N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2014

Item 1. Reports to Stockholders.

2014 Annual Report

College Retirement

Equities Fund

December 31, 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		25
	CREF Money Market Account		28
	Summary portfolios of investments		31
	Audited financial statements
	Statements of assets and liabilities		64
	Statements of operations		66
	Statements of changes in net assets		68
	Financial highlights		74
	Notes to financial statements		78
	Report of independent registered public accounting firm		93
	2014 annual meeting		94
	Trustees and officers		95
	Additional information about index providers		103
	How to reach us	Inside back cover

Understanding your CREF report

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

2 2014 Annual Report  ■  College Retirement Equities Fund

Information for CREF participants

Portfolio holdings

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

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

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

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

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

•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
•	From the SEC’s Office of Investor Education and Advocacy.
	(Call 202 551-8090 for more information.)

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

College Retirement Equities Fund  ■  2014 Annual Report 3

About the accounts’ benchmarks

CREF Stock Account

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

4 2014 Annual Report  ■  College Retirement Equities Fund

About the accounts’ benchmarks

CREF Social Choice Account

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

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

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

College Retirement Equities Fund  ■  2014 Annual Report 5

Important information about expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2014–December 31, 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.

6 2014 Annual Report  ■  College Retirement Equities Fund

CREF Stock Account

Performance for the twelve months ended December 31, 2014

The CREF Stock Account returned 6.41% for the year, compared with the 7.41% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index.

Global stocks achieved gains in 2014 amid strong U.S. economic data, reassuring comments from the Federal Reserve and geopolitical tensions overseas.

U.S. stocks, which comprised about two-thirds of the account’s portfolio at period-end, rose 12.56%, as measured by the Russell 3000, marking the sixth straight year of solid performance.

The MSCI All Country World ex USA Investable Market Index, which measures stock performance in 45 developed and emerging market nations, fell 3.89% in U.S. dollars, but advanced 5.96% in terms of local currencies. U.S. dollar strength was a sizable headwind for index shares in Germany, France, the United Kingdom, Japan and Mexico, which all experienced declines when converted to U.S. dollar returns.

Stock choices weigh on the account’s return

During the year, the account generated a solid absolute gain amid the positive equity market. However, the account trailed its composite benchmark partly because of stock selections that did not perform as anticipated. Among individual stock choices, overweight investments in General Motors and Talisman Energy detracted from relative performance.

Conversely, the account’s return was enhanced by numerous favorable stock selections. The largest individual contributors were overweight positions in chemical firm LyondellBasell and transportation company Union Pacific. The account also benefited from participating in a securities lending program during the twelve-month period.

The account’s returns may sometimes diverge from the returns of its benchmark 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 Annual Report 7

CREF Stock Account

Performance as of December 31, 2014

			Total			Average annual
			return			total return
	Inception date		1 year			5 years			10 years
CREF Stock Account		7/31/1952		6.41	%		11.90	%		6.64	%
CREF Stock Composite Benchmark*		—		7.41			12.29			6.87
Broad market index
Russell 3000® Index		—		12.56			15.63			7.94

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

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

* On December 31, 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.

$10,000 over 10 years

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

8 2014 Annual Report  ■  College Retirement Equities Fund

CREF Stock Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		†
CREF Stock Account	(7/1/14		)	(12/31/14		)	(7/1/14–12/31/14		)
Actual return		$1,000.00			$1,004.96			$2.22
5% annual hypothetical return		1,000.00			1,022.99			2.24

^† “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2014. The account’s annualized six-month expense ratio for that period was 0.44%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.46	%

Portfolio composition

	% of net assets
Sector	as of 12/31/2014
Financials		19.6
Information technology		16.1
Consumer discretionary		13.6
Health care		12.7
Industrials		11.3
Consumer staples		8.2
Energy		7.2
Materials		5.0
Utilities		3.0
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size
	% of equity investments
Market capitalization	as of 12/31/2014
More than $50 billion		41.2
More than $15 billion–$50 billion		26.1
More than $2 billion–$15 billion		25.8
$2 billion or less		6.9
Total		100.0

Holdings by country
	% of portfolio investments
	as of 12/31/2014
United States		66.6
Japan		4.4
United Kingdom		4.1
Canada		2.3
France		2.1
Switzerland		1.8
Germany		1.6
China		1.5
59 other nations		11.5
Short-term investments		4.1
Total		100.0

College Retirement Equities Fund  ■  2014 Annual Report 9

CREF Global Equities Account

Performance for the twelve months ended December 31, 2014

The CREF Global Equities Account returned 4.17% for the year, compared with the 4.94% return of its benchmark, the MSCI World Index.

Global stocks achieved gains in 2014 amid strong U.S. economic data, reassuring comments from the Federal Reserve and geopolitical tensions overseas.

U.S. stocks, as measured by the Russell 3000^® Index, rose 12.6%, marking the sixth straight year of solid performance. Canadian stocks advanced 1.5% as increased demand for non-energy exports benefited the region. However, despite positive results in terms of local currencies, index shares in Germany, France and Japan declined 10.4%, 9.9% and 4.0%, respectively, when converted to U.S. dollar returns.

U.S. dollar strength was a sizable headwind as index results were reduced by nearly half for U.S. investors. In terms of local currencies, the World index rose 9.81%.

Stock selections limit the account’s return

During the year, the account generated a solid absolute gain amid the positive equity market. However, the account trailed its benchmark partly because of stock selections that did not perform as anticipated. Among individual stock choices, overweight investments in British online fashion retailer Asos, Portuguese bank Banco Espirito Santo and energy providers Apache and Talisman Energy also detracted from relative performance.

Conversely, the account’s return was enhanced by numerous favorable stock selections. The largest individual contributors were overweight positions in Home Depot and in biotechnology company Celgene. The account also benefited from participating in a securities lending program during the twelve-month period.

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

10 2014 Annual Report  ■  College Retirement Equities Fund

CREF Global Equities Account

Performance as of December 31, 2014

			Total			Average annual
			return			total return
	Inception date		1 year			5 years			10 years
CREF Global Equities Account		5/1/1992		4.17	%		10.21	%		6.01	%
MSCI World Index		—		4.94			10.20			6.03

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

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

$10,000 over 10 years

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

College Retirement Equities Fund  ■  2014 Annual Report 11

CREF Global Equities Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Global Equities Account	(7/1/14		)	(12/31/14		)	(7/1/14–12/31/14		)
Actual return		$1,000.00			$   996.09			$2.21
5% annual hypothetical return		1,000.00			1,022.99			2.24

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2014. The account’s annualized six-month expense ratio for that period was 0.44%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.46	%

Portfolio composition

	% of net assets
Sector	as of 12/31/2014
Financials		19.6
Information technology		15.7
Consumer discretionary		15.1
Health care		13.8
Industrials		11.3
Consumer staples		7.9
Energy		6.3
Materials		4.7
Utilities		2.4
Telecommunication services		2.1
Short-term investments, other assets & liabilities, net		1.1
Total		100.0

Holdings by company size
	% of equity investments
Market capitalization	as of 12/31/2014
More than $50 billion		43.3
More than $15 billion–$50 billion		30.3
More than $2 billion–$15 billion		24.7
$2 billion or less		1.7
Total		100.0

Holdings by country
	% of portfolio investments
	as of 12/31/2014
United States		55.7
United Kingdom		7.4
Japan		7.0
Switzerland		3.8
France		3.7
Canada		3.6
Germany		2.9
Netherlands		1.9
36 other nations		11.2
Short-term investments		2.8
Total		100.0

12 2014 Annual Report  ■  College Retirement Equities Fund

CREF Growth Account

Performance for the twelve months ended December 31, 2014

The CREF Growth Account returned 13.66% for the year, compared with the 13.05% return of its benchmark, the Russell 1000^® Growth Index.

The U.S. economy forged ahead in 2014. Strong economic data and reassuring comments from the Federal Reserve boosted demand for U.S. stocks. The Russell 3000^® Index, a measure of the broad-based domestic stock market, rose 12.56%, its third consecutive double-digit yearly gain.

Stocks of large-capitalization companies, as measured by the Russell 1000 Index, returned 13.24%, slightly outperforming the broader market. In the growth category, they outpaced both the 5.60% return of small caps and the 11.90% return of mid-cap issues. However, large-cap growth stocks trailed their value counterparts, which returned 13.45% for the period.

For the ten years ended December 31, 2014, the Russell 1000 Growth Index registered an average annual gain of 8.49%, outpacing the 7.94% average return of the Russell 3000 Index over the same period. (Returns by investment style and capitalization size are based on the Russell indexes.)

Stock selection helps the account outpace its benchmark

Nine out of the ten industry sectors within the account’s benchmark posted gains for the twelve months. Six sectors produced double-digit returns, including two of the three largest sectors—information technology (up 15.6%) and health care (up 28.8%). The return for the second-largest sector, consumer discretionary (up 8.4%), was more subdued. Together, these three sectors made up more than half of the index’s total market capitalization on December 31, 2014. Energy was the only sector posting a negative return (down 8.6%). Energy stocks declined in the last half of the year as the price of crude oil fell precipitously.

The account outpaced its benchmark by over one-half of a percentage point aided by stock selection. The account benefited from overweight positions in biotechnology firms Celgene and Gilead Sciences and drug maker Allergan. An overweight position in Facebook and an underweight position in IBM also helped relative performance.

Not all stock choices added value. Out-of-benchmark investments in Japanese telecommunication services company SoftBank and General Motors detracted, as did an underweight position in Microsoft and overweight positions in Amazon.com and real estate services firm Realogy.

College Retirement Equities Fund  ■  2014 Annual Report 13

CREF Growth Account

Performance as of December 31, 2014

		Total			Average annual
		return			total return
	Inception date	1 year			5 years			10 years
CREF Growth Account	4/29/1994		13.66	%		15.65	%		8.24	%
Russell 1000® Growth Index	—		13.05			15.81			8.49

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

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

$10,000 over 10 years

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

14 2014 Annual Report  ■  College Retirement Equities Fund

CREF Growth Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Growth Account		(7/1/14	)		(12/31/14	)		(7/1/14–12/31/14	)
Actual return		$1,000.00			$1,076.10			$2.04
5% annual hypothetical return		1,000.00			1,023.24			1.99

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.41	%

Portfolio composition

	% of net assets
Sector	as of 12/31/2014
Information technology		30.8
Consumer discretionary		20.4
Health care		15.9
Industrials		10.0
Financials		7.6
Consumer staples		7.1
Materials		3.5
Energy		2.7
Telecommunication services		1.2
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 12/31/2014
More than $50 billion		49.1
More than $15 billion–$50 billion		29.6
More than $2 billion–$15 billion		21.0
$2 billion or less		0.3
Total		100.0

College Retirement Equities Fund  ■  2014 Annual Report 15

CREF Equity Index Account

Performance for the twelve months ended December 31, 2014

The CREF Equity Index Account returned 12.17% for the year, compared with the 12.56% return of its benchmark, the Russell 3000^® Index.

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

The U.S. economy forged ahead in 2014. Strong economic data and reassuring comments from the Federal Reserve boosted demand for U.S. stocks. The Russell 3000 Index registered its third consecutive double-digit yearly gain. Real gross domestic product, which measures the value of all goods and services produced in the nation, rose from –2.9% in the first quarter to 5.0% (annualized) in the third quarter.

Stocks of large-capitalization companies, based on the Russell 1000^® Index’s 13.24% return, slightly outperformed the broader market, also outpacing mid-and small-cap equities, which rose 13.22% and 4.89%, respectively. Large-cap value issues within the Russell 3000 topped their growth counterparts, 13.45% to 13.05%. (Returns by market capitalization and investment style are based on the Russell indexes.)

Five of ten sectors post double-digit gains

Nine of the ten industry sectors in the fund’s benchmark generated positive returns over the period, with five generating double-digit gains. The largest sector, information technology, returned 17.8%. Utilities (up 26.9%), health care (up 25.1%), consumer staples (up 15.9%) and financials (up 14.4%) also contributed significantly. Together, these sectors constituted roughly three-fifths of the benchmark’s total market capitalization. Energy performed the worst (down 10.0%). Telecommunication services, the second-poorest performing sector, eked out a small gain (up 2.5%). Energy stocks declined in the last half of the year as the price of crude oil fell precipitously.

Four of the five largest stocks in the index in terms of market capitalization at year-end surpassed the benchmark’s return. Among them, Apple performed the best, driven by strong Apple Store and iPhone sales. Microsoft was the second-best performer, benefiting from its cloud-computing and Windows 8 sales. Exxon Mobil ended lower following a drop in oil prices.

16 2014 Annual Report  ■  College Retirement Equities Fund

CREF Equity Index Account

Performance as of December 31, 2014

			Total			Average annual
			return			total return
	Inception date		1 year			5 years			10 years
CREF Equity Index Account		4/29/1994		12.17	%		15.19	%		7.53	%
Russell 3000 Index		—		12.56			15.63			7.94

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

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

$10,000 over 10 years

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

College Retirement Equities Fund  ■  2014 Annual Report 17

CREF Equity Index Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Equity Index Account	(7/1/14		)	(12/31/14		)	(7/1/14–12/31/14		)
Actual return		$1,000.00			$1,050.79			$1.81
5% annual hypothetical return		1,000.00			1,023.44			1.79

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2014. The account’s annualized six-month expense ratio for that period was 0.35%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.37	%

Portfolio composition

	% of net assets
Sector	as of 12/31/2014
Information technology		18.8
Financials		18.0
Health care		14.0
Consumer discretionary		12.8
Industrials		11.4
Consumer staples		8.5
Energy		7.5
Materials		3.6
Utilities		3.2
Telecommunication services		2.0
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size
	% of equity investments
Market capitalization	as of 12/31/2014
More than $50 billion		49.8
More than $15 billion–$50 billion		24.2
More than $2 billion–$15 billion		21.2
$2 billion or less		4.8
Total		100.0

18 2014 Annual Report  ■  College Retirement Equities Fund

CREF Bond Market Account

Performance for the twelve months ended December 31, 2014

The CREF Bond Market Account returned 5.52% for the year, compared with the 5.97% return of its benchmark, the Barclays U.S. Aggregate Bond Index.

The U.S. economy forged ahead in 2014. As a result of strong economic data in the United States and reassuring comments from the Federal Reserve, U.S. fixed-income markets registered positive returns for the period. The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 5.97%, and its yield ended 2014 lower at 2.25%.

Real gross domestic product, which measures the value of all goods and services produced in the nation, rose from –2.9% in the first quarter to 5.0% (annualized) in the third quarter. The national unemployment rate dropped from 6.7% for December 2013 to 5.6% for December 2014. Nonetheless, inflation remained tame amid a plunge in oil prices. The Fed ended its bond-buying quantitative easing stimulus program and held its short-term interest rate target near zero. The yield on the 10-year U.S. Treasury note fell from 3.04% at year-end 2013 to 2.17% at the close of 2014.

Strong demand for quality characterizes the period

During the fiscal year, falling inflation expectations and strong investor demand relative to supply bolstered the performance of Treasuries and other high-quality sectors, including investment-grade corporate bonds and mortgage-backed securities (MBS). Corporates and MBS also benefited from rising profitability and positive economic growth.

U.S. Treasury securities, the benchmark’s largest sector at more than 35% of total market capitalization, returned over 5.0% for the period. Corporate bonds, which constituted nearly 30% of the benchmark’s total capitalization, returned more than 7.4%. U.S. MBS, the benchmark’s third-largest weighting at nearly 24%, returned more than 6.1% for the twelve months.

The account underperformed its benchmark primarily as a result of being underweighted in U.S. Treasury securities and MBS, as well as from its selections of government credit holdings, which lagged those in the index. In addition, the account had a shorter duration—a measure of interest-rate sensitivity—compared with the benchmark, and this positioning also hindered its relative performance. The account benefited, however, from overweight positions in corporate bonds, asset-backed securities, municipals and commercial MBS—all of which made positive contributions to relative performance.

College Retirement Equities Fund  ■  2014 Annual Report 19

CREF Bond Market Account

Performance as of December 31, 2014

			Total			Average annual
			return			total return
	Inception date		1 year			5 years			10 years
CREF Bond Market Account		3/1/1990		5.52	%		4.44	%		4.27	%
Barclays U.S. Aggregate Bond Index		—		5.97			4.45			4.71

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

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

$10,000 over 10 years

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

20 2014 Annual Report  ■  College Retirement Equities Fund

CREF Bond Market Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Bond Market Account	(7/1/14		)	(12/31/14		)	(7/1/14–12/31/14		)
Actual return		$1,000.00			$1,014.28			$2.23
5% annual hypothetical return		1,000.00			1,022.99			2.24

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2014. The account’s annualized six-month expense ratio for that period was 0.44%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.44	%

Portfolio composition

	% of net assets
	as of 12/31/2014
Corporate bonds		25.3
Mortgage-backed securities†		22.8
Foreign government & corporate bonds denominated in U.S. dollars		15.6
U.S. Treasury securities		13.1
Asset-backed securities		9.6
Commercial mortgage-backed securities		4.1
Municipal bonds		4.1
U.S. agency securities		2.5
Bank loan obligations		0.9
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		1.9
Total		100.0

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

Holdings by maturity
% of fixed-income investments (excluding
short-term investments) as of 12/31/2014
Less than 1 year	10.7
1–3 years	17.6
3–5 years	20.1
5–10 years	37.3
Over 10 years	14.3
Total	100.0

Holdings by credit quality‡
% of fixed-income investments (excluding
short-term investments) as of 12/31/2014
Aaa/AAA	48.9
Aa/AA	9.2
A/A	15.7
Baa/BBB	18.7
Ba/BB	3.8
B/B	1.9
Below B/B	0.7
Non-rated	1.1
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 Annual Report 21

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2014

The CREF Inflation-Linked Bond Account returned 3.32% for the year, compared with the 3.64% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).

As December 2014 commenced, year-over-year inflation, as measured by the Consumer Price Index (CPI), was 1.6%, versus 1.5% one year earlier. Crude oil prices, a commonly used indicator of current inflationary pressures, plummeted 46% from $98 a barrel at year-end 2013 to $53 one year later.

The decline in inflation reflected improvements in the U.S. economy. Other evidence of economic progress included U.S. dollar appreciation, continued housing market strength and the unemployment rate falling below 6% for the first time since the 2008 recession.

Real gross domestic product, which measures the value of all goods and services produced in the nation, rose from –2.9% in the first quarter to 5.0% (annualized) in the third quarter—the fastest quarterly growth acceleration in a decade.

Although inflation remained well below its target rate of 2.0%, the Federal Reserve ended its bond-buying stimulus program in October. Fears that the pace of interest rate increases could happen too quickly caused volatility within the bond market, but most segments, including TIPS, advanced.

TIPS trail the broad bond market

During the year, the return of TIPS, as measured by the account’s benchmark, trailed the 5.97% return of the broad U.S. investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Despite concerns over rising U.S. interest rates going forward, longer-term yields declined and inflation expectations remained tame.

For the ten years ended December 31, 2014, the average annual return of TIPS was 4.37%, versus 4.71% for the broad bond market.

The account slightly underperformed its benchmark because of its expense charge. The account’s return includes a deduction for expenses, while the benchmark’s does not. Since the account’s portfolio resembled the composition of its benchmark, the above discussion of the benchmark’s performance also applies to the account’s performance.

During the period, the account’s portfolio managers kept the account’s duration—a measure of its sensitivity to interest rate changes—close to the TIPS index. This strategy helped the account’s risk and reward characteristics remain in line with those of its benchmark.

22 2014 Annual Report  ■  College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of December 31, 2014

			Total			Average annual
			return			total return
	Inception date		1 year			5 years			10 years
CREF Inflation-Linked Bond Account		5/1/1997		3.32	%		3.69	%		3.92	%
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)		—		3.64			4.11			4.37

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

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

$10,000 over 10 years

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

College Retirement Equities Fund  ■  2014 Annual Report 23

CREF Inflation-Linked Bond Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Inflation-Linked Bond Account	(7/1/14		)	(12/31/14		)	(7/1/14–12/31/14		)
Actual return		$1,000.00			$   977.44			$1.84
5% annual hypothetical return		1,000.00			1,023.34			1.89

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2014. The account’s annualized six-month expense ratio for that period was 0.37%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.39	%

Portfolio composition

	% of net assets
	as of 12/31/2014
U.S. Treasury securities		99.4
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by maturity
% of fixed-income investments
(excluding short-term investments)
	as of 12/31/2014
1–3 years		18.9
3–5 years		15.9
5–10 years		33.3
Over 10 years		31.9
Total		100.0

24 2014 Annual Report  ■  College Retirement Equities Fund

CREF Social Choice Account

Performance for the twelve months ended December 31, 2014

The CREF Social Choice Account returned 6.83% for the year, compared with the 7.69% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays U.S. Aggregate Bond Index. The account uses certain environmental, social and governance criteria, while the benchmark does not.

Because of its criteria, the account did not invest in a number of stocks and bonds included in its composite benchmark. The account’s underperformance was due in part to its exclusion of Apple, Microsoft and Facebook. Apple stock reported solid revenues driven by strong Apple Store and iPhone sales. Microsoft’s cloud-computing and Windows 8 sales boosted interest in the company’s stock.

The losses were partially offset by the absence of energy giants Exxon Mobil, Chevron and BP. Their stock values dropped as oil prices plunged. The account also benefited from the exclusion of General Electric and Amazon.com.

The account’s strategies help manage risk

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

The account’s results were adversely affected by investments that did not perform as anticipated. Among these were overweight holdings in Sprint and Discovery Communications, an educational media distributor. Shares of Sprint dropped amid concerns about its financial position. The company has enacted a price-discounting strategy. Discovery Communications declined when estimates for the company’s earnings were revised downward.

Conversely, the account’s relative return was aided by overweights in Hewlett-Packard, Intel and Swiss pharmaceutical company Novartis. Hewlett-Packard announced plans to split into two new publicly traded companies as it continues to restructure. Intel reported higher-than-projected revenues as it seeks to move into more profitable business segments and announced plans to raise its annual cash dividend to be paid in 2015.

The account’s fixed-income component outperformed the Barclays aggregate index, a measure of the broad, domestic investment-grade, fixed-rate bond market, which returned 5.97%. Positions in U.S. Treasury, government-related agency and commercial mortgage-backed securities were among the largest fixed-income contributors to the account’s relative performance. The performance of the bond segment also helped to partially offset the negative effects of the account’s stock holdings, relative to its composite benchmark.

College Retirement Equities Fund  ■  2014 Annual Report 25

CREF Social Choice Account

Performance as of December 31, 2014

			Total			Average annual
			return			total return
	Inception date		1 year			5 years			10 years
CREF Social Choice Account		3/1/1990		6.83	%		9.54	%		6.00	%
CREF Social Choice Composite Benchmark*		—		7.69			9.99			6.23
Broad market index Russell 3000® Index		—		12.56			15.63			7.94

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

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

* On December 31, 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.

$10,000 over 10 years

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

26 2014 Annual Report  ■  College Retirement Equities Fund

CREF Social Choice Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		†
CREF Social Choice Account	(7/1/14		)	(12/31/14		)	(7/1/14–12/31/14		)
Actual return		$1,000.00			$1,011.14			$1.98
5% annual hypothetical return		1,000.00			1,023.24			1.99

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.41	%

Portfolio composition

	% of net assets
	as of 12/31/2014
Equities		60.2
Long-term bonds		39.0
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size
	% of equity investments
Market capitalization	as of 12/31/2014
More than $50 billion		38.0
More than $15 billion–$50 billion		43.3
More than $2 billion–$15 billion		17.0
$2 billion or less		1.7
Total		100.0

Holdings by maturity
% of fixed-income investments
(excluding short-term investments)
	as of 12/31/2014
Less than 1 year		5.1
1–3 years		15.7
3–5 years		22.0
5–10 years		38.6
Over 10 years		18.6
Total		100.0

College Retirement Equities Fund  ■  2014 Annual Report 27

CREF Money Market Account

Performance for the twelve months ended December 31, 2014

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

Low rates continue to dominate the money market landscape

Short-term U.S. Treasury supply continued to decline during the reporting period, while the commercial paper market also remained tight, with outstanding issuance down by more than $1 trillion since mid-2007. Commercial paper yields remained low, as industrial corporations held cash and issued longer-maturity debt to take advantage of low interest rates.

The Federal Reserve kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% during the period and forecast the rate to remain close to that level at least through the middle of 2015. The three-month LIBOR rate began the year at 0.25%, declined slightly in the first six months, but then rose again in the final calendar quarter, closing at 0.26% on December 31, 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 Treasury bill rate declined from 0.07% on January 2, 2014, to 0.04% on December 31.

Account remains well diversified in a challenging market

Against this backdrop of low rates and little supply, the account’s managers sought higher-yielding investments while remaining in full compliance with Securities and Exchange Commission regulations.

The account remains committed to holding longer-dated, floating-rate government agency paper (with one- to two-year maturities) in order to capture slightly higher yields. Our commercial paper exposure is diversified across industries and issuers, nearly all of which are U.S.-domiciled. Overseas, the account has limited exposure in Europe due to sluggish economic growth and potential risks stemming from the declining price of oil. However, management found what it believes to be select opportunities in high-quality issuers, including banks from Chile, South Korea, Japan and Singapore. As of December 30, 2014, the account’s weighted average maturity was 52 days, versus 43 days for the average iMoneyNet fund.

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

28 2014 Annual Report  ■  College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended December 30, 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 December 31, 2014

			Total			Average annual
			return			total return
	Inception date		1 year			5 years			10 years
CREF Money Market Account†		4/1/1988		0.00	%		0.00	%		1.49	%
iMoneyNet Money Fund Averages—All Taxable‡		—		0.01			0.02			1.40

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.

College Retirement Equities Fund  ■  2014 Annual Report 29

CREF Money Market Account

Expense example

Six months ended December 31, 2014

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Money Market Account	(7/1/14		)	(12/31/14		)	(7/1/14–12/31/14		)
Actual return		$1,000.00			$1,000.00			$0.55
5% annual hypothetical return		1,000.00			1,024.65			0.56

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2014. The account’s annualized six-month expense ratio for that period was 0.11%. The expense charges of the account reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2014	0.11	%

Portfolio composition

% of net assets
as of 12/31/2014
U.S. government agency securities	34.4
Commercial paper	33.8
U.S. Treasury securities	16.2
Floating-rate securities, government	11.0
Certificates of deposit	4.1
Asset-backed securities	0.4
Other assets & liabilities, net	0.1
Total	100.0

30 2014 Annual Report  ■  College Retirement Equities Fund

Summary portfolio of investments

CREF Stock Account  ■  December 31, 2014

					Value			% of net
Principal			Issuer		(000)			assets
BONDS
CORPORATE BONDS
CAPITAL GOODS					$	0	^		0.0	%
DIVERSIFIED FINANCIALS						466			0.0
FOOD, BEVERAGE & TOBACCO						31			0.0
			TOTAL CORPORATE BONDS	(Cost $520)		497			0.0
GOVERNMENT BONDS
U.S. TREASURY SECURITIES						295			0.0
			TOTAL GOVERNMENT BONDS	(Cost $303)		295			0.0
			TOTAL BONDS	(Cost $823)		792			0.0
EQUITY LINKED NOTES
BANKS						2,463			0.0
DIVERSIFIED FINANCIALS						1,781			0.0
			TOTAL EQUITY LINKED NOTES	(Cost $5,390)		4,244			0.0
Shares			Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	5,896,437		Toyota Motor Corp			367,450			0.3
			Other			2,379,255			1.9
						2,746,705			2.2
BANKS
	46,615,904		Bank of America Corp			833,958			0.7
	10,706,978		Citigroup, Inc			579,355			0.5
	12,020,484		JPMorgan Chase & Co			752,242			0.6
	23,415,481		Wells Fargo & Co			1,283,637			1.0
			Other			6,226,136			5.0
						9,675,328			7.8
CAPITAL GOODS
	2,773,631		3M Co			455,763			0.4
	33,801,530		General Electric Co			854,165			0.7
	5,625,446		Honeywell International, Inc			562,094			0.4
			Other			6,927,741			5.6
						8,799,763			7.1
COMMERCIAL & PROFESSIONAL SERVICES						1,389,169			1.1
CONSUMER DURABLES & APPAREL						2,768,923			2.2
CONSUMER SERVICES
	1,010,918	a	Papa Murphy’s Holdings, Inc			11,747			0.0
			Other			2,386,868			1.9
						2,398,615			1.9

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

Summary portfolio of investments	continued
CREF Stock Account  ■  December 31, 2014

				Value		% of net
Shares			Company	(000)		assets
DIVERSIFIED FINANCIALS
	10,760,716		Morgan Stanley	$	417,516		0.3	%
			Other		4,417,264		3.6
					4,834,780		3.9
ENERGY
	7,218,680		Chevron Corp		809,792		0.7
	15,251,080	d	Exxon Mobil Corp		1,409,962		1.1
	4,657,377		Schlumberger Ltd		397,787		0.3
			Other		6,308,189		5.1
					8,925,730		7.2
FOOD & STAPLES RETAILING
	5,565,696		CVS Corp		536,032		0.5
			Other		1,780,404		1.4
					2,316,436		1.9
FOOD, BEVERAGE & TOBACCO
	7,931,015		Altria Group, Inc		390,761		0.3
	11,032,220		Coca-Cola Co		465,781		0.4
	6,103,650		PepsiCo, Inc		577,161		0.4
			Other		4,695,973		3.8
					6,129,676		4.9
HEALTH CARE EQUIPMENT & SERVICES					4,821,127		3.9
HOUSEHOLD & PERSONAL PRODUCTS
	8,856,118		Procter & Gamble Co		806,704		0.6
			Other		957,430		0.8
					1,764,134		1.4
INSURANCE
	4,467,404	*	Berkshire Hathaway, Inc (Class B)		670,781		0.5
	6,930,997		Metlife, Inc		374,897		0.3
			Other		4,431,919		3.6
					5,477,597		4.4
MATERIALS
	7,192,670	a	Berry Plastics Group, Inc		226,929		0.2
			Other		5,946,280		4.8
					6,173,209		5.0
MEDIA
	12,388,629	e	Comcast Corp (Class A)		718,664		0.6
	4,811,409		Time Warner, Inc		410,990		0.3
	7,117,111		Walt Disney Co		670,361		0.6
			Other		2,501,074		2.0
					4,301,089		3.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	7,599,892		AbbVie, Inc		497,337		0.4
	1,403,035	*	Actavis plc		361,155		0.3
	2,482,185		Amgen, Inc		395,387		0.3
	4,576,479	*	Celgene Corp		511,925		0.4

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

Summary portfolio of investments	continued
CREF Stock Account  ■  December 31, 2014

						Value		% of net
Shares			Company			(000)		assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES—continued
	6,348,893	*	Gilead Sciences, Inc			$	598,447		0.5	%
	11,459,533		Johnson & Johnson				1,198,324		0.9
	10,191,847		Merck & Co, Inc				578,795		0.5
	5,039,645		Novartis AG.				467,394		0.4
	20,829,409		Pfizer, Inc				648,836		0.5
			Other				5,695,079		4.6
							10,952,679		8.8
REAL ESTATE							4,501,841		3.6
RETAILING
	1,154,161	*	Amazon.com, Inc				358,194		0.3
	6,026,650		Home Depot, Inc				632,618		0.5
			Other				3,746,254		3.0
							4,737,066		3.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	17,251,444		Intel Corp				626,055		0.5
			Other				2,797,200		2.2
							3,423,255		2.7
SOFTWARE & SERVICES
	8,084,010	*	Facebook, Inc				630,715		0.5
	1,199,645	*	Google, Inc				631,493		0.5
	957,887	*	Google, Inc (Class A)				508,312		0.4
	2,794,554		International Business Machines Corp				448,358		0.4
	31,836,159		Microsoft Corp				1,478,790		1.2
	12,591,200		Oracle Corp				566,226		0.4
	2,337,450		Visa, Inc (Class A)				612,879		0.5
			Other				5,131,940		4.1
							10,008,713		8.0
TECHNOLOGY HARDWARE & EQUIPMENT
	23,032,795		Apple, Inc				2,542,360		2.0
	18,495,953		Cisco Systems, Inc				514,465		0.4
	4,928,992		Qualcomm, Inc				366,372		0.3
			Other				3,190,157		2.6
							6,613,354		5.3
TELECOMMUNICATION SERVICES
	16,636,684		Verizon Communications, Inc				778,264		0.6
			Other				2,551,669		2.1
							3,329,933		2.7
TRANSPORTATION
	4,568,534		Union Pacific Corp				544,250		0.4
			Other				3,318,157		2.7
							3,862,407		3.1
UTILITIES							3,789,893		3.0
				TOTAL COMMON STOCKS	(Cost $109,264,286)		123,741,422		99.4

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

Summary portfolio of investments	continued
CREF Stock Account  ■  December 31, 2014

							Value		% of net
Shares			Company				(000)		assets
PREFERRED STOCKS
BANKS							$	20,570		0.0	%
CAPITAL GOODS								401		0.0
DIVERSIFIED FINANCIALS								1,570		0.0
MEDIA								3		0.0
REAL ESTATE								19		0.0
				TOTAL PREFERRED STOCKS		(Cost $27,981)		22,563		0.0
RIGHTS / WARRANTS
BANKS								471		0.0
CAPITAL GOODS								13		0.0
CONSUMER SERVICES								26		0.0
ENERGY								542		0.0
HEALTH CARE EQUIPMENT & SERVICES								5		0.0
MATERIALS								397		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES								80		0.0
REAL ESTATE								74		0.0
RETAILING								2		0.0
TELECOMMUNICATION SERVICES								494		0.0
TRANSPORTATION								14		0.0
UTILITIES								225		0.0
				TOTAL RIGHTS / WARRANTS		(Cost $2,077)		2,343		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT								64,589		0.0
TREASURY DEBT								539,839		0.4
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT								750,000		0.6
REPURCHASE AGREEMENT
	$625,000,000	n	Barclays		0.060%, 01/02/15			625,000		0.5
	450,000,000	o	Goldman Sachs		0.070%, 01/08/15			450,000		0.4
	400,000,000	p	HSBC		0.060%, 01/07/15			400,000		0.3
	536,778,000	q	Merrill Lynch		0.030%, 01/02/15			536,778		0.4
		r	Other Repurchase Agreements		0.050%–0.100%, 01/02/15–01/07/15			1,682,000		1.4
								3,693,778		3.0

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

Summary portfolio of investments	concluded
CREF Stock Account  ■  December 31, 2014

				Value			% of net
Principal		Issuer		(000)			assets
VARIABLE RATE SECURITIES				$	197,080			0.2	%
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				4,640,858			3.8
	TOTAL SHORT-TERM INVESTMENTS		(Cost $5,246,399)		5,245,286			4.2
		TOTAL PORTFOLIO	(Cost $114,546,956)		129,016,650			103.6
	OTHER ASSETS & LIABILITIES, NET				(4,542,483	)		(3.6	)
		NET ASSETS		$	124,474,167			100.0	%

^	Amount represents less than $1,000.
*	Non-income producing
a	Affiliated holding
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 $4,928,335,000.
n	Agreement with Barclays, 0.06% dated 12/31/14 to be repurchased at $625,000,000 on 1/2/15, collateralized by U.S. Government Agency Securities valued at $636,815,000.
o	Agreement with Goldman Sachs, 0.07% dated 12/31/14 to be repurchased at $450,000,000 on 1/8/15, collateralized by U.S. Government Agency Securities valued at $459,000,000.
p	Agreement with HSBC, 0.06% dated 12/31/14 to be repurchased at $400,000,000 on 1/7/15, collateralized by U.S. Government Agency Securities valued at $408,002,000.
q	Agreement with Merrill Lynch, 0.03% dated 12/31/14 to be repurchased at $536,778,000 on 1/2/15, collateralized by U.S. Government Agency Securities valued at $547,514,000.
r	Agreements, 0.05%–0.10% dated 12/31/14 to be repurchased at $1,682,000,000 on 1/2/15–1/7/15, collateralized by U.S. Government Agency Securities valued at $1,715,644,000.

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

At 12/31/14, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $77,383,000, or 0.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

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

Summary of market values by country

CREF Stock Account  ■  December 31, 2014

			% of
	Value		total
Country	(000)		portfolio
DOMESTIC
UNITED STATES	$	90,838,036		70.4	%
TOTAL DOMESTIC		90,838,036		70.4
FOREIGN
ARGENTINA		1,746		0.0
AUSTRALIA		1,691,775		1.3
AUSTRIA		108,590		0.1
BAHAMAS		167		0.0
BELGIUM		274,529		0.2
BERMUDA		9,563		0.0
BRAZIL		676,275		0.5
CANADA		2,939,760		2.3
CAYMAN ISLANDS		997		0.0
CHILE		114,871		0.1
CHINA		1,884,703		1.5
COLOMBIA		54,330		0.1
CYPRUS		80		0.0
CZECH REPUBLIC		20,240		0.0
DENMARK		396,002		0.3
EGYPT		32,688		0.0
FAROE ISLANDS		2,825		0.0
FINLAND		267,475		0.2
FRANCE		2,737,626		2.1
GEORGIA		3,010		0.0
GERMANY		2,071,136		1.6
GIBRALTAR		8,551		0.0
GREECE		130,661		0.1
GUERNSEY, C.I.		469		0.0
HONG KONG		958,775		0.8
HUNGARY		11,625		0.0
INDIA		712,684		0.6
INDONESIA		233,805		0.2
IRELAND		376,556		0.3
ISLE OF MAN		2,565		0.0
ISRAEL		197,878		0.2
ITALY		637,258		0.5
JAPAN		5,636,779		4.4

			% of
	Value		total
Country	(000)		portfolio
JERSEY, C.I.	$	11,180		0.0	%
KOREA, REPUBLIC OF		1,258,137		1.0
LUXEMBOURG		48,472		0.0
MACAU		9,589		0.0
MALAYSIA		262,926		0.2
MALTA		4,980		0.0
MEXICO		409,673		0.3
MONACO		8,397		0.0
NETHERLANDS		1,244,042		1.0
NEW ZEALAND		106,071		0.1
NORWAY		173,459		0.1
PANAMA		19,213		0.0
PERU		19,522		0.0
PHILIPPINES		143,518		0.1
POLAND		125,473		0.1
PORTUGAL		52,975		0.0
PUERTO RICO		14,140		0.0
QATAR		52,155		0.0
RUSSIA		174,572		0.1
SINGAPORE		551,814		0.4
SOUTH AFRICA		642,516		0.5
SPAIN		568,917		0.4
SRI LANKA		2,061		0.0
SWEDEN		805,778		0.6
SWITZERLAND		2,334,284		1.8
TAIWAN		1,126,778		0.9
THAILAND		238,452		0.2
TURKEY		160,898		0.1
UKRAINE		516		0.0
UNITED ARAB EMIRATES		65,174		0.1
UNITED KINGDOM		5,344,690		4.2
VIETNAM		932		0.0
VIRGIN ISLANDS, U.S.		1,316		0.0
TOTAL FOREIGN		38,178,614		29.6
TOTAL PORTFOLIO	$	129,016,650		100.0	%

36 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments

CREF Global Equities Account  ■  December 31, 2014

				Value	% of net
Shares		Company		(000)	assets
COMMON STOCKS
AUSTRALIA			$	324,987		1.7	%
AUSTRIA				14,783		0.1
BELGIUM				74,077		0.4
BRAZIL				18,641		0.1
CANADA
	1,418,941	Toronto-Dominion Bank		67,796		0.4
		Other		641,703		3.3
				709,499		3.7
CHINA				195,770		1.0
COLOMBIA				1,833		0.0
DENMARK				106,686		0.6
FINLAND				73,979		0.4
FRANCE
	1,437,041	BNP Paribas		84,834		0.4
	1,879,082	Total S.A.		96,269		0.5
		Other		533,530		2.8
				714,633		3.7
GERMANY
	460,232	Allianz AG.		76,227		0.4
	570,324	Bayer AG.		77,740		0.4
	971,910	Daimler AG. (Registered)		80,721		0.4
		Other		327,512		1.7
				562,200		2.9
GIBRALTAR				3,280		0.0
GREECE				6,329		0.0
HONG KONG				165,585		0.9
INDIA				103,704		0.5
INDONESIA				12,006		0.1
IRELAND				176,028		0.9
ISRAEL				20,077		0.1
ITALY				171,785		0.9
JAPAN
	1,910,648	Toyota Motor Corp		119,066		0.6
		Other		1,255,681		6.6
				1,374,747		7.2
JERSEY, C.I.				300		0.0

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 37

Summary portfolio of investments	continued
CREF Global Equities Account  ■  December 31, 2014

					Value	% of net
Shares			Company		(000)	assets
KOREA, REPUBLIC OF				$	36,249		0.2	%
LUXEMBOURG					12,440		0.1
MACAU					8,433		0.0
MALAYSIA					11,366		0.1
MEXICO					15,574		0.1
NETHERLANDS
	6,109,835	*	ING Groep NV		78,937		0.4
			Other		295,650		1.6
					374,587		2.0
NEW ZEALAND					13,739		0.1
NORWAY					27,488		0.1
PHILIPPINES					18,949		0.1
POLAND					4,230		0.0
PORTUGAL					946		0.0
RUSSIA					4,777		0.0
SINGAPORE					89,878		0.5
SOUTH AFRICA					32,926		0.2
SPAIN					136,794		0.7
SWEDEN					135,809		0.7
SWITZERLAND
	1,353,731		Nestle S.A.		98,688		0.5
	1,999,423		Novartis AG.		185,434		1.0
	427,389		Roche Holding AG.		115,798		0.6
			Other		333,853		1.7
					733,773		3.8
TAIWAN					79,258		0.4
THAILAND					33,052		0.2
TURKEY					26,289		0.1
UNITED ARAB EMIRATES					19,816		0.1
UNITED KINGDOM
	25,281,731		Barclays plc		95,042		0.5
	3,574,417		Prudential plc		82,639		0.4
	1,559,891		SABMiller plc		81,319		0.4
			Other		1,182,345		6.2
					1,441,345		7.5

38 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments	continued
CREF Global Equities Account  ■  December 31, 2014

							Value	% of net
Shares			Company				(000)	assets
UNITED STATES
	2,363,767		Abbott Laboratories			$	106,417		0.6	%
	1,180,712		AbbVie, Inc				77,266		0.4
	369,123	*	Alexion Pharmaceuticals, Inc				68,299		0.4
	3,889,983		Apple, Inc				429,376		2.2
	6,151,629		Bank of America Corp				110,053		0.6
	817,496	*	Celgene Corp				91,445		0.5
	1,028,554		Chevron Corp				115,383		0.6
	2,648,528		Comcast Corp (Class A)				153,641		0.8
	1,176,957		CVS Corp				113,353		0.6
	1,382,472	d	Exxon Mobil Corp				127,810		0.7
	1,023,680	*	Facebook, Inc				79,867		0.4
	4,776,831		General Electric Co				120,711		0.6
	793,062	*	Gilead Sciences, Inc				74,754		0.4
	221,987	*	Google, Inc				116,854		0.6
	1,512,307		Home Depot, Inc				158,747		0.8
	1,213,556		Honeywell International, Inc				121,258		0.6
	2,260,291		Intel Corp				82,026		0.4
	1,120,477	e	iShares MSCI EAFE Index Fund				68,170		0.4
	1,785,870		Johnson & Johnson				186,748		1.0
	1,275,802		JPMorgan Chase & Co				79,840		0.4
	417,757		McKesson Corp				86,718		0.4
	3,432,855		Microsoft Corp				159,456		0.8
	2,217,207		Morgan Stanley				86,028		0.4
	644,134		NextEra Energy, Inc				68,465		0.4
	1,505,252		Oracle Corp				67,691		0.4
	1,208,305		PepsiCo, Inc				114,257		0.6
	3,042,949		Pfizer, Inc				94,788		0.5
	1,304,983		Procter & Gamble Co				118,871		0.6
	1,107,481		Time Warner, Inc				94,601		0.5
	608,515		Union Pacific Corp				72,492		0.4
	2,069,051		Verizon Communications, Inc				96,790		0.5
	476,532		Visa, Inc (Class A)				124,947		0.6
	994,429		Walt Disney Co				93,665		0.5
	4,377,892		Wells Fargo & Co				239,996		1.2
	1,885,534	*	Yahoo!, Inc				95,238		0.5
			Other				6,781,907		35.4
							10,877,928		56.7
				TOTAL COMMON STOCKS	(Cost $16,589,157)		18,966,575		98.9
RIGHTS / WARRANTS
SPAIN							193		0.0
UNITED STATES							91		0.0
				TOTAL RIGHTS / WARRANTS	(Cost $242)		284		0.0

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 39

Summary portfolio of investments	concluded
CREF Global Equities Account  ■  December 31, 2014

						Value			% of net
Principal			Issuer			(000)			assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	18,669			0.1	%
TREASURY DEBT							136,356			0.7
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT							45,000			0.2
REPURCHASE AGREEMENTS
$	150,000,000	n	HSBC	0.060%, 01/07/15			150,000			0.8
		o	Other Repurchase Agreements	0.030%–0.060%, 01/02/15			170,000			0.9
							320,000			1.7
VARIABLE RATE SECURITIES							34,709			0.2
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						399,709			2.1
	TOTAL SHORT-TERM INVESTMENTS				(Cost $554,914)		554,734			2.9
			TOTAL PORTFOLIO		(Cost $17,144,313)		19,521,593			101.8
			OTHER ASSETS & LIABILITIES, NET				(349,818	)		(1.8	)
			NET ASSETS			$	19,171,775			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 $413,073,000.
n	Agreement with HSBC, 0.06% dated 12/31/14 to be repurchased at $150,000,000 on 1/7/15, collateralized by U.S. Government Agency Securities valued at $153,001,000.
o	Agreements, 0.03%–0.06% dated 12/31/14 to be repurchased at $170,000,000 on 1/2/15, collateralized by U.S. Government Agency Securities valued at $173,400,000.

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

At 12/31/14, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $3,785,000 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

40 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary of market values by sector

CREF Global Equities Account  ■  December 31, 2014

	Value			% of net
Sector	(000)				assets
FINANCIALS	$	3,753,156				19.6	%
INFORMATION TECHNOLOGY		3,009,527				15.7
CONSUMER DISCRETIONARY		2,894,642				15.1
HEALTH CARE		2,646,502				13.8
INDUSTRIALS		2,175,024				11.3
CONSUMER STAPLES		1,510,221				7.9
ENERGY		1,212,287				6.3
MATERIALS		904,537				4.7
UTILITIES		458,013				2.4
TELECOMMUNICATION SERVICES		402,950				2.1
SHORT-TERM INVESTMENTS		554,734				2.9
OTHER ASSETS & LIABILITIES, NET		(349,818	)			(1.8	)
NET ASSETS	$	19,171,775				100.0	%

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

Summary portfolio of investments

CREF Growth Account  ■  December 31, 2014

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	544,329	*,e	Tesla Motors, Inc	$	121,064		0.6	%
			Other		245,412		1.1
					366,476		1.7
BANKS					62,756		0.3
CAPITAL GOODS
	949,494		3M Co		156,021		0.8
	1,301,436		Honeywell International, Inc		130,039		0.6
			Other		860,113		4.0
					1,146,173		5.4
COMMERCIAL & PROFESSIONAL SERVICES
	1,882,646	*	Verisk Analytics, Inc		120,584		0.6
			Other		125,739		0.6
					246,323		1.2
CONSUMER DURABLES & APPAREL
	1,784,610		Nike, Inc (Class B)		171,590		0.8
			Other		452,705		2.1
					624,295		2.9
CONSUMER SERVICES
	1,716,093		Starbucks Corp		140,806		0.6
			Other		442,928		2.1
					583,734		2.7
DIVERSIFIED FINANCIALS
	921,226		Ameriprise Financial, Inc		121,832		0.5
	1,557,619		Moody’s Corp		149,235		0.7
			Other		784,929		3.7
					1,055,996		4.9
ENERGY
	1,464,347		EOG Resources, Inc		134,822		0.7
	1,757,476		Schlumberger Ltd		150,106		0.7
			Other		281,292		1.3
					566,220		2.7
FOOD & STAPLES RETAILING					391,839		1.8
FOOD, BEVERAGE & TOBACCO
	2,404,071		Altria Group, Inc		118,449		0.6
	2,757,988		Coca-Cola Co		116,442		0.5
	1,329,217		PepsiCo, Inc		125,691		0.6
			Other		549,187		2.6
					909,769		4.3

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

Summary portfolio of investments continued

CREF Growth Account  ■  December 31, 2014

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES				$	745,007		3.5	%
HOUSEHOLD & PERSONAL PRODUCTS
	1,942,236		Estee Lauder Cos (Class A)		147,998		0.7
			Other		72,004		0.3
					220,002		1.0
INSURANCE					165,515		0.8
MATERIALS
	984,914		Monsanto Co		117,668		0.5
	622,857		PPG Industries, Inc		143,973		0.7
			Other		485,300		2.3
					746,941		3.5
MEDIA
	6,233,714		Comcast Corp (Class A)		361,618		1.7
	1,435,500		Time Warner, Inc		122,620		0.6
	3,008,197		Walt Disney Co		283,342		1.3
			Other		396,773		1.8
					1,164,353		5.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,886,924		AbbVie, Inc		188,920		0.9
	744,125	*	Actavis plc		191,545		0.9
	801,595	*	Alexion Pharmaceuticals, Inc		148,319		0.7
	549,910		Allergan, Inc		116,905		0.5
	866,470		Amgen, Inc		138,020		0.6
	664,101	*	Biogen Idec, Inc		225,429		1.1
	2,265,588		Bristol-Myers Squibb Co		133,738		0.6
	3,366,536	*	Celgene Corp		376,581		1.8
	3,233,343	*	Gilead Sciences, Inc		304,775		1.4
	882,661		Perrigo Co plc		147,546		0.7
			Other		680,206		3.2
					2,651,984		12.4
REAL ESTATE					334,442		1.6
RETAILING
	929,732	*	Amazon.com, Inc		288,543		1.4
	1,433,374		Expedia, Inc		122,353		0.6
	2,916,978		Home Depot, Inc		306,195		1.4
			Other		903,204		4.2
					1,620,295		7.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					552,372		2.6

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

Summary portfolio of investments continued

CREF Growth Account  ■  December 31, 2014

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	2,876,991	*	Adobe Systems, Inc		$	209,157			1.0	%
	2,067,390	*	eBay, Inc			116,022			0.5
	4,981,529	*	Facebook, Inc			388,659			1.8
	729,963	*	Google, Inc			384,253			1.8
	525,586	*	Google, Inc (Class A)			278,907			1.3
	890,691		International Business Machines Corp			142,902			0.7
	3,056,013		Intuit, Inc			281,734			1.3
	2,864,344		Mastercard, Inc (Class A)			246,792			1.2
	9,662,711		Microsoft Corp			448,833			2.1
	4,505,636		Oracle Corp			202,618			0.9
	3,419,009	*	Salesforce.com, Inc			202,781			1.0
	1,412,176		Visa, Inc (Class A)			370,273			1.7
	2,976,297	*	Yahoo!, Inc			150,333			0.7
			Other			929,152			4.4
						4,352,416			20.4
TECHNOLOGY HARDWARE & EQUIPMENT
	11,093,662	d	Apple, Inc			1,224,518			5.7
	1,608,684		Qualcomm, Inc			119,574			0.5
			Other			333,832			1.6
						1,677,924			7.8
TELECOMMUNICATION SERVICES
	3,290,442		Verizon Communications, Inc			153,927			0.7
			Other			100,669			0.5
						254,596			1.2
TRANSPORTATION
	1,931,030		Union Pacific Corp			230,044			1.1
			Other			517,742			2.4
						747,786			3.5
UTILITIES						20,762			0.1
			TOTAL COMMON STOCKS	(Cost $16,378,138)		21,207,976			99.3
Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT						132,088			0.5
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	417,994,935	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			417,995			2.0
						417,995			2.0
			TOTAL SHORT-TERM INVESTMENTS	(Cost $550,126)		550,083			2.5
			TOTAL PORTFOLIO	(Cost $16,928,264)		21,758,059			101.8
			OTHER ASSETS & LIABILITIES, NET			(390,132	)		(1.8	)
			NET ASSETS		$	21,367,927			100.0	%

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

Summary portfolio of investments concluded

CREF Growth Account  ■  December 31, 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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $407,070,000.

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

At 12/31/14, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $29,112,000 or 0.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments.

Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

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

Summary portfolio of investments

CREF Equity Index Account  ■  December 31, 2014

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	191,896		1.1	%
BANKS
	7,880,832		Bank of America Corp		140,988		0.8
	2,276,696		Citigroup, Inc		123,192		0.7
	2,836,554		JPMorgan Chase & Co		177,512		1.0
	3,579,245		Wells Fargo & Co		196,214		1.2
			Other		398,360		2.3
					1,036,266		6.0
CAPITAL GOODS
	490,366		3M Co		80,577		0.5
	546,525		Boeing Co		71,037		0.4
	7,515,628		General Electric Co		189,920		1.1
	687,057		United Technologies Corp		79,012		0.5
			Other		911,933		5.3
					1,332,479		7.8
COMMERCIAL & PROFESSIONAL SERVICES					182,170		1.1
CONSUMER DURABLES & APPAREL					273,176		1.6
CONSUMER SERVICES
	740,773		McDonald’s Corp		69,410		0.4
			Other		293,698		1.7
					363,108		2.1
DIVERSIFIED FINANCIALS
	335,113		Goldman Sachs Group, Inc		64,955		0.4
			Other		599,172		3.5
					664,127		3.9
ENERGY
	1,426,764		Chevron Corp		160,054		0.9
	3,218,577	d	Exxon Mobil Corp		297,558		1.8
	974,712		Schlumberger Ltd		83,250		0.5
			Other		741,426		4.3
					1,282,288		7.5
FOOD & STAPLES RETAILING
	876,313		CVS Corp		84,398		0.5
	1,194,081		Wal-Mart Stores, Inc		102,548		0.6
			Other		184,650		1.1
					371,596		2.2
FOOD, BEVERAGE & TOBACCO
	1,488,807		Altria Group, Inc		73,354		0.4
	2,971,326		Coca-Cola Co		125,449		0.7
	1,136,253		PepsiCo, Inc		107,444		0.6
	1,178,849		Philip Morris International, Inc		96,017		0.6
			Other		370,264		2.2
					772,528		4.5

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

Summary portfolio of investments continued

CREF Equity Index Account  ■  December 31, 2014

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	735,552		UnitedHealth Group, Inc	$	74,357		0.5	%
			Other		774,547		4.5
					848,904		5.0
HOUSEHOLD & PERSONAL PRODUCTS
	2,028,075		Procter & Gamble Co		184,738		1.1
			Other		131,154		0.7
					315,892		1.8
INSURANCE
	1,371,733	*	Berkshire Hathaway, Inc (Class B)		205,966		1.2
			Other		524,048		3.1
					730,014		4.3
MATERIALS					620,005		3.6
MEDIA
	1,941,429		Comcast Corp (Class A)		112,622		0.7
	1,297,983		Walt Disney Co		122,257		0.7
			Other		367,238		2.1
					602,117		3.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,191,665		AbbVie, Inc		77,982		0.5
	567,380		Amgen, Inc		90,378		0.5
	1,243,991		Bristol-Myers Squibb Co		73,433		0.4
	601,169	*	Celgene Corp		67,247		0.4
	1,150,941	*	Gilead Sciences, Inc		108,488		0.6
	2,120,376		Johnson & Johnson		221,728		1.3
	2,190,261		Merck & Co, Inc		124,385		0.7
	4,780,678		Pfizer, Inc		148,918		0.9
			Other		635,025		3.7
					1,547,584		9.0
REAL ESTATE					664,730		3.9
RETAILING
	281,569	*	Amazon.com, Inc		87,385		0.5
	1,024,981		Home Depot, Inc		107,592		0.6
			Other		565,882		3.3
					760,859		4.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,730,918		Intel Corp		135,395		0.8
			Other		296,613		1.7
					432,008		2.5

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

Summary portfolio of investments continued

CREF Equity Index Account  ■  December 31, 2014

					Value			% of net
Shares			Company		(000)			assets
SOFTWARE & SERVICES
	1,479,740	*	Facebook, Inc		$	115,449			0.7	%
	212,860	*	Google, Inc			112,050			0.6
	210,371	*	Google, Inc (Class A)			111,635			0.6
	708,976		International Business Machines Corp			113,748			0.7
	753,258		Mastercard, Inc (Class A)			64,901			0.4
	6,191,102		Microsoft Corp			287,577			1.7
	2,461,637		Oracle Corp			110,700			0.6
	375,808		Visa, Inc (Class A)			98,537			0.6
			Other			741,655			4.3
						1,756,252			10.2
TECHNOLOGY HARDWARE & EQUIPMENT
	4,519,028		Apple, Inc			498,810			2.9
	3,839,373		Cisco Systems, Inc			106,792			0.6
	1,265,034		Qualcomm, Inc			94,030			0.5
			Other			354,416			2.1
						1,054,048			6.1
TELECOMMUNICATION SERVICES
	3,886,671		AT&T, Inc			130,553			0.8
	3,103,706		Verizon Communications, Inc			145,192			0.8
			Other			67,527			0.4
						343,272			2.0
TRANSPORTATION
	678,894		Union Pacific Corp			80,877			0.5
			Other			355,498			2.0
						436,375			2.5
UTILITIES						555,134			3.2
			TOTAL COMMON STOCKS	(Cost $9,178,161)		17,136,828			99.8
RIGHTS / WARRANTS
ENERGY						0	^		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4			0.0
TELECOMMUNICATION SERVICES						118			0.0
UTILITIES						101			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $118)		223			0.0

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

Summary portfolio of investments concluded

CREF Equity Index Account  ■  December 31, 2014

Principal			Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT					$	6,996			0.0	%
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	564,844,257	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			564,844			3.3
						564,844			3.3
			TOTAL SHORT-TERM INVESTMENTS	(Cost $571,839)		571,840			3.3
			TOTAL PORTFOLIO	(Cost $9,750,118)		17,708,891			103.1
			OTHER ASSETS & LIABILITIES, NET			(536,135	)		(3.1	)
			NET ASSETS		$	17,172,756			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 12/31/14, the aggregate value of securities on loan is $548,746,000.

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 Annual Report 49

Summary portfolio of investments

CREF Bond Market Account  ■  December 31, 2014

								Value	% of net
	Principal		Issuer					(000)	assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS							$	9,836	0.1	%
CAPITAL GOODS								4,709	0.0
COMMERCIAL & PROFESSIONAL SERVICES								2,639	0.0
CONSUMER SERVICES								14,260	0.1
DIVERSIFIED FINANCIALS								4,894	0.0
ENERGY								4,013	0.0
FOOD & STAPLES RETAILING								5,544	0.1
FOOD, BEVERAGE & TOBACCO								10,067	0.1
HEALTH CARE EQUIPMENT & SERVICES								8,590	0.1
MATERIALS								9,611	0.1
MEDIA								15,726	0.1
RETAILING								1,968	0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT								12,331	0.1
SOFTWARE & SERVICES								9,839	0.1
TECHNOLOGY HARDWARE & EQUIPMENT								4,692	0.0
UTILITIES								193	0.0
				TOTAL BANK LOAN OBLIGATIONS		(Cost $120,355)		118,912	0.9
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS								39,415	0.3
BANKS
	$70,000,000	g	Toronto-Dominion Bank		1.500%, 03/13/17			70,541	0.5
			Other					820,760	6.1
								891,301	6.6
CAPITAL GOODS								127,657	0.9
COMMERCIAL & PROFESSIONAL SERVICES								62,171	0.5
CONSUMER DURABLES & APPAREL								23,333	0.2
CONSUMER SERVICES								129,828	1.0
DIVERSIFIED FINANCIALS								622,375	4.6
ENERGY								352,208	2.6
FOOD & STAPLES RETAILING								38,702	0.3
FOOD, BEVERAGE & TOBACCO								137,183	1.0
HEALTH CARE EQUIPMENT & SERVICES								147,043	1.1
HOUSEHOLD & PERSONAL PRODUCTS								17,874	0.1
INSURANCE								262,684	1.9

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

Summary portfolio of investments continued

CREF Bond Market Account  ■  December 31, 2014

									Value	% of net
Principal			Issuer						(000)	assets
MATERIALS								$	241,557	1.9	%
MEDIA									235,688	1.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES									115,069	0.8
REAL ESTATE									138,608	1.0
RETAILING									73,110	0.6
SOFTWARE & SERVICES									54,721	0.4
TECHNOLOGY HARDWARE & EQUIPMENT									133,581	1.0
TELECOMMUNICATION SERVICES									267,400	2.0
TRANSPORTATION									107,356	0.8
UTILITIES									492,547	3.6
				TOTAL CORPORATE BONDS			(Cost $4,575,553)		4,711,411	34.9
GOVERNMENT BONDS
AGENCY SECURITIES
	$198,050,000		Private Export Funding Corp (PEFCO)		1.375%–5.450%, 05/15/15–11/15/22				203,672	1.5
	62,753,000		Tunisia Government AID Bonds			1.686%, 07/16/19			62,487	0.4
			Other						93,338	0.6
									359,497	2.5
FOREIGN GOVERNMENT BONDS									806,418	6.0
MORTGAGE BACKED
	75,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)			4.000%, 02/15/45			79,745	0.6
	286,524,842		FGLMC		3.000%–8.000%, 12/01/16–02/15/45				305,443	2.3
	61,000,000	h	Federal National Mortgage Association (FNMA)			2.500%, 01/25/30			62,106	0.5
	54,000,000	h	FNMA			3.000%, 01/25/30			56,128	0.4
	112,000,000	h	FNMA			3.500%, 01/25/30			118,317	0.9
	69,645,244		FNMA			3.000%, 06/25/43			72,098	0.5
	60,000,000	h	FNMA			3.000%, 01/25/45			60,694	0.4
	50,000,000	h	FNMA			3.500%, 01/25/45			52,121	0.4
	50,000,000	h	FNMA			4.000%, 01/25/45			53,363	0.4
	58,000,000	h	FNMA			5.000%, 01/25/45			64,080	0.5
	137,000,000	h	FNMA			3.000%, 02/25/45			138,239	1.0
	157,000,000	h	FNMA			3.500%, 02/25/45			163,237	1.2
	121,000,000	h	FNMA			4.000%, 02/25/45			128,807	0.9
	54,000,000	h	FNMA			4.500%, 02/25/45			58,514	0.4
	98,000,000	h	FNMA			5.000%, 02/25/45			108,150	0.8
	844,291,412		FNMA		3.000%–9.000%, 02/01/15–01/25/45				909,554	6.7
	64,265,610		Government National Mortgage Association (GNMA)			4.000%, 10/20/44			69,045	0.5
	60,000,000	h	GNMA		3.500%, 12/20/44				63,076	0.5
	159,000,000	h	GNMA		3.500%, 01/20/45				166,900	1.2
	54,000,000	h	GNMA		4.000%, 01/20/45				57,897	0.4
	51,000,000	h	GNMA		4.500%, 02/20/45				55,628	0.4
	160,462,382		GNMA		2.176%–9.500%, 06/15/16–01/20/45				170,950	1.3
			Other						75,512	0.6
									3,089,604	22.8

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

Summary portfolio of investments continued

CREF Bond Market Account  ■  December 31, 2014

							Value		% of net
Principal			Issuer				(000)		assets
MUNICIPAL BONDS
	$194,685,000		State of Illinois		0.750%–5.463%, 03/01/15–04/01/28		$	194,601	1.5	%
	55,000,000		University of California		1.796%, 07/01/19			54,529	0.4
			Other					298,575	2.2
								547,705	4.1
U.S. TREASURY SECURITIES
	49,175,000		United States Treasury Bond		5.250%, 02/15/29			66,110	0.5
	72,686,000		United States Treasury Bond		5.375%, 02/15/31			101,312	0.7
	48,602,000		United States Treasury Bond		4.500%, 02/15/36			64,827	0.5
	56,375,000		United States Treasury Bond		3.625%, 08/15/43			66,298	0.5
	57,024,000		United States Treasury Bond		3.125%, 08/15/44			61,390	0.5
	166,905,000		United States Treasury Note		0.250%, 01/31/15			166,925	1.2
	51,305,000		United States Treasury Note		0.250%, 02/28/15			51,319	0.4
	74,410,000		United States Treasury Note		0.375%, 04/30/16			74,398	0.5
	55,500,000		United States Treasury Note		0.375%, 05/31/16			55,465	0.4
	49,500,000		United States Treasury Note		3.125%, 04/30/17			52,141	0.4
	189,872,000		United States Treasury Note		8.000%, 11/15/21			264,159	2.0
	167,986,200		United States Treasury Note		2.250%, 11/15/24			169,115	1.2
	64,500,000		United States Treasury Note		3.000%, 11/15/44			67,785	0.5
	432,213,400		United States Treasury Note		0.250%–3.125%, 06/30/15–08/31/21			434,163	3.2
			Other					76,969	0.6
								1,772,376	13.1
			TOTAL GOVERNMENT BONDS			(Cost $6,450,005)		6,575,600	48.5
STRUCTURED ASSETS
ASSET BACKED
	136,912,794	g	Dominos Pizza Master Issuer LLC
			Series - 2012 1A (Class A2)		5.216%, 01/25/42			143,533	1.1
	67,134,000	g	Hertz Vehicle Financing LLC
			Series - 2010 1A (Class A2)		3.740%, 02/25/17			68,877	0.5
	100,000,000	g	HLSS Servicer Advance Receivables Backed Notes
			Series - 2014 T1 (Class AT1)		1.244%, 01/17/45			100,000	0.7
	55,381,283	g	SpringCastle America Funding LLC
			Series - 2014 AA (Class A)		2.700%, 05/25/23			55,293	0.4
			Other					937,412	6.9
								1,305,115	9.6
OTHER MORTGAGE BACKED
	59,205,990		JP Morgan Chase Commercial Mortgage Securities Trust
			Series - 2006 LDP9 (Class A1A)		5.257%, 05/15/47			61,923	0.5
			Other					491,945	3.6
								553,868	4.1
				TOTAL STRUCTURED ASSETS		(Cost $1,856,829)		1,858,983	13.7
				TOTAL BONDS		(Cost $12,882,387)		13,145,994	97.1

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

Summary portfolio of investments concluded

CREF Bond Market Account  ■  December 31, 2014

Shares			Company			Value (000)			% of net assets
PREFERRED STOCKS
BANKS						$	7,769			0.1	%
			TOTAL PREFERRED STOCKS		(Cost $49,941)		7,769			0.1
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT							63,596			0.5
TREASURY DEBT
	$   63,000,000	w	United States Treasury Bill	0.050%–0.100%, 02/05/15			62,995			0.5
	67,200,000	w	United States Treasury Bill	0.083%–0.110%, 03/05/15			67,198			0.5
	247,800,000	w	United States Treasury Bill	0.078%–0.100%, 04/30/15			247,763			1.8
	126,300,000	w	United States Treasury Bill	0.081%–0.095%, 05/28/15			126,267			0.9
	185,000,000	w	United States Treasury Bill	0.073%–0.101%, 06/25/15			184,922			1.4
	349,600,000	w	United States Treasury Bill	0.057%–0.116%, 07/23/15			349,379			2.6
	299,000,000	w	United States Treasury Bill	0.086%–0.106%, 08/20/15			298,704			2.2
	183,000,000	w	United States Treasury Bill	0.085%–0.093%, 09/17/15			182,777			1.3
	70,000,000	w	United States Treasury Bill	0.091%, 10/15/15			69,901			0.5
	148,000,000	w	United States Treasury Bill	0.130%–0.138%, 11/12/15			147,774			1.1
			Other				135,647			1.0
							1,873,327			13.8
			TOTAL SHORT-TERM INVESTMENTS		(Cost $1,937,198)		1,936,923			14.3
			TOTAL PORTFOLIO		(Cost $14,989,881)		15,209,598			112.4
			OTHER ASSETS & LIABILITIES, NET				(1,679,124	)		(12.4	)
			NET ASSETS			$	13,530,474			100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/14, the aggregate value of these securities, including those in “Other,” is $2,039,263,000, or 15.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

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

Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 53

Portfolio of investments

CREF Inflation-Linked Bond Account  ■  December 31, 2014

						Value		% of net
	Principal		Issuer				(000)		assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
	$  79,979,725	k	United States Treasury Inflation Indexed Bonds	1.375%, 02/15/44		$	90,521		1.2	%
	90,505,391	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16			91,842		1.2
	352,741,704	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/16			351,667		4.8
	194,681,429	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16			202,940		2.8
	176,629,244	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17			185,309		2.5
	403,457,250	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17			403,772		5.5
	139,430,473	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17			149,474		2.0
	147,403,872	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18			154,348		2.1
	319,054,532	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/18			317,858		4.3
	149,315,940	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18			156,397		2.1
	146,541,025	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19			157,463		2.1
	220,914,660	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/19			218,481		3.0
	136,787,070	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19			146,811		2.0
	224,335,701	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20			235,465		3.2
	290,306,744	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20			304,686		4.1
	361,399,711	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21			375,432		5.1
	343,246,590	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21			347,564		4.7
	341,992,138	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22			332,641		4.5
	399,604,590	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22			389,334		5.3
	270,553,360	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23			261,612		3.6
	52,037,340	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23			51,448		0.7
	77,596,575	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24			77,930		1.1
	30,000,900	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24			28,892		0.4
	249,122,227	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25			292,485		4.0
	213,342,680	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26			244,478		3.3
	160,370,052	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27			191,930		2.6
	198,238,656	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28			224,428		3.0
	139,507,153	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28			191,746		2.6
	180,162,513	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29			223,556		3.0
	169,127,138	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29			242,063		3.3
	49,176,058	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32			69,745		0.9
	79,814,017	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40			103,459		1.4
	90,430,620	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/41			118,068		1.6
	226,250,158	k	United States Treasury Inflation Indexed Bonds	0.750%, 02/15/42			219,834		3.0
	117,739,200	k	United States Treasury Inflation Indexed Bonds	0.625%, 02/15/43			110,693		1.5
	11,000,000		United States Treasury Note	1.500%, 11/30/19			10,930		0.1
	40,000,000		United States Treasury Note	2.500%, 05/15/24			41,206		0.6
	5,000,000		United States Treasury Note	2.250%, 11/15/24			5,034		0.1
	7,000,000		United States Treasury Note	3.000%, 11/15/44			7,357		0.1
							7,328,899		99.4
			TOTAL GOVERNMENT BONDS		(Cost $7,003,280)		7,328,899		99.4
			TOTAL PORTFOLIO		(Cost $7,003,280)		7,328,899		99.4
			OTHER ASSETS & LIABILITIES, NET				40,322		0.6
			NET ASSETS			$	7,369,221		100.0	%

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

Cost amounts are in thousands.

54 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments

CREF Social Choice Account  ■  December 31, 2014

					Value		% of net
	Principal	Issuer			(000)		assets
BANK LOAN OBLIGATIONS
CONSUMER DURABLES & APPAREL					$	1,076		0.0	%
ENERGY						18,611		0.1
HEALTH CARE EQUIPMENT & SERVICES						7,911		0.1
UTILITIES						34,968		0.2
TOTAL BANK LOAN OBLIGATIONS				(Cost $62,510)		62,566		0.4
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						25,419		0.2
BANKS						518,272		3.6
CAPITAL GOODS						95,466		0.7
COMMERCIAL & PROFESSIONAL SERVICES						54,438		0.4
CONSUMER DURABLES & APPAREL						11,759		0.1
CONSUMER SERVICES						57,479		0.4
DIVERSIFIED FINANCIALS						210,677		1.5
ENERGY						128,458		0.9
FOOD & STAPLES RETAILING						19,405		0.1
FOOD, BEVERAGE & TOBACCO						22,625		0.1
HEALTH CARE EQUIPMENT & SERVICES						58,398		0.4
HOUSEHOLD & PERSONAL PRODUCTS						8,424		0.1
INSURANCE						54,563		0.4
MATERIALS						99,031		0.7
MEDIA						14,498		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						93,232		0.6
REAL ESTATE						78,164		0.5
SOFTWARE & SERVICES						12,951		0.1
TECHNOLOGY HARDWARE & EQUIPMENT						24,691		0.2
TELECOMMUNICATION SERVICES						71,652		0.5
TRANSPORTATION						123,631		0.9
UTILITIES						260,460		1.8
			TOTAL CORPORATE BONDS	(Cost $1,997,667)		2,043,693		14.3

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 55

Summary portfolio of investments continued

CREF Social Choice Account  ■  December 31, 2014

								Value		% of net
Principal			Issuer						(000)	assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	180,892,851		Overseas Private Investment Corp (OPIC)		0.000%–5.142%, 04/30/15–06/01/33			$	194,106		1.3	%
			Other						433,889		3.0
									627,995		4.3
FOREIGN GOVERNMENT BONDS
	48,000,000	e	European Investment Bank		2.500%, 10/15/24				48,690		0.3
	49,000,000		International Bank for Reconstruction & Development			0.375%, 08/24/15			49,014		0.4
			Other						621,826		4.3
									719,530		5.0
MORTGAGE BACKED
	61,000,000	h	Federal National Mortgage Association (FNMA)			4.000%, 02/25/45			64,936		0.5
	85,000,000	h	FNMA		3.500%, 02/25/45				88,377		0.6
	611,386,952		FNMA		2.500%–8.000%, 10/01/16–02/25/45				653,162		4.5
	64,000,000	h	Government National Mortgage Association (GNMA)			3.500%, 01/20/45			67,180		0.5
	185,792,201		GNMA	2.300%–9.000%, 12/15/17–02/20/45					194,594		1.4
			Other						105,044		0.7
									1,173,293		8.2
MUNICIPAL BONDS									456,247		3.2
U.S. TREASURY SECURITIES
	50,000,000		United States Treasury Bond			2.875%, 05/15/43			51,141		0.3
	54,880,000		United States Treasury Note			1.625%, 06/30/19			55,017		0.4
			Other						155,647		1.1
									261,805		1.8
				TOTAL GOVERNMENT BONDS			(Cost $3,165,179)		3,238,870		22.5
STRUCTURED ASSETS
ASSET BACKED									191,697		1.3
OTHER MORTGAGE BACKED									121,464		0.9
				TOTAL STRUCTURED ASSETS			(Cost $310,818)		313,161		2.2
				TOTAL BONDS			(Cost $5,473,664)		5,595,724		39.0
	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS									220,986		1.5
BANKS
	1,242,204		US Bancorp						55,837		0.4
			Other						449,558		3.1
									505,395		3.5

56 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Social Choice Account  ■  December 31, 2014

				Value		% of net
	Shares		Company		(000)	assets
CAPITAL GOODS
	397,713		3M Co	$	65,352		0.5	%
	567,000		Danaher Corp		48,597		0.3
			Other		465,372		3.2
					579,321		4.0
COMMERCIAL & PROFESSIONAL SERVICES					47,633		0.3
CONSUMER DURABLES & APPAREL
	522,222		Nike, Inc (Class B)		50,212		0.3
			Other		51,576		0.4
					101,788		0.7
CONSUMER SERVICES
	613,614		McDonald’s Corp		57,496		0.4
	586,475		Starbucks Corp		48,120		0.4
			Other		88,521		0.6
					194,137		1.4
DIVERSIFIED FINANCIALS
	620,453		American Express Co		57,727		0.4
			Other		480,098		3.3
					537,825		3.7
ENERGY					614,057		4.3
FOOD & STAPLES RETAILING					121,576		0.9
FOOD, BEVERAGE & TOBACCO
	791,664		PepsiCo, Inc		74,860		0.5
			Other		262,693		1.9
					337,553		2.4
HEALTH CARE EQUIPMENT & SERVICES
	1,188,349		Abbott Laboratories		53,499		0.4
	747,734		Medtronic, Inc		53,986		0.4
			Other		180,452		1.2
					287,937		2.0
HOUSEHOLD & PERSONAL PRODUCTS
	1,162,803		Procter & Gamble Co		105,920		0.7
			Other		110,900		0.8
					216,820		1.5
INSURANCE
	760,759	*	Berkshire Hathaway, Inc (Class B)		114,228		0.8
			Other		367,835		2.6
					482,063		3.4
MATERIALS					473,224		3.3
MEDIA
	654,009		Time Warner, Inc		55,865		0.4
			Other		195,285		1.4
					251,150		1.8

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 57

Summary portfolio of investments continued

CREF Social Choice Account  ■  December 31, 2014

					Value		% of net
	Shares		Company			(000)	assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	417,789		Amgen, Inc		$	66,550		0.5	%
	162,983	*	Biogen Idec, Inc			55,325		0.4
	1,041,385		Bristol-Myers Squibb Co			61,473		0.4
	763,841	*	Gilead Sciences, Inc			72,000		0.5
	1,152,080		Johnson & Johnson			120,473		0.8
	1,428,994		Merck & Co, Inc			81,152		0.6
			Other			320,951		2.2
						777,924		5.4
REAL ESTATE						356,485		2.5
RETAILING
	805,564		Lowe’s Companies, Inc			55,423		0.4
			Other			275,889		1.9
						331,312		2.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,377,606		Intel Corp			86,284		0.6
			Other			111,705		0.8
						197,989		1.4
SOFTWARE & SERVICES
	562,794		Accenture plc			50,263		0.4
	143,147	*	Google, Inc			75,353		0.5
	141,845	*	Google, Inc (Class A)			75,271		0.5
	471,868		International Business Machines Corp			75,707		0.5
	1,707,742		Oracle Corp			76,797		0.5
			Other			364,621		2.6
						718,012		5.0
TECHNOLOGY HARDWARE & EQUIPMENT
	2,737,065		Cisco Systems, Inc			76,131		0.5
	1,720,163		EMC Corp			51,158		0.4
	1,388,789		Hewlett-Packard Co			55,732		0.4
	935,539		Qualcomm, Inc			69,539		0.5
			Other			109,634		0.8
						362,194		2.6
TELECOMMUNICATION SERVICES
	1,866,422		Verizon Communications, Inc			87,311		0.6
			Other			146,443		1.0
						233,754		1.6
TRANSPORTATION
	510,592		United Parcel Service, Inc (Class B)			56,763		0.4
			Other			220,385		1.5
						277,148		1.9
UTILITIES						334,634		2.3
			TOTAL COMMON STOCKS	(Cost $5,623,561)		8,560,917		59.7

58 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Social Choice Account  ■  December 31, 2014

								Value		% of net
	Shares		Company					(000)		assets
PREFERRED STOCKS
BANKS							$	18,977			0.1	%
				TOTAL PREFERRED STOCKS		(Cost $38,865)		18,977			0.1
RIGHTS / WARRANTS
BANKS								170			0.0
ENERGY								367			0.0
				TOTAL RIGHTS / WARRANTS		(Cost $558)		537			0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	50,000,000	w	Federal Home Loan Bank (FHLB)		0.103%, 01/21/15			49,997			0.4
			Other					6,000			0.0
								55,997			0.4
TREASURY DEBT
	68,300,000	w	United States Treasury Bill		0.081%–0.096%, 05/28/15			68,282			0.5
	72,400,000	w	United States Treasury Bill		0.090%–0.141%, 06/25/15			72,369			0.5
	84,000,000	w	United States Treasury Bill		0.073%–0.116%, 07/23/15			83,947			0.6
	56,000,000	w	United States Treasury Bill		0.083%–0.106%, 08/20/15			55,944			0.4
	139,000,000	w	United States Treasury Bill		0.080%–0.093%, 09/17/15			138,831			0.9
	69,000,000	w	United States Treasury Bill		0.091%–0.098%, 10/15/15			68,903			0.5
	91,000,000	w	United States Treasury Bill		0.138%–0.140%, 11/12/15			90,861			0.6
			Other					91,593			0.6
								670,730			4.6
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
TREASURY DEBT
	94,000,000		United States Treasury Bill		0.094%–0.096%, 10/15/15			93,929			0.7
	55,000,000		United States Treasury Bill		0.088%–0.103%, 08/20/15			54,956			0.4
	54,000,000		United States Treasury Bill		0.090%–0.101%, 06/25/15			53,974			0.3
			Other					111,291			0.8
								314,150			2.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED								314,150			2.2
				TOTAL SHORT-TERM INVESTMENTS		(Cost $1,041,047)		1,040,877			7.2
					TOTAL PORTFOLIO	(Cost $12,240,205)		15,279,598			106.4
OTHER ASSETS & LIABILITIES, NET								(921,118	)		(6.4	)
NET ASSETS							$	14,358,480			100.0	%

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 59

Summary portfolio of investments concluded

CREF Social Choice Account  ■  December 31, 2014

*	Non-income producing
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $319,845,000.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

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

At 12/31/14, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $597,715,000, or 4.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

60 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments

CREF Money Market Account  ■  December 31, 2014

					Value		% of net
	Principal		Issuer			(000)		assets
SHORT-TERM INVESTMENTS
ASSET BACKED					$	50,017		0.4	%
CERTIFICATE OF DEPOSIT
$	158,000,000		Banco Del Estado De Chile/New York	0.200%, 01/06/15–04/08/15		158,000		1.4
	126,000,000		Toronto-Dominion Bank	0.125%–0.150%, 01/27/15–03/02/15		126,000		1.1
			Other			180,000		1.6
						464,000		4.1
COMMERCIAL PAPER
	59,000,000		American Honda Finance Corp	0.125%, 01/08/15		58,999		0.5
	141,000,000	y	Australia & New Zealand Banking Group Ltd	0.135%–0.215%, 01/20/15–05/22/15		140,945		1.2
	126,800,000	y	Bedford Row Funding Corp	0.160%–0.260%, 01/05/15–08/03/15		126,718		1.1
	200,510,000	y	Coca-Cola Co	0.085%–0.130%, 01/08/15–03/26/15		200,478		1.7
	172,000,000	y	Commonwealth Bank of Australia	0.150%–0.165%, 02/09/15–03/05/15		171,957		1.5
	88,150,000		Exxon Mobil Corp	0.085%, 01/06/15		88,149		0.8
	159,225,000		Exxon Mobil Corp	0.085%–0.105%, 01/02/15–02/23/15		159,213		1.4
	127,750,000	y	Fairway Finance LLC	0.150%–0.180%, 01/09/15–03/04/15		127,725		1.1
	75,000,000	y	Microsoft Corp	0.110%, 02/02/15		74,993		0.7
	162,735,000	y	Microsoft Corp	0.075%–0.100%, 01/02/15–02/18/15		162,725		1.4
	175,000,000	y	National Australia Bank Ltd	0.135%–0.190%, 02/10/15–03/30/15		174,949		1.5
	168,316,000	y	Old Line Funding LLC	0.140%–0.250%, 01/13/15–04/27/15		168,260		1.5
	67,500,000	y	Procter & Gamble Co	0.130%, 03/17/15		67,482		0.6
	148,500,000	y	Procter & Gamble Co	0.080%–0.130%, 01/21/15–03/16/15		148,479		1.3
	70,295,000		Province of Ontario Canada	0.100%, 02/03/15		70,289		0.6
	225,000,000		Province of Ontario Canada	0.080%–0.100%, 01/06/15–02/27/15		224,980		2.0
	224,900,000	y	Province of Quebec Canada	0.050%–0.100%, 01/05/15–03/30/15		224,885		2.0
	235,100,000	y	PSP Capital, Inc	0.140%–0.250%, 01/08/15–04/23/15		235,060		2.0
	174,500,000	y	Toronto-Dominion Holdings USA, Inc	0.130%–0.210%, 01/05/15–06/01/15		174,479		1.5
	184,500,000		Toyota Motor Credit Corp	0.110%–0.160%, 01/13/15–02/25/15		184,478		1.6
			Other			884,264		7.8
						3,869,507		33.8
GOVERNMENT AGENCY DEBT
	103,475,000		Federal Home Loan Bank (FHLB)	0.040%–0.061%, 01/07/15		103,474		0.9
	178,645,000		FHLB	0.025%–0.058%, 01/09/15		178,643		1.6
	128,560,000		FHLB	0.045%–0.100%, 01/14/15		128,557		1.1
	160,045,000		FHLB	0.050%–0.070%, 01/16/15		160,041		1.4
	131,045,000		FHLB	0.050%–0.100%, 01/21/15		131,040		1.1
	180,465,000		FHLB	0.050%–0.085%, 01/23/15		180,458		1.6
	101,945,000		FHLB	0.062%–0.100%, 01/28/15		101,940		0.9
	151,500,000		FHLB	0.055%–0.080%, 01/30/15		151,491		1.3
	148,315,000		FHLB	0.051%–0.085%, 02/04/15		148,305		1.3
	112,300,000		FHLB	0.075%–0.080%, 02/06/15		112,291		1.0
	159,622,000		FHLB	0.085%–0.088%, 02/11/15		159,607		1.4
	96,000,000		FHLB	0.077%–0.095%, 02/13/15		95,990		0.8
	73,508,000		FHLB	0.060%–0.104%, 02/18/15		73,500		0.6

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 61

Summary portfolio of investments continued

CREF Money Market Account  ■  December 31, 2014

					Value		% of net
	Principal		Issuer			(000)		assets
GOVERNMENT AGENCY DEBT—continued
$	154,325,000		FHLB	0.065%–0.130%, 02/20/15	$	154,307		1.4	%
	59,800,000		FHLB	0.080%–0.100%, 02/25/15		59,792		0.5
	105,100,000		FHLB	0.090%–0.105%, 02/27/15		105,083		0.9
	74,900,000		FHLB	0.075%–0.108%, 03/04/15		74,887		0.7
	97,679,000		FHLB	0.080%–0.110%, 03/06/15		97,662		0.9
	82,300,000		FHLB	0.120%–0.162%, 03/20/15		82,274		0.7
	63,900,000		FHLB	0.115%–0.130%, 03/25/15		63,882		0.6
	347,519,000		FHLB	0.035%–0.165%, 01/02/15–04/24/15		347,472		3.0
	102,600,000		Federal Home Loan Mortgage Corp (FHLMC)	0.045%–0.055%, 01/28/15		102,596		0.9
	72,135,000		FHLMC	0.070%–0.110%, 03/02/15		72,125		0.6
	82,085,000		FHLMC	0.085%–0.100%, 03/09/15		82,072		0.7
	289,913,000		FHLMC	0.050%–0.150%, 01/05/15–05/11/15		289,895		2.5
	59,380,000		Federal National Mortgage Association (FNMA)	0.045%–0.070%, 01/05/15		59,380		0.5
	90,100,000		FNMA	0.045%–0.055%, 01/22/15		90,097		0.8
	69,920,000		FNMA	0.073%–0.090%, 02/17/15		69,913		0.6
	454,813,000		FNMA	0.040%–0.180%, 01/07/15–06/24/15		454,727		4.0
			Other			9,998		0.1
						3,941,499		34.4
TREASURY DEBT
	64,345,000		United States Treasury Bill	0.021%–0.025%, 02/26/15		64,343		0.6
	66,575,000		United States Treasury Bill	0.026%–0.044%, 03/12/15		66,570		0.6
	670,455,000		United States Treasury Bill	0.017%–0.110%, 01/02/15–06/25/15		670,382		5.8
	100,000,000		United States Treasury Note	0.250%, 01/15/15		100,004		0.9
	60,000,000		United States Treasury Note	0.250%, 02/15/15		60,015		0.5
	80,000,000		United States Treasury Note	0.375%, 04/15/15		80,073		0.7
	77,435,000		United States Treasury Note	0.125%, 04/30/15		77,445		0.7
	93,300,000		United States Treasury Note	0.250%, 05/15/15		93,361		0.8
	100,000,000		United States Treasury Note	0.375%, 06/15/15		100,112		0.9
	100,000,000		United States Treasury Note	0.375%, 06/30/15		100,137		0.9
	140,000,000		United States Treasury Note	0.250%, 07/15/15		140,084		1.2
	61,420,000		United States Treasury Note	0.250%, 07/31/15		61,471		0.5
	83,610,000		United States Treasury Note	0.375%, 08/31/15		83,729		0.7
	60,300,000		United States Treasury Note	0.250%, 09/30/15		60,349		0.5
			Other			98,992		0.9
						1,857,067		16.2
VARIABLE RATE SECURITIES
	95,000,000	i	Federal Farm Credit Bank (FFCB)	0.180%, 04/13/15		95,000		0.8
	94,500,000	i	FFCB	0.180%, 05/27/15		94,496		0.8
	65,000,000	i	FFCB	0.186%, 10/01/15		64,995		0.6
	70,000,000	i	FFCB	0.200%, 01/13/16		70,000		0.6
	60,100,000	i	FFCB	0.250%, 02/01/16		60,146		0.5
	150,000,000	i	FFCB	0.132%, 08/10/16		149,960		1.3
	497,500,000	i	FFCB	0.121%–0.300%, 01/20/15–10/11/16		497,515		4.4
			Other			231,510		2.0
						1,263,622		11.0

62 2014 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments concluded

CREF Money Market Account  ■  December 31, 2014

		Value		% of net
			(000)		assets
TOTAL SHORT-TERM INVESTMENTS	(Cost $11,445,712)	$	11,445,712		99.9	%
TOTAL PORTFOLIO	(Cost $11,445,712)		11,445,712		99.9
OTHER ASSETS & LIABILITIES, NET			14,031		0.1
NET ASSETS		$	11,459,743		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 12/31/2014, the aggregate value of these securities, including those in “Other,” was $2,587,986,000 or 22.6% of net assets.

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

Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund  ■  2014 Annual Report 63

Statements of assets and liabilities

College Retirement Equities Funds  ■  December 31, 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*†		$	128,777,974	$	19,521,593	$	21,340,064	$	17,144,047	$	15,209,598	$	7,328,899	$	15,279,598	$	11,445,712
Affiliated issuers‡			238,676		—		417,995		564,844		—		—		—		—
Total portfolio investments, at value		$	129,016,650	$	19,521,593	$	21,758,059	$	17,708,891	$	15,209,598	$	7,328,899	$	15,279,598	$	11,445,712
Cash **#			480,129		31,909		5,945		6,759		96,183		8,455		44,633		18
Cash — foreign^			17,174		1,347		—		—		—		—		122		—
Dividends and interest receivable			160,103		22,291		15,605		23,155		78,972		34,503		45,610		1,149
Receivable from securities transactions			683,074		92,970		66,819		75		122		—		162		—
Receivable for delayed delivery securities			—		—		—		—		1,167,062		—		409,824		—
Due from affiliates			—		—		—		—		3,145		—		4,299		12,920
Other			6,508		1,415		1,393		1,244		1,234		1,079		1,363		1,295
Total assets			130,363,638		19,671,525		21,847,821		17,740,124		16,556,316		7,372,936		15,785,611		11,461,094
LIABILITIES
Payable for collateral for securities loaned			5,122,128		431,489		417,995		564,844		—		—		336,889		—
Payable for securities transactions			618,553		61,318		59,500		—		505		—		—		—
Payable for delayed delivery securities			—		—		—		—		3,023,937		—		1,089,189		—
Due to affiliates			135,117		4,309		291		1,322		156		2,422		148		35
Payable for variation margin on futures contracts			2,989		1,260		851		81		—		—		—		—
Other			10,684		1,374		1,257		1,121		1,244		1,293		905		1,316
Total liabilities			5,889,471		499,750		479,894		567,368		3,025,842		3,715		1,427,131		1,351
NET ASSETS:
Accumulation Fund		$	111,823,480	$	18,807,693	$	21,047,687	$	16,840,516	$	13,253,562	$	7,142,864	$	14,017,218	$	11,260,810
Annuity Funds			12,650,687		364,082		320,240		332,240		276,912		226,357		341,262		198,933
Total net assets		$	124,474,167	$	19,171,775	$	21,367,927	$	17,172,756	$	13,530,474	$	7,369,221	$	14,358,480	$	11,459,743
Accumulation units outstanding			306,005		135,509		163,581		104,236		116,802		107,376		72,107		441,017
Accumulation unit value		$	365.43	$	138.79	$	128.67	$	161.56	$	113.47	$	66.52	$	194.40	$	25.53
*	Includes securities loaned of	$	4,928,335	$	413,073	$	407,070	$	548,746	$	—	$	—	$	319,845	$	—
**	Includes cash collateral for securities loaned of	$	482,057	$	31,939	$	—	$	—	$	—	$	—	$	16,697	$	—
#	Includes cash collateral for mortgage dollar rolls of	$	—	$	—	$	—	$	—	$	95,000	$	—	$	27,549	$	—
†	Portfolio investments; unaffiliated issuers cost	$	114,378,330	$	17,144,313	$	16,510,269	$	9,185,274	$	14,989,881	$	7,003,280	$	12,240,205	$	11,445,712
‡	Portfolio investments; affiliated issuers cost	$	168,626	$	—	$	417,995	$	564,844	$	—	$	—	$	—	$	—
^	Foreign cash, cost	$	17,460	$	1,347	$	—	$	—	$	—	$	—	$	122	$	—

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

Statements of operations

College Retirement Equities Funds  ■  For the year ended December 31, 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*		$	2,726,958		$	468,549		$	249,055		$	310,621		$	—		$	—	$	195,037		$	—
Income from securities lending			76,085			10,269			3,406			6,709			—			—		3,790			—
Interest			448			149			102			10			319,186			179,977		130,497			13,431
Other			160			2			—			—			520			—		347			—
Total income			2,803,651			478,969			252,563			317,340			319,706			179,977		329,671			13,431
EXPENSES
Administrative			300,753			45,195			46,926			38,395			31,330			17,955		32,921			27,531
Investment advisory			149,477			24,558			15,209			5,871			14,275			4,089		10,129			6,217
Distribution			118,505			17,178			18,028			15,207			12,931			7,044		13,595			10,982
Mortality and expense risk charges			6,284			959			998			815			667			382		699			587
Total expenses			575,019			87,890			81,161			60,288			59,203			29,470		57,344			45,317
Less: Expenses withheld by TIAA			—			—			—			—			—			—		—			31,886
Net expenses			575,019			87,890			81,161			60,288			59,203			29,470		57,344			13,431
Net investment income (loss)			2,228,632			391,079			171,402			257,052			260,503			150,507		272,327			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers			16,006,141			1,894,941			2,537,734			308,084			228,974			47,863		452,283			—
Affiliated issuers			1,479			—			—			—			—			—		—			—
Futures transactions			15,614			14,761			12,406			486			—			—		—			—
Purchased options			(106	)		—			—			—			—			—		—			—
Written options			194			—			—			—			—			—		—			—
Swap transactions			—			—			—			—			(518	)		—		—			—
Foreign currency transactions			(11,811	)		(3,025	)		25			1			(544	)		—		(462	)		—
Net realized gain (loss) on total investments			16,011,511			1,906,677			2,550,165			308,571			227,912			47,863		451,821			—
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡			(10,487,025	)		(1,515,184	)		(135,390	)		1,318,318			224,904			54,581		198,205			—
Affiliated issuers			65,368			—			—			—			—			—		—			—
Futures transactions			1,525			(1,353	)		(3,005	)		(402	)		—			—		—			—
Swap transactions			—			—			—			—			473			—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(2,576	)		(718	)		(58	)		—			(107	)		—		(178	)		—
Net change in unrealized appreciation (depreciation) on total investments			(10,422,708	)		(1,517,255	)		(138,453	)		1,317,916			225,270			54,581		198,027			—
Net realized and unrealized gain (loss) on total investments			5,588,803			389,422			2,411,712			1,626,487			453,182			102,444		649,848			—
Net increase (decrease) in net assets from operations		$	7,817,435		$	780,501		$	2,583,114		$	1,883,539		$	713,685		$	252,951	$	922,175		$	—
*	Net of foreign withholding taxes of unaffiliated issuers	$	103,999		$	20,954		$	2,220		$	104		$	9		$	—	$	4,710		$	—
‡	Includes net change in unrealized foreign capital gains taxes of	$	(2,536	)	$	—		$	—		$	—		$	—		$	—	$	—		$	—

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

Statements of changes in net assets

College Retirement Equities Funds  ■  For the year ended

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
OPERATIONS
Net investment income (loss)	$	2,228,632		$	1,946,025		$	391,079		$	285,632		$	171,402		$	145,950
Net realized gain (loss) on total investments		16,011,511			13,558,646			1,906,677			1,557,314			2,550,165			2,293,529
Net change in unrealized appreciation (depreciation) on total investments		(10,422,708	)		12,977,575			(1,517,255	)		2,285,441			(138,453	)		2,668,576
Net increase (decrease) in net assets from operations		7,817,435			28,482,246			780,501			4,128,387			2,583,114			5,108,055
FROM PARTICIPANT TRANSACTIONS
Premiums		4,319,676			4,501,136			1,070,247			1,116,007			1,071,482			990,848
Net transfers between CREF Accounts		(1,171,616	)		(854,354	)		50,310			237,015			116,778			(50,465	)
Annuity payments		(1,399,568	)		(1,249,549	)		(33,999	)		(28,826	)		(27,098	)		(22,260	)
Withdrawals and death benefits		(11,435,122	)		(10,509,456	)		(1,823,003	)		(1,532,548	)		(1,790,011	)		(1,557,216	)
Net increase (decrease) from participant transactions		(9,686,630	)		(8,112,223	)		(736,445	)		(208,352	)		(628,849	)		(639,093	)
Net increase (decrease) in net assets		(1,869,195	)		20,370,023			44,056			3,920,035			1,954,265			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	$	124,474,167		$	126,343,362		$	19,171,775		$	19,127,719		$	21,367,927		$	19,413,662
ACCUMULATION UNITS:
Units purchased		12,197,388			14,779,827			7,869,284			9,466,300			8,996,130			10,197,318
Units sold / transferred		(36,192,771	)		(37,985,697	)		(13,227,623	)		(11,088,847	)		(14,393,475	)		(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		306,004,586			329,999,969			135,508,586			140,866,925			163,580,881			168,978,226

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

Statements of changes in net assets continued

College Retirement Equities Funds  ■  For the year ended  

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
OPERATIONS
Net investment income (loss)	$	257,052		$	223,387		$	260,503		$	255,205		$	150,507		$	123,008
Net realized gain (loss) on total investments		308,571			224,787			227,912			58,902			47,863			286,945
Net change in unrealized appreciation (depreciation) on total investments		1,317,916			3,507,233			225,270			(605,469	)		54,581			(1,292,598	)
Net increase (decrease) in net assets from operations		1,883,539			3,955,407			713,685			(291,362	)		252,951			(882,645	)
FROM PARTICIPANT TRANSACTIONS
Premiums		973,093			1,003,856			1,019,064			1,043,978			604,456			679,616
Net transfers between CREF Accounts		139,255			347,432			421,556			40,206			764			(833,191	)
Annuity payments		(28,590	)		(22,907	)		(24,610	)		(23,834	)		(21,455	)		(23,422	)
Withdrawals and death benefits		(1,652,552	)		(1,438,860	)		(1,674,638	)		(2,184,672	)		(1,105,605	)		(2,125,347	)
Net increase (decrease) from participant transactions		(568,794	)		(110,479	)		(258,628	)		(1,124,322	)		(521,840	)		(2,302,344	)
Net increase (decrease) in net assets		1,314,745			3,844,928			455,057			(1,415,684	)		(268,889	)		(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	$	17,172,756		$	15,858,011		$	13,530,474		$	13,075,417		$	7,369,221		$	7,638,110
ACCUMULATION UNITS:
Units purchased		6,439,432			7,934,869			9,154,464			9,637,856			9,041,378			10,034,924
Units sold / transferred		(10,252,632	)		(8,809,741	)		(11,510,738	)		(20,072,174	)		(16,661,477	)		(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		104,235,513			108,048,713			116,801,630			119,157,904			107,375,584			114,995,683

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

Statements of changes in net assets concluded

College Retirement Equities Funds  ■  For the year ended  

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
OPERATIONS
Net investment income (loss)	$	272,327		$	221,165		$	—		$	77
Net realized gain (loss) on total investments		451,821			253,941			—			2
Net change in unrealized appreciation (depreciation) on total investments		198,027			1,411,925			—			—
Net increase (decrease) in net assets from operations		922,175			1,887,031			—			79
FROM PARTICIPANT TRANSACTIONS
Premiums		944,799			857,785			3,821,009			4,529,281
Net transfers between CREF Accounts		345,290			350,169			97,663			763,188
Annuity payments		(30,773	)		(27,380	)		(21,137	)		(20,863	)
Withdrawals and death benefits		(1,163,971	)		(1,007,941	)		(4,418,705	)		(5,199,990	)
Net increase (decrease) from participant transactions		95,345			172,633			(521,170	)		71,616
Net increase (decrease) in net assets		1,017,520			2,059,664			(521,170	)		71,695
NET ASSETS
Beginning of period		13,340,960			11,281,296			11,980,913			11,909,218
End of period	$	14,358,480		$	13,340,960		$	11,459,743		$	11,980,913
ACCUMULATION UNITS:
Units purchased		5,015,238			5,034,332			149,643,251			177,383,548
Units sold / transferred		(4,437,235	)		(4,030,321	)		(169,736,670	)		(174,538,957	)
Outstanding:
Beginning of period		71,528,662			70,524,651			461,110,558			458,265,967
End of period		72,106,665			71,528,662			441,017,139			461,110,558

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

Financial highlights

College Retirement Equities Fund

	Selected per accumulation unit data																						Ratios and supplemental data
	Gain (loss) from investment operations
										Net realized													Ratios to average net assets									Accumulation						Net
							Net			& unrealized			Net			Accumulation		Accumulation								Net						units			Accumulation			assets
For the							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		h	Expenses		h	(loss		)h	investments			unit value			of period		period		return		i	expenses			(loss		)	rate			(in millions		)	(in millions		)	(in millions		)
STOCK ACCOUNT
12/31/14		$7.897			$1.620			$6.277			$ 15.744			$ 22.021			$343.410		$365.431		6.41	%		0.46	%		1.77	%		58	%		306			$111,823			$124,474
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
GLOBAL EQUITIES ACCOUNT
12/31/14		3.394			0.623			2.771			2.779			5.550			133.243		138.793		4.17			0.46			2.04			59			136			18,808			19,172
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
GROWTH ACCOUNT
12/31/14		1.501			0.482			1.019			14.445			15.464			113.204		128.668		13.66			0.41			0.86			57			164			21,048			21,368
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
EQUITY INDEX ACCOUNT
12/31/14		2.937			0.558			2.379			15.145			17.524			144.038		161.562		12.17			0.37			1.58			4			104			16,841			17,173
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
BOND MARKET ACCOUNT
12/31/14		2.665			0.494			2.171			3.764			5.935			107.536		113.471		5.52			0.44			1.95			290	e		117			13,254			13,530
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
INFLATION-LINKED BOND ACCOUNT
12/31/14		1.573			0.257			1.316			0.824			2.140			64.382		66.522		3.32			0.39			1.97			9			107			7,143			7,369
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

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

Financial highlights concluded

College Retirement Equities Fund

	Selected per accumulation unit data																					Ratios and supplemental data
	Gain (loss) from investment operations
										Net realized												Ratios to average net assets									Accumulation						Net
							Net			& unrealized			Net		Accumulation		Accumulation								Net						units			Accumulation			assets
For the							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		h	Expenses		h	(loss		)h	investments			unit value		of period		period		return		i	expenses			(loss		)	rate			(in millions		)	(in millions		)	(in millions		)
SOCIAL CHOICE ACCOUNT
12/31/14		$4.446			$0.773			$3.673			$  8.760			$12.433		$181.963		$194.396		6.83	%		0.41	%		1.95	%		120	%f		72			$14,017			$14,358
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
	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	h	Expenses		h		(loss	)h	investments			unit value		of period		year		return		i	expenses			withholding			(loss		)	(in millions		)	(in millions		)	(in millions		)
MONEY MARKET ACCOUNT
12/31/14		$0.029			$0.029			$0.000			$0.000			$0.000		$25.534		$25.534		0.00	%		0.39	%		0.11	%		0.00	%		441			$11,261			$11,460
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

e	The portfolio turnover rates excluding mortgage dollar roll transactions for the years ending December 31, 2014, December 31, 2013, December 31, 2012, December 31, 2011, and December 31, 2010 were 89%, 105%, 117%, 62%, and 62%, respectively.
f	The portfolio turnover rates excluding mortgage dollar roll transactions for the years ending December 31, 2014, December 31, 2013, December 31, 2012, December 31, 2011, and December 31, 2010 were 52%, 46%, 52%, 45%, and 40%, respectively.
h	Based on average units outstanding.
i	Based on per accumulation unit data.

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

Notes to financial statements

College Retirement Equities Fund

Note 1—organization and significant accounting policies

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

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Accounts are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. 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

78 2014 Annual Report  ■  College Retirement Equities Fund

is recorded on the ex-dividend date or as soon as possible after the Accounts determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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 2014, the FASB issued Accounting Standards Update No. 2014-11 Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures (the “Update”). The Update will require, amongst other items, additional disclosures for transactions that

College Retirement Equities Fund  ■  2014 Annual Report 79

Notes to financial statements

are accounted for as secured borrowings, such as loaned securities. The Update is effective for annual reporting periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Account expects to adopt the Update for the June 30, 2015 semiannual report.

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

80 2014 Annual Report  ■  College Retirement Equities Fund

continued

yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

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

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

Futures contracts: Stock and bond index futures, 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 year ended December 31, 2014, there were no material transfers between levels by the Accounts.

As of December 31, 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 Annual Report 81

Notes to financial statements

The following table summarizes the market value of the Accounts’ investments as of December 31, 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	$	11,890,777	$	5,059,358		1,411	$	16,951,546
Consumer staples		6,957,292		3,252,410		543		10,210,245
Energy		6,477,575		2,448,696		1		8,926,272
Financials		14,824,099		9,686,661		1,625		24,512,385
Health care		12,574,290		3,199,009		591		15,773,890
Industrials		9,567,002		4,483,043		2,074		14,052,119
Information technology		17,001,888		3,043,574		258		20,045,720
Materials		3,222,445		2,950,092		1,069		6,173,606
Telecommunication services		1,718,110		1,611,820		497		3,330,427
Utilities		2,555,618		1,234,500		—		3,790,118
Corporate bonds		—		—		497		497
Government bonds		—		295		—		295
Equity-linked notes		2,463		1,781		—		4,244
Short-term investments		—		5,245,286		—		5,245,286
Futures**		1,525		—		—		1,525
Total	$	86,793,084	$	42,216,525	$	8,566	$	129,018,175
Global Equities
Equity investments:
Asia	$	35,651	$	1,534,866	$	—	$	1,570,517
Australasia		—		324,987		—		324,987
Europe		273,150		3,553,388		—		3,826,538
North America		10,891,456		696,062		—		11,587,518
All other equity investments*		94,924		1,562,373		2		1,657,299
Short-term investments		—		554,734		—		554,734
Futures**		1,972		—		—		1,972
Total	$	11,297,153	$	8,226,410	$	2	$	19,523,565
Growth
Equity investments:
Consumer discretionary	$	4,229,422	$	129,730	$	—	$	4,359,152
Consumer staples		1,489,695		31,915		—		1,521,610
Financials		1,606,297		12,412		—		1,618,709
Health care		3,340,857		56,134		—		3,396,991
Industrials		2,114,701		25,581		—		2,140,282
Information technology		6,507,644		75,069		—		6,582,713
Materials		738,382		8,559		—		746,941
Telecommunication services		207,406		47,190		—		254,596
All other equity investments*		586,982		—		—		586,982
Short-term investments		417,995		132,088		—		550,083
Futures**		1,152		—		—		1,152
Total	$	21,240,533	$	518,678	$	—	$	21,759,211

82 2014 Annual Report  ■  College Retirement Equities Fund

continued

Account	Level 1			Level 2		Level 3		Total
Equity Index
Equity investments:
Health care	$	2,396,410		$	—	$	82	$	2,396,492
Telecommunication services		343,272			—		118		343,390
All other equity investments *		14,397,169			—		—		14,397,169
Short-term investments		564,844			6,996		—		571,840
Futures**		(94	)		—		—		(94	)
Total	$	17,701,601		$	6,996	$	200	$	17,708,797
Bond Market
Bank loan obligations	$	—		$	118,912	$	—	$	118,912
Corporate bonds		—			4,711,411		—		4,711,411
Government bonds		—			6,575,600		—		6,575,600
Structured assets		—			1,848,542		10,441		1,858,983
Preferred stocks		7,769			—		—		7,769
Short-term investments		—			1,936,923		—		1,936,923
Total	$	7,769		$	15,191,388	$	10,441	$	15,209,598
Social Choice
Equity investments:
Consumer discretionary	$	900,752		$	198,620	$	—	$	1,099,372
Consumer staples		492,594			183,354		—		675,948
Energy		488,820			125,604		—		614,424
Financials		1,407,679			493,239		—		1,900,918
Health care		888,054			177,807		—		1,065,861
Industrials		690,105			213,996		—		904,101
Information technology		1,195,823			82,372		—		1,278,195
Materials		302,274			170,950		—		473,224
Telecommunication services		147,842			85,912		—		233,754
Utilities		265,746			68,888		—		334,634
Bank loan obligations		—			62,566		—		62,566
Corporate bonds		—			2,043,693		—		2,043,693
Government bonds		—			3,238,870		—		3,238,870
Structured assets		—			313,161		—		313,161
Short-term investments		—			1,040,877		—		1,040,877
Total	$	6,779,689		$	8,499,909	$	—	$	15,279,598

*	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 Annual Report 83

Notes to financial statements

At December 31, 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
Derivative contracts	Location	Fair value amount
Stock Account
Equity contracts	Futures*	$	1,525
Global Equities Account
Equity contracts	Futures*		1,972
Growth Account
Equity contracts	Futures*		1,152
Equity Index Account
Equity contracts	Futures*		(94	)

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

For the year ended December 31, 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	Futures transactions	$	15,614		$	1,525
Equity contracts	Purchased options		(106	)		—
Equity contracts	Written options		194			—
Global Equities Account
Equity contracts	Futures transactions		14,761			(1,353	)
Growth Account
Equity contracts	Futures transactions		12,406			(3,005	)
Equity Index Account
Equity contracts	Futures transactions		486			(402	)
Bond Market Account
Credit contracts	Swap transactions		(518	)		473

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 changes

84 2014 Annual Report  ■  College Retirement Equities Fund

continued

in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended December 31, 2014, the Stock Account, the Global Equities Account, the Growth Account and the Equity Index Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At December 31, 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		)
Stock	S&P 500 Index E-mini		346		$	35,506		March 2015	$	1,192
	S&P Mid-Cap 400 Index E-mini		30			4,346		March 2015		166
	Russell 2000 Mini index		28			3,362		March 2015		167
Total			404			43,214				1,525
Global Equities	S&P 500 Index E-mini		1,037			106,417		March 2015		1,972
Growth	S&P 500 Index E-mini		700			71,834		March 2015		1,152
Equity Index	S&P 500 Index E-mini		54			5,542		March 2015		(79	)
	S&P Mid-Cap 400 Index E-mini		5			724		March 2015		(7	)
	Russell 2000 Mini index		6			720		March 2015		(8	)
Total			65		$	6,986			$	(94	)

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 year ended December 31, 2014, the Stock Account had exposure to options, based on underlying nominal values, generally between 0% and 1% of net assets.

There were no purchased or written options outstanding as of December 31, 2014.

College Retirement Equities Fund  ■  2014 Annual Report 85

Notes to financial statements

Transactions in written options and related premiums received during the year ended December 31, 2014 were as follows:

	Number of contracts			Premiums
Stock Account
Outstanding at beginning of period		—		$	—
Written		10,069			413
Purchased		(1,545	)		(94	)
Exercised		(2,210	)		(79	)
Expired		(6,314	)		(240	)
Outstanding at end of period		—		$	—

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

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

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

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

The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Account and/or to

86 2014 Annual Report  ■  College Retirement Equities Fund

continued

facilitate the implementation of portfolio strategies to seek to increase the total return. During the year ended December 31, 2014, the Bond Market Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

There were no open credit default swap contracts outstanding as of December 31, 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.

For the year ended December 31, 2014, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account totaling $31,886,000. 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 December 31, 2014, the cumulative amount of expenses waived subject to recovery is $94,153,000. 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.

College Retirement Equities Fund  ■  2014 Annual Report 87

Notes to financial statements

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 December 31, 2014			Value at December 31, 2014
Stock Account
Berry Plastics Group Inc	$	*	$	84,483	$	9,005	$	1,494		$	—		7,192,670		$	226,929
Hibernia REIT plc		31.243		16,748		3,151		179			—		—	**		—
Papa Murphy's Holdings Inc		*		10,215		67		(15	)		—		1,010,918			11,747
	$	31,243	$	111,446	$	12,223	$	1,658		$	—				$	239.676
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	338,936	$	552,364	$	443,305	$	—		$	—		417,994,935		$	417,995
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	536,110	$	250,891	$	222,157	$	—		$	—		564,844,257		$	564,844

*	Not an affiliate investment as of December 31, 2013
**	Not an affiliate investment as of December 31, 2014

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 Accounts 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

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

Notes to financial statements

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.

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

90 2014 Annual Report  ■  College Retirement Equities Fund

continued

with these investments because the Account is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security.

Net unrealized appreciation (depreciation): At December 31, 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		$19,318,742		$(4,849,048	)		$14,469,694
Global Equities		2,986,422		(609,142	)		2,377,280
Growth		5,048,368		(218,573	)		4,829,795
Equity Index		8,414,120		(455,347	)		7,958,773
Bond Market		322,800		(103,083	)		219,717
Inflation-Linked Bond		454,893		(129,274	)		325,619
Social Choice		3,324,206		(284,813	)		3,039,393

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2014 were as follows (dollar amounts are in thousands):

			Stock Account		Global Equities Account		Growth Account
Purchases:
Non-Government			$	72,563,878	$	11,200,403	$	11,263,094
Government				—		—		—
Total Purchases			$	72,563,878	$	11,200,403	$	11,263,094
Sales:
Non-Government			$	80,018,998	$	11,496,514	$	11,671,286
Government				—		—		—
Total Sales			$	80,018,998	$	11,496,514	$	11,671,286
	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-Government	$	667,991	$	4,836,694	$	—	$	3,657,033
Government		—		33,218,615		672,576		13,509,007
Total Purchases	$	667,991	$	38,055,309	$	672,576	$	17,166,040
Sales:
Non-Government	$	952,235	$	3,986,002	$	—	$	2,944,382
Government		—		33,625,529		1,126,480		13,643,310
Total Sales	$	952,235	$	37,611,531	$	1,126,480	$	16,587,692

College Retirement Equities Fund  ■  2014 Annual Report 91

Notes to financial statements concluded

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 year ended December 31, 2014, there were no borrowings under this credit facility by the Accounts.

Note 7—indemnification

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

92 2014 Annual Report  ■  College Retirement Equities Fund

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account, and Money Market Account (constituting the College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) at December 31, 2014, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Accounts’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
February 20, 2015

College Retirement Equities Fund  ■  2014 Annual Report 93

2014 annual meeting (unaudited)

College Retirement Equities Fund

Trustees

On July 15, 2014, at an annual meeting of CREF participants, the following persons were elected to serve on the Board of Trustees:

Nominee	Dollars for	Percent	Dollars against	Percent	Dollars abstain	Percent
Forrest Berkley	21,705,723,963.830	92.372	696,786,476.990	2.965	1,095,724,004.160	4.663
Nancy A. Eckl	21,861,840,176.080	93.036	602,320,906.010	2.563	1,034,073,362.890	4.401
Michael A. Forrester	21,667,334,029.520	92.208	691,188,182.630	2.941	1,139,712,232.830	4.850
Howell E. Jackson	21,764,316,884.400	92.621	655,334,747.180	2.789	1,078,582,813.400	4.590
Nancy L. Jacob	21,667,866,635.820	92.211	794,269,803.470	3.380	1,036,098,005.690	4.409
Thomas J. Kenny	21,481,299,705.120	91.417	890,649,021.450	3.790	1,126,285,718.410	4.793
Bridget A. Macaskill	21,773,180,848.800	92.659	694,504,711.640	2.956	1,030,548,884.540	4.386
James M. Poterba	21,841,928,756.600	92.951	598,375,508.990	2.546	1,057,930,179.390	4.502
Maceo K. Sloan	21,591,335,098.640	91.885	792,567,582.560	3.373	1,114,331,763.780	4.742
Laura T. Starks	21,921,362,177.740	93.289	572,673,063.900	2.437	1,004,199,203.340	4.274

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

Independent registered public accounting firm

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

Account	Dollars for	Percent	Dollars against	Percent	Dollars abstain	Percent
Overall CREF Accounts	22,150,036,562.370	94.263	444,932,551.560	1.893	903,265,331.050	3.844

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

94 2014 Annual Report  ■  College Retirement Equities Fund

Trustees and officers (unaudited)

College Retirement Equities Fund  ■  December 31, 2014

Trustees

		Term of		Number of
		office and		portfolios in
	Position(s)	length		fund complex
Name, address and	held with	of time		overseen
year of birth (“YOB”)	CREF	served	Principal occupation(s) during past 5 years	by Trustee	Other directorship(s) held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	One-year term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	One year term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Markets 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	One year term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	One-year term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.

College Retirement Equities Fund  ■  2014 Annual Report 95

Trustees and officers (unaudited)	concluded
College Retirement Equities Fund  ■  December 31, 2014
Trustees — concluded

		Term of		Number of
		office and		portfolios in
	Position(s)	length		fund complex
Name, address and	held with	of time		overseen
year of birth (“YOB”)	CREF	served	Principal occupation(s) during past 5 years	by Trustee	Other directorship(s) held by Trustee
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	One-year term. Trustee since 1979.	Principal, NL Jacob Consultant (economic and business consultant) (2012–present); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	One-year term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	One-year term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep, and Close Brothers Group plc.

96 2014 Annual Report  ■  College Retirement Equities Fund

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	One-year term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	One-year term. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company).
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	One-year term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	82	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors of the Board of Governors of the Investment Company Institute), and Investment Advisory Committee, Employees Retirement System of Texas.

College Retirement Equities Fund  ■  2014 Annual Report 97

Trustees and officers(unaudited)	continued
College Retirement Equities Fund  ■  December 31, 2014
Officers

		Term of
		office and
	Position(s)	length
Name, address and	held with	of time
year of birth (“YOB”)	CREF	served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (2013–2014). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) ( 2013–2014).

98 2014 Annual Report  ■  College Retirement Equities Fund

Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Chief Executive Officer (since 2014), Executive Vice President (2013-2014), Chief Operating Officer (2013–2014), Interim Head (2012–2013) and Manager (since 2011) of TIAA-CREF Asset Management, Inc. (“TCAM”), and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Director (since 2008), Executive Vice President (since 2012), Chairman (2012–2013), Senior Managing Director and Chief Operating Officer (2012–2013) of Advisors. Director (since 2008), Executive Vice President (since 2014), Chief Operating Officer (since 2013), Chairman (2011–2012) President (2012–2013), Senior Vice President (2010–2012) of Investment Management. Director of Advisors (since 2008). Chairman, Manager, President (since 2011), and Chief Operating Officer (2011–2013) of TCAA and TCAS. Manager of TIAA-CREF Individual & Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Executive Vice President, TIAA Asset Management Finance Company, LLC (since 2014). Manager and Executive Vice President, TIAA Asset Management, LLC (since 2014). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd., and TH RE Group Holdings Ltd. (2013–2014).
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2008). Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (2012–2013). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Manager (since 2010), President and Chief Executive Officer (since 2011), 730 Holdings LLC. Chairman, Head of Financial Services and Member of the Executive Committee, Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Treasurer	One-year term. Treasurer since 2008.	Treasurer of CREF (since 2008). Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer (since 2013), Principal Financial Officer (2009–2013), Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010), Corporate Controller (since 2014) and Funds Treasurer (2006–2014) of TIAA. Director of TCAM (since 2011). Director (since 2008), Senior Vice President (since 2010) and Funds Treasurer (2007–2011) of Advisors. Manager (since 2008), Senior Vice President (since 2014) and Funds Treasurer (2007–2011) of Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (2008–2014). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Manager, Senior Vice President and Funds Treasurer of TCAS (since 2011).

College Retirement Equities Fund  ■  2014 Annual Report 99

Trustees and officers(unaudited)	continued
College Retirement Equities Fund  ■  December 31, 2014
Officers — continued

		Term of
		office and
	Position(s)	length
Name, address and	held with	of time
year of birth (“YOB”)	CREF	served	Principal occupation(s) during past 5 years
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA, Executive Vice President (since 2009), and Senior Managing Director (2008–2009) of the TIAA-CREF Fund Complex. Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2011), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011).
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President and President of Asset Management (since 2013) of TIAA, and Manager (since 2013) and President and Chief Executive Officer (2013–2014) of TCAM. Principal Executive Officer and Executive Vice President of CREF and VA-1 (since 2013). Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Chairman, Director, President & Chief Executive Officer of Advisors (since 2013). Chairman, Manager, President & Chief Executive Officer of Investment Management (since 2013). Chairman (since 2013), President & Chief Executive Officer (2013-2014) of TPIS. Director of TH RE Ltd (since 2013). Director of TIAA International Holdings 1 Ltd, TIAA International Holdings 2 Ltd, and TIAA International Holdings 3 Ltd (since 2013). Director, TCAM Global UK Limited (since 2014). President and Chief Executive Officer, TIAA Asset Management Finance Company, LLC (since 2014). Manager, President and Chairman, TIAA Asset Management, LLC (since 2014). Representative, Securities Research, Inc. (February–May 2013). President and Chief Operating Officer, U.S., ING Americas (2011–2012). Chief Executive Officer, ING Insurance US (2010–2011). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009). Executive Vice President, AIG Financial Products Corp. (1995–2007).

100 2014 Annual Report  ■  College Retirement Equities Fund

Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Director, Covariance (since 2012). Director T-C Life (since 2012). Director, Kaspick & Company, LLC (since 2012). Manager, TIAA-CREF Redwood, LLC (“Redwood”) (since 2013). Director, Aspen Insurance Holdings, LLC (since 2011). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director (since 2013), Corporate Secretary (since 2012) of TIAA and the TIAA-CREF Fund Complex. Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (2009–2010, since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and Chief Executive Officer (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).

College Retirement Equities Fund  ■  2014 Annual Report 101

Trustees and officers(unaudited)	concluded
College Retirement Equities Fund  ■  December 31, 2014
Officers — concluded

		Term of
		office and
	Position(s)	length
Name, address and	held with	of time
year of birth (“YOB”)	CREF	served	Principal occupation(s) during past 5 years
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010).
Virginia M. Wilson TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Executive Vice President, Chief Financial Officer and Principal Accounting Officer	One-year term. Executive Vice President, Chief Financial Officer and Principal Accounting Officer since 2010.	Executive Vice President, Chief Financial Officer of TIAA and Executive Vice President, Chief Financial Officer and Principal Accounting Officer of CREF (since 2010). Executive Vice President & Chief Financial Officer, TIAA Global Equity Income, LLC (since 2013). Manager, Executive Vice President and Chief Financial Officer of Redwood (since 2010). Director, Executive Vice President and Chief Financial Officer of TCT Holdings, Inc. (since 2010) and Director of TCAM (2010–2011). Executive Vice President and Chief Financial Officer, Wyndham Worldwide Corporation (2006–2009).

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

102 2014 Annual 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 Annual 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 Annual Report  ■  College Retirement Equities Fund

How to reach us

TIAA-CREF website

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

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

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

800 842-2252

24 hours a day, 7 days a week

National contact center

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

800 842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday

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

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. (ET), Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 8 p.m. (ET), Monday–Friday

For the hearing- or speech-impaired

800 842-2755

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

TIAA-CREF brokerage services

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

800 927-3059

8 a.m. to 7 p.m. (ET), Monday–Friday

TIAA-CREF Trust Company, FSB

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

888 842-9001

9 a.m. to 6 p.m. (ET), Monday–Friday

Advisor services

888 842-0318

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

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

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

©2015 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2014 and December 31, 2013, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $709,100 and $698,500, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2014 and December 31, 2013, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2014 and December 31, 2013, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2014 and December 31, 2013, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2014 and December 31, 2013, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2014 and December 31, 2013, PwC’s aggregate fees for all other services billed to the Registrant were $19,500 and $15,200, respectively.

For the fiscal years ended December 31, 2014 and December 31, 2013, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2014 and December 31, 2013 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2014 and December 31, 2013 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2014 and December 31, 2013 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2014 and December 31, 2013 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2014 and December 31, 2013 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal year ended December 31, 2014 and December 31, 2013 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2014 and December 31, 2013, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $277,000 and $394,070, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
BONDS - 0.0%
CORPORATE BONDS - 0.0%
CAPITAL GOODS - 0.0%
$	31,135	j,m	PDG Realty S.A. Empreendimentos e Participacoes		0.000	%	09/19/16	$	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		31
			TOTAL FOOD, BEVERAGE & TOBACCO						31
			TOTAL CORPORATE BONDS						497
			(Cost $520)
GOVERNMENT BONDS - 0.0%
U.S. TREASURY SECURITIES - 0.0%
	300,000		United States Treasury Note		1.750		05/15/22		295
			TOTAL U.S. TREASURY SECURITIES						295
			TOTAL GOVERNMENT BONDS						295
			(Cost $303)
			TOTAL BONDS						792
			(Cost $823)
EQUITY LINKED NOTES - 0.0%
BANKS - 0.0%
	319	*,j	HSBC Bank plc		0.000		08/07/17		2,463
			TOTAL BANKS						2,463
DIVERSIFIED FINANCIALS - 0.0%
	7,333,494	*,g,j	Deutsche Bank, Fondul Proprietatea S.A.		0.000		10/24/22		1,781
			TOTAL DIVERSIFIED FINANCIALS						1,781
			TOTAL EQUITY LINKED NOTES						4,244
			(Cost $5,390)

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 2.2%
	58,085		Actron Technology Corp	$	205
	143,700		Aisan Industry Co Ltd		1,229
	723,055		Aisin Seiki Co Ltd		25,978
	372,300	e	Akebono Brake Industry Co Ltd		1,303
	479,417	*	American Axle & Manufacturing Holdings, Inc		10,830
	100,928	*	Amtek Auto Ltd		286
	69,047	*	Amtek India Ltd		84
	394,615		Apollo Tyres Ltd		1,390
	66,774	e	ARB Corp Ltd		616
	17,292		AtlasBX Co Ltd		610
	93,686	e	Autoliv, Inc		9,942
	2,980		Autoneum Holding AG.		503
	134,358		Bajaj Holdings and Investment Ltd		5,166
	40,420		Balkrishna Industries Ltd		390
	387,453		Bayerische Motoren Werke AG.		41,813
	7,186		Bayerische Motoren Werke AG. (Preference)		587
	471,291		Bharat Forge Ltd		7,007
	249,265		BorgWarner, Inc		13,697
	127,492		Brembo S.p.A.		4,273
	890,538		Bridgestone Corp		30,886
	3,739,900	e	Brilliance China Automotive Holdings Ltd		5,988
	777,200	e	Byd Co Ltd		2,997
	826,000		Calsonic Kansei Corp		4,578
	11,883		Ceat Ltd		161
	1,540,000	e	Chaowei Power Holdings Ltd		648
	1,740,200		Cheng Shin Rubber Industry Co Ltd		4,084
	224,858		China Motor Corp		199
	1,046,971		Chongqing Changan Automobile Co Ltd		2,371
	153,595		Cie Automotive S.A.		2,087
	177,161		Compagnie Plastic-Omnium S.A.		4,808
	194,676		Continental AG.		41,062
	198,443		Cooper Tire & Rubber Co		6,876
	57,593	*	Cooper-Standard Holding, Inc		3,334
	26,388		Cub Elecparts, Inc		248
	22,293		Dae Won Kang Up Co Ltd		122
	29,000		Daido Metal Co Ltd		291
	188,304	e	Daihatsu Motor Co Ltd		2,459
	2,044,396		Daimler AG. (Registered)		169,795
	659,693		Dana Holding Corp		14,342
	3,606,896		Delphi Automotive plc		262,294
	598,829		Denso Corp		27,910
	286,000		Depo Auto Parts Ind Co Ltd		1,051
	17,628		Dong Ah Tire & Rubber Co Ltd		308
	3,377,050		Dongfeng Motor Group Co Ltd		4,724
	25,021	m	Dongyang Mechatronics Corp		172
	76,785	*,e	Dorman Products, Inc		3,706
	479,500	m	Double Coin Holdings Ltd		369
	1,017,100		Drb-Hicom BHD		507
	128,042		Drew Industries, Inc		6,539

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	24,000		Eagle Industry Co Ltd	$	438
	89,472		ElringKlinger AG.		3,094
	41,082		Exedy Corp		989
	1,336,182	e	Faurecia		49,597
	37,600		FCC Co Ltd		647
	482,260		Federal Corp		289
	93,346	*	Federal Mogul Corp (Class A)		1,502
	3,586,788	*	Fiat DaimlerChrysler Automobiles NV		41,678
	4,338,674		Ford Motor Co		67,249
	64,394		Ford Otomotiv Sanayi AS		895
	30,913	*	Fox Factory Holding Corp		502
	48,377	*	Fuel Systems Solutions, Inc		529
	821,453		Fuji Heavy Industries Ltd		29,068
	192,897		Futaba Industrial Co Ltd		905
	6,003,675	e	Geely Automobile Holdings Ltd		1,898
	1,619,781		General Motors Co		56,547
	7,950,000	*,m	General Motors Co		0	^
	85,268,000	*,e,m	General Motors Co		0	^
	722,689	*,e,m	General Motors Co		0	^
	26,439,191	*,m	General Motors Co		0	^
	4,230,271	*,e,m	General Motors Co		0	^
	24,057,000	*,m	General Motors Co		0	^
	6,062,000	*,m	General Motors Co		0	^
	40,684,487	*,m	General Motors Co		0	^
	18,507,434	*,m	General Motors Co		0	^
	35,983,677	*,m	General Motors Co		0	^
	757,249		Gentex Corp		27,359
	113,483	*	Gentherm, Inc		4,156
	3,519,489		GKN plc		18,733
	7,203		Global & Yuasa Battery Co Ltd		259
	37,783		Goodyear Lastikleri Turk AS.		1,467
	379,692		Goodyear Tire & Rubber Co		10,848
	63,961		Grammer AG.		2,527
	1,236,144		Great Wall Motor Co Ltd		6,992
	16,800	*	G-Tekt Corp		159
	2,631,971		Guangzhou Automobile Group Co Ltd		2,380
	42,250		Halla Climate Control Corp		1,861
	27,166		Halla Holdings Corp		1,719
	26,020	*	Hanil E-Hwa Co Ltd		323
	48,116		Hanil E-Wha Co Ltd		525
	109,119		Hankook Tire Co Ltd		5,186
	219,758		Harley-Davidson, Inc		14,484
	83,149		Hero Honda Motors Ltd		4,080
	1,862,869		Honda Motor Co Ltd		54,653
	2,441,997		Hota Industrial Manufacturing Co Ltd		4,277
	79,199		Hu Lane Associate, Inc		273
	381,900	*	Hunan Tyen Machinery Co Ltd		162
	76,949		Hwa Shin Co Ltd		509
	170,722		Hyundai Mobis		36,525
	378,932		Hyundai Motor Co		57,884
	42,418		Hyundai Motor Co Ltd (2nd Preference)		5,160
	26,350		Hyundai Motor Co Ltd (Preference)		3,009

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,446		Hyundai Wia Corp	$	2,789
	229,816	*,e	IMMSI S.p.A.		150
	785,500		Isuzu Motors Ltd		9,568
	512,035		Johnson Controls, Inc		24,752
	436,896		Kayaba Industry Co Ltd		1,857
	434,903		Keihin Corp		6,455
	893,775		Kenda Rubber Industrial Co Ltd		1,797
	548,542		Kia Motors Corp		26,065
	55,000		Kinugawa Rubber Industrial Co Ltd		234
	55,389		Koito Manufacturing Co Ltd		1,694
	1,465,288	*	Kongsberg Automotive ASA		1,124
	109,754	*	Kumho Tire Co, Inc		962
	673,295		Lear Corp		66,037
	34,728		Leoni AG.		2,051
	157,130		Linamar Corp		9,596
	42,000		Macauto Industrial Co Ltd		149
	457,056		Magna International, Inc (Class A)		49,526
	249,729		Magna International, Inc (Class A) (NY)		27,143
	515,840		Mahindra & Mahindra Ltd		10,043
	126,900		Mahle-Metal Leve S.A. Industria e Comercio		1,001
	19,516	*	Mando Corp		3,258
	271,982		Martinrea International, Inc		2,428
	2,541,400		Mazda Motor Corp		61,033
	169,968		Metair Investments Ltd		468
	8,597		MGI Coutier		120
	285,606		Michelin (C.G.D.E.) (Class B)		25,781
	1,180,000	e	Minth Group Ltd		2,435
	34,200		Mitsuba Corp		609
	289,696		Mitsubishi Motors Corp		2,647
	597,320	*,e	Mobileye NV		24,227
	154,998	*	Modine Manufacturing Co		2,108
	7,356	e	Montupet		588
	543,194		Motherson Sumi Systems Ltd		3,912
	12,416		Motonic Corp		145
	52,962	*	Motorcar Parts of America, Inc		1,647
	2,737		MRF Ltd		1,641
	24,700		Musashi Seimitsu Industry Co Ltd		467
	613,948		Nan Kang Rubber Tire Co Ltd		655
	1,656		Nexen Corp		131
	115,263		Nexen Tire Corp		1,327
	2,695,000		Nexteer Automotive Group Ltd		2,302
	137,824		NGK Spark Plug Co Ltd		4,188
	215,854		NHK Spring Co Ltd		1,878
	181,251		Nifco, Inc		5,863
	42,000		Nippon Seiki Co Ltd		951
	7,031,504		Nissan Motor Co Ltd		61,327
	98,041		Nissan Shatai Co Ltd		1,190
	63,600		Nissin Kogyo Co Ltd		883
	247,735		NOK Corp		6,306
	29,330	e	Nokian Renkaat Oyj		715
	9,599		Otokar Otobus Karoseri Sanayi AS		357
	122,500		Pacific Industrial Co Ltd		950

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	431,200		PCS Machine Group Holding PCL	$	112
	292,547	*	Peugeot S.A.		3,584
	179,373	*,e	Piaggio & C S.p.A.		518
	22,300		Piolax Inc		951
	80,169		Pirelli & C S.p.A.		1,081
	92,090		Porsche AG.		7,448
	121,000		Press Kogyo Co Ltd		428
	23,726,200		PT Astra International Tbk		14,150
	1,932,400		PT Gajah Tunggal Tbk		222
	314,000		PT Selamat Sempurna Tbk		120
	40,620		Pyeong Hwa Automotive Co Ltd		664
	8,884,000		Qingling Motors Co Ltd		2,944
	81,462	e	Remy International, Inc		1,704
	1,966,724		Renault S.A.		143,249
	96,000		Riken Corp		362
	26,077		S&T Daewoo Co Ltd		995
	130,938		SAF-Holland S.A.		1,749
	224,000		Sanden Corp		1,197
	555,920		Sanyang Industry Co Ltd		500
	38,177		Sejong Industrial Co Ltd		443
	24,119	*	Shiloh Industries, Inc		379
	237,500		Showa Corp		2,194
	61,160		SL Corp		968
	50,785	*,e	Sogefi S.p.A.		127
	992,225		Somboon Advance Technology PCL		488
	129,673		Spartan Motors, Inc		682
	2,430,500		Sri Trang Agro-Industry PCL (Foreign)		943
	48,867	*	Ssangyong Motor Co		413
	81,346		Standard Motor Products, Inc		3,101
	209,453		Stanley Electric Co Ltd		4,523
	135,201	*	Stoneridge, Inc		1,739
	9,337		Strattec Security Corp		771
	797,221		Sumitomo Rubber Industries, Inc		11,852
	55,018		Sundram Fasteners Ltd		163
	36,829		Sungwoo Hitech Co Ltd		390
	84,174		Superior Industries International, Inc		1,666
	150,019		Suzuki Motor Corp		4,496
	2,143,653		T RAD Co Ltd		4,477
	25,400		Tachi-S Co Ltd		349
	19,600		Taiho Kogyo Co Ltd		213
	323,600	e	Takata Corp		3,901
	1,887,701		Tata Motors Ltd		14,767
	21,000		Teikoku Piston Ring Co Ltd		530
	327,241	*	Tenneco, Inc		18,525
	1,087,417	*,e	Tesla Motors, Inc		241,852
	30,341		Thor Industries, Inc		1,695
	1,898,000		Tianneng Power International Ltd		502
	338,866		Tofas Turk Otomobil Fabrik		2,309
	248,763		Tokai Rika Co Ltd		5,222
	150,800		Tokai Rubber Industries, Inc		1,134
	423,699		Tong Yang Industry Co Ltd		488
	40,300		Topre Corp		577

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	135,873	*	Tower International, Inc	$	3,472
	117,900		Toyo Tire & Rubber Co Ltd		2,314
	70,177		Toyoda Gosei Co Ltd		1,412
	70,000	e	Toyota Boshoku Corp		929
	154,421		Toyota Industries Corp		7,914
	5,896,437		Toyota Motor Corp		367,450
	84,492	*	TRW Automotive Holdings Corp		8,690
	54,600		TS Tech Co Ltd		1,277
	135,265		Tube Investments Of India		762
	66,089		Tung Thih Electronic Co Ltd		229
	59,100		Tupy S.A.		397
	315,845		TVS Motor Co Ltd		1,335
	573,966		UMW Holdings BHD		1,802
	41,200		Unipres Corp		675
	317,046		Valeo S.A.		39,450
	28,851	*	Visteon Corp		3,083
	203,244		Volkswagen AG.		44,064
	60,481		Volkswagen AG. (Preference)		13,442
	112,011	e	Winnebago Industries, Inc		2,437
	2,095,400	*,e	Xinchen China Power Holdings Ltd		659
	2,348,000		Xingda International Holdings Ltd		836
	2,084,785	e	Xinyi Glass Holdings Co Ltd		1,047
	229,810		Yamaha Motor Co Ltd		4,598
	167,000		Yokohama Rubber Co Ltd		1,521
	257,500	e	Yorozu Corp		4,272
	695,646		Yulon Motor Co Ltd		1,018
	80,000		Zhejiang Shibao Co Ltd		71
			TOTAL AUTOMOBILES & COMPONENTS		2,746,705
BANKS - 7.8%
	54,295		1st Source Corp		1,863
	1,354,030		77 Bank Ltd		7,116
	196,053		Aareal Bank AG.		7,831
	1,665,042	*	Abu Dhabi Commercial Bank PJSC		3,136
	76,669,000		Agricultural Bank of China		38,562
	8,200		Aichi Bank Ltd		405
	523,826	*	Ajman Bank PJSC		395
	2,204,134		Akbank TAS		8,138
	113,732	*	Al Khalij Commercial Bank		685
	635,335		Albaraka Turk Katilim Bankasi AS		473
	63,684	*	Alior Bank S.A.		1,396
	436,431		Allahabad Bank		912
	1,081,300		Alliance Financial Group BHD		1,454
	4,333,842	*	Alpha Bank S.A.		2,435
	315,270	*,m	Amagerbanken AS		0	^
	34,614	e	American National Bankshares, Inc		859
	83,434		Ameris Bancorp		2,139
	32,294	e	Ames National Corp		838
	1,722,204		AMMB Holdings BHD		3,234
	1,786	*	Anchor BanCorp Wisconsin, Inc		62
	452,189		Andhra Bank		674
	11,240,576		Aozora Bank Ltd		34,796

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	114,352		Apollo Residential Mortgage	$	1,803
	45,527	e	Arrow Financial Corp		1,252
	452,600		Ashikaga Holdings Co Ltd		1,822
	72,010	*	Asia United Bank		111
	155,680		Associated Banc-Corp		2,900
	296,267		Astoria Financial Corp		3,958
	514,415	*	Asya Katilim Bankasi AS		145
	2,462,220		Australia & New Zealand Banking Group Ltd		64,067
	255,721		Awa Bank Ltd		1,367
	540,408		Axis Bank Ltd		4,277
	91,873	e	Banc of California, Inc		1,054
	4,484,811	*,e	Banca Carige S.p.A.		294
	21,411,946		Banca Intesa S.p.A.		62,114
	1,306,049		Banca Intesa S.p.A. RSP		3,218
	1,052,380	*,e	Banca Monte dei Paschi di Siena S.p.A		600
	514,089	*	Banca Popolare dell’Emilia Romagna Scrl		3,370
	14,844,299	*	Banca Popolare di Milano		9,670
	1,134,212		Banca Popolare di Sondrio SCARL		4,218
	24,911		Bancfirst Corp		1,579
	997,778		Banche Popolari Unite Scpa		7,136
	184,664		Banco ABC Brasil S.A.		938
	2,838,146		Banco Bilbao Vizcaya Argentaria S.A.		26,805
	1,129,133	*,e	Banco BPI S.A.		1,388
	855,131		Banco Bradesco S.A.		11,151
	3,637,926		Banco Bradesco S.A. (Preference)		47,982
	43,972,147	*	Banco Comercial Portugues S.A.		3,450
	215,213		Banco Davivienda S.A.		2,545
	76,000		Banco Daycoval S.A.		240
	52,575,337		Banco de Chile		6,096
	59,167		Banco de Credito e Inversiones		2,919
	1,841,864		Banco de Oro Universal Bank		4,506
	1,106,108	e	Banco de Sabadell S.A.		2,927
	2,447,922		Banco do Brasil S.A.		21,890
	176,847		Banco do Estado do Rio Grande do Sul		965
	16,063,377	*,m	Banco Espirito Santo S.A.		194
	81,600	*	Banco Industrial e Comercial S.A.		177
	6,063,192		Banco Itau Holding Financeira S.A.		78,921
	96,013		Banco Latinoamericano de Exportaciones S.A. (Class E)		2,890
	240,357	*	Banco Pan S.A.		213
	57,907		Banco Pine S.A.		140
	1,015,146	*	Banco Popolare SC		12,214
	573,140		Banco Popular Espanol S.A.		2,857
	1,704,203		Banco Santander Brasil S.A.		8,629
	10,840,469		Banco Santander Central Hispano S.A.		90,985
	150,628,947		Banco Santander Chile S.A.		7,528
	708		BanColombia S.A.		8
	469,521		BanColombia S.A. (Preference)		5,658
	324,099		Bancorpsouth, Inc		7,295
	112,800		Bangkok Bank PCL		663
	655,700		Bangkok Bank PCL (ADR)		3,851
	614,655		Bangkok Bank PCL (Foreign)		3,652
	41,576,148	*,e	BANIF-Banco Internacional do Funchal S.A.		285

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	59,181		Bank Handlowy w Warszawie S.A.	$	1,778
	951,905		Bank Hapoalim Ltd		4,476
	1,273,044	*	Bank Leumi Le-Israel		4,349
	842,393		Bank Millennium S.A.		1,965
	174,003		Bank Mutual Corp		1,194
	46,615,904		Bank of America Corp		833,958
	1,816		Bank of Baroda		31
	134,049,000		Bank of China Ltd		75,238
	1,003,000	e	Bank of Chongqing Co Ltd		773
	32,052,472		Bank of Communications Co Ltd		29,801
	43,491	*	Bank of Cyprus Pcl		11
	1,280,163		Bank of East Asia Ltd		5,141
	93,586		Bank of Georgia Holdings plc		3,011
	20,651	e	Bank of Hawaii Corp		1,225
	4,659		Bank of India		22
	26,983,288	*	Bank of Ireland		10,127
	31,400		Bank of Iwate Ltd		1,350
	575,599		Bank of Kaohsiung		164
	20,074		Bank of Kentucky Financial Corp		969
	475,505		Bank of Kyoto Ltd		3,975
	23,241	e	Bank of Marin Bancorp		1,222
	1,132,038	e	Bank of Montreal		80,075
	163,000		Bank of Nagoya Ltd		603
	2,015,582		Bank of Nova Scotia		115,040
	24,000		Bank of Okinawa Ltd		978
	644,554	*	Bank of Queensland Ltd		6,350
	296,541		Bank of Saga Ltd		673
	219,543		Bank of the Ozarks, Inc		8,325
	920,797		Bank of the Philippine Islands		1,926
	237,000		Bank of the Ryukyus Ltd		3,341
	3,626,445		Bank of Yokohama Ltd		19,696
	28,474	*,m	Bank Otkritie Financial Corp OJSC (ADR)		357
	160,791		Bank Pekao S.A.		8,081
	22,620,204		Bank Rakyat Indonesia		21,263
	31,401		Bank Zachodni WBK S.A.		3,311
	71,403		BankFinancial Corp		847
	1,869,838	*	Bankia S.A.		2,775
	1,159,128		Bankinter S.A.		9,312
	377,993		BankUnited		10,950
	69,460		Banner Corp		2,988
	6,540		Banque Cantonale Vaudoise		3,533
	1,147,744	*,e	Banregio Grupo Financiero SAB de C.V.		5,775
	1,188,366		Barclays Africa Group Ltd		18,582
	52,229,459		Barclays plc		196,348
	710,573	e	BB&T Corp		27,634
	281,529		BBCN Bancorp, Inc		4,048
	21,841	*	BBX Capital Corp		359
	332,708		Bendigo Bank Ltd		3,460
	137,720	*,e	Beneficial Mutual Bancorp, Inc		1,690
	87,700		Berkshire Hills Bancorp, Inc		2,338
	49,986	*	Blue Hills Bancorp, Inc		679
	72,070	e	BNC Bancorp		1,240

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,914,936		BNP Paribas	$	113,046
	12,999,537	e	BOC Hong Kong Holdings Ltd		43,316
	39,122	*,e	BofI Holding, Inc		3,044
	12,807		BOK Financial Corp		769
	284,926		Boston Private Financial Holdings, Inc		3,838
	34,535		BRE Bank S.A.		4,841
	41,515		Bridge Bancorp, Inc		1,111
	37,637	*	Bridge Capital Holdings		842
	256,303		Brookline Bancorp, Inc		2,571
	49,322		Bryn Mawr Bank Corp		1,544
	544,089		BS Financial Group, Inc		7,163
	5,603,033		Bumiputra-Commerce Holdings BHD		8,893
	9,985	*,e	C1 Financial, Inc		183
	28,228		Camden National Corp		1,125
	718,599	e	Canadian Imperial Bank of Commerce/Canada		61,753
	198,076		Canadian Western Bank		5,584
	3,601		Canara Bank		25
	83,346	*	Capital Bank Financial Corp		2,234
	41,812	e	Capital City Bank Group, Inc		650
	480,895		Capitol Federal Financial		6,146
	108,107		Cardinal Financial Corp		2,144
	114,256	*	Cascade Bancorp		593
	277,076		Cathay General Bancorp		7,090
	121,070		Centerstate Banks of Florida, Inc		1,442
	60,180		Central Pacific Financial Corp		1,294
	12,866		Century Bancorp, Inc		515
	5,361,074		Chang Hwa Commercial Bank		3,065
	51,474		Charter Financial Corp		589
	106,395		Chemical Financial Corp		3,260
	740,189		Chiba Bank Ltd		4,850
	37,700	*	Chiba Kogyo Bank Ltd		262
	17,081,000		China Citic Bank		13,618
	138,120,791		China Construction Bank		112,815
	14,966,661		China Development Financial Holding Corp		4,755
	8,397,000		China Everbright Bank Co Ltd		4,549
	14,658,622		China Merchants Bank Co Ltd		36,590
	11,115,920	*	China Minsheng Banking Corp Ltd		14,532
	24,867,338		Chinatrust Financial Holding Co		16,088
	20,591,014	e	Chongqing Rural Commercial Bank		12,775
	48,928		Chugoku Bank Ltd		667
	374,949		CIT Group, Inc		17,934
	10,706,978		Citigroup, Inc		579,355
	46,898		Citizens & Northern Corp		969
	32,369		Citizens Financial Group, Inc		805
	53,847	e	City Holding Co		2,506
	22,203		City National Corp		1,794
	112,773	*	City Union Bank Ltd		168
	115,952		Clifton Bancorp, Inc		1,576
	52,086	e	CNB Financial Corp		964
	128,141		CoBiz, Inc		1,683
	186,392		Columbia Banking System, Inc		5,146
	31,685		Comdirect Bank AG.		319

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	57,290		Comerica, Inc	$	2,683
	97,134	e	Commerce Bancshares, Inc		4,224
	161,849	*	Commercial Bank of Qatar QSC		3,014
	2,499,780		Commercial International Bank		17,056
	2,092,422	*	Commerzbank AG.		27,445
	1,532,880		Commonwealth Bank of Australia		106,503
	141,416		Community Bank System, Inc		5,392
	54,900		Community Trust Bancorp, Inc		2,010
	38,922	*,e	CommunityOne Bancorp		446
	66,442	e	ConnectOne Bancorp, Inc		1,262
	239,416,032		CorpBanca S.A.		2,875
	86,586		Credicorp Ltd (NY)		13,869
	5,500,313		Credit Agricole S.A.		71,001
	88,334		Credito Emiliano S.p.A.		666
	7,129,967		Criteria CaixaBank S.A.		37,360
	42,638	*,e	CU Bancorp		925
	109,645		Cullen/Frost Bankers, Inc		7,745
	85,703	*	Customers Bancorp, Inc		1,668
	367,297	e	CVB Financial Corp		5,884
	5,646,074	*,m	Cyprus Popular Bank Public Co Ltd		68
	1,114,635		Dah Sing Banking Group Ltd		1,782
	396,064		Dah Sing Financial Holdings Ltd		2,301
	323,000		Daishi Bank Ltd		1,072
	368,459		Danske Bank AS		9,962
	2,855,534		DBS Group Holdings Ltd		44,207
	3,295,156	*	Development Credit Bank Ltd		6,268
	128,649		Dewan Housing Finance Corp Ltd		799
	145,555		DGB Financial Group Co Ltd		1,496
	1,940,892	*	Dhanalakshmi Bank Ltd		1,243
	131,009		Dime Community Bancshares		2,133
	632,984		DNB NOR Holding ASA		9,337
	174,574	*	Doha Bank QSC		2,707
	1,012,628	*	Dubai Islamic Bank PJSC		1,859
	6,928,523		E.Sun Financial Holding Co Ltd		4,293
	65,236	*	Eagle Bancorp, Inc		2,317
	1,060,797		East West Bancorp, Inc		41,063
	456,000	*	EastWest Banking Corp		243
	358,000		Eighteenth Bank Ltd		999
	29,185	e	Enterprise Bancorp, Inc		737
	78,869		Enterprise Financial Services Corp		1,556
	131,933	e	Erste Bank der Oesterreichischen Sparkassen AG.		3,069
	45,977		ESB Financial Corp		871
	386,004	*	Essent Group Ltd		9,924
	20,277,370	*	Eurobank Ergasias SA		4,530
	416,368	e	EverBank Financial Corp		7,936
	2,289,853		Far Eastern International Bank		760
	4,822	*,e	FCB Financial Holdings, Inc		119
	35,206		Federal Agricultural Mortgage Corp (Class C)		1,068
	2,479,464		Federal Bank Ltd		5,927
	60,711		Fidelity Southern Corp		978
	2,684,980		Fifth Third Bancorp		54,706
	61,260		Financial Institutions, Inc		1,541
	227,418	*	FinecoBank Banca Fineco S.p.A		1,281

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	77,677		First Bancorp (NC)	$	1,435
	356,409	*	First Bancorp (Puerto Rico)		2,092
	36,648		First Bancorp, Inc		663
	288,298		First Busey Corp		1,877
	15,839	e	First Business Financial Services, Inc		759
	25,678		First Citizens Bancshares, Inc (Class A)		6,491
	332,778		First Commonwealth Financial Corp		3,068
	67,753		First Community Bancshares, Inc		1,116
	59,940		First Connecticut Bancorp		978
	36,799		First Defiance Financial Corp		1,253
	208,101		First Financial Bancorp		3,869
	200,001	e	First Financial Bankshares, Inc		5,976
	46,114		First Financial Corp		1,643
	8,246,506		First Financial Holding Co Ltd		4,836
	63,715		First Financial Northwest, Inc		767
	1,672,606		First Gulf Bank PJSC		7,683
	111,812		First Horizon National Corp		1,518
	66,693		First International Bank Of Israel Ltd		853
	61,230		First Interstate Bancsystem, Inc		1,703
	127,314		First Merchants Corp		2,896
	271,310		First Midwest Bancorp, Inc		4,642
	12,700	e	First National Financial Corp		257
	50,233	*	First NBC Bank Holding Co		1,768
	178,273		First Niagara Financial Group, Inc		1,503
	45,729		First of Long Island Corp		1,297
	85,295		First Republic Bank		4,446
	561,307		FirstMerit Corp		10,603
	69,710	*	Flagstar Bancorp, Inc		1,097
	103,071		Flushing Financial Corp		2,089
	557,967		FNB Corp		7,432
	52,446		Fox Chase Bancorp, Inc		874
	37,344	*,e	Franklin Financial Corp		791
	1,057,540		Fukuoka Financial Group, Inc		5,452
	128,479		Fulton Financial Corp		1,588
	117,823	e	Genworth MI Canada, Inc		3,750
	243,821	e	Genworth Mortgage Insurance Australia Ltd		717
	48,553		German American Bancorp, Inc		1,482
	1,004,120	*	Get Bank S.A.		618
	658,325	*	Getin Holding S.A.		343
	261,591		Glacier Bancorp, Inc		7,264
	34,104		Great Southern Bancorp, Inc		1,353
	33,396	*	Great Western Bancorp, Inc		761
	1,488	*	Green Bancorp, Inc		18
	142,790		Gruh Finance Ltd		617
	1,977,708		Grupo Aval Acciones y Valores		1,065
	8,000	e	Grupo Aval Acciones y Valores (ADR)		83
	3,503,638		Grupo Financiero Banorte S.A. de C.V.		19,283
	3,579,007	e	Grupo Financiero Inbursa S.A.		9,238
	2,024,357	e	Grupo Financiero Santander Mexico SAB de C.V.		4,232
	56,537		Guaranty Bancorp		816
	1,050,218		Gunma Bank Ltd		6,815
	244,116		Hachijuni Bank Ltd		1,568

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	137,451	*,e	Hampton Roads Bankshares, Inc	$	231
	336,884		Hana Financial Group, Inc		9,757
	284,996		Hancock Holding Co		8,749
	855,088		Hang Seng Bank Ltd		14,212
	107,876		Hanmi Financial Corp		2,353
	467,405		HDFC Bank Ltd		7,020
	57,258		Heartland Financial USA, Inc		1,552
	78,848		Heritage Commerce Corp		696
	104,961		Heritage Financial Corp		1,842
	75,396		Heritage Oaks Bancorp		633
	155,000		Higashi-Nippon Bank Ltd		432
	228,331		Higo Bank Ltd		1,209
	301,809		Hiroshima Bank Ltd		1,437
	284,000		Hokkoku Bank Ltd		911
	437,000		Hokuetsu Bank Ltd		792
	886,000		Hokuhoku Financial Group, Inc		1,787
	161,675		Home Bancshares, Inc		5,199
	182,948	e	Home Capital Group, Inc		7,557
	253,245	e	Home Loan Servicing Solutions Ltd		4,943
	49,597		HomeStreet, Inc		864
	79,788	*	HomeTrust Bancshares, Inc		1,329
	539,297		Hong Leong Bank BHD		2,156
	373,612		Hong Leong Credit BHD		1,756
	34,304		Horizon Bancorp		897
	3,156,823		Housing Development Finance Corp		56,609
	16,880,504		HSBC Holdings plc		159,517
	155,037	e	HSBC Holdings plc (Hong Kong)		1,474
	6,671,683		Hua Nan Financial Holdings Co Ltd		3,731
	252,573		Hudson City Bancorp, Inc		2,556
	55,694		Hudson Valley Holding Corp		1,513
	8,671,930		Huntington Bancshares, Inc		91,229
	481,692		Hyakugo Bank Ltd		1,987
	558,000		Hyakujushi Bank Ltd		1,823
	107,213		IBERIABANK Corp		6,953
	2,331,120		ICICI Bank Ltd		12,973
	379,559		ICICI Bank Ltd (ADR)		4,384
	83,336	e	Independent Bank Corp (MA)		3,568
	72,427		Independent Bank Corp (MI)		945
	39,917		Independent Bank Group, Inc		1,559
	122,177		Indian Bank		418
	281,362		IndusInd Bank Ltd		3,563
	163,094,366		Industrial & Commercial Bank of China		119,090
	487,721		Industrial Bank of Korea		6,239
	294,103		ING Vysya Bank Ltd		4,043
	187,411		International Bancshares Corp		4,974
	7,108,539		Investors Bancorp, Inc		79,793
	541,290	*,m	Irish Bank Resolution Corp Ltd		0	^
	1,008,248	*	Israel Discount Bank Ltd		1,610
	71,040		Iyo Bank Ltd		769
	434,921		Jammu & Kashmir Bank Ltd		1,026
	105,043		JB Financial Group Co Ltd		581
	368,200		Jimoto Holdings Inc		698

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	540,485		Joyo Bank Ltd	$	2,676
	12,020,484		JPMorgan Chase & Co		752,242
	325,555		Juroku Bank Ltd		1,152
	75,772	*	Jyske Bank		3,830
	157,000		Kagoshima Bank Ltd		985
	42,600		Kansai Urban Banking Corp		441
	79,000		Kanto Tsukuba Bank Ltd		239
	369,413	*	Karnataka Bank Ltd		851
	81,430	*	Karur Vysya Bank Ltd		738
	612,800		Kasikornbank PCL		4,238
	474,300		Kasikornbank PCL - NVDR		3,280
	1,782,006		Kasikornbank PCL (Foreign)		12,336
	848,896		KB Financial Group, Inc		27,754
	120,291	*	KBC Groep NV		6,713
	53,570	*,e	Kearny Financial Corp		737
	736,000		Keiyo Bank Ltd		4,107
	7,056,087		Keycorp		98,080
	1,028,132		Kiatnakin Bank PCL		1,231
	898,000		King’s Town Bank		930
	172,300		Kiyo Bank Ltd		2,208
	30,970	*	KJB Financial Group Co Ltd		271
	44,942	*	KNB Financial Group Co Ltd		487
	49,325		Komercni Banka AS		10,151
	48,191		Kotak Mahindra Bank Ltd		960
	14,179,570		Krung Thai Bank PCL (Foreign)		9,728
	50,400	*	Ladder Capital Corp		988
	137,071		Lakeland Bancorp, Inc		1,604
	54,273		Lakeland Financial Corp		2,359
	31,452	e	Laurentian Bank of Canada		1,353
	138,297		LegacyTexas Financial Group, Inc		3,298
	4,952,640		LH Financial Group PCL		295
	15,600,653	*,e	Liberbank S.A.		12,672
	817,846		LIC Housing Finance Ltd		5,628
	83,223,316	*	Lloyds TSB Group plc		97,892
	36,424	e	M&T Bank Corp		4,576
	92,704		Macatawa Bank Corp		504
	73,714		MainSource Financial Group, Inc		1,542
	5,994,838		Malayan Banking BHD		15,699
	1,155,302		Malaysia Building Society		800
	462,691	*	Masraf Al Rayan		5,539
	231,868		MB Financial, Inc		7,619
	23,933,968		Mega Financial Holding Co Ltd		18,465
	62,923		Mercantile Bank Corp		1,323
	21,449		Merchants Bancshares, Inc		657
	128,955	*	Meridian Bancorp, Inc		1,447
	22,540		Meta Financial Group, Inc		790
	2,065,900		Metropolitan Bank & Trust		3,809
	1,209,470	*	MGIC Investment Corp		11,272
	38,946		Midsouth Bancorp, Inc		675
	26,531		MidWestOne Financial Group, Inc		764
	226,000		Mie Bank Ltd		512

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	378,000		Minato Bank Ltd	$	668
	23,645,964		Mitsubishi UFJ Financial Group, Inc		129,916
	5,400,494		Mitsui Trust Holdings, Inc		20,685
	312,000		Miyazaki Bank Ltd		974
	76,426	*	Mizrahi Tefahot Bank Ltd		800
	23,734,102		Mizuho Financial Group, Inc		39,786
	76,068		Musashino Bank Ltd		2,528
	286,928		Nanto Bank Ltd		985
	2,072,664		National Australia Bank Ltd		56,522
	144,147		National Bank Holdings Corp		2,798
	621,478	*	National Bank of Abu Dhabi PJSC		2,346
	820,425	*,e	National Bank of Canada		34,913
	17,715,921	*	National Bank of Greece S.A.		31,096
	25,350	e	National Bankshares, Inc		770
	420,592		National Penn Bancshares, Inc		4,427
	43,823	*,e	Nationstar Mortgage Holdings, Inc		1,235
	2,910,576		Natixis		19,206
	191,433	e	NBT Bancorp, Inc		5,029
	373,592		Nedbank Group Ltd		8,001
	127,776	e	New York Community Bancorp, Inc		2,044
	119,760	*	NewBridge Bancorp		1,043
	1,029,300		Nishi-Nippon City Bank Ltd		2,962
	177,616	*,e	NMI Holdings, Inc		1,622
	1,084,932		Nordea Bank AB		12,559
	409,400		North Pacific Bank Ltd		1,581
	259,381		Northfield Bancorp, Inc		3,839
	24,814		Northrim BanCorp, Inc		651
	331,776		Northwest Bancshares, Inc		4,157
	52,112		OceanFirst Financial Corp		893
	213,285	*,e	Ocwen Financial Corp		3,221
	147,712	e	OFG Bancorp		2,459
	359,000		Ogaki Kyoritsu Bank Ltd		1,082
	165,000		Oita Bank Ltd		583
	30,862	e	Old Line Bancshares, Inc		488
	377,324		Old National Bancorp		5,615
	88,861	*	OneSavings Bank plc		297
	23,060	*	Opus Bank		654
	222,119		Oriental Bank of Commerce		1,187
	157,149		Oritani Financial Corp		2,420
	306,321		OTP Bank		4,419
	4,715,097		Oversea-Chinese Banking Corp		37,098
	68,950		Pacific Continental Corp		978
	75,253	*	Pacific Premier Bancorp, Inc		1,304
	334,129	e	PacWest Bancorp		15,190
	16,272	e	Palmetto Bancshares, Inc		272
	385,175		Paragon Group of Cos plc		2,487
	42,690	e	Park National Corp		3,777
	168,023		Park Sterling Bank		1,235
	46,396		Peapack Gladstone Financial Corp		861
	16,960		Penns Woods Bancorp, Inc		835
	52,330	*	Pennsylvania Commerce Bancorp, Inc		1,356
	41,402	*	PennyMac Financial Services, Inc		716

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,622		Peoples Bancorp, Inc	$	1,027
	26,888	e	Peoples Financial Services Corp		1,336
	152,460	e	People’s United Financial, Inc		2,314
	2,045,466	*	Philippine National Bank		3,646
	1,188,418	*,e	Piccolo Credito Valtellinese Scarl		1,129
	126,346		Pinnacle Financial Partners, Inc		4,996
	39,229,336	*	Piraeus Bank S.A.		42,687
	900,263		PNC Financial Services Group, Inc		82,131
	65,469	*	Popular, Inc		2,229
	1,034,516		Powszechna Kasa Oszczednosci Bank Polski S.A.		10,384
	42,750		Preferred Bank		1,192
	250,500		PrivateBancorp, Inc		8,367
	233,407		Prosperity Bancshares, Inc		12,921
	215,167		Provident Financial Services, Inc		3,886
	59,863,600		PT Bank Bukopin Tbk		3,622
	13,213,487		PT Bank Central Asia Tbk		14,016
	2,895,602		PT Bank Danamon Indonesia Tbk		1,054
	3,954,100		PT Bank Jabar Banten Tbk		233
	12,308,568		PT Bank Mandiri Persero Tbk		10,704
	16,486,213		PT Bank Negara Indonesia		8,078
	44,500,000	*	PT Bank Pan Indonesia Tbk		4,186
	11,969,500		PT Bank Pembangunan Daerah Jawa Timur Tbk		444
	21,197,094		PT Bank Tabungan Negara Tbk		2,053
	3,178,609		Public Bank BHD		16,606
	65,707	*	Qatar Islamic Bank SAQ		1,808
	288,693	*	Qatar National Bank		16,769
	702,662	e	Radian Group, Inc		11,749
	50,038	e	Raiffeisen International Bank Holding AG.		765
	7,366,821	e	Regions Financial Corp		77,794
	131,817		Renasant Corp		3,813
	42,072		Republic Bancorp, Inc (Class A)		1,040
	116,055	*,e	Republic First Bancorp, Inc		435
	3,051,040		Resona Holdings, Inc		15,412
	672,424		RHB Capital BHD		1,465
	574,120		Rizal Commercial Banking Corp		613
	5,200	*,m	Roskilde Bank		0	^
	76,701		Royal Bank of Canada		5,298
	2,741,257	e	Royal Bank of Canada (Toronto)		189,326
	1,282,001	*	Royal Bank of Scotland Group plc		7,800
	106,508	e	S&T Bancorp, Inc		3,175
	90,334		Sandy Spring Bancorp, Inc		2,356
	176,000		San-In Godo Bank Ltd		1,323
	3,251,454		Sberbank of Russian Federation (ADR)		13,136
	60,582	*	Seacoast Banking Corp of Florida		833
	528,570		Security Bank Corp		1,790
	464,917	*	Sekerbank TAS		365
	446,380		Senshu Ikeda Holdings, Inc		2,024
	22,981	e	ServisFirst Bancshares, Inc		757
	358,146		Seven Bank Ltd		1,503
	288,000		Shiga Bank Ltd		1,534
	933,157		Shinhan Financial Group Co Ltd		37,508
	4,920,823		Shinsei Bank Ltd		8,564

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	463,559		Shizuoka Bank Ltd	$	4,239
	2,856,300		Siam Commercial Bank PCL (Foreign)		15,732
	52,737		Sierra Bancorp		926
	363,712	*	Signature Bank		45,813
	56,644	e	Simmons First National Corp (Class A)		2,303
	8,627,579		SinoPac Financial Holdings Co Ltd		3,535
	2,588,236		Skandinaviska Enskilda Banken AB (Class A)		32,867
	1,442,234		Societe Generale		60,358
	104,211		South State Corp		6,991
	80,151		Southside Bancshares, Inc		2,317
	64,466		Southwest Bancorp, Inc		1,119
	200,589		Spar Nord Bank A/s		1,875
	281,101		Sparebanken Midt-Norge		2,196
	213,384		Sparebanken Nord-Norge		1,142
	35,419	*	Square Financial, Inc		875
	3,802		St Galler Kantonalbank		1,381
	1,394,127		Standard Bank Group Ltd		17,182
	1,808,067		Standard Chartered plc		27,041
	154,972		State Bank & Trust Co		3,096
	27,740	*	State Bank of Bikaner & Jaip		287
	1,534,381		State Bank of India		7,538
	106,420		State Bank of India Ltd (GDR)		5,252
	296,101		Sterling Bancorp/DE		4,258
	53,341		Stock Yards Bancorp, Inc		1,778
	40,963		Stonegate Bank		1,213
	48,448	*,e	Stonegate Mortgage Corp		579
	48,748		Suffolk Bancorp		1,107
	3,550,420		Sumitomo Mitsui Financial Group, Inc		128,357
	32,491	*,e	Sun Bancorp, Inc		630
	966,303		SunTrust Banks, Inc		40,488
	713,889		Suruga Bank Ltd		13,119
	658,138		Susquehanna Bancshares, Inc		8,839
	129,707	*	SVB Financial Group		15,055
	522,750		Svenska Handelsbanken (A Shares)		24,458
	1,946,298		Swedbank AB (A Shares)		48,289
	74,982	*	Sydbank AS		2,307
	454,642		Syndicate Bank		942
	279,496		Synovus Financial Corp		7,572
	1,923,383	*	Ta Chong Bank Co Ltd		641
	1,838,436		Taichung Commercial Bank		595
	8,750,042		Taishin Financial Holdings Co Ltd		3,592
	1,944,136	*	Taiwan Business Bank		563
	6,226,135		Taiwan Cooperative Financial Holding		3,201
	59,752		Talmer Bancorp Inc		839
	2,628,823		TCF Financial Corp		41,772
	656,872		TCS Group Holding plc (ADR)		2,077
	118,652	*	Tekstil Bankasi AS.		95
	35,193		Territorial Bancorp, Inc		758
	138,229	*	Texas Capital Bancshares, Inc		7,510
	77,319		TFS Financial Corp		1,151
	2,275,200		Thanachart Capital PCL		2,183
	110,352	*	The Bancorp, Inc		1,202

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	937,780		Tisco Bank PCL	$	1,209
	9,488,000		TMB Bank PCL (Foreign)		838
	100,000		Tochigi Bank Ltd		443
	417,000		Toho Bank Ltd		1,404
	63,300	*	Tokyo TY Financial Group, Inc		1,768
	172,200		Tomony Holdings, Inc		737
	51,084		Tompkins Trustco, Inc		2,825
	3,800,408	*	Toronto-Dominion Bank		181,581
	391,000		Towa Bank Ltd		330
	116,184	e	TowneBank		1,757
	18,676	*	Tree.com, Inc		903
	72,318		Trico Bancshares		1,786
	73,560	*	Tristate Capital Holdings, Inc		753
	1,474	*,e	Triumph Bancorp, Inc		20
	404,451		Trustco Bank Corp NY		2,936
	343,283	e	Trustmark Corp		8,424
	3,405,402	*,g	TSB Banking Group plc		14,726
	4,388,516		Turkiye Garanti Bankasi AS		17,629
	704,790		Turkiye Halk Bankasi AS		4,175
	2,634,458		Turkiye Is Bankasi (Series C)		7,575
	2,327,041		Turkiye Sinai Kalkinma Bankasi AS		2,002
	798,080		Turkiye Vakiflar Bankasi Tao		1,660
	131,195		UMB Financial Corp		7,464
	563,675		Umpqua Holdings Corp		9,588
	4,477,647		UniCredit S.p.A		28,682
	1,556,396	*	Union Bank Of Taiwan		508
	160,371		Union Bankshares Corp		3,862
	239,954	e	United Bankshares, Inc		8,986
	171,306		United Community Banks, Inc		3,245
	163,657		United Community Financial Corp		879
	176,381		United Financial Bancorp, Inc (New)		2,533
	1,278,563	e	United Overseas Bank Ltd		23,595
	62,233		Univest Corp of Pennsylvania		1,260
	5,959,286		US Bancorp		267,870
	30,586		Valiant Holding		2,540
	786,682	e	Valley National Bancorp		7,639
	539,312	*	Vijaya Bank		428
	3,074,828	*	Virgin Money Holdings UK plc		13,802
	2,624,158		VTB Bank OJSC (GDR)		6,014
	62,779	*	Walker & Dunlop, Inc		1,101
	343,697		Washington Federal, Inc		7,613
	53,375	e	Washington Trust Bancorp, Inc		2,145
	112,159		Waterstone Financial, Inc		1,475
	302,233		Webster Financial Corp		9,832
	23,415,481		Wells Fargo & Co		1,283,637
	91,810		WesBanco, Inc		3,195
	60,206		West Bancorporation, Inc		1,025
	88,578	e	Westamerica Bancorporation		4,342
	224,367	*	Western Alliance Bancorp		6,237
	4,392,068	*	Westpac Banking Corp		118,128
	342,686		Wilshire Bancorp, Inc		3,471
	162,441		Wintrust Financial Corp		7,596

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	301,238	*	Woori Bank	$	2,741
	29,302		WSFS Financial Corp		2,253
	64,656	*	Yadkin Financial Corp		1,271
	145,000	e	Yamagata Bank Ltd		631
	228,492		Yamaguchi Financial Group, Inc		2,348
	249,000		Yamanashi Chuo Bank Ltd		1,008
	1,817,810		Yapi ve Kredi Bankasi		3,785
	631,082		Yes Bank Ltd		7,669
	121,967		Zions Bancorporation		3,477
			TOTAL BANKS		9,675,328
	CAPITAL GOODS - 7.1%
	2,773,631		3M Co		455,763
	184,648		A.O. Smith Corp		10,416
	199,238		Aalberts Industries NV		5,876
	119,603		Aaon, Inc		2,678
	141,848		AAR Corp		3,941
	640,889		ABB Ltd		13,560
	557,721	e	Abengoa S.A.		1,427
	225,821	e	Abengoa S.A. (B Shares)		496
	3,461,992		Aboitiz Equity Ventures, Inc		4,040
	1,339,000		AcBel Polytech, Inc		1,479
	108,895	*	Accuride Corp		473
	105,111		Aceto Corp		2,281
	81,232		ACS Actividades Construccion y Servicios S.A.		2,831
	232,695		Actuant Corp (Class A)		6,339
	109,311		Acuity Brands, Inc		15,311
	187,860		Adani Enterprises Ltd		1,438
	38,544		Aditya Birla Nuvo Ltd		1,029
	300,000		Advan Co Ltd		2,948
	47,857		Advanced Drainage Systems, Inc		1,100
	101,000	*	Advanced Lithium Electrochemistry Co Ltd		132
	629,268	*,e	Aecom Technology Corp		19,111
	168,855	e	Aecon Group, Inc		1,557
	130,111	*	Aegion Corp		2,421
	105,284	*	Aerovironment, Inc		2,869
	15,627	e	AFG Arbonia-Forster Hldg		387
	35,600	e	AG Growth International Inc		1,732
	115,904	e	AGCO Corp		5,239
	34,896		AIA Engineering Ltd		596
	53,899		Aica Kogyo Co Ltd		1,113
	30,700		Aichi Corp		146
	187,400		Aida Engineering Ltd		1,686
	258,060		Air Lease Corp		8,854
	208,648		Aircastle Ltd		4,459
	451,508		Airtac International Group		4,052
	108,051		Akfen Holding AS.		217
	40,219		Alamo Group, Inc		1,948
	368,121		Alarko Holding AS		701
	94,521		Albany International Corp (Class A)		3,591
	82,340		Alfa Laval AB		1,557
	5,978,729	*	Alfa S.A. de C.V. (Class A)		13,348

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	661,293		Allegion plc	$	36,675
	2,116,864		Alliance Global Group, Inc		1,057
	90,153		Alliant Techsystems, Inc		10,480
	729,351		Allison Transmission Holdings, Inc		24,725
	36,367		Alstom Projects India Ltd		365
	556,128	*	Alstom RGPT		17,937
	73,634		Altra Holdings, Inc		2,090
	245,622		Amada Co Ltd		2,105
	67,557		Amara Raja Batteries Ltd		880
	67,149	*	Ameresco, Inc		470
	26,402	e	American Railcar Industries, Inc		1,360
	26,138	e	American Science & Engineering, Inc		1,357
	70,638	*	American Woodmark Corp		2,857
	421,094		Ametek, Inc		22,162
	34,000	*,m	Amrep Corp		0	^
	18,718	e	Andritz AG.		1,029
	89,929	e	Apogee Enterprises, Inc		3,810
	136,258		Applied Industrial Technologies, Inc		6,212
	1,247,506	*	Arabtec Holding Co		964
	5,290	*,e	ARC Group Worldwide, Inc		54
	66,803		Arcadis NV		2,004
	89,623	*	Arcam AB		1,654
	108,938		Argan, Inc		3,665
	272,889	*	Armstrong World Industries, Inc		13,950
	371,340	*	ArvinMeritor, Inc		5,626
	55,200		Asahi Diamond Industrial Co Ltd		577
	394,042	e	Asahi Glass Co Ltd		1,918
	1,427,390	*	Ashok Leyland Ltd		1,154
	2,756,900		Ashtead Group plc		48,962
	558,169		Assa Abloy AB (Class B)		29,481
	237,074	e	Astaldi S.p.A.		1,367
	66,414		Astec Industries, Inc		2,611
	28,802	*	Astral Polytechnik Ltd		179
	48,229	*	Astronics Corp		2,668
	788,016		Asunaro Aoki Construction Co Ltd		5,232
	370,663		Atlas Copco AB (A Shares)		10,314
	120,719		Atlas Copco AB (B Shares)		3,090
	97,507	*	ATS Automation Tooling Systems, Inc		1,301
	1,892,675	*	Austal Ltd		2,313
	493,312	*	Aveng Ltd		748
	3,112,000	*	AVIC International Holding HK Ltd		299
	2,701,843	e	AviChina Industry & Technology Co		1,657
	73,280		AZZ, Inc		3,438
	26,184		B&B Tools AB		509
	53,194		Babcock & Wilcox Co		1,612
	39,400	e	Badger Daylighting Ltd		897
	2,441,463		BAE Systems plc		17,855
	738,964		Balfour Beatty plc		2,442
	127,351	*,e	Ballard Power Systems, Inc		260
	172,000		Bando Chemical Industries Ltd		620
	482,000		Baoye Group Co Ltd		283
	564,768	e	Barloworld Ltd		4,649

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	192,875		Barnes Group, Inc	$	7,138
	10,320	*	Bauer AG.		166
	14,280	e	BayWa AG.		526
	135,214	*	BE Aerospace, Inc		7,845
	57	*	Beacon Power Corp		0	^
	159,186	*	Beacon Roofing Supply, Inc		4,425
	546,941		Beijing Enterprises Holdings Ltd		4,277
	2,862,800		Berjaya Corp BHD		334
	1,547,000		BES Engineering Corp		387
	337,310		Besalco S.A.		195
	727,375		Bharat Heavy Electricals		3,038
	355,135		Bidvest Group Ltd		9,285
	101,938	e	Bird Construction Income Fund		1,047
	102,800		BJC Heavy Industries PCL		106
	210,370	*	Blount International, Inc		3,696
	21,573	*	Blue Star Ltd		113
	426,193		Bodycote plc		4,278
	2,040,224	e	Boeing Co		265,188
	297,000		Boer Power Holdings Ltd		265
	454,000	e	Bolina Holding Co Ltd		183
	2,540,688	e	Bombardier, Inc		9,075
	311,200		Boskalis Westminster		17,024
	15,111		Bossard Holding AG.		1,652
	415,983		Bouygues S.A.		15,020
	182,048	e	Bradken Ltd		696
	38,874		Brenntag AG.		2,173
	165,578		Briggs & Stratton Corp		3,381
	12,506		Bucher Industries AG.		3,119
	24,515		Budimex S.A.		972
	125,406	*	Builders FirstSource, Inc		862
	121,000		Bunka Shutter Co Ltd		976
	270,856		Bunzl plc		7,404
	50,330		Burckhardt Compression Holding AG.		19,245
	10,374		Burkhalter Holding AG.		901
	32,497		Byucksan Corp		163
	405,661		CAE, Inc		5,265
	1,040,500		Cahya Mata Sarawak BHD		1,173
	54,835	*	CAI International, Inc		1,272
	941,077	*,e	Capstone Turbine Corp		696
	12,856		Carbone Lorraine		313
	54,959	*,e,m	Carbures Europe S.A.		265
	155,589	e	Cardno Ltd		431
	40,840	e	Cargotec Corp (B Shares)		1,254
	924,088	e	Carillion plc		4,788
	39,552		Carlisle Cos, Inc		3,569
	1,088,617		Caterpillar, Inc		99,641
	629,800		CB Industrial Product Holding BHD		361
	32,363	*	CCL International Ltd		245
	1,166,327		Central Glass Co Ltd		4,230
	22,645		CENTROTEC Sustainable AG.		389
	773,975		CH Karnchang PCL		589
	244,600		Changchai Co Ltd		160

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,200	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd	$	58
	6,051,000	*	Charisma Energy Services Ltd		122
	83,657	*	Chart Industries, Inc		2,861
	17,081	*	Cheil Industries, Inc		2,455
	205,479		Chemring Group plc		762
	550,300	*	Chengde Nanjiang Co Ltd		204
	350,985	e	Chicago Bridge & Iron Co NV		14,734
	366,410		Chicony Power Technology Co Ltd		520
	197,500	*	China Aircraft Leasing Group Holdings Ltd		293
	12,200,000	*	China Automation Group Ltd		1,896
	14,030,476		China Communications Construction Co Ltd		16,803
	500,000		China Conch Venture Holdings Ltd		1,084
	1,470,000	*,e	China Dynamics Holdings Ltd		128
	47,000		China Ecotek Corp		101
	2,000,000	*	China Energine International Holdings Ltd		227
	456,850		China Fangda Group Co Ltd		296
	1,157,000	*	China High Speed Transmission Equipment Group Co Ltd		716
	568,005		China International Marine Containers Group Co Ltd		1,252
	211,000		China Lesso Group Holdings Ltd		103
	2,222,863	e	China Railway Construction Corp		2,822
	12,234,697		China Railway Group Ltd		10,006
	721,400	e	China Singyes Solar Technologies Holdings Ltd		997
	2,344,305	e	China South Locomotive and Rolling Stock Corp		3,156
	2,558,656	e	China State Construction International Holdings Ltd		3,578
	4,680,000	*	China WindPower Group Ltd		248
	1,314,000		Chip Eng Seng Corp Ltd		833
	51,939	e	Chiyoda Corp		430
	49,900		Chiyoda Integre Co Ltd		870
	18,746,000		Chongqing Machinery & Electric Co Ltd		2,900
	71,200		Chudenko Corp		1,100
	606,375		Chung Hsin Electric & Machinery Manufacturing Corp		389
	880,328	*,e	CIR-Compagnie Industriali Riunite S.p.A.		918
	84,724		CIRCOR International, Inc		5,107
	2,670,084	e	Citic Pacific Ltd		4,552
	2,857,000	*,e	Citic Resources Holdings Ltd		368
	494,000		Civmec Ltd		256
	16,300		CJ Corp		2,308
	237,200		CKD Corp		2,255
	140,456		Clarcor, Inc		9,360
	398,042	e	CNH Industrial NV		3,222
	226,766		Coastal Contracts BHD		183
	628,059		Cobham plc		3,153
	807,136	*,e	Cofide S.p.A.		422
	222,522	*,e	Colfax Corp		11,475
	65,873		Columbus McKinnon Corp		1,847
	124,253		Comfort Systems USA, Inc		2,127
	66,951	*	Commercial Vehicle Group, Inc		446
	2,954,923		Compagnie de Saint-Gobain		125,173
	8,073		Compagnie d’Entreprises CFE		827
	179,600		COMSYS Holdings Corp		2,457

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,047	e	Concentric AB	$	1,115
	708,200		Concepcion Industrial Corp		681
	106,701	*	Consolidated Infrastructure Group Ltd		267
	1,824	e	Construcciones y Auxiliar de Ferrocarriles S.A.		666
	56,758	*	Continental Building Products Inc		1,006
	637,450		Continental Engineering Corp		240
	1,080,000	e	Cosco Corp Singapore Ltd		456
	22,785		Cosel Co Ltd		233
	195,460		Costain Group plc		852
	121,746		Cramo Oyj (Series B)		1,771
	161,529		Crane Co		9,482
	602,590		CSBC Corp Taiwan		318
	660,629		CTCI Corp		1,054
	99,733		Cubic Corp		5,250
	558,384		Cummins, Inc		80,502
	159,933		Curtiss-Wright Corp		11,290
	30,300		Daelim Industrial Co		1,807
	59,555		Daesang Holdings Co Ltd		909
	7,367		Daetwyler Holding AG.		941
	122,207	*	Daewoo Engineering & Construction Co Ltd		649
	50,860		Daewoo International Corp		1,453
	98,900		Daewoo Shipbuilding & Marine Engineering Co Ltd		1,663
	90,600		Daifuku Co Ltd		1,014
	101,641		Daihen Corp		511
	72,000		Daiichi Jitsugyo Co Ltd		359
	251,178		Daikin Industries Ltd		16,107
	30,000		Daiwa Industries Ltd		188
	133,800		Dalian Refrigeration Co Ltd		122
	2,127,447		Danaher Corp		182,343
	13,143		Danieli & Co S.p.A.		326
	94,943		Danieli & Co S.p.A. (RSP)		1,577
	204,239		DCC plc		11,244
	339,761		Decmil Group Ltd		404
	113,900	e	Deere & Co		10,077
	40,200		Denyo Co Ltd		600
	320,862		Deutz AG.		1,536
	3,671,556		Dialog Group BHD		1,572
	261,327	*	DigitalGlobe, Inc		8,093
	27,408		Discount Investment Corp		53
	194,200		DKSH Holdings Malaysia BHD		300
	4,903,210		DMCI Holdings, Inc		1,715
	1,225,628	*	Dogan Sirketler Grubu Holdings		397
	89,631		Donaldson Co, Inc		3,462
	19,100	e	Dongfang Electric Co Ltd		35
	26,169		Dongkuk Structures & Construction Co Ltd		74
	22,642		Doosan Corp		2,127
	29,261	*	Doosan Engine Co Ltd		169
	56,742		Doosan Heavy Industries and Construction Co Ltd		1,212
	133,673	*	Doosan Infracore Co Ltd		1,172
	95,889		Douglas Dynamics, Inc		2,055
	190,501		Dover Corp		13,663
	702,304	*	Drake & Scull International PJSC		166

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	35,376	*	Ducommun, Inc	$	894
	96,951		Duerr AG.		8,520
	85,041		Duro Felguera S.A.		344
	53,754	*	DXP Enterprises, Inc		2,716
	175,495	*	Dycom Industries, Inc		6,158
	52,714		Dynamic Materials Corp		844
	212,200		Dynasty Ceramic PCL		364
	2,311,183		Eaton Corp		157,068
	725,828	e	Ebara Corp		2,974
	930,900		EEI Corp		226
	124,880	e	Eiffage S.A.		6,331
	59,905		Elbit Systems Ltd		3,651
	3,339		Electra Israel Ltd		369
	235,724		EMCOR Group, Inc		10,487
	825,962		Emerson Electric Co		50,987
	1,106,382		Empresa Brasileira de Aeronautica S.A.		10,172
	2,100,100	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		2,564
	59,983		Encore Wire Corp		2,239
	132,117	*,e	Energy Recovery, Inc		696
	157,465		EnerSys		9,719
	59,045	*	Engility Holdings, Inc		2,527
	197,701		Engineers India Ltd		718
	486,127		Enka Insaat ve Sanayi AS		1,097
	64,466	*,e	Enphase Energy, Inc		921
	65,516	*	EnPro Industries, Inc		4,112
	680,000	e	Enric Energy Equipment Holdings Ltd		537
	23,651	*,e	Erickson Air-Crane, Inc		197
	92,405		ESCO Technologies, Inc		3,410
	108,610	*	Esterline Technologies Corp		11,912
	829,008		European Aeronautic Defence and Space Co		40,984
	1,186,000		EVA Precision Industrial Holdings Ltd		268
	124,092		Exelis, Inc		2,175
	23,914	*	FACC AG.		206
	9,409		Faiveley S.A.		545
	196,588		Fanuc Ltd		32,413
	4,454,000	e	Far East Global Group Ltd		701
	6,687,184		Far Eastern Textile Co Ltd		6,614
	621,018	e	Fastenal Co		29,536
	9,260,000	*,e	FDG Electric Vehicles Ltd		455
	265,038		Federal Signal Corp		4,092
	206,205		Fenner plc		690
	2,209,430		Ferreyros S.A.		1,201
	545,362	e	Ferrovial S.A.		10,781
	544,047	*,e	Fincantieri S.p.A		503
	869,880	*	Finmeccanica S.p.A.		8,085
	343,692		Finning International, Inc		7,464
	74,922		Finolex Cables Ltd		309
	1,644,000	e	First Tractor Co		1,205
	227,759		Flowserve Corp		13,627
	52,180	e	FLSmidth & Co AS		2,288
	63,306		Fluor Corp		3,838
	139,370	*,e	Fomento de Construcciones y Contratas S.A.		1,968
	1,019,046		Fortune Brands Home & Security, Inc		46,132

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	269,800		Foshan Electrical and Lighting Co Ltd	$	232
	137,698	e,m	Foster Wheeler AG.		3,207
	132,125		Franklin Electric Co, Inc		4,959
	40,836		Freightcar America, Inc		1,074
	29,544	*	Frigoglass S.A.		60
	1,232,600		Fudo Tetra Corp		2,515
	652,047	*,e	FuelCell Energy, Inc		1,004
	1,528,587		Fuji Electric Holdings Co Ltd		6,094
	90,492		Fuji Machine Manufacturing Co Ltd		838
	1,524,978		Fujikura Ltd		6,271
	74,800		Fujitec Co Ltd		794
	19,000		Fukuda Corp		160
	12,700		Fukushima Industries Corp		203
	105,559	*	Furmanite Corp		825
	279,000		Furukawa Co Ltd		479
	1,029,000		Furukawa Electric Co Ltd		1,707
	199,119		Futaba Corp/Chiba		2,889
	226,301		Galliford Try plc		4,522
	254,407	*	Gamesa Corp Tecnologica S.A.		2,296
	1,950,651		Gamuda BHD		2,800
	103,561		GATX Corp		5,959
	173,935		GEA Group AG.		7,647
	30,085		Geberit AG.		10,178
	13,300		Gecoss Corp		198
	183,960	*	GEK Group of Cos S.A.		421
	166,570	*,e	GenCorp, Inc		3,048
	209,533	*,e	Generac Holdings, Inc		9,798
	176,317		General Cable Corp		2,627
	1,639,928		General Dynamics Corp		225,687
	33,801,530		General Electric Co		854,165
	30,690	*,e	General Finance Corp		303
	4,359		Georg Fischer AG.		2,750
	3,181		Gesco AG.		269
	111,724	*	Gibraltar Industries, Inc		1,817
	9,200		Giken Seisakusho Co, Inc		164
	70,578		Gildemeister AG.		1,985
	59,575		Global Brass & Copper Holdings, Inc		784
	57,197	e	Global Power Equipment Group, Inc		790
	152,956		Glory Ltd		4,121
	1,546,668	*	GMR Infrastructure Ltd		417
	50,568		Gorman-Rupp Co		1,624
	112,422		Graco, Inc		9,014
	417,247	*,e	GrafTech International Ltd		2,111
	532,775		Grafton Group plc		5,271
	28,954		Graham Corp		833
	130,000		Granite Construction, Inc		4,943
	292,725	*	Great Lakes Dredge & Dock Corp		2,506
	68,627		Greaves Cotton Ltd		163
	75,401	e	Greenbrier Cos, Inc		4,051
	138,565		Griffon Corp		1,843
	74,410	*,e	Grontmij (ADR)		317
	236,934		Group Five Ltd		599

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,016,361		Grupo Carso S.A. de C.V. (Series A1)	$	5,001
	51,683	*	GS Engineering & Construction Corp		1,082
	374,000		GS Yuasa Corp		1,590
	234,800	e	Guangzhou Shipyard International Co Ltd		671
	315,600		Gunkul Engineering PCL		271
	3,115,000	e	Guodian Technology & Environment Group Corp Ltd		499
	244,384	e	GWA International Ltd		590
	88,156		H&E Equipment Services, Inc		2,476
	883,360		Haitian International Holdings Ltd		1,851
	141,409		Haldex AB		1,833
	247,793	*	Halim Co Ltd		1,115
	15,187	*	Halla Engineering & Construction Corp		89
	637,730		Hangzhou Steam Turbine Co		680
	72,178	*	Hanjin Heavy Industries & Construction Co Ltd		290
	2,071,395		Hanwa Co Ltd		7,297
	1,986,000		Harbin Power Equipment		1,234
	25,400		Harmonic Drive Systems, Inc		369
	263,880		Harsco Corp		4,985
	422,374		Havells India Ltd		1,835
	192,200		Hazama Ando Corp		1,236
	563,920	*	HD Supply Holdings, Inc		16,630
	191,873	e	Heico Corp		11,589
	275,903	*,e	Heidelberger Druckmaschinen		684
	198,636	*	Hellenic Technodomiki Tev S.A.		509
	230,851		HellermannTyton Group plc		1,128
	70,850		Hexagon Composites ASA		216
	63,294	*	Hexcel Corp		2,626
	16,300		Hibiya Engineering Ltd		222
	223,331		Hillenbrand, Inc		7,705
	807,181		Hino Motors Ltd		10,625
	19,500		Hisaka Works Ltd		158
	98,791		Hitachi Construction Machinery Co Ltd		2,089
	52,800		Hitachi Koki Co Ltd		403
	169,500		Hitachi Zosen Corp		980
	203,559		Hiwin Technologies Corp		1,685
	5,306,000	*,e	HKC Holdings Ltd		140
	4,516		Hochtief AG.		319
	637,635		Hock Seng Lee BHD		310
	18,682		Homag Group AG.		678
	5,625,446		Honeywell International, Inc		562,094
	173,000		Hong Leong Asia Ltd		169
	1,141,058	e	Hopewell Holdings		4,154
	42,600		Hoshizaki Electric Co Ltd		2,053
	77,028		Hosken Consolidated Investments Ltd		990
	90,000		Hosokawa Micron Corp		518
	66,346		Houston Wire & Cable Co		793
	3,081,000	e	Hsin Chong Construction Group Ltd		393
	421,000		HUA ENG Wire & Cable		136
	28,408		Hubbell, Inc (Class B)		3,035
	26,165		Huber & Suhner AG.		1,247
	56,722		Hudaco Industries Ltd		474
	383,853		Huntington Ingalls		43,168

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,437		Hurco Cos, Inc	$	731
	2,757,961	e	Hutchison Whampoa Ltd		31,528
	9,248		Hy-Lok Corp		270
	27,839		Hyster-Yale Materials Handling, Inc		2,038
	52,597		Hyundai Corp		1,426
	65,577		Hyundai Development Co		2,299
	6,884	*	Hyundai Elevator Co Ltd		358
	200,066		Hyundai Engineering & Construction Co Ltd		7,617
	40,675		Hyundai Heavy Industries		4,222
	10,905		Hyundai Mipo Dockyard		685
	66,100		Idec Corp		565
	201,479		IDEX Corp		15,683
	190,001	*	II-VI, Inc		2,594
	3,299,007		IJM Corp BHD		6,199
	526,298		Illinois Tool Works, Inc		49,840
	53,208		IMARKETKOREA, Inc		1,366
	94,923		IMI plc		1,857
	15,709		Implenia AG.		912
	210,994	*	Impregilo S.p.A.		766
	32,804		IMS-Intl Metal Service		616
	66,010		Inaba Denki Sangyo Co Ltd		2,131
	130,984		Inabata & Co Ltd		1,177
	65,992		Indus Holding AG.		3,021
	41,945	e	Industria Macchine Automatiche S.p.A.		1,833
	155,782	*	Industries Qatar QSC		7,094
	58,721		Indutrade AB		2,338
	1,349,981		Ingersoll-Rand plc		85,575
	71,235		Insteel Industries, Inc		1,680
	5,035,000	*	Interchina Holdings Co		232
	78,232		Interpump Group S.p.A.		1,098
	307,835		Interserve plc		2,657
	34,019	e	Invicta Holdings Ltd		289
	80,900		Iochpe-Maxion S.A.		371
	898,407		IRB Infrastructure Developers Ltd		3,736
	10,590	*	IS Dongseo Co Ltd		481
	437,000	e	Iseki & Co Ltd		826
	295,000		I-Sheng Electric Wire & Cable Co Ltd		402
	4,041,417		Ishikawajima-Harima Heavy Industries Co Ltd		20,468
	1,774,350	*	Italian-Thai Development PCL		341
	1,998,827		Itochu Corp		21,338
	479,216		ITT Corp		19,389
	64,128	*	IVRCL Infrastructures & Projects Ltd		17
	291,000	e	Iwatani International Corp		1,907
	37,804	*	Jacobs Engineering Group, Inc		1,689
	358,028		Jain Irrigation Systems Ltd		394
	1,517,029	*	Jaiprakash Associates Ltd		600
	10,000		Jamco Corp		258
	170,604		Japan Pulp & Paper Co Ltd		468
	357,000		Japan Steel Works Ltd		1,263
	4,083,166		JG Summit Holdings (Series B)		5,980
	105,481		JGC Corp		2,172

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,732,000	e	Jiangnan Group Ltd	$	645
	4,144,000	*,e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		367
	556,000		Jingwei Textile Machinery		644
	126,440		John Bean Technologies Corp		4,155
	1,081,527		John Keells Holdings plc		2,061
	383,375	e	Johnson Electric Holdings Ltd		1,405
	290,868	e	Joy Global, Inc		13,531
	857,854		JTEKT Corp		14,437
	127,000	*	Juki Corp		449
	17,008		Jungheinrich AG.		1,083
	4,028	*	JVM Co Ltd		219
	36,023		Kadant, Inc		1,538
	48,439		Kajaria Ceramics Ltd		455
	208,941		Kajima Corp		859
	86,522		Kaman Corp		3,469
	30,600		Kamei Corp		190
	33,900		Kanamoto Co Ltd		917
	491,000		Kandenko Co Ltd		2,818
	1,250,000		Kanematsu Corp		1,780
	22,500		Katakura Industries Co Ltd		238
	50,000		Kato Works Co Ltd		404
	1,761,909		Kawasaki Heavy Industries Ltd		8,012
	77,322		KBR, Inc		1,311
	12,669		KCC Corp		5,973
	50,858	e	KCI Konecranes Oyj		1,454
	540,000		Keihan Electric Railway Co Ltd		2,890
	75,720		Keller Group plc		1,030
	11,809		Kendrion NV		308
	1,025,005		Kennametal, Inc		36,685
	145,700		Kepler Weber S.A.		2,757
	2,591,707	e	Keppel Corp Ltd		17,275
	112,264	*,e	KEYW Holding Corp		1,165
	69,439		Kier Group plc		1,605
	539,000		Kinden Corp		5,444
	161,000		King Slide Works Co Ltd		2,051
	156,070	e	Kingspan Group plc		2,706
	116,000		Kinik Co		238
	33,000	*,e	Kinki Sharyo Co Ltd		90
	116,149		KION Group AG.		4,434
	90,300		Kitz Corp		369
	100,734	*	Kloeckner & Co AG.		1,079
	69,146	*,e	KLX, Inc		2,852
	2,493,171		KOC Holding AS		13,185
	1,469,981		Komatsu Ltd		32,498
	9,089		Komax Holding AG.		1,315
	168,490		Komori Corp		1,916
	432,287	e	Kone Oyj (Class B)		19,681
	1,110,905	e	Koninklijke BAM Groep NV		3,413
	496,611		Koninklijke Philips Electronics NV		14,395
	86,089	*	Kopex S.A.		261
	48,905		Korea Aerospace Industries Ltd		1,765
	14,245		Korea Electric Terminal Co Ltd		875

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	158,899	*	Kratos Defense & Security Solutions, Inc	$	798
	42,070		Krones AG.		4,091
	1,274,963		Kubota Corp		18,506
	110,762	e	KUKA AG.		7,834
	276,000	*,e	Kumagai Gumi Co Ltd		884
	16,762	*	Kumho Industrial Co Ltd		346
	167,000		Kuo Toong International Co Ltd		271
	95,698		Kurita Water Industries Ltd		1,996
	122,079	e	Kuroda Electric Co Ltd		1,683
	73,500		Kyokuto Kaihatsu Kogyo Co Ltd		873
	294,700		Kyowa Exeo Corp		3,143
	35,000		Kyudenko Corp		387
	6,103		Kyung Dong Navien Co Ltd		161
	147,551		L-3 Communications Holdings, Inc		18,622
	2,565	*	Lakshmi Machine Works Ltd		155
	589,758		Larsen & Toubro Ltd		13,895
	68,843	*,e	Layne Christensen Co		657
	45,182		LB Foster Co (Class A)		2,194
	74,022		Legrand S.A.		3,883
	397,277		Leighton Holdings Ltd		7,234
	158,281		Lennox International, Inc		15,048
	154,022		LG Corp		8,555
	42,279		LG Hausys Ltd		6,208
	52,977		LG International Corp		1,370
	50,239		Lincoln Electric Holdings, Inc		3,471
	62,751	*	Lindab International AB		524
	36,288	e	Lindsay Manufacturing Co		3,111
	17,228		LISI		448
	264,304		LIXIL Group Corp		5,562
	40,478	*,e	LMI Aerospace, Inc		571
	767,338		Lockheed Martin Corp		147,766
	6,154,000	e	Lonking Holdings Ltd		1,240
	72,414		LS Cable Ltd		3,572
	14,372		LS Industrial Systems Co Ltd		780
	80,919		LSI Industries, Inc		549
	49,282	*	Lydall, Inc		1,617
	36,636		Mabuchi Motor Co Ltd		1,454
	591,919		MACA Ltd		411
	43,125		MacDonald Dettwiler & Associates Ltd		3,524
	118,000	e	Maeda Corp		962
	17,000	e	Maeda Kosen Co Ltd		173
	65,000		Maeda Road Construction Co Ltd		964
	15,200		Magellan Aerospace Corp		177
	115,391	*,e	Maire Tecnimont S.p.A		249
	298,748		Makino Milling Machine Co Ltd		2,202
	56,199		Makita Corp		2,532
	24,900		Malaysia Marine and Heavy Engineering Sdn BHD		13
	2,005,800		Malaysian Resources Corp BHD		695
	12,762		MAN AG.		1,421
	34,908	*,e	Manitex International, Inc		444
	10,596	*	Manitou BF S.A.		156
	83,800		Manitowoc Co, Inc		1,852

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	817,800		Marcopolo S.A.	$	1,024
	2,238,507		Marubeni Corp		13,394
	3,462,491		Masco Corp		87,255
	100,801	*	Masonite International Corp		6,195
	182,566	*	Mastec, Inc		4,128
	35,000		Max Co Ltd		358
	443,294		Meggitt plc		3,566
	183,000		Meidensha Corp		577
	1,299,105		Melrose Industries plc		5,378
	49,786		Metka S.A.		506
	28,431		Metso Oyj		851
	95,154	*,e	Meyer Burger Technology AG.		606
	68,403		Micron Machinery Co Ltd		1,750
	197,020	*	Middleby Corp		19,525
	37,264		Miller Industries, Inc		775
	100,600		Mills Estruturas e Servicos de		360
	743,000		Minebea Co Ltd		10,973
	554,000		Miraito Holdings Corp		6,286
	92,700		MISUMI Group, Inc		3,057
	2,323,601		Mitsubishi Corp		42,522
	2,206,874		Mitsubishi Electric Corp		26,213
	4,599,696		Mitsubishi Heavy Industries Ltd		25,384
	98,600		Mitsubishi Nichiyu Forklift Co Ltd		620
	105,700		Mitsuboshi Belting Co Ltd		777
	2,280,219		Mitsui & Co Ltd		30,539
	968,900		Mitsui Engineering & Shipbuilding Co Ltd		1,703
	79,900		Miura Co Ltd		809
	3,471,630		MMC Corp BHD		2,369
	261,192	e	Monadelphous Group Ltd		1,986
	80,900	e	MonotaRO Co Ltd		1,630
	151,739	*	Moog, Inc (Class A)		11,233
	305,841		Morgan Crucible Co plc		1,511
	19,611		Morgan Sindall plc		186
	121,100		Mori Seiki Co Ltd		1,500
	32,700		Morita Holdings Corp		324
	385,647	e	Mota Engil SGPS S.A.		1,224
	117,136	*	Mota-Engil Africa NV		1,015
	313,471	*	MRC Global, Inc		4,749
	96,207	e	MSC Industrial Direct Co (Class A)		7,817
	60,599		MTU Aero Engines Holding AG.		5,266
	769,166		Mudajaya Group BHD		317
	215,573		Mueller Industries, Inc		7,360
	788,902		Mueller Water Products, Inc (Class A)		8,078
	998,300		Muhibbah Engineering M BHD		532
	760,596		Murray & Roberts Holdings Ltd		1,398
	70,610	*	MYR Group, Inc		1,935
	28,640		Nabtesco Corp		692
	172,332		Nachi-Fujikoshi Corp		1,058
	407,239		Nagarjuna Construction Co		524
	214,300		Nagase & Co Ltd		2,559
	59,000		Nak Sealing Technologies Corp		186
	190,900		Namura Shipbuilding Co Ltd		2,056

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	470,777		National Central Cooling Co PJSC	$	137
	17,079	e	National Presto Industries, Inc		991
	243,714	*,e	Navistar International Corp		8,160
	17,105		NCC AB		538
	305,635		NCC AB (B Shares)		9,623
	81,154	*	NCI Building Systems, Inc		1,503
	41,200		NEC Capital Solutions Ltd		656
	4,425	*	Neff Corp		50
	96,000	e	New Flyer Industries, Inc		1,114
	31,285	*,e	Nexans S.A.		957
	651,954		NGK Insulators Ltd		13,364
	90,541		Nibe Industrier AB (Series B)		2,312
	101,000	e	Nichias Corp		575
	13,900		Nichiden Corp		278
	90,700		Nichiha Corp		897
	215,949	*	Nidec Corp		13,947
	5,500	e	Nihon Trim Co Ltd		117
	174,000		Nippo Corp		2,828
	38,500		Nippon Densetsu Kogyo Co Ltd		516
	272,000	e	Nippon Koei Co Ltd		1,092
	276,000		Nippon Road Co Ltd		1,360
	328,730	e	Nippon Sharyo Ltd		964
	952,000	*	Nippon Sheet Glass Co Ltd		894
	323,450		Nippon Steel Trading Co Ltd		1,111
	67,000		Nippon Thompson Co Ltd		326
	877,000		Nishimatsu Construction Co Ltd		3,588
	33,000		Nishio Rent All Co Ltd		1,086
	505,000		Nisshinbo Industries, Inc		5,207
	55,000		Nissin Electric Co Ltd		293
	47,000		Nitta Corp		1,066
	159,000		Nitto Boseki Co Ltd		568
	84,247		Nitto Kogyo Corp		1,638
	11,573		Nitto Kohki Co Ltd		210
	25,652		NKT Holding AS		1,374
	48,682		NN, Inc		1,001
	14,547,071		Noble Group Ltd		12,411
	36,128	*	Norcraft Cos, Inc		697
	171,205	*	Nordex AG.		3,054
	159,480		Nordson Corp		12,433
	107,919		Noritake Co Ltd		239
	29,900	e	Noritz Corp		489
	77,693		NORMA Group		3,708
	23,744	*	Nortek, Inc		1,931
	386,997		Northrop Grumman Corp		57,039
	33,491	*	Northwest Pipe Co		1,009
	51,311	*,e	NOW, Inc		1,320
	421,573		NSK Ltd		4,977
	982,000		NTN Corp		4,337
	2,631,969		NWS Holdings Ltd		4,828
	13,400		Obara Corp		595
	1,498,888	e	Obayashi Corp		9,662
	42,410	e	Obrascon Huarte Lain S.A.		946

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	200,272		OC Oerlikon Corp AG.	$	2,500
	74,869	*,e	OCI NV		2,603
	5,616		OHB AG.		133
	136,500		Oiles Corp		2,321
	65,800		Okabe Co Ltd		597
	143,641		Okuma Holdings, Inc		1,130
	170,000		Okumura Corp		768
	8,639		Omega Flex, Inc		327
	15,200	e	Onoken Co Ltd		125
	212,828	*	Orbital Sciences Corp		5,723
	38,000		Organo Corp		151
	92,600	*	Orion Marine Group, Inc		1,023
	62,851		Ormat Industries		431
	78,900		OSG Corp		1,273
	131,310		Oshkosh Truck Corp		6,388
	112,900	e	OSJB Holdings Corp		270
	23,123	*	Osram Licht AG.		908
	175,194	e	Outotec Oyj		917
	5,350,077		Owens Corning, Inc		191,586
	1,293,961		Paccar, Inc		88,002
	13,987	e	Palfinger AG.		355
	268,351		Pall Corp		27,160
	163,893		Parker Hannifin Corp		21,134
	22,431	*	Patrick Industries, Inc		987
	182,330	e	Peab AB (Series B)		1,280
	102,973		Pentair plc		6,839
	288,800	e	Penta-Ocean Construction Co Ltd		985
	4,258		PER Aarsleff A.S.		793
	124,192	*	Perini Corp		2,989
	10,489		Pfeiffer Vacuum Technology AG.		869
	294,371	*	Pgt, Inc		2,835
	30,918		Pinguely-Haulotte		468
	22,932	e	Pkc Group Oyj		492
	3,582	*	Plasson		118
	550,039	*,e	Plug Power, Inc		1,650
	61,548	*	Ply Gem Holdings, Inc		860
	396,700	*	Polyplex PCL		116
	124,885	*,e	Polypore International, Inc		5,876
	123,500		Portobello S.A.		223
	32,363		Powell Industries, Inc		1,588
	12,664	*,e	Power Solutions International, Inc		654
	78,654	*,e	PowerSecure International, Inc		916
	263,535		Precision Castparts Corp		63,480
	9,938		Preformed Line Products Co		543
	126,598		Primoris Services Corp		2,942
	603,454	*	Promotora y Operadora de Infraestructura SAB de C.V.		7,256
	194,022	*,e	Proto Labs, Inc		13,031
	54,036		Prysmian S.p.A.		985
	9,095,100		PT Adhi Karya Persero Tbk		2,542
	7,848,200		PT Arwana Citramulia Tbk		549
	2,803,600	*	PT Inovisi Infracom Tbk		38
	4,723,000		PT Pembangunan Perumahan Tbk		1,357
	11,875,000		PT Surya Semesta Internusa Tbk		1,019

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,385,100		PT Total Bangun Persada Tbk	$	394
	3,935,561		PT United Tractors Tbk		5,496
	19,897,200		PT Waskita Karya Persero Tbk		2,345
	2,483,900		PT Wijaya Karya		733
	798,133		QinetiQ plc		2,327
	148,020		Quanex Building Products Corp		2,780
	175,002	*	Quanta Services, Inc		4,968
	3,656		R Stahl AG.		175
	153,500		Raito Kogyo Co Ltd		1,334
	178,296		Ramirent Oyj		1,382
	182,400		Randon Participacoes S.A.		327
	3,626		Rational AG.		1,136
	270,926		Raubex Group Ltd		514
	100,102		Raven Industries, Inc		2,503
	1,202,764		Raytheon Co		130,103
	65,650		RBC Bearings, Inc		4,236
	322,277		RCR Tomlinson Ltd		578
	1,164,917		Rechi Precision Co Ltd		1,263
	83,678		Regal-Beloit Corp		6,293
	555,361	e	Reunert Ltd		2,912
	110,805	*,e	Revolution Lighting Technologies, Inc		150
	3,075,094		Rexel S.A.		55,094
	268,710	*	Rexnord Corp		7,580
	42,440		Rheinmetall AG.		1,848
	723,583		Rich Development Co Ltd		320
	3,477		Rieter Holding AG.		574
	285,665		Rockwell Automation, Inc		31,766
	294,270		Rockwell Collins, Inc		24,860
	7,423		Rockwool International AS (B Shares)		834
	3,495,128		Rolls-Royce Group plc		46,953
	789,970		Roper Industries, Inc		123,512
	653,000		Rotary Engineering Ltd		284
	93,108		Rotork plc		3,354
	94,078	*,e	Royal Imtech NV		435
	168,000		Ruentex Engineering & Construction Co		340
	98,403	*	Rush Enterprises, Inc (Class A)		3,154
	206,433		Russel Metals, Inc		4,602
	994,000		Ryobi Ltd		2,680
	24,907		S&T Dynamics Co Ltd		192
	68,962		Saab AB (Class B)		1,775
	349,853	*	Sacyr Vallehermoso S.A.		1,196
	78,521		Sadbhav Engineering Ltd		325
	722,774		Safran S.A.		44,592
	68,157		Saft Groupe S.A.		2,067
	699,338		Salfacorp S.A.		529
	10,244		Sam Yung Trading Co Ltd		222
	5,296		Sammok S-Form Co Ltd		150
	280,250		Samsung Corp		15,652
	27,088	*	Samsung Engineering Co Ltd		927
	157,563		Samsung Heavy Industries Co Ltd		2,842
	45,460		Samsung Techwin Co Ltd		979
	24,860		San Miguel Corp		41

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,486	*	San Miguel Corp (New)	$	7
	103,203		San Shing Fastech Corp		245
	318,023		Sandvik AB		3,092
	63,782		Sanitec Corp		784
	46,400		Sanki Engineering Co Ltd		311
	27,200		Sankyo Tateyama, Inc		498
	362,500		Sanwa Shutter Corp		2,527
	1,213,000	*,e	Sany Heavy Equipment International		317
	174,000		Sanyo Denki Co Ltd		1,164
	39,384		Schindler Holding AG.		5,686
	19,359		Schindler Holding AG. (Registered)		2,777
	319,887		Schneider Electric S.A.		23,297
	921		Schweiter Technologies AG.		717
	102,400	e	Seibu Holdings, Inc		2,088
	130,400		Sekisui Jushi Corp		1,737
	1,239,701		SembCorp Industries Ltd		4,152
	1,936,780	e	SembCorp Marine Ltd		4,752
	24,262		Semperit AG. Holding		1,179
	480,861		Senior plc		2,253
	1,987	*	Sensata Technologies Holding BV		104
	12,057	*	SFS Group AG.		952
	38,774	*,e	SGL Carbon AG.		641
	347,808	*	SGSB Group Co Ltd		236
	603,780		Shanghai Diesel Engine Co Ltd		452
	8,855,304		Shanghai Electric Group Co Ltd		4,702
	447,200		Shanghai Erfangji Co Ltd		289
	548,700	m	Shanghai Highly Group Co Ltd		314
	1,537,695		Shanghai Industrial Holdings Ltd		4,592
	484,320		Shanghai Mechanical and Electrical Industry Co Ltd		1,027
	15,300		Shibuya Kogyo Co Ltd		298
	516,000		Shihlin Electric & Engineering Corp		643
	247,563		Shikun & Binui Ltd		522
	154,100		Shima Seiki Manufacturing Ltd		2,784
	755,936		Shimizu Corp		5,134
	172,000		Shin Zu Shing Co Ltd		390
	146,590		Shinmaywa Industries Ltd		1,381
	21,700		SHO-BOND Holdings Co Ltd		848
	10,000		Showa Aircraft Industry Co Ltd		95
	709,763		Siam Future Development PCL		134
	892,474		Siemens AG.		100,139
	78,907		Siemens India Ltd		1,130
	9,066		SIFCO Industries, Inc		264
	633,508		SIG plc		1,714
	3,933,573		Sime Darby BHD		10,347
	202,440		Simpson Manufacturing Co, Inc		7,004
	1,834,000		Singamas Container Holdings Ltd		304
	1,368,987		Singapore Technologies Engineering Ltd		3,504
	856,357		Sino Thai Engineering & Construction PCL		601
	3,664,287		Sinopec Engineering Group Co Ltd		2,466
	1,499,500		Sinotruk Hong Kong Ltd		836
	284,894		Sintex Industries Ltd		430
	46,700		Sintokogio Ltd		317

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,675		SK Corp	$	3,662
	130,850	*	SK Networks Co Ltd		1,055
	948,547		Skanska AB (B Shares)		20,366
	937,846		SKF AB (B Shares)		19,756
	20,767		SKF India Ltd		444
	11,268	*	SLM Solutions Group AG.		263
	213,871		SM Investments Corp		3,864
	35,377		SMC Corp		9,277
	121,189		Smiths Group plc		2,061
	234,732		Snap-On, Inc		32,097
	138,486		SNC-Lavalin Group, Inc		5,282
	284,016	*	SOCAM Development Ltd		227
	45,800		Sodick Co Ltd		371
	3,590,500		Sojitz Holdings Corp		5,014
	13,428		Solar Holdings AS (B Shares)		630
	89,801	*,e	SolarCity Corp		4,803
	26,579	*	Sparton Corp		753
	648,869		Speedy Hire plc		799
	85,676		Spirax-Sarco Engineering plc		3,814
	594,533	*	Spirit Aerosystems Holdings, Inc (Class A)		25,589
	321,126		SPX Corp		27,591
	114,400	*	Sriracha Construction PCL		103
	65,085		Standex International Corp		5,028
	390,510		Stanley Works		37,520
	37,500		Star Micronics Co Ltd		476
	67,498	*	Sterling Construction Co, Inc		431
	41,770	*	Stock Building Supply Holdings, Inc		640
	349,200		STP & I PCL		203
	564,000	*,e	STX OSV Holdings Ltd		255
	5,924		Sulzer AG.		634
	1,596,860		Sumitomo Corp		16,401
	17,000		Sumitomo Densetsu Co Ltd		210
	856,635		Sumitomo Electric Industries Ltd		10,699
	7,242,913		Sumitomo Heavy Industries Ltd		38,960
	779,800	*,e	Sumitomo Mitsui Construction C		984
	62,122		Sun Hydraulics Corp		2,446
	19,980		Sung Kwang Bend Co Ltd		249
	93,000		Sunspring Metal Corp		169
	1,498,908	*	Suzlon Energy Ltd		345
	329,000	*,e	SWCC Showa Holdings Co Ltd		277
	127,000		Syncmold Enterprise Corp		251
	110,000		Tadano Ltd		1,359
	10,258	*	Taewoong Co Ltd		154
	43,365	*	Taeyoung Engineering & Construction		194
	98,102	*,m	Taihan Electric Wire Co Ltd		107
	32,000		Taihei Dengyo Kaisha Ltd		244
	151,000		Taihei Kogyo Co Ltd		711
	29,300		Taikisha Ltd		637
	3,032,561		Taisei Corp		17,201
	643,316		Taiwan Glass Industrial Corp		500
	40,900		Takaoka Toko Holdings Co Ltd		594
	86,929		Takara Standard Co Ltd		629

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	144,300		Takasago Thermal Engineering Co Ltd	$	1,849
	10,900		Takeuchi Manufacturing Co Ltd		449
	71,000		Takuma Co Ltd		471
	109,950	e	TAL International Group, Inc		4,791
	20,322		Tarkett S.A.		439
	495,781	*,e	Taser International, Inc		13,128
	271,000		Tat Hong Holdings Ltd		153
	41,000	e	Tatsuta Electric Wire and Cable Co Ltd		172
	11,692	*,e	TCP International Holdings Ltd		72
	359,800	*	Tebrau Teguh BHD		130
	1,359,600	e	Tech Pro Technology Development Ltd		1,069
	2,942,443		Teco Electric and Machinery Co Ltd		2,782
	20,300		Teikoku Sen-I Co Ltd		452
	116,719	*	Tekfen Holding AS		288
	306,000	e	Tekken Corp		1,168
	153,169	*	Teledyne Technologies, Inc		15,737
	102,313		Tennant Co		7,384
	1,500,103	e	Terex Corp		41,823
	128,481	e	Textainer Group Holdings Ltd		4,409
	3,005,123		Textron, Inc		126,546
	383,566		Thales S.A.		20,754
	26,701	*,e	The ExOne Company		449
	46,584		Thermax Ltd		788
	152,453	*	Thermon Group Holdings		3,688
	277,861		THK Co Ltd		6,678
	1,786,000		Tianjin Development Hldgs		1,314
	965,202		Timken Co		41,195
	154,297	e	Titan International, Inc		1,640
	59,337	*,e	Titan Machinery, Inc		827
	18,132	*	TK Corp		188
	102,728		TKH Group NV		3,268
	889,000		Toa Corp/Tokyo		1,515
	13,400		Tocalo Co Ltd		230
	206,000		Toda Corp		812
	36,000		Toenec Corp		169
	284,800		Tokai Corp		1,296
	182,460		Tokyu Construction Co Ltd		855
	229,788		Tong-Tai Machine & Tool Co Ltd		205
	19,800	e	Torishima Pump Manufacturing Co Ltd		142
	47,100		Toro Co		3,005
	155,842	e	Toromont Industries Ltd		3,824
	8,757,371		Toshiba Corp		36,932
	106,964		Toshiba Machine Co Ltd		424
	41,500		Toshiba Plant Systems & Services Corp		642
	25,100		Totetsu Kogyo Co Ltd		572
	165,677		Toto Ltd		1,927
	385,300		Toyo Construction Co Ltd		1,652
	132,000		Toyo Engineering Corp		483
	11,100		Toyo Tanso Co Ltd		182
	251,599		Toyota Tsusho Corp		5,845
	200,400		Toyo-Thai Corp PCL		143
	285,816		Trakya Cam Sanayi AS		420

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	224,007		TransDigm Group, Inc	$	43,984
	1,709,478		Travis Perkins plc		49,206
	709,973		Trelleborg AB (B Shares)		11,952
	87,674	e	Trevi Finanziaria S.p.A.		298
	93,144	*	Trex Co, Inc		3,966
	197,562	*	Trimas Corp		6,182
	993,502		Trinity Industries, Inc		27,828
	41,601		Triumph Group, Inc		2,796
	45,262		Trusco Nakayama Corp		1,171
	323,000		Tsubakimoto Chain Co		2,596
	66,000	e	Tsugami Corp		351
	21,800		Tsukishima Kikai Co Ltd		226
	14,500		Tsurumi Manufacturing Co Ltd		231
	2,553,776		Turk Sise ve Cam Fabrikalari AS		3,966
	23,690	e	Twin Disc, Inc		470
	89,047		Ultra Electronics Holdings		2,484
	9,900		Union Tool Co		218
	457,000		United Engineers Ltd		1,005
	477,005	e	United Group Ltd		851
	672,000		United Integrated Services Co Ltd		641
	500,021	*	United Rentals, Inc		51,007
	636,048		United Technologies Corp		73,146
	70,911		Universal Forest Products, Inc		3,772
	73,739	e	Uponor Oyj		1,023
	3,869,868	*,e	USG Corp		108,318
	1,114,700		Ushio, Inc		11,609
	35,752		Vallourec		969
	136,524	e	Valmet Corp		1,684
	49,708	e	Valmont Industries, Inc		6,313
	98,266	*	Vectrus, Inc		2,692
	13,584	*,e	Veritiv Corp		705
	579,330	*	Vestas Wind Systems AS		21,039
	474,729	e	Vesuvius plc		3,283
	58,577	*,e	Vicor Corp		709
	1,256,202		Vinci S.A.		68,592
	132,736		Voltas Ltd		506
	47,000		Voltronic Power Technology Corp		422
	5,333,702		Volvo AB (B Shares)		57,516
	76,605	*,e	Von Roll Holding AG.		105
	9,915	e	Vossloh AG.		641
	142,840		W.W. Grainger, Inc		36,408
	191,972	*	Wabash National Corp		2,373
	579,648	*	WABCO Holdings, Inc		60,736
	76,194		Wacker Construction Equipment AG.		1,548
	17,983	e	Wajax Income Fund		476
	127,500		Wakita & Co Ltd		1,196
	3,519,250	*	Walsin Lihwa Corp		1,104
	2,601	*	Walter Meier AG.		107
	96,120		Wartsila Oyj (B Shares)		4,302
	110,725		Watsco, Inc		11,848
	98,416		Watts Water Technologies, Inc (Class A)		6,244
	1,145,579		WCT Berhad		521

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	291,312		Weg S.A.	$	3,353
	549,434	e	Weichai Power Co Ltd		2,303
	422,822		Weir Group plc		12,125
	415,556	*,e	WESCO International, Inc		31,670
	466,326		Westinghouse Air Brake Technologies Corp		40,519
	57,505	*,e	Westport Innovations, Inc		217
	4,469,153	e	Wienerberger AG.		61,466
	60,761		Wilson Bayly Holmes-Ovcon Ltd		634
	470,318		Wolseley plc		26,889
	258,465		Woodward Governor Co		12,724
	123,500	e	WSP Global, Inc		3,706
	29,023	*	Xerium Technologies, Inc		458
	135,112		Xxentria Technology Materials Corp		387
	146,952		Xylem, Inc		5,594
	11,708		Y G-1 Co Ltd		99
	26,500		Yahagi Construction Co Ltd		208
	25,800		YAMABIKO Corp		1,118
	50,300		Yamazen Corp		357
	7,574,449	e	Yangzijiang Shipbuilding		6,864
	135,737		Yazicilar Holding AS		1,134
	512,800		Yinson Holdings BHD		392
	108,192	e	YIT Oyj		560
	29,300		Yokogawa Bridge Holdings Corp		334
	824,000	*,e	Yoma Strategic Holdings Ltd		409
	2,774,000		Yuanda China Holdings Ltd		159
	17,200		Yuasa Trading Co Ltd		337
	415,000		Yungtay Engineering Co Ltd		1,038
	121,000		Yurtec Corp		703
	10,400		Yushin Precision Equipment Co Ltd		197
	98,556	e	Zardoya Otis S.A.		1,093
	10,555		Zehnder Group AG.		438
	242,000		Zhengzhou Coal Mining Machinery Group Co Ltd		151
	2,011,895		Zhuzhou CSR Times Electric Co Ltd		11,740
	201,961		Zodiac S.A.		6,800
	3,900	e	Zuiko Corp		168
	65,314		Zumtobel AG.		1,469
			TOTAL CAPITAL GOODS		8,799,763
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	32,000	*,e	51job, Inc (ADR)		1,147
	192,710		ABM Industries, Inc		5,521
	175,731	e	Acacia Research (Acacia Technologies)		2,977
	392,803	*	ACCO Brands Corp		3,539
	194,743		Adcorp Holdings Ltd		539
	1,157,571		Adecco S.A.		79,571
	92,347		Administaff, Inc		3,130
	727,787	e	ADT Corp		26,368
	101,615	*	Advisory Board Co		4,977
	68,100		Aeon Delight Co Ltd		1,587
	141,204		AF AB		2,271
	82,099		Aggreko plc		1,915
	17,372		Akka Technologies S.A.		609

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	338,379	e	ALS Ltd	$	1,466
	10,490		Amadeus Fire AG		791
	81,225		American Banknote S.A.		1,296
	103,438	e	American Ecology Corp		4,150
	90,573	*	Applus Services S.A.		998
	144,570	*	ARC Document Solutions, Inc		1,477
	15,304		Assystem		322
	10,000	e	Asukanet Co Ltd		198
	232,842		Atkins WS plc		4,931
	295,440		Babcock International Group		4,840
	52,690		Barrett Business Services, Inc		1,444
	16,900		Benefit One, Inc		182
	16,111	e	Bertrandt AG.		2,223
	49,326	e	Bilfinger Berger AG.		2,757
	40,800	e	Black Diamond Group Ltd		447
	469,719		Blue Label Telecoms Ltd		358
	172,497		Brady Corp (Class A)		4,716
	3,013,364		Brambles Ltd		25,958
	167,200		Brink’s Co		4,081
	58,807	e	Brunel International NV		963
	227,204		Bureau Veritas S.A.		5,034
	400,511		Cabcharge Australia Ltd		1,482
	129,792		Cape plc		480
	494,409		Capita Group plc		8,290
	2,236,000	*,e	Capital Environment Holdings Ltd		120
	122,875	*	Casella Waste Systems, Inc (Class A)		496
	135,917	e	Caverion Corp		1,090
	136,393	*	CBIZ, Inc		1,168
	51,137		CDI Corp		906
	73,670	e	Ceco Environmental Corp		1,145
	176,095	*,e	Cenveo, Inc		370
	15,374		Cewe Color Holding AG.		958
	3,940,659		China Everbright International Ltd		5,818
	422,902		Cintas Corp		33,172
	321,614	e	Civeo Corp		1,322
	161,846	*,e	Clean Harbors, Inc		7,777
	87,000		Cleanaway Co Ltd		401
	299,349	e	CNH Industrial NV (NYSE)		2,413
	47,500		Contax Participacoes S.A.		197
	366,086	*	Copart, Inc		13,358
	134,657		Corporate Executive Board Co		9,767
	365,983		Corrections Corp of America		13,300
	210,061		Covanta Holding Corp		4,623
	31,536	*	CRA International, Inc		956
	108,106	e	Credit Corp Group Ltd		861
	310,740		Dai Nippon Printing Co Ltd		2,799
	38,400		Daiseki Co Ltd		663
	393,223		Davis Service Group plc		6,721
	253,009		De La Rue plc		2,042
	151,965		Deluxe Corp		9,460
	221,283		Derichebourg		677

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,400		DirectCash Payments, Inc	$	626
	466,633		Downer EDI Ltd		1,783
	126,555		Dun & Bradstreet Corp		15,308
	47,198	e	Duskin Co Ltd		693
	395,000	*,e	Dynagreen Environmental Protection Group Co Ltd		234
	394,755		Eastern Media International Corp		138
	2,044,122		Edenred		56,532
	10,600		en-japan, Inc		167
	88,588		Ennis, Inc		1,193
	245,875		Equifax, Inc		19,884
	1,186,128		Experian Group Ltd		19,994
	58,652		Exponent, Inc		4,839
	32,235	*	Franklin Covey Co		624
	141,656	*	FTI Consulting, Inc		5,472
	15,463,000	*,m	Fung Choi Media Group Ltd		840
	69,602		G & K Services, Inc (Class A)		4,931
	63,954		Gategroup Holding AG.		1,825
	8,497	e	GL Events		161
	38,153	*	GP Strategies Corp		1,295
	10,955,918		Group 4 Securicor plc		47,260
	3,014		Groupe CRIT		136
	44,383	e	Gunnebo AB		214
	9,621,370		Hays plc		21,647
	199,364	e	Healthcare Services Group		6,166
	62,321		Heidrick & Struggles International, Inc		1,436
	29,592	*	Heritage-Crystal Clean, Inc		365
	161,710	e	Herman Miller, Inc		4,759
	70,204	*	Hill International, Inc		270
	192,455		HNI Corp		9,827
	422,789		Homeserve plc		2,215
	105,500	e	Horizon North Logistics, Inc		240
	108,801	*	Huron Consulting Group, Inc		7,441
	68,493	*	ICF International, Inc		2,807
	608,241	*	ICO Global Communications Holdings Ltd		839
	157,844	*	IHS, Inc (Class A)		17,975
	115,160	*	Innerworkings, Inc		897
	185,483		Interface, Inc		3,055
	152,883		Intertek Group plc		5,533
	405,988		Intrum Justitia AB		12,024
	106,039	*	ISS A.S.		3,044
	677,468		ITE Group plc		1,689
	42,300	e	Itoki Corp		218
	8,976		Kaba Holding AG.		4,507
	77,838		KAR Auction Services, Inc		2,697
	31,000		KD Holding Corp		160
	95,644		Kelly Services, Inc (Class A)		1,628
	26,257		KEPCO Plant Service & Engineering Co Ltd		1,903
	127,087		Kforce, Inc		3,067
	338,800		K-Green Trust		272
	136,997		Kimball International, Inc (Class B)		1,249
	140,991		Knoll, Inc		2,985
	230,100		Kokuyo Co Ltd		1,719

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	217,040	*	Korn/Ferry International	$	6,242
	211,000	e	Kyodo Printing Co Ltd		669
	119,701		Loomis AB		3,458
	278,442		Manpower, Inc		18,981
	16,962		Matsuda Sangyo Co Ltd		184
	105,989		Matthews International Corp (Class A)		5,158
	87,429		McGrath RentCorp		3,135
	61,826	e	McMillan Shakespeare Ltd		527
	38,625		Mears Group plc		226
	31,100		Meitec Corp		919
	468,453		Michael Page International plc		2,987
	564,459	e	Mineral Resources Ltd		3,454
	42,992	*	Mistras Group, Inc		788
	394,696		Mitie Group		1,703
	18,972		Mitsubishi Pencil Co Ltd		566
	161,631		Mobile Mini, Inc		6,548
	138,091	*,e	Moleskine S.p.A		166
	98,060	e	Morneau Sobeco Income Fund		1,475
	45,000		Moshi Moshi Hotline, Inc		415
	124,936		MSA Safety, Inc		6,633
	37,187		Multi-Color Corp		2,061
	173,801	*	Navigant Consulting, Inc		2,671
	53,920	e	Newalta, Inc		819
	203,670		Nielsen Holdings NV		9,110
	45,900	*	Nihon M&A Center, Inc		1,383
	7,700		Nippon Kanzai Co Ltd		171
	152,760		Nissha Printing Co Ltd		2,554
	23,969	*	NL Industries, Inc		206
	35,300		Nomura Co Ltd		278
	153,700		Okamura Corp		1,082
	202,086	*	On Assignment, Inc		6,707
	62,868		Oyo Corp		958
	91,200		Park24 Co Ltd		1,343
	28,377	*,e	Paylocity Holding Corp		741
	43,800		PayPoint plc		608
	173,304	*	Performant Financial Corp		1,152
	16,200		Pilot Corp		926
	1,540,045		Pitney Bowes, Inc		37,531
	59,791	e	Proffice AB		159
	324,846		Programmed Maintenance Services Ltd		678
	154,275	e	Progressive Waste Solutions Ltd		4,638
	19,500		PRONEXUS, Inc		121
	688,083	e	Prosegur Cia de Seguridad S.A.		3,920
	96,146		Quad		2,207
	36,061	*,e	Quest Resource Holding Corp		52
	797,661		R.R. Donnelley & Sons Co		13,405
	115,227		Randstad Holdings NV		5,544
	335,350		Recall Holdings Ltd		1,959
	123,600	*	Recruit Holdings Co Ltd		3,550
	708,257		Regus plc		2,287
	4,248,719		Rentokil Initial plc		8,000
	300,000		Republic Services, Inc		12,075
	140,346		Resources Connection, Inc		2,309

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	128,482	e	Ritchie Bros Auctioneers, Inc	$	3,453
	903,678		Robert Half International, Inc		52,757
	185,847		Rollins, Inc		6,152
	304,669		RPS Group plc		993
	368,426	*	RPX Corp		5,077
	18,945		S1 Corp (Korea)		1,222
	781,932		SAI Global Ltd (New)		2,547
	30,100	*,e	Sanix, Inc		100
	22,052		Sato Corp		501
	3,289		Seche Environnement S.A.		79
	241,583		Secom Co Ltd		13,880
	405,655		Securitas AB (B Shares)		4,907
	916,829		Seek Ltd		12,784
	590,401	e	Serco Group plc		1,479
	114,066		SG Fleet Group Ltd		194
	5,133		SGS S.A.		10,481
	214,100	m	Shanghai Youngsun Investment C		247
	422,780		Shanks Group plc		652
	97,650	e	Shenzhen Dongjiang Environmental Co Ltd		341
	212,571		Skilled Group Ltd		257
	62,095		Societe BIC S.A.		8,254
	59,700		Sohgo Security Services Co Ltd		1,444
	59,525	*	SP Plus Corp		1,502
	69,107		Sporton International, Inc		338
	588,544	*	Spotless Group Holdings Ltd		912
	215,986	e	Stantec, Inc		5,936
	365,794		Steelcase, Inc (Class A)		6,566
	516,162	*	Stericycle, Inc		67,659
	7,634		Synergie S.A		172
	421,520		Taiwan Secom Co Ltd		1,104
	403,670		Taiwan-Sogo Shinkong Security Corp		502
	54,269	*	Team, Inc		2,196
	276,721		Teleperformance		18,836
	46,900		Temp Holdings Co Ltd		1,472
	238,973		Tetra Tech, Inc		6,381
	428,000		Tianjin Capital Environmental Protection Group Co Ltd		287
	76,985		Tomra Systems ASA		590
	145,100		Toppan Forms Co Ltd		1,456
	435,829		Toppan Printing Co Ltd		2,832
	120,287		Towers Watson & Co		13,613
	146,968		Tox Free Solutions Ltd		285
	140,130	e	Transcontinental, Inc		1,997
	2,428,614	*	Transfield Services Ltd		3,216
	1,692,976		Transpacific Industries Group Ltd		1,189
	161,978	*	TriNet Group, Inc		5,067
	221,639	*	TrueBlue, Inc		4,931
	2,704,550		Tyco International plc		118,622
	51,650		Unifirst Corp		6,273
	483,000	e	United Envirotech Ltd		586
	137,355		United Stationers, Inc		5,791
	69,411		USG People NV		777
	1,867,115		Veda Group Ltd		3,466

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	795,254	*	Verisk Analytics, Inc	$	50,936
	70,867		Viad Corp		1,889
	15,718		VSE Corp		1,036
	155,932	*	WageWorks, Inc		10,069
	209,679		Waste Connections, Inc		9,224
	1,138,899		Waste Management, Inc		58,448
	5,800		Weathernews, Inc		144
	116,538		West Corp		3,846
	724,735		Yem Chio Co Ltd		371
	620,000	*	Yestar International Holdings Co Ltd		148
	477,587	e	Yumeshin Holdings Co Ltd		2,866
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,389,169
CONSUMER DURABLES & APPAREL - 2.2%
	973,000	e	361 Degrees International Ltd		260
	1,203,000		Ability Enterprise Co Ltd		633
	43,632	*	Accell Group NV		718
	768,883		Adidas-Salomon AG.		53,395
	192,998		Aksa Akrilik Kimya Sanayii		613
	257,000		Alpine Electronics, Inc		4,219
	274,358		Altek Corp		313
	141,867		Amer Sports Oyj (A Shares)		2,746
	2,696,949		AmTRAN Technology Co Ltd		1,429
	3,264,586	e	Anta Sports Products Ltd		5,739
	538,941		Arcelik AS		3,451
	56,496		Arctic Cat, Inc		2,006
	54,800		Arezzo Industria e Comercio S.A.		556
	387,873		Arvind Ltd		1,730
	145,451		Asics Corp		3,502
	2,501,741		Avermedia Technologies		904
	23,048	*	Bajaj Electricals Ltd		80
	41,668	*,e	Bang & Olufsen AS (B Shares)		243
	1,627,257		Barratt Developments plc		11,843
	13,679		Basic House Co Ltd		181
	11,146		Bata India Ltd		231
	86,405	*	Beazer Homes USA, Inc		1,673
	328,714		Bellway plc		9,859
	57,491	*,e	Beneteau S.A.		808
	345,852		Berkeley Group Holdings plc		13,298
	4,305		Bijou Brigitte AG.		264
	647,049	*,e	Billabong International Ltd		352
	81,696		Bizlink Holdings Inc		276
	77,140	*,e	Black Diamond, Inc		675
	119,626	*	Bombay Dyeing & Manufacturing Co Ltd		126
	3,649,300	e	Bosideng International Holdings Ltd		488
	391,669		Bovis Homes Group plc		5,364
	39,600	*	BRP, Inc		825
	21,686	e	Brunello Cucinelli S.p.A		484
	298,739	e	Brunswick Corp		15,313
	430,534		Burberry Group plc		10,923
	261,554		Callaway Golf Co		2,014

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	260,518		Carter’s, Inc	$	22,746
	242,619	e	Casio Computer Co Ltd		3,711
	23,867	*	Cavco Industries, Inc		1,892
	12,290		CCC S.A.		462
	192,000		Cecep Costin New Materials Grp Ltd		87
	1,214	*	Century Communities, Inc		21
	444,000		China Creative Home Group Ltd		103
	3,895,400	e	China Dongxiang Group Co		690
	1,930,000	*,m	China Household Holdings Ltd		167
	1,149,000	e	China Lilang Ltd		721
	19,100	e	Chofu Seisakusho Co Ltd		485
	1,534	*	Chokwang Leather Co Ltd		187
	34,574		Christian Dior S.A.		5,917
	31,300	*	Cia Providencia Industria e Comercio S.A.		101
	799,089		Cie Financiere Richemont S.A.		70,846
	2,182,000	e	Citychamp Watch & Jewellery Group Ltd		273
	116,000	*,e	Clarion Co Ltd		359
	59,200		Cleanup Corp		430
	256,523	e	Coach, Inc		9,635
	81,901		Columbia Sportswear Co		3,648
	1,766,100	*,e	Consorcio ARA, S.A. de C.V.		777
	33,600		Corona Corp		328
	654,100	*,e,m	Corp GEO S.A. de C.V. (Series B)		0	^
	106,000	*,e,g	Cosmo Lady China Holdings Co Ltd		72
	550,583		Crest Nicholson Holdings plc		3,314
	450,153	*	CROCS, Inc		5,622
	32,525		CSS Industries, Inc		899
	37,996		Culp, Inc		824
	1,301,358		Cyrela Brazil Realty S.A.		5,415
	48,700		Daikoku Denki Co Ltd		723
	189,310	*,e	Deckers Outdoor Corp		17,235
	133,144	e	De’Longhi S.p.A.		2,404
	9,140		Delta-Galil Industries Ltd		247
	45,590		Descente Ltd		443
	320,300		Direcional Engenharia S.A.		977
	43,935	*,e	Dixie Group, Inc		403
	39,133		Dorel Industries, Inc (Class B)		1,348
	2,839,375		DR Horton, Inc		71,808
	37,778		Duni AB		559
	694,095		Eclat Textile Co Ltd		6,976
	66,000		E-Lead Electronic Co Ltd		131
	1,336,066		Electrolux AB (Series B)		39,039
	36,243	e	Escalade, Inc		547
	89,642	e	Ethan Allen Interiors, Inc		2,776
	562,300		Even Construtora e Incorporadora S.A.		1,151
	141,200		Ez Tec Empreendimentos e Participacoes S.A.		1,169
	840,601		Feng TAY Enterprise Co Ltd		2,553
	14,900		Fields Corp		185
	11,125		Fila Korea Ltd		1,129
	16,899		Flexsteel Industries, Inc		545
	3,987		Forbo Holding AG.		3,988
	575,852		Formosa Taffeta Co Ltd		568

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	78,335		Forus S.A.	$	320
	346,704	*	Fossil Group, Inc		38,394
	21,891		Foster Electric Co Ltd		383
	157,000		France Bed Holdings Co Ltd		236
	308,000		Fuguiniao Co Ltd		379
	107,000		Fujibo Holdings Inc		300
	95,000		Fujitsu General Ltd		915
	25,500		Funai Electric Co Ltd		304
	2,450,400		Gafisa S.A.		2,028
	140,694	e	Garmin Ltd		7,433
	84,638	*,e	Geox S.p.A.		274
	26,839	e	Gerry Weber International AG.		1,101
	678,379		Giant Manufacturing Co Ltd		5,995
	54,605	*	G-III Apparel Group Ltd		5,516
	115,163		Gildan Activewear, Inc		6,512
	13,388,000	*	Global Brands Group Holding Ltd		2,614
	32,000		Goldwin, Inc		167
	859,000		Goodbaby International Holding		299
	283,664	*,e	GoPro, Inc		17,933
	243,265		GUD Holdings Ltd		1,431
	1,057,000		Gunze Ltd		2,733
	1,336,983		Haier Electronics Group Co Ltd		3,163
	16,125		Handsome Co Ltd		477
	686,838		Hanesbrands, Inc		76,665
	36,901		Hansae Co Ltd		1,328
	12,805		Hansae Yes24 Holdings Co Ltd		143
	28,152		Hanssem Co Ltd		2,926
	433,094		Harman International Industries, Inc		46,215
	1,772,312	e	Hasbro, Inc		97,459
	467,300		Haseko Corp		3,758
	411,748		Hefei Meiling Co Ltd		277
	44,400		Heiwa Corp		885
	351,450		Helbor Empreendimentos S.A.		628
	114,819	*	Helen of Troy Ltd		7,470
	18,100	e	Hermes International		6,445
	885,000	*	Hisense Kelon Electrical Holdings Co Ltd		777
	1,150,000		Hosa International Ltd		479
	392,984	*,e	Hovnanian Enterprises, Inc (Class A)		1,623
	170,922		Hugo Boss AG.		20,909
	832,528		Husqvarna AB (B Shares)		6,119
	73,858		Huvis Corp		749
	13,954		Hyundai Livart Furniture Co Ltd		477
	18,402		IC Companys AS		425
	152,196	*,e	Iconix Brand Group, Inc		5,143
	119,582		Iida Group Holdings Co Ltd		1,457
	2,103		Ilshin Spinning Co Ltd		329
	23,774	*,e	Installed Building Products Inc		424
	82,586	*,e	iRobot Corp		2,867
	62,382	*,e	Jakks Pacific, Inc		424
	95,000		Japan Vilene Co Ltd		484
	56,000		Japan Wool Textile Co Ltd		368
	3,448,008	*	Jarden Corp		165,091

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	263,999	*	Jinshan Development & Construction Co Ltd	$	172
	256,548	e	JM AB		8,132
	103,020		Johnson Health Tech Co Ltd		232
	18,224		Johnson Outdoors, Inc		569
	136,000	*	JVC KENWOOD Holdings, Inc		296
	541,651	*,e	Kate Spade & Co		17,338
	243,804	e	KB Home		4,035
	1,272,000	*	Kinpo Electronics		585
	43,150		KMC Kuei Meng International In		168
	905,900		Konka Group Co Ltd		388
	254,000		Kurabo Industries Ltd		393
	827		Kyungbang Ltd		137
	505,220		Lao Feng Xiang Co Ltd		1,508
	337,451		La-Z-Boy, Inc		9,057
	892,000		Le Saunda Holdings		336
	272,776	*	Lealea Enterprise Co Ltd		79
	216,795	*,e	Leapfrog Enterprises, Inc		1,023
	622,145	e	Leggett & Platt, Inc		26,510
	231,296	e	Lennar Corp (Class A)		10,364
	106,472		LG Electronics, Inc		5,703
	59,103		LG Fashion Corp		1,602
	46,505	*,e	LGI Homes, Inc		694
	1,120,250	*,e	Li Ning Co Ltd		545
	581,491	*	Li Peng Enterprise Co Ltd		222
	56,966	*	Libbey, Inc		1,791
	39,686		Lifetime Brands, Inc		683
	14,742	*	LiHOM-CUCHEN Co Ltd		138
	823		LPP S.A.		1,670
	218,470	*,e	Lululemon Athletica, Inc		12,188
	3,232,000	*	Lung Cheong International Holdings Ltd		374
	673,400		Luthai Textile Co Ltd		894
	216,254		Luxottica Group S.p.A.		11,855
	317,825	e	LVMH Moet Hennessy Louis Vuitton S.A.		50,344
	83,454	*	M/I Homes, Inc		1,916
	3,346		Maisons France Confort		118
	244,951		Makalot Industrial Co Ltd		1,303
	66,252	*	Malibu Boats Inc		1,277
	1,122,000		Man Wah Holdings Ltd		1,845
	6,442	*,m	Mariella Burani S.p.A.		0	^
	33,313	e	Marine Products Corp		281
	8,500		Mars Engineering Corp		145
	1,814,947		Matsushita Electric Industrial Co Ltd		21,377
	2,323,190	e	Mattel, Inc		71,891
	424,400		MC Group PCL		167
	2,746,800		MC Group PCL (ADR)		1,081
	136,482	e	MDC Holdings, Inc		3,613
	248,587		Merida Industry Co Ltd		1,678
	137,081	*	Meritage Homes Corp		4,934
	950,958	*	Michael Kors Holdings Ltd		71,417
	34,800		Misawa Homes Co Ltd		296
	40,000		Mitsui Home Co Ltd		166
	100,000		Mizuno Corp		489

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	156,199	*	Mohawk Industries, Inc	$	24,267
	724,747		Moncler S.p.A		9,684
	112,967		Movado Group, Inc		3,205
	1,081,065		MRV Engenharia e Participacoes S.A.		3,071
	14,799	e	Mulberry Group plc		190
	15,979		Nacco Industries, Inc (Class A)		948
	221,322		Namco Bandai Holdings, Inc		4,686
	42,000		Nan Liu Enterprise Co Ltd		186
	154,680	*	Nautilus, Inc		2,348
	28,930	*	New Home Co Inc		419
	44,981		New Wave Group AB (B Shares)		220
	1,870,157		Newell Rubbermaid, Inc		71,234
	258,129		Nien Hsing Textile Co Ltd		228
	2,807,645		Nike, Inc (Class B)		269,955
	410,149		Nikon Corp		5,450
	121,121	e	Nobia AB		1,082
	34,313	*	NVR, Inc		43,760
	947,531	e	Onward Kashiyama Co Ltd		5,697
	63,242		Oriental Weavers		531
	40,805		Oxford Industries, Inc		2,253
	371,000	*,e,g	Ozner Water International Holding Ltd		142
	1,395,637		Pacific Textile Holdings Ltd		1,850
	8,605		Page Industries Ltd		1,602
	272,000		PanaHome Corp		1,731
	129,138		Pandora AS		10,468
	1,482,298	*	PDG Realty S.A.		480
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	1,696,000		Peak Sport Products Co Ltd		468
	15,899		Pegas Nonwovens S.A.		444
	500,000	*	Performance Sports Group Ltd		8,995
	64,500	*	Performance Sports Group Ltd (Canada)		1,174
	42,036	*	Perry Ellis International, Inc		1,090
	404,026		Persimmon plc		9,868
	496,996		Phillips-Van Heusen Corp		63,700
	167,855		PIK Group (GDR)		537
	296,800	*	Pioneer Corp		564
	8,104,857		Playmates Holdings Ltd		7,364
	644,000	e	Playmates Toys Ltd		145
	309,903	e	Polaris Industries, Inc		46,870
	124,680		Pool Corp		7,910
	453,500	*,e,m	Ports Design Ltd		138
	5,162,935		Pou Chen Corp		6,226
	6,600		Pressance Corp		205
	1,180,200		Prime Success International Group Ltd		430
	3,017,374		Pulte Homes, Inc		64,753
	436,034	*,e	Quiksilver, Inc		964
	151,811		Rajesh Exports Ltd		340
	306,486	e	Ralph Lauren Corp		56,749
	82,050		Raymond Ltd		652
	590,602		Redrow plc		2,700
	108,200		Restoque Comercio e Confeccoes de Roupas S.A.		309
	29,666		Rinnai Corp		1,993

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,603,562		Ruentex Industries Ltd	$	3,363
	169,290	e	Ryland Group, Inc		6,528
	33,150	*,e	Safilo Group S.p.A.		430
	54,147	e	Salvatore Ferragamo Italia S.p.A		1,333
	57,802		Samick Musical Instruments Co Ltd		181
	1,045,000		Sampo Corp		419
	1,227,000		Samson Holding Ltd		171
	748,200		Samsonite International		2,217
	29,876		Sangetsu Co Ltd		724
	106,321		Sankyo Co Ltd		3,647
	122,400		Sanyo Electric Taiwan Co Ltd		119
	329,000		Sanyo Shokai Ltd		798
	24,196		SEB S.A.		1,797
	371,019		Sega Sammy Holdings, Inc		4,747
	143,000		Seiko Holdings Corp		797
	1,208,230		Seiren Co Ltd		9,333
	919,469		Sekisui Chemical Co Ltd		11,062
	1,676,357		Sekisui House Ltd		22,057
	50,214	*,e	Sequential Brands Group, Inc		656
	519,700	*	Shanghai Haixin Group Co		307
	359,802	*,e	Sharp Corp		796
	302,900	*	Shenzhen China Bicycle Co Holdings Ltd		126
	679,493		Shenzhou International Group Holdings Ltd		2,239
	87,591		Shimano, Inc		11,345
	263,000		Shinkong Textile Co Ltd		337
	716,000		Sitoy Group Holdings Ltd		579
	162,420	*,e	Skechers U.S.A., Inc (Class A)		8,974
	66,676	*	Skullcandy, Inc		613
	2,157,909	e	Skyworth Digital Holdings Ltd		1,168
	149,394	*,e	Smith & Wesson Holding Corp		1,415
	6,341,709		Sony Corp		129,430
	409,392	e	Sony Corp (ADR)		8,380
	16,695		SRF Ltd		230
	12,800		SRI Sports Ltd		142
	506,394	*	Standard-Pacific Corp		3,692
	28,500		Starts Corp, Inc		374
	5,677,478	e	Steinhoff International Holdings Ltd		29,045
	949,000		Stella International Holdings Ltd		2,509
	268,175	*,e	Steven Madden Ltd		8,536
	54,135	e	Sturm Ruger & Co, Inc		1,875
	161,554		Sumitomo Forestry Co Ltd		1,580
	43,193		Swatch Group AG.		19,189
	247,636		Swatch Group AG. (Registered)		21,421
	121,000	*	Sxl Corp		105
	7,525		Symphony Ltd		232
	1,106,537		Tainan Spinning Co Ltd		648
	667,600		Taiwan Paiho Ltd		899
	201,293		Takamatsu Corp		4,067
	17,700		Tamron Co Ltd		351
	2,417,298	*	Tatung Co Ltd		681
	15,747	*	Taylor Morrison Home Corp		297
	6,312,369		Taylor Wimpey plc		13,467

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	546,000	*,e	TCL Multimedia Technology Holdings Ltd	$	245
	39,000		Technos S.A.		113
	1,744,000		Techtronic Industries Co		5,595
	361,600		Tecnisa S.A.		524
	30,438		Ted Baker plc		1,045
	594,323	*,e	Tempur-Pedic International, Inc		32,634
	997,500	e	Texhong Textile Group Ltd		760
	918,000		Texwinca Holdings Ltd		793
	306,004	*	Thomson		1,708
	1,768,000		Time Watch Investments Ltd		256
	8,665		Titan Industries Ltd		52
	13,015	e	Tod’s S.p.A.		1,127
	7,890		Token Corp		318
	248,439	*	Toll Brothers, Inc		8,514
	106,311	*,e	TomTom NV		707
	61,968	e	Tomy Co Ltd		326
	65,000		Topkey Corp		242
	92,000		Toung Loong Textile Manufacturing		231
	2,137,579	*	TRI Pointe Homes, Inc		32,598
	9,325		Trigano S.A.		250
	1,198,000	e	Trinity Ltd		225
	266,600		TSI Holdings Co Ltd		1,567
	1,997		TTK Prestige Ltd		113
	282,694	*	Tumi Holdings, Inc		6,708
	97,184	e	Tupperware Corp		6,123
	17,240	*,e	Turtle Beach Corp		55
	26,928	*	UCP, Inc (Class A)		283
	139,011	*,e	Under Armour, Inc (Class A)		9,439
	50,192	*	Unifi, Inc		1,492
	624,000	*	Unitika Ltd		321
	90,254	*	Universal Electronics, Inc		5,869
	210,500	e	Universal Entertainment Corp		3,146
	591,479	*,e,m	Urbi Desarrollos Urbanos S.A. de C.V		0	^
	10,405		Vaibhav Global Ltd		103
	33,377		Vardhman Textiles Ltd		241
	60,136	*,e	Vera Bradley, Inc		1,226
	100,291	*	Vestel Elektronik Sanayi		273
	1,647,813		VF Corp		123,421
	53,872		Videocon Industries Ltd		137
	52,610	*,e	Vince Holding Corp		1,375
	273,627		Wacoal Holdings Corp		2,762
	36,870	*,e	WCI Communities, Inc		722
	490,500	e	Weiqiao Textile Co		280
	2,226,000		Welling Holding Ltd		442
	16,400	e	West Holdings Corp		137
	25,292		Weyco Group, Inc		750
	105,767		Whirlpool Corp		20,491
	53,673	*	Whirlpool of India Ltd		550
	57,624	*	William Lyon Homes, Inc		1,168
	292,913	e	Wolverine World Wide, Inc		8,632
	24,633	*	Woongjin Chemical Co Ltd		282
	220,150		Woongjin Coway Co Ltd		16,787
	265,131		Wuxi Little Swan Co Ltd		432

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,496,500		XTEP International Holdings	$	601
	120,288		Yamaha Corp		1,773
	18,900		Yondoshi Holdings, Inc		295
	25,682		Youngone Corp		1,241
	11,888		Youngone Holdings Co Ltd		959
	1,097,907		Yue Yuen Industrial Holdings		3,948
	1,260,000		Yuxing InfoTech Investment Holdings Ltd		273
	172,764		Zeng Hsing Industrial Co Ltd		865
	135,500		Zhonglu Co Ltd		235
			TOTAL CONSUMER DURABLES & APPAREL		2,768,923
CONSUMER SERVICES - 1.9%
	34,230	*,e	2U, Inc		673
	587,694		888 Holdings plc		1,262
	99,000	*	Abril Educacao S.A.		423
	2,600,897		Accor S.A.		116,913
	60,500		Accordia Golf Co Ltd		545
	2,083,000	*	Accordia Golf Trust		1,179
	645,456		Advtech Ltd		484
	119,872	e	Ainsworth Game Technology Ltd		230
	678,000		Ajisen China Holdings Ltd		515
	593,602	*,e	Alsea SAB de C.V.		1,640
	115,500	*,e	Amaya, Inc		2,838
	353,000		Ambassador Hotel		317
	47,979	*	American Public Education, Inc		1,769
	179,330	*,e	Apollo Group, Inc (Class A)		6,117
	2,277,644		ARAMARK Holdings Corp		70,949
	1,397,286		Aristocrat Leisure Ltd		7,420
	49,262	*,e	Ascent Media Corp (Series A)		2,607
	49,100	e	Atom Corp		317
	135,215	*	Autogrill S.p.A.		1,020
	1,858,683	*	Belmond Ltd.		22,992
	62,167		Benesse Corp		1,845
	617,027		Berjaya Sports Toto BHD		618
	185,831		BETFAIR Group Ltd		4,537
	41,159		Betsson AB		1,446
	50,900	*	BHG S.A.-Brazil Hospitality Group		340
	78,697	*	BJ’s Restaurants, Inc		3,951
	21,378,800	*	Bloomberry Resorts Corp		5,894
	477,104	*	Bloomin’ Brands, Inc		11,813
	87,689	e	Bob Evans Farms, Inc		4,488
	423,503	*	Boyd Gaming Corp		5,412
	53,831	*	Bravo Brio Restaurant Group, Inc		749
	60,296	*	Bridgepoint Education, Inc		683
	85,452	*	Bright Horizons Family Solutions		4,017
	400,693		Brinker International, Inc		23,517
	82,169	*,e	Buffalo Wild Wings, Inc		14,822
	4,692,147	e	Bwin.Party Digital Entertainment		8,551
	156,829	*,e	Caesars Acquisition Co		1,617
	170,196	*,e	Caesars Entertainment Corp		2,670
	600,000		Cafe de Coral Holdings Ltd		2,076
	59,580		Capella Education Co		4,585

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	234,654	*	Career Education Corp	$	1,633
	1,434,324		Carnival Corp		65,018
	110,151		Carnival plc		4,979
	50,788		Carriage Services, Inc		1,064
	118,461	*	Carrols Restaurant Group, Inc		904
	69,199	e	CBRL Group, Inc		9,740
	1,514,040		Century City International		109
	155,781	e	Cheesecake Factory		7,837
	251,012	*,e	Chegg, Inc		1,735
	7,900,000	e	China LotSynergy Holdings Ltd		587
	6,654,000		China Travel International Inv HK		2,299
	134,431	*	Chipotle Mexican Grill, Inc (Class A)		92,019
	37,290		Choice Hotels International, Inc		2,089
	39,492		Churchill Downs, Inc		3,764
	343,619	*,e	Chuy’s Holdings, Inc		6,759
	9,105	*	Cie des Alpes		167
	55,568		City Lodge Hotels Ltd		577
	20,687	*	Club Mediterranee S.A.		628
	73,764		ClubCorp Holdings, Inc		1,323
	18,128	e	Collectors Universe		378
	56,000	e	Colowide Co Ltd		784
	663,957		Compass Group plc		11,349
	147,748		Corporate Travel Management Lt		1,175
	563,939		Cox & Kings India Ltd		2,629
	16,500		Create Restaurants Holdings, Inc		228
	2,474		Credu Corp		115
	737,121		Crown Ltd		7,581
	170,900		CVC Brasil Operadora e Agencia de Viagens S.A.		997
	174,000		Dahan Development Corp		513
	9,100	e	Daisyo Corp		105
	1,174,284	e	Darden Restaurants, Inc		68,848
	3,083	*,e	Dave & Buster’s Entertainment, Inc		84
	565,013	*	Del Frisco’s Restaurant Group, Inc		13,413
	432,907	*	Denny’s Corp		4,463
	274,791	e	DeVry, Inc		13,044
	162,473	*	Diamond Resorts International, Inc		4,533
	52,697		Dignity plc		1,572
	54,247		DineEquity, Inc		5,622
	11,018		DO & CO AG.		832
	139,256		Domino’s Pizza Enterprises Ltd		2,835
	256,599		Domino’s Pizza UK & IRL plc		2,802
	54,561		Domino’s Pizza, Inc		5,138
	29,800		Doutor Nichires Holdings Co Ltd		428
	68,765		Dunkin Brands Group, Inc		2,933
	2,585,400	e	Dynam Japan Holdings Co Ltd		5,072
	4,758,809		Echo Entertainment Group Ltd		14,607
	157,628		EIH Ltd		316
	21,852	*,e	El Pollo Loco Holdings, Inc		436
	79,197	*,g	Elior Participations S.C.A		1,170
	1,500,000		Emperor Entertainment Hotel Ltd		361
	47,049	*,e	Empire Resorts, Inc		365
	260,692	e	Enercare Inc		3,254

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	623,640	*	Enterprise Inns plc	$	1,100
	1,474,000		Erawan Group PCL		206
	681,649		Estacio Participacoes S.A.		6,108
	2,715,795		Extended Stay America, Inc		52,442
	125,314	e	Famous Brands Ltd		1,250
	12,585	*,e	Famous Dave’s of America, Inc		331
	106,004	*	Fiesta Restaurant Group, Inc		6,445
	277,330		First Hotel		175
	135,536	e	Flight Centre Ltd		3,588
	40,693		Formosa International Hotels Corp		435
	52,550		Fortuna Entertainment Group NV		277
	794,000		Fu Shou Yuan International Group Ltd		382
	59,000	e	Fuji Kyuko Co Ltd		569
	65,000	e	Fujita Kanko, Inc		199
	679,712		G8 Education Ltd		2,296
	35,500		GAEC Educacao S.A.		472
	1,986,155		Galaxy Entertainment Group Ltd		11,037
	2,240,708		Genting BHD		5,676
	48,133,128		Genting International plc		39,026
	101,112		Gold Reef Resorts Ltd		254
	72,000		Gourmet Master Co Ltd		367
	1,608		Graham Holdings Co		1,389
	181,330	*	Grand Canyon Education, Inc		8,461
	36,026		Grand Korea Leisure Co Ltd		1,047
	97,757	*	Great Canadian Gaming Corp		1,738
	232,717		Greene King plc		2,690
	181,157	e	GTECH S.p.A.		4,045
	509,000		GuocoLeisure Ltd		342
	40,715		GVC Holdings plc		305
	694,509		H&R Block, Inc		23,391
	15,421	*,e	Habit Restaurants, Inc		499
	437,000	*,g	Haichang Holdings Ltd		72
	11,022		Hana Tour Service, Inc		779
	9,600	*	Hiday Hidaka Corp		301
	2,432,842	*,e	Hilton Worldwide Holdings, Inc		63,473
	26,700		Hiramatsu Inc		144
	60,700		HIS Co Ltd		1,714
	527,827	*	Homeinns Hotel Group (ADR)		15,845
	39,472		Hotel Shilla Co Ltd		3,274
	293,100	*,e	Hoteles City Express SAB de C.V.		463
	375,106	*	Houghton Mifflin Harcourt Co		7,768
	203,150		Huangshan Tourism Development Co Ltd		329
	129,117	*	Hyatt Hotels Corp		7,774
	7,700	e	Ichibanya Co Ltd		326
	25,332	*,e	Ignite Restaurant Group, Inc		199
	542,647	*	Indian Hotels Co Ltd		1,076
	70,646		InterContinental Hotels Group plc		2,843
	118,760		International Game Technology		2,049
	64,200		International Meal Co Holdings S.A.		290
	95,744		International Speedway Corp (Class A)		3,030
	504,840		Interval Leisure Group, Inc		10,546
	317,583	*	Intralot S.A.-Integrated Lottery Systems & Services		417

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	58,393	*,e	Intrawest Resorts Holdings Inc	$	697
	111,116	e	Invocare Ltd		1,092
	115,888	*	Isle of Capri Casinos, Inc		970
	27,067	*,e	ITT Educational Services, Inc		260
	174,262		Jack in the Box, Inc		13,934
	46,932	*	Jamba, Inc		708
	11,850	*	Jinmao Investments and Jinmao China Investments Holdings Ltd		9
	875,132		Jollibee Foods Corp		4,184
	53,600	e	JP-Holdings Inc/Japan		165
	18,092	*	Jubilant Foodworks Ltd		393
	163,744	*	K12, Inc		1,944
	418,636		Kangwon Land, Inc		11,539
	27,200	*,e	Kappa Create Co Ltd		259
	21,200	e	Kisoji Co Ltd		349
	99,000	*	KNT-CT Holdings Co Ltd		125
	7,400	e	Koshidaka Holdings Co Ltd		108
	815,333		Kosmopolito Hotels International Ltd		139
	313,040	*,e	Krispy Kreme Doughnuts, Inc		6,179
	2,908,884		Kroton Educacional S.A.		16,962
	3,586		Kuoni Reisen Holding		1,079
	11,100		Kura Corp		312
	8,800	e	Kyoritsu Maintenance Co Ltd		423
	171,981	*	La Quinta Holdings, Inc		3,794
	986,983		Ladbrokes plc		1,689
	649,712	e	Las Vegas Sands Corp		37,787
	9,833	*	Liberty Tax, Inc		351
	138,562	*	Life Time Fitness, Inc		7,845
	355,278	*,e	LifeLock, Inc		6,576
	3,010,000	*,e	Macau Legend Development Ltd		1,122
	1,386,806		Macquarie Leisure Trust Group		3,283
	143,306	*	Mantra Group Ltd		339
	64,970		Marcus Corp		1,203
	1,169,563	e	Marriott International, Inc (Class A)		91,261
	94,870		Marriott Vacations Worldwide Corp		7,072
	613,677		Marston’s plc		1,368
	8,300	e	Matsuya Foods Co Ltd		174
	1,763,889		McDonald’s Corp		165,276
	16,664	e	McDonald’s Holdings Co Japan Ltd		365
	11,552		MegaStudy Co Ltd		560
	21,100		Meiko Network Japan Co Ltd		215
	8,768,900	*	Melco Crown Philippines Resorts Corp		2,652
	921,000	e	Melco International Development		2,016
	49,104	e	Melia Hotels International S.A.		525
	1,444,000	*,e	MelcoLot Ltd		128
	1,324,816	g	Merlin Entertainments plc		8,198
	1,272,100	e	MGM China Holdings Ltd		3,212
	991,155	*	MGM Mirage		21,191
	73,887		Millennium & Copthorne Hotels plc		679
	4,815,190		Minor International PCL (Foreign)		4,724
	220,580	*	Mitchells & Butlers plc		1,314
	11,688		Modetour Network, Inc		256
	37,495	*	Monarch Casino & Resort, Inc		622

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	89,337	*	Morgans Hotel Group Co	$	700
	25,700	e	MOS Food Services, Inc		474
	15,369	e	MTY Food Group, Inc		446
	8,409	*	Nathan’s Famous, Inc		673
	239,632		Navitas Ltd		985
	288,774	*	NET Holding AS		489
	206,468	*	NH Hoteles S.A.		986
	30,937	*,e	Noodles & Co		815
	280,368	*,e	Norwegian Cruise Line Holdings Ltd		13,110
	11,200		Ohsho Food Service Corp		407
	843,462		OPAP S.A.		9,039
	12,137	*	Orascom Development Holding AG.		218
	56,816		Oriental Land Co Ltd		13,103
	363,000	e	Overseas Union Enterprise Ltd		558
	25,400		Pacific Golf Group International Holdings KK		241
	82,106		Paddy Power plc		6,846
	16,313	*,e	Panera Bread Co (Class A)		2,852
	200,366		Papa John’s International, Inc		11,180
	1,010,918	*,a,e	Papa Murphy’s Holdings, Inc		11,747
	52,895		Paradise Co Ltd		1,128
	456,000	e	Paradise Entertainment Ltd		185
	541,899	*	Penn National Gaming, Inc		7,440
	5,200	*,e	Pierre & Vacances		140
	171,962	*,e	Pinnacle Entertainment, Inc		3,826
	21,400		Plenus Co Ltd		381
	118,099	*	Popeyes Louisiana Kitchen, Inc		6,645
	41,589	*,e	Potbelly Corp		535
	1,839,398		Raffles Education Corp Ltd		462
	40,945	*	Red Robin Gourmet Burgers, Inc		3,152
	885,000	e	Regal Hotels International Holdings Ltd		583
	152,269	*	Regis Corp		2,552
	3,294,334		Resorts World BHD		3,825
	72,000	*,e	Resorttrust, Inc		1,576
	28,586	*,e	Restaurant Brands International LP		1,075
	3,404,494	*	Restaurant Brands International, Inc		132,911
	166,903	*	Restaurant Brands International, Inc (Toronto)		6,536
	261,919		Restaurant Group plc		2,670
	140,638		Retail Food Group Ltd		657
	26,414,566	e	REXLot Holdings Ltd		2,126
	92,615	*	Rezidor Hotel Group AB		335
	17,500	e	Ringer Hut Co Ltd		283
	71,000		Round One Corp		414
	1,108,851	e	Royal Caribbean Cruises Ltd		91,403
	28,400		Royal Holdings Co Ltd		395
	215,983	*	Ruby Tuesday, Inc		1,477
	195,672		Ruth’s Chris Steak House, Inc		2,935
	30,800	e	Saizeriya Co Ltd		406
	8,601,695	e	Sands China Ltd		41,874
	255,626	*,e	Scientific Games Corp (Class A)		3,254
	138,087		SeaWorld Entertainment, Inc		2,472
	46,500		Ser Educacional S.A.		518

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	530,605		Service Corp International	$	12,045
	78,757	*	ServiceMaster Global Holdings, Inc		2,108
	308,984	m	Shanghai Jinjiang International Hotels Development Co Ltd		595
	2,228,000		Shanghai Jinjiang International Hotels Group Co Ltd		709
	170,049		Shanghai Jinjiang International Travel Co Ltd		442
	926,120		Shangri-La Asia Ltd		1,269
	2,050		Shinsegae Food Co Ltd		199
	108,973		Six Flags Entertainment Corp		4,702
	3,282,613		SJM Holdings Ltd		5,189
	25,816		SkiStar AB (Series B)		289
	623,844	e	Sky City Entertainment Group Ltd		1,885
	184,634		Slater & Gordon Ltd		958
	27,250		Sodexho Alliance S.A.		2,667
	568,463		Sonic Corp		15,479
	169,727	e	Sotheby’s (Class A)		7,329
	39,258		Speedway Motorsports, Inc		859
	1,774,215		Spirit Pub Co plc		2,884
	144,376	e	Spur Corp Ltd		389
	279,990	*	SSP Group plc		1,287
	7,900		St Marc Holdings Co Ltd		453
	2,368,569		Starbucks Corp		194,341
	274,639		Starwood Hotels & Resorts Worldwide, Inc		22,265
	6,079	*	Steak N Shake Co		2,429
	51,288	*	Steiner Leisure Ltd		2,370
	57,500	*,e	Strayer Education, Inc		4,271
	151,589		Sun International Ltd		1,676
	2,403,200		Ta Enterprise BHD		477
	1,336,968		Tabcorp Holdings Ltd		4,513
	5,915,954		Tattersall’s Ltd		16,639
	197,341		Texas Roadhouse, Inc (Class A)		6,662
	1,565,568	*	Thomas Cook Group plc		3,098
	75,014		Thomas Cook India Ltd		190
	183,000		Tokyo Dome Corp		804
	154,000	e	Tokyotokeiba Co Ltd		381
	16,700		Toridoll.corp		235
	7,000		Tosho Co Ltd		159
	602,000	e	Tsui Wah Holdings Ltd		213
	18,800	e	Tsukada Global Holdings, Inc		128
	219,722		TUI AG.		3,643
	10,507	*	TUI AG. (DI)		174
	155,762	*	TUI AG. (New)		2,503
	78,832		Unibet Group plc (ADR)		4,980
	77,594		Universal Technical Institute, Inc		764
	101,178		Vail Resorts, Inc		9,220
	165,826		Vocation Ltd		30
	19,900	e	Watami Co Ltd		184
	77,893	*,e	Weight Watchers International, Inc		1,935
	133,966		Wendy’s		1,210
	125,321		Wetherspoon (J.D.) plc		1,602
	61,400		Whistler Blackcomb Holdings, Inc		1,084

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	568,131		Whitbread plc	$	42,045
	558,670	e	William Hill plc		3,139
	65,220		Wowprime Corp		609
	457,926		Wyndham Worldwide Corp		39,272
	1,883,571	e	Wynn Macau Ltd		5,255
	206,920		Wynn Resorts Ltd		30,781
	812,000	*	Xiao Nan Guo Restaurants Holdings Ltd		105
	325,000		YBM Sisa.com, Inc		1,220
	41,000	e	Yomiuri Land Co Ltd		170
	63,400		Yoshinoya D&C Co Ltd		730
	530,772		Yum! Brands, Inc		38,667
	6,685	e	Zeal Network SE		318
	102,700	e	Zensho Co Ltd		843
	672,000		Zhuhai Holdings Investment Group Ltd		129
	817,111	*,e	Zoe’s Kitchen, Inc		24,440
			TOTAL CONSUMER SERVICES		2,398,615
DIVERSIFIED FINANCIALS - 3.9%
	491,608		3i Group plc		3,428
	31,583		ABC Arbitrage		179
	805,623		Aberdeen Asset Management plc		5,383
	59,484		Ackermans & Van Haaren		7,335
	327,700	*,e	Acom Co Ltd		1,000
	106,890	e	Aeon Credit Service Co Ltd		2,111
	87,000		Aeon Credit Service M BHD		298
	368,113	*	Affiliated Managers Group, Inc		78,128
	820,798		AFP Habitat S.A.		1,242
	1,389,533	*,e,m	African Bank Investments Ltd		1
	69,116		AGF Management Ltd		505
	309,900	*,e	Aiful Corp		1,044
	1,647,400		AIRA Capital Co Ltd		162
	59,499		Aker ASA (A Shares)		1,309
	1,669,503	*	Al Waha Capital PJSC		1,265
	93,825	e	Alaris Royalty Corp		2,856
	1,638,884	*	Alexander Forbes Group Holdings Ltd		1,346
	102,868	*	Allied Minds plc		583
	696,881	*	Ally Financial, Inc		16,460
	28,379		Altamir Amboise		354
	2,725,432		American Express Co		253,574
	1,688,456		Ameriprise Financial, Inc		223,298
	7,554,304	*,g	Anima Holding S.p.A		38,004
	966,649		ARA Asset Management Ltd		1,237
	168,223	e	Arlington Asset Investment Corp (Class A)		4,476
	166,891		Arrow Global Group plc		589
	56,114		Artisan Partners Asset Management, Inc		2,835
	2,866	*,e	Ashford, Inc		269
	379,057	e	Ashmore Group plc		1,642
	12,981	*,m	Asia Pacific Investment Partners Limited		99
	1,387,200		Asia Plus Securities PCL		172
	8,791,000		Asian Pay Television Trust		5,707
	21,890		Aurelius AG.		828
	218,403		Australian Stock Exchange Ltd		6,516
	26,230	e	Avanza AB		864

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	298,326		Ayala Corp	$	4,609
	2,215	*,m	Ayala Corp Preferred		0	^
	107,472		Azimut Holding S.p.A.		2,335
	20,294		Bajaj Auto Finance Ltd		1,120
	193,450		Banca Generali S.p.A		5,380
	75,544		Banca IFIS S.p.A.		1,243
	319,925	e	Banca Profilo S.p.A.		119
	1,381,413		Bank of New York Mellon Corp		56,044
	701,852		BGC Partners, Inc (Class A)		6,422
	159,256		BinckBank NV		1,354
	367,855		BlackRock, Inc		131,530
	625,868		Blackstone Group LP		21,173
	1,945,686		BM&F Bovespa S.A.		7,210
	2,618,700	e	Bolsa Mexicana de Valores S.A. de C.V.		4,743
	90,133	e	Bolsas y Mercados Espanoles		3,491
	677,901	*,e	Brait S.A.		4,589
	409,653		Brewin Dolphin Holdings plc		1,890
	204,634		BT Investment Management Ltd		1,116
	140,944		Bure Equity AB		647
	380,900		Bursa Malaysia BHD		879
	92,725		Calamos Asset Management, Inc (Class A)		1,235
	23,483	*	Callidus Capital Corp		354
	286,052		Canaccord Financial, Inc		1,923
	1,704,371		Capital One Financial Corp		140,696
	2,286,300		Capital Securities Corp		753
	100,551		Cash America International, Inc		2,274
	666,286		CBOE Holdings, Inc		42,256
	55,691		Cembra Money Bank AG.		3,061
	530,000	*	Central China Securities Co Ltd		505
	76,601		Century Leasing System, Inc		1,909
	94,046	*,e	Cerved Information Solutions S.p.A		497
	238,816		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		2,893
	2,991,086		Chailease Holding Co Ltd		7,408
	854,713		Challenger Financial Services Group Ltd		4,515
	5,718,471		Charles Schwab Corp		172,641
	678,000	*	China Assurance Finance Group Ltd		75
	1,232,000		China Bills Finance Corp		438
	12,374,200	*	China Cinda Asset Management Co Ltd		5,992
	1,102,137		China Everbright Ltd		2,608
	3,410,000	*	China Financial International Investments Ltd		352
	5,239,000		China Galaxy Securities Co Ltd		6,529
	3,665,000	e	China LNG Group Ltd		701
	144,665	e	China Merchants China Direct Investments Ltd		258
	354,951	e	CI Financial Corp		9,865
	18,936	e	CIFC Corp		157
	695,643	*	Citadel Capital Corp		277
	1,699,403	e	CITIC Securities Co Ltd		6,352
	362,517		Close Brothers Group plc		8,377
	184,776		CME Group, Inc		16,380
	101,118	*	Coface S.A.		1,340
	50,915	e	Cohen & Steers, Inc		2,143
	1,665,563	*,e	Compartamos SAB de C.V.		3,347
	105,465	*	Consumer Portfolio Services, Inc		776

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	542,536		Coronation Fund Managers Ltd	$	5,369
	30,088		Corp Financiera Alba		1,471
	134,605		Corp Financiera Colombiana S.A.		2,263
	395,063	*	Cowen Group, Inc		1,896
	32,998	*,e	Credit Acceptance Corp		4,501
	11,018		Credit Analysis & Research Ltd		258
	1,269,600	e	Credit China Holdings Ltd		284
	127,268		Credit Saison Co Ltd		2,367
	1,883,154		Credit Suisse Group		47,307
	404,947	e	Credito Real SAB de C.V.		868
	206,377	*	Daewoo Securities Co Ltd		1,824
	44,171		Daishin Securities Co Ltd		379
	26,410		Daishin Securities Co Ltd PF		147
	3,692,135		Daiwa Securities Group, Inc		28,910
	93,066	*,e	DeA Capital S.p.A.		182
	915,300		Deutsche Bank AG.		27,408
	10,177	*	Deutsche Beteiligungs AG.		311
	187,246		Deutsche Boerse AG.		13,306
	10,386		Diamond Hill Investment Group, Inc		1,434
	1,898,382		Discover Financial Services		124,325
	2,213,416	*	Dubai Financial Market		1,171
	45,541	*	Dundee Corp		502
	3,655,224	*	E*Trade Financial Corp		88,657
	244,945		Eaton Vance Corp		10,026
	11,903		EFG Financial Products Holding AG.		2,856
	70,390	e	EFG International		821
	1,090,995	*	Egypt Kuwait Holding Co		809
	671,154	*	Egyptian Financial Group-Hermes Holding		1,433
	405,651	*	Element Financial Corp		4,937
	79,356	*,e	Encore Capital Group, Inc		3,523
	137,236	*	Enova International, Inc		3,055
	40,754		Eurazeo		2,854
	63,769	*,g	Euronext NV		2,062
	160,096		Evercore Partners, Inc (Class A)		8,384
	89,891		Exor S.p.A.		3,688
	184,850	*,e	Ezcorp, Inc (Class A)		2,172
	3,308,395		Far East Horizon Ltd		3,252
	26,806	*	FBR & Co		659
	110,288	e	Federated Investors, Inc (Class B)		3,632
	25,000		Fiera Capital Corp		273
	1,124	*	Fifth Street Asset Management, Inc		16
	147,653	e	Financial Engines, Inc		5,397
	58,100	e	Financial Products Group Co Ltd		695
	86,655	*	First Cash Financial Services, Inc		4,824
	3,026,785		First Pacific Co		2,989
	7,116,308		FirstRand Ltd		30,936
	242,448	e	FlexiGroup Ltd		589
	198,220	*	FNFV Group		3,120
	286,660		Franklin Resources, Inc		15,872
	7,874,286		Fubon Financial Holding Co Ltd		12,534

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,533,887		Fuhwa Financial Holdings Co Ltd	$	12,870
	31,300	e	Fuyo General Lease Co Ltd		1,081
	162,738	e	FXCM, Inc		2,697
	75,504	e	Gain Capital Holdings, Inc		681
	20,283	e	GAMCO Investors, Inc (Class A)		1,804
	243,474		GFI Group, Inc		1,327
	26,052		Gimv NV		1,199
	82,144		Gluskin Sheff + Associates, Inc		1,958
	51,784		GMP Capital, Inc		283
	968,142		Goldman Sachs Group, Inc		187,655
	115,325	*	Green Dot Corp		2,363
	81,957	e	Greenhill & Co, Inc		3,573
	80,861		Groupe Bruxelles Lambert S.A.		6,899
	883	*,m	Groupe Bruxelles Lambert S.A. - (Strip VVPR)		0	^
	547,134		Grupo de Inversiones Suramericana S.A.		9,209
	98,371		Grupo de Inversiones Suramericana S.A. (Preference)		1,635
	170,200	e	Grupo Financiero Interacciones S.A. de C.V.		1,160
	208,160		GT Capital Holdings, Inc		4,768
	1,001,847	*	Gulf General Investment Co		195
	2,972,600	e	Guotai Junan International Hol		2,241
	1,609,303		Haci Omer Sabanci Holding AS		6,986
	3,268,012	e	Haitong Securities Co Ltd		8,157
	26,206		Hankook Tire Worldwide Co Ltd		580
	62,206	*	Hanwha Securities Co		209
	272,984		Hargreaves Lansdown plc		4,271
	111,651		Hellenic Exchanges S.A.		625
	2,425,679		Henderson Group plc		8,020
	192,578		HFF, Inc (Class A)		6,917
	282,300		Hitachi Capital Corp		6,213
	16,997	*	HMC Investment Securities Co Ltd		155
	1,267,402		Hong Kong Exchanges and Clearing Ltd		27,980
	141,075	*	Hyundai Securities Co		882
	25,711	m	Hyundai Securities Co Ltd		161
	29,100		IBJ Leasing Co Ltd		577
	183,444		ICAP plc		1,285
	189,400	e	Ichigo Group Holdings Co Ltd		390
	38,100		Ichiyoshi Securities Co Ltd		410
	1,788,418		IFCI Ltd		1,067
	920,524		IG Group Holdings plc		10,286
	199,358	e	IGM Financial, Inc		7,947
	159,717	e	IMF Australia Ltd		275
	309,584		India Infoline Ltd		839
	250,813		Indiabulls Housing Finance Ltd		1,816
	18,736		Indiabulls Securities Ltd		7
	69,229	e	Industrivarden AB		1,202
	1,091,302		Infrastructure Development Finance Co Ltd		2,701
	18,404,943	*	ING Groep NV		237,786
	1,427,724	*,e	ING Groep NV (ADR)		18,518
	95,774		Interactive Brokers Group, Inc (Class A)		2,793
	179,983	*,m	Interbolsa S.A.		0	^
	317,383		IntercontinentalExchange Group, Inc		69,599
	985,312		Intermediate Capital Group plc		7,039

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	254,098		International Personal Finance plc	$	1,766
	52,956	*,e	INTL FCStone, Inc		1,089
	70,175		Inversiones La Construccion S.A.		851
	1,163,452		Invesco Ltd		45,980
	256,265		Investec Ltd		2,148
	1,325,020		Investec plc		11,101
	132,858	*	Investment Technology Group, Inc		2,766
	810,738		Investor AB (B Shares)		29,477
	908,431	e	IOOF Holdings Ltd		6,549
	2,012,300	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		3,368
	47,319	e	iShares China Large-Cap ETF		1,969
	458,141	e	iShares MSCI Canada Index Fund		13,222
	2,080,419	e	iShares MSCI EAFE Index Fund		126,573
	1,376,956	e	iShares MSCI Emerging Markets		54,101
	88,900		Iwai Securities Co Ltd		995
	83,800	e	J Trust Co Ltd		736
	147,000		Jaccs Co Ltd		745
	70,517	e	Jafco Co Ltd		2,415
	516,545	e	Janus Capital Group, Inc		8,332
	1,275,400		Japan Securities Finance Co Ltd		6,431
	38,998	*,e	JG Wentworth Co		416
	1,874,018		Jih Sun Financial Holdings Co Ltd		493
	187,523		JM Financial Ltd		139
	181,059		JSE Ltd		1,894
	262,525		Julius Baer Group Ltd		11,986
	461,199		Julius Baer Holding AG.		8,291
	392,426		Jupiter Investment Management Group Ltd		2,216
	846,000		K1 Ventures Ltd		119
	1,761,300		kabu.com Securities Co Ltd		8,641
	33,294	*	KBC Ancora		1,067
	164,069	*	KCG Holdings, Inc		1,911
	508,392		Kinnevik Investment AB (Series B)		16,533
	13,037		KIWOOM Securities Co Ltd		541
	44,740		Korea Investment Holdings Co Ltd		1,967
	280,300		Krungthai Card PCL		542
	20,855	*	Kyobo Securities Co		151
	21,100		Kyokuto Securities Co Ltd		335
	280,926	*,e	Ladenburg Thalmann Financial Services, Inc		1,110
	1,076,067		Lazard Ltd (Class A)		53,836
	1,244,483		Legg Mason, Inc		66,418
	625,841	e	Leucadia National Corp		14,031
	74,557		London Stock Exchange Group plc		2,565
	177,203		LPL Financial Holdings, Inc		7,894
	98,256		Lundbergs AB (B Shares)		4,247
	352,764		Macquarie Group Ltd		16,635
	110,654	e	Magellan Financial Group Ltd		1,474
	278,673		Mahindra & Mahindra Financial Services Ltd		1,449
	27,910,452		Man Group plc		69,451
	636,737		Manappuram General Finance & Leasing Ltd		342
	76,224		Manning & Napier, Inc		1,053
	74,191	*	Marcus & Millichap, Inc		2,467
	685,085	*	Marfin Investment Group S.A		156

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	168,500		MarketAxess Holdings, Inc	$	12,083
	30,982		Marlin Business Services Corp		636
	239,000		Marusan Securities Co Ltd		1,603
	1,409,772		Masterlink Securities Corp		444
	596,700		Matsui Securities Co Ltd		5,163
	1,049,684		McGraw-Hill Financial, Inc		93,401
	8,867,649		Mediobanca S.p.A.		72,054
	997	*,e	Medley Management, Inc		15
	92,926		Meritz finance Holdings Co Ltd		757
	564,688		Meritz Securities Co Ltd		2,011
	11,182,404		Metro Pacific Investments Corp		1,143
	75,340		Mirae Asset Securities Co Ltd		2,930
	178,200		Mito Securities Co Ltd		633
	434,560		Mitsubishi UFJ Lease & Finance Co Ltd		2,044
	89,773		MLP AG.		397
	46,778	e	Moelis & Co		1,634
	595,000		Monex Beans Holdings, Inc		1,417
	1,537,426		Moody’s Corp		147,301
	10,760,716		Morgan Stanley		417,516
	624,600	*	MPHB Capital BHD		363
	224,220		MSCI, Inc (Class A)		10,637
	1,531,700	*	Mulpha International BHD		161
	1,316,400		Multi-Purpose Holdings BHD		1,025
	86,977		NASDAQ OMX Group, Inc		4,171
	1,309,636		Navient Corp		28,301
	66,794		Nelnet, Inc (Class A)		3,095
	100,006	*	NewStar Financial, Inc		1,280
	20,573		NICE Holdings Co Ltd		284
	38,861	*	Nicholas Financial, Inc		579
	2,800,372		Nomura Holdings, Inc		15,847
	84,411		Nordnet AB (Series B)		305
	180,714		Northern Trust Corp		12,180
	343,675		NorthStar Asset Management Group, Inc		7,757
	3,367,866	e	NZX Ltd		3,074
	661,000		Okasan Holdings, Inc		4,970
	36,214	*	OM Asset Management plc		588
	94,947		Onex Corp		5,513
	35,195		Oppenheimer Holdings, Inc		818
	15,834	*	Oresund Investment AB		336
	377,500	*	Orient Corp		618
	3,418,290		ORIX Corp		43,012
	349,500		Osaka Securities Exchange Co Ltd		8,147
	619,275		OSK Holdings BHD		358
	242,365	e	OzForex Group Ltd		556
	11,606		Pargesa Holding S.A.		896
	14,021		Partners Group		4,079
	180,194		Peregrine Holdings Ltd		361
	517,000	*,m	Peregrine Investment Holdings		0	^
	73,965		Perpetual Trustees Australia Ltd		2,764
	181,002	*,e	PHH Corp		4,337
	82,264		Philippine Stock Exchange, Inc		548
	78,589	*	Pico Holdings, Inc		1,481

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	305,402	*	Pioneers Holding	$	531
	54,428	*	Piper Jaffray Cos		3,162
	616,991		Platinum Asset Mangement Ltd		3,625
	277,452	e	Plus500 Ltd		2,562
	79,932		PMC Fincorp Ltd		103
	109,100		Pocket Card Co Ltd		524
	661,892		Power Finance Corp Ltd		3,144
	140,878	*,e	PRA Group, Inc		8,161
	1,111,509		President Securities Corp		583
	182,502		Provident Financial plc		6,966
	34,797		Pzena Investment Management, Inc (Class A)		329
	10,236	*	Qatar Industrial Manufacturing Co		121
	205,349		Ratos AB (B Shares)		1,234
	92,924		Raymond James Financial, Inc		5,324
	37,338	*	Regional Management Corp		590
	142,665	*	Reliance Capital Ltd		1,110
	31,536	*	Religare Enterprises Ltd		184
	543,633		Remgro Ltd		11,893
	51,850		Resource America, Inc (Class A)		469
	79,709	*,e	RHJ International		445
	16,100		Ricoh Leasing Co Ltd		415
	929,708		RMB Holdings Ltd		5,134
	908,000	*	Rowsley Ltd		132
	599,277		Rural Electrification Corp Ltd		3,163
	73,524	*	Safeguard Scientifics, Inc		1,457
	77,629	*	Salam International Investment Co		332
	206,321		Samsung Card Co		8,297
	69,389		Samsung Securities Co Ltd		2,790
	670,853		Santander Consumer USA Holdings, Inc		13,155
	268,800	e	Sawada Holdings Co Ltd		2,026
	67,127		SBI Holdings, Inc		733
	73,771		Schroders plc		3,066
	628,020		SEI Investments Co		25,146
	5	*,m	SFCG Co Ltd		0	^
	198,457		Shriram Transport Finance Co Ltd		3,477
	512,357	*	SHUAA Capital PSC		90
	23,786		Silvercrest Asset Management Group, Inc		372
	997,356		Singapore Exchange Ltd		5,864
	255,974	*	SK Securities Co Ltd		203
	112,622	*	SKS Microfinance Pvt Ltd		734
	810,643		SLM Corp		8,260
	768,475	*,e,m	SNS Reaal		9
	9,104	*	Societe Fonciere Financiere et de Participations FFP		551
	101,300	e	Sparx Group Co Ltd		171
	4,500		SPDR Trust Series 1		925
	83,175	*,e	Springleaf Holdings, Inc		3,008
	159,686	e	Sprott, Inc		335
	252,647		SREI Infrastructure Finance Ltd		189
	478,100	*	Srisawad Power 1979 PCL		360
	2,276,657		State Street Corp		178,718
	231,879	*	Stifel Financial Corp		11,830
	636,000	e	Sun Hung Kai & Co Ltd		483

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,136		Sundaram Finance Ltd	$	885
	201,539	*	SVG Capital plc		1,389
	9,857		Swissquote Group Holding S.A.		309
	96,944	*,e	SWS Group, Inc		670
	3,505,383	*	Synchrony Financial		104,285
	252,910		T Rowe Price Group, Inc		21,715
	556,632	e	Tai Fook Securities Group Ltd		353
	413,000		Taiwan Acceptance Corp		1,015
	170,000		Takagi Securities Co Ltd		368
	191,656		Tamburi Investment Partners S.p.A.		607
	287,570		TD Ameritrade Holding Corp		10,289
	32,695	*	Tilak Finance Ltd		109
	24,945	*,e	Tiptree Financial, Inc		202
	41,098	e	TMX Group Ltd		1,790
	340,580		Tokai Tokyo Securities Co Ltd		2,324
	108,058	*	Tong Yang Investment Bank		360
	59,000		Toyo Securities Co Ltd		169
	91,500	e	Tricon Capital Group, Inc		687
	231,463		Tullett Prebon plc		1,020
	8,953,705		UBS AG.		153,912
	999,114		UOB-Kay Hian Holdings Ltd		1,144
	124,237	*,e	Uranium Participation Corp		551
	840,000		Value Partners Group Ltd		701
	32,428		Virtus Investment Partners, Inc		5,529
	60,173		Vontobel Holding AG.		2,261
	183,793	*,e	Vostok Nafta Investment Ltd (ADR)		887
	1,301,900		Voya Financial, Inc		55,175
	173,920		Waddell & Reed Financial, Inc (Class A)		8,665
	131,535	*,e	Walter Investment Management Corp		2,172
	63,430		Warsaw Stock Exchange		821
	3,721,403		Waterland Financial Holdings		983
	31,815		Wendel		3,565
	20,453		Westwood Holdings Group, Inc		1,264
	746,217	e	WisdomTree Investments, Inc		11,697
	165,563	e	WisdomTree Japan Hedged Equity Fund		8,151
	12,863		Woori Financial Co Ltd		241
	149,645		Woori Investment & Securities Co Ltd		1,381
	21,798	*,e	World Acceptance Corp		1,732
	1,585,168		Zeder Investments Ltd		1,035
	125,300	*	Zenkoku Hosho Co Ltd		3,556
			TOTAL DIVERSIFIED FINANCIALS		4,834,780
ENERGY - 7.2%
	19,804		Aban Offshore Ltd		156
	553,906	*,e	Abraxas Petroleum Corp		1,629
	9,990		Adams Resources & Energy, Inc		499
	46,203,815		Adaro Energy Tbk		3,855
	393,856	*	Advantage Oil & Gas Ltd		1,885
	1,127,200	*	Afren plc		827
	357,529	e	Akastor ASA		1,030
	162,295	*,e	Aker Solutions ASA		903

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	439,400	*	Alam Maritim Resources BHD	$	79
	181,489		Alliance Holdings GP LP		11,069
	89,092		Alon USA Energy, Inc		1,129
	388,489	*,e	Alpha Natural Resources, Inc		649
	109,909	e	AltaGas Income Trust		4,100
	180,541		AMEC plc		2,384
	1,014,227	*,e	Amerisur Resources plc		703
	107,822	*,e	Amyris Biotechnologies, Inc		222
	1,293,846		Anadarko Petroleum Corp		106,742
	245,272		Anglo Pacific Group plc		383
	195,818	*,e	Antero Resources Corp		7,946
	1,218,000	e	Anton Oilfield Services Group		261
	1,926,717		Apache Corp		120,747
	30,509	*,e	APCO Argentina, Inc		428
	133,456	*,e	Approach Resources, Inc		853
	1,377,947	e	ARC Resources Ltd		29,841
	755,247	e	Arch Coal, Inc		1,344
	1,550,494	*,e	Archer Ltd		832
	58,774	e	Ardmore Shipping Corp		704
	7,506	*,e	Aspen Aerogels, Inc		60
	390,329	*,e	Athabasca Oil Corp		870
	34,068	*	Atwood Oceanics, Inc		967
	585,635	*,e	Australian Worldwide Exploration Ltd		610
	22,685	g	Avance Gas Holding Ltd		307
	54,321	e	Awilco Drilling plc		567
	2,694,646		Baker Hughes, Inc		151,089
	281,600		Bangchak Petroleum PCL		201
	992,670	*	Bankers Petroleum Ltd		2,785
	1,327,000		Banpu PCL (Foreign)		1,002
	143,677	*,e	Basic Energy Services, Inc		1,007
	291,112	e	Baytex Energy Trust		4,841
	5,464,181		Beach Petroleum Ltd		4,633
	204,803	*,e	Bellatrix Exploration Ltd		746
	3,751,199		BG Group plc		50,197
	519,036		Bharat Petroleum Corp Ltd		5,287
	175,165	*,e	Bill Barrett Corp		1,995
	567,108	*,e	Birchcliff Energy Ltd		3,817
	326,600	*,e	BlackPearl Resources, Inc		326
	90,732	*	Bonanza Creek Energy, Inc		2,178
	568,603	e	Bonavista Energy Trust		3,573
	30,526	e	Bonterra Oil & Gas Ltd		1,094
	19,815	e	Bourbon S.A.		460
	558,096		Boustead Singapore Ltd		751
	20,917,787		BP plc		132,777
	759,129		BP plc (ADR)		28,938
	3,653,000	*,e	Brightoil Petroleum Holdings Ltd		915
	124,605		Bristow Group, Inc		8,198
	2,939,774		Bumi Armada BHD		916
	411,336	e,g	BW LPG Ltd		2,865
	1,053,229	e	BW Offshore Ltd		1,056
	249,077	*	C&J Energy Services, Inc		3,290
	662,703		Cabot Oil & Gas Corp		19,623

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	617,601	*	Cairn Energy plc	$	1,707
	907,854		Cairn India Ltd		3,459
	276,169	e	Calfrac Well Services Ltd		2,379
	565,837	*,e	California Resources Corp		3,118
	180,739	*	Callon Petroleum Co		985
	866,991		Caltex Australia Ltd		24,056
	436,775	e	Cameco Corp		7,168
	355,563	e	Cameco Corp (Toronto)		5,830
	469,234	*	Cameron International Corp		23,438
	108,100	*	Canacol Energy Ltd		231
	192,800	e	Canadian Energy Services & Technology Corp		1,054
	1,830,676		Canadian Natural Resources Ltd (Canada)		56,600
	1,453,315		Canadian Oil Sands Trust		13,035
	93,200		CanElson Drilling, Inc		327
	352,140		Canyon Services Group, Inc		2,725
	266,654		Capital Product Partners LP		2,133
	54,495	e	CARBO Ceramics, Inc		2,183
	197,700	e	Cardinal Energy Ltd		2,299
	164,965	*	Carrizo Oil & Gas, Inc		6,863
	122,226	e	CAT Oil AG.		2,161
	1,222,374	e	Cenovus Energy, Inc (Toronto)		25,220
	152,100	*,e	Cequence Energy Ltd		139
	155,832	*,e	CHC Group Ltd		502
	1,670,760	*	Cheniere Energy, Inc		117,622
	803,428		Chesapeake Energy Corp		15,723
	7,218,680		Chevron Corp		809,792
	7,197,906	e	China Coal Energy Co		4,500
	2,995,826		China Oilfield Services Ltd		5,173
	9,620,399		China Shenhua Energy Co Ltd		28,389
	1,939,000	e	China Suntien Green Energy Cor		403
	398,000	*	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		113
	424,259		Cimarex Energy Co		44,971
	15,781	*	Clayton Williams Energy, Inc		1,007
	223,072	*,e	Clean Energy Fuels Corp		1,114
	213,352	*	Cloud Peak Energy, Inc		1,959
	41,238,700		CNOOC Ltd		55,762
	995,111		Coal India Ltd		6,028
	443,445	*	Cobalt International Energy, Inc		3,942
	171,343	*,e	Compagnie Generale de Geophysique S.A.		1,010
	174,028	e	Comstock Resources, Inc		1,185
	1,126,785	*	Concho Resources, Inc		112,397
	3,493,301		ConocoPhillips		241,247
	728,129		Consol Energy, Inc		24,618
	59,472	*	Contango Oil & Gas Co		1,739
	1,472,467	*,e	Continental Resources, Inc		56,484
	533	e	Core Laboratories NV		64
	380,928		Cosan SA Industria e Comercio		4,134
	606,000		Cosmo Oil Co Ltd		861
	298,151	e	Crescent Point Energy Corp		6,906
	116,728	*,e	Crew Energy, Inc		595
	23,375		CropEnergies AG.		82

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,584	e	CVR Energy, Inc	$	3,003
	3,955,020	*	Dana Gas PJSC		530
	28,396		Dawson Geophysical Co		347
	805,150		Dayang Enterprise Holdings BHD		667
	191,815	e	Deep Sea Supply plc		136
	90,444	*	DeeThree Exploration Ltd		398
	7,394		Delek Group Ltd		1,855
	314,552		Delek US Holdings, Inc		8,581
	166,416	*	Delphi Energy Corp		215
	435,104	e	Denbury Resources, Inc		3,537
	478,621	*,e	Denison Mines Corp		466
	107,693	*,e	Det Norske Oljeselskap ASA		574
	896,508		Devon Energy Corp		54,875
	283,207	e	DHT Holdings, Inc		2,070
	23,560	e	Diamond Offshore Drilling, Inc		865
	1,193,099	*	Diamondback Energy, Inc		71,323
	658,013	*,e	DNO International ASA		1,392
	503,336	*,e	Dolphin Group AS.		192
	25,371	*	Dorian LPG Ltd		352
	677,565		Dragon Oil plc		5,676
	379,052	*	Dresser-Rand Group, Inc		31,006
	1,061,090	*,e	Drillsearch Energy Ltd		698
	81,669	*	Dril-Quip, Inc		6,266
	1,762,000	e	Dyna-Mac Holdings Ltd		432
	82,554	*,e	Eclipse Resources Corp		580
	6,130,694		Ecopetrol S.A.		5,366
	189,266	*,e	Emerald Oil, Inc		227
	1,066,753		Empresas COPEC S.A.		12,038
	119,029	e	Enbridge Income Fund		4,134
	1,016,269	e	Enbridge, Inc		52,257
	1,637,437		EnCana Corp		22,790
	175,649		Enerflex Ltd		2,478
	225,883		Energen Corp		14,402
	4,204,600		Energy Absolute PCL (Foreign)		3,174
	1,307,200		Energy Earth PCL		190
	1,177,651	*,e	Energy Resources of Australia Ltd		1,250
	333,413	e	Energy XXI Bermuda Ltd		1,087
	167,857	e	Enerplus Resources Fund		1,617
	2,997,977		ENI S.p.A.		52,514
	1,479,556	*	Enquest plc (London)		816
	3,040	e	Ensco plc		91
	138,533		Ensign Energy Services, Inc		1,216
	163,652		Enterprise Products Partners LP		5,911
	3,487,549		EOG Resources, Inc		321,099
	642,876	*,e	EP Energy Corp		6,712
	395,390		EQT Corp		29,931
	70,988	*	Era Group, Inc		1,501
	192,107		ERG S.p.A.		2,151
	282,600		Essential Energy Services Ltd		333
	2,755	*	Esso SA Francaise		107
	1,358,000	*	Esso Thailand PCL (Foreign)		188
	96,891	*	Etablissements Maurel et Prom		906

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,500		Eurasia Drilling Co Ltd (GDR)	$	401
	84,328	*,e	Euronav NV		1,058
	53,074		Evolution Petroleum Corp		394
	472,092	e	EXCO Resources, Inc		1,024
	31,625		Exmar NV		393
	204,687		Exterran Holdings, Inc		6,669
	240,902	e	Exxaro Resources Ltd		2,150
	15,251,080	d	Exxon Mobil Corp		1,409,962
	1,331,960	e	Ezion Holdings Ltd		1,125
	733,408	e	Ezra Holdings Ltd		290
	233,657	*	Faroe Petroleum plc		220
	1,025,270	*	FMC Technologies, Inc		48,024
	71,001	*,e	FMSA Holdings, Inc		491
	1,916,306		Formosa Petrochemical Corp		4,157
	234,320	*	Forum Energy Technologies, Inc		4,857
	66,705	e	Frank’s International NV		1,109
	35,992	e	Fred Olsen Energy ASA		329
	176,042	e	Freehold Royalty Trust		2,897
	239,104	*,e	Frontline Ltd		600
	79,409		Fugro NV		1,649
	167,374	*,e	FX Energy, Inc		259
	276,198	e	Galp Energia SGPS S.A.		2,805
	145,355	e	GasLog Ltd		2,958
	190,787	*	Gastar Exploration, Inc		460
	8,340,444		Gazprom OAO (ADR)		38,396
	66,208		Gazpromneft OAO (ADR)		746
	18,882		Gaztransport Et Technigaz S.A.		1,117
	12,330,000	*	Genesis Energy Holdings Ltd		269
	56,945	*,e	Geospace Technologies Corp		1,509
	655,229		Gibson Energy, Inc		15,335
	33,908	*,e	Glori Energy, Inc		142
	62,727	e	Golar LNG Ltd		2,288
	96,232	*,e	Goodrich Petroleum Corp		427
	78,092		Great Eastern Shipping Co Ltd		446
	110,251		Green Plains Renewable Energy, Inc		2,732
	120,487	*	Grupa Lotos S.A.		868
	46,970	*	Grupa Lotos S.A. (ALLT)		357
	88,951		GS Holdings Corp		3,238
	148,448	*	Gujarat Mineral Development Corp Ltd		303
	46,833	*	Gulf International Services OSC		1,253
	54,568		Gulf Island Fabrication, Inc		1,058
	944,956	*,e	Gulf Keystone Petroleum Ltd		1,004
	97,087	e	Gulfmark Offshore, Inc		2,371
	128,475	*	Gulfport Energy Corp		5,363
	913,507	*,e	Halcon Resources Corp		1,626
	36,906	e	Hallador Petroleum Co		406
	3,195,284		Halliburton Co		125,671
	1,760		Hankook Shell Oil Co Ltd		650
	33,413		Hargreaves Services plc		333
	143,557	*,e	Harvest Natural Resources, Inc		260
	362,527	*	Helix Energy Solutions Group, Inc		7,867
	265	*	Hellenic Petroleum S.A.		1
	198,134		Helmerich & Payne, Inc		13,358

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	557,142	*,e	Hercules Offshore, Inc	$	557
	1,190,903		Hess Corp		87,912
	235,000	*	Hibiscus Petroleum BHD		57
	727,000	e	Hilong Holding Ltd		168
	340,400	*	Hindustan Petroleum Corp Ltd		2,935
	39,593	*,e	Hoegh LNG Holdings Ltd		437
	677,877		Holly Corp		25,407
	2,427,000	e	Honghua Group Ltd		309
	1,241,663	*,e	Horizon Oil Ltd		160
	128,363	*,e	Hornbeck Offshore Services, Inc		3,205
	143,203		Hunting plc		1,178
	605,250	e	Husky Energy, Inc		14,326
	550,600	*	Icon Offshore BHD		116
	33,100	*	Idemitsu Kosan Co Ltd		547
	204,789	*,e	IGAS Energy plc		112
	806,028		Imperial Oil Ltd		34,723
	17,143	*,e	Independence Contract Drilling, Inc		90
	1,612,559		Inner Mongolia Yitai Coal Co		2,308
	564,553		Inpex Holdings, Inc		6,285
	666,796	e	Inter Pipeline Ltd		20,627
	649,198	*,e	ION Geophysical Corp		1,785
	96,673	*	Ipek Matbacilik Sanayi Ve Ticaret AS		65
	15,549,607		IRPC PCL (Foreign)		1,441
	2,767	*,e	Isramco, Inc		382
	357,400	*	Ithaca Energy, Inc		366
	151,953		Itochu Enex Co Ltd		1,071
	5,700	e	Japan Drilling Co Ltd		202
	90,400		Japan Petroleum Exploration Co		2,840
	911,087		John Wood Group plc		8,428
	89,327	*,e	Jones Energy, Inc (Class A)		1,019
	3,035,707	e	JX Holdings, Inc		11,814
	231,647	*,e	Karoon Gas Australia Ltd		453
	95,073	*	Kelt Exploration Ltd		573
	483,413	*	Key Energy Services, Inc		807
	429,835	e	Keyera Corp		29,994
	4,461,454		Kinder Morgan, Inc		188,764
	1,429,437	*	KNM Group BHD		199
	61,999		Koninklijke Vopak NV		3,217
	162,183	*	Kosmos Energy LLC		1,361
	281,000	*,e	KrisEnergy Ltd		133
	171,565		Kvaerner ASA		203
	363,031	*,e	Laredo Petroleum Holdings, Inc		3,757
	170,000	*	Legacy Oil & Gas, Inc		316
	228,534	e	Lightstream Resources Ltd		234
	395,600	*,e	Liquefied Natural Gas Ltd		774
	497,835	e	Long Run Exploration Ltd		643
	72,889		Lubelski Wegiel Bogdanka S.A.		1,983
	777,255		LUKOIL (ADR)		30,752
	58,065	*,e	Lundin Petroleum AB		831
	62,843		Magellan Midstream Partners LP		5,195
	789,000	*,e	Magnum Hunter Resources Corp		2,477
	3,367,615		Marathon Oil Corp		95,270

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,684,278		Marathon Petroleum Corp	$	152,023
	110,377	*	Maridive & Oil Services SAE		61
	841,475	*,e	Matador Resources Co		17,023
	161,903	*	Matrix Service Co		3,614
	114,953	e	Maurel & Prom Nigeria		422
	818,411	*,e	McDermott International, Inc		2,382
	88,997	*	MEG Energy Corp		1,498
	95,953	*	Memorial Resource Development Corp		1,730
	189,658	*,e	Midstates Petroleum Co, Inc		286
	2,330,000	e	MIE Holdings Corp		246
	105,019	*,e	Miller Petroleum, Inc		131
	44,815	*	Mitcham Industries, Inc		266
	21,000	e	Modec, Inc		353
	110,952		MOL Hungarian Oil and Gas plc		4,870
	84,112		Motor Oil Hellas Corinth Refineries S.A.		662
	190,467	e	Mullen Group Ltd		3,494
	410,593		Murphy Oil Corp		20,743
	1,032,070		Nabors Industries Ltd		13,396
	36,207	*	Naphtha Israel Petroleum Corp Ltd		179
	1,361,113		National Oilwell Varco, Inc		89,194
	42,770	*	Natural Gas Services Group, Inc		985
	282,341		Navios Maritime Acq Corp		1,025
	187,935		Neste Oil Oyj		4,562
	2,398,675	e	New Zealand Oil & Gas Ltd		1,179
	671,209	*	Newfield Exploration Co		18,203
	4,824,000	e	Newocean Energy Holdings Ltd		1,852
	296,264	*	Newpark Resources, Inc		2,826
	266,000		Nippon Coke & Engineering Co Ltd		249
	3,235	e	Noble Corp plc		54
	1,302,839		Noble Energy, Inc		61,794
	41,389	e	Nordic American Offshore Ltd		508
	320,670	e	Nordic American Tanker Shipping		3,229
	494,310	e	North Atlantic Drilling Ltd		806
	31,900		Northern Blizzard Resources, Inc		217
	221,657	*,e	Northern Oil And Gas, Inc		1,252
	114,679		NovaTek OAO (GDR)		8,931
	49,682	*,e	Nuverra Environmental Solutions, Inc		276
	439,474	*	NuVista Energy Ltd		2,803
	434,022	*,e	Oasis Petroleum, Inc		7,179
	1,512,240		Occidental Petroleum Corp		121,902
	103,380		Ocean Yield ASA		610
	223,199		Oceaneering International, Inc		13,126
	122,707	e	Odfjell Drilling Ltd		219
	291,721		Oil India Ltd		2,652
	1,168,848	*	Oil Refineries Ltd		310
	1,821,751		Oil Search Ltd		11,682
	72,866	*	Oil States International, Inc		3,563
	134,382	e	OMV AG.		3,568
	533,830		Oneok, Inc		26,579
	572,027	*	Ophir Energy plc		1,257
	1,268,551		Origin Energy Ltd		12,002
	380,000	*	Pacc Offshore Services Holdings Ltd		156

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	127,881	*,e	Pacific Ethanol, Inc	$	1,321
	3,090,000	e	Pacific Radiance Ltd		1,838
	823,416	e	Pacific Rubiales Energy Corp (Toronto)		5,096
	100,343	*	Painted Pony Petroleum Ltd		799
	1,818,331	*,e	Paladin Resources Ltd		527
	35,962		Panhandle Oil and Gas, Inc (Class A)		837
	293	e	Paragon Offshore plc		1
	72,877	*	Paramount Resources Ltd (Class A)		1,764
	114,271	*	Parex Resources, Inc		746
	427,863	*	Parker Drilling Co		1,314
	230,586	e	Parkland Income Fund		4,315
	243,943	*,e	Parsley Energy, Inc		3,893
	158,298		Pason Systems, Inc		2,983
	690,226		Patterson-UTI Energy, Inc		11,451
	5,398		Paz Oil Co Ltd		698
	563,137		PBF Energy, Inc		15,002
	124,581	*,e	PDC Energy, Inc		5,141
	137,017	e	Peabody Energy Corp		1,061
	832,459	e	Pembina Pipeline Income Fund		30,338
	589,188	e	Pengrowth Energy Trust		1,856
	227,310	*,e	Penn Virginia Corp		1,518
	733,272	e	Penn West Energy Trust		1,534
	455,480		Perdana Petroleum BHD		144
	901,700	*	Perisai Petroleum Teknologi BHD		117
	88,780		Petrofac Ltd		967
	378,000	e	Petro-King Oilfield Services Ltd		52
	4,390,176		Petroleo Brasileiro S.A.		15,838
	7,196,482		Petroleo Brasileiro S.A. (Preference)		27,127
	231,526	e	Petroleum Geo-Services ASA		1,303
	397,359		Petronas Dagangan BHD		1,947
	222,583	*	Petroquest Energy, Inc		832
	926,251	e	Peyto Exploration & Development Corp		26,684
	50,000	*,m	Peyto Exploration & Development Corp (New)		1,440
	43,819	*,e	PHI, Inc		1,639
	2,168,980		Phillips 66		155,516
	82,024	e	PHX Energy Services Corp		528
	347,207	*	Pioneer Energy Services Corp		1,924
	376,573		Pioneer Natural Resources Co		56,053
	249,666		Plains GP Holdings LP		6,411
	4,746,592		Polish Oil & Gas Co		5,919
	429,328		Polski Koncern Naftowy Orlen S.A.		5,871
	100,100	*,m	Poseidon Concepts Corp		1
	140,604	e	PrairieSky Royalty Ltd		3,703
	342,800		Precision Drilling Trust		2,083
	1,676,756		Premier Oil plc		4,337
	36,413	*,e	Profire Energy, Inc		83
	250,843	e	ProSafe ASA		771
	22,049,000	*	PT Benakat Petroleum Energy		215
	3,282,800		PT Elnusa		181
	104,758,800	*	PT Energi Mega Persada Tbk		842
	1,182,500		PT Golden Eagle Energy Tbk		170
	3,748,500		PT Harum Energy Indonesia Tbk		501

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,718,300	*	PT Indika Energy Tbk	$	71
	1,179,280		PT Indo Tambangraya Megah		1,455
	3,389,200		PT Medco Energi Internasional Tbk		1,039
	21,194,100	*	PT Sugih Energy Tbk		730
	6,394,027		PT Tambang Batubara Bukit Asam Tbk		6,404
	1,187,900		PTT Exploration & Production PCL (ADR)		4,023
	4,401,484		PTT Exploration & Production PCL (Foreign)		14,905
	268,900		PTT PCL (ADR)		2,634
	2,749,419		PTT PCL (Foreign)		26,934
	370,400		QGEP Participacoes S.A.		1,003
	388,607	*,e	Quadrise Fuels International plc		151
	221,745		Questar Market Resources, Inc		4,484
	608,620	*	Raging River Exploration, Inc		3,845
	267,035		Range Resources Corp		14,273
	2,162,943		Reliance Industries Ltd		30,415
	114,697	*	Renewable Energy Group, Inc		1,114
	995,386	e	Repsol YPF S.A.		18,634
	274,786	*,e	Resolute Energy Corp		363
	144,639	*,e	Rex Energy Corp		738
	725,000	*	Rex International Holding Ltd		207
	47,466	*	Rex Stores Corp		2,941
	105,335	*	Rice Energy, Inc		2,209
	31,991	*	RigNet, Inc		1,313
	56,777	*,e	Ring Energy, Inc		596
	130,850	*	RMP Energy Inc		516
	310,568	*	Rockhopper Exploration plc		318
	205,737	*	Rosetta Resources, Inc		4,590
	1,479,177		Rosneft Oil Co (GDR)		5,157
	485,331		Rowan Cos plc		11,318
	8,984,004		Royal Dutch Shell plc (A Shares)		299,822
	4,937,740		Royal Dutch Shell plc (B Shares)		170,604
	542,964	e	RPC, Inc		7,080
	847,904	*,e	RSP Permian, Inc		21,316
	70,758	*	Saipem S.p.A.		742
	279,422	*	Salamander Energy plc		283
	51,000		San-Ai Oil Co Ltd		342
	153,847	*,e	Sanchez Energy Corp		1,429
	597,776	*,e	SandRidge Energy, Inc		1,088
	222,304		Santos Ltd		1,485
	4,495,618		Sapurakencana Petroleum BHD		2,974
	325,925	*,e	Saras S.p.A.		328
	1,076,153		Sasol Ltd		40,165
	201,382	e	Savanna Energy Services Corp		586
	199,992	*,e	SBM Offshore NV		2,352
	4,657,377		Schlumberger Ltd		397,787
	11,906	e	Schoeller-Bleckmann Oilfield Equipment AG.		864
	595,700	*	Scomi Energy Services BHD		98
	625,848	e	Scorpio Tankers, Inc		5,439
	65,747	*	SEACOR Holdings, Inc		4,853
	110,956	e	Seadrill Ltd		1,325
	234,105	e	Seadrill Ltd (Oslo Exchange)		2,709
	125,800		Secure Energy Services, Inc		1,838

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	168,913		SemGroup Corp	$	11,552
	972,670	*,e	Senex Energy Ltd		253
	50	*,m	Serval Integrated Energy Services		0	^
	485,604	*	Seven Generations Energy Ltd		7,310
	14,004	*	Seventy Seven Energy, Inc		76
	317,200	*	Shandong Molong Petroleum Machinery Co Ltd		124
	68,953		ShawCor Ltd		2,516
	51,040	*	Shell Midstream Partners LP		2,092
	39,400		Shinko Plantech Co Ltd		276
	202,115	e	Ship Finance International Ltd		2,854
	925,754	e	Showa Shell Sekiyu KK		9,119
	1,133,800		Siamgas & Petrochemicals PCL (Foreign)		326
	85,000		Sinanen Co Ltd		314
	1,244,000	e	Sinopec Kantons Holdings Ltd		991
	121,876		SK Energy Co Ltd		9,387
	13,991		SK Gas Co Ltd		1,232
	456,903		Soco International plc		2,133
	79,520		S-Oil Corp		3,494
	468,270	*,e	Songa Offshore SE		93
	1,313,833	*	Southwestern Energy Co		35,855
	267,101	*,e	Spartan Energy Corp		641
	536,495		Spectra Energy Corp		19,475
	103,722	*	Sprott Resource Corp		168
	822,000	e	SPT Energy Group, Inc		151
	168,700	e	Spyglass Resources Corp		48
	132,167		St. Mary Land & Exploration Co		5,099
	1,660,194		Statoil ASA		29,231
	194,248	*	Stone Energy Corp		3,279
	74,677	e	Subsea 7 S.A.		764
	1,663,876	e	Suncor Energy, Inc		52,846
	134,778		Suncor Energy, Inc (NY)		4,283
	527,212	*,e	Sundance Energy Australia Ltd		225
	395,474		Superior Energy Services		7,969
	446,683	e	Surge Energy, Inc		1,415
	1,848,227		Surgutneftegaz (ADR)		7,823
	284,500		Surgutneftegaz (ADR) (London)		1,181
	158,600	*,e	Swift Energy Co		642
	189,773	*,e	Synergy Resources Corp		2,380
	982,080	e	Talisman Energy, Inc (Toronto)		7,692
	158,018	e	Targa Resources Investments, Inc		16,758
	336,622		Tatneft (GDR)		8,255
	236,586		Technip S.A.		14,093
	55,448		Tecnicas Reunidas S.A.		2,424
	71,492		Teekay Corp		3,638
	214,989	e	Teekay Tankers Ltd (Class A)		1,088
	177,786		Tenaris S.A.		2,687
	118,120		Tesco Corp		1,514
	338,051		Tesoro Corp		25,134
	182,404	*	Tethys Oil AB		1,418
	261,635	*	Tetra Technologies, Inc		1,748
	331,261	e	TGS Nopec Geophysical Co ASA		7,154
	1,513,057		Thai Oil PCL (Foreign)		1,925

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,076	e	Tidewater, Inc	$	3,081
	84,203		TMK OAO (GDR)		198
	298,335	e	TonenGeneral Sekiyu KK		2,547
	85,031	e	TORC Oil & Gas Ltd		564
	57,906		Total Energy Services, Inc		647
	4,584,777		Total S.A.		234,887
	210,577	*	Tourmaline Oil Corp		7,014
	103,000	e	Toyo Kanetsu K K		209
	95,159	*,e	TransAtlantic Petroleum Ltd		513
	1,726,651	e	TransCanada Corp		84,861
	234,533		TransGlobe Energy Corp		973
	121,323	e	Transocean Ltd		2,226
	240,239	*,e	Triangle Petroleum Corp		1,148
	163,349	e	Trican Well Service Ltd		783
	135,322	e	Trilogy Energy Corp		921
	407,066		Trinidad Drilling Ltd		1,822
	602,982		Tullow Oil plc		3,886
	405,939		Tupras Turkiye Petrol Rafine		9,604
	336,118	e	Twin Butte Energy Ltd		237
	198,731	*,e	Ultra Petroleum Corp		2,615
	486,693		Ultrapar Participacoes S.A.		9,420
	215,051	*	Unit Corp		7,333
	163,842	*	Vaalco Energy, Inc		747
	3,607,910		Valero Energy Corp		178,592
	721,020	*,e	Vantage Drilling Co		352
	299,631	e	Veresen, Inc		4,735
	161,488	e	Vermilion Energy, Inc		7,923
	27,305	*,e	Vertex Energy, Inc		114
	138,111	e	W&T Offshore, Inc		1,014
	4,702,515		Wah Seong Corp BHD		1,617
	246,486	*,e	Warren Resources, Inc		397
	1,430,262	*	Weatherford International Ltd		16,377
	241,500	e	Western Energy Services Corp		1,249
	394,622		Western Refining, Inc		14,909
	50,234	*	Westmoreland Coal Co		1,668
	260,000	e	Whitecap Resources, Inc		2,560
	763,284	*,e	Whitehaven Coal Ltd		865
	461,715	*	Whiting Petroleum Corp		15,237
	174,222	*	Willbros Group, Inc		1,092
	4,204,272		Williams Cos, Inc		188,940
	1,996,848		Woodside Petroleum Ltd		61,757
	136,953		World Fuel Services Corp		6,427
	144,812		WorleyParsons Ltd		1,186
	245,469	*	WPX Energy, Inc		2,855
	5,930,000	*,e	Yanchang Petroleum International Ltd		267
	3,636,861	e	Yanzhou Coal Mining Co Ltd		3,081
	639,958	e	Z Energy Ltd		2,307
			TOTAL ENERGY		8,925,730
	FOOD & STAPLES RETAILING - 1.9%
	769,100	*	7-Eleven Malaysia Holdings BHD		330
	387,702		Aeon Co Ltd		3,896

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,300		Ain Pharmaciez Inc	$	582
	7,088	*	Al Meera Consumer Goods Co		386
	1,320,083		Alimentation Couche Tard, Inc		55,323
	343,354		Almacenes Exito S.A.		4,219
	132,089	*	Andersons, Inc		7,019
	90,679		Arcs Co Ltd		1,872
	38,521	e	Axfood AB		2,299
	8,700		Belc Co Ltd		264
	10,333	*	BGF retail Co Ltd		719
	244,679		BIM Birlesik Magazalar AS		5,232
	27,122		Bizim Toptan Satis Magazalari AS		221
	3,339,810		Booker Group plc		8,484
	318,828	*	Brazil Pharma S.A.		311
	678,132		Carrefour S.A.		20,637
	107,857	e	Casey’s General Stores, Inc		9,742
	176,315		Casino Guichard Perrachon S.A.		16,215
	36,200		Cawachi Ltd		537
	2,531,575		Centros Comerciales Sudamericanos S.A.		6,316
	52,548	*,e	Chefs’ Warehouse Holdings, Inc		1,211
	1,419,655		China Resources Enterprise		2,966
	316,006		Cia Brasileira de Distribuicao Grupo Pao de Acucar		11,725
	7,225	*	CJ Freshway Corp		302
	292,700	e	Clicks Group Ltd		2,046
	54,260		Cocokara Fine Holdings, Inc		1,343
	66,832		Colruyt S.A.		3,107
	970,412		Controladora Comercial Mexicana S.A. de C.V.		3,432
	3,558,000		Cosco Capital, Inc		684
	9,600		Cosmos Pharmaceutical Corp		1,312
	1,617,097		Costco Wholesale Corp		229,224
	5,367,809		CP Seven Eleven PCL (Foreign)		6,901
	10,700		Create SD Holdings Co Ltd		342
	5,565,696		CVS Corp		536,032
	6,200		Daikokutenbussaan Co Ltd		178
	481,975		Delhaize Group		35,100
	271,655	*	Diplomat Pharmacy, Inc		7,435
	199,895		Distribuidora Internacional de Alimentacion S.A.		1,355
	55,862		Dongsuh Co, Inc		1,134
	43,981		E-Mart Co Ltd		8,139
	77,711		Empire Co Ltd		5,861
	81,642		Eurocash S.A.		874
	56,971	*,e	Fairway Group Holdings Corp		179
	65,781		FamilyMart Co Ltd		2,478
	117,993	*,e	Fresh Market, Inc		4,861
	69,228		George Weston Ltd		5,980
	216,681		Greggs plc		2,471
	20,260		Growell Holdings Co Ltd		600
	724,013	*	Grupo Comercial Chedraui S.a. DE C.V.		2,076
	538,003		Hakon Invest AB		20,949
	112,600		Heiwado Co Ltd		2,173
	3,032	*	Indiabulls Wholesale Service		1
	45,102		Ingles Markets, Inc (Class A)		1,673
	4,200		Itochu-Shokuhin Co Ltd		132

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,750,915	e	J Sainsbury plc	$	14,324
	208,940		Jean Coutu Group PJC, Inc		5,091
	487,095	e	Jeronimo Martins SGPS S.A.		4,881
	123,500		Kasumi Co Ltd		1,040
	20,400		Kato Sangyo Co Ltd		384
	161,948		Kesko Oyj (B Shares)		5,890
	2,341,907		Koninklijke Ahold NV		41,622
	3,505,577	e	Kroger Co		225,093
	7,500		Kusuri No Aoki Co Ltd		408
	493,219		Lawson, Inc		29,804
	60,000	*	Lenta Ltd (ADR)		406
	437,000	*,e	Lianhua Supermarket Holdings Co Ltd		219
	77,875	e	Liberator Medical Holdings, Inc		226
	23,400	e	Liquor Stores Income Fund		310
	246,246		Loblaw Cos Ltd		13,177
	412,676		Magnit OAO (GDR)		18,650
	70,345	e	Majestic Wine plc		446
	35,359		MARR S.p.A.		627
	120,233	e	Maruetsu, Inc		526
	100,120		Massmart Holdings Ltd		1,227
	132,200		Matsumotokiyoshi Holdings Co Ltd		3,791
	3,972,100	e	Metcash Ltd		5,986
	200,011	*	Metro AG.		6,114
	244,476		Metro, Inc		19,633
	14,100		Ministop Co Ltd		187
	24,922	*,e	Natural Grocers by Vitamin C		702
	65,319	e	North West Co Fund		1,473
	50,000		Okuwa Co Ltd		384
	237,000	e	Olam International Ltd		360
	104,631	*,e	Pantry, Inc		3,878
	330,311	e	Pick’n Pay Holdings Ltd		667
	511,946		Pick’n Pay Stores Ltd		2,315
	1,377,980		President Chain Store Corp		10,643
	53,740	e	Pricesmart, Inc		4,902
	224,453		Raia Drogasil S.A.		2,141
	23,316		Rallye S.A.		817
	6,680		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		245
	2,871,376	*	Rite Aid Corp		21,593
	5,599,590		Robinsons Retail Holdings, Inc		9,476
	135,372	*,e	Roundy’s, Inc		655
	12,379		Ryoshoku Ltd		269
	45,400		S Foods, Inc		898
	199,624		Safeway, Inc		7,011
	17,000		San-A Co Ltd		574
	860,721		Seven & I Holdings Co Ltd		30,961
	2,688,000		Sheng Siong Group Ltd		1,396
	516,681		Shoprite Holdings Ltd		7,478
	79,287		Shufersal Ltd		169
	5,787	*	Smart & Final Stores, Inc		91
	3,168,947		Sonae SPGS S.A.		3,900
	385,403		Spar Group Ltd		5,352
	131,574		Spartan Stores, Inc		3,439

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	669,555	*,e	Sprouts Farmers Market, Inc	$	22,751
	40,700		Sugi Pharmacy Co Ltd		1,661
	2,900,883	e	Sun Art Retail Group Ltd		2,884
	51,500		Sundrug Co Ltd		2,105
	694,256	*	Supervalu, Inc		6,734
	892,765	e	Sysco Corp		35,434
	789,000		Taiwan TEA Corp		454
	7,640,418		Tesco plc		22,277
	36,076		Tsuruha Holdings, Inc		2,087
	182,119	*,e	United Natural Foods, Inc		14,082
	766,300	e	UNY Co Ltd		3,901
	134,000		Valor Co Ltd		2,373
	25,136		Village Super Market (Class A)		688
	2,312,372		Walgreens Boots Alliance, Inc		176,203
	15,294,696		Wal-Mart de Mexico S.A. de C.V. (Series V)		32,883
	3,438,367		Wal-Mart Stores, Inc		295,287
	49,082		Weis Markets, Inc		2,347
	1,571,175		Wesfarmers Ltd		53,196
	450,149	e	Whole Foods Market, Inc		22,697
	3,010,639		WM Morrison Supermarkets plc		8,590
	1,439,235		Woolworths Ltd		35,764
	621,799	*,e	Wumart Stores, Inc		531
	8,600		Yaoko Co Ltd		496
	41,800		Yokohama Reito Co Ltd		280
			TOTAL FOOD & STAPLES RETAILING		2,316,436
	FOOD, BEVERAGE & TOBACCO - 4.9%
	110,546	*,e	22nd Century Group, Inc		182
	426,996	*,e	a2 Milk Co Ltd		192
	29,020	e	AarhusKarlshamn AB		1,547
	22,549	*	Advanta Ltd		127
	64,209	e	AGT Food & Ingredients, Inc		1,522
	161,711		Agthia Group PJSC		273
	609,865		Ajinomoto Co, Inc		11,354
	11,201	e	Alico, Inc		560
	305,931	*	Alliance One International, Inc		483
	7,931,015		Altria Group, Inc		390,761
	8,311,208		AMBEV S.A.		51,120
	34,255		Amsterdam Commodities NV		787
	221,593	*	Anadolu Efes Biracilik Ve Malt Sanayii AS		2,152
	68,017	e	Anheuser-Busch InBev NV (ADR)		7,640
	2,974	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	273,000		Anhui Gujing Distillery Co Ltd		837
	358,216	*	AquaChile S.A.		233
	2,819,712		Archer Daniels Midland Co		146,625
	19,500		Ariake Japan Co Ltd		474
	26,142		Aryzta AG.		2,009
	500,214		Asahi Breweries Ltd		15,475
	1,040,624	*,e	Asian Citrus Holdings Ltd		118
	1,475,270		Associated British Foods plc		72,125
	95,034		Astral Foods Ltd		1,437
	9,938		Atria Group plc		80

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	273,784		Austevoll Seafood ASA	$	1,697
	396,226	*	Australian Agricultural Co Ltd		479
	760,531		AVI Ltd		5,095
	155,826	e	B&G Foods, Inc (Class A)		4,659
	125,753		Bakkafrost P		2,825
	265,272	*	Balrampur Chini Mills Ltd		250
	2,341		Barry Callebaut AG.		2,400
	122,664		Bega Cheese Ltd		513
	35,357	*,e	Belvedere S.A.		462
	6,437		Binggrae Co Ltd		441
	236,799	e	Biostime Internatonal Holdings Ltd		485
	25,836	e	Bonduelle S.C.A.		626
	23,484	*,e	Boston Beer Co, Inc (Class A)		6,800
	170,781	*	Boulder Brands, Inc		1,889
	471,200		Boustead Plantations BHD		195
	1,369,848		BRF S.A.		32,692
	32,635		Britannia Industries Ltd		947
	281,448		British American Tobacco Malaysia BHD		5,213
	2,938,182		British American Tobacco plc		159,223
	6,685,765		Britvic plc		69,923
	547,774	e	Brown-Forman Corp (Class B)		48,116
	909,000	e	Bumitama Agri Ltd		716
	719,690		Bunge Ltd		65,427
	368,696		C&C Group plc		1,615
	38,359		Calavo Growers, Inc		1,814
	113,000		Calbee, Inc		3,892
	119,613	e	Cal-Maine Foods, Inc		4,668
	425,853		Campbell Soup Co		18,738
	53,460		Carlsberg AS (Class B)		4,106
	313,200		Carlsberg Brewery-Malay BHD		1,047
	706,000		Changshouhua Food Co Ltd		547
	8,797,700		Charoen Pokphand Foods PCL		7,241
	2,660,611		China Agri-Industries Holdings Ltd		1,092
	6,954,296	e	China Huishan Dairy Holdings Co Ltd		1,204
	676,000	*	China Huiyuan Juice Group Ltd		252
	1,621,360		China Mengniu Dairy Co Ltd		6,676
	2,248,107	*,e	China Modern Dairy Holdings		637
	1,628,000	*,e	China Yurun Food Group Ltd		659
	164,933	*	Chiquita Brands International, Inc		2,385
	337,605		Cia Cervecerias Unidas S.A.		3,201
	8,968		CJ CheilJedang Corp		2,499
	20,100		Clearwater Seafoods, Inc		205
	237,061	*	Cloetta AB		684
	315,086		Clover Industries Ltd		507
	1,102,561		Coca-Cola Amatil Ltd		8,324
	21,279		Coca-Cola Bottling Co Consolidated		1,873
	84,898	e	Coca-Cola Central Japan Co Ltd		1,296
	11,032,220		Coca-Cola Co		465,781
	396,359		Coca-Cola Embonor S.A.		590
	804,999		Coca-Cola Enterprises, Inc		35,597
	458,020	e	Coca-Cola Femsa S.A. de C.V.		3,931
	212,905		Coca-Cola HBC AG.		4,054

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	186,010		Coca-Cola Icecek AS	$	4,023
	117,300	e	Coca-Cola West Japan Co Ltd		1,618
	1,032,600	*,e	Cofco International Ltd		354
	1,516,281	e	ConAgra Foods, Inc		55,011
	963,370	*	Constellation Brands, Inc (Class A)		94,574
	59,843		Corbion NV		994
	138,803		Cott Corp		957
	28,831	*	Craft Brewers Alliance, Inc		385
	728		Crown Confectionery Co Ltd		124
	1,174		Dae Han Flour Mills Co Ltd		165
	67,018		Daesang Corp		2,029
	209,225		Dairy Crest Group plc		1,621
	556,812	*	Darling International, Inc		10,112
	311,232		Davide Campari-Milano S.p.A.		1,943
	557,167	e	Dean Foods Co		10,798
	494,999	*,e	Deoleo S.A.		225
	242,966		Devro plc		1,147
	2,058,741		Diageo plc		58,977
	264,752	*,e	Diamond Foods, Inc		7,474
	4,324		Dongwon F&B Co Ltd		1,147
	2,451		Dongwon Industries Co Ltd		691
	1,230,352	e	Dr Pepper Snapple Group, Inc		88,192
	8,900		Dydo Drinco, Inc		370
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		2
	82,451	e	Ebro Puleva S.A.		1,363
	252,298		Embotelladora Andina S.A.		714
	890,133	*	Embotelladoras Arca SAB de C.V.		5,631
	4,486		Emmi AG.		1,569
	64,200		Ezaki Glico Co Ltd		2,244
	19,928	*	Farmer Bros Co		587
	12,473	*	Farmsco		152
	2,136,799		Felda Global Ventures Holdings BHD		1,328
	1,468,000	e	First Resources Ltd		2,064
	294,923		Flowers Foods, Inc		5,660
	3,452,630	*	Fomento Economico Mexicano S.A. de C.V.		30,628
	133,250		Fonterra Shareholders’ Fund		624
	127,091	e	Fresh Del Monte Produce, Inc		4,264
	24,745	*,e	Freshpet, Inc		422
	69,473		Fuji Oil Co Ltd		888
	33,832		Fujicco Co Ltd		563
	110,000		Fujiya Co Ltd		179
	1,822,051		General Mills, Inc		97,170
	187,114		Genting Plantations BHD		532
	1,941,500		GFPT PCL (Foreign)		1,042
	197,167		Glanbia plc		3,025
	9,530		GlaxoSmithKline Consumer Healthcare Ltd		885
	3,608,000	e	GMG Global Ltd		168
	8,020,354		Golden Agri-Resources Ltd		2,776
	1,886,250		Goodman Fielder Ltd		986
	204,218		GrainCorp Ltd-A		1,370
	2,643,272		Great Wall Enterprise Co		2,298
	1,079,946		Greencore Group plc		4,797
	578,236		Groupe Danone		37,804

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	702,000		Gruma SAB de C.V.	$	7,485
	3,204,743	*,e	Grupo Bimbo S.A. de C.V. (Series A)		8,841
	360,300	*,e	Grupo Herdez SAB de C.V.		865
	649,600	*,e	Grupo Lala SAB de C.V.		1,252
	189,810	*,e	Hain Celestial Group, Inc		11,064
	59,780	*	Harim & Co Ltd		230
	120,979		Heineken Holding NV		7,573
	593,927		Heineken NV		42,173
	487,767		Hershey Co		50,694
	381,500		Hey Song Corp		455
	19,737		High Liner Foods, Inc		385
	8,930		Hite Holdings Co Ltd		98
	59,584		HKScan Oyj		236
	21,700		Hokuto Corp		361
	956,000	g	Honworld Group Ltd		510
	348,310		Hormel Foods Corp		18,147
	67,452		House Foods Corp		1,164
	638,100		Ichitan Group PCL		384
	302,600		IJM Plantations BHD		313
	505,294		Illovo Sugar Ltd		1,065
	2,380,000	*,e	Imperial Pacific International Holdings Ltd		516
	1,979,674		Imperial Tobacco Group plc		87,144
	650,542		InBev NV		73,213
	1,230,978	e	Indofood Agri Resources Ltd		670
	2,678,477		Indofood CBP Sukses Makmur Tbk		2,825
	306,300	*,e	Industrias Bachoco SAB de C.V.		1,286
	469,917		Ingredion, Inc		39,868
	42,311	*	Inventure Foods, Inc		539
	7,314,983		IOI Corp BHD		10,039
	3,469,397		ITC Ltd		20,211
	61,600	e	Ito En Ltd		1,116
	527,000		Itoham Foods, Inc		2,774
	74,651		J&J Snack Foods Corp		8,120
	139,085		J.M. Smucker Co		14,045
	2,270,830		Japan Tobacco, Inc		62,500
	378,000	*	Japfa Ltd		156
	2,549,493		JBS S.A.		10,742
	29,916		Jinro Ltd		628
	27,423		John B. Sanfilippo & Son, Inc		1,248
	288,000		J-Oil Mills, Inc		934
	735,745	*	Juhayna Food Industries		970
	80,073	e	Kagome Co Ltd		1,218
	12,000		Kameda Seika Co Ltd		369
	1,183,500		Kaset Thai International Sugar Corp PCL		417
	24,764		Kaveri Seed Co Ltd		301
	434,673		Kellogg Co		28,445
	64,671	*	Kernel Holding S.A.		516
	674,243		Kerry Group plc (Class A)		46,581
	668,991		Keurig Green Mountain, Inc		88,571
	18,100		KEY Coffee, Inc		252
	1,424,000		Khon Kaen Sugar Industry PCL		511
	117,671		Kikkoman Corp		2,884

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	123,500		Kim Loong Resources BHD	$	95
	356,465	e	Kirin Brewery Co Ltd		4,429
	92,444		Koninklijke Wessanen NV		585
	3,276,279		Kraft Foods Group, Inc		205,292
	274,453		KT&G Corp		19,056
	523,895		Kuala Lumpur Kepong BHD		3,416
	3,340		KWS Saat AG.		1,091
	94,675		Lancaster Colony Corp		8,865
	170,170		Lance, Inc		5,199
	64,289		Leroy Seafood Group ASA		2,346
	502,987		Lien Hwa Industrial Corp		325
	15,683	*,e	Lifeway Foods, Inc		291
	32,131	e	Limoneira Co		803
	596		Lindt & Spruengli AG.		2,947
	32		Lindt & Spruengli AG. (Registered)		1,846
	1,483,126		Lorillard, Inc		93,348
	726		Lotte Chilsung Beverage Co Ltd		986
	845		Lotte Confectionery Co Ltd		1,369
	812		Lotte Samkang Co Ltd		429
	34,946		M Dias Branco S.A.		1,196
	7,158		Maeil Dairy Industry Co Ltd		240
	512,600		Malayan Flour Mills BHD		226
	104,469	e	Maple Leaf Foods, Inc		1,751
	340,500	*	Marfrig Global Foods S.A.		781
	283,000		Marudai Food Co Ltd		972
	42,200		Maruha Nichiro Corp		631
	197,756	e	McCormick & Co, Inc		14,693
	69,100		McLeod Russel India Ltd		257
	950,428		Mead Johnson Nutrition Co		95,556
	143,600		Megmilk Snow Brand Co Ltd		1,714
	109,820		MEIJI Holdings Co Ltd		9,991
	142,400	*	Minerva S.A.		530
	263,000		Mitsui Sugar Co Ltd		864
	582,353		Molson Coors Brewing Co (Class B)		43,397
	6,778,080		Mondelez International, Inc		246,214
	1,064,771	*	Monster Beverage Corp		115,368
	474,302		Morinaga & Co Ltd		1,244
	189,000		Morinaga Milk Industry Co Ltd		653
	16,986	*	Muhak Co Ltd		581
	813,893	*	Multiexport Foods S.A.		174
	543,000		Namchow Chemical Industrial Ltd		945
	631		Namyang Dairy Products Co Ltd		368
	41,624	*	National Beverage Corp		942
	5,912	e	Naturex		358
	32,129		Nestle India Ltd		3,250
	4,695,564		Nestle S.A.		342,311
	411,000		Nichirei Corp		1,860
	239,000		Nippon Beet Sugar Manufacturing Co Ltd		413
	310,000		Nippon Flour Mills Co Ltd		1,378
	1,130,705		Nippon Meat Packers, Inc		24,738
	785,866	*	Nippon Suisan Kaisha Ltd		2,444
	485,000		Nisshin Oillio Group Ltd		1,695

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	207,700		Nisshin Seifun Group, Inc	$	2,011
	31,795		Nissin Food Products Co Ltd		1,515
	9,518		Nong Shim Co Ltd		2,184
	4,146		Nong Shim Holdings Co Ltd		391
	7,088		Nong Woo Bio Co Ltd		144
	75,276		Nutreco NV		4,040
	66,090		Oceana Group Ltd		599
	259,825		Oldtown BHD		111
	72,588	*	Omega Protein Corp		767
	237,800	e	Organizacion Cultiba SAB de C.V.		294
	32,682		Origin Enterprises plc		334
	3,879		Orion Corp		3,582
	251,544		Orkla ASA		1,712
	35,286		Osem Investments Ltd		626
	2,831		Ottogi Corp		1,252
	858,269		PAN Fish ASA		11,784
	6,103,650		PepsiCo, Inc		577,161
	1,745,000	*	Pepsi-Cola Products Philippine		159
	285,527		Pernod-Ricard S.A.		31,733
	72,987	*,m	Pescanova S.A.		1
	838,000	e	Petra Foods Ltd		2,402
	605		Philip Morris CR		286
	4,278,161		Philip Morris International, Inc		348,456
	1,243,488	*,e	Pilgrim’s Pride Corp		40,774
	41,793		Pinar SUT Mamulleri Sanayii AS		382
	1,218,660		Pinnacle Foods, Inc		43,019
	151,480	*,e	Post Holdings, Inc		6,345
	518,290		PPB Group BHD		2,120
	714,583	*,e	Premier Foods plc		353
	34,200	e	Premium Brands Holdings Corp		719
	132,000		Prima Meat Packers Ltd		297
	1,336,915		PT Astra Agro Lestari Tbk		2,612
	5,692,200	m	PT Austindo Nusantara Jaya		609
	1,857,700		PT BW Plantation Tbk		59
	7,951,210		PT Charoen Pokphand Indonesia Tbk		2,420
	1,538,768		PT Gudang Garam Tbk		7,538
	10,198,631		PT Indofood Sukses Makmur Tbk		5,560
	5,501,000		PT Japfa Comfeed Indonesia Tbk		420
	1,033,100		PT Malindo Feedmill Tbk		178
	1,814,900		PT Nippon Indosari Corpindo Tbk		203
	5,590,100		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		851
	10,091,600		PT Salim Ivomas Pratama Tbk		575
	941,500		PT Sampoerna Agro Tbk		160
	4,439		Pulmuone Co Ltd		448
	227,300		Q.P. Corp		4,237
	406,792		QAF Ltd		296
	617,350		QL Resources BHD		582
	200,396	e	Remy Cointreau S.A.		13,370
	1,307,781	e	Reynolds American, Inc		84,051
	1,385,900		RFM Corp		155
	276,500	*	Rimbunan Sawit BHD		43

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	88,400	e	Rogers Sugar, Inc	$	361
	9,516	*	Royal UNIBREW AS		1,668
	3,455,342		SABMiller plc		180,131
	70,777		SABMiller plc (Johannesburg)		3,686
	31,355		Sakata Seed Corp		523
	164,159		Salmar ASA		2,795
	5,543		Samlip General Foods Co Ltd		754
	7,182		Samyang Corp		400
	4,196		Samyang Holdings Corp		343
	105,305	e	Sanderson Farms, Inc		8,848
	83,600		Sao Martinho S.A.		1,140
	1,480,000		Sapporo Holdings Ltd		6,254
	349,810		Saputo, Inc		10,514
	159,200		Sarawak Oil Palms BHD		235
	45,059	*,e	Scandi Standard AB		274
	32,776		Schouw & Co		1,540
	947	*,e	Seaboard Corp		3,975
	37,899	*	Seneca Foods Corp		1,024
	534,300	*	Shanghai Dajiang Group		220
	2,906,000		Shenguan Holdings Group Ltd		958
	82,000		Showa Sangyo Co Ltd		329
	808,830	*	Shree Renuka Sugars Ltd		196
	7,128		Silla Co Ltd		136
	143,100		SLC Agricola S.A.		759
	401,831		Souza Cruz S.A.		2,921
	354,074		Standard Foods Corp		784
	262,880		Stock Spirits Group plc		901
	39,685	*	Strauss Group Ltd		596
	87,815	e	Suedzucker AG.		1,263
	250,400		Suntory Beverage & Food Ltd		8,651
	478,000	e	Super Coffeemix Manufacturing Ltd		412
	317,667		Swedish Match AB		9,954
	62,732	*	Synlait Milk Ltd		157
	56,166	*,e	Synutra International, Inc		341
	173,600		Takara Holdings, Inc		1,126
	439,958		Tassal Group Ltd		1,400
	604,250		Tata Tea Ltd		1,441
	1,874,591		Tate & Lyle plc		17,564
	646,500		TDM BHD		153
	1,423,000	e	Tenwow International Holdings Ltd		393
	360,500		Tereos Internacional S.A.		191
	432,980		TH Plantations BHD		211
	251,300		Thai Union Frozen Products PCL (Foreign)		687
	915,200		Thai Vegetable Oil PCL		591
	2,429,000	e	Tibet 5100 Water Resources Holdings Ltd		921
	2,024,500	*	Tiga Pilar Sejahtera Food Tbk		341
	402,540	e	Tiger Brands Ltd		12,758
	2,316,542		Tingyi Cayman Islands Holding Corp		5,264
	206,595		Tongaat Hulett Ltd		3,082
	48,861	e	Tootsie Roll Industries, Inc		1,498
	79,959		Toyo Suisan Kaisha Ltd		2,575

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	533,846		Treasury Wine Estates Ltd	$	2,061
	166,835	*,e	TreeHouse Foods, Inc		14,269
	10,819		TS Corp		244
	850,350		TSH Resources BHD		559
	465,086	e	Tsingtao Brewery Co Ltd		3,137
	128,000		Ttet Union Corp		284
	1,998,439		Tyson Foods, Inc (Class A)		80,117
	165,207		Ulker Biskuvi Sanayi AS		1,308
	3,077,050		Unilever NV		120,367
	1,710,384		Unilever plc		69,490
	1,616,204	e	Uni-President China Holdings Ltd		1,488
	5,452,420		Uni-President Enterprises Corp		8,623
	68,543		United Breweries Ltd		904
	1,072		United International Enterprises		167
	104,260	*	United Spirits Ltd		4,598
	85,485	e	Universal Corp		3,760
	2,951,135		Universal Robina		12,867
	266,444	*	Vanguarda Agro S.A.		102
	103,159	*,m	Vanguarda Agro S.A. (ADR)		39
	208,535	e	Vector Group Ltd		4,444
	8,092	e	Vilmorin & Cie		827
	1,339,654		Vina Concha y Toro S.A.		2,619
	50,450		Viscofan S.A.		2,677
	6,867,024	e	Want Want China Holdings Ltd		9,025
	35,400		Warabeya Nichiyo Co Ltd		596
	366,000		Wei Chuan Food Corp		288
	3,732,000	*,e,g	WH Group Ltd		2,128
	1,936,992	*	WhiteWave Foods Co (Class A)		67,775
	2,745,067		Wilmar International Ltd		6,689
	20,369		Yakult Honsha Co Ltd		1,075
	80,735		Yamazaki Baking Co Ltd		996
	12,961		Yantai Changyu Pioneer Wine Co		43
	843,000		Yashili International		237
	2,818,000	*	YuanShengTai Dairy Farm Ltd		275
	8,893		Zydus Wellness Ltd		115
			TOTAL FOOD, BEVERAGE & TOBACCO		6,129,676
HEALTH CARE EQUIPMENT & SERVICES - 3.9%
	2,989	*,e	AAC Holdings, Inc		92
	62,790	e	Abaxis, Inc		3,568
	6,439,052		Abbott Laboratories		289,886
	120,589	*,e	Abiomed, Inc		4,590
	211,870	*,e	Acadia Healthcare Co, Inc		12,969
	214,449	*,e	Accuray, Inc		1,619
	55,760	*	Addus HomeCare Corp		1,353
	10,552	*,e	Adeptus Health, Inc		395
	616,353		Advanced Computer Software Group plc		1,333
	412,416		Advanced Medical Solutions Group plc		805
	1,590,674		Aetna, Inc		141,300
	390,306	*	AGFA-Gevaert NV		987
	62,626	*,m	AGFA-Gevaert NV Brussels (Strip VVPR)		0	^
	198,377	*,e	Air Methods Corp		8,735

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	498,547		Al Noor Hospitals Group plc	$	7,693
	324,100		Alfresa Holdings Corp		3,914
	297,814	*	Align Technology, Inc		16,651
	29,284	*	Alliance HealthCare Services, Inc		615
	736,097	*	Allscripts Healthcare Solutions, Inc		9,400
	28,198	*	Almost Family, Inc		816
	26,436	e	Ambu A.S.		638
	95,352	*	Amedisys, Inc		2,799
	511,468		AmerisourceBergen Corp		46,114
	172,934	*	AMN Healthcare Services, Inc		3,390
	216,180		Amplifon S.p.A.		1,283
	194,775	*	Amsurg Corp		10,660
	43,876		Analogic Corp		3,712
	88,331	*	Angiodynamics, Inc		1,679
	95,372	*	Anika Therapeutics, Inc		3,885
	168,976		Ansell Ltd		3,092
	315,642	*,e	Antares Pharma, Inc		811
	1,397,326		Anthem, Inc		175,602
	76,074		Apollo Hospitals Enterprise Ltd		1,361
	998,168	*	Arseus NV		41,712
	14,300		As One Corp		373
	23,800	*,e	Asahi Intecc Co Ltd		1,160
	82,679	*,e	athenahealth, Inc		12,046
	81,212	*	AtriCure, Inc		1,621
	4,617		Atrion Corp		1,570
	1,513,650		Bangkok Chain Hospital PCL		361
	3,214,000		Bangkok Dusit Medical Services PCL		1,674
	535,813		Bard (C.R.), Inc		89,277
	1,246,923		Baxter International, Inc		91,387
	447,247		Becton Dickinson & Co		62,239
	70,223	*,e	Bio-Reference Labs, Inc		2,256
	237,755	*,e	BioScrip, Inc		1,662
	1,121,000	*,e	Biosensors International Group Ltd		494
	76,144	*	BioTelemetry, Inc		764
	30,200		BML, Inc		803
	4,251,459	*	Boston Scientific Corp		56,332
	123,987	*	Brookdale Senior Living, Inc		4,547
	604,100		Bumrungrad Hospital PCL (Foreign)		2,578
	351,955		Bupa Chile S.A.		288
	124,082		Cantel Medical Corp		5,368
	82,309	*	Capital Senior Living Corp		2,050
	1,456,335		Cardinal Health, Inc		117,570
	78,635	*	Cardiovascular Systems, Inc		2,365
	698,739	*	CareFusion Corp		41,463
	41,066	e	Carl Zeiss Meditec AG.		1,044
	1,377	*,e	Carmat		109
	35,269	*,e	Castlight Health, Inc		413
	877,260	*	Catamaran Corp		45,398
	467,051	*	Catamaran Corp (Toronto)		24,169
	11,744	*,e	Cegedim S.A.		415
	49,230		Celesio AG.		1,587
	327,236	*	Centene Corp		33,983

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	927,423	*	Cerner Corp	$	59,967
	199,519	*,e	Cerus Corp		1,245
	40,451	*	CHA Bio & Diostech Co Ltd		466
	106,333		CHC Healthcare Group		222
	48,734	e	Chemed Corp		5,150
	1,225,000	e	China Pioneer Pharma Holdings Ltd		961
	303,600		Chularat Hospital PCL		165
	1,007,094		Cigna Corp		103,640
	5,578	*,e	Civitas Solutions, Inc		95
	84,792	e	Cochlear Ltd		5,349
	213,039		Coloplast AS		17,828
	475,651	*	Community Health Systems, Inc		25,647
	36,104	e	CompuGroup Medical AG.		870
	31,317	e	Computer Programs & Systems, Inc		1,903
	96,101		Conmed Corp		4,321
	31,400		Consort Medical plc		423
	188,582		Cooper Cos, Inc		30,567
	900,000	e	Cordlife Group Ltd		603
	53,950	*	Corvel Corp		2,008
	1,876,469		Covidien plc		191,925
	105,836	*	Cross Country Healthcare, Inc		1,321
	98,458		CryoLife, Inc		1,116
	19,000	*,e	CYBERDYNE, Inc		483
	132,473	*	Cyberonics, Inc		7,376
	74,645	*	Cynosure, Inc (Class A)		2,047
	919,604	*	DaVita, Inc		69,651
	9,886	*	DBV Technologies S.A.		520
	135,910		Dentsply International, Inc		7,240
	79,333	*,e	Derma Sciences, Inc		739
	212,607	*	DexCom, Inc		11,704
	59,700		Diagnosticos da America S.A.		250
	23,790		DiaSorin S.p.A.		958
	7,020		Draegerwerk AG.		715
	3,240		Draegerwerk AG. & Co KGaA		251
	449,648	*	Edwards Lifesciences Corp		57,276
	15,000		Eiken Chemical Co Ltd		243
	229,135	e	Elekta AB (B Shares)		2,343
	180,659	*	Endologix, Inc		2,762
	65,434		Ensign Group, Inc		2,905
	209,159	*	Envision Healthcare Holdings, Inc		7,256
	584,293		Essilor International S.A.		65,160
	741,739	*	Estia Health Ltd		2,870
	34,201	*	Exactech, Inc		806
	97,946	*,e	ExamWorks Group, Inc		4,074
	2,543,995	*	Express Scripts Holding Co		215,400
	240,731	e	Extendicare, Inc		1,351
	580,900		Faber Group BHD		451
	1,414,331		Fisher & Paykel Healthcare Corp		6,895
	146,324	*	Five Star Quality Care, Inc		607
	186,200		Fleury S.A.		1,140
	83,226	*	Fortis Healthcare Ltd		146
	159,865		Fresenius Medical Care AG.		11,932

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	242,652		Fresenius SE	$	12,616
	17,200		Fukuda Denshi Co Ltd		870
	7,821	e	Galenica AG.		6,236
	115,618	*,e	GenMark Diagnostics, Inc		1,574
	107,676	*	Gentiva Health Services, Inc		2,051
	77,049		Getinge AB (B Shares)		1,755
	311,984	*	Globus Medical, Inc		7,416
	468,926		GN Store Nord		10,245
	10,293,998	e	Golden Meditech Holdings Ltd		1,455
	86,951	*	Greatbatch, Inc		4,287
	49,800		Green Hospital Supply, Inc		1,130
	95,553	e	Greencross Ltd		618
	13,595		Guerbet		561
	180,166	*	Haemonetics Corp		6,742
	105,838	*,e	Halyard Health, Inc		4,812
	125,988	*,e	Hanger Orthopedic Group, Inc		2,759
	586,100		Hartalega Holdings BHD		1,176
	1,563,888	*	HCA Holdings, Inc		114,774
	707,724	*	Health Net, Inc		37,884
	17,084	*	HealthEquity, Inc		435
	1,215,209	*	Healthscope Ltd		2,685
	372,439		Healthsouth Corp		14,324
	70,003	*	HealthStream, Inc		2,064
	96,810	*,e	Healthways, Inc		1,925
	47,079	*,e	HeartWare International, Inc		3,457
	123,701	*	Henry Schein, Inc		16,842
	221,221		Hill-Rom Holdings, Inc		10,092
	242,426	*,e	HMS Holdings Corp		5,125
	12,200		Hogy Medical Co Ltd		556
	3,367,719	*	Hologic, Inc		90,053
	727,690		Humana, Inc		104,518
	46,469	*	ICU Medical, Inc		3,806
	135,962	*	Idexx Laboratories, Inc		20,159
	4,379,895		IHH Healthcare BHD		6,032
	137,163	*,e	iKang Healthcare Group, Inc (ADR)		2,063
	7,646	*,e	Imprivata, Inc		99
	136,826	*,e	IMS Health Holdings, Inc		3,508
	10,234		InBody Co Ltd		291
	14,583	*	Inogen Inc		457
	618,789	*	Insulet Corp		28,501
	76,776	*	Integra LifeSciences Holdings Corp		4,164
	156,969	*	Intuitive Surgical, Inc		83,027
	114,883		Invacare Corp		1,925
	151,935	*	Inverness Medical Innovations, Inc		5,774
	18,528	*	Ion Beam Applications		321
	54,420	*	IPC The Hospitalist Co, Inc		2,497
	17,652	*	i-SENS Inc		1,008
	253,721	*,e	Japara Healthcare Ltd		425
	210,000		Jeol Ltd		1,078
	2,509,000	e	Jintian Pharmaceutical Group Ltd		855
	23,730	*,e	K2M Group Holdings, Inc		495
	324,184		Kindred Healthcare, Inc		5,894

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	73,788		Korian-Medica	$	2,696
	811,900		Kossan Rubber Industries		1,035
	1,459,173	*	KPJ Healthcare BHD		1,539
	371,107	*	Laboratory Corp of America Holdings		40,042
	27,508		Landauer, Inc		939
	46,475	*,e	LDR Holding Corp		1,523
	38,600	e	Leisureworld Senior Care Corp		465
	47,981	*	LHC Group, Inc		1,496
	2,619,620		Life Healthcare Group Holdings Pte Ltd		9,677
	148,594	*	LifePoint Hospitals, Inc		10,685
	210,000	*,e	Lifetech Scientific Corp		269
	125,355	*	Magellan Health Services, Inc		7,525
	6,400		Mani, Inc		381
	143,898	*	Masimo Corp		3,790
	1,302,155		McKesson Corp		270,301
	306,184	*	MedAssets, Inc		6,050
	69,712	e	Medical Facilities Corp		1,105
	9,145	*	Medicare Group		288
	206,336		Mediceo Paltac Holdings Co Ltd		2,410
	543,407		Mediclinic International Ltd		4,704
	154,077	*	Medidata Solutions, Inc		7,357
	47,588	*	Medipost Co Ltd		1,932
	2,838,762		Medtronic, Inc		204,959
	215,140	*	Merge Healthcare, Inc		766
	121,339		Meridian Bioscience, Inc		1,997
	151,765	*	Merit Medical Systems, Inc		2,630
	38,800	e	Message Co Ltd		1,066
	1,634,647		Metlifecare Ltd		5,987
	145,500		Microlife Corp		311
	533,000	*,e	Microport Scientific Corp		225
	66,406		Miraca Holdings, Inc		2,857
	163,133	*	Molina Healthcare, Inc		8,733
	35,838	*	MWI Veterinary Supply, Inc		6,089
	20,536		Nagaileben Co Ltd		334
	27,700		Nakanishi, Inc		1,176
	35,108		National Healthcare Corp		2,206
	30,750	*	National Research Corp		430
	211,733	*	Natus Medical, Inc		7,631
	102,373	*	Neogen Corp		5,077
	1,669,761		Network Healthcare Holdings Ltd		5,457
	16,661	*,e	Nevro Corp		644
	47,700	e	Nichii Gakkan Co		378
	129,400		Nihon Kohden Corp		6,376
	59,867		Nikkiso Co Ltd		554
	430,300	e	Nipro Corp		3,706
	179,403	*	NuVasive, Inc		8,461
	171,923	*	NxStage Medical, Inc		3,083
	12,029	*,e	Ocular Therapeutix, Inc		283
	244,219		Odontoprev S.A.		906
	1,444,632	*	Olympus Corp		50,606
	520,693	e	Omnicare, Inc		37,974
	194,192	*	Omnicell, Inc		6,432

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	295,732	*	OraSure Technologies, Inc	$	2,999
	99,604	*	Oriola-KD Oyj (B Shares)		418
	103,845	e	Orpea		6,500
	60,083	*	Orthofix International NV		1,806
	12,284	*	Osstem Implant Co Ltd		394
	216,912		Owens & Minor, Inc		7,616
	40,768	*,e	Oxford Immunotec Global plc		555
	18,200		Paramount Bed Holdings Co Ltd		480
	96,646		Patterson Cos, Inc		4,649
	404,378	*	Pediatrix Medical Group, Inc		26,733
	163,475		Pharmaniaga BHD		214
	102,662	*	PharMerica Corp		2,126
	297,000	e	Phoenix Healthcare Group Co Ltd		546
	33,596		Phonak Holding AG.		4,936
	48,796	*,e	PhotoMedex, Inc		75
	142,000	*	Pihsiang Machinery Manufacturing Co Ltd		299
	248,888	*	Premier, Inc		8,345
	1,340,574		Primary Health Care Ltd		5,129
	75,139	*	Providence Service Corp		2,738
	4,500	*	Psc, Inc		249
	336,600	*	PT Siloam International Hospitals Tbk		372
	567,000	*,e	PW Medtech Group Ltd		252
	210,708	*	Qualicorp S.A.		2,204
	145,492		Quality Systems, Inc		2,268
	321,713		Quest Diagnostics, Inc		21,574
	77,101	*,e	Quidel Corp		2,230
	196,178	*,e	RadNet, Inc		1,675
	331,267		Raffles Medical Group Ltd		972
	248,357		Ramsay Health Care Ltd		11,513
	4,374,000		Religare Health Trust		3,302
	290,128	e	Resmed, Inc		16,265
	214,664		Rhoen Klinikum AG.		6,016
	128,369	*,e	Rockwell Medical Technologies, Inc		1,320
	1,158	*,e	Roka Bioscience, Inc		5
	216,388	*,e	RTI Biologics, Inc		1,125
	810,467		Ryman Healthcare Ltd		5,376
	12,669		Sartorius AG.		1,546
	5,486	e	Sartorius Stedim Biotech		1,071
	675	*,e	Second Sight Medical Products, Inc		7
	250,476		Selcuk Ecza Deposu Ticaret ve Sanayi AS		230
	321,798		Select Medical Holdings Corp		4,634
	16,920		SEWOONMEDICAL Co Ltd		95
	2,102,994		Shandong Weigao Group Medical Polymer Co Ltd		1,698
	1,971,162		Shanghai Pharmaceuticals Holding Co Ltd		4,438
	139,681		Shenzhen Accord Pharmaceutical Co Ltd		650
	862	*	Sientra, Inc		14
	3,046,999		Sigma Pharmaceuticals Ltd		1,829
	1,927,247		Sinopharm Group Co		6,782
	74,251	*	Sirona Dental Systems, Inc		6,487
	121,866	*	Skilled Healthcare Group, Inc (Class A)		1,044
	967,701		Smith & Nephew plc		17,450
	308,200	*	So-net M3, Inc		5,157

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,925,063		Sonic Healthcare Ltd	$	28,962
	356,232	*	Sorin S.p.A.		829
	113,438	*,e	Spectranetics Corp		3,923
	188,884	*,g	Spire Healthcare Group plc		1,119
	805,181		St. Jude Medical, Inc		52,361
	54,000		St. Shine Optical Co Ltd		881
	105,196	*,e	Staar Surgical Co		958
	288,619	e	STERIS Corp		18,717
	13,185		Stratec Biomedical Systems AG.		730
	13,210	e	Straumann Holding AG.		3,319
	777,833		Stryker Corp		73,373
	18,917		Suheung Capsule Co Ltd		859
	1,002,811	e	Summerset Group Holdings Ltd		2,161
	1,259,800		Supermax Corp BHD		603
	52,382	*	Surgical Care Affiliates, Inc		1,763
	72,444	*	SurModics, Inc		1,601
	122,093		Suzuken Co Ltd		3,373
	34,132	*	Symmetry Surgical, Inc		266
	70,189		Synergy Healthcare plc		2,276
	280,700	*	Sysmex Corp		12,458
	23,734	*,e	Tandem Diabetes Care, Inc		301
	262,156	*	Team Health Holdings, Inc		15,082
	19,317		Teleflex, Inc		2,218
	214,361	*	Tenet Healthcare Corp		10,862
	249,400	*	Terumo Corp		5,660
	265,055	*	Thoratec Corp		8,604
	84,100		Toho Pharmaceutical Co Ltd		1,225
	9,600		Tokai Corp (GIFU)		287
	916,300		Top Glove Corp BHD		1,184
	125,336	*,e	Tornier BV		3,196
	8,800,000	e	Town Health International Medical Group Ltd		1,391
	101,592	*,e	TransEnterix, Inc		296
	82,229	*	Triple-S Management Corp (Class B)		1,966
	21,472	*,e	TriVascular Technologies, Inc		270
	15,769	*,e	Trupanion, Inc		109
	27,000		Tsuki Corp		230
	321,801	*,e	Unilife Corp		1,078
	334,711	e	United Drug plc		1,997
	3,376,062		UnitedHealth Group, Inc		341,286
	143,412	*	Universal American Corp		1,331
	781,343		Universal Health Services, Inc (Class B)		86,932
	51,763		US Physical Therapy, Inc		2,172
	11,301		Utah Medical Products, Inc		679
	7,930	*	Value Added Technologies Co Lt		186
	119,872	*	Varian Medical Systems, Inc		10,370
	54,831	*	Vascular Solutions, Inc		1,489
	345,339	*	VCA Antech, Inc		16,842
	201,408	*,e	Veeva Systems, Inc		5,319
	17,405	*,e	Veracyte, Inc		168
	655,600		Vibhavadi Medical Center PCL		288
	7,257		Vieworks Co Ltd		225
	256,245	e	Virtus Health Ltd		1,635

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	78,100	e	VITAL KSK Holdings, Inc	$	587
	58,797	*	Vocera Communications, Inc		613
	145,699	*	Volcano Corp		2,605
	308,096	*	WellCare Health Plans, Inc		25,282
	276,334		West Pharmaceutical Services, Inc		14,712
	19,949	*	William Demant Holding		1,518
	158,887	*,e	Wright Medical Group, Inc		4,269
	79,831	*,e	Zeltiq Aesthetics, Inc		2,228
	690,956		Zimmer Holdings, Inc		78,368
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,821,127
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	10,907		Able C&C Co Ltd		230
	23,500		Aderans Co Ltd		221
	5,808		Amorepacific Corp		11,726
	16,400		Artnature, Inc		183
	452,738	*	Asaleo Care Ltd		609
	1,630,669		Avon Products, Inc		15,312
	52,337		Bajaj Corp Ltd		292
	657,222		Beiersdorf AG.		53,362
	9,350		Bioland Ltd		170
	173,901	*	Central Garden and Pet Co (Class A)		1,661
	703,000	e	China Child Care Corp Ltd		109
	495,616		Church & Dwight Co, Inc		39,059
	217,291		Clorox Co		22,644
	2,132,999		Colgate-Palmolive Co		147,582
	4,305		Cosmax BTI, Inc		177
	38,892	*	Cosmax, Inc		3,511
	173,135	e	Coty, Inc		3,577
	475,917		Dabur India Ltd		1,756
	13,600	*	Dr Ci:Labo Co Ltd		464
	489,700		DSG International Thailand PCL		115
	80,310	*,e	Elizabeth Arden, Inc		1,718
	360,561		Energizer Holdings, Inc		46,354
	1,241,615		Estee Lauder Cos (Class A)		94,611
	58,500	*,e	Euglena Co Ltd		725
	201,600		Fancl Corp		2,868
	59,479	e	Female Health Co		233
	5,947	*	Gillette India Ltd		310
	160,203		Godrej Consumer Products Ltd		2,469
	107,000		Grape King Industrial Co		428
	411,903	*	Harbinger Group, Inc		5,833
	877,786		Hengan International Group Co Ltd		9,152
	60,759		Henkel KGaA		5,886
	381,390		Henkel KGaA (Preference)		41,082
	362,925	e	Herbalife Ltd		13,682
	1,225,899		Hindustan Lever Ltd		14,732
	790,816	*	Hypermarcas S.A.		4,953
	90,127	*,e	IGI Laboratories, Inc		793
	9,261	e	Inter Parfums S.A.		252
	100,508		Inter Parfums, Inc		2,759
	346,755		Jyothy Laboratories Ltd		1,423

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	350,745		Kao Corp	$	13,831
	2,152,300		Karex BHD		2,081
	1,042,587		Kimberly-Clark Corp		120,460
	2,883,337		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		6,271
	27,300		Kobayashi Pharmaceutical Co Ltd		1,589
	15,282		Korea Kolmar Co Ltd		607
	7,583		Korea Kolmar Holdings Co Ltd		294
	115,200		Kose Corp		4,503
	17,972		LG Household & Health Care Ltd		10,187
	491,000	e	Lion Corp		2,561
	564,497		L’Oreal S.A.		94,481
	59,479		Mandom Corp		1,953
	44,159	*	Medifast, Inc		1,482
	389,924	*	Microbio Co Ltd		351
	11,500		Milbon Co Ltd		313
	172,750		Natura Cosmeticos S.A.		2,070
	51,888		Nature’s Sunshine Products, Inc		769
	15,900		Noevir Holdings Co Ltd		277
	440,076	e	Nu Skin Enterprises, Inc (Class A)		19,231
	32,101	*	Nutraceutical International Corp		692
	4,733,000	e,m	NVC Lighting Holdings Ltd		540
	15,471		Oil-Dri Corp of America		505
	36,469	*	Ontex Group NV		1,047
	21,192		Orchids Paper Products Co		617
	45,995	e	Oriflame Cosmetics S.A.		637
	8,426		Pacific Corp		7,621
	48,500		Pigeon Corp		2,828
	24,400	e	Pola Orbis Holdings, Inc		975
	8,856,118		Procter & Gamble Co		806,704
	8,555,600		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		422
	3,197,891		PT Unilever Indonesia Tbk		8,295
	723,261		Reckitt Benckiser Group plc		58,580
	35,076	*,e	Revlon, Inc (Class A)		1,198
	2,150,000		Ruinian International Ltd		558
	130,468	e	Shiseido Co Ltd		1,830
	56,216		Spectrum Brands, Inc		5,379
	264,879		Svenska Cellulosa AB (B Shares)		5,710
	654,454		Uni-Charm Corp		15,687
	16,867	*,e	USANA Health Sciences, Inc		1,730
	482,000	e	Vinda International Holdings Ltd		706
	65,104		WD-40 Co		5,539
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,764,134
INSURANCE - 4.4%
	2,992,100		ACE Ltd		343,732
	192,875		Admiral Group plc		3,957
	576,426		Aegon NV		4,332
	738,942		Aflac, Inc		45,142
	351,309		Ageas		12,491
	19,649,007		AIA Group Ltd		108,373
	117,839		Aksigorta AS		128
	12,594	*	Alleghany Corp		5,837

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,008,010		Allianz AG.	$	166,953
	233,676		Allied World Assurance Co Holdings Ltd		8,861
	4,079,350		Allstate Corp		286,574
	83,677	*	Alm Brand AS		442
	148,983	*	AMBAC Financial Group, Inc		3,650
	258,968		American Equity Investment Life Holding Co		7,559
	525,201		American Financial Group, Inc		31,890
	4,684,159		American International Group, Inc		262,360
	11,962		American National Insurance Co		1,367
	64,733		Amerisafe, Inc		2,742
	1,340,144		Amlin plc		9,941
	4,097,982		AMP Ltd		18,251
	88,923	e	Amtrust Financial Services, Inc		5,002
	86,038		Anadolu Hayat Emeklilik AS		189
	268,393	*	Anadolu Sigorta		163
	464,444		Aon plc		44,043
	12,529	e	April Group		188
	214,208	*	Arch Capital Group Ltd		12,660
	90,462		Argo Group International Holdings Ltd		5,018
	134,860		Arthur J. Gallagher & Co		6,349
	349,772		Aspen Insurance Holdings Ltd		15,310
	1,433,610		Assicurazioni Generali S.p.A.		29,436
	198,215		Assurant, Inc		13,564
	125,363		Assured Guaranty Ltd		3,258
	35,649	*,e	Atlas Financial Holdings, Inc		582
	6,244,203		Aviva plc		46,915
	5,200,724		AXA S.A.		119,840
	2,058,387		Axis Capital Holdings Ltd		105,163
	4,146		Bajaj Finserv Ltd		86
	39,410		Baldwin & Lyons, Inc (Class B)		1,016
	101,367		Baloise Holding AG.		12,956
	985,746		BB Seguridade Participacoes S.A.		11,926
	1,115,229		Beazley plc		4,965
	4,467,404	*	Berkshire Hathaway, Inc (Class B)		670,781
	225,700		Brazil Insurance Participco		289
	128,755	g	Brit plc		540
	91,228		Brown & Brown, Inc		3,002
	20,846,347		Cathay Financial Holding Co Ltd		30,803
	948,605		Catlin Group Ltd		9,881
	237,733		Chesnara plc		1,257
	1,382,348	*	China Insurance International Holdings Co Ltd		3,928
	12,111,124		China Life Insurance Co Ltd		47,453
	2,928,982		China Life Insurance Co Ltd (Taiwan)		2,420
	3,808,600		China Pacific Insurance Group Co Ltd		19,161
	226,111		Chubb Corp		23,396
	92,429		Cincinnati Financial Corp		4,791
	153,764	*,e	Citizens, Inc (Class A)		1,169
	19,954	*	Clal Insurance		284
	4,277,241		ClearView Wealth Ltd		3,213
	15,545		CNA Financial Corp		602
	363,284		CNP Assurances		6,440
	720,110		Conseco, Inc		12,400

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	680,036		Corp Mapfre S.A.	$	2,299
	304,901		Cover-More Group Ltd		470
	98,036		Crawford & Co (Class B)		1,008
	3,104,400		Dai-ichi Mutual Life Insurance Co		47,124
	97,380		Delta Lloyd NV		2,141
	5,551,116		Direct Line Insurance Group plc		25,111
	342,971		Discovery Holdings Ltd		3,284
	29,218		Donegal Group, Inc (Class A)		467
	45,002		Dongbu Insurance Co Ltd		2,247
	49,161	*	eHealth, Inc		1,225
	23,974		EMC Insurance Group, Inc		850
	97,983		Employers Holdings, Inc		2,304
	92,933		Endurance Specialty Holdings Ltd		5,561
	34,775	*	Enstar Group Ltd		5,317
	33,738		Erie Indemnity Co (Class A)		3,062
	654,673		esure Group plc		2,079
	29,086		Euler Hermes S.A.		3,012
	270,837		Everest Re Group Ltd		46,124
	32,418		Fairfax Financial Holdings Ltd		16,987
	24,441		FBD Holdings plc		338
	42,735		FBL Financial Group, Inc (Class A)		2,480
	87,006		Federated National Holding Co		2,102
	37,283		Fidelity & Guaranty Life		905
	370,102		First American Financial Corp		12,546
	956,764		FNF Group		32,961
	232,514		Fondiaria-Sai S.p.A		626
	449,824	*	Genworth Financial, Inc (Class A)		3,824
	203,425		Gjensidige Forsikring BA		3,319
	546,737	e	Great-West Lifeco, Inc		15,807
	94,671	*	Greenlight Capital Re Ltd (Class A)		3,091
	45,013		Grupo Catalana Occidente S.A.		1,298
	59,414	*	Hallmark Financial Services		718
	115,916		Hannover Rueckversicherung AG.		10,457
	130,417		Hanover Insurance Group, Inc		9,301
	32,656	*	Hanwha Non-Life Insurance Co Ltd		136
	142,375		Harel Insurance Investments & Finances Ltd		644
	4,092,334		Hartford Financial Services Group, Inc		170,609
	106,271		HCC Insurance Holdings, Inc		5,688
	28,099	e	HCI Group, Inc		1,215
	6,872		Helvetia Holding AG.		3,265
	35,347	*	Heritage Insurance Holdings, Inc		687
	911,449	*	Hilltop Holdings, Inc		18,183
	472,346		Hiscox Ltd		5,296
	184,378		Horace Mann Educators Corp		6,118
	172,115		Hyundai Marine & Fire Insurance Co Ltd		4,072
	5,927		IDI Insurance Co Ltd		204
	28,522		Independence Holding Co		398
	99,937	e	Industrial Alliance Insurance and Financial Services, Inc		3,822
	49,738		Infinity Property & Casualty Corp		3,843
	136,295		ING Canada, Inc		9,837
	2,819,031		Insurance Australia Group Ltd		14,314
	56,344		Jardine Lloyd Thompson Group plc		787

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	187,870		Just Retirement Group plc	$	433
	14,782		Kansas City Life Insurance Co		710
	172,128		Kemper Corp		6,216
	453,382		Korea Life Insurance Co Ltd		3,425
	104,433		Korean Reinsurance Co		1,022
	203,849	e	Lancashire Holdings Ltd		1,779
	24,189,018		Legal & General Group plc		93,397
	262,606		Liberty Holdings Ltd		2,785
	69,173		LIG Insurance Co Ltd		1,715
	942,729		Lincoln National Corp		54,367
	177,820		Loews Corp		7,472
	251,270		Maiden Holdings Ltd		3,214
	2,585,996	e	Manulife Financial Corp		49,369
	13,505	*	Markel Corp		9,222
	3,428,269		Marsh & McLennan Cos, Inc		196,234
	215,714		MAX India Ltd		1,346
	299,503	*	MBIA, Inc		2,857
	170,590		Meadowbrook Insurance Group, Inc		1,443
	432,211	*	Medibank Pvt Ltd		850
	244,513		Mediolanum S.p.A.		1,558
	47,759		Menorah Mivtachim Holdings Ltd		414
	462,202	*	Mercuries Life Insurance Co Lt		247
	20,800		Mercury General Corp		1,179
	136,499		Meritz Fire & Marine Insurance Co Ltd		1,542
	6,930,997		Metlife, Inc		374,897
	1,062,583		Metropolitan Holdings Ltd		2,756
	940,947		Migdal Insurance Holdings Ltd		1,120
	602,591		Mitsui Sumitomo Insurance Group Holdings, Inc		14,280
	132,799	e	Montpelier Re Holdings Ltd		4,757
	124,492		Muenchener Rueckver AG.		24,791
	170,270		National General Holdings Corp		3,169
	31,296		National Interstate Corp		933
	8,064		National Western Life Insurance Co (Class A)		2,171
	46,808	*	Navigators Group, Inc		3,433
	1,052,404		New China Life insurance Co Ltd		5,281
	1,235,133		NKSJ Holdings, Inc		31,061
	130,676	*	NN Group NV		3,901
	2,803,855	e	Old Mutual plc		8,263
	215,832		Old Republic International Corp		3,158
	102,852		OneBeacon Insurance Group Ltd (Class A)		1,666
	340,831		PartnerRe Ltd		38,899
	170,084		Partnership Assurance Group plc		370
	12,262,805		People’s Insurance Co Group of China Ltd		5,699
	19,947	*	Phoenix Cos, Inc		1,374
	595,876		Phoenix Group Holdings		7,677
	128,344		Phoenix Holdings Ltd		339
	13,804,527		PICC Property & Casualty Co Ltd		26,639
	2,782,200		Ping An Insurance Group Co of China Ltd		28,171
	83,416		Platinum Underwriters Holdings Ltd		6,124
	388,204		Porto Seguro S.A.		4,440
	458,469	e	Power Corp Of Canada		12,533
	512,277	e	Power Financial Corp		15,953

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	171,740		Powszechny Zaklad Ubezpieczen S.A.	$	23,438
	183,616		Primerica, Inc		9,963
	655,928		Principal Financial Group		34,069
	112,950		ProAssurance Corp		5,100
	334,673		Progressive Corp		9,033
	71,175		Protective Life Corp		4,957
	2,676,415		Prudential Financial, Inc		242,108
	5,862,605		Prudential plc		135,540
	56,756,000	*	PT Panin Insurance Tbk		3,414
	92,157,700	*	PT Panin Life Tbk		2,220
	1,526,710		QBE Insurance Group Ltd		13,863
	246,200	*,e	Qualitas Controladora SAB de C.V.		510
	353,449		Reinsurance Group of America, Inc (Class A)		30,969
	185,719		RenaissanceRe Holdings Ltd		18,056
	1,640,961		Resolution Ltd		9,319
	151,639		RLI Corp		7,491
	692,216		RMI Holdings		2,445
	281,616	*	RSA Insurance Group plc		1,901
	50,310		Safety Insurance Group, Inc		3,220
	1,150,243		Sampo Oyj (A Shares)		53,848
	81,881		Samsung Fire & Marine Insurance Co Ltd		21,045
	153,223		Samsung Life Insurance Co Ltd		16,225
	4,998,454		Sanlam Ltd		30,077
	345,650		SCOR		10,473
	240,325		Selective Insurance Group, Inc		6,530
	6,347,955		Shin Kong Financial Holding Co Ltd		1,798
	237,000		Shinkong Insurance Co Ltd		186
	188,233		Societa Cattolica di Assicurazioni SCRL		1,304
	356,634		Sony Financial Holdings, Inc		5,251
	713,115		St. James’s Place plc		8,992
	33,317		Stancorp Financial Group, Inc		2,328
	2,695,527		Standard Life plc		16,697
	56,771		State Auto Financial Corp		1,261
	10,601		State National Cos, Inc		127
	510,751	e	Steadfast Group Ltd		641
	76,202		Stewart Information Services Corp		2,823
	478,264	*	Storebrand ASA		1,868
	164,433		Sul America SA		799
	885,102	e	Sun Life Financial, Inc		31,936
	1,403,812		Suncorp-Metway Ltd		16,037
	22,808		Swiss Life Holding		5,391
	1,239,487		Swiss Re Ltd		103,834
	116,700		Syarikat Takaful Malaysia BHD		376
	267,032		Symetra Financial Corp		6,155
	921,534		T&D Holdings, Inc		11,047
	238,000		Taiwan Fire & Marine Insurance Co		167
	505,409	*	Taiwan Life Insurance Co Ltd		299
	3,027,100	*	Thai Reinsurance PCL		288
	2,312,816	*	Third Point Reinsurance Ltd		33,513
	1,946,688		Tokio Marine Holdings, Inc		63,224
	37,680		Tong Yang Life Insurance		368
	101,437	*	Topdanmark AS		3,292

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	225,922		Torchmark Corp	$	12,238
	649,826		Travelers Cos, Inc		68,784
	26,763		TrygVesta AS		2,990
	941,400		Tune Ins Holdings BHD		456
	992,710		Unipol Gruppo Finanziario S.p.A		4,902
	759,075		Unipol Gruppo Finanziario S.p.A (Priv)		3,719
	283,936		Uniqa Versicherungen AG.		2,665
	31,703	*	United America Indemnity Ltd		899
	74,772		United Fire & Casualty Co		2,223
	114,038		United Insurance Holdings Corp		2,503
	87,778		Universal Insurance Holdings, Inc		1,795
	581,092		UnumProvident Corp		20,268
	271,991		Validus Holdings Ltd		11,304
	55,114		Vittoria Assicurazioni S.p.A.		574
	178,942		W.R. Berkley Corp		9,173
	5,840		White Mountains Insurance Group Ltd		3,680
	44,186		Wiener Staedtische Allgemeine Versicherung AG.		1,975
	2,066		Willis Group Holdings plc		93
	907,453		XL Capital Ltd		31,189
	253,168		Zurich Financial Services AG.		79,116
			TOTAL INSURANCE		5,477,597
	MATERIALS - 5.0%
	99,673		A. Schulman, Inc		4,040
	564,769	e	Acerinox S.A.		8,521
	883,083		ACHEM Technology Corp		528
	187,000		Achilles Corp		230
	59,909		Acron JSC (GDR)		204
	67,466		Adana Cimento		158
	88,100		ADEKA Corp		1,043
	480,543		Adelaide Brighton Ltd		1,392
	120,208	*	Advanced Emissions Solutions, Inc		2,740
	42,727	*	Advanced Metallurgical Group NV		347
	168,124		Aeci Ltd		1,944
	12,758	*	AEP Industries, Inc		742
	175,802		African Barrick Gold Ltd		696
	163,870		African Oxygen Ltd		227
	101,588		African Rainbow Minerals Ltd		1,040
	189,027		Agnico-Eagle Mines Ltd		4,705
	142,624	e	Agrium, Inc		13,504
	374,000		Aichi Steel Corp		1,311
	245,100	*,e	Ainsworth Lumber Co Ltd		703
	136,413		Air Liquide		16,880
	168,891		Air Products & Chemicals, Inc		24,359
	117,422		Air Water, Inc		1,860
	83,054		Airgas, Inc		9,566
	14,132		AK Holdings, Inc		1,028
	596,899	*,e	AK Steel Holding Corp		3,546
	92,095		Akcansa Cimento AS		614
	8,236		Akzo Nobel India Ltd		181
	1,239,647		Akzo Nobel NV		85,771
	135,370		Alamos Gold, Inc		967

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,051,433	e	Albemarle Corp	$	63,223
	4,958,978		Alcoa, Inc		78,302
	2,430,820		Alent plc		12,089
	26,823		Alexandria Mineral Oils Co		228
	140,897		Allegheny Technologies, Inc		4,899
	292,055	*,e	Alpek SAB de C.V.		374
	286,279	e	Altri SGPS S.A.		855
	6,173,989	*	Alumina Ltd		8,920
	4,805,171	*,e	Aluminum Corp of China Ltd		2,222
	7,498	g	AMAG Austria Metall AG. (purchased 5/31/12, cost $183)		250
	960,071		Ambuja Cements Ltd		3,471
	3,237,166		Amcor Ltd		35,616
	97,553	e	American Vanguard Corp		1,134
	28,155		Ampco-Pittsburgh Corp		542
	3,729,000		AMVIG Holdings Ltd		1,611
	320,177		Anadolu Cam Sanayii AS		274
	598,900		Anatolia Minerals Development Ltd		1,201
	1,017,990		Anglo American plc (London)		18,837
	62,518	*	Anglo Platinum Ltd		1,835
	439,488	*	AngloGold Ashanti Ltd		3,838
	1,544,291	e	Anhui Conch Cement Co Ltd		5,718
	2,046,054		Antofagasta plc		23,841
	214,980	*,e	APERAM		6,309
	32,883		Aptargroup, Inc		2,198
	1,304,835	*	Aquarius Platinum Ltd		304
	96,299		Arabian Cement Co		226
	352,050		ArcelorMittal		3,857
	166,200	*,e	Argonaut Gold, Inc		262
	16,950		Arkema		1,121
	28,674		Asahi Holdings, Inc		442
	2,580,529		Asahi Kasei Corp		23,541
	173,900	*,e	Asanko Gold, Inc		269
	686,057		Ashland, Inc		82,162
	1,291,000		Asia Cement China Holdings Corp		750
	1,286		Asia Cement Co Ltd		142
	5,148,635		Asia Cement Corp		6,340
	121,574		Asia Plastic Recycling Holding Ltd		138
	422,500		Asia Polymer		321
	426,337		Asian Paints Ltd		5,054
	25,776		Associated Cement Co Ltd		569
	36,033	e	Assore Ltd		462
	795,000		Atlas Consolidated Mining & Development		180
	940,489	e	Atlas Iron Ltd		125
	7,302		Atul Ltd		160
	15,307	*,e	Auriga Industries (Class B)		762
	35,842	e	Aurubis AG.		2,004
	120,011		Avery Dennison Corp		6,226
	2,882,793	*,e	Axalta Coating Systems Ltd		75,010
	1,184,855		Axiall Corp		50,321
	929,496	*	B2Gold Corp		1,520
	130,366		Balchem Corp		8,688
	443,761		Ball Corp		30,251
	1,233,305		Barrick Gold Corp (Canada)		13,291

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,029,033		BASF AG.	$	86,316
	8,644		BASF India Ltd		176
	56,861		Baticim Bati Anadolu Cimento Sanayii AS		178
	11,515		Bayer CropScience Ltd		580
	8,016,449		BBMG Corp		6,664
	155,669	e	BC Iron Ltd		66
	75,135		Bekaert S.A.		2,384
	48,039	e	Bemis Co, Inc		2,172
	906,200		Bengang Steel Plates Co		349
	144,630		Berger Paints India Ltd		920
	7,192,670	*,a	Berry Plastics Group, Inc		226,929
	4,592,351		BHP Billiton Ltd		108,575
	5,470,517		BHP Billiton plc		117,241
	748,946		Billerud AB		10,741
	63,700	*,e	Bio Pappel SAB de C.V.		110
	172,500	e	Bloomage Biotechnology Corp Ltd		283
	599,347	*	BlueScope Steel Ltd		2,713
	7,972	*	BNG Steel Co Ltd		122
	162,883	*	Boise Cascade Co		6,051
	1,122,830		Boliden AB		17,948
	1,549,100		Boral Ltd		6,648
	238,616		Borregaard ASA		1,765
	47,043		Borusan Mannesmann Boru Sanayi		148
	225,399	*	Boryszew S.A.		365
	23,087	*	BRAAS Monier Building Group S.A.		447
	223,967		Bradespar S.A.		1,205
	596,496		Braskem S.A.		3,927
	66,950		Brush Engineered Materials, Inc		2,359
	79,097	e	Buzzi Unicem S.p.A.		1,001
	43,631		Buzzi Unicem S.p.A. RSP		337
	5,600	e	C Uyemura & Co Ltd		262
	212,015		Cabot Corp		9,299
	414,523		Caesarstone Sdot-Yam Ltd		24,797
	179,736	*	Calgon Carbon Corp		3,735
	109,032		Canam Group, Inc		1,063
	193,700	e	Canexus Corp		544
	256,968	*	Canfor Corp		6,556
	84,251		Canfor Pulp Products, Inc		1,056
	58,362		CAP S.A.		258
	365,011	*	Capstone Mining Corp		638
	25,220		Carpenter Technology Corp		1,242
	172,830		Cascades, Inc		1,044
	68,147	*,e	Castle (A.M.) & Co		544
	101,400		CCL Industries		10,986
	457,344		Celanese Corp (Series A)		27,422
	173,497		Cementir S.p.A.		1,049
	851,234		Cementos Argos S.A.		3,654
	180,205	*	Cemex Latam Holdings S.A.		1,213
	24,669,592	*,e	Cemex S.A. de C.V.		25,148
	1,392,279	*,e	Cemex SAB de C.V. (ADR)		14,187
	1,163,468	e	Centamin plc		1,068
	547,100		Centerra Gold, Inc		2,844
	249,398	*	Century Aluminum Co		6,085

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,555,000	m	Century Sunshine Ecological Technology Holdings Ltd	$	146
	43,640		Century Textile & Industries Ltd		361
	158,218		CF Industries Holdings, Inc		43,121
	20,923		Chase Corp		753
	350,969	*,e	Chemtura		8,679
	1,610,560		Cheng Loong Corp		658
	475,925		Chia Hsin Cement Corp		213
	2,151,795		China BlueChemical Ltd		761
	172,000		China Hi-ment Corp		383
	1,273,000	*	China Manmade Fibers Corp		423
	735,372		China Metal Products		702
	3,613,200	*,e,m	China Metal Recycling Holdings Ltd		5
	6,057,248	e	China National Building Material Co Ltd		5,843
	2,704,000	e	China National Materials Co Ltd		811
	2,638,078	*	China Petrochemical Development Corp		958
	4,958,000	*,e	China Precious Metal Resources Holdings Co Ltd		400
	1,422,000	*	China Rare Earth Holdings Ltd		182
	7,664,058		China Resources Cement Holdings Ltd		4,939
	1,743,000	e	China Sanjiang Fine Chemicals		557
	5,103,200	e	China Shanshui Cement Group Ltd		2,445
	161,000		China Steel Chemical Corp		786
	15,552,132		China Steel Corp		12,901
	496,000		China Synthetic Rubber Corp		514
	1,232,000		China Vanadium Titano-Magnetite Mining Co Ltd		116
	768,000	*	China Zhongsheng Resources Holdings Ltd		39
	630,000	*	Chongqing Iron & Steel Co Ltd		139
	132,910		Christian Hansen Holding		5,888
	56,000		Chugoku Marine Paints Ltd		473
	1,069,328		Chun Yuan Steel		391
	1,054,720	*	Chung Hung Steel Corp		247
	242,950	*	Chung Hwa Pulp Corp		69
	437,630	e	Cia de Minas Buenaventura S.A. (ADR) (Series B)		4,184
	703,068		Cia Siderurgica Nacional S.A.		1,476
	65,866		Ciech S.A.		793
	178,077		Cimsa Cimento Sanayi Ve Tica		1,217
	1,208,000	*	Citic Dameng Holdings		83
	1,777,582		Clariant AG.		29,787
	67,665	*	Clearwater Paper Corp		4,638
	1,394,534	e	Cliffs Natural Resources, Inc		9,957
	468,752	*,e	Coeur d’Alene Mines Corp		2,395
	414,592		Commercial Metals Co		6,754
	86,132	*,m	Companhia Vale do Rio Doce		0	^
	200,282		Compass Minerals International, Inc		17,390
	400,786	*	Constellium NV		6,585
	107,366	*	Coromandel International Ltd		524
	3,722,000		CPMC Holdings Ltd		2,026
	2,370,792		CRH plc		57,007
	493		CRH plc (Ireland)		12
	393,030		Croda International plc		16,222
	120,200	*	Cronus Resources Ltd		191
	1,803,651	*	Crown Holdings, Inc		91,806

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,798,899		CSR Ltd	$	5,683
	151,850	*,e	Cudeco Ltd		241
	691,931		Cytec Industries, Inc		31,946
	4,100,600		D&L Industries Inc		1,519
	673,689		Daicel Chemical Industries Ltd		7,869
	306,000		Daido Steel Co Ltd		1,156
	63,000		Daiken Corp		139
	139,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		745
	801,845		Dainippon Ink and Chemicals, Inc		1,922
	283,872		Daio Paper Corp		2,318
	71,000		Daiso Co Ltd		228
	225,400	*,m	Danhua Chemical Technology Co Ltd		119
	18,091	*	DC Chemical Co Ltd		1,280
	31,334		DCM Shriram Ltd		78
	31,246		Deltic Timber Corp		2,137
	1,425,000		Denki Kagaku Kogyo KK		5,219
	169,147	*,e	Detour Gold Corp		1,382
	285,279	*	Dominion Diamond Corp		5,125
	30,926	e	Domtar Corp		1,244
	62,870		Dongkuk Steel Mill Co Ltd		334
	748,000		Dongpeng Holdings Co Ltd		277
	18,026		Dongsung Finetec Co Ltd		127
	4,609,000	e	Dongyue Group		1,627
	4,792,648		Dow Chemical Co		218,593
	363,000		Dowa Holdings Co Ltd		2,884
	1,495,178		DS Smith plc		7,456
	441,995		DSM NV		26,959
	1,537,239		Du Pont (E.I.) de Nemours & Co		113,663
	1,273,364		DuluxGroup Ltd		5,992
	119,400	*	Dundee Precious Metals, Inc		282
	52,307		Eagle Materials, Inc		3,977
	14,100		Earth Chemical Co Ltd		471
	440,735		Eastman Chemical Co		33,434
	227,012		Ecolab, Inc		23,727
	102,392	*	EID Parry India Ltd		326
	343,106	*	El Ezz Steel Co		665
	1,169,524		Eldorado Gold Corp		7,127
	1,023,992		Elementis plc		4,151
	2,384,094		Empresas CMPC S.A.		5,966
	11,402		EMS-Chemie Holding AG.		4,616
	443,038	*	Endeavour Mining Corp		162
	241,500	*,e	Endeavour Silver Corp		528
	614,022	e	Ence Energia y Celulosa S.A.		1,525
	21,806	*,e	Eramet		2,002
	7,739,964		Eregli Demir ve Celik Fabrikalari TAS		14,726
	2,204,038		Essentra plc		24,985
	1,719,990		Eternal Chemical Co Ltd		1,744
	326,200		Eternit S.A.		399
	43,151		Eugene Corp		120
	430,602		Everlight Chemical Industrial Corp		378
	639,955	e	Evolution Mining Ltd		332
	345,551		Evonik Industries AG.		11,283
	675,229		Evraz plc		1,614

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	401,750		Feng Hsin Iron & Steel Co	$	492
	78,000		Ferbasa-Ferro Ligas DA Bahia		254
	623,295		Ferrexpo plc		517
	255,250	*	Ferro Corp		3,308
	241,552	*	Fibria Celulose S.A.		2,952
	29,982	*	Finolex Industries Ltd		124
	124,900	*,e	First Majestic Silver Corp		627
	747,779		First Quantum Minerals Ltd		10,626
	1,555,023	e	Fletcher Building Ltd		10,019
	152,166	*,e	Flotek Industries, Inc		2,850
	311,292		FMC Corp		17,753
	3,937,400		Formosa Chemicals & Fibre Corp		8,300
	5,196,088		Formosa Plastics Corp		11,839
	459,000		Formosan Rubber Group, Inc		477
	13,020,198	e	Fortescue Metals Group Ltd		28,588
	434,300	*	Fortuna Silver Mines, Inc		1,974
	2,376,451		Fosun International		3,098
	25,900	*,e	FP Corp		830
	669,404		Franco-Nevada Corp		32,963
	1,694,078		Freeport-McMoRan Copper & Gold, Inc (Class B)		39,574
	174,423		Fresnillo plc		2,073
	40,215		Frutarom Industries Ltd		1,241
	74,511		Fuchs Petrolub AG. (Preference)		2,968
	2,448,200	e	Fufeng Group Ltd		1,055
	22,352		Fuji Seal International, Inc		651
	16,300		Fujimi, Inc		237
	22,100		Fujimori Kogyo Co Ltd		617
	1,788,000	e	Furukawa-Sky Aluminum Corp		4,559
	2,515,800	e	Fushan International Energy Group Ltd		548
	136,725		FutureFuel Corp		1,780
	14,545,600	*	G Steel PCL		62
	247,170	*	Gabriel Resources Ltd		84
	293,742		Gammon Gold, Inc		973
	246,610	*	Gem Diamonds Ltd		667
	2,614,307		Gerdau S.A. (Preference)		9,422
	21,843		Givaudan S.A.		39,183
	139,736		Glatfelter		3,573
	778,761	*	Gleichen Resources Ltd		824
	10,785,977		Glencore Xstrata plc		49,786
	185,124		Globe Specialty Metals, Inc		3,190
	473,192		Gloria Material Technology Corp		327
	127,000		Godo Steel Ltd		189
	103,529		Godrej Industries Ltd		480
	756,806		Gold Fields Ltd		3,421
	97,467	e	Gold Resource Corp		329
	876,297		Goldcorp, Inc		16,224
	8,065,418	*	Goldsun Development & Construction Co Ltd		2,819
	3,822,000		Grand Pacific Petrochemical		2,035
	2,591,894	*	Graphic Packaging Holding Co		35,302
	605,755	*,m	Great Basin Gold Ltd		5
	181,000		Great China Metal Industry		175
	1,281,000	e	Greatview Aseptic Packaging Co		658

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,883		Greif, Inc (Class A)	$	750
	50,036,560	*,e	G-Resources Group Ltd		1,184
	705,295		Grupo Argos S.A.		6,084
	182,836		Grupo Argos S.A.(Preference)		1,539
	9,239,930		Grupo Mexico S.A. de C.V. (Series B)		26,817
	120,400	*,e	Grupo Simec SAB de C.V.		414
	92,884		Gubre Fabrikalari TAS		199
	34,748		Gujarat Flourochemicals		421
	152,500		Gujarat State Fertilisers & Chemicals Ltd		252
	3,179,452	*,e,m	Gunns Ltd		26
	1,584	*,m	Gunns Ltd (Forest)		0	^
	152,996	*	Guyana Goldfields, Inc		371
	12,850	*	H&R WASAG AG.		117
	142,744		H.B. Fuller Co		6,356
	30,182		Han Kuk Carbon Co Ltd		159
	12,020		Hanil Cement Manufacturing		1,589
	10,378		Hansol Chemical Co Ltd		366
	38,345	m	Hansol Paper Co		372
	108,039		Hanwha Chemical Corp		1,147
	46,183		Hanwha Corp		1,306
	558,023	*,e	Harmony Gold Mining Co Ltd		1,040
	38,926	e	Hawkins, Inc		1,687
	44,865		Haynes International, Inc		2,176
	436,839	*	Headwaters, Inc		6,548
	1,174,257	e	Hecla Mining Co		3,276
	107,176		HeidelbergCement AG.		7,564
	65,147		Hexpol AB (Series B)		6,131
	358,910		Highland Gold Mining Ltd		175
	1,183,759		Hindalco Industries Ltd		2,936
	134,382		Hitachi Chemical Co Ltd		2,374
	1,318,830		Hitachi Metals Ltd		22,408
	834,837	*	Ho Tung Chemical Corp		290
	195,119	*,e	Hochschild Mining plc		268
	560,829	e	Hokuetsu Paper Mills Ltd		2,387
	1,028,673		Holcim Ltd		73,534
	53,272		Holmen AB (B Shares)		1,810
	17,809		Honam Petrochemical Corp		2,564
	2,262,000	*	Honbridge Holdings Ltd		315
	173,973	*,e	Horsehead Holding Corp		2,754
	2,886,000		Huabao International Holdings Ltd		2,352
	219,800		Hubei Sanonda Co Ltd		259
	26,917		Huchems Fine Chemical Corp		614
	246,192		HudBay Minerals, Inc		2,144
	203,704		Huhtamaki Oyj		5,359
	1,756,000	*,e	Hunan Non-Ferrous Metal Ltd		879
	348,625		Huntsman Corp		7,942
	24,420		Hyosung Corp		1,515
	54,993		Hyundai Hysco		3,637
	218,540		Hyundai Steel Co		12,517
	400,500	*	IAMGOLD Corp		1,082
	33,100		Ihara Chemical Industry Co Ltd		345

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	97,490		Iluka Resources Ltd	$	468
	32,152	*	IMCD Group NV		1,097
	55,674		Imerys S.A.		4,096
	539,571	*	Impala Platinum Holdings Ltd		3,526
	48,600	*,e	Imperial Metals Corp		417
	2,321,716		Incitec Pivot Ltd		6,006
	879,840		Independence Group NL		3,151
	226,060	*	India Cements Ltd		304
	1,157,378		Indorama Ventures PCL (Foreign)		706
	181,000	*,e	Industrias CH SAB de C.V.		873
	139,665		Industrias Penoles S.A. de C.V.		2,731
	957,270		Inner Mongolia Eerduosi Resourses Co Ltd		842
	104,130		Innophos Holdings, Inc		6,086
	101,225		Innospec, Inc		4,322
	176,900	*	Interfor Corp		3,342
	159,711		International Flavors & Fragrances, Inc		16,188
	555,433		International Paper Co		29,760
	180,624		Intertape Polymer Group, Inc		2,893
	196,108	*,e	Intrepid Potash, Inc		2,722
	1,354,000	*	IRC Ltd		90
	316,000	*	Ishihara Sangyo Kaisha Ltd		274
	452,738		Israel Chemicals Ltd		3,258
	782	*	Israel Corp Ltd		370
	205,171		Italcementi S.p.A.		1,222
	7,132		Italmobiliare S.p.A.		162
	37,988		Italmobiliare S.p.A. RSP		671
	549,300	*	Ivanhoe Mines Ltd		482
	112,772	*	Izmir Demir Celik Sanayi AS		135
	31,459	*,e,m	Jacana Minerals Ltd		6
	362,892		James Hardie Industries NV		3,874
	33,000		Japan Pile Corp		210
	65,834	*	Jastrzebska Spolka Weglowa S.A.		310
	254,000		Jaya Tiasa Holdings BHD		146
	856,411		JFE Holdings, Inc		19,099
	5,515,230		Jiangxi Copper Co Ltd		9,414
	157,915		Jindal Saw Ltd		232
	493,412		Jindal Steel & Power Ltd		1,183
	169,938	*,e	Jinshan Gold Mines, Inc		301
	17,223		JK Cement Ltd		174
	34,492		JK Lakshmi Cement Ltd		221
	312,064		Johnson Matthey plc		16,418
	16,700		JSP Corp		298
	273,255		JSR Corp		4,690
	113,859		JSW Steel Ltd		1,881
	71,065		K&S AG.		1,961
	63,684		Kaiser Aluminum Corp		4,549
	234,216		Kaneka Corp		1,255
	338,424		Kansai Paint Co Ltd		5,243
	342,671	*	Kapstone Paper and Packaging Corp		10,044
	154,680	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		163

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	818,730	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)	$	716
	746		Kartonsan Karton Sanayi		75
	284,894	*,e	KAZ Minerals Plc		1,137
	108,217		Kemira Oyj		1,288
	441,930		KGHM Polska Miedz S.A.		13,472
	318,000		Kian Joo Can Factory BHD		266
	1,801,112	*	Kinross Gold Corp		5,054
	8,585		KISCO Corp		228
	6,756		KISWIRE Ltd		259
	394,868		Klabin S.A.		2,172
	33,540		KMG Chemicals, Inc		671
	24,000		Koatsu Gas Kogyo Co Ltd		115
	12,727,680		Kobe Steel Ltd		21,923
	34,028		Kolon Corp		655
	59,404		Kolon Industries, Inc		2,613
	37,700		Konishi Co Ltd		597
	1,031		Konya Cimento Sanayii		120
	97,157		Koppers Holdings, Inc		2,524
	12,660		Korea Kumho Petrochemical		924
	19,915		Korea Petrochemical Ind Co Ltd		1,277
	20,610		Korea Zinc Co Ltd		7,533
	62,077		Koza Altin Isletmeleri AS		415
	170,310	*	Koza Anadolu Metal Madencilik Isletmeleri AS		120
	2,738		KPX Chemical Co Ltd		146
	116,530	*	Kraton Polymers LLC		2,423
	120,673		Kronos Worldwide, Inc		1,571
	13,348		Kukdo Chemical Co Ltd		498
	138,618	e	Kumba Iron Ore Ltd		2,867
	46,000		Kumiai Chemical Industry Co Ltd		307
	74,285		Kuraray Co Ltd		844
	285,000	e	Kureha CORP		1,192
	100,000	e	Kurimoto Ltd		189
	77,600		Kyoei Steel Ltd		1,336
	204,900	e	Labrador Iron Ore Royalty Corp		3,280
	852,420		Lafarge Malayan Cement BHD		2,379
	231,075		Lafarge S.A.		16,221
	435,300	*,e	Lake Shore Gold Corp		292
	91,905	*	Landec Corp		1,269
	615,627		Lanxess AG.		28,511
	424,000		Lee & Man Holding Ltd		255
	5,386,338	e	Lee & Man Paper Manufacturing Ltd		3,008
	660,448		LEE Chang Yung Chem IND Corp		348
	8,467	e	Lenzing AG.		537
	68,271		LG Chem Ltd		11,164
	9,813		LG Chem Ltd (Preference)		1,253
	332,213		Linde AG.		61,194
	52,900		Lintec Corp		1,169
	4,145		Lion Chemtech Co Ltd		89
	21,752		Lock & Lock Co Ltd		224
	1,473,901		Long Chen Paper Co Ltd		671
	489,275	*,e	Lonmin plc		1,349

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,562,119	*,e	Louisiana-Pacific Corp	$	108,669
	68,916	*	LSB Industries, Inc		2,167
	345,249		Lucara Diamond Corp		651
	476,000		Luks Group Vietnam Holdings Ltd		150
	679,097	*,e	Lundin Mining Corp		3,343
	1,298,019		LyondellBasell Industries AF S.C.A		103,050
	87,360	*	Madras Cements Ltd		478
	193,569	*	MAG. Silver Corp		1,586
	183,000		Magnesita Refratarios S.A.		143
	28,306	*	Maharashtra Seamless Ltd		108
	85,878		Major Drilling Group International		422
	121,336		Mardin Cimento Sanayii		247
	35,037	*,e	Marrone Bio Innovations, Inc		126
	135,733	e	Martin Marietta Materials, Inc		14,974
	11,724		Maruichi Steel Tube Ltd		250
	19,532		Mayr-Melnhof Karton AG.		2,033
	247,224		MeadWestvaco Corp		10,974
	24	*	Mechel Steel Group OAO (ADR)		0	^
	1,509,124		Merafe Resources Ltd		123
	172,362	*	Metals X Ltd		109
	639,152		Metalurgica Gerdau S.A.		2,717
	274,268	e	Methanex Corp		12,599
	1,494,484	*,e	Mexichem SAB de C.V.		4,539
	1,086,000	e	Midas Holdings Ltd		204
	581,422	*,e	Minera Frisco SAB de C.V.		847
	111,171		Minerals Technologies, Inc		7,721
	7,802		Miquel y Costas & Miquel S.A.		302
	1,418,606		Mitsubishi Chemical Holdings Corp		6,881
	349,158		Mitsubishi Gas Chemical Co, Inc		1,752
	1,864,060		Mitsubishi Materials Corp		6,184
	400,000	*	Mitsubishi Paper Mills Ltd		289
	502,000		Mitsubishi Steel Manufacturing Co Ltd		1,025
	772,402		Mitsui Chemicals, Inc		2,188
	962,000		Mitsui Mining & Smelting Co Ltd		2,321
	214,997	*,e	Mittal Steel South Africa Ltd		491
	1,129,990		MMC Norilsk Nickel (ADR)		16,159
	5,148,000	e	MMG Ltd		1,586
	62,701		MOIL Ltd		313
	237,168		Mondi Ltd		3,859
	1,053,158		Mondi plc		17,109
	12,981	*,m	Mongolian Metals Corporation		0	^
	1,483,363		Monsanto Co		177,217
	4,509		Monsanto India Ltd		202
	22,570		Moorim P&P Co Ltd		83
	110,149		Mosaic Co		5,028
	695,573		Mount Gibson Iron Ltd		136
	223,331		Mpact Ltd		710
	416,627		M-real Oyj (B Shares)		2,243
	106,455		Myers Industries, Inc		1,874
	125,220	*	Mytilineos Holdings S.A.		700
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		67
	187,000	*,e	Nakayama Steel Works Ltd		125

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	115,519		Namhae Chemical Corp	$	942
	623,042		Nampak Ltd		2,342
	5,907,813		Nan Ya Plastics Corp		12,182
	299,474		Nantex Industry Co Ltd		152
	79,014		Neenah Paper, Inc		4,762
	28,500		Neturen Co Ltd		190
	481,600		Nevsun Resources Ltd		1,857
	765,860	*	New Gold, Inc		3,283
	1,022,703	*	Newcrest Mining Ltd		8,999
	49,977		NewMarket Corp		20,167
	144,772		Newmont Mining Corp		2,736
	1,595,250		Nickel Asia Corp		1,686
	126,200		Nihon Nohyaku Co Ltd		1,452
	45,774		Nihon Parkerizing Co Ltd		1,044
	2,574,584	e	Nine Dragons Paper Holdings Ltd		2,242
	109,200		Nippon Denko Co Ltd		263
	177,800		Nippon Kayaku Co Ltd		2,211
	2,406,800		Nippon Light Metal Holdings Co Ltd		3,433
	394,000	e	Nippon Paint Co Ltd		11,417
	512,400	e	Nippon Paper Industries Co Ltd		7,359
	236,000		Nippon Shokubai Co Ltd		3,092
	296,000		Nippon Soda Co Ltd		1,625
	6,593,170		Nippon Steel Corp		16,355
	53,810		Nippon Synthetic Chemical Industry Co Ltd		319
	147,000		Nippon Valqua Industries Ltd		393
	140,000	*,e	Nippon Yakin Kogyo Co Ltd		288
	138,000		Nissan Chemical Industries Ltd		2,503
	384,800	e	Nisshin Steel Holdings Co Ltd		3,669
	53,000		Nittetsu Mining Co Ltd		187
	369,496		Nitto Denko Corp		20,646
	148,921		NOF Corp		941
	374,160		Noranda Aluminium Holding Corp		1,317
	230,285	e	Norbord, Inc		5,120
	5,589,319		Norsk Hydro ASA		31,485
	10,690,000	*,e	North Mining Shares Co Ltd		532
	532,238	*	Northam Platinum Ltd		1,678
	555,546	e	Northern Star Resources Ltd		670
	403,582	*,e	Novagold Resources, Inc		1,185
	14,609		Novolipetsk Steel (GDR)		168
	617,300		Novozymes AS		25,984
	616,360		Nucor Corp		30,232
	1,088,427		Nufarm Ltd		4,186
	210,614		Nuplex Industries Ltd		488
	1,323,045	*,e	Nyrstar		4,691
	86,450	*,m	Nyrstar (Strip VVPR)		0	^
	187,000	*	Ocean Plastics Co Ltd		213
	957,393	*,e	OceanaGold Corp		1,665
	719,259		OJI Paper Co Ltd		2,573
	127,000		Okamoto Industries, Inc		454
	269,961		Olin Corp		6,147
	31,569	e	Olympic Steel, Inc		561

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	119,423		OM Group, Inc	$	3,559
	95,056		Omnia Holdings Ltd		1,489
	122,873	*	Omnova Solutions, Inc		1,000
	13,035,553		OneSteel Ltd		2,256
	596,181		Orica Ltd		9,136
	766,600		Oriental Union Chemical Corp		663
	1,527,691		Orora Ltd		2,414
	13,700		Osaka Steel Co Ltd		233
	49,630	*	Osisko Gold Royalties Ltd		700
	198,740	*,e	Outokumpu Oyj		1,137
	306,000		Overseas Chinese Town Asia Holdings Ltd		126
	96,294	*	Owens-Illinois, Inc		2,599
	322,595		Oxiana Ltd		905
	145,507	*	Pacific Metals Co Ltd		438
	13,800		Pack Corp		261
	1,121,511		Packaging Corp of America		87,534
	201,119		Pact Group Holdings Ltd		711
	1,418,616	e	Pan African Resources plc		240
	179,371		Pan American Silver Corp		1,655
	540,507		Pan Australian Resources Ltd		616
	130,527		Papeles y Cartones de Europa S.A.		601
	183,100	*	Paranapanema S.A.		170
	1,059,319		Park Elektrik Madencilik Sanayi Ve Ticaret AS		1,832
	70,000		Petkim Petrokimya Holding		118
	411,637	*	Petra Diamonds Ltd		1,236
	3,248,763		Petronas Chemicals Group BHD		5,053
	79,643		PI Industries Ltd		652
	264,041	*,m	Pike River Coal Ltd		0	^
	174,699	*	Platform Specialty Products Corp		4,057
	293,769		PolyOne Corp		11,137
	8,418		Poongsan		327
	35,435		Poongsan Corp		804
	420,036		Portucel Empresa Produtora de Pasta e Papel S.A.		1,558
	133,885		POSCO		33,725
	6,560		POSCO Refractories & Environment Co Ltd		835
	1,628,152		Potash Corp of Saskatchewan		57,556
	997,840	e	PPC Ltd		2,372
	1,120,490		PPG Industries, Inc		259,001
	366,710		Praxair, Inc		47,511
	525,400	*,e	Premier Gold Mines Ltd		855
	387,800		Press Metal BHD		285
	98,100	*	Pretium Resources, Inc		567
	169,600	*	Primero Mining Corp		653
	98,186	*	Prism Cement Ltd		125
	4,066,500		PT Aneka Tambang Tbk		347
	7,451,500	*	PT Hanson International Tbk		417
	4,800,100		PT Indah Kiat Pulp and Paper Corp Tbk		404
	1,628,420		PT Indocement Tunggal Prakarsa Tbk		3,286
	4,250,200	*	PT Krakatau Steel Tbk		166
	1,450,700		PT Semen Baturaja Persero Tbk		44
	3,279,089		PT Semen Gresik Persero Tbk		4,281
	3,618,257		PT Timah Tbk		358

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,244,300		PT Vale Indonesia Tbk	$	2,978
	2,410,200	*	PT Wijaya Karya Beton Tbk		251
	1,097,400		PTT Global Chemical PCL (ADR)		1,703
	5,657,626		PTT Global Chemical PCL (Foreign)		8,779
	14,037	*	Qatar National Cement Co		507
	38,816	*	Qatari Investors Group		438
	40,664		Quaker Chemical Corp		3,743
	42,952		Rallis India Ltd		146
	146,368		Randgold Resources Ltd		9,937
	149,421	e	Rayonier Advanced Materials, Inc		3,332
	345,299	*,e	Regis Resources Ltd		538
	69,491		Reliance Steel & Aluminum Co		4,258
	214,767	e	Rengo Co Ltd		885
	638,790	*,e	Rentech, Inc		805
	227,292	*	Resolute Forest Products		4,003
	229,932		Rexam plc		1,619
	23,304	e	RHI AG.		528
	445,541	*	Rio Alto Mining Ltd		1,083
	357,923		Rio Tinto Ltd		16,780
	1,403,597		Rio Tinto plc		64,702
	173,417		Rock-Tenn Co (Class A)		10,575
	79,833		Rockwood Holdings, Inc		6,291
	707,700	*,e	Romarco Minerals, Inc		298
	75,260		Rotam Global Agrosciences Ltd		134
	110,552	*	Royal Bafokeng Platinum Ltd		500
	170,041		Royal Gold, Inc		10,662
	423,521		RPC Group plc		3,268
	419,038		RPM International, Inc		21,249
	107,433	*	RTI International Metals, Inc		2,714
	397,111	*,e	Rubicon Minerals Corp		383
	26,815	*,e	Ryerson Holding Corp		266
	22,303		Sa des Ciments Vicat		1,601
	199,000		Sakai Chemical Industry Co Ltd		628
	85,400		Sakata INX Corp		950
	41,866	e	Salzgitter AG.		1,172
	3,173		Sam Kwang Glass Ind Co Ltd		180
	21,661		Samsung Fine Chemicals Co Ltd		642
	343,031		San Fang Chemical Industry Co Ltd		325
	99,270		Sandfire Resources NL		364
	124,700	*,e	Sandstorm Gold Ltd		423
	12,505	*	Sansung Life & Science Co Ltd		269
	141,000		Sanyo Chemical Industries Ltd		1,013
	319,000	e	Sanyo Special Steel Co Ltd		1,063
	491,076	*,e	Sappi Ltd		1,781
	248,584		Satipel Industrial S.A.		751
	2,052,518	*	Schmolz + Bickenbach AG.		2,212
	92,702		Schnitzer Steel Industries, Inc (Class A)		2,091
	157,555		Schweitzer-Mauduit International, Inc		6,665
	159,000		Scientex BHD		322
	119,309	e	Scotts Miracle-Gro Co (Class A)		7,435
	38,893	*	Seabridge Gold, Inc		295
	61,255		Seah Besteel Corp		1,553

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,576		SeAH Holdings Corp	$	231
	14,096		SeAH Steel Corp		1,018
	4,036,683		Sealed Air Corp		171,276
	1,710,000		Sekisui Plastics Co Ltd		6,500
	293,420	*,e	SEMAFO, Inc		753
	136,909		Semapa-Sociedade de Investimento e Gestao		1,661
	112,601	*,e	Senomyx, Inc		677
	167,297		Sensient Technologies Corp		10,095
	2,457,147		Sesa Sterlite Ltd		8,299
	249,242		Severstal (GDR)		2,268
	1,753,000		Shandong Chenming Paper Holdings Ltd		828
	1,433,250		Shandong Chenming Paper Holdings Ltd (Class B)		774
	483,600		Shanghai Chlor-Alkali Chemical Co Ltd		264
	246,300		Shanghai Yaohua Pilkington Glass Co Ltd		156
	399,000		Sheng Yu Steel Co Ltd		255
	811,600		Sherritt International Corp		2,096
	410,030		Sherwin-Williams Co		107,854
	233,000	*	Shihlin Paper Corp		283
	34,000		Shikoku Chemicals Corp		232
	610,512		Shin-Etsu Chemical Co Ltd		39,744
	97,800		Shin-Etsu Polymer Co Ltd		405
	2,502,032		Shinkong Synthetic Fibers Corp		859
	85,684		Shiny Chemical Industrial Co Ltd		122
	6,362,000	*,e	Shougang Concord International Enterprises Co Ltd		290
	1,625,000	e	Showa Denko KK		2,000
	13,626		Shree Cement Ltd		2,025
	500		Siam Cement PCL		7
	467,916		Siam Cement PCL (Foreign)		6,385
	1,879,413	e	Sibanye Gold Ltd		3,625
	154,919		Sigma-Aldrich Corp		21,266
	1,131,000	*,m	Sijia Group Co		1
	1,104		Sika AG.		3,257
	133,281		Silgan Holdings, Inc		7,144
	85,842	*	Silver Standard Resources, Inc		431
	384,068		Silver Wheaton Corp		7,812
	181,619	e	Silvercorp Metals, Inc		239
	272,679	e	Sims Group Ltd		2,663
	2,618,000	*,e	Sinofert Holdings Ltd		427
	4,448,798		Sinopec Shanghai Petrochemical Co Ltd		1,296
	308,674	*,e	Sirius Resources NL		634
	32,657		SK Chemicals Co Ltd		1,891
	91,628		SKC Co Ltd		2,206
	864,352		Smurfit Kappa Group plc		19,438
	103,781		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,514
	6,705		SODIFF Advanced Materials Co Ltd		311
	401,478		Solar Applied Materials Technology Co		317
	18,166		Solvay S.A.		2,458
	109,675		Sonoco Products Co		4,793
	318,942		South Valley Cement		321
	306,000		Southeast Cement Co Ltd		164
	2,263,274	e	Southern Copper Corp (NY)		63,824
	229,011	*,e	Ssab Svenskt Stal AB (Series A)		1,324

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	201,045	*	Ssab Svenskt Stal AB (Series B)	$	1,028
	23,848	*	Ssangyong Cement Industrial Co Ltd		263
	1,663,270		Steel Dynamics, Inc		32,833
	87,875		Stepan Co		3,522
	351,422	*,e	Stillwater Mining Co		5,180
	5,523		STO AG.		835
	1,233,266		Stora Enso Oyj (R Shares)		11,027
	1,324,221		Sumitomo Bakelite Co Ltd		5,146
	1,557,329		Sumitomo Chemical Co Ltd		6,131
	1,564,809		Sumitomo Metal Mining Co Ltd		23,339
	639,193		Sumitomo Osaka Cement Co Ltd		1,826
	45,000		Sumitomo Seika Chemicals Co Ltd		300
	19,512	e	Sumitomo Titanium Corp		371
	218,673		SunCoke Energy, Inc		4,229
	4,450,000	*,e,m	Superb Summit International Group Ltd		838
	988,800	*	Superblock PCL		513
	37,598	*	Supreme Industries Ltd		356
	410,656		Suzano Papel e Celulose S.A.		1,738
	58,000		Swancor Ind Co Ltd		257
	225,598		Symrise AG.		13,591
	181,273		Syngenta AG.		58,308
	1,342,738		Synthos S.A.		1,554
	112,279	*,e	Syrah Resources Ltd		289
	286,800		Ta Ann Holdings BHD		317
	812,320		TA Chen Stainless Pipe		533
	718		Taekwang Industrial Co Ltd		755
	223,227	e	Tahoe Resources, Inc		3,096
	94,806	e	Tahoe Resources, Inc (Toronto)		1,318
	2,883,916		Taiheiyo Cement Corp		9,048
	8,742,290		Taiwan Cement Corp		11,951
	861,960		Taiwan Fertilizer Co Ltd		1,519
	278,345		Taiwan Hon Chuan Enterprise Co Ltd		489
	2,367,729		Taiwan Styrene Monomer		1,028
	17,500		Taiyo Ink Manufacturing Co Ltd		620
	303,033	e	Taiyo Nippon Sanso Corp		3,336
	136,000		Takasago International Corp		615
	115,000		Takiron Co Ltd		511
	238,684	*	Taseko Mines Ltd		244
	961,403		Tata Steel Ltd		6,056
	1,200,000		TCC International Holdings Ltd		465
	10,666		Technosemichem Co Ltd		310
	698,793		Teck Cominco Ltd		9,551
	11,439,713		Teijin Ltd		30,406
	28,796	e	Ten Cate NV		648
	15,800		Tenma Corp		209
	32,427	*	Tessenderlo Chemie NV		819
	271,785		TFS Corp Ltd		344
	212,181	*	Thompson Creek Metals Co, Inc (Toronto)		352
	170,275		Thye Ming Industrial Co Ltd		193
	422,797	*	ThyssenKrupp AG.		10,770
	4,600,000	e	Tiangong International Co Ltd		841
	107,289		TimkenSteel Corp		3,973

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	466,236	*,e	Timmins Gold Corp	$	457
	45,911		Titan Cement Co S.A.		1,065
	252,000		Toagosei Co Ltd		1,000
	34,200	*,e	Toho Titanium Co Ltd		222
	253,000		Toho Zinc Co Ltd		837
	655,000		Tokai Carbon Co Ltd		1,913
	1,960,000	e	Tokuyama Corp		3,952
	98,000		Tokyo Ohka Kogyo Co Ltd		2,998
	121,796	*	Tokyo Rope Manufacturing Co Ltd		240
	107,600		Tokyo Steel Manufacturing Co Ltd		662
	838,750		Ton Yi Industrial Corp		527
	192,000		Topy Industries Ltd		378
	451,121		Toray Industries, Inc		3,604
	568,000		Tosoh Corp		2,731
	671,000		Toyo Ink Manufacturing Co Ltd		3,293
	117,000		Toyo Kohan Co Ltd		621
	131,850		Toyo Seikan Kaisha Ltd		1,638
	1,861,676		Toyobo Co Ltd		2,496
	5,470,300		TPI Polene PCL		284
	65,242	*	Trecora Resources		959
	86,672		Tredegar Corp		1,949
	154,396	*,e	Trinseo S.A.		2,694
	215,934	e	Tronox Ltd		5,157
	636,145		TSRC Corp		681
	324,466		Tubacex S.A.		1,210
	83,561	e	Tubos Reunidos S.A.		172
	1,660,900		Tung Ho Steel Enterprise Corp		1,292
	1,273,094	*	Turquoise Hill Resources Ltd		3,934
	1,885,647		UBE Industries Ltd		2,804
	22,486	*,e	UFP Technologies, Inc		553
	56,235		Ultra Tech Cement Ltd		2,375
	28,412		Umicore		1,143
	11,800		Unid Co Ltd		618
	90,000		United Phosphorus Ltd		492
	12,171	e	United States Lime & Minerals, Inc		887
	351,272	e	United States Steel Corp		9,393
	409,040		Universal Cement Corp		333
	26,975	*	Universal Stainless & Alloy		678
	721,532		UPC Technology Corp		257
	1,754,233		UPM-Kymmene Oyj		28,749
	272,057		Uralkali (GDR)		3,208
	37,295	*,e	US Concrete, Inc		1,061
	184,815	e	US Silica Holdings Inc		4,748
	767,870		USI Corp		423
	344,482	*	Usinas Siderurgicas de Minas Gerais S.A. (Preference)		654
	1,989,707		Vale S.A.		16,377
	2,652,746		Vale S.A. (Preference)		19,191
	422,420		Valspar Corp		36,531
	99,401		Vedanta Resources plc		882
	471		Vetropack Holding AG.		751
	196,361		Victrex plc		6,336
	264,126		Voestalpine AG.		10,436

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,647		Vulcan Materials Co	$	2,935
	206,220	e	Wacker Chemie AG.		22,621
	448,653	e	Walter Energy, Inc		619
	118,670		Wausau Paper Corp		1,349
	2,942,000	e	West China Cement Ltd		308
	288,156	*	West Fraser Timber Co Ltd		16,486
	1,436,191		Western Areas NL		4,350
	287,718	*,e,m	Western Desert Resources Ltd		2
	1,236,900		Western Forest Products, Inc		2,875
	372,276		Westlake Chemical Corp		22,742
	4,784	*	WHX Corp		220
	293,583		Worthington Industries, Inc		8,834
	660,813	*	WR Grace & Co		63,035
	928,000	*	Xinjiang Xinxin Mining Industry Co Ltd		166
	1,356,396	e	Yamana Gold, Inc		5,476
	10,512		Yamato Kogyo Co Ltd		294
	125,518		Yara International ASA		5,590
	40,391		Yeong Guan Energy Technology Group Co Ltd		170
	1,361,000		Yeun Chyang Industrial Co Ltd		1,043
	1,260,803		Yieh Phui Enterprise		364
	1,725,270		Yingde Gases		1,207
	582,000		Yip’s Chemical Holdings Ltd		354
	284,000		Yodogawa Steel Works Ltd		1,056
	28,205		Youlchon Chemical Co Ltd		295
	986,500		Youyuan International Holdings Ltd		216
	1,536,285		Yuen Foong Yu Paper Manufacturing Co Ltd		660
	556,279		Yule Catto & Co plc		2,055
	163,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		419
	49,491		Zaklady Azotowe w Tarnowie-Moscicach S.A.		884
	342,512		Zeon Corp		3,072
	72,511		Zep, Inc		1,099
	321,000	e	Zhaojin Mining Industry Co Ltd		161
	28,295		Zignago Vetro S.p.A.		174
	23,326,220	e	Zijin Mining Group Co Ltd		6,596
			TOTAL MATERIALS		6,173,209
MEDIA - 3.5%
	1,877,400		ABS-CBN Holdings Corp (ADR)		1,941
	19,500	*,e	Adways, Inc		192
	64,713		AH Belo Corp (Class A)		672
	184,360		Aimia, Inc		2,318
	4,910,000	*	Alibaba Pictures Group Ltd		868
	79,574	*	Altice S.A.		6,284
	78,349		AMC Entertainment Holdings, Inc		2,051
	728,784	*	AMC Networks, Inc		46,475
	71,611		Antena 3 de Television S.A.		1,006
	2,080,912	*	APN News & Media Ltd		1,406
	105,200	e	Asatsu-DK, Inc		2,530
	2,758,245		Astro Malaysia Holdings BHD		2,384
	38,459	e	Avex Group Holdings, Inc		629
	86,234		Axel Springer AG.		5,201
	1,123,923		BEC World PCL (Foreign)		1,739

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	119,801	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS	$	125
	225,945		Borussia Dortmund GmbH & Co KGaA		1,057
	12,160,452		British Sky Broadcasting plc		169,715
	29,000	e	Broccoli Co Ltd		384
	135,012	e	Cablevision Systems Corp (Class A)		2,787
	25,189		Cairo Communication S.p.A.		148
	107,085	*	Carmike Cinemas, Inc		2,813
	1,033,528		CBS Corp (Class B)		57,195
	78,647	*	Central European Media Enterprises Ltd (Class A)		233
	255,045	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		819
	287,680	*	Charter Communications, Inc		47,933
	84,867	*	Cheil Communications, Inc		1,328
	1,180,000	*,e,m	China Jiuhao Health Industry Corp Ltd		107
	268,720	*,e	Cinedigm Corp		435
	255,644		Cinemark Holdings, Inc		9,096
	66,900	e	Cineplex Galaxy Income Fund		2,581
	212,023		Cineworld Group plc		1,367
	434,000	*	City Telecom (HK) Ltd		213
	14,908		CJ CGV Co Ltd		730
	22,095	*	CJ E&M Corp		763
	37,749		CJ Hellovision Co Ltd		332
	18,462		Clear Channel Outdoor Holdings, Inc (Class A)		196
	50,882		Cogeco Cable, Inc		3,138
	12,388,629	e	Comcast Corp (Class A)		718,664
	5,790	e	Comcast Corp (Special Class A)		333
	14,200	e	COOKPAD, Inc		484
	175,311		Corus Entertainment, Inc		3,463
	123,975	*,e	Crown Media Holdings, Inc (Class A)		439
	105,758		CTS Eventim AG.		3,116
	425,147	*,e	Cumulus Media, Inc (Class A)		1,798
	50,800		CyberAgent, Inc		1,905
	184,583		Cyfrowy Polsat S.A.		1,219
	75,371		Daekyo Co Ltd		484
	43,300		Daiichikosho Co Ltd		1,174
	3,995	*,e	Daily Journal Corp		1,051
	622,593		Daily Mail & General Trust		7,959
	691,352	*	DEN Networks Ltd		1,460
	223,070		Dentsu, Inc		9,378
	110,592	*,e	Dex Media, Inc		992
	53,000		DHX Media Ltd		452
	1,084,239	*	DIRECTV		94,004
	286,504	*	Discovery Communications, Inc (Class A)		9,870
	721,660	*	Discovery Communications, Inc (Class C)		24,334
	1,908,070	*	DISH Network Corp (Class A)		139,079
	38,563	*,e	DreamWorks Animation SKG, Inc (Class A)		861
	5,869,200	*	E for L Aim PCL		252
	80,538	*	Entercom Communications Corp (Class A)		979
	220,091		Entertainment One Ltd		1,100
	232,694		Entravision Communications Corp (Class A)		1,508
	817,756	*	Eros International Media Ltd		4,761
	1,436,501	*,e	Eros International plc		30,396

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,000,000	*	eSun Holdings Ltd	$	402
	39,508		Eutelsat Communications		1,278
	111,631	*,e	EW Scripps Co (Class A)		2,495
	6,498	*	Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		93
	805,200		Fuji Television Network, Inc		9,930
	45,000		Gakken Co Ltd		96
	519,144		Gannett Co, Inc		16,576
	196,222	*	Gestevision Telecinco S.A.		2,467
	110,911	*,e	Global Eagle Entertainment, Inc		1,510
	63,645	*,e	Global Sources Ltd		405
	197,429	*	Gray Television, Inc		2,211
	5,095,412	*,e	Grupo Televisa S.A.		34,740
	169,262	*,e	Gruppo Editoriale L’Espresso S.p.A.		194
	479,700		Hakuhodo DY Holdings, Inc		4,591
	173,640		Harte-Hanks, Inc		1,344
	85,948	*	Hathway Cables and Datacom Pvt Ltd		473
	278,671	*	Havas S.A.		2,276
	34,626	*,e	Hemisphere Media Group, Inc		467
	32,961		Hyundai Hy Communications & Network Co		132
	545,269	*	IBN18 Broadcast Ltd		264
	732,277		Informa plc		5,348
	3,670,991		Interpublic Group of Cos, Inc		76,246
	111,105		IPSOS		3,188
	7,591,756		ITV plc		25,324
	142,654	*	Jagran Prakashan Ltd		309
	625,678		JC Decaux S.A.		21,543
	13,063,131		John Fairfax Holdings Ltd		9,267
	141,654	e	John Wiley & Sons, Inc (Class A)		8,392
	151,049	*	Journal Communications, Inc (Class A)		1,726
	431,999	*,e	Juventus Football Club S.p.A.		114
	8,170	*	Kabel Deutschland Holding AG.		1,107
	48,032	*,e	Kadokawa Dwango Corp		764
	30,920		Kinepolis Group NV		1,252
	25,635		KT Skylife Co Ltd		427
	78,580		Lagardere S.C.A.		2,046
	50,433	e	Lamar Advertising Co		2,705
	177,269	*,e	Lee Enterprises, Inc		652
	40,157	*,e	Liberty Broadband Corp (Class A)		2,011
	82,137	*,e	Liberty Broadband Corp (Class C)		4,092
	116,175	*	Liberty Global plc		5,612
	373,365	*	Liberty Global plc (Class A)		18,745
	177,887	*,e	Liberty Media Corp		6,274
	333,769	*	Liberty Media Corp (Class C)		11,692
	964,314	e	Lions Gate Entertainment Corp		30,877
	390,597	*	Live Nation, Inc		10,198
	7,013	*	Loen Entertainment, Inc		279
	34,897	*	Loral Space & Communications, Inc		2,747
	60,221		M6-Metropole Television		1,135
	123,634	*	Madison Square Garden, Inc		9,305
	582,100		Major Cineplex Group PCL		488
	85,520	*	Martha Stewart Living Omnimedia, Inc (Class A)		369
	342,243	*,e	McClatchy Co (Class A)		1,136

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	141,509		MDC Partners, Inc	$	3,215
	1,173,100		Media Chinese International Ltd		252
	187,423	*,e	Media General, Inc		3,136
	2,113,400		Media Prima BHD		1,064
	5,559,695	*,e	Mediaset S.p.A.		22,876
	80,000	*	Megacable Holdings SAB de C.V.		312
	2,640,000	*	Mei Ah Entertainment Group Ltd		180
	124,574	e	Meredith Corp		6,767
	59,585	e	Modern Times Group AB (B Shares)		1,890
	64,923		Morningstar, Inc		4,201
	85,700		Multiplus S.A.		1,032
	834,366		Naspers Ltd (N Shares)		107,930
	236,125		National CineMedia, Inc		3,393
	119,878		New Media Investment Group, Inc		2,833
	474,817	e	New York Times Co (Class A)		6,277
	168,027	*	News Corp		2,636
	85,082	e	Nexstar Broadcasting Group, Inc (Class A)		4,406
	25,100	*,e	Next Co Ltd		204
	8,406		NextRadioTV		271
	499,778		Nine Entertainment Co Holdings Ltd		776
	125,108	*	Numericable SAS		6,198
	241,157		Omnicom Group, Inc		18,682
	388,796		Pearson plc		7,180
	1,940,000		Phoenix Satellite Television Holdings Ltd		609
	35,300	*	Poly Culture Group Corp Ltd		108
	283,080	*,e	Premiere AG.		2,287
	1,510,587	*	Promotora de Informaciones S.A.		469
	761,809		ProSiebenSat. Media AG.		31,831
	10,000		Proto Corp		144
	43,538,700		PT Bhakti Investama Tbk		1,016
	6,081,834		PT Global MediaCom Tbk		697
	4,728,763		PT Media Nusantara Citra Tbk		967
	1,398,400	*	PT MNC Sky Vision Tbk		181
	191,670		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		1,208
	4,315,675		PT Surya Citra Media Tbk		1,218
	7,167,500	*	PT Visi Media Asia Tbk		276
	103,804		Publicis Groupe S.A.		7,444
	16,731		PVR Ltd		186
	89,372		Quebecor, Inc		2,457
	69,623	*,e	Radio One, Inc		116
	223,720	*,e	RCS MediaGroup S.p.A.		251
	196,582		REA Group Ltd		7,208
	43,803	*,e	ReachLocal, Inc		151
	63,022	*	Reading International, Inc		836
	2,455,842		Reed Elsevier NV		58,647
	3,199,184		Reed Elsevier plc		54,648
	208,702	e	Regal Entertainment Group (Class A)		4,458
	44,664	*	Rentrak Corp		3,252
	174,006		Rightmove plc		6,068
	491,100		RS PCL		250

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	343,928		RTL Group	$	32,796
	14,487		Saga Communications, Inc		630
	41,670		Salem Communications		326
	86,536	e	Sanoma-WSOY Oyj		482
	55,800		SBS Media Holdings Co Ltd		201
	92,710	e	Schibsted ASA		5,880
	92,917		Scholastic Corp		3,384
	262,148	e	Scripps Networks Interactive (Class A)		19,732
	466,123		SES Global S.A.		16,760
	153,610	*,e	SFX Entertainment, Inc		696
	921,588	e	Shaw Communications, Inc (B Shares)		24,868
	89,000		Shochiku Co Ltd		865
	194,117	e	Sinclair Broadcast Group, Inc (Class A)		5,311
	1,317,101	e	Singapore Press Holdings Ltd		4,181
	1,084,000	e	SinoMedia Holding Ltd		606
	55,016		Sirius XM Canada Holdings, Inc		287
	8,717,721	*,e	Sirius XM Holdings, Inc		30,512
	76,646	*	Sizmek, Inc		480
	1,948,511		Sky Network Television Ltd		9,148
	466,200		Sky Perfect Jsat Corp		2,751
	19,288	*	SM Entertainment Co		591
	7,264,000		SMI Holdings Group Ltd		262
	638,300		Smiles S.A.		11,058
	977,968		Societe Television Francaise 1		15,035
	3,616,311	*,e	Solocal Group		2,536
	566,869		Southern Cross Media Group		517
	267,800		Star Publications Malaysia BHD		177
	594,421	*	Starz-Liberty Capital		17,654
	23,378		Stroer Out-of-Home Media AG.		693
	367,883		STW Communications Group Ltd		291
	479,700		Sun TV Network Ltd		2,880
	69,042	*	Telenet Group Holding NV		3,874
	2,590,843	e	Television Broadcasts Ltd		15,085
	1,648,781	*,e	Ten Network Holdings Ltd		302
	587,182	e	Thomson Corp		23,687
	1,027,657	e	Thomson Corp (Toronto)		41,458
	1,806,325		Time Warner Cable, Inc		274,670
	4,811,409		Time Warner, Inc		410,990
	383,573	e	Time, Inc		9,440
	181,600	e	Toei Animation Co Ltd		5,149
	840,885		Toei Co Ltd		4,812
	90,105		Toho Co Ltd		2,044
	13,300		Tohokushinsha Film Corp		94
	177,300		Tokyo Broadcasting System, Inc		2,081
	1,424,000	*	Tom Group Ltd		279
	19,564	*,e	Townsquare Media, Inc		258
	450,322	*,e	Tribune Co		26,916
	33,173	e	Tribune Publishing Co		760
	357,700	*	Trinity Mirror plc		907
	72,600		TV Asahi Corp		1,144
	1,552,163	*	TV Azteca S.A. de C.V.		652
	329,558	*	TVN S.A.		1,508
	4,002,799		Twenty-First Century Fox, Inc		153,727

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,612		Twenty-First Century Fox, Inc (Class B)	$	207
	1,232,974		United Business Media Ltd		9,214
	122,146	*	Usen Corp		337
	18,200		ValueCommerce Co Ltd		93
	1,508,000		VGI Global Media PCL		536
	2,242,452	e	Viacom, Inc (Class B)		168,745
	84,777	e	Village Roadshow Ltd		415
	3,197,600	*	Viva China Holdings Ltd		330
	7,117,111		Walt Disney Co		670,361
	743,494		West Australian Newspapers Holdings Ltd		815
	768,000		Wisdom Holdings Group		443
	151,493		Wolters Kluwer NV		4,623
	19,011	*	Woongjin Thinkbig Co Ltd		131
	82,813	e	World Wrestling Entertainment, Inc (Class A)		1,022
	3,117,439		WPP plc		64,817
	65,984	*	Yellow Media Ltd		1,112
	10,414		YG Entertainment, Inc		416
	543,072	*	Zee Entertainment Enterprises Ltd		578
	667,315	*	ZEE Telefilms Ltd		4,008
	65,200		Zenrin Co Ltd		745
			TOTAL MEDIA		4,301,089
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%
	18,000	*,e	3-D Matrix Ltd		317
	14,491	*,e	AB Science S.A.		199
	7,599,892		AbbVie, Inc		497,337
	494,383		Abcam plc		3,589
	51,654	*	Ablynx NV		562
	222,908	*,e	Acadia Pharmaceuticals, Inc		7,077
	64,298	*,e	Accelerate Diagnostics, Inc		1,234
	45,117	*,e	Acceleron Pharma, Inc		1,758
	70,197	*,e	AcelRx Pharmaceuticals, Inc		472
	16,804	*	Achaogen, Inc		219
	358,644	*,e	Achillion Pharmaceuticals, Inc		4,393
	182,415	*	Acorda Therapeutics, Inc		7,455
	673,543	e	Acrux Ltd		698
	1,403,035	*	Actavis plc		361,155
	211,653		Actelion Ltd		24,366
	93,341	*,e	Actinium Pharmaceuticals, Inc		550
	48,177	*,e	Active Biotech AB		116
	9,497	*,e	Adamas Pharmaceuticals, Inc		165
	140,389	*,e	Adcock Ingram Holdings Ltd		593
	174,000	*	Adimmune Corp		167
	90,009	*,e	Aegerion Pharmaceuticals, Inc		1,885
	35,861	*,e	Aerie Pharmaceuticals, Inc		1,047
	273,482	*,e	Affymetrix, Inc		2,699
	160,180	*	Agenus, Inc		636
	1,111,068		Agilent Technologies, Inc		45,487
	38,019	*,e	Agios Pharmaceuticals, Inc		4,260
	22,881	*,e	Akebia Therapeutics, Inc		266
	176,706	*,e	Akorn, Inc		6,397
	84,596	*,e	Albany Molecular Research, Inc		1,377

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,248	*,e	Alder Biopharmaceuticals, Inc	$	647
	104,147	*	Alembic Pharmaceuticals Ltd		731
	1,014,417	*	Alexion Pharmaceuticals, Inc		187,698
	68,254	*,e	Alimera Sciences, Inc		378
	6,362		ALK-Abello AS		666
	2,750,712	*	Alkermes plc		161,082
	1,042,510		Allergan, Inc		221,627
	59,952	*	Alnylam Pharmaceuticals, Inc		5,815
	65,424	*,e	AMAG Pharmaceuticals, Inc		2,788
	2,482,185		Amgen, Inc		395,387
	7,092		Amicogen, Inc		267
	21,562	*,e	Amphastar Pharmaceuticals, Inc		250
	116,210	*,e	Ampio Pharmaceuticals, Inc		399
	105,960	*,e	Anacor Pharmaceuticals, Inc		3,417
	28,626	*,e	ANI Pharmaceuticals, Inc		1,614
	14,948	*,e	Applied Genetic Technologies Corp		314
	79,990	*	Aratana Therapeutics, Inc		1,425
	9,958	*,e	Ardelyx, Inc		188
	1,001,535	*,e	Arena Pharmaceuticals, Inc		3,475
	682,489	*,e	Ariad Pharmaceuticals, Inc		4,689
	372,574	*,e	Array Biopharma, Inc		1,762
	250,629	*,e	Arrowhead Research Corp		1,850
	159,188		Ascendis Health Ltd		227
	21,100		ASKA Pharmaceutical Co Ltd		226
	492,425		Aspen Pharmacare Holdings Ltd		17,179
	3,068,200	*	Astellas Pharma, Inc		42,716
	4,507	*,e	Asterias Biotherapeutics, Inc		15
	7,016	*	AstraZeneca Pharma India Ltd		96
	3,077,537		AstraZeneca plc		217,369
	734,774	e	AstraZeneca plc (ADR)		51,713
	2,886	*	Atara Biotherapeutics, Inc		77
	329,841		Aurobindo Pharma Ltd		5,920
	43,641	*,e	Auspex Pharmaceuticals Inc		2,290
	153,280	*,e	Auxilium Pharmaceuticals, Inc		5,271
	17,706	*,e	Avalanche Biotechnologies, Inc		956
	547,032	*	AVANIR Pharmaceuticals, Inc		9,272
	10,107	*,e	Basilea Pharmaceutica		929
	31,370	*	Bavarian Nordic AS		993
	1,681,837		Bayer AG.		229,248
	317,000		Beijing Tong Ren Tang Chinese Medicine Co Ltd		440
	95,033		Biocon Ltd		639
	298,813	*,e	BioCryst Pharmaceuticals, Inc		3,634
	115,801	*,e	BioDelivery Sciences International, Inc		1,392
	14,058		Biogaia AB (B Shares)		324
	962,999	*	Biogen Idec, Inc		326,890
	1,133,269	*	BioMarin Pharmaceuticals, Inc		102,448
	84,653	*	Bioneer Corp		564
	221,851	*,e	Bio-Path Holdings, Inc		590
	75,262	*	Bio-Rad Laboratories, Inc (Class A)		9,074
	26,156	*	Biospecifics Technologies Corp		1,010
	102,090		Bio-Techne Corp		9,433

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,067		Biotest AG.	$	222
	7,011		Biotest AG. (Preference)		793
	141,803	*,e	BioTime, Inc		529
	3,138,992	*	Biovitrum AB		31,912
	79,688	*,e	Bluebird Bio, Inc		7,309
	17,498		Boiron S.A.		1,478
	20,027		Boryung Pharmaceutical Co Ltd		729
	5,706,963		Bristol-Myers Squibb Co		336,882
	223,621	*	Bruker BioSciences Corp		4,387
	507,312	*	BTG plc		6,262
	49,685		Bukwang Pharmaceutical Co Ltd		804
	3,944	*,e	Calithera Biosciences, Inc		80
	191,378	*	Cambrex Corp		4,138
	36,742	*,e	Cara Therapeutics Inc		366
	156,288	*	Catalent, Inc		4,357
	4,576,479	*	Celgene Corp		511,925
	6,603		Cell Biotech Co Ltd		311
	305,062	*,e	Celldex Therapeutics, Inc		5,567
	283,349	*	Celltrion, Inc		9,952
	30,328	*,e	Cellular Dynamics International, Inc		195
	63,034	*,e	Cempra, Inc		1,482
	125,350	*	Center Laboratories, Inc		446
	193,169	*,e	Cepheid, Inc		10,458
	103,873	*	Charles River Laboratories International, Inc		6,610
	105,816	*,e	ChemoCentryx, Inc		723
	76,032	*,e	Chimerix, Inc		3,061
	10,182,000	e	China Animal Healthcare Ltd		7,047
	1,605,000	*	China Bio-Med Regeneration Technology Ltd		56
	100,000	*	China Grand Pharmaceutical and Healthcare Holdings Ltd		20
	3,420,000	e	China Medical System Holdings Ltd		5,634
	2,994,777		China Pharmaceutical Group Ltd		2,632
	858,000		China Shineway Pharmaceutical Group Ltd		1,302
	17,200	*,e	Chiome Bioscience Inc		197
	8,531		Chong Kun Dang Pharmaceutical Corp		503
	25,576		Choongwae Pharma Corp		333
	255,160		Chugai Pharmaceutical Co Ltd		6,265
	680,582		Cipla Ltd		6,732
	3,440,000		CK Life Sciences International Holdings, Inc		349
	155,169	e	Clinigen Group plc		1,266
	90,485	*,e	Clovis Oncology, Inc		5,067
	11,300	e	CMIC Co Ltd		177
	1,523	*	Coherus Biosciences, Inc		25
	19,100		Concordia Healthcare Corp		769
	458,000		Consun Pharmaceutical Group Ltd		344
	160,505	*,e	Corcept Therapeutics, Inc		481
	4,782		Cosmo Pharmaceuticals S.p.A		702
	83,083	*	Covance, Inc		8,627
	855,750		CSL Ltd		60,113
	16,000	*	CTC BIO, Inc		247
	379,355	*,e	CTI BioPharma Corp		895
	151,088	*,e	Cubist Pharmaceuticals, Inc		15,207
	148,757	*,e	Cytokinetics, Inc		1,192

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	213,257	*,e	Cytori Therapeutics, Inc	$	104
	171,634	*,e	CytRx Corp		470
	2,314		Daewoong Co Ltd		95
	19,215		Daewoong Pharmaceutical Co Ltd		1,169
	698,890		Daiichi Sankyo Co Ltd		9,772
	679,194		Dainippon Sumitomo Pharma Co Ltd		6,577
	964,000		Dawnrays Pharmaceutical Holdings Ltd		614
	325,568	*	Depomed, Inc		5,245
	3,632	*	Dermira, Inc		66
	26,752	*,e	Dicerna Pharmaceuticals Inc		441
	52,078		Divi S Laboratories Ltd		1,421
	2,838		Dong-A Pharmaceutical Co Ltd		315
	4,305		Dong-A ST Co Ltd		359
	6,123		DongKook Pharmaceutical Co Ltd		192
	193,570		Dr Reddy’s Laboratories Ltd		9,896
	455,161	*	Dyax Corp		6,400
	93,827	*,e	Dynavax Technologies Corp		1,582
	11,236	*,e	Egalet Corp		64
	234,951		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		233
	333,431		Eisai Co Ltd		12,895
	14,566	*,e	Eleven Biotheraputics Inc		173
	3,053,458		Eli Lilly & Co		210,658
	99,917	*	Emergent Biosolutions, Inc		2,721
	50,917	*,e	Enanta Pharmaceuticals, Inc		2,589
	629,869	*,e	Endo International plc		45,426
	100,229	*,e	Endocyte, Inc		630
	157,205	*	Enzo Biochem, Inc		698
	36,337	*,e	Epizyme, Inc		686
	24,200	*	EPS Co Ltd		285
	12,909	*,e	Esperion Thereapeutics, Inc		522
	20,439		Eurofins Scientific		5,217
	242,765	*,e	Evolva Holding S.A.		319
	112,836	*,e	Evotec AG.		495
	229,330	*,e	Exact Sciences Corp		6,293
	532,392	*,e	Exelixis, Inc		767
	544,609		Faes Farma S.A. (Sigma)		1,124
	86,030		FDC Ltd		218
	17,597	*	FibroGen, Inc		481
	44,287	*	Five Prime Therapeutics, Inc		1,196
	12,833	*	Flexion Therapeutics Inc		259
	80,303	*,e	Fluidigm Corp		2,709
	55,620	*,m	Forest Laboratories, Inc CVR		53
	42,185	*,e	Foundation Medicine, Inc		937
	44,000		Fuji Pharma Co Ltd		773
	21,958	*,m	Furiex Pharmaceuticals, Inc		215
	84,000		Fuso Pharmaceutical Industries Ltd		207
	25,596	*	Galapagos NV		480
	48,092	*,e	Galectin Therapeutics, Inc		167
	317,292	*,e	Galena Biopharma, Inc		479
	4,043	*	Genexine Co Ltd		173
	18,635	*,e	Genfit		836
	46,673	*	Genmab AS		2,707

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,580	*	Genocea Biosciences Inc	$	81
	47,018	*,e	Genomic Health, Inc		1,503
	1,685,371	*,e	Genomma Lab Internacional S.A. de C.V.		3,205
	92,582		Genus plc		1,795
	533,648	*,e	Geron Corp		1,734
	33,379		Gerresheimer AG.		1,818
	6,348,893	*	Gilead Sciences, Inc		598,447
	6,000,145		GlaxoSmithKline plc		128,725
	115,000	*,e	GNI Group Ltd		303
	14,440		Green Cross Corp		1,798
	62,270		Green Cross Holdings Corp		1,184
	218,445		Grifols S.A.		8,717
	215,356	*	GW Pharmaceuticals plc		1,180
	264,313	e	H Lundbeck AS		5,246
	409,118	*,e	Halozyme Therapeutics, Inc		3,948
	13,538		Hanmi Holdings Co Ltd		190
	7,401	*	Hanmi Pharm Co Ltd		685
	12,816		Haw Par Corp Ltd		82
	62,196	*	Heron Therapeutics, Inc		626
	390,251		Hikma Pharmaceuticals plc		11,973
	75,991		Hisamitsu Pharmaceutical Co, Inc		2,396
	254,225	*,e	Horizon Pharma plc		3,277
	410,559	*	Hospira, Inc		25,147
	2,684,480	e	Hua Han Bio-Pharmaceutical Holdings Ltd		801
	7,662		Huons Co Ltd		377
	59,398	*,e	Hyperion Therapeutics, Inc		1,426
	163,744	*,e	Idera Pharmaceuticals, Inc		722
	49,898		Il Dong Pharmaceutical Co Ltd		683
	684,380	*	Illumina, Inc		126,323
	14,317		Ilyang Pharmaceutical Co Ltd		306
	15,169	*,e	Immune Design Corp		467
	235,476	*,e	Immunogen, Inc		1,436
	232,126	*,e	Immunomedics, Inc		1,114
	232,980	*	Impax Laboratories, Inc		7,381
	4,831	*	INC Research Holdings, Inc		124
	440,058	*	Incyte Corp		32,173
	562,867	*	Indivior plc		1,311
	209,091	*	Infinity Pharmaceuticals, Inc		3,532
	40,245	*,e	Innate Pharma S.A.		379
	6,212	*	Innocell Corp		150
	171,566	*,e	Inovio Pharmaceuticals, Inc		1,575
	178,596	*,e	Insmed, Inc		2,763
	28,553	*,e	Insys Therapeutics, Inc		1,204
	24,684	*,e	Intercept Pharmaceuticals, Inc		3,851
	13,883	*,e	Intersect ENT, Inc		258
	53,563	*,e	Intra-Cellular Therapies, Inc		945
	100,928	*,e	Intrexon Corp		2,779
	37,484		Ipsen		1,940
	332,965	*	Ironwood Pharmaceuticals, Inc		5,101
	462,290	*,e	Isis Pharmaceuticals, Inc		28,542
	15,700	*,e	Japan Tissue Engineering Co Lt		193

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	319,608	*,e	Jazz Pharmaceuticals plc	$	52,329
	10,300		JCR Pharmaceuticals Co Ltd		199
	7,860		Jeil Pharmaceutical Co		154
	11,459,533		Johnson & Johnson		1,198,324
	4,794	*,e	Juno Therapeutics, Inc		250
	256,521		Kaken Pharmaceutical Co Ltd		4,960
	38,536	*,e	Karyopharm Therapeutics, Inc		1,442
	250,663	*,e	Keryx Biopharmaceuticals, Inc		3,547
	48,101	*,e	Kindred Biosciences Inc		358
	106,100		Kissei Pharmaceutical Co Ltd		2,783
	23,368	*,e	Kite Pharma, Inc		1,348
	75,009	*,e	Knight Therapeutics, Inc		447
	5,429		Kolon Life Science, Inc		243
	35,101	*	Komipharm International Co Ltd		278
	179,354		Kwang Dong Pharmaceutical Co Ltd		1,705
	127,336		Kyorin Co Ltd		2,360
	410,091		Kyowa Hakko Kogyo Co Ltd		3,862
	48,740	*,e	KYTHERA Biopharmaceuticals, Inc		1,690
	7,853		Kyungdong Pharm Co Ltd		175
	64,347	*,e	Laboratorios Almirall S.A.		1,062
	16,075		Laboratorios Farmaceuticos Rovi S.A		199
	145,313	*,e	Lannett Co, Inc		6,231
	16,500		Lee’s Pharmaceutical Holdings Ltd		24
	682,017	*,e	Lexicon Pharmaceuticals, Inc		621
	14,009	*	LG Life Sciences Ltd		460
	64,161	*,e	Ligand Pharmaceuticals, Inc (Class B)		3,414
	3,106,000	e	Lijun International Pharmaceutical Holding Ltd		1,421
	144,500		Livzon Pharmaceutical Group, Inc		882
	70,900		Lonza Group AG.		7,983
	77,000	*	Lotus Pharmaceutical Co Ltd		252
	5,538	*,e	Loxo Oncology, Inc		65
	117,103	*	Luminex Corp		2,197
	162,269		Lupin Ltd		3,666
	68,743	*	MacroGenics, Inc		2,411
	478,524	*	Mallinckrodt plc		47,388
	850,875	*,e	MannKind Corp		4,437
	230,704		Marksans Pharma Ltd		223
	1,219,897	*	Mayne Pharma Group Ltd		642
	620,751	e	Meda AB (A Shares)		8,902
	258,458	*	Medicines Co		7,152
	107,918	*	Medigen Biotechnology Corp		562
	141,071	*	Medivation, Inc		14,052
	29,276	*,e	Medivir AB		368
	5,022		Medy-Tox, Inc		1,452
	286,900		Mega Lifesciences PCL		145
	10,191,847		Merck & Co, Inc		578,795
	340,762		Merck KGaA		32,069
	363,020	*,e	Merrimack Pharmaceuticals, Inc		4,102
	172,356	*,e	Mesoblast Ltd		613
	86,111	*	Mettler-Toledo International, Inc		26,045
	261,859	*,e	MiMedx Group, Inc		3,019
	21,611	*,e	Mirati Therapeutics, Inc		400

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,100		Mochida Pharmaceutical Co Ltd	$	1,630
	135,695	*	Momenta Pharmaceuticals, Inc		1,634
	98,140	*	Morphosys AG.		9,142
	1,816,768	*	Mylan Laboratories, Inc		102,411
	202,511	*,e	Myriad Genetics, Inc		6,898
	35,100	*,e	NanoCarrier Co Ltd		423
	27,320	*,e	NanoString Technologies, Inc		381
	113,494	*,e	NanoViricides, Inc		309
	9,698		Natco Pharma Ltd		235
	16,024		Naturalendo Tech Co Ltd		663
	443,390	*,e	Navidea Biopharmceuticals, Inc		838
	389,186	*,e	Nektar Therapeutics		6,032
	75,530	*,e	NeoStem, Inc		285
	175,468	*,e	Neuralstem, Inc		477
	210,793	*	Neurocrine Biosciences, Inc		4,709
	55,922	*,e	NewLink Genetics Corp		2,223
	75,150		Nichi-iko Pharmaceutical Co Ltd		1,166
	49,000		Nippon Shinyaku Co Ltd		1,574
	96,998	*,e	Northwest Biotherapeutics, Inc		519
	5,039,645		Novartis AG.		467,394
	652,144	*,e	Novavax, Inc		3,867
	3,134,994		Novo Nordisk AS		132,609
	614,698	*	NPS Pharmaceuticals, Inc		21,988
	57,897	*,e	Ohr Pharmaceutical, Inc		483
	94,251	*,e	Omeros Corp		2,336
	17,790	*,e,m	Omthera Pharmaceuticals, Inc		11
	63,402	*,e	OncoMed Pharmaceuticals, Inc		1,380
	224,921	*,e	Oncothyreon, Inc		427
	116,820		Oneness Biotech Co Ltd		205
	138,052		Ono Pharmaceutical Co Ltd		12,222
	85,643	*,e	Ophthotech Corp		3,843
	561,099	*,e	Opko Health, Inc		5,605
	424,519	*,e	Orexigen Therapeutics, Inc		2,573
	15,760	*,e	Orexo AB		272
	174,517	*,e	Organovo Holdings, Inc		1,265
	219,756		Orion Oyj (Class B)		6,835
	46,180	*,e	Osiris Therapeutics, Inc		738
	19,247	*	Otonomy, Inc		641
	1,073,769		Otsuka Holdings KK		32,193
	53,693	*,e	OvaScience, Inc		2,374
	157,091	*	Pacific Biosciences of California, Inc		1,232
	100,402	*,e	Pacira Pharmaceuticals, Inc		8,902
	102,717	*,e	Pain Therapeutics, Inc		209
	1,838,556	*,e	Paion AG.		4,158
	228,690	*	Parexel International Corp		12,706
	446,798	e	PDL BioPharma, Inc		3,445
	5,700	*,e	PeptiDream, Inc		495
	492,882	*,e	Peregrine Pharmaceuticals, Inc		685
	194,802	*,e	Pernix Theraputics		1,829
	352,425		PerkinElmer, Inc		15,412
	773,246		Perrigo Co plc		129,256
	7,308	*	Pfizer Ltd		249
	20,829,409		Pfizer, Inc		648,836

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	292,776	*,e	Pharmacyclics, Inc	$	35,795
	53,861	*	PharmaEngine Inc		487
	63,492	*	Pharmstandard (GDR)		384
	40,370		Phibro Animal Health Corp		1,274
	109,452		Piramal Healthcare Ltd		1,446
	171,946	*	Portola Pharmaceuticals, Inc		4,869
	62,350	*	Pozen, Inc		499
	26,666	*,e	PRA Health Sciences, Inc		646
	249,807	*	Prestige Brands Holdings, Inc		8,673
	217,057	*,e	Progenics Pharmaceuticals, Inc		1,641
	539,911	*	Prometic Life Sciences, Inc		888
	82,951	*,e	Prothena Corp plc		1,722
	23,013,582		PT Kalbe Farma Tbk		3,393
	78,852	*,e	PTC Therapeutics, Inc		4,082
	86,916	*,e	Puma Biotechnology, Inc		16,451
	491,156	*,e	Qiagen NV		11,441
	789,097	*,e	Qiagen NV (NASDAQ)		18,512
	249,094	*	Quintiles Transnational Holdings, Inc		14,664
	20,530	*	Radius Health, Inc		799
	168,754	*	Ranbaxy Laboratories Ltd		1,677
	172,754	*,e	Raptor Pharmaceutical Corp		1,817
	105,667	*	Receptos, Inc		12,945
	22,322	*	Recipharm AB		385
	301,369		Recordati S.p.A.		4,672
	47,159	*,e	Regado Biosciences, Inc		43
	237,430	*	Regeneron Pharmaceuticals, Inc		97,406
	35,568	*,e	Regulus Therapeutics, Inc		570
	47,606	*,e	Relypsa, Inc		1,466
	89,281	*	Repligen Corp		1,768
	30,900	*,e	ReproCELL, Inc		199
	99,353	*,e	Repros Therapeutics, Inc		991
	75,268	*,e	Retrophin, Inc		921
	24,093	*,e	Revance Therapeutics, Inc		408
	120,571	e	Richter Gedeon Rt		1,624
	297,257	*	Rigel Pharmaceuticals, Inc		675
	1,321,703		Roche Holding AG.		358,105
	94,800		Rohto Pharmaceutical Co Ltd		1,184
	14,396	*,e	Sage Therapeutics, Inc		527
	80,254	*	Sagent Pharmaceuticals		2,015
	837,733	*,e	Salix Pharmaceuticals Ltd		96,289
	12,779		Samjin Pharmaceutical Co Ltd		247
	185,354	*,e	Sangamo Biosciences, Inc		2,819
	2,268,899		Sanofi-Aventis		206,857
	111,156		Santen Pharmaceutical Co Ltd		5,984
	3,891	*	Santhera Pharmaceutical Holding AG.		329
	112,499	*,e	Sarepta Therapeutics, Inc		1,628
	34,700		Sawai Pharmaceutical Co Ltd		1,994
	157,406	*	Sciclone Pharmaceuticals, Inc		1,379
	218,290		Scinopharm Taiwan Ltd		385
	204,355	*,e	Seattle Genetics, Inc		6,566
	49,891	*	Seegene, Inc		1,468
	512,400		Seikagaku Corp		8,287

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	311,211	*,e	Sequenom, Inc	$	1,151
	460,000	e	Shandong Luoxin Pharmacy Stock Co Ltd		887
	203,200		Shanghai Dingli Technology Dev		139
	449,567	e	Shanghai Fosun Pharmaceutical Group Co Ltd		1,606
	277,000	*,e	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		232
	18,500	*,e	Shin Nippon Biomedical Laboratories Ltd		121
	748,543		Shionogi & Co Ltd		19,339
	1,172,296		Shire Ltd		83,116
	3,750		Siegfried Holding AG.		611
	22,576,032	e	Sihuan Pharmaceutical Holdings		15,017
	3,119,932	e	Sino Biopharmaceutical		2,811
	163,280		Sinphar Pharmaceutical Co Ltd		215
	102,566		Sirtex Medical Ltd		2,363
	4,254,176	*,m	Skyline Venture Fund II Ltd		232
	976,029	*,m	Skyline Venture Fund III Ltd		51
	13,900	*,e	Sosei Group		499
	224,324	*,e	Spectrum Pharmaceuticals, Inc		1,555
	212,878		Stada Arzneimittel AG.		6,459
	7,325		Stallergenes		438
	608,100		Standard Chemical & Pharma		718
	31,947	*,e	Stemline Therapeutics, Inc		545
	21,449		Strides Arcolab Ltd		325
	55,382	*,e	Sucampo Pharmaceuticals, Inc (Class A)		791
	81,350	*	Sun Pharma Advanced Research Company Ltd		240
	1,722,023		Sun Pharmaceutical Industries Ltd		22,504
	137,432	*,e	Sunesis Pharmaceuticals, Inc		350
	79,816	*,e	Supernus Pharmaceuticals, Inc		662
	58,915	*,e	Synageva BioPharma Corp		5,467
	244,936	*,e	Synergy Pharmaceuticals, Inc		747
	175,905	*,e	Synta Pharmaceuticals Corp		466
	14,688	*,e	T2 Biosystems, Inc		283
	269,000	*	Taigen Biopharmaceuticals Holdings Ltd		326
	73,669		Taisho Pharmaceutical Holdings Co Ltd		4,501
	45,339	*	Taiwan Liposome Co Ltd		384
	51,200	e	Takara Bio, Inc		601
	734,320		Takeda Pharmaceutical Co Ltd		30,399
	288,877		Tanabe Seiyaku Co Ltd		4,235
	11,039		Tecan Group AG.		1,254
	20,800	*,e	Tekmira Pharmaceuticals Corp		318
	103,584	*,e	TESARO, Inc		3,852
	80,041	*	Tetraphase Pharmaceuticals, Inc		3,178
	1,237,190		Teva Pharmaceutical Industries Ltd		70,922
	118,859		Teva Pharmaceutical Industries Ltd (ADR)		6,836
	67,174	*,e	TG Therapeutics, Inc		1,064
	295,637	*,e	TherapeuticsMD, Inc		1,316
	66,820	*,e	Theravance Biopharma, Inc		997
	233,202	e	Theravance, Inc		3,300
	1,557,504		Thermo Electron Corp		195,140
	148,572	*,e	Threshold Pharmaceuticals, Inc		472
	32,614	*	ThromboGenics NV		259
	1,088	*,e	Tokai Pharmaceuticals, Inc		16
	722,000	e	Tong Ren Tang Technologies Co Ltd		933

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,900		Torii Pharmaceutical Co Ltd	$	291
	75,076		Torrent Pharmaceuticals Ltd		1,344
	40,100	e	Towa Pharmaceutical Co Ltd		1,774
	18,390	*,e	Transgene S.A.		156
	73,192	e	Tsumura & Co		1,618
	237,917		TTY Biopharm Co Ltd		522
	39,000	*	TWi Pharmaceuticals, Inc		334
	119,266		UCB S.A.		9,069
	28,955	*,e	Ultragenyx Pharmaceutical, Inc		1,271
	8,000	*,e	UMN Pharma, Inc		192
	62,237		Unichem Laboratories Ltd		238
	2,111,500	*,e	United Laboratories Ltd		1,227
	42,655	*	United Therapeutics Corp		5,523
	490,223	*	Valeant Pharmaceuticals International, Inc		70,183
	36,233	*,e	Valneva SE		184
	479,997	*,e	Vanda Pharmaceuticals, Inc		6,874
	541,546	*	Vectura Group plc		1,076
	70,438	*,e	Verastem, Inc		644
	19,197	*,e	Versartis, Inc		431
	508,686	*	Vertex Pharmaceuticals, Inc		60,432
	6,098		Virbac S.A.		1,280
	14,534	*	ViroMed Co Ltd		693
	1,472	*,e	Vitae Pharmaceuticals, Inc		24
	14,910	*,e	Vital Therapies, Inc		372
	262,099	*,e	Vivus, Inc		755
	192,624	*,e	VWR Corp		4,983
	206,613	*	Waters Corp		23,289
	15,320		Whanin Pharmaceutical Co Ltd		319
	922,000	*	Winteam Pharmaceutical Group Ltd		531
	104,466		Wockhardt Ltd		1,663
	44,612	*	Xencor Inc		716
	225,442	*	Xenoport, Inc		1,977
	633,998	*,e	XOMA Corp		2,276
	8,041		Yuhan Corp		1,236
	117,824	*	Yungjin Pharmaceutical Co Ltd		139
	805,000		YungShin Global Holding Corp		1,391
	16,141	*,e	Zafgen, Inc		498
	10,362	*,e	Zealand Pharma AS		140
	178,609	*,e	Zeltia S.A.		575
	33,900		Zeria Pharmaceutical Co Ltd		560
	228,071	*,e	ZIOPHARM Oncology, Inc		1,156
	2,663,964		Zoetis Inc		114,630
	342,588	*,e	Zogenix, Inc		469
	19,102	*,e	ZS Pharma, Inc		794
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		10,952,679
REAL ESTATE - 3.6%
	10,700,000		8990 Holdings, Inc		1,703
	857,182		Abacus Property Group		2,071
	232,182		Acadia Realty Trust		7,437
	854		Activia Properties Inc		7,426
	315,345		Acucap Properties Ltd		1,413

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,743		Advance Residence Investment Corp	$	4,664
	39,142		Aeon Mall Co Ltd		694
	8,217		AEON REIT Investment Corp		11,656
	122,116	*	Africa Israel Investments Ltd		111
	13,729		Africa Israel Properties Ltd		180
	94,623		AG Mortgage Investment Trust		1,757
	4,211,080	e	Agile Property Holdings Ltd		2,388
	49,680		Agree Realty Corp		1,545
	1,548,684		AIMS AMP Capital Industrial REIT		1,654
	35,012	*	Airport City Ltd		306
	16,000		Airport Facilities Co Ltd		96
	41,356		Akmerkez Gayrimenkul Yatirim Ortakligi AS		288
	3,473,935	*	Aldar Properties PJSC		2,447
	234,698		Alexander & Baldwin, Inc		9,214
	7,382		Alexander’s, Inc		3,227
	91,407		Alexandria Real Estate Equities, Inc		8,111
	98,500		Aliansce Shopping Centers S.A.		607
	1,307,917		Allan Gray Property Trust		954
	11,333,943		Allco Commercial Real Estate Investment Trust		12,058
	38,517		Allied Properties Real Estate Investment Trust		1,241
	28,961		Allreal Holding AG.		3,994
	185,443		Alony Hetz Properties & Investments Ltd		1,216
	4,377	*	AL-ROV Israel Ltd		111
	4,383	*	Alrov Properties and Lodgings Ltd		80
	79,712		Alstria Office REIT-AG.		990
	4,245	*,e	Altisource Asset Management Corp		1,316
	36,539	*,e	Altisource Portfolio Solutions S.A.		1,235
	203,300		Altisource Residential Corp		3,944
	77,894		Altus Group Ltd		1,395
	2,864,300		Amata Corp PCL (Foreign)		1,358
	1,413,855		Amer Group Holding		249
	119,833		American Assets Trust,Inc		4,771
	110,051		American Campus Communities, Inc		4,552
	770,004		American Capital Agency Corp		16,809
	171,978		American Capital Mortgage, Inc		3,240
	284,529		American Homes 4 Rent		4,846
	1,258,633		American Realty Capital Properties, Inc		11,391
	108,965	*,e	American Residential Properties, Inc		1,914
	967,841		American Tower Corp		95,671
	166,447		Amot Investments Ltd		495
	1,245,407		AMP NZ Office Trust		1,153
	64,408		AmREIT, Inc (Class B)		1,709
	9,406,000		Ananda Development PCL		931
	1,469,851		Anant Raj Industries Ltd		1,084
	6,884		ANF Immobilier		168
	1,803,364		Annaly Capital Management, Inc		19,494
	438,100	e	Anworth Mortgage Asset Corp		2,300
	1,120,260	*	AP Thailand PCL (Foreign)		201
	524,215		Apartment Investment & Management Co (Class A)		19,475
	154,274	e	Apollo Commercial Real Estate Finance, Inc		2,524
	92,488		Ares Commercial Real Estate Corp		1,062
	1,706,420	e	Argosy Property Ltd		1,438

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,095		Armada Hoffler Properties, Inc	$	1,292
	1,293,630	e	ARMOUR Residential REIT, Inc		4,761
	498,306	e	Arrowhead Properties Ltd		403
	339,682		Arrowhead Properties Ltd (Class B)		276
	171,151		Artis Real Estate Investment Trust		2,089
	833,000		Ascendas Hospitality Trust		427
	1,611,000	e	Ascendas India Trust		995
	1,033,587		Ascendas REIT		1,854
	1,155,302		Ascott Residence Trust		1,107
	88,465		Ashford Hospitality Prime, Inc		1,518
	251,343		Ashford Hospitality Trust, Inc		2,634
	205,799		Associated Estates Realty Corp		4,777
	998,991	*	Attacq Ltd		1,900
	41,300	*	AV Homes, Inc		602
	428,109		AvalonBay Communities, Inc		69,949
	944,973	e	Aveo Group		1,653
	123,270		Aviv REIT, Inc		4,250
	38,589	*	Axia Real Estate SOCIMI S.A.		505
	367,200		Axis Real Estate Investment Trust		380
	8,107,730		Ayala Land, Inc		6,046
	137,600	e	Babcock & Brown Japan Property Trust		571
	14,122,900		Bangkokland PCL		672
	174,080	*	Barwa Real Estate Co		1,975
	645		Bayside Land Corp		170
	50,099		Befimmo SCA Sicafi		3,651
	2,796,000		Beijing Capital Land Ltd		1,056
	1,622,000		Beijing North Star Co		514
	2,342,000	*,e	Beijing Properties Holdings Ltd		196
	5,557,950		Belle Corp		608
	1,470,233	e	Beni Stabili S.p.A.		1,033
	364,007		Big Yellow Group plc		3,430
	90,190		BioMed Realty Trust, Inc		1,943
	269,120		Blackstone Mortgage Trust, Inc		7,842
	551		BLife Investment Corp		2,664
	94,059		Boardwalk Real Estate Investment Trust		4,982
	600,317		Boston Properties, Inc		77,255
	455,835		BR Malls Participacoes S.A.		2,817
	209,208		BR Properties S.A.		807
	85,218		Brandywine Realty Trust		1,362
	176,200		Brasil Brokers Participacoes S.A.		168
	1,728,562		British Land Co plc		20,844
	1,242,012		Brixmor Property Group, Inc		30,852
	920,503		Brookfield Asset Management, Inc		46,128
	13,755		Brookfield Canada Office Properties		319
	8,183	*	Brookfield Multiplex Group		591
	1,740		Brookfield Property Partners LP (Toronto)		40
	1,433,596	e	Bunnings Warehouse Property Trust		3,253
	52,946	e	BUWOG AG.		1,047
	37,670,188		C C Land Holdings Ltd		6,521
	88,340	e	CA Immobilien Anlagen AG.		1,652
	1,614,000		Cache Logistics Trust		1,411
	77,875		Calloway Real Estate Investment Trust		1,830

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,229,412		Cambridge Industrial Trust	$	631
	315,336		Camden Property Trust		23,284
	522,111		Campus Crest Communities, Inc		3,817
	174,091		Canadian Apartment Properties REIT		3,766
	39,831		Canadian Real Estate Investment Trust		1,570
	633,400		CapitaCommercial Trust		836
	837,661		Capital & Counties Properties		4,733
	3,160,473	*	Capital Property Fund		3,628
	2,918,880		CapitaLand Ltd		7,257
	2,538,181		CapitaMall Trust		3,897
	1,484,600		CapitaMalls Malaysia Trust		607
	565,032		CapitaRetail China Trust		687
	341,612	e	Capstead Mortgage Corp		4,195
	94,888		CareTrust REIT, Inc		1,170
	9,200,000	*,e	Carnival Group International Holdings Ltd		1,408
	372,892		Castellum AB		5,810
	59,364		CatchMark Timber Trust Inc		672
	955,000		Cathay Real Estate Development Co Ltd		509
	334,766		CBL & Associates Properties, Inc		6,501
	1,581,685	*	CBRE Group, Inc		54,173
	707,000		CDL Hospitality Trusts		929
	15,000,000		Cebu Holdings, Inc		1,730
	312,683		Cedar Shopping Centers, Inc		2,295
	92,355		Cedar Woods Properties Ltd		452
	1,485,000		Central China Real Estate Ltd		333
	1,381,600		Central Pattana PCL (Foreign)		1,895
	12,066,198		Century Properties Group, Inc		256
	826,179		Chambers Street Properties		6,659
	3,149,636		Champion Real Estate Investment Trust		1,462
	761,138		Charter Hall Group		2,790
	90,800		Chartwell Retirement Residences		931
	109,665		Chatham Lodging Trust		3,177
	189,956		Chesapeake Lodging Trust		7,068
	4,429,688		Cheuk Nang Holdings Ltd		3,799
	2,248,607		Cheung Kong Holdings Ltd		37,657
	2,070,328		Chimera Investment Corp		6,584
	2,589,500		China Aoyuan Property Group Ltd		409
	56,536	*	China New City Commercial Development Ltd		27
	13,712,521	*,e	China New Town Development Co Ltd		547
	7,184,994		China Overseas Land & Investment Ltd		21,255
	1,027,000	e	China Overseas Grand Oceans Group Ltd		519
	7,623,514		China Resources Land Ltd		20,035
	3,372,200	*,e	China SCE Property Holdings Ltd		704
	18,256,000		China South City Holdings Ltd		8,259
	10,544,147	*,e	China Vanke Co Ltd		23,391
	335,500	e	Chinese Estates Holdings Ltd		1,034
	109,160		Choice Properties REIT		985
	168,084		Chong Hong Construction Co		359
	5,490,000		CIFI Holdings Group Co Ltd		1,093
	159,428	e	City Developments Ltd		1,230
	634,891		Citycon Oyj		1,958
	20,586		Cofinimmo		2,386
	371,471		Colony Financial, Inc		8,848

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	110,584	*,e	Colour Life Services Group	$	96
	325,111		Columbia Property Trust, Inc		8,242
	385	e	Comforia Residential REIT, Inc		842
	81,798		Cominar Real Estate Investment Trust		1,310
	727,900		Concentradora Fibra Danhos S.A. de C.V.		1,792
	493,200	e	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		768
	17,770	e	Consolidated-Tomoka Land Co		992
	63,518	e	Conwert Immobilien Invest AG.		750
	109,473	e	CorEnergy Infrastructure Trust, Inc		709
	59,627		Coresite Realty		2,328
	25,899		Corio NV		1,268
	570,336	e	Corp Inmobiliaria Vesta SAB de C.V.		1,132
	168,344		Corporate Office Properties Trust		4,776
	5,851,994	e	Country Garden Holdings Co Ltd		2,335
	116,892		Countrywide plc		791
	772,304		Cousins Properties, Inc		8,820
	2,326		Crescendo Investment Corp		1,900
	40,200		Crombie Real Estate Investment Trust		447
	1,480,637		Cromwell Group		1,240
	393,801		Crown Castle International Corp		30,992
	21,228,943		CSI Properties Ltd		841
	33,809		CT Real Estate Investment Trust		358
	791,226		CubeSmart		17,462
	103,930		CyrusOne, Inc		2,863
	559,808		CYS Investments, Inc		4,882
	284	e	DA Office Investment Corp		1,595
	106,400		Daibiru Corp		1,001
	357,000		Daikyo, Inc		552
	2,595,900		Daiman Development BHD		1,959
	59,703		Daito Trust Construction Co Ltd		6,773
	1,285,971	e	Daiwa House Industry Co Ltd		24,294
	489	*	Daiwa House REIT Investment Corp		2,445
	280,100	*,g	Dalian Wanda Commercial Properties Co Ltd		1,788
	285,640		DCT Industrial Trust, Inc		10,186
	561,181		DDR Corp		10,303
	93,775		Delta Corp Ltd		134
	171,751		Derwent London plc		8,018
	264,095		Deutsche Annington Immobilien SE		8,966
	127,500		Deutsche Euroshop AG.		5,569
	289,378		Deutsche Wohnen AG.		6,826
	1,354,497		Dexus Property Group		7,668
	1,713,580	*	Deyaar Development PJSC		387
	749,041		DiamondRock Hospitality Co		11,138
	43,740		DIC Asset AG.		390
	399,377	e	Digital Realty Trust, Inc		26,479
	44,050		Dios Fastigheter AB		325
	9,551,806		DLF Ltd		20,512
	61,451	*	Dogus Gayrimenkul Yatirim Ortakligi AS		112
	67,790		Douglas Emmett, Inc		1,925
	58,165		Dream Global Real Estate Investment Trust		429
	116,096		Dream Industrial Real Estate Investment Trust		841
	53,894		Dream Office Real Estate Investment Trust		1,167

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,644	*	Dream Unlimited Corp	$	664
	713,303		Duke Realty Corp		14,409
	207,721		DuPont Fabros Technology, Inc		6,905
	178,095	e	Dynex Capital, Inc		1,469
	704,000		Eastern & Oriental BHD		450
	112,724		EastGroup Properties, Inc		7,138
	175,938		Education Realty Trust, Inc		6,438
	2,442,805	*	Emaar Malls Group PJSC		1,782
	7,725,795		Emaar Properties PJSC		14,890
	543,159		Emira Property Fund		813
	2,563,607		Emlak Konut Gayrimenkul Yatiri		3,032
	1,507,333		Emperor International Holdings		327
	252,836		Empire State Realty Trust, Inc		4,445
	200,771		Entertainment Properties Trust		11,570
	220,439		Equity Commonwealth		5,659
	310,093		Equity Lifestyle Properties, Inc		15,985
	219,305		Equity One, Inc		5,562
	905,120		Equity Residential		65,024
	1,295,489	*	Eshraq Properties Co PJSC		274
	239,573		Essex Property Trust, Inc		49,496
	209,086		Eurobank Properties Real Estate Investment Co		1,923
	48,051		Eurocommercial Properties NV		2,042
	12,806,261	e	Evergrande Real Estate Group		5,161
	219,498		Excel Trust, Inc		2,939
	727,575		Extra Space Storage, Inc		42,665
	162,806		Fabege AB		2,090
	5,583,500	e	Fantasia Holdings Group Co Ltd		595
	993,802		Far East Consortium		383
	1,187,000		Far East Hospitality Trust		730
	215,437		Farglory Land Development Co Ltd		256
	94,348	*	Fastighets AB Balder		1,325
	135,059		Federal Realty Investment Trust		18,025
	4,849,562		Federation Centres		11,291
	536,583		FelCor Lodging Trust, Inc		5,806
	318,000	e	Fibra Shop Portafolios Inmobiliarios SAPI de C.V.		421
	6,592,791		Fibra Uno Administracion S.A. de C.V.		19,429
	12,000,000		Filinvest Development Corp		1,159
	59,119,000		Filinvest Land, Inc		2,011
	139,820	e	First Capital Realty, Inc		2,246
	392,524		First Industrial Realty Trust, Inc		8,070
	240,056		First Potomac Realty Trust		2,967
	1,012,969		First Real Estate Investment Trust		960
	38,372		FirstService Corp		1,958
	6,954		Fonciere Des Regions		643
	458,885	*	Forest City Enterprises, Inc (Class A)		9,774
	119,076	*	Forestar Real Estate Group, Inc		1,834
	580,287		Fortress Income Fund Ltd		815
	348,598		Foxtons Group plc		870
	360,493		Franklin Street Properties Corp		4,423
	8,616,701		Franshion Properties China Ltd		2,459
	583,000		Frasers Centrepoint Trust		832
	311,000	*	Frasers Hospitality Trust		209

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	957	*	Frontier Real Estate Investment Corp	$	4,385
	666	*	Fukuoka REIT Corp		1,233
	4,290,000		Future Land Development Holdin		397
	242,245	*	GAGFAH S.A.		5,410
	296,000		Gallop No  REIT		180
	41,809		Gaming and Leisure Properties, Inc		1,227
	230,282		Gazit Globe Ltd		2,726
	20,318		Gazit, Inc		472
	1,198,479		GDI Property Group		841
	7,165		Gecina S.A.		894
	3,390,000	e	Gemdale Properties and Investm		218
	2,545,268		General Growth Properties, Inc		71,598
	254,985		Geo Group, Inc		10,291
	121,534		Getty Realty Corp		2,213
	70,477		Gladstone Commercial Corp		1,210
	620,818		Glimcher Realty Trust		8,530
	6,049,391		Global Logistic Properties		11,278
	1,143	*	Global One Real Estate Investment Corp		4,341
	320,811	*	Globe Trade Centre S.A.		485
	280,100		Glomac BHD		78
	4,892,895	*,e	Glorious Property Holdings Ltd		755
	5,186		GLP J-Reit		5,777
	58,388		Godrej Properties Ltd		237
	17,980		Goldcrest Co Ltd		332
	745,300	*	Golden Land Property Development PCL		164
	1,740,000	*	Goldin Properties Holdings Ltd		1,129
	1,713,530		Goodman Property Trust		1,521
	240,075		Government Properties Income Trust		5,524
	2,350,452		GPT Group (ASE)		8,318
	934,256		Grainger plc		2,720
	536,162	e	Gramercy Property Trust, Inc		3,699
	85,409	*,e	Grand City Properties S.A.		1,258
	26,500		Granite Real Estate Investment Trust		941
	272,016		Great Eagle Holdings Ltd		883
	846,544		Great Portland Estates plc		9,657
	8,287,264	*	Green REIT plc		12,836
	428,000		Greenland Hong Kong Holdings Ltd		169
	35,900	e	Greentown China Holdings Ltd		35
	5,701,324		Growthpoint Properties Ltd		13,546
	682,000	*	Guangdong Land Holdings Ltd		156
	28,818,733	e	Guangzhou Investment Co Ltd		5,515
	1,266,108	e	Guangzhou R&F Properties Co Ltd		1,541
	3,104,000		GZI Real Estate Investment Trust		1,553
	347,695		H&R Real Estate Investment Trust		6,503
	3,910		Haesung Industrial Co Ltd		74
	213,342		Halk Gayrimenkul Yatrm Ortakli		110
	43,882		Hamborner AG.		430
	385,775		Hammerson plc		3,613
	1,534,495		Hang Lung Group Ltd		6,958
	13,375,071		Hang Lung Properties Ltd		37,313
	1,684		Hankyu Reit, Inc		2,150
	72,265		Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,028

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,892,450	e	Hansteen Holdings plc	$	3,174
	345,272		Hatteras Financial Corp		6,363
	703,815	e	HCP, Inc		30,989
	626,203	e	Health Care REIT, Inc		47,385
	338,143	e	Healthcare Realty Trust, Inc		9,238
	221,079		Healthcare Trust of America, Inc		5,956
	36,500		Heiwa Real Estate Co Ltd		553
	229,069		Helical Bar plc		1,367
	164,894		Heliopolis Housing		1,315
	21,313,600		Hemaraj Land and Development PCL (Foreign)		2,832
	66,912	*	Hemfosa Fastigheter AB		1,412
	4,287,906		Henderson Land Development Co Ltd		29,802
	696,154		Hersha Hospitality Trust		4,894
	29,804,760	*	Hibernia REIT plc		39,131
	591,250		Highwealth Construction Corp		1,186
	314,774	e	Highwoods Properties, Inc		13,938
	56,060	*	Hispania Activos Inmobiliarios SAU		734
	187,000	e	Ho Bee Investment Ltd		275
	90,689		Home Properties, Inc		5,949
	228,000	e	Hong Fok Corp Ltd		141
	260,994		Hongkong Land Holdings Ltd		1,758
	994,000	*	Hopson Development Holdings Ltd		902
	353		Hoshino Resorts REIT, Inc		3,726
	377,471		Hospitality Properties Trust		11,702
	3,239,706		Host Marriott Corp		77,008
	321,510	*	Housing Development & Infrastruture Ltd		344
	112,504	*	Howard Hughes Corp		14,673
	289,235		Huaku Development Co Ltd		519
	127,000		Huang Hsiang Construction Co		193
	260,915		Hudson Pacific Properties		7,843
	189,532		Hufvudstaden AB (Series A)		2,460
	10,077	e	Hulic Reit, Inc		15,295
	272,362		Hung Poo Real Estate Development Corp		219
	569,000		Hung Sheng Construction Co Ltd		365
	2,156,000		Hutchison Harbour Ring Ltd		187
	568,100	e	Hyprop Investments Ltd		4,788
	863,317		Hysan Development Co Ltd		3,831
	14,467		Icade		1,158
	2,148		Ichigo Real Estate Investment Corp		1,671
	97,800		IGB Corp BHD		73
	2,605,400		IGB Real Estate Investment Trust		976
	85,500		Iguatemi Empresa de Shopping Centers S.A.		791
	1,269,900		IJM Land BHD		1,217
	364,783		Immobiliare Grande Distribuzione		282
	1,355,948	*,e,m	Immoeast AG.		0	^
	658,721	*,e,m	Immofinanz ANSPR NACHB AG.		0	^
	271,460	*	Immofinanz Immobilien Anlagen AG.		684
	260,364		Indiabulls Real Estate Ltd		281
	398		Industrial & Infrastructure Fund Investment Corp		1,841
	1,866,338		ING Office Fund		5,510
	345,072		Inland Real Estate Corp		3,779
	2,384,478	*	Inmobiliaria Colonial S.A.		1,575

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	108,641		InnVest Real Estate Investment Trust	$	559
	30,179		InterRent Real Estate Investment Trust		156
	2,458		Intershop Holdings		880
	13,962		Intervest Offices		380
	432,648		Invesco Mortgage Capital, Inc		6,689
	452	*	Invesco Office J-Reit, Inc		431
	485,786	e	Investors Real Estate Trust		3,969
	1,951		Invincible Investment Corp		817
	846,809		IOI Properties Group Sdn BHD		584
	390,133	e	Iron Mountain, Inc		15,083
	1,398,327		Is Gayrimenkul Yatirim Ortakligi AS		847
	299,480	*,e	iStar Financial, Inc		4,088
	1,235	*	Japan Excellent, Inc		1,646
	10,294		Japan Hotel REIT Investment Corp		6,604
	1,309	*	Japan Logistics Fund Inc		2,944
	318		Japan Prime Realty Investment Corp		1,106
	400	*	Japan Real Estate Investment Corp		1,927
	3,435	e	Japan Rental Housing Investments, Inc		2,823
	1,089		Japan Retail Fund Investment Corp		2,301
	22,873		Jerusalem Economy Ltd		65
	18,611	*	Jerusalem Oil Exploration		572
	250,100		JHSF Participacoes S.A.		221
	1,728,650	m	Jiangsu Future Land Co Ltd		876
	102,767		Jones Lang LaSalle, Inc		15,408
	11,100	e	Jowa Holdings Co Ltd		328
	1,182,117		K Wah International Holdings Ltd		624
	4,726,000	e	Kaisa Group Holdings Ltd		969
	821,480		KEE TAI Properties Co Ltd		504
	1,321		Kenedix Realty Investment Corp		7,477
	983		Kenedix Residential Investment Corp		2,950
	406,200	*,e	Kenedix, Inc		1,850
	252,925	e	Kennedy-Wilson Holdings, Inc		6,399
	1,224,419		Keppel Land Ltd		3,154
	3,330,640		Kerry Properties Ltd		12,015
	55,300	e	Killam Properties, Inc		488
	250,453		Kilroy Realty Corp		17,299
	373,070		Kimco Realty Corp		9,379
	398,000		Kindom Construction Co		348
	161,280	*	King’s Town Construction Co Ltd		142
	126,781		Kite Realty Group Trust		3,644
	1,338,413		Kiwi Property Group Ltd		1,295
	79,600		KLCC Property Holdings BHD		153
	212,757		Klepierre		9,135
	143,272		Klovern AB (A Shares)		150
	1,432,720	*	Klovern AB (B Shares)		1,397
	298,324		Korea Real Estate Investment Trust Co		1,006
	3,095,130		Kowloon Development Co Ltd		3,613
	2,479,138		K-REIT Asia		2,277
	231,600	*	KSL Holdings BHD		123
	183,802		Kungsleden AB		1,322
	500,185		Kuoyang Construction Co Ltd		231

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,073,731		KWG Property Holding Ltd	$	3,455
	117,461,000		Lai Fung Holdings Ltd		2,358
	85,959,250	*	Lai Sun Development		1,944
	39,121	*	Lamda Development S.A.		159
	621,348		Land Securities Group plc		11,169
	4,175,500		Langham Hospitality Investments Ltd		1,809
	42,903	*	Lar Espana Real Estate Socimi S.A.		473
	379,645		LaSalle Hotel Properties		15,364
	455,800		LBS Bina Group BHD		212
	418,693	*	LC Corp S.A.		222
	85,303		LEG Immobilien AG.		6,355
	535,813		Lend Lease Corp Ltd		7,136
	2,243,111	*	Leopalace21 Corp		14,151
	732,632	e	Lexington Corporate Properties Trust		8,044
	1,902,105		Liberty International plc		9,834
	72,219	e	Liberty Property Trust		2,718
	1,655,781		Link REIT		10,366
	1,868,000		Lippo-Mapletree Indonesia Retail Trust		479
	206,000		Liu Chong Hing Investment		259
	1,978,000	*	Logan Property Holdings Co Ltd		616
	663,439		London & Stamford Property plc		1,578
	991,000		Long Bon International Co Ltd		632
	1,758,120		Longfor Properties Co Ltd		2,254
	1,875,500		LPN Development PCL		1,243
	151,300		LPS Brasil Consultoria de Imoveis S.A.		370
	313,307		LSR Group (GDR)		489
	144,641		LTC Properties, Inc		6,244
	55,155		Macerich Co		4,600
	620,601		Mack-Cali Realty Corp		11,829
	339,694		Macquarie CountryWide Trust		1,136
	1,034,556	e	Macquarie Goodman Group		4,778
	3,372,590		Macquarie MEAG Prime REIT		2,037
	4,660,000	*	Madex International Holdings Ltd		132
	1,547,878		Mah Sing Group BHD		997
	6,100	*,e	Mainstreet Equity Corp		199
	35,779	*,e,m	Mapeley Ltd		1
	3,413,287		Mapletree Commercial Trust		3,632
	4,929,000	e	Mapletree Greater China Commercial Trust		3,528
	3,402,661		Mapletree Industrial Trust		3,807
	3,979,804	e	Mapletree Logistics Trust		3,553
	629,650		Matrix Concepts Holdings BHD		483
	29,383	*	Mazaya Qatar Real Estate Development Q.S.C		152
	1,311,400		MBK PCL		582
	628,318		Medical Properties Trust, Inc		8,658
	80,503	*	Medinet Nasr Housing		330
	45,569,500		Megaworld Corp		4,709
	15,692		Melisron Ltd		434
	141,373		Mercialys S.A		3,154
	138,481	*	Merlin Properties Socimi S.A.		1,681
	916,200		Mexico Real Estate Management S.A. de C.V.		1,569
	1,391,463	e	MFA Mortgage Investments, Inc		11,118
	1,058		MID Reit, Inc		2,660

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	206,455		Mid-America Apartment Communities, Inc	$	15,418
	1,618,929	*,e	Midland Holdings Ltd		818
	45,300		Milestone Apartments Real Estate Investment Trust		476
	4,466,000	*	Mingfa Group		1,365
	1,804,000		Minmetals Land Ltd		207
	2,078,142		Mirvac Group		3,006
	903,837		Mitsubishi Estate Co Ltd		19,045
	1,740,021		Mitsui Fudosan Co Ltd		46,660
	198,500		MKH BHD		150
	8,055		Mobimo Holding AG.		1,611
	209,786	e	Monmouth Real Estate Investment Corp (Class A)		2,322
	49,900		Morguard North American Reside		430
	59,921		Morguard Real Estate Investment Trust		937
	3,015	*	Mori Hills REIT Investment Corp		4,339
	1,151	*	Mori Trust Sogo Reit, Inc		2,308
	74,634		Multiplan Empreendimentos Imobiliarios S.A.		1,332
	140,300		Naim Holdings BHD		119
	119,464		National Health Investors, Inc		8,358
	252,096	e	National Retail Properties, Inc		9,925
	198,282,600	*	Natural Park PCL		422
	1,902,000	*	Neo-China Land Group Holdings Ltd		314
	428,000		New Century Real Estate Investment Trust		182
	485,870		New Residential Investment Corp		6,205
	2,946,614		New World China Land Ltd		1,742
	15,186,539		New World Development Co Ltd		17,434
	315,642	e	New York Mortgage Trust, Inc		2,434
	139,849		NewRiver Retail Ltd		643
	65,118		Nexity		2,469
	170,918	*	Nieuwe Steen Investments NV		761
	1,254	*	Nippon Accommodations Fund, Inc		4,958
	439	*	Nippon Building Fund, Inc		2,204
	2,358	*	Nippon ProLogis REIT, Inc		5,120
	143		NIPPON REIT Investment Corp		430
	38,480	*	Nitsba Holdings 1995 Ltd		509
	129,529		Nomura Real Estate Holdings, Inc		2,217
	8,966		Nomura Real Estate Master Fund, Inc		11,611
	439		Nomura Real Estate Office Fund, Inc		2,177
	154		Nomura Real Estate Residential Fund, Inc		926
	36,395		Northern Property Real Estate Investment Trust		745
	1,036,424		NorthStar Realty Finance Corp		18,220
	20,452		NorthWest Healthcare Properties Real Estate Investment Trust		163
	648,159	*	Norwegian Property ASA		878
	1,682,327	e	Novion Property Group		2,892
	135,100		NTT Urban Development Corp		1,361
	78,298		Oberoi Realty Ltd		346
	532,977	e	Omega Healthcare Investors, Inc		20,823
	54,154		One Liberty Properties, Inc		1,282
	16,000		Open House Co Ltd		315
	1,200,000	*	Orbit Corp Ltd		237
	4,420		Orix JREIT, Inc		6,216
	848,000	e	OUE Hospitality Trust		579

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	434,249		Outfront Media, Inc	$	11,655
	40,649	e	Owens Realty Mortgage, Inc		595
	849,115	*	Palm Hills Developments SAE		481
	325,648	*,e	Paramount Group, Inc		6,054
	745,000		Parkway Life Real Estate Investment Trust		1,339
	280,032		Parkway Properties, Inc		5,150
	2,367,154		Parque Arauco S.A.		4,533
	37,182	*	Patrizia Immobilien AG.		546
	646,800		Pavilion Real Estate Investment Trust		270
	236,294		Pebblebrook Hotel Trust		10,782
	242,743		Pennsylvania REIT		5,695
	264,267	e	Pennymac Mortgage Investment Trust		5,573
	614,000	e,m	Perennial China Retail Trust		248
	1,191,183		Phoenix Mills Ltd		7,049
	150,864		Physicians Realty Trust		2,504
	282,858		Piedmont Office Realty Trust, Inc		5,329
	667,800	e	PLA Administradora Industrial S de RL de C.V.		1,397
	65,965		Plum Creek Timber Co, Inc		2,823
	19,380		Polski Holding Nieruchomosci S.A.		144
	2,990,117	e	Poly Hong Kong Investment Ltd		1,219
	8,341,160		Polytec Asset Holdings Ltd		1,183
	341,009		Post Properties, Inc		20,041
	239,753		Potlatch Corp		10,038
	2,236,000	*,e	Powerlong Real Estate Holdings Ltd		314
	625		Premier Investment Co		3,078
	76,938		Prestige Estates Projects Ltd		291
	113,091		Primary Health Properties plc		652
	159,176	*	Prime Office AG.		562
	1,206,826		Prince Housing & Development Corp		482
	278,000	e	ProLogis Property Mexico S.A. de C.V.		514
	1,433,149		Prologis, Inc		61,668
	1,213,000		Prosperity REIT		412
	119,108		PS Business Parks, Inc		9,474
	111,326		PSP Swiss Property AG.		9,581
	7,587,400		PT Agung Podomoro Land Tbk		205
	14,686,400		PT Alam Sutera Realty Tbk		661
	4,627,500		PT Bekasi Fajar Industrial Estate Tbk		272
	6,841,127		PT Bumi Serpong Damai		993
	28,646,700		PT Ciputra Development Tbk		2,873
	16,642,500		PT Ciputra Property Tbk		1,128
	3,747,500		PT Ciputra Surya Tbk		894
	7,535,500		PT Intiland Development Tbk		394
	104,922,987		PT Kawasan Industri Jababeka Tbk		2,485
	517,500	*	PT Lippo Cikarang Tbk		433
	45,875,497		PT Lippo Karawaci Tbk		3,767
	10,819,600		PT Modernland Realty Tbk		452
	7,544,200	*	PT Nirvana Development Tbk		113
	33,330,000		PT Pakuwon Jati Tbk		1,381
	24,409,000	*	PT Sentul City Tbk		203
	15,489,000		PT Summarecon Agung Tbk		1,901
	571,282		Public Storage, Inc		105,601
	3,046,170	*	Puravankara Projects Ltd		4,070
	99,472		Pure Industrial Real Estate Trust		380

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	33,773	e	QTS Realty Trust, Inc	$	1,143
	20,312,232		Quality House PCL		2,242
	670,962	*	Quintain Estates & Development plc		996
	2,156,470		Radium Life Tech Co Ltd		1,211
	286,058	e	RAIT Investment Trust		2,194
	1,211,887	*	RAK Properties PJSC		240
	259,858		Ramco-Gershenson Properties		4,870
	177,375		Rayonier, Inc		4,956
	15,700	*	Raysum Co Ltd		152
	35,955		Re/Max Holdings, Inc		1,231
	98,028	*,e	Realia Business S.A.		60
	1,850,149	*	Realogy Holdings Corp		82,313
	63,618	e	Realty Income Corp		3,035
	586,327		Rebosis Property Fund Ltd		628
	480,000	g	Redco Properties Group Ltd		230
	1,864,496		Redefine International plc		1,584
	6,619,606		Redefine Properties Ltd		6,123
	284,129	e	Redwood Trust, Inc		5,597
	26,271,000		Regal Real Estate Investment Trust		6,920
	633,987		Regency Centers Corp		40,436
	23,300		Relo Holdings, Inc		1,666
	21,515,250	*,e	Renhe Commercial Holdings Co Ltd		943
	348,585		Resilient Property Income Fund Ltd		2,531
	444,363	e	Resource Capital Corp		2,240
	342,729		Retail Opportunities Investment Corp		5,754
	912,176		Retail Properties of America, Inc		15,224
	142,744		Rexford Industrial Realty, Inc		2,242
	449,618		RioCan Real Estate Investment Trust		10,228
	540,011		RLJ Lodging Trust		18,107
	482,000		Road King Infrastructure		406
	2,757,000		Robinsons Land Corp		1,633
	234,200	*	Rojana Industrial Park PCL		52
	132,908	e	Rouse Properties, Inc		2,461
	673,488		Ruentex Development Co Ltd		1,064
	138,293	e	Ryman Hospitality Properties		7,294
	3,351,296		S.A. Corporate Real Estate Fund		1,385
	636,224	e	Sabana Shari’ah Compliant Industrial REIT		451
	158,662		Sabra Healthcare REIT, Inc		4,819
	419,695		Safestore Holdings plc		1,518
	120,000		Saizen REIT		78
	12,604,476		Sansiri PCL		646
	36,900		Sao Carlos Empreendimentos e Participacoes S.A.		454
	55,441		Saul Centers, Inc		3,171
	297,773		Savills plc		3,150
	1,699,200		SC Asset Corp PCL		178
	17,760,808	*	Scentre Group		50,319
	505,333		Schroder Real Estate Investment Trust Ltd		469
	1,336,065		Segro plc		7,654
	3,851	*,e	Sekisui House SI Residential Investment Corp		4,366
	204,100		Select Income REIT		4,982
	32,583		Selvaag Bolig ASA		88
	96,821		Senior Housing Properties Trust		2,141
	1,122,518		Shaftesbury plc		13,584

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	339,040		Shanghai Jinqiao Export Processing Zone Development Co Ltd	$	596
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		188
	19,995,430		Shanghai Real Estate Ltd		541
	3,163,668		Shenzhen Investment Ltd		907
	1,695,825		Shimao Property Holdings Ltd		3,756
	416,830	*	Shining Building Business Co Ltd		245
	118,200		Shoei Co Ltd		1,182
	2,003,207		Shopping Centres Australasia Property Group		3,016
	12,327,167		Shui On Land Ltd		2,899
	650		SIA Reit, Inc		2,471
	131,750		Silver Bay Realty Trust Corp		2,182
	1,427,372		Simon Property Group, Inc		259,939
	992,600	*	SingHaiyi Group Ltd		109
	2,845,422		Sino Land Co		4,568
	2,132,000	*	Sinolink Worldwide Holdings Ltd		164
	14,218,717	e	Sino-Ocean Land Holdings Ltd		8,017
	234,998	*	Sinpas Gayrimenkul Yatirim Ortakligi AS		80
	659,509		Sinyi Realty Co		764
	192,878	*	Six of October Development & Investment		382
	438,474		SL Green Realty Corp		52,187
	12,904,216		SM Prime Holdings		4,885
	595,645	*	Sobha Developers Ltd		4,537
	6,139,350		Soho China Ltd		4,330
	1,450,000		Soilbuild Business Space REIT		863
	72,200		Sonae Sierra Brasil S.A.		448
	94,000		Soundwill Holdings Ltd		147
	134,884		Sovran Self Storage, Inc		11,765
	113,198		Sparkassen Immobilien AG.		845
	897,546		Spirit Realty Capital, Inc		10,672
	465,908		Sponda Oyj		2,028
	1,226,000		Spring Real Estate Investment Trust		580
	348,597		ST Modwen Properties plc		2,096
	176,233	*,e	St. Joe Co		3,241
	196,726		STAG Industrial, Inc		4,820
	1,592,269	*	Starwood Property Trust, Inc		37,004
	136,086	e	Starwood Waypoint Residential Trust		3,589
	3,155,920	e	Stockland Trust Group		10,547
	71,669	*	STORE Capital Corp		1,549
	1,744,728	*	Strategic Hotels & Resorts, Inc		23,083
	18,440		Sumitomo Real Estate Sales Co Ltd		415
	608,321		Sumitomo Realty & Development Co Ltd		20,725
	302,301		Summit Hotel Properties, Inc		3,761
	155,885		Sun Communities, Inc		9,425
	20,600	e	Sun Frontier Fudousan Co Ltd		189
	4,157,145		Sun Hung Kai Properties Ltd		62,983
	6,901,000		Sunac China Holdings Ltd		6,971
	2,487,000		Sunlight Real Estate Investment Trust		1,121
	1,077,111		Sunstone Hotel Investors, Inc		17,783
	2,034,298		Suntec Real Estate Investment Trust		3,009

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,828,634	*	Sunteck Realty Ltd	$	8,093
	1,538,658		Sunway BHD		1,439
	3,092,400		Sunway Real Estate Investment		1,344
	2,274,100		Supalai PCL		1,654
	839,193		Swire Pacific Ltd (Class A)		10,893
	1,040,901		Swire Properties Ltd		3,063
	55,980		Swiss Prime Site AG.		4,110
	1,621,100		TA Global BHD		143
	265,310	e	TAG Tegernsee Immobilien und Beteiligungs AG.		3,081
	673,668		Taiwan Land Development Corp		244
	527,300	e	Takara Leben Co Ltd		2,284
	1,171,734		Talaat Moustafa Group		1,601
	417,853		Tanger Factory Outlet Centers, Inc		15,444
	41,164		Taubman Centers, Inc		3,146
	133,996		Technopolis plc		600
	46,766	*	Tejon Ranch Co		1,378
	128,125		Terreno Realty Corp		2,643
	46,000		Tian Shan Development Holding Ltd		20
	673,180		Ticon Industrial Connection PCL (Foreign)		368
	564,000		Times Property Holdings Ltd		240
	58,700		TOC Co Ltd		329
	1,936,379		Tokyo Tatemono Co Ltd		14,092
	124,329		Tokyu Fudosan Holdings Corp		863
	1,085	*	Tokyu REIT, Inc		1,480
	892		Top REIT Inc		4,002
	300,500		Top Spring International Holdings Ltd		86
	521,720		Torunlar Gayrimenkul Yatirim Ortakligi AS		768
	1,692,400	e	Tosei Corp		9,699
	72,433	*,e	Trade Street Residential, Inc		557
	1,163,700		Tropicana Corp BHD		352
	1,204,108		Tuan Sing Holdings Ltd		358
	1,148,273		Two Harbors Investment Corp		11,506
	147,614		UDR, Inc		4,549
	1,232,760		UEM Land Holdings BHD		494
	78,967		UMH Properties, Inc		754
	158,177		Unibail-Rodamco		40,578
	1,024,866	*	Union Properties PJSC		329
	215,642		Unite Group plc		1,554
	58,521,858	*	Unitech Ltd		15,239
	107,028	*	United Development Co PSC		683
	345,893		United Overseas Land Ltd		1,808
	2,608		United Urban Investment Corp		4,105
	989,000		Univentures PCL		247
	48,748		Universal Health Realty Income Trust		2,346
	895,548		UOA Development BHD		541
	90,762		Urstadt Biddle Properties, Inc (Class A)		1,986
	115,071		Vakif Gayrimenkul Yatirim Ortakligi AS		139
	20,236		Vastned Retail NV		915
	786,749		Ventas, Inc		56,410
	9,898,200		Vista Land & Lifescapes, Inc		1,591
	723,056		Vornado Realty Trust		85,111

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	884,388		Vukile Property Fund Ltd	$	1,379
	197,899		Wallenstam Byggnads AB (B Shares)		3,285
	1,059,000	*	Wanda Hotel Development Co Ltd		221
	27,902		Warehouses De Pauw SCA		2,116
	1,188,695		Washington Prime Group, Inc		20,469
	219,956		Washington REIT		6,084
	122,620		Weingarten Realty Investors		4,282
	39,171	e	Wereldhave NV		2,702
	145,321	e	Western Asset Mortgage Capital Corp		2,136
	4,310,800		Westfield Corp		31,600
	255,109		Weyerhaeuser Co		9,156
	315,697		WHA Corp PCL		301
	4,117,676		Wharf Holdings Ltd		29,561
	1,949,064		Wheelock & Co Ltd		9,049
	476,097		Wheelock Properties S Ltd		632
	76,444		Whitestone REIT		1,155
	156,029		Wihlborgs Fastigheter AB		2,847
	455,832		Wing Tai Holdings Ltd		561
	185,921		Workspace Group plc		2,198
	54,718		WP Carey, Inc		3,836
	5,638,000	e	Wuzhou International Holdings Ltd		1,077
	5,916,000	e	Yanlord Land Group Ltd		4,616
	1,197,000	*,e	Ying Li International Real Estate Ltd		219
	11,843		YNH Property BHD		7
	86,200		YTL Hospitality REIT		25
	207,000		Yungshin Construction & Development Co Ltd		432
	3,152,120	e	Yuzhou Properties Co		793
	805,000	*,e	Zall Development Group Ltd		279
	3,858,800		Zhong An Real Estate Ltd		567
	144		Zug Estates Holding AG		180
			TOTAL REAL ESTATE		4,501,841
RETAILING - 3.8%
	148,115	*	1-800-FLOWERS.COM, Inc (Class A)		1,220
	70,256		Aaron’s, Inc		2,148
	126,691		ABC-Mart, Inc		6,130
	982,403	e	Abercrombie & Fitch Co (Class A)		28,136
	15,610	e	Adastria Holdings Co Ltd		408
	510,782		Advance Auto Parts, Inc		81,357
	280,004	*,e	Aeropostale, Inc		650
	17,200	e	Alpen Co Ltd		242
	1,154,161	*	Amazon.com, Inc		358,194
	879,852	e	American Eagle Outfitters, Inc		12,212
	24,770	*	America’s Car-Mart, Inc		1,322
	367,722	*	Ann Taylor Stores Corp		13,414
	179,031	*,e	AO World plc		782
	43,700	*	AOKI Holdings, Inc		444
	53,541		Aoyama Trading Co Ltd		1,170
	55,000		Arc Land Sakamoto Co Ltd		1,069
	15,600		Asahi Co Ltd		144
	104,250	*	Asbury Automotive Group, Inc		7,915
	138,343	*,e	Ascena Retail Group, Inc		1,738
	20,400	e	ASKUL Corp		362

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	172,125	*,e	ASOS plc	$	6,843
	305,000		Aurora Corp		525
	266,188	e	Autobacs Seven Co Ltd		3,766
	22,328		AutoCanada, Inc		855
	240,101		Automotive Holdings Group		742
	46,223	*,e	Autonation, Inc		2,792
	108,391	*	AutoZone, Inc		67,106
	1,683,520	*	B&M European Value Retail S.A.		7,478
	112,000	*	B2W Companhia Global Do Varejo		945
	389,839	*	Barnes & Noble, Inc		9,052
	2,558,951		Beauty Community PCL (ADR)		2,612
	113,853	e	Bebe Stores, Inc		249
	1,174,301	*	Bed Bath & Beyond, Inc		89,446
	5,453,711		Belle International Holdings Ltd		6,126
	120,500		Belluna Co Ltd		505
	243,700		Berjaya Auto BHD		229
	4,430,426	e	Best Buy Co, Inc		172,698
	73,900	*,e	BIC CAMERA, Inc		848
	63,999		Big 5 Sporting Goods Corp		936
	241,218		Big Lots, Inc		9,654
	73,028		Bilia AB (A Shares)		2,211
	97,601	*	Blue Nile, Inc		3,515
	1,645,800	e	Bonjour Holdings Ltd		180
	53,803	e	Bon-Ton Stores, Inc		399
	703,845	*	boohoo.com plc		433
	1,081	*,e	Boot Barn Holdings, Inc		20
	1,287,000	*,e,m	Boshiwa International Holding		2
	97,018	e	Breville Group Ltd		507
	174,319		Brown Shoe Co, Inc		5,604
	78,078	e	Buckle, Inc		4,101
	55,778	*	Build-A-Bear Workshop, Inc		1,121
	102,330	*	Burlington Stores, Inc		4,836
	969,670		Byggmax Group AB		6,502
	93,852	*,e	Cabela’s, Inc		4,947
	114,643		Canadian Tire Corp Ltd		12,112
	184,900		Canon Marketing Japan, Inc		3,134
	146,052	*	Card Factory plc		641
	550,787	*,e	Carmax, Inc		36,671
	302,126	e	Cash Converters International Ltd		247
	24,652		Cashbuild Ltd		350
	91,601		Cato Corp (Class A)		3,864
	108,842	*,e	CDON Group AB		244
	35,887	*,e	CDON Group AB (BTA)		81
	598,000		Century Ginwa Retail Holdings Ltd		113
	178,836		Chico’s FAS, Inc		2,899
	80,743	e	Children’s Place Retail Stores, Inc		4,602
	849,000	*,e	China Harmony Auto Holding Ltd		712
	2,918,000	e	China Merchants Land Ltd		428
	7,312,500	e	China ZhengTong Auto Services Holdings Ltd		3,241
	24,500		Chiyoda Co Ltd		482
	24,000		Chori Co Ltd		373

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	456,000		Chow Sang Sang Holding	$	1,197
	158,822	*	Christopher & Banks Corp		907
	209,400		Cia Hering		1,595
	52,055	*	Citi Trends, Inc		1,314
	4,562		CJ O Shopping Co Ltd		1,075
	102,076		Clas Ohlson AB (B Shares)		1,764
	2,088,384	*	Cnova NV		16,519
	294,000	*,g	Cogobuy Group		159
	74,269	*,e	Conn’s, Inc		1,388
	49,351	*,e	Container Store Group, Inc		944
	77,045		Core-Mark Holding Co, Inc		4,771
	34,576	*,e	Coupons.com, Inc		614
	176,065		CST Brands, Inc		7,678
	89,700	*	Ctrip.com International Ltd (ADR)		4,081
	1,256,300	e	Dah Chong Hong Holdings Ltd		677
	1,003,800	*,m	Daiei, Inc		1,160
	298,800		DCM Japan Holdings Co Ltd		1,911
	4,063,867		Debenhams plc		4,741
	86,753		Delek Automotive Systems Ltd		771
	6,147	e	Delticom AG.		141
	45,997		Destination Maternity Corp		734
	128,319	*	Destination XL Group, Inc		701
	716,364	e	Dick Smith Holdings Ltd		1,215
	1,157,656	e	Dick’s Sporting Goods, Inc		57,478
	800,803		Dickson Concepts International Ltd		395
	27,644		Dieteren S.A.		980
	185,269		Dillard’s, Inc (Class A)		23,192
	62,640		Dogus Otomotiv Servis ve Ticaret AS		320
	386,331	*	Dollar General Corp		27,314
	721,705	*	Dollar Tree, Inc		50,794
	270,934		Dollarama, Inc		13,852
	45,810		Don Quijote Co Ltd		3,149
	24,000		Doshisha Co Ltd		339
	1,463,529		DSW, Inc (Class A)		54,590
	32,225	*,e	Dufry Group		4,816
	199,289		Dunelm Group plc		2,871
	399,483	e	EDION Corp		2,794
	221,076	*,e	El Puerto de Liverpool SAB de C.V.		2,215
	4,030,000	e	Emperor Watch & Jewellery Ltd		199
	2,600,000	*	Empresas La Polar S.A.		122
	3,147,200	e	Esprit Holdings Ltd		3,754
	186,708	*	EVINE Live, Inc		1,230
	927,940	e	Expedia, Inc		79,209
	365,810	*	Express Parent LLC		5,374
	108,278		Family Dollar Stores, Inc		8,577
	816,582		Far Eastern Department Stores Co Ltd		725
	70,689		Fast Retailing Co Ltd		25,723
	213,530		Finish Line, Inc (Class A)		5,191
	876,229	*,e	Five Below, Inc		35,776
	34,259	*	Folli Follie S.A.		1,095
	800,833		Foot Locker, Inc		44,991
	392,834	e	Foschini Ltd		4,510

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	119,629	*	Francesca’s Holdings Corp	$	1,998
	128,757		Fred’s, Inc (Class A)		2,242
	65,277	*	FTD Cos, Inc		2,273
	18,900		Fuji Co Ltd		343
	54,647	*	Gaiam, Inc (Class A)		390
	82,895	*	GAME Digital plc		465
	1,300,119	e	GameStop Corp (Class A)		43,944
	320,937		Gap, Inc		13,515
	82,568	*,e	Genesco, Inc		6,326
	180,344	e	Genuine Parts Co		19,219
	50,700		Geo Corp		406
	1,250,000	e	Giordano International Ltd		553
	112,277		GNC Holdings, Inc		5,273
	739,599	e	Golden Eagle Retail Group Ltd		829
	604,000		Goldlion Holdings Ltd		256
	51,510,961	e	GOME Electrical Appliances Holdings Ltd		7,529
	82,162	e	Group 1 Automotive, Inc		7,363
	11,467	*	Groupe Fnac		572
	5,351,008	*,e	Groupon, Inc		44,199
	279,627	*,e	Grupo Famsa SAB de C.V.		231
	3,754		GS Home Shopping, Inc		749
	4,097,000	*,e	GSH Corp Ltd		237
	219,058	e	Guess?, Inc		4,618
	112,500	e	Gulliver International Co Ltd		769
	888		GwangjuShinsegae Co Ltd		248
	218,343		Halfords Group plc		1,593
	90,725	e	Hankyu Department Stores, Inc		1,437
	11,100	e	Happinet Corp		138
	2,425,213	e	Harvey Norman Holdings Ltd		6,620
	68,174		Haverty Furniture Cos, Inc		1,500
	12,158,027	e	Hengdeli Holdings Ltd		2,264
	1,885,386		Hennes & Mauritz AB (B Shares)		78,328
	37,881	*,e	HHgregg, Inc		287
	72,473	*,e	Hibbett Sports, Inc		3,510
	29,300		Hikari Tsushin, Inc		1,782
	6,026,650		Home Depot, Inc		632,618
	3,450,365		Home Product Center PCL (Foreign)		864
	871,801		Home Retail Group		2,810
	16,710		Honeys Co Ltd		131
	294,196		Hotai Motor Co Ltd		4,403
	171,711		HSN, Inc		13,050
	58,100		Hudson’s Bay Co		1,228
	17,383		Hyundai Department Store Co Ltd		1,933
	51,348		Hyundai H&S Co Ltd		882
	6,926		Hyundai Home Shopping Network Corp		870
	19,000	*	Ikyu		212
	267,164		Imperial Holdings Ltd		4,253
	1,737,836		Inchcape plc		19,525
	987,909		Inditex S.A.		28,180
	36,793		Interpark Corp		305
	9,184	*	Interpark INT Corp		190
	65,306,302	*	Intime Retail Group Co Ltd		47,222

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	290,871		Isetan Mitsukoshi Holdings Ltd	$	3,599
	1,552,000		IT Ltd		448
	41,900		Izumi Co Ltd		1,472
	1,058,500		J Front Retailing Co Ltd		12,260
	122,409	e	Jardine Cycle & Carriage Ltd		3,922
	111,211	e	JB Hi-Fi Ltd		1,427
	3,361,264	*,e	JC Penney Co, Inc		21,781
	779,662	*,e	JD.com, Inc (ADR)		18,041
	12,900	e	Jin Co Ltd		322
	108,157		John Menzies plc		599
	36,000		Joshin Denki Co Ltd		293
	12,400	e	Joyful Honda Co Ltd		431
	202,077		JUMBO S.A.		2,055
	148,320		KappAhl Holding AB		791
	213,276	e	Kathmandu Holdings Ltd		359
	29,787	e	Keiyo Co Ltd		141
	2,313,008		Kingfisher plc		12,227
	55,109	*	Kirkland’s, Inc		1,303
	503,315	e	Kohl’s Corp		30,722
	30,300		Kohnan Shoji Co Ltd		340
	28,399		Kolao Holdings		501
	34,800		Komeri Co Ltd		753
	40,000		Koradior Holdings Ltd		48
	222,663	e	K’s Holdings Corp		5,853
	1,186,391	e	L Brands, Inc		102,682
	57,073	*,e	Lands’ End, Inc		3,080
	143,000	*,e	Laox Co Ltd		305
	15,643		LEADCORP, Inc		220
	286,193	e	Lewis Group Ltd		1,819
	6,103,119		Li & Fung Ltd		5,714
	1,708,212	*	Liberty Interactive Corp		50,256
	211,623	*	Liberty TripAdvisor Holdings, Inc		5,693
	799,226	*	Liberty Ventures		30,147
	62,142	*	Lifestyle Properties Development Ltd		10
	65,084		Lithia Motors, Inc (Class A)		5,642
	399,630	*	LKQ Corp		11,238
	129,237		Lojas Americanas S.A.		637
	728,554		Lojas Americanas S.A.(Preference)		4,725
	132,364		Lojas Renner S.A.		3,808
	712,582		Lookers plc		1,432
	9,698		LOTTE Himart Co Ltd		595
	22,978		Lotte Shopping Co Ltd		5,683
	3,617,631		Lowe’s Companies, Inc		248,893
	1,073,000		Luk Fook Holdings International Ltd		4,024
	90,240	*,e	Lumber Liquidators, Inc		5,984
	2,249,054	e	Macy’s, Inc		147,875
	450,400		Magazine Luiza S.A.		1,306
	3,428,000	e	Maoye International Holdings Ltd		553
	85,226	*	MarineMax, Inc		1,709
	70,700		Marisa Lojas S.A.		386
	4,102,178		Marks & Spencer Group plc		30,374
	718,374		Marui Co Ltd		6,480

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	100,246		Matas A.S.	$	2,284
	34,300	e	Matsuya Co Ltd		455
	41,308	*,e	Mattress Firm Holding Corp		2,399
	412,300		MBM Resources BHD		340
	59,854	e	Mekonomen AB		1,562
	146,936		Men’s Wearhouse, Inc		6,487
	764,465		Mercuries & Associates Ltd		486
	1,804,586		MFI Furniture plc		11,258
	113,599	*	Michaels Cos, Inc		2,809
	183,450	*	Mobile World Investment Corp		932
	22,816	*	Mobilezone Holding AG.		242
	88,468	e	Monro Muffler, Inc		5,113
	214,594	*	Mothercare plc		585
	407,354		Mr Price Group Ltd		8,240
	267,818	*,e	Murphy USA, Inc		18,442
	622,592	e	Myer Holdings Ltd		705
	70,806	*	MySale Group plc		91
	165,710	e	N Brown Group plc		988
	443,000		National Petroleum Co Ltd		504
	289,465	*	NetFlix, Inc		98,884
	2,234,870		New Carphone Warehouse plc		16,107
	727,000	e	New World Department Store China Ltd		232
	140,394	*	New York & Co, Inc		371
	404,501		Next plc		42,900
	52,200	e	Nishimatsuya Chain Co Ltd		424
	95,100	*	Nitori Co Ltd		5,110
	212,034	e	Nordstrom, Inc		16,833
	169,125		Nutri/System, Inc		3,306
	501,337	*,e	Ocado Ltd		3,103
	1,842,365	*	Office Depot, Inc		15,798
	102,400		OfficeMate PCL		150
	426,036	*	Orbitz Worldwide, Inc		3,506
	519,519	*	O’Reilly Automotive, Inc		100,070
	245,000	e	OSIM International Ltd		364
	56,667	*,e	Outerwall, Inc		4,262
	119,792	*,e	Overstock.com, Inc		2,907
	983,031		Pacific Brands Ltd		432
	149,200	*	Pacific Sunwear Of California, Inc		325
	1,433,600		Padini Holdings BHD		597
	11,100		Pal Co Ltd		303
	38,600		Paltac Corp		445
	150,000	*	Pantaloon Retail India Ltd		249
	21,700		Parco Co Ltd		177
	27,000		Paris Miki, Inc		106
	591,955	*	Parkson Holdings BHD		424
	1,415,000	e	Parkson Retail Group Ltd		352
	68,755		PC Jeweller Ltd		234
	140,084		Penske Auto Group, Inc		6,874
	191,159	*	PEP Boys - Manny Moe & Jack		1,877
	53,567	e	PetMed Express, Inc		770
	267,933	*	Pets at Home Group plc		841
	428,684		Petsmart, Inc		34,850

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	428,208	e	Pier 1 Imports, Inc	$	6,594
	5,723,500	*	Pou Sheng International Holdings Ltd		544
	307,616	*	Poundland Group plc		1,574
	60,317		Poya Co Ltd		455
	22,452		PPR		4,315
	91,040		Premier Investments Ltd		727
	181,543	*	Priceline.com, Inc		206,997
	9,426,800		PT ACE Hardware Indonesia Tbk		596
	6,107,286		PT Matahari Department Store Tbk		7,359
	1,208,400		PT Matahari Putra Prima Tbk		297
	931,800		PT Mitra Adiperkasa Tbk		380
	3,041,000	*	PT Mitra Pinasthika Mustika Tbk		193
	22,818,800		PT Multipolar Corp Tbk		1,531
	6,442,900		PT Ramayana Lestari Sentosa Tbk		407
	6,333,300	*	PT Tiphone Mobile Indonesia Tbk		474
	1,066,293		Rakuten, Inc		14,828
	109,437		Reitmans Canada Ltd		726
	181,394		Rent-A-Center, Inc		6,588
	242,904	*,e	Restoration Hardware Holdings, Inc		23,321
	136,582	*,e	RetailMeNot, Inc		1,997
	1,894,741		Ripley Corp S.A.		918
	46,339	*	Risa International Ltd		232
	194,122		RONA, Inc		2,314
	570,698	e	Ross Stores, Inc		53,794
	32,200		Ryohin Keikaku Co Ltd		3,969
	1,058,000	e	SA SA International Holdings Ltd		738
	1,204,194		SACI Falabella		8,078
	567,684	*	Sally Beauty Holdings, Inc		17,451
	71,049	e	Sanrio Co Ltd		1,755
	52,400	*,e	Sears Canada, Inc		507
	31,247	*,e	Sears Holdings Corp		1,031
	41,049	*,e	Sears Hometown and Outlet Stores, Inc		540
	207,418	*	Select Comfort Corp		5,606
	309,000		Senao International Co Ltd		500
	71,100	e	Senshukai Co Ltd		494
	14,754	*	Seobu Truck Terminal Co Ltd		249
	43,200		Seria Co Ltd		1,439
	105,200		Shimachu Co Ltd		2,550
	19,003		Shimamura Co Ltd		1,640
	7,004		Shinsegae Co Ltd		1,150
	2,999		Shinsegae International Co Ltd		311
	49,950		Shoe Carnival, Inc		1,283
	19,615		Shopper’s Stop Ltd		154
	131,832	*,e	Shutterfly, Inc		5,497
	1,225,050		Siam Global House PCL		404
	1,537,000		Sichuan Xinhua Winshare Chainstore Co Ltd		1,218
	189,321		Signet Jewelers Ltd		24,909
	10,000		Signet Jewelers Ltd (London)		1,302
	138,975		Sonic Automotive, Inc (Class A)		3,758
	512,391	*	Sports Direct International plc		5,637
	27,596	*,e	Sportsman’s Warehouse Holdings, Inc		202

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,869,000		Springland International Holdings Ltd	$	993
	112,361		Stage Stores, Inc		2,326
	1,207,883		Staples, Inc		21,887
	58,900		Start Today Co Ltd		1,224
	116,646		Stein Mart, Inc		1,705
	31,098	e	Stockmann Oyj Abp (B Share)		239
	20,416,302	*	Summit Ascent Holdings Ltd		9,886
	146,389	e	Super Cheap Auto Group Ltd		851
	447,039	*	Super Group Ltd		1,322
	43,385	*	SuperGroup plc		602
	42,690	*	Systemax, Inc		576
	3,600		Syuppin Co Ltd		42
	220,819		Takashimaya Co Ltd		1,763
	42,419	e	Takkt AG.		694
	1,335,507		Target Corp		101,378
	29,400		Telepark Corp		290
	7,883,865		Test-Rite International Co		5,264
	357,349		Thorn Group Ltd		904
	311,206	e	Tiffany & Co		33,255
	82,622	*,e	Tile Shop Holdings, Inc		734
	33,188	*	Tilly’s, Inc		322
	1,838,620		TJX Companies, Inc		126,093
	14,400		Tokyo Derica Co Ltd		185
	43,955	*	Tom Tailor Holding AG.		635
	231,111	e	Tractor Supply Co		18,216
	425,033		Trade Me Ltd		1,207
	51,004	e	Travelport Worldwide Ltd		918
	9,451		Trent Ltd		222
	371,143	*	TripAdvisor, Inc		27,710
	709,491	e	Truworths International Ltd		4,712
	174,203		Tsutsumi Jewelry Co Ltd		3,705
	128,229	*,e	Tuesday Morning Corp		2,783
	680,199	*	Ulta Salon Cosmetics & Fragrance, Inc		86,957
	22,099	e	United Arrows Ltd		617
	220,367	*,e	Urban Outfitters, Inc		7,741
	128,390		USS Co Ltd		1,973
	8,656	e	Valora Holding AG.		1,987
	68,871	*,e	Voxx International		603
	117,020	*	Via Varejo S.A.		914
	220,000	*,e	Vipshop Holdings Ltd (ADR)		4,299
	100,913	*	Vitamin Shoppe, Inc		4,902
	82,500	*	VT Holdings Co Ltd		325
	129,047	e	Warehouse Group Ltd		314
	57,091	*,e	Wayfair, Inc		1,133
	65,147	*	West Marine, Inc		842
	303,022		WH Smith plc		6,337
	262,700	e	Williams-Sonoma, Inc		19,881
	6,023		Winmark Corp		524
	1,150,247		Woolworths Holdings Ltd		7,628
	136,390	*,e	World Duty Free S.p.A		1,309
	98,100		Xebio Co Ltd		1,633
	218,370	e	Yamada Denki Co Ltd		733
	39,600		Yellow Hat Ltd		810

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	132,797	*,e	Yoox S.p.A	$	2,932
	889,723	e	Zhongsheng Group Holdings Ltd		801
	4,737	*	zooplus AG.		375
	27,136	*,e	zulily, Inc		635
	136,463	*	Zumiez, Inc		5,272
			TOTAL RETAILING		4,737,066
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	1,775,780		A-DATA Technology Co Ltd		3,259
	117,898	*	Advanced Energy Industries, Inc		2,794
	903,708	*,e	Advanced Micro Devices, Inc		2,413
	36,431,668		Advanced Semiconductor Engineering, Inc		43,267
	171,118	e	Advantest Corp		2,121
	219,671	*,e	Aixtron AG.		2,469
	318,000		ALI Corp		263
	70,669	*	Alpha & Omega Semiconductor Ltd		625
	467,057		Altera Corp		17,253
	159,156	*,e	Ambarella, Inc		8,072
	253,772	*,e	Amkor Technology, Inc		1,802
	76,272		ams AG.		2,757
	376,322		Analog Devices, Inc		20,893
	4,400		AOI Electronics Co Ltd		210
	6,585,493		Applied Materials, Inc		164,110
	214,413	*	Applied Micro Circuits Corp		1,398
	455,650		Ardentec Corp		373
	3,033,723		ARM Holdings plc		46,605
	56,081		ASM International NV		2,375
	543,523		ASM Pacific Technology		5,175
	603,079		ASML Holding NV		65,161
	1,370,480	*	Atmel Corp		11,505
	61,234	*	Atto Co Ltd		769
	47,204	*,e	Audience, Inc		208
	1,613,800		Avago Technologies Ltd		162,332
	386,950	*	Axcelis Technologies, Inc		991
	101,002		BE Semiconductor Industries NV		2,247
	4,537,716		Broadcom Corp (Class A)		196,619
	233,306		Brooks Automation, Inc		2,975
	80,347	*	Cabot Microelectronics Corp		3,802
	42,502	*	Cascade Microtech, Inc		621
	214,042	*	Cavium Networks, Inc		13,232
	74,760	*	Ceva, Inc		1,356
	700,000		China Electronics Corp Holdings Co Ltd		168
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	900,000		Chipbond Technology Corp		1,636
	338,070		ChipMOS TECHNOLOGIES Bermuda Ltd		7,884
	221,000		ChipMOS Technologies, Inc		291
	305,122	*	Cirrus Logic, Inc		7,192
	88,415		Cohu, Inc		1,052
	866,000	*	Comtec Solar Systems Group Ltd		114
	235,632	*,e	Cree, Inc		7,592
	178,273		CSR plc		2,365
	444,993	e	Cypress Semiconductor Corp		6,354

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,956	*	D.I Corp	$	144
	285,616		Dainippon Screen Manufacturing Co Ltd		1,678
	78,167	*	Dialog Semiconductor plc		2,729
	112,620	*	Diodes, Inc		3,105
	39,272		Disco Corp		3,141
	28,380	*	Dongbu HiTek Co Ltd		120
	81,871	*	DSP Group, Inc		890
	14,318	*,m	Duksan Hi-Metal Co Ltd		145
	460,000		Elan Microelectronics Corp		693
	74,000		Elite Advanced Laser Corp		247
	269,000		Elite Semiconductor Memory Technology, Inc		430
	76,571		eMemory Technology, Inc		880
	427,760	*	Entegris, Inc		5,651
	300,468	*	Entropic Communications, Inc		760
	10,072		Eo Technics Co Ltd		1,145
	943,054		Epistar Corp		1,866
	380,167	*	E-Ton Solar Tech Co Ltd		205
	17,102		Eugene Technology Co Ltd		250
	767,000		Everlight Electronics Co Ltd		1,729
	132,558	*	Exar Corp		1,352
	43,641	*	EZchip Semiconductor Ltd		837
	542,018	*	Fairchild Semiconductor International, Inc		9,149
	416,101		Faraday Technology Corp		483
	134,714	*	First Solar, Inc		6,008
	367,000	m	FocalTech Corp Ltd		2,133
	423,000	*	Forhouse Corp		195
	187,548	*	Formfactor, Inc		1,613
	236,000		Formosa Advanced Technologies Co Ltd		169
	179,859	*,e	Freescale Semiconductor Holdings Ltd		4,538
	10,257,847	*,e	GCL Poly Energy Holdings Ltd		2,383
	27,431	*	GemVax & Kael Co Ltd		384
	27,686		Giga Solar Materials Corp		431
	421,850	*	Gintech Energy Corp		308
	81,000		Global Mixed Mode Technology, Inc		222
	106,000		Global Unichip Corp		309
	211,100		Globetronics Technology BHD		258
	1,521,000		Greatek Electronics, Inc		1,831
	298,561	*	Green Energy Technology, Inc		192
	622,200		Hana Microelectronics PCL (Foreign)		717
	14,379,078	e	Hanergy Thin Film Power Group Ltd		5,210
	11,030		Hanmi Semiconductor Co Ltd		162
	18,818	*	Hansol LCD, Inc		247
	79,036		Hermes Microvision, Inc		3,953
	197,000		Holtek Semiconductor, Inc		345
	1,623,877	*	Hynix Semiconductor, Inc		69,397
	227,617	*,e	Imagination Technologies Group plc		803
	1,824,790		Infineon Technologies AG.		19,310
	2,261,644	*	Inotera Memories, Inc		3,549
	86,716	*	Inphi Corp		1,603
	573,929	*	Integrated Device Technology, Inc		11,249
	100,957		Integrated Silicon Solution, Inc		1,673
	17,251,444		Intel Corp		626,055

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	245,547	*	International Rectifier Corp	$	9,797
	451,699		Intersil Corp (Class A)		6,536
	84,224		IXYS Corp		1,061
	1,344,000		King Yuan Electronics Co Ltd		1,072
	250,350		Kinsus Interconnect Technology Corp		827
	558,385		Kla-Tencor Corp		39,266
	13,838		Koh Young Technology, Inc		537
	50,312	*	Kontron AG.		304
	235,104	*,e	Kopin Corp		851
	4,934	*	Kulicke & Soffa Industries, Inc		71
	1,357,486		Lam Research Corp		107,703
	6,755,000	*	Landing International Development Ltd		261
	597,112	*	Lattice Semiconductor Corp		4,114
	11,311		LEENO Industrial Inc		395
	412,726		Lextar Electronics Corp		401
	769,711		Linear Technology Corp		35,099
	220,048		Lite-On Semiconductor Corp		155
	44,798	*	Lumens Co Ltd		285
	32,972	*	MA-COM Technology Solutions		1,031
	4,446,400	*	Macronix International		972
	259,600		Malaysian Pacific Industries BHD		334
	2,881	*,e	Manz Automation AG.		192
	777,726		Marvell Technology Group Ltd		11,277
	406,866		Maxim Integrated Products, Inc		12,967
	100,021	*,e	MaxLinear, Inc		741
	4,498,347		MediaTek, Inc		65,394
	19,200		Megachips Corp		228
	54,343		Melexis NV		2,459
	263,866	*,e	Mellanox Technologies Ltd		11,275
	125,470		Micrel, Inc		1,821
	625,814	e	Microchip Technology, Inc		28,230
	6,733,377	*	Micron Technology, Inc		235,736
	13,800	e	Micronics Japan Co Ltd		393
	348,476	*	Microsemi Corp		9,890
	37,800		Mimasu Semiconductor Industry Co Ltd		367
	69,688		Mitsui High-Tec, Inc		483
	190,869		MKS Instruments, Inc		6,986
	109,256		Monolithic Power Systems, Inc		5,434
	369,000		Motech Industries, Inc		562
	219,126	*,e	NANOCO Group plc		498
	74,223	*	Nanometrics, Inc		1,248
	813,921		Neo Solar Power Corp		763
	350,541	*,e	Nordic Semiconductor ASA		2,208
	3,585,426		Novatek Microelectronics Corp Ltd		20,036
	2,700		Nuflare Technology, Inc		101
	14,880	*	NVE Corp		1,053
	1,895,959		Nvidia Corp		38,014
	1,264,682	*	NXP Semiconductor NV		96,622
	193,925	*	Omnivision Technologies, Inc		5,042
	2,156,014	*	ON Semiconductor Corp		21,840
	17,000		On-Bright Electronics, Inc		90
	530,000		Opto Technology Corp		223

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,401		Parade Technologies Ltd	$	548
	134,256	*	PDF Solutions, Inc		1,995
	80,918	*	Pericom Semiconductor Corp		1,096
	117,860		Phison Electronics Corp		809
	210,695	*	Photronics, Inc		1,751
	132,613		Pixart Imaging, Inc		280
	713,823	*	PMC - Sierra, Inc		6,539
	146,668		Power Integrations, Inc		7,589
	618,857		Powertech Technology, Inc		1,053
	149,089	*,e	QuickLogic Corp		468
	424,511		Radiant Opto-Electronics Corp		1,352
	314,719	*	Rambus, Inc		3,490
	2,740,209		Realtek Semiconductor Corp		9,100
	36,143	*	REC Solar ASA		489
	2,163,385	*,e	Renewable Energy Corp AS		510
	1,084,963	*,e	RF Micro Devices, Inc		18,000
	254,200		Richtek Technology Corp		1,340
	163,978		Rohm Co Ltd		9,880
	90,271	*,e	Rubicon Technology, Inc		413
	108,809	*	Rudolph Technologies, Inc		1,113
	207,668		Samsung Electronics Co Ltd		249,668
	40,763		Samsung Electronics Co Ltd (Preference)		38,340
	113,000		Sanken Electric Co Ltd		899
	21,122,000	*,e	Semiconductor Manufacturing International		1,928
	306,258	*	Semtech Corp		8,444
	37,520		Seoul Semiconductor Co Ltd		682
	282,000	e	Shanghai Fudan Microelectronics Group Co Ltd		250
	166,000		Shindengen Electric Manufacturing Co Ltd		954
	125,621		Shinko Electric Industries		850
	1,136,000	*,e	Shunfeng International Clean Energy Ltd		803
	396,000		Sigurd Microelectronics Corp		382
	51,934		Silergy Corp		423
	354,537	*	Silicon Image, Inc		1,957
	174,521	*	Silicon Laboratories, Inc		8,311
	12,475		Silicon Works Co Ltd		280
	5,595,573		Siliconware Precision Industries Co		8,432
	22,203	*	Simm Tech Co Ltd		209
	577,000		Sino-American Silicon Products, Inc		999
	922,000		Sitronix Technology Corp		2,349
	1,405,611		Skyworks Solutions, Inc		102,202
	11,066	*,e	SMA Solar Technology AG.		200
	230,005	*,e	SOITEC		278
	317,616	*	Solartech Energy Corp		209
	189,000		Sonix Technology Co Ltd		276
	165,031	*,e	Spansion, Inc		5,647
	472,000	*,e	Stats ChipPAC Ltd		169
	627,180		STMicroelectronics NV		4,680
	124,700	e	Sumco Corp		1,785
	651,183	*,e	SunEdison, Inc		12,705
	584,000	*	Sunplus Technology Co Ltd		234
	94,251	*,e	SunPower Corp		2,434
	5,130,700		SVI PCL		621

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	235,000		Taiwan Semiconductor Co Ltd	$	233
	44,991,721		Taiwan Semiconductor Manufacturing Co Ltd		198,210
	983,941		Taiwan Surface Mounting Technology Co Ltd		1,297
	1,037,616	e	Teradyne, Inc		20,534
	163,488		Tessera Technologies, Inc		5,846
	2,915,855		Texas Instruments, Inc		155,896
	193,990		Tokyo Electron Ltd		14,710
	39,600		Tokyo Seimitsu Co Ltd		798
	485,752		Topco Scientific Co Ltd		862
	40,673	*	Tower Semiconductor Ltd		528
	169,608		Transcend Information, Inc		526
	552,653	*	Triquint Semiconductor, Inc		15,226
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		2
	21,027	e	U-Blox AG.		2,878
	11,000		UKC Holdings Corp		155
	115,614	*	Ultra Clean Holdings		1,073
	94,098	*	Ultratech, Inc		1,746
	42,000	*	Ulvac, Inc		640
	547,900		Unisem M BHD		277
	23,276,772		United Microelectronics Corp		10,804
	3,018,000	*,e	United Photovoltaics Group Ltd		403
	285,029		Unity Opto Technology Co Ltd		287
	816,756		Vanguard International Semiconductor Corp		1,336
	142,095	*,e	Veeco Instruments, Inc		4,956
	238,425		Visual Photonics Epitaxy Co Ltd		223
	148,640	*	Vitesse Semiconductor Corp		562
	316,000		Walton Advanced Engineering, Inc		146
	757,737		Win Semiconductors Corp		703
	3,281,000	*	Winbond Electronics Corp		1,114
	160,962	*	Xcerra Corp		1,474
	756,479		Xilinx, Inc		32,748
	2,374,000	e	Xinyi Solar Holdings Ltd		647
	93,228		Youngtek Electronics Corp		179
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,423,255
	SOFTWARE & SERVICES - 8.0%
	30,399	*,e	A10 Networks, Inc		133
	1,769,492		Accenture plc		158,033
	316,617	*	ACI Worldwide, Inc		6,386
	4,069,582		Activision Blizzard, Inc		82,002
	5,845	*	Actoz Soft Co Ltd		177
	139,921	*	Actua Corp		2,584
	161,082	*	Actuate Corp		1,063
	264,949	*	Acxiom Corp		5,371
	13,000		Addcn Technology Co Ltd		137
	1,864,804	*	Adobe Systems, Inc		135,571
	182,063		Advent Software, Inc		5,578
	35,281	*,e	Aerohive Networks, Inc		169
	3,216,000	*,e	AGTech Holdings Ltd		372
	7,253		Ahnlab, Inc		237
	689,223	*	Akamai Technologies, Inc		43,393
	352,737	*	Alibaba Group Holding Ltd (ADR)		36,663

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	367,538	*,e	Alliance Data Systems Corp	$	105,134
	279,787		Alpha Systems, Inc		3,865
	55,084		Alten		2,349
	157,025		Altran Technologies S.A.		1,486
	898,871		Amadeus IT Holding S.A.		35,800
	24,789	*,e	Amber Road, Inc		253
	714,286		Amdocs Ltd		33,325
	72,044		American Software, Inc (Class A)		656
	120,722	*,e	Angie’s List, Inc		752
	688,734		Anite plc		850
	144,608	*	Ansys, Inc		11,858
	188,513	*	AOL, Inc		8,704
	1,100,000	*	ASG Group Ltd		547
	492,556	*	Aspen Technology, Inc		17,249
	106,031		Asseco Poland S.A.		1,521
	4,700	e	Ateam, Inc		193
	241,769		Atos Origin S.A.		19,210
	1,643,412	*	Autodesk, Inc		98,703
	1,210,414		Automatic Data Processing, Inc		100,912
	133,743		Aveva Group plc		2,739
	188,243	*	AVG Technologies NV		3,716
	6,596		Axway Software S.A.		132
	63,209	*	Baidu, Inc (ADR)		14,410
	221,646	*	Bankrate, Inc		2,755
	78,010	*,e	Barracuda Networks, Inc		2,796
	161,721	*,e	Bazaarvoice, Inc		1,300
	42,416		Bechtle AG.		3,362
	530,000	*,e	Beijing Development HK Ltd		170
	13,532	*,e	Benefitfocus, Inc		444
	17,800	*	Bitauto Holdings Ltd (ADR)		1,253
	132,565		Blackbaud, Inc		5,735
	146,194	*,e	Blackhawk Network Holdings, Inc		5,672
	137	*	Blackhawk Network Holdings, Inc (B Shares)		5
	146,653	*	Blucora, Inc		2,031
	199,112		Booz Allen Hamilton Holding Co		5,282
	54,054	*,e	Borderfree, Inc		484
	116,070	*	Bottomline Technologies, Inc		2,934
	269,000	e	Boyaa Interactive International Ltd		196
	86,145	*	Brightcove, Inc		670
	25,300		Broadleaf Co Ltd		356
	473,441		Broadridge Financial Solutions, Inc		21,864
	79,222	*	BroadSoft, Inc		2,299
	24,778	*	Brogent Technologies, Inc		341
	1,817,776		CA, Inc		55,351
	82,602	*	CACI International, Inc (Class A)		7,119
	589,252	*,e	Cadence Design Systems, Inc		11,178
	125,916	*	Callidus Software, Inc		2,056
	15,149	e	Cancom SE		639
	470,363		Cap Gemini S.A.		33,639
	50,386		Capcom Co Ltd		757
	48,087	*	Carbonite, Inc		686
	125,512	*	Cardtronics, Inc		4,842

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,768	*,e	Care.com, Inc	$	147
	229,401	e	carsales.com.au Ltd		1,941
	34,192	e	Cass Information Systems, Inc		1,821
	71,518	*	CD Projekt Red S.A.		335
	339,823		CDK Global, Inc		13,851
	13,121		Cegid Group		480
	391,856	*	CGI Group, Inc		14,938
	24,200	*	Chanjet Information Technology Co Ltd		44
	53,479	*,e	ChannelAdvisor Corp		1,154
	163,115	*,e	Check Point Software Technologies		12,816
	10,028,000	*,e	China Public Procurement Ltd		221
	1,290,000	*,e	Chinasoft International Ltd		361
	268,353	*	Ciber, Inc		953
	1,506,229		Cielo S.A.		23,612
	325,683	*,e	Cimpress NV		24,374
	763,906	*	Citrix Systems, Inc		48,737
	10,974		CMC Ltd		337
	1,564,109	*	Cognizant Technology Solutions Corp (Class A)		82,366
	62,500	e	COLOPL, Inc		1,405
	8,222	*	Com2uSCorp		1,001
	130,539	*	Commvault Systems, Inc		6,748
	54,267		Computacenter plc		496
	789,626		Computer Sciences Corp		49,786
	52,131		Computer Task Group, Inc		497
	618,010		Computershare Ltd		5,912
	182,167	*	comScore, Inc		8,458
	60,700	*	Comverse, Inc		1,140
	135,754	*	Constant Contact, Inc		4,982
	33,909		Constellation Software, Inc		10,082
	345,922	e	Convergys Corp		7,046
	168,116	*,e	Cornerstone OnDemand, Inc		5,918
	65,104	*	CoStar Group, Inc		11,955
	2,997,100	*	Country Group Development PCL		191
	144,789	*,e	Covisint Corp		384
	6,000	e	CROOZ, Inc		95
	108,536		CSG Systems International, Inc		2,721
	55,577	*,e	Cvent, Inc		1,547
	73,195	*,e	Cyan, Inc		183
	101,567		Cyberlink Corp		291
	65,423		Cyient Ltd		536
	35,733		Daou Technology, Inc		384
	138,975		Dassault Systemes S.A.		8,475
	69,745	*	Datalink Corp		900
	320,500		Datasonic Group BHD		112
	23,046		Daum Communications		2,579
	156,755	*,e	DealerTrack Holdings, Inc		6,946
	25,654	*	Demand Media, Inc		157
	195,278	*,e	Demandware, Inc		11,236
	144,500	e	Dena Co Ltd		1,726
	80,715	*	Descartes Systems Group, Inc		1,198
	88,640	e	DH Corp		2,798
	123,641	*	Dice Holdings, Inc		1,238
	32,600		Digital Garage, Inc		491

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,598	*	Digital River, Inc	$	2,883
	65,559	*	Diligent Board Member Services		268
	5,100		Dip Corp		178
	17,725	e	DMRC Corp		481
	61,817		DST Systems, Inc		5,820
	20,300		DTS Corp		433
	22,954		DuzonBIzon Co Ltd		193
	64,339	*,e	E2open, Inc		618
	616,238		EarthLink Holdings Corp		2,705
	3,656,829	*	eBay, Inc		205,221
	101,754	e	Ebix, Inc		1,729
	24,655		eClerx Services Ltd		511
	139,261	e	Econocom Group		1,105
	1,290,582	*	Electronic Arts, Inc		60,677
	61,688		Elektrobit Oyj		250
	77,038	*,e	Ellie Mae, Inc		3,106
	165,825		Ementor ASA		1,713
	84,535	*,e	Endurance International Group Holdings, Inc		1,558
	136,466	*,e	EnerNOC, Inc		2,108
	4,651		Engineering Ingegneria Informatica S.p.A.		209
	203,655	*	Envestnet, Inc		10,008
	121,596		EOH Holdings Ltd		1,140
	229,239	*	EPAM Systems, Inc		10,946
	108,765		EPIQ Systems, Inc		1,858
	16,792	*	ePlus, Inc		1,271
	164,895	e	Equinix, Inc		37,387
	140,170	*	Euronet Worldwide, Inc		7,695
	243,691		EVERTEC, Inc		5,393
	20,575	*,e	Everyday Health, Inc		303
	14,383		Exact Holding NV		543
	163,574	*	ExlService Holdings, Inc		4,696
	32,800	e	F@N Communications, Inc		354
	8,084,010	*	Facebook, Inc		630,715
	143,176	e	Factset Research Systems, Inc		20,152
	136,688		Fair Isaac Corp		9,883
	745,344		Fidelity National Information Services, Inc		46,360
	60,483		Fidessa Group plc		2,253
	145,069	*,e	FireEye, Inc		4,581
	158,769	*	First American Corp		5,016
	713,183	*	Fiserv, Inc		50,615
	34,311	*,e	Five9, Inc		154
	498,164	*	FleetCor Technologies, Inc		74,082
	104,036	*,e	FleetMatics Group plc		3,692
	33,880		Forrester Research, Inc		1,334
	1,601,031	*	Fortinet, Inc		49,088
	217,030		F-Secure Oyj		591
	72,800		FUJI SOFT, Inc		1,481
	5,319,048		Fujitsu Ltd		28,359
	20,300		Future Architect, Inc		117
	16,179	*	GameHi Co Ltd		188
	151,013	*,e	GameLoft		610
	5,733	*	Gamevil, Inc		624

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	282,966	*	Gartner, Inc	$	23,829
	367,853	*,e	Genpact Ltd		6,963
	141,205	*,m	Gerber Scientific, Inc		0	^
	69,105	*,e	Gigamon, Inc		1,225
	226,254	*	Global Cash Access, Inc		1,618
	324,567		Global Payments, Inc		26,202
	7,548	*,e	Globant S.A.		118
	972,141	*,e	Globo plc		606
	246,754	*,e	Glu Mobile, Inc		962
	69,400		GMO internet, Inc		589
	220,300	*,e	GMO Payment Gateway, Inc		4,122
	156,219	*,e	Gogo, Inc		2,582
	20,026		Golfzon Co Ltd		459
	1,199,645	*	Google, Inc		631,493
	957,887	*	Google, Inc (Class A)		508,312
	30,600	*	Gourmet Navigator, Inc		423
	650,000	*	Gravity Co Ltd (ADR)		384
	148,100	e	Gree, Inc		892
	25,749	*,e	GrubHub, Inc		935
	36,741	*	GTT Communications, Inc		486
	56,041	*,e	Guidance Software, Inc		406
	289,162	*	Guidewire Software, Inc		14,640
	714,400	*,e	GungHo Online Entertainment Inc		2,587
	19,314		Haansoft, Inc		353
	91,342		Hackett Group, Inc		803
	350,000	*,e	HC International, Inc		326
	364,650		HCL Technologies Ltd		9,209
	102,048		Heartland Payment Systems, Inc		5,506
	307,804		Hexaware Technologies Ltd		969
	2,184,000	*	Hi Sun Technology China Ltd		537
	99,964	*	Higher One Holdings, Inc		421
	53,273		HIQ International AB		279
	297,378	*	HomeAway, Inc		8,856
	213,973	*,e	Hortonworks, Inc		5,777
	2,415	*,e	HubSpot, Inc		81
	309,033		IAC/InterActiveCorp		18,786
	191,554	*	iGate Corp		7,563
	3,697,000	e	IGG, Inc		1,300
	74,454	*,e	Imperva, Inc		3,680
	104,686		Indra Sistemas S.A.		1,017
	22,479		Industrial & Financial Systems		689
	619,393		Ines Corp		4,746
	27,112		Info Edge India Ltd		364
	318,031	*	Infoblox, Inc		6,427
	1,041,246	*	Infomart Corp		9,801
	184,849	*	Informatica Corp		7,049
	150,451	*	Information Services Group, Inc		635
	12,800		Information Services International-Dentsu Ltd		128
	1,587,589		Infosys Technologies Ltd		49,259
	5,918		Init Innovation In Traffic Sys		146
	1,686,882	*	Innovation Group plc		784
	179,095	*	Intellect Design Arena Ltd		233

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,608	*,e	Interactive Intelligence, Inc	$	2,233
	199,181	*	Internap Network Services Corp		1,585
	2,794,554		International Business Machines Corp		448,358
	60,000		International Games System Co Ltd		283
	32,400		Internet Initiative Japan, Inc		659
	1,642,291		Intuit, Inc		151,403
	97,855	*	iProperty Group Ltd		212
	168,594		Iress Market Technology Ltd		1,466
	160,758	*	iSentia Group Ltd		362
	97,160		IT Holdings Corp		1,468
	33,011		Itochu Techno-Science Corp		1,165
	132,525	e	j2 Global, Inc		8,217
	143,113		Jack Henry & Associates, Inc		8,893
	6,678	*	JCEntertainment Corp		121
	119,147	*	Jive Software, Inc		718
	3,139	*	Joymax Co Ltd		77
	87,149		Just Dial Ltd		1,857
	2,142,159	*,e	Just Eat plc		10,340
	34,300	*,e	Justsystems Corp		210
	123,300	e	Kakaku.com, Inc		1,764
	15,658		Kginicis Co Ltd		254
	11,453		KGMobilians Co Ltd		151
	238,000	e	King Digital Entertainment plc		3,656
	2,130,000	*,e	Kingdee International Software Group Co Ltd		628
	895,865	e	Kingsoft Corp Ltd		1,761
	32,600	*,e	KLab, Inc		348
	86,770	*	Knot, Inc		1,580
	248,807	*,e	Kofax Ltd		1,749
	24,917		Konami Corp		457
	62,582		KPIT Cummins Infosystems Ltd		200
	15,189	*	KT Hitel Co Ltd		105
	269,339		Leidos Holdings, Inc		11,722
	369,188	*,e	LendingClub Corp		9,340
	217,289	*	Limelight Networks, Inc		602
	463,843	*	LinkedIn Corp		106,549
	144,600		Linx S.A.		2,747
	177,613	*	Lionbridge Technologies		1,021
	90,092	*,e	Liquidity Services, Inc		736
	226,192	*	Liveperson, Inc		3,189
	82,509	*	LogMeIn, Inc		4,071
	20,580	*,e	Luxoft Holding, Inc		793
	46,689	*,e	magicJack VocalTec Ltd		379
	329,755	*	Manhattan Associates, Inc		13,428
	118,035		Mantech International Corp (Class A)		3,568
	151,142		Marchex, Inc (Class B)		694
	70,804	*,e	Marin Software, Inc		599
	72,259	*,e	Marketo, Inc		2,364
	31,300	e	Marvelous AQL, Inc		423
	3,442,482	*	Mastercard, Inc (Class A)		296,604
	76,114		Matrix IT Ltd		342
	30,851	*,e	Mavenir Systems, Inc		418
	364,628		MAXIMUS, Inc		19,996

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	331,050		Mentor Graphics Corp	$	7,257
	13,678	e	Mercadolibre, Inc		1,746
	274,642		Micro Focus International plc		4,623
	31,836,159		Microsoft Corp		1,478,790
	151,568	*	MicroStrategy, Inc (Class A)		24,615
	236,696	*,e	Millennial Media, Inc		379
	85,077		MindTree Ltd		1,729
	15,500		Mitsubishi Research Institute, Inc		367
	142,700	e	Mixi Inc		5,261
	28,013	*,e	MobileIron, Inc		279
	55,154	*,e	Model N, Inc		586
	131,891	*,e	ModusLink Global Solutions, Inc		495
	102,470	*,e	MoneyGram International, Inc		931
	1,072,932		Moneysupermarket.com Group plc		3,881
	7,905,769	*,e	Monitise plc		3,079
	1,884,840		Mono Technology PCL		200
	130,545		Monotype Imaging Holdings, Inc		3,764
	319,479	*	Monster Worldwide, Inc		1,476
	135,249		Mphasis Ltd		826
	294,200		My EG Services BHD		353
	79,428	*,e	Myriad Group AG.		341
	172,000	*	National Agricultural Holdings Ltd		58
	47,036		Naver Corp		30,123
	16,140		NCsoft		2,647
	23,800		NEC Networks & System Integration Corp		493
	14,599		Nemetschek AG.		1,471
	15,196	*	Neowiz Games Corp		313
	35,679	e	Net Entertainment NE AB		1,203
	671,200	e	NET One Systems Co Ltd		3,955
	217,500	e	NetDragon Websoft, Inc		381
	43,500		Netease.com (ADR)		4,313
	170,572	*,e	Netscout Systems, Inc		6,233
	84,769	*,e	NetSuite, Inc		9,254
	158,940	*,e	NeuStar, Inc (Class A)		4,419
	514,100		Nexon Co Ltd		4,793
	193,583	*,e	NEXTDC Ltd		297
	15,821	*	NHN Entertainment Corp		1,255
	325,317		NIC, Inc		5,852
	55,174		Nice Systems Ltd		2,790
	9,800		NIFTY Corp		108
	101,000		Nihon Unisys Ltd		896
	56,041		NIIT Technologies Ltd		328
	302,361		Nintendo Co Ltd		31,554
	33,300		Nippon System Development Co Ltd		488
	171,011		Nomura Research Institute Ltd		5,230
	16,900		NS Solutions Corp		452
	274,100		NTT Data Corp		10,212
	403,870	*	Nuance Communications, Inc		5,763
	10,800		OBIC Business Consultants Ltd		299
	74,700		Obic Co Ltd		2,424
	194,516		Open Text Corp		11,320
	129,930	e	Opera Software ASA		1,643

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,022	*,e	OPOWER, Inc	$	342
	483,251	*	Optimal Payments plc		2,565
	12,591,200		Oracle Corp		566,226
	39,560		Oracle Corp Japan		1,612
	103,800		Otsuka Corp		3,291
	78,000	*	Ourgame International Holdings Ltd		26
	1,031,700	e	Pacific Online		480
	451,496	*,e	Pandora Media, Inc		8,050
	29,712	*,e	Park City Group, Inc		268
	732,338		Paychex, Inc		33,812
	22,730	*,e	Paycom Software, Inc		598
	81,713		PC Home Online		877
	270,000		PCA Corp		4,239
	194,821	*	Pegasystems, Inc		4,046
	116,606	*	Perficient, Inc		2,172
	5,000		Persistent Systems Ltd		132
	734,884		Playtech Ltd		7,842
	213,852		Polaris Software Lab Ltd		580
	65,075		POSDATA Co Ltd		311
	136,306	*,e	PRGX Global, Inc		780
	177,945	*	Progress Software Corp		4,808
	101,865	*,e	Proofpoint, Inc		4,913
	65,189	*	PROS Holdings, Inc		1,791
	262,167	*	PTC, Inc		9,608
	46,206	*	Q2 Holdings, Inc		871
	18,832		QAD, Inc (Class A)		426
	606,688	*	QLIK Technologies, Inc		18,741
	124,089	*	Qualys, Inc		4,684
	129,605	*	QuinStreet, Inc		787
	462,331	*	Rackspace Hosting, Inc		21,642
	67,789	*,e	Rally Software Development Corp		771
	87,275	*	RealNetworks, Inc		614
	144,074	*,e	RealPage, Inc		3,164
	669,074	*	Red Hat, Inc		46,260
	110,000	*,e	Redknee Solutions, Inc		354
	30,264		Reis, Inc		792
	11,144		Reply S.p.A.		816
	27,951	e	RIB Software AG.		367
	28,976	*,e	Rightside Group Ltd		195
	52,369	*,e	Rocket Fuel, Inc		844
	72,816	*	Rosetta Stone, Inc		711
	572,604	*	Rovi Corp		12,935
	121,511	*,e	Rubicon Project, Inc		1,961
	92,585		Sabre Corp		1,877
	52,308	e	SafeCharge International Group Ltd		216
	2,030,607		Sage Group plc		14,666
	3,612,141	*	Salesforce.com, Inc		214,236
	5,233,900		Samart Corp PCL		6,179
	23,650	*	Samsung SDS Co Ltd		6,315
	1,183,655		SAP AG.		82,653
	101,346	*,e	Sapiens International Corp NV		747
	520,525	*	Sapient Corp		12,951

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,087		SBSi Co Ltd	$	119
	167,462		Science Applications International Corp		8,294
	76,164	*	Sciquest, Inc		1,101
	117,672	*	SDL plc		755
	112,824	*	Seachange International, Inc		720
	739,337	*	ServiceNow, Inc		50,164
	240,999	*,e	ServiceSource International LLC		1,128
	278,430	m	Shanghai Baosight Software Co Ltd		699
	48,002	*,e	Shutterstock, Inc		3,317
	101,017	*,e	Silver Spring Networks, Inc		852
	4,374,000		Silverlake Axis Ltd		4,130
	49,032		SimCorp AS		1,295
	492,000		Sinosoft Technology Group Ltd		195
	24,900		SK C&C Co Ltd		4,822
	18,513	*	SK Communications Co Ltd		112
	24,400		SMS Co Ltd		256
	87,442	e	SMS Management & Technology Ltd		252
	65,227	e	Software AG.		1,585
	106,540		Soft-World International Corp		334
	234,473	*	SolarWinds, Inc		11,684
	117,045		Solera Holdings, Inc		5,990
	809,792		Sonda S.A.		1,923
	32,827	e	Sopra Group S.A.		2,508
	249,285	*	Splunk, Inc		14,695
	45,508	*,e	SPS Commerce, Inc		2,577
	80,527		Square Enix Co Ltd		1,660
	251,822		SS&C Technologies Holdings, Inc		14,729
	54,028	*	Stamps.com, Inc		2,593
	96,242		Sumisho Computer Systems Corp		2,411
	6,884		SundayToz Corp		106
	1,582,000		SUNeVision Holdings Ltd		493
	138,229	*	Sykes Enterprises, Inc		3,244
	1,265,033		Symantec Corp		32,454
	99,772	*	Synchronoss Technologies, Inc		4,176
	311,352	*	Synopsys, Inc		13,534
	144,180	*	Syntel, Inc		6,485
	184,000		Systex Corp		350
	135,556	*	TA Indigo Holding Corp		1,613
	75,097	*	Tableau Software, Inc		6,365
	1,043,357	*	Take-Two Interactive Software, Inc		29,245
	111,734	*,e	Tangoe, Inc		1,456
	837,374		Tata Consultancy Services Ltd		33,937
	73,142		Tech Mahindra Ltd		2,999
	231,664		Technology One Ltd		601
	53,486	*	TechTarget, Inc		608
	213,175		Tecmo Koei Holdings Co Ltd		3,131
	235,355	e	Telecity Group plc		2,940
	172,837	*	TeleCommunication Systems, Inc (Class A)		539
	86,889	*	TeleNav, Inc		580
	77,380	*	TeleTech Holdings, Inc		1,832
	91,476		Temenos Group AG.		3,257
	11,179,985	e	Tencent Holdings Ltd		161,762

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	332,327	*,e	Teradata Corp	$	14,516
	52,795	*,e	Textura Corp		1,503
	131,000	*,g	Tian GE Interactive Holdings Ltd		69
	137,618		Tietoenator Oyj		3,566
	504,994	*,e	TiVo, Inc		5,979
	584,681		Total System Services, Inc		19,856
	115,619		Totvus S.A.		1,522
	80,100		Trans Cosmos, Inc/Japan		1,321
	2,059,999		Travelsky Technology Ltd		2,218
	43,263	*,e	Travelzoo, Inc		546
	123,483	*,e	Tremor Video, Inc		354
	329,460	e	Trend Micro, Inc		9,104
	275,843	*,e	TrueCar, Inc		6,317
	103,612	*	Trulia, Inc		4,769
	6,400	*,e	TubeMogul, Inc		144
	90,357	*,e	Tungsten Corp plc		396
	1,309,235	*,e	Twitter, Inc		46,962
	153,874	*	Tyler Technologies, Inc		16,840
	293,064	*	Ubisoft Entertainment		5,343
	83,591	*	Ultimate Software Group, Inc		12,272
	153,519	*	Unisys Corp		4,526
	179,532		United Internet AG.		8,087
	11,700	e	UNITED, Inc		182
	307,878	*,e	Unwired Planet, Inc		308
	283,145		UXC Ltd		171
	3,414,000	*,e	V1 Group Ltd		274
	141,526		Vakrangee Ltd		280
	798,692	*	Vantiv, Inc		27,092
	14,440	*,e	Varonis Systems, Inc		474
	269,265	*,e	Vasco Data Security International		7,596
	566,778	*	VeriFone Systems, Inc		21,084
	190,282	*	Verint Systems, Inc		11,090
	373,225	*,e	VeriSign, Inc		21,274
	116,241	*,e	VirnetX Holding Corp		638
	74,299	*	Virtusa Corp		3,096
	2,337,450		Visa, Inc (Class A)		612,879
	719,642	*	VMware, Inc (Class A)		59,385
	204,873	*,e	Vringo, Inc		113
	106,892	*,e	WebMD Health Corp (Class A)		4,228
	284,524	*	Website Pros, Inc		5,403
	14,593	*	Webzen, Inc		391
	9,778	*	WeMade Entertainment Co Ltd		333
	1,046,427	e	Western Union Co		18,742
	111,297	*	WEX, Inc		11,010
	934,563		Wipro Ltd		8,119
	276,135		Wirecard AG.		12,041
	38,785	*,e	Wix.com Ltd		815
	688,653	*	Workday, Inc		56,201
	554,527		Xchanging plc		1,332
	97,011	*,e	Xero Ltd		1,208
	3,946,685		Xerox Corp		54,701

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,567		XING AG.	$	734
	30,375		X-Legend Entertainment Co Ltd		161
	116,030	*,e	Xoom Corp		2,032
	64,000		XPEC Entertainment, Inc		384
	907,000		Yahoo! Japan Corp		3,251
	5,394,471	*	Yahoo!, Inc		272,475
	217,405	*	Yandex NV		3,905
	223,009	*,e	Yelp, Inc		12,205
	1,232	*	Yodlee, Inc		15
	60,706	*,e	YuMe, Inc		306
	424,000	*	Yunbo Digital Synergy Group Ltd		206
	32,550	*,e	Zendesk, Inc		793
	68,838	*,e	Zillow, Inc		7,289
	161,195	*	Zix Corp		580
	224,044	*,g	Zoopla Property Group plc		686
	7,329,763	*,e	Zynga, Inc		19,497
			TOTAL SOFTWARE & SERVICES		10,008,713
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
	241,045	*,e	3D Systems Corp		7,923
	850,721	e	AAC Technologies Holdings, Inc		4,524
	2,521,292		Accton Technology Corp		1,269
	2,469,846	*	Acer, Inc		1,656
	107,400		Adlink Technology, Inc		252
	206,251		Adtran, Inc		4,496
	45,000		Advanced Ceramic X Corp		180
	359,749		Advantech Co Ltd		2,641
	55,174	*	Agilysys, Inc		695
	39,100		Ai Holdings Corp		689
	10,529,145	*,e	Alcatel S.A.		37,665
	6,574,473	*	Alcatel-Lucent (ADR)		23,339
	52,351	e	Alliance Fiber Optic Products, Inc		760
	1,473,000		Alpha Networks, Inc		835
	565,600		Alps Electric Co Ltd		10,691
	65,200		Amano Corp		668
	846,974		Amphenol Corp (Class A)		45,576
	394,910		Anixter International, Inc		34,934
	145,400		Anritsu Corp		1,011
	2,796,000	e	Anxin China Holdings Ltd		178
	23,032,795		Apple, Inc		2,542,360
	39,950	*,e	Applied Optoelectronics, Inc		448
	11,533	*,e	Arista Networks, Inc		701
	561,865	*	ARRIS Group, Inc		16,963
	152,413	*	Arrow Electronics, Inc		8,823
	479,288	*	Aruba Networks, Inc		8,713
	93,767		Ascom Holding AG.		1,431
	238,000	*	Asia Optical Co, Inc		298
	380,464		Asia Vital Components Co Ltd		293
	101,000		ASROCK, Inc		235
	2,147,262		Asustek Computer, Inc		23,429
	114,000		Aten International Co Ltd		298
	31,320,690		AU Optronics Corp		15,897
	28,908		Austria Technologie & Systemtechnik AG.		311

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	39,855	*,e	Avigilon Corp	$	658
	293,572		Avnet, Inc		12,629
	92,561		AVX Corp		1,296
	132,605	e	Axis Communications AB		3,381
	40,297		Badger Meter, Inc		2,392
	27,849		Barco NV		1,957
	33,387		Bel Fuse, Inc (Class B)		913
	130,407		Belden CDT, Inc		10,277
	110,000		Bematech S.A.		393
	191,971	*	Benchmark Electronics, Inc		4,884
	1,714,000	*	Benq Corp		779
	1,087,000		BenQ Materials Corp		1,139
	53,366		Black Box Corp		1,275
	868,878	*,e	Blackberry Ltd (New)		9,528
	395,000		Boardtek Electronics Corp		542
	2,268,316		Brocade Communications Systems, Inc		26,857
	510,532		Brother Industries Ltd		9,255
	1,004,000		BYD Electronic International Co Ltd		964
	169,368	*,e	CalAmp Corp		3,099
	2,161,928		CalComp Electronics Thailand PCL		183
	160,751	*	Calix Networks, Inc		1,611
	20,400		Canon Electronics, Inc		323
	2,369,483		Canon, Inc		75,311
	323,000		Career Technology Co Ltd		324
	1,488,853		Catcher Technology Co Ltd		11,498
	266,000	*	Catic Shenzhen Holdings Ltd		192
	174,422		CDW Corp		6,134
	387,585	*	Celestica, Inc		4,554
	141,135	*	Checkpoint Systems, Inc		1,938
	494,402		Cheng Uei Precision Industry Co Ltd		770
	1,524,232		Chicony Electronics Co Ltd		4,244
	224,663		Chimei Materials Technology Corp		235
	2,566,000		China Aerospace International Holdings Ltd		306
	402,000	e	China All Access Holdings Ltd		152
	1,358,000		China Fiber Optic Network System Group Ltd		364
	4,412,000	*,e	China Innovationpay Group Ltd		352
	577,206		China ITS Holdings Co Ltd		77
	1,323,000		Chin-Poon Industrial Co		2,103
	353,840		Chroma ATE, Inc		915
	2,612,388	*,e	Ciena Corp		50,706
	18,495,953		Cisco Systems, Inc		514,465
	1,237,379		Citizen Watch Co Ltd		9,521
	31,056	*,e	Clearfield, Inc		382
	398,423		Clevo Co		618
	3,045,000	*	CMC Magnetics Corp		430
	354,194	*	Cognex Corp		14,639
	96,259	*	Coherent, Inc		5,845
	1,105,278		Comba Telecom Systems Holdings Ltd		391
	1,853		Comet Holding AG.		1,194

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	174,049	*	CommScope Holding Co, Inc	$	3,974
	4,123,021		Compal Electronics, Inc		2,879
	5,967,000		Compeq Manufacturing Co		3,348
	55,169		Comtech Telecommunications Corp		1,739
	30,951	*,e	Control4 Corp		476
	3,788,000		Coolpad Group Ltd		743
	1,084,500		Coretronic Corp		1,471
	4,398,946		Corning, Inc		100,868
	112,000		Coxon Precise Industrial Co Ltd		200
	112,982	*	Cray, Inc		3,896
	19,971	*	CrucialTec Co Ltd		183
	118,337		CTS Corp		2,110
	68,427	*,e	CUI Global, Inc		510
	320,000		CyberTAN Technology, Inc		263
	134,616		Daeduck Electronics Co		1,097
	15,901		Daeduck GDS Co Ltd		175
	884,000		Daiwabo Co Ltd		1,537
	116,000		Daktronics, Inc		1,451
	51,891		Datalogic S.p.A.		559
	271,946		DataTec Ltd		1,309
	820,900		Delta Electronics Thai PCL		1,752
	2,011,464		Delta Electronics, Inc		11,886
	214,000		Denki Kogyo Co Ltd		946
	33,094	e	Dialight plc		418
	112,158	e	Diebold, Inc		3,885
	100,019	*	Digi International, Inc		929
	1,046,000		Digital China Holdings Ltd		967
	18,026	*	Digital Multimedia Technologies S.p.A.		902
	227,103		Diploma plc		2,534
	1,679,240		D-Link Corp		979
	62,039	e	Dolby Laboratories, Inc (Class A)		2,675
	246,666		Domino Printing Sciences		2,537
	309,800	m	Dongxu Optoelectronic Technology Co Ltd		244
	161,669	*,e	Dot Hill Systems Corp		715
	55,420	*	DTS, Inc		1,704
	678,000		Dynapack International Technology Corp		1,571
	348,800		Eastern Communications Co Ltd		201
	55,942	*,e	Eastman Kodak Co		1,215
	154,106	*	EchoStar Corp (Class A)		8,091
	60,371		Eizo Nanao Corp		1,178
	15,700		Elecom Co Ltd		312
	61,686		Electro Rent Corp		866
	86,353		Electro Scientific Industries, Inc		670
	1,073,242	e	Electrocomponents plc		3,566
	199,261	*	Electronics for Imaging, Inc		8,534
	8,800		Elematec Corp		210
	1,348,654		Elite Material Co Ltd		1,729
	1,728,324		Elitegroup Computer Systems Co Ltd		1,441
	7,437,991		EMC Corp		221,206
	255,189	*	Emulex Corp		1,447
	45,000		Ennoconn Corp		338
	9,700		Enplas Corp		328
	7,036,555		Ericsson (LM) (B Shares)		85,199

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	81,434		Esprinet S.p.A.	$	560
	13,760		EVS Broadcast Equipment S.A.		497
	280,374	*	Extreme Networks, Inc		990
	958,842	*	F5 Networks, Inc		125,095
	121,629	*	Fabrinet		2,158
	99,174	*	FARO Technologies, Inc		6,216
	169,717		FEI Co		15,334
	7,491,000	*,e	FIH Mobile Ltd		3,359
	56,008	*,e	Fingerprint Cards AB		250
	275,993	*,e	Finisar Corp		5,357
	199,110		Firich Enterprises Co Ltd		716
	226,628		FLEXium Interconnect, Inc		504
	7,607	*	Flextronics International Ltd		85
	293,715		Flir Systems, Inc		9,490
	113,854		Flytech Technology Co Ltd		392
	837,751		Foxconn Technology Co Ltd		2,251
	1,594,082		Fujifilm Holdings Corp		48,641
	2,720,000	*	GCL New Energy Holdings Ltd		281
	72,245	e	Gemalto NV		5,896
	478,913		Gemtek Technology Corp		360
	63,909	*	Genius Electronic Optical Co Ltd		210
	55,677		GeoVision, Inc		189
	1,767,000		Getac Technology Corp		923
	2,033,000		Gigabyte Technology Co Ltd		2,360
	279,986	*	Gigastorage Corp		231
	306,000	e	Goldpac Group Ltd		210
	108,422	*	GSI Group, Inc		1,596
	905,166		Halma plc		9,642
	16,641		Hamamatsu Photonics KK		792
	6,487,770		HannStar Display Corp		1,606
	386,890	*	Harmonic, Inc		2,712
	202,201		Harris Corp		14,522
	8,188,815		Hewlett-Packard Co		328,617
	95,156		Hexagon AB (B Shares)		2,936
	699,725	*	High Tech Computer Corp		3,123
	481,949	e	Hills Ltd		462
	9,404		Hirose Electric Co Ltd		1,091
	128,290		Hitachi High-Technologies Corp		3,685
	311,000		Hitachi Kokusai Electric, Inc		4,350
	11,444,212		Hitachi Ltd		84,467
	267,300		Hitachi Maxell Ltd		4,211
	527,100		Holystone Enterprise Co Ltd		687
	20,975,073		Hon Hai Precision Industry Co, Ltd		57,923
	36,495		Horiba Ltd		1,208
	147,500		Hosiden Corp		821
	649,496		Hoya Corp		21,969
	27,884		Humax Co Ltd		350
	49,901		Ibiden Co Ltd		737
	311,000		Ichia Technologies, Inc		306
	9,500		Icom, Inc		229
	244,476		ICP Electronics, Inc		383
	15,645	*	Iljin Materials Co Ltd		101

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	160,975	*	Immersion Corp	$	1,524
	252,900		Inari Amertron BHD		182
	1,720		Inficon Holding AG.		533
	351,849	*,e	Infinera Corp		5,179
	69,222		Ingenico		7,292
	467,964	*	Ingram Micro, Inc (Class A)		12,935
	14,773,288		InnoLux Display Corp		7,140
	143,202	*	Insight Enterprises, Inc		3,707
	105,683		InterDigital, Inc		5,591
	81,374	*	Intevac, Inc		632
	194,372	*,e	InvenSense, Inc		3,160
	8,914,349		Inventec Co Ltd		5,962
	49,857	*,e	IPG Photonics Corp		3,735
	12,100	e	Iriso Electronics Co Ltd		642
	71,500		ITC Networks Corp		667
	823,357		ITEQ Corp		624
	135,128	*	Itron, Inc		5,715
	31,240		Ituran Location and Control Ltd		685
	198,625	*	Ixia		2,235
	897,453		Jabil Circuit, Inc		19,591
	159,493		Japan Aviation Electronics Industry Ltd		3,484
	14,200	e	Japan Cash Machine Co Ltd		207
	69,200		Japan Digital Laboratory Co Ltd		930
	511,500	*	Japan Display, Inc		1,561
	52,535	*	Japan Radio Co Ltd		161
	1,663,300		JCY International BHD		258
	1,868,946	*	JDS Uniphase Corp		25,642
	96,238		Jenoptik AG.		1,201
	62,700		Jentech Precision Industrial Co Ltd		149
	2,635,000	e	Ju Teng International Holdings Ltd		1,293
	876,324		Juniper Networks, Inc		19,560
	16,900		Kaga Electronics Co Ltd		211
	12,200		Kanematsu Electronics Ltd		174
	5,908	*,e	Kapsch TrafficCom AG.		125
	230,300		KCE Electronics PCL		238
	149,477	*	Kemet Corp		628
	26,137		Keyence Corp		11,647
	746,469	*	Keysight Technologies, Inc		25,208
	98,559		KH Vatec Co Ltd		3,741
	90,606	*	Kimball Electronics, Inc		1,089
	1,512,550		Kingboard Chemical Holdings Ltd		2,540
	2,250,500	e	Kingboard Laminates Holdings Ltd		827
	158,675	*,e	Knowles Corp		3,737
	80,900		Koa Corp		759
	13,143		KONA I Co Ltd		402
	824,200		Konica Minolta Holdings, Inc		8,980
	110,167		Kudelski S.A.		1,335
	48,859	*	KVH Industries, Inc		618
	321,100		Kyocera Corp		14,693
	286,989		Laird Group plc		1,380
	376,762		Largan Precision Co Ltd		28,203
	7,935,323	e	Lenovo Group Ltd		10,360

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	133,918		Lexmark International, Inc (Class A)	$	5,527
	12,309	*	LG Innotek Co Ltd		1,251
	380,717	*	LG.Philips LCD Co Ltd		11,547
	4,931,046		Lite-On Technology Corp		5,633
	90,157		Littelfuse, Inc		8,715
	180,973	e	Logitech International S.A.		2,452
	69,000		Lotes Co Ltd		315
	808,000		Loxley PCL		104
	23,867	e	LPKF Laser & Electronics AG.		309
	99,575		Lumax International Corp Ltd		204
	11,500		Macnica, Inc		321
	145,000		Marubun Corp		982
	8,500		Maruwa Co Ltd		246
	79,539	*,e	Maxwell Technologies, Inc		725
	54,600	e	Melco Holdings, Inc		812
	116,365	*	Mercury Computer Systems, Inc		1,620
	180,076		Merry Electronics Co Ltd		629
	7,670		Mesa Laboratories, Inc		593
	123,534		Methode Electronics, Inc		4,510
	3,859,000		Micro-Star International Co Ltd		4,131
	192,000		MIN AIK Technology Co Ltd		993
	633,500		Mitac Holdings Corp		467
	128,000		Mitsumi Electric Co Ltd		1,013
	260,752		Motorola, Inc		17,491
	42,722		MTS Systems Corp		3,205
	33,792	*	Multi-Fineline Electronix, Inc		379
	520,508		Murata Manufacturing Co Ltd		56,798
	267,000	*	Nan Ya Printed Circuit Board Corp		348
	880,000		Nanjing Panda Electronics		680
	202,240		National Instruments Corp		6,288
	256,880	*	NCR Corp		7,485
	1,674,382		NEC Corp		4,866
	97,858		Neopost S.A.		5,583
	1,391,699		NetApp, Inc		57,686
	130,069	*	Netgear, Inc		4,628
	160,463	*	Newport Corp		3,066
	283,126		Nichicon Corp		2,212
	27,352	*,e	Nimble Storage, Inc		752
	16,800	e	Nippon Ceramic Co Ltd		248
	902,000	*	Nippon Chemi-Con Corp		2,581
	769,318		Nippon Electric Glass Co Ltd		3,462
	162,500		Nippon Signal Co Ltd		1,707
	62,300		Nohmi Bosai Ltd		820
	1,230,618		Nokia Corp		9,673
	7,659,034		Nokia Oyj		60,574
	49,502		Nolato AB (B Shares)		1,124
	45,339	*	Numerex Corp		501
	346,194	*,e	Oclaro, Inc		616
	1,202,000		Oki Electric Industry Co Ltd		2,291
	671,472		Omron Corp		30,039
	188,632	e	Opus Group AB		220
	84,538	*	OSI Systems, Inc		5,983
	57,820		Oxford Instruments plc		1,139

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	333,549		Pace plc	$	1,788
	527,863	*	Palo Alto Networks, Inc		64,700
	446,224		Pan-International Industrial		276
	72,863		Park Electrochemical Corp		1,816
	273,170	*,e	Parkervision, Inc		249
	8,134	*	Parrot S.A.		209
	197,287		Partron Co Ltd		2,090
	3,218,000	*,e	PAX Global Technology Ltd		3,296
	32,182		PC Connection, Inc		790
	7,808,324		Pegatron Technology Corp		17,848
	169,029		Plantronics, Inc		8,962
	114,011	*	Plexus Corp		4,698
	585,059	*	Polycom, Inc		7,898
	48,240		Posiflex Technology, Inc		208
	1,012,106		Premier Farnell plc		2,767
	1,300,000		Primax Electronics Ltd		1,576
	992,100	*	Prime View International Co Ltd		453
	65,161	*,e	Procera Networks, Inc		469
	195,975	*	PS IT Infrastructure & Service Ltd		262
	5,254,000	*	PT Agis Tbk		207
	1,307,000	*	PT Erajaya Swasembada Tbk		114
	309,711	*	QLogic Corp		4,125
	4,928,992		Qualcomm, Inc		366,372
	2,760,217		Quanta Computer, Inc		6,876
	1,290,000		Quanta Storage, Inc		1,437
	699,878	*,e	Quantum Corp		1,232
	114,474	*,e	RealD, Inc		1,351
	390,852		Redington India Ltd		846
	83,939		Renishaw plc		2,564
	493,278		Ricoh Co Ltd		4,987
	65,200		Riso Kagaku Corp		1,050
	3,094,000	*	Ritek Corp		371
	248,946	*	Riverbed Technology, Inc		5,081
	96,404	*	Rofin-Sinar Technologies, Inc		2,774
	60,759	*	Rogers Corp		4,948
	10,400		Roland DG Corp		344
	296,175	*	Ruckus Wireless, Inc		3,560
	69,100		Ryosan Co Ltd		1,505
	60,100		Ryoyo Electro Corp		640
	33,614		Sam Young Electronics Co Ltd		362
	54,554		Samsung Electro-Mechanics Co Ltd		2,697
	54,248		Samsung SDI Co Ltd		5,672
	975,727		SanDisk Corp		95,602
	379,913	*	Sandvine Corp		1,069
	447,913	*	Sanmina Corp		10,539
	99,674	*	Scansource, Inc		4,003
	1,476,891		Seagate Technology, Inc		98,213
	297,600		Seiko Epson Corp		12,453
	822,000		Sercomm Corp		1,841
	12,521		SFA Engineering Corp		560
	155,000	*	Shanghai Potevio Co Ltd		122
	324,100	*	Shenzhen SEG Co Ltd		144

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	183,876		Shimadzu Corp	$	1,870
	462,944	*,e	ShoreTel, Inc		3,403
	33,775	*,e	Sierra Wireless, Inc		1,605
	14,700		Siix Corp		310
	95,841	*,e	Silicon Graphics International Corp		1,091
	255,342		Simplo Technology Co Ltd		1,258
	1,097,000		Sinbon Electronics Co Ltd		1,524
	6,343		Sindoh Co Ltd		393
	939,000	*	Sintek Photronic Corp		210
	419,000		Sirtec International Co Ltd		862
	257,000		SMK Corp		1,025
	1,280,837	*	Sonus Networks, Inc		5,085
	127,413		Spectris plc		4,161
	155,673	*,e	Speed Commerce, Inc		481
	887,429		Spirent Communications plc		1,041
	131,568	*	Sterlite Technologies Ltd		129
	205,490	*,e	Stratasys Ltd		17,078
	1,198,000	e	Sunny Optical Technology Group Co Ltd		2,057
	97,482	*	Super Micro Computer, Inc		3,400
	11,967	*	Suprema, Inc		274
	366,786	*	SVA Electron Co Ltd		203
	106,507	*	Synaptics, Inc		7,332
	2,256,000	e	Synertone Communication Corp		201
	103,752		SYNNEX Corp		8,109
	1,146,402		Synnex Technology International Corp		1,660
	156,972		Taiflex Scientific Co Ltd		223
	1,965,577		Taiwan PCB Techvest Co Ltd		3,194
	109,803		Taiyo Yuden Co Ltd		1,278
	2,644,000	e	TCL Communication Technology Holdings Ltd		2,454
	152,144		TDK Corp		8,961
	422,643		TE Connectivity Ltd		26,732
	131,494	*	Tech Data Corp		8,314
	298,000	*	Technovator International Ltd		119
	89,007	*	Telit Communications plc		334
	21,180		Tessco Technologies, Inc		614
	400,095		Test Research, Inc		643
	350,773	*	Thin Film Electronics ASA		234
	38,000		Toko, Inc		103
	161,625		Tong Hsing Electronic Industries Ltd		553
	8,130,000		Tongda Group Holdings Ltd		956
	81,100		Topcon Corp		1,720
	138,000		Toshiba TEC Corp		946
	26,300		Toyo Corp/Chuo-ku		222
	231,003		TPK Holding Co Ltd		1,370
	1,216,000		Tpv Technology Ltd		262
	604,000		Trigiant Group Ltd		100
	543,104	*	Trimble Navigation Ltd		14,414
	1,089,932		Tripod Technology Corp		2,127
	1,596,000	e	Truly International Holdings		638
	23,000		TSC Auto ID Technology Co Ltd		186
	161,840		TT electronics plc		259

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	187,776	*,e	TTM Technologies, Inc	$	1,414
	1,521,039		TXC Corp		1,832
	115,270	e	Ubiquiti Networks, Inc		3,417
	946,528		Unimicron Technology Corp		717
	470,937		Unitech Printed Circuit Board Corp		195
	113,510	*,e	Universal Display Corp		3,150
	363,795		Venture Corp Ltd		2,156
	117,370	*,e	Viasat, Inc		7,398
	15,570	*	Viasystems Group, Inc		253
	222,687	*,e	Violin Memory, Inc		1,067
	306,500		Vishay Intertechnology, Inc		4,337
	41,131	*	Vishay Precision Group, Inc		706
	63,371		Vivotek, Inc		205
	1,406,800		VST Holdings Ltd		459
	408,100	e	Vtech Holdings Ltd		5,852
	153,300	e	Wacom Co Ltd		592
	602,000		Wah Lee Industrial Corp		1,041
	575,769	*	Walsin Technology Corp		220
	1,476,000		Wasion Group Holdings Ltd		1,370
	1,257,490		Western Digital Corp		139,204
	127,500	e	Wi-Lan, Inc		382
	130,289		Wincor Nixdorf AG.		6,292
	190,500	*,m	Wintek Corp		11
	12,051,424		Wistron Corp		10,857
	1,534,032		Wistron NeWeb Corp		3,223
	1,278,872		WPG Holdings Co Ltd		1,485
	1,463,512		WT Microelectronics Co Ltd		2,143
	233,302		Xaar plc		1,402
	15,750	*,m	Ya Hsin Industrial Co Ltd		0	^
	708,000		Yageo Corp		1,136
	68,393		Yamatake Corp		1,576
	88,790		Yaskawa Electric Corp		1,134
	69,385		Yokogawa Electric Corp		761
	134,169	*	Zebra Technologies Corp (Class A)		10,386
	264,507		Zhen Ding Technology Holding Ltd		706
	347,000		Zinwell Corp		350
	689,282		ZTE Corp		1,491
	1,547,000		Zyxel Communications		863
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,613,354
TELECOMMUNICATION SERVICES - 2.7%
	9,610	*	012 Smile.Communications Ltd		172
	292,998	*,e	8x8, Inc		2,684
	1,553,204		Advanced Info Service PCL (Foreign)		11,778
	170,243		AFK Sistema (GDR)		887
	2,792,686	*	Alibaba Health Information Technology Ltd		1,821
	242,870	e	Amcon Telecommunications Ltd		577
	51,460,889		America Movil S.A. de C.V. (Series L)		57,203
	296,000		APT Satellite Holdings Ltd		418
	1,944,000		Asia Pacific Telecom Co Ltd		1,070
	10,417,622		AT&T, Inc		349,928
	32,347		Atlantic Tele-Network, Inc		2,186

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,023	*,e	Avanti Communications Group plc	$	385
	1,849,500	*,e	Axtel SAB de C.V.		424
	1,247,516	e	BCE, Inc		57,211
	535,707		Belgacom S.A.		19,437
	12,026,871		Bezeq Israeli Telecommunication Corp Ltd		21,333
	843,600		Bharti Airtel Ltd		4,691
	9,936		Bharti Infratel Ltd		53
	73,633	*	Boingo Wireless, Inc		565
	7,142,198		BT Group plc		44,425
	7,523,580		Cable & Wireless plc		5,783
	152,775	*	Cellcom Israel Ltd		1,324
	1,810,912		CenturyTel, Inc		71,676
	2,693,774		China Communications Services Corp Ltd		1,260
	11,646,390		China Mobile Hong Kong Ltd		136,411
	15,855,289		China Telecom Corp Ltd		9,196
	5,789,301		China Unicom Ltd		7,758
	957,768	*	Chorus Ltd		1,987
	4,096,137		Chunghwa Telecom Co Ltd		12,141
	679,502	*	Cincinnati Bell, Inc		2,168
	1,680,000		Citic 1616 Holdings Ltd		628
	130,568		Cogent Communications Group, Inc		4,621
	539,126	*	Colt Telecom Group S.A.		1,117
	122,331	*	Com Hem Holding AB		989
	150,264	e	Consolidated Communications Holdings, Inc		4,182
	2,742,317		Deutsche Telekom AG.		43,878
	8,949,000		Digi.Com BHD		15,764
	142,724	e	Drillisch AG.		5,073
	114,682		Elisa Oyj (Series A)		3,130
	115,721		Empresa Nacional de Telecomunicaciones S.A.		1,162
	57,217	*	Fairpoint Communications, Inc		813
	1,558,696		Far EasTone Telecommunications Co Ltd		3,591
	2,762,977		France Telecom S.A.		46,989
	282,913		Freenet AG.		8,044
	6,062,901	e	Frontier Communications Corp		40,440
	95,561	*	General Communication, Inc (Class A)		1,314
	952,678	*,e	Globalstar, Inc		2,620
	48,565		Globe Telecom, Inc		1,865
	45,702	*	Hawaiian Telcom Holdco, Inc		1,260
	1,543,086	*	Hellenic Telecommunications Organization S.A.		16,873
	2,415,127		HKT Trust and HKT Ltd		3,146
	1,548,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		655
	2,498,577		Idea Cellular Ltd		6,055
	100,242		IDT Corp (Class B)		2,036
	429,078		iiNET Ltd		2,742
	19,494		Iliad S.A.		4,687
	169,825	*	inContact, Inc		1,493
	206,366		Inmarsat plc		2,559
	201,914		Inteliquent, Inc		3,964
	172,711	*,e	Intelsat S.A.		2,998
	271,201	*,e	Iridium Communications, Inc		2,644
	122,300	*,e	Japan Communications, Inc		558
	4,568,300		Jasmine International PCL		1,013

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	259,775		Jaymart PCL	$	80
	233,556	*	Jazztel plc		3,530
	1,123,829		Kcom Group plc		1,564
	635,350		KDDI Corp		39,915
	61,663		KT Corp		1,744
	257,812	*,e,m	Let’s GOWEX S.A.		3
	2,474,440	*,e	Level 3 Communications, Inc		122,188
	242,678		LG Telecom Ltd		2,530
	52,616		Lumos Networks Corp		885
	383,865	e	M2 Telecommunications Group Ltd		2,534
	552,364	*	Magyar Telekom		714
	98,100	e	Manitoba Telecom Services, Inc		2,287
	3,998,949		Maxis BHD		7,809
	88,557		MegaFon OAO (GDR)		1,207
	673,895	*	Midas S.A.		104
	64,676	e	Millicom International Cellular S.A.		4,792
	560,782		Mobile TeleSystems (ADR)		4,026
	398,809		MobileOne Ltd		1,084
	31,898	*	Mobistar S.A.		757
	2,557,290		MTN Group Ltd		48,646
	661,792		Netia S.A.		1,043
	984,711		Nippon Telegraph & Telephone Corp		50,302
	52,042	e	NTELOS Holdings Corp		218
	2,909,000		NTT DoCoMo, Inc		42,364
	3,456	*	Oi S.A.		12
	279,730	*	Oi S.A. (Preference)		906
	86,930	*	Ooredoo QSC		2,920
	4,454,491	*	Orascom Telecom Holding SAE		2,505
	7,989,472	*	Orascom Telecom Media And Technology Holding SAE		1,453
	150,207	*	Orbcomm, Inc		982
	91,121	*	Partner Communications		472
	8,700,932	e	PCCW Ltd		5,924
	96,361		Philippine Long Distance Telephone Co		6,219
	621,636	e	Portugal Telecom SGPS S.A.		648
	154,111	*	Premiere Global Services, Inc		1,637
	2,726,590		PT Excelcomindo Pratama		1,069
	1,954,900	*	PT Indosat Tbk		639
	67,042,924		PT Telekomunikasi Indonesia Persero Tbk		15,408
	99,783	e	QSC AG.		208
	998,648	*	Reliance Communication Ventures Ltd		1,259
	246,441	*,e	RingCentral, Inc		3,677
	974,481	e	Rogers Communications, Inc (Class B)		37,887
	141,971		Rostelecom (ADR)		1,284
	2,606,594		Royal KPN NV		8,230
	471,900		Samart Telcoms PCL		324
	667,811	*	SBA Communications Corp (Class A)		73,967
	67,988		Shenandoah Telecom Co		2,125
	16,190,773		Singapore Telecommunications Ltd		47,525
	162,665	*	SK Broadband Co Ltd		646
	74,296		SK Telecom Co Ltd		18,172
	399,666		SmarTone Telecommunications Holding Ltd		669
	1,448,532		Softbank Corp		86,221

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,640		Spok Holdings, Inc	$	1,261
	1,720,797	*,e	Sprint Corp		7,141
	500,924		StarHub Ltd		1,565
	17,922		Swisscom AG.		9,404
	1,830,543		Taiwan Mobile Co Ltd		6,053
	562,908	e	TalkTalk Telecom Group plc		2,649
	4,351,275		TDC AS		33,187
	332,919		Tele2 AB		4,034
	8,860,900		Telecom Corp of New Zealand Ltd		21,480
	765,291		Telecom Egypt		1,263
	10,925,217		Telecom Italia RSP		9,134
	9,981,793	*,e	Telecom Italia S.p.A.		10,645
	1,017,702		Telefonica Brasil S.A.		17,937
	520,463		Telefonica Deutschland Holding AG.		2,758
	211,797		Telefonica O2 Czech Republic AS		2,156
	5,587,109	e	Telefonica S.A.		80,217
	769	e	Telekom Austria AG.		5
	4,298,984		Telekom Malaysia BHD		8,439
	1,919,752		Telekomunikacja Polska S.A.		4,486
	711,184		Telenor ASA		14,386
	664,616		Telephone & Data Systems, Inc		16,782
	2,325,290		TeliaSonera AB		14,950
	188,338	*	Telkom S.A. Ltd		1,132
	9,704,263		Telstra Corp Ltd		47,112
	382,402		TELUS Corp		13,788
	468,200		Thaicom PCL		492
	943,768		Tim Participacoes S.A.		4,182
	369,620	*	Time dotCom BHD		516
	2,597,367		TM International BHD		5,228
	5,568,116	*	T-Mobile US, Inc		150,005
	1,920,700		Tower Bersama Infrastructure		1,502
	1,439,377		TPG Telecom Ltd		7,874
	8,059,224	*	True Corp PCL (Foreign)		2,688
	2,054,992		Turk Telekomunikasyon AS		6,393
	1,417,178	*	Turkcell Iletisim Hizmet AS		8,648
	54,852	*,e	US Cellular Corp		2,185
	16,636,684		Verizon Communications, Inc		778,264
	149,269		Verizon Communications, Inc (New)		6,951
	2,093,512		Vivendi Universal S.A.		52,109
	84,240	e	Vocus Communications Ltd		438
	396,091	e	Vodacom Group Pty Ltd		4,383
	51,827,371	*	Vodafone Group plc		177,697
	1,101,144	*	Vodafone Group plc (ADR)		37,626
	871,279	*	Vodafone Qatar		3,873
	944,500	*	Vonage Holdings Corp		3,599
	1,645,920	e	Windstream Holdings, Inc		13,562
	7,900	*,e	WirelessGate, Inc		194
	12,782	*	Zayo Group Holdings, Inc		391
			TOTAL TELECOMMUNICATION SERVICES		3,329,933
TRANSPORTATION - 3.1%
	483,938		Abertis Infraestructuras S.A. (Continuous)		9,596

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	298,278		Aegean Airlines S.A.	$	2,490
	141,728		Aeroports de Paris		17,138
	9,276,842	*	Air Arabia PJSC		3,735
	40,000	*	Air Canada		409
	3,291,807		Air China Ltd		2,656
	144,790	*,e	Air France-KLM		1,387
	1,795,686		Air New Zealand Ltd		3,449
	174,356	*	Air Transport Services Group, Inc		1,492
	6,058,080		AirAsia BHD		4,713
	1,244,800	*	AirAsia X BHD		230
	213,700		Airports of Thailand PCL (ADR)		1,821
	721,100		Airports of Thailand PCL (Foreign)		6,144
	14,418	*	AJ Rent A Car Co Ltd		213
	691,958		Alaska Air Group, Inc		41,351
	604,199		All America Latina Logistica S.A.		1,150
	622,831	e	All Nippon Airways Co Ltd		1,540
	38,834		Allegiant Travel Co		5,838
	34,295		Amerco, Inc		9,749
	2,695,401		American Airlines Group, Inc		144,554
	114,395	e	American Shipping ASA		572
	634,771	*,b,m	AMR Corp (Escrow)		6
	1,320,000	e	Anhui Expressway Co		884
	4,473,761		Ansaldo STS S.p.A.		45,033
	13,352		AP Moller - Maersk AS (Class A)		25,551
	22,650		AP Moller - Maersk AS (Class B)		45,050
	134,247		Arkansas Best Corp		6,225
	797,108		Asciano Group		3,904
	14,968,300	*	Asia Aviation PCL (ADR)		1,948
	124,580	*	Asiana Airlines		808
	90,674	*	Atlas Air Worldwide Holdings, Inc		4,470
	1,634,628		Auckland International Airport Ltd		5,379
	80,922		Autostrada Torino-Milano S.p.A.		935
	941,713		Autostrade S.p.A.		21,887
	1,016,237		Avianca Holdings S.A.		1,462
	470,203	*	Avis Budget Group, Inc		31,189
	176,564	e	Baltic Trading Ltd		443
	91,000		Bangkok Aviation Fuel Services PCL		86
	399,800		Bangkok Expressway PCL		480
	6,078,500	*	Bangkok Metro PCL		368
	696,560		BBA Aviation plc		3,893
	1,739,803		Beijing Capital International Airport Co Ltd		1,387
	546,585	e	Bollore		2,489
	268,859		bpost S.A.		6,754
	1,042,128	*,e	Brockman Mining Ltd		47
	5,072,300		BTS Group Holdings PCL (Foreign)		1,477
	1,434,989	e	Canadian National Railway Co		98,836
	136,641	e	Canadian Pacific Railway Ltd		26,329
	590,039	e	Canadian Pacific Railway Ltd (Toronto)		113,635
	1,100,000	*,e	CAR, Inc		1,469
	1,335,830	e	Cathay Pacific Airways Ltd		2,911
	377,680		Cebu Air, Inc		725
	71,224		Celadon Group, Inc		1,616

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	181,915		Central Japan Railway Co	$	27,265
	950,126		CH Robinson Worldwide, Inc		71,155
	1,737,715	*	China Airlines		795
	11,100,000	*,e	China Eastern Airlines Corp Ltd (H Shares)		5,308
	1,236,393		China Merchants Holdings International Co Ltd		4,153
	5,472,187	*,e	China Shipping Container Lines Co Ltd		1,719
	170,000	*	China Shipping Development Co Ltd		116
	2,095,500		China Southern Airlines Co Ltd		993
	18,100,000	*,e	China Timber Resources Group Ltd		417
	104,000		Chinese Maritime Transport Ltd		112
	941,995		Cia de Concessoes Rodoviarias		5,461
	42,682	*	Cia de Distribucion Integral Logista Holdings SAU		936
	12,685		Clarkson plc		375
	2,458,710		ComfortDelgro Corp Ltd		4,811
	13,022		Compagnie Maritime Belge S.A.		240
	7,295,616	*	Compania SudAmericana de Vapores S.A.		275
	893,700	*	Controladora Vuela Cia de Aviacion SAB de C.V.		802
	40,000	*,e	Controladora Vuela Cia de Aviacion SAB de C.V. (ADR)		361
	755,489		Con-Way, Inc		37,155
	157,500	e	Copa Holdings S.A. (Class A)		16,323
	1,458,157	*	Cosan Logistica S.A.		1,569
	3,337,836	*,e	COSCO Holdings		1,639
	1,084,000		Cosco International Holdings Ltd		442
	4,602,046		COSCO Pacific Ltd		6,518
	301,060		Costamare, Inc		5,302
	5,385,523		CSX Corp		195,117
	498,527		CTT-Correios de Portugal S.A.		4,815
	693,000		CWT Ltd		837
	27,426	e	D/S Norden		582
	360,519		Dart Group plc		1,635
	695,450		Dazhong Transportation Group Co Ltd		622
	4,872,419		Delta Air Lines, Inc		239,674
	1,168,444		Deutsche Lufthansa AG.		19,362
	2,631,223		Deutsche Post AG.		85,415
	20,537		Dfds AS		1,960
	359,654		DP World Ltd		7,513
	248,063		DSV AS		7,553
	213,165		DX Group plc		291
	584,225		East Japan Railway Co		44,034
	1,576,559		easyJet plc		40,800
	119,046	*	Echo Global Logistics, Inc		3,476
	203,064		EcoRodovias Infraestrutura e Logistica S.A.		814
	1,211,519	*	Eva Airways Corp		844
	511,000		Evergreen International Storage & Transport Corp		296
	1,262,857	*	Evergreen Marine Corp Tawain Ltd		890
	231,493		Expeditors International of Washington, Inc		10,327
	1,598,575		FedEx Corp		277,609
	327,000	*	First Steamship Co Ltd		185
	1,291,193	*	Firstgroup plc		2,134
	18,770	e	Flughafen Wien AG.		1,745
	4,443		Flughafen Zuerich AG.		2,971
	218,798	*	Flybe Group plc		379

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	134,822		Forward Air Corp	$	6,791
	36,457		Fraport AG. Frankfurt Airport Services Worldwide		2,104
	556,000		Freetech Road Recycling Technology Holdings Ltd		87
	317,942		Freightways Ltd		1,437
	25,347	*	FRP Holdings, Inc		994
	133,000	e	Fukuyama Transporting Co Ltd		719
	103,737		Gateway Distriparks Ltd		577
	169,058	*	Genesee & Wyoming, Inc (Class A)		15,202
	16,031		GLOVIS Co Ltd		4,242
	117,988		Go-Ahead Group plc		4,498
	529,606	*	Gol Linhas Aereas Inteligentes S.A.		3,024
	2,579,865	e	Golden Ocean Group Ltd		1,615
	1,347,291		Grindrod Ltd		2,601
	894,482		Groupe Eurotunnel S.A.		11,548
	1,006,000	*,e	Grupo Aeromexico SAB de C.V.		1,394
	1,310,100	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		6,023
	889,891		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		5,593
	210,993	*,e	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		2,789
	303,560		Guangdong Provincial Expressway Development Co Ltd		136
	346,663	*	Gujarat Pipavav Port Ltd		1,134
	1,437,393	*	GVK Power & Infrastructure Ltd		199
	132,000		Hainan Meilan International Airport Co Ltd		108
	26,276		Hamburger Hafen und Logistik AG.		546
	41,205	*	Hanjin Kal Corp		1,144
	100,507	*	Hanjin Shipping Co Ltd		550
	62,533		Hanjin Transportation Co Ltd		3,075
	330,000		Hankyu Hanshin Holdings, Inc		1,770
	121,998	*,e	Hawaiian Holdings, Inc		3,178
	151,456		Heartland Express, Inc		4,091
	2,024,000		Henderson Investment Ltd		174
	3,149,987	*	Hertz Global Holdings, Inc		78,561
	47,900		Hitachi Transport System Ltd		586
	2,177,904	e	Hopewell Highway Infrastructure Ltd		1,091
	144,611	*	Hub Group, Inc (Class A)		5,507
	5,368,040		Hutchison Port Holdings Trust		3,689
	71,366	*	Hyundai Merchant Marine Co Ltd		649
	88,557	e	Iino Kaiun Kaisha Ltd		493
	5,152	*	Integer.pl S.A.		224
	2,642,115	*	International Consolidated Airlines Group S.A.		19,682
	4,113,921	*	International Consolidated Airlines Group S.A. (London)		30,970
	1,725,577		International Container Term Services, Inc		4,410
	18,777		International Shipholding Corp		280
	343,710		Irish Continental Group plc		1,352
	69,494		J.B. Hunt Transport Services, Inc		5,855
	427,100		Japan Airlines Co Ltd		12,663
	40,755		Japan Airport Terminal Co Ltd		1,603
	53,305	*	Jet Airways India Ltd		324
	928,119	*,e	JetBlue Airways Corp		14,720
	3,368,123		Jiangsu Express		4,010
	166,000		Jinzhou Port Co Ltd		80
	80,200		Julio Simoes Logistica S.A.		385

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	558,587		Kamigumi Co Ltd	$	4,976
	82,095		Kansas City Southern Industries, Inc		10,018
	3,402,400		Kawasaki Kisen Kaisha Ltd		9,089
	399,555		Keihin Electric Express Railway Co Ltd		2,956
	154,107		Keio Corp		1,109
	66,032		Keisei Electric Railway Co Ltd		803
	769,850		Kerry Logistics Network Ltd		1,216
	1,486,185		Kintetsu Corp		4,886
	15,400		Kintetsu World Express, Inc		591
	224,080	*	Kirby Corp		18,092
	167,051		Knight Transportation, Inc		5,623
	120,018	e	Knightsbridge Tankers Ltd		544
	9,100		Konoike Transport Co Ltd		186
	15,158	*	Korea Express Co Ltd		2,676
	11,986	*	Korea Line Corp		252
	222,930	*	Korean Air Lines Co Ltd		9,562
	148,298		Kuehne & Nagel International AG.		20,144
	742,706	*	Lan Airlines S.A.		8,619
	120,637		Landstar System, Inc		8,750
	226,300	*,e	Latam Airlines Group S.A. (ADR)		2,711
	149,143		Localiza Rent A Car		2,004
	433,577		Macquarie Atlas Roads Group		1,126
	676,918		Malaysia Airports Holdings BHD		1,316
	406,500		Malaysian Bulk Carriers BHD		140
	73,099		Marten Transport Ltd		1,598
	42,000		Maruzen Showa Unyu Co Ltd		136
	224,079		Matson, Inc		7,735
	389,879	e	Mermaid Marine Australia Ltd		391
	2,653,044		MISC BHD		5,474
	30,349		Mitsubishi Logistics Corp		441
	1,841,545		Mitsui OSK Lines Ltd		5,456
	119,610		Mitsui-Soko Co Ltd		424
	2,389,740		MTR Corp		9,777
	1,342,117		Mundra Port and Special Economic Zone Ltd		6,756
	1,539,000		Nagoya Railroad Co Ltd		5,730
	241,100		Namyong Terminal PCL		110
	536,000	e	Nankai Electric Railway Co Ltd		2,065
	617,874		National Express Group plc		2,376
	274,513		Navios Maritime Holdings, Inc		1,128
	1,047,718	*,e	Neptune Orient Lines Ltd		662
	210,641		Nippon Express Co Ltd		1,067
	59,700		Nippon Konpo Unyu Soko Co Ltd		874
	2,914,669		Nippon Yusen Kabushiki Kaisha		8,232
	361,000		Nishi-Nippon Railroad Co Ltd		1,472
	71,000		Nissin Corp		164
	529,100		Nok Airlines PCL		209
	3,163		Norbert Dentressangle		466
	1,288,237		Norfolk Southern Corp		141,204
	309,764		Northgate plc		2,937
	29,902	*,e	Norwegian Air Shuttle AS		1,098
	161,942	e	Odakyu Electric Railway Co Ltd		1,435
	54,319		Oesterreichische Post AG.		2,654

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,895,911	*,e	OHL Mexico SAB de CV	$	3,515
	476,543	*	Old Dominion Freight Line		36,999
	687,500		Orient Overseas International Ltd		4,003
	1,852,290	e	Pacific Basin Shipping Ltd		741
	9,846	*	PAM Transportation Services, Inc		510
	14,000	e	Panalpina Welttransport Holding AG.		1,880
	23,024		Park-Ohio Holdings Corp		1,451
	7,222		Piraeus Port Authority		91
	27,979		PKP Cargo S.A.		657
	483,000		Pos Malaysia & Services Holdings BHD		636
	341,300		Precious Shipping PCL		140
	608,332	*	Prumo Logistica S.A.		98
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	6,579,400		PT Cardig Aero Services Tbk		658
	8,508,800		PT Express Transindo Utama Tbk		801
	6,877,957	*	PT Garuda Indonesia Tbk		308
	3,787,802		PT Jasa Marga Tbk		2,149
	7,186,500	*	PT Nusantara Infrastructure Tbk		116
	2,583,000	*	PT Trada Maritime Tbk		44
	1,053,749	*	Qantas Airways Ltd		2,047
	2,330,723		QR National Ltd		8,722
	169,365	*	Quality Distribution, Inc		1,802
	1,132,172		Qube Logistics Holdings Ltd		2,232
	218,575	*	Republic Airways Holdings, Inc		3,189
	92,131	*	Roadrunner Transportation Services Holdings, Inc		2,151
	2,343,985		Royal Mail plc		15,620
	44,959	*	Ryanair Holdings plc		533
	328,531	*	Ryanair Holdings plc (ADR)		23,414
	1,011,435		Ryder System, Inc		93,912
	137,359		Safe Bulkers, Inc		537
	421,000		Sagami Railway Co Ltd		1,735
	79,026	*	Saia, Inc		4,375
	96	*,m	SAir Group		0	^
	487,000		Sankyu, Inc		1,977
	58,400		Santos Brasil Participacoes S.A.		310
	176,702	*,e	SAS AB		341
	24,084		SAVE S.p.A.		384
	476,697	*,e	Scorpio Bulkers, Inc		939
	8,893		Sebang Co Ltd		158
	162,000		Seino Holdings Corp		1,633
	90,000	e	Senko Co Ltd		452
	189,800		Shandong Airlines Co Ltd		303
	299,744		Shanghai Jinjiang International Investment Holdings Co		373
	141,400	*,m	Shenzhen Chiwan Petroleum		294
	181,100		Shenzhen Chiwan Wharf Holdings Ltd		379
	2,036,000		Shenzhen Expressway Co Ltd		1,355
	1,678,514		Shenzhen International Holdings Ltd		2,447
	45,000		Shibusawa Warehouse Co Ltd		129
	170,006		Shih Wei Navigation Co Ltd		99
	440,000		Shinwa Kaiun Kaisha Ltd		1,245
	1,591,097		Shun TAK Holdings Ltd		733
	2,896,000		Sichuan Expressway Co Ltd		1,237

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	318,000		Sincere Navigation	$	256
	250,590		Singapore Airlines Ltd		2,186
	723,000	e	Singapore Airport Terminal Services Ltd		1,661
	4,555,419		Singapore Post Ltd		6,590
	6,307,000		Sinotrans Ltd		4,167
	2,289,000	*	Sinotrans Shipping Ltd		543
	1,310,000		SITC International Co Ltd		715
	14,228		Sixt AG.		554
	48,438		Sixt AG. (Preference)		1,499
	255,766		Skywest, Inc		3,397
	1,771,000	e	SMRT Corp Ltd		2,109
	8,637,918		Sociedad Matriz SAAM S.A.		668
	72,550		Societa Iniziative Autostradali e Servizi S.p.A.		698
	2,958,975		Southwest Airlines Co		125,224
	232,937	*	Spirit Airlines, Inc		17,605
	1,058,186		Stagecoach Group plc		6,069
	399,156	e	Stobart Group Ltd		672
	30,930		Stolt-Nielsen S.A.		519
	74,500	e	Student Transportation, Inc		463
	141,767		Sumitomo Warehouse Co Ltd		761
	284,029	*	Swift Transportation Co, Inc		8,132
	1,472,326		Sydney Airport		5,637
	424,000		T.Join Transportation Co		516
	150,000		Taiwan Navigation Co Ltd		103
	448,440		TAV Havalimanlari Holding AS		3,661
	27,300		Tegma Gestao Logistica		163
	1,070,400	*	Thai Airways International PCL		472
	425,954	*	Thoresen Thai Agencies PCL		217
	366,100	*	Tianjin Marine Shipping Co Ltd		186
	4,438,000		Tianjin Port Development Holdings Ltd		928
	1,287,600	*,e	Tiger Airways Holdings Ltd		257
	440,143		TNT Express NV		2,934
	468,706	*	TNT NV		1,742
	446,629		Tobu Railway Co Ltd		1,910
	2,088,058		Tokyu Corp		12,939
	663,177		Toll Holdings Ltd		3,159
	104,000	*	TPI-Triunfo Participacoes e Investimentos S.A.		304
	7,200		Trancom Co Ltd		290
	423,614		TransForce, Inc		10,789
	1,574,409		Transurban Group		10,972
	304,723		Trencor Ltd		1,856
	1,466,296	*	Turk Hava Yollari		6,025
	1,701,498	*	UAL Corp		113,813
	78,077	*,e	Ultrapetrol Bahamas Ltd		167
	291,937		U-Ming Marine Transport Corp		458
	4,568,534		Union Pacific Corp		544,250
	1,617,441		United Parcel Service, Inc (Class B)		179,811
	21,579		Universal Truckload Services, Inc		615
	23,518	*,e	USA Truck, Inc		668
	546,847	*,e	UTI Worldwide, Inc		6,600
	143,572	*,e	Virgin America, Inc		6,209
	1,680,610	*	Virgin Australia Holdings Ltd		576

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	67,336	*,m	Virgin Australia Int Holdings	$	0	^
	34,685		VTG AG.		771
	2,374,357		Wan Hai Lines Ltd		2,068
	139,509		Werner Enterprises, Inc		4,346
	174,474	*,e	Wesco Aircraft Holdings, Inc		2,439
	552,441		West Japan Railway Co		26,118
	152,340	e	Westshore Terminals Investment Corp		4,147
	95,255		Wilh. Wilhelmsen ASA		588
	576,787		Wisdom Marine Lines Co Ltd		666
	7,984,000	*	Xiamen International Port Co Ltd		2,044
	173,749	*,e	XPO Logistics, Inc		7,103
	87,831		Yamato Transport Co Ltd		1,739
	856,105	*	Yang Ming Marine Transport		454
	131,066	*,e	YRC Worldwide, Inc		2,948
	1,652,000	e	Yuexiu Transport Infrastructure Ltd		1,004
	53,300		Yusen Air & Sea Service Co Ltd		590
	4,188,819		Zhejiang Expressway Co Ltd		4,851
			TOTAL TRANSPORTATION		3,862,407
UTILITIES - 3.0%
	3,700,713		A2A S.p.A.		3,750
	77,027	e	Abengoa Yield plc		2,104
	6,974,776		Aboitiz Power Corp		6,634
	27,615	*,e	Acciona S.A.		1,863
	139,881		ACEA S.p.A.		1,513
	108,421		Actelios S.p.A.		121
	1,212,395		AES Corp		16,695
	2,301,518		AES Gener S.A.		1,215
	110,433		AES Tiete S.A.		753
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	828,423		AGL Energy Ltd		9,036
	97,759		AGL Resources, Inc		5,329
	2,719,946		Aguas Andinas S.A.		1,558
	275,162	*	Akenerji Elektrik Uretim AS		150
	189,678	*	Aksa Enerji Uretim AS		237
	197,770	e	Algonquin Power & Utilities Corp		1,641
	148,696		Allete, Inc		8,199
	173,931		Alliant Energy Corp		11,552
	106,300		Alupar Investimento S.A.		705
	588,822		Ameren Corp		27,162
	1,613,946		American Electric Power Co, Inc		97,999
	221,126		American States Water Co		8,328
	888,559		American Water Works Co, Inc		47,360
	935,842		APA Group		5,657
	141,437		Aqua America, Inc		3,776
	29,475		Artesian Resources Corp		666
	73,151		Ascopiave S.p.A.		161
	71,796		Atco Ltd		2,945
	97,801		Athens Water Supply & Sewage Co S.A.		740
	428,240	e	Atlantic Power Corp		1,161
	128,734	e	Atlantic Power Corp (Toronto)		349
	297,924		Atmos Energy Corp		16,606
	2,225,964		AusNet Services		2,405

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	213,970		Avista Corp	$	7,564
	4,913,011	e	Beijing Enterprises Water Group Ltd		3,320
	15,462,900		Benpres Holdings Corp		2,303
	2,868,000		Binhai Investment Co Ltd		154
	19,332		BKW S.A.		573
	153,820		Black Hills Corp		8,159
	22,623		Boralex, Inc		250
	162,620		California Water Service Group		4,002
	3,094,433	*	Calpine Corp		68,480
	120,802		Canadian Utilities Ltd		4,254
	140,019	e	Capital Power Corp		3,133
	219,371	e	Capstone Infrastructure Corp		604
	4,129,415		Centerpoint Energy, Inc		96,752
	299,097		Centrais Eletricas Brasileiras S.A.		653
	254,079		Centrais Eletricas Brasileiras S.A. (Preference)		782
	23,900		Centrais Eletricas de Santa Catarina S.A.		134
	9,514,516		Centrica plc		41,211
	129,029		CESC Ltd		1,366
	239,544		CEZ AS		6,151
	423,052	*,g	CGN Power Co Ltd		184
	62,435		Chesapeake Utilities Corp		3,101
	989,344		Cheung Kong Infrastructure Holdings Ltd		7,275
	2,912,000	e	China Datang Corp Renewable Power Co Ltd		385
	8,601,825		China Gas Holdings Ltd		13,471
	3,300,813		China Longyuan Power Group Corp		3,404
	5,700,000	e	China Oil and Gas Group Ltd		720
	10,592,000	e	China Power International Development Ltd		5,345
	5,140,000	*	China Power New Energy Development Co Ltd		327
	1,106,668		China Resources Gas Group Ltd		2,860
	3,259,962		China Resources Power Holdings Co		8,315
	1,248,000	*	China Ruifeng Renewable Energy Holdings Ltd		191
	423,000	*	China Tian Lun Gas Holdings Ltd		442
	1,082,000		China Water Affairs Group Ltd		493
	629,240	*	Chubu Electric Power Co, Inc		7,394
	491,756		Chugoku Electric Power Co, Inc		6,429
	356,770		Cia de Saneamento Basico do Estado de Sao Paulo		2,298
	82,465		Cia de Saneamento de Minas Gerais-COPASA		781
	20,000		Cia de Transmissao de Energia Electrica Paulista		312
	1,848,862		Cia Energetica de Minas Gerais		9,139
	749,987		Cia Energetica de Sao Paulo (Class B)		7,564
	21,204		Cia Energetica do Ceara		315
	417,371		Cia Paranaense de Energia		5,637
	177,000	*	CK Power PCL		94
	206,687		Cleco Corp		11,273
	2,071,859		CLP Holdings Ltd		17,941
	641,023		CMS Energy Corp		22,276
	15,622,121		Colbun S.A.		4,159
	48,055		Connecticut Water Service, Inc		1,744
	908,828		Consolidated Edison, Inc		59,992
	729,885		Contact Energy Ltd		3,625
	270,466		CPFL Energia S.A.		1,881
	578,000	e	CT Environmental Group Ltd		589
	6,577,087		Datang International Power Generation Co Ltd		3,551

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,767,926		Dominion Resources, Inc	$	135,954
	433,837		Drax Group plc		3,107
	125,221		DTE Energy Co		10,815
	4,766,176	e	DUET Group (ASE Exchange)		9,368
	2,806,830		Duke Energy Corp		234,483
	407,335	*,e	Dynegy, Inc		12,363
	3,922,137		E.ON AG.		67,036
	8,648		E1 Corp		542
	493,600		Eastern Water Resources Development and Management PCL		162
	1,647,554		Edison International		107,882
	961,220		EDP - Energias do Brasil S.A.		3,244
	139,395		El Paso Electric Co		5,584
	165,961		Electric Power Development Co		5,608
	553,638		Electricite de France		15,241
	70,126		Elia System Operator S.A.		3,266
	146,053	e	Empire District Electric Co		4,344
	611,108		Empresa Electrica del Norte Grande S.A.		891
	5,983,692		Empresa Nacional de Electricidad S.A.		9,144
	250,718		Enagas		7,908
	1,002,840		Endesa S.A.		20,076
	400,469		Enea S.A.		1,723
	1,718,238		Enel Green Power S.p.A		3,600
	8,775,358		Enel S.p.A.		39,116
	21,600	*,e	Eneres Co Ltd		71
	1,075,716		Energa S.A.		6,996
	5,822,072		Energias de Portugal S.A.		22,576
	724,540	*,e	Energy World Corp Ltd		174
	30,217,719		Enersis S.A.		9,896
	801,695	e	ENN Energy Holdings Ltd		4,535
	502,349		Entergy Corp		43,945
	301,230		Equatorial Energia S.A.		3,139
	315,314		ERM Power Ltd		546
	52,091		EVN AG.		630
	4,764,771		Exelon Corp		176,678
	125,826		Federal Grid Co Unified Energy System JSC (ADR)		99
	3,647,100		First Gen Corp		2,073
	583,580		First Philippine Holdings Corp		1,168
	997,028		FirstEnergy Corp		38,874
	482,608	e	Fortis, Inc		16,184
	1,013,626		Fortum Oyj		22,007
	618,976		GAIL India Ltd		4,344
	851,200		Gas Malaysia BHD		781
	542,727		Gas Natural SDG S.A.		13,634
	2,985,078		Gaz de France		69,609
	535,864	e	Genesis Energy Ltd		907
	674,943		Glow Energy PCL (Foreign)		1,815
	169,752		Great Plains Energy, Inc		4,823
	9,716,143		Guangdong Investments Ltd		12,655
	70,538	*	Gujarat Gas Co Ltd		847
	188,026		Gujarat State Petronet Ltd		338
	16,309		Hanjin Heavy Industries & Construction Holdings Co Ltd		121
	94,993	e	Hawaiian Electric Industries, Inc		3,180

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,328,604		Hera S.p.A.	$	3,129
	195,100	*,e	Hokkaido Electric Power Co, Inc		1,562
	370,090		Hokuriku Electric Power Co		4,726
	6,111,903		Hong Kong & China Gas Ltd		13,925
	3,692,319		Hong Kong Electric Holdings Ltd		35,697
	857,130	*	Huadian Energy Co Ltd		376
	19,144,000	e	Huadian Fuxin Energy Corp Ltd		8,966
	6,708,000		Huadian Power International Co		5,819
	15,609,066		Huaneng Power International, Inc		21,092
	11,030,000	e	Huaneng Renewables Corp Ltd		3,538
	556,000	e	Hyflux Ltd		353
	7,441,396		Iberdrola S.A.		50,161
	170,845		Idacorp, Inc		11,308
	71,572	*	Indiabulls Infrastructure and Power Ltd		3
	74,224		Indraprastha Gas Ltd		532
	244,352		Infinis Energy plc		838
	1,950,323		Infratil Ltd		4,564
	223,073	e	Innergex Renewable Energy, Inc		2,181
	91,225		Integrys Energy Group, Inc		7,102
	610,839		Interconexion Electrica S.A.		2,218
	979,445		Inversiones Aguas Metropolitanas S.A.		1,517
	554,950		Iride S.p.A.		607
	811,435		Isagen S.A. ESP		1,012
	146,276		ITC Holdings Corp		5,914
	857,357	*	Jaiprakash Power Ventures Ltd		164
	382,470	e	Just Energy Income Fund		2,002
	15,200		K&O Energy Group, Inc		187
	732,000	*,e,g	Kangda International Environmental Co Ltd		321
	805,304	*	Kansai Electric Power Co, Inc		7,661
	4,336		Korea District Heating Corp		221
	424,271		Korea Electric Power Corp		16,348
	25,750	*	Korea Gas Corp		1,158
	3,902		KyungDong City Gas Co Ltd		394
	397,305	*	Kyushu Electric Power Co, Inc		3,979
	204,429		Laclede Group, Inc		10,876
	403,100		Light S.A.		2,581
	2,428,200		Manila Water Co, Inc		1,580
	417,612		MDU Resources Group, Inc		9,814
	1,534,927		Meridian Energy Ltd		2,097
	136,369		MGE Energy, Inc		6,220
	61,363		Middlesex Water Co		1,415
	1,363,181		Mighty River Power Ltd		3,161
	22,806	*	Montauk Energy Holdings Ltd		6
	171,934		National Fuel Gas Co		11,955
	6,004,557		National Grid plc		85,200
	183,881		New Jersey Resources Corp		11,254
	7,293		NEXT FUNDS JPX-Nikkei Index 400 Exchange Traded Fund		780
	2,405,470		NextEra Energy, Inc		255,677
	442,286		NiSource, Inc		18,762

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	606,786		Northeast Utilities	$	32,475
	106,491	e	Northland Power Income Fund		1,401
	92,242	e	Northwest Natural Gas Co		4,603
	146,709		NorthWestern Corp		8,301
	2,247,195		NRG Energy, Inc		60,562
	646,510	e	NRG Yield, Inc		30,476
	2,862,757		NTPC Ltd		6,509
	662,128		OGE Energy Corp		23,492
	128,800		Okinawa Electric Power Co, Inc		4,076
	195,273		ONE Gas, Inc		8,049
	76,745	e	Ormat Technologies, Inc		2,086
	3,616,440		Osaka Gas Co Ltd		13,507
	127,483		Otter Tail Corp		3,947
	110,977		Pattern Energy Group, Inc		2,737
	764,488		Pennon Group plc		10,922
	489,299		Pepco Holdings, Inc		13,177
	800,100		Petronas Gas BHD		5,071
	1,746,914		PG&E Corp		93,006
	273,385		Piedmont Natural Gas Co, Inc		10,774
	370,180		Pinnacle West Capital Corp		25,287
	273,587		PNM Resources, Inc		8,106
	19,099,608		PNOC Energy Development Corp		3,473
	1,490,520		Polska Grupa Energetyczna S.A.		7,881
	270,312	e	Portland General Electric Co		10,226
	1,177,316		Power Grid Corp of India Ltd		2,566
	2,736,372		PPL Corp		99,412
	23,249,887		PT Perusahaan Gas Negara Persero Tbk		11,251
	589,575	*	PTC India Ltd		877
	127,260	*	Public Power Corp		831
	1,368,963		Public Service Enterprise Group, Inc		56,689
	184,400	*	Puncak Niaga Holding BHD		156
	31,809	*	Qatar Electricity & Water Co		1,612
	130,477		Questar Corp		3,298
	298,485	e	Red Electrica de Espana		26,312
	526,262		Redes Energeticas Nacionais S.A.		1,527
	376,693	*	Reliance Energy Ltd		3,038
	98,657	*	Reliance Power Ltd		96
	54,294	*,m	Rosetti JSC (GDR)		72
	37,433	e	Rubis		2,136
	1,183,271		RusHydro (ADR)		1,103
	662,620		RWE AG.		20,452
	9,093		Samchully Co Ltd		1,148
	176,193		SCANA Corp		10,642
	968,413		Scottish & Southern Energy plc		24,469
	37,943		Sechilienne-Sidec		754
	1,539,389		Sempra Energy		171,426
	326,778		Severn Trent plc		10,192
	154,478	*	Shikoku Electric Power Co, Inc		1,874
	119,000		Shizuoka Gas Co Ltd		743
	59,024		SJW Corp		1,896
	5,755,944		Snam Rete Gas S.p.A.		28,487
	703,000	*,e	Sound Global Ltd		809
	134,027		South Jersey Industries, Inc		7,898

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	893,447		Southern Co	$	43,877
	160,648		Southwest Gas Corp		9,930
	8,523	e	Spark Energy, Inc		120
	1,492,973		Spark Infrastructure Group		2,586
	426,900		SPCG PCL		349
	1,167,080		Suez Environnement S.A.		20,334
	310,727	e	Superior Plus Corp		3,207
	429,450		Taiwan Cogeneration Corp		332
	1,354,920		Tata Power Co Ltd		1,757
	2,143,412		Tauron Polska Energia S.A.		3,031
	172,825		TECO Energy, Inc		3,541
	164,474	e	Telecom Plus plc		3,235
	5,266,218		Tenaga Nasional BHD		20,741
	96,833		Terna Energy S.A.		221
	1,384,002		Terna Rete Elettrica Nazionale S.p.A.		6,286
	61,749	e	TerraForm Power, Inc		1,907
	1,592,000		Thai Tap Water Supply PCL		560
	750,000	*	Tianjin Jinran Public Utilities Co Ltd		125
	406,223	e	Toho Gas Co Ltd		1,987
	1,232,932		Tohoku Electric Power Co, Inc		14,347
	1,459,909	*	Tokyo Electric Power Co, Inc		5,938
	3,280,528		Tokyo Gas Co Ltd		17,701
	128,108		Torrent Power Ltd		321
	1,119,000	e	Towngas China Co Ltd		1,131
	168,419		Tractebel Energia S.A.		2,162
	429,887	e	TransAlta Corp		3,893
	70,300	e	TransAlta Renewables, Inc		695
	96,821		Transmissora Alianca de Energia Eletrica S.A.		686
	853,211		UGI Corp		32,405
	200,536		UIL Holdings Corp		8,731
	741,564		United Utilities Group plc		10,533
	47,014		Unitil Corp		1,724
	21,426		VA Tech Wabag Ltd		497
	52,100		Valener, Inc		718
	25,000	e	Vanguard FTSE Developed Markets ETF		947
	223,050		Vectren Corp		10,312
	829,826		Veolia Environnement		14,699
	51,504	*,e	Vivint Solar, Inc		475
	163,194		Westar Energy, Inc		6,730
	177,911		WGL Holdings, Inc		9,718
	244,480	e	Wisconsin Energy Corp		12,894
	1,755,368		Xcel Energy, Inc		63,053
	4,438		YESCO Co Ltd		146
	41,593		York Water Co		965
	8,586,486		YTL Corp BHD		3,905
	2,975,044		YTL Power International BHD		1,256
	41,115		Zespol Elektrowni Patnow Adamow Konin S.A.		305
	189,987	*	Zorlu Enerji Elektrik Uretim AS		193
			TOTAL UTILITIES		3,789,893
			TOTAL COMMON STOCKS		123,741,422
			(Cost $109,264,286)

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	5,823,221	*	ITAUSA Investimentos Itau PR	$	20,570
			TOTAL BANKS		20,570
CAPITAL GOODS - 0.0%
	27,427		Villeroy & Boch AG		401
			TOTAL CAPITAL GOODS		401
DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2		1,570
			TOTAL DIVERSIFIED FINANCIALS		1,570
MEDIA - 0.0%
	218,862	*	Zee Entertainment Enterprises Ltd		3
			TOTAL MEDIA		3
REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		19
			TOTAL REAL ESTATE		19
			TOTAL PREFERRED STOCKS		22,563
			(Cost $27,981)
RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	2,768,448		Banco Bilbao Vizcaya Argentaria S.A.		265
	28,510	m	DGB Financial Group, Inc		30
	768,578		Piraeus Bank S.A.		176
			TOTAL BANKS		471
CAPITAL GOODS - 0.0%
	98,300		CB Industrial Product Holding BHD		13
			TOTAL CAPITAL GOODS		13
CONSUMER SERVICES - 0.0%
	181,157	m	GTECH S.p.A		0	^
	174,019		Minor International PCL		26
			TOTAL CONSUMER SERVICES		26
ENERGY - 0.0%
	292,428	m	APA Group		0	^
	64,082	m	Magnum Hunter Resources Corp		0	^
	980,486	e	Repsol S.A.		542
			TOTAL ENERGY		542
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	197,908		Community Health Systems, Inc		5
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		5
MATERIALS - 0.0%
	145,173		RPC Group plc		397
			TOTAL MATERIALS		397

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							VALUE
SHARES			COMPANY				(000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	7,636	e	BioTime, Inc				$	8
	13,858	e	Cubist Pharmaceuticals, Inc					1
	544,609		Faes Farma S.A.					41
	228,016	e,m	Trius Therapeutics, Inc					30
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					80
REAL ESTATE - 0.0%
	14,104		Africa Israel Investments Ltd					0	^
	4,761,352	m	BGP Holdings plc					0	^
	87,111		Cheuk Nang Holdings Ltd					31
	4,506,244		Sansiri PCL					42
	555		Tejon Ranch Co					1
			TOTAL REAL ESTATE					74
RETAILING - 0.0%
	93,750	m	Future Retail Ltd					2
			TOTAL RETAILING					2
TELECOMMUNICATION SERVICES - 0.0%
	196,024	m	Leap Wireless International, Inc					494
			TOTAL TELECOMMUNICATION SERVICES					494
TRANSPORTATION - 0.0%
	4,376,761		Cia Sud Americana de Vapores S.A.					14
			TOTAL TRANSPORTATION					14
UTILITIES - 0.0%
	23,656	e	Liberty Broadband Corp					225
			TOTAL UTILITIES					225
			TOTAL RIGHTS / WARRANTS					2,343
			(Cost $2,077)
						MATURITY
PRINCIPAL			ISSUER	RATE		DATE
SHORT-TERM INVESTMENTS - 4.2%
GOVERNMENT AGENCY DEBT - 0.0%
$	34,600,000		Federal Home Loan Bank (FHLB)	0.075	%	01/28/15		34,598
	30,000,000	d	Federal National Mortgage Association (FNMA)	0.080		05/01/15		29,991
			TOTAL GOVERNMENT AGENCY DEBT					64,589
TREASURY DEBT - 0.4%
	8,000,000	d	United States Treasury Bill	0.040		03/12/15		8,000
	3,400,000		United States Treasury Bill	0.030		03/19/15		3,400
	36,900,000	d	United States Treasury Bill	0.062		05/07/15		36,894
	11,000,000	d	United States Treasury Bill	0.061		05/21/15		10,998
	1,800,000	d	United States Treasury Bill	0.095		05/28/15		1,799
	12,000,000		United States Treasury Bill	0.088		06/11/15		11,996
	80,000,000		United States Treasury Bill	0.060-0.130		06/25/15		79,966
	100,000,000		United States Treasury Bill	0.095		08/20/15		99,901

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	37,300,000	d	United States Treasury Bill		0.086-0.090	%	09/17/15	$	37,255
	100,000,000		United States Treasury Bill		0.100		10/15/15		99,859
	150,000,000	d	United States Treasury Bill		0.118-0.140		11/12/15		149,771
			TOTAL TREASURY DEBT						539,839
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.8%
CERTIFICATE OF DEPOSIT - 0.6%
	250,000,000		Bank of Montreal		0.050		01/02/15		250,000
	250,000,000		CIBC Bank and Trust Company		0.040		01/02/15		250,000
	250,000,000		National Australia Bank Ltd		0.050		01/02/15		250,000
			TOTAL CERTIFICATE OF DEPOSIT						750,000
REPURCHASE AGREEMENT - 3.0%
	625,000,000	n	Barclays		0.060		01/02/15		625,000
	200,000,000	o	Barclays		0.100		01/02/15		200,000
	195,000,000	p	BNP		0.050		01/02/15		195,000
	18,000,000	q	BNP		0.050		01/02/15		18,000
	250,000,000	r	Calyon		0.060		01/02/15		250,000
	85,000,000	s	Calyon		0.060		01/02/15		85,000
	193,000,000	t	Calyon		0.050		01/02/15		193,000
	68,000,000	u	Citigroup		0.060		01/02/15		68,000
	200,000,000	v	Citigroup		0.070		01/02/15		200,000
	100,000,000	w	Goldman Sachs		0.080		01/02/15		100,000
	450,000,000	x	Goldman Sachs		0.070		01/08/15		450,000
	300,000,000	y	HSBC		0.060		01/02/15		300,000
	400,000,000	z	HSBC		0.060		01/07/15		400,000
	536,778,000	aa	Merrill Lynch		0.030		01/02/15		536,778
	31,000,000	ab	Morgan Stanley		0.080		01/02/15		31,000
	42,000,000	ac	Societe Generale		0.070		01/02/15		42,000
			TOTAL REPURCHASE AGREEMENT						3,693,778
VARIABLE RATE SECURITIES - 0.2%
	7,570,912	i	Granite Master Issuer plc 2006		0.031		12/20/50		7,505
	5,986,303	i	Granite Master Issuer plc 2007		0.020		12/20/50		5,937
	6,633,250	i	Puma Finance Ltd		0.027		02/21/38		6,585
	170,000,000	i	SLM Student Loan Trust 2007		0.274		01/25/19		168,673
	8,380,046	i	SLM Student Loan Trust 2008		0.584		10/25/16		8,380
			TOTAL VARIABLE RATE SECURITIES						197,080
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						4,640,858
			TOTAL SHORT-TERM INVESTMENTS						5,245,286
			(Cost $5,246,399)
			TOTAL INVESTMENTS - 103.6%						129,016,650
			(Cost $114,546,956)
			OTHER ASSETS & LIABILITIES, NET - (3.6)%						(4,542,483	)
			NET ASSETS - 100.0%					$	124,474,167

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

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

*	Non-income producing
^	Amount represents less than $1,000.
a	Affiliated holding
b	In bankruptcy
d	All or a portion of these securities have been segregated to cover margin 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 $4,928,335,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/14 the aggregate value of these securities, including those in “Other,” is $77,383,000, or 0.1% 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, 0.06% dated 12/31/14 to be repurchased at $625,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $636,815,000.
o	Agreement with Barclays, 0.10% dated 12/31/14 to be repurchased at $200,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $204,000,000.
p	Agreement with BNP, 0.05% dated 12/31/14 to be repurchased at $195,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $198,900,000.
q	Agreement with BNP, 0.05% dated 12/31/14 to be repurchased at $18,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $18,361,000.
r	Agreement with Calyon, 0.06% dated 12/31/14 to be repurchased at $250,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $255,000,000.
s	Agreement with Calyon, 0.06% dated 12/31/14 to be repurchased at $85,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $86,700,000.
t	Agreement with Calyon, 0.05% dated 12/31/14 to be repurchased at $193,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $196,860,000.
u	Agreement with Citigroup, 0.06% dated 12/31/14 to be repurchased at $68,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $69,360,000.
v	Agreement with Citigroup, 0.07% dated 12/31/14 to be repurchased at $200,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $204,000,000.
w	Agreement with Goldman Sachs, 0.08% dated 12/31/14 to be repurchased at $100,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $102,001,000.
x	Agreement with Goldman Sachs, 0.07% dated 12/31/14 to be repurchased at $450,000,000 on 1/08/15, collateralized by U.S. Government Agency Securities valued at $459,000,000.
y	Agreement with HSBC, 0.06% dated 12/31/14 to be repurchased at $300,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $306,002,000.
z	Agreement with HSBC, 0.06% dated 12/31/14 to be repurchased at $400,000,000 on 1/07/15, collateralized by U.S. Government Agency Securities valued at $408,002,000.
aa	Agreement with Merrill Lynch, 0.03% dated 12/31/14 to be repurchased at $536,778,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $547,514,000.
ab	Agreement with Morgan Stanley, 0.08% dated 12/31/14 to be repurchased at $31,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $31,620,000.
ac	Agreement with Societe Generale, 0.07% dated 12/31/14 to be repurchased at $42,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $42,840,000.
	Cost amounts are in thousands.

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY

December 31, 2014

	Value		% of total
Country	(000)		portfolio
DOMESTIC
UNITED STATES	$	90,838,036		70.4	%
TOTAL DOMESTIC		90,838,036		70.4
FOREIGN
ARGENTINA		1,746		0.0
AUSTRALIA		1,691,775		1.3
AUSTRIA		108,590		0.1
BAHAMAS		167		0.0
BELGIUM		274,529		0.2
BERMUDA		9,563		0.0
BRAZIL		676,275		0.5
CANADA		2,939,760		2.3
CAYMAN ISLANDS		997		0.0
CHILE		114,871		0.1
CHINA		1,884,703		1.5
COLOMBIA		54,330		0.1
CYPRUS		80		0.0
CZECH REPUBLIC		20,240		0.0
DENMARK		396,002		0.3
EGYPT		32,688		0.0
FAROE ISLANDS		2,825		0.0
FINLAND		267,475		0.2
FRANCE		2,737,626		2.1
GEORGIA		3,010		0.0
GERMANY		2,071,136		1.6
GIBRALTAR		8,551		0.0
GREECE		130,661		0.1
GUERNSEY, C.I.		469		0.0
HONG KONG		958,775		0.8
HUNGARY		11,625		0.0
INDIA		712,684		0.6
INDONESIA		233,805		0.2
IRELAND		376,556		0.3
ISLE OF MAN		2,565		0.0
ISRAEL		197,878		0.2
ITALY		637,258		0.5
JAPAN		5,636,779		4.4
JERSEY, C.I.		11,180		0.0
KOREA, REPUBLIC OF		1,258,137		1.0
LUXEMBOURG		48,472		0.0
MACAU		9,589		0.0
MALAYSIA		262,926		0.2
MALTA		4,980		0.0
MEXICO		409,673		0.3
MONACO		8,397		0.0

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Value		% of total
Country	(000)		portfolio
NETHERLANDS	$	1,244,042		1.0	%
NEW ZEALAND		106,071		0.1
NORWAY		173,459		0.1
PANAMA		19,213		0.0
PERU		19,522		0.0
PHILIPPINES		143,518		0.1
POLAND		125,473		0.1
PORTUGAL		52,975		0.0
PUERTO RICO		14,140		0.0
QATAR		52,155		0.0
RUSSIA		174,572		0.1
SINGAPORE		551,814		0.4
SOUTH AFRICA		642,516		0.5
SPAIN		568,917		0.4
SRI LANKA		2,061		0.0
SWEDEN		805,778		0.6
SWITZERLAND		2,334,284		1.8
TAIWAN		1,126,778		0.9
THAILAND		238,452		0.2
TURKEY		160,898		0.1
UKRAINE		516		0.0
UNITED ARAB EMIRATES		65,174		0.1
UNITED KINGDOM		5,344,690		4.2
VIETNAM		932		0.0
VIRGIN ISLANDS, U.S.		1,316		0.0
TOTAL FOREIGN		38,178,614		29.6
TOTAL PORTFOLIO	$	129,016,650		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2014

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.9%
AUSTRALIA - 1.7%
	148,440		AGL Energy Ltd	$	1,619
	36,473	e	ALS Ltd		158
	816,630	*	Alumina Ltd		1,180
	441,986		Amcor Ltd		4,863
	890,708		AMP Ltd		3,967
	99,524		APA Group		602
	210,946		Asciano Group		1,033
	166,113		AusNet Services		179
	1,101,590		Australia & New Zealand Banking Group Ltd		28,663
	49,049		Australian Stock Exchange Ltd		1,463
	34,284	*	Bank of Queensland Ltd		338
	41,715		Bendigo Bank Ltd		434
	1,757,012		BHP Billiton Ltd		41,540
	894,074		BHP Billiton plc		19,161
	126,480	*	BlueScope Steel Ltd		572
	74,217		Boral Ltd		318
	364,075		Brambles Ltd		3,136
	212,687		Caltex Australia Ltd		5,901
	158,751		Coca-Cola Amatil Ltd		1,199
	5,433	e	Cochlear Ltd		343
	361,166		Commonwealth Bank of Australia		25,093
	129,388		Computershare Ltd		1,238
	396,649		Crown Ltd		4,079
	126,598		CSL Ltd		8,893
	84,026		Dexus Property Group		476
	71,877		DuluxGroup Ltd		338
	6,300,943		Echo Entertainment Group Ltd		19,341
	130,800		Federation Centres		304
	5,087	e	Flight Centre Ltd		135
	142,870	e	Fortescue Metals Group Ltd		314
	159,038		GPT Group (ASE)		563
	48,807	e	Harvey Norman Holdings Ltd		133
	103,517	*	Healthscope Ltd		229
	39,835		Iluka Resources Ltd		191
	253,329		Incitec Pivot Ltd		655
	567,400		Insurance Australia Group Ltd		2,881
	2,993,669		John Fairfax Holdings Ltd		2,124
	42,787		Leighton Holdings Ltd		779
	170,539		Lend Lease Corp Ltd		2,271
	162,710	e	Macquarie Goodman Group		752
	103,376		Macquarie Group Ltd		4,875
	227,700	*	Medibank Pvt Ltd		448
	83,362	e	Metcash Ltd		126
	1,021,533		Mirvac Group		1,478

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	975,814		National Australia Bank Ltd	$	26,611
	456,931	*	Newcrest Mining Ltd		4,020
	200,432	e	Novion Property Group		344
	321,889		OneSteel Ltd		56
	102,020		Orica Ltd		1,563
	329,898		Origin Energy Ltd		3,121
	328,034		Orora Ltd		518
	72,671		Oxiana Ltd		204
	57,603	*	Qantas Airways Ltd		112
	424,422		QBE Insurance Group Ltd		3,854
	196,121		QR National Ltd		734
	12,372		Ramsay Health Care Ltd		574
	4,985		REA Group Ltd		183
	43,305		Recall Holdings Ltd		253
	256,234		Santos Ltd		1,712
	3,535,808	*	Scentre Group		10,018
	30,748		Seek Ltd		429
	39,943		Shopping Centres Australasia Property Group		60
	35,207		Sonic Healthcare Ltd		530
	730,609	e	Stockland Trust Group		2,442
	405,475		Suncorp-Metway Ltd		4,632
	174,139		Sydney Airport		667
	71,201		Tabcorp Holdings Ltd		240
	135,271		Tattersall’s Ltd		380
	1,405,770		Telstra Corp Ltd		6,825
	226,876		Toll Holdings Ltd		1,081
	26,263		TPG Telecom Ltd		144
	366,360		Transurban Group		2,553
	60,649		Treasury Wine Estates Ltd		234
	330,386		Wesfarmers Ltd		11,186
	1,917,705		Westfield Corp		14,057
	631,193	*	Westpac Banking Corp		16,976
	197,720		Woodside Petroleum Ltd		6,115
	317,779		Woolworths Ltd		7,897
	33,831		WorleyParsons Ltd		277
			TOTAL AUSTRALIA		324,987
AUSTRIA - 0.1%
	98,478		Andritz AG.		5,414
	14,312	e	Erste Bank der Oesterreichischen Sparkassen AG.		333
	65,989	*,m	Immoeast AG.		0	^
	44,143	*	Immofinanz Immobilien Anlagen AG.		111
	170,000		Oesterreichische Post AG.		8,307
	8,409		OMV AG.		223
	5,647		Raiffeisen International Bank Holding AG.		86
	5,510		Voestalpine AG.		218
	2,037		Wiener Staedtische Allgemeine Versicherung AG.		91
			TOTAL AUSTRIA		14,783
BELGIUM - 0.4%
	11,573		Ageas		412
	148,254		Anheuser-Busch InBev NV (ADR)		16,652

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,925	*,m	Anheuser-Busch InBev NV (Strip VVPR)	$	0	^
	649,443	*	Arseus NV		27,139
	7,451		Belgacom S.A.		270
	3,510		Colruyt S.A.		163
	5,208		Delhaize Group		379
	4,425		Groupe Bruxelles Lambert S.A.		378
	477	*,m	Groupe Bruxelles Lambert S.A. (Strip VVPR)		0	^
	81,392		InBev NV		9,160
	12,781	*	KBC Groep NV		713
	3,251		Solvay S.A.		440
	2,461	*	Telenet Group Holding NV		138
	236,947		UCB S.A.		18,017
	5,361		Umicore		216
			TOTAL BELGIUM		74,077
BRAZIL - 0.1%
	734,600		Banco Itau Holding Financeira S.A.		9,562
	244,700		Cia Brasileira de Distribuicao Grupo Pao de Acucar		9,079
			TOTAL BRAZIL		18,641
CANADA - 3.7%
	22,278		Agnico-Eagle Mines Ltd		555
	30,406	e	Agrium, Inc		2,879
	864,344		Alimentation Couche Tard, Inc		36,224
	13,823	e	AltaGas Income Trust		516
	131,803	e	ARC Resources Ltd		2,854
	8,176		Atco Ltd		335
	65,000	*	Bank of Montreal		4,597
	213,691		Bank of Montreal		15,115
	390,204		Bank of Nova Scotia		22,271
	476,186		Barrick Gold Corp (Canada)		5,132
	135,436	e	Baytex Energy Trust		2,252
	213,518	e	BCE, Inc		9,792
	271,833	*,e	Blackberry Ltd (New)		2,981
	155,970	e	Bombardier, Inc		557
	142,285		Brookfield Asset Management, Inc		7,130
	135,668		CAE, Inc		1,761
	42,850	e	Cameco Corp (Toronto)		703
	134,279	e	Canadian Imperial Bank of Commerce/Canada		11,539
	604,891	e	Canadian National Railway Co		41,662
	370,767		Canadian Natural Resources Ltd (Canada)		11,463
	290,268		Canadian Oil Sands Trust		2,603
	119,501	e	Canadian Pacific Railway Ltd (Toronto)		23,015
	82,325		Canadian Tire Corp Ltd		8,697
	16,634		Canadian Utilities Ltd		586
	200,000	*	Canfor Corp		5,102
	390,000	*	Celestica, Inc		4,582
	293,482	e	Cenovus Energy, Inc (Toronto)		6,055
	102,576	*	CGI Group, Inc		3,910
	34,097	e	CI Financial Corp		948
	1,933	e	Constellation Software, Inc		575
	69,359	e	Crescent Point Energy Corp		1,607

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	608,827		Dollarama, Inc	$	31,128
	391,615		Eldorado Gold Corp		2,387
	275,000	*	Element Financial Corp		3,347
	8,444		Empire Co Ltd		637
	230,516		Enbridge, Inc		11,853
	319,065		EnCana Corp		4,441
	21,971	e	Enerplus Resources Fund		212
	3,851		Fairfax Financial Holdings Ltd		2,018
	104,971		Finning International, Inc		2,280
	41,859	e	First Capital Realty, Inc		672
	193,982		First Quantum Minerals Ltd		2,757
	107,902		Fortis, Inc		3,618
	70,861		Franco-Nevada Corp		3,489
	5,582		George Weston Ltd		482
	122,384		Gildan Activewear, Inc		6,921
	183,794		Goldcorp, Inc		3,403
	128,579		Great-West Lifeco, Inc		3,718
	81,041		H&R Real Estate Investment Trust		1,516
	168,970	e	Husky Energy, Inc		4,000
	53,651	e	IGM Financial, Inc		2,139
	119,326		Imperial Oil Ltd		5,141
	12,294		Industrial Alliance Insurance and Financial Services, Inc		470
	21,785		ING Canada, Inc		1,572
	52,415	e	Inter Pipeline Ltd		1,621
	62,795	e	Keyera Corp		4,382
	573,815	*	Kinross Gold Corp		1,610
	130,000		Linamar Corp		7,939
	45,169		Loblaw Cos Ltd		2,417
	75,845		Magna International, Inc (Class A)		8,218
	80,000		Magna International, Inc (Class A) (NY)		8,695
	497,474		Manulife Financial Corp		9,497
	16,498	*	MEG Energy Corp		278
	54,527		Methanex Corp		2,505
	122,277		Metro, Inc		9,820
	129,381	*,e	National Bank of Canada		5,506
	249,989	*	New Gold, Inc		1,072
	17,245		Onex Corp		1,001
	135,526		Open Text Corp		7,887
	6,237	*	Paramount Resources Ltd (Class A)		151
	61,889	e	Pembina Pipeline Income Fund		2,255
	329,938	e	Penn West Energy Trust		690
	552,788	e	Peyto Exploration & Development Corp		15,925
	287,699		Potash Corp of Saskatchewan		10,170
	66,365	e	Power Corp Of Canada		1,814
	116,227	e	Power Financial Corp		3,620
	14,006	e	PrairieSky Royalty Ltd		369
	8,443	*	Restaurant Brands International LP		317
	835,989	*	Restaurant Brands International, Inc		32,637
	28,239	*	Restaurant Brands International, Inc (Toronto)		1,106
	95,132		RioCan Real Estate Investment Trust		2,164
	77,370	e	Rogers Communications, Inc (Class B)		3,008
	902,091		Royal Bank of Canada (Toronto)		62,303

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	92,632		Saputo, Inc	$	2,784
	112,888	e	Shaw Communications, Inc (B Shares)		3,046
	106,527		Silver Wheaton Corp		2,167
	16,632		SNC-Lavalin Group, Inc		634
	151,056	e	Sun Life Financial, Inc		5,450
	842,952		Suncor Energy, Inc		26,773
	112,050		Talisman Energy, Inc (Toronto)		878
	80,802		Teck Cominco Ltd		1,104
	96,913		TELUS Corp		3,494
	1,418,941	*	Toronto-Dominion Bank		67,796
	195,992	*	Tourmaline Oil Corp		6,529
	160,098	e	TransAlta Corp		1,450
	401,402	e	TransCanada Corp		19,728
	503,865		TransForce, Inc		12,833
	306,899	*	Turquoise Hill Resources Ltd		948
	63,486	e	Vermilion Energy, Inc		3,115
	180,000		Westjet Airlines Ltd		5,218
	93,223	e	Yamana Gold, Inc		376
			TOTAL CANADA		709,499
CHINA - 1.0%
	794,000		Agricultural Bank of China		399
	324,238	*	Alibaba Group Holding Ltd (ADR)		33,701
	2,708,700		Bank of Communications Co Ltd		2,518
	2,300,000	*,e	CAR, Inc		3,071
	7,916,942	*,g	CGN Power Co Ltd		3,441
	9,579,000	e	China Animal Healthcare Ltd		6,630
	1,122,000		China Aoyuan Property Group Ltd		177
	2,000,000		China Communications Construction Co Ltd		2,395
	7,346,800		China Everbright International Ltd		10,847
	497,000		China Merchants Bank Co Ltd		1,241
	1,300,255	*	China New Town Development Co Ltd		52
	724,000		China Overseas Land & Investment Ltd		2,142
	900		China South Locomotive and Rolling Stock Corp		1
	2,462,100	*,e	China Vanke Co Ltd		5,462
	7,000,000	e	Chongqing Rural Commercial Bank		4,343
	203,000		CNOOC Ltd		275
	13,000,000		Datang International Power Generation Co Ltd		7,019
	1,450,000		Great Wall Motor Co Ltd		8,202
	12,000,000		Huadian Fuxin Energy Corp Ltd		5,620
	7,000,000		Huadian Power International Co		6,073
	4,000,000		Huaneng Power International, Inc		5,405
	16,910,000	e	Huaneng Renewables Corp Ltd		5,424
	9,338,000		Industrial & Commercial Bank of China		6,819
	9,101,500	*	Intime Retail Group Co Ltd		6,581
	84,259	*,e	JD.com, Inc (ADR)		1,950
	1,000,000		New China Life insurance Co Ltd		5,018
	16,500,000		Sihuan Pharmaceutical Holdings		10,975
	2,397,612		Sino-Ocean Land Holdings Ltd		1,352
	9,000,000		Sinotrans Ltd		5,946
	2,775,000		Tencent Holdings Ltd		40,151
	170,749	e	Yangzijiang Shipbuilding		155

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,057,000	e	Yanlord Land Group Ltd	$	2,385
			TOTAL CHINA		195,770
COLOMBIA - 0.0%
	296,216	e	Pacific Rubiales Energy Corp (Toronto)		1,833
			TOTAL COLOMBIA		1,833
DENMARK - 0.6%
	2,508		AP Moller - Maersk AS (Class A)		4,799
	363		AP Moller - Maersk AS (Class B)		722
	5,588		Carlsberg AS (Class B)		429
	203,300		Christian Hansen Holding		9,007
	5,723		Coloplast AS		479
	486,275		Danske Bank AS		13,147
	9,092		DSV AS		277
	300,000		GN Store Nord		6,554
	160,000		H Lundbeck AS		3,176
	4,056	*	ISS A.S.		116
	1,013,622		Novo Nordisk AS		42,876
	12,505		Novozymes AS		526
	105,795		Pandora AS		8,576
	741,102		TDC AS		5,652
	300,000	*	Topdanmark AS		9,737
	1,085		TrygVesta AS		121
	11,451	*	Vestas Wind Systems AS		416
	995	*	William Demant Holding		76
			TOTAL DENMARK		106,686
FINLAND - 0.4%
	7,420		Elisa Oyj (Series A)		202
	22,376		Fortum Oyj		486
	16,043	e	Kone Oyj (Class B)		730
	5,575		Metso Oyj		167
	6,499		Neste Oil Oyj		158
	5,442,969		Nokia Oyj		43,047
	5,889	e	Nokian Renkaat Oyj		144
	5,097		Orion Oyj (Class B)		158
	594,851		Sampo Oyj (A Shares)		27,848
	26,603		Stora Enso Oyj (R Shares)		238
	27,622		UPM-Kymmene Oyj		453
	7,783		Wartsila Oyj (B Shares)		348
			TOTAL FINLAND		73,979
FRANCE - 3.7%
	357,240		Accor S.A.		16,058
	1,684		Aeroports de Paris		204
	17,771		Air Liquide		2,199
	1,195,817	*	Alcatel S.A.		4,278
	4,147,025	*	Alcatel-Lucent (ADR)		14,722
	11,182	*	Alstom RGPT		361
	3,487		Arkema		231
	277,196		Atos Origin S.A.		22,025

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	92,993		AXA S.A.	$	2,143
	1,437,041		BNP Paribas		84,834
	30,000	e	Bollore		137
	163,614		Bouygues S.A.		5,908
	11,016		Bureau Veritas S.A.		244
	7,559		Cap Gemini S.A.		541
	32,037		Carrefour S.A.		975
	3,033		Casino Guichard Perrachon S.A.		279
	1	*	CGG (ADR)		0	^
	2,842		Christian Dior S.A.		486
	8,932		CNP Assurances		158
	797,158		Compagnie de Saint-Gobain		33,768
	3,174,692		Credit Agricole S.A.		40,981
	6,535		Dassault Systemes S.A.		398
	1,169,776		Edenred		32,351
	415,988		Electricite de France		11,451
	10,629		Essilor International S.A.		1,185
	1,758		Eurazeo		123
	361,051		European Aeronautic Defence and Space Co		17,850
	7,419		Eutelsat Communications		240
	586,229		Faurecia		21,760
	1,738		Fonciere Des Regions		161
	96,318		France Telecom S.A.		1,638
	678,301	*,e	GameLoft		2,741
	274,108		Gaz de France		6,392
	1,290		Gecina S.A.		161
	29,748		Groupe Danone		1,945
	24,834		Groupe Eurotunnel S.A.		321
	1,156	e	Hermes International		412
	2,037		Icade		163
	1,260		Iliad S.A.		303
	1,637		Imerys S.A.		120
	731,924		JC Decaux S.A.		25,201
	5,312		Klepierre		228
	317,847		Lafarge S.A.		22,313
	6,401		Lagardere S.C.A.		167
	13,744		Legrand S.A.		721
	262,493		L’Oreal S.A.		43,934
	14,367		LVMH Moet Hennessy Louis Vuitton S.A.		2,276
	9,636		Michelin (C.G.D.E.) (Class B)		870
	45,665		Natixis		301
	4,790	*	Numericable SAS		237
	11,035		Pernod-Ricard S.A.		1,226
	19,982	*	Peugeot S.A.		245
	3,918		PPR		753
	9,549		Publicis Groupe S.A.		685
	1,143	e	Remy Cointreau S.A.		76
	287,401		Renault S.A.		20,933
	1,230,282		Rexel S.A.		22,042
	13,950		Safran S.A.		861
	384,564		Sanofi-Aventis		35,061
	27,242		Schneider Electric S.A.		1,984

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	148,649		SCOR	$	4,504
	1,352		Societe BIC S.A.		180
	521,971		Societe Generale		21,845
	4,917		Sodexho Alliance S.A.		481
	275,556		Suez Environnement S.A.		4,801
	5,157		Technip S.A.		307
	314,852		Teleperformance		21,432
	65,101		Thales S.A.		3,522
	1,879,082		Total S.A.		96,269
	5,043		Unibail-Rodamco		1,294
	153,640		Valeo S.A.		19,117
	4,883		Vallourec		132
	21,873		Veolia Environnement		387
	24,954		Vinci S.A.		1,362
	1,130,422		Vivendi Universal S.A.		28,137
	1,708		Wendel		191
	9,232		Zodiac S.A.		311
			TOTAL FRANCE		714,633
GERMANY - 2.9%
	80,825		Adidas-Salomon AG.		5,613
	225,000	*	Aixtron AG.		2,529
	460,232		Allianz AG.		76,227
	2,096		Axel Springer AG.		126
	47,164		BASF AG.		3,956
	570,324		Bayer AG.		77,740
	100,563		Bayerische Motoren Werke AG.		10,853
	2,644		Bayerische Motoren Werke AG. (Preference)		216
	737,101		Beiersdorf AG.		59,848
	7,706		Brenntag AG.		431
	3,109		Celesio AG.		100
	49,633	*	Commerzbank AG.		651
	153,546		Continental AG.		32,386
	971,910		Daimler AG. (Registered)		80,721
	12,543		Deutsche Annington Immobilien SE		426
	70,894		Deutsche Bank AG.		2,123
	10,317		Deutsche Boerse AG.		733
	10,670		Deutsche Lufthansa AG.		177
	1,504,275		Deutsche Post AG.		48,832
	162,046		Deutsche Telekom AG.		2,593
	14,658		Deutsche Wohnen AG.		346
	65,000		Duerr AG.		5,712
	102,892		E.ON AG.		1,759
	2,016		Fraport AG. Frankfurt Airport Services Worldwide		116
	180,000		Freenet AG.		5,118
	11,160		Fresenius Medical Care AG.		833
	19,634		Fresenius SE		1,021
	3,795		Fuchs Petrolub AG. (Preference)		151
	9,208		GEA Group AG.		405
	73,301		Hannover Rueckversicherung AG.		6,613
	7,359		HeidelbergCement AG.		519
	6,114		Henkel KGaA		592

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,244		Henkel KGaA (Preference)	$	996
	2,256		Hugo Boss AG.		276
	58,886		Infineon Technologies AG.		623
	8,547		K&S AG.		236
	1,134	*	Kabel Deutschland Holding AG.		154
	59,515		Lanxess AG.		2,756
	9,448		Linde AG.		1,740
	1,763		MAN AG.		196
	6,841		Merck KGaA		644
	7,689	*	Metro AG.		235
	101,156	*	Morphosys AG.		9,423
	38,887		Muenchener Rueckver AG.		7,744
	3,895	*	Osram Licht AG.		153
	8,142		Porsche AG.		659
	536,939		ProSiebenSat. Media AG.		22,435
	187,792		RTL Group		17,907
	25,468		RWE AG.		786
	47,477		SAP AG.		3,315
	263,905		Siemens AG.		29,611
	6,279		Symrise AG.		378
	30,132		Telefonica Deutschland Holding AG.		160
	22,910	*	ThyssenKrupp AG.		584
	22,700		TUI AG.		376
	10,103	*	TUI AG. (New)		162
	6,154		United Internet AG.		277
	56,511		Volkswagen AG.		12,252
	8,291		Volkswagen AG. (Preference)		1,843
	34,000		Wacker Chemie AG.		3,730
	300,046		Wirecard AG.		13,083
			TOTAL GERMANY		562,200
GIBRALTAR - 0.0%
	1,800,000		Bwin.Party Digital Entertainment		3,280
			TOTAL GIBRALTAR		3,280
GREECE - 0.0%
	5,816,266	*	Piraeus Bank S.A.		6,329
			TOTAL GREECE		6,329
HONG KONG - 0.9%
	7,091,158		AIA Group Ltd		39,111
	21,918		ASM Pacific Technology		209
	122,082		Bank of East Asia Ltd		490
	2,171,853		BOC Hong Kong Holdings Ltd		7,237
	109,431		Cathay Pacific Airways Ltd		239
	560,787		Cheung Kong Holdings Ltd		9,391
	55,723		Cheung Kong Infrastructure Holdings Ltd		410
	4,734,000		China Gas Holdings Ltd		7,414
	625,000		Chow Sang Sang Holding		1,641
	508,454		CLP Holdings Ltd		4,403
	1,370,331		Esprit Holdings Ltd		1,635
	219,463		First Pacific Co		217

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	219,803		Galaxy Entertainment Group Ltd	$	1,221
	1,063,434	*	Global Brands Group Holding Ltd		208
	209,000	*	Glorious Property Holdings Ltd		32
	1,261,517		Hang Lung Group Ltd		5,720
	4,343,803		Hang Lung Properties Ltd		12,118
	364,272		Hang Seng Bank Ltd		6,054
	402,544		Henderson Land Development Co Ltd		2,798
	245,660		HKT Trust and HKT Ltd		320
	2,041,151		Hong Kong & China Gas Ltd		4,650
	299,776		Hong Kong Electric Holdings Ltd		2,898
	190,798		Hong Kong Exchanges and Clearing Ltd		4,212
	367,913		Hutchison Whampoa Ltd		4,206
	58,760		Hysan Development Co Ltd		261
	7,250		Kerry Logistics Network Ltd		11
	1,537,948		Kerry Properties Ltd		5,548
	1,611,027		Li & Fung Ltd		1,508
	12,000	e	Lifestyle International Holdings Ltd		25
	218,968		Link REIT		1,371
	448,754		MTR Corp		1,836
	1,627,075		New World Development Co Ltd		1,868
	401,802		Noble Group Ltd		343
	143,548		NWS Holdings Ltd		263
	379,040		PCCW Ltd		258
	228,733		Sands China Ltd		1,114
	2,770,286		Shanghai Real Estate Ltd		75
	107,992		Shangri-La Asia Ltd		148
	292,542		Sino Land Co		470
	184,611		SJM Holdings Ltd		292
	1,054,642		Sun Hung Kai Properties Ltd		15,978
	156,628		Swire Pacific Ltd (Class A)		2,033
	177,400		Swire Properties Ltd		522
	121,402		Techtronic Industries Co		389
	344,500	*,e,g	WH Group Ltd		196
	1,892,701		Wharf Holdings Ltd		13,588
	87,334		Wheelock & Co Ltd		406
	68,912		Yue Yuen Industrial Holdings		248
			TOTAL HONG KONG		165,585
INDIA - 0.5%
	550,000		Axis Bank Ltd		4,353
	330,000		Bank of Baroda		5,636
	99,359		Bharti Infratel Ltd		529
	180,000		Cadila Healthcare Ltd		4,562
	322,531	*	DEN Networks Ltd		681
	1,530,483	*	Dhanalakshmi Bank Ltd		980
	3,349,567		DLF Ltd		7,193
	110,200		Dr Reddy’s Laboratories Ltd		5,634
	630,000		HDFC Bank Ltd		9,462
	332,666		Housing Development Finance Corp		5,965
	175,000		ICICI Bank Ltd		974
	450,000		ICICI Bank Ltd (ADR)		5,198
	38,021		ING Vysya Bank Ltd		523

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	283,431		Jyothy Laboratories Ltd	$	1,163
	454,322		LIC Housing Finance Ltd		3,126
	410,000		Lupin Ltd		9,263
	6,000		MRF Ltd		3,597
	90,834		Prestige Estates Projects Ltd		344
	1,113,028	*	Puravankara Projects Ltd		1,487
	111,069		Reliance Industries Ltd		1,562
	800,000		Sun Pharmaceutical Industries Ltd		10,455
	813,513	*	Sunteck Realty Ltd		3,600
	1,300,000		Tata Motors Ltd		6,877
	18,896,394	*	Unitech Ltd		4,920
	600,000		United Phosphorus Ltd		3,282
	192,387		Yes Bank Ltd		2,338
			TOTAL INDIA		103,704
INDONESIA - 0.1%
	9,328,800		PT Bank Mandiri Persero Tbk		8,113
	41,374,500		PT Express Transindo Utama Tbk		3,893
			TOTAL INDONESIA		12,006
IRELAND - 0.9%
	1,417,163	*	Bank of Ireland		532
	1,265,684		CRH plc		30,434
	60,000		DCC plc		3,303
	4,032,262	*	Green REIT plc		6,245
	6,470,177	*	Hibernia REIT plc		8,495
	147,992	*,m	Irish Bank Resolution Corp Ltd		0	^
	42,251		James Hardie Industries NV		451
	327,445		Kerry Group plc (Class A)		22,622
	6,302	*	Ryanair Holdings plc		75
	446,869	*	Ryanair Holdings plc (ADR)		31,848
	676,781		Shire Ltd		47,984
	977,088		Smurfit Kappa Group plc		21,973
	60,098		XL Capital Ltd		2,066
			TOTAL IRELAND		176,028
ISRAEL - 0.1%
	57,777		Bank Hapoalim Ltd		272
	71,855	*	Bank Leumi Le-Israel		245
	91,397		Bezeq Israeli Telecommunication Corp Ltd		162
	235		Delek Group Ltd		59
	24,249		Israel Chemicals Ltd		175
	91	*	Israel Corp Ltd		43
	5,849	*	Mizrahi Tefahot Bank Ltd		61
	2,629		Nice Systems Ltd		133
	44,105		Teva Pharmaceutical Industries Ltd		2,528
	285,146		Teva Pharmaceutical Industries Ltd (ADR)		16,399
			TOTAL ISRAEL		20,077
ITALY - 0.9%
	4,000,000		A2A S.p.A.		4,053
	413,333		Ansaldo STS S.p.A.		4,161

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	60,758		Assicurazioni Generali S.p.A.	$	1,247
	20,647		Autostrade S.p.A.		480
	200,000		Azimut Holding S.p.A.		4,345
	11,415,685		Banca Intesa S.p.A.		33,116
	55,781		Banca Intesa S.p.A. RSP		137
	245,702	*	Banca Monte dei Paschi di Siena S.p.A		140
	45,006		Banche Popolari Unite Scpa		322
	18,166	*	Banco Popolare SC		218
	93,739		Enel Green Power S.p.A		196
	4,100,512		Enel S.p.A.		18,278
	765,609		ENI S.p.A.		13,411
	114,366		Exor S.p.A.		4,693
	18,902	*	Finmeccanica S.p.A.		176
	46,758		Fondiaria-Sai S.p.A		126
	287,285		Luxottica Group S.p.A.		15,748
	4,046,537	*	Mediaset S.p.A.		16,650
	4,673,913		Mediobanca S.p.A.		37,978
	600,000		Mediolanum S.p.A.		3,823
	17,934		Moncler S.p.A		240
	12,692		Pirelli & C S.p.A.		171
	9,367		Prysmian S.p.A.		171
	11,917	*	Saipem S.p.A.		125
	105,817		Snam Rete Gas S.p.A.		524
	325,231		Telecom Italia RSP		272
	524,354	*,e	Telecom Italia S.p.A.		559
	80,592		Terna Rete Elettrica Nazionale S.p.A.		366
	228,683		UniCredit S.p.A		1,465
	389,209	*	Yoox S.p.A		8,594
			TOTAL ITALY		171,785
JAPAN - 7.2%
	1,800		ABC-Mart, Inc		87
	28,000	*,e	Acom Co Ltd		85
	700		Activia Properties Inc		6,087
	2,090		Advance Residence Investment Corp		5,593
	10,143		Advantest Corp		126
	191,309		Aeon Co Ltd		1,923
	7,203	e	Aeon Credit Service Co Ltd		142
	7,960		Aeon Mall Co Ltd		141
	1,500		AEON REIT Investment Corp		2,128
	11,000		Air Water, Inc		174
	188,642		Aisin Seiki Co Ltd		6,778
	39,529		Ajinomoto Co, Inc		736
	11,600		Alfresa Holdings Corp		140
	74,435		All Nippon Airways Co Ltd		184
	24,144		Amada Co Ltd		207
	2,594,848		Aozora Bank Ltd		8,032
	187,407		Asahi Breweries Ltd		5,798
	70,773		Asahi Glass Co Ltd		345
	607,134		Asahi Kasei Corp		5,539
	11,100		Asics Corp		267
	793,100	*	Astellas Pharma, Inc		11,042

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	104,105		Bank of Kyoto Ltd	$	870
	354,971		Bank of Yokohama Ltd		1,928
	4,353		Benesse Corp		129
	512,804		Bridgestone Corp		17,785
	16,585		Brother Industries Ltd		301
	44,900		Calbee, Inc		1,547
	206,797		Canon, Inc		6,573
	14,133	e	Casio Computer Co Ltd		216
	44,200		Central Japan Railway Co		6,625
	238,323		Chiba Bank Ltd		1,562
	115,100		Chiyoda Corp		954
	184,666	*	Chubu Electric Power Co, Inc		2,170
	70,458		Chugai Pharmaceutical Co Ltd		1,730
	49,000		Chugoku Bank Ltd		668
	80,553		Chugoku Electric Power Co, Inc		1,053
	17,242		Citizen Watch Co Ltd		133
	3,000		COLOPL, Inc		67
	10,255		Credit Saison Co Ltd		191
	1,200		Crescendo Investment Corp		980
	193,400	*,e	CYBERDYNE, Inc		4,912
	39,076		Dai Nippon Printing Co Ltd		352
	19,630		Daicel Chemical Industries Ltd		229
	13,990		Daihatsu Motor Co Ltd		183
	74,600		Dai-ichi Mutual Life Insurance Co		1,132
	44,897		Daiichi Sankyo Co Ltd		628
	71,946		Daikin Industries Ltd		4,613
	9,963		Dainippon Sumitomo Pharma Co Ltd		96
	15,011		Daito Trust Construction Co Ltd		1,703
	227,856		Daiwa House Industry Co Ltd		4,304
	428,300		Daiwa Securities Group, Inc		3,354
	276,145		Denso Corp		12,871
	14,655		Dentsu, Inc		616
	3,900		Don Quijote Co Ltd		268
	158,852		East Japan Railway Co		11,973
	17,617		Eisai Co Ltd		681
	34,993		Electric Power Development Co		1,182
	3,844		FamilyMart Co Ltd		145
	13,243		Fanuc Ltd		2,184
	16,818		Fast Retailing Co Ltd		6,120
	1,187,822		Fuji Electric Holdings Co Ltd		4,736
	696,942		Fuji Heavy Industries Ltd		24,662
	540,584		Fujifilm Holdings Corp		16,495
	1,513,091		Fujitsu Ltd		8,067
	233,663		Fukuoka Financial Group, Inc		1,205
	76,100		Glory Ltd		2,050
	159,400	*,e	GMO Payment Gateway, Inc		2,982
	24,600	*,e	GungHo Online Entertainment Inc		89
	116,879		Gunma Bank Ltd		759
	119,842		Hachijuni Bank Ltd		770
	16,200		Hakuhodo DY Holdings, Inc		155
	4,837		Hamamatsu Photonics KK		230
	80,000		Hankyu Hanshin Holdings, Inc		429

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	700,000		Haseko Corp	$	5,630
	1,100		Hikari Tsushin, Inc		67
	77,282		Hino Motors Ltd		1,017
	8,987		Hirose Electric Co Ltd		1,043
	154,000		Hiroshima Bank Ltd		733
	3,767		Hisamitsu Pharmaceutical Co, Inc		119
	7,552		Hitachi Chemical Co Ltd		133
	7,722		Hitachi Construction Machinery Co Ltd		163
	19,900		Hitachi High-Technologies Corp		572
	7,077,285		Hitachi Ltd		52,236
	14,000		Hitachi Metals Ltd		238
	356,000		Hokuhoku Financial Group, Inc		718
	50,831		Hokuriku Electric Power Co		649
	531,868		Honda Motor Co Ltd		15,604
	800,353		Hoya Corp		27,072
	2,171	e	Hulic Reit, Inc		3,295
	8,866		Ibiden Co Ltd		131
	1,552		Ichigo Real Estate Investment Corp		1,207
	6,400	*	Idemitsu Kosan Co Ltd		106
	10,200		Iida Group Holdings Co Ltd		124
	200		Industrial & Infrastructure Fund Investment Corp		925
	287,400	*	Infomart Corp		2,705
	281,100		Inpex Holdings, Inc		3,129
	154,681		Isetan Mitsukoshi Holdings Ltd		1,914
	1,801,878		Ishikawajima-Harima Heavy Industries Co Ltd		9,126
	41,500		Isuzu Motors Ltd		505
	823,270		Itochu Corp		8,788
	11,562		Itochu Techno-Science Corp		408
	783,000	e	Iwatani International Corp		5,130
	72,652		Iyo Bank Ltd		787
	295,900		J Front Retailing Co Ltd		3,427
	261,400		Japan Airlines Co Ltd		7,750
	20,600	*	Japan Display, Inc		63
	280,200		Japan Pile Corp		1,786
	51		Japan Prime Realty Investment Corp		177
	86	*	Japan Real Estate Investment Corp		414
	651		Japan Retail Fund Investment Corp		1,376
	414,600		Japan Tobacco, Inc		11,411
	33,904		JFE Holdings, Inc		756
	64,978		JGC Corp		1,338
	195,624		Joyo Bank Ltd		969
	12,353		JSR Corp		212
	413,903		JTEKT Corp		6,966
	1,003,280		JX Holdings, Inc		3,904
	57,372		Kajima Corp		236
	9,800	e	Kakaku.com, Inc		140
	400,252		Kamigumi Co Ltd		3,565
	69,000		Kanamoto Co Ltd		1,866
	19,900		Kaneka Corp		107
	208,874	*	Kansai Electric Power Co, Inc		1,987
	16,480		Kansai Paint Co Ltd		255
	36,053		Kao Corp		1,422

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	499,212		Kawasaki Heavy Industries Ltd	$	2,270
	182,900		KDDI Corp		11,491
	37,000		Keihan Electric Railway Co Ltd		198
	145,622		Keihin Electric Express Railway Co Ltd		1,077
	179,910		Keio Corp		1,294
	19,426		Keisei Electric Railway Co Ltd		236
	2,263		Kenedix Realty Investment Corp		12,809
	10,851		Keyence Corp		4,835
	9,795		Kikkoman Corp		240
	309,914		Kintetsu Corp		1,019
	57,249	e	Kirin Brewery Co Ltd		711
	211,084		Kobe Steel Ltd		364
	6,400		Koito Manufacturing Co Ltd		196
	165,722		Komatsu Ltd		3,664
	7,373		Konami Corp		135
	32,613		Konica Minolta Holdings, Inc		355
	1,076,258		Kubota Corp		15,622
	23,674		Kuraray Co Ltd		269
	7,545		Kurita Water Industries Ltd		157
	95,500		Kyocera Corp		4,370
	16,045		Kyowa Hakko Kogyo Co Ltd		151
	119,984	*	Kyushu Electric Power Co, Inc		1,202
	18,051		Lawson, Inc		1,091
	18,323		LIXIL Group Corp		386
	100,432		Mabuchi Motor Co Ltd		3,986
	52,536		Makita Corp		2,367
	895,872		Marubeni Corp		5,360
	15,409		Marui Co Ltd		139
	2,696		Maruichi Steel Tube Ltd		57
	1,222,100		Matsui Securities Co Ltd		10,575
	534,055		Matsushita Electric Industrial Co Ltd		6,290
	891,900		Mazda Motor Corp		21,420
	4,100	e	McDonald’s Holdings Co Japan Ltd		90
	10,112		Mediceo Paltac Holdings Co Ltd		118
	4,149		MEIJI Holdings Co Ltd		377
	22,000		Minebea Co Ltd		325
	16,900		Miraca Holdings, Inc		727
	94,519		Mitsubishi Chemical Holdings Corp		458
	364,995		Mitsubishi Corp		6,679
	823,814		Mitsubishi Electric Corp		9,785
	227,705		Mitsubishi Estate Co Ltd		4,798
	282,160		Mitsubishi Gas Chemical Co, Inc		1,416
	1,030,150		Mitsubishi Heavy Industries Ltd		5,685
	8,262		Mitsubishi Logistics Corp		120
	77,293		Mitsubishi Materials Corp		256
	44,300		Mitsubishi Motors Corp		405
	4,112,554		Mitsubishi UFJ Financial Group, Inc		22,595
	36,000		Mitsubishi UFJ Lease & Finance Co Ltd		169
	513,504		Mitsui & Co Ltd		6,877
	970,087		Mitsui Chemicals, Inc		2,748
	901,100		Mitsui Engineering & Shipbuilding Co Ltd		1,584
	952,437		Mitsui Fudosan Co Ltd		25,540

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,918,499		Mitsui OSK Lines Ltd	$	5,684
	232,409		Mitsui Sumitomo Insurance Group Holdings, Inc		5,508
	1,217,918		Mitsui Trust Holdings, Inc		4,665
	2,400	e	Mixi Inc		89
	6,113,556		Mizuho Financial Group, Inc		10,248
	110,000		Monex Beans Holdings, Inc		262
	346,300	e	MonotaRO Co Ltd		6,978
	309,220		Murata Manufacturing Co Ltd		33,742
	7,800		Nabtesco Corp		189
	58,000		Nagoya Railroad Co Ltd		216
	12,206		Namco Bandai Holdings, Inc		258
	178,615		NEC Corp		519
	7,900		Nexon Co Ltd		74
	72,932		NEXT FUNDS JPX-Nikkei Index 400 Exchange Traded Fund		7,800
	40,179		NGK Insulators Ltd		824
	12,288		NGK Spark Plug Co Ltd		373
	11,138		NHK Spring Co Ltd		97
	165,100	*	Nidec Corp		10,663
	785,100		Nihon Nohyaku Co Ltd		9,032
	73,181		Nikon Corp		972
	30,558		Nintendo Co Ltd		3,189
	415	*	Nippon Building Fund, Inc		2,083
	29,184		Nippon Electric Glass Co Ltd		131
	59,441		Nippon Express Co Ltd		301
	116,200		Nippon Kayaku Co Ltd		1,445
	11,944		Nippon Meat Packers, Inc		261
	11,000		Nippon Paint Co Ltd		319
	2,572	*	Nippon ProLogis REIT, Inc		5,584
	1,223,176		Nippon Steel Corp		3,034
	259,730		Nippon Telegraph & Telephone Corp		13,268
	484,308		Nippon Yusen Kabushiki Kaisha		1,368
	1,186,343		Nissan Motor Co Ltd		10,347
	14,100		Nisshin Seifun Group, Inc		137
	3,935		Nissin Food Products Co Ltd		188
	242,400		Nissin Kogyo Co Ltd		3,367
	4,800	*	Nitori Co Ltd		258
	143,537		Nitto Denko Corp		8,020
	23,053		NKSJ Holdings, Inc		580
	6,551		NOK Corp		167
	1,120,963		Nomura Holdings, Inc		6,344
	8,574		Nomura Real Estate Holdings, Inc		147
	303,364		Nomura Research Institute Ltd		9,278
	31,911		NSK Ltd		377
	164,200		NTT Data Corp		6,117
	479,000		NTT DoCoMo, Inc		6,976
	8,200		NTT Urban Development Corp		83
	44,259		Obayashi Corp		285
	194,098	e	Odakyu Electric Railway Co Ltd		1,719
	53,797		OJI Paper Co Ltd		192
	263,100		Okabe Co Ltd		2,388
	475,000	*	Olympus Corp		16,639

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	64,202		Omron Corp	$	2,872
	224,098		Ono Pharmaceutical Co Ltd		19,841
	2,703		Oracle Corp Japan		110
	74,017		Oriental Land Co Ltd		17,069
	1,748,600		ORIX Corp		22,002
	464,581		Osaka Gas Co Ltd		1,735
	17,900		Osaka Securities Exchange Co Ltd		417
	6,900		Otsuka Corp		219
	137,100		Otsuka Holdings KK		4,110
	87,200		Park24 Co Ltd		1,284
	54,600		Rakuten, Inc		759
	10,100	*	Recruit Holdings Co Ltd		290
	1,524,030		Resona Holdings, Inc		7,699
	47,881		Ricoh Co Ltd		484
	2,599		Rinnai Corp		175
	15,624		Rohm Co Ltd		941
	3,580		Sankyo Co Ltd		123
	3,400	e	Sanrio Co Ltd		84
	92,187		Santen Pharmaceutical Co Ltd		4,963
	212,000		Sapporo Holdings Ltd		896
	109,800		Sawai Pharmaceutical Co Ltd		6,308
	13,380		SBI Holdings, Inc		146
	14,634		Secom Co Ltd		841
	12,743		Sega Sammy Holdings, Inc		163
	8,200	e	Seibu Holdings, Inc		167
	8,600		Seiko Epson Corp		360
	247,551		Sekisui Chemical Co Ltd		2,978
	207,820		Sekisui House Ltd		2,735
	340,981		Seven & I Holdings Co Ltd		12,266
	37,900		Seven Bank Ltd		159
	100,106	*,e	Sharp Corp		221
	51,719	*	Shikoku Electric Power Co, Inc		627
	16,982		Shimadzu Corp		173
	1,597		Shimamura Co Ltd		138
	5,381		Shimano, Inc		697
	1,527,962		Shimizu Corp		10,378
	174,600		Shin-Etsu Chemical Co Ltd		11,366
	111,649		Shinsei Bank Ltd		194
	20,933		Shionogi & Co Ltd		541
	25,385		Shiseido Co Ltd		356
	37,301		Shizuoka Bank Ltd		341
	16,300		Shoei Co Ltd		163
	12,973	e	Showa Shell Sekiyu KK		128
	3,788		SMC Corp		993
	765,160		Softbank Corp		45,545
	2,400,000		Sojitz Holdings Corp		3,352
	72,100	*	So-net M3, Inc		1,206
	1,981,982		Sony Corp		40,451
	12,800		Sony Financial Holdings, Inc		188
	307,615		Stanley Electric Co Ltd		6,642
	103,883		Sumitomo Chemical Co Ltd		409
	220,663		Sumitomo Corp		2,266

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	52,576		Sumitomo Electric Industries Ltd	$	657
	1,988,625		Sumitomo Heavy Industries Ltd		10,697
	36,464		Sumitomo Metal Mining Co Ltd		544
	1,143,679		Sumitomo Mitsui Financial Group, Inc		41,347
	169,996		Sumitomo Realty & Development Co Ltd		5,792
	11,363		Sumitomo Rubber Industries, Inc		169
	9,400		Suntory Beverage & Food Ltd		325
	229,754		Suruga Bank Ltd		4,222
	5,187		Suzuken Co Ltd		143
	25,422		Suzuki Motor Corp		762
	304,800	*	Sysmex Corp		13,528
	40,431		T&D Holdings, Inc		485
	79,000		Taiheiyo Cement Corp		248
	1,044,143		Taisei Corp		5,922
	2,323		Taisho Pharmaceutical Holdings Co Ltd		142
	10,672	e	Taiyo Nippon Sanso Corp		117
	18,718		Takashimaya Co Ltd		149
	255,948		Takeda Pharmaceutical Co Ltd		10,596
	68,381		Tanabe Seiyaku Co Ltd		1,002
	87,227		TDK Corp		5,137
	1,216,613		Teijin Ltd		3,234
	21,300	*	Terumo Corp		483
	53,976		THK Co Ltd		1,297
	277,878		Tobu Railway Co Ltd		1,188
	8,175		Toho Co Ltd		186
	30,000	e	Toho Gas Co Ltd		147
	136,515		Tohoku Electric Power Co, Inc		1,589
	595,264		Tokio Marine Holdings, Inc		19,333
	101,960	*	Tokyo Electric Power Co, Inc		415
	40,810		Tokyo Electron Ltd		3,095
	2,608,724		Tokyo Gas Co Ltd		14,076
	50,000		Tokyo Ohka Kogyo Co Ltd		1,530
	28,000		Tokyo Tatemono Co Ltd		204
	513,852		Tokyu Corp		3,184
	33,100		Tokyu Fudosan Holdings Corp		230
	357,126		TonenGeneral Sekiyu KK		3,049
	41,427		Toppan Printing Co Ltd		269
	447,664		Toray Industries, Inc		3,577
	1,288,481		Toshiba Corp		5,434
	900,000		Tosoh Corp		4,328
	19,681		Toto Ltd		229
	11,739		Toyo Seikan Kaisha Ltd		146
	36,299		Toyo Suisan Kaisha Ltd		1,169
	184,797		Toyoda Gosei Co Ltd		3,717
	11,361		Toyota Industries Corp		582
	1,910,648		Toyota Motor Corp		119,066
	14,894		Toyota Tsusho Corp		346
	7,128		Trend Micro, Inc		197
	247,100		Uni-Charm Corp		5,923
	173		United Urban Investment Corp		272
	14,830		USS Co Ltd		228
	31,200		West Japan Railway Co		1,475

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	434,700		Yahoo! Japan Corp	$	1,558
	6,077		Yakult Honsha Co Ltd		321
	59,390	e	Yamada Denki Co Ltd		199
	65,406		Yamaguchi Financial Group, Inc		672
	11,188		Yamaha Corp		165
	18,383		Yamaha Motor Co Ltd		368
	2,700		Yamato Kogyo Co Ltd		76
	25,355		Yamato Transport Co Ltd		502
	7,553		Yamazaki Baking Co Ltd		93
	365,384		Yaskawa Electric Corp		4,667
	14,310		Yokogawa Electric Corp		157
	13,000		Yokohama Rubber Co Ltd		118
	268,800	e	Yumeshin Holdings Co Ltd		1,613
			TOTAL JAPAN		1,374,747
JERSEY, C.I. - 0.0%
	4,418		Randgold Resources Ltd		300
			TOTAL JERSEY, C.I.		300
KOREA, REPUBLIC OF - 0.2%
	37,000		Daewoo International Corp		1,057
	267,506	*	Hynix Semiconductor, Inc		11,432
	300,000		Industrial Bank of Korea		3,838
	73,131		KB Financial Group, Inc		2,391
	3,000		Naver Corp		1,921
	3,000		Samsung Electronics Co Ltd		3,607
	20,000		Samsung Fire & Marine Insurance Co Ltd		5,140
	90,000		Woongjin Coway Co Ltd		6,863
			TOTAL KOREA, REPUBLIC OF		36,249
LUXEMBOURG - 0.1%
	4,388	*	Altice S.A.		346
	52,161		ArcelorMittal		571
	2,329,024	*	B&M European Value Retail S.A.		10,346
	3,333		Millicom International Cellular S.A.		247
	15,677		SES Global S.A.		564
	24,215		Tenaris S.A.		366
			TOTAL LUXEMBOURG		12,440
MACAU - 0.0%
	86,992		MGM China Holdings Ltd		220
	2,943,983	e	Wynn Macau Ltd		8,213
			TOTAL MACAU		8,433
MALAYSIA - 0.1%
	1,266,980		Public Bank BHD		6,619
	1,200,000		Tenaga Nasional BHD		4,726
	34,220		YNH Property BHD		21
			TOTAL MALAYSIA		11,366

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
MEXICO - 0.1%
	783,161	*,e	Cemex SAB de C.V. (ADR)	$	7,980
	10,893		Fresnillo plc		130
	700,000		Gruma SAB de C.V.		7,464
			TOTAL MEXICO		15,574
NETHERLANDS - 2.0%
	200,000		Aalberts Industries NV		5,898
	95,989		Aegon NV		721
	125,000	*	AerCap Holdings NV		4,852
	594,573		Akzo Nobel NV		41,139
	512,366		ASML Holding NV		55,360
	44,600	e	ASML Holding NV (ADR)		4,809
	4,312		Boskalis Westminster		236
	3,340		Corio NV		164
	9,660		Delta Lloyd NV		212
	96,360		DSM NV		5,877
	4,037	e	Gemalto NV		329
	5,191		Heineken Holding NV		325
	12,071		Heineken NV		857
	6,109,835	*	ING Groep NV		78,937
	2,667,041	*,e	ING Groep NV (ADR)		34,592
	45,855		Koninklijke Ahold NV		815
	49,364		Koninklijke Philips Electronics NV		1,431
	3,839		Koninklijke Vopak NV		199
	5,763	*	NN Group NV		172
	436,929	*	NXP Semiconductor NV		33,381
	4,547	*,e	OCI NV		158
	6,220		Randstad Holdings NV		299
	1,970,238		Royal Dutch Shell plc (A Shares)		65,753
	1,068,609		Royal Dutch Shell plc (B Shares)		36,922
	167,554		Royal KPN NV		529
	22,209		TNT Express NV		148
	15,453		Wolters Kluwer NV		472
			TOTAL NETHERLANDS		374,587
NEW ZEALAND - 0.1%
	4,000,000		Air New Zealand Ltd		7,683
	86,242		Auckland International Airport Ltd		284
	33,582		Contact Energy Ltd		167
	64,670		Fletcher Building Ltd		417
	117,215		Meridian Energy Ltd		160
	65,809		Mighty River Power Ltd		153
	35,456		Ryman Healthcare Ltd		235
	900,000		Sky Network Television Ltd		4,225
	171,406		Telecom Corp of New Zealand Ltd		415
			TOTAL NEW ZEALAND		13,739
NORWAY - 0.1%
	785,784		DNB NOR Holding ASA		11,591
	9,915		Gjensidige Forsikring BA		162
	450,000	*,e	Nordic Semiconductor ASA		2,834
	68,929		Norsk Hydro ASA		388

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	40,616		Orkla ASA	$	277
	19,300	e	Seadrill Ltd (Oslo Exchange)		223
	614,875		Statoil ASA		10,826
	38,043		Telenor ASA		770
	9,372		Yara International ASA		417
			TOTAL NORWAY		27,488
PHILIPPINES - 0.1%
	3,603,093		Metropolitan Bank & Trust		6,643
	7,271,850		Robinsons Retail Holdings, Inc		12,306
			TOTAL PHILIPPINES		18,949
POLAND - 0.0%
	800,000		Polska Grupa Energetyczna S.A.		4,230
			TOTAL POLAND		4,230
PORTUGAL - 0.0%
	2,034,543	*	Banco Comercial Portugues S.A.		160
	122,231		Energias de Portugal S.A.		474
	18,337		Galp Energia SGPS S.A.		186
	12,626		Jeronimo Martins SGPS S.A.		126
			TOTAL PORTUGAL		946
RUSSIA - 0.0%
	105,700		Magnit OAO (GDR)		4,777
			TOTAL RUSSIA		4,777
SINGAPORE - 0.5%
	192,355		Ascendas REIT		345
	136,492		Avago Technologies Ltd		13,730
	200,997		CapitaCommercial Trust		265
	776,446		CapitaLand Ltd		1,931
	648,917		CapitaMall Trust		996
	138,100		City Developments Ltd		1,066
	188,248		ComfortDelgro Corp Ltd		368
	732,606		DBS Group Holdings Ltd		11,342
	21,065,492		Genting International plc		17,080
	3,795,095		Global Logistic Properties		7,076
	668,165		Golden Agri-Resources Ltd		231
	544,247		Hutchison Port Holdings Trust		374
	9,966	e	Jardine Cycle & Carriage Ltd		319
	418,468		Keppel Corp Ltd		2,789
	719,398		Keppel Land Ltd		1,853
	26,000		K-Green Trust		21
	78,567		K-REIT Asia		72
	437,369		Oversea-Chinese Banking Corp		3,441
	93,248		SembCorp Industries Ltd		312
	365,617	e	SembCorp Marine Ltd		897
	153,384		Singapore Airlines Ltd		1,338
	266,943		Singapore Exchange Ltd		1,569
	520,225	e	Singapore Press Holdings Ltd		1,652

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	480,707		Singapore Technologies Engineering Ltd	$	1,231
	4,608,691		Singapore Telecommunications Ltd		13,528
	54,830		StarHub Ltd		171
	223,000		Suntec Real Estate Investment Trust		330
	264,233		United Overseas Bank Ltd		4,876
	44,584		United Overseas Land Ltd		233
	181,162		Wilmar International Ltd		442
			TOTAL SINGAPORE		89,878
SOUTH AFRICA - 0.2%
	400,000		Foschini Ltd		4,592
	29,640		Investec plc		248
	540,000		Mondi plc		8,773
	300,000		MTN Group Ltd		5,707
	42,000		Naspers Ltd (N Shares)		5,433
	800,000		Sanlam Ltd		4,814
	90,000		Sasol Ltd		3,359
			TOTAL SOUTH AFRICA		32,926
SPAIN - 0.7%
	20,999		Abertis Infraestructuras S.A. (Continuous)		416
	347,172		Acerinox S.A.		5,238
	8,911		ACS Actividades Construccion y Servicios S.A.		311
	611,291		Amadeus IT Holding S.A.		24,346
	306,323		Banco Bilbao Vizcaya Argentaria S.A.		2,893
	170,977	e	Banco de Sabadell S.A.		452
	91,369		Banco Popular Espanol S.A.		455
	1,157,316		Banco Santander Central Hispano S.A.		9,714
	229,830	*	Bankia S.A.		341
	33,121		Bankinter S.A.		266
	47,428		Corp Mapfre S.A.		160
	2,900,277		Criteria CaixaBank S.A.		15,197
	830,058		Distribuidora Internacional de Alimentacion S.A.		5,625
	10,136		Enagas		320
	1,015,312		Endesa S.A.		20,326
	22,779	e	Ferrovial S.A.		450
	218,539		Gas Natural SDG S.A.		5,490
	7,556		Grifols S.A.		302
	3,591,210		Iberdrola S.A.		24,207
	56,647		Inditex S.A.		1,616
	129,390	*,e,m	Let’s GOWEX S.A.		2
	110,000	e	Obrascon Huarte Lain S.A.		2,455
	5,654	e	Red Electrica de Espana		498
	296,823	e	Repsol YPF S.A.		5,557
	56,400		Tecnicas Reunidas S.A.		2,465
	528,951		Telefonica S.A.		7,594
	8,849	e	Zardoya Otis S.A.		98
			TOTAL SPAIN		136,794
SWEDEN - 0.7%
	16,199		Alfa Laval AB		306

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	160,000	*	Arcam AB	$	2,953
	92,343		Assa Abloy AB (Class B)		4,877
	34,496		Atlas Copco AB (A Shares)		960
	21,464		Atlas Copco AB (B Shares)		549
	9,911	e	Autoliv, Inc		1,052
	577,200	*	Biovitrum AB		5,868
	14,970		Boliden AB		239
	658,127		Electrolux AB (Series B)		19,230
	544,208	e	Elekta AB (B Shares)		5,564
	156,533		Ericsson (LM) (B Shares)		1,895
	10,050		Getinge AB (B Shares)		229
	3,536		Hakon Invest AB		138
	48,912		Hennes & Mauritz AB (B Shares)		2,032
	209,377		Hexagon AB (B Shares)		6,459
	18,605		Husqvarna AB (B Shares)		137
	6,929		Industrivarden AB		120
	613,283		Intrum Justitia AB		18,164
	23,775		Investor AB (B Shares)		864
	200,000		JM AB		6,340
	965,228		Kinnevik Investment AB (Series B)		31,388
	10,675	*,e	Lundin Petroleum AB		153
	200,000		NCC AB (B Shares)		6,297
	156,495		Nordea Bank AB		1,812
	54,900		Sandvik AB		534
	14,297		Securitas AB (B Shares)		173
	77,843		Skandinaviska Enskilda Banken AB (Class A)		989
	20,709		Skanska AB (B Shares)		445
	20,566		SKF AB (B Shares)		433
	29,988		Svenska Cellulosa AB (B Shares)		647
	25,863		Svenska Handelsbanken (A Shares)		1,210
	246,101		Swedbank AB (A Shares)		6,106
	10,377		Swedish Match AB		325
	16,545		Tele2 AB		200
	121,234		TeliaSonera AB		779
	588,078		Volvo AB (B Shares)		6,342
			TOTAL SWEDEN		135,809
SWITZERLAND - 3.8%
	112,864		ABB Ltd		2,388
	66,168		Actelion Ltd		7,617
	326,620		Adecco S.A.		22,452
	4,384		Aryzta AG.		337
	54,631		Baloise Holding AG.		6,982
	113		Barry Callebaut AG.		116
	401,569		Cie Financiere Richemont S.A.		35,603
	10,965		Coca-Cola HBC AG.		209
	820,122		Credit Suisse Group		20,602
	456		EMS-Chemie Holding AG.		185
	1,940		Geberit AG.		656
	8,000		Georg Fischer AG.		5,047
	480		Givaudan S.A.		861
	546,184		Glencore Xstrata plc		2,521

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,000		Helvetia Holding AG.	$	4,751
	650,697		Holcim Ltd		46,514
	11,839		Julius Baer Group Ltd		541
	2,789		Kuehne & Nagel International AG.		379
	47		Lindt & Spruengli AG.		232
	5		Lindt & Spruengli AG. (Registered)		288
	280,546		Lonza Group AG.		31,587
	1,353,731		Nestle S.A.		98,688
	1,999,423		Novartis AG.		185,434
	1,659		Pargesa Holding S.A.		128
	788		Partners Group		229
	2,727		Phonak Holding AG.		401
	427,389		Roche Holding AG.		115,798
	2,343		Schindler Holding AG.		338
	1,122		Schindler Holding AG. (Registered)		161
	285		SGS S.A.		582
	109		Sika AG.		322
	30,844		STMicroelectronics NV		230
	1,249		Sulzer AG.		134
	1,607		Swatch Group AG.		714
	2,461		Swatch Group AG. (Registered)		213
	1,652		Swiss Life Holding		390
	2,925		Swiss Prime Site AG.		215
	519,926		Swiss Re Ltd		43,555
	1,240		Swisscom AG.		651
	39,787		Syngenta AG.		12,798
	592,878		TE Connectivity Ltd		37,500
	2,503,620		UBS AG.		43,036
	7,640		Zurich Financial Services AG.		2,388
			TOTAL SWITZERLAND		733,773
TAIWAN - 0.4%
	8,000,000		Advanced Semiconductor Engineering, Inc		9,501
	600,000		Asustek Computer, Inc		6,547
	3,360,000		Cathay Financial Holding Co Ltd		4,965
	359,965		Eclat Textile Co Ltd		3,618
	3,989,346		Hota Industrial Manufacturing Co Ltd		6,986
	861,000		King Slide Works Co Ltd		10,967
	330,000		Largan Precision Co Ltd		24,703
	516,000		MediaTek, Inc		7,501
	800,000		Novatek Microelectronics Corp Ltd		4,470
			TOTAL TAIWAN		79,258
THAILAND - 0.2%
	3,000,000		Delta Electronics Thai PCL		6,404
	2,730,600		Siam Commercial Bank PCL (Foreign)		15,039
	34,807,200	*	True Corp PCL (Foreign)		11,609
			TOTAL THAILAND		33,052
TURKEY - 0.1%
	5,700,849		Emlak Konut Gayrimenkul Yatiri		6,743
	2,500,000		Eregli Demir ve Celik Fabrikalari TAS		4,756

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,177,700		TAV Havalimanlari Holding AS	$	9,614
	1,800,000		Turkiye Is Bankasi (Series C)		5,176
			TOTAL TURKEY		26,289
UNITED ARAB EMIRATES - 0.1%
	521,841		Al Noor Hospitals Group plc		8,052
	473,008	*	Emaar Malls Group PJSC		345
	2,981,574		Emaar Properties PJSC		5,746
	1,235,000		First Gulf Bank PJSC		5,673
			TOTAL UNITED ARAB EMIRATES		19,816
UNITED KINGDOM - 7.5%
	49,934		3i Group plc		348
	46,377		Aberdeen Asset Management plc		310
	10,617		Admiral Group plc		218
	12,845		Aggreko plc		300
	20,273		AMEC plc		268
	71,765		Anglo American plc (London)		1,328
	21,139		Antofagasta plc		246
	2,773,679		ARM Holdings plc		42,610
	2,932,907		Ashtead Group plc		52,088
	110,100	*,e	ASOS plc		4,377
	409,838		Associated British Foods plc		20,037
	829,207		AstraZeneca plc		58,567
	395,000		AstraZeneca plc (ADR)		27,800
	153,079		Aviva plc		1,150
	12,806		Babcock International Group		210
	162,761		BAE Systems plc		1,190
	25,281,731		Barclays plc		95,042
	250,000		Bellway plc		7,498
	120,000		Berkeley Group Holdings plc		4,614
	1,455,221		BG Group plc		19,473
	3,587,261		BP plc		22,770
	95,847		British American Tobacco plc		5,194
	298,894		British Land Co plc		3,604
	2,802,570		British Sky Broadcasting plc		39,114
	4,444,173		Britvic plc		46,480
	1,315,994		BT Group plc		8,186
	311,800	*	BTG plc		3,848
	16,987		Bunzl plc		464
	23,078		Burberry Group plc		586
	34,743		Capita Group plc		583
	259,594		Centrica plc		1,124
	48,007		CNH Industrial NV		389
	60,731		Cobham plc		305
	463,440		Compass Group plc		7,922
	136,700		Consort Medical plc		1,843
	936,296		Countrywide plc		6,337
	106,821		Croda International plc		4,409
	721,950		Delphi Automotive plc		52,500
	128,953		Diageo plc		3,694

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	71,709		Direct Line Insurance Group plc	$	324
	1,289,662		easyJet plc		33,375
	51,502		Experian Group Ltd		868
	1,293,654	*,e	Fiat DaimlerChrysler Automobiles NV		15,032
	82,679		GKN plc		440
	249,672		GlaxoSmithKline plc		5,356
	78,478		Group 4 Securicor plc		339
	38,849		Hammerson plc		364
	11,399		Hargreaves Lansdown plc		178
	8,557,727		Hays plc		19,254
	3,601,929		HSBC Holdings plc		34,037
	302,807	e	HSBC Holdings plc (Hong Kong)		2,879
	29,733		ICAP plc		208
	15,028		IMI plc		294
	49,360		Imperial Tobacco Group plc		2,173
	600,000		Inchcape plc		6,741
	21,684		Inmarsat plc		269
	12,519		InterContinental Hotels Group plc		504
	51,608	*	International Consolidated Airlines Group S.A.		384
	8,806,918	*	International Consolidated Airlines Group S.A. (London)		66,299
	400,000		International Personal Finance plc		2,779
	8,109		Intertek Group plc		293
	197,366		ITV plc		658
	62,024		J Sainsbury plc		237
	10,786		Johnson Matthey plc		567
	2,064,155	*	Just Eat plc		9,964
	125,295		Kingfisher plc		662
	42,020		Land Securities Group plc		755
	10,453,714		Legal & General Group plc		40,363
	296,162	*	Liberty Global plc		14,308
	887,940	*	Liberty Global plc (Class A)		44,579
	43,461		Liberty International plc		225
	36,603,338	*	Lloyds TSB Group plc		43,055
	11,550		London Stock Exchange Group plc		397
	4,300,024		Man Group plc		10,700
	82,886		Marks & Spencer Group plc		614
	39,813		Meggitt plc		320
	56,947		Melrose Industries plc		236
	23,878	g	Merlin Entertainments plc		148
	11,030,554	*,e	Monitise plc		4,296
	193,258		National Grid plc		2,742
	549,129		New Carphone Warehouse plc		3,958
	391,217		Next plc		41,491
	261,520		Old Mutual plc		771
	42,299		Pearson plc		781
	28,068		Pentair plc		1,864
	15,245		Persimmon plc		372
	13,902		Petrofac Ltd		151
	484,994	*	Poundland Group plc		2,481
	3,574,417		Prudential plc		82,639
	33,288		Reckitt Benckiser Group plc		2,696

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	368,666		Reed Elsevier NV	$	8,804
	59,451		Reed Elsevier plc		1,016
	71,837		Resolution Ltd		408
	36,156		Rexam plc		255
	302,962		Rightmove plc		10,565
	180,459		Rio Tinto Ltd		8,460
	670,663		Rio Tinto plc		30,916
	96,921		Rolls-Royce Group plc		1,302
	129,347	*	Royal Bank of Scotland Group plc		787
	29,155		Royal Mail plc		194
	51,937	*	RSA Insurance Group plc		351
	1,559,891		SABMiller plc		81,319
	56,700		Sage Group plc		410
	6,460		Schroders plc		268
	50,206		Scottish & Southern Energy plc		1,269
	39,671		Segro plc		227
	12,388		Severn Trent plc		386
	17,046		Signet Jewelers Ltd		2,243
	47,722		Smith & Nephew plc		861
	21,674		Smiths Group plc		369
	646,283	*	Sports Direct International plc		7,110
	402,563		Standard Chartered plc		6,021
	123,293		Standard Life plc		764
	14,656	e	Subsea 7 S.A.		150
	22,148		Tate & Lyle plc		207
	6,027,549		Taylor Wimpey plc		12,859
	416,481		Tesco plc		1,214
	1,307,926		Travis Perkins plc		37,647
	45,762		Tullow Oil plc		295
	84,083		Unilever NV		3,289
	309,358		Unilever plc		12,569
	35,534		United Utilities Group plc		505
	1,087,586	*	Virgin Money Holdings UK plc		4,882
	14,028,227	*	Vodafone Group plc		48,098
	10,794		Weir Group plc		310
	230,000		WH Smith plc		4,810
	313,846		Whitbread plc		23,227
	39,821	e	William Hill plc		224
	107,334		WM Morrison Supermarkets plc		306
	515,010		Wolseley plc		29,444
	2,191,191		WPP plc		45,558
			TOTAL UNITED KINGDOM		1,441,345
UNITED STATES - 56.7%
	212,007		3M Co		34,837
	65,000		A.O. Smith Corp		3,667
	2,363,767		Abbott Laboratories		106,417
	1,180,712		AbbVie, Inc		77,266
	27,878		Abercrombie & Fitch Co (Class A)		798
	123,459		Accenture plc		11,026
	273,128		ACE Ltd		31,377
	194,581	*	Actavis plc		50,087
	1,040,194		Activision Blizzard, Inc		20,960

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	92,356	*	Adobe Systems, Inc	$	6,714
	20,743	e	ADT Corp		752
	55,626		Advance Auto Parts, Inc		8,860
	68,571		AES Corp		944
	493,214		Aetna, Inc		43,812
	26,048	*	Affiliated Managers Group, Inc		5,528
	45,322		Aflac, Inc		2,769
	9,550	e	AGCO Corp		432
	33,317		Agilent Technologies, Inc		1,364
	41,134		Air Products & Chemicals, Inc		5,933
	8,168		Airgas, Inc		941
	36,164	*	Akamai Technologies, Inc		2,277
	99,100		Alaska Air Group, Inc		5,922
	9,441	e	Albemarle Corp		568
	1,296,400		Alcoa, Inc		20,470
	369,123	*	Alexion Pharmaceuticals, Inc		68,299
	301,500	*	Alkermes plc		17,656
	1,885	*	Alleghany Corp		874
	66,646		Allergan, Inc		14,168
	33,203	*	Alliance Data Systems Corp		9,498
	56,213		Alliant Energy Corp		3,734
	857,614		Allstate Corp		60,247
	39,316	*	Ally Financial, Inc		929
	32,510		Altera Corp		1,201
	425,147		Altria Group, Inc		20,947
	104,895	*	Amazon.com, Inc		32,554
	9,878		Amerco, Inc		2,808
	52,097		Ameren Corp		2,403
	342,213		American Airlines Group, Inc		18,353
	50,198		American Capital Agency Corp		1,096
	97,180		American Electric Power Co, Inc		5,901
	309,019		American Express Co		28,751
	151,900		American Financial Group, Inc		9,223
	269,074		American International Group, Inc		15,071
	130,930		American Tower Corp		12,942
	82,949		American Water Works Co, Inc		4,421
	152,384		Ameriprise Financial, Inc		20,153
	46,520		AmerisourceBergen Corp		4,194
	24,486		Ametek, Inc		1,289
	310,229		Amgen, Inc		49,416
	135,030		Amphenol Corp (Class A)		7,266
	126,475		Anadarko Petroleum Corp		10,434
	30,091		Analog Devices, Inc		1,671
	347,833	*	Ann Taylor Stores Corp		12,689
	137,597		Annaly Capital Management, Inc		1,487
	9,905	*	Ansys, Inc		812
	6,170	*,e	Antero Resources Corp		250
	198,075		Anthem, Inc		24,892
	54,804		Aon plc		5,197
	415,746		Apache Corp		26,055
	3,889,983		Apple, Inc		429,376
	1,715,927		Applied Materials, Inc		42,761

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	18,734	*	Arch Capital Group Ltd	$	1,107
	387,204		Archer Daniels Midland Co		20,135
	280,000	*	Armstrong World Industries, Inc		14,314
	9,628	*	Arrow Electronics, Inc		557
	15,426		Ashland, Inc		1,847
	15,669		Assurant, Inc		1,072
	999,901		AT&T, Inc		33,587
	821,384	*	Autodesk, Inc		49,332
	71,284		Automatic Data Processing, Inc		5,943
	8,296	*	Autonation, Inc		501
	23,167	*	AutoZone, Inc		14,343
	14,052		AvalonBay Communities, Inc		2,296
	10,076		Avery Dennison Corp		523
	14,360		Avnet, Inc		618
	44,754		Avon Products, Inc		420
	950,821	*	Axalta Coating Systems Ltd		24,740
	166,701		Axiall Corp		7,080
	245,440		Axis Capital Holdings Ltd		12,540
	197,785		Baker Hughes, Inc		11,090
	139,742		Ball Corp		9,526
	6,151,629		Bank of America Corp		110,053
	104,692		Bank of New York Mellon Corp		4,247
	194,651		Bard (C.R.), Inc		32,433
	80,290		Baxter International, Inc		5,884
	68,724		BB&T Corp		2,673
	11,560	*	BE Aerospace, Inc		671
	35,191		Becton Dickinson & Co		4,897
	74,281	*	Bed Bath & Beyond, Inc		5,658
	316,043	*	Belmond Ltd.		3,909
	233,381	*	Berkshire Hathaway, Inc (Class B)		35,042
	931,879	*	Berry Plastics Group, Inc		29,401
	355,627		Best Buy Co, Inc		13,862
	105,005	*	Biogen Idec, Inc		35,644
	359,164	*	BioMarin Pharmaceuticals, Inc		32,468
	50,893		BlackRock, Inc		18,197
	218,000		Blackstone Group LP		7,375
	431,926		Boeing Co		56,142
	22,189		BorgWarner, Inc		1,219
	31,368		Boston Properties, Inc		4,037
	261,959	*	Boston Scientific Corp		3,471
	68,800		Brinker International, Inc		4,038
	508,127		Bristol-Myers Squibb Co		29,995
	1,070,069		Broadcom Corp (Class A)		46,366
	160,000		Broadridge Financial Solutions, Inc		7,389
	660,000		Brocade Communications Systems, Inc		7,814
	84,443		Brown-Forman Corp (Class B)		7,417
	315,888		Bunge Ltd		28,717
	51,501		CA, Inc		1,568
	27,073	e	Cablevision Systems Corp (Class A)		559
	91,803		Cabot Oil & Gas Corp		2,718
	97,000	*	CACI International, Inc (Class A)		8,359
	55,000	e	Cal-Maine Foods, Inc		2,147

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	163,753	*	Calpine Corp	$	3,624
	18,915		Camden Property Trust		1,397
	31,079	*	Cameron International Corp		1,552
	23,409		Campbell Soup Co		1,030
	572,540		Capital One Financial Corp		47,263
	151,947		Cardinal Health, Inc		12,267
	50,475	*	CareFusion Corp		2,995
	68,730	*	Carmax, Inc		4,576
	36,233		Carnival Corp		1,642
	9,502		Carnival plc		429
	100,000		Carter’s, Inc		8,731
	62,614	*	Catamaran Corp (Toronto)		3,240
	114,668		Caterpillar, Inc		10,496
	828,698	*	CBRE Group, Inc		28,383
	45,514		CBS Corp (Class B)		2,519
	8,668		CDK Global, Inc		353
	210,000		CDW Corp		7,386
	31,402		Celanese Corp (Series A)		1,883
	817,496	*	Celgene Corp		91,445
	247,127		Centerpoint Energy, Inc		5,790
	115,856		CenturyTel, Inc		4,586
	62,208	*	Cerner Corp		4,022
	71,888		CF Industries Holdings, Inc		19,592
	16,924		CH Robinson Worldwide, Inc		1,267
	402,286		Charles Schwab Corp		12,145
	122,845	*	Charter Communications, Inc		20,468
	40,000	e	Chemed Corp		4,227
	133,548	*	Cheniere Energy, Inc		9,402
	104,402		Chesapeake Energy Corp		2,043
	1,028,554		Chevron Corp		115,383
	73,360		Chicago Bridge & Iron Co NV		3,080
	13,677	*	Chipotle Mexican Grill, Inc (Class A)		9,362
	23,190		Chubb Corp		2,399
	56,572		Church & Dwight Co, Inc		4,458
	596,700	*,e	Ciena Corp		11,582
	159,033		Cigna Corp		16,366
	161,801		Cimarex Energy Co		17,151
	16,024		Cincinnati Financial Corp		831
	22,663		Cintas Corp		1,778
	2,342,793		Cisco Systems, Inc		65,165
	21,728		CIT Group, Inc		1,039
	926,067		Citigroup, Inc		50,109
	38,452	*	Citrix Systems, Inc		2,453
	254,000	e	Cliffs Natural Resources, Inc		1,814
	17,511		Clorox Co		1,825
	34,832		CME Group, Inc		3,088
	119,784		CMS Energy Corp		4,163
	90,746		Coach, Inc		3,408
	28,271	*	Cobalt International Energy, Inc		251
	1,207,898		Coca-Cola Co		50,997
	23,756		Coca-Cola Enterprises, Inc		1,051
	107,694	*	Cognizant Technology Solutions Corp (Class A)		5,671

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	122,190		Colgate-Palmolive Co	$	8,454
	2,648,528		Comcast Corp (Class A)		153,641
	152,490	e	Comcast Corp (Special Class A)		8,778
	18,642		Comerica, Inc		873
	200,000	*	CommScope Holding Co, Inc		4,566
	100,000	*	Community Health Systems, Inc		5,392
	151,243		Computer Sciences Corp		9,536
	45,490		ConAgra Foods, Inc		1,650
	253,752	*	Concho Resources, Inc		25,312
	237,001		ConocoPhillips		16,367
	300,000		Conseco, Inc		5,166
	449,930		Consol Energy, Inc		15,212
	35,154		Consolidated Edison, Inc		2,321
	223,702	*	Constellation Brands, Inc (Class A)		21,961
	103,098	*,e	Continental Resources, Inc		3,955
	44,458		Cooper Cos, Inc		7,206
	11,210		Core Laboratories NV		1,349
	219,031		Corning, Inc		5,022
	152,488		Costco Wholesale Corp		21,615
	129,657		Covidien plc		13,261
	11,609	*,e	Cree, Inc		374
	41,085		Crown Castle International Corp		3,233
	551,518	*	Crown Holdings, Inc		28,072
	1,698,782		CSX Corp		61,547
	136,839		Cummins, Inc		19,728
	1,176,957		CVS Corp		113,353
	40,600		Cytec Industries, Inc		1,875
	240,000		Dana Holding Corp		5,218
	180,710		Danaher Corp		15,489
	69,219		Darden Restaurants, Inc		4,058
	153,600	*	DaVita, Inc		11,634
	34,548	e	Deere & Co		3,056
	506,608		Delta Air Lines, Inc		24,920
	110,000		Deluxe Corp		6,848
	614,027	e	Denbury Resources, Inc		4,992
	15,606		Dentsply International, Inc		831
	75,964		Devon Energy Corp		4,650
	9,017	e	Diamond Offshore Drilling, Inc		331
	30,000	*	Diamondback Energy, Inc		1,793
	12,111		Dick’s Sporting Goods, Inc		601
	29,397	e	Digital Realty Trust, Inc		1,949
	195,074	*	DIRECTV		16,913
	352,820		Discover Financial Services		23,106
	17,074	*	Discovery Communications, Inc (Class A)		588
	30,332	*	Discovery Communications, Inc (Class C)		1,023
	86,091	*	DISH Network Corp (Class A)		6,275
	29,814	*	Dollar General Corp		2,108
	62,472	*	Dollar Tree, Inc		4,397
	115,688		Dominion Resources, Inc		8,896
	16,560		Dover Corp		1,188
	610,669		Dow Chemical Co		27,853
	674,188		DR Horton, Inc		17,050

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	100,750		Dr Pepper Snapple Group, Inc	$	7,222
	357,000		DSW, Inc (Class A)		13,316
	19,818		DTE Energy Co		1,712
	84,377		Du Pont (E.I.) de Nemours & Co		6,239
	69,973		Duke Energy Corp		5,846
	70,600		Duke Realty Corp		1,426
	4,129		Dun & Bradstreet Corp		499
	150,000	*	E*Trade Financial Corp		3,638
	695,795		East West Bancorp, Inc		26,934
	30,663		Eastman Chemical Co		2,326
	666,632		Eaton Corp		45,304
	12,785		Eaton Vance Corp		523
	944,592	*	eBay, Inc		53,011
	46,192		Ecolab, Inc		4,828
	63,801		Edison International		4,178
	15,807	*	Edwards Lifesciences Corp		2,014
	61,974	*	Electronic Arts, Inc		2,914
	283,848		Eli Lilly & Co		19,583
	2,068,404		EMC Corp		61,514
	64,114		Emerson Electric Co		3,958
	28,870	*	Endo International plc		2,082
	7,576		Energen Corp		483
	53,433		Energizer Holdings, Inc		6,869
	1,784	*	Engility Holdings, Inc		76
	23,693	e	Ensco plc		710
	45,575		Entergy Corp		3,987
	705,825		EOG Resources, Inc		64,985
	28,401		EQT Corp		2,150
	13,155		Equifax, Inc		1,064
	10,615		Equinix, Inc		2,407
	63,659		Equity Residential		4,573
	80,000	*	Eros International plc		1,693
	13,538		Essex Property Trust, Inc		2,797
	77,877		Estee Lauder Cos (Class A)		5,934
	50,000	*	Esterline Technologies Corp		5,484
	120,000	*	Euronet Worldwide, Inc		6,588
	62,383		Everest Re Group Ltd		10,624
	280,000		Exelis, Inc		4,908
	625,633		Exelon Corp		23,198
	230,912		Expedia, Inc		19,711
	19,316		Expeditors International of Washington, Inc		862
	122,719	*	Express Scripts Holding Co		10,391
	910,458		Extended Stay America, Inc		17,581
	1,382,472	d	Exxon Mobil Corp		127,810
	91,287	*	F5 Networks, Inc		11,910
	1,023,680	*	Facebook, Inc		79,867
	14,940		Family Dollar Stores, Inc		1,183
	26,623	e	Fastenal Co		1,266
	14,649		Federal Realty Investment Trust		1,955
	168,940		FedEx Corp		29,338
	59,487		Fidelity National Information Services, Inc		3,700
	155,311		Fifth Third Bancorp		3,164

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	7,014	*,e	FireEye, Inc	$	222
	27,701		First Republic Bank		1,444
	88,051		FirstEnergy Corp		3,433
	97,013	*	Fiserv, Inc		6,885
	53,222	*	FleetCor Technologies, Inc		7,915
	602,561	*	Flextronics International Ltd		6,737
	16,062		Flir Systems, Inc		519
	56,994		Flowserve Corp		3,410
	15,949		Fluor Corp		967
	427,626		FMC Corp		24,388
	46,558	*	FMC Technologies, Inc		2,181
	23,916		FNF Group		824
	140,199		Foot Locker, Inc		7,876
	590,415		Ford Motor Co		9,151
	362,670		Fortune Brands Home & Security, Inc		16,418
	9,878	*	Fossil Group, Inc		1,094
	37,532		Franklin Resources, Inc		2,078
	98,796		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,308
	123,435	e	Frontier Communications Corp		823
	198,243	e	GameStop Corp (Class A)		6,701
	26,215		Gap, Inc		1,104
	12,376	e	Garmin Ltd		654
	114,950		General Dynamics Corp		15,819
	4,776,831		General Electric Co		120,711
	109,371		General Growth Properties, Inc		3,077
	60,226		General Mills, Inc		3,212
	118,529		General Motors Co		4,138
	4,461,000	*,m	General Motors Co		0	^
	26,439,985	*,m	General Motors Co		0	^
	19,417,463	*,m	General Motors Co		0	^
	61,921,000	*,e,m	General Motors Co		0	^
	13,592,224	*,m	General Motors Co		0	^
	530,757	*,m	General Motors Co		0	^
	69,850,000	*,m	General Motors Co		0	^
	29,845,445	*,m	General Motors Co		0	^
	18,106,794	*,e,m	General Motors Co		0	^
	18,159,000	*,m	General Motors Co		0	^
	150,000		Gentex Corp		5,420
	14,886		Genuine Parts Co		1,586
	98,553	*	Genworth Financial, Inc (Class A)		838
	793,062	*	Gilead Sciences, Inc		74,754
	120,000		Global Payments, Inc		9,688
	105,775		Goldman Sachs Group, Inc		20,502
	220,000		Goodyear Tire & Rubber Co		6,285
	221,987	*	Google, Inc		116,854
	95,569	*	Google, Inc (Class A)		50,715
	1,125,000	*	Groupon, Inc		9,293
	27,763		H&R Block, Inc		935
	1		H.B. Fuller Co		0	^
	407,425		Halliburton Co		16,024
	155,776		Hanesbrands, Inc		17,388
	35,287		Harley-Davidson, Inc		2,326

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	22,399		Harris Corp	$	1,609
	158,114		Hartford Financial Services Group, Inc		6,592
	63,051	e	Hasbro, Inc		3,467
	276,274	*	HCA Holdings, Inc		20,276
	50,018		HCP, Inc		2,202
	760,000	*	HD Supply Holdings, Inc		22,412
	67,821		Health Care REIT, Inc		5,132
	160,000	*	Health Net, Inc		8,565
	170,000		Healthsouth Corp		6,538
	11,186		Helmerich & Payne, Inc		754
	14,260	*	Henry Schein, Inc		1,942
	51,451	e	Herbalife Ltd		1,940
	294,192		Hershey Co		30,575
	1,081,958	*	Hertz Global Holdings, Inc		26,984
	366,944		Hess Corp		27,088
	1,683,686		Hewlett-Packard Co		67,566
	153,967	*	Hilltop Holdings, Inc		3,072
	77,320	*	Hilton Worldwide Holdings, Inc		2,017
	20,067		Holly Corp		752
	950,773	*	Hologic, Inc		25,424
	1,512,307		Home Depot, Inc		158,747
	1,213,556		Honeywell International, Inc		121,258
	15,291		Hormel Foods Corp		797
	37,334	*	Hospira, Inc		2,287
	250,313		Host Marriott Corp		5,950
	56,120		Hudson City Bancorp, Inc		568
	103,900		Humana, Inc		14,923
	1,185,279		Huntington Bancshares, Inc		12,469
	60,000		Huntington Ingalls		6,748
	60,000		Icahn Enterprises LP		5,548
	14,538	*	IHS, Inc (Class A)		1,656
	61,985		Illinois Tool Works, Inc		5,870
	54,111	*	Illumina, Inc		9,988
	14,115	*	Incyte Corp		1,032
	268,499		Ingersoll-Rand plc		17,020
	9,893		Integrys Energy Group, Inc		770
	2,260,291		Intel Corp		82,026
	10,358		IntercontinentalExchange Group, Inc		2,271
	199,208		International Business Machines Corp		31,961
	17,958		International Flavors & Fragrances, Inc		1,820
	39,792		International Paper Co		2,132
	179,262		Interpublic Group of Cos, Inc		3,723
	690,110		Intuit, Inc		63,621
	9,986	*	Intuitive Surgical, Inc		5,282
	840,355		Invesco Ltd		33,211
	17,649		Iron Mountain, Inc		682
	248,201	e	iShares MSCI Canada Index Fund		7,163
	1,120,477	e	iShares MSCI EAFE Index Fund		68,170
	140,000		ITT Corp		5,664
	9,799		J.B. Hunt Transport Services, Inc		826
	11,307		J.M. Smucker Co		1,142
	27,600	*	Jacobs Engineering Group, Inc		1,233

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	1,174,851	*	Jarden Corp	$	56,252
	99,899	*	Jazz Pharmaceuticals plc		16,356
	1,785,870		Johnson & Johnson		186,748
	129,384		Johnson Controls, Inc		6,254
	60,152		Joy Global, Inc		2,798
	1,275,802		JPMorgan Chase & Co		79,840
	44,918		Juniper Networks, Inc		1,003
	22,390		Kansas City Southern Industries, Inc		2,732
	28,181		Kellogg Co		1,844
	50,000		Kennametal, Inc		1,790
	37,907		Keurig Green Mountain, Inc		5,019
	1,323,765		Keycorp		18,400
	75,597		Kimberly-Clark Corp		8,734
	87,242		Kimco Realty Corp		2,193
	480,771		Kinder Morgan, Inc		20,341
	33,091		Kla-Tencor Corp		2,327
	338	*	KLX, Inc		14
	40,298	e	Kohl’s Corp		2,460
	313,424		Kraft Foods Group, Inc		19,639
	253,348		Kroger Co		16,267
	111,325		L Brands, Inc		9,635
	8,479		L-3 Communications Holdings, Inc		1,070
	19,934	*	Laboratory Corp of America Holdings		2,151
	187,202		Lam Research Corp		14,853
	51,129		Las Vegas Sands Corp		2,974
	90,000		Lazard Ltd (Class A)		4,503
	95,000		Lear Corp		9,318
	466,206		Legg Mason, Inc		24,881
	14,090		Leggett & Platt, Inc		600
	325,000		Leidos Holdings, Inc		14,144
	15,775	e	Lennar Corp (Class A)		707
	31,971		Leucadia National Corp		717
	163,966	*	Level 3 Communications, Inc		8,097
	130,000		Lexmark International, Inc (Class A)		5,365
	92,171	*	Liberty Interactive Corp		2,712
	13,144	*	Liberty Media Corp		464
	19,498	*	Liberty Media Corp (Class C)		683
	17,803		Liberty Property Trust		670
	238,860		Lincoln National Corp		13,775
	24,138		Linear Technology Corp		1,101
	110,335	*	LinkedIn Corp		25,345
	30,618	*	LKQ Corp		861
	53,066		Lockheed Martin Corp		10,219
	35,958		Loews Corp		1,511
	75,111		Lorillard, Inc		4,727
	134,681		Lowe’s Companies, Inc		9,266
	201,294	*,e	Lululemon Athletica, Inc		11,230
	159,066		LyondellBasell Industries AF S.C.A		12,628
	11,814		M&T Bank Corp		1,484
	14,568		Macerich Co		1,215
	567,036		Macy’s, Inc		37,283
	1	*	Madison Square Garden, Inc		0	^

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	138,789	*	Mallinckrodt plc	$	13,744
	80,987		Manpower, Inc		5,521
	900,080		Marathon Oil Corp		25,463
	162,822		Marathon Petroleum Corp		14,696
	397,817		Marriott International, Inc (Class A)		31,042
	926,251		Marsh & McLennan Cos, Inc		53,019
	5,803	e	Martin Marietta Materials, Inc		640
	389,872		Marvell Technology Group Ltd		5,653
	40,073		Masco Corp		1,010
	120,000	*	Mastec, Inc		2,713
	205,365	*	Mastercard, Inc (Class A)		17,694
	809,183		Mattel, Inc		25,040
	29,215		Maxim Integrated Products, Inc		931
	24,104		McCormick & Co, Inc		1,791
	111,048		McDonald’s Corp		10,405
	53,753		McGraw-Hill Financial, Inc		4,783
	417,757		McKesson Corp		86,718
	679	e	MDC Holdings, Inc		18
	21,252		MDU Resources Group, Inc		499
	60,942		Mead Johnson Nutrition Co		6,127
	35,377		MeadWestvaco Corp		1,570
	7,477	*	Medivation, Inc		745
	738,365		Medtronic, Inc		53,310
	190,000		Mentor Graphics Corp		4,165
	681,586		Merck & Co, Inc		38,707
	1,122,896		Metlife, Inc		60,737
	5,843	*	Mettler-Toledo International, Inc		1,767
	275,000	*	MGIC Investment Corp		2,563
	36,787	*	MGM Mirage		787
	124,755	*	Michael Kors Holdings Ltd		9,369
	20,105	e	Microchip Technology, Inc		907
	616,005	*	Micron Technology, Inc		21,566
	3,432,855		Microsoft Corp		159,456
	115,935	*,e	Mobileye NV		4,702
	166,715	*	Mohawk Industries, Inc		25,901
	85,791		Molson Coors Brewing Co (Class B)		6,393
	1,579,649		Mondelez International, Inc		57,381
	462,617		Monsanto Co		55,269
	258,284	*	Monster Beverage Corp		27,985
	57,385		Moody’s Corp		5,498
	2,217,207		Morgan Stanley		86,028
	32,666		Mosaic Co		1,491
	26,190		Motorola, Inc		1,757
	17,888		Murphy Oil Corp		904
	823,539	*	Mylan Laboratories, Inc		46,423
	27,999		Nabors Industries Ltd		363
	24,994		NASDAQ OMX Group, Inc		1,199
	99,571		National Oilwell Varco, Inc		6,525
	39,699		Navient Corp		858
	192,596		NetApp, Inc		7,983
	16,866	*	NetFlix, Inc		5,762
	3,587	*,e	NetSuite, Inc		392

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	55,239	e	New York Community Bancorp, Inc	$	884
	167,941		Newell Rubbermaid, Inc		6,397
	130,000	*	Newfield Exploration Co		3,526
	70,290		Newmont Mining Corp		1,328
	35,631	*	News Corp		559
	644,134		NextEra Energy, Inc		68,465
	39,705		Nielsen Holdings NV		1,776
	330,860		Nike, Inc (Class B)		31,812
	111,717		NiSource, Inc		4,739
	23,617	e	Noble Corp plc		391
	55,669		Noble Energy, Inc		2,640
	31,306		Nordstrom, Inc		2,485
	155,416		Norfolk Southern Corp		17,035
	107,968		Northeast Utilities		5,778
	45,421		Northern Trust Corp		3,061
	132,465		Northrop Grumman Corp		19,524
	8,416	*	Norwegian Cruise Line Holdings Ltd		394
	41,884		NRG Energy, Inc		1,129
	36,030	*	Nuance Communications, Inc		514
	44,925		Nucor Corp		2,204
	174,827		Nvidia Corp		3,505
	8,045	*	NVR, Inc		10,260
	225,796		Occidental Petroleum Corp		18,201
	11,479		Oceaneering International, Inc		675
	21,840		OGE Energy Corp		775
	133,393		Omnicare, Inc		9,728
	51,027		Omnicom Group, Inc		3,953
	2,500		ONE Gas, Inc		103
	38,724		Oneok, Inc		1,928
	1,505,252		Oracle Corp		67,691
	32,549	*	O’Reilly Automotive, Inc		6,270
	130,000		Oshkosh Truck Corp		6,325
	7,024		Outfront Media, Inc		189
	661,830		Owens Corning, Inc		23,700
	15,912	*	Owens-Illinois, Inc		429
	40,460		Paccar, Inc		2,752
	90,000		Packaging Corp of America		7,025
	27,171		Pall Corp		2,750
	45,870	*	Palo Alto Networks, Inc		5,622
	173,866	*	Paramount Group, Inc		3,232
	90,000	*	Parexel International Corp		5,000
	29,608		Parker Hannifin Corp		3,818
	19,095		PartnerRe Ltd		2,179
	11,143		Patterson Cos, Inc		536
	32,313		Paychex, Inc		1,492
	45,654	e	People’s United Financial, Inc		693
	35,940		Pepco Holdings, Inc		968
	1,208,305		PepsiCo, Inc		114,257
	155,340		Perrigo Co plc		25,967
	22,293		Petsmart, Inc		1,812
	3,042,949		Pfizer, Inc		94,788
	48,026		PG&E Corp		2,557

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	12,775	*,e	Pharmacyclics, Inc	$	1,562
	389,070		Philip Morris International, Inc		31,690
	606,481		Phillips 66		43,485
	133,554		Phillips-Van Heusen Corp		17,118
	400,000	*,e	Pilgrim’s Pride Corp		13,116
	1,086,000		Pinnacle Foods, Inc		38,336
	23,638		Pinnacle West Capital Corp		1,615
	32,828		Pioneer Natural Resources Co		4,886
	18,811		Plum Creek Timber Co, Inc		805
	81,483		PNC Financial Services Group, Inc		7,434
	13,143		Polaris Industries, Inc		1,988
	151,697		PPG Industries, Inc		35,065
	109,483		PPL Corp		3,978
	75,000	*,e	PRA Group, Inc		4,345
	29,115		Praxair, Inc		3,772
	16,319		Precision Castparts Corp		3,931
	14,358	*	Priceline.com, Inc		16,371
	58,913		Principal Financial Group		3,060
	1,304,983		Procter & Gamble Co		118,871
	59,186		Progressive Corp		1,597
	47,639		Prologis, Inc		2,050
	241,910		Prudential Financial, Inc		21,883
	105,300		Public Service Enterprise Group, Inc		4,360
	51,754		Public Storage, Inc		9,567
	1,134,867		Pulte Homes, Inc		24,354
	11,697	*	Qiagen NV		272
	513,433		Qualcomm, Inc		38,163
	42,169	*	Quanta Services, Inc		1,197
	20,968		Quest Diagnostics, Inc		1,406
	18,676		Questar Market Resources, Inc		378
	5,884	*	Quintiles Transnational Holdings, Inc		346
	16,328	*	Rackspace Hosting, Inc		764
	150,000		Radian Group, Inc		2,508
	151,638		Ralph Lauren Corp		28,077
	58,140		Range Resources Corp		3,108
	12,346		Raymond James Financial, Inc		707
	16,455		Rayonier, Inc		460
	41,662		Raytheon Co		4,507
	569,211	*	Realogy Holdings Corp		25,324
	26,244	e	Realty Income Corp		1,252
	18,233	*	Red Hat, Inc		1,261
	10,009		Regency Centers Corp		638
	15,275	*	Regeneron Pharmaceuticals, Inc		6,267
	233,079		Regions Financial Corp		2,461
	60,000		Reinsurance Group of America, Inc (Class A)		5,257
	5,502		RenaissanceRe Holdings Ltd		535
	33,000	*	Rentrak Corp		2,403
	68,785		Republic Services, Inc		2,769
	14,797	e	Resmed, Inc		830
	97,485		Reynolds American, Inc		6,265
	52,000	*	RF Micro Devices, Inc		863
	28,485		Robert Half International, Inc		1,663

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	13,849		Rock-Tenn Co (Class A)	$	845
	27,231		Rockwell Automation, Inc		3,028
	12,548		Rockwell Collins, Inc		1,060
	67,540		Roper Industries, Inc		10,560
	42,791		Ross Stores, Inc		4,033
	220,000	*	Rovi Corp		4,970
	125,222		Royal Caribbean Cruises Ltd		10,322
	45,000		Ryder System, Inc		4,178
	28,686		Safeway, Inc		1,007
	291,238	*	Salesforce.com, Inc		17,273
	208,905	*	Salix Pharmaceuticals Ltd		24,012
	185,932		SanDisk Corp		18,218
	200,000	*	Sanmina Corp		4,706
	88,923	*	SBA Communications Corp (Class A)		9,849
	31,304		SCANA Corp		1,891
	465,819		Schlumberger Ltd		39,786
	19,031	e	Scripps Networks Interactive (Class A)		1,432
	689,585		Seagate Technology, Inc		45,857
	1,330,813		Sealed Air Corp		56,466
	29,794		SEI Investments Co		1,193
	446,356		Sempra Energy		49,706
	17,183	*	Sensata Technologies Holding BV		901
	282,723	*	ServiceNow, Inc		19,183
	32,211		Sherwin-Williams Co		8,473
	19,136		Sigma-Aldrich Corp		2,627
	123,258		Simon Property Group, Inc		22,447
	241,657	*	Sirius XM Holdings, Inc		846
	90,000	*	Skechers U.S.A., Inc (Class A)		4,973
	175,737		Skyworks Solutions, Inc		12,778
	19,896		SL Green Realty Corp		2,368
	11,889		Snap-On, Inc		1,626
	93,496		Southern Co		4,592
	435,931		Southwest Airlines Co		18,449
	147,034	*	Southwestern Energy Co		4,013
	64,162		Spectra Energy Corp		2,329
	336,000	*	Spirit Aerosystems Holdings, Inc (Class A)		14,461
	72,346	*,e	Sprint Corp		300
	3,983		SPX Corp		342
	63,969		St. Jude Medical, Inc		4,160
	295,248		Stanley Works		28,367
	150,754		Staples, Inc		2,732
	144,102		Starbucks Corp		11,824
	18,938		Starwood Hotels & Resorts Worldwide, Inc		1,535
	145,000	*	Starz-Liberty Capital		4,307
	253,806		State Street Corp		19,924
	220,000		Steel Dynamics, Inc		4,343
	42,241	*	Stericycle, Inc		5,537
	50,737		Stryker Corp		4,786
	106,993		SunTrust Banks, Inc		4,483
	32,692		Superior Energy Services		659
	144,109		Symantec Corp		3,697
	200,557	*	Synchrony Financial		5,967

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	19,361	*	Synopsys, Inc	$	842
	57,726		Sysco Corp		2,291
	24,727		T Rowe Price Group, Inc		2,123
	180,000	*	Take-Two Interactive Software, Inc		5,045
	616,302		Target Corp		46,783
	67,600		TCF Financial Corp		1,074
	55,751		TD Ameritrade Holding Corp		1,995
	74,000	*	Tech Data Corp		4,679
	190,000	*	Tempur-Pedic International, Inc		10,433
	100,000	*	Tenneco, Inc		5,661
	17,695	*	Teradata Corp		773
	80,456	*,e	Tesla Motors, Inc		17,894
	52,039		Tesoro Corp		3,869
	208,198		Texas Instruments, Inc		11,131
	80,493		Textron, Inc		3,390
	408,653		Thermo Electron Corp		51,200
	77,520	e	Thomson Corp (Toronto)		3,127
	26,324		Tiffany & Co		2,813
	107,511		Time Warner Cable, Inc		16,348
	1,107,481		Time Warner, Inc		94,601
	169,881		TJX Companies, Inc		11,650
	110,689	*	T-Mobile US, Inc		2,982
	16,157	*	Toll Brothers, Inc		554
	27,652		Torchmark Corp		1,498
	18,977		Total System Services, Inc		644
	7,307		Towers Watson & Co		827
	27,418		Tractor Supply Co		2,161
	11,026		TransDigm Group, Inc		2,165
	18,485	e	Transocean Ltd		339
	32,175		Travelers Cos, Inc		3,406
	26,660	*	Trimble Navigation Ltd		708
	240,000		Trinity Industries, Inc		6,722
	36,269	*	TripAdvisor, Inc		2,708
	23,386	*	TRW Automotive Holdings Corp		2,405
	271,465	*	Tumi Holdings, Inc		6,442
	125,537		Twenty-First Century Fox, Inc		4,821
	41,569		Twenty-First Century Fox, Inc (Class B)		1,533
	61,280	*	Twitter, Inc		2,198
	257,767		Tyco International plc		11,306
	435,635		Tyson Foods, Inc (Class A)		17,465
	251,092	*	UAL Corp		16,796
	31,744		UDR, Inc		978
	44,569	*	Ulta Salon Cosmetics & Fragrance, Inc		5,698
	17,230	*	Under Armour, Inc (Class A)		1,170
	608,515		Union Pacific Corp		72,492
	136,392		United Parcel Service, Inc (Class B)		15,163
	212,638	*	United Rentals, Inc		21,691
	140,000	e	United States Steel Corp		3,744
	88,827		United Technologies Corp		10,215
	190,296		UnitedHealth Group, Inc		19,237
	19,360		Universal Health Services, Inc (Class B)		2,154
	53,431		UnumProvident Corp		1,864

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	12,240	*	Urban Outfitters, Inc	$	430
	414,418		US Bancorp		18,628
	15,613	e	US Silica Holdings Inc		401
	229,805	*	USG Corp		6,432
	177,430	*	Valeant Pharmaceuticals International, Inc		25,402
	492,236		Valero Energy Corp		24,366
	50,000	e	Vanguard FTSE Developed Markets ETF		1,894
	544,593	*	Vantiv, Inc		18,473
	11,971	*	Varian Medical Systems, Inc		1,036
	118,311		Ventas, Inc		8,483
	90,000	*	Verint Systems, Inc		5,245
	13,714	*,e	VeriSign, Inc		782
	82,631	*	Verisk Analytics, Inc		5,293
	2,069,051		Verizon Communications, Inc		96,790
	45,377	*	Vertex Pharmaceuticals, Inc		5,391
	238,651		VF Corp		17,875
	468,641		Viacom, Inc (Class B)		35,265
	47,492	*	Virgin America, Inc		2,054
	476,532		Visa, Inc (Class A)		124,947
	84,384	*	VMware, Inc (Class A)		6,963
	289,773		Vornado Realty Trust		34,109
	112,401		Voya Financial, Inc		4,764
	26,917		Vulcan Materials Co		1,769
	14,559		W.R. Berkley Corp		746
	22,192		W.W. Grainger, Inc		5,657
	102,591		Walgreens Boots Alliance, Inc		7,817
	281,125		Wal-Mart Stores, Inc		24,143
	994,429		Walt Disney Co		93,665
	200,000		Washington Prime Group, Inc		3,444
	46,399		Waste Management, Inc		2,381
	17,351	*	Waters Corp		1,956
	1,410,134	*	Weatherford International Ltd		16,146
	27,899	*	WellCare Health Plans, Inc		2,289
	4,377,892		Wells Fargo & Co		239,996
	167,272		Western Digital Corp		18,517
	56,914	e	Western Union Co		1,019
	31,202		Westinghouse Air Brake Technologies Corp		2,711
	10,506		Westlake Chemical Corp		642
	63,907		Weyerhaeuser Co		2,294
	26,535		Whirlpool Corp		5,141
	245,200	*	WhiteWave Foods Co (Class A)		8,580
	25,842	*	Whiting Petroleum Corp		853
	53,102		Whole Foods Market, Inc		2,677
	261,729		Williams Cos, Inc		11,762
	22,964		Willis Group Holdings plc		1,029
	56,694	e	Windstream Holdings, Inc		467
	50,297	e	Wisconsin Energy Corp		2,653
	390,628		WisdomTree Japan Hedged Equity Fund		19,231
	90,171	*	Workday, Inc		7,359
	20,000	*	WR Grace & Co		1,908
	49,966		Wyndham Worldwide Corp		4,285
	8,294		Wynn Resorts Ltd		1,234

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	137,999		Xcel Energy, Inc	$	4,957
	789,164		Xerox Corp		10,938
	35,978		Xilinx, Inc		1,557
	39,218		Xylem, Inc		1,493
	1,885,534	*	Yahoo!, Inc		95,238
	51,906		Yum! Brands, Inc		3,781
	33,813		Zimmer Holdings, Inc		3,835
	433,536		Zoetis Inc		18,655
			TOTAL UNITED STATES		10,877,928
			TOTAL COMMON STOCKS		18,966,575
			(Cost $16,589,157)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	25,874	m	APA Group		0	^
	681,005	m	BGP Holdings plc		0	^
			TOTAL AUSTRALIA		0	^
SPAIN - 0.0%
	306,323		Banco Bilbao Vizcaya Argentaria S.A.		29
	296,823		Repsol S.A.		164
			TOTAL SPAIN		193
UNITED STATES - 0.0%
	21,280		Kinder Morgan, Inc		91
			TOTAL UNITED STATES		91
			TOTAL RIGHTS / WARRANTS		284
			(Cost $242)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 2.9%
GOVERNMENT AGENCY DEBT - 0.1%
$	4,000,000		Federal Home Loan Bank (FHLB)		0.070	%	01/09/15	4,000
	14,670,000	d	Federal National Mortgage Association (FNMA)		0.085		03/02/15	14,669
			TOTAL GOVERNMENT AGENCY DEBT					18,669
TREASURY DEBT - 0.7%
	500,000	d	United States Treasury Bill		0.050		02/05/15	500
	2,800,000	d	United States Treasury Bill		0.080		03/05/15	2,800
	2,000,000	d	United States Treasury Bill		0.080		04/02/15	2,000
	5,600,000		United States Treasury Bill		0.095		04/30/15	5,599
	2,200,000		United States Treasury Bill		0.053		05/07/15	2,199
	6,750,000	d	United States Treasury Bill		0.091-0.092		05/28/15	6,748
	15,000,000		United States Treasury Bill		0.088		06/11/15	14,996
	8,000,000		United States Treasury Bill		0.083		06/18/15	7,997
	21,300,000	d	United States Treasury Bill		0.060-0.130		06/25/15	21,291
	24,300,000	d	United States Treasury Bill		0.078-0.090		07/23/15	24,285

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,000,000	d	United States Treasury Bill		0.073	%	08/20/15	$	9,990
	23,000,000	d	United States Treasury Bill		0.093-0.113		09/17/15		22,972
	15,000,000	d	United States Treasury Bill		0.096		10/15/15		14,979
			TOTAL TREASURY DEBT						136,356
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.1%
CERTIFICATE OF DEPOSIT - 0.2%
	15,000,000		Bank of Montreal		0.050		01/02/15		15,000
	15,000,000		CIBC Bank and Trust Co		0.040		01/02/15		15,000
	15,000,000		National Australia Bank Ltd		0.050		01/02/15		15,000
			TOTAL CERTIFICATE OF DEPOSIT						45,000
REPURCHASE AGREEMENT - 1.7%
	45,000,000	n	BNP		0.050		01/02/15		45,000
	43,000,000	o	Calyon		0.050		01/02/15		43,000
	32,000,000	p	Citigroup		0.060		01/02/15		32,000
	150,000,000	q	HSBC		0.060		01/07/15		150,000
	50,000,000	r	Merrill Lynch		0.030		01/02/15		50,000
			TOTAL REPURCHASE AGREEMENT						320,000
VARIABLE RATE SECURITIES - 0.2%
	1,232,473		Granite Master Issuer plc 2006		0.031		12/20/50		1,222
	1,056,406		Granite Master Issuer plc 2007		0.020		12/20/50		1,048
	1,122,550		Puma Finance Ltd		0.027		02/21/38		1,114
	30,000,000		SLM Student Loan Trust 2007		0.274		01/25/19		29,766
	1,559,078		SLM Student Loan Trust 2008		0.584		10/25/16		1,559
			TOTAL VARIABLE RATE SECURITIES						34,709
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						399,709
			TOTAL SHORT-TERM INVESTMENTS						554,734
			(Cost $554,914)
			TOTAL INVESTMENTS - 101.8%						19,521,593
			(Cost $17,144,313)
			OTHER ASSETS & LIABILITIES, NET - (1.8)%						(349,818	)
			NET ASSETS - 100.0%					$	19,171,775

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

	Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust

*	Non-income producing
^	Amount represents less than $1,000.

d	All or a portion of these securities have been segregated to cover margin 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 $413,073,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/14 the aggregate value of these securities, including those in “Other,” is $3,785,000, or 0.0% of net assets.
m	Indicates a security that has been deemed illiquid.
n	Agreement with BNP, 0.05% dated 12/31/14 to be repurchased at $45,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $45,900,000.
o	Agreement with Calyon, 0.05% dated 12/31/14 to be repurchased at $43,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $43,860,000.
p	Agreement with Citigroup, 0.06% dated 12/31/14 to be repurchased at $32,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $32,640,0000.
q	Agreement with HSBC, 0.06% dated 12/31/14 to be repurchased at $150,000,000 on 1/07/15, collateralized by U.S. Government Agency Securities valued at $153,001,000.
r	Agreement with Merrill Lynch, 0.03% dated 12/31/14 to be repurchased at $50,000,000 on 1/02/15, collateralized by U.S. Government Agency Securities valued at $51,000,000.
	Cost amounts are in thousands.

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR

December 31, 2014

	VALUE			% OF
SECTOR	(000)			ASSETS
FINANCIALS	$	3,753,156			19.6	%
INFORMATION TECHNOLOGY		3,009,527			15.7
CONSUMER DISCRETIONARY		2,894,642			15.1
HEALTH CARE		2,646,502			13.8
INDUSTRIALS		2,175,024			11.3
CONSUMER STAPLES		1,510,221			7.9
ENERGY		1,212,287			6.3
MATERIALS		904,537			4.7
UTILITIES		458,013			2.4
TELECOMMUNICATION SERVICES		402,950			2.1
SHORT-TERM INVESTMENTS		554,739			2.9
OTHER ASSETS & LIABILITES, NET		(349,823	)		(1.8	)
NET ASSETS	$	19,171,775			100.0	%

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2014

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.7%
	88,252		BorgWarner, Inc	$	4,849
	821,647		Delphi Automotive plc		59,750
	1,250,000		General Motors Co		43,638
	403,107		Gentex Corp		14,564
	559,103		Goodyear Tire & Rubber Co		15,974
	84,282		Harley-Davidson, Inc		5,555
	68,691		Johnson Controls, Inc		3,321
	491,354		Lear Corp		48,192
	220,400		Magna International, Inc (Class A) (NY)		23,955
	59,362	*,e	Mobileye NV		2,408
	166,456		Renault S.A.		12,124
	178,700	*	Tenneco, Inc		10,116
	544,329	*,e	Tesla Motors, Inc		121,064
	17,294		Thor Industries, Inc		966
			TOTAL AUTOMOBILES & COMPONENTS		366,476
BANKS - 0.3%
	1,606,300		Huntington Bancshares, Inc		16,898
	8,500	*,e	Nationstar Mortgage Holdings, Inc		240
	42,405	*,e	Ocwen Financial Corp		640
	67,282	*	Signature Bank		8,475
	55,431	*	SVB Financial Group		6,434
	548,500		Wells Fargo & Co		30,069
			TOTAL BANKS		62,756
CAPITAL GOODS - 5.4%
	949,494		3M Co		156,021
	12,552		A.O. Smith Corp		708
	48,446		Acuity Brands, Inc		6,786
	2,370		Air Lease Corp		81
	36,315		Allegion plc		2,014
	11,382		Alliant Techsystems, Inc		1,323
	373,535		Allison Transmission Holdings, Inc		12,663
	94,610		Ametek, Inc		4,979
	17,544	*	Armstrong World Industries, Inc		897
	40,620	*	BE Aerospace, Inc		2,357
	751,890		Boeing Co		97,731
	51,443		Caterpillar, Inc		4,709
	28,578	*	Cheil Industries, Inc		4,108
	38,963	e	Chicago Bridge & Iron Co NV		1,636
	36,825	*,e	Colfax Corp		1,899
	7,097		Crane Co		417

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	70,991		Cummins, Inc	$	10,235
	55,282		Danaher Corp		4,738
	31,208	e	Deere & Co		2,761
	49,053		Donaldson Co, Inc		1,895
	47,505		Dover Corp		3,407
	202,290		Emerson Electric Co		12,487
	114,399	e	Fastenal Co		5,441
	52,779		Flowserve Corp		3,158
	37,575		Fluor Corp		2,278
	326,564		Fortune Brands Home & Security, Inc		14,784
	94,200		General Dynamics Corp		12,964
	1,200,000		General Electric Co		30,324
	22,787		Graco, Inc		1,827
	39,771	*	HD Supply Holdings, Inc		1,173
	36,787	*	Hexcel Corp		1,526
	1,301,436		Honeywell International, Inc		130,039
	3,305		Hubbell, Inc (Class B)		353
	249,311		Huntington Ingalls		28,037
	27,981		IDEX Corp		2,178
	120,238		Illinois Tool Works, Inc		11,386
	389,622		Ingersoll-Rand plc		24,698
	8,020		ITT Corp		324
	19,797	*	KLX, Inc		817
	19,047		Lennox International, Inc		1,811
	10,552		Lincoln Electric Holdings, Inc		729
	229,192		Lockheed Martin Corp		44,135
	52,538		Manitowoc Co, Inc		1,161
	755,971		Masco Corp		19,050
	148,978	*	Middleby Corp		14,764
	17,924	*	MRC Global, Inc		271
	18,252		MSC Industrial Direct Co (Class A)		1,483
	4,576	*,e	Navistar International Corp		153
	24,176		Nordson Corp		1,885
	39,500		Northrop Grumman Corp		5,822
	3,787	*,e	NOW, Inc		97
	203,300		Oshkosh Truck Corp		9,890
	347,300		Owens Corning, Inc		12,437
	125,255		Paccar, Inc		8,519
	180,754		Pall Corp		18,294
	101,296		Parker Hannifin Corp		13,062
	5,582		Pentair plc		371
	55,851		Precision Castparts Corp		13,453
	19,866	*	Quanta Services, Inc		564
	196,525		Rockwell Automation, Inc		21,854
	46,116		Rockwell Collins, Inc		3,896
	403,829		Roper Industries, Inc		63,139
	348,045		Safran S.A.		21,473
	158,680		Snap-On, Inc		21,698
	57,519	*,e	SolarCity Corp		3,076
	248,351	*	Spirit Aerosystems Holdings, Inc (Class A)		10,689
	6,140		Stanley Works		590
	670,200		Textron, Inc		28,222

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,917		Timken Co	$	82
	73,380		Toro Co		4,682
	20,420		TransDigm Group, Inc		4,009
	687,681		Trinity Industries, Inc		19,262
	4,483		Triumph Group, Inc		301
	286,724	*	United Rentals, Inc		29,249
	39,965		United Technologies Corp		4,596
	37,010	*	USG Corp		1,036
	313	e	Valmont Industries, Inc		40
	537	*	Veritiv Corp		28
	396,971		W.W. Grainger, Inc		101,184
	140,186	*	WABCO Holdings, Inc		14,689
	152,813		Westinghouse Air Brake Technologies Corp		13,278
	157,333		Xylem, Inc		5,990
			TOTAL CAPITAL GOODS		1,146,173
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	138,600		Cintas Corp		10,872
	17,201	*,e	Clean Harbors, Inc		826
	649,228	e	CNH Industrial NV (NYSE)		5,233
	43,671	*	Copart, Inc		1,594
	16,306		Covanta Holding Corp		359
	4,692		Dun & Bradstreet Corp		567
	24,566		Equifax, Inc		1,987
	26,242	*	IHS, Inc (Class A)		2,988
	163,435		KAR Auction Services, Inc		5,663
	118,700		Manpower, Inc		8,092
	81,380		Nielsen Holdings NV		3,640
	159,451		Pitney Bowes, Inc		3,886
	9,063		R.R. Donnelley & Sons Co		152
	53,050		Robert Half International, Inc		3,097
	24,879		Rollins, Inc		823
	510,647	*	Stericycle, Inc		66,936
	154,831		Tyco International plc		6,791
	1,882,646	*	Verisk Analytics, Inc		120,584
	29,019		Waste Connections, Inc		1,277
	18,636		Waste Management, Inc		956
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		246,323
CONSUMER DURABLES & APPAREL - 2.9%
	20,225		Carter’s, Inc		1,766
	105,378		Coach, Inc		3,958
	123,384	*	Deckers Outdoor Corp		11,233
	861,419		DR Horton, Inc		21,785
	307,123	*	Fossil Group, Inc		34,011
	5,917	*,e	GoPro, Inc		374
	316,726		Hanesbrands, Inc		35,353
	136,813		Harman International Industries, Inc		14,599
	37,634	e	Hasbro, Inc		2,070
	1,060,516	*	Jarden Corp		50,778
	187,336	*	Kate Spade & Co		5,997
	25,699		Leggett & Platt, Inc		1,095

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	4,276	e	Lennar Corp (Class A)	$	192
	143,757		LVMH Moet Hennessy Louis Vuitton S.A.		22,771
	46,288		Mattel, Inc		1,432
	199,406	*	Michael Kors Holdings Ltd		14,975
	61,768		Newell Rubbermaid, Inc		2,353
	1,784,610		Nike, Inc (Class B)		171,590
	30,519	*	NVR, Inc		38,922
	27,746		Phillips-Van Heusen Corp		3,556
	25,444		Polaris Industries, Inc		3,848
	1,249,400		Pulte Homes, Inc		26,812
	175,259		Ralph Lauren Corp		32,451
	811,000		Sony Corp		16,552
	424,024	*	Tempur-Pedic International, Inc		23,283
	320,900	*	Toll Brothers, Inc		10,997
	18,940		Tupperware Corp		1,193
	66,870	*	Under Armour, Inc (Class A)		4,541
	871,852		VF Corp		65,302
	2,614		Whirlpool Corp		506
			TOTAL CONSUMER DURABLES & APPAREL		624,295
CONSUMER SERVICES - 2.7%
	995,938		ARAMARK Holdings Corp		31,023
	24,372		Brinker International, Inc		1,430
	25,510	*	Chipotle Mexican Grill, Inc (Class A)		17,462
	57,395		Choice Hotels International, Inc		3,215
	21,465		Domino’s Pizza, Inc		2,021
	39,987		Dunkin Brands Group, Inc		1,705
	978,000		Extended Stay America, Inc		18,885
	295,722		H&R Block, Inc		9,960
	462,049	*	Hilton Worldwide Holdings, Inc		12,055
	528,874	*	Hyatt Hotels Corp		31,844
	715,000		Interval Leisure Group, Inc		14,936
	201,854		Las Vegas Sands Corp		11,740
	732,050		Marriott International, Inc (Class A)		57,122
	531,330		McDonald’s Corp		49,786
	4,704,937	g	Merlin Entertainments plc		29,113
	12,146	*	MGM Mirage		260
	532,134	*	Norwegian Cruise Line Holdings Ltd		24,883
	9,224	*,e	Panera Bread Co (Class A)		1,612
	2,750	*	Restaurant Brands International LP		103
	710,234	*	Restaurant Brands International, Inc		27,728
	25,963		SeaWorld Entertainment, Inc		465
	63,926		Service Corp International		1,451
	11,752	*	ServiceMaster Global Holdings, Inc		315
	226,793		Six Flags Entertainment Corp		9,786
	1,716,093		Starbucks Corp		140,806
	31,749		Starwood Hotels & Resorts Worldwide, Inc		2,574
	283,643		Wyndham Worldwide Corp		24,325
	31,300		Wynn Resorts Ltd		4,656
	720,293		Yum! Brands, Inc		52,473
			TOTAL CONSUMER SERVICES		583,734

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 4.9%
	415,979	*	Affiliated Managers Group, Inc	$	88,287
	479,187	*	Ally Financial, Inc		11,318
	729,945		American Express Co		67,914
	921,226		Ameriprise Financial, Inc		121,832
	9,702		Artisan Partners Asset Management, Inc		490
	77,515		BlackRock, Inc		27,716
	630,100		Blackstone Group LP		21,316
	216,900		Capital One Financial Corp		17,905
	33,120		CBOE Holdings, Inc		2,101
	1,887,325		Charles Schwab Corp		56,978
	587,000		Discover Financial Services		38,443
	45,258		Eaton Vance Corp		1,852
	24,628	e	Federated Investors, Inc (Class B)		811
	125,014		Franklin Resources, Inc		6,922
	523,357		IntercontinentalExchange Group, Inc		114,767
	427,561		Invesco Ltd		16,897
	909,500	e	iShares Russell 1000 Growth Index Fund		86,957
	401,458		Lazard Ltd (Class A)		20,085
	73,173		Legg Mason, Inc		3,905
	21,219		Leucadia National Corp		476
	33,721		LPL Financial Holdings, Inc		1,502
	1,077,698		McGraw-Hill Financial, Inc		95,894
	1,557,619		Moody’s Corp		149,235
	1,145,090		Morgan Stanley		44,430
	19,911		MSCI, Inc (Class A)		945
	15,104		NorthStar Asset Management Group, Inc		341
	2,589		Santander Consumer USA Holdings, Inc		51
	190,971		SEI Investments Co		7,647
	52,582		SLM Corp		536
	849,103	*	Synchrony Financial		25,261
	101,275		T Rowe Price Group, Inc		8,696
	360,180		TD Ameritrade Holding Corp		12,887
	32,104		Waddell & Reed Financial, Inc (Class A)		1,599
			TOTAL DIVERSIFIED FINANCIALS		1,055,996
ENERGY - 2.7%
	13,807		Anadarko Petroleum Corp		1,139
	21,154	*,e	Antero Resources Corp		858
	5,837	*	Atwood Oceanics, Inc		166
	150,951		Baker Hughes, Inc		8,464
	161,370		Cabot Oil & Gas Corp		4,778
	50,566	*	Cameron International Corp		2,526
	568,217	*	Cheniere Energy, Inc		40,002
	46,863		Chesapeake Energy Corp		917
	3,663		Cimarex Energy Co		388
	123,713	*	Cobalt International Energy, Inc		1,100
	168,401	*	Concho Resources, Inc		16,798
	34,099	*,e	Continental Resources, Inc		1,308
	2,580	e	CVR Energy, Inc		100
	28,830	*	Dresser-Rand Group, Inc		2,358
	15,700	*	Dril-Quip, Inc		1,205

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,464,347		EOG Resources, Inc	$	134,822
	53,127		EQT Corp		4,022
	90,840	*	FMC Technologies, Inc		4,255
	1,796	e	Frank’s International NV		30
	27,602	*	Gulfport Energy Corp		1,152
	755,808		Halliburton Co		29,726
	24,710		Helmerich & Payne, Inc		1,666
	12,800		Holly Corp		480
	144,185		Kinder Morgan, Inc		6,100
	360,464	*	Kosmos Energy LLC		3,024
	26,323	*,e	Laredo Petroleum Holdings, Inc		272
	314,566		Marathon Petroleum Corp		28,393
	11,725	*	Memorial Resource Development Corp		211
	14,080		Nabors Industries Ltd		183
	82,111		National Oilwell Varco, Inc		5,381
	347,026		Noble Energy, Inc		16,459
	41,487	*,e	Oasis Petroleum, Inc		686
	41,759		Oceaneering International, Inc		2,456
	41,497		Oneok, Inc		2,066
	28,701		Patterson-UTI Energy, Inc		476
	10,224		PBF Energy, Inc		272
	321,723		Phillips 66		23,068
	55,322		Pioneer Natural Resources Co		8,235
	11,938		Questar Market Resources, Inc		241
	62,985		Range Resources Corp		3,367
	20,697	*	Rice Energy, Inc		434
	25,521		RPC, Inc		333
	1,757,476		Schlumberger Ltd		150,106
	44,409	e	Seadrill Ltd		530
	8,728	*	Seventy Seven Energy, Inc		47
	229,065	*	Southwestern Energy Co		6,251
	25,780		St. Mary Land & Exploration Co		995
	4,446		Superior Energy Services		90
	14,583		Targa Resources Investments, Inc		1,547
	8,380		Teekay Corp		426
	115,839		Tesoro Corp		8,613
	18,069	*,e	Ultra Petroleum Corp		238
	2,467	*	Unit Corp		84
	472,223		Valero Energy Corp		23,375
	22,879	*	Whiting Petroleum Corp		755
	288,358		Williams Cos, Inc		12,959
	6,118		World Fuel Services Corp		287
			TOTAL ENERGY		566,220
FOOD & STAPLES RETAILING - 1.8%
	812,018		Costco Wholesale Corp		115,104
	1,030,102		CVS Corp		99,209
	1,674,742		Kroger Co		107,535
	1,222,234	*	Rite Aid Corp		9,191
	38,136	*,e	Sprouts Farmers Market, Inc		1,296
	84,730		Sysco Corp		3,363
	624,550		Walgreens Boots Alliance, Inc		47,591

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	63,276		Wal-Mart Stores, Inc	$	5,434
	61,809		Whole Foods Market, Inc		3,116
			TOTAL FOOD & STAPLES RETAILING		391,839
FOOD, BEVERAGE & TOBACCO - 4.3%
	2,404,071		Altria Group, Inc		118,449
	591,775		Archer Daniels Midland Co		30,772
	200,000		Associated British Foods plc		9,778
	59,304		Brown-Forman Corp (Class B)		5,209
	43,481		Campbell Soup Co		1,913
	2,757,988		Coca-Cola Co		116,442
	370,831		Coca-Cola Enterprises, Inc		16,398
	134,398	*	Constellation Brands, Inc (Class A)		13,194
	595,904		Dr Pepper Snapple Group, Inc		42,714
	66,322		Flowers Foods, Inc		1,273
	236,531		General Mills, Inc		12,614
	35,516	*,e	Hain Celestial Group, Inc		2,070
	57,685		Hershey Co		5,995
	51,607		Hormel Foods Corp		2,689
	70,484		Ingredion, Inc		5,980
	90,393		Kellogg Co		5,915
	310,965		Keurig Green Mountain, Inc		41,170
	229,444		Kraft Foods Group, Inc		14,377
	420,823		Lorillard, Inc		26,487
	50,329		McCormick & Co, Inc		3,740
	593,723		Mead Johnson Nutrition Co		59,693
	130,000		Molson Coors Brewing Co (Class B)		9,688
	287,900		Mondelez International, Inc		10,458
	993,310	*	Monster Beverage Corp		107,625
	1,329,217		PepsiCo, Inc		125,691
	461,886		Philip Morris International, Inc		37,621
	818,211	*,e	Pilgrim’s Pride Corp		26,829
	89,984		Reynolds American, Inc		5,783
	640,733	e	Suntory Beverage & Food Ltd		22,137
	333,051		Tyson Foods, Inc (Class A)		13,352
	391,912	*	WhiteWave Foods Co (Class A)		13,713
			TOTAL FOOD, BEVERAGE & TOBACCO		909,769
HEALTH CARE EQUIPMENT & SERVICES - 3.5%
	777,511		Abbott Laboratories		35,004
	443,341		Aetna, Inc		39,382
	135,087	*	Align Technology, Inc		7,553
	26,575	*	Allscripts Healthcare Solutions, Inc		339
	87,154		AmerisourceBergen Corp		7,858
	347,000		Anthem, Inc		43,608
	14,601	*,e	athenahealth, Inc		2,127
	112,528		Bard (C.R.), Inc		18,749
	209,274		Baxter International, Inc		15,338
	184,609		Becton Dickinson & Co		25,690
	43,934	*	Boston Scientific Corp		582
	66,303	*	Brookdale Senior Living, Inc		2,431
	261,989		Cardinal Health, Inc		21,150

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	477,618	*	Catamaran Corp	$	24,717
	155,711	*	Centene Corp		16,171
	1,040,829	*	Cerner Corp		67,300
	177,315		Cigna Corp		18,248
	13,711		Cooper Cos, Inc		2,222
	231,241	*	DaVita, Inc		17,514
	15,932		Dentsply International, Inc		849
	162,020	*	Edwards Lifesciences Corp		20,638
	30,445	*	Envision Healthcare Holdings, Inc		1,056
	260,429	*	Express Scripts Holding Co		22,051
	14,830	*,e	Halyard Health, Inc		674
	263,987	*	HCA Holdings, Inc		19,374
	109,700	*	Health Net, Inc		5,872
	248,900		Healthsouth Corp		9,573
	32,906	*	Henry Schein, Inc		4,480
	1,385		Hill-Rom Holdings, Inc		63
	438,675	*	Hologic, Inc		11,730
	88,200		Humana, Inc		12,668
	49,064	*	Idexx Laboratories, Inc		7,275
	28,757	*,e	IMS Health Holdings, Inc		737
	140,625	*	Intuitive Surgical, Inc		74,382
	12,678	*	Laboratory Corp of America Holdings		1,368
	404,424		McKesson Corp		83,950
	590,691	*	Olympus Corp		20,692
	2,793		Patterson Cos, Inc		134
	25,258	*	Pediatrix Medical Group, Inc		1,670
	522,630	*	Premier, Inc		17,524
	52,777	e	Resmed, Inc		2,959
	13,328	*	Sirona Dental Systems, Inc		1,165
	297,484		St. Jude Medical, Inc		19,345
	77,313		Stryker Corp		7,293
	37,785	*	Tenet Healthcare Corp		1,915
	226,860		Universal Health Services, Inc (Class B)		25,241
	40,109	*	Varian Medical Systems, Inc		3,470
	14,894	*,e	Veeva Systems, Inc		393
	4,259		Zimmer Holdings, Inc		483
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		745,007
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
	73,511		Avon Products, Inc		690
	52,414		Church & Dwight Co, Inc		4,131
	41,172		Clorox Co		4,290
	529,839		Colgate-Palmolive Co		36,660
	188,603		Coty, Inc		3,897
	1,942,236		Estee Lauder Cos (Class A)		147,998
	30,443	e	Herbalife Ltd		1,148
	120,491		Kimberly-Clark Corp		13,921
	22,953	e	Nu Skin Enterprises, Inc (Class A)		1,003
	60,180		Procter & Gamble Co		5,482
	8,174		Spectrum Brands, Inc		782
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		220,002

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
INSURANCE - 0.8%
	215,919		ACE Ltd	$	24,805
	240,800		Allstate Corp		16,916
	4,831		American Financial Group, Inc		293
	204,209		Aon plc		19,365
	55,819		Arthur J. Gallagher & Co		2,628
	346,400		Axis Capital Holdings Ltd		17,698
	2,303		Brown & Brown, Inc		76
	9,299		Erie Indemnity Co (Class A)		844
	347,468		Marsh & McLennan Cos, Inc		19,889
	346,700		Metlife, Inc		18,753
	117,700		PartnerRe Ltd		13,433
	163,400		Prudential Financial, Inc		14,781
	6,735		Reinsurance Group of America, Inc (Class A)		590
	145,900		Travelers Cos, Inc		15,444
			TOTAL INSURANCE		165,515
MATERIALS - 3.5%
	28,659		Airgas, Inc		3,301
	12,446	e	Albemarle Corp		748
	950,000		Alcoa, Inc		15,001
	5,721		Aptargroup, Inc		382
	161,937		Avery Dennison Corp		8,401
	939,406	*	Axalta Coating Systems Ltd		24,443
	294,905		Ball Corp		20,104
	881,049	*	Berry Plastics Group, Inc		27,797
	2,747		Cabot Corp		120
	1,170		Carpenter Technology Corp		58
	5,597		Celanese Corp (Series A)		336
	12,903		Compass Minerals International, Inc		1,120
	482,475	*	Crown Holdings, Inc		24,558
	3,527		Cytec Industries, Inc		163
	389,301		Dow Chemical Co		17,756
	380,662		Du Pont (E.I.) de Nemours & Co		28,146
	19,729		Eagle Materials, Inc		1,500
	356,787		Eastman Chemical Co		27,066
	102,584		Ecolab, Inc		10,722
	51,194		FMC Corp		2,920
	973,900	*	Graphic Packaging Holding Co		13,265
	54,650		Huntsman Corp		1,245
	31,360		International Flavors & Fragrances, Inc		3,179
	23,714		International Paper Co		1,271
	735,941		LyondellBasell Industries AF S.C.A		58,426
	23,886	e	Martin Marietta Materials, Inc		2,635
	984,914		Monsanto Co		117,668
	3,299		NewMarket Corp		1,331
	39,567	*	Owens-Illinois, Inc		1,068
	388,464		Packaging Corp of America		30,320
	32,718	*	Platform Specialty Products Corp		760
	622,857		PPG Industries, Inc		143,973
	112,965		Praxair, Inc		14,636
	2,109	e	Rayonier Advanced Materials, Inc		47

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	2,427		Rockwood Holdings, Inc	$	191
	46,448		RPM International, Inc		2,355
	16,822		Scotts Miracle-Gro Co (Class A)		1,048
	356,006		Sealed Air Corp		15,105
	316,379		Sherwin-Williams Co		83,220
	21,055		Sigma-Aldrich Corp		2,890
	16,792		Silgan Holdings, Inc		900
	54,934	e	Southern Copper Corp (NY)		1,549
	8,088		Tahoe Resources, Inc		112
	1,094		TimkenSteel Corp		41
	149,500	e	United States Steel Corp		3,998
	31,812		Valspar Corp		2,751
	149,600	*,e	West Fraser Timber Co Ltd		8,559
	284,873		Westlake Chemical Corp		17,403
	24,667	*	WR Grace & Co		2,353
			TOTAL MATERIALS		746,941
MEDIA - 5.4%
	23,022	*	AMC Networks, Inc		1,468
	73,633	e	Cablevision Systems Corp (Class A)		1,520
	183,458		CBS Corp (Class B)		10,153
	30,609	*	Charter Communications, Inc		5,100
	43,371		Cinemark Holdings, Inc		1,543
	7,989		Clear Channel Outdoor Holdings, Inc (Class A)		85
	6,233,714		Comcast Corp (Class A)		361,618
	887,732	*	DIRECTV		76,966
	290,977	*	Discovery Communications, Inc (Class A)		10,024
	288,873	*	Discovery Communications, Inc (Class C)		9,741
	532,970	*	DISH Network Corp (Class A)		38,848
	969,200		Interpublic Group of Cos, Inc		20,130
	30,639		Lamar Advertising Co		1,644
	166,357	e	Lions Gate Entertainment Corp		5,327
	28,259	*	Live Nation, Inc		738
	7,625		Morningstar, Inc		493
	99,701		Omnicom Group, Inc		7,724
	6,458	e	Regal Entertainment Group (Class A)		138
	40,790	e	Scripps Networks Interactive (Class A)		3,070
	3,497,562	*	Sirius XM Holdings, Inc		12,241
	860,000		Smiles S.A.		14,898
	370,933	*	Starz-Liberty Capital		11,017
	364,950		Time Warner Cable, Inc		55,494
	1,435,500		Time Warner, Inc		122,620
	221,000	*	Tribune Co		13,209
	611,736		Twenty-First Century Fox, Inc		23,494
	952,927		Viacom, Inc (Class B)		71,708
	3,008,197		Walt Disney Co		283,342
			TOTAL MEDIA		1,164,353
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.4%
	2,886,924		AbbVie, Inc		188,920
	744,125	*	Actavis plc		191,545
	16,996		Agilent Technologies, Inc		696

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	801,595	*	Alexion Pharmaceuticals, Inc	$	148,319
	1,422,821	*	Alkermes plc		83,320
	549,910		Allergan, Inc		116,905
	21,728	*	Alnylam Pharmaceuticals, Inc		2,108
	866,470		Amgen, Inc		138,020
	215,000		AstraZeneca plc		15,186
	767,179		AstraZeneca plc (ADR)		53,994
	664,101	*	Biogen Idec, Inc		225,429
	498,607	*	BioMarin Pharmaceuticals, Inc		45,074
	6,924		Bio-Techne Corp		640
	2,265,588		Bristol-Myers Squibb Co		133,738
	160,877	*	Bruker BioSciences Corp		3,156
	3,366,536	*	Celgene Corp		376,581
	8,136	*	Charles River Laboratories International, Inc		518
	20,051	*	Covance, Inc		2,082
	26,836	*,e	Cubist Pharmaceuticals, Inc		2,701
	94,603	*	Endo International plc		6,823
	3,233,343	*	Gilead Sciences, Inc		304,775
	512,047	*	Illumina, Inc		94,514
	55,764	*	Incyte Corp		4,077
	4,750	*,e	Intercept Pharmaceuticals, Inc		741
	59,771	*,e	Jazz Pharmaceuticals plc		9,786
	171,818		Johnson & Johnson		17,967
	20,546	*,e	Juno Therapeutics, Inc		1,073
	184,929	*	Mallinckrodt plc		18,314
	29,525	*	Medivation, Inc		2,941
	158,679		Merck & Co, Inc		9,011
	11,269	*	Mettler-Toledo International, Inc		3,408
	837,064	*	Mylan Laboratories, Inc		47,185
	263,507	*,e	Myriad Genetics, Inc		8,975
	478,874		Novo Nordisk AS		20,256
	7,203		PerkinElmer, Inc		315
	882,661		Perrigo Co plc		147,546
	342,605		Pfizer, Inc		10,672
	23,483	*,e	Pharmacyclics, Inc		2,871
	9,803	*	Quintiles Transnational Holdings, Inc		577
	67,832	*	Regeneron Pharmaceuticals, Inc		27,828
	185,622	*	Salix Pharmaceuticals Ltd		21,335
	39,045	*,e	Seattle Genetics, Inc		1,255
	545,453		Thermo Electron Corp		68,340
	18,458	*	United Therapeutics Corp		2,390
	91,057	*	Vertex Pharmaceuticals, Inc		10,818
	8,040	*,e	VWR Corp		208
	108,012	*	Waters Corp		12,175
	1,554,182		Zoetis Inc		66,876
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,651,984
REAL ESTATE - 1.6%
	319,228		American Tower Corp		31,556
	31,030		Apartment Investment & Management Co (Class A)		1,153
	3,042		Boston Properties, Inc		391
	3,141,807	*	CBRE Group, Inc		107,607

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	24,193		Columbia Property Trust, Inc	$	613
	128,866		Crown Castle International Corp		10,142
	147,363		Equity Lifestyle Properties, Inc		7,597
	44,727		Extra Space Storage, Inc		2,623
	16,803		Federal Realty Investment Trust		2,242
	5,133		Gaming and Leisure Properties, Inc		151
	6,657,545	e	Global Logistic Properties		12,412
	66,927		Health Care REIT, Inc		5,064
	6,004		Healthcare Trust of America, Inc		162
	7,258	*	Howard Hughes Corp		947
	63,858		Iron Mountain, Inc		2,469
	58,731		Jones Lang LaSalle, Inc		8,805
	171,435		NorthStar Realty Finance Corp		3,014
	14,682	e	Omega Healthcare Investors, Inc		574
	3,256		Outfront Media, Inc		87
	32,043		Plum Creek Timber Co, Inc		1,371
	51,123		Public Storage, Inc		9,450
	6,289		Rayonier, Inc		176
	1,347,307	*	Realogy Holdings Corp		59,942
	320,010		Simon Property Group, Inc		58,277
	22,840		Tanger Factory Outlet Centers, Inc		844
	22,219		Taubman Centers, Inc		1,698
	46,474		Ventas, Inc		3,332
	11,758		Vornado Realty Trust		1,384
	10,018		Weyerhaeuser Co		359
			TOTAL REAL ESTATE		334,442
RETAILING - 7.6%
	5,812		Aaron’s, Inc		178
	46,485		Abercrombie & Fitch Co (Class A)		1,331
	154,983		Advance Auto Parts, Inc		24,686
	929,732	*	Amazon.com, Inc		288,543
	405,000	*,e	ASOS plc		16,102
	101,291	*	Autonation, Inc		6,119
	61,189	*	AutoZone, Inc		37,883
	164,996	*	Bed Bath & Beyond, Inc		12,568
	1,183,801		Best Buy Co, Inc		46,145
	71,991		Big Lots, Inc		2,881
	2,431	*,e	Cabela’s, Inc		128
	918,425	*	Carmax, Inc		61,149
	26,740		Chico’s FAS, Inc		433
	2,266,022	*	Cnova NV		17,924
	24,178		CST Brands, Inc		1,054
	385,876	*	Ctrip.com International Ltd (ADR)		17,557
	6,294		Dick’s Sporting Goods, Inc		313
	137,081		Dillard’s, Inc (Class A)		17,160
	91,214	*	Dollar General Corp		6,449
	178,072	*	Dollar Tree, Inc		12,533
	1,433,374		Expedia, Inc		122,353
	34,849		Family Dollar Stores, Inc		2,760
	49,932		Fast Retailing Co Ltd		18,170
	679,769		Foot Locker, Inc		38,189

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	115,828	e	GameStop Corp (Class A)	$	3,915
	102,317		Gap, Inc		4,309
	55,439		Genuine Parts Co		5,908
	34,996		GNC Holdings, Inc		1,643
	7,398,567	*,e	Groupon, Inc		61,112
	2,916,978		Home Depot, Inc		306,195
	470,000	*,e	JD.com, Inc (ADR)		10,876
	99,756	e	Kohl’s Corp		6,089
	116,083		L Brands, Inc		10,047
	1,112,810	*	Liberty Interactive Corp		32,739
	28,338	*	Liberty TripAdvisor Holdings, Inc		762
	200,055	*	Liberty Ventures		7,546
	116,339	*	LKQ Corp		3,271
	1,337,240		Lowe’s Companies, Inc		92,002
	831,462		Macy’s, Inc		54,669
	6,270	*	Michaels Cos, Inc		155
	96,646	*	Murphy USA, Inc		6,655
	112,012	*	NetFlix, Inc		38,264
	53,530		Nordstrom, Inc		4,250
	152,096	*	O’Reilly Automotive, Inc		29,297
	7,198		Penske Auto Group, Inc		353
	38,259		Petsmart, Inc		3,110
	39,385	*	Priceline.com, Inc		44,907
	237,994		Ross Stores, Inc		22,433
	44,991	*	Sally Beauty Holdings, Inc		1,383
	9,209	*,e	Sears Holdings Corp		304
	21,202		Signet Jewelers Ltd		2,790
	23,832		Target Corp		1,809
	317,457		Tiffany & Co		33,923
	538,713		TJX Companies, Inc		36,945
	53,397		Tractor Supply Co		4,209
	43,005	*	TripAdvisor, Inc		3,211
	209,313	*	Ulta Salon Cosmetics & Fragrance, Inc		26,759
	29,110	*	Urban Outfitters, Inc		1,023
	98,745	*,e	Wayfair, Inc		1,960
	36,245		Williams-Sonoma, Inc		2,743
	5,190	*,e	zulily, Inc		121
			TOTAL RETAILING		1,620,295
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	240,317	*,e	Advanced Micro Devices, Inc		642
	156,532		Altera Corp		5,782
	55,298		Analog Devices, Inc		3,070
	3,222,339		Applied Materials, Inc		80,301
	162,368	*	Atmel Corp		1,363
	299,328		Avago Technologies Ltd		30,109
	1,291,279		Broadcom Corp (Class A)		55,951
	25,745	*,e	Cree, Inc		830
	37,291	*,e	Freescale Semiconductor Holdings Ltd		941
	219,000	*	Hynix Semiconductor, Inc		9,359
	631,011		Intel Corp		22,899
	58,349		Kla-Tencor Corp		4,103

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,077,667		Lam Research Corp	$	85,502
	91,230		Linear Technology Corp		4,160
	1,129,700		Marvell Technology Group Ltd		16,381
	100,080		Maxim Integrated Products, Inc		3,190
	77,247	e	Microchip Technology, Inc		3,485
	1,767,821	*	Micron Technology, Inc		61,891
	341,716		Nvidia Corp		6,851
	1,088,841	*	NXP Semiconductor NV		83,187
	629,124	*	ON Semiconductor Corp		6,373
	446,252		Skyworks Solutions, Inc		32,447
	158,817	*,e	SunEdison, Inc		3,099
	1,825	*,e	SunPower Corp		47
	8,896		Teradyne, Inc		176
	481,668		Texas Instruments, Inc		25,752
	103,501		Xilinx, Inc		4,481
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		552,372
SOFTWARE & SERVICES - 20.4%
	600,412		Accenture plc		53,623
	123,199		Activision Blizzard, Inc		2,482
	2,876,991	*	Adobe Systems, Inc		209,157
	68,641	*	Akamai Technologies, Inc		4,322
	643,953	*	Alibaba Group Holding Ltd (ADR)		66,932
	119,181	*	Alliance Data Systems Corp		34,092
	356,691		Amdocs Ltd		16,641
	8,250	*	Ansys, Inc		676
	147,800	*	AOL, Inc		6,824
	1,712,056	*	Autodesk, Inc		102,826
	185,808		Automatic Data Processing, Inc		15,491
	26,734		Booz Allen Hamilton Holding Co		709
	275,163		Broadridge Financial Solutions, Inc		12,707
	108,848	*	Cadence Design Systems, Inc		2,065
	61,815		CDK Global, Inc		2,520
	430,908	*,e	Cimpress NV		32,249
	262,609	*	Citrix Systems, Inc		16,754
	557,810	*	Cognizant Technology Solutions Corp (Class A)		29,374
	305,499		Computer Sciences Corp		19,262
	12,453	*	CoStar Group, Inc		2,287
	9,469		DST Systems, Inc		891
	2,067,390	*	eBay, Inc		116,022
	545,988	*	Electronic Arts, Inc		25,670
	109,981		Equinix, Inc		24,936
	4,981,529	*	Facebook, Inc		388,659
	15,920	e	Factset Research Systems, Inc		2,241
	12,645		Fidelity National Information Services, Inc		787
	27,578	*,e	FireEye, Inc		871
	96,061	*	Fiserv, Inc		6,817
	50,408	*	FleetCor Technologies, Inc		7,496
	52,869	*	Fortinet, Inc		1,621
	34,787	*	Gartner, Inc		2,929
	7,470	*	Genpact Ltd		141
	320,928		Global Payments, Inc		25,909
	729,963	*	Google, Inc		384,253

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	525,586	*	Google, Inc (Class A)	$	278,907
	33,287	*	HomeAway, Inc		991
	42,319	*,e	Hortonworks, Inc		1,143
	373,104		IAC/InterActiveCorp		22,681
	38,410	*	Informatica Corp		1,465
	890,691		International Business Machines Corp		142,902
	3,056,013		Intuit, Inc		281,734
	32,586		Jack Henry & Associates, Inc		2,025
	6,096,526	*,e	Just Eat plc		29,428
	1,010,000	e	King Digital Entertainment plc		15,514
	375,825	*,e	LendingClub Corp		9,508
	293,463	*	LinkedIn Corp		67,411
	2,864,344	*	Mastercard, Inc (Class A)		246,792
	9,662,711		Microsoft Corp		448,833
	94,500		Netease.com (ADR)		9,369
	15,636	*,e	NetSuite, Inc		1,707
	4,505,636		Oracle Corp		202,618
	78,973	*,e	Pandora Media, Inc		1,408
	111,834		Paychex, Inc		5,163
	161,151	*	PTC, Inc		5,906
	45,351	*	Rackspace Hosting, Inc		2,123
	1,234,294	*	Red Hat, Inc		85,339
	421,700	*	Rovi Corp		9,526
	17,486		Sabre Corp		354
	3,419,009	*	Salesforce.com, Inc		202,781
	215,567	*	ServiceNow, Inc		14,626
	40,955	*	SolarWinds, Inc		2,041
	25,831		Solera Holdings, Inc		1,322
	45,433	*	Splunk, Inc		2,678
	14,655	*	Tableau Software, Inc		1,242
	166,100	*	Take-Two Interactive Software, Inc		4,656
	1,300,000		Tencent Holdings Ltd		18,810
	46,879	*,e	Teradata Corp		2,048
	48,749		Total System Services, Inc		1,656
	461,849	*	Twitter, Inc		16,567
	194,319	*	Vantiv, Inc		6,591
	42,862	*	VeriFone Systems, Inc		1,594
	41,593	*,e	VeriSign, Inc		2,371
	1,412,176		Visa, Inc (Class A)		370,273
	500,116	*	VMware, Inc (Class A)		41,270
	208,130	e	Western Union Co		3,728
	36,205	*	Workday, Inc		2,955
	2,976,297	*	Yahoo!, Inc		150,333
	192,742	*,e	Yelp, Inc		10,549
	11,734	*,e	Zillow, Inc		1,242
			TOTAL SOFTWARE & SERVICES		4,352,416
TECHNOLOGY HARDWARE & EQUIPMENT - 7.8%
	42,373	*,e	3D Systems Corp		1,393
	4,884,448	*,e	Alcatel S.A.		17,473
	11,830,874	*	Alcatel-Lucent (ADR)		42,000

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	121,184		Amphenol Corp (Class A)	$	6,521
	11,093,662	d	Apple, Inc		1,224,518
	1,565	*,e	Arista Networks, Inc		95
	149,357	*	ARRIS Group, Inc		4,509
	9,842		Avnet, Inc		423
	32,542		CDW Corp		1,145
	24,479	*	CommScope Holding Co, Inc		559
	634,609		Corning, Inc		14,552
	24,248		Diebold, Inc		840
	3,888	*	EchoStar Corp (Class A)		204
	1,490,227		EMC Corp		44,319
	140,815	*	F5 Networks, Inc		18,371
	37,215		Flir Systems, Inc		1,202
	7,508		Harris Corp		539
	593,400		Hewlett-Packard Co		23,813
	12,803	*,e	IPG Photonics Corp		959
	36,147		Juniper Networks, Inc		807
	8,498	*	Keysight Technologies, Inc		287
	19,160		Motorola, Inc		1,285
	38,723		National Instruments Corp		1,204
	4,934	*	NCR Corp		144
	670,640		NetApp, Inc		27,798
	153,566	*	Palo Alto Networks, Inc		18,823
	1,608,684		Qualcomm, Inc		119,574
	62,334	*	Riverbed Technology, Inc		1,272
	314,745		SanDisk Corp		30,839
	371,700		Seagate Technology, Inc		24,718
	11,145	*,e	Stratasys Ltd		926
	100,339	*	Trimble Navigation Ltd		2,663
	385,100		Western Digital Corp		42,631
	19,613	*	Zebra Technologies Corp (Class A)		1,518
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,677,924
TELECOMMUNICATION SERVICES - 1.2%
	12,935		CenturyTel, Inc		512
	923,007	*	Level 3 Communications, Inc		45,578
	49,665	*	SBA Communications Corp (Class A)		5,501
	792,800		Softbank Corp		47,190
	3,290,442		Verizon Communications, Inc		153,927
	211,788	e	Windstream Holdings, Inc		1,745
	4,666	*	Zayo Group Holdings, Inc		143
			TOTAL TELECOMMUNICATION SERVICES		254,596
TRANSPORTATION - 3.5%
	494,575		Alaska Air Group, Inc		29,556
	33,676		Amerco, Inc		9,573
	278,092		American Airlines Group, Inc		14,914
	257,715	*	Avis Budget Group, Inc		17,094
	238,241		CH Robinson Worldwide, Inc		17,842
	10,233	e	Copa Holdings S.A. (Class A)		1,061
	1,198,857		Delta Air Lines, Inc		58,972
	270,302		Expeditors International of Washington, Inc		12,058

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

								VALUE
SHARES			COMPANY					(000)
	331,880		FedEx Corp					$	57,634
	17,455	*	Genesee & Wyoming, Inc (Class A)						1,570
	2,483,420	*	Hertz Global Holdings, Inc						61,936
	35,487		J.B. Hunt Transport Services, Inc						2,990
	32,889		Kansas City Southern Industries, Inc						4,013
	116,063	*	Kirby Corp						9,371
	17,346		Landstar System, Inc						1,258
	968,475	*,e	Latam Airlines Group S.A. (ADR)						11,602
	139,798		Norfolk Southern Corp						15,323
	23,741	*	Old Dominion Freight Line						1,843
	180,000	*	Ryanair Holdings plc (ADR)						12,829
	97,746		Ryder System, Inc						9,076
	1,627,678		Southwest Airlines Co						68,883
	27,999	*	Spirit Airlines, Inc						2,116
	709,750	*	UAL Corp						47,475
	1,931,030		Union Pacific Corp						230,044
	351,188		United Parcel Service, Inc (Class B)						39,042
	224,539	*	Virgin America, Inc						9,711
			TOTAL TRANSPORTATION						747,786
UTILITIES - 0.1%
	446,373	*	Calpine Corp						9,878
	111,350		Dominion Resources, Inc						8,563
	57,418		ITC Holdings Corp						2,321
			TOTAL UTILITIES						20,762
			TOTAL COMMON STOCKS						21,207,976
			(Cost $16,378,138)
							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 2.5%
TREASURY DEBT - 0.5%
$	1,300,000	d	United States Treasury Bill		0.080	%	03/05/15		1,300
	15,000,000		United States Treasury Bill		0.030		03/19/15		14,999
	3,000,000	d	United States Treasury Bill		0.090		04/02/15		3,000
	11,400,000	d	United States Treasury Bill		0.053		05/07/15		11,398
	17,000,000	d	United States Treasury Bill		0.060		05/21/15		16,996
	10,000,000		United States Treasury Bill		0.130		06/25/15		9,996
	1,200,000		United States Treasury Bill		0.086		07/23/15		1,199
	14,300,000	d	United States Treasury Bill		0.090-0.092		09/17/15		14,283
	59,000,000	d	United States Treasury Bill		0.095-0.096		10/15/15		58,917
			TOTAL TREASURY DEBT						132,088
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.0%
	417,994,935	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						417,995
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						417,995

253

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES	COMPANY	VALUE (000)
	TOTAL SHORT-TERM INVESTMENTS	$	550,083
	(Cost $550,126)
	TOTAL INVESTMENTS - 101.8%		21,758,059
	(Cost $16,928,264)
	OTHER ASSETS & LIABILITIES, NET - (1.8)%		(390,132	)
	NET ASSETS - 100.0%	$	21,367,927

	Abbreviation(s):
ADR	American Depositary Receipt

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securites on loan.
d	All or a portion of these securities have been segregated to cover margin 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 $407,070,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/14 the aggregate value of these securities, including those in “Other,” is $29,112,000, 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

December 31, 2014

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.1%
	51,119	*	American Axle & Manufacturing Holdings, Inc	$	1,155
	173,046		BorgWarner, Inc		9,509
	45,824		Cooper Tire & Rubber Co		1,588
	10,380	*	Cooper-Standard Holding, Inc		601
	116,351		Dana Holding Corp		2,529
	20,588	*,e	Dorman Products, Inc		994
	16,941		Drew Industries, Inc		865
	14,344	*	Federal Mogul Corp (Class A)		231
	2,910,427		Ford Motor Co		45,112
	8,733	*	Fox Factory Holding Corp		142
	11,841	*	Fuel Systems Solutions, Inc		130
	1,199,137		General Motors Co		41,862
	109,188		Gentex Corp		3,945
	27,497	*	Gentherm, Inc		1,007
	186,602		Goodyear Tire & Rubber Co		5,331
	163,651		Harley-Davidson, Inc		10,786
	497,762		Johnson Controls, Inc		24,062
	61,452		Lear Corp		6,027
	36,302	*	Modine Manufacturing Co		494
	11,490	*	Motorcar Parts of America, Inc		357
	11,007	e	Remy International, Inc		230
	4,154	*	Shiloh Industries, Inc		65
	30,024		Spartan Motors, Inc		158
	15,087		Standard Motor Products, Inc		575
	20,247	*	Stoneridge, Inc		260
	2,693		Strattec Security Corp		222
	17,815		Superior Industries International, Inc		353
	46,120	*	Tenneco, Inc		2,611
	71,570	*,e	Tesla Motors, Inc		15,918
	33,978		Thor Industries, Inc		1,898
	15,398	*	Tower International, Inc		393
	82,566	*	TRW Automotive Holdings Corp		8,492
	33,034	*	Visteon Corp		3,530
	21,322	e	Winnebago Industries, Inc		464
			TOTAL AUTOMOBILES & COMPONENTS		191,896
BANKS - 6.0%
	11,459		1st Source Corp		393
	5,882	e	American National Bankshares, Inc		146
	18,171		Ameris Bancorp		466
	7,069	e	Ames National Corp		183
	24,400		Apollo Residential Mortgage		385

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,344	e	Arrow Financial Corp	$	202
	127,805		Associated Banc-Corp		2,381
	66,701		Astoria Financial Corp		891
	22,313	e	Banc of California, Inc		256
	5,016		Bancfirst Corp		318
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		646
	73,283		Bancorpsouth, Inc		1,650
	41,404		Bank Mutual Corp		284
	7,880,832		Bank of America Corp		140,988
	32,426		Bank of Hawaii Corp		1,923
	4,416		Bank of Kentucky Financial Corp		213
	3,864		Bank of Marin Bancorp		203
	60,507		Bank of the Ozarks, Inc		2,294
	17,629		BankFinancial Corp		209
	70,225		BankUnited		2,034
	12,411		Banner Corp		534
	531,229		BB&T Corp		20,659
	59,137		BBCN Bancorp, Inc		850
	5,242	*	BBX Capital Corp		86
	23,421	*	Beneficial Mutual Bancorp, Inc		287
	17,538		Berkshire Hills Bancorp, Inc		468
	8,326	*	Blue Hills Bancorp, Inc		113
	13,481		BNC Bancorp		232
	10,804	*,e	BofI Holding, Inc		841
	20,505		BOK Financial Corp		1,231
	59,217		Boston Private Financial Holdings, Inc		798
	8,872		Bridge Bancorp, Inc		237
	7,190	*	Bridge Capital Holdings		161
	54,590		Brookline Bancorp, Inc		548
	10,466		Bryn Mawr Bank Corp		328
	5,527		Camden National Corp		220
	16,948	*	Capital Bank Financial Corp		454
	9,158		Capital City Bank Group, Inc		142
	111,251		Capitol Federal Financial		1,422
	22,480		Cardinal Financial Corp		446
	21,201	*	Cascade Bancorp		110
	60,166		Cathay General Bancorp		1,540
	23,433		Centerstate Banks of Florida, Inc		279
	11,733		Central Pacific Financial Corp		252
	2,883		Century Bancorp, Inc		115
	17,428		Charter Financial Corp		200
	21,008		Chemical Financial Corp		644
	145,799		CIT Group, Inc		6,974
	2,276,696		Citigroup, Inc		123,192
	9,568		Citizens & Northern Corp		198
	131,446		Citizens Financial Group, Inc		3,268
	10,721	e	City Holding Co		499
	35,413		City National Corp		2,862
	19,650		Clifton Bancorp, Inc		267
	9,772		CNB Financial Corp		181
	26,184		CoBiz, Inc		344
	38,948		Columbia Banking System, Inc		1,075

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	137,759		Comerica, Inc	$	6,453
	62,675		Commerce Bancshares, Inc		2,726
	32,481		Community Bank System, Inc		1,238
	12,718		Community Trust Bancorp, Inc		466
	7,261	*	CommunityOne Bancorp		83
	18,360		ConnectOne Bancorp, Inc		349
	5,720	*	CU Bancorp		124
	39,527		Cullen/Frost Bankers, Inc		2,792
	19,196	*	Customers Bancorp, Inc		374
	80,226		CVB Financial Corp		1,285
	23,810		Dime Community Bancshares		388
	16,666	*	Eagle Bancorp, Inc		592
	107,886		East West Bancorp, Inc		4,176
	4,559		Enterprise Bancorp, Inc		115
	14,785		Enterprise Financial Services Corp		292
	10,062		ESB Financial Corp		191
	31,561	*	Essent Group Ltd		811
	63,330		EverBank Financial Corp		1,207
	6,300	*,e	FCB Financial Holdings, Inc		155
	7,387		Federal Agricultural Mortgage Corp (Class C)		224
	12,551		Fidelity Southern Corp		202
	644,558		Fifth Third Bancorp		13,133
	10,211		Financial Institutions, Inc		257
	15,337		First Bancorp (NC)		283
	77,562	*	First Bancorp (Puerto Rico)		455
	6,485		First Bancorp, Inc		117
	58,052		First Busey Corp		378
	3,088		First Business Financial Services, Inc		148
	5,634		First Citizens Bancshares, Inc (Class A)		1,424
	73,506		First Commonwealth Financial Corp		678
	12,139		First Community Bancshares, Inc		200
	13,926		First Connecticut Bancorp		227
	7,726		First Defiance Financial Corp		263
	44,691		First Financial Bancorp		831
	48,150	e	First Financial Bankshares, Inc		1,439
	8,954		First Financial Corp		319
	12,796		First Financial Northwest, Inc		154
	191,562		First Horizon National Corp		2,601
	13,482		First Interstate Bancsystem, Inc		375
	26,538		First Merchants Corp		604
	57,533		First Midwest Bancorp, Inc		984
	11,498	*	First NBC Bank Holding Co		405
	263,698		First Niagara Financial Group, Inc		2,223
	8,623		First of Long Island Corp		245
	100,941		First Republic Bank		5,261
	125,914		FirstMerit Corp		2,378
	15,789	*	Flagstar Bancorp, Inc		248
	23,200		Flushing Financial Corp		470
	126,368		FNB Corp		1,683
	11,394		Fox Chase Bancorp, Inc		190
	10,443	*	Franklin Financial Corp		221
	147,923		Fulton Financial Corp		1,828

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,476		German American Bancorp, Inc	$	259
	56,600		Glacier Bancorp, Inc		1,572
	7,809		Great Southern Bancorp, Inc		310
	23,534	*	Great Western Bancorp, Inc		536
	11,166		Guaranty Bancorp		161
	187,418	*	Hampton Roads Bankshares, Inc		315
	63,724		Hancock Holding Co		1,956
	23,963		Hanmi Financial Corp		523
	10,342		Heartland Financial USA, Inc		280
	15,254		Heritage Commerce Corp		135
	22,833		Heritage Financial Corp		401
	14,409		Heritage Oaks Bancorp		121
	40,940		Home Bancshares, Inc		1,317
	54,100	e	Home Loan Servicing Solutions Ltd		1,056
	11,314		HomeStreet, Inc		197
	16,046	*	HomeTrust Bancshares, Inc		267
	6,700		Horizon Bancorp		175
	404,335		Hudson City Bancorp, Inc		4,092
	11,015		Hudson Valley Holding Corp		299
	627,640		Huntington Bancshares, Inc		6,603
	23,816		IBERIABANK Corp		1,544
	17,904		Independent Bank Corp (MA)		766
	17,558		Independent Bank Corp (MI)		229
	6,960		Independent Bank Group, Inc		272
	40,567		International Bancshares Corp		1,077
	270,415		Investors Bancorp, Inc		3,035
	2,836,554		JPMorgan Chase & Co		177,512
	14,732	*,e	Kearny Financial Corp		203
	668,896		Keycorp		9,298
	11,600	*	Ladder Capital Corp		227
	28,418		Lakeland Bancorp, Inc		332
	12,420		Lakeland Financial Corp		540
	29,696		LegacyTexas Financial Group, Inc		708
	98,740	e	M&T Bank Corp		12,404
	18,100		Macatawa Bank Corp		98
	15,363		MainSource Financial Group, Inc		321
	49,622		MB Financial, Inc		1,631
	12,428		Mercantile Bank Corp		261
	3,784		Merchants Bancshares, Inc		116
	17,750	*	Meridian Bancorp, Inc		199
	4,004		Meta Financial Group, Inc		140
	256,905	*	MGIC Investment Corp		2,394
	6,667		Midsouth Bancorp, Inc		116
	5,257		MidWestOne Financial Group, Inc		151
	31,114		National Bank Holdings Corp		604
	5,351	e	National Bankshares, Inc		163
	89,553		National Penn Bancshares, Inc		943
	17,284	*,e	Nationstar Mortgage Holdings, Inc		487
	30,007		NBT Bancorp, Inc		788
	331,783	e	New York Community Bancorp, Inc		5,309
	19,480	*	NewBridge Bancorp		170
	38,864	*,e	NMI Holdings, Inc		355

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	36,323		Northfield Bancorp, Inc	$	538
	4,751		Northrim BanCorp, Inc		125
	76,438		Northwest Bancshares, Inc		958
	10,808		OceanFirst Financial Corp		185
	80,446	*,e	Ocwen Financial Corp		1,215
	33,903	e	OFG Bancorp		564
	5,881	e	Old Line Bancshares, Inc		93
	79,754		Old National Bancorp		1,187
	3,990	*	Opus Bank		113
	37,788		Oritani Financial Corp		582
	14,467		Pacific Continental Corp		205
	12,060	*	Pacific Premier Bancorp, Inc		209
	77,286		PacWest Bancorp		3,513
	2,932	e	Palmetto Bancshares, Inc		49
	9,233	e	Park National Corp		817
	33,018		Park Sterling Bank		243
	8,389		Peapack Gladstone Financial Corp		156
	2,964		Penns Woods Bancorp, Inc		146
	10,509	*	Pennsylvania Commerce Bancorp, Inc		272
	9,540	*	PennyMac Financial Services, Inc		165
	6,808		Peoples Bancorp, Inc		177
	5,712	e	Peoples Financial Services Corp		284
	229,288	e	People’s United Financial, Inc		3,481
	26,946		Pinnacle Financial Partners, Inc		1,065
	400,952		PNC Financial Services Group, Inc		36,579
	77,233	*	Popular, Inc		2,630
	8,859		Preferred Bank		247
	54,280		PrivateBancorp, Inc		1,813
	52,920		Prosperity Bancshares, Inc		2,930
	45,191		Provident Financial Services, Inc		816
	144,848	e	Radian Group, Inc		2,422
	1,037,893		Regions Financial Corp		10,960
	23,438		Renasant Corp		678
	6,104		Republic Bancorp, Inc (Class A)		151
	24,950	*,e	Republic First Bancorp, Inc		94
	20,998		S&T Bancorp, Inc		626
	18,232		Sandy Spring Bancorp, Inc		475
	11,148	*	Seacoast Banking Corp of Florida		153
	12,568	e	ServisFirst Bancshares, Inc		414
	8,919		Sierra Bancorp		157
	35,982	*	Signature Bank		4,532
	13,207		Simmons First National Corp (Class A)		537
	18,506		South State Corp		1,241
	15,736		Southside Bancshares, Inc		455
	14,769		Southwest Bancorp, Inc		256
	4,158	*	Square  Financial, Inc		103
	24,453		State Bank & Trust Co		489
	67,412		Sterling Bancorp/DE		969
	10,870		Stock Yards Bancorp, Inc		362
	7,609		Stonegate Bank		225
	10,313	*,e	Stonegate Mortgage Corp		123
	7,140		Suffolk Bancorp		162

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,838	*	Sun Bancorp, Inc	$	113
	399,341		SunTrust Banks, Inc		16,732
	141,602		Susquehanna Bancshares, Inc		1,902
	38,583	*	SVB Financial Group		4,478
	101,149		Synovus Financial Corp		2,740
	13,285		Talmer Bancorp Inc		186
	125,733		TCF Financial Corp		1,998
	9,400		Territorial Bancorp, Inc		203
	32,020	*	Texas Capital Bancshares, Inc		1,740
	57,429		TFS Financial Corp		855
	26,827	*	The Bancorp, Inc		292
	11,138		Tompkins Trustco, Inc		616
	22,376	e	TowneBank		338
	4,100	*	Tree.com, Inc		198
	12,050		Trico Bancshares		298
	16,178	*	Tristate Capital Holdings, Inc		166
	57,396		Trustco Bank Corp NY		417
	49,168		Trustmark Corp		1,207
	28,301		UMB Financial Corp		1,610
	128,255		Umpqua Holdings Corp		2,182
	35,077		Union Bankshares Corp		845
	52,160	e	United Bankshares, Inc		1,953
	38,132		United Community Banks, Inc		722
	30,361		United Community Financial Corp		163
	43,727		United Financial Bancorp, Inc (New)		628
	12,704		Univest Corp of Pennsylvania		257
	1,289,521		US Bancorp		57,964
	172,796	e	Valley National Bancorp		1,678
	11,958	*	Walker & Dunlop, Inc		210
	79,809		Washington Federal, Inc		1,768
	10,818		Washington Trust Bancorp, Inc		435
	25,864		Waterstone Financial, Inc		340
	68,818		Webster Financial Corp		2,239
	3,579,245		Wells Fargo & Co		196,214
	19,012		WesBanco, Inc		662
	11,970		West Bancorporation, Inc		204
	17,801	e	Westamerica Bancorporation		873
	56,653	*	Western Alliance Bancorp		1,575
	52,747		Wilshire Bancorp, Inc		534
	35,315		Wintrust Financial Corp		1,651
	6,851		WSFS Financial Corp		527
	13,848	*	Yadkin Financial Corp		272
	139,772		Zions Bancorporation		3,985
			TOTAL BANKS		1,036,266
CAPITAL GOODS - 7.8%
	490,366		3M Co		80,577
	57,151		A.O. Smith Corp		3,224
	29,877		Aaon, Inc		669
	29,552		AAR Corp		821
	41,768	*	Accuride Corp		181
	20,426		Aceto Corp		443

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	53,734		Actuant Corp (Class A)	$	1,464
	32,751		Acuity Brands, Inc		4,587
	11,669		Advanced Drainage Systems, Inc		268
	100,739	*	Aecom Technology Corp		3,059
	28,439	*	Aegion Corp		529
	14,335	*	Aerovironment, Inc		391
	68,858	e	AGCO Corp		3,112
	77,121		Air Lease Corp		2,646
	48,819		Aircastle Ltd		1,043
	5,366		Alamo Group, Inc		260
	23,047		Albany International Corp (Class A)		876
	76,324		Allegion plc		4,233
	24,178		Alliant Techsystems, Inc		2,811
	100,674		Allison Transmission Holdings, Inc		3,413
	20,492		Altra Holdings, Inc		582
	13,776	*	Ameresco, Inc		96
	7,032	e	American Railcar Industries, Inc		362
	7,536		American Science & Engineering, Inc		391
	8,518	*	American Woodmark Corp		344
	184,417		Ametek, Inc		9,706
	25,458		Apogee Enterprises, Inc		1,079
	32,556		Applied Industrial Technologies, Inc		1,484
	9,512		Argan, Inc		320
	40,683	*	Armstrong World Industries, Inc		2,080
	73,992	*	ArvinMeritor, Inc		1,121
	15,638		Astec Industries, Inc		615
	14,118	*	Astronics Corp		781
	19,364		AZZ, Inc		909
	80,147		Babcock & Wilcox Co		2,428
	39,660		Barnes Group, Inc		1,468
	77,158	*	BE Aerospace, Inc		4,477
	37,178	*	Beacon Roofing Supply, Inc		1,034
	35,059	*	Blount International, Inc		616
	546,525		Boeing Co		71,037
	36,516		Briggs & Stratton Corp		746
	33,815	*	Builders FirstSource, Inc		232
	13,167	*	CAI International, Inc		305
	274,193	*,e	Capstone Turbine Corp		203
	48,667		Carlisle Cos, Inc		4,392
	468,569		Caterpillar, Inc		42,888
	21,046	*	Chart Industries, Inc		720
	74,655	e	Chicago Bridge & Iron Co NV		3,134
	12,832		CIRCOR International, Inc		774
	37,827		Clarcor, Inc		2,521
	72,189	*,e	Colfax Corp		3,723
	14,727		Columbus McKinnon Corp		413
	33,040		Comfort Systems USA, Inc		566
	18,507	*	Commercial Vehicle Group, Inc		123
	9,174	*	Continental Building Products Inc		163
	36,855		Crane Co		2,163
	15,215		Cubic Corp		801
	137,730		Cummins, Inc		19,857

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,284		Curtiss-Wright Corp	$	2,491
	454,918		Danaher Corp		38,991
	272,105	e	Deere & Co		24,073
	57,673	*	DigitalGlobe, Inc		1,786
	108,503		Donaldson Co, Inc		4,191
	21,128		Douglas Dynamics, Inc		453
	124,825		Dover Corp		8,952
	8,048	*	Ducommun, Inc		203
	9,738	*	DXP Enterprises, Inc		492
	25,816	*	Dycom Industries, Inc		906
	11,541		Dynamic Materials Corp		185
	356,846		Eaton Corp		24,251
	50,074		EMCOR Group, Inc		2,228
	525,081		Emerson Electric Co		32,413
	15,305		Encore Wire Corp		571
	34,170	*,e	Energy Recovery, Inc		180
	35,662		EnerSys		2,201
	12,394	*	Engility Holdings, Inc		530
	11,300	*,e	Enphase Energy, Inc		161
	17,204	*	EnPro Industries, Inc		1,080
	2,980	*,e	Erickson Air-Crane, Inc		25
	20,938		ESCO Technologies, Inc		773
	23,350	*	Esterline Technologies Corp		2,561
	141,494		Exelis, Inc		2,480
	221,181	e	Fastenal Co		10,519
	50,117		Federal Signal Corp		774
	102,556		Flowserve Corp		6,136
	120,516		Fluor Corp		7,307
	126,637		Fortune Brands Home & Security, Inc		5,733
	36,490		Franklin Electric Co, Inc		1,369
	10,761		Freightcar America, Inc		283
	169,616	*,e	FuelCell Energy, Inc		261
	25,764	*	Furmanite Corp		201
	34,938		GATX Corp		2,010
	46,010	*,e	GenCorp, Inc		842
	52,047	*,e	Generac Holdings, Inc		2,434
	37,226		General Cable Corp		555
	227,609		General Dynamics Corp		31,324
	7,515,628		General Electric Co		189,920
	8,759	*,e	General Finance Corp		86
	22,869	*	Gibraltar Industries, Inc		372
	16,574		Global Brass & Copper Holdings, Inc		218
	12,250		Global Power Equipment Group, Inc		169
	16,191		Gorman-Rupp Co		520
	45,964		Graco, Inc		3,685
	93,933	*,e	GrafTech International Ltd		475
	9,470		Graham Corp		272
	29,395		Granite Construction, Inc		1,118
	44,924	*	Great Lakes Dredge & Dock Corp		385
	21,031	e	Greenbrier Cos, Inc		1,130
	34,315		Griffon Corp		456
	23,777		H&E Equipment Services, Inc		668

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	61,544		Harsco Corp	$	1,163
	80,442	*	HD Supply Holdings, Inc		2,372
	49,798		Heico Corp		3,008
	74,087	*	Hexcel Corp		3,074
	41,775		Hillenbrand, Inc		1,441
	586,573		Honeywell International, Inc		58,610
	12,024		Houston Wire & Cable Co		144
	44,493		Hubbell, Inc (Class B)		4,753
	37,178		Huntington Ingalls		4,181
	4,796		Hurco Cos, Inc		164
	7,224		Hyster-Yale Materials Handling, Inc		529
	60,981		IDEX Corp		4,747
	39,772	*	II-VI, Inc		543
	245,912		Illinois Tool Works, Inc		23,288
	204,877		Ingersoll-Rand plc		12,987
	13,472		Insteel Industries, Inc		318
	68,395		ITT Corp		2,767
	98,921	*	Jacobs Engineering Group, Inc		4,421
	21,706		John Bean Technologies Corp		713
	75,852		Joy Global, Inc		3,529
	9,545		Kadant, Inc		407
	21,747		Kaman Corp		872
	112,424		KBR, Inc		1,906
	59,735		Kennametal, Inc		2,138
	24,548	*,e	KEYW Holding Corp		255
	38,579	*	KLX, Inc		1,591
	40,842	*	Kratos Defense & Security Solutions, Inc		205
	65,265		L-3 Communications Holdings, Inc		8,237
	13,874	*,e	Layne Christensen Co		132
	7,262		LB Foster Co (Class A)		353
	37,233		Lennox International, Inc		3,540
	59,421		Lincoln Electric Holdings, Inc		4,105
	10,010	e	Lindsay Manufacturing Co		858
	6,398	*	LMI Aerospace, Inc		90
	203,203		Lockheed Martin Corp		39,131
	12,960		LSI Industries, Inc		88
	12,907	*	Lydall, Inc		424
	8,938	*,e	Manitex International, Inc		114
	100,071		Manitowoc Co, Inc		2,212
	272,388		Masco Corp		6,864
	22,281	*	Masonite International Corp		1,369
	48,078	*	Mastec, Inc		1,087
	42,810	*	Middleby Corp		4,242
	7,280		Miller Industries, Inc		151
	34,691	*	Moog, Inc (Class A)		2,568
	65,659	*	MRC Global, Inc		995
	34,779		MSC Industrial Direct Co (Class A)		2,826
	42,636		Mueller Industries, Inc		1,456
	118,277		Mueller Water Products, Inc (Class A)		1,211
	14,064	*	MYR Group, Inc		385
	3,938	e	National Presto Industries, Inc		229
	41,173	*,e	Navistar International Corp		1,378

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,754	*	NCI Building Systems, Inc	$	366
	12,459		NN, Inc		256
	5,698	*	Norcraft Cos, Inc		110
	48,825		Nordson Corp		3,806
	6,979	*	Nortek, Inc		568
	150,412		Northrop Grumman Corp		22,169
	8,845	*	Northwest Pipe Co		266
	81,084	*,e	NOW, Inc		2,086
	12,556		Omega Flex, Inc		475
	44,747	*	Orbital Sciences Corp		1,203
	19,593	*	Orion Marine Group, Inc		217
	64,452		Oshkosh Truck Corp		3,136
	89,090		Owens Corning, Inc		3,190
	266,790		Paccar, Inc		18,144
	81,996		Pall Corp		8,299
	110,834		Parker Hannifin Corp		14,292
	6,248	*	Patrick Industries, Inc		275
	146,597		Pentair plc		9,737
	28,503	*	Perini Corp		686
	36,380	*	Pgt, Inc		350
	125,956	*,e	Plug Power, Inc		378
	12,258	*	Ply Gem Holdings, Inc		171
	33,167	*,e	Polypore International, Inc		1,561
	7,077		Powell Industries, Inc		347
	3,314	*,e	Power Solutions International, Inc		171
	14,420	*,e	PowerSecure International, Inc		168
	108,495		Precision Castparts Corp		26,134
	1,801		Preformed Line Products Co		98
	28,783		Primoris Services Corp		669
	17,206	*,e	Proto Labs, Inc		1,156
	28,579		Quanex Building Products Corp		537
	159,563	*	Quanta Services, Inc		4,530
	27,582		Raven Industries, Inc		690
	234,473		Raytheon Co		25,363
	18,319		RBC Bearings, Inc		1,182
	34,163		Regal-Beloit Corp		2,569
	54,254	*,e	Revolution Lighting Technologies, Inc		73
	56,742	*	Rexnord Corp		1,601
	103,811		Rockwell Automation, Inc		11,544
	102,927		Rockwell Collins, Inc		8,695
	74,169		Roper Industries, Inc		11,596
	26,334	*	Rush Enterprises, Inc (Class A)		844
	1,869		SIFCO Industries, Inc		55
	31,268		Simpson Manufacturing Co, Inc		1,082
	43,514		Snap-On, Inc		5,950
	32,188	*,e	SolarCity Corp		1,721
	7,959	*	Sparton Corp		226
	90,789	*	Spirit Aerosystems Holdings, Inc (Class A)		3,908
	33,223		SPX Corp		2,855
	9,752		Standex International Corp		753
	118,173		Stanley Works		11,354
	12,518	*	Sterling Construction Co, Inc		80

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,746	*	Stock Building Supply Holdings, Inc	$	165
	16,194		Sun Hydraulics Corp		638
	26,344	e	TAL International Group, Inc		1,148
	38,585	*,e	Taser International, Inc		1,022
	28,168	*	Teledyne Technologies, Inc		2,894
	13,262		Tennant Co		957
	84,391		Terex Corp		2,353
	15,040	e	Textainer Group Holdings Ltd		516
	211,415		Textron, Inc		8,903
	7,401	*,e	The ExOne Company		124
	24,419	*	Thermon Group Holdings		591
	61,779		Timken Co		2,637
	33,155	e	Titan International, Inc		352
	11,613	*,e	Titan Machinery, Inc		162
	42,710		Toro Co		2,725
	39,994		TransDigm Group, Inc		7,853
	26,406	*	Trex Co, Inc		1,124
	34,233	*	Trimas Corp		1,071
	117,311		Trinity Industries, Inc		3,286
	39,203		Triumph Group, Inc		2,635
	6,504		Twin Disc, Inc		129
	72,971	*	United Rentals, Inc		7,444
	687,057		United Technologies Corp		79,012
	14,766		Universal Forest Products, Inc		786
	61,524	*	USG Corp		1,722
	20,359	e	Valmont Industries, Inc		2,586
	7,860	*	Vectrus, Inc		215
	6,270	*	Veritiv Corp		325
	12,845	*	Vicor Corp		155
	43,350		W.W. Grainger, Inc		11,050
	52,045	*	Wabash National Corp		643
	42,633	*	WABCO Holdings, Inc		4,467
	19,517		Watsco, Inc		2,088
	21,144		Watts Water Technologies, Inc (Class A)		1,341
	33,347	*,e	WESCO International, Inc		2,541
	73,575		Westinghouse Air Brake Technologies Corp		6,393
	50,082		Woodward Governor Co		2,466
	8,335	*	Xerium Technologies, Inc		132
	139,358		Xylem, Inc		5,305
			TOTAL CAPITAL GOODS		1,332,479
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	41,289		ABM Industries, Inc		1,183
	37,820	e	Acacia Research (Acacia Technologies)		641
	87,875	*	ACCO Brands Corp		792
	16,355		Administaff, Inc		554
	132,139	e	ADT Corp		4,787
	27,004	*	Advisory Board Co		1,323
	16,280	e	American Ecology Corp		653
	26,021	*	ARC Document Solutions, Inc		266
	6,166		Barrett Business Services, Inc		169
	35,197		Brady Corp (Class A)		962

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,828		Brink’s Co	$	875
	29,675	*	Casella Waste Systems, Inc (Class A)		120
	35,493	*	CBIZ, Inc		304
	10,344		CDI Corp		183
	16,272	e	Ceco Environmental Corp		253
	38,005	*,e	Cenveo, Inc		80
	74,328		Cintas Corp		5,830
	71,226		Civeo Corp		293
	46,034	*,e	Clean Harbors, Inc		2,212
	84,979	*	Copart, Inc		3,101
	25,057		Corporate Executive Board Co		1,817
	87,736		Corrections Corp of America		3,188
	80,750		Covanta Holding Corp		1,777
	8,400	*	CRA International, Inc		255
	37,676		Deluxe Corp		2,345
	28,017		Dun & Bradstreet Corp		3,389
	20,052		Ennis, Inc		270
	92,429		Equifax, Inc		7,475
	9,836		Exponent, Inc		811
	9,375	*	Franklin Covey Co		181
	32,036	*	FTI Consulting, Inc		1,238
	15,088		G & K Services, Inc (Class A)		1,069
	12,104	*	GP Strategies Corp		411
	51,852		Healthcare Services Group		1,604
	14,300		Heidrick & Struggles International, Inc		330
	5,613	*	Heritage-Crystal Clean, Inc		69
	43,782		Herman Miller, Inc		1,288
	18,011	*	Hill International, Inc		69
	33,809		HNI Corp		1,726
	17,734	*	Huron Consulting Group, Inc		1,213
	14,961	*	ICF International, Inc		613
	114,792	*	ICO Global Communications Holdings Ltd		158
	51,546	*	IHS, Inc (Class A)		5,870
	33,730	*	Innerworkings, Inc		263
	50,709		Interface, Inc		835
	105,770		KAR Auction Services, Inc		3,665
	20,372		Kelly Services, Inc (Class A)		347
	21,985		Kforce, Inc		530
	25,171		Kimball International, Inc (Class B)		230
	35,963		Knoll, Inc		761
	38,704	*	Korn/Ferry International		1,113
	58,553		Manpower, Inc		3,992
	25,301		Matthews International Corp (Class A)		1,231
	19,108		McGrath RentCorp		685
	13,300	*	Mistras Group, Inc		244
	35,372		Mobile Mini, Inc		1,433
	21,996		MSA Safety, Inc		1,168
	8,734		Multi-Color Corp		484
	40,393	*	Navigant Consulting, Inc		621
	213,027		Nielsen Holdings NV		9,529
	4,943	*	NL Industries, Inc		43
	41,074	*	On Assignment, Inc		1,363

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,193	*,e	Paylocity Holding Corp	$	162
	22,392	*	Performant Financial Corp		149
	152,067		Pitney Bowes, Inc		3,706
	19,286		Quad		443
	8,621	*,e	Quest Resource Holding Corp		12
	146,914		R.R. Donnelley & Sons Co		2,469
	198,459		Republic Services, Inc		7,988
	32,857		Resources Connection, Inc		540
	103,581		Robert Half International, Inc		6,047
	48,594		Rollins, Inc		1,608
	39,749	*	RPX Corp		548
	12,140	*	SP Plus Corp		306
	64,080		Steelcase, Inc (Class A)		1,150
	63,252	*	Stericycle, Inc		8,291
	15,368	*	Team, Inc		622
	47,935		Tetra Tech, Inc		1,280
	48,500		Towers Watson & Co		5,489
	11,837	*	TriNet Group, Inc		370
	30,958	*	TrueBlue, Inc		689
	321,345		Tyco International plc		14,094
	11,064		Unifirst Corp		1,344
	31,063		United Stationers, Inc		1,310
	126,116	*	Verisk Analytics, Inc		8,078
	15,178		Viad Corp		405
	2,793		VSE Corp		184
	26,743	*	WageWorks, Inc		1,727
	91,756		Waste Connections, Inc		4,036
	348,412		Waste Management, Inc		17,880
	29,070		West Corp		959
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		182,170
CONSUMER DURABLES & APPAREL - 1.6%
	9,523		Arctic Cat, Inc		338
	21,459	*,e	Beazer Homes USA, Inc		415
	23,174	*,e	Black Diamond, Inc		203
	68,196		Brunswick Corp		3,496
	58,438		Callaway Golf Co		450
	40,586		Carter’s, Inc		3,544
	6,619	*	Cavco Industries, Inc		525
	22,760	*	Century Communities, Inc		393
	204,773		Coach, Inc		7,691
	18,878		Columbia Sportswear Co		841
	68,785	*	CROCS, Inc		859
	5,480		CSS Industries, Inc		151
	6,895		Culp, Inc		150
	26,041	*	Deckers Outdoor Corp		2,371
	11,720	*	Dixie Group, Inc		107
	214,302		DR Horton, Inc		5,420
	7,865		Escalade, Inc		119
	18,783		Ethan Allen Interiors, Inc		582
	3,461		Flexsteel Industries, Inc		112
	35,123	*	Fossil Group, Inc		3,890

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	90,189	e	Garmin Ltd	$	4,765
	13,268	*	G-III Apparel Group Ltd		1,340
	15,629	*,e	GoPro, Inc		988
	74,818		Hanesbrands, Inc		8,351
	51,667		Harman International Industries, Inc		5,513
	87,267	e	Hasbro, Inc		4,799
	21,693	*	Helen of Troy Ltd		1,411
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		385
	34,721	*,e	Iconix Brand Group, Inc		1,173
	6,890	*	Installed Building Products Inc		123
	21,039	*,e	iRobot Corp		731
	20,248	*,e	Jakks Pacific, Inc		138
	145,246	*	Jarden Corp		6,954
	3,583		Johnson Outdoors, Inc		112
	97,088	*	Kate Spade & Co		3,108
	63,287	e	KB Home		1,047
	39,237		La-Z-Boy, Inc		1,053
	52,779	*,e	Leapfrog Enterprises, Inc		249
	105,108		Leggett & Platt, Inc		4,479
	126,090	e	Lennar Corp (Class A)		5,650
	10,716	*,e	LGI Homes, Inc		160
	16,013	*	Libbey, Inc		503
	7,210		Lifetime Brands, Inc		124
	16,714	*	M/I Homes, Inc		384
	9,100	*	Malibu Boats Inc		175
	8,407		Marine Products Corp		71
	253,542		Mattel, Inc		7,846
	29,150	e	MDC Holdings, Inc		772
	28,574	*	Meritage Homes Corp		1,028
	153,320	*	Michael Kors Holdings Ltd		11,514
	46,185	*	Mohawk Industries, Inc		7,175
	12,667		Movado Group, Inc		359
	4,424		Nacco Industries, Inc (Class A)		263
	22,756	*	Nautilus, Inc		345
	6,504	*	New Home Co Inc		94
	206,517		Newell Rubbermaid, Inc		7,866
	523,494		Nike, Inc (Class B)		50,334
	3,356	*	NVR, Inc		4,280
	10,973		Oxford Industries, Inc		606
	8,860	*	Perry Ellis International, Inc		230
	61,650		Phillips-Van Heusen Corp		7,902
	49,324		Polaris Industries, Inc		7,460
	34,091		Pool Corp		2,163
	287,099		Pulte Homes, Inc		6,161
	161,179	*,e	Quiksilver, Inc		356
	44,148		Ralph Lauren Corp		8,174
	35,106		Ryland Group, Inc		1,354
	12,710	*,e	Sequential Brands Group, Inc		166
	29,390	*	Skechers U.S.A., Inc (Class A)		1,624
	12,508	*	Skullcandy, Inc		115
	48,359	*,e	Smith & Wesson Holding Corp		458
	112,658	*	Standard-Pacific Corp		821

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	45,166	*	Steven Madden Ltd	$	1,438
	14,503	e	Sturm Ruger & Co, Inc		502
	24,241	*	Taylor Morrison Home Corp		458
	45,528	*	Tempur-Pedic International, Inc		2,500
	132,536	*	Toll Brothers, Inc		4,542
	107,000	*	TRI Pointe Homes, Inc		1,632
	36,378	*	Tumi Holdings, Inc		863
	38,199		Tupperware Corp		2,407
	5,056	*,e	Turtle Beach Corp		16
	5,823	*	UCP, Inc (Class A)		61
	127,428	*	Under Armour, Inc (Class A)		8,652
	10,905	*	Unifi, Inc		324
	11,370	*	Universal Electronics, Inc		739
	16,444	*,e	Vera Bradley, Inc		335
	259,479		VF Corp		19,435
	9,200	*	Vince Holding Corp		241
	8,501	*	WCI Communities, Inc		166
	5,214		Weyco Group, Inc		155
	58,219		Whirlpool Corp		11,279
	13,294	*	William Lyon Homes, Inc		269
	76,448	e	Wolverine World Wide, Inc		2,253
			TOTAL CONSUMER DURABLES & APPAREL		273,176
CONSUMER SERVICES - 2.1%
	7,931	*,e	2U, Inc		156
	13,862	*	American Public Education, Inc		511
	69,950	*	Apollo Group, Inc (Class A)		2,386
	25,000		ARAMARK Holdings Corp		779
	11,587	*	Ascent Media Corp (Series A)		613
	71,477	*	Belmond Ltd.		884
	18,782	*	BJ’s Restaurants, Inc		943
	58,200	*	Bloomin’ Brands, Inc		1,441
	21,179	e	Bob Evans Farms, Inc		1,084
	58,143	*	Boyd Gaming Corp		743
	14,947	*	Bravo Brio Restaurant Group, Inc		208
	13,548	*	Bridgepoint Education, Inc		153
	23,382	*	Bright Horizons Family Solutions		1,099
	50,290		Brinker International, Inc		2,952
	14,166	*	Buffalo Wild Wings, Inc		2,555
	27,726	*,e	Caesars Acquisition Co		286
	38,423	*,e	Caesars Entertainment Corp		603
	8,131		Capella Education Co		626
	46,334	*	Career Education Corp		322
	318,100		Carnival Corp		14,419
	12,748		Carriage Services, Inc		267
	27,792	*	Carrols Restaurant Group, Inc		212
	14,608	e	CBRL Group, Inc		2,056
	37,810		Cheesecake Factory		1,902
	54,819	*,e	Chegg, Inc		379
	23,368	*	Chipotle Mexican Grill, Inc (Class A)		15,996
	26,423		Choice Hotels International, Inc		1,480
	10,504		Churchill Downs, Inc		1,001

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,474	*	Chuy’s Holdings, Inc	$	245
	15,700		ClubCorp Holdings, Inc		282
	5,623	e	Collectors Universe		117
	100,344		Darden Restaurants, Inc		5,883
	17,725	*	Del Frisco’s Restaurant Group, Inc		421
	75,312	*	Denny’s Corp		776
	48,007		DeVry, Inc		2,279
	26,852	*	Diamond Resorts International, Inc		749
	12,442		DineEquity, Inc		1,290
	42,657		Domino’s Pizza, Inc		4,017
	81,221		Dunkin Brands Group, Inc		3,464
	6,804	*,e	El Pollo Loco Holdings, Inc		136
	11,217	*	Empire Resorts, Inc		87
	3,282	*,e	Famous Dave’s of America, Inc		86
	20,469	*	Fiesta Restaurant Group, Inc		1,245
	2,614		Graham Holdings Co		2,258
	34,464	*	Grand Canyon Education, Inc		1,608
	205,098		H&R Block, Inc		6,908
	102,800	*	Hilton Worldwide Holdings, Inc		2,682
	82,847	*	Houghton Mifflin Harcourt Co		1,716
	31,491	*	Hyatt Hotels Corp		1,896
	4,863	*	Ignite Restaurant Group, Inc		38
	186,370		International Game Technology		3,215
	20,955		International Speedway Corp (Class A)		663
	33,777		Interval Leisure Group, Inc		706
	13,700	*	Intrawest Resorts Holdings Inc		164
	15,534	*	Isle of Capri Casinos, Inc		130
	30,287		Jack in the Box, Inc		2,422
	12,737	*	Jamba, Inc		192
	26,055	*	K12, Inc		309
	51,222	*	Krispy Kreme Doughnuts, Inc		1,011
	33,801	*	La Quinta Holdings, Inc		746
	283,236		Las Vegas Sands Corp		16,473
	3,365	*	Liberty Tax, Inc		120
	30,327	*	Life Time Fitness, Inc		1,717
	61,345	*	LifeLock, Inc		1,136
	14,891		Marcus Corp		276
	167,829		Marriott International, Inc (Class A)		13,096
	21,460		Marriott Vacations Worldwide Corp		1,600
	740,773		McDonald’s Corp		69,410
	282,640	*	MGM Mirage		6,043
	7,140	*	Monarch Casino & Resort, Inc		118
	23,956	*	Morgans Hotel Group Co		188
	2,018	*	Nathan’s Famous, Inc		161
	8,091	*,e	Noodles & Co		213
	67,869	*	Norwegian Cruise Line Holdings Ltd		3,174
	18,433	*,e	Panera Bread Co (Class A)		3,222
	24,166		Papa John’s International, Inc		1,348
	19,603	*	Papa Murphy’s Holdings, Inc		228
	60,160	*	Penn National Gaming, Inc		826
	43,980	*,e	Pinnacle Entertainment, Inc		979
	18,260	*	Popeyes Louisiana Kitchen, Inc		1,028

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,582	*,e	Potbelly Corp	$	149
	10,662	*	Red Robin Gourmet Burgers, Inc		821
	37,371	*	Regis Corp		626
	156,926	*	Restaurant Brands International, Inc		6,126
	124,741		Royal Caribbean Cruises Ltd		10,282
	46,223	*	Ruby Tuesday, Inc		316
	26,831		Ruth’s Chris Steak House, Inc		402
	39,839	*,e	Scientific Games Corp (Class A)		507
	51,334		SeaWorld Entertainment, Inc		919
	161,096		Service Corp International		3,657
	31,340	*	ServiceMaster Global Holdings, Inc		839
	50,232		Six Flags Entertainment Corp		2,168
	40,899		Sonic Corp		1,114
	46,276		Sotheby’s (Class A)		1,998
	9,984		Speedway Motorsports, Inc		218
	564,212		Starbucks Corp		46,294
	143,413		Starwood Hotels & Resorts Worldwide, Inc		11,627
	1,378	*	Steak N Shake Co		551
	11,970	*	Steiner Leisure Ltd		553
	7,659	*,e	Strayer Education, Inc		569
	48,004		Texas Roadhouse, Inc (Class A)		1,621
	15,190		Universal Technical Institute, Inc		149
	27,599		Vail Resorts, Inc		2,515
	20,024	*,e	Weight Watchers International, Inc		497
	207,760		Wendy’s		1,876
	96,319		Wyndham Worldwide Corp		8,260
	60,950		Wynn Resorts Ltd		9,067
	330,788		Yum! Brands, Inc		24,098
	4,563	*,e	Zoe’s Kitchen, Inc		136
			TOTAL CONSUMER SERVICES		363,108
DIVERSIFIED FINANCIALS - 3.9%
	41,455	*	Affiliated Managers Group, Inc		8,798
	204,666	*	Ally Financial, Inc		4,834
	679,747		American Express Co		63,244
	142,816		Ameriprise Financial, Inc		18,887
	14,257	e	Arlington Asset Investment Corp (Class A)		379
	20,852		Artisan Partners Asset Management, Inc		1,054
	608	*,e	Ashford, Inc		57
	856,027		Bank of New York Mellon Corp		34,729
	131,560		BGC Partners, Inc (Class A)		1,204
	95,550		BlackRock, Inc		34,165
	16,951		Calamos Asset Management, Inc (Class A)		226
	428,376		Capital One Financial Corp		35,362
	20,380		Cash America International, Inc		461
	66,839		CBOE Holdings, Inc		4,239
	836,494		Charles Schwab Corp		25,254
	240,161		CME Group, Inc		21,290
	7,179	e	CIFC Corp		59
	14,207	e	Cohen & Steers, Inc		598
	10,988	*	Consumer Portfolio Services, Inc		81
	75,792	*	Cowen Group, Inc		364
	5,392	*	Credit Acceptance Corp		736

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	1,990		Diamond Hill Investment Group, Inc	$	275
	349,103		Discover Financial Services		22,863
	216,676	*	E*Trade Financial Corp		5,255
	91,544		Eaton Vance Corp		3,747
	19,334	*,e	Encore Capital Group, Inc		858
	18,647	*	Enova International, Inc		415
	24,923		Evercore Partners, Inc (Class A)		1,305
	38,445	*,e	Ezcorp, Inc (Class A)		452
	9,821	*	FBR & Co		242
	69,691	e	Federated Investors, Inc (Class B)		2,295
	24,965	*	Fifth Street Asset Management, Inc		348
	39,058	e	Financial Engines, Inc		1,428
	21,634	*	First Cash Financial Services, Inc		1,204
	69,681	*	FNFV Group		1,097
	298,418		Franklin Resources, Inc		16,523
	33,940	e	FXCM, Inc		562
	18,319		Gain Capital Holdings, Inc		165
	6,584		GAMCO Investors, Inc (Class A)		586
	54,396		GFI Group, Inc		296
	335,113		Goldman Sachs Group, Inc		64,955
	23,327	*	Green Dot Corp		478
	22,433	e	Greenhill & Co, Inc		978
	25,335		HFF, Inc (Class A)		910
	40,633		Interactive Brokers Group, Inc (Class A)		1,185
	86,996		IntercontinentalExchange Group, Inc		19,077
	12,794	*	INTL FCStone, Inc		263
	327,740		Invesco Ltd		12,952
	28,315	*	Investment Technology Group, Inc		590
	19,000	e	iShares Russell 2000 Index Fund		2,274
	112,095	e	Janus Capital Group, Inc		1,808
	9,015	*	JG Wentworth Co		96
	39,750	*	KCG Holdings, Inc		463
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		290
	92,967		Lazard Ltd (Class A)		4,651
	78,240		Legg Mason, Inc		4,176
	278,931		Leucadia National Corp		6,254
	66,106		LPL Financial Holdings, Inc		2,945
	10,552		Manning & Napier, Inc		146
	6,167	*	Marcus & Millichap, Inc		205
	27,836		MarketAxess Holdings, Inc		1,996
	6,533		Marlin Business Services Corp		134
	203,846		McGraw-Hill Financial, Inc		18,138
	19,160	*	Medley Management, Inc		282
	5,647		Moelis & Co		197
	141,696		Moody’s Corp		13,576
	1,149,502		Morgan Stanley		44,601
	88,261		MSCI, Inc (Class A)		4,187
	84,624		NASDAQ OMX Group, Inc		4,059
	314,078		Navient Corp		6,787
	15,278		Nelnet, Inc (Class A)		708
	21,889	*	NewStar Financial, Inc		280

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,402	*	Nicholas Financial, Inc	$	110
	178,680		Northern Trust Corp		12,043
	139,841		NorthStar Asset Management Group, Inc		3,156
	38,892	*	OM Asset Management plc		632
	7,363		Oppenheimer Holdings, Inc		171
	41,814	*,e	PHH Corp		1,002
	17,372	*	Pico Holdings, Inc		327
	13,978	*	Piper Jaffray Cos		812
	37,321	*,e	PRA Group, Inc		2,162
	9,591		Pzena Investment Management, Inc (Class A)		91
	94,509		Raymond James Financial, Inc		5,414
	8,577	*	Regional Management Corp		136
	9,098		Resource America, Inc (Class A)		82
	19,711	*	Safeguard Scientifics, Inc		391
	66,420		Santander Consumer USA Holdings, Inc		1,302
	100,365		SEI Investments Co		4,019
	3,845		Silvercrest Asset Management Group, Inc		60
	320,682		SLM Corp		3,268
	8,400	e	SPDR S&P MidCap 400 ETF Trust		2,217
	120,000		SPDR Trust Series 1		24,660
	18,800	*,e	Springleaf Holdings, Inc		680
	322,586		State Street Corp		25,323
	49,761	*	Stifel Financial Corp		2,539
	26,347	*,e	SWS Group, Inc		182
	97,117	*	Synchrony Financial		2,889
	197,360		T Rowe Price Group, Inc		16,945
	185,673		TD Ameritrade Holding Corp		6,643
	6,509	*,e	Tiptree Financial, Inc		53
	5,194		Virtus Investment Partners, Inc		886
	106,485		Voya Financial, Inc		4,513
	65,189		Waddell & Reed Financial, Inc (Class A)		3,248
	28,439	*,e	Walter Investment Management Corp		470
	5,409		Westwood Holdings Group, Inc		334
	80,939	e	WisdomTree Investments, Inc		1,269
	6,547	*,e	World Acceptance Corp		520
			TOTAL DIVERSIFIED FINANCIALS		664,127
ENERGY - 7.5%
	70,225	*,e	Abraxas Petroleum Corp		206
	1,730		Adams Resources & Energy, Inc		86
	17,965	e	Alon USA Energy, Inc		228
	13,406	*,e	Amyris Biotechnologies, Inc		28
	378,502		Anadarko Petroleum Corp		31,226
	40,296	*,e	Antero Resources Corp		1,635
	289,064		Apache Corp		18,116
	6,580	*,e	APCO Argentina, Inc		92
	30,066	*,e	Approach Resources, Inc		192
	170,075	e	Arch Coal, Inc		303
	14,064	e	Ardmore Shipping Corp		168
	36,028	*	Aspen Aerogels, Inc		287
	42,045	*	Atwood Oceanics, Inc		1,193
	326,738		Baker Hughes, Inc		18,320

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	23,122	*	Basic Energy Services, Inc	$	162
	48,074	*,e	Bill Barrett Corp		548
	24,316	*	Bonanza Creek Energy, Inc		584
	26,221		Bristow Group, Inc		1,725
	34,352	*	C&J Energy Services, Inc		454
	315,766		Cabot Oil & Gas Corp		9,350
	235,429	*	California Resources Corp		1,297
	30,407	*	Callon Petroleum Co		166
	154,562	*	Cameron International Corp		7,720
	15,028	e	CARBO Ceramics, Inc		602
	34,645	*	Carrizo Oil & Gas, Inc		1,441
	30,100	*,e	CHC Group Ltd		97
	178,285	*	Cheniere Energy, Inc		12,551
	399,678		Chesapeake Energy Corp		7,822
	1,426,764		Chevron Corp		160,054
	66,090		Cimarex Energy Co		7,006
	4,602	*	Clayton Williams Energy, Inc		294
	70,229	*,e	Clean Energy Fuels Corp		351
	46,507	*	Cloud Peak Energy, Inc		427
	265,537	*	Cobalt International Energy, Inc		2,361
	36,545	e	Comstock Resources, Inc		249
	84,892	*	Concho Resources, Inc		8,468
	919,428		ConocoPhillips		63,496
	173,265		Consol Energy, Inc		5,858
	12,994	*	Contango Oil & Gas Co		380
	64,816	*,e	Continental Resources, Inc		2,486
	11,149	e	CVR Energy, Inc		432
	6,271		Dawson Geophysical Co		77
	37,115		Delek US Holdings, Inc		1,012
	266,127	e	Denbury Resources, Inc		2,164
	305,699		Devon Energy Corp		18,712
	53,570		DHT Holdings, Inc		392
	50,196	e	Diamond Offshore Drilling, Inc		1,843
	28,919	*	Diamondback Energy, Inc		1,729
	5,647	*	Dorian LPG Ltd		78
	57,836	*	Dresser-Rand Group, Inc		4,731
	30,642	*	Dril-Quip, Inc		2,351
	23,439	*	Eclipse Resources Corp		165
	43,233	*,e	Emerald Oil, Inc		52
	55,035		Energen Corp		3,509
	72,871	e	Energy XXI Bermuda Ltd		238
	409,577		EOG Resources, Inc		37,710
	25,000	*,e	EP Energy Corp		261
	114,878		EQT Corp		8,696
	12,643	*	Era Group, Inc		267
	11,704		Evolution Petroleum Corp		87
	130,558	e	EXCO Resources, Inc		283
	43,775		Exterran Holdings, Inc		1,426
	3,218,577	d	Exxon Mobil Corp		297,558
	178,050	*	FMC Technologies, Inc		8,340
	36,137	*,e	FMSA Holdings, Inc		250
	39,615	*	Forum Energy Technologies, Inc		821

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	26,300	e	Frank’s International NV	$	437
	39,564	*,e	Frontline Ltd		99
	36,931	*,e	FX Energy, Inc		57
	32,033	e	GasLog Ltd		652
	46,154	*	Gastar Exploration, Inc		111
	9,836	*,e	Geospace Technologies Corp		261
	8,901	*,e	Glori Energy, Inc		37
	33,053	e	Golar LNG Ltd		1,205
	49,267	*,e	Goodrich Petroleum Corp		219
	26,945		Green Plains Renewable Energy, Inc		668
	11,124		Gulf Island Fabrication, Inc		216
	20,444	e	Gulfmark Offshore, Inc		499
	64,737	*	Gulfport Energy Corp		2,702
	197,703	*,e	Halcon Resources Corp		352
	3,710		Hallador Petroleum Co		41
	633,914		Halliburton Co		24,932
	33,334	*,e	Harvest Natural Resources, Inc		60
	81,306	*	Helix Energy Solutions Group, Inc		1,764
	71,374		Helmerich & Payne, Inc		4,812
	121,560	*,e	Hercules Offshore, Inc		122
	208,993		Hess Corp		15,428
	150,647		Holly Corp		5,646
	27,723	*,e	Hornbeck Offshore Services, Inc		692
	100,154	*	ION Geophysical Corp		275
	823	*,e	Isramco, Inc		114
	8,500	*,e	Jones Energy, Inc (Class A)		97
	99,683	*	Key Energy Services, Inc		166
	1,019,501		Kinder Morgan, Inc		43,135
	73,463	*	Kosmos Energy LLC		616
	58,420	*,e	Laredo Petroleum Holdings, Inc		605
	152,810	*,e	Magnum Hunter Resources Corp		480
	508,475		Marathon Oil Corp		14,385
	189,107		Marathon Petroleum Corp		17,069
	55,403	*	Matador Resources Co		1,121
	23,922	*	Matrix Service Co		534
	180,710	*,e	McDermott International, Inc		526
	34,077	*	Memorial Resource Development Corp		614
	88,569	*,e	Midstates Petroleum Co, Inc		134
	37,819	*,e	Miller Petroleum, Inc		47
	9,855	*	Mitcham Industries, Inc		58
	134,308		Murphy Oil Corp		6,785
	223,659		Nabors Industries Ltd		2,903
	322,057		National Oilwell Varco, Inc		21,104
	9,713	*	Natural Gas Services Group, Inc		224
	61,477		Navios Maritime Acq Corp		223
	103,184	*	Newfield Exploration Co		2,798
	69,133	*	Newpark Resources, Inc		660
	271,735		Noble Energy, Inc		12,888
	13,964	e	Nordic American Offshore Ltd		171
	68,002	e	Nordic American Tanker Shipping		685
	54,400	e	North Atlantic Drilling Ltd		89
	48,403	*,e	Northern Oil And Gas, Inc		273

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	16,270	*,e	Nuverra Environmental Solutions, Inc	$	90
	76,721	*,e	Oasis Petroleum, Inc		1,269
	588,574		Occidental Petroleum Corp		47,445
	82,172		Oceaneering International, Inc		4,833
	35,581	*	Oil States International, Inc		1,740
	156,584		Oneok, Inc		7,796
	15,683	*,e	Pacific Ethanol, Inc		162
	10,734		Panhandle Oil and Gas, Inc (Class A)		250
	96,030	*	Parker Drilling Co		295
	37,983	*	Parsley Energy, Inc		606
	109,613		Patterson-UTI Energy, Inc		1,818
	51,801		PBF Energy, Inc		1,380
	27,088	*	PDC Energy, Inc		1,118
	207,042	e	Peabody Energy Corp		1,602
	50,170	*,e	Penn Virginia Corp		335
	43,261	*	Petroquest Energy, Inc		162
	9,723	*	PHI, Inc		364
	424,080		Phillips 66		30,407
	42,944	*	Pioneer Energy Services Corp		238
	107,751		Pioneer Natural Resources Co		16,039
	9,686	*,e	Profire Energy, Inc		22
	136,144		Questar Market Resources, Inc		2,753
	124,202		Range Resources Corp		6,639
	21,954	*	Renewable Energy Group, Inc		213
	58,594	*,e	Resolute Energy Corp		77
	36,039	*,e	Rex Energy Corp		184
	5,384	*	Rex Stores Corp		334
	38,100	*	Rice Energy, Inc		799
	9,601	*	RigNet, Inc		394
	14,462	*,e	Ring Energy, Inc		152
	45,950	*	Rosetta Resources, Inc		1,025
	93,726		Rowan Cos plc		2,186
	46,325		RPC, Inc		604
	17,500	*,e	RSP Permian, Inc		440
	46,742	*,e	Sanchez Energy Corp		434
	375,818	*,e	SandRidge Energy, Inc		684
	974,712		Schlumberger Ltd		83,250
	129,737	e	Scorpio Tankers, Inc		1,127
	15,043	*	SEACOR Holdings, Inc		1,110
	267,582	e	Seadrill Ltd		3,195
	31,863		SemGroup Corp		2,179
	28,548	*	Seventy Seven Energy, Inc		154
	45,041	e	Ship Finance International Ltd		636
	266,793	*	Southwestern Energy Co		7,281
	502,659		Spectra Energy Corp		18,247
	50,791		St. Mary Land & Exploration Co		1,960
	42,383	*	Stone Energy Corp		715
	118,843		Superior Energy Services		2,395
	39,048	*,e	Swift Energy Co		158
	44,903	*	Synergy Resources Corp		563
	25,232		Targa Resources Investments, Inc		2,676
	34,489		Teekay Corp		1,755

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	48,134	e	Teekay Tankers Ltd (Class A)	$	244
	26,063		Tesco Corp		334
	97,850		Tesoro Corp		7,275
	61,337	*	Tetra Technologies, Inc		410
	36,444	e	Tidewater, Inc		1,181
	17,866	*	TransAtlantic Petroleum Ltd		96
	56,984	*,e	Triangle Petroleum Corp		272
	116,012	*,e	Ultra Petroleum Corp		1,527
	36,980	*	Unit Corp		1,261
	48,465	*	Vaalco Energy, Inc		221
	401,926		Valero Energy Corp		19,895
	169,150	*,e	Vantage Drilling Co		83
	8,585	*,e	Vertex Energy, Inc		36
	26,733	e	W&T Offshore, Inc		196
	67,894	*	Warren Resources, Inc		109
	41,371		Western Refining, Inc		1,563
	10,257	*	Westmoreland Coal Co		341
	125,774	*	Whiting Petroleum Corp		4,151
	33,654	*	Willbros Group, Inc		211
	561,614		Williams Cos, Inc		25,239
	55,107		World Fuel Services Corp		2,586
	151,612	*	WPX Energy, Inc		1,763
			TOTAL ENERGY		1,282,288
FOOD & STAPLES RETAILING - 2.2%
	21,366	*	Andersons, Inc		1,135
	29,135		Casey’s General Stores, Inc		2,632
	14,374	*,e	Chefs’ Warehouse Holdings, Inc		331
	329,586		Costco Wholesale Corp		46,719
	876,313		CVS Corp		84,398
	11,866	*,e	Fairway Group Holdings Corp		37
	31,233	*,e	Fresh Market, Inc		1,287
	8,163		Ingles Markets, Inc (Class A)		303
	381,395		Kroger Co		24,489
	24,395	e	Liberator Medical Holdings, Inc		71
	6,410	*,e	Natural Grocers by Vitamin C		181
	16,292	*	Pantry, Inc		604
	14,319		Pricesmart, Inc		1,306
	731,408	*	Rite Aid Corp		5,500
	30,608	*,e	Roundy’s, Inc		148
	171,668		Safeway, Inc		6,029
	28,394		Spartan Stores, Inc		742
	69,957	*,e	Sprouts Farmers Market, Inc		2,377
	154,781	*	Supervalu, Inc		1,501
	438,160		Sysco Corp		17,391
	38,243	*	United Natural Foods, Inc		2,957
	4,843		Village Super Market (Class A)		133
	714,449		Walgreens Boots Alliance, Inc		54,441
	1,194,081		Wal-Mart Stores, Inc		102,548
	8,834		Weis Markets, Inc		422
	275,968		Whole Foods Market, Inc		13,914
			TOTAL FOOD & STAPLES RETAILING		371,596

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
FOOD, BEVERAGE & TOBACCO - 4.5%
	32,198	*,e	22nd Century Group, Inc	$	53
	2,319		Alico, Inc		116
	68,179	*	Alliance One International, Inc		108
	1,488,807		Altria Group, Inc		73,354
	492,251		Archer Daniels Midland Co		25,597
	40,577		B&G Foods, Inc (Class A)		1,213
	6,146	*,e	Boston Beer Co, Inc (Class A)		1,780
	44,670	*	Boulder Brands, Inc		494
	114,934		Brown-Forman Corp (Class B)		10,096
	111,586		Bunge Ltd		10,144
	9,305		Calavo Growers, Inc		440
	23,658	e	Cal-Maine Foods, Inc		923
	130,870		Campbell Soup Co		5,758
	35,476	*	Chiquita Brands International, Inc		513
	3,512		Coca-Cola Bottling Co Consolidated		309
	2,971,326		Coca-Cola Co		125,449
	189,385		Coca-Cola Enterprises, Inc		8,375
	318,825		ConAgra Foods, Inc		11,567
	117,161	*	Constellation Brands, Inc (Class A)		11,502
	7,653	*	Craft Brewers Alliance, Inc		102
	124,713	*	Darling International, Inc		2,265
	70,011	e	Dean Foods Co		1,357
	16,103	*	Diamond Foods, Inc		455
	148,462		Dr Pepper Snapple Group, Inc		10,642
	5,320	*	Farmer Bros Co		157
	128,238		Flowers Foods, Inc		2,461
	27,620	e	Fresh Del Monte Produce, Inc		927
	460,544		General Mills, Inc		24,561
	76,104	*,e	Hain Celestial Group, Inc		4,436
	111,924		Hershey Co		11,632
	100,334		Hormel Foods Corp		5,227
	55,864		Ingredion, Inc		4,740
	10,713	*	Inventure Foods, Inc		137
	11,326		J&J Snack Foods Corp		1,232
	77,404		J.M. Smucker Co		7,816
	5,780		John B. Sanfilippo & Son, Inc		263
	192,474		Kellogg Co		12,596
	106,276		Keurig Green Mountain, Inc		14,070
	446,174		Kraft Foods Group, Inc		27,957
	14,003		Lancaster Colony Corp		1,311
	38,935		Lance, Inc		1,189
	3,603	*,e	Lifeway Foods, Inc		67
	6,464	e	Limoneira Co		161
	272,670		Lorillard, Inc		17,162
	98,712		McCormick & Co, Inc		7,334
	152,786		Mead Johnson Nutrition Co		15,361
	103,045		Molson Coors Brewing Co (Class B)		7,679
	1,269,760		Mondelez International, Inc		46,124
	108,438	*	Monster Beverage Corp		11,749
	8,815	*	National Beverage Corp		199

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	15,084	*	Omega Protein Corp	$	159
	1,136,253		PepsiCo, Inc		107,444
	1,178,849		Philip Morris International, Inc		96,017
	48,235	*,e	Pilgrim’s Pride Corp		1,582
	40,896		Pinnacle Foods, Inc		1,444
	33,337	*,e	Post Holdings, Inc		1,397
	231,747		Reynolds American, Inc		14,894
	17,484	e	Sanderson Farms, Inc		1,469
	224	*	Seaboard Corp		940
	6,106	*	Seneca Foods Corp		165
	14,223	*,e	Synutra International, Inc		86
	15,357	e	Tootsie Roll Industries, Inc		471
	31,544	*	TreeHouse Foods, Inc		2,698
	201,794		Tyson Foods, Inc (Class A)		8,090
	17,708	e	Universal Corp		779
	52,784	e	Vector Group Ltd		1,125
	131,695	*	WhiteWave Foods Co (Class A)		4,608
			TOTAL FOOD, BEVERAGE & TOBACCO		772,528
HEALTH CARE EQUIPMENT & SERVICES - 5.0%
	9,496	*,e	AAC Holdings, Inc		294
	15,924	e	Abaxis, Inc		905
	1,127,470		Abbott Laboratories		50,759
	29,721	*,e	Abiomed, Inc		1,131
	26,970	*	Acadia Healthcare Co, Inc		1,651
	58,290	*,e	Accuray, Inc		440
	4,240	*	Addus HomeCare Corp		103
	4,312	*,e	Adeptus Health, Inc		161
	268,280		Aetna, Inc		23,831
	29,433	*,e	Air Methods Corp		1,296
	61,821	*	Align Technology, Inc		3,456
	4,207	*	Alliance HealthCare Services, Inc		88
	133,589	*	Allscripts Healthcare Solutions, Inc		1,706
	7,268	*	Almost Family, Inc		210
	21,596	*	Amedisys, Inc		634
	169,281		AmerisourceBergen Corp		15,262
	34,893	*	AMN Healthcare Services, Inc		684
	24,628	*	Amsurg Corp		1,348
	9,253		Analogic Corp		783
	18,523	*	Angiodynamics, Inc		352
	10,943	*	Anika Therapeutics, Inc		446
	91,526	*,e	Antares Pharma, Inc		235
	209,933		Anthem, Inc		26,382
	28,653	*,e	athenahealth, Inc		4,175
	21,089	*	AtriCure, Inc		421
	1,165		Atrion Corp		396
	57,809		Bard (C.R.), Inc		9,632
	407,311		Baxter International, Inc		29,852
	144,517		Becton Dickinson & Co		20,111
	17,746	*,e	Bio-Reference Labs, Inc		570
	51,896	*,e	BioScrip, Inc		363
	19,708	*	BioTelemetry, Inc		198

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	1,001,367	*	Boston Scientific Corp	$	13,268
	123,825	*	Brookdale Senior Living, Inc		4,541
	27,942		Cantel Medical Corp		1,209
	21,051	*	Capital Senior Living Corp		524
	254,966		Cardinal Health, Inc		20,583
	20,716	*	Cardiovascular Systems, Inc		623
	155,393	*	CareFusion Corp		9,221
	9,769	*,e	Castlight Health, Inc		114
	156,388	*	Catamaran Corp		8,093
	43,593	*	Centene Corp		4,527
	223,900	*	Cerner Corp		14,477
	49,516	*,e	Cerus Corp		309
	14,552	e	Chemed Corp		1,538
	201,665		Cigna Corp		20,753
	28,753	*,e	Civitas Solutions, Inc		490
	87,364	*	Community Health Systems, Inc		4,711
	9,537	e	Computer Programs & Systems, Inc		579
	20,631		Conmed Corp		928
	36,230		Cooper Cos, Inc		5,872
	12,032	*	Corvel Corp		448
	338,435		Covidien plc		34,615
	22,090	*	Cross Country Healthcare, Inc		276
	19,963		CryoLife, Inc		226
	20,834	*	Cyberonics, Inc		1,160
	16,811	*	Cynosure, Inc (Class A)		461
	134,706	*	DaVita, Inc		10,203
	107,333		Dentsply International, Inc		5,718
	16,710	*,e	Derma Sciences, Inc		156
	56,587	*	DexCom, Inc		3,115
	79,607	*	Edwards Lifesciences Corp		10,140
	47,927	*,e	Endologix, Inc		733
	14,856		Ensign Group, Inc		659
	52,626	*	Envision Healthcare Holdings, Inc		1,826
	7,074	*	Exactech, Inc		167
	26,213	*,e	ExamWorks Group, Inc		1,090
	553,763	*	Express Scripts Holding Co		46,887
	29,310	*	Five Star Quality Care, Inc		122
	30,765	*	GenMark Diagnostics, Inc		419
	22,160	*	Gentiva Health Services, Inc		422
	49,755	*	Globus Medical, Inc		1,183
	18,107	*	Greatbatch, Inc		893
	38,562	*	Haemonetics Corp		1,443
	35,247	*,e	Halyard Health, Inc		1,603
	25,502	*	Hanger Orthopedic Group, Inc		558
	245,031	*	HCA Holdings, Inc		17,983
	60,101	*	Health Net, Inc		3,217
	5,930	*	HealthEquity, Inc		151
	66,457		Healthsouth Corp		2,556
	14,864	*	HealthStream, Inc		438
	28,116	*	Healthways, Inc		559
	12,504	*,e	HeartWare International, Inc		918
	63,797	*	Henry Schein, Inc		8,686

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	43,409	e	Hill-Rom Holdings, Inc	$	1,980
	65,676	*,e	HMS Holdings Corp		1,388
	181,625	*	Hologic, Inc		4,857
	116,002		Humana, Inc		16,661
	9,893	*	ICU Medical, Inc		810
	33,396	*	Idexx Laboratories, Inc		4,952
	35,949	*,e	IMS Health Holdings, Inc		922
	4,131	*	Inogen Inc		130
	41,898	*	Insulet Corp		1,930
	18,839	*	Integra LifeSciences Holdings Corp		1,022
	27,134	*	Intuitive Surgical, Inc		14,352
	23,110		Invacare Corp		387
	62,113	*	Inverness Medical Innovations, Inc		2,360
	12,768	*	IPC The Hospitalist Co, Inc		586
	6,547	*,e	K2M Group Holdings, Inc		137
	41,435		Kindred Healthcare, Inc		753
	63,819	*	Laboratory Corp of America Holdings		6,886
	8,629		Landauer, Inc		295
	12,518	*,e	LDR Holding Corp		410
	11,927	*	LHC Group, Inc		372
	33,622	*	LifePoint Hospitals, Inc		2,418
	20,796	*	Magellan Health Services, Inc		1,248
	38,810	*	Masimo Corp		1,022
	172,760		McKesson Corp		35,861
	44,883	*	MedAssets, Inc		887
	39,902	*	Medidata Solutions, Inc		1,905
	749,877		Medtronic, Inc		54,141
	43,385	*	Merge Healthcare, Inc		154
	31,965		Meridian Bioscience, Inc		526
	32,366	*	Merit Medical Systems, Inc		561
	22,845	*	Molina Healthcare, Inc		1,223
	9,533	*	MWI Veterinary Supply, Inc		1,620
	8,081		National Healthcare Corp		508
	5,598	*	National Research Corp		78
	22,829	*	Natus Medical, Inc		823
	27,729	*	Neogen Corp		1,375
	35,423	*	NuVasive, Inc		1,671
	45,234	*	NxStage Medical, Inc		811
	74,986		Omnicare, Inc		5,469
	27,790	*	Omnicell, Inc		920
	36,642	*	OraSure Technologies, Inc		372
	14,876	*	Orthofix International NV		447
	48,567		Owens & Minor, Inc		1,705
	10,159	*,e	Oxford Immunotec Global plc		138
	64,882		Patterson Cos, Inc		3,121
	75,502	*	Pediatrix Medical Group, Inc		4,991
	23,814	*	PharMerica Corp		493
	9,836	*,e	PhotoMedex, Inc		15
	24,800	*	Premier, Inc		832
	8,598	*	Providence Service Corp		313
	37,773		Quality Systems, Inc		589
	110,089		Quest Diagnostics, Inc		7,383

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	21,781	*,e	Quidel Corp	$	630
	25,914	*	RadNet, Inc		221
	106,456	e	Resmed, Inc		5,968
	31,391	*,e	Rockwell Medical Technologies, Inc		323
	38,631	*	RTI Biologics, Inc		201
	21,248	*,e	Second Sight Medical Products, Inc		218
	36,584		Select Medical Holdings Corp		527
	25,042	*	Sientra, Inc		420
	43,638	*	Sirona Dental Systems, Inc		3,813
	15,881	*	Skilled Healthcare Group, Inc (Class A)		136
	30,482	*,e	Spectranetics Corp		1,054
	214,098		St. Jude Medical, Inc		13,923
	26,141	*	Staar Surgical Co		238
	44,285		STERIS Corp		2,872
	251,581		Stryker Corp		23,732
	8,600	*,e	Surgical Care Affiliates, Inc		289
	13,627	*	SurModics, Inc		301
	8,124	*	Symmetry Surgical, Inc		63
	5,981	*,e	Tandem Diabetes Care, Inc		76
	52,336	*	Team Health Holdings, Inc		3,011
	31,210	e	Teleflex, Inc		3,584
	73,295	*	Tenet Healthcare Corp		3,714
	42,853	*	Thoratec Corp		1,391
	26,972	*	Tornier BV		688
	20,401	*,e	TransEnterix, Inc		59
	20,300	*	Triple-S Management Corp (Class B)		485
	5,633	*,e	TriVascular Technologies, Inc		71
	36,586	*,e	Trupanion, Inc		254
	110,774	*,e	Unilife Corp		371
	735,552		UnitedHealth Group, Inc		74,357
	28,773	*	Universal American Corp		267
	67,302		Universal Health Services, Inc (Class B)		7,488
	8,422		US Physical Therapy, Inc		353
	2,349		Utah Medical Products, Inc		141
	78,706	*	Varian Medical Systems, Inc		6,809
	12,709	*	Vascular Solutions, Inc		345
	66,310	*	VCA Antech, Inc		3,234
	28,575	*	Veeva Systems, Inc		755
	4,910	*,e	Veracyte, Inc		47
	15,934	*	Vocera Communications, Inc		166
	44,457	*	Volcano Corp		795
	32,655	*	WellCare Health Plans, Inc		2,680
	52,696	e	West Pharmaceutical Services, Inc		2,806
	38,008	*	Wright Medical Group, Inc		1,021
	22,473	*,e	Zeltiq Aesthetics, Inc		627
	126,112		Zimmer Holdings, Inc		14,304
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		848,904
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	323,551		Avon Products, Inc		3,038
	39,882	*	Central Garden and Pet Co (Class A)		381
	101,605		Church & Dwight Co, Inc		8,007

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	96,320		Clorox Co	$	10,038
	685,599		Colgate-Palmolive Co		47,437
	43,500		Coty, Inc		899
	15,686	*,e	Elizabeth Arden, Inc		336
	46,250		Energizer Holdings, Inc		5,946
	170,996		Estee Lauder Cos (Class A)		13,030
	15,213	e	Female Health Co		60
	37,377	*	Harbinger Group, Inc		529
	57,128	e	Herbalife Ltd		2,154
	22,871	*,e	IGI Laboratories, Inc		201
	12,258		Inter Parfums, Inc		336
	281,978		Kimberly-Clark Corp		32,580
	9,661	*	Medifast, Inc		324
	5,868		Nature’s Sunshine Products, Inc		87
	44,175	e	Nu Skin Enterprises, Inc (Class A)		1,930
	8,067	*	Nutraceutical International Corp		174
	3,981		Oil-Dri Corp of America		130
	4,547		Orchids Paper Products Co		132
	2,028,075		Procter & Gamble Co		184,738
	9,587	*	Revlon, Inc (Class A)		327
	15,918		Spectrum Brands, Inc		1,523
	5,403	*,e	USANA Health Sciences, Inc		554
	11,764		WD-40 Co		1,001
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		315,892
INSURANCE - 4.3%
	252,474		ACE Ltd		29,004
	340,340		Aflac, Inc		20,791
	12,235	*	Alleghany Corp		5,671
	74,631		Allied World Assurance Co Holdings Ltd		2,830
	325,280		Allstate Corp		22,851
	34,048	*	AMBAC Financial Group, Inc		834
	56,412		American Equity Investment Life Holding Co		1,647
	53,198		American Financial Group, Inc		3,230
	1,085,935		American International Group, Inc		60,823
	5,469		American National Insurance Co		625
	13,065		Amerisafe, Inc		553
	23,097	e	Amtrust Financial Services, Inc		1,299
	221,978		Aon plc		21,050
	101,165	*	Arch Capital Group Ltd		5,979
	20,783		Argo Group International Holdings Ltd		1,153
	118,906		Arthur J. Gallagher & Co		5,598
	50,374		Aspen Insurance Holdings Ltd		2,205
	53,724		Assurant, Inc		3,676
	129,363		Assured Guaranty Ltd		3,362
	8,461	*,e	Atlas Financial Holdings, Inc		138
	84,687		Axis Capital Holdings Ltd		4,327
	6,904		Baldwin & Lyons, Inc (Class B)		178
	1,371,733	*	Berkshire Hathaway, Inc (Class B)		205,966
	91,363		Brown & Brown, Inc		3,007
	182,523		Chubb Corp		18,886
	124,217		Cincinnati Financial Corp		6,438

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	32,879	*,e	Citizens, Inc (Class A)	$	250
	19,762		CNA Financial Corp		765
	164,574		Conseco, Inc		2,834
	19,001		Crawford & Co (Class B)		195
	7,812		Donegal Group, Inc (Class A)		125
	14,028	*	eHealth, Inc		350
	4,503		EMC Insurance Group, Inc		160
	24,104		Employers Holdings, Inc		567
	33,679		Endurance Specialty Holdings Ltd		2,015
	7,068	*	Enstar Group Ltd		1,081
	20,774		Erie Indemnity Co (Class A)		1,886
	34,974		Everest Re Group Ltd		5,956
	9,829		FBL Financial Group, Inc (Class A)		570
	8,326		Federated National Holding Co		201
	8,299		Fidelity & Guaranty Life		201
	80,939		First American Financial Corp		2,744
	209,065		FNF Group		7,202
	375,048	*	Genworth Financial, Inc (Class A)		3,188
	20,683	*	Greenlight Capital Re Ltd (Class A)		675
	7,438	*	Hallmark Financial Services		90
	33,724		Hanover Insurance Group, Inc		2,405
	340,568		Hartford Financial Services Group, Inc		14,198
	75,001		HCC Insurance Holdings, Inc		4,014
	6,789		HCI Group, Inc		294
	5,489	*	Heritage Insurance Holdings, Inc		107
	49,340	*	Hilltop Holdings, Inc		984
	29,235		Horace Mann Educators Corp		970
	5,951		Independence Holding Co		83
	10,249		Infinity Property & Casualty Corp		792
	2,854		Kansas City Life Insurance Co		137
	37,633		Kemper Corp		1,359
	197,663		Lincoln National Corp		11,399
	234,894		Loews Corp		9,870
	34,934		Maiden Holdings Ltd		447
	10,434	*	Markel Corp		7,125
	411,993		Marsh & McLennan Cos, Inc		23,582
	108,070	*	MBIA, Inc		1,031
	42,189		Meadowbrook Insurance Group, Inc		357
	20,342		Mercury General Corp		1,153
	696,541		Metlife, Inc		37,676
	34,784		Montpelier Re Holdings Ltd		1,246
	27,288		National General Holdings Corp		508
	7,244		National Interstate Corp		216
	1,551		National Western Life Insurance Co (Class A)		418
	8,338	*	Navigators Group, Inc		612
	195,723		Old Republic International Corp		2,863
	17,609		OneBeacon Insurance Group Ltd (Class A)		285
	38,267		PartnerRe Ltd		4,367
	4,932	*	Phoenix Cos, Inc		340
	20,260		Platinum Underwriters Holdings Ltd		1,487
	43,301		Primerica, Inc		2,350
	220,518		Principal Financial Group		11,454

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	42,876		ProAssurance Corp	$	1,936
	440,191		Progressive Corp		11,881
	59,625		Protective Life Corp		4,153
	345,320		Prudential Financial, Inc		31,238
	51,072		Reinsurance Group of America, Inc (Class A)		4,475
	30,717		RenaissanceRe Holdings Ltd		2,986
	32,282		RLI Corp		1,595
	10,041		Safety Insurance Group, Inc		643
	42,211		Selective Insurance Group, Inc		1,147
	33,695		Stancorp Financial Group, Inc		2,354
	9,480		State Auto Financial Corp		211
	16,046		Stewart Information Services Corp		594
	56,908		Symetra Financial Corp		1,312
	42,743	*	Third Point Reinsurance Ltd		619
	99,838		Torchmark Corp		5,408
	259,765		Travelers Cos, Inc		27,496
	6,929	*	United America Indemnity Ltd		197
	16,961		United Fire & Casualty Co		504
	12,682		United Insurance Holdings Corp		278
	22,242		Universal Insurance Holdings, Inc		455
	191,926		UnumProvident Corp		6,694
	68,796		Validus Holdings Ltd		2,859
	73,795		W.R. Berkley Corp		3,783
	4,646		White Mountains Insurance Group Ltd		2,927
	202,629		XL Capital Ltd		6,964
			TOTAL INSURANCE		730,014
MATERIALS - 3.6%
	22,177		A. Schulman, Inc		899
	15,542	*	Advanced Emissions Solutions, Inc		354
	3,376	*	AEP Industries, Inc		196
	159,719		Air Products & Chemicals, Inc		23,036
	56,289		Airgas, Inc		6,483
	132,725	*,e	AK Steel Holding Corp		788
	59,838	e	Albemarle Corp		3,598
	887,161		Alcoa, Inc		14,008
	81,466		Allegheny Technologies, Inc		2,833
	20,501	e	American Vanguard Corp		238
	7,032		Ampco-Pittsburgh Corp		135
	49,070		Aptargroup, Inc		3,280
	58,403		Ashland, Inc		6,994
	75,563		Avery Dennison Corp		3,920
	55,576	*	Axalta Coating Systems Ltd		1,446
	52,910		Axiall Corp		2,247
	23,190		Balchem Corp		1,545
	105,468		Ball Corp		7,190
	75,889		Bemis Co, Inc		3,431
	67,435	*	Berry Plastics Group, Inc		2,128
	29,817	*	Boise Cascade Co		1,108
	14,781		Brush Engineered Materials, Inc		521
	48,545		Cabot Corp		2,129
	41,280	*	Calgon Carbon Corp		858

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	38,318		Carpenter Technology Corp	$	1,887
	11,808	*,e	Castle (A.M.) & Co		94
	117,317		Celanese Corp (Series A)		7,034
	39,702	*	Century Aluminum Co		969
	39,023		CF Industries Holdings, Inc		10,635
	5,158		Chase Corp		186
	73,547	*,e	Chemtura		1,819
	15,540	*	Clearwater Paper Corp		1,065
	66,499	e	Cliffs Natural Resources, Inc		475
	77,643	*,e	Coeur d’Alene Mines Corp		397
	89,141		Commercial Metals Co		1,452
	25,270		Compass Minerals International, Inc		2,194
	105,024	*	Crown Holdings, Inc		5,346
	55,532		Cytec Industries, Inc		2,564
	9,014		Deltic Timber Corp		617
	48,674		Domtar Corp		1,958
	902,382		Dow Chemical Co		41,158
	688,273		Du Pont (E.I.) de Nemours & Co		50,891
	37,135		Eagle Materials, Inc		2,823
	113,228		Eastman Chemical Co		8,589
	199,792		Ecolab, Inc		20,882
	55,318	*	Ferro Corp		717
	40,724	*,e	Flotek Industries, Inc		763
	100,339		FMC Corp		5,722
	778,444		Freeport-McMoRan Copper & Gold, Inc (Class B)		18,184
	14,460		FutureFuel Corp		188
	32,454		Glatfelter		830
	47,286		Globe Specialty Metals, Inc		815
	24,960	e	Gold Resource Corp		84
	205,071	*	Graphic Packaging Holding Co		2,793
	24,459		Greif, Inc (Class A)		1,155
	39,075		H.B. Fuller Co		1,740
	6,809		Hawkins, Inc		295
	9,402		Haynes International, Inc		456
	54,162	*	Headwaters, Inc		812
	262,218	e	Hecla Mining Co		732
	33,599	*,e	Horsehead Holding Corp		532
	152,705		Huntsman Corp		3,479
	16,427		Innophos Holdings, Inc		960
	18,027		Innospec, Inc		770
	62,007		International Flavors & Fragrances, Inc		6,285
	325,803		International Paper Co		17,457
	40,015	*,e	Intrepid Potash, Inc		555
	14,023		Kaiser Aluminum Corp		1,002
	62,146	*	Kapstone Paper and Packaging Corp		1,821
	4,800		KMG Chemicals, Inc		96
	16,539		Koppers Holdings, Inc		430
	24,388	*	Kraton Polymers LLC		507
	14,288		Kronos Worldwide, Inc		186
	19,323	*	Landec Corp		267
	104,108	*	Louisiana-Pacific Corp		1,724
	13,887	*	LSB Industries, Inc		437

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	311,087		LyondellBasell Industries AF S.C.A	$	24,697
	8,861	*,e	Marrone Bio Innovations, Inc		32
	46,995	e	Martin Marietta Materials, Inc		5,184
	127,312		MeadWestvaco Corp		5,651
	27,178		Minerals Technologies, Inc		1,888
	364,964		Monsanto Co		43,602
	237,005		Mosaic Co		10,819
	23,791		Myers Industries, Inc		419
	11,726		Neenah Paper, Inc		707
	6,792		NewMarket Corp		2,741
	373,040		Newmont Mining Corp		7,050
	29,589		Noranda Aluminium Holding Corp		104
	240,123		Nucor Corp		11,778
	61,075		Olin Corp		1,391
	8,985		Olympic Steel, Inc		160
	23,303		OM Group, Inc		694
	32,453	*	Omnova Solutions, Inc		264
	126,112	*	Owens-Illinois, Inc		3,404
	74,848		Packaging Corp of America		5,842
	64,376	*	Platform Specialty Products Corp		1,495
	73,826		PolyOne Corp		2,799
	103,793		PPG Industries, Inc		23,992
	219,455		Praxair, Inc		28,433
	9,804		Quaker Chemical Corp		902
	31,957	e	Rayonier Advanced Materials, Inc		713
	58,316		Reliance Steel & Aluminum Co		3,573
	201,095	*	Rentech, Inc		253
	49,260	*	Resolute Forest Products		867
	108,746		Rock-Tenn Co (Class A)		6,631
	55,625		Rockwood Holdings, Inc		4,383
	48,654		Royal Gold, Inc		3,051
	101,323		RPM International, Inc		5,138
	23,200	*	RTI International Metals, Inc		586
	8,418	*	Ryerson Holding Corp		84
	19,399		Schnitzer Steel Industries, Inc (Class A)		438
	23,952		Schweitzer-Mauduit International, Inc		1,013
	34,069		Scotts Miracle-Gro Co (Class A)		2,123
	163,420		Sealed Air Corp		6,934
	31,811	*,e	Senomyx, Inc		191
	38,347		Sensient Technologies Corp		2,314
	64,531		Sherwin-Williams Co		16,974
	89,567		Sigma-Aldrich Corp		12,295
	33,477		Silgan Holdings, Inc		1,794
	76,188		Sonoco Products Co		3,329
	110,590	e	Southern Copper Corp (NY)		3,119
	165,973		Steel Dynamics, Inc		3,276
	13,671		Stepan Co		548
	90,832	*	Stillwater Mining Co		1,339
	52,835		SunCoke Energy, Inc		1,022
	64,203		Tahoe Resources, Inc		890
	30,889		TimkenSteel Corp		1,144
	15,246	*	Trecora Resources		224

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	19,671		Tredegar Corp	$	442
	8,747	*,e	Trinseo S.A.		153
	44,328		Tronox Ltd		1,059
	4,092	*	UFP Technologies, Inc		101
	1,357		United States Lime & Minerals, Inc		99
	110,404	e	United States Steel Corp		2,952
	4,623	*	Universal Stainless & Alloy		116
	10,188	*	US Concrete, Inc		290
	40,307	e	US Silica Holdings Inc		1,035
	63,837		Valspar Corp		5,521
	98,368		Vulcan Materials Co		6,466
	37,679		Wausau Paper Corp		428
	31,064		Westlake Chemical Corp		1,898
	40,133		Worthington Industries, Inc		1,208
	57,560	*	WR Grace & Co		5,491
	17,018		Zep, Inc		258
			TOTAL MATERIALS		620,005
MEDIA - 3.5%
	12,963		AH Belo Corp (Class A)		135
	16,000		AMC Entertainment Holdings, Inc		419
	45,765	*	AMC Networks, Inc		2,918
	147,096	e	Cablevision Systems Corp (Class A)		3,036
	17,686	*	Carmike Cinemas, Inc		465
	394,022		CBS Corp (Class B)		21,805
	57,360	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		184
	60,064	*	Charter Communications, Inc		10,008
	56,587	*	Cinedigm Corp		92
	87,874		Cinemark Holdings, Inc		3,127
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		297
	1,941,429		Comcast Corp (Class A)		112,622
	27,056	*	Crown Media Holdings, Inc (Class A)		96
	101,938	*	Cumulus Media, Inc (Class A)		431
	772	*,e	Daily Journal Corp		203
	12,681	*,e	Dex Media, Inc		114
	351,129	*	DIRECTV		30,443
	173,884	*	Discovery Communications, Inc (Class A)		5,990
	173,884	*	Discovery Communications, Inc (Class C)		5,863
	159,417	*	DISH Network Corp (Class A)		11,620
	57,581	*,e	DreamWorks Animation SKG, Inc (Class A)		1,286
	18,269	*	Entercom Communications Corp (Class A)		222
	54,182		Entravision Communications Corp (Class A)		351
	14,854	*	Eros International plc		314
	23,436	*	EW Scripps Co (Class A)		524
	172,059		Gannett Co, Inc		5,494
	28,415	*,e	Global Eagle Entertainment, Inc		387
	14,759	*	Global Sources Ltd		94
	38,349	*	Gray Television, Inc		430
	33,505		Harte-Hanks, Inc		259
	6,780	*,e	Hemisphere Media Group, Inc		92
	320,956		Interpublic Group of Cos, Inc		6,666
	33,375		John Wiley & Sons, Inc (Class A)		1,977

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	42,642	*	Journal Communications, Inc (Class A)	$	487
	59,903		Lamar Advertising Co		3,213
	39,207	*,e	Lee Enterprises, Inc		144
	17,372	*	Liberty Broadband Corp (Class A)		870
	35,908	*,e	Liberty Broadband Corp (Class C)		1,789
	69,489	*	Liberty Media Corp		2,451
	143,632	*	Liberty Media Corp (Class C)		5,031
	64,240	e	Lions Gate Entertainment Corp		2,057
	108,249	*	Live Nation, Inc		2,826
	9,932	*	Loral Space & Communications, Inc		782
	46,379	*	Madison Square Garden, Inc		3,491
	29,313	*	Martha Stewart Living Omnimedia, Inc (Class A)		126
	45,516	*	McClatchy Co (Class A)		151
	32,196		MDC Partners, Inc		732
	37,793	*,e	Media General, Inc		632
	26,535		Meredith Corp		1,441
	14,733		Morningstar, Inc		953
	46,358		National CineMedia, Inc		666
	22,523		New Media Investment Group, Inc		532
	98,100		New York Times Co (Class A)		1,297
	377,718	*	News Corp		5,926
	23,355	e	Nexstar Broadcasting Group, Inc (Class A)		1,210
	192,947		Omnicom Group, Inc		14,948
	17,261	*,e	Radio One, Inc		29
	7,422	*,e	ReachLocal, Inc		26
	12,373	*	Reading International, Inc		164
	60,087	e	Regal Entertainment Group (Class A)		1,283
	7,217	*	Rentrak Corp		526
	3,654		Saga Communications, Inc		159
	8,940		Salem Communications		70
	19,984		Scholastic Corp		728
	80,102	e	Scripps Networks Interactive (Class A)		6,029
	53,558	*,e	SFX Entertainment, Inc		243
	51,060	e	Sinclair Broadcast Group, Inc (Class A)		1,397
	1,946,806	*	Sirius XM Holdings, Inc		6,814
	20,194	*	Sizmek, Inc		126
	69,001	*	Starz-Liberty Capital		2,049
	266,209		Thomson Corp		10,739
	209,139		Time Warner Cable, Inc		31,802
	662,144		Time Warner, Inc		56,560
	84,151		Time, Inc		2,071
	1,426,357		Twenty-First Century Fox, Inc		54,779
	322,656		Viacom, Inc (Class B)		24,280
	1,297,983		Walt Disney Co		122,257
	21,644	e	World Wrestling Entertainment, Inc (Class A)		267
			TOTAL MEDIA		602,117
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.0%
	1,191,665		AbbVie, Inc		77,982
	58,718	*,e	Acadia Pharmaceuticals, Inc		1,864
	16,937	*,e	Accelerate Diagnostics, Inc		325
	12,289	*,e	Acceleron Pharma, Inc		479

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,957	*,e	AcelRx Pharmaceuticals, Inc	$	107
	5,364	*	Achaogen, Inc		70
	73,137	*,e	Achillion Pharmaceuticals, Inc		896
	31,389	*	Acorda Therapeutics, Inc		1,283
	190,019	*	Actavis plc		48,913
	15,055	*,e	Actinium Pharmaceuticals, Inc		89
	21,882	*,e	Aegerion Pharmaceuticals, Inc		458
	5,900	*	Aerie Pharmaceuticals, Inc		172
	56,476	*,e	Affymetrix, Inc		557
	48,575	*	Agenus, Inc		193
	250,777		Agilent Technologies, Inc		10,267
	10,132	*,e	Agios Pharmaceuticals, Inc		1,135
	6,056	*,e	Akebia Therapeutics, Inc		70
	47,337	*	Akorn, Inc		1,714
	17,375	*,e	Albany Molecular Research, Inc		283
	6,292	*	Alder Biopharmaceuticals, Inc		183
	148,857	*	Alexion Pharmaceuticals, Inc		27,543
	27,483	*,e	Alimera Sciences, Inc		152
	109,475	*	Alkermes plc		6,411
	223,002		Allergan, Inc		47,408
	50,442	*	Alnylam Pharmaceuticals, Inc		4,893
	16,434	*,e	AMAG Pharmaceuticals, Inc		700
	567,380		Amgen, Inc		90,378
	30,986	*,e	Ampio Pharmaceuticals, Inc		106
	25,259	*	Anacor Pharmaceuticals, Inc		815
	5,005	*,e	ANI Pharmaceuticals, Inc		282
	3,704	*	Applied Genetic Technologies Corp		78
	18,952	*	Aratana Therapeutics, Inc		338
	165,796	*,e	Arena Pharmaceuticals, Inc		575
	121,910	*,e	Ariad Pharmaceuticals, Inc		838
	91,342	*	Array Biopharma, Inc		432
	39,456	*,e	Arrowhead Research Corp		291
	6,200	*,e	Auspex Pharmaceuticals Inc		325
	36,727	*,e	Auxilium Pharmaceuticals, Inc		1,263
	5,237	*,e	Avalanche Biotechnologies, Inc		283
	144,497	*	AVANIR Pharmaceuticals, Inc		2,449
	53,741	*,e	BioCryst Pharmaceuticals, Inc		653
	28,320	*,e	BioDelivery Sciences International, Inc		340
	177,778	*	Biogen Idec, Inc		60,347
	110,409	*	BioMarin Pharmaceuticals, Inc		9,981
	56,961	*,e	Bio-Path Holdings, Inc		152
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		1,871
	2,967	*	Biospecifics Technologies Corp		115
	28,521		Bio-Techne Corp		2,635
	27,248	*,e	BioTime, Inc		102
	16,325	*	Bluebird Bio, Inc		1,497
	1,243,991		Bristol-Myers Squibb Co		73,433
	83,145	*	Bruker BioSciences Corp		1,631
	11,074	*,e	Calithera Biosciences, Inc		224
	26,827	*	Cambrex Corp		580
	4,100	*,e	Cara Therapeutics Inc		41
	37,417	*	Catalent, Inc		1,043

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	601,169	*	Celgene Corp	$	67,247
	67,311	*,e	Celldex Therapeutics, Inc		1,228
	7,200	*	Cellular Dynamics International, Inc		46
	16,803	*,e	Cempra, Inc		395
	52,661	*	Cepheid, Inc		2,851
	37,085	*	Charles River Laboratories International, Inc		2,360
	18,304	*,e	ChemoCentryx, Inc		125
	20,217	*,e	Chimerix, Inc		814
	18,781	*,e	Clovis Oncology, Inc		1,052
	56,916	*,e	Corcept Therapeutics, Inc		171
	42,288	*	Covance, Inc		4,391
	95,801	*,e	CTI BioPharma Corp		226
	57,007	*,e	Cubist Pharmaceuticals, Inc		5,738
	9,632	*,e	Cytokinetics, Inc		77
	47,980	*,e	Cytori Therapeutics, Inc		23
	41,833	*,e	CytRx Corp		115
	40,825	*	Depomed, Inc		658
	2,700	*,e	Dicerna Pharmaceuticals Inc		44
	102,195	*	Dyax Corp		1,437
	19,927	*,e	Dynavax Technologies Corp		336
	3,500	*,e	Eleven Biotheraputics Inc		42
	738,520		Eli Lilly & Co		50,950
	19,838	*	Emergent Biosolutions, Inc		540
	7,962	*,e	Enanta Pharmaceuticals, Inc		405
	115,311	*,e	Endo International plc		8,316
	33,769	*,e	Endocyte, Inc		212
	26,506	*	Enzo Biochem, Inc		118
	9,923	*,e	Epizyme, Inc		187
	6,700	*,e	Esperion Thereapeutics, Inc		271
	62,597	*,e	Exact Sciences Corp		1,718
	212,117	*,e	Exelixis, Inc		305
	12,553	*	Five Prime Therapeutics, Inc		339
	6,400	*	Flexion Therapeutics Inc		129
	20,851	*	Fluidigm Corp		703
	10,743	*,m	Forest Laboratories, Inc CVR		10
	10,758	*,e	Foundation Medicine, Inc		239
	6,747	*,m	Furiex Pharmaceuticals, Inc		66
	13,945	*,e	Galectin Therapeutics, Inc		48
	102,537	*,e	Galena Biopharma, Inc		155
	3,000	*	Genocea Biosciences Inc		21
	11,223	*,e	Genomic Health, Inc		359
	114,325	*,e	Geron Corp		372
	1,150,941	*	Gilead Sciences, Inc		108,488
	79,065	*,e	Halozyme Therapeutics, Inc		763
	14,185	*	Heron Therapeutics, Inc		143
	48,486	*,e	Horizon Pharma plc		625
	126,136	*	Hospira, Inc		7,726
	10,443	*	Hyperion Therapeutics, Inc		251
	43,621	*,e	Idera Pharmaceuticals, Inc		192
	104,481	*	Illumina, Inc		19,285
	65,469	*,e	Immunogen, Inc		399

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	78,549	*,e	Immunomedics, Inc	$	377
	52,266	*,e	Impax Laboratories, Inc		1,656
	108,932	*	Incyte Corp		7,964
	36,466	*	Infinity Pharmaceuticals, Inc		616
	46,169	*,e	Inovio Pharmaceuticals, Inc		424
	27,309	*	Insmed, Inc		422
	7,379	*	Insys Therapeutics, Inc		311
	9,369	*,e	Intercept Pharmaceuticals, Inc		1,462
	12,959	*,e	Intra-Cellular Therapies, Inc		229
	27,301	*,e	Intrexon Corp		752
	90,684	*	Ironwood Pharmaceuticals, Inc		1,389
	89,084	*,e	Isis Pharmaceuticals, Inc		5,500
	44,639	*,e	Jazz Pharmaceuticals plc		7,309
	2,120,376		Johnson & Johnson		221,728
	9,553	*,e	Karyopharm Therapeutics, Inc		358
	68,602	*,e	Keryx Biopharmaceuticals, Inc		971
	6,600	*,e	Kindred Biosciences Inc		49
	6,601	*	Kite Pharma, Inc		381
	13,125	*,e	KYTHERA Biopharmaceuticals, Inc		455
	19,506	*,e	Lannett Co, Inc		836
	173,586	*,e	Lexicon Pharmaceuticals, Inc		158
	15,744	*,e	Ligand Pharmaceuticals, Inc (Class B)		838
	15,493	*	Loxo Oncology, Inc		182
	31,134	*	Luminex Corp		584
	15,274	*	MacroGenics, Inc		536
	86,126	*	Mallinckrodt plc		8,529
	172,437	*,e	MannKind Corp		899
	48,124	*	Medicines Co		1,332
	57,923	*	Medivation, Inc		5,770
	2,190,261		Merck & Co, Inc		124,385
	73,750	*,e	Merrimack Pharmaceuticals, Inc		833
	21,663	*	Mettler-Toledo International, Inc		6,552
	69,816	*,e	MiMedx Group, Inc		805
	5,698	*,e	Mirati Therapeutics, Inc		106
	34,069	*	Momenta Pharmaceuticals, Inc		410
	280,541	*	Mylan Laboratories, Inc		15,814
	56,889	*,e	Myriad Genetics, Inc		1,938
	7,890	*,e	NanoString Technologies, Inc		110
	28,763	*,e	NanoViricides, Inc		78
	97,156	*,e	Navidea Biopharmceuticals, Inc		184
	96,260	*	Nektar Therapeutics		1,492
	17,230	*,e	NeoStem, Inc		65
	53,365	*,e	Neuralstem, Inc		145
	57,584	*	Neurocrine Biosciences, Inc		1,286
	14,869	*,e	NewLink Genetics Corp		591
	27,407	*,e	Northwest Biotherapeutics, Inc		147
	160,650	*,e	Novavax, Inc		953
	80,677	*	NPS Pharmaceuticals, Inc		2,886
	14,893	*,e	Ohr Pharmaceutical, Inc		124
	26,874	*,e	Omeros Corp		666
	4,045	*,m	Omthera Pharmaceuticals, Inc		2
	9,299	*	OncoMed Pharmaceuticals, Inc		202

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	51,753	*	Oncothyreon, Inc	$	98
	10,319	*,e	Ophthotech Corp		463
	143,885	*,e	Opko Health, Inc		1,437
	88,413	*,e	Orexigen Therapeutics, Inc		536
	47,632	*,e	Organovo Holdings, Inc		345
	12,630	*,e	Osiris Therapeutics, Inc		202
	5,464	*	Otonomy, Inc		182
	11,569	*,e	OvaScience, Inc		512
	50,411	*	Pacific Biosciences of California, Inc		395
	27,071	*,e	Pacira Pharmaceuticals, Inc		2,400
	29,042	*	Pain Therapeutics, Inc		59
	43,666	*	Parexel International Corp		2,426
	111,677	e	PDL BioPharma, Inc		861
	217,309	*,e	Peregrine Pharmaceuticals, Inc		302
	85,256		PerkinElmer, Inc		3,728
	24,465	*	Pernix Theraputics Holdings, Inc		230
	100,335		Perrigo Co plc		16,772
	4,780,678		Pfizer, Inc		148,918
	46,171	*,e	Pharmacyclics, Inc		5,645
	10,957		Phibro Animal Health Corp		346
	28,026	*	Portola Pharmaceuticals, Inc		794
	15,548	*	Pozen, Inc		124
	38,233	*	Prestige Brands Holdings, Inc		1,327
	51,583	*,e	Progenics Pharmaceuticals, Inc		390
	16,389	*,e	Prothena Corp plc		340
	16,950	*,e	PTC Therapeutics, Inc		877
	17,347	*,e	Puma Biotechnology, Inc		3,283
	178,940	*	Qiagen NV (NASDAQ)		4,198
	42,973	*	Quintiles Transnational Holdings, Inc		2,530
	48,221	*,e	Raptor Pharmaceutical Corp		507
	13,895	*	Receptos, Inc		1,702
	11,646	*,e	Regado Biosciences, Inc		11
	59,505	*	Regeneron Pharmaceuticals, Inc		24,412
	7,041	*,e	Regulus Therapeutics, Inc		113
	12,549	*,e	Relypsa, Inc		387
	23,464	*	Repligen Corp		465
	27,458	*,e	Repros Therapeutics, Inc		274
	14,500	*,e	Retrophin, Inc		177
	5,300	*,e	Revance Therapeutics, Inc		90
	66,996	*	Rigel Pharmaceuticals, Inc		152
	16,776	*	Sagent Pharmaceuticals		421
	48,057	*,e	Salix Pharmaceuticals Ltd		5,524
	54,946	*,e	Sangamo Biosciences, Inc		836
	31,888	*,e	Sarepta Therapeutics, Inc		461
	43,039	*	Sciclone Pharmaceuticals, Inc		377
	76,360	*,e	Seattle Genetics, Inc		2,453
	87,069	*,e	Sequenom, Inc		322
	47,540	*,e	Spectrum Pharmaceuticals, Inc		329
	12,168	*,e	Stemline Therapeutics, Inc		208
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		90
	37,533	*,e	Sunesis Pharmaceuticals, Inc		96
	21,873	*,e	Supernus Pharmaceuticals, Inc		182
	16,285	*,e	Synageva BioPharma Corp		1,511

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	95,564	*,e	Synergy Pharmaceuticals, Inc	$	291
	52,113	*,e	Synta Pharmaceuticals Corp		138
	13,518	*,e	T2 Biosystems, Inc		260
	14,763	*,e	TESARO, Inc		549
	16,779	*	Tetraphase Pharmaceuticals, Inc		666
	13,436	*,e	TG Therapeutics, Inc		213
	78,332	*,e	TherapeuticsMD, Inc		349
	17,111	*,e	Theravance Biopharma, Inc		255
	61,047	e	Theravance, Inc		864
	301,420		Thermo Electron Corp		37,765
	65,850	*,e	Threshold Pharmaceuticals, Inc		209
	20,013	*,e	Tokai Pharmaceuticals, Inc		295
	5,100	*	Ultragenyx Pharmaceutical, Inc		224
	36,410	*	United Therapeutics Corp		4,715
	23,698	*,e	Vanda Pharmaceuticals, Inc		339
	10,567	*,e	Verastem, Inc		97
	5,257	*,e	Versartis, Inc		118
	178,617	*	Vertex Pharmaceuticals, Inc		21,220
	10,155	*,e	Vitae Pharmaceuticals, Inc		169
	4,085	*,e	Vital Therapies, Inc		102
	74,791	*,e	Vivus, Inc		215
	23,662	*,e	VWR Corp		612
	64,149	*	Waters Corp		7,231
	11,200	*	Xencor Inc		180
	33,276	*	Xenoport, Inc		292
	64,947	*,e	XOMA Corp		233
	15,467	*,e	Zafgen, Inc		477
	78,272	*,e	ZIOPHARM Oncology, Inc		397
	377,986		Zoetis Inc		16,265
	74,879	*,e	Zogenix, Inc		103
	4,180	*,e	ZS Pharma, Inc		174
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,547,584
REAL ESTATE - 3.9%
	41,676		Acadia Realty Trust		1,335
	21,134		AG Mortgage Investment Trust		392
	10,360		Agree Realty Corp		322
	36,954		Alexander & Baldwin, Inc		1,451
	1,574		Alexander’s, Inc		688
	54,028		Alexandria Real Estate Equities, Inc		4,794
	945	*,e	Altisource Asset Management Corp		293
	11,088	*,e	Altisource Portfolio Solutions S.A.		375
	42,959		Altisource Residential Corp		833
	27,018		American Assets Trust,Inc		1,076
	79,779		American Campus Communities, Inc		3,300
	267,932		American Capital Agency Corp		5,849
	44,879		American Capital Mortgage, Inc		846
	112,117		American Homes 4 Rent		1,909
	52,603		American Realty Capital Healthcare Trust, Inc		626
	585,838		American Realty Capital Properties, Inc		5,302
	24,165	*,e	American Residential Properties, Inc		425
	298,228		American Tower Corp		29,480

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,556		AmREIT, Inc (Class B)	$	386
	719,885		Annaly Capital Management, Inc		7,782
	104,198		Anworth Mortgage Asset Corp		547
	110,902		Apartment Investment & Management Co (Class A)		4,120
	34,740		Apollo Commercial Real Estate Finance, Inc		568
	22,112		Ares Commercial Real Estate Corp		254
	14,151		Armada Hoffler Properties, Inc		134
	298,636	e	ARMOUR Residential REIT, Inc		1,099
	18,244		Ashford Hospitality Prime, Inc		313
	52,924		Ashford Hospitality Trust, Inc		555
	43,899		Associated Estates Realty Corp		1,019
	7,072	*	AV Homes, Inc		103
	97,504		AvalonBay Communities, Inc		15,931
	14,753		Aviv REIT, Inc		509
	146,174		BioMed Realty Trust, Inc		3,149
	115,541		Boston Properties, Inc		14,869
	118,676		Brandywine Realty Trust		1,896
	36,900		Brixmor Property Group, Inc		917
	64,335		Camden Property Trust		4,750
	49,200		Campus Crest Communities, Inc		360
	77,031	e	Capstead Mortgage Corp		946
	19,988		CareTrust REIT, Inc		246
	14,285		CatchMark Timber Trust Inc		162
	124,137		CBL & Associates Properties, Inc		2,411
	212,369	*	CBRE Group, Inc		7,274
	54,349		Cedar Shopping Centers, Inc		399
	189,048		Chambers Street Properties		1,524
	19,647		Chatham Lodging Trust		569
	37,072		Chesapeake Lodging Trust		1,379
	782,428		Chimera Investment Corp		2,488
	70,359		Colony Financial, Inc		1,676
	94,538		Columbia Property Trust, Inc		2,397
	4,977		Consolidated-Tomoka Land Co		278
	23,678	e	CorEnergy Infrastructure Trust, Inc		153
	15,000		Coresite Realty		586
	65,862		Corporate Office Properties Trust		1,868
	149,941		Cousins Properties, Inc		1,712
	251,437		Crown Castle International Corp		19,788
	109,361		CubeSmart		2,414
	24,661		CyrusOne, Inc		679
	127,278		CYS Investments, Inc		1,110
	62,436		DCT Industrial Trust, Inc		2,226
	225,998		DDR Corp		4,149
	148,119		DiamondRock Hospitality Co		2,203
	102,419	e	Digital Realty Trust, Inc		6,790
	108,380		Douglas Emmett, Inc		3,078
	249,388		Duke Realty Corp		5,038
	47,457		DuPont Fabros Technology, Inc		1,577
	41,887		Dynex Capital, Inc		346
	23,492		EastGroup Properties, Inc		1,487
	34,875		Education Realty Trust, Inc		1,276
	69,842		Empire State Realty Trust, Inc		1,228

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,575		Entertainment Properties Trust	$	2,338
	90,303		Equity Commonwealth		2,318
	62,982		Equity Lifestyle Properties, Inc		3,247
	45,769		Equity One, Inc		1,161
	271,699		Equity Residential		19,519
	47,098		Essex Property Trust, Inc		9,730
	35,324		Excel Trust, Inc		473
	87,918		Extra Space Storage, Inc		5,155
	50,112		Federal Realty Investment Trust		6,688
	96,717		FelCor Lodging Trust, Inc		1,046
	82,257		First Industrial Realty Trust, Inc		1,691
	39,859		First Potomac Realty Trust		493
	120,106	*	Forest City Enterprises, Inc (Class A)		2,558
	29,389	*	Forestar Real Estate Group, Inc		453
	67,229		Franklin Street Properties Corp		825
	67,409		Gaming and Leisure Properties, Inc		1,978
	424,625		General Growth Properties, Inc		11,945
	54,016		Geo Group, Inc		2,180
	18,098		Getty Realty Corp		330
	9,649		Gladstone Commercial Corp		166
	109,785		Glimcher Realty Trust		1,508
	40,458		Government Properties Income Trust		931
	88,013	e	Gramercy Property Trust, Inc		607
	16,110		Hannon Armstrong Sustainable Infrastructure Capital, Inc		229
	78,328		Hatteras Financial Corp		1,444
	346,529		HCP, Inc		15,258
	244,582		Health Care REIT, Inc		18,507
	72,939		Healthcare Realty Trust, Inc		1,993
	89,538		Healthcare Trust of America, Inc		2,412
	153,508		Hersha Hospitality Trust		1,079
	68,398		Highwoods Properties, Inc		3,029
	43,293		Home Properties, Inc		2,840
	113,430		Hospitality Properties Trust		3,516
	573,634		Host Marriott Corp		13,635
	30,234	*	Howard Hughes Corp		3,943
	41,377		Hudson Pacific Properties		1,244
	64,150		Inland Real Estate Corp		702
	93,191		Invesco Mortgage Capital, Inc		1,441
	80,864		Investors Real Estate Trust		661
	138,662		Iron Mountain, Inc		5,361
	64,505	*	iStar Financial, Inc		880
	33,460		Jones Lang LaSalle, Inc		5,017
	53,389	e	Kennedy-Wilson Holdings, Inc		1,351
	62,016		Kilroy Realty Corp		4,283
	312,567		Kimco Realty Corp		7,858
	24,893		Kite Realty Group Trust		715
	79,268		LaSalle Hotel Properties		3,208
	156,139	e	Lexington Corporate Properties Trust		1,714
	112,029		Liberty Property Trust		4,216
	27,155		LTC Properties, Inc		1,172
	106,565		Macerich Co		8,889
	67,066		Mack-Cali Realty Corp		1,278

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	130,332		Medical Properties Trust, Inc	$	1,796
	277,088		MFA Mortgage Investments, Inc		2,214
	56,685		Mid-America Apartment Communities, Inc		4,233
	41,601		Monmouth Real Estate Investment Corp (Class A)		461
	25,162		National Health Investors, Inc		1,760
	93,229	e	National Retail Properties, Inc		3,670
	108,346	e	New Residential Investment Corp		1,384
	69,636	e	New York Mortgage Trust, Inc		537
	58,364		New York REIT, Inc		618
	162,367		NorthStar Realty Finance Corp		2,854
	95,375	e	Omega Healthcare Investors, Inc		3,726
	9,027		One Liberty Properties, Inc		214
	110,397		Outfront Media, Inc		2,963
	8,338		Owens Realty Mortgage, Inc		122
	131,030	*	Paramount Group, Inc		2,436
	54,080		Parkway Properties, Inc		995
	48,419		Pebblebrook Hotel Trust		2,209
	52,388		Pennsylvania REIT		1,229
	57,080		Pennymac Mortgage Investment Trust		1,204
	35,364		Physicians Realty Trust		587
	116,280		Piedmont Office Realty Trust, Inc		2,191
	133,412		Plum Creek Timber Co, Inc		5,709
	39,530		Post Properties, Inc		2,323
	28,544		Potlatch Corp		1,195
	377,624		Prologis, Inc		16,249
	14,667		PS Business Parks, Inc		1,167
	108,020		Public Storage, Inc		19,967
	11,900		QTS Realty Trust, Inc		403
	71,652		RAIT Investment Trust		550
	57,913		Ramco-Gershenson Properties		1,085
	95,872		Rayonier, Inc		2,679
	9,000		Re/Max Holdings, Inc		308
	110,565	*	Realogy Holdings Corp		4,919
	166,550	e	Realty Income Corp		7,946
	62,979	e	Redwood Trust, Inc		1,241
	69,743		Regency Centers Corp		4,448
	88,791		Resource Capital Corp		447
	57,074		Retail Opportunities Investment Corp		958
	173,060		Retail Properties of America, Inc		2,888
	34,424		Rexford Industrial Realty, Inc		541
	99,184		RLJ Lodging Trust		3,326
	27,910	e	Rouse Properties, Inc		517
	32,495	e	Ryman Hospitality Properties		1,714
	36,029		Sabra Healthcare REIT, Inc		1,094
	6,582		Saul Centers, Inc		376
	27,823		Select Income REIT		679
	155,150		Senior Housing Properties Trust		3,430
	28,907		Silver Bay Realty Trust Corp		479
	232,830		Simon Property Group, Inc		42,401
	72,320		SL Green Realty Corp		8,608
	23,793		Sovran Self Storage, Inc		2,075
	302,542		Spirit Realty Capital, Inc		3,597

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,906	*,e	St. Joe Co	$	881
	39,404		STAG Industrial, Inc		965
	168,526	*	Starwood Property Trust, Inc		3,917
	29,725	e	Starwood Waypoint Residential Trust		784
	39,430	*	STORE Capital Corp		852
	186,899	*	Strategic Hotels & Resorts, Inc		2,473
	60,860		Summit Hotel Properties, Inc		757
	31,195		Sun Communities, Inc		1,886
	139,173		Sunstone Hotel Investors, Inc		2,298
	68,504		Tanger Factory Outlet Centers, Inc		2,532
	48,485		Taubman Centers, Inc		3,705
	11,747	*	Tejon Ranch Co		346
	24,859		Terreno Realty Corp		513
	15,107	*,e	Trade Street Residential, Inc		116
	281,289		Two Harbors Investment Corp		2,818
	190,771		UDR, Inc		5,880
	11,783		UMH Properties, Inc		113
	7,885		Universal Health Realty Income Trust		379
	14,629		Urstadt Biddle Properties, Inc (Class A)		320
	221,375		Ventas, Inc		15,873
	140,266		Vornado Realty Trust		16,511
	117,976		Washington Prime Group, Inc		2,032
	50,804		Washington REIT		1,405
	92,487		Weingarten Realty Investors		3,230
	28,538	e	Western Asset Mortgage Capital Corp		419
	398,235		Weyerhaeuser Co		14,293
	14,061		Whitestone REIT		212
	75,159		WP Carey, Inc		5,269
			TOTAL REAL ESTATE		664,730
RETAILING - 4.4%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		121
	48,207		Aaron’s, Inc		1,474
	55,095		Abercrombie & Fitch Co (Class A)		1,578
	55,059		Advance Auto Parts, Inc		8,770
	74,586	*,e	Aeropostale, Inc		173
	281,569	*	Amazon.com, Inc		87,385
	146,718	e	American Eagle Outfitters, Inc		2,036
	6,968	*	America’s Car-Mart, Inc		372
	35,675	*	Ann Taylor Stores Corp		1,301
	23,729	*	Asbury Automotive Group, Inc		1,802
	97,226	*	Ascena Retail Group, Inc		1,221
	55,182	*	Autonation, Inc		3,334
	24,521	*	AutoZone, Inc		15,181
	30,948	*	Barnes & Noble, Inc		719
	23,033		Bebe Stores, Inc		50
	139,952	*	Bed Bath & Beyond, Inc		10,660
	215,572		Best Buy Co, Inc		8,403
	14,390		Big 5 Sporting Goods Corp		211
	43,237		Big Lots, Inc		1,730
	6,861	*	Blue Nile, Inc		247

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,116	e	Bon-Ton Stores, Inc	$	68
	32,106		Brown Shoe Co, Inc		1,032
	21,122	e	Buckle, Inc		1,109
	8,786	*	Build-A-Bear Workshop, Inc		177
	21,674	*	Burlington Stores, Inc		1,024
	37,763	*,e	Cabela’s, Inc		1,990
	164,826	*	Carmax, Inc		10,974
	21,208		Cato Corp (Class A)		895
	116,119		Chico’s FAS, Inc		1,882
	15,377	e	Children’s Place Retail Stores, Inc		877
	33,880	*	Christopher & Banks Corp		193
	8,466	*	Citi Trends, Inc		214
	20,933	*,e	Conn’s, Inc		391
	11,400	*,e	Container Store Group, Inc		218
	19,468		Core-Mark Holding Co, Inc		1,206
	8,764	*,e	Coupons.com, Inc		156
	57,355		CST Brands, Inc		2,501
	10,433		Destination Maternity Corp		166
	32,976	*	Destination XL Group, Inc		180
	71,755		Dick’s Sporting Goods, Inc		3,563
	19,360		Dillard’s, Inc (Class A)		2,423
	231,160	*	Dollar General Corp		16,343
	154,816	*	Dollar Tree, Inc		10,896
	54,370		DSW, Inc (Class A)		2,028
	29,701	*	EVINE Live, Inc		196
	76,656		Expedia, Inc		6,543
	57,805	*	Express Parent LLC		849
	71,048		Family Dollar Stores, Inc		5,628
	37,259		Finish Line, Inc (Class A)		906
	36,992	*,e	Five Below, Inc		1,510
	110,512		Foot Locker, Inc		6,209
	26,659	*	Francesca’s Holdings Corp		445
	29,664		Fred’s, Inc (Class A)		516
	13,967	*	FTD Cos, Inc		486
	11,720	*	Gaiam, Inc (Class A)		84
	86,754	e	GameStop Corp (Class A)		2,932
	179,579		Gap, Inc		7,562
	17,487	*	Genesco, Inc		1,340
	114,384		Genuine Parts Co		12,190
	69,032		GNC Holdings, Inc		3,242
	18,255		Group 1 Automotive, Inc		1,636
	355,763	*,e	Groupon, Inc		2,939
	44,451		Guess?, Inc		937
	16,062		Haverty Furniture Cos, Inc		354
	12,065	*,e	HHgregg, Inc		91
	18,371	*,e	Hibbett Sports, Inc		890
	1,024,981		Home Depot, Inc		107,592
	25,591		HSN, Inc		1,945
	228,517	*,e	JC Penney Co, Inc		1,481
	8,801	*	Kirkland’s, Inc		208
	156,273	e	Kohl’s Corp		9,539
	182,518		L Brands, Inc		15,797

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,586	*,e	Lands’ End, Inc	$	679
	366,166	*	Liberty Interactive Corp		10,773
	55,902	*	Liberty TripAdvisor Holdings, Inc		1,504
	108,472	*	Liberty Ventures		4,092
	16,930		Lithia Motors, Inc (Class A)		1,468
	225,488	*	LKQ Corp		6,341
	762,814		Lowe’s Companies, Inc		52,482
	19,294	*,e	Lumber Liquidators, Inc		1,279
	272,354		Macy’s, Inc		17,907
	16,477	*	MarineMax, Inc		330
	10,302	*,e	Mattress Firm Holding Corp		598
	36,113		Men’s Wearhouse, Inc		1,594
	21,100	*	Michaels Cos, Inc		522
	24,581	e	Monro Muffler, Inc		1,421
	34,348	*	Murphy USA, Inc		2,365
	45,145	*	NetFlix, Inc		15,422
	13,306	*	New York & Co, Inc		35
	103,654		Nordstrom, Inc		8,229
	20,499		Nutri/System, Inc		401
	405,707	*	Office Depot, Inc		3,479
	38,429	*	Orbitz Worldwide, Inc		316
	78,904	*	O’Reilly Automotive, Inc		15,198
	15,915	*,e	Outerwall, Inc		1,197
	8,893	*,e	Overstock.com, Inc		216
	35,100	*,e	Pacific Sunwear Of California, Inc		77
	31,428		Penske Auto Group, Inc		1,542
	40,957	*	PEP Boys - Manny Moe & Jack		402
	8,150	e	PetMed Express, Inc		117
	73,323		Petsmart, Inc		5,961
	72,685		Pier 1 Imports, Inc		1,119
	38,656	*	Priceline.com, Inc		44,076
	37,540		Rent-A-Center, Inc		1,363
	23,643	*,e	Restoration Hardware Holdings, Inc		2,270
	23,188	*,e	RetailMeNot, Inc		339
	159,274		Ross Stores, Inc		15,013
	123,310	*	Sally Beauty Holdings, Inc		3,791
	20,377	*,e	Sears Holdings Corp		672
	9,044	*,e	Sears Hometown and Outlet Stores, Inc		119
	42,473	*	Select Comfort Corp		1,148
	10,447		Shoe Carnival, Inc		268
	29,418	*	Shutterfly, Inc		1,227
	60,439		Signet Jewelers Ltd		7,952
	29,758		Sonic Automotive, Inc (Class A)		805
	7,767	*,e	Sportsman’s Warehouse Holdings, Inc		57
	25,073		Stage Stores, Inc		519
	481,608		Staples, Inc		8,727
	17,973		Stein Mart, Inc		263
	9,938	*	Systemax, Inc		134
	474,716		Target Corp		36,036
	84,264		Tiffany & Co		9,004
	21,071	*,e	Tile Shop Holdings, Inc		187
	6,790	*	Tilly’s, Inc		66

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	524,854		TJX Companies, Inc	$	35,994
	102,934		Tractor Supply Co		8,113
	31,509	e	Travelport Worldwide Ltd		567
	83,948	*	TripAdvisor, Inc		6,268
	32,864	*,e	Tuesday Morning Corp		713
	48,392	*	Ulta Salon Cosmetics & Fragrance, Inc		6,186
	81,376	*	Urban Outfitters, Inc		2,859
	22,533	*	Vitamin Shoppe, Inc		1,095
	11,570	*	Voxx International Corp		101
	11,292	*	West Marine, Inc		146
	71,021		Williams-Sonoma, Inc		5,375
	1,945		Winmark Corp		169
	10,200	*,e	zulily, Inc		239
	15,828	*	Zumiez, Inc		611
			TOTAL RETAILING		760,859
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	29,482	*	Advanced Energy Industries, Inc		699
	474,503	*,e	Advanced Micro Devices, Inc		1,267
	11,245	*	Alpha & Omega Semiconductor Ltd		99
	234,103		Altera Corp		8,648
	21,591	*,e	Ambarella, Inc		1,095
	64,371	*	Amkor Technology, Inc		457
	233,106		Analog Devices, Inc		12,942
	914,892		Applied Materials, Inc		22,799
	59,771	*	Applied Micro Circuits Corp		390
	317,173	*	Atmel Corp		2,663
	7,201	*,e	Audience, Inc		32
	187,282		Avago Technologies Ltd		18,839
	83,398	*	Axcelis Technologies, Inc		213
	402,315		Broadcom Corp (Class A)		17,432
	52,087		Brooks Automation, Inc		664
	17,924	*	Cabot Microelectronics Corp		848
	9,758	*	Cascade Microtech, Inc		142
	38,988	*	Cavium Networks, Inc		2,410
	18,075	*	Ceva, Inc		328
	47,684	*	Cirrus Logic, Inc		1,124
	18,761		Cohu, Inc		223
	92,344	*,e	Cree, Inc		2,975
	118,022	e	Cypress Semiconductor Corp		1,685
	28,713	*	Diodes, Inc		792
	21,955	*	DSP Group, Inc		239
	105,554	*	Entegris, Inc		1,394
	68,235	*	Entropic Communications, Inc		173
	28,026	*	Exar Corp		286
	95,996	*	Fairchild Semiconductor International, Inc		1,620
	53,360	*	First Solar, Inc		2,380
	40,961	*	Formfactor, Inc		352
	79,359	*,e	Freescale Semiconductor Holdings Ltd		2,002
	23,492	*	Inphi Corp		434
	100,476	*	Integrated Device Technology, Inc		1,969
	19,660		Integrated Silicon Solution, Inc		326
	3,730,918		Intel Corp		135,395

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	52,511	*	International Rectifier Corp	$	2,095
	94,162		Intersil Corp (Class A)		1,362
	16,725		IXYS Corp		211
	124,616		Kla-Tencor Corp		8,763
	50,517	*	Kopin Corp		183
	122,876		Lam Research Corp		9,749
	90,159	*	Lattice Semiconductor Corp		621
	175,784		Linear Technology Corp		8,016
	7,685	*	MA-COM Technology Solutions		240
	299,774		Marvell Technology Group Ltd		4,347
	210,176		Maxim Integrated Products, Inc		6,698
	17,709	*	MaxLinear, Inc		131
	40,439		Micrel, Inc		587
	150,135	e	Microchip Technology, Inc		6,773
	803,425	*	Micron Technology, Inc		28,128
	70,791	*	Microsemi Corp		2,009
	40,466		MKS Instruments, Inc		1,481
	28,065		Monolithic Power Systems, Inc		1,396
	18,167	*	Nanometrics, Inc		305
	3,184	*	NVE Corp		225
	422,848		Nvidia Corp		8,478
	40,842	*	Omnivision Technologies, Inc		1,062
	331,808	*	ON Semiconductor Corp		3,361
	23,357	*	PDF Solutions, Inc		347
	19,298	*	Pericom Semiconductor Corp		261
	46,544	*	Photronics, Inc		387
	130,681	*	PMC - Sierra, Inc		1,197
	22,927		Power Integrations, Inc		1,186
	40,327	*,e	QuickLogic Corp		127
	84,186	*	Rambus, Inc		934
	216,856	*,e	RF Micro Devices, Inc		3,598
	19,674	*,e	Rubicon Technology, Inc		90
	25,190	*	Rudolph Technologies, Inc		258
	51,093	*	Semtech Corp		1,409
	56,384	*	Silicon Image, Inc		311
	32,688	*	Silicon Laboratories, Inc		1,557
	143,527		Skyworks Solutions, Inc		10,436
	45,610	*,e	Spansion, Inc		1,561
	203,017	*,e	SunEdison, Inc		3,961
	34,481	*,e	SunPower Corp		891
	145,162		Teradyne, Inc		2,873
	40,116		Tessera Technologies, Inc		1,434
	809,502		Texas Instruments, Inc		43,280
	129,862	*	Triquint Semiconductor, Inc		3,578
	17,159	*	Ultra Clean Holdings		159
	21,651	*	Ultratech, Inc		402
	29,696	*	Veeco Instruments, Inc		1,036
	38,295	*	Vitesse Semiconductor Corp		145
	37,527	*	Xcerra Corp		344
	200,711		Xilinx, Inc		8,689
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		432,008

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
SOFTWARE & SERVICES - 10.2%
	9,048	*,e	A10 Networks, Inc	$	39
	473,999		Accenture plc		42,333
	90,744	*	ACI Worldwide, Inc		1,830
	369,713		Activision Blizzard, Inc		7,450
	32,107	*	Actua Corp		593
	40,528	*	Actuate Corp		267
	57,158	*	Acxiom Corp		1,159
	373,155	*	Adobe Systems, Inc		27,128
	39,195		Advent Software, Inc		1,201
	7,597	*,e	Aerohive Networks, Inc		36
	134,169	*	Akamai Technologies, Inc		8,447
	44,386	*,e	Alliance Data Systems Corp		12,697
	6,591	*,e	Amber Road, Inc		67
	119,106		Amdocs Ltd		5,557
	15,720		American Software, Inc (Class A)		143
	32,146	*,e	Angie’s List, Inc		200
	68,549	*	Ansys, Inc		5,621
	61,041	*	AOL, Inc		2,818
	71,089	*	Aspen Technology, Inc		2,490
	172,342	*	Autodesk, Inc		10,351
	360,534		Automatic Data Processing, Inc		30,058
	25,053	*	AVG Technologies NV		495
	50,870	*	Bankrate, Inc		632
	5,965	*,e	Barracuda Networks, Inc		214
	36,867	*,e	Bazaarvoice, Inc		296
	2,542	*,e	Benefitfocus, Inc		83
	35,258		Blackbaud, Inc		1,525
	38,269	*,e	Blackhawk Network Holdings, Inc		1,485
	30,473	*	Blucora, Inc		422
	55,821		Booz Allen Hamilton Holding Co		1,481
	4,804	*,e	Borderfree, Inc		43
	29,562	*	Bottomline Technologies, Inc		747
	20,694	*	Brightcove, Inc		161
	92,422		Broadridge Financial Solutions, Inc		4,268
	20,308	*	BroadSoft, Inc		589
	237,907		CA, Inc		7,244
	17,259	*	CACI International, Inc (Class A)		1,487
	219,174	*	Cadence Design Systems, Inc		4,158
	35,036	*	Callidus Software, Inc		572
	13,412	*	Carbonite, Inc		191
	33,955	*	Cardtronics, Inc		1,310
	5,000	*,e	Care.com, Inc		41
	7,744		Cass Information Systems, Inc		412
	120,637		CDK Global, Inc		4,917
	15,814	*,e	ChannelAdvisor Corp		341
	52,926	*	Ciber, Inc		188
	24,953	*,e	Cimpress NV		1,867
	123,631	*	Citrix Systems, Inc		7,888
	457,674	*	Cognizant Technology Solutions Corp (Class A)		24,101
	35,374	*	Commvault Systems, Inc		1,828
	108,985		Computer Sciences Corp		6,872
	11,045		Computer Task Group, Inc		105

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,099	*	comScore, Inc	$	1,258
	16,654	*	Comverse, Inc		313
	23,960	*	Constant Contact, Inc		879
	76,457		Convergys Corp		1,557
	40,208	*,e	Cornerstone OnDemand, Inc		1,415
	21,672	*	CoStar Group, Inc		3,980
	22,974	*	Covisint Corp		61
	27,701		CSG Systems International, Inc		694
	13,746	*,e	Cvent, Inc		383
	20,584	*,e	Cyan, Inc		51
	11,133	*	Datalink Corp		144
	40,435	*	DealerTrack Holdings, Inc		1,792
	4,552	*	Demand Media, Inc		28
	22,223	*,e	Demandware, Inc		1,279
	37,330	*	Dice Holdings, Inc		374
	27,690	*	Digital River, Inc		685
	5,437		DMRC Corp		148
	22,274		DST Systems, Inc		2,097
	17,491	*,e	E2open, Inc		168
	82,942		EarthLink Holdings Corp		364
	949,832	*	eBay, Inc		53,305
	15,000	e	Ebix, Inc		255
	235,163	*	Electronic Arts, Inc		11,056
	20,207	*,e	Ellie Mae, Inc		815
	21,956	*,e	Endurance International Group Holdings, Inc		405
	20,747	*	EnerNOC, Inc		321
	25,859	*	Envestnet, Inc		1,271
	25,200	*	EPAM Systems, Inc		1,203
	25,591		EPIQ Systems, Inc		437
	3,943	*	ePlus, Inc		298
	38,947		Equinix, Inc		8,830
	37,881	*	Euronet Worldwide, Inc		2,080
	45,179		EVERTEC, Inc		1,000
	5,306	*,e	Everyday Health, Inc		78
	24,918	*	ExlService Holdings, Inc		715
	1,479,740	*	Facebook, Inc		115,449
	31,946	e	Factset Research Systems, Inc		4,496
	24,107		Fair Isaac Corp		1,743
	215,742		Fidelity National Information Services, Inc		13,419
	64,915	*,e	FireEye, Inc		2,050
	67,170	*	First American Corp		2,122
	186,455	*	Fiserv, Inc		13,233
	9,532	*,e	Five9, Inc		43
	62,803	*	FleetCor Technologies, Inc		9,339
	28,477	*,e	FleetMatics Group plc		1,011
	11,266		Forrester Research, Inc		443
	103,474	*	Fortinet, Inc		3,173
	68,004	*	Gartner, Inc		5,727
	122,107	*	Genpact Ltd		2,311
	19,206	*,m	Gerber Scientific, Inc		0	^
	18,635	*,e	Gigamon, Inc		330
	51,313	*	Global Cash Access, Inc		367

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	51,191		Global Payments, Inc	$	4,133
	20,044	*,e	Globant S.A.		313
	69,701	*,e	Glu Mobile, Inc		272
	42,541	*,e	Gogo, Inc		703
	212,860	*	Google, Inc		112,050
	210,371	*	Google, Inc (Class A)		111,635
	6,976	*	GrubHub, Inc		253
	9,950	*	GTT Communications, Inc		132
	9,927	*,e	Guidance Software, Inc		72
	51,316	*	Guidewire Software, Inc		2,598
	28,793		Hackett Group, Inc		253
	28,656		Heartland Payment Systems, Inc		1,546
	23,633	*	Higher One Holdings, Inc		100
	70,903	*	HomeAway, Inc		2,112
	14,191	*,e	HubSpot, Inc		477
	56,348		IAC/InterActiveCorp		3,425
	27,237	*	iGate Corp		1,075
	15,425	*	Imperva, Inc		762
	37,980	*	Infoblox, Inc		768
	82,708	*	Informatica Corp		3,154
	25,780	*	Information Services Group, Inc		109
	12,605	*,e	Interactive Intelligence, Inc		604
	40,309	*	Internap Network Services Corp		321
	708,976		International Business Machines Corp		113,748
	213,644		Intuit, Inc		19,696
	36,074		j2 Global, Inc		2,237
	63,715		Jack Henry & Associates, Inc		3,959
	30,270	*	Jive Software, Inc		183
	19,259	*	Knot, Inc		351
	56,344	*	Kofax Ltd		396
	49,809		Leidos Holdings, Inc		2,168
	50,961	*	Limelight Networks, Inc		141
	78,486	*	LinkedIn Corp		18,029
	44,720	*	Lionbridge Technologies		257
	19,090	*,e	Liquidity Services, Inc		156
	40,701	*	Liveperson, Inc		574
	18,232	*	LogMeIn, Inc		900
	5,938	*,e	Luxoft Holding, Inc		229
	13,813	*,e	magicJack VocalTec Ltd		112
	56,909	*	Manhattan Associates, Inc		2,317
	18,418		Mantech International Corp (Class A)		557
	25,119		Marchex, Inc (Class B)		115
	20,549	*,e	Marin Software, Inc		174
	19,466	*,e	Marketo, Inc		637
	753,258	*	Mastercard, Inc (Class A)		64,901
	7,815	*,e	Mavenir Systems, Inc		106
	51,764		MAXIMUS, Inc		2,839
	73,403		Mentor Graphics Corp		1,609
	6,191,102		Microsoft Corp		287,577
	6,844	*	MicroStrategy, Inc (Class A)		1,111
	117,360	*,e	Millennial Media, Inc		188
	9,450	*,e	MobileIron, Inc		94

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,483	*	Model N, Inc	$	154
	33,165	*	ModusLink Global Solutions, Inc		124
	22,389	*	MoneyGram International, Inc		204
	29,292		Monotype Imaging Holdings, Inc		844
	70,908	*	Monster Worldwide, Inc		328
	28,739	*	Netscout Systems, Inc		1,050
	31,367	*,e	NetSuite, Inc		3,424
	42,216	*,e	NeuStar, Inc (Class A)		1,174
	48,579		NIC, Inc		874
	199,552	*	Nuance Communications, Inc		2,848
	5,741	*,e	OPOWER, Inc		82
	2,461,637		Oracle Corp		110,700
	155,524	*,e	Pandora Media, Inc		2,773
	7,197	*,e	Park City Group, Inc		65
	242,545		Paychex, Inc		11,198
	4,481	*	Paycom Software, Inc		118
	24,918	*	Pegasystems, Inc		518
	25,493	*	Perficient, Inc		475
	22,039	*	PRGX Global, Inc		126
	38,760	*	Progress Software Corp		1,047
	27,964	*	Proofpoint, Inc		1,349
	17,256	*	PROS Holdings, Inc		474
	90,859	*	PTC, Inc		3,330
	7,544	*	Q2 Holdings, Inc		142
	3,320		QAD, Inc (Class A)		75
	65,926	*	QLIK Technologies, Inc		2,036
	15,315	*	Qualys, Inc		578
	20,643	*	QuinStreet, Inc		125
	86,647	*	Rackspace Hosting, Inc		4,056
	20,376	*,e	Rally Software Development Corp		232
	18,038	*	RealNetworks, Inc		127
	39,496	*	RealPage, Inc		867
	142,700	*	Red Hat, Inc		9,866
	6,528		Reis, Inc		171
	4,552	*	Rightside Group Ltd		31
	13,745	*,e	Rocket Fuel, Inc		222
	15,279	*	Rosetta Stone, Inc		149
	71,644	*	Rovi Corp		1,618
	5,726	*	Rubicon Project, Inc		92
	31,508		Sabre Corp		639
	460,155	*	Salesforce.com, Inc		27,292
	13,536	*	Sapiens International Corp NV		100
	85,802	*	Sapient Corp		2,135
	31,732		Science Applications International Corp		1,572
	21,075	*	Sciquest, Inc		305
	24,634	*	Seachange International, Inc		157
	109,169	*	ServiceNow, Inc		7,407
	46,932	*	ServiceSource International LLC		220
	11,435	*,e	Shutterstock, Inc		790
	26,176	*,e	Silver Spring Networks, Inc		221
	49,819	*	SolarWinds, Inc		2,482
	52,358		Solera Holdings, Inc		2,680

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	89,484	*	Splunk, Inc	$	5,275
	11,456	*	SPS Commerce, Inc		649
	51,412		SS&C Technologies Holdings, Inc		3,007
	11,136	*	Stamps.com, Inc		534
	31,978	*	Sykes Enterprises, Inc		751
	518,408		Symantec Corp		13,300
	26,622	*	Synchronoss Technologies, Inc		1,114
	114,623	*	Synopsys, Inc		4,983
	23,254	*	Syntel, Inc		1,046
	34,637	*	TA Indigo Holding Corp		412
	28,745	*	Tableau Software, Inc		2,436
	72,182	*	Take-Two Interactive Software, Inc		2,023
	29,444	*	Tangoe, Inc		384
	12,153	*	TechTarget, Inc		138
	24,938	*	TeleCommunication Systems, Inc (Class A)		78
	12,644	*	TeleNav, Inc		84
	13,212	*	TeleTech Holdings, Inc		313
	119,632	*,e	Teradata Corp		5,226
	14,409	*,e	Textura Corp		410
	87,562	*	TiVo, Inc		1,037
	126,792		Total System Services, Inc		4,306
	6,116	*	Travelzoo, Inc		77
	25,168	*,e	Tremor Video, Inc		72
	6,295	*	TrueCar, Inc		144
	28,133	*	Trulia, Inc		1,295
	389,780	*	Twitter, Inc		13,981
	24,991	*	Tyler Technologies, Inc		2,735
	21,521	*	Ultimate Software Group, Inc		3,160
	38,674	*	Unisys Corp		1,140
	68,687	*	Unwired Planet, Inc		69
	94,253	*	Vantiv, Inc		3,197
	3,865	*,e	Varonis Systems, Inc		127
	19,828	*,e	Vasco Data Security International		559
	84,224	*	VeriFone Systems, Inc		3,133
	41,214	*	Verint Systems, Inc		2,402
	91,214	*,e	VeriSign, Inc		5,199
	32,131	*,e	VirnetX Holding Corp		176
	19,493	*	Virtusa Corp		812
	375,808		Visa, Inc (Class A)		98,537
	66,416	*	VMware, Inc (Class A)		5,481
	49,370	*,e	Vringo, Inc		27
	28,678	*,e	WebMD Health Corp (Class A)		1,134
	36,917	*	Website Pros, Inc		701
	407,229	e	Western Union Co		7,293
	29,100	*	WEX, Inc		2,879
	9,100	*	Wix.com Ltd		191
	70,957	*	Workday, Inc		5,791
	874,838		Xerox Corp		12,125
	23,310	*,e	Xoom Corp		408
	711,973	*	Yahoo!, Inc		35,962
	37,978	*,e	Yelp, Inc		2,079

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,364	*	Yodlee, Inc	$	200
	14,220	*,e	YuMe, Inc		72
	8,238	*	Zendesk, Inc		201
	23,203	*,e	Zillow, Inc		2,457
	47,197	*	Zix Corp		170
	534,906	*	Zynga, Inc		1,423
			TOTAL SOFTWARE & SERVICES		1,756,252
TECHNOLOGY HARDWARE & EQUIPMENT - 6.1%
	83,151	*,e	3D Systems Corp		2,733
	45,260		Adtran, Inc		987
	18,766	*	Agilysys, Inc		236
	9,098	e	Alliance Fiber Optic Products, Inc		132
	235,926		Amphenol Corp (Class A)		12,695
	20,525		Anixter International, Inc		1,816
	4,519,028		Apple, Inc		498,810
	11,231	*	Applied Optoelectronics, Inc		126
	4,588	*,e	Arista Networks, Inc		279
	95,409	*	ARRIS Group, Inc		2,880
	73,244	*	Arrow Electronics, Inc		4,240
	80,354	*	Aruba Networks, Inc		1,461
	101,447		Avnet, Inc		4,364
	34,410		AVX Corp		482
	11,475		Badger Meter, Inc		681
	7,316		Bel Fuse, Inc (Class B)		200
	33,137		Belden CDT, Inc		2,612
	40,623	*	Benchmark Electronics, Inc		1,034
	12,526		Black Box Corp		299
	330,434		Brocade Communications Systems, Inc		3,912
	26,799	*,e	CalAmp Corp		490
	28,887	*	Calix Networks, Inc		290
	65,847		CDW Corp		2,316
	30,668	*	Checkpoint Systems, Inc		421
	77,250	*,e	Ciena Corp		1,499
	3,839,373		Cisco Systems, Inc		106,792
	8,964	*,e	Clearfield, Inc		110
	65,532	*	Cognex Corp		2,708
	19,403	*	Coherent, Inc		1,178
	47,048	*	CommScope Holding Co, Inc		1,074
	11,551		Comtech Telecommunications Corp		364
	8,410	*,e	Control4 Corp		129
	980,656		Corning, Inc		22,486
	29,620	*,e	Cray, Inc		1,021
	23,637		CTS Corp		422
	16,074	*,e	CUI Global, Inc		120
	27,847		Daktronics, Inc		348
	47,853		Diebold, Inc		1,658
	18,652	*	Digi International, Inc		173
	34,151		Dolby Laboratories, Inc (Class A)		1,473
	46,638	*	Dot Hill Systems Corp		206
	16,172	*	DTS, Inc		497

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,533	*,e	Eastman Kodak Co	$	294
	32,770	*	EchoStar Corp (Class A)		1,720
	11,677		Electro Rent Corp		164
	17,062		Electro Scientific Industries, Inc		132
	35,264	*	Electronics for Imaging, Inc		1,510
	1,534,321		EMC Corp		45,631
	65,177	*	Emulex Corp		370
	79,396	*	Extreme Networks, Inc		280
	57,317	*	F5 Networks, Inc		7,478
	26,560	*	Fabrinet		471
	12,851	*	FARO Technologies, Inc		806
	32,068		FEI Co		2,897
	73,430	*,e	Finisar Corp		1,425
	104,966		Flir Systems, Inc		3,392
	20,123	*	GSI Group, Inc		296
	85,574	*	Harmonic, Inc		600
	79,176		Harris Corp		5,686
	1,422,583		Hewlett-Packard Co		57,088
	21,661	*	Immersion Corp		205
	88,583	*	Infinera Corp		1,304
	116,956	*	Ingram Micro, Inc (Class A)		3,233
	32,646	*	Insight Enterprises, Inc		845
	31,229		InterDigital, Inc		1,652
	17,622	*	Intevac, Inc		137
	53,770	*,e	InvenSense, Inc		874
	24,446	*,e	IPG Photonics Corp		1,832
	31,091	*	Itron, Inc		1,315
	43,041	*	Ixia		484
	154,194		Jabil Circuit, Inc		3,366
	176,416	*	JDS Uniphase Corp		2,420
	308,348		Juniper Networks, Inc		6,882
	33,781	*	Kemet Corp		142
	125,388	*	Keysight Technologies, Inc		4,234
	18,878	*	Kimball Electronics, Inc		227
	64,648	*,e	Knowles Corp		1,523
	10,929	*	KVH Industries, Inc		138
	48,008		Lexmark International, Inc (Class A)		1,981
	17,104		Littelfuse, Inc		1,653
	22,942	*,e	Maxwell Technologies, Inc		209
	23,128	*	Mercury Computer Systems, Inc		322
	1,988		Mesa Laboratories, Inc		154
	28,385		Methode Electronics, Inc		1,036
	154,590		Motorola, Inc		10,370
	12,135		MTS Systems Corp		911
	9,079	*	Multi-Fineline Electronix, Inc		102
	75,087		National Instruments Corp		2,335
	127,136	*	NCR Corp		3,705
	225,239		NetApp, Inc		9,336
	28,803	*	Netgear, Inc		1,025
	27,910	*	Newport Corp		533
	6,210	*,e	Nimble Storage, Inc		171
	10,650	*	Numerex Corp		118
	72,862	*,e	Oclaro, Inc		130

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,702	*	OSI Systems, Inc	$	1,041
	39,302	*	Palo Alto Networks, Inc		4,817
	18,452		Park Electrochemical Corp		460
	68,401	*,e	Parkervision, Inc		62
	6,868		PC Connection, Inc		169
	31,900		Plantronics, Inc		1,691
	25,402	*	Plexus Corp		1,047
	104,359	*	Polycom, Inc		1,409
	16,952	*,e	Procera Networks, Inc		122
	73,291	*	QLogic Corp		976
	1,265,034		Qualcomm, Inc		94,030
	171,155	*,e	Quantum Corp		301
	36,008	*,e	RealD, Inc		425
	124,087	*	Riverbed Technology, Inc		2,533
	21,664	*	Rofin-Sinar Technologies, Inc		623
	13,791	*	Rogers Corp		1,123
	48,685	*	Ruckus Wireless, Inc		585
	170,395		SanDisk Corp		16,695
	61,646	*	Sanmina Corp		1,451
	22,159	*	Scansource, Inc		890
	43,182	*	ShoreTel, Inc		317
	25,143	*,e	Silicon Graphics International Corp		286
	187,540	*	Sonus Networks, Inc		745
	29,279	*	Speed Commerce, Inc		91
	37,383	*,e	Stratasys Ltd		3,107
	25,994	*	Super Micro Computer, Inc		907
	27,223	*	Synaptics, Inc		1,874
	21,522		SYNNEX Corp		1,682
	28,651	*	Tech Data Corp		1,812
	3,883		Tessco Technologies, Inc		113
	197,674	*	Trimble Navigation Ltd		5,246
	41,884	*,e	TTM Technologies, Inc		315
	21,543	e	Ubiquiti Networks, Inc		639
	29,474	*,e	Universal Display Corp		818
	31,477	*,e	Viasat, Inc		1,984
	3,408	*	Viasystems Group, Inc		56
	60,568	*,e	Violin Memory, Inc		290
	100,754		Vishay Intertechnology, Inc		1,426
	9,508	*	Vishay Precision Group, Inc		163
	161,050		Western Digital Corp		17,828
	38,765	*	Zebra Technologies Corp (Class A)		3,001
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,054,048
TELECOMMUNICATION SERVICES - 2.0%
	66,124	*	8x8, Inc		606
	3,886,671		AT&T, Inc		130,553
	7,918		Atlantic Tele-Network, Inc		535
	12,079	*	Boingo Wireless, Inc		93
	429,285		CenturyTel, Inc		16,991
	149,815	*	Cincinnati Bell, Inc		478
	35,274		Cogent Communications Group, Inc		1,248
	38,388	e	Consolidated Communications Holdings, Inc		1,068

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,551	*	Fairpoint Communications, Inc	$	235
	762,890	e	Frontier Communications Corp		5,088
	24,304	*	General Communication, Inc (Class A)		334
	206,831	*,e	Globalstar, Inc		569
	7,568	*	Hawaiian Telcom Holdco, Inc		209
	10,513		IDT Corp (Class B)		214
	45,794	*	inContact, Inc		403
	25,073		Inteliquent, Inc		492
	20,308	*,e	Intelsat S.A.		353
	60,764	*,e	Iridium Communications, Inc		592
	208,667	*	Level 3 Communications, Inc		10,304
	11,759		Lumos Networks Corp		198
	11,759	e	NTELOS Holdings Corp		49
	28,044	*	Orbcomm, Inc		183
	42,630	*	Premiere Global Services, Inc		453
	21,474	*,e	RingCentral, Inc		320
	97,128	*	SBA Communications Corp (Class A)		10,758
	18,151		Shenandoah Telecom Co		567
	18,421		Spok Holdings, Inc		320
	551,084	*,e	Sprint Corp		2,287
	64,768		Telephone & Data Systems, Inc		1,635
	201,000	*	T-Mobile US, Inc		5,415
	9,529	*	US Cellular Corp		380
	3,103,706		Verizon Communications, Inc		145,192
	119,221	*	Vonage Holdings Corp		454
	459,835	e	Windstream Holdings, Inc		3,789
	29,659	*,e	Zayo Group Holdings, Inc		907
			TOTAL TELECOMMUNICATION SERVICES		343,272
TRANSPORTATION - 2.5%
	44,655	*	Air Transport Services Group, Inc		382
	101,817		Alaska Air Group, Inc		6,085
	10,384		Allegiant Travel Co		1,561
	5,591		Amerco, Inc		1,589
	540,604		American Airlines Group, Inc		28,993
	19,331		Arkansas Best Corp		896
	19,165	*	Atlas Air Worldwide Holdings, Inc		945
	79,796	*	Avis Budget Group, Inc		5,293
	37,980	e	Baltic Trading Ltd		95
	16,346		Celadon Group, Inc		371
	112,465		CH Robinson Worldwide, Inc		8,422
	42,760		Con-Way, Inc		2,103
	24,453	e	Copa Holdings S.A. (Class A)		2,534
	752,725		CSX Corp		27,271
	634,635		Delta Air Lines, Inc		31,218
	17,462	*	Echo Global Logistics, Inc		510
	146,911		Expeditors International of Washington, Inc		6,554
	221,831		FedEx Corp		38,523
	22,919		Forward Air Corp		1,154
	4,942	*	FRP Holdings, Inc		194
	37,277	*	Genesee & Wyoming, Inc (Class A)		3,352
	34,479	*,e	Hawaiian Holdings, Inc		898

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	41,206		Heartland Express, Inc	$	1,113
	339,163	*	Hertz Global Holdings, Inc		8,459
	28,105	*	Hub Group, Inc (Class A)		1,070
	4,290		International Shipholding Corp		64
	69,164		J.B. Hunt Transport Services, Inc		5,827
	184,047	*,e	JetBlue Airways Corp		2,919
	82,978		Kansas City Southern Industries, Inc		10,126
	42,550	*	Kirby Corp		3,435
	45,057		Knight Transportation, Inc		1,517
	24,864	e	Knightsbridge Tankers Ltd		113
	33,831		Landstar System, Inc		2,454
	17,739		Marten Transport Ltd		388
	32,238		Matson, Inc		1,113
	60,245		Navios Maritime Holdings, Inc		248
	232,273		Norfolk Southern Corp		25,459
	47,554	*	Old Dominion Freight Line		3,692
	2,470	*	PAM Transportation Services, Inc		128
	6,136		Park-Ohio Holdings Corp		387
	20,803	*	Quality Distribution, Inc		221
	36,815	*	Republic Airways Holdings, Inc		537
	20,933	*	Roadrunner Transportation Services Holdings, Inc		489
	40,345		Ryder System, Inc		3,746
	30,068		Safe Bulkers, Inc		118
	18,094	*	Saia, Inc		1,002
	102,799	*	Scorpio Bulkers, Inc		202
	40,260		Skywest, Inc		535
	519,579		Southwest Airlines Co		21,989
	55,048	*	Spirit Airlines, Inc		4,160
	63,781	*	Swift Transportation Co, Inc		1,826
	282,381	*	UAL Corp		18,888
	14,027	*	Ultrapetrol Bahamas Ltd		30
	678,894		Union Pacific Corp		80,877
	531,352		United Parcel Service, Inc (Class B)		59,070
	3,884		Universal Truckload Services, Inc		111
	4,427	*	USA Truck, Inc		126
	69,158	*,e	UTI Worldwide, Inc		835
	9,699	*	Virgin America, Inc		419
	34,798		Werner Enterprises, Inc		1,084
	34,408	*	Wesco Aircraft Holdings, Inc		481
	40,094	*,e	XPO Logistics, Inc		1,639
	23,809	*,e	YRC Worldwide, Inc		535
			TOTAL TRANSPORTATION		436,375
UTILITIES - 3.2%
	15,035	e	Abengoa Yield plc		411
	497,334		AES Corp		6,848
	90,267		AGL Resources, Inc		4,920
	32,016		Allete, Inc		1,765
	84,216		Alliant Energy Corp		5,594
	184,363		Ameren Corp		8,505
	367,101		American Electric Power Co, Inc		22,290
	29,456		American States Water Co		1,109

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	134,451		American Water Works Co, Inc	$	7,166
	134,973		Aqua America, Inc		3,604
	4,909		Artesian Resources Corp		111
	108,646	e	Atlantic Power Corp		294
	69,174		Atmos Energy Corp		3,856
	45,672		Avista Corp		1,615
	33,522		Black Hills Corp		1,778
	35,650		California Water Service Group		877
	306,005	*	Calpine Corp		6,772
	325,746		Centerpoint Energy, Inc		7,632
	11,590		Chesapeake Utilities Corp		576
	46,444		Cleco Corp		2,533
	203,302		CMS Energy Corp		7,065
	8,405		Connecticut Water Service, Inc		305
	220,291		Consolidated Edison, Inc		14,541
	438,116		Dominion Resources, Inc		33,691
	131,757		DTE Energy Co		11,380
	530,050		Duke Energy Corp		44,280
	92,132	*	Dynegy, Inc		2,796
	244,181		Edison International		15,989
	30,616		El Paso Electric Co		1,226
	33,239		Empire District Electric Co		989
	135,237		Entergy Corp		11,831
	643,562		Exelon Corp		23,863
	318,220		FirstEnergy Corp		12,407
	117,135		Great Plains Energy, Inc		3,328
	73,366		Hawaiian Electric Industries, Inc		2,456
	38,056		Idacorp, Inc		2,519
	59,780		Integrys Energy Group, Inc		4,654
	118,947		ITC Holdings Corp		4,809
	32,340		Laclede Group, Inc		1,720
	144,429		MDU Resources Group, Inc		3,394
	26,250		MGE Energy, Inc		1,197
	11,759		Middlesex Water Co		271
	55,740		National Fuel Gas Co		3,876
	31,721		New Jersey Resources Corp		1,941
	326,860		NextEra Energy, Inc		34,742
	237,792		NiSource, Inc		10,087
	239,428		Northeast Utilities		12,814
	22,143	e	Northwest Natural Gas Co		1,105
	27,832		NorthWestern Corp		1,575
	245,109		NRG Energy, Inc		6,606
	17,100	e	NRG Yield, Inc		806
	150,808		OGE Energy Corp		5,351
	39,547		ONE Gas, Inc		1,630
	13,917	e	Ormat Technologies, Inc		378
	27,545		Otter Tail Corp		853
	29,866		Pattern Energy Group, Inc		737
	189,953		Pepco Holdings, Inc		5,115
	351,902		PG&E Corp		18,735
	61,192		Piedmont Natural Gas Co, Inc		2,412
	83,775		Pinnacle West Capital Corp		5,723

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY				VALUE (000)
	60,937		PNM Resources, Inc				$	1,806
	58,032		Portland General Electric Co					2,195
	502,156		PPL Corp					18,243
	384,444		Public Service Enterprise Group, Inc					15,920
	130,852		Questar Corp					3,308
	104,149		SCANA Corp					6,291
	184,580		Sempra Energy					20,555
	12,005		SJW Corp					386
	24,625		South Jersey Industries, Inc					1,451
	665,012		Southern Co					32,659
	34,400		Southwest Gas Corp					2,126
	163,004		TECO Energy, Inc					3,340
	17,533	e	TerraForm Power, Inc					541
	128,103		UGI Corp					4,865
	43,076		UIL Holdings Corp					1,876
	10,272		Unitil Corp					377
	62,331		Vectren Corp					2,882
	96,665		Westar Energy, Inc					3,986
	39,376		WGL Holdings, Inc					2,151
	170,964	e	Wisconsin Energy Corp					9,017
	375,757		Xcel Energy, Inc					13,497
	9,006		York Water Co					209
			TOTAL UTILITIES					555,134
			TOTAL COMMON STOCKS					17,136,828
			(Cost $9,178,161)
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
UTILITIES - 0.0%
	10,657		Liberty Broadband Corp					101
			TOTAL UTILITIES					101
			TOTAL RIGHTS / WARRANTS					223
			(Cost $118)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 3.3%
TREASURY DEBT - 0.0%
$	7,000,000	d	United States Treasury Bill	0.120	%	07/23/15		6,996
			TOTAL TREASURY DEBT					6,996

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.3%
	564,844,257	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	564,844
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		564,844
			TOTAL SHORT-TERM INVESTMENTS		571,840
			(Cost $571,839)
			TOTAL INVESTMENTS - 103.1%		17,708,891
			(Cost $9,750,118)
			OTHER ASSETS & LIABILITIES, NET - (3.1)%		(536,135	)
			NET ASSETS - 100.0%	$	17,172,756

	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 to cover margin 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 $548,746,000.
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

December 31, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.9%
AUTOMOBILES & COMPONENTS - 0.1%
$	4,987,500	i	Gates Global LLC		4.250	%	07/05/21	$	4,844
	5,000,000	i	INA Beteiligungsgesellschaft mbH		4.250		05/15/20		4,992
			TOTAL AUTOMOBILES & COMPONENTS						9,836
CAPITAL GOODS - 0.0%
	4,802,000	i	TransDigm, Inc		3.750		02/28/20		4,709
			TOTAL CAPITAL GOODS						4,709
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	2,727,175	i	Capital Safety North America		3.750		03/29/21		2,639
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						2,639
CONSUMER SERVICES - 0.1%
	5,000,000	i	1011778 BC ULC		4.500		10/27/21		4,979
	4,504,505	i	Hilton Worldwide		3.500		10/26/20		4,446
	4,974,619	i	MGM Resorts International		3.500		12/20/19		4,835
			TOTAL CONSUMER SERVICES						14,260
DIVERSIFIED FINANCIALS - 0.0%
	4,974,937	i	TransUnion LLC		4.000		04/09/21		4,894
			TOTAL DIVERSIFIED FINANCIALS						4,894
ENERGY - 0.0%
	168,582	i	Granite Acquisition, Inc		5.000		10/15/21		169
	3,831,418	i	Granite Acquisition, Inc		5.000		10/15/21		3,844
			TOTAL ENERGY						4,013
FOOD & STAPLES RETAILING - 0.1%
	5,550,000	i	Albertson’s Holdings LLC		4.500		08/25/21		5,544
			TOTAL FOOD & STAPLES RETAILING						5,544
FOOD, BEVERAGE & TOBACCO - 0.1%
	10,179,000	i	HJ Heinz Co		3.250		06/07/19		10,067
			TOTAL FOOD, BEVERAGE & TOBACCO						10,067
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	3,611,614	i	Capsugel Holdings US, Inc		3.500		08/01/18		3,517
	470,250	i	CHS/Community Health Systems		4.250		01/27/21		469
	1,691,500	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		1,671
	2,975,926	i	Kinetic Concepts, Inc		3.500		09/30/17		2,933
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						8,590
MATERIALS - 0.1%
	894,000	i	Eco Services Operations LLC		4.750		12/04/21		887

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,494,058		Minerals Technologies, Inc		4.000	%	05/09/21	$	2,463
	3,000,000	i	Minerals Technologies, Inc		4.000		05/09/21		2,963
	3,391,500	i	Solenis International LP		4.250		07/31/21		3,298
			TOTAL MATERIALS						9,611
MEDIA - 0.1%
	5,000,000	i	CBS Outdoor Americas Capital LLC		3.000		02/01/21		4,872
	4,756,775	i	MTL Publishing LLC		3.750		06/29/18		4,667
	1,817,452	i	Univision Communications, Inc		4.000		03/01/20		1,774
	4,500,000	i	Virgin Media Investment Holdings Ltd		3.500		06/05/20		4,413
			TOTAL MEDIA						15,726
RETAILING - 0.0%
	1,995,000	i	Stater Bros Markets		4.750		05/12/21		1,968
			TOTAL RETAILING						1,968
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	12,387,750	i	Avago Technologies Ltd		3.750		05/06/21		12,331
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						12,331
SOFTWARE & SERVICES - 0.1%
	5,000,000	i	Activision Blizzard, Inc		3.250		10/11/20		4,988
	4,974,937	i	IMS Health, Inc		3.500		03/17/21		4,851
			TOTAL SOFTWARE & SERVICES						9,839
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	4,775,819	i	NXP BV		3.250		01/11/20		4,692
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						4,692
UTILITIES - 0.0%
	195,500	i	Calpine Corp		4.000		10/09/19		193
			TOTAL UTILITIES						193
			TOTAL BANK LOAN OBLIGATIONS						118,912
			(Cost $120,355)
BONDS - 97.1%
CORPORATE BONDS - 34.9%
AUTOMOBILES & COMPONENTS - 0.3%
	10,300,000		Ford Motor Co		4.750		01/15/43		10,868
	1,000,000	g	Gates Global LLC		6.000		07/15/22		958
	4,500,000	g	Hyundai Motor Manufacturer		4.500		04/15/15		4,541
	13,950,000		Johnson Controls, Inc		4.625		07/02/44		14,355
	8,675,000		Magna International, Inc		3.625		06/15/24		8,693
			TOTAL AUTOMOBILES & COMPONENTS						39,415
BANKS - 6.6%
	2,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		2,533
	1,900,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125		11/09/22		1,881

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,500,000		Bancolombia S.A.		5.950	%	06/03/21	$	1,609
	11,786,000	g	Bank Nederlandse Gemeenten		1.375		09/27/17		11,842
	1,500,000	g	Bank Nederlandse Gemeenten		1.375		03/19/18		1,498
	3,000,000	g	Bank Nederlandse Gemeenten		1.875		06/11/19		3,013
	5,000,000	g	Bank Nederlandse Gemeenten		2.625		04/28/21		5,129
	15,175,000		Bank of America Corp		3.750		07/12/16		15,718
	18,550,000		Bank of America Corp		5.300		03/15/17		19,926
	8,525,000		Bank of America Corp		6.000		09/01/17		9,400
	24,000,000		Bank of America Corp		2.600		01/15/19		24,187
	7,000,000		Bank of America Corp		2.650		04/01/19		7,051
	6,150,000		Bank of America Corp		4.200		08/26/24		6,265
	6,750,000		Bank of America Corp		4.250		10/22/26		6,735
	6,350,000		Bank of America Corp		5.000		01/21/44		7,111
	8,700,000		Bank of America Corp		4.875		04/01/44		9,612
	27,700,000	g	Bank of Montreal		2.625		01/25/16		28,287
	25,520,000	g	Bank of Nova Scotia		1.650		10/29/15		25,741
	39,500,000	g	Bank of Nova Scotia		2.150		08/03/16		40,230
	25,000,000		Bank of Nova Scotia		2.125		09/11/19		25,054
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		5,949
	5,450,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		5,414
	7,100,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		7,045
	8,075,000		Barclays plc		2.750		11/08/19		8,026
	5,190,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		5,245
	3,200,000		Branch Banking & Trust Co		2.300		10/15/18		3,233
	2,500,000	g	Caixa Economica Federal		2.375		11/06/17		2,359
	6,000,000	g	Canadian Imperial Bank of Commerce		2.600		07/02/15		6,061
	12,500,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		12,762
	11,850,000		Capital One Bank USA NA		2.950		07/23/21		11,776
	4,500,000		Capital One Bank USA NA		3.375		02/15/23		4,475
	8,425,000		Citigroup, Inc		1.300		11/15/16		8,415
	9,300,000		Citigroup, Inc		2.550		04/08/19		9,361
	11,000,000		Citigroup, Inc		3.875		10/25/23		11,433
	19,400,000		Citigroup, Inc		3.750		06/16/24		19,812
	10,525,000		Citigroup, Inc		5.300		05/06/44		11,532
	10,000,000	i	Citigroup, Inc		5.350		12/30/49		9,225
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,003
	8,650,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		9,175
	10,900,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		13,009
	2,800,000	g	DBS Group Holdings Ltd		2.246		07/16/19		2,794
	16,351,000		Deutsche Bank AG		3.700		05/30/24		16,592
	5,980,000		Eksportfinans ASA		2.375		05/25/16		5,994
	2,300,000	g	Export Credit Bank of Turkey		5.000		09/23/21		2,341
	12,850,000		Fifth Third Bancorp		2.375		04/25/19		12,909
	4,200,000	g	Hana Bank		4.375		09/30/24		4,366
	8,700,000	g	HSBC Bank plc		1.500		05/15/18		8,605
	7,350,000	g	HSBC Bank plc		4.125		08/12/20		7,956
	1,550,000		HSBC Holdings plc		4.000		03/30/22		1,650
	12,250,000		HSBC Holdings plc		4.250		03/14/24		12,747
	2,100,000		HSBC Holdings plc		6.500		09/15/37		2,698
	5,275,000		HSBC Holdings plc		5.250		03/14/44		5,909
	11,275,000		HSBC USA, Inc		2.375		02/13/15		11,298
	5,000,000		HSBC USA, Inc		1.625		01/16/18		4,981
	7,150,000		HSBC USA, Inc		2.250		06/23/19		7,139

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	12,000,000		HSBC USA, Inc		2.375	%	11/13/19	$	11,997
	17,000,000		JPMorgan Chase & Co		3.875		02/01/24		17,721
	9,400,000		JPMorgan Chase & Co		4.850		02/01/44		10,427
	3,750,000	i	JPMorgan Chase & Co		5.150		12/30/49		3,533
	9,550,000		KeyBank NA		2.500		12/15/19		9,589
	4,475,000	g	Macquarie Bank Ltd		2.600		06/24/19		4,513
	1,500,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,536
	6,225,000	g	PKO Finance AB		4.630		09/26/22		6,521
	10,400,000		PNC Bank NA		2.200		01/28/19		10,405
	11,475,000		PNC Bank NA		2.250		07/02/19		11,457
	10,950,000		PNC Bank NA		2.700		11/01/22		10,486
	17,395,000		PNC Bank NA		2.950		01/30/23		16,998
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,098
	4,900,000	g,i	Rabobank Nederland NV		11.000		12/30/49		6,306
	12,000,000		Royal Bank of Canada		1.200		09/19/17		11,932
	11,300,000		Royal Bank of Canada		2.200		07/27/18		11,425
	15,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,871
	2,355,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		2,386
	3,800,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		3,842
	5,700,000		SunTrust Bank		2.750		05/01/23		5,561
	9,000,000	g	Toronto-Dominion Bank		2.200		07/29/15		9,088
	495,000		Toronto-Dominion Bank		2.500		07/14/16		507
	26,500,000	g	Toronto-Dominion Bank		1.625		09/14/16		26,809
	10,000,000		Toronto-Dominion Bank		2.375		10/19/16		10,232
	70,000,000	g	Toronto-Dominion Bank		1.500		03/13/17		70,541
	1,325,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,345
	1,700,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		1,722
	2,350,000	g	Turkiye Is Bankasi		3.750		10/10/18		2,338
	2,775,000	g	Turkiye Is Bankasi		5.500		04/21/19		2,903
	7,100,000		Union Bank NA		2.125		06/16/17		7,179
	5,700,000		UnionBanCal Corp		3.500		06/18/22		5,870
	5,800,000		US Bancorp		1.650		05/15/17		5,843
	5,550,000		US Bancorp		2.950		07/15/22		5,471
	5,700,000		Westpac Banking Corp		3.000		08/04/15		5,782
	15,000,000	g	Westpac Banking Corp		1.850		11/26/18		15,004
	10,850,000		Westpac Banking Corp		2.250		01/17/19		10,952
			TOTAL BANKS						891,301
CAPITAL GOODS - 0.9%
	2,268,000	g	Alpek S.A. de C.V.		5.375		08/08/23		2,376
	5,750,000		Caterpillar Financial Services Corp		2.250		12/01/19		5,756
	5,700,000		Caterpillar Financial Services Corp		3.250		12/01/24		5,775
	12,050,000		Caterpillar, Inc		1.500		06/26/17		12,124
	8,000,000		Deere & Co		2.600		06/08/22		7,870
	6,350,000	g	EADS Finance BV		2.700		04/17/23		6,266
	2,075,000		Eaton Corp		4.000		11/02/32		2,111
	1,300,000	g	Huntington Ingalls Industries, Inc		5.000		12/15/21		1,323
	4,250,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		4,224
	17,675,000		John Deere Capital Corp		1.950		03/04/19		17,538
	1,395,480	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		1,249
	8,375,000		Raytheon Co		4.200		12/15/44		8,699
	1,250,000	g	Schaeffler Finance BV		4.750		05/15/21		1,250
	11,000,000		Seagate HDD Cayman		4.750		06/01/23		11,425

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	665,000	g	Sealed Air Corp		6.500	%	12/01/20	$	728
	1,370,000	g	Sealed Air Corp		5.250		04/01/23		1,397
	12,950,000	g	Timken Co		3.875		09/01/24		12,930
	7,000,000	g	TSMC Global Ltd		1.625		04/03/18		6,871
	1,750,000	g	Tupy Overseas S.A.		6.625		07/17/24		1,680
	8,950,000		United Technologies Corp		1.800		06/01/17		9,067
	5,950,000		United Technologies Corp		4.500		06/01/42		6,478
	500,000	g	Yasar Holdings AS.		8.875		05/06/20		520
			TOTAL CAPITAL GOODS						127,657
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	1,425,000		ADT Corp		4.125		04/15/19		1,411
	1,425,000		ADT Corp		6.250		10/15/21		1,464
	1,250,000	g	AECOM Technology Corp		5.750		10/15/22		1,278
	4,875,000	g	AECOM Technology Corp		5.875		10/15/24		4,985
	7,175,000		Air Lease Corp		3.875		04/01/21		7,211
	7,250,000		Fluor Corp		3.500		12/15/24		7,211
	10,290,000		Republic Services, Inc		3.800		05/15/18		10,887
	5,375,000		Republic Services, Inc		3.550		06/01/22		5,518
	7,150,000		Waste Management, Inc		2.600		09/01/16		7,314
	15,050,000		Waste Management, Inc		2.900		09/15/22		14,892
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						62,171
CONSUMER DURABLES & APPAREL - 0.2%
	1,250,000	g	Controladora Mabe S.A. de C.V.		7.875		10/28/19		1,372
	9,600,000		DR Horton, Inc		3.750		03/01/19		9,504
	3,000,000		Lennar Corp		4.500		11/15/19		2,977
	6,900,000		PVH Corp		4.500		12/15/22		6,814
	2,625,000		Whirlpool Corp		3.700		03/01/23		2,666
			TOTAL CONSUMER DURABLES & APPAREL						23,333
CONSUMER SERVICES - 1.0%
	5,000,000	g	1011778 BC / New Red Fin		6.000		04/01/22		5,125
	850,000		ARAMARK Corp		5.750		03/15/20		878
	2,475,000		GLP Capital LP		4.375		11/01/18		2,531
	5,000,000		Johns Hopkins University		4.083		07/01/53		5,227
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		8,216
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		14,350
	11,650,000	g	SABMiller Holdings, Inc		3.750		01/15/22		12,159
	8,650,000	g	SABMiller Holdings, Inc		4.950		01/15/42		9,744
	6,475,000		Service Corp International		5.375		05/15/24		6,604
	800,000	g	Six Flags Entertainment Corp		5.250		01/15/21		800
	40,000,000		Stanford University		4.013		05/01/42		43,034
	21,000,000		University of Chicago		4.151		10/01/45		21,160
			TOTAL CONSUMER SERVICES						129,828
DIVERSIFIED FINANCIALS - 4.6%
	3,875,000		Abbey National Treasury Services plc		4.000		04/27/16		4,015
	2,000,000		American Express Centurion Bank		6.000		09/13/17		2,229
	9,275,000		American Express Credit Corp		1.300		07/29/16		9,315
	9,800,000		American Express Credit Corp		2.125		07/27/18		9,887
	2,250,000		Bank of New York Mellon Corp		1.200		02/20/15		2,251
	6,250,000	i	Bank of New York Mellon Corp		1.969		06/20/17		6,343

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,125,000		Bank of New York Mellon Corp		5.450	%	05/15/19	$	4,677
	11,550,000	g	Bayer US Finance LLC		2.375		10/08/19		11,596
	8,100,000	g	Bayer US Finance LLC		3.375		10/08/24		8,242
	2,500,000	g	BBVA Bancomer S.A.		6.750		09/30/22		2,750
	2,400,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		2,376
	15,000,000		BlackRock, Inc		1.375		06/01/15		15,069
	5,650,000		BlackRock, Inc		3.500		03/18/24		5,819
	10,680,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		10,911
	24,600,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		24,825
	10,100,000		Capital One Financial Corp		1.000		11/06/15		10,090
	2,800,000	g	Comcel Trust		6.875		02/06/24		2,933
	3,700,000		Countrywide Financial Corp		6.250		05/15/16		3,927
	7,175,000		Credit Suisse		2.300		05/28/19		7,163
	5,675,000		Credit Suisse		3.000		10/29/21		5,649
	10,000,000	g	FMR LLC		4.950		02/01/33		11,056
	11,425,000	g	FMR LLC		5.150		02/01/43		12,967
	6,660,000		Ford Motor Credit Co LLC		4.250		02/03/17		6,993
	3,340,000		Ford Motor Credit Co LLC		6.625		08/15/17		3,723
	6,600,000		Ford Motor Credit Co LLC		2.375		03/12/19		6,554
	17,000,000		General Electric Capital Corp		1.625		07/02/15		17,107
	5,850,000		General Electric Capital Corp		2.300		01/14/19		5,943
	30,000,000		General Electric Capital Corp		3.100		01/09/23		30,375
	5,000,000		General Electric Capital Corp		6.150		08/07/37		6,522
	375,000		General Electric Capital Corp		6.875		01/10/39		530
	3,900,000		General Motors Financial Co, Inc		4.375		09/25/21		4,071
	19,240,000		Goldman Sachs Group, Inc		3.300		05/03/15		19,396
	11,075,000		Goldman Sachs Group, Inc		2.375		01/22/18		11,187
	10,500,000		Goldman Sachs Group, Inc		2.625		01/31/19		10,564
	7,800,000		Goldman Sachs Group, Inc		3.625		01/22/23		7,898
	7,100,000		Goldman Sachs Group, Inc		4.000		03/03/24		7,371
	8,925,000		Goldman Sachs Group, Inc		3.850		07/08/24		9,153
	1,150,000		Goldman Sachs Group, Inc		6.450		05/01/36		1,390
	3,100,000		Goldman Sachs Group, Inc		6.750		10/01/37		3,898
	300,000		Goldman Sachs Group, Inc		6.250		02/01/41		379
	15,125,000		Goldman Sachs Group, Inc		4.800		07/08/44		16,200
	9,599,000		HSBC Finance Corp		6.676		01/15/21		11,389
	1,800,000	g	Hyundai Capital Services, Inc		4.375		07/27/16		1,883
	2,750,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		2,845
	1,425,000		Icahn Enterprises LP		4.875		03/15/19		1,421
	1,725,000		Icahn Enterprises LP		5.875		02/01/22		1,733
	4,800,000	g	ICICI Bank Ltd		3.500		03/18/20		4,830
	800,000		Indian Railway Finance Corp Ltd		3.917		02/26/19		824
	9,250,000		International Lease Finance Corp		5.750		05/15/16		9,597
	8,400,000		International Lease Finance Corp		3.875		04/15/18		8,400
	3,200,000		International Lease Finance Corp		5.875		04/01/19		3,448
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,425
	2,600,000		Korea Development Bank		2.500		03/11/20		2,587
	5,000,000		Landwirtschaftliche Rentenbank		5.125		02/01/17		5,436
	1,625,000		Legg Mason, Inc		2.700		07/15/19		1,633
	2,400,000		Legg Mason, Inc		3.950		07/15/24		2,434
	3,000,000	g	Lukoil International Finance BV		3.416		04/24/18		2,550
	3,745,000	g	Lukoil International Finance BV		6.125		11/09/20		3,307
	10,300,000		Morgan Stanley		1.750		02/25/16		10,356

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	21,500,000		Morgan Stanley		1.875	%	01/05/18	$	21,421
	6,800,000		Morgan Stanley		3.750		02/25/23		6,976
	2,400,000		Morgan Stanley		3.875		04/29/24		2,463
	17,450,000		Morgan Stanley		3.700		10/23/24		17,688
	8,000,000		Morgan Stanley		4.350		09/08/26		8,048
	7,250,000		Morgan Stanley		6.375		07/24/42		9,628
	3,800,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		4,950
	6,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		6,550
	4,000,000	g	Reliance Holdings USA		4.500		10/19/20		4,180
	1,725,000	g	Rio Oil Finance Trust		6.250		07/06/24		1,650
	1,725,000	g	SUAM Finance BV		4.875		04/17/24		1,725
	49,764,282		Tagua Leasing LLC		1.900		07/12/24		48,361
	2,075,000		Textron, Inc		3.875		03/01/25		2,079
	5,186,000		Toyota Motor Credit Corp		1.375		01/10/18		5,158
	9,125,000		Unilever Capital Corp		2.200		03/06/19		9,221
	2,000,000		Unilever Capital Corp		4.250		02/10/21		2,214
	12,500,000		Wells Fargo & Co		1.500		07/01/15		12,567
	10,950,000		Wells Fargo & Co		3.300		09/09/24		11,019
	10,650,000		Wells Fargo & Co		4.100		06/03/26		10,885
	11,775,000		Wells Fargo & Co		4.650		11/04/44		12,150
			TOTAL DIVERSIFIED FINANCIALS						622,375
ENERGY - 2.6%
	7,950,000		Anadarko Petroleum Corp		5.950		09/15/16		8,502
	2,445,000		Anadarko Petroleum Corp		6.950		06/15/19		2,857
	3,650,000		Apache Corp		1.750		04/15/17		3,646
	3,750,000		Ashland, Inc		3.875		04/15/18		3,787
	6,650,000		Ashland, Inc		4.750		08/15/22		6,650
	16,500,000		BP Capital Markets plc		1.375		05/10/18		16,207
	3,000,000	g	California Resources Corp		5.000		01/15/20		2,602
	2,080,000	g	California Resources Corp		6.000		11/15/24		1,758
	2,600,000	i	Chesapeake Energy Corp		3.481		04/15/19		2,548
	6,250,000		Chevron Corp		2.355		12/05/22		6,061
	5,475,000		Concho Resources, Inc		5.500		04/01/23		5,501
	8,800,000		ConocoPhillips Co		3.350		11/15/24		8,891
	2,075,000		Continental Resources, Inc		5.000		09/15/22		2,008
	3,150,000		Devon Energy Corp		4.750		05/15/42		3,171
	5,850,000		Ecopetrol S.A.		4.125		01/16/25		5,557
	1,000,000		Ecopetrol S.A.		5.875		05/28/45		925
	3,250,000		Enbridge Energy Partners LP		5.200		03/15/20		3,541
	1,150,000		Enterprise Products Operating LLC		5.000		03/01/15		1,157
	10,450,000		Enterprise Products Operating LLC		3.750		02/15/25		10,490
	7,500,000		Enterprise Products Operating LLC		5.100		02/15/45		8,064
	1,950,000		EOG Resources, Inc		2.625		03/15/23		1,870
	5,000,000		EP Energy LLC		6.875		05/01/19		5,075
	2,250,000	g	Exterran Partners		6.000		10/01/22		1,913
	1,200,000	g	Gazprom OAO Via Gaz Capital S.A.		3.850		02/06/20		984
	2,739,000		Husky Energy, Inc		3.950		04/15/22		2,749
	1,900,000	g	Indo Energy Finance II BV		6.375		01/24/23		1,235
	1,000,000	g	KMG Finance Sub BV		6.375		04/09/21		1,011
	5,530,000		Marathon Petroleum Corp		3.500		03/01/16		5,667
	850,000		Marathon Petroleum Corp		3.625		09/15/24		833
	4,240,000		MarkWest Energy Partners LP		5.500		02/15/23		4,293

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,950,000		Noble Energy, Inc		3.900	%	11/15/24	$	3,904
	1,850,000		Noble Energy, Inc		5.250		11/15/43		1,879
	10,600,000		Noble Energy, Inc		5.050		11/15/44		10,477
	2,475,000		Noble Holding International Ltd		3.450		08/01/15		2,508
	7,550,000		Noble Holding International Ltd		4.900		08/01/20		7,074
	4,325,000	g	Oleoducto Central SA		4.000		05/07/21		4,130
	10,850,000		ONE Gas, Inc		2.070		02/01/19		10,876
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,653
	6,900,000		ONE Gas, Inc		4.658		02/01/44		7,863
	2,000,000	g	Pacific Rubiales Energy Corp		5.625		01/19/25		1,535
	800,000		Pemex Project Funding Master Trust		5.750		03/01/18		864
	2,000,000	g	Pertamina Persero PT		4.875		05/03/22		2,000
	3,550,000	g	Pertamina Persero PT		4.300		05/20/23		3,390
	1,850,000	i	Petrobras Global Finance BV		1.852		05/20/16		1,753
	3,600,000		Petrobras Global Finance BV		3.250		03/17/17		3,393
	2,000,000	i	Petrobras Global Finance BV		2.371		01/15/19		1,774
	810,000		Petrobras Global Finance BV		4.375		05/20/23		697
	2,650,000		Petrobras Global Finance BV		6.250		03/17/24		2,522
	1,305,000		Petrobras Global Finance BV		5.625		05/20/43		1,064
	2,080,000		Petrobras International Finance Co		3.875		01/27/16		2,041
	6,900,000		Petrobras International Finance Co		3.500		02/06/17		6,589
	4,350,000		Petroleos Mexicanos		3.500		07/18/18		4,404
	2,900,000		Petroleos Mexicanos		8.000		05/03/19		3,429
	1,500,000		Petroleos Mexicanos		4.875		01/24/22		1,571
	16,000,000		Petroleos Mexicanos		1.950		12/20/22		15,754
	8,560,000		Petroleos Mexicanos		2.000		12/20/22		8,445
	4,000,000		Petroleos Mexicanos		6.500		06/02/41		4,590
	2,180,000		Petroleos Mexicanos		5.500		06/27/44		2,224
	2,187,500		Petroleum Co of Trinidad & Tobago Ltd		6.000		05/08/22		2,215
	7,400,000		Phillips 66		1.950		03/05/15		7,419
	5,775,000		Phillips 66		4.875		11/15/44		5,911
	10,575,000		Plains All American Pipeline LP		3.600		11/01/24		10,382
	2,674,000		Precision Drilling Trust		6.625		11/15/20		2,407
	2,800,000	g	PTT Exploration & Production PCL		3.707		09/16/18		2,894
	1,250,000		Questar Market Resources, Inc		6.875		03/01/21		1,281
	3,335,000		Range Resources Corp		5.000		08/15/22		3,335
	1,425,000		Regency Energy Partners LP		5.875		03/01/22		1,421
	6,000,000		Shell International Finance BV		2.375		08/21/22		5,836
	4,405,000		Southwestern Energy Co		4.100		03/15/22		4,323
	2,075,000		Statoil ASA		1.200		01/17/18		2,051
	5,300,000		Statoil ASA		2.450		01/17/23		5,055
	8,875,000		Statoil ASA		4.250		11/23/41		9,097
	5,700,000		Suncor Energy, Inc		3.600		12/01/24		5,632
	3,500,000		Talisman Energy, Inc		3.750		02/01/21		3,385
	2,000,000		Tesoro Corp		5.125		04/01/24		1,985
	1,000,000		Total Capital International S.A.		1.000		01/10/17		996
	6,100,000		Total Capital International S.A.		1.500		02/17/17		6,140
	3,400,000		TransCanada PipeLines Ltd		5.850		03/15/36		3,883
	2,750,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		2,668
	800,000	g	Ultra Petroleum Corp		5.750		12/15/18		738
	2,750,000	g	Ultra Petroleum Corp		6.125		10/01/24		2,365
	2,760,000		Vale Overseas Ltd		6.875		11/21/36		2,910
	3,375,000		Valero Energy Corp		4.500		02/01/15		3,382

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,490,000		Whiting Petroleum Corp		5.750	%	03/15/21	$	2,309
	2,400,000		WPX Energy, Inc		5.250		09/15/24		2,232
			TOTAL ENERGY						352,208
FOOD & STAPLES RETAILING - 0.3%
	5,690,000		CVS Caremark Corp		3.250		05/18/15		5,745
	7,625,000		CVS Caremark Corp		4.000		12/05/23		8,069
	8,425,000		CVS Caremark Corp		3.375		08/12/24		8,507
	4,900,000		Ingles Markets, Inc		5.750		06/15/23		4,920
	7,300,000		Kroger Co		2.950		11/01/21		7,240
	4,225,000		Walgreen Co		4.400		09/15/42		4,221
			TOTAL FOOD & STAPLES RETAILING						38,702
FOOD, BEVERAGE & TOBACCO - 1.0%
	4,916,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		4,510
	6,300,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		6,444
	10,575,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		10,566
	24,650,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		23,957
	1,900,000		Campbell Soup Co		2.500		08/02/22		1,816
	9,400,000		Diageo Capital plc		2.625		04/29/23		9,139
	2,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		2,090
	7,600,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		7,089
	4,080,000		General Mills, Inc		5.200		03/17/15		4,118
	6,050,000		General Mills, Inc		2.200		10/21/19		5,999
	4,750,000	g	Gruma SAB de C.V.		4.875		12/01/24		4,916
	5,525,000	g	Grupo Bimbo SAB de C.V.		4.500		01/25/22		5,823
	5,614,000		Kraft Foods Group, Inc		6.500		02/09/40		7,482
	3,075,000		Mondelez International, Inc		4.125		02/09/16		3,189
	6,200,000		Mondelez International, Inc		4.000		02/01/24		6,487
	680,000		PepsiCo, Inc		7.900		11/01/18		827
	5,100,000		PepsiCo, Inc		4.250		10/22/44		5,323
	2,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		2,046
	6,850,000	g	Pernod-Ricard S.A.		4.250		07/15/22		7,241
	8,800,000		Philip Morris International, Inc		3.250		11/10/24		8,804
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,046
	1,125,000		TreeHouse Foods, Inc		4.875		03/15/22		1,139
	3,650,000		Tyson Foods, Inc		3.950		08/15/24		3,773
	2,150,000		Tyson Foods, Inc		4.875		08/15/34		2,359
			TOTAL FOOD, BEVERAGE & TOBACCO						137,183
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	7,290,000		Baxter International, Inc		3.200		06/15/23		7,346
	3,900,000		Becton Dickinson & Co		1.750		11/08/16		3,929
	2,425,000		Becton Dickinson & Co		3.734		12/15/24		2,497
	5,775,000		Becton Dickinson & Co		4.685		12/15/44		6,219
	2,325,000		CHS/Community Health Systems		5.125		08/15/18		2,406
	7,150,000		Covidien International Finance S.A.		1.350		05/29/15		7,171
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		3,834
	6,500,000		Express Scripts Holding Co		2.100		02/12/15		6,508
	6,850,000		Express Scripts Holding Co		3.900		02/15/22		7,133
	4,500,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		4,798
	4,000,000	g	Fresenius Medical Care II		5.625		07/31/19		4,270
	4,560,000		HCA, Inc		6.500		02/15/20		5,109

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,575,000		HCA, Inc		5.875	%	03/15/22	$	5,010
	3,500,000		Mallinckrodt International Finance S.A.		3.500		04/15/18		3,382
	10,450,000		McKesson Corp		4.883		03/15/44		11,511
	10,125,000	g	Medtronic, Inc		2.500		03/15/20		10,152
	8,450,000	g	Medtronic, Inc		3.500		03/15/25		8,644
	9,625,000	g	Medtronic, Inc		4.625		03/15/45		10,433
	7,100,000		Owens & Minor, Inc		3.875		09/15/21		7,180
	2,000,000		Tenet Healthcare Corp		4.375		10/01/21		1,985
	1,695,000		Thermo Fisher Scientific, Inc		3.200		05/01/15		1,709
	1,750,000		Thermo Fisher Scientific, Inc		5.000		06/01/15		1,781
	6,125,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		6,221
	2,700,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		2,704
	3,100,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		3,105
	3,625,000		Thermo Fisher Scientific, Inc		4.150		02/01/24		3,823
	7,125,000		Thermo Fisher Scientific, Inc		5.300		02/01/44		8,183
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						147,043
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	7,175,000		Clorox Co		3.800		11/15/21		7,653
	5,725,000		Clorox Co		3.500		12/15/24		5,737
	4,525,000		Ecolab, Inc		1.450		12/08/17		4,484
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						17,874
INSURANCE - 1.9%
	1,925,000		Aetna, Inc		6.625		06/15/36		2,566
	6,200,000		Allstate Corp		3.150		06/15/23		6,230
	6,200,000		Allstate Corp		4.500		06/15/43		6,841
	7,825,000		American International Group, Inc		2.300		07/16/19		7,833
	16,425,000		American International Group, Inc		4.500		07/16/44		17,353
	19,230,000		Childern’s Hospital Medic		4.268		05/15/44		19,994
	1,000,000		CHS/Community Health Systems		5.125		08/01/21		1,038
	3,750,000		Chubb Corp		6.000		05/11/37		4,900
	1,390,000		CIGNA Corp		5.125		06/15/20		1,549
	6,900,000		CIGNA Corp		4.500		03/15/21		7,548
	21,975,000	g	Five Corners Funding Trust		4.419		11/15/23		23,237
	7,600,000		Hartford Financial Services Group, Inc		4.000		03/30/15		7,660
	4,500,000		Hartford Financial Services Group, Inc		4.000		10/15/17		4,785
	2,800,000		Lincoln National Corp		7.000		06/15/40		3,883
	5,250,000	g	MetLife Institutional Funding II		1.625		04/02/15		5,264
	7,675,000		MetLife, Inc		6.750		06/01/16		8,274
	2,000,000		MetLife, Inc		4.368		09/15/23		2,181
	11,050,000		MetLife, Inc		4.125		08/13/42		11,067
	9,500,000		MetLife, Inc		4.721		12/15/44		10,566
	2,825,000		Principal Financial Group, Inc		1.850		11/15/17		2,827
	5,000,000		Progressive Corp		3.750		08/23/21		5,356
	2,000,000		Prudential Financial, Inc		3.875		01/14/15		2,002
	8,050,000		Prudential Financial, Inc		7.375		06/15/19		9,677
	8,000,000		Prudential Financial, Inc		5.400		06/13/35		9,316
	7,775,000		Prudential Financial, Inc		5.100		08/15/43		8,757
	8,650,000	i	Prudential Financial, Inc		5.200		03/15/44		8,564
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,747
	2,425,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		2,380
	6,100,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		6,321

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,250,000		Travelers Cos, Inc	5.800		%	05/15/18	$	4,800
	7,875,000		UnitedHealth Group, Inc		0.850		10/15/15		7,898
	6,000,000		UnitedHealth Group, Inc		1.400		10/15/17		5,994
	7,450,000		UnitedHealth Group, Inc		3.950		10/15/42		7,405
	6,750,000		WellPoint, Inc		3.125		05/15/22		6,746
	7,850,000		WellPoint, Inc		4.625		05/15/42		8,238
	7,000,000		Willis Group Holdings plc		4.125		03/15/16		7,215
	2,400,000		WR Berkley Corp		5.375		09/15/20		2,672
			TOTAL INSURANCE						262,684
MATERIALS - 1.9%
	6,630,000		Air Products & Chemicals, Inc		4.375		08/21/19		7,226
	2,225,000		Alcoa, Inc		5.125		10/01/24		2,358
	4,000,000		Ball Corp		5.750		05/15/21		4,190
	1,365,000		Ball Corp		5.000		03/15/22		1,406
	7,175,000		Barrick North America Finance LLC		4.400		05/30/21		7,245
	3,417,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		3,873
	1,300,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		1,292
	2,300,000	g	Cemex Finance LLC		6.000		04/01/24		2,243
	1,000,000	g	Cemex SAB de C.V.		5.700		01/11/25		970
	3,175,000		CF Industries, Inc		7.125		05/01/20		3,783
	3,550,000		Corning, Inc		1.450		11/15/17		3,522
	1,600,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		1,643
	1,275,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.875		11/04/44		1,295
	7,925,000		Crown Americas LLC		6.250		02/01/21		8,341
	1,390,000		Crown Americas LLC		4.500		01/15/23		1,348
	7,850,000		Dow Chemical Co		3.500		10/01/24		7,770
	1,000,000		Eastman Chemical Co		5.500		11/15/19		1,124
	5,450,000		Eastman Chemical Co		3.800		03/15/25		5,548
	5,500,000		EI du Pont de Nemours & Co		3.250		01/15/15		5,504
	6,000,000		EI du Pont de Nemours & Co		4.625		01/15/20		6,631
	8,775,000	g	Georgia-Pacific LLC		2.539		11/15/19		8,772
	22,225,000	g	Glencore Funding LLC		2.500		01/15/19		21,884
	4,550,000	g	Glencore Funding LLC		3.125		04/29/19		4,561
	6,450,000	g	Glencore Funding LLC		4.625		04/29/24		6,481
	1,400,000		Greif, Inc		7.750		08/01/19		1,582
	23,166,000		International Paper Co		4.750		02/15/22		25,274
	3,650,000		International Paper Co		4.800		06/15/44		3,727
	1,800,000	g	Israel Chemicals Ltd		4.500		12/02/24		1,822
	2,800,000	g	Klabin Finance S.A.		5.250		07/16/24		2,702
	3,000,000		LyondellBasell Industries NV		5.000		04/15/19		3,272
	1,400,000	g	Mexichem SAB de C.V.		5.875		09/17/44		1,323
	3,000,000		Monsanto Co		2.200		07/15/22		2,839
	2,300,000		Monsanto Co		4.200		07/15/34		2,397
	6,840,000		Nucor Corp		4.000		08/01/23		7,164
	3,300,000	g	OCP S.A.		5.625		04/25/24		3,465
	2,860,000	g	Owens-Brockway Glass Container, Inc		5.375		01/15/25		2,889
	3,150,000		Packaging Corp of America		3.650		09/15/24		3,101
	7,500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		7,638
	4,550,000		Rio Tinto Finance USA plc		2.250		12/14/18		4,559
	5,000,000		Rock Tenn Co		3.500		03/01/20		5,074
	3,000,000		Rock Tenn Co		4.000		03/01/23		3,056
	5,066,083	g	Samarco Mineracao S.A.		5.375		09/26/24		4,696

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	12,475,000		Sherwin-Williams Co		1.350	%	12/15/17	$	12,389
	1,675,000	g	Steel Dynamics, Inc		5.125		10/01/21		1,706
	4,625,000		Teck Resources Ltd		2.500		02/01/18		4,487
	9,950,000		Teck Resources Ltd		3.750		02/01/23		8,918
	1,940,000		Teck Resources Ltd		6.000		08/15/40		1,744
	3,950,000		Teck Resources Ltd		5.200		03/01/42		3,230
	1,500,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		1,464
	2,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		2,029
			TOTAL MATERIALS						241,557
MEDIA - 1.7%
	3,275,000	g	British Sky Broadcasting Group plc		2.625		09/16/19		3,276
	3,450,000		CBS Corp		4.900		08/15/44		3,503
	4,650,000	g	CBS Outdoor Americas Capital LLC		5.250		02/15/22		4,685
	4,900,000		CCOH Safari LLC		5.750		12/01/24		4,955
	1,000,000		Cinemark USA, Inc		5.125		12/15/22		978
	4,275,000		Cinemark USA, Inc		4.875		06/01/23		4,040
	26,000,000		Comcast Corp		4.250		01/15/33		27,532
	11,550,000		Comcast Corp		4.200		08/15/34		12,077
	8,800,000		DIRECTV Holdings LLC		4.450		04/01/24		9,208
	3,250,000		DISH DBS Corp		4.250		04/01/18		3,319
	4,250,000		DISH DBS Corp		5.125		05/01/20		4,282
	2,050,000		DISH DBS Corp		5.000		03/15/23		1,983
	2,430,000	g	Gannett Co, Inc		4.875		09/15/21		2,412
	2,925,000	g	Gannett Co, Inc		5.500		09/15/24		2,932
	825,000		Grupo Televisa S.A.		6.000		05/15/18		917
	2,675,000		Grupo Televisa SAB		5.000		05/13/45		2,721
	1,850,000		Lamar Media Corp		5.875		02/01/22		1,919
	2,000,000		Lamar Media Corp		5.000		05/01/23		1,980
	2,000,000		Lamar Media Corp		5.375		01/15/24		2,060
	7,250,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		7,198
	7,700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		7,624
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		10,340
	2,105,000		News America, Inc		7.625		11/30/28		2,791
	1,578,000		News America, Inc		6.550		03/15/33		2,050
	3,575,000		News America, Inc		6.650		11/15/37		4,774
	3,800,000		News America, Inc		6.900		08/15/39		5,152
	8,035,000		Nielsen Finance LLC		4.500		10/01/20		8,075
	3,500,000		Starz LLC		5.000		09/15/19		3,526
	5,675,000		Time Warner Cable, Inc		5.875		11/15/40		6,767
	5,500,000		Time Warner Cable, Inc		4.500		09/15/42		5,654
	3,000,000		Time Warner, Inc		3.150		07/15/15		3,042
	20,550,000		Time Warner, Inc		2.100		06/01/19		20,246
	3,825,000		Time Warner, Inc		6.500		11/15/36		4,866
	10,525,000		Time Warner, Inc		4.900		06/15/42		11,089
	7,100,000		Time Warner, Inc		4.650		06/01/44		7,402
	1,600,000	g	Time, Inc		5.750		04/15/22		1,548
	7,000,000	g	Univision Communications, Inc		5.125		05/15/23		7,070
	4,850,000		Viacom, Inc		1.250		02/27/15		4,854
	5,400,000		Viacom, Inc		2.500		12/15/16		5,517
	3,000,000		Viacom, Inc		3.500		04/01/17		3,122
	7,375,000		Viacom, Inc		5.850		09/01/43		8,202
			TOTAL MEDIA						235,688

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
$	14,325,000		Amgen, Inc		2.200	%	05/22/19	$	14,265
	3,575,000		Gilead Sciences, Inc		2.350		02/01/20		3,594
	7,975,000		Gilead Sciences, Inc		3.700		04/01/24		8,364
	9,025,000		Gilead Sciences, Inc		4.800		04/01/44		10,011
	7,775,000		Gilead Sciences, Inc		4.500		02/01/45		8,310
	3,140,000		Life Technologies Corp		3.500		01/15/16		3,178
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,522
	3,725,000		Mylan, Inc		2.550		03/28/19		3,711
	3,500,000	g	Mylan, Inc		7.875		07/15/20		3,728
	1,750,000		NBTY, Inc		9.000		10/01/18		1,768
	2,925,000		Perrigo Co plc		4.000		11/15/23		3,017
	12,200,000		Perrigo Finance plc		3.500		12/15/21		12,342
	9,725,000		Perrigo Finance plc		3.900		12/15/24		9,903
	2,850,000		Perrigo Finance plc		4.900		12/15/44		3,020
	13,850,000	g	Roche Holdings, Inc		2.250		09/30/19		13,938
	11,075,000	g	Roche Holdings, Inc		3.350		09/30/24		11,398
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						115,069
REAL ESTATE - 1.0%
	2,310,000		AMB Property LP		4.500		08/15/17		2,462
	3,965,000		Camden Property Trust		4.625		06/15/21		4,343
	3,000,000		Camden Property Trust		2.950		12/15/22		2,926
	5,175,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		5,389
	6,800,000		Developers Diversified Realty Corp		4.750		04/15/18		7,264
	3,460,000		Developers Diversified Realty Corp		7.875		09/01/20		4,267
	4,550,000		Duke Realty LP		7.375		02/15/15		4,583
	2,750,000		Equity One, Inc		3.750		11/15/22		2,760
	700,000		Federal Realty Investment Trust		5.900		04/01/20		809
	7,675,000		Federal Realty Investment Trust		2.750		06/01/23		7,393
	6,950,000		Government Properties Income Trust		3.750		08/15/19		7,055
	2,775,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,103
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,595
	3,700,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		3,693
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,511
	1,600,000		Highwoods Realty LP		5.850		03/15/17		1,736
	8,100,000		Highwoods Realty LP		3.200		06/15/21		8,050
	6,920,000		Highwoods Realty LP		3.625		01/15/23		6,939
	9,205,000		Kilroy Realty LP		3.800		01/15/23		9,314
	6,400,000		Liberty Property LP		4.125		06/15/22		6,634
	3,600,000		Mid-America Apartments LP		4.300		10/15/23		3,788
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,545
	4,000,000		National Retail Properties, Inc		5.500		07/15/21		4,534
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,327
	2,325,000		Regency Centers LP		5.250		08/01/15		2,383
	225,000		Regency Centers LP		5.875		06/15/17		248
	4,150,000		Simon Property Group LP		2.800		01/30/17		4,273
	3,040,000		Simon Property Group LP		10.350		04/01/19		3,976
	1,360,000		Ventas Realty LP		3.125		11/30/15		1,388
	1,015,000		Ventas Realty LP		3.250		08/15/22		1,002
	3,150,000		Ventas Realty LP		3.750		05/01/24		3,171
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,157

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,800,000		Weingarten Realty Investors	3.500		%	04/15/23	$	4,783
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,207
			TOTAL REAL ESTATE						138,608
RETAILING - 0.6%
	5,850,000		AmeriGas Finance LLC		3.750		05/01/21		5,792
	2,500,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		2,310
	6,125,000		Home Depot, Inc		2.250		09/10/18		6,242
	14,225,000		Home Depot, Inc		2.000		06/15/19		14,260
	8,750,000		Home Depot, Inc		4.400		03/15/45		9,563
	3,150,000		Limited Brands, Inc		7.000		05/01/20		3,575
	8,075,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		7,841
	8,315,000		O’Reilly Automotive, Inc		4.625		09/15/21		9,066
	4,550,000		O’Reilly Automotive, Inc		3.800		09/01/22		4,700
	2,475,000		QVC, Inc		5.125		07/02/22		2,605
	4,400,000		QVC, Inc		4.375		03/15/23		4,415
	2,725,000	g	Tiffany & Co		3.800		10/01/24		2,741
			TOTAL RETAILING						73,110
SOFTWARE & SERVICES - 0.4%
	5,000,000	g	Audatex North America, Inc		6.000		06/15/21		5,150
	2,075,000		Equinix, Inc		4.875		04/01/20		2,065
	2,250,000		Equinix, Inc		5.375		01/01/22		2,271
	11,500,000		Fidelity National Information Services, Inc		5.000		03/15/22		12,196
	3,075,000		NCR Corp		4.625		02/15/21		2,983
	525,000		NCR Corp		5.875		12/15/21		539
	13,825,000		Oracle Corp		3.400		07/08/24		14,130
	12,700,000		Xerox Corp		2.800		05/15/20		12,475
	2,725,000		Xerox Corp		4.500		05/15/21		2,912
			TOTAL SOFTWARE & SERVICES						54,721
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	3,475,000		Amphenol Corp		3.125		09/15/21		3,508
	1,975,000		CC Holdings GS V LLC		2.381		12/15/17		1,993
	2,962,000		Flextronics International Ltd		4.625		02/15/20		3,006
	38,125,000		General Electric Co		0.850		10/09/15		38,223
	3,300,000		General Electric Co		5.250		12/06/17		3,661
	8,425,000		General Electric Co		2.700		10/09/22		8,428
	5,325,000		General Electric Co		4.125		10/09/42		5,512
	12,500,000		General Electric Co		4.500		03/11/44		13,740
	10,100,000		Hewlett-Packard Co		2.750		01/14/19		10,113
	3,625,000		Hewlett-Packard Co		3.750		12/01/20		3,750
	13,825,000	g	Keysight Technologies, Inc		4.550		10/30/24		13,830
	2,000,000		L-3 Communications Corp		4.950		02/15/21		2,174
	3,125,000	g	NXP BV		3.750		06/01/18		3,125
	5,000,000		Scientific Games International, Inc		6.250		09/01/20		3,500
	4,850,000	g	Seagate HDD Cayman		4.750		01/01/25		4,996
	525,000	g	Sensata Technologies BV		5.625		11/01/24		545
	5,050,000		Tyco Electronics Group S.A.		2.375		12/17/18		5,094
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		6,887
	1,425,000	g	Zebra Technologies Corp		7.250		10/15/22		1,496
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						133,581

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
TELECOMMUNICATION SERVICES - 2.0%
$	1,800,000	g	Alibaba Group Holding Ltd		2.500	%	11/28/19	$	1,776
	2,870,000		America Movil SAB de C.V.		2.375		09/08/16		2,909
	1,000,000		America Movil SAB de C.V.		3.125		07/16/22		987
	4,350,000		American Tower Corp		3.500		01/31/23		4,203
	1,667,000		AT&T, Inc		2.500		08/15/15		1,685
	21,350,000		AT&T, Inc		1.400		12/01/17		21,136
	8,200,000		AT&T, Inc		2.625		12/01/22		7,810
	6,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		6,937
	5,525,000		British Telecommunications plc		1.625		06/28/16		5,565
	3,125,000		CenturyLink, Inc		6.750		12/01/23		3,422
	1,600,000	g	CommScope Holding Co, Inc		5.000		06/15/21		1,576
	2,600,000	g	CommScope Holding Co, Inc		5.500		06/15/24		2,561
	4,000,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		4,063
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		5,909
	3,625,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		3,875
	1,500,000	g	ENTEL Chile S.A.		4.875		10/30/24		1,524
	2,025,000		Intelsat Jackson Holdings S.A.		5.500		08/01/23		2,013
	3,500,000	g	Oi S.A.		5.750		02/10/22		3,202
	3,950,000		Orange S.A.		5.500		02/06/44		4,633
	2,800,000	g	Qtel International Finance Ltd		3.875		01/31/28		2,681
	2,050,000	g	SES		3.600		04/04/23		2,071
	3,450,000	g	SES Global Americas Holdings GP		2.500		03/25/19		3,433
	7,475,000		Sprint Corp		7.250		09/15/21		7,410
	1,000,000	g	Telecom Italia S.p.A		5.303		05/30/24		1,012
	11,100,000		Telefonica Emisiones SAU		3.992		02/16/16		11,416
	11,850,000		Telefonica Emisiones SAU		4.570		04/27/23		12,687
	2,325,000		T-Mobile USA, Inc		6.375		03/01/25		2,362
	1,650,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,659
	21,600,000		Verizon Communications, Inc		0.700		11/02/15		21,590
	19,967,000	g	Verizon Communications, Inc		2.625		02/21/20		19,739
	9,275,000		Verizon Communications, Inc		3.450		03/15/21		9,480
	22,425,000		Verizon Communications, Inc		5.150		09/15/23		24,762
	5,625,000		Verizon Communications, Inc		4.150		03/15/24		5,823
	20,500,000		Verizon Communications, Inc		4.400		11/01/34		20,377
	10,550,000		Verizon Communications, Inc		3.850		11/01/42		9,405
	4,500,000		Verizon Communications, Inc		6.550		09/15/43		5,765
	13,623,000	g	Verizon Communications, Inc		5.012		08/21/54		14,094
	5,600,000	g	VimpelCom Holdings BV		5.950		02/13/23		4,253
	1,525,000	g	Virgin Media Finance plc		6.000		10/15/24		1,595
			TOTAL TELECOMMUNICATION SERVICES						267,400
TRANSPORTATION - 0.8%
	6,125,000	g	AP Moeller-Maersk A.S.		2.550		09/22/19		6,142
	5,850,000	g	AP Moeller-Maersk A.S.		3.750		09/22/24		6,006
	1,800,000	g	Asciano Finance Ltd		3.125		09/23/15		1,821
	5,730,000	g	Asciano Finance Ltd		5.000		04/07/18		6,160
	1,075,000	g	Bombardier, Inc		4.750		04/15/19		1,079
	6,875,000		Burlington Northern Santa Fe LLC		3.400		09/01/24		7,000
	7,075,000		Burlington Northern Santa Fe LLC		4.550		09/01/44		7,594
	3,000,000		CSX Corp		4.100		03/15/44		2,972
	1,300,000	g	Embraer Overseas Ltd		5.696		09/16/23		1,386
	3,900,000	g	ERAC USA Finance LLC		3.300		10/15/22		3,867

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,150,000	g	ERAC USA Finance LLC	5.625		%	03/15/42	$	4,845
	6,311,000		GATX Corp		1.250		03/04/17		6,250
	7,150,000		GATX Corp		2.500		07/30/19		7,096
	5,900,000		GATX Corp		5.200		03/15/44		6,435
	17,344,000		Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		16,643
	2,625,000		Northrop Grumman Corp		1.750		06/01/18		2,606
	2,975,000		Southwest Airlines Co		2.750		11/06/19		2,989
	3,500,000	g	TTX Co		3.600		01/15/25		3,566
	7,750,000		United Parcel Service, Inc		3.125		01/15/21		8,084
	4,900,000		United Parcel Service, Inc		3.625		10/01/42		4,815
			TOTAL TRANSPORTATION						107,356
UTILITIES - 3.6%
	1,250,000	i	AES Corp		3.234		06/01/19		1,219
	6,225,000		AES Corp		4.875		05/15/23		6,178
	1,500,000		AES Corp		5.500		03/15/24		1,522
	6,325,000		AGL Capital Corp		4.400		06/01/43		6,665
	5,150,000		Alabama Power Co		3.550		12/01/23		5,429
	3,475,000		Alabama Power Co		4.150		08/15/44		3,648
	15,000,000		American Electric Power Co, Inc		1.650		12/15/17		15,004
	6,000,000		American Electric Power Co, Inc		2.950		12/15/22		5,886
	2,000,000		AmeriGas Finance LLC		7.000		05/20/22		2,070
	3,000,000		AmeriGas Partners LP		6.250		08/20/19		3,097
	1,650,000		Arizona Public Service Co		4.500		04/01/42		1,748
	5,500,000		Atmos Energy Corp		8.500		03/15/19		6,836
	8,350,000		Atmos Energy Corp		4.125		10/15/44		8,655
	4,800,000	g	Berkshire Hathaway Energy Co		3.500		02/01/25		4,831
	8,000,000		Berkshire Hathaway Energy Co		5.150		11/15/43		9,052
	5,775,000	g	Berkshire Hathaway Energy Co		4.500		02/01/45		6,043
	6,225,000		Black Hills Corp		4.250		11/30/23		6,631
	4,750,000		Carolina Power & Light Co		5.300		01/15/19		5,322
	2,750,000		Carolina Power & Light Co		5.700		04/01/35		3,353
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		4,025
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,502
	3,500,000	g	CEZ AS.		4.250		04/03/22		3,722
	2,500,000		CMS Energy Corp		5.050		02/15/18		2,719
	2,100,000	g	Colbun S.A.		4.500		07/10/24		2,098
	3,055,000		Commonwealth Edison Co		4.000		08/01/20		3,278
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		5,479
	2,750,000		Connecticut Light & Power Co		5.500		02/01/19		3,120
	3,000,000		Connecticut Light & Power Co		4.300		04/15/44		3,249
	9,050,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		9,026
	3,300,000		Dominion Gas Holdings LLC		3.600		12/15/24		3,357
	5,775,000		Dominion Gas Holdings LLC		4.600		12/15/44		6,049
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,522
	3,375,000		Duke Energy Ohio, Inc		3.800		09/01/23		3,589
	4,575,000		Duke Energy Progress, Inc		4.150		12/01/44		4,863
	1,750,000	g	Dynegy Finance I, Inc		6.750		11/01/19		1,781
	2,300,000	g	E.CL S.A.		4.500		01/29/25		2,304
	7,100,000	g,i	Electricite de France		5.625		12/30/49		7,482
	1,550,000	g	Elementia SAB de C.V.		5.500		01/15/25		1,488
	3,000,000	g	Empresa Electrica Angamos S.A.		4.875		05/25/29		2,947
	900,000		Empresa Nacional de Electricidad S.A.		4.250		04/15/24		905

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,000,000	g	Eskom Holdings Ltd		5.750	%	01/26/21	$	4,020
	6,200,918		Export Lease Ten Co LLC		1.650		05/07/25		5,913
	2,250,000		Ferrellgas LP		6.500		05/01/21		2,194
	2,750,000		Ferrellgas LP		6.750		01/15/22		2,688
	6,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		6,411
	2,000,000		Florida Power Corp		6.400		06/15/38		2,765
	3,500,000		FPL Group Capital, Inc		2.600		09/01/15		3,536
	3,000,000		Georgia Power Co		5.400		06/01/40		3,636
	2,000,000		Georgia Power Co		4.300		03/15/42		2,100
	5,000,000		Indiana Michigan Power Co		7.000		03/15/19		5,909
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,906
	1,350,000	g	Israel Electric Corp Ltd		6.700		02/10/17		1,448
	3,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		3,171
	1,300,000	g	Israel Electric Corp Ltd		5.000		11/12/24		1,310
	1,000,000	g	Kansas Gas & Electric		6.700		06/15/19		1,186
	625,000	g	KazMunayGas National Co JSC		4.400		04/30/23		555
	1,200,000	g	KazMunayGas National Co JSC		4.875		05/07/25		1,072
	2,825,000		Kinder Morgan Energy Partners LP		9.000		02/01/19		3,425
	12,250,000		Kinder Morgan, Inc		3.050		12/01/19		12,153
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		1,877
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,530
	2,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.375		10/28/19		2,483
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,215
	1,700,000	g	MTN Mauritius Investments Ltd		4.755		11/11/24		1,666
	2,800,000		Nevada Power Co		6.500		08/01/18		3,244
	3,335,000		Nevada Power Co		5.450		05/15/41		4,210
	3,500,000		NiSource Finance Corp		4.800		02/15/44		3,729
	3,375,000		Northeast Utilities		1.450		05/01/18		3,324
	2,000,000	g	NRG Energy, Inc		6.250		05/01/24		2,035
	7,800,000		NSTAR Electric Co		4.400		03/01/44		8,554
	2,500,000		NTPC Ltd		5.625		07/14/21		2,756
	1,000,000		NTPC Ltd		4.750		10/03/22		1,047
	7,100,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		7,069
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,565
	8,170,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		9,233
	4,850,000		ONEOK Partners LP		3.375		10/01/22		4,489
	3,900,000		Pacific Gas & Electric Co		8.250		10/15/18		4,693
	5,850,000		Pacific Gas & Electric Co		4.300		03/15/45		6,005
	4,825,000		Pepco Holdings, Inc		2.700		10/01/15		4,883
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,221
	6,925,000		PPL Capital Funding, Inc		4.200		06/15/22		7,336
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,027
	3,825,000		Progress Energy, Inc		7.050		03/15/19		4,533
	4,625,000		Public Service Co of Colorado		3.200		11/15/20		4,812
	8,800,000		Public Service Co of Oklahoma		5.150		12/01/19		9,836
	2,640,000		Public Service Electric & Gas Co		5.300		05/01/18		2,933
	5,000,000		Public Service Electric & Gas Co		3.500		08/15/20		5,234
	11,475,000		Public Service Electric & Gas Co		2.375		05/15/23		11,036
	6,000,000		Public Service Electric & Gas Co		3.050		11/15/24		6,023
	2,940,000		QEP Resources, Inc		5.375		10/01/22		2,778
	5,170,000		Republic of Angola Via Northern Lights III BV		7.000		08/16/19		5,144
	2,300,000		Sabine Pass LNG LP		6.500		11/01/20		2,323
	4,275,000		San Diego Gas & Electric Co		3.000		08/15/21		4,383

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,550,000		Sempra Energy	2.875		%	10/01/22	$	5,456
	7,425,000		Southern California Edison Co		4.650		10/01/43		8,409
	2,325,000		Tampa Electric Co		4.100		06/15/42		2,377
	3,250,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		3,136
	3,680,000		Virginia Electric and Power Co		2.950		01/15/22		3,716
	10,750,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		10,805
	11,775,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		12,009
	5,825,000		Walgreens Boots Alliance, Inc		4.800		11/18/44		6,142
	3,000,000		Williams Partners LP		3.800		02/15/15		3,009
	5,075,000		Williams Partners LP		4.000		11/15/21		5,087
	7,250,000		Williams Partners LP		4.500		11/15/23		7,316
	6,000,000		Williams Partners LP		4.900		01/15/45		5,619
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		4,273
	14,000,000	g	WPD Investment Holdings Ltd		3.900		05/01/16		14,413
	4,000,000		Xcel Energy, Inc		4.800		09/15/41		4,462
			TOTAL UTILITIES						492,547
			TOTAL CORPORATE BONDS						4,711,411
			(Cost $4,575,553)
GOVERNMENT BONDS - 48.5%
AGENCY SECURITIES - 2.5%
	15,261,888		AMAL Ltd		3.465		08/21/21		16,112
	4,215,280		Cal Dive I- Title XI, Inc		4.930		02/01/27		4,699
	5,000,000		International Bank for Reconstruction & Development		0.500		04/15/16		4,996
	22,955,000		Lutheran Medical Center		1.982		02/20/30		21,946
	538,782		National Credit Union Administration		1.840		10/07/20		542
	15,054,967		Premier Aircraft Leasing		3.576		02/06/22		15,902
	7,000,000		Private Export Funding Corp (PEFCO)		4.550		05/15/15		7,113
	15,000,000		PEFCO		2.125		07/15/16		15,303
	34,000,000		PEFCO		1.375		02/15/17		34,315
	17,000,000		PEFCO		5.450		09/15/17		18,922
	10,000,000		PEFCO		2.250		12/15/17		10,265
	5,000,000		PEFCO		4.375		03/15/19		5,504
	17,300,000		PEFCO		1.450		08/15/19		16,625
	27,750,000		PEFCO		2.250		03/15/20		27,893
	35,000,000		PEFCO		4.300		12/15/21		38,935
	30,000,000		PEFCO		2.050		11/15/22		28,797
	2,101,563		Totem Ocean Trailer Express, Inc		4.514		12/18/19		2,234
	62,753,000		Tunisia Government AID Bonds		1.686		07/16/19		62,487
	9,000,000		Ukraine Government AID Bonds		1.844		05/16/19		9,061
	13,915,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		14,616
	3,000,000		US Department of Housing and Urban Development (HUD)		5.380		08/01/18		3,230
			TOTAL AGENCY SECURITIES						359,497
FOREIGN GOVERNMENT BONDS - 6.0%
	3,800,000	g	Bahrain Government International Bond		6.000		09/19/44		3,600
	2,990,000	g	Barbados Government International Bond		7.000		08/04/22		2,743
	3,800,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		3,752
	1,210,000		Brazilian Government International Bond		5.875		01/15/19		1,349
	2,500,000		Brazilian Government International Bond		4.250		01/07/25		2,500
	825,000		Brazilian Government International Bond		7.125		01/20/37		1,046

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,000,000		Brazilian Government International Bond		5.625	%	01/07/41	$	2,155
	5,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		5,007
	1,200,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		1,282
	25,275,000		Canada Government International Bond		0.875		02/14/17		25,296
	740,000		Chile Government International Bond		2.250		10/30/22		710
	4,011,000		Chile Government International Bond		3.125		03/27/25		3,991
	5,410,000		Colombia Government International Bond		4.375		07/12/21		5,721
	1,775,000		Colombia Government International Bond		2.625		03/15/23		1,648
	1,666,000,000		Colombia Government International Bond		4.375		03/21/23		614
	4,450,000		Colombia Government International Bond		4.000		02/26/24		4,550
	1,500,000		Colombia Government International Bond		6.125		01/18/41		1,796
	1,975,000		Colombia Government International Bond		5.625		02/26/44		2,222
	2,000,000	g	Croatia Government International Bond		6.250		04/27/17		2,121
	3,150,000	g	Croatia Government International Bond		6.375		03/24/21		3,441
	2,325,000	g	Croatia Government International Bond		5.500		04/04/23		2,409
	63,500,000	g	Dominican Republic International Bond		10.000		01/05/17		1,430
	2,869,064	g	Dominican Republic International Bond		9.040		01/23/18		3,041
	5,175,000	g	El Salvador Government International Bond		6.375		01/18/27		5,188
	32,500,000		European Investment Bank		1.125		04/15/15		32,577
	10,000,000		European Investment Bank		2.500		04/15/21		10,276
	3,500,000		European Investment Bank		4.875		02/15/36		4,487
	15,350,000		Export Development Canada		2.250		05/28/15		15,471
	5,825,000		Export-Import Bank of Korea		1.250		11/20/15		5,835
	4,575,000		Federative Republic of Brazil		12.500		01/05/16		1,734
	3,000,000		Federative Republic of Brazil		6.000		01/17/17		3,232
	5,200,000		FMS Wertmanagement AoeR		1.125		09/05/17		5,197
	25,250,000	g	Hellenic Republic Government Bond		4.750		04/17/19		24,328
	1,040,000		Hungary Government International Bond		4.000		03/25/19		1,069
	2,700,000		Hungary Government International Bond		5.750		11/22/23		2,990
	1,100,000		Hungary Government International Bond		5.375		03/25/24		1,191
	40,200,000		Hydro-Quebec		1.375		06/19/17		40,413
	2,500,000	g	Indonesia Government International Bond		5.875		01/15/24		2,825
	4,400,000		Italy Government International Bond		5.375		06/12/17		4,777
	1,610,000		Italy Government International Bond		6.875		09/27/23		2,032
	1,400,000	g	Ivory Coast Government International Bond		5.375		07/23/24		1,337
	500,000	g,i	Ivory Coast Government International Bond		5.750		12/31/32		478
	1,880,000	g	Japan Finance Organization for Municipalities		2.125		03/06/19		1,895
	5,000,000	g	Kazakhstan Government International Bond		3.875		10/14/24		4,681
	1,725,000	g	Kenya Government International Bond		5.875		06/24/19		1,747
	2,600,000	g	Kenya Government International Bond		6.875		06/24/24		2,724
	18,750,000		KFW		2.625		01/25/22		19,386
	13,000,000	g	Kommunalbanken AS.		1.375		06/08/17		13,091
	5,800,000	g,i	Kommunalbanken AS.		0.412		02/20/18		5,805
	5,000,000	g	Kommuninvest I Sverige AB		2.000		11/12/19		5,044
	2,400,000		Korea Development Bank		1.500		01/22/18		2,369
	6,000,000	g	Korea Housing Finance Corp		1.625		09/15/18		5,878
	3,000,000	g	Lithuania Government International Bond		6.625		02/01/22		3,623
	50,000,000		Mexican Bonos		7.750		12/14/17		3,701
	1,000,000		Mexico Government International Bond		5.625		01/15/17		1,085
	2,500,000		Mexico Government International Bond		3.600		01/30/25		2,491
	2,900,000		Mexico Government International Bond		6.750		09/27/34		3,787
	1,500,000		Mexico Government International Bond		6.050		01/11/40		1,835
	1,500,000		Mexico Government International Bond		4.750		03/08/44		1,564

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,000,000	g	Morocco Government International Bond		5.500	%	12/11/42	$	1,029
	1,000,000	g	Municipality Finance plc		1.750		05/21/19		1,001
	3,600,000	g	Namibia International Bonds		5.500		11/03/21		3,780
	5,000,000	g	Nederlandse Waterschapsbank NV		2.125		02/09/17		5,122
	8,162,000	g	Nigeria Government International Bond		6.375		07/12/23		8,019
	43,950,000		North American Development Bank		2.400		10/26/22		42,559
	1,175,000		Panama Government International Bond		5.200		01/30/20		1,295
	3,000,000		Panama Government International Bond		4.000		09/22/24		3,083
	1,000,000		Peruvian Government International Bond		7.125		03/30/19		1,183
	1,250,000		Peruvian Government International Bond		6.550		03/14/37		1,622
	4,175,000		Philippine Government International Bond		4.200		01/21/24		4,530
	2,500,000		Philippine Government International Bond		5.000		01/13/37		2,925
	1,850,000		Poland Government International Bond		6.375		07/15/19		2,165
	6,167,000		Poland Government International Bond		5.125		04/21/21		6,937
	1,000,000		Poland Government International Bond		4.000		01/22/24		1,061
	25,000,000	g	Province of Alberta Canada		1.000		06/21/17		24,977
	13,825,000		Province of British Columbia Canada		2.850		06/15/15		13,982
	21,000,000		Province of British Columbia Canada		1.200		04/25/17		21,096
	15,000,000		Province of British Columbia Canada		2.000		10/23/22		14,673
	20,750,000		Province of Manitoba Canada		1.750		05/30/19		20,727
	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,364
	20,000,000		Province of New Brunswick Canada		2.750		06/15/18		20,762
	12,000,000		Province of Nova Scotia Canada		2.375		07/21/15		12,131
	24,250,000		Province of Ontario Canada		2.950		02/05/15		24,294
	35,525,000		Province of Ontario Canada		2.700		06/16/15		35,900
	24,000,000		Province of Ontario Canada		2.300		05/10/16		24,529
	2,250,000		Province of Quebec Canada		5.125		11/14/16		2,428
	8,835,000		Province of Quebec Canada		4.625		05/14/18		9,729
	22,500,000		Province of Quebec Canada		3.500		07/29/20		24,077
	10,000,000		Province of Quebec Canada		2.750		08/25/21		10,203
	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,867
	5,175,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		5,084
	3,000,000	g	Republic of Ghana		8.125		01/18/26		2,775
	3,485,000	g	Republic of Paraguay		6.100		08/11/44		3,712
	1,300,000	g	Republic of Serbia		5.250		11/21/17		1,335
	3,425,000	g	Republic of Serbia		5.875		12/03/18		3,571
	1,373,174	i	Republic of Serbia		6.750		11/01/24		1,381
	1,225,000	g	Republic of Trinidad & Tobago		4.375		01/16/24		1,299
	4,500,000		Republic of Turkey		7.500		07/14/17		5,023
	1,650,000		Republic of Turkey		6.000		01/14/41		1,873
	5,000,000	g	Russian Foreign Bond - Eurobond		5.000		04/29/20		4,649
	1,850,000	g	Slovenia Government International Bond		5.500		10/26/22		2,051
	2,135,000	g	Slovenia Government International Bond		5.250		02/18/24		2,346
	1,300,000	g	Socialist Republic of Vietnam		6.750		01/29/20		1,459
	121,524,000		South Africa Government Bond		8.250		09/15/17		10,836
	1,002,000		South Africa Government International Bond		6.875		05/27/19		1,145
	3,500,000		South Africa Government International Bond		5.500		03/09/20		3,833
	5,625,000		South Africa Government International Bond		5.875		09/16/25		6,335
	2,375,000		South Africa Government International Bond		5.375		07/24/44		2,509
	500,000	g	Sri Lanka Government International Bond		6.000		01/14/19		520
	1,900,000	g	Sri Lanka Government International Bond		6.250		10/04/20		1,978
	1,630,000	g	Sri Lanka Government International Bond		6.250		07/27/21		1,707
	7,680,000		Svensk Exportkredit AB		5.125		03/01/17		8,352

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,000,000		Svensk Exportkredit AB		1.125	%	04/05/18	$	3,961
	12,000,000		Turkey Government International Bond		6.750		04/03/18		13,350
	4,000,000		Turkey Government International Bond		3.250		03/23/23		3,795
	7,050,000		Turkey Government International Bond		5.750		03/22/24		7,878
	2,500,000		United Mexican States		5.950		03/19/19		2,829
	500,000		United Mexican States		5.125		01/15/20		551
	1,732,000		Uruguay Government International Bond		4.500		08/14/24		1,819
	4,715,000	g	Vietnam Government International Bond		4.800		11/19/24		4,845
			TOTAL FOREIGN GOVERNMENT BONDS						806,418
MORTGAGE BACKED - 22.8%
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.000		02/15/26		5,114
	26,445,000		FHLMC		4.000		12/15/38		27,989
	22,971,753		FHLMC		3.500		04/15/40		24,186
	17,255,712		FHLMC		4.000		03/15/44		18,223
	158,813		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		164
	1,298,914		FGLMC		5.000		09/01/18		1,365
	658,060		FGLMC		5.500		01/01/19		702
	188,983		FGLMC		4.000		06/01/19		200
	700,357		FGLMC		4.500		01/01/20		737
	627,358		FGLMC		4.500		07/01/20		671
	409,687		FGLMC		4.500		08/01/20		437
	109,450		FGLMC		7.000		10/01/20		117
	5,436,599		FGLMC		4.500		06/01/21		5,798
	1,866,413		FGLMC		4.500		06/01/21		1,990
	686,852		FGLMC		5.000		04/01/23		747
	20,678		FGLMC		7.000		05/01/23		23
	233,476		FGLMC		6.000		10/01/23		264
	182,561		FGLMC		6.000		11/01/23		207
	2,569,157		FGLMC		4.000		07/01/24		2,735
	831,138		FGLMC		4.500		09/01/24		897
	27,000,000	h	FGLMC		3.000		01/15/30		28,024
	42,680		FGLMC		8.000		01/01/31		50
	80,721		FGLMC		7.000		12/01/31		84
	6,045		FGLMC		7.000		01/01/32		6
	199,150		FGLMC		8.000		02/01/32		233
	1,468,329		FGLMC		4.500		07/01/33		1,595
	1,878,246		FGLMC		5.500		12/01/33		2,117
	3,224,710		FGLMC		5.500		12/01/33		3,637
	8,769,355		FGLMC		7.000		12/01/33		10,373
	11,362,566		FGLMC		5.000		01/01/34		12,574
	4,378,124		FGLMC		4.500		10/01/34		4,759
	1,950,621		FGLMC		4.500		04/01/35		2,127
	3,037,717		FGLMC		7.000		05/01/35		3,413
	687,435		FGLMC		5.000		02/01/36		760
	65,435		FGLMC		6.500		05/01/36		74
	3,890,743		FGLMC		5.000		04/01/38		4,341
	3,213,864		FGLMC		5.000		07/01/39		3,550
	15,198,848		FGLMC		4.500		11/01/40		16,827
	17,397,317		FGLMC		4.500		12/01/40		19,230
	9,824,244	h	FGLMC		3.500		07/01/43		10,253
	17,887,498		FGLMC		4.000		09/01/44		19,311
	5,847,980		FGLMC		4.500		10/01/44		6,480

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,549,010	h	FGLMC		4.500	%	11/01/44	$	2,825
	3,239,647	h	FGLMC		4.500		11/01/44		3,590
	2,027,773	h	FGLMC		4.500		12/01/44		2,247
	1,318,288	h	FGLMC		4.500		12/01/44		1,461
	30,000,000	h	FGLMC		3.000		01/15/45		30,305
	38,000,000	h	FGLMC		3.500		01/15/45		39,511
	19,000,000	h	FGLMC		4.000		01/15/45		20,253
	37,000,000	h	FGLMC		3.500		02/15/45		38,379
	75,000,000	h	FGLMC		4.000		02/15/45		79,745
	5,275		Federal National Mortgage Association (FNMA)		7.500		02/01/15		5
	22,469		FNMA		7.500		04/01/15		23
	21,351		FNMA		7.500		04/01/15		21
	5,221		FNMA		6.500		03/01/16		6
	3,089		FNMA		6.500		04/01/16		3
	57,801		FNMA		6.500		10/01/16		59
	80,591		FNMA		6.500		11/01/16		83
	169,951		FNMA		6.500		02/01/18		178
	1,396,856		FNMA		5.500		04/01/18		1,476
	241,463		FNMA		6.500		04/01/18		254
	1,006,290		FNMA		5.500		07/01/20		1,096
	352,588		FNMA		4.500		11/01/20		371
	913,336		FNMA		5.500		08/01/21		998
	645,052		FNMA		4.500		03/01/23		692
	47,863		FNMA		8.000		03/01/23		50
	1,244,525		FNMA		4.500		06/01/23		1,338
	1,939,320		FNMA		5.000		07/01/23		2,094
	1,337,531		FNMA		4.000		05/01/24		1,425
	129,974		FNMA		8.000		07/01/24		154
	1,123,283		FNMA		4.500		08/01/24		1,214
	5,437,650		FNMA		4.000		09/01/24		5,793
	28,919		FNMA		9.000		11/01/25		34
	8,381,049		FNMA		3.000		05/01/27		8,749
	61,000,000	h	FNMA		2.500		01/25/30		62,106
	54,000,000	h	FNMA		3.000		01/25/30		56,128
	112,000,000	h	FNMA		3.500		01/25/30		118,317
	1,664,999		FNMA		6.500		07/01/32		1,919
	172,365		FNMA		7.000		07/01/32		186
	132,735		FNMA		7.000		07/01/32		147
	949,061		FNMA		4.500		03/25/33		970
	11,145,929		FNMA		3.000		10/01/33		11,513
	1,569,089		FNMA		4.500		10/01/33		1,716
	3,151,025		FNMA		5.000		11/01/33		3,537
	155,699		FNMA		5.000		11/01/33		174
	12,089,182		FNMA		5.500		03/01/34		13,622
	7,572,569		FNMA		3.500		03/25/34		7,753
	11,167,516		FNMA		5.500		02/01/35		12,574
	2,733,880		FNMA		4.500		05/01/35		2,993
	69,274		FNMA		7.500		06/01/35		75
	67,359		FNMA		6.500		03/01/37		77
	11,631,608		FNMA		5.500		09/01/37		12,997
	1,839,867		FNMA		6.000		09/01/37		2,127
	1,602,588		FNMA		6.000		09/01/37		1,851
	1,485,643		FNMA		6.500		09/01/37		1,692

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,137,565		FNMA		5.500	%	01/01/38	$	2,400
	69,928		FNMA		6.500		02/01/38		80
	12,072,467		FNMA		5.500		04/01/38		13,496
	9,322,992		FNMA		5.500		06/01/38		10,418
	10,058,416	h	FNMA		5.500		11/01/38		11,287
	8,785,008		FNMA		5.500		12/01/38		9,968
	19,197,267		FNMA		4.000		02/01/39		20,543
	757,424		FNMA		4.000		07/01/39		817
	21,532,594		FNMA		3.500		07/25/39		22,618
	6,415,813		FNMA		5.500		08/01/39		7,247
	4,656,413		FNMA		4.500		10/01/39		5,062
	3,444,928		FNMA		5.500		11/01/39		3,849
	5,015,784		FNMA		4.500		06/01/40		5,456
	2,607,398		FNMA		5.000		08/01/40		2,890
	15,729,684		FNMA		5.000		09/01/40		17,410
	4,114,160		FNMA		4.500		10/01/40		4,491
	1,121,980		FNMA		6.000		10/01/40		1,274
	13,141,253		FNMA		4.500		11/01/40		14,375
	6,082,153		FNMA		4.500		11/01/40		6,609
	866,246		FNMA		3.500		01/01/41		905
	829,237		FNMA		3.500		02/01/41		868
	18,711,209		FNMA		5.000		05/01/41		20,714
	1,248,529		FNMA		5.000		06/01/41		1,386
	1,694,996		FNMA		5.000		08/01/41		1,875
	667,920		FNMA		4.500		09/01/41		726
	3,080,449		FNMA		3.500		11/01/41		3,217
	36,186,047		FNMA		5.500		12/01/41		41,163
	10,000,000		FNMA		4.000		01/25/42		10,799
	14,493,916		FNMA		4.500		04/01/42		15,745
	1,254,837		FNMA		4.500		04/01/42		1,363
	270,373		FNMA		3.000		10/01/42		274
	23,687,714		FNMA		3.000		10/01/42		24,010
	260,487		FNMA		3.000		10/01/42		264
	19,630,810		FNMA		3.500		10/01/42		20,491
	679,615		FNMA		3.000		11/01/42		689
	43,312,647	h	FNMA		4.000		11/01/42		46,720
	46,013		FNMA		3.000		12/01/42		47
	385,813		FNMA		3.000		12/01/42		391
	27,355,849		FNMA		3.000		01/01/43		27,727
	12,337,776		FNMA		3.000		01/01/43		12,502
	170,233		FNMA		3.000		02/01/43		173
	34,315,816		FNMA		3.000		02/01/43		34,777
	732,924		FNMA		3.000		02/01/43		743
	16,040,046		FNMA		3.000		02/01/43		16,258
	6,613,973		FNMA		3.500		02/01/43		6,937
	163,809		FNMA		3.000		03/01/43		166
	897,737		FNMA		3.000		03/01/43		910
	307,505		FNMA		3.000		03/01/43		312
	181,354		FNMA		3.000		03/01/43		184
	196,857		FNMA		3.000		04/01/43		200
	65,622		FNMA		3.000		04/01/43		66
	415,501		FNMA		3.000		04/01/43		421
	236,017		FNMA		3.000		04/01/43		239

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	259,962		FNMA		3.000	%	04/01/43	$	263
	387,086		FNMA		3.000		04/01/43		392
	184,594		FNMA		3.000		04/01/43		187
	86,115		FNMA		3.000		04/01/43		87
	17,724		FNMA		3.000		04/01/43		18
	6,013,852		FNMA		3.000		05/01/43		6,093
	1,050,464		FNMA		3.500		05/01/43		1,102
	1,776,194		FNMA		3.500		05/01/43		1,863
	2,212,711		FNMA		3.500		06/01/43		2,321
	860,966		FNMA		3.500		06/01/43		903
	1,061,734		FNMA		3.500		06/01/43		1,114
	1,765,638		FNMA		3.500		06/01/43		1,852
	2,302,276		FNMA		3.500		06/01/43		2,415
	4,636,894		FNMA		3.500		06/01/43		4,864
	7,280,948		FNMA		4.000		06/01/43		7,852
	69,645,244		FNMA		3.000		06/25/43		72,098
	2,925,655		FNMA		3.500		07/01/43		3,069
	6,205,856		FNMA		3.500		07/01/43		6,510
	23,010,796		FNMA		4.000		11/01/43		24,869
	940,121		FNMA		4.000		12/01/43		1,014
	6,875,971		FNMA		4.000		01/01/44		7,418
	9,262,468		FNMA		4.500		01/01/44		10,266
	1,696,049		FNMA		4.000		02/01/44		1,830
	9,429,050		FNMA		4.000		02/01/44		10,173
	547,416		FNMA		4.000		02/01/44		590
	1,926,288	h	FNMA		4.000		03/01/44		2,078
	1,793,402		FNMA		4.000		03/01/44		1,933
	3,346,162		FNMA		4.000		04/01/44		3,610
	10,765,461		FNMA		4.000		04/01/44		11,614
	2,608,471		FNMA		4.000		04/01/44		2,814
	9,587,336		FNMA		4.000		05/01/44		10,340
	6,373,160		FNMA		4.000		06/01/44		6,864
	3,523,554		FNMA		4.000		06/01/44		3,801
	10,521,348		FNMA		4.500		06/01/44		11,661
	3,426,582		FNMA		4.000		07/01/44		3,697
	1,837,709		FNMA		4.000		07/01/44		1,983
	23,269,606		FNMA		3.000		07/25/44		24,073
	6,075,905	h	FNMA		4.000		08/01/44		6,555
	6,619,903		FNMA		4.000		08/01/44		7,142
	4,730,570		FNMA		4.000		08/01/44		5,104
	1,192,370		FNMA		4.000		09/01/44		1,286
	33,235,347		FNMA		4.500		09/01/44		36,837
	845,023		FNMA		3.500		10/01/44		886
	1,158,856		FNMA		3.500		10/01/44		1,216
	7,839,255		FNMA		4.000		10/01/44		8,458
	10,128,036		FNMA		4.500		10/01/44		11,226
	19,672,414		FNMA		4.500		11/01/44		21,806
	4,631,178	h	FNMA		4.500		11/01/44		5,137
	60,000,000	h	FNMA		3.000		01/25/45		60,694
	50,000,000	h	FNMA		3.500		01/25/45		52,121
	50,000,000	h	FNMA		4.000		01/25/45		53,363
	44,000,000	h	FNMA		4.500		01/25/45		47,761
	58,000,000	h	FNMA		5.000		01/25/45		64,080

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	17,000,000	h	FNMA		5.500	%	01/25/45	$	19,016
	137,000,000	h	FNMA		3.000		02/25/45		138,239
	157,000,000	h	FNMA		3.500		02/25/45		163,237
	121,000,000	h	FNMA		4.000		02/25/45		128,807
	54,000,000	h	FNMA		4.500		02/25/45		58,514
	98,000,000	h	FNMA		5.000		02/25/45		108,150
	1,793		Government National Mortgage Association (GNMA)		9.000		06/15/16		2
	1,627		GNMA		9.000		09/15/16		2
	1,282		GNMA		9.000		09/15/16		1
	4,927		GNMA		9.000		11/15/16		5
	1,470		GNMA		9.000		12/15/16		1
	3,466		GNMA		9.000		12/15/16		4
	17,111		GNMA		9.500		12/15/16		18
	13,715		GNMA		8.000		06/15/24		15
	29,989		GNMA		8.500		11/20/30		36
	49,405		GNMA		8.500		12/20/30		61
	1,089,852		GNMA		5.500		07/15/33		1,226
	596,461		GNMA		5.500		11/20/33		673
	2,082,811		GNMA		5.500		03/20/35		2,351
	1,072,095		GNMA		5.500		12/20/35		1,211
	615,308		GNMA		6.000		10/20/36		702
	643,316		GNMA		6.000		01/20/37		733
	1,861,099		GNMA		6.000		02/20/37		2,122
	1,495,233		GNMA		5.000		04/15/38		1,647
	1,384,416		GNMA		5.500		07/15/38		1,546
	2,220,238		GNMA		5.500		07/20/38		2,484
	768,522		GNMA		6.000		08/20/38		867
	1,301,627		GNMA		6.500		11/20/38		1,475
	1,511,871		GNMA		2.176		05/16/39		1,515
	3,755,732		GNMA		5.000		06/15/39		4,178
	2,794,959		GNMA		5.000		06/15/39		3,100
	1,981,778		GNMA		5.000		07/20/39		2,212
	11,405,595		GNMA		4.500		09/20/39		12,643
	943,570		GNMA		4.000		11/20/39		982
	10,449,766		GNMA		3.500		07/15/43		11,034
	9,849,319		GNMA		5.000		02/20/44		10,799
	8,514,028		GNMA		5.000		03/20/44		9,335
	64,265,610		GNMA		4.000		10/20/44		69,045
	60,000,000	h	GNMA		3.500		12/20/44		63,076
	41,000,000	h	GNMA		3.000		01/15/45		41,928
	27,000,000	h	GNMA		3.000		01/20/45		27,611
	159,000,000	h	GNMA		3.500		01/20/45		166,900
	54,000,000	h	GNMA		4.000		01/20/45		57,897
	15,000,000	h	GNMA		4.500		01/20/45		16,389
	11,000,000	h	GNMA		5.000		01/20/45		12,042
	51,000,000	h	GNMA		4.500		02/20/45		55,628
			TOTAL MORTGAGE BACKED						3,089,604
MUNICIPAL BONDS - 4.1%
	9,685,000		Arizona School Facilities Board		0.945		09/01/16		9,696
	3,740,000		Arizona School Facilities Board		0.945		09/01/16		3,744
	3,270,000		California Earthquake Authority		1.194		07/01/16		3,268
	3,600,000		California Earthquake Authority		1.824		07/01/17		3,590

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	1,025,000	Charlotte-Mecklenburg Hospital Authority		5.000	%	08/01/15	$	1,028
	15,000,000	City of New York NY		2.450		04/01/19		15,321
	10,000,000	City of New York NY		2.650		04/01/20		10,171
	12,000,000	Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		12,065
	3,500,000	Maine Municipal Bond Bank		1.708		06/01/16		3,515
	8,800,000	New York State Urban Development Corp		1.350		03/15/18		8,736
	2,000,000	Permanent University Fund		1.439		07/01/17		2,002
	2,625,000	Permanent University Fund		1.730		07/01/18		2,626
	4,720,000	Permanent University Fund		1.880		07/01/19		4,680
	2,320,000	Permanent University Fund		2.258		07/01/20		2,307
	2,160,000	Permanent University Fund		2.408		07/01/21		2,158
	2,750,000	Permanent University Fund		2.508		07/01/22		2,751
	2,855,000	Permanent University Fund		2.608		07/01/23		2,854
	3,250,000	Permanent University Fund		2.708		07/01/24		3,227
	2,335,000	Permanent University Fund		2.808		07/01/25		2,326
	3,775,000	Permanent University Fund		2.908		07/01/26		3,770
	4,000,000	Permanent University Fund		3.008		07/01/27		3,987
	18,535,000	Permanent University Fund		3.575		07/01/32		17,819
	12,300,000	State of California		0.850		02/01/15		12,306
	9,000,000	State of California		5.450		04/01/15		9,108
	15,625,000	State of California		1.050		02/01/16		15,705
	11,370,000	State of California		5.950		04/01/16		12,114
	2,915,000	State of Georgia		1.750		07/01/19		2,915
	3,060,000	State of Georgia		2.000		07/01/20		3,053
	3,215,000	State of Georgia		2.150		07/01/21		3,198
	3,905,000	State of Georgia		2.750		07/01/25		3,855
	4,100,000	State of Georgia		2.850		07/01/26		4,068
	4,305,000	State of Georgia		2.950		07/01/27		4,252
	4,520,000	State of Georgia		3.050		07/01/28		4,464
	3,245,000	State of Georgia		3.150		07/01/29		3,162
	4,385,000	State of Illinois		4.511		03/01/15		4,416
	12,500,000	State of Illinois		2.000		06/15/15		12,580
	12,500,000	State of Illinois		0.750		06/15/16		12,467
	19,760,000	State of Illinois		4.833		02/01/17		20,801
	12,500,000	State of Illinois		1.750		06/15/17		12,594
	8,000,000	State of Illinois		4.350		06/01/18		8,348
	7,500,000	State of Illinois		2.000		06/15/18		7,541
	7,500,000	State of Illinois		2.000		06/15/19		7,423
	7,160,000	State of Illinois		5.463		02/01/20		7,725
	12,500,000	State of Illinois		1.930		06/15/20		12,071
	12,500,000	State of Illinois		2.250		06/15/21		12,078
	10,000,000	State of Illinois		4.310		04/01/23		9,926
	11,535,000	State of Illinois		4.610		04/01/25		11,527
	9,350,000	State of Illinois		4.760		04/01/26		9,303
	12,500,000	State of Illinois		3.150		06/15/26		11,975
	13,880,000	State of Illinois		4.910		04/01/27		13,679
	12,500,000	State of Illinois		3.250		06/15/27		11,955
	8,115,000	State of Illinois		5.010		04/01/28		8,192
	20,870,000	State of Michigan		3.500		05/15/30		20,339
	21,640,000	State of Michigan		3.600		05/15/31		21,120
	22,455,000	State of Michigan		3.700		05/15/32		22,022
	13,515,000	University of California		1.296		05/15/18		13,342
	55,000,000	University of California		1.796		07/01/19		54,529

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	11,735,000	University of California		1.995	%	05/15/20	$	11,514
	4,500,000	University of California		2.300		05/15/21		4,443
	6,000,000	University of California		2.570		05/15/22		5,954
		TOTAL MUNICIPAL BONDS						547,705
U.S. TREASURY SECURITIES - 13.1%
	22,000,000	United States Treasury Bond		6.375		08/15/27		31,781
	49,175,000	United States Treasury Bond		5.250		02/15/29		66,110
	72,686,000	United States Treasury Bond		5.375		02/15/31		101,312
	48,602,000	United States Treasury Bond		4.500		02/15/36		64,827
	19,135,000	United States Treasury Bond		4.375		05/15/41		25,381
	16,434,000	United States Treasury Bond		3.750		08/15/41		19,807
	56,375,000	United States Treasury Bond		3.625		08/15/43		66,298
	57,024,000	United States Treasury Bond		3.125		08/15/44		61,390
	166,905,000	United States Treasury Note		0.250		01/31/15		166,925
	51,305,000	United States Treasury Note		0.250		02/28/15		51,319
	1,000	United States Treasury Note		0.375		06/30/15		1
	12,717,000	United States Treasury Note		1.875		06/30/15		12,826
	15,952,000	United States Treasury Note		1.750		07/31/15		16,098
	18,485,000	United States Treasury Note		1.250		10/31/15		18,634
	17,747,000	United States Treasury Note		0.375		11/15/15		17,764
	5,900,000	United States Treasury Note		0.250		12/31/15		5,899
	3,300,000	United States Treasury Note		0.375		03/15/16		3,300
	48,000,000	United States Treasury Note		0.375		03/31/16		47,993
	9,800,000	United States Treasury Note		2.375		03/31/16		10,042
	74,410,000	United States Treasury Note		0.375		04/30/16		74,398
	55,500,000	United States Treasury Note		0.375		05/31/16		55,465
	1,280,000	United States Treasury Note		0.500		06/30/16		1,280
	17,000,000	United States Treasury Note		0.500		07/31/16		17,008
	10,000,000	United States Treasury Note		3.125		10/31/16		10,453
	22,980,000	United States Treasury Note		0.500		11/30/16		22,923
	4,675,000	United States Treasury Note		0.750		01/15/17		4,678
	37,900,000	United States Treasury Note		0.625		02/15/17		37,805
	49,500,000	United States Treasury Note		3.125		04/30/17		52,141
	10,495,000	United States Treasury Note		0.875		11/15/17		10,445
	42,000,000	United States Treasury Note		1.000		12/15/17		41,902
	17,100,000	United States Treasury Note		2.250		07/31/18		17,649
	20,466,900	United States Treasury Note		1.375		09/30/18		20,448
	10,365,000	United States Treasury Note		1.750		10/31/18		10,496
	5,625,000	United States Treasury Note		1.375		02/28/19		5,595
	5,550,000	United States Treasury Note		1.000		06/30/19		5,416
	3,870,000	United States Treasury Note		1.250		10/31/19		3,807
	11,880,000	United States Treasury Note		1.500		11/30/19		11,805
	319,500	United States Treasury Note		2.625		11/15/20		333
	825,000	United States Treasury Note		2.125		01/31/21		837
	27,720,000	United States Treasury Note		2.000		02/28/21		27,911
	20,240,000	United States Treasury Note		2.250		04/30/21		20,656
	16,465,000	United States Treasury Note		2.000		05/31/21		16,547
	1,730,000	United States Treasury Note		2.125		06/30/21		1,751
	11,825,000	United States Treasury Note		2.000		08/31/21		11,861
	189,872,000	United States Treasury Note		8.000		11/15/21		264,159
	167,986,200	United States Treasury Note		2.250		11/15/24		169,115
	64,500,000	United States Treasury Note		3.000		11/15/44		67,785
		TOTAL U.S. TREASURY SECURITIES						1,772,376
		TOTAL GOVERNMENT BONDS						6,575,600
		(Cost $6,450,005)

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
STRUCTURED ASSETS - 13.7%
ASSET BACKED - 9.6%
$	1,216,367	i	ACE Securities Corp Home Equity Loan Trust		0.660	%	08/25/35	$	1,199
			Series - 2005 HE5 (Class M2)
	13,000,000		AEP Texas Central Transition Funding LLC		1.976		06/01/21		12,979
			Series - 2012 1 (Class A2)
	2,500,000	g	AESOP Funding II		3.270		02/20/18		2,583
			Series - 2011 5A (Class A)
	12,752,021		Ally Auto Receivables Trust		0.540		07/15/16		12,750
			Series - 2013 2 (Class A2A)
	33,000,000		Ally Auto Receivables Trust		0.480		02/15/17		32,968
			Series - 2014 1 (Class A2)
	5,000,000	g	Ally Auto Receivables Trust		1.760		02/15/17		5,033
			Series - 2012 2 (Class B)
	35,000,000		Ally Auto Receivables Trust		0.710		03/20/17		34,967
			Series - 2014 SN2 (Class A2A)
	11,000,000	g	Ally Auto Receivables Trust		2.260		07/16/18		11,101
			Series - 2012 2 (Class C)
	10,000,000	g	Ally Master Owner Trust		4.250		04/15/17		10,102
			Series - 2010 2 (Class A)
	24,000,000		Ally Master Owner Trust		1.000		02/15/18		24,029
			Series - 2013 1 (Class A2)
	7,503,000		Ally Master Owner Trust		1.720		07/15/19		7,477
			Series - 2012 4 (Class A)
	8,710,000		Ally Master Owner Trust		1.540		09/15/19		8,644
			Series - 2012 5 (Class A)
	3,259,059		AmeriCredit Automobile Receivables Trust		3.190		10/12/16		3,270
			Series - 2011 2 (Class C)
	18,245,000		AmeriCredit Automobile Receivables Trust		1.590		07/10/17		18,331
			Series - 2012 3 (Class B)
	10,350,000		AmeriCredit Automobile Receivables Trust		3.440		10/08/17		10,521
			Series - 2011 5 (Class C)
	10,373,000		AmeriCredit Automobile Receivables Trust		1.690		11/08/18		10,401
			Series - 2012 5 (Class C)
	17,823,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		17,782
			Series - 2013 1 (Class C)
	19,850,000		AmeriCredit Automobile Receivables Trust		1.790		03/08/19		19,826
			Series - 2013 2 (Class C)
	1,000,000		AmeriCredit Automobile Receivables Trust		1.270		07/08/19		996
			Series - 2014 4 (Class A3)
	74,236	g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	1,691,667	g	Avis Budget Rental Car Funding AESOP LLC		4.640		05/20/16		1,706
			Series - 2010 3A (Class A)
	3,333,333	g	Avis Budget Rental Car Funding AESOP LLC		6.740		05/20/16		3,373
			Series - 2010 3A (Class B)
	1,000,000	g	Avis Budget Rental Car Funding AESOP LLC		2.054		08/20/16		1,006
			Series - 2012 1A (Class A)

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	700,000	g	Avis Budget Rental Car Funding AESOP LLC		3.241	%	08/20/16	$	706
			Series - 2012 1A (Class B)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.410		11/20/17		2,071
			Series - 2011 3A (Class A)
	5,500,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		5,783
			Series - 2011 3A (Class B)
	11,125,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		11,775
			Series - 2011 5A (Class B)
	8,325,000	g	Avis Budget Rental Car Funding AESOP LLC		2.802		05/20/18		8,538
			Series - 2012 2A (Class A)
	4,890,000	g	Avis Budget Rental Car Funding AESOP LLC		3.887		05/20/18		5,085
			Series - 2012 2A (Class B)
	1,909,820	i	Bear Stearns Asset Backed Securities Trust		0.910		11/25/39		1,891
			Series - 2005 SD3 (Class 2A1)
	7,450,000	g	Cabela’s Master Credit Card Trust		2.290		09/17/18		7,539
			Series - 2010 2A (Class A1)
	21,620,000		Capital Auto Receivables Asset Trust		1.040		11/21/16		21,670
			Series - 2013 3 (Class A2)
	2,900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		2,892
			Series - 2013 1 (Class B)
	10,545,000		Capital Auto Receivables Asset Trust		1.740		10/22/18		10,580
			Series - 2013 1 (Class C)
	8,000,000	g	Capital Automotive REIT		3.660		10/15/44		7,963
			Series - 2014 1A (Class A)
	13,477,308		CarMax Auto Owner Trust		0.520		11/15/16		13,479
			Series - 2013 4 (Class A2)
	21,000,000		CarMax Auto Owner Trust		0.800		07/16/18		20,976
			Series - 2013 4 (Class A3)
	10,729,328	i,m	CCR, Inc		0.607		07/10/17		10,441
			Series - 2010 CX (Class C)
	922,725	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		813
			Series - 2004 2 (Class 1M2)
	1,431,053	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		1,427
			Series - 2002 1 (Class AF6)
	163,319	i	Countrywide Asset-Backed Certificates		0.990		05/25/36		163
			Series - 2004 AB2 (Class A3)
	60,731	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		61
			Series - 2007 MX1 (Class A1)
	5,525,000	g,i	DB/UBS Mortgage Trust		5.557		11/10/46		6,199
			Series - 2011 LC1A (Class C)
	22,405,000		Discover Card Execution Note Trust		0.810		08/15/17		22,416
			Series - 2012 A1 (Class A1)
	136,912,794	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		143,533
			Series - 2012 1A (Class A2)
	5,062,779	g	Enterprise Fleet Financing LLC		0.680		09/20/18		5,062
			Series - 2013 1 (Class A2)
	4,285,000		Ford Credit Auto Owner Trust		3.210		07/15/17		4,321
			Series - 2011 A (Class D)
	5,250,000		Ford Credit Auto Owner Trust		1.150		07/15/18		5,225
			Series - 2013 A (Class B)
	5,820,000		Ford Credit Auto Owner Trust		1.110		10/15/18		5,801
			Series - 2013 B (Class B)

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,000,000		Ford Credit Auto Owner Trust		1.360	%	10/15/18	$	5,991
			Series - 2013 A (Class C)
	5,595,000		Ford Credit Auto Owner Trust		2.430		01/15/19		5,696
			Series - 2012 C (Class D)
	3,861,000		Ford Credit Floorplan Master		0.850		01/15/18		3,861
			Series - 0 1 (Class A1)
	16,190,000		Ford Credit Floorplan Master		1.880		09/15/18		16,307
			Series - 2013 5 (Class B)
	20,000,000		Ford Credit Floorplan Master		1.650		08/15/19		19,951
			Series - 2014 4 (Class B)
	7,000,000	g	GE Capital Credit Card Master Note Trust		5.750		03/15/18		7,073
			Series - 2010 1 (Class C)
	1,060,000		GE Capital Credit Card Master Note Trust		0.950		06/15/18		1,062
			Series - 2012 5 (Class A)
	20,250,000	g	Hertz Vehicle Financing LLC		2.200		03/25/16		20,298
			Series - 2011 1A (Class A1)
	24,652,500	g	Hertz Vehicle Financing LLC		5.290		03/25/16		24,790
			Series - 2009 2A (Class A2)
	21,285,000	g	Hertz Vehicle Financing LLC		5.930		03/25/16		21,399
			Series - 0 2A (Class B2)
	67,134,000	g	Hertz Vehicle Financing LLC		3.740		02/25/17		68,877
			Series - 2010 1A (Class A2)
	31,520,000	g	Hertz Vehicle Financing LLC		5.700		02/25/17		32,823
			Series - 2010 1A (Class B2)
	5,000,000	g	Hertz Vehicle Financing LLC		1.860		08/25/17		5,012
			Series - 2013 1A (Class B1)
	100,000,000	g	HLSS Servicer Advance Receivables Backed Notes		1.244		01/17/45		100,000
			Series - 2014 T1 (Class AT1)
	15,000,000		Hyundai Auto Receivables Trust		1.130		09/17/18		14,892
			Series - 2013 A (Class B)
	2,628,086	i	Irwin Home Equity Corp		0.930		02/25/34		2,545
			Series - 2005 A (Class A3)
	16,672,398	g	JG Wentworth XXII LLC		3.820		12/15/48		17,511
			Series - 2010 3A (Class A)
	3,671,484	i	Lehman XS Trust		0.420		02/25/36		3,490
			Series - 2006 1 (Class 1A1)
	13,877,259		Lehman XS Trust		6.500		06/25/46		10,828
			Series - 2006 13 (Class 2A1)
	4,248,842		Louisiana Public Facilities Authority		5.750		02/01/19		4,444
			Series - 2008 ELL (Class A2)
	15,000,000		Nissan Auto Lease Trust		0.480		09/15/16		14,990
			Series - 2014 A (Class A2A)
	45,500,000		Nissan Auto Lease Trust		0.740		10/15/18		45,548
			Series - 2013 A (Class A4)
	2,439,464	g	NYCTL Trust		1.030		11/10/27		2,438
			Series - 2014 A (Class A)
	1,213,419	i	Park Place Securities, Inc		1.115		09/25/34		1,217
			Series - 2004 WHQ1 (Class M1)
	24,855	i	Renaissance Home Equity Loan Trust		1.035		08/25/33		23
			Series - 2003 2 (Class A)
	154,413	i	Residential Asset Securities Corp		6.489		10/25/30		156
			Series - 2001 KS2 (Class AI6)
	702,661	i	Residential Asset Securities Corp		0.815		04/25/35		703
			Series - 2005 KS3 (Class M3)

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,135,023		Residential Funding Mortgage Securities II, Inc		5.500	%	08/25/25	$	2,149
			Series - 2006 HI5 (Class A3)
	1,542,746	i	Residential Funding Mortgage Securities II, Inc		5.450		08/25/34		1,591
			Series - 2005 HI1 (Class A5)
	1,123,496	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		1,131
			Series - 2006 HI1 (Class M1)
	350,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		366
			Series - 2006 HI1 (Class M2)
	5,968,411		Santander Drive Auto Receivables Trust		1.830		03/15/17		5,983
			Series - 2012 4 (Class B)
	18,642,619		Santander Drive Auto Receivables Trust		0.660		06/15/17		18,650
			Series - 2014 1 (Class A2A)
	18,990,000		Santander Drive Auto Receivables Trust		2.700		08/15/18		19,319
			Series - 2012 5 (Class C)
	6,300,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		6,315
			Series - 2013 1 (Class C)
	15,000,000	g	Santander Drive Auto Receivables Trust		1.890		10/15/19		15,132
			Series - 2013 A (Class B)
	1,428,922	i	Securitized Asset Backed Receivables LLC		0.470		10/25/35		1,408
			Series - 2006 OP1 (Class A2C)
	450,310	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		449
			Series - 2013 1A (Class A)
	11,661,415	g	Sierra Receivables Funding Co LLC		2.700		10/20/30		11,595
			Series - 2013 3A (Class B)
	13,502,260	g	Sierra Receivables Funding Co LLC		2.050		06/20/31		13,561
			Series - 2014 2A (Class A)
	5,559,754	g	Sierra Receivables Funding Co LLC		2.400		06/20/31		5,552
			Series - 2014 2A (Class B)
	41,823,000	g	SLM Student Loan Trust		3.740		02/15/29		43,844
			Series - 2011 B (Class A2)
	1,500,000	g	SLM Student Loan Trust		3.830		01/17/45		1,577
			Series - 2012 A (Class A2)
	4,700,251	g	SolarCity LMC		4.590		04/20/44		4,871
			Series - 2014 1 (Class A)
	1,571,634	i	Soundview Home Equity Loan Trust		0.470		11/25/35		1,559
			Series - 2005 OPT3 (Class A4)
	55,381,283	g	SpringCastle America Funding LLC		2.700		05/25/23		55,293
			Series - 2014 AA (Class A)
	6,543,957	g,i	Structured Asset Securities Corp		0.390		10/25/36		6,483
			Series - 2006 GEL4 (Class A2)
	13,323,736	g	Volvo Financial Equipment LLC		0.540		11/15/16		13,319
			Series - 2014 1A (Class A2)
	10,000,000	g	Volvo Financial Equipment LLC		0.740		03/15/17		10,008
			Series - 2013 1A (Class A3)
	1,890,000	g	Vornado DP LLC		5.280		09/13/28		2,124
			Series - 2010 VNO (Class C)
	777,848	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		791
			Series - 2006 N1 (Class N1)
	1,403,003	g,i	Wachovia Loan Trust		0.530		05/25/35		1,335
			Series - 2005 SD1 (Class A)
	784,058	i	Wells Fargo Home Equity Trust		0.310		07/25/36		780
			Series - 2006 2 (Class A3)

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,007,000		World Financial Network Credit Card Master Trust		5.200	%	04/15/19	$	9,164
			Series - 2010 A (Class M)
	18,900,000		World Financial Network Credit Card Master Trust		0.910		03/16/20		18,873
			Series - 2013 B (Class A)
	2,500,000		World Financial Network Credit Card Master Trust		1.760		05/17/21		2,514
			Series - 2012 B (Class A)
			TOTAL ASSET BACKED						1,305,115
OTHER MORTGAGE BACKED - 4.1%
	10,500,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		10,831
			Series - 2007 1 (Class AM)
	14,549,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		15,246
			Series - 2007 1 (Class AMFX)
	13,865,000	i	Bear Stearns Commercial Mortgage Securities		5.954		09/11/42		14,928
			Series - 2007 T28 (Class AJ)
	2,500,000	i	Citigroup Commercial Mortgage Trust		5.899		12/10/49		2,669
			Series - 2007 C6 (Class AM)
	11,626,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		11,979
			Series - 2007 C3 (Class AJ)
	32,585,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		35,208
			Series - 2007 C3 (Class AM)
	15,000,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		16,109
			Series - 2007 C2 (Class AMFX)
	7,050,000	i	Commercial Mortgage Trust		5.238		04/10/37		7,093
			Series - 2005 GG5 (Class AJ)
	2,242,958		Countrywide Alternative Loan Trust		5.500		08/25/16		2,302
			Series - 2004 30CB (Class 1A15)
	2,000,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		2,123
			Series - 2006 C5 (Class AM)
	990,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		1,007
			Series - 2005 C5 (Class C)
	2,000,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		2,040
			Series - 2005 C5 (Class B)
	3,920,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.230		12/15/40		4,016
			Series - 2005 C6 (Class B)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		13,047
			Series - 2006 OMA (Class D)
	7,465,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		7,895
			Series - 2006 C4 (Class AM)
	11,235,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		11,572
			Series - 2009 RR1 (Class A3C)
	1,500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		1,570
			Series - 2007 C1 (Class AM)
	14,500,000	i	GS Mortgage Securities Corp II		5.553		04/10/38		15,059
			Series - 2006 GG6 (Class AM)
	5,910,000	g,i	GS Mortgage Securities Corp II		5.223		12/10/43		6,527
			Series - 2010 C2 (Class B)
	17,040,667	g	GS Mortgage Securities Trust		2.059		04/10/31		16,543
			Series - 2013 G1 (Class A1)
	4,088,748	i	Harborview Mortgage Loan Trust		0.384		07/19/47		3,501
			Series - 2007 4 (Class 2A1)
	1,820,245	i	Impac CMB Trust		0.830		03/25/35		1,665
			Series - 2004 11 (Class 2A1)

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.259	%	07/15/46	$	7,174
			Series - 2011 C4 (Class C)
	7,965,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		8,005
			Series - 2005 LDP2 (Class C)
	59,205,990		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		61,923
			Series - 2006 LDP9 (Class A1A)
	5,000,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		5,198
			Series - 2007 C1 (Class AJ)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		813
			Series - 2007 C6 (Class AM)
	3,675,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		3,742
			Series - 2005 C5 (Class AJ)
	12,000,000	i	Merrill Lynch Mortgage Trust		5.288		11/12/37		12,150
			Series - 2005 CKI1 (Class B)
	2,210,442	g,i	Merrill Lynch Mortgage Trust		6.289		02/12/51		2,425
			Series - 0 C1 (Class AJAF)
	2,205,000	i	Merrill Lynch Mortgage Trust		6.289		02/12/51		2,420
			Series - 0 C1 (Class AJA)
	6,695,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		6,916
			Series - 2007 6 (Class AM)
	8,315,000		Morgan Stanley Capital I		5.569		12/15/44		8,928
			Series - 2007 HQ13 (Class A3)
	2,265,000	g,i	Morgan Stanley Capital I Trust		5.810		08/12/41		2,401
			Series - 2006 T23 (Class B)
	8,700,000	i	Morgan Stanley Capital I Trust		5.389		11/12/41		8,926
			Series - 2006 HQ10 (Class AJ)
	1,098,757	i	Morgan Stanley Capital I Trust		4.840		12/13/41		1,102
			Series - 2005 T17 (Class AJ)
	12,573,000	i	Morgan Stanley Capital I Trust		5.651		06/11/42		13,542
			Series - 2007 T27 (Class AJ)
	1,000,000	i	Morgan Stanley Capital I Trust		5.271		08/13/42		998
			Series - 2005 HQ6 (Class F)
	12,300,000	i	Morgan Stanley Capital I Trust		5.793		07/12/44		12,971
			Series - 2006 HQ9 (Class AJ)
	500,000	i	Morgan Stanley Capital I Trust		5.832		07/12/44		519
			Series - 2006 HQ9 (Class B)
	3,550,000	g,i	Morgan Stanley Capital I Trust		5.251		09/15/47		3,874
			Series - 2011 C1 (Class D)
	738,855		Residential Accredit Loans, Inc		4.350		03/25/34		750
			Series - 2004 QS4 (Class A1)
	843,996		RFMSI Trust		5.500		03/25/35		858
			Series - 2005 S2 (Class A6)
	1,808,647	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		1,836
			Series - 2012 1A (Class A)
	2,195,319	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		2,225
			Series - 0 2A (Class A)
	4,000,000	i	Structured Agency Credit Risk Debt Note		2.370		09/25/24		3,907
			Series - 2014 HQ2 (Class M2)
	38,625,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		40,977
			Series - 2007 C30 (Class AM)
	32,910,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		35,675
			Series - 2007 C34 (Class AM)
	5,300,000	i	Wachovia Bank Commercial Mortgage Trust		5.950		05/15/46		5,480
			Series - 2007 C34 (Class AJ)

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,175,000	i	Wachovia Bank Commercial Mortgage Trust		5.591	%	04/15/47	$	7,658
			Series - 2007 C31 (Class AM)
	4,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		4,661
			Series - 2007 C31 (Class AJ)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		2,022
			Series - 2007 C31 (Class B)
	2,794,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		2,633
			Series - 2007 C32 (Class B)
	29,550,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		30,103
			Series - 2007 C32 (Class AJ)
	33,600,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		36,608
			Series - 2007 C33 (Class AM)
	7,005,433	i	WaMu Mortgage Pass-Through Certificates		0.520		12/25/45		6,255
			Series - 2005 AR19 (Class A1B3)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		5,263
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED						553,868
			TOTAL STRUCTURED ASSETS						1,858,983
			(Cost $1,856,829)
			TOTAL BONDS						13,145,994
			(Cost $12,882,387)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%
BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp			1,859
	1,527,061	*	Federal National Mortgage Association			5,910
			TOTAL BANKS			7,769
			TOTAL PREFERRED STOCKS			7,769
			(Cost $49,941)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 14.3%
GOVERNMENT AGENCY DEBT - 0.5%
$	25,000,000	w	Federal Home Loan Bank (FHLB)	0.103	01/21/15	24,999
	38,600,000	w	Federal Home Loan Mortgage Corp (FHLMC)	0.079	03/16/15	38,597
			TOTAL GOVERNMENT AGENCY DEBT			63,596
TREASURY DEBT - 13.8%
	63,000,000	w	United States Treasury Bill	0.050-0.100	02/05/15	62,995
	46,500,000	w	United States Treasury Bill	0.030	02/12/15	46,498
	67,200,000	w	United States Treasury Bill	0.083-0.110	03/05/15	67,198
	6,000,000		United States Treasury Bill	0.040	03/12/15	6,000
	13,000,000	w	United States Treasury Bill	0.030	03/26/15	12,999
	21,600,000	w	United States Treasury Bill	0.087-0.108	04/02/15	21,598
	247,800,000	w	United States Treasury Bill	0.078-0.100	04/30/15	247,763
	126,300,000	w	United States Treasury Bill	0.081-0.095	05/28/15	126,267
	11,000,000		United States Treasury Bill	0.083	06/18/15	10,996

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	185,000,000	w	United States Treasury Bill		0.073-0.101	%	06/25/15	$	184,922
	349,600,000	w	United States Treasury Bill		0.057-0.116		07/23/15		349,379
	299,000,000	w	United States Treasury Bill		0.086-0.106		08/20/15		298,704
	183,000,000	w	United States Treasury Bill		0.085-0.093		09/17/15		182,777
	70,000,000	w	United States Treasury Bill		0.091		10/15/15		69,901
	148,000,000	w	United States Treasury Bill		0.130-0.138		11/12/15		147,774
	37,250,000	w	United States Treasury Note		2.125		05/31/15		37,556
			TOTAL TREASURY DEBT						1,873,327
			TOTAL SHORT-TERM INVESTMENTS						1,936,923
			(Cost $1,937,198)
			TOTAL INVESTMENTS - 112.4%						15,209,598
			(Cost $14,989,881)
			OTHER ASSETS & LIABILITIES, NET - (12.4)%						(1,679,124	)
			NET ASSETS - 100.0%					$	13,530,474

	Abbreviation(s):
REIT	Real Estate Investment Trust
*	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 December 31, 2014 the aggregate value of these securities is $2,039,263,000, or 15.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
	Cost amounts are in thousands.

350

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND

SCHEDULE OF INVESTMENTS

December 31, 2014

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 99.4%
U.S. TREASURY SECURITIES - 99.4%
		k	United States Treasury Inflation Indexed Bonds
$	90,505,391		2.000%, 01/15/16	$	91,842
	352,741,704		0.125%, 04/15/16		351,667
	194,681,429		2.500%, 07/15/16		202,940
	176,629,244		2.375%, 01/15/17		185,309
	403,457,250		0.125%, 04/15/17		403,772
	139,430,473		2.625%, 07/15/17		149,474
	147,403,872		1.625%, 01/15/18		154,348
	319,054,532		0.125%, 04/15/18		317,858
	149,315,940		1.375%, 07/15/18		156,397
	146,541,025		2.125%, 01/15/19		157,463
	220,914,660		0.125%, 04/15/19		218,481
	136,787,070		1.875%, 07/15/19		146,811
	224,335,701		1.375%, 01/15/20		235,465
	290,306,744		1.250%, 07/15/20		304,686
	361,399,711		1.125%, 01/15/21		375,432
	343,246,590		0.625%, 07/15/21		347,564
	341,992,138		0.125%, 01/15/22		332,641
	399,604,590		0.125%, 07/15/22		389,334
	270,553,360		0.125%, 01/15/23		261,612
	52,037,340		0.375%, 07/15/23		51,448
	77,596,575		0.625%, 01/15/24		77,930
	30,000,900		0.125%, 07/15/24		28,892
	249,122,227		2.375%, 01/15/25		292,485
	213,342,680		2.000%, 01/15/26		244,478
	160,370,052		2.375%, 01/15/27		191,930
	198,238,656		1.750%, 01/15/28		224,428
	139,507,153		3.625%, 04/15/28		191,746
	180,162,513		2.500%, 01/15/29		223,556
	169,127,138		3.875%, 04/15/29		242,063
	49,176,058		3.375%, 04/15/32		69,745
	79,814,017		2.125%, 02/15/40		103,459
	90,430,620		2.125%, 02/15/41		118,068
	226,250,158		0.750%, 02/15/42		219,834
	117,739,200		0.625%, 02/15/43		110,693
	79,979,725		1.375%, 02/15/44		90,521
			United States Treasury Note
	11,000,000		1.500%, 11/30/19		10,930
	40,000,000		2.500%, 05/15/24		41,206
	5,000,000		2.250%, 11/15/24		5,034
	7,000,000		3.000%, 11/15/44		7,357
			TOTAL U.S. TREASURY SECURITIES		7,328,899
			TOTAL GOVERNMENT BONDS
			(Cost $7,003,280)		7,328,899

351

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

		VALUE
PRINCIPAL	ISSUER	(000)
	TOTAL INVESTMENTS - 99.4%	$	7,328,899
	(Cost $7,003,280)
	OTHER ASSETS AND LIABILITIES, NET - 0.6%		40,322
	NET ASSETS - 100.0%	$	7,369,221

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

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2014

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.4%
CONSUMER DURABLES & APPAREL - 0.0%
$	1,094,500	i	Libbey Glass, Inc		3.750	%	04/09/21	$	1,076
			TOTAL CONSUMER DURABLES & APPAREL						1,076
ENERGY - 0.1%
	781,801	i	Granite Acquisition, Inc		5.000		10/15/21		784
	17,768,199	i	Granite Acquisition, Inc		5.000		10/15/21		17,827
			TOTAL ENERGY						18,611
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	8,009,750	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		7,911
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						7,911
UTILITIES - 0.2%
	10,793,227	i	ExGen Renewables I LLC		5.250		02/06/21		10,793
	16,000,000		Terra Gen Finance Co LLC		5.250		11/26/21		15,760
	8,457,500	i	TerraForm Power Operating LLC		4.750		07/23/19		8,415
			TOTAL UTILITIES						34,968
			TOTAL BANK LOAN OBLIGATIONS						62,566
			(Cost $62,510)
BONDS - 39.0%
CORPORATE BONDS - 14.3%
AUTOMOBILES & COMPONENTS - 0.2%
	10,000,000		Ford Motor Co		4.750		01/15/43		10,551
	4,500,000		Johnson Controls, Inc		2.600		12/01/16		4,612
	3,250,000		Johnson Controls, Inc		5.000		03/30/20		3,567
	6,675,000		Magna International, Inc		3.625		06/15/24		6,689
			TOTAL AUTOMOBILES & COMPONENTS						25,419
BANKS - 3.6%
	24,500,000		Bank of America Corp		1.350		11/21/16		24,430
	9,800,000	g	Bank of Nova Scotia		2.150		08/03/16		9,981
	18,500,000	e	Bank of Nova Scotia		2.125		09/11/19		18,540
	9,750,000	g,i	Bank of Tokyo-Mitsubishi UFJ Ltd		0.684		02/26/16		9,759
	19,500,000		BB&T Corp		2.150		03/22/17		19,781
	7,375,000		BB&T Corp		1.600		08/15/17		7,371
	21,000,000	i	BOK Financial Corp		0.922		05/15/17		20,945
	7,000,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		7,147
	14,000,000		Capital One Bank USA NA		1.500		09/05/17		13,887

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,000,000		Capital One Bank USA NA		1.500	%	03/22/18	$	6,892
	14,000,000		Capital One Bank USA NA		2.400		09/05/19		13,932
	21,225,000		Capital One Bank USA NA		2.950		07/23/21		21,092
	9,000,000	i	Capital One NA		0.697		03/22/16		9,011
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,156
	7,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		7,425
	31,500,000		Discover Bank		2.000		02/21/18		31,418
	11,000,000		Discover Bank		4.200		08/08/23		11,543
	13,255,000		First Niagara Financial Group, Inc		6.750		03/19/20		14,711
	10,000,000		HSBC Holdings plc		4.250		03/14/24		10,406
	6,350,000		HSBC Holdings plc		5.250		03/14/44		7,113
	6,425,000		HSBC USA, Inc		1.500		11/13/17		6,412
	9,750,000		HSBC USA, Inc		1.625		01/16/18		9,713
	10,000,000		Huntington Bancshares, Inc		2.600		08/02/18		10,122
	7,325,000		Huntington National Bank		1.350		08/02/16		7,329
	12,000,000		Huntington National Bank		1.375		04/24/17		11,898
	19,000,000		Intesa Sanpaolo S.p.A		2.375		01/13/17		19,166
	11,500,000	g	Intesa Sanpaolo S.p.A		5.017		06/26/24		11,161
	9,913,000		Manufacturers & Traders Trust Co		6.625		12/04/17		11,215
	13,750,000		Manufacturers & Traders Trust Co		1.450		03/07/18		13,603
	4,644,000	i	Manufacturers & Traders Trust Co		5.585		12/28/20		4,819
	6,076,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		6,326
	7,450,000	g	Mizuho Corporate Bank Ltd		1.850		03/21/18		7,410
	17,257,000		People’s United Financial, Inc		3.650		12/06/22		17,397
	9,725,000		PNC Bank NA		2.200		01/28/19		9,730
	4,150,000		PNC Bank NA		2.700		11/01/22		3,974
	8,245,000		PNC Bank NA		2.950		01/30/23		8,057
	12,000,000		Regions Financial Corp		2.000		05/15/18		11,882
	10,000,000		Royal Bank of Canada		1.125		07/22/16		10,043
	11,500,000		Royal Bank of Canada		1.200		09/19/17		11,434
	9,750,000	g	Skandinaviska Enskilda Banken AB		1.750		03/19/18		9,700
	14,500,000	e,g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,375
	4,610,000	i	State Street Bank and Trust Co		0.435		12/08/15		4,606
	9,783,000		SVB Financial Group		5.375		09/15/20		11,001
	9,250,000	g	Toronto-Dominion Bank		1.625		09/14/16		9,358
	5,000,000	g	Westpac Banking Corp		1.850		11/26/18		5,001
			TOTAL BANKS						518,272
CAPITAL GOODS - 0.7%
	2,500,000		3M Co		6.375		02/15/28		3,308
	6,700,000		Anixter, Inc		5.125		10/01/21		6,700
	2,500,000		Eaton Corp		4.000		11/02/32		2,543
	4,600,000		Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		4,849
	2,100,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		2,087
	5,155,000		Pall Corp		5.000		06/15/20		5,617
	5,625,000		Parker-Hannifin Corp		4.200		11/21/34		5,947
	15,000,000		Pentair Finance S.A.		1.350		12/01/15		15,025
	6,980,000		Pentair Finance S.A.		2.650		12/01/19		6,908
	9,750,000		Precision Castparts Corp		0.700		12/20/15		9,714
	9,250,000		Precision Castparts Corp		2.500		01/15/23		8,907
	3,300,000		Rockwell Collins, Inc		3.100		11/15/21		3,386
	6,125,000		Rockwell Collins, Inc		3.700		12/15/23		6,387
	5,000,000		Roper Industries, Inc		3.125		11/15/22		4,867

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,000,000		Trimble Navigation Ltd		4.750	%	12/01/24	$	9,221
			TOTAL CAPITAL GOODS						95,466
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	4,000,000	g	AECOM Technology Corp		5.750		10/15/22		4,090
	5,300,000		Air Lease Corp		2.125		01/15/18		5,207
	9,075,000		Air Lease Corp		3.875		04/01/21		9,120
	6,525,000		Air Lease Corp		4.250		09/15/24		6,574
	11,500,000		Fluor Corp		3.500		12/15/24		11,439
	4,750,000		Waste Management, Inc		2.600		09/01/16		4,859
	2,730,000		Waste Management, Inc		4.600		03/01/21		3,023
	10,000,000		Waste Management, Inc		3.500		05/15/24		10,126
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						54,438
CONSUMER DURABLES & APPAREL - 0.1%
	10,620,000		Whirlpool Corp		5.150		03/01/43		11,759
			TOTAL CONSUMER DURABLES & APPAREL						11,759
CONSUMER SERVICES - 0.4%
	4,000,000		American National Red Cross		5.567		11/15/17		4,404
	20,000,000		Massachusetts Institute of Technology		3.959		07/01/38		21,211
	1,250,000		McDonald’s Corp		5.000		02/01/19		1,391
	7,550,000		Nature Conservancy		6.300		07/01/19		8,568
	5,145,000		Salvation Army		5.637		09/01/26		5,676
	2,275,000		Service Corp International		5.375		01/15/22		2,332
	13,625,000		Service Corp International		5.375		05/15/24		13,897
			TOTAL CONSUMER SERVICES						57,479
DIVERSIFIED FINANCIALS - 1.5%
	9,000,000		American Express Credit Corp		2.125		07/27/18		9,080
	5,000,000	e	Bank of New York Mellon Corp		2.950		06/18/15		5,056
	5,450,000	i	Bank of New York Mellon Corp		1.969		06/20/17		5,531
	14,250,000	i	Bank of New York Mellon Corp		0.675		03/06/18		14,313
	2,675,000		Bank of New York Mellon Corp		5.450		05/15/19		3,033
	4,000,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		4,086
	14,750,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		14,885
	9,000,000		CIT Group, Inc		3.875		02/19/19		8,978
	9,000,000	e,g	EDP Finance BV		4.125		01/15/20		9,050
	9,500,000	g	EDP Finance BV		5.250		01/14/21		9,997
	9,000,000	i	Ford Motor Credit Co LLC		1.482		05/09/16		9,078
	16,375,000		Ford Motor Credit Co LLC		2.375		01/16/18		16,470
	24,000,000	i	Ford Motor Credit Co LLC		1.162		11/04/19		24,011
	8,500,000		Invesco Finance plc		3.125		11/30/22		8,424
	48,000,000		KFW		1.750		10/15/19		48,074
	2,300,000		Legg Mason, Inc		3.950		07/15/24		2,332
	9,750,000	g	RCI Banque S.A.		3.500		04/03/18		10,096
	8,300,000		State Street Corp		3.100		05/15/23		8,183
			TOTAL DIVERSIFIED FINANCIALS						210,677
ENERGY - 0.9%
	3,000,000	e,g	California Resources Corp		6.000		11/15/24		2,535
	4,145,000		Continental Resources, Inc		5.000		09/15/22		4,010

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,500,000		Devon Energy Corp		6.300	%	01/15/19	$	2,854
	3,000,000		EOG Resources, Inc		4.100		02/01/21		3,219
	790,000		EOG Resources, Inc		2.625		03/15/23		758
	1,526,000		Marathon Oil Corp		5.900		03/15/18		1,696
	7,450,000		Marathon Petroleum Corp		4.750		09/15/44		7,036
	3,025,000		National Oilwell Varco, Inc		1.350		12/01/17		2,986
	2,500,000		Noble Energy, Inc		8.250		03/01/19		2,997
	5,075,000		Noble Energy, Inc		3.900		11/15/24		5,016
	9,790,000		Noble Energy, Inc		5.050		11/15/44		9,677
	9,886,000		Noble Holding International Ltd		2.500		03/15/17		9,457
	2,150,000	e	Noble Holding International Ltd		3.950		03/15/22		1,884
	2,150,000	g	Northern Natural Gas Co		4.100		09/15/42		2,227
	9,000,000		Phillips 66		4.650		11/15/34		9,225
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,555
	9,000,000	i	Statoil ASA		0.432		11/09/17		8,982
	9,000,000	i	Statoil ASA		0.522		05/15/18		8,988
	9,000,000		Statoil ASA		2.900		11/08/20		9,206
	9,500,000		Statoil ASA		2.650		01/15/24		9,229
	4,000,000		Statoil ASA		3.950		05/15/43		3,909
	12,150,000	g	Texas Eastern Transmission LP		2.800		10/15/22		11,516
	6,175,000		Weatherford International Ltd		4.500		04/15/22		5,496
			TOTAL ENERGY						128,458
FOOD & STAPLES RETAILING - 0.1%
	6,900,000		Kroger Co		1.200		10/17/16		6,885
	3,000,000		Kroger Co		2.200		01/15/17		3,048
	8,000,000		Kroger Co		2.300		01/15/19		7,998
	1,451,000		Safeway, Inc		3.400		12/01/16		1,474
			TOTAL FOOD & STAPLES RETAILING						19,405
FOOD, BEVERAGE & TOBACCO - 0.1%
	4,678,000		Kellogg Co		4.000		12/15/20		5,007
	12,000,000	i	Mondelez International, Inc		0.752		02/01/19		11,866
	428,000		PepsiCo, Inc		7.900		11/01/18		521
	5,600,000		PepsiCo, Inc		3.600		08/13/42		5,231
			TOTAL FOOD, BEVERAGE & TOBACCO						22,625
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	4,000,000		Becton Dickinson & Co		5.000		05/15/19		4,424
	2,000,000		Becton Dickinson & Co		6.000		05/15/39		2,466
	6,000,000	i	Becton Dickinson and Co		0.691		06/15/16		6,001
	9,750,000		Laboratory Corp of America Holdings		2.500		11/01/18		9,716
	3,500,000		LifePoint Hospitals, Inc		5.500		12/01/21		3,579
	9,000,000	g,i	Medtronic, Inc		0.000		03/15/20		8,991
	9,000,000	g	Medtronic, Inc		4.375		03/15/35		9,548
	2,500,000		Medtronic, Inc		6.500		03/15/39		3,265
	5,375,000		Owens & Minor, Inc		3.875		09/15/21		5,436
	5,000,000		Thermo Fisher Scientific, Inc		1.300		02/01/17		4,972
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						58,398
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	3,750,000		Clorox Co		3.800		11/15/21		4,000
	4,500,000		Colgate-Palmolive Co		2.300		05/03/22		4,424
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						8,424

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
INSURANCE - 0.4%
$	5,000,000		Berkshire Hathaway Finance Corp		0.950	%	08/15/16	$	5,017
	10,120,000	g	Five Corners Funding Trust		4.419		11/15/23		10,701
	3,100,000		Progressive Corp		3.750		08/23/21		3,321
	15,000,000	i	Prudential Financial, Inc		5.200		03/15/44		14,850
	9,535,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		9,359
	8,687,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		9,001
	2,000,000		Travelers Cos, Inc		5.900		06/02/19		2,314
			TOTAL INSURANCE						54,563
MATERIALS - 0.7%
	4,405,000		Agrium, Inc		3.150		10/01/22		4,300
	9,075,000		Agrium, Inc		5.250		01/15/45		9,802
	3,335,000		Air Products & Chemicals, Inc		4.375		08/21/19		3,635
	2,275,000		Ball Corp		5.000		03/15/22		2,343
	8,930,000		Ball Corp		4.000		11/15/23		8,617
	5,750,000		Domtar Corp		4.400		04/01/22		5,902
	2,300,000		Eastman Chemical Co		5.500		11/15/19		2,584
	7,050,000		Eastman Chemical Co		2.700		01/15/20		7,090
	1,000,000		Eastman Chemical Co		4.650		10/15/44		1,023
	990,000		International Paper Co		5.300		04/01/15		1,000
	5,000,000		International Paper Co		6.000		11/15/41		5,854
	4,000,000		International Paper Co		4.800		06/15/44		4,085
	5,000,000	e	MeadWestvaco Corp		7.375		09/01/19		5,908
	5,000,000		Nucor Corp		4.000		08/01/23		5,237
	4,000,000		Praxair, Inc		2.450		02/15/22		3,928
	19,490,000		Rock Tenn Co		3.500		03/01/20		19,778
	8,000,000		Sherwin-Williams Co		1.350		12/15/17		7,945
			TOTAL MATERIALS						99,031
MEDIA - 0.1%
	7,225,000		Time Warner Cable, Inc		8.250		04/01/19		8,844
	5,500,000		Time Warner Cable, Inc		4.500		09/15/42		5,654
			TOTAL MEDIA						14,498
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	12,733,000		Bristol-Myers Squibb Co		3.250		08/01/42		11,155
	2,250,000		Gilead Sciences, Inc		4.400		12/01/21		2,481
	5,700,000		Gilead Sciences, Inc		4.500		02/01/45		6,092
	4,600,000		Johnson & Johnson		2.150		05/15/16		4,694
	18,100,000		Johnson & Johnson		4.375		12/05/33		20,274
	10,065,000		Johnson & Johnson		4.500		09/01/40		11,490
	8,080,000		Life Technologies Corp		3.500		01/15/16		8,178
	3,900,000		Mead Johnson Nutrition Co		4.600		06/01/44		4,095
	9,000,000	i	Merck & Co, Inc		0.592		05/18/18		9,015
	4,000,000	g	Roche Holdings, Inc		4.000		11/28/44		4,199
	5,750,000	g	Valeant Pharmaceuticals International, Inc		6.750		08/15/18		6,117
	4,750,000	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		4,964
	475,000	g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		478
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						93,232

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
REAL ESTATE - 0.5%
$	8,907,000		Equity One, Inc		3.750	%	11/15/22	$	8,940
	1,400,000		Federal Realty Investment Trust		5.900		04/01/20		1,618
	10,100,000	e	Federal Realty Investment Trust		2.750		06/01/23		9,728
	10,000,000		Federal Realty Investment Trust		4.500		12/01/44		10,407
	3,400,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,802
	1,250,000		Kilroy Realty LP		5.000		11/03/15		1,289
	16,355,000		Kilroy Realty LP		3.800		01/15/23		16,549
	3,900,000		Mid-America Apartments LP		4.300		10/15/23		4,104
	9,150,000		Mid-America Apartments LP		3.750		06/15/24		9,183
	10,000,000		Regency Centers LP		3.750		06/15/24		10,176
	2,400,000		Ventas Realty LP		3.250		08/15/22		2,368
			TOTAL REAL ESTATE						78,164
SOFTWARE & SERVICES - 0.1%
	4,000,000		Xerox Corp		2.950		03/15/17		4,110
	9,000,000		Xerox Corp		2.800		05/15/20		8,841
			TOTAL SOFTWARE & SERVICES						12,951
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	3,375,000		CC Holdings GS V LLC		2.381		12/15/17		3,405
	10,000,000	i	Hewlett-Packard Co		1.170		01/14/19		9,829
	5,475,000		Motorola Solutions, Inc		3.500		09/01/21		5,475
	6,100,000		Xerox Corp		3.800		05/15/24		5,982
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						24,691
TELECOMMUNICATION SERVICES - 0.5%
	3,400,000	e	CenturyLink, Inc		6.750		12/01/23		3,723
	12,825,000		Sprint Corp		7.250		09/15/21		12,713
	3,235,000		Sprint Nextel Corp		6.000		12/01/16		3,384
	9,500,000		Verizon Communications, Inc		1.350		06/09/17		9,456
	33,000,000		Verizon Communications, Inc		4.400		11/01/34		32,801
	9,750,000		Vodafone Group plc		1.500		02/19/18		9,575
			TOTAL TELECOMMUNICATION SERVICES						71,652
TRANSPORTATION - 0.9%
	11,375,000		Burlington Northern Santa Fe LLC		3.400		09/01/24		11,583
	4,600,000		Burlington Northern Santa Fe LLC		5.050		03/01/41		5,181
	2,100,000		Burlington Northern Santa Fe LLC		4.950		09/15/41		2,336
	10,000,000		Burlington Northern Santa Fe LLC		4.550		09/01/44		10,733
	4,421,000	i	Canadian National Railway Co		0.432		11/06/15		4,422
	9,000,000	i	Canadian National Railway Co		0.403		11/14/17		9,002
	6,500,000		CSX Corp		4.100		03/15/44		6,439
	2,545,000		GATX Corp		2.500		07/30/19		2,526
	23,500,000		GATX Corp		2.600		03/30/20		23,147
	7,250,000		GATX Corp		5.200		03/15/44		7,907
	2,500,000		Norfolk Southern Corp		5.750		01/15/16		2,620
	5,000,000		Norfolk Southern Corp		3.250		12/01/21		5,118
	12,775,000		Norfolk Southern Corp		3.000		04/01/22		12,828
	6,894,000		Norfolk Southern Corp		2.903		02/15/23		6,815
	475,000		Norfolk Southern Corp		5.590		05/17/25		565
	6,900,000		Ryder System, Inc		2.550		06/01/19		6,909

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,450,000		Southwest Airlines Co		2.750	%	11/06/19	$	3,466
	1,360,000	i	United Parcel Service of America, Inc (Step Bond 8.375% until 04/01/20, 7.620% until 04/01/30)		8.375		04/01/30		2,034
			TOTAL TRANSPORTATION						123,631
UTILITIES - 1.8%
	1,650,000		Arizona Public Service Co		4.500		04/01/42		1,748
	2,000,000		Atmos Energy Corp		8.500		03/15/19		2,486
	1,200,000		Connecticut Light & Power Co		5.500		02/01/19		1,362
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,567
	1,536,877	g	Continental Wind LLC		6.000		02/28/33		1,687
	9,000,000		Ethiopian Leasing 2012 LLC		2.566		08/14/26		8,873
	4,429,227		Export Lease Ten Co LLC		1.650		05/07/25		4,224
	1,324,657	g	Great River Energy		5.829		07/01/17		1,409
	3,375,000	g	International Transmission Co		4.625		08/15/43		3,978
	7,575,000		Interstate Power & Light Co		3.250		12/01/24		7,707
	7,250,000		ITC Holdings Corp		5.300		07/01/43		8,453
	9,250,000	g	Narragansett Electric Co		4.170		12/10/42		9,520
	9,500,000		Nevada Power Co		5.875		01/15/15		9,513
	9,450,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		9,547
	9,600,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		10,156
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		10,270
	11,800,000		NiSource Finance Corp		4.800		02/15/44		12,572
	6,000,000		Northeast Utilities		1.450		05/01/18		5,909
	9,750,000	e	Northern States Power Co		2.600		05/15/23		9,592
	1,500,000		Northwest Natural Gas Co		5.620		11/21/23		1,788
	10,000,000		NorthWestern Corp		4.176		11/15/44		10,602
	5,000,000		Piedmont Natural Gas Co, Inc		4.100		09/18/34		5,355
	630,000		Public Service Co of Colorado		4.750		08/15/41		730
	13,400,000		Public Service Co of New Hampshire		3.500		11/01/23		13,838
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,638
	620,000		San Diego Gas & Electric Co		6.000		06/01/39		823
	8,875,000		Sierra Pacific Power Co		3.375		08/15/23		9,213
	1,675,000	g	Solar Star Funding LLC		5.375		06/30/35		1,771
	10,900,000		Southern California Gas Co		3.150		09/15/24		11,014
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		5,237
	19,385,000	g	Topaz Solar Farms LLC		4.875		09/30/39		20,409
	14,500,000	g	Topaz Solar Farms LLC		5.750		09/30/39		16,359
	5,000,000		Washington Gas Light Co		5.440		08/11/25		5,630
	16,525,000		WGL Holdings, Inc		2.250		11/01/19		16,354
	4,975,000		Wisconsin Power & Light Co		4.100		10/15/44		5,153
	9,000,000		Zarapito Leasing LLC		2.628		11/12/26		8,973
			TOTAL UTILITIES						260,460
			TOTAL CORPORATE BONDS						2,043,693
			(Cost $1,997,667)
GOVERNMENT BONDS -  22.5%
AGENCY SECURITIES - 4.3%
	6,474,671		Cal Dive I- Title XI, Inc		4.930		02/01/27		7,217
	6,362,978		COP I LLC		3.613		12/05/21		6,798
	5,500,000		Federal Home Loan Bank (FHLB)		5.000		11/17/17		6,113

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	17,166,667		FHLB		2.350	%	08/08/22	$	16,706
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		4,989
	6,400,000		Federal National Mortgage Association (FNMA)		1.125		04/27/17		6,436
	15,500,000		FNMA		2.625		09/06/24		15,697
	8,432,080		Gate Capital Cayman One Ltd		1.839		03/27/21		8,427
	6,100,703		Gate Capital Cayman Two		3.550		06/11/21		6,435
	1,096,000	j	Government Trust Certificate		0.000		04/01/19		1,006
	5,000,000	j	Government Trust Certificate		0.000		04/01/21		4,178
	19,100,000		Hashemite Kingdom of Jordan Government AID Bond		1.945		06/23/19		19,230
	33,000,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		33,550
	9,000,000	g	Hospital for Special Surgery		3.500		01/01/23		9,143
	9,375,000	i	India Government AID Bond		0.332		02/01/27		8,932
	7,650,000		Lutheran Medical Center		1.982		02/20/30		7,314
	12,195,000		Micron Semiconductor Asia Pte Ltd		1.258		01/15/19		12,175
	4,225,000	g	Montefiore Medical Center		3.896		05/20/27		4,276
	299,323		National Credit Union Administration		1.840		10/07/20		301
	2,750,000	j	Overseas Private Investment Corp (OPIC)		0.000		04/30/15		2,793
	11,000,000	j	OPIC		0.000		11/17/16		11,656
	10,750,000	j	OPIC		0.000		11/17/17		10,815
	3,000,000	j	OPIC		0.000		04/30/18		3,152
	5,700,000	j	OPIC		0.000		11/15/19		5,704
	2,942,052		OPIC		5.142		12/15/23		3,284
	5,267,453		OPIC		2.290		09/15/26		5,289
	2,904,907		OPIC		2.040		12/15/26		2,872
	7,863,412		OPIC		4.440		02/27/27		8,823
	13,500,000		OPIC		3.280		09/15/29		14,040
	2,483,210		OPIC		2.610		04/15/30		2,400
	4,560,000		OPIC		2.930		05/15/30		4,535
	7,536,000		OPIC		3.040		05/15/30		7,646
	9,117,667		OPIC		3.540		06/15/30		9,654
	2,267,215		OPIC		2.310		11/15/30		2,144
	23,402,985		OPIC		3.370		12/15/30		24,461
	23,127,185		OPIC		3.820		12/20/32		24,777
	14,920,765		OPIC		3.938		12/20/32		16,025
	12,500,000		OPIC		3.160		06/01/33		12,564
	21,000,000		OPIC		3.430		06/01/33		21,472
	4,745,834		Premier Aircraft Leasing		3.576		02/06/22		5,013
	1,050,000		Private Export Funding Corp (PEFCO)		4.550		05/15/15		1,067
	9,750,000		PEFCO		2.125		07/15/16		9,947
	11,750,000		PEFCO		1.375		02/15/17		11,859
	8,000,000		PEFCO		2.250		12/15/17		8,212
	5,000,000		PEFCO		4.375		03/15/19		5,504
	14,000,000		PEFCO		1.450		08/15/19		13,454
	16,150,000		PEFCO		2.250		03/15/20		16,233
	17,500,000		PEFCO		4.300		12/15/21		19,467
	8,250,000		PEFCO		2.050		11/15/22		7,919
	4,000,000		PEFCO		3.550		01/15/24		4,238
	2,000,000		PEFCO		2.450		07/15/24		1,951
	3,257,998		Tayarra Ltd		3.628		02/15/22		3,448
	3,163,048		Tricahue Leasing LLC		3.503		11/19/21		3,333
	31,044,000	e	Tunisia Government AID Bonds		1.686		07/16/19		30,912
	9,250,000		Ukraine Government AID Bonds		1.844		05/16/19		9,312
	8,750,000		Ulani MSN 35940 LLC		2.227		05/16/25		8,606

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,025,000		UNM Sandoval Regional Medical Center		4.500	%	07/20/36	$	8,429
	5,375,000		US Department of Housing and Urban Development (HUD)		2.200		08/01/15		5,435
	5,250,000		HUD		4.330		08/01/15		5,371
	3,894,000		HUD		2.910		08/01/17		4,081
	8,000,000		HUD		4.560		08/01/17		8,724
	10,750,000		HUD		1.770		08/01/18		10,835
	5,007,000		HUD		5.380		08/01/18		5,392
	750,000		HUD		2.050		08/01/19		764
	9,500,000		HUD		4.870		08/01/19		10,751
	13,967,000		HUD		4.960		08/01/20		15,939
	13,500,000		HUD		5.050		08/01/21		15,457
	3,217,000		HUD		2.910		08/01/23		3,313
			TOTAL AGENCY SECURITIES						627,995
FOREIGN GOVERNMENT BONDS - 5.0%
	24,000,000		African Development Bank		0.750		10/18/16		24,004
	13,550,000		African Development Bank		2.375		09/23/21		13,801
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		6,009
	24,000,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		25,647
	6,300,000	e	Canada Government International Bond		0.875		02/14/17		6,305
	8,207,637	g	Carpintero Finance Ltd		2.004		09/18/24		7,993
	24,750,000		Council of Europe Development Bank		1.500		01/15/15		24,757
	14,250,000		Council of Europe Development Bank		1.000		03/07/18		14,104
	24,000,000		European Bank for Reconstruction & Development		1.625		04/10/18		24,144
	48,000,000	e	European Investment Bank		2.500		10/15/24		48,690
	2,000,000		European Investment Bank		4.875		02/15/36		2,564
	33,225,000		Export Development Canada		0.875		01/30/17		33,230
	9,000,000	e	Export Development Canada		1.625		12/03/19		8,951
	18,175,000		Export-Import Bank of Korea		1.750		02/27/18		18,074
	7,500,000		FMS Wertmanagement AoeR		1.125		09/05/17		7,496
	15,300,000		Hydro Quebec		2.000		06/30/16		15,593
	6,082,000		Hydro Quebec		8.400		01/15/22		8,183
	10,200,000		Hydro-Quebec		1.375		06/19/17		10,254
	33,750,000		Inter-American Development Bank		1.500		09/25/18		33,779
	19,000,000	i	International Bank for Reconstruction & Development		0.172		07/22/15		18,994
	49,000,000		International Bank for Reconstruction & Development		0.375		08/24/15		49,014
	3,000,000		International Bank for Reconstruction & Development		2.000		10/20/16		3,067
	24,500,000	e	International Finance Corp		0.500		05/15/15		24,509
	24,000,000		International Finance Corp		0.500		05/16/16		23,955
	29,000,000	g,i	International Finance Facility for Immunisation		0.446		07/05/16		29,004
	2,850,000	e	Italy Government International Bond		5.375		06/12/17		3,094
	10,000,000		KFW		2.625		01/25/22		10,339
	19,000,000	g	Kommunalbanken AS.		0.750		11/21/16		18,974
	7,500,000	g	National Bank of Canada		2.200		10/19/16		7,665
	13,500,000		North American Development Bank		2.300		10/10/18		13,671
	33,575,000		North American Development Bank		2.400		10/26/22		32,513
	17,500,000	g	Province of Alberta Canada		1.000		06/21/17		17,484
	4,000,000		Province of British Columbia Canada		2.850		06/15/15		4,045
	5,000,000		Province of British Columbia Canada		1.200		04/25/17		5,023
	15,250,000	e	Province of Manitoba Canada		1.750		05/30/19		15,233
	15,000,000		Province of Manitoba Canada		2.100		09/06/22		14,700
	12,700,000		Province of Manitoba Canada		3.050		05/14/24		13,162
	10,000,000		Province of New Brunswick Canada		2.750		06/15/18		10,381

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,000,000		Province of Nova Scotia Canada		2.375	%	07/21/15	$	5,054
	8,100,000		Province of Ontario Canada		2.950		02/05/15		8,115
	9,450,000		Province of Ontario Canada		2.700		06/16/15		9,550
	15,000,000		Province of Ontario Canada		2.300		05/10/16		15,331
	9,500,000		Province of Ontario Canada		1.200		02/14/18		9,421
	5,000,000		Province of Ontario Canada		4.400		04/14/20		5,564
	10,000,000		Province of Quebec Canada		3.500		07/29/20		10,701
	5,000,000		Province of Quebec Canada		7.500		09/15/29		7,389
			TOTAL FOREIGN GOVERNMENT BONDS						719,530
MORTGAGE BACKED - 8.2%
	11,026,215		Federal Home Loan Mortgage Corp (FHLMC)		3.500		04/15/40		11,609
	6,020,463		FHLMC		4.000		03/15/44		6,358
	41,360		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		43
	106,264		FGLMC		6.000		12/01/17		112
	1,564,079		FGLMC		4.500		01/01/19		1,652
	547,612		FGLMC		5.500		01/01/19		583
	511,825		FGLMC		5.000		02/01/19		539
	218,714		FGLMC		4.500		01/01/20		230
	67,671		FGLMC		4.500		07/01/20		72
	91,208		FGLMC		7.000		10/01/20		98
	509,022		FGLMC		4.500		06/01/21		543
	1,736,691		FGLMC		4.500		06/01/21		1,852
	309,893		FGLMC		4.500		03/01/23		333
	220,675		FGLMC		5.000		04/01/23		240
	8,276		FGLMC		7.000		05/01/23		9
	799,645		FGLMC		4.000		07/01/24		851
	267,032		FGLMC		4.500		09/01/24		288
	9,000,000	h	FGLMC		3.000		01/15/30		9,341
	25,369		FGLMC		8.000		01/01/31		29
	644,421		FGLMC		4.500		07/01/33		700
	1,050,826		FGLMC		5.500		09/01/33		1,182
	1,142,832		FGLMC		5.500		09/01/33		1,287
	1,649,852		FGLMC		5.500		12/01/33		1,861
	3,853,252		FGLMC		7.000		12/01/33		4,558
	1,334,212		FGLMC		7.000		05/01/35		1,499
	200,502		FGLMC		5.000		02/01/36		222
	13,087		FGLMC		6.500		05/01/36		15
	1,003,558		FGLMC		5.000		07/01/39		1,108
	3,951,700		FGLMC		4.500		11/01/40		4,375
	4,530,522		FGLMC		4.500		12/01/40		5,008
	4,912,122	h	FGLMC		3.500		07/01/43		5,127
	8,864,812		FGLMC		4.000		09/01/44		9,571
	974,663		FGLMC		4.500		10/01/44		1,080
	1,132,893	h	FGLMC		4.500		11/01/44		1,255
	1,439,843	h	FGLMC		4.500		11/01/44		1,596
	585,906	h	FGLMC		4.500		12/01/44		649
	901,232	h	FGLMC		4.500		12/01/44		999
	7,000,000	h	FGLMC		3.000		01/15/45		7,071
	3,000,000	h	FGLMC		3.500		01/15/45		3,119
	3,000,000	h	FGLMC		4.000		01/15/45		3,198
	4,000,000	h	FGLMC		3.500		02/15/45		4,149
	10,000,000	h	FGLMC		4.000		02/15/45		10,633

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	19,749		Federal National Mortgage Association (FNMA)		6.500	%	10/01/16	$	20
	138,878		FNMA		6.500		04/01/17		145
	51,275		FNMA		6.500		02/01/18		54
	1,189,486		FNMA		5.500		11/01/18		1,277
	846,357		FNMA		5.000		12/01/18		906
	758,749		FNMA		5.000		01/01/19		811
	27,418		FNMA		4.500		03/01/19		29
	110,109		FNMA		4.500		11/01/20		116
	782,859		FNMA		5.500		08/01/21		856
	283,194		FNMA		4.500		03/01/23		304
	13,127		FNMA		8.000		03/01/23		14
	860,882		FNMA		5.000		07/01/23		929
	472,070		FNMA		4.000		05/01/24		503
	35,960		FNMA		8.000		07/01/24		43
	675,892		FNMA		4.500		08/01/24		731
	2,718,825		FNMA		4.000		09/01/24		2,897
	5,228,970		FNMA		3.000		05/01/27		5,458
	19,000,000	h	FNMA		2.500		01/25/30		19,344
	19,000,000	h	FNMA		3.000		01/25/30		19,749
	25,000,000	h	FNMA		3.500		01/25/30		26,410
	517,673		FNMA		6.500		07/01/32		597
	474,531		FNMA		4.500		03/25/33		485
	5,572,964		FNMA		3.000		10/01/33		5,756
	651,108		FNMA		5.000		11/01/33		731
	85,657		FNMA		7.000		01/01/34		93
	2,585,921		FNMA		5.500		03/01/34		2,914
	3,846,384		FNMA		3.500		03/25/34		3,938
	35,152		FNMA		7.500		06/01/35		38
	2,154,002		FNMA		5.500		09/01/37		2,407
	985,643		FNMA		6.000		09/01/37		1,139
	858,529		FNMA		6.000		09/01/37		991
	278,558		FNMA		6.500		09/01/37		317
	1,068,356		FNMA		5.500		01/01/38		1,200
	18,628		FNMA		6.500		02/01/38		21
	2,235,642		FNMA		5.500		04/01/38		2,499
	1,726,480		FNMA		5.500		06/01/38		1,929
	4,023,366	h	FNMA		5.500		11/01/38		4,515
	7,100,653		FNMA		5.500		12/01/38		8,057
	7,313,245		FNMA		4.000		02/01/39		7,826
	454,453		FNMA		4.000		07/01/39		490
	10,335,172		FNMA		3.500		07/25/39		10,856
	2,327,382		FNMA		5.500		08/01/39		2,629
	980,298		FNMA		4.500		10/01/39		1,066
	637,949		FNMA		5.500		11/01/39		713
	1,055,954		FNMA		4.500		06/01/40		1,149
	869,133		FNMA		5.000		08/01/40		963
	4,383,921		FNMA		5.000		09/01/40		4,852
	848,546		FNMA		4.500		10/01/40		926
	1,752,167		FNMA		4.500		11/01/40		1,917
	2,342,190		FNMA		4.500		11/01/40		2,545
	866,246		FNMA		3.500		01/01/41		905
	414,619		FNMA		3.500		02/01/41		434
	5,908,803		FNMA		5.000		05/01/41		6,541

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,248,529		FNMA		5.000	%	06/01/41	$	1,386
	1,540,225		FNMA		3.500		11/01/41		1,609
	18,093,023		FNMA		5.500		12/01/41		20,582
	3,720,364		FNMA		4.500		04/01/42		4,041
	217,072		FNMA		3.000		10/01/42		220
	12,031,855		FNMA		3.000		10/01/42		12,196
	225,312		FNMA		3.000		10/01/42		228
	10,707,715		FNMA		3.500		10/01/42		11,177
	566,346		FNMA		3.000		11/01/42		574
	11,216,196	h	FNMA		4.000		11/01/42		12,099
	38,344		FNMA		3.000		12/01/42		39
	321,510		FNMA		3.000		12/01/42		326
	9,214,602		FNMA		3.000		01/01/43		9,340
	4,155,883		FNMA		3.000		01/01/43		4,211
	11,452,848		FNMA		3.000		02/01/43		11,611
	610,770		FNMA		3.000		02/01/43		619
	141,861		FNMA		3.000		02/01/43		144
	5,402,963		FNMA		3.000		02/01/43		5,476
	3,306,987		FNMA		3.500		02/01/43		3,469
	136,509		FNMA		3.000		03/01/43		138
	256,254		FNMA		3.000		03/01/43		260
	748,113		FNMA		3.000		03/01/43		758
	151,128		FNMA		3.000		03/01/43		153
	153,828		FNMA		3.000		04/01/43		156
	322,571		FNMA		3.000		04/01/43		327
	346,251		FNMA		3.000		04/01/43		351
	196,680		FNMA		3.000		04/01/43		199
	54,684		FNMA		3.000		04/01/43		55
	164,049		FNMA		3.000		04/01/43		166
	216,634		FNMA		3.000		04/01/43		219
	14,771		FNMA		3.000		04/01/43		15
	71,762		FNMA		3.000		04/01/43		73
	5,011,544		FNMA		3.000		05/01/43		5,078
	525,231		FNMA		3.500		05/01/43		551
	888,096		FNMA		3.500		05/01/43		931
	882,819		FNMA		3.500		06/01/43		926
	530,867		FNMA		3.500		06/01/43		557
	2,318,446		FNMA		3.500		06/01/43		2,432
	430,482		FNMA		3.500		06/01/43		452
	1,106,356		FNMA		3.500		06/01/43		1,160
	1,151,138		FNMA		3.500		06/01/43		1,207
	2,730,355		FNMA		4.000		06/01/43		2,945
	3,102,927		FNMA		3.500		07/01/43		3,255
	1,462,827		FNMA		3.500		07/01/43		1,534
	14,381,748		FNMA		4.000		11/01/43		15,543
	671,515		FNMA		4.000		12/01/43		724
	3,667,185		FNMA		4.000		01/01/44		3,956
	6,945,753		FNMA		4.500		01/01/44		7,699
	247,221		FNMA		4.000		02/01/44		266
	765,957		FNMA		4.000		02/01/44		826
	4,258,282		FNMA		4.000		02/01/44		4,594
	3,180,997		FNMA		4.000		02/25/44		3,357
	683,143	h	FNMA		4.000		03/01/44		737

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	809,924		FNMA		4.000	%	03/01/44	$	873
	5,451,509		FNMA		4.000		04/01/44		5,881
	1,178,018		FNMA		4.000		04/01/44		1,271
	1,784,620		FNMA		4.000		04/01/44		1,925
	5,113,245		FNMA		4.000		05/01/44		5,515
	127,345		FNMA		4.500		05/01/44		141
	3,444,216		FNMA		4.000		06/01/44		3,710
	2,595,731		FNMA		4.000		06/01/44		2,800
	13,351,920		FNMA		4.500		06/01/44		14,798
	1,459,174		FNMA		4.500		06/01/44		1,617
	2,563,940		FNMA		4.500		06/01/44		2,842
	980,112		FNMA		4.000		07/01/44		1,057
	2,447,557		FNMA		4.000		07/01/44		2,641
	12,267,938		FNMA		3.000		07/25/44		12,692
	2,989,633		FNMA		4.000		08/01/44		3,225
	3,701,488		FNMA		4.000		08/01/44		3,993
	3,464,606	h	FNMA		4.000		08/01/44		3,738
	3,034,370		FNMA		4.500		08/01/44		3,363
	715,422		FNMA		4.000		09/01/44		772
	19,798,778		FNMA		4.500		09/01/44		21,944
	845,023		FNMA		3.500		10/01/44		886
	1,158,855		FNMA		3.500		10/01/44		1,216
	4,499,755		FNMA		4.000		10/01/44		4,855
	7,087,674		FNMA		4.500		10/01/44		7,856
	14,751,979		FNMA		4.500		11/01/44		16,352
	1,852,471	h	FNMA		4.500		11/01/44		2,055
	15,000,000	h	FNMA		3.000		01/25/45		15,173
	26,000,000	h	FNMA		3.500		01/25/45		27,103
	25,000,000	h	FNMA		4.000		01/25/45		26,681
	14,000,000	h	FNMA		4.500		01/25/45		15,197
	19,000,000	h	FNMA		5.000		01/25/45		20,992
	6,000,000	h	FNMA		5.500		01/25/45		6,712
	33,000,000	h	FNMA		3.000		02/25/45		33,298
	85,000,000	h	FNMA		3.500		02/25/45		88,377
	61,000,000	h	FNMA		4.000		02/25/45		64,936
	19,000,000	h	FNMA		4.500		02/25/45		20,588
	33,000,000	h	FNMA		5.000		02/25/45		36,418
	13,301		Government National Mortgage Association (GNMA)		9.000		12/15/17		14
	4,564,709		GNMA		2.300		10/15/19		4,641
	9,233		GNMA		8.000		06/15/22		10
	22,928		GNMA		6.500		08/15/23		26
	8,862		GNMA		6.500		08/15/23		10
	7,388,633		GNMA		2.580		08/15/25		7,535
	110,944		GNMA		6.500		05/20/31		131
	9,278,377		GNMA		2.640		01/15/33		9,154
	12,974,426		GNMA		2.690		06/15/33		12,808
	308,492		GNMA		5.500		07/15/33		347
	164,781		GNMA		6.000		10/20/36		188
	172,278		GNMA		6.000		01/20/37		196
	596,710		GNMA		5.500		02/15/37		669
	931,729		GNMA		6.000		02/20/37		1,062
	454,989		GNMA		5.000		04/15/38		501
	321,584		GNMA		6.000		08/20/38		363

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	650,814		GNMA		6.500	%	11/20/38	$	737
	618,888		GNMA		5.000		07/20/39		691
	4,665,925		GNMA		4.500		09/20/39		5,172
	4,749,894		GNMA		3.500		07/15/43		5,015
	2,115,084		GNMA		5.000		02/20/44		2,319
	1,828,338		GNMA		5.000		03/20/44		2,005
	17,841,285		GNMA		4.000		10/20/44		19,168
	24,000,000	h	GNMA		3.500		12/20/44		25,231
	31,000,000	h	GNMA		3.000		01/15/45		31,701
	20,000,000	h	GNMA		3.000		01/20/45		20,453
	64,000,000	h	GNMA		3.500		01/20/45		67,180
	16,000,000	h	GNMA		4.000		01/20/45		17,155
	6,000,000	h	GNMA		4.500		01/20/45		6,556
	3,000,000	h	GNMA		5.000		01/20/45		3,284
	16,000,000	h	GNMA		4.500		02/20/45		17,452
			TOTAL MORTGAGE BACKED						1,173,293
MUNICIPAL BONDS - 3.2%
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		5,324
	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		3,758
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,605
	675,000		California Earthquake Authority		1.194		07/01/16		675
	7,465,000		California Earthquake Authority		2.805		07/01/19		7,450
	6,165,000	g	California Pollution Control Financing Authority		5.000		07/01/27		6,458
	8,020,000	g	California Pollution Control Financing Authority		5.000		07/01/37		8,318
	2,500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		2,579
	3,700,000		Calleguas Municipal Water District		2.030		07/01/18		3,724
	1,225,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		1,228
	2,300,000		Chelan County Public Utility District No		1.867		07/01/15		2,301
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		6,216
	1,250,000		City & County of Honolulu, HI		6.114		07/01/29		1,423
	7,130,000		City of Beaumont TX Waterworks & Sewer System Revenue		1.650		09/01/18		7,124
	4,000,000		City of Dallas, TX		5.078		02/15/22		4,594
	1,500,000		City of Dallas, TX		5.195		02/15/35		1,745
	760,000		City of Eugene, OR		6.320		08/01/22		891
	12,500,000		City of Houston TX Utility System Revenue		2.563		05/15/20		12,662
	10,095,000		City of Houston TX Utility System Revenue		2.923		05/15/21		10,351
	1,615,000		City of Jersey City NJ		1.192		09/01/15		1,615
	2,200,000		City of Jersey City NJ		1.509		09/01/16		2,203
	2,180,000		City of Jersey City NJ		1.829		09/01/17		2,171
	500,000		City of Jersey City NJ		2.079		09/01/18		496
	925,000		City of Jersey City NJ		2.423		09/01/19		918
	1,000,000		Commonwealth Financing Authority		2.675		06/01/21		996
	1,150,000		Commonwealth Financing Authority		2.875		06/01/22		1,139
	2,310,000		Commonwealth Financing Authority		3.075		06/01/23		2,290
	24,000,000		Commonwealth of Massachusetts		5.000		08/01/33		27,961
	5,000,000		Commonwealth of Massachusetts		5.456		12/01/39		6,293
	1,105,000		County of Mercer, NJ		5.380		02/01/17		1,141
	23,500,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		27,022
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric		5.112		09/01/18		1,759

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,635,000		Fiscal Year 2005 Securitization Corp		4.760	%	08/15/19	$	5,005
	9,750,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		9,803
	15,630,000	j	Garden State Preservation Trust		0.000		11/01/22		13,111
	1,000,000		Grant County Public Utility District No 2		5.470		01/01/34		1,111
	1,250,000		Grant County Public Utility District No 2		4.164		01/01/35		1,284
	4,135,000		Greene County OH		2.720		12/01/21		4,145
	4,365,000		Greene County OH		3.120		12/01/23		4,372
	4,615,000		Greene County OH		3.270		12/01/24		4,612
	4,755,000		Greene County OH		3.420		12/01/25		4,762
	1,700,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,909
	975,000		Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		982
	1,350,000		Kansas Development Finance Authority		4.722		05/01/15		1,364
	540,000		Lavaca-Navidad River Authority		3.850		08/01/26		544
	6,430,000		Lavaca-Navidad River Authority		4.430		08/01/35		6,501
	785,000		Massachusetts Housing Finance Agency		1.306		06/01/16		786
	425,000		Massachusetts Housing Finance Agency		1.776		06/01/17		425
	4,960,000		Massachusetts Housing Finance Agency		4.782		12/01/20		5,072
	5,400,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		6,396
	3,500,000		Metropolitan Council		1.750		09/01/20		3,425
	3,000,000		Metropolitan Washington Airports Authority		5.690		10/01/30		3,089
	5,000,000		Metropolitan Water District of Southern California		6.250		07/01/39		5,724
	750,000		Metropolitan Water Reclamation District of Greater Chicago		2.229		12/01/16		762
	1,590,000		Michigan Finance Authority		5.000		07/01/16		1,677
	8,945,000		Michigan Finance Authority		5.000		07/01/22		10,240
	500,000		Michigan Finance Authority		5.000		07/01/22		570
	8,000,000		Michigan Finance Authority		5.000		07/01/22		9,158
	515,000		Michigan Finance Authority		5.000		07/01/29		565
	2,500,000		Michigan Finance Authority		5.000		07/01/30		2,731
	2,000,000		Michigan Finance Authority		5.000		07/01/31		2,176
	1,130,000		New York State Energy Research & Development Authority		1.028		07/01/16		1,127
	1,590,000		New York State Energy Research & Development Authority		2.372		07/01/19		1,610
	1,285,000		New York State Energy Research & Development Authority		2.772		07/01/20		1,312
	1,590,000		New York State Energy Research & Development Authority		3.206		07/01/22		1,655
	1,200,000		New York State Environmental Facilities Corp		2.005		06/15/19		1,192
	1,220,000		New York State Environmental Facilities Corp		2.595		06/15/21		1,220
	1,255,000		New York State Environmental Facilities Corp		3.045		06/15/24		1,259
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,230
	500,000		New York State Environmental Facilities Corp		3.684		12/15/29		499
	800,000		New York State Environmental Facilities Corp		5.807		06/15/39		1,015
	2,475,000		New York State Urban Development Corp		6.500		12/15/18		2,736
	270,000		Newport News Economic Development Authority		5.640		01/15/29		277
	2,230,000		Newport News Economic Development Authority		5.640		01/15/29		2,327
	1,250,000	g	Niagara Area Development Corp		4.000		11/01/24		1,264
	4,750,000		Northern California Power Agency		4.320		07/01/24		4,819
	2,450,000		Ohio State Water Development Authority		4.879		12/01/34		2,797
	635,000		Oklahoma Water Resources Board		2.444		04/01/20		644
	700,000		Oklahoma Water Resources Board		3.071		04/01/22		725
	715,000		Pend Oreille County Public Utility District No  Box Canyon		1.406		01/01/15		715

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,220,000		Pend Oreille County Public Utility District No  Box Canyon		1.987	%	01/01/16	$	1,220
	1,000,000		Pend Oreille County Public Utility District No  Box Canyon		2.417		01/01/17		1,005
	1,000,000		Pend Oreille County Public Utility District No  Box Canyon		2.787		01/01/18		1,009
	1,000,000		Pend Oreille County Public Utility District No  Box Canyon		3.037		01/01/19		1,003
	1,070,000		Pend Oreille County Public Utility District No  Box Canyon		3.621		01/01/21		1,088
	1,900,000		South Dakota Conservancy District		0.712		08/01/15		1,902
	1,000,000		South Dakota Conservancy District		1.620		08/01/18		995
	3,330,000		South Dakota Conservancy District		1.648		08/01/18		3,327
	38,830,000		State of California		3.750		10/01/37		39,335
	7,050,000		State of California		4.988		04/01/39		7,621
	5,000,000		State of Connecticut		5.090		10/01/30		5,701
	5,570,000		State of Illinois		4.350		06/01/18		5,813
	9,000,000		State of Illinois		5.520		04/01/38		8,867
	4,505,000		State of Michigan		3.375		12/01/20		4,743
	4,405,000		State of Michigan		3.590		12/01/26		4,516
	2,500,000		State of Ohio		5.412		09/01/28		3,017
	3,265,000		State of Texas		4.900		08/01/20		3,330
	5,000,000		State of Texas		6.072		10/01/29		5,871
	2,590,000		State of Washington		5.050		01/01/18		2,601
	1,033,000		State of Wisconsin		5.700		05/01/26		1,226
	23,480,000		Suffolk County Water Authority		3.500		06/01/39		23,517
	5,000,000		Tuolumne Wind Project Authority		6.918		01/01/34		5,890
	6,500,000	i	University of California		0.655		07/01/41		6,511
	1,000,000		University of Cincinnati		3.250		06/01/29		1,011
	1,560,000		University of Cincinnati		3.650		06/01/34		1,582
	1,615,000		University of Cincinnati		3.700		06/01/35		1,638
	1,000,000		Washington County Clean Water Services		5.078		10/01/24		1,174
	600,000		West Virginia Water Development Authority		5.000		11/01/21		705
	1,345,000		West Virginia Water Development Authority		5.000		11/01/22		1,593
	1,000,000		West Virginia Water Development Authority		5.000		11/01/23		1,197
			TOTAL MUNICIPAL BONDS						456,247
U.S. TREASURY SECURITIES - 1.8%
	6,000,000		United States Treasury Bond		3.125		02/15/43		6,442
	50,000,000		United States Treasury Bond		2.875		05/15/43		51,141
	35,770,000		United States Treasury Bond		3.125		08/15/44		38,509
	3,131,000		United States Treasury Note		2.500		04/30/15		3,156
	7,565,000		United States Treasury Note		0.250		12/31/15		7,564
	6,000,000		United States Treasury Note		0.625		07/15/16		6,012
	2,200,000		United States Treasury Note		0.500		11/30/16		2,194
	29,060,000		United States Treasury Note		1.000		12/15/17		28,992
	4,230,000		United States Treasury Note		1.625		04/30/19		4,244
	54,880,000		United States Treasury Note		1.625		06/30/19		55,017
	10,929,000		United States Treasury Note		1.500		11/30/19		10,860
	2,000,000		United States Treasury Note		2.000		08/31/21		2,006
	12,234,500		United States Treasury Note		1.625		11/15/22		11,868
	33,574,000		United States Treasury Note		2.250		11/15/24		33,800
			TOTAL U.S. TREASURY SECURITIES						261,805
			TOTAL GOVERNMENT BONDS						3,238,870
			(Cost $3,165,179)

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
STRUCTURED ASSETS - 2.2%
ASSET BACKED - 1.3%
$	14,057,042	g	Alterna Funding I LLC		1.639	%	02/15/21	$	14,031
			Series - 2014 1A (Class NOTE)
	1,482,372	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		1,473
			Series - 2005 HE7 (Class M2)
	3,125,000	g	Avis Budget Rental Car Funding AESOP LLC		6.740		05/20/16		3,162
			Series - 2010 3A (Class B)
	4,500,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110		03/20/17		4,679
			Series - 2010 5A (Class B)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		4,234
			Series - 2011 5A (Class B)
	496,053	i	Bear Stearns Asset Backed Securities Trust		0.910		11/25/39		491
			Series - 2005 SD3 (Class 2A1)
	900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		898
			Series - 2013 1 (Class B)
	975,000		Capital Auto Receivables Asset Trust		1.740		10/22/18		978
			Series - 2013 1 (Class C)
	4,000,000	g	Capital Automotive REIT		3.660		10/15/44		3,982
			Series - 2014 1A (Class A)
	3,501,139	i	Chase Funding Loan Acquisition Trust		1.025		06/25/34		3,249
			Series - 2004 OPT1 (Class M1)
	34,230	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		34
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust		5.557		11/10/46		1,924
			Series - 2011 LC1A (Class C)
	12,561,250	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		13,169
			Series - 2012 1A (Class A2)
	1,500,000		Ford Credit Auto Owner Trust		3.210		07/15/17		1,513
			Series - 2011 A (Class D)
	4,500,000	g	HERO Funding Trust		3.990		09/21/40		4,496
			Series - 2014 2A (Class A)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		556
			Series - 2010 1A (Class B3)
	10,000,000	g	HLSS Servicer Advance Receivables Backed Notes		1.244		01/17/45		10,000
			Series - 2014 T1 (Class AT1)
	1,800,000	g	HLSS Servicer Advance Receivables Backed Notes		2.286		01/17/45		1,800
			Series - 2014 T1 (Class DT1)
	1,767,668	i	Lehman XS Trust		0.420		02/25/36		1,680
			Series - 2006 1 (Class 1A1)
	4,944,770		Lehman XS Trust		6.500		06/25/46		3,858
			Series - 2006 13 (Class 2A1)
	1,313,629	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.690		01/25/36		1,308
			Series - 2005 WCH1 (Class M2)
	398,574	i	Residential Asset Mortgage Products, Inc		5.470		09/25/33		412
			Series - 2003 RZ5 (Class A7)
	246,812	i	Residential Asset Securities Corp		0.815		04/25/35		247
			Series - 2005 KS3 (Class M3)
	1,423,349		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		1,432
			Series - 2006 HI5 (Class A3)
	898,797	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		905
			Series - 2006 HI1 (Class M1)

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	200,000	i	Residential Funding Mortgage Securities II, Inc		6.060	%	02/25/36	$	209
			Series - 2006 HI1 (Class M2)
	3,800,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		3,809
			Series - 2013 1 (Class C)
	537,066	i	Securitized Asset Backed Receivables LLC		0.470		10/25/35		529
			Series - 2006 OP1 (Class A2C)
	2,104,606	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		2,137
			Series - 2012 2A (Class B)
	1,621,116	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		1,617
			Series - 2013 1A (Class A)
	4,045,000	g	SLM Student Loan Trust		3.740		02/15/29		4,240
			Series - 2011 B (Class A2)
	6,749,079	g	SolarCity LMC		4.590		04/20/44		6,995
			Series - 2014 1 (Class A)
	30,500,000	g	SolarCity LMC		4.020		07/20/44		30,646
			Series - 2014 2 (Class A)
	565,788	i	Soundview Home Equity Loan Trust		0.470		11/25/35		561
			Series - 2005 OPT3 (Class A4)
	14,980,183	g	SpringCastle America Funding LLC		2.700		05/25/23		14,956
			Series - 2014 AA (Class A)
	19,985,069		Toyota Auto Receivables Owner Trust		0.410		08/15/16		19,987
			Series - 2014 A (Class A2)
	24,000,000		Toyota Auto Receivables Owner Trust		0.670		12/15/17		23,974
			Series - 2014 A (Class A3)
	569,157	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		579
			Series - 2006 N1 (Class N1)
	727,483	g,i	Wachovia Loan Trust		0.530		05/25/35		692
			Series - 2005 SD1 (Class A)
	256,719	i	Wells Fargo Home Equity Trust		0.310		07/25/36		255
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED						191,697
OTHER MORTGAGE BACKED - 0.9%
	3,050,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		3,146
			Series - 2007 1 (Class AM)
	5,416,386	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		5,676
			Series - 2007 1 (Class AMFX)
	2,590,000	i	Bear Stearns Commercial Mortgage Securities		5.954		09/11/42		2,789
			Series - 2007 T28 (Class AJ)
	1,225,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		1,274
			Series - 2006 C4 (Class AJ)
	3,925,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		4,044
			Series - 2007 C3 (Class AJ)
	2,575,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		2,782
			Series - 2007 C3 (Class AM)
	2,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		2,953
			Series - 2007 C2 (Class AMFX)
	4,265,000	i	Commercial Mortgage Trust		5.238		04/10/37		4,291
			Series - 2005 GG5 (Class AJ)
	1,099,095		Countrywide Alternative Loan Trust		5.500		08/25/16		1,128
			Series - 2004 30CB (Class 1A15)
	1,500,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		1,592
			Series - 2006 C5 (Class AM)
	280,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		285
			Series - 2005 C5 (Class C)
	3,500,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.230		12/15/40		3,586
			Series - 2005 C6 (Class B)

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,550,000	g	Credit Suisse Mortgage Capital Certificates		5.626	%	05/15/23	$	4,028
			Series - 2006 OMA (Class D)
	3,500,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		3,605
			Series - 2009 RR1 (Class A3C)
	911,134	g,i	Credit Suisse Seasoned Loan Trust		0.410		10/25/34		897
			Series - 2006 1 (Class A)
	500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		523
			Series - 2007 C1 (Class AM)
	2,535,000	g,i	GS Mortgage Securities Corp II		5.223		12/10/43		2,800
			Series - 2010 C2 (Class B)
	1,434,838	i	Harborview Mortgage Loan Trust		0.384		07/19/47		1,229
			Series - 2007 4 (Class 2A1)
	876,199	i	Impac CMB Trust		0.830		03/25/35		801
			Series - 2004 11 (Class 2A1)
	2,125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.259		07/15/46		2,362
			Series - 2011 C4 (Class C)
	3,780,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		3,799
			Series - 2005 LDP2 (Class C)
	11,841,198		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		12,384
			Series - 2006 LDP9 (Class A1A)
	6,029,215	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		6,569
			Series - 2007 LD12 (Class AM)
	2,500,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		2,599
			Series - 2007 C1 (Class AJ)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		813
			Series - 2007 C6 (Class AM)
	275,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		280
			Series - 2005 C5 (Class AJ)
	645,000	i	Merrill Lynch Mortgage Trust		6.289		02/12/51		708
			Series - 0 C1 (Class AJA)
	2,750,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		2,841
			Series - 2007 6 (Class AM)
	2,111,000	i	Morgan Stanley Capital I		5.834		10/15/42		2,205
			Series - 2006 IQ11 (Class AJ)
	855,000	g,i	Morgan Stanley Capital I Trust		5.810		08/12/41		906
			Series - 2006 T23 (Class B)
	3,000,000	i	Morgan Stanley Capital I Trust		5.389		11/12/41		3,078
			Series - 2006 HQ10 (Class AJ)
	1,500,000	i	Morgan Stanley Capital I Trust		5.651		06/11/42		1,616
			Series - 2007 T27 (Class AJ)
	1,000,000	i	Morgan Stanley Capital I Trust		5.271		08/13/42		998
			Series - 2005 HQ6 (Class F)
	710,000	g,i	Morgan Stanley Capital I Trust		5.251		09/15/47		775
			Series - 2011 C1 (Class D)
	6,387,000	g	OBP Depositor LLC Trust		4.646		07/15/45		7,075
			Series - 2010 OBP (Class A)
	365,924		Residential Accredit Loans, Inc		4.350		03/25/34		371
			Series - 2004 QS4 (Class A1)
	302,973		RFMSI Trust		5.500		03/25/35		308
			Series - 2005 S2 (Class A6)
	796,151	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		808
			Series - 2012 1A (Class A)
	708,905	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		718
			Series - 0 2A (Class A)

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,585,000		Wachovia Bank Commercial Mortgage Trust		5.383	%	12/15/43	$	4,864
			Series - 2007 C30 (Class AM)
	890,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		965
			Series - 2007 C34 (Class AM)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		5.950		05/15/46		1,758
			Series - 2007 C34 (Class AJ)
	1,975,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		2,108
			Series - 2007 C31 (Class AM)
	1,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		1,554
			Series - 2007 C31 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		1,011
			Series - 2007 C31 (Class B)
	6,830,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		6,958
			Series - 2007 C32 (Class AJ)
	875,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		825
			Series - 2007 C32 (Class B)
	510,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		556
			Series - 2007 C33 (Class AM)
	2,489,352	i	WaMu Mortgage Pass-Through Certificates		0.520		12/25/45		2,223
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED						121,464
			TOTAL STRUCTURED ASSETS						313,161
			(Cost $310,818)
			TOTAL BONDS						5,595,724
			(Cost $5,473,664)
SHARES			COMPANY
COMMON STOCKS - 59.7%
AUTOMOBILES & COMPONENTS - 1.5%
	67,500		Aisin Seiki Co Ltd						2,425
	127,203		Bayerische Motoren Werke AG.						13,728
	55,176		Bayerische Motoren Werke AG. (Preference)						4,508
	6,602		Delphi Automotive plc						480
	187,700		Denso Corp						8,748
	897	*,e	Dorman Products, Inc						43
	3,056,597		Ford Motor Co						47,377
	122,500		Fuji Heavy Industries Ltd						4,335
	315,021		GKN plc						1,677
	236,929		Harley-Davidson, Inc						15,616
	384,280		Honda Motor Co Ltd						11,274
	755,892		Johnson Controls, Inc						36,540
	19,700		Magna International, Inc (Class A)						2,135
	61,000		Mazda Motor Corp						1,465
	25,400		Mitsubishi Motors Corp						232
	59,514	*	Modine Manufacturing Co						809
	910,900		Nissan Motor Co Ltd						7,945
	97,815		Pirelli & C S.p.A.						1,319
	109,499		Renault S.A.						7,975

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	9,200		Stanley Electric Co Ltd	$	199
	85,164	*	Tenneco, Inc		4,821
	112,378	*,e	Tesla Motors, Inc		24,994
	2,900		Toyoda Gosei Co Ltd		58
	81,600		Toyota Industries Corp		4,182
	72,214		Volkswagen AG. (Preference)		16,050
	102,500		Yamaha Motor Co Ltd		2,051
			TOTAL AUTOMOBILES & COMPONENTS		220,986
BANKS - 3.5%
	1,142	e	Arrow Financial Corp		31
	51,058		Associated Banc-Corp		951
	4,424		Astoria Financial Corp		59
	578,039		Australia & New Zealand Banking Group Ltd		15,041
	3,295,311		Banca Intesa S.p.A.		9,559
	1,782,941		Banco Bilbao Vizcaya Argentaria S.A.		16,839
	21,859		Bank Mutual Corp		150
	25,289		Bank of Hawaii Corp		1,500
	64,000		Bank of Montreal		4,527
	217,100		Bank of Nova Scotia		12,391
	3,264		Bank of the Ozarks, Inc		124
	971,529		BB&T Corp		37,783
	10,404		BBCN Bancorp, Inc		150
	4,422		Bendigo Bank Ltd		46
	1,093	*	Beneficial Mutual Bancorp, Inc		13
	20,397		Boston Private Financial Holdings, Inc		275
	4,200		Canadian Imperial Bank of Commerce/Canada		361
	7,221		Capitol Federal Financial		92
	3,360		Cathay General Bancorp		86
	5,743		Centerstate Banks of Florida, Inc		68
	117,573		CIT Group, Inc		5,624
	3,804		CoBiz, Inc		50
	2,120	e	Columbia Banking System, Inc		59
	165,930		Comerica, Inc		7,772
	1,336		Commerce Bancshares, Inc		58
	325,238		Commonwealth Bank of Australia		22,597
	3,936		Community Bank System, Inc		150
	788,802		Criteria CaixaBank S.A.		4,133
	9,127		Cullen/Frost Bankers, Inc		645
	236,588		DNB NOR Holding ASA		3,490
	10,051		East West Bancorp, Inc		389
	7,649		Federal Agricultural Mortgage Corp (Class C)		232
	2,018		First Bancorp (NC)		37
	451		First Citizens Bancshares, Inc (Class A)		114
	23,976		First Commonwealth Financial Corp		221
	12,098		First Interstate Bancsystem, Inc		337
	3,693		First Merchants Corp		84
	16,186		FNB Corp		216
	2,590		Glacier Bancorp, Inc		72
	5,441		Hancock Holding Co		167
	508,500		Hang Seng Bank Ltd		8,451
	1,267		Heartland Financial USA, Inc		34

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	4,825		HomeStreet, Inc	$	84
	3,813,928		HSBC Holdings plc		36,041
	9,593		IBERIABANK Corp		622
	1,147		International Bancshares Corp		30
	20,614		Investors Bancorp, Inc		231
	157,487	*	KBC Groep NV		8,789
	1,625,945		Keycorp		22,601
	21,058		Lakeland Bancorp, Inc		246
	269,235	e	M&T Bank Corp		33,821
	1,800		MB Financial, Inc		59
	61,360	*	MGIC Investment Corp		572
	5,080,200		Mizuho Financial Group, Inc		8,516
	512,380		National Australia Bank Ltd		13,973
	6,490		National Penn Bancshares, Inc		68
	1,124,730		Natixis		7,422
	1,500		NBT Bancorp, Inc		39
	145,456	e	New York Community Bancorp, Inc		2,327
	644,338		Nordea Bank AB		7,459
	11,094		Northfield Bancorp, Inc		164
	32,902	e	OFG Bancorp		548
	19,938		Old National Bancorp		297
	22,911		PacWest Bancorp		1,042
	4,182		Peoples Bancorp, Inc		108
	2,728	e	People’s United Financial, Inc		41
	2,500		Pinnacle Financial Partners, Inc		99
	519,297		PNC Financial Services Group, Inc		47,375
	87,691	*	Popular, Inc		2,986
	20,422		PrivateBancorp, Inc		682
	53,363		Provident Financial Services, Inc		964
	654,341	e	Radian Group, Inc		10,941
	155,400		Resona Holdings, Inc		785
	282,410	e	Royal Bank of Canada (Toronto)		19,505
	1,000		S&T Bancorp, Inc		30
	3,487	*	Signature Bank		439
	221,278		Skandinaviska Enskilda Banken AB (Class A)		2,810
	2,200		Southside Bancshares, Inc		64
	712,000		Standard Chartered plc		10,649
	280,700		Sumitomo Mitsui Financial Group, Inc		10,148
	16,927		Susquehanna Bancshares, Inc		227
	28,454	*	SVB Financial Group		3,303
	45,092		Swedbank AB (A Shares)		1,119
	800	*	Texas Capital Bancshares, Inc		43
	16,691	*	The Bancorp, Inc		182
	349,522	*	Toronto-Dominion Bank		16,700
	1,700		Trustmark Corp		42
	5,465		UMB Financial Corp		311
	3,150	e	Umpqua Holdings Corp		54
	2,479	e	Union Bankshares Corp		60
	10,908	e	United Bankshares, Inc		408
	5,569		United Financial Bancorp, Inc (New)		80
	1,242,204		US Bancorp		55,837
	10,727	*	Walker & Dunlop, Inc		188

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	13,956		Webster Financial Corp	$	454
	3,652		WesBanco, Inc		127
	5,233	e	Westamerica Bancorporation		257
	5,690	*	Western Alliance Bancorp		158
	632,268	*	Westpac Banking Corp		17,005
	16,588		Wilshire Bancorp, Inc		168
	1,110		Wintrust Financial Corp		52
	37,356		Zions Bancorporation		1,065
			TOTAL BANKS		505,395
CAPITAL GOODS - 4.0%
	397,713		3M Co		65,352
	10,833		A.O. Smith Corp		611
	5,085		Acuity Brands, Inc		712
	19,102	*	Aerovironment, Inc		521
	75,930		Alfa Laval AB		1,436
	464,724		Ametek, Inc		24,458
	56,219	*	ArvinMeritor, Inc		852
	368,000	e	Asahi Glass Co Ltd		1,792
	51,800		Assa Abloy AB (Class B)		2,736
	7,416		Astec Industries, Inc		292
	153,909		Atlas Copco AB (A Shares)		4,283
	135,146		Atlas Copco AB (B Shares)		3,459
	116,424		Barnes Group, Inc		4,309
	2,120	*	Beacon Roofing Supply, Inc		59
	106,747		Bouygues S.A.		3,854
	29,997		Briggs & Stratton Corp		613
	129,357	*	Builders FirstSource, Inc		889
	299,328		Bunzl plc		8,183
	8,451	*	CAI International, Inc		196
	143,198		Caterpillar, Inc		13,107
	4,279	*	Chart Industries, Inc		146
	454,694		CNH Industrial NV		3,681
	10,768	*,e	Colfax Corp		555
	199,560		Compagnie de Saint-Gobain		8,454
	210,677		Cummins, Inc		30,373
	46,600		Daikin Industries Ltd		2,988
	567,000		Danaher Corp		48,597
	253,888	e	Deere & Co		22,461
	343,132		Eaton Corp		23,319
	4,941		EMCOR Group, Inc		220
	7,019		EnerSys		433
	19,159	*	Esterline Technologies Corp		2,101
	153,282	e	Fastenal Co		7,290
	96,743	e	Ferrovial S.A.		1,912
	6,133		Fluor Corp		372
	11,291		Fortune Brands Home & Security, Inc		511
	20,868	*	Furmanite Corp		163
	21,353		GEA Group AG.		939
	11,801		Geberit AG.		3,992
	66,177		Graco, Inc		5,306
	1,400		H&E Equipment Services, Inc		39

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	14,756	*	Hexcel Corp	$	612
	32,600		Hitachi Construction Machinery Co Ltd		689
	423,645		Illinois Tool Works, Inc		40,119
	133,866		Ingersoll-Rand plc		8,486
	500	*	Jacobs Engineering Group, Inc		22
	25,600		JTEKT Corp		431
	92,000		Kawasaki Heavy Industries Ltd		418
	324,000		Keppel Corp Ltd		2,160
	213,800		Komatsu Ltd		4,727
	331,267		Koninklijke Philips Electronics NV		9,602
	320,000		Kubota Corp		4,645
	15,826		Legrand S.A.		830
	26,197		Lincoln Electric Holdings, Inc		1,810
	15,600		Makita Corp		703
	463,592		Masco Corp		11,683
	31,361		Meggitt plc		252
	1,101	*	Middleby Corp		109
	561,200		Mitsubishi Corp		10,270
	482,000		Mitsubishi Electric Corp		5,725
	2,049	*	MYR Group, Inc		56
	83,000		NGK Insulators Ltd		1,701
	107,611		Nordson Corp		8,389
	86,000		NSK Ltd		1,015
	165,398		Owens Corning, Inc		5,923
	287,127		Paccar, Inc		19,528
	9,504		Pall Corp		962
	35,299		Parker Hannifin Corp		4,552
	105,836		Pentair plc		7,030
	43,401	*,e	Polypore International, Inc		2,042
	168,034		Precision Castparts Corp		40,476
	118,919	*	Quanta Services, Inc		3,376
	94,352		Rockwell Automation, Inc		10,492
	13,087		Rockwell Collins, Inc		1,106
	36,615		Roper Industries, Inc		5,725
	3,300	*	Rush Enterprises, Inc (Class A)		106
	236,880		Sandvik AB		2,303
	189,352		Schneider Electric S.A.		13,790
	98,000		Shimizu Corp		666
	43,110		Skanska AB (B Shares)		926
	42,500		SKF AB (B Shares)		895
	69,349		Smiths Group plc		1,179
	15,061		Sulzer AG.		1,611
	161,300		Sumitomo Electric Industries Ltd		2,015
	5,435	e	TAL International Group, Inc		237
	79,909		Tennant Co		5,767
	24,640	*,e	The ExOne Company		414
	18,487		Timken Co		789
	8,405	*,e	Titan Machinery, Inc		117
	6,400		Toyota Tsusho Corp		149
	44,059		Travis Perkins plc		1,268
	38,902	*	United Rentals, Inc		3,968
	49,198		Vallourec		1,333

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	32,153	*	Vestas Wind Systems AS	$	1,168
	190,142		Vinci S.A.		10,382
	436,090		Volvo AB (B Shares)		4,703
	25,258	*	Wabash National Corp		312
	121,923		Wolseley plc		6,971
	20,710		Woodward Governor Co		1,020
			TOTAL CAPITAL GOODS		579,321
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	2,604		ABM Industries, Inc		75
	29,936	e	Acacia Research (Acacia Technologies)		507
	340,114	*	ACCO Brands Corp		3,064
	13,967		Aggreko plc		326
	205,697		Brambles Ltd		1,772
	11,200		Bureau Veritas S.A.		248
	120,569		Capita Group plc		2,022
	19,200	*	CBIZ, Inc		164
	2,000		CDI Corp		35
	2,394	*	Copart, Inc		87
	9,841		Corporate Executive Board Co		714
	218,000		Dai Nippon Printing Co Ltd		1,963
	24,020		Deluxe Corp		1,495
	82,626		Dun & Bradstreet Corp		9,994
	22,336		Equifax, Inc		1,806
	2,000		Heidrick & Struggles International, Inc		46
	6,421		HNI Corp		328
	9,308	*	IHS, Inc (Class A)		1,060
	1,660	*	Innerworkings, Inc		13
	19,643		Interface, Inc		324
	7,700		Intertek Group plc		279
	1,800		Kelly Services, Inc (Class A)		31
	29,712		Manpower, Inc		2,026
	3,562	*	Mistras Group, Inc		65
	2,100		Mobile Mini, Inc		85
	13,621	*	Navigant Consulting, Inc		209
	1,000	*	On Assignment, Inc		33
	109,843		R.R. Donnelley & Sons Co		1,846
	2,311		Resources Connection, Inc		38
	162,118		Robert Half International, Inc		9,465
	16,303	*	RPX Corp		225
	58,400		Secom Co Ltd		3,355
	472		SGS S.A.		964
	400		Societe BIC S.A.		53
	1,544	*	SP Plus Corp		39
	27,563		Tetra Tech, Inc		736
	179,000		Toppan Printing Co Ltd		1,163
	4,561		Viad Corp		122
	16,675		Waste Management, Inc		856
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		47,633
CONSUMER DURABLES & APPAREL - 0.7%
	30,934		Adidas-Salomon AG.		2,148

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	32,738		Callaway Golf Co	$	252
	34,650		Christian Dior S.A.		5,930
	1,447		CSS Industries, Inc		40
	24,000		Electrolux AB (Series B)		701
	7,187		Ethan Allen Interiors, Inc		223
	11,700		Gildan Activewear, Inc		662
	573,700		Matsushita Electric Industrial Co Ltd		6,757
	521,454		Mattel, Inc		16,136
	7,456	*	Meritage Homes Corp		268
	9,802	*	Mohawk Industries, Inc		1,523
	23,800		Movado Group, Inc		675
	522,222		Nike, Inc (Class B)		50,212
	126,600		Nikon Corp		1,682
	11,961		Oxford Industries, Inc		660
	5,425		Pandora AS		440
	27,543		Ryland Group, Inc		1,062
	50,000		Sekisui Chemical Co Ltd		602
	96,000		Sekisui House Ltd		1,263
	141,000	*,e	Sharp Corp		312
	234,000		Sony Corp		4,776
	27,906	*	Under Armour, Inc (Class A)		1,895
	4,500	*	Unifi, Inc		134
	31,176		VF Corp		2,335
	306,000		Yue Yuen Industrial Holdings		1,100
			TOTAL CONSUMER DURABLES & APPAREL		101,788
CONSUMER SERVICES - 1.4%
	79,580		Accor S.A.		3,577
	30,700		Benesse Corp		911
	1,289		Bob Evans Farms, Inc		66
	25,421		Brinker International, Inc		1,492
	7,675	*	Chipotle Mexican Grill, Inc (Class A)		5,254
	109,916		Choice Hotels International, Inc		6,158
	91,310		Darden Restaurants, Inc		5,354
	1,346		DineEquity, Inc		140
	13,470		Domino’s Pizza, Inc		1,268
	7,832		Dunkin Brands Group, Inc		334
	48,494		InterContinental Hotels Group plc		1,951
	373,655		Marriott International, Inc (Class A)		29,156
	613,614		McDonald’s Corp		57,496
	444,431	*	MGM Mirage		9,502
	13,300		Oriental Land Co Ltd		3,067
	10,604	*	Popeyes Louisiana Kitchen, Inc		597
	15,664	*	Restaurant Brands International, Inc (Toronto)		613
	33,974		Royal Caribbean Cruises Ltd		2,801
	106,561	*	Ruby Tuesday, Inc		729
	29,578		Sonic Corp		805
	586,475		Starbucks Corp		48,120
	110,660		Starwood Hotels & Resorts Worldwide, Inc		8,971
	10,000	*,e	Weight Watchers International, Inc		248
	55,470		Whitbread plc		4,105
	253,012		William Hill plc		1,422
			TOTAL CONSUMER SERVICES		194,137

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 3.7%
	780,959		3i Group plc	$	5,445
	358,183		Aberdeen Asset Management plc		2,393
	4,200	e	Aeon Credit Service Co Ltd		83
	620,453		American Express Co		57,727
	1,138,136		Bank of New York Mellon Corp		46,174
	114,015		BlackRock, Inc		40,767
	576,583		Capital One Financial Corp		47,597
	1,431,454		Charles Schwab Corp		43,216
	310,655		CME Group, Inc		27,540
	1,362		Cohen & Steers, Inc		57
	3,344	*	Credit Acceptance Corp		456
	69,415		Deutsche Boerse AG.		4,933
	623,742		Discover Financial Services		40,849
	14,045		Eurazeo		984
	130,529		Exor S.p.A.		5,356
	574,199		Franklin Resources, Inc		31,793
	24,115	*	Green Dot Corp		494
	536,720		Hong Kong Exchanges and Clearing Ltd		11,849
	546,747	*	ING Groep NV		7,064
	117,066		IntercontinentalExchange Group, Inc		25,671
	508,141		Invesco Ltd		20,082
	800,553		Investec plc		6,707
	3,030	*	Investment Technology Group, Inc		63
	61,166	e	Janus Capital Group, Inc		987
	60,728		Kinnevik Investment AB (Series B)		1,975
	62,663		Legg Mason, Inc		3,344
	55,970		London Stock Exchange Group plc		1,926
	336,200		Mitsubishi UFJ Lease & Finance Co Ltd		1,581
	76,231		NASDAQ OMX Group, Inc		3,656
	10,345		Nelnet, Inc (Class A)		479
	513,669		Northern Trust Corp		34,621
	22,527	*,e	PHH Corp		540
	5,879	*	Pico Holdings, Inc		111
	10,635	*	Safeguard Scientifics, Inc		211
	78,392		Schroders plc		3,258
	431,029		State Street Corp		33,836
	278,273		T Rowe Price Group, Inc		23,893
	3,000		TD Ameritrade Holding Corp		107
			TOTAL DIVERSIFIED FINANCIALS		537,825
ENERGY - 4.3%
	52,019		AMEC plc		687
	337,903		Apache Corp		21,176
	78,800	e	ARC Resources Ltd		1,707
	86,010		Baker Hughes, Inc		4,823
	1,024,868		BG Group plc		13,715
	33,667		Caltex Australia Ltd		934
	177,939	*	Cameron International Corp		8,888

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	5,527	e	CARBO Ceramics, Inc	$	221
	14,005	*	Carrizo Oil & Gas, Inc		583
	328,400	e	Cenovus Energy, Inc (Toronto)		6,775
	188,536	*	Cheniere Energy, Inc		13,273
	98,049		Cimarex Energy Co		10,393
	1,826	*	Clayton Williams Energy, Inc		117
	260,946	*,e	Clean Energy Fuels Corp		1,303
	29,437	*	Concho Resources, Inc		2,936
	39,499	*	Contango Oil & Gas Co		1,155
	239,024	*,e	Continental Resources, Inc		9,169
	66,200	e	Crescent Point Energy Corp		1,533
	21,472		Delek Group Ltd		5,386
	2,500		Delek US Holdings, Inc		68
	457,259		Devon Energy Corp		27,989
	371,374	e	Enbridge, Inc		19,096
	54,900		EnCana Corp		764
	2,011		Energen Corp		128
	72,600	e	Enerplus Resources Fund		699
	487,111		EOG Resources, Inc		44,848
	183,431		EQT Corp		13,886
	230,140	e	Galp Energia SGPS S.A.		2,337
	8,642	*,e	Geospace Technologies Corp		229
	386,241		Hess Corp		28,512
	315,600		Inpex Holdings, Inc		3,514
	201,413	*	ION Geophysical Corp		554
	73,373	*	Key Energy Services, Inc		123
	3,200	e	Keyera Corp		223
	536,851		Marathon Oil Corp		15,188
	398,430		Marathon Petroleum Corp		35,962
	11,520	*	Matrix Service Co		257
	141,335	*	MEG Energy Corp		2,378
	466,300		National Oilwell Varco, Inc		30,557
	7,269	*	Natural Gas Services Group, Inc		168
	226,197		Neste Oil Oyj		5,491
	210,587		Noble Corp plc		3,489
	324,695		Noble Energy, Inc		15,400
	29,282	*,e	Northern Oil And Gas, Inc		165
	26,358	*,e	Oasis Petroleum, Inc		436
	516,922		Occidental Petroleum Corp		41,669
	225,695		OMV AG.		5,993
	153,232		Oneok, Inc		7,629
	265,014	e	Penn West Energy Trust		554
	40,855		Petrofac Ltd		445
	132,760	*	Petroquest Energy, Inc		497
	447,968		Phillips 66		32,119
	146,028		Pioneer Natural Resources Co		21,736
	98,692		Questar Market Resources, Inc		1,996
	664,476	e	Repsol YPF S.A.		12,440
	36,777	*,e	Rex Energy Corp		188
	894	*	SEACOR Holdings, Inc		66
	58,600	e	Showa Shell Sekiyu KK		577
	171,452	*	Southwestern Energy Co		4,679

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	792,399		Spectra Energy Corp	$	28,764
	71,318		St. Mary Land & Exploration Co		2,751
	403,405		Statoil ASA		7,103
	40,000	e	Subsea 7 S.A.		409
	569,204		Suncor Energy, Inc		18,079
	88,722		Superior Energy Services		1,788
	22,440		Technip S.A.		1,337
	319,062		Tenaris S.A.		4,821
	7,916		Tesoro Corp		589
	262,191		Tullow Oil plc		1,690
	36,311	*,e	Ultra Petroleum Corp		478
	27,062	*	Unit Corp		923
	989,544	*	Weatherford International Ltd		11,330
	320,238		Western Refining, Inc		12,099
	218,885	*	Whiting Petroleum Corp		7,223
	451,724		Williams Cos, Inc		20,300
	211,793		Woodside Petroleum Ltd		6,550
			TOTAL ENERGY		614,057
FOOD & STAPLES RETAILING - 0.9%
	173,400		Aeon Co Ltd		1,743
	179,256		Carrefour S.A.		5,455
	13,576		Casino Guichard Perrachon S.A.		1,249
	5,000		Colruyt S.A.		232
	31,318		Delhaize Group		2,281
	437,617	e	J Sainsbury plc		1,671
	59,300	e	Jeronimo Martins SGPS S.A.		594
	85,954		Koninklijke Ahold NV		1,528
	367,535		Kroger Co		23,599
	3,600		Lawson, Inc		218
	42,800		Loblaw Cos Ltd		2,290
	68,666	*	Metro AG.		2,099
	316,705		Safeway, Inc		11,123
	156,100		Seven & I Holdings Co Ltd		5,615
	9,498		Spartan Stores, Inc		248
	821,965		Sysco Corp		32,624
	2,938,974		Tesco plc		8,569
	282,933		Wesfarmers Ltd		9,579
	186,154		Whole Foods Market, Inc		9,386
	516,189		WM Morrison Supermarkets plc		1,473
			TOTAL FOOD & STAPLES RETAILING		121,576
FOOD, BEVERAGE & TOBACCO - 2.4%
	176,000		Ajinomoto Co, Inc		3,277
	108,203		Aryzta AG.		8,315
	222,360		Associated British Foods plc		10,871
	28,068		Bunge Ltd		2,552
	454		Calavo Growers, Inc		21
	261,990		Campbell Soup Co		11,528
	187,110		Coca-Cola Amatil Ltd		1,413
	93,674		Coca-Cola HBC AG.		1,784
	131,532		ConAgra Foods, Inc		4,772
	19,775	*	Darling International, Inc		359

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	12,632		Dr Pepper Snapple Group, Inc	$	905
	14,539		Flowers Foods, Inc		279
	745,771		General Mills, Inc		39,772
	280,395		Groupe Danone		18,332
	514,141		Kellogg Co		33,645
	28,997		Kerry Group plc (Class A)		2,003
	92,604		Keurig Green Mountain, Inc		12,260
	31,000		Kikkoman Corp		760
	122,671		Kraft Foods Group, Inc		7,687
	1,066		Lindt & Spruengli AG.		5,271
	60		Lindt & Spruengli AG. (Registered)		3,462
	74,148		Mead Johnson Nutrition Co		7,455
	1,210,068		Mondelez International, Inc		43,956
	14,500		Nissin Food Products Co Ltd		691
	152,793		Orkla ASA		1,040
	791,664		PepsiCo, Inc		74,860
	18,700		Suntory Beverage & Food Ltd		646
	155,121		Tate & Lyle plc		1,453
	405,114		Unilever NV		15,847
	494,201		Unilever plc		20,078
	42,800	e	Yakult Honsha Co Ltd		2,259
			TOTAL FOOD, BEVERAGE & TOBACCO		337,553
HEALTH CARE EQUIPMENT & SERVICES - 2.0%
	1,188,349		Abbott Laboratories		53,499
	478,424		Aetna, Inc		42,498
	8,037	*	Align Technology, Inc		449
	67,982	*	Amedisys, Inc		1,995
	34,019		AmerisourceBergen Corp		3,067
	10,800	*	Amsurg Corp		591
	6,026	*	Angiodynamics, Inc		115
	14,016	*,e	athenahealth, Inc		2,042
	260,286		Becton Dickinson & Co		36,221
	13,100	*,e	Bio-Reference Labs, Inc		421
	89,935	*,e	BioScrip, Inc		629
	38,727	*	Brookdale Senior Living, Inc		1,420
	60,695		Cardinal Health, Inc		4,900
	54,777	*	Centene Corp		5,689
	20,000	*	Cerner Corp		1,293
	30,107	*,e	Cerus Corp		188
	4,495	e	Chemed Corp		475
	191,455		Cigna Corp		19,703
	39,154		Coloplast AS		3,277
	1,249	e	Computer Programs & Systems, Inc		76
	700	*	Cyberonics, Inc		39
	10,758	*	DaVita, Inc		815
	5,764		Dentsply International, Inc		307
	15,359	*	Edwards Lifesciences Corp		1,957
	42,713	*,e	ExamWorks Group, Inc		1,777
	21,978	*	Gentiva Health Services, Inc		419
	6,176	*	Greatbatch, Inc		305
	4,374	*	Haemonetics Corp		164

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	21,280	*,e	Healthways, Inc	$	423
	10,561	*,e	HMS Holdings Corp		223
	125,907		Humana, Inc		18,084
	1,185	*	ICU Medical, Inc		97
	31,383	*	Idexx Laboratories, Inc		4,653
	61,900	*	Inverness Medical Innovations, Inc		2,352
	3,014	*	IPC The Hospitalist Co, Inc		138
	759	*	Laboratory Corp of America Holdings		82
	743		Landauer, Inc		25
	6,078	*	LHC Group, Inc		190
	58,522	*	LifePoint Hospitals, Inc		4,208
	1,730	*	MedAssets, Inc		34
	1,474	*	Medidata Solutions, Inc		70
	747,734		Medtronic, Inc		53,986
	9,612	*	Merit Medical Systems, Inc		167
	55,639	*	Molina Healthcare, Inc		2,978
	8,672	*	MWI Veterinary Supply, Inc		1,474
	9,301	*	Natus Medical, Inc		335
	2,364	*	NxStage Medical, Inc		42
	3,000	*	Omnicell, Inc		99
	31,393	*	OraSure Technologies, Inc		318
	2,718		Owens & Minor, Inc		96
	86,208		Patterson Cos, Inc		4,147
	21,165	*	PharMerica Corp		438
	3,576	*	Providence Service Corp		130
	4,910		Quality Systems, Inc		77
	81,609		Ramsay Health Care Ltd		3,783
	3,688	*	Sirona Dental Systems, Inc		322
	33,516	*	Staar Surgical Co		305
	4,400		Suzuken Co Ltd		122
	68,300	*	Sysmex Corp		3,031
	6,446	*	Tornier BV		164
	16,067	*	Triple-S Management Corp (Class B)		384
	8,101	*	Universal American Corp		75
	3,801		US Physical Therapy, Inc		160
	500	*	Varian Medical Systems, Inc		43
	33,652	*	Vocera Communications, Inc		351
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		287,937
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	9,680		Beiersdorf AG.		786
	684,406		Colgate-Palmolive Co		47,354
	81,716		Estee Lauder Cos (Class A)		6,227
	210		Henkel KGaA		20
	137,770		Henkel KGaA (Preference)		14,840
	297,479	e	Herbalife Ltd		11,215
	41,500		Kao Corp		1,637
	25,448		Kimberly-Clark Corp		2,940
	63,795		L’Oreal S.A.		10,678
	35,987	*	Medifast, Inc		1,207
	16,029	e	Nu Skin Enterprises, Inc (Class A)		700
	1,162,803		Procter & Gamble Co		105,920

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	152,666		Reckitt Benckiser Group plc	$	12,365
	43,160		Svenska Cellulosa AB (B Shares)		931
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		216,820
INSURANCE - 3.4%
	347,009		ACE Ltd		39,864
	629,310		Aflac, Inc		38,445
	28,410		Allianz AG.		4,705
	1,543,100		AMP Ltd		6,873
	13,380		Arthur J. Gallagher & Co		630
	93,722		Aspen Insurance Holdings Ltd		4,102
	421,903		Assicurazioni Generali S.p.A.		8,663
	382,023		AXA S.A.		8,803
	30,787		Axis Capital Holdings Ltd		1,573
	760,759	*	Berkshire Hathaway, Inc (Class B)		114,228
	297,104		Chubb Corp		30,741
	280,593		CNP Assurances		4,974
	102,203		Delta Lloyd NV		2,248
	4,146	*	eHealth, Inc		103
	2,400		Employers Holdings, Inc		56
	279,246		Hartford Financial Services Group, Inc		11,642
	588,027		Insurance Australia Group Ltd		2,986
	1,916		Kemper Corp		69
	151,625		Marsh & McLennan Cos, Inc		8,679
	75,286		Muenchener Rueckver AG.		14,992
	2,849,807		Old Mutual plc		8,399
	15,856		PartnerRe Ltd		1,810
	43,066		Platinum Underwriters Holdings Ltd		3,162
	246,415		Principal Financial Group		12,799
	427,906		Progressive Corp		11,549
	477,529		Prudential Financial, Inc		43,197
	882,978		Prudential plc		20,414
	556,117	*	RSA Insurance Group plc		3,755
	1,244,153		Standard Life plc		7,707
	13,455		Stewart Information Services Corp		498
	169,853		Swiss Re Ltd		14,229
	177,900		T&D Holdings, Inc		2,133
	402,668		Travelers Cos, Inc		42,622
	800		TrygVesta AS		89
	10,000		Willis Group Holdings plc		448
	15,603		Zurich Financial Services AG.		4,876
			TOTAL INSURANCE		482,063
MATERIALS - 3.3%
	59,658		Agnico-Eagle Mines Ltd		1,485
	23,600	e	Agrium, Inc		2,234
	106,029		Air Liquide		13,120
	286,231		Air Products & Chemicals, Inc		41,283
	23,600		Akzo Nobel NV		1,633
	500	e	Albemarle Corp		30
	92,400		Amcor Ltd		1,017
	4,437		Aptargroup, Inc		297

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	232,000		Asahi Kasei Corp	$	2,116
	176,082		Avery Dennison Corp		9,135
	63,073		Ball Corp		4,300
	201,130		BASF AG.		16,871
	491,599		Boliden AB		7,858
	19,645		Boral Ltd		84
	8,161		Carpenter Technology Corp		402
	44,916		Celanese Corp (Series A)		2,693
	31,719	*	Century Aluminum Co		774
	2,372	*	Clearwater Paper Corp		163
	131,361		Commercial Metals Co		2,140
	14,183		Compass Minerals International, Inc		1,231
	295,427		CRH plc		7,104
	11,234		Domtar Corp		452
	9,400		DSM NV		573
	36,695		Eastman Chemical Co		2,784
	347,282		Ecolab, Inc		36,298
	5,690	*	Ferro Corp		74
	646,464	e	Fletcher Building Ltd		4,165
	33,738	*,e	Flotek Industries, Inc		632
	1,077,618	e	Fortescue Metals Group Ltd		2,366
	28,700		Franco-Nevada Corp		1,413
	2,179		Givaudan S.A.		3,909
	2,623		Globe Specialty Metals, Inc		45
	67,901		H.B. Fuller Co		3,024
	48,214		HeidelbergCement AG.		3,403
	50,000		Hitachi Metals Ltd		850
	38,897		Holcim Ltd		2,781
	4,713	*,e	Horsehead Holding Corp		75
	900		Imerys S.A.		66
	23,190		Innophos Holdings, Inc		1,355
	9,797		International Flavors & Fragrances, Inc		993
	257,210		International Paper Co		13,781
	122,500		JFE Holdings, Inc		2,732
	14,804		Johnson Matthey plc		779
	48,900		JSR Corp		839
	77,699		K&S AG.		2,144
	18,000		Kaneka Corp		96
	385,700	*	Kinross Gold Corp		1,082
	643,000		Kobe Steel Ltd		1,108
	7,764	*	Kraton Polymers LLC		161
	58,000		Kuraray Co Ltd		659
	15,164		Lafarge S.A.		1,064
	46,374		Linde AG.		8,542
	173,029	*	Louisiana-Pacific Corp		2,865
	390,170		LyondellBasell Industries AF S.C.A		30,976
	212,757		MeadWestvaco Corp		9,444
	38,519		Minerals Technologies, Inc		2,675
	1,928,000	e	Mitsubishi Materials Corp		6,396
	120,960		Mitsui Chemicals, Inc		343
	113,537		Mosaic Co		5,183
	2,100		Myers Industries, Inc		37

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,220		Neenah Paper, Inc	$	134
	360,702	*	Newcrest Mining Ltd		3,174
	3,308,000		Nippon Steel Corp		8,206
	31,500		Nitto Denko Corp		1,760
	1,173,368		Norsk Hydro ASA		6,610
	550,230		Nucor Corp		26,989
	53,242		Orica Ltd		816
	22,724	*	Owens-Illinois, Inc		613
	11,843		PolyOne Corp		449
	134,800		Potash Corp of Saskatchewan		4,765
	314,170		Praxair, Inc		40,704
	1,380		Quaker Chemical Corp		127
	9,992		Reliance Steel & Aluminum Co		612
	34,167	*	Resolute Forest Products		602
	34,640		Rexam plc		244
	13,246		Rock-Tenn Co (Class A)		808
	15,925		Rockwood Holdings, Inc		1,255
	115,844		Royal Gold, Inc		7,263
	6,424	*	RTI International Metals, Inc		162
	850		Schnitzer Steel Industries, Inc (Class A)		19
	18,931		Sealed Air Corp		803
	17,916		Sherwin-Williams Co		4,713
	92,200		Shin-Etsu Chemical Co Ltd		6,002
	209,172		Sigma-Aldrich Corp		28,713
	247,000		Silver Wheaton Corp		5,024
	1,200		Stepan Co		48
	74,982	*	Stillwater Mining Co		1,105
	334,517		Stora Enso Oyj (R Shares)		2,991
	360,000		Sumitomo Chemical Co Ltd		1,417
	743,000		Sumitomo Metal Mining Co Ltd		11,082
	31,920	e	Taiyo Nippon Sanso Corp		351
	855,700		Teck Cominco Ltd		11,696
	74,000		Teijin Ltd		197
	305,000		Toray Industries, Inc		2,437
	117,300		Toyo Seikan Kaisha Ltd		1,457
	15,649		Umicore		630
	198,855		UPM-Kymmene Oyj		3,259
	8,180	e	US Silica Holdings Inc		210
	60,125		Valspar Corp		5,200
	4,790		Wausau Paper Corp		54
	278,810		Worthington Industries, Inc		8,389
			TOTAL MATERIALS		473,224
MEDIA - 1.8%
	185,416	e	Cablevision Systems Corp (Class A)		3,827
	19,805		Cinemark Holdings, Inc		705
	114,560		Clear Channel Outdoor Holdings, Inc (Class A)		1,213
	283,810	*	DIRECTV		24,606
	305,579	*	Discovery Communications, Inc (Class A)		10,527
	502,550	*	Discovery Communications, Inc (Class C)		16,946
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		1,168
	11,620	*	Entercom Communications Corp (Class A)		141

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	337,940		ITV plc	$	1,127
	1,900		JC Decaux S.A.		65
	10,069		John Wiley & Sons, Inc (Class A)		597
	266,369	*	Journal Communications, Inc (Class A)		3,045
	15,813		Lagardere S.C.A.		412
	535,024	*	Liberty Global plc		25,847
	447,867	*	Liberty Global plc (Class A)		22,485
	417,709	*	McClatchy Co (Class A)		1,387
	228,929		New York Times Co (Class A)		3,026
	551,411		Pearson plc		10,184
	18,429		ProSiebenSat. Media AG.		770
	1,550		Scholastic Corp		56
	15,051	e	Scripps Networks Interactive (Class A)		1,133
	60,413	e	Sinclair Broadcast Group, Inc (Class A)		1,653
	1,067,000	e	Singapore Press Holdings Ltd		3,387
	298,216		Time Warner Cable, Inc		45,347
	654,009		Time Warner, Inc		55,865
	46,200		Wolters Kluwer NV		1,410
	683,960		WPP plc		14,221
			TOTAL MEDIA		251,150
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.4%
	1,969	*	Acorda Therapeutics, Inc		81
	68,628		Actelion Ltd		7,901
	68,836	*,e	Affymetrix, Inc		679
	375,014		Agilent Technologies, Inc		15,353
	133,847	*	Akorn, Inc		4,845
	119,101	*	Alexion Pharmaceuticals, Inc		22,037
	417,789		Amgen, Inc		66,550
	50,171	*	Aratana Therapeutics, Inc		894
	871,400	*	Astellas Pharma, Inc		12,132
	65,071	*,e	Auxilium Pharmaceuticals, Inc		2,237
	92,661	*	AVANIR Pharmaceuticals, Inc		1,571
	162,983	*	Biogen Idec, Inc		55,325
	2,368		Bio-Techne Corp		219
	23,482	*	Bluebird Bio, Inc		2,154
	1,041,385		Bristol-Myers Squibb Co		61,473
	69,150	*	Cambrex Corp		1,495
	57,720	*	Cepheid, Inc		3,125
	180,400		Chugai Pharmaceutical Co Ltd		4,429
	19,300		Dainippon Sumitomo Pharma Co Ltd		187
	179,390	*	Depomed, Inc		2,890
	49,400		Eisai Co Ltd		1,910
	206,387	*,e	Endo International plc		14,885
	4,519	*	Fluidigm Corp		152
	763,841	*	Gilead Sciences, Inc		72,000
	963,615		GlaxoSmithKline plc		20,673
	3,597	*	Hyperion Therapeutics, Inc		86
	4,270	*,e	Immunogen, Inc		26
	57,898	*,e	Immunomedics, Inc		278
	13,244	*	Ironwood Pharmaceuticals, Inc		203
	1,152,080		Johnson & Johnson		120,473

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	633,295	*,e	MannKind Corp	$	3,303
	1,428,994		Merck & Co, Inc		81,152
	47,883		Merck KGaA		4,506
	2,234	*	Mettler-Toledo International, Inc		676
	28,031	*,e	MiMedx Group, Inc		323
	2,769	*	Momenta Pharmaceuticals, Inc		33
	243,310	*	Nektar Therapeutics		3,771
	444,031		Novartis AG.		41,181
	455,725		Novo Nordisk AS		19,277
	200,087	*,e	Opko Health, Inc		1,999
	739,894	*,e	Orexigen Therapeutics, Inc		4,484
	12,565		PerkinElmer, Inc		550
	14,463	*	Prestige Brands Holdings, Inc		502
	137,001		Roche Holding AG.		37,119
	123,194	*,e	Sangamo Biosciences, Inc		1,874
	120,198	*,e	Sarepta Therapeutics, Inc		1,739
	232,800		Takeda Pharmaceutical Co Ltd		9,637
	143,197		Thermo Electron Corp		17,941
	16,960	*	United Therapeutics Corp		2,196
	60,362	*	Valeant Pharmaceuticals International, Inc		8,642
	165,453	*	Vertex Pharmaceuticals, Inc		19,656
	351,038	*,e	Vivus, Inc		1,011
	61,330	*	Waters Corp		6,913
	168,818	*	Xenoport, Inc		1,481
	271,787		Zoetis Inc		11,695
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		777,924
REAL ESTATE - 2.5%
	64,700		Aeon Mall Co Ltd		1,147
	19,852		American Campus Communities, Inc		821
	445,452		American Tower Corp		44,033
	1,501,292		Annaly Capital Management, Inc		16,229
	1,000		AvalonBay Communities, Inc		163
	120,047		Boston Properties, Inc		15,449
	248,240		British Land Co plc		2,993
	2,125,000		CapitaLand Ltd		5,283
	3,498,000		CapitaMall Trust		5,371
	195,955	*	CBRE Group, Inc		6,711
	151,000	e	City Developments Ltd		1,165
	342,498		Crown Castle International Corp		26,955
	207,000		Daiwa House Industry Co Ltd		3,910
	366,699		Dexus Property Group		2,076
	5,728	e	Digital Realty Trust, Inc		380
	22,121		Douglas Emmett, Inc		628
	165,551		Duke Realty Corp		3,344
	129,435		Equity Residential		9,299
	300,754		First Industrial Realty Trust, Inc		6,183
	2,732	*	Forest City Enterprises, Inc (Class A)		58
	15,042		Gecina S.A.		1,878
	435,396		GPT Group (ASE)		1,541
	533,654		HCP, Inc		23,497
	100,086		Health Care REIT, Inc		7,573

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	12,227		Healthcare Realty Trust, Inc	$	334
	736,502		Host Marriott Corp		17,507
	16,556		Invesco Mortgage Capital, Inc		256
	131,455		Iron Mountain, Inc		5,082
	82,000		Keppel Land Ltd		211
	291,636		Land Securities Group plc		5,242
	59,200		Lend Lease Corp Ltd		788
	381,212		Liberty International plc		1,971
	37,196	e	Liberty Property Trust		1,400
	54,403		Macerich Co		4,538
	164,124	e	Macquarie Goodman Group		758
	24,518		Mid-America Apartment Communities, Inc		1,831
	727,767		Mirvac Group		1,053
	305,810		Mitsui Fudosan Co Ltd		8,200
	199,171	e	Novion Property Group		342
	514,236		Prologis, Inc		22,128
	92,736	e	Ryman Hospitality Properties		4,891
	623,984		Segro plc		3,575
	261,392		Simon Property Group, Inc		47,602
	1,159,085	e	Stockland Trust Group		3,874
	289,000		Swire Pacific Ltd (Class A)		3,751
	385,600		Swire Properties Ltd		1,135
	35,276		Unibail-Rodamco		9,050
	96,747		Ventas, Inc		6,937
	142,947		Vornado Realty Trust		16,826
	14,386		Weyerhaeuser Co		516
			TOTAL REAL ESTATE		356,485
RETAILING - 2.3%
	22,740	*	1-800-FLOWERS.COM, Inc (Class A)		187
	127,624	e	American Eagle Outfitters, Inc		1,771
	32,439	*	Ann Taylor Stores Corp		1,183
	39,356	*	AutoZone, Inc		24,366
	19,109	*	Barnes & Noble, Inc		444
	200,028	*	Bed Bath & Beyond, Inc		15,236
	132,772		Best Buy Co, Inc		5,175
	10,162		Big 5 Sporting Goods Corp		149
	810	*	Blue Nile, Inc		29
	7,961	*,e	Cabela’s, Inc		420
	7,000		Canadian Tire Corp Ltd		739
	81,708	*	Carmax, Inc		5,440
	12,500		Fast Retailing Co Ltd		4,549
	512,825		Gap, Inc		21,595
	243,170		Genuine Parts Co		25,915
	23,293		GNC Holdings, Inc		1,094
	2,200		Haverty Furniture Cos, Inc		48
	197,899		Hennes & Mauritz AB (B Shares)		8,222
	26,410		HSN, Inc		2,007
	275,331		Inditex S.A.		7,854
	50,000	e	Jardine Cycle & Carriage Ltd		1,602
	417,700		Kingfisher plc		2,208
	234,875		Kohl’s Corp		14,337

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,891,620		Li & Fung Ltd	$	2,707
	759,905	*	Liberty Interactive Corp		22,356
	805,564		Lowe’s Companies, Inc		55,423
	203,285		Macy’s, Inc		13,366
	210,991		Marks & Spencer Group plc		1,562
	20,185	*	NetFlix, Inc		6,895
	6,625		Next plc		703
	66,728		Nordstrom, Inc		5,298
	2,000		Nutri/System, Inc		39
	217,335	*	Office Depot, Inc		1,864
	110,163	*	Orbitz Worldwide, Inc		907
	8,683	*,e	Outerwall, Inc		653
	35,119		Pier 1 Imports, Inc		541
	21,862		PPR		4,201
	49,713	*	Shutterfly, Inc		2,073
	567,973		Staples, Inc		10,292
	3,300		Stein Mart, Inc		48
	16,714		Tiffany & Co		1,786
	696,291		TJX Companies, Inc		47,752
	105,864	*	TripAdvisor, Inc		7,904
	111,000	e	Yamada Denki Co Ltd		372
			TOTAL RETAILING		331,312
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4%
	66,931	*,e	Advanced Micro Devices, Inc		179
	1,562,488		Applied Materials, Inc		38,937
	86,696		ASML Holding NV		9,367
	15,582	*	Cirrus Logic, Inc		367
	5,894	*,e	Freescale Semiconductor Holdings Ltd		149
	2,377,606		Intel Corp		86,284
	6,138	*	International Rectifier Corp		245
	21,682		Lam Research Corp		1,720
	541,931	*	ON Semiconductor Corp		5,490
	266,513		STMicroelectronics NV		1,989
	97,663	*,e	SunPower Corp		2,523
	40,230		Teradyne, Inc		796
	877,220		Texas Instruments, Inc		46,900
	25,200		Tokyo Electron Ltd		1,911
	41,101	*	Triquint Semiconductor, Inc		1,132
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		197,989
SOFTWARE & SERVICES - 5.0%
	562,794		Accenture plc		50,263
	14,474	*	Actua Corp		267
	529,300	*	Adobe Systems, Inc		38,480
	1,660		Advent Software, Inc		51
	7,095		Amadeus IT Holding S.A.		283
	86,986	*,e	Angie’s List, Inc		542
	234,202	*	AOL, Inc		10,813
	1,856	*	Aspen Technology, Inc		65
	12,878		Atos Origin S.A.		1,023
	201,046	*	Autodesk, Inc		12,075

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	128,405		Broadridge Financial Solutions, Inc	$	5,930
	485,524		CA, Inc		14,784
	24,502	*	Cadence Design Systems, Inc		465
	37,120		Cap Gemini S.A.		2,655
	24,400	*	CGI Group, Inc		930
	762,378	*	Cognizant Technology Solutions Corp (Class A)		40,147
	14,644	*	comScore, Inc		680
	20,058		Convergys Corp		409
	2,100		EPIQ Systems, Inc		36
	6,214	e	Factset Research Systems, Inc		875
	5,718		Fair Isaac Corp		413
	30,365	*	Fortinet, Inc		931
	592,000		Fujitsu Ltd		3,156
	244,895	*,e	Glu Mobile, Inc		955
	143,147	*	Google, Inc		75,353
	141,845	*	Google, Inc (Class A)		75,271
	50,701	*	HomeAway, Inc		1,510
	8,867	*	Infoblox, Inc		179
	91,530	*	Informatica Corp		3,491
	471,868		International Business Machines Corp		75,707
	409,298		Intuit, Inc		37,733
	16,036	e	j2 Global, Inc		994
	52,506	*,e	Liquidity Services, Inc		429
	17,866	*,e	Marketo, Inc		585
	1,000		MAXIMUS, Inc		55
	39,456	e	Mercadolibre, Inc		5,037
	379,246	*	Monster Worldwide, Inc		1,752
	3,035	*,e	NetSuite, Inc		331
	19,743	*,e	NeuStar, Inc (Class A)		549
	10,700		Nomura Research Institute Ltd		327
	20,400		NTT Data Corp		760
	8,900		Open Text Corp		518
	1,707,742		Oracle Corp		76,797
	62,365	*	Rackspace Hosting, Inc		2,919
	53,937	*,e	Rally Software Development Corp		613
	7,887	*	Rovi Corp		178
	659,020	*	Salesforce.com, Inc		39,087
	253,087		SAP AG.		17,673
	10,057	*	Seachange International, Inc		64
	229,842	*,e	ServiceSource International LLC		1,076
	5,854	*	SolarWinds, Inc		292
	2,000	*	SPS Commerce, Inc		113
	15,370	*	Stamps.com, Inc		738
	976,463		Symantec Corp		25,051
	12,936	*	Syntel, Inc		582
	4,529	*	Tangoe, Inc		59
	20,999	*,e	Teradata Corp		917
	6,527	*	Ultimate Software Group, Inc		958
	16,010	*	Unisys Corp		472
	1,170	*,e	Vasco Data Security International		33
	10,258	*	Workday, Inc		837
	2,521,433		Xerox Corp		34,947

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	946,293	*	Yahoo!, Inc	$	47,797
			TOTAL SOFTWARE & SERVICES		718,012
TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%
	8,103		Adtran, Inc		177
	116,347	*	Aruba Networks, Inc		2,115
	4,234		Belden CDT, Inc		334
	2,571	*	Benchmark Electronics, Inc		65
	3,306		Black Box Corp		79
	3,303	*	Calix Networks, Inc		33
	445,100	e	Canon, Inc		14,147
	14,572	*	Checkpoint Systems, Inc		200
	2,737,065		Cisco Systems, Inc		76,131
	53,700		Citizen Watch Co Ltd		413
	9,600	*	Cognex Corp		397
	909	*	Coherent, Inc		55
	353,821		Corning, Inc		8,113
	227,821	*,e	Cray, Inc		7,855
	3,605	*	DTS, Inc		111
	1,318	*	Electronics for Imaging, Inc		56
	1,720,163		EMC Corp		51,158
	1,358		FEI Co		123
	103,068	*,e	Finisar Corp		2,001
	90,753	*	Flextronics International Ltd		1,015
	1,388,789		Hewlett-Packard Co		55,732
	5,600		Hitachi High-Technologies Corp		161
	59,600		Ibiden Co Ltd		880
	166,234	*	Ingram Micro, Inc (Class A)		4,595
	11,659	*	Insight Enterprises, Inc		302
	7,090		InterDigital, Inc		375
	5,000	*,e	InvenSense, Inc		81
	30,066	*,e	IPG Photonics Corp		2,253
	1,920	*	Itron, Inc		81
	41,052		Jabil Circuit, Inc		896
	10,800		Keyence Corp		4,812
	188,500		Konica Minolta Holdings, Inc		2,054
	126,200		Kyocera Corp		5,775
	54,381		Lexmark International, Inc (Class A)		2,244
	195,721		Motorola, Inc		13,129
	61,200		Murata Manufacturing Co Ltd		6,678
	2,100		National Instruments Corp		65
	287,000		NEC Corp		834
	7,919	*	Netgear, Inc		282
	45,500		Omron Corp		2,035
	500	*	OSI Systems, Inc		35
	1,774		Plantronics, Inc		94
	1,420	*	Plexus Corp		59
	53,913	*	QLogic Corp		718
	935,539		Qualcomm, Inc		69,539
	23,440	*,e	RealD, Inc		277
	110,400		Ricoh Co Ltd		1,116
	2,500	*	Rofin-Sinar Technologies, Inc		72

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,300	*	Scansource, Inc	$	52
	240,491		Seagate Technology, Inc		15,993
	42,997	*,e	Silicon Graphics International Corp		489
	61,142	*	Super Micro Computer, Inc		2,133
	1,417		SYNNEX Corp		111
	48,800		TDK Corp		2,874
	5,429	*	Tech Data Corp		343
	13,773	*,e	TTM Technologies, Inc		104
	10,708	*,e	Universal Display Corp		297
	2,708	*	Vishay Precision Group, Inc		46
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		362,194
TELECOMMUNICATION SERVICES - 1.6%
	41,609		Belgacom S.A.		1,510
	43,504	*	Boingo Wireless, Inc		334
	1,953,964		BT Group plc		12,154
	979,915		CenturyTel, Inc		38,785
	161,417	*	Cincinnati Bell, Inc		515
	2,650	e	Consolidated Communications Holdings, Inc		74
	5,740		IDT Corp (Class B)		116
	124,952	*,e	Iridium Communications, Inc		1,218
	178,800		KDDI Corp		11,233
	56,905	*	Level 3 Communications, Inc		2,810
	137,300		Nippon Telegraph & Telephone Corp		7,014
	532,600		NTT DoCoMo, Inc		7,756
	86,400	e	Rogers Communications, Inc (Class B)		3,359
	169,600		Softbank Corp		10,095
	3,774,468	*,e	Sprint Corp		15,664
	14,008		Swisscom AG.		7,350
	699,891		TeliaSonera AB		4,500
	20,600		TELUS Corp		743
	1,866,422		Verizon Communications, Inc		87,311
	5,891,045	*	Vodafone Group plc		20,198
	266,368	*	Vonage Holdings Corp		1,015
			TOTAL TELECOMMUNICATION SERVICES		233,754
TRANSPORTATION - 1.9%
	44,476		Abertis Infraestructuras S.A. (Continuous)		882
	204,706		Alaska Air Group, Inc		12,233
	773		Allegiant Travel Co		116
	4,146		Arkansas Best Corp		192
	575,682		Auckland International Airport Ltd		1,894
	104,766		Autostrade S.p.A.		2,435
	112,409	*	Avis Budget Group, Inc		7,456
	203,700	e	Canadian National Railway Co		14,030
	30,500		Central Japan Railway Co		4,571
	1,081,361		CSX Corp		39,178
	134,669		Deutsche Lufthansa AG.		2,232
	465,498		Deutsche Post AG.		15,111
	71,700		East Japan Railway Co		5,404
	8,074	*	Echo Global Logistics, Inc		236
	5		Expeditors International of Washington, Inc		0	^

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	5,413		Fraport AG. Frankfurt Airport Services Worldwide	$	312
	103,000		Mitsui OSK Lines Ltd		305
	2,084,425		MTR Corp		8,528
	189,985		Norfolk Southern Corp		20,824
	413,000		Singapore Airlines Ltd		3,603
	756,899		Southwest Airlines Co		32,032
	228,000		Tokyu Corp		1,413
	128,533		Transurban Group		896
	390,345		Union Pacific Corp		46,502
	510,592		United Parcel Service, Inc (Class B)		56,763
			TOTAL TRANSPORTATION		277,148
UTILITIES - 2.3%
	35,914		AGL Energy Ltd		392
	8,000		American States Water Co		301
	13,544		American Water Works Co, Inc		722
	85,880	*	Calpine Corp		1,901
	255,104		Centerpoint Energy, Inc		5,977
	1,121,628		Centrica plc		4,858
	861		Chesapeake Utilities Corp		43
	333,075		Cleco Corp		18,166
	1,080,500		CLP Holdings Ltd		9,356
	455,602		Consolidated Edison, Inc		30,074
	558,814		Duke Energy Corp		46,683
	28,688		Enel Green Power S.p.A		60
	714,259		Energias de Portugal S.A.		2,770
	3,118,709		Hong Kong & China Gas Ltd		7,106
	1,188,253		Iberdrola S.A.		8,010
	7,771		Integrys Energy Group, Inc		605
	14,435		MDU Resources Group, Inc		339
	93,713		MGE Energy, Inc		4,274
	1,208,829		National Grid plc		17,152
	11,280		New Jersey Resources Corp		690
	443,338		NextEra Energy, Inc		47,122
	479,656		NiSource, Inc		20,347
	334,247		Northeast Utilities		17,889
	1,420	e	Ormat Technologies, Inc		39
	51,000		Osaka Gas Co Ltd		190
	732,871		Pepco Holdings, Inc		19,736
	200,122		Piedmont Natural Gas Co, Inc		7,887
	31,789		Public Service Enterprise Group, Inc		1,316
	4,634	e	Red Electrica de Espana		409
	455,571		Scottish & Southern Energy plc		11,511
	253,916		Sempra Energy		28,276
	27,089		SJW Corp		870
	533,038		Snam Rete Gas S.p.A.		2,638
	46,662		South Jersey Industries, Inc		2,750
	50,626		Suez Environnement S.A.		882
	90,839		TECO Energy, Inc		1,861
	658,790		Tokyo Gas Co Ltd		3,555
	1,494		Unitil Corp		55
	27,296		WGL Holdings, Inc		1,491

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	46,752	e	Wisconsin Energy Corp	$	2,466
	107,597		Xcel Energy, Inc		3,865
			TOTAL UTILITIES		334,634
			TOTAL COMMON STOCKS		8,560,917
			(Cost $5,623,561)
PREFERRED STOCKS - 0.1%
BANKS - 0.1%
	233,115	*,e	Federal Home Loan Mortgage Corp		921
	740,991	*	Federal National Mortgage Association		2,867
	14,500	*,e	M&T Bank Corp		15,189
			TOTAL BANKS		18,977
			TOTAL PREFERRED STOCKS		18,977
			(Cost $38,865)
RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	1,782,941		Banco Bilbao Vizcaya Argentaria S.A.		170
			TOTAL BANKS		170
ENERGY - 0.0%
	664,476		Repsol S.A.		367
			TOTAL ENERGY		367
			TOTAL RIGHTS / WARRANTS		537
			(Cost $558)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 7.2%
GOVERNMENT AGENCY DEBT - 0.4%
$	6,000,000		Federal Home Loan Bank (FHLB)		0.070	%	01/09/15	6,000
	50,000,000	w	FHLB		0.103		01/21/15	49,997
			TOTAL GOVERNMENT AGENCY DEBT					55,997
TREASURY DEBT - 4.6%
	39,000,000	w	United States Treasury Bill		0.050		01/15/15	38,999
	18,500,000	w	United States Treasury Bill		0.060-0.080		04/02/15	18,498
	19,900,000	w	United States Treasury Bill		0.050		04/23/15	19,898
	14,200,000	w	United States Treasury Bill		0.090		04/30/15	14,198
	68,300,000	w	United States Treasury Bill		0.081-0.096		05/28/15	68,282
	72,400,000	w	United States Treasury Bill		0.096-0.141		06/25/15	72,369
	84,000,000	w	United States Treasury Bill		0.073-0.116		07/23/15	83,947
	56,000,000	w	United States Treasury Bill		0.083-0.106		08/20/15	55,944
	139,000,000	w	United States Treasury Bill		0.080-0.093		09/17/15	138,831
	69,000,000	w	United States Treasury Bill		0.091-0.098		10/15/15	68,903
	91,000,000	w	United States Treasury Bill		0.138-0.140		11/12/15	90,861
			TOTAL TREASURY DEBT					670,730

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.2%
TREASURY DEBT - 2.2%
$	5,000,000	United States Treasury Bill		0.095	%	01/08/15	$	5,000
	4,400,000	United States Treasury Bill		0.030		03/26/15		4,400
	9,000,000	United States Treasury Bill		0.040		05/28/15		8,999
	54,000,000	United States Treasury Bill		0.090-0.101		06/25/15		53,974
	11,000,000	United States Treasury Bill		0.080-0.081		07/23/15		10,992
	55,000,000	United States Treasury Bill		0.088-0.103		08/20/15		54,956
	23,000,000	United States Treasury Bill		0.090-0.093		09/17/15		22,985
	94,000,000	United States Treasury Bill		0.094-0.096		10/15/15		93,929
	29,000,000	United States Treasury Bill		0.121		11/12/15		28,969
	30,000,000	United States Treasury Bill		0.190		12/10/15		29,946
		TOTAL TREASURY DEBT						314,150
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						314,150
		TOTAL SHORT-TERM INVESTMENTS						1,040,877
		(Cost $1,041,047)
		TOTAL INVESTMENTS - 106.4%						15,279,598
		(Cost $12,240,205)
		OTHER ASSETS & LIABILITIES, NET - (6.4)%						(921,118	)
		NET ASSETS - 100.0%					$	14,358,480

	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 $319,845,000.
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 December 31, 2014 the aggregate value of these securities was $597,715,000, or 4.2% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
	Cost amounts are in thousands.

396

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS  

December 31, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 99.9%
ASSET BACKED - 0.4%
$	11,863,078		GE Equipment Midticket LLC		0.200	%	09/22/15	$	11,863
	2,600,450		Honda Auto Receivables Owner Trust		0.180		05/18/15		2,600
	7,518,972		Honda Auto Receivables Owner Trust		0.190		08/17/15		7,519
	25,755,737		John Deere Owner Trust		0.210		09/24/15		25,756
	2,278,711		Nissan Auto Lease Trust		0.180		06/15/15		2,279
			TOTAL ASSET BACKED						50,017
CERTIFICATE OF DEPOSIT - 4.1%
	25,000,000		Banco Del Estado De Chile/New York		0.200		01/06/15		25,000
	50,000,000		Banco Del Estado De Chile/New York		0.200		01/07/15		50,000
	25,000,000		Banco Del Estado De Chile/New York		0.200		03/17/15		25,000
	22,000,000		Banco Del Estado De Chile/New York		0.200		03/19/15		22,000
	36,000,000		Banco Del Estado De Chile/New York		0.200		04/08/15		36,000
	25,000,000		Bank of Montreal		0.170		02/11/15		25,000
	50,000,000		Canadian Imperial Bank of Commerce		0.170		02/19/15		50,000
	50,000,000		Korea Development Bank		0.210		01/26/15		50,000
	25,000,000		Korea Development Bank		0.200		02/04/15		25,000
	46,000,000		Toronto-Dominion Bank		0.125		01/27/15		46,000
	50,000,000		Toronto-Dominion Bank		0.150		02/03/15		50,000
	30,000,000		Toronto-Dominion Bank		0.140		03/02/15		30,000
	30,000,000		Wells Fargo Bank NA		0.150		03/11/15		30,000
			TOTAL CERTIFICATE OF DEPOSIT						464,000
COMMERCIAL PAPER - 33.8%
	25,000,000		American Honda Finance Corp		0.120		01/07/15		25,000
	59,000,000		American Honda Finance Corp		0.125		01/08/15		58,999
	20,000,000		American Honda Finance Corp		0.120		01/09/15		19,999
	40,000,000		American Honda Finance Corp		0.095-0.120		01/12/15		39,999
	20,000,000		American Honda Finance Corp		0.105-0.125		01/21/15		19,999
	10,000,000		American Honda Finance Corp		0.105		01/22/15		9,999
	25,000,000	y	Apple, Inc		0.080		01/15/15		24,999
	25,000,000	y	Apple, Inc		0.080		01/20/15		24,999
	6,500,000	y	Apple, Inc		0.090		02/06/15		6,499
	20,000,000	y	Apple, Inc		0.090		02/09/15		19,998
	5,525,000	y	Apple, Inc		0.110		03/09/15		5,524
	56,000,000	y	Australia & New Zealand Banking Group Ltd		0.130-0.135		01/20/15		55,996
	30,000,000	y	Australia & New Zealand Banking Group Ltd		0.175		03/16/15		29,989
	30,000,000	y	Australia & New Zealand Banking Group Ltd		0.200		04/27/15		29,981
	25,000,000	y	Australia & New Zealand Banking Group Ltd		0.215		05/22/15		24,979
	10,000,000	y	Bank of Nova Scotia		0.220		04/02/15		9,994
	30,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.160-0.200		01/05/15		29,999
	29,050,000	y	Bedford Row Funding Corp		0.190		01/05/15		29,049
	15,000,000	y	Bedford Row Funding Corp		0.210		01/26/15		14,998
	7,000,000	y	Bedford Row Funding Corp		0.175		02/17/15		6,998
	25,000,000	y	Bedford Row Funding Corp		0.160		02/19/15		24,995

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	20,000,000	y	Bedford Row Funding Corp		0.260	%	06/23/15	$	19,975
	30,750,000	y	Bedford Row Funding Corp		0.260		08/03/15		30,703
	15,000,000	y	Coca-Cola Co		0.085		01/08/15		15,000
	10,000,000	y	Coca-Cola Co		0.105		01/13/15		10,000
	25,000,000	y	Coca-Cola Co		0.090-0.105		01/27/15		24,998
	25,000,000	y	Coca-Cola Co		0.130		02/12/15		24,996
	25,310,000	y	Coca-Cola Co		0.105-0.130		02/20/15		25,306
	47,700,000	y	Coca-Cola Co		0.115-0.125		02/23/15		47,691
	25,000,000	y	Coca-Cola Co		0.115		02/27/15		24,995
	27,500,000	y	Coca-Cola Co		0.130		03/26/15		27,492
	30,000,000	y	Commonwealth Bank of Australia		0.150		02/09/15		29,995
	17,000,000	y	Commonwealth Bank of Australia		0.150		02/17/15		16,997
	50,000,000	y	Commonwealth Bank of Australia		0.160		03/03/15		49,986
	45,000,000	y	Commonwealth Bank of Australia		0.160		03/04/15		44,988
	30,000,000	y	Commonwealth Bank of Australia		0.165		03/05/15		29,991
	14,000,000	y	Emerson Electric Co		0.150		03/02/15		13,997
	35,000,000		Exxon Mobil Corp		0.085		01/02/15		35,000
	88,150,000		Exxon Mobil Corp		0.080-0.085		01/06/15		88,149
	30,000,000		Exxon Mobil Corp		0.080-0.095		01/22/15		29,998
	20,000,000		Exxon Mobil Corp		0.095		01/27/15		19,999
	20,000,000		Exxon Mobil Corp		0.095		01/29/15		19,998
	34,225,000		Exxon Mobil Corp		0.105		02/12/15		34,221
	20,000,000		Exxon Mobil Corp		0.105		02/23/15		19,997
	26,300,000	y	Fairway Finance LLC		0.150-0.155		01/09/15		26,299
	15,000,000	y	Fairway Finance LLC		0.150		01/14/15		14,999
	25,000,000	y	Fairway Finance LLC		0.170		02/09/15		24,995
	34,700,000	y	Fairway Finance LLC		0.180		03/03/15		34,690
	26,750,000	y	Fairway Finance LLC		0.175		03/04/15		26,742
	25,000,000		General Electric Capital Corp		0.110		02/26/15		24,996
	15,000,000		General Electric Capital Corp		0.160		03/18/15		14,995
	30,000,000		General Electric Capital Corp		0.180		04/17/15		29,984
	19,155,000		General Electric Capital Corp		0.180		05/04/15		19,143
	10,000,000		Intel Corp		0.140		01/12/15		10,000
	17,310,000	y	Jupiter Securitization Co LLC		0.200		04/28/15		17,299
	20,000,000	y	Jupiter Securitization Co LLC		0.260		06/09/15		19,977
	25,000,000		Korea Development Bank		0.190		01/13/15		24,998
	19,070,000		Korea Development Bank		0.310		05/21/15		19,047
	25,000,000	y	Liberty Street Funding LLC		0.170		01/13/15		24,999
	46,000,000	y	Liberty Street Funding LLC		0.170		01/21/15		45,996
	20,000,000	y	Liberty Street Funding LLC		0.170		02/18/15		19,995
	20,000,000	y	Liberty Street Funding LLC		0.190		02/24/15		19,994
	30,000,000	y	Microsoft Corp		0.075		01/02/15		30,000
	15,000,000	y	Microsoft Corp		0.085		01/07/15		15,000
	30,000,000	y	Microsoft Corp		0.090		01/14/15		29,999
	75,000,000	y	Microsoft Corp		0.095-0.110		02/02/15		74,993
	45,000,000	y	Microsoft Corp		0.095		02/03/15		44,996
	16,850,000	y	Microsoft Corp		0.095		02/09/15		16,848
	25,885,000	y	Microsoft Corp		0.100		02/18/15		25,882
	25,000,000	y	National Australia Bank Ltd		0.135		02/10/15		24,996
	40,000,000	y	National Australia Bank Ltd		0.135		02/18/15		39,993
	25,000,000	y	National Australia Bank Ltd		0.140		03/02/15		24,994
	40,000,000	y	National Australia Bank Ltd		0.170		03/18/15		39,985
	25,000,000	y	National Australia Bank Ltd		0.175		03/27/15		24,990

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	20,000,000	y	National Australia Bank Ltd		0.190	%	03/30/15	$	19,991
	40,000,000	y	National Australia Funding Delaware, Inc		0.120-0.130		02/10/15		39,994
	7,300,000	y	Nestle Capital Corp		0.100		01/26/15		7,300
	20,000,000	y	Nestle Capital Corp		0.150		02/23/15		19,996
	30,000,000	y	Old Line Funding LLC		0.150		01/13/15		29,998
	7,870,000	y	Old Line Funding LLC		0.170		02/04/15		7,869
	12,200,000	y	Old Line Funding LLC		0.140		02/05/15		12,198
	13,146,000	y	Old Line Funding LLC		0.170		02/23/15		13,143
	22,300,000	y	Old Line Funding LLC		0.160		03/16/15		22,293
	47,800,000	y	Old Line Funding LLC		0.195		03/18/15		47,780
	14,000,000	y	Old Line Funding LLC		0.190		04/10/15		13,993
	1,000,000	y	Old Line Funding LLC		0.250		04/22/15		999
	20,000,000	y	Old Line Funding LLC		0.200		04/27/15		19,987
	25,000,000		PACCAR Financial Corp		0.130		01/12/15		24,999
	11,900,000		PACCAR Financial Corp		0.095-0.110		01/13/15		11,900
	12,000,000		PACCAR Financial Corp		0.100		01/15/15		12,000
	19,200,000		PACCAR Financial Corp		0.115		01/16/15		19,199
	17,350,000		PACCAR Financial Corp		0.115		01/22/15		17,349
	9,104,000		PACCAR Financial Corp		0.115		01/23/15		9,103
	5,300,000		PACCAR Financial Corp		0.130		01/29/15		5,300
	5,000,000	y	Procter & Gamble Co		0.090		01/21/15		5,000
	50,000,000	y	Procter & Gamble Co		0.080		01/27/15		49,997
	20,000,000	y	Procter & Gamble Co		0.090		02/19/15		19,998
	4,500,000	y	Procter & Gamble Co		0.100		03/02/15		4,499
	20,000,000	y	Procter & Gamble Co		0.100		03/06/15		19,996
	37,000,000	y	Procter & Gamble Co		0.110		03/10/15		36,992
	12,000,000	y	Procter & Gamble Co		0.130		03/16/15		11,997
	67,500,000	y	Procter & Gamble Co		0.130		03/17/15		67,482
	16,290,000		Province of British Columbia		0.110		04/16/15		16,285
	20,000,000		Province of Ontario Canada		0.100		01/06/15		20,000
	20,000,000		Province of Ontario Canada		0.100		01/12/15		19,999
	25,000,000		Province of Ontario Canada		0.095		01/13/15		24,999
	20,000,000		Province of Ontario Canada		0.080		01/20/15		19,999
	70,295,000		Province of Ontario Canada		0.080-0.100		02/03/15		70,289
	50,000,000		Province of Ontario Canada		0.100		02/05/15		49,995
	40,000,000		Province of Ontario Canada		0.100		02/10/15		39,996
	50,000,000		Province of Ontario Canada		0.100		02/27/15		49,992
	50,000,000	y	Province of Quebec Canada		0.050		01/05/15		50,000
	25,000,000	y	Province of Quebec Canada		0.070		01/06/15		25,000
	24,900,000	y	Province of Quebec Canada		0.080-0.100		01/20/15		24,899
	20,000,000	y	Province of Quebec Canada		0.080		01/29/15		19,999
	50,000,000	y	Province of Quebec Canada		0.075		01/30/15		49,997
	25,000,000	y	Province of Quebec Canada		0.080		02/09/15		24,998
	30,000,000	y	Province of Quebec Canada		0.100		03/30/15		29,992
	25,000,000	y	PSP Capital, Inc		0.150		01/08/15		24,999
	13,000,000	y	PSP Capital, Inc		0.140		01/13/15		12,999
	32,000,000	y	PSP Capital, Inc		0.140-0.145		01/14/15		31,998
	20,000,000	y	PSP Capital, Inc		0.140-0.180		01/15/15		19,999
	40,000,000	y	PSP Capital, Inc		0.120-0.150		01/26/15		39,996
	3,000,000	y	PSP Capital, Inc		0.160		02/05/15		3,000
	20,400,000	y	PSP Capital, Inc		0.150-0.160		02/10/15		20,397
	27,000,000	y	PSP Capital, Inc		0.150-0.160		02/19/15		26,994
	20,900,000	y	PSP Capital, Inc		0.170-0.190		03/04/15		20,894

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	30,000,000	y	PSP Capital, Inc		0.200	%	03/19/15	$	29,987
	3,800,000	y	PSP Capital, Inc		0.250		04/23/15		3,797
	40,000,000		Royal Bank of Canada		0.080		02/06/15		39,997
	50,425,000		Shell International Finance BV		3.100		06/28/15		51,123
	30,000,000	y	Toronto-Dominion Holdings USA, Inc		0.170		01/05/15		29,999
	50,000,000	y	Toronto-Dominion Holdings USA, Inc		0.130		01/08/15		49,999
	20,000,000	y	Toronto-Dominion Holdings USA, Inc		0.135		01/12/15		19,999
	25,000,000	y	Toronto-Dominion Holdings USA, Inc		0.160		01/13/15		24,999
	34,500,000	y	Toronto-Dominion Holdings USA, Inc		0.140		01/29/15		34,496
	15,000,000	y	Toronto-Dominion Holdings USA, Inc		0.210		06/01/15		14,987
	30,000,000		Toyota Motor Credit Corp		0.110		01/13/15		29,999
	30,000,000		Toyota Motor Credit Corp		0.120		01/22/15		29,998
	40,000,000		Toyota Motor Credit Corp		0.120		01/27/15		39,996
	30,000,000		Toyota Motor Credit Corp		0.110		01/29/15		29,997
	4,500,000		Toyota Motor Credit Corp		0.160		02/23/15		4,499
	50,000,000		Toyota Motor Credit Corp		0.150		02/25/15		49,989
	1,470,000	y	United Overseas Bank Ltd		0.150		01/05/15		1,470
	10,000,000	y	United Overseas Bank Ltd		0.210		03/03/15		9,996
	360,000	y	United Overseas Bank Ltd		0.240		03/13/15		360
	12,485,000	y	United Overseas Bank Ltd		0.240		05/12/15		12,474
	1,180,000	y	Westpac Banking Corp		0.200		01/02/15		1,180
	25,000,000	y	Westpac Banking Corp		0.225		05/20/15		24,978
	16,850,000	y	Westpac Banking Corp		0.235		06/01/15		16,833
			TOTAL COMMERCIAL PAPER						3,869,507
GOVERNMENT AGENCY DEBT - 34.4%
	10,000,000		Federal Farm Credit Bank (FFCB)		0.130		03/02/15		9,998
	28,205,000		Federal Home Loan Bank (FHLB)		0.035-0.055		01/02/15		28,205
	35,000,000		FHLB		0.045		01/06/15		35,000
	103,475,000		FHLB		0.040-0.061		01/07/15		103,474
	178,645,000		FHLB		0.025-0.058		01/09/15		178,643
	11,735,000		FHLB		0.060		01/12/15		11,735
	15,000,000		FHLB		0.100		01/13/15		14,999
	128,560,000		FHLB		0.045-0.100		01/14/15		128,557
	160,045,000		FHLB		0.050-0.070		01/16/15		160,041
	5,000,000		FHLB		0.055		01/20/15		5,000
	131,045,000		FHLB		0.050-0.100		01/21/15		131,040
	180,465,000		FHLB		0.050-0.085		01/23/15		180,458
	47,180,000		FHLB		0.055-0.062		01/26/15		47,178
	9,785,000		FHLB		0.055-0.080		01/27/15		9,785
	101,945,000		FHLB		0.062-0.100		01/28/15		101,940
	5,300,000		FHLB		0.070-0.075		01/29/15		5,300
	151,500,000		FHLB		0.055-0.080		01/30/15		151,491
	148,315,000		FHLB		0.051-0.085		02/04/15		148,305
	112,300,000		FHLB		0.075-0.080		02/06/15		112,291
	159,622,000		FHLB		0.085-0.088		02/11/15		159,607
	96,000,000		FHLB		0.077-0.095		02/13/15		95,990
	10,000,000		FHLB		0.083		02/17/15		9,999
	73,508,000		FHLB		0.060-0.104		02/18/15		73,500
	154,325,000		FHLB		0.065-0.130		02/20/15		154,307
	17,400,000		FHLB		0.100-0.130		02/23/15		17,397
	1,251,000		FHLB		0.070		02/24/15		1,251
	59,800,000		FHLB		0.080-0.100		02/25/15		59,792

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	105,100,000	FHLB		0.090-0.105	%	02/27/15	$	105,083
	17,800,000	FHLB		0.105		03/02/15		17,797
	74,900,000	FHLB		0.075-0.108		03/04/15		74,887
	97,679,000	FHLB		0.080-0.110		03/06/15		97,662
	4,600,000	FHLB		0.150		03/09/15		4,599
	9,000,000	FHLB		0.107		03/11/15		8,998
	57,000,000	FHLB		0.107-0.115		03/13/15		56,988
	10,050,000	FHLB		0.075		03/17/15		10,048
	50,000,000	FHLB		0.128		03/18/15		49,986
	82,300,000	FHLB		0.120-0.162		03/20/15		82,274
	63,900,000	FHLB		0.115-0.130		03/25/15		63,882
	4,000,000	FHLB		0.135		03/27/15		3,999
	5,613,000	FHLB		0.150		04/22/15		5,610
	3,600,000	FHLB		0.165		04/24/15		3,598
	6,600,000	Federal Home Loan Mortgage Corp (FHLMC)		0.050		01/05/15		6,600
	12,200,000	FHLMC		0.065		01/08/15		12,200
	57,000,000	FHLMC		0.042-0.060		01/12/15		56,999
	4,900,000	FHLMC		0.073		01/13/15		4,900
	3,910,000	FHLMC		0.100		01/16/15		3,910
	35,770,000	FHLMC		0.050-0.055		01/20/15		35,769
	102,600,000	FHLMC		0.045-0.055		01/28/15		102,596
	58,200,000	FHLMC		0.055-0.070		01/29/15		58,197
	15,334,000	FHLMC		0.070-0.095		02/02/15		15,333
	2,160,000	FHLMC		0.065		02/03/15		2,160
	3,900,000	FHLMC		0.075-0.100		02/05/15		3,900
	18,100,000	FHLMC		0.050-0.060		02/06/15		18,099
	9,195,000	FHLMC		0.105		02/10/15		9,194
	2,800,000	FHLMC		0.075		02/11/15		2,800
	355,000	FHLMC		0.090		02/13/15		355
	28,200,000	FHLMC		0.055-0.080		02/17/15		28,197
	15,000,000	FHLMC		0.071		02/23/15		14,998
	72,135,000	FHLMC		0.070-0.110		03/02/15		72,125
	2,200,000	FHLMC		0.120		03/03/15		2,200
	2,900,000	FHLMC		0.120		03/06/15		2,899
	82,085,000	FHLMC		0.085-0.100		03/09/15		82,072
	3,700,000	FHLMC		0.150		03/19/15		3,699
	2,495,000	FHLMC		0.135		03/23/15		2,494
	4,994,000	FHLMC		0.130		05/11/15		4,992
	59,380,000	Federal National Mortgage Association (FNMA)		0.045-0.070		01/05/15		59,380
	12,280,000	FNMA		0.090		01/07/15		12,280
	36,900,000	FNMA		0.040-0.060		01/12/15		36,899
	20,000,000	FNMA		0.055		01/15/15		19,999
	30,161,000	FNMA		0.055-0.065		01/20/15		30,160
	90,100,000	FNMA		0.045-0.055		01/22/15		90,097
	10,000,000	FNMA		0.050		01/28/15		10,000
	58,750,000	FNMA		0.060-0.070		02/02/15		58,747
	4,000,000	FNMA		0.065		02/04/15		4,000
	18,255,000	FNMA		0.055-0.080		02/09/15		18,254
	30,015,000	FNMA		0.055-0.090		02/11/15		30,013
	3,730,000	FNMA		0.090		02/13/15		3,730
	69,920,000	FNMA		0.073-0.090		02/17/15		69,913
	15,000,000	FNMA		0.065-0.085		02/18/15		14,998
	24,017,000	FNMA		0.071-0.130		02/25/15		24,014

401

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	53,400,000		FNMA		0.075-0.110	%	02/26/15	$	53,392
	12,700,000		FNMA		0.085-0.125		03/02/15		12,698
	39,500,000		FNMA		0.085-0.130		03/03/15		39,494
	2,630,000		FNMA		0.090		03/04/15		2,629
	7,000,000		FNMA		0.120		03/16/15		6,998
	8,000,000		FNMA		0.150		04/13/15		7,997
	7,475,000		FNMA		0.140		05/01/15		7,471
	15,000,000		FNMA		0.115		05/13/15		14,994
	46,000,000		FNMA		0.180		06/24/15		45,960
			TOTAL GOVERNMENT AGENCY DEBT						3,941,499
TREASURY DEBT - 16.2%
	40,000,000		United States Treasury Bill		0.035-0.044		01/02/15		40,000
	38,875,000		United States Treasury Bill		0.017-0.110		01/08/15		38,875
	20,000,000		United States Treasury Bill		0.020		01/15/15		20,000
	11,880,000		United States Treasury Bill		0.021-0.031		01/22/15		11,880
	45,000,000		United States Treasury Bill		0.020-0.040		01/29/15		44,999
	50,725,000		United States Treasury Bill		0.017-0.044		02/05/15		50,723
	42,975,000		United States Treasury Bill		0.021-0.046		02/12/15		42,973
	38,800,000		United States Treasury Bill		0.019-0.044		02/19/15		38,798
	64,345,000		United States Treasury Bill		0.021-0.025		02/26/15		64,343
	55,470,000		United States Treasury Bill		0.026-0.034		03/05/15		55,467
	66,575,000		United States Treasury Bill		0.026-0.044		03/12/15		66,570
	40,000,000		United States Treasury Bill		0.030-0.031		03/26/15		39,997
	810,000		United States Treasury Bill		0.030		04/02/15		810
	53,755,000		United States Treasury Bill		0.035-0.038		04/09/15		53,750
	20,000,000		United States Treasury Bill		0.041		04/16/15		19,998
	50,500,000		United States Treasury Bill		0.050		04/23/15		50,492
	40,300,000		United States Treasury Bill		0.055-0.066		05/07/15		40,292
	29,100,000		United States Treasury Bill		0.061-0.063		05/14/15		29,093
	20,120,000		United States Treasury Bill		0.061-0.072		05/21/15		20,115
	22,145,000		United States Treasury Bill		0.065-0.070		05/28/15		22,139
	10,000,000		United States Treasury Bill		0.103		06/11/15		9,995
	40,000,000		United States Treasury Bill		0.061-0.081		06/25/15		39,986
	100,000,000		United States Treasury Note		0.250		01/15/15		100,004
	32,300,000		United States Treasury Note		0.250		01/31/15		32,306
	60,000,000		United States Treasury Note		0.250		02/15/15		60,015
	40,000,000		United States Treasury Note		0.250		03/31/15		40,016
	80,000,000		United States Treasury Note		0.375		04/15/15		80,073
	77,435,000		United States Treasury Note		0.125		04/30/15		77,445
	93,300,000		United States Treasury Note		0.250		05/15/15		93,361
	100,000,000		United States Treasury Note		0.375		06/15/15		100,112
	100,000,000		United States Treasury Note		0.375		06/30/15		100,137
	140,000,000		United States Treasury Note		0.250		07/15/15		140,084
	61,420,000		United States Treasury Note		0.250		07/31/15		61,471
	83,610,000		United States Treasury Note		0.375		08/31/15		83,729
	60,300,000		United States Treasury Note		0.250		09/30/15		60,349
	21,660,000		United States Treasury Note		0.250		10/15/15		21,671
	5,000,000		United States Treasury Note		0.250		12/15/15		4,999
			TOTAL TREASURY DEBT						1,857,067
VARIABLE RATE SECURITIES - 11.0%
	10,000,000	i	Federal Farm Credit Bank (FFCB)		0.300		01/20/15		10,001

402

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	42,000,000	i	FFCB		0.121	%	03/05/15	$	41,997
	35,000,000	i	FFCB		0.196		04/01/15		35,001
	95,000,000	i	FFCB		0.180		04/13/15		95,000
	94,500,000	i	FFCB		0.180		05/27/15		94,496
	54,500,000	i	FFCB		0.200		08/10/15		54,508
	50,000,000	i	FFCB		0.185		09/09/15		50,000
	45,000,000	i	FFCB		0.250		09/21/15		45,021
	65,000,000	i	FFCB		0.186		10/01/15		64,995
	50,000,000	i	FFCB		0.171		11/04/15		49,996
	70,000,000	i	FFCB		0.200		01/13/16		70,000
	60,100,000	i	FFCB		0.250		02/01/16		60,146
	20,000,000	i	FFCB		0.140		03/29/16		19,990
	50,000,000	i	FFCB		0.136		04/21/16		49,987
	36,000,000	i	FFCB		0.280		06/09/16		36,050
	45,000,000	i	FFCB		0.170		06/23/16		44,986
	150,000,000	i	FFCB		0.132		08/10/16		149,960
	50,000,000	i	FFCB		0.147		08/24/16		49,975
	10,000,000	i	FFCB		0.179		10/11/16		10,003
	20,000,000	i	Federal Home Loan Bank (FHLB)		0.220		08/14/15		20,005
	50,000,000	i	FHLB		0.200		08/19/15		50,000
	40,000,000	i	FHLB		0.132		11/27/15		39,997
	21,497,000	i	Federal National Mortgage Association (FNMA)		0.181		08/15/16		21,508
	50,000,000	i	Wells Fargo Bank NA		0.290		03/11/15		50,000
	50,000,000	i	Wells Fargo Bank NA		0.310		10/06/15		50,000
			TOTAL VARIABLE RATE SECURITIES						1,263,622
			TOTAL SHORT-TERM INVESTMENTS						11,445,712
			(Cost $11,445,712)
			TOTAL INVESTMENTS - 99.9%						11,445,712
			(Cost $11,445,712)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						14,031
			NET ASSETS - 100.0%					$	11,459,743

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/2014, the aggregate value of these securities was $2,587,986,000, or 22.6% of net assets.
	Cost amounts are in thousands.

403

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account, and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the "Accounts") at December 31, 2014, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and schedules of investments (hereafter referred to as "financial statements") are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers

Baltimore, MD

February 20, 2015

404

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND
Dated: February 20, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President

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

Dated: February 20, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President
		(principal executive officer)

Dated: February 20, 2015	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President, Chief Financial Officer
		and Principal Accounting Officer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

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

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

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

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: February 20, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President
		(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: February 20, 2015	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 Funds.

Dated: February 20, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President
		(principal executive officer)
Dated: February 20, 2015	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President, Chief Financial
		Officer and Principal Accounting Officer
		(principal financial officer)