresh Market, Inc		5,266
	53,431		George Weston Ltd		3,941
	226,926		Greggs plc		2,081
	12,830		Growell Holdings Co Ltd		786
	336,600	e	Grupo Comercial Chedraui S.a. DE C.V.		1,178
	161,546		Hakon Invest AB		5,504
	79,000		Heiwado Co Ltd		1,210
	3,032	*	Indiabulls Wholesale Service		1
	44,158		Ingles Markets, Inc (Class A)		1,164
	5,400		Itochu-Shokuhin Co Ltd		191
	4,821,301	e	J Sainsbury plc		26,025
	190,661		Jean Coutu Group PJC, Inc		4,049
	406,708		Jeronimo Martins SGPS S.A.		6,687
	98,600		Kasumi Co Ltd		720
	21,500		Kato Sangyo Co Ltd		484
	172,810		Kesko Oyj (B Shares)		6,829
	2,195,616		Koninklijke Ahold NV		41,170
	2,652,192		Kroger Co		131,098
	6,600		Kusuri No Aoki Co Ltd		239
	263,719		Lawson, Inc		19,794
	383,292	*,e	Lenta Ltd (ADR)		4,945
	500,000	e	Lianhua Supermarket Holdings Co Ltd		274
	85,029		Liberator Medical Holdings, Inc		319
	28,100	e	Liquor Stores Income Fund		296
	193,808	e	Loblaw Cos Ltd		8,649
	495,277		Magnit OAO (GDR)		29,190
	86,339	e	Majestic Wine plc		623
	37,770		MARR S.p.A.		705
	43,233		Maruetsu, Inc		155
	111,763		Massmart Holdings Ltd		1,388
	102,300		Matsumotokiyoshi Holdings Co Ltd		3,541
	3,352,338	e	Metcash Ltd		8,345
	261,490	*	Metro AG.		11,380
	155,516	e	Metro, Inc		9,615
	15,500		Ministop Co Ltd		251
	27,614	*,e	Natural Grocers by Vitamin C		591
	59,119	e	North West Co Fund		1,310
	19,000		Okuwa Co Ltd		194
	46,000	e	Olam International Ltd		95
	133,541	*	Pantry, Inc		2,163

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	460,107		Pick’n Pay Holdings Ltd	$	1,090
	518,113	e	Pick’n Pay Stores Ltd		2,837
	1,486,420		President Chain Store Corp		11,912
	59,111		Pricesmart, Inc		5,145
	244,972		Raia Drogasil S.A.		2,022
	59,981		Rallye S.A.		3,273
	8,059		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		413
	4,640,993	*	Rite Aid Corp		33,276
	3,107,840	*	Robinsons Retail Holdings, Inc		5,193
	233,240		Roundy’s, Inc		1,285
	14,479		Ryoshoku Ltd		364
	28,200		S Foods, Inc		409
	249,838		Safeway, Inc		8,579
	17,400		San-A Co Ltd		528
	1,205,821		Seven & I Holdings Co Ltd		50,825
	941,000	e	Sheng Siong Group Ltd		491
	787,607		Shoprite Holdings Ltd		11,412
	101,941		Shufersal Ltd		332
	3,057,789	e	Sonae SPGS S.A.		5,021
	403,484		Spar Group Ltd		4,721
	141,955		Spartan Stores, Inc		2,983
	151,410	*,e	Sprouts Farmers Market, Inc		4,954
	46,700		Sugi Pharmacy Co Ltd		2,131
	3,149,900	e	Sun Art Retail Group Ltd		3,605
	57,100		Sundrug Co Ltd		2,543
	755,693	*,e	Supervalu, Inc		6,212
	55,977	*,e	Susser Holdings Corp		4,519
	1,122,742		Sysco Corp		42,047
	599,000	*	Taiwan TEA Corp		401
	5,231,634		Tesco plc		25,427
	47,376		Tsuruha Holdings, Inc		2,614
	180,311	*	United Natural Foods, Inc		11,738
	799,000		UNY Co Ltd		5,010
	43,800		Valor Co Ltd		727
	26,874		Village Super Market (Class A)		635
	2,681,914		Walgreen Co		198,810
	7,038,621		Wal-Mart de Mexico S.A. de C.V. (Series V)		18,826
	2,769,766		Wal-Mart Stores, Inc		207,926
	45,485		Weis Markets, Inc		2,080
	1,081,691		Wesfarmers Ltd		42,685
	1,341,491		Whole Foods Market, Inc		51,822
	3,130,889		WM Morrison Supermarkets plc		9,819
	758,934		Woolworths Ltd		25,202
	724,799	*	Wumart Stores, Inc		563
	7,600		Yaoko Co Ltd		401
	42,700		Yokohama Reito Co Ltd		349
			TOTAL FOOD & STAPLES RETAILING		1,927,741
FOOD, BEVERAGE & TOBACCO - 4.6%
	255,045	*	22nd Century Group, Inc		783
	426,996	*,e	a2 Milk Co Ltd		258
	31,253		AarhusKarlshamn AB		2,088

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	210,557		Agthia Group PJSC	$	321
	862	*	AGV Products Corp		0	^
	364,865		Ajinomoto Co, Inc		5,719
	11,691	e	Alico, Inc		438
	452,262		Alicorp S.A.		1,328
	45,216		Alliance Grain Traders, Inc		903
	326,486	*	Alliance One International, Inc		816
	9,572,638		Altria Group, Inc		401,476
	9,169,080		AMBEV S.A.		65,402
	1,165,400		AMBEV S.A. (ADR)		8,204
	12,805	*	AMBEV S.A. (Receipt)		89
	28,907		Amsterdam Commodities NV		669
	240,426	*	Anadolu Efes Biracilik Ve Malt Sanayii AS		2,946
	107,017		Anheuser-Busch InBev NV (ADR)		12,301
	2,974	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	277,800	*	Anhui Gujing Distillery Co Ltd		576
	53,380	*,e	Annie’s, Inc		1,805
	225,180	*	AquaChile S.A.		147
	2,908,855		Archer Daniels Midland Co		128,310
	20,300		Ariake Japan Co Ltd		534
	64,554		Aryzta AG.		6,114
	439,114		Asahi Breweries Ltd		13,789
	1,040,624	e	Asian Citrus Holdings Ltd		234
	416,368		Associated British Foods plc		21,715
	97,354	e	Astral Foods Ltd		1,117
	14,187		Atria Group plc		137
	771,000	*,m	Ausnutria Dairy Corp Ltd		1
	225,607		Austevoll Seafood ASA		1,481
	530,164	*	Australian Agricultural Co Ltd		615
	644,413		AVI Ltd		3,711
	169,916		B&G Foods, Inc (Class A)		5,555
	50,070		Bakkafrost P		975
	213,659		Balrampur Chini Mills Ltd		287
	2,694		Barry Callebaut AG.		3,659
	28,181	*	Belvedere S.A.		324
	8,517		Binggrae Co Ltd		729
	209,000	e	Biostime Internatonal Holdings Ltd		1,159
	212,945	*,e	Black Earth Farming Ltd		183
	26,315		Bonduelle S.C.A.		771
	26,059	*,e	Boston Beer Co, Inc (Class A)		5,825
	185,906	*,e	Boulder Brands, Inc		2,636
	12,300		BrasilAgro-Co Brasileira de Propriedades Agricolas		53
	36,569		Britannia Industries Ltd		613
	257,400		British American Tobacco Malaysia BHD		5,254
	2,636,242		British American Tobacco plc		156,862
	5,012,551		Britvic plc		62,404
	634,798		Brown-Forman Corp (Class B)		59,779
	903,000	e	Bumitama Agri Ltd		874
	392,728		Bunge Ltd		29,706
	392,356		C&C Group plc		2,442
	41,958		Calavo Growers, Inc		1,419
	167,300		Calbee, Inc		4,611

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	48,387		Cal-Maine Foods, Inc	$	3,596
	723,459	e	Campbell Soup Co		33,142
	18,038		Carlsberg AS (Class B)		1,943
	160,000		Carlsberg Brewery-Malay BHD		608
	48,154		Cermaq ASA		663
	592,000	e	Changshouhua Food Co Ltd		581
	3,100,200		Charoen Pokphand Foods PCL		2,603
	3,184,510		China Agri-Industries Holdings Ltd		1,212
	7,763,000	*,e	China Huishan Dairy Holdings Co Ltd		1,701
	967,500	*	China Huiyuan Juice Group Ltd		469
	2,314,900		China Mengniu Dairy Co Ltd		10,701
	13,512,000	*,e	China Modern Dairy Holdings		5,308
	1,930,000	*,e	China Yurun Food Group Ltd		859
	176,060	*	Chiquita Brands International, Inc		1,910
	350,159		Cia Cervecerias Unidas S.A.		4,108
	9,425		CJ CheilJedang Corp		3,208
	249,054	*	Cloetta AB		850
	204,702		Clover Industries Ltd		324
	290,249		Coca-Cola Amatil Ltd		2,592
	26,351		Coca-Cola Bottling Co Consolidated		1,941
	88,598		Coca-Cola Central Japan Co Ltd		2,256
	11,653,916		Coca-Cola Co		493,660
	252,717		Coca-Cola Embonor S.A.		457
	1,189,704		Coca-Cola Enterprises, Inc		56,844
	484,287		Coca-Cola Femsa S.A. de C.V.		5,494
	176,035		Coca-Cola HBC AG.		4,041
	198,044		Coca-Cola Icecek AS		4,891
	88,000	e	Coca-Cola West Japan Co Ltd		1,518
	3,471,200	*,e	Cofco International Ltd		1,231
	1,228,925		ConAgra Foods, Inc		36,475
	1,313,414	*	Constellation Brands, Inc (Class A)		115,751
	79,900		Corbion NV		1,684
	156,242		Cott Corp		1,104
	33,232	*	Craft Brewers Alliance, Inc		368
	1,019		Crown Confectionery Co Ltd		236
	1,936		Dae Han Flour Mills Co Ltd		329
	59,653		Daesang Corp		2,709
	284,301		Dairy Crest Group plc		2,287
	623,713	*	Darling International, Inc		13,036
	343,174		Davide Campari-Milano S.p.A.		2,968
	677,046	e	Dean Foods Co		11,909
	193,346		Devro plc		823
	1,349,104		Diageo plc		42,968
	67,734	*,e	Diamond Foods, Inc		1,910
	4,995		Dongwon F&B Co Ltd		977
	2,793		Dongwon Industries Co Ltd		892
	897,999		Dr Pepper Snapple Group, Inc		52,605
	10,000		Dutch Lady Milk Industries BHD		145
	12,700		Dydo Drinco, Inc		582
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		2
	7,000		East Asiatic Co Ltd AS		84
	249,503		Ebro Puleva S.A.		5,543

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	274,650		Embotelladora Andina S.A.	$	1,033
	440,558	e	Embotelladoras Arca SAB de C.V.		2,985
	4,745		Emmi AG.		1,717
	5,622,100	*	Emperador, Inc		1,522
	138,464		Ezaki Glico Co Ltd		2,200
	22,807	*	Farmer Bros Co		493
	13,821	*	Farmsco		189
	2,195,300		Felda Global Ventures Holdings BHD		2,845
	460,000	*,m	First Natural Foods Holdings Ltd		34
	2,554,500	e	First Resources Ltd		4,879
	355,643		Flowers Foods, Inc		7,497
	3,571,333		Fomento Economico Mexicano S.A. de C.V.		33,471
	135,901		Fresh Del Monte Produce, Inc		4,165
	81,773		Fuji Oil Co Ltd		1,168
	33,832		Fujicco Co Ltd		425
	150,000	e	Fujiya Co Ltd		296
	2,002,739		General Mills, Inc		105,224
	238,920		Genting Plantations BHD		863
	1,941,500		GFPT PCL (Foreign)		766
	216,508		Glanbia plc		3,269
	9,251	*	GlaxoSmithKline Consumer Healthcare Ltd		694
	3,608,000		GMG Global Ltd		252
	9,754,354		Golden Agri-Resources Ltd		4,350
	2,100,072	m	Goodman Fielder Ltd		1,386
	228,946		GrainCorp Ltd-A		1,813
	1,298,517		Great Wall Enterprise Co		1,582
	1,053,959		Greencore Group plc		4,791
	775,895		Groupe Danone		57,694
	1,121,500	*	Gruma SAB de C.V.		13,421
	1,855,128	e	Grupo Bimbo S.A. de C.V. (Series A)		5,444
	274,600		Grupo Herdez SAB de C.V.		837
	740,000		Grupo Lala SAB de C.V.		1,948
	97,800	*	Hain Celestial Group, Inc		8,679
	83,175	*	Harim & Co Ltd		438
	15,530		Heineken Holding NV		1,021
	241,098		Heineken NV		17,306
	915,282		Hershey Co		89,121
	338,500		Hey Song Corp		382
	808,064		Hillshire Brands Co		50,342
	16,320		Hite Holdings Co Ltd		181
	72,333		HKScan Oyj		392
	24,200		Hokuto Corp		480
	966,500		Honworld Group Ltd		660
	577,482		Hormel Foods Corp		28,499
	73,952	e	House Foods Corp		1,386
	345,904		Illovo Sugar Ltd		956
	887,318		Imperial Tobacco Group plc		39,919
	662,334		InBev NV		76,102
	1,602,978		Indofood Agri Resources Ltd		1,267
	1,203,100		Indofood CBP Sukses Makmur Tbk		1,017
	213,600	e	Industrias Bachoco SAB de C.V.		955
	356,665		Ingredion, Inc		26,764

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	60,745	*	Inventure Foods, Inc	$	685
	7,124,276		IOI Corp BHD		11,654
	3,130,528		ITC Ltd		16,924
	62,700	e	Ito En Ltd		1,607
	383,000	*	Itoham Foods, Inc		1,692
	83,743		J&J Snack Foods Corp		7,882
	202,557		J.M. Smucker Co		21,587
	1,741,430		Japan Tobacco, Inc		63,496
	2,650,921		JBS S.A.		9,118
	29,620		Jinro Ltd		642
	32,114		John B. Sanfilippo & Son, Inc		850
	203,000		J-Oil Mills, Inc		659
	546,457	*	Juhayna Food Industries		923
	87,573	*,e	Kagome Co Ltd		1,549
	12,200		Kameda Seika Co Ltd		389
	19,368		Kaveri Seed Co Ltd		245
	698,134		Kellogg Co		45,867
	73,548	*	Kernel Holding S.A.		808
	687,196		Kerry Group plc (Class A)		51,613
	813,485	e	Keurig Green Mountain, Inc		101,368
	20,200		KEY Coffee, Inc		321
	1,783,400		Khon Kaen Sugar Industry PCL (Foreign)		791
	15,671	*	Kikkoman Corp		327
	665,665		Kirin Brewery Co Ltd		9,611
	94,664	e	Koninklijke Wessanen NV		567
	2,737,542		Kraft Foods Group, Inc		164,116
	264,683		KT&G Corp		23,413
	498,573		Kuala Lumpur Kepong BHD		3,758
	3,114		KWS Saat AG.		1,097
	1,055,000	*,e	Labixiaoxin Snacks Group Ltd		271
	61,895		Lancaster Colony Corp		5,890
	182,110		Lance, Inc		4,819
	52,019		Leroy Seafood Group ASA		1,900
	342,987		Lien Hwa Industrial Corp		241
	15,883	*,e	Lifeway Foods, Inc		222
	35,007	e	Limoneira Co		769
	1,337		Lindt & Spruengli AG.		6,806
	59		Lindt & Spruengli AG. (Registered)		3,645
	1,602,353		Lorillard, Inc		97,695
	979		Lotte Chilsung Beverage Co Ltd		1,701
	706		Lotte Confectionery Co Ltd		1,348
	974		Lotte Samkang Co Ltd		729
	36,400		M Dias Branco S.A.		1,610
	7,627		Maeil Dairy Industry Co Ltd		278
	285,000		Malayan Flour Mills BHD		141
	117,269	e	Maple Leaf Foods, Inc		2,183
	397,300	*	Marfrig Global Foods S.A.		1,072
	135,000	*	Marudai Food Co Ltd		449
	51,200	*	Maruha Nichiro Corp		836
	371,890	*	Masan Group Corp		1,577
	320,359		McCormick & Co, Inc		22,935
	75,219		McLeod Russel India Ltd		397

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	583,178		Mead Johnson Nutrition Co	$	54,335
	153,600	*	Megmilk Snow Brand Co Ltd		1,994
	97,220		MEIJI Holdings Co Ltd		6,445
	209,600	*	Minerva S.A.		1,052
	111,000		Mitsui Sugar Co Ltd		420
	334,138		Molson Coors Brewing Co (Class B)		24,780
	5,196,196		Mondelez International, Inc		195,429
	1,265,367	*	Monster Beverage Corp		89,879
	468,302	*	Morinaga & Co Ltd		1,017
	578,000	*	Morinaga Milk Industry Co Ltd		2,079
	19,694	*	Muhak Co Ltd		645
	1,617,687	*	Multiexport Foods S.A.		333
	543,000		Namchow Chemical Industrial Ltd		1,252
	884		Namyang Dairy Products Co Ltd		707
	38,122	*	National Beverage Corp		721
	6,608	e	Naturex		605
	21,197		Nestle India Ltd		1,737
	3,225,027		Nestle S.A.		249,897
	688,000		Nichirei Corp		3,305
	291,000	*	Nippon Beet Sugar Manufacturing Co Ltd		546
	338,000		Nippon Flour Mills Co Ltd		1,798
	454,705	*	Nippon Meat Packers, Inc		8,878
	425,666	*	Nippon Suisan Kaisha Ltd		1,315
	340,000	e	Nisshin Oillio Group Ltd		1,245
	178,850		Nisshin Seifun Group, Inc		2,137
	26,495		Nissin Food Products Co Ltd		1,362
	8,153		Nong Shim Co Ltd		2,302
	3,126		Nong Shim Holdings Co Ltd		361
	8,225		Nong Woo Bio Co Ltd		186
	80,436		Nutreco NV		3,553
	25,926		Oceana Group Ltd		212
	363,625		Oldtown BHD		249
	96,332	*	Omega Protein Corp		1,318
	297,700	*,e	Organizacion Cultiba SAB de C.V.		537
	4,230		Orion Corp		3,876
	124,255		Orkla ASA		1,106
	38,153		Osem Investments Ltd		861
	3,162		Ottogi Corp		1,616
	779,772		PAN Fish ASA		10,640
	6,185,577		PepsiCo, Inc		552,620
	1,247,000	*	Pepsi-Cola Products Philippine		130
	742,371		Perdigao S.A.		17,942
	152,913	e	Pernod-Ricard S.A.		18,368
	72,987	*,m	Pescanova S.A.		1
	877,000	e	Petra Foods Ltd		2,743
	828		Philip Morris CR		431
	5,858,734		Philip Morris International, Inc		493,950
	854,548	*	Pilgrim’s Pride Corp		23,380
	33,278		Pinar SUT Mamulleri Sanayii AS		283
	65,407		Pinnacle Foods, Inc		2,152
	164,146	*	Post Holdings, Inc		8,357
	487,220		PPB Group BHD		2,297

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	775,296	*	Premier Foods plc	$	703
	34,900	e	Premium Brands Holdings Corp		710
	180,000	*	Prima Meat Packers Ltd		456
	1,351,524		PT Astra Agro Lestari Tbk		3,215
	5,692,200	*,m	PT Austindo Nusantara Jaya		720
	3,059,200		PT BW Plantation Tbk		318
	7,715,700		PT Charoen Pokphand Indonesia Tbk		2,461
	502,600		PT Gudang Garam Tbk		2,269
	5,035,400		PT Indofood Sukses Makmur Tbk		2,848
	6,600,200		PT Japfa Comfeed Indonesia Tbk		680
	1,050,000		PT Malindo Feedmill Tbk		241
	1,574,500		PT Nippon Indosari Corpindo Tbk		190
	6,202,500		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,212
	10,862,100		PT Salim Ivomas Pratama Tbk		925
	1,512,500		PT Sampoerna Agro Tbk		298
	1,161		Pulmuone Co Ltd		129
	239,600		Q.P. Corp		3,901
	141,792		QAF Ltd		96
	1,192,950		QL Resources BHD		1,208
	42,480		Radico Khaitan Ltd		80
	813,603	*	Rasoya Proteins Ltd		226
	206,189		Remy Cointreau S.A.		18,970
	1,569,975		Reynolds American, Inc		94,748
	768,900		RFM Corp		107
	276,500		Rimbunan Sawit BHD		67
	10,005	*	Royal UNIBREW AS		1,573
	2,508,110		SABMiller plc		145,357
	76,642		SABMiller plc (Johannesburg)		4,444
	32,655		Sakata Seed Corp		450
	170,679		Salmar ASA		2,978
	3,044		Samlip General Foods Co Ltd		280
	4,380		Samyang Corp		221
	5,388		Samyang Holdings Corp		364
	114,504		Sanderson Farms, Inc		11,130
	96,800		Sao Martinho S.A.		1,752
	1,508,000		Sapporo Holdings Ltd		6,077
	168,130		Saputo, Inc		10,073
	43,500	m	Sarawak Oil Palms BHD		94
	33,558		Schouw & Co		1,649
	1,199	*	Seaboard Corp		3,621
	33,242	*	Seneca Foods Corp		1,017
	612,700	*	Shanghai Dajiang Group		219
	1,470,000	e	Shenguan Holdings Group Ltd		621
	171,000	*	Showa Sangyo Co Ltd		621
	1,060,821	*	Shree Renuka Sugars Ltd		490
	11,110		Silla Co Ltd		281
	76,500		SLC Agricola S.A.		665
	2,626		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		109
	446,264	*	SOS Cuetara S.A.		251
	428,855		Souza Cruz S.A.		4,420

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	297,362		Standard Foods Corp	$	827
	590,170	*	Stock Spirits Group plc		3,017
	86,646		Strauss Group Ltd		1,701
	116,328	e	Suedzucker AG.		2,349
	232,200		Suntory Beverage & Food Ltd		9,102
	588,000	e	Super Coffeemix Manufacturing Ltd		666
	151,329		Swedish Match AB		5,255
	77,994	*	Synlait Milk Ltd		230
	61,617	*,e	Synutra International, Inc		413
	19,096	*	Taisun Enterprise Co Ltd		9
	96		Taiyen Biotech Co Ltd		0	^
	192,000	*	Takara Holdings, Inc		1,685
	342,991		Tassal Group Ltd		1,248
	498,726		Tata Tea Ltd		1,433
	5,758,081		Tate & Lyle plc		67,369
	770,400	*	TDM BHD		249
	169,000		Tenwow International Holdings Ltd		60
	238,400		Tereos Internacional S.A.		267
	499,680		TH Plantations BHD		314
	1,018,600		Thai Union Frozen Products PCL (ADR)		2,040
	915,200		Thai Vegetable Oil PCL		635
	2,707,000	e	Tibet 5100 Water Resources Holdings Ltd		929
	2,240,900		Tiga Pilar Sejahtera Food Tbk		438
	183,643		Tiger Brands Ltd		5,296
	2,464,900		Tingyi Cayman Islands Holding Corp		6,906
	208,545		Tongaat Hulett Ltd		2,911
	60,297	e	Tootsie Roll Industries, Inc		1,775
	70,259		Toyo Suisan Kaisha Ltd		2,166
	61,733		Treasury Wine Estates Ltd		292
	165,765	*	TreeHouse Foods, Inc		13,273
	5,510		TS Corp		174
	381,100		TSH Resources BHD		440
	453,700		Tsingtao Brewery Co Ltd		3,548
	89,000		Ttet Union Corp		244
	2,348,690		Tyson Foods, Inc (Class A)		88,170
	172,460		Ulker Biskuvi Sanayi AS		1,445
	2,585,467		Unilever NV		113,174
	2,405,077		Unilever plc		109,021
	1,812,960	e	Uni-President China Holdings Ltd		1,390
	4,709,832		Uni-President Enterprises Corp		8,459
	67,974		United Breweries Ltd		790
	3,606		United International Enterprises		758
	84,744		United Spirits Ltd		3,376
	86,808	e	Universal Corp		4,805
	3,369,533		Universal Robina		11,909
	292,244	*	Vanguarda Agro S.A.		377
	217,634	e	Vector Group Ltd		4,501
	10,094		Vilmorin & Cie		1,364
	2,347,119		Vina Concha y Toro S.A.		4,758
	52,517	e	Viscofan S.A.		3,131
	3,158		Vranken - Pommery Monopole		117
	6,885,800	e	Want Want China Holdings Ltd		9,913

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	34,100	*	Warabeya Nichiyo Co Ltd	$	690
	443,000		Wei Chuan Food Corp		669
	1,196,844	*	WhiteWave Foods Co (Class A)		38,742
	3,767,067		Wilmar International Ltd		9,643
	7,969		Yakult Honsha Co Ltd		404
	70,735		Yamazaki Baking Co Ltd		884
	13,053		Yantai Changyu Pioneer Wine Co		29
	1,370,000		Yashili International		496
	1,019,000	*,e	YuanShengTai Dairy Farm Ltd		162
	7,065	*	Zydus Wellness Ltd		69
			TOTAL FOOD, BEVERAGE & TOBACCO		5,985,864
HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	70,618	e	Abaxis, Inc		3,129
	7,118,137		Abbott Laboratories		291,132
	133,844	*,e	Abiomed, Inc		3,365
	204,464	*,e	Acadia Healthcare Co, Inc		9,303
	233,971	*,e	Accuray, Inc		2,059
	61,458	*	Addus HomeCare Corp		1,382
	480,642		Advanced Computer Software Group plc		946
	479,124		Advanced Medical Solutions Group plc		904
	2,635,193		Aetna, Inc		213,661
	467,270	*	AGFA-Gevaert NV		1,369
	62,626	*,m	AGFA-Gevaert NV Brussels (Strip VVPR)		0	^
	122,331	*,e	Air Methods Corp		6,318
	244,605		Al Noor Hospitals Group plc		4,278
	148,084		Alfresa Holdings Corp		9,547
	326,918	*	Align Technology, Inc		18,320
	37,478	*	Alliance HealthCare Services, Inc		1,012
	795,441	*	Allscripts Healthcare Solutions, Inc		12,767
	33,595	*	Almost Family, Inc		742
	107,853	*,e	Amedisys, Inc		1,805
	578,843		AmerisourceBergen Corp		42,059
	315,323	*	AMN Healthcare Services, Inc		3,878
	226,184	e	Amplifon S.p.A.		1,422
	180,674	*	Amsurg Corp		8,233
	46,893		Analogic Corp		3,669
	114,231	*	Angiodynamics, Inc		1,865
	99,824	*	Anika Therapeutics, Inc		4,625
	179,681		Ansell Ltd		3,359
	364,671	*,e	Antares Pharma, Inc		974
	155,954		Apex Biotechnology Corp		329
	82,575		Apollo Hospitals Enterprise Ltd		1,366
	833,885		Arseus NV		47,727
	14,800		As One Corp		459
	27,400	e	Asahi Intecc Co Ltd		1,126
	26,237	*,e	athenahealth, Inc		3,283
	88,634	*,e	AtriCure, Inc		1,629
	4,720	e	Atrion Corp		1,539
	49,966	e	Balda AG.		226
	2,397,350		Bangkok Chain Hospital PCL		610
	3,491,000		Bangkok Dusit Medical Services PCL		1,796

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	618,941		Bard (C.R.), Inc	$	88,515
	1,220,823		Baxter International, Inc		88,265
	435,596		Becton Dickinson & Co		51,531
	77,717	*,e	Bio-Reference Labs, Inc		2,349
	257,322	*,e	BioScrip, Inc		2,146
	1,132,000	e	Biosensors International Group Ltd		849
	82,915	*	BioTelemetry, Inc		594
	30,000		BML, Inc		1,161
	4,614,179	*	Boston Scientific Corp		58,923
	85,495	*	Brookdale Senior Living, Inc		2,850
	334,500		Bumrungrad Hospital PCL		1,205
	134,614		Cantel Medical Corp		4,930
	87,236	*	Capital Senior Living Corp		2,080
	943,738		Cardinal Health, Inc		64,703
	100,709	*	Cardiovascular Systems, Inc		3,138
	1,338,627	*	CareFusion Corp		59,368
	41,594	e	Carl Zeiss Meditec AG.		1,275
	1,246	*,e	Carmat		129
	40,939	*	Castlight Health, Inc		622
	760,781	*	Catamaran Corp		33,596
	297,200	*	Catamaran Corp (Toronto)		13,124
	12,296	*	Cegedim S.A.		432
	76,410	*	Celesio AG.		2,717
	263,987	*	Centene Corp		19,960
	945,837	*	Cerner Corp		48,786
	225,734	*,e	Cerus Corp		937
	47,761	*	CHA Bio & Diostech Co Ltd		769
	117,333		CHC Healthcare Group		337
	57,597	e	Chemed Corp		5,398
	429,000		China Pioneer Pharma Holdings Ltd		260
	44,151	*,e	Chindex International, Inc		1,046
	1,152,103		Cigna Corp		105,959
	49,698	e	Cochlear Ltd		2,893
	289,015		Coloplast AS		26,152
	204,579	*,e	Community Health Systems, Inc		9,282
	26,642		CompuGroup Medical AG.		758
	34,309		Computer Programs & Systems, Inc		2,182
	104,633		Conmed Corp		4,620
	24,700		Consort Medical plc		403
	42,788		Cooper Cos, Inc		5,799
	800,000	e	Cordlife Group Ltd		757
	65,477	*	Corvel Corp		2,958
	1,878,312		Covidien plc		169,386
	122,106	*	Cross Country Healthcare, Inc		796
	284,436		Cruz Blanca Salud S.A.		245
	106,741		CryoLife, Inc		955
	132,898	*	Cyberonics, Inc		8,301
	78,911	*	Cynosure, Inc (Class A)		1,677
	1,094,532	*	DaVita, Inc		79,157
	161,148		Dentsply International, Inc		7,630
	84,256	*,e	Derma Sciences, Inc		974
	230,121	*	DexCom, Inc		9,127

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	59,700		Diagnosticos da America S.A.	$	379
	26,093	e	DiaSorin S.p.A.		1,093
	7,351		Draegerwerk AG.		790
	3,411		Draegerwerk AG. & Co KGaA		340
	299,814	*	Edwards Lifesciences Corp		25,736
	16,400		Eiken Chemical Co Ltd		285
	77,370	e	Elekta AB (B Shares)		983
	205,785	*	Emeritus Corp		6,513
	195,090	*	Endologix, Inc		2,967
	72,608		Ensign Group, Inc		2,257
	131,310	*	Envision Healthcare Holdings, Inc		4,715
	116,270	*	Espirito Santo Saude SGPS S.A.		589
	554,132		Essilor International S.A.		58,725
	38,828	*	Exactech, Inc		980
	105,743	*	ExamWorks Group, Inc		3,355
	55,000		Excelsior Medical Co Ltd		115
	2,394,326	*	Express Scripts Holding Co		165,999
	202,831	e	Extendicare, Inc		1,399
	658,900		Faber Group BHD		718
	1,141,777		Fisher & Paykel Healthcare Corp		4,748
	159,761	*	Five Star Quality Care, Inc		800
	162,200		Fleury S.A.		1,233
	83,226	*	Fortis Healthcare Ltd		169
	126,865		Fresenius Medical Care AG.		8,536
	78,548		Fresenius SE		11,714
	13,800		Fukuda Denshi Co Ltd		804
	7,447		Galenica AG.		7,268
	127,255	*,e	GenMark Diagnostics, Inc		1,722
	143,613	*	Gentiva Health Services, Inc		2,163
	37,623		Getinge AB (B Shares)		985
	63,000		Ginko International Co Ltd		1,091
	317,946	*,e	Globus Medical, Inc		7,605
	290,413		GN Store Nord		8,323
	9,016,993	e	Golden Meditech Holdings Ltd		1,467
	94,162	*	Greatbatch, Inc		4,620
	38,600	*	Green Hospital Supply, Inc		1,355
	3,311	*,m	Greencross (Limited Placement)		29
	49,661		Greencross Ltd		433
	11,928		Guerbet		492
	196,230	*	Haemonetics Corp		6,923
	134,282	*	Hanger Orthopedic Group, Inc		4,223
	674,000		Hartalega Holdings BHD		1,303
	1,702,117	*	HCA Holdings, Inc		95,965
	364,029	*	Health Net, Inc		15,122
	397,501		Healthsouth Corp		14,258
	73,077	*	HealthStream, Inc		1,776
	110,101	*,e	Healthways, Inc		1,931
	51,660	*,e	HeartWare International, Inc		4,572
	157,242	*	Henry Schein, Inc		18,660
	106,902		Hill-Rom Holdings, Inc		4,437
	265,363	*	HMS Holdings Corp		5,416
	14,600		Hogy Medical Co Ltd		792

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,467,767	*	Hologic, Inc	$	62,558
	683,146		Humana, Inc		87,251
	67,401	*	ICU Medical, Inc		4,099
	116,508	*	Idexx Laboratories, Inc		15,562
	2,894,400	*	IHH Healthcare BHD		3,950
	66,873	*,e	iKang Healthcare Group, Inc (ADR)		1,160
	46,464	*	IMS Health Holdings, Inc		1,193
	18,903	*	Infinitt Healthcare Co Ltd		137
	15,493	*,e	Inogen Inc		350
	444,455	*,e	Insulet Corp		17,632
	86,807	*	Integra LifeSciences Holdings Corp		4,085
	95,983	*	Intuitive Surgical, Inc		39,526
	123,002		Invacare Corp		2,260
	147,782	*	Inverness Medical Innovations, Inc		5,530
	25,315	*	Ion Beam Applications		399
	58,160	*	IPC The Hospitalist Co, Inc		2,572
	6,075	*	i-SENS Inc		308
	260,000		Jeol Ltd		1,039
	1,897,000	*	Jintian Pharmaceutical Group Ltd		651
	24,718	*	K2M Group Holdings, Inc		368
	209,987		Kindred Healthcare, Inc		4,851
	62,484		Korian-Medica		2,387
	930,900		Kossan Rubber Industries		1,072
	985,373		KPJ Healthcare BHD		1,038
	309,153	*	Laboratory Corp of America Holdings		31,657
	28,985		Landauer, Inc		1,217
	48,817	*,e	LDR Holding Corp		1,221
	32,900	e	Leisureworld Senior Care Corp		401
	47,215	*	LHC Group, Inc		1,009
	2,992,536		Life Healthcare Group Holdings Pte Ltd		11,676
	84,224	*	LifePoint Hospitals, Inc		5,230
	262,000	*	Lifetech Scientific Corp		469
	104,926	*	Magellan Health Services, Inc		6,531
	6,400		Mani, Inc		356
	153,691	*	Masimo Corp		3,627
	1,446,716		McKesson Corp		269,393
	315,825	*	MedAssets, Inc		7,213
	64,400	e	Medical Facilities Corp		1,096
	12,000	*	Medicare Group		250
	497,436		Mediceo Paltac Holdings Co Ltd		7,053
	418,605		Mediclinic International Ltd		3,216
	167,922	*	Medidata Solutions, Inc		7,189
	49,630	*	Medipost Co Ltd		2,924
	3,232,148	e	Medtronic, Inc		206,082
	221,660	*	Merge Healthcare, Inc		503
	129,669	e	Meridian Bioscience, Inc		2,676
	161,344	*	Merit Medical Systems, Inc		2,436
	21,400		Message Co Ltd		815
	687,338		Metlifecare Ltd		2,732
	210,500		Microlife Corp		534
	719,000	e	Microport Scientific Corp		463
	60,206		Miraca Holdings, Inc		2,918

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	94,339	*	Molina Healthcare, Inc	$	4,210
	40,789	*	MWI Veterinary Supply, Inc		5,792
	21,136		Nagaileben Co Ltd		436
	22,800		Nakanishi, Inc		935
	39,561		National Healthcare Corp		2,227
	33,736	*	National Research Corp		472
	220,699	*	Natus Medical, Inc		5,548
	115,442	*	Neogen Corp		4,672
	1,991,176		Network Healthcare Holdings Ltd		5,372
	49,100		Nichii Gakkan Co		442
	74,900		Nihon Kohden Corp		3,761
	82,867		Nikkiso Co Ltd		984
	287,600	e	Nipro Corp		2,582
	222,643		NMC Health plc		1,905
	226,057		Nobel Biocare Holding AG.		3,362
	186,925	*	NuVasive, Inc		6,649
	186,904	*	NxStage Medical, Inc		2,686
	289,100		Odontoprev S.A.		1,243
	2,035,841	*	Olympus Corp		70,046
	862,917		Omnicare, Inc		57,444
	191,042	*	Omnicell, Inc		5,485
	209,159	*	OraSure Technologies, Inc		1,801
	144,018	*	Oriola-KD Oyj (B Shares)		467
	87,467	e	Orpea		6,134
	67,995	*	Orthofix International NV		2,465
	15,294	*,m	Osstem Implant Co Ltd		212
	236,169	e	Owens & Minor, Inc		8,025
	39,518	*,e	Oxford Immunotec Global plc		665
	490		Pacific Hospital Supply Co Ltd		1
	50,477		Paramount Bed Holdings Co Ltd		1,594
	92,364	e	Patterson Cos, Inc		3,649
	545,219	*,e	Pediatrix Medical Group, Inc		31,704
	93,475		Pharmaniaga BHD		134
	126,042	*	PharMerica Corp		3,604
	110,000	*,e	Phoenix Healthcare Group Co Ltd		166
	38,118		Phonak Holding AG.		5,812
	46,968	*,e	PhotoMedex, Inc		575
	302,000	*	Pihsiang Machinery Manufacturing Co Ltd		399
	371,057	*	Premier, Inc		10,761
	851,429		Primary Health Care Ltd		3,641
	11,500		Profarma Distribuidora de Produtos Farmaceuticos S.A.		112
	79,947	*	Providence Service Corp		2,925
	356,700	*	PT Siloam International Hospitals Tbk		435
	251,000	*	PW Medtech Group Ltd		135
	221,900	*	Qualicorp S.A.		2,621
	156,130		Quality Systems, Inc		2,506
	282,633	e	Quest Diagnostics, Inc		16,588
	87,914	*,e	Quidel Corp		1,944
	141,138	*	RadNet, Inc		936
	316,947		Raffles Medical Group Ltd		1,035
	158,824		Ramsay Health Care Ltd		6,822
	3,672,000	e	Religare Health Trust		2,724

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	298,791	e	Resmed, Inc	$	15,128
	101,483		Rhoen Klinikum AG.		3,351
	148,133	*,e	Rockwell Medical Technologies, Inc		1,776
	220,780	*	RTI Biologics, Inc		960
	827,796		Ryman Healthcare Ltd		6,197
	11,955		Sartorius AG.		1,442
	5,600		Sartorius Stedim Biotech		1,006
	167,468		Selcuk Ecza Deposu Ticaret ve Sanayi AS		179
	237,612		Select Medical Holdings Corp		3,707
	2,109,200		Shandong Weigao Group Medical Polymer Co Ltd		2,064
	2,207,200		Shanghai Pharmaceuticals Holding Co Ltd		4,591
	163,581		Shenzhen Accord Pharmaceutical Co Ltd		716
	3,604,389	e	Sigma Pharmaceuticals Ltd		2,479
	1,177,500	e	Sinopharm Group Co		3,260
	158,727	*	Sirona Dental Systems, Inc		13,089
	130,228	*	Skilled Healthcare Group, Inc (Class A)		819
	801,168		Smith & Nephew plc		14,179
	321,700	*	So-net M3, Inc		5,122
	424,711		Sonic Healthcare Ltd		6,947
	342,858	*	Sorin S.p.A.		1,006
	167,302	*,e	Spectranetics Corp		3,828
	1,643,353		St. Jude Medical, Inc		113,802
	63,000		St. Shine Optical Co Ltd		1,557
	115,605	*,e	Staar Surgical Co		1,942
	203,135		STERIS Corp		10,864
	12,128		Stratec Biomedical Systems AG.		626
	12,699		Straumann Holding AG.		2,938
	798,564		Stryker Corp		67,335
	8,800		Suheung Capsule Co Ltd		399
	1,133,446	e	Summerset Group Holdings Ltd		3,423
	1,292,600		Supermax Corp BHD		845
	50,291	*,e	Surgical Care Affiliates, Inc		1,462
	81,319	*	SurModics, Inc		1,742
	145,593		Suzuken Co Ltd		5,423
	167,624	*	Symmetry Medical, Inc		1,485
	90,313		Synergy Healthcare plc		2,180
	73,800		Sysmex Corp		2,775
	25,978	*,e	Tandem Diabetes Care, Inc		422
	283,811	*	Team Health Holdings, Inc		14,174
	17,626		Teleflex, Inc		1,861
	202,871	*	Tenet Healthcare Corp		9,523
	99,800		Terumo Corp		2,236
	270,669	*	Thoratec Corp		9,436
	80,900		Toho Pharmaceutical Co Ltd		1,632
	10,100		Tokai Corp (GIFU)		280
	625,400		Top Glove Corp BHD		890
	132,536	*	Tornier BV		3,099
	20,338,000	e	Town Health International Medical Group Ltd		3,674
	122,169	*	TransEnterix, Inc		616
	90,397	*	Triple-S Management Corp (Class B)		1,621
	20,766	*	TriVascular Technologies, Inc		323
	28,400		Tsuki Corp		261

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	328,041	*,e	Unilife Corp	$	971
	284,609		United Drug plc		1,668
	3,017,864		UnitedHealth Group, Inc		246,710
	156,425	e	Universal American Corp		1,303
	860,317		Universal Health Services, Inc (Class B)		82,384
	57,148		US Physical Therapy, Inc		1,954
	12,228		Utah Medical Products, Inc		629
	8,215	*	Value Added Technologies Co Lt		170
	145,461	*	Varian Medical Systems, Inc		12,094
	61,398	*	Vascular Solutions, Inc		1,362
	210,071	*	VCA Antech, Inc		7,371
	103,212	*,e	Veeva Systems, Inc		2,627
	19,877	*,e	Veracyte, Inc		340
	655,600		Vibhavadi Medical Center PCL		307
	218,408		Virtus Health Ltd		1,679
	68,100		VITAL KSK Holdings, Inc		549
	68,933	*	Vocera Communications, Inc		910
	156,932	*	Volcano Corp		2,764
	296,056	*	WellCare Health Plans, Inc		22,104
	1,333,111		WellPoint, Inc		143,456
	301,692	e	West Pharmaceutical Services, Inc		12,725
	13,173	*	William Demant Holding		1,196
	198,057	*	Wright Medical Group, Inc		6,219
	89,333	*,e	Zeltiq Aesthetics, Inc		1,357
	554,393		Zimmer Holdings, Inc		57,579
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,351,922
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	12,414		Able C&C Co Ltd		299
	23,300	*	Aderans Co Ltd		365
	3,419		Amorepacific Corp		5,150
	8,300		Artnature, Inc		247
	2,183,151		Avon Products, Inc		31,896
	14,171		Bajaj Corp Ltd		55
	1,426,505		Beiersdorf AG.		137,864
	12,004		Bioland Ltd		199
	157,163	*	Central Garden and Pet Co (Class A)		1,446
	802,548		Church & Dwight Co, Inc		56,138
	274,820	e	Clorox Co		25,119
	3,668,077		Colgate-Palmolive Co		250,090
	7		Cosmax BTI, Inc		0	^
	9,693	*	Cosmax, Inc		912
	398,993	e	Coty, Inc		6,835
	231,276		Dabur India Ltd		721
	17,800		Dr Ci:Labo Co Ltd		672
	113,200		DSG International Thailand PCL		31
	97,460	*	Elizabeth Arden, Inc		2,088
	216,603		Energizer Holdings, Inc		26,432
	1,388,187		Estee Lauder Cos (Class A)		103,087
	55,400	*,e	Euglena Co Ltd		712
	154,500		Fancl Corp		1,857
	69,377	e	Female Health Co		382

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	157,374		Godrej Consumer Products Ltd	$	2,157
	158,000		Grape King Industrial Co		714
	284,930	*	Harbinger Group, Inc		3,619
	850,500		Hengan International Group Co Ltd		8,956
	80,315		Henkel KGaA		8,077
	396,063		Henkel KGaA (Preference)		45,758
	317,284	e	Herbalife Ltd		20,478
	1,062,415		Hindustan Lever Ltd		10,961
	609,425	*	Hypermarcas S.A.		5,310
	127,588	*	IGI Laboratories, Inc		678
	11,583		Inter Parfums S.A.		426
	107,819		Inter Parfums, Inc		3,186
	308,508		Jyothy Laboratories Ltd		881
	567,146		Kao Corp		22,336
	240,100	*	Karex BHD		224
	998,105		Kimberly-Clark Corp		111,009
	1,728,437		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,838
	43,600		Kobayashi Pharmaceutical Co Ltd		2,768
	17,784		Korea Kolmar Co Ltd		844
	8,390		Korea Kolmar Holdings Co Ltd		191
	64,100		Kose Corp		2,450
	10,934		LG Household & Health Care Ltd		4,922
	446,000	e	Lion Corp		2,585
	600,369		L’Oreal S.A.		103,371
	20,779		Mandom Corp		739
	41,477	*,e	Medifast, Inc		1,261
	548,924		Microbio Co Ltd		604
	12,300		Milbon Co Ltd		415
	186,338		Natura Cosmeticos S.A.		3,142
	44,142		Nature’s Sunshine Products, Inc		749
	34,600		Noevir Holdings Co Ltd		694
	374,547	e	Nu Skin Enterprises, Inc (Class A)		27,702
	34,055	*	Nutraceutical International Corp		813
	3,079,000	e	NVC Lighting Holdings Ltd		691
	17,892		Oil-Dri Corp of America		547
	27,742		Orchids Paper Products Co		889
	48,935	e	Oriflame Cosmetics S.A.		1,140
	7,882		Pacific Corp		5,819
	50,700		Pigeon Corp		2,674
	26,900		Pola Orbis Holdings, Inc		1,086
	703,000	*,e	Prince Frog International Holdings Ltd		177
	9,513,656		Procter & Gamble Co		747,678
	8,008,800		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		513
	3,056,500		PT Unilever Indonesia Tbk		7,551
	812,759		Reckitt Benckiser Group plc		70,869
	41,854	*	Revlon, Inc (Class A)		1,277
	2,179,000	e	Ruinian International Ltd		492
	173,768		Shiseido Co Ltd		3,169
	21,611		Spectrum Brands, Inc		1,859
	915,141		Svenska Cellulosa AB (B Shares)		23,834
	94,805		Uni-Charm Corp		5,652
	19,687	*,e	USANA Health Sciences, Inc		1,538

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	376,000	e	Vinda International Holdings Ltd	$	571
	70,242		WD-40 Co		5,284
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,938,765
INSURANCE - 4.2%
	3,359,680		ACE Ltd		348,399
	153,423		Admiral Group plc		4,065
	294,285		Aegon NV		2,567
	784,997		Aflac, Inc		48,866
	581,313		Ageas		23,183
	18,588,007	e	AIA Group Ltd		93,398
	92,511		Aksigorta AS		138
	11,893	*	Alleghany Corp		5,211
	1,057,325		Allianz AG.		176,482
	305,124		Allied World Assurance Co Holdings Ltd		11,601
	4,409,433		Allstate Corp		258,922
	179,111	*	Alm Brand AS		931
	185,355	*	AMBAC Financial Group, Inc		5,062
	274,456		American Equity Investment Life Holding Co		6,752
	447,543		American Financial Group, Inc		26,656
	4,776,142		American International Group, Inc		260,682
	10,966		American National Insurance Co		1,252
	79,200		Amerisafe, Inc		3,221
	995,079		Amlin plc		7,965
	3,221,385		AMP Ltd		16,103
	98,483	e	Amtrust Financial Services, Inc		4,118
	136,783		Anadolu Hayat Emeklilik AS		308
	382,339	*	Anadolu Sigorta		256
	744,310		Aon plc		67,055
	24,667		April Group		604
	220,928	*	Arch Capital Group Ltd		12,690
	97,836		Argo Group International Holdings Ltd		5,000
	143,791		Arthur J. Gallagher & Co		6,701
	187,444		Aspen Insurance Holdings Ltd		8,514
	1,497,427		Assicurazioni Generali S.p.A.		32,794
	371,039		Assurant, Inc		24,322
	221,676		Assured Guaranty Ltd		5,431
	34,718	*	Atlas Financial Holdings, Inc		526
	4,799,317		Aviva plc		41,873
	3,438,260		AXA S.A.		82,151
	2,165,834		Axis Capital Holdings Ltd		95,903
	4,146		Bajaj Finserv Ltd		64
	37,553		Baldwin & Lyons, Inc (Class B)		974
	69,506		Baloise Holding AG.		8,184
	1,028,200		BB Seguridade Participacoes S.A.		15,096
	1,036,453		Beazley plc		4,485
	4,941,872	*	Berkshire Hathaway, Inc (Class B)		625,443
	94,700		Brazil Insurance Participco		461
	197,532		Brown & Brown, Inc		6,066
	15,930,807		Cathay Financial Holding Co Ltd		24,883
	492,957		Catlin Group Ltd		4,511
	253,363		Chesnara plc		1,390

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,154,508	*	China Insurance International Holdings Co Ltd	$	2,068
	8,951,124		China Life Insurance Co Ltd		23,419
	2,943,706		China Life Insurance Co Ltd (Taiwan)		2,716
	3,289,400		China Pacific Insurance Group Co Ltd		11,608
	445,677		Chubb Corp		41,078
	117,547		Cincinnati Financial Corp		5,647
	167,464	*,e	Citizens, Inc (Class A)		1,239
	38,054	*	Clal Insurance		734
	4,277,241		ClearView Wealth Ltd		3,229
	74,483		CNA Financial Corp		3,011
	331,302		CNP Assurances		6,876
	820,738		Conseco, Inc		14,609
	325,629		Corp Mapfre S.A.		1,297
	318,568	*	Cover-More Group Ltd		567
	97,499		Crawford & Co (Class B)		983
	1,886,800		Dai-ichi Mutual Life Insurance Co		28,118
	87,441		Delta Lloyd NV		2,220
	2,057,432		Direct Line Insurance Group plc		9,495
	353,723		Discovery Holdings Ltd		3,232
	30,886		Donegal Group, Inc (Class A)		473
	46,991		Dongbu Insurance Co Ltd		2,414
	60,349	*	eHealth, Inc		2,291
	19,858		EMC Insurance Group, Inc		611
	107,131		Employers Holdings, Inc		2,269
	89,334	e	Endurance Specialty Holdings Ltd		4,609
	35,318	*	Enstar Group Ltd		5,324
	37,322		Erie Indemnity Co (Class A)		2,809
	673,247		esure Group plc		3,068
	30,114		Euler Hermes S.A.		3,618
	266,474		Everest Re Group Ltd		42,766
	13,857		Fairfax Financial Holdings Ltd		6,574
	29,907		FBD Holdings plc		620
	36,084		FBL Financial Group, Inc (Class A)		1,660
	34,125		Federated National Holding Co		870
	49,910		Fidelity & Guaranty Life		1,195
	952,963		Fidelity National Title Group, Inc (Class A)		31,219
	400,181		First American Financial Corp		11,121
	1,434,155		Fondiaria-Sai S.p.A		4,607
	1,215,316	*	Genworth Financial, Inc (Class A)		21,147
	989,209	e	Gjensidige Forsikring BA		17,740
	482,273	e	Great-West Lifeco, Inc		13,640
	104,904	*,e	Greenlight Capital Re Ltd (Class A)		3,456
	55,421		Grupo Catalana Occidente S.A.		2,012
	54,959	*	Hallmark Financial Services		591
	201,340		Hannover Rueckversicherung AG.		18,131
	192,254		Hanover Insurance Group, Inc		12,141
	55,331	*	Hanwha Non-Life Insurance Co Ltd		294
	152,220		Harel Insurance Investments & Finances Ltd		901
	4,297,219		Hartford Financial Services Group, Inc		153,883
	166,888		HCC Insurance Holdings, Inc		8,168
	30,472	e	HCI Group, Inc		1,237
	6,438		Helvetia Holding AG.		2,956

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	19,142	*	Heritage Insurance Holdings, Inc	$	291
	1,136,408	*	Hilltop Holdings, Inc		24,160
	430,539		Hiscox Ltd		5,209
	155,481		Horace Mann Educators Corp		4,862
	178,030		Hyundai Marine & Fire Insurance Co Ltd		5,077
	30,048		Independence Holding Co		425
	127,113	e	Industrial Alliance Insurance and Financial Services, Inc		5,570
	52,943		Infinity Property & Casualty Corp		3,559
	111,484	e	ING Canada, Inc		7,688
	4,838,972		Insurance Australia Group Ltd		26,653
	252,667		Jardine Lloyd Thompson Group plc		4,497
	193,663	*	Just Retirement Group plc		484
	15,462		Kansas City Life Insurance Co		703
	187,088		Kemper Corp		6,896
	484,120		Korea Life Insurance Co Ltd		3,090
	127,734		Korean Reinsurance Co		1,319
	227,277	e	Lancashire Holdings Ltd		2,544
	20,954,825		Legal & General Group plc		80,728
	283,182		Liberty Holdings Ltd		3,462
	76,234		LIG Insurance Co Ltd		2,095
	1,117,889		Lincoln National Corp		57,504
	223,700		Loews Corp		9,845
	44,101	*	Lotte Non-Life Insurance Co Ltd		136
	237,893		Maiden Holdings Ltd		2,876
	2,160,613		Manulife Financial Corp		42,947
	9,949	*	Markel Corp		6,523
	4,147,541		Marsh & McLennan Cos, Inc		214,926
	786,829	*	MBIA, Inc		8,687
	186,622	e	Meadowbrook Insurance Group, Inc		1,342
	531,792		Mediolanum S.p.A.		4,095
	50,851		Menorah Mivtachim Holdings Ltd		615
	444,002	*	Mercuries Life Insurance Co Lt		264
	19,049		Mercury General Corp		896
	144,555		Meritz Fire & Marine Insurance Co Ltd		1,764
	7,194,441		Metlife, Inc		399,723
	1,183,561		Metropolitan Holdings Ltd		2,921
	798,537		Migdal Insurance Holdings Ltd		1,303
	1,970,088		Millea Holdings, Inc		64,843
	632,491		Mitsui Sumitomo Insurance Group Holdings, Inc		15,287
	147,101	e	Montpelier Re Holdings Ltd		4,700
	197,843		Muenchener Rueckver AG.		43,812
	130,461		National General Holdings Corp		2,270
	25,193		National Interstate Corp		706
	8,288		National Western Life Insurance Co (Class A)		2,067
	46,733	*	Navigators Group, Inc		3,133
	1,178,000	*	New China Life insurance Co Ltd		3,906
	812,033		NKSJ Holdings, Inc		21,880
	5,990,235		Old Mutual plc		20,244
	405,931		Old Republic International Corp		6,714
	99,193		OneBeacon Insurance Group Ltd (Class A)		1,541
	340,141		PartnerRe Ltd		37,147
	189,487		Partnership Assurance Group plc		418

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,979,400	e	People’s Insurance Co Group of China Ltd	$	3,940
	21,532	*	Phoenix Cos, Inc		1,042
	400,893		Phoenix Group Holdings		4,453
	140,627		Phoenix Holdings Ltd		518
	6,687,831	e	PICC Property & Casualty Co Ltd		10,133
	2,707,200		Ping An Insurance Group Co of China Ltd		20,959
	100,706		Platinum Underwriters Holdings Ltd		6,531
	406,531		Porto Seguro S.A.		5,862
	532,803	e	Power Corp Of Canada		14,805
	405,605	e	Power Financial Corp		12,624
	154,235		Powszechny Zaklad Ubezpieczen S.A.		22,535
	206,780		Primerica, Inc		9,894
	870,602		Principal Financial Group		43,948
	114,103		ProAssurance Corp		5,066
	1,002,320		Progressive Corp		25,419
	305,945		Protective Life Corp		21,211
	2,483,754		Prudential Financial, Inc		220,483
	6,417,485		Prudential plc		147,034
	56,756,000		PT Panin Insurance Tbk		3,183
	91,903,200	*	PT Panin Life Tbk		1,900
	72,647	*	Qatar Insurance Co SAQ		1,596
	1,605,784		QBE Insurance Group Ltd		16,447
	194,000		Qualitas Controladora SAB de C.V.		560
	320,690		Reinsurance Group of America, Inc (Class A)		25,302
	219,941		RenaissanceRe Holdings Ltd		23,534
	1,593,462		Resolution Ltd		8,592
	164,979		RLI Corp		7,553
	725,583		RMI Holdings		2,238
	177,375		RSA Insurance Group plc		1,441
	54,314		Safety Insurance Group, Inc		2,791
	1,174,383		Sampo Oyj (A Shares)		59,368
	93,262		Samsung Fire & Marine Insurance Co Ltd		23,737
	72,473		Samsung Life Insurance Co Ltd		7,306
	3,977,149		Sanlam Ltd		23,092
	13,887		Schweizerische National-Versicherungs-Gesellschaft		955
	324,775		SCOR		11,183
	237,112		Selective Insurance Group, Inc		5,861
	8,457,630		Shin Kong Financial Holding Co Ltd		2,609
	265,000		Shinkong Insurance Co Ltd		219
	57,959		Societa Cattolica di Assicurazioni SCRL		1,294
	719,334	*	Sony Financial Holdings, Inc		12,281
	783,053		St. James’s Place plc		10,201
	99,898		Stancorp Financial Group, Inc		6,393
	735,592		Standard Life plc		4,706
	58,116		State Auto Financial Corp		1,362
	593,180		Steadfast Group Ltd		733
	81,397		Stewart Information Services Corp		2,524
	527,424	*	Storebrand ASA		2,967
	142,533		Sul America SA		1,010
	968,592	e	Sun Life Financial, Inc		35,601
	1,589,671		Suncorp-Metway Ltd		20,300
	17,052		Swiss Life Holding		4,042

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,230,493		Swiss Re Ltd	$	109,412
	113,700		Syarikat Takaful Malaysia BHD		462
	282,614		Symetra Financial Corp		6,427
	2,394,734	*	T&D Holdings, Inc		32,572
	444,000		Taiwan Fire & Marine Insurance Co		348
	757,409	*	Taiwan Life Insurance Co Ltd		539
	942,800	*	Thai Reinsurance PCL		105
	1,961,073	*	Third Point Reinsurance Ltd		29,926
	43,950		Tong Yang Life Insurance		423
	106,061	*	Topdanmark AS		3,228
	369,208		Torchmark Corp		30,246
	832,145		Travelers Cos, Inc		78,280
	58,800		TrygVesta AS		5,941
	501,100	*	Tune Ins Holdings BHD		354
	886,365		Unipol Gruppo Finanziario S.p.A		5,006
	941,308		Unipol Gruppo Finanziario S.p.A (Priv)		4,876
	191,233		Uniqa Versicherungen AG.		2,456
	33,490	*	United America Indemnity Ltd		870
	76,382		United Fire & Casualty Co		2,240
	49,003		United Insurance Holdings Corp		846
	97,699	e	Universal Insurance Holdings, Inc		1,267
	858,495		UnumProvident Corp		29,841
	300,392		Validus Holdings Ltd		11,487
	62,816	e	Vittoria Assicurazioni S.p.A.		836
	181,484		W.R. Berkley Corp		8,405
	4,295		White Mountains Insurance Group Ltd		2,613
	45,305		Wiener Staedtische Allgemeine Versicherung AG.		2,426
	581		Willis Group Holdings plc		25
	808,903		XL Capital Ltd		26,475
	180,153		Zurich Financial Services AG.		54,260
			TOTAL INSURANCE		5,463,697
MATERIALS - 5.2%
	107,952	e	A. Schulman, Inc		4,178
	424,684	e	Acerinox S.A.		7,532
	1,144,083		ACHEM Technology Corp		775
	371,000	*	Achilles Corp		546
	50,000	*	Acron JSC (GDR)		175
	105,581	*	Adana Cimento		225
	97,200		ADEKA Corp		1,304
	1,116,274		Adelaide Brighton Ltd		3,635
	146,479	*	Advanced Emissions Solutions, Inc		3,359
	29,781	*	Advanced Metallurgical Group NV		291
	184,694		Aeci Ltd		2,178
	14,291	*	AEP Industries, Inc		498
	153,516		African Barrick Gold Ltd		543
	296,063	*,e	African Minerals Ltd		351
	163,870		African Oxygen Ltd		327
	113,535		African Rainbow Minerals Ltd		2,000
	174,945		Agnico-Eagle Mines Ltd		6,699
	290,368	e	Agrium, Inc (Toronto)		26,600
	322,000		Aichi Steel Corp		1,285

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	735,400	*,e	Ainsworth Lumber Co Ltd	$	1,909
	199,916		Air Liquide		27,014
	292,650		Air Products & Chemicals, Inc		37,641
	113,422		Air Water, Inc		1,816
	50,669		Airgas, Inc		5,518
	7,679		AK Holdings, Inc		500
	528,713	*,e	AK Steel Holding Corp		4,209
	65,148		Akcansa Cimento AS		396
	1,012,693		Akzo Nobel NV		75,931
	340,970	e	Alamos Gold, Inc		3,448
	252,451		Albemarle Corp		18,050
	3,552,973		Alcoa, Inc		52,904
	3,224,605		Alent plc		20,209
	14,000		Alexandria Mineral Oils Co		161
	347,789		Allegheny Technologies, Inc		15,685
	385,953	*,e	Allied Nevada Gold Corp		1,451
	1,211,700	e	Alpek SAB de C.V.		2,334
	329,475		Altri SGPS S.A.		943
	235,004	*	Alumina Ltd		300
	5,383,300	*,e	Aluminum Corp of China Ltd		1,935
	7,556	f	AMAG Austria Metall AG. (purchased 5/31/12, cost $177)		250
	1,040,881		Ambuja Cements Ltd		3,819
	1,944,848		Amcor Ltd		19,129
	110,163	e	American Vanguard Corp		1,456
	32,175		Ampco-Pittsburgh Corp		738
	3,729,000		AMVIG Holdings Ltd		1,315
	292,824		Anadolu Cam Sanayii AS		250
	549,000		Anatolia Minerals Development Ltd		1,456
	57,800	e	Angang New Steel Co Ltd		37
	508,503		Anglo American plc (London)		12,463
	103,119	*,e	Anglo Platinum Ltd		4,482
	774,463	*	AngloGold Ashanti Ltd		13,221
	1,965,094	e	Anhui Conch Cement Co Ltd		6,741
	2,137,655		Antofagasta plc		27,926
	196,946	*,e	APERAM		6,651
	124,087		Aptargroup, Inc		8,315
	2,877,683	*	Aquarius Platinum Ltd		1,140
	219,538	*	Aquila Resources Ltd		699
	198,077		ArcelorMittal		2,953
	185,000	*	Argonaut Gold, Inc		766
	6,560		Arkema		637
	27,574	e	Asahi Holdings, Inc		475
	1,920,529		Asahi Kasei Corp		14,703
	313,800	*	Asanko Gold, Inc		818
	513,854		Ashland, Inc		55,877
	1,665,000	e	Asia Cement China Holdings Corp		1,055
	2,489		Asia Cement Co Ltd		267
	5,603,693		Asia Cement Corp		7,681
	59,639		Asia Plastic Recycling Holding Ltd		121
	463,500		Asia Polymer		402
	436,402		Asian Paints Ltd		4,309

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,007		Associated Cement Co Ltd	$	782
	88,096		Assore Ltd		2,954
	677,200		Atlas Consolidated Mining & Development		218
	3,156,754	e	Atlas Iron Ltd		1,879
	37,978	*	Auriga Industries (Class B)		1,948
	167,560		Avery Dennison Corp		8,587
	661,787		Axiall Corp		31,283
	745,635	*,e	B2Gold Corp		2,173
	149,018		Balchem Corp		7,981
	261,300		Ball Corp		16,378
	1,099,042		Barrick Gold Corp (Canada)		20,126
	1,350,772		BASF AG.		157,127
	6,839		BASF India Ltd		99
	67,077		Baticim Bati Anadolu Cimento Sanayii AS		222
	8,604		Bayer CropScience Ltd		262
	4,749,100		BBMG Corp		3,064
	538,260		BC Iron Ltd		1,629
	751,278	*	Beadell Resources Ltd		439
	90,052		Bekaert S.A.		3,365
	43,484		Bemis Co, Inc		1,768
	362,200		Bengang Steel Plates Co		116
	112,643	*	Berger Paints India Ltd		544
	6,834,162	*,a	Berry Plastics Group, Inc		176,321
	4,988,368		BHP Billiton Ltd		170,126
	6,055,765		BHP Billiton plc		196,867
	231,671		Billerud AB		3,366
	207,500	e	Bloomage Biotechnology Corp Ltd		542
	731,066	*	BlueScope Steel Ltd		3,744
	7,972	*	BNG Steel Co Ltd		177
	121,861	*	Boise Cascade Co		3,490
	386,170		Boliden AB		5,602
	1,323,393		Boral Ltd		6,547
	251,429		Borregaard ASA		1,818
	54,715		Borusan Mannesmann Boru Sanayi		170
	323,545	*	Boryszew S.A.		572
	258,693		Bradespar S.A.		2,371
	199,628		Braskem S.A.		1,273
	72,295		Brush Engineered Materials, Inc		2,674
	95,165		Buzzi Unicem S.p.A.		1,600
	43,499		Buzzi Unicem S.p.A. RSP		414
	5,600	*,e	C Uyemura & Co Ltd		285
	297,316		Cabot Corp		17,241
	166,136	*	Calgon Carbon Corp		3,710
	95,000		Canam Group, Inc		1,193
	177,900	e	Canexus Corp		817
	272,668	*	Canfor Corp		5,969
	72,900		Canfor Pulp Products, Inc		861
	148,092		CAP S.A.		2,098
	29,150	*	Capro Corp		150
	372,811	*	Capstone Mining Corp		898
	78,083		Carclo plc		151
	83,745	e	Carpenter Technology Corp		5,297

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	168,952		Cascades, Inc	$	1,047
	70,125	*,e	Castle (A.M.) & Co		774
	33,500		CCL Industries		3,226
	476,909		Celanese Corp (Series A)		30,656
	55,151		Cementir S.p.A.		413
	913,009		Cementos Argos S.A.		5,748
	644,452	*	Cemex Latam Holdings S.A.		6,316
	23,291,792	*	Cemex S.A. de C.V.		30,844
	1,357,465	*,e	Cemex SAB de C.V. (ADR)		17,959
	3,477,669	*	Centamin plc		3,779
	464,800		Centerra Gold, Inc		2,932
	198,282	*	Century Aluminum Co		3,109
	1,555,000		Century Sunshine Ecological Technology Holdings Ltd		187
	75,730		Century Textile & Industries Ltd		742
	147,320		CF Industries Holdings, Inc		35,435
	21,416		Chase Corp		731
	50,273	m	Cheil Industries, Inc		3,561
	397,468	*	Chemtura		10,386
	1,726,560		Cheng Loong Corp		749
	832,925	*	Chia Hsin Cement Corp		445
	5,393,100		China BlueChemical Ltd		2,943
	270,620		China General Plastics Corp		150
	171,000		China Hi-ment Corp		424
	941,000	*	China Manmade Fibers Corp		351
	375,777		China Metal Products		440
	3,613,200	*,e,m	China Metal Recycling Holdings Ltd		5
	6,437,578	e	China National Building Material Co Ltd		5,668
	2,886,000		China National Materials Co Ltd		514
	2,746,078		China Petrochemical Development Corp		1,117
	4,326,000	*,e	China Precious Metal Resources Holdings Co Ltd		391
	1,422,000	*	China Rare Earth Holdings Ltd		180
	7,913,638		China Resources Cement Holdings Ltd		4,962
	1,743,000		China Sanjiang Fine Chemicals		675
	5,493,200		China Shanshui Cement Group Ltd		1,932
	216,000		China Steel Chemical Corp		1,400
	12,422,228		China Steel Corp		10,449
	812,000		China Synthetic Rubber Corp		813
	1,232,000		China Vanadium Titano-Magnetite Mining Co Ltd		129
	496,000	*	Chongqing Iron & Steel Co Ltd		87
	255,276		Christian Hansen Holding		10,750
	66,000		Chugoku Marine Paints Ltd		477
	1,398,328		Chun Yuan Steel		645
	1,344,720	*	Chung Hung Steel Corp		350
	169,950	*	Chung Hwa Pulp Corp		55
	302,094		Cia de Minas Buenaventura S.A. (ADR) (Series B)		3,568
	755,536		Cia Siderurgica Nacional S.A.		3,214
	86,639	*	Ciech S.A.		984
	162,094		Cimsa Cimento Sanayi Ve Tica		1,048
	1,208,000	*	Citic Dameng Holdings		83
	2,418,513		Clariant AG.		47,294
	73,564	*	Clearwater Paper Corp		4,540
	2,088,442	e	Cliffs Natural Resources, Inc		31,431

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	496,451	*	Coeur d’Alene Mines Corp	$	4,557
	443,144		Commercial Metals Co		7,671
	86,132	*,m	Companhia Vale do Rio Doce		0	^
	605,600	e	Companhia Vale do Rio Doce (ADR)		8,012
	246,062		Compass Minerals International, Inc		23,558
	1,139,696	*,e	Constellium NV		36,539
	56,812		Coromandel International Ltd		244
	121,000	*,e	Corp Durango SAB de C.V.		245
	3,304,000		CPMC Holdings Ltd		2,847
	579,798		CRH plc		14,853
	26,679		Croda International plc		1,005
	145,100	*,e	Cronus Resources Ltd		476
	1,994,466	*	Crown Holdings, Inc		99,245
	1,749,484		CSR Ltd		5,759
	25,040,000	*	CST Mining Group Ltd		171
	140,972	*,e	Cudeco Ltd		228
	405,470		Cytec Industries, Inc		42,745
	2,002,300		D&L Industries Inc		453
	847,689		Daicel Chemical Industries Ltd		8,105
	29,530		Daido Steel Co Ltd		151
	91,000		Daiken Corp		259
	147,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		701
	831,845		Dainippon Ink and Chemicals, Inc		2,218
	222,872	e	Daio Paper Corp		2,021
	90,000		Daiso Co Ltd		330
	225,400	*	Danhua Chemical Technology Co Ltd		93
	19,749	*	DC Chemical Co Ltd		3,358
	35,359		Deltic Timber Corp		2,136
	1,484,000		Denki Kagaku Kogyo KK		5,702
	162,132	*	Detour Gold Corp		2,218
	94,324	*	Dominion Diamond Corp		1,363
	247,427		Domtar Corp		10,602
	79,709		Dongkuk Steel Mill Co Ltd		549
	98,000	*	Dongpeng Holdings Co Ltd		37
	21,542		Dongsung Finetec Co Ltd		251
	2,224,000	e	Dongyue Group		927
	6,055,125		Dow Chemical Co		311,597
	394,000	*	Dowa Holdings Co Ltd		3,716
	1,211,924		DS Smith plc		5,739
	22,321		DSM NV		1,624
	940,377		Du Pont (E.I.) de Nemours & Co		61,538
	613,656		DuluxGroup Ltd		3,278
	124,100	*	Dundee Precious Metals, Inc		594
	35,123		Eagle Materials, Inc		3,311
	15,600		Earth Chemical Co Ltd		600
	398,743		Eastman Chemical Co		34,830
	220,206		Ecolab, Inc		24,518
	51,809	*	EID Parry India Ltd		181
	421,487	*	El Ezz Steel Co		1,004
	940,941		Eldorado Gold Corp		7,196
	1,065,827		Elementis plc		4,748
	2,313,921		Empresas CMPC S.A.		5,061

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	24,846		EMS-Chemie Holding AG.	$	9,915
	292,538	*	Endeavour Mining Corp		228
	153,139	*	Endeavour Mining Corp (ADR)		115
	230,100	*	Endeavour Silver Corp		1,257
	53,422	*	Eramet		6,326
	5,808,399		Eregli Demir ve Celik Fabrikalari TAS		10,402
	9,772		Ess Dee Aluminium Ltd		94
	1,426,000		Eternal Chemical Co Ltd		1,519
	137,900		Eternit S.A.		530
	95,300	*	Eucatex S.A. Industria e Comercio		192
	33,492		Eugene Corp		130
	599,098		Everlight Chemical Industrial Corp		686
	601,009	e	Evolution Mining Ltd		402
	368,755		Evonik Industries AG.		14,662
	342,224	*	Evraz plc		520
	97,750		Feng Hsin Iron & Steel Co		143
	101,400		Ferbasa-Ferro Ligas DA Bahia		564
	544,053		Ferrexpo plc		1,217
	220,187	*	Ferro Corp		2,766
	597,063	*	Fibria Celulose S.A.		5,791
	2,117,657		Filtrona plc		27,651
	137,200	*	First Majestic Silver Corp		1,483
	646,040		First Quantum Minerals Ltd		13,816
	1,445,009	e	Fletcher Building Ltd		11,140
	166,202	*	Flotek Industries, Inc		5,345
	416,185	e	FMC Corp		29,628
	75,040	*	Foosung Co Ltd		255
	3,926,400		Formosa Chemicals & Fibre Corp		9,943
	5,075,088		Formosa Plastics Corp		13,566
	459,000		Formosan Rubber Group, Inc		435
	960,432		Formosan Union Chemical		471
	15,452,824	e	Fortescue Metals Group Ltd		63,822
	164,400	*	Fortuna Silver Mines, Inc		909
	5,807,100	e	Fosun International		7,714
	28,600	e	FP Corp		997
	205,443		Franco-Nevada Corp		11,793
	2,330,534		Freeport-McMoRan Copper & Gold, Inc (Class B)		85,065
	124,114	e	Fresnillo plc		1,865
	43,401		Frutarom Industries Ltd		1,085
	268,128		Fuchs Petrolub AG. (Preference)		12,098
	2,630,200		Fufeng Group Ltd		987
	27,852		Fuji Seal International, Inc		866
	16,300		Fujimi, Inc		229
	25,400		Fujimori Kogyo Co Ltd		825
	1,519,000		Furukawa-Sky Aluminum Corp		5,714
	3,041,000	e	Fushan International Energy Group Ltd		624
	81,873		FutureFuel Corp		1,358
	34,782,600	*,m	G J Steel PCL		32
	14,545,600	*,m	G Steel PCL		34
	311,670	*	Gabriel Resources Ltd		275
	333,342		Gammon Gold, Inc		1,425
	135,877	*	Gem Diamonds Ltd		333

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,334,902		Gerdau S.A. (Preference)	$	13,674
	20,320		Givaudan S.A.		33,852
	150,699		Glatfelter		3,998
	750,300	*	Gleichen Resources Ltd		1,146
	5,934,888		Glencore Xstrata plc		33,073
	201,884		Globe Specialty Metals, Inc		4,195
	486,192		Gloria Material Technology Corp		436
	175,000	*	Godo Steel Ltd		281
	78,783		Godrej Industries Ltd		479
	820,916		Gold Fields Ltd		3,036
	109,727	e	Gold Resource Corp		555
	1,017,041		Goldcorp, Inc		28,384
	8,356,418		Goldsun Development & Construction Co Ltd		2,925
	884,000		Grand Pacific Petrochemical		554
	2,879,310	*	Graphic Packaging Holding Co		33,688
	605,755	*,m	Great Basin Gold Ltd		6
	181,000		Great China Metal Industry		220
	6,043,000	e	Greatview Aseptic Packaging Co		4,132
	12,965		Greif, Inc (Class A)		707
	52,733,560	*,e	G-Resources Group Ltd		1,326
	699,987		Grupo Argos S.A.		8,426
	169,324		Grupo Argos S.A.(Preference)		2,020
	490,364	*,e	Grupo Empresarial Ence S.A.		1,281
	5,265,849		Grupo Mexico S.A. de C.V. (Series B)		17,547
	158,400	*	Grupo Simec SAB de C.V.		736
	132,352		Gubre Fabrikalari TAS		280
	41,946	*	Gujarat Flourochemicals		332
	125,675		Gujarat State Fertilisers & Chemicals Ltd		168
	3,179,452	*,e,m	Gunns Ltd		30
	1,584	*,m	Gunns Ltd (Forest)		0	^
	105,742	*	Guyana Goldfields, Inc		256
	13,925	*	H&R WASAG AG.		136
	168,978		H.B. Fuller Co		8,128
	23,210		Han Kuk Carbon Co Ltd		179
	11,191		Hanil Cement Manufacturing		1,526
	14,420		Hansol Chemical Co Ltd		382
	40,103		Hansol Paper Co		465
	119,734		Hanwha Chemical Corp		2,173
	137,147		Hanwha Corp		3,502
	439,153	*	Harmony Gold Mining Co Ltd		1,312
	39,178		Hawkins, Inc		1,455
	47,511		Haynes International, Inc		2,689
	456,584	*	Headwaters, Inc		6,342
	1,280,870	e	Hecla Mining Co		4,419
	21,235		HeidelbergCement AG.		1,809
	57,196		Hexpol AB (Series B)		5,193
	375,616		Highland Gold Mining Ltd		454
	1,230,822		Hindalco Industries Ltd		3,359
	376,482		Hitachi Chemical Co Ltd		6,233
	65,830		Hitachi Metals Ltd		1,004
	674,131		Ho Tung Chemical Corp		306
	224,595	*,e	Hochschild Mining plc		617

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	280,929		Hokuetsu Paper Mills Ltd	$	1,256
	1,412,804		Holcim Ltd		124,097
	1,982,600		Holcim Philippines, Inc		604
	125,811		Holmen AB (B Shares)		4,503
	18,719		Honam Petrochemical Corp		3,413
	2,622,000	*	Honbridge Holdings Ltd		470
	183,805	*	Horsehead Holding Corp		3,356
	2,865,700	e	Huabao International Holdings Ltd		1,697
	454,200		Hubei Sanonda Co Ltd		490
	33,750		Huchems Fine Chemical Corp		790
	201,892		HudBay Minerals, Inc		1,867
	216,417		Huhtamaki Oyj		5,656
	2,022,000	*,e	Hunan Non-Ferrous Metal Ltd		608
	745,843		Huntsman Corp		20,958
	27,385		Hyosung Corp		1,830
	29,086		Hyundai Hysco		1,943
	72,791		Hyundai Steel Co		5,351
	469,200		IAMGOLD Corp		1,930
	37,000		Ihara Chemical Industry Co Ltd		306
	279,697		Iluka Resources Ltd		2,149
	35,096	e	Imerys S.A.		2,960
	588,799		Impala Platinum Holdings Ltd		5,935
	51,600	*	Imperial Metals Corp		755
	2,318,117		Incitec Pivot Ltd		6,338
	243,031		Independence Group NL		1,000
	186,337		India Cements Ltd		370
	1,368,478		Indorama Ventures PCL (Foreign)		1,170
	206,300	*,e	Industrias CH SAB de C.V.		1,166
	150,515		Industrias Penoles S.A. de C.V.		3,764
	721,570	m	Inner Mongolia Eerduosi Resourses Co Ltd		579
	85,731		Innophos Holdings, Inc		4,936
	113,422		Innospec, Inc		4,896
	162,100	*	Interfor Corp		2,259
	102,427		International Flavors & Fragrances, Inc		10,681
	585,418		International Paper Co		29,546
	149,605		Intertape Polymer Group, Inc		1,660
	211,983	*,e	Intrepid Potash, Inc		3,553
	1,354,000	*	IRC Ltd		117
	441,000	*,e	Ishihara Sangyo Kaisha Ltd		392
	528,677		Israel Chemicals Ltd		4,530
	696	*	Israel Corp Ltd		396
	5,220		ISU Chemical Co Ltd		64
	215,592	e	Italcementi S.p.A.		2,035
	14,025		Italmobiliare S.p.A.		540
	38,529		Italmobiliare S.p.A. RSP		1,048
	365,900	*	Ivanhoe Mines Ltd		466
	112,772	*	Izmir Demir Celik Sanayi AS		150
	711,138		James Hardie Industries NV		9,277
	33,000		Japan Pile Corp		292
	39,703		Jastrzebska Spolka Weglowa S.A.		615
	70,500		Jaya Tiasa Holdings BHD		58
	196,611		JFE Holdings, Inc		4,067

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,330,900	e	Jiangxi Copper Co Ltd	$	10,024
	97,784		Jindal Saw Ltd		136
	382,139		Jindal Steel & Power Ltd		2,052
	209,900	*	Jinshan Gold Mines, Inc		610
	337,753		Johnson Matthey plc		17,910
	16,500		JSP Corp		296
	261,355		JSR Corp		4,487
	100,733		JSW Steel Ltd		2,076
	28,577		K&S AG.		938
	2,571,394	*,b,e,m	Kagara Zinc Ltd		24
	69,488		Kaiser Aluminum Corp		5,064
	192,216		Kaneka Corp		1,204
	307,424		Kansai Paint Co Ltd		5,138
	266,244	*	Kapstone Paper and Packaging Corp		8,821
	80,636	*	Kardemir Karabuk Demir Celik S		116
	153,308	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		210
	716,452	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		663
	1,215		Kartonsan Karton Sanayi		137
	350,144	*	Kazakhmys plc		1,822
	125,695		Kemira Oyj		2,011
	328,585		KGHM Polska Miedz S.A.		13,471
	509,300		Kian Joo Can Factory BHD		506
	1,542,442	*	Kinross Gold Corp		6,389
	9,240		KISCO Corp		251
	7,918		KISWIRE Ltd		311
	571,155		Klabin S.A.		2,869
	36,579		KMG Chemicals, Inc		658
	58,000		Koatsu Gas Kogyo Co Ltd		349
	6,143,680	*	Kobe Steel Ltd		9,240
	10,750		Kolon Corp		239
	43,408		Kolon Industries, Inc		3,055
	39,500		Konishi Co Ltd		840
	1,343		Konya Cimento Sanayii		169
	105,862		Koppers Holdings, Inc		4,049
	14,300		Korea Kumho Petrochemical		1,253
	13,109		Korea Petrochemical Ind Co Ltd		909
	15,479		Korea Zinc Co Ltd		6,070
	59,693		Koza Altin Isletmeleri AS		684
	208,722	*	Koza Anadolu Metal Madencilik Isletmeleri AS		252
	3,822		KPX Chemical Co Ltd		230
	137,503	*	Kraton Polymers LLC		3,079
	144,342		Kronos Worldwide, Inc		2,262
	16,391		Kukdo Chemical Co Ltd		985
	193,255	e	Kumba Iron Ore Ltd		6,183
	54,000		Kumiai Chemical Industry Co Ltd		347
	74,485		Kuraray Co Ltd		945
	327,000		Kureha CORP		1,788
	362,000		Kurimoto Ltd		854
	16,900		Kyoei Steel Ltd		306
	148,600	e	Labrador Iron Ore Royalty Corp		4,273

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	855,420		Lafarge Malayan Cement BHD	$	2,624
	229,021	e	Lafarge S.A.		19,915
	101,163	*	Landec Corp		1,264
	884,806		Lanxess AG.		59,679
	182,000		Lee & Man Holding Ltd		93
	7,077,700		Lee & Man Paper Manufacturing Ltd		3,750
	218,448		LEE Chang Yung Chem IND Corp		177
	9,146	e	Lenzing AG.		590
	74,505		LG Chem Ltd		21,789
	10,339		LG Chem Ltd (Preference)		1,972
	206,448		Linde AG.		43,869
	10,459	*	Linde India Ltd		65
	110,000		Lingbao Gold Co Ltd		17
	57,300		Lintec Corp		1,153
	178,000		Lion Industries Corp BHD		36
	28,854		Lock & Lock Co Ltd		381
	1,712,560		Long Chen Paper Co Ltd		893
	571,657	*,e	Lonmin plc		2,321
	5,016,277	*	Louisiana-Pacific Corp		75,344
	72,771	*	LSB Industries, Inc		3,032
	476,000		Luks Group Vietnam Holdings Ltd		126
	594,681	*	Lundin Mining Corp		3,271
	2,530,962	*,e	Lynas Corp Ltd		309
	3,782,448		LyondellBasell Industries AF S.C.A		369,356
	62,808		Madras Cements Ltd		303
	145,269	*	MAG. Silver Corp		1,374
	237,400	*	Magnesita Refratarios S.A.		475
	24,410	*	Maharashtra Seamless Ltd		127
	173,112	e	Major Drilling Group International		1,261
	76,819	*	Mardin Cimento Sanayii		185
	34,405	*,e	Marrone Bio Innovations, Inc		400
	246,852	e	Martin Marietta Materials, Inc		32,597
	28,924		Maruichi Steel Tube Ltd		777
	2,946,333		Masisa S.A.		123
	17,938		Mayr-Melnhof Karton AG.		2,137
	272,802		MeadWestvaco Corp		12,074
	24	*,e	Mechel Steel Group OAO (ADR)		0	^
	233,732	*	Medusa Mining Ltd		413
	2,964,930	*	Merafe Resources Ltd		326
	549,742	*	Metals X Ltd		135
	585,400		Metalurgica Gerdau S.A.		4,141
	499,337	e	Methanex Corp		30,871
	1,025,000	e	Methanex Corp (New)		63,325
	1,074,209	e	Mexichem SAB de C.V.		4,445
	1,086,000	e	Midas Holdings Ltd		380
	709,938	*,e	Minera Frisco SAB de C.V.		1,399
	122,453		Minerals Technologies, Inc		8,030
	5,916,400	e	Minmetals Resources Ltd		1,777
	3,829,337	*,e	Mirabela Nickel Ltd		144
	1,569,606		Mitsubishi Chemical Holdings Corp		6,961
	299,158		Mitsubishi Gas Chemical Co, Inc		1,916
	1,765,060		Mitsubishi Materials Corp		6,192

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	400,000	*	Mitsubishi Paper Mills Ltd	$	351
	466,000		Mitsubishi Steel Manufacturing Co Ltd		1,088
	654,402	e	Mitsui Chemicals, Inc		1,791
	1,052,000	*	Mitsui Mining & Smelting Co Ltd		3,007
	254,114	*	Mittal Steel South Africa Ltd		745
	1,250,206		MMC Norilsk Nickel (ADR)		24,822
	8,765		MOIL Ltd		47
	658,376	*,e	Molycorp, Inc		1,692
	211,433		Mondi Ltd		3,860
	809,188		Mondi plc		14,691
	2,035,986		Monsanto Co		253,969
	34,970		Moorim P&P Co Ltd		136
	165,465		Mosaic Co		8,182
	3,135,260		Mount Gibson Iron Ltd		2,047
	267,267		Mpact Ltd		701
	377,670		M-real Oyj (B Shares)		1,828
	132,390		Myers Industries, Inc		2,660
	163,292	*	Mytilineos Holdings S.A.		1,363
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		70
	187,000	*	Nakayama Steel Works Ltd		153
	91,190		Namhae Chemical Corp		915
	645,602		Nampak Ltd		2,233
	5,711,813		Nan Ya Plastics Corp		13,756
	737,418		Nantex Industry Co Ltd		436
	80,033		Neenah Paper, Inc		4,254
	39,100		Neturen Co Ltd		299
	258,800		Nevsun Resources Ltd		970
	682,522	*	New Gold, Inc		4,330
	1,552,434	*	Newcrest Mining Ltd		15,592
	54,617		NewMarket Corp		21,416
	1,126,649		Newmont Mining Corp		28,662
	1,681,250		Nickel Asia Corp		1,270
	133,900		Nihon Nohyaku Co Ltd		1,627
	47,874		Nihon Parkerizing Co Ltd		1,098
	2,531,800	e	Nine Dragons Paper Holdings Ltd		1,724
	115,000		Nippon Denko Co Ltd		363
	194,800		Nippon Kayaku Co Ltd		2,536
	1,768,800	*	Nippon Light Metal Holdings Co Ltd		2,694
	370,000		Nippon Paint Co Ltd		7,834
	319,800	e	Nippon Paper Industries Co Ltd		6,015
	139,000		Nippon Shokubai Co Ltd		1,868
	163,000	*	Nippon Soda Co Ltd		869
	5,874,170		Nippon Steel Corp		18,818
	48,810		Nippon Synthetic Chemical Industry Co Ltd		389
	184,000		Nippon Valqua Industries Ltd		525
	165,000	*,e	Nippon Yakin Kogyo Co Ltd		531
	145,800		Nissan Chemical Industries Ltd		2,267
	249,900	*	Nisshin Steel Holdings Co Ltd		3,303
	60,000		Nittetsu Mining Co Ltd		257
	188,196		Nitto Denko Corp		8,815
	158,921		NOF Corp		1,136
	149,102		Noranda Aluminium Holding Corp		526

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	294,984	e	Norbord, Inc	$	7,237
	39,802	e	Norddeutsche Affinerie AG.		2,027
	1,982,074	e	Norsk Hydro ASA		10,613
	13,010,000	*,e,m	North Mining Shares Co Ltd		730
	473,180	*	Northam Platinum Ltd		2,031
	1,217,878		Northern Star Resources Ltd		1,461
	344,582	*	Novagold Resources, Inc		1,453
	29,842	*	Novolipetsk Steel (GDR)		419
	632,956		Novozymes AS		31,747
	624,862		Nucor Corp		30,774
	1,116,318		Nufarm Ltd		4,899
	401,890		Nuplex Industries Ltd		1,084
	170,192	e	Nyrstar		517
	86,450	*,m	Nyrstar (Strip VVPR)		0	^
	245,000	*	Ocean Plastics Co Ltd		368
	703,300	*	OceanaGold Corp		2,182
	729,259		OJI Paper Co Ltd		3,001
	153,000		Okamoto Industries, Inc		532
	295,093		Olin Corp		7,944
	34,633		Olympic Steel, Inc		857
	182,156		OM Group, Inc		5,907
	69,928		Omnia Holdings Ltd		1,517
	144,057	*	Omnova Solutions, Inc		1,309
	3,302,906		OneSteel Ltd		2,485
	530,835		Orica Ltd		9,750
	820,600		Oriental Union Chemical Corp		850
	1,684,586		Orora Ltd		2,260
	11,800		Osaka Steel Co Ltd		207
	62,470	*,e	Osisko Gold Royalties Ltd		940
	217,800	*,e	Outokumpu Oyj		2,192
	232,000		Overseas Chinese Town Asia Holdings Ltd		85
	374,212	*	Owens-Illinois, Inc		12,963
	385,537		Oxiana Ltd		1,488
	160,507	*	Pacific Metals Co Ltd		782
	14,800		Pack Corp		293
	1,340,935		Packaging Corp of America		95,863
	196,025	*	Pact Group Holdings Ltd		634
	2,697,405		Pan African Resources plc		658
	195,100		Pan American Silver Corp		2,991
	591,626		Pan Australian Resources Ltd		1,259
	44,074		Papeles y Cartones de Europa S.A.		244
	308,118	*	Papillon Resources Ltd		556
	242,400	*	Paranapanema S.A.		318
	122,725	*	Park Elektrik Madencilik Sanayi Ve Ticaret AS		284
	240,115		Peter Hambro Mining plc		187
	497,555	*	Petra Diamonds Ltd		1,603
	3,292,000		Petronas Chemicals Group BHD		6,942
	51,643		PI Industries Ltd		287
	264,041	*,m	Pike River Coal Ltd		0	^
	82,425	*	Platform Specialty Products Corp		2,310
	349,968		PolyOne Corp		14,748
	6,300		Poongsan		227

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	39,160		Poongsan Corp	$	1,047
	351,041		Portucel Empresa Produtora de Pasta e Papel S.A.		1,644
	129,561		POSCO		38,716
	48,800		POSCO M-Tech Co Ltd		164
	7,055		POSCO Refractories & Environment Co Ltd		1,109
	1,225,964	e	Potash Corp of Saskatchewan (Toronto)		46,624
	1,063,676		PPC Ltd		3,134
	804,245		PPG Industries, Inc		169,012
	287,048		Praxair, Inc		38,131
	456,200	*,e	Premier Gold Mines Ltd		1,261
	303,300		Press Metal BHD		373
	100,200	*,e	Pretium Resources, Inc		829
	194,200	*	Primero Mining Corp		1,556
	4,585,400		PT Aneka Tambang Tbk		422
	2,585,100	*	PT Indah Kiat Pulp and Paper Corp Tbk		293
	2,323,600		PT Indocement Tunggal Prakarsa Tbk		4,419
	12,767,800		PT International Nickel Indonesia Tbk		3,832
	8,368,500	*	PT Krakatau Steel Tbk		312
	3,450,700		PT Semen Gresik Persero Tbk		4,399
	4,582,057		PT Timah Tbk		489
	6,675,887		PTT Global Chemical PCL (Foreign)		13,888
	11,721	*	Qatar National Cement Co		435
	41,931	*	Qatari Investors Group		575
	44,695		Quaker Chemical Corp		3,432
	424,638	*,e	Qualipak International Holdings Ltd		42
	34,412		Rallis India Ltd		129
	198,574		Randgold Resources Ltd		16,721
	98,361	*	Rautaruukki Oyj		1,380
	28,179	*	Rayonier Advanced Materials, Inc		1,092
	461,656	e	Regis Resources Ltd		723
	304,604		Reliance Steel & Aluminum Co		22,452
	250,767		Rengo Co Ltd		1,199
	698,086	*	Rentech, Inc		1,808
	246,411	*,e	Resolute Forest Products		4,135
	846,969	*	Resolute Mining Ltd		500
	108,865		Rexam plc		996
	54,255		RHI AG.		1,827
	299,166	*	Rio Alto Mining Ltd		688
	290,060		Rio Tinto Ltd		16,272
	1,706,234		Rio Tinto plc		92,127
	38,000		Rock-Tenn Co (Class A)		4,012
	153,262		Rockwood Holdings, Inc		11,646
	673,700	*	Romarco Minerals, Inc		562
	116,000		Rotam Global Agrosciences Ltd		246
	96,227	*	Royal Bafokeng Platinum Ltd		642
	118,502		Royal Gold, Inc		9,020
	351,482		RPC Group plc		3,775
	304,813		RPM International, Inc		14,076
	115,887	*	RTI International Metals, Inc		3,081
	349,400	*,e	Rubicon Minerals Corp		517
	20,517		Sa des Ciments Vicat		1,792
	226,000		Sakai Chemical Industry Co Ltd		712

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	86,500		Sakata INX Corp	$	806
	49,281		Salzgitter AG.		2,079
	2,833		Sam Kwang Glass Ind Co Ltd		132
	26,847		Samsung Fine Chemicals Co Ltd		1,092
	246,040		San Fang Chemical Industry Co Ltd		253
	107,267	*	Sandfire Resources NL		631
	117,700	*,e	Sandstorm Gold Ltd		817
	153,000		Sanyo Chemical Industries Ltd		1,082
	307,000		Sanyo Special Steel Co Ltd		1,428
	577,313	*	Sappi Ltd		2,085
	338,162		Satipel Industrial S.A.		1,381
	552,309	*	Schmolz + Bickenbach AG.		883
	95,978	e	Schnitzer Steel Industries, Inc (Class A)		2,502
	165,375		Schweitzer-Mauduit International, Inc		7,220
	76,000		Scientex BHD		139
	204,681		Scotts Miracle-Gro Co (Class A)		11,638
	46,200	*,e	Seabridge Gold, Inc		434
	51,606		Seah Besteel Corp		1,651
	2,098		SeAH Holdings Corp		322
	11,834		SeAH Steel Corp		1,340
	2,009,377		Sealed Air Corp		68,660
	1,652,000		Sekisui Plastics Co Ltd		4,646
	328,020		SEMAFO, Inc		1,540
	127,269		Semapa-Sociedade de Investimento e Gestao		1,798
	128,086	*	Senomyx, Inc		1,108
	182,335		Sensient Technologies Corp		10,160
	11,828	*,e	Sequana S.A.		66
	1,934,937		Sesa Goa Ltd		9,435
	850		Sesoda Corp		1
	236,604		Severstal (GDR)		1,928
	1,753,000		Shandong Chenming Paper Holdings Ltd		760
	1,208,050		Shandong Chenming Paper Holdings Ltd (Class B)		601
	155,400	*	Shanghai Chlor-Alkali Chemical Co Ltd		69
	246,300	m	Shanghai Yaohua Pilkington Glass Co Ltd		153
	412,000		Sheng Yu Steel Co Ltd		334
	752,100		Sherritt International Corp		3,045
	516,493		Sherwin-Williams Co		106,868
	218,000	*	Shihlin Paper Corp		310
	38,000		Shikoku Chemicals Corp		293
	14,067	*	Shine Co Ltd		127
	498,112		Shin-Etsu Chemical Co Ltd		30,289
	113,700		Shin-Etsu Polymer Co Ltd		559
	2,733,032		Shinkong Synthetic Fibers Corp		980
	203,000		Shiny Chemical Industrial Co Ltd		375
	6,362,000	*	Shougang Concord International Enterprises Co Ltd		283
	1,721,000		Showa Denko KK		2,449
	5,800		Siam Cement PCL		81
	213,200		Siam Cement PCL (ADR)		2,970
	724,600		Siam Cement PCL (Foreign)		10,183
	1,443,342		Sibanye Gold Ltd		3,920
	322,489		Sigma-Aldrich Corp		32,726
	1,131,000	*,m	Sijia Group Co		1

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,460		Sika AG.	$	14,136
	152,585		Silgan Holdings, Inc		7,754
	100,842	*	Silver Standard Resources, Inc		872
	396,711		Silver Wheaton Corp		10,440
	362,577	e	Silvercorp Metals, Inc		765
	278,386	*,e	Sims Group Ltd		2,554
	2,998,000	*,e	Sinochem Hong Kong Holding Ltd		406
	1,116,000		Sinon Corp		694
	4,802,850		Sinopec Shanghai Petrochemical Co Ltd		1,338
	595,958	*	Sirius Resources NL		1,827
	35,402		SK Chemicals Co Ltd		2,257
	29,767		SKC Co Ltd		1,010
	548,717		Smurfit Kappa Group plc		12,559
	109,051		Sociedad Quimica y Minera de Chile S.A. (Class B)		3,188
	9,872		SODIFF Advanced Materials Co Ltd		373
	522,478		Solar Applied Materials Technology Co		512
	51,539		Solvay S.A.		8,870
	15,770		Songwon Industrial Co Ltd		134
	196,278		Sonoco Products Co		8,623
	307,373	*	South Valley Cement		330
	385,000		Southeast Cement Co Ltd		202
	2,125,882		Southern Copper Corp (NY)		64,563
	211,521	*,e	Ssab Svenskt Stal AB (Series A)		1,962
	97,178	*,e	Ssab Svenskt Stal AB (Series B)		796
	31,320	*	Ssangyong Cement Industrial Co Ltd		348
	439,643		Steel Dynamics, Inc		7,892
	65,724		Stepan Co		3,474
	380,102	*,e	Stillwater Mining Co		6,671
	5,036		STO AG.		1,066
	2,161,095		Stora Enso Oyj (R Shares)		21,010
	1,251,221		Sumitomo Bakelite Co Ltd		4,967
	1,615,329		Sumitomo Chemical Co Ltd		6,106
	2,036,618		Sumitomo Metal Mining Co Ltd		33,242
	662,193		Sumitomo Osaka Cement Co Ltd		2,519
	46,000		Sumitomo Seika Chemicals Co Ltd		323
	38,412	*,e	Sumitomo Titanium Corp		799
	233,237	*	SunCoke Energy, Inc		5,015
	3,011,979	*	Sundance Resources Ltd		239
	5,550,000	*	Superb Summit International Group Ltd		680
	38,351	*	Supreme Industries Ltd		333
	345,500		Suzano Papel e Celulose S.A.		1,312
	172,269		Symrise AG.		9,387
	11,756		Syngenta AG.		4,343
	1,424,699		Synthos S.A.		2,079
	73,389	*,e	Syrah Resources Ltd		288
	94,100		Ta Ann Holdings BHD		128
	1,341,320		TA Chen Stainless Pipe		796
	865		Taekwang Industrial Co Ltd		1,079
	176,223	*	Tahoe Resources, Inc		4,617
	102,700	*	Tahoe Resources, Inc (Toronto)		2,689
	2,154,916		Taiheiyo Cement Corp		8,689
	8,987,988		Taiwan Cement Corp		13,615

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	983,600		Taiwan Fertilizer Co Ltd	$	1,950
	335,345		Taiwan Hon Chuan Enterprise Co Ltd		667
	240,000		Taiwan Prosperity Chemical Corp		240
	757,980	*	Taiwan Styrene Monomer		480
	18,800		Taiyo Ink Manufacturing Co Ltd		583
	161,464	e	Taiyo Nippon Sanso Corp		1,430
	103,000		Takasago International Corp		491
	107,000		Takiron Co Ltd		609
	91,139	*,e	Taminco Corp		2,120
	120,154	*,e	Tanzanian Royalty Exploration Corp		269
	258,359	*	Taseko Mines Ltd		644
	1,348,232		Tata Steel Ltd		11,868
	1,200,000		TCC International Holdings Ltd		480
	13,231		Technosemichem Co Ltd		451
	779,452		Teck Cominco Ltd		17,794
	7,479,713		Teijin Ltd		18,772
	32,119		Ten Cate NV		860
	15,800		Tenma Corp		247
	26,395		Tessenderlo Chemie NV		763
	70,498	*,e	Texas Industries, Inc		6,511
	201,381	*,e	Thompson Creek Metals Co, Inc (Toronto)		596
	216,275		Thye Ming Industrial Co Ltd		261
	314,617	*	ThyssenKrupp AG.		9,154
	3,674,000	e	Tiangong International Co Ltd		625
	666,795	*	Tiger Resources Ltd		201
	399,236	*	Timmins Gold Corp		715
	59,853	*	Titan Cement Co S.A.		1,941
	277,000		Toagosei Co Ltd		1,247
	34,900	*,e	Toho Titanium Co Ltd		231
	169,000	*	Toho Zinc Co Ltd		633
	701,000		Tokai Carbon Co Ltd		2,002
	1,640,000	e	Tokuyama Corp		5,215
	103,600		Tokyo Ohka Kogyo Co Ltd		2,472
	152,796	*,e	Tokyo Rope Manufacturing Co Ltd		249
	115,400	*	Tokyo Steel Manufacturing Co Ltd		604
	1,068,750		Ton Yi Industrial Corp		1,087
	625		Topco Technologies Corp		2
	246,000	*	Topy Industries Ltd		515
	473,121		Toray Industries, Inc		3,113
	826,005		Tosoh Corp		4,006
	485,000		Toyo Ink Manufacturing Co Ltd		2,395
	118,000		Toyo Kohan Co Ltd		694
	111,750		Toyo Seikan Kaisha Ltd		1,718
	1,784,676	*	Toyobo Co Ltd		3,085
	785,200		TPI Polene PCL		310
	74,250	*	Trecora Resources		879
	94,852		Tredegar Corp		2,221
	500,928	*	Trinseo S.A.		10,419
	224,788		Tronox Ltd		6,047
	684,335		TSRC Corp		967
	329,457		Tubacex S.A.		1,648
	127,313		Tubos Reunidos S.A.		428

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	906,900		Tung Ho Steel Enterprise Corp	$	786
	1,105,924	*	Turquoise Hill Resources Ltd		3,700
	3,256,647	*	UBE Industries Ltd		5,665
	23,957	*	UFP Technologies, Inc		577
	61,248		Ultra Tech Cement Ltd		2,639
	220,085		Umicore		10,241
	34,600		Uniao de Industrias Petroquimicas S.A.		8
	9,310		Unid Co Ltd		622
	222,945		United Phosphorus Ltd		1,267
	11,260		United States Lime & Minerals, Inc		730
	142,665	e	United States Steel Corp		3,715
	557,000		Universal Cement Corp		530
	27,233	*	Universal Stainless & Alloy		885
	1,014,532		UPC Technology Corp		443
	1,580,476		UPM-Kymmene Oyj		26,997
	328,968		Uralkali (GDR)		7,562
	43,978	*,e	US Concrete, Inc		1,088
	481,975		US Silica Holdings Inc		26,721
	1,188,870		USI Corp		785
	916,862	*	Usinas Siderurgicas de Minas Gerais S.A. (Preference)		3,145
	1,793,218		Vale S.A.		23,731
	2,780,806		Vale S.A. (Preference)		33,163
	58,223		Valspar Corp		4,436
	110,454	e	Vedanta Resources plc		2,095
	251		Vetropack Holding AG.		457
	184,636		Victrex plc		5,375
	93,740	*,e	Viohalco S.A.		542
	268,679	e	Voestalpine AG.		12,809
	131,187		Vulcan Materials Co		8,363
	75,894	e	Wacker Chemie AG.		8,737
	2,748,342	e	Walter Energy, Inc		14,978
	136,058		Wausau Paper Corp		1,472
	3,416,000	*,e	West China Cement Ltd		317
	377,274		West Fraser Timber Co Ltd		18,283
	238,187	e	Western Areas NL		1,040
	287,718	*,e	Western Desert Resources Ltd		60
	763,100		Western Forest Products, Inc		1,595
	364,354		Westlake Chemical Corp		30,518
	19,360	*	WHX Corp		518
	270,132		Worthington Industries, Inc		11,627
	589,359	*	WR Grace & Co		55,712
	1,118,000	*,e	Xinjiang Xinxin Mining Industry Co Ltd		185
	739,695	e	Yamana Gold, Inc		6,086
	3,912		Yamato Kogyo Co Ltd		115
	107,810	e	Yara International ASA		5,401
	39,000		Yeong Guan Energy Technology Group Co Ltd		186
	1,315,000		Yeun Chyang Industrial Co Ltd		1,277
	1,995,670	*	Yieh Phui Enterprise		638
	1,685,100		Yingde Gases		1,827
	582,000		Yip’s Chemical Holdings Ltd		378
	132,000		Yodogawa Steel Works Ltd		586
	33,430		Youlchon Chemical Co Ltd		431

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,380,500		Youyuan International Holdings Ltd	$	340
	1,629,285		Yuen Foong Yu Paper Manufacturing Co Ltd		772
	387,457		Yule Catto & Co plc		1,538
	99,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		277
	48,454	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		1,157
	40,165		Zaklady Chemiczne Police S.A.		320
	361,512		Zeon Corp		3,867
	92,860		Zep, Inc		1,640
	46,000	e	Zhaojin Mining Industry Co Ltd		26
	44,894		Zignago Vetro S.p.A.		331
	23,779,800	e	Zijin Mining Group Co Ltd		5,422
			TOTAL MATERIALS		6,742,954
MEDIA - 3.4%
	1,707,600		ABS-CBN Holdings Corp (ADR)		1,500
	19,200	*,e	Adways, Inc		324
	81,686		AH Belo Corp (Class A)		968
	195,360	e	Aimia, Inc		3,420
	8,653	*	Altice S.A.		603
	184,623		AMC Entertainment Holdings, Inc		4,592
	466,275	*	AMC Networks, Inc		28,671
	66,927	e	Antena 3 de Television S.A.		959
	1,655,184	*	APN News & Media Ltd		1,207
	170,172	*,e	Arnoldo Mondadori Editore S.p.A.		239
	114,600	e	Asatsu-DK, Inc		3,100
	2,774,100		Astro Malaysia Holdings BHD		3,031
	42,659		Avex Group Holdings, Inc		752
	51,080		Axel Springer AG.		3,139
	1,081,700		BEC World PCL (Foreign)		1,624
	16,032,600		Benpres Holdings Corp		1,965
	88,518	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		85
	133,741		Borussia Dortmund GmbH & Co KGaA		865
	11,582,516		British Sky Broadcasting plc		179,194
	143,212	e	Cablevision Systems Corp (Class A)		2,528
	135,975		Cairo Communication S.p.A.		1,169
	108,009	*	Carmike Cinemas, Inc		3,794
	1,573,195	e	CBS Corp (Class B)		97,758
	354,574		CBS Outdoor Americas, Inc		11,587
	78,647	*	Central European Media Enterprises Ltd (Class A)		225
	262,494	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		740
	200,118	*	Charter Communications, Inc		31,695
	83,100	*	Cheil Communications, Inc		1,873
	108,066		Chime Communications plc		664
	5,140,000	*,e	ChinaVision Media Group Ltd		1,185
	239,834		Cinemark Holdings, Inc		8,481
	144,469	e	Cineplex Galaxy Income Fund		5,612
	224,573		Cineworld Group plc		1,256
	436,000	*	City Telecom (HK) Ltd		137
	16,775		CJ CGV Co Ltd		801
	25,844	*	CJ E&M Corp		1,087
	25,346		CJ Hellovision Co Ltd		370

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	29,633		Clear Channel Outdoor Holdings, Inc (Class A)	$	242
	36,682		Cogeco Cable, Inc		2,031
	13,417,074	e	Comcast Corp (Class A)		720,228
	1,672	e	Comcast Corp (Special Class A)		89
	17,300	e	COOKPAD, Inc		421
	187,511	e	Corus Entertainment, Inc		4,388
	126,789	*,e	Crown Media Holdings, Inc (Class A)		460
	104,040		CTS Eventim AG.		2,968
	467,770	*	Cumulus Media, Inc (Class A)		3,083
	57,500		CyberAgent, Inc		2,328
	172,025		Cyfrowy Polsat S.A.		1,267
	39,347		Daekyo Co Ltd		254
	65,300		Daiichikosho Co Ltd		1,876
	4,204	*,e	Daily Journal Corp		869
	655,112		Daily Mail & General Trust		9,323
	2,853,990	*	DEN Networks Ltd		11,343
	230,170		Dentsu, Inc		9,374
	57,986	*,e	Dex Media, Inc		646
	121,600	e	DHX Media Ltd		765
	1,343,918	*	DIRECTV		114,246
	513,308	*	Discovery Communications, Inc (Class A)		38,129
	281,502	*	Discovery Communications, Inc (Class C)		20,434
	1,980,603	*	DISH Network Corp (Class A)		128,898
	772,072	*	Dogan Yayin Holding		175
	32,531	*,e	DreamWorks Animation SKG, Inc (Class A)		757
	100,846	*,e	Eniro AB		679
	94,153	*,e	Entercom Communications Corp (Class A)		1,010
	242,973	*	Entertainment One Ltd		1,289
	249,483		Entravision Communications Corp (Class A)		1,552
	1,610,551	*	Eros International Media Ltd		6,346
	951,446	*,e	Eros International plc		14,433
	3,000,000	*	eSun Holdings Ltd		341
	239,798		Eutelsat Communications		8,333
	118,709	*	EW Scripps Co (Class A)		2,512
	8,056		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		145
	1,050,600		Fuji Television Network, Inc		18,270
	67,000		Gakken Co Ltd		187
	5,423	*	Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		56
	230,418		Gannett Co, Inc		7,214
	191,882	*,e	Gestevision Telecinco S.A.		2,239
	68,409	*,e	Global Sources Ltd		566
	218,463	*	Gray Television, Inc		2,868
	4,385,027	e	Grupo Televisa S.A.		30,085
	174,408	*,e	Gruppo Editoriale L’Espresso S.p.A.		338
	231,400		Hakuhodo DY Holdings, Inc		2,300
	186,930		Harte-Hanks, Inc		1,344
	102,063	*	Hathway Cables and Datacom Pvt Ltd		537
	313,942		Havas S.A.		2,579
	33,307	*,e	Hemisphere Media Group, Inc		418
	41,517		Hyundai Hy Communications & Network Co		170
	863,510	*	IBN18 Broadcast Ltd		468
	823,901		Informa plc		6,750

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,419,870		Interpublic Group of Cos, Inc	$	66,722
	50,130	e	IPSOS		1,881
	10,918,206		ITV plc		33,273
	74,603		Jagran Prakashan Ltd		161
	662,015		JC Decaux S.A.		24,725
	23,182	*	Jcontentree Corp		87
	12,148,528		John Fairfax Holdings Ltd		10,357
	91,656		John Wiley & Sons, Inc (Class A)		5,553
	166,842	*	Journal Communications, Inc (Class A)		1,480
	321,310	*,e	Juventus Football Club S.p.A.		99
	5,868		Kabel Deutschland Holding AG.		859
	67,881	*,e	Kadokawa Holdings, Inc		2,154
	6,184		Kinepolis		1,174
	27,180		KT Skylife Co Ltd		693
	176,033		Lagardere S.C.A.		5,735
	55,843		Lamar Advertising Co (Class A)		2,960
	190,173	*	Lee Enterprises, Inc		846
	538,133	*	Liberty Global plc		22,768
	536,979	*,e	Liberty Global plc (Class A)		23,745
	178,465	*	Liberty Media Corp		24,393
	691,390	e	Lions Gate Entertainment Corp		19,760
	413,004	*	Live Nation, Inc		10,197
	8,749	*	Loen Entertainment, Inc		262
	39,652	*	Loral Space & Communications, Inc		2,882
	149,523		M6-Metropole Television		3,037
	123,530	*	Madison Square Garden, Inc		7,714
	666,400		Major Cineplex Group PCL		388
	127,394	*	Martha Stewart Living Omnimedia, Inc (Class A)		599
	225,848	*,e	McClatchy Co (Class A)		1,253
	319,900		MCOT PCL		259
	176,884	e	MDC Partners, Inc		3,801
	1,202,800		Media Chinese International Ltd		360
	201,471	*,e	Media General, Inc (Class A)		4,136
	2,026,200		Media Prima BHD		1,628
	8,861,718	*	Mediaset S.p.A.		43,160
	170,000		Megacable Holdings SAB de C.V.		719
	133,864	e	Meredith Corp		6,474
	139,345		Modern Times Group AB (B Shares)		5,987
	49,252		Morningstar, Inc		3,537
	94,000		Multiplus S.A.		1,552
	666,721		Naspers Ltd (N Shares)		78,502
	266,697	e	National CineMedia, Inc		4,670
	109,875	*	New Media Investment Group, Inc		1,550
	511,719	e	New York Times Co (Class A)		7,783
	294,736	*	News Corp		5,288
	93,558	e	Nexstar Broadcasting Group, Inc (Class A)		4,829
	69,900	e	Next Co Ltd		588
	526,648	*	Nine Entertainment Co Holdings Ltd		1,071
	41,913	*,e	Numericable SAS		2,497
	295,491		Omnicom Group, Inc		21,045
	2,319,147	*	PagesJaunes Groupe S.A.		2,285
	263,573		Pearson plc		5,205

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	557,962	*	Perform Group plc	$	2,206
	2,476,000		Phoenix Satellite Television Holdings Ltd		923
	1,165,026	*	Premiere AG.		10,735
	696,160	*,e	Promotora de Informaciones S.A.		338
	864,438	e	ProSiebenSat. Media AG.		38,475
	11,600		Proto Corp		171
	38,717,800		PT Bhakti Investama Tbk		1,046
	6,172,700		PT Global MediaCom Tbk		1,107
	4,679,200		PT Media Nusantara Citra Tbk		1,089
	1,556,000		PT MNC Sky Vision Tbk		283
	208,121	*	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		1,367
	4,300,300		PT Surya Citra Media Tbk		1,301
	7,765,500	*	PT Visi Media Asia Tbk		170
	109,207		Publicis Groupe S.A.		9,256
	16,731		PVR Ltd		186
	94,172	e	Quebecor, Inc		2,279
	63,221	*	Radio One, Inc		312
	162,301	*	RCS MediaGroup S.p.A.		272
	152,208		REA Group Ltd		6,132
	43,116	*,e	ReachLocal, Inc		303
	66,777	*	Reading International, Inc		570
	1,726,531		Reed Elsevier NV		39,647
	4,213,369		Reed Elsevier plc		67,708
	323,787	e	Regal Entertainment Group (Class A)		6,832
	31,484	*,e	Rentrak Corp		1,651
	264,962		Rightmove plc		9,713
	315,796		RTL Group		35,052
	14,878		Saga Communications, Inc		636
	41,556		Salem Communications		393
	96,021	e	Sanoma-WSOY Oyj		688
	56,500		Saraiva S.A. Livreiros Editores		499
	60,420		SBS Media Holdings Co Ltd		214
	96,279		Schibsted ASA		5,008
	104,058	e	Scholastic Corp		3,547
	350,908		Scripps Networks Interactive (Class A)		28,473
	140,540		SES Global S.A.		5,331
	162,250	*	SFX Entertainment, Inc		1,314
	530,506	e	Shaw Communications, Inc (B Shares)		13,603
	99,000	*	Shochiku Co Ltd		919
	211,425	e	Sinclair Broadcast Group, Inc (Class A)		7,347
	141,101	e	Singapore Press Holdings Ltd		472
	1,022,000	*	SinoMedia Holding Ltd		790
	20,800		Sirius XM Canada Holdings, Inc		136
	14,704,910	*,e	Sirius XM Holdings, Inc		50,879
	81,641	*	Sizmek, Inc		778
	1,395,431		Sky Network Television Ltd		8,392
	456,900		Sky Perfect Jsat Corp		2,679
	21,961	*	SM Entertainment Co		782
	3,516,000		SMI Corp Ltd		125
	507,800		Smiles S.A.		10,797
	1,034,792		Societe Television Francaise 1		16,945

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	705,424		Southern Cross Media Group	$	711
	137,300		Star Publications Malaysia BHD		114
	540,934	*	Starz-Liberty Capital		16,114
	21,867		Stroer Out-of-Home Media AG.		483
	391,763		STW Communications Group Ltd		530
	68,421	*	Telenet Group Holding NV		3,899
	1,643,443		Television Broadcasts Ltd		10,677
	2,082,630	*,e	Ten Network Holdings Ltd		520
	664,898	e	Thomson Corp		24,176
	488,020	e	Thomson Corp (Toronto)		17,768
	1,702,845	e	Time Warner Cable, Inc		250,829
	3,872,609		Time Warner, Inc		272,051
	459,265	*	Time, Inc		11,123
	181,600	*,e	Toei Animation Co Ltd		4,947
	709,885		Toei Co Ltd		3,846
	76,905		Toho Co Ltd		1,804
	22,600	*	Tohokushinsha Film Corp		182
	58,700		Tokyo Broadcasting System, Inc		720
	696,574	*	Tribune Co		59,244
	293,159	*	Trinity Mirror plc		763
	71,300		TV Asahi Corp		1,304
	1,920,063		TV Azteca S.A. de C.V.		1,083
	383,107	*	TVN S.A.		1,955
	4,975,883		Twenty-First Century Fox, Inc		174,902
	1,524		Twenty-First Century Fox, Inc (Class B)		52
	468,879		United Business Media Ltd		5,344
	143,246	*	Usen Corp		593
	18,400	e	ValueCommerce Co Ltd		179
	1,508,000		VGI Global Media PCL		599
	3,244,043		Viacom, Inc (Class B)		281,356
	88,707		Village Roadshow Ltd		616
	2,909,600	*	Viva China Holdings Ltd		323
	8,197,085		Walt Disney Co		702,818
	802,230		West Australian Newspapers Holdings Ltd		1,421
	942,000	e	Wisdom Holdings Group		539
	41,525		Wolters Kluwer NV		1,230
	29,600	*	Woongjin Thinkbig Co Ltd		223
	91,842	e	World Wrestling Entertainment, Inc (Class A)		1,096
	2,850,147		WPP plc		62,110
	58,000	*	Yellow Media Ltd		988
	11,460		YG Entertainment, Inc		432
	1,694,677	*	Zee Entertainment Enterprises Ltd		1,681
	468,867		ZEE Telefilms Ltd		2,288
	28,800	e	Zenrin Co Ltd		330
			TOTAL MEDIA		4,401,340
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
	13,600	*,e	3-D Matrix Ltd		571
	18,156	*,e	AB Science S.A.		267
	7,052,113		AbbVie, Inc		398,021
	254,277		Abcam plc		1,654
	48,168	*,m	Ablynx NV		593

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	340,005	*,e	Acadia Pharmaceuticals, Inc	$	7,681
	68,170	*,e	Accelerate Diagnostics, Inc		1,772
	61,226	*,e	Acceleron Pharma, Inc		2,080
	77,548	*,e	AcelRx Pharmaceuticals, Inc		795
	19,027	*	Achaogen, Inc		266
	345,258	*,e	Achillion Pharmaceuticals, Inc		2,614
	188,715	*	Acorda Therapeutics, Inc		6,362
	739,268	e	Acrux Ltd		701
	968,117	*,e	Actavis plc		215,938
	251,536		Actelion Ltd		31,837
	87,406	*	Actinium Pharmaceuticals, Inc		631
	49,050	*,e	Active Biotech AB		217
	8,335	*	Adamas Pharmaceuticals, Inc		152
	189,484	e	Adcock Ingram Holdings Ltd		947
	87,000	*	Adimmune Corp		124
	97,021	*,e	Aegerion Pharmaceuticals, Inc		3,113
	31,869	*	Aerie Pharmaceuticals, Inc		789
	292,063	*,e	Affymetrix, Inc		2,602
	190,142	*	Agenus, Inc		612
	1,086,551		Agilent Technologies, Inc		62,411
	40,675	*,e	Agios Pharmaceuticals, Inc		1,864
	23,786	*	Akebia Therapeutics, Inc		661
	196,570	*,e	Akorn, Inc		6,536
	88,914	*	Albany Molecular Research, Inc		1,789
	24,512	*	Alder Biopharmaceuticals, Inc		492
	53,465	*	Alembic Pharmaceuticals Ltd		237
	1,026,276	*	Alexion Pharmaceuticals, Inc		160,356
	82,893	*,e	Alimera Sciences, Inc		496
	6,865		ALK-Abello AS		1,062
	3,411,564	*	Alkermes plc		171,704
	1,076,022		Allergan, Inc		182,084
	89,487	*,e	Alnylam Pharmaceuticals, Inc		5,653
	70,105	*,e	AMAG Pharmaceuticals, Inc		1,453
	2,381,163		Amgen, Inc		281,858
	128,452	*,e	Ampio Pharmaceuticals, Inc		1,073
	116,662	*,e	Anacor Pharmaceuticals, Inc		2,068
	30,238	*	ANI Pharmaceuticals, Inc		1,041
	14,742	*	Applied Genetic Technologies Corp		341
	74,002	*,e	Aratana Therapeutics, Inc		1,155
	946,680	*,e	Arena Pharmaceuticals, Inc		5,548
	732,957	*,e	Ariad Pharmaceuticals, Inc		4,669
	242,765	*	Arpida Ltd		383
	405,869	*,e	Array Biopharma, Inc		1,851
	227,724	*	Arrowhead Research Corp		3,259
	74,000		ASKA Pharmaceutical Co Ltd		872
	375,949		Aspen Pharmacare Holdings Ltd		10,571
	2,201,800		Astellas Pharma, Inc		28,955
	7,016	*	AstraZeneca Pharma India Ltd		132
	1,714,078		AstraZeneca plc		127,523
	222,375	e	AstraZeneca plc (ADR)		16,525
	323,253		Aurobindo Pharma Ltd		3,990
	44,243	*,e	Auspex Pharmaceuticals Inc		985

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	153,859	*,e	Auxilium Pharmaceuticals, Inc	$	3,086
	482,911	*,e	AVANIR Pharmaceuticals, Inc		2,724
	11,964	*,e	Basilea Pharmaceutica		1,394
	35,332	*	Bavarian Nordic AS		805
	1,875,330		Bayer AG.		264,559
	379,000		Beijing Tong Ren Tang Chinese Medicine Co Ltd		488
	113,207		Biocon Ltd		999
	297,487	*	BioCryst Pharmaceuticals, Inc		3,793
	129,110	*,e	BioDelivery Sciences International, Inc		1,558
	31,227		Biogaia AB (B Shares)		902
	1,290,677	*	Biogen Idec, Inc		406,963
	485,020	*	BioMarin Pharmaceuticals, Inc		30,173
	190,000	*	Bioneer Corp		2,297
	250,061	*	Bio-Path Holdings, Inc		763
	52,608	*	Bio-Rad Laboratories, Inc (Class A)		6,298
	16,078	*	Biospecifics Technologies Corp		433
	7,511		Biotest AG. (Preference)		973
	161,786	*,e	Biotime, Inc		493
	29,500	*	Biovail Corp		3,721
	473,819	*	Biovail Corp (Toronto)		59,920
	6,609,023	*	Biovitrum AB		88,295
	81,778	*,e	Bluebird Bio, Inc		3,154
	16,772		Boiron S.A.		1,459
	10,095		Boryung Pharmaceutical Co Ltd		444
	5,311,367		Bristol-Myers Squibb Co		257,654
	228,766	*	Bruker BioSciences Corp		5,552
	426,288	*	BTG plc		4,614
	52,488		Bukwang Pharmaceutical Co Ltd		845
	170,783	*	Cambrex Corp		3,535
	39,773	*,e	Cara Therapeutics Inc		677
	5,470,654	*	Celgene Corp		469,820
	325,907	*,e	Celldex Therapeutics, Inc		5,319
	253,936	*	Celltrion, Inc		11,674
	29,753	*,e	Cellular Dynamics International, Inc		433
	81,191	*,e	Cempra, Inc		871
	109,000	*	Center Laboratories, Inc		461
	214,040	*,e	Cepheid, Inc		10,261
	229,526	*	Charles River Laboratories International, Inc		12,284
	104,203	*,e	ChemoCentryx, Inc		610
	80,556	*,e	Chimerix, Inc		1,767
	2,137,000	*,e	China Animal Healthcare Ltd		1,484
	148,000		China Chemical & Pharmaceutical Co Ltd		116
	4,578,000	e	China Medical System Holdings Ltd		5,606
	2,142,000		China Pharmaceutical Group Ltd		1,713
	911,000		China Shineway Pharmaceutical Group Ltd		1,601
	15,400	*	Chiome Bioscience Inc		247
	4		Chong Kun Dang Pharm Corp		0	^
	9,301		Chong Kun Dang Pharmaceutical Corp		622
	24,359		Choongwae Pharma Corp		398
	238,560		Chugai Pharmaceutical Co Ltd		6,727
	410,832		Cipla Ltd		2,996
	7,008,093		CK Life Sciences International Holdings, Inc		687

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	48,885	e	Clinigen Group plc	$	316
	109,359	*,e	Clovis Oncology, Inc		4,529
	8,600	e	CMIC Co Ltd		141
	33,696	*,e	Concert Pharmaceuticals Inc		340
	19,900	*	Concordia Healthcare Corp		636
	61,000	*	Consun Pharmaceutical Group Ltd		46
	164,324	*,e	Corcept Therapeutics, Inc		460
	13,173		Cosmo Pharmaceuticals S.p.A		2,245
	129,964	*	Covance, Inc		11,122
	707,553		CSL Ltd		44,415
	16,000	*	CTC BIO, Inc		228
	411,654	*,e	CTI BIOPHARMA CORP		1,157
	162,998	*	Cubist Pharmaceuticals, Inc		11,381
	332,738	*,e	Cytokinetics, Inc		1,590
	234,658	*,e	Cytori Therapeutics, Inc		561
	188,072	*	CytRx Corp		786
	15,057		Daewoong Pharmaceutical Co Ltd		875
	1,522,990		Daiichi Sankyo Co Ltd		28,467
	332,094		Dainippon Sumitomo Pharma Co Ltd		3,822
	1,136,000		Dawnrays Pharmaceutical Holdings Ltd		828
	492,222	*,e	Dendreon Corp		1,132
	298,600	*	Depomed, Inc		4,151
	27,837	*,e	Dicerna Pharmaceuticals Inc		628
	53,897		Divi S Laboratories Ltd		1,308
	3,329		Dong-A Pharmaceutical Co Ltd		421
	6,061		Dong-A ST Co Ltd		644
	7,195		DongKook Pharmaceutical Co Ltd		198
	175,211		Dr Reddy’s Laboratories Ltd		7,630
	48,270	*,e	Durata Therapeutics, Inc		822
	491,750	*	Dyax Corp		4,721
	996,726	*,e	Dynavax Technologies Corp		1,595
	11,236	*,e	Egalet Corp		147
	244,911		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		252
	274,031		Eisai Co Ltd		11,500
	12,922	*,e	Eleven Biotheraputics Inc		170
	3,555,132		Eli Lilly & Co		221,023
	142,285	*	Emergent Biosolutions, Inc		3,196
	66,800	*,e	Enanta Pharmaceuticals, Inc		2,877
	860,181	*	Endo International plc		60,230
	114,106	*,e	Endocyte, Inc		752
	151,018	*	Enzo Biochem, Inc		793
	38,249	*,e	Epizyme, Inc		1,190
	25,400		EPS Co Ltd		326
	12,995	*,e	Esperion Thereapeutics, Inc		206
	10,426	e	Eurofins Scientific		3,207
	159,707	*,e	Evolutec Group plc		288
	122,030	*,e	Evotec AG.		598
	251,612	*,e	Exact Sciences Corp		4,285
	592,566	*,e	Exelixis, Inc		2,009
	4,294	*,m	Faes Farma S.A.		14
	304,880	e	Faes Farma S.A. (Sigma)		964

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	42,032		FDC Ltd	$	93
	52,102	*,e	Five Prime Therapeutics, Inc		810
	12,991	*	Flexion Therapeutics Inc		175
	86,742	*	Fluidigm Corp		2,550
	588,920	*,e	Forest Laboratories, Inc		58,303
	55,620	*,m	Forest Laboratories, Inc CVR		53
	45,097	*,e	Foundation Medicine, Inc		1,216
	44,000		Fuji Pharma Co Ltd		831
	21,958	*	Furiex Pharmaceuticals Inc		2,331
	105,000		Fuso Pharmaceutical Industries Ltd		337
	27,178	*	Galapagos NV		528
	52,250	*	Galectin Therapeutics, Inc		722
	366,046	*,e	Galena Biopharma, Inc		1,120
	11,652	*	Genfit		414
	47,942	*	Genmab AS		2,047
	12,363	*,e	Genocea Biosciences Inc		232
	52,019	*,e	Genomic Health, Inc		1,425
	2,827,300	*,e	Genomma Lab Internacional S.A. de C.V.		7,669
	77,284		Genus plc		1,516
	578,200	*,e	Geron Corp		1,856
	38,133		Gerresheimer AG.		2,627
	8,603,258	*,e	Gilead Sciences, Inc		713,296
	4,832,725		GlaxoSmithKline plc		128,672
	47,000		GlycoNex, Inc		181
	110,000	*,e	GNI Group Ltd		363
	147,012	*,e	Golf Trust Of America, Inc		1,320
	12,723		Green Cross Corp		1,558
	38,149		Green Cross Holdings Corp		639
	262,502		Grifols S.A.		14,343
	241		Grifols S.A. (Class B)		11
	325,000	e	H Lundbeck AS		7,998
	498,156	*,e	Halozyme Therapeutics, Inc		4,922
	18,405	*	Hanmi Holdings Co Ltd		307
	8,010	*	Hanmi Pharm Co Ltd		799
	12,816		Haw Par Corp Ltd		88
	58,306	*	Heron Therapeutics, Inc		718
	348,915	e	Hikma Pharmaceuticals plc		10,014
	64,791		Hisamitsu Pharmaceutical Co, Inc		2,897
	242,748	*,e	Horizon Pharma, Inc		3,840
	211,499	*	Hospira, Inc		10,865
	2,868,480		Hua Han Bio-Pharmaceutical Holdings Ltd		582
	6,945		Huons Co Ltd		290
	43,892	*,e	Hyperion Therapeutics, Inc		1,146
	356,823	*,e	Idenix Pharmaceuticals, Inc		8,599
	247,339	*	Idera Pharmaceuticals, Inc		717
	26,482		Il Dong Pharmaceutical Co Ltd		369
	795,892	*,e	Illumina, Inc		142,099
	18,415		Ilyang Pharmaceutical Co Ltd		450
	290,751	*,e	Immunogen, Inc		3,445
	246,977	*,e	Immunomedics, Inc		901
	257,647	*	Impax Laboratories, Inc		7,727
	366,886	*	Incyte Corp		20,707

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	148,099	*	Infinity Pharmaceuticals, Inc	$	1,887
	40,785	*	Innate Pharma S.A.		498
	6,863	*	Innocell Corp		217
	655,465	*,e	Inovio Pharmaceuticals, Inc		7,086
	163,630	*	Insmed, Inc		3,269
	31,122	*,e	Insys Therapeutics, Inc		972
	19,176	*	Intercept Pharmaceuticals, Inc		4,538
	350,894	*	InterMune, Inc		15,492
	51,766	*	Intra-Cellular Therapies, Inc		873
	107,444	*,e	Intrexon Corp		2,700
	36,132		Ipsen		1,633
	365,149	*,e	Ironwood Pharmaceuticals, Inc		5,598
	498,804	*,e	Isis Pharmaceuticals, Inc		17,184
	16,400	*,e	Japan Tissue Engineering Co Lt		288
	257,897	*,e	Jazz Pharmaceuticals plc		37,913
	10,300		JCR Pharmaceuticals Co Ltd		266
	10,950		Jeil Pharmaceutical Co		287
	13,223,445		Johnson & Johnson		1,383,437
	148,521		Kaken Pharmaceutical Co Ltd		3,143
	29,176	*	Kamada Ltd		204
	37,878	*,e	Karyopharm Therapeutics, Inc		1,763
	280,194	*,e	Keryx Biopharmaceuticals, Inc		4,309
	50,271	*,e	Kindred Biosciences Inc		937
	114,500		Kissei Pharmaceutical Co Ltd		2,742
	99,571	*,e	Kite Pharma, Inc		2,880
	4,780		Kolon Life Science, Inc		256
	46,976	*	Komipharm International Co Ltd		394
	127,510		Kwang Dong Pharmaceutical Co Ltd		1,399
	130,236		Kyorin Co Ltd		2,680
	601,091	e	Kyowa Hakko Kogyo Co Ltd		8,144
	52,513	*,e	KYTHERA Biopharmaceuticals, Inc		2,015
	69,322	*	Laboratorios Almirall S.A.		1,124
	25,509	e	Laboratorios Farmaceuticos Rovi S.A		331
	149,339	*	Lannett Co, Inc		7,410
	709,744	*,e	Lexicon Pharmaceuticals, Inc		1,143
	18,990	*	LG Life Sciences Ltd		657
	200,135	*,e	Ligand Pharmaceuticals, Inc (Class B)		12,466
	2,938,000		Lijun International Pharmaceutical Holding Ltd		1,131
	173,600	*	Livzon Pharmaceutical Group, Inc		964
	311,557		Lonza Group AG.		33,881
	64,000	*	Lotus Pharmaceutical Co Ltd		369
	128,829	*	Luminex Corp		2,209
	156,167		Lupin Ltd		2,721
	59,377	*,e	MacroGenics, Inc		1,290
	299,312	*,e	Mallinckrodt plc		23,951
	800,501	*,e	MannKind Corp		8,798
	1,040,089	*	Mayne Pharma Group Ltd		834
	450,701		Meda AB (A Shares)		7,824
	278,477	*	Medicines Co		8,093
	124,918	*	Medigen Biotechnology Corp		1,892
	96,452	*	Medivation, Inc		7,435
	28,097	*,e	Medivir AB		577

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,369		Medy-Tox, Inc	$	729
	216,200		Mega Lifesciences PCL		144
	11,868,886		Merck & Co, Inc		686,615
	336,076		Merck KGaA		29,143
	397,373	*,e	Merrimack Pharmaceuticals, Inc		2,897
	208,063	*,e	Mesoblast Ltd		876
	66,134	*	Mettler-Toledo International, Inc		16,744
	286,150	*,e	MiMedx Group, Inc		2,029
	21,932	*	Mirati Therapeutics, Inc		439
	14,100		Mochida Pharmaceutical Co Ltd		1,013
	236,602	*	Momenta Pharmaceuticals, Inc		2,858
	101,471	*	Morphosys AG.		9,493
	1,926,112	*	Mylan Laboratories, Inc		99,310
	577,993	*,e	Myriad Genetics, Inc		22,495
	42,900	*,e	NanoCarrier Co Ltd		672
	30,741	*	NanoString Technologies, Inc		460
	120,437	*	NanoViricides, Inc		506
	9,698		Natco Pharma Ltd		162
	9,386	*	Naturalendo Tech Co Ltd		715
	468,703	*,e	Navidea Biopharmceuticals, Inc		694
	426,969	*	Nektar Therapeutics		5,474
	428	*,e	NeoGenomics, Inc		1
	80,348	*	NeoStem, Inc		524
	207,525	*	Neuralstem, Inc		876
	251,178	*	Neurocrine Biosciences, Inc		3,727
	60,825	*,e	NewLink Genetics Corp		1,615
	86,550		Nichi-iko Pharmaceutical Co Ltd		1,294
	173,000		Nippon Shinyaku Co Ltd		5,045
	156,725	*	Northwest Biotherapeutics, Inc		1,052
	5,093,278		Novartis AG.		461,239
	181,002		Novartis AG. (ADR)		16,386
	659,357	*,e	Novavax, Inc		3,046
	3,057,572		Novo Nordisk AS		141,116
	1,127,060	*	NPS Pharmaceuticals, Inc		37,249
	63,346	*	Ohr Pharmaceutical, Inc		602
	105,605	*,e	Omeros Corp		1,838
	17,790	*,m	Omthera Pharmaceuticals, Inc		11
	62,962	*,e	OncoMed Pharmaceuticals, Inc		1,467
	213,356	*	Oncothyreon, Inc		691
	122,000	*	Oneness Biotech Co Ltd		337
	152,895		Ono Pharmaceutical Co Ltd		13,433
	42,793	*,e	Ophthotech Corp		1,811
	608,191	*,e	Opko Health, Inc		5,376
	427,538	*,e	Orexigen Therapeutics, Inc		2,642
	17,414	*,e	Orexo AB		302
	184,209	*	Organovo Holdings, Inc		1,538
	112,512		Orion Oyj (Class B)		4,194
	59,612	*,e	Osiris Therapeutics, Inc		931
	810,869		Otsuka Holdings KK		25,145
	57,771	*,e	OvaScience, Inc		530
	254,372	*,e	Pacific Biosciences of California, Inc		1,572
	109,078	*,e	Pacira Pharmaceuticals, Inc		10,020

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	106,074	*	Pain Therapeutics, Inc	$	610
	953,200	*,e	Paion AG.		3,784
	247,674	*	Parexel International Corp		13,087
	487,538	e	PDL BioPharma, Inc		4,719
	5,500	*,e	PeptiDream, Inc		436
	550,023	*,e	Peregrine Pharmaceuticals, Inc		1,034
	381,940		PerkinElmer, Inc		17,890
	552,239		Perrigo Co plc		80,494
	24,189,658		Pfizer, Inc		717,949
	142,405	*,e	Pharmacyclics, Inc		12,775
	51,861	*	PharmaEngine Inc		546
	76,000	*	Pharmstandard (GDR)		698
	41,279	*	Phibro Animal Health Corp		906
	227,865	*	Phytohealth Corp		310
	119,397		Piramal Healthcare Ltd		1,377
	157,103	*,e	Portola Pharmaceuticals, Inc		4,584
	85,107		Pozen, Inc		709
	285,495	*	Prestige Brands Holdings, Inc		9,675
	252,918	*	Progenics Pharmaceuticals, Inc		1,090
	387,219	*,e	Prothena Corp plc		8,732
	22,060,100		PT Kalbe Farma Tbk		3,088
	82,736	*,e	PTC Therapeutics, Inc		2,163
	93,469	*	Puma Biotechnology, Inc		6,169
	451,453	*	Qiagen NV		10,918
	477,582	*,e	Qiagen NV (NASDAQ)		11,677
	613,725	e	Questcor Pharmaceuticals, Inc		56,763
	139,083	*	Quintiles Transnational Holdings, Inc		7,412
	149,690	*	Ranbaxy Laboratories Ltd		1,289
	192,761	*,e	Raptor Pharmaceutical Corp		2,226
	110,233	*	Receptos, Inc		4,696
	276,473		Recordati S.p.A.		4,646
	47,159	*	Regado Biosciences, Inc		320
	185,740	*	Regeneron Pharmaceuticals, Inc		52,466
	40,943	*,e	Regulus Therapeutics, Inc		329
	51,486	*	Relypsa, Inc		1,252
	157,340	*	Repligen Corp		3,586
	28,800	*,e	ReproCELL, Inc		276
	69,337	*,e	Repros Therapeutics, Inc		1,200
	143,759	*,e	Retrophin, Inc		1,688
	23,572	*,e	Revance Therapeutics, Inc		801
	138,582	e	Richter Gedeon Rt		2,658
	326,829	*	Rigel Pharmaceuticals, Inc		1,186
	1,054,531		Roche Holding AG.		314,205
	104,000		Rohto Pharmaceutical Co Ltd		1,618
	81,462	*	Sagent Pharmaceuticals		2,107
	1,264,512	*	Salix Pharmaceuticals Ltd		155,978
	205,184	*,e	Sangamo Biosciences, Inc		3,133
	1,859,628		Sanofi-Aventis		197,659
	111,456		Santen Pharmaceutical Co Ltd		6,279
	123,511	*,e	Sarepta Therapeutics, Inc		3,679
	50,500		Sawai Pharmaceutical Co Ltd		2,977
	175,347	*,e	Sciclone Pharmaceuticals, Inc		922

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	248,088		Scinopharm Taiwan Ltd	$	615
	208,451	*,e	Seattle Genetics, Inc		7,973
	38,484	*	Seegene, Inc		2,189
	490,500		Seikagaku Corp		6,036
	358,349	*,e	Sequenom, Inc		1,387
	510,000		Shandong Luoxin Pharmacy Stock Co Ltd		735
	179,000		Shanghai Dingli Technology Dev		107
	1,570,000	e	Shanghai Fosun Pharmaceutical Group Co Ltd		5,854
	309,000	*	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		271
	17,000	*,e	Shin Nippon Biomedical Laboratories Ltd		159
	548,943		Shionogi & Co Ltd		11,466
	2,019,652		Shire Ltd		158,428
	10,921		Shire plc (ADR)		2,572
	7,078		Siegfried Holding AG.		1,293
	18,946,800		Sihuan Pharmaceutical Holdings		11,588
	3,800,000		Sino Biopharmaceutical		3,081
	91,000		Sinphar Pharmaceutical Co Ltd		169
	53,844		Sirtex Medical Ltd		858
	4,254,176	*,m	Skyline Venture Fund II Ltd		242
	976,029	*,m	Skyline Venture Fund III Ltd		47
	15,400	*,e	Sosei Group		549
	243,247	*,e	Spectrum Pharmaceuticals, Inc		1,978
	144,315		Stada Arzneimittel AG.		6,855
	5,953		Stallergenes		459
	246,100		Standard Chemical & Pharma		380
	34,913	*,e	Stemline Therapeutics, Inc		512
	57,537	*,e	Sucampo Pharmaceuticals, Inc (Class A)		397
	141,902	*	Sun Pharma Advanced Research Company Ltd		384
	1,611,178		Sun Pharmaceutical Industries Ltd		18,438
	144,652	*,e	Sunesis Pharmaceuticals, Inc		943
	109,588	*,e	Supernus Pharmaceuticals, Inc		1,200
	71,504	*,e	Synageva BioPharma Corp		7,494
	277,025	*,e	Synergy Pharmaceuticals, Inc		1,127
	170,957	*,e	Synta Pharmaceuticals Corp		699
	284,000	*	Taigen Biopharmaceuticals Holdings Ltd		490
	42,469		Taisho Pharmaceutical Holdings Co Ltd		3,098
	57,339	*	Taiwan Liposome Co Ltd		593
	76,300	*,e	Takara Bio, Inc		1,263
	711,020		Takeda Pharmaceutical Co Ltd		33,000
	356,977		Tanabe Seiyaku Co Ltd		5,344
	12,618	e	Tecan Group AG.		1,443
	85,461		Techne Corp		7,911
	119,314	*,e	TESARO, Inc		3,712
	66,744	*	Tetraphase Pharmaceuticals, Inc		900
	1,063,043		Teva Pharmaceutical Industries Ltd		55,845
	123,533		Teva Pharmaceutical Industries Ltd (ADR)		6,476
	71,579	*,e	TG Therapeutics, Inc		672
	307,862	*,e	TherapeuticsMD, Inc		1,361
	102,267	*,e	Theravance Biopharma, Inc		3,260
	255,647	*,e	Theravance, Inc		7,613
	1,438,450		Thermo Electron Corp		169,737
	235,337	*,e	Threshold Pharmaceuticals, Inc		932

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	96,232	*,e	ThromboGenics NV	$	1,241
	944,000	e	Tong Ren Tang Technologies Co Ltd		1,379
	30,700		Torii Pharmaceutical Co Ltd		957
	62,076		Torrent Pharmaceuticals Ltd		732
	43,300	e	Towa Pharmaceutical Co Ltd		1,764
	19,359	*,e	Transgene S.A.		253
	96,192	e	Tsumura & Co		2,270
	224,485		TTY Biopharm Co Ltd		689
	44,000	*	TWi Pharmaceuticals, Inc		406
	134,509		UCB S.A.		11,380
	20,602	*,e	Ultragenyx Pharmaceutical, Inc		925
	6,000	*,e	UMN Pharma, Inc		178
	38,237		Unichem Laboratories Ltd		144
	721,500	*	United Laboratories Ltd		493
	51,387	*	United Therapeutics Corp		4,547
	35,681	*,e	Valneva SE		259
	503,474	*,e	Vanda Pharmaceuticals, Inc		8,146
	445,681	*	Vectura Group plc		1,014
	75,529	*,e	Verastem, Inc		684
	21,051	*	Versartis, Inc		590
	605,033	*	Vertex Pharmaceuticals, Inc		57,285
	5,418		Virbac S.A.		1,252
	16,713	*	ViroMed Co Ltd		862
	14,608	*	Vital Therapies, Inc		398
	285,510	*,e	Vivus, Inc		1,519
	176,362	*	Waters Corp		18,419
	1,024,000	*	Winteam Pharmaceutical Group Ltd		459
	110,823		Wockhardt Ltd		1,063
	44,615	*	Xencor Inc		518
	237,871	*,e	Xenoport, Inc		1,149
	645,066	*,e	XOMA Corp		2,961
	8,832		Yuhan Corp		1,579
	176,360	*	Yungjin Pharmaceutical Co Ltd		295
	347,000		YungShin Global Holding Corp		781
	9,259	*,e	Zealand Pharma AS		119
	215,313	*	Zeltia S.A.		869
	35,300		Zeria Pharmaceutical Co Ltd		842
	255,591	*,e	ZIOPHARM Oncology, Inc		1,030
	3,001,799		Zoetis Inc		96,868
	366,816	*,e	Zogenix, Inc		737
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		10,895,288
REAL ESTATE - 3.4%
	10,700,000	*	8990 Holdings, Inc		1,966
	748,510		Abacus Property Group		1,765
	217,822		Acadia Realty Trust		6,119
	1,406		Activia Properties Inc		12,371
	429,994		Acucap Properties Ltd		1,781
	2,880		Advance Residence Investment Corp		7,282
	29,000		Advancetek Enterprise Co Ltd		34
	24,242		Aeon Mall Co Ltd		639
	3,610	e	AEON REIT Investment Corp		4,747

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	162,228	*	Africa Israel Investments Ltd	$	333
	14,138	*	Africa Israel Properties Ltd		252
	106,735		AG Mortgage Investment Trust		2,021
	6,352,500	e	Agile Property Holdings Ltd		4,476
	55,561		Agree Realty Corp		1,680
	1,057,684		AIMS AMP Capital Industrial REIT		1,223
	63,604	*	Airport City Ltd		637
	24,600		Airport Facilities Co Ltd		172
	42,608		Akmerkez Gayrimenkul Yatirim Ortakligi AS		325
	3,491,743	*	Aldar Properties PJSC		2,949
	181,715		Alexander & Baldwin, Inc		7,532
	7,601		Alexander’s, Inc		2,808
	171,084		Alexandria Real Estate Equities, Inc		13,283
	146,500		Aliansce Shopping Centers S.A.		1,191
	1,726,607	e	Allan Gray Property Trust		1,253
	11,369,943		Allco Commercial Real Estate Investment Trust		12,366
	37,417		Allied Properties Real Estate Investment Trust		1,240
	18,604		Allreal Holding AG.		2,643
	152,679		Alony Hetz Properties & Investments Ltd		1,195
	4,850	*	AL-ROV Israel Ltd		185
	6,102	*	Alrov Properties and Lodgings Ltd		165
	76,342		Alstria Office REIT-AG.		1,011
	4,431	*	Altisource Asset Management Corp		3,204
	43,907	*	Altisource Portfolio Solutions S.A.		5,031
	209,611		Altisource Residential Corp		5,456
	70,100	e	Altus Group Ltd		1,507
	915,500		Amata Corp PCL (Foreign)		477
	1,611,291		Amer Group Holding		297
	132,716		American Assets Trust,Inc		4,585
	109,274		American Campus Communities, Inc		4,179
	814,298		American Capital Agency Corp		19,063
	193,001		American Capital Mortgage, Inc		3,864
	186,515		American Homes 4 Rent		3,313
	624,393	*	American Realty Capital Healthcare Trust, Inc		6,800
	373,307		American Realty Capital Properties, Inc		4,678
	118,807	*,e	American Residential Properties, Inc		2,228
	590,391		American Tower Corp		53,123
	119,596		Amot Investments Ltd		409
	1,502,835		AMP NZ Office Trust		1,415
	72,687		AmREIT, Inc (Class B)		1,330
	2,688,200		Ananda Development PCL		220
	1,629,958	*	Anant Raj Industries Ltd		2,044
	8,096		ANF Immobilier		257
	1,939,779		Annaly Capital Management, Inc		22,172
	482,035		Anworth Mortgage Asset Corp		2,487
	1,182,600	*	AP Thailand PCL (Foreign)		228
	98,217		Apartment Investment & Management Co (Class A)		3,169
	172,291		Apollo Commercial Real Estate Finance, Inc		2,841
	98,151		Ares Commercial Real Estate Corp		1,218
	1,692,687		Argosy Property Ltd		1,445
	74,459		Armada Hoffler Properties, Inc		721
	1,343,834		ARMOUR Residential REIT, Inc		5,819

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	347,176	e	Arrowhead Properties Ltd	$	248
	241,880		Arrowhead Properties Ltd (Class B)		172
	209,051		Artis Real Estate Investment Trust		3,086
	1,545,000		Ascendas Hospitality Trust		929
	1,271,000		Ascendas India Trust		853
	343,587		Ascendas REIT		635
	1,006,302		Ascott Residence Trust		988
	94,388		Ashford Hospitality Prime, Inc		1,620
	261,982		Ashford Hospitality Trust, Inc		3,023
	219,752		Associated Estates Realty Corp		3,960
	521,962	*	Attacq Ltd		870
	534,015		Australand Property Group		2,235
	41,859	*	AV Homes, Inc		684
	380,936		AvalonBay Communities, Inc		54,165
	392,715	e	Aveo Group		763
	100,319	e	Aviv REIT, Inc		2,826
	162,900		Axis Real Estate Investment Trust		168
	6,532,623		Ayala Land, Inc		4,567
	123,809		Babcock & Brown Japan Property Trust		476
	16,771,900		Bangkokland PCL		972
	158,811	*	Barwa Real Estate Co		1,550
	873		Bayside Land Corp		244
	27,118		Befimmo SCA Sicafi		2,067
	2,538,000	e	Beijing Capital Land Ltd		812
	1,222,000		Beijing North Star Co		296
	2,722,000	*	Beijing Properties Holdings Ltd		267
	4,173,950		Belle Corp		491
	1,430,859	e	Beni Stabili S.p.A.		1,310
	311,424		Big Yellow Group plc		2,643
	286,448		BioMed Realty Trust, Inc		6,253
	558,868	e	Blackstone Mortgage Trust, Inc		16,207
	865		BLife Investment Corp		4,058
	43,659		Boardwalk Real Estate Investment Trust		2,670
	690,086		Boston Properties, Inc		81,554
	468,056		BR Malls Participacoes S.A.		3,983
	177,000		BR Properties S.A.		1,066
	420,086		Brandywine Realty Trust		6,553
	206,000		Brasil Brokers Participacoes S.A.		327
	779,838		British Land Co plc		9,370
	877,665	e	Brixmor Property Group, Inc		20,142
	737,265		Brookfield Asset Management, Inc		32,481
	18,100		Brookfield Canada Office Properties		467
	4,839	*	Brookfield Multiplex Group		392
	40,000		Brookfield Property Partners LP		835
	1,740		Brookfield Property Partners LP (Toronto)		36
	1,147,549		Bunnings Warehouse Property Trust		2,683
	57,000	*	BUWOG AG.		1,101
	29,598,188		C C Land Holdings Ltd		5,459
	87,304		CA Immobilien Anlagen AG.		1,656
	816,000		Cache Logistics Trust		783
	85,975		Calloway Real Estate Investment Trust		2,140
	1,435,442		Cambridge Industrial Trust		893

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	131,828		Camden Property Trust	$	9,380
	241,298	e	Campus Crest Communities, Inc		2,090
	69,991		Canadian Apartment Properties REIT		1,499
	41,156		Canadian Real Estate Investment Trust		1,774
	344,400	e	CapitaCommercial Trust		470
	957,441		Capital & Counties Properties		5,334
	3,380,466	*	Capital Property Fund		3,401
	2,521,880	e	CapitaLand Ltd		6,476
	3,567,181		CapitaMall Trust		5,654
	794,000	m	CapitaMalls Asia Ltd		1,496
	870,400		CapitaMalls Malaysia Trust		401
	617,032		CapitaRetail China Trust		733
	366,555	e	Capstead Mortgage Corp		4,820
	71,924	*	CareTrust REIT, Inc		1,424
	1,220,000	*	Carnival Group International Holdings Ltd		153
	409,712		Castellum AB		7,262
	46,137	*,e	CatchMark Timber Trust Inc		631
	1,294,000		Cathay Real Estate Development Co Ltd		773
	72,107		CBL & Associates Properties, Inc		1,370
	1,816,863	*	CBRE Group, Inc		58,212
	861,000	e	CDL Hospitality Trusts		1,216
	13,783,200		Cebu Holdings, Inc		1,626
	295,186		Cedar Shopping Centers, Inc		1,845
	60,840		Cedar Woods Properties Ltd		419
	1,723,000		Central China Real Estate Ltd		440
	1,608,100		Central Pattana PCL (Foreign)		2,430
	10,000,000		Century Properties Group, Inc		312
	1,382,880	e	CFS Gandel Retail Trust		2,659
	1,158,850		CH Karnchang PCL		772
	884,796	e	Chambers Street Properties		7,114
	3,578,636		Champion Real Estate Investment Trust		1,662
	588,463	e	Charter Hall Group		2,365
	206,800		Chartwell Retirement Residences		2,101
	94,909		Chatham Lodging Trust		2,079
	191,516		Chesapeake Lodging Trust		5,790
	4,805,551		Cheuk Nang Holdings Ltd		4,340
	1,245,607		Cheung Kong Holdings Ltd		22,099
	2,016,393		Chimera Investment Corp		6,432
	2,589,500	e	China Aoyuan Property Group Ltd		371
	14,270,021	*	China New Town Development Co Ltd		893
	6,336,994	e	China Overseas Land & Investment Ltd		15,371
	652,000	*	China Properties Group Ltd		144
	4,766,994		China Resources Land Ltd		8,722
	2,969,200	e	China SCE Property Holdings Ltd		632
	4,578,000	e	China South City Holdings Ltd		2,404
	3,668,714	*	China Vanke Co Ltd		6,513
	335,500	e	Chinese Estates Holdings Ltd		874
	93,300		Choice Properties REIT		931
	173,080		Chong Hong Construction Co		459
	5,712,000		CIFI Holdings Group Co Ltd		1,054
	102,428	e	City Developments Ltd		841
	595,188	e	Citycon Oyj		2,184

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	22,387		Cofinimmo	$	2,790
	341,577		Colony Financial, Inc		7,931
	28,123	*,e	Colour Life Services Group		17
	48,446		Columbia Property Trust, Inc		1,260
	114		Comforia Residential REIT, Inc		864
	71,598		Cominar Real Estate Investment Trust		1,265
	444,900		Concentradora Fibra Danhos S.A. de C.V.		1,199
	589,200		Concentradora Fibra Hotelera Mexicana S.A. de C.V.		1,066
	19,693		Consolidated-Tomoka Land Co		904
	68,215		Conwert Immobilien Invest AG.		810
	65,309		Coresite Realty		2,160
	14,699		Corio NV		750
	630,936	e	Corp Inmobiliaria Vesta SAB de C.V.		1,323
	37,649		Corporate Office Properties Trust		1,047
	5,636,882	*	Country Garden Holdings Co Ltd		2,239
	366,892		Countrywide plc		3,231
	752,323		Cousins Properties, Inc		9,366
	2,481	e	Crescendo Investment Corp		2,134
	36,900		Crombie Real Estate Investment Trust		465
	1,527,000		Cromwell Group		1,404
	600,374		Crown Castle International Corp		44,584
	6,858,943		CSI Properties Ltd		248
	34,500		CT Real Estate Investment Trust		369
	777,297		CubeSmart		14,240
	72,186		CyrusOne, Inc		1,797
	597,793	e	CYS Investments, Inc		5,392
	630	e	DA Office Investment Corp		2,999
	109,100		Daibiru Corp		1,116
	833,000	*,e	Daikyo, Inc		1,959
	3,145,900		Daiman Development BHD		3,683
	112,303		Daito Trust Construction Co Ltd		13,206
	1,476,671		Daiwa House Industry Co Ltd		30,612
	492		Daiwa House REIT Investment Corp		2,176
	14,515,191		DB RREEF Trust		15,192
	1,612,663		DCT Industrial Trust, Inc		13,240
	1,287,962		DDR Corp		22,707
	188,014	*	Delta Corp Ltd		291
	160,900		Derwent London plc		7,370
	117,210		Deutsche Euroshop AG.		5,794
	263,493		Deutsche Wohnen AG.		5,676
	744,846		DiamondRock Hospitality Co		9,549
	96,758	e	DIC Asset AG.		1,059
	479,074	e	Digital Realty Trust, Inc		27,940
	122,816		Dios Fastigheter AB		1,074
	12,281,297		DLF Ltd		43,955
	61,451	*	Dogus Gayrimenkul Yatirim Ortakligi AS		139
	94,923		Douglas Emmett, Inc		2,679
	51,700		Dream Global Real Estate Investment Trust		476
	86,400		Dream Industrial Real Estate Investment Trust		788
	153,274		Dream Office Real Estate Investment Trust		4,207
	67,613	*	Dream Unlimited Corp		978
	1,053,335		Duke Realty Corp		19,129

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	222,179		DuPont Fabros Technology, Inc	$	5,990
	206,982		Dynex Capital, Inc		1,832
	1,169,800		Eastern & Oriental BHD		1,002
	124,624		EastGroup Properties, Inc		8,005
	474,205		Education Realty Trust, Inc		5,093
	4,534,172	*	Emaar Properties PJSC		10,389
	442,177		Emira Property Fund		611
	7,717,667		Emlak Konut Gayrimenkul Yatiri		9,713
	1,507,333		Emperor International Holdings		342
	277,485	e	Empire State Realty Trust, Inc		4,579
	203,311		Entertainment Properties Trust		11,359
	327,813		Equity Lifestyle Properties, Inc		14,476
	229,623		Equity One, Inc		5,417
	842,722		Equity Residential		53,091
	1,173,060	*	Eshraq Properties Co PJSC		342
	293,504		Essex Property Trust, Inc		54,272
	183,976		Eurobank Properties Real Estate Investment Co		2,179
	49,964		Eurocommercial Properties NV		2,467
	13,325,000	e	Evergrande Real Estate Group		5,176
	192,362		Excel Trust, Inc		2,564
	746,186		Extra Space Storage, Inc		39,734
	191,341	e	Fabege AB		2,707
	6,468,500	e	Fantasia Holdings Group Co Ltd		751
	1,060,802		Far East Consortium		386
	942,000		Far East Hospitality Trust		657
	673,605		Farglory Land Development Co Ltd		916
	102,075	*,e	Fastighets AB Balder		1,381
	177,193		Federal Realty Investment Trust		21,426
	5,210,728		Federation Centres		12,229
	581,180		FelCor Lodging Trust, Inc		6,108
	293,600		Fibra Shop Portafolios Inmobiliarios SAPI de C.V.		411
	3,561,900		Fibra Uno Administracion S.A. de C.V.		12,429
	12,000,000		Filinvest Development Corp		1,309
	56,839,000		Filinvest Land, Inc		2,123
	119,087		First Capital Realty, Inc		2,078
	409,959		First Industrial Realty Trust, Inc		7,724
	220,263		First Potomac Realty Trust		2,890
	607,102		First Real Estate Investment Trust		578
	68,610	e	FirstService Corp		3,477
	3,198		Fonciere Des Regions		347
	620,237	*	Forest City Enterprises, Inc (Class A)		12,324
	130,648	*	Forestar Real Estate Group, Inc		2,494
	368,226		Fortress Income Fund Ltd		551
	253,527		Foxtons Group plc		1,302
	393,379		Franklin Street Properties Corp		4,949
	9,381,800	e	Franshion Properties China Ltd		2,469
	637,000		Frasers Centrepoint Trust		969
	883		Frontier Real Estate Investment Corp		4,803
	725		Fukuoka REIT Corp		1,275
	4,290,000		Future Land Development Holdin		377
	155,851	*	GAGFAH S.A.		2,835
	494,397		Gaming and Leisure Properties, Inc		16,795

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	196,745		Gazit Globe Ltd	$	2,634
	8,719		Gazit, Inc		260
	564,790	*	GDI Property Group		485
	4,281		Gecina S.A.		624
	4,402,000		Gemdale Properties and Investm		247
	2,656,530		General Growth Properties, Inc		62,588
	110,681		Getty Realty Corp		2,112
	61,332		Gladstone Commercial Corp		1,096
	646,702		Glimcher Realty Trust		7,004
	7,037,391		Global Logistic Properties		15,252
	845		Global One Real Estate Investment Corp		2,490
	384,161	*	Globe Trade Centre S.A.		996
	280,100		Glomac BHD		91
	4,960,895	*	Glorious Property Holdings Ltd		691
	5,689		GLP J-Reit		6,377
	61,171		Godrej Properties Ltd		248
	33,080		Goldcrest Co Ltd		727
	745,300	*	Golden Land Property Development PCL		217
	242,000	*	Goldin Properties Holdings Ltd		149
	1,539,119		Goodman Property Trust		1,422
	208,199	e	Government Properties Income Trust		5,286
	2,881,773		GPT Group (ASE)		10,437
	735,655		Grainger plc		2,644
	436,442	*,e	Gramercy Property Trust, Inc		2,640
	34,200		Granite Real Estate Investment Trust		1,266
	305,016		Great Eagle Holdings Ltd		1,116
	903,020		Great Portland Estates plc		9,948
	10,702,199	*	Green REIT plc		18,025
	512,000		Greenland Hong Kong Holdings Ltd		223
	35,900		Greentown China Holdings Ltd		36
	2,272,641		Growthpoint Properties Ltd		5,280
	1,022,000		Guangdong Land Holdings Ltd		196
	6,901,300	e	Guangzhou Investment Co Ltd		1,318
	3,557,736	e	Guangzhou R&F Properties Co Ltd		4,394
	1,468,000		GZI Real Estate Investment Trust		710
	344,121		H&R Real Estate Investment Trust		7,469
	5,146		Haesung Industrial Co Ltd		412
	562,202		Halk Gayrimenkul Yatrm Ortakli		292
	48,508		Hamborner AG.		524
	970,450		Hammerson plc		9,630
	1,991,016	e	Hang Lung Group Ltd		10,778
	16,998,071		Hang Lung Properties Ltd		52,419
	127		Hankyu REIT, Inc		695
	82,167	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,178
	1,500,146		Hansteen Holdings plc		2,639
	495,221		Hatteras Financial Corp		9,810
	772,346	e	HCP, Inc		31,960
	551,973	e	Health Care REIT, Inc		34,592
	411,930		Healthcare Realty Trust, Inc		10,471
	372,860		Healthcare Trust of America, Inc		4,489
	45,700		Heiwa Real Estate Co Ltd		736

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	180,590		Helical Bar plc	$	1,083
	136,646		Heliopolis Housing		783
	7,661,800		Hemaraj Land and Development PCL		893
	2,364,906		Henderson Land Development Co Ltd		13,841
	753,339		Hersha Hospitality Trust		5,055
	19,838,166	*,a,e	Hibernia REIT plc		30,152
	355,500		Highwealth Construction Corp		795
	348,580		Highwoods Properties, Inc		14,623
	288,000		Ho Bee Investment Ltd		520
	60,098		Home Properties, Inc		3,844
	261,000		Hong Fok Corp Ltd		224
	260,994		Hongkong Land Holdings Ltd		1,742
	1,042,000	*,e	Hopson Development Holdings Ltd		1,015
	247,844		Hospitality Properties Trust		7,534
	3,659,416		Host Marriott Corp		80,544
	410,669	*	Housing Development & Infrastruture Ltd		690
	192,205	*	Howard Hughes Corp		30,336
	50,630		HRPT Properties Trust		1,333
	298,235		Huaku Development Co Ltd		714
	189,000		Huang Hsiang Construction Co		290
	231,735		Hudson Pacific Properties		5,872
	202,264		Hufvudstaden AB (Series A)		2,837
	6,682	*	Hulic REIT, Inc		10,625
	430,362		Hung Poo Real Estate Development Corp		355
	553,000		Hung Sheng Construction Co Ltd		374
	1,064,000		Hutchison Harbour Ring Ltd		82
	516,020		Hyprop Investments Ltd		3,878
	554,125		Hysan Development Co Ltd		2,595
	9,093	e	Icade		975
	4,179		Ichigo Real Estate Investment Corp		2,789
	1,441,790		IGB Corp BHD		1,203
	1,253,600		IGB Real Estate Investment Trust		476
	116,600		Iguatemi Empresa de Shopping Centers S.A.		1,178
	1,263,600		IJM Land BHD		1,346
	202,376		Immobiliare Grande Distribuzione		357
	1,355,948	*,e,m	Immoeast AG.		0	^
	658,721	*,e,m	Immofinanz ANSPR NACHB AG.		0	^
	340,783		Immofinanz Immobilien Anlagen AG.		1,204
	378,098		Indiabulls Real Estate Ltd		629
	226	e	Industrial & Infrastructure Fund Investment Corp		2,024
	1,637,575		ING Office Fund		5,252
	385,127		Inland Real Estate Corp		4,094
	2,314,976	*	Inmobiliaria Colonial S.A.		1,843
	109,100		InnVest Real Estate Investment Trust		544
	26,900		InterRent Real Estate Investment Trust		143
	1,135		Intershop Holdings		448
	16,944		Intervest Offices		513
	460,976	e	Invesco Mortgage Capital, Inc		8,003
	458,874		Investors Real Estate Trust		4,226
	1,148,992	*	IOI Properties Group Sdn BHD		902
	1,342,425		Is Gayrimenkul Yatirim Ortakligi AS		824
	317,651	*,e	iStar Financial, Inc		4,758

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,287		Japan Excellent, Inc	$	1,711
	6,057		Japan Hotel REIT Investment Corp		3,189
	1,028		Japan Logistics Fund Inc		2,439
	200		Japan Prime Realty Investment Corp		718
	213		Japan Real Estate Investment Corp		1,241
	2,905		Japan Rental Housing Investments, Inc		1,957
	604		Japan Retail Fund Investment Corp		1,359
	22,724		Jerusalem Economy Ltd		218
	11,792	*	Jerusalem Oil Exploration		539
	181,600		JHSF Participacoes S.A.		316
	2,138,050		Jiangsu Future Land Co Ltd		1,005
	2,765		Joint REIT Investment Corp		2,785
	98,865		Jones Lang LaSalle, Inc		12,496
	10,100	e	Jowa Holdings Co Ltd		378
	1,561,750	e	K Wah International Holdings Ltd		1,090
	5,648,000	e	Kaisa Group Holdings Ltd		1,676
	328,480		KEE TAI Properties Co Ltd		229
	1,804		Kenedix Realty Investment Corp		9,821
	723		Kenedix Residential Investment Corp		1,680
	426,800	*,e	Kenedix, Inc		2,130
	268,814	e	Kennedy-Wilson Holdings, Inc		7,210
	1,500,419		Keppel Land Ltd		4,070
	2,393,140		Kerry Properties Ltd		8,365
	58,900	e	Killam Properties, Inc		582
	175,936		Kilroy Realty Corp		10,957
	614,979		Kimco Realty Corp		14,132
	397,000		Kindom Construction Co		379
	476,280	*	King’s Town Construction Co Ltd		393
	498,021		Kite Realty Group Trust		3,058
	1,904,551		Kiwi Income Property Trust		1,943
	79,600		KLCC Property Holdings BHD		162
	32,390		Klepierre		1,650
	244,792		Klovern AB		1,246
	3,250		Klovern AB (Preference)		79
	110,636		Korea Real Estate Investment Trust Co		236
	3,182,130		Kowloon Development Co Ltd		3,741
	2,266,138		K-REIT Asia		2,329
	292,010		Kungsleden AB		2,196
	516,185		Kuoyang Construction Co Ltd		246
	15,651,000		KWG Property Holding Ltd		8,945
	122,686,000		Lai Fung Holdings Ltd		2,455
	79,248,250	*	Lai Sun Development		1,891
	255,970		Land Securities Group plc		4,536
	4,385,000		Langham Hospitality Investments Ltd		2,009
	389,962		LaSalle Hotel Properties		13,762
	267,400		LBS Bina Group BHD		142
	418,693	*	LC Corp S.A.		269
	56,440		LEG Immobilien AG.		3,797
	351,675		Lend Lease Corp Ltd		4,348
	269,011	*	Leopalace21 Corp		1,388
	772,643	e	Lexington Corporate Properties Trust		8,507
	253,688		Liberty International plc		1,353

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	314,411		Liberty Property Trust	$	11,926
	3,072,281		Link REIT		16,540
	1,868,000		Lippo-Mapletree Indonesia Retail Trust		600
	1,326,000	*	Logan Property Holdings Co Ltd		390
	748,280		London & Stamford Property plc		1,730
	759,000		Long Bon International Co Ltd		547
	1,893,400		Longfor Properties Co Ltd		2,333
	1,950,000		LPN Development PCL		1,221
	191,400		LPS Brasil Consultoria de Imoveis S.A.		866
	351,430	*	LSR Group (GDR)		1,367
	200,459		LTC Properties, Inc		7,826
	75,987		Macerich Co		5,072
	711,981		Mack-Cali Realty Corp		15,293
	343,727		Macquarie CountryWide Trust		1,257
	753,988	e	Macquarie Goodman Group		3,590
	3,199,590	e	Macquarie MEAG Prime REIT		2,119
	1,992,878		Mah Sing Group BHD		1,415
	5,600	*	Mainstreet Equity Corp		206
	35,779	*,e,m	Mapeley Ltd		66
	1,534,287		Mapletree Commercial Trust		1,687
	4,544,000	e	Mapletree Greater China Commercial Trust		3,153
	2,827,661		Mapletree Industrial Trust		3,245
	3,440,804		Mapletree Logistics Trust		3,217
	391,700		Matrix Concepts Holdings BHD		513
	53,278	*	Mazaya Qatar Real Estate Development Q.S.C		225
	1,000,000		MBK PCL		450
	659,287		Medical Properties Trust, Inc		8,729
	53,469	*	Medinet Nasr Housing		287
	52,392,200		Megaworld Corp		5,402
	27,425		Melisron Ltd		747
	54,861	*	Mercialys S.A		1,279
	1,652,000		Mexico Real Estate Management S.A. de C.V.		3,424
	1,462,648		MFA Mortgage Investments, Inc		12,008
	587		MID REIT, Inc		1,359
	202,799		Mid-America Apartment Communities, Inc		14,814
	1,792,929	*,e	Midland Holdings Ltd		900
	541,000	*	Mingfa Group		181
	2,744,000		Minmetals Land Ltd		297
	1,542,467		Mirvac Group		2,596
	709,837		Mitsubishi Estate Co Ltd		17,537
	2,561,022		Mitsui Fudosan Co Ltd		86,433
	198,500		MKH BHD		240
	7,899		Mobimo Holding AG.		1,674
	232,033		Monmouth Real Estate Investment Corp (Class A)		2,330
	24,500		Morguard North American Reside		240
	36,221		Morguard Real Estate Investment Trust		603
	2,560		Mori Hills REIT Investment Corp		3,711
	1,321		Mori Trust Sogo REIT, Inc		2,229
	217,609		Multiplan Empreendimentos Imobiliarios S.A.		5,052
	290,000		Naim Holdings BHD		388
	132,953		National Health Investors, Inc		8,318
	24,636	*	National Leasing		203
	280,947	e	National Retail Properties, Inc		10,448

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	113,255,000	*	Natural Park PCL	$	209
	2,264,000	*	Neo-China Land Group Holdings Ltd		432
	169,000		New Century Real Estate Investment Trust		75
	1,940,000	*	New City Development Group Ltd		125
	1,039,281		New Residential Investment Corp		6,547
	3,188,000		New World China Land Ltd		1,904
	16,900,833		New World Development Co Ltd		19,240
	336,737	e	New York Mortgage Trust, Inc		2,630
	650,073	*	New York REIT, Inc		7,190
	110,185		NewRiver Retail Ltd		581
	152,935		Nieuwe Steen Investments NV		965
	516		Nippon Accommodations Fund, Inc		1,957
	310		Nippon Building Fund, Inc		1,813
	2,738		Nippon ProLogis REIT, Inc		6,385
	35,588	*	Nitsba Holdings 1995 Ltd		538
	421,329		Nomura Real Estate Holdings, Inc		7,980
	6,593		Nomura Real Estate Master Fund, Inc		8,059
	456		Nomura Real Estate Office Fund, Inc		2,154
	192		Nomura Real Estate Residential Fund, Inc		1,035
	41,269		Northern Property Real Estate Investment Trust		1,110
	1,000,874		NorthStar Realty Finance Corp		17,395
	19,700		NorthWest Healthcare Properties Real Estate Investment Trust		185
	705,958	*	Norwegian Property ASA		869
	116,900		NTT Urban Development Corp		1,317
	58,214		Oberoi Realty Ltd		251
	661,350	e	Omega Healthcare Investors, Inc		24,377
	50,877		One Liberty Properties, Inc		1,086
	12,100		Open House Co Ltd		287
	1,200,000	*	Orbit Corp Ltd		509
	4,315		Orix JREIT, Inc		6,052
	1,454,000	e	OUE Hospitality Trust		1,038
	39,885		Owens Realty Mortgage, Inc		776
	1,151,808	*	Palm Hills Developments SAE		647
	20		Paramount Corp BHD		0	^
	677,000		Parkway Life Real Estate Investment Trust		1,281
	495,059		Parkway Properties, Inc		10,223
	2,253,383		Parque Arauco S.A.		4,115
	42,824	*	Patrizia Immobilien AG.		568
	412,100		Pavilion Real Estate Investment Trust		173
	239,296		Pebblebrook Hotel Trust		8,844
	263,909		Pennsylvania Real Estate Investment Trust		4,967
	272,440		Pennymac Mortgage Investment Trust		5,977
	800,000	e	Perennial China Retail Trust		346
	1,009,142		Phoenix Mills Ltd		5,389
	127,153		Physicians Realty Trust		1,830
	238,526	e	Piedmont Office Realty Trust, Inc		4,518
	102,423		Plum Creek Timber Co, Inc		4,619
	10,000		Polski Holding Nieruchomosci S.A.		89
	2,785,300	e	Poly Hong Kong Investment Ltd		1,161
	8,341,160		Polytec Asset Holdings Ltd		1,324
	224,202		Post Properties, Inc		11,986

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	274,766		Potlatch Corp	$	11,375
	2,048,000	e	Powerlong Real Estate Holdings Ltd		285
	1,091		Premier Investment Co		4,341
	118,497		Prestige Estates Projects Ltd		452
	1,291,900		Preuksa Real Estate PCL (Foreign)		1,165
	135,573		Primary Health Properties plc		796
	146,892	*	Prime Office AG.		684
	1,744,220		Prince Housing & Development Corp		782
	1,553,588		Prologis, Inc		63,837
	1,445,000		Prosperity REIT		451
	115,307		PS Business Parks, Inc		9,627
	61,328		PSP Swiss Property AG.		5,767
	10,495,500		PT Agung Podomoro Land Tbk		248
	16,780,000		PT Alam Sutera Realty Tbk		626
	4,627,500		PT Bekasi Fajar Industrial Estate Tbk		165
	7,544,400		PT Bumi Serpong Damai		946
	30,798,200		PT Ciputra Development Tbk		2,406
	17,321,000		PT Ciputra Property Tbk		1,017
	3,949,000		PT Ciputra Surya Tbk		700
	9,451,500		PT Intiland Development Tbk		349
	105,045,387		PT Kawasan Industri Jababeka Tbk		1,969
	575,500	*	PT Lippo Cikarang Tbk		339
	40,857,700		PT Lippo Karawaci Tbk		3,310
	12,176,600	*	PT Modernland Realty Tbk		418
	10,247,300	*	PT Nirvana Development Tbk		228
	38,396,800		PT Pakuwon Jati Tbk		1,132
	37,811,500	*	PT Sentul City Tbk		338
	17,456,700		PT Summarecon Agung Tbk		1,672
	724,920		Public Storage, Inc		124,215
	3,871,806		Puravankara Projects Ltd		7,149
	80,500		Pure Industrial Real Estate Trust		346
	37,875	e	QTS Realty Trust, Inc		1,084
	14,466,432		Quality House PCL		1,579
	712,992	*	Quintain Estates & Development plc		1,080
	1,249,167		Radium Life Tech Co Ltd		870
	309,593	e	RAIT Investment Trust		2,560
	1,387,913	*	RAK Properties PJSC		314
	255,456		Ramco-Gershenson Properties		4,246
	84,538	e	Rayonier, Inc		3,005
	15,000	*,e	Raysum Co Ltd		211
	41,360	e	Re/Max Holdings, Inc		1,224
	86,987	*	Realia Business S.A.		182
	1,801,471	*	Realogy Holdings Corp		67,933
	98,198	e	Realty Income Corp		4,362
	519,267		Rebosis Property Fund Ltd		564
	196,000	*	Redco Properties Group Ltd		86
	6,719,781		Redefine Income Fund Ltd		6,061
	1,060,000		Redefine International plc		973
	311,934	e	Redwood Trust, Inc		6,073
	26,524,000		Regal Real Estate Investment Trust		7,153
	609,284		Regency Centers Corp		33,925
	27,200	*	Relo Holdings, Inc		1,754

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,073,500	*,e	Renhe Commercial Holdings Co Ltd	$	757
	478,838		Resilient Property Income Fund Ltd		2,704
	484,951		Resource Capital Corp		2,730
	316,620		Retail Opportunities Investment Corp		4,980
	628,597		Retail Properties of America, Inc		9,668
	103,584	e	Rexford Industrial Realty, Inc		1,475
	466,998		RioCan Real Estate Investment Trust		11,952
	580,578		RLJ Lodging Trust		16,773
	458,000		Road King Infrastructure		414
	2,625,700		Robinsons Land Corp		1,420
	135,489	e	Rouse Properties, Inc		2,318
	649,294		Ruentex Development Co Ltd		1,177
	147,792	e	Ryman Hospitality Properties		7,116
	3,326,552		S.A. Corporate Real Estate Fund		1,282
	689,224	e	Sabana Shari’ah Compliant Industrial REIT		578
	151,506		Sabra Healthcare REIT, Inc		4,350
	221,586		Safestore Holdings plc		827
	120,000	e	Saizen REIT		90
	13,518,732		Sansiri PCL		842
	40,800		Sao Carlos Empreendimentos e Participacoes S.A.		637
	51,774		Saul Centers, Inc		2,516
	249,883		Savills plc		2,690
	1,699,200		SC Asset Corp PCL		178
	12,281,902	*	Scentre Group		37,060
	505,308		Segro plc		2,983
	151,474		Select Income REIT		4,490
	22,199	e	Selvaag Bolig ASA		74
	129,160		Senior Housing Properties Trust		3,137
	1,158,742		Shaftesbury plc		12,998
	542,840		Shanghai Jinqiao Export Processing Zone Development Co Ltd		518
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		104
	19,997,429	*	Shanghai Real Estate Ltd		575
	1,271,000		Shell Electric MFG		787
	4,168,650		Shenzhen Investment Ltd		1,333
	6,438,000		Shimao Property Holdings Ltd		11,828
	760,254	*	Shining Building Business Co Ltd		678
	417,100		Shoei Co Ltd		5,501
	1,556,792		Shopping Centres Australasia Property Group		2,526
	4,320,293		Shui On Land Ltd		1,053
	142,874	e	Silver Bay Realty Trust Corp		2,332
	1,443,012		Simon Property Group, Inc		239,944
	12,600	e,m	Singapore Land Ltd		93
	992,600	*,e	SingHaiyi Group Ltd		139
	2,546,637		Sino Land Co		4,192
	2,132,000	*	Sinolink Worldwide Holdings Ltd		173
	9,935,940	e	Sino-Ocean Land Holdings Ltd		5,038
	234,998	*	Sinpas Gayrimenkul Yatirim Ortakligi AS		93
	398,778		Sinyi Realty Co		719
	66,083	*	Six of October Development & Investment		299
	727,650		SL Green Realty Corp		79,612

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	13,519,215		SM Prime Holdings	$	4,914
	912,501	*	Sobha Developers Ltd		7,556
	7,712		Societe de la Tour Eiffel		614
	6,269,000	e	Soho China Ltd		4,941
	1,470,000		Soilbuild Business Space REIT		943
	87,100		Sonae Sierra Brasil S.A.		688
	98,000		Soundwill Holdings Ltd		166
	144,305		Sovran Self Storage, Inc		11,148
	108,849		Sparkassen Immobilien AG.		885
	1,600,396	e	Spirit Realty Capital, Inc		18,181
	457,662		Sponda Oyj		2,444
	372,297		ST Modwen Properties plc		2,285
	196,710	*,e	St. Joe Co		5,002
	191,262		STAG Industrial, Inc		4,592
	1,132,996	e	Starwood Property Trust, Inc		26,931
	165,340	*	Starwood Waypoint Residential Trust		4,334
	2,809,603	e	Stockland Trust Group		10,276
	1,934,539	*	Strategic Hotels & Resorts, Inc		22,653
	23,100		Sumitomo Real Estate Sales Co Ltd		738
	478,321		Sumitomo Realty & Development Co Ltd		20,547
	314,780		Summit Hotel Properties, Inc		3,337
	148,131		Sun Communities, Inc		7,383
	24,200	e	Sun Frontier Fudousan Co Ltd		291
	3,306,111		Sun Hung Kai Properties Ltd		45,366
	2,076,000	e	Sunac China Holdings Ltd		1,176
	1,390,000		Sunlight Real Estate Investment Trust		587
	1,034,735		Sunstone Hotel Investors, Inc		15,449
	2,717,298		Suntec Real Estate Investment Trust		3,949
	1,828,634	*	Sunteck Realty Ltd		10,932
	1,732,058		Sunway BHD		1,640
	1,340,900		Sunway Real Estate Investment		601
	2,676,400		Supalai PCL		1,809
	621,693		Swire Pacific Ltd (Class A)		7,652
	1,001,501		Swire Properties Ltd		2,927
	46,622		Swiss Prime Site AG.		3,862
	1,256,600		TA Global BHD		139
	290,386	e	TAG Tegernsee Immobilien und Beteiligungs AG.		3,540
	526,852	*	Taiwan Land Development Corp		199
	369,900	e	Takara Leben Co Ltd		1,338
	1,052,454		Talaat Moustafa Group		1,257
	676,436		Tanger Factory Outlet Centers, Inc		23,655
	59,201		Taubman Centers, Inc		4,488
	125,384		Technopolis plc		758
	49,485	*	Tejon Ranch Co		1,593
	145,914		Terreno Realty Corp		2,821
	481,800	e	TF Administradora Industrial S de RL de C.V.		1,084
	628,500		Thai Factory Development PCL		149
	296,280		Ticon Industrial Connection PCL		159
	1,140,800		Ticon Industrial Connection PCL (Foreign)		612
	120,000		Times Property Holdings Ltd		49
	81,700		TOC Co Ltd		597
	996,079		Tokyo Tatemono Co Ltd		9,226

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	88,535	*	Tokyu Fudosan Holdings Corp	$	699
	1,290		Tokyu REIT, Inc		1,800
	270		Top REIT Inc		1,208
	319,778		Torunlar Gayrimenkul Yatirim Ortakligi AS		518
	1,644,800		Tosei Corp		12,046
	76,505		Trade Street Residential, Inc		573
	1,059,400		Tropicana Corp BHD		495
	714,108		Tuan Sing Holdings Ltd		198
	1,259,684		Two Harbors Investment Corp		13,201
	188,100		UDR, Inc		5,385
	1,487,930		UEM Land Holdings BHD		941
	83,356	e	UMH Properties, Inc		836
	95,628		Unibail-Rodamco		27,829
	369,164		Unite Group plc		2,489
	6,958,291	*	Unitech Corporate Parks plc		6,311
	45,870,753	*	Unitech Ltd		25,771
	122,471	*	United Development Co PSC		757
	781,323		United Overseas Land Ltd		4,090
	2,988		United Urban Investment Corp		4,824
	989,000		Univentures PCL		264
	46,929		Universal Health Realty Income Trust		2,040
	985,348		UOA Development BHD		635
	101,209		Urstadt Biddle Properties, Inc (Class A)		2,113
	115,071		Vakif Gayrimenkul Yatirim Ortakligi AS		163
	22,414		Vastned Retail NV		1,142
	1,051,612		Ventas, Inc		67,408
	7,243,700		Vista Land & Lifescapes, Inc		1,016
	1,099,093		Vornado Realty Trust		117,306
	1,000,853		Vukile Property Fund Ltd		1,602
	193,620		Wallenstam Byggnads AB (B Shares)		3,223
	100,000	*	Wanda Commercial Properties Group Co Ltd		31
	26,481		Warehouses De Pauw SCA		1,984
	540,293	*	Washington Prime Group, Inc		10,125
	252,458		Washington Real Estate Investment Trust		6,559
	139,956		Weingarten Realty Investors		4,596
	26,467		Wereldhave NV		2,462
	149,594	e	Western Asset Mortgage Capital Corp		2,120
	4,338,922		Westfield Corp		29,253
	379,062	e	Weyerhaeuser Co		12,543
	370,597		WHA Corp PCL		374
	5,910,413		Wharf Holdings Ltd		42,560
	1,110,064		Wheelock & Co Ltd		4,634
	321,097		Wheelock Properties S Ltd		461
	83,048	e	Whitestone REIT		1,238
	159,414		Wihlborgs Fastigheter AB		3,051
	492,832		Wing Tai Holdings Ltd		779
	154,372		Winthrop Realty Trust		2,370
	147,823		Workspace Group plc		1,442
	64,306		WP Carey, Inc		4,141
	622,000		Wuzhou International Holdings Ltd		124
	5,825,000	e	Yanlord Land Group Ltd		5,212
	1,197,000	*,e	Ying Li International Real Estate Ltd		283

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,753		YNH Property BHD	$	7
	1,214,120	e	Yuzhou Properties Co		266
	285	e	ZAIS Financial Corp		5
	800,000	*	Zall Development Group Ltd		283
	3,973,800	*	Zhong An Real Estate Ltd		754
	220		Zug Estates Holding AG		294
			TOTAL REAL ESTATE		4,380,123
RETAILING - 3.6%
	116,211	*	1-800-FLOWERS.COM, Inc (Class A)		674
	297,681		Aaron’s, Inc		10,609
	192,391		ABC-Mart, Inc		10,295
	359,314	e	Abercrombie & Fitch Co (Class A)		15,540
	333,787		Advance Auto Parts, Inc		45,035
	302,802	*,e	Aeropostale, Inc		1,057
	17,600		Alpen Co Ltd		309
	1,144,929	*	Amazon.com, Inc		371,850
	917,600	e	American Eagle Outfitters, Inc		10,295
	28,542	*,e	America’s Car-Mart, Inc		1,129
	439,628	*	Ann Taylor Stores Corp		18,086
	887,866	*	AO World plc		3,924
	49,500		AOKI Holdings, Inc		700
	55,941		Aoyama Trading Co Ltd		1,532
	42,200		Arc Land Sakamoto Co Ltd		897
	15,200	*	Asahi Co Ltd		219
	93,643	*	Asbury Automotive Group, Inc		6,437
	133,887	*	Ascena Retail Group, Inc		2,289
	20,400	e	ASKUL Corp		551
	441,922	*	ASOS plc		22,381
	75,369	*	Audiovox Corp (Class A)		709
	434,000		Aurora Corp		805
	135,788		Autobacs Seven Co Ltd		2,279
	32,800		AutoCanada, Inc		2,429
	208,828		Automotive Holdings Group		718
	105,548	*	Autonation, Inc		6,299
	139,517	*	AutoZone, Inc		74,815
	1,920,976	*	B&M European Value Retail S.A.		9,041
	87,600	*	B2W Companhia Global Do Varejo		1,110
	564,378	*,e	Barnes & Noble, Inc		12,862
	2,771,113		Beauty Community PCL (ADR)		1,948
	126,194		Bebe Stores, Inc		385
	447,117	*	Bed Bath & Beyond, Inc		25,656
	5,656,400		Belle International Holdings Ltd		6,277
	135,000		Belluna Co Ltd		681
	202,600		Berjaya Auto BHD		144
	3,294,345		Best Buy Co, Inc		102,158
	228,300	e	BIC CAMERA, Inc		1,770
	92,298		Big 5 Sporting Goods Corp		1,132
	277,500	*	Big Lots, Inc		12,682
	55,902		Bilia AB (A Shares)		1,692
	74,079	*	Blue Nile, Inc		2,074
	291	*,e	Body Central Corp		0	^

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,952,200		Bonjour Holdings Ltd	$	773
	52,058	e	Bon-Ton Stores, Inc		537
	1,287,000	*,e,m	Boshiwa International Holding		2
	47,982	*	Boyner Buyuk Magazacilik		124
	98,088		Breville Group Ltd		750
	187,476		Brown Shoe Co, Inc		5,364
	87,874	e	Buckle, Inc		3,898
	39,244	*	Build-A-Bear Workshop, Inc		524
	88,834	*,e	Burlington Stores, Inc		2,830
	108,836	e	Byggmax Group AB		912
	88,866	*,e	Cabela’s, Inc		5,545
	66,063		Canadian Tire Corp Ltd		6,338
	139,800		Canon Marketing Japan, Inc		2,624
	768,684	*	Carmax, Inc		39,979
	275,398	e	Cash Converters International Ltd		280
	22,690		Cashbuild Ltd		267
	99,904		Cato Corp (Class A)		3,087
	106,941	*,e	CDON Group AB		407
	598,000	*	Century Ginwa Retail Holdings Ltd		143
	176,152		Chico’s FAS, Inc		2,988
	401,026	*,e	Children’s Place Retail Stores, Inc		19,903
	857,000	*	China Harmony Auto Holding Ltd		565
	3,212,000	e	China Merchants Land Ltd		423
	589,500	e	China Yongda Automobiles Services Holdings Ltd		523
	3,078,000	e	China ZhengTong Auto Services Holdings Ltd		1,723
	26,700		Chiyoda Co Ltd		598
	11,000	*	Chori Co Ltd		134
	433,000	e	Chow Sang Sang Holding		1,083
	167,950	*	Christopher & Banks Corp		1,471
	241,500		Cia Hering		2,431
	72,452	*	Citi Trends, Inc		1,555
	15,089		CJ O Shopping Co Ltd		5,448
	97,533		Clas Ohlson AB (B Shares)		1,989
	83,902	*,e	Conn’s, Inc		4,144
	52,622	*,e	Container Store Group, Inc		1,462
	104,480	e	Core-Mark Holding Co, Inc		4,767
	36,428	*	Coupons.com, Inc		958
	318,312		CST Brands, Inc		10,982
	89,700	*	Ctrip.com International Ltd (ADR)		5,744
	1,144,300	e	Dah Chong Hong Holdings Ltd		684
	112,300	*	Daiei, Inc		339
	1,271,395	e	David Jones Ltd		4,724
	285,400		DCM Japan Holdings Co Ltd		2,064
	1,320,273		Debenhams plc		1,546
	66,417		Delek Automotive Systems Ltd		715
	6,250	e	Delticom AG.		282
	49,573		Destination Maternity Corp		1,129
	133,945	*,e	Destination XL Group, Inc		738
	194,697	*,e	Dick Smith Holdings Ltd		360
	107,491		Dick’s Sporting Goods, Inc		5,005
	888,486		Dickson Concepts International Ltd		542
	22,529		Dieteren S.A.		944

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	187,523		Dillard’s, Inc (Class A)	$	21,867
	70,073		Dogus Otomotiv Servis ve Ticaret AS		277
	393,616	*	Dollar General Corp		22,578
	657,701	*	Dollar Tree, Inc		35,818
	118,238		Dollarama, Inc		9,735
	36,910		Don Quijote Co Ltd		2,059
	24,500		Doshisha Co Ltd		432
	4,310,421	*	DSG International plc		3,670
	435,936		DSW, Inc (Class A)		12,180
	31,170	*,e	Dufry Group		5,663
	190,166		Dunelm Group plc		2,718
	169,340	*,e	E-Commerce China Dangdang, Inc (ADR)		2,266
	390,583	e	EDION Corp		2,711
	208,320		El Puerto de Liverpool SAB de C.V.		2,467
	270,000		E-LIFE MALL Corp		583
	4,030,000	e	Emperor Watch & Jewellery Ltd		270
	369,502		Empresas Hites S.A.		202
	2,600,000	*	Empresas La Polar S.A.		179
	4,214,300		Esprit Holdings Ltd		5,981
	1,017,988		Expedia, Inc		80,177
	388,775	*	Express Parent LLC		6,621
	124,625		Family Dollar Stores, Inc		8,243
	862,715		Far Eastern Department Stores Co Ltd		810
	21,189		Fast Retailing Co Ltd		6,980
	269,199		Finish Line, Inc (Class A)		8,006
	164,058	*,e	Five Below, Inc		6,548
	36,299	*	Folli Follie S.A.		1,445
	843,213		Foot Locker, Inc		42,768
	211,885	e	Foschini Ltd		2,223
	133,771	*,e	Francesca’s Holdings Corp		1,972
	139,560		Fred’s, Inc (Class A)		2,134
	70,371	*,e	FTD Cos, Inc		2,237
	20,600		Fuji Co Ltd		432
	51,672	*	Gaiam, Inc (Class A)		397
	1,255,066	e	GameStop Corp (Class A)		50,793
	606,041		Gap, Inc		25,193
	89,144	*	Genesco, Inc		7,321
	380,010		Genuine Parts Co		33,365
	54,800		Geo Corp		477
	1,480,000	e	Giordano International Ltd		873
	122,803		GNC Holdings, Inc		4,188
	12,235,600	e	Golden Eagle Retail Group Ltd		14,852
	464,000		Goldlion Holdings Ltd		188
	21,179,552	e	GOME Electrical Appliances Holdings Ltd		3,468
	88,781		Group 1 Automotive, Inc		7,485
	12,877	*	Groupe Fnac		671
	2,507,223	*,e	Groupon, Inc		16,598
	316,500	*	Grupo Famsa SAB de C.V.		409
	2,314		GS Home Shopping, Inc		552
	4,097,000	*,e	GSH Corp Ltd		253
	265,732		Guess?, Inc		7,175
	58,700		Gulliver International Co Ltd		482

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,048		GwangjuShinsegae Co Ltd	$	257
	460,453		Halfords Group plc		3,725
	401,000		Hankyu Department Stores, Inc		3,109
	41,006	e	Harvey Norman Holdings Ltd		120
	84,916		Haverty Furniture Cos, Inc		2,134
	12,861,227	e	Hengdeli Holdings Ltd		2,243
	1,166,703		Hennes & Mauritz AB (B Shares)		50,938
	45,574	*,e	HHgregg, Inc		463
	80,566	*,e	Hibbett Sports, Inc		4,364
	26,900	e	Hikari Tsushin, Inc		2,032
	9,582,000		Home Depot, Inc		775,758
	3,291,791		Home Product Center PCL (Foreign)		974
	2,092,252		Home Retail Group		6,322
	404,651	*	HomeAway, Inc		14,090
	15,910	e	Honeys Co Ltd		152
	264,900		Hotai Motor Co Ltd		3,382
	129,336		HSN, Inc		7,662
	60,200		Hudson’s Bay Co		954
	17,227		Hyundai Department Store Co Ltd		2,366
	62,127		Hyundai H&S Co Ltd		1,084
	8,100		Hyundai Home Shopping Network Corp		1,177
	19,800	e	Ikyu		273
	288,090		Imperial Holdings Ltd		5,417
	1,235,183		Inchcape plc		13,399
	35,385		Inditex S.A.		5,446
	48,125		Interpark Corp		518
	14,792	*	Interpark INT Corp		305
	70,664,147	*	Intime Retail Group Co Ltd		61,980
	270,371	*	Isetan Mitsukoshi Holdings Ltd		3,523
	756,000		IT Ltd		265
	52,200		Izumi Co Ltd		1,654
	2,330,366		J Front Retailing Co Ltd		16,362
	29,609	e	Jardine Cycle & Carriage Ltd		1,052
	215,720	e	JB Hi-Fi Ltd		3,730
	1,612,715	*,e	JC Penney Co, Inc		14,595
	1,334,098	*,e	JD.com, Inc (ADR)		38,035
	13,600	e	Jin Co Ltd		434
	56,315		John Menzies plc		646
	39,000	*	Joshin Denki Co Ltd		349
	214,032	*	JUMBO S.A.		3,505
	368,455	*,e	Jumei International Holding Ltd (ADR)		10,022
	59,307	*	KappAhl Holding AB		366
	237,116		Kathmandu Holdings Ltd		664
	37,987	e	Keiyo Co Ltd		184
	3,326,697		Kingfisher plc		20,422
	77,281	*	Kirkland’s, Inc		1,434
	412,583		Kohl’s Corp		21,735
	39,900	e	Kohnan Shoji Co Ltd		404
	35,847		Kolao Holdings		813
	47,500		Komeri Co Ltd		1,240
	132,563		K’s Holdings Corp		3,849
	371,080		L Brands, Inc		21,768

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	61,889	*,e	Lands’ End, Inc	$	2,078
	13,722		LES Enphants Co Ltd		9
	277,769	e	Lewis Group Ltd		1,692
	4,838,377		Li & Fung Ltd		7,167
	1,949,191	*	Liberty Interactive Corp		57,228
	311,015	*	Liberty Ventures		22,953
	1,816,900	e	Lifestyle International Holdings Ltd		3,559
	69,068	*,e	Lifestyle Properties Development Ltd		8
	71,551		Lithia Motors, Inc (Class A)		6,731
	537,250	*	LKQ Corp		14,339
	133,325		Lojas Americanas S.A.		731
	558,704		Lojas Americanas S.A.(Preference)		3,565
	150,850		Lojas Renner S.A.		4,834
	630,217		Lookers plc		1,440
	30,182		Lotte Shopping Co Ltd		9,202
	2,710,857		Lowe’s Companies, Inc		130,094
	1,297,000		Luk Fook Holdings International Ltd		3,803
	86,509	*,e	Lumber Liquidators, Inc		6,570
	3,614,425		Macy’s, Inc		209,709
	194,500		Magazine Luiza S.A.		809
	1,445,000	e	Maoye International Holdings Ltd		231
	93,937	*	MarineMax, Inc		1,573
	68,800		Marisa Lojas S.A.		508
	2,939,603		Marks & Spencer Group plc		21,384
	665,174		Marui Co Ltd		6,391
	59,748	*,e	Matas A.S.		1,695
	37,800	*,e	Matsuya Co Ltd		411
	46,240	*,e	Mattress Firm Holding Corp		2,208
	412,300		MBM Resources BHD		398
	71,709	e	Mekonomen AB		1,839
	156,367		Men’s Wearhouse, Inc		8,725
	720,465		Mercuries & Associates Ltd		481
	1,386,156		MFI Furniture plc		7,345
	51,875		Mobilezone Holding AG.		591
	98,332	e	Monro Muffler, Inc		5,230
	94,114	*,e	Mothercare plc		385
	395,828		Mr Price Group Ltd		6,730
	280,669	*	Murphy USA, Inc		13,722
	756,379	e	Myer Holdings Ltd		1,513
	185,224		N Brown Group plc		1,339
	341,000		National Petroleum Co Ltd		343
	262,822	*	NetFlix, Inc		115,799
	375,000	e	New Carphone Warehouse plc		2,069
	1,033,000		New World Department Store China Ltd		416
	150,801	*	New York & Co, Inc		556
	534,132		Next plc		59,130
	64,600	e	Nishimatsuya Chain Co Ltd		571
	14,200		Nitori Co Ltd		777
	221,116		Nordstrom, Inc		15,020
	169,053		Nutri/System, Inc		2,892
	4,547,492	*,e	Ocado Ltd		28,880
	1,999,637	*	Office Depot, Inc		11,378

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	110,000		OfficeMate PCL	$	193
	447,068	*	Orbitz Worldwide, Inc		3,979
	575,928	*	O’Reilly Automotive, Inc		86,735
	12,859		OrotonGroup Ltd		53
	789,000	e	OSIM International Ltd		1,703
	64,037	*,e	Outerwall, Inc		3,801
	120,307	*,e	Overstock.com, Inc		1,897
	1,191,285		Pacific Brands Ltd		613
	145,323	*	Pacific Sunwear Of California, Inc		346
	1,371,200		Padini Holdings BHD		841
	11,900	*	Pal Co Ltd		283
	40,100		Paltac Corp		565
	150,000	*	Pantaloon Retail India Ltd		336
	21,400		Parco Co Ltd		183
	36,800		Paris Miki, Inc		182
	473,071	*	Parkson Holdings BHD		380
	1,316,000		Parkson Retail Asia Ltd		844
	1,678,000	e	Parkson Retail Group Ltd		481
	111,641		Penske Auto Group, Inc		5,526
	202,890	*,e	PEP Boys - Manny Moe & Jack		2,325
	63,352	e	PetMed Express, Inc		854
	386,637	e	Petsmart, Inc		23,121
	451,028		Pier 1 Imports, Inc		6,950
	18,910	e	Point, Inc		444
	2,647,500	*	Pou Sheng International Holdings Ltd		181
	154,294	*	Poundland Group plc		833
	72,720		Poya Co Ltd		425
	10,767		PPR		2,362
	113,907		Premier Investments Ltd		913
	233,438	*	Priceline.com, Inc		280,826
	11,798,500		PT ACE Hardware Indonesia Tbk		876
	4,979,671		PT Matahari Department Store Tbk		5,799
	1,442,600		PT Matahari Putra Prima Tbk		380
	1,112,000		PT Mitra Adiperkasa Tbk		448
	1,178,000	*	PT Mitra Pinasthika Mustika Tbk		123
	20,184,500		PT Multipolar Corp Tbk		1,150
	6,001,300		PT Ramayana Lestari Sentosa Tbk		595
	6,852,000		PT Tiphone Mobile Indonesia Tbk		449
	774,593		Rakuten, Inc		10,015
	128,437		Reitmans Canada Ltd		725
	32,834	e	Reject Shop Ltd		270
	197,944		Rent-A-Center, Inc		5,677
	298,708	*,e	Restoration Hardware Holdings, Inc		27,795
	109,776	*,e	RetailMeNot, Inc		2,921
	1,194,109		Ripley Corp S.A.		786
	152,322		RONA, Inc		1,639
	480,176		Ross Stores, Inc		31,754
	34,600		Ryohin Keikaku Co Ltd		3,929
	1,264,000	e	SA SA International Holdings Ltd		873
	1,138,123		SACI Falabella		10,355
	334,278	*	Sally Beauty Holdings, Inc		8,384
	66,749	e	Sanrio Co Ltd		1,940

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	58,400		Sears Canada, Inc	$	815
	44,301	*,e	Sears Holdings Corp		1,770
	91,437	*,e	Sears Hometown and Outlet Stores, Inc		1,963
	169,743	*	Select Comfort Corp		3,507
	337,000		Senao International Co Ltd		819
	76,200	e	Senshukai Co Ltd		659
	20,186	*	Seobu Truck Terminal Co Ltd		388
	44,700	*	Seria Co Ltd		2,056
	57,000		Shimachu Co Ltd		1,362
	5,503		Shimamura Co Ltd		542
	7,857		Shinsegae Co Ltd		1,696
	4,677		Shinsegae International Co Ltd		391
	57,323		Shoe Carnival, Inc		1,184
	19,615		Shopper’s Stop Ltd		130
	138,169	*	Shutterfly, Inc		5,950
	1,363,550		Siam Global House PCL		555
	1,539,000		Sichuan Xinhua Winshare Chainstore Co Ltd		991
	98,979		Signet Jewelers Ltd		10,946
	10,000		Signet Jewelers Ltd (London)		1,103
	147,577		Sonic Automotive, Inc (Class A)		3,937
	2,232,000	*	Sparkle Roll Group Ltd		124
	508,849	*,e	Sports Direct International plc		6,149
	30,508	*	Sportsman’s Warehouse Holdings, Inc		244
	4,663,100	e	Springland International Holdings Ltd		1,847
	122,214		Stage Stores, Inc		2,284
	1,773,828	e	Staples, Inc		19,228
	79,600		Start Today Co Ltd		2,093
	104,966		Stein Mart, Inc		1,458
	327,000		Stelux Holdings International		87
	38,553		Stockmann Oyj Abp (B Share)		591
	161,918		Super Cheap Auto Group Ltd		1,291
	473,367	*	Super Group Ltd		1,356
	707,208	*	SuperGroup plc		12,771
	43,459	*	Systemax, Inc		625
	215,799		Takashimaya Co Ltd		2,096
	43,553		Takkt AG.		798
	1,087,373		Target Corp		63,013
	29,000		Telepark Corp		276
	7,826,865		Test-Rite International Co		5,711
	306,091		Thorn Group Ltd		623
	255,693		Tiffany & Co		25,633
	86,277	*,e	Tile Shop Holdings, Inc		1,319
	54,206	*	Tilly’s, Inc		436
	1,685,759		TJX Companies, Inc		89,598
	7,100	*	Tokyo Derica Co Ltd		145
	44,136	*,e	Tom Tailor Holding AG.		849
	377,099		Tractor Supply Co		22,777
	470,224		Trade Me Ltd		1,432
	5,451		Trent Ltd		114
	715,771	*	TripAdvisor, Inc		77,776
	412,869	e	Truworths International Ltd		2,913
	286,000		Tsann Kuen Enterprise Co Ltd		383

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	174,203		Tsutsumi Jewelry Co Ltd	$	4,285
	141,733	*	Tuesday Morning Corp		2,526
	3,130,136	*	Ulta Salon Cosmetics & Fragrance, Inc		286,126
	23,099		United Arrows Ltd		931
	313,433	*,e	Urban Outfitters, Inc		10,613
	228,690		USS Co Ltd		3,903
	7,181		Valora Holding AG.		1,856
	195,571	*	Valuevision International, Inc (Class A)		976
	120,500	*	Via Varejo S.A.		1,350
	70,823	*	Vitacost.com, Inc		443
	110,842	*	Vitamin Shoppe, Inc		4,768
	84,900		VT Holdings Co Ltd		485
	148,214		Warehouse Group Ltd		403
	68,863	*	West Marine, Inc		707
	122,589	*	WEX, Inc		12,868
	319,032		WH Smith plc		5,838
	290,401		Williams-Sonoma, Inc		20,845
	7,433		Winmark Corp		518
	1,466,974		Woolworths Holdings Ltd		10,783
	144,463	*	World Duty Free S.p.A		1,759
	157,290	e	Wotif.com Holdings Ltd		361
	32,300		Xebio Co Ltd		634
	78,770	e	Yamada Denki Co Ltd		281
	36,600		Yellow Hat Ltd		846
	395,834	*,e	Yoox S.p.A		10,673
	831,400	e	Zhongsheng Group Holdings Ltd		1,084
	3,016	*	zooplus AG.		182
	45,438	*,e	zulily, Inc		1,861
	69,040	*,e	Zumiez, Inc		1,905
			TOTAL RETAILING		4,697,232
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	774,000		A-DATA Technology Co Ltd		2,081
	128,354	*	Advanced Energy Industries, Inc		2,471
	929,634	*,e	Advanced Micro Devices, Inc		3,895
	32,613,668		Advanced Semiconductor Engineering, Inc		42,261
	163,718	e	Advantest Corp		2,026
	122,322	*,e	Aixtron AG.		1,775
	509,000		ALI Corp		556
	82,245	*	Alpha & Omega Semiconductor Ltd		762
	549,717		Altera Corp		19,108
	173,012	*,e	Ambarella, Inc		5,395
	739,477	*	Amkor Technology, Inc		8,267
	434,954		Analog Devices, Inc		23,518
	5,261,061		Applied Materials, Inc		118,637
	237,317	*,e	Applied Micro Circuits Corp		2,565
	442,503		Ardentec Corp		404
	3,330,927		ARM Holdings plc		50,087
	34,437		ARM Holdings plc (ADR)		1,558
	17,637	*	Asia Pacific Systems, Inc		134
	166,955		ASM International NV		6,920
	417,223	e	ASM Pacific Technology		4,560

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	808,078		ASML Holding NV	$	75,362
	668,733	*	Atmel Corp		6,266
	63,779	*	Atto Co Ltd		730
	53,924	*	Audience, Inc		645
	15,486		Austriamicrosystems AG.		2,570
	1,851,120	e	Avago Technologies Ltd		133,410
	430,667	*	Axcelis Technologies, Inc		861
	63,579		BE Semiconductor Industries NV		1,127
	2,967,422		Broadcom Corp (Class A)		110,151
	249,800		Brooks Automation, Inc		2,690
	90,416	*	Cabot Microelectronics Corp		4,037
	827		Capella Microsystems Taiwan, Inc		3
	45,953	*	Cascade Microtech, Inc		628
	303,459	*	Cavium Networks, Inc		15,070
	81,792	*,e	Ceva, Inc		1,208
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	1,760,000	*	China Ruifeng Renewable Energy Holdings Ltd		352
	950,000		Chipbond Technology Corp		1,673
	262,990	e	ChipMOS TECHNOLOGIES Bermuda Ltd		6,346
	322,661	*,e	Cirrus Logic, Inc		7,337
	98,709		Cohu, Inc		1,056
	932,000	*	Comtec Solar Systems Group Ltd		150
	172,621	*,e	Cree, Inc		8,622
	185,654		CSR plc		1,880
	481,213	e	Cypress Semiconductor Corp		5,250
	25,530	*	D.I Corp		225
	381,616	*	Dainippon Screen Manufacturing Co Ltd		1,785
	78,654	*,e	Dialog Semiconductor plc		2,722
	122,220	*	Diodes, Inc		3,539
	44,072		Disco Corp		2,962
	28,380	*	Dongbu HiTek Co Ltd		110
	85,066	*	DSP Group, Inc		722
	20,687	*	Duksan Hi-Metal Co Ltd		353
	488,000		Elan Microelectronics Corp		944
	57,000		Elite Advanced Laser Corp		253
	252,000		Elite Semiconductor Memory Technology, Inc		511
	391,571		eMemory Technology, Inc		4,767
	492,820	*	Entegris, Inc		6,774
	332,868	*	Entropic Communications, Inc		1,108
	11,728		Eo Technics Co Ltd		703
	2,316,578		Epistar Corp		5,742
	438,167	*	E-Ton Solar Tech Co Ltd		315
	18,565		Eugene Technology Co Ltd		350
	786,000		Everlight Electronics Co Ltd		2,027
	145,098	*	Exar Corp		1,640
	39,751	*	EZchip Semiconductor Ltd		1,023
	574,235	*	Fairchild Semiconductor International, Inc		8,958
	416,101		Faraday Technology Corp		577
	474,899	*,e	First Solar, Inc		33,746
	128,000	*	FocalTech Corp Ltd		1,060
	878,000		Forhouse Corp		357
	210,534	*	Formfactor, Inc		1,752

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	300,000		Formosa Advanced Technologies Co Ltd	$	257
	523,000	*	Formosa Epitaxy, Inc		320
	1,035,388	*,e	Freescale Semiconductor Holdings Ltd		24,332
	24,389,800	*,e	GCL Poly Energy Holdings Ltd		8,153
	29,927	*	GemVax & Kael Co Ltd		655
	424,560	*	Genesis Photonics, Inc		346
	30,072		Giga Solar Materials Corp		599
	446,850	*	Gintech Energy Corp		472
	141,000		Global Mixed Mode Technology, Inc		508
	117,000		Global Unichip Corp		364
	211,100		Globetronics Technology BHD		278
	545,000		Greatek Electronics, Inc		734
	194,561	*	Green Energy Technology, Inc		184
	428,260	*,e	GT Solar International, Inc		7,966
	719,700		Hana Microelectronics PCL (Foreign)		743
	13,870,000	e	Hanergy Solar Group Ltd		2,130
	16,390		Hanmi Semiconductor Co Ltd		231
	12,651	*	Hansol LCD, Inc		290
	44,600		Hermes Microvision, Inc		1,771
	101,745		Hittite Microwave Corp		7,931
	306,000		Holtek Semiconductor, Inc		609
	1,560,466	*	Hynix Semiconductor, Inc		74,930
	37,010		Iljin Display Co Ltd		308
	247,620	*,e	Imagination Technologies Group plc		892
	2,851,239		Infineon Technologies AG.		35,592
	11,888	*	Innox Corp		191
	2,277,000	*	Inotera Memories, Inc		4,140
	96,087	*	Inphi Corp		1,411
	556,906	*	Integrated Device Technology, Inc		8,610
	113,428	*	Integrated Silicon Solution, Inc		1,675
	15,931,053		Intel Corp		492,270
	818,722	*	International Rectifier Corp		22,842
	479,579		Intersil Corp (Class A)		7,170
	635,648	*	IQE plc		241
	91,853		IXYS Corp		1,132
	37,876	*	Jusung Engineering Co Ltd		142
	1,527,000		King Yuan Electronics Co Ltd		1,436
	277,769		Kinsus Interconnect Technology Corp		1,248
	254,804		Kla-Tencor Corp		18,509
	19,413		Koh Young Technology, Inc		463
	71,130	*	Kontron AG.		485
	263,723	*	Kopin Corp		860
	5,389	*	Kulicke & Soffa Industries, Inc		77
	1,232,012	*	Lam Research Corp		83,259
	6,870,000	*	Landing International Development Ltd		452
	543,233	*	Lattice Semiconductor Corp		4,482
	14,021		LEENO Industrial Inc		435
	330,726		Lextar Electronics Corp		335
	1,833,740		Linear Technology Corp		86,314
	142,000		Lingsen Precision Industries Ltd		93
	586,000		Lite-On Semiconductor Corp		433
	40,832	*	Lumens Co Ltd		355

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	37,528	*	MA-COM Technology Solutions	$	844
	4,930,400	*	Macronix International		1,215
	2,943	*	Manz Automation AG.		312
	1,354,425		Marvell Technology Group Ltd		19,409
	673,563		Maxim Integrated Products, Inc		22,773
	112,149	*,e	MaxLinear, Inc		1,129
	4,650,154		MediaTek, Inc		78,659
	21,900	*	Megachips Corp		304
	45,628		Melexis NV		2,023
	141,962		Micrel, Inc		1,601
	864,047	e	Microchip Technology, Inc		42,174
	4,791,056	*	Micron Technology, Inc		157,865
	43,259		Micronas Semiconductor Holdings, Inc		380
	14,500	e	Micronics Japan Co Ltd		1,011
	413,664	*	Microsemi Corp		11,070
	21,900		Mimasu Semiconductor Industry Co Ltd		203
	75,788		Mitsui High-Tec, Inc		533
	204,046		MKS Instruments, Inc		6,374
	120,638	*	Monolithic Power Systems, Inc		5,109
	452,000	*	Motech Industries, Inc		723
	926,000		MPI Corp		3,665
	81,472	*	Nanometrics, Inc		1,487
	742,484	*	Neo Solar Power Corp		923
	1,153	*	NeoPhotonics Corp Ltd		5
	16,406	*	NEPES Corp		120
	512,709	*,e	Nordic Semiconductor ASA		2,539
	2,500,126		Novatek Microelectronics Corp Ltd		12,296
	4,200	e	Nuflare Technology, Inc		232
	17,943	*	NVE Corp		997
	1,607,657		Nvidia Corp		29,806
	1,263,288	*	NXP Semiconductors NV		83,604
	207,540	*	Omnivision Technologies, Inc		4,562
	2,600,493	*	ON Semiconductor Corp		23,768
	13,000		On-Bright Electronics, Inc		111
	913,000		Opto Technology Corp		455
	198,000		Orise Technology Co Ltd		339
	61,401		Parade Technologies Ltd		829
	126,780	*	PDF Solutions, Inc		2,690
	105,803	*,e	Peregrine Semiconductor Corp		726
	92,767	*	Pericom Semiconductor Corp		839
	143,247		Phison Electronics Corp		1,154
	227,402	*	Photronics, Inc		1,956
	132,613		Pixart Imaging, Inc		343
	124,072	*	PLX Technology, Inc		803
	761,471	*	PMC - Sierra, Inc		5,795
	155,778		Power Integrations, Inc		8,963
	712,525		Powertech Technology, Inc		1,290
	166,266	*	QuickLogic Corp		860
	469,255		Radiant Opto-Electronics Corp		2,014
	346,871	*	Rambus, Inc		4,960
	500,240		Realtek Semiconductor Corp		1,587
	37,766	*	REC Solar ASA		574

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,529,000		Regent Manner International Ltd	$	333
	2,163,385	*	Renewable Energy Corp AS		1,248
	1,139,580	*,e	RF Micro Devices, Inc		10,929
	291,200		Richtek Technology Corp		1,778
	165,378		Rohm Co Ltd		9,485
	95,360	*,e	Rubicon Technology, Inc		834
	123,166	*	Rudolph Technologies, Inc		1,217
	185,012		Samsung Electronics Co Ltd		241,616
	21,645		Samsung Electronics Co Ltd (Preference)		22,682
	133,000		Sanken Electric Co Ltd		1,100
	28,427,000	*,e	Semiconductor Manufacturing International		2,438
	318,750	*	Semtech Corp		8,335
	43,119		Seoul Semiconductor Co Ltd		1,624
	64,000		Shanghai Fudan Microelectronics Group Co Ltd		65
	180,000	*	Shindengen Electric Manufacturing Co Ltd		1,009
	272,321		Shinko Electric Industries		2,480
	1,330,000	*,e	Shunfeng Photovoltaic International Ltd		1,734
	1,094	*	Sigma Designs, Inc		5
	233,000		Sigurd Microelectronics Corp		289
	45,000	*	Silergy Corp		421
	158,190	*	Silex Systems Ltd		173
	376,108	*	Silicon Image, Inc		1,896
	1,350,000	*	Silicon Integrated Systems Corp		444
	178,443	*	Silicon Laboratories, Inc		8,788
	10,655		Silicon Works Co Ltd		263
	3,182,631		Siliconware Precision Industries Co		5,239
	22,203	*	Simm Tech Co Ltd		146
	669,000	*	Sino-American Silicon Products, Inc		1,214
	292,000		Sitronix Technology Corp		615
	619,349	*	Skyworks Solutions, Inc		29,085
	11,413	*,e	SMA Solar Technology AG.		428
	186,140	*,e	SOITEC		590
	665	*	Solargiga Energy Holdings Ltd		0	^
	317,616	*	Solartech Energy Corp		251
	4,747	*	Solarworld AG.		95
	314,000		Sonix Technology Co Ltd		639
	183,042	*	Spansion, Inc		3,857
	469,000	*	Stats ChipPAC Ltd		226
	551,779		STMicroelectronics NV		4,943
	53,003	*	STS Semiconductor & Telecommunications		148
	166,900		Sumco Corp		1,530
	338,402	*,e	SunEdison, Inc		7,648
	982,000	*	Sunplus Technology Co Ltd		392
	502,878	*,e	SunPower Corp		20,608
	3,117,700		SVI PCL		427
	205,000		Taiwan Semiconductor Co Ltd		251
	46,337,860		Taiwan Semiconductor Manufacturing Co Ltd		196,081
	919,367		Taiwan Surface Mounting Technology Co Ltd		1,404
	253,010	e	Teradyne, Inc		4,959
	183,352		Tessera Technologies, Inc		4,048
	3,845,242		Texas Instruments, Inc		183,764
	30,661	*	Theragen Etex Co Ltd		216

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	168,990		Tokyo Electron Ltd	$	11,517
	43,300		Tokyo Seimitsu Co Ltd		779
	564,620		Topco Scientific Co Ltd		1,126
	8,696		Toptec Co Ltd		109
	462,608		Transcend Information, Inc		1,590
	538,780	*	Triquint Semiconductor, Inc		8,518
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		2
	24,355		U-Blox AG.		3,228
	137,700		Ubright Optronics Corp		297
	10,200		UKC Holdings Corp		158
	136,063	*	Ultra Clean Holdings		1,231
	101,936	*	Ultratech, Inc		2,261
	73,700	*	Ulvac, Inc		1,571
	975,600		Unisem M BHD		444
	21,549,822		United Microelectronics Corp		10,737
	2,758,000	*,e	United Photovoltaics Group Ltd		321
	408,029		Unity Opto Technology Co Ltd		479
	2,158,000		Vanguard International Semiconductor Corp		3,468
	151,794	*,e	Veeco Instruments, Inc		5,656
	413,500	*	Via Technologies, Inc		333
	321,425		Visual Photonics Epitaxy Co Ltd		369
	147,390	*	Vitesse Semiconductor Corp		508
	833	*	Wafer Works Corp		0	^
	429,000	*	Walton Advanced Engineering, Inc		192
	857,737		Win Semiconductors Corp		873
	3,587,000	*	Winbond Electronics Corp		1,442
	168,765	*	Xcerra Corp		1,536
	1,521,444		Xilinx, Inc		71,980
	4,288,785	*	Xinyi Solar Holdings Ltd		1,102
	101,313		Youngtek Electronics Corp		224
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,155,128
SOFTWARE & SERVICES - 7.6%
	38,476	*	A10 Networks, Inc		512
	2,298,045	e	Accenture plc		185,774
	116,121	*	ACI Worldwide, Inc		6,483
	1,585,072		Activision Blizzard, Inc		35,347
	6,394	*	Actoz Soft Co Ltd		158
	215,229	*	Actuate Corp		1,027
	295,106	*	Acxiom Corp		6,401
	12,000		Addcn Technology Co Ltd		171
	1,752,181	*	Adobe Systems, Inc		126,788
	156,619		Advent Software, Inc		5,101
	33,153	*	Aerohive Networks, Inc		273
	8,420,000	*,e	AGTech Holdings Ltd		1,554
	9,267		Ahnlab, Inc		388
	598,455	*	Akamai Technologies, Inc		36,542
	534,931	*	Alliance Data Systems Corp		150,449
	279,787		Alpha Systems, Inc		4,301
	56,956		Alten		2,706
	172,504		Altran Technologies S.A.		1,843
	682,293		Amadeus IT Holding S.A.		28,126

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	27,043	*	Amber Road, Inc	$	436
	693,456		Amdocs Ltd		32,128
	73,321		American Software, Inc (Class A)		724
	135,202	*,e	Angie’s List, Inc		1,614
	714,524		Anite plc		1,159
	173,925	*	Ansys, Inc		13,187
	140,759	*	AOL, Inc		5,601
	1,100,000	*	ASG Group Ltd		467
	600,223	*	Aspen Technology, Inc		27,850
	107,993		Asseco Poland S.A.		1,463
	4,700	e	Ateam, Inc		297
	214,904		Atos Origin S.A.		17,900
	1,053,097	*	Autodesk, Inc		59,374
	1,106,651		Automatic Data Processing, Inc		87,735
	132,576		Aveva Group plc		4,618
	196,293	*	AVG Technologies NV		3,951
	6,810	e	Axway Software S.A.		212
	243,987	*	Bankrate, Inc		4,280
	23,988	*,e	Barracuda Networks, Inc		744
	175,027	*,e	Bazaarvoice, Inc		1,381
	40,002		Bechtle AG.		3,420
	399,000	*	Beijing Development HK Ltd		118
	15,655	*,e	Benefitfocus, Inc		724
	143,811		Blackbaud, Inc		5,140
	160,377	*,e	Blackhawk Network Holdings, Inc		4,526
	137	*	Blackhawk Network Holdings, Inc (B Shares)		4
	368,457	*,e	Blinkx plc		399
	160,013	*	Blucora, Inc		3,019
	195,714		Booz Allen Hamilton Holding Co		4,157
	35,256	*	Borderfree, Inc		584
	126,145	*	Bottomline Technologies, Inc		3,774
	207,000		Boyaa Interactive International Ltd		215
	96,763	*	Brightcove, Inc		1,020
	27,800	e	Broadleaf Co Ltd		534
	355,241		Broadridge Financial Solutions, Inc		14,792
	87,820	*	BroadSoft, Inc		2,318
	22,000		Brogent Technologies, Inc		442
	854,529		CA, Inc		24,559
	89,528	*	CACI International, Inc (Class A)		6,286
	586,777	*	Cadence Design Systems, Inc		10,263
	141,462	*	Callidus Software, Inc		1,689
	14,807	e	CANCOM SE		757
	464,591		Cap Gemini S.A.		33,155
	52,086		Capcom Co Ltd		883
	53,290	*	Carbonite, Inc		638
	183,688	*	Cardtronics, Inc		6,260
	20,090	*,e	Care.com, Inc		254
	239,551		carsales.com.au Ltd		2,392
	35,218		Cass Information Systems, Inc		1,743
	69,521	*	CD Projekt Red S.A.		349
	13,554		Cegid Group		580
	369,372	*	CGI Group, Inc		13,092

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	62,942	*	ChannelAdvisor Corp	$	1,659
	10,028,000	*,e	China Public Procurement Ltd		524
	1,420,000	*,e	Chinasoft International Ltd		405
	25,000		Chinese Gamer International Corp		53
	299,533	*	Ciber, Inc		1,480
	1,602,688		Cielo S.A.		33,004
	260,464	*	Cinedigm Corp		649
	1,045,039	*	Citrix Systems, Inc		65,367
	1,522,619	*	Cognizant Technology Solutions Corp (Class A)		74,471
	67,800	*,e	COLOPL, Inc		1,863
	8,327	*	Com2uSCorp		535
	226,613	*	Commvault Systems, Inc		11,143
	164,300		Computacenter plc		1,684
	879,656		Computer Sciences Corp		55,594
	56,094		Computer Task Group, Inc		923
	741,362		Computershare Ltd		8,726
	1,113,373		Compuware Corp		11,123
	192,076	*	comScore, Inc		6,815
	70,197	*	Comverse, Inc		1,873
	96,714	*,e	Concur Technologies, Inc		9,027
	162,997	*	Constant Contact, Inc		5,234
	33,733		Constellation Software, Inc		8,598
	380,431		Convergys Corp		8,156
	251,481	*,e	Conversant, Inc		6,388
	182,757	*	Cornerstone OnDemand, Inc		8,410
	20,038	*	CoStar Group, Inc		3,169
	2,997,100	*	Country Group Development PCL		123
	27,108	*,e	Covisint Corp		132
	6,100	e	CROOZ, Inc		256
	119,991		CSG Systems International, Inc		3,133
	64,905	*,e	Cvent, Inc		1,888
	74,958	*,e	Cyan, Inc		302
	164,567		Cyberlink Corp		546
	15,785	*	Danal Co Ltd		138
	38,100		Daou Technology, Inc		437
	63,503		Dassault Systemes S.A.		8,165
	75,669	*	Datalink Corp		757
	357,400		Datasonic Group Bhd		220
	14,959		Daum Communications		1,729
	172,242	*	DealerTrack Holdings, Inc		7,809
	161,566	*,e	Demand Media, Inc		779
	206,245	*	Demandware, Inc		14,307
	184,466	*,e	Dena Co Ltd		2,496
	98,516		DH Corp		2,867
	140,024	*	Dice Holdings, Inc		1,066
	40,200		Digital Garage, Inc		659
	126,516	*	Digital River, Inc		1,952
	75,169	*,e	Diligent Board Member Services		253
	20,526		DMRC Corp		669
	279,783		DST Systems, Inc		25,788
	21,500		DTS Corp		399
	18,932		DuzonBIzon Co Ltd		189

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	24,500	e	Dwango Co Ltd	$	646
	69,295	*,e	E2open, Inc		1,432
	383,263		EarthLink Holdings Corp		1,426
	2,829,338	*	eBay, Inc		141,637
	33,282	e	Ebix, Inc		476
	16,978		eClerx Services Ltd		328
	57,688		Econocom Group		547
	1,182,696	*	Electronic Arts, Inc		42,423
	84,931	*,e	Ellie Mae, Inc		2,644
	159,818		Ementor ASA		1,822
	93,186	*,e	Endurance International Group Holdings, Inc		1,425
	139,379	*	EnerNOC, Inc		2,641
	10,194	*	Engineering Ingegneria Informatica S.p.A.		628
	143,705	*	Envestnet, Inc		7,030
	130,222		EOH Holdings Ltd		1,105
	254,111	*	EPAM Systems, Inc		11,117
	119,183		EPIQ Systems, Inc		1,675
	19,640	*,e	ePlus, Inc		1,143
	118,673	*,e	Equinix, Inc		24,932
	156,164	*	Euronet Worldwide, Inc		7,533
	239,226		EVERTEC, Inc		5,799
	22,805	*	Everyday Health, Inc		421
	197,228	*	ExlService Holdings, Inc		5,808
	98,300	e	F@N Communications, Inc		1,616
	8,777,825	*	Facebook, Inc		590,660
	212,691	e	Factset Research Systems, Inc		25,582
	153,347		Fair Isaac Corp		9,777
	809,809		Fidelity National Information Services, Inc		44,329
	59,802		Fidessa Group plc		2,266
	74,292	*,e	FireEye, Inc		3,013
	195,317	*	First American Corp		5,930
	674,209	*	Fiserv, Inc		40,668
	32,920	*	Five9, Inc		237
	629,834	*	FleetCor Technologies, Inc		83,012
	112,311	*,e	FleetMatics Group plc		3,632
	46,800	*	Forgame Holdings Ltd		161
	38,997		Forrester Research, Inc		1,477
	1,339,374	*	Fortinet, Inc		33,658
	202,093		F-Secure Oyj		711
	21,500		FUJI SOFT, Inc		478
	5,192,048	*	Fujitsu Ltd		38,903
	39,300		Future Architect, Inc		230
	13,393	*	GameHi Co Ltd		105
	163,139	*	GameLoft		1,506
	5,472	*	Gamevil, Inc		461
	223,973	*	Gartner, Inc		15,795
	360,425	*	Genpact Ltd		6,318
	141,205	*,m	Gerber Scientific, Inc		0	^
	73,457	*,e	Gigamon, Inc		1,406
	249,088	*	Global Cash Access, Inc		2,217
	121,703	*	Global Eagle Entertainment, Inc		1,509
	302,226		Global Payments, Inc		22,017

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	281,704	*,e	Globo plc	$	269
	273,393	*,e	Glu Mobile, Inc		1,367
	76,800	e	GMO internet, Inc		869
	156,200	e	GMO Payment Gateway, Inc		5,907
	168,909	*,e	Gogo, Inc		3,304
	18,501		Golfzon Co Ltd		355
	1,486,209	*	Google, Inc		854,986
	846,862	*	Google, Inc (Class A)		495,135
	61,600	e	Gourmet Navigator, Inc		1,047
	650,000	*	Gravity Co Ltd (ADR)		520
	285,478	e	Gree, Inc		2,503
	36,189	e	Groupe Steria SCA		948
	26,192	*	GrubHub, Inc		927
	42,696	*	GTT Communications, Inc		436
	56,660	*,e	Guidance Software, Inc		517
	301,557	*,e	Guidewire Software, Inc		12,261
	1,766,200	e	GungHo Online Entertainment Inc		11,413
	19,220		Haansoft, Inc		467
	100,567		Hackett Group, Inc		600
	414,000	*	HC International, Inc		959
	540,463		HCL Technologies Ltd		13,486
	112,837	e	Heartland Payment Systems, Inc		4,650
	324,100		Hexaware Technologies Ltd		853
	1,050,000	*	Hi Sun Technology China Ltd		283
	120,342	*,e	Higher One Holdings, Inc		458
	67,702		HIQ International AB		386
	347,766		IAC/InterActiveCorp		24,076
	200,442	*	iGate Corp		7,294
	2,516,000	e	IGG, Inc		1,538
	110,703	*	Imperva, Inc		2,898
	117,818		Indra Sistemas S.A.		2,104
	21,662		Industrial & Financial Systems		720
	600,393		Ines Corp		4,550
	304,521	*	Infoblox, Inc		4,004
	613,400		Infomart Corp		14,188
	575,379	*	Informatica Corp		20,512
	202,400	*	Information Development Co		1,694
	142,209	*	Information Services Group, Inc		684
	18,000		Information Services International-Dentsu Ltd		225
	660,518		Infosys Technologies Ltd		35,633
	10,680		Init Innovation In Traffic Sys		319
	1,176,680		Innovation Group plc		685
	52,304	*	Interactive Intelligence, Inc		2,936
	204,121	*	Internap Network Services Corp		1,439
	3,001,056		International Business Machines Corp		544,001
	56,900	e	Internet Initiative Japan, Inc		1,398
	1,712,247		Intuit, Inc		137,887
	98,286	*,e	iProperty Group Ltd		284
	194,732	e	Iress Market Technology Ltd		1,504
	150,760		IT Holdings Corp		2,591
	30,711		Itochu Techno-Science Corp		1,335
	149,524	e	j2 Global, Inc		7,605

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	176,437		Jack Henry & Associates, Inc	$	10,486
	7,374	*	JCEntertainment Corp		138
	130,149	*,e	Jive Software, Inc		1,108
	4,799	*	Joymax Co Ltd		116
	616,619	*	Just Dial Ltd		14,981
	1,059,487	*	Just Eat plc		4,624
	27,200	*,e	Justsystems Corp		254
	450,200		Kakaku.com, Inc		7,895
	13,955		Kginicis Co Ltd		155
	7,807		KGMobilians Co Ltd		103
	182,933	*,e	King Digital Entertainment plc		3,759
	2,704,000	*,e	Kingdee International Software Group Co Ltd		885
	820,000	e	Kingsoft Corp Ltd		2,470
	103,547	*	Knot, Inc		1,265
	325,787	*	Kofax Ltd		2,802
	181,817		Konami Corp		4,022
	39,483		KPIT Cummins Infosystems Ltd		113
	28,689	*	KT Hitel Co Ltd		220
	128,555		Leidos Holdings, Inc		4,929
	232,690	*	Limelight Networks, Inc		712
	298,328	*	LinkedIn Corp		51,154
	175,000		Linx S.A.		4,102
	195,268	*	Lionbridge Technologies		1,160
	101,682	*,e	Liquidity Services, Inc		1,602
	246,988	*	Liveperson, Inc		2,507
	14,000	*,e	Livesense, Inc		149
	75,370	*	LogMeIn, Inc		3,514
	22,509	*	Luxoft Holding, Inc		812
	54,385	*,e	magicJack VocalTec Ltd		822
	355,501	*	Manhattan Associates, Inc		12,240
	110,152	e	Mantech International Corp (Class A)		3,252
	100,514	*	Marchex, Inc (Class B)		1,208
	82,044	*,e	Marin Software, Inc		966
	78,132	*,e	Marketo, Inc		2,272
	31,700	*	Marvelous AQL, Inc		353
	5,491,958		Mastercard, Inc (Class A)		403,494
	74,736		Matrix IT Ltd		444
	29,488	*	Mavenir Systems, Inc		447
	306,670		MAXIMUS, Inc		13,193
	364,092		Mentor Graphics Corp		7,853
	242,805		Micro Focus International plc		3,603
	155,218	*	Micros Systems, Inc		10,539
	35,764,464		Microsoft Corp		1,491,378
	42,734	*	MicroStrategy, Inc (Class A)		6,009
	275,439	*,e	Millennial Media, Inc		1,374
	73,328		MindTree Ltd		1,074
	12,800		Mitsubishi Research Institute, Inc		296
	100,000		Mitsui Knowledge Industry Co Ltd		163
	56,000	*,e	Mixi Inc		1,812
	62,359	*,e	Model N, Inc		689
	142,938	*,e	ModusLink Global Solutions, Inc		535
	119,985	*	MoneyGram International, Inc		1,767

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	915,251		Moneysupermarket.com Group plc	$	2,952
	9,309,577	*,e	Monitise plc		8,243
	903,200		Mono Technology PCL		217
	142,528		Monotype Imaging Holdings, Inc		4,015
	349,775	*	Monster Worldwide, Inc		2,288
	123,043	*,e	Move, Inc		1,820
	101,249	*	Mphasis Ltd		717
	420,800		My EG Services BHD		398
	45,438		Naver Corp		37,439
	15,864		NCsoft		2,861
	32,400		NEC Networks & System Integration Corp		791
	11,877		Nemetschek AG.		1,145
	15,903	*	Neowiz Games Corp		259
	33,617	e	Net Entertainment NE AB		786
	318,400		NET One Systems Co Ltd		2,211
	268,500	e	NetDragon Websoft, Inc		496
	43,500	e	Netease.com (ADR)		3,409
	178,280	*	Netscout Systems, Inc		7,905
	76,542	*,e	NetSuite, Inc		6,650
	276,272	*,e	NeuStar, Inc (Class A)		7,189
	508,200		Nexon Co Ltd		4,857
	18,097	*	NHN Entertainment Corp		1,402
	301,694		NIC, Inc		4,782
	56,920		Nice Systems Ltd		2,329
	11,300		NIFTY Corp		169
	166,800		Nihon Unisys Ltd		1,436
	40,359		NIIT Technologies Ltd		297
	63,961	*	Nintendo Co Ltd		7,681
	46,100	*	Nippon System Development Co Ltd		607
	167,911		Nomura Research Institute Ltd		5,290
	17,400		NS Solutions Corp		475
	216,000		NTT Data Corp		8,307
	500,146	*,e	Nuance Communications, Inc		9,388
	11,500		OBIC Business Consultants Ltd		380
	111,900		Obic Co Ltd		3,690
	226,539		Open Text Corp		10,870
	106,202	*,e	OpenTable, Inc		11,003
	120,760		Opera Software ASA		1,609
	23,568	*	OPOWER, Inc		444
	196,330	*	Optimal Payments plc		1,344
	13,928,815		Oracle Corp		564,535
	270,260		Oracle Corp Japan		11,822
	96,696		Otsuka Corp		4,689
	989,700		Pacific Online		544
	652,816	*	Pandora Media, Inc		19,258
	28,449	*	Park City Group, Inc		310
	837,328		Paychex, Inc		34,799
	22,242	*	Paycom Software, Inc		325
	94,832		PC Home Online		1,052
	270,000	*,e	PCA Corp		3,550
	241,415		Pegasystems, Inc		5,099
	129,900	*	Perficient, Inc		2,529

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,479		Persistent Systems Ltd	$	188
	513,573		Playtech Ltd		5,411
	186,236		Polaris Software Lab Ltd		653
	82,948		POSDATA Co Ltd		641
	115,398	*	PRG-Schultz International, Inc		737
	196,511	*	Progress Software Corp		4,724
	139,317	*	Proofpoint, Inc		5,219
	72,951	*	PROS Holdings, Inc		1,929
	14,123	*	PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		251
	143,188	*	PTC, Inc		5,556
	30,030	*	Q2 Holdings, Inc		428
	26,682		QAD, Inc (Class A)		569
	79,337	e	QIWI plc (ADR)		3,200
	632,583	*	QLIK Technologies, Inc		14,309
	99,533	*	Qualys, Inc		2,555
	1,187,118	e	Quindell plc		4,673
	132,841	*	QuinStreet, Inc		732
	609,612	*	Rackspace Hosting, Inc		20,520
	74,160	*,e	Rally Software Development Corp		808
	95,562	*	RealNetworks, Inc		729
	158,779	*,e	RealPage, Inc		3,569
	951,911	*	Red Hat, Inc		52,612
	101,000	*,e	Redknee Solutions, Inc		521
	32,164		Reis, Inc		678
	13,066	e	Reply S.p.A.		1,006
	21,247		RIB Software AG.		382
	54,816	*,e	Rocket Fuel, Inc		1,704
	80,367	*	Rosetta Stone, Inc		781
	572,433	*	Rovi Corp		13,715
	24,160	*	Rubicon Project, Inc		310
	42,219	*	Sabre Corp		846
	1,923,321		Sage Group plc		12,632
	3,315,255	*	Salesforce.com, Inc		192,550
	2,076,800		Samart Corp PCL		1,312
	1,131,952		SAP AG.		87,222
	87,922	*,e	Sapiens International Corp NV		703
	551,647	*	Sapient Corp		8,964
	13,483		SBSi Co Ltd		210
	227,346		Science Applications International Corp		10,040
	84,235	*	Sciquest, Inc		1,490
	89,276	*	SDL plc		523
	124,379	*	Seachange International, Inc		996
	250,724	*	ServiceNow, Inc		15,535
	256,175	*,e	ServiceSource International LLC		1,486
	370,630		Shanghai Baosight Software Co Ltd		688
	51,281	*,e	Shutterstock, Inc		4,255
	146,173	*,e	Silver Spring Networks, Inc		1,948
	2,695,000		Silverlake Axis Ltd		2,597
	50,295		SimCorp AS		1,732
	594,000		Sinosoft Technology Group Ltd		204
	23,446		SK C&C Co Ltd		3,858

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,948	*	SK Communications Co Ltd	$	148
	11,200	*,e	SMS Co Ltd		332
	160,210	e	SMS Management & Technology Ltd		535
	70,488		Software AG.		2,544
	108,540		Soft-World International Corp		435
	444,191	*	SolarWinds, Inc		17,172
	156,505		Solera Holdings, Inc		10,509
	819,060		Sonda S.A.		1,925
	15,695	*	Sopra Group S.A.		1,720
	220,869	*	Splunk, Inc		12,221
	49,693	*,e	SPS Commerce, Inc		3,140
	137,527		Square Enix Co Ltd		2,433
	272,812	*	SS&C Technologies Holdings, Inc		12,064
	59,267	*	Stamps.com, Inc		1,997
	81,142		Sumisho Computer Systems Corp		2,287
	5,543		SundayToz Corp		88
	1,475,000	e	SUNeVision Holdings Ltd		501
	149,265	*	Sykes Enterprises, Inc		3,244
	1,611,767		Symantec Corp		36,909
	108,572	*	Synchronoss Technologies, Inc		3,796
	278,693	*,e	Synopsys, Inc		10,819
	90,508	*	Syntel, Inc		7,780
	314,000		Systex Corp		601
	148,031	*	TA Indigo Holding Corp		1,316
	83,475	*,e	Tableau Software, Inc		5,954
	787,182	*	Take-Two Interactive Software, Inc		17,507
	119,857	*,e	Tangoe, Inc		1,805
	725,035		Tata Consultancy Services Ltd		29,252
	151,350	*	Tech Mahindra Ltd		5,416
	56,034	*,e	TechTarget, Inc		494
	218,375	*	Tecmo Koei Holdings Co Ltd		2,914
	253,691		Telecity Group plc		3,272
	183,082	*,e	TeleCommunication Systems, Inc (Class A)		602
	91,087	*	TeleNav, Inc		518
	74,943	*	TeleTech Holdings, Inc		2,173
	93,095		Temenos Group AG.		3,624
	10,679,820		Tencent Holdings Ltd		162,472
	326,734	*	Teradata Corp		13,135
	2,284	*	Tessi S.A.		313
	57,217	*,e	Textura Corp		1,353
	341,298	*	TIBCO Software, Inc		6,884
	64,156		Tietoenator Oyj		1,897
	650,948	*	TiVo, Inc		8,404
	659,853		Total System Services, Inc		20,726
	311,700		Totvus S.A.		5,361
	28,300	*	Trans Cosmos, Inc/Japan		608
	2,277,999		Travelsky Technology Ltd		2,095
	63,853	*	Travelzoo, Inc		1,236
	132,269	*,e	Tremor Video, Inc		624
	171,060		Trend Micro, Inc		5,637
	21,507	*	TrueCar, Inc		318
	114,154	*,e	Trulia, Inc		5,409

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,597	*	Tungsten Corp plc	$	463
	1,046,873	*	Twitter, Inc		42,890
	146,365	*	Tyler Technologies, Inc		13,350
	294,806	*	Ubisoft Entertainment		5,427
	91,380	*	Ultimate Software Group, Inc		12,626
	170,000	*	Unisys Corp		4,206
	169,239		United Internet AG.		7,435
	428		United Online, Inc		4
	12,100	*,e	UNITED, Inc		258
	319,040	*,e	Unwired Planet, Inc		711
	283,145	e	UXC Ltd		198
	142,935	*	Vakrangee Ltd		307
	845,660	*	Vantiv, Inc		28,431
	16,227	*,e	Varonis Systems, Inc		471
	93,764	*	Vasco Data Security International		1,088
	225,091	*	VeriFone Systems, Inc		8,272
	248,604	*	Verint Systems, Inc		12,194
	280,269	*,e	VeriSign, Inc		13,680
	128,951	*,e	VirnetX Holding Corp		2,271
	80,932	*	Virtusa Corp		2,897
	2,654,176	e	Visa, Inc (Class A)		559,262
	366,738	*,e	VistaPrint Ltd		14,838
	752,275	*,e	VMware, Inc (Class A)		72,828
	4,114,000	*,e	VODone Ltd		372
	233,788	*,e	Vringo, Inc		800
	36,297	*,e	WANdisco plc		342
	117,749	*,e	WebMD Health Corp (Class A)		5,687
	157,841	*	Website Pros, Inc		4,557
	17,589	*	Webzen, Inc		102
	11,460	*	WeMade Entertainment Co Ltd		429
	1,149,248	e	Western Union Co		19,928
	976,947		Wipro Ltd		8,884
	194,379		Wirecard AG.		8,383
	42,073	*,e	Wix.com Ltd		835
	717,776	*	Workday, Inc		64,499
	484,295		Xchanging plc		1,224
	109,503	*,e	Xero Ltd		2,489
	5,208,170		Xerox Corp		64,790
	7,108		XING AG.		879
	34,500		X-Legend Entertainment Co Ltd		254
	123,525	*	Xoom Corp		3,256
	1,445,900		Yahoo! Japan Corp		6,677
	3,097,018	*	Yahoo!, Inc		108,798
	99,077	*,e	Yandex NV		3,531
	247,829	*,e	Yelp, Inc		19,004
	67,426	*,e	YuMe, Inc		398
	33,274	*	Zendesk, Inc		578
	31,657	*,e	Zillow, Inc		4,525
	192,905	*	Zix Corp		660
	6,446,743	*	Zynga, Inc		20,694
			TOTAL SOFTWARE & SERVICES		9,858,990

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT - 5.1%
	211,987	*,e	3D Systems Corp	$	12,677
	55,933	*	3S Korea Co Ltd		240
	881,500	e	AAC Technologies Holdings, Inc		5,737
	1,377,292		Accton Technology Corp		899
	2,663,274	*	Acer, Inc		1,904
	78,320	*	Acme Electronics Corp		142
	221,370		Adlink Technology, Inc		590
	216,778		Adtran, Inc		4,891
	52,403	*	ADVA AG. Optical Networking		228
	49,000		Advanced Ceramic X Corp		240
	304,475		Advantech Co Ltd		2,600
	59,877	*	Agilysys, Inc		843
	49,300		Ai Holdings Corp		897
	5,982,330	*,e	Alcatel S.A.		21,507
	54,771	e	Alliance Fiber Optic Products, Inc		991
	1,786,000		Alpha Networks, Inc		1,388
	367,400	*	Alps Electric Co Ltd		4,721
	112,500		Amano Corp		1,282
	568,006		Amphenol Corp (Class A)		54,722
	404,549		Anixter International, Inc		40,483
	160,900		Anritsu Corp		1,808
	26,491,114		Apple, Inc		2,461,819
	44,456	*	Applied Optoelectronics, Inc		1,031
	193,676		Arcadyan Technology Corp		301
	449,218	*	Arima Communications Corp		241
	461,145	*	ARRIS Group, Inc		15,001
	495,857	*	Arrow Electronics, Inc		29,955
	504,478	*	Aruba Networks, Inc		8,838
	99,663		Ascom Holding AG.		1,690
	167,000	*	Asia Optical Co, Inc		203
	232,464		Asia Vital Components Co Ltd		178
	150,000		ASROCK, Inc		604
	1,855,461		Asustek Computer, Inc		20,737
	118,000		Aten International Co Ltd		344
	18,571,153	*	AU Optronics Corp		7,868
	19,295		Austria Technologie & Systemtechnik AG.		259
	160,000		AV Tech Corp		534
	35,100	*	Avigilon Corp		783
	208,803		Avnet, Inc		9,252
	86,646		AVX Corp		1,151
	89,468	*	AX Holding Corp		939
	48,927	e	Axis Communications AB		1,427
	44,705		Badger Meter, Inc		2,354
	26,801		Barco NV		2,135
	39,643		Bel Fuse, Inc (Class B)		1,018
	136,311		Belden CDT, Inc		10,654
	266,108	*	Benchmark Electronics, Inc		6,780
	2,461,000	*	Benq Corp		890
	156,000	*	BenQ Materials Corp		233
	59,880		Black Box Corp		1,404
	453,587	*,e	Blackberry Ltd		4,645

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183,031	*,e	Blackberry Ltd (New)	$	1,877
	348,000		Boardtek Electronics Corp		395
	346,830	*	Bookham, Inc		763
	3,224,000	e	Broad Intelligence International Pharmaceutical Holdings Ltd		433
	1,424,738	*	Brocade Communications Systems, Inc		13,108
	162,832		Brother Industries Ltd		2,823
	58,000		Browave Corp		178
	103,024	*	Bull S.A.		695
	1,374,500	*,e	BYD Electronic International Co Ltd		1,176
	150,819	*	CalAmp Corp		3,267
	1,422,928		CalComp Electronics Thailand PCL		131
	356,078	*,e	Calix Networks, Inc		2,913
	26,100		Canon Electronics, Inc		492
	1,637,983	e	Canon, Inc		53,533
	3,991,000		Career Technology Co Ltd		6,082
	3,114,853		Catcher Technology Co Ltd		29,069
	266,000	*	Catic Shenzhen Holdings Ltd		100
	112,625		CDW Corp		3,590
	345,485	*	Celestica, Inc		4,345
	18,005	*	Chadiostech Co Ltd		72
	267,156		Chang Wah Electromaterials, Inc		711
	158,057	*	Checkpoint Systems, Inc		2,211
	382,402		Cheng Uei Precision Industry Co Ltd		749
	458,949		Chicony Electronics Co Ltd		1,240
	240,632		Chimei Materials Technology Corp		297
	3,714,000		China Aerospace International Holdings Ltd		335
	1,136,000	e	China All Access Holdings Ltd		468
	1,012,000		China Fiber Optic Network System Group Ltd		234
	5,012,000	*	China Innovationpay Group Ltd		350
	1,631,000	e	China ITS Holdings Co Ltd		335
	868,000		Chin-Poon Industrial Co		1,666
	465,840		Chroma ATE, Inc		1,304
	3,001,808	*,e	Ciena Corp		65,019
	19,217,749		Cisco Systems, Inc		477,561
	542,379		Citizen Watch Co Ltd		4,259
	33,947	*	Clearfield, Inc		570
	484,073		Clevo Co		862
	3,539,000	*	CMC Magnetics Corp		562
	392,928	*	Cognex Corp		15,088
	104,697	*	Coherent, Inc		6,928
	1,280,299	*,e	Comba Telecom Systems Holdings Ltd		408
	849		Comet Holding AG.		612
	177,649	*	CommScope Holding Co, Inc		4,109
	4,431,948		Compal Electronics, Inc		3,628
	1,397,000		Compeq Manufacturing Co		920
	58,943		Comtech Telecommunications Corp		2,200
	34,179	*,e	Control4 Corp		669
	4,564,000		Coolpad Group Ltd		1,260
	1,531,000		Coretronic Corp		1,715
	3,958,652		Corning, Inc		86,892
	161,000		Coxon Precise Industrial Co Ltd		294

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	125,002	*,e	Cray, Inc	$	3,325
	19,971	*	CrucialTec Co Ltd		162
	128,972		CTS Corp		2,412
	67,614	*	CUI Global, Inc		568
	315,000		CyberTAN Technology, Inc		330
	139,324		Daeduck Electronics Co		1,114
	16,040		Daeduck GDS Co Ltd		196
	711,000	*	Daiwabo Co Ltd		1,385
	127,381		Daktronics, Inc		1,518
	266,000		Darfon Electronics Corp		195
	22,044		Datalogic S.p.A.		278
	297,460		DataTec Ltd		1,505
	1,391,600		Delta Electronics Thai PCL		2,682
	2,721,464		Delta Electronics, Inc		19,821
	182,000	*	Denki Kogyo Co Ltd		1,217
	40,832	e	Dialight plc		622
	130,146		Diebold, Inc		5,228
	101,439	*	Digi International, Inc		956
	1,181,000	e	Digital China Holdings Ltd		1,066
	20,351	*	Digital Multimedia Technologies S.p.A.		1,101
	161,462		Diploma plc		1,771
	1,605,000		D-Link Corp		1,065
	58,885	*,e	Dolby Laboratories, Inc (Class A)		2,544
	176,189		Domino Printing Sciences		1,809
	173,709	*	Dot Hill Systems Corp		816
	63,045	*	DTS, Inc		1,161
	532,000		Dynapack International Technology Corp		1,584
	395,100		Eastern Communications Co Ltd		217
	63,561	*	Eastman Kodak Co		1,555
	112,047	*	EchoStar Corp (Class A)		5,932
	36,771		Eizo Nanao Corp		977
	8,200		Elecom Co Ltd		213
	62,496		Electro Rent Corp		1,046
	95,572		Electro Scientific Industries, Inc		651
	956,695		Electrocomponents plc		4,299
	242,233	*	Electronics for Imaging, Inc		10,949
	1,037,654		Elite Material Co Ltd		1,048
	1,988,080		Elitegroup Computer Systems Co Ltd		1,631
	7,348,352		EMC Corp		193,556
	305,057	*	Emulex Corp		1,739
	9,200		Enplas Corp		671
	900	*	Entire Technology Co Ltd		1
	4,489,536		Ericsson (LM) (B Shares)		54,237
	32,407		Esprinet S.p.A.		337
	14,420	e	EVS Broadcast Equipment S.A.		716
	31,663	*,e	Exfo Electro Optical Engineering, Inc		153
	319,085	*	Extreme Networks, Inc		1,417
	1,247,144	*	F5 Networks, Inc		138,982
	133,170	*	Fabrinet		2,743
	64,577	*	FARO Technologies, Inc		3,172
	182,716		FEI Co		16,578
	6,016,000	*	FIH Mobile Ltd		3,823

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	120,837	*,e	Fingerprint Cards AB	$	897
	468,213	*,e	Finisar Corp		9,247
	192,799		Firich Enterprises Co Ltd		1,263
	256,034		FLEXium Interconnect, Inc		682
	2,124	*	Flextronics International Ltd		24
	284,631		Flir Systems, Inc		9,885
	165,508		Flytech Technology Co Ltd		743
	853,126		Foxconn Technology Co Ltd		2,069
	813,882		Fujifilm Holdings Corp		22,716
	334,824	*	Fusion-io, Inc		3,784
	247,153		G Tech Optoelectronics Corp		287
	71,652	e	Gemalto NV		7,438
	550,913		Gemtek Technology Corp		541
	70,909		Genius Electronic Optical Co Ltd		217
	67,252		GeoVision, Inc		341
	386,000		Getac Technology Corp		216
	1,644,000		Gigabyte Technology Co Ltd		2,634
	279,986	*	Gigastorage Corp		328
	613	*	Global Brands Manufacture Ltd		0	^
	28,800		Global Display Co Ltd		195
	177,000		Goldpac Group Ltd		181
	115,123	*	GSI Group, Inc		1,466
	477,414		Halma plc		4,816
	12,841		Hamamatsu Photonics KK		630
	838		Hannstar Board Corp		0	^
	3,698,000	*	HannStar Display Corp		1,519
	356,291	*	Harmonic, Inc		2,658
	319,810		Harris Corp		24,226
	10,116,799		Hewlett-Packard Co		340,734
	25,523		Hexagon AB (B Shares)		822
	716,904		High Tech Computer Corp		3,313
	49,304		Hirose Electric Co Ltd		7,330
	71,790		Hitachi High-Technologies Corp		1,709
	465,000		Hitachi Kokusai Electric, Inc		6,443
	11,637,000		Hitachi Ltd		85,288
	674,100		Holystone Enterprise Co Ltd		1,041
	21,346,673		Hon Hai Precision Industry Co, Ltd		71,566
	37,895		Horiba Ltd		1,360
	75,300		Hosiden Corp		470
	787,596		Hoya Corp		26,186
	23,090		Humax Co Ltd		260
	273,101		Ibiden Co Ltd		5,510
	311,000		Ichia Technologies, Inc		403
	9,500		Icom, Inc		234
	203,280		ICP Electronics, Inc		372
	245,346	*,e	IDEX ASA		186
	27,360	*	Iljin Materials Co Ltd		295
	171,496	*	Immersion Corp		2,181
	228,100		Inari Amertron BHD		215
	1,770		Inficon Holding AG.		577
	386,593	*,e	Infinera Corp		3,557
	404,000		Infortrend Technology, Inc		257

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	56,817	e	Ingenico	$	4,941
	427,648	*	Ingram Micro, Inc (Class A)		12,492
	7,528,539	*	InnoLux Display Corp		3,530
	187,969	*	Insight Enterprises, Inc		5,778
	1,000		Inspur International Ltd		0	^
	23,123		Intelligent Digital Integrated Securities Co Ltd		338
	123,430	e	InterDigital, Inc		5,900
	8,269	*	Interflex Co Ltd		116
	91,599	*	Intevac, Inc		734
	18,822		INTOPS Co Ltd		353
	215,399	*,e	InvenSense, Inc		4,887
	2,500,023		Inventec Co Ltd		2,396
	50,720	*,e	IPG Photonics Corp		3,490
	13,100	*,e	Iriso Electronics Co Ltd		768
	46,000		ISSC Technologies Corp		219
	34,930		IsuPetasys Co Ltd		131
	46,300		ITC Networks Corp		406
	917,357		ITEQ Corp		984
	147,898	*	Itron, Inc		5,997
	32,318		Ituran Location and Control Ltd		786
	211,577	*	Ixia		2,418
	664,822		Jabil Circuit, Inc		13,895
	23,610		Jahwa Electronics Co Ltd		339
	113,493		Japan Aviation Electronics Industry Ltd		2,448
	15,100	e	Japan Cash Machine Co Ltd		269
	22,000		Japan Digital Laboratory Co Ltd		389
	348,700	*	Japan Display, Inc		2,143
	55,535	*	Japan Radio Co Ltd		240
	648,200	*	JCY International BHD		141
	3,223,566	*	JDS Uniphase Corp		40,198
	103,701		Jenoptik AG.		1,688
	62,700		Jentech Precision Industrial Co Ltd		240
	528		Jess-Link Products Co Ltd		1
	2,151,000	e	Ju Teng International Holdings Ltd		1,544
	2,194,440	*	Juniper Networks, Inc		53,852
	21,300		Kaga Electronics Co Ltd		258
	10,700		Kanematsu Electronics Ltd		151
	5,713	e	Kapsch TrafficCom AG.		265
	230,300		KCE Electronics PCL		250
	169,859	*	Kemet Corp		977
	18,437		Keyence Corp		8,062
	13,359		KH Vatec Co Ltd		206
	760,400		Kingboard Chemical Holdings Ltd		1,568
	1,867,000	e	Kingboard Laminates Holdings Ltd		711
	11,443	*	KMW Co Ltd		159
	41,331	*	Knowles Corp		1,271
	63,800		Koa Corp		645
	10,243		KONA I Co Ltd		329
	561,700		Konica Minolta Holdings, Inc		5,552
	13,862		Korea Circuit Co Ltd		117
	107,477		Kudelski S.A.		1,884
	52,821	*	KVH Industries, Inc		688

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,000		Kyocera Corp	$	5,793
	340,527		Laird Group plc		1,650
	413,762		Largan Precision Co Ltd		33,009
	6,789,400	e	Lenovo Group Ltd		9,275
	317,511		Lexmark International, Inc (Class A)		15,291
	10,939	*	LG Innotek Co Ltd		1,567
	243,671	*	LG.Philips LCD Co Ltd		7,671
	2,146,168		Lite-On Technology Corp		3,584
	97,053		Littelfuse, Inc		9,021
	177,925		Logitech International S.A.		2,312
	69,000		Lotes Co Ltd		315
	808,000		Loxley PCL		112
	26,374		LPKF Laser & Electronics AG.		544
	164,575		Lumax International Corp Ltd		396
	10,900		Macnica, Inc		364
	145,000		Marubun Corp		896
	11,200		Maruwa Co Ltd		460
	90,635	*	Maxwell Technologies, Inc		1,371
	49,337	*	Measurement Specialties, Inc		4,246
	12,100	e	Melco Holdings, Inc		246
	128,610	*	Mercury Computer Systems, Inc		1,458
	197,882		Merry Electronics Co Ltd		1,057
	11,385		Mesa Laboratories, Inc		956
	119,308		Methode Electronics, Inc		4,559
	2,425,000		Micro-Star International Co Ltd		3,651
	222,000	*	MIN AIK Technology Co Ltd		1,264
	820,500	*	Mitac Holdings Corp		738
	278,100	*	Mitsumi Electric Co Ltd		2,014
	375,206		Motorola, Inc		24,977
	47,860	e	MTS Systems Corp		3,243
	36,321	*	Multi-Fineline Electronix, Inc		401
	619,808		Murata Manufacturing Co Ltd		58,126
	327,000	*	Nan Ya Printed Circuit Board Corp		586
	1,080,000	m	Nanjing Panda Electronics		629
	199,094		National Instruments Corp		6,449
	302,493	*	NCR Corp		10,614
	349,382	*	NEC Corp		1,115
	41,168	e	Neopost S.A.		3,083
	1,435,164		NetApp, Inc		52,412
	141,197	*	Netgear, Inc		4,909
	86,526		Newmax Technology Co Ltd		158
	197,103	*	Newport Corp		3,646
	273,226		Nichicon Corp		2,230
	47,900		Nidec Copal Electronics Corp		407
	27,988	*,e	Nimble Storage, Inc		860
	17,100	e	Nippon Ceramic Co Ltd		289
	152,000	*	Nippon Chemi-Con Corp		442
	403,318		Nippon Electric Glass Co Ltd		2,350
	53,700		Nippon Signal Co Ltd		496
	50,000		Nohmi Bosai Ltd		772
	3,796,975	*	Nokia Corp		28,705
	6,902,016	*,e	Nokia Oyj		52,226

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,099		Nolato AB (B Shares)	$	1,094
	37,027	*	Nortel Networks Netas Telekomunikasyon AS		116
	51,035	*,e	Numerex Corp		586
	788,000	*	Oki Electric Industry Co Ltd		1,752
	719,172		Omron Corp		30,327
	73,330	*	Oplink Communications, Inc		1,244
	193,683	e	Opus Group AB		407
	72,992	*	OSI Systems, Inc		4,872
	68,245		Oxford Instruments plc		1,518
	747,601		Pace plc		4,541
	127,474	*	Palo Alto Networks, Inc		10,689
	766,059		Pan-International Industrial		567
	80,450		Park Electrochemical Corp		2,269
	297,386	*,e	Parkervision, Inc		440
	8,171	*	Parrot S.A.		209
	65,412		Partron Co Ltd		697
	699,000	*,e	PAX Global Technology Ltd		459
	46,642	e	PC Connection, Inc		965
	7,313,317		Pegatron Technology Corp		13,977
	156,258	e	Pinnacle Holdings Ltd		199
	182,658		Plantronics, Inc		8,777
	144,390	*	Plexus Corp		6,251
	588,966	*	Polycom, Inc		7,380
	48,000		Posiflex Technology, Inc		302
	816,435		Premier Farnell plc		2,845
	1,288,000		Primax Electronics Ltd		1,997
	1,003,100	*	Prime View International Co Ltd		670
	76,981	*,e	Procera Networks, Inc		777
	6,913,000	*	PT Agis Tbk		266
	1,594,500		PT Erajaya Swasembada Tbk		145
	420,958	*	QLogic Corp		4,247
	6,643,661		Qualcomm, Inc		526,178
	2,855,032		Quanta Computer, Inc		8,342
	1,100,000		Quanta Storage, Inc		1,530
	775,289	*,e	Quantum Corp		946
	123,968	*,e	RealD, Inc		1,582
	256,852		Redington India Ltd		445
	44,129		Renishaw plc		1,251
	997,178		Ricoh Co Ltd		11,885
	36,700	*	Riso Kagaku Corp		1,041
	3,588,000	*	Ritek Corp		566
	287,332	*	Riverbed Technology, Inc		5,928
	106,180	*	Rofin-Sinar Technologies, Inc		2,553
	65,608	*	Rogers Corp		4,353
	11,200		Roland DG Corp		402
	241,938	*	Ruckus Wireless, Inc		2,881
	82,700		Ryosan Co Ltd		1,725
	69,900		Ryoyo Electro Corp		825
	30,440		Sam Young Electronics Co Ltd		346
	61,105		Samsung Electro-Mechanics Co Ltd		3,521
	35,877		Samsung SDI Co Ltd		5,744
	1,245,893		SanDisk Corp		130,109

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	335,513	*	Sandvine Corp	$	1,132
	408,923	*	Sanmina Corp		9,315
	16,022	*	Sapphire Technology Co Ltd		552
	127,992	*	Scansource, Inc		4,874
	1,829,047		Seagate Technology, Inc		103,926
	400,500		Seiko Epson Corp		17,039
	6,678		SEOWONINTECH Co Ltd		88
	826,000		Sercomm Corp		2,108
	13,421		SFA Engineering Corp		509
	308,800	*	Shanghai Potevio Co Ltd		228
	370,300	*	Shenzhen SEG Co Ltd		131
	399,300	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		242
	233,876		Shimadzu Corp		2,146
	351,796	*,e	ShoreTel, Inc		2,294
	37,711	*,e	Sierra Wireless, Inc		764
	54,000		Siix Corp		964
	104,499	*,e	Silicon Graphics International Corp		1,005
	169,395		Silitech Technology Corp		192
	283,112		Simplo Technology Co Ltd		1,755
	787,000		Sinbon Electronics Co Ltd		1,280
	7,510		Sindoh Co Ltd		491
	1,089,000	*	Sintek Photronic Corp		325
	367,000		Sirtec International Co Ltd		793
	219,000	e	SMK Corp		965
	1,345,068	*	Sonus Networks, Inc		4,829
	194,140		Spectris plc		7,377
	152,067	*	Speed Commerce, Inc		569
	695,685		Spirent Communications plc		1,130
	210,786	*,e	Stratasys Ltd		23,952
	1,336,000	e	Sunny Optical Technology Group Co Ltd		1,890
	107,293	*	Super Micro Computer, Inc		2,711
	14,356	*	Suprema, Inc		316
	656,686	*	SVA Electron Co Ltd		306
	236,404	*,e	Synaptics, Inc		21,428
	2,512,000		Synertone Communication Corp		165
	114,069	*	SYNNEX Corp		8,310
	1,290,523		Synnex Technology International Corp		2,176
	203,972		Taiflex Scientific Co Ltd		413
	904,577		Taiwan PCB Techvest Co Ltd		1,273
	120,003		Taiyo Yuden Co Ltd		1,330
	1,326,000		TCL Communication Technology Holdings Ltd		1,605
	168,644		TDK Corp		7,918
	447,303		TE Connectivity Ltd		27,661
	68,274	*	Tech Data Corp		4,268
	82,000	*	Technovator International Ltd		40
	21,806		Tessco Technologies, Inc		692
	400,095		Test Research, Inc		682
	350,773	*	Thin Film Electronics ASA		274
	41,000		Toko, Inc		124
	185,625		Tong Hsing Electronic Industries Ltd		1,002
	6,390,000		Tongda Group Holdings Ltd		849
	81,200		Topcon Corp		1,878

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	168,000		Toshiba TEC Corp	$	1,181
	27,400		Toyo Corp/Chuo-ku		326
	1,047,688		TPK Holding Co Ltd		10,460
	1,292,000	e	Tpv Technology Ltd		238
	726,000	e	Trigiant Group Ltd		197
	552,920	*	Trimble Navigation Ltd		20,430
	1,121,932		Tripod Technology Corp		2,164
	5,194,566	e	Truly International Holdings		3,166
	19,000		TSC Auto ID Technology Co Ltd		201
	235,784		TT electronics plc		835
	207,791	*	TTM Technologies, Inc		1,704
	512,039		TXC Corp		798
	159,129	*,e	Ubiquiti Networks, Inc		7,191
	1,237,256		Unimicron Technology Corp		1,198
	253,937	*	Unitech Printed Circuit Board Corp		105
	124,363	*,e	Universal Display Corp		3,992
	55,000		Usun Technology Co Ltd		209
	357,795		Venture Corp Ltd		2,222
	130,833	*,e	Viasat, Inc		7,583
	15,411	*	Viasystems Group, Inc		168
	233,709	*,e	Violin Memory, Inc		1,035
	1,040,536		Vishay Intertechnology, Inc		16,118
	48,130	*	Vishay Precision Group, Inc		792
	61,257		Vivotek, Inc		269
	1,406,800		VST Holdings Ltd		346
	199,700	e	Vtech Holdings Ltd		2,654
	176,800	*,e	Wacom Co Ltd		1,009
	651,000		Wah Lee Industrial Corp		1,314
	476,769	*	Walsin Technology Corp		189
	1,048,000	e	Wasion Group Holdings Ltd		787
	936,800		Weikeng Industrial Co Ltd		811
	1,139,877		Western Digital Corp		105,211
	142,800	e	Wi-Lan, Inc		454
	101,575		Wincor Nixdorf AG.		5,785
	2,476,500	*	Wintek Corp		847
	2,198,523		Wistron Corp		2,007
	669,265		Wistron NeWeb Corp		1,646
	1,373,283		WPG Holdings Co Ltd		1,891
	1,099,679		WT Microelectronics Co Ltd		1,682
	85,339		Xaar plc		761
	15,750	*,m	Ya Hsin Industrial Co Ltd		0	^
	1,771,100		Yageo Corp		1,262
	74,993		Yamatake Corp		1,921
	74,690		Yaskawa Electric Corp		905
	77,785		Yokogawa Electric Corp		985
	73,000		Young Optics, Inc		171
	208,473	*	Zebra Technologies Corp (Class A)		17,161
	285,855		Zhen Ding Technology Holding Ltd		941
	273,000		Zinwell Corp		310
	750,447	*,e	ZTE Corp		1,479
	411,000	*	Zyxel Communications		306
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,629,472

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 2.8%
	311,723	*,e	8x8, Inc	$	2,519
	1,451,600		Advanced Info Service PCL (Foreign)		9,840
	184,053		AFK Sistema (GDR)		5,668
	217,046		Amcon Telecommunications Ltd		405
	54,288,730		America Movil S.A. de C.V. (Series L)		56,283
	321,500		APT Satellite Holdings Ltd		476
	1,765,000		Asia Pacific Telecom Co Ltd		1,061
	12,215,207		AT&T, Inc		431,930
	35,467		Atlantic Tele-Network, Inc		2,057
	102,797	*,e	Avanti Communications Group plc		444
	2,451,000	*,e	Axtel SAB de C.V.		913
	502,288	e	BCE, Inc		22,783
	217,724		Belgacom S.A.		7,228
	227,784	e	Bell Aliant Regional Communications Income Fund		5,954
	11,192,286		Bezeq Israeli Telecommunication Corp Ltd		20,947
	832,387		Bharti Airtel Ltd		4,663
	82,131	*,e	Boingo Wireless, Inc		561
	9,698,792		BT Group plc		63,731
	5,715,839		Cable & Wireless plc		4,815
	219,111	*	Cbeyond Communications, Inc		2,180
	134,932		Cellcom Israel Ltd		1,644
	1,679,241		CenturyTel, Inc		60,789
	3,093,421		China Communications Services Corp Ltd		1,506
	10,178,890		China Mobile Hong Kong Ltd		98,865
	15,525,289		China Telecom Corp Ltd		7,594
	5,843,301	e	China Unicom Ltd		8,985
	1,059,100	e	Chorus Ltd		1,609
	4,032,137		Chunghwa Telecom Co Ltd		12,995
	767,755	*	Cincinnati Bell, Inc		3,017
	2,064,000	e	Citic 1616 Holdings Ltd		778
	2,900,000	*	Citic 21CN Co Ltd		2,252
	141,177		Cogent Communications Group, Inc		4,878
	546,425	*	Colt Telecom Group S.A.		1,286
	128,509	e	Consolidated Communications Holdings, Inc		2,858
	2,193,384		Deutsche Telekom AG.		38,470
	8,903,300		Digi.Com BHD		15,887
	159,654	e	Drillisch AG.		6,343
	101,069		Elisa Oyj (Series A)		3,092
	130,611		Empresa Nacional de Telecomunicaciones S.A.		1,609
	43,907		Enventis Corp		695
	67,243	*,e	Fairpoint Communications, Inc		939
	1,694,919		Far EasTone Telecommunications Co Ltd		3,861
	1,323,805		France Telecom S.A.		20,946
	291,773		Freenet AG.		9,266
	6,048,810	e	Frontier Communications Corp		35,325
	112,454	*	General Communication, Inc (Class A)		1,246
	1,012,755	*	Globalstar, Inc		4,304
	33,300		Globe Telecom, Inc		1,221
	36,937	*,e	Hawaiian Telcom Holdco, Inc		1,057
	1,589,852	*	Hellenic Telecommunications Organization S.A.		23,482

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,769,593		HKT Trust and HKT Ltd	$	2,085
	2,062,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		841
	1,156,925		Idea Cellular Ltd		2,549
	107,234		IDT Corp (Class B)		1,868
	226,611		iiNET Ltd		1,562
	15,315		Iliad S.A.		4,629
	189,460	*	inContact, Inc		1,741
	170,448		Inmarsat plc		2,179
	184,672		Inteliquent, Inc		2,561
	160,535	*	Intelsat S.A.		3,024
	295,897	*,e	Iridium Communications, Inc		2,503
	188,900	*,e	Japan Communications, Inc		1,798
	5,434,900		Jasmine International PCL		1,389
	259,775		Jaymart PCL		106
	508,217	*	Jazztel plc		7,235
	770,702		Kcom Group plc		1,223
	594,450		KDDI Corp		36,270
	122,212		KT Corp		3,689
	257,812	e	Let’s GOWEX S.A.		7,029
	2,357,750	*	Level 3 Communications, Inc		103,529
	254,646		LG Telecom Ltd		2,319
	57,583		Lumos Networks Corp		833
	188,674	e	M2 Telecommunications Group Ltd		1,028
	630,211	*,e	Magyar Telekom		956
	25,600		Manitoba Telecom Services, Inc		742
	2,094,900		Maxis BHD		4,404
	95,349		MegaFon OAO (GDR)		3,002
	1,076,424	*	Midas S.A.		184
	82,174	e	Millicom International Cellular S.A.		7,522
	599,281		Mobile TeleSystems (ADR)		11,830
	960,809		MobileOne Ltd		2,707
	40,222	*	Mobistar S.A.		768
	3,169,962		MTN Group Ltd		66,771
	676,380		Netia S.A.		1,156
	160,920	*,e	NEXTDC Ltd		259
	844,711		Nippon Telegraph & Telephone Corp		52,649
	60,225	e	NTELOS Holdings Corp		750
	880,600		NTT DoCoMo, Inc		15,033
	34,561		Oi S.A.		33
	5,253,524		Oi S.A. (Preference)		4,637
	99,494	*	Ooredoo QSC		3,250
	4,634,268	*	Orascom Telecom Holding SAE		3,339
	8,495,279	*	Orascom Telecom Media And Technology Holding SAE		1,446
	160,099	*	Orbcomm, Inc		1,055
	99,318	*	Partner Communications		780
	10,227,734		PCCW Ltd		6,097
	51,927		Philippine Long Distance Telephone Co		3,533
	994,843	e	Portugal Telecom SGPS S.A.		3,649
	174,183	*	Premiere Global Services, Inc		2,325
	2,831,500		PT Excelcomindo Pratama		1,218
	1,655,076		PT Indosat Tbk		515
	57,138,405		PT Telekomunikasi Indonesia Persero Tbk		11,885

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	109,837	e	QSC AG.	$	472
	602,026		Reliance Communication Ventures Ltd		1,465
	85,525	*,e	RingCentral, Inc		1,294
	369,567	e	Rogers Communications, Inc (Class B)		14,872
	152,905		Rostelecom (ADR)		2,304
	1,924,272	*	Royal KPN NV		7,016
	216,700		Samart Telcoms PCL		101
	909,503	*	SBA Communications Corp (Class A)		93,042
	73,847		Shenandoah Telecom Co		2,249
	9,617,773		Singapore Telecommunications Ltd		29,726
	185,866	*	SK Broadband Co Ltd		669
	62,841		SK Telecom Co Ltd		14,689
	483,498	e	SmarTone Telecommunications Holding Ltd		609
	2,148,232		Softbank Corp		160,093
	3,434,554	*	Sprint Corp		29,297
	410,924	e	StarHub Ltd		1,375
	110	*	Straight Path Communications, Inc		1
	46,806		Swisscom AG.		27,188
	1,810,543		Taiwan Mobile Co Ltd		5,603
	614,421		TalkTalk Telecom Group plc		3,423
	3,933,563		TDC AS		40,690
	280,550		Tele2 AB		3,302
	1,735,704		Telecom Corp of New Zealand Ltd		4,073
	870,367		Telecom Egypt		1,641
	8,742,662		Telecom Italia RSP		8,648
	4,933,962	*	Telecom Italia S.p.A.		6,245
	537,417		Telefonica Brasil S.A.		10,945
	624,407		Telefonica Deutschland Holding AG.		5,162
	245,226		Telefonica O2 Czech Republic AS		3,475
	4,650,782		Telefonica S.A.		79,844
	21,411		Telekom Austria AG.		209
	5,156,742		Telekom Malaysia BHD		10,198
	1,952,583		Telekomunikacja Polska S.A.		6,237
	785,723		Telenor ASA		17,890
	600,247		Telephone & Data Systems, Inc		15,672
	4,461,394		TeliaSonera AB		32,577
	360,878	*	Telkom S.A. Ltd		1,550
	9,575,974		Telstra Corp Ltd		47,044
	399,927		TELUS Corp		14,906
	625,000		Thaicom PCL		742
	962,308		Tim Participacoes S.A.		5,627
	553,020	*	Time dotCom BHD		796
	2,730,300		TM International BHD		5,927
	6,663,482	*	T-Mobile US, Inc		224,026
	1,907,000		Tower Bersama Infrastructure		1,295
	1,670,658		TPG Telecom Ltd		8,680
	7,820,600	*	True Corp PCL (Foreign)		2,301
	536,904		Turk Telekomunikasyon AS		1,551
	976,312	*	Turkcell Iletisim Hizmet AS		6,111
	410,235	*	tw telecom inc (Class A)		16,537
	24,015	*	US Cellular Corp		980
	97,730	*,e	USA Mobility, Inc		1,505

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,382,787		Verizon Communications, Inc	$	899,470
	149,269		Verizon Communications, Inc (New)		7,301
	2,457,062		Vivendi Universal S.A.		60,128
	435,601	e	Vodacom Group Pty Ltd		5,384
	51,959,122		Vodafone Group plc		173,662
	537,053		Vodafone Group plc (ADR)		17,932
	553,613	*	Vodafone Qatar		2,387
	657,015	*	Vonage Holdings Corp		2,464
	2,180,323	e	Windstream Holdings, Inc		21,716
	31,498		Ziggo NV		1,457
			TOTAL TELECOMMUNICATION SERVICES		3,599,517
TRANSPORTATION - 2.8%
	500,595		Abertis Infraestructuras S.A. (Continuous)		11,517
	155,239	*	Aegean Airlines S.A.		1,484
	144,707		Aeroports de Paris		19,078
	3,461,129	*	Air Arabia PJSC		1,168
	53,088	*,e	Air Berlin plc		99
	42,500	*	Air Canada (Class A)		379
	2,101,300		Air China Ltd		1,231
	184,836	*,e	Air France-KLM		2,330
	2,479,499	e	Air New Zealand Ltd		4,515
	198,014	*	Air Transport Services Group, Inc		1,657
	2,779,700		AirAsia BHD		1,992
	1,244,800	*	AirAsia X BHD		271
	1,004,100		Airports of Thailand PCL (Foreign)		6,142
	12,796	*	AJ Rent A Car Co Ltd		203
	383,078		Alaska Air Group, Inc		36,412
	508,152		All America Latina Logistica S.A.		1,916
	421,831	*,e	All Nippon Airways Co Ltd		996
	43,408		Allegiant Travel Co		5,112
	43,349		Amerco, Inc		12,604
	2,236,853	*	American Airlines Group, Inc		96,095
	76,637		American Shipping ASA		543
	634,771	*,m	AMR Corp (Escrow)		6
	1,238,000	*,e	Anhui Expressway Co		759
	3,684,829		Ansaldo STS S.p.A.		39,364
	10,036		AP Moller - Maersk AS (Class A)		23,620
	18,869		AP Moller - Maersk AS (Class B)		46,914
	115,631		Arkansas Best Corp		5,031
	663,366		Asciano Group		3,525
	197,863	*	Asiana Airlines		908
	96,793	*	Atlas Air Worldwide Holdings, Inc		3,567
	1,786,958		Auckland International Airport Ltd		6,101
	80,073		Autostrada Torino-Milano S.p.A.		1,267
	1,419,190		Autostrade S.p.A.		40,430
	495,844		Avianca Holdings S.A.		1,011
	658,300	*	Avis Budget Group, Inc		39,294
	177,796		Baltic Trading Ltd		1,063
	667,500		Bangkok Expressway PCL		771
	7,400,000	*	Bangkok Metro PCL		315
	539,124		BBA Aviation plc		2,851

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,106,400		Beijing Capital International Airport Co Ltd	$	1,448
	526		Bollore		341
	57,427	*	Bourbon S.A.		1,807
	215,009		bpost S.A.		5,432
	1,042,128	*	Brockman Mining Ltd		66
	29,432,100		BTS Group Holdings PCL (Foreign)		7,845
	1,304,467	e	Canadian National Railway Co		84,841
	121,153	e	Canadian Pacific Railway Ltd		21,946
	805,308	e	Canadian Pacific Railway Ltd (Toronto)		145,892
	1,160,830		Cathay Pacific Airways Ltd		2,169
	240,240		Cebu Air, Inc		314
	76,492		Celadon Group, Inc		1,631
	245,315		Central Japan Railway Co		35,018
	148,216	e	CH Robinson Worldwide, Inc		9,455
	1,218,715	*	China Airlines		418
	1,117,000	*,e	China Dredging Environment Protection Holdings Ltd		355
	1,335,324		China Merchants Holdings International Co Ltd		4,170
	4,901,000	*,e	China Shipping Container Lines Co Ltd		1,265
	73,000	*,e	China Shipping Development Co Ltd		43
	95,500	e	China Southern Airlines Co Ltd		29
	20,500,000	*,e	China Timber Resources Group Ltd		861
	254,000		Chinese Maritime Transport Ltd		301
	990,048		Cia de Concessoes Rodoviarias		8,066
	24,608		Clarkson plc		1,009
	2,358,710		ComfortDelgro Corp Ltd		4,730
	25,438		Compagnie Maritime Belge S.A.		670
	8,170,245	*	Compania SudAmericana de Vapores S.A.		329
	992,300	*	Controladora Vuela Cia de Aviacion SAB de C.V.		890
	769,629		Con-Way, Inc		38,797
	150,536		Copa Holdings S.A. (Class A)		21,462
	3,262,575	*,e	COSCO Holdings		1,271
	4,726,707		COSCO Pacific Ltd		6,551
	350,000		Costamare, Inc		8,162
	1,732,748		CSX Corp		53,386
	117,795		CTT-Correios de Portugal S.A.		1,171
	805,000	e	CWT Ltd		1,127
	33,566	e	D/S Norden		1,126
	173,000	*,e	Daiichi Chuo Kisen Kaisha		162
	289,367		Dart Group plc		1,020
	892,050		Dazhong Transportation Group Co Ltd		550
	5,621,376		Delta Air Lines, Inc		217,660
	1,091,418		Deutsche Lufthansa AG.		23,430
	2,250,532		Deutsche Post AG.		81,233
	18,836		Dfds AS		1,678
	173,763		DP World Ltd		3,423
	147,194		DSV AS		4,800
	221,982	*	DX Group plc		475
	485,625		East Japan Railway Co		38,263
	2,017,924		easyJet plc		47,124
	69,186	*	Echo Global Logistics, Inc		1,326
	431,334		EcoRodovias Infraestrutura e Logistica S.A.		2,956
	708,519	*	Eva Airways Corp		341

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	437,000		Evergreen International Storage & Transport Corp	$	270
	1,489,222	*	Evergreen Marine Corp Tawain Ltd		813
	450,666		Expeditors International of Washington, Inc		19,901
	1,487,996		FedEx Corp		225,253
	107,000		First Steamship Co Ltd		72
	1,360,996	*	Firstgroup plc		2,947
	24,842		Flughafen Wien AG.		2,313
	4,711		Flughafen Zuerich AG.		2,894
	227,753	*	Flybe Group plc		467
	151,008		Forward Air Corp		7,226
	28,089		Fraport AG. Frankfurt Airport Services Worldwide		1,982
	632,000		Freetech Road Recycling Technology Holdings Ltd		190
	278,083		Freightways Ltd		1,242
	163,000	e	Fukuyama Transporting Co Ltd		938
	61,737		Gateway Distriparks Ltd		236
	177,864	*	Genesee & Wyoming, Inc (Class A)		18,676
	15,494		GLOVIS Co Ltd		4,127
	95,392		Go-Ahead Group plc		3,865
	143,506	*	Gol Linhas Aereas Inteligentes S.A.		781
	389,470	e	Golden Ocean Group Ltd		651
	672,279		Grindrod Ltd		1,680
	411,228		Groupe Eurotunnel S.A.		5,564
	781,800	*,e	Grupo Aeromexico SAB de C.V.		1,342
	620,800	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		2,497
	888,091		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		5,997
	468,200		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		5,953
	303,560		Guangdong Provincial Expressway Development Co Ltd		94
	258,750	*	Gujarat Pipavav Port Ltd		504
	2,246,193	*	GVK Power & Infrastructure Ltd		715
	1,750,000	e	GZI Transportation Ltd		998
	132,000		Hainan Meilan International Airport Co Ltd		121
	33,821	e	Hamburger Hafen und Logistik AG.		898
	145,542	*	Hanjin Kal Corp		3,473
	119,890	*	Hanjin Shipping Co Ltd		706
	7,617		Hanjin Transportation Co Ltd		275
	176,000		Hankyu Hanshin Holdings, Inc		1,005
	139,580	*,e	Hawaiian Holdings, Inc		1,914
	167,909		Heartland Express, Inc		3,583
	4,151,772	*	Hertz Global Holdings, Inc		116,374
	52,200		Hitachi Transport System Ltd		814
	2,555,327	e	Hopewell Highway Infrastructure Ltd		1,283
	208,073	*	Hub Group, Inc (Class A)		10,487
	4,420,040		Hutchison Port Holdings Trust		3,183
	64,971	*	Hyundai Merchant Marine Co Ltd		588
	96,857		Iino Kaiun Kaisha Ltd		553
	4,416	*	Integer.pl S.A.		324
	3,195,692	*	International Consolidated Airlines Group S.A.		20,278
	4,866,507	*	International Consolidated Airlines Group S.A. (London)		30,857
	1,855,330		International Container Term Services, Inc		4,717
	21,426		International Shipholding Corp		491
	393,710		Irish Continental Group plc		1,461
	375,035		J.B. Hunt Transport Services, Inc		27,670

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	360,100	*	Japan Airlines Co Ltd	$	19,910
	43,155		Japan Airport Terminal Co Ltd		1,281
	92,436	*	Jet Airways India Ltd		391
	908,330	*,e	JetBlue Airways Corp		9,855
	3,471,800		Jiangsu Express		4,109
	166,000		Jinzhou Port Co Ltd		64
	99,500		Julio Simoes Logistica S.A.		540
	528,587		Kamigumi Co Ltd		4,866
	671,926		Kansas City Southern Industries, Inc		72,239
	2,296,400	*	Kawasaki Kisen Kaisha Ltd		4,809
	332,555	e	Keihin Electric Express Railway Co Ltd		2,989
	77,107		Keio Corp		606
	33,032		Keisei Electric Railway Co Ltd		329
	2,098,980		Kerry Logistics Network Ltd		3,315
	1,242,185	*	Kintetsu Corp		4,526
	19,400		Kintetsu World Express, Inc		824
	189,622	*	Kirby Corp		22,212
	187,915		Knight Transportation, Inc		4,467
	8,900		Konoike Transport Co Ltd		165
	13,836	*	Korea Line Corp		321
	25,830	*	Korean Air Lines Co Ltd		853
	22,223	e	Kuehne & Nagel International AG.		2,955
	339,317	*	Lan Airlines S.A.		4,568
	149,329		Landstar System, Inc		9,557
	226,300	*,e	Latam Airlines Group S.A. (ADR)		3,037
	157,471		Localiza Rent A Car		2,597
	66,600	*	Log-in Logistica Intermodal S.A.		206
	871,317	e	Macquarie Atlas Roads Group		2,687
	686,169		Malaysia Airports Holdings BHD		1,705
	9,180,300	*	Malaysian Airline System BHD		572
	339,300		Malaysian Bulk Carriers BHD		187
	82,878		Marten Transport Ltd		1,852
	68,000		Maruzen Showa Unyu Co Ltd		235
	242,155		Matson, Inc		6,499
	354,940		Mermaid Marine Australia Ltd		690
	2,685,400		MISC BHD		5,436
	13,349		Mitsubishi Logistics Corp		200
	1,075,358		Mitsui OSK Lines Ltd		4,006
	380,610		Mitsui-Soko Co Ltd		1,718
	1,354,108		MTR Corp		5,215
	1,231,097		Mundra Port and Special Economic Zone Ltd		4,989
	540,000	*,e	Nagoya Railroad Co Ltd		2,154
	82,500		Namyong Terminal PCL		44
	611,362		National Express Group plc		2,738
	289,101		Navios Maritime Holdings, Inc		2,926
	1,221,718	*,e	Neptune Orient Lines Ltd		931
	147,641		Nippon Express Co Ltd		716
	83,800		Nippon Konpo Unyu Soko Co Ltd		1,452
	2,694,669		Nippon Yusen Kabushiki Kaisha		7,773
	152,000		Nissin Corp		455
	493,400		Nok Airlines PCL		260
	1,132,107		Norfolk Southern Corp		116,641

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	212,545		Northgate plc	$	1,908
	31,311	*,e	Norwegian Air Shuttle AS		1,027
	73,942	e	Odakyu Electric Railway Co Ltd		712
	58,262		Oesterreichische Post AG.		2,894
	1,975,000	*,e	OHL Mexico SAB de CV		6,060
	395,595	*	Old Dominion Freight Line		25,191
	259,500	e	Orient Overseas International Ltd		1,271
	2,203,290		Pacific Basin Shipping Ltd		1,370
	13,627	*	PAM Transportation Services, Inc		381
	25,929	e	Panalpina Welttransport Holding AG.		4,102
	28,707		Park-Ohio Holdings Corp		1,668
	26,766	*,e	Patriot Transportation Holding, Inc		936
	9,471		Piraeus Port Authority		238
	602,300		Pos Malaysia & Services Holdings BHD		1,003
	550,600		Precious Shipping PCL		414
	832,032	*	Prumo Logistica S.A.		407
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	6,069,500		PT Cardig Aero Services Tbk		484
	9,680,800		PT Express Transindo Utama Tbk		1,037
	10,917,257	*	PT Garuda Indonesia Tbk		389
	2,173,100		PT Jasa Marga Tbk		1,096
	10,284,300	*	PT Nusantara Infrastructure Tbk		186
	7,139,000	*,m	PT Trada Maritime Tbk		833
	1,204,801	*	Qantas Airways Ltd		1,433
	2,025,728		QR National Ltd		9,512
	162,053	*	Quality Distribution, Inc		2,408
	950,825	e	Qube Logistics Holdings Ltd		2,043
	274,478	*	Republic Airways Holdings, Inc		2,975
	99,111	*	Roadrunner Transportation Services Holdings, Inc		2,785
	2,180,248	*	Royal Mail plc		18,606
	44,959	*	Ryanair Holdings plc		427
	282,639	*	Ryanair Holdings plc (ADR)		15,771
	378,645		Ryder System, Inc		33,355
	140,266		Safe Bulkers, Inc		1,369
	445,000		Sagami Railway Co Ltd		1,714
	86,794	*	Saia, Inc		3,813
	96	*,m	SAir Group		0	^
	278,000	*	Sankyu, Inc		1,408
	69,400		Santos Brasil Participacoes S.A.		612
	184,067	*,e	SAS AB		346
	13,108		SAVE S.p.A.		230
	564,670	*	Scorpio Bulkers, Inc		5,026
	7,680		Sebang Co Ltd		152
	483,287	*	Seino Holdings Corp		5,489
	274,000	e	Senko Co Ltd		1,435
	355,944		Shanghai Jinjiang International Investment Holdings Co		321
	141,400	m	Shenzhen Chiwan Petroleum		294
	259,100		Shenzhen Chiwan Wharf Holdings Ltd		371
	1,836,000		Shenzhen Expressway Co Ltd		976
	1,845,014	e	Shenzhen International Holdings Ltd		2,271
	58,000		Shibusawa Warehouse Co Ltd		207
	388,006		Shih Wei Navigation Co Ltd		262

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	394,000	*	Shinwa Kaiun Kaisha Ltd	$	993
	1,871,097	*	Shun TAK Holdings Ltd		949
	2,432,000		Sichuan Expressway Co Ltd		778
	480,000		Sincere Navigation		422
	187,590		Singapore Airlines Ltd		1,561
	788,000		Singapore Airport Terminal Services Ltd		1,985
	3,215,419		Singapore Post Ltd		4,474
	4,103,000		Sinotrans Ltd		2,663
	2,700,000	*	Sinotrans Shipping Ltd		773
	2,734,000		SITC International Co Ltd		1,119
	39,187		Sixt AG.		1,593
	43,243		Sixt AG. (Preference)		1,410
	38,727	*	Skymark Airlines, Inc		109
	194,852		Skywest, Inc		2,381
	979,000	e	SMRT Corp Ltd		1,217
	11,790,780		Sociedad Matriz SAAM S.A.		977
	79,483		Societa Iniziative Autostradali e Servizi S.p.A.		1,020
	3,101,781		Southwest Airlines Co		83,314
	222,931	*	Spirit Airlines, Inc		14,098
	990,579		Stagecoach Group plc		6,372
	390,041	e	Stobart Group Ltd		909
	32,037		Stolt-Nielsen S.A.		783
	77,400	e	Student Transportation, Inc		512
	157,767		Sumitomo Warehouse Co Ltd		901
	306,502	*	Swift Transportation Co, Inc		7,733
	1,311,628		Sydney Airport		5,219
	328,000		T.Join Transportation Co		445
	214,000		Taiwan Navigation Co Ltd		158
	672,225		TAV Havalimanlari Holding AS		5,346
	46,100		Tegma Gestao Logistica		438
	1,418,500	*	Thai Airways International PCL		647
	126,854	*	Thoresen Thai Agencies PCL		80
	237,800	*	Tianjin Marine Shipping Co Ltd		68
	5,568,000		Tianjin Port Development Holdings Ltd		876
	696,000	*,e	Tiger Airways Holdings Ltd		254
	698,890		TNT Express NV		6,323
	524,566	*	TNT NV		2,477
	552,629		Tobu Railway Co Ltd		2,894
	1,723,058		Tokyu Corp		12,221
	565,199		Toll Holdings Ltd		2,720
	96,500		TPI-Triunfo Participacoes e Investimentos S.A.		312
	7,300		Trancom Co Ltd		287
	208,000		Transasia Airways Corp		81
	483,449	e	TransForce, Inc		11,132
	1,277,795		Transurban Group		8,904
	235,886		Trencor Ltd		1,771
	1,303,442	*	Turk Hava Yollari		3,997
	2,361,682	*	UAL Corp		96,994
	73,249	*,e	Ultrapetrol Bahamas Ltd		218
	371,800		U-Ming Marine Transport Corp		628
	5,836,405		Union Pacific Corp		582,181
	2,415,684		United Parcel Service, Inc (Class B)		247,994

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,272		Universal Truckload Services, Inc	$	818
	22,949	*	USA Truck, Inc		427
	628,558	e	UTI Worldwide, Inc		6,499
	1,220,317	*	Virgin Australia Holdings Ltd		495
	67,336	*,m	Virgin Australia Int Holdings		0	^
	23,321		VTG AG.		519
	1,366,357		Wan Hai Lines Ltd		700
	161,161		Werner Enterprises, Inc		4,272
	187,708	*	Wesco Aircraft Holdings, Inc		3,747
	372,341		West Japan Railway Co		16,402
	148,100	e	Westshore Terminals Investment Corp		4,526
	83,759		Wilh. Wilhelmsen ASA		717
	441,927		Wisdom Marine Lines Co Ltd		554
	6,934,000		Xiamen International Port Co Ltd		1,038
	189,068	*,e	XPO Logistics, Inc		5,411
	82,031		Yamato Transport Co Ltd		1,700
	1,067,515	*	Yang Ming Marine Transport		429
	143,123	*,e	YRC Worldwide, Inc		4,023
	52,900		Yusen Air & Sea Service Co Ltd		603
	4,311,400		Zhejiang Expressway Co Ltd		4,367
			TOTAL TRANSPORTATION		3,586,467
UTILITIES - 2.9%
	1,420,506		A2A S.p.A.		1,636
	7,952	*,e	Abengoa Yield plc		301
	1,931,631		Aboitiz Power Corp		1,623
	31,516	e	Acciona S.A.		2,818
	82,858		ACEA S.p.A.		1,214
	78,161		Actelios S.p.A.		139
	1,087,276		AES Corp		16,907
	2,956,050		AES Gener S.A.		1,533
	115,444		AES Tiete S.A.		1,016
	348,364	*,m	AET&D Holdings No 1  Ptd Ltd		0	^
	745,591		AGL Energy Ltd		10,891
	340,829		AGL Resources, Inc		18,756
	2,828,773		Aguas Andinas S.A.		1,782
	275,162	*	Akenerji Elektrik Uretim AS		151
	217,698	*	Aksa Enerji Uretim AS		288
	197,025	e	Algonquin Power & Utilities Corp		1,520
	158,523	e	Allete, Inc		8,140
	293,689		Alliant Energy Corp		17,874
	115,300		Alupar Investimento S.A.		845
	228,655		Ameren Corp		9,347
	1,656,358		American Electric Power Co, Inc		92,375
	213,686		American States Water Co		7,101
	965,543		American Water Works Co, Inc		47,746
	565,718	e	APA Group		3,679
	159,260		Aqua America, Inc		4,176
	31,662		Artesian Resources Corp		712
	266,048		Ascopiave S.p.A.		729
	142,908		Atco Ltd		6,927
	47,404		Athens Water Supply & Sewage Co S.A.		610

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	452,932	e	Atlantic Power Corp	$	1,857
	142,834	e	Atlantic Power Corp (Toronto)		584
	401,374		Atmos Energy Corp		21,433
	228,760		Avista Corp		7,668
	5,652,000	e	Beijing Enterprises Water Group Ltd		3,779
	3,396,000		Binhai Investment Co Ltd		206
	27,565		BKW S.A.		1,016
	164,346		Black Hills Corp		10,089
	30,295		Boralex, Inc		385
	213,078		California Water Service Group		5,156
	5,191,459	*	Calpine Corp		123,609
	228,534	e	Canadian Utilities Ltd		8,567
	168,300	e	Capital Power Corp		4,159
	3,635,507		Centerpoint Energy, Inc		92,851
	321,341		Centrais Eletricas Brasileiras S.A.		929
	272,324		Centrais Eletricas Brasileiras S.A. (Preference)		1,294
	16,900		Centrais Eletricas de Santa Catarina S.A.		119
	3,012,952		Centrica plc		16,100
	100,916	*	CESC Ltd		1,187
	202,724	e	CEZ AS		6,118
	35,982		Chesapeake Utilities Corp		2,567
	864,344		Cheung Kong Infrastructure Holdings Ltd		5,971
	3,390,000	e	China Datang Corp Renewable Power Co Ltd		429
	7,962,100		China Gas Holdings Ltd		16,521
	3,786,500	e	China Longyuan Power Group Corp		4,110
	79,476	*,m	China New City Commercial Development Ltd		13
	5,620,000	e	China Oil and Gas Group Ltd		1,037
	7,777,000	e	China Power International Development Ltd		3,075
	8,540,000	*,e	China Power New Energy Development Co Ltd		530
	1,212,800		China Resources Gas Group Ltd		3,824
	5,374,899		China Resources Power Holdings Co		15,283
	436,500	*	China Tian Lun Gas Holdings Ltd		521
	2,030,000		China Water Affairs Group Ltd		710
	525,540	*	Chubu Electric Power Co, Inc		6,527
	239,156		Chugoku Electric Power Co, Inc		3,259
	389,519		Cia de Saneamento Basico do Estado de Sao Paulo		4,152
	68,000		Cia de Saneamento de Minas Gerais-COPASA		1,246
	1,488,318		Cia Energetica de Minas Gerais		10,872
	217,071		Cia Energetica de Sao Paulo (Class B)		2,731
	22,804		Cia Energetica do Ceara		360
	420,819		Cia Paranaense de Energia		6,453
	226,208		Cleco Corp		13,335
	2,193,359	e	CLP Holdings Ltd		18,018
	1,092,129		CMS Energy Corp		34,020
	10,273,204		Colbun S.A.		2,578
	41,961		Connecticut Water Service, Inc		1,421
	208,600		Consolidated Edison, Inc		12,045
	2,668,398	e	Contact Energy Ltd		12,394
	275,340		CPFL Energia S.A.		2,533
	634,000	e	CT Environmental Group Ltd		462
	6,658,900		Datang International Power Generation Co Ltd		2,603
	2,002,442		Dominion Resources, Inc		143,215

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	522,930		Drax Group plc	$	5,725
	438,073		DTE Energy Co		34,113
	4,134,207	e	DUET Group		9,424
	2,592,551		Duke Energy Corp		192,341
	376,803	*	Dynegy, Inc		13,113
	2,745,774		E.ON AG.		56,606
	4,370		E1 Corp		294
	268,200		Eastern Water Resources Development and Management PCL		93
	1,612,117		Edison International		93,680
	660,601		EDP - Energias do Brasil S.A.		3,244
	153,669		El Paso Electric Co		6,179
	176,461		Electric Power Development Co		5,726
	556,029		Electricite de France		17,508
	58,743		Elia System Operator S.A.		2,967
	189,292	e	Empire District Electric Co		4,861
	569,579		Empresa Electrica del Norte Grande S.A.		757
	3,939,420		Empresa Nacional de Electricidad S.A.		5,912
	141,208	e	Enagas		4,545
	911,680		Endesa S.A.		35,252
	238,259		Enea S.A.		1,239
	1,328,864		Enel Green Power S.p.A		3,761
	10,902,991	e	Enel S.p.A.		63,419
	16,400	*,e	Eneres Co Ltd		277
	1,048,237		Energa S.A.		7,138
	3,396,050		Energias de Portugal S.A.		17,040
	1,024,060	*	Energy World Corp Ltd		310
	42,579,173		Enersis S.A.		14,383
	465,526	*	Eneva S.A.		259
	498,449		Entergy Corp		40,918
	2,857,675		Envestra Ltd		3,661
	285,030		Equatorial Energia S.A.		3,243
	128,520		ERM Power Ltd		220
	41,535		EVN AG.		608
	6,008,377	e	Exelon Corp		219,186
	3,984,400		First Gen Corp		1,982
	645,510		First Philippine Holdings Corp		1,125
	884,249		FirstEnergy Corp		30,701
	210,079	e	Fortis, Inc		6,393
	437,458		Fortum Oyj		11,747
	509,095		GAIL India Ltd		3,918
	861,800		Gas Malaysia BHD		977
	1,285,082	e	Gas Natural SDG S.A.		40,600
	3,915,803		Gaz de France		107,886
	657,000		Glow Energy PCL (Foreign)		1,691
	108,080		Great Plains Energy, Inc		2,904
	140,000		Great Taipei Gas Co Ltd		117
	8,843,100		Guangdong Investments Ltd		10,213
	61,307		Gujarat Gas Co Ltd		423
	194,239		Gujarat State Petronet Ltd		292
	26,120		Hanjin Heavy Industries & Construction Holdings Co Ltd		271
	69,012	e	Hawaiian Electric Industries, Inc		1,747

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,508,470	e	Hera S.p.A.	$	4,296
	280,900	*,e	Hokkaido Electric Power Co, Inc		2,168
	404,890		Hokuriku Electric Power Co		5,368
	5,182,903		Hong Kong & China Gas Ltd		11,342
	2,175,819		Hong Kong Electric Holdings Ltd		19,045
	1,137,130	*	Huadian Energy Co Ltd		338
	9,722,000	e	Huadian Fuxin Energy Corp Ltd		5,094
	7,276,000	e	Huadian Power International Co		4,406
	11,188,200		Huaneng Power International, Inc		12,653
	12,574,000		Huaneng Renewables Corp Ltd		4,153
	681,000	e	Hyflux Ltd		645
	5,669,318		Iberdrola S.A.		43,368
	188,860		Idacorp, Inc		10,922
	15,894	*	IDGC Holding JSC (GDR)		51
	71,572	*	Indiabulls Infrastructure and Power Ltd		8
	63,672	*	Indraprastha Gas Ltd		380
	115,371	*	Infinis Energy plc		454
	1,828,612		Infratil Ltd		3,916
	201,023	e	Innergex Renewable Energy, Inc		2,036
	82,988		Integrys Energy Group, Inc		5,903
	648,460	*	Interconexion Electrica S.A.		3,167
	968,227		Inversiones Aguas Metropolitanas S.A.		1,564
	554,950	e	Iride S.p.A.		856
	913,173		Isagen S.A. ESP		1,508
	204,993		ITC Holdings Corp		7,478
	978,273	*	Jaiprakash Power Ventures Ltd		391
	82,190	*,m	Jinmao Investments and Jinmao China Investments Holdings Ltd		60
	131,425	e	Just Energy Income Fund		756
	20,000	*	K&O Energy Group, Inc		297
	1,660,504	*	Kansai Electric Power Co, Inc		15,652
	4,394		Korea District Heating Corp		287
	307,652		Korea Electric Power Corp		11,326
	29,186		Korea Gas Corp		1,594
	3,902		KyungDong City Gas Co Ltd		454
	330,405	*	Kyushu Electric Power Co, Inc		3,720
	126,361		Laclede Group, Inc		6,135
	235,400		Light S.A.		2,297
	189,571	e	Macquarie Power & Infrastructure Income Fund		755
	1,242,200		Manila Water Co, Inc		726
	590,993		MDU Resources Group, Inc		20,744
	1,411,303		Meridian Energy Ltd		1,532
	141,201		MGE Energy, Inc		5,579
	63,027		Middlesex Water Co		1,335
	1,478,185		Mighty River Power Ltd		2,900
	239,904		National Fuel Gas Co		18,784
	5,454,990		National Grid plc		78,534
	198,011		New Jersey Resources Corp		11,318
	2,290,709		NextEra Energy, Inc		234,752
	528,213		NiSource, Inc		20,780
	616,057		Northeast Utilities		29,121
	132,959	e	Northland Power Income Fund		2,272

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	104,321	e	Northwest Natural Gas Co	$	4,919
	147,981		NorthWestern Corp		7,723
	2,971,871		NRG Energy, Inc		110,554
	326,704	e	NRG Yield, Inc		17,005
	2,240,070		NTPC Ltd		5,821
	755,261		OGE Energy Corp		29,516
	127,000		Okinawa Electric Power Co, Inc		4,529
	207,218	*	ONE Gas, Inc		7,822
	61,671	e	Ormat Technologies, Inc		1,778
	4,634,440		Osaka Gas Co Ltd		19,473
	134,810	e	Otter Tail Corp		4,083
	118,359		Pattern Energy Group, Inc		3,919
	735,566		Pennon Group plc		9,887
	184,626		Pepco Holdings, Inc		5,074
	1,378,600		Petronas Gas BHD		10,524
	1,318,338		PG&E Corp		63,307
	342,881		Piedmont Natural Gas Co, Inc		12,827
	243,431		Pinnacle West Capital Corp		14,080
	298,296		PNM Resources, Inc		8,749
	9,007,750		PNOC Energy Development Corp		1,302
	1,789,861		Polska Grupa Energetyczna S.A.		12,751
	289,762	e	Portland General Electric Co		10,046
	2,456,129		Power Grid Corp of India Ltd		5,691
	2,403,498		PPL Corp		85,396
	22,981,700		PT Perusahaan Gas Negara		10,801
	465,562	*	PTC India Ltd		732
	265,644		Public Power Corp		4,104
	1,576,259		Public Service Enterprise Group, Inc		64,296
	266,200		Puncak Niaga Holding BHD		277
	34,067	*	Qatar Electricity & Water Co		1,618
	266,395		Questar Corp		6,607
	76,283	e	Red Electrica de Espana		6,973
	343,986		Redes Energeticas Nacionais S.A.		1,267
	131,006	*	Reliance Energy Ltd		1,687
	677,821	*	Reliance Power Ltd		1,222
	36,795		Rubis		2,347
	1,492,340	e	RusHydro (ADR)		2,852
	557,645		RWE AG.		23,916
	551		RWE AG. (Preference)		18
	6,832		Samchully Co Ltd		1,040
	178,227		SCANA Corp		9,590
	189,514		Scottish & Southern Energy plc		5,077
	39,478		Sechilienne-Sidec		1,005
	1,801,941		Sempra Energy		188,681
	402,314		Severn Trent plc		13,300
	120,278	*	Shikoku Electric Power Co, Inc		1,677
	127,900		Shizuoka Gas Co Ltd		877
	64,428		SJW Corp		1,752
	4,440,578		Snam Rete Gas S.p.A.		26,745
	340,000	*,e	Sound Global Ltd		319
	122,312		South Jersey Industries, Inc		7,389
	786,952		Southern Co		35,712

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	175,864		Southwest Gas Corp	$	9,284
	2,101,730		SP AusNet		2,627
	1,584,296		Spark Infrastructure Group		2,769
	426,900	*	SPCG PCL		352
	983,865		Suez Environnement S.A.		18,821
	301,434	e	Superior Plus Corp		4,009
	975,450		Taiwan Cogeneration Corp		717
	1,648,562		Tata Power Co Ltd		2,958
	2,269,029	*	Tauron Polska Energia S.A.		3,863
	153,481	e	TECO Energy, Inc		2,836
	85,702		Telecom Plus plc		1,961
	3,481,218		Tenaga Nasional BHD		13,225
	81,949		Terna Energy S.A.		446
	161,477		Terna Rete Elettrica Nazionale S.p.A.		851
	2,373,200		Thai Tap Water Supply PCL		791
	900,000		Tianjin Jinran Public Utilities Co Ltd		151
	346,223	e	Toho Gas Co Ltd		1,902
	736,232	*	Tohoku Electric Power Co, Inc		8,616
	1,447,509	*	Tokyo Electric Power Co, Inc		6,017
	5,470,967		Tokyo Gas Co Ltd		31,958
	158,523		Torrent Power Ltd		421
	2,002,000	*	Towngas China Co Ltd		2,357
	185,120		Tractebel Energia S.A.		2,765
	371,515	e	TransAlta Corp		4,554
	49,300		TransAlta Renewables, Inc		540
	106,800		Transmissora Alianca de Energia Eletrica S.A.		962
	503,962		UGI Corp		25,450
	256,610		UIL Holdings Corp		9,933
	699,482		United Utilities Group plc		10,555
	62,150		Unitil Corp		2,103
	157,035		UNS Energy Corp		9,486
	17,878		VA Tech Wabag Ltd		389
	44,100	e	Valener, Inc		653
	200,306		Vectren Corp		8,513
	1,178,197	*	Veolia Environnement		22,445
	361,842	e	Westar Energy, Inc		13,819
	194,935		WGL Holdings, Inc		8,402
	258,054	e	Wisconsin Energy Corp		12,108
	1,167,965		Xcel Energy, Inc		37,643
	1,501,800	e	Xinao Gas Holdings Ltd		10,784
	4,770		YESCO Co Ltd		177
	43,930		York Water Co		915
	9,195,582		YTL Corp BHD		4,643
	3,465,133	*	YTL Power International BHD		1,586
	16,000		Zespol Elektrowni Patnow Adamow Konin S.A.		137
	538,737	*	Zorlu Enerji Elektrik Uretim AS		293
			TOTAL UTILITIES		3,799,410
			TOTAL COMMON STOCKS		128,487,721
			(Cost $106,695,991)

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
PURCHASED OPTIONS - 0.0%
FOOD & STAPLES RETAILING - 0.0%
	4,000		Walgreen Co	$	5
			TOTAL FOOD & STAPLES RETAILING		5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	400		First Solar, Inc		1
	3,000		Micron Technology, Inc		5
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		6
			TOTAL PURCHASED OPTIONS		11
			(Cost $12)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	5,009,427	*	ITAUSA Investimentos Itau PR		19,702
			TOTAL BANKS		19,702
CAPITAL GOODS - 0.0%
	13,633		Villeroy & Boch AG		270
			TOTAL CAPITAL GOODS		270
DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2		1,607
			TOTAL DIVERSIFIED FINANCIALS		1,607
MEDIA - 0.0%
	10,281,201	*	Zee Entertainment Enterprises Ltd		130
			TOTAL MEDIA		130
REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		20
			TOTAL REAL ESTATE		20
			TOTAL PREFERRED STOCKS		21,729
			(Cost $24,732)
RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	13,932		Peugeot S.A.		31
			TOTAL AUTOMOBILES & COMPONENTS		31
BANKS - 0.0%
	414,882	e	Banca Popolare dell’Emilia Romagna SC		354
	196,384	e,m	Banca Popolare di Sondrio SCARL		0	^
	95,214		Banco Panamericano S.A.		1
	81,097	m	BS Financial Group, Inc		105
	2,150,678		Piraeus Bank S.A.		2,886
	282,316		Public Bank BHD		484
			TOTAL BANKS		3,830
CAPITAL GOODS - 0.0%
	6,428	m	Jusung Engineering Co Ltd		1
	82,398	m	Mota-Engil Africa		45
			TOTAL CAPITAL GOODS		46

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 0.0%
	375,999		TIH Ltd	$	8
			TOTAL DIVERSIFIED FINANCIALS		8
ENERGY - 0.0%
	64,082	m	Magnum Hunter Resources Corp		0	^
	2,186,391		Repsol S.A.		1,488
			TOTAL ENERGY		1,488
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	197,908	*	Community Health Systems, Inc		13
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		13
MATERIALS - 0.0%
	424,684	e	Acerinox S.A.		258
	121,569		Empresas CMPC S.A.		26
	1,558	*	Kinross Gold Corp		0	^
			TOTAL MATERIALS		284
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	13,858		Cubist Pharmaceuticals, Inc		2
	925,543	e	Paion AG.		158
	228,016	m	Trius Therapeutics, Inc		30
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		190
REAL ESTATE - 0.0%
	14,104		Africa Israel Investments Ltd		1
	4,761,352	m	BGP Holdings plc		0	^
	595,188	e,m	Citycon Oyj		3
	259,050	e	Sun Hung Kai Properties Ltd		338
	555		Tejon Ranch Co		2
			TOTAL REAL ESTATE		344
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	186,140	e	SOITEC		51
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		51
SOFTWARE & SERVICES - 0.0%
	52,450		B2W Cia Digital		46
			TOTAL SOFTWARE & SERVICES		46
TELECOMMUNICATION SERVICES - 0.0%
	321,587	m	HKT Trust and HKT Ltd		95
	196,024	m	Leap Wireless International, Inc		494
			TOTAL TELECOMMUNICATION SERVICES		589
TRANSPORTATION - 0.0%
	2,113,569	m	Cia Sud Americana de Vapores S.A.		0	^

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	RATE			MATURITY DATE	VALUE (000)
3,962		m	Gol Linhas Aereas Inteligentes S.A.					$	0	^
			TOTAL TRANSPORTATION						0	^
			TOTAL RIGHTS / WARRANTS						6,920
			(Cost $4,094)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.4%
GOVERNMENT AGENCY DEBT - 0.1%
$	20,000,000		Federal Home Loan Bank (FHLB)		0.065	%	07/31/14		19,999
	89,300,000		FHLB		0.075		09/19/14		89,292
	12,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.090		09/24/14		11,999
			TOTAL GOVERNMENT AGENCY DEBT						121,290
TREASURY DEBT - 0.4%
	4,000,000		United States Treasury Bill		0.101-0.103		07/24/14		4,000
	2,700,000		United States Treasury Bill		0.065		08/14/14		2,700
	3,000,000		United States Treasury Bill		0.060		08/21/14		3,000
	100,000,000		United States Treasury Bill		0.041		11/06/14		99,984
	14,000,000		United States Treasury Bill		0.056		12/18/14		13,997
	91,000,000		United States Treasury Bill		0.095		05/28/15		90,922
	169,000,000		United States Treasury Bill		0.096-0.101		06/25/15		168,823
	98,000,000		United States Treasury Note		2.125		05/31/15		99,776
			TOTAL TREASURY DEBT						483,202
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.9%
CERTIFICATE OF DEPOSIT - 0.6%
	275,000,000		Bank of Montreal		0.030		07/01/14		275,000
	275,000,000		CIBC Bank and Trust Co		0.010		07/01/14		275,000
	275,000,000		National Australia Bank Ltd		0.030		07/01/14		275,000
			TOTAL CERTIFICATE OF DEPOSIT						825,000
REPURCHASE AGREEMENT - 2.9%
	500,000,000	n	Barclays		0.070		07/01/14		500,000
	150,000,000	o	Barclays		0.060		07/03/14		150,000
	175,000,000	p	BNP		0.050		07/01/14		175,000
	90,000,000	q	BNP		0.070		07/01/14		90,000
	235,000,000	r	Calyon		0.070		07/01/14		235,000
	422,000,000	s	Calyon		0.080		07/01/14		422,000
	50,000,000	t	CSFB		0.060		07/01/14		50,000
	700,000,000	u	HSBC		0.060		07/03/14		700,000
	65,000,000	v	JP Morgan Chase		0.090		07/01/14		65,000
	200,000,000	w	Merrill Lynch		0.050		07/01/14		200,000
	100,000,000	x	Merrill Lynch		0.010		07/01/14		100,000
	1,000,000,000	y	Royal Bank of Scotland		0.060		07/02/14		1,000,000
	100,000,000	aa	Societe Generale		0.100		07/01/14		100,000
			TOTAL REPURCHASE AGREEMENT						3,787,000
TREASURY DEBT - 0.2%
	100,000,000		United States Treasury Bill		0.103-0.108		08/14/14		99,987
	100,000,000		United States Treasury Bill		0.079		09/25/14		99,993
			TOTAL TREASURY DEBT						199,980

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
VARIABLE RATE SECURITIES - 0.2%
$	9,357,349	i	Granite Master Issuer plc 2006		0.031	%	12/20/50	$	9,292
	7,398,834	i	Granite Master Issuer plc 2007		0.020		12/20/50		7,340
	4,450,870	i	Medallion Trust 2005		0.030		08/22/36		4,443
	1,061,067	i	Nelnet Student Loan Trust 2007		0.483		09/25/18		1,061
	7,881,250	i	Puma Finance Ltd		0.027		02/21/38		7,792
	170,000,000	i	SLM Student Loan Trust 2007		0.118		01/25/19		168,538
	13,935,258	i	SLM Student Loan Trust 2008		0.579		10/25/16		13,935
			TOTAL VARIABLE RATE SECURITIES						212,401
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,024,381
			TOTAL SHORT-TERM INVESTMENTS						5,628,873
			(Cost $5,629,833)
			TOTAL INVESTMENTS - 103.8%						134,146,066
			(Cost $112,355,501)
			OTHER ASSETS & LIABILITIES, NET - (3.8)%						(4,864,195	)
			NET ASSETS - 100.0%					$	129,281,871

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

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
b	In bankruptcy
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,741,726,000.
f	Restricted security. At 06/30/2014, the aggregate value of these securities amounted to $250,000 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 June 30, 2014 the aggregate value of these securities was $6,724,000, or 0.0% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
n	Agreement with Barclays, 0.07% dated 6/30/14 to be repurchased at $500,001,000 on 7/1/14, collateralized  by U.S. Government Agency Securities valued at $520,028,000.
o	Agreement with Barclays, 0.06% dated 6/30/14 to be repurchased at $150,002,000 on 7/3/14, collateralized by U.S. Government Agency Securities valued at $153,000,000.
p	Agreement with BNP, 0.05% dated 6/30/14 to be repurchased at $175,002,000 on 7/1/14, collateralized  by U.S. Government Agency Securities valued at $179,086,000.

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

q	Agreement with BNP, 0.07% dated 6/30/14 to be repurchased at $90,000,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $91,800,000.
r	Agreement with Calyon, 0.07% dated 6/30/14 to be repurchased at $235,000,000 on 7/1/14, collateralized  by U.S. Government Agency Securities valued at $239,700,000.
s	Agreement with Calyon, 0.08% dated 6/30/14 to be repurchased at $422,001,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $430,440,000.
t	Agreement with CSFB, 0.06% dated 6/30/14 to be repurchased at $50,530,000 on 7/1/14, collateralized  by U.S. Government Agency Securities valued at $51,003,000.
u	Agreement with HSBC, 0.06% dated 6/30/14 to be repurchased at $700,001,000 on 7/3/14, collateralized  by U.S. Government Agency Securities valued at $714,001,000.
v	Agreement with JP Morgan Chase, 0.09% dated 6/30/14 to be repurchased at $65,002,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $66,302,000.
w	Agreement with Merrill Lynch, 0.05% dated 6/30/14 to be repurchased at $200,000,000 on 7/1/14, collateralized  by U.S. Government Agency Securities valued at $204,000,000.
x	Agreement with Merrill Lynch, 0.01% dated 6/30/14 to be repurchased at $100,000,000 on 7/1/14, collateralized  by U.S. Government Agency Securities valued at $102,000,000.
y	Agreement with Royal Bank of Scotland, 0.06% dated 6/30/14 to be repurchased at $1,000,004,000 on 7/2/14, collateralized  by U.S. Government Agency Securities valued at $1,020,005,000.
aa	Agreement with Societe Generale, 0.10% dated 6/30/14 to be repurchased at $100,000,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $102,000,000.
z	All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.
	Cost amounts are in thousands.

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)

June 30, 2014

	Value		% of total
Country	(000)		portfolio
DOMESTIC
UNITED STATES	$	94,542,106		70.6	%
TOTAL DOMESTIC		94,542,106		70.6
FOREIGN
AUSTRALIA		1,653,886		1.2
AUSTRIA		163,368		0.1
BAHAMAS		218		0.0
BELGIUM		277,815		0.2
BERMUDA		79,618		0.1
BRAZIL		845,825		0.6
CANADA		3,055,848		2.3
CAYMAN ISLANDS		3,260		0.0
CHILE		120,910		0.1
CHINA		1,554,484		1.2
COLOMBIA		85,400		0.1
CYPRUS		137		0.0
CZECH REPUBLIC		22,482		0.0
DENMARK		427,490		0.3
EGYPT		29,068		0.0
FAROE ISLANDS		975		0.0
FINLAND		285,194		0.2
FRANCE		3,057,410		2.3
GEORGIA		3,933		0.0
GERMANY		2,277,552		1.7
GIBRALTAR		1,351		0.0
GREECE		230,483		0.2
HONG KONG		992,084		0.7
HUNGARY		10,998		0.0
INDIA		743,845		0.6
INDONESIA		215,506		0.2
IRELAND		418,591		0.3
ISLE OF MAN		7,655		0.0
ISRAEL		142,863		0.1
ITALY		735,453		0.6
JAPAN		5,676,671		4.2
JERSEY, C.I.		23,126		0.0
KOREA, REPUBLIC OF		1,298,505		1.0
LUXEMBOURG		34,158		0.0
MACAU		24,608		0.0

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Value		% of total
Country	(000)		portfolio
MALAYSIA	$	299,033		0.2	%
MALTA		189		0.0
MEXICO		420,495		0.3
MONACO		4,784		0.0
NETHERLANDS		1,366,517		1.0
NEW ZEALAND		100,752		0.1
NORWAY		247,131		0.2
PANAMA		24,741		0.0
PERU		26,268		0.0
PHILIPPINES		121,953		0.1
POLAND		136,534		0.1
PORTUGAL		91,124		0.1
PUERTO RICO		15,848		0.0
QATAR		26,877		0.0
ROMANIA		1,073		0.0
RUSSIA		376,008		0.3
SINGAPORE		522,847		0.4
SOUTH AFRICA		606,647		0.5
SPAIN		604,688		0.5
SRI LANKA		1,858		0.0
SWEDEN		864,480		0.6
SWITZERLAND		2,333,630		1.7
TAIWAN		1,178,797		0.8
THAILAND		225,103		0.2
TURKEY		152,314		0.1
UKRAINE		808		0.0
UNITED ARAB EMIRATES		49,733		0.0
UNITED KINGDOM		5,298,177		3.9
VIETNAM		1,577		0.0
VIRGIN ISLANDS, U.S.		3,204		0.0
TOTAL FOREIGN		39,603,960		29.4
TOTAL PORTFOLIO	$	134,146,066		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2014

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.5%
AUSTRALIA - 2.1%
	159,111		AGL Energy Ltd	$	2,324
	50,682	e	ALS Ltd		423
	911,114	*	Alumina Ltd		1,164
	487,902		Amcor Ltd		4,799
	1,002,469		AMP Ltd		5,011
	108,889	e	APA Group		708
	247,435		Asciano Group		1,315
	1,204,794		Australia & New Zealand Banking Group Ltd		37,884
	56,292		Australian Stock Exchange Ltd		1,892
	45,640		Bank of Queensland Ltd		524
	55,987		Bendigo Bank Ltd		644
	2,180,002		BHP Billiton Ltd		74,348
	126,480	*	BlueScope Steel Ltd		648
	102,822		Boral Ltd		509
	423,174		Brambles Ltd		3,666
	17,737		Caltex Australia Ltd		361
	278,987	e	CFS Gandel Retail Trust		536
	1,000,000		Challenger Financial Services Group Ltd		7,015
	180,175		Coca-Cola Amatil Ltd		1,609
	7,567	e	Cochlear Ltd		441
	421,635		Commonwealth Bank of Australia		32,157
	147,074		Computershare Ltd		1,731
	411,960		Crown Ltd		5,872
	145,898		CSL Ltd		9,158
	799,457	e	David Jones Ltd		2,971
	679,381		DB RREEF Trust		711
	71,811		DuluxGroup Ltd		384
	5,686,080		Echo Entertainment Group Ltd		16,825
	184,209		Federation Centres		432
	77,153	e	Flight Centre Ltd		3,233
	204,539	e	Fortescue Metals Group Ltd		845
	224,106		GPT Group (ASE)		812
	68,235	e	Harvey Norman Holdings Ltd		199
	55,498		Iluka Resources Ltd		426
	313,731		Incitec Pivot Ltd		858
	654,459		Insurance Australia Group Ltd		3,605
	2,993,669		John Fairfax Holdings Ltd		2,552
	46,765	e	Leighton Holdings Ltd		868
	191,529		Lend Lease Corp Ltd		2,368
	228,050	e	Macquarie Goodman Group		1,086
	114,178		Macquarie Group Ltd		6,423
	115,921		Metcash Ltd		289
	1,158,521		Mirvac Group		1,950
	1,064,025		National Australia Bank Ltd		32,888

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	486,562	*	Newcrest Mining Ltd	$	4,887
	321,889		OneSteel Ltd		242
	115,770		Orica Ltd		2,126
	371,444		Origin Energy Ltd		5,120
	328,034		Orora Ltd		440
	72,671		Oxiana Ltd		280
	151,507	*	Qantas Airways Ltd		180
	462,976		QBE Insurance Group Ltd		4,742
	273,120		QR National Ltd		1,283
	17,286		Ramsay Health Care Ltd		742
	6,957		REA Group Ltd		280
	43,305	*	Recall Holdings Ltd		195
	197,015		Rio Tinto Ltd		11,053
	292,624		Santos Ltd		3,937
	3,728,175	*	Scentre Group		11,250
	42,776		Seek Ltd		640
	39,943		Shopping Centres Australasia Property Group		65
	49,953		Sonic Healthcare Ltd		817
	224,393		SP AusNet		281
	815,869	e	Stockland Trust Group		2,984
	454,356		Suncorp-Metway Ltd		5,802
	214,991		Sydney Airport		855
	98,305		Tabcorp Holdings Ltd		311
	186,259		Tattersall’s Ltd		574
	1,571,228		Telstra Corp Ltd		7,719
	252,363		Toll Holdings Ltd		1,215
	24,671		TPG Telecom Ltd		128
	411,641		Transurban Group		2,868
	84,680		Treasury Wine Estates Ltd		400
	372,015		Wesfarmers Ltd		14,680
	1,996,682		Westfield Corp		13,462
	749,066		Westpac Banking Corp		23,960
	214,748		Woodside Petroleum Ltd		8,326
	364,809		Woolworths Ltd		12,114
	41,574		WorleyParsons Ltd		682
			TOTAL AUSTRALIA		419,104
AUSTRIA - 0.2%
	102,870		Andritz AG.		5,944
	27,954		Erste Bank der Oesterreichischen Sparkassen AG.		904
	65,989	*,m	Immoeast AG.		0	^
	102,075		Immofinanz Immobilien Anlagen AG.		361
	170,000		Oesterreichische Post AG.		8,444
	15,415		OMV AG.		696
	524,183		Raiffeisen International Bank Holding AG.		16,711
	26,988		Telekom Austria AG.		264
	12,030	e	Voestalpine AG.		573
	4,012		Wiener Staedtische Allgemeine Versicherung AG.		215
			TOTAL AUSTRIA		34,112
BELGIUM - 0.6%
	23,739		Ageas		947

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	230,254		Anheuser-Busch InBev NV (ADR)	$	26,465
	31,925	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	534,721		Arseus NV		30,604
	15,900		Belgacom S.A.		528
	8,041		Colruyt S.A.		408
	10,966	e	Delhaize Group		742
	8,403		Groupe Bruxelles Lambert S.A.		873
	477	*,m	Groupe Bruxelles Lambert S.A. - (Strip VVPR)		0	^
	199,812		InBev NV		22,959
	26,523	*	KBC Groep NV		1,443
	6,287		Solvay S.A.		1,082
	5,629	*	Telenet Group Holding NV		321
	264,692		UCB S.A.		22,394
	11,934		Umicore		555
			TOTAL BELGIUM		109,321
BERMUDA - 0.0%
	55,000		Teekay Corp		3,424
			TOTAL BERMUDA		3,424
BRAZIL - 0.1%
	244,700		Cia Brasileira de Distribuicao Grupo Pao de Acucar		11,406
			TOTAL BRAZIL		11,406
CANADA - 3.9%
	30,620		Agnico-Eagle Mines Ltd		1,173
	36,497	e	Agrium, Inc (Toronto)		3,343
	898,458		Alimentation Couche Tard, Inc		24,612
	22,101	e	AltaGas Income Trust		1,017
	290,748	e	ARC Energy Trust		8,853
	33,306		Atco Ltd		1,614
	56,189	*	Athabasca Oil Corp		403
	249,000		Bank of Montreal (Toronto)		18,337
	410,253	e	Bank of Nova Scotia		27,351
	556,335		Barrick Gold Corp (Canada)		10,188
	76,542	e	Baytex Energy Trust		3,533
	195,095	e	BCE, Inc		8,849
	52,048	e	Bell Aliant Regional Communications Income Fund		1,360
	27,443	*,e	Blackberry Ltd (New)		281
	738,322	e	Bombardier, Inc		2,609
	166,344	e	Brookfield Asset Management, Inc		7,328
	146,322		CAE, Inc		1,914
	213,295	e	Cameco Corp (Toronto)		4,184
	157,427	e	Canadian Imperial Bank of Commerce/Canada		14,326
	695,802		Canadian National Railway Co		45,254
	636,686		Canadian Natural Resources Ltd (Canada)		29,255
	234,354	e	Canadian Oil Sands Trust		5,311
	126,466	e	Canadian Pacific Railway Ltd (Toronto)		22,911
	61,148		Canadian Tire Corp Ltd		5,866
	22,156		Canadian Utilities Ltd		831
	200,000	*	Canfor Corp		4,378
	390,000	*	Celestica, Inc		4,905

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	225,347		Cenovus Energy, Inc (Toronto)	$	7,305
	120,019	*	CGI Group, Inc		4,254
	47,026	e	CI Financial Corp		1,545
	111,411	e	Crescent Point Energy Corp		4,938
	196,482		Dollarama, Inc		16,176
	404,474		Eldorado Gold Corp		3,093
	8,620		Empire Co Ltd		586
	263,046	e	Enbridge, Inc		12,481
	321,695		EnCana Corp		7,621
	31,421	e	Enerplus Resources Fund		792
	4,184		Fairfax Financial Holdings Ltd		1,985
	107,694		Finning International, Inc		3,012
	47,007		First Capital Realty, Inc		820
	195,316		First Quantum Minerals Ltd		4,177
	58,182		Fortis, Inc		1,770
	81,060		Franco-Nevada Corp		4,653
	9,091		George Weston Ltd		671
	38,263		Gildan Activewear, Inc		2,254
	345,469		Goldcorp, Inc		9,642
	141,327	e	Great-West Lifeco, Inc		3,997
	86,215		H&R Real Estate Investment Trust		1,871
	162,535	e	Husky Energy, Inc		5,249
	53,893	e	IGM Financial, Inc		2,580
	132,775	e	Imperial Oil Ltd		6,997
	54,697	e	Industrial Alliance Insurance and Financial Services, Inc		2,397
	26,052	e	ING Canada, Inc		1,796
	53,251	e	Inter Pipeline Ltd		1,653
	100,675	e	Keyera Facilities Income Fund		7,417
	584,048	*	Kinross Gold Corp		2,419
	130,000		Linamar Corp		7,669
	45,664		Loblaw Cos Ltd		2,038
	92,405		Magna International, Inc (Class A)		9,947
	80,000		Magna International, Inc (Class A) (NY)		8,620
	622,734		Manulife Financial Corp		12,378
	24,621	*	MEG Energy Corp		897
	141,970		Methanex Corp		8,777
	121,255	e	Metro, Inc		7,497
	147,722	e	National Bank of Canada		6,266
	267,986	*	New Gold, Inc		1,700
	20,185		Onex Corp		1,249
	155,836		Open Text Corp		7,477
	91,856	e	Pembina Pipeline Income Fund		3,952
	129,845	e	Pengrowth Energy Trust		931
	107,743	e	Penn West Energy Trust		1,052
	620,130	e	Peyto Energy Trust		23,427
	342,564	e	Potash Corp of Saskatchewan (Toronto)		13,028
	180,273	e	Power Corp Of Canada		5,009
	120,115	e	Power Financial Corp		3,738
	88,495		RioCan Real Estate Investment Trust		2,265
	95,762	e	Rogers Communications, Inc (Class B)		3,854
	602,633		Royal Bank of Canada (Toronto)		43,080
	63,730		Saputo, Inc		3,818

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	82,517	e	Shaw Communications, Inc (B Shares)	$	2,116
	67,575		Silver Wheaton Corp		1,778
	26,557	e	SNC-Lavalin Group, Inc		1,397
	177,989		Sun Life Financial, Inc		6,542
	1,004,355		Suncor Energy, Inc		42,827
	726,458		Talisman Energy, Inc (Toronto)		7,680
	139,902		Teck Cominco Ltd		3,194
	110,707		TELUS Corp		4,126
	76,024		Tim Hortons, Inc (Toronto)		4,159
	1,429,523		Toronto-Dominion Bank		73,589
	259,139	*	Tourmaline Oil Corp		13,663
	155,212	e	TransAlta Corp		1,903
	430,404	e	TransCanada Corp		20,543
	360,365	e	TransForce, Inc		8,298
	362,872	*	Turquoise Hill Resources Ltd		1,214
	55,160	e	Vermilion Energy Trust		3,838
	180,000		Westjet Airlines Ltd		4,420
	131,076	e	Yamana Gold, Inc		1,079
			TOTAL CANADA		765,172
CHINA - 0.9%
	8,651	*,e	58.COM, Inc (ADR)		468
	2,712,000	e	Agile Property Holdings Ltd		1,911
	794,000		Agricultural Bank of China		350
	1,500,000	e	Anhui Conch Cement Co Ltd		5,145
	2,708,700		Bank of Communications Co Ltd		1,870
	2,312,853		BOC Hong Kong Holdings Ltd		6,700
	1,122,000		China Aoyuan Property Group Ltd		161
	14,266,800		China Everbright International Ltd		20,377
	4,100,000	e	China Medical System Holdings Ltd		5,020
	1,119,500		China Merchants Bank Co Ltd		2,207
	3,875,000	*,e	China Modern Dairy Holdings		1,522
	12,000,000		China Railway Group Ltd		5,866
	900	e	China South Locomotive and Rolling Stock Corp		1
	2,738,000		China State Construction International Holdings Ltd		4,802
	7,000,000	e	Chongqing Rural Commercial Bank		3,234
	203,000		CNOOC Ltd		365
	5,121,000	e	Dah Chong Hong Holdings Ltd		3,062
	5,142,000	e	Golden Eagle Retail Group Ltd		6,242
	1,450,000		Great Wall Motor Co Ltd		5,392
	2,250,000	e	Guangzhou R&F Properties Co Ltd		2,779
	10,000,000	e	Huadian Fuxin Energy Corp Ltd		5,240
	15,000,000		Huadian Power International Co		9,083
	16,910,000		Huaneng Renewables Corp Ltd		5,584
	8,556,000		Industrial & Commercial Bank of China		5,410
	619,163	*	JD.com, Inc (ADR)		17,652
	204,600	*,e	Jumei International Holding Ltd (ADR)		5,565
	12,008,500		KWG Property Holding Ltd		6,863
	1,471,000	e	Shanghai Fosun Pharmaceutical Group Co Ltd		5,485
	2,355,911		Sino-Ocean Land Holdings Ltd		1,195
	9,000,000		Sinotrans Ltd		5,841
	1,708,500		Tencent Holdings Ltd		25,991

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	950,000	e	Xinao Gas Holdings Ltd	$	6,822
	248,749	e	Yangzijiang Shipbuilding		216
	3,057,000	e	Yanlord Land Group Ltd		2,735
			TOTAL CHINA		181,156
COLOMBIA - 0.0%
	178,172		Pacific Rubiales Energy Corp (Toronto)		3,620
			TOTAL COLOMBIA		3,620
DENMARK - 0.6%
	291		AP Moller - Maersk AS (Class A)		685
	704		AP Moller - Maersk AS (Class B)		1,750
	11,218		Carlsberg AS (Class B)		1,208
	203,300		Christian Hansen Holding		8,562
	11,811		Coloplast AS		1,069
	69,994		Danske Bank AS		1,979
	19,390		DSV AS		632
	300,000		GN Store Nord		8,598
	80,000	e	H Lundbeck AS		1,969
	1,204,318		Novo Nordisk AS		55,583
	24,996		Novozymes AS		1,254
	86,809		Pandora AS		6,662
	785,497		TDC AS		8,125
	300,000	*	Topdanmark AS		9,129
	2,316		TrygVesta AS		234
	13,385	*	Vestas Wind Systems AS		675
	2,603	*	William Demant Holding		236
			TOTAL DENMARK		108,350
FINLAND - 0.4%
	14,493		Elisa Oyj (Series A)		443
	46,507		Fortum Oyj		1,249
	33,305		Kone Oyj (Class B)		1,389
	12,703		Metso Oyj		481
	13,287		Neste Oil Oyj		259
	1,630,000	*	Nokia Corp		12,323
	5,649,191	*,e	Nokia Oyj		42,746
	12,419		Nokian Renkaat Oyj		484
	406,416		OKO Bank (Class A)		8,848
	10,337		Orion Oyj (Class B)		385
	309,281		Sampo Oyj (A Shares)		15,635
	57,162		Stora Enso Oyj (R Shares)		556
	55,445		UPM-Kymmene Oyj		947
	17,202		Wartsila Oyj (B Shares)		853
			TOTAL FINLAND		86,598
FRANCE - 4.1%
	380,737		Accor S.A.		19,789
	3,107		Aeroports de Paris		410
	36,491		Air Liquide		4,931
	296,080	*	Alcatel S.A.		1,064
	594,900		Alcatel-Lucent (ADR)		2,118

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	318,986		Alstom RGPT	$	11,585
	6,406		Arkema		622
	280,612		Atos Origin S.A.		23,372
	190,751		AXA S.A.		4,558
	1,130,868		BNP Paribas		76,852
	281		Bollore		182
	179,942		Bouygues S.A.		7,487
	23,319		Bureau Veritas S.A.		648
	15,422		Cap Gemini S.A.		1,101
	64,826		Carrefour S.A.		2,390
	5,828		Casino Guichard Perrachon S.A.		773
	1	*	CGG (ADR)		0	^
	5,699		Christian Dior S.A.		1,135
	17,579		CNP Assurances		365
	513,458		Compagnie de Saint-Gobain		28,970
	7,370	*,e	Compagnie Generale de Geophysique S.A.		104
	106,244		Credit Agricole S.A.		1,500
	6,664		Dassault Systemes S.A.		857
	610,038		Edenred		18,499
	428,789		Electricite de France		13,502
	21,887		Essilor International S.A.		2,319
	3,746		Eurazeo		312
	796,082		European Aeronautic Defence and Space Co		53,376
	15,728		Eutelsat Communications		547
	586,229		Faurecia		22,121
	2,809		Fonciere Des Regions		305
	197,614		France Telecom S.A.		3,127
	678,301	*	GameLoft		6,261
	297,421		Gaz de France		8,194
	2,303		Gecina S.A.		336
	60,294		Groupe Danone		4,483
	55,155		Groupe Eurotunnel S.A.		746
	3,945	e	Icade		423
	2,764		Iliad S.A.		835
	3,678	e	Imerys S.A.		310
	735,546		JC Decaux S.A.		27,472
	10,939		Klepierre		557
	312,987	e	Lafarge S.A.		27,217
	12,485		Lagardere S.C.A.		407
	27,819		Legrand S.A.		1,704
	136,606		L’Oreal S.A.		23,521
	65,146		LVMH Moet Hennessy Louis Vuitton S.A.		12,571
	19,723		Michelin (C.G.D.E.) (Class B)		2,355
	98,460		Natixis		632
	22,683		Pernod-Ricard S.A.		2,725
	24,515	*	Peugeot S.A.		363
	8,047		PPR		1,765
	18,923		Publicis Groupe S.A.		1,604
	2,758		Remy Cointreau S.A.		254
	391,483		Renault S.A.		35,388
	1,241,816		Rexel S.A.		29,043
	28,278		Safran S.A.		1,851

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	673,656		Sanofi-Aventis	$	71,603
	56,610		Schneider Electric S.A.		5,338
	156,424		SCOR		5,386
	2,987		Societe BIC S.A.		409
	561,217		Societe Generale		29,432
	9,894		Sodexho Alliance S.A.		1,065
	289,622		Suez Environnement S.A.		5,540
	10,857		Technip S.A.		1,186
	314,852		Teleperformance		19,288
	69,705		Thales S.A.		4,215
	1,470,055		Total S.A.		106,358
	10,424		Unibail-Rodamco		3,033
	157,805		Valeo S.A.		21,173
	11,467		Vallourec		514
	41,237	*	Veolia Environnement		786
	50,621		Vinci S.A.		3,784
	1,196,059		Vivendi Universal S.A.		29,269
	3,378		Wendel		484
	18,512		Zodiac S.A.		627
			TOTAL FRANCE		805,428
GERMANY - 3.5%
	22,426		Adidas-Salomon AG.		2,268
	505,155		Allianz AG.		84,317
	4,290		Axel Springer AG.		264
	96,855		BASF AG.		11,266
	625,354		Bayer AG.		88,221
	120,392		Bayerische Motoren Werke AG.		15,245
	3,035		Bayerische Motoren Werke AG. (Preference)		291
	699,515		Beiersdorf AG.		67,605
	5,280		Brenntag AG.		943
	7,180	*	Celesio AG.		255
	103,397	*	Commerzbank AG.		1,621
	159,476		Continental AG.		36,873
	764,025		Daimler AG. (Registered)		71,371
	136,511		Deutsche Bank AG.		4,798
	20,311		Deutsche Boerse AG.		1,575
	23,630		Deutsche Lufthansa AG.		507
	1,552,484		Deutsche Post AG.		56,037
	318,844		Deutsche Telekom AG.		5,592
	30,958		Deutsche Wohnen AG.		667
	65,000		Duerr AG.		5,755
	200,679		E.ON AG.		4,137
	3,865		Fraport AG. Frankfurt Airport Services Worldwide		273
	180,000		Freenet AG.		5,716
	22,897		Fresenius Medical Care AG.		1,540
	13,325		Fresenius SE		1,987
	7,384		Fuchs Petrolub AG. (Preference)		333
	19,098		GEA Group AG.		903
	76,191		Hannover Rueckversicherung AG.		6,861
	15,048		HeidelbergCement AG.		1,282
	13,181		Henkel KGaA		1,326

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,079		Henkel KGaA (Preference)	$	2,204
	2,969		Hochtief AG.		257
	3,092		Hugo Boss AG.		462
	117,361		Infineon Technologies AG.		1,465
	18,418		K&S AG.		605
	2,437		Kabel Deutschland Holding AG.		357
	118,972		Lanxess AG.		8,024
	19,564		Linde AG.		4,157
	3,781		MAN AG.		467
	13,534		Merck KGaA		1,174
	15,282	*	Metro AG.		665
	101,156	*	Morphosys AG.		9,464
	49,053		Muenchener Rueckver AG.		10,863
	298,409	*	Osram Licht AG.		15,028
	16,280		Porsche AG.		1,693
	582,388	*	Premiere AG.		5,366
	687,463	e	ProSiebenSat. Media AG.		30,598
	190,028		RTL Group		21,092
	51,564		RWE AG.		2,211
	897		RWE AG. (Preference)		30
	115,597		SAP AG.		8,907
	307,102		Siemens AG.		40,548
	3,782	e	Suedzucker AG.		76
	30,745		Telefonica Deutschland Holding AG.		254
	48,625	*	ThyssenKrupp AG.		1,415
	12,383		United Internet AG.		544
	69,463		Volkswagen AG.		17,915
	14,962		Volkswagen AG. (Preference)		3,919
	300,046		Wirecard AG.		12,940
			TOTAL GERMANY		682,529
GREECE - 0.2%
	3,272,084	*	National Bank of Greece S.A.		11,900
	381,000		OPAP S.A.		6,774
	8,817,400	*	Piraeus Bank S.A.		19,529
			TOTAL GREECE		38,203
HONG KONG - 1.2%
	7,548,558		AIA Group Ltd		37,929
	30,918	e	ASM Pacific Technology		338
	167,863		Bank of East Asia Ltd		696
	154,431		Cathay Pacific Airways Ltd		289
	612,787		Cheung Kong Holdings Ltd		10,872
	79,723		Cheung Kong Infrastructure Holdings Ltd		551
	4,734,000		China Gas Holdings Ltd		9,823
	1,300,255	*	China New Town Development Co Ltd		81
	625,000		Chow Sang Sang Holding		1,564
	574,954		CLP Holdings Ltd		4,723
	1,370,331		Esprit Holdings Ltd		1,945
	309,463		First Pacific Co		345
	293,803	*	Galaxy Entertainment Group Ltd		2,348
	209,000	*	Glorious Property Holdings Ltd		29

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,811,517		Hang Lung Group Ltd	$	9,807
	5,677,803		Hang Lung Properties Ltd		17,509
	392,872		Hang Seng Bank Ltd		6,415
	448,545		Henderson Land Development Co Ltd		2,625
	296,933	e	HKT Trust and HKT Ltd		350
	2,281,751		Hong Kong & China Gas Ltd		4,993
	352,276		Hong Kong Electric Holdings Ltd		3,083
	277,746	e	Hong Kong Exchanges and Clearing Ltd		5,178
	26,000		Hopewell Holdings		91
	788,913		Hutchison Whampoa Ltd		10,790
	84,760		Hysan Development Co Ltd		397
	18,590,000	*	Intime Retail Group Co Ltd		16,305
	4,000,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		4,356
	7,250		Kerry Logistics Network Ltd		11
	1,561,948		Kerry Properties Ltd		5,460
	1,837,027		Li & Fung Ltd		2,721
	5,512,000		Lifestyle International Holdings Ltd		10,796
	306,968		Link REIT		1,653
	495,521		MTR Corp		1,908
	1,702,290		New World Development Co Ltd		1,938
	561,802		Noble Group Ltd		618
	197,347		NWS Holdings Ltd		366
	545,256		PCCW Ltd		325
	34,932,400	e	REXLot Holdings Ltd		4,106
	1,001,100		Samsonite International		3,300
	320,733		Sands China Ltd		2,421
	2,770,286	*	Shanghai Real Estate Ltd		80
	195,992		Shangri-La Asia Ltd		307
	3,000,000		Shimao Property Holdings Ltd		5,511
	396,122		Sino Land Co		652
	257,611		SJM Holdings Ltd		645
	1,308,873		Sun Hung Kai Properties Ltd		17,960
	182,628		Swire Pacific Ltd (Class A)		2,248
	221,200		Swire Properties Ltd		646
	111,402		Techtronic Industries Co		357
	1,808,701		Wharf Holdings Ltd		13,024
	121,334		Wheelock & Co Ltd		507
	4,500,000	e	Xinyi Glass Holdings Co Ltd		2,642
	96,912		Yue Yuen Industrial Holdings		324
			TOTAL HONG KONG		233,958
INDIA - 0.5%
	125,000		Coal India Ltd		801
	2,006,779	*	DEN Networks Ltd		7,976
	1,530,483	*	Dhanalakshmi Bank Ltd		1,403
	5,555,116		DLF Ltd		19,882
	110,200		Dr Reddy’s Laboratories Ltd		4,799
	383,004	*	Hathway Cables and Datacom Pvt Ltd		2,017
	350,000		HDFC Bank Ltd		4,785
	332,666		Housing Development Finance Corp		5,492
	35,000	*	ICICI Bank Ltd		826

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	38,021		ING Vysya Bank Ltd	$	411
	283,431		Jyothy Laboratories Ltd		809
	454,322		LIC Housing Finance Ltd		2,474
	410,000		Lupin Ltd		7,144
	6,000		MRF Ltd		2,356
	90,834		Prestige Estates Projects Ltd		346
	1,371,039		Puravankara Projects Ltd		2,531
	290,069		Reliance Industries Ltd		4,898
	80,000		State Bank of India Ltd		3,574
	800,000		Sun Pharmaceutical Industries Ltd		9,155
	813,513	*	Sunteck Realty Ltd		4,863
	17,158,227	*	Unitech Ltd		9,640
	540,230		Yes Bank Ltd		4,862
	3,190,700	*	Zee Entertainment Enterprises Ltd		3,164
			TOTAL INDIA		104,208
INDONESIA - 0.0%
	41,374,500		PT Express Transindo Utama Tbk		4,433
			TOTAL INDONESIA		4,433
IRELAND - 1.0%
	2,461,368	*	Bank of Ireland		831
	1,298,958		CRH plc		33,276
	6,125		CRH plc (Ireland)		157
	60,000		DCC plc		3,679
	4,032,262	*	Green REIT plc		6,791
	4,159,400	*	Hibernia REIT plc		6,322
	147,992	*,m	Irish Bank Resolution Corp Ltd		0	^
	58,647		James Hardie Industries NV		765
	325,851		Kerry Group plc (Class A)		24,473
	14,350	*	Ryanair Holdings plc		136
	472,595	*	Ryanair Holdings plc (ADR)		26,371
	991,075		Shire Ltd		77,743
	977,088		Smurfit Kappa Group plc		22,363
	75,453		XL Capital Ltd		2,470
			TOTAL IRELAND		205,377
ISLE OF MAN - 0.0%
	3,631,384	*	Unitech Corporate Parks plc		3,294
			TOTAL ISLE OF MAN		3,294
ISRAEL - 0.1%
	111,269		Bank Hapoalim Ltd		643
	139,412	*	Bank Leumi Le-Israel		543
	200,052		Bezeq Israeli Telecommunication Corp Ltd		374
	435		Delek Group Ltd		180
	46,892		Israel Chemicals Ltd		402
	290	*	Israel Corp Ltd		165
	14,072		Mizrahi Tefahot Bank Ltd		182
	6,552		Nice Systems Ltd		268
	221,615	e	Plus500 Ltd		1,738
	90,372		Teva Pharmaceutical Industries Ltd		4,747

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	195,146		Teva Pharmaceutical Industries Ltd (ADR)	$	10,230
			TOTAL ISRAEL		19,472
ITALY - 1.1%
	4,000,000		A2A S.p.A.		4,606
	300,000		Ansaldo STS S.p.A.		3,205
	124,828		Assicurazioni Generali S.p.A.		2,734
	41,066		Autostrade S.p.A.		1,170
	200,000		Azimut Holding S.p.A.		5,148
	13,398,735		Banca Intesa S.p.A.		41,340
	59,027		Banca Intesa S.p.A. RSP		157
	235,774	*,e	Banca Monte dei Paschi di Siena S.p.A		457
	92,180		Banche Popolari Unite Scpa		797
	22,033	*	Banco Popolare SC		362
	181,207		Enel Green Power S.p.A		513
	4,459,468	e	Enel S.p.A.		25,939
	653,570		ENI S.p.A.		17,875
	119,865		Exor S.p.A.		4,917
	94,596	*	Fiat S.p.A.		933
	43,666	*	Finmeccanica S.p.A.		415
	96,279		Fondiaria-Sai S.p.A		309
	499,373	e	GTECH S.p.A.		12,201
	396,455		Luxottica Group S.p.A.		22,957
	4,046,537	*	Mediaset S.p.A.		19,708
	2,632,783	*	Mediobanca S.p.A.		26,216
	600,000		Mediolanum S.p.A.		4,621
	17,934	e	Moncler S.p.A		297
	25,351		Pirelli & C S.p.A.		406
	22,246		Prysmian S.p.A.		502
	27,983	*	Saipem S.p.A.		754
	211,302		Snam Rete Gas S.p.A.		1,273
	646,044		Telecom Italia RSP		639
	1,064,108	*	Telecom Italia S.p.A.		1,347
	159,140		Terna Rete Elettrica Nazionale S.p.A.		838
	469,144		UniCredit S.p.A		3,923
	304,209	*	Yoox S.p.A		8,203
			TOTAL ITALY		214,762
JAPAN - 7.5%
	2,900		ABC-Mart, Inc		155
	45,800	*,e	Acom Co Ltd		218
	700		Activia Properties Inc		6,159
	2,090		Advance Residence Investment Corp		5,284
	17,343		Advantest Corp		215
	219,809		Aeon Co Ltd		2,705
	10,603		Aeon Credit Service Co Ltd		277
	12,800		Aeon Mall Co Ltd		337
	1,500		AEON REIT Investment Corp		1,972
	18,000		Air Water, Inc		288
	297,842		Aisin Seiki Co Ltd		11,856
	69,529		Ajinomoto Co, Inc		1,090
	4,957		Alfresa Holdings Corp		320

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	128,435	*,e	All Nippon Airways Co Ltd	$	303
	41,744		Amada Co Ltd		425
	2,633,848		Aozora Bank Ltd		8,660
	86,000	*,e	Aruze Corp		1,526
	205,807		Asahi Breweries Ltd		6,463
	118,773		Asahi Glass Co Ltd		700
	667,134		Asahi Kasei Corp		5,107
	18,400	*	Asics Corp		430
	897,700		Astellas Pharma, Inc		11,805
	37,105		Bank of Kyoto Ltd		338
	411,971		Bank of Yokohama Ltd		2,373
	8,153		Benesse Corp		354
	543,804		Bridgestone Corp		19,046
	27,585		Brother Industries Ltd		478
	48,500		Calbee, Inc		1,337
	260,797	e	Canon, Inc		8,523
	26,223		Casio Computer Co Ltd		381
	51,100		Central Japan Railway Co		7,294
	273,323		Chiba Bank Ltd		1,930
	123,100	*	Chiyoda Corp		1,492
	75,266	*	Chubu Electric Power Co, Inc		935
	81,158		Chugai Pharmaceutical Co Ltd		2,288
	18,600		Chugoku Bank Ltd		286
	34,753		Chugoku Electric Power Co, Inc		474
	31,342		Citizen Watch Co Ltd		246
	2,800	e	Coca-Cola West Japan Co Ltd		48
	18,555	*	Credit Saison Co Ltd		386
	1,200		Crescendo Investment Corp		1,032
	66,076		Dai Nippon Printing Co Ltd		690
	34,630		Daicel Chemical Industries Ltd		331
	32,698		Daido Steel Co Ltd		167
	262,290		Daihatsu Motor Co Ltd		4,668
	99,500		Dai-ichi Mutual Life Insurance Co		1,483
	76,997		Daiichi Sankyo Co Ltd		1,439
	83,246		Daikin Industries Ltd		5,254
	1,600,000		Dainippon Ink and Chemicals, Inc		4,266
	18,263		Dainippon Sumitomo Pharma Co Ltd		210
	18,511		Daito Trust Construction Co Ltd		2,177
	255,556		Daiwa House Industry Co Ltd		5,298
	507,300		Daiwa Securities Group, Inc		4,395
	12,500	*,e	Dena Co Ltd		169
	299,245		Denso Corp		14,295
	24,955		Dentsu, Inc		1,016
	6,400		Don Quijote Co Ltd		357
	174,852		East Japan Railway Co		13,777
	88,017		Eisai Co Ltd		3,694
	40,493		Electric Power Development Co		1,314
	6,944		FamilyMart Co Ltd		299
	22,343		Fanuc Ltd		3,858
	19,418		Fast Retailing Co Ltd		6,397
	45,300		Fields Corp		671
	1,215,822		Fuji Electric Holdings Co Ltd		5,769

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	724,942		Fuji Heavy Industries Ltd	$	20,102
	108,000		Fuji Television Network, Inc		1,878
	487,584		Fujifilm Holdings Corp		13,609
	2,352,091	*	Fujitsu Ltd		17,624
	90,663		Fukuoka Financial Group, Inc		438
	136,100		Glory Ltd		4,439
	79,700	e	GMO Payment Gateway, Inc		3,014
	11,200	e	Gree, Inc		98
	43,700	e	GungHo Online Entertainment Inc		282
	45,879		Gunma Bank Ltd		271
	49,842		Hachijuni Bank Ltd		309
	26,500		Hakuhodo DY Holdings, Inc		263
	8,337		Hamamatsu Photonics KK		409
	134,000		Hankyu Hanshin Holdings, Inc		765
	700,000		Haseko Corp		5,633
	1,100		Hikari Tsushin, Inc		83
	89,682		Hino Motors Ltd		1,237
	10,387		Hirose Electric Co Ltd		1,544
	58,000		Hiroshima Bank Ltd		277
	7,167		Hisamitsu Pharmaceutical Co, Inc		320
	11,852		Hitachi Chemical Co Ltd		196
	12,422	e	Hitachi Construction Machinery Co Ltd		248
	22,500		Hitachi High-Technologies Corp		536
	200,000		Hitachi Kokusai Electric, Inc		2,771
	4,879,285		Hitachi Ltd		35,761
	24,000		Hitachi Metals Ltd		366
	8,500	*	Hokkaido Electric Power Co, Inc		66
	132,000	*	Hokuhoku Financial Group, Inc		282
	19,631		Hokuriku Electric Power Co		260
	609,468		Honda Motor Co Ltd		21,267
	821,553		Hoya Corp		27,315
	158	*	Hulic Reit, Inc		251
	13,066		Ibiden Co Ltd		264
	3,052		Ichigo Real Estate Investment Corp		2,037
	78,300		Idemitsu Kosan Co Ltd		1,700
	17,200	*	Iida Group Holdings Co Ltd		261
	100		Industrial & Infrastructure Fund Investment Corp		895
	143,700		Infomart Corp		3,324
	340,900		Inpex Holdings, Inc		5,186
	172,581	*	Isetan Mitsukoshi Holdings Ltd		2,249
	1,860,878	*	Ishikawajima-Harima Heavy Industries Co Ltd		8,674
	139,169		Isuzu Motors Ltd		922
	894,870		Itochu Corp		11,488
	12,562		Itochu Techno-Science Corp		546
	492,000	*	Iwatani International Corp		3,493
	29,952		Iyo Bank Ltd		303
	615,750		J Front Retailing Co Ltd		4,323
	33,600	*	Japan Airlines Co Ltd		1,858
	23,600	*	Japan Display, Inc		145
	1,300		Japan Petroleum Exploration Co		54
	280,200		Japan Pile Corp		2,480
	87		Japan Prime Realty Investment Corp		312

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	139		Japan Real Estate Investment Corp	$	810
	753		Japan Retail Fund Investment Corp		1,694
	15,000		Japan Steel Works Ltd		66
	466,900		Japan Tobacco, Inc		17,024
	57,404		JFE Holdings, Inc		1,187
	75,978	*	JGC Corp		2,311
	77,624		Joyo Bank Ltd		414
	20,953		JSR Corp		360
	423,803		JTEKT Corp		7,151
	810,200		JX Holdings, Inc		4,336
	97,372		Kajima Corp		431
	16,900		Kakaku.com, Inc		296
	412,252		Kamigumi Co Ltd		3,795
	69,000		Kanamoto Co Ltd		2,752
	33,900		Kaneka Corp		212
	82,374	*	Kansai Electric Power Co, Inc		776
	27,480		Kansai Paint Co Ltd		459
	60,653		Kao Corp		2,389
	566,212	*	Kawasaki Heavy Industries Ltd		2,158
	208,600		KDDI Corp		12,727
	168,622	e	Keihin Electric Express Railway Co Ltd		1,516
	206,910		Keio Corp		1,627
	32,426		Keisei Electric Railway Co Ltd		323
	2,263		Kenedix Realty Investment Corp		12,319
	13,005		Keyence Corp		5,687
	17,795	*	Kikkoman Corp		371
	6,000		Kinden Corp		58
	395,914	*	Kintetsu Corp		1,443
	98,349		Kirin Brewery Co Ltd		1,420
	325,084	*	Kobe Steel Ltd		489
	11,000		Koito Manufacturing Co Ltd		282
	210,122		Komatsu Ltd		4,878
	12,073		Konami Corp		267
	56,013		Konica Minolta Holdings, Inc		554
	899,258		Kubota Corp		12,761
	40,074		Kuraray Co Ltd		508
	12,545		Kurita Water Industries Ltd		291
	111,300		Kyocera Corp		5,285
	28,045	e	Kyowa Hakko Kogyo Co Ltd		380
	50,084	*	Kyushu Electric Power Co, Inc		564
	21,151		Lawson, Inc		1,588
	374,723		LIXIL Group Corp		10,142
	51,316		Mabuchi Motor Co Ltd		3,891
	57,936		Makita Corp		3,581
	974,172		Marubeni Corp		7,130
	25,909		Marui Co Ltd		249
	5,696		Maruichi Steel Tube Ltd		153
	1,222,100		Matsui Securities Co Ltd		12,412
	509,055		Matsushita Electric Industrial Co Ltd		6,171
	4,587,950	*	Mazda Motor Corp		21,531
	7,800	e	McDonald’s Holdings Co Japan Ltd		219
	15,712		Mediceo Paltac Holdings Co Ltd		223

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	7,049		MEIJI Holdings Co Ltd	$	467
	628,264		Millea Holdings, Inc		20,679
	19,300		Miraca Holdings, Inc		935
	159,019		Mitsubishi Chemical Holdings Corp		705
	433,295		Mitsubishi Corp		9,019
	914,814		Mitsubishi Electric Corp		11,300
	146,705		Mitsubishi Estate Co Ltd		3,624
	302,160		Mitsubishi Gas Chemical Co, Inc		1,935
	1,175,150		Mitsubishi Heavy Industries Ltd		7,340
	15,262		Mitsubishi Logistics Corp		229
	131,293		Mitsubishi Materials Corp		461
	62,000		Mitsubishi Motors Corp		685
	5,218,954		Mitsubishi UFJ Financial Group, Inc		32,038
	61,900		Mitsubishi UFJ Lease & Finance Co Ltd		356
	598,004		Mitsui & Co Ltd		9,587
	1,013,087	e	Mitsui Chemicals, Inc		2,772
	1,851,100	*	Mitsui Engineering & Shipbuilding Co Ltd		4,157
	525,437		Mitsui Fudosan Co Ltd		17,733
	1,994,499		Mitsui OSK Lines Ltd		7,430
	256,507		Mitsui Sumitomo Insurance Group Holdings, Inc		6,199
	1,375,918		Mitsui Trust Holdings, Inc		6,289
	7,902,556		Mizuho Financial Group, Inc		16,244
	110,000	e	Monex Beans Holdings, Inc		408
	346,300	e	MonotaRO Co Ltd		9,569
	186,820		Murata Manufacturing Co Ltd		17,520
	12,700		Nabtesco Corp		281
	49,000	*	Nagoya Railroad Co Ltd		195
	20,606		Namco Bandai Holdings, Inc		483
	297,615	*	NEC Corp		950
	14,100		Nexon Co Ltd		135
	427,200	e	Next Co Ltd		3,591
	53,179		NGK Insulators Ltd		1,207
	19,988		NGK Spark Plug Co Ltd		564
	18,338		NHK Spring Co Ltd		172
	73,900	e	Nidec Corp		4,545
	785,100		Nihon Nohyaku Co Ltd		9,537
	89,181		Nikon Corp		1,405
	35,658	*	Nintendo Co Ltd		4,282
	479		Nippon Building Fund, Inc		2,801
	43,184		Nippon Electric Glass Co Ltd		252
	97,441		Nippon Express Co Ltd		473
	116,200		Nippon Kayaku Co Ltd		1,513
	98,900		Nippon Konpo Unyu Soko Co Ltd		1,713
	20,944	*	Nippon Meat Packers, Inc		409
	20,000		Nippon Paint Co Ltd		423
	2,627		Nippon ProLogis REIT, Inc		6,127
	1,585,306		Nippon Steel Corp		5,079
	277,630		Nippon Telegraph & Telephone Corp		17,304
	560,308		Nippon Yusen Kabushiki Kaisha		1,616
	31,000		Nishi-Nippon City Bank Ltd		76
	1,304,743		Nissan Motor Co Ltd		12,355
	24,200		Nisshin Seifun Group, Inc		289

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,835		Nissin Food Products Co Ltd	$	351
	242,400		Nissin Kogyo Co Ltd		4,812
	8,100		Nitori Co Ltd		443
	151,337		Nitto Denko Corp		7,089
	38,800		NKSJ Holdings, Inc		1,045
	11,251		NOK Corp		226
	1,293,663		Nomura Holdings, Inc		9,163
	13,974		Nomura Real Estate Holdings, Inc		265
	16		Nomura Real Estate Office Fund, Inc		76
	308,264		Nomura Research Institute Ltd		9,712
	54,911		NSK Ltd		715
	170,100		NTT Data Corp		6,541
	551,700		NTT DoCoMo, Inc		9,418
	12,900		NTT Urban Development Corp		145
	75,259		Obayashi Corp		538
	224,098	e	Odakyu Electric Railway Co Ltd		2,158
	92,797		OJI Paper Co Ltd		382
	263,100		Okabe Co Ltd		3,230
	15,100		Okinawa Electric Power Co, Inc		538
	486,500	*	Olympus Corp		16,739
	74,002		Omron Corp		3,121
	229,698		Ono Pharmaceutical Co Ltd		20,181
	4,403		Oracle Corp Japan		193
	77,317		Oriental Land Co Ltd		13,251
	2,221,000	*	ORIX Corp		36,826
	1,154,581		Osaka Gas Co Ltd		4,851
	29,700		Osaka Securities Exchange Co Ltd		732
	8,961		Otsuka Corp		435
	154,400		Otsuka Holdings KK		4,788
	92,400		Park24 Co Ltd		1,680
	89,200		Rakuten, Inc		1,153
	1,613,030	*	Resona Holdings, Inc		9,400
	79,781		Ricoh Co Ltd		951
	3,999		Rinnai Corp		386
	20,324		Rohm Co Ltd		1,166
	6,180		Sankyo Co Ltd		238
	5,700	e	Sanrio Co Ltd		166
	95,687		Santen Pharmaceutical Co Ltd		5,391
	212,000		Sapporo Holdings Ltd		854
	109,800		Sawai Pharmaceutical Co Ltd		6,472
	23,080	*	SBI Holdings, Inc		283
	24,634	*	Secom Co Ltd		1,504
	144,443		Sega Sammy Holdings, Inc		2,844
	8,800		Seiko Epson Corp		374
	268,551		Sekisui Chemical Co Ltd		3,113
	243,820		Sekisui House Ltd		3,346
	376,881		Seven & I Holdings Co Ltd		15,885
	67,500		Seven Bank Ltd		276
	167,106	*,e	Sharp Corp		537
	20,119	*	Shikoku Electric Power Co, Inc		281
	27,982		Shimadzu Corp		257
	2,597		Shimamura Co Ltd		256

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,081		Shimano, Inc	$	1,008
	1,016,962		Shimizu Corp		7,207
	194,200		Shin-Etsu Chemical Co Ltd		11,809
	190,649	*	Shinsei Bank Ltd		429
	35,133		Shionogi & Co Ltd		734
	42,385		Shiseido Co Ltd		773
	64,301		Shizuoka Bank Ltd		696
	591,100		Shoei Co Ltd		7,796
	69,000		Showa Denko KK		98
	21,273		Showa Shell Sekiyu KK		242
	6,288		SMC Corp		1,685
	801,860		Softbank Corp		59,757
	2,457,900		Sojitz Holdings Corp		4,347
	79,200	*	So-net M3, Inc		1,261
	1,016,782	e	Sony Corp		16,991
	20,500	*	Sony Financial Holdings, Inc		350
	314,615		Stanley Electric Co Ltd		8,208
	5,400		Sumco Corp		49
	174,883		Sumitomo Chemical Co Ltd		661
	274,263		Sumitomo Corp		3,701
	88,476		Sumitomo Electric Industries Ltd		1,246
	1,413,625		Sumitomo Heavy Industries Ltd		6,729
	61,464		Sumitomo Metal Mining Co Ltd		1,003
	1,269,179		Sumitomo Mitsui Financial Group, Inc		53,251
	287,996		Sumitomo Realty & Development Co Ltd		12,371
	19,863		Sumitomo Rubber Industries, Inc		287
	130,000	*,e	Sumitomo Titanium Corp		2,703
	15,300		Suntory Beverage & Food Ltd		600
	237,654		Suruga Bank Ltd		4,616
	8,287		Suzuken Co Ltd		309
	42,822		Suzuki Motor Corp		1,343
	225,400		Sysmex Corp		8,475
	68,100	*	T&D Holdings, Inc		926
	135,000		Taiheiyo Cement Corp		544
	1,090,143		Taisei Corp		6,042
	3,723		Taisho Pharmaceutical Holdings Co Ltd		272
	27,357		Taiyo Nippon Sanso Corp		242
	30,718		Takashimaya Co Ltd		298
	108,548		Takeda Pharmaceutical Co Ltd		5,038
	79,081		Tanabe Seiyaku Co Ltd		1,184
	43,027		TDK Corp		2,020
	1,257,613		Teijin Ltd		3,156
	35,600		Terumo Corp		798
	59,976		THK Co Ltd		1,414
	326,878		Tobu Railway Co Ltd		1,712
	13,275		Toho Co Ltd		311
	48,000	e	Toho Gas Co Ltd		264
	53,115	*	Tohoku Electric Power Co, Inc		622
	169,760	*	Tokyo Electric Power Co, Inc		706
	49,010		Tokyo Electron Ltd		3,340
	1,931,924		Tokyo Gas Co Ltd		11,285
	365,300		Tokyo Tatemono Co Ltd		3,384

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	568,852		Tokyu Corp	$	4,035
	60,200	*	Tokyu Fudosan Holdings Corp		475
	372,126	e	TonenGeneral Sekiyu KK		3,534
	66,427		Toppan Printing Co Ltd		514
	517,664		Toray Industries, Inc		3,406
	1,480,481		Toshiba Corp		6,920
	900,000		Tosoh Corp		4,365
	33,681		Toto Ltd		454
	18,939		Toyo Seikan Kaisha Ltd		291
	40,099		Toyo Suisan Kaisha Ltd		1,236
	187,997		Toyoda Gosei Co Ltd		3,908
	3,000	e	Toyota Boshoku Corp		32
	19,061		Toyota Industries Corp		985
	1,574,948		Toyota Motor Corp		94,297
	24,894		Toyota Tsusho Corp		716
	12,228		Trend Micro, Inc		403
	120,000		TS Tech Co Ltd		3,496
	2,800	e	Tsumura & Co		66
	49,000	*	UBE Industries Ltd		85
	90,151		Uni-Charm Corp		5,375
	280		United Urban Investment Corp		452
	25,430		USS Co Ltd		434
	39,300		West Japan Railway Co		1,731
	503,000		Yahoo! Japan Corp		2,323
	10,277		Yakult Honsha Co Ltd		521
	106,790	e	Yamada Denki Co Ltd		381
	25,406		Yamaguchi Financial Group, Inc		268
	18,488		Yamaha Corp		292
	31,583		Yamaha Motor Co Ltd		544
	4,700		Yamato Kogyo Co Ltd		138
	43,255		Yamato Transport Co Ltd		897
	13,553		Yamazaki Baking Co Ltd		169
	375,184	e	Yaskawa Electric Corp		4,548
	25,010		Yokogawa Electric Corp		317
	24,000		Yokohama Rubber Co Ltd		208
	268,800	e	Yumeshin Holdings Co Ltd		2,547
			TOTAL JAPAN		1,484,510
JERSEY, C.I. - 0.0%
	9,181		Randgold Resources Ltd		773
			TOTAL JERSEY, C.I.		773
KOREA, REPUBLIC OF - 0.3%
	37,000		Daewoo International Corp		1,338
	150,000		Halla Climate Control Corp		6,794
	224,800	*	Hynix Semiconductor, Inc		10,794
	300,000		Industrial Bank of Korea		4,002
	73,131		KB Financial Group, Inc		2,541
	3,000		Naver Corp		2,472
	7,637		Samsung Electronics Co Ltd		9,974
	20,000		Samsung Fire & Marine Insurance Co Ltd		5,090
	90,000		Woongjin Coway Co Ltd		7,533
			TOTAL KOREA, REPUBLIC OF		50,538

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
LUXEMBOURG - 0.0%
	3,576	*	Altice S.A.	$	249
	105,687		ArcelorMittal		1,576
	7,043		Millicom International Cellular S.A.		645
	31,527		SES Global S.A.		1,196
	49,369		Tenaris S.A.		1,163
			TOTAL LUXEMBOURG		4,829
MACAU - 0.1%
	122,592		MGM China Holdings Ltd		425
	3,004,383		Wynn Macau Ltd		11,767
			TOTAL MACAU		12,192
MALAYSIA - 0.0%
	1,151,800		Public Bank BHD		7,024
	33,959		YNH Property BHD		20
			TOTAL MALAYSIA		7,044
MEXICO - 0.0%
	21,875		Fresnillo plc		329
	700,000	*	Gruma SAB de C.V.		8,376
			TOTAL MEXICO		8,705
NETHERLANDS - 1.9%
	200,000		Aalberts Industries NV		6,532
	192,360		Aegon NV		1,678
	125,000	*	AerCap Holdings NV		5,725
	275,168		Akzo Nobel NV		20,632
	531,563		ASML Holding NV		49,574
	44,600	e	ASML Holding NV (ADR)		4,160
	8,318		Boskalis Westminster		477
	7,265		Corio NV		371
	19,716		Delta Lloyd NV		501
	17,001		DSM NV		1,237
	7,795	e	Fugro NV		446
	101,330	e	Gemalto NV		10,519
	10,783		Heineken Holding NV		709
	24,669		Heineken NV		1,771
	5,903,975	*	ING Groep NV		82,847
	1,499,079	*	ING Groep NV (ADR)		21,017
	99,412		Koninklijke Ahold NV		1,864
	103,043		Koninklijke Philips Electronics NV		3,270
	7,570	*	Koninklijke Vopak NV		370
	356,929	*	NXP Semiconductors NV		23,622
	9,590	*	OCI NV		374
	13,055		Randstad Holdings NV		708
	405,231		Reed Elsevier NV		9,305
	2,019,525		Royal Dutch Shell plc (A Shares)		83,452
	945,846		Royal Dutch Shell plc (B Shares)		41,106

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	340,645	*	Royal KPN NV	$	1,242
	41,774		TNT Express NV		378
	173,154		Unilever NV		7,579
	31,226		Wolters Kluwer NV		925
	15,180		Ziggo NV		702
			TOTAL NETHERLANDS		383,093
NEW ZEALAND - 0.1%
	4,000,000		Air New Zealand Ltd		7,283
	121,872		Auckland International Airport Ltd		416
	48,458		Contact Energy Ltd		225
	90,321		Fletcher Building Ltd		697
	49,267		Ryman Healthcare Ltd		369
	242,154		Telecom Corp of New Zealand Ltd		568
	234,145	*,e	Xero Ltd		5,323
			TOTAL NEW ZEALAND		14,881
NORWAY - 0.2%
	17,697		Aker Kvaerner ASA		307
	838,173		DNB NOR Holding ASA		15,315
	21,250		Gjensidige Forsikring BA		381
	450,000	*,e	Nordic Semiconductor ASA		2,229
	137,890		Norsk Hydro ASA		738
	82,312		Orkla ASA		733
	38,963	e	Seadrill Ltd (Oslo Exchange)		1,544
	795,294	*	Statoil ASA		24,446
	76,378		Telenor ASA		1,739
	19,285	e	Yara International ASA		966
			TOTAL NORWAY		48,398
PHILIPPINES - 0.1%
	3,603,093		Metropolitan Bank & Trust		7,214
	5,171,850	*	Robinsons Retail Holdings, Inc		8,641
			TOTAL PHILIPPINES		15,855
PORTUGAL - 0.1%
	25,190,094	*	Banco Espirito Santo S.A.		20,725
	233,085		Energias de Portugal S.A.		1,169
	37,156		Galp Energia SGPS S.A.		681
	26,920	e	Jeronimo Martins SGPS S.A.		443
	29,058	e	Portugal Telecom SGPS S.A.		107
			TOTAL PORTUGAL		23,125
RUSSIA - 0.1%
	100,000	*	Lenta Ltd (ADR)		1,290
	105,700		Magnit OAO (GDR)		6,230
	550,000		Sberbank of Russian Federation (ADR)		5,557
			TOTAL RUSSIA		13,077
SINGAPORE - 0.7%
	268,355		Ascendas REIT		496

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	371,946		Avago Technologies Ltd	$	26,806
	273,997	e	CapitaCommercial Trust		374
	872,446	e	CapitaLand Ltd		2,240
	738,917		CapitaMall Trust		1,171
	154,100	e	City Developments Ltd		1,266
	263,248		ComfortDelgro Corp Ltd		528
	779,765		DBS Group Holdings Ltd		10,488
	28,934,892	e	Genting International plc		30,893
	3,910,095		Global Logistic Properties		8,474
	932,165		Golden Agri-Resources Ltd		416
	736,247		Hutchison Port Holdings Trust		530
	13,966	e	Jardine Cycle & Carriage Ltd		496
	472,468		Keppel Corp Ltd		4,090
	745,398		Keppel Land Ltd		2,022
	26,000		K-Green Trust		22
	78,567		K-REIT Asia		81
	41,000	e	Olam International Ltd		85
	1,105,269	e	Oversea-Chinese Banking Corp		8,478
	930,248		SembCorp Industries Ltd		4,008
	397,617	e	SembCorp Marine Ltd		1,308
	174,384		Singapore Airlines Ltd		1,451
	299,943	e	Singapore Exchange Ltd		1,673
	581,225	e	Singapore Press Holdings Ltd		1,944
	538,707		Singapore Technologies Engineering Ltd		1,643
	4,911,691		Singapore Telecommunications Ltd		15,181
	77,830	e	StarHub Ltd		261
	315,743		United Overseas Bank Ltd		5,709
	1,095,414		United Overseas Land Ltd		5,734
	253,162		Wilmar International Ltd		648
			TOTAL SINGAPORE		138,516
SPAIN - 1.0%
	42,330		Abertis Infraestructuras S.A. (Continuous)		974
	335,600	e	Acerinox S.A.		5,952
	17,566		ACS Actividades Construccion y Servicios S.A.		804
	628,840		Amadeus IT Holding S.A.		25,923
	622,025		Banco Bilbao Vizcaya Argentaria S.A.		7,928
	355,597		Banco de Sabadell S.A.		1,214
	168,545		Banco Popular Espanol S.A.		1,126
	1,249,031		Banco Santander Central Hispano S.A.		13,051
	234,480	*	Bankia S.A.		455
	2,875,516		CaixaBank S.A.		17,739
	33,007	*,m	CaixaBank S.A. (Temp)		204
	43,763	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		975
	102,768	e	Corp Mapfre S.A.		409
	1,889,068		Distribuidora Internacional de Alimentacion S.A.		17,387
	21,131	e	Enagas		680
	405,101		Endesa S.A.		15,664
	237,568	e	Gas Natural SDG S.A.		7,506
	15,829		Grifols S.A.		865
	234		Grifols S.A. (Class B)		10

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	524,351		Iberdrola S.A.	$	4,011
	23,336		Inditex S.A.		3,592
	169,390	e	Let’s GOWEX S.A.		4,618
	110,000		Obrascon Huarte Lain S.A.		4,827
	11,561	e	Red Electrica de Espana		1,057
	1,294,449		Repsol YPF S.A.		34,130
	56,400		Tecnicas Reunidas S.A.		3,488
	748,243		Telefonica S.A.		12,846
	18,584	e	Zardoya Otis S.A.		331
			TOTAL SPAIN		187,766
SWEDEN - 0.9%
	33,024		Alfa Laval AB		850
	110,831		Assa Abloy AB (Class B)		5,638
	71,702		Atlas Copco AB (A Shares)		2,070
	42,307		Atlas Copco AB (B Shares)		1,129
	677,200	*	Biovitrum AB		9,047
	28,622		Boliden AB		415
	671,354		Electrolux AB (Series B)		16,943
	40,135	e	Elekta AB (B Shares)		510
	323,140		Ericsson (LM) (B Shares)		3,904
	483,900	*,e	Fingerprint Cards AB		3,592
	21,205		Getinge AB (B Shares)		555
	100,342		Hennes & Mauritz AB (B Shares)		4,381
	25,706		Hexagon AB (B Shares)		828
	44,791		Husqvarna AB (B Shares)		348
	11,608		Industrivarden AB		229
	613,283		Intrum Justitia AB		18,292
	48,924		Investor AB (B Shares)		1,833
	200,000		JM AB		7,413
	977,739		Kinnevik Investment AB (Series B)		41,660
	24,149	*	Lundin Petroleum AB		488
	200,000	*	NCC AB (B Shares)		6,884
	322,751		Nordea Bank AB		4,550
	110,963		Sandvik AB		1,515
	31,786		Securitas AB (B Shares)		377
	161,422		Skandinaviska Enskilda Banken AB (Class A)		2,155
	39,190		Skanska AB (B Shares)		895
	41,395		SKF AB (B Shares)		1,056
	746,178		Svenska Cellulosa AB (B Shares)		19,433
	53,237		Svenska Handelsbanken (A Shares)		2,603
	295,888		Swedbank AB (A Shares)		7,837
	21,365		Swedish Match AB		742
	32,637		Tele2 AB		384
	250,334		TeliaSonera AB		1,828
	606,235		Volvo AB (B Shares)		8,346
			TOTAL SWEDEN		178,730
SWITZERLAND - 3.9%
	231,633		ABB Ltd		5,330
	72,177		Actelion Ltd		9,135
	334,094		Adecco S.A.		27,494

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,102		Aryzta AG.	$	862
	57,084		Baloise Holding AG.		6,722
	231		Barry Callebaut AG.		314
	429,940		Cie Financiere Richemont S.A.		45,053
	21,642		Coca-Cola HBC AG.		497
	902,602		Credit Suisse Group		25,670
	863		EMS-Chemie Holding AG.		344
	4,045		Geberit AG.		1,419
	8,000	*	Georg Fischer AG.		5,726
	913		Givaudan S.A.		1,521
	1,124,554		Glencore Xstrata plc		6,267
	10,000		Helvetia Holding AG.		4,591
	470,169		Holcim Ltd		41,298
	23,728		Julius Baer Group Ltd		978
	5,854	e	Kuehne & Nagel International AG.		778
	90		Lindt & Spruengli AG.		458
	11		Lindt & Spruengli AG. (Registered)		680
	308,486		Lonza Group AG.		33,547
	1,041,508		Nestle S.A.		80,703
	1,752,517		Novartis AG.		158,705
	3,027		Pargesa Holding S.A.		272
	1,798		Partners Group		491
	5,417		Phonak Holding AG.		826
	457,069		Roche Holding AG.		136,187
	4,869		Schindler Holding AG.		740
	2,151		Schindler Holding AG. (Registered)		324
	575		SGS S.A.		1,376
	223		Sika AG.		911
	68,102		STMicroelectronics NV		610
	2,506		Sulzer AG.		351
	3,546		Swatch Group AG.		2,138
	3,455		Swatch Group AG. (Registered)		383
	3,401		Swiss Life Holding		806
	6,378		Swiss Prime Site AG.		528
	539,096		Swiss Re Ltd		47,935
	2,466		Swisscom AG.		1,433
	9,910		Syngenta AG.		3,661
	588,642		TE Connectivity Ltd		36,402
	3,669,782		UBS AG.		67,284
	15,759		Zurich Financial Services AG.		4,746
			TOTAL SWITZERLAND		765,496
TAIWAN - 0.4%
	5,253,000		Advanced Semiconductor Engineering, Inc		6,807
	3,200,000		Cathay Financial Holding Co Ltd		4,998
	346,120		Eclat Textile Co Ltd		4,194
	364,000		Ginko International Co Ltd		6,304
	3,873,685		Hota Industrial Manufacturing Co Ltd		6,882
	861,000		King Slide Works Co Ltd		12,306
	205,000		Largan Precision Co Ltd		16,355
	741,000		MediaTek, Inc		12,534
	3,000,000		Taiwan Cement Corp		4,544

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	360,000		Taiwan Semiconductor Manufacturing Co Ltd	$	1,523
			TOTAL TAIWAN		76,447
THAILAND - 0.0%
	3,000,000		Delta Electronics Thai PCL		5,783
			TOTAL THAILAND		5,783
TURKEY - 0.1%
	1,900,000		Emlak Konut Gayrimenkul Yatiri		2,391
	1,177,700		TAV Havalimanlari Holding AS		9,366
			TOTAL TURKEY		11,757
UNITED ARAB EMIRATES - 0.0%
	1,235,000		First Gulf Bank PJSC		5,349
			TOTAL UNITED ARAB EMIRATES		5,349
UNITED KINGDOM - 7.0%
	101,543		3i Group plc		698
	98,463		Aberdeen Asset Management plc		764
	29,312		Acergy S.A.		546
	20,204		Admiral Group plc		535
	27,272		Aggreko plc		770
	31,287		AMEC plc		650
	147,115		Anglo American plc (London)		3,606
	43,251		Antofagasta plc		565
	2,067,189		ARM Holdings plc		31,084
	1,917,405		Ashtead Group plc		28,684
	387,868	*	ASOS plc		19,643
	137,693		Associated British Foods plc		7,181
	518,730		AstraZeneca plc		38,592
	18,505		AstraZeneca plc (ADR)		1,375
	295,751		Aveva Group plc		10,303
	312,581		Aviva plc		2,727
	2,329,024	*	B&M European Value Retail S.A.		10,961
	45,891		Babcock International Group		912
	340,067		BAE Systems plc		2,519
	23,823,958		Barclays plc		86,785
	250,000		Bellway plc		6,697
	120,000		Berkeley Group Holdings plc		4,960
	1,734,184		BG Group plc		36,594
	612,856		BHP Billiton plc		19,923
	4,617,485		BP plc		40,661
	200,798		British American Tobacco plc		11,948
	348,697		British Land Co plc		4,190
	3,183,849		British Sky Broadcasting plc		49,258
	2,579,173		Britvic plc		32,109
	837,560		BT Group plc		5,504
	34,555		Bunzl plc		959
	47,445		Burberry Group plc		1,204
	70,072		Capita Group plc		1,373
	542,404		Centrica plc		2,898
	100,247		CNH Industrial NV		1,029

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	114,406		Cobham plc	$	611
	591,227		Compass Group plc		10,279
	136,700		Consort Medical plc		2,232
	1,261,296		Countrywide plc		11,106
	14,655		Croda International plc		552
	285,647		Delphi Automotive plc		19,635
	265,686		Diageo plc		8,462
	135,169		Direct Line Insurance Group plc		624
	1,665,664		easyJet plc		38,898
	106,184		Experian Group Ltd		1,794
	168,850		GKN plc		1,048
	1,169,868		GlaxoSmithKline plc		31,148
	162,255		Group 4 Securicor plc		708
	74,004		Hammerson plc		734
	23,878		Hargreaves Lansdown plc		506
	8,557,727		Hays plc		21,390
	3,888,940		HSBC Holdings plc		39,454
	60,133		ICAP plc		391
	29,195		IMI plc		742
	102,256		Imperial Tobacco Group plc		4,600
	600,000		Inchcape plc		6,509
	47,162		Inmarsat plc		603
	27,773		InterContinental Hotels Group plc		1,149
	105,938	*	International Consolidated Airlines Group S.A.		672
	9,121,918	*	International Consolidated Airlines Group S.A. (London)		57,839
	400,000		International Personal Finance plc		4,017
	17,005		Intertek Group plc		800
	59,604		Investec plc		549
	389,967		ITV plc		1,188
	131,543	e	J Sainsbury plc		710
	21,428		Johnson Matthey plc		1,136
	1,394,115	*	Just Eat plc		6,084
	252,076		Kingfisher plc		1,547
	83,750		Land Securities Group plc		1,484
	10,773,717		Legal & General Group plc		41,506
	121,861	*	Liberty Global plc		5,156
	68,093	*	Liberty Global plc (Class A)		3,011
	83,419		Liberty International plc		445
	39,387,145	*	Lloyds TSB Group plc		50,064
	18,714		London Stock Exchange Group plc		642
	3,573,424		Man Group plc		6,431
	172,946		Marks & Spencer Group plc		1,258
	82,711		Meggitt plc		716
	113,441		Melrose Industries plc		505
	540,000		Mondi plc		9,804
	13,130,554	*,e	Monitise plc		11,627
	393,849		National Grid plc		5,670
	500,000		New Carphone Warehouse plc		2,759
	400,122		Next plc		44,295
	520,424		Old Mutual plc		1,759
	87,171		Pearson plc		1,722

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	49,488		Pentair plc	$	3,569
	31,432	*	Persimmon plc		685
	27,873		Petrofac Ltd		573
	484,994	*	Poundland Group plc		2,618
	3,042,601		Prudential plc		69,710
	68,462		Reckitt Benckiser Group plc		5,970
	125,352		Reed Elsevier plc		2,014
	147,514		Resolution Ltd		795
	75,264		Rexam plc		689
	264,462		Rightmove plc		9,694
	739,505		Rio Tinto plc		39,929
	199,512		Rolls-Royce Group plc		3,645
	246,021	*	Royal Bank of Scotland Group plc		1,383
	35,965	*	Royal Mail plc		307
	108,898		RSA Insurance Group plc		885
	504,243		SABMiller plc		29,223
	116,027		Sage Group plc		762
	11,594		Schroders plc		497
	102,115		Scottish & Southern Energy plc		2,736
	77,297		Segro plc		456
	23,115		Serco Group plc		145
	25,222		Severn Trent plc		834
	95,377		Smith & Nephew plc		1,688
	208,434		Smiths Group plc		4,619
	647,996	*	Sports Direct International plc		7,830
	533,375		Standard Chartered plc		10,902
	252,592		Standard Life plc		1,616
	271,600	*	SuperGroup plc		4,905
	49,515		Tate & Lyle plc		579
	3,706,649		Taylor Woodrow plc		7,224
	855,299		Tesco plc		4,157
	1,321,166		Travis Perkins plc		37,000
	48,422		TUI Travel plc		330
	96,819		Tullow Oil plc		1,412
	379,418		Unilever plc		17,199
	72,972		United Utilities Group plc		1,101
	16,165,168		Vodafone Group plc		54,028
	187,900	*,e	WANdisco plc		1,769
	22,463		Weir Group plc		1,007
	230,000		WH Smith plc		4,209
	343,128		Whitbread plc		25,886
	91,462		William Hill plc		514
	227,536		WM Morrison Supermarkets plc		714
	528,999		Wolseley plc		28,979
	2,264,512		WPP plc		49,348
			TOTAL UNITED KINGDOM		1,378,913
UNITED STATES - 53.6%
	160,184		3M Co		22,945
	65,000		A.O. Smith Corp		3,223
	2,067,572		Abbott Laboratories		84,564
	1,123,671		AbbVie, Inc		63,420

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	27,878	e	Abercrombie & Fitch Co (Class A)	$	1,206
	192,966		Accenture plc		15,599
	299,207		ACE Ltd		31,028
	143,467	*	Actavis plc		32,000
	125,084		Activision Blizzard, Inc		2,789
	167,634	*	Adobe Systems, Inc		12,130
	29,255	e	ADT Corp		1,022
	18,425		Advance Auto Parts, Inc		2,486
	170,138		AES Corp		2,646
	550,545		Aetna, Inc		44,638
	56,399	*	Affiliated Managers Group, Inc		11,584
	68,219		Aflac, Inc		4,247
	98,963		AGCO Corp		5,564
	49,746		Agilent Technologies, Inc		2,857
	31,399		Air Products & Chemicals, Inc		4,039
	10,170		Airgas, Inc		1,108
	45,317	*	Akamai Technologies, Inc		2,767
	64,200		Alaska Air Group, Inc		6,102
	11,609		Albemarle Corp		830
	1,318,742		Alcoa, Inc		19,636
	170,810	*	Alexion Pharmaceuticals, Inc		26,689
	125,000	*	Alkermes plc		6,291
	2,488	*	Alleghany Corp		1,090
	274,283		Allegion plc		15,546
	106,963		Allergan, Inc		18,100
	41,137	*	Alliance Data Systems Corp		11,570
	59,598		Alliant Energy Corp		3,627
	50,700		Allied World Assurance Co Holdings Ltd		1,928
	897,948		Allstate Corp		52,728
	47,135		Altera Corp		1,638
	1,245,724		Altria Group, Inc		52,246
	128,553	*	Amazon.com, Inc		41,751
	27,790		AMC Entertainment Holdings, Inc		691
	9,878		Amerco, Inc		2,872
	62,323		Ameren Corp		2,548
	362,062	*	American Airlines Group, Inc		15,554
	54,320		American Capital Agency Corp		1,272
	122,885		American Electric Power Co, Inc		6,853
	368,907		American Express Co		34,998
	150,900		American Financial Group, Inc		8,988
	352,148		American International Group, Inc		19,220
	110,109		American Realty Capital Properties, Inc		1,380
	89,338		American Tower Corp		8,039
	86,609		American Water Works Co, Inc		4,283
	167,240		Ameriprise Financial, Inc		20,069
	58,673		AmerisourceBergen Corp		4,263
	98,034		Ametek, Inc		5,125
	304,005		Amgen, Inc		35,985
	500,000	*	Amkor Technology, Inc		5,590
	71,874		Amphenol Corp (Class A)		6,924
	417,376		Anadarko Petroleum Corp		45,690
	46,853		Analog Devices, Inc		2,533

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	319,833	*	Ann Taylor Stores Corp	$	13,158
	142,933		Annaly Capital Management, Inc		1,634
	14,178	*	Ansys, Inc		1,075
	10,880	*	Antero Resources Corp		714
	72,649		Aon plc		6,545
	487,087		Apache Corp		49,011
	3,921,122		Apple, Inc		364,390
	1,235,862		Applied Materials, Inc		27,869
	35,301	*	Arch Capital Group Ltd		2,028
	249,024		Archer Daniels Midland Co		10,984
	225,000	*	Armstrong World Industries, Inc		12,922
	26,682	*	Arrow Electronics, Inc		1,612
	11,009		Ashland, Inc		1,197
	19,528		Assurant, Inc		1,280
	1,168,056		AT&T, Inc		41,302
	133,821	*	Autodesk, Inc		7,545
	24,455	e	Autoliv, Inc		2,606
	97,686		Automatic Data Processing, Inc		7,745
	7,212	*	Autonation, Inc		430
	28,208	*	AutoZone, Inc		15,126
	19,292		AvalonBay Communities, Inc		2,743
	14,940		Avery Dennison Corp		766
	21,084		Avnet, Inc		934
	67,053		Avon Products, Inc		980
	166,701		Axiall Corp		7,880
	301,408		Axis Capital Holdings Ltd		13,346
	180,546		Baker Hughes, Inc		13,442
	115,206		Ball Corp		7,221
	6,056,441		Bank of America Corp		93,087
	170,964		Bank of New York Mellon Corp		6,408
	19,753		Bard (C.R.), Inc		2,825
	110,526		Baxter International, Inc		7,991
	106,230		BB&T Corp		4,189
	75,749	*	BE Aerospace, Inc		7,006
	48,581		Becton Dickinson & Co		5,747
	81,675	*	Bed Bath & Beyond, Inc		4,687
	283,424	*	Berkshire Hathaway, Inc (Class B)		35,870
	306,322	*	Berry Plastics Group, Inc		7,903
	365,101		Best Buy Co, Inc		11,322
	229,697	*	Biogen Idec, Inc		72,426
	21,232	*	BioMarin Pharmaceuticals, Inc		1,321
	194,070	*	Biovail Corp (Toronto)		24,542
	1,835	*	Blackhawk Network Holdings, Inc (B Shares)		49
	50,992		BlackRock, Inc		16,297
	218,000		Blackstone Group LP		7,290
	534,000		Blackstone Mortgage Trust, Inc		15,486
	137,935		Boeing Co		17,549
	58,422		BorgWarner, Inc		3,809
	38,332		Boston Properties, Inc		4,530
	339,216	*	Boston Scientific Corp		4,332
	57,750		Brinker International, Inc		2,810
	552,925		Bristol-Myers Squibb Co		26,822

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	681,407		Broadcom Corp (Class A)	$	25,294
	160,000		Broadridge Financial Solutions, Inc		6,662
	500,000	*	Brocade Communications Systems, Inc		4,600
	7,377		Brookfield Property Partners LP (Toronto)		154
	110,492		Brown-Forman Corp (Class B)		10,405
	246,116		Bunge Ltd		18,616
	771,434	e	Burger King Worldwide, Inc		20,998
	49,387		CA, Inc		1,419
	29,115	e	Cablevision Systems Corp (Class A)		514
	106,319		Cabot Oil & Gas Corp		3,630
	97,000	*	CACI International, Inc (Class A)		6,810
	278,002	*	Calpine Corp		6,619
	11,862		Camden Property Trust		844
	34,596	*	Cameron International Corp		2,342
	29,672		Campbell Soup Co		1,359
	483,481		Capital One Financial Corp		39,936
	93,522		Cardinal Health, Inc		6,412
	250,719	*	CareFusion Corp		11,119
	23,380		Carlisle Cos, Inc		2,025
	187,133	*	Carmax, Inc		9,733
	58,455		Carnival Corp		2,201
	19,774		Carnival plc		746
	74,372	*	Catamaran Corp (Toronto)		3,284
	157,826		Caterpillar, Inc		17,151
	332,263		CBOE Holdings, Inc		16,351
	804,768	*	CBRE Group, Inc		25,785
	185,125		CBS Corp (Class B)		11,504
	39,809		Celanese Corp (Series A)		2,559
	923,332	*	Celgene Corp		79,296
	265,653		Centerpoint Energy, Inc		6,785
	150,887		CenturyTel, Inc		5,462
	45,889	*	Cerner Corp		2,367
	72,034		CF Industries Holdings, Inc		17,326
	23,108	e	CH Robinson Worldwide, Inc		1,474
	292,341		Charles Schwab Corp		7,873
	9,892	*	Charter Communications, Inc		1,567
	145,114	*	Cheniere Energy, Inc		10,405
	80,262		Chesapeake Energy Corp		2,495
	895,061		Chevron Corp		116,850
	79,683		Chicago Bridge & Iron Co NV		5,434
	15,887	*	Chipotle Mexican Grill, Inc (Class A)		9,413
	37,372		Chubb Corp		3,445
	149,671		Church & Dwight Co, Inc		10,469
	76,700	*,e	Ciena Corp		1,661
	185,168		Cigna Corp		17,030
	22,003		Cimarex Energy Co		3,157
	22,230		Cincinnati Financial Corp		1,068
	25,451		Cintas Corp		1,617
	2,229,108		Cisco Systems, Inc		55,393
	29,576		CIT Group, Inc		1,353
	1,016,763		Citigroup, Inc		47,890
	47,599	*	Citrix Systems, Inc		2,977

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	239,800	e	Cliffs Natural Resources, Inc	$	3,609
	19,115	e	Clorox Co		1,747
	48,154		CME Group, Inc		3,417
	128,302		CMS Energy Corp		3,997
	98,932		Coach, Inc		3,382
	63,513	*	Cobalt International Energy, Inc		1,165
	1,177,990		Coca-Cola Co		49,900
	141,915		Coca-Cola Enterprises, Inc		6,781
	644,629	*	Cognizant Technology Solutions Corp (Class A)		31,529
	501,991		Colgate-Palmolive Co		34,226
	2,327,187		Comcast Corp (Class A)		124,923
	174,802	e	Comcast Corp (Special Class A)		9,322
	47,662		Comerica, Inc		2,391
	135,779		Computer Sciences Corp		8,581
	552,951		ConAgra Foods, Inc		16,412
	179,251	*	Concho Resources, Inc		25,902
	297,763		ConocoPhillips		25,527
	300,000		Conseco, Inc		5,340
	58,691		Consol Energy, Inc		2,704
	43,303		Consolidated Edison, Inc		2,500
	42,821	*	Constellation Brands, Inc (Class A)		3,774
	25,292	*,e	Continental Resources, Inc		3,997
	11,190		Core Laboratories NV		1,869
	259,796		Corning, Inc		5,703
	87,632		Costco Wholesale Corp		10,092
	506,623		Covidien plc		45,687
	70,000		Crane Co		5,205
	16,837	*,e	Cree, Inc		841
	49,265		Crown Castle International Corp		3,658
	140,891	*	Crown Holdings, Inc		7,011
	151,409		CSX Corp		4,665
	140,772		Cummins, Inc		21,720
	1,013,133		CVS Corp		76,360
	20,300		Cytec Industries, Inc		2,140
	605,428		Danaher Corp		47,665
	193,470		Darden Restaurants, Inc		8,952
	159,624	*	DaVita, Inc		11,544
	53,401		Deere & Co		4,835
	708,935		Delta Air Lines, Inc		27,450
	110,000		Deluxe Corp		6,444
	55,346		Denbury Resources, Inc		1,022
	21,857		Dentsply International, Inc		1,035
	86,371		Devon Energy Corp		6,858
	10,539	e	Diamond Offshore Drilling, Inc		523
	13,784		Dick’s Sporting Goods, Inc		642
	19,452	e	Digital Realty Trust, Inc		1,134
	309,852	*	DIRECTV		26,341
	370,886		Discover Financial Services		22,988
	48,344	*	Discovery Communications, Inc (Class A)		3,591
	26,205	*	Discovery Communications, Inc (Class C)		1,902
	84,589	*	DISH Network Corp (Class A)		5,505
	47,116	*	Dollar General Corp		2,703

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	33,178	*	Dollar Tree, Inc	$	1,807
	146,483		Dominion Resources, Inc		10,476
	43,526		Dover Corp		3,959
	1,283,138		Dow Chemical Co		66,030
	166,040		DR Horton, Inc		4,081
	51,121		Dr Pepper Snapple Group, Inc		2,995
	68,903		DTE Energy Co		5,365
	173,378		Du Pont (E.I.) de Nemours & Co		11,346
	187,609		Duke Energy Corp		13,919
	83,879		Duke Realty Corp		1,523
	5,932		Dun & Bradstreet Corp		654
	133,999		East West Bancorp, Inc		4,689
	23,081		Eastman Chemical Co		2,016
	150,020		Eaton Corp		11,579
	18,351		Eaton Vance Corp		693
	852,089	*	eBay, Inc		42,656
	113,451		Ecolab, Inc		12,632
	78,088		Edison International		4,538
	16,015	*	Edwards Lifesciences Corp		1,375
	76,876	*	Electronic Arts, Inc		2,758
	299,582		Eli Lilly & Co		18,625
	1,543,801		EMC Corp		40,664
	105,879		Emerson Electric Co		7,026
	290,066	*	Endo International plc		20,310
	18,531		Energen Corp		1,647
	49,687		Energizer Holdings, Inc		6,063
	1,784	*	Engility Holdings, Inc		68
	35,517	e	Ensco plc		1,974
	49,215		Entergy Corp		4,040
	328,799		EOG Resources, Inc		38,423
	64,725		EQT Corp		6,919
	18,599		Equifax, Inc		1,349
	8,975	*	Equinix, Inc		1,886
	51,372		Equity Residential		3,236
	12,466		Essex Property Trust, Inc		2,305
	36,036		Estee Lauder Cos (Class A)		2,676
	50,000	*	Esterline Technologies Corp		5,756
	120,000	*	Euronet Worldwide, Inc		5,789
	58,807		Everest Re Group Ltd		9,438
	280,000		Exelis, Inc		4,754
	962,180		Exelon Corp		35,100
	255,675		Expedia, Inc		20,137
	30,806		Expeditors International of Washington, Inc		1,360
	145,886	*	Express Scripts Holding Co		10,114
	800,458		Extended Stay America, Inc		18,539
	1,841,357	d	Exxon Mobil Corp		185,388
	97,058	*	F5 Networks, Inc		10,816
	930,739	*	Facebook, Inc		62,629
	14,744		Family Dollar Stores, Inc		975
	42,980	e	Fastenal Co		2,127
	16,222		Federal Realty Investment Trust		1,962
	80,613		FedEx Corp		12,203

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	73,983		Fidelity National Information Services, Inc	$	4,050
	769,826		Fidelity National Title Group, Inc (Class A)		25,220
	219,242		Fifth Third Bancorp		4,681
	6,106	*,e	FireEye, Inc		248
	29,896		First Republic Bank		1,644
	63,826		FirstEnergy Corp		2,216
	110,755	*	Fiserv, Inc		6,681
	68,766	*	FleetCor Technologies, Inc		9,063
	631,860	*	Flextronics International Ltd		6,995
	19,596		Flir Systems, Inc		681
	72,857		Flowserve Corp		5,417
	42,213		Fluor Corp		3,246
	349,158		FMC Corp		24,857
	35,662	*	FMC Technologies, Inc		2,178
	811,915		Ford Motor Co		13,997
	61,313	*	Forest Laboratories, Inc		6,070
	51,400		Fortune Brands Home & Security, Inc		2,052
	13,098	*	Fossil Group, Inc		1,369
	61,279		Franklin Resources, Inc		3,544
	155,216		Freeport-McMoRan Copper & Gold, Inc (Class B)		5,665
	153,348	e	Frontier Communications Corp		896
	170,243	e	GameStop Corp (Class A)		6,890
	281,843		Gaming and Leisure Properties, Inc		9,574
	86,598		Gap, Inc		3,600
	17,749	e	Garmin Ltd		1,081
	100,000	*,e	Generac Holdings, Inc		4,874
	109,665		General Dynamics Corp		12,781
	5,202,341		General Electric Co		136,718
	132,141		General Growth Properties, Inc		3,113
	109,399		General Mills, Inc		5,748
	19,417,463	*,m	General Motors Co		0	^
	4,461,000	*,m	General Motors Co		0	^
	18,159,000	*,m	General Motors Co		0	^
	18,106,794	*,e,m	General Motors Co		0	^
	69,850,000	*,m	General Motors Co		0	^
	530,757	*,m	General Motors Co		0	^
	1,056,241		General Motors Co		38,342
	61,921,000	*,e,m	General Motors Co		0	^
	26,439,985	*,m	General Motors Co		0	^
	29,845,445	*,m	General Motors Co		0	^
	13,592,224	*,m	General Motors Co		0	^
	39,423		Genuine Parts Co		3,461
	178,972	*	Genworth Financial, Inc (Class A)		3,114
	1,104,636	*	Gilead Sciences, Inc		91,585
	120,000		Global Payments, Inc		8,742
	150,422		Goldman Sachs Group, Inc		25,187
	403,000		Goodyear Tire & Rubber Co		11,195
	218,919	*	Google, Inc		125,940
	100,337	*	Google, Inc (Class A)		58,664
	47,621		H&R Block, Inc		1,596
	1		H.B. Fuller Co		0	^
	902,917		Halliburton Co		64,116

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	135,000		Hanesbrands, Inc	$	13,289
	82,884		Harley-Davidson, Inc		5,789
	28,866		Harris Corp		2,187
	220,838		Hartford Financial Services Group, Inc		7,908
	129,464		Hasbro, Inc		6,868
	468,029	*	HCA Holdings, Inc		26,387
	68,503		HCP, Inc		2,835
	43,411		Health Care REIT, Inc		2,721
	160,000	*	Health Net, Inc		6,646
	170,000		Healthsouth Corp		6,098
	51,999		Helmerich & Payne, Inc		6,038
	22,026	*	Henry Schein, Inc		2,614
	50,344	e	Herbalife Ltd		3,249
	107,317		Hershey Co		10,449
	1,061,484	*	Hertz Global Holdings, Inc		29,753
	330,206		Hess Corp		32,654
	1,771,475		Hewlett-Packard Co		59,663
	153,967	*	Hilltop Holdings, Inc		3,273
	28,463		Holly Corp		1,244
	730,147	*	Hologic, Inc		18,509
	1,465,292		Home Depot, Inc		118,630
	903,423		Honeywell International, Inc		83,973
	37,342		Hormel Foods Corp		1,843
	41,518	*	Hospira, Inc		2,133
	1,008,614		Host Marriott Corp		22,200
	71,808		Hudson City Bancorp, Inc		706
	110,049		Humana, Inc		14,055
	1,016,300		Huntington Bancshares, Inc		9,696
	60,000		Huntington Ingalls		5,675
	135,900		IAC/InterActiveCorp		9,408
	60,000		Icahn Enterprises LP		5,982
	16,381	*	IHS, Inc (Class A)		2,222
	92,764		Illinois Tool Works, Inc		8,122
	59,366	*	Illumina, Inc		10,599
	298,438		Ingersoll-Rand plc		18,655
	12,146		Integrys Energy Group, Inc		864
	1,822,471		Intel Corp		56,314
	17,206		IntercontinentalExchange Group, Inc		3,250
	256,457		International Business Machines Corp		46,488
	21,349		International Flavors & Fragrances, Inc		2,226
	12,076		International Game Technology		192
	64,306		International Paper Co		3,246
	200,584		Interpublic Group of Cos, Inc		3,913
	433,243		Intuit, Inc		34,889
	9,738	*	Intuitive Surgical, Inc		4,010
	267,165		Invesco Ltd		10,085
	23,848		Iron Mountain, Inc		845
	150,000	e	iShares China Large-Cap ETF		5,556
	288,520	e	iShares MSCI Canada Index Fund		9,293
	1,274,086	e	iShares MSCI EAFE Index Fund		87,109
	689,350	e	iShares MSCI Japan Index Fund		8,300
	140,000		ITT Corp		6,734

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	14,351		J.B. Hunt Transport Services, Inc	$	1,059
	15,839		J.M. Smucker Co		1,688
	32,874	*	Jacobs Engineering Group, Inc		1,752
	677,145	*	Jarden Corp		40,189
	70,000	*	Jazz Pharmaceuticals plc		10,291
	1,176,400	*	JDS Uniphase Corp		14,670
	1,798,956		Johnson & Johnson		188,207
	608,084		Johnson Controls, Inc		30,362
	155,037	e	Joy Global, Inc		9,547
	1,401,141		JPMorgan Chase & Co		80,734
	670,900	*	Juniper Networks, Inc		16,464
	207,072		Kansas City Southern Industries, Inc		22,262
	19,552		KBR, Inc		466
	67,274		Kellogg Co		4,420
	50,000		Kennametal, Inc		2,314
	31,268		Keurig Green Mountain, Inc		3,896
	234,123		Keycorp		3,355
	143,099		Kimberly-Clark Corp		15,915
	109,191		Kimco Realty Corp		2,509
	15,904	*	Kinder Morgan Management LLC		1,255
	100,272		Kinder Morgan, Inc		3,636
	30,164	*,e	Kite Pharma, Inc		872
	24,598		Kla-Tencor Corp		1,787
	3,951	*	Knowles Corp		121
	326,068		Kohl’s Corp		17,177
	483,904		Kraft Foods Group, Inc		29,010
	181,776		Kroger Co		8,985
	99,454		L Brands, Inc		5,834
	85,703		L-3 Communications Holdings, Inc		10,349
	12,635	*	Laboratory Corp of America Holdings		1,294
	199,899	*	Lam Research Corp		13,509
	518	*	Lands’ End, Inc		17
	254,979		Las Vegas Sands Corp		19,435
	95,000		Lear Corp		8,485
	368,095		Legg Mason, Inc		18,887
	20,340	e	Leggett & Platt, Inc		697
	3,366		Leidos Holdings, Inc		129
	23,752		Lennar Corp (Class A)		997
	47,655		Leucadia National Corp		1,250
	127,285	*	Level 3 Communications, Inc		5,589
	130,000		Lexmark International, Inc (Class A)		6,261
	123,169	*	Liberty Interactive Corp		3,616
	24,302	*	Liberty Media Corp		3,322
	36,401		Liberty Property Trust		1,381
	239,745		Lincoln National Corp		12,332
	118,400		Linear Technology Corp		5,573
	20,028	*	LinkedIn Corp		3,434
	42,319	*	LKQ Corp		1,129
	68,478		Lockheed Martin Corp		11,006
	52,047		Loews Corp		2,291
	92,831		Lorillard, Inc		5,660
	215,607		Lowe’s Companies, Inc		10,347

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	14,115	*,e	Lululemon Athletica, Inc	$	571
	628,105		LyondellBasell Industries AF S.C.A		61,334
	17,366	e	M&T Bank Corp		2,154
	21,660		Macerich Co		1,446
	696,318		Macy’s, Inc		40,400
	1	*	Madison Square Garden, Inc		0	^
	20,265		Manpower, Inc		1,719
	944,564		Marathon Oil Corp		37,707
	156,395		Marathon Petroleum Corp		12,210
	555,929		Marriott International, Inc (Class A)		35,635
	1,005,665		Marsh & McLennan Cos, Inc		52,114
	117,092	e	Martin Marietta Materials, Inc		15,462
	454,214		Marvell Technology Group Ltd		6,509
	59,113		Masco Corp		1,312
	120,000	*,e	Mastec, Inc		3,698
	347,059		Mastercard, Inc (Class A)		25,498
	51,354		Mattel, Inc		2,001
	43,169		Maxim Integrated Products, Inc		1,460
	27,881		McCormick & Co, Inc		1,996
	203,166		McDonald’s Corp		20,467
	67,585		McGraw-Hill Financial, Inc		5,612
	351,412		McKesson Corp		65,436
	679	*	MDC Holdings, Inc		21
	46,269		MDU Resources Group, Inc		1,624
	30,839		Mead Johnson Nutrition Co		2,873
	38,385		MeadWestvaco Corp		1,699
	712,549		Medtronic, Inc		45,432
	190,000		Mentor Graphics Corp		4,098
	749,433		Merck & Co, Inc		43,355
	837,632		Metlife, Inc		46,539
	4,448	*	Mettler-Toledo International, Inc		1,126
	97,049	*	MGM Mirage		2,562
	183,207	*	Michael Kors Holdings Ltd		16,241
	28,618	e	Microchip Technology, Inc		1,397
	651,223	*	Micron Technology, Inc		21,458
	4,780,385		Microsoft Corp		199,342
	117,616	*	Mohawk Industries, Inc		16,271
	31,019		Molson Coors Brewing Co (Class B)		2,300
	446,258		Mondelez International, Inc		16,784
	256,213		Monsanto Co		31,960
	151,111	*	Monster Beverage Corp		10,733
	49,771		Moody’s Corp		4,363
	1,651,928		Morgan Stanley		53,407
	47,459		Mosaic Co		2,347
	35,118		Motorola, Inc		2,338
	31,100		Murphy Oil Corp		2,068
	429,295	*	Mylan Laboratories, Inc		22,134
	71,184		Nabors Industries Ltd		2,091
	29,989		NASDAQ OMX Group, Inc		1,158
	122,418		National Oilwell Varco, Inc		10,081
	66,236		Navient Corp		1,173
	205,653		NetApp, Inc		7,510

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,078	*	NetFlix, Inc	$	7,525
	5,133	*,e	NetSuite, Inc		446
	65,122	e	New York Community Bancorp, Inc		1,041
	657,471		Newell Rubbermaid, Inc		20,375
	130,000	*	Newfield Exploration Co		5,746
	72,490		Newmont Mining Corp		1,844
	54,345	*	News Corp		975
	481,464		NextEra Energy, Inc		49,340
	682,036		Nielsen Holdings NV		33,017
	268,246		Nike, Inc (Class B)		20,802
	132,108		NiSource, Inc		5,197
	158,244		Noble Corp plc		5,311
	354,254		Noble Energy, Inc		27,441
	39,439		Nordstrom, Inc		2,679
	85,535		Norfolk Southern Corp		8,813
	121,322		Northeast Utilities		5,735
	33,241		Northern Trust Corp		2,134
	150,790		Northrop Grumman Corp		18,039
	94,551	*	NOW, Inc		3,424
	87,309		NRG Energy, Inc		3,248
	37,405	*,e	Nuance Communications, Inc		702
	102,644		Nucor Corp		5,055
	150,810		Nvidia Corp		2,796
	8,045	*	NVR, Inc		9,257
	8,172		Oaktree Capital Group LLC		409
	275,659		Occidental Petroleum Corp		28,291
	16,589		Oceaneering International, Inc		1,296
	15,590	*	Ocwen Financial Corp		578
	30,016		OGE Energy Corp		1,173
	115,411		Omnicare, Inc		7,683
	66,282		Omnicom Group, Inc		4,721
	4,887	*	ONE Gas, Inc		184
	102,615		Oneok, Inc		6,986
	1,372,663		Oracle Corp		55,634
	39,764	*	O’Reilly Automotive, Inc		5,988
	326,043	*	Orient-Express Hotels Ltd		4,741
	130,000		Oshkosh Truck Corp		7,219
	341,483	*	Owens Corning, Inc		13,209
	23,927	*	Owens-Illinois, Inc		829
	61,511		Paccar, Inc		3,865
	90,000		Packaging Corp of America		6,434
	17,022		Pall Corp		1,454
	90,000	*	Parexel International Corp		4,756
	37,243		Parker Hannifin Corp		4,683
	19,832		PartnerRe Ltd		2,166
	12,697		Patterson Cos, Inc		502
	49,748		Paychex, Inc		2,068
	36,896	e	Peabody Energy Corp		603
	33,890	*	Penn National Gaming, Inc		411
	47,731		People’s United Financial, Inc		724
	35,250		Pepco Holdings, Inc		969
	877,458		PepsiCo, Inc		78,392

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	77,858		Perrigo Co plc	$	11,349
	24,226	e	Petsmart, Inc		1,449
	4,654,360		Pfizer, Inc		138,141
	69,228		PG&E Corp		3,324
	15,836	*,e	Pharmacyclics, Inc		1,421
	542,186		Philip Morris International, Inc		45,712
	622,727		Phillips 66		50,086
	129,659		Phillips-Van Heusen Corp		15,118
	400,000	*	Pilgrim’s Pride Corp		10,944
	15,378		Pinnacle West Capital Corp		889
	44,585		Pioneer Natural Resources Co		10,246
	26,790		Plum Creek Timber Co, Inc		1,208
	111,240		PNC Financial Services Group, Inc		9,906
	37,206		Polaris Industries, Inc		4,846
	75,000	*,e	Portfolio Recovery Associates, Inc		4,465
	68,502		PPG Industries, Inc		14,396
	160,045		PPL Corp		5,686
	44,095		Praxair, Inc		5,858
	56,724		Precision Castparts Corp		14,317
	49,494	*	Premier, Inc		1,435
	17,666	*	Priceline.com, Inc		21,252
	74,617		Principal Financial Group		3,767
	1,373,021		Procter & Gamble Co		107,906
	88,368		Progressive Corp		2,241
	75,028		Prologis, Inc		3,083
	197,863		Prudential Financial, Inc		17,564
	128,099		Public Service Enterprise Group, Inc		5,225
	57,998		Public Storage, Inc		9,938
	586,118		Pulte Homes, Inc		11,816
	25,512	*	Qiagen NV		617
	1,215,920		Qualcomm, Inc		96,301
	32,845	*	Quanta Services, Inc		1,136
	21,988	e	Quest Diagnostics, Inc		1,290
	25,031		Questar Market Resources, Inc		864
	130,000	e	Questcor Pharmaceuticals, Inc		12,024
	11,141	*	Quintiles Transnational Holdings, Inc		594
	17,546	*	Rackspace Hosting, Inc		591
	8,944		Ralph Lauren Corp		1,437
	64,562		Range Resources Corp		5,614
	17,493		Raymond James Financial, Inc		887
	5,915	*	Rayonier Advanced Materials, Inc		229
	17,744		Rayonier, Inc		631
	61,843		Raytheon Co		5,705
	188,981	*	Realogy Holdings Corp		7,126
	31,257	e	Realty Income Corp		1,388
	28,581	*	Red Hat, Inc		1,580
	167,000		Regal-Beloit Corp		13,120
	12,667		Regency Centers Corp		705
	19,598	*	Regeneron Pharmaceuticals, Inc		5,536
	383,730		Regions Financial Corp		4,075
	60,000		Reliance Steel & Aluminum Co		4,423
	11,377		RenaissanceRe Holdings Ltd		1,217

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	170,270		Republic Services, Inc	$	6,465
	20,785	e	Resmed, Inc		1,052
	113,600		Reynolds American, Inc		6,856
	35,325		Robert Half International, Inc		1,686
	10,563		Rock-Tenn Co (Class A)		1,115
	56,997		Rockwell Automation, Inc		7,134
	32,469		Rockwell Collins, Inc		2,537
	72,074		Roper Industries, Inc		10,524
	38,191		Ross Stores, Inc		2,526
	220,000	*	Rovi Corp		5,271
	5,751		Rowan Cos plc		184
	131,561		Royal Caribbean Cruises Ltd		7,315
	35,018		Safeway, Inc		1,203
	555,116	*	Salesforce.com, Inc		32,241
	122,000	*	Salix Pharmaceuticals Ltd		15,049
	188,626		SanDisk Corp		19,698
	258,096	*	SBA Communications Corp (Class A)		26,403
	33,084		SCANA Corp		1,780
	752,411		Schlumberger Ltd		88,747
	21,470		Scripps Networks Interactive (Class A)		1,742
	708,978		Seagate Technology, Inc		40,284
	137,084		Sealed Air Corp		4,684
	5,175	*,e	Sears Holdings Corp		207
	21,402		SEI Investments Co		701
	329,758		Sempra Energy		34,529
	22,929	*	Sensata Technologies Holding BV		1,073
	19,236	*	ServiceNow, Inc		1,192
	31,827		Sherwin-Williams Co		6,585
	18,330		Sigma-Aldrich Corp		1,860
	100,702		Simon Property Group, Inc		16,745
	466,660	*,e	Sirius XM Holdings, Inc		1,615
	100,200	*	Skyworks Solutions, Inc		4,705
	23,966		SL Green Realty Corp		2,622
	20,197		SLM Corp		168
	132,940		Southern Co		6,033
	413,449		Southwest Airlines Co		11,105
	131,161	*	Southwestern Energy Co		5,967
	233,059		SPDR Trust Series 1		45,614
	199,996		Spectra Energy Corp		8,496
	120,000	*	Spirit Airlines, Inc		7,589
	127,952	*	Sprint Corp		1,091
	9,581		SPX Corp		1,037
	79,620		St. Jude Medical, Inc		5,514
	50,000		St. Mary Land & Exploration Co		4,205
	301,438		Stanley Works		26,472
	165,980		Staples, Inc		1,799
	223,859		Starbucks Corp		17,322
	72,718		Starwood Hotels & Resorts Worldwide, Inc		5,877
	120,000		Starwood Property Trust, Inc		2,852
	145,000	*	Starz-Liberty Capital		4,320
	305,684		State Street Corp		20,560
	53,470	*	Stericycle, Inc		6,332

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	63,456		Stryker Corp	$	5,351
	103,887		SunTrust Banks, Inc		4,162
	40,351		Superior Energy Services		1,458
	179,106		Symantec Corp		4,102
	152,495	*	Synopsys, Inc		5,920
	87,529		Sysco Corp		3,278
	276,756		T Rowe Price Group, Inc		23,361
	90,001		Target Corp		5,216
	835,894		TCF Financial Corp		13,684
	63,928		TD Ameritrade Holding Corp		2,004
	100,000	*	Tenneco, Inc		6,570
	23,400	*	Teradata Corp		941
	32,793	*,e	Tesla Motors, Inc		7,872
	63,653		Tesoro Corp		3,735
	274,182		Texas Instruments, Inc		13,103
	96,503		Textron, Inc		3,695
	386,006		Thermo Electron Corp		45,549
	170,710	e	Thomson Corp (Toronto)		6,215
	32,942		Tiffany & Co		3,302
	122,653		Time Warner Cable, Inc		18,067
	542,663		Time Warner, Inc		38,122
	13,078	*	Time, Inc		317
	220,763		TJX Companies, Inc		11,734
	389,110	*	T-Mobile US, Inc		13,082
	41,623	*	Toll Brothers, Inc		1,536
	56,577		Torchmark Corp		4,635
	43,389		Total System Services, Inc		1,363
	10,545		Towers Watson & Co		1,099
	63,633		Tractor Supply Co		3,843
	115,135		TransDigm Group, Inc		19,257
	38,138		Transocean Ltd		1,713
	55,000	e	Transocean Ltd (NYSE)		2,477
	53,760		Travelers Cos, Inc		5,057
	148,395	*,e	TRI Pointe Homes, Inc		2,333
	31,500	*	Tribune Co		2,679
	37,788	*	Trimble Navigation Ltd		1,396
	240,000		Trinity Industries, Inc		10,493
	54,776	*	TripAdvisor, Inc		5,952
	120,599	*	TRW Automotive Holdings Corp		10,796
	271,465	*	Tumi Holdings, Inc		5,465
	439,037		Twenty-First Century Fox, Inc		15,432
	67,169		Twenty-First Century Fox, Inc (Class B)		2,299
	20,157	*	Twitter, Inc		826
	1,113,876		Tyco International Ltd		50,793
	395,381		Tyson Foods, Inc (Class A)		14,843
	332,112	*	UAL Corp		13,640
	36,043		UDR, Inc		1,032
	93,933	*	Ulta Salon Cosmetics & Fragrance, Inc		8,586
	24,364	*,e	Under Armour, Inc (Class A)		1,449
	833,928		Union Pacific Corp		83,184
	197,433		United Parcel Service, Inc (Class B)		20,268
	159,527	*	United Rentals, Inc		16,707

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	477,441		United Technologies Corp	$	55,121
	202,324		UnitedHealth Group, Inc		16,540
	22,513		Universal Health Services, Inc (Class B)		2,156
	67,984		UnumProvident Corp		2,363
	17,018	*	Urban Outfitters, Inc		576
	411,929		US Bancorp		17,845
	41,313		US Silica Holdings Inc		2,290
	229,805	*,e	USG Corp		6,924
	500,444		Valero Energy Corp		25,072
	28,561	*	Vantiv, Inc		960
	16,131	*	Varian Medical Systems, Inc		1,341
	132,427		Ventas, Inc		8,489
	90,000	*	Verint Systems, Inc		4,415
	20,027	*,e	VeriSign, Inc		978
	98,240	*	Verisk Analytics, Inc		5,896
	2,350,269		Verizon Communications, Inc		114,999
	59,002		Verizon Communications, Inc (New)		2,886
	59,173	*	Vertex Pharmaceuticals, Inc		5,603
	232,724		VF Corp		14,662
	540,432		Viacom, Inc (Class B)		46,872
	435,314		Visa, Inc (Class A)		91,725
	200,000		Vishay Intertechnology, Inc		3,098
	70,000	*	Visteon Corp		6,791
	86,366	*,e	VMware, Inc (Class A)		8,361
	302,806		Vornado Realty Trust		32,318
	13,008		Voya Financial, Inc		473
	33,342		Vulcan Materials Co		2,126
	27,991		W.R. Berkley Corp		1,296
	10,454		W.W. Grainger, Inc		2,658
	173,980		Walgreen Co		12,897
	331,121		Wal-Mart Stores, Inc		24,857
	1,347,083		Walt Disney Co		115,499
	399,000	e	Walter Energy, Inc		2,175
	34,999	*	Washington Prime Group, Inc		656
	65,777		Waste Management, Inc		2,942
	22,188	*	Waters Corp		2,317
	959,807	*	Weatherford International Ltd		22,076
	27,899	*	WellCare Health Plans, Inc		2,083
	203,134		WellPoint, Inc		21,859
	4,014,701		Wells Fargo & Co		211,013
	186,657		Western Digital Corp		17,228
	83,354	e	Western Union Co		1,445
	104,341		Westlake Chemical Corp		8,740
	87,657		Weyerhaeuser Co		2,901
	33,085		Whirlpool Corp		4,606
	29,852	*	Whiting Petroleum Corp		2,396
	127,709		Whole Foods Market, Inc		4,933
	400,800		Williams Cos, Inc		23,331
	24,156		Willis Group Holdings plc		1,046
	89,617	e	Windstream Holdings, Inc		893
	57,343		Wisconsin Energy Corp		2,691
	84,155	*	Workday, Inc		7,562

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	RATES			MATURITY DATE	VALUE (000)
	50,000	*	WR Grace & Co					$	4,727
	58,280		Wyndham Worldwide Corp						4,413
	20,237		Wynn Resorts Ltd						4,200
	158,943		Xcel Energy, Inc						5,123
	843,044		Xerox Corp						10,487
	68,282		Xilinx, Inc						3,230
	48,270		Xylem, Inc						1,886
	762,208	*	Yahoo!, Inc						26,776
	76,233		Yum! Brands, Inc						6,190
	43,139		Zimmer Holdings, Inc						4,480
	370,297		Zoetis Inc						11,949
	650,000	*	Zynga, Inc						2,087
			TOTAL UNITED STATES						10,574,036
			TOTAL COMMON STOCKS						19,423,740
			(Cost $15,951,165)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	BGP Holdings plc						0	^
			TOTAL AUSTRALIA						0	^
HONG KONG - 0.0%
	53,448	m	HKT Trust and HKT Ltd						16
	109,814	e	Sun Hung Kai Properties Ltd						143
			TOTAL HONG KONG						159
MALAYSIA - 0.0%
	115,180		Public Bank BHD						197
			TOTAL MALAYSIA						197
SPAIN - 0.0%
	335,600		Acerinox S.A.						204
	1,294,449		Repsol S.A.						881
			TOTAL SPAIN						1,085
UNITED STATES - 0.0%
	21,280		Kinder Morgan, Inc						59
			TOTAL UNITED STATES						59
			TOTAL RIGHTS / WARRANTS						1,500
			(Cost $1,099)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.2%
GOVERNMENT AGENCY DEBT - 0.3%
$	9,100,000	d	Federal Home Loan Bank (FHLB)		0.050	%	08/08/14		9,100
	24,368,000	d	FHLB		0.060		08/20/14		24,366
	3,760,000		FHLB		0.085		11/12/14		3,758
	5,000,000		FHLB		0.055		07/25/14		5,000

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER	RATES			MATURITY DATE	VALUE (000)
$	15,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.060	%	08/26/14	$	14,999
			TOTAL GOVERNMENT AGENCY DEBT						57,223
TREASURY DEBT - 1.0%
	11,400,000	d	United States Treasury Bill		0.060		07/31/14		11,399
	2,000,000	d	United States Treasury Bill		0.078		08/21/14		2,000
	1,900,000		United States Treasury Bill		0.080		09/04/14		1,900
	10,500,000	d	United States Treasury Bill		0.040-0.073		11/13/14		10,498
	4,000,000		United States Treasury Bill		0.046		11/20/14		3,999
	2,600,000		United States Treasury Bill		0.091		12/11/14		2,599
	5,500,000		United States Treasury Bill		0.050		02/05/15		5,498
	3,800,000	d	United States Treasury Bill		0.080		03/05/15		3,799
	14,300,000	d	United States Treasury Bill		0.080		04/02/15		14,293
	5,600,000		United States Treasury Bill		0.095		04/30/15		5,597
	40,500,000		United States Treasury Bill		0.091-0.096		05/28/15		40,466
	89,000,000		United States Treasury Bill		0.096-0.101		06/25/15		88,907
			TOTAL TREASURY DEBT						190,955
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.9%
CERTIFICATE OF DEPOSIT - 0.4%
	25,000,000		Bank of Montreal Head Office		0.030		07/01/14		25,000
	25,000,000		CIBC Bank and Trust Company		0.010		07/01/14		25,000
	25,000,000		National Australia Bank Ltd		0.030		07/01/14		25,000
			TOTAL CERTIFICATE OF DEPOSIT						75,000
REPURCHASE AGREEMENT - 1.2%
	126,000,000	n	Calyon		0.080		07/01/14		126,000
	50,000,000	o	Goldman Sachs		0.060		07/03/14		50,000
	50,000,000	p	HSBC		0.060		07/03/14		50,000
	13,000,000	q	Societe Generale		0.100		07/01/14		13,000
			TOTAL REPURCHASE AGREEMENT						239,000
TREASURY DEBT - 0.1%
	7,000,000		United States Treasury Bill		0.103		08/14/14		6,999
	15,000,000		United States Treasury Bill		0.079		09/25/14		14,999
			TOTAL TREASURY DEBT						21,998
VARIABLE RATE SECURITIES - 0.2%
	1,523,289	i	Granite Master Issuer plc 2006		0.031		12/20/50		1,513
	1,305,677	i	Granite Master Issuer plc 2007		0.020		12/20/50		1,295
	847,785	i	Medallion Trust 2005		0.030		08/22/36		846
	117,896	i	Nelnet Student Loan Trust 2007		0.483		09/25/18		118
	1,333,750	i	Puma Finance Ltd		0.027		02/21/38		1,319
	30,000,000	i	SLM Student Loan Trust 2007		0.118		01/25/19		29,742
	2,592,606	i	SLM Student Loan Trust 2008		0.579		10/25/16		2,593
			TOTAL VARIABLE RATE SECURITIES						37,426
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						373,424

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL	ISSUER	VALUE (000)
	TOTAL SHORT-TERM INVESTMENTS	$	621,602
	(Cost $621,766)
	TOTAL INVESTMENTS - 101.7%		20,046,842
	(Cost $16,574,030)
	OTHER ASSETS & LIABILITIES, NET - (1.7)%		(333,607	)
	NET ASSETS - 100.0%	$	19,713,235

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

*	Non-income producing.
^	Amount represents less than $1,000.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $605,229,000.
i	Floating or variable rate security. Coupon rate reflects the rate at the period end.
m	Indicates a security that has been deemed illiquid.
n	Agreement with Calyon, 0.08% dated 6/30/14 to be repurchased at $126,000,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $128,520,000.
o	Agreement with Goldman Sachs, 0.06% dated 6/30/14 to be repurchased at $50,000,000 on 7/3/14, collateralized by U.S. Government Agency Securities valued at $51,000,000.
p	Agreement with HSBC, 0.06% dated 6/30/14 to be repurchased at $50,002,000 on 7/3/14, collateralized by U.S. Government Agency Securities valued at $50,002,000.
q	Agreement with Societe Generale, 0.10% dated 6/30/14 to be repurchased at $13,000,000 on 7/1/14, collateralized by U.S. Government Agency Securities valued at $13,260,000.
	Cost amounts are in thousands.

235

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2014

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	3,939,458			19.9	%
CONSUMER DISCRETIONARY		2,866,509			14.5
INFORMATION TECHNOLOGY		2,691,133			13.7
HEALTH CARE		2,543,357			12.9
INDUSTRIALS		2,396,577			12.2
ENERGY		1,732,082			8.8
CONSUMER STAPLES		1,362,158			6.9
MATERIALS		953,462			4.8
TELECOMMUNICATION SERVICES		496,739			2.5
UTILITIES		443,765			2.3
SHORT-TERM INVESTMENTS		621,602			3.2
OTHER ASSETS & LIABILITIES, NET		(333,607	)		(1.7	)
NET ASSETS	$	19,713,235			100.0	%

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2014

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 2.0%
	537,564		BorgWarner, Inc	$	35,044
	1,005,847		Delphi Automotive plc		69,142
	1,180,843		General Motors Co		42,865
	405,499		Gentex Corp		11,796
	1,095,836		Goodyear Tire & Rubber Co		30,442
	90,309		Harley-Davidson, Inc		6,308
	73,190		Johnson Controls, Inc		3,654
	451,935		Lear Corp		40,367
	220,400		Magna International, Inc (Class A) (NY)		23,748
	139,040		Renault S.A.		12,568
	309,600	*	Tenneco, Inc		20,341
	290,798	*,e	Tesla Motors, Inc		69,809
	18,212		Thor Industries, Inc		1,036
	158,700		Toyota Motor Corp		9,502
	198,500	*	TRW Automotive Holdings Corp		17,770
	179,400	*	Visteon Corp		17,403
			TOTAL AUTOMOBILES & COMPONENTS		411,795
BANKS - 0.2%
	1,606,300		Huntington Bancshares, Inc		15,324
	8,977	*,e	Nationstar Mortgage Holdings, Inc		326
	41,571	*	Ocwen Financial Corp		1,542
	18,250	*	Signature Bank		2,303
	1,824	*	SVB Financial Group		213
	548,500		Wells Fargo & Co		28,829
			TOTAL BANKS		48,537
CAPITAL GOODS - 6.3%
	1,023,025		3M Co		146,538
	173,299		A.O. Smith Corp		8,592
	38,972		Acuity Brands, Inc		5,388
	167,063		Allegion plc		9,469
	77,000		Alliant Techsystems, Inc		10,312
	54,432		Allison Transmission Holdings, Inc		1,693
	100,658		Ametek, Inc		5,262
	18,745	*	Armstrong World Industries, Inc		1,077
	43,500	*	BE Aerospace, Inc		4,023
	1,066,640		Boeing Co		135,709
	53,915		Caterpillar, Inc		5,859
	42,319		Chicago Bridge & Iron Co NV		2,886
	40,013	*	Colfax Corp		2,983
	137,037		Crane Co		10,190
	327,205		Cummins, Inc		50,484
	59,008		Danaher Corp		4,646

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	33,073		Deere & Co	$	2,995
	56,465		Donaldson Co, Inc		2,390
	52,115		Dover Corp		4,740
	216,652		Emerson Electric Co		14,377
	122,916	e	Fastenal Co		6,083
	58,358		Flowserve Corp		4,339
	221,615		Fluor Corp		17,042
	477,133		Fortune Brands Home & Security, Inc		19,052
	41,190		Foster Wheeler AG.		1,403
	94,200		General Dynamics Corp		10,979
	983,825		General Electric Co		25,855
	25,156		Graco, Inc		1,964
	43,780	*	HD Supply Holdings, Inc		1,243
	42,323	*	Hexcel Corp		1,731
	1,205,482		Honeywell International, Inc		112,049
	4,955		Hubbell, Inc (Class B)		610
	251,162		Huntington Ingalls		23,757
	31,553		IDEX Corp		2,548
	139,429		Illinois Tool Works, Inc		12,208
	391,290		Ingersoll-Rand plc		24,460
	10,369		ITT Corp		499
	264,934	e	Joy Global, Inc		16,315
	43,000		L-3 Communications Holdings, Inc		5,192
	103,805		Lennox International, Inc		9,298
	14,457		Lincoln Electric Holdings, Inc		1,010
	268,213		Lockheed Martin Corp		43,110
	54,803		Manitowoc Co, Inc		1,801
	765,378		Masco Corp		16,991
	152,532	*,e	Middleby Corp		12,617
	15,175	*	MRC Global, Inc		429
	66,615		MSC Industrial Direct Co (Class A)		6,371
	3,675	*,e	Navistar International Corp		138
	25,844		Nordson Corp		2,072
	39,500		Northrop Grumman Corp		4,725
	3,737	*	NOW, Inc		135
	203,300		Oshkosh Truck Corp		11,289
	347,300	*	Owens Corning, Inc		13,434
	134,284		Paccar, Inc		8,437
	184,407		Pall Corp		15,747
	32,251		Parker Hannifin Corp		4,055
	5,532		Pentair plc		399
	188,895		Precision Castparts Corp		47,677
	19,672	*	Quanta Services, Inc		680
	200,808		Rockwell Automation, Inc		25,133
	50,388		Rockwell Collins, Inc		3,937
	354,443		Roper Industries, Inc		51,752
	290,720		Safran S.A.		19,032
	76,059		Snap-On, Inc		9,015
	17,548	*,e	SolarCity Corp		1,239
	252,515	*	Spirit Aerosystems Holdings, Inc (Class A)		8,510
	6,075		Stanley Works		534
	670,200		Textron, Inc		25,662

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	2,160		Timken Co	$	147
	75,651		Toro Co		4,811
	21,316		TransDigm Group, Inc		3,565
	541,525		Trinity Industries, Inc		23,675
	4,718		Triumph Group, Inc		329
	239,280	*	United Rentals, Inc		25,060
	116,240		United Technologies Corp		13,420
	357,111	*	USG Corp		10,760
	5,902	e	Valmont Industries, Inc		897
	386,765		W.W. Grainger, Inc		98,343
	142,458	*	WABCO Holdings, Inc		15,217
	40,194		Westinghouse Air Brake Technologies Corp		3,320
	55,058		Xylem, Inc		2,152
			TOTAL CAPITAL GOODS		1,263,867
COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
	33,283		Cintas Corp		2,115
	18,477	*	Clean Harbors, Inc		1,187
	649,228	e	CNH Industrial NV (NYSE)		6,635
	44,613	*	Copart, Inc		1,604
	16,141		Covanta Holding Corp		333
	5,469		Dun & Bradstreet Corp		603
	26,986		Equifax, Inc		1,958
	27,345	*	IHS, Inc (Class A)		3,710
	65,652		Iron Mountain, Inc		2,327
	23,180		KAR Auction Services, Inc		739
	118,700		Manpower, Inc		10,072
	2,357,077		Nielsen Holdings NV		114,106
	35,602		Pitney Bowes, Inc		983
	8,989		R.R. Donnelley & Sons Co		152
	57,757		Robert Half International, Inc		2,757
	24,131		Rollins, Inc		724
	457,222	*	Stericycle, Inc		54,144
	170,049		Tyco International Ltd		7,754
	1,689,467	*	Verisk Analytics, Inc		101,402
	31,115		Waste Connections, Inc		1,511
	16,575		Waste Management, Inc		741
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		315,557
CONSUMER DURABLES & APPAREL - 2.8%
	22,058		Carter’s, Inc		1,520
	113,342		Coach, Inc		3,875
	14,296	*,e	Deckers Outdoor Corp		1,234
	196,533		DR Horton, Inc		4,831
	180,404	*	Fossil Group, Inc		18,856
	179,740		Garmin Ltd		10,946
	167,263	*	GoPro, Inc		6,782
	359,810		Hanesbrands, Inc		35,420
	28,135		Harman International Industries, Inc		3,023
	40,060		Hasbro, Inc		2,125
	708,059	*	Jarden Corp		42,023
	190,932	*	Kate Spade & Co		7,282

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	28,300		Leggett & Platt, Inc	$	970
	4,444		Lennar Corp (Class A)		187
	1,121,679	e	Luxottica Group S.p.A.		64,952
	435,805		LVMH Moet Hennessy Louis Vuitton S.A.		84,097
	50,790		Mattel, Inc		1,979
	649,554	*	Michael Kors Holdings Ltd		57,583
	68,526		Newell Rubbermaid, Inc		2,124
	1,451,039		Nike, Inc (Class B)		112,528
	29,126	*	NVR, Inc		33,512
	29,623		Phillips-Van Heusen Corp		3,454
	26,554		Polaris Industries, Inc		3,458
	2,200,200		Pulte Homes, Inc		44,356
	18,353		Ralph Lauren Corp		2,949
	24,234	*	Tempur-Pedic International, Inc		1,447
	21,492		Tupperware Corp		1,799
	71,486	*,e	Under Armour, Inc (Class A)		4,253
	143,033		VF Corp		9,011
	2,202		Whirlpool Corp		307
			TOTAL CONSUMER DURABLES & APPAREL		566,883
CONSUMER SERVICES - 3.0%
	145,640		ARAMARK Holdings Corp		3,769
	15,528	*	Bally Technologies, Inc		1,020
	28,216		Brinker International, Inc		1,373
	40,574		Burger King Worldwide, Inc		1,104
	47,877	*	Chipotle Mexican Grill, Inc (Class A)		28,368
	1,182		Choice Hotels International, Inc		56
	138,900		Domino’s Pizza, Inc		10,152
	42,637		Dunkin Brands Group, Inc		1,953
	524,000		Extended Stay America, Inc		12,136
	112,458		H&R Block, Inc		3,770
	368,929	*	Hilton Worldwide Holdings, Inc		8,596
	344,100	*	Hyatt Hotels Corp		20,983
	534,672		Interval Leisure Group, Inc		11,731
	1,348,230		Las Vegas Sands Corp		102,762
	827,924		Marriott International, Inc (Class A)		53,070
	626,912		McDonald’s Corp		63,155
	3,930,000	*,g	Merlin Entertainments plc		24,092
	13,087	*	MGM Mirage		345
	34,698	*	Norwegian Cruise Line Holdings Ltd		1,100
	86,733	*	Panera Bread Co (Class A)		12,995
	28,146		SeaWorld Entertainment, Inc		797
	69,336		Service Corp International		1,437
	316,076		Six Flags Entertainment Corp		13,449
	1,783,814		Starbucks Corp		138,032
	34,282		Starwood Hotels & Resorts Worldwide, Inc		2,771
	286,738		Wyndham Worldwide Corp		21,712
	44,614		Wynn Resorts Ltd		9,260
	608,465		Yum! Brands, Inc		49,407
			TOTAL CONSUMER SERVICES		599,395

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 4.5%
	486,858	*	Affiliated Managers Group, Inc	$	100,000
	99,818	*	Ally Financial, Inc		2,387
	755,074		American Express Co		71,634
	954,689		Ameriprise Financial, Inc		114,563
	11,387		Artisan Partners Asset Management, Inc		646
	64,535		BlackRock, Inc		20,625
	1,320,398		Blackstone Group LP		44,154
	126,500		Capital One Financial Corp		10,449
	221,934		CBOE Holdings, Inc		10,921
	615,458		Charles Schwab Corp		16,574
	587,000		Discover Financial Services		36,382
	50,818		Eaton Vance Corp		1,920
	26,925	e	Federated Investors, Inc (Class B)		833
	136,141		Franklin Resources, Inc		7,874
	536,080		IntercontinentalExchange Group, Inc		101,265
	429,192		Invesco Ltd		16,202
	800,000	e	iShares Russell 1000 Growth Index Fund		72,744
	52,429		Lazard Ltd (Class A)		2,703
	16,860		Legg Mason, Inc		865
	25,035		Leucadia National Corp		657
	36,115		LPL Financial Holdings, Inc		1,796
	979,017		McGraw-Hill Financial, Inc		81,288
	1,581,269		Moody’s Corp		138,614
	372,500		Morgan Stanley		12,043
	20,287	*	MSCI, Inc (Class A)		930
	15,283		Oaktree Capital Group LLC		764
	2,554		Santander Consumer USA Holdings, Inc		50
	201,300		SEI Investments Co		6,597
	53,944		SLM Corp		448
	140,811		T Rowe Price Group, Inc		11,886
	97,168		TD Ameritrade Holding Corp		3,046
	175,963		Waddell & Reed Financial, Inc (Class A)		11,014
			TOTAL DIVERSIFIED FINANCIALS		901,874
ENERGY - 5.1%
	89,849		Anadarko Petroleum Corp		9,836
	21,926	*	Antero Resources Corp		1,439
	375,741		Apache Corp		37,807
	21,186	*	Athlon Energy, Inc		1,011
	5,769	*	Atwood Oceanics, Inc		303
	152,370		Baker Hughes, Inc		11,344
	172,882		Cabot Oil & Gas Corp		5,902
	239,351	*	Cameron International Corp		16,207
	181,228	*	Cheniere Energy, Inc		12,994
	50,127		Chesapeake Energy Corp		1,558
	4,349		Cimarex Energy Co		624
	131,879	*	Cobalt International Energy, Inc		2,420
	246,109	*	Concho Resources, Inc		35,563
	18,128	*,e	Continental Resources, Inc		2,865
	35,141	e	CVR Energy, Inc		1,693
	32,214	*	Dresser-Rand Group, Inc		2,053
	16,771	*	Dril-Quip, Inc		1,832

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,947,759		EOG Resources, Inc	$	227,615
	56,906		Equitable Resources, Inc		6,083
	97,579	*	FMC Technologies, Inc		5,959
	6,702		Frank’s International NV		165
	28,308	*	Gulfport Energy Corp		1,778
	1,742,131		Halliburton Co		123,709
	147,047		Helmerich & Payne, Inc		17,074
	15,069		Holly Corp		658
	74,970		Kinder Morgan, Inc		2,718
	44,885	*	Kosmos Energy LLC		504
	28,225	*	Laredo Petroleum Holdings, Inc		874
	77,448		Marathon Petroleum Corp		6,046
	12,221		Nabors Industries Ltd		359
	15,063		National Oilwell Varco, Inc		1,240
	354,491		Noble Energy, Inc		27,459
	41,049	*	Oasis Petroleum, Inc		2,294
	188,001		Oceaneering International, Inc		14,689
	47,437		Oneok, Inc		3,230
	30,482		Patterson-UTI Energy, Inc		1,065
	8,227		PBF Energy, Inc		219
	495,707		Phillips 66		39,870
	115,423		Pioneer Natural Resources Co		26,525
	7,837		Questar Market Resources, Inc		270
	67,499		Range Resources Corp		5,869
	19,292	*	Rice Energy, Inc		587
	272,421		RPC, Inc		6,399
	1,681,227		Schlumberger Ltd		198,301
	43,375	e	Seadrill Ltd		1,733
	310,061	*	Southwestern Energy Co		14,105
	321,145		St. Mary Land & Exploration Co		27,008
	4,424		Superior Energy Services		160
	15,598		Targa Resources Investments, Inc		2,177
	8,614		Teekay Corp		536
	23,002		Tesoro Corp		1,350
	18,857	*	Ultra Petroleum Corp		560
	595,520		Valero Energy Corp		29,836
	205,573	*	Whiting Petroleum Corp		16,497
	1,110,501		Williams Cos, Inc		64,642
	58,641		World Fuel Services Corp		2,887
			TOTAL ENERGY		1,028,501
FOOD & STAPLES RETAILING - 1.4%
	668,548		Costco Wholesale Corp		76,990
	677,001		CVS Corp		51,026
	1,552,118		Kroger Co		76,721
	269,503	*	Rite Aid Corp		1,932
	40,411	*,e	Sprouts Farmers Market, Inc		1,322
	90,616		Sysco Corp		3,394
	869,791		Walgreen Co		64,478
	194,745		Wal-Mart Stores, Inc		14,619
	66,526		Whole Foods Market, Inc		2,570
			TOTAL FOOD & STAPLES RETAILING		293,052

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 4.1%
	2,959,794		Altria Group, Inc	$	124,134
	377,096		Archer Daniels Midland Co		16,634
	63,578		Brown-Forman Corp (Class B)		5,987
	47,633		Campbell Soup Co		2,182
	2,962,393		Coca-Cola Co		125,487
	747,335		Coca-Cola Enterprises, Inc		35,708
	138,245	*	Constellation Brands, Inc (Class A)		12,183
	321,584		Dr Pepper Snapple Group, Inc		18,838
	68,690		Flowers Foods, Inc		1,448
	254,142		General Mills, Inc		13,353
	18,968	*	Hain Celestial Group, Inc		1,683
	61,391		Hershey Co		5,978
	32,041		Hillshire Brands Co		1,996
	219,137		Hormel Foods Corp		10,814
	4,240		Ingredion, Inc		318
	98,385		Kellogg Co		6,464
	612,492		Keurig Green Mountain, Inc		76,323
	303,753		Kraft Foods Group, Inc		18,210
	468,269		Lorillard, Inc		28,550
	53,412		McCormick & Co, Inc		3,824
	83,287		Mead Johnson Nutrition Co		7,760
	622,089	*	Monster Beverage Corp		44,187
	1,484,545		PepsiCo, Inc		132,629
	568,920		Philip Morris International, Inc		47,966
	815,200	*	Pilgrim’s Pride Corp		22,304
	97,410		Reynolds American, Inc		5,879
	535,200		Suntory Beverage & Food Ltd		20,978
	332,989		Tyson Foods, Inc (Class A)		12,500
	295,822	*	WhiteWave Foods Co (Class A)		9,576
			TOTAL FOOD, BEVERAGE & TOBACCO		813,893
HEALTH CARE EQUIPMENT & SERVICES - 3.0%
	1,254,276		Abbott Laboratories		51,300
	445,710		Aetna, Inc		36,138
	112,422	*	Align Technology, Inc		6,300
	27,656	*	Allscripts Healthcare Solutions, Inc		444
	94,658		AmerisourceBergen Corp		6,878
	15,641	*	athenahealth, Inc		1,957
	86,931		Bard (C.R.), Inc		12,432
	230,131		Baxter International, Inc		16,638
	190,064		Becton Dickinson & Co		22,485
	52,069	*	Boston Scientific Corp		665
	51,791	*	Brookdale Senior Living, Inc		1,727
	11,360		Cardinal Health, Inc		779
	336,600	*	CareFusion Corp		14,928
	381,950	*	Catamaran Corp		16,867
	99,964	*	Centene Corp		7,558
	737,931	*	Cerner Corp		38,062
	177,579		Cigna Corp		16,332
	14,385		Cooper Cos, Inc		1,950

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	233,493	*	DaVita, Inc	$	16,886
	15,653		Dentsply International, Inc		741
	115,336	*	Edwards Lifesciences Corp		9,900
	33,503	*	Envision Healthcare Holdings, Inc		1,203
	318,371	*	Express Scripts Holding Co		22,073
	264,832	*	HCA Holdings, Inc		14,931
	248,900		Healthsouth Corp		8,928
	35,404	*	Henry Schein, Inc		4,201
	34,780	*	Hologic, Inc		882
	88,200		Humana, Inc		11,265
	66,728	*	Idexx Laboratories, Inc		8,913
	30,310	*	IMS Health Holdings, Inc		778
	14,794	*	Intuitive Surgical, Inc		6,092
	13,994	*	Laboratory Corp of America Holdings		1,433
	534,508		McKesson Corp		99,531
	493,400	*	Olympus Corp		16,976
	6,250		Patterson Cos, Inc		247
	27,260	*	Pediatrix Medical Group, Inc		1,585
	525,161	*	Premier, Inc		15,230
	58,211	e	Resmed, Inc		2,947
	16,051	*	Sirona Dental Systems, Inc		1,324
	300,786		St. Jude Medical, Inc		20,829
	82,837		Stryker Corp		6,985
	38,524	*	Tenet Healthcare Corp		1,808
	227,430		Universal Health Services, Inc (Class B)		21,779
	58,612	*	Varian Medical Systems, Inc		4,873
	15,559	*,e	Veeva Systems, Inc		396
	347,000		WellPoint, Inc		37,341
	4,213		Zimmer Holdings, Inc		438
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		593,955
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
	432,399		Avon Products, Inc		6,317
	242,355		Church & Dwight Co, Inc		16,953
	44,880	e	Clorox Co		4,102
	418,035		Colgate-Palmolive Co		28,502
	16,479		Coty, Inc		282
	1,670,193		Estee Lauder Cos (Class A)		124,029
	127,442	e	Herbalife Ltd		8,225
	129,102		Kimberly-Clark Corp		14,359
	24,143		Nu Skin Enterprises, Inc (Class A)		1,785
	61,878		Procter & Gamble Co		4,863
	8,517		Spectrum Brands, Inc		733
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		210,150
INSURANCE - 0.8%
	215,919		ACE Ltd		22,391
	240,800		Allstate Corp		14,140
	4,781		American Financial Group, Inc		285
	95,783		Aon plc		8,629
	61,688		Arthur J. Gallagher & Co		2,875
	346,400		Axis Capital Holdings Ltd		15,338

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	4,758		Brown & Brown, Inc	$	146
	9,746		Erie Indemnity Co (Class A)		733
	67,400		Fidelity National Title Group, Inc (Class A)		2,208
	363,805		Marsh & McLennan Cos, Inc		18,852
	346,700		Metlife, Inc		19,263
	117,700		PartnerRe Ltd		12,854
	213,800		Prudential Financial, Inc		18,979
	7,922		Reinsurance Group of America, Inc (Class A)		625
	145,900		Travelers Cos, Inc		13,725
			TOTAL INSURANCE		151,043
MATERIALS - 4.4%
	30,718		Airgas, Inc		3,345
	13,607		Albemarle Corp		973
	7,897		Aptargroup, Inc		529
	269,107		Avery Dennison Corp		13,792
	217,518		Ball Corp		13,634
	221,049	*	Berry Plastics Group, Inc		5,703
	5,548		Celanese Corp (Series A)		356
	50,145		CF Industries Holdings, Inc		12,061
	13,542		Compass Minerals International, Inc		1,296
	57,289	*	Crown Holdings, Inc		2,851
	1,751		Cytec Industries, Inc		184
	736,988		Dow Chemical Co		37,925
	406,277		Du Pont (E.I.) de Nemours & Co		26,587
	19,778		Eagle Materials, Inc		1,865
	214,700		Eastman Chemical Co		18,754
	110,200		Ecolab, Inc		12,270
	56,508		FMC Corp		4,023
	973,900	*	Graphic Packaging Holding Co		11,395
	58,576		Huntsman Corp		1,646
	33,546		International Flavors & Fragrances, Inc		3,498
	27,752		International Paper Co		1,401
	1,756,869		LyondellBasell Industries AF S.C.A		171,558
	19,622	e	Martin Marietta Materials, Inc		2,591
	1,673,221		Monsanto Co		208,718
	3,886		NewMarket Corp		1,524
	511,123	*	Owens-Illinois, Inc		17,705
	392,035		Packaging Corp of America		28,026
	35,141	*	Platform Specialty Products Corp		985
	397,325		PPG Industries, Inc		83,498
	228,962		Praxair, Inc		30,415
	2,082	*	Rayonier Advanced Materials, Inc		81
	2,406		Rockwood Holdings, Inc		183
	50,839		RPM International, Inc		2,348
	17,071		Scotts Miracle-Gro Co (Class A)		971
	361,627		Sealed Air Corp		12,357
	353,681		Sherwin-Williams Co		73,180
	23,760		Sigma-Aldrich Corp		2,411
	17,611		Silgan Holdings, Inc		895
	465,820		Southern Copper Corp (NY)		14,147
	3,653	*	Tahoe Resources, Inc		96

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	241,921	*	Trinseo S.A.	$	5,032
	34,271		Valspar Corp		2,611
	149,600		West Fraser Timber Co Ltd		7,250
	448,720		Westlake Chemical Corp		37,585
	27,333	*	WR Grace & Co		2,584
			TOTAL MATERIALS		880,839
MEDIA - 5.5%
	25,016	*	AMC Networks, Inc		1,538
	82,357	e	Cablevision Systems Corp (Class A)		1,454
	262,776		CBS Corp (Class B)		16,329
	32,796	*	Charter Communications, Inc		5,194
	47,119		Cinemark Holdings, Inc		1,666
	17,985		Clear Channel Outdoor Holdings, Inc (Class A)		147
	6,334,429		Comcast Corp (Class A)		340,032
	907,250	*	DIRECTV		77,125
	580,253	*	Discovery Communications, Inc (Class A)		43,101
	523,083	*	DISH Network Corp (Class A)		34,042
	980,742		Interpublic Group of Cos, Inc		19,134
	33,632		Lamar Advertising Co (Class A)		1,783
	36,700	*	Liberty Global plc		1,553
	315,400	*,e	Liberty Global plc (Class A)		13,947
	33,782	e	Lions Gate Entertainment Corp		965
	210,478	*	Live Nation, Inc		5,197
	8,149		Morningstar, Inc		585
	362,602	*	News Corp		6,505
	106,663		Omnicom Group, Inc		7,597
	6,395	e	Regal Entertainment Group (Class A)		135
	44,536		Scripps Networks Interactive (Class A)		3,614
	1,140,079	*,e	Sirius XM Holdings, Inc		3,945
	947,199		Smiles S.A.		20,140
	39,388	*	Starz-Liberty Capital		1,173
	407,472		Time Warner Cable, Inc		60,021
	428,000		Time Warner, Inc		30,067
	487,110	*	Tribune Co		41,429
	1,381,147		Twenty-First Century Fox, Inc		48,547
	819,394		Viacom, Inc (Class B)		71,066
	2,956,168		Walt Disney Co		253,462
			TOTAL MEDIA		1,111,493
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.3%
	1,718,620		AbbVie, Inc		96,999
	463,604	*	Actavis plc		103,407
	18,205		Agilent Technologies, Inc		1,046
	574,662	*	Alexion Pharmaceuticals, Inc		89,791
	1,328,267	*	Alkermes plc		66,852
	347,081		Allergan, Inc		58,733
	23,272	*	Alnylam Pharmaceuticals, Inc		1,470
	941,673		Amgen, Inc		111,466
	785,082	*	Biogen Idec, Inc		247,544
	60,347	*	BioMarin Pharmaceuticals, Inc		3,754
	106,000	*	Biovail Corp		13,369

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,801,753		Bristol-Myers Squibb Co	$	87,403
	161,428	*	Bruker BioSciences Corp		3,918
	3,350,836	*	Celgene Corp		287,770
	9,956	*	Charles River Laboratories International, Inc		533
	21,926	*	Covance, Inc		1,876
	122,545	*	Cubist Pharmaceuticals, Inc		8,556
	845,129		Eli Lilly & Co		52,542
	186,169	*	Endo International plc		13,036
	99,375	*	Forest Laboratories, Inc		9,838
	4,756,196	*	Gilead Sciences, Inc		394,336
	397,822	*	Illumina, Inc		71,027
	59,766	*	Incyte Corp		3,373
	5,152	*	Intercept Pharmaceuticals, Inc		1,219
	61,446	*	Jazz Pharmaceuticals plc		9,033
	181,548		Johnson & Johnson		18,994
	60,527	*,e	Kite Pharma, Inc		1,750
	11,251	*	Mallinckrodt plc		900
	30,414	*	Medivation, Inc		2,344
	169,137		Merck & Co, Inc		9,785
	12,151	*	Mettler-Toledo International, Inc		3,076
	1,149,056	*	Mylan Laboratories, Inc		59,245
	267,529	*,e	Myriad Genetics, Inc		10,412
	1,476,807		Novo Nordisk AS		68,159
	701,973	*	NPS Pharmaceuticals, Inc		23,200
	8,811		PerkinElmer, Inc		413
	742,306		Perrigo Co plc		108,199
	342,605		Pfizer, Inc		10,168
	24,188	*,e	Pharmacyclics, Inc		2,170
	343,181	e	Questcor Pharmaceuticals, Inc		31,741
	10,976	*	Quintiles Transnational Holdings, Inc		585
	32,932	*	Regeneron Pharmaceuticals, Inc		9,302
	435,321	*	Salix Pharmaceuticals Ltd		53,697
	42,462	*,e	Seattle Genetics, Inc		1,624
	354,512		Shire Ltd		27,809
	6,230		Techne Corp		577
	66,438		Thermo Electron Corp		7,840
	19,734	*	United Therapeutics Corp		1,746
	174,974	*	Vertex Pharmaceuticals, Inc		16,567
	97,445	*	Waters Corp		10,177
	1,533,524		Zoetis Inc		49,487
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,268,858
REAL ESTATE - 1.5%
	519,495		American Tower Corp		46,744
	32,501		Apartment Investment & Management Co (Class A)		1,049
	7,576		Boston Properties, Inc		895
	2,681,926	*	CBRE Group, Inc		85,929
	7,778		Columbia Property Trust, Inc		202
	155,204		Crown Castle International Corp		11,526
	148,141		Equity Lifestyle Properties, Inc		6,542
	231,409		Extra Space Storage, Inc		12,323
	18,451		Federal Realty Investment Trust		2,231

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	5,865		Gaming and Leisure Properties, Inc	$	199
	5,561,000		Global Logistic Properties		12,052
	66,475		Health Care REIT, Inc		4,166
	11,864		Healthcare Trust of America, Inc		143
	7,807	*	Howard Hughes Corp		1,232
	4,917		Jones Lang LaSalle, Inc		622
	32,476		NorthStar Realty Finance Corp		564
	17,513	e	Omega Healthcare Investors, Inc		646
	38,345		Plum Creek Timber Co, Inc		1,729
	54,950		Public Storage, Inc		9,416
	6,245		Rayonier, Inc		222
	1,195,650	*	Realogy Holdings Corp		45,088
	258,269		Simon Property Group, Inc		42,945
	26,597		Tanger Factory Outlet Centers, Inc		930
	22,954		Taubman Centers, Inc		1,740
	57,143		Ventas, Inc		3,663
	17,411		Vornado Realty Trust		1,858
	25,387		Weyerhaeuser Co		840
			TOTAL REAL ESTATE		295,496
RETAILING - 6.8%
	1,948		Aaron’s, Inc		69
	3,238	e	Abercrombie & Fitch Co (Class A)		140
	231,961		Advance Auto Parts, Inc		31,296
	851,884	*	Amazon.com, Inc		276,675
	156,000	*,e	ASOS plc		7,900
	29,652	*	Autonation, Inc		1,770
	80,689	*	AutoZone, Inc		43,269
	36,027	*	Bed Bath & Beyond, Inc		2,067
	706,823		Best Buy Co, Inc		21,919
	7,157	*	Big Lots, Inc		327
	2,704	*,e	Cabela’s, Inc		169
	808,259	*	Carmax, Inc		42,038
	28,340		Chico’s FAS, Inc		481
	26,612		CST Brands, Inc		918
	322,320	*,e	Ctrip.com International Ltd (ADR)		20,641
	8,007		Dick’s Sporting Goods, Inc		373
	109,579		Dillard’s, Inc (Class A)		12,778
	98,212	*	Dollar General Corp		5,633
	257,848	*	Dollar Tree, Inc		14,042
	1,461,598		Expedia, Inc		115,116
	37,276		Family Dollar Stores, Inc		2,465
	652,686		Foot Locker, Inc		33,104
	141,400		GameStop Corp (Class A)		5,722
	109,397		Gap, Inc		4,548
	60,108		Genuine Parts Co		5,277
	37,202		GNC Holdings, Inc		1,269
	2,758,727	*,e	Groupon, Inc		18,263
	3,301,671		Home Depot, Inc		267,303
	35,701	*	HomeAway, Inc		1,243
	445,139	*,e	JD.com, Inc (ADR)		12,691
	1,491,522		Kingfisher plc		9,156

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	3,062		Kohl’s Corp	$	161
	35,882		L Brands, Inc		2,105
	953,972	*	Liberty Interactive Corp		28,009
	30,698	*	Liberty Ventures		2,265
	120,921	*	LKQ Corp		3,227
	978,778		Lowe’s Companies, Inc		46,972
	892,688		Macy’s, Inc		51,794
	67,827	*	Murphy USA, Inc		3,316
	42,478	*	NetFlix, Inc		18,716
	57,313		Nordstrom, Inc		3,893
	205,971	*	O’Reilly Automotive, Inc		31,019
	68,359		Penske Auto Group, Inc		3,384
	42,253	e	Petsmart, Inc		2,527
	83,679	*	Priceline.com, Inc		100,666
	87,872		Ross Stores, Inc		5,811
	51,626	*	Sally Beauty Holdings, Inc		1,295
	8,550	*	Sears Holdings Corp		342
	22,765		Signet Jewelers Ltd		2,518
	26,485		Target Corp		1,535
	45,787		Tiffany & Co		4,590
	709,030		TJX Companies, Inc		37,685
	56,812		Tractor Supply Co		3,431
	102,896	*	TripAdvisor, Inc		11,181
	298,822	*	Ulta Salon Cosmetics & Fragrance, Inc		27,315
	33,455	*	Urban Outfitters, Inc		1,133
	153,859		Williams-Sonoma, Inc		11,044
	3,369	*,e	zulily, Inc		138
			TOTAL RETAILING		1,364,734
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	231,511	*,e	Advanced Micro Devices, Inc		970
	298,438		Altera Corp		10,374
	59,181		Analog Devices, Inc		3,200
	336,181		Applied Materials, Inc		7,581
	214,442		ARM Holdings plc (ADR)		9,701
	178,836	*	Atmel Corp		1,676
	362,368		Avago Technologies Ltd		26,116
	502,520		Broadcom Corp (Class A)		18,654
	29,723	*,e	Cree, Inc		1,485
	205,683	*	First Solar, Inc		14,616
	270,824	*,e	Freescale Semiconductor Holdings Ltd		6,364
	136,000	*	Hynix Semiconductor, Inc		6,530
	1,737,223		Intel Corp		53,680
	102,909		Kla-Tencor Corp		7,475
	1,289,588	*	Lam Research Corp		87,150
	95,586		Linear Technology Corp		4,499
	699,300		Marvell Technology Group Ltd		10,021
	110,947		Maxim Integrated Products, Inc		3,751
	81,896	e	Microchip Technology, Inc		3,997
	1,601,841	*	Micron Technology, Inc		52,781
	270,045		Nvidia Corp		5,007
	568,418	*	NXP Semiconductors NV		37,618

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	96,978	*	ON Semiconductor Corp	$	886
	281,380	*	Skyworks Solutions, Inc		13,214
	35,485	*	SunEdison, Inc		802
	8,789		Teradyne, Inc		172
	512,056		Texas Instruments, Inc		24,471
	375,138		Xilinx, Inc		17,748
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		430,539
SOFTWARE & SERVICES - 19.3%
	688,926		Accenture plc		55,693
	135,163		Activision Blizzard, Inc		3,014
	2,745,653	*	Adobe Systems, Inc		198,675
	73,404	*	Akamai Technologies, Inc		4,482
	118,871	*	Alliance Data Systems Corp		33,433
	356,691		Amdocs Ltd		16,526
	10,669	*	Ansys, Inc		809
	114,800	*	AOL, Inc		4,568
	1,265,287	*	Autodesk, Inc		71,337
	199,602		Automatic Data Processing, Inc		15,824
	28,606		Booz Allen Hamilton Holding Co		608
	280,820		Broadridge Financial Solutions, Inc		11,693
	117,750	*	Cadence Design Systems, Inc		2,059
	194,648	*	Citrix Systems, Inc		12,175
	589,398	*	Cognizant Technology Solutions Corp (Class A)		28,827
	305,469		Computer Sciences Corp		19,306
	18,775	*,e	Concur Technologies, Inc		1,752
	11,890	*	CoStar Group, Inc		1,881
	88,236		DST Systems, Inc		8,133
	1,916,303	*	eBay, Inc		95,930
	347,939	*	Electronic Arts, Inc		12,481
	93,301	*,e	Equinix, Inc		19,602
	5,495,501	*	Facebook, Inc		369,792
	17,843	e	Factset Research Systems, Inc		2,146
	14,741		Fidelity National Information Services, Inc		807
	28,724	*,e	FireEye, Inc		1,165
	103,937	*	Fiserv, Inc		6,270
	137,779	*	FleetCor Technologies, Inc		18,159
	55,304	*	Fortinet, Inc		1,390
	37,654	*	Gartner, Inc		2,655
	7,414	*	Genpact Ltd		130
	324,049		Global Payments, Inc		23,607
	627,989	*	Google, Inc		361,270
	536,419	*	Google, Inc (Class A)		313,628
	375,317		IAC/InterActiveCorp		25,983
	240,077	*	Informatica Corp		8,559
	882,184		International Business Machines Corp		159,913
	2,847,389		Intuit, Inc		229,300
	34,967		Jack Henry & Associates, Inc		2,078
	3,100,000	*	Just Eat plc		13,529
	804,325	*,e	King Digital Entertainment plc		16,529
	111,106	*	LinkedIn Corp		19,051
	3,773,090		Mastercard, Inc (Class A)		277,209

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	22,896	*	Micros Systems, Inc	$	1,555
	7,900,935		Microsoft Corp		329,469
	94,500		Netease.com (ADR)		7,405
	17,168	*,e	NetSuite, Inc		1,492
	179,460	*,e	Nuance Communications, Inc		3,368
	6,618,556		Oracle Corp		268,250
	495,609	*	Pandora Media, Inc		14,620
	120,035		Paychex, Inc		4,989
	48,983	*	PTC, Inc		1,901
	46,055	*	Rackspace Hosting, Inc		1,550
	1,374,488	*	Red Hat, Inc		75,968
	421,700	*	Rovi Corp		10,104
	18,698	*	Sabre Corp		375
	2,227,648	*	Salesforce.com, Inc		129,382
	135,416	*	ServiceNow, Inc		8,390
	121,597	*	SolarWinds, Inc		4,701
	28,940		Solera Holdings, Inc		1,943
	48,838	*	Splunk, Inc		2,702
	15,719	*,e	Tableau Software, Inc		1,121
	850,000		Tencent Holdings Ltd		12,931
	51,752	*	Teradata Corp		2,080
	68,586	*	TIBCO Software, Inc		1,383
	53,923		Total System Services, Inc		1,694
	864,971	*	Twitter, Inc		35,438
	318,166	*	Vantiv, Inc		10,697
	46,077	*	VeriFone Systems, Inc		1,693
	51,613	*	VeriSign, Inc		2,519
	1,447,784		Visa, Inc (Class A)		305,063
	359,935	*	VistaPrint Ltd		14,563
	975,571	*,e	VMware, Inc (Class A)		94,445
	222,678	e	Western Union Co		3,861
	139,324	*	Workday, Inc		12,520
	784,188	*	Yahoo!, Inc		27,549
	194,694	*,e	Yelp, Inc		14,929
	12,848	*	Zillow, Inc		1,836
			TOTAL SOFTWARE & SERVICES		3,884,464
TECHNOLOGY HARDWARE & EQUIPMENT - 7.4%
	45,457	*,e	3D Systems Corp		2,718
	4,079,945	*,e	Alcatel S.A.		14,668
	65,946		Amphenol Corp (Class A)		6,353
	11,284,836	d	Apple, Inc		1,048,700
	223,981	*	ARRIS Group, Inc		7,286
	11,580		Avnet, Inc		513
	35,897		CDW Corp		1,144
	25,780	*	CommScope Holding Co, Inc		596
	125,513		Corning, Inc		2,755
	26,716		Diebold, Inc		1,073
	4,363	*	EchoStar Corp (Class A)		231
	355,436		EMC Corp		9,362
	178,390	*	F5 Networks, Inc		19,880
	41,583		Flir Systems, Inc		1,444

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	8,526		Harris Corp	$	646
	593,400		Hewlett-Packard Co		19,986
	13,886	*,e	IPG Photonics Corp		955
	359,166	*	Juniper Networks, Inc		8,814
	20,875		Motorola, Inc		1,390
	40,600		National Instruments Corp		1,315
	7,094	*	NCR Corp		249
	639,572		NetApp, Inc		23,357
	21,473	*	Palo Alto Networks, Inc		1,801
	2,542,209		Qualcomm, Inc		201,343
	61,520	*	Riverbed Technology, Inc		1,269
	325,109		SanDisk Corp		33,951
	371,700		Seagate Technology, Inc		21,120
	83,703	*,e	Stratasys Ltd		9,511
	105,010	*	Trimble Navigation Ltd		3,880
	92,200	*,e	Ubiquiti Networks, Inc		4,167
	385,100		Western Digital Corp		35,545
	20,883	*	Zebra Technologies Corp (Class A)		1,719
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,487,741
TELECOMMUNICATION SERVICES - 1.4%
	12,809		CenturyTel, Inc		464
	433,419	*	Level 3 Communications, Inc		19,031
	52,640	*	SBA Communications Corp (Class A)		5,385
	1,135,500		Softbank Corp		84,621
	520,118	*	T-Mobile US, Inc		17,486
	56,887	*	tw telecom inc (Class A)		2,293
	3,044,146		Verizon Communications, Inc		148,950
	233,995	e	Windstream Holdings, Inc		2,331
			TOTAL TELECOMMUNICATION SERVICES		280,561
TRANSPORTATION - 3.7%
	397,011		Alaska Air Group, Inc		37,736
	33,804		Amerco, Inc		9,829
	297,640	*	American Airlines Group, Inc		12,787
	489,549	*	Avis Budget Group, Inc		29,221
	220,990	e	CH Robinson Worldwide, Inc		14,097
	10,815		Copa Holdings S.A. (Class A)		1,542
	2,767,884		Delta Air Lines, Inc		107,172
	278,005		Expeditors International of Washington, Inc		12,277
	219,037		FedEx Corp		33,158
	75,522	*	Genesee & Wyoming, Inc (Class A)		7,930
	1,689,211	*	Hertz Global Holdings, Inc		47,349
	37,727		J.B. Hunt Transport Services, Inc		2,783
	542,768		Kansas City Southern Industries, Inc		58,353
	105,853	*	Kirby Corp		12,400
	85,717		Landstar System, Inc		5,486
	808,961	*,e	Latam Airlines Group S.A. (ADR)		10,856
	26,412		Norfolk Southern Corp		2,721
	135,100	*	Old Dominion Freight Line		8,603
	1,890,000	*	Royal Mail plc		16,129
	97,746		Ryder System, Inc		8,610

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY					VALUE (000)
	2,044,611		Southwest Airlines Co					$	54,918
	271,039	*	Spirit Airlines, Inc						17,140
	154,362	*	UAL Corp						6,340
	1,892,746		Union Pacific Corp						188,801
	389,536		United Parcel Service, Inc (Class B)						39,990
			TOTAL TRANSPORTATION						746,228
UTILITIES - 0.1%
	260,078	*	Calpine Corp						6,192
	12,101		Dominion Resources, Inc						866
	63,619		ITC Holdings Corp						2,321
			TOTAL UTILITIES						9,379
			TOTAL COMMON STOCKS						19,958,834
			(Cost $15,295,364)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.6%
GOVERNMENT AGENCY DEBT - 0.5%
$	8,000,000	d	Federal Home Loan Bank (FHLB)		0.055	%	07/25/14		8,000
	3,400,000	d	FHLB		0.050		08/08/14		3,400
	7,000,000	d	FHLB		0.050		08/15/14		7,000
	20,000,000	d	FHLB		0.072		09/03/14		19,998
	20,455,000	d	Federal National Mortgage Association (FNMA)		0.040		07/23/14		20,454
	17,900,000	d	FNMA		0.088		08/25/14		17,898
	22,530,000	d	FNMA		0.065		09/08/14		22,528
			TOTAL GOVERNMENT AGENCY DEBT						99,278
TREASURY DEBT - 0.3%
	2,000,000	d	United States Treasury Bill		0.056		07/24/14		2,000
	1,600,000	d	United States Treasury Bill		0.053		08/14/14		1,600
	1,100,000	d	United States Treasury Bill		0.080		09/04/14		1,100
	5,400,000	d	United States Treasury Bill		0.046		11/20/14		5,399
	8,800,000	d	United States Treasury Bill		0.080-0.085		03/05/15		8,797
	4,500,000	d	United States Treasury Bill		0.090		04/02/15		4,498
	37,800,000		United States Treasury Bill		0.096-0.101		06/25/15		37,760
			TOTAL TREASURY DEBT						61,154

253

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8%
	352,010,150	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	352,010
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		352,010
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		352,010
			TOTAL SHORT-TERM INVESTMENTS		512,442
			(Cost $512,439)
			TOTAL INVESTMENTS - 101.9%		20,471,276
			(Cost $15,807,803)
			OTHER ASSETS & LIABILITIES, NET - (1.9)%		(375,205	)
			NET ASSETS - 100.0%	$	20,096,071

	Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

*	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 $348,208,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2014 the aggregate value of these securities was $24,092,000, or 0.1% of net assets.
	Cost amounts are in thousands.

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2014

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.2%
	51,119	*	American Axle & Manufacturing Holdings, Inc	$	966
	175,846		BorgWarner, Inc		11,463
	49,248		Cooper Tire & Rubber Co		1,477
	10,380	*	Cooper-Standard Holding, Inc		687
	116,351		Dana Holding Corp		2,841
	20,588	*,e	Dorman Products, Inc		1,015
	16,941		Drew Industries, Inc		847
	14,344	*	Federal Mogul Corp (Class A)		290
	2,937,048		Ford Motor Co		50,635
	8,733	*	Fox Factory Holding Corp		154
	11,841	*	Fuel Systems Solutions, Inc		132
	1,199,137		General Motors Co		43,529
	109,188		Gentex Corp		3,176
	27,497	*	Gentherm, Inc		1,222
	186,602		Goodyear Tire & Rubber Co		5,184
	165,462		Harley-Davidson, Inc		11,558
	503,165		Johnson Controls, Inc		25,123
	61,452		Lear Corp		5,489
	36,302	*	Modine Manufacturing Co		571
	11,490	*	Motorcar Parts of America, Inc		280
	11,007		Remy International, Inc		257
	4,154	*	Shiloh Industries, Inc		77
	30,024		Spartan Motors, Inc		136
	15,087		Standard Motor Products, Inc		674
	20,247	*	Stoneridge, Inc		217
	2,693		Strattec Security Corp		174
	17,815		Superior Industries International, Inc		367
	46,120	*	Tenneco, Inc		3,030
	71,959	*,e	Tesla Motors, Inc		17,275
	33,978		Thor Industries, Inc		1,932
	15,398	*	Tower International, Inc		567
	82,566	*	TRW Automotive Holdings Corp		7,391
	36,663	*	Visteon Corp		3,557
	21,322	*	Winnebago Industries, Inc		537
			TOTAL AUTOMOBILES & COMPONENTS		202,830
BANKS - 5.9%
	11,459		1st Source Corp		351
	22,198		1st United Bancorp, Inc		191
	5,882		American National Bankshares, Inc		128
	18,171	*	Ameris Bancorp		392
	7,069	e	Ames National Corp		164
	24,400		Apollo Residential Mortgage		408
	7,201	e	Arrow Financial Corp		187

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	127,805		Associated Banc-Corp	$	2,311
	66,701		Astoria Financial Corp		897
	22,313		Banc of California, Inc		243
	5,016		Bancfirst Corp		310
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		637
	73,283		Bancorpsouth, Inc		1,801
	41,404		Bank Mutual Corp		240
	7,965,569		Bank of America Corp		122,431
	34,126		Bank of Hawaii Corp		2,003
	4,416		Bank of Kentucky Financial Corp		154
	3,864		Bank of Marin Bancorp		176
	60,507		Bank of the Ozarks, Inc		2,024
	17,629		BankFinancial Corp		197
	70,225		BankUnited		2,351
	14,911		Banner Corp		591
	531,229		BB&T Corp		20,946
	59,137		BBCN Bancorp, Inc		943
	5,242	*	BBX Capital Corp		94
	23,421	*	Beneficial Mutual Bancorp, Inc		318
	17,538		Berkshire Hills Bancorp, Inc		407
	13,481	e	BNC Bancorp		230
	10,804	*	BofI Holding, Inc		794
	22,805		BOK Financial Corp		1,519
	59,217		Boston Private Financial Holdings, Inc		796
	8,872		Bridge Bancorp, Inc		213
	7,190	*	Bridge Capital Holdings		174
	54,590		Brookline Bancorp, Inc		512
	10,466		Bryn Mawr Bank Corp		305
	5,527		Camden National Corp		214
	16,948	*	Capital Bank Financial Corp		400
	9,158	e	Capital City Bank Group, Inc		133
	111,251		Capitol Federal Financial		1,353
	22,480		Cardinal Financial Corp		415
	21,201	*	Cascade Bancorp		110
	60,166		Cathay General Bancorp		1,538
	23,433		Centerstate Banks of Florida, Inc		262
	16,733		Central Pacific Financial Corp		332
	2,883		Century Bancorp, Inc		102
	17,428		Charter Financial Corp		193
	21,008		Chemical Financial Corp		590
	151,298		CIT Group, Inc		6,923
	2,304,856		Citigroup, Inc		108,559
	9,568		Citizens & Northern Corp		186
	12,921	e	City Holding Co		583
	35,413		City National Corp		2,683
	19,650		Clifton Bancorp, Inc		249
	9,772		CNB Financial Corp		164
	26,184		CoBiz, Inc		282
	38,948		Columbia Banking System, Inc		1,025
	137,759		Comerica, Inc		6,910
	61,862		Commerce Bancshares, Inc		2,877
	32,481		Community Bank System, Inc		1,176

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,718		Community Trust Bancorp, Inc	$	435
	7,261	*,e	CommunityOne Bancorp		70
	9,768	*	ConnectOne Bancorp, Inc		188
	3,305		ConnectOne Bancorp, Inc (Old)		165
	5,720	*,e	CU Bancorp		109
	39,527		Cullen/Frost Bankers, Inc		3,139
	19,197	*	Customers Bancorp, Inc		384
	80,226		CVB Financial Corp		1,286
	23,810		Dime Community Bancshares		376
	16,666	*	Eagle Bancorp, Inc		562
	107,886		East West Bancorp, Inc		3,775
	4,559		Enterprise Bancorp, Inc		94
	14,785		Enterprise Financial Services Corp		267
	10,062		ESB Financial Corp		130
	31,561	*	Essent Group Ltd		634
	63,330	e	EverBank Financial Corp		1,277
	7,387		Federal Agricultural Mortgage Corp (Class C)		230
	12,551		Fidelity Southern Corp		163
	644,558		Fifth Third Bancorp		13,761
	10,211		Financial Institutions, Inc		239
	15,337		First Bancorp (NC)		281
	77,562	*	First Bancorp (Puerto Rico)		422
	6,485		First Bancorp, Inc		113
	58,052		First Busey Corp		337
	3,088		First Business Financial Services, Inc		145
	6,634		First Citizens Bancshares, Inc (Class A)		1,625
	73,506		First Commonwealth Financial Corp		678
	12,139		First Community Bancshares, Inc		174
	13,926		First Connecticut Bancorp		224
	7,726		First Defiance Financial Corp		222
	44,691		First Financial Bancorp		769
	48,150	e	First Financial Bankshares, Inc		1,510
	8,954		First Financial Corp		288
	12,796		First Financial Northwest, Inc		139
	191,562		First Horizon National Corp		2,272
	13,482		First Interstate Bancsystem, Inc		366
	26,538		First Merchants Corp		561
	57,533		First Midwest Bancorp, Inc		980
	11,498	*	First NBC Bank Holding Co		385
	263,698		First Niagara Financial Group, Inc		2,305
	5,749		First of Long Island Corp		225
	100,941		First Republic Bank		5,551
	125,914		FirstMerit Corp		2,487
	15,789	*	Flagstar Bancorp, Inc		286
	23,200		Flushing Financial Corp		477
	126,368		FNB Corp		1,620
	11,394		Fox Chase Bancorp, Inc		192
	10,443	*	Franklin Financial Corp		227
	147,923		Fulton Financial Corp		1,833
	8,476		German American Bancorp, Inc		230
	56,600		Glacier Bancorp, Inc		1,606
	7,809		Great Southern Bancorp, Inc		250

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,166		Guaranty Bancorp	$	155
	63,724		Hancock Holding Co		2,251
	23,963		Hanmi Financial Corp		505
	10,342		Heartland Financial USA, Inc		256
	15,254		Heritage Commerce Corp		125
	22,833		Heritage Financial Corp		367
	14,409	*	Heritage Oaks Bancorp		110
	40,940		Home Bancshares, Inc		1,344
	54,100		Home Loan Servicing Solutions Ltd		1,230
	11,314		HomeStreet, Inc		208
	16,046	*	HomeTrust Bancshares, Inc		253
	6,700		Horizon Bancorp		146
	404,335		Hudson City Bancorp, Inc		3,975
	11,015		Hudson Valley Holding Corp		199
	627,640		Huntington Bancshares, Inc		5,988
	23,816		IBERIABANK Corp		1,648
	17,904		Independent Bank Corp (MA)		687
	17,558	*	Independent Bank Corp (MI)		226
	6,960		Independent Bank Group, Inc		387
	40,567		International Bancshares Corp		1,095
	270,415		Investors Bancorp, Inc		2,988
	2,866,656		JPMorgan Chase & Co		165,177
	14,732	*	Kearny Financial Corp		223
	668,896		Keycorp		9,585
	11,600	*	Ladder Capital Corp		210
	28,418		Lakeland Bancorp, Inc		307
	12,420		Lakeland Financial Corp		474
	99,577	e	M&T Bank Corp		12,353
	18,100	e	Macatawa Bank Corp		92
	15,363		MainSource Financial Group, Inc		265
	41,491		MB Financial, Inc		1,122
	12,428		Mercantile Bank Corp		284
	3,784		Merchants Bancshares, Inc		121
	7,250	*	Meridian Interstate Bancorp, Inc		186
	4,004		Meta Financial Group, Inc		160
	256,905	*	MGIC Investment Corp		2,374
	6,667		Midsouth Bancorp, Inc		133
	5,257		MidWestOne Financial Group, Inc		126
	2,927	e	NASB Financial, Inc		69
	41,714		National Bank Holdings Corp		832
	5,351		National Bankshares, Inc		165
	89,553		National Penn Bancshares, Inc		947
	17,284	*,e	Nationstar Mortgage Holdings, Inc		627
	34,107		NBT Bancorp, Inc		819
	331,783	e	New York Community Bancorp, Inc		5,302
	19,480	*	NewBridge Bancorp		157
	38,864	*	NMI Holdings, Inc		408
	43,923		Northfield Bancorp, Inc		576
	4,751		Northrim BanCorp, Inc		121
	76,438		Northwest Bancshares, Inc		1,037
	10,808		OceanFirst Financial Corp		179
	80,446	*	Ocwen Financial Corp		2,985

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,903	e	OFG Bancorp	$	624
	5,881		Old Line Bancshares, Inc		93
	79,754		Old National Bancorp		1,139
	9,164		OmniAmerican Bancorp, Inc		229
	3,990	*	Opus Bank		116
	37,788		Oritani Financial Corp		582
	14,467		Pacific Continental Corp		199
	12,060	*	Pacific Premier Bancorp, Inc		170
	77,286		PacWest Bancorp		3,336
	2,932	*,e	Palmetto Bancshares, Inc		42
	9,233	e	Park National Corp		713
	33,018		Park Sterling Bank		218
	8,389		Peapack Gladstone Financial Corp		178
	2,964		Penns Woods Bancorp, Inc		140
	10,509	*	Pennsylvania Commerce Bancorp, Inc		243
	9,540	*	PennyMac Financial Services, Inc		145
	6,808		Peoples Bancorp, Inc		180
	5,712		Peoples Financial Services Corp		294
	229,288	e	People’s United Financial, Inc		3,478
	26,946		Pinnacle Financial Partners, Inc		1,064
	402,602		PNC Financial Services Group, Inc		35,852
	77,233	*	Popular, Inc		2,640
	8,859	*	Preferred Bank		209
	54,280		PrivateBancorp, Inc		1,577
	52,920		Prosperity Bancshares, Inc		3,313
	45,191		Provident Financial Services, Inc		783
	144,848		Radian Group, Inc		2,145
	1,062,350		Regions Financial Corp		11,282
	23,438		Renasant Corp		681
	6,104		Republic Bancorp, Inc (Class A)		145
	24,950	*	Republic First Bancorp, Inc		126
	20,998		S&T Bancorp, Inc		522
	18,232		Sandy Spring Bancorp, Inc		454
	11,148	*	Seacoast Banking Corp of Florida		121
	8,919		Sierra Bancorp		141
	35,982	*	Signature Bank		4,540
	13,207		Simmons First National Corp (Class A)		520
	18,506		South State Corp		1,129
	13,434	e	Southside Bancshares, Inc		389
	14,769		Southwest Bancorp, Inc		252
	4,158	*	Square Financial, Inc		79
	24,453		State Bank & Trust Co		413
	67,412		Sterling Bancorp/DE		809
	10,870		Stock Yards Bancorp, Inc		325
	7,609		Stonegate Bank		192
	10,313	*	Stonegate Mortgage Corp		144
	7,140	*	Suffolk Bancorp		159
	29,193	*	Sun Bancorp, Inc		117
	403,565		SunTrust Banks, Inc		16,167
	141,602		Susquehanna Bancshares, Inc		1,495
	38,583	*	SVB Financial Group		4,500
	105,349		Synovus Financial Corp		2,568

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,285	*	Talmer Bancorp Inc	$	183
	12,643	*	Taylor Capital Group, Inc		270
	125,733		TCF Financial Corp		2,058
	9,400		Territorial Bancorp, Inc		196
	32,020	*	Texas Capital Bancshares, Inc		1,727
	57,429	*	TFS Financial Corp		819
	26,827	*	The Bancorp, Inc		320
	11,138		Tompkins Trustco, Inc		537
	22,376	e	TowneBank		352
	4,100	*	Tree.com, Inc		119
	12,050		Trico Bancshares		279
	16,178	*	Tristate Capital Holdings, Inc		229
	72,196		Trustco Bank Corp NY		482
	53,268		Trustmark Corp		1,315
	28,301		UMB Financial Corp		1,794
	128,255		Umpqua Holdings Corp		2,298
	35,077		Union Bankshares Corp		900
	52,160		United Bankshares, Inc		1,686
	38,132	*	United Community Banks, Inc		624
	30,361	*	United Community Financial Corp		125
	43,727	e	United Financial Bancorp, Inc (New)		593
	12,704		Univest Corp of Pennsylvania		263
	1,301,001		US Bancorp		56,359
	153,040	e	Valley National Bancorp		1,517
	9,171	*,e	VantageSouth Bancshares, Inc		55
	29,696		ViewPoint Financial Group		799
	11,958	*	Walker & Dunlop, Inc		169
	79,809		Washington Federal, Inc		1,790
	10,818		Washington Trust Bancorp, Inc		398
	25,864	*	Waterstone Financial, Inc		295
	68,818		Webster Financial Corp		2,171
	3,617,453		Wells Fargo & Co		190,133
	19,012		WesBanco, Inc		590
	11,970		West Bancorporation, Inc		182
	23,501	e	Westamerica Bancorporation		1,229
	56,653	*	Western Alliance Bancorp		1,348
	52,747		Wilshire Bancorp, Inc		542
	35,315		Wintrust Financial Corp		1,624
	6,851		WSFS Financial Corp		505
	10,983	*	Yadkin Financial Corp		207
	139,772		Zions Bancorporation		4,119
			TOTAL BANKS		978,493
CAPITAL GOODS - 8.1%
	495,538		3M Co		70,981
	57,151		A.O. Smith Corp		2,834
	19,918		Aaon, Inc		668
	29,552		AAR Corp		814
	41,768	*	Accuride Corp		204
	20,426		Aceto Corp		371
	53,734		Actuant Corp (Class A)		1,858
	32,751		Acuity Brands, Inc		4,528

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	74,966	*	Aecom Technology Corp	$	2,414
	28,439	*	Aegion Corp		662
	14,335	*	Aerovironment, Inc		456
	71,235		AGCO Corp		4,005
	77,121		Air Lease Corp		2,975
	48,819		Aircastle Ltd		867
	5,366		Alamo Group, Inc		290
	23,047		Albany International Corp (Class A)		875
	76,324		Allegion plc		4,326
	24,178		Alliant Techsystems, Inc		3,238
	100,674		Allison Transmission Holdings, Inc		3,131
	20,492		Altra Holdings, Inc		746
	13,776	*	Ameresco, Inc		97
	7,032	e	American Railcar Industries, Inc		477
	7,536		American Science & Engineering, Inc		524
	8,518	*	American Woodmark Corp		271
	186,300		Ametek, Inc		9,740
	25,458		Apogee Enterprises, Inc		887
	32,556		Applied Industrial Technologies, Inc		1,652
	9,512		Argan, Inc		355
	25,162	*	Armstrong World Industries, Inc		1,445
	73,992	*	ArvinMeritor, Inc		965
	15,638		Astec Industries, Inc		686
	11,879	*	Astronics Corp		671
	19,364		AZZ, Inc		892
	83,695		Babcock & Wilcox Co		2,717
	39,660		Barnes Group, Inc		1,528
	77,158	*	BE Aerospace, Inc		7,136
	37,178	*	Beacon Roofing Supply, Inc		1,231
	35,059	*	Blount International, Inc		495
	553,616		Boeing Co		70,437
	36,516	e	Briggs & Stratton Corp		747
	33,815	*	Builders FirstSource, Inc		253
	13,167	*	CAI International, Inc		290
	274,193	*,e	Capstone Turbine Corp		414
	48,667		Carlisle Cos, Inc		4,216
	472,761		Caterpillar, Inc		51,375
	23,360	*	Chart Industries, Inc		1,933
	74,655		Chicago Bridge & Iron Co NV		5,091
	12,832		CIRCOR International, Inc		990
	37,827		Clarcor, Inc		2,340
	79,389	*	Colfax Corp		5,918
	14,727		Columbus McKinnon Corp		398
	33,040		Comfort Systems USA, Inc		522
	18,507	*	Commercial Vehicle Group, Inc		186
	9,174	*	Continental Building Products Inc		141
	36,855		Crane Co		2,741
	15,215		Cubic Corp		677
	139,242		Cummins, Inc		21,484
	35,284		Curtiss-Wright Corp		2,313
	454,918		Danaher Corp		35,816
	275,630		Deere & Co		24,958

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	57,673	*	DigitalGlobe, Inc	$	1,603
	108,503		Donaldson Co, Inc		4,592
	21,128		Douglas Dynamics, Inc		372
	126,145		Dover Corp		11,473
	8,048	*	Ducommun, Inc		210
	9,738	*	DXP Enterprises, Inc		736
	25,816	*	Dycom Industries, Inc		808
	11,541		Dynamic Materials Corp		255
	360,401		Eaton Corp		27,816
	50,074		EMCOR Group, Inc		2,230
	531,548		Emerson Electric Co		35,273
	15,305		Encore Wire Corp		751
	34,170	*,e	Energy Recovery, Inc		168
	35,662		EnerSys		2,453
	12,394	*	Engility Holdings, Inc		474
	11,300	*,e	Enphase Energy, Inc		97
	17,204	*,e	EnPro Industries, Inc		1,259
	2,980	*,e	Erickson Air-Crane, Inc		48
	20,938		ESCO Technologies, Inc		725
	23,350	*	Esterline Technologies Corp		2,688
	141,494		Exelis, Inc		2,403
	225,819	e	Fastenal Co		11,176
	50,117	*	Federal Signal Corp		734
	104,117		Flowserve Corp		7,741
	120,516		Fluor Corp		9,268
	126,637		Fortune Brands Home & Security, Inc		5,057
	63,566		Foster Wheeler AG.		2,166
	36,490		Franklin Electric Co, Inc		1,472
	10,761		Freightcar America, Inc		269
	169,616	*,e	FuelCell Energy, Inc		407
	25,764	*	Furmanite Corp		300
	34,938		GATX Corp		2,339
	46,010	*,e	GenCorp, Inc		879
	52,047	*,e	Generac Holdings, Inc		2,537
	37,226		General Cable Corp		955
	227,609		General Dynamics Corp		26,528
	7,595,973		General Electric Co		199,622
	8,759	*	General Finance Corp		83
	22,869	*	Gibraltar Industries, Inc		355
	16,574		Global Brass & Copper Holdings, Inc		280
	12,250		Global Power Equipment Group, Inc		198
	16,191		Gorman-Rupp Co		573
	45,964		Graco, Inc		3,589
	93,933	*,e	GrafTech International Ltd		983
	9,470		Graham Corp		330
	29,395		Granite Construction, Inc		1,058
	44,924	*	Great Lakes Dredge & Dock Corp		359
	21,031	*	Greenbrier Cos, Inc		1,211
	34,315		Griffon Corp		425
	23,777	*	H&E Equipment Services, Inc		864
	61,544		Harsco Corp		1,639
	80,442	*	HD Supply Holdings, Inc		2,284

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	49,798		Heico Corp	$	2,586
	74,087	*	Hexcel Corp		3,030
	593,213		Honeywell International, Inc		55,139
	12,024		Houston Wire & Cable Co		149
	44,493		Hubbell, Inc (Class B)		5,479
	37,178		Huntington Ingalls		3,517
	4,796		Hurco Cos, Inc		135
	7,224		Hyster-Yale Materials Handling, Inc		640
	60,981		IDEX Corp		4,924
	39,772	*	II-VI, Inc		575
	258,678		Illinois Tool Works, Inc		22,650
	204,877		Ingersoll-Rand plc		12,807
	13,472		Insteel Industries, Inc		265
	68,395		ITT Corp		3,290
	98,921	*	Jacobs Engineering Group, Inc		5,270
	21,706		John Bean Technologies Corp		673
	75,852	e	Joy Global, Inc		4,671
	9,545		Kadant, Inc		367
	21,747		Kaman Corp		929
	112,424		KBR, Inc		2,681
	59,735		Kennametal, Inc		2,765
	24,548	*,e	KEYW Holding Corp		309
	40,842	*	Kratos Defense & Security Solutions, Inc		319
	65,265		L-3 Communications Holdings, Inc		7,881
	13,874	*,e	Layne Christensen Co		184
	7,262		LB Foster Co (Class A)		393
	37,233		Lennox International, Inc		3,335
	61,015		Lincoln Electric Holdings, Inc		4,264
	10,010	e	Lindsay Manufacturing Co		846
	6,398	*,e	LMI Aerospace, Inc		84
	200,742		Lockheed Martin Corp		32,265
	12,960		LSI Industries, Inc		103
	12,907	*	Lydall, Inc		353
	8,938	*	Manitex International, Inc		145
	100,071		Manitowoc Co, Inc		3,288
	272,388		Masco Corp		6,047
	22,281	*	Masonite International Corp		1,254
	48,078	*,e	Mastec, Inc		1,482
	42,810	*,e	Middleby Corp		3,541
	7,280		Miller Industries, Inc		150
	34,691	*	Moog, Inc (Class A)		2,529
	65,659	*	MRC Global, Inc		1,857
	36,007		MSC Industrial Direct Co (Class A)		3,444
	42,636		Mueller Industries, Inc		1,254
	118,277		Mueller Water Products, Inc (Class A)		1,022
	14,064	*	MYR Group, Inc		356
	3,938	e	National Presto Industries, Inc		287
	43,823	*,e	Navistar International Corp		1,642
	19,754	*	NCI Building Systems, Inc		384
	12,459		NN, Inc		319
	5,698	*	Norcraft Cos, Inc		82
	48,825		Nordson Corp		3,915

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,979	*	Nortek, Inc	$	626
	162,211		Northrop Grumman Corp		19,405
	8,845	*	Northwest Pipe Co		357
	81,084	*	NOW, Inc		2,936
	44,747	*	Orbital Sciences Corp		1,322
	19,593	*	Orion Marine Group, Inc		212
	64,452		Oshkosh Truck Corp		3,579
	89,090	*	Owens Corning, Inc		3,446
	268,758		Paccar, Inc		16,886
	83,217		Pall Corp		7,106
	112,712		Parker Hannifin Corp		14,171
	6,248	*	Patrick Industries, Inc		291
	146,597		Pentair plc		10,573
	28,503	*	Perini Corp		905
	36,380	*	Pgt, Inc		308
	16,392	*	Pike Electric Corp		147
	125,956	*	Plug Power, Inc		589
	12,258	*	Ply Gem Holdings, Inc		124
	35,438	*,e	Polypore International, Inc		1,691
	7,077		Powell Industries, Inc		463
	3,314	*,e	Power Solutions International, Inc		238
	14,420	*,e	PowerSecure International, Inc		140
	109,637		Precision Castparts Corp		27,672
	1,801		Preformed Line Products Co		97
	28,783		Primoris Services Corp		830
	17,206	*,e	Proto Labs, Inc		1,409
	28,579		Quanex Building Products Corp		511
	159,563	*	Quanta Services, Inc		5,518
	27,582		Raven Industries, Inc		914
	236,964		Raytheon Co		21,860
	18,319		RBC Bearings, Inc		1,173
	34,163		Regal-Beloit Corp		2,684
	54,254	*,e	Revolution Lighting Technologies, Inc		125
	56,742	*	Rexnord Corp		1,597
	104,806		Rockwell Automation, Inc		13,117
	102,927		Rockwell Collins, Inc		8,043
	75,560		Roper Industries, Inc		11,032
	26,334	*	Rush Enterprises, Inc (Class A)		913
	1,869		SIFCO Industries, Inc		58
	31,268		Simpson Manufacturing Co, Inc		1,137
	43,514		Snap-On, Inc		5,157
	32,188	*,e	SolarCity Corp		2,272
	7,959	*	Sparton Corp		221
	90,789	*	Spirit Aerosystems Holdings, Inc (Class A)		3,060
	33,223		SPX Corp		3,595
	9,752		Standex International Corp		726
	118,173		Stanley Works		10,378
	12,518	*	Sterling Construction Co, Inc		117
	10,746	*	Stock Building Supply Holdings, Inc		212
	16,194		Sun Hydraulics Corp		657
	26,344	e	TAL International Group, Inc		1,169
	38,585	*	Taser International, Inc		513

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,168	*	Teledyne Technologies, Inc	$	2,737
	14,645		Tennant Co		1,118
	84,391		Terex Corp		3,468
	15,040	e	Textainer Group Holdings Ltd		581
	211,415		Textron, Inc		8,095
	7,401	*,e	The ExOne Company		293
	24,419	*	Thermon Group Holdings		643
	61,779		Timken Co		4,191
	41,571	e	Titan International, Inc		699
	11,613	*,e	Titan Machinery, Inc		191
	42,710		Toro Co		2,716
	39,994		TransDigm Group, Inc		6,689
	26,406	*,e	Trex Co, Inc		761
	34,233	*	Trimas Corp		1,305
	117,311		Trinity Industries, Inc		5,129
	39,203		Triumph Group, Inc		2,737
	6,504		Twin Disc, Inc		215
	72,971	*	United Rentals, Inc		7,642
	694,378		United Technologies Corp		80,166
	14,766		Universal Forest Products, Inc		713
	52,253		URS Corp		2,396
	61,524	*,e	USG Corp		1,854
	20,359	e	Valmont Industries, Inc		3,094
	12,845	*	Vicor Corp		108
	44,173		W.W. Grainger, Inc		11,232
	52,045	*	Wabash National Corp		742
	43,618	*	WABCO Holdings, Inc		4,659
	19,517		Watsco, Inc		2,006
	21,144		Watts Water Technologies, Inc (Class A)		1,305
	33,347	*,e	WESCO International, Inc		2,880
	73,575		Westinghouse Air Brake Technologies Corp		6,077
	50,082		Woodward Governor Co		2,513
	8,335	*	Xerium Technologies, Inc		116
	139,358		Xylem, Inc		5,446
			TOTAL CAPITAL GOODS		1,356,042
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	41,289		ABM Industries, Inc		1,114
	37,820	e	Acacia Research (Acacia Technologies)		671
	87,875	*	ACCO Brands Corp		563
	16,355		Administaff, Inc		540
	132,139	e	ADT Corp		4,617
	27,004	*	Advisory Board Co		1,399
	16,280		American Ecology Corp		797
	26,021	*	ARC Document Solutions, Inc		152
	6,166		Barrett Business Services, Inc		290
	35,197		Brady Corp (Class A)		1,051
	35,828		Brink’s Co		1,011
	29,675	*	Casella Waste Systems, Inc (Class A)		149
	35,493	*	CBIZ, Inc		320
	10,344		CDI Corp		149
	16,272	e	Ceco Environmental Corp		254

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	38,005	*,e	Cenveo, Inc	$	141
	78,313		Cintas Corp		4,976
	71,226	*	Civeo Corp		1,783
	46,034	*	Clean Harbors, Inc		2,958
	84,979	*	Copart, Inc		3,056
	25,057		Corporate Executive Board Co		1,709
	87,736		Corrections Corp of America		2,882
	80,750		Covanta Holding Corp		1,664
	8,400	*	CRA International, Inc		194
	37,676		Deluxe Corp		2,207
	28,017		Dun & Bradstreet Corp		3,087
	20,052		Ennis, Inc		306
	92,429		Equifax, Inc		6,705
	11,236		Exponent, Inc		833
	9,375	*	Franklin Covey Co		189
	32,036	*	FTI Consulting, Inc		1,212
	15,088		G & K Services, Inc (Class A)		786
	54,016		Geo Group, Inc		1,930
	12,104	*	GP Strategies Corp		313
	51,852		Healthcare Services Group		1,527
	14,300		Heidrick & Struggles International, Inc		265
	5,613	*	Heritage-Crystal Clean, Inc		110
	43,782		Herman Miller, Inc		1,324
	18,011	*	Hill International, Inc		112
	33,809		HNI Corp		1,322
	17,734	*	Huron Consulting Group, Inc		1,256
	14,961	*	ICF International, Inc		529
	114,792	*	ICO Global Communications Holdings Ltd		202
	51,546	*	IHS, Inc (Class A)		6,993
	33,730	*	Innerworkings, Inc		287
	50,709		Interface, Inc		955
	129,308		Iron Mountain, Inc		4,584
	105,770		KAR Auction Services, Inc		3,371
	20,372		Kelly Services, Inc (Class A)		350
	21,985		Kforce, Inc		476
	25,171		Kimball International, Inc (Class B)		421
	35,963		Knoll, Inc		623
	38,704	*	Korn/Ferry International		1,137
	60,223		Manpower, Inc		5,110
	19,108		McGrath RentCorp		702
	13,300	*	Mistras Group, Inc		326
	35,372		Mobile Mini, Inc		1,694
	21,996		MSA Safety, Inc		1,264
	8,734		Multi-Color Corp		349
	40,393	*	Navigant Consulting, Inc		705
	213,027		Nielsen Holdings NV		10,313
	4,943		NL Industries, Inc		46
	41,074	*	On Assignment, Inc		1,461
	6,193	*	Paylocity Holding Corp		134
	22,392	*	Performant Financial Corp		226
	152,067		Pitney Bowes, Inc		4,200
	19,286		Quad		431

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,621	*	Quest Resource Holding Corp	$	45
	146,914		R.R. Donnelley & Sons Co		2,492
	200,988		Republic Services, Inc		7,631
	32,857		Resources Connection, Inc		431
	105,944		Robert Half International, Inc		5,058
	48,594		Rollins, Inc		1,458
	39,749	*	RPX Corp		706
	10,767		Schawk, Inc (Class A)		219
	12,140	*	SP Plus Corp		260
	64,080		Steelcase, Inc (Class A)		970
	64,099	*	Stericycle, Inc		7,591
	15,368	*	Team, Inc		630
	47,935		Tetra Tech, Inc		1,318
	49,471		Towers Watson & Co		5,156
	11,837	*	TriNet Group, Inc		285
	30,958	*	TrueBlue, Inc		853
	349,277		Tyco International Ltd		15,927
	11,158		Unifirst Corp		1,183
	31,063		United Stationers, Inc		1,288
	126,116	*	Verisk Analytics, Inc		7,569
	15,178		Viad Corp		362
	2,793		VSE Corp		196
	26,743	*	WageWorks, Inc		1,289
	93,921		Waste Connections, Inc		4,560
	352,933		Waste Management, Inc		15,787
	29,070		West Corp		779
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		186,856
CONSUMER DURABLES & APPAREL - 1.5%
	9,523		Arctic Cat, Inc		375
	21,459	*,e	Beazer Homes USA, Inc		450
	23,174	*,e	Black Diamond, Inc		260
	68,196		Brunswick Corp		2,873
	58,438		Callaway Golf Co		486
	40,586		Carter’s, Inc		2,798
	6,619	*	Cavco Industries, Inc		565
	207,708		Coach, Inc		7,102
	9,439		Columbia Sportswear Co		780
	68,785	*	CROCS, Inc		1,034
	5,480		CSS Industries, Inc		144
	6,895		Culp, Inc		120
	26,041	*,e	Deckers Outdoor Corp		2,248
	11,720	*	Dixie Group, Inc		124
	214,302		DR Horton, Inc		5,268
	7,865		Escalade, Inc		127
	18,783	e	Ethan Allen Interiors, Inc		465
	3,461		Flexsteel Industries, Inc		115
	36,880	*	Fossil Group, Inc		3,855
	98,950	e	Garmin Ltd		6,026
	13,268	*	G-III Apparel Group Ltd		1,083
	74,818		Hanesbrands, Inc		7,365
	51,667		Harman International Industries, Inc		5,551

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	87,267		Hasbro, Inc	$	4,629
	21,693	*	Helen of Troy Ltd		1,315
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		480
	34,721	*	Iconix Brand Group, Inc		1,491
	6,890	*	Installed Building Products Inc		84
	21,039	*,e	iRobot Corp		862
	20,248	e	Jakks Pacific, Inc		157
	96,831	*	Jarden Corp		5,747
	3,583		Johnson Outdoors, Inc		92
	97,088	*	Kate Spade & Co		3,703
	63,287	e	KB Home		1,182
	39,237		La-Z-Boy, Inc		909
	52,779	*,e	Leapfrog Enterprises, Inc		388
	105,108	e	Leggett & Platt, Inc		3,603
	126,090		Lennar Corp (Class A)		5,293
	10,716	*	LGI Homes, Inc		196
	16,013	*	Libbey, Inc		427
	7,210		Lifetime Brands, Inc		113
	16,714	*	M/I Homes, Inc		406
	9,100	*	Malibu Boats Inc		183
	8,407		Marine Products Corp		70
	256,797		Mattel, Inc		10,007
	29,150	*,e	MDC Holdings, Inc		883
	28,574	*	Meritage Homes Corp		1,206
	153,320	*	Michael Kors Holdings Ltd		13,592
	46,185	*	Mohawk Industries, Inc		6,389
	12,667		Movado Group, Inc		528
	4,424		Nacco Industries, Inc (Class A)		224
	22,756	*	Nautilus, Inc		252
	6,504	*	New Home Co Inc		92
	209,560		Newell Rubbermaid, Inc		6,494
	529,059		Nike, Inc (Class B)		41,029
	3,356	*	NVR, Inc		3,861
	10,973		Oxford Industries, Inc		732
	8,860	*	Perry Ellis International, Inc		154
	61,650		Phillips-Van Heusen Corp		7,188
	49,324		Polaris Industries, Inc		6,424
	34,091		Pool Corp		1,928
	287,099		Pulte Homes, Inc		5,788
	101,655	*	Quiksilver, Inc		364
	44,739		Ralph Lauren Corp		7,189
	6,477		RG Barry Corp		123
	35,106		Ryland Group, Inc		1,385
	12,710	*	Sequential Brands Group, Inc		175
	29,390	*	Skechers U.S.A., Inc (Class A)		1,343
	12,508	*	Skullcandy, Inc		91
	48,359	*,e	Smith & Wesson Holding Corp		703
	112,658	*	Standard-Pacific Corp		969
	45,166	*	Steven Madden Ltd		1,549
	14,503	e	Sturm Ruger & Co, Inc		856
	24,241	*	Taylor Morrison Home Corp		543
	45,528	*	Tempur-Pedic International, Inc		2,718

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	129,618	*	Toll Brothers, Inc	$	4,783
	12,000	*,e	TRI Pointe Homes, Inc		189
	36,378	*	Tumi Holdings, Inc		732
	38,199		Tupperware Corp		3,197
	5,056	*	Turtle Beach Corp		47
	5,823	*	UCP, Inc (Class A)		80
	127,428	*,e	Under Armour, Inc (Class A)		7,581
	10,905	*	Unifi, Inc		300
	11,370	*	Universal Electronics, Inc		556
	16,444	*,e	Vera Bradley, Inc		360
	261,397		VF Corp		16,468
	9,200	*	Vince Holding Corp		337
	8,501	*	WCI Communities, Inc		164
	5,214		Weyco Group, Inc		143
	58,908		Whirlpool Corp		8,201
	13,294	*	William Lyon Homes, Inc		405
	76,448	e	Wolverine World Wide, Inc		1,992
			TOTAL CONSUMER DURABLES & APPAREL		250,858
CONSUMER SERVICES - 2.1%
	7,931	*	2U, Inc		133
	13,862	*	American Public Education, Inc		477
	74,107	*	Apollo Group, Inc (Class A)		2,316
	25,000		ARAMARK Holdings Corp		647
	11,587	*	Ascent Media Corp (Series A)		765
	29,370	*	Bally Technologies, Inc		1,930
	18,782	*	BJ’s Restaurants, Inc		656
	58,200	*	Bloomin’ Brands, Inc		1,305
	21,179	e	Bob Evans Farms, Inc		1,060
	58,143	*	Boyd Gaming Corp		705
	14,947	*	Bravo Brio Restaurant Group, Inc		233
	13,548	*	Bridgepoint Education, Inc		180
	23,382	*	Bright Horizons Family Solutions		1,004
	50,290		Brinker International, Inc		2,447
	14,166	*	Buffalo Wild Wings, Inc		2,347
	76,511		Burger King Worldwide, Inc		2,083
	27,726	*	Caesars Acquisition Co		343
	38,423	*,e	Caesars Entertainment Corp		695
	9,631		Capella Education Co		524
	46,334	*	Career Education Corp		217
	318,100		Carnival Corp		11,977
	12,748		Carriage Services, Inc		218
	27,792	*	Carrols Restaurant Group, Inc		198
	14,608		CBRL Group, Inc		1,455
	37,810		Cheesecake Factory		1,755
	54,819	*,e	Chegg, Inc		386
	23,515	*	Chipotle Mexican Grill, Inc (Class A)		13,933
	26,423		Choice Hotels International, Inc		1,245
	10,504		Churchill Downs, Inc		947
	12,474	*	Chuy’s Holdings, Inc		453
	15,700		ClubCorp Holdings, Inc		291
	5,623		Collectors Universe		110

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	100,344		Darden Restaurants, Inc	$	4,643
	17,725	*	Del Frisco’s Restaurant Group, Inc		489
	75,312	*	Denny’s Corp		491
	48,007		DeVry, Inc		2,033
	26,852	*	Diamond Resorts International, Inc		625
	12,442		DineEquity, Inc		989
	42,657		Domino’s Pizza, Inc		3,118
	81,221		Dunkin Brands Group, Inc		3,721
	21,777	*,e	Education Management Corp		37
	8,157		Einstein Noah Restaurant Group, Inc		131
	11,217	*	Empire Resorts, Inc		80
	3,282	*	Famous Dave’s of America, Inc		94
	20,469	*	Fiesta Restaurant Group, Inc		950
	3,249		Graham Holdings Co		2,333
	34,464	*	Grand Canyon Education, Inc		1,584
	208,641		H&R Block, Inc		6,994
	41,775		Hillenbrand, Inc		1,363
	102,800	*	Hilton Worldwide Holdings, Inc		2,395
	82,847	*	Houghton Mifflin Harcourt Co		1,587
	31,491	*	Hyatt Hotels Corp		1,920
	4,863	*,e	Ignite Restaurant Group, Inc		71
	193,944		International Game Technology		3,086
	20,955		International Speedway Corp (Class A)		697
	33,777		Interval Leisure Group, Inc		741
	13,700	*,e	Intrawest Resorts Holdings Inc		157
	15,534	*	Isle of Capri Casinos, Inc		133
	18,743	*,e	ITT Educational Services, Inc		313
	30,287		Jack in the Box, Inc		1,812
	12,737	*	Jamba, Inc		154
	3,365	*	JTH Holding, Inc		112
	26,055	*,e	K12, Inc		627
	51,222	*	Krispy Kreme Doughnuts, Inc		819
	33,801	*	La Quinta Holdings, Inc		647
	284,793		Las Vegas Sands Corp		21,707
	32,744	*,e	Life Time Fitness, Inc		1,596
	61,345	*	LifeLock, Inc		856
	14,891		Marcus Corp		272
	167,829		Marriott International, Inc (Class A)		10,758
	21,460	*	Marriott Vacations Worldwide Corp		1,258
	23,085		Matthews International Corp (Class A)		960
	748,615		McDonald’s Corp		75,415
	282,640	*	MGM Mirage		7,462
	7,140	*	Monarch Casino & Resort, Inc		108
	23,956	*	Morgans Hotel Group Co		190
	22,035	*	Multimedia Games, Inc		653
	2,018	*	Nathan’s Famous, Inc		109
	8,091	*,e	Noodles & Co		278
	44,600	*	Norwegian Cruise Line Holdings Ltd		1,414
	71,477	*	Orient-Express Hotels Ltd		1,039
	21,333	*	Panera Bread Co (Class A)		3,196
	24,166		Papa John’s International, Inc		1,024
	60,160	*	Penn National Gaming, Inc		730

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	43,980	*	Pinnacle Entertainment, Inc	$	1,107
	18,260	*	Popeyes Louisiana Kitchen, Inc		798
	11,582	*	Potbelly Corp		185
	10,662	*	Red Robin Gourmet Burgers, Inc		759
	37,371		Regis Corp		526
	124,741		Royal Caribbean Cruises Ltd		6,936
	46,223	*	Ruby Tuesday, Inc		351
	26,831		Ruth’s Chris Steak House, Inc		331
	42,614	*	Scientific Games Corp (Class A)		474
	51,334		SeaWorld Entertainment, Inc		1,454
	161,096		Service Corp International		3,338
	50,232		Six Flags Entertainment Corp		2,137
	45,772	*	Sonic Corp		1,011
	46,276		Sotheby’s (Class A)		1,943
	9,984		Speedway Motorsports, Inc		182
	569,701		Starbucks Corp		44,084
	146,064		Starwood Hotels & Resorts Worldwide, Inc		11,805
	1,149	*	Steak N Shake Co		486
	11,970	*	Steiner Leisure Ltd		518
	9,323	*	Strayer Education, Inc		490
	48,004		Texas Roadhouse, Inc (Class A)		1,248
	15,190		Universal Technical Institute, Inc		184
	27,599		Vail Resorts, Inc		2,130
	20,024	e	Weight Watchers International, Inc		404
	207,760		Wendy’s		1,772
	96,319		Wyndham Worldwide Corp		7,293
	61,484		Wynn Resorts Ltd		12,762
	334,242		Yum! Brands, Inc		27,140
	4,563	*	Zoe’s Kitchen, Inc		157
			TOTAL CONSUMER SERVICES		359,011
DIVERSIFIED FINANCIALS - 3.6%
	40,110	*	Affiliated Managers Group, Inc		8,239
	204,666	*	Ally Financial, Inc		4,894
	687,066		American Express Co		65,182
	143,825		Ameriprise Financial, Inc		17,259
	20,852		Artisan Partners Asset Management, Inc		1,182
	863,861		Bank of New York Mellon Corp		32,377
	131,560		BGC Partners, Inc (Class A)		979
	96,586		BlackRock, Inc		30,869
	16,951		Calamos Asset Management, Inc (Class A)		227
	432,993		Capital One Financial Corp		35,765
	22,738		Cash America International, Inc		1,010
	66,839		CBOE Holdings, Inc		3,289
	836,494		Charles Schwab Corp		22,527
	242,077		CME Group, Inc		17,175
	14,207	e	Cohen & Steers, Inc		616
	10,988	*	Consumer Portfolio Services, Inc		84
	23,678		CorEnergy Infrastructure Trust, Inc		175
	75,792	*	Cowen Group, Inc		320
	5,419	*	Credit Acceptance Corp		667
	7,179	e	Deerfield Capital Corp		65

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,990		Diamond Hill Investment Group, Inc	$	254
	363,027		Discover Financial Services		22,500
	216,676	*	E*Trade Financial Corp		4,606
	91,544		Eaton Vance Corp		3,459
	19,334	*,e	Encore Capital Group, Inc		878
	24,923		Evercore Partners, Inc (Class A)		1,437
	38,445	*	Ezcorp, Inc (Class A)		444
	9,821	*	FBR & Co		266
	69,691	e	Federated Investors, Inc (Class B)		2,155
	39,058	e	Financial Engines, Inc		1,769
	21,634	*	First Cash Financial Services, Inc		1,246
	300,623		Franklin Resources, Inc		17,388
	14,257	e	Friedman Billings Ramsey Group, Inc (Class A)		390
	33,940	e	FXCM, Inc		508
	18,319	e	Gain Capital Holdings, Inc		144
	6,584		GAMCO Investors, Inc (Class A)		547
	54,396		GFI Group, Inc		181
	338,677		Goldman Sachs Group, Inc		56,708
	23,327	*	Green Dot Corp		443
	22,433	e	Greenhill & Co, Inc		1,105
	25,335		HFF, Inc (Class A)		942
	40,633		Interactive Brokers Group, Inc (Class A)		946
	86,996		IntercontinentalExchange Group, Inc		16,433
	12,794	*	International Assets Holding Corp		255
	32,107	*	Internet Capital Group, Inc		670
	327,740		Invesco Ltd		12,372
	28,315	*	Investment Technology Group, Inc		478
	19,500	e	iShares Russell 2000 Index Fund		2,317
	124,420	e	Janus Capital Group, Inc		1,553
	9,015	*	JGWPT Holdings, Inc		101
	54,281	*	KCG Holdings, Inc		645
	73,441	*	Ladenburg Thalmann Financial Services, Inc		231
	97,716		Lazard Ltd (Class A)		5,038
	84,309		Legg Mason, Inc		4,326
	278,931		Leucadia National Corp		7,314
	66,106		LPL Financial Holdings, Inc		3,288
	10,552		Manning & Napier, Inc		182
	6,167	*	Marcus & Millichap, Inc		157
	27,836		MarketAxess Holdings, Inc		1,505
	6,533		Marlin Business Services Corp		119
	208,234		McGraw-Hill Financial, Inc		17,290
	5,647	*	Moelis & Co		190
	144,484		Moody’s Corp		12,665
	1,157,124		Morgan Stanley		37,410
	90,661	*	MSCI, Inc (Class A)		4,157
	84,624		NASDAQ OMX Group, Inc		3,268
	319,918		Navient Corp		5,666
	17,569		Nelnet, Inc (Class A)		728
	21,889	*	NewStar Financial, Inc		308
	7,402		Nicholas Financial, Inc		106
	182,080		Northern Trust Corp		11,691
	7,363		Oppenheimer Holdings, Inc		177

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	41,814	*	PHH Corp	$	961
	17,372	*	Pico Holdings, Inc		413
	13,978	*	Piper Jaffray Cos		724
	39,048	*,e	Portfolio Recovery Associates, Inc		2,324
	9,591		Pzena Investment Management, Inc (Class A)		107
	94,509		Raymond James Financial, Inc		4,794
	3,237		RCS Capital Corp (Class A)		69
	8,577	*	Regional Management Corp		133
	9,098		Resource America, Inc (Class A)		85
	19,711	*	Safeguard Scientifics, Inc		410
	66,420		Santander Consumer USA Holdings, Inc		1,291
	109,665		SEI Investments Co		3,594
	3,845		Silvercrest Asset Management Group, Inc		66
	320,682		SLM Corp		2,665
	5,300	e	SPDR S&P MidCap 400 ETF Trust		1,381
	86,000		SPDR Trust Series 1		16,832
	18,800	*,e	Springleaf Holdings, Inc		488
	325,965		State Street Corp		21,924
	49,761	*	Stifel Financial Corp		2,356
	26,347	*	SWS Group, Inc		192
	197,360		T Rowe Price Group, Inc		16,659
	185,673		TD Ameritrade Holding Corp		5,821
	6,509		Tiptree Financial, Inc		57
	5,194	*	Virtus Investment Partners, Inc		1,100
	57,175		Voya Financial, Inc		2,078
	65,189		Waddell & Reed Financial, Inc (Class A)		4,080
	28,439	*,e	Walter Investment Management Corp		847
	5,409		Westwood Holdings Group, Inc		325
	80,939	*,e	WisdomTree Investments, Inc		1,000
	6,547	*,e	World Acceptance Corp		497
			TOTAL DIVERSIFIED FINANCIALS		605,130
ENERGY - 9.8%
	70,225	*	Abraxas Petroleum Corp		440
	1,730		Adams Resources & Energy, Inc		135
	17,965		Alon USA Energy, Inc		223
	172,068	*,e	Alpha Natural Resources, Inc		638
	22,029	*	American Eagle Energy Corp		132
	13,406	*,e	Amyris Biotechnologies, Inc		50
	382,577		Anadarko Petroleum Corp		41,881
	40,296	*	Antero Resources Corp		2,645
	296,715		Apache Corp		29,855
	6,580	*,e	APCO Argentina, Inc		95
	30,066	*,e	Approach Resources, Inc		683
	170,075	e	Arch Coal, Inc		621
	14,064		Ardmore Shipping Corp		195
	38,925	*	Athlon Energy, Inc		1,857
	42,045	*	Atwood Oceanics, Inc		2,207
	330,260		Baker Hughes, Inc		24,588
	23,122	*	Basic Energy Services, Inc		676
	36,863	*,e	Bill Barrett Corp		987
	24,316	*	Bonanza Creek Energy, Inc		1,391

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	90,573	*,e	BPZ Energy, Inc	$	279
	26,221		Bristow Group, Inc		2,114
	34,352	*	C&J Energy Services, Inc		1,160
	320,466		Cabot Oil & Gas Corp		10,941
	30,407	*	Callon Petroleum Co		354
	154,562	*	Cameron International Corp		10,465
	15,028	e	CARBO Ceramics, Inc		2,316
	34,645	*	Carrizo Oil & Gas, Inc		2,400
	30,100	*,e	CHC Group Ltd		254
	181,445	*	Cheniere Energy, Inc		13,010
	399,678		Chesapeake Energy Corp		12,422
	1,441,996		Chevron Corp		188,253
	66,090		Cimarex Energy Co		9,481
	4,602	*	Clayton Williams Energy, Inc		632
	50,466	*,e	Clean Energy Fuels Corp		591
	46,507	*	Cloud Peak Energy, Inc		857
	265,537	*	Cobalt International Energy, Inc		4,873
	36,545		Comstock Resources, Inc		1,054
	85,701	*	Concho Resources, Inc		12,384
	929,954		ConocoPhillips		79,725
	173,265		Consol Energy, Inc		7,982
	12,994	*	Contango Oil & Gas Co		550
	32,408	*,e	Continental Resources, Inc		5,122
	11,149	e	CVR Energy, Inc		537
	6,271		Dawson Geophysical Co		180
	37,115		Delek US Holdings, Inc		1,048
	279,427		Denbury Resources, Inc		5,158
	309,448		Devon Energy Corp		24,570
	53,570		DHT Holdings, Inc		386
	50,196	e	Diamond Offshore Drilling, Inc		2,491
	28,919	*	Diamondback Energy, Inc		2,568
	5,647	*	Dorian LPG Ltd		130
	57,836	*	Dresser-Rand Group, Inc		3,686
	30,642	*	Dril-Quip, Inc		3,347
	43,233	*,e	Emerald Oil, Inc		331
	55,035		Energen Corp		4,892
	72,871	e	Energy XXI Bermuda Ltd		1,722
	413,670		EOG Resources, Inc		48,341
	30,000	*,e	EP Energy Corp		692
	27,387		Equal Energy Ltd		148
	114,878		Equitable Resources, Inc		12,280
	16,143	*	Era Group, Inc		463
	11,704		Evolution Petroleum Corp		128
	130,558	e	EXCO Resources, Inc		769
	43,775		Exterran Holdings, Inc		1,969
	3,264,226	d	Exxon Mobil Corp		328,642
	178,050	*	FMC Technologies, Inc		10,874
	91,201	*,e	Forest Oil Corp		208
	39,615	*	Forum Energy Technologies, Inc		1,443
	26,300		Frank’s International NV		647
	39,564	*,e	Frontline Ltd		116
	36,931	*,e	FX Energy, Inc		133

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,033		GasLog Ltd	$	1,022
	46,154	*	Gastar Exploration, Inc		402
	9,836	*,e	Geospace Technologies Corp		542
	8,901	*	Glori Energy, Inc		97
	33,053	e	Golar LNG Ltd		1,986
	24,817	*,e	Goodrich Petroleum Corp		685
	26,945		Green Plains Renewable Energy, Inc		886
	11,124		Gulf Island Fabrication, Inc		239
	20,444		Gulfmark Offshore, Inc		924
	64,737	*	Gulfport Energy Corp		4,065
	197,703	*,e	Halcon Resources Corp		1,441
	3,710		Hallador Petroleum Co		35
	639,736		Halliburton Co		45,428
	33,334	*	Harvest Natural Resources, Inc		166
	81,306	*	Helix Energy Solutions Group, Inc		2,139
	71,374		Helmerich & Payne, Inc		8,287
	121,560	*,e	Hercules Offshore, Inc		489
	220,485		Hess Corp		21,804
	150,647		Holly Corp		6,582
	27,723	*,e	Hornbeck Offshore Services, Inc		1,301
	100,154	*	ION Geophysical Corp		423
	823	*	Isramco, Inc		105
	8,500	*	Jones Energy, Inc (Class A)		174
	99,683	*	Key Energy Services, Inc		911
	497,519		Kinder Morgan, Inc		18,040
	24,864		Knightsbridge Tankers Ltd		353
	201,636	*	Kodiak Oil & Gas Corp		2,934
	73,463	*	Kosmos Energy LLC		825
	58,420	*	Laredo Petroleum Holdings, Inc		1,810
	152,810	*	Magnum Hunter Resources Corp		1,253
	528,659		Marathon Oil Corp		21,104
	190,479		Marathon Petroleum Corp		14,871
	55,403	*	Matador Resources Co		1,622
	23,922	*	Matrix Service Co		784
	180,710	*,e	McDermott International, Inc		1,462
	25,277	*,e	Midstates Petroleum Co, Inc		183
	37,819	*,e	Miller Petroleum, Inc		242
	9,855	*	Mitcham Industries, Inc		138
	136,288		Murphy Oil Corp		9,060
	223,659		Nabors Industries Ltd		6,569
	324,337		National Oilwell Varco, Inc		26,709
	9,713	*	Natural Gas Services Group, Inc		321
	61,477		Navios Maritime Acq Corp		228
	103,184	*	Newfield Exploration Co		4,561
	69,133	*	Newpark Resources, Inc		861
	273,245		Noble Energy, Inc		21,166
	68,002	e	Nordic American Tanker Shipping		648
	54,400		North Atlantic Drilling Ltd		578
	48,403	*,e	Northern Oil And Gas, Inc		788
	16,270	*,e	Nuverra Environmental Solutions, Inc		327
	76,721	*	Oasis Petroleum, Inc		4,288
	595,049		Occidental Petroleum Corp		61,070

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	82,172		Oceaneering International, Inc	$	6,420
	35,581	*	Oil States International, Inc		2,280
	158,189		Oneok, Inc		10,770
	15,683	*	Pacific Ethanol, Inc		240
	5,367		Panhandle Oil and Gas, Inc (Class A)		301
	96,030	*	Parker Drilling Co		626
	37,983	*	Parsley Energy, Inc		914
	109,613		Patterson-UTI Energy, Inc		3,830
	40,130		PBF Energy, Inc		1,069
	27,088	*	PDC Energy, Inc		1,711
	207,042	e	Peabody Energy Corp		3,385
	50,170	*,e	Penn Virginia Corp		850
	43,261	*	Petroquest Energy, Inc		325
	9,723	*	PHI, Inc		433
	428,636		Phillips 66		34,475
	42,944	*	Pioneer Energy Services Corp		753
	108,318		Pioneer Natural Resources Co		24,893
	9,686	*	Profire Energy, Inc		44
	136,144		Questar Market Resources, Inc		4,697
	106,368	*,e	Quicksilver Resources, Inc		284
	124,202		Range Resources Corp		10,799
	21,954	*	Renewable Energy Group, Inc		252
	58,594	*,e	Resolute Energy Corp		506
	36,039	*	Rex Energy Corp		638
	5,384	*	Rex Stores Corp		395
	38,100	*	Rice Energy, Inc		1,160
	9,601	*	RigNet, Inc		517
	14,462	*	Ring Energy, Inc		252
	45,950	*	Rosetta Resources, Inc		2,520
	93,726		Rowan Cos plc		2,993
	46,325		RPC, Inc		1,088
	17,500	*	RSP Permian, Inc		568
	33,531	*,e	Sanchez Energy Corp		1,260
	375,818	*,e	SandRidge Energy, Inc		2,687
	985,122		Schlumberger Ltd		116,195
	150,976	e	Scorpio Tankers, Inc		1,535
	15,043	*	SEACOR Holdings, Inc		1,237
	267,582	e	Seadrill Ltd		10,690
	31,863		SemGroup Corp		2,512
	45,041	e	Ship Finance International Ltd		837
	58,052	*,e	Solazyme, Inc		684
	266,793	*	Southwestern Energy Co		12,136
	508,692		Spectra Energy Corp		21,609
	50,791		St. Mary Land & Exploration Co		4,272
	42,383	*	Stone Energy Corp		1,983
	118,843		Superior Energy Services		4,295
	39,048	*,e	Swift Energy Co		507
	44,903	*	Synergy Resources Corp		595
	25,232		Targa Resources Investments, Inc		3,522
	34,489		Teekay Corp		2,147
	48,134	e	Teekay Tankers Ltd (Class A)		207
	26,063		Tesco Corp		556

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	97,850		Tesoro Corp	$	5,741
	61,337	*	Tetra Technologies, Inc		723
	36,444		Tidewater, Inc		2,046
	17,866	*	TransAtlantic Petroleum Ltd		204
	56,984	*,e	Triangle Petroleum Corp		670
	116,012	*,e	Ultra Petroleum Corp		3,444
	36,980	*	Unit Corp		2,545
	48,465	*	Vaalco Energy, Inc		350
	404,100		Valero Energy Corp		20,245
	169,150	*,e	Vantage Drilling Co		325
	8,585	*	Vertex Energy, Inc		83
	26,733		W&T Offshore, Inc		438
	67,894	*	Warren Resources, Inc		421
	41,371		Western Refining, Inc		1,553
	10,257	*	Westmoreland Coal Co		372
	90,085	*	Whiting Petroleum Corp		7,229
	33,654	*	Willbros Group, Inc		416
	519,114		Williams Cos, Inc		30,218
	55,107		World Fuel Services Corp		2,713
	151,612	*	WPX Energy, Inc		3,625
			TOTAL ENERGY		1,630,160
FOOD & STAPLES RETAILING - 1.9%
	21,366		Andersons, Inc		1,102
	29,135		Casey’s General Stores, Inc		2,048
	14,374	*	Chefs’ Warehouse Holdings, Inc		284
	331,185		Costco Wholesale Corp		38,139
	885,741		CVS Corp		66,758
	11,866	*,e	Fairway Group Holdings Corp		79
	31,233	*,e	Fresh Market, Inc		1,045
	8,163		Ingles Markets, Inc (Class A)		215
	385,802		Kroger Co		19,070
	24,395		Liberator Medical Holdings, Inc		92
	6,410	*	Natural Grocers by Vitamin C		137
	16,292	*	Pantry, Inc		264
	14,319		Pricesmart, Inc		1,246
	731,408	*	Rite Aid Corp		5,244
	30,608		Roundy’s, Inc		169
	174,612		Safeway, Inc		5,996
	28,394		Spartan Stores, Inc		597
	69,957	*,e	Sprouts Farmers Market, Inc		2,289
	154,781	*	Supervalu, Inc		1,272
	13,980	*	Susser Holdings Corp		1,129
	449,525		Sysco Corp		16,835
	38,243	*	United Natural Foods, Inc		2,490
	4,843		Village Super Market (Class A)		114
	719,323		Walgreen Co		53,323
	1,206,895		Wal-Mart Stores, Inc		90,602
	8,834		Weis Markets, Inc		404
	278,606		Whole Foods Market, Inc		10,763
			TOTAL FOOD & STAPLES RETAILING		321,706

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 4.5%
	32,198	*	22nd Century Group, Inc	$	99
	2,319		Alico, Inc		87
	68,179	*	Alliance One International, Inc		170
	1,504,770		Altria Group, Inc		63,110
	12,675	*,e	Annie’s, Inc		429
	500,856		Archer Daniels Midland Co		22,093
	40,577		B&G Foods, Inc (Class A)		1,326
	6,146	*,e	Boston Beer Co, Inc (Class A)		1,374
	44,670	*	Boulder Brands, Inc		633
	114,934		Brown-Forman Corp (Class B)		10,823
	111,586		Bunge Ltd		8,440
	9,305		Calavo Growers, Inc		315
	11,829		Cal-Maine Foods, Inc		879
	133,322		Campbell Soup Co		6,107
	35,476	*	Chiquita Brands International, Inc		385
	3,512		Coca-Cola Bottling Co Consolidated		259
	2,971,326		Coca-Cola Co		125,865
	192,043		Coca-Cola Enterprises, Inc		9,176
	318,825		ConAgra Foods, Inc		9,463
	117,161	*	Constellation Brands, Inc (Class A)		10,325
	7,653	*	Craft Brewers Alliance, Inc		85
	124,713	*	Darling International, Inc		2,607
	70,011	e	Dean Foods Co		1,232
	16,103	*,e	Diamond Foods, Inc		454
	154,462		Dr Pepper Snapple Group, Inc		9,048
	5,320	*	Farmer Bros Co		115
	128,238		Flowers Foods, Inc		2,703
	27,620		Fresh Del Monte Produce, Inc		847
	481,788		General Mills, Inc		25,313
	38,052	*	Hain Celestial Group, Inc		3,377
	114,104		Hershey Co		11,110
	88,860		Hillshire Brands Co		5,536
	100,334		Hormel Foods Corp		4,951
	57,597		Ingredion, Inc		4,322
	10,713	*	Inventure Foods, Inc		121
	11,326		J&J Snack Foods Corp		1,066
	81,528		J.M. Smucker Co		8,688
	5,780		John B. Sanfilippo & Son, Inc		153
	196,254		Kellogg Co		12,894
	107,126		Keurig Green Mountain, Inc		13,349
	450,906		Kraft Foods Group, Inc		27,032
	14,003		Lancaster Colony Corp		1,333
	38,935		Lance, Inc		1,030
	3,603	*,e	Lifeway Foods, Inc		50
	6,464	e	Limoneira Co		142
	274,493		Lorillard, Inc		16,736
	100,712		McCormick & Co, Inc		7,210
	153,886		Mead Johnson Nutrition Co		14,338
	103,045		Molson Coors Brewing Co (Class B)		7,642
	1,281,352		Mondelez International, Inc		48,192
	108,438	*	Monster Beverage Corp		7,702

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,815	*	National Beverage Corp	$	167
	15,084	*	Omega Protein Corp		206
	1,148,290		PepsiCo, Inc		102,588
	1,191,397		Philip Morris International, Inc		100,447
	48,235	*	Pilgrim’s Pride Corp		1,320
	40,896		Pinnacle Foods, Inc		1,345
	33,337	*	Post Holdings, Inc		1,697
	233,736		Reynolds American, Inc		14,106
	17,484		Sanderson Farms, Inc		1,699
	224	*	Seaboard Corp		677
	6,106	*	Seneca Foods Corp		187
	14,223	*,e	Synutra International, Inc		95
	15,357	e	Tootsie Roll Industries, Inc		452
	28,438	*	TreeHouse Foods, Inc		2,277
	204,518		Tyson Foods, Inc (Class A)		7,678
	17,708	e	Universal Corp		980
	50,271	e	Vector Group Ltd		1,040
	131,695	*	WhiteWave Foods Co (Class A)		4,263
			TOTAL FOOD, BEVERAGE & TOBACCO		751,960
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	15,924	e	Abaxis, Inc		706
	1,137,826		Abbott Laboratories		46,537
	29,721	*,e	Abiomed, Inc		747
	26,970	*	Acadia Healthcare Co, Inc		1,227
	58,290	*,e	Accuray, Inc		513
	4,240	*	Addus HomeCare Corp		95
	270,062		Aetna, Inc		21,897
	29,433	*,e	Air Methods Corp		1,520
	61,821	*	Align Technology, Inc		3,464
	4,207	*	Alliance HealthCare Services, Inc		114
	133,589	*	Allscripts Healthcare Solutions, Inc		2,144
	7,268	*	Almost Family, Inc		160
	21,596	*	Amedisys, Inc		362
	171,138		AmerisourceBergen Corp		12,435
	34,893	*	AMN Healthcare Services, Inc		429
	24,628	*	Amsurg Corp		1,122
	9,253		Analogic Corp		724
	18,523	*	Angiodynamics, Inc		302
	10,943	*	Anika Therapeutics, Inc		507
	91,526	*,e	Antares Pharma, Inc		244
	28,653	*,e	athenahealth, Inc		3,585
	21,089	*	AtriCure, Inc		388
	1,165		Atrion Corp		380
	57,809		Bard (C.R.), Inc		8,267
	411,056		Baxter International, Inc		29,719
	146,373		Becton Dickinson & Co		17,316
	17,746	*,e	Bio-Reference Labs, Inc		536
	51,896	*,e	BioScrip, Inc		433
	19,708	*	BioTelemetry, Inc		141
	1,001,367	*	Boston Scientific Corp		12,787
	94,983	*	Brookdale Senior Living, Inc		3,167

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,942		Cantel Medical Corp	$	1,023
	21,051	*	Capital Senior Living Corp		502
	257,768		Cardinal Health, Inc		17,673
	20,716	*	Cardiovascular Systems, Inc		646
	157,149	*	CareFusion Corp		6,970
	9,769	*	Castlight Health, Inc		148
	156,388	*	Catamaran Corp		6,906
	43,593	*	Centene Corp		3,296
	225,668	*	Cerner Corp		11,640
	49,516	*,e	Cerus Corp		206
	14,552	e	Chemed Corp		1,364
	10,409	*	Chindex International, Inc		247
	203,055		Cigna Corp		18,675
	87,364	*	Community Health Systems, Inc		3,964
	9,537		Computer Programs & Systems, Inc		607
	20,631		Conmed Corp		911
	36,230		Cooper Cos, Inc		4,910
	12,032	*	Corvel Corp		544
	341,560		Covidien plc		30,802
	22,090	*	Cross Country Healthcare, Inc		144
	19,963		CryoLife, Inc		179
	20,834	*	Cyberonics, Inc		1,301
	16,811	*	Cynosure, Inc (Class A)		357
	134,706	*	DaVita, Inc		9,742
	107,333		Dentsply International, Inc		5,082
	16,710	*,e	Derma Sciences, Inc		193
	56,587	*	DexCom, Inc		2,244
	83,925	*	Edwards Lifesciences Corp		7,204
	30,361	*	Emeritus Corp		961
	47,927	*	Endologix, Inc		729
	14,856		Ensign Group, Inc		462
	52,626	*	Envision Healthcare Holdings, Inc		1,890
	7,074	*	Exactech, Inc		178
	26,213	*	ExamWorks Group, Inc		832
	586,009	*	Express Scripts Holding Co		40,628
	29,310	*	Five Star Quality Care, Inc		147
	30,765	*,e	GenMark Diagnostics, Inc		416
	22,160	*	Gentiva Health Services, Inc		334
	49,755	*	Globus Medical, Inc		1,190
	18,107	*	Greatbatch, Inc		888
	38,562	*	Haemonetics Corp		1,360
	25,502	*	Hanger Orthopedic Group, Inc		802
	247,266	*	HCA Holdings, Inc		13,941
	60,101	*	Health Net, Inc		2,497
	66,457		Healthsouth Corp		2,384
	14,864	*	HealthStream, Inc		361
	28,116	*,e	Healthways, Inc		493
	12,504	*	HeartWare International, Inc		1,107
	64,633	*	Henry Schein, Inc		7,670
	43,409		Hill-Rom Holdings, Inc		1,802
	65,676	*	HMS Holdings Corp		1,340
	198,225	*	Hologic, Inc		5,025

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	117,278		Humana, Inc	$	14,979
	9,893	*	ICU Medical, Inc		602
	38,845	*	Idexx Laboratories, Inc		5,189
	35,949	*	IMS Health Holdings, Inc		923
	4,131	*	Inogen Inc		93
	41,898	*	Insulet Corp		1,662
	18,839	*	Integra LifeSciences Holdings Corp		887
	29,188	*	Intuitive Surgical, Inc		12,020
	23,110		Invacare Corp		425
	62,113	*	Inverness Medical Innovations, Inc		2,324
	12,768	*	IPC The Hospitalist Co, Inc		565
	6,547	*	K2M Group Holdings, Inc		97
	41,435		Kindred Healthcare, Inc		957
	66,472	*	Laboratory Corp of America Holdings		6,807
	8,629		Landauer, Inc		362
	12,518	*	LDR Holding Corp		313
	11,927	*	LHC Group, Inc		255
	33,622	*	LifePoint Hospitals, Inc		2,088
	20,796	*	Magellan Health Services, Inc		1,294
	38,810	*	Masimo Corp		916
	172,760		McKesson Corp		32,170
	44,883	*	MedAssets, Inc		1,025
	39,902	*	Medidata Solutions, Inc		1,708
	756,651		Medtronic, Inc		48,244
	43,385	*	Merge Healthcare, Inc		98
	31,965	e	Meridian Bioscience, Inc		660
	32,366	*	Merit Medical Systems, Inc		489
	22,845	*	Molina Healthcare, Inc		1,020
	9,533	*	MWI Veterinary Supply, Inc		1,354
	8,081		National Healthcare Corp		455
	5,598	*	National Research Corp		78
	22,829	*	Natus Medical, Inc		574
	27,729	*	Neogen Corp		1,122
	35,423	*	NuVasive, Inc		1,260
	45,234	*	NxStage Medical, Inc		650
	74,986		Omnicare, Inc		4,992
	27,790	*	Omnicell, Inc		798
	36,642	*	OraSure Technologies, Inc		315
	14,876	*	Orthofix International NV		539
	48,567	e	Owens & Minor, Inc		1,650
	10,159	*	Oxford Immunotec Global plc		171
	64,882		Patterson Cos, Inc		2,563
	75,502	*	Pediatrix Medical Group, Inc		4,390
	23,814	*	PharMerica Corp		681
	9,836	*,e	PhotoMedex, Inc		120
	24,800	*	Premier, Inc		719
	8,598	*	Providence Service Corp		315
	37,773		Quality Systems, Inc		606
	110,089	e	Quest Diagnostics, Inc		6,461
	21,781	*,e	Quidel Corp		482
	25,914	*	RadNet, Inc		172
	106,456	e	Resmed, Inc		5,390

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,391	*,e	Rockwell Medical Technologies, Inc	$	376
	38,631	*	RTI Biologics, Inc		168
	36,584		Select Medical Holdings Corp		571
	43,638	*	Sirona Dental Systems, Inc		3,598
	15,881	*	Skilled Healthcare Group, Inc (Class A)		100
	30,482	*	Spectranetics Corp		697
	215,715		St. Jude Medical, Inc		14,938
	26,141	*	Staar Surgical Co		439
	44,285		STERIS Corp		2,368
	252,822		Stryker Corp		21,318
	8,600	*	Surgical Care Affiliates, Inc		250
	13,627	*	SurModics, Inc		292
	32,497	*	Symmetry Medical, Inc		288
	5,981	*	Tandem Diabetes Care, Inc		97
	52,336	*	Team Health Holdings, Inc		2,614
	31,210		Teleflex, Inc		3,296
	76,019	*	Tenet Healthcare Corp		3,568
	42,853	*	Thoratec Corp		1,494
	26,972	*	Tornier BV		631
	20,401	*	TransEnterix, Inc		103
	20,300	*	Triple-S Management Corp (Class B)		364
	5,633	*	TriVascular Technologies, Inc		88
	77,329	*,e	Unilife Corp		229
	742,160		UnitedHealth Group, Inc		60,671
	28,773		Universal American Corp		240
	67,302		Universal Health Services, Inc (Class B)		6,445
	8,422		US Physical Therapy, Inc		288
	2,349		Utah Medical Products, Inc		121
	78,706	*	Varian Medical Systems, Inc		6,544
	12,709	*	Vascular Solutions, Inc		282
	66,310	*	VCA Antech, Inc		2,327
	28,575	*,e	Veeva Systems, Inc		727
	4,910	*	Veracyte, Inc		84
	15,934	*	Vocera Communications, Inc		210
	44,457	*	Volcano Corp		783
	32,655	*	WellCare Health Plans, Inc		2,438
	211,807		WellPoint, Inc		22,793
	52,696		West Pharmaceutical Services, Inc		2,223
	38,008	*	Wright Medical Group, Inc		1,193
	22,473	*,e	Zeltiq Aesthetics, Inc		341
	127,106		Zimmer Holdings, Inc		13,201
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		749,712
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	332,448		Avon Products, Inc		4,857
	39,882	*	Central Garden and Pet Co (Class A)		367
	103,052		Church & Dwight Co, Inc		7,209
	99,051	e	Clorox Co		9,053
	693,331		Colgate-Palmolive Co		47,271
	43,500		Coty, Inc		745
	19,608	*	Elizabeth Arden, Inc		420
	46,250		Energizer Holdings, Inc		5,644

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	173,685		Estee Lauder Cos (Class A)	$	12,898
	15,213		Female Health Co		84
	37,377	*	Harbinger Group, Inc		475
	61,725	e	Herbalife Ltd		3,984
	22,871	*	IGI Laboratories, Inc		121
	12,258		Inter Parfums, Inc		362
	285,393		Kimberly-Clark Corp		31,741
	9,661	*,e	Medifast, Inc		294
	5,868		Nature’s Sunshine Products, Inc		100
	44,175		Nu Skin Enterprises, Inc (Class A)		3,267
	8,067	*	Nutraceutical International Corp		193
	3,981		Oil-Dri Corp of America		122
	4,547		Orchids Paper Products Co		146
	2,049,768		Procter & Gamble Co		161,091
	9,587	*	Revlon, Inc (Class A)		292
	15,918		Spectrum Brands, Inc		1,369
	5,403	*,e	USANA Health Sciences, Inc		422
	11,764		WD-40 Co		885
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		293,412
INSURANCE - 4.1%
	255,847		ACE Ltd		26,531
	343,994		Aflac, Inc		21,414
	12,475	*	Alleghany Corp		5,466
	74,631		Allied World Assurance Co Holdings Ltd		2,837
	328,668		Allstate Corp		19,299
	34,048	*	AMBAC Financial Group, Inc		930
	56,412		American Equity Investment Life Holding Co		1,388
	54,955		American Financial Group, Inc		3,273
	1,095,709		American International Group, Inc		59,804
	5,469		American National Insurance Co		625
	13,065		Amerisafe, Inc		531
	23,097	e	Amtrust Financial Services, Inc		966
	235,462		Aon plc		21,213
	101,165	*	Arch Capital Group Ltd		5,811
	20,783		Argo Group International Holdings Ltd		1,062
	118,906		Arthur J. Gallagher & Co		5,541
	50,374		Aspen Insurance Holdings Ltd		2,288
	53,750		Assurant, Inc		3,523
	129,363		Assured Guaranty Ltd		3,169
	8,461	*	Atlas Financial Holdings, Inc		128
	84,687		Axis Capital Holdings Ltd		3,750
	6,904		Baldwin & Lyons, Inc (Class B)		179
	1,381,607	*	Berkshire Hathaway, Inc (Class B)		174,856
	91,363		Brown & Brown, Inc		2,806
	185,246		Chubb Corp		17,074
	124,217		Cincinnati Financial Corp		5,967
	32,879	*,e	Citizens, Inc (Class A)		243
	19,762		CNA Financial Corp		799
	164,574		Conseco, Inc		2,929
	19,001		Crawford & Co (Class B)		192
	7,812		Donegal Group, Inc (Class A)		120

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,028	*	eHealth, Inc	$	533
	4,503		EMC Insurance Group, Inc		139
	24,104		Employers Holdings, Inc		511
	33,679	e	Endurance Specialty Holdings Ltd		1,737
	7,068	*	Enstar Group Ltd		1,065
	20,774		Erie Indemnity Co (Class A)		1,563
	34,974		Everest Re Group Ltd		5,613
	9,829		FBL Financial Group, Inc (Class A)		452
	8,326		Federated National Holding Co		212
	8,299		Fidelity & Guaranty Life		199
	209,065		Fidelity National Title Group, Inc (Class A)		6,849
	80,939		First American Financial Corp		2,249
	375,048	*	Genworth Financial, Inc (Class A)		6,526
	20,683	*	Greenlight Capital Re Ltd (Class A)		681
	7,438	*	Hallmark Financial Services		80
	33,724		Hanover Insurance Group, Inc		2,130
	340,568		Hartford Financial Services Group, Inc		12,196
	75,001		HCC Insurance Holdings, Inc		3,671
	6,789	e	HCI Group, Inc		276
	5,489	*	Heritage Insurance Holdings, Inc		83
	49,340	*	Hilltop Holdings, Inc		1,049
	29,235		Horace Mann Educators Corp		914
	5,951		Independence Holding Co		84
	10,249		Infinity Property & Casualty Corp		689
	2,854		Kansas City Life Insurance Co		130
	37,633		Kemper Corp		1,387
	199,871		Lincoln National Corp		10,281
	234,894		Loews Corp		10,338
	34,934		Maiden Holdings Ltd		422
	10,589	*	Markel Corp		6,943
	418,052		Marsh & McLennan Cos, Inc		21,663
	108,070	*	MBIA, Inc		1,193
	42,189		Meadowbrook Insurance Group, Inc		303
	20,342		Mercury General Corp		957
	696,541		Metlife, Inc		38,700
	34,784		Montpelier Re Holdings Ltd		1,111
	27,288		National General Holdings Corp		475
	7,244		National Interstate Corp		203
	1,551		National Western Life Insurance Co (Class A)		387
	8,338	*	Navigators Group, Inc		559
	195,723		Old Republic International Corp		3,237
	17,609		OneBeacon Insurance Group Ltd (Class A)		274
	38,267		PartnerRe Ltd		4,179
	4,932	*	Phoenix Cos, Inc		239
	24,214		Platinum Underwriters Holdings Ltd		1,570
	43,301		Primerica, Inc		2,072
	223,115		Principal Financial Group		11,263
	45,135		ProAssurance Corp		2,004
	448,216		Progressive Corp		11,367
	59,625		Protective Life Corp		4,134
	348,406		Prudential Financial, Inc		30,928
	52,377		Reinsurance Group of America, Inc (Class A)		4,133

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,717		RenaissanceRe Holdings Ltd	$	3,287
	32,282		RLI Corp		1,478
	10,041		Safety Insurance Group, Inc		516
	42,211		Selective Insurance Group, Inc		1,043
	33,695		Stancorp Financial Group, Inc		2,156
	9,480		State Auto Financial Corp		222
	16,046		Stewart Information Services Corp		498
	56,908		Symetra Financial Corp		1,294
	42,743	*	Third Point Reinsurance Ltd		652
	66,559		Torchmark Corp		5,453
	263,172		Travelers Cos, Inc		24,757
	6,929	*	United America Indemnity Ltd		180
	16,961		United Fire & Casualty Co		497
	12,682		United Insurance Holdings Corp		219
	22,242		Universal Insurance Holdings, Inc		288
	194,972		UnumProvident Corp		6,777
	68,796		Validus Holdings Ltd		2,631
	75,884		W.R. Berkley Corp		3,514
	4,646		White Mountains Insurance Group Ltd		2,827
	205,711		XL Capital Ltd		6,733
			TOTAL INSURANCE		679,689
MATERIALS - 3.9%
	22,177		A. Schulman, Inc		858
	15,542	*	Advanced Emissions Solutions, Inc		356
	3,376	*	AEP Industries, Inc		118
	160,821		Air Products & Chemicals, Inc		20,685
	56,289		Airgas, Inc		6,130
	103,729	*,e	AK Steel Holding Corp		826
	62,071		Albemarle Corp		4,438
	887,161		Alcoa, Inc		13,210
	81,466		Allegheny Technologies, Inc		3,674
	79,955	*,e	Allied Nevada Gold Corp		301
	20,501	e	American Vanguard Corp		271
	7,032		Ampco-Pittsburgh Corp		161
	50,635		Aptargroup, Inc		3,393
	60,168		Ashland, Inc		6,543
	75,563		Avery Dennison Corp		3,873
	52,910		Axiall Corp		2,501
	23,190		Balchem Corp		1,242
	105,468		Ball Corp		6,611
	78,588		Bemis Co, Inc		3,195
	63,162	*	Berry Plastics Group, Inc		1,630
	29,817	*	Boise Cascade Co		854
	14,781		Brush Engineered Materials, Inc		547
	48,545		Cabot Corp		2,815
	41,280	*	Calgon Carbon Corp		922
	38,318		Carpenter Technology Corp		2,424
	11,808	*,e	Castle (A.M.) & Co		130
	120,337		Celanese Corp (Series A)		7,735
	39,702	*	Century Aluminum Co		623
	39,420		CF Industries Holdings, Inc		9,482

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,158		Chase Corp	$	176
	73,547	*	Chemtura		1,922
	15,540	*	Clearwater Paper Corp		959
	116,499	e	Cliffs Natural Resources, Inc		1,753
	77,643	*	Coeur d’Alene Mines Corp		713
	89,141		Commercial Metals Co		1,543
	25,270		Compass Minerals International, Inc		2,419
	105,024	*	Crown Holdings, Inc		5,226
	27,766		Cytec Industries, Inc		2,927
	9,014		Deltic Timber Corp		545
	48,674		Domtar Corp		2,086
	912,101		Dow Chemical Co		46,937
	695,699		Du Pont (E.I.) de Nemours & Co		45,527
	37,135		Eagle Materials, Inc		3,501
	117,481		Eastman Chemical Co		10,262
	201,880		Ecolab, Inc		22,477
	55,318	*	Ferro Corp		695
	40,724	*	Flotek Industries, Inc		1,310
	103,495		FMC Corp		7,368
	785,971		Freeport-McMoRan Copper & Gold, Inc (Class B)		28,688
	14,460		FutureFuel Corp		240
	32,454		Glatfelter		861
	47,286		Globe Specialty Metals, Inc		983
	24,960	e	Gold Resource Corp		126
	205,071	*	Graphic Packaging Holding Co		2,399
	24,459		Greif, Inc (Class A)		1,334
	39,075		H.B. Fuller Co		1,879
	6,809		Hawkins, Inc		253
	9,402		Haynes International, Inc		532
	54,162	*	Headwaters, Inc		752
	262,218	e	Hecla Mining Co		905
	33,599	*	Horsehead Holding Corp		613
	152,705		Huntsman Corp		4,291
	16,427		Innophos Holdings, Inc		946
	18,027		Innospec, Inc		778
	62,007		International Flavors & Fragrances, Inc		6,466
	327,982		International Paper Co		16,553
	40,015	*,e	Intrepid Potash, Inc		671
	14,023		Kaiser Aluminum Corp		1,022
	62,146	*	Kapstone Paper and Packaging Corp		2,059
	4,800		KMG Chemicals, Inc		86
	16,539		Koppers Holdings, Inc		633
	24,388	*	Kraton Polymers LLC		546
	14,288		Kronos Worldwide, Inc		224
	19,323	*	Landec Corp		241
	104,108	*	Louisiana-Pacific Corp		1,564
	13,887	*	LSB Industries, Inc		579
	324,680		LyondellBasell Industries AF S.C.A		31,705
	8,861	*	Marrone Bio Innovations, Inc		103
	34,945	e	Martin Marietta Materials, Inc		4,614
	127,312		MeadWestvaco Corp		5,635
	27,178		Minerals Technologies, Inc		1,782

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	124,409	*,e	Molycorp, Inc	$	320
	397,101		Monsanto Co		49,534
	237,005		Mosaic Co		11,720
	23,791		Myers Industries, Inc		478
	11,726		Neenah Paper, Inc		623
	7,313		NewMarket Corp		2,867
	376,798		Newmont Mining Corp		9,586
	29,589		Noranda Aluminium Holding Corp		104
	240,123		Nucor Corp		11,826
	61,075		Olin Corp		1,644
	8,985		Olympic Steel, Inc		222
	23,303		OM Group, Inc		756
	32,453	*	Omnova Solutions, Inc		295
	126,112	*	Owens-Illinois, Inc		4,368
	74,848		Packaging Corp of America		5,351
	64,376	*	Platform Specialty Products Corp		1,804
	73,826		PolyOne Corp		3,111
	108,584		PPG Industries, Inc		22,819
	224,774		Praxair, Inc		29,859
	9,804		Quaker Chemical Corp		753
	31,957	*	Rayonier Advanced Materials, Inc		1,238
	58,316		Reliance Steel & Aluminum Co		4,298
	201,095	*	Rentech, Inc		521
	49,260	*,e	Resolute Forest Products		827
	54,373		Rock-Tenn Co (Class A)		5,741
	55,625		Rockwood Holdings, Inc		4,227
	48,654		Royal Gold, Inc		3,704
	101,323		RPM International, Inc		4,679
	23,200	*	RTI International Metals, Inc		617
	19,399		Schnitzer Steel Industries, Inc (Class A)		506
	23,952		Schweitzer-Mauduit International, Inc		1,046
	34,069		Scotts Miracle-Gro Co (Class A)		1,937
	163,420		Sealed Air Corp		5,584
	31,811	*	Senomyx, Inc		275
	38,347		Sensient Technologies Corp		2,137
	67,653		Sherwin-Williams Co		13,998
	91,531		Sigma-Aldrich Corp		9,289
	33,477		Silgan Holdings, Inc		1,701
	76,188		Sonoco Products Co		3,347
	110,590		Southern Copper Corp (NY)		3,359
	165,973		Steel Dynamics, Inc		2,979
	13,671		Stepan Co		723
	90,832	*	Stillwater Mining Co		1,594
	52,835	*	SunCoke Energy, Inc		1,136
	64,203	*	Tahoe Resources, Inc		1,682
	21,638	*	Taminco Corp		503
	17,215	*	Texas Industries, Inc		1,590
	15,246	*	Trecora Resources		180
	19,671		Tredegar Corp		460
	44,328		Tronox Ltd		1,192
	4,092	*	UFP Technologies, Inc		99
	1,357		United States Lime & Minerals, Inc		88

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	110,404	e	United States Steel Corp	$	2,875
	4,623	*	Universal Stainless & Alloy		150
	10,188	*,e	US Concrete, Inc		252
	35,711		US Silica Holdings Inc		1,980
	67,788		Valspar Corp		5,165
	98,368		Vulcan Materials Co		6,271
	47,694	e	Walter Energy, Inc		260
	37,679		Wausau Paper Corp		408
	31,064		Westlake Chemical Corp		2,602
	4,506	*	WHX Corp		121
	40,133		Worthington Industries, Inc		1,727
	57,560	*	WR Grace & Co		5,441
	17,018		Zep, Inc		301
			TOTAL MATERIALS		650,807
MEDIA - 3.5%
	12,963		AH Belo Corp (Class A)		154
	16,000		AMC Entertainment Holdings, Inc		398
	45,765	*	AMC Networks, Inc		2,814
	153,456	e	Cablevision Systems Corp (Class A)		2,709
	17,686	*	Carmike Cinemas, Inc		621
	430,424	e	CBS Corp (Class B)		26,747
	16,837		CBS Outdoor Americas, Inc		550
	57,360	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		162
	60,064	*	Charter Communications, Inc		9,513
	87,874		Cinemark Holdings, Inc		3,107
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		229
	1,962,017		Comcast Corp (Class A)		105,321
	27,056	*	Crown Media Holdings, Inc (Class A)		98
	101,938	*	Cumulus Media, Inc (Class A)		672
	772	*,e	Daily Journal Corp		160
	12,681	*,e	Dex Media, Inc		141
	361,376	*	DIRECTV		30,721
	173,884	*	Discovery Communications, Inc (Class A)		12,916
	159,417	*	DISH Network Corp (Class A)		10,375
	57,581	*,e	DreamWorks Animation SKG, Inc (Class A)		1,339
	18,269	*	Entercom Communications Corp (Class A)		196
	54,182		Entravision Communications Corp (Class A)		337
	14,854	*	Eros International plc		225
	23,436	*	EW Scripps Co (Class A)		496
	172,059		Gannett Co, Inc		5,387
	14,759	*,e	Global Sources Ltd		122
	38,349	*	Gray Television, Inc		504
	33,505		Harte-Hanks, Inc		241
	6,780	*,e	Hemisphere Media Group, Inc		85
	320,956		Interpublic Group of Cos, Inc		6,262
	33,375		John Wiley & Sons, Inc (Class A)		2,022
	42,642	*	Journal Communications, Inc (Class A)		378
	59,903		Lamar Advertising Co (Class A)		3,175
	39,207	*	Lee Enterprises, Inc		174
	71,816	*	Liberty Media Corp		9,816
	64,240	e	Lions Gate Entertainment Corp		1,836

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	108,249	*	Live Nation, Inc	$	2,673
	9,932	*	Loral Space & Communications, Inc		722
	46,379	*	Madison Square Garden, Inc		2,896
	29,313	*	Martha Stewart Living Omnimedia, Inc (Class A)		138
	45,516	*,e	McClatchy Co (Class A)		253
	32,196		MDC Partners, Inc		692
	37,793	*,e	Media General, Inc (Class A)		776
	26,535		Meredith Corp		1,283
	14,733		Morningstar, Inc		1,058
	46,358		National CineMedia, Inc		812
	22,523	*	New Media Investment Group, Inc		318
	98,100	e	New York Times Co (Class A)		1,492
	377,718	*	News Corp		6,776
	23,355	e	Nexstar Broadcasting Group, Inc (Class A)		1,205
	196,563		Omnicom Group, Inc		13,999
	17,261	*	Radio One, Inc		85
	7,422	*,e	ReachLocal, Inc		52
	12,373	*	Reading International, Inc		106
	60,087	e	Regal Entertainment Group (Class A)		1,268
	7,217	*	Rentrak Corp		379
	3,654		Saga Communications, Inc		156
	8,940		Salem Communications		85
	19,984		Scholastic Corp		681
	80,102		Scripps Networks Interactive (Class A)		6,500
	30,700	*,e	SFX Entertainment, Inc		249
	51,060	e	Sinclair Broadcast Group, Inc (Class A)		1,774
	2,087,425	*,e	Sirius XM Holdings, Inc		7,223
	20,194	*	Sizmek, Inc		192
	72,313	*	Starz-Liberty Capital		2,154
	282,463	e	Thomson Corp		10,270
	211,094		Time Warner Cable, Inc		31,094
	668,185		Time Warner, Inc		46,940
	84,151	*	Time, Inc		2,038
	1,442,601		Twenty-First Century Fox, Inc		50,707
	325,585		Viacom, Inc (Class B)		28,238
	1,311,897		Walt Disney Co		112,482
	21,644	e	World Wrestling Entertainment, Inc (Class A)		258
			TOTAL MEDIA		578,027
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
	1,205,062		AbbVie, Inc		68,014
	58,718	*,e	Acadia Pharmaceuticals, Inc		1,326
	16,937	*	Accelerate Diagnostics, Inc		440
	12,289	*,e	Acceleron Pharma, Inc		417
	15,957	*,e	AcelRx Pharmaceuticals, Inc		164
	5,364	*	Achaogen, Inc		75
	98,237	*,e	Achillion Pharmaceuticals, Inc		744
	31,389	*	Acorda Therapeutics, Inc		1,058
	132,072	*	Actavis plc		29,459
	15,055	*	Actinium Pharmaceuticals, Inc		109
	21,882	*,e	Aegerion Pharmaceuticals, Inc		702
	5,900	*	Aerie Pharmaceuticals, Inc		146

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	56,476	*,e	Affymetrix, Inc	$	503
	48,575	*	Agenus, Inc		156
	252,502		Agilent Technologies, Inc		14,504
	10,132	*,e	Agios Pharmaceuticals, Inc		464
	6,056	*	Akebia Therapeutics, Inc		168
	47,337	*	Akorn, Inc		1,574
	17,375	*,e	Albany Molecular Research, Inc		350
	6,292	*	Alder Biopharmaceuticals, Inc		126
	149,855	*	Alexion Pharmaceuticals, Inc		23,415
	27,483	*,e	Alimera Sciences, Inc		164
	109,475	*	Alkermes plc		5,510
	225,560		Allergan, Inc		38,169
	50,442	*,e	Alnylam Pharmaceuticals, Inc		3,186
	16,995	*,e	AMAG Pharmaceuticals, Inc		352
	570,723		Amgen, Inc		67,556
	30,986	*,e	Ampio Pharmaceuticals, Inc		259
	25,259	*,e	Anacor Pharmaceuticals, Inc		448
	5,005	*	ANI Pharmaceuticals, Inc		172
	3,704	*	Applied Genetic Technologies Corp		86
	18,952	*	Aratana Therapeutics, Inc		296
	165,796	*,e	Arena Pharmaceuticals, Inc		972
	138,860	*,e	Ariad Pharmaceuticals, Inc		885
	91,342	*	Array Biopharma, Inc		417
	39,456	*	Arrowhead Research Corp		565
	6,200	*	Auspex Pharmaceuticals Inc		138
	36,727	*,e	Auxilium Pharmaceuticals, Inc		737
	121,211	*,e	AVANIR Pharmaceuticals, Inc		684
	53,741	*	BioCryst Pharmaceuticals, Inc		685
	28,320	*,e	BioDelivery Sciences International, Inc		342
	180,636	*	Biogen Idec, Inc		56,956
	110,409	*	BioMarin Pharmaceuticals, Inc		6,869
	56,961	*	Bio-Path Holdings, Inc		174
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		1,858
	2,967	*	Biospecifics Technologies Corp		80
	27,248	*,e	Biotime, Inc		83
	14,516	*	Bluebird Bio, Inc		560
	1,250,290		Bristol-Myers Squibb Co		60,652
	83,145	*	Bruker BioSciences Corp		2,018
	26,827	*	Cambrex Corp		555
	4,100	*,e	Cara Therapeutics Inc		70
	610,404	*	Celgene Corp		52,421
	74,133	*,e	Celldex Therapeutics, Inc		1,210
	7,200	*,e	Cellular Dynamics International, Inc		105
	16,803	*,e	Cempra, Inc		180
	52,661	*,e	Cepheid, Inc		2,525
	37,085	*	Charles River Laboratories International, Inc		1,985
	18,304	*,e	ChemoCentryx, Inc		107
	20,575	*	Chimerix, Inc		451
	18,781	*,e	Clovis Oncology, Inc		778
	56,916	*,e	Corcept Therapeutics, Inc		159
	42,288	*	Covance, Inc		3,619
	135,101	*,e	CTI BIOPHARMA CORP		380

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	57,007	*	Cubist Pharmaceuticals, Inc	$	3,980
	30,132	*,e	Cytokinetics, Inc		144
	47,980	*,e	Cytori Therapeutics, Inc		115
	41,833	*	CytRx Corp		175
	120,216	*,e	Dendreon Corp		276
	40,825	*	Depomed, Inc		567
	2,700	*,e	Dicerna Pharmaceuticals Inc		61
	9,738	*,e	Durata Therapeutics, Inc		166
	102,195	*	Dyax Corp		981
	199,281	*,e	Dynavax Technologies Corp		319
	3,500	*,e	Eleven Biotheraputics Inc		46
	745,255		Eli Lilly & Co		46,332
	19,838	*	Emergent Biosolutions, Inc		446
	7,962	*,e	Enanta Pharmaceuticals, Inc		343
	115,311	*	Endo International plc		8,074
	33,769	*,e	Endocyte, Inc		223
	26,506	*	Enzo Biochem, Inc		139
	9,923	*,e	Epizyme, Inc		309
	6,700	*,e	Esperion Thereapeutics, Inc		106
	62,597	*,e	Exact Sciences Corp		1,066
	140,174	*,e	Exelixis, Inc		475
	12,553	*,e	Five Prime Therapeutics, Inc		195
	6,400	*	Flexion Therapeutics Inc		86
	20,851	*	Fluidigm Corp		613
	203,023	*	Forest Laboratories, Inc		20,099
	10,743	*,m	Forest Laboratories, Inc CVR		10
	10,758	*,e	Foundation Medicine, Inc		290
	6,747	*	Furiex Pharmaceuticals Inc		716
	13,945	*	Galectin Therapeutics, Inc		193
	102,537	*,e	Galena Biopharma, Inc		314
	3,000	*,e	Genocea Biosciences Inc		56
	14,823	*,e	Genomic Health, Inc		406
	114,325	*,e	Geron Corp		367
	1,163,138	*	Gilead Sciences, Inc		96,436
	24,465	*	Golf Trust Of America, Inc		220
	79,065	*	Halozyme Therapeutics, Inc		781
	14,185	*	Heron Therapeutics, Inc		175
	48,486	*,e	Horizon Pharma, Inc		767
	126,136	*	Hospira, Inc		6,480
	10,443	*	Hyperion Therapeutics, Inc		273
	89,103	*,e	Idenix Pharmaceuticals, Inc		2,147
	43,621	*	Idera Pharmaceuticals, Inc		126
	97,289	*,e	Illumina, Inc		17,370
	65,469	*,e	Immunogen, Inc		776
	78,549	*,e	Immunomedics, Inc		287
	52,266	*	Impax Laboratories, Inc		1,567
	108,932	*	Incyte Corp		6,148
	36,466	*	Infinity Pharmaceuticals, Inc		465
	46,169	*	Inovio Pharmaceuticals, Inc		499
	27,309	*	Insmed, Inc		546
	7,379	*,e	Insys Therapeutics, Inc		230
	9,369	*	Intercept Pharmaceuticals, Inc		2,217

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	74,740	*	InterMune, Inc	$	3,300
	12,959	*	Intra-Cellular Therapies, Inc		218
	27,301	*,e	Intrexon Corp		686
	90,684	*	Ironwood Pharmaceuticals, Inc		1,390
	89,084	*,e	Isis Pharmaceuticals, Inc		3,069
	44,639	*	Jazz Pharmaceuticals plc		6,562
	2,142,952		Johnson & Johnson		224,196
	9,553	*,e	Karyopharm Therapeutics, Inc		445
	68,602	*,e	Keryx Biopharmaceuticals, Inc		1,055
	6,600	*,e	Kindred Biosciences Inc		123
	13,125	*,e	KYTHERA Biopharmaceuticals, Inc		504
	19,506	*	Lannett Co, Inc		968
	173,586	*,e	Lexicon Pharmaceuticals, Inc		279
	15,744	*	Ligand Pharmaceuticals, Inc (Class B)		981
	31,134	*	Luminex Corp		534
	15,274	*	MacroGenics, Inc		332
	44,700	*,e	Mallinckrodt plc		3,577
	172,437	*,e	MannKind Corp		1,895
	48,124	*	Medicines Co		1,398
	57,923	*	Medivation, Inc		4,465
	2,213,596		Merck & Co, Inc		128,056
	73,750	*,e	Merrimack Pharmaceuticals, Inc		538
	22,964	*	Mettler-Toledo International, Inc		5,814
	69,816	*,e	MiMedx Group, Inc		495
	5,698	*	Mirati Therapeutics, Inc		114
	34,069	*	Momenta Pharmaceuticals, Inc		412
	283,175	*	Mylan Laboratories, Inc		14,600
	56,889	*,e	Myriad Genetics, Inc		2,214
	7,890	*	NanoString Technologies, Inc		118
	28,763	*	NanoViricides, Inc		121
	97,156	*,e	Navidea Biopharmceuticals, Inc		144
	96,260	*	Nektar Therapeutics		1,234
	17,230	*	NeoStem, Inc		112
	53,365	*	Neuralstem, Inc		225
	57,584	*	Neurocrine Biosciences, Inc		855
	14,869	*,e	NewLink Genetics Corp		395
	27,407	*	Northwest Biotherapeutics, Inc		184
	160,650	*,e	Novavax, Inc		742
	80,677	*	NPS Pharmaceuticals, Inc		2,666
	14,893	*	Ohr Pharmaceutical, Inc		142
	26,874	*,e	Omeros Corp		468
	4,045	*,m	Omthera Pharmaceuticals, Inc		2
	9,299	*	OncoMed Pharmaceuticals, Inc		217
	51,753	*	Oncothyreon, Inc		168
	10,319	*,e	Ophthotech Corp		437
	143,885	*,e	Opko Health, Inc		1,272
	88,413	*,e	Orexigen Therapeutics, Inc		546
	47,632	*	Organovo Holdings, Inc		398
	12,630	*,e	Osiris Therapeutics, Inc		197
	6,597	*,e	OvaScience, Inc		60
	50,411	*	Pacific Biosciences of California, Inc		312
	27,071	*,e	Pacira Pharmaceuticals, Inc		2,487

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,042	*	Pain Therapeutics, Inc	$	167
	43,666	*	Parexel International Corp		2,307
	111,677	e	PDL BioPharma, Inc		1,081
	217,309	*,e	Peregrine Pharmaceuticals, Inc		409
	85,256		PerkinElmer, Inc		3,993
	98,181		Perrigo Co plc		14,311
	4,831,609		Pfizer, Inc		143,402
	46,171	*,e	Pharmacyclics, Inc		4,142
	10,957	*	Phibro Animal Health Corp		240
	28,026	*	Portola Pharmaceuticals, Inc		818
	15,548		Pozen, Inc		130
	38,233	*	Prestige Brands Holdings, Inc		1,296
	51,583	*	Progenics Pharmaceuticals, Inc		222
	16,389	*	Prothena Corp plc		370
	16,950	*	PTC Therapeutics, Inc		443
	17,769	*	Puma Biotechnology, Inc		1,173
	178,940	*,e	Qiagen NV (NASDAQ)		4,375
	46,184	e	Questcor Pharmaceuticals, Inc		4,272
	42,973	*	Quintiles Transnational Holdings, Inc		2,290
	48,221	*,e	Raptor Pharmaceutical Corp		557
	11,634	*	Receptos, Inc		496
	11,646	*	Regado Biosciences, Inc		79
	60,597	*	Regeneron Pharmaceuticals, Inc		17,117
	7,041	*,e	Regulus Therapeutics, Inc		57
	12,549	*	Relypsa, Inc		305
	23,464	*	Repligen Corp		535
	16,297	*,e	Repros Therapeutics, Inc		282
	14,500	*,e	Retrophin, Inc		170
	5,300	*	Revance Therapeutics, Inc		180
	66,996	*	Rigel Pharmaceuticals, Inc		243
	16,776	*	Sagent Pharmaceuticals		434
	48,057	*	Salix Pharmaceuticals Ltd		5,928
	54,946	*,e	Sangamo Biosciences, Inc		839
	31,888	*,e	Sarepta Therapeutics, Inc		950
	43,039	*	Sciclone Pharmaceuticals, Inc		226
	76,360	*,e	Seattle Genetics, Inc		2,921
	87,069	*,e	Sequenom, Inc		337
	47,540	*,e	Spectrum Pharmaceuticals, Inc		386
	12,168	*,e	Stemline Therapeutics, Inc		178
	6,322	*,e	Sucampo Pharmaceuticals, Inc (Class A)		44
	37,533	*,e	Sunesis Pharmaceuticals, Inc		245
	21,873	*,e	Supernus Pharmaceuticals, Inc		239
	16,285	*,e	Synageva BioPharma Corp		1,707
	61,665	*,e	Synergy Pharmaceuticals, Inc		251
	52,113	*,e	Synta Pharmaceuticals Corp		213
	28,521		Techne Corp		2,640
	14,763	*,e	TESARO, Inc		459
	16,779	*	Tetraphase Pharmaceuticals, Inc		226
	26,136	*,e	TG Therapeutics, Inc		245
	78,332	*,e	TherapeuticsMD, Inc		346
	17,111	*,e	Theravance Biopharma, Inc		545
	61,047	*,e	Theravance, Inc		1,818

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	294,888		Thermo Electron Corp	$	34,797
	34,985	*,e	Threshold Pharmaceuticals, Inc		139
	5,100	*,e	Ultragenyx Pharmaceutical, Inc		229
	36,410	*	United Therapeutics Corp		3,222
	31,829	*,e	Vanda Pharmaceuticals, Inc		515
	10,567	*,e	Verastem, Inc		96
	5,257	*	Versartis, Inc		147
	178,617	*	Vertex Pharmaceuticals, Inc		16,911
	4,085	*	Vital Therapies, Inc		111
	74,791	*,e	Vivus, Inc		398
	64,149	*	Waters Corp		6,700
	11,200	*	Xencor Inc		130
	33,276	*	Xenoport, Inc		161
	64,947	*,e	XOMA Corp		298
	78,272	*,e	ZIOPHARM Oncology, Inc		315
	382,191		Zoetis Inc		12,333
	74,879	*,e	Zogenix, Inc		150
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,409,543
REAL ESTATE - 3.7%
	41,676		Acadia Realty Trust		1,171
	21,134		AG Mortgage Investment Trust		400
	10,360		Agree Realty Corp		313
	36,954		Alexander & Baldwin, Inc		1,532
	1,574		Alexander’s, Inc		582
	54,028		Alexandria Real Estate Equities, Inc		4,195
	945	*	Altisource Asset Management Corp		683
	11,088	*	Altisource Portfolio Solutions S.A.		1,270
	42,959		Altisource Residential Corp		1,118
	27,018		American Assets Trust,Inc		933
	79,779		American Campus Communities, Inc		3,051
	267,932		American Capital Agency Corp		6,272
	44,879		American Capital Mortgage, Inc		898
	105,616		American Homes 4 Rent		1,876
	127,603	*	American Realty Capital Healthcare Trust, Inc		1,390
	685,838		American Realty Capital Properties, Inc		8,594
	24,165	*,e	American Residential Properties, Inc		453
	302,005		American Tower Corp		27,174
	14,556		AmREIT, Inc (Class B)		266
	719,885		Annaly Capital Management, Inc		8,228
	104,198		Anworth Mortgage Asset Corp		538
	110,902		Apartment Investment & Management Co (Class A)		3,579
	34,740		Apollo Commercial Real Estate Finance, Inc		573
	22,112		Ares Commercial Real Estate Corp		274
	14,151		Armada Hoffler Properties, Inc		137
	298,636		ARMOUR Residential REIT, Inc		1,293
	18,244		Ashford Hospitality Prime, Inc		313
	63,124		Ashford Hospitality Trust, Inc		728
	43,899		Associated Estates Realty Corp		791
	7,072	*	AV Homes, Inc		116
	98,505		AvalonBay Communities, Inc		14,006
	14,753	e	Aviv REIT, Inc		416

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	146,174		BioMed Realty Trust, Inc	$	3,191
	115,541		Boston Properties, Inc		13,655
	118,676		Brandywine Realty Trust		1,851
	36,900	e	Brixmor Property Group, Inc		847
	64,335		Camden Property Trust		4,577
	49,200	e	Campus Crest Communities, Inc		426
	77,031	e	Capstead Mortgage Corp		1,013
	14,856	*	CareTrust REIT, Inc		294
	9,200	*	CatchMark Timber Trust Inc		126
	124,137		CBL & Associates Properties, Inc		2,359
	212,369	*	CBRE Group, Inc		6,804
	54,349		Cedar Shopping Centers, Inc		340
	189,048	e	Chambers Street Properties		1,520
	19,647		Chatham Lodging Trust		430
	37,072		Chesapeake Lodging Trust		1,121
	782,428		Chimera Investment Corp		2,496
	70,359		Colony Financial, Inc		1,634
	94,538		Columbia Property Trust, Inc		2,459
	4,977		Consolidated-Tomoka Land Co		228
	15,000		Coresite Realty		496
	65,862		Corporate Office Properties Trust		1,832
	149,941		Cousins Properties, Inc		1,867
	252,740		Crown Castle International Corp		18,768
	109,361		CubeSmart		2,004
	14,500		CyrusOne, Inc		361
	127,278		CYS Investments, Inc		1,148
	249,745		DCT Industrial Trust, Inc		2,050
	225,998		DDR Corp		3,984
	148,119		DiamondRock Hospitality Co		1,899
	102,419	e	Digital Realty Trust, Inc		5,973
	108,380		Douglas Emmett, Inc		3,058
	249,388		Duke Realty Corp		4,529
	47,457		DuPont Fabros Technology, Inc		1,279
	41,887		Dynex Capital, Inc		371
	23,492		EastGroup Properties, Inc		1,509
	86,427		Education Realty Trust, Inc		928
	69,842	e	Empire State Realty Trust, Inc		1,152
	40,575		Entertainment Properties Trust		2,267
	62,982		Equity Lifestyle Properties, Inc		2,781
	45,769		Equity One, Inc		1,080
	273,764		Equity Residential		17,247
	47,098		Essex Property Trust, Inc		8,709
	35,324		Excel Trust, Inc		471
	87,918		Extra Space Storage, Inc		4,682
	51,012		Federal Realty Investment Trust		6,168
	96,717		FelCor Lodging Trust, Inc		1,017
	82,257		First Industrial Realty Trust, Inc		1,550
	47,359		First Potomac Realty Trust		621
	120,106	*	Forest City Enterprises, Inc (Class A)		2,387
	29,389	*	Forestar Real Estate Group, Inc		561
	67,229		Franklin Street Properties Corp		846
	67,409		Gaming and Leisure Properties, Inc		2,290

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	424,625		General Growth Properties, Inc	$	10,004
	18,098		Getty Realty Corp		345
	9,649		Gladstone Commercial Corp		172
	109,785		Glimcher Realty Trust		1,189
	40,458		Government Properties Income Trust		1,027
	88,013	*,e	Gramercy Property Trust, Inc		532
	16,110	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		231
	78,328		Hatteras Financial Corp		1,552
	346,529		HCP, Inc		14,339
	232,642		Health Care REIT, Inc		14,580
	72,939		Healthcare Realty Trust, Inc		1,854
	179,076		Healthcare Trust of America, Inc		2,156
	153,508		Hersha Hospitality Trust		1,030
	68,398		Highwoods Properties, Inc		2,869
	43,293		Home Properties, Inc		2,769
	113,430		Hospitality Properties Trust		3,448
	573,634		Host Marriott Corp		12,626
	30,234	*	Howard Hughes Corp		4,772
	90,303		HRPT Properties Trust		2,377
	41,377		Hudson Pacific Properties		1,048
	64,150		Inland Real Estate Corp		682
	93,191		Invesco Mortgage Capital, Inc		1,618
	80,864		Investors Real Estate Trust		745
	64,505	*	iStar Financial, Inc		966
	33,460		Jones Lang LaSalle, Inc		4,229
	53,389	e	Kennedy-Wilson Holdings, Inc		1,432
	62,016		Kilroy Realty Corp		3,862
	312,567		Kimco Realty Corp		7,183
	99,574		Kite Realty Group Trust		611
	79,268		LaSalle Hotel Properties		2,797
	156,139	e	Lexington Corporate Properties Trust		1,719
	112,029		Liberty Property Trust		4,249
	27,155		LTC Properties, Inc		1,060
	106,565		Macerich Co		7,113
	67,066		Mack-Cali Realty Corp		1,441
	130,332		Medical Properties Trust, Inc		1,726
	277,088		MFA Mortgage Investments, Inc		2,275
	56,685		Mid-America Apartment Communities, Inc		4,141
	41,601		Monmouth Real Estate Investment Corp (Class A)		418
	25,162		National Health Investors, Inc		1,574
	93,209	e	National Retail Properties, Inc		3,466
	216,693	e	New Residential Investment Corp		1,365
	69,636	e	New York Mortgage Trust, Inc		544
	133,364	*	New York REIT, Inc		1,475
	279,683		NorthStar Realty Finance Corp		4,861
	95,375	e	Omega Healthcare Investors, Inc		3,516
	9,027		One Liberty Properties, Inc		193
	8,338		Owens Realty Mortgage, Inc		162
	54,080		Parkway Properties, Inc		1,117
	48,419		Pebblebrook Hotel Trust		1,790
	52,388		Pennsylvania REIT		986
	57,080		Pennymac Mortgage Investment Trust		1,252

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,500		Physicians Realty Trust	$	381
	130,905	e	Piedmont Office Realty Trust, Inc		2,479
	135,833		Plum Creek Timber Co, Inc		6,126
	41,348		Post Properties, Inc		2,210
	30,874		Potlatch Corp		1,278
	382,324		Prologis, Inc		15,710
	14,667		PS Business Parks, Inc		1,225
	110,020		Public Storage, Inc		18,852
	11,900	e	QTS Realty Trust, Inc		341
	71,652		RAIT Investment Trust		593
	49,178		Ramco-Gershenson Properties		817
	95,872		Rayonier, Inc		3,408
	9,000	e	Re/Max Holdings, Inc		266
	110,565	*	Realogy Holdings Corp		4,169
	168,948	e	Realty Income Corp		7,505
	62,979	e	Redwood Trust, Inc		1,226
	69,743		Regency Centers Corp		3,883
	88,791		Resource Capital Corp		500
	57,074		Retail Opportunities Investment Corp		898
	179,406		Retail Properties of America, Inc		2,759
	21,879		Rexford Industrial Realty, Inc		312
	99,184		RLJ Lodging Trust		2,865
	27,910	e	Rouse Properties, Inc		478
	32,495	e	Ryman Hospitality Properties		1,565
	36,029		Sabra Healthcare REIT, Inc		1,034
	6,582		Saul Centers, Inc		320
	27,823		Select Income REIT		825
	155,150		Senior Housing Properties Trust		3,769
	28,907	e	Silver Bay Realty Trust Corp		472
	235,953		Simon Property Group, Inc		39,234
	72,320		SL Green Realty Corp		7,913
	25,067		Sovran Self Storage, Inc		1,936
	302,542		Spirit Realty Capital, Inc		3,437
	47,906	*,e	St. Joe Co		1,218
	39,404		STAG Industrial, Inc		946
	168,526		Starwood Property Trust, Inc		4,006
	29,725	*	Starwood Waypoint Residential Trust		779
	186,899	*	Strategic Hotels & Resorts, Inc		2,189
	60,860		Summit Hotel Properties, Inc		645
	31,195		Sun Communities, Inc		1,555
	139,173		Sunstone Hotel Investors, Inc		2,078
	71,971		Tanger Factory Outlet Centers, Inc		2,517
	48,485		Taubman Centers, Inc		3,676
	11,747	*	Tejon Ranch Co		378
	24,859		Terreno Realty Corp		481
	15,107		Trade Street Residential, Inc		113
	281,289		Two Harbors Investment Corp		2,948
	190,771		UDR, Inc		5,462
	11,783		UMH Properties, Inc		118
	10,285		Universal Health Realty Income Trust		447
	19,529		Urstadt Biddle Properties, Inc (Class A)		408
	222,896		Ventas, Inc		14,288

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	142,193		Vornado Realty Trust	$	15,176
	117,976	*	Washington Prime Group, Inc		2,211
	50,804		Washington REIT		1,320
	92,487		Weingarten Realty Investors		3,037
	28,538	e	Western Asset Mortgage Capital Corp		404
	443,235	e	Weyerhaeuser Co		14,667
	14,061		Whitestone REIT		210
	24,416		Winthrop Realty Trust		375
	75,159		WP Carey, Inc		4,840
			TOTAL REAL ESTATE		619,185
RETAILING - 4.1%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		85
	52,083		Aaron’s, Inc		1,856
	55,095	e	Abercrombie & Fitch Co (Class A)		2,383
	55,059		Advance Auto Parts, Inc		7,429
	61,843	*,e	Aeropostale, Inc		216
	284,575	*	Amazon.com, Inc		92,424
	146,718	e	American Eagle Outfitters, Inc		1,646
	6,968	*,e	America’s Car-Mart, Inc		276
	35,675	*	Ann Taylor Stores Corp		1,468
	23,729	*	Asbury Automotive Group, Inc		1,631
	97,226	*	Ascena Retail Group, Inc		1,663
	11,570	*	Audiovox Corp (Class A)		109
	55,182	*	Autonation, Inc		3,293
	25,112	*	AutoZone, Inc		13,466
	30,948	*	Barnes & Noble, Inc		705
	23,033		Bebe Stores, Inc		70
	156,830	*	Bed Bath & Beyond, Inc		8,999
	215,572		Best Buy Co, Inc		6,685
	14,390		Big 5 Sporting Goods Corp		177
	45,422	*	Big Lots, Inc		2,076
	10,661	*	Blue Nile, Inc		298
	9,116	e	Bon-Ton Stores, Inc		94
	32,106		Brown Shoe Co, Inc		919
	21,122	e	Buckle, Inc		937
	8,786	*	Build-A-Bear Workshop, Inc		117
	21,674	*	Burlington Stores, Inc		690
	37,763	*,e	Cabela’s, Inc		2,356
	167,070	*	Carmax, Inc		8,689
	21,208		Cato Corp (Class A)		655
	116,119		Chico’s FAS, Inc		1,969
	17,477	*,e	Children’s Place Retail Stores, Inc		867
	33,880	*	Christopher & Banks Corp		297
	12,866	*	Citi Trends, Inc		276
	20,933	*,e	Conn’s, Inc		1,034
	11,400	*,e	Container Store Group, Inc		317
	19,468		Core-Mark Holding Co, Inc		888
	8,764	*	Coupons.com, Inc		231
	57,355		CST Brands, Inc		1,979
	10,433		Destination Maternity Corp		238
	32,976	*,e	Destination XL Group, Inc		182

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	74,068		Dick’s Sporting Goods, Inc	$	3,449
	19,360		Dillard’s, Inc (Class A)		2,258
	237,778	*	Dollar General Corp		13,639
	156,637	*	Dollar Tree, Inc		8,530
	54,370		DSW, Inc (Class A)		1,519
	76,656		Expedia, Inc		6,037
	64,933	*	Express Parent LLC		1,106
	72,348		Family Dollar Stores, Inc		4,785
	37,259		Finish Line, Inc (Class A)		1,108
	36,992	*,e	Five Below, Inc		1,476
	110,512		Foot Locker, Inc		5,605
	34,442	*,e	Francesca’s Holdings Corp		508
	29,664		Fred’s, Inc (Class A)		454
	13,967	*	FTD Cos, Inc		444
	11,720	*	Gaiam, Inc (Class A)		90
	86,754	e	GameStop Corp (Class A)		3,511
	200,247		Gap, Inc		8,324
	18,687	*	Genesco, Inc		1,535
	116,677		Genuine Parts Co		10,244
	69,032		GNC Holdings, Inc		2,354
	18,255		Group 1 Automotive, Inc		1,539
	355,763	*,e	Groupon, Inc		2,355
	44,451		Guess?, Inc		1,200
	16,062		Haverty Furniture Cos, Inc		404
	12,065	*,e	HHgregg, Inc		123
	20,590	*,e	Hibbett Sports, Inc		1,115
	1,035,965		Home Depot, Inc		83,872
	70,903	*	HomeAway, Inc		2,469
	25,591		HSN, Inc		1,516
	212,337	*,e	JC Penney Co, Inc		1,922
	8,801	*	Kirkland’s, Inc		163
	156,273		Kohl’s Corp		8,232
	182,518		L Brands, Inc		10,706
	12,586	*,e	Lands’ End, Inc		423
	374,042	*	Liberty Interactive Corp		10,982
	55,902	*	Liberty Ventures		4,126
	16,930		Lithia Motors, Inc (Class A)		1,593
	229,339	*	LKQ Corp		6,121
	771,832		Lowe’s Companies, Inc		37,040
	21,092	*,e	Lumber Liquidators, Inc		1,602
	272,354		Macy’s, Inc		15,802
	16,477	*	MarineMax, Inc		276
	10,302	*,e	Mattress Firm Holding Corp		492
	36,113		Men’s Wearhouse, Inc		2,015
	24,581	e	Monro Muffler, Inc		1,307
	36,272	*	Murphy USA, Inc		1,773
	45,370	*	NetFlix, Inc		19,990
	13,306	*	New York & Co, Inc		49
	105,087		Nordstrom, Inc		7,139
	20,499		Nutri/System, Inc		351
	405,707	*	Office Depot, Inc		2,308
	38,429	*	Orbitz Worldwide, Inc		342

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	83,434	*	O’Reilly Automotive, Inc	$	12,565
	15,915	*,e	Outerwall, Inc		945
	8,893	*	Overstock.com, Inc		140
	35,100	*	Pacific Sunwear Of California, Inc		84
	31,428		Penske Auto Group, Inc		1,556
	40,957	*	PEP Boys - Manny Moe & Jack		469
	15,450	e	PetMed Express, Inc		208
	76,851	e	Petsmart, Inc		4,596
	72,685		Pier 1 Imports, Inc		1,120
	39,065	*	Priceline.com, Inc		46,995
	40,660		Rent-A-Center, Inc		1,166
	23,643	*	Restoration Hardware Holdings, Inc		2,200
	23,188	*,e	RetailMeNot, Inc		617
	160,821		Ross Stores, Inc		10,635
	123,310	*	Sally Beauty Holdings, Inc		3,093
	20,377	*,e	Sears Holdings Corp		814
	9,044	*	Sears Hometown and Outlet Stores, Inc		194
	42,473	*	Select Comfort Corp		877
	10,447		Shoe Carnival, Inc		216
	29,418	*	Shutterfly, Inc		1,267
	60,439		Signet Jewelers Ltd		6,684
	29,758		Sonic Automotive, Inc (Class A)		794
	7,767	*	Sportsman’s Warehouse Holdings, Inc		62
	25,073		Stage Stores, Inc		469
	489,977		Staples, Inc		5,311
	17,973		Stein Mart, Inc		250
	9,938	*	Systemax, Inc		143
	479,981		Target Corp		27,815
	85,272		Tiffany & Co		8,548
	21,071	*,e	Tile Shop Holdings, Inc		322
	6,790	*	Tilly’s, Inc		55
	530,343		TJX Companies, Inc		28,188
	106,368		Tractor Supply Co		6,425
	85,004	*	TripAdvisor, Inc		9,237
	32,864	*	Tuesday Morning Corp		586
	48,392	*	Ulta Salon Cosmetics & Fragrance, Inc		4,423
	81,376	*	Urban Outfitters, Inc		2,755
	29,701	*	Valuevision International, Inc (Class A)		148
	16,534	*	Vitacost.com, Inc		103
	22,533	*	Vitamin Shoppe, Inc		969
	11,292	*	West Marine, Inc		116
	29,100	*	WEX, Inc		3,055
	72,519		Williams-Sonoma, Inc		5,205
	1,945		Winmark Corp		135
	10,200	*,e	zulily, Inc		418
	15,828	*	Zumiez, Inc		437
			TOTAL RETAILING		678,423
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	29,482	*	Advanced Energy Industries, Inc		568
	474,503	*,e	Advanced Micro Devices, Inc		1,988
	11,245	*	Alpha & Omega Semiconductor Ltd		104

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	237,344		Altera Corp	$	8,250
	21,591	*,e	Ambarella, Inc		673
	64,371	*	Amkor Technology, Inc		720
	233,106		Analog Devices, Inc		12,604
	914,892		Applied Materials, Inc		20,631
	59,771	*,e	Applied Micro Circuits Corp		646
	330,760	*	Atmel Corp		3,099
	7,201	*	Audience, Inc		86
	188,674		Avago Technologies Ltd		13,598
	83,398	*	Axcelis Technologies, Inc		167
	405,388		Broadcom Corp (Class A)		15,048
	52,087		Brooks Automation, Inc		561
	17,924	*	Cabot Microelectronics Corp		800
	9,758	*	Cascade Microtech, Inc		133
	38,988	*	Cavium Networks, Inc		1,936
	18,075	*	Ceva, Inc		267
	47,684	*,e	Cirrus Logic, Inc		1,084
	18,761		Cohu, Inc		201
	92,344	*,e	Cree, Inc		4,613
	118,022	e	Cypress Semiconductor Corp		1,288
	28,713	*	Diodes, Inc		831
	21,955	*	DSP Group, Inc		186
	105,554	*	Entegris, Inc		1,451
	68,235	*	Entropic Communications, Inc		227
	28,026	*	Exar Corp		317
	95,996	*	Fairchild Semiconductor International, Inc		1,498
	53,360	*	First Solar, Inc		3,792
	40,961	*	Formfactor, Inc		341
	79,359	*,e	Freescale Semiconductor Holdings Ltd		1,865
	106,648	*,e	GT Solar International, Inc		1,984
	23,480		Hittite Microwave Corp		1,830
	23,492	*	Inphi Corp		345
	100,476	*	Integrated Device Technology, Inc		1,553
	19,660	*	Integrated Silicon Solution, Inc		290
	3,770,656		Intel Corp		116,513
	52,511	*	International Rectifier Corp		1,465
	94,162		Intersil Corp (Class A)		1,408
	16,725		IXYS Corp		206
	124,616		Kla-Tencor Corp		9,052
	50,517	*	Kopin Corp		165
	122,876	*	Lam Research Corp		8,304
	90,159	*	Lattice Semiconductor Corp		744
	178,347		Linear Technology Corp		8,395
	7,685	*	MA-COM Technology Solutions		173
	299,774		Marvell Technology Group Ltd		4,296
	214,026		Maxim Integrated Products, Inc		7,236
	17,709	*	MaxLinear, Inc		178
	40,439		Micrel, Inc		456
	150,135	e	Microchip Technology, Inc		7,328
	810,679	*	Micron Technology, Inc		26,712
	70,791	*	Microsemi Corp		1,894
	40,466		MKS Instruments, Inc		1,264

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,065	*	Monolithic Power Systems, Inc	$	1,189
	18,167	*	Nanometrics, Inc		332
	3,184	*	NVE Corp		177
	422,848		Nvidia Corp		7,840
	40,842	*	Omnivision Technologies, Inc		898
	346,536	*	ON Semiconductor Corp		3,167
	23,357	*	PDF Solutions, Inc		496
	20,104	*,e	Peregrine Semiconductor Corp		138
	19,298	*	Pericom Semiconductor Corp		174
	46,544	*	Photronics, Inc		400
	34,118	*	PLX Technology, Inc		221
	157,538	*	PMC - Sierra, Inc		1,199
	22,927		Power Integrations, Inc		1,319
	40,327	*	QuickLogic Corp		208
	84,186	*	Rambus, Inc		1,204
	216,856	*	RF Micro Devices, Inc		2,080
	19,674	*,e	Rubicon Technology, Inc		172
	25,190	*	Rudolph Technologies, Inc		249
	51,093	*	Semtech Corp		1,336
	56,384	*	Silicon Image, Inc		284
	32,688	*	Silicon Laboratories, Inc		1,610
	143,527	*	Skyworks Solutions, Inc		6,740
	45,610	*	Spansion, Inc		961
	203,017	*	SunEdison, Inc		4,588
	34,481	*,e	SunPower Corp		1,413
	145,162	e	Teradyne, Inc		2,845
	40,116		Tessera Technologies, Inc		886
	817,651		Texas Instruments, Inc		39,076
	129,862	*	Triquint Semiconductor, Inc		2,053
	17,159	*	Ultra Clean Holdings		155
	21,651	*	Ultratech, Inc		480
	29,696	*,e	Veeco Instruments, Inc		1,106
	38,295	*	Vitesse Semiconductor Corp		132
	37,527	*	Xcerra Corp		341
	200,711		Xilinx, Inc		9,496
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		396,329
SOFTWARE & SERVICES - 10.1%
	9,048	*	A10 Networks, Inc		120
	487,408		Accenture plc		39,402
	30,248	*	ACI Worldwide, Inc		1,689
	375,205		Activision Blizzard, Inc		8,367
	40,528	*	Actuate Corp		193
	57,158	*	Acxiom Corp		1,240
	382,279	*	Adobe Systems, Inc		27,662
	39,195		Advent Software, Inc		1,277
	7,597	*	Aerohive Networks, Inc		62
	136,325	*	Akamai Technologies, Inc		8,324
	40,820	*	Alliance Data Systems Corp		11,481
	6,591	*	Amber Road, Inc		106
	121,280		Amdocs Ltd		5,619
	15,720		American Software, Inc (Class A)		155

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,146	*,e	Angie’s List, Inc	$	384
	71,299	*	Ansys, Inc		5,406
	61,041	*	AOL, Inc		2,429
	71,089	*	Aspen Technology, Inc		3,299
	172,342	*	Autodesk, Inc		9,717
	368,135		Automatic Data Processing, Inc		29,186
	25,053	*	AVG Technologies NV		504
	50,870	*	Bankrate, Inc		892
	5,965	*	Barracuda Networks, Inc		185
	36,867	*,e	Bazaarvoice, Inc		291
	5,061	*,e	Benefitfocus, Inc		234
	35,258		Blackbaud, Inc		1,260
	38,269	*,e	Blackhawk Network Holdings, Inc		1,080
	30,473	*	Blucora, Inc		575
	55,821		Booz Allen Hamilton Holding Co		1,186
	4,804	*	Borderfree, Inc		80
	29,562	*	Bottomline Technologies, Inc		884
	20,694	*	Brightcove, Inc		218
	92,422		Broadridge Financial Solutions, Inc		3,848
	20,308	*	BroadSoft, Inc		536
	245,269		CA, Inc		7,049
	17,259	*	CACI International, Inc (Class A)		1,212
	219,174	*	Cadence Design Systems, Inc		3,833
	35,036	*	Callidus Software, Inc		418
	13,412	*	Carbonite, Inc		161
	33,955	*	Cardtronics, Inc		1,157
	5,000	*,e	Care.com, Inc		63
	7,744		Cass Information Systems, Inc		383
	15,814	*	ChannelAdvisor Corp		417
	52,926	*	Ciber, Inc		261
	56,587	*	Cinedigm Corp		141
	125,505	*	Citrix Systems, Inc		7,850
	460,846	*	Cognizant Technology Solutions Corp (Class A)		22,540
	35,374	*	Commvault Systems, Inc		1,739
	110,923		Computer Sciences Corp		7,010
	11,045		Computer Task Group, Inc		182
	163,806		Compuware Corp		1,636
	27,099	*	comScore, Inc		961
	16,654	*	Comverse, Inc		444
	36,166	*,e	Concur Technologies, Inc		3,376
	23,960	*	Constant Contact, Inc		769
	83,991		Convergys Corp		1,801
	50,676	*,e	Conversant, Inc		1,287
	40,208	*	Cornerstone OnDemand, Inc		1,850
	21,672	*	CoStar Group, Inc		3,428
	27,701		CSG Systems International, Inc		723
	13,746	*,e	Cvent, Inc		400
	20,584	*,e	Cyan, Inc		83
	11,133	*	Datalink Corp		111
	40,435	*	DealerTrack Holdings, Inc		1,833
	22,760	*	Demand Media, Inc		110
	22,223	*	Demandware, Inc		1,542

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	37,330	*	Dice Holdings, Inc	$	284
	27,690	*	Digital River, Inc		427
	5,437		DMRC Corp		177
	23,466		DST Systems, Inc		2,163
	17,491	*,e	E2open, Inc		362
	82,942		EarthLink Holdings Corp		309
	967,948	*	eBay, Inc		48,455
	238,218	*	Electronic Arts, Inc		8,545
	20,207	*,e	Ellie Mae, Inc		629
	21,956	*,e	Endurance International Group Holdings, Inc		336
	20,747	*	EnerNOC, Inc		393
	25,859	*	Envestnet, Inc		1,265
	25,200	*	EPAM Systems, Inc		1,102
	25,591		EPIQ Systems, Inc		360
	3,943	*,e	ePlus, Inc		229
	38,050	*,e	Equinix, Inc		7,994
	37,881	*	Euronet Worldwide, Inc		1,827
	49,679		EVERTEC, Inc		1,204
	5,306	*	Everyday Health, Inc		98
	24,918	*	ExlService Holdings, Inc		734
	1,491,705	*	Facebook, Inc		100,377
	33,465	e	Factset Research Systems, Inc		4,025
	26,950		Fair Isaac Corp		1,718
	223,290		Fidelity National Information Services, Inc		12,223
	64,915	*,e	FireEye, Inc		2,632
	71,017	*	First American Corp		2,156
	192,338	*	Fiserv, Inc		11,602
	9,532	*	Five9, Inc		69
	62,803	*	FleetCor Technologies, Inc		8,277
	28,477	*,e	FleetMatics Group plc		921
	11,266		Forrester Research, Inc		427
	103,474	*	Fortinet, Inc		2,600
	71,116	*	Gartner, Inc		5,015
	122,107	*	Genpact Ltd		2,141
	19,206	*,m	Gerber Scientific, Inc		0	^
	18,635	*,e	Gigamon, Inc		357
	51,313	*	Global Cash Access, Inc		457
	28,415	*	Global Eagle Entertainment, Inc		352
	54,688		Global Payments, Inc		3,984
	69,701	*,e	Glu Mobile, Inc		348
	42,541	*,e	Gogo, Inc		832
	213,945	*	Google, Inc		123,078
	211,490	*	Google, Inc (Class A)		123,652
	6,976	*	GrubHub, Inc		247
	9,950	*	GTT Communications, Inc		102
	9,927	*,e	Guidance Software, Inc		91
	51,316	*	Guidewire Software, Inc		2,087
	28,793		Hackett Group, Inc		172
	28,656	e	Heartland Payment Systems, Inc		1,181
	23,633	*	Higher One Holdings, Inc		90
	56,348		IAC/InterActiveCorp		3,901
	27,237	*	iGate Corp		991

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,425	*	Imperva, Inc	$	404
	37,980	*	Infoblox, Inc		499
	82,708	*	Informatica Corp		2,949
	25,780	*	Information Services Group, Inc		124
	12,605	*	Interactive Intelligence, Inc		708
	40,309	*	Internap Network Services Corp		284
	716,559		International Business Machines Corp		129,891
	219,864		Intuit, Inc		17,706
	36,074	e	j2 Global, Inc		1,835
	66,373		Jack Henry & Associates, Inc		3,945
	30,270	*,e	Jive Software, Inc		258
	19,259	*	Knot, Inc		235
	56,344	*	Kofax Ltd		485
	49,809		Leidos Holdings, Inc		1,910
	50,961	*	Limelight Networks, Inc		156
	78,971	*	LinkedIn Corp		13,541
	44,720	*	Lionbridge Technologies		266
	19,090	*,e	Liquidity Services, Inc		301
	40,701	*	Liveperson, Inc		413
	18,232	*	LogMeIn, Inc		850
	5,938	*	Luxoft Holding, Inc		214
	13,813	*,e	magicJack VocalTec Ltd		209
	60,306	*	Manhattan Associates, Inc		2,076
	18,418		Mantech International Corp (Class A)		544
	25,119	*	Marchex, Inc (Class B)		302
	20,549	*,e	Marin Software, Inc		242
	19,466	*,e	Marketo, Inc		566
	764,324		Mastercard, Inc (Class A)		56,155
	7,815	*	Mavenir Systems, Inc		118
	51,764		MAXIMUS, Inc		2,227
	73,403		Mentor Graphics Corp		1,583
	59,800	*	Micros Systems, Inc		4,060
	6,271,656		Microsoft Corp		261,528
	6,844	*	MicroStrategy, Inc (Class A)		962
	56,010	*,e	Millennial Media, Inc		279
	14,483	*	Model N, Inc		160
	33,165	*,e	ModusLink Global Solutions, Inc		124
	22,389	*	MoneyGram International, Inc		330
	29,292		Monotype Imaging Holdings, Inc		825
	70,908	*	Monster Worldwide, Inc		464
	29,335	*	Move, Inc		434
	28,739	*	Netscout Systems, Inc		1,274
	31,367	*,e	NetSuite, Inc		2,725
	45,849	*,e	NeuStar, Inc (Class A)		1,193
	48,579		NIC, Inc		770
	199,552	*,e	Nuance Communications, Inc		3,746
	17,950	*	OpenTable, Inc		1,860
	5,741	*	OPOWER, Inc		108
	2,487,815		Oracle Corp		100,831
	155,524	*	Pandora Media, Inc		4,588
	7,197	*	Park City Group, Inc		78
	247,264		Paychex, Inc		10,276

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,481	*	Paycom Software, Inc	$	65
	24,918		Pegasystems, Inc		526
	25,493	*	Perficient, Inc		496
	22,039	*	PRG-Schultz International, Inc		141
	44,011	*	Progress Software Corp		1,058
	27,964	*	Proofpoint, Inc		1,048
	17,256	*	PROS Holdings, Inc		456
	90,859	*	PTC, Inc		3,525
	7,544	*	Q2 Holdings, Inc		108
	3,320		QAD, Inc (Class A)		71
	65,926	*	QLIK Technologies, Inc		1,491
	15,315	*	Qualys, Inc		393
	20,643	*	QuinStreet, Inc		114
	86,647	*	Rackspace Hosting, Inc		2,917
	19,074	*,e	Rally Software Development Corp		208
	18,038	*	RealNetworks, Inc		138
	39,496	*,e	RealPage, Inc		888
	145,153	*	Red Hat, Inc		8,023
	6,528		Reis, Inc		138
	13,745	*,e	Rocket Fuel, Inc		427
	15,279	*	Rosetta Stone, Inc		149
	71,644	*	Rovi Corp		1,717
	5,726	*	Rubicon Project, Inc		74
	31,508	*	Sabre Corp		632
	464,625	*	Salesforce.com, Inc		26,985
	13,536	*	Sapiens International Corp NV		108
	85,802	*	Sapient Corp		1,394
	31,732		Science Applications International Corp		1,401
	21,075	*	Sciquest, Inc		373
	24,634	*	Seachange International, Inc		197
	109,169	*	ServiceNow, Inc		6,764
	46,932	*,e	ServiceSource International LLC		272
	11,435	*,e	Shutterstock, Inc		949
	26,176	*,e	Silver Spring Networks, Inc		349
	49,819	*	SolarWinds, Inc		1,926
	52,358		Solera Holdings, Inc		3,516
	89,484	*	Splunk, Inc		4,951
	11,456	*	SPS Commerce, Inc		724
	51,412	*	SS&C Technologies Holdings, Inc		2,273
	11,136	*	Stamps.com, Inc		375
	31,978	*	Sykes Enterprises, Inc		695
	523,647		Symantec Corp		11,992
	26,622	*	Synchronoss Technologies, Inc		931
	117,306	*	Synopsys, Inc		4,554
	11,627	*	Syntel, Inc		999
	34,637	*	TA Indigo Holding Corp		308
	28,745	*,e	Tableau Software, Inc		2,050
	72,182	*	Take-Two Interactive Software, Inc		1,605
	29,444	*,e	Tangoe, Inc		443
	12,153	*	TechTarget, Inc		107
	24,938	*	TeleCommunication Systems, Inc (Class A)		82
	12,644	*	TeleNav, Inc		72

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,087	*	TeleTech Holdings, Inc	$	524
	119,632	*	Teradata Corp		4,809
	14,409	*,e	Textura Corp		341
	124,754	*	TIBCO Software, Inc		2,516
	87,562	*	TiVo, Inc		1,130
	126,792		Total System Services, Inc		3,983
	6,116	*	Travelzoo, Inc		118
	25,168	*	Tremor Video, Inc		119
	6,295	*	TrueCar, Inc		93
	28,133	*,e	Trulia, Inc		1,333
	362,889	*	Twitter, Inc		14,868
	24,991	*	Tyler Technologies, Inc		2,279
	21,521	*	Ultimate Software Group, Inc		2,974
	38,674	*	Unisys Corp		957
	68,687	*,e	Unwired Planet, Inc		153
	94,253	*	Vantiv, Inc		3,169
	3,865	*	Varonis Systems, Inc		112
	19,828	*	Vasco Data Security International		230
	84,224	*	VeriFone Systems, Inc		3,095
	41,214	*	Verint Systems, Inc		2,022
	91,214	*,e	VeriSign, Inc		4,452
	32,131	*,e	VirnetX Holding Corp		566
	19,493	*	Virtusa Corp		698
	379,835		Visa, Inc (Class A)		80,035
	24,953	*,e	VistaPrint Ltd		1,010
	66,416	*	VMware, Inc (Class A)		6,430
	49,370	*,e	Vringo, Inc		169
	29,248	*,e	WebMD Health Corp (Class A)		1,413
	36,917	*	Website Pros, Inc		1,066
	427,429	e	Western Union Co		7,412
	9,100	*,e	Wix.com Ltd		181
	70,957	*	Workday, Inc		6,376
	883,916		Xerox Corp		10,996
	23,310	*	Xoom Corp		614
	762,426	*	Yahoo!, Inc		26,784
	37,978	*,e	Yelp, Inc		2,912
	14,220	*	YuMe, Inc		84
	8,238	*	Zendesk, Inc		143
	23,203	*,e	Zillow, Inc		3,316
	47,197	*	Zix Corp		161
	534,906	*	Zynga, Inc		1,717
			TOTAL SOFTWARE & SERVICES		1,675,828
TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%
	83,151	*,e	3D Systems Corp		4,972
	45,260		Adtran, Inc		1,021
	18,766	*	Agilysys, Inc		264
	9,098	e	Alliance Fiber Optic Products, Inc		165
	121,665		Amphenol Corp (Class A)		11,721
	20,525		Anixter International, Inc		2,054
	4,567,255		Apple, Inc		424,435
	11,231	*	Applied Optoelectronics, Inc		261

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	95,409	*	ARRIS Group, Inc	$	3,104
	75,366	*	Arrow Electronics, Inc		4,553
	85,572	*	Aruba Networks, Inc		1,499
	104,137		Avnet, Inc		4,614
	34,410		AVX Corp		457
	15,077	*	AX Holding Corp		158
	11,475		Badger Meter, Inc		604
	7,316		Bel Fuse, Inc (Class B)		188
	33,137		Belden CDT, Inc		2,590
	45,364	*	Benchmark Electronics, Inc		1,156
	12,526		Black Box Corp		294
	72,862	*	Bookham, Inc		160
	330,434	*	Brocade Communications Systems, Inc		3,040
	26,799	*	CalAmp Corp		581
	28,887	*	Calix Networks, Inc		236
	65,847		CDW Corp		2,099
	30,668	*	Checkpoint Systems, Inc		429
	77,250	*,e	Ciena Corp		1,673
	3,880,099		Cisco Systems, Inc		96,420
	8,964	*	Clearfield, Inc		151
	65,532	*	Cognex Corp		2,516
	19,403	*	Coherent, Inc		1,284
	47,048	*	CommScope Holding Co, Inc		1,088
	16,633		Comtech Telecommunications Corp		621
	8,410	*	Control4 Corp		165
	986,772		Corning, Inc		21,660
	29,620	*	Cray, Inc		788
	23,637		CTS Corp		442
	16,074	*	CUI Global, Inc		135
	27,847		Daktronics, Inc		332
	47,853		Diebold, Inc		1,922
	18,652	*	Digi International, Inc		176
	36,307	*,e	Dolby Laboratories, Inc (Class A)		1,568
	46,638	*	Dot Hill Systems Corp		219
	16,172	*	DTS, Inc		298
	13,533	*	Eastman Kodak Co		331
	32,770	*	EchoStar Corp (Class A)		1,735
	11,677		Electro Rent Corp		195
	17,062		Electro Scientific Industries, Inc		116
	35,264	*	Electronics for Imaging, Inc		1,594
	1,550,830		EMC Corp		40,849
	65,177	*	Emulex Corp		372
	79,396	*	Extreme Networks, Inc		353
	57,317	*	F5 Networks, Inc		6,387
	26,560	*	Fabrinet		547
	12,851	*	FARO Technologies, Inc		631
	32,068		FEI Co		2,910
	73,430	*,e	Finisar Corp		1,450
	107,919		Flir Systems, Inc		3,748
	82,335	*	Fusion-io, Inc		930
	20,123	*	GSI Group, Inc		256
	85,574	*	Harmonic, Inc		638

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	83,384		Harris Corp	$	6,316
	1,435,702		Hewlett-Packard Co		48,354
	21,661	*	Immersion Corp		276
	88,583	*,e	Infinera Corp		815
	116,956	*	Ingram Micro, Inc (Class A)		3,416
	32,646	*	Insight Enterprises, Inc		1,004
	31,229	e	InterDigital, Inc		1,493
	17,622	*	Intevac, Inc		141
	53,770	*,e	InvenSense, Inc		1,220
	24,446	*,e	IPG Photonics Corp		1,682
	31,091	*	Itron, Inc		1,261
	43,041	*	Ixia		492
	154,194		Jabil Circuit, Inc		3,223
	176,416	*	JDS Uniphase Corp		2,200
	358,956	*	Juniper Networks, Inc		8,809
	33,781	*	Kemet Corp		194
	64,648	*	Knowles Corp		1,987
	10,929	*	KVH Industries, Inc		142
	48,008		Lexmark International, Inc (Class A)		2,312
	17,104		Littelfuse, Inc		1,590
	22,942	*	Maxwell Technologies, Inc		347
	11,532	*	Measurement Specialties, Inc		993
	23,128	*	Mercury Computer Systems, Inc		262
	1,988		Mesa Laboratories, Inc		167
	28,385		Methode Electronics, Inc		1,085
	172,987		Motorola, Inc		11,516
	12,135		MTS Systems Corp		822
	9,079	*	Multi-Fineline Electronix, Inc		100
	75,087		National Instruments Corp		2,432
	127,136	*	NCR Corp		4,461
	250,951		NetApp, Inc		9,165
	28,803	*	Netgear, Inc		1,002
	27,910	*	Newport Corp		516
	10,000	*,e	Nimble Storage, Inc		307
	10,650	*	Numerex Corp		122
	15,398	*	Oplink Communications, Inc		261
	14,702	*	OSI Systems, Inc		981
	39,302	*	Palo Alto Networks, Inc		3,296
	18,452		Park Electrochemical Corp		521
	68,401	*,e	Parkervision, Inc		101
	6,868		PC Connection, Inc		142
	31,900		Plantronics, Inc		1,533
	27,845	*	Plexus Corp		1,205
	124,059	*	Polycom, Inc		1,554
	16,952	*,e	Procera Networks, Inc		171
	73,291	*	QLogic Corp		740
	1,278,601		Qualcomm, Inc		101,265
	171,155	*,e	Quantum Corp		209
	36,008	*	RealD, Inc		459
	124,087	*	Riverbed Technology, Inc		2,560
	21,664	*	Rofin-Sinar Technologies, Inc		521
	13,791	*	Rogers Corp		915

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	48,685	*	Ruckus Wireless, Inc	$	580
	171,839		SanDisk Corp		17,945
	61,646	*	Sanmina Corp		1,404
	22,159	*	Scansource, Inc		844
	43,182	*	ShoreTel, Inc		282
	25,143	*,e	Silicon Graphics International Corp		242
	187,540	*	Sonus Networks, Inc		673
	29,279	*	Speed Commerce, Inc		110
	37,383	*,e	Stratasys Ltd		4,248
	25,994	*	Super Micro Computer, Inc		657
	27,223	*,e	Synaptics, Inc		2,468
	21,522	*	SYNNEX Corp		1,568
	28,651	*	Tech Data Corp		1,791
	3,883		Tessco Technologies, Inc		123
	197,674	*	Trimble Navigation Ltd		7,304
	41,884	*	TTM Technologies, Inc		343
	21,543	*,e	Ubiquiti Networks, Inc		974
	29,474	*,e	Universal Display Corp		946
	31,477	*	Viasat, Inc		1,824
	3,408	*	Viasystems Group, Inc		37
	60,568	*,e	Violin Memory, Inc		268
	100,754		Vishay Intertechnology, Inc		1,561
	9,508	*	Vishay Precision Group, Inc		157
	161,050		Western Digital Corp		14,865
	38,765	*	Zebra Technologies Corp (Class A)		3,191
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		966,218
TELECOMMUNICATION SERVICES - 2.2%
	66,124	*	8x8, Inc		534
	3,931,717		AT&T, Inc		139,025
	7,918		Atlantic Tele-Network, Inc		459
	12,079	*	Boingo Wireless, Inc		82
	20,132	*	Cbeyond Communications, Inc		200
	434,829		CenturyTel, Inc		15,741
	149,815	*	Cincinnati Bell, Inc		589
	35,274		Cogent Communications Group, Inc		1,219
	30,479	e	Consolidated Communications Holdings, Inc		678
	10,686		Enventis Corp		169
	16,551	*,e	Fairpoint Communications, Inc		231
	762,890	e	Frontier Communications Corp		4,455
	24,304	*	General Communication, Inc (Class A)		269
	206,831	*	Globalstar, Inc		879
	7,568	*,e	Hawaiian Telcom Holdco, Inc		217
	10,513		IDT Corp (Class B)		183
	45,794	*	inContact, Inc		421
	25,073		Inteliquent, Inc		348
	20,308	*	Intelsat S.A.		383
	60,764	*,e	Iridium Communications, Inc		514
	135,750	*	Level 3 Communications, Inc		5,961
	11,759		Lumos Networks Corp		170
	11,759	e	NTELOS Holdings Corp		146
	28,044	*	Orbcomm, Inc		185

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	42,630	*	Premiere Global Services, Inc	$	569
	21,474	*,e	RingCentral, Inc		325
	97,128	*	SBA Communications Corp (Class A)		9,936
	18,151		Shenandoah Telecom Co		553
	574,184	*	Sprint Corp		4,898
	70,668		Telephone & Data Systems, Inc		1,845
	201,000	*	T-Mobile US, Inc		6,758
	113,368	*	tw telecom inc (Class A)		4,570
	9,529	*	US Cellular Corp		389
	18,421	*	USA Mobility, Inc		284
	3,136,668		Verizon Communications, Inc		153,477
	119,221	*	Vonage Holdings Corp		447
	459,835	e	Windstream Holdings, Inc		4,580
			TOTAL TELECOMMUNICATION SERVICES		361,689
TRANSPORTATION - 2.3%
	44,655	*	Air Transport Services Group, Inc		374
	52,080		Alaska Air Group, Inc		4,950
	12,584		Allegiant Travel Co		1,482
	5,591		Amerco, Inc		1,626
	544,344	*	American Airlines Group, Inc		23,385
	19,331		Arkansas Best Corp		841
	19,165	*	Atlas Air Worldwide Holdings, Inc		706
	79,796	*	Avis Budget Group, Inc		4,763
	37,980		Baltic Trading Ltd		227
	16,346		Celadon Group, Inc		349
	112,465	e	CH Robinson Worldwide, Inc		7,174
	42,760		Con-Way, Inc		2,156
	25,243		Copa Holdings S.A. (Class A)		3,599
	760,514		CSX Corp		23,431
	642,112		Delta Air Lines, Inc		24,863
	17,462	*	Echo Global Logistics, Inc		335
	149,461		Expeditors International of Washington, Inc		6,600
	223,442		FedEx Corp		33,825
	22,919		Forward Air Corp		1,097
	37,277	*	Genesee & Wyoming, Inc (Class A)		3,914
	34,479	*,e	Hawaiian Holdings, Inc		473
	41,206		Heartland Express, Inc		879
	339,163	*	Hertz Global Holdings, Inc		9,507
	28,105	*	Hub Group, Inc (Class A)		1,416
	4,290		International Shipholding Corp		98
	69,164		J.B. Hunt Transport Services, Inc		5,103
	184,047	*,e	JetBlue Airways Corp		1,997
	83,991		Kansas City Southern Industries, Inc		9,030
	42,550	*	Kirby Corp		4,984
	45,057		Knight Transportation, Inc		1,071
	35,503		Landstar System, Inc		2,272
	17,739		Marten Transport Ltd		396
	32,238		Matson, Inc		865
	60,245		Navios Maritime Holdings, Inc		610
	234,597		Norfolk Southern Corp		24,171
	47,554	*	Old Dominion Freight Line		3,028

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,470	*	PAM Transportation Services, Inc	$	69
	6,136		Park-Ohio Holdings Corp		357
	4,942	*	Patriot Transportation Holding, Inc		173
	20,803	*	Quality Distribution, Inc		309
	36,815	*	Republic Airways Holdings, Inc		399
	20,933	*	Roadrunner Transportation Services Holdings, Inc		588
	40,345		Ryder System, Inc		3,554
	30,068		Safe Bulkers, Inc		293
	18,094	*	Saia, Inc		795
	102,799	*	Scorpio Bulkers, Inc		915
	40,260		Skywest, Inc		492
	526,781		Southwest Airlines Co		14,149
	55,048	*	Spirit Airlines, Inc		3,481
	63,781	*	Swift Transportation Co, Inc		1,609
	282,381	*	UAL Corp		11,597
	14,027	*,e	Ultrapetrol Bahamas Ltd		42
	687,483		Union Pacific Corp		68,577
	536,110		United Parcel Service, Inc (Class B)		55,037
	3,884		Universal Truckload Services, Inc		99
	4,427	*	USA Truck, Inc		82
	69,158		UTI Worldwide, Inc		715
	34,798		Werner Enterprises, Inc		923
	39,964	*	Wesco Aircraft Holdings, Inc		798
	40,094	*,e	XPO Logistics, Inc		1,147
	23,809	*,e	YRC Worldwide, Inc		669
			TOTAL TRANSPORTATION		378,466
UTILITIES - 3.2%
	497,334		AES Corp		7,734
	90,267		AGL Resources, Inc		4,967
	32,016		Allete, Inc		1,644
	84,216		Alliant Energy Corp		5,125
	184,363		Ameren Corp		7,537
	369,389		American Electric Power Co, Inc		20,601
	29,456		American States Water Co		979
	134,451		American Water Works Co, Inc		6,649
	134,973		Aqua America, Inc		3,539
	4,909		Artesian Resources Corp		110
	108,646	e	Atlantic Power Corp		445
	69,174		Atmos Energy Corp		3,694
	45,672		Avista Corp		1,531
	33,522		Black Hills Corp		2,058
	35,650		California Water Service Group		863
	306,005	*	Calpine Corp		7,286
	325,746		Centerpoint Energy, Inc		8,320
	7,727		Chesapeake Utilities Corp		551
	46,444		Cleco Corp		2,738
	203,302		CMS Energy Corp		6,333
	8,405		Connecticut Water Service, Inc		285
	222,400		Consolidated Edison, Inc		12,841
	440,972		Dominion Resources, Inc		31,538
	131,757		DTE Energy Co		10,260

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	535,698		Duke Energy Corp	$	39,743
	76,383	*	Dynegy, Inc		2,658
	246,110		Edison International		14,301
	30,616		El Paso Electric Co		1,231
	33,239		Empire District Electric Co		854
	135,237		Entergy Corp		11,102
	651,184		Exelon Corp		23,755
	318,220		FirstEnergy Corp		11,049
	117,135		Great Plains Energy, Inc		3,147
	73,366	e	Hawaiian Electric Industries, Inc		1,858
	38,056		Idacorp, Inc		2,201
	59,780		Integrys Energy Group, Inc		4,252
	118,947		ITC Holdings Corp		4,339
	24,878		Laclede Group, Inc		1,208
	144,429		MDU Resources Group, Inc		5,069
	26,250		MGE Energy, Inc		1,037
	11,759		Middlesex Water Co		249
	55,740		National Fuel Gas Co		4,364
	31,721		New Jersey Resources Corp		1,813
	328,524		NextEra Energy, Inc		33,667
	237,792		NiSource, Inc		9,355
	239,428		Northeast Utilities		11,318
	22,143		Northwest Natural Gas Co		1,044
	27,832		NorthWestern Corp		1,453
	245,109		NRG Energy, Inc		9,118
	17,100	e	NRG Yield, Inc		890
	150,808		OGE Energy Corp		5,894
	39,547	*	ONE Gas, Inc		1,493
	13,917	e	Ormat Technologies, Inc		401
	27,545		Otter Tail Corp		834
	29,866		Pattern Energy Group, Inc		989
	189,953		Pepco Holdings, Inc		5,220
	351,902		PG&E Corp		16,898
	60,057		Piedmont Natural Gas Co, Inc		2,247
	83,775		Pinnacle West Capital Corp		4,846
	60,937		PNM Resources, Inc		1,787
	58,032		Portland General Electric Co		2,012
	478,595		PPL Corp		17,004
	384,444		Public Service Enterprise Group, Inc		15,681
	130,852		Questar Corp		3,245
	104,149		SCANA Corp		5,604
	184,580		Sempra Energy		19,327
	12,005		SJW Corp		327
	24,625		South Jersey Industries, Inc		1,488
	665,012		Southern Co		30,178
	34,400		Southwest Gas Corp		1,816
	163,004	e	TECO Energy, Inc		3,012
	85,402		UGI Corp		4,313
	43,076		UIL Holdings Corp		1,667
	10,272		Unitil Corp		348
	30,975		UNS Energy Corp		1,871
	62,331		Vectren Corp		2,649

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY					VALUE (000)
	96,665	e	Westar Energy, Inc					$	3,692
	39,376		WGL Holdings, Inc						1,697
	170,964		Wisconsin Energy Corp						8,022
	375,757		Xcel Energy, Inc						12,111
	9,006		York Water Co						188
			TOTAL UTILITIES						525,564
			TOTAL COMMON STOCKS						16,605,938
			(Cost $9,247,007)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	15,560	m	Magnum Hunter Resources Corp						0	^
			TOTAL ENERGY						0	^
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	28,951	m	Trius Therapeutics, Inc						4
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4
TELECOMMUNICATION SERVICES - 0.0%
	46,753	m	Leap Wireless International, Inc						118
			TOTAL TELECOMMUNICATION SERVICES						118
			TOTAL RIGHTS / WARRANTS						122
			(Cost $118)
							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 3.3%
GOVERNMENT AGENCY DEBT - 0.1%
$	10,000,000	d	Federal Home Loan Bank (FHLB)		0.085	%	11/12/14		9,998
			TOTAL GOVERNMENT AGENCY DEBT						9,998
TREASURY DEBT - 0.0%
	1,700,000	d	United States Treasury Bill		0.095		05/28/15		1,698
	3,000,000		United States Treasury Bill		0.101		06/25/15		2,997
			TOTAL TREASURY DEBT						4,695
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%
	537,479,576	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						537,480
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						537,480
			TOTAL SHORT-TERM INVESTMENTS						552,173
			(Cost $552,172)
			TOTAL INVESTMENTS - 103.1%						17,158,233
			(Cost $9,799,297)

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES	COMPANY	VALUE (000)
	OTHER ASSETS & LIABILITIES, NET - (3.1)%	$	(516,275	)
	NET ASSETS - 100.0%	$	16,641,958

	Abbreviation(s):
ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
c	Investments made with cash collateral received from securites on loan.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $526,192,000.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2014

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.3%
CAPITAL GOODS - 0.1%
$	3,000,000	i	Gates Global LLC		4.250	%	06/12/21	$	2,989
	4,826,500	i	TransDigm, Inc		3.750		02/28/20		4,808
			TOTAL CAPITAL GOODS						7,797
FOOD, BEVERAGE & TOBACCO - 0.1%
	10,692,000	i	HJ Heinz Co		3.250		06/07/19		10,703
			TOTAL FOOD, BEVERAGE & TOBACCO						10,703
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	2,000,000	i	Capsugel Holdings US, Inc		3.500		08/01/18		1,995
	472,625	i	CHS/Community Health Systems		4.250		01/27/21		475
	1,700,000	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		1,707
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						4,177
MATERIALS - 0.0%
	2,650,000	i	Minerals Technologies, Inc		4.000		05/07/21		2,660
			TOTAL MATERIALS						2,660
MEDIA - 0.0%
	1,822,262	i	Univision Communications, Inc		4.000		03/01/20		1,821
			TOTAL MEDIA						1,821
RETAILING - 0.0%
	2,000,000	i	Stater Bros Markets		4.750		05/12/21		2,010
			TOTAL RETAILING						2,010
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	12,450,000	i	Avago Technologies Ltd		3.750		05/06/21		12,485
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						12,485
UTILITIES - 0.0%
	196,500	i	Calpine Corp		4.000		10/09/19		197
			TOTAL UTILITIES						197
			TOTAL BANK LOAN OBLIGATIONS						41,850
			(Cost $41,654)
BONDS - 96.9%
CORPORATE BONDS - 33.1%
AUTOMOBILES & COMPONENTS - 0.3%
	10,300,000		Ford Motor Co		4.750		01/15/43		10,413
	4,500,000	g	Hyundai Motor Manufacturer		4.500		04/15/15		4,626

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	13,950,000		Johnson Controls, Inc		4.625	%	07/02/44	$	13,961
	8,675,000		Magna International, Inc		3.625		06/15/24		8,745
			TOTAL AUTOMOBILES & COMPONENTS						37,745
BANKS - 5.9%
	5,200,000	g	Banco de Credito e Inversiones		4.000		02/11/23		5,180
	4,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		4,618
	2,700,000	g	Banco del Estado de Chile		3.875		02/08/22		2,720
	3,900,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125		11/09/22		3,958
	3,755,000		Bancolombia S.A.		5.950		06/03/21		4,140
	11,786,000	g	Bank Nederlandse Gemeenten		1.375		09/27/17		11,876
	1,500,000	g	Bank Nederlandse Gemeenten		1.375		03/19/18		1,501
	3,000,000	g	Bank Nederlandse Gemeenten		1.875		06/11/19		3,011
	5,000,000	g	Bank Nederlandse Gemeenten		2.625		04/28/21		5,087
	27,700,000	g	Bank of Montreal		2.625		01/25/16		28,610
	50,520,000	g	Bank of Nova Scotia		1.650		10/29/15		51,333
	39,500,000	g	Bank of Nova Scotia		2.150		08/03/16		40,655
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		6,021
	3,400,000		BB&T Corp		2.050		06/19/18		3,437
	5,190,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		5,300
	2,500,000	g	Caixa Economica Federal		2.375		11/06/17		2,444
	4,500,000	g	Caixa Economica Federal		4.500		10/03/18		4,618
	845,000	g	Caixa Economica Federal		4.250		05/13/19		853
	6,000,000	g	Canadian Imperial Bank of Commerce		2.600		07/02/15		6,137
	12,500,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		12,937
	4,500,000		Capital One Bank USA NA		3.375		02/15/23		4,470
	12,640,000		Citigroup, Inc		5.000		09/15/14		12,752
	2,432,000		Citigroup, Inc		5.500		10/15/14		2,467
	8,425,000		Citigroup, Inc		1.300		11/15/16		8,436
	9,300,000		Citigroup, Inc		2.550		04/08/19		9,373
	14,200,000		Citigroup, Inc		3.500		05/15/23		13,823
	11,000,000		Citigroup, Inc		3.875		10/25/23		11,267
	6,625,000		Citigroup, Inc		3.750		06/16/24		6,643
	10,525,000		Citigroup, Inc		5.300		05/06/44		10,978
	10,000,000	i	Citigroup, Inc		5.350		12/30/49		9,594
	4,475,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		4,489
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		6,989
	8,650,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		9,143
	10,900,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		12,561
	11,730,000	g	Depfa ACS Bank		5.125		03/16/37		13,592
	16,351,000		Deutsche Bank AG.		3.700		05/30/24		16,356
	5,980,000		Eksportfinans ASA		2.375		05/25/16		5,980
	12,850,000		Fifth Third Bancorp		2.375		04/25/19		13,017
	2,350,000	g	HSBC Bank plc		1.500		05/15/18		2,332
	7,350,000	g	HSBC Bank plc		4.125		08/12/20		7,955
	1,550,000		HSBC Holdings plc		4.000		03/30/22		1,649
	12,250,000		HSBC Holdings plc		4.250		03/14/24		12,607
	2,100,000		HSBC Holdings plc		6.500		09/15/37		2,589
	5,275,000		HSBC Holdings plc		5.250		03/14/44		5,648
	11,275,000		HSBC USA, Inc		2.375		02/13/15		11,415
	11,350,000		HSBC USA, Inc		1.625		01/16/18		11,375
	7,150,000		HSBC USA, Inc		2.250		06/23/19		7,174

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,585,000	g	Hutchison Whampoa International 12 II Ltd		3.250	%	11/08/22	$	2,538
	2,595,000		JPMorgan Chase & Co		5.125		09/15/14		2,620
	17,000,000		JPMorgan Chase & Co		3.875		02/01/24		17,506
	9,400,000		JPMorgan Chase & Co		4.850		02/01/44		9,967
	3,750,000	i	JPMorgan Chase & Co		5.150		12/30/49		3,595
	4,475,000	g	Macquarie Bank Ltd		2.600		06/24/19		4,503
	1,500,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,526
	6,225,000	g	PKO Finance AB		4.630		09/26/22		6,474
	10,400,000		PNC Bank NA		2.200		01/28/19		10,502
	11,475,000		PNC Bank NA		2.250		07/02/19		11,536
	10,950,000		PNC Bank NA		2.700		11/01/22		10,555
	17,395,000		PNC Bank NA		2.950		01/30/23		17,025
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,114
	4,900,000	g,i	Rabobank Nederland NV		11.000		12/30/49		6,579
	12,000,000		Royal Bank of Canada		1.200		09/19/17		11,969
	11,300,000		Royal Bank of Canada		2.200		07/27/18		11,539
	15,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,893
	2,355,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		2,420
	3,800,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		3,885
	5,700,000		SunTrust Bank		2.750		05/01/23		5,472
	9,000,000	g	Toronto-Dominion Bank		2.200		07/29/15		9,179
	495,000		Toronto-Dominion Bank		2.500		07/14/16		513
	26,500,000	g	Toronto-Dominion Bank		1.625		09/14/16		26,988
	10,000,000		Toronto-Dominion Bank		2.375		10/19/16		10,350
	70,000,000	g	Toronto-Dominion Bank		1.500		03/13/17		70,954
	1,325,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,335
	1,700,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		1,698
	2,350,000	g	Turkiye Is Bankasi		3.750		10/10/18		2,310
	775,000	g	Turkiye Is Bankasi		5.500		04/21/19		802
	2,000,000	g	Turkiye Is Bankasi		5.000		06/25/21		1,985
	7,100,000		Union Bank NA		2.125		06/16/17		7,258
	5,700,000		UnionBanCal Corp		3.500		06/18/22		5,878
	5,800,000		US Bancorp		1.650		05/15/17		5,889
	5,550,000		US Bancorp		2.950		07/15/22		5,466
	5,000,000		US Bank NA		4.950		10/30/14		5,076
	1,980,000		Wachovia Bank NA		4.800		11/01/14		2,010
	5,700,000		Westpac Banking Corp		3.000		08/04/15		5,857
	15,000,000	g	Westpac Banking Corp		1.850		11/26/18		15,013
	10,850,000		Westpac Banking Corp		2.250		01/17/19		10,981
			TOTAL BANKS						789,870
CAPITAL GOODS - 0.7%
	2,268,000	g	Alpek S.A. de C.V.		5.375		08/08/23		2,359
	12,050,000		Caterpillar, Inc		1.500		06/26/17		12,187
	8,000,000		Deere & Co		2.600		06/08/22		7,822
	6,350,000	g	EADS Finance BV		2.700		04/17/23		6,115
	2,075,000		Eaton Corp		4.000		11/02/32		2,076
	17,675,000		John Deere Capital Corp		1.950		03/04/19		17,683
	1,433,905	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		1,527
	1,250,000	g	Schaeffler Finance BV		4.750		05/15/21		1,287
	11,000,000	g	Seagate HDD Cayman		4.750		06/01/23		11,082
	4,850,000	g	Seagate HDD Cayman		4.750		01/01/25		4,814
	665,000	g	Sealed Air Corp		6.500		12/01/20		748

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,370,000	g	Sealed Air Corp		5.250	%	04/01/23	$	1,391
	7,000,000	g	TSMC Global Ltd		1.625		04/03/18		6,898
	8,950,000		United Technologies Corp		1.800		06/01/17		9,142
	5,950,000		United Technologies Corp		4.500		06/01/42		6,232
			TOTAL CAPITAL GOODS						91,363
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	1,425,000		ADT Corp		4.125		04/15/19		1,434
	1,425,000		ADT Corp		6.250		10/15/21		1,510
	7,175,000		Air Lease Corp		3.875		04/01/21		7,319
	10,290,000		Republic Services, Inc		3.800		05/15/18		11,024
	5,375,000		Republic Services, Inc		3.550		06/01/22		5,556
	7,150,000		Waste Management, Inc		2.600		09/01/16		7,398
	15,050,000		Waste Management, Inc		2.900		09/15/22		14,741
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						48,982
CONSUMER DURABLES & APPAREL - 0.3%
	2,574,000		DR Horton, Inc		3.625		02/15/18		2,635
	9,600,000		DR Horton, Inc		3.750		03/01/19		9,648
	4,450,000		DR Horton, Inc		4.375		09/15/22		4,411
	5,000,000		DR Horton, Inc		5.750		08/15/23		5,375
	1,500,000		Hanesbrands, Inc		6.375		12/15/20		1,622
	11,900,000		PVH Corp		4.500		12/15/22		11,722
	2,625,000		Whirlpool Corp		3.700		03/01/23		2,651
			TOTAL CONSUMER DURABLES & APPAREL						38,064
CONSUMER SERVICES - 0.9%
	850,000		ARAMARK Corp		5.750		03/15/20		899
	2,000,000		DineEquity, Inc		9.500		10/30/18		2,143
	2,475,000	g	GLP Capital LP		4.375		11/01/18		2,555
	5,000,000		Johns Hopkins University		4.083		07/01/53		4,926
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		7,649
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		13,550
	11,650,000	g	SABMiller Holdings, Inc		3.750		01/15/22		12,063
	8,650,000	g	SABMiller Holdings, Inc		4.950		01/15/42		9,347
	6,475,000	g	Service Corp International		5.375		05/15/24		6,621
	40,000,000		Stanford University		4.013		05/01/42		39,557
	21,000,000		University of Chicago		4.151		10/01/45		20,185
	7,900,000		Walt Disney Co		0.450		12/01/15		7,908
			TOTAL CONSUMER SERVICES						127,403
DIVERSIFIED FINANCIALS - 5.5%
	6,165,000	g	Abbey National Treasury Services plc		3.875		11/10/14		6,241
	3,875,000		Abbey National Treasury Services plc		4.000		04/27/16		4,086
	4,455,000	g	Ajecorp BV		6.500		05/14/22		4,099
	2,000,000		American Express Centurion Bank		6.000		09/13/17		2,291
	9,275,000		American Express Credit Corp		1.300		07/29/16		9,352
	9,800,000		American Express Credit Corp		2.125		07/27/18		9,957
	15,175,000		Bank of America Corp		3.750		07/12/16		15,964
	18,550,000		Bank of America Corp		5.300		03/15/17		20,402
	8,525,000		Bank of America Corp		6.000		09/01/17		9,631
	24,000,000		Bank of America Corp		2.600		01/15/19		24,282
	7,000,000		Bank of America Corp		2.650		04/01/19		7,095

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	26,175,000		Bank of America Corp		4.100	%	07/24/23	$	27,166
	8,250,000		Bank of America Corp		4.000		04/01/24		8,419
	15,050,000		Bank of America Corp		5.000		01/21/44		15,967
	2,250,000		Bank of New York Mellon Corp		1.200		02/20/15		2,261
	6,250,000	i	Bank of New York Mellon Corp		1.969		06/20/17		6,386
	4,125,000		Bank of New York Mellon Corp		5.450		05/15/19		4,753
	2,500,000	g	BBVA Bancomer S.A.		6.750		09/30/22		2,862
	2,400,000	g	BBVA Bancomer S.A.		4.375		04/10/24		2,445
	7,250,000		BlackRock, Inc		3.500		12/10/14		7,354
	15,000,000		BlackRock, Inc		1.375		06/01/15		15,155
	7,000,000		BlackRock, Inc		4.250		05/24/21		7,680
	10,680,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		11,039
	24,600,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		24,998
	10,100,000		Capital One Financial Corp		1.000		11/06/15		10,128
	2,800,000	g	Comcel Trust		6.875		02/06/24		3,024
	3,700,000		Countrywide Financial Corp		6.250		05/15/16		4,038
	7,175,000		Credit Suisse		2.300		05/28/19		7,187
	10,000,000	g	FMR LLC		4.950		02/01/33		10,786
	11,425,000	g	FMR LLC		5.150		02/01/43		12,267
	6,660,000		Ford Motor Credit Co LLC		4.250		02/03/17		7,152
	3,340,000		Ford Motor Credit Co LLC		6.625		08/15/17		3,845
	6,600,000		Ford Motor Credit Co LLC		2.375		03/12/19		6,632
	17,000,000		General Electric Capital Corp		1.625		07/02/15		17,216
	12,850,000		General Electric Capital Corp		2.300		01/14/19		13,109
	7,200,000		General Electric Capital Corp		2.100		12/11/19		7,196
	30,000,000		General Electric Capital Corp		3.100		01/09/23		29,764
	5,000,000		General Electric Capital Corp		6.150		08/07/37		6,211
	375,000		General Electric Capital Corp		6.875		01/10/39		504
	1,875,000		General Motors Financial Co, Inc		2.750		05/15/16		1,903
	19,240,000		Goldman Sachs Group, Inc		3.300		05/03/15		19,667
	11,075,000		Goldman Sachs Group, Inc		2.375		01/22/18		11,247
	10,500,000		Goldman Sachs Group, Inc		2.625		01/31/19		10,643
	14,600,000		Goldman Sachs Group, Inc		3.625		01/22/23		14,663
	7,100,000		Goldman Sachs Group, Inc		4.000		03/03/24		7,228
	7,000,000	h	Goldman Sachs Group, Inc		3.850		07/08/24		6,991
	1,150,000		Goldman Sachs Group, Inc		6.450		05/01/36		1,343
	3,100,000		Goldman Sachs Group, Inc		6.750		10/01/37		3,729
	2,300,000		Goldman Sachs Group, Inc		6.250		02/01/41		2,806
	15,125,000	h	Goldman Sachs Group, Inc		4.800		07/08/44		15,051
	9,599,000		HSBC Finance Corp		6.676		01/15/21		11,479
	1,440,000	g	Hyundai Capital America, Inc		3.750		04/06/16		1,507
	1,800,000	g	Hyundai Capital Services, Inc		4.375		07/27/16		1,914
	2,750,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		2,893
	1,425,000		Icahn Enterprises LP		4.875		03/15/19		1,468
	1,725,000		Icahn Enterprises LP		5.875		02/01/22		1,807
	800,000		Indian Railway Finance Corp Ltd		3.917		02/26/19		821
	3,750,000	g	International Lease Finance Corp		6.500		09/01/14		3,778
	9,250,000		International Lease Finance Corp		5.750		05/15/16		9,909
	8,400,000		International Lease Finance Corp		3.875		04/15/18		8,610
	3,200,000		International Lease Finance Corp		5.875		04/01/19		3,520
	10,000,000		International Lease Finance Corp		5.875		08/15/22		10,925
	5,000,000		Landwirtschaftliche Rentenbank		5.125		02/01/17		5,550
	1,625,000		Legg Mason, Inc		2.700		07/15/19		1,636

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,400,000		Legg Mason, Inc		3.950	%	07/15/24	$	2,423
	5,745,000	g	Lukoil International Finance BV		6.125		11/09/20		6,212
	10,300,000		Morgan Stanley		1.750		02/25/16		10,446
	6,800,000		Morgan Stanley		3.750		02/25/23		6,917
	4,325,000		Morgan Stanley		3.875		04/29/24		4,377
	7,250,000		Morgan Stanley		6.375		07/24/42		9,199
	3,800,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		5,119
	6,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		6,537
	2,000,000	g	Odebrecht Finance Ltd		5.250		06/27/29		1,991
	4,000,000	g	Reliance Holdings USA		4.500		10/19/20		4,176
	1,725,000	g	Rio Oil Finance Trust		6.250		07/06/24		1,812
	2,600,000	g	Sberbank of Russia Via SB Capital S.A.		6.125		02/07/22		2,772
	1,725,000	g	SUAM Finance BV		4.875		04/17/24		1,760
	52,076,760		Tagua Leasing LLC		1.900		07/12/24		50,940
	6,520,000	g	Temasek Financial I Ltd		2.375		01/23/23		6,236
	6,265,000		Toyota Motor Credit Corp		1.250		10/05/17		6,261
	9,125,000		Unilever Capital Corp		2.200		03/06/19		9,257
	2,000,000		Unilever Capital Corp		4.250		02/10/21		2,203
	2,925,000	g	Waha Aerospace BV		3.925		07/28/20		3,107
	12,500,000		Wells Fargo & Co		1.500		07/01/15		12,641
	5,052,000		Wells Fargo & Co		4.480		01/16/24		5,351
	10,650,000		Wells Fargo & Co		4.100		06/03/26		10,784
	14,625,000		Wells Fargo & Co		5.375		11/02/43		16,088
			TOTAL DIVERSIFIED FINANCIALS						736,641
ENERGY - 2.6%
	7,950,000		Anadarko Petroleum Corp		5.950		09/15/16		8,805
	2,445,000		Anadarko Petroleum Corp		6.950		06/15/19		2,992
	3,650,000		Apache Corp		1.750		04/15/17		3,715
	12,170,000		Apache Corp		4.750		04/15/43		12,754
	3,750,000		Ashland, Inc		3.875		04/15/18		3,858
	13,650,000		Ashland, Inc		4.750		08/15/22		13,718
	16,500,000		BP Capital Markets plc		1.375		05/10/18		16,346
	2,950,000		Canadian Natural Resources Ltd		3.800		04/15/24		3,041
	2,600,000	i	Chesapeake Energy Corp		3.479		04/15/19		2,629
	6,250,000		Chevron Corp		2.355		12/05/22		6,008
	3,690,000		Cimarex Energy Co		5.875		05/01/22		4,077
	5,475,000		Concho Resources, Inc		5.500		04/01/23		5,886
	7,000,000		ConocoPhillips		4.600		01/15/15		7,156
	2,075,000		Continental Resources, Inc		5.000		09/15/22		2,257
	1,825,000		Devon Energy Corp		1.875		05/15/17		1,857
	3,150,000		Devon Energy Corp		4.750		05/15/42		3,273
	1,000,000		Ecopetrol S.A.		5.875		09/18/23		1,122
	2,040,000		Ecopetrol S.A.		5.875		05/28/45		2,110
	4,500,000	g	Empresa Nacional del Petroleo		6.250		07/08/19		5,129
	3,250,000		Enbridge Energy Partners LP		5.200		03/15/20		3,629
	4,000,000		Enterprise Products Operating LLC		5.600		10/15/14		4,059
	1,150,000		Enterprise Products Operating LLC		5.000		03/01/15		1,185
	7,500,000		Enterprise Products Operating LLC		5.100		02/15/45		8,006
	1,950,000		EOG Resources, Inc		2.625		03/15/23		1,882
	2,250,000	g	Exterran Partners		6.000		10/01/22		2,284
	1,200,000	g	Gazprom OAO Via Gaz Capital S.A.		3.850		02/06/20		1,167
	5,700,000		Hess Corp		5.600		02/15/41		6,628

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,900,000	g	Indo Energy Finance II BV		6.375	%	01/24/23	$	1,586
	1,000,000	g	KMG Finance Sub BV		6.375		04/09/21		1,113
	5,530,000		Marathon Petroleum Corp		3.500		03/01/16		5,775
	1,000,000		MarkWest Energy Partners LP		6.750		11/01/20		1,085
	4,240,000		MarkWest Energy Partners LP		5.500		02/15/23		4,516
	7,350,000		Noble Energy, Inc		5.250		11/15/43		8,103
	2,475,000		Noble Holding International Ltd		3.450		08/01/15		2,546
	7,550,000		Noble Holding International Ltd		4.900		08/01/20		8,329
	1,525,000	g	Oleoducto Central SA		4.000		05/07/21		1,525
	10,850,000	g	ONE Gas, Inc		2.070		02/01/19		10,860
	3,500,000	g	ONE Gas, Inc		3.610		02/01/24		3,619
	6,900,000	g	ONE Gas, Inc		4.658		02/01/44		7,432
	7,000,000	g	Pacific Rubiales Energy Corp		5.375		01/26/19		7,297
	800,000		Pemex Project Funding Master Trust		5.750		03/01/18		902
	2,000,000	g	Pertamina Persero PT		4.875		05/03/22		1,985
	550,000	g	Pertamina Persero PT		4.300		05/20/23		519
	3,000,000	g	Pertamina PT		5.250		05/23/21		3,090
	1,850,000	i	Petrobras Global Finance BV		1.849		05/20/16		1,852
	3,600,000		Petrobras Global Finance BV		3.250		03/17/17		3,691
	2,000,000	i	Petrobras Global Finance BV		2.367		01/15/19		1,990
	810,000		Petrobras Global Finance BV		4.375		05/20/23		780
	650,000		Petrobras Global Finance BV		6.250		03/17/24		692
	2,080,000		Petrobras International Finance Co		3.875		01/27/16		2,145
	3,000,000		Petrobras International Finance Co		3.500		02/06/17		3,080
	2,000,000		Petrobras International Finance Co		6.875		01/20/40		2,095
	4,350,000		Petroleos Mexicanos		3.500		07/18/18		4,572
	2,900,000		Petroleos Mexicanos		8.000		05/03/19		3,593
	1,500,000		Petroleos Mexicanos		4.875		01/24/22		1,623
	17,000,000		Petroleos Mexicanos		1.950		12/20/22		16,873
	9,095,000		Petroleos Mexicanos		2.000		12/20/22		9,046
	1,500,000		Petroleos Mexicanos		3.500		01/30/23		1,465
	4,000,000		Petroleos Mexicanos		6.500		06/02/41		4,650
	250,000		Petroleos Mexicanos		5.500		06/27/44		260
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750		08/14/19		4,980
	7,400,000		Phillips 66		1.950		03/05/15		7,474
	2,674,000		Precision Drilling Trust		6.625		11/15/20		2,861
	2,800,000	g	PTT Exploration & Production PCL		3.707		09/16/18		2,924
	3,335,000		Range Resources Corp		5.000		08/15/22		3,535
	1,425,000		Regency Energy Partners LP		5.875		03/01/22		1,548
	6,000,000		Shell International Finance BV		2.375		08/21/22		5,779
	4,650,000		Shell International Finance BV		4.550		08/12/43		4,898
	2,800,000		Statoil ASA		2.900		10/15/14		2,821
	2,075,000		Statoil ASA		1.200		01/17/18		2,060
	5,300,000		Statoil ASA		2.450		01/17/23		5,087
	8,875,000		Statoil ASA		4.250		11/23/41		8,947
	5,000,000		Tesoro Corp		5.125		04/01/24		5,056
	4,025,000		Total Capital Canada Ltd		1.450		01/15/18		4,026
	1,000,000		Total Capital International S.A.		1.000		01/10/17		1,003
	6,100,000		Total Capital International S.A.		1.500		02/17/17		6,198
	3,400,000		TransCanada PipeLines Ltd		5.850		03/15/36		4,063
	2,750,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		2,863
	800,000	g	Ultra Petroleum Corp		5.750		12/15/18		840
	5,025,000		Vale Overseas Ltd		4.375		01/11/22		5,159

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,760,000		Vale Overseas Ltd		6.875	%	11/21/36	$	3,055
	3,375,000		Valero Energy Corp		4.500		02/01/15		3,453
	2,490,000		Whiting Petroleum Corp		5.750		03/15/21		2,727
			TOTAL ENERGY						355,619
FOOD & STAPLES RETAILING - 0.2%
	5,690,000		CVS Caremark Corp		3.250		05/18/15		5,835
	7,625,000		CVS Caremark Corp		4.000		12/05/23		7,979
	4,125,000		CVS Caremark Corp		5.300		12/05/43		4,663
	7,300,000		Ingles Markets, Inc		5.750		06/15/23		7,410
			TOTAL FOOD & STAPLES RETAILING						25,887
FOOD, BEVERAGE & TOBACCO - 0.8%
	6,300,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		6,533
	10,575,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		10,611
	24,650,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		23,621
	1,900,000		Campbell Soup Co		2.500		08/02/22		1,788
	7,100,000		Coca-Cola Co		3.200		11/01/23		7,176
	1,300,000	g	Corp Lindley S.A.		6.750		11/23/21		1,436
	9,400,000		Diageo Capital plc		2.625		04/29/23		9,011
	5,525,000	g	Embotelladora Andina S.A.		5.000		10/01/23		5,861
	4,080,000		General Mills, Inc		5.200		03/17/15		4,217
	5,525,000	g	Grupo Bimbo SAB de C.V.		4.500		01/25/22		5,843
	2,350,000	g	Grupo Bimbo SAB de C.V.		3.875		06/27/24		2,345
	5,614,000		Kraft Foods Group, Inc		6.500		02/09/40		7,189
	3,075,000		Mondelez International, Inc		4.125		02/09/16		3,234
	6,200,000		Mondelez International, Inc		4.000		02/01/24		6,422
	680,000		PepsiCo, Inc		7.900		11/01/18		846
	2,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		2,080
	6,850,000	g	Pernod-Ricard S.A.		4.250		07/15/22		7,175
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,053
	1,125,000		TreeHouse Foods, Inc		4.875		03/15/22		1,156
			TOTAL FOOD, BEVERAGE & TOBACCO						108,597
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	7,290,000		Baxter International, Inc		3.200		06/15/23		7,230
	3,900,000		Becton Dickinson & Co		1.750		11/08/16		3,974
	2,325,000		CHS/Community Health Systems		5.125		08/15/18		2,438
	1,000,000	g	CHS/Community Health Systems		5.125		08/01/21		1,025
	7,150,000		Covidien International Finance S.A.		1.350		05/29/15		7,208
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		3,822
	6,500,000		Express Scripts Holding Co		2.100		02/12/15		6,566
	6,850,000		Express Scripts Holding Co		3.900		02/15/22		7,169
	4,500,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		4,916
	4,000,000	g	Fresenius Medical Care II		5.625		07/31/19		4,360
	4,560,000		HCA, Inc		6.500		02/15/20		5,130
	7,575,000		HCA, Inc		5.875		03/15/22		8,209
	3,500,000		Mallinckrodt International Finance S.A.		3.500		04/15/18		3,483
	10,450,000		McKesson Corp		4.883		03/15/44		10,974
	1,695,000		Thermo Fisher Scientific, Inc		3.200		05/01/15		1,733
	1,750,000		Thermo Fisher Scientific, Inc		5.000		06/01/15		1,820
	6,125,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		6,286
	2,700,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		2,728

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,625,000		Thermo Fisher Scientific, Inc		4.150	%	02/01/24	$	3,791
	7,125,000		Thermo Fisher Scientific, Inc		5.300		02/01/44		7,908
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						100,770
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	7,175,000		Clorox Co		3.800		11/15/21		7,515
	2,620,000		Colgate-Palmolive Co		2.300		05/03/22		2,543
	4,525,000		Ecolab, Inc		1.450		12/08/17		4,531
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						14,589
INSURANCE - 1.7%
	6,560,000		Aetna, Inc		6.500		09/15/18		7,756
	1,925,000		Aetna, Inc		6.625		06/15/36		2,505
	6,200,000		Allstate Corp		3.150		06/15/23		6,221
	6,200,000		Allstate Corp		4.500		06/15/43		6,441
	8,900,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		8,823
	3,750,000		Chubb Corp		6.000		05/11/37		4,716
	1,390,000		CIGNA Corp		5.125		06/15/20		1,572
	6,900,000		CIGNA Corp		4.500		03/15/21		7,583
	25,500,000	g	Five Corners Funding Trust		4.419		11/15/23		26,885
	7,600,000		Hartford Financial Services Group, Inc		4.000		03/30/15		7,803
	4,500,000		Hartford Financial Services Group, Inc		4.000		10/15/17		4,856
	2,800,000		Lincoln National Corp		7.000		06/15/40		3,839
	5,250,000	g	MetLife Institutional Funding II		1.625		04/02/15		5,297
	7,675,000		MetLife, Inc		6.750		06/01/16		8,529
	2,000,000		MetLife, Inc		4.368		09/15/23		2,146
	11,050,000		MetLife, Inc		4.125		08/13/42		10,754
	9,500,000		MetLife, Inc		4.875		11/13/43		10,273
	2,825,000		Principal Financial Group, Inc		1.850		11/15/17		2,839
	5,000,000		Progressive Corp		3.750		08/23/21		5,328
	2,000,000		Prudential Financial, Inc		3.875		01/14/15		2,037
	8,050,000		Prudential Financial, Inc		7.375		06/15/19		9,969
	8,000,000		Prudential Financial, Inc		5.400		06/13/35		8,999
	7,775,000		Prudential Financial, Inc		5.100		08/15/43		8,395
	8,650,000	i	Prudential Financial, Inc		5.200		03/15/44		8,823
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,730
	2,425,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		2,321
	6,100,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		5,876
	4,250,000		Travelers Cos, Inc		5.800		05/15/18		4,881
	7,875,000		UnitedHealth Group, Inc		0.850		10/15/15		7,910
	6,000,000		UnitedHealth Group, Inc		1.400		10/15/17		6,023
	7,450,000		UnitedHealth Group, Inc		3.950		10/15/42		6,979
	6,750,000		WellPoint, Inc		3.125		05/15/22		6,740
	7,850,000		WellPoint, Inc		4.625		05/15/42		7,992
	7,000,000		Willis Group Holdings plc		4.125		03/15/16		7,319
	2,400,000		WR Berkley Corp		5.375		09/15/20		2,697
			TOTAL INSURANCE						234,857
MATERIALS - 1.7%
	6,630,000		Air Products & Chemicals, Inc		4.375		08/21/19		7,323
	1,125,000		Airgas, Inc		4.500		09/15/14		1,134
	3,500,000		ArcelorMittal		5.000		02/25/17		3,701
	4,000,000		Ball Corp		5.750		05/15/21		4,255

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,365,000		Ball Corp		5.000	%	03/15/22	$	1,399
	7,192,000		Ball Corp		4.000		11/15/23		6,850
	4,050,000		Barrick Gold Corp		4.100		05/01/23		4,033
	7,175,000		Barrick North America Finance LLC		4.400		05/30/21		7,507
	3,417,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		3,776
	975,000		Braskem Finance Ltd		6.450		02/03/24		1,042
	3,000,000		Celanese US Holdings LLC		6.625		10/15/18		3,135
	2,300,000	g	Cemex Finance LLC		6.000		04/01/24		2,395
	3,175,000		CF Industries, Inc		7.125		05/01/20		3,911
	2,000,000	g	Cia Brasileira de Aluminio		4.750		06/17/24		1,965
	3,550,000		Corning, Inc		1.450		11/15/17		3,491
	5,100,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		5,284
	9,925,000		Crown Americas LLC		6.250		02/01/21		10,620
	1,390,000		Crown Americas LLC		4.500		01/15/23		1,354
	1,000,000		Eastman Chemical Co		5.500		11/15/19		1,134
	5,500,000		EI du Pont de Nemours & Co		3.250		01/15/15		5,589
	6,000,000		EI du Pont de Nemours & Co		4.625		01/15/20		6,741
	2,850,000	g	Fresnillo plc		5.500		11/13/23		2,978
	17,050,000	g	Glencore Funding LLC		2.500		01/15/19		17,007
	9,375,000	g	Glencore Funding LLC		3.125		04/29/19		9,561
	6,450,000	g	Glencore Funding LLC		4.625		04/29/24		6,649
	1,400,000		Greif, Inc		7.750		08/01/19		1,610
	23,166,000		International Paper Co		4.750		02/15/22		25,544
	3,650,000		International Paper Co		4.800		06/15/44		3,679
	3,000,000		LyondellBasell Industries NV		5.000		04/15/19		3,384
	3,000,000		Monsanto Co		3.375		07/15/24		3,020
	2,300,000		Monsanto Co		4.200		07/15/34		2,321
	6,840,000		Nucor Corp		4.000		08/01/23		7,087
	3,300,000	g	OCP S.A.		5.625		04/25/24		3,461
	7,500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		7,733
	4,550,000		Rio Tinto Finance USA plc		2.250		12/14/18		4,638
	5,000,000		Rock Tenn Co		3.500		03/01/20		5,145
	3,000,000		Rock Tenn Co		4.000		03/01/23		3,079
	12,475,000		Sherwin-Williams Co		1.350		12/15/17		12,491
	4,625,000		Teck Resources Ltd		2.500		02/01/18		4,711
	9,950,000		Teck Resources Ltd		3.750		02/01/23		9,661
	1,940,000		Teck Resources Ltd		6.000		08/15/40		2,051
	3,950,000		Teck Resources Ltd		5.200		03/01/42		3,804
	4,550,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		4,391
			TOTAL MATERIALS						230,644
MEDIA - 1.6%
	1,250,000	g	CBS Outdoor Americas Capital LLC		5.625		02/15/24		1,291
	1,000,000		Cinemark USA, Inc		5.125		12/15/22		1,024
	4,275,000		Cinemark USA, Inc		4.875		06/01/23		4,264
	26,000,000		Comcast Corp		4.250		01/15/33		26,708
	8,800,000		DIRECTV Holdings LLC		4.450		04/01/24		9,331
	3,250,000		DISH DBS Corp		4.250		04/01/18		3,380
	4,250,000		DISH DBS Corp		5.125		05/01/20		4,468
	2,050,000		DISH DBS Corp		5.000		03/15/23		2,089
	3,325,000		Grupo Televisa S.A.		6.000		05/15/18		3,780
	2,675,000		Grupo Televisa SAB		5.000		05/13/45		2,680
	1,850,000		Lamar Media Corp		5.875		02/01/22		1,982

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,000,000		Lamar Media Corp		5.000	%	05/01/23	$	10,063
	5,000,000	g	Lamar Media Corp		5.375		01/15/24		5,175
	7,250,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		7,245
	7,700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		7,635
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		10,279
	2,105,000		News America, Inc		7.625		11/30/28		2,745
	1,578,000		News America, Inc		6.550		03/15/33		1,966
	3,575,000		News America, Inc		6.650		11/15/37		4,539
	3,800,000		News America, Inc		6.900		08/15/39		4,971
	8,035,000		Nielsen Finance LLC		4.500		10/01/20		8,095
	5,675,000		Time Warner Cable, Inc		5.875		11/15/40		6,620
	5,500,000		Time Warner Cable, Inc		4.500		09/15/42		5,354
	3,000,000		Time Warner, Inc		3.150		07/15/15		3,083
	20,550,000		Time Warner, Inc		2.100		06/01/19		20,445
	3,825,000		Time Warner, Inc		6.500		11/15/36		4,681
	10,525,000		Time Warner, Inc		4.900		06/15/42		10,719
	7,100,000		Time Warner, Inc		4.650		06/01/44		6,965
	7,000,000	g	Univision Communications, Inc		5.125		05/15/23		7,411
	4,850,000		Viacom, Inc		1.250		02/27/15		4,877
	5,400,000		Viacom, Inc		2.500		12/15/16		5,566
	3,000,000		Viacom, Inc		3.500		04/01/17		3,186
	7,375,000		Viacom, Inc		5.850		09/01/43		8,473
			TOTAL MEDIA						211,090
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
	14,325,000		Amgen, Inc		2.200		05/22/19		14,308
	7,975,000		Gilead Sciences, Inc		3.700		04/01/24		8,183
	9,025,000		Gilead Sciences, Inc		4.800		04/01/44		9,523
	3,140,000		Life Technologies Corp		3.500		01/15/16		3,262
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,572
	2,750,000		Mead Johnson Nutrition Co		5.900		11/01/39		3,286
	1,975,000		Mead Johnson Nutrition Co		4.600		06/01/44		1,991
	3,725,000		Mylan, Inc		2.550		03/28/19		3,752
	3,500,000	g	Mylan, Inc		7.875		07/15/20		3,874
	1,750,000		NBTY, Inc		9.000		10/01/18		1,851
	2,925,000	g	Perrigo Co Ltd		4.000		11/15/23		2,973
	2,800,000	g	Perrigo Co Ltd		5.300		11/15/43		3,004
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						60,579
REAL ESTATE - 1.0%
	2,310,000		AMB Property LP		4.500		08/15/17		2,502
	2,000,000		Brandywine Operating Partnership LP		5.400		11/01/14		2,030
	3,965,000		Camden Property Trust		4.625		06/15/21		4,335
	3,000,000		Camden Property Trust		2.950		12/15/22		2,900
	5,175,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		5,331
	6,800,000		Developers Diversified Realty Corp		4.750		04/15/18		7,401
	3,460,000		Developers Diversified Realty Corp		7.875		09/01/20		4,378
	255,000		Federal Realty Investment Trust		5.650		06/01/16		277
	700,000		Federal Realty Investment Trust		5.900		04/01/20		820
	2,225,000		Federal Realty Investment Trust		3.000		08/01/22		2,200
	7,675,000		Federal Realty Investment Trust		2.750		06/01/23		7,348
	2,775,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,138
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,587

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,700,000		Healthcare Trust of America Holdings LP		3.375	%	07/15/21	$	3,702
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,450
	1,600,000		Highwoods Realty LP		5.850		03/15/17		1,778
	8,100,000		Highwoods Realty LP		3.200		06/15/21		8,004
	6,920,000		Highwoods Realty LP		3.625		01/15/23		6,834
	9,205,000		Kilroy Realty LP		3.800		01/15/23		9,286
	6,400,000		Liberty Property LP		4.125		06/15/22		6,661
	3,600,000		Mid-America Apartments LP		4.300		10/15/23		3,768
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,504
	4,000,000		National Retail Properties, Inc		5.500		07/15/21		4,561
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,265
	2,325,000		Regency Centers LP		5.250		08/01/15		2,435
	225,000		Regency Centers LP		5.875		06/15/17		253
	800,000		Simon Property Group LP		5.250		12/01/16		874
	4,150,000		Simon Property Group LP		2.800		01/30/17		4,326
	3,040,000		Simon Property Group LP		10.350		04/01/19		4,119
	1,850,000	g	Trust F		5.250		12/15/24		1,943
	1,360,000		Ventas Realty LP		3.125		11/30/15		1,404
	1,015,000		Ventas Realty LP		3.250		08/15/22		1,003
	3,150,000		Ventas Realty LP		3.750		05/01/24		3,146
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,147
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,702
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,164
			TOTAL REAL ESTATE						131,576
RETAILING - 0.7%
	5,850,000		AmeriGas Finance LLC		3.750		05/01/21		5,813
	2,500,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		2,323
	6,125,000		Home Depot, Inc		2.250		09/10/18		6,268
	14,225,000		Home Depot, Inc		2.000		06/15/19		14,235
	8,750,000		Home Depot, Inc		4.400		03/15/45		8,883
	3,150,000		Limited Brands, Inc		7.000		05/01/20		3,619
	8,105,000		Limited Brands, Inc		5.625		02/15/22		8,774
	8,075,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		7,751
	8,315,000		O’Reilly Automotive, Inc		4.625		09/15/21		8,986
	4,550,000		O’Reilly Automotive, Inc		3.800		09/01/22		4,654
	2,000,000	g	QVC, Inc		7.500		10/01/19		2,102
	2,475,000		QVC, Inc		5.125		07/02/22		2,635
	4,400,000		QVC, Inc		4.375		03/15/23		4,470
	1,275,000		Sonic Automotive, Inc		5.000		05/15/23		1,253
	3,900,000	g	WEX, Inc		4.750		02/01/23		3,773
			TOTAL RETAILING						85,539
SOFTWARE & SERVICES - 0.4%
	2,000,000	g	Activision Blizzard, Inc		5.625		09/15/21		2,155
	4,250,000	g	Audatex North America, Inc		6.000		06/15/21		4,536
	2,800,000		Baidu, Inc		2.750		06/09/19		2,811
	2,075,000		Equinix, Inc		4.875		04/01/20		2,127
	11,500,000		Fidelity National Information Services, Inc		5.000		03/15/22		12,090
	3,075,000		NCR Corp		4.625		02/15/21		3,098
	525,000	g	NCR Escrow Corp		5.875		12/15/21		554
	3,925,000		Oracle Corp		3.750		07/08/14		3,927
	13,825,000	h	Oracle Corp		3.400		07/08/24		13,794

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,225,000	h	Oracle Corp		4.300	%	07/08/34	$	8,222
			TOTAL SOFTWARE & SERVICES						53,314
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	4,000,000		Amphenol Corp		4.750		11/15/14		4,062
	1,975,000		CC Holdings GS V LLC		2.381		12/15/17		2,011
	10,675,000		Cisco Systems, Inc		2.125		03/01/19		10,758
	5,962,000		Flextronics International Ltd		4.625		02/15/20		6,126
	38,125,000		General Electric Co		0.850		10/09/15		38,314
	3,300,000		General Electric Co		5.250		12/06/17		3,723
	11,950,000		General Electric Co		2.700		10/09/22		11,735
	5,325,000		General Electric Co		4.125		10/09/42		5,259
	12,500,000		General Electric Co		4.500		03/11/44		13,024
	10,100,000		Hewlett-Packard Co		2.750		01/14/19		10,356
	3,625,000		Hewlett-Packard Co		3.750		12/01/20		3,789
	2,000,000		L-3 Communications Corp		4.950		02/15/21		2,216
	4,625,000	g	NXP BV		3.750		06/01/18		4,637
	5,000,000		Scientific Games International, Inc		6.250		09/01/20		4,925
	5,050,000		Tyco Electronics Group S.A.		2.375		12/17/18		5,090
	12,700,000		Xerox Corp		2.800		05/15/20		12,680
	2,725,000		Xerox Corp		4.500		05/15/21		2,944
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						141,649
TELECOMMUNICATION SERVICES - 2.1%
	2,870,000		America Movil SAB de C.V.		2.375		09/08/16		2,951
	7,500,000		American Tower Corp		3.500		01/31/23		7,355
	2,500,000		AT&T, Inc		2.500		08/15/15		2,554
	21,350,000		AT&T, Inc		1.400		12/01/17		21,260
	8,200,000		AT&T, Inc		2.625		12/01/22		7,857
	10,775,000		AT&T, Inc		4.800		06/15/44		11,000
	13,125,000		BellSouth Corp		5.200		09/15/14		13,253
	6,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		6,659
	5,525,000		British Telecommunications plc		1.625		06/28/16		5,601
	3,125,000		CenturyLink, Inc		6.750		12/01/23		3,414
	1,600,000	g	CommScope Holding Co, Inc		5.000		06/15/21		1,632
	1,600,000	g	CommScope Holding Co, Inc		5.500		06/15/24		1,626
	4,000,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		4,104
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		5,850
	3,625,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		3,792
	3,500,000	g	ENTEL Chile S.A.		4.875		10/30/24		3,645
	4,025,000		Intelsat Jackson Holdings S.A.		5.500		08/01/23		4,005
	2,000,000	g	Oi S.A.		5.750		02/10/22		1,996
	3,950,000		Orange S.A.		5.500		02/06/44		4,411
	2,050,000	g	SES		3.600		04/04/23		2,073
	3,450,000	g	SES Global Americas Holdings GP		2.500		03/25/19		3,475
	7,475,000	g	Sprint Corp		7.250		09/15/21		8,241
	1,225,000		Sprint Nextel Corp		6.000		12/01/16		1,334
	11,100,000		Telefonica Emisiones SAU		3.992		02/16/16		11,622
	11,850,000		Telefonica Emisiones SAU		4.570		04/27/23		12,586
	4,500,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		5,160
	2,300,000	g	Turk Telekomunikasyon AS.		3.750		06/19/19		2,273
	21,600,000		Verizon Communications, Inc		0.700		11/02/15		21,656
	13,900,000		Verizon Communications, Inc		3.650		09/14/18		14,866

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,625,000		Verizon Communications, Inc		2.550	%	06/17/19	$	5,706
	9,275,000		Verizon Communications, Inc		3.450		03/15/21		9,585
	22,425,000		Verizon Communications, Inc		5.150		09/15/23		25,096
	5,625,000		Verizon Communications, Inc		4.150		03/15/24		5,873
	10,550,000		Verizon Communications, Inc		3.850		11/01/42		9,289
	24,300,000		Verizon Communications, Inc		6.550		09/15/43		30,580
	3,000,000	g	VimpelCom Holdings BV		5.950		02/13/23		2,959
			TOTAL TELECOMMUNICATION SERVICES						285,339
TRANSPORTATION - 0.5%
	1,800,000	g	Asciano Finance Ltd		3.125		09/23/15		1,837
	5,730,000	g	Asciano Finance Ltd		5.000		04/07/18		6,239
	1,075,000	g	Bombardier, Inc		4.750		04/15/19		1,094
	1,000,000	g	DP World Ltd		6.850		07/02/37		1,115
	1,300,000	g	Embraer Overseas Ltd		5.696		09/16/23		1,406
	3,900,000	g	ERAC USA Finance LLC		3.300		10/15/22		3,860
	4,150,000	g	ERAC USA Finance LLC		5.625		03/15/42		4,695
	6,311,000		GATX Corp		1.250		03/04/17		6,289
	7,150,000		GATX Corp		2.500		07/30/19		7,196
	5,900,000		GATX Corp		5.200		03/15/44		6,288
	14,844,000		Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		14,220
	2,640,000		Kansas City Southern Railway Co		4.300		05/15/43		2,506
	2,625,000		Northrop Grumman Corp		1.750		06/01/18		2,612
	7,750,000		United Parcel Service, Inc		3.125		01/15/21		8,080
	4,900,000		United Parcel Service, Inc		3.625		10/01/42		4,520
			TOTAL TRANSPORTATION						71,957
UTILITIES - 3.3%
	1,325,000	g	Abu Dhabi National Energy Co		2.500		01/12/18		1,344
	1,250,000	i	AES Corp		3.229		06/01/19		1,259
	6,225,000		AES Corp		4.875		05/15/23		6,163
	1,500,000		AES Corp		5.500		03/15/24		1,534
	6,325,000		AGL Capital Corp		4.400		06/01/43		6,460
	5,150,000		Alabama Power Co		3.550		12/01/23		5,335
	8,435,000		Alliant Energy Corp		4.000		10/15/14		8,526
	15,000,000		American Electric Power Co, Inc		1.650		12/15/17		15,080
	6,000,000		American Electric Power Co, Inc		2.950		12/15/22		5,831
	3,000,000		AmeriGas Partners LP		6.250		08/20/19		3,202
	1,667,000		Arizona Public Service Co		5.050		09/01/41		1,878
	5,500,000		Atmos Energy Corp		8.500		03/15/19		7,034
	7,150,000		Atmos Energy Corp		4.150		01/15/43		7,103
	8,000,000		Berkshire Hathaway Energy Co		5.150		11/15/43		8,969
	6,225,000		Black Hills Corp		4.250		11/30/23		6,593
	1,599,000	g	Calpine Corp		7.500		02/15/21		1,735
	4,750,000		Carolina Power & Light Co		5.300		01/15/19		5,433
	2,750,000		Carolina Power & Light Co		5.700		04/01/35		3,275
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		4,032
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,396
	3,500,000	g	CEZ AS.		4.250		04/03/22		3,643
	2,500,000		CMS Energy Corp		5.050		02/15/18		2,765
	5,450,000		CMS Energy Corp		4.700		03/31/43		5,563
	2,500,000	g	Comision Federal de Electricidad		4.875		05/26/21		2,689
	1,700,000	g	Comision Federal de Electricidad		4.875		01/15/24		1,815

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,055,000		Commonwealth Edison Co		4.000	%	08/01/20	$	3,298
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		5,238
	2,750,000		Connecticut Light & Power Co		5.500		02/01/19		3,139
	3,000,000		Connecticut Light & Power Co		4.300		04/15/44		3,061
	9,050,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		8,631
	4,250,000		Consolidated Natural Gas Co		5.000		12/01/14		4,330
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,547
	3,375,000		Duke Energy Ohio, Inc		3.800		09/01/23		3,563
	7,100,000	g,i	Electricite de France		5.625		12/30/49		7,422
	900,000		Empresa Nacional de Electricidad S.A.		4.250		04/15/24		905
	3,000,000	g	Eskom Holdings Ltd		5.750		01/26/21		3,071
	2,750,000	g	Ferrellgas LP		6.750		01/15/22		2,874
	6,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		6,314
	8,800,000		Florida Power & Light Co		2.750		06/01/23		8,659
	2,000,000		Florida Power Corp		6.400		06/15/38		2,675
	3,500,000		FPL Group Capital, Inc		2.600		09/01/15		3,576
	3,000,000		Georgia Power Co		5.400		06/01/40		3,484
	2,000,000		Georgia Power Co		4.300		03/15/42		2,006
	1,800,000	g	Hrvatska Elektroprivreda		6.000		11/09/17		1,906
	5,000,000		Indiana Michigan Power Co		7.000		03/15/19		6,074
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,869
	3,350,000	g	Israel Electric Corp Ltd		6.700		02/10/17		3,657
	3,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		3,195
	1,000,000	g	Kansas Gas & Electric		6.700		06/15/19		1,200
	625,000	g	KazMunayGas National Co JSC		4.400		04/30/23		613
	2,825,000		Kinder Morgan Energy Partners LP		9.000		02/01/19		3,621
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		1,897
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,534
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,290
	2,800,000		Nevada Power Co		6.500		08/01/18		3,311
	3,335,000		Nevada Power Co		5.450		05/15/41		4,015
	3,500,000		NiSource Finance Corp		4.800		02/15/44		3,538
	3,375,000		Northeast Utilities		1.450		05/01/18		3,314
	10,000,000	g	NRG Energy, Inc		6.250		05/01/24		10,450
	7,800,000		NSTAR Electric Co		4.400		03/01/44		8,090
	2,500,000		NTPC Ltd		5.625		07/14/21		2,690
	1,000,000		NTPC Ltd		4.750		10/03/22		1,012
	7,100,000	g	Oncor Electric Delivery Co LLC		2.150		06/01/19		7,107
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,486
	8,400,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		8,876
	4,850,000		ONEOK Partners LP		3.375		10/01/22		4,818
	3,900,000		Pacific Gas & Electric Co		8.250		10/15/18		4,873
	8,875,000		Pacific Gas & Electric Co		3.850		11/15/23		9,239
	6,375,000		PacifiCorp		2.950		02/01/22		6,459
	4,825,000		Pepco Holdings, Inc		2.700		10/01/15		4,920
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,162
	6,925,000		PPL Capital Funding, Inc		4.200		06/15/22		7,405
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,039
	3,825,000		Progress Energy, Inc		7.050		03/15/19		4,669
	4,625,000		Public Service Co of Colorado		3.200		11/15/20		4,779
	8,800,000		Public Service Co of Oklahoma		5.150		12/01/19		9,926
	2,640,000		Public Service Electric & Gas Co		5.300		05/01/18		2,996
	5,000,000		Public Service Electric & Gas Co		3.500		08/15/20		5,302

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,475,000		Public Service Electric & Gas Co		2.375	%	05/15/23	$	10,898
	2,940,000		QEP Resources, Inc		5.375		10/01/22		3,028
	1,250,000		Questar Market Resources, Inc		6.875		03/01/21		1,403
	2,300,000		Sabine Pass LNG LP		6.500		11/01/20		2,490
	4,275,000		San Diego Gas & Electric Co		3.000		08/15/21		4,370
	3,000,000		Sempra Energy		2.300		04/01/17		3,080
	4,725,000		Sempra Energy		3.550		06/15/24		4,758
	7,425,000		Southern California Edison Co		4.650		10/01/43		8,011
	2,325,000		Tampa Electric Co		4.100		06/15/42		2,268
	4,000,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		3,770
	3,680,000		Virginia Electric and Power Co		2.950		01/15/22		3,721
	3,000,000		Williams Partners LP		3.800		02/15/15		3,058
	5,075,000		Williams Partners LP		4.000		11/15/21		5,307
	7,250,000		Williams Partners LP		4.500		11/15/23		7,690
	6,000,000		Williams Partners LP		4.900		01/15/45		5,981
	14,000,000	g	WPD Investment Holdings Ltd		3.900		05/01/16		14,660
	4,000,000		Xcel Energy, Inc		4.800		09/15/41		4,305
			TOTAL UTILITIES						438,580
			TOTAL CORPORATE BONDS						4,420,654
			(Cost $4,262,082)
GOVERNMENT BONDS -  49.3%
AGENCY SECURITIES - 2.9%
	16,263,386		AMAL Ltd		3.465		08/21/21		17,195
	2,150,000		Amber Circle Funding Ltd		3.250		12/04/22		2,054
	4,336,265		Cal Dive I- Title XI, Inc		4.930		02/01/27		4,711
	20,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.000		07/28/14		20,044
	35,000,000		Federal National Mortgage Association (FNMA)		2.625		11/20/14		35,340
	5,000,000		International Bank for Reconstruction & Development		0.500		04/15/16		5,004
	24,755,000		Lutheran Medical Center		1.982		02/20/30		23,325
	826,829		National Credit Union Administration		1.840		10/07/20		834
	15,979,649		Premier Aircraft Leasing		3.576		02/06/22		16,957
	10,000,000		Private Export Funding Corp (PEFCO)		3.050		10/15/14		10,083
	7,000,000		PEFCO		4.550		05/15/15		7,263
	15,000,000		PEFCO		2.125		07/15/16		15,444
	34,000,000		PEFCO		1.375		02/15/17		34,451
	17,000,000		PEFCO		5.450		09/15/17		19,345
	10,000,000		PEFCO		2.250		12/15/17		10,329
	5,000,000		PEFCO		4.375		03/15/19		5,604
	17,300,000		PEFCO		1.450		08/15/19		16,931
	35,000,000		PEFCO		4.300		12/15/21		39,003
	30,000,000		PEFCO		2.050		11/15/22		28,422
	2,311,719		Totem Ocean Trailer Express, Inc		4.514		12/18/19		2,421
	62,753,000		Tunisia Government AID Bonds		1.686		07/16/19		62,013
	15,000,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		15,403
	3,000,000		US Department of Housing and Urban Development (HUD)		5.380		08/01/18		3,306
	9,000,000		Ukraine Government AID Bonds		1.844		05/16/19		8,990
			TOTAL AGENCY SECURITIES						404,472
FOREIGN GOVERNMENT BONDS - 5.7%
	2,990,000	g	Barbados Government International Bond		7.000		08/04/22		2,713

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,800,000	g	Brazil Minas SPE via State of Minas Gerais		5.333	%	02/15/28	$	3,834
	1,210,000		Brazilian Government International Bond		5.875		01/15/19		1,385
	2,500,000		Brazilian Government International Bond		4.250		01/07/25		2,534
	825,000		Brazilian Government International Bond		7.125		01/20/37		1,044
	2,000,000		Brazilian Government International Bond		5.625		01/07/41		2,150
	5,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		4,950
	1,200,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		1,244
	12,200,000		Canada Government International Bond		2.375		09/10/14		12,246
	25,275,000		Canada Government International Bond		0.875		02/14/17		25,336
	3,630,000		Chile Government International Bond		3.875		08/05/20		3,891
	740,000		Chile Government International Bond		2.250		10/30/22		697
	5,410,000		Colombia Government International Bond		4.375		07/12/21		5,805
	1,775,000		Colombia Government International Bond		2.625		03/15/23		1,660
	4,450,000		Colombia Government International Bond		4.000		02/26/24		4,588
	1,500,000		Colombia Government International Bond		6.125		01/18/41		1,796
	3,150,000	g	Croatia Government International Bond		6.375		03/24/21		3,461
	2,325,000	g	Croatia Government International Bond		5.500		04/04/23		2,415
	32,500,000		European Investment Bank		1.125		04/15/15		32,739
	10,000,000		European Investment Bank		2.500		04/15/21		10,169
	3,500,000		European Investment Bank		4.875		02/15/36		4,190
	15,350,000		Export Development Canada		2.250		05/28/15		15,637
	5,825,000		Export-Import Bank of Korea		1.250		11/20/15		5,855
	4,200,000		Export-Import Bank of Korea		4.375		09/15/21		4,555
	3,000,000		Federative Republic of Brazil		6.000		01/17/17		3,336
	25,250,000	g	Hellenic Republic Government Bond		4.750		04/17/19		35,326
	1,040,000		Hungary Government International Bond		4.000		03/25/19		1,071
	2,700,000		Hungary Government International Bond		5.750		11/22/23		2,977
	1,100,000		Hungary Government International Bond		5.375		03/25/24		1,177
	40,200,000		Hydro Quebec		1.375		06/19/17		40,540
	4,400,000		Italy Government International Bond		5.375		06/12/17		4,880
	1,610,000		Italy Government International Bond		6.875		09/27/23		2,049
	1,880,000	g	Japan Finance Organization for Municipalities		2.125		03/06/19		1,896
	1,950,000	g	Kenya Government International Bond		5.875		06/24/19		1,990
	2,450,000	g	Kenya Government International Bond		6.875		06/24/24		2,548
	18,750,000		KFW		2.625		01/25/22		19,073
	13,000,000	g	Kommunalbanken AS.		1.375		06/08/17		13,141
	5,800,000	g,i	Kommunalbanken AS.		0.409		02/20/18		5,808
	2,400,000		Korea Development Bank		1.500		01/22/18		2,364
	6,000,000	g	Korea Housing Finance Corp		1.625		09/15/18		5,842
	50,000,000		Mexican Bonos		7.750		12/14/17		4,306
	1,000,000		Mexico Government International Bond		5.625		01/15/17		1,110
	2,900,000		Mexico Government International Bond		6.750		09/27/34		3,756
	1,500,000		Mexico Government International Bond		6.050		01/11/40		1,818
	1,500,000		Mexico Government International Bond		4.750		03/08/44		1,530
	6,000,000	g	Municipality Finance plc		1.750		05/21/19		5,988
	3,600,000	g	Namibia International Bonds		5.500		11/03/21		3,856
	5,000,000	g	Nederlandse Waterschapsbank NV		2.125		02/09/17		5,155
	43,950,000		North American Development Bank		2.400		10/26/22		41,846
	10,300,000		Panama Government International Bond		5.200		01/30/20		11,495
	1,000,000		Peruvian Government International Bond		7.125		03/30/19		1,217
	1,200,000		Peruvian Government International Bond		7.350		07/21/25		1,590
	1,250,000		Peruvian Government International Bond		6.550		03/14/37		1,571
	4,175,000		Philippine Government International Bond		4.200		01/21/24		4,410

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,850,000		Poland Government International Bond		6.375	%	07/15/19	$	2,192
	6,167,000		Poland Government International Bond		5.125		04/21/21		6,938
	1,135,000		Poland Government International Bond		3.000		03/17/23		1,103
	25,000,000	g	Province of Alberta Canada		1.000		06/21/17		25,036
	13,825,000		Province of British Columbia Canada		2.850		06/15/15		14,169
	21,000,000		Province of British Columbia Canada		1.200		04/25/17		21,159
	15,000,000		Province of British Columbia Canada		2.000		10/23/22		14,226
	20,750,000		Province of Manitoba Canada		1.750		05/30/19		20,639
	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,070
	20,000,000		Province of New Brunswick Canada		2.750		06/15/18		20,940
	12,000,000		Province of Nova Scotia Canada		2.375		07/21/15		12,264
	24,250,000		Province of Ontario Canada		2.950		02/05/15		24,643
	35,525,000		Province of Ontario Canada		2.700		06/16/15		36,358
	24,000,000		Province of Ontario Canada		2.300		05/10/16		24,778
	2,250,000		Province of Quebec Canada		5.125		11/14/16		2,480
	8,835,000		Province of Quebec Canada		4.625		05/14/18		9,887
	22,500,000		Province of Quebec Canada		3.500		07/29/20		24,079
	10,000,000		Province of Quebec Canada		2.750		08/25/21		10,100
	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,534
	5,175,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		5,330
	1,300,000	g	Republic of Serbia		5.250		11/21/17		1,355
	1,441,833	i	Republic of Serbia		6.750		11/01/24		1,458
	1,225,000	g	Republic of Trinidad & Tobago		4.375		01/16/24		1,329
	4,500,000		Republic of Turkey		7.500		07/14/17		5,120
	1,650,000		Republic of Turkey		6.000		01/14/41		1,763
	2,400,000	g	Romanian Government International Bond		6.750		02/07/22		2,865
	1,550,000	g	Romanian Government International Bond		4.875		01/22/24		1,649
	2,135,000	g	Slovenia Government International Bond		5.250		02/18/24		2,295
	121,524,000		South Africa Government Bond		8.250		09/15/17		11,726
	1,002,000		South Africa Government International Bond		6.875		05/27/19		1,159
	3,500,000		South Africa Government International Bond		5.500		03/09/20		3,830
	3,125,000		South Africa Government International Bond		5.875		09/16/25		3,473
	16,500,000		Spain Government Bond		3.750		10/31/18		25,025
	3,000,000	g	Sri Lanka Government International Bond		6.000		01/14/19		3,158
	1,900,000	g	Sri Lanka Government International Bond		6.250		10/04/20		2,009
	1,630,000	g	Sri Lanka Government International Bond		6.250		07/27/21		1,720
	7,680,000		Svensk Exportkredit AB		5.125		03/01/17		8,525
	4,000,000		Svensk Exportkredit AB		1.125		04/05/18		3,961
	8,000,000		Turkey Government International Bond		6.750		04/03/18		9,032
	7,050,000		Turkey Government International Bond		5.750		03/22/24		7,702
	500,000		United Mexican States		5.125		01/15/20		567
	1,732,000		Uruguay Government International Bond		4.500		08/14/24		1,838
			TOTAL FOREIGN GOVERNMENT BONDS						785,044
MORTGAGE BACKED - 23.2%
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.000		02/15/26		5,042
	2,252,066	i	FHLMC		2.380		02/01/36		2,408
	4,665,657	i	FHLMC		2.435		07/01/36		4,977
	2,320,467	i	FHLMC		2.260		09/01/36		2,470
	1,430,743	i	FHLMC		2.358		09/01/36		1,527
	2,174,959	i	FHLMC		2.367		09/01/36		2,304
	2,756,448	i	FHLMC		2.371		09/01/36		2,918
	1,214,721	i	FHLMC		2.512		02/01/37		1,301

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,240,893	i	FHLMC		2.454	%	03/01/37	$	5,587
	2,343,039	i	FHLMC		6.010		04/01/37		2,514
	43,928	i	FHLMC		1.950		05/01/37		44
	2,802,593	i	FHLMC		2.340		06/01/37		2,986
	2,750,337	i	FHLMC		2.617		08/01/37		2,856
	2,738,028	i	FHLMC		1.701		09/01/37		2,866
	26,445,000		FHLMC		4.000		12/15/38		28,122
	23,784,212		FHLMC		3.500		04/15/40		24,870
	19,933,976		FHLMC		4.000		03/15/44		21,134
	218,543		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		227
	1,586,652		FGLMC		5.000		09/01/18		1,684
	779,158		FGLMC		5.500		01/01/19		834
	216,334		FGLMC		4.000		06/01/19		230
	846,735		FGLMC		4.500		01/01/20		898
	767,141		FGLMC		4.500		07/01/20		829
	489,885		FGLMC		4.500		08/01/20		521
	126,236		FGLMC		7.000		10/01/20		136
	2,265,789		FGLMC		4.500		06/01/21		2,408
	6,486,319		FGLMC		4.500		06/01/21		6,892
	796,645		FGLMC		5.000		04/01/23		861
	23,168		FGLMC		7.000		05/01/23		26
	244,650		FGLMC		6.000		10/01/23		275
	205,606		FGLMC		6.000		11/01/23		231
	3,080,646		FGLMC		4.000		07/01/24		3,278
	980,341		FGLMC		4.500		09/01/24		1,056
	43,856		FGLMC		8.000		01/01/31		50
	81,876		FGLMC		7.000		12/01/31		86
	6,124		FGLMC		7.000		01/01/32		6
	202,750		FGLMC		8.000		02/01/32		234
	1,650,812		FGLMC		4.500		07/01/33		1,792
	2,053,281		FGLMC		5.500		12/01/33		2,326
	3,709,269		FGLMC		5.500		12/01/33		4,168
	9,661,193		FGLMC		7.000		12/01/33		11,199
	12,762,006		FGLMC		5.000		01/01/34		14,174
	4,879,107		FGLMC		4.500		10/01/34		5,298
	2,146,433		FGLMC		4.500		04/01/35		2,329
	3,542,574		FGLMC		7.000		05/01/35		4,102
	784,791		FGLMC		5.000		02/01/36		870
	67,337		FGLMC		6.500		05/01/36		76
	4,405,011		FGLMC		5.000		04/01/38		4,923
	3,544,578		FGLMC		5.000		07/01/39		3,923
	16,257,801		FGLMC		4.500		11/01/40		17,853
	18,676,917		FGLMC		4.500		12/01/40		20,475
	46,000,000	h	FGLMC		4.500		07/15/44		49,785
	65,000,000	h	FGLMC		3.500		08/15/44		66,629
	101,000,000	h	FGLMC		4.000		08/15/44		106,699
	388,739		Federal National Mortgage Association (FNMA)		4.960		01/01/15		389
	32,334		FNMA		7.500		02/01/15		33
	99,339		FNMA		7.500		04/01/15		101
	70,435		FNMA		7.500		04/01/15		72
	10,055		FNMA		6.500		03/01/16		11

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,685		FNMA		6.500	%	04/01/16	$	5
	83,579		FNMA		6.500		10/01/16		86
	106,727		FNMA		6.500		11/01/16		111
	244,328		FNMA		6.500		02/01/18		257
	1,822,003		FNMA		5.500		04/01/18		1,935
	275,759		FNMA		6.500		04/01/18		291
	1,195,123		FNMA		5.500		07/01/20		1,297
	426,127		FNMA		4.500		11/01/20		453
	1,075,236		FNMA		5.500		08/01/21		1,175
	799,554		FNMA		4.500		03/01/23		852
	51,390		FNMA		8.000		03/01/23		54
	1,378,096		FNMA		4.500		06/01/23		1,469
	2,139,835		FNMA		5.000		07/01/23		2,333
	1,567,278		FNMA		4.000		05/01/24		1,676
	141,903		FNMA		8.000		07/01/24		164
	1,292,334		FNMA		4.500		08/01/24		1,385
	6,038,840		FNMA		4.000		09/01/24		6,455
	30,339		FNMA		9.000		11/01/25		35
	9,275,504		FNMA		3.000		05/01/27		9,650
	44,000,000	h	FNMA		2.500		07/25/29		44,694
	81,000,000	g,h	FNMA		3.000		07/25/29		84,139
	21,000,000	h	FNMA		3.500		07/25/29		22,257
	28,000,000	h	FNMA		2.500		08/25/29		28,376
	80,000,000	h	FNMA		3.500		08/25/29		84,575
	1,867,415		FNMA		6.500		07/01/32		2,127
	176,050		FNMA		7.000		07/01/32		191
	166,674		FNMA		7.000		07/01/32		187
	1,416,767		FNMA		4.500		03/25/33		1,469
	11,565,707		FNMA		3.000		10/01/33		11,804
	1,756,052		FNMA		4.500		10/01/33		1,908
	182,335		FNMA		5.000		11/01/33		206
	3,376,116		FNMA		5.000		11/01/33		3,827
	13,703,267		FNMA		5.500		03/01/34		15,413
	7,572,569		FNMA		3.500		03/25/34		7,714
	12,766,467		FNMA		5.500		02/01/35		14,349
	3,061,519		FNMA		4.500		05/01/35		3,322
	69,946		FNMA		7.500		06/01/35		76
	1,615,029	i	FNMA		2.261		02/01/36		1,731
	1,265,417	i	FNMA		2.379		07/01/36		1,369
	76,694		FNMA		6.500		03/01/37		86
	1,808,389		FNMA		6.000		09/01/37		2,035
	2,012,946		FNMA		6.000		09/01/37		2,281
	1,859,978		FNMA		6.500		09/01/37		2,097
	4,993,781	i	FNMA		2.400		10/01/37		5,356
	14,632,776		FNMA		5.500		01/01/38		16,371
	70,532		FNMA		6.500		02/01/38		80
	13,716,590		FNMA		5.500		04/01/38		15,346
	10,916,497		FNMA		5.500		06/01/38		12,213
	1,589,579	i	FNMA		2.005		10/01/38		1,696
	10,083,209		FNMA		5.500		12/01/38		11,470
	20,365,515		FNMA		4.000		02/01/39		21,644
	5,900,672		FNMA		4.000		04/01/39		6,288
	23,474,552		FNMA		4.000		04/25/39		25,200

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	48,713,378	FNMA		4.000	%	06/25/39	$	52,267
	22,856,670	FNMA		3.500		07/25/39		24,120
	7,293,765	FNMA		5.500		08/01/39		8,238
	4,052,269	FNMA		5.500		11/01/39		4,534
	1,309,868	FNMA		6.000		10/01/40		1,478
	2,135,089	FNMA		3.500		11/01/40		2,201
	44,858,129	FNMA		4.500		12/25/40		48,429
	921,621	FNMA		3.500		01/01/41		950
	881,852	FNMA		3.500		02/01/41		909
	14,763,959	FNMA		3.500		03/01/41		15,221
	3,838,687	FNMA		3.500		11/01/41		3,958
	3,274,209	FNMA		3.500		11/01/41		3,376
	5,619,529	FNMA		4.000		12/01/41		5,990
	10,000,000	FNMA		4.000		01/25/42		10,687
	24,984,650	FNMA		3.000		10/01/42		24,711
	268,407	FNMA		3.000		10/01/42		265
	273,937	FNMA		3.000		10/01/42		271
	709,544	FNMA		3.000		11/01/42		702
	47,451	FNMA		3.000		12/01/42		47
	393,295	FNMA		3.000		12/01/42		389
	28,107,718	FNMA		3.000		01/01/43		27,800
	12,955,273	FNMA		3.000		01/01/43		12,813
	26,052,856	FNMA		3.000		01/01/43		25,622
	4,698,009	FNMA		3.500		01/01/43		4,844
	179,875	FNMA		3.000		02/01/43		178
	740,670	FNMA		3.000		02/01/43		733
	35,544,439	FNMA		3.000		02/01/43		35,155
	16,454,597	FNMA		3.000		02/01/43		16,274
	6,892,508	FNMA		3.500		02/01/43		7,125
	188,257	FNMA		3.000		03/01/43		186
	320,833	FNMA		3.000		03/01/43		317
	907,102	FNMA		3.000		03/01/43		897
	171,349	FNMA		3.000		03/01/43		169
	66,267	FNMA		3.000		04/01/43		66
	275,743	FNMA		3.000		04/01/43		273
	426,273	FNMA		3.000		04/01/43		422
	393,808	FNMA		3.000		04/01/43		390
	186,693	FNMA		3.000		04/01/43		185
	18,588	FNMA		3.000		04/01/43		18
	245,399	FNMA		3.000		04/01/43		243
	199,261	FNMA		3.000		04/01/43		197
	89,627	FNMA		3.000		04/01/43		89
	11,102,468	FNMA		3.000		05/01/43		11,008
	1,063,359	FNMA		3.500		05/01/43		1,099
	1,796,777	FNMA		3.500		05/01/43		1,857
	2,417,496	FNMA		3.500		06/01/43		2,499
	2,239,245	FNMA		3.500		06/01/43		2,315
	877,559	FNMA		3.500		06/01/43		907
	1,074,588	FNMA		3.500		06/01/43		1,111
	1,786,230	FNMA		3.500		06/01/43		1,846
	4,723,016	FNMA		3.500		06/01/43		4,882
	3,040,766	FNMA		3.500		07/01/43		3,143
	6,419,786	FNMA		3.500		07/01/43		6,636

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	46,397,112		FNMA		4.000	%	09/01/43	$	49,422
	36,000,000	h	FNMA		3.000		07/25/44		35,564
	102,000,000	h	FNMA		3.500		07/25/44		104,996
	80,000,000	h	FNMA		4.000		07/25/44		84,900
	242,000,000	h	FNMA		4.500		07/25/44		262,078
	43,000,000	h	FNMA		6.000		07/25/44		48,435
	111,000,000	h	FNMA		3.500		08/25/44		113,914
	133,000,000	h	FNMA		5.000		08/25/44		147,298
	29,000,000	h	FNMA		5.500		08/25/44		32,408
	49,000,000	h	FNMA		3.500		09/25/44		50,133
	137,000,000	h	FNMA		4.000		09/25/44		144,508
	64,000,000	h	FNMA		5.000		09/25/44		70,700
	4,690		Government National Mortgage Association (GNMA)		9.000		06/15/16		5
	2,052		GNMA		9.000		09/15/16		2
	2,559		GNMA		9.000		09/15/16		3
	6,073		GNMA		9.000		11/15/16		6
	4,278		GNMA		9.000		12/15/16		4
	1,842		GNMA		9.000		12/15/16		2
	26,802		GNMA		9.500		12/15/16		28
	14,997		GNMA		8.000		06/15/24		17
	30,739		GNMA		8.500		11/20/30		36
	50,292		GNMA		8.500		12/20/30		59
	1,154,330		GNMA		5.500		07/15/33		1,299
	660,251		GNMA		5.500		11/20/33		744
	2,356,599		GNMA		5.500		03/20/35		2,643
	1,201,423		GNMA		5.500		12/20/35		1,343
	710,043		GNMA		6.000		10/20/36		807
	756,288		GNMA		6.000		01/20/37		860
	2,111,402		GNMA		6.000		02/20/37		2,400
	1,710,212		GNMA		5.000		04/15/38		1,880
	1,718,625		GNMA		5.500		07/15/38		1,919
	2,638,941		GNMA		5.500		07/20/38		2,948
	903,427		GNMA		6.000		08/20/38		1,028
	1,511,730		GNMA		6.500		11/20/38		1,708
	1,726,946		GNMA		2.176		05/16/39		1,741
	3,283,268		GNMA		5.000		06/15/39		3,629
	4,253,145		GNMA		5.000		06/15/39		4,722
	2,235,770		GNMA		5.000		07/20/39		2,484
	11,152,304		GNMA		4.500		09/20/39		12,298
	1,087,203		GNMA		4.000		11/20/39		1,145
	12,748,977		GNMA		5.000		09/20/43		14,034
	12,370,639		GNMA		5.000		02/20/44		13,631
	10,814,076		GNMA		5.000		03/20/44		11,985
	13,000,000		GNMA		4.500		06/20/44		14,220
	54,000,000	h	GNMA		3.000		07/15/44		54,405
	163,000,000	h	GNMA		3.500		07/15/44		169,507
	81,000,000	h	GNMA		4.000		07/15/44		86,518
	73,000,000	h	GNMA		4.500		07/15/44		79,493
	49,000,000	h	GNMA		3.500		07/20/44		51,040
	50,000,000	h	GNMA		4.000		07/20/44		53,508

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	14,000,000	h	GNMA		3.000	%	08/15/44	$	14,066
	18,000,000	h	GNMA		3.500		08/20/44		18,699
	27,000,000	h	GNMA		4.500		08/20/44		29,406
			TOTAL MORTGAGE BACKED						3,114,165
MUNICIPAL BONDS - 4.1%
	9,685,000		Arizona School Facilities Board		0.945		09/01/16		9,659
	3,740,000		Arizona School Facilities Board		0.945		09/01/16		3,731
	1,985,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		2,030
	15,000,000		City of New York NY		2.450		04/01/19		15,332
	10,000,000		City of New York NY		2.650		04/01/20		10,233
	12,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		12,105
	3,500,000		Maine Municipal Bond Bank		1.708		06/01/16		3,509
	8,800,000		New York State Urban Development Corp		1.350		03/15/18		8,733
	2,000,000		Permanent University Fund		1.439		07/01/17		2,007
	2,625,000		Permanent University Fund		1.730		07/01/18		2,621
	4,720,000		Permanent University Fund		1.880		07/01/19		4,660
	2,320,000		Permanent University Fund		2.258		07/01/20		2,295
	2,160,000		Permanent University Fund		2.408		07/01/21		2,131
	2,750,000		Permanent University Fund		2.508		07/01/22		2,700
	2,855,000		Permanent University Fund		2.608		07/01/23		2,787
	3,250,000		Permanent University Fund		2.708		07/01/24		3,149
	2,335,000		Permanent University Fund		2.808		07/01/25		2,276
	3,775,000		Permanent University Fund		2.908		07/01/26		3,666
	4,000,000		Permanent University Fund		3.008		07/01/27		3,873
	18,535,000		Permanent University Fund		3.575		07/01/32		17,050
	12,300,000		State of California		0.850		02/01/15		12,328
	9,000,000		State of California		5.450		04/01/15		9,338
	15,625,000		State of California		1.050		02/01/16		15,738
	11,370,000		State of California		5.950		04/01/16		12,411
	2,915,000		State of Georgia		1.750		07/01/19		2,905
	3,060,000		State of Georgia		2.000		07/01/20		3,037
	3,215,000		State of Georgia		2.150		07/01/21		3,156
	3,905,000		State of Georgia		2.750		07/01/25		3,771
	4,100,000		State of Georgia		2.850		07/01/26		3,954
	4,305,000		State of Georgia		2.950		07/01/27		4,129
	4,520,000		State of Georgia		3.050		07/01/28		4,316
	3,245,000		State of Georgia		3.150		07/01/29		3,095
	4,385,000		State of Illinois		4.511		03/01/15		4,501
	12,500,000		State of Illinois		2.000		06/15/15		12,680
	12,500,000		State of Illinois		0.750		06/15/16		12,482
	19,760,000		State of Illinois		4.833		02/01/17		21,216
	12,500,000		State of Illinois		1.750		06/15/17		12,720
	8,000,000		State of Illinois		4.350		06/01/18		8,464
	7,500,000		State of Illinois		2.000		06/15/18		7,597
	7,500,000		State of Illinois		2.000		06/15/19		7,479
	7,160,000		State of Illinois		5.463		02/01/20		7,911
	12,500,000		State of Illinois		1.930		06/15/20		12,152
	12,500,000		State of Illinois		2.250		06/15/21		12,132
	10,000,000		State of Illinois		4.310		04/01/23		10,050
	11,535,000		State of Illinois		4.610		04/01/25		11,605
	9,350,000		State of Illinois		4.760		04/01/26		9,479

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	12,500,000	State of Illinois		3.150	%	06/15/26	$	11,980
	13,880,000	State of Illinois		4.910		04/01/27		13,911
	12,500,000	State of Illinois		3.250		06/15/27		11,913
	8,115,000	State of Illinois		5.010		04/01/28		8,054
	20,870,000	State of Michigan		3.500		05/15/30		19,655
	21,640,000	State of Michigan		3.600		05/15/31		20,284
	22,455,000	State of Michigan		3.700		05/15/32		21,085
	13,515,000	University of California		1.296		05/15/18		13,365
	60,000,000	University of California		1.796		07/01/19		59,379
	11,735,000	University of California		1.995		05/15/20		11,489
	4,500,000	University of California		2.300		05/15/21		4,427
	6,000,000	University of California		2.570		05/15/22		5,892
		TOTAL MUNICIPAL BONDS						544,627
U.S. TREASURY SECURITIES - 13.4%
	22,000,000	United States Treasury Bond		6.375		08/15/27		30,776
	49,175,000	United States Treasury Bond		5.250		02/15/29		63,036
	45,661,000	United States Treasury Bond		5.375		02/15/31		59,951
	48,602,000	United States Treasury Bond		4.500		02/15/36		59,029
	19,135,000	United States Treasury Bond		4.375		05/15/41		23,004
	16,434,000	United States Treasury Bond		3.750		08/15/41		17,851
	56,375,000	United States Treasury Bond		3.625		08/15/43		59,546
	38,545,000	United States Treasury Bond		3.625		02/15/44		40,677
	27,905,000	United States Treasury Note		0.250		11/30/14		27,924
	50,485,000	United States Treasury Note		0.125		12/31/14		50,495
	166,905,000	United States Treasury Note		0.250		01/31/15		167,068
	112,305,000	United States Treasury Note		0.250		02/28/15		112,423
	1,000	United States Treasury Note		0.375		06/30/15		1
	12,717,000	United States Treasury Note		1.875		06/30/15		12,936
	15,952,000	United States Treasury Note		1.750		07/31/15		16,228
	53,410,000	United States Treasury Note		0.250		08/15/15		53,460
	44,505,000	United States Treasury Note		0.250		09/15/15		44,550
	3,000,000	United States Treasury Note		0.250		09/30/15		3,003
	22,788,000	United States Treasury Note		0.250		10/15/15		22,810
	18,485,000	United States Treasury Note		1.250		10/31/15		18,745
	17,747,000	United States Treasury Note		0.375		11/15/15		17,787
	5,900,000	United States Treasury Note		0.250		12/31/15		5,901
	3,300,000	United States Treasury Note		0.375		03/15/16		3,302
	9,800,000	United States Treasury Note		2.375		03/31/16		10,147
	144,410,000	United States Treasury Note		0.375		04/30/16		144,365
	55,500,000	United States Treasury Note		0.375		05/31/16		55,450
	10,000,000	United States Treasury Note		3.125		10/31/16		10,588
	33,675,000	United States Treasury Note		0.750		01/15/17		33,730
	73,000,000	United States Treasury Note		0.625		02/15/17		72,818
	20,950,000	United States Treasury Note		0.875		06/15/17		20,958
	17,100,000	United States Treasury Note		2.250		07/31/18		17,725
	40,466,900	United States Treasury Note		1.375		09/30/18		40,416
	10,365,000	United States Treasury Note		1.750		10/31/18		10,512
	5,625,000	United States Treasury Note		1.375		02/28/19		5,584
	5,550,000	United States Treasury Note		1.000		06/30/19		5,379
	24,090,000	United States Treasury Note		1.625		06/30/19		24,090
	3,870,000	United States Treasury Note		1.250		10/31/19		3,780

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	319,500		United States Treasury Note		2.625	%	11/15/20	$	332
	825,000		United States Treasury Note		2.125		01/31/21		829
	27,720,000		United States Treasury Note		2.000		02/28/21		27,607
	10,000,000		United States Treasury Note		2.250		03/31/21		10,108
	20,240,000		United States Treasury Note		2.250		04/30/21		20,439
	16,465,000		United States Treasury Note		2.000		05/31/21		16,342
	189,872,000		United States Treasury Note		8.000		11/15/21		265,925
	81,689,000		United States Treasury Note		2.750		02/15/24		83,546
	5,200,000		United States Treasury Note		2.500		05/15/24		5,193
			TOTAL U.S. TREASURY SECURITIES						1,796,366
			TOTAL GOVERNMENT BONDS						6,644,674
			(Cost $6,533,580)
STRUCTURED ASSETS - 14.5%
ASSET BACKED - 11.1%
	13,000,000		AEP Texas Central Transition Funding LLC		1.976		06/01/21		12,989
			Series - 2012 1 (Class A2)
	2,500,000	g	AESOP Funding II		3.270		02/20/18		2,617
			Series - 2011 5A (Class A)
	30,166,427		Ally Auto Receivables Trust		0.540		07/15/16		30,190
			Series - 2013 2 (Class A2A)
	33,000,000		Ally Auto Receivables Trust		0.480		02/15/17		33,000
			Series - 2014 1 (Class A2)
	5,000,000	g	Ally Auto Receivables Trust		1.760		02/15/17		5,063
			Series - 2012 2 (Class B)
	10,000,000	g	Ally Auto Receivables Trust		2.260		07/16/18		10,169
			Series - 2012 2 (Class C)
	10,000,000	g	Ally Master Owner Trust		4.250		04/15/17		10,231
			Series - 2010 2 (Class A)
	24,000,000		Ally Master Owner Trust		1.000		02/15/18		24,075
			Series - 2013 1 (Class A2)
	39,753,000		Ally Master Owner Trust		1.720		07/15/19		40,080
			Series - 2012 4 (Class A)
	8,710,000		Ally Master Owner Trust		1.540		09/15/19		8,713
			Series - 2012 5 (Class A)
	7,223,000		AmeriCredit Automobile Receivables Trust		3.190		10/12/16		7,291
			Series - 2011 2 (Class C)
	18,245,000		AmeriCredit Automobile Receivables Trust		1.590		07/10/17		18,391
			Series - 2012 3 (Class B)
	10,350,000		AmeriCredit Automobile Receivables Trust		3.440		10/08/17		10,636
			Series - 2011 5 (Class C)
	19,000,000		AmeriCredit Automobile Receivables Trust		0.540		10/10/17		19,001
			Series - 2014 2 (Class A2A)
	10,373,000		AmeriCredit Automobile Receivables Trust		1.690		11/08/18		10,476
			Series - 2012 5 (Class C)
	5,500,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		5,522
			Series - 2013 1 (Class C)
	74,236	g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	5,591,667	g	Avis Budget Rental Car Funding AESOP LLC		2.370		11/20/14		5,614
			Series - 2011 2A (Class A)

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		6.740	%	05/20/16	$	4,147
			Series - 2010 3A (Class B)
	700,000	g	Avis Budget Rental Car Funding AESOP LLC		3.241		08/20/16		714
			Series - 2012 1A (Class B)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.410		11/20/17		2,094
			Series - 2011 3A (Class A)
	5,500,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		5,872
			Series - 2011 3A (Class B)
	11,125,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		11,916
			Series - 2011 5A (Class B)
	8,325,000	g	Avis Budget Rental Car Funding AESOP LLC		2.802		05/20/18		8,642
			Series - 2012 2A (Class A)
	4,890,000	g	Avis Budget Rental Car Funding AESOP LLC		3.887		05/20/18		5,146
			Series - 2012 2A (Class B)
	31,500,000	g	Avis Budget Rental Car Funding AESOP LLC		2.970		02/20/20		32,546
			Series - 2013 2A (Class A)
	2,497,570	i	Bear Stearns Asset Backed Securities Trust		0.892		11/25/39		2,461
			Series - 2005 SD3 (Class 2A1)
	7,450,000	g	Cabela’s Master Credit Card Trust		2.290		09/17/18		7,601
			Series - 2010 2A (Class A1)
	2,900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		2,910
			Series - 2013 1 (Class B)
	10,545,000		Capital Auto Receivables Asset Trust		1.740		10/22/18		10,564
			Series - 2013 1 (Class C)
	27,596,552		CarMax Auto Owner Trust		0.520		11/15/16		27,618
			Series - 2013 4 (Class A2)
	21,000,000		CarMax Auto Owner Trust		0.800		07/16/18		20,992
			Series - 2013 4 (Class A3)
	3,752,154	i,m	CCR, Inc		0.599		07/10/17		3,671
			Series - 2010 CX (Class C)
	1,027,389	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		785
			Series - 2004 2 (Class 1M2)
	1,578,273	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		1,574
			Series - 2002 1 (Class AF6)
	40,000,000		Citibank Credit Card Issuance Trust		0.730		02/07/18		40,099
			Series - 2013 A10 (Class A10)
	269,578	i	Countrywide Asset-Backed Certificates		0.972		05/25/36		268
			Series - 2004 AB2 (Class A3)
	665,314	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		668
			Series - 2007 MX1 (Class A1)
	5,525,000	g,i	DB/UBS Mortgage Trust		5.730		11/10/46		6,310
			Series - 2011 LC1A (Class C)
	22,405,000		Discover Card Execution Note Trust		0.810		08/15/17		22,470
			Series - 2012 A1 (Class A1)
	136,912,794	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		147,130
			Series - 2012 1A (Class A2)
	7,642,683	g	Enterprise Fleet Financing LLC		0.680		09/20/18		7,643
			Series - 2013 1 (Class A2)
	20,000,000		Fifth Third Auto Trust		0.450		04/17/17		19,997
			Series - 2014 2 (Class A2A)
	595,552	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		594
			Series - 2007 1A (Class AF3)
	11,782,000		Ford Credit Auto Owner Trust		1.150		06/15/17		11,873
			Series - 2012 A (Class A4)

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,725,000		Ford Credit Auto Owner Trust		3.210	%	07/15/17	$	2,792
			Series - 2011 A (Class D)
	5,250,000		Ford Credit Auto Owner Trust		1.150		07/15/18		5,257
			Series - 2013 A (Class B)
	5,820,000		Ford Credit Auto Owner Trust		1.110		10/15/18		5,860
			Series - 2013 B (Class B)
	6,000,000		Ford Credit Auto Owner Trust		1.360		10/15/18		6,004
			Series - 2013 A (Class C)
	5,595,000		Ford Credit Auto Owner Trust		2.430		01/15/19		5,752
			Series - 2012 C (Class D)
	12,861,000		Ford Credit Floorplan Master		0.850		01/15/18		12,904
			Series - 0 1 (Class A1)
	16,190,000		Ford Credit Floorplan Master		1.880		09/15/18		16,428
			Series - 2013 5 (Class B)
	13,000,000	g	GE Capital Credit Card Master Note Trust		7.820		11/15/17		13,348
			Series - 2009 4 (Class C)
	7,000,000	g	GE Capital Credit Card Master Note Trust		5.750		03/15/18		7,228
			Series - 2010 1 (Class C)
	1,060,000		GE Capital Credit Card Master Note Trust		0.950		06/15/18		1,064
			Series - 2012 5 (Class A)
	3,980,000	g	Hertz Vehicle Financing LLC		2.200		03/25/16		4,011
			Series - 2011 1A (Class A1)
	49,305,000	g	Hertz Vehicle Financing LLC		5.290		03/25/16		50,491
			Series - 2009 2A (Class A2)
	42,570,000	g	Hertz Vehicle Financing LLC		5.930		03/25/16		43,529
			Series - 0 2A (Class B2)
	14,315,000	g	Hertz Vehicle Financing LLC		3.740		02/25/17		14,925
			Series - 2010 1A (Class A2)
	31,520,000	g	Hertz Vehicle Financing LLC		5.700		02/25/17		33,501
			Series - 2010 1A (Class B2)
	5,000,000	g	Hertz Vehicle Financing LLC		1.860		08/25/17		5,024
			Series - 2013 1A (Class B1)
	8,500,000	g	Hertz Vehicle Financing LLC		2.480		08/25/19		8,467
			Series - 2013 1A (Class B2)
	100,000,000	g	HLSS Servicer Advance Receivables Backed Notes		1.244		01/17/45		100,080
			Series - 2014 T1 (Class AT1)
	19,000,000		Honta Auto Receivables Owner Trust		0.770		03/19/18		18,992
			Series - 2014 2 (Class A3)
	14,500,000	g	Hyundai Auto Lease Securitization Trust		0.610		02/15/17		14,510
			Series - 2014 B (Class A2)
	15,000,000		Hyundai Auto Receivables Trust		1.130		09/17/18		14,972
			Series - 2013 A (Class B)
	2,972,508	i	Irwin Home Equity Corp		0.912		02/25/34		2,877
			Series - 2005 A (Class A3)
	17,823,106	g	JG Wentworth XXII LLC		3.820		12/15/48		18,820
			Series - 2010 3A (Class A)
	4,055,265	i	Lehman XS Trust		0.402		02/25/36		3,678
			Series - 2006 1 (Class 1A1)
	14,835,648		Lehman XS Trust		6.500		06/25/46		11,654
			Series - 2006 13 (Class 2A1)
	5,080,508		Louisiana Public Facilities Authority		5.750		02/01/19		5,379
			Series - 2008 ELL (Class A2)

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	70,000,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		1.274	%	03/15/45	$	70,077
			Series - 2014 T1 (Class A1)
	15,000,000		Nissan Auto Lease Trust		0.480		09/15/16		14,999
			Series - 2014 A (Class A2A)
	45,500,000		Nissan Auto Lease Trust		0.740		10/15/18		45,625
			Series - 2013 A (Class A4)
	1,476,010	i	Park Place Securities, Inc		1.097		09/25/34		1,481
			Series - 2004 WHQ1 (Class M1)
	28,045	i	Renaissance Home Equity Loan Trust		1.030		08/25/33		26
			Series - 2003 2 (Class A)
	182,896	i	Residential Asset Securities Corp		6.489		10/25/30		183
			Series - 2001 KS2 (Class AI6)
	1,035,416	i	Residential Asset Securities Corp		0.797		04/25/35		1,035
			Series - 2005 KS3 (Class M3)
	3,621,276		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		3,665
			Series - 2006 HI5 (Class A3)
	1,805,830	i	Residential Funding Mortgage Securities II, Inc		5.450		08/25/34		1,865
			Series - 2005 HI1 (Class A5)
	565,222		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		566
			Series - 2006 HI3 (Class A3)
	1,974,311	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		2,000
			Series - 2006 HI1 (Class M1)
	350,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		371
			Series - 2006 HI1 (Class M2)
	8,300,000		Santander Drive Auto Receivables Trust		1.830		03/15/17		8,357
			Series - 2012 4 (Class B)
	32,000,000		Santander Drive Auto Receivables Trust		0.660		06/15/17		32,037
			Series - 2014 1 (Class A2A)
	18,990,000		Santander Drive Auto Receivables Trust		2.700		08/15/18		19,521
			Series - 2012 5 (Class C)
	4,000,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		4,036
			Series - 2013 1 (Class C)
	15,000,000	g	Santander Drive Auto Receivables Trust		1.890		10/15/19		15,209
			Series - 2013 A (Class B)
	1,540,455	i	Securitized Asset Backed Receivables LLC		0.452		10/25/35		1,511
			Series - 2006 OP1 (Class A2C)
	577,104	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		580
			Series - 2013 1A (Class A)
	15,308,791	g	Sierra Receivables Funding Co LLC		2.700		10/20/30		15,405
			Series - 2013 3A (Class B)
	41,823,000	g	SLM Student Loan Trust		3.740		02/15/29		44,188
			Series - 2011 B (Class A2)
	1,500,000	g	SLM Student Loan Trust		3.830		01/17/45		1,580
			Series - 2012 A (Class A2)
	2,136,944	i	Soundview Home Equity Loan Trust		0.452		11/25/35		2,114
			Series - 2005 OPT3 (Class A4)
	243,225	i	Structured Asset Investment Loan Trust		0.752		05/25/35		243
			Series - 2005 4 (Class M1)
	7,920,959	g,i	Structured Asset Securities Corp		0.372		10/25/36		7,679
			Series - 2006 GEL4 (Class A2)
	40,000,000		Toyota Auto Receivables Owner Trust		0.400		12/15/16		40,001
			Series - 2014 B (Class A2)

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	13,500,000	g	Volvo Financial Equipment LLC		0.540	%	11/15/16	$	13,502
			Series - 2014 1A (Class A2)
	10,000,000	g	Volvo Financial Equipment LLC		0.740		03/15/17		10,019
			Series - 2013 1A (Class A3)
	8,585,000	g	Vornado DP LLC		5.280		09/13/28		9,621
			Series - 2010 VNO (Class C)
	836,811	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		844
			Series - 2006 N1 (Class N1)
	1,585,467	g,i	Wachovia Loan Trust		0.512		05/25/35		1,500
			Series - 2005 SD1 (Class A)
	1,071,858	i	Wells Fargo Home Equity Trust		0.292		07/25/36		1,063
			Series - 2006 2 (Class A3)
	9,007,000		World Financial Network Credit Card Master Trust		5.200		04/15/19		9,337
			Series - 2010 A (Class M)
	18,900,000		World Financial Network Credit Card Master Trust		0.910		03/16/20		18,940
			Series - 2013 B (Class A)
			TOTAL ASSET BACKED						1,487,090
OTHER MORTGAGE BACKED - 3.4%
	12,500,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		13,158
			Series - 2007 1 (Class AM)
	14,549,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		15,424
			Series - 2007 1 (Class AMFX)
	12,765,000	i	Bear Stearns Commercial Mortgage Securities		6.146		09/11/42		13,987
			Series - 2007 T28 (Class AJ)
	2,010,000		Bear Stearns Commercial Mortgage Securities		5.363		02/11/44		2,118
			Series - 2007 PW15 (Class AM)
	31,485,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		34,709
			Series - 2007 C3 (Class AM)
	9,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		9,767
			Series - 2007 C3 (Class AJ)
	15,000,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		16,508
			Series - 2007 C2 (Class AMFX)
	2,885,270		Countrywide Alternative Loan Trust		5.500		08/25/16		2,975
			Series - 2004 30CB (Class 1A15)
	2,000,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		2,060
			Series - 2005 C5 (Class B)
	990,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		1,017
			Series - 2005 C5 (Class C)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		12,864
			Series - 2006 OMA (Class D)
	10,735,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		11,547
			Series - 2006 C4 (Class AM)
	11,235,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		11,706
			Series - 2009 RR1 (Class A3C)
	14,500,000	i	GS Mortgage Securities Corp II		5.622		04/10/38		15,462
			Series - 2006 GG6 (Class AM)
	5,910,000	g,i	GS Mortgage Securities Corp II		5.398		12/10/43		6,607
			Series - 2010 C2 (Class B)
	17,954,883	g	GS Mortgage Securities Trust		2.059		04/10/31		17,526
			Series - 2013 G1 (Class A1)
	4,303,852	i	HarborView Mortgage Loan Trust		0.375		07/19/47		3,755
			Series - 2007 4 (Class 2A1)

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,148,933	i	Impac CMB Trust		0.812	%	03/25/35	$	1,980
			Series - 2004 11 (Class 2A1)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.439		07/15/46		7,197
			Series - 2011 C4 (Class C)
	7,965,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		8,061
			Series - 2005 LDP2 (Class C)
	59,379,426		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		62,972
			Series - 2006 LDP9 (Class A1A)
	2,000,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,244
			Series - 2007 LD12 (Class AM)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		834
			Series - 2007 C6 (Class AM)
	3,675,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		3,819
			Series - 2005 C5 (Class AJ)
	12,000,000	i	Merrill Lynch Mortgage Trust		5.457		11/12/37		12,202
			Series - 2005 CKI1 (Class B)
	2,210,442	g,i	Merrill Lynch Mortgage Trust		6.470		02/12/51		2,460
			Series - 0 C1 (Class AJAF)
	2,205,000	i	Merrill Lynch Mortgage Trust		6.470		02/12/51		2,456
			Series - 0 C1 (Class AJA)
	2,265,000	g,i	Morgan Stanley Capital I		5.984		08/12/41		2,423
			Series - 2006 T23 (Class B)
	3,570,000	i	Morgan Stanley Capital I		5.831		06/11/42		3,918
			Series - 2007 T27 (Class AJ)
	12,300,000	i	Morgan Stanley Capital I		5.793		07/12/44		13,239
			Series - 2006 HQ9 (Class AJ)
	3,550,000	g,i	Morgan Stanley Capital I		5.419		09/15/47		3,829
			Series - 2011 C1 (Class D)
	4,700,000	i	Morgan Stanley Capital I Trust		5.389		11/12/41		4,885
			Series - 2006 HQ10 (Class AJ)
	2,000,000	i	Morgan Stanley Capital I Trust		4.840		12/13/41		2,035
			Series - 2005 T17 (Class AJ)
	1,148,036		Residential Accredit Loans, Inc		4.350		03/25/34		1,182
			Series - 2004 QS4 (Class A1)
	1,162,187		RFMSI Trust		5.500		03/25/35		1,189
			Series - 2005 S2 (Class A6)
	2,415,191	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		2,460
			Series - 2012 1A (Class A)
	2,694,115	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		2,728
			Series - 0 2A (Class A)
	38,625,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		42,017
			Series - 2007 C30 (Class AM)
	32,910,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		36,476
			Series - 2007 C34 (Class AM)
	5,000,000	i	Wachovia Bank Commercial Mortgage Trust		6.163		05/15/46		5,258
			Series - 2007 C34 (Class AJ)
	7,175,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		7,859
			Series - 2007 C31 (Class AM)
	8,850,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		9,061
			Series - 2007 C32 (Class AJ)
	2,794,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		2,348
			Series - 2007 C32 (Class B)
	4,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		5,018
			Series - 2007 C33 (Class AM)

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,403,071	i	WaMu Mortgage Pass-Through Certificates		0.502	%	12/25/45	$	6,849
			Series - 2005 AR19 (Class A1B3)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		5,308
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED						453,497
			TOTAL STRUCTURED ASSETS						1,940,587
			(Cost $1,928,388)
			TOTAL BONDS						13,005,915
			(Cost $12,724,050)
	SHARES		COMPANY
PREFERRED STOCKS - 0.2%
BANKS - 0.2%
	470,597	*	Federal Home Loan Mortgage Corp		8.375		12/30/49		5,134
	1,527,061	*	Federal National Mortgage Association		8.250		12/30/49		15,805
			TOTAL BANKS						20,939
			TOTAL PREFERRED STOCKS						20,939
			(Cost $49,941)
	PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 17.2%
CERTIFICATE OF DEPOSIT - 0.2%
$	25,000,000		Bank of Nova Scotia		0.140		07/02/14		25,000
			TOTAL CERTIFICATE OF DEPOSIT						25,000
GOVERNMENT AGENCY DEBT - 1.3%
	55,000,000	w	Federal Home Loan Bank (FHLB)		0.078-0.080		09/10/14		54,996
	47,000,000	w	FHLB		0.077		11/05/14		46,990
	20,000,000	w	Federal Home Loan Mortgage Corp (FHLMC)		0.090		09/05/14		19,999
	20,200,000	w	Federal National Mortgage Association (FNMA)		0.088		08/25/14		20,197
	25,900,000		FNMA		0.065		09/08/14		25,898
			TOTAL GOVERNMENT AGENCY DEBT						168,080
TREASURY DEBT - 15.7%
	9,800,000	w	United States Treasury Bill		0.060		07/17/14		9,800
	339,200,000	w	United States Treasury Bill		0.056-0.120		07/24/14		339,179
	64,300,000	w	United States Treasury Bill		0.050		08/14/14		64,296
	691,950,000	w	United States Treasury Bill		0.060-0.135		08/21/14		691,840
	49,000,000	w	United States Treasury Bill		0.102		10/16/14		48,994
	30,000,000	w	United States Treasury Bill		0.073		11/13/14		29,994
	35,000,000	w	United States Treasury Bill		0.046		11/20/14		34,993
	55,000,000	w	United States Treasury Bill		0.033-0.056		12/18/14		54,987
	75,000,000	w	United States Treasury Bill		0.050-0.100		02/05/15		74,976
	149,000,000	w	United States Treasury Bill		0.083-0.110		03/05/15		148,941
	21,600,000	w	United States Treasury Bill		0.087-0.108		04/02/15		21,590
	312,800,000	w	United States Treasury Bill		0.078-0.100		04/30/15		312,622
	121,800,000	w	United States Treasury Bill		0.091-0.095		05/28/15		121,697
	121,000,000		United States Treasury Bill		0.096-0.101		06/25/15		120,873

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	37,250,000	w	United States Treasury Note		2.125	%	05/31/15	$	37,925
			TOTAL TREASURY DEBT						2,112,707
			TOTAL SHORT-TERM INVESTMENTS						2,305,787
			(Cost $2,305,676)
			TOTAL INVESTMENTS - 114.6%						15,374,491
			(Cost $15,121,321)
			OTHER ASSETS & LIABILITIES, NET - (14.6)%						(1,961,952	)
			NET ASSETS - 100.0%					$	13,412,539

*	Non-income producing.
^	Amount represents less than $1,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2014, the aggregate value of these securities was $2,070,817,000, or 15.4% 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.
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.

347

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2014

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 99.5%
U.S. TREASURY SECURITIES - 99.5%
			United States Treasury Bond
$	10,000,000		3.625%, 02/15/44	$	10,553
		k	United States Treasury Inflation Indexed Bonds
	170,129,124		1.875%, 07/15/15		176,695
	183,268,404		2.000%, 01/15/16		193,219
	401,001,128		0.125%, 04/15/16		411,527
	194,348,624		2.500%, 07/15/16		210,899
	176,327,726		2.375%, 01/15/17		192,900
	477,909,252		0.125%, 04/15/17		494,337
	144,910,591		2.625%, 07/15/17		162,221
	167,518,575		1.625%, 01/15/18		182,713
	256,365,000		0.125%, 04/15/18		264,817
	149,061,012		1.375%, 07/15/18		162,872
	146,290,600		2.125%, 01/15/19		164,760
	141,629,600		0.125%, 04/15/19		145,834
	145,434,890		1.875%, 07/15/19		163,705
	223,951,617		1.375%, 01/15/20		245,647
	289,810,812		1.250%, 07/15/20		317,592
	360,783,772		1.125%, 01/15/21		390,802
	342,656,892		0.625%, 07/15/21		360,941
	341,405,374		0.125%, 01/15/22		343,673
	398,919,600		0.125%, 07/15/22		401,631
	270,090,480		0.125%, 01/15/23		269,162
	51,948,600		0.375%, 07/15/23		52,955
	77,463,900		0.625%, 01/15/24		80,272
	248,695,066		2.375%, 01/15/25		301,290
	212,977,114		2.000%, 01/15/26		250,930
	160,096,290		2.375%, 01/15/27		196,456
	197,899,350		1.750%, 01/15/28		227,832
	139,268,640		3.625%, 04/15/28		195,585
	179,854,632		2.500%, 01/15/29		226,926
	168,836,755		3.875%, 04/15/29		246,818
	55,101,492		3.375%, 04/15/32		79,566
	86,257,815		2.125%, 02/15/40		109,743
	103,265,730		2.125%, 02/15/41		132,422
	225,861,298		0.750%, 02/15/42		212,610
	117,537,420		0.625%, 02/15/43		106,702
	48,822,600		1.375%, 02/15/44		53,697
			TOTAL U.S. TREASURY SECURITIES		7,740,304
			TOTAL GOVERNMENT BONDS (Cost $7,196,871)		7,740,304
			TOTAL INVESTMENTS - 99.5%		7,740,304
			(Cost $7,196,871)

348

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL	ISSUER	VALUE (000)
	OTHER ASSETS AND LIABILITIES, NET - 0.5%	$	40,604
	NET ASSETS - 100.0%	$	7,780,908

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

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.2%
CONSUMER DURABLES & APPAREL - 0.0%
$	1,100,000	i	Libbey Glass, Inc		3.750	%	04/09/21	$	1,099
			TOTAL CONSUMER DURABLES & APPAREL						1,099
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	8,050,000	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		8,083
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						8,083
MEDIA - 0.1%
	9,750,000	i	Virgin Media Investment Holdings Ltd		3.500		06/08/20		9,717
			TOTAL MEDIA						9,717
UTILITIES - 0.1%
	11,404,090	i	ExGen Renewables I LLC		5.250		02/06/21		11,561
			TOTAL UTILITIES						11,561
			TOTAL BANK LOAN OBLIGATIONS						30,460
			(Cost $30,188)
BONDS - 38.4%
CORPORATE BONDS - 13.6%
AUTOMOBILES & COMPONENTS - 0.2%
	10,000,000		Ford Motor Co		4.750		01/15/43		10,110
	4,500,000		Johnson Controls, Inc		2.600		12/01/16		4,663
	3,250,000		Johnson Controls, Inc		5.000		03/30/20		3,618
	6,675,000		Magna International, Inc		3.625		06/15/24		6,729
			TOTAL AUTOMOBILES & COMPONENTS						25,120
BANKS - 3.5%
	9,800,000	g	Bank of Nova Scotia		2.150		08/03/16		10,086
	9,750,000	g,i	Bank of Tokyo-Mitsubishi UFJ Ltd		0.677		02/26/16		9,773
	19,500,000		BB&T Corp		2.150		03/22/17		19,958
	7,375,000		BB&T Corp		1.600		08/15/17		7,442
	11,500,000	i	BOKF NA		0.914		05/15/17		11,448
	7,000,000	e,g	Canadian Imperial Bank of Commerce		2.750		01/27/16		7,244
	9,250,000		Capital One Bank USA NA		1.500		03/22/18		9,164
	6,000,000		Capital One Bank USA NA		3.375		02/15/23		5,959
	9,250,000	i	Capital One NA		0.680		03/22/16		9,271
	10,000,000	i	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		0.711		03/18/16		10,057
	7,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		7,023
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,142

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	7,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625	%	12/01/23	$	7,399
	19,250,000		Discover Bank		2.000		02/21/18		19,365
	11,000,000		Discover Bank		4.200		08/08/23		11,607
	13,255,000		First Niagara Financial Group, Inc		6.750		03/19/20		15,322
	16,175,000		HSBC Holdings plc		4.250		03/14/24		16,646
	6,350,000		HSBC Holdings plc		5.250		03/14/44		6,800
	9,750,000		HSBC USA, Inc		1.625		01/16/18		9,772
	10,000,000	e	Huntington Bancshares, Inc		2.600		08/02/18		10,170
	7,325,000		Huntington National Bank		1.350		08/02/16		7,376
	14,000,000		Huntington National Bank		1.375		04/24/17		14,037
	19,000,000		Intesa Sanpaolo S.p.A		2.375		01/13/17		19,287
	11,500,000	g	Intesa Sanpaolo S.p.A		5.017		06/26/24		11,636
	9,913,000		Manufacturers & Traders Trust Co		6.625		12/04/17		11,535
	18,000,000		Manufacturers & Traders Trust Co		1.450		03/07/18		17,866
	4,644,000	i	Manufacturers & Traders Trust Co		5.585		12/28/20		4,841
	6,076,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		6,319
	7,450,000	g	Mizuho Corporate Bank Ltd		1.850		03/21/18		7,479
	9,900,000		People’s United Financial, Inc		3.650		12/06/22		9,924
	9,725,000		PNC Bank NA		2.200		01/28/19		9,821
	4,150,000		PNC Bank NA		2.700		11/01/22		4,000
	8,245,000		PNC Bank NA		2.950		01/30/23		8,069
	5,000,000		PNC Funding Corp		3.625		02/08/15		5,096
	12,000,000		Regions Financial Corp		2.000		05/15/18		11,958
	10,000,000		Royal Bank of Canada		1.125		07/22/16		10,080
	11,500,000		Royal Bank of Canada		1.200		09/19/17		11,470
	9,750,000		Royal Bank of Canada		1.500		01/16/18		9,783
	10,000,000		Royal Bank of Canada		2.200		07/27/18		10,212
	9,750,000	g	Skandinaviska Enskilda Banken AB		1.750		03/19/18		9,739
	14,500,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,396
	4,610,000	i	State Street Bank and Trust Co		0.431		12/08/15		4,607
	6,744,000	e	SVB Financial Group		5.375		09/15/20		7,632
	9,250,000	g	Toronto-Dominion Bank		1.625		09/14/16		9,420
	14,500,000	i	Toronto-Dominion Bank		0.775		04/30/18		14,605
	5,000,000		US Bancorp		2.875		11/20/14		5,052
	10,250,000		US Bancorp		2.950		07/15/22		10,094
	3,750,000	i	US Bank NA		0.507		10/14/14		3,753
	3,000,000		US Bank NA		4.950		10/30/14		3,046
	5,000,000	g	Westpac Banking Corp		1.850		11/26/18		5,004
			TOTAL BANKS						489,785
CAPITAL GOODS - 0.7%
	2,500,000		3M Co		6.375		02/15/28		3,284
	9,500,000		Eaton Corp		0.950		11/02/15		9,542
	2,500,000		Eaton Corp		4.000		11/02/32		2,502
	4,600,000		Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		4,839
	4,725,000		John Deere Capital Corp		0.875		04/17/15		4,748
	10,000,000	e	John Deere Capital Corp		1.950		03/04/19		10,004
	3,150,000		Masco Corp		7.125		03/15/20		3,707
	5,155,000		Pall Corp		5.000		06/15/20		5,657
	15,000,000		Pentair Finance S.A.		1.350		12/01/15		15,116
	6,980,000		Pentair Finance S.A.		2.650		12/01/19		6,994
	9,750,000		Precision Castparts Corp		0.700		12/20/15		9,771
	9,250,000		Precision Castparts Corp		2.500		01/15/23		8,859

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,300,000		Rockwell Collins, Inc		3.100	%	11/15/21	$	3,318
	6,125,000		Rockwell Collins, Inc		3.700		12/15/23		6,350
	5,000,000		Timken Co		6.000		09/15/14		5,051
			TOTAL CAPITAL GOODS						99,742
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	9,075,000		Air Lease Corp		3.875		04/01/21		9,257
	4,750,000		Waste Management, Inc		2.600		09/01/16		4,914
	2,730,000		Waste Management, Inc		4.600		03/01/21		3,020
	10,000,000		Waste Management, Inc		3.500		05/15/24		10,060
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						27,251
CONSUMER DURABLES & APPAREL - 0.1%
	1,450,000		Mohawk Industries, Inc		3.850		02/01/23		1,444
	10,825,000		Whirlpool Corp		5.150		03/01/43		11,517
			TOTAL CONSUMER DURABLES & APPAREL						12,961
CONSUMER SERVICES - 0.3%
	4,000,000		American National Red Cross		5.567		11/15/17		4,255
	5,000,000		Andrew W Mellon Foundation		3.950		08/01/14		5,015
	1,250,000		McDonald’s Corp		5.000		02/01/19		1,419
	7,550,000		Nature Conservancy		6.300		07/01/19		8,661
	5,145,000		Salvation Army		5.637		09/01/26		5,614
	2,275,000		Service Corp International		5.375		01/15/22		2,355
	13,625,000	g	Service Corp International		5.375		05/15/24		13,931
			TOTAL CONSUMER SERVICES						41,250
DIVERSIFIED FINANCIALS - 1.9%
	5,000,000	i	American Express Centurion Bank		0.674		11/13/15		5,022
	9,000,000		American Express Credit Corp		2.125		07/27/18		9,145
	24,000,000		Bank of America Corp		1.350		11/21/16		24,071
	5,000,000		Bank of New York Mellon Corp		3.100		01/15/15		5,075
	4,750,000		Bank of New York Mellon Corp		1.200		02/20/15		4,774
	5,000,000		Bank of New York Mellon Corp		2.950		06/18/15		5,127
	19,750,000	i	Bank of New York Mellon Corp		0.456		10/23/15		19,787
	5,450,000	i	Bank of New York Mellon Corp		1.969		06/20/17		5,568
	15,000,000		Bank of New York Mellon Corp		1.300		01/25/18		14,855
	14,250,000	i	Bank of New York Mellon Corp		0.670		03/06/18		14,298
	2,675,000		Bank of New York Mellon Corp		5.450		05/15/19		3,082
	2,850,000		BlackRock, Inc		1.375		06/01/15		2,879
	4,000,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		4,134
	14,750,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		14,988
	9,000,000		Capital One Financial Corp		2.150		03/23/15		9,109
	12,425,000		Capital One Financial Corp		1.000		11/06/15		12,459
	9,000,000		CIT Group, Inc		3.875		02/19/19		9,140
	9,500,000	e,g	EDP Finance BV		5.250		01/14/21		10,070
	5,000,000		Ford Motor Credit Co LLC		3.875		01/15/15		5,090
	5,900,000		Ford Motor Credit Co LLC		7.000		04/15/15		6,196
	11,000,000	i	Ford Motor Credit Co LLC		1.474		05/09/16		11,162
	9,000,000		Ford Motor Credit Co LLC		2.375		01/16/18		9,194
	7,900,000		Ford Motor Credit Co LLC		2.375		03/12/19		7,938
	5,000,000		John Deere Capital Corp		1.250		12/02/14		5,021
	7,000,000		John Deere Capital Corp		0.700		09/04/15		7,023

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,200,000		Legg Mason, Inc		2.700	%	07/15/19	$	1,208
	2,300,000	e	Legg Mason, Inc		3.950		07/15/24		2,322
	9,750,000	g	RCI Banque S.A.		3.500		04/03/18		10,165
	4,900,000		State Street Corp		1.350		05/15/18		4,845
	8,300,000		State Street Corp		3.100		05/15/23		8,151
			TOTAL DIVERSIFIED FINANCIALS						251,898
ENERGY - 0.8%
	5,000,000		Apache Corp		4.750		04/15/43		5,240
	4,000,000		Cimarex Energy Co		4.375		06/01/24		4,075
	4,145,000		Continental Resources, Inc		5.000		09/15/22		4,508
	2,500,000		Devon Energy Corp		6.300		01/15/19		2,935
	3,000,000		EOG Resources, Inc		4.100		02/01/21		3,267
	5,650,000		Hess Corp		3.500		07/15/24		5,661
	3,000,000		Hess Corp		5.600		02/15/41		3,488
	1,526,000		Marathon Oil Corp		5.900		03/15/18		1,747
	3,025,000		National Oilwell Varco, Inc		1.350		12/01/17		3,026
	2,500,000		Noble Energy, Inc		8.250		03/01/19		3,152
	9,886,000		Noble Holding International Ltd		2.500		03/15/17		10,114
	2,150,000	e	Noble Holding International Ltd		3.950		03/15/22		2,202
	2,150,000	g	Northern Natural Gas Co		4.100		09/15/42		2,036
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,641
	6,975,000		Statoil ASA		1.200		01/17/18		6,925
	9,000,000	i	Statoil ASA		0.514		05/15/18		9,004
	9,000,000		Statoil ASA		2.900		11/08/20		9,253
	9,500,000	e	Statoil ASA		2.650		01/15/24		9,130
	4,000,000		Statoil ASA		3.950		05/15/43		3,859
	12,150,000	g	Texas Eastern Transmission LP		2.800		10/15/22		11,454
	6,175,000		Weatherford International Ltd		4.500		04/15/22		6,565
			TOTAL ENERGY						113,282
FOOD & STAPLES RETAILING - 0.2%
	7,650,000		Kroger Co		1.200		10/17/16		7,675
	3,000,000		Kroger Co		2.200		01/15/17		3,078
	8,000,000		Kroger Co		2.300		01/15/19		8,082
	7,250,000		Safeway, Inc		3.400		12/01/16		7,629
			TOTAL FOOD & STAPLES RETAILING						26,464
FOOD, BEVERAGE & TOBACCO - 0.2%
	4,678,000		Kellogg Co		4.000		12/15/20		4,948
	14,000,000	i	Mondelez International, Inc		0.745		02/01/19		13,969
	5,000,000		PepsiCo, Inc		1.250		08/13/17		5,016
	428,000		PepsiCo, Inc		7.900		11/01/18		533
			TOTAL FOOD, BEVERAGE & TOBACCO						24,466
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	4,000,000		Becton Dickinson & Co		5.000		05/15/19		4,530
	2,000,000		Becton Dickinson & Co		6.000		05/15/39		2,516
	9,750,000		Laboratory Corp of America Holdings		2.500		11/01/18		9,935
	3,500,000	g	LifePoint Hospitals, Inc		5.500		12/01/21		3,666
	3,500,000		Medtronic, Inc		4.750		09/15/15		3,682
	2,500,000		Medtronic, Inc		6.500		03/15/39		3,241
	5,000,000		Providence Health & Services		5.050		10/01/14		5,051

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,000,000		Thermo Fisher Scientific, Inc		1.300	%	02/01/17	$	5,008
	5,200,000		Thermo Fisher Scientific, Inc		4.150		02/01/24		5,438
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						43,067
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	3,750,000		Clorox Co		3.800		11/15/21		3,928
	4,500,000		Colgate-Palmolive Co		2.300		05/03/22		4,368
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						8,296
INSURANCE - 0.3%
	5,000,000		Berkshire Hathaway Finance Corp		0.950		08/15/16		5,027
	4,750,000	i	Berkshire Hathaway, Inc		0.924		08/15/14		4,754
	3,100,000		Progressive Corp		3.750		08/23/21		3,304
	19,950,000	i	Prudential Financial, Inc		5.200		03/15/44		20,349
	6,555,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		6,274
	3,750,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		3,612
	2,000,000		Travelers Cos, Inc		5.900		06/02/19		2,347
			TOTAL INSURANCE						45,667
MATERIALS - 0.7%
	4,405,000		Agrium, Inc		3.150		10/01/22		4,318
	3,335,000		Air Products & Chemicals, Inc		4.375		08/21/19		3,684
	1,000,000	e	Ball Corp		6.750		09/15/20		1,066
	2,275,000		Ball Corp		5.000		03/15/22		2,332
	8,930,000		Ball Corp		4.000		11/15/23		8,506
	4,000,000		Bemis Co, Inc		6.800		08/01/19		4,786
	5,750,000		Domtar Corp		4.400		04/01/22		5,920
	2,300,000		Eastman Chemical Co		5.500		11/15/19		2,609
	2,000,000		International Paper Co		5.300		04/01/15		2,071
	5,000,000		International Paper Co		6.000		11/15/41		5,892
	4,000,000		International Paper Co		4.800		06/15/44		4,032
	5,000,000		MeadWestvaco Corp		7.375		09/01/19		6,051
	14,500,000	e	Nucor Corp		4.000		08/01/23		15,023
	4,750,000		Praxair, Inc		1.050		11/07/17		4,717
	4,000,000		Praxair, Inc		2.450		02/15/22		3,876
	13,815,000		Rock Tenn Co		3.500		03/01/20		14,216
	8,000,000		Sherwin-Williams Co		1.350		12/15/17		8,010
			TOTAL MATERIALS						97,109
MEDIA - 0.1%
	3,500,000		Time Warner Cable, Inc		3.500		02/01/15		3,561
	7,225,000		Time Warner Cable, Inc		8.250		04/01/19		9,155
	5,500,000		Time Warner Cable, Inc		4.500		09/15/42		5,354
			TOTAL MEDIA						18,070
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	9,500,000	i	AbbVie, Inc		0.983		11/06/15		9,579
	11,425,000		AbbVie, Inc		1.750		11/06/17		11,487
	12,733,000		Bristol-Myers Squibb Co		3.250		08/01/42		10,547
	2,250,000		Gilead Sciences, Inc		4.400		12/01/21		2,471
	4,600,000		Johnson & Johnson		2.150		05/15/16		4,738
	14,500,000		Johnson & Johnson		0.700		11/28/16		14,529

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	15,300,000		Johnson & Johnson		4.375	%	12/05/33	$	16,458
	10,065,000		Johnson & Johnson		4.500		09/01/40		10,851
	8,080,000		Life Technologies Corp		3.500		01/15/16		8,394
	6,000,000		Mead Johnson Nutrition Co		4.600		06/01/44		6,048
	5,000,000		Merck & Co, Inc		2.250		01/15/16		5,137
	9,000,000	i	Merck & Co, Inc		0.586		05/18/18		9,031
	9,545,000		Merck & Co, Inc		3.600		09/15/42		8,553
	5,750,000	g	Valeant Pharmaceuticals International, Inc		6.750		08/15/18		6,196
	4,750,000	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		5,047
	475,000	g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		489
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						129,555
REAL ESTATE - 0.6%
	8,325,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		8,577
	8,907,000		Equity One, Inc		3.750		11/15/22		8,827
	1,400,000		Federal Realty Investment Trust		5.900		04/01/20		1,640
	10,100,000	e	Federal Realty Investment Trust		2.750		06/01/23		9,669
	3,400,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,845
	3,400,000		Kilroy Realty LP		5.000		11/03/15		3,588
	10,050,000		Kilroy Realty LP		3.800		01/15/23		10,138
	3,900,000		Mid-America Apartments LP		4.300		10/15/23		4,083
	9,150,000		Mid-America Apartments LP		3.750		06/15/24		9,115
	13,750,000		Regency Centers LP		3.750		06/15/24		13,798
	10,432,000		Ventas Realty LP		3.125		11/30/15		10,768
	2,400,000		Ventas Realty LP		3.250		08/15/22		2,373
			TOTAL REAL ESTATE						86,421
RETAILING - 0.0%
	5,000,000		AutoZone, Inc		5.750		01/15/15		5,140
			TOTAL RETAILING						5,140
SOFTWARE & SERVICES - 0.1%
	5,000,000		Adobe Systems, Inc		3.250		02/01/15		5,078
	9,750,000		International Business Machines Corp		0.550		02/06/15		9,770
			TOTAL SOFTWARE & SERVICES						14,848
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	3,375,000		CC Holdings GS V LLC		2.381		12/15/17		3,437
	19,000,000	i	Hewlett-Packard Co		1.167		01/14/19		19,151
	4,000,000		Xerox Corp		2.950		03/15/17		4,176
	9,000,000		Xerox Corp		2.750		03/15/19		9,167
	15,500,000		Xerox Corp		2.800		05/15/20		15,475
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						51,406
TELECOMMUNICATION SERVICES - 0.3%
	3,400,000		CenturyLink, Inc		6.750		12/01/23		3,714
	12,825,000	g	Sprint Corp		7.250		09/15/21		14,140
	3,235,000		Sprint Nextel Corp		6.000		12/01/16		3,522
	19,000,000		Verizon Communications, Inc		1.350		06/09/17		18,994
	9,750,000		Vodafone Group plc		1.500		02/19/18		9,685
			TOTAL TELECOMMUNICATION SERVICES						50,055

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
TRANSPORTATION - 0.4%
$	4,600,000		Burlington Northern Santa Fe LLC		5.050	%	03/01/41	$	4,983
	2,100,000		Burlington Northern Santa Fe LLC		4.950		09/15/41		2,256
	6,500,000		CSX Corp		4.100		03/15/44		6,127
	2,545,000		GATX Corp		2.500		07/30/19		2,561
	7,250,000		GATX Corp		5.200		03/15/44		7,726
	2,500,000		Norfolk Southern Corp		5.750		01/15/16		2,686
	5,000,000		Norfolk Southern Corp		3.250		12/01/21		5,127
	12,775,000		Norfolk Southern Corp		3.000		04/01/22		12,774
	6,894,000		Norfolk Southern Corp		2.903		02/15/23		6,712
	475,000		Norfolk Southern Corp		5.590		05/17/25		540
	6,900,000		Ryder System, Inc		2.550		06/01/19		6,985
	1,360,000	i	United Parcel Service of America, Inc (Step Bond 8.375% until 04/01/20, 7.620% until 04/01/30)		8.375		04/01/30		1,987
	3,650,000		United Parcel Service, Inc		1.125		10/01/17		3,648
			TOTAL TRANSPORTATION						64,112
UTILITIES - 1.4%
	1,667,000		Arizona Public Service Co		5.050		09/01/41		1,878
	2,000,000		Atmos Energy Corp		8.500		03/15/19		2,558
	1,200,000		Connecticut Light & Power Co		5.500		02/01/19		1,370
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,391
	1,785,523	g	Great River Energy		5.829		07/01/17		1,942
	3,375,000	g	International Transmission Co		4.625		08/15/43		3,638
	7,250,000		ITC Holdings Corp		5.300		07/01/43		7,984
	9,250,000	g	Narragansett Electric Co		4.170		12/10/42		9,084
	9,500,000		Nevada Power Co		5.875		01/15/15		9,780
	9,450,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		9,639
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		9,385
	14,150,000		NiSource Finance Corp		4.800		02/15/44		14,306
	6,000,000		Northeast Utilities		1.450		05/01/18		5,892
	9,750,000		Northern States Power Co		2.600		05/15/23		9,407
	1,500,000		Northwest Natural Gas Co		5.620		11/21/23		1,760
	14,000,000	i	NSTAR Electric Co		0.466		05/17/16		13,982
	15,000,000	e	PacifiCorp		3.600		04/01/24		15,554
	630,000		Public Service Co of Colorado		4.750		08/15/41		693
	5,000,000		Public Service Co of New Hampshire		3.500		11/01/23		5,154
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,622
	620,000		San Diego Gas & Electric Co		6.000		06/01/39		796
	10,000,000		Sempra Energy		2.300		04/01/17		10,265
	8,300,000		Sempra Energy		3.550		06/15/24		8,358
	8,875,000		Sierra Pacific Power Co		3.375		08/15/23		9,070
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		5,193
	17,250,000	g	Topaz Solar Farms LLC		4.875		09/30/39		17,610
	14,500,000	g	Topaz Solar Farms LLC		5.750		09/30/39		15,850
	5,000,000		Washington Gas Light Co		5.440		08/11/25		5,501
			TOTAL UTILITIES						204,662
			TOTAL CORPORATE BONDS						1,930,627
			(Cost $1,882,995)

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 22.9%
AGENCY SECURITIES - 4.2%
$	6,660,503		Cal Dive I- Title XI, Inc		4.930	%	02/01/27	$	7,237
	6,760,005		COP I LLC		3.613		12/05/21		7,267
	5,500,000		Federal Home Loan Bank (FHLB)		5.000		11/17/17		6,205
	17,166,667		FHLB		2.350		08/08/22		16,449
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		4,990
	10,000,000		Federal National Mortgage Association (FNMA)		2.625		11/20/14		10,097
	6,400,000		FNMA		1.125		04/27/17		6,432
	9,063,785		Gate Capital Cayman One Ltd		1.839		03/27/21		9,079
	6,516,071		Gate Capital Cayman Two		3.550		06/11/21		6,909
	1,096,000	j	Government Trust Certificate		0.000		04/01/19		994
	5,000,000	j	Government Trust Certificate		0.000		04/01/21		4,073
	33,000,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		33,422
	9,750,000	i	India Government AID Bond		0.325		02/01/27		9,305
	8,250,000		Lutheran Medical Center		1.982		02/20/30		7,773
	13,550,000		Micron Semiconductor Asia Pte Ltd		1.258		01/15/19		13,548
	4,400,000	g	Montefiore Medical Center		3.896		05/20/27		4,647
	459,349		National Credit Union Administration		1.840		10/07/20		464
	2,800,000	j	Overseas Private Investment Corp (OPIC)		0.000		07/12/14		2,838
	3,850,000	j	OPIC		0.000		07/12/14		4,132
	2,750,000	j	OPIC		0.000		04/30/15		2,787
	14,500,000	j	OPIC		0.000		11/17/16		15,131
	12,750,000	j	OPIC		0.000		11/17/16		13,490
	13,000,000	j	OPIC		0.000		11/17/17		13,153
	3,000,000	j	OPIC		0.000		04/30/18		3,104
	10,350,070		OPIC		1.030		04/15/19		10,270
	1,964,286		OPIC		1.300		06/15/19		1,944
	4,250,000	j	OPIC		0.000		11/13/19		4,277
	3,131,148		OPIC		5.142		12/15/23		3,499
	5,508,102		OPIC		2.290		09/15/26		5,439
	3,034,373		OPIC		2.040		12/15/26		2,995
	8,053,179		OPIC		4.440		02/27/27		8,899
	2,500,000		OPIC		2.610		04/15/30		2,335
	4,655,000		OPIC		2.930		05/15/30		4,518
	7,693,000		OPIC		3.040		05/15/30		7,672
	9,411,778		OPIC		3.540		06/15/30		9,764
	2,310,017		OPIC		2.310		11/15/30		2,125
	24,134,328		OPIC		3.370		12/15/30		24,690
	23,250,000		OPIC		3.820		12/20/32		24,142
	15,000,000		OPIC		3.938		12/20/32		15,618
	21,000,000		OPIC		3.430		06/01/33		21,215
	5,037,325		Premier Aircraft Leasing		3.576		02/06/22		5,345
	1,050,000		Private Export Funding Corp (PEFCO)		4.550		05/15/15		1,089
	9,750,000		PEFCO		2.125		07/15/16		10,039
	11,750,000		PEFCO		1.375		02/15/17		11,906
	8,000,000		PEFCO		2.250		12/15/17		8,264
	5,000,000		PEFCO		4.375		03/15/19		5,604
	14,000,000		PEFCO		1.450		08/15/19		13,701
	17,500,000		PEFCO		4.300		12/15/21		19,501
	8,250,000		PEFCO		2.050		11/15/22		7,816
	3,456,125		Tayarra Ltd		3.628		02/15/22		3,674
	3,362,020		Tricahue Leasing LLC		3.503		11/19/21		3,559
	31,044,000	e	Tunisia Government AID Bonds		1.686		07/16/19		30,678

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	9,166,667		Ulani MSN 35940 LLC		2.227	%	05/16/25	$	9,065
	8,650,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		8,882
	9,000,000		US Department of Housing and Urban Development (HUD)		5.190		08/01/14		9,038
	1,900,000		HUD		2.200		08/01/15		1,941
	5,250,000		HUD		4.330		08/01/15		5,481
	3,894,000		HUD		2.910		08/01/17		4,115
	8,000,000		HUD		4.560		08/01/17		8,802
	10,750,000		HUD		1.770		08/01/18		10,858
	5,007,000		HUD		5.380		08/01/18		5,518
	750,000		HUD		2.050		08/01/19		763
	9,500,000		HUD		4.870		08/01/19		10,856
	13,967,000		HUD		4.960		08/01/20		16,065
	13,500,000		HUD		5.050		08/01/21		15,602
	3,217,000		HUD		2.910		08/01/23		3,228
	19,100,000		Hashemite Kingdom of Jordan Government AID Bond		1.945		06/23/19		19,136
	9,250,000		Ukraine Government AID Bonds		1.844		05/16/19		9,240
			TOTAL AGENCY SECURITIES						612,694
FOREIGN GOVERNMENT BONDS - 4.2%
	24,000,000		African Development Bank		0.750		10/18/16		24,047
	6,000,000	e,g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		5,940
	24,000,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		24,882
	6,300,000		Canada Government International Bond		0.875		02/14/17		6,315
	8,582,076	g	Carpintero Finance Ltd		2.004		09/18/24		8,404
	24,750,000		Council of Europe Development Bank		1.500		01/15/15		24,919
	14,250,000	e	Council of Europe Development Bank		1.000		03/07/18		14,109
	24,000,000		European Bank for Reconstruction & Development		1.625		04/10/18		24,270
	2,000,000		European Investment Bank		4.875		02/15/36		2,394
	33,225,000		Export Development Canada		0.875		01/30/17		33,299
	18,175,000		Export-Import Bank of Korea		1.750		02/27/18		18,056
	14,500,000		Hydro Quebec		2.000		06/30/16		14,887
	10,200,000		Hydro Quebec		1.375		06/19/17		10,286
	6,082,000		Hydro Quebec		8.400		01/15/22		8,055
	19,000,000	i	International Bank for Reconstruction & Development		0.168		07/22/15		18,988
	49,000,000		International Bank for Reconstruction & Development		0.375		08/24/15		49,080
	3,000,000		International Bank for Reconstruction & Development		2.000		10/20/16		3,092
	24,500,000		International Finance Corp		0.500		05/15/15		24,540
	24,000,000		International Finance Corp		0.500		05/16/16		23,981
	29,000,000	g,i	International Finance Facility for Immunisation		0.420		07/05/16		29,006
	2,850,000	e	Italy Government International Bond		5.375		06/12/17		3,161
	10,000,000		KFW		2.625		01/25/22		10,172
	19,000,000	g	Kommunalbanken AS.		0.750		11/21/16		18,964
	7,500,000	g	National Bank of Canada		2.200		10/19/16		7,743
	13,500,000		North American Development Bank		2.300		10/10/18		13,700
	23,425,000		North American Development Bank		2.400		10/26/22		22,304
	17,500,000	g	Province of Alberta Canada		1.000		06/21/17		17,525
	4,000,000		Province of British Columbia Canada		2.850		06/15/15		4,100
	5,000,000		Province of British Columbia Canada		1.200		04/25/17		5,038
	15,250,000	e	Province of Manitoba Canada		1.750		05/30/19		15,168
	15,000,000		Province of Manitoba Canada		2.100		09/06/22		14,325
	12,700,000		Province of Manitoba Canada		3.050		05/14/24		12,789
	10,000,000		Province of New Brunswick Canada		2.750		06/15/18		10,470
	5,000,000		Province of Nova Scotia Canada		2.375		07/21/15		5,110

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	8,100,000		Province of Ontario Canada		2.950	%	02/05/15	$	8,231
	9,450,000		Province of Ontario Canada		2.700		06/16/15		9,672
	15,000,000		Province of Ontario Canada		2.300		05/10/16		15,486
	9,500,000		Province of Ontario Canada		1.200		02/14/18		9,435
	5,000,000	e	Province of Ontario Canada		4.400		04/14/20		5,605
	10,000,000	e	Province of Quebec Canada		3.500		07/29/20		10,702
	5,000,000		Province of Quebec Canada		7.500		09/15/29		7,112
			TOTAL FOREIGN GOVERNMENT BONDS						595,362
MORTGAGE BACKED - 8.1%
	1,157,905	i	Federal Home Loan Mortgage Corp (FHLMC)		2.380		02/01/36		1,238
	2,895,925	i	FHLMC		2.435		07/01/36		3,089
	3,480,700	i	FHLMC		2.260		09/01/36		3,705
	723,692	i	FHLMC		2.367		09/01/36		767
	580,953	i	FHLMC		2.512		02/01/37		622
	2,857,589	i	FHLMC		2.454		03/01/37		3,046
	1,280,029	i	FHLMC		6.010		04/01/37		1,374
	1,369,673	i	FHLMC		2.617		08/01/37		1,422
	2,566,355	i	FHLMC		1.701		09/01/37		2,686
	11,416,187		FHLMC		3.500		04/15/40		11,937
	6,954,901		FHLMC		4.000		03/15/44		7,373
	56,916		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		59
	128,210		FGLMC		6.000		12/01/17		136
	1,815,275		FGLMC		4.500		01/01/19		1,946
	662,420		FGLMC		5.500		01/01/19		708
	625,902		FGLMC		5.000		02/01/19		667
	264,426		FGLMC		4.500		01/01/20		281
	82,748		FGLMC		4.500		07/01/20		89
	105,197		FGLMC		7.000		10/01/20		113
	2,072,019		FGLMC		4.500		06/01/21		2,202
	617,943		FGLMC		4.500		06/01/21		657
	338,239		FGLMC		4.500		03/01/23		364
	255,950		FGLMC		5.000		04/01/23		277
	9,273		FGLMC		7.000		05/01/23		11
	958,845		FGLMC		4.000		07/01/24		1,020
	314,969		FGLMC		4.500		09/01/24		339
	26,068		FGLMC		8.000		01/01/31		30
	724,509		FGLMC		4.500		07/01/33		787
	1,248,625		FGLMC		5.500		09/01/33		1,414
	1,157,243		FGLMC		5.500		09/01/33		1,304
	1,897,765		FGLMC		5.500		12/01/33		2,132
	4,245,125		FGLMC		7.000		12/01/33		4,921
	1,555,953		FGLMC		7.000		05/01/35		1,802
	228,897		FGLMC		5.000		02/01/36		254
	13,467		FGLMC		6.500		05/01/36		15
	1,106,827		FGLMC		5.000		07/01/39		1,225
	4,227,028		FGLMC		4.500		11/01/40		4,642
	4,863,749		FGLMC		4.500		12/01/40		5,332
	9,000,000	h	FGLMC		4.000		08/15/44		9,508
	485		Federal National Mortgage Association (FNMA)		8.500		11/01/14		0	^
	28,556		FNMA		6.500		10/01/16		29
	185,255		FNMA		6.500		04/01/17		195
	73,715		FNMA		6.500		02/01/18		78

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,488,845		FNMA		5.500	%	11/01/18	$	1,586
	1,007,321		FNMA		5.000		12/01/18		1,075
	982,698		FNMA		5.000		01/01/19		1,049
	32,749		FNMA		4.500		03/01/19		35
	133,075		FNMA		4.500		11/01/20		141
	921,631		FNMA		5.500		08/01/21		1,007
	351,024		FNMA		4.500		03/01/23		374
	14,094		FNMA		8.000		03/01/23		15
	949,893		FNMA		5.000		07/01/23		1,036
	553,157		FNMA		4.000		05/01/24		591
	39,260		FNMA		8.000		07/01/24		46
	777,612		FNMA		4.500		08/01/24		834
	3,019,420		FNMA		4.000		09/01/24		3,228
	5,787,024		FNMA		3.000		05/01/27		6,021
	15,000,000	h	FNMA		2.500		07/25/29		15,237
	28,000,000	g,h	FNMA		3.000		07/25/29		29,085
	4,000,000	h	FNMA		3.500		07/25/29		4,239
	10,000,000	h	FNMA		2.500		08/25/29		10,134
	15,000,000	h	FNMA		3.500		08/25/29		15,858
	580,607		FNMA		6.500		07/01/32		661
	708,383		FNMA		4.500		03/25/33		734
	5,782,853		FNMA		3.000		10/01/33		5,902
	766,945		FNMA		5.000		11/01/33		868
	86,747		FNMA		7.000		01/01/34		94
	2,931,180		FNMA		5.500		03/01/34		3,297
	3,846,384		FNMA		3.500		03/25/34		3,918
	35,494		FNMA		7.500		06/01/35		39
	412,730	i	FNMA		2.261		02/01/36		442
	747,377	i	FNMA		2.379		07/01/36		808
	3,084,833	i	FNMA		2.366		01/01/37		3,327
	968,780		FNMA		6.000		09/01/37		1,090
	1,078,364		FNMA		6.000		09/01/37		1,222
	348,746		FNMA		6.500		09/01/37		393
	464,699	i	FNMA		2.400		10/01/37		498
	2,709,773		FNMA		5.500		01/01/38		3,032
	18,789		FNMA		6.500		02/01/38		21
	2,540,109		FNMA		5.500		04/01/38		2,842
	2,021,574		FNMA		5.500		06/01/38		2,262
	610,605	i	FNMA		2.005		10/01/38		652
	8,149,949		FNMA		5.500		12/01/38		9,271
	7,758,292		FNMA		4.000		02/01/39		8,245
	2,145,699		FNMA		4.000		04/01/39		2,286
	10,970,699		FNMA		3.500		07/25/39		11,577
	2,645,865		FNMA		5.500		08/01/39		2,988
	750,420		FNMA		5.500		11/01/39		840
	1,067,544		FNMA		3.500		11/01/40		1,101
	33,892,809		FNMA		4.500		12/25/40		36,591
	921,621		FNMA		3.500		01/01/41		950
	440,927		FNMA		3.500		02/01/41		455
	6,889,848		FNMA		3.500		03/01/41		7,103
	1,637,104		FNMA		3.500		11/01/41		1,688
	1,919,344		FNMA		3.500		11/01/41		1,979
	1,873,176		FNMA		4.000		12/01/41		1,997

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	12,690,616		FNMA		3.000	%	10/01/42	$	12,552
	223,672		FNMA		3.000		10/01/42		221
	228,282		FNMA		3.000		10/01/42		226
	591,287		FNMA		3.000		11/01/42		585
	39,541		FNMA		3.000		12/01/42		39
	327,745		FNMA		3.000		12/01/42		324
	13,588,720		FNMA		3.000		01/01/43		13,364
	9,467,863		FNMA		3.000		01/01/43		9,364
	4,363,882		FNMA		3.000		01/01/43		4,316
	2,349,005		FNMA		3.500		01/01/43		2,422
	617,225		FNMA		3.000		02/01/43		610
	11,972,865		FNMA		3.000		02/01/43		11,842
	149,895		FNMA		3.000		02/01/43		148
	5,542,601		FNMA		3.000		02/01/43		5,482
	3,446,254		FNMA		3.500		02/01/43		3,563
	156,882		FNMA		3.000		03/01/43		155
	267,361		FNMA		3.000		03/01/43		264
	755,917		FNMA		3.000		03/01/43		748
	142,792		FNMA		3.000		03/01/43		141
	15,491		FNMA		3.000		04/01/43		15
	328,172		FNMA		3.000		04/01/43		325
	74,688		FNMA		3.000		04/01/43		74
	55,222		FNMA		3.000		04/01/43		55
	229,785		FNMA		3.000		04/01/43		227
	355,227		FNMA		3.000		04/01/43		351
	155,577		FNMA		3.000		04/01/43		154
	166,052		FNMA		3.000		04/01/43		164
	204,499		FNMA		3.000		04/01/43		202
	5,551,234		FNMA		3.000		05/01/43		5,504
	531,679		FNMA		3.500		05/01/43		550
	898,388		FNMA		3.500		05/01/43		929
	893,115		FNMA		3.500		06/01/43		923
	537,294		FNMA		3.500		06/01/43		555
	1,119,624		FNMA		3.500		06/01/43		1,157
	438,779		FNMA		3.500		06/01/43		454
	2,361,507		FNMA		3.500		06/01/43		2,441
	1,208,748		FNMA		3.500		06/01/43		1,249
	1,520,383		FNMA		3.500		07/01/43		1,572
	3,209,892		FNMA		3.500		07/01/43		3,318
	19,144,439		FNMA		4.000		09/01/43		20,392
	3,612,300		FNMA		4.000		02/25/44		3,837
	27,000,000	h	FNMA		3.000		07/25/44		26,673
	56,000,000	h	FNMA		3.500		07/25/44		57,645
	51,000,000	h	FNMA		4.000		07/25/44		54,124
	62,000,000	h	FNMA		4.500		07/25/44		67,144
	11,000,000	h	FNMA		6.000		07/25/44		12,390
	64,000,000	h	FNMA		3.500		08/25/44		65,680
	45,000,000	h	FNMA		5.000		08/25/44		49,837
	5,000,000	h	FNMA		5.500		08/25/44		5,588
	28,000,000	h	FNMA		3.500		09/25/44		28,648
	89,000,000	h	FNMA		4.000		09/25/44		93,878
	20,000,000	h	FNMA		5.000		09/25/44		22,094
	19,227		Government National Mortgage Association (GNMA)		9.000		12/15/17		21

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,005,036		GNMA		2.300	%	10/15/19	$	5,125
	11,741		GNMA		8.000		06/15/22		13
	24,134		GNMA		6.500		08/15/23		27
	9,297		GNMA		6.500		08/15/23		11
	7,683,295		GNMA		2.580		08/15/25		7,863
	119,059		GNMA		6.500		05/20/31		136
	9,470,613		GNMA		2.640		01/15/33		9,318
	326,743		GNMA		5.500		07/15/33		368
	190,151		GNMA		6.000		10/20/36		216
	202,531		GNMA		6.000		01/20/37		230
	678,067		GNMA		5.500		02/15/37		761
	1,057,039		GNMA		6.000		02/20/37		1,201
	520,406		GNMA		5.000		04/15/38		572
	378,035		GNMA		6.000		08/20/38		430
	755,865		GNMA		6.500		11/20/38		854
	698,207		GNMA		5.000		07/20/39		776
	4,562,305		GNMA		4.500		09/20/39		5,031
	2,737,767		GNMA		5.000		09/20/43		3,014
	2,656,523		GNMA		5.000		02/20/44		2,927
	2,322,260		GNMA		5.000		03/20/44		2,574
	3,000,000		GNMA		4.500		06/20/44		3,281
	40,000,000	h	GNMA		3.000		07/15/44		40,300
	70,000,000	h	GNMA		3.500		07/15/44		72,795
	23,000,000	h	GNMA		4.000		07/15/44		24,567
	28,000,000	h	GNMA		4.500		07/15/44		30,490
	16,000,000	h	GNMA		3.500		07/20/44		16,666
	15,000,000	h	GNMA		4.000		07/20/44		16,052
	11,000,000	h	GNMA		3.000		08/15/44		11,052
	7,000,000	h	GNMA		3.500		08/20/44		7,272
	7,000,000	h	GNMA		4.500		08/20/44		7,624
			TOTAL MORTGAGE BACKED						1,156,642
MUNICIPAL BONDS - 2.5%
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		5,016
	1,090,000		Bay Area Water Supply & Conservation Agency		1.311		10/01/17		1,085
	3,790,000		Bay Area Water Supply & Conservation Agency		2.535		10/01/21		3,717
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,550
	1,410,000		Broward County FL Water & Sewer Utility Revenue		1.910		10/01/18		1,422
	6,165,000	g	California Pollution Control Financing Authority		5.000		07/01/27		6,401
	8,020,000	g	California Pollution Control Financing Authority		5.000		07/01/37		8,185
	3,700,000		Calleguas Municipal Water District		2.030		07/01/18		3,696
	2,375,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		2,428
	1,400,000		Chelan County Public Utility District No		1.398		07/01/14		1,400
	2,300,000		Chelan County Public Utility District No		1.867		07/01/15		2,333
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		5,994
	1,250,000		City & County of Honolulu, HI		6.114		07/01/29		1,409
	4,000,000		City of Dallas, TX		5.078		02/15/22		4,566
	1,500,000		City of Dallas, TX		5.195		02/15/35		1,667
	810,000		City of Eugene, OR		6.320		08/01/22		955
	12,500,000		City of Houston TX Utility System Revenue		2.563		05/15/20		12,614
	10,095,000		City of Houston TX Utility System Revenue		2.923		05/15/21		10,262
	260,000		City of Jersey City NJ		0.942		09/01/14		260

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,615,000		City of Jersey City NJ		1.192	%	09/01/15	$	1,617
	2,200,000		City of Jersey City NJ		1.509		09/01/16		2,195
	2,180,000		City of Jersey City NJ		1.829		09/01/17		2,179
	500,000		City of Jersey City NJ		2.079		09/01/18		497
	925,000		City of Jersey City NJ		2.423		09/01/19		917
	5,000,000		City of New York, NY		4.500		06/01/15		5,016
	1,000,000		Commonwealth Financing Authority		2.675		06/01/21		986
	1,150,000		Commonwealth Financing Authority		2.875		06/01/22		1,149
	2,310,000		Commonwealth Financing Authority		3.075		06/01/23		2,243
	24,000,000		Commonwealth of Massachusetts		5.000		08/01/33		27,302
	5,000,000		Commonwealth of Massachusetts		5.456		12/01/39		5,981
	1,105,000		County of Mercer, NJ		5.380		02/01/17		1,113
	4,000,000		Dallas County Hospital District		5.621		08/15/44		4,876
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric		5.112		09/01/18		1,776
	5,705,000		Fiscal Year 2005 Securitization Corp		4.760		08/15/19		6,060
	500,000		Florida Governmental Utility Authority		2.000		10/01/16		497
	9,750,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		9,835
	15,630,000	j	Garden State Preservation Trust		0.000		11/01/22		12,543
	1,000,000		Grant County Public Utility District No 2		5.470		01/01/34		1,083
	1,250,000		Grant County Public Utility District No 2		4.164		01/01/35		1,224
	4,135,000		Greene County OH		2.720		12/01/21		4,104
	4,365,000		Greene County OH		3.120		12/01/23		4,288
	4,615,000		Greene County OH		3.270		12/01/24		4,514
	4,755,000		Greene County OH		3.420		12/01/25		4,688
	1,800,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,689
	975,000		Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		965
	8,500,000		Harris County Flood Control District		0.637		10/01/16		8,476
	5,750,000		Harris County Flood Control District		1.229		10/01/17		5,746
	1,350,000		Kansas Development Finance Authority		4.722		05/01/15		1,386
	785,000		Massachusetts Housing Finance Agency		1.306		06/01/16		787
	425,000		Massachusetts Housing Finance Agency		1.776		06/01/17		426
	5,310,000		Massachusetts Housing Finance Agency		4.782		12/01/20		5,742
	5,400,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		6,095
	3,500,000		Metropolitan Council		1.750		09/01/20		3,413
	3,000,000		Metropolitan Washington Airports Authority		5.690		10/01/30		3,105
	5,000,000		Metropolitan Water District of Southern California		6.250		07/01/39		5,625
	750,000		Metropolitan Water Reclamation District of Greater Chicago		2.229		12/01/16		767
	500,000		Michigan Finance Authority		5.000		07/01/22		568
	5,000,000		Mississippi Development Bank Special Obligation		5.320		07/01/14		5,000
	1,130,000		New York State Energy Research & Development Authority		1.028		07/01/16		1,128
	1,590,000		New York State Energy Research & Development Authority		2.372		07/01/19		1,607
	1,285,000		New York State Energy Research & Development Authority		2.772		07/01/20		1,308
	1,590,000		New York State Energy Research & Development Authority		3.206		07/01/22		1,629
	1,000,000		New York State Environmental Facilities Corp		1.755		06/15/18		992
	1,200,000		New York State Environmental Facilities Corp		2.005		06/15/19		1,187
	1,220,000		New York State Environmental Facilities Corp		2.595		06/15/21		1,205
	1,255,000		New York State Environmental Facilities Corp		3.045		06/15/24		1,220
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,198
	500,000		New York State Environmental Facilities Corp		3.684		12/15/29		484

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	800,000		New York State Environmental Facilities Corp		5.807	%	06/15/39	$	956
	3,000,000		New York State Urban Development Corp		6.500		12/15/18		3,416
	270,000		Newport News Economic Development Authority		5.640		01/15/29		280
	2,230,000		Newport News Economic Development Authority		5.640		01/15/29		2,378
	1,250,000		Niagara Area Development Corp		4.000		11/01/24		1,237
	4,750,000		Northern California Power Agency		4.320		07/01/24		4,738
	2,450,000		Ohio State Water Development Authority		4.879		12/01/34		2,707
	2,500,000		Oklahoma Capital Improvement Authority		5.180		07/01/14		2,500
	635,000		Oklahoma Water Resources Board		2.444		04/01/20		642
	700,000		Oklahoma Water Resources Board		3.071		04/01/22		713
	715,000		Pend Oreille County Public Utility District No  Box Canyon		1.406		01/01/15		716
	1,220,000		Pend Oreille County Public Utility District No  Box Canyon		1.987		01/01/16		1,224
	1,000,000		Pend Oreille County Public Utility District No  Box Canyon		2.417		01/01/17		1,009
	1,000,000		Pend Oreille County Public Utility District No  Box Canyon		2.787		01/01/18		1,011
	1,000,000		Pend Oreille County Public Utility District No  Box Canyon		3.037		01/01/19		1,006
	1,070,000		Pend Oreille County Public Utility District No  Box Canyon		3.621		01/01/21		1,081
	1,750,000		South Dakota Conservancy District		1.013		08/01/16		1,758
	3,330,000		South Dakota Conservancy District		1.648		08/01/18		3,337
	3,975,000		State of California		1.050		02/01/16		4,004
	7,050,000		State of California		4.988		04/01/39		7,348
	5,000,000		State of Connecticut		5.090		10/01/30		5,629
	5,570,000		State of Illinois		4.350		06/01/18		5,893
	9,000,000		State of Illinois		5.520		04/01/38		9,097
	5,000,000		State of Michigan		2.302		11/01/14		5,029
	4,505,000		State of Michigan		3.375		12/01/20		4,698
	4,405,000		State of Michigan		3.590		12/01/26		4,429
	2,500,000		State of Ohio		5.412		09/01/28		2,945
	3,050,000		State of Oregon		5.030		08/01/14		3,062
	3,265,000		State of Texas		4.900		08/01/20		3,384
	5,000,000		State of Texas		6.072		10/01/29		5,824
	2,590,000		State of Washington		5.050		01/01/18		2,604
	1,033,000		State of Wisconsin		5.700		05/01/26		1,251
	5,000,000		Tuolumne Wind Project Authority		6.918		01/01/34		5,673
	6,500,000	i	University of California		0.651		07/01/41		6,508
	1,000,000		Washington County Clean Water Services		5.078		10/01/24		1,158
	600,000		West Virginia Water Development Authority		5.000		11/01/21		710
	1,345,000		West Virginia Water Development Authority		5.000		11/01/22		1,595
	1,000,000		West Virginia Water Development Authority		5.000		11/01/23		1,189
			TOTAL MUNICIPAL BONDS						357,130
U.S. TREASURY SECURITIES - 3.9%
	6,000,000		United States Treasury Bond		3.125		02/15/43		5,776
	100,000,000		United States Treasury Bond		2.875		05/15/43		91,375
	96,645,000		United States Treasury Bond		3.625		02/15/44		101,991
	22,395,000		United States Treasury Note		2.375		08/31/14		22,480
	3,631,000		United States Treasury Note		2.500		04/30/15		3,703
	10,690,000		United States Treasury Note		0.250		05/31/15		10,703
	17,895,000		United States Treasury Note		1.875		06/30/15		18,203
	21,500,000		United States Treasury Note		0.250		07/31/15		21,523
	7,565,000		United States Treasury Note		0.250		12/31/15		7,566
	16,400,000		United States Treasury Note		0.375		05/31/16		16,385

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,000,000		United States Treasury Note		0.625	%	07/15/16	$	6,018
	21,185,000		United States Treasury Note		0.625		02/15/17		21,132
	2,435,000		United States Treasury Note		0.875		06/15/17		2,436
	4,230,000		United States Treasury Note		1.625		04/30/19		4,238
	134,845,000		United States Treasury Note		1.625		06/30/19		134,845
	4,300,000		United States Treasury Note		1.875		06/30/20		4,296
	12,234,500		United States Treasury Note		1.625		11/15/22		11,562
	72,464,000		United States Treasury Note		2.500		05/15/24		72,362
			TOTAL U.S. TREASURY SECURITIES						556,594
			TOTAL GOVERNMENT BONDS						3,278,422
			(Cost $3,221,277)
STRUCTURED ASSETS - 1.9%
ASSET BACKED - 1.2%
	1,500,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		1,506
			Series - 2013 1 (Class C)
	3,750,000	g	Avis Budget Rental Car Funding AESOP LLC		6.740		05/20/16		3,888
			Series - 2010 3A (Class B)
	4,500,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110		03/20/17		4,771
			Series - 2010 5A (Class B)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		4,284
			Series - 2011 5A (Class B)
	648,714	i	Bear Stearns Asset Backed Securities Trust		0.892		11/25/39		639
			Series - 2005 SD3 (Class 2A1)
	900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		903
			Series - 2013 1 (Class B)
	975,000		Capital Auto Receivables Asset Trust		1.740		10/22/18		977
			Series - 2013 1 (Class C)
	3,501,139	i	Chase Funding Loan Acquisition Trust		1.007		06/25/34		3,225
			Series - 2004 OPT1 (Class M1)
	374,995	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		376
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust		5.730		11/10/46		1,959
			Series - 2011 LC1A (Class C)
	12,561,250	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		13,499
			Series - 2012 1A (Class A2)
	285,865	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		285
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust		3.210		07/15/17		1,537
			Series - 2011 A (Class D)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		567
			Series - 2010 1A (Class B3)
	10,000,000	g	HLSS Servicer Advance Receivables Backed Notes		1.244		01/17/45		10,008
			Series - 2014 T1 (Class AT1)
	1,800,000	g	HLSS Servicer Advance Receivables Backed Notes		2.286		01/17/45		1,801
			Series - 2014 T1 (Class DT1)
	15,000,000		Honta Auto Receivables Owner Trust		0.770		03/19/18		14,994
			Series - 2014 2 (Class A3)

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,952,443	i	Lehman XS Trust		0.402	%	02/25/36	$	1,771
			Series - 2006 1 (Class 1A1)
	5,286,265		Lehman XS Trust		6.500		06/25/46		4,153
			Series - 2006 13 (Class 2A1)
	14,500,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		1.274		03/15/45		14,516
			Series - 2014 T1 (Class A1)
	1,250,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		2.266		03/15/45		1,251
			Series - 2014 T1 (Class D1)
	1,506,087	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.672		01/25/36		1,496
			Series - 2005 WCH1 (Class M2)
	496,907	i	Residential Asset Mortgage Products, Inc		5.470		09/25/33		514
			Series - 2003 RZ5 (Class A7)
	363,693	i	Residential Asset Securities Corp		0.797		04/25/35		364
			Series - 2005 KS3 (Class M3)
	2,414,184		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		2,443
			Series - 2006 HI5 (Class A3)
	536,717		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		537
			Series - 2006 HI3 (Class A3)
	1,579,449	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		1,600
			Series - 2006 HI1 (Class M1)
	200,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		212
			Series - 2006 HI1 (Class M2)
	2,000,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		2,018
			Series - 2013 1 (Class C)
	578,986	i	Securitized Asset Backed Receivables LLC		0.452		10/25/35		568
			Series - 2006 OP1 (Class A2C)
	2,665,589	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		2,728
			Series - 2012 2A (Class B)
	2,077,576	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		2,086
			Series - 2013 1A (Class A)
	10,045,000	g	SLM Student Loan Trust		3.740		02/15/29		10,613
			Series - 2011 B (Class A2)
	6,915,364	g	Solarcity LMC		4.590		04/20/44		7,137
			Series - 2014 1 (Class A)
	769,300	i	Soundview Home Equity Loan Trust		0.452		11/25/35		761
			Series - 2005 OPT3 (Class A4)
	156,272	i	Structured Asset Investment Loan Trust		0.752		05/25/35		156
			Series - 2005 4 (Class M1)
	1,776,199	g,i	Structured Asset Securities Corp		0.372		10/25/36		1,722
			Series - 2006 GEL4 (Class A2)
	24,000,000		Toyota Auto Receivables Owner Trust		0.410		08/15/16		24,015
			Series - 2014 A (Class A2)
	24,000,000		Toyota Auto Receivables Owner Trust		0.670		12/15/17		24,017
			Series - 2014 A (Class A3)
	2,750,000	g	Vornado DP LLC		5.280		09/13/28		3,082
			Series - 2010 VNO (Class C)
	612,300	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		617
			Series - 2006 N1 (Class N1)
	822,094	g,i	Wachovia Loan Trust		0.512		05/25/35		778
			Series - 2005 SD1 (Class A)
	350,951	i	Wells Fargo Home Equity Trust		0.292		07/25/36		348
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED						174,722

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
OTHER MORTGAGE BACKED - 0.7%
$	3,050,000	g	Banc of America Commercial Mortgage Trust		5.416	%	01/15/49	$	3,211
			Series - 2007 1 (Class AM)
	5,416,386	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		5,742
			Series - 2007 1 (Class AMFX)
	1,590,000	i	Bear Stearns Commercial Mortgage Securities		6.146		09/11/42		1,742
			Series - 2007 T28 (Class AJ)
	1,030,000		Bear Stearns Commercial Mortgage Securities		5.363		02/11/44		1,085
			Series - 2007 PW15 (Class AM)
	2,065,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		2,276
			Series - 2007 C3 (Class AM)
	2,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		3,026
			Series - 2007 C2 (Class AMFX)
	1,413,841		Countrywide Alternative Loan Trust		5.500		08/25/16		1,458
			Series - 2004 30CB (Class 1A15)
	705,281		Countrywide Home Loan Mortgage Pass Through Trust		4.750		09/25/18		722
			Series - 2003 35 (Class 1A1)
	280,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		288
			Series - 2005 C5 (Class C)
	3,550,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		3,971
			Series - 2006 OMA (Class D)
	4,950,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		5,324
			Series - 2006 C4 (Class AM)
	3,500,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		3,647
			Series - 2009 RR1 (Class A3C)
	2,535,000	g,i	GS Mortgage Securities Corp II		5.398		12/10/43		2,834
			Series - 2010 C2 (Class B)
	1,510,323	i	HarborView Mortgage Loan Trust		0.375		07/19/47		1,318
			Series - 2007 4 (Class 2A1)
	1,034,417	i	Impac CMB Trust		0.812		03/25/35		953
			Series - 2004 11 (Class 2A1)
	2,125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.439		07/15/46		2,369
			Series - 2011 C4 (Class C)
	3,780,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		3,826
			Series - 2005 LDP2 (Class C)
	11,875,885		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		12,594
			Series - 2006 LDP9 (Class A1A)
	8,029,215	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		9,008
			Series - 2007 LD12 (Class AM)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		834
			Series - 2007 C6 (Class AM)
	275,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		286
			Series - 2005 C5 (Class AJ)
	645,000	i	Merrill Lynch Mortgage Trust		6.470		02/12/51		718
			Series - 0 C1 (Class AJA)
	855,000	g,i	Morgan Stanley Capital I		5.984		08/12/41		915
			Series - 2006 T23 (Class B)
	1,500,000	i	Morgan Stanley Capital I		5.831		06/11/42		1,646
			Series - 2007 T27 (Class AJ)
	710,000	g,i	Morgan Stanley Capital I		5.419		09/15/47		766
			Series - 2011 C1 (Class D)
	2,750,000	g	OBP Depositor LLC Trust		4.646		07/15/45		3,067
			Series - 2010 OBP (Class A)
	568,575		Residential Accredit Loans, Inc		4.350		03/25/34		586
			Series - 2004 QS4 (Class A1)
	417,195		RFMSI Trust		5.500		03/25/35		427
			Series - 2005 S2 (Class A6)

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,063,146	g,i	Springleaf Mortgage Loan Trust		2.667	%	09/25/57	$	1,083
			Series - 2012 1A (Class A)
	869,975	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		881
			Series - 0 2A (Class A)
	4,585,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		4,988
			Series - 2007 C30 (Class AM)
	890,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		986
			Series - 2007 C34 (Class AM)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		6.163		05/15/46		1,788
			Series - 2007 C34 (Class AJ)
	1,975,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		2,163
			Series - 2007 C31 (Class AM)
	3,830,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		3,921
			Series - 2007 C32 (Class AJ)
	875,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		735
			Series - 2007 C32 (Class B)
	2,630,651	i	WaMu Mortgage Pass-Through Certificates		0.502		12/25/45		2,434
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED						93,618
			TOTAL STRUCTURED ASSETS						268,340
			(Cost $264,222)
			TOTAL BONDS						5,477,389
			(Cost $5,368,494)
SHARES			COMPANY
COMMON STOCKS - 59.5%
AUTOMOBILES & COMPONENTS - 1.6%
	67,500		Aisin Seiki Co Ltd						2,687
	127,203		Bayerische Motoren Werke AG.						16,108
	37,510		Bayerische Motoren Werke AG. (Preference)						3,591
	57,475		BorgWarner, Inc						3,747
	6,602		Delphi Automotive plc						454
	187,700		Denso Corp						8,967
	897	*,e	Dorman Products, Inc						44
	3,056,597		Ford Motor Co						52,696
	71,000		Fuji Heavy Industries Ltd						1,969
	252,970		GKN plc						1,570
	236,929		Harley-Davidson, Inc						16,549
	384,280		Honda Motor Co Ltd						13,409
	755,892		Johnson Controls, Inc						37,742
	19,700		Magna International, Inc (Class A)						2,121
	25,400		Mitsubishi Motors Corp						281
	59,514	*	Modine Manufacturing Co						937
	910,900		Nissan Motor Co Ltd						8,626
	97,815		Pirelli & C S.p.A.						1,568
	109,499		Renault S.A.						9,898
	9,200		Stanley Electric Co Ltd						240
	123,300		Suzuki Motor Corp						3,868

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	107,999	*	Tenneco, Inc	$	7,095
	93,884	*,e	Tesla Motors, Inc		22,538
	2,900		Toyoda Gosei Co Ltd		60
	81,600		Toyota Industries Corp		4,216
	35,314		Volkswagen AG. (Preference)		9,249
	102,500		Yamaha Motor Co Ltd		1,765
			TOTAL AUTOMOBILES & COMPONENTS		231,995
BANKS - 3.5%
	1,120	e	Arrow Financial Corp		29
	51,058		Associated Banc-Corp		923
	4,424		Astoria Financial Corp		60
	532,495		Australia & New Zealand Banking Group Ltd		16,744
	3,115,001		Banca Intesa S.p.A.		9,611
	1,672,842		Banco Bilbao Vizcaya Argentaria S.A.		21,321
	1,499,818	*	Banco Espirito Santo S.A.		1,234
	21,859		Bank Mutual Corp		127
	25,289		Bank of Hawaii Corp		1,484
	207,400		Bank of Nova Scotia		13,827
	3,264		Bank of the Ozarks, Inc		109
	971,529		BB&T Corp		38,307
	10,404		BBCN Bancorp, Inc		166
	4,422		Bendigo Bank Ltd		51
	1,093	*	Beneficial Mutual Bancorp, Inc		15
	20,397		Boston Private Financial Holdings, Inc		274
	762,181		CaixaBank S.A.		4,702
	8,761	*,m	CaixaBank S.A. (Temp)		54
	7,221		Capitol Federal Financial		88
	3,360		Cathay General Bancorp		86
	5,743		Centerstate Banks of Florida, Inc		64
	117,573		CIT Group, Inc		5,380
	3,804		CoBiz, Inc		41
	2,120		Columbia Banking System, Inc		56
	165,930		Comerica, Inc		8,323
	1,273		Commerce Bancshares, Inc		59
	301,281		Commonwealth Bank of Australia		22,978
	3,936		Community Bank System, Inc		142
	9,127		Cullen/Frost Bankers, Inc		725
	236,588		DNB NOR Holding ASA		4,323
	10,051		East West Bancorp, Inc		352
	5,376		Federal Agricultural Mortgage Corp (Class C)		167
	2,018		First Bancorp (NC)		37
	451		First Citizens Bancshares, Inc (Class A)		111
	23,976		First Commonwealth Financial Corp		221
	12,098		First Interstate Bancsystem, Inc		329
	3,693		First Merchants Corp		78
	16,186		FNB Corp		208
	2,590		Glacier Bancorp, Inc		74
	5,441		Hancock Holding Co		192
	508,500		Hang Seng Bank Ltd		8,304
	1,267		Heartland Financial USA, Inc		31
	2,195		HomeStreet, Inc		40

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,263,060		HSBC Holdings plc	$	33,104
	174,643		Huntington Bancshares, Inc		1,666
	9,593		IBERIABANK Corp		664
	1,147		International Bancshares Corp		31
	20,614		Investors Bancorp, Inc		228
	104,876	*	KBC Groep NV		5,705
	1,625,945		Keycorp		23,300
	21,058		Lakeland Bancorp, Inc		227
	269,235	e	M&T Bank Corp		33,399
	1,800		MB Financial, Inc		49
	61,360	*	MGIC Investment Corp		567
	4,070,000		Mizuho Financial Group, Inc		8,366
	471,296		National Australia Bank Ltd		14,567
	6,490		National Penn Bancshares, Inc		69
	1,124,730		Natixis		7,218
	1,500		NBT Bancorp, Inc		36
	145,456	e	New York Community Bancorp, Inc		2,324
	644,338		Nordea Bank AB		9,084
	11,094		Northfield Bancorp, Inc		145
	32,902		OFG Bancorp		606
	19,938		Old National Bancorp		285
	22,911		PacWest Bancorp		989
	4,182		Peoples Bancorp, Inc		111
	2,728	e	People’s United Financial, Inc		41
	2,500		Pinnacle Financial Partners, Inc		99
	519,297		PNC Financial Services Group, Inc		46,243
	87,691	*	Popular, Inc		2,997
	20,422		PrivateBancorp, Inc		593
	53,363		Provident Financial Services, Inc		924
	654,341	e	Radian Group, Inc		9,691
	155,400	*	Resona Holdings, Inc		906
	250,810		Royal Bank of Canada (Toronto)		17,930
	1,000		S&T Bancorp, Inc		25
	3,487	*	Signature Bank		440
	221,278		Skandinaviska Enskilda Banken AB (Class A)		2,954
	2,200	e	Southside Bancshares, Inc		64
	580,389		Standard Chartered plc		11,863
	261,500		Sumitomo Mitsui Financial Group, Inc		10,972
	16,927		Susquehanna Bancshares, Inc		179
	28,454	*	SVB Financial Group		3,318
	45,092		Swedbank AB (A Shares)		1,194
	800	*	Texas Capital Bancshares, Inc		43
	315,022		Toronto-Dominion Bank		16,217
	1,700		Trustmark Corp		42
	5,465		UMB Financial Corp		346
	3,150		Umpqua Holdings Corp		56
	2,479		Union Bankshares Corp		64
	10,908		United Bankshares, Inc		353
	5,569	e	United Financial Bancorp, Inc (New)		75
	1,282,839		US Bancorp		55,572
	10,727	*	Walker & Dunlop, Inc		151
	13,956		Webster Financial Corp		440

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,652		WesBanco, Inc	$	113
	5,233	e	Westamerica Bancorporation		274
	5,690	*	Western Alliance Bancorp		135
	629,923		Westpac Banking Corp		20,149
	16,588		Wilshire Bancorp, Inc		170
	1,110		Wintrust Financial Corp		51
	37,356		Zions Bancorporation		1,101
			TOTAL BANKS		509,972
CAPITAL GOODS - 4.3%
	432,713		3M Co		61,982
	10,833		A.O. Smith Corp		537
	5,085		Acuity Brands, Inc		703
	19,102	*	Aerovironment, Inc		607
	75,930		Alfa Laval AB		1,955
	464,724		Ametek, Inc		24,296
	56,219	*	ArvinMeritor, Inc		733
	368,000	e	Asahi Glass Co Ltd		2,170
	51,800		Assa Abloy AB (Class B)		2,635
	7,416		Astec Industries, Inc		325
	153,909		Atlas Copco AB (A Shares)		4,443
	135,146		Atlas Copco AB (B Shares)		3,606
	116,424		Barnes Group, Inc		4,487
	2,120	*	Beacon Roofing Supply, Inc		70
	106,747		Bouygues S.A.		4,442
	29,997	e	Briggs & Stratton Corp		614
	129,357	*	Builders FirstSource, Inc		968
	299,328		Bunzl plc		8,310
	8,451	*	CAI International, Inc		186
	4,279	*	Chart Industries, Inc		354
	92,756	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		2,067
	363,080		CNH Industrial NV		3,725
	10,768	*	Colfax Corp		803
	159,066		Compagnie de Saint-Gobain		8,975
	210,677		Cummins, Inc		32,505
	46,600		Daikin Industries Ltd		2,941
	567,000		Danaher Corp		44,640
	408,743		Deere & Co		37,012
	67,977		Dover Corp		6,182
	343,132		Eaton Corp		26,483
	4,941		EMCOR Group, Inc		220
	7,019		EnerSys		483
	19,159	*	Esterline Technologies Corp		2,206
	153,282	e	Fastenal Co		7,586
	6,133		Fluor Corp		472
	11,291		Fortune Brands Home & Security, Inc		451
	20,868	*	Furmanite Corp		243
	21,353		GEA Group AG.		1,009
	11,801		Geberit AG.		4,140
	66,177		Graco, Inc		5,167
	1,400	*	H&E Equipment Services, Inc		51
	14,756	*	Hexcel Corp		603

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	32,600		Hitachi Construction Machinery Co Ltd	$	651
	12,125		Hochtief AG.		1,049
	463,645		Illinois Tool Works, Inc		40,597
	133,866		Ingersoll-Rand plc		8,368
	500	*	Jacobs Engineering Group, Inc		27
	10,947	e	Joy Global, Inc		674
	25,600		JTEKT Corp		432
	92,000	*	Kawasaki Heavy Industries Ltd		351
	5,000		Keppel Corp Ltd		43
	213,800		Komatsu Ltd		4,963
	331,267		Koninklijke Philips Electronics NV		10,514
	320,000		Kubota Corp		4,541
	20,868	*,e	Layne Christensen Co		278
	26,197		Lincoln Electric Holdings, Inc		1,831
	15,600		Makita Corp		964
	463,592		Masco Corp		10,292
	1,101	*,e	Middleby Corp		91
	521,800		Mitsubishi Corp		10,861
	482,000		Mitsubishi Electric Corp		5,954
	2,049	*	MYR Group, Inc		52
	83,000		NGK Insulators Ltd		1,884
	107,611		Nordson Corp		8,629
	86,000		NSK Ltd		1,119
	165,398	*	Owens Corning, Inc		6,398
	287,127		Paccar, Inc		18,040
	30,568		Pall Corp		2,610
	35,299		Parker Hannifin Corp		4,438
	105,836		Pentair plc		7,633
	16,305	*	Pike Electric Corp		146
	43,401	*,e	Polypore International, Inc		2,072
	163,159		Precision Castparts Corp		41,181
	118,919	*	Quanta Services, Inc		4,112
	94,352		Rockwell Automation, Inc		11,809
	13,087		Rockwell Collins, Inc		1,023
	36,615		Roper Industries, Inc		5,346
	3,300	*	Rush Enterprises, Inc (Class A)		114
	236,880		Sandvik AB		3,235
	189,352		Schneider Electric S.A.		17,855
	98,000		Shimizu Corp		694
	43,110		Skanska AB (B Shares)		984
	42,500		SKF AB (B Shares)		1,084
	69,349		Smiths Group plc		1,537
	17,535		Snap-On, Inc		2,078
	13,734		Sulzer AG.		1,925
	161,300		Sumitomo Electric Industries Ltd		2,271
	5,435	e	TAL International Group, Inc		241
	79,909		Tennant Co		6,099
	18,487		Timken Co		1,254
	8,405	*,e	Titan Machinery, Inc		138
	6,400		Toyota Tsusho Corp		184
	38,902	*	United Rentals, Inc		4,074
	49,198		Vallourec		2,205

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	32,153	*	Vestas Wind Systems AS	$	1,622
	176,760		Vinci S.A.		13,214
	436,090		Volvo AB (B Shares)		6,003
	3,755		W.W. Grainger, Inc		955
	25,258	*	Wabash National Corp		360
	38,428	*	WABCO Holdings, Inc		4,105
	3,364	*,e	WESCO International, Inc		291
	121,923		Wolseley plc		6,679
	20,710		Woodward Governor Co		1,039
	12,153		Xylem, Inc		475
			TOTAL CAPITAL GOODS		611,075
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,604		ABM Industries, Inc		70
	29,936	e	Acacia Research (Acacia Technologies)		531
	340,114	*	ACCO Brands Corp		2,180
	13,967		Aggreko plc		394
	205,697		Brambles Ltd		1,782
	11,200		Bureau Veritas S.A.		311
	120,569		Capita Group plc		2,362
	19,200	*	CBIZ, Inc		173
	2,000		CDI Corp		29
	2,394	*	Copart, Inc		86
	9,841		Corporate Executive Board Co		671
	218,000		Dai Nippon Printing Co Ltd		2,278
	24,020		Deluxe Corp		1,407
	82,626		Dun & Bradstreet Corp		9,106
	22,336		Equifax, Inc		1,620
	2,000		Heidrick & Struggles International, Inc		37
	6,421		HNI Corp		251
	9,308	*	IHS, Inc (Class A)		1,263
	1,660	*	Innerworkings, Inc		14
	19,643		Interface, Inc		370
	7,700		Intertek Group plc		362
	122,588		Iron Mountain, Inc		4,346
	1,800		Kelly Services, Inc (Class A)		31
	29,712		Manpower, Inc		2,521
	3,562	*	Mistras Group, Inc		87
	2,100		Mobile Mini, Inc		101
	13,621	*	Navigant Consulting, Inc		238
	1,000	*	On Assignment, Inc		36
	109,843		R.R. Donnelley & Sons Co		1,863
	2,311		Resources Connection, Inc		30
	162,118		Robert Half International, Inc		7,740
	16,303	*	RPX Corp		289
	58,400	*	Secom Co Ltd		3,565
	472		SGS S.A.		1,130
	400		Societe BIC S.A.		55
	1,544	*	SP Plus Corp		33
	27,563		Tetra Tech, Inc		758
	179,000		Toppan Printing Co Ltd		1,384
	4,561		Viad Corp		109

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	174,423		Waste Management, Inc	$	7,802
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		57,415
CONSUMER DURABLES & APPAREL - 0.6%
	29,048		Adidas-Salomon AG.		2,937
	32,738		Callaway Golf Co		272
	30,920		Christian Dior S.A.		6,156
	1,447		CSS Industries, Inc		38
	24,000		Electrolux AB (Series B)		606
	7,187	e	Ethan Allen Interiors, Inc		178
	11,700		Gildan Activewear, Inc		689
	6,676		Hanesbrands, Inc		657
	1,724	*	Jarden Corp		102
	573,700		Matsushita Electric Industrial Co Ltd		6,955
	521,454		Mattel, Inc		20,321
	7,456	*	Meritage Homes Corp		315
	9,802	*	Mohawk Industries, Inc		1,356
	23,800		Movado Group, Inc		992
	514,999		Nike, Inc (Class B)		39,938
	126,600		Nikon Corp		1,995
	11,961		Oxford Industries, Inc		798
	5,425		Pandora AS		416
	27,543		Ryland Group, Inc		1,086
	50,000		Sekisui Chemical Co Ltd		580
	96,000		Sekisui House Ltd		1,317
	141,000	*,e	Sharp Corp		453
	234,000	e	Sony Corp		3,910
	27,906	*,e	Under Armour, Inc (Class A)		1,660
	4,500	*	Unifi, Inc		124
	31,176		VF Corp		1,964
	10,000		Whirlpool Corp		1,392
	159,500		Yue Yuen Industrial Holdings		534
			TOTAL CONSUMER DURABLES & APPAREL		97,741
CONSUMER SERVICES - 1.2%
	79,580		Accor S.A.		4,136
	30,700		Benesse Corp		1,332
	1,289	e	Bob Evans Farms, Inc		64
	25,421		Brinker International, Inc		1,237
	7,675	*	Chipotle Mexican Grill, Inc (Class A)		4,547
	109,916		Choice Hotels International, Inc		5,178
	91,310		Darden Restaurants, Inc		4,225
	1,346		DineEquity, Inc		107
	13,470		Domino’s Pizza, Inc		985
	7,832		Dunkin Brands Group, Inc		359
	373,655		Marriott International, Inc (Class A)		23,951
	583,456		McDonald’s Corp		58,777
	444,431	*	MGM Mirage		11,733
	10,604	*	Popeyes Louisiana Kitchen, Inc		463
	33,974		Royal Caribbean Cruises Ltd		1,889
	106,561	*	Ruby Tuesday, Inc		809
	29,578	*	Sonic Corp		653

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	586,295		Starbucks Corp	$	45,367
	137,574		Starwood Hotels & Resorts Worldwide, Inc		11,119
	9,100		Tim Hortons, Inc (Toronto)		498
	10,000	e	Weight Watchers International, Inc		202
	11,685		Whitbread plc		882
			TOTAL CONSUMER SERVICES		178,513
DIVERSIFIED FINANCIALS - 3.7%
	780,959		3i Group plc		5,367
	358,183		Aberdeen Asset Management plc		2,780
	4,200		Aeon Credit Service Co Ltd		110
	620,453		American Express Co		58,862
	1,218,136		Bank of New York Mellon Corp		45,656
	135,338		BlackRock, Inc		43,254
	576,583		Capital One Financial Corp		47,626
	1,431,454		Charles Schwab Corp		38,549
	310,655		CME Group, Inc		22,041
	1,362	e	Cohen & Steers, Inc		59
	3,361	*	Credit Acceptance Corp		414
	69,415		Deutsche Boerse AG.		5,382
	653,742		Discover Financial Services		40,519
	8,504		Eurazeo		708
	98,210	e	Exor S.p.A.		4,029
	626,613		Franklin Resources, Inc		36,243
	24,115	*	Green Dot Corp		458
	536,720		Hong Kong Exchanges and Clearing Ltd		10,005
	310,616	*	ING Groep NV		4,359
	134,009		IntercontinentalExchange Group, Inc		25,314
	14,474	*	Internet Capital Group, Inc		302
	508,141		Invesco Ltd		19,182
	800,553		Investec plc		7,376
	3,030	*	Investment Technology Group, Inc		51
	61,166	e	Janus Capital Group, Inc		763
	60,728		Kinnevik Investment AB (Series B)		2,587
	62,663		Legg Mason, Inc		3,215
	336,200		Mitsubishi UFJ Lease & Finance Co Ltd		1,932
	76,231		NASDAQ OMX Group, Inc		2,944
	10,345		Nelnet, Inc (Class A)		429
	513,669		Northern Trust Corp		32,983
	22,527	*	PHH Corp		518
	5,879	*	Pico Holdings, Inc		140
	10,635	*	Safeguard Scientifics, Inc		221
	62,441		Schroders plc		2,676
	503,608		State Street Corp		33,873
	287,043		T Rowe Price Group, Inc		24,229
	3,000		TD Ameritrade Holding Corp		94
			TOTAL DIVERSIFIED FINANCIALS		525,250
ENERGY - 5.8%
	40,000		Acergy S.A.		746
	46,000		Aker Kvaerner ASA		798
	52,019		AMEC plc		1,080

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	337,903		Apache Corp	$	34,000
	78,800	e	ARC Energy Trust		2,399
	86,010		Baker Hughes, Inc		6,403
	854,626		BG Group plc		18,034
	158,441	*,e	BPZ Energy, Inc		488
	21,802		Caltex Australia Ltd		444
	177,939	*	Cameron International Corp		12,048
	5,527	e	CARBO Ceramics, Inc		852
	14,005	*	Carrizo Oil & Gas, Inc		970
	287,400		Cenovus Energy, Inc (Toronto)		9,316
	165,841	*	Cheniere Energy, Inc		11,891
	98,049		Cimarex Energy Co		14,066
	1,826	*	Clayton Williams Energy, Inc		251
	260,946	*,e	Clean Energy Fuels Corp		3,058
	29,437	*	Concho Resources, Inc		4,254
	39,499	*	Contango Oil & Gas Co		1,671
	146,657	*,e	Continental Resources, Inc		23,178
	59,100	e	Crescent Point Energy Corp		2,619
	12,102		Dawson Geophysical Co		347
	16,742		Delek Group Ltd		6,925
	2,500		Delek US Holdings, Inc		71
	457,259		Devon Energy Corp		36,306
	271,874		Enbridge, Inc		12,900
	54,900		EnCana Corp		1,301
	2,011		Energen Corp		179
	72,600	e	Enerplus Resources Fund		1,830
	460,668		EOG Resources, Inc		53,834
	221,720		Equitable Resources, Inc		23,702
	19,000	e	Fugro NV		1,086
	230,140		Galp Energia SGPS S.A.		4,218
	8,642	*,e	Geospace Technologies Corp		476
	386,241		Hess Corp		38,195
	315,600		Inpex Holdings, Inc		4,801
	201,413	*	ION Geophysical Corp		850
	44,211	*	Key Energy Services, Inc		404
	3,200	e	Keyera Facilities Income Fund		236
	9,892	*,e	Kinder Morgan Management LLC		781
	676,402	*	Kodiak Oil & Gas Corp		9,842
	536,851		Marathon Oil Corp		21,431
	398,430		Marathon Petroleum Corp		31,105
	11,520	*	Matrix Service Co		378
	141,335	*	MEG Energy Corp		5,151
	466,300		National Oilwell Varco, Inc		38,400
	7,269	*	Natural Gas Services Group, Inc		240
	154,287		Neste Oil Oyj		3,011
	210,587		Noble Corp plc		7,067
	324,695		Noble Energy, Inc		25,151
	29,282	*,e	Northern Oil And Gas, Inc		477
	26,358	*	Oasis Petroleum, Inc		1,473
	474,102		Occidental Petroleum Corp		48,657
	225,695		OMV AG.		10,196
	153,232		Oneok, Inc		10,432

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	302,936	e	Pengrowth Energy Trust	$	2,172
	265,014	e	Penn West Energy Trust		2,588
	14,605		Petrofac Ltd		300
	132,760	*	Petroquest Energy, Inc		998
	447,968		Phillips 66		36,030
	170,278		Pioneer Natural Resources Co		39,132
	98,692		Questar Market Resources, Inc		3,405
	422,410		Repsol YPF S.A.		11,138
	36,777	*	Rex Energy Corp		651
	894	*	SEACOR Holdings, Inc		74
	58,600	e	Showa Shell Sekiyu KK		666
	29,250	*,e	Solazyme, Inc		345
	171,452	*	Southwestern Energy Co		7,799
	954,987		Spectra Energy Corp		40,568
	71,318		St. Mary Land & Exploration Co		5,998
	403,405	*	Statoil ASA		12,400
	482,904		Suncor Energy, Inc		20,591
	88,722		Superior Energy Services		3,206
	22,440		Technip S.A.		2,452
	319,062		Tenaris S.A.		7,518
	7,916		Tesoro Corp		464
	262,191		Tullow Oil plc		3,825
	36,311	*,e	Ultra Petroleum Corp		1,078
	27,062	*	Unit Corp		1,863
	989,544	*	Weatherford International Ltd		22,759
	320,238		Western Refining, Inc		12,025
	99,162	*	Whiting Petroleum Corp		7,958
	451,724		Williams Cos, Inc		26,295
	211,793		Woodside Petroleum Ltd		8,211
			TOTAL ENERGY		832,528
FOOD & STAPLES RETAILING - 0.7%
	173,400		Aeon Co Ltd		2,134
	179,256		Carrefour S.A.		6,610
	13,576		Casino Guichard Perrachon S.A.		1,800
	5,000		Colruyt S.A.		254
	31,318	e	Delhaize Group		2,119
	275,568	e	J Sainsbury plc		1,487
	59,300		Jeronimo Martins SGPS S.A.		975
	85,954		Koninklijke Ahold NV		1,612
	367,535		Kroger Co		18,167
	3,600		Lawson, Inc		270
	42,800		Loblaw Cos Ltd		1,910
	68,666	*	Metro AG.		2,988
	316,705		Safeway, Inc		10,876
	149,700		Seven & I Holdings Co Ltd		6,310
	9,498		Spartan Stores, Inc		200
	821,965		Sysco Corp		30,783
	1,918,076		Tesco plc		9,322
	1,270	*	United Natural Foods, Inc		83
	99,260		Wesfarmers Ltd		3,917
	186,154		Whole Foods Market, Inc		7,191

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	386,938		WM Morrison Supermarkets plc	$	1,213
			TOTAL FOOD & STAPLES RETAILING		110,221
FOOD, BEVERAGE & TOBACCO - 2.3%
	161,000		Ajinomoto Co, Inc		2,523
	93,070		Aryzta AG.		8,814
	191,588		Associated British Foods plc		9,992
	28,068		Bunge Ltd		2,123
	454		Calavo Growers, Inc		15
	261,990	e	Campbell Soup Co		12,002
	131,532		ConAgra Foods, Inc		3,904
	19,775	*	Darling International, Inc		413
	30,775		Dr Pepper Snapple Group, Inc		1,803
	14,539		Flowers Foods, Inc		306
	745,771		General Mills, Inc		39,183
	171,325		Groupe Danone		12,739
	65,855		Hillshire Brands Co		4,103
	3,941		Hormel Foods Corp		194
	39,791		J.M. Smucker Co		4,241
	514,141		Kellogg Co		33,779
	28,997		Kerry Group plc (Class A)		2,178
	78,727		Keurig Green Mountain, Inc		9,810
	31,000	*	Kikkoman Corp		646
	150,402		Kraft Foods Group, Inc		9,017
	458		Lindt & Spruengli AG.		2,331
	21		Lindt & Spruengli AG. (Registered)		1,297
	74,148		Mead Johnson Nutrition Co		6,908
	1,207,380		Mondelez International, Inc		45,410
	14,500		Nissin Food Products Co Ltd		746
	152,793		Orkla ASA		1,360
	801,664		PepsiCo, Inc		71,621
	12,546		Tate & Lyle plc		147
	4,648	e	Tootsie Roll Industries, Inc		137
	674	*	TreeHouse Foods, Inc		54
	405,114		Unilever NV		17,733
	451,826		Unilever plc		20,481
	42,800	e	Yakult Honsha Co Ltd		2,168
			TOTAL FOOD, BEVERAGE & TOBACCO		328,178
HEALTH CARE EQUIPMENT & SERVICES - 1.8%
	1,208,349		Abbott Laboratories		49,422
	456,853		Aetna, Inc		37,042
	8,037	*	Align Technology, Inc		450
	67,982	*,e	Amedisys, Inc		1,138
	34,019		AmerisourceBergen Corp		2,472
	10,800	*	Amsurg Corp		492
	6,026	*	Angiodynamics, Inc		98
	14,016	*,e	athenahealth, Inc		1,754
	310,286		Becton Dickinson & Co		36,707
	13,100	*,e	Bio-Reference Labs, Inc		396
	89,935	*,e	BioScrip, Inc		750
	10,000	*	Brookdale Senior Living, Inc		333

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	54,777	*	Centene Corp	$	4,142
	20,000	*	Cerner Corp		1,032
	30,107	*,e	Cerus Corp		125
	4,495	e	Chemed Corp		421
	191,455		Cigna Corp		17,608
	2,000		Coloplast AS		181
	1,249		Computer Programs & Systems, Inc		80
	700	*	Cyberonics, Inc		44
	10,758	*	DaVita, Inc		778
	5,764		Dentsply International, Inc		273
	15,359	*	Edwards Lifesciences Corp		1,318
	30,239	*	Emeritus Corp		957
	42,713	*	ExamWorks Group, Inc		1,355
	73,010	*	Five Star Quality Care, Inc		366
	21,978	*	Gentiva Health Services, Inc		331
	6,176	*	Greatbatch, Inc		303
	4,374	*	Haemonetics Corp		154
	21,280	*,e	Healthways, Inc		373
	11,942	*	Henry Schein, Inc		1,417
	10,561	*	HMS Holdings Corp		216
	125,907		Humana, Inc		16,081
	1,185	*	ICU Medical, Inc		72
	43,082	*	Idexx Laboratories, Inc		5,755
	61,900	*	Inverness Medical Innovations, Inc		2,316
	3,014	*	IPC The Hospitalist Co, Inc		133
	759	*	Laboratory Corp of America Holdings		78
	743		Landauer, Inc		31
	6,078	*	LHC Group, Inc		130
	58,522	*	LifePoint Hospitals, Inc		3,634
	1,730	*	MedAssets, Inc		40
	1,474	*	Medidata Solutions, Inc		63
	802,734		Medtronic, Inc		51,182
	9,612	*	Merit Medical Systems, Inc		145
	55,639	*	Molina Healthcare, Inc		2,483
	8,672	*	MWI Veterinary Supply, Inc		1,231
	9,301	*	Natus Medical, Inc		234
	2,364	*	NxStage Medical, Inc		34
	3,000	*	Omnicell, Inc		86
	31,393	*	OraSure Technologies, Inc		270
	2,718	e	Owens & Minor, Inc		92
	86,208		Patterson Cos, Inc		3,406
	21,165	*	PharMerica Corp		605
	3,576	*	Providence Service Corp		131
	4,910		Quality Systems, Inc		79
	3,688	*	Sirona Dental Systems, Inc		304
	23,298	*,e	Staar Surgical Co		391
	4,400		Suzuken Co Ltd		164
	15,400		Sysmex Corp		579
	6,446	*	Tornier BV		151
	16,067	*	Triple-S Management Corp (Class B)		288
	8,101		Universal American Corp		68
	3,801		US Physical Therapy, Inc		130

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	500	*	Varian Medical Systems, Inc	$	42
	19,709	*	Vocera Communications, Inc		260
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		253,216
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	9,680		Beiersdorf AG.		936
	707,780		Colgate-Palmolive Co		48,257
	81,716		Estee Lauder Cos (Class A)		6,068
	210		Henkel KGaA		21
	137,770		Henkel KGaA (Preference)		15,917
	297,479	e	Herbalife Ltd		19,199
	41,500		Kao Corp		1,634
	220,796		Kimberly-Clark Corp		24,557
	63,795		L’Oreal S.A.		10,984
	35,987	*,e	Medifast, Inc		1,094
	16,029		Nu Skin Enterprises, Inc (Class A)		1,186
	1,202,803		Procter & Gamble Co		94,528
	152,666		Reckitt Benckiser Group plc		13,312
	43,160		Svenska Cellulosa AB (B Shares)		1,124
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		238,817
INSURANCE - 3.4%
	347,009		ACE Ltd		35,985
	629,310		Aflac, Inc		39,174
	16,447		Allianz AG.		2,745
	1,543,100		AMP Ltd		7,714
	13,380		Arthur J. Gallagher & Co		623
	93,722		Aspen Insurance Holdings Ltd		4,257
	421,903		Assicurazioni Generali S.p.A.		9,240
	107,620		AXA S.A.		2,571
	30,787		Axis Capital Holdings Ltd		1,363
	798,759	*	Berkshire Hathaway, Inc (Class B)		101,091
	370,028		Chubb Corp		34,105
	280,593		CNP Assurances		5,824
	102,203		Delta Lloyd NV		2,595
	4,146	*	eHealth, Inc		157
	2,400		Employers Holdings, Inc		51
	1,256,823	*	Genworth Financial, Inc (Class A)		21,869
	279,246		Hartford Financial Services Group, Inc		10,000
	588,027		Insurance Australia Group Ltd		3,239
	1,916		Kemper Corp		71
	151,625		Marsh & McLennan Cos, Inc		7,857
	75,286		Muenchener Rueckver AG.		16,672
	2,849,807		Old Mutual plc		9,631
	15,856		PartnerRe Ltd		1,732
	43,066		Platinum Underwriters Holdings Ltd		2,793
	357,357		Principal Financial Group		18,039
	767,780		Progressive Corp		19,471
	477,529		Prudential Financial, Inc		42,390
	882,978		Prudential plc		20,230
	556,117		RSA Insurance Group plc		4,519
	1,244,153		Standard Life plc		7,959

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	13,455		Stewart Information Services Corp	$	417
	169,853		Swiss Re Ltd		15,103
	177,900	*	T&D Holdings, Inc		2,420
	433,143		Travelers Cos, Inc		40,746
	800		TrygVesta AS		81
	10,000		Willis Group Holdings plc		433
	1,085		Zurich Financial Services AG.		327
			TOTAL INSURANCE		493,494
MATERIALS - 3.4%
	59,658		Agnico-Eagle Mines Ltd		2,284
	23,600	e	Agrium, Inc (Toronto)		2,162
	106,029		Air Liquide		14,328
	302,738		Air Products & Chemicals, Inc		38,938
	23,600		Akzo Nobel NV		1,770
	500		Albemarle Corp		36
	516,197	*,e	Allied Nevada Gold Corp		1,941
	92,400		Amcor Ltd		909
	4,437		Aptargroup, Inc		297
	232,000		Asahi Kasei Corp		1,776
	176,082		Avery Dennison Corp		9,024
	63,073		Ball Corp		3,953
	132,610		BASF AG.		15,426
	450,926		Boliden AB		6,542
	19,645		Boral Ltd		97
	8,161		Carpenter Technology Corp		516
	10,679	*,e	Castle (A.M.) & Co		118
	44,916		Celanese Corp (Series A)		2,887
	31,719	*	Century Aluminum Co		497
	2,372	*	Clearwater Paper Corp		146
	131,361		Commercial Metals Co		2,274
	14,183		Compass Minerals International, Inc		1,358
	295,427		CRH plc		7,568
	17,000		Daido Steel Co Ltd		87
	11,234		Domtar Corp		481
	9,400		DSM NV		684
	36,695		Eastman Chemical Co		3,205
	347,282		Ecolab, Inc		38,666
	5,690	*	Ferro Corp		71
	646,464		Fletcher Building Ltd		4,984
	33,738	*	Flotek Industries, Inc		1,085
	1,077,618	e	Fortescue Metals Group Ltd		4,451
	28,700		Franco-Nevada Corp		1,647
	2,179		Givaudan S.A.		3,630
	2,623		Globe Specialty Metals, Inc		55
	67,901		H.B. Fuller Co		3,266
	48,214		HeidelbergCement AG.		4,108
	50,000		Hitachi Metals Ltd		762
	4,713	*	Horsehead Holding Corp		86
	900		Imerys S.A.		76
	23,190		Innophos Holdings, Inc		1,335
	9,797		International Flavors & Fragrances, Inc		1,022

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	257,210		International Paper Co	$	12,981
	113,200		JFE Holdings, Inc		2,341
	10,464		Johnson Matthey plc		555
	48,900		JSR Corp		840
	77,699		K&S AG.		2,552
	18,000		Kaneka Corp		113
	385,700	*	Kinross Gold Corp		1,598
	643,000	*	Kobe Steel Ltd		967
	7,764	*	Kraton Polymers LLC		174
	58,000		Kuraray Co Ltd		736
	46,374		Linde AG.		9,854
	173,029	*	Louisiana-Pacific Corp		2,599
	390,170		LyondellBasell Industries AF S.C.A		38,100
	212,757		MeadWestvaco Corp		9,417
	38,519		Minerals Technologies, Inc		2,526
	185,000		Mitsubishi Materials Corp		649
	120,960	e	Mitsui Chemicals, Inc		331
	113,537		Mosaic Co		5,614
	2,100		Myers Industries, Inc		42
	2,220		Neenah Paper, Inc		118
	360,702	*	Newcrest Mining Ltd		3,623
	3,308,000		Nippon Steel Corp		10,597
	31,500		Nitto Denko Corp		1,476
	1,173,368		Norsk Hydro ASA		6,283
	550,230		Nucor Corp		27,099
	53,242		Orica Ltd		978
	64,561	*	Owens-Illinois, Inc		2,236
	11,843		PolyOne Corp		499
	123,900	e	Potash Corp of Saskatchewan (Toronto)		4,712
	314,170		Praxair, Inc		41,734
	1,380		Quaker Chemical Corp		106
	9,992		Reliance Steel & Aluminum Co		737
	34,167	*,e	Resolute Forest Products		573
	34,640		Rexam plc		317
	6,623		Rock-Tenn Co (Class A)		699
	15,925		Rockwood Holdings, Inc		1,210
	142,788		Royal Gold, Inc		10,869
	6,424	*	RTI International Metals, Inc		171
	850		Schnitzer Steel Industries, Inc (Class A)		22
	18,931		Sealed Air Corp		647
	17,916		Sherwin-Williams Co		3,707
	92,200		Shin-Etsu Chemical Co Ltd		5,607
	214,462		Sigma-Aldrich Corp		21,764
	247,000		Silver Wheaton Corp		6,500
	1,200		Stepan Co		63
	74,982	*	Stillwater Mining Co		1,316
	334,517		Stora Enso Oyj (R Shares)		3,252
	360,000		Sumitomo Chemical Co Ltd		1,361
	524,000		Sumitomo Metal Mining Co Ltd		8,553
	42,000	e	Taiyo Nippon Sanso Corp		372
	594,300	e	Teck Cominco Ltd		13,567
	74,000		Teijin Ltd		186

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	305,000		Toray Industries, Inc	$	2,007
	117,300		Toyo Seikan Kaisha Ltd		1,803
	15,649		Umicore		728
	198,855		UPM-Kymmene Oyj		3,397
	60,125		Valspar Corp		4,581
	4,790		Wausau Paper Corp		52
	278,810		Worthington Industries, Inc		12,000
			TOTAL MATERIALS		482,059
MEDIA - 1.6%
	185,416	e	Cablevision Systems Corp (Class A)		3,273
	19,805		Cinemark Holdings, Inc		700
	114,560		Clear Channel Outdoor Holdings, Inc (Class A)		937
	161,056	*	DIRECTV		13,691
	388,492	*	Discovery Communications, Inc (Class A)		28,857
	57,029	*	Discovery Communications, Inc (Class C)		4,140
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		1,216
	11,620	*	Entercom Communications Corp (Class A)		125
	1,900		JC Decaux S.A.		71
	10,069		John Wiley & Sons, Inc (Class A)		610
	266,369	*	Journal Communications, Inc (Class A)		2,363
	15,813		Lagardere S.C.A.		515
	535,024	*	Liberty Global plc		22,637
	447,867	*,e	Liberty Global plc (Class A)		19,805
	380,868	*,e	McClatchy Co (Class A)		2,114
	228,929	e	New York Times Co (Class A)		3,482
	551,411		Pearson plc		10,890
	18,429	e	ProSiebenSat. Media AG.		820
	1,550		Scholastic Corp		53
	15,051		Scripps Networks Interactive (Class A)		1,221
	60,413	e	Sinclair Broadcast Group, Inc (Class A)		2,099
	1,067,000	e	Singapore Press Holdings Ltd		3,568
	25,497	*	Sizmek, Inc		243
	298,216		Time Warner Cable, Inc		43,927
	724,009		Time Warner, Inc		50,862
	46,200		Wolters Kluwer NV		1,369
	683,960		WPP plc		14,905
			TOTAL MEDIA		234,493
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.2%
	1,969	*	Acorda Therapeutics, Inc		66
	68,628		Actelion Ltd		8,686
	68,836	*,e	Affymetrix, Inc		613
	375,014		Agilent Technologies, Inc		21,541
	133,847	*	Akorn, Inc		4,451
	69,442	*	Alexion Pharmaceuticals, Inc		10,850
	462,789		Amgen, Inc		54,780
	5,768	*,e	Aratana Therapeutics, Inc		90
	871,400		Astellas Pharma, Inc		11,459
	65,071	*,e	Auxilium Pharmaceuticals, Inc		1,305
	92,661	*,e	AVANIR Pharmaceuticals, Inc		523
	158,236	*	Biogen Idec, Inc		49,894

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	57,262	*	Biovail Corp (Toronto)	$	7,241
	8,307	*,e	Bluebird Bio, Inc		320
	1,111,385		Bristol-Myers Squibb Co		53,913
	69,150	*	Cambrex Corp		1,431
	57,720	*,e	Cepheid, Inc		2,767
	180,400		Chugai Pharmaceutical Co Ltd		5,087
	19,300		Dainippon Sumitomo Pharma Co Ltd		222
	134,268	*	Depomed, Inc		1,866
	49,400		Eisai Co Ltd		2,073
	124,366	*	Endo International plc		8,708
	4,519	*	Fluidigm Corp		133
	821,991	*	Gilead Sciences, Inc		68,151
	963,615		GlaxoSmithKline plc		25,657
	3,597	*,e	Hyperion Therapeutics, Inc		94
	4,270	*,e	Immunogen, Inc		51
	57,898	*,e	Immunomedics, Inc		211
	176,347	*	Incyte Corp		9,953
	13,244	*,e	Ironwood Pharmaceuticals, Inc		203
	1,177,080		Johnson & Johnson		123,146
	295,280	*,e	MannKind Corp		3,245
	1,453,994		Merck & Co, Inc		84,114
	45,630		Merck KGaA		3,957
	2,234	*	Mettler-Toledo International, Inc		566
	28,031	*,e	MiMedx Group, Inc		199
	2,769	*	Momenta Pharmaceuticals, Inc		34
	243,310	*	Nektar Therapeutics		3,119
	428,605		Novartis AG.		38,814
	455,725		Novo Nordisk AS		21,033
	200,087	*,e	Opko Health, Inc		1,769
	221,422	*,e	Orexigen Therapeutics, Inc		1,368
	12,565		PerkinElmer, Inc		589
	14,463	*	Prestige Brands Holdings, Inc		490
	14,195	*,e	Repros Therapeutics, Inc		246
	128,613		Roche Holding AG.		38,321
	126,568	*	Salix Pharmaceuticals Ltd		15,612
	123,194	*,e	Sangamo Biosciences, Inc		1,881
	120,198	*,e	Sarepta Therapeutics, Inc		3,581
	232,800		Takeda Pharmaceutical Co Ltd		10,805
	2,368		Techne Corp		219
	142,628		Thermo Electron Corp		16,830
	16,960	*	United Therapeutics Corp		1,501
	103,739	*	Vertex Pharmaceuticals, Inc		9,822
	340,392	*,e	Vivus, Inc		1,811
	61,330	*	Waters Corp		6,405
	33,288	*	Xenoport, Inc		161
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		741,977
REAL ESTATE - 2.3%
	64,700		Aeon Mall Co Ltd		1,706
	19,852		American Campus Communities, Inc		759
	445,452		American Tower Corp		40,082
	1,501,292		Annaly Capital Management, Inc		17,160

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,000		AvalonBay Communities, Inc	$	142
	120,047		Boston Properties, Inc		14,187
	248,240		British Land Co plc		2,983
	2,125,000		CapitaLand Ltd		5,457
	3,498,000		CapitaMall Trust		5,545
	195,955	*	CBRE Group, Inc		6,278
	198,835	e	CFS Gandel Retail Trust		382
	151,000	e	City Developments Ltd		1,241
	340,764		Crown Castle International Corp		25,305
	207,000		Daiwa House Industry Co Ltd		4,291
	2,200,199		DB RREEF Trust		2,303
	5,728	e	Digital Realty Trust, Inc		334
	22,121		Douglas Emmett, Inc		624
	165,551		Duke Realty Corp		3,006
	129,435		Equity Residential		8,154
	300,754		First Industrial Realty Trust, Inc		5,666
	2,732	*	Forest City Enterprises, Inc (Class A)		54
	15,042		Gecina S.A.		2,192
	435,396		GPT Group (ASE)		1,577
	533,654		HCP, Inc		22,083
	100,063		Health Care REIT, Inc		6,271
	12,227		Healthcare Realty Trust, Inc		311
	736,502		Host Marriott Corp		16,210
	16,556		Invesco Mortgage Capital, Inc		287
	82,000		Keppel Land Ltd		222
	291,636		Land Securities Group plc		5,168
	59,200		Lend Lease Corp Ltd		732
	381,212		Liberty International plc		2,033
	37,196		Liberty Property Trust		1,411
	54,403		Macerich Co		3,631
	163,958	e	Macquarie Goodman Group		781
	24,518		Mid-America Apartment Communities, Inc		1,791
	727,767		Mirvac Group		1,225
	305,810		Mitsui Fudosan Co Ltd		10,321
	514,236		Prologis, Inc		21,130
	92,736	e	Ryman Hospitality Properties		4,465
	623,984		Segro plc		3,684
	255,853		Simon Property Group, Inc		42,543
	1,157,314	e	Stockland Trust Group		4,233
	33,000		Swire Pacific Ltd (Class A)		406
	35,276		Unibail-Rodamco		10,266
	96,747		Ventas, Inc		6,202
	142,947		Vornado Realty Trust		15,257
	14,386	e	Weyerhaeuser Co		476
			TOTAL REAL ESTATE		330,567
RETAILING - 2.3%
	127,624	e	American Eagle Outfitters, Inc		1,432
	32,439	*	Ann Taylor Stores Corp		1,335
	39,356	*	AutoZone, Inc		21,104
	19,109	*	Barnes & Noble, Inc		435
	200,028	*	Bed Bath & Beyond, Inc		11,478

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	132,772		Best Buy Co, Inc	$	4,117
	10,162		Big 5 Sporting Goods Corp		125
	810	*	Blue Nile, Inc		23
	7,961	*,e	Cabela’s, Inc		497
	7,000		Canadian Tire Corp Ltd		672
	81,708	*	Carmax, Inc		4,250
	12,500		Fast Retailing Co Ltd		4,118
	67,898		Foot Locker, Inc		3,444
	512,825		Gap, Inc		21,318
	243,170		Genuine Parts Co		21,350
	23,293		GNC Holdings, Inc		794
	2,200		Haverty Furniture Cos, Inc		55
	197,899		Hennes & Mauritz AB (B Shares)		8,640
	50,701	*	HomeAway, Inc		1,765
	26,410		HSN, Inc		1,564
	48,910		Inditex S.A.		7,527
	50,000	e	Jardine Cycle & Carriage Ltd		1,777
	417,700		Kingfisher plc		2,564
	234,875		Kohl’s Corp		12,373
	2,891,620		Li & Fung Ltd		4,283
	759,905	*	Liberty Interactive Corp		22,311
	19,712	*	LKQ Corp		526
	912,358		Lowe’s Companies, Inc		43,784
	203,285		Macy’s, Inc		11,795
	210,991		Marks & Spencer Group plc		1,535
	14,720	*	NetFlix, Inc		6,486
	6,288	*	New York & Co, Inc		23
	6,625		Next plc		733
	66,728		Nordstrom, Inc		4,533
	2,000		Nutri/System, Inc		34
	217,335	*	Office Depot, Inc		1,237
	110,163	*	Orbitz Worldwide, Inc		980
	8,683	*,e	Outerwall, Inc		515
	35,119		Pier 1 Imports, Inc		541
	147		PPR		32
	16,391		Ross Stores, Inc		1,084
	49,713	*	Shutterfly, Inc		2,141
	25,824		Signet Jewelers Ltd		2,856
	567,973	e	Staples, Inc		6,157
	3,300		Stein Mart, Inc		46
	600,720		Target Corp		34,812
	16,714		Tiffany & Co		1,676
	696,291		TJX Companies, Inc		37,008
	105,864	*	TripAdvisor, Inc		11,503
	2,150	*	Vitacost.com, Inc		13
	111,000	e	Yamada Denki Co Ltd		396
			TOTAL RETAILING		329,797
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4%
	66,931	*,e	Advanced Micro Devices, Inc		280
	10,479		Analog Devices, Inc		567
	1,861,490		Applied Materials, Inc		41,977

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	86,696		ASML Holding NV	$	8,085
	15,582	*,e	Cirrus Logic, Inc		354
	5,894	*	Freescale Semiconductor Holdings Ltd		139
	2,647,489		Intel Corp		81,808
	6,138	*	International Rectifier Corp		171
	21,682	*	Lam Research Corp		1,465
	9,064	e	Microchip Technology, Inc		442
	541,931	*	ON Semiconductor Corp		4,953
	97,903	*	Skyworks Solutions, Inc		4,598
	266,513		STMicroelectronics NV		2,388
	97,663	*,e	SunPower Corp		4,002
	40,230	e	Teradyne, Inc		789
	987,220		Texas Instruments, Inc		47,179
	6,900		Tokyo Electron Ltd		470
	41,101	*	Triquint Semiconductor, Inc		650
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		200,317
SOFTWARE & SERVICES - 4.8%
	527,384		Accenture plc		42,634
	529,300	*	Adobe Systems, Inc		38,300
	1,660		Advent Software, Inc		54
	7,095		Amadeus IT Holding S.A.		292
	86,986	*,e	Angie’s List, Inc		1,039
	234,202	*	AOL, Inc		9,319
	1,856	*	Aspen Technology, Inc		86
	2,133		Atos Origin S.A.		178
	201,046	*	Autodesk, Inc		11,335
	46,648	*	Brightcove, Inc		492
	128,405		Broadridge Financial Solutions, Inc		5,347
	485,524		CA, Inc		13,954
	24,502	*	Cadence Design Systems, Inc		428
	37,120		Cap Gemini S.A.		2,649
	24,400	*	CGI Group, Inc		865
	762,378	*	Cognizant Technology Solutions Corp (Class A)		37,288
	124,867		Compuware Corp		1,247
	14,644	*	comScore, Inc		520
	20,058		Convergys Corp		430
	50,889	*,e	Conversant, Inc		1,293
	154,947	*,e	Demand Media, Inc		747
	5,179	*,e	E2open, Inc		107
	2,100		EPIQ Systems, Inc		29
	6,214	e	Factset Research Systems, Inc		747
	5,718		Fair Isaac Corp		365
	30,365	*	Fortinet, Inc		763
	592,000	*	Fujitsu Ltd		4,436
	150,773	*,e	Glu Mobile, Inc		754
	136,927	*	Google, Inc		78,771
	135,951	*	Google, Inc (Class A)		79,487
	49,328	*	Higher One Holdings, Inc		188
	8,867	*	Infoblox, Inc		117
	91,530	*	Informatica Corp		3,263
	462,124		International Business Machines Corp		83,769

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	409,298		Intuit, Inc	$	32,961
	16,036	e	j2 Global, Inc		816
	52,506	*,e	Liquidity Services, Inc		827
	10,028	*	Marchex, Inc (Class B)		120
	17,866	*,e	Marketo, Inc		519
	1,000		MAXIMUS, Inc		43
	39,456	e	Mercadolibre, Inc		3,764
	158,195	*	Monster Worldwide, Inc		1,035
	3,035	*	NetSuite, Inc		264
	19,743	*,e	NeuStar, Inc (Class A)		514
	10,700		Nomura Research Institute Ltd		337
	20,400		NTT Data Corp		784
	7,800		Open Text Corp		374
	30,103	*	OpenTable, Inc		3,119
	1,827,742		Oracle Corp		74,078
	60,249	*	QuinStreet, Inc		332
	22,824	*,e	Rally Software Development Corp		249
	15,039	*	Rosetta Stone, Inc		146
	7,887	*	Rovi Corp		189
	587,432	*	Salesforce.com, Inc		34,118
	228,532		SAP AG.		17,609
	10,057	*	Seachange International, Inc		81
	102,450	*,e	ServiceSource International LLC		594
	5,854	*	SolarWinds, Inc		226
	2,000	*	SPS Commerce, Inc		126
	15,370	*	Stamps.com, Inc		518
	976,463		Symantec Corp		22,361
	6,468	*	Syntel, Inc		556
	4,529	*,e	Tangoe, Inc		68
	20,999	*	Teradata Corp		844
	6,527	*	Ultimate Software Group, Inc		902
	16,010	*	Unisys Corp		396
	1,170	*	Vasco Data Security International		14
	2,801,433		Xerox Corp		34,850
	25,674	*	Xoom Corp		677
	1,015,045	*	Yahoo!, Inc		35,658
			TOTAL SOFTWARE & SERVICES		691,362
TECHNOLOGY HARDWARE & EQUIPMENT - 2.3%
	8,103		Adtran, Inc		183
	116,347	*	Aruba Networks, Inc		2,038
	4,234		Belden CDT, Inc		331
	2,571	*	Benchmark Electronics, Inc		66
	3,306		Black Box Corp		78
	3,303	*	Calix Networks, Inc		27
	254,100	e	Canon, Inc		8,304
	14,572	*	Checkpoint Systems, Inc		204
	2,984,256		Cisco Systems, Inc		74,159
	53,700		Citizen Watch Co Ltd		422
	9,600	*	Cognex Corp		369
	909	*	Coherent, Inc		60
	353,821		Corning, Inc		7,766

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	227,821	*,e	Cray, Inc	$	6,060
	4,840	*	Digi International, Inc		46
	3,605	*	DTS, Inc		66
	1,318	*	Electronics for Imaging, Inc		60
	1,720,163		EMC Corp		45,309
	1,358		FEI Co		123
	103,068	*,e	Finisar Corp		2,036
	90,753	*	Flextronics International Ltd		1,005
	344,314	*	Fusion-io, Inc		3,891
	1,568,789		Hewlett-Packard Co		52,837
	5,600		Hitachi High-Technologies Corp		133
	59,600		Ibiden Co Ltd		1,202
	166,234	*	Ingram Micro, Inc (Class A)		4,856
	11,659	*	Insight Enterprises, Inc		358
	7,090		InterDigital, Inc		339
	5,000	*,e	InvenSense, Inc		113
	30,066	*,e	IPG Photonics Corp		2,069
	1,920	*	Itron, Inc		78
	41,052		Jabil Circuit, Inc		858
	15,646	*	Kemet Corp		90
	188,500		Konica Minolta Holdings, Inc		1,863
	69,200		Kyocera Corp		3,286
	54,381		Lexmark International, Inc (Class A)		2,619
	195,721		Motorola, Inc		13,029
	32,300		Murata Manufacturing Co Ltd		3,029
	2,100		National Instruments Corp		68
	7,919	*	Netgear, Inc		275
	45,500		Omron Corp		1,919
	69,596	*	Oplink Communications, Inc		1,181
	500	*	OSI Systems, Inc		33
	1,774		Plantronics, Inc		85
	1,420	*	Plexus Corp		61
	53,913	*	QLogic Corp		544
	854,280		Qualcomm, Inc		67,659
	23,440	*	RealD, Inc		299
	2,500	*	Rofin-Sinar Technologies, Inc		60
	1,300	*	Scansource, Inc		50
	152,709		Seagate Technology, Inc		8,677
	20,387	*,e	Silicon Graphics International Corp		196
	61,142	*	Super Micro Computer, Inc		1,545
	1,417	*	SYNNEX Corp		103
	48,800		TDK Corp		2,291
	5,429	*	Tech Data Corp		339
	13,773	*	TTM Technologies, Inc		113
	10,708	*,e	Universal Display Corp		344
	2,708	*	Vishay Precision Group, Inc		45
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		325,249
TELECOMMUNICATION SERVICES - 1.5%
	29,248	*	Boingo Wireless, Inc		200
	1,135,087		BT Group plc		7,459
	1,019,915		CenturyTel, Inc		36,921

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	161,417	*	Cincinnati Bell, Inc	$	634
	2,650	e	Consolidated Communications Holdings, Inc		59
	5,740		IDT Corp (Class B)		100
	124,952	*,e	Iridium Communications, Inc		1,057
	178,800		KDDI Corp		10,909
	29,997	*	Level 3 Communications, Inc		1,317
	102,800		Nippon Telegraph & Telephone Corp		6,407
	532,600		NTT DoCoMo, Inc		9,092
	86,400	e	Rogers Communications, Inc (Class B)		3,477
	166,700		Softbank Corp		12,423
	3,417,473	*	Sprint Corp		29,151
	14,008		Swisscom AG.		8,137
	699,891		TeliaSonera AB		5,110
	20,600		TELUS Corp		768
	68,610	*	tw telecom inc (Class A)		2,766
	1,157,001		Verizon Communications, Inc		56,612
	4,816,507		Vodafone Group plc		16,098
	266,368	*	Vonage Holdings Corp		999
			TOTAL TELECOMMUNICATION SERVICES		209,696
TRANSPORTATION - 1.6%
	44,476		Abertis Infraestructuras S.A. (Continuous)		1,023
	102,353		Alaska Air Group, Inc		9,729
	773		Allegiant Travel Co		91
	4,146		Arkansas Best Corp		180
	575,682		Auckland International Airport Ltd		1,965
	104,766		Autostrade S.p.A.		2,985
	112,409	*	Avis Budget Group, Inc		6,710
	203,200		Canadian National Railway Co		13,216
	30,500		Central Japan Railway Co		4,354
	1,084,254		CSX Corp		33,406
	134,669		Deutsche Lufthansa AG.		2,891
	465,498		Deutsche Post AG.		16,802
	71,700		East Japan Railway Co		5,649
	8,074	*	Echo Global Logistics, Inc		155
	5		Expeditors International of Washington, Inc		0	^
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		382
	103,000		Mitsui OSK Lines Ltd		384
	2,037,197		MTR Corp		7,845
	265,109		Norfolk Southern Corp		27,314
	413,000		Singapore Airlines Ltd		3,437
	292,398		Southwest Airlines Co		7,854
	228,000		Tokyu Corp		1,617
	128,533		Transurban Group		896
	334,212		Union Pacific Corp		33,338
	510,592		United Parcel Service, Inc (Class B)		52,417
			TOTAL TRANSPORTATION		234,640
UTILITIES - 2.1%
	29,928		AGL Energy Ltd		437
	8,000		American States Water Co		266
	13,544		American Water Works Co, Inc		670

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	257,758	*	Calpine Corp	$	6,137
	255,104		Centerpoint Energy, Inc		6,515
	837,282		Centrica plc		4,474
	574		Chesapeake Utilities Corp		41
	333,075		Cleco Corp		19,635
	881,500		CLP Holdings Ltd		7,241
	455,602		Consolidated Edison, Inc		26,306
	200,987		Duke Energy Corp		14,911
	28,688		Enel Green Power S.p.A		81
	714,259		Energias de Portugal S.A.		3,584
	3,046,709		Hong Kong & China Gas Ltd		6,667
	1,138,700		Iberdrola S.A.		8,710
	7,771		Integrys Energy Group, Inc		553
	14,435		MDU Resources Group, Inc		507
	93,713		MGE Energy, Inc		3,703
	1,088,320		National Grid plc		15,668
	11,280		New Jersey Resources Corp		645
	443,338		NextEra Energy, Inc		45,433
	620,350		NiSource, Inc		24,405
	334,247		Northeast Utilities		15,800
	1,420	e	Ormat Technologies, Inc		41
	51,000		Osaka Gas Co Ltd		214
	854,185		Pepco Holdings, Inc		23,473
	196,407		Piedmont Natural Gas Co, Inc		7,348
	31,789		Public Service Enterprise Group, Inc		1,297
	455,571		Scottish & Southern Energy plc		12,204
	253,916		Sempra Energy		26,588
	27,089		SJW Corp		737
	512,050		Snam Rete Gas S.p.A.		3,084
	46,662		South Jersey Industries, Inc		2,819
	85		SP AusNet		0	^
	50,626		Suez Environnement S.A.		968
	90,839	e	TECO Energy, Inc		1,679
	658,790		Tokyo Gas Co Ltd		3,848
	11,190		UGI Corp		565
	1,494		Unitil Corp		51
	5,427		UNS Energy Corp		328
	27,296		WGL Holdings, Inc		1,176
	46,752		Wisconsin Energy Corp		2,194
	107,597		Xcel Energy, Inc		3,468
			TOTAL UTILITIES		304,471
			TOTAL COMMON STOCKS		8,553,043
			(Cost $5,420,609)
PREFERRED STOCKS - 0.2%
BANKS - 0.2%
	233,115	*,e	Federal Home Loan Mortgage Corp		2,543
	740,991	*	Federal National Mortgage Association (FNMA)		7,669
	14,500	*	M&T Bank Corp		14,319
			TOTAL BANKS		24,531
			TOTAL PREFERRED STOCKS		24,531
			(Cost $38,865)

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	RATE			MATURITY DATE	VALUE (000)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	422,410		Repsol S.A.					$	288
			TOTAL ENERGY						288
			TOTAL RIGHTS / WARRANTS						288
			(Cost $278)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 8.8%
GOVERNMENT AGENCY DEBT - 0.4%
$	16,000,000		Federal Home Loan Bank (FHLB)		0.080	%	10/08/14		15,998
	33,000,000		FHLB		0.077		11/05/14		32,993
	8,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.060		08/26/14		7,999
			TOTAL GOVERNMENT AGENCY DEBT						56,990
TREASURY DEBT - 6.3%
	17,000,000	w	United States Treasury Bill		0.061		07/10/14		17,000
	199,600,000	w	United States Treasury Bill		0.056-0.116		07/24/14		199,587
	23,500,000		United States Treasury Bill		0.050-0.053		08/14/14		23,499
	134,500,000	w	United States Treasury Bill		0.075-0.135		08/21/14		134,480
	23,000,000		United States Treasury Bill		0.046		11/20/14		22,995
	150,500,000	w	United States Treasury Bill		0.060-0.097		04/02/15		150,431
	108,200,000	w	United States Treasury Bill		0.090-0.100		04/30/15		108,139
	212,700,000	w	United States Treasury Bill		0.090-0.096		05/28/15		212,519
	41,200,000		United States Treasury Bill		0.096		06/25/15		41,157
			TOTAL TREASURY DEBT						909,807
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.1%
GOVERNMENT AGENCY DEBT - 0.6%
	10,000,000		Federal Home Loan Bank (FHLB)		0.050		07/30/14		9,999
	15,500,000		FHLB		0.100		08/01/14		15,499
	46,000,000		FHLB		0.050-0.057		08/08/14		45,997
	10,150,000		Federal National Mortgage Association (FNMA)		0.040		07/23/14		10,150
			TOTAL GOVERNMENT AGENCY DEBT						81,645
TREASURY DEBT - 1.5%
	8,000,000		United States Treasury Bill		0.060		07/24/14		8,000
	50,000,000		United States Treasury Bill		0.060-0.118		08/21/14		49,994
	8,000,000		United States Treasury Bill		0.080		09/04/14		8,000
	5,000,000		United States Treasury Bill		0.095		01/08/15		4,999
	30,000,000		United States Treasury Bill		0.061-0.101		02/05/15		29,990
	55,800,000		United States Treasury Bill		0.080-0.110		03/05/15		55,778
	10,000,000		United States Treasury Bill		0.090		05/28/15		9,991
	44,000,000		United States Treasury Bill		0.096-0.101		06/25/15		43,954
			TOTAL TREASURY DEBT						210,706

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL	ISSUER	VALUE (000)
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED	$	292,351
	TOTAL SHORT-TERM INVESTMENTS		1,259,148
	(Cost $1,259,076)
	TOTAL INVESTMENTS - 107.1%		15,344,859
	(Cost $12,117,510)
	OTHER ASSETS & LIABILITIES, NET - (7.1)%		(1,012,657	)
	NET ASSETS - 100.0%	$	14,332,202

	Abbreviation(s):
REIT	Real Estate Investment Trust

*	Non-income producing.
^	Amount represents less than $1,000.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $324,860,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2014 the aggregate value of these securities was $528,192,000, or 3.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
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.

393

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2014

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
SHORT-TERM INVESTMENTS - 100.0%
ASSET BACKED - 0.6%
$	17,384,996		Honda Auto Receivables Owner Trust		0.180	%	05/18/15	$	17,385
	15,287,416		Hyundai Auto Receivables Trust		0.180		05/15/15		15,287
	15,000,000		Nissan Auto Lease Trust		0.180		06/15/15		15,000
	21,833,531		Volkswagen Auto Loan Enhanced Trust		0.190		05/20/15		21,834
			TOTAL ASSET BACKED						69,506
CERTIFICATE OF DEPOSIT - 5.0%
	25,000,000		Banco Del Estado de Chile		0.210		08/04/14		25,000
	50,000,000		Banco Del Estado de Chile		0.210		08/25/14		50,000
	40,000,000		Banco Del Estado de Chile		0.190		09/22/14		40,000
	25,000,000		Banco Del Estado de Chile		0.190		09/24/14		25,000
	50,000,000		Bank of Montreal		0.170		08/26/14		50,000
	50,000,000		Bank of Montreal		0.170		09/05/14		50,000
	25,000,000		Bank of Nova Scotia		0.140		09/22/14		25,000
	24,000,000		Bank of Nova Scotia		0.140		09/25/14		24,000
	50,000,000		Korea Development Bank		0.210		07/28/14		50,000
	11,875,000		Korea Development Bank		0.220		08/22/14		11,875
	25,000,000		Toronto-Dominion Bank		0.150		08/08/14		25,000
	35,000,000		Toronto-Dominion Bank		0.130		08/11/14		35,000
	30,000,000		Toronto-Dominion Bank		0.110		08/12/14		30,000
	40,000,000		Toronto-Dominion Bank		0.150		09/02/14		40,000
	50,000,000		Toronto-Dominion Bank		0.160		10/02/14		50,000
	50,000,000		US Bank NA		0.140		09/02/14		50,000
			TOTAL CERTIFICATE OF DEPOSIT						580,875
COMMERCIAL PAPER - 38.7%
	25,000,000		American Honda Finance Corp		0.115		07/07/14		24,999
	10,000,000		American Honda Finance Corp		0.120		07/08/14		10,000
	50,000,000		American Honda Finance Corp		0.090		07/15/14		49,998
	20,000,000		American Honda Finance Corp		0.105		07/21/14		19,999
	20,000,000		American Honda Finance Corp		0.100		07/22/14		19,999
	25,000,000		American Honda Finance Corp		0.115		08/11/14		24,997
	25,000,000		American Honda Finance Corp		0.115		08/25/14		24,995
	40,000,000		American Honda Finance Corp		0.100		09/22/14		39,991
	65,000,000	y	Australia & New Zealand Banking Group Ltd		0.150		07/11/14		64,997
	50,000,000	y	Australia & New Zealand Banking Group Ltd		0.145		07/23/14		49,996
	25,000,000	y	Australia & New Zealand Banking Group Ltd		0.140		09/05/14		24,994
	47,000,000	y	Australia & New Zealand Banking Group Ltd		0.155-0.165		09/15/14		46,984
	30,000,000	y	Australia & New Zealand Banking Group Ltd		0.167		09/16/14		29,989
	28,000,000	y	Australia & New Zealand Banking Group Ltd		0.170		10/07/14		27,987
	26,975,000		Bank of Nova Scotia		0.140-0.195		07/02/14		26,975
	10,000,000		Bank of Nova Scotia		0.155		07/29/14		9,999

394

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,200,000		Bank of Nova Scotia		0.145-0.155	%	08/11/14	$	10,198
	25,000,000		Bank of Nova Scotia		0.160		08/19/14		24,995
	15,000,000		Bank of Nova Scotia		0.155		08/26/14		14,996
	15,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.110		07/03/14		15,000
	50,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.120		07/07/14		49,999
	15,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.140		07/08/14		14,999
	20,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.120		07/16/14		19,999
	20,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.110		07/17/14		19,999
	20,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.160		08/19/14		19,996
	38,500,000	y	Bedford Row Funding Corp		0.155		07/01/14		38,500
	33,000,000	y	Bedford Row Funding Corp		0.240-0.260		11/03/14		32,971
	3,150,000	y	Bedford Row Funding Corp		0.230		12/17/14		3,147
	25,000,000	y	Coca-Cola Co		0.180		08/04/14		24,996
	27,785,000	y	Coca-Cola Co		0.120		08/21/14		27,780
	6,050,000	y	Coca-Cola Co		0.190		09/03/14		6,048
	800,000	y	Coca-Cola Co		0.190		09/05/14		800
	40,000,000	y	Coca-Cola Co		0.110		09/18/14		39,990
	30,000,000	y	Coca-Cola Co		0.120		09/23/14		29,991
	20,000,000	y	Coca-Cola Co		0.120		10/03/14		19,994
	11,010,000	y	Coca-Cola Co		0.140		10/30/14		11,005
	30,000,000	y	Commonwealth Bank of Australia		0.160		07/07/14		29,999
	38,000,000	y	Commonwealth Bank of Australia		0.155-0.160		07/10/14		37,998
	30,000,000	y	Commonwealth Bank of Australia		0.145		08/07/14		29,996
	10,000,000	y	Commonwealth Bank of Australia		0.142		08/08/14		9,998
	20,000,000	y	Commonwealth Bank of Australia		0.130		08/18/14		19,997
	8,545,000	y	Commonwealth Bank of Australia		0.140		09/02/14		8,543
	25,000,000	y	DBS Bank Ltd		0.205		08/05/14		24,995
	4,575,000	y	DBS Bank Ltd		0.145		08/14/14		4,574
	30,000,000	y	DBS Bank Ltd		0.185		08/22/14		29,992
	4,410,000	y	DBS Bank Ltd		0.220		08/26/14		4,408
	3,835,000	y	DBS Bank Ltd		0.245		11/21/14		3,831
	12,500,000		Exxon Mobil Corp		0.090		07/30/14		12,499
	24,400,000	y	Fairway Finance LLC		0.150		07/02/14		24,400
	24,969,000	y	Fairway Finance LLC		0.080		07/07/14		24,969
	13,109,000	y	Fairway Finance LLC		0.140		07/22/14		13,108
	25,000,000	y	Fairway Finance LLC		0.140		07/24/14		24,998
	20,000,000	y	Fairway Finance LLC		0.140		07/29/14		19,998
	25,000,000	y	Fairway Finance LLC		0.140		08/05/14		24,996
	20,000,000	y	Fairway Finance LLC		0.140		08/07/14		19,997
	30,000,000	y	Fairway Finance LLC		0.180		08/18/14		29,993
	18,000,000	y	Fairway Finance LLC		0.180		08/19/14		17,995
	4,938,000	y	Fairway Finance LLC		0.180		08/25/14		4,937
	17,000,000	y	Fairway Finance LLC		0.180		08/26/14		16,995
	45,000,000		General Electric Capital Corp		0.150		08/15/14		44,992
	30,000,000		General Electric Capital Corp		0.120		09/17/14		29,992
	50,000,000		General Electric Capital Corp		0.120		09/26/14		49,986
	40,000,000		General Electric Capital Corp		0.140		09/29/14		39,986
	31,665,000		General Electric Capital Corp		0.120		10/03/14		31,655
	17,375,000	y	Hydro-Quebec		0.100		07/22/14		17,374
	9,000,000	y	Hydro-Quebec		0.090		07/29/14		8,999
	10,800,000	y	Hydro-Quebec		0.090		07/31/14		10,799
	12,500,000	y	Hydro-Quebec		0.090		08/12/14		12,499
	30,000,000	y	Hydro-Quebec		0.100		08/22/14		29,996

395

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	20,000,000	y	Hydro-Quebec		0.100	%	09/03/14	$	19,996
	50,000,000	y	International Business Machines Corp		0.095		07/28/14		49,996
	23,100,000	y	International Business Machines Corp		0.085		07/29/14		23,098
	42,500,000	y	International Business Machines Corp		0.095-0.100		08/01/14		42,497
	2,100,000	y	International Business Machines Corp		0.110		08/14/14		2,100
	90,000,000	y	International Business Machines Corp		0.100		09/04/14		89,984
	30,000,000	y	International Business Machines Corp		0.105		09/16/14		29,993
	20,000,000	y	International Business Machines Corp		0.110		09/17/14		19,995
	50,000,000	y	International Business Machines Corp		0.090		09/22/14		49,990
	5,000,000	y	Jupiter Securitization Co LLC		0.150		07/15/14		5,000
	18,530,000	y	Liberty Street Funding LLC		0.160		07/01/14		18,530
	35,000,000	y	Liberty Street Funding LLC		0.175-0.180		07/23/14		34,996
	20,000,000	y	Liberty Street Funding LLC		0.170		08/04/14		19,997
	29,500,000	y	Liberty Street Funding LLC		0.160-0.175		08/05/14		29,495
	20,000,000	y	Liberty Street Funding LLC		0.175		08/07/14		19,996
	28,000,000	y	Liberty Street Funding LLC		0.175		08/08/14		27,995
	8,590,000	y	Liberty Street Funding LLC		0.150		08/11/14		8,589
	50,215,000	y	Microsoft Corp		0.090-0.100		08/06/14		50,210
	55,000,000	y	Microsoft Corp		0.090-0.100		08/13/14		54,994
	30,000,000	y	Mitsubishi UFJ Trust & Banking Corp		0.170		08/19/14		29,993
	20,000,000	y	National Australia Funding Delaware, Inc		0.135		07/03/14		20,000
	30,000,000	y	National Australia Funding Delaware, Inc		0.125		07/22/14		29,998
	30,000,000	y	National Australia Funding Delaware, Inc		0.145		07/28/14		29,997
	25,000,000	y	National Australia Funding Delaware, Inc		0.130		07/29/14		24,997
	8,335,000	y	National Australia Funding Delaware, Inc		0.130		08/12/14		8,334
	30,000,000	y	National Australia Funding Delaware, Inc		0.150		09/03/14		29,992
	20,000,000	y	National Australia Funding Delaware, Inc		0.125		10/01/14		19,993
	20,000,000	y	Nestle Capital Corp		0.100		07/17/14		19,999
	30,000,000	y	Nestle Capital Corp		0.130		08/06/14		29,996
	14,065,000	y	Nestle Capital Corp		0.100		08/18/14		14,063
	50,000,000	y	Nestle Capital Corp		0.095		09/10/14		49,991
	15,000,000	y	Old Line Funding LLC		0.130		07/21/14		14,999
	7,000,000	y	Old Line Funding LLC		0.170		08/06/14		6,999
	9,000,000	y	Old Line Funding LLC		0.150		08/18/14		8,998
	20,000,000	y	Old Line Funding LLC		0.175		08/26/14		19,994
	20,000,000	y	Old Line Funding LLC		0.170		09/25/14		19,992
	16,975,000	y	Old Line Funding LLC		0.170		10/01/14		16,968
	8,120,000	y	Old Line Funding LLC		0.170		10/20/14		8,116
	41,550,000	y	Old Line Funding LLC		0.180		10/22/14		41,526
	45,000,000		PACCAR Financial Corp		0.120-0.125		07/11/14		44,999
	14,700,000		PACCAR Financial Corp		0.080		07/24/14		14,699
	18,255,000		PACCAR Financial Corp		0.100		08/11/14		18,253
	15,425,000		PACCAR Financial Corp		0.105		08/14/14		15,423
	4,750,000		PACCAR Financial Corp		0.105		09/04/14		4,749
	30,738,000		PACCAR Financial Corp		0.115-0.120		09/18/14		30,730
	7,000,000	y	Private Export Funding Corp (PEFCO)		0.150		07/14/14		7,000
	1,400,000	y	PEFCO		0.140		08/07/14		1,400
	20,000,000	y	PEFCO		0.120		09/09/14		19,995
	30,000,000	y	Procter & Gamble Co		0.100		07/08/14		29,999
	4,650,000	y	Procter & Gamble Co		0.100		07/09/14		4,650
	11,600,000	y	Procter & Gamble Co		0.100		07/15/14		11,600
	25,000,000	y	Procter & Gamble Co		0.090		07/17/14		24,999
	10,000,000	y	Procter & Gamble Co		0.100		07/21/14		9,999
	25,000,000	y	Procter & Gamble Co		0.090		07/22/14		24,999
	10,000,000	y	Procter & Gamble Co		0.090		07/24/14		9,999
	25,000,000	y	Procter & Gamble Co		0.080		07/25/14		24,999

396

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	28,000,000	y	Procter & Gamble Co		0.100	%	08/12/14	$	27,997
	8,000,000	y	Procter & Gamble Co		0.090		09/04/14		7,999
	15,000,000	y	Procter & Gamble Co		0.110		09/08/14		14,997
	39,500,000	y	Procter & Gamble Co		0.100		09/10/14		39,492
	35,000,000	y	Procter & Gamble Co		0.100		09/16/14		34,992
	54,750,000		Province of British Columbia		0.120		07/14/14		54,748
	22,675,000		Province of Ontario Canada		0.080		07/03/14		22,675
	46,285,000		Province of Ontario Canada		0.100		07/07/14		46,284
	4,565,000		Province of Ontario Canada		0.100		07/08/14		4,565
	31,147,000		Province of Ontario Canada		0.080-0.100		07/10/14		31,146
	51,611,000		Province of Ontario Canada		0.080-0.110		07/14/14		51,609
	28,507,000		Province of Ontario Canada		0.100		07/28/14		28,505
	18,200,000		Province of Ontario Canada		0.100		07/29/14		18,199
	20,000,000		Province of Ontario Canada		0.105		07/31/14		19,998
	20,000,000		Province of Ontario Canada		0.090		09/02/14		19,997
	15,920,000		Province of Ontario Canada		0.095		09/03/14		15,917
	1,935,000		Province of Ontario Canada		0.095		09/04/14		1,935
	33,600,000		Province of Ontario Canada		0.095		09/08/14		33,594
	2,866,000		Province of Ontario Canada		0.110		09/30/14		2,865
	8,120,000	y	Province of Quebec Canada		0.100		07/07/14		8,120
	50,000,000	y	Province of Quebec Canada		0.100		07/08/14		49,999
	20,590,000	y	Province of Quebec Canada		0.100		07/10/14		20,589
	25,000,000	y	Province of Quebec Canada		0.100		07/22/14		24,998
	45,000,000	y	Province of Quebec Canada		0.075		07/23/14		44,998
	15,000,000	y	Province of Quebec Canada		0.100		07/29/14		14,999
	14,025,000	y	Province of Quebec Canada		0.090-0.100		08/07/14		14,024
	10,000,000	y	Province of Quebec Canada		0.085		08/12/14		9,999
	35,000,000	y	Province of Quebec Canada		0.100		09/04/14		34,994
	30,000,000	y	Province of Quebec Canada		0.095		09/05/14		29,995
	14,500,000	y	PSP Capital, Inc		0.135		07/07/14		14,500
	20,000,000	y	PSP Capital, Inc		0.140		07/08/14		19,999
	30,000,000	y	PSP Capital, Inc		0.150		07/16/14		29,998
	10,000,000	y	PSP Capital, Inc		0.140		07/25/14		9,999
	4,350,000	y	PSP Capital, Inc		0.270		07/28/14		4,349
	11,700,000	y	PSP Capital, Inc		0.150		08/01/14		11,699
	20,000,000	y	PSP Capital, Inc		0.145		08/20/14		19,996
	20,000,000	y	PSP Capital, Inc		0.160		09/15/14		19,993
	50,000,000	y	PSP Capital, Inc		0.150		09/16/14		49,984
	30,000,000	y	PSP Capital, Inc		0.150		09/19/14		29,990
	5,856,000	y	Thunder Bay Funding LLC		0.180		07/03/14		5,856
	30,000,000	y	Thunder Bay Funding LLC		0.170		07/21/14		29,997
	35,067,000	y	Thunder Bay Funding LLC		0.150		08/20/14		35,060
	18,750,000	y	Thunder Bay Funding LLC		0.170		10/20/14		18,740
	50,000,000	y	Toronto-Dominion Holdings USA, Inc		0.100		07/28/14		49,996
	30,000,000	y	Toronto-Dominion Holdings USA, Inc		0.110		08/05/14		29,997
	50,000,000		Toyota Motor Credit Corp		0.100		09/09/14		49,990
	50,000,000		Toyota Motor Credit Corp		0.100		09/17/14		49,989
	40,000,000		Toyota Motor Credit Corp		0.120		09/24/14		39,989
	25,000,000		Unilever NV		0.100		07/08/14		24,999
	23,000,000	y	United Overseas Bank Ltd		0.200		07/21/14		22,998
	20,000,000	y	United Overseas Bank Ltd		0.175		07/22/14		19,998
	10,000,000	y	United Overseas Bank Ltd		0.200		08/11/14		9,998
	27,050,000	y	United Overseas Bank Ltd		0.140-0.200		08/19/14		27,043

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,150,000	y	United Overseas Bank Ltd		0.250	%	08/27/14	$	2,149
	15,000,000	y	United Overseas Bank Ltd		0.215		09/10/14		14,994
	3,500,000	y	United Overseas Bank Ltd		0.230		09/22/14		3,498
	12,000,000	y	United Overseas Bank Ltd		0.200		10/10/14		11,993
	60,000,000	y	United Overseas Bank Ltd		0.240		10/14/14		59,962
	30,000,000	y	Wal-Mart Stores, Inc		0.090		07/31/14		29,998
	5,000,000		Wells Fargo & Co		0.140		07/10/14		5,000
	50,000,000	y	Westpac Banking Corp		0.140		07/01/14		50,000
	35,000,000	y	Westpac Banking Corp		0.190		09/26/14		34,984
			TOTAL COMMERCIAL PAPER						4,546,648
GOVERNMENT AGENCY DEBT - 31.0%
	116,404,000		Federal Home Loan Bank (FHLB)		0.042-0.065		07/02/14		116,404
	46,428,000		FHLB		0.050-0.060		07/07/14		46,428
	143,100,000		FHLB		0.055-0.060		07/09/14		143,098
	24,900,000		FHLB		0.045-0.050		07/11/14		24,900
	94,720,000		FHLB		0.050-0.065		07/16/14		94,718
	3,300,000		FHLB		0.060		07/17/14		3,300
	135,670,000		FHLB		0.048-0.110		07/18/14		135,666
	82,230,000		FHLB		0.055-0.092		07/23/14		82,226
	109,725,000		FHLB		0.045-0.082		07/25/14		109,721
	165,364,000		FHLB		0.055-0.082		07/30/14		165,355
	109,255,000		FHLB		0.050-0.060		08/01/14		109,250
	27,517,000		FHLB		0.055-0.060		08/04/14		27,515
	90,000,000		FHLB		0.058-0.060		08/06/14		89,995
	19,825,000		FHLB		0.070		08/07/14		19,824
	108,580,000		FHLB		0.050-0.065		08/08/14		108,573
	50,000,000		FHLB		0.065		08/12/14		49,996
	84,500,000		FHLB		0.055-0.063		08/13/14		84,494
	41,400,000		FHLB		0.057		08/15/14		41,397
	40,000,000		FHLB		0.065		08/19/14		39,996
	64,080,000		FHLB		0.058-0.065		08/20/14		64,075
	117,480,000		FHLB		0.062-0.095		08/22/14		117,469
	113,300,000		FHLB		0.060-0.065		08/27/14		113,289
	137,315,000		FHLB		0.050-0.066		08/29/14		137,301
	70,053,000		FHLB		0.062-0.072		09/03/14		70,044
	73,690,000		FHLB		0.072-0.080		09/05/14		73,680
	5,115,000		FHLB		0.067		09/08/14		5,114
	64,859,000		FHLB		0.060-0.080		09/10/14		64,850
	131,034,000		FHLB		0.065-0.083		09/12/14		131,015
	4,000,000		FHLB		0.140		09/18/14		3,999
	139,550,000		FHLB		.060-0.082		09/19/14		139,527
	54,350,000		FHLB		0.070-0.076		09/24/14		54,341
	8,200,000		FHLB		0.080		09/26/14		8,198
	1,355,000		FHLB		0.085		10/03/14		1,355
	27,350,000		Federal Home Loan Mortgage Corp (FHLMC)		0.043-0.055		07/01/14		27,350
	12,000,000		FHLMC		0.045		07/08/14		12,000
	20,529,000		FHLMC		0.070-0.085		07/11/14		20,529
	1,350,000		FHLMC		0.080		07/17/14		1,350
	11,790,000		FHLMC		0.080		07/21/14		11,789
	1,000,000		FHLMC		0.090		08/01/14		1,000
	25,000,000		FHLMC		0.045		08/04/14		24,999
	30,215,000		FHLMC		0.055-0.070		08/13/14		30,213

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	14,415,000	FHLMC		0.050-0.055	%	08/18/14	$	14,414
	30,794,000	FHLMC		0.058-0.090		08/25/14		30,791
	11,270,000	FHLMC		0.055-0.075		08/26/14		11,269
	9,800,000	FHLMC		0.055		09/02/14		9,799
	4,000,000	FHLMC		0.060		09/08/14		3,999
	3,700,000	FHLMC		0.060		09/10/14		3,699
	18,500,000	FHLMC		0.060-0.075		09/12/14		18,497
	13,100,000	FHLMC		0.060		09/16/14		13,098
	26,395,000	FHLMC		0.065-0.075		09/18/14		26,391
	50,000,000	FHLMC		0.070		09/24/14		49,992
	7,150,000	FHLMC		0.080		09/26/14		7,149
	26,200,000	Federal National Mortgage Association (FNMA)		0.072		07/01/14		26,200
	25,000,000	FNMA		0.035		07/03/14		25,000
	10,000,000	FNMA		0.055		07/09/14		10,000
	83,175,000	FNMA		0.052-0.090		07/14/14		83,173
	42,950,000	FNMA		0.042-0.050		07/16/14		42,949
	51,575,000	FNMA		0.050-0.055		07/28/14		51,573
	39,962,000	FNMA		0.065		07/29/14		39,960
	68,145,000	FNMA		0.050-0.075		08/18/14		68,140
	49,500,000	FNMA		0.045-0.060		08/20/14		49,496
	34,250,000	FNMA		0.055-0.065		08/25/14		34,247
	8,680,000	FNMA		0.065		08/26/14		8,679
	59,380,000	FNMA		0.050-0.057		08/27/14		59,375
	33,645,000	FNMA		0.055-0.060		09/03/14		33,642
	91,070,000	FNMA		0.055-0.075		09/08/14		91,058
	10,000,000	FNMA		0.070		09/09/14		9,999
	3,800,000	FNMA		0.070		09/15/14		3,799
	64,220,000	FNMA		0.072-0.076		09/17/14		64,210
	102,220,000	FNMA		0.060-0.075		09/22/14		102,204
	19,200,000	FNMA		0.075		10/01/14		19,196
	5,485,000	FNMA		0.075		10/02/14		5,484
	10,000,000	FNMA		0.085		11/03/14		9,997
		TOTAL GOVERNMENT AGENCY DEBT						3,633,822
TREASURY DEBT - 14.9%
	11,350,000	United States Treasury Bill		0.020-0.030		07/03/14		11,350
	50,955,000	United States Treasury Bill		0.031-0.053		07/10/14		50,955
	34,645,000	United States Treasury Bill		0.036-0.065		07/17/14		34,644
	70,735,000	United States Treasury Bill		0.055-0.078		07/24/14		70,732
	40,000,000	United States Treasury Bill		0.024-0.025		08/07/14		39,999
	71,005,000	United States Treasury Bill		0.025-0.050		08/14/14		71,002
	86,225,000	United States Treasury Bill		0.089-0.096		08/21/14		86,213
	64,260,000	United States Treasury Bill		0.025-0.040		08/28/14		64,257
	42,440,000	United States Treasury Bill		0.027-0.060		09/04/14		42,437
	56,500,000	United States Treasury Bill		0.025-0.030		09/11/14		56,497
	30,000,000	United States Treasury Bill		0.025-0.075		09/18/14		29,997
	54,000,000	United States Treasury Bill		0.021-0.027		09/25/14		53,997
	10,000,000	United States Treasury Bill		0.028		10/02/14		9,999
	20,000,000	United States Treasury Bill		0.035		10/09/14		19,998
	5,270,000	United States Treasury Bill		0.037		10/16/14		5,270
	59,645,000	United States Treasury Bill		0.041-0.096		11/13/14		59,630
	12,745,000	United States Treasury Bill		0.062-0.133		12/11/14		12,739
	1,175,000	United States Treasury Bill		0.065-0.110		01/08/15		1,174

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	111,325,000		United States Treasury Note		0.625	%	07/15/14	$	111,345
	100,000,000		United States Treasury Note		0.125		07/31/14		100,001
	68,050,000		United States Treasury Note		0.500		08/15/14		68,080
	59,710,000		United States Treasury Note		0.250		09/15/14		59,732
	80,000,000		United States Treasury Note		0.250		09/30/14		80,036
	70,000,000		United States Treasury Note		0.500		10/15/14		70,090
	100,000,000		United States Treasury Note		0.250		10/31/14		100,052
	100,355,000		United States Treasury Note		0.250		11/30/14		100,415
	76,010,000		United States Treasury Note		0.250		12/15/14		76,046
	16,860,000		United States Treasury Note		0.125		12/31/14		16,860
	100,000,000		United States Treasury Note		0.250		01/15/15		100,056
	30,000,000		United States Treasury Note		0.250		03/31/15		30,035
	53,765,000		United States Treasury Note		0.125		04/30/15		53,778
	10,000,000		United States Treasury Note		0.250		05/15/15		10,013
	50,000,000		United States Treasury Note		0.375		06/15/15		50,120
			TOTAL TREASURY DEBT						1,747,549
VARIABLE RATE SECURITIES - 9.8%
	20,000,000	i	Federal Farm Credit Bank (FFCB)		0.140		07/01/14		19,986
	65,000,000	i	FFCB		0.155		07/01/14		64,992
	50,000,000	i	FFCB		0.155		07/01/14		49,993
	50,000,000	i	FFCB		0.185		07/01/14		50,000
	70,000,000	i	FFCB		0.200		07/01/14		70,000
	54,500,000	i	FFCB		0.200		07/01/14		54,515
	45,000,000	i	FFCB		0.250		07/01/14		45,036
	25,000,000	i	FFCB		0.165		07/10/14		25,000
	36,600,000	i	FFCB		0.200		07/21/14		36,600
	25,000,000	i	FFCB		0.145		09/19/14		25,000
	23,750,000	i	FFCB		0.280		10/14/14		23,751
	70,000,000	i	FFCB		0.140		10/27/14		70,000
	75,000,000	i	FFCB		0.240		10/27/14		74,995
	50,000,000	i	FFCB		0.125		12/12/14		50,000
	10,000,000	i	FFCB		0.270		01/20/15		10,008
	42,000,000	i	FFCB		0.105		03/05/15		41,987
	35,000,000	i	FFCB		0.165		04/01/15		35,003
	95,000,000	i	FFCB		0.180		04/13/15		95,000
	94,500,000	i	FFCB		0.180		05/27/15		94,491
	50,000,000	i	Federal Home Loan Bank (FHLB)		0.200		07/01/14		50,000
	20,000,000	i	FHLB		0.220		07/01/14		20,008
	40,000,000	i	FHLB		0.114		07/27/14		39,996
	50,000,000	i	Toronto-Dominion Bank		0.200		09/02/14		50,000
	50,000,000	i	Wells Fargo Bank NA		0.260		03/11/15		50,000
			TOTAL VARIABLE RATE SECURITIES						1,146,361
			TOTAL SHORT-TERM INVESTMENTS						11,724,761
			(Cost $11,724,761)
			TOTAL INVESTMENTS - 100.0%						11,724,761
			(Cost $11,724,761)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						(1,440	)
			NET ASSETS - 100.0%					$	11,723,321

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 06/30/2014, the aggregate value of these securities was $3,244,548,000, or 27.7% of net assets.
	Cost amounts are in thousands.

401

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-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)(2)(i) Section 302 certification of the principal executive officer

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

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

SIGNATURES

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

		COLLEGE RETIREMENT EQUITIES FUND
Date:	August 13, 2014	By:	/s/ Robert G. Leary
			Robert G. Leary
			President and Principal 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.

Date:	August 13, 2014	By:	/s/ Robert G. Leary
			Robert G. Leary
			President and Principal Executive Officer
			(principal executive officer)

Date:	August 13, 2014	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer
			and Principal Accounting Officer
			(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(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

EX-99.CERT

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Robert G. Leary, certify that:

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

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

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

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

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

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

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

Date: August 13, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer
		(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Virginia M. Wilson, certify that:

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

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

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

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

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

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

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

Date: August 13, 2014	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President, Chief Financial Officer
		and Principal Accounting Officer
		(principal financial officer)

EX-99.906 CERT

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the College Retirement Equities Fund does hereby certify, to such officer’s knowledge, that:

This report on Form N-CSR of the College Retirement Equities Fund (the “Fund”) (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: August 13, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer
		(principal executive officer)

Date: August 13, 2014	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President, Chief Financial Officer
		and Principal Accounting Officer
		(principal financial officer)