N-CSRS 1 c81915_ncsrs.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Jeremy D. Franklin, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, NC 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2015

Item 1. Reports to Stockholders.

2015 Semiannual Report

College Retirement
Equities Fund

June 30, 2015

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

Financial statements (unaudited)
Statements of assets and liabilities	66

Statements of operations	68

Statements of changes in net assets	70

Financial highlights	76

Notes to financial statements	82

Board renewal of the investment management agreement	100

Additional information about index providers	109

How to reach us	Inside back cover

Understanding your CREF report

This semiannual report contains information about the eight CREF accounts and describes the accounts’ results for the six months ended June 30, 2015. The report contains three main sections:

	•	The account performance section compares each account’s investment returns with those of its benchmark index.
	•	The summary portfolios of investments list the industries and types of securities in which each account had investments as of June 30, 2015.
	•	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.

New share classes added

Beginning April 24, 2015, each CREF Account expanded into three classes. Previously, the CREF Accounts had a single class structure, which means that each CREF Account had the same expense ratio across employer-sponsored and individual plans/products of all sizes. To better align CREF’s pricing structure with the costs of serving a wide range of clients and participants, multiple classes were created. The classes are designated as R1, R2 and R3 for each CREF Account. Eligibility for each class was based either upon the amount of aggregate retirement plan assets a participant’s institution has invested in all CREF Accounts or, for participant assets not associated with a retirement plan, the type of product through which the CREF assets are held.

After multi-classing, expense ratios experienced by participants invested in a particular Account will vary depending on the class in which they are invested. While an Account’s administrative and distribution expenses and total expense ratios will vary among classes, each Account’s advisory expenses and mortality and expense risk charges will be the same across all classes. Additionally, the investment objective, strategy and risk profile for each Account will remain the same, and CREF will continue to be provided on an at-cost basis, with each class paying for its related costs.

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

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Information for CREF participants

Portfolio holdings

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

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

	•	By visiting our website at tiaa-cref.org; or
	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

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

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

Proxy voting

CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s 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 ■ 2015 Semiannual Report

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).

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About the accounts’ benchmarks

CREF Social Choice Account

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

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

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

College Retirement Equities Fund ■ 2015 Semiannual Report

Important information about expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2015–June 30, 2015).

Actual expenses

The first section in each table uses the account’s actual expenses and its actual rate of return. You may use the information in this section, 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 section in the table shows hypothetical account values and expenses based on the account’s actual expense ratio for each Class for the six-month period and an assumed 5% per year rate of return before expenses. This was not the account’s actual return.

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

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CREF Stock Account

Performance for the six months ended June 30, 2015

The CREF Stock Account returned 3.38% for the period, compared with the 2.77% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index. For the twelve months ended June 30, 2015, the account returned 3.90%, versus 3.55% for the composite index. (All returns for the account are for Class R1.)

The broad U.S. stock market, as measured by the Russell 3000 Index, returned 1.94% for the reporting period, compared with 5.25% for the previous six months. Investors were in a cautious mode, as economic indicators in the United States were mixed and concerns about Greece and China weighed on stock returns. For the period, investors favored small-capitalization stocks over mid- and large-cap equities, and growth stocks outshined their value counterparts.

The MSCI All Country World ex USA Investable Market Index, which measures stock market performance in 45 developed and emerging countries, returned 4.59% in U.S. dollar terms. In local currency terms, the MSCI index gained 8.08% for the six months. Countries with the best performing markets were Russia, Hungary, Denmark, China and Japan. The weakest-performing markets were Greece, Colombia and Turkey.

The account outperforms its benchmark

For the six months, the account outperformed its benchmark due to both stock selection and allocation decisions. Top contributors included overweight positions in wireless communications company T-Mobile and French automaker Renault and an underweight in Berkshire Hathaway. Holdings that detracted from relative performance included an out-of-benchmark position in electronics storage manufacturer Seagate Technology and overweight positions in insurance giant ACE, railroad operator Union Pacific and electronics retailer Best Buy.

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

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Stock Account

Performance as of June 30, 2015

			Total return						Average annual total return
CREF Stock Account	Inception date		6 months			1 year			5 years			10 years
Class R1		7/31/1952		3.38	%		3.90	%		14.45	%		7.03	%
Class R2		4/24/2015		3.43	*		3.94	*		14.46	*		7.04	*
Class R3		4/24/2015		3.44	*		3.96	*		14.47	*		7.04	*
CREF Stock Composite Benchmark^†		—		2.77			3.55			14.66			7.17
Broad market index
Russell 3000^® Index		—		1.94			7.29			17.54			8.15

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.

*	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^†	On June 30, 2015, the CREF Stock Composite Benchmark consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Investable Market Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2015

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Stock Account	(1/1/15		)	(6/30/15		)	(1/1/15–6/30/15		)
Actual return
Class R1	$	1,000.00		$	1,033.82			$2.62	^‡
Class R2		1,000.00			973.44			0.82	^§
Class R3		1,000.00			973.59			0.67	^§
5% annual hypothetical return
Class R1		1,000.00			1,022.22			2.61	^‡
Class R2		1,000.00			1,022.56			2.26	^§
Class R3		1,000.00			1,022.96			1.86	^§

^‡	“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. The account’s annualized six-month expense ratio for that period was 0.52% for Class R1.
^§	“Expenses paid during period” is based on the account’s actual expense ratio from commencement of operations on April 24, 2015 through June 30, 2015 for Classes R2 and R3, multiplied by the average account value

8	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Stock Account

over the period, multiplied by 67/365 for the actual expenses and 181/365 for the hypothetical expenses. There were 67 days in the period from commencement of operations on April 24, 2015 through June 30, 2015 and 181 days in the six months ended June 30, 2015. The account’s annualized expense ratio for the 67-day period was 0.45% for Class R2 and 0.37% for Class R3.

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

Portfolio composition

	% of net assets
Sector	as of 6/30/2015
Financials		19.6
Information technology		16.0
Consumer discretionary		14.0
Health care		13.4
Industrials		11.0
Consumer staples		8.0
Energy		6.9
Materials		4.9
Telecommunication services		2.7
Utilities		2.7
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size

% of equity investments
Market capitalization	as of 6/30/2015
More than $50 billion		41.4
More than $15 billion–$50 billion		24.8
More than $2 billion–$15 billion		26.8
$2 billion or less		7.0
Total		100.0

Holdings by country

% of portfolio investments
	as of 6/30/2015
United States		65.4
Japan		4.8
United Kingdom		4.2
France		2.1
Canada		1.9
Switzerland		1.8
Germany		1.7
China		1.7
63 other nations		11.9
Short-term investments		4.5
Total		100.0

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Global Equities Account

Performance for the six months ended June 30, 2015

The CREF Global Equities Account returned 3.95% for the period, compared with the 2.63% return of its benchmark, the MSCI World Index. For the twelve months ended June 30, 2015, the account returned 3.54%, versus 1.43% for the index (4.14% in local currencies). (All returns for the account are for Class R1.)

The U.S. stock market, as measured by the Russell 3000^® Index, rose 1.94% in the first six months of 2015. Gains were concentrated early in the period, when the Federal Reserve indicated that it was in no hurry to start raising short-term interest rates. Global stocks, as measured by the MSCI World Index, returned 2.31% in the first quarter of 2015 and advanced 0.31% in the following quarter as central banks in some European markets and Japan boosted efforts to stimulate their sluggish economies.

Market performance varied significantly across countries. U.S. stocks, which comprised more than half of the benchmark’s total market capitalization at period-end, advanced only 1.4%. Japan and France—among the larger markets at period-end—made outsized contributions, gaining 13.6% and 5.0%, respectively. New Zealand and Canada were the worst-performing nations in the benchmark, declining 14.6% and 6.9%, respectively.

Stock selection boosts the account’s performance

The account’s outperformance of its benchmark was driven by strong stock selection. An overweight position in Dutch financial firm ING Group was the largest contributor to relative returns. Next in line was an out-of-benchmark investment in Chinese Internet provider Tencent Holdings, followed by an overweight in Japanese electronics maker Murata Manufacturing.

Conversely, overweight positions in poorly performing Yahoo and electronics storage manufacturer Seagate Technology detracted most from relative performance, followed by an underweight in Amazon.com, which performed well on strong earnings.

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.

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CREF Global Equities Account

Performance as of June 30, 2015


			Total return						Average annual total return
CREF Global
Equities Account	Inception date		6 months			1 year			5 years			10 years
Class R1		5/1/1992		3.95	%		3.54	%		13.46	%		6.49	%
Class R2		4/24/2015		3.99	*		3.59	*		13.47	*		6.50	*
Class R3		4/24/2015		4.01	*		3.60	*		13.47	*		6.50	*
MSCI World Index		—		2.63			1.43			13.10			6.38

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

The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.

Expense example

Six months ended June 30, 2015

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Global Equities Account	(1/1/15		)	(6/30/15		)	(1/1/15–6/30/15		)
Actual return
Class R1	$	1,000.00		$	1,039.48			$2.68	^‡
Class R2		1,000.00			975.44			0.82	^§
Class R3		1,000.00			975.59			0.67	^§
5% annual hypothetical return
Class R1		1,000.00			1,022.17			2.66	^‡
Class R2		1,000.00			1,022.56			2.26	^§
Class R3		1,000.00			1,022.96			1.86	^§

^‡

^§

“Expenses paid during period” is based on the account’s actual expense ratio from commencement of operations on April 24, 2015 through June 30, 2015 for Classes R2 and R3, multiplied by the average account value over the period, multiplied by 67/365 for the actual expenses and 181/365 for the hypothetical expenses. There were 67 days in the period from commencement of operations on April 24, 2015 through June 30, 2015 and 181 days in the six months ended June 30, 2015. The account’s annualized expense ratio for the 67-day period was 0.45% for Class R2 and 0.37% for Class R3.

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

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Global Equities Account

Portfolio composition

	% of net assets
Sector	as of 6/30/2015
Financials		19.4
Consumer discretionary		16.4
Information technology		14.8
Health care		14.7
Industrials		10.7
Consumer staples		7.6
Energy		6.4
Materials		4.8
Utilities		2.2
Telecommunication services		2.0
Short-term investments, other assets & liabilities, net		1.0
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2015
More than $50 billion		44.1
More than $15 billion–$50 billion		28.0
More than $2 billion–$15 billion		26.1
$2 billion or less		1.8
Total		100.0

Holdings by country

	% of portfolio investments as of 6/30/2015
United States		54.3
Japan		8.1
United Kingdom		7.4
Switzerland		4.1
France		3.5
Canada		2.9
Germany		2.8
Australia		1.7
33 other nations		11.8
Short-term investments		3.4
Total		100.0

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CREF Growth Account

Performance for the six months ended June 30, 2015

The CREF Growth Account returned 5.24% for the period, compared with the 3.96% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2015, the account returned 13.25%, versus 10.56% for the index. (All returns for the account are for Class R1.)

The broad U.S. stock market, as measured by the Russell 3000^® Index, returned 1.94% for the reporting period, compared with 5.25% for the previous six months. Investors were in a cautious mode, as economic indicators in the United States were mixed and concerns about Greece and China weighed on stock returns. For the period, investors favored small-capitalization stocks over mid- and large-cap equities, and growth stocks outshined their value counterparts.

For the six-month period, growth equities outperformed the broad U.S. equity market by more than two percentage points. Within the growth category, large-cap stocks returned 3.96%, underperforming small-caps, which climbed 8.74%, and mid-caps, which rose 4.18%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended June 30, 2015, the Russell 1000 Growth Index had an average annual return of 9.10%, versus the 8.15% average annual gain of the Russell 3000 Index.

Stock selections boost the account’s return

Seven of the ten industry sectors of the Russell 1000 Growth Index produced positive returns for the period. The best performing sectors were health care (up 11.2%), consumer discretionary (up 7.7%), information technology (up 4.4%) and energy (up 3.3%). As of June 30, 2015, this group of four sectors made up approximately two-thirds of the benchmark’s total market capitalization.

The account outpaced its benchmark by more than one percentage point in the first six months of 2015, aided by stock selection. An overweight position in Amazon.com was the top contributor to relative performance, followed by an underweight in telecommunications firm QUALCOMM, an overweight in Internet-based travel company Expedia and an underweight in Coca-Cola.

By contrast, the account’s relative performance was hindered by several stock choices that did not perform as anticipated, including an out-of-benchmark position in Yahoo, an underweight in Netflix, an overweight in Groupon and an underweight in Kraft Foods.

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Growth Account

Performance as of June 30, 2015


			Total return						Average annual total return
CREF Growth Account	Inception date		6 months			1 year			5 years			10 years
Class R1		4/29/1994		5.24	%		13.25	%		18.88	%		9.07	%
Class R2		4/24/2015		5.29	*		13.30	*		18.89	*		9.08	*
Class R3		4/24/2015		5.30	*		13.32	*		18.90	*		9.08	*
Russell 1000^® Growth Index		—		3.96			10.56			18.59			9.10

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

Expense example

Six months ended June 30, 2015

	Beginning		Ending		Expenses paid
	account value		account value		during period
CREF Growth Account	(1/1/15)		(6/30/15)		(1/1/15–6/30/15)
Actual return
Class R1	$	1,000.00	$	1,052.41		$2.29	^‡
Class R2		1,000.00		980.57		0.73	^§
Class R3		1,000.00		980.73		0.56	^§
5% annual hypothetical return
Class R1		1,000.00		1,022.56		2.26	^‡
Class R2		1,000.00		1,022.81		2.01	^§
Class R3		1,000.00		1,023.26		1.56	^§

^‡

^§

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

14	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Growth Account

Portfolio composition

Sector	% of net assets as of 6/30/2015
Information technology		30.6
Consumer discretionary		21.7
Health care		18.5
Industrials		9.2
Consumer staples		6.8
Financials		6.1
Materials		3.6
Energy		1.9
Telecommunication services		0.9
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2015
More than $50 billion		48.2
More than $15 billion–$50 billion		29.5
More than $2 billion–$15 billion		22.0
$2 billion or less		0.3
Total		100.0

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Equity Index Account

Performance for the six months ended June 30, 2015

The CREF Equity Index Account returned 1.75% for the period, compared with the 1.94% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2015, the account returned 6.91%, versus 7.29% for the index. (All returns for the account are for Class R1.)

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

Broad equity markets lackluster amid heightened volatility

Investors were in a cautious mode during the six-month period. Economic indicators in the United States were mixed, and concerns about Greece and China, along with uncertainty regarding interest rates, produced greater volatility in the equity markets. As a result, returns for the period were modest, albeit positive. Investors generally favored small-capitalization stocks over those of mid- and large-cap equities, while growth stocks outshined their value counterparts. (Returns by investment style and market capitalization are based on the Russell indexes.)

Health care outperforms, utilities lag

For the six months, six of the ten industry sectors of the Russell 3000 Index posted positive returns. Health care led with a return of 11.4%, followed by consumer discretionary, telecommunication services and information technology, which returned 6.1%, 3.6% and 1.9%, respectively. Together, these four sectors represented nearly one-half of the benchmark’s total market capitalization on June 30, 2015. The worst-performing sectors were utilities, which are highly sensitive to interest rates, and energy and industrials, which returned –10.6%, –4.1% and –2.1%, respectively. Energy stock prices retreated in reaction to the sharp drop in crude oil prices early in the period.

Only two of the five largest stocks in the index in terms of market capitalization at period-end, Apple and General Electric, beat the benchmark. The others, Microsoft, Exxon Mobil and Johnson & Johnson, posted negative returns for the period.

16	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance as of June 30, 2015


			Total return						Average annual total return
CREF Equity Index Account	Inception date		6 months			1 year			5 years			10 years
Class R1	4/29/1994		1.75		%	6.91		%	17.08		%	7.74		%
Class R2		4/24/2015		1.79	*		6.96	*		17.09	*		7.74	*
Class R3		4/24/2015		1.81	*		6.98	*		17.09	*		7.75	*
Russell 3000 Index		—		1.94			7.29			17.54			8.15

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

Expense example

Six months ended June 30, 2015

	Beginning		Ending		Expenses paid
	account value		account value		during period
CREF Equity Index Account	(1/1/15)		(6/30/15)		(1/1/15–6/30/15)
Actual return
Class R1	$	1,000.00	$	1,017.46		$2.05	^‡
Class R2		1,000.00		978.86		0.67	^§
Class R3		1,000.00		979.01		0.51	^§
5% annual hypothetical return
Class R1		1,000.00		1,022.76		2.06	^‡
Class R2		1,000.00		1,022.96		1.86	^§
Class R3		1,000.00		1,023.41		1.40	^§

^‡

^§

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

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Equity Index Account

Portfolio composition

Sector	% of net assets as of 6/30/2015
Information technology		18.8
Financials		18.1
Health care		15.1
Consumer discretionary		13.3
Industrials		10.8
Consumer staples		8.1
Energy		7.2
Materials		3.5
Utilities		2.9
Telecommunication services		2.0
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2015
More than $50 billion		49.4
More than $15 billion–$50 billion		23.4
More than $2 billion–$15 billion		22.4
$2 billion or less		4.8
Total		100.0

18	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance for the six months ended June 30, 2015

The CREF Bond Market Account returned –0.09% for the six-month period, compared with the –0.10% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2015, the account returned 1.34%, versus 1.86% for the index. (All returns for the account are for Class R1.)

The U.S. economy’s slow start in the first three months of 2015 was attributed mainly to severe winter weather, while the strong dollar also limited growth for the entire six-month period. On the positive side, energy prices stabilized during the period after falling precipitously in the last half of 2014, and good news on the employment front aided consumer confidence. Meanwhile, inflation remained below the Federal Reserve’s target.

While central banks overseas cut interest rates, uncertainty regarding the timing of potential interest rate hikes in the U.S. weighed on the prices of bonds. The broad domestic bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.10% for the six months, as rising long-term interest rates lowered the prices of many existing fixed-income securities. The rise in long-term rates occurred primarily in the second half of the period, as an improving outlook for the U.S. economy fueled concerns that the Fed might soon start raising its key policy rate, though at present, that decision remains data dependent.

Sector weightings drive outperformance

For the period, bonds with shorter maturities performed better than longer-term bonds. Asset-backed and commercial mortgage-backed securities (CMBS) had the strongest performance for the period, helped by an improving real estate market, low interest rates and low inflation. Government agencies had the third-strongest performance, followed by mortgage-backed securities. Treasuries, the largest benchmark sector with a 36% weighting, were up slightly, while corporates, with a 23% weighting, were down by one half of one percentage point.

The account slightly outperformed its benchmark, driven by favorable selection of corporate bonds and CMBS, and by an overweight position in CMBS. The account’s selection of government agency bonds also contributed to relative performance. By contrast, the account’s selection of and yield curve positioning in U.S. Treasuries detracted from relative performance.

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Bond Market Account

Performance as of June 30, 2015

Total return

Average annual
total return

CREF Bond Market Account

Inception date

6 months

1 year

5 years

10 years

Class R1

3/1/1990

–0.09

1.34

3.38

4.01

Class R2

4/24/2015

–0.05

1.38

3.39

4.01

Class R3

4/24/2015

–0.03

1.40

3.39

4.02

Barclays U.S. Aggregate Bond Index

—

–0.10

1.86

3.35

4.44

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

Expense example

Six months ended June 30, 2015

CREF Bond Market Account	Beginning account value (1/1/15)		Ending account value (6/30/15)		Expenses paid during period (1/1/15–6/30/15)
Actual return
Class R1	$	1,000.00	$	999.09		$2.48	^‡
Class R2		1,000.00		979.98		0.82	^§
Class R3		1,000.00		980.13		0.65	^§
5% annual hypothetical return
Class R1		1,000.00		1,022.32		2.51	^‡
Class R2		1,000.00		1,022.56		2.26	^§
Class R3		1,000.00		1,023.01		1.81	^§

^‡

^§

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

20	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Portfolio composition

	% of net assets as of 6/30/2015
Corporate bonds	27.2
Mortgage-backed securities*	24.2
Foreign government & corporate bonds denominated in U.S. dollars	15.4
Asset-backed securities	9.1
U.S. Treasury securities	9.1
Commercial mortgage-backed securities	6.6
Municipal bonds	4.0
U.S. agency securities	2.0
Bank loan obligations	0.9
Preferred stock	0.1
Short-term investments, other assets & liabilities, net	1.4
Total	100.0

*	Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 6/30/2015
Less than 1 year	7.4
1–3 years	18.0
3–5 years	18.7
5–10 years	41.4
Over 10 years	14.5
Total	100.0

Holdings by credit quality^†

	% of fixed-income investments (excluding short-term investments) as of 6/30/2015
Aaa/AAA	42.3
Aa/AA	9.2
A/A	16.9
Baa/BBB	21.7
Ba/BB	4.2
B/B	2.7
Below B/B	1.4
Non-rated	1.6
Total	100.0

^†

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

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Inflation-Linked Bond Account

Performance for the six months ended June 30, 2015

The CREF Inflation-Linked Bond Account returned 0.03% for the period, compared with the 0.34% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the twelve months ended June 30, 2015, the account returned –2.23%, versus –1.73% for the index. (All returns for the account are for Class R1.)

During the period, year-over-year inflation, as measured by the Consumer Price Index (CPI), increased from –0.3% in December 2014 to 0.3% in May 2015. The continued low inflation rate reflected low energy prices, stable wages and continued economic sluggishness abroad. Other favorable data included U.S. dollar appreciation, renewed housing market strength and the unemployment rate hitting 5.3% in June 2015, down from 5.6% in December 2014 and 6.1% one year earlier.

After falling substantially in 2014, crude oil prices, a commonly used indicator of current inflationary pressures, rose 10% from $53 a barrel on December 31, 2014, to $59 at period-end. Nevertheless, the energy component of the CPI declined at a year-over-year rate of 16.3% in May 2015, with gasoline down 25.0% year-over-year.

TIPS top the broad bond market

For the six months, the return of TIPS surpassed the –0.10% return of the broad U.S. investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Investors sought refuge in TIPS during a period in which 10-year U.S. Treasury yields crept up from 2.17% on December 31, 2014, to 2.35% by the end of June 2015. Between this trend and the increase in oil prices in June 2015, investor concerns may be mounting about potential price increases going forward.

The account underperformed its benchmark primarily 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 that of the TIPS index. This strategy helped the account’s risk and reward characteristics more closely resemble those of its benchmark.

22	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of June 30, 2015

Total return

Average annual
total return

CREF Inflation-Linked

Bond Account

Inception date

6 months

1 year

5 years

10 years

Class R1

5/1/1997

0.03

–2.23

2.84

3.66

Class R2

4/24/2015

0.07

–2.19

2.85

3.66

Class R3

4/24/2015

0.09

–2.17

2.85

3.67

Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)

—

0.34

–1.73

3.29

4.13

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

Expense example

Six months ended June 30, 2015

	Beginning		Ending		Expenses paid
CREF Inflation-Linked	account value		account value		during period
Bond Account	(1/1/15)		(6/30/15)		(1/1/15–6/30/15)
Actual return
Class R1	$	1,000.00	$	1,000.30		$2.13	^‡
Class R2		1,000.00		975.43		0.71	^§
Class R3		1,000.00		975.58		0.56	^§
5% annual hypothetical return
Class R1		1,000.00		1,022.66		2.16	^‡
Class R2		1,000.00		1,022.86		1.96	^§
Class R3		1,000.00		1,023.26		1.56	^§

^‡

^§

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

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Inflation-Linked Bond Account

Portfolio composition

	% of net assets as of 6/30/2015
U.S. Treasury securities	99.1
U.S. agency securities	0.1
Short-term investments, other assets & liabilities, net	0.8
Total	100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 6/30/2015
Less than 1 year	0.9
1–3 years	20.1
3–5 years	14.5
5–10 years	36.1
Over 10 years	28.4
Total	100.0

24	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance for the six months ended June 30, 2015

The CREF Social Choice Account returned 0.66% for the period, compared with the 1.52% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2015, the account returned 1.78%, versus 3.54% for the benchmark index. The account uses certain social criteria, while the benchmark does not. (All returns for the account are for Class R1.)

Because of its social criteria, the account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. The account underperformed in part because of its exclusion of Apple, Amazon.com, Mitsubishi UFJ Financial and Swiss financial services provider UBS Group. Apple stock, in particular, rose in response to solid earnings reports driven by strong iPhone sales.

These negative effects were partly offset by the account’s omission of Royal Dutch Shell, Exxon Mobil, Spanish banking giant Banco Santander and Chevron. Shares in energy giants Royal Dutch Shell, Exxon Mobil and Chevron fell due to the decline in oil prices over the past year.

Stock positions hurt the account’s performance

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

The account’s relative performance was hurt most by an overweight position in poorly performing Swiss food company Aryzta. Next in line were overweights in Hewlett-Packard and Yahoo, both of which experienced sizable losses.

These negative effects were partly offset by overweight positions in stock market operator Hong Kong Exchanges & Clearing and French automaker Renault, both of which produced sizable returns. An overweight in Starbucks also helped the account’s relative performance as the coffee distributor continued to benefit from long-term revenue growth.

Fixed income benefits the account’s performance

During the six months, the account’s fixed-income component outperformed the Barclays U.S. Aggregate Bond Index, a measure of the broad, domestic investment-grade, fixed-rate bond market, which returned –0.10%. The largest contributions to the account’s fixed-income performance versus the index came from being overweight corporate bonds and underweight U.S. Treasuries and mortgage-backed securities.

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Social Choice Account

Performance as of June 30, 2015


			Total return						Average annual total return
CREF Social Choice Account	Inception date		6 months			1 year			5 years			10 years
Class R1	3/1/1990		0.66		%	1.78		%	10.11		%	6.01		%
Class R2		4/24/2015		0.70	*		1.82	*		10.12	*		6.01	*
Class R3		4/24/2015		0.71	*		1.84	*		10.12	*		6.01	*
CREF Social Choice Composite Benchmark^†		—		1.52			3.54			10.83			6.28
Broad market index
Russell 3000^® Index		—		1.94			7.29			17.54			8.15

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

*	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^†	On June 30, 2015, the CREF Social Choice Composite Benchmark consisted of: 42.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 18.0% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2015

	Beginning		Ending		Expenses paid
	account value		account value		during period
CREF Social Choice Account	(1/1/15)		(6/30/15)		(1/1/15–6/30/15)
Actual return
Class R1	$	1,000.00	$	1,006.55		$2.34	^‡
Class R2		1,000.00		974.19		0.74	^§
Class R3		1,000.00		974.34		0.58	^§
5% annual hypothetical return
Class R1		1,000.00		1,022.46		2.36	^‡
Class R2		1,000.00		1,022.76		2.06	^§
Class R3		1,000.00		1,023.21		1.61	^§

^‡	“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. The account’s annualized six-month expense ratio for that period was 0.47% for Class R1.
^§	“Expenses paid during period” is based on the account’s actual expense ratio from commencement of operations on April 24, 2015 through June 30, 2015 for Classes R2 and R3, multiplied by the average account value

26	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Social Choice Account

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

Portfolio composition

	% of net assets as of 6/30/2015
Equities	60.1
Long-term bonds	38.9
Short-term investments, other assets & liabilities, net	1.0
Total	100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 6/30/2015
More than $50 billion	37.0
More than $15 billion–$50 billion	43.0
More than $2 billion–$15 billion	18.1
$2 billion or less	1.9
Total	100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments)
	as of 6/30/2015
Less than 1 year	3.3
1–3 years	18.1
3–5 years	19.7
5–10 years	38.4
Over 10 years	20.5
Total	100.0

College Retirement Equities Fund ■ 2015 Semiannual Report

CREF Money Market Account

Performance for the six months ended June 30, 2015

The CREF Money Market Account returned 0.00% for the six-month period, compared with the 0.01% return of the iMoneyNet Money Fund Averages™ —All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. (The return for the account is for Class R1.)

The Federal Reserve’s target for short-term interest rates remained between 0.00% and 0.25% during the period, despite speculation regarding a June rate hike. Expectations are for a rate hike to begin in late 2015, with the Fed’s decision to raise rates remaining data dependent. Short-term U.S. Treasury supply continued on a moderate 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 issuance remains low in shorter maturities as banks need to issue longer-maturity debt to comply with liquidity coverage ratio requirements for maturities that come due within 30 days.

LIBOR yields rose during the period, with longer-dated rates climbing the most. The steepening of the yield curve still reflects market expectations for higher rates in 2015, as one- and 12-month LIBOR yields rose approximately one basis point (0.01%) and eight basis points (0.08%), respectively, by June 30, 2015. The yield on three-month Treasuries went from 0.04% on December 31, 2014 to 0.01% at period-end.

Portfolio strategies focus on safety and yield

To comply with SEC regulations and in pursuit of additional yield, the account remained 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. The account has limited exposure in Europe with the exception of a recently added program in Denmark. The account has also made selective investments in top-tier Pacific Rim banks. As of June 30, 2015, the account’s weighted average maturity was 54 days, versus 38 days for the average iMoneyNet fund.

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

28	2015 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended June 30, 2015*


	Current yield			Effective yield
CREF Money Market Account^†
Class R1		0.00	%		0.00	%
Class R2		0.00			0.00
Class R3		0.00			0.00
iMoneyNet Money Fund Averages™—All Taxable^‡		0.02			0.02

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

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

Performance as of June 30, 2015


			Total return						Average annual total return
CREF Money
Market Account^†	Inception date		6 months			1 year			5 years			10 years
Class R1		4/1/1988		0.00	%		0.00	%		0.00	%		1.37	%
Class R2		4/24/2015		0.00	*		0.00	*		0.00	*		1.37	*
Class R3		4/24/2015		0.00	*		0.00	*		0.00	*		1.37	*
iMoneyNet Money Fund Averages—All Taxable^‡		—		0.01			0.02			0.02			1.30

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.

*	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^†	Beginning July 16, 2009, TIAA has voluntarily withheld (“waived”) a portion of the 12b-1 distribution and/or administrative expenses for each Class of the CREF Money Market Account. 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 ■ 2015 Semiannual Report

CREF Money Market Account

Expense example

Six months ended June 30, 2015

	Beginning		Ending		Expenses paid
	account value		account value		during period
CREF Money Market Account	(1/1/15)		(6/30/15)		(1/1/15–6/30/15)
Actual return
Class R1	$	1,000.00	$	1,000.00		$0.64	^‡
Class R2		1,000.00		1,000.00		0.26	^§
Class R3		1,000.00		1,000.00		0.26	^§
5% annual hypothetical return
Class R1		1,000.00		1,024.15		0.65	^‡
Class R2		1,000.00		1,024.10		0.70	^§
Class R3		1,000.00		1,024.10		0.70	^§

^‡

“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. The account’s annualized six-month expense ratio for that period was 0.13% for Class R1. The expense charges of the account reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

^§

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

Portfolio composition

	% of net assets
	as of 6/30/2015
Commercial paper	42.3
U.S. government agency securities	25.7
U.S. Treasury securities	16.1
Floating rate securities, government	11.7
Certificates of deposit	3.7
Corporate debt	0.2
Asset-backed securities	0.2
Other assets & liabilities, net	0.1
Total	100.0

30	2015 Semiannual Report ■ College Retirement Equities Fund

Summary portfolio of investments (unaudited)

CREF Stock Account ■ June 30, 2015

Principal			Issuer		Value (000)			% of net assets
BONDS

CORPORATE BONDS
CAPITAL GOODS					$	0	^		0.0	%
DIVERSIFIED FINANCIALS						474			0.0
FOOD, BEVERAGE & TOBACCO						26			0.0
UTILITIES						590			0.0
			TOTAL CORPORATE BONDS	(Cost $1,119)		1,090			0.0

GOVERNMENT BONDS
U.S. TREASURY SECURITIES						294			0.0
			TOTAL GOVERNMENT BONDS	(Cost $303)		294			0.0
			TOTAL BONDS	(Cost $1,422)		1,384			0.0

Shares			Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	5,663,802	*	Toyota Motor Corp			379,006			0.3
			Other			2,401,757			2.0
						2,780,763			2.3
BANKS
	43,338,234		Bank of America Corp			737,617			0.6
	12,729,588		Citigroup, Inc			703,182			0.6
	12,873,907		JPMorgan Chase & Co			872,336			0.7
	22,453,888		Wells Fargo & Co			1,262,807			1.0
			Other			6,293,495			5.1
						9,869,437			8.0
CAPITAL GOODS
	3,106,275	n	3M Co			479,298			0.4
	32,304,385		General Electric Co			858,328			0.7
	5,241,277		Honeywell International, Inc			534,453			0.4
	214,500,762	*,a,m	Rolls-Royce Holdings plc			337			0.0
			Other			7,217,216			5.9
						9,089,632			7.4
COMMERCIAL & PROFESSIONAL SERVICES						1,403,948			1.1
CONSUMER DURABLES & APPAREL						2,867,209			2.3
CONSUMER SERVICES						2,351,730			1.9
DIVERSIFIED FINANCIALS						4,529,153			3.7
ENERGY
	6,154,309		Chevron Corp			593,706			0.5
	12,827,153	d	Exxon Mobil Corp			1,067,219			0.9
			Other			6,820,359			5.5
						8,481,284			6.9

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2015

Shares			Company	Value (000)		% of net assets
FOOD & STAPLES RETAILING
	5,308,546		CVS Corp	$	556,760		0.4	%
			Other		1,697,269		1.4
					2,254,029		1.8
FOOD, BEVERAGE & TOBACCO
	7,439,805		Altria Group, Inc		363,881		0.3
	9,844,443		Coca-Cola Co		386,197		0.3
	5,486,245		PepsiCo, Inc		512,086		0.4
			Other		4,590,535		3.7
					5,852,699		4.7
HEALTH CARE EQUIPMENT & SERVICES
	3,045,976		UnitedHealth Group, Inc		371,609		0.3
			Other		4,810,230		3.9
					5,181,839		4.2
HOUSEHOLD & PERSONAL PRODUCTS
	8,417,795		Procter & Gamble Co		658,608		0.5
			Other		1,044,550		0.9
					1,703,158		1.4
INSURANCE
	4,414,513	*	Berkshire Hathaway, Inc (Class B)		600,860		0.5
	7,133,756		Metlife, Inc		399,419		0.3
			Other		4,224,547		3.4
					5,224,826		4.2
MATERIALS					5,993,010		4.9
MEDIA
	10,563,223		Comcast Corp (Class A)		635,272		0.5
	4,327,722		Time Warner, Inc		378,286		0.3
	6,572,661		Walt Disney Co		750,204		0.6
			Other		2,408,307		2.0
					4,172,069		3.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	7,195,639		AbbVie, Inc		483,475		0.4
	1,955,187	*	Allergan plc		593,321		0.5
	1,053,093	*,n	Biogen Idec, Inc		425,386		0.4
	4,002,060	*	Celgene Corp		463,178		0.4
	4,621,635	n	Eli Lilly & Co		385,860		0.3
	5,671,398		Gilead Sciences, Inc		664,007		0.5
	8,673,352		Johnson & Johnson		845,305		0.7
	10,598,879		Merck & Co, Inc		603,394		0.5
	4,882,556		Novartis AG.		480,251		0.4
	23,707,828		Pfizer, Inc		794,924		0.6
			Other		5,539,451		4.5
					11,278,552		9.2
REAL ESTATE					4,647,772		3.8

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2015

Shares			Company		Value (000)		% of net assets
RETAILING
	1,696,374	*,n	Amazon.com, Inc		$	736,379		0.6	%
	5,917,870		Home Depot, Inc			657,653		0.5
			Other			3,626,914		3.0
						5,020,946		4.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	12,962,888		Intel Corp			394,266		0.3
			Other			2,753,554		2.3
						3,147,820		2.6
SOFTWARE & SERVICES
	8,310,965	*	Facebook, Inc			712,790		0.6
	1,191,328	*	Google, Inc			620,098		0.5
	953,713	*	Google, Inc (Class A)			515,043		0.4
	2,819,951		International Business Machines Corp			458,693		0.4
	5,079,436		Mastercard, Inc (Class A)			474,826		0.4
	27,237,382		Microsoft Corp			1,202,530		1.0
	13,952,244		Oracle Corp			562,276		0.4
	9,025,716		Visa, Inc (Class A)			606,077		0.5
			Other			5,209,041		4.2
						10,361,374		8.4
TECHNOLOGY HARDWARE & EQUIPMENT
	20,539,624		Apple, Inc			2,576,182		2.1
	23,331,153		Cisco Systems, Inc			640,674		0.5
			Other			2,997,111		2.4
						6,213,967		5.0
TELECOMMUNICATION SERVICES
	15,248,345		AT&T, Inc			541,621		0.4
	13,514,154		Verizon Communications, Inc			629,895		0.5
			Other			2,207,955		1.8
						3,379,471		2.7
TRANSPORTATION
	4,145,249		Union Pacific Corp			395,332		0.3
			Other			2,651,307		2.2
						3,046,639		2.5
UTILITIES						3,364,715		2.7
			TOTAL COMMON STOCKS	(Cost $110,940,510)		122,216,042		99.2

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2015

Shares	Company		Value (000)			% of net assets
PURCHASED OPTIONS
CONSUMER SERVICES			$	1			0.0	%
ENERGY				1			0.0
HEALTH CARE EQUIPMENT & SERVICES				3			0.0
MATERIALS				0	^		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				4			0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				2			0.0
TRANSPORTATION				0	^		0.0
	TOTAL PURCHASED OPTIONS	(Cost $49)		11			0.0

PREFERRED STOCKS
BANKS				20,112			0.0
CAPITAL GOODS				421			0.0
DIVERSIFIED FINANCIALS				1,900			0.0
REAL ESTATE				19			0.0
	TOTAL PREFERRED STOCKS	(Cost $29,163)		22,452			0.0

RIGHTS / WARRANTS
AUTOMOBILES & COMPONENTS				57			0.0
CAPITAL GOODS				640			0.0
COMMERCIAL & PROFESSIONAL SERVICES				0	^		0.0
CONSUMER DURABLES & APPAREL				36			0.0
CONSUMER SERVICES				20			0.0
DIVERSIFIED FINANCIALS				31			0.0
ENERGY				734			0.0
FOOD & STAPLES RETAILING				24			0.0
HEALTH CARE EQUIPMENT & SERVICES				19			0.0
MATERIALS				530			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				322			0.0
REAL ESTATE				89			0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				243			0.0
SOFTWARE & SERVICES				11			0.0
TECHNOLOGY HARDWARE & EQUIPMENT				11			0.0
TELECOMMUNICATION SERVICES				554			0.0
TRANSPORTATION				73			0.0
UTILITIES				7			0.0
	TOTAL RIGHTS / WARRANTS	(Cost $3,511)		3,401			0.0

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

CREF Stock Account ■ June 30, 2015

Principal			Issuer		Value (000)			% of net assets

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					$	662,808			0.5	%
TREASURY DEBT						54,760			0.1

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT						780,000			0.6
GOVERNMENT AGENCY DEBT						377,991			0.3
REPURCHASE AGREEMENT
	$500,000,000	o	Goldman Sachs	0.070%, 07/02/15		500,000			0.4
	600,000,000	p	Merrill Lynch	0.100%, 07/01/15		600,000			0.5
	415,000,000	q	Royal Bank of Scotland	0.090%, 07/07/15		415,000			0.3
		r	Other Repurchase Agreements	0.020%–0.150%, 07/01/15–07/06/15		2,164,000			1.8
						3,679,000			3.0
TREASURY DEBT						49,000			0.0
VARIABLE RATE SECURITIES						187,223			0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,073,214			4.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $5,791,748)		5,790,782			4.7

			TOTAL PORTFOLIO	(Cost $116,766,403)		128,034,072			103.9
			OTHER ASSETS & LIABILITIES, NET			(4,760,934	)		(3.9	)
			NET ASSETS		$	123,273,138			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.
m	Indicates a security that has been deemed illiquid.
n	All or a portion of these securities have been segregated by the custodian to cover margin requirements on open written contracts.
o	Agreement with Goldman Sachs, 0.07% dated 6/30/15 to be repurchased at $500,000,000 on 7/02/15, collateralized by U.S. Government Agency Securities valued at $510,000,000.
p	Agreement with Merrill Lynch, 0.10% dated 6/30/15 to be repurchased at $600,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $611,839,000.
q	Agreement with Royal Bank of Scotland, 0.09% dated 6/30/15 to be repurchased at $415,000,000 on 7/07/15, collateralized by U.S. Government Agency Securities valued at $423,306,000.
r	Agreements, 0.02%–0.15% dated 6/30/15 to be repurchased at $2,164,000,000 on 7/01/15–7/06/15, collateralized by U.S. Government Agency Securities valued at $2,207,281,000.

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

At 6/30/15, the aggregate value of securities on loan is $4,906,846,000.

At 6/30/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $199,228,000 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary of market values by country (unaudited)

CREF Stock Account ■ June 30, 2015

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	89,361,501		69.9	%
TOTAL DOMESTIC		89,361,501		69.9

FOREIGN
ARGENTINA		4,236		0.0
AUSTRALIA		1,546,498		1.2
AUSTRIA		132,889		0.1
BAHAMAS		74		0.0
BELGIUM		262,803		0.2
BERMUDA		14,894		0.0
BRAZIL		583,941		0.5
CANADA		2,407,390		1.9
CAYMAN ISLANDS		1,230		0.0
CHILE		94,094		0.1
CHINA		2,180,714		1.7
COLOMBIA		39,633		0.0
CYPRUS		73		0.0
CZECH REPUBLIC		15,828		0.0
DENMARK		473,861		0.4
EGYPT		26,712		0.0
FAROE ISLANDS		3,396		0.0
FINLAND		253,966		0.2
FRANCE		2,636,362		2.1
GEORGIA		3,380		0.0
GERMANY		2,226,492		1.7
GIBRALTAR		1,115		0.0
GREECE		26,744		0.0
GUERNSEY, C.I.		468		0.0
HONG KONG		1,092,263		0.9
HUNGARY		19,717		0.0
INDIA		758,796		0.6
INDONESIA		185,909		0.1
IRELAND		561,222		0.4
ISLE OF MAN		1,686		0.0
ISRAEL		227,581		0.2
ITALY		629,325		0.5
JAPAN		6,150,833		4.8
JERSEY, C.I.		12,051		0.0
JORDAN		12,100		0.0
KOREA, REPUBLIC OF		1,319,069		1.0
LUXEMBOURG		66,234		0.1
MACAU		5,098		0.0

Country	Value (000)		% of total portfolio
MALAYSIA	$	244,378		0.2	%
MALTA		5,283		0.0
MEXICO		450,694		0.4
MONACO		11,354		0.0
NETHERLANDS		1,074,508		0.8
NEW ZEALAND		104,126		0.1
NORWAY		254,791		0.2
PAKISTAN		2,917		0.0
PANAMA		9,353		0.0
PERU		17,359		0.0
PHILIPPINES		158,784		0.1
POLAND		107,346		0.1
PORTUGAL		59,541		0.0
PUERTO RICO		16,368		0.0
QATAR		55,490		0.0
ROMANIA		1,701		0.0
RUSSIA		290,212		0.2
SINGAPORE		510,040		0.4
SOUTH AFRICA		632,017		0.5
SPAIN		584,628		0.5
SRI LANKA		1,219		0.0
SWEDEN		781,971		0.6
SWITZERLAND		2,355,632		1.8
TAIWAN		1,151,207		0.9
THAILAND		210,376		0.2
TURKEY		135,848		0.1
UKRAINE		1,332		0.0
UNITED ARAB EMIRATES		82,513		0.1
UNITED KINGDOM		5,380,404		4.2
VIETNAM		1,682		0.0
VIRGIN ISLANDS, BRITISH		223		0.0
VIRGIN ISLANDS, U.S.		597		0.0
TOTAL FOREIGN		38,672,571		30.1

TOTAL PORTFOLIO	$	128,034,072		100.0	%

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Global Equities Account ■ June 30, 2015

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUSTRALIA			$	344,316		1.8	%
AUSTRIA				16,848		0.1
BELGIUM				55,839		0.3
BRAZIL				10,823		0.1
CANADA				592,785		3.0
CHINA				175,704		0.9
DENMARK				117,815		0.6
FINLAND				82,063		0.4
FRANCE
	2,000,004	Total S.A.		98,102		0.5
		Other		599,789		3.0
				697,891		3.5
GERMANY
	532,427	Bayer AG.		74,561		0.4
	969,494	Daimler AG. (Registered)		88,316		0.4
		Other		394,353		2.0
				557,230		2.8
HONG KONG				194,647		1.0
INDIA				104,261		0.5
INDONESIA				4,137		0.0
IRELAND				235,179		1.2
ISRAEL				20,650		0.1
ITALY				206,522		1.1
JAPAN
	1,969,048	Toyota Motor Corp		131,763		0.7
		Other		1,499,824		7.6
				1,631,587		8.3
JERSEY, C.I.				310		0.0
KOREA, REPUBLIC OF				54,486		0.3
LUXEMBOURG				23,013		0.1
MACAU				398		0.0
MALAYSIA				14,844		0.1
MEXICO				19,520		0.1
NETHERLANDS
	6,206,748	ING Groep NV		103,065		0.5
		Other		231,767		1.2
				334,832		1.7

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Global Equities Account ■ June 30, 2015

Shares		Company	Value (000)		% of net assets
NEW ZEALAND			$	12,195		0.1	%
NORWAY				72,603		0.4
PHILIPPINES				25,528		0.1
POLAND				3,923		0.0
PORTUGAL				6,799		0.0
RUSSIA				6,611		0.0
SINGAPORE				70,119		0.4
SOUTH AFRICA				33,765		0.2
SPAIN				161,559		0.8
SWEDEN				145,321		0.7
SWITZERLAND
	1,184,900	Nestle S.A.		85,491		0.4
	2,146,818	Novartis AG.		211,162		1.1
	463,571	Roche Holding AG.		129,982		0.7
	3,253,973	UBS AG.		69,038		0.3
		Other		335,781		1.7
				831,454		4.2
TAIWAN				87,551		0.4
THAILAND				20,562		0.1
TURKEY				28,641		0.2
UNITED ARAB EMIRATES				21,828		0.1
UNITED KINGDOM
	25,240,929	Barclays plc		103,454		0.5
	805,048	Delphi Automotive plc		68,502		0.4
	3,567,639	Prudential plc		85,978		0.4
		Other		1,235,966		6.3
				1,493,900		7.6

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Global Equities Account ■ June 30, 2015

Shares			Company		Value (000)		% of net assets
UNITED STATES
	1,070,770		AbbVie, Inc		$	71,945		0.4	%
	387,226	*	Alexion Pharmaceuticals, Inc			69,999		0.4
	411,994	*	Allergan plc			125,024		0.6
	227,365	*	Amazon.com, Inc			98,697		0.5
	3,661,543		Apple, Inc			459,249		2.3
	6,359,013		Bank of America Corp			108,230		0.5
	814,737	*	Celgene Corp			94,294		0.5
	819,074		Chevron Corp			79,016		0.4
	3,717,616		Cisco Systems, Inc			102,086		0.5
	2,466,148		Comcast Corp (Class A)			148,314		0.8
	1,175,958		CVS Corp			123,334		0.6
	959,190		EOG Resources, Inc			83,977		0.4
	1,440,044	d	Exxon Mobil Corp			119,812		0.6
	1,343,413	*	Facebook, Inc			115,218		0.6
	2,873,752		General Electric Co			76,356		0.4
	1,026,225		Gilead Sciences, Inc			120,150		0.6
	246,219	*	Google, Inc			128,159		0.6
	1,365,298		Home Depot, Inc			151,726		0.8
	1,190,677		Honeywell International, Inc			121,413		0.6
	1,118,433		iShares MSCI EAFE Index Fund			71,009		0.4
	928,631		Johnson & Johnson			90,504		0.5
	2,057,673		JPMorgan Chase & Co			139,428		0.7
	395,022		McKesson Corp			88,805		0.4
	1,841,779		Merck & Co, Inc			104,853		0.5
	1,238,440		Metlife, Inc			69,340		0.4
	2,548,813		Microsoft Corp			112,530		0.6
	2,031,458		Mondelez International, Inc			83,574		0.4
	710,312		NextEra Energy, Inc			69,632		0.4
	2,420,013		Oracle Corp			97,527		0.5
	1,138,116		PepsiCo, Inc			106,232		0.5
	4,074,604		Pfizer, Inc			136,621		0.7
	1,012,552		Time Warner, Inc			88,507		0.4
	1,873,033		Verizon Communications, Inc			87,302		0.4
	1,985,763		Visa, Inc (Class A)			133,344		0.7
	838,526		Walt Disney Co			95,709		0.5
	4,205,788		Wells Fargo & Co			236,534		1.2
			Other			6,781,157		34.4
						10,989,607		55.7
			TOTAL COMMON STOCKS	(Cost $17,192,828)		19,507,666		99.0

RIGHTS / WARRANTS
SINGAPORE						6		0.0
SPAIN						457		0.0
UNITED STATES						57		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $550)		520		0.0

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)	concluded

CREF Global Equities Account ■ June 30, 2015

Principal			Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					$	162,655			0.8	%
TREASURY DEBT						15,998			0.1

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT						60,000			0.3
REPURCHASE AGREEMENTS
	$128,000,000	n	BNP	0.090%, 07/01/15		128,000			0.7
	80,000,000	o	Calyon	0.100%, 07/01/15		80,000			0.4
		p	Other Repurchase Agreements	0.020%–0.150%, 07/01/15		197,000			1.0
						405,000			2.1
VARIABLE RATE SECURITIES						32,951			0.1
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					497,951			2.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $676,773)		676,604			3.4

			TOTAL PORTFOLIO	(Cost $17,870,151)		20,184,790			102.4
			OTHER ASSETS & LIABILITIES, NET			(470,703	)		(2.4	)
			NET ASSETS		$	19,714,087			100.0	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
n	Agreement with BNP, 0.09% dated 6/30/15 to be repurchased at $128,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $130,560,000.
o	Agreement with Calyon, 0.10% dated 6/30/15 to be repurchased at $80,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $81,600,000.
p	Agreements, 0.02%–0.15% dated 6/30/15 to be repurchased at $197,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $200,942,000.

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

At 6/30/15, the aggregate value of securities on loan is $475,515,000.

At 6/30/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $31,845,000 or 0.2% 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.

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary of market values by sector (unaudited)

CREF Global Equities Account ■ June 30, 2015

Sector	Value (000)			% of net assets
FINANCIALS	$	3,829,893			19.4	%
CONSUMER DISCRETIONARY		3,222,647			16.4
INFORMATION TECHNOLOGY		2,922,468			14.8
HEALTH CARE		2,889,899			14.7
INDUSTRIALS		2,106,076			10.7
CONSUMER STAPLES		1,490,465			7.6
ENERGY		1,266,129			6.4
MATERIALS		949,910			4.8
UTILITIES		432,186			2.2
TELECOMMUNICATION SERVICES		398,513			2.0
SHORT-TERM INVESTMENTS		676,604			3.4
OTHER ASSETS & LIABILITIES, NET		(470,703	)		(2.4	)
NET ASSETS	$	19,714,087			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Growth Account ■ June 30, 2015

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	430,061	*,e	Tesla Motors, Inc	$	115,368		0.5	%
			Other		291,391		1.3
					406,759		1.8
BANKS					51,686		0.2
CAPITAL GOODS
	1,041,230		3M Co		160,662		0.7
	782,067		Boeing Co		108,488		0.5
	1,333,756		Honeywell International, Inc		136,003		0.6
			Other		804,636		3.7
					1,209,789		5.5
COMMERCIAL & PROFESSIONAL SERVICES
	1,895,103	*	Verisk Analytics, Inc		137,888		0.6
			Other		150,212		0.7
					288,100		1.3
CONSUMER DURABLES & APPAREL
	2,128,646		Nike, Inc (Class B)		229,936		1.0
			Other		312,382		1.4
					542,318		2.4
CONSUMER SERVICES
	2,215,192	*	Norwegian Cruise Line Holdings Ltd		124,140		0.6
	4,319,599		Starbucks Corp		231,595		1.0
			Other		422,354		1.9
					778,089		3.5
DIVERSIFIED FINANCIALS
	1,266,834		McGraw-Hill Financial, Inc		127,254		0.6
	997,160		Moody’s Corp		107,653		0.5
			Other		573,963		2.6
					808,870		3.7
ENERGY					423,447		1.9
FOOD & STAPLES RETAILING
	856,887		Costco Wholesale Corp		115,731		0.5
	1,531,038		CVS Corp		160,575		0.7
			Other		144,145		0.7
					420,451		1.9
FOOD, BEVERAGE & TOBACCO
	1,455,386	*	Monster Beverage Corp		195,051		0.9
			Other		647,991		2.9
					843,042		3.8
HEALTH CARE EQUIPMENT & SERVICES					1,094,329		4.9

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Growth Account ■ June 30, 2015

Shares			Company	Value (000)		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	2,216,072		Estee Lauder Cos (Class A)	$	192,045		0.9	%
			Other		62,092		0.3
					254,137		1.2
INSURANCE					109,648		0.5
MATERIALS
	1,558,750		Monsanto Co		166,147		0.8
	1,297,041		PPG Industries, Inc		148,797		0.7
			Other		473,259		2.1
					788,203		3.6
MEDIA
	4,598,311		Comcast Corp (Class A)		276,542		1.2
	1,596,399		Time Warner, Inc		139,541		0.6
	3,121,952		Walt Disney Co		356,340		1.6
			Other		345,944		1.6
					1,118,367		5.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,299,116		AbbVie, Inc		154,478		0.7
	1,146,593	*	Alexion Pharmaceuticals, Inc		207,270		0.9
	1,136,600	*	Allergan plc		344,913		1.6
	1,065,898		Amgen, Inc		163,637		0.7
	640,196	*	Biogen Idec, Inc		258,601		1.2
	1,945,188		Bristol-Myers Squibb Co		129,433		0.6
	2,672,638	*	Celgene Corp		309,318		1.4
	1,723,602		Eli Lilly & Co		143,903		0.7
	3,306,153		Gilead Sciences, Inc		387,084		1.7
	545,257	*	Illumina, Inc		119,062		0.5
			Other		782,039		3.5
					2,999,738		13.5
REAL ESTATE
	3,615,783	*	CBRE Group, Inc		133,784		0.6
			Other		246,810		1.1
					380,594		1.7
RETAILING
	1,152,104	*	Amazon.com, Inc		500,117		2.2
	1,369,983		Expedia, Inc		149,807		0.7
	3,006,893		Home Depot, Inc		334,156		1.5
			Other		971,551		4.4
					1,955,631		8.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					436,516		2.0

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Growth Account ■ June 30, 2015

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	3,495,613	*	Adobe Systems, Inc		$	283,180			1.3	%
	2,719,422	*	eBay, Inc			163,818			0.7
	5,648,192	*	Facebook, Inc			484,417			2.2
	835,614	*	Google, Inc			434,945			2.0
	510,184	*	Google, Inc (Class A)			275,520			1.2
	3,023,036		Intuit, Inc			304,631			1.4
	3,085,232		Mastercard, Inc (Class A)			288,408			1.3
	6,940,088		Microsoft Corp			306,405			1.4
	3,014,524		Oracle Corp			121,485			0.6
	3,262,422	*	Salesforce.com, Inc			227,163			1.0
	6,087,788		Visa, Inc (Class A)			408,795			1.8
	2,847,834	*	Yahoo!, Inc			111,891			0.5
			Other			1,284,763			5.8
						4,695,421			21.2
TECHNOLOGY HARDWARE & EQUIPMENT
	10,438,106	d	Apple, Inc			1,309,199			5.9
	4,244,467		Cisco Systems, Inc			116,553			0.6
			Other			247,832			1.1
						1,673,584			7.6
TELECOMMUNICATION SERVICES
	2,639,978		Verizon Communications, Inc			123,049			0.5
			Other			84,469			0.4
						207,518			0.9
TRANSPORTATION
	1,432,051		Union Pacific Corp			136,575			0.6
			Other			403,578			1.8
						540,153			2.4
	UTILITIES					5,389			0.0
			TOTAL COMMON STOCKS	(Cost $17,443,516)		22,031,779			99.3

	Principal		Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						128,594			0.6
TREASURY DEBT						2,000			0.0

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	370,758,612	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			370,759			1.7
						370,759			1.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $501,349)		501,353			2.3

			TOTAL PORTFOLIO	(Cost $17,944,865)		22,533,132			101.6
			OTHER ASSETS & LIABILITIES, NET			(356,235	)		(1.6	)
			NET ASSETS		$	22,176,897			100.0	%

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Growth Account ■ June 30, 2015

*	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 $365,133,000.

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

At 6/30/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $44,976,000 or 0.2% 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.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Equity Index Account ■ June 30, 2015

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	199,776		1.2	%
BANKS
	7,768,549	Bank of America Corp		132,221		0.8
	2,244,177	Citigroup, Inc		123,968		0.7
	2,744,993	JPMorgan Chase & Co		186,001		1.1
	3,445,961	Wells Fargo & Co		193,801		1.1
		Other		421,692		2.5
				1,057,683		6.2
CAPITAL GOODS
	469,229	3M Co		72,402		0.4
	511,444	Boeing Co		70,948		0.4
	7,452,988	General Electric Co		198,026		1.2
	658,454	United Technologies Corp		73,042		0.5
		Other		871,663		5.1
				1,286,081		7.6
COMMERCIAL & PROFESSIONAL SERVICES				182,247		1.1
CONSUMER DURABLES & APPAREL				286,849		1.7
CONSUMER SERVICES				380,459		2.2
DIVERSIFIED FINANCIALS				678,799		4.0
ENERGY
	1,390,986	Chevron Corp		134,188		0.8
	3,092,729	Exxon Mobil Corp		257,315		1.5
	939,105	Schlumberger Ltd		80,942		0.5
		Other		751,187		4.4
				1,223,632		7.2
FOOD & STAPLES RETAILING
	834,677	CVS Corp		87,541		0.5
	1,168,343	Wal-Mart Stores, Inc		82,871		0.5
		Other		173,089		1.0
				343,501		2.0
FOOD, BEVERAGE & TOBACCO
	1,454,584	Altria Group, Inc		71,143		0.4
	2,900,557	Coca-Cola Co		113,789		0.7
	1,091,781	PepsiCo, Inc		101,907		0.6
	1,145,878	Philip Morris International, Inc		91,865		0.5
		Other		373,784		2.2
				752,488		4.4
HEALTH CARE EQUIPMENT & SERVICES
	1,054,137	Medtronic plc		78,111		0.4
	704,140	UnitedHealth Group, Inc		85,905		0.5
		Other		758,655		4.5
				922,671		5.4

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2015

Shares			Company	Value (000)		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	2,006,545		Procter & Gamble Co	$	156,992		0.9	%
			Other		125,266		0.8
					282,258		1.7
INSURANCE
	1,375,357	*	Berkshire Hathaway, Inc (Class B)		187,200		1.1
			Other		499,691		2.9
					686,891		4.0
MATERIALS					591,276		3.5
MEDIA
	1,570,259		Comcast Corp (Class A)		94,435		0.6
	1,254,998		Walt Disney Co		143,245		0.8
			Other		364,964		2.1
					602,644		3.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,294,202		AbbVie, Inc		86,958		0.5
	290,278	*	Allergan plc		88,088		0.5
	562,349		Amgen, Inc		86,332		0.5
	174,066	*	Biogen Idec, Inc		70,312		0.4
	1,233,652		Bristol-Myers Squibb Co		82,087		0.5
	586,722	*	Celgene Corp		67,904		0.4
	1,086,981		Gilead Sciences, Inc		127,264		0.8
	2,051,183		Johnson & Johnson		199,908		1.2
	2,090,555		Merck & Co, Inc		119,015		0.7
	4,554,694		Pfizer, Inc		152,719		0.9
			Other		564,662		3.3
					1,645,249		9.7
REAL ESTATE					651,932		3.8
RETAILING
	281,887	*	Amazon.com, Inc		122,364		0.7
	960,879		Home Depot, Inc		106,782		0.6
			Other		567,484		3.4
					796,630		4.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,509,102		Intel Corp		106,729		0.6
			Other		297,790		1.8
					404,519		2.4

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2015

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	1,600,576	*	Facebook, Inc		$	137,273		0.8	%
	217,501	*	Google, Inc			113,212		0.7
	213,159	*	Google, Inc (Class A)			115,114		0.7
	671,642		International Business Machines Corp			109,249		0.6
	739,700		Mastercard, Inc (Class A)			69,147		0.4
	5,983,771		Microsoft Corp			264,184		1.5
	2,343,471		Oracle Corp			94,442		0.6
	1,447,991		Visa, Inc (Class A)			97,233		0.6
			Other			787,283		4.6
						1,787,137		10.5
TECHNOLOGY HARDWARE & EQUIPMENT
	4,261,350		Apple, Inc			534,480		3.1
	3,761,726		Cisco Systems, Inc			103,297		0.6
	1,205,755		Qualcomm, Inc			75,516		0.5
			Other			309,357		1.8
						1,022,650		6.0
TELECOMMUNICATION SERVICES
	3,841,077		AT&T, Inc			136,435		0.8
	3,017,135		Verizon Communications, Inc			140,629		0.8
			Other			65,469		0.4
						342,533		2.0
TRANSPORTATION						365,554		2.1
UTILITIES						485,349		2.9
			TOTAL COMMON STOCKS	(Cost $9,364,976)		16,978,808		99.8

RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						82		0.0
TELECOMMUNICATION SERVICES						118		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $184)		200		0.0

SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	548,286,817	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			548,287		3.2
						548,287		3.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $548,287)		548,287		3.2

			TOTAL PORTFOLIO	(Cost $9,913,447)		17,527,295		103.0
			OTHER ASSETS & LIABILITIES, NET			(514,615	)	(3.0	)
			NET ASSETS		$	17,012,680		100.0	%

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Equity Index Account ■ June 30, 2015

*	Non-income producing
^	Amount represents less than $1,000.
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.

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

At 6/30/15, the aggregate value of securities on loan is $538,804,000.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Bond Market Account ■ June 30, 2015

Principal			Issuer			Value (000)		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS						$	9,322		0.1	%
CAPITAL GOODS							4,222		0.0
COMMERCIAL & PROFESSIONAL SERVICES							3,375		0.0
CONSUMER DURABLES & APPAREL							1,203		0.0
CONSUMER SERVICES							12,948		0.1
DIVERSIFIED FINANCIALS							4,903		0.0
ENERGY							4,020		0.0
FOOD & STAPLES RETAILING							5,571		0.1
FOOD, BEVERAGE & TOBACCO							6,996		0.1
HEALTH CARE EQUIPMENT & SERVICES							8,533		0.1
MATERIALS							9,391		0.1
MEDIA							14,287		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							801		0.0
RETAILING							1,545		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							10,729		0.1
SOFTWARE & SERVICES							10,334		0.1
TECHNOLOGY HARDWARE & EQUIPMENT							4,731		0.0
TELECOMMUNICATION SERVICES							1,222		0.0
UTILITIES							194		0.0
			TOTAL BANK LOAN OBLIGATIONS (Cost $114,356)				114,327		0.9

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS							35,469		0.3
BANKS
	$70,000,000	g	Toronto-Dominion Bank		1.500%, 03/13/17		70,634		0.5
			Other				867,184		6.5
							937,818		7.0
CAPITAL GOODS							132,116		1.0
COMMERCIAL & PROFESSIONAL SERVICES							99,411		0.7
CONSUMER DURABLES & APPAREL							23,588		0.2
CONSUMER SERVICES							111,427		0.8
DIVERSIFIED FINANCIALS
	47,429,783		Tagua Leasing LLC		1.900%, 07/12/24		46,976		0.4
	116,825,000		Morgan Stanley	1.750%–6.375%, 02/25/16–07/24/42			117,964		0.9
			Other				510,518		3.8
							675,458		5.1

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2015

Principal			Issuer			Value (000)		% of net assets
ENERGY						$	331,561		2.5%
FOOD & STAPLES RETAILING							42,767		0.3
FOOD, BEVERAGE & TOBACCO							147,035		1.0
HEALTH CARE EQUIPMENT & SERVICES							152,675		1.1
HOUSEHOLD & PERSONAL PRODUCTS							24,098		0.2
INSURANCE							254,671		1.9
MATERIALS							242,444		1.8
MEDIA							229,364		1.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							154,792		1.1
REAL ESTATE							128,775		1.0
RETAILING							77,080		0.6
SOFTWARE & SERVICES							95,740		0.7
TECHNOLOGY HARDWARE & EQUIPMENT							160,134		1.2
TELECOMMUNICATION SERVICES
	$132,330,000	g	Verizon Communications, Inc	0.700%–6.000%, 11/02/15–03/15/55			124,878		1.0
			Other				167,185		1.2
							292,063		2.2
TRANSPORTATION							148,508		1.1
UTILITIES							502,510		3.7
			TOTAL CORPORATE BONDS		(Cost $4,998,716)		4,999,504		37.3

GOVERNMENT BONDS
AGENCY SECURITIES
	180,990,000		Private Export Funding Corp (PEFCO)	1.375%–5.450%, 07/15/16–11/15/22			187,180		1.4
			Other				102,131		0.8
							289,311		2.2
FOREIGN GOVERNMENT BONDS							691,070		5.1
MORTGAGE BACKED
	49,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500%, 07/15/30		51,581		0.4
	56,000,000	h	FGLMC		3.000%, 08/15/30		57,759		0.4
	69,334,699		FGLMC		4.000%, 02/01/45		73,381		0.5
	292,838,008		FGLMC	3.000%–8.000%, 12/01/16–08/15/45			309,991		2.3
	115,000,000	h	Federal National Mortgage Association (FNMA)		2.500%, 08/25/30		115,961		0.9
	75,000,000	h	FNMA		3.000%, 08/25/30		77,426		0.6
	50,166,834		FNMA		3.000%, 01/01/35		51,013		0.4
	57,414,548		FNMA		4.000%, 01/01/45		61,462		0.5
	101,000,000	h	FNMA		3.000%, 08/25/45		100,124		0.7
	208,000,000	h	FNMA		3.500%, 08/25/45		213,391		1.6
	116,000,000	h	FNMA		4.000%, 08/25/45		122,468		0.9
	159,000,000	h	FNMA		4.500%, 08/25/45		171,521		1.3
	90,000,000	h	FNMA		5.000%, 08/25/45		99,311		0.7

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2015

Principal			Issuer			Value (000)		% of net assets
MORTGAGE BACKED–continued
	$175,000,000	h	FNMA		3.500%, 09/25/45	$	179,033		1.3	%
	893,100,873		FNMA	0.537%–9.000%, 04/01/16–09/25/45			913,893		6.8
	55,000,000	h	Government National Mortgage Association (GNMA)		3.000%, 07/20/45		55,418		0.4
	62,000,000	h	GNMA		3.000%, 08/20/45		62,314		0.5
	235,000,000	h	GNMA		3.500%, 08/20/45		242,803		1.8
	63,000,000	h	GNMA		4.000%, 08/20/45		66,593		0.5
	71,000,000	h	GNMA		4.000%, 09/20/45		74,917		0.6
			Other				151,757		1.1
							3,252,117		24.2
MUNICIPAL BONDS
	177,800,000		State of Illinois	0.750%–5.463%, 06/15/16–04/01/28			173,586		1.3
	55,000,000		University of California		1.796%, 07/01/19		54,312		0.4
			Other				314,573		2.3
							542,471		4.0
U.S. TREASURY SECURITIES
	49,175,000		United States Treasury Bond		5.250%, 02/15/29		64,047		0.5
	100,686,000		United States Treasury Bond		5.375%, 02/15/31		135,076		1.0
	45,602,000		United States Treasury Bond		4.500%, 02/15/36		57,134		0.4
	56,375,000		United States Treasury Bond		3.625%, 08/15/43		61,735		0.5
	156,989,000		United States Treasury Bond	2.500%–6.375%, 08/15/27–05/15/45			175,618		1.3
	133,872,000		United States Treasury Note		8.000%, 11/15/21		182,568		1.4
	90,000,000		United States Treasury Note		1.750%, 02/28/22		88,341		0.6
	458,877,900		United States Treasury Note	0.250%–3.125%, 07/31/15–05/15/25			459,517		3.4
							1,224,036		9.1
			TOTAL GOVERNMENT BONDS		(Cost $5,954,904)		5,999,005		44.6

STRUCTURED ASSETS
ASSET BACKED
	136,912,794	g	Dominos Pizza Master Issuer LLC Series - 2012 1A (Class A2)		5.216%, 01/25/42		141,243		1.1
	67,134,000	g	Hertz Vehicle Financing LLC Series - 2010 1A (Class A2)		3.740%, 02/25/17		67,957		0.5
	79,872,000		Santander Drive Auto Receivables Trust Series - 2013 5 (Class C)		2.250%, 06/17/19		80,831		0.6
	52,250,000		Santander Drive Auto Receivables Trust Series - 2014 2 (Class B)		1.620%, 02/15/19		52,494		0.4
			Other				891,638		6.5
							1,234,163		9.1
OTHER MORTGAGE BACKED
	49,550,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AJ)		5.750%, 06/15/49		50,799		0.4
	88,795,000	g	Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AMFX)		5.703%, 06/15/49		94,225		0.7
			Other				733,443		5.5
							878,467		6.6
			TOTAL STRUCTURED ASSETS		(Cost $2,111,527)		2,112,630		15.7
			TOTAL BONDS		(Cost $13,065,147)		13,111,139		97.6

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Bond Market Account ■ June 30, 2015

Shares			Company			Value (000)			% of net assets
PREFERRED STOCKS
BANKS						$	7,491			0.1	%
			TOTAL PREFERRED STOCKS		(Cost $49,942)		7,491			0.1

Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$62,000,000	w	Federal Home Loan Bank (FHLB)		0.040%, 07/01/15		62,000			0.5
	50,000,000	w	FHLB		0.040%, 07/17/15		50,000			0.4
	50,000,000	w	FHLB		0.070%, 07/24/15		49,999			0.4
	90,000,000		FHLB		0.050%, 08/17/15		89,995			0.6
	92,000,000	w	FHLB		0.090%, 08/21/15		91,995			0.7
	53,000,000		FHLB		0.063%, 08/26/15		52,997			0.4
			Other				133,492			0.9
							530,478			3.9
TREASURY DEBT
	49,000,000	w	United States Treasury Bill	0.062%–0.065%, 08/06/15			49,000			0.4
	75,000,000	w	United States Treasury Bill	0.056%–0.067%, 08/13/15			75,000			0.6
	165,000,000	w	United States Treasury Bill	0.086%–0.106%, 08/20/15			164,999			1.2
	133,000,000	w	United States Treasury Bill	0.085%–0.093%, 09/17/15			133,001			1.0
	268,000,000	w	United States Treasury Bill	0.091%–0.108%, 10/15/15			267,986			2.0
	188,000,000	w	United States Treasury Bill	0.079%–0.138%, 11/12/15			187,974			1.4
	188,000,000	w	United States Treasury Bill	0.080%–0.150%, 12/10/15			187,958			1.4
	110,000,000	w	United States Treasury Bill	0.122%–0.130%, 02/04/16			109,942			0.8
	100,000,000	w	United States Treasury Bill	0.148%–0.249%, 03/03/16			99,902			0.8
	100,000,000	w	United States Treasury Bill	0.208%–0.218%, 03/31/16			99,867			0.7
	100,000,000	w	United States Treasury Bill	0.211%–0.231%, 04/28/16			99,841			0.7
			Other				80,162			0.6
							1,555,632			11.6
			TOTAL SHORT-TERM INVESTMENTS		(Cost $2,085,711)		2,086,110			15.5

			TOTAL PORTFOLIO		(Cost $15,315,156)		15,319,067			114.1
			OTHER ASSETS & LIABILITIES, NET				(1,898,648	)		(14.1	)
			NET ASSETS			$	13,420,419			100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/15, the aggregate value of these securities, including those in “Other,” is $2,152,642,000, or 16.0%, 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.
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.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

CREF Inflation-Linked Bond Account ■ June 30, 2015

						Value		% of net
Principal			Issuer			(000)		assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	3,500,000		Private Export Funding Corp (PEFCO)		2.300%, 09/15/20	$	3,516		0.1	%
	3,000,000		PEFCO		3.250% 06/15/25		3,015		0.0
	3,500,000		Ukraine Government AID Bonds		1.847% 05/29/20		3,503		0.0
							10,034		0.1
U.S. TREASURY SECURITIES
	59,914,738	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/16		60,191		0.8
	193,967,801	k	United States Treasury Inflation Indexed Bonds		2.500%, 07/15/16		201,090		2.8
	175,982,706	k	United States Treasury Inflation Indexed Bonds		2.375%, 01/15/17		184,507		2.6
	401,983,032	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/17		407,228		5.7
	138,920,550	k	United States Treasury Inflation Indexed Bonds		2.625%, 07/15/17		148,960		2.1
	146,864,165	k	United States Treasury Inflation Indexed Bonds		1.625%, 01/15/18		155,068		2.2
	317,886,676	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/18		322,605		4.5
	148,769,472	k	United States Treasury Inflation Indexed Bonds		1.375%, 07/15/18		157,626		2.2
	146,005,725	k	United States Treasury Inflation Indexed Bonds		2.125%, 01/15/19		158,781		2.2
	220,105,880	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/19		222,702		3.1
	136,286,460	k	United States Treasury Inflation Indexed Bonds		1.875%, 07/15/19		148,371		2.1
	223,514,415	k	United States Treasury Inflation Indexed Bonds		1.375%, 01/15/20		238,584		3.3
	79,810,540	k	United States Treasury Inflation Indexed Bonds		0.125%, 04/15/20		80,322		1.1
	289,245,557	k	United States Treasury Inflation Indexed Bonds		1.250%, 07/15/20		308,973		4.3
	360,077,939	k	United States Treasury Inflation Indexed Bonds		1.125%, 01/15/21		380,304		5.3
	341,989,002	k	United States Treasury Inflation Indexed Bonds		0.625%, 07/15/21		352,436		4.9
	340,740,374	k	United States Treasury Inflation Indexed Bonds		0.125%, 01/15/22		337,147		4.7
	398,141,730	k	United States Treasury Inflation Indexed Bonds		0.125%, 07/15/22		394,440		5.5
	269,564,480	k	United States Treasury Inflation Indexed Bonds		0.125%, 01/15/23		264,342		3.7
	51,847,110	k	United States Treasury Inflation Indexed Bonds		0.375%, 07/15/23		51,928		0.7
	77,312,925	k	United States Treasury Inflation Indexed Bonds		0.625%, 01/15/24		78,454		1.1
	69,745,900	k	United States Treasury Inflation Indexed Bonds		0.125%, 07/15/24		67,844		1.0
	57,933,880	k	United States Treasury Inflation Indexed Bonds		0.250%, 01/15/25		56,662		0.8
	223,106,576	k	United States Treasury Inflation Indexed Bonds		2.375%, 01/15/25		261,784		3.7
	212,561,617	k	United States Treasury Inflation Indexed Bonds		2.000%, 01/15/26		243,250		3.4
	159,783,030	k	United States Treasury Inflation Indexed Bonds		2.375%, 01/15/27		190,491		2.7
	197,512,821	k	United States Treasury Inflation Indexed Bonds		1.750%, 01/15/28		222,896		3.1
	138,996,869	k	United States Treasury Inflation Indexed Bonds		3.625%, 04/15/28		188,710		2.7
	179,504,397	k	United States Treasury Inflation Indexed Bonds		2.500%, 01/15/29		220,328		3.1
	168,507,732	k	United States Treasury Inflation Indexed Bonds		3.875%, 04/15/29		237,886		3.3
	48,995,934	k	United States Treasury Inflation Indexed Bonds		3.375%, 04/15/32		68,763		1.0
	79,521,237	k	United States Treasury Inflation Indexed Bonds		2.125%, 02/15/40		97,239		1.4
	79,296,222	k	United States Treasury Inflation Indexed Bonds		2.125%, 02/15/41		97,646		1.4
	225,421,253	k	United States Treasury Inflation Indexed Bonds		0.750%, 02/15/42		205,345		2.9
	117,308,280	k	United States Treasury Inflation Indexed Bonds		0.625%, 02/15/43		103,057		1.5
	102,019,560	k	United States Treasury Inflation Indexed Bonds		1.375%, 02/15/44		107,878		1.5
	30,140,400	k	United States Treasury Inflation Indexed Bonds		0.750%, 02/15/45		27,256		0.4
	15,000,000		United States Treasury Note		1.500%, 05/31/20		14,903		0.2
	7,500,000		United States Treasury Note		2.125%, 05/15/25		7,352		0.1
							7,073,349		99.1
			TOTAL GOVERNMENT BONDS	(Cost $6,751,535)			7,083,383		99.2

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Portfolio of investments (unaudited)

concluded

CREF Inflation-Linked Bond Account ■ June 30, 2015

				Value		% of net
Principal		Issuer		(000)		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$9,150,000	Federal Home Loan Bank (FHLB)	0.055%, 08/14/15	$	9,150		0.2	%
					9,150		0.2
		TOTAL SHORT-TERM INVESTMENTS	(Cost $9,150)		9,150		0.2

		TOTAL PORTFOLIO	(Cost $6,760,685)		7,092,533		99.4
		OTHER ASSETS & LIABILITIES, NET			44,120		0.6
		NET ASSETS		$	7,136,653		100.0	%

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

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Social Choice Account ■ June 30, 2015

					Value		% of net
Principal			Issuer		(000)		assets
BANK LOAN OBLIGATIONS
ENERGY					$	18,646		0.1	%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,568		0.0
UTILITIES						26,083		0.2
TOTAL BANK LOAN OBLIGATIONS				(Cost $45,751)		46,297		0.3

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS						24,446		0.2
BANKS
	$51,000,000	e	Bank of America Corp	1.950%, 05/12/18		50,965		0.4
			Other			381,549		2.7
						432,514		3.1
CAPITAL GOODS						89,845		0.6
COMMERCIAL & PROFESSIONAL SERVICES						57,463		0.4
CONSUMER DURABLES & APPAREL						5,106		0.0
CONSUMER SERVICES						104,192		0.7
DIVERSIFIED FINANCIALS
	45,500,000		Morgan Stanley	2.200%, 12/07/18		45,852		0.3
			Other			71,680		0.5
						117,532		0.8
ENERGY						142,393		1.1
FOOD & STAPLES RETAILING						11,406		0.1
FOOD, BEVERAGE & TOBACCO						23,764		0.2
HEALTH CARE EQUIPMENT & SERVICES						52,092		0.4
HOUSEHOLD & PERSONAL PRODUCTS						3,963		0.0
INSURANCE						73,720		0.5
MATERIALS						103,571		0.7
MEDIA						12,999		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						50,091		0.4
REAL ESTATE						59,382		0.4
TECHNOLOGY HARDWARE & EQUIPMENT						18,711		0.1
TELECOMMUNICATION SERVICES						33,104		0.2
TRANSPORTATION						108,748		0.8
UTILITIES						290,612		2.1
TOTAL CORPORATE BONDS				(Cost $1,818,281)		1,815,654		12.9

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2015

						Value		% of net
Principal			Issuer			(000)		assets
GOVERNMENT BONDS
AGENCY SECURITIES
	$184,796,807		Overseas Private Investment
			Corp (OPIC)	0.000%–4.440%, 04/30/16–07/31/33		$	188,979		1.4	%
			Other				478,211		3.3
							667,190		4.7
FOREIGN GOVERNMENT BONDS
	44,000,000		European Bank for Reconstruction & Development		1.625%, 04/10/18		44,353		0.3
	45,000,000		Inter-American Development Bank		1.185%, 07/09/18		44,964		0.3
	48,000,000		KFW		1.750%, 10/15/19		48,241		0.3
			Other				598,411		4.4
							735,969		5.3
MORTGAGE BACKED
	67,000,000	h	Federal National Mortgage Association (FNMA)		3.500%, 08/25/45		68,736		0.5
	55,000,000	h	FNMA		4.500%, 08/25/45		59,331		0.4
	59,000,000	h	FNMA		3.500%, 09/25/45		60,360		0.4
	46,000,000	h	FNMA		4.000%, 08/25/45		48,565		0.4
	477,759,961		FNMA	0.537%–8.000%, 10/01/16–09/25/45			496,826		3.5
	80,000,000	h	Government National Mortgage Association (GNMA)		3.500%, 08/20/45		82,656		0.6
	177,401,106		GNMA	2.300%–9.000%, 12/15/17–09/20/45			166,655		1.2
			Other				143,088		1.0
							1,126,217		8.0
MUNICIPAL BONDS							510,064		3.6
U.S. TREASURY SECURITIES
	50,000,000		United States Treasury Bond		2.875%, 05/15/43		47,422		0.3
	67,665,000		United States Treasury Note		1.375%, 03/31/20		66,946		0.5
			Other				99,363		0.7
							213,731		1.5
			TOTAL GOVERNMENT BONDS		(Cost $3,215,535)		3,253,171		23.1

STRUCTURED ASSETS
ASSET BACKED							213,215		1.5
OTHER MORTGAGE BACKED							193,248		1.4
			TOTAL STRUCTURED ASSETS		(Cost $404,736)		406,463		2.9
			TOTAL BONDS		(Cost $5,438,552)		5,475,288		38.9

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2015

				Value		% of net
Shares			Company	(000)		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	259,884		1.9	%
BANKS
	1,137,380		US Bancorp		49,362		0.3
			Other		518,920		3.7
					568,282		4.0
CAPITAL GOODS
	331,997		3M Co		51,227		0.4
			Other		550,489		3.9
					601,716		4.3
COMMERCIAL & PROFESSIONAL SERVICES					66,329		0.5
CONSUMER DURABLES & APPAREL
	469,105		Nike, Inc (Class B)		50,672		0.4
			Other		78,351		0.5
					129,023		0.9
CONSUMER SERVICES
	605,511		McDonald’s Corp		57,566		0.4
	883,487		Starbucks Corp		47,368		0.3
			Other		82,610		0.6
					187,544		1.3
DIVERSIFIED FINANCIALS					472,205		3.4
ENERGY					597,733		4.3
FOOD & STAPLES RETAILING					111,797		0.8
FOOD, BEVERAGE & TOBACCO
	724,866		PepsiCo, Inc		67,659		0.5
			Other		273,178		1.9
					340,837		2.4
HEALTH CARE EQUIPMENT & SERVICES					289,845		2.1
HOUSEHOLD & PERSONAL PRODUCTS
	1,051,491		Procter & Gamble Co		82,269		0.6
			Other		103,760		0.7
					186,029		1.3
INSURANCE
	669,087	*	Berkshire Hathaway, Inc (Class B)		91,070		0.7
			Other		371,816		2.6
					462,886		3.3
MATERIALS					462,195		3.3
MEDIA
	563,751		Time Warner, Inc		49,278		0.3
	438,953		Walt Disney Co		50,102		0.4
			Other		172,718		1.2
					272,098		1.9

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2015

						Value	% of net
	Shares		Company			(000)	assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	364,083		Amgen, Inc		$	55,894	0.4	%
	127,590	*	Biogen Idec, Inc			51,539	0.4
	833,571		Bristol-Myers Squibb Co			55,466	0.4
	601,374		Gilead Sciences, Inc			70,409	0.5
	984,593		Johnson & Johnson			95,958	0.7
	1,188,407		Merck & Co, Inc			67,656	0.5
	495,737		Novartis AG.			48,761	0.3
			Other			371,852	2.6
						817,535	5.8

REAL ESTATE						355,090	2.5
RETAILING
	687,555		Lowe’s Companies, Inc			46,046	0.3
			Other			222,173	1.6
						268,219	1.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,055,022		Intel Corp			62,503	0.4
			Other			112,413	0.8
						174,916	1.2
SOFTWARE & SERVICES
	131,737	*	Google, Inc			68,570	0.5
	122,772	*	Google, Inc (Class A)			66,302	0.5
	394,226		International Business Machines Corp			64,125	0.4
	489,160		Mastercard, Inc (Class A)			45,727	0.3
	1,446,765		Oracle Corp			58,304	0.4
			Other			391,054	2.9
						694,082	5.0
TECHNOLOGY HARDWARE & EQUIPMENT
	2,233,432		Cisco Systems, Inc			61,330	0.5
	839,623		Qualcomm, Inc			52,585	0.4
			Other			201,956	1.4
						315,871	2.3
TELECOMMUNICATION SERVICES
	1,616,280		Verizon Communications, Inc			75,335	0.5
			Other			153,405	1.1
						228,740	1.6
TRANSPORTATION						227,408	1.6
UTILITIES						288,913	2.1
			TOTAL COMMON STOCKS	(Cost $6,065,831)		8,379,177	59.7

PREFERRED STOCKS
BANKS						18,298	0.1
			TOTAL PREFERRED STOCKS	(Cost $38,865)		18,298	0.1

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2015

						Value			% of net
Shares			Company			(000)			assets
RIGHTS / WARRANTS
AUTOMOBILES & COMPONENTS						$	34			0.0	%
ENERGY							318			0.0
			TOTAL RIGHTS / WARRANTS		(Cost $337)		352			0.0

Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$50,000,000		Federal Home Loan Bank (FHLB)		0.050%, 08/17/15		49,997			0.4
	47,000,000	w	FHLB		0.085%, 09/09/15		46,995			0.3
			Other				220,349			1.6
							317,341			2.3

TREASURY DEBT
	57,900,000	w	United States Treasury Bill		0.095%, 09/24/15		57,900			0.4
	86,000,000	w	United States Treasury Bill	0.091%–0.100%, 10/15/15			85,996			0.6
	56,000,000	w	United States Treasury Bill	0.079%–0.140%, 11/12/15			55,992			0.4
	92,000,000	w	United States Treasury Bill	0.080%–0.150%, 12/10/15			91,979			0.7
	48,000,000	w	United States Treasury Bill		0.140%, 01/07/16		47,982			0.3
			Other				17,098			0.1
							356,947			2.5

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT
	74,500,000		Federal Home Loan Bank (FHLB)	0.070%–0.075%, 07/08/15			74,499			0.5
	50,000,000		FHLB		0.080%, 07/17/15		49,998			0.4
	117,000,000		FHLB	0.050%–0.075%, 07/24/15			116,994			0.8
	50,000,000		FHLB		0.070%, 08/12/15		49,996			0.3
			Other				123,336			0.9
							414,823			2.9
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							414,823			2.9

			TOTAL SHORT-TERM INVESTMENTS		(Cost $1,088,999)		1,089,111			7.7

			TOTAL PORTFOLIO		(Cost $12,678,335)		15,008,523			106.7
			OTHER ASSETS & LIABILITIES, NET				(945,474	)		(6.7	)
			NET ASSETS			$	14,063,049			100.0	%

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Social Choice Account ■ June 30, 2015

*	Non-income producing
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $431,226,000.
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 6/30/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $673,726,000 or 4.8% 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.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Money Market Account ■ June 30, 2015

					Value		% of net
Principal			Issuer		(000)		assets
SHORT-TERM INVESTMENTS
ASSET BACKED					$	20,218		0.2	%
CERTIFICATE OF DEPOSIT
	$188,000,000		Banco Del Estado De Chile	0.210%–0.230%, 07/08/15–09/17/15		188,000		1.7
	50,000,000		Korea Development Bank	0.180%, 07/21/15		50,000		0.4
			Other			183,630		1.6
						421,630		3.7
COMMERCIAL PAPER
	125,050,000	y	Apple, Inc	0.100%–0.115%, 07/07/15–08/05/15		125,043		1.1
	53,000,000	y	Commonwealth Bank of Australia	0.155%–0.160%, 08/10/15		52,991		0.5
	121,140,000	y	Commonwealth Bank of Australia	0.160%–0.245%, 08/17/15–10/02/15		121,099		1.1
	203,105,000	y	DBS Bank Ltd	0.150%–0.210%, 07/13/15–09/02/15		203,071		1.8
	55,000,000		Exxon Mobil Corp	0.090%–0.105%, 08/17/15		54,993		0.5
	262,100,000		Exxon Mobil Corp	0.090%–0.125%, 07/07/15–09/23/15		262,070		2.3
	132,836,000	y	Fairway Finance LLC	0.180%–0.270%, 07/07/15–11/05/15		132,797		1.2
	213,050,000		General Electric Capital Corp	0.100%–1.000%, 07/09/15–12/11/15		213,000		1.9
	73,435,000	y	Hydro-Quebec	0.130%, 08/13/15		73,424		0.6
	127,000,000	y	Johnson & Johnson	0.080%–0.100%, 08/06/15–09/14/15		126,982		1.1
	55,000,000	y	National Australia Bank Ltd	0.140%, 07/28/15		54,994		0.5
	185,000,000	y	National Australia Bank Ltd	0.140%–0.190%, 07/13/15–09/01/15		184,967		1.6
	196,600,000	y	Nestle Capital Corp	0.095%–0.140%, 07/08/15–09/23/15		196,571		1.7
	203,927,000	y	Old Line Funding LLC	0.150%–0.300%, 07/15/15–10/08/15		203,869		1.8
	131,370,000		Oversea-Chinese Banking Corp Ltd	0.195%–0.215%, 07/23/15–09/09/15		131,338		1.2
	79,585,000		Province of Ontario Canada	0.100%–0.110%, 08/04/15		79,577		0.7
	194,687,000		Province of Ontario Canada	0.100%–0.140%, 07/02/15–09/29/15		194,666		1.7
	129,000,000	y	Province of Quebec Canada	0.120%–0.130%, 07/21/15–09/17/15		128,974		1.1
	209,700,000	y	PSP Capital, Inc	0.140%–0.190%, 07/06/15–09/17/15		209,674		1.8
	70,000,000	y	Roche Holdings, Inc	0.100%, 07/28/15		69,995		0.6
	131,860,000	y	Roche Holdings, Inc	0.085%–0.110%, 07/27/15–08/20/15		131,845		1.2
	137,210,000	y	Svenska Handelsbanken AB	0.190%–0.220%, 08/17/15–09/18/15		137,162		1.2
	139,000,000	y	Toronto-Dominion Holdings USA, Inc	0.170%–0.200%, 07/02/15–09/17/15		138,975		1.2
	140,000,000		Toyota Motor Credit Corp	0.120%–0.170%, 07/09/15–08/28/15		139,987		1.2
			Other			1,440,275		12.7
						4,808,339		42.3
CORPORATE DEBT						24,035		0.2
GOVERNMENT AGENCY DEBT
	78,122,000		Federal Home Loan Bank (FHLB)	0.053%–0.080%, 07/01/15		78,122		0.7
	106,569,000		FHLB	0.075%–0.086%, 07/06/15		106,568		0.9
	92,000,000		FHLB	0.075%–0.088%, 07/08/15		91,998		0.8
	55,000,000		FHLB	0.065%–0.085%, 07/10/15		54,999		0.5
	50,045,000		FHLB	0.050%–0.088%, 07/14/15		50,044		0.4
	79,140,000		FHLB	0.065%–0.105%, 07/17/15		79,137		0.7
	139,000,000		FHLB	0.075%–0.083%, 07/22/15		138,993		1.2
	148,550,000		FHLB	0.045%–0.130%, 07/24/15		148,542		1.3
	165,426,000		FHLB	0.045%–0.090%, 07/29/15		165,416		1.5
	102,100,000		FHLB	0.060%–0.092%, 08/05/15		102,092		0.9

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Money Market Account ■ June 30, 2015

					Value		% of net
Principal			Issuer		(000)		assets
GOVERNMENT AGENCY DEBT—continued
	$157,760,000		FHLB	0.040%–0.135%, 08/07/15	$	157,748		1.4	%
	112,416,000		FHLB	0.048%–0.097%, 08/12/15		112,405		1.0
	155,200,000		FHLB	0.058%–0.098%, 08/14/15		155,186		1.4
	98,800,000		FHLB	0.065%–0.095%, 08/21/15		98,790		0.9
	83,472,000		FHLB	0.067%–0.093%, 08/26/15		83,462		0.7
	132,315,000		FHLB	0.063%–0.083%, 08/28/15		132,300		1.2
	58,980,000		FHLB	0.065%–0.135%, 09/02/15		58,971		0.5
	103,750,000		FHLB	0.065%–0.090%, 09/04/15		103,734		0.9
	96,590,000		FHLB	0.083%–0.088%, 09/18/15		96,572		0.8
	59,950,000		FHLB	0.082%–0.090%, 09/23/15		59,938		0.5
	297,492,000		FHLB	0.045%–0.150%, 07/15/15–11/18/15		297,454		2.6
	234,019,000		Federal Home Loan Mortgage Corp (FHLMC)	0.060%–0.260%, 07/06/15–12/28/15		233,956		2.1
	271,935,000		Federal National Mortgage Association (FNMA)	0.055%–0.150%, 07/01/15–01/05/16		271,899		2.4
			Other			39,993		0.4
						2,918,319		25.7
TREASURY DEBT
	80,000,000		United States Treasury Bill	0.060%–0.101%, 08/20/15		79,991		0.7
	75,000,000		United States Treasury Bill	0.057%–0.160%, 11/12/15		74,977		0.6
	417,955,000		United States Treasury Bill	0.026%–0.198%, 07/02/15–02/04/16		417,850		3.7
	140,000,000		United States Treasury Note	0.250%, 07/15/15		140,006		1.2
	86,420,000		United States Treasury Note	0.250%, 07/31/15		86,431		0.8
	100,000,000		United States Treasury Note	0.375%, 08/31/15		100,036		0.9
	76,995,000		United States Treasury Note	0.250%, 09/15/15		77,017		0.7
	90,300,000		United States Treasury Note	0.250%, 09/30/15		90,329		0.8
	100,000,000		United States Treasury Note	0.250%, 10/15/15		100,020		0.9
	100,000,000		United States Treasury Note	0.250%, 11/30/15		100,040		0.9
	88,295,000		United States Treasury Note	0.250%, 12/15/15		88,328		0.8
	100,000,000		United States Treasury Note	0.375%, 01/15/16		100,106		0.9
	100,000,000		United States Treasury Note	0.250%, 02/29/16		100,027		0.9
	75,000,000		United States Treasury Note	0.375%, 03/15/16		75,056		0.6
	86,030,000		United States Treasury Note	0.375%, 03/31/16		86,116		0.7
			Other			116,393		1.0
						1,832,723		16.1
VARIABLE RATE SECURITIES
	54,500,000	i	Federal Farm Credit Bank (FFCB)	0.200%, 08/10/15		54,502		0.5
	65,000,000	i	FFCB	0.140%, 10/01/15		64,998		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		60,125		0.5
	150,000,000	i	FFCB	0.155%, 08/10/16		149,972		1.3
	120,000,000	i	FFCB	0.167%, 01/24/17		119,991		1.1
	76,000,000	i	FFCB	0.184%, 03/02/17		76,000		0.7
	356,000,000	i	FFCB	0.140%–0.280%, 09/09/15–10/11/16		356,002		3.1
	50,000,000	i	Federal Home Loan Bank (FHLB)	0.200%, 08/19/15		50,000		0.4
	50,000,000	i	Wells Fargo Bank NA	0.320%, 10/06/15		50,000		0.5
			Other			281,491		2.4
						1,333,081		11.7

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Money Market Account ■ June 30, 2015

		Value		% of net
		(000)		assets
TOTAL SHORT-TERM INVESTMENTS	(Cost $11,358,345)	$	11,358,345	99.9	%

TOTAL PORTFOLIO	(Cost $11,358,345)		11,358,345	99.9
OTHER ASSETS & LIABILITIES, NET			7,416	0.1
NET ASSETS		$	11,365,761	100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/2015, the aggregate value of these securities, including those in “Other,” was $3,228,648,000 or 28.4% 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.

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

[This page intentionally left blank.]

College Retirement Equities Fund ■ 2015 Semiannual Report

Statements of assets and liabilities (unaudited)

College Retirement Equities Funds ■ June 30, 2015

(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*^†		$	128,033,735	$	20,184,790	$	22,162,373	$	16,979,008	$	15,319,067	$	7,092,533	$	15,008,523	$	11,358,345
Affiliated issuers^‡			337		—		370,759		548,287		—		—		—		—
Total portfolio investments, at value		$	128,034,072	$	20,184,790	$	22,533,132	$	17,527,295	$	15,319,067	$	7,092,533	$	15,008,523	$	11,358,345
Cash**^#			27,101		13,550		16,364		4,720		95,904		12,885		55,123		7
Cash — foreign^			16,325		785		—		—		—		—		383		—
Dividends and interest receivable			243,554		40,130		13,016		20,247		79,816		33,172		47,120		1,401
Receivable from securities transactions			4,589,527		209,573		1,359,360		422,156		18,364		—		1,084,026		—
Receivable for delayed delivery securities			—		—		—		—		2,052,769		—		674,580		—
Due from affiliates			—		—		296		—		—		—		—		6,129
Receivable for variation margin on open futures contracts			512		203		125		—		—		—		—		—
Other			23,993		2,795		1,804		3,659		1,445		1,127		2,956		1,365
Total assets			132,935,084		20,451,826		23,924,097		17,978,077		17,567,365		7,139,717		16,872,711		11,367,247
LIABILITIES
Payable for collateral for securities loaned			5,098,981		500,760		370,759		548,287		—		—		428,349		—
Payable for securities transactions			4,419,805		232,491		1,374,819		413,132		20,278		—		963,932		—
Payable for delayed delivery securities			—		—		—		—		4,122,515		—		1,401,408		—
Due to affiliates			132,062		2,811		106		2,530		2,683		1,722		14,393		53
Written options^§			74		—		—		—		—		—		—		—
Payable for trustee compensation			7,034		1,527		1,516		1,342		1,373		1,127		1,273		1,366
Other			3,990		150		—		106		97		215		307		67
Total liabilities			9,661,946		737,739		1,747,200		965,397		4,146,946		3,064		2,809,662		1,486
NET ASSETS		$	123,273,138	$	19,714,087	$	22,176,897	$	17,012,680	$	13,420,419	$	7,136,653	$	14,063,049	$	11,365,761

CLASS R1 (Accumulation):	Net assets	$	15,528,296	$	3,518,238	$	4,215,409	$	3,402,241	$	2,194,508	$	1,214,006	$	2,441,343	$	2,148,932

	Units outstanding		41,103		24,386		31,130		20,697		19,357		18,244		12,478		84,161
	Unit value	$	377.79	$	144.27	$	135.41	$	164.38	$	113.37	$	66.54	$	195.65	$	25.53

CLASS R2 (Accumulation):	Net assets	$	37,065,451	$	6,798,054	$	7,630,651	$	5,918,124	$	4,658,549	$	2,258,344	$	4,991,019	$	3,498,843
	Units outstanding		98,069		47,099		56,328		35,987		41,075		33,924		25,499		137,028
	Unit value	$	377.95	$	144.33	$	135.47	$	164.45	$	113.42	$	66.57	$	195.73	$	25.53

CLASS R3 (Accumulation):	Net assets	$	58,225,691	$	9,028,622	$	9,992,905	$	7,358,315	$	6,290,514	$	3,446,224	$	6,288,542	$	5,522,601
	Units outstanding		154,031		62,544		73,753		44,736		55,455		51,760		32,123		216,287
	Unit value	$	378.01	$	144.36	$	135.49	$	164.48	$	113.43	$	66.58	$	195.76	$	25.53

ANNUITY:	Net assets	$	12,453,700	$	369,173	$	337,932	$	334,000	$	276,848	$	218,079	$	342,145	$	195,385

^* Includes securities loaned of		$	4,906,846	$	475,515	$	365,133	$	538,804	$	—	$	—	$	431,226	$	—
^** Includes cash collateral for securities loaned of		$	26,485	$	2,957	$	—	$	—	$	—	$	—	$	26,945	$	—
^# Includes cash collateral for mortgage dollar rolls of		$	—	$	—	$	—	$	—	$	95,000	$	—	$	27,549	$	—
^† Portfolio investments; unaffiliated issuers cost		$	116,766,080	$	17,870,151	$	17,574,106	$	9,365,160	$	15,315,156	$	6,760,685	$	12,678,335	$	11,358,345
^‡ Portfolio investments; affiliated issuers cost		$	323	$	—	$	370,759	$	548,287	$	—	$	—	$	—	$	—
^{^} Foreign cash, cost		$	16,619	$	787	$	—	$	—	$	—	$	—	$	384	$	—
^§ Written options premiums		$	104	$	—	$	—	$	—	$	—	$	—	$	—	$	—

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Statements of operations (unaudited)

College Retirement Equities Funds ■ For the period ended June 30, 2015

(amounts in thousands)		Stock Account			Global Equities Account			Growth Account			Equity Index Account			Bond Market Account			Inflation-Linked Bond Account			Social Choice Account			Money Market Account
INVESTMENT INCOME
Dividends*		$	1,649,427		$	290,630		$	137,182		$	219,104		$	—		$	—		$	100,164		$	—
Income from securities lending			41,422			5,356			1,830			3,347			—			—			2,420			—
Interest			291			60			57			4			175,202			3,032			70,974			7,344
Other			—			—			—			—			58			—			—			—
Total income			1,691,140			296,046			139,069			222,455			175,260			3,032			173,558			7,344

EXPENSES
Investment management fees			85,920			13,627			7,976			2,709			8,199			1,881			6,030			3,225
Administrative — Class R1			114,330			18,585			20,987			16,592			12,824			6,981			13,667			10,835
Administrative — Class R2^a			15,942			2,893			3,232			2,519			1,952			950			2,125			1,457
Administrative — Class R3^a			22,407			2,940			3,211			2,402			2,028			1,133			2,075			1,745
Distribution fees — Class R1			41,782			6,844			7,753			6,148			4,713			2,565			5,020			4,014
Distribution fees — Class R2^a			6,557			1,185			1,325			1,032			801			388			871			596
Distribution fees — Class R3^a			9,172			1,196			1,308			978			827			460			845			709
Mortality and expense risk charges			3,121			490			550			429			338			182			358			281
Total expenses			299,231			47,760			46,342			32,809			31,682			14,540			30,991			22,862
Less: Expenses withheld by TIAA			—			—			—			—			—			—			—			15,518
Net expenses			299,231			47,760			46,342			32,809			31,682			14,540			30,991			7,344
Net investment income (loss)			1,391,909			248,286			92,727			189,646			143,578			(11,508	)		142,567			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers			6,073,778			581,031			1,271,261			463,397			66,847			12,752			670,155			1
Futures transactions			17,463			5,270			9,276			2,227			—			—			—			—
Purchased options			15			—			—			—			—			—			—			—
Written options			38			—			—			—			—			—			—			—
Foreign currency transactions			(8,572	)		(1,289	)		(260	)		—			(574	)		—			(127	)		—
Net realized gain (loss) on total investments			6,082,722			585,012			1,280,277			465,624			66,273			12,752			670,028			1

Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡			(3,135,777	)		(67,385	)		(241,519	)		(343,578	)		(215,806	)		6,229			(709,170	)		—
Affiliated issuers			(70,035	)		—			—			—			—			—			—			—
Futures transactions			(6,774	)		(4,392	)		(2,603	)		94			—			—			—			—
Purchased options			(40	)		—			—			—			—			—			—			—
Written options			32			—			—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			1,189			372			64			—			106			—			(207	)		—
Net change in unrealized appreciation (depreciation) on total investments			(3,211,405	)		(71,405	)		(244,058	)		(343,484	)		(215,700	)		6,229			(709,377	)		—
Net realized and unrealized gain (loss) on total investments			2,871,317			513,607			1,036,219			122,140			(149,427	)		18,981			(39,349	)		1
Net increase (decrease) in net assets from operations		$	4,263,226		$	761,893		$	1,128,946		$	311,786		$	(5,849	)	$	7,473		$	103,218		$	1
^a	Class commenced operations on April 24, 2015
^*	Net of foreign withholding taxes of unaffiliated issuers	$	66,913		$	13,083		$	164		$	59		$	11		$	—		$	3,312		$	—
^‡	Includes net change in unrealized foreign capital gains taxes of	$	1,136		$	—		$	—		$	—		$	—		$	—		$	—		$	—

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Statements of changes in net assets

College Retirement Equities Funds ■ For the period or year ended

		Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)		June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014
		(unaudited		)				(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	1,391,909		$	2,228,632		$	248,286		$	391,079		$	92,727		$	171,402
Net realized gain (loss) on total investments			6,082,722			16,011,511			585,012			1,906,677			1,280,277			2,550,165
Net change in unrealized appreciation (depreciation) on total investments			(3,211,405	)		(10,422,708	)		(71,405	)		(1,517,255	)		(244,058	)		(138,453	)
Net increase (decrease) in net assets from operations			4,263,226			7,817,435			761,893			780,501			1,128,946			2,583,114

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		1,403,782			4,319,676			424,308			1,070,247			468,577			1,071,482
	Class R2*		215,582			—			68,002			—			61,639			—
	Class R3*		425,618			—			106,390			—			110,531			—
Net transfers between CREF Accounts	Class R1		(546,898	)		(1,171,616	)		112,172			50,310			134,677			116,778
	Class R2*		(80,200	)		—			36,078			—			3,444			—
	Class R3*		(143,274	)		—			38,954			—			19,417			—
Transfers in connection with new classes (see note 1):	Class R1		(99,377,815	)		—			(16,268,614	)		—			(18,108,628	)		—
	Class R2*		38,646,737			—			6,989,560			—			7,851,208			—
	Class R3*		60,731,078			—			9,279,054			—			10,257,420			—
Withdrawals and death benefits	Class R1		(4,204,985	)		(11,435,122	)		(702,158	)		(1,823,003	)		(787,229	)		(1,790,011	)
	Class R2*		(701,247	)		—			(124,120	)		—			(134,105	)		—
	Class R3*		(1,107,097	)		—			(161,147	)		—			(181,177	)		—
Annuity payments:			(725,536	)		(1,399,568	)		(18,060	)		(33,999	)		(15,750	)		(27,098	)
Net increase (decrease) from participant transactions			(5,464,255	)		(9,686,630	)		(219,581	)		(736,445	)		(319,976	)		(628,849	)

Net increase (decrease) in net assets			(1,201,029	)		(1,869,195	)		542,312			44,056			808,970			1,954,265

NET ASSETS
Beginning of period			124,474,167			126,343,362			19,171,775			19,127,719			21,367,927			19,413,662
End of period		$	123,273,138		$	124,474,167		$	19,714,087		$	19,171,775		$	22,176,897		$	21,367,927

ACCUMULATION UNITS:
Units purchased:	Class R1		3,757,324			12,197,388			2,974,434			7,869,284			3,524,050			8,996,130
	Class R2*		559,967			—			462,120			—			450,155			—
	Class R3*		971,504			—			693,085			—			767,049			—
Units sold / transferred:	Class R1		(12,705,972	)		(36,192,771	)		(4,151,078	)		(13,227,623	)		(4,897,071	)		(14,393,475	)
	Class R2*		(2,027,909	)		—			(599,190	)		—			(952,878	)		—
	Class R3*		(3,356,737	)		—			(858,604	)		—			(1,260,877	)		—
Units transferred in connection with new classes (see note 1):	Class R1		(255,953,113	)		—			(109,945,874	)		—			(131,077,470	)		—
	Class R2*		99,536,831			—			47,236,553			—			56,830,177			—
	Class R3*		156,416,282			—			62,709,321			—			74,247,293			—
Outstanding:
Beginning of period			306,004,586			329,999,969			135,508,586			140,866,925			163,580,881			168,978,226
End of period			293,202,763			306,004,586			134,029,353			135,508,586			161,211,309			163,580,881

*	Class commenced operations on April 24, 2015

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Statements of changes in net assets

continued

College Retirement Equities Funds ■ For the period or year ended

		Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)		June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014
		(unaudited		)				(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	189,646		$	257,052		$	143,578		$	260,503		$	(11,508	)	$	150,507
Net realized gain (loss) on total investments			465,624			308,571			66,273			227,912			12,752			47,863
Net change in unrealized appreciation (depreciation) on total investments			(343,484	)		1,317,916			(215,700	)		225,270			6,229			54,581
Net increase (decrease) in net assets from operations			311,786			1,883,539			(5,849	)		713,685			7,473			252,951

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		378,806			973,093			365,104			1,019,064			192,679			604,456
	Class R2*		50,650			—			63,085			—			30,996			—
	Class R3*		75,312			—			97,328			—			51,079			—
Net transfers between CREF Accounts	Class R1		80,795			139,255			203,095			421,556			9,755			764
	Class R2*		(5,323	)		—			39,074			—			969			—
	Class R3*		(4,844	)		—			35,440			—			3,427			—
Transfers in connection with new classes (see note 1):	Class R1		(13,730,649	)		—			(11,217,891	)		—			(5,913,201	)		—
	Class R2*		6,128,195			—			4,761,372			—			2,341,436			—
	Class R3*		7,602,454			—			6,456,519			—			3,571,765			—
Withdrawals and death benefits	Class R1		(759,279	)		(1,652,552	)		(627,206	)		(1,674,638	)		(369,904	)		(1,105,605	)
	Class R2*		(127,267	)		—			(109,576	)		—			(57,572	)		—
	Class R3*		(144,647	)		—			(157,787	)		—			(91,080	)		—
Annuity payments:			(16,065	)		(28,590	)		(12,763	)		(24,610	)		(10,390	)		(21,455	)
Net increase (decrease) from participant transactions			(471,862	)		(568,794	)		(104,206	)		(258,628	)		(240,041	)		(521,840	)

Net increase (decrease) in net assets			(160,076	)		1,314,745			(110,055	)		455,057			(232,568	)		(268,889	)

NET ASSETS
Beginning of period			17,172,756			15,858,011			13,530,474			13,075,417			7,369,221			7,638,110
End of period		$	17,012,680		$	17,172,756		$	13,420,419		$	13,530,474		$	7,136,653		$	7,369,221

ACCUMULATION UNITS:
Units purchased:	Class R1		2,311,464			6,439,432			3,177,533			9,154,464			2,853,727			9,041,378
	Class R2*		303,599			—			552,853			—			463,431			—
	Class R3*		420,992			—			800,177			—			726,976			—
Units sold / transferred:	Class R1		(4,122,487	)		(10,252,632	)		(3,694,074	)		(11,510,738	)		(5,342,013	)		(16,661,477	)
	Class R2*		(793,311	)		—			(618,686	)		—			(847,248	)		—
	Class R3*		(935,373	)		—			(1,132,579	)		—			(1,302,391	)		—
Units transferred in connection with new classes (see note 1):	Class R1		(81,727,526	)		—			(96,927,805	)		—			(86,643,103	)		—
	Class R2*		36,476,221			—			41,140,476			—			34,307,863			—
	Class R3*		45,251,305			—			55,787,329			—			52,335,240			—
Outstanding:
Beginning of period			104,235,513			108,048,713			116,801,630			119,157,904			107,375,584			114,995,683
End of period			101,420,397			104,235,513			115,886,854			116,801,630			103,928,066			107,375,584

*	Class commenced operations on April 24, 2015

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Statements of changes in net assets

concluded

College Retirement Equities Funds ■ For the period or year ended

		Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)		June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014
		(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	142,567		$	272,327		$	—		$	—
Net realized gain (loss) on total investments			670,028			451,821			1			—
Net change in unrealized appreciation (depreciation) on total investments			(709,377	)		198,027			—			—
Net increase (decrease) in net assets from operations			103,218			922,175			1			—

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		277,224			944,799			1,473,044			3,821,009
	Class R2*		50,751			—			171,406			—
	Class R3*		70,241			—			327,843			—
Net transfers between CREF Accounts	Class R1		(27,117	)		345,290			11,192			97,663
	Class R2*		(11,720	)		—			32,319			—
	Class R3*		(7,355	)		—			65,923			—
Transfers in connection with new classes (see note 1):	Class R1		(11,710,319	)		—			(8,968,831	)		—
	Class R2*		5,180,194			—			3,500,092			—
	Class R3*		6,530,125			—			5,468,739			—
Withdrawals and death benefits	Class R1		(516,715	)		(1,163,971	)		(1,627,273	)		(4,418,705	)
	Class R2*		(94,916	)		—			(204,979	)		—
	Class R3*		(122,790	)		—			(333,218	)		—
Annuity payments:			(16,252	)		(30,773	)		(10,240	)		(21,137	)
Net increase (decrease) from participant transactions			(398,649	)		95,345			(93,983	)		(521,170	)

Net increase (decrease) in net assets			(295,431	)		1,017,520			(93,982	)		(521,170	)

NET ASSETS
Beginning of period			14,358,480			13,340,960			11,459,743			11,980,913
End of period		$	14,063,049		$	14,358,480		$	11,365,761		$	11,459,743

ACCUMULATION UNITS:
Units purchased:	Class R1		1,406,326			5,015,238			57,690,833			149,643,251
	Class R2*		255,251			—			6,712,930			—
	Class R3*		314,539			—			12,733,591			—
Units sold / transferred:	Class R1		(2,756,862	)		(4,437,235	)		(63,292,064	)		(169,736,670	)
	Class R2*		(536,235	)		—			(6,762,025	)		—
	Class R3*		(689,653	)		—			(10,624,365	)		—
Units transferred in connection with new classes (see note 1):	Class R1		(58,278,007	)		—			(351,254,672	)		—
	Class R2*		25,779,946			—			137,077,375			—
	Class R3*		32,498,061			—			214,177,297			—
Outstanding:
Beginning of period			72,106,665			71,528,662			441,017,139			461,110,558
End of period			70,100,031			72,106,665			437,476,039			441,017,139

*	Class commenced operations on April 24, 2015

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

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
	For the							Net			& unrealized			Net			Accumulation		Accumulation								Net						units			Accumulation
	period							investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			outstanding at			fund net
	or year		Investment					income			on total			accumulation			beginning		end of		Total			Gross			income			turnover			end of period			assets
	ended		income		^a	Expenses^a		(loss		)^a	investments			unit value			of period		period		return		^b	expenses			(loss		)	rate			(in millions		)	(in millions		)^g

STOCK ACCOUNT
Class R1:	6/30/15	^§h		$4.195			$0.967		$3.228			$ 9.131			$ 12.359			$365.431		$377.790		3.38	%^c		0.52	%^d		1.74	%^d		28	%^c		41			$ 15,528
	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
	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
	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
	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
	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
Class R2:	6/30/15	^§g		2.586			0.319		2.267			(12.579	)		(10.312	)		388.266		377.954		3.43	^c		0.45	^d		3.20	^d		28	^c		98			37,065
Class R3:	6/30/15	^§g		2.586			0.259		2.327			(12.580	)		(10.253	)		388.266		378.013		3.44	^c		0.37	^d		3.28	^d		28	^c		154			58,226


GLOBAL EQUITIES ACCOUNT
Class R1:	6/30/15	^§h		1.747			0.371		1.376			4.103			5.479			138.793		144.272		3.95	^c		0.53	^d		1.95	^d		27	^c		24			3,518
	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
	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
	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
	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
	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
Class R2:	6/30/15	^§g		1.150			0.123		1.027			(4.662	)		(3.635	)		147.969		144.334		3.99	^c		0.45	^d		3.79	^d		27	^c		47			6,798
Class R3:	6/30/15	^§g		1.150			0.100		1.050			(4.662	)		(3.612	)		147.969		144.357		4.01	^c		0.37	^d		3.88	^d		27	^c		63			9,029

GROWTH ACCOUNT
Class R1:	6/30/15	^§h		0.835			0.300		0.535			6.208			6.743			128.668		135.411		5.24	^c		0.45	^d		0.81	^d		29	^c		31			4,215
	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
	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
	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
	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
	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
Class R2:	6/30/15	^§g		0.318			0.100		0.218			(2.901	)		(2.683	)		138.152		135.469		5.29	^c		0.40	^d		0.87	^d		29	^c		56			7,631
Class R3:	6/30/15	^§g		0.318			0.078		0.240			(2.901	)		(2.661	)		138.152		135.491		5.30	^c		0.31	^d		0.95	^d		29	^c		74			9,993

2015 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Semiannual Report

Financial highlights

continued

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									Portfolio			Accumulation
	For the								Net			& unrealized			Net			Accumulation		Accumulation								Net						turnover rate			units			Accumulation
	period								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			excluding			outstanding at			fund net
	or year		Investment						income			on total			accumulation			beginning		end of		Total			Gross			income			turnover			mortgage			end of period			assets
	ended		income		^a	Expenses		^a	(loss		)^a	investments			unit value			of period		period		return		^b	expenses			(loss		)	rate			dollar rolls			(in millions		)	(in millions		)

EQUITY INDEX ACCOUNT
Class R1:	6/30/15	^§h		$1.683			$0.333			$1.350			$ 1.471			$ 2.821			$161.562		$164.383		1.75	%^c		0.41	%^d		1.66	%^d		4	%^c		—	%		21			$ 3,402
	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
	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
	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
	12/31/11			1.832			0.390			1.442			(0.825	)		0.617			92.764		93.381		0.66			0.41			1.53			5			—			112			10,502
	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
Class R2:	6/30/15	^§g		1.173			0.112			1.061			(4.612	)		(3.551	)		168.005		164.454		1.79	^c		0.37	^d		3.45	^d		4	^c		—			36			5,918
Class R3:	6/30/15	^§g		1.173			0.086			1.087			(4.612	)		(3.525	)		168.005		164.480		1.81	^c		0.28	^d		3.54	^d		4	^c		—			45			7,358

BOND MARKET ACCOUNT
Class R1:	6/30/15	^§h		1.469			0.285			1.184			(1.287	)		(0.103	)		113.471		113.368		(0.09	)^c		0.50	^d		2.08	^d		160	^c		57	^c		19			2,195
	12/31/14			2.665			0.494			2.171			3.764			5.935			107.536		113.471		5.52			0.44			1.95			290			89			117			13,254
	12/31/13			2.485			0.482			2.003			(4.211	)		(2.208	)		109.744		107.536		(2.01	)		0.45			1.85			363			105			119			12,814
	12/31/12			2.835			0.482			2.353			3.163			5.516			104.228		109.744		5.29			0.45			2.19			356			117			130			14,222
	12/31/11			3.341			0.439			2.902			3.876			6.778			97.450		104.228		6.96			0.44			2.88			261			62			126			13,124
	12/31/10			3.470			0.422			3.048			3.096			6.144			91.306		97.450		6.73			0.44			3.19			230			62			122			11,915
Class R2:	6/30/15	^§g		0.549			0.094			0.455			(2.773	)		(2.318	)		115.735		113.417		(0.05	)^c		0.45	^d		2.17	^d		160	^c		57	^c		41			4,659
Class R3:	6/30/15	^§g		0.549			0.076			0.473			(2.773	)		(2.300	)		115.735		113.435		(0.03	)^c		0.36	^d		2.26	^d		160	^c		57	^c		55			6,291

INFLATION-LINKED BOND ACCOUNT
Class R1:	6/30/15	^§h		(0.722	)		0.142			(0.864	)		0.884			0.020			66.522		66.542		0.03	^c		0.43	^d		(2.59	)^d		4	^c		—			18			1,214
	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
	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
	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
	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
	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
Class R2:	6/30/15	^§g		0.652			0.048			0.604			(2.281	)		(1.677	)		68.248		66.571		0.07	^c		0.39	^d		4.92	^d		4	^c		—			34			2,258
Class R3:	6/30/15	^§g		0.652			0.038			0.614			(2.281	)		(1.667	)		68.248		66.581		0.09	^c		0.31	^d		5.00	^d		4	^c		—			52			3,446


78	2015 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2015 Semiannual Report	79

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									Portfolio			Accumulation
	For the								Net			& unrealized			Net			Accumulation		Accumulation								Net						turnover rate			units			Accumulation
	period								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			excluding			outstanding at			fund net
	or year		Investment						income			on total			accumulation			beginning		end of		Total			Gross			income			turnover			mortgage			end of period			assets
	ended		income		^a	Expenses		^a	(loss		)^a	investments			unit value			of period		period		return		^b	expenses			(loss		)	rate			dollar rolls			(in millions		)	(in millions		)

SOCIAL CHOICE ACCOUNT
Class R1:	6/30/15	^§h		$2.289			$0.456			$1.833			$(0.579	)		$ 1.254			$194.396		$195.650		0.66	%^c		0.47	%^d		1.88	%^d		65	%^c		32	%^c		12			$ 2,441
	12/31/14			4.446			0.773			3.673			8.760			12.433			181.963		194.396		6.83			0.41			1.95			120			52			72			14,017
	12/31/13			3.804			0.757			3.047			22.950			25.997			155.966		181.963		16.67			0.45			1.79			133			46			72			13,016
	12/31/12			3.866			0.677			3.189			12.242			15.431			140.535		155.966		10.98			0.45			2.14			149			52			71			10,999
	12/31/11			3.732			0.619			3.113			(0.595	)		2.518			138.017		140.535		1.82			0.44			2.22			122			45			72			10,074
	12/31/10			3.618			0.561			3.057			11.683			14.740			123.277		138.017		11.95			0.44			2.39			98			40			72			9,968
Class R2:	6/30/15	^§g		0.959			0.149			0.810			(6.015	)		(5.205	)		200.939		195.734		0.70	^c		0.41	^d		2.22	^d		65	^c		32	^c		25			4,991
Class R3:	6/30/15	^§g		0.959			0.118			0.841			(6.015	)		(5.174	)		200.939		195.765		0.71	^c		0.32	^d		2.30	^d		65	^c		32	^c		32			6,289

			Selected per accumulation unit data																					Ratios and supplemental data
			Gain (loss) from investment operations
												Net realized												Ratios to average net assets									Accumulation
	For the								Net			& unrealized			Net		Accumulation		Accumulation								Expenses			Net			units			Accumulation
	period								investment			gain (loss		)	change in		unit value		unit value								net of			investment			outstanding at			fund net
	or year		Investment						income			on total			accumulation		beginning		end of		Total			Gross			TIAA			income			end of period			assets
	ended		income		^a	Expenses		^a	(loss		)^a	investments			unit value		of period		period		return		^b	expenses			withholding			(loss)			(in millions		)	(in millions		)^g

MONEY MARKET ACCOUNT
Class R1:	6/30/15	^§h		$0.016			$0.016			$0.000			$0.000			$0.000		$25.534		$25.534		0.00	%^c		0.44	%^d		0.13	%^d		0.00	%^d		84			$ 2,149
	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
	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
	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
	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
	12/31/10			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
Class R2:	6/30/15	^§g		0.006			0.006			0.000			0.000			0.000		25.534		25.534		0.00	^c		0.39	^d		0.14	^d		0.00	^d		137			3,499
Class R3:	6/30/15	^§g		0.006			0.006			0.000			0.000			0.000		25.534		25.534		0.00	^c		0.31	^d		0.14	^d		0.00	^d		216			5,523

^§	Unaudited
^a	Based on average units outstanding.
^b	Based on per accumulation unit data.
^c	The percentages shown for this period are not annualized.
^d	The percentages shown for this period are annualized.
^g	Class R2 & R3 commenced operations on April 24, 2015.
^h	Prior to April 24, 2015, CREF offered only one class of units, which became Class R1 on that date.


80	2015 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2015 Semiannual Report	81

Notes to financial statements (unaudited)

College Retirement Equities Fund

Note 1—organization and significant accounting policies

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

On April 24, 2015, CREF was converted from its one original class to three different classes, Class R1, Class R2 and Class R3, and all existing participant balances as of that date were transferred to the class for which they were eligible. Eligibility requirements for each class are based either upon the amount of aggregate retirement plan assets a participant’s institution has invested in all CREF Accounts or, for participants not associated with a retirement plan, the type of product through which the CREF assets are held. These transfers have been reflected as such on the Statements of Changes in Net Assets. Each Class differs by the allocation of class-specific expenses.

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 Funds: 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

82	2015 Semiannual Report ■ College Retirement Equities Fund

daily net asset values. Death benefits are paid to beneficiaries if the annuitant dies during the accumulation period or the annuity period. Annuitants bear the mortality risk under their contracts.

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

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of an Account are allocated on a pro rata basis to each class, except for administrative fees and distribution fees, which are unique to each class of each Account. Most expenses of CREF can be directly attributed to an Account or Class. Expenses that cannot be directly attributed are allocated based upon the average net assets of each Account or class.

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.

College Retirement Equities Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

Trustee compensation: The Accounts pay the members of the Board of Trustees (“Board”), all of whom are independent, 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. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

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, among other items, additional disclosures for transactions that 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 Accounts adopted the Update for this semiannual report. The adoption of the Update did not have a material impact on the Accounts’ financial statements and notes disclosure.

New rule issuance: In July 2014, the Commission issued Final Rule Release No. 33-9616, Money Market Account Reform; Amendments to Form PF, which amends the rules governing money market accounts. The final amendments impose different implementation dates for the changes that certain money market accounts will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Account’s financial statements and related disclosures.

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

84	2015 Semiannual Report ■ College Retirement Equities Fund

continued

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.

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

Short-term investments: Prior to January 2, 2015, short-term investments with maturities of 60 days or less were valued at amortized cost. Short-term investments with maturities in excess of 60 days were valued in the same manner as debt securities. Effective January 2, 2015, all short-term investments are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

The Money Market Account: The Money Market Account’s portfolio securities are valued on an amortized cost basis. Money Market 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.

College Retirement Equities Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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.

Foreign equity securities 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.

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

Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2015, there were no material transfers between levels by the Accounts.

As of June 30, 2015, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

The following table summarizes the market value of the Accounts’ investments as of June 30, 2015, 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	$	11,948,573		$	5,243,406	$	161	$	17,192,140
Consumer staples		6,579,692			3,230,186		33		9,809,911
Energy		6,210,749			2,271,268		1		8,482,018
Financials		14,355,486			9,937,626		373		24,293,485
Health care		13,067,599			3,378,636		14,497		16,460,732
Industrials		9,037,490			4,501,496		2,597		13,541,583
Information technology		16,575,766			3,143,461		4,512		19,723,739
Materials		3,030,493			2,956,853		6,194		5,993,540
Telecommunication services		1,744,967			1,634,561		497		3,380,025
Utilities		2,268,067			1,095,741		914		3,364,722
Corporate bonds		—			590		500		1,090
Government bonds		—			294		—		294
Purchased options**		11			—		—		11
Written options**		(74	)		—		—		(74	)
Short-term investments		—			5,790,782		—		5,790,782
Futures**		(5,249	)		—		—		(5,249	)
Total	$	84,813,570		$	43,184,900	$	30,279	$	128,028,749

86	2015 Semiannual Report ■ College Retirement Equities Fund

continued

Account	Level 1			Level 2		Level 3		Total
Global Equities
Equity investments:
Asia	$	—		$	1,631,587	$	—	$	1,631,587
Australasia		—			344,317		—		344,317
Europe		300,145			3,850,341		—		4,150,486
North America		10,977,669			604,780		—		11,582,449
All other equity investments*		104,736			1,682,009		12,602		1,799,347
Short-term investments		—			676,604		—		676,604
Futures**		(2,420	)		—		—		(2,420	)
Total	$	11,380,130		$	8,789,638	$	12,602	$	20,182,370
Growth
Equity investments:
Consumer discretionary	$	4,646,842		$	154,322	$	—	$	4,801,164
Consumer staples		1,476,393			41,237		—		1,517,630
Financials		1,338,408			12,390		—		1,350,798
Health care		4,054,264			39,803		—		4,094,067
Information technology		6,685,450			120,071		—		6,805,521
Telecommunication services		193,825			13,693		—		207,518
All other equity investments*		3,255,081			—		—		3,255,081
Short-term investments		370,759			130,594		—		501,353
Futures**		(1,452	)		—		—		(1,452	)
Total	$	22,019,570		$	512,110	$	—	$	22,531,680
Equity Index
Equity investments:
Health care	$	2,567,920		$	—	$	82	$	2,568,002
Telecommunication services		342,533			—		118		342,651
All other equity investments *		14,068,355			—		—		14,068,355
Short-term investments		548,287			—		—		548,287
Total	$	17,527,095		$	—	$	200	$	17,527,295
Bond Market
Bank loan obligations	$	—		$	114,327	$	—	$	114,327
Corporate bonds		—			4,999,504		—		4,999,504
Government bonds		—			5,999,005		—		5,999,005
Structured assets		—			2,112,630		—		2,112,630
Preferred Stocks		7,491			—		—		7,491
Short-term investments		—			2,086,110		—		2,086,110
Total	$	7,491		$	15,311,576	$	—	$	15,319,067

College Retirement Equities Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

Account	Level 1		Level 2		Level 3		Total
Social Choice
Equity investments:
Consumer discretionary	$	800,177	$	316,625	$	—	$	1,116,802
Consumer staples		426,199		212,464		—		638,663
Energy		444,885		153,166		—		598,051
Financials		1,213,264		663,497		—		1,876,761
Health care		851,966		255,414		—		1,107,380
Industrials		590,230		305,223		—		895,453
Information technology		1,078,099		106,770		—		1,184,869
Materials		281,834		180,361		—		462,195
Telecommunication services		111,662		117,078		—		228,740
Utilities		201,954		86,959		—		288,913
Bank loan obligations		—		46,297		—		46,297
Corporate bonds		—		1,815,654		—		1,815,654
Government bonds		—		3,253,171		—		3,253,171
Structured assets		—		406,463		—		406,463
Short-term investments		—		1,089,111		—		1,089,111
Total	$	6,000,270	$	9,008,253	$	—	$	15,008,523

*	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.

At June 30, 2015, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows (dollar amounts are in thousands):

Asset derivatives

Liabilities derivatives

Fair value

Derivative contracts

Location

amount

Location

amount

Stock Account

Equity contracts

Futures*

$(5,249

)

Written options

$(74

)

Equity contracts

Portfolio investments

Global Equities Account

Equity contracts

Futures*

(2,420

)

Growth Account

Equity contracts

Futures*

(1,452

)

*	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.

88	2015 Semiannual Report ■ College Retirement Equities Fund

continued

For the period ended June 30, 2015, the effect of derivative contracts on the Accounts’ Statements of Operations was as follows (dollar amounts are in thousands):

					Change in
					unrealized
		Realized			appreciation
Derivative contracts	Location	gain (loss		)	(depreciation		)
Stock Account
Equity contracts	Futures transactions		$17,463			$(6,774	)
Equity contracts	Purchased options		15			(40	)
Equity contracts	Written options		38			32
Global Equities Account
Equity contracts	Futures transactions		5,270			(4,392	)
Growth Account
Equity contracts	Futures transactions		9,276			(2,603	)
Equity Index Account
Equity contracts	Futures transactions		2,227			94

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 in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the period ended June 30, 2015, 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 June 30, 2015, the Accounts held the following open futures contracts (dollar amounts are in thousands):

		Number of		Settlement		Expiration	Unrealized
Account	Futures	contracts		value		date	gain (loss		)
Stock	S&P 500 Index E-Mini		2,053		$210,884	September 2015		$(4,584	)
	S&P Mid-Cap 400 E-Mini		174		26,067	September 2015		(486	)
	Russell 2000 Mini Index		164		20,507	September 2015		(179	)
Total			2,391		257,458			(5,249	)
Global Equities	S&P 500 Index E-Mini		1,043		107,137	September 2015		(2,420	)
Growth	S&P 500 Index E-Mini		650		66,768	September 2015		(1,452	)

College Retirement Equities Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2015, the Stock Account had exposure to options, based on underlying nominal values, generally between 0% and 1% of net assets.

Purchased options outstanding as of June 30, 2015 were as follows (dollar amounts are in thousands):

	Number of contracts		Value
Stock Account
3M Co, Call, 7/17/15 at $165		10		$—
Delta Air Lines, Inc, Call, 7/17/15 at $52.50		50		—
Humana, Inc, Call, 7/17/15 at $215		30		3
MGM Resorts International, Call, 9/18/15 at $23		50		1
Mylan NV, Call, 8/21/15 at $75		10		2
Perrigo Co plc, Call, 7/17/15 at $220		15		1
Pioneer Natural Resources Co, Call, 9/18/15 at $195		38		1
Texas Instruments, Inc, Put, 7/17/15 at $50		30		2
Zoetis, Inc, Call, 8/21/15 at $60		30		1
Total		263		$11

90	2015 Semiannual Report ■ College Retirement Equities Fund

continued

Written options outstanding as of June 30, 2015 were as follows (dollar amounts are in thousands):

	Number of Contracts		Value
Stock Account
3M Co, Put, 7/17/15 at $145		30		$ (1	)
Amazon.com, Inc, Call, 7/17/15 at $465		10		(1	)
Amazon.com, Inc, Put, 7/17/15 at $390		10		(1	)
Avago Technologies Ltd, Put, 7/17/15 at $125		20		(2	)
Baker Hughes, Inc, Put, 7/17/15 at $55		30		(1	)
Biogen, Inc, Put, 7/17/15 at $360		10		(1	)
Constellation Brands, Inc, Call, 7/17/15 at $125		15		(1	)
Constellation Brands, Inc, Call, 7/17/15 at $130		10		—
Eli Lilly & Co, Call, 7/17/15 at $94		30		—
EOG Resources, Inc, Put, 7/17/15 at $80		30		(1	)
HCA Holdings, Inc, Call, 7/2/15 at $94		15		(1	)
Humana, Inc, Put, 7/2/15 at $185		30		(9	)
Humana, Inc, Put, 7/17/15 at $150		10		(1	)
MGM Resorts International, Put, 9/18/15 at $18		30		(4	)
Micron Technology, Inc, Put, 7/17/15 at $16		25		—
Monsanto Co, Put, 7/17/15 at $100		20		(1	)
Mylan NV, Put, 8/21/15 at $62.50		10		(2	)
Mylan NV, Call, 8/21/15 at $80		10		(1	)
NetFlix, Inc, Call, 7/2/15 at $750		5		—
NetFlix, Inc, Put, 7/17/15 at $570		5		(3	)
Palo Alto Networks, Inc, Put, 7/17/15 at $160		20		(1	)
Perrigo Co plc, Put, 7/17/15 at $170		15		(2	)
Pioneer Natural Resources Co, Put, 9/18/15 at $130		20		(9	)
Pioneer Natural Resources Co, Call, 9/18/15 at $205		38		—
Pioneer Natural Resources Co, Put, 12/18/15 at $130		38		(30	)
Texas Instruments, Inc, Put, 7/17/15 at $45		30		—
United Continental Holdings, Inc, Call, 7/17/15 at $70		50		—
Zoetis, Inc, Call, 8/21/15 at $55		5		—
Zoetis, Inc, Put, 8/21/15 at $45		5		(1	)
Total		576		$(74	)

Transactions in written options and related premiums received during the period ended June 30, 2015 were as follows:

	Number of contracts			Premiums
Stock Account
Outstanding at beginning of period		—			$ —
Written		5,265			467
Purchased		(2,001	)		(252	)
Exercised		(17	)		(4	)
Expired		(2,671	)		(107	)
Outstanding at end of period		576			$ 104

Credit default swap contracts: The Accounts are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled

College Retirement Equities Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). 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. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Account with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Accounts as they are entered into with a central clearinghouse which guarantees the swap against default.

The value of a bilateral 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. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable 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. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.

The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Account and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended June 30, 2015, the CREF Bond Account had no exposure to credit default swap contracts.

There were no open credit default swap contracts outstanding as of June 30, 2015.

92	2015 Semiannual Report ■ College Retirement Equities Fund

continued

Note 4—investment adviser and affiliates

Investment advisory services for the Accounts are provided by TIAA-CREF Investment Management, LLC (“TCIM”) in accordance with an Investment Management Services Agreement. TCIM is a registered investment adviser and a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), a companion organization of CREF. Investment management expenses generally include investment management, portfolio accounting and custodial services and are the same across all classes of an Account.

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. Participants invested in a particular CREF Account will be subject to different administrative and distribution expenses depending upon the class of the Account they own.

TIAA charges a mortality and expense charge of 0.005% 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. This charge is the same across all Accounts and classes.

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.

As of June 30, 2015, the following table represents the effective expense deductions as an annual percentage of average daily net assets to approximate the costs that CREF incurred:

	Investment
	management
	fee			Administrative fee									Distribution fee
Account	All classes			Class R1			Class R2			Class R3			Class R1			Class R2			Class R3
Stock		0.138	%		0.272	%		0.228	%		0.168	%		0.099	%		0.094	%		0.069	%
Global Equities		0.139			0.275			0.226			0.166			0.101			0.093			0.068
Growth		0.073			0.275			0.227			0.167			0.102			0.093			0.068
Equity Index		0.032			0.275			0.226			0.166			0.102			0.093			0.068
Bond Market		0.121			0.274			0.227			0.167			0.101			0.093			0.068
Inflation-Linked Bond		0.052			0.275			0.227			0.167			0.101			0.093			0.068
Social Choice		0.084			0.275			0.227			0.167			0.101			0.093			0.068
Money Market		0.057			0.275			0.227			0.167			0.102			0.093			0.068

College Retirement Equities Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

continued

For the period ended June 30, 2015, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and as necessary, administrative expenses for the Money Market Account totaling $12,063,492 for Class R1 (inclusive of $10,134,557 prior to the creation of additional classes), $1,652,643 for Class R2 and $1,801,417 for Class R3. 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 class’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 class’s yield (net of all expenses) on that day. As a result of the conversion, previously recoverable amounts have been allocated to the newly formed classes, using April 24, 2015 end of day net assets. As of June 30, 2015, the cumulative amount of expenses waived subject to recovery is $18,647,534 for Class R1, $29,070,463 for Class R2 and $46,189,679 for Class R3. The aggregate amounts waived and reimbursed are disclosed on the Statements of Operations.

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):

94	2015 Semiannual Report ■ College Retirement Equities Fund

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College Retirement Equities Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at December 31, 2014		Purchase cost		Sales proceeds		Realized gain (loss)		Dividend income		Shares at June 30, 2015			Value at June 30, 2015
Stock Account
Berry Plastics Group Inc		$226,929	$	10,395	$	57,164	$	21,652	$	—	$	—	**	$	—
Papa Murphy’s Holdings Inc		11,747		48		6,699		2,712		—		—	**		—
Rolls-Royce Holdings plc		*		323		—		—		—					337
		$238,676	$	10,766	$	63,863	$	24,364	$	—		214,500,762		$	337

Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$417,995	$	191,075	$	238,311	$	—	$	—	$	370,758,612		$	370,759

Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$564,844	$	128,069	$	144,626	$	—	$	—	$	548,286,817		$	548,287

*	Not an affiliate investment as of December 31, 2014
**	Not an affiliate investment as of June 30, 2015

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. As of June 30, 2015, securities lending transactions (with the exception of the CREF Social Choice Account) are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. For the CREF Social Choice Account, all loans from securities lending transactions are continuous, can be recalled at any time, and have no set maturity, with $253,108,000 of equity securities pledged as collateral and $178,118,000 of fixed income securities pledged as collateral. 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 that the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

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

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

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

2015 Semiannual Report ■ College Retirement Equities Fund

Notes to financial statements (unaudited)

principal and interest paid on the securities. The Account is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Account maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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

Net unrealized appreciation (depreciation): At June 30, 2015, 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		$16,383,187		$(5,115,518	)		$11,267,669
Global Equities		3,063,644		(749,005	)		2,314,639
Growth		4,847,190		(258,923	)		4,588,267
Equity Index		8,101,774		(487,926	)		7,613,848
Bond Market		187,575		(183,664	)		3,911
Inflation-Linked Bond		445,589		(113,741	)		331,848
Social Choice		2,598,332		(268,144	)		2,330,188

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the period ended June 30, 2015 were as follows (dollar amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account
Purchases:
Non-Government	$	35,044,651	$	5,202,040	$	6,383,816
Government		—		—		—
Total Purchases	$	35,044,651	$	5,202,040	$	6,383,816

Sales:
Non-Government	$	39,418,824	$	5,177,046	$	6,586,941
Government		—		—		—
Total Sales	$	39,418,824	$	5,177,046	$	6,586,941

98	2015 Semiannual Report ■ College Retirement Equities Fund

concluded

	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-Government	$	718,788	$	2,968,220	$	—	$	2,854,274
Government		—		18,806,890		274,773		6,399,355
Total Purchases	$	718,788	$	21,775,110	$	274,773	$	9,253,629

Sales:
Non-Government	$	993,169	$	2,242,058	$	—	$	3,017,545
Government		—		19,085,183		501,489		6,445,881
Total Sales	$	993,169	$	21,327,241	$	501,489	$	9,463,426

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 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. 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 mutual funds at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2015, there were no borrowings under this credit facility by the Accounts.

Note 7—indemnification

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

College Retirement Equities Fund ■ 2015 Semiannual Report

Board renewal of investment management agreement (unaudited)

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

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

Overview of the renewal process

The Board held meetings on March 12, 2015 and March 26, 2015, at which it considered the annual renewal of the Agreement with respect to each Account using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TCIM, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TCIM to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2014 renewal process. During a series of meetings held prior to the March 12 and March 26, 2015 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TCIM representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TCIM and CREF, and then evaluated the information produced in accordance with those guidelines and requests.

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

100	2015 Semiannual Report ■ College Retirement Equities Fund

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, performance and expense comparison data regarding each Account, including data relating to each Account’s management fee rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs. Lipper also compared much of this data for each Account against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board perform its review. Lipper also represented that the purpose of its materials is to provide an unbiased view of each Account’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Lipper (and not TCIM).

In advance of the Board meetings held on March 12 and March 26, 2015, legal counsel to the Trustees requested on behalf of the Board, and TCIM provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Account that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Account’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TCIM or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts aside from TCIM’s direct fee payments pursuant to the Agreement; (5) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with rendering services to the Accounts; (6) a copy of the Agreement and certain related agreements between the Accounts and affiliates of TCIM; (7) a copy of TCIM’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel to the Trustees); and (8) proposed narrative explanations of reasons why the Board should renew the Agreement.

College Retirement Equities Fund ■ 2015 Semiannual Report

101

Board renewal of investment management agreement (unaudited)

In considering whether to renew the Agreement with respect to each Account, the Board reviewed various factors with respect to the Account, including: (1) the nature, extent and quality of services provided or to be provided by TCIM to the Account; (2) the Account’s investment performance; (3) the costs of the services provided to the Account and CREF’s at-cost expense structure; (4) the structure of and costs associated with the mortality and expense risk charge; (5) fees charged by other advisers; (6) the extent to which economies of scale have been realized or are anticipated to be realized as the Account grows; (7) whether the at-cost expense structure reflects any such economies of scale for the benefit of Account investors; (8) comparisons of services and fee rates with any contracts entered into by TCIM with other clients to whom TCIM provides comparable services; and (9) any other benefits derived or anticipated to be derived by TCIM or its affiliates from their relationship with the Account. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

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

While the Board considered the Agreement with respect to all Accounts, the Board received and considered Account-specific information and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 26, 2015, the Board voted unanimously to renew the Agreement for each Account. Set forth below are certain general factors the Board considered for all of the Accounts, followed by a summary of certain specific factors the Board considered for each particular Account.

The nature, extent and quality of services

The Board considered that TCIM is an experienced investment adviser that has managed the Accounts for many years. Investment professionals at TCIM or its affiliates also manage the TIAA-CREF Funds, the TIAA-CREF Life Funds and TIAA Separate Account VA-1. Under the Agreement, TCIM is responsible for, among other duties: managing the assets of the Accounts, including conducting research, recommending investments and placing orders to buy and sell securities for the Accounts’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Accounts to

102	2015 Semiannual Report ■ College Retirement Equities Fund

continued

the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Accounts. The Board considered that TCIM has carried out these responsibilities in a competent and professional manner.

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

Investment performance

The Board considered the investment performance of each Account, over the periods indicated in the Account-by-Account synopsis below. The Board considered each Account’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Account before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each Account’s performance as compared to the performance of its benchmark index. For details regarding each Account’s performance, see the Account-by-Account synopsis below. The Board considered that, in those cases in which a Account had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TCIM had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Account’s investment performance, or TCIM had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was within an acceptable range or that appropriate actions, if any, had been or were being implemented.

Costs and expenses

The Board considered the amounts charged by TCIM to each Account in 2014 and the estimated amounts to be charged by TCIM to each Account in 2015 (for the period April 24, 2015–April 30, 2016). This included investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. The Board also considered the structure of and costs associated with the mortality and expense risk charge. The Board noted that, because TCIM provides its services on an at-cost basis

College Retirement Equities Fund ■ 2015 Semiannual Report

103

Board renewal of investment management agreement (unaudited)

under the arrangement outlined in the Agreement, there was no profit or loss data for the Board to consider.

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

Fees charged by other advisers

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

Economies of scale

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

Fee comparison with other TCIM clients

The Board considered that CREF is the only client of TCIM and, thus, TCIM has no comparable client accounts. The Board also considered information regarding portfolios managed by Teachers Advisors, Inc. (“TAI”), TCIM’s affiliate, which provides similar investment management services to other affiliated investment companies. In addition, TAI manages institutional client assets through a small number of unregistered commingled funds and separate accounts with similar investment strategies and investment staff as certain of the Accounts. The Board

104	2015 Semiannual Report ■ College Retirement Equities Fund

continued

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

Other benefits

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

Account-by-account factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All time periods referenced below are ended December 31, 2014. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. For reference, one basis point is equal to 0.01%.

College Retirement Equities Fund ■ 2015 Semiannual Report

105

Board renewal of investment management agreement (unaudited)

CREF Stock Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.120% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).
•	The Account ranked 1 out of 3 within the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for each of the one-, three- and five-year periods. The Account ranked 2 out of 2 within its Performance Group for the ten-year period. The Account was in the 1st, 2nd, 1st and 1st quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 2 stars.

CREF Global Equities Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.125% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account ranked 2 out of 3, 1 out of 3, 1 out of 3 and 2 out of 2 within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Growth Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.070% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 3rd, 3rd, 5th and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 1st, 3rd, 3rd and 3rd quintiles of its Performance Universe for the one-, three-, five-and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 4 stars.

106	2015 Semiannual Report ■ College Retirement Equities Fund

continued

CREF Equity Index Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.040% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account ranked 1 out of 3, 1 out of 3, 1 out of 3 and 1 out of 2 within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 2nd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the Russell 3000^® Index, was +2 and -1 basis points, respectively.
•	The Account received an Overall Morningstar Rating of 4 stars.

CREF Bond Market Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.120% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are each in the 1st quintile of its Expense Group and Expense Universe.
•	The Account was in the 4th, 5th, 4th and 3rd quintiles of its Performance Group for the one, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 3rd, 3rd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Inflation-Linked Bond Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.065% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 2nd and 3rd quintiles of its Performance Group for the one- and three-year periods, respectively, and ranked 4 out of 5 and 2 out of 2 within its Performance Group for the five- and ten-year periods, respectively. The Account was in the 3rd, 4th, 4th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

College Retirement Equities Fund ■ 2015 Semiannual Report

107

Board renewal of investment management agreement (unaudited)

concluded

CREF Social Choice Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.080% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 4th, 4th, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 2nd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Money Market Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.065% of average daily net assets for the April 24, 2015–April 30, 2016 period.
•	The Account’s actual management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 2nd, 3rd, 5th and 2nd quintiles of its Performance Group for the one, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 3rd, 3rd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	In order to avoid a negative yield, CREF’s administrator, Teachers Insurance and Annuity Association of America (“TIAA”), has agreed to withhold administrative and distribution expenses attributable to the Account. Through December 31, 2014, the cumulative waived amounts exceeded $147 million. Under certain circumstances, a portion of these withheld amounts contractually may be recouped by TIAA if the Account’s yield becomes positive.
•	Money market funds are not rated by Morningstar.

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

108	2015 Semiannual Report ■ College Retirement Equities Fund

Additional information about index providers (unaudited)

Russell Indexes

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

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

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

MSCI Indexes

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

College Retirement Equities Fund ■ 2015 Semiannual Report

109

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.

110	2015 Semiannual Report ■ College Retirement Equities Fund

How to reach us

TIAA-CREF website

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

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

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

800 842-2252

24 hours a day, 7 days a week

National contact center

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

800 842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday

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

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. (ET), Monday–Friday

Insurance planning center

After-tax annuities and life insurance For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 8 p.m. (ET), Monday–Friday

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

TIAA-CREF brokerage services

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

800 927-3059

8 a.m. to 7 p.m. (ET), Monday–Friday

TIAA-CREF Trust Company, FSB

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

888 842-9001

9 a.m. to 6 p.m. (ET), Monday–Friday

Advisor services

888 842-0318

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

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

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

730 Third Avenue

New York, NY 10017-3206

Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.

Sign up today at www.tiaa-cref.org/eDelivery

C24920	A10939 (8/15)

730 Third Avenue

New York, NY 10017-3206

Printed on paper containing recycled fiber

C24920

A10939 (8/15)

730 Third Avenue

New York, NY 10017-3206

C24920

A10939 (8/15)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audited Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BONDS - 0.0%

CORPORATE BONDS - 0.0%

CAPITAL GOODS - 0.0%
$	31,135	j,m	PDG Realty S.A. Empreendimentos e Participacoes		0.000	%	09/19/16	$	0	^
			TOTAL CAPITAL GOODS						0	^

DIVERSIFIED FINANCIALS - 0.0%
	466,000	m	Asia Pacific Investment Partners		8.000		04/29/16		474
			TOTAL DIVERSIFIED FINANCIALS						474

FOOD, BEVERAGE & TOBACCO - 0.0%
	800	m	Marfrig Global Foods S.A.		1.000		07/15/15		26
			TOTAL FOOD, BEVERAGE & TOBACCO						26

UTILITIES - 0.0%
INR	36,691,125		NTPC Ltd		8.490		03/25/25		590
			TOTAL UTILITIES						590

			TOTAL CORPORATE BONDS						1,090
			(Cost $1,119)

GOVERNMENT BONDS - 0.0%

U.S. TREASURY SECURITIES - 0.0%
$	300,000		United States Treasury Note		1.750		05/15/22		294
			TOTAL U.S. TREASURY SECURITIES						294

			TOTAL GOVERNMENT BONDS						294
			(Cost $303)

			TOTAL BONDS						1,384
			(Cost $1,422)

SHARES			COMPANY
COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 2.3%
	50,085		Actron Technology Corp	187
	251,800		Aisan Industry Co Ltd	2,362
	747,901		Aisin Seiki Co Ltd	31,800
	358,200	e	Akebono Brake Industry Co Ltd	1,149
	399,175	*	American Axle & Manufacturing Holdings, Inc	8,347
	186,571		Amtek Auto Ltd	465

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	51,527		Amtek India Ltd	$	191
	464,337		Apollo Tyres Ltd		1,240
	66,065		ARB Corp Ltd		664
	52,825	*	Asahi India Glass Ltd		123
	14,821		AtlasBX Co Ltd		491
	78,216	e	Autoliv, Inc		9,132
	10,104		Autoneum Holding AG.		1,998
	136,162		Bajaj Holdings and Investment Ltd		5,431
	35,855		Balkrishna Industries Ltd		402
	392,759		Bayerische Motoren Werke AG.		43,013
	10,434		Bayerische Motoren Werke AG. (Preference)		883
	113,751		Bharat Forge Ltd		1,896
	563,392		BorgWarner, Inc		32,023
	12,173		Bosch Ltd		4,177
	151,897		Brembo S.p.A.		6,480
	925,442	e	Bridgestone Corp		34,207
	5,431,900		Brilliance China Automotive Holdings Ltd		8,466
	776,700	e	Byd Co Ltd		4,654
	431,000		Calsonic Kansei Corp		3,065
	55,824		Ceat Ltd		580
	1,402,000	e	Chaowei Power Holdings Ltd		913
	1,602,200		Cheng Shin Rubber Industry Co Ltd		3,547
	201,858		China Motor Corp		157
	2,548,758		Chongqing Changan Automobile Co Ltd		6,509
	182,526	e	Cie Automotive S.A.		2,960
	176,927		Compagnie Plastic-Omnium S.A.		4,526
	167,067		Continental AG.		39,558
	325,427		Cooper Tire & Rubber Co		11,009
	86,973	*,e	Cooper-Standard Holding, Inc		5,346
	26,388		Cub Elecparts, Inc		331
	20,201		Dae Won Kang Up Co Ltd		85
	24,400		Daido Metal Co Ltd		235
	106,667	e	Daihatsu Motor Co Ltd		1,518
	17,200	*	Daikyonishikawa Corp		588
	1,677,297		Daimler AG. (Registered)		152,794
	604,042	e	Dana Holding Corp		12,431
	2,669,069		Delphi Automotive plc		227,111
	497,201		Denso Corp		24,737
	267,000		Depo Auto Parts Ind Co Ltd		908
	16,774		Dong Ah Tire & Rubber Co Ltd		344
	3,233,050		Dongfeng Motor Group Co Ltd		4,331
	116,296		Dongyang Mechatronics Corp		656
	75,468	*,e	Dorman Products, Inc		3,597
	1,923,500		Double Coin Holdings Ltd		3,006
	2,173,100		Drb-Hicom BHD		915
	126,160		Drew Industries, Inc		7,320
	22,100		Eagle Industry Co Ltd		514
	66,000		E-Lead Electronic Co Ltd		116
	87,226	e	ElringKlinger AG.		2,346
	33,882		Exedy Corp		846
	834,872	e	Faurecia		34,515
	35,900		FCC Co Ltd		548

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	323,260		Federal Corp	$	163
	100,015	*	Federal Mogul Corp (Class A)		1,135
	3,169,094	*,e	Fiat DaimlerChrysler Automobiles NV		46,491
	10,740,563		Ford Motor Co		161,216
	87,212		Ford Otomotiv Sanayi AS		1,167
	34,168	*	Fox Factory Holding Corp		549
	18,811	*,e	Fuel Systems Solutions, Inc		141
	634,425		Fuji Heavy Industries Ltd		23,328
	182,897	*	Futaba Industrial Co Ltd		888
	760,000	*,g	Fuyao Glass Industry Group Co Ltd		1,861
	5,583,675		Geely Automobile Holdings Ltd		2,977
	4,230,271	*,e,m	General Motors Co		0	^
	6,062,000	*,m	General Motors Co		0	^
	40,684,487	*,m	General Motors Co		0	^
	722,689	*,e,m	General Motors Co		0	^
	85,268,000	*,e,m	General Motors Co		0	^
	18,507,434	*,m	General Motors Co		0	^
	26,439,191	*,m	General Motors Co		0	^
	24,057,000	*,m	General Motors Co		0	^
	7,950,000	*,m	General Motors Co		0	^
	35,983,677	*,m	General Motors Co		0	^
	2,863,042		General Motors Co		95,425
	1,187,380		Gentex Corp		19,497
	147,430	*	Gentherm, Inc		8,095
	1,418,167		GKN plc		7,451
	29,277		Global & Yuasa Battery Co Ltd		1,004
	3,783		Goodyear Lastikleri Turk AS.		87
	1,196,917		Goodyear Tire & Rubber Co		36,087
	65,432		Grammer AG.		2,163
	2,547,644	m	Great Wall Motor Co Ltd		12,489
	16,100		G-Tekt Corp		157
	2,881,971	e	Guangzhou Automobile Group Co Ltd		2,666
	36,094		Halla Climate Control Corp		1,247
	40,540		Halla Holdings Corp		1,883
	81,020		Hanil E-Hwa Co Ltd		975
	61,196		Hanil E-Wha Co Ltd		602
	101,952		Hankook Tire Co Ltd		3,834
	154,577		Harley-Davidson, Inc		8,710
	82,000		Hero Honda Motors Ltd		3,248
	1,694,191		Honda Motor Co Ltd		54,756
	1,934,597		Hota Industrial Manufacturing Co Ltd		6,217
	314,099		Hu Lane Associate, Inc		1,403
	243,900	*	Hunan Tyen Machinery Co Ltd		180
	74,375		Hwa Shin Co Ltd		393
	10,730,000	*,e	Hybrid Kinetic Group Ltd		830
	180,148		Hyundai Mobis		34,201
	320,059		Hyundai Motor Co		38,963
	40,677		Hyundai Motor Co Ltd (2nd Preference)		3,825
	24,904		Hyundai Motor Co Ltd (Preference)		2,276
	17,646		Hyundai Wia Corp		1,626
	1,088,295		Isuzu Motors Ltd		14,278
	1,065,438		Johnson Controls, Inc		52,771

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	424,896		Kayaba Industry Co Ltd	$	1,471
	432,603		Keihin Corp		6,199
	792,775		Kenda Rubber Industrial Co Ltd		1,233
	546,018		Kia Motors Corp		22,152
	49,000		Kinugawa Rubber Industrial Co Ltd		266
	49,836		Koito Manufacturing Co Ltd		1,940
	1,455,365	*	Kongsberg Automotive ASA		1,011
	121,177	*	Kumho Tire Co, Inc		789
	119,500	*	Launch Tech Co Ltd		327
	802,830		Lear Corp		90,126
	31,889		Leoni AG.		2,015
	176,964		Linamar Corp		11,493
	42,000		Macauto Industrial Co Ltd		159
	666,260		Magna International, Inc (Class A)		37,394
	203,000		Magna International, Inc (Class A) (NY)		11,386
	523,466		Mahindra & Mahindra Ltd		10,534
	113,400		Mahle-Metal Leve S.A. Industria e Comercio		781
	6,513		Mando Corp		726
	174,769		Martinrea International, Inc		1,868
	2,581,279		Mazda Motor Corp		50,513
	335,781		Metair Investments Ltd		1,006
	61,219		Metaldyne Performance Group, Inc		1,111
	8,597		MGI Coutier		136
	457,028		Michelin (C.G.D.E.) (Class B)		48,090
	614,000		Minth Group Ltd		1,372
	33,000		Mitsuba Corp		866
	158,717		Mitsubishi Motors Corp		1,350
	145,097	*	Modine Manufacturing Co		1,557
	7,690	e	Montupet		555
	197,260		Motherson Sumi Systems Ltd		1,603
	8,283		Motonic Corp		79
	47,495	*	Motorcar Parts of America, Inc		1,429
	2,387		MRF Ltd		1,282
	22,300	e	Musashi Seimitsu Industry Co Ltd		432
	478,948		Nan Kang Rubber Tire Co Ltd		473
	1,003		Nexen Corp		79
	141,017		Nexen Tire Corp		1,579
	2,502,000		Nexteer Automotive Group Ltd		2,605
	114,344		NGK Spark Plug Co Ltd		3,167
	259,554		NHK Spring Co Ltd		2,858
	95,551		Nifco, Inc		4,141
	51,000		Nippon Seiki Co Ltd		1,014
	6,371,930		Nissan Motor Co Ltd		66,567
	75,241		Nissan Shatai Co Ltd		1,029
	42,100		Nissin Kogyo Co Ltd		695
	293,239		NOK Corp		9,086
	136,461		Nokian Renkaat Oyj		4,275
	7,617		Otokar Otobus Karoseri Sanayi AS		242
	349,600	e	Pacific Industrial Co Ltd		3,340
	431,200		PCS Machine Group Holding PCL		99
	444,217	*	Peugeot S.A.		9,161
	161,436	e	Piaggio & C S.p.A.		542

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,200		Piolax Inc	$	1,085
	68,512		Pirelli & C S.p.A.		1,156
	70,533		Porsche AG.		5,947
	397,400		Press Kogyo Co Ltd		1,858
	26,547,194		PT Astra International Tbk		14,052
	1,755,900		PT Gajah Tunggal Tbk		112
	37,283		Pyeong Hwa Automotive Co Ltd		472
	8,576,000		Qingling Motors Co Ltd		2,888
	96,140		Remy International, Inc		2,126
	1,240,008		Renault S.A.		130,012
	83,000		Riken Corp		320
	40,368		S&T Daewoo Co Ltd		2,404
	4,801		S&T Holdings Co Ltd		120
	40,715	e	SAF-Holland S.A.		628
	142,000		Sanden Corp		660
	460,920	*	Sanyang Industry Co Ltd		370
	34,074		Sejong Industrial Co Ltd		317
	8,766	*,e	Shiloh Industries, Inc		114
	283,400		Showa Corp		2,820
	57,614		SL Corp		924
	40,142	*,e	Sogefi S.p.A.		111
	932,825		Somboon Advance Technology PCL		515
	35,267	e	Spartan Motors, Inc		162
	2,430,500		Sri Trang Agro-Industry PCL (Foreign)		921
	38,128	*	Ssangyong Motor Co		297
	72,632	e	Standard Motor Products, Inc		2,551
	177,487		Stanley Electric Co Ltd		3,696
	107,832	*	Stoneridge, Inc		1,263
	16,451		Strattec Security Corp		1,130
	803,425		Sumitomo Electric Industries Ltd		12,435
	632,873		Sumitomo Rubber Industries, Inc		9,803
	55,018		Sundram Fasteners Ltd		131
	29,390		Sungwoo Hitech Co Ltd		251
	64,939		Superior Industries International, Inc		1,189
	82,498		Suzuki Motor Corp		2,784
	2,143,653		T RAD Co Ltd		4,254
	71,100		Tachi-S Co Ltd		1,014
	61,900		Taiho Kogyo Co Ltd		822
	35,200	*,e	Takata Corp		383
	2,551,754		Tata Motors Ltd		17,290
	52,900		Teikoku Piston Ring Co Ltd		1,588
	242,460	*	Tenneco, Inc		13,927
	490,635	*,e	Tesla Motors, Inc		131,618
	173,898		Thor Industries, Inc		9,787
	648,000		Tianneng Power International Ltd		309
	575,180		Tofas Turk Otomobil Fabrik		3,925
	190,263		Tokai Rika Co Ltd		4,752
	152,200		Tokai Rubber Industries, Inc		1,214
	347,699		Tong Yang Industry Co Ltd		368
	36,500		Topre Corp		659
	105,523	*	Tower International, Inc		2,749
	99,400		Toyo Tire & Rubber Co Ltd		2,101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	67,877		Toyoda Gosei Co Ltd	$	1,636
	63,000	e	Toyota Boshoku Corp		1,062
	168,540		Toyota Industries Corp		9,598
	5,663,802		Toyota Motor Corp		379,006
	55,700		TS Tech Co Ltd		1,489
	119,230		Tube Investments Of India		647
	58,089		Tung Thih Electronic Co Ltd		329
	47,600		Tupy S.A.		247
	109,366		TVS Motor Co Ltd		419
	538,566		UMW Holdings BHD		1,446
	92,800		Unipres Corp		1,940
	260,492		Valeo S.A.		41,205
	187,707	*	Visteon Corp		19,705
	186,496		Volkswagen AG.		43,182
	47,795		Volkswagen AG. (Preference)		11,092
	3,893	*	WABCO India Ltd		326
	74,567	e	Winnebago Industries, Inc		1,759
	1,776,900	*,e	Xinchen China Power Holdings Ltd		695
	2,134,000		Xingda International Holdings Ltd		619
	1,868,785	e	Xinyi Glass Holdings Co Ltd		992
	344,544		Yamaha Motor Co Ltd		7,528
	337,500		Yokohama Rubber Co Ltd		6,772
	299,000		Yorozu Corp		6,596
	627,646		Yulon Motor Co Ltd		728
	80,000		Zhejiang Shibao Co Ltd		160
			TOTAL AUTOMOBILES & COMPONENTS		2,780,763

BANKS - 8.0%
	44,189		1st Source Corp		1,508
	728,030		77 Bank Ltd		4,438
	363,700		Aareal Bank AG.		14,300
	2,031,825		Abu Dhabi Commercial Bank PJSC		4,231
	16,934		Access National Corp		329
	66,847,354		Agricultural Bank of China		35,911
	17,800		Aichi Bank Ltd		1,002
	2,436,469		Akbank TAS		7,043
	94,178		Al Khalij Commercial Bank		579
	1,197,805		Albaraka Turk Katilim Bankasi AS		652
	3,970,268	*	Aldermore Group plc		19,239
	133,314	*	Alior Bank S.A.		3,163
	390,750		Allahabad Bank		531
	1,012,200		Alliance Financial Group BHD		1,177
	4,262,394	*	Alpha Bank S.A.		1,286
	315,270	*,m	Amagerbanken AS		0	^
	32,984		American National Bankshares, Inc		785
	111,789		Ameris Bancorp		2,827
	32,098	e	Ames National Corp		806
	1,995,204		AMMB Holdings BHD		3,185
	16,077	*,e	Anchor BanCorp Wisconsin, Inc		611
	385,685		Andhra Bank		411
	9,022,391		Aozora Bank Ltd		34,042
	87,032		Apollo Residential Mortgage		1,279

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	30,786		Arrow Financial Corp	$	832
	125,100		Ashikaga Holdings Co Ltd		539
	104,160	*	Asia United Bank		169
	167,005		Associated Banc-Corp		3,385
	344,219		Astoria Financial Corp		4,747
	3,485,876		Australia & New Zealand Banking Group Ltd		86,510
	240,721		Awa Bank Ltd		1,533
	443,005	*	Axis Bank Ltd		3,883
	177,123	e	Banc of California, Inc		2,435
	44,848	*	Banca Carige S.p.A		84
	21,894,812		Banca Intesa S.p.A.		79,511
	4,125,276		Banca Intesa S.p.A. RSP		13,170
	468,399	*	Banca Monte dei Paschi di Siena S.p.A		913
	474,148		Banca Popolare dell’Emilia Romagna Scrl		4,230
	12,246,313		Banca Popolare di Milano		12,915
	1,211,761		Banca Popolare di Sondrio SCARL		5,909
	18,968		Bancfirst Corp		1,241
	977,648		Banche Popolari Unite Scpa		7,845
	173,567		Banco ABC Brasil S.A.		653
	2,385,817		Banco Bilbao Vizcaya Argentaria S.A.		23,510
	352,247	*	Banco BPI S.A.		404
	1,318,657	*	Banco Bradesco S.A.		11,867
	4,701,051	*	Banco Bradesco S.A. (Preference)		43,093
	41,404,880	*,e	Banco Comercial Portugues S.A.		3,619
	200,145		Banco Davivienda S.A.		2,054
	65,800		Banco Daycoval S.A.		196
	25,197,485		Banco de Chile		2,762
	54,056		Banco de Credito e Inversiones		2,376
	2,357,284		Banco de Oro Universal Bank		5,662
	1,183,691		Banco de Sabadell S.A.		2,867
	18,596	*,m	Banco de Sabadell S.A. (Int Shares)		45
	1,993,727		Banco do Brasil S.A.		15,570
	177,447		Banco do Estado do Rio Grande do Sul		509
	16,063,377	*,m	Banco Espirito Santo S.A.		179
	58,200	*	Banco Industrial e Comercial S.A.		145
	5,662,022		Banco Itau Holding Financeira S.A.		62,318
	94,941		Banco Latinoamericano de Exportaciones S.A. (Class E)		3,055
	308,091	*	Banco Popolare SC		5,073
	422,244		Banco Popular Espanol S.A.		2,054
	1,014,603		Banco Santander Brasil S.A.		5,522
	10,867,150		Banco Santander Central Hispano S.A.		76,440
	65,656,558		Banco Santander Chile S.A.		3,318
	482,040		BanColombia S.A. (Preference)		5,162
	259,456		Bancorpsouth, Inc		6,684
	131,000		Bangkok Bank PCL		689
	655,700		Bangkok Bank PCL (ADR)		3,448
	422,255		Bangkok Bank PCL (Foreign)		2,227
	41,576,148	*,e	BANIF-Banco Internacional do Funchal S.A.		292
	57,148		Bank Handlowy w Warszawie S.A.		1,519
	1,149,147		Bank Hapoalim Ltd		6,185
	1,906,590	*	Bank Leumi Le-Israel		8,056
	399,436		Bank Millennium S.A.		696

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	180,957		Bank Mutual Corp	$	1,388
	43,338,234		Bank of America Corp		737,617
	500,000		Bank of Baroda		1,132
	139,401,403	e	Bank of China Ltd		90,469
	1,510,000		Bank of Chongqing Co Ltd		1,442
	16,864,940		Bank of Communications Co Ltd		17,554
	43,491	*	Bank of Cyprus Pcl		10
	1,192,201		Bank of East Asia Ltd		5,208
	110,351		Bank of Georgia Holdings plc		3,380
	34,652	e	Bank of Hawaii Corp		2,311
	41,473,193	*	Bank of Ireland		16,788
	29,900		Bank of Iwate Ltd		1,346
	451,599		Bank of Kaohsiung		136
	679,727		Bank of Kyoto Ltd		7,819
	23,033		Bank of Marin Bancorp		1,172
	1,028,711	e	Bank of Montreal		60,957
	148,000	e	Bank of Nagoya Ltd		579
	1,577,614	e	Bank of Nova Scotia		81,432
	24,000		Bank of Okinawa Ltd		1,024
	392,966		Bank of Queensland Ltd		3,867
	155,541		Bank of Saga Ltd		396
	297,705	e	Bank of the Ozarks, Inc		13,620
	1,052,767		Bank of the Philippine Islands		2,206
	157,900		Bank of the Ryukyus Ltd		2,354
	1,219,512		Bank of Yokohama Ltd		7,468
	150,002		Bank Pekao S.A.		7,178
	12,638,304		Bank Rakyat Indonesia		9,782
	33,917		Bank Zachodni WBK S.A.		3,076
	64,104	e	BankFinancial Corp		755
	1,909,794	*	Bankia S.A.		2,431
	133,429		Bankinter S.A.		990
	221,972		BankUnited		7,975
	77,558		Banner Corp		3,717
	6,283	e	Banque Cantonale Vaudoise		3,894
	1,645,800	e	Banregio Grupo Financiero SAB de C.V.		9,529
	15,437		Bar Harbor Bankshares		547
	1,183,546	e	Barclays Africa Group Ltd		17,793
	53,697,369		Barclays plc		220,087
	1,248,620		BB&T Corp		50,332
	273,263		BBCN Bancorp, Inc		4,042
	15,647	*,e	BBX Capital Corp		254
	30,592	*	Bear State Financial, Inc		286
	367,793		Bendigo Bank Ltd		3,478
	452,071	*	Beneficial Bancorp, Inc		5,646
	78,370		Berkshire Hills Bancorp, Inc		2,232
	75,235	*	Blue Hills Bancorp, Inc		1,053
	60,874		BNC Bancorp		1,177
	1,318,949		BNP Paribas		80,037
	9,639,537		BOC Hong Kong Holdings Ltd		40,120
	41,841	*,e	BofI Holding, Inc		4,423
	26,256	e	BOK Financial Corp		1,827
	285,070		Boston Private Financial Holdings, Inc		3,823

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,442		BRE Bank S.A.	$	1,364
	44,863		Bridge Bancorp, Inc		1,197
	40,532	*	Bridge Capital Holdings		1,208
	309,096		Brookline Bancorp, Inc		3,490
	69,481		Bryn Mawr Bank Corp		2,096
	648,553		BS Financial Group, Inc		8,246
	23,108	*	BSB Bancorp, Inc		511
	5,923,222		Bumiputra-Commerce Holdings BHD		8,582
	17,563	*,e	C1 Financial, Inc		340
	23,702		Camden National Corp		917
	615,740	e	Canadian Imperial Bank of Commerce/Canada		45,389
	78,716	e	Canadian Western Bank		1,813
	64,856	*,e	Capital Bank Financial Corp		1,885
	40,550		Capital City Bank Group, Inc		619
	26,960		Capitec Bank Holdings Ltd		1,075
	384,800		Capitol Federal Financial		4,633
	88,949		Cardinal Financial Corp		1,938
	147,425	*	Cascade Bancorp		764
	305,505		Cathay General Bancorp		9,914
	115,871		Centerstate Banks of Florida, Inc		1,565
	139,088		Central Pacific Financial Corp		3,303
	13,150		Century Bancorp, Inc		535
	5,240,754		Chang Hwa Commercial Bank		3,006
	48,389		Charter Financial Corp		601
	131,185		Chemical Financial Corp		4,337
	1,237,266		Chiba Bank Ltd		9,422
	53,000		Chiba Kogyo Bank Ltd		401
	10,197,010		China Citic Bank		8,119
	160,897,791		China Construction Bank		146,764
	15,806,661		China Development Financial Holding Corp		5,989
	8,197,000		China Everbright Bank Co Ltd		4,910
	7,225,760		China Merchants Bank Co Ltd		20,988
	7,144,694		China Minsheng Banking Corp Ltd		9,349
	24,340,497		Chinatrust Financial Holding Co		19,172
	170,000		Chong Hing Bank Ltd		519
	19,573,014	e	Chongqing Rural Commercial Bank		15,656
	131,805		Chugoku Bank Ltd		2,077
	310,126		CIT Group, Inc		14,418
	12,729,588		Citigroup, Inc		703,182
	35,938	e	Citizens & Northern Corp		739
	710,146		Citizens Financial Group, Inc		19,394
	43,892	e	City Holding Co		2,162
	38,216		City National Corp		3,454
	112,773		City Union Bank Ltd		179
	114,132		Clifton Bancorp, Inc		1,597
	49,297		CNB Financial Corp		907
	104,249		CoBiz, Inc		1,363
	189,118		Columbia Banking System, Inc		6,154
	27,765		Comdirect Bank AG.		284
	168,842		Comerica, Inc		8,665
	79,647		Commerce Bancshares, Inc		3,725
	129,463		Commercial Bank of Qatar QSC		1,952

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,398,588		Commercial International Bank	$	17,598
	7,091,194	*	Commerzbank AG.		90,651
	1,372,905		Commonwealth Bank of Australia		90,031
	131,829	e	Community Bank System, Inc		4,979
	52,983		Community Trust Bancorp, Inc		1,848
	39,449	*	CommunityOne Bancorp		425
	113,500	e	ConnectOne Bancorp, Inc		2,444
	231,260,672		CorpBanca S.A.		2,553
	79,217		Credicorp Ltd (NY)		11,005
	4,794,909		Credit Agricole S.A.		71,588
	83,830		Credito Emiliano S.p.A.		691
	7,005,640		Criteria CaixaBank S.A.		32,599
	59,833	*	CU Bancorp		1,326
	118,237		Cullen/Frost Bankers, Inc		9,291
	69,662	*	Customers Bancorp, Inc		1,873
	291,970	e	CVB Financial Corp		5,142
	1,414,235		Dah Sing Banking Group Ltd		3,091
	518,464	e	Dah Sing Financial Holdings Ltd		3,398
	291,000		Daishi Bank Ltd		1,228
	432,927		Danske Bank AS		12,727
	2,471,334		DBS Group Holdings Ltd		37,919
	1,346,033	*	Development Credit Bank Ltd		2,750
	139,319		Dewan Housing Finance Corp Ltd		919
	173,414		DGB Financial Group Co Ltd		1,816
	110,719		Dime Community Bancshares		1,876
	558,863		DNB NOR Holding ASA		9,307
	191,562		Doha Bank QSC		2,790
	1,118,502		Dubai Islamic Bank PJSC		2,070
	7,285,097		E.Sun Financial Holding Co Ltd		4,862
	84,674	*,e	Eagle Bancorp, Inc		3,722
	1,234,267		East West Bancorp, Inc		55,320
	417,200	*	EastWest Banking Corp		180
	143,000		Eighteenth Bank Ltd		438
	28,175	e	Enterprise Bancorp, Inc		660
	74,347		Enterprise Financial Services Corp		1,693
	410,513	*	Erste Bank der Oesterreichischen Sparkassen AG.		11,696
	158,537	*	Essent Group Ltd		4,336
	10,475,135	*	Eurobank Ergasias SA		1,399
	392,283		EverBank Financial Corp		7,708
	3,851,853		Far Eastern International Bank		1,355
	20,101	*	Farmers Capital Bank Corp		571
	71,692	*	FCB Financial Holdings, Inc		2,280
	42,238		Federal Agricultural Mortgage Corp (Class C)		1,227
	2,362,959		Federal Bank Ltd		5,478
	61,970		Fidelity Southern Corp		1,081
	2,530,623		Fifth Third Bancorp		52,688
	67,470		Financial Institutions, Inc		1,676
	209,401		FinecoBank Banca Fineco S.p.A		1,551
	84,423		First Bancorp (NC)		1,408
	538,799	*	First Bancorp (Puerto Rico)		2,597
	36,040	e	First Bancorp, Inc		701
	241,212	e	First Busey Corp		1,585

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	14,428	e	First Business Financial Services, Inc	$	676
	35,736		First Citizens Bancshares, Inc (Class A)		9,400
	261,469		First Commonwealth Financial Corp		2,507
	59,574		First Community Bancshares, Inc		1,085
	63,527		First Connecticut Bancorp		1,008
	33,808		First Defiance Financial Corp		1,269
	162,997		First Financial Bancorp		2,924
	179,939	e	First Financial Bankshares, Inc		6,233
	45,377		First Financial Corp		1,623
	8,739,826		First Financial Holding Co Ltd		5,354
	8,182	e	First Financial Northwest, Inc		102
	2,700,627		First Gulf Bank PJSC		11,144
	422,324		First Horizon National Corp		6,618
	138,900		First International Bank Of Israel Ltd		1,979
	78,479		First Interstate Bancsystem, Inc		2,177
	106,159		First Merchants Corp		2,622
	370,209		First Midwest Bancorp, Inc		7,023
	12,700	e	First National Financial Corp		201
	40,264	*	First NBC Bank Holding Co		1,450
	329,463		First Niagara Financial Group, Inc		3,110
	45,846		First of Long Island Corp		1,271
	367,692		First Republic Bank		23,176
	450,468		FirstMerit Corp		9,383
	59,573	*	Flagstar Bancorp, Inc		1,101
	105,150		Flushing Financial Corp		2,209
	587,013		FNB Corp		8,406
	52,828		Fox Chase Bancorp, Inc		894
	12,405	*	Franklin Financial Network, Inc		285
	676,412		Fukuoka Financial Group, Inc		3,506
	334,965		Fulton Financial Corp		4,375
	175,392	e	Genworth MI Canada, Inc		4,606
	997,991	e	Genworth Mortgage Insurance Australia Ltd		2,413
	44,871		German American Bancorp, Inc		1,321
	1,106,104	*	Get Bank S.A.		403
	588,956	*	Getin Holding S.A.		260
	302,809		Glacier Bancorp, Inc		8,909
	27,303		Great Southern Bancorp, Inc		1,151
	220,424		Great Western Bancorp, Inc		5,314
	24,099	*	Green Bancorp, Inc		370
	120,974		Gruh Finance Ltd		497
	2,983,870		Grupo Aval Acciones y Valores		1,460
	5,488,238		Grupo Financiero Banorte S.A. de C.V.		30,113
	3,574,607		Grupo Financiero Inbursa S.A.		8,101
	2,081,757	e	Grupo Financiero Santander Mexico SAB de C.V.		3,846
	63,827		Guaranty Bancorp		1,054
	1,024,859		Gunma Bank Ltd		7,562
	370,116		Hachijuni Bank Ltd		2,791
	129,070	*,e	Hampton Roads Bankshares, Inc		268
	332,622		Hana Financial Group, Inc		8,650
	212,949		Hancock Holding Co		6,795
	767,588		Hang Seng Bank Ltd		14,992
	155,614	e	Hanmi Financial Corp		3,865

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	307,530	*	HDFC Bank Ltd	$	5,148
	16,495	*	HDFC Bank Ltd (ADR)		998
	45,729	e	Heartland Financial USA, Inc		1,702
	76,999		Heritage Commerce Corp		740
	116,652		Heritage Financial Corp		2,085
	19,861		Heritage Financial Group		599
	74,559		Heritage Oaks Bancorp		587
	324,000		Higashi-Nippon Bank Ltd		1,172
	226,331		Higo Bank Ltd		1,473
	775,252	*	Hilltop Holdings, Inc		18,676
	2,705		Hingham Institution for Savings		311
	191,647		Hiroshima Bank Ltd		1,144
	256,000		Hokkoku Bank Ltd		938
	556,000		Hokuetsu Bank Ltd		1,157
	889,947		Hokuhoku Financial Group, Inc		2,100
	192,769		Home Bancshares, Inc		7,048
	65,288	e	Home Capital Group, Inc		2,262
	55,749		HomeStreet, Inc		1,272
	105,184	*	HomeTrust Bancshares, Inc		1,763
	512,797		Hong Leong Bank BHD		1,819
	324,012		Hong Leong Credit BHD		1,301
	29,183		Horizon Bancorp		728
	3,230,428		Housing Development Finance Corp		65,710
	16,511,194		HSBC Holdings plc		147,848
	260,000		HSBC Holdings plc (Hong Kong)		2,334
	6,765,113		Hua Nan Financial Holdings Co Ltd		3,892
	9,250,438		Hudson City Bancorp, Inc		91,394
	41,936		Hudson Valley Holding Corp		1,183
	4,068,333		Huntington Bancshares, Inc		46,013
	535,692		Hyakugo Bank Ltd		2,654
	247,000		Hyakujushi Bank Ltd		883
	120,956	e	IBERIABANK Corp		8,253
	1,975,821		ICICI Bank Ltd		9,588
	22,814	e	ICICI Bank Ltd (ADR)		238
	22,332	*	Impac Mortgage Holdings, Inc		427
	73,715	e	Independent Bank Corp (MA)		3,456
	72,308		Independent Bank Corp (MI)		981
	42,683		Independent Bank Group, Inc		1,831
	124,614		Indian Bank		278
	193,599		IndusInd Bank Ltd		2,651
	147,060,566		Industrial & Commercial Bank of China		116,696
	741,013		Industrial Bank of Korea		9,586
	161,617		International Bancshares Corp		4,343
	6,241,682		Investors Bancorp, Inc		76,773
	541,290	*,m	Irish Bank Resolution Corp Ltd		0	^
	1,039,573	*	Israel Discount Bank Ltd		1,994
	120,000		Itau Unibanco Banco Multiplo S.A. (ADR)		1,314
	197,745		Iyo Bank Ltd		2,428
	406,618		Jammu & Kashmir Bank Ltd		641
	329,517		JB Financial Group Co Ltd		1,957
	319,900		Jimoto Holdings Inc		567
	845,525		Joyo Bank Ltd		4,734

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,873,907		JPMorgan Chase & Co	$	872,336
	315,555		Juroku Bank Ltd		1,290
	70,313	*	Jyske Bank		3,531
	256,000		Kagoshima Bank Ltd		1,849
	96,100		Kansai Urban Banking Corp		1,167
	67,700		Kanto Tsukuba Bank Ltd		227
	815,612		Karnataka Bank Ltd		1,852
	81,430	*	Karur Vysya Bank Ltd		620
	130,500		Kasikornbank PCL		728
	474,300		Kasikornbank PCL - NVDR		2,646
	1,858,306		Kasikornbank PCL (Foreign)		10,365
	904,263		KB Financial Group, Inc		29,866
	268,645		KBC Groep NV		18,009
	243,384	*	Kearny Financial Corp		2,716
	730,000		Keiyo Bank Ltd		3,835
	6,965,503		Keycorp		104,622
	337,632		Kiatnakin Bank PCL		352
	763,000		King’s Town Bank		662
	163,200		Kiyo Bank Ltd		2,490
	18,970	*	KJB Financial Group Co Ltd		130
	40,881		Komercni Banka AS		9,062
	3,640,270		Krung Thai Bank PCL (Foreign)		1,843
	125,029		Ladder Capital Corp		2,169
	149,153		Lakeland Bancorp, Inc		1,773
	69,849		Lakeland Financial Corp		3,029
	28,848	e	Laurentian Bank of Canada		1,112
	162,217		LegacyTexas Financial Group, Inc		4,899
	17,782	*	LendingTree, Inc		1,398
	4,031,728		LH Financial Group PCL		223
	3,738,826	*	Liberbank S.A.		2,723
	538,879		LIC Housing Finance Ltd		3,810
	50,262,446		Lloyds TSB Group plc		67,462
	63,456	e	M&T Bank Corp		7,928
	13,790	e	Macatawa Bank Corp		73
	75,262		MainSource Financial Group, Inc		1,652
	11,080,348		Malayan Banking BHD		26,830
	577,802		Malaysia Building Society		259
	5,646,074	*,m	Marfin Popular Bank Public Co Ltd		63
	423,227		Masraf Al Rayan		5,379
	223,088		MB Financial, Inc		7,683
	23,705,357		Mega Financial Holding Co Ltd		21,352
	68,921		Mercantile Bank Corp		1,476
	16,900		Merchants Bancshares, Inc		559
	147,916	*	Meridian Bancorp, Inc		1,984
	38,276		Meta Financial Group, Inc		1,643
	2,281,723		Metropolitan Bank & Trust		4,756
	1,187,850	*,e	MGIC Investment Corp		13,518
	30,278	e	Midsouth Bancorp, Inc		462
	22,123		MidWestOne Financial Group, Inc		728
	68,000		Mie Bank Ltd		160
	223,000		Minato Bank Ltd		572
	22,128,979		Mitsubishi UFJ Financial Group, Inc		159,206

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,472,361		Mitsui Trust Holdings, Inc	$	38,758
	368,000		Miyazaki Bank Ltd		1,376
	30,064		Mizrahi Tefahot Bank Ltd		373
	17,594,063		Mizuho Financial Group, Inc		38,069
	82,768		Musashino Bank Ltd		3,266
	260,928		Nanto Bank Ltd		933
	2,287,158		National Australia Bank Ltd		58,744
	109,778		National Bank Holdings Corp		2,287
	712,868		National Bank of Abu Dhabi PJSC		2,131
	916,637		National Bank of Canada		34,434
	1,926,132	*	National Bank of Greece S.A.		2,120
	24,044	e	National Bankshares, Inc		704
	15,829	*	National Commerce Corp		408
	420,785		National Penn Bancshares, Inc		4,746
	99,558	*,e	Nationstar Mortgage Holdings, Inc		1,673
	2,601,524		Natixis		18,776
	129,191		NBT Bancorp, Inc		3,381
	384,645		Nedbank Group Ltd		7,638
	308,433	e	New York Community Bancorp, Inc		5,669
	116,499		NewBridge Bancorp		1,040
	1,611,300		Nishi-Nippon City Bank Ltd		4,642
	231,629	*,e	NMI Holdings, Inc		1,858
	1,883,958		Nordea Bank AB		23,496
	1,072,100		North Pacific Bank Ltd		4,786
	194,557		Northfield Bancorp, Inc		2,928
	11,020	e	Northrim BanCorp, Inc		282
	310,647		Northwest Bancshares, Inc		3,982
	47,484		OceanFirst Financial Corp		886
	426,984	*,e	Ocwen Financial Corp		4,355
	171,210	e	OFG Bancorp		1,827
	552,000		Ogaki Kyoritsu Bank Ltd		2,015
	155,000		Oita Bank Ltd		660
	5,618	e	Old Line Bancshares, Inc		89
	328,185	e	Old National Bancorp		4,746
	77,122	*	Old Second Bancorp, Inc		509
	250,169		OneSavings Bank plc		1,238
	72,290		Opus Bank		2,615
	197,327		Oriental Bank of Commerce		519
	219,691	e	Oritani Financial Corp		3,526
	666,205	e	OTP Bank		13,167
	4,417,285		Oversea-Chinese Banking Corp		33,359
	83,106		Pacific Continental Corp		1,124
	107,244	*	Pacific Premier Bancorp, Inc		1,819
	318,068		PacWest Bancorp		14,873
	12,909	e	Palmetto Bancshares, Inc		255
	301,753		Paragon Group of Cos plc		1,962
	34,445	e	Park National Corp		3,009
	173,819		Park Sterling Bank		1,252
	63,191		Peapack Gladstone Financial Corp		1,404
	16,074	e	Penns Woods Bancorp, Inc		709
	54,598		Pennsylvania Commerce Bancorp, Inc		1,427
	35,756	*	PennyMac Financial Services, Inc		648

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	65,829		Peoples Bancorp, Inc	$	1,536
	25,923	e	Peoples Financial Services Corp		1,027
	286,720	e	People’s United Financial, Inc		4,648
	3,067,276	*	Philippine National Bank		4,687
	1,091,437	*	Piccolo Credito Valtellinese Scarl		1,448
	153,765		Pinnacle Financial Partners, Inc		8,360
	6,088,031	*	Piraeus Bank S.A.		2,247
	762,255		PNC Financial Services Group, Inc		72,910
	96,281	*	Popular, Inc		2,779
	1,019,879		Powszechna Kasa Oszczednosci Bank Polski S.A.		8,432
	51,552		Preferred Bank		1,549
	200,737		PrivateBancorp, Inc		7,993
	286,061		Prosperity Bancshares, Inc		16,517
	167,097		Provident Financial Services, Inc		3,173
	66,336,700		PT Bank Bukopin Tbk		3,280
	12,779,887		PT Bank Central Asia Tbk		12,906
	2,902,802		PT Bank Danamon Indonesia Tbk		935
	20,732,800		PT Bank Jabar Banten Tbk		1,273
	13,534,668		PT Bank Mandiri Persero Tbk		10,174
	9,414,113		PT Bank Negara Indonesia		3,732
	44,500,000	*	PT Bank Pan Indonesia Tbk		3,667
	33,999,900		PT Bank Pembangunan Daerah Jawa Timur Tbk		1,212
	20,116,794		PT Bank Tabungan Negara Tbk		1,790
	3,092,309		Public Bank BHD		15,343
	56,347		Qatar Islamic Bank SAQ		1,660
	259,583		Qatar National Bank		13,735
	31,868		QCR Holdings, Inc		693
	588,635	e	Radian Group, Inc		11,043
	40,565	*,e	Raiffeisen International Bank Holding AG.		590
	2,386,188		Regions Financial Corp		24,721
	89,280	e	Renasant Corp		2,911
	34,074		Republic Bancorp, Inc (Class A)		876
	22,874	*,e	Republic First Bancorp, Inc		79
	2,919,235		Resona Holdings, Inc		15,922
	622,598		RHB Capital BHD		1,216
	368,120		Rizal Commercial Banking Corp		328
	5,200	*,m	Roskilde Bank		0	^
	76,701		Royal Bank of Canada		4,690
	2,418,385	e	Royal Bank of Canada (Toronto)		147,891
	2,248,750	*	Royal Bank of Scotland Group plc		12,434
	105,724		S&T Bancorp, Inc		3,128
	69,950	e	Sandy Spring Bancorp, Inc		1,957
	143,000		San-In Godo Bank Ltd		1,379
	5,816,307		Sberbank of Russian Federation (ADR)		30,330
	72,057	*	Seacoast Banking Corp of Florida		1,139
	475,550		Security Bank Corp		1,703
	312,903	*	Sekerbank TAS		191
	244,580		Senshu Ikeda Holdings, Inc		1,109
	88,948		ServisFirst Bancshares, Inc		3,342
	547,293		Seven Bank Ltd		2,534
	2,876,283	*,g	Shawbrook Group plc		16,527
	221,000		Shiga Bank Ltd		1,190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	793,758		Shinhan Financial Group Co Ltd	$	29,545
	8,572,179		Shinsei Bank Ltd		17,275
	591,400		Shizuoka Bank Ltd		6,173
	1,984,500		Siam Commercial Bank PCL (Foreign)		9,115
	50,318		Sierra Bancorp		871
	473,240	*	Signature Bank		69,278
	122,570		Simmons First National Corp (Class A)		5,722
	9,744,575		SinoPac Financial Holdings Co Ltd		4,310
	4,382,964		Skandinaviska Enskilda Banken AB (Class A)		56,064
	661,128		Societe Generale		31,023
	2,578,170		South Indian Bank Ltd		957
	101,464		South State Corp		7,710
	71,897	e	Southside Bancshares, Inc		2,102
	82,770		Southwest Bancorp, Inc		1,540
	193,380		Spar Nord Bank A/s		2,140
	262,107		Sparebanken Midt-Norge		2,187
	206,916		Sparebanken Nord-Norge		1,090
	43,833	*	Square Financial, Inc		1,199
	3,161	e	St Galler Kantonalbank		1,165
	1,572,436		Standard Bank Group Ltd		20,692
	1,699,712		Standard Chartered plc		27,220
	150,805	e	State Bank & Trust Co		3,272
	27,740		State Bank of Bikaner & Jaip		233
	2,092,901		State Bank of India		8,624
	424,538	e	Sterling Bancorp/DE		6,241
	42,069		Stock Yards Bancorp, Inc		1,590
	44,250		Stonegate Bank		1,313
	39,496	*,e	Stonegate Mortgage Corp		398
	38,418		Suffolk Bancorp		986
	3,735,442		Sumitomo Mitsui Financial Group, Inc		166,299
	29,708	*	Sun Bancorp, Inc		572
	782,295		SunTrust Banks, Inc		33,654
	476,390		Suruga Bank Ltd		10,205
	516,471		Susquehanna Bancshares, Inc		7,293
	216,410	*	SVB Financial Group		31,159
	473,084		Svenska Handelsbanken AB		6,906
	1,755,689		Swedbank AB (A Shares)		40,933
	258,848		Sydbank AS		9,887
	424,094		Syndicate Bank		653
	270,249		Synovus Financial Corp		8,329
	2,024,383	*	Ta Chong Bank Co Ltd		705
	3,820,436		Taichung Commercial Bank		1,313
	8,767,685		Taishin Financial Holdings Co Ltd		3,653
	2,180,696	*	Taiwan Business Bank		672
	7,737,811		Taiwan Cooperative Financial Holding		4,049
	143,452		Talmer Bancorp Inc		2,403
	2,062,403		TCF Financial Corp		34,257
	1,164,257		TCS Group Holding plc (ADR)		3,376
	97,770	*	Tekstil Bankasi AS.		76
	24,251		Territorial Bancorp, Inc		588
	126,996	*	Texas Capital Bancshares, Inc		7,904
	118,225		TFS Financial Corp		1,989

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,076,500		Thanachart Capital PCL	$	2,041
	92,083	*	The Bancorp, Inc		855
	1,129,880		Tisco Bank PCL		1,538
	9,563,500		TMB Bank PCL (Foreign)		661
	229,000		Tochigi Bank Ltd		1,304
	392,000		Toho Bank Ltd		1,751
	57,200		Tokyo TY Financial Group, Inc		1,943
	356,700		Tomony Holdings, Inc		1,631
	47,463		Tompkins Trustco, Inc		2,550
	3,624,115		Toronto-Dominion Bank		153,902
	391,000		Towa Bank Ltd		383
	129,063	e	TowneBank		2,102
	63,768		Trico Bancshares		1,534
	98,390	*,e	Tristate Capital Holdings, Inc		1,272
	54,636	*	Triumph Bancorp, Inc		718
	402,823	e	Trustco Bank Corp NY		2,832
	289,573		Trustmark Corp		7,234
	246,609	*,g	TSB Banking Group plc		1,315
	4,117,496		Turkiye Garanti Bankasi AS		12,842
	729,277		Turkiye Halk Bankasi AS		3,359
	2,693,748		Turkiye Is Bankasi (Series C)		5,665
	2,508,538		Turkiye Sinai Kalkinma Bankasi AS		1,588
	840,045		Turkiye Vakiflar Bankasi Tao		1,350
	129,873		UMB Financial Corp		7,405
	753,644	e	Umpqua Holdings Corp		13,558
	4,228,875		UniCredit S.p.A		28,422
	172,200		Union Bank of India		399
	1,410,396	*	Union Bank Of Taiwan		478
	158,809		Union Bankshares Corp		3,691
	189,028	e	United Bankshares, Inc		7,605
	236,427		United Community Banks, Inc		4,934
	133,466		United Community Financial Corp		714
	175,016		United Financial Bancorp, Inc (New)		2,354
	1,294,345		United Overseas Bank Ltd		22,145
	63,961		Univest Corp of Pennsylvania		1,302
	5,403,768	e	US Bancorp		234,524
	29,179		Valiant Holding		2,842
	610,774	e	Valley National Bancorp		6,297
	503,817		Vijaya Bank		317
	2,757,412	*	Virgin Money Holdings UK plc		19,073
	2,925,481		VTB Bank OJSC (GDR)		7,994
	72,328	*	Walker & Dunlop, Inc		1,934
	255,976		Washington Federal, Inc		5,977
	43,498	e	Washington Trust Bancorp, Inc		1,717
	89,632	e	Waterstone Financial, Inc		1,183
	304,903		Webster Financial Corp		12,059
	22,453,888		Wells Fargo & Co		1,262,807
	121,683		WesBanco, Inc		4,140
	52,134	e	West Bancorporation, Inc		1,034
	74,216	e	Westamerica Bancorporation		3,759
	312,784	*	Western Alliance Bancorp		10,560
	4,482,234		Westpac Banking Corp		110,899

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	337,427		Wilshire Bancorp, Inc	$	4,262
	204,360		Wintrust Financial Corp		10,909
	335,310		Woori Bank		2,941
	84,307		WSFS Financial Corp		2,306
	75,015	*	Yadkin Financial Corp		1,572
	278,000	e	Yamagata Bank Ltd		1,214
	228,492	e	Yamaguchi Financial Group, Inc		2,845
	347,000		Yamanashi Chuo Bank Ltd		1,640
	897,569		Yapi ve Kredi Bankasi		1,319
	210,395		Yes Bank Ltd		2,785
	1,058,813		Zions Bancorporation		33,601
			TOTAL BANKS		9,869,437

CAPITAL GOODS - 7.4%
	3,106,275	n	3M Co		479,298
	235,825		A.O. Smith Corp		16,975
	107,372		Aalberts Industries NV		3,193
	117,419		Aaon, Inc		2,644
	108,912	e	AAR Corp		3,471
	1,355,103		ABB Ltd		28,401
	439,368	e	Abengoa S.A.		1,465
	225,821	e	Abengoa S.A. (B Shares)		712
	3,581,282		Aboitiz Equity Ventures, Inc		4,614
	365,000		AcBel Polytech, Inc		285
	166,931	*	Accuride Corp		643
	158,164		ACS Actividades Construccion y Servicios S.A.		5,102
	195,472		Actuant Corp (Class A)		4,513
	199,973		Acuity Brands, Inc		35,991
	200,000		Adani Enterprises Ltd		285
	41,461		Aditya Birla Nuvo Ltd		1,162
	300,000		Advan Co Ltd		3,978
	97,369		Advanced Drainage Systems, Inc		2,856
	82,796	*	Advanced Lithium Electrochemistry Co Ltd		86
	213,947	*,e	Aecom Technology Corp		7,077
	54,595	e	Aecon Group, Inc		557
	181,817	*	Aegion Corp		3,444
	579,530	*,e	AerCap Holdings NV		26,537
	166,384	*,e	Aerojet Rocketdyne Holdings, Inc		3,429
	110,043	*,e	Aerovironment, Inc		2,870
	13,256	e	AFG Arbonia-Forster Hldg		251
	14,888	e	AG Growth International Inc		558
	395,880	e	AGCO Corp		22,478
	47,382		AIA Engineering Ltd		748
	49,999		Aica Kogyo Co Ltd		1,161
	30,700		Aichi Corp		182
	188,800		Aida Engineering Ltd		2,070
	587,028		Air Lease Corp		19,900
	172,535		Aircastle Ltd		3,911
	114,683		Airtac International Group		719
	61,125		Akfen Holding AS.		160
	62,038		Alamo Group, Inc		3,390
	67,663		Alarko Holding AS		91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	94,748		Albany International Corp (Class A)	$	3,771
	54,357		Alfa Laval AB		957
	4,247,329		Alfa S.A. de C.V. (Class A)		8,115
	952,135		Allegion plc		57,261
	2,540,664		Alliance Global Group, Inc		1,223
	6,224		Allied Motion Technologies, Inc		140
	880,496		Allison Transmission Holdings, Inc		25,763
	31,744		Alstom Projects India Ltd		358
	229,180	*	Alstom RGPT		6,510
	90,117	*	Alstom T&D India Ltd		757
	74,399		Altra Holdings, Inc		2,022
	236,536		Amada Co Ltd		2,497
	57,178		Amara Raja Batteries Ltd		792
	64,568	*	Ameresco, Inc		494
	26,179	e	American Railcar Industries, Inc		1,273
	21,086	e	American Science & Engineering, Inc		924
	103,256	*,e	American Woodmark Corp		5,664
	515,198		Ametek, Inc		28,223
	28,334		Andritz AG.		1,569
	107,182		Apogee Enterprises, Inc		5,642
	196,763		Applied Industrial Technologies, Inc		7,802
	2,686,001	*	Arabtec Holding Co		1,902
	5,723	*	ARC Group Worldwide, Inc		30
	65,408		Arcadis NV		1,799
	70,627	*,e	Arcam AB		1,212
	113,790		Argan, Inc		4,589
	30,062	*	Armstrong World Industries, Inc		1,602
	269,953	*	ArvinMeritor, Inc		3,542
	51,800		Asahi Diamond Industrial Co Ltd		584
	1,616,911	e	Asahi Glass Co Ltd		9,707
	2,077,614		Ashok Leyland Ltd		2,363
	3,131,786		Ashtead Group plc		53,976
	1,630,647		Assa Abloy AB		30,698
	231,536	e	Astaldi S.p.A.		2,148
	49,837		Astec Industries, Inc		2,084
	28,802		Astral Polytechnik Ltd		176
	51,278	*	Astronics Corp		3,635
	788,016		Asunaro Aoki Construction Co Ltd		5,489
	185,578		Atlas Copco AB (A Shares)		5,192
	89,787		Atlas Copco AB (B Shares)		2,237
	92,328	*	ATS Automation Tooling Systems, Inc		1,130
	2,565,070		Austal Ltd		3,644
	362,783	*,e	Aveng Ltd		172
	3,004,000	*,e	AVIC International Holding HK Ltd		453
	2,641,843	e	AviChina Industry & Technology Co		2,578
	69,894		AZZ, Inc		3,621
	47,727		B&B Tools AB		682
	200,087		Babcock & Wilcox Co		6,563
	34,877	e	Badger Daylighting Ltd		731
	6,212,558		BAE Systems plc		44,019
	678,673		Balfour Beatty plc		2,580
	125,466	*,e	Ballard Power Systems, Inc		259

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	162,000		Bando Chemical Industries Ltd	$	675
	458,000		Baoye Group Co Ltd		351
	578,128		Barloworld Ltd		4,588
	254,153		Barnes Group, Inc		9,909
	7,508		Bauer AG.		129
	13,302		BayWa AG.		450
	145,258		BE Aerospace, Inc		7,975
	56	*	Beacon Power Corp		0	^
	133,349	*	Beacon Roofing Supply, Inc		4,430
	571,441		Beijing Enterprises Holdings Ltd		4,294
	583,000	g	Beijing Urban Construction Design & Development Group Co Ltd		493
	9,938		BEML Ltd		189
	2,117,500		Berjaya Corp BHD		230
	1,237,000		BES Engineering Corp		331
	337,310		Besalco S.A.		152
	722,126		Bharat Heavy Electricals		2,807
	371,136		Bidvest Group Ltd		9,391
	62,554		Biesse S.p.A.		1,043
	96,414	e	Bird Construction Income Fund		860
	144,696		Bizlink Holdings Inc		776
	275,400		BJC Heavy Industries PCL		58
	441,800		BJC Heavy Industries PCL-F		94
	226,724	*	Blount International, Inc		2,476
	6,033	*	Blue Bird Corp		78
	21,573		Blue Star Ltd		112
	23,088		Bobst Group AG.		1,062
	409,862		Bodycote plc		4,338
	2,088,815		Boeing Co		289,760
	626,000	e	Boer Power Holdings Ltd		1,329
	434,000	e	Bolina Holding Co Ltd		152
	1,726,423	e	Bombardier, Inc		3,110
	168,309		Boskalis Westminster		8,262
	13,988		Bossard Holding AG.		1,613
	116,091		Bouygues S.A.		4,340
	159,496	e	Bradken Ltd		176
	62,806		Brenntag AG.		3,604
	129,680		Briggs & Stratton Corp		2,498
	6,572	e	Bucher Industries AG.		1,635
	22,548		Budimex S.A.		978
	126,156	*	Builders FirstSource, Inc		1,620
	120,500		Bunka Shutter Co Ltd		950
	307,672		Bunzl plc		8,393
	47,907		Burckhardt Compression Holding AG.		18,147
	11,374		Burkhalter Holding AG.		1,326
	312,888		Byucksan Corp		2,575
	373,021		CAE, Inc		4,441
	366,360		Caesarstone Sdot-Yam Ltd		25,110
	431,200		Cahya Mata Sarawak BHD		589
	73,802	*	CAI International, Inc		1,520
	352,667	*,e	Capstone Turbine Corp		145
	12,856		Carbone Lorraine		315

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	139,969	e	Cardno Ltd	$	349
	35,194		Cargotec Corp (B Shares)		1,337
	1,527,824	e	Carillion plc		8,202
	132,805		Carlisle Cos, Inc		13,296
	909,739	e	Caterpillar, Inc		77,164
	564,300		CB Industrial Product Holding BHD		299
	20,124		CCL International Ltd		40
	1,156,327		Central Glass Co Ltd		4,842
	6,287		CENTROTEC Sustainable AG.		100
	38,502	*	Century Plyboards India Ltd		118
	2,803	*	Cera Sanitaryware Ltd		86
	1,260,000	*	CGN Mining Co Ltd		136
	610,575		CH Karnchang PCL		491
	152,300		Changchai Co Ltd		138
	71,400	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		46
	85,892	*	Chart Industries, Inc		3,071
	25,880	*	Cheil Industries, Inc		4,117
	253,110		Chemring Group plc		875
	550,300	*,m	Chengde Nanjiang Co Ltd		205
	190,347	e	Chicago Bridge & Iron Co NV		9,525
	369,410		Chicony Power Technology Co Ltd		509
	1,894,500	e	China Aircraft Leasing Group Holdings Ltd		2,496
	12,200,000	*	China Automation Group Ltd		2,016
	13,769,476		China Communications Construction Co Ltd		20,560
	725,000		China Conch Venture Holdings Ltd		1,663
	2,560,000	*,e	China Dynamics Holdings Ltd		191
	31,000		China Ecotek Corp		73
	1,640,000		China Energine International Holdings Ltd		209
	314,150		China Fangda Group Co Ltd		329
	1,716,000	*	China High Speed Transmission Equipment Group Co Ltd		1,487
	3,501,000	*,e	China Huarong Energy Co Ltd		303
	587,905		China International Marine Containers Group Co Ltd		1,511
	1,021,000		China Lesso Group Holdings Ltd		830
	1,795,000		China Machinery Engineering Corp		1,933
	2,412,863		China Railway Construction Corp		3,725
	4,762,697		China Railway Group Ltd		5,135
	1,833,400	e	China Singyes Solar Technologies Holdings Ltd		2,348
	2,248,656	e	China State Construction International Holdings Ltd		4,045
	1,475,600		Chip Eng Seng Corp Ltd		838
	34,939	e	Chiyoda Corp		309
	38,500		Chiyoda Integre Co Ltd		1,073
	19,094,000		Chongqing Machinery & Electric Co Ltd		4,008
	69,100		Chudenko Corp		1,326
	606,375		Chung Hsin Electric & Machinery Manufacturing Corp		350
	179,593		CIMIC Group Ltd		3,009
	354,162	*	CIR-Compagnie Industriali Riunite S.p.A.		377
	81,347		CIRCOR International, Inc		4,436
	2,530,084		Citic Pacific Ltd		4,537
	2,577,000	*,e	Citic Resources Holdings Ltd		711
	15,830		CJ Corp		4,194
	3,307,220		CK Hutchison Holdings Ltd		48,623

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	200,200		CKD Corp	$	2,294
	170,097		Clarcor, Inc		10,587
	278,327	e	CNH Industrial NV		2,540
	195,266		Coastal Contracts BHD		142
	299,737		Cobham plc		1,238
	372,834	*	Cofide S.p.A.		185
	182,475	*,e	Colfax Corp		8,421
	64,663		Columbus McKinnon Corp		1,617
	104,509		Comfort Systems USA, Inc		2,398
	66,609	*	Commercial Vehicle Group, Inc		480
	2,209,962		Compagnie de Saint-Gobain		99,761
	18,111		Compagnie d’Entreprises CFE		2,251
	142,200		COMSYS Holdings Corp		2,115
	95,178		Concentric AB		1,128
	837,300		Concepcion Industrial Corp		1,058
	3,790,000	*,e	Concord New Energy Group Ltd		288
	73,386	*,e	Consolidated Infrastructure Group Ltd		192
	1,852	e	Construcciones y Auxiliar de Ferrocarriles S.A.		550
	189,546	*	Continental Building Products Inc		4,016
	1,087,450		Continental Engineering Corp		352
	900		Conzzeta AG.		615
	1,080,000	e	Cosco Corp Singapore Ltd		385
	18,685		Cosel Co Ltd		226
	11,567	*	COSON Co Ltd		422
	195,460		Costain Group plc		1,007
	87,533		Cramo Oyj (Series B)		1,689
	123,570	e	Crane Co		7,257
	618,475		Crompton Greaves Ltd		1,575
	5,125		CS Wind Corp		147
	428,590		CSBC Corp Taiwan		208
	5,445,301	e	CSR Corp Ltd		8,354
	635,629		CTCI Corp		1,028
	97,541		Cubic Corp		4,641
	412,656		Cummins, Inc		54,136
	194,279		Curtiss-Wright Corp		14,074
	34,031		Daelim Industrial Co		2,498
	57,141		Daesang Holdings Co Ltd		1,321
	7,457		Daetwyler Holding AG.		886
	121,847	*	Daewoo Engineering & Construction Co Ltd		674
	56,862		Daewoo International Corp		1,314
	114,100		Daewoo Shipbuilding & Marine Engineering Co Ltd		1,357
	81,700		Daifuku Co Ltd		1,257
	93,641		Daihen Corp		478
	64,000		Daiichi Jitsugyo Co Ltd		342
	162,675		Daikin Industries Ltd		11,694
	23,600		Daiwa Industries Ltd		155
	50,000		Dalian Refrigeration Co Ltd		64
	1,444,820		Danaher Corp		123,662
	12,308		Danieli & Co S.p.A.		250
	94,152		Danieli & Co S.p.A. (RSP)		1,428
	102,178		DCC plc		8,024
	314,568	e	Deere & Co		30,529

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	39,200		Denyo Co Ltd	$	635
	410,020		Deutz AG.		2,350
	32,061	e	Dialight plc		257
	4,292,256		Dialog Group BHD		1,807
	278,001	*	DigitalGlobe, Inc		7,726
	223,511		Diploma plc		2,838
	73,022	*	DIRTT Environmental Solutions		378
	9,293		Discount Investment Corp		16
	4,647,560		DMCI Holdings, Inc		1,360
	931,329	*	Dogan Sirketler Grubu Holdings		209
	92,853		Donaldson Co, Inc		3,324
	27,148	*	Dong Yang Gang Chul Co Ltd		195
	19,100		Dongfang Electric Co Ltd		36
	26,169		Dongkuk Structures & Construction Co Ltd		78
	21,157		Doosan Corp		2,066
	21,971	*	Doosan Engine Co Ltd		110
	48,928		Doosan Heavy Industries and Construction Co Ltd		1,051
	131,039	*	Doosan Infracore Co Ltd		1,149
	128,017		Douglas Dynamics, Inc		2,750
	173,336		Dover Corp		12,165
	33,779	*	Ducommun, Inc		867
	92,365		Duerr AG.		8,604
	72,391	e	Duro Felguera S.A.		295
	52,776	*,e	DXP Enterprises, Inc		2,454
	170,641	*	Dycom Industries, Inc		10,042
	19,818		Dynamic Materials Corp		218
	2,017,800		Dynasty Ceramic PCL		220
	858		e Tec E&C Ltd		160
	2,301,289		Eaton Corp		155,314
	689,828		Ebara Corp		3,338
	930,900		EEI Corp		203
	10,877		Eicher Motors Ltd		3,342
	98,694		Eiffage S.A.		5,496
	62,720		Elbit Systems Ltd		4,923
	1,801		Electra Israel Ltd		228
	58,000	*	ElSwedy Cables Holding Co		362
	37,911	*,g	Eltel AB		432
	219,428		EMCOR Group, Inc		10,482
	566,923		Emerson Electric Co		31,425
	745,784		Empresa Brasileira de Aeronautica S.A.		5,675
	516,300	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		394
	64,009		Encore Wire Corp		2,835
	43,581	*,e	Energy Recovery, Inc		119
	120,851		EnerSys		8,495
	86,503		Engility Holdings, Inc		2,176
	176,755		Engineers India Ltd		630
	1,664,434		Enka Insaat ve Sanayi AS		3,166
	55,625	*,e	Enphase Energy, Inc		423
	63,320		EnPro Industries, Inc		3,623
	444,000	e	Enric Energy Equipment Holdings Ltd		377
	30,000	*	EPCO Co Ltd		515
	7,526	*,e	Erickson Air-Crane, Inc		33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	72,661		ESCO Technologies, Inc	$	2,718
	83,293	*	Esterline Technologies Corp		7,941
	630,088		European Aeronautic Defence and Space Co		41,042
	3,298,000		EVA Precision Industrial Holdings Ltd		969
	22,585	*,e	FACC AG.		160
	9,633		Faiveley S.A.		726
	172,941		Fanuc Ltd		35,386
	672,000		Far East Global Group Ltd		159
	6,683,964		Far Eastern Textile Co Ltd		7,080
	592,750	e	Fastenal Co		25,002
	9,740,000	*,e	FDG Electric Vehicles Ltd		890
	257,216		Federal Signal Corp		3,835
	1,265		Feintool International Holding AG.		118
	192,074		Fenner plc		625
	2,044,356		Ferreyros S.A.		913
	691,572	e	Ferrovial S.A.		15,025
	478,828	*,e	Fincantieri S.p.A		363
	728,289	*	Finmeccanica S.p.A.		9,161
	394,074	e	Finning International, Inc		7,411
	139,765		Finolex Cables Ltd		547
	378,000	e	First Tractor Co		296
	58,455		Flowserve Corp		3,078
	491,827	e	FLSmidth & Co AS		23,634
	176,965		Fluor Corp		9,381
	128,468	*,e	Fomento de Construcciones y Contratas S.A.		1,310
	912,168		Fortune Brands Home & Security, Inc		41,796
	728,130		Foshan Electrical and Lighting Co Ltd		746
	129,130		Franklin Electric Co, Inc		4,175
	72,884		Freightcar America, Inc		1,522
	160,800	e	Fudo Tetra Corp		261
	705,915	*,e	FuelCell Energy, Inc		690
	929,438		Fuji Electric Holdings Co Ltd		3,997
	250,592		Fuji Machine Manufacturing Co Ltd		2,622
	809,978		Fujikura Ltd		4,528
	69,200		Fujitec Co Ltd		861
	118,000		Fukuda Corp		768
	39,200		Fukushima Industries Corp		718
	101,423	*	Furmanite Corp		824
	368,000		Furukawa Co Ltd		655
	972,000		Furukawa Electric Co Ltd		1,731
	110,919		Futaba Corp/Chiba		2,010
	230,837		Galliford Try plc		6,307
	386,017	*	Gamesa Corp Tecnologica S.A.		6,098
	2,016,451		Gamuda BHD		2,494
	89,310		GATX Corp		4,747
	33,098		GEA Group AG.		1,477
	20,105		Geberit AG.		6,703
	13,300		Gecoss Corp		137
	185,777	*,e	Generac Holdings, Inc		7,385
	133,756		General Cable Corp		2,639
	1,459,911		General Dynamics Corp		206,855
	32,304,385		General Electric Co		858,328

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,815	*,e	General Finance Corp	$	46
	4,345		Georg Fischer AG.		2,987
	2,664		Gesco AG.		219
	111,587	*	Gibraltar Industries, Inc		2,273
	8,100	*	Giken Seisakusho Co, Inc		128
	41,875		Gildemeister AG.		1,511
	131,123		Global Brass & Copper Holdings, Inc		2,230
	72,078	e	Global Power Equipment Group, Inc		559
	126,656		Glory Ltd		3,747
	1,333,498		GMR Infrastructure Ltd		293
	50,607		Gorman-Rupp Co		1,421
	73,615		Graco, Inc		5,229
	314,336	*	GrafTech International Ltd		1,559
	513,940		Grafton Group plc		6,265
	26,664		Graham Corp		546
	104,594		Granite Construction, Inc		3,714
	164,420	*	Great Lakes Dredge & Dock Corp		980
	68,627		Greaves Cotton Ltd		137
	77,544	e	Greenbrier Cos, Inc		3,633
	107,268	e	Griffon Corp		1,708
	74,410	*	Grontmij (ADR)		357
	190,149		Group Five Ltd		445
	520,261		Grupo Carso S.A. de C.V. (Series A1)		2,168
	159,100	*	Grupo Rotoplas SAB de C.V.		301
	58,889	*	GS Engineering & Construction Corp		1,411
	367,000		GS Yuasa Corp		1,441
	394,500		Gunkul Engineering PCL		314
	3,180,000	e	Guodian Technology & Environment Group Corp Ltd		479
	351,977	e	GWA International Ltd		617
	85,792		H&E Equipment Services, Inc		1,713
	799,360		Haitian International Holdings Ltd		1,877
	132,440		Haldex AB		1,749
	242,244	*	Halim Co Ltd		1,014
	15,187	*	Halla Engineering & Construction Corp		67
	549,730		Hangzhou Steam Turbine Co		1,134
	55,873	*	Hanjin Heavy Industries & Construction Co Ltd		244
	2,063,395		Hanwa Co Ltd		9,685
	3,156,000		Harbin Power Equipment		2,472
	23,200	e	Harmonic Drive Systems, Inc		455
	388,778		Harsco Corp		6,415
	361,037		Havells India Ltd		1,600
	514,900		Hazama Ando Corp		2,788
	19,837	*	HC2 Holdings, Inc		178
	523,467	*	HD Supply Holdings, Inc		18,416
	124,957	e	HEICO Corp		7,285
	87,105	*	HEICO Corp (Class A)		4,422
	246,714	*,e	Heidelberger Druckmaschinen		547
	115,036	*	Hellenic Technodomiki Tev S.A.		215
	292,578		HellermannTyton Group plc		1,580
	77,729	e	Hexagon Composites ASA		256
	67,526		Hexcel Corp		3,359
	16,300		Hibiya Engineering Ltd		219

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	217,088		Hillenbrand, Inc	$	6,665
	431,613	*	Hindustan Construction Co		168
	329,289		Hino Motors Ltd		4,071
	19,300		Hisaka Works Ltd		175
	95,391		Hitachi Construction Machinery Co Ltd		1,670
	113,000		Hitachi Koki Co Ltd		942
	176,800		Hitachi Zosen Corp		1,007
	216,529		Hiwin Technologies Corp		1,424
	4,432,000	*,e	HKC Holdings Ltd		168
	4,368		Hochtief AG.		339
	554,835		Hock Seng Lee BHD		272
	12,700		Homag Group AG.		495
	5,241,277		Honeywell International, Inc		534,453
	173,000		Hong Leong Asia Ltd		159
	1,015,300		Hopewell Holdings		3,717
	45,200		Hoshizaki Electric Co Ltd		2,659
	106,347		Hosken Consolidated Investments Ltd		1,330
	57,919	e	Houston Wire & Cable Co		575
	2,171,000		Hsin Chong Construction Group Ltd		258
	81,780	*,g	HSS Hire Group plc		173
	370,000		HUA ENG Wire & Cable		107
	109,800		Huangshi Dongbei Electrical Appliance Co Ltd		222
	186,347		Hubbell, Inc (Class B)		20,178
	24,703		Huber & Suhner AG.		1,084
	58,821		Hudaco Industries Ltd		629
	331,216		Huntington Ingalls		37,292
	26,543		Hurco Cos, Inc		919
	7,013		Hy-Lok Corp		243
	27,129		Hyster-Yale Materials Handling, Inc		1,879
	49,430		Hyundai Corp		1,589
	62,519		Hyundai Development Co		3,704
	7,338	*	Hyundai Elevator Co Ltd		497
	208,706		Hyundai Engineering & Construction Co Ltd		7,667
	43,718		Hyundai Heavy Industries		4,340
	12,616		Hyundai Mipo Dockyard		731
	23,586	*	Hyundai Rotem Co Ltd		428
	64,700		Idec Corp		583
	89,124		IDEX Corp		7,003
	1,779,607		IJM Corp BHD		3,076
	417,967		Illinois Tool Works, Inc		38,365
	78,165		IMARKETKOREA, Inc		2,102
	86,330		IMI plc		1,526
	14,577		Implenia AG.		815
	1,118,199		Impregilo S.p.A.		5,109
	12,771		IMS-Intl Metal Service		253
	47,010		Inaba Denki Sangyo Co Ltd		1,635
	74,384		Inabata & Co Ltd		813
	68,621		Indus Holding AG.		3,458
	45,001		Industria Macchine Automatiche S.p.A.		2,097
	183,924		Industries Qatar QSC		7,233
	35,140		Indutrade AB		1,617
	6,440	*	Ingersoll-Rand India Ltd		98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,160,082		Ingersoll-Rand plc	$	78,213
	65,375		Insteel Industries, Inc		1,223
	72,811		Interpump Group S.p.A.		1,175
	295,567		Interserve plc		3,064
	98,486	e	Invicta Holdings Ltd		567
	51,130		Inwido AB		557
	57,400		Iochpe-Maxion S.A.		233
	876,060		IRB Infrastructure Developers Ltd		3,204
	8,288		IS Dongseo Co Ltd		540
	158,000	e	Iseki & Co Ltd		312
	1,546	*	ISGEC Heavy Engineering Ltd		143
	284,000		I-Sheng Electric Wire & Cable Co Ltd		384
	4,534,301		Ishikawajima-Harima Heavy Industries Co Ltd		21,112
	1,469,250	*	Italian-Thai Development PCL		347
	2,149,533		Itochu Corp		28,389
	107,368		ITT Corp		4,492
	64,128	*	IVRCL Infrastructures & Projects Ltd		11
	168,000	e	Iwatani International Corp		1,065
	81,035	*	Jacobs Engineering Group, Inc		3,292
	277,027		Jain Irrigation Systems Ltd		290
	9,100		Jamco Corp		299
	154,604		Japan Pulp & Paper Co Ltd		425
	347,000		Japan Steel Works Ltd		1,434
	4,295,266		JG Summit Holdings (Series B)		6,830
	71,481		JGC Corp		1,349
	8,868,000		Jiangnan Group Ltd		2,548
	730,000		Jingwei Textile Machinery		959
	125,414		John Bean Technologies Corp		4,714
	800,153	m	John Keells Holdings plc		1,219
	145,695	*,g	John Laing Group plc		493
	420,375		Johnson Electric Holdings Ltd		1,353
	190,177	e	Joy Global, Inc		6,884
	1,068,091		JTEKT Corp		20,198
	29,000	e	Juki Corp		390
	15,783		Jungheinrich AG.		1,070
	2,616	*	JVM Co Ltd		144
	59,484		Kadant, Inc		2,808
	45,383		Kajaria Ceramics Ltd		520
	140,724		Kajima Corp		661
	29,139		Kalpataru Power Transmission Ltd		119
	227,700	*	Kama Co Ltd		250
	90,960		Kaman Corp		3,815
	30,600		Kamei Corp		286
	31,000		Kanamoto Co Ltd		786
	481,000		Kandenko Co Ltd		3,004
	472,000		Kanematsu Corp		826
	5,843	*	Kardex AG.		351
	17,900		Katakura Industries Co Ltd		195
	48,000		Kato Works Co Ltd		282
	2,113,171		Kawasaki Heavy Industries Ltd		9,850
	295,571	e	KBR, Inc		5,758
	6,713		KCC Corp		2,954

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	53,931		KCI Konecranes Oyj	$	1,572
	390,146		Keihan Electric Railway Co Ltd		2,272
	70,303		Keller Group plc		1,130
	10,712		Kendrion NV		313
	896,583		Kennametal, Inc		30,591
	22,300		Kepler Weber S.A.		193
	2,706,507		Keppel Corp Ltd		16,496
	90,235	*,e	KEYW Holding Corp		841
	219,542		Kier Group plc		4,904
	432,000		Kinden Corp		5,713
	129,700		King Slide Works Co Ltd		1,730
	156,544		Kingspan Group plc		3,780
	102,000		Kinik Co		194
	126,565		KION Group AG.		6,072
	338,000		Kitz Corp		1,689
	97,624	e	Kloeckner & Co AG.		882
	72,261	*	KLX, Inc		3,189
	693,994		KOC Holding AS		3,209
	798,969		Komatsu Ltd		16,030
	3,118		Komax Holding AG.		527
	164,990		Komori Corp		2,241
	239,556		Kone Oyj (Class B)		9,724
	219,090	e	Koninklijke BAM Groep NV		931
	1,439,615		Koninklijke Philips Electronics NV		36,743
	48,854		Korea Aerospace Industries Ltd		3,477
	7,044		Korea Cast Iron Pipe Industries Co Ltd		107
	16,433		Korea Electric Terminal Co Ltd		1,361
	119,384	*	Kratos Defense & Security Solutions, Inc		752
	40,761	e	Krones AG.		4,259
	552,158		Kubota Corp		8,755
	100,752	e	KUKA AG.		8,392
	335,000		Kumagai Gumi Co Ltd		987
	17,795	*	Kumho Industrial Co Ltd		225
	52,000	*	Kung Long Batteries Industrial Co Ltd		256
	163,000		Kuo Toong International Co Ltd		245
	135,498		Kurita Water Industries Ltd		3,156
	120,479		Kuroda Electric Co Ltd		2,242
	101,300		Kyokuto Kaihatsu Kogyo Co Ltd		1,101
	294,700		Kyowa Exeo Corp		3,429
	125,000		Kyudenko Corp		2,245
	4,213		Kyung Dong Navien Co Ltd		111
	250,590		L-3 Communications Holdings, Inc		28,412
	2,565		Lakshmi Machine Works Ltd		148
	602,263		Larsen & Toubro Ltd		16,834
	11,347	*	Lawson Products, Inc		266
	52,772	*,e	Layne Christensen Co		472
	60,347		LB Foster Co (Class A)		2,089
	53,796		Legrand S.A.		3,028
	261,746		Lennox International, Inc		28,187
	295,233		LG Corp		16,333
	25,844		LG Hausys Ltd		3,447
	153,682		LG International Corp		5,351

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	118,054		Lincoln Electric Holdings, Inc	$	7,188
	65,994	e	Lindab International AB		559
	33,777	e	Lindsay Manufacturing Co		2,969
	15,812		LISI		444
	412,265		LIXIL Group Corp		8,178
	8,913	*,e	LMI Aerospace, Inc		89
	807,795		Lockheed Martin Corp		150,169
	5,516,000		Lonking Holdings Ltd		1,101
	72,142		LS Cable Ltd		2,806
	14,320		LS Industrial Systems Co Ltd		586
	72,040		LSI Industries, Inc		673
	228,000	*	Luoyang Glass Co Ltd		181
	47,609	*,e	Lydall, Inc		1,407
	33,861		Mabuchi Motor Co Ltd		2,142
	35,629		MacDonald Dettwiler & Associates Ltd		2,604
	288,000		Maeda Corp		1,996
	14,900	e	Maeda Kosen Co Ltd		132
	60,000		Maeda Road Construction Co Ltd		1,104
	32,938		Magellan Aerospace Corp		450
	97,298	*,e	Maire Tecnimont S.p.A		316
	294,748		Makino Milling Machine Co Ltd		2,972
	32,607		Makita Corp		1,766
	932,500		Malaysian Resources Corp BHD		291
	10,412		MAN AG.		1,073
	23,657	*,e	Manitex International, Inc		181
	10,596		Manitou BF S.A.		201
	2,532,078		Manitowoc Co, Inc		49,629
	8,830		Mannai Corp QSC		270
	395,500		Marcopolo S.A.		295
	1,883,059		Marubeni Corp		10,806
	3,355,150		Masco Corp		89,482
	103,655	*	Masonite International Corp		7,267
	194,436	*	Mastec, Inc		3,863
	32,000		Max Co Ltd		343
	564,474		Meggitt plc		4,133
	176,000		Meidensha Corp		661
	1,128,049		Melrose Industries plc		4,384
	11,000	*	METAWATER Co Ltd		280
	24,306		Metka S.A.		199
	19,771		Metso Oyj		543
	86,018	*,e	Meyer Burger Technology AG.		740
	71,003		Micron Machinery Co Ltd		2,689
	173,430	*	Middleby Corp		19,464
	29,291		Miller Industries, Inc		584
	376,000		Mills Estruturas e Servicos de		816
	635,000		Minebea Co Ltd		10,483
	595,100		Miraito Holdings Corp		6,935
	283,800		MISUMI Group, Inc		4,029
	1,879,794		Mitsubishi Corp		41,325
	2,267,757		Mitsubishi Electric Corp		29,283
	4,568,952		Mitsubishi Heavy Industries Ltd		27,774
	29,300		Mitsubishi Nichiyu Forklift Co Ltd		147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	105,700		Mitsuboshi Belting Co Ltd	$	837
	1,957,764		Mitsui & Co Ltd		26,598
	880,900		Mitsui Engineering & Shipbuilding Co Ltd		1,524
	80,300		Miura Co Ltd		929
	3,438,230		MMC Corp BHD		2,287
	380,584	e	Monadelphous Group Ltd		2,745
	68,600	e	MonotaRO Co Ltd		3,011
	165,514	*	Moog, Inc (Class A)		11,699
	344,176		Morgan Crucible Co plc		1,765
	104,600		Mori Seiki Co Ltd		2,017
	31,300		Morita Holdings Corp		306
	77,018	e	Mota Engil SGPS S.A.		197
	117,136		Mota-Engil Africa NV		881
	512,085	*	MRC Global, Inc		7,907
	107,582		MSC Industrial Direct Co (Class A)		7,506
	61,833		MTU Aero Engines Holding AG.		5,819
	198,449		Mueller Industries, Inc		6,890
	785,030		Mueller Water Products, Inc (Class A)		7,144
	943,400		Muhibbah Engineering M BHD		567
	1,116,126		Murray & Roberts Holdings Ltd		1,179
	107,251	*	MYR Group, Inc		3,320
	19,627		Nabtesco Corp		492
	155,332		Nachi-Fujikoshi Corp		915
	995,312		Nagarjuna Construction Co		1,226
	278,400		Nagase & Co Ltd		3,837
	47,000		Nak Sealing Technologies Corp		142
	101,100		Namura Shipbuilding Co Ltd		866
	311,851		National Central Cooling Co PJSC		126
	12,775	e	National Presto Industries, Inc		1,026
	143,400	*,e	Navistar International Corp		3,245
	297,967		NCC AB (B Shares)		9,100
	78,834	*	NCI Building Systems, Inc		1,188
	11,300		NEC Capital Solutions Ltd		174
	34,273	*	Neff Corp		346
	91,261	e	New Flyer Industries, Inc		1,131
	28,165	*,e	Nexans S.A.		1,059
	539,954		NGK Insulators Ltd		13,894
	83,494		Nibe Industrier AB (Series B)		2,266
	117,000	e	Nichias Corp		725
	12,400		Nichiden Corp		309
	26,400		Nichiha Corp		405
	73,925		Nidec Corp		5,532
	139,000		Nippo Corp		2,383
	35,800		Nippon Densetsu Kogyo Co Ltd		630
	243,000		Nippon Koei Co Ltd		956
	283,000		Nippon Road Co Ltd		1,412
	311,730	e	Nippon Sharyo Ltd		840
	858,000	*,e	Nippon Sheet Glass Co Ltd		911
	232,450		Nippon Steel Trading Co Ltd		848
	60,000		Nippon Thompson Co Ltd		336
	856,000		Nishimatsu Construction Co Ltd		3,207
	33,200		Nishio Rent All Co Ltd		830

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	339,000		Nisshinbo Industries, Inc	$	3,789
	55,000		Nissin Electric Co Ltd		390
	44,500		Nitta Corp		1,233
	149,000	*	Nitto Boseki Co Ltd		657
	82,947		Nitto Kogyo Corp		1,867
	10,073		Nitto Kohki Co Ltd		228
	23,610		NKT Holding AS		1,354
	48,930		NN, Inc		1,249
	1,847,271		Noble Group Ltd		1,041
	47,394		Nolato AB (B Shares)		1,082
	63,649	*	Nordex AG.		1,525
	146,540		Nordson Corp		11,414
	239,919		Noritake Co Ltd		558
	28,600		Noritz Corp		539
	74,488		NORMA Group		3,766
	27,078	*	Nortek, Inc		2,251
	919,770		Northrop Grumman Corp		145,903
	31,861	*,e	Northwest Pipe Co		649
	58,755	*,e	NOW, Inc		1,170
	427,054		NSK Ltd		6,585
	985,000		NTN Corp		6,188
	12,261	*	NV5 Holdings, Inc		297
	2,234,567		NWS Holdings Ltd		3,230
	12,300		Obara Corp		661
	917,754		Obayashi Corp		6,692
	43,822	e	Obrascon Huarte Lain S.A.		748
	201,090		OC Oerlikon Corp AG.		2,462
	5,616	e	OHB AG.		109
	133,600		Oiles Corp		2,536
	37,100		Okabe Co Ltd		291
	152,641		Okuma Holdings, Inc		1,722
	163,000		Okumura Corp		832
	8,639	e	Omega Flex, Inc		325
	55,369	*	Orascom Construction Ltd		713
	261,663		Orbital ATK, Inc		19,196
	37,000		Organo Corp		157
	84,604	*	Orion Marine Group, Inc		611
	75,600		OSG Corp		1,621
	83,477		Oshkosh Truck Corp		3,538
	123,100	e	OSJB Holdings Corp		250
	67,876		Osram Licht AG.		3,247
	157,534	e	Outotec Oyj		1,015
	3,288,864		Owens Corning, Inc		135,666
	1,181,577		Paccar, Inc		75,396
	19,989	e	Palfinger AG.		611
	310,277		Pall Corp		38,614
	317,974		Parker Hannifin Corp		36,990
	40,823	*	Patrick Industries, Inc		1,553
	167,816		Peab AB (Series B)		1,240
	52,253		Pentair plc		3,592
	277,300		Penta-Ocean Construction Co Ltd		1,145
	5,479		PER Aarsleff A.S.		1,878

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	99,647	*	Perini Corp	$	2,150
	9,734		Pfeiffer Vacuum Technology AG.		867
	252,044	*	Pgt, Inc		3,657
	13,381		Pinguely-Haulotte		243
	20,705		Pkc Group Oyj		458
	3,582		Plasson		122
	464,914	*,e	Plug Power, Inc		1,139
	76,187	*	Ply Gem Holdings, Inc		898
	338,600	*	Polyplex PCL		100
	120,645	*	Polypore International, Inc		7,224
	29,220		Porr AG.		931
	27,991		Powell Industries, Inc		984
	13,200	*,e	Power Solutions International, Inc		713
	75,483	*,e	PowerSecure International, Inc		1,114
	191,503		Precision Castparts Corp		38,276
	10,577		Preformed Line Products Co		399
	106,677	e	Primoris Services Corp		2,112
	595,254	*	Promotora y Operadora de Infraestructura SAB de C.V.		6,377
	120,590	*,e	Proto Labs, Inc		8,137
	36,501		Prysmian S.p.A.		789
	8,978,200		PT Adhi Karya Persero Tbk		1,356
	7,236,600		PT Arwana Citramulia Tbk		288
	1,200,000		PT Asahimas Flat Glass Tbk		645
	2,803,600	*,m	PT Inovisi Infracom Tbk		25
	1,990,000		PT Pembangunan Perumahan Tbk		516
	3,344,200	*	PT Sitara Propertindo Tbk		119
	10,738,700		PT Surya Semesta Internusa Tbk		775
	4,063,100		PT Total Bangun Persada Tbk		251
	4,050,061		PT United Tractors Tbk		6,177
	3,095,000		PT Waskita Karya Persero Tbk		351
	1,953,100		PT Wijaya Karya		366
	1,868,214		QinetiQ plc		6,578
	112,046		Quanex Building Products Corp		2,401
	122,611	*	Quanta Services, Inc		3,534
	2,813		R Stahl AG.		116
	72,000		Raito Kogyo Co Ltd		583
	171,993		Ramirent Oyj		1,256
	137,100		Randon Participacoes S.A.		142
	4,816		Rational AG.		1,769
	215,687		Raubex Group Ltd		359
	99,402		Raven Industries, Inc		2,021
	316,160		Raytheon Co		30,250
	62,134		RBC Bearings, Inc		4,459
	1,074,917		Rechi Precision Co Ltd		1,031
	98,800		Regal-Beloit Corp		7,172
	565,667		Reunert Ltd		3,083
	49,232	*,e	Revolution Lighting Technologies, Inc		57
	2,560,061		Rexel S.A.		41,311
	283,771	*	Rexnord Corp		6,785
	38,801		Rheinmetall AG.		1,968
	480,583		Rich Development Co Ltd		184
	3,158		Rieter Holding AG.		499

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	252,488		Rockwell Automation, Inc	$	31,470
	1,596,379		Rockwell Collins, Inc		147,426
	6,888	e	Rockwool International AS (B Shares)		1,033
	1,422,638		Rolls-Royce Group plc		19,432
	214,500,762	*,a,m	Rolls-Royce Holdings plc		337
	532,680		Roper Industries, Inc		91,866
	857,552		Rotork plc		3,135
	88,460	*,e	Royal Imtech NV		365
	168,000		Ruentex Engineering & Construction Co		301
	94,559	*	Rush Enterprises, Inc (Class A)		2,478
	224,710		Russel Metals, Inc		4,089
	1,016,000		Ryobi Ltd		3,963
	18,667		S&T Dynamics Co Ltd		214
	63,473		Saab AB (Class B)		1,551
	320,717	*,e	Sacyr Vallehermoso S.A.		1,221
	115,374		Sadbhav Engineering Ltd		526
	763,749		Safran S.A.		51,904
	69,650		Saft Groupe S.A.		2,720
	563,151		Salfacorp S.A.		379
	6,548		Sam Yung Trading Co Ltd		125
	6,057	*	Samho International Co Ltd		145
	4,430		Sammok S-Form Co Ltd		108
	195,177		Samsung Corp		11,583
	29,638	*	Samsung Engineering Co Ltd		838
	164,863		Samsung Heavy Industries Co Ltd		2,514
	36,559		Samsung Techwin Co Ltd		960
	94,203		San Shing Fastech Corp		224
	2,167,743		Sandvik AB		23,965
	46,400		Sanki Engineering Co Ltd		366
	50,000		Sanko Gosei Ltd		231
	26,500		Sankyo Tateyama, Inc		447
	353,000		Sanwa Shutter Corp		2,970
	850,000	*,e	Sany Heavy Equipment International		236
	152,000		Sanyo Denki Co Ltd		1,218
	16,628		Schindler Holding AG.		2,720
	12,087		Schindler Holding AG. (Registered)		1,974
	40,029	*	Schneider Electric Infrastructure Ltd		132
	323,719		Schneider Electric S.A.		22,414
	2,349		Schweiter Technologies AG.		1,892
	86,532		Seibu Holdings, Inc		2,004
	130,400		Sekisui Jushi Corp		1,696
	1,171,001	e	SembCorp Industries Ltd		3,380
	728,343	e	SembCorp Marine Ltd		1,534
	11,988		Semperit AG. Holding		494
	568,838		Senior plc		2,563
	495	*	Sensata Technologies Holding BV		26
	16,646		SFS Group AG.		1,210
	279,200	*,e	SGL Carbon AG.		4,506
	230,508	*	SGSB Group Co Ltd		299
	100,200	*	Shanghai Automation Instrumentation Co Ltd		182
	312,380		Shanghai Diesel Engine Co Ltd		321
	3,139,304	e	Shanghai Electric Group Co Ltd		2,559

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	215,100		Shanghai Erfangji Co Ltd	$	235
	856,600		Shanghai Highly Group Co Ltd		780
	1,963,695	e	Shanghai Industrial Holdings Ltd		6,649
	518,000		Shanghai Prime Machinery Co Ltd		135
	13,200		Shibuya Kogyo Co Ltd		237
	478,221		Shikun & Binui Ltd		1,074
	79,600		Shima Seiki Manufacturing Ltd		1,268
	671,451		Shimizu Corp		5,651
	872,000		Shin Zu Shing Co Ltd		2,644
	262,590		Shinmaywa Industries Ltd		2,404
	19,400		SHO-BOND Holdings Co Ltd		810
	9,100		Showa Aircraft Industry Co Ltd		91
	851,716		Siam Future Development PCL		147
	1,216,333		Siemens AG.		123,058
	132,600		Siemens India Ltd		2,805
	2,931	e	SIFCO Industries, Inc		44
	553,960		SIG plc		1,744
	3,648,811		Sime Darby BHD		8,238
	113,921		Simpson Manufacturing Co, Inc		3,873
	1,522,000		Singamas Container Holdings Ltd		276
	1,220,587		Singapore Technologies Engineering Ltd		2,988
	649,457		Sino Thai Engineering & Construction PCL		447
	3,843,287		Sinopec Engineering Group Co Ltd		3,556
	1,994,500	e	Sinotruk Hong Kong Ltd		1,203
	860,030		Sintex Industries Ltd		1,354
	86,900		Sintokogio Ltd		770
	20,227		SK Corp		3,585
	132,895		SK Networks Co Ltd		1,069
	979,112		Skanska AB (B Shares)		19,841
	938,619		SKF AB (B Shares)		21,417
	19,956		SKF India Ltd		444
	11,268	*	SLM Solutions Group AG.		250
	223,151		SM Investments Corp		4,428
	28,192		SMC Corp		8,484
	94,519		Smiths Group plc		1,675
	388,672		Snap-On, Inc		61,896
	310,447		SNC-Lavalin Group, Inc		10,429
	284,016	*	SOCAM Development Ltd		232
	41,700	e	Sodick Co Ltd		341
	3,544,900		Sojitz Holdings Corp		8,609
	5,407	e	Solar Holdings AS (B Shares)		295
	113,736	*,e	SolarCity Corp		6,091
	27,393	*,e	Sparton Corp		748
	733,487		Speedy Hire plc		815
	215,487		Spirax-Sarco Engineering plc		11,493
	733,606	*	Spirit Aerosystems Holdings, Inc (Class A)		40,429
	559,716		SPX Corp		40,518
	114,400	*	Sriracha Construction PCL		90
	65,480		Standex International Corp		5,234
	388,655		Stanley Works		40,902
	33,700		Star Micronics Co Ltd		574
	25,129	*,e	Sterling Construction Co, Inc		101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,152	*,e	Stock Building Supply Holdings, Inc	$	824
	946,120		STP & I PCL		479
	564,000	*,e	STX OSV Holdings Ltd		238
	4,315	e	Sulzer AG.		444
	1,510,468		Sumitomo Corp		17,581
	15,600		Sumitomo Densetsu Co Ltd		224
	7,342,537		Sumitomo Heavy Industries Ltd		42,765
	799,800		Sumitomo Mitsui Construction C		1,045
	18,538,302	*	Summit Ascent Holdings Ltd		10,183
	61,808	e	Sun Hydraulics Corp		2,356
	16,459		Sung Kwang Bend Co Ltd		175
	93,000		Sunspring Metal Corp		151
	164,255	*,m	Sunway Construction Group BHD		70
	3,078,346	*	Suzlon Energy Ltd		1,070
	354,000		Syncmold Enterprise Corp		649
	170,000		Tadano Ltd		2,539
	8,557	*	Taewoong Co Ltd		126
	35,183	*	Taeyoung Engineering & Construction		184
	98,102	*,m	Taihan Electric Wire Co Ltd		0	^
	127,000		Taihei Dengyo Kaisha Ltd		1,253
	141,000		Taihei Kogyo Co Ltd		762
	26,300		Taikisha Ltd		634
	1,861,121		Taisei Corp		10,685
	607,316		Taiwan Glass Industrial Corp		292
	82,929		Takara Standard Co Ltd		587
	138,700		Takasago Thermal Engineering Co Ltd		1,682
	10,700		Takeuchi Manufacturing Co Ltd		613
	66,000		Takuma Co Ltd		420
	92,329	e	TAL International Group, Inc		2,918
	18,619		Tarkett S.A.		402
	359,212	*,e	Taser International, Inc		11,965
	271,000		Tat Hong Holdings Ltd		102
	34,400		Tatsuta Electric Wire and Cable Co Ltd		143
	359,800	*	Tebrau Teguh BHD		101
	1,159,600	*,e	Tech Pro Technology Development Ltd		1,173
	4,834,443		Teco Electric and Machinery Co Ltd		3,753
	17,600		Teikoku Sen-I Co Ltd		251
	109,234		Tekfen Holding AS		186
	218,000	e	Tekken Corp		648
	142,394	*	Teledyne Technologies, Inc		15,024
	89,723		Tennant Co		5,863
	2,200,904		Terex Corp		51,171
	44,229	*	Texmaco Rail & Engineering Ltd		87
	164,162	e	Textainer Group Holdings Ltd		4,270
	2,922,434		Textron, Inc		130,428
	413,783		Thales S.A.		25,001
	31,993	*,e	The ExOne Company		355
	44,023		Thermax Ltd		723
	134,961	*	Thermon Group Holdings		3,249
	180,192		THK Co Ltd		3,889
	265,581		Timken Co		9,712
	13,811		Timken India Ltd		125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	131,148	e	Titan International, Inc	$	1,409
	48,001	*,e	Titan Machinery, Inc		707
	12,325	*	TK Corp		113
	133,649		TKH Group NV		5,614
	156,000		Toa Corp/Tokyo		252
	12,900		Tocalo Co Ltd		301
	364,000		Toda Corp		1,671
	60,000		Toenec Corp		373
	225,700	e	Tokai Corp		918
	175,460		Tokyu Construction Co Ltd		1,251
	695,788		Tong-Tai Machine & Tool Co Ltd		570
	53,418		Toro Co		3,621
	179,764		Toromont Industries Ltd		4,496
	5,478,924		Toshiba Corp		18,789
	106,964		Toshiba Machine Co Ltd		490
	38,600		Toshiba Plant Systems & Services Corp		470
	24,900		Totetsu Kogyo Co Ltd		515
	222,677		Toto Ltd		4,014
	284,100	e	Toyo Construction Co Ltd		1,069
	115,000	e	Toyo Engineering Corp		273
	12,200		Toyo Tanso Co Ltd		203
	280,753		Toyota Tsusho Corp		7,533
	244,832		Trakya Cam Sanayi AS		256
	348,658	*	TransDigm Group, Inc		78,333
	1,734,347		Travis Perkins plc		57,441
	258,957		Trelleborg AB (B Shares)		4,789
	76,639	e	Trevi Finanziaria S.p.A.		168
	93,840	*,e	Trex Co, Inc		4,639
	254,884	*	Trimas Corp		7,545
	321,359		Trinity Industries, Inc		8,494
	643,467		Triumph Group, Inc		42,462
	17,500		Trusco Nakayama Corp		595
	313,000		Tsubakimoto Chain Co		3,058
	62,000		Tsugami Corp		341
	25,800		Tsukishima Kikai Co Ltd		274
	14,700		Tsurumi Manufacturing Co Ltd		232
	127,000		TTCL PCL		113
	2,659,406		Turk Sise ve Cam Fabrikalari AS		3,582
	30,887		Twin Disc, Inc		576
	879,600		UEM Edgenta BHD		804
	69,026		Ultra Electronics Holdings		1,922
	9,900		Union Tool Co		318
	482,200		Unique Engineering & Construction PCL		231
	472,300		United Engineers Ltd		863
	734,000		United Integrated Services Co Ltd		794
	309,070	*	United Rentals, Inc		27,081
	887,778		United Technologies Corp		98,481
	1,639,553	*,e	Univar, Inc		42,678
	107,393		Universal Forest Products, Inc		5,588
	54,160		Uponor Oyj		816
	4,359,274	*,e	USG Corp		121,144
	1,065,200		Ushio, Inc		13,865

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,051	e	Vallourec	$	573
	399,369		Valmet Corp		4,489
	52,307	e	Valmont Industries, Inc		6,218
	45,371	*	Vectrus, Inc		1,128
	26,699	*,e	Veritiv Corp		973
	581,185		Vestas Wind Systems AS		28,968
	2,113,800		Vesuvius plc		14,088
	50,995	*,e	Vicor Corp		622
	1,270,924		Vinci S.A.		73,762
	245,823		Voltas Ltd		1,214
	36,000		Voltronic Power Technology Corp		454
	6,202,723		Volvo AB (B Shares)		77,022
	8,897	e	Vossloh AG.		531
	128,976	e	W.W. Grainger, Inc		30,522
	192,638	*	Wabash National Corp		2,416
	453,689	*	WABCO Holdings, Inc		56,130
	72,458		Wacker Construction Equipment AG.		1,520
	17,983	e	Wajax Income Fund		310
	85,900		Wakita & Co Ltd		876
	3,228,400	*	Walsin Lihwa Corp		806
	2,601		Walter Meier AG.		104
	50,515		Wartsila Oyj (B Shares)		2,367
	61,210		Watsco, Inc		7,574
	131,826		Watts Water Technologies, Inc (Class A)		6,835
	824,674		WCT Berhad		310
	560,044		Weg S.A.		3,431
	608,434	e	Weichai Power Co Ltd		2,025
	900,695		Weir Group plc		24,006
	495,786	*,e	WESCO International, Inc		34,031
	428,233		Westinghouse Air Brake Technologies Corp		40,357
	55,188	*,e	Westport Innovations, Inc		260
	4,704,743		Wienerberger AG.		74,068
	43,810		Wilson Bayly Holmes-Ovcon Ltd		357
	318,059		Wolseley plc		20,284
	174,677		Woodward Governor Co		9,605
	74,733	e	WSP Global, Inc		2,352
	27,708	*	Xerium Technologies, Inc		504
	98,112		Xxentria Technology Materials Corp		292
	695,177		Xylem, Inc		25,770
	10,395		Y G-1 Co Ltd		134
	73,500		Yahagi Construction Co Ltd		521
	25,200		YAMABIKO Corp		1,152
	134,900		Yamazen Corp		1,231
	8,212,349	e	Yangzijiang Shipbuilding		8,626
	136,529		Yazicilar Holding AS		1,057
	364,800		Yinson Holdings BHD		295
	105,030	e	YIT Oyj		751
	28,700		Yokogawa Bridge Holdings Corp		286
	2,056,000		Yuanda China Holdings Ltd		159
	44,400		Yuasa Trading Co Ltd		1,062
	856,000		Yungtay Engineering Co Ltd		1,646
	159,000		Yurtec Corp		1,149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,200		Yushin Precision Equipment Co Ltd	$	184
	70,618	e	Zardoya Otis S.A.		771
	24,631		Zehnder Group AG.		919
	187,400		Zhengzhou Coal Mining Machinery Group Co Ltd		130
	2,922,395		Zhuzhou CSR Times Electric Co Ltd		21,845
	107,334		Zodiac S.A.		3,496
	62,974		Zumtobel AG.		1,871
			TOTAL CAPITAL GOODS		9,089,632

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	32,000	*,e	51job, Inc (ADR)		1,064
	597,719	*	AA plc		3,483
	175,389		ABM Industries, Inc		5,765
	350,619	e	Acacia Research (Acacia Technologies)		3,075
	322,593	*	ACCO Brands Corp		2,507
	166,643		Adcorp Holdings Ltd		445
	686,589		Adecco S.A.		55,722
	119,552		Administaff, Inc		6,085
	736,698	e	ADT Corp		24,731
	113,862	*	Advisory Board Co		6,225
	67,200		Aeon Delight Co Ltd		2,059
	132,647		AF AB		1,803
	64,085		Aggreko plc		1,448
	18,921		Akka Technologies S.A.		673
	402,437		ALS Ltd		1,814
	4,751		Amadeus Fire AG		424
	55,425		American Banknote S.A.		854
	60,595	e	American Ecology Corp		2,952
	101,312	*	Applus Services S.A.		1,197
	110,043	*	ARC Document Solutions, Inc		837
	18,363	e	Assystem		327
	10,400	e	Asukanet Co Ltd		200
	258,346		Atkins WS plc		6,149
	213,890		Babcock International Group		3,624
	20,636		Barrett Business Services, Inc		749
	438,000	*	Beijing Development HK Ltd		127
	16,900	e	Benefit One, Inc		379
	16,162		Bertrandt AG.		2,121
	491,012	e	Bilfinger Berger AG.		18,571
	176,597	e	Black Diamond Group Ltd		2,476
	749,703		Blue Label Telecoms Ltd		499
	132,445		Brady Corp (Class A)		3,277
	2,955,809		Brambles Ltd		24,113
	137,041		Brink’s Co		4,033
	162,000		Broad Greenstate International Co Ltd		88
	58,807	e	Brunel International NV		1,164
	203,159		Bureau Veritas S.A.		4,683
	380,483	e	Cabcharge Australia Ltd		1,074
	116,833		Cape plc		464
	633,969		Capita Group plc		12,318
	4,372,000	*,e	Capital Environment Holdings Ltd		327
	111,829	*,e	Casella Waste Systems, Inc (Class A)		627

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	216,560	e	Caverion Corp	$	2,156
	136,703	*,e	CBIZ, Inc		1,318
	61,244		CDI Corp		796
	162,981		CEB, Inc		14,189
	92,008	e	Ceco Environmental Corp		1,042
	113,171	*,e	Cenveo, Inc		240
	14,598		Cewe Color Holding AG.		817
	3,476,259		China Everbright International Ltd		6,226
	387,077		Cintas Corp		32,743
	594,663		Civeo Corp		1,826
	254,148	*,e	Clean Harbors, Inc		13,658
	62,000		Cleanaway Co Ltd		367
	299,349	e	CNH Industrial NV (NYSE)		2,778
	31,200		Contax Participacoes S.A.		53
	411,859	*,e	Copart, Inc		14,613
	252,576		Covanta Holding Corp		5,352
	43,403	*	CRA International, Inc		1,210
	100,473		Credit Corp Group Ltd		943
	577,611		Dai Nippon Printing Co Ltd		5,960
	34,700		Daiseki Co Ltd		671
	377,857		Davis Service Group plc		6,049
	99,755		De La Rue plc		823
	150,812		Deluxe Corp		9,350
	77,114		Derichebourg		248
	424,946		Downer EDI Ltd		1,564
	112,279		Dun & Bradstreet Corp		13,698
	107,198		Duskin Co Ltd		1,852
	337,000	*	Dynagreen Environmental Protection Group Co Ltd		231
	278,755		Eastern Media International Corp		57
	1,480,262		Edenred		36,575
	622,486	g	Elior Participations S.C.A		12,484
	60,926	*	Elis S.A.		1,197
	10,400		en-japan, Inc		186
	119,479		Ennis, Inc		2,221
	436,992		Equifax, Inc		42,428
	108,420	e	Essendant, Inc		4,255
	1,277,973		Experian Group Ltd		23,244
	115,594		Exponent, Inc		5,176
	45,429	*	Franklin Covey Co		922
	138,215	*	FTI Consulting, Inc		5,700
	15,463,000	*,m	Fung Choi Media Group Ltd		115
	65,379		G & K Services, Inc (Class A)		4,520
	25,019		Gategroup Holding AG.		790
	8,497		GL Events		171
	61,364	*	GP Strategies Corp		2,040
	11,763,945		Group 4 Securicor plc		49,603
	3,014		Groupe CRIT		152
	34,147		Gunnebo AB		151
	8,999,216		Hays plc		23,079
	194,877	e	Healthcare Services Group		6,441
	47,047		Heidrick & Struggles International, Inc		1,227
	27,680	*	Heritage-Crystal Clean, Inc		407

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	162,477		Herman Miller, Inc	$	4,700
	128,085	*	Hill International, Inc		674
	198,065	e	HNI Corp		10,131
	423,263		Homeserve plc		2,865
	160,634	e	Horizon North Logistics, Inc		495
	87,863	*	Huron Consulting Group, Inc		6,158
	70,533	*	ICF International, Inc		2,459
	592,156	*	ICO Global Communications Holdings Ltd		811
	135,557	*	IHS, Inc (Class A)		17,437
	92,560	*	Innerworkings, Inc		617
	708,100		Inter Far East Engineering		253
	250,954		Interface, Inc		6,286
	115,666		Intertek Group plc		4,447
	283,895		Intrum Justitia AB		8,597
	3,040,000	*	iOne Holdings Ltd		200
	81,874		IPH Ltd		297
	142,337		ISS A.S.		4,688
	34,100		Itoki Corp		195
	10,148		Kaba Holding AG.		6,040
	180,502		KAR Auction Services, Inc		6,751
	20,000		KD Holding Corp		110
	87,334		Kelly Services, Inc (Class A)		1,341
	68,873		KEPCO Plant Service & Engineering Co Ltd		7,286
	98,131		Kforce, Inc		2,244
	155,308		Kimball International, Inc (Class B)		1,889
	141,207		Knoll, Inc		3,534
	247,300		Kokuyo Co Ltd		2,129
	202,853		Korn/Ferry International		7,053
	149,000		Kyodo Printing Co Ltd		423
	122,090		Loomis AB		3,424
	389,413		Manpower, Inc		34,806
	13,962		Matsuda Sangyo Co Ltd		171
	109,293		Matthews International Corp (Class A)		5,808
	90,438		McGrath RentCorp		2,752
	68,145		McMillan Shakespeare Ltd		635
	28,800		Meitec Corp		1,074
	462,540		Michael Page International plc		3,956
	140,698	e	Mineral Resources Ltd		715
	45,233	*	Mistras Group, Inc		859
	360,495	e	Mitie Group		1,785
	17,872		Mitsubishi Pencil Co Ltd		844
	150,192	e	Mobile Mini, Inc		6,314
	110,796		Moleskine S.p.A		175
	58,699	e	Morneau Sobeco Income Fund		781
	42,800		Moshi Moshi Hotline, Inc		479
	148,152		MSA Safety, Inc		7,187
	33,199		Multi-Color Corp		2,121
	207,645	*	Navigant Consulting, Inc		3,088
	246,535		Nielsen Holdings NV		11,037
	31,300		Nihon M&A Center, Inc		1,290
	5,900		Nippon Kanzai Co Ltd		134
	177,100	*	Nippon Parking Development Co Ltd		257

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	119,660	e	Nissha Printing Co Ltd	$	2,026
	25,045		NL Industries, Inc		186
	34,600		Nomura Co Ltd		420
	152,100		Okamura Corp		1,325
	212,752	*	On Assignment, Inc		8,357
	61,068		Oyo Corp		820
	144,500		Park24 Co Ltd		2,474
	27,976	*,e	Performant Financial Corp		91
	32,000		Pilot Corp		1,250
	738,235		Pitney Bowes, Inc		15,363
	141,119	e	Progressive Waste Solutions Ltd		3,785
	662,271	e	Prosegur Cia de Seguridad S.A.		3,642
	135,895		Quad		2,515
	3,075	*,e	Quest Resource Holding Corp		3
	1,168,457	e	R.R. Donnelley & Sons Co		20,366
	188,040		Randstad Holdings NV		12,235
	305,854		Recall Holdings Ltd		1,632
	136,859		Recruit Holdings Co Ltd		4,173
	781,952		Regus plc		3,204
	4,193,784		Rentokil Initial plc		9,740
	685,439		Republic Services, Inc		26,849
	135,249		Resources Connection, Inc		2,176
	264,043	e	Ritchie Bros Auctioneers, Inc		7,367
	739,872		Robert Half International, Inc		41,063
	304,887		Rollins, Inc		8,698
	294,282		RPS Group plc		1,042
	372,691	*	RPX Corp		6,298
	22,003		S1 Corp (Korea)		1,547
	599,144		SAI Global Ltd (New)		1,923
	23,552		Sato Corp		665
	3,289		Seche Environnement S.A.		113
	192,754		Secom Co Ltd		12,522
	583,307		Securitas AB (B Shares)		7,704
	601,745	e	Seek Ltd		6,521
	1,079,254	e	Serco Group plc		2,001
	247,010		SG Fleet Group Ltd		471
	5,226		SGS S.A.		9,530
	214,100		Shanghai Youngsun Investment C		329
	555,654		Shanks Group plc		888
	171,625		Shenzhen Dongjiang Environmental Co Ltd		370
	87,713		Societe BIC S.A.		13,984
	60,300		Sohgo Security Services Co Ltd		2,381
	69,430	*	SP Plus Corp		1,813
	52,107		Sporton International, Inc		351
	863,950		Spotless Group Holdings Ltd		1,391
	208,719	e	Stantec, Inc		6,099
	358,888		Steelcase, Inc (Class A)		6,787
	459,416	*	Stericycle, Inc		61,520
	7,634		Synergie S.A		186
	553,520		Taiwan Secom Co Ltd		1,665
	383,670		Taiwan-Sogo Shinkong Security Corp		498
	57,118	*	Team, Inc		2,299

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,100		TechnoPro Holdings, Inc	$	581
	230,179		Teleperformance		16,262
	62,300		Temp Holdings Co Ltd		2,248
	207,400		Tetra Tech, Inc		5,318
	310,000		Tianjin Capital Environmental Protection Group Co Ltd		251
	142,400		Toppan Forms Co Ltd		1,960
	454,669		Toppan Printing Co Ltd		3,801
	174,446	e	Towers Watson & Co		21,945
	331,183		Tox Free Solutions Ltd		772
	192,048		Transcontinental, Inc		2,366
	1,813,490	*	Transfield Services Ltd		1,990
	1,504,275	e	Transpacific Industries Group Ltd		894
	13,597	*	TRC Cos, Inc		138
	150,147	*	TriNet Group, Inc		3,806
	168,759	*	TrueBlue, Inc		5,046
	2,134,353		Tyco International plc		82,130
	51,408		Unifirst Corp		5,750
	61,830	e	USG People NV		918
	1,976,169		Veda Group Ltd		3,379
	932,210	*	Verisk Analytics, Inc		67,828
	55,544		Viad Corp		1,506
	10,754	*	Volt Information Sciences, Inc		104
	11,506		VSE Corp		616
	148,994	*	WageWorks, Inc		6,027
	76,842		Waste Connections, Inc		3,621
	1,156,199		Waste Management, Inc		53,590
	108,410		West Corp		3,263
	273,451		Yem Chio Co Ltd		111
	527,500	e	Yestar International Holdings Co Ltd		237
	401,987	e	Yumeshin Holdings Co Ltd		2,563
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,403,948

CONSUMER DURABLES & APPAREL - 2.3%
	753,000		361 Degrees International Ltd		249
	1,065,000		Ability Enterprise Co Ltd		573
	40,968	*	Accell Group NV		762
	1,290,897		Adidas-Salomon AG.		98,772
	20,075	*	Agabang&Company		193
	293,677		Aksa Akrilik Kimya Sanayii		1,200
	223,200		Alpine Electronics, Inc		4,299
	204,358		Altek Corp		187
	329,082		Amer Sports Oyj (A Shares)		8,770
	2,457,949		AmTRAN Technology Co Ltd		1,394
	3,257,586		Anta Sports Products Ltd		7,901
	226,670		Arcelik AS		1,229
	71,693		Arctic Cat, Inc		2,381
	43,000	*	Arezzo Industria e Comercio S.A.		332
	113,962	*,m	Arvind Infrastructure Ltd		0	^
	1,153,168		Arvind Ltd		4,858
	24,438		Asics Corp		631
	2,501,741		Avermedia Technologies		870
	24,035		Bajaj Electricals Ltd		103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,995	*,e	Bang & Olufsen AS (B Shares)	$	344
	1,927,547		Barratt Developments plc		18,592
	6,853		Basic House Co Ltd		94
	16,333		Bassett Furniture Industries, Inc		464
	14,271		Bata India Ltd		237
	76,194	*,e	Beazer Homes USA, Inc		1,520
	5,448,711		Belle International Holdings Ltd		6,277
	350,454		Bellway plc		13,054
	316,265		Berkeley Group Holdings plc		16,619
	68,000		Best Pacific International Holdings Ltd		33
	3,668		Bijou Brigitte AG.		230
	647,049	*,e	Billabong International Ltd		286
	59,251	*	Black Diamond, Inc		547
	317,444		Bombay Dyeing & Manufacturing Co Ltd		366
	2,805,300	e	Bosideng International Holdings Ltd		365
	380,283		Bovis Homes Group plc		6,651
	37,303	*	BRP, Inc		872
	25,699	e	Brunello Cucinelli S.p.A		481
	112,698		Brunswick Corp		5,732
	591,186		Burberry Group plc		14,585
	225,146	e	Callaway Golf Co		2,013
	302,259		Carter’s, Inc		32,130
	365,615	e	Casio Computer Co Ltd		7,212
	26,971	*	Cavco Industries, Inc		2,035
	16,253		CCC S.A.		753
	780,000		Cecep Costin New Materials Grp Ltd		476
	14,198	*	Century Communities, Inc		286
	37,696	*	Cherokee, Inc		1,062
	444,000		China Creative Home Group Ltd		85
	2,811,400	e	China Dongxiang Group Co		743
	2,085,000	*	China Household Holdings Ltd		145
	1,016,000		China Lilang Ltd		1,163
	19,100		Chofu Seisakusho Co Ltd		449
	1,264	*	Chokwang Leather Co Ltd		138
	116,298		Christian Dior S.A.		22,768
	750,135		Cie Financiere Richemont S.A.		60,969
	1,338,000		Citychamp Watch & Jewellery Group Ltd		209
	115,000	e	Clarion Co Ltd		335
	19,200		Cleanup Corp		140
	1,554,169		Coach, Inc		53,790
	74,213		Columbia Sportswear Co		4,487
	684,800	*	Consorcio ARA, S.A. de C.V.		261
	14,900		Corona Corp		145
	654,100	*,e,m	Corp GEO S.A. de C.V. (Series B)		0	^
	443,000	g	Cosmo Lady China Holdings Co Ltd		436
	268,181		Crest Nicholson Holdings plc		2,365
	222,913	*	CROCS, Inc		3,279
	25,318		CSS Industries, Inc		766
	24,529		Culp, Inc		760
	1,291,258		Cyrela Brazil Realty S.A.		4,112
	155,811	*,e	Deckers Outdoor Corp		11,214
	53,615		De’Longhi S.p.A.		1,229

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,694		Delta-Galil Industries Ltd	$	281
	42,190		Descente Ltd		633
	456,900		Direcional Engenharia S.A.		742
	17,045	*,e	Dixie Group, Inc		179
	26,296		Dorel Industries, Inc (Class B)		703
	1,346,171		DR Horton, Inc		36,831
	77,365		Duni AB		1,048
	1,164,855		Eclat Textile Co Ltd		19,113
	1,432,327		Electrolux AB (Series B)		44,879
	28,738	e	Escalade, Inc		529
	71,587	e	Ethan Allen Interiors, Inc		1,886
	198,300		Even Construtora e Incorporadora S.A.		210
	54,099		Ez Tec Empreendimentos e Participacoes S.A.		252
	267,000		Feng TAY Enterprise Co Ltd		1,550
	14,900		Fields Corp		240
	9,116		Fila Korea Ltd		907
	16,193		Flexsteel Industries, Inc		698
	3,057		Forbo Holding AG.		3,636
	582,852		Formosa Taffeta Co Ltd		619
	99,319		Forus S.A.		356
	133,775	*,e	Fossil Group, Inc		9,279
	57,291		Foster Electric Co Ltd		1,287
	107,000		France Bed Holdings Co Ltd		165
	504,800	e	Fuguiniao Co Ltd		930
	87,000		Fujibo Holdings Inc		202
	90,000		Fujitsu General Ltd		1,153
	155,700	*	Funai Electric Co Ltd		1,732
	313,400		Gafisa S.A.		241
	154,430	e	Garmin Ltd		6,784
	72,754	*,e	Geox S.p.A.		283
	24,907	e	Gerry Weber International AG.		571
	286,379		Giant Manufacturing Co Ltd		2,424
	113,340	*	G-III Apparel Group Ltd		7,973
	256,786		Gildan Activewear, Inc		8,530
	5,740,000	*	Global Brands Group Holding Ltd		1,206
	32,000		Goldwin, Inc		229
	682,000		Goodbaby International Holding		285
	487,401	*	GoPro, Inc		25,696
	25,871	*	Green Brick Partners, Inc		283
	269,637	e	GUD Holdings Ltd		1,842
	993,000		Gunze Ltd		2,716
	4,430,983		Haier Electronics Group Co Ltd		11,930
	2,994,000	*,e	Haier Healthwise Holdings Ltd		343
	12,771		Handsome Co Ltd		408
	2,714,514		Hanesbrands, Inc		90,448
	61,874		Hansae Co Ltd		2,114
	34,819		Hansae Yes24 Holdings Co Ltd		657
	33,931		Hanssem Co Ltd		8,544
	561,901		Harman International Industries, Inc		66,833
	399,074		Hasbro, Inc		29,847
	363,400		Haseko Corp		4,281
	737,348		Hefei Meiling Co Ltd		627

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	188,900		Heiwa Corp	$	3,760
	314,350		Helbor Empreendimentos S.A.		203
	122,725	*	Helen of Troy Ltd		11,964
	35,693		Hermes International		13,327
	381,000	*	Hisense Kelon Electrical Holdings Co Ltd		336
	5,577		Hitachi Home & Life Solutions India Ltd		139
	25,855	*	HLB, Inc		913
	15,417		Hooker Furniture Corp		387
	1,508,000	e	Hosa International Ltd		757
	329,129	*,e	Hovnanian Enterprises, Inc (Class A)		876
	192,888		Hugo Boss AG.		21,564
	121,500		Hume Industries BHD		122
	328,150		Husqvarna AB (B Shares)		2,472
	69,382		Huvis Corp		674
	9,463		Hyundai Livart Furniture Co Ltd		464
	18,173		IC Companys AS		508
	133,924	*,e	Iconix Brand Group, Inc		3,344
	374,453		Iida Group Holdings Co Ltd		5,953
	1,159		Ilshin Spinning Co Ltd		218
	51,214	*	Installed Building Products Inc		1,254
	82,543	*,e	iRobot Corp		2,631
	52,699	*,e	Jakks Pacific, Inc		521
	27,000		Japan Vilene Co Ltd		177
	56,000		Japan Wool Textile Co Ltd		431
	2,847,504	*	Jarden Corp		147,358
	3,100,000	*,g	Jicheng Umbrella Holdings Ltd		832
	110,465	*	Jimmy Choo plc		272
	178,499	*	Jinshan Development & Construction Co Ltd		204
	252,087		JM AB		6,871
	423,020		Johnson Health Tech Co Ltd		984
	14,724		Johnson Outdoors, Inc		347
	678,000	*	JVC KENWOOD Holdings, Inc		1,850
	919,995	*	Kate Spade & Co		19,817
	291,585	e	KB Home		4,840
	981,000	*	Kinpo Electronics		364
	11,525		Kitex Garments Ltd		181
	39,150		KMC Kuei Meng International In		176
	1,950,000	*	Kong Sun Holdings Ltd		324
	1,327,800		Konka Group Co Ltd		2,633
	432,000		Kurabo Industries Ltd		925
	808		Kyungbang Ltd		180
	527,204		Lao Feng Xiang Co Ltd		2,886
	339,453		La-Z-Boy, Inc		8,941
	858,000		Le Saunda Holdings		413
	537,776	*	Lealea Enterprise Co Ltd		177
	175,706	*,e	Leapfrog Enterprises, Inc		246
	180,454		Leggett & Platt, Inc		8,785
	9,015	*	Lennar Corp (B Shares)		389
	254,346		Lennar Corp (Class A)		12,982
	111,823		LG Electronics, Inc		4,728
	61,577		LG Fashion Corp		1,670
	37,276	*,e	LGI Homes, Inc		737

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,320,520	*,e	Li Ning Co Ltd	$	603
	377,491	*	Li Peng Enterprise Co Ltd		124
	57,278		Libbey, Inc		2,367
	48,313		Lifetime Brands, Inc		714
	13,137	*	LiHOM-CUCHEN Co Ltd		167
	1,196		LPP S.A.		2,115
	265,428	*,e	Lululemon Athletica, Inc		17,332
	1,033,050		Luthai Textile Co Ltd		1,650
	335,801		Luxottica Group S.p.A.		22,337
	296,221		LVMH Moet Hennessy Louis Vuitton S.A.		52,079
	68,982	*,e	M/I Homes, Inc		1,702
	351,951		Makalot Industrial Co Ltd		3,027
	68,404	*	Malibu Boats Inc		1,374
	1,921,200	e	Man Wah Holdings Ltd		1,884
	6,442	*,m	Mariella Burani S.p.A.		0	^
	34,255	e	Marine Products Corp		214
	5,700		Mars Engineering Corp		101
	1,687,383		Matsushita Electric Industrial Co Ltd		23,111
	5,680,387	e	Mattel, Inc		145,929
	424,400		MC Group PCL		169
	105,195	e	MDC Holdings, Inc		3,153
	214,537		Merida Industry Co Ltd		1,391
	122,215	*	Meritage Homes Corp		5,755
	650,860	*	Michael Kors Holdings Ltd		27,395
	38,100		Misawa Homes Co Ltd		331
	40,000		Mitsui Home Co Ltd		185
	92,000	e	Mizuno Corp		436
	260,971	*	Mohawk Industries, Inc		49,819
	426,234		Moncler S.p.A		7,898
	131,071		Movado Group, Inc		3,560
	1,274,765		MRV Engenharia e Participacoes S.A.		3,202
	11,485		Nacco Industries, Inc (Class A)		698
	338,735		Namco Bandai Holdings, Inc		6,546
	35,000		Nan Liu Enterprise Co Ltd		210
	213,990	*	Nautilus, Inc		4,603
	20,892	*,e	New Home Co Inc		360
	42,717		New Wave Group AB (B Shares)		220
	2,177,651		Newell Rubbermaid, Inc		89,523
	479,129		Nien Hsing Textile Co Ltd		417
	3,067,856		Nike, Inc (Class B)		331,390
	157,324	e	Nikon Corp		1,818
	111,832	e	Nobia AB		1,173
	43,625	*	NVR, Inc		58,458
	938,531		Onward Kashiyama Co Ltd		6,471
	279,153		Oriental Weavers		378
	1,382,809	*,g	OVS S.p.A		8,132
	44,145		Oxford Industries, Inc		3,860
	568,000	*,e,g	Ozner Water International Holding Ltd		203
	707,778		Pacific Textile Holdings Ltd		1,130
	8,933		Page Industries Ltd		2,118
	267,000		PanaHome Corp		1,900
	163,912		Pandora AS		17,588

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	89,998	*	PDG Realty S.A.	$	10
	77,286	*	PDG Realty S.A. Empreendimentos e Participacoes (ADR)		9
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	1,459,000	e	Peak Sport Products Co Ltd		356
	15,899		Pegas Nonwovens S.A.		537
	309,988	*	Performance Sports Group Ltd		5,580
	84,355	*	Performance Sports Group Ltd (Canada)		1,518
	45,500	*	Perry Ellis International, Inc		1,082
	365,232		Persimmon plc		11,332
	53,989		Phillips-Van Heusen Corp		6,220
	35,855		PIK Group (GDR)		114
	11,358,800	*	Pioneer Corp		20,681
	8,104,857		Playmates Holdings Ltd		9,864
	2,344,000		Playmates Toys Ltd		453
	156,749		Polaris Industries, Inc		23,216
	123,648		Pool Corp		8,678
	2,291,935		Pou Chen Corp		3,269
	6,600		Pressance Corp		221
	970,200	e	Prime Success International Group Ltd		243
	7,292,100		PT Sri Rejeki Isman Tbk		166
	1,153,873		Pulte Homes, Inc		23,251
	227,000		Q Technology Group Co Ltd		79
	166,310		Rajesh Exports Ltd		851
	99,783		Ralph Lauren Corp		13,207
	70,766		Raymond Ltd		517
	600,608		Redrow plc		4,180
	64,700		Restoque Comercio e Confeccoes de Roupas S.A.		135
	26,797		Rinnai Corp		2,110
	1,554,562		Ruentex Industries Ltd		3,559
	136,570	e	Ryland Group, Inc		6,333
	30,576	*,e	Safilo Group S.p.A.		441
	55,838		Salvatore Ferragamo Italia S.p.A		1,677
	51,114		Samick Musical Instruments Co Ltd		217
	837,000		Sampo Corp		363
	989,000		Samson Holding Ltd		131
	56,900		Sangetsu Co Ltd		866
	57,321		Sankyo Co Ltd		2,029
	122,400		Sanyo Electric Taiwan Co Ltd		109
	329,000		Sanyo Shokai Ltd		905
	22,270		SEB S.A.		2,080
	283,494		Sega Sammy Holdings, Inc		3,707
	384,000	e	Seiko Holdings Corp		1,942
	1,122,030		Seiren Co Ltd		11,859
	801,295		Sekisui Chemical Co Ltd		9,837
	1,599,977		Sekisui House Ltd		25,409
	49,412	*,e	Sequential Brands Group, Inc		756
	385,900	*	Shanghai Haixin Group Co		336
	228,365	*,e	Sharp Corp		278
	223,400	*	Shenzhen China Bicycle Co Holdings Ltd		243
	659,493		Shenzhou International Group Holdings Ltd		3,207
	29,845		Shimano, Inc		4,073
	263,000		Shinkong Textile Co Ltd		325

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	865,000		Sitoy Group Holdings Ltd	$	575
	213,484	*	Skechers U.S.A., Inc (Class A)		23,438
	58,269	*	Skullcandy, Inc		447
	7,576,401		Skyworth Digital Holdings Ltd		6,745
	150,343	*,e	Smith & Wesson Holding Corp		2,494
	5,967,987	*	Sony Corp		169,472
	377,767	*,e	Sony Corp (ADR)		10,725
	14,447		SRF Ltd		280
	9,000		SRI Sports Ltd		87
	504,538	*,e	Standard-Pacific Corp		4,495
	25,800		Starts Corp, Inc		402
	3,257,039	e	Steinhoff International Holdings Ltd		20,613
	262,287	*	Steven Madden Ltd		11,221
	82,104	e	Sturm Ruger & Co, Inc		4,717
	149,854		Sumitomo Forestry Co Ltd		1,848
	11,132		Superior Uniform Group, Inc		184
	34,809		Swatch Group AG.		13,564
	220,051		Swatch Group AG. (Registered)		16,529
	6,656		Symphony Ltd		221
	906,537		Tainan Spinning Co Ltd		464
	617,600		Taiwan Paiho Ltd		1,741
	220,893		Takamatsu Corp		4,822
	15,800		Tamron Co Ltd		333
	1,951,298	*	Tatung Co Ltd		436
	129,673	*	Taylor Morrison Home Corp		2,640
	4,587,361		Taylor Wimpey plc		13,378
	3,990,000	e	TCL Multimedia Technology Holdings Ltd		2,695
	1,696,000		Techtronic Industries Co		5,545
	333,700		Tecnisa S.A.		346
	42,187		Ted Baker plc		1,933
	370,334	*	Tempur-Pedic International, Inc		24,405
	928,500	e	Texhong Textile Group Ltd		843
	1,430,000		Texwinca Holdings Ltd		1,518
	279,348		Thomson		1,827
	33,068	*,g	Thule Group AB		402
	1,444,000		Time Watch Investments Ltd		242
	12,078	e	Tod’s S.p.A.		1,147
	7,890		Token Corp		498
	276,965	*	Toll Brothers, Inc		10,577
	460,411	*	TomTom NV		5,227
	59,068	e	Tomy Co Ltd		308
	48,000		Topkey Corp		195
	79,000		Toung Loong Textile Manufacturing		333
	409,559	*	TRI Pointe Homes, Inc		6,266
	21,259		Trigano S.A.		856
	15,788,000	e	Trinity Ltd		2,729
	79,500		TSI Holdings Co Ltd		550
	2,278		TTK Prestige Ltd		139
	290,483	*,e	Tumi Holdings, Inc		5,961
	206,392	e	Tupperware Corp		13,321
	15,675	*,e	Turtle Beach Corp		36
	18,088	*	UCP, Inc (Class A)		137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,365	*	Under Armour, Inc (Class A)	$	15,467
	40,625	*	Unifi, Inc		1,361
	624,000	*	Unitika Ltd		296
	90,777	*	Universal Electronics, Inc		4,524
	208,800	e	Universal Entertainment Corp		4,717
	591,479	*,e,m	Urbi Desarrollos Urbanos S.A. de C.V		0	^
	9,981		Vaibhav Global Ltd		77
	33,377		Vardhman Textiles Ltd		355
	63,178	*,e	Vera Bradley, Inc		712
	76,167	*	Vestel Elektronik Sanayi		139
	1,464,959		VF Corp		102,166
	37,628		Videocon Industries Ltd		92
	102,413	*,e	Vince Holding Corp		1,227
	105,873	*	Vista Outdoor, Inc		4,754
	105,627		Wacoal Holdings Corp		1,234
	31,958	*	WCI Communities, Inc		779
	374,500		Weiqiao Textile Co		264
	3,572,000		Welling Holding Ltd		778
	19,186		Welspun India Ltd		193
	21,710	e	Weyco Group, Inc		647
	104,169		Whirlpool Corp		18,026
	45,859	*	Whirlpool of India Ltd		535
	46,788	*	William Lyon Homes, Inc		1,201
	282,390		Wolverine World Wide, Inc		8,042
	84,708		Woongjin Coway Co Ltd		6,935
	401,631		Wuxi Little Swan Co Ltd		948
	1,235,500		XTEP International Holdings		452
	93,350		Yamaha Corp		1,881
	16,500		Yondoshi Holdings, Inc		401
	20,596		Youngone Corp		1,016
	10,407		Youngone Holdings Co Ltd		821
	875,907		Yue Yuen Industrial Holdings		2,930
	986,000	e	Yuxing InfoTech Investment Holdings Ltd		499
	18,014	*	Zagg, Inc		143
	161,764		Zeng Hsing Industrial Co Ltd		836
	79,600		Zhonglu Co Ltd		306
	27,000	*	Zojirushi Corp		417
			TOTAL CONSUMER DURABLES & APPAREL		2,867,209

CONSUMER SERVICES - 1.9%
	40,768	*,e	2U, Inc		1,312
	467,263	e	888 Holdings plc		1,120
	85,000		Abril Educacao S.A.		346
	2,371,894		Accor S.A.		120,042
	52,600		Accordia Golf Co Ltd		497
	2,684,000		Accordia Golf Trust		1,373
	578,571		Advtech Ltd		544
	123,454	e	Ainsworth Game Technology Ltd		245
	8,068,000		Ajisen China Holdings Ltd		4,315
	468,002	e	Alsea SAB de C.V.		1,413
	110,761	*,e	Amaya, Inc		3,035
	317,000		Ambassador Hotel		278

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,254	*,e	American Public Education, Inc	$	1,241
	283,192	*	Apollo Group, Inc (Class A)		3,648
	2,193,354		ARAMARK Holdings Corp		67,928
	307,952		Aristocrat Leisure Ltd		1,816
	83,299	*,e	Ascent Media Corp (Series A)		3,560
	49,100	e	Atom Corp		330
	124,905	*	Autogrill S.p.A.		1,046
	2,305,743	*	Belmond Ltd.		28,799
	85,425		Benesse Corp		2,142
	608,974		Berjaya Sports Toto BHD		529
	218,718		Betfair Group plc		8,271
	120,043		Betsson AB		1,733
	95,941	*	BJ’s Restaurants, Inc		4,648
	22,168,700		Bloomberry Resorts Corp		4,230
	462,404		Bloomin’ Brands, Inc		9,872
	68,796		Bob Evans Farms, Inc		3,512
	94,258	*	Bojangles’, Inc		2,249
	534,376	*	Boyd Gaming Corp		7,989
	78,173	*	Bravo Brio Restaurant Group, Inc		1,059
	71,697	*	Bridgepoint Education, Inc		685
	80,594	*	Bright Horizons Family Solutions		4,658
	422,875		Brinker International, Inc		24,379
	81,383	*	Buffalo Wild Wings, Inc		12,752
	725,227		Bwin.Party Digital Entertainment plc		1,115
	142,466	*,e	Caesars Acquisition Co		980
	148,932	*,e	Caesars Entertainment Corp		911
	644,000		Cafe de Coral Holdings Ltd		2,326
	33,499	*	Cambium Learning Group, Inc		143
	70,338		Capella Education Co		3,775
	94,138	*	Cara Operations Ltd		2,600
	234,654	*	Career Education Corp		774
	1,208,843		Carnival Corp		59,705
	94,430		Carnival plc		4,828
	55,352		Carriage Services, Inc		1,322
	91,698	*	Carrols Restaurant Group, Inc		954
	150,694		Cheesecake Factory		8,218
	281,760	*,e	Chegg, Inc		2,209
	6,320,000	e	China LotSynergy Holdings Ltd		399
	282,000		China Maple Leaf Educational Systems Ltd		87
	2,348,000	e	China Travel International Inv HK		1,031
	3,505,000	*,e	China Vanguard Group Ltd		592
	97,226	*	Chipotle Mexican Grill, Inc (Class A)		58,821
	55,824		Choice Hotels International, Inc		3,028
	35,576		Churchill Downs, Inc		4,449
	293,044	*,e	Chuy’s Holdings, Inc		7,851
	9,105		Cie des Alpes		171
	61,823		City Lodge Hotels Ltd		706
	91,977		ClubCorp Holdings, Inc		2,196
	20,137		Collectors Universe		402
	53,200	e	Colowide Co Ltd		806
	540,909		Compass Group plc		8,946
	225,419	e	Corporate Travel Management Lt		1,792

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	114,970		Cox & Kings India Ltd	$	424
	67,137	e	Cracker Barrel Old Country Store, Inc		10,014
	14,200		Create Restaurants Holdings, Inc		324
	2,474		Credu Corp		122
	404,928		Crown Ltd		3,805
	170,800		CVC Brasil Operadora e Agencia de Viagens S.A.		1,033
	64,347		Daekyo Co Ltd		432
	127,000		Dahan Development Corp		329
	5,700		Daisyo Corp		70
	503,483		Darden Restaurants, Inc		35,788
	109,491	*	Dave & Buster’s Entertainment, Inc		3,952
	407,309	*	Del Frisco’s Restaurant Group, Inc		7,588
	497,823	*	Denny’s Corp		5,780
	183,917		DeVry, Inc		5,514
	110,910	*	Diamond Resorts International, Inc		3,499
	52,387		Dignity plc		1,764
	53,789		DineEquity, Inc		5,330
	7,524	e	DO & CO AG.		705
	269,902		Domino’s Pizza Enterprises Ltd		7,412
	446,145		Domino’s Pizza UK & IRL plc		5,447
	131,115		Domino’s Pizza, Inc		14,868
	97,600		Doutor Nichires Holdings Co Ltd		1,711
	2,313,690	*	Dubai Parks & Resorts PJSC		745
	71,645	e	Dunkin Brands Group, Inc		3,940
	2,585,400	e	Dynam Japan Holdings Co Ltd		3,779
	4,702,847		Echo Entertainment Group Ltd		15,787
	144,885		EIH Ltd		224
	35,561	*,e	El Pollo Loco Holdings, Inc		736
	64,788	*	Eldorado Resorts, Inc		507
	1,440,000		Emperor Entertainment Hotel Ltd		331
	42,288	*,e	Empire Resorts, Inc		215
	237,993	e	EnerCare, Inc		2,534
	488,963	*	Enterprise Inns plc		953
	1,474,000		Erawan Group PCL		186
	1,076,749		Estacio Participacoes S.A.		6,234
	158,632	*	Euro Disney SCA		235
	2,670,775		Extended Stay America, Inc		50,130
	185,715	e	Famous Brands Ltd		1,755
	7,921	*,e	Famous Dave’s of America, Inc		159
	74,557	*,e	Fiesta Restaurant Group, Inc		3,728
	224,330		First Hotel		152
	243,034	e	Flight Centre Ltd		6,388
	77,389	*	Fogo De Chao, Inc		1,792
	39,693		Formosa International Hotels Corp		335
	778,000	e	Fu Shou Yuan International Group Ltd		432
	55,000		Fuji Kyuko Co Ltd		477
	65,000		Fujita Kanko, Inc		210
	297,153	e	G8 Education Ltd		747
	31,800		GAEC Educacao S.A.		222
	1,784,155		Galaxy Entertainment Group Ltd		7,099
	2,185,708		Genting BHD		4,668
	4,772,993	e	Genting International plc		3,169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	228,385		Gold Reef Resorts Ltd	$	458
	56,000		Gourmet Master Co Ltd		271
	1,663		Graham Holdings Co		1,788
	180,292	*	Grand Canyon Education, Inc		7,644
	28,509		Grand Korea Leisure Co Ltd		795
	129,315	*	Great Canadian Gaming Corp		2,486
	299,857	e	Greene King plc		3,980
	509,000		GuocoLeisure Ltd		376
	140,235		GVC Holdings plc		997
	627,292		H&R Block, Inc		18,599
	28,992	*,e	Habit Restaurants, Inc		907
	1,125,000	*,g	Haichang Holdings Ltd		246
	8,074		Hana Tour Service, Inc		921
	11,500		Hiday Hidaka Corp		282
	3,350,069	*	Hilton Worldwide Holdings, Inc		92,294
	26,400		Hiramatsu Inc		178
	104,400		HIS Co Ltd		3,556
	658,737	*,e	Homeinns Hotel Group (ADR)		20,368
	242,700	*,e	Hoteles City Express SAB de C.V.		352
	480,475	*	Houghton Mifflin Harcourt Co		12,108
	146,850		Huangshan Tourism Development Co Ltd		284
	250,493	*	Hyatt Hotels Corp		14,200
	7,700	e	Ichibanya Co Ltd		317
	17,362	*,e	Ignite Restaurant Group, Inc		85
	486,891	*	Indian Hotels Co Ltd		698
	89,134		InterContinental Hotels Group plc		3,594
	187,649	*,e	International Game Technology plc		3,333
	94,165		International Speedway Corp (Class A)		3,453
	51,640		Intertain Group Ltd		712
	393,484		Interval Leisure Group, Inc		8,991
	104,666	*	Intralot S.A.-Integrated Lottery Systems & Services		190
	96,119	*	Intrawest Resorts Holdings Inc		1,117
	106,012	e	Invocare Ltd		988
	179,160	*	Isle of Capri Casinos, Inc		3,252
	160,134		Jack in the Box, Inc		14,117
	48,495	*,e	Jamba, Inc		751
	1,689		Jinmao Investments and Jinmao China Investments Holdings Ltd		1
	524,692		Jollibee Foods Corp		2,295
	26,341	*	Jubilant Foodworks Ltd		768
	278,695	*,e	K12, Inc		3,526
	388,261		Kangwon Land, Inc		12,866
	17,500	*	Kappa Create Co Ltd		165
	18,200	e	Kisoji Co Ltd		300
	99,000	*	KNT-CT Holdings Co Ltd		131
	20,604	*	Kona Grill, Inc		400
	7,400	e	Koshidaka Holdings Co Ltd		190
	815,333		Kosmopolito Hotels International Ltd		168
	251,594	*	Krispy Kreme Doughnuts, Inc		4,846
	3,590,624		Kroton Educacional S.A.		13,731
	4,513		Kuoni Reisen Holding		1,175
	9,800		Kura Corp		311

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	10,500	e	Kyoritsu Maintenance Co Ltd	$	675
	304,886	*	La Quinta Holdings, Inc		6,967
	904,404		Ladbrokes plc		1,844
	495,268		Las Vegas Sands Corp		26,036
	9,234	e	Liberty Tax, Inc		229
	468,418	*,e	LifeLock, Inc		7,682
	3,128,000	*,e	Macau Legend Development Ltd		1,020
	420,607	e	Macquarie Leisure Trust Group		703
	579,200		Magnum BHD		407
	175,830		Mantra Group Ltd		463
	62,151		Marcus Corp		1,192
	288,208		Marriott International, Inc (Class A)		21,440
	72,331		Marriott Vacations Worldwide Corp		6,636
	563,237		Marston’s plc		1,422
	6,900		Matsuya Foods Co Ltd		133
	1,200,000	*	Max’s Group, Inc		655
	1,868,882		McDonald’s Corp		177,675
	11,153	e	McDonald’s Holdings Co Japan Ltd		236
	8,587		MegaStudy Co Ltd		298
	17,300		Meiko Network Japan Co Ltd		204
	43,268,700	*	Melco Crown Philippines Resorts Corp		4,911
	2,665,000	e	Melco International Development		3,763
	182,772	e	Melco PBL Entertainment Macau Ltd (ADR)		3,588
	86,953	e	Melia Hotels International S.A.		1,148
	1,217,252	g	Merlin Entertainments plc		8,164
	1,130,500		MGM China Holdings Ltd		1,846
	2,521,129	*,n	MGM Resorts International		46,011
	4,706,500		Minor International PCL (Foreign)		4,169
	202,069	*	Mitchells & Butlers plc		1,448
	9,261		Modetour Network, Inc		275
	35,004	*	Monarch Casino & Resort, Inc		720
	84,260	*	Morgans Hotel Group Co		568
	23,200	e	MOS Food Services, Inc		482
	13,937	e	MTY Food Group, Inc		370
	5,345	e	Nathan’s Famous, Inc		198
	237,284	e	Navitas Ltd		783
	156,487	*	NET Holding AS		202
	13,205	*	New Oriental Education & Technology Group (ADR)		324
	185,695	*,e	NH Hoteles S.A.		1,068
	33,633	*,e	Noodles & Co		491
	1,708,013	*	Norwegian Cruise Line Holdings Ltd		95,717
	9,800		Ohsho Food Service Corp		338
	272,874		OPAP S.A.		2,176
	12,137	*	Orascom Development Holding AG.		151
	316,200		Oriental Land Co Ltd		20,170
	414,600	e	Overseas Union Enterprise Ltd		613
	25,400		Pacific Golf Group International Holdings KK		271
	117,951		Paddy Power plc		10,108
	26,998	*	Panera Bread Co (Class A)		4,718
	207,740		Papa John’s International, Inc		15,707
	644,227	*,e	Papa Murphy’s Holdings, Inc		13,348
	106,617		Paradise Co Ltd		2,297

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	456,000	e	Paradise Entertainment Ltd	$	129
	340,605	*,e	Penn National Gaming, Inc		6,250
	396,800		Philweb Corp		166
	5,200	*	Pierre & Vacances		166
	203,327	*	Pinnacle Entertainment, Inc		7,580
	18,800		Plenus Co Ltd		338
	121,884	*,e	Popeyes Louisiana Kitchen, Inc		7,312
	43,738	*,e	Potbelly Corp		536
	337,000		Prestariang BHD		232
	40,938	*	Red Robin Gourmet Burgers, Inc		3,513
	717,000	e	Regal Hotels International Holdings Ltd		450
	232,178	*	Regis Corp		3,659
	3,302,334		Resorts World BHD		3,674
	70,800		Resorttrust, Inc		1,721
	6,983		Restaurant Brands International LP		255
	2,374,027	e	Restaurant Brands International, Inc		90,712
	163,886	e	Restaurant Brands International, Inc (Toronto)		6,281
	197,935		Restaurant Group plc		2,165
	379,716		Retail Food Group Ltd		1,589
	8,389,567	e	REXLot Holdings Ltd		476
	80,493	e	Rezidor Hotel Group AB		320
	16,100		Ringer Hut Co Ltd		342
	64,400		Round One Corp		314
	126,962	e	Royal Caribbean Cruises Ltd		9,991
	28,400	e	Royal Holdings Co Ltd		474
	181,905	*	Ruby Tuesday, Inc		1,141
	160,429		Ruth’s Chris Steak House, Inc		2,586
	28,700	e	Saizeriya Co Ltd		637
	2,420,495		Sands China Ltd		8,135
	145,726	*,e	Scientific Games Corp (Class A)		2,265
	195,198	e	SeaWorld Entertainment, Inc		3,599
	36,400		Ser Educacional S.A.		168
	489,067		Service Corp International		14,393
	406,332	*	ServiceMaster Global Holdings, Inc		14,697
	25,667	*,e	Shake Shack, Inc		1,547
	1,130,000		Shanghai Jinjiang International Hotels Group Co Ltd		497
	61,449		Shanghai Jinjiang International Travel Co Ltd		269
	938,120		Shangri-La Asia Ltd		1,308
	1,502		Shinsegae Food Co Ltd		247
	141,914		Six Flags Entertainment Corp		6,365
	3,392,613	e	SJM Holdings Ltd		3,668
	25,816		SkiStar AB (Series B)		297
	572,705		Sky City Entertainment Group Ltd		1,629
	55,600	*	Skylark Co Ltd		732
	381,025	e	Slater & Gordon Ltd		1,040
	20,171		Sodexho Alliance S.A.		1,920
	703,379		Sonic Corp		20,257
	165,256		Sotheby’s (Class A)		7,476
	36,944		Speedway Motorsports, Inc		837
	136,854		Spur Corp Ltd		413
	415,987		SSP Group plc		1,875
	15,800		St Marc Holdings Co Ltd		520

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	5,155,903		Starbucks Corp	$	276,434
	380,315		Starwood Hotels & Resorts Worldwide, Inc		30,840
	4,798	*	Steak N Shake Co		1,985
	56,746	*	Steiner Leisure Ltd		3,052
	40,692	*	Strayer Education, Inc		1,754
	242,596		Sun International Ltd		2,203
	2,128,100		Ta Enterprise BHD		383
	1,489,500		TA Global BHD		124
	1,852,004		Tabcorp Holdings Ltd		6,492
	1,105,386		Tattersall’s Ltd		3,169
	190,240		Texas Roadhouse, Inc (Class A)		7,121
	1,432,986	*,e	Thomas Cook Group plc		3,080
	59,711		Thomas Cook India Ltd		210
	176,000	e	Tokyo Dome Corp		731
	154,000	e	Tokyotokeiba Co Ltd		364
	20,800		Toridoll.corp		275
	7,000		Tosho Co Ltd		163
	602,000	e	Tsui Wah Holdings Ltd		187
	17,500	e	Tsukada Global Holdings Inc		109
	449,860		TUI AG. (DI)		7,279
	86,721		Unibet Group plc (ADR)		5,283
	63,346	e	Universal Technical Institute, Inc		545
	108,852		Vail Resorts, Inc		11,887
	14,700	e	Watami Co Ltd		121
	75,335	*,e	Weight Watchers International, Inc		365
	175,981	e	Wendy’s		1,985
	87,876		Wetherspoon (J.D.) plc		1,088
	32,924		Whistler Blackcomb Holdings, Inc		519
	544,311		Whitbread plc		42,287
	226,563		William Hill plc		1,435
	49,220		Wowprime Corp		438
	355,850		Wyndham Worldwide Corp		29,148
	1,339,571	e	Wynn Macau Ltd		2,232
	300,494	e	Wynn Resorts Ltd		29,650
	173,000	g	Xiabuxiabu Catering Management China Holdings Co Ltd		97
	325,000		YBM Sisa.com, Inc		1,302
	31,000		Yomiuri Land Co Ltd		108
	59,800		Yoshinoya D&C Co Ltd		724
	924,024		Yum! Brands, Inc		83,236
	5,774		Zeal Network SE		271
	93,000	*,e	Zensho Co Ltd		886
	568,000		Zhuhai Holdings Investment Group Ltd		113
	751,294	*,e	Zoe’s Kitchen, Inc		30,758
			TOTAL CONSUMER SERVICES		2,351,730

DIVERSIFIED FINANCIALS - 3.7%
	989,656		3i Group plc		8,030
	78,241		ABC Arbitrage		437
	415,581		Aberdeen Asset Management plc		2,636
	58,363		Ackermans & Van Haaren		8,315
	287,850	*,e	Acom Co Ltd		1,103
	106,000		Aeon Credit Service M BHD		378

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	97,848	e	AEON Financial Service Co Ltd	$	2,715
	233,758	*	Affiliated Managers Group, Inc		51,099
	710,449		AFP Habitat S.A.		953
	1,389,533	*,e,m	African Bank Investments Ltd		1
	69,116		AGF Management Ltd		324
	309,900	*,e	Aiful Corp		998
	1,647,400		AIRA Capital Co Ltd		126
	25,602		Aker ASA (A Shares)		551
	1,424,696		Al Waha Capital PJSC		950
	80,684	e	Alaris Royalty Corp		1,970
	1,214,714		Alexander Forbes Group Holdings Ltd		894
	226,762	*,e	Allied Minds plc		1,936
	1,924,897	*	Ally Financial, Inc		43,175
	1,167,289	*	Amanat Holdings PJSC		284
	1,665,650		American Express Co		129,454
	1,075,371		Ameriprise Financial, Inc		134,346
	2,456,086	g	Anima Holding S.p.A		21,572
	677,949		ARA Asset Management Ltd		881
	132,003	e	Arlington Asset Investment Corp (Class A)		2,582
	155,860		Arrow Global Group plc		648
	63,238		Artisan Partners Asset Management, Inc		2,938
	2,725	*	Ashford, Inc		238
	348,888	e	Ashmore Group plc		1,586
	12,981	*,m	Asia Pacific Investment Partners Limited		102
	1,387,200		Asia Plus Group Holdings Securities		174
	20,502		Aurelius AG.		876
	245,581		Australian Stock Exchange Ltd		7,553
	21,362		Avanza AB		777
	326,336		Ayala Corp		5,716
	2,215	*,m	Ayala Corp Preferred		0	^
	147,865		Azimut Holding S.p.A.		4,328
	65,593		Banca Generali S.p.A		2,309
	101,848		Banca IFIS S.p.A.		2,213
	1,451,867		Bank of New York Mellon Corp		60,935
	599,664		BGC Partners, Inc (Class A)		5,247
	324,919		BinckBank NV		3,101
	204,625		BlackRock, Inc		70,796
	515,400		Blackstone Group LP		21,064
	2,704,086		BM&F Bovespa S.A.		10,193
	1,949,100	e	Bolsa Mexicana de Valores S.A. de C.V.		3,371
	79,233		Bolsas y Mercados Espanoles		3,211
	798,265	*	Brait S.A.		8,093
	364,889		Brewin Dolphin Holdings plc		1,672
	638,000		Bright Smart Securities & Commodities Group Ltd		310
	196,209		BT Investment Management Ltd		1,280
	176,750		Bure Equity AB		1,081
	695,000		Bursa Malaysia BHD		1,499
	80,747		Calamos Asset Management, Inc (Class A)		989
	19,585	*	Callidus Capital Corp		219
	224,221		Canaccord Financial, Inc		1,397
	23,862	*	Capital First Ltd		142
	1,230,665		Capital One Financial Corp		108,262

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	1,543,300		Capital Securities Corp	$	500
	80,291	e	Cash America International, Inc		2,103
	1,758,000	*	Cash Financial Services Group Ltd		152
	227,585		CBOE Holdings, Inc		13,022
	81,503		Cembra Money Bank AG.		4,973
	477,000	e	Central China Securities Co Ltd		369
	72,901		Century Leasing System, Inc		2,355
	87,469	e	Cerved Information Solutions S.p.A		673
	244,815		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		2,684
	1,118,786		Chailease Holding Co Ltd		2,698
	817,099		Challenger Financial Services Group Ltd		4,236
	3,625,063		Charles Schwab Corp		118,358
	2,181,000		China Bills Finance Corp		831
	22,041,440	*	China Cinda Asset Management Co Ltd		12,259
	1,080,137		China Everbright Ltd		3,740
	3,410,000	*,e	China Financial International Investments Ltd		519
	5,454,500		China Galaxy Securities Co Ltd		7,090
	3,440,000	e	China LNG Group Ltd		695
	112,665	e	China Merchants China Direct Investments Ltd		269
	3,778,000	*,e	China Smarter Energy Group Holdings Ltd		638
	355,755	e	CI Financial Corp		9,570
	16,749	e	CIFC Corp		133
	628,526	*	Citadel Capital Corp		163
	2,084,903	e	CITIC Securities Co Ltd		7,499
	155,402		Close Brothers Group plc		3,729
	212,327		CME Group, Inc		19,759
	93,069		Coface S.A.		1,082
	52,467	e	Cohen & Steers, Inc		1,788
	65,790	*,e	Consumer Portfolio Services, Inc		411
	258,386		Coronation Fund Managers Ltd		1,749
	19,465		Corp Financiera Alba		903
	127,881		Corp Financiera Colombiana S.A.		1,792
	314,143	*,e	Cowen Group, Inc		2,011
	54,304	*,e	Credit Acceptance Corp		13,369
	25,239		Credit Analysis & Research Ltd		558
	1,377,600	e	Credit China Holdings Ltd		290
	115,464		Credit Saison Co Ltd		2,472
	1,617,024		Credit Suisse Group		44,610
	654,847		Credito Real SAB de C.V.		1,466
	28,955		CRISIL Ltd		880
	221,578		Daewoo Securities Co Ltd		3,020
	34,545		Daishin Securities Co Ltd		360
	17,373		Daishin Securities Co Ltd PF		116
	2,834,760		Daiwa Securities Group, Inc		21,206
	90,742		DeA Capital S.p.A.		145
	1,337,156		Deutsche Bank AG.		40,204
	49,895	*	Deutsche Beteiligungs AG.		1,537
	172,557		Deutsche Boerse AG.		14,292
	9,352		Diamond Hill Investment Group, Inc		1,867
	490,000	*	Differ Group Holding Co Ltd		619
	1,016,474		Discover Financial Services		58,569
	2,439,797		Dubai Financial Market		1,303

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	40,266	*,e	Dundee Corp	$	404
	2,843,406	*	E*Trade Financial Corp		85,160
	278,467		Eaton Vance Corp		10,896
	273,081	*	Edelweiss Capital Ltd		259
	23,197		EFG Financial Products Holding AG.		4,029
	907,983	e	EFG International		12,868
	677,857		Egypt Kuwait Holding Co		419
	403,018	*	Egyptian Financial Group-Hermes Holding		719
	570,277	*	Element Financial Corp		9,018
	74,914	*,e	Encore Capital Group, Inc		3,202
	125,030	*	Enova International, Inc		2,336
	65,632	*	Eugene Investment & Securities Co Ltd		206
	15,634		Eurazeo		1,038
	1,182,348	g	Euronext NV		46,601
	161,876	e	Evercore Partners, Inc (Class A)		8,735
	68,230		Exor S.p.A.		3,259
	143,842	*	Ezcorp, Inc (Class A)		1,069
	123,259	*,g	Fairfax India Holdings Corp		1,399
	4,498,395		Far East Horizon Ltd		4,275
	10,092	*,e	FBR & Co		234
	119,596	e	Federated Investors, Inc (Class B)		4,005
	8,119		Ferratum Oyj		199
	67,758		Fiera Capital Corp		672
	17,934	e	Fifth Street Asset Management, Inc		184
	144,804	e	Financial Engines, Inc		6,151
	176,100	e	Financial Products Group Co Ltd		1,335
	86,760	*	First Cash Financial Services, Inc		3,955
	2,834,785		First Pacific Co		2,392
	7,407,925		FirstRand Ltd		32,456
	227,477	e	FlexiGroup Ltd		510
	137,596	*	FNFV Group		2,116
	170,056	*	Fondul Proprietatea S.A. (ADR)		1,701
	281,000		Franklin Resources, Inc		13,777
	7,100,000	*	Freeman Financial Corp Ltd		641
	15,701,286		Fubon Financial Holding Co Ltd		31,205
	34,505,162		Fuhwa Financial Holdings Co Ltd		18,662
	28,400	e	Fuyo General Lease Co Ltd		1,213
	65,145		Gain Capital Holdings, Inc		623
	17,232		GAMCO Investors, Inc (Class A)		1,184
	1,563,663	e	Gentera SAB de C.V.		2,770
	1,006,800	*	GF Securities Co Ltd		2,590
	24,588		Gimv NV		1,173
	66,892		Gluskin Sheff + Associates, Inc		1,344
	51,784		GMP Capital, Inc		213
	1,065,778		Goldman Sachs Group, Inc		222,524
	140,524	*	Green Dot Corp		2,687
	83,140		Greenhill & Co, Inc		3,436
	100,895		Groupe Bruxelles Lambert S.A.		8,136
	483,326		Grupo de Inversiones Suramericana S.A.		6,868
	120,603		Grupo de Inversiones Suramericana S.A. (Preference)		1,685
	268,300		Grupo Financiero Interacciones S.A. de C.V.		1,637
	260,485		GT Capital Holdings, Inc		7,885

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	692,240	*	Gulf General Investment Co	$	161
	8,947,800	e	Guotai Junan International Hol		5,817
	3,677,497		Haci Omer Sabanci Holding AS		13,853
	3,854,012	e	Haitong Securities Co Ltd		10,165
	19,645		Hankook Tire Worldwide Co Ltd		295
	44,084		Hanwha Securities Co		218
	248,231		Hargreaves Lansdown plc		4,497
	61,797		Hellenic Exchanges S.A.		295
	3,096,994		Henderson Group plc		12,706
	252,980		HFF, Inc (Class A)		10,557
	202,800		Hitachi Capital Corp		5,362
	12,754		HMC Investment Securities Co Ltd		128
	1,562,367		Hong Kong Exchanges and Clearing Ltd		55,049
	1,883,800	*,g	Huatai Securities Co Ltd		5,322
	278,231		Hyundai Securities Co		2,256
	26,800		IBJ Leasing Co Ltd		622
	142,383		ICAP plc		1,184
	172,900	e	Ichigo Holdings Co Ltd		426
	38,100		Ichiyoshi Securities Co Ltd		372
	1,628,978		IFCI Ltd		659
	361,191		IG Group Holdings plc		4,234
	186,271	e	IGM Financial, Inc		5,933
	286,967		India Infoline Ltd		782
	413,913		Indiabulls Housing Finance Ltd		4,039
	18,736		Indiabulls Securities Ltd		10
	235,487		Industrivarden AB		4,438
	188,892		Infrastructure Development Finance Co Ltd		437
	14,668,783		ING Groep NV		243,580
	595,502	e	ING Groep NV (ADR)		9,873
	114,394		Interactive Brokers Group, Inc (Class A)		4,754
	179,983	*,m	Interbolsa S.A.		0	^
	334,847		IntercontinentalExchange Group, Inc		74,875
	918,784		Intermediate Capital Group plc		7,937
	228,460		International Personal Finance plc		1,642
	48,321	*	INTL FCStone, Inc		1,606
	58,204		Inversiones La Construccion S.A.		656
	870,899		Invesco Ltd		32,650
	229,144		Investec Ltd		2,062
	1,110,732		Investec plc		9,980
	217,123		Investment Technology Group, Inc		5,385
	751,599		Investor AB (B Shares)		28,024
	281,653	e	IOOF Holdings Ltd		1,950
	237,177	e	iShares MSCI Canada Index Fund		6,326
	1,248,476	e	iShares MSCI EAFE Index Fund		79,266
	628,340	e	iShares MSCI Emerging Markets		24,895
	20,300		Iwai Securities Co Ltd		259
	156,300		J Trust Co Ltd		1,475
	134,000		Jaccs Co Ltd		644
	133,917		Jafco Co Ltd		5,337
	709,856	e	Janus Capital Group, Inc		12,153
	1,265,600		Japan Securities Finance Co Ltd		7,365
	38,300	*,e	JG Wentworth Co		352

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	1,542,018		Jih Sun Financial Holdings Co Ltd	$	422
	166,160		JM Financial Ltd		114
	164,303		JSE Ltd		1,735
	191,724		Julius Baer Group Ltd		10,758
	416,032		Julius Baer Holding AG.		8,740
	1,254,835		Jupiter Investment Management Group Ltd		8,791
	846,000		K1 Ventures Ltd		126
	3,450,400		kabu.com Securities Co Ltd		11,539
	30,896		KBC Ancora		1,248
	120,838	*,e	KCG Holdings, Inc		1,490
	483,371	e	Kinnevik Investment AB (Series B)		15,289
	9,923		KIWOOM Securities Co Ltd		657
	127,569		Korea Investment Holdings Co Ltd		7,267
	591,900		Krungthai Card PCL		1,718
	16,166		Kyobo Securities Co		167
	21,100		Kyokuto Securities Co Ltd		306
	310,728	*	L&T Finance Holdings Ltd		321
	279,131	*,e	Ladenburg Thalmann Financial Services, Inc		977
	1,034,572		Lazard Ltd (Class A)		58,184
	783,685		Legg Mason, Inc		40,383
	569,358		Leucadia National Corp		13,824
	455,705		London Stock Exchange Group plc		16,953
	176,619	e	LPL Financial Holdings, Inc		8,211
	92,545		Lundbergs AB (B Shares)		4,109
	332,103		Macquarie Group Ltd		20,808
	222,187		Magellan Financial Group Ltd		2,975
	319,502		Mahindra & Mahindra Financial Services Ltd		1,404
	25,556,377		Man Group plc		62,988
	536,948		Manappuram General Finance & Leasing Ltd		237
	37,035	e	Manning & Napier, Inc		369
	166,840		MarketAxess Holdings, Inc		15,478
	43,033		Marlin Business Services Corp		726
	55,300		Marusan Securities Co Ltd		595
	2,141,772		Masterlink Securities Corp		697
	383,400		Matsui Securities Co Ltd		3,363
	1,055,986		McGraw-Hill Financial, Inc		106,074
	8,293,469		Mediobanca S.p.A.		81,315
	15,573	e	Medley Management, Inc		184
	33,500		Meritz finance Holdings Co Ltd		475
	703,007		Meritz Securities Co Ltd		4,488
	13,775,404		Metro Pacific Investments Corp		1,446
	25,481		Mirae Asset Securities Co Ltd		1,150
	172,400		Mito Securities Co Ltd		616
	320,254		Mitsubishi UFJ Lease & Finance Co Ltd		1,751
	53,955		MLP AG.		226
	162,035		Moelis & Co		4,652
	576,700	e	Monex Beans Holdings, Inc		1,585
	1,275,797		Moody’s Corp		137,735
	8,824,370		Morgan Stanley		342,297
	25,597	*	Motilal Oswal Financial Services Ltd		121
	243,606		MSCI, Inc (Class A)		14,994
	573,600		Muangthai Leasing PCL		324

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	1,222,300	*	Mulpha International BHD	$	117
	80,391	*	Muthoot Finance Ltd		255
	112,975		NASDAQ OMX Group, Inc		5,514
	686,067		Navient Corp		12,493
	113,062		Nelnet, Inc (Class A)		4,897
	89,954	*,e	NewStar Financial, Inc		989
	56,200		NICE Holdings Co Ltd		1,006
	33,491		NICE Information Service Co Ltd		294
	7,029		Nicholas Financial, Inc		89
	9,810,739		Nomura Holdings, Inc		66,241
	73,084		Nordnet AB (Series B)		292
	244,815		Northern Trust Corp		18,719
	357,035		NorthStar Asset Management Group, Inc		6,602
	3,367,866	e	NZX Ltd		2,465
	576,000		Okasan Holdings, Inc		4,046
	124,052		OM Asset Management plc		2,207
	45,851	*,e	On Deck Capital, Inc		531
	84,911		Onex Corp		4,698
	31,473		Oppenheimer Holdings, Inc		827
	14,659		Oresund Investment AB		281
	377,500	*,e	Orient Corp		671
	3,436,070		ORIX Corp		51,024
	321,783		Osaka Securities Exchange Co Ltd		10,432
	409,075		OSK Holdings BHD		230
	218,068	e	OzForex Group Ltd		372
	10,305		Pargesa Holding S.A.		694
	8,131		Partners Group		2,430
	361,698		Peregrine Holdings Ltd		917
	517,000	*,m	Peregrine Investment Holdings		0	^
	156,983		Perpetual Trustees Australia Ltd		5,845
	142,455	*	PHH Corp		3,708
	82,264		Philippine Stock Exchange, Inc		557
	61,251	*	Pico Holdings, Inc		902
	230,955	*	Pioneers Holding		254
	47,281	*	Piper Jaffray Cos		2,063
	798,472		Platinum Asset Mangement Ltd		4,602
	317,041	e	Plus500 Ltd		1,943
	652,177		Power Finance Corp Ltd		2,618
	138,113	*,e	PRA Group, Inc		8,606
	5,543,000		Premium Leisure Corp		145
	990,509		President Securities Corp		502
	296,039		Provident Financial plc		13,611
	66,087	e	PSG Group Ltd		1,112
	128,527	*	PTC India Financial Services Ltd		90
	35,676		Pzena Investment Management, Inc (Class A)		394
	11,203		Qatar Industrial Manufacturing Co		141
	440,427		Ratos AB (B Shares)		2,842
	106,805		Raymond James Financial, Inc		6,363
	70,114	*	Regional Management Corp		1,252
	110,906		Reliance Capital Ltd		630
	29,546	*	Religare Enterprises Ltd		148
	566,311		Remgro Ltd		11,902

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	27,860	*	Repco Home Finance Ltd	$	282
	54,197		Resource America, Inc (Class A)		456
	88,195	*	RHJ International		432
	16,000		Ricoh Leasing Co Ltd		490
	897,267		RMB Holdings Ltd		4,900
	908,000	*,e	Rowsley Ltd		106
	587,629		Rural Electrification Corp Ltd		2,537
	58,571	*	Safeguard Scientifics, Inc		1,140
	59,225		Salam International Investment Co		227
	159,957		Samsung Card Co		5,298
	70,825		Samsung Securities Co Ltd		3,459
	183,659		Santander Consumer USA Holdings, Inc		4,696
	292,600	*,e	Sawada Holdings Co Ltd		2,829
	251,844		SBI Holdings, Inc		3,462
	148,111		Schroders plc		7,390
	477,661		SEI Investments Co		23,420
	5	*,m	SFCG Co Ltd		0	^
	415,000		Shenyin Wanguo HK Ltd		320
	3,790		Shinyoung Securities Co Ltd		192
	840,933		Shriram Transport Finance Co Ltd		11,268
	562,015	*	SHUAA Capital PSC		92
	5,499	e	Silvercrest Asset Management Group, Inc		77
	372,000		Simsen International Corp Ltd		302
	1,261,856		Singapore Exchange Ltd		7,330
	239,443	*	SK Securities Co Ltd		303
	88,798	*	SKS Microfinance Pvt Ltd		650
	1,217,212		SLM Corp		12,014
	768,475	*,e,m	SNS Reaal		9
	8,200		Societe Fonciere Financiere et de Participations FFP		667
	82,400	e	Sparx Group Co Ltd		173
	4,500	e	SPDR Trust Series 1		926
	110,392	*,e	Springleaf Holdings, Inc		5,068
	136,582	e	Sprott, Inc		270
	173,273		SREI Infrastructure Finance Ltd		95
	462,662		Srisawad Power 1979 PCL		547
	2,268,840		State Street Corp		174,701
	184,315	*	Stifel Financial Corp		10,642
	5,841,000		Sun Hung Kai & Co Ltd		5,240
	40,328		Sundaram Finance Ltd		1,000
	186,540	*,e	SVG Capital plc		1,420
	9,857	e	Swissquote Group Holding S.A.		295
	3,856,769	*,e	Synchrony Financial		127,003
	251,851		T Rowe Price Group, Inc		19,576
	1,319,264		Tai Fook Securities Group Ltd		1,189
	395,000		Taiwan Acceptance Corp		1,011
	170,000	*,e	Takagi Securities Co Ltd		330
	98,843		Tamburi Investment Partners S.p.A.		382
	10,971	*	Tata Investment Corp Ltd		101
	334,217		TD Ameritrade Holding Corp		12,306
	65,223	*	Tilak Finance Ltd		13
	82,391	e	Tiptree Financial, Inc		597
	53,136		TMX Group Ltd		2,261

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	322,580		Tokai Tokyo Securities Co Ltd	$	2,345
	90,066	*	Tong Yang Investment Bank		464
	241,000		Toyo Securities Co Ltd		751
	195,880		Transaction Capital Ltd		156
	258,654	e	Tricon Capital Group, Inc		2,259
	240,212		Tullett Prebon plc		1,385
	8,012,884		UBS AG.		170,005
	1,079,554	*	Unifin Financiera SAPI de C.V. SOFOM ENR		2,262
	1,034,873		UOB-Kay Hian Holdings Ltd		1,153
	153,144	*,e	Uranium Participation Corp		641
	2,533,000		Value Partners Group Ltd		3,989
	45,386	*	Virtu Financial, Inc		1,066
	20,529		Virtus Investment Partners, Inc		2,715
	70,539		Vontobel Holding AG.		3,268
	99,081	*,e	Vostok New Ventures Ltd (RED)		48
	99,081	*,e	Vostok New Ventures Ltd (SDR)		679
	1,389,984		Voya Financial, Inc		64,593
	211,388	e	Waddell & Reed Financial, Inc (Class A)		10,001
	105,395	*,e	Walter Investment Management Corp		2,410
	55,969		Warsaw Stock Exchange		705
	2,841,403		Waterland Financial Holdings		799
	27,042		Wendel		3,323
	20,529		Westwood Holdings Group, Inc		1,223
	705,600	e	WisdomTree Investments, Inc		15,499
	9,410		Woori Financial Co Ltd		191
	159,071		Woori Investment & Securities Co Ltd		1,734
	21,994	*,e	World Acceptance Corp		1,353
	10,153	*	ZAIS Group Holdings, Inc		111
	1,355,453		Zeder Investments Ltd		917
	86,100		Zenkoku Hosho Co Ltd		3,065
			TOTAL DIVERSIFIED FINANCIALS		4,529,153

ENERGY - 6.9%
	11,557		Aban Offshore Ltd		55
	526,912	*,e	Abraxas Petroleum Corp		1,554
	11,665		Adams Resources & Energy, Inc		520
	52,005,715		Adaro Energy Tbk		2,955
	376,539	*	Advantage Oil & Gas Ltd		2,382
	156,180	e	Akastor ASA		276
	187,506		Aker Solutions ASA		1,052
	82,723		Alon USA Energy, Inc		1,563
	388,489	*,e	Alpha Natural Resources, Inc		117
	115,644	e	AltaGas Income Trust		3,522
	69,928		AMEC plc		898
	1,014,227	*	Amerisur Resources plc		582
	25,753	*,e	Amyris, Inc		50
	2,619,575		Anadarko Petroleum Corp		204,484
	73,949	*,e	Antero Resources Corp		2,539
	1,092,000	e	Anton Oilfield Services Group		209
	2,719,659		Apache Corp		156,734
	113,082	*,e	Approach Resources, Inc		775
	1,467,471	e	ARC Resources Ltd		25,143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	174,607	e	Ardmore Shipping Corp	$	2,114
	7,484	*	Aspen Aerogels, Inc		50
	359,185	*,e	Athabasca Oil Corp		587
	291,272	e	Atwood Oceanics, Inc		7,701
	537,970	*	Australian Worldwide Exploration Ltd		502
	179,108	g	Avance Gas Holding Ltd		3,230
	21,764	e	Awilco Drilling plc		137
	2,920,085	n	Baker Hughes, Inc		180,169
	679,900		Bangchak Petroleum PCL-Foreign		702
	971,913	*	Bankers Petroleum Ltd		2,412
	1,535,800		Banpu PCL (Foreign)		1,157
	243,840	*,e	Basic Energy Services, Inc		1,841
	145,277	e	Baytex Energy Trust		2,260
	4,891,701		Beach Petroleum Ltd		3,961
	190,766	*,e	Bellatrix Exploration Ltd		444
	3,449,878		BG Group plc		57,457
	702,219		Bharat Petroleum Corp Ltd		9,690
	218,631	*,e	Bill Barrett Corp		1,878
	317,606	*	Birchcliff Energy Ltd		1,772
	318,531	*,e	BlackPearl Resources, Inc		278
	131,161	*	Bonanza Creek Energy, Inc		2,394
	188,482	e	Bonavista Energy Trust		1,025
	28,825	e	Bonterra Oil & Gas Ltd		727
	39,954	*	Boulder Energy Ltd		265
	25,741	e	Bourbon S.A.		419
	564,860		Boustead Singapore Ltd		524
	20,917,151		BP plc		138,820
	821,865		BP plc (ADR)		32,842
	5,043,000	*,e	Brightoil Petroleum Holdings Ltd		2,598
	147,723		Bristow Group, Inc		7,874
	2,900,574		Bumi Armada BHD		875
	410,699	e,g	BW LPG Ltd		3,512
	1,061,477		BW Offshore Ltd		684
	637,977	*,e	C&J Energy Services Ltd		8,421
	806,786	e	Cabot Oil & Gas Corp		25,446
	568,443	*	Cairn Energy plc		1,514
	1,040,843		Cairn India Ltd		2,966
	315,464	e	Calfrac Well Services Ltd		1,947
	1,306,189		California Resources Corp		7,889
	602,185	*	Callon Petroleum Co		5,010
	394,231		Caltex Australia Ltd		9,678
	591,580		Cameco Corp (Toronto)		8,464
	610,551	*	Cameron International Corp		31,975
	175,267	*,e	Canacol Energy Ltd		389
	642,716	e	Canadian Energy Services & Technology Corp		3,705
	1,596,621		Canadian Natural Resources Ltd (Canada)		43,335
	592,686		Canadian Oil Sands Trust		4,793
	222,884		CanElson Drilling, Inc		771
	269,512		Canyon Services Group, Inc		1,254
	255,179		Capital Product Partners LP		1,993
	57,485	e	CARBO Ceramics, Inc		2,393
	197,700	e	Cardinal Energy Ltd		2,268

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	345,518	*	Carrizo Oil & Gas, Inc	$	17,013
	380,000		Cenovus Energy, Inc		6,084
	1,118,504		Cenovus Energy, Inc (Toronto)		17,884
	908,614	*	Cheniere Energy, Inc		62,931
	675,985	e	Chesapeake Energy Corp		7,551
	6,154,309		Chevron Corp		593,706
	4,908,906	e	China Coal Energy Co		2,927
	9,281,826		China Oilfield Services Ltd		14,761
	4,077,287		China Shenhua Energy Co Ltd		9,286
	5,497,000	e	China Suntien Green Energy Cor		1,176
	398,000	*	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		108
	480,048		Cimarex Energy Co		52,954
	16,995	*,e	Clayton Williams Energy, Inc		1,117
	203,787	*,e	Clean Energy Fuels Corp		1,145
	277,434	*,e	Cloud Peak Energy, Inc		1,293
	37,324,700		CNOOC Ltd		52,944
	1,528,413		Coal India Ltd		10,097
	551,752	*,e	Cobalt International Energy, Inc		5,358
	2,247,212		Columbia Pipeline Partners LP		56,630
	722,648	*,e	Compagnie Generale de Geophysique S.A.		4,066
	126,942	e	Comstock Resources, Inc		423
	2,010,448	*	Concho Resources, Inc		228,910
	2,566,351		ConocoPhillips		157,600
	349,425	e	Consol Energy, Inc		7,596
	121,574	*	Contango Oil & Gas Co		1,492
	1,989,576	*,e	Continental Resources, Inc		84,338
	62,750	e	Core Laboratories NV		7,156
	448,128		Cosan SA Industria e Comercio		3,625
	545,000		Cosmo Oil Co Ltd		886
	468,467	e	Crescent Point Energy Corp		9,613
	135,611	*	Crew Energy, Inc		620
	34,808	e	CVR Energy, Inc		1,310
	2,886,362	*	Dana Gas PJSC		359
	248,650		Dayang Enterprise Holdings BHD		148
	5,809		Delek Group Ltd		1,713
	250,857		Delek US Holdings, Inc		9,237
	1,183,364	e	Denbury Resources, Inc		7,526
	478,621	*,e	Denison Mines Corp		345
	99,477	*,e	Det Norske Oljeselskap ASA		704
	669,257		Devon Energy Corp		39,814
	541,809		DHT Holdings, Inc		4,210
	76,360	e	Diamond Offshore Drilling, Inc		1,971
	1,652,786	*	Diamondback Energy, Inc		124,587
	628,315	*,e	DNO International ASA		829
	66,810	*	Dorian LPG Ltd		1,114
	806,973		Dragon Oil plc		9,205
	175,177	*	Dresser-Rand Group, Inc		14,922
	398,174	*,e	Drillsearch Energy Ltd		318
	91,558	*	Dril-Quip, Inc		6,890
	865	*	Earthstone Energy, Inc		17
	127,588	*,e	Eclipse Resources Corp		671

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	10,050,253		Ecopetrol S.A.	$	6,674
	605,635		Empresas COPEC S.A.		6,432
	69,681	e	Enbridge Income Fund		1,926
	1,026,844	e	Enbridge, Inc		48,021
	1,678,678	e	EnCana Corp		18,507
	77,574		Enerflex Ltd		838
	809,493		Energen Corp		55,288
	997,800		Energy Absolute PCL (Foreign)		693
	1,168,600		Energy Earth PCL		162
	118,273	*	Energy Fuels, Inc		526
	1,440,178	*,e	Energy Resources of Australia Ltd		433
	106,076	e	Enerplus Resources Fund		931
	2,115,829		ENI S.p.A.		37,581
	702,357	*	Enquest plc (London)		472
	105,877		Ensco plc		2,358
	147,707		Ensign Energy Services, Inc		1,447
	3,812,973	n	EOG Resources, Inc		333,826
	55,866	*,e	EP Energy Corp		711
	361,327		EQT Corp		29,390
	56,942	*,e	Era Group, Inc		1,166
	49,895		ERG S.p.A.		599
	8,409	*	Erin Energy Corp		33
	2,755	*	Esso SA Francaise		155
	968,500	*	Esso Thailand PCL (Foreign)		182
	74,654	*,e	Etablissements Maurel et Prom		556
	87,855		Euronav NV		1,291
	52,199		Evolution Petroleum Corp		344
	998,754	e	EXCO Resources, Inc		1,179
	27,073	e	Exmar NV		270
	529,848	e	Exterran Holdings, Inc		17,300
	269,277	e	Exxaro Resources Ltd		1,925
	12,827,153	d	Exxon Mobil Corp		1,067,219
	1,205,560	e	Ezion Holdings Ltd		916
	733,408	e	Ezra Holdings Ltd		93
	233,657	*	Faroe Petroleum plc		313
	363,801	*	FMC Technologies, Inc		15,094
	171,242	*,e	FMSA Holdings, Inc		1,402
	1,821,306		Formosa Petrochemical Corp		4,676
	235,226	*	Forum Energy Technologies, Inc		4,770
	387,904		Frank’s International NV		7,308
	31,070	e	Fred Olsen Energy ASA		216
	188,569	e	Freehold Royalty Trust		2,437
	345,369	*,e	Frontline Ltd		843
	67,084		Fugro NV		1,477
	55,817	*,e	FX Energy, Inc		49
	710,736		Galp Energia SGPS S.A.		8,366
	150,000	e	GasLog Ltd		2,992
	203,144	*,e	Gastar Exploration, Inc		628
	10,808,688		Gazprom OAO (ADR)		56,315
	87,478		Gazpromneft OAO (ADR)		1,056
	51,260		Gaztransport Et Technigaz S.A.		3,243
	9,290,000	*,e	Genesis Energy Holdings Ltd		244

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	39,068	*,e	Geospace Technologies Corp	$	901
	719,899	e	Gibson Energy, Inc		12,997
	2,988	*,e	Glori Energy, Inc		4
	140,256	e	Golar LNG Ltd		6,564
	60,000	*	Gran Tierra Energy, Inc		179
	117,532		Great Eastern Shipping Co Ltd		615
	143,755		Green Plains Renewable Energy, Inc		3,960
	213,072	*	Grupa Lotos S.A.		1,700
	81,988		GS Holdings Corp		3,648
	131,044		Gujarat Mineral Development Corp Ltd		192
	60,277		Gulf International Services OSC		1,320
	31,358	e	Gulf Island Fabrication, Inc		350
	942,945	*,e	Gulf Keystone Petroleum Ltd		548
	187,509	e	Gulfmark Offshore, Inc		2,175
	149,546	*	Gulfport Energy Corp		6,019
	791,997	*,e	Halcon Resources Corp		919
	59,451	e	Hallador Petroleum Co		496
	2,586,212		Halliburton Co		111,388
	505		Hankook Shell Oil Co Ltd		220
	108,494	*,e	Harvest Natural Resources, Inc		190
	453,343	*	Helix Energy Solutions Group, Inc		5,726
	42,064		Hellenic Petroleum S.A.		204
	236,657		Helmerich & Payne, Inc		16,665
	1,030,839		Hess Corp		68,943
	727,000	e	Hilong Holding Ltd		210
	92,868		Hindustan Petroleum Corp Ltd		1,063
	35,709	e	Hoegh LNG Holdings Ltd		569
	732,524		HollyFrontier Corp		31,271
	1,737,000	e	Honghua Group Ltd		188
	103,659	*,e	Hornbeck Offshore Services, Inc		2,128
	127,594		Hunting plc		1,223
	438,865	e	Husky Energy, Inc		8,394
	571,500	*	Icon Offshore BHD		65
	13,994		Idemitsu Kosan Co Ltd		275
	700,720		Imperial Oil Ltd		27,069
	41,594	*,e	Independence Contract Drilling, Inc		369
	1,706,259		Inner Mongolia Yitai Coal Co		2,450
	1,823,202		Inpex Holdings, Inc		20,695
	636,023	e	Inter Pipeline Ltd		14,615
	866,548	*,e	ION Geophysical Corp		927
	1,961,673	*	Ipek Matbacilik Sanayi Ve Ticaret AS		2,115
	16,122,607		IRPC PCL (Foreign)		2,134
	2,440	*,e	Isramco, Inc		337
	149,053		Itochu Enex Co Ltd		1,432
	6,100	e	Japan Drilling Co Ltd		176
	90,800		Japan Petroleum Exploration Co		2,887
	967,455		John Wood Group plc		9,791
	71,789	*,e	Jones Energy, Inc (Class A)		650
	2,877,448		JX Holdings, Inc		12,406
	211,403	*,e	Karoon Gas Australia Ltd		367
	131,122	*	Kelt Exploration Ltd		886
	636,603	*,e	Key Energy Services, Inc		1,146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	505,947		Keyera Corp	$	16,892
	3,382,718		Kinder Morgan, Inc		129,863
	1,463,624	*	KNM Group BHD		240
	56,568		Koninklijke Vopak NV		2,861
	263,601	*	Kosmos Energy LLC		2,222
	281,000	*,e	KrisEnergy Ltd		94
	1,313,381	*,e	Laredo Petroleum Holdings, Inc		16,522
	161,031	*	Legacy Oil & Gas, Inc		312
	431,729	*,e	Liquefied Natural Gas Ltd		1,265
	29,097		Lubelski Wegiel Bogdanka S.A.		401
	1,026,654		LUKOIL (ADR)		45,234
	239,063	*,e	Lundin Petroleum AB		4,101
	726,857	*,e	Magnum Hunter Resources Corp		1,359
	2,024,699		Marathon Oil Corp		53,736
	1,848,276		Marathon Petroleum Corp		96,683
	327,556		Markwest Energy Partners LP		18,468
	2,178,444	*,e	Matador Resources Co		54,461
	183,312	*	Matrix Service Co		3,351
	100,688	e	Maurel & Prom Nigeria		313
	793,009	*,e	McDermott International, Inc		4,235
	1,146,760	*	MEG Energy Corp		18,730
	165,176	*	Memorial Resource Development Corp		3,133
	910,000		MIE Holdings Corp		136
	12,665	*	Mitcham Industries, Inc		53
	39,500	e	Modec, Inc		605
	64,177		MOL Hungarian Oil and Gas plc		3,284
	52,327		Motor Oil Hellas Corinth Refineries S.A.		475
	183,542	e	Mullen Group Ltd		2,999
	532,783		Murphy Oil Corp		22,148
	4,204,149		Nabors Industries Ltd		60,666
	38,730	*	Naphtha Israel Petroleum Corp Ltd		252
	459,314		National Oilwell Varco, Inc		22,176
	32,556	*	Natural Gas Services Group, Inc		743
	430,378		Navios Maritime Acq Corp		1,545
	218,548		Neste Oil Oyj		5,575
	1,810,000	e	New Zealand Oil & Gas Ltd		675
	53,811	e	Newalta, Inc		613
	578,328	*	Newfield Exploration Co		20,889
	13,978,000	e	Newocean Energy Holdings Ltd		6,488
	245,214	*	Newpark Resources, Inc		1,994
	164,500		Nippon Coke & Engineering Co Ltd		158
	26,700	*	Nippon Gas Co Ltd		836
	667,075	e	Noble Corp plc		10,266
	461,390		Noble Energy, Inc		19,692
	106,162	e	Nordic American Offshore Ltd		864
	281,667	e	Nordic American Tanker Shipping		4,008
	221,321	e	North Atlantic Drilling Ltd		263
	33,496	e	Northern Blizzard Resources, Inc		209
	177,220	*,e	Northern Oil And Gas, Inc		1,200
	225,540		NovaTek OAO (GDR)		22,961
	317,182	*	NuVista Energy Ltd		1,699
	611,019	*,e	Oasis Petroleum, Inc		9,685

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	1,738,496		Occidental Petroleum Corp	$	135,203
	138,843		Ocean Yield ASA		1,089
	497,527		Oceaneering International, Inc		23,180
	330,558		Oil India Ltd		2,317
	1,168,848	*	Oil Refineries Ltd		420
	352,473		Oil Search Ltd		1,937
	168,747	*	Oil States International, Inc		6,282
	62,577	e	OMV AG.		1,723
	477,271		Oneok, Inc		18,843
	2,227,540	*	Ophir Energy plc		3,967
	1,006,747		Origin Energy Ltd		9,292
	380,000		Pacc Offshore Services Holdings Ltd		123
	125,055	*,e	Pacific Ethanol, Inc		1,291
	930,900	e	Pacific Radiance Ltd		362
	473,767		Pacific Rubiales Energy Corp (Toronto)		1,787
	96,770	*	Painted Pony Petroleum Ltd		617
	1,522,181	*,e	Paladin Resources Ltd		288
	39,365		Panhandle Oil and Gas, Inc (Class A)		814
	58,811	*	Par Petroleum Corp		1,101
	47,488	*	Paramount Resources Ltd (Class A)		1,091
	169,608	*	Parex Resources, Inc		1,422
	561,689	*	Parker Drilling Co		1,865
	463,375	e	Parkland Fuel Corp		9,230
	958,543	*,e	Parsley Energy, Inc		16,698
	179,642		Pason Systems, Inc		3,215
	1,450,277		Patterson-UTI Energy, Inc		27,287
	5,122		Paz Oil Co Ltd		807
	210,662		PBF Energy, Inc		5,987
	139,534	*,e	PDC Energy, Inc		7,485
	1,009,475	e	Peabody Energy Corp		2,211
	617,291	e	Pembina Pipeline Income Fund		19,952
	533,813	e	Pengrowth Energy Trust		1,333
	188,721	*,e	Penn Virginia Corp		827
	1,073,033	e	Penn West Energy Trust		1,847
	1,691,480		Perdana Petroleum BHD		681
	367,199	e	Petrofac Ltd		5,343
	5,358,076		Petroleo Brasileiro S.A.		24,179
	7,453,282		Petroleo Brasileiro S.A. (Preference)		30,469
	862,724	e	Petroleum Geo-Services ASA		4,641
	916,559		Petronas Dagangan BHD		4,997
	246,543	*,e	Petroquest Energy, Inc		488
	451,326	e	Peyto Exploration & Development Corp		11,032
	42,478	*	PHI, Inc		1,275
	929,127		Phillips 66		74,850
	705,668	*	Pioneer Energy Services Corp		4,474
	1,227,055	n	Pioneer Natural Resources Co		170,180
	4,751,595		Polish Oil & Gas Co		8,343
	382,415		Polski Koncern Naftowy Orlen S.A.		7,511
	100,100	*,m	Poseidon Concepts Corp		1
	177,569	e	PrairieSky Royalty Ltd		4,480
	317,530	e	Precision Drilling Trust		2,136
	494,406		Premier Oil plc		1,158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	26,118	*,e	Profire Energy, Inc	$	29
	231,394	e	ProSafe ASA		802
	18,445,700		PT Benakat Petroleum Energy		110
	2,553,000		PT Elnusa		92
	88,669,400	*	PT Energi Mega Persada Tbk		372
	1,032,850	*	PT Golden Eagle Energy Tbk		140
	3,699,800		PT Harum Energy Indonesia Tbk		306
	360,200		PT Indo Tambangraya Megah		346
	2,862,800		PT Medco Energi Internasional Tbk		586
	15,326,500	*	PT Sugih Energy Tbk		450
	3,454,759		PT Tambang Batubara Bukit Asam Tbk		2,170
	887,800		PTT Exploration & Production PCL (ADR)		2,856
	4,235,684		PTT Exploration & Production PCL (Foreign)		13,625
	401,000		PTT PCL (ADR)		4,250
	3,209,319		PTT PCL (Foreign)		34,017
	339,900		QGEP Participacoes S.A.		740
	317,736		Questar Market Resources, Inc		5,881
	604,782	*	Raging River Exploration, Inc		4,227
	301,837		Range Resources Corp		14,905
	2,446,444		Reliance Industries Ltd		38,386
	165,374	*	Renewable Energy Group, Inc		1,912
	1,422,152	e	Repsol YPF S.A.		25,066
	16,040	*,e	Resolute Energy Corp		15
	139,465	*,e	Rex Energy Corp		780
	725,000	*,e	Rex International Holding Ltd		126
	43,123	*	Rex Stores Corp		2,744
	105,883	*,e	Rice Energy, Inc		2,206
	34,948	*,e	RigNet, Inc		1,068
	57,744	*,e	Ring Energy, Inc		646
	116,177	*	RMP Energy Inc		218
	310,568	*,e	Rockhopper Exploration plc		325
	259,594	*	Rosetta Resources, Inc		6,007
	1,604,119		Rosneft Oil Co (GDR)		6,621
	511,986	e	Rowan Cos plc		10,808
	6,842,290		Royal Dutch Shell plc (A Shares)		193,460
	3,581,687		Royal Dutch Shell plc (B Shares)		101,972
	913,830	e	RPC, Inc		12,638
	3,461,239	*	RSP Permian, Inc		97,295
	214,619	*,e	Saipem S.p.A.		2,268
	80,000		San-Ai Oil Co Ltd		518
	141,750	*,e	Sanchez Energy Corp		1,389
	1,886,845	*,e	SandRidge Energy, Inc		1,655
	1,451,923		Santos Ltd		8,766
	4,058,718		Sapurakencana Petroleum BHD		2,535
	219,603	*	Saras S.p.A.		390
	1,188,707		Sasol Ltd		44,017
	175,135	*,e	SBM Offshore NV		2,088
	3,994,759		Schlumberger Ltd		344,308
	10,667	e	Schoeller-Bleckmann Oilfield Equipment AG.		647
	814,600	*	Scomi Energy Services BHD		78
	828,741		Scorpio Tankers, Inc		8,362
	66,473	*	SEACOR Holdings, Inc		4,716

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	148,892	e	Seadrill Ltd	$	1,540
	163,806	e	Seadrill Ltd (Oslo Exchange)		1,701
	131,941	e	Secure Energy Services, Inc		1,350
	229,763		SemGroup Corp		18,262
	972,670	*,e	Senex Energy Ltd		210
	50	*,m	Serval Integrated Energy Services		0	^
	49,331	*,e	Seven Generations Energy Ltd		645
	458,714	*,e	Seventy Seven Energy, Inc		1,968
	241,600	*	Shandong Molong Petroleum Machinery Co Ltd		140
	97,042	*	Shanxi Guoxin Energy Corp Ltd		162
	64,622		ShawCor Ltd		1,893
	39,200		Shinko Plantech Co Ltd		346
	158,824	e	Ship Finance International Ltd		2,592
	82,958	e	Showa Shell Sekiyu KK		725
	1,133,800		Siamgas & Petrochemicals PCL (Foreign)		368
	91,000		Sinanen Co Ltd		358
	796,000		Sinopec Kantons Holdings Ltd		621
	123,590		SK Energy Co Ltd		13,475
	20,426		SK Gas Co Ltd		1,677
	186,948		Soco International plc		516
	60,787		S-Oil Corp		3,674
	1,560,381	*	Southwestern Energy Co		35,467
	245,277	*,e	Spartan Energy Corp		605
	455,470		Spectra Energy Corp		14,848
	822,000	e	SPT Energy Group, Inc		149
	159,264		St. Mary Land & Exploration Co		7,345
	6,061,302		Statoil ASA		108,394
	160,177	*,e	Stone Energy Corp		2,017
	419,747	e	Subsea 7 S.A.		4,106
	1,768,311		Suncor Energy, Inc		48,703
	1,395,401		Superior Energy Services		29,359
	262,956	e	Surge Energy, Inc		745
	2,442,852		Surgutneftegaz (ADR)		14,432
	284,500		Surgutneftegaz (ADR) (London)		1,676
	119,480	*,e	Swift Energy Co		243
	283,438	*	Synergy Resources Corp		3,240
	309,207		Targa Resources Investments, Inc		27,587
	466,180		Tatneft (GDR)		14,927
	365,772		Technip S.A.		22,668
	198,139	e	Tecnicas Reunidas S.A.		10,208
	90,162		Teekay Corp		3,861
	257,902	e	Teekay Tankers Ltd (Class A)		1,705
	114,008	e	Tenaris S.A.		1,538
	100,807	e	Tesco Corp		1,099
	402,607		Tesoro Corp		33,984
	144,222		Tethys Oil AB		966
	438,310	*	Tetra Technologies, Inc		2,796
	363,777	e	TGS Nopec Geophysical Co ASA		8,498
	1,580,257		Thai Oil PCL (Foreign)		2,567
	169,534	e	Tidewater, Inc		3,853
	110,966		TMK OAO (GDR)		476
	257,848	e	TonenGeneral Sekiyu KK		2,398

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	85,031	e	TORC Oil & Gas Ltd	$	592
	54,377		Total Energy Services, Inc		664
	3,938,815		Total S.A.		193,203
	281,442	*	Tourmaline Oil Corp		8,455
	105,000		Toyo Kanetsu K K		190
	94,933	*,e	TransAtlantic Petroleum Ltd		485
	1,711,770	e	TransCanada Corp		69,567
	263,252	e	TransGlobe Energy Corp		1,050
	94,812	e	Transocean Ltd		1,537
	190,547	*,e	Triangle Petroleum Corp		957
	169,320		Trican Well Service Ltd		563
	246,337	e	Trilogy Energy Corp		1,114
	133,953	e	Trinidad Drilling Ltd		433
	754,982		Tullow Oil plc		4,035
	390,126		Tupras Turkiye Petrol Rafine		9,883
	429,077	*,e	Ultra Petroleum Corp		5,372
	600,793		Ultrapar Participacoes S.A.		12,696
	184,643	*,e	Unit Corp		5,008
	233,866	*	Uranium Energy Corp		372
	180,149	e	US Silica Holdings Inc		5,289
	123,170	*	Vaalco Energy, Inc		264
	2,560,296		Valero Energy Corp		160,275
	526,553	*,e	Vantage Drilling Co		100
	145,929	e	Veresen, Inc		1,973
	153,968	e	Vermilion Energy, Inc		6,651
	21,144	*,e	Vertex Energy, Inc		50
	225,380	e	W&T Offshore, Inc		1,235
	4,657,840		Wah Seong Corp BHD		1,703
	2,031,208	*	Weatherford International Ltd		24,923
	162,313	e	Western Energy Services Corp		752
	328,718		Western Refining, Inc		14,339
	48,133	*,e	Westmoreland Coal Co		1,000
	455,290	e	Whitecap Resources, Inc		4,804
	675,199	*,e	Whitehaven Coal Ltd		683
	533,932	*	Whiting Petroleum Corp		17,940
	3,153,886		Williams Cos, Inc		181,002
	782,000		Wison Engineering Services Co Ltd		221
	1,698,977		Woodside Petroleum Ltd		44,830
	160,025		World Fuel Services Corp		7,673
	36,967	e	WorleyParsons Ltd		297
	1,101,940	*	WPX Energy, Inc		13,532
	4,860,000	*,e	Yanchang Petroleum International Ltd		197
	2,850,861	e	Yanzhou Coal Mining Co Ltd		2,228
	70,659	*	YPF S.A. (ADR) (Class D)		1,938
	628,694		Z Energy Ltd		2,492
			TOTAL ENERGY		8,481,284

FOOD & STAPLES RETAILING - 1.8%
	1,322,700		7-Eleven Malaysia Holdings BHD		561
	161,626		Aeon Co Ltd		2,293
	18,800		Ain Pharmaciez Inc		872
	14,852		Al Meera Consumer Goods Co		1,027

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	1,015,345		Alimentation Couche Tard, Inc	$	43,435
	330,936		Almacenes Exito S.A.		2,886
	127,699		Andersons, Inc		4,980
	133,879		Arcs Co Ltd		2,916
	265,239		Axfood AB		4,234
	8,300		Belc Co Ltd		259
	28,164		BGF retail Co Ltd		4,035
	241,997		BIM Birlesik Magazalar AS		4,334
	27,122		Bizim Toptan Satis Magazalari AS		130
	3,395,423		Booker Group plc		8,978
	594,344	*	Carrefour S.A.		19,098
	103,332		Casey’s General Stores, Inc		9,893
	73,490		Casino Guichard Perrachon S.A.		5,578
	60,300		Cawachi Ltd		907
	5,160,250		Centros Comerciales Sudamericanos S.A.		12,416
	50,113	*,e	Chefs’ Warehouse Holdings, Inc		1,064
	2,061,655		China Resources Enterprise		6,640
	269,006		Cia Brasileira de Distribuicao Grupo Pao de Acucar		6,342
	14,034		CJ Freshway Corp		680
	230,089		Clicks Group Ltd		1,702
	16,560		Cocokara Fine Holdings, Inc		570
	38,799		Colruyt S.A.		1,740
	1,011,112		Controladora Comercial Mexicana S.A. de C.V.		3,179
	7,299,800		Cosco Capital, Inc		1,262
	8,900		Cosmos Pharmaceutical Corp		1,208
	1,554,826		Costco Wholesale Corp		209,995
	4,847,209		CP Seven Eleven PCL (Foreign)		6,627
	21,700		Create SD Holdings Co Ltd		1,001
	5,308,546		CVS Corp		556,760
	13,000		Daikokutenbussaan Co Ltd		501
	394,022		Delhaize Group		32,049
	201,463	*,e	Diplomat Pharmacy, Inc		9,015
	251,253		Distribuidora Internacional de Alimentacion S.A.		1,925
	52,521		Dongsuh Co, Inc		1,801
	44,117		E-Mart Co Ltd		9,132
	69,508		Empire Co Ltd		4,896
	83,387		Eurocash S.A.		828
	56,653	*,e	Fairway Group Holdings Corp		202
	131,491		FamilyMart Co Ltd		6,047
	116,965	*,e	Fresh Market, Inc		3,759
	59,144		George Weston Ltd		4,646
	337,234		Greggs plc		6,264
	15,160	e	Growell Holdings Co Ltd		692
	706,713	e	Grupo Comercial Chedraui S.a. DE C.V.		2,007
	9,928		GS Retail Co Ltd		415
	109,700		Heiwado Co Ltd		2,725
	41,042		Hyundai Greenfood Co Ltd		776
	329,601	e	ICA Gruppen AB		11,693
	3,032	*	Indiabulls Wholesale Service		1
	36,836		Ingles Markets, Inc (Class A)		1,760
	3,500		Itochu-Shokuhin Co Ltd		121
	2,533,485	e	J Sainsbury plc		10,546

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE
SHARES			COMPANY		(000)
	141,730		Jean Coutu Group PJC, Inc	$	2,633
	582,763		Jeronimo Martins SGPS S.A.		7,514
	19,900		Kato Sangyo Co Ltd		466
	176,870		Kesko Oyj (B Shares)		6,159
	8,400	*,e	Kobe Bussan Co Ltd		449
	2,222,800		Koninklijke Ahold NV		41,728
	2,912,756		Kroger Co		211,204
	13,800		Kusuri No Aoki Co Ltd		611
	414,914		Lawson, Inc		28,393
	24,000	*	Lenta Ltd		179
	53,000	*	Lenta Ltd (ADR)		395
	210,852	*	Lenta Ltd (GDR)		1,571
	1,723,000	*,e	Lianhua Supermarket Holdings Co Ltd		1,178
	43,689	e	Liberator Medical Holdings, Inc		99
	68,743	e	Liquor Stores Income Fund		785
	224,101	e	Loblaw Cos Ltd		11,318
	407,696		Magnit OAO (GDR)		22,678
	61,916		Majestic Wine plc		379
	117,785		MARR S.p.A.		2,089
	111,150	e	Massmart Holdings Ltd		1,368
	35,000		Matsumotokiyoshi Holdings Co Ltd		1,615
	3,568,157	e	Metcash Ltd		3,036
	277,900		Metro AG.		8,777
	556,315		Metro, Inc		14,930
	57,700		Ministop Co Ltd		1,000
	25,206	*,e	Natural Grocers by Vitamin C		621
	108,865	e	North West Co Fund		2,158
	45,000	e	Okuwa Co Ltd		380
	235,000	e	Olam International Ltd		328
	417,014		Pick’n Pay Holdings Ltd		896
	523,865	e	Pick’n Pay Stores Ltd		2,475
	639,980		President Chain Store Corp		4,499
	50,193	e	Pricesmart, Inc		4,580
	993,300		PT Matahari Putra Prima Tbk		219
	22,000,000		PT Modern Internasional Tbk		724
	221,653		Raia Drogasil S.A.		2,857
	20,953		Rallye S.A.		631
	5,662		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		247
	3,207,991	*	Rite Aid Corp		26,787
	3,654,280		Robinsons Retail Holdings, Inc		6,034
	100,513	*,e	Roundy’s, Inc		326
	9,979		Ryoshoku Ltd		223
	15,900		San-A Co Ltd		704
	699,197		Seven & I Holdings Co Ltd		30,013
	2,180,500		Sheng Siong Group Ltd		1,343
	734,216		Shoprite Holdings Ltd		10,465
	66,106		Shufersal Ltd		157
	138,828	*	Smart & Final Stores, Inc		2,481
	825,444		Sonae SPGS S.A.		1,085
	392,095	e	Spar Group Ltd		6,112
	180,399		Spartan Stores, Inc		5,870
	896,489	*	Sprouts Farmers Market, Inc		24,187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	37,500		Sugi Pharmacy Co Ltd	$	1,913
	7,409,883	e	Sun Art Retail Group Ltd		6,672
	48,600		Sundrug Co Ltd		2,894
	1,138,548	*	Supervalu, Inc		9,211
	937,641		Sysco Corp		33,849
	560,000		Taiwan TEA Corp		285
	7,884,115		Tesco plc		26,268
	47,976		Tsuruha Holdings, Inc		3,732
	146,918	*	United Natural Foods, Inc		9,356
	140,100	*	United Super Markets Holdings, Inc		1,206
	743,700		UNY Co Ltd		4,756
	129,800		Valor Co Ltd		3,249
	19,772		Village Super Market (Class A)		627
	2,415,351		Walgreens Boots Alliance, Inc		203,952
	5,968,596		Wal-Mart de Mexico SAB de C.V.		14,518
	3,770,111		Wal-Mart Stores, Inc		267,414
	40,042	e	Weis Markets, Inc		1,688
	1,440,518		Wesfarmers Ltd		43,321
	737,539	e	Whole Foods Market, Inc		29,089
	2,614,442	e	WM Morrison Supermarkets plc		7,422
	1,441,770		Woolworths Ltd		29,959
	520,799	*	Wumart Stores, Inc		369
	293,955	*	X 5 Retail Group NV (GDR)		4,891
	16,000		Yaoko Co Ltd		743
	36,700		Yokohama Reito Co Ltd		286
			TOTAL FOOD & STAPLES RETAILING		2,254,029

FOOD, BEVERAGE & TOBACCO - 4.7%
	107,850	*,e	22nd Century Group, Inc		101
	28,844		AarhusKarlshamn AB		1,708
	22,549	*	Advanta Ltd		161
	49,275	e	AGT Food & Ingredients, Inc		1,251
	298,626		Agthia Group PJSC		604
	969,885		Ajinomoto Co, Inc		20,974
	9,277	e	Alico, Inc		421
	7,439,805		Altria Group, Inc		363,881
	8,345,608		AMBEV S.A.		51,269
	40,469		Amsterdam Commodities NV		1,024
	234,022		Anadolu Efes Biracilik Ve Malt Sanayii AS		2,111
	477,875		Anheuser-Busch InBev NV		57,508
	65,017	e	Anheuser-Busch InBev NV (ADR)		7,846
	2,974	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	333,500		Anhui Gujing Distillery Co Ltd		1,308
	320,407	*	AquaChile S.A.		154
	5,429	*	Arcadia Biosciences, Inc		35
	2,202,614		Archer Daniels Midland Co		106,210
	18,100		Ariake Japan Co Ltd		741
	15,728		Aryzta AG.		774
	437,944		Asahi Breweries Ltd		13,908
	2,020,393		Associated British Foods plc		91,043
	85,518		Astral Foods Ltd		1,132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,624		Atria Group plc	$	302
	139,000		Ausnutria Dairy Corp Ltd		54
	236,861		Austevoll Seafood ASA		1,238
	367,676	*,e	Australian Agricultural Co Ltd		350
	855,517		AVI Ltd		5,730
	153,669	e	B&G Foods, Inc (Class A)		4,384
	127,356		Bakkafrost P		3,396
	2,017		Barry Callebaut AG.		2,298
	108,482	e	Bega Cheese Ltd		362
	32,027	*,e	Belvedere S.A.		710
	4,951		Binggrae Co Ltd		375
	166,799	e	Biostime Internatonal Holdings Ltd		488
	24,264		Bonduelle S.C.A.		616
	22,897	*,e	Boston Beer Co, Inc (Class A)		5,312
	207,713	*,e	Boulder Brands, Inc		1,442
	540,700		Boustead Plantations BHD		201
	1,316,048		BRF S.A.		27,802
	275,848		British American Tobacco Malaysia BHD		4,529
	3,874,526		British American Tobacco plc		208,614
	6,832,439		Britvic plc		76,979
	19,931		Brown-Forman Corp		2,221
	399,946		Brown-Forman Corp (Class B)		40,067
	337,600	e	Bumitama Agri Ltd		248
	622,296		Bunge Ltd		54,638
	334,179		C&C Group plc		1,310
	40,473		Calavo Growers, Inc		2,102
	86,974		Calbee, Inc		3,664
	98,417	e	Cal-Maine Foods, Inc		5,137
	353,475	e	Campbell Soup Co		16,843
	168,300		Carabao Group PCL		216
	37,186		Carlsberg AS (Class B)		3,369
	301,800		Carlsberg Brewery-Malay BHD		999
	162,152	*	Castle Brands, Inc		225
	2,524,300	*	Century Pacific Food, Inc		1,024
	651,000		Changshouhua Food Co Ltd		445
	2,203,400		Charoen Pokphand Foods PCL		1,563
	3,129,611	e	China Agri-Industries Holdings Ltd		1,781
	7,028,296	e	China Huishan Dairy Holdings Co Ltd		1,604
	699,000	*	China Huiyuan Juice Group Ltd		383
	1,987,360		China Mengniu Dairy Co Ltd		9,909
	2,993,000	e	China Modern Dairy Holdings		1,076
	1,237,000	*,e	China Yurun Food Group Ltd		471
	339,731		Cia Cervecerias Unidas S.A.		3,606
	9,135		CJ CheilJedang Corp		3,609
	20,100		Clearwater Seafoods, Inc		197
	219,978	*	Cloetta AB		666
	265,546		Clover Industries Ltd		384
	565,847		Coca-Cola Amatil Ltd		3,991
	21,292	e	Coca-Cola Bottling Co Consolidated		3,217
	259,698	e	Coca-Cola Central Japan Co Ltd		4,802
	9,844,443		Coca-Cola Co		386,197
	380,882		Coca-Cola Embonor S.A.		638

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,200,076		Coca-Cola Enterprises, Inc	$	52,131
	1,184,220	e	Coca-Cola Femsa S.A. de C.V.		9,401
	92,960	e	Coca-Cola Femsa SAB de C.V. (ADR)		7,386
	185,362		Coca-Cola HBC AG.		3,978
	219,599		Coca-Cola Icecek AS		3,654
	254,400		Coca-Cola West Japan Co Ltd		4,592
	804,600	*,e	Cofco International Ltd		492
	1,813,310	e	ConAgra Foods, Inc		79,278
	677,098	n	Constellation Brands, Inc (Class A)		78,557
	58,140		Corbion NV		1,153
	127,949		Cott Corp		1,251
	25,297	*	Craft Brewers Alliance, Inc		280
	3,580		Crown Confectionery Co Ltd		2,054
	2,768		Dae Han Flour Mills Co Ltd		558
	42,052		Daesang Corp		1,338
	135,083	e	Dairy Crest Group plc		1,131
	684,187	*	Darling International, Inc		10,030
	286,461		Davide Campari-Milano S.p.A.		2,181
	848,691		Dean Foods Co		13,723
	381,373	*,e	Deoleo S.A.		168
	234,477		Devro plc		1,116
	2,504,273		Diageo plc		72,523
	325,304	*	Diamond Foods, Inc		10,208
	4,093		Dongwon F&B Co Ltd		1,384
	1,259		Dongwon Industries Co Ltd		336
	1,050,083		Dr Pepper Snapple Group, Inc		76,551
	7,700		Dydo Drinco, Inc		335
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		2
	68,300	e	Ebro Puleva S.A.		1,323
	820,930		Embotelladora Andina S.A.		2,776
	896,033		Embotelladoras Arca SAB de C.V.		5,091
	5,282	e	Emmi AG.		1,699
	60,500		Ezaki Glico Co Ltd		3,005
	19,532	*	Farmer Bros Co		459
	9,089	*	Farmsco		157
	2,330,099		Felda Global Ventures Holdings BHD		1,005
	70,772		Fevertree Drinks plc		318
	881,800	e	First Resources Ltd		1,335
	351,437		Flowers Foods, Inc		7,433
	3,031,130		Fomento Economico Mexicano S.A. de C.V.		26,993
	133,250	e	Fonterra Shareholders’ Fund		433
	91,372		Fresh Del Monte Produce, Inc		3,532
	47,392	*,e	Freshpet, Inc		881
	65,173		Fuji Oil Co Ltd		1,142
	16,832		Fujicco Co Ltd		341
	116,000		Fujiya Co Ltd		184
	1,918,072		General Mills, Inc		106,875
	219,214		Genting Plantations BHD		576
	1,877,700		GFPT PCL (Foreign)		665
	188,118		Glanbia plc		3,694
	8,450		GlaxoSmithKline Consumer Healthcare Ltd		832
	11,901,954	e	Golden Agri-Resources Ltd		3,624

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	188,601		GrainCorp Ltd-A	$	1,242
	2,505,272		Great Wall Enterprise Co		1,766
	512,689		Greencore Group plc		2,529
	672,359		Groupe Danone		43,552
	891,900		Gruma SAB de C.V.		11,461
	2,681,943	e	Grupo Bimbo S.A. de C.V. (Series A)		6,938
	681,445	e	Grupo Herdez SAB de C.V.		1,745
	1,864,700		Grupo Lala SAB de C.V.		3,890
	322,114	*	Hain Celestial Group, Inc		21,214
	27,493	*	Harim & Co Ltd		117
	118,251		Heineken Holding NV		8,288
	420,242		Heineken NV		31,950
	306,912		Hershey Co		27,263
	291,500		Hey Song Corp		344
	18,166		High Liner Foods, Inc		329
	28,455		Hite Holdings Co Ltd		364
	124,191		HKScan Oyj		738
	19,700		Hokuto Corp		404
	943,000	g	Honworld Group Ltd		657
	453,839		Hormel Foods Corp		25,583
	62,752		House Foods Corp		1,193
	477,200		Ichitan Group PCL		281
	444,935		Illovo Sugar Ltd		539
	38,080,000	*,e	Imperial Pacific International Holdings Ltd		1,523
	929,343		Imperial Tobacco Group plc		44,759
	407,778		Indofood Agri Resources Ltd		212
	1,232,577		Indofood CBP Sukses Makmur Tbk		1,150
	351,800		Industrias Bachoco SAB de C.V.		1,593
	412,204	e	Ingredion, Inc		32,898
	52,964	*,e	Inventure Foods, Inc		538
	7,293,083		IOI Corp BHD		7,848
	3,649,581		ITC Ltd		18,039
	57,200	e	Ito En Ltd		1,200
	405,000	e	Itoham Foods, Inc		2,182
	68,446		J&J Snack Foods Corp		7,575
	172,783		J.M. Smucker Co		18,731
	2,160,777		Japan Tobacco, Inc		76,814
	378,000	*,e	Japfa Ltd		111
	2,500,993		JBS S.A.		13,160
	27,122		Jinro Ltd		549
	40,697		John B. Sanfilippo & Son, Inc		2,112
	282,000		J-Oil Mills, Inc		966
	630,238		Juhayna Food Industries		702
	73,673	e	Kagome Co Ltd		1,187
	11,000		Kameda Seika Co Ltd		426
	630,900		Kaset Thai International Sugar Corp PCL		159
	525,841		Kellogg Co		32,970
	132,669		Kernel Holding S.A.		1,332
	606,434		Kerry Group plc (Class A)		44,986
	402,461	e	Keurig Green Mountain, Inc		30,841
	18,400		KEY Coffee, Inc		308
	2,357,000		Khon Kaen Sugar Industry PCL		313

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,671		Kikkoman Corp	$	895
	164,600		Kim Loong Resources BHD		121
	291,590		Kirin Brewery Co Ltd		4,016
	304,207		Koninklijke Wessanen NV		2,677
	2,782,341		Kraft Foods Group, Inc		236,888
	43,621	*	KRBL Ltd		112
	290,495		KT&G Corp		24,715
	504,295		Kuala Lumpur Kepong BHD		2,856
	3,060		KWS Saat AG.		1,018
	96,744		La Doria S.p.A		1,294
	118,177	e	Lancaster Colony Corp		10,736
	133,152		Lance, Inc		4,297
	71,191	*	Landec Corp		1,027
	79,393		Leroy Seafood Group ASA		2,586
	1,965,000	*,e	Leyou Technologies Holdings Ltd		380
	1,100,987		Lien Hwa Industrial Corp		773
	14,432	*	Lifeway Foods, Inc		277
	32,766	e	Limoneira Co		728
	178		Lindt & Spruengli AG.		941
	25		Lindt & Spruengli AG. (Registered)		1,565
	572		Lotte Chilsung Beverage Co Ltd		1,361
	830		Lotte Confectionery Co Ltd		1,445
	2,632		Lotte Samkang Co Ltd		2,138
	35,346		M Dias Branco S.A.		932
	5,767		Maeil Dairy Industry Co Ltd		204
	512,600		Malayan Flour Mills BHD		185
	116,711		Maple Leaf Foods, Inc		2,214
	240,100	*	Marfrig Global Foods S.A.		439
	87,000		Marudai Food Co Ltd		325
	39,100		Maruha Nichiro Corp		632
	276,811		McCormick & Co, Inc		22,408
	63,473		McLeod Russel India Ltd		226
	725,230		Mead Johnson Nutrition Co		65,430
	140,100		Megmilk Snow Brand Co Ltd		1,796
	106,577		MEIJI Holdings Co Ltd		13,752
	31,272		Mgp Ingredients, Inc		526
	92,000	*	Minerva S.A.		340
	252,000		Mitsui Sugar Co Ltd		1,004
	347,232		Molson Coors Brewing Co (Class B)		24,240
	6,038,663		Mondelez International, Inc		248,431
	1,436,207	*	Monster Beverage Corp		192,480
	230,302		Morinaga & Co Ltd		986
	165,000		Morinaga Milk Industry Co Ltd		605
	13,073	*	Muhak Co Ltd		740
	521,000		Namchow Chemical Industrial Ltd		1,140
	323		Namyang Dairy Products Co Ltd		202
	60,071	*	National Beverage Corp		1,351
	6,349	e	Naturex		441
	33,266		Nestle India Ltd		3,318
	4,490,684		Nestle S.A.		324,006
	392,000		Nichirei Corp		2,705
	261,000		Nippon Beet Sugar Manufacturing Co Ltd		431

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,000		Nippon Flour Mills Co Ltd	$	738
	524,705		Nippon Meat Packers, Inc		11,966
	964,066		Nippon Suisan Kaisha Ltd		2,755
	398,000		Nisshin Oillio Group Ltd		1,632
	65,507		Nisshin Seifun Group, Inc		871
	14,773		Nissin Food Products Co Ltd		647
	2,766		Nong Shim Co Ltd		719
	1,495		Nong Shim Holdings Co Ltd		174
	6,267		Nong Woo Bio Co Ltd		147
	93,027		Oceana Group Ltd		742
	211,425		Oldtown BHD		90
	70,041	*	Omega Protein Corp		963
	214,200	e	Organizacion Cultiba SAB de C.V.		273
	193,912		Origin Enterprises plc		1,719
	3,859		Orion Corp		3,619
	190,930		Orkla ASA		1,498
	32,743		Osem Investments Ltd		681
	2,512		Ottogi Corp		1,788
	348,358		PAN Fish ASA		3,990
	5,486,245		PepsiCo, Inc		512,086
	1,584,000		Pepsi-Cola Products Philippine		172
	268,788	e	Pernod-Ricard S.A.		31,073
	72,987	*,m	Pescanova S.A.		1
	838,000	e	Petra Foods Ltd		2,178
	1,402		Philip Morris CR		603
	4,311,967		Philip Morris International, Inc		345,690
	899,342	e	Pilgrim’s Pride Corp		20,658
	37,347		Pinar SUT Mamulleri Sanayii AS		309
	2,229,157		Pinnacle Foods, Inc		101,516
	144,540	*,e	Post Holdings, Inc		7,795
	826,490		PPB Group BHD		3,308
	714,583	*	Premier Foods plc		423
	53,340	e	Premium Brands Holdings Corp		1,371
	117,000		Prima Meat Packers Ltd		358
	378,615		PT Astra Agro Lestari Tbk		650
	5,692,200		PT Austindo Nusantara Jaya		519
	1,389,600		PT Bisi International		167
	9,916,100		PT BW Plantation Tbk		306
	8,056,110		PT Charoen Pokphand Indonesia Tbk		1,658
	551,968		PT Gudang Garam Tbk		1,863
	10,664,931		PT Indofood Sukses Makmur Tbk		5,248
	4,830,100		PT Japfa Comfeed Indonesia Tbk		193
	726,400		PT Malindo Feedmill Tbk		101
	1,411,300		PT Nippon Indosari Corpindo Tbk		121
	4,886,300		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		569
	8,323,600		PT Salim Ivomas Pratama Tbk		374
	809,400		PT Sampoerna Agro Tbk		104
	1,642,100		PT Sawit Sumbermas Sarana Tbk		227
	7,905		Pulmuone Co Ltd		1,587
	207,100		Q.P. Corp		4,385
	427,320		QAF Ltd		370
	825,750		QL Resources BHD		864

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	154,391		Remy Cointreau S.A.	$	11,154
	1,526,379		Reynolds American, Inc		113,959
	9,400,000		RFM Corp		864
	111,538	*	Rhodes Food Group Pty Ltd		183
	197,953	e	Rogers Sugar, Inc		712
	119,731		Royal Unibrew A.S.		4,092
	45,400	e	S Foods, Inc		919
	3,327,542		SABMiller plc		172,534
	67,676	e	SABMiller plc (Johannesburg)		3,505
	1,782	*	Sajo Industries Co Ltd		141
	28,855		Sakata Seed Corp		551
	178,122		Salmar ASA		2,612
	1,997		Samlip General Foods Co Ltd		481
	7,363		Samyang Corp		748
	597		Samyang Genex Co Ltd		111
	7,203		Samyang Holdings Corp		1,505
	88,961	e	Sanderson Farms, Inc		6,686
	158,200		Sao Martinho S.A.		1,908
	1,453,000	e	Sapporo Holdings Ltd		5,398
	261,915		Saputo, Inc		6,335
	111,369	e	Scandi Standard AB		678
	38,348		Schouw & Co		2,003
	892	*	Seaboard Corp		3,210
	69,979		Select Harvests Ltd		593
	33,339	*,e	Seneca Foods Corp		926
	341,400	*	Shanghai Dajiang Group		248
	2,620,000		Shenguan Holdings Group Ltd		672
	89,000		Showa Sangyo Co Ltd		362
	550,702		Shree Renuka Sugars Ltd		88
	5,310		Silla Co Ltd		96
	123,500		SLC Agricola S.A.		687
	422,231		Souza Cruz S.A.		3,318
	371,984		Standard Foods Corp		1,112
	197,287		Stock Spirits Group plc		597
	42,255		Strauss Group Ltd		685
	80,565	e	Suedzucker AG.		1,342
	234,883		Suntory Beverage & Food Ltd		9,351
	431,500	e	Super Coffeemix Manufacturing Ltd		355
	225,309		Swedish Match AB		6,406
	53,507	*,e	Synutra International, Inc		383
	161,100		Takara Holdings, Inc		1,261
	432,545		Tassal Group Ltd		1,112
	541,697		Tata Tea Ltd		1,123
	1,219,375		Tate & Lyle plc		9,953
	449,200		TDM BHD		81
	2,075,000	e	Tenwow International Holdings Ltd		866
	360,500		Tereos Internacional S.A.		79
	1,159,500		Thai Union Frozen Products PCL		747
	858,500		Thai Vegetable Oil PCL		572
	1,409,000	e	Tibet 5100 Water Resources Holdings Ltd		505
	1,751,300		Tiga Pilar Sejahtera Food Tbk		245
	510,742		Tiger Brands Ltd		11,915

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,312,542		Tingyi Cayman Islands Holding Corp	$	4,718
	100,866		Tongaat Hulett Ltd		1,084
	51,312	e	Tootsie Roll Industries, Inc		1,658
	37,546		Toyo Suisan Kaisha Ltd		1,368
	477,505		Treasury Wine Estates Ltd		1,834
	116,441	*	TreeHouse Foods, Inc		9,435
	8,944		TS Corp		227
	532,150		TSH Resources BHD		314
	455,086	e	Tsingtao Brewery Co Ltd		2,759
	141,000		Ttet Union Corp		343
	2,087,218	e	Tyson Foods, Inc (Class A)		88,978
	159,759		Ulker Biskuvi Sanayi AS		1,115
	2,996,288		Unilever NV		125,272
	1,031,160	e	Uni-President China Holdings Ltd		951
	5,356,520		Uni-President Enterprises Corp		9,499
	65,962		United Breweries Ltd		966
	63,161		United Spirits Ltd		3,350
	66,524	e	Universal Corp		3,813
	2,501,725		Universal Robina		10,757
	228,188	e	Vector Group Ltd		5,353
	6,165	e	Vilmorin & Cie		518
	362,737		Vina Concha y Toro S.A.		632
	242,466,502		Vina San Pedro Tarapaca S.A.		1,896
	46,673		Viscofan S.A.		2,823
	7,147,024	e	Want Want China Holdings Ltd		7,546
	49,500		Warabeya Nichiyo Co Ltd		1,193
	265,000		Wei Chuan Food Corp		164
	6,119,000	*,g	WH Group Ltd		4,165
	1,673,414	*	WhiteWave Foods Co (Class A)		81,796
	3,967,467		Wilmar International Ltd		9,656
	14,231		Yakult Honsha Co Ltd		843
	84,735		Yamazaki Baking Co Ltd		1,411
	12,161		Yantai Changyu Pioneer Wine Co		50
	2,517,000	*,e	YuanShengTai Dairy Farm Ltd		246
	8,507		Zydus Wellness Ltd		120
			TOTAL FOOD, BEVERAGE & TOBACCO		5,852,699

HEALTH CARE EQUIPMENT & SERVICES - 4.2%
	21,394	*,e	AAC Holdings, Inc		932
	63,547	e	Abaxis, Inc		3,271
	4,843,336		Abbott Laboratories		237,711
	119,284	*	Abiomed, Inc		7,841
	196,188	*,e	Acadia Healthcare Co, Inc		15,367
	221,499	*,e	Accuray, Inc		1,493
	79,908		Aceto Corp		1,968
	36,481	*	Addus HomeCare Corp		1,016
	16,423	*,e	Adeptus Health, Inc		1,560
	197,325		Advanced Medical Solutions Group plc		443
	1,804,001		Aetna Inc		229,938
	168,982	*	AGFA-Gevaert NV		471
	62,626	*,m	AGFA-Gevaert NV Brussels (Strip VVPR)		0	^
	198,389	*,e	Air Methods Corp		8,201

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	575,363		Al Noor Hospitals Group plc	$	8,543
	572,634		Alfresa Holdings Corp		8,911
	259,408	*	Align Technology, Inc		16,267
	23,685	*	Alliance HealthCare Services, Inc		443
	692,913	*	Allscripts Healthcare Solutions, Inc		9,479
	28,185	*	Almost Family, Inc		1,125
	26,304		Ambu A.S.		687
	78,507	*,e	Amedisys, Inc		3,119
	1,011,082		AmerisourceBergen Corp		107,518
	178,412	*	AMN Healthcare Services, Inc		5,636
	268,933	e	Amplifon S.p.A.		2,096
	175,358	*	Amsurg Corp		12,266
	53,097		Analogic Corp		4,189
	71,957	*	Angiodynamics, Inc		1,180
	85,070	*	Anika Therapeutics, Inc		2,810
	266,642		Ansell Ltd		4,947
	348,969	*,e	Antares Pharma, Inc		726
	969,221		Anthem, Inc		159,088
	183,915		Apollo Hospitals Enterprise Ltd		3,796
	12,700		As One Corp		437
	31,400		Asahi Intecc Co Ltd		2,151
	76,935	*,e	athenahealth, Inc		8,815
	76,970	*	AtriCure, Inc		1,897
	5,801		Atrion Corp		2,276
	1,120,209	e	Australian Pharmaceutical Industries Ltd		1,294
	1,310,350		Bangkok Chain Hospital PCL		273
	3,381,800		Bangkok Dusit Medical Services PCL		1,969
	422,358		Bard (C.R.), Inc		72,097
	1,707,746		Baxter International, Inc		119,423
	555,056		Becton Dickinson & Co		78,624
	70,684	*,e	Bio-Reference Labs, Inc		2,916
	197,159	*,e	BioScrip, Inc		716
	1,117,700	*	Biosensors International Group Ltd		676
	73,676	*	BioTelemetry, Inc		695
	10,700		BML, Inc		335
	5,225,926	*	Boston Scientific Corp		92,499
	139,729	*	Brookdale Senior Living, Inc		4,849
	621,100		Bumrungrad Hospital PCL (Foreign)		3,431
	343,630		Bupa Chile S.A.		283
	133,263		Cantel Medical Corp		7,152
	83,939	*	Capital Senior Living Corp		2,057
	1,106,404		Cardinal Health, Inc		92,551
	84,931	*	Cardiovascular Systems, Inc		2,246
	32,083	e	Carl Zeiss Meditec AG.		818
	1,377	*,e	Carmat		88
	50,554	*,e	Castlight Health, Inc		412
	524,855	*	Catamaran Corp		32,058
	379,396	*	Catamaran Corp (Toronto)		23,186
	11,401	*	Cegedim S.A.		482
	17,511		Celesio AG.		508
	864,075	*	Centene Corp		69,472
	868,241	*	Cerner Corp		59,961

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	274,228	*,e	Cerus Corp	$	1,423
	34,694	*	CHA Bio & Diostech Co Ltd		518
	238,932		Chartwell Retirement Residences		2,196
	69,333		CHC Healthcare Group		118
	49,147	e	Chemed Corp		6,443
	2,337,000	*	China NT Pharma Group Co Ltd		716
	379,000	e	China Pioneer Pharma Holdings Ltd		219
	3,678,900		Chularat Hospital PCL		208
	1,362,834		Cigna Corp		220,779
	49,508	*,e	Civitas Solutions, Inc		1,056
	111,859		Cochlear Ltd		6,913
	99,778		Coloplast AS		6,544
	463,968	*	Community Health Systems, Inc		29,216
	34,488		CompuGroup Medical AG.		1,206
	31,089	e	Computer Programs & Systems, Inc		1,661
	75,899		Conmed Corp		4,423
	18,684	*,e	Connecture, Inc		197
	25,400		Consort Medical plc		363
	83,728		Cooper Cos, Inc		14,901
	900,000	e	Cordlife Group Ltd		752
	55,542	*	Corindus Vascular Robotics, Inc		195
	52,384	*	Corvel Corp		1,677
	153,239	*	Cross Country Healthcare, Inc		1,943
	88,179	e	CryoLife, Inc		995
	36,803	*	Cutera, Inc		570
	38,200	*,e	CYBERDYNE, Inc		994
	132,284	*	Cyberonics, Inc		7,866
	104,240	*	Cynosure, Inc (Class A)		4,022
	831,080	*	DaVita, Inc		66,046
	13,264	*	DBV Technologies S.A.		767
	157,060		Dentsply International, Inc		8,096
	24,885	*,e	Derma Sciences, Inc		178
	238,959	*	DexCom, Inc		19,112
	22,076		DiaSorin S.p.A.		1,008
	11,636		Draegerwerk AG.		1,246
	8,052		Draegerwerk AG. & Co KGaA		669
	501,640	*	Edwards Lifesciences Corp		71,449
	15,000		Eiken Chemical Co Ltd		300
	119,116	e	Elekta AB (B Shares)		747
	185,744	*,e	Endologix, Inc		2,849
	104,162		Ensign Group, Inc		5,319
	14,796	*,e	Entellus Medical, Inc		383
	236,562	*	Envision Healthcare Holdings, Inc		9,339
	745,702		Essilor International S.A.		89,335
	866,642	*	Estia Health Ltd		4,012
	26,568	*	Exactech, Inc		553
	112,480	*	ExamWorks Group, Inc		4,398
	3,193,815	*	Express Scripts Holding Co		284,058
	214,961	e	Extendicare, Inc		1,303
	993,263	e	Fagron NV		41,099
	1,339,098		Fisher & Paykel Healthcare Corp		6,221
	233,325	*	Five Star Quality Care, Inc		1,120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	196,000		Fleury S.A.	$	1,154
	97,339	*	Fortis Healthcare Ltd		274
	235,791		Fresenius Medical Care AG.		19,520
	387,713		Fresenius SE		24,894
	16,400		Fukuda Denshi Co Ltd		910
	7,472	e	Galenica AG.		7,793
	158,536	*,e	Genesis Health Care, Inc		1,046
	116,093	*,e	GenMark Diagnostics, Inc		1,052
	63,109		Getinge AB (B Shares)		1,519
	39,000		Ginko International Co Ltd		490
	227,624	*	Globus Medical, Inc		5,843
	456,701		GN Store Nord		9,425
	7,781,998	e	Golden Meditech Holdings Ltd		1,445
	88,151	*,e	Greatbatch, Inc		4,753
	47,600		Green Hospital Supply, Inc		984
	80,229	e	Greencross Ltd		355
	5,416		Guerbet		230
	143,860	*	Haemonetics Corp		5,950
	91,286	*,e	Halyard Health, Inc		3,697
	102,320	*,e	Hanger Orthopedic Group, Inc		2,398
	580,900		Hartalega Holdings BHD		1,309
	1,341,277	*,n	HCA Holdings, Inc		121,681
	630,243	*	Health Net, Inc		40,411
	98,006	*	HealthEquity, Inc		3,141
	860,582		Healthscope Ltd		1,802
	414,255		Healthsouth Corp		19,081
	68,121	*	HealthStream, Inc		2,072
	91,252	*	Healthways, Inc		1,093
	48,041	*,e	HeartWare International, Inc		3,492
	174,900	*	Henry Schein, Inc		24,857
	119,038		Hill-Rom Holdings, Inc		6,467
	1,277	*	Hironic Co Ltd		106
	238,276	*,e	HMS Holdings Corp		4,091
	10,800		Hogy Medical Co Ltd		554
	1,671,976	*	Hologic, Inc		63,635
	339,836		Hoya Corp		13,610
	578,768	n	Humana, Inc		110,707
	42,888	*	ICU Medical, Inc		4,103
	326,404	*	Idexx Laboratories, Inc		20,936
	3,516,295		IHH Healthcare BHD		5,271
	25,200	*,e	Imprivata, Inc		412
	212,566	*	IMS Health Holdings, Inc		6,515
	9,017		InBody Co Ltd		400
	60,307	*	Inogen Inc		2,690
	486,877	*,e	Inovalon Holdings, Inc		13,584
	165,423	*	Insulet Corp		5,126
	117,111	*	Integra LifeSciences Holdings Corp		7,890
	134,468	*	Intuitive Surgical, Inc		65,150
	89,721		Invacare Corp		1,941
	190,355	*,e	Inverness Medical Innovations, Inc		10,041
	67,615	*	InVivo Therapeutics Holdings Corp		1,092
	18,704		Ion Beam Applications		509

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,061	*	IPC The Hospitalist Co, Inc	$	3,050
	7,250	*	iRadimed Corp		169
	4,713	*	i-SENS Inc		257
	246,499	e	Japara Healthcare Ltd		488
	76,000		Jeol Ltd		344
	6,895,000	e	Jintian Pharmaceutical Group Ltd		3,688
	46,596	*	K2M Group Holdings, Inc		1,119
	422,964		Kindred Healthcare, Inc		8,582
	35,084	e	Korian-Medica		1,166
	701,900		Kossan Rubber Industries		1,209
	1,429,973		KPJ Healthcare BHD		1,599
	325,068	*	Laboratory Corp of America Holdings		39,405
	27,401		Landauer, Inc		977
	61,299	*	LDR Holding Corp		2,651
	46,670		LeMaitre Vascular, Inc		563
	57,574	*	LHC Group, Inc		2,202
	56,304		Lifco AB		1,152
	1,098,328		Life Healthcare Group Holdings Pte Ltd		3,385
	293,867	*	LifePoint Hospitals, Inc		25,552
	1,484,000	*	Lifetech Scientific Corp		425
	6,623		Lutronic Corp		397
	129,773	*	Magellan Health Services, Inc		9,093
	6,400		Mani, Inc		425
	135,913	*	Masimo Corp		5,265
	1,323,205		McKesson Corp		297,470
	258,529	*	MedAssets, Inc		5,703
	66,875	e	Medical Facilities Corp		811
	20,374		Medicare Group		1,041
	294,387		Mediceo Paltac Holdings Co Ltd		4,795
	606,414		Mediclinic International Ltd		5,098
	149,539	*	Medidata Solutions, Inc		8,123
	46,369	*	Medipost Co Ltd		4,857
	4,416,371		Medtronic plc		327,253
	422,143	*	Merge Healthcare, Inc		2,026
	112,994	e	Meridian Bioscience, Inc		2,106
	245,695	*	Merit Medical Systems, Inc		5,292
	33,200	e	Message Co Ltd		895
	1,627,145	e	Metlifecare Ltd		5,127
	145,500		Microlife Corp		340
	482,000	*	Microport Scientific Corp		237
	75,093		Miraca Holdings, Inc		3,752
	136,680	*	Molina Healthcare, Inc		9,609
	20,736		Nagaileben Co Ltd		398
	27,900		Nakanishi, Inc		1,102
	29,306		National Healthcare Corp		1,905
	29,190	e	National Research Corp		415
	213,037	*	Natus Medical, Inc		9,067
	102,179	*	Neogen Corp		4,847
	2,646,238		Network Healthcare Holdings Ltd		8,325
	48,092	*,e	Nevro Corp		2,585
	42,300	e	Nichii Gakkan Co		340
	72,200		Nihon Kohden Corp		1,786

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	139,867		Nikkiso Co Ltd	$	1,466
	659,800		Nipro Corp		6,753
	80,982	*	Nobilis Health Corp		551
	210,128	*	NuVasive, Inc		9,956
	172,810	*	NxStage Medical, Inc		2,469
	267,819		Odontoprev S.A.		929
	1,486,919		Olympus Corp		51,336
	319,886		Omnicare, Inc		30,149
	193,128	*	Omnicell, Inc		7,283
	469,429	*	OraSure Technologies, Inc		2,530
	110,542	*	Oriola-KD Oyj (B Shares)		510
	45,506	*	Orion Health Group Ltd		124
	65,583	e	Orpea		4,593
	63,742	*	Orthofix International NV		2,111
	9,869	*	Osstem Implant Co Ltd		601
	170,632	e	Owens & Minor, Inc		5,801
	49,765	*,e	Oxford Immunotec Global plc		689
	16,800		Paramount Bed Holdings Co Ltd		496
	137,076		Patterson Cos, Inc		6,669
	363,480	*	Pediatrix Medical Group, Inc		26,938
	211,675		Pharmaniaga BHD		400
	108,063	*	PharMerica Corp		3,599
	303,500	e	Phoenix Healthcare Group Co Ltd		577
	16,308		Phonak Holding AG.		2,205
	24,666	*,e	PhotoMedex, Inc		34
	110,000	*	Pihsiang Machinery Manufacturing Co Ltd		219
	306,842	*	Premier, Inc		11,801
	6,306	*	Press Ganey Holdings, Inc		181
	1,439,844	e	Primary Health Care Ltd		5,589
	54,489	*	Providence Service Corp		2,413
	15,000	e	Psc, Inc		172
	247,700		PT Siloam International Hospitals Tbk		268
	559,000	*,e	PW Medtech Group Ltd		211
	253,808		Qualicorp S.A.		1,609
	139,466		Quality Systems, Inc		2,311
	185,072		Quest Diagnostics, Inc		13,421
	80,184	*,e	Quidel Corp		1,840
	133,331	*,e	RadNet, Inc		892
	253,405		Raffles Medical Group Ltd		865
	195,446		Ramsay Health Care Ltd		9,258
	127,696	*	Regis Healthcare Ltd		508
	4,307,200		Religare Health Trust		3,259
	233,047	e	Resmed, Inc		13,137
	190,555		Rhoen Klinikum AG.		5,109
	130,775	*,e	Rockwell Medical Technologies, Inc		2,108
	201,480	*	RTI Biologics, Inc		1,302
	616,814	e	Ryman Healthcare Ltd		3,310
	11,988		Sartorius AG.		2,229
	4,887		Sartorius Stedim Biotech		1,348
	111,496	*,e	Second Sight Medical Products, Inc		1,517
	210,753		Selcuk Ecza Deposu Ticaret ve Sanayi AS		196
	321,888		Select Medical Holdings Corp		5,215

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,920		SEWOONMEDICAL Co Ltd	$	90
	2,218,994		Shandong Weigao Group Medical Polymer Co Ltd		1,656
	2,042,062		Shanghai Pharmaceuticals Holding Co Ltd		5,682
	100,404	e	Sienna Senior Living, Inc		1,242
	14,180	*,e	Sientra, Inc		358
	2,766,459		Sigma Pharmaceuticals Ltd		1,642
	1,259,647		Sinopharm Group Co		5,594
	110,587	*,e	Sirona Dental Systems, Inc		11,105
	750,747		Smith & Nephew plc		12,701
	194,535		So-net M3, Inc		3,910
	1,941,053		Sonic Healthcare Ltd		31,963
	354,180	*	Sorin S.p.A.		991
	115,687	*,e	Spectranetics Corp		2,662
	257,181	g	Spire Healthcare Group plc		1,346
	636,263		St. Jude Medical, Inc		46,492
	41,000		St. Shine Optical Co Ltd		652
	103,450	*,e	Staar Surgical Co		999
	297,944	e	STERIS Corp		19,200
	12,834		Stratec Biomedical Systems AG.		707
	12,318		Straumann Holding AG.		3,381
	874,890		Stryker Corp		83,613
	5,750		Suheung Capsule Co Ltd		281
	994,358	e	Summerset Group Holdings Ltd		2,399
	1,157,600		Supermax Corp BHD		635
	142,850	*	Surgical Care Affiliates, Inc		5,483
	66,520	*	SurModics, Inc		1,558
	209,639		Suzuken Co Ltd		6,707
	7,875	*,e	Symmetry Surgical, Inc		69
	58,300		Synergy Healthcare plc		1,575
	245,498		Sysmex Corp		14,621
	32,146	*,e	Tandem Diabetes Care, Inc		348
	224,956	*	Team Health Holdings, Inc		14,696
	26,548	e	Teleflex, Inc		3,596
	252,935	*	Tenet Healthcare Corp		14,640
	141,576		Terumo Corp		3,395
	253,132	*	Thoratec Corp		11,282
	175,600	e	Toho Pharmaceutical Co Ltd		4,042
	18,400		Tokai Corp (GIFU)		666
	2,146,100		Top Glove Corp BHD		3,783
	99,123	*	Tornier BV		2,477
	3,498,000	e	Town Health International Medical Group Ltd		934
	222,671	*,e	TransEnterix, Inc		668
	84,029	*	Triple-S Management Corp (Class B)		2,156
	8,502	*,e	TriVascular Technologies, Inc		45
	41,049	*,e	Trupanion, Inc		338
	28,100	e	Tsuki Corp		220
	360,900	*,e	Unilife Corp		776
	657,986		United Drug plc		5,060
	3,045,976		UnitedHealth Group, Inc		371,609
	128,333		Universal American Corp		1,299
	751,720		Universal Health Services, Inc (Class B)		106,819
	66,495		US Physical Therapy, Inc		3,641

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,604		Utah Medical Products, Inc	$	632
	6,803		Value Added Technologies Co Lt		177
	211,643	*	Varian Medical Systems, Inc		17,848
	68,679	*	Vascular Solutions, Inc		2,385
	144,567	*	VCA Antech, Inc		7,865
	280,102	*,e	Veeva Systems, Inc		7,851
	21,920	*,e	Veracyte, Inc		244
	5,835,000		Vibhavadi Medical Center PCL		269
	6,504		Vieworks Co Ltd		250
	78,803	e	Virtus Health Ltd		326
	78,300	e	VITAL KSK Holdings, Inc		568
	66,233	*	Vocera Communications, Inc		758
	294,091	*	WellCare Health Plans, Inc		24,948
	274,040		West Pharmaceutical Services, Inc		15,916
	22,639	*,e	William Demant Holding		1,727
	142,938	*	Wright Medical Group, Inc		3,754
	2,390	*	Ypsomed Holding AG.		262
	85,462	*,e	Zeltiq Aesthetics, Inc		2,519
	359,832		Zimmer Holdings, Inc		39,304
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,181,839

HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	9,065		Able C&C Co Ltd		218
	148,300		Aderans Co Ltd		1,281
	56,715		Amorepacific Corp		21,209
	27,331		Amorepacific Corp (Preference)		5,023
	15,200		Artnature, Inc		142
	387,004	e	Asaleo Care Ltd		567
	926,140	e	Avon Products, Inc		5,798
	56,661		Bajaj Corp Ltd		387
	595,361		Beiersdorf AG.		49,885
	7,710		Bioland Ltd		276
	209,671	*	Central Garden and Pet Co (Class A)		2,392
	535,000		China Child Care Corp Ltd		92
	22,000	*	Chlitina Holding Ltd		146
	446,704		Church & Dwight Co, Inc		36,241
	341,367		Clorox Co		35,509
	1,664,158	e	Colgate-Palmolive Co		108,853
	3,524		Cosmax BTI, Inc		276
	31,514		Cosmax, Inc		5,689
	222,077		Coty, Inc		7,100
	790,792		Dabur India Ltd		3,474
	12,500		Dr Ci:Labo Co Ltd		439
	489,700		DSG International Thailand PCL		99
	13,000		Earth Chemical Co Ltd		493
	113,422		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		120
	74,248	*,e	Elizabeth Arden, Inc		1,059
	187,107	*	Energizer Holdings, Inc		24,614
	1,544,483		Estee Lauder Cos (Class A)		133,845
	59,500	*,e	Euglena Co Ltd		834
	28,588	*	Eveready Industries India Ltd		147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	181,600	e	Fancl Corp	$	2,527
	22,096	*,e	Female Health Co		40
	9,735		Gillette India Ltd		701
	160,787		Godrej Consumer Products Ltd		3,124
	91,000		Grape King Industrial Co		581
	880,286		Hengan International Group Co Ltd		10,449
	25,217		Henkel KGaA		2,405
	308,436		Henkel KGaA (Preference)		34,611
	375,664	*,e	Herbalife Ltd		20,695
	1,275,294		Hindustan Lever Ltd		18,354
	369,665	*	HRG Group, Inc		4,806
	360,016	*	Hypermarcas S.A.		2,620
	9,453		Inter Parfums S.A.		258
	81,067	e	Inter Parfums, Inc		2,751
	346,755		Jyothy Laboratories Ltd		1,588
	611,351		Kao Corp		28,432
	4,062,800		Karex BHD		3,306
	968,382		Kimberly-Clark Corp		102,619
	1,604,032		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		3,462
	25,200		Kobayashi Pharmaceutical Co Ltd		1,711
	12,785		Korea Kolmar Co Ltd		1,163
	6,204		Korea Kolmar Holdings Co Ltd		451
	55,000		Kose Corp		4,523
	23,783		LG Household & Health Care Ltd		16,486
	207,000	e	Lion Corp		1,659
	518,033		L’Oreal S.A.		92,687
	63,379		Mandom Corp		2,821
	176,027		Marico Ltd		1,241
	33,982	*	Medifast, Inc		1,098
	329,924	*	Microbio Co Ltd		250
	27,100		Milbon Co Ltd		862
	179,550		Natura Cosmeticos S.A.		1,590
	37,610		Natural Health Trends Corp		1,559
	42,994	e	Nature’s Sunshine Products, Inc		591
	15,700		Noevir Holdings Co Ltd		338
	402,224	e	Nu Skin Enterprises, Inc (Class A)		18,957
	37,865	*,e	Nutraceutical International Corp		937
	4,733,000	e,m	NVC Lighting Holdings Ltd		6
	12,803		Oil-Dri Corp of America		389
	67,132		Ontex Group NV		2,015
	37,769	e	Orchids Paper Products Co		909
	80,538		Pacific Corp		13,478
	152,700		Pigeon Corp		4,809
	27,600		Pola Orbis Holdings, Inc		1,562
	8,417,795		Procter & Gamble Co		658,608
	7,821,700		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		331
	3,090,291		PT Unilever Indonesia Tbk		9,136
	647,992		Reckitt Benckiser Group plc		55,879
	58,020	*	Revlon, Inc (Class A)		2,130
	5,879,000		Ruinian International Ltd		1,757
	133,991		Shiseido Co Ltd		3,039
	105,627		Spectrum Brands, Inc		10,773

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	490,396		Svenska Cellulosa AB (B Shares)	$	12,470
	98,999		Uni-Charm Corp		2,352
	1,788,817		Unilever plc		76,810
	15,773	*,e	USANA Health Sciences, Inc		2,156
	309,000	e	Vinda International Holdings Ltd		647
	62,427		WD-40 Co		5,441
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,703,158

INSURANCE - 4.2%
	3,426,566	e	ACE Ltd		348,413
	164,920		Admiral Group plc		3,594
	888,907		Aegon NV		6,559
	941,822		Aflac, Inc		58,581
	145,729		Ageas		5,623
	19,389,407		AIA Group Ltd		126,781
	54,526		Aksigorta AS		41
	13,468	*	Alleghany Corp		6,313
	764,766		Allianz AG.		119,266
	154,253		Allied World Assurance Co Holdings Ltd		6,667
	2,555,303		Allstate Corp		165,762
	217,250		Alm Brand AS		1,389
	118,069	*	AMBAC Financial Group, Inc		1,965
	256,770		American Equity Investment Life Holding Co		6,928
	435,200		American Financial Group, Inc		28,305
	3,270,105		American International Group, Inc		202,158
	30,498		American National Insurance Co		3,121
	82,944		Amerisafe, Inc		3,903
	1,297,301		Amlin plc		9,706
	3,845,694		AMP Ltd		17,845
	165,666	e	Amtrust Financial Services, Inc		10,853
	68,282		Anadolu Hayat Emeklilik AS		143
	207,131		Anadolu Sigorta		109
	433,251		Aon plc		43,186
	205,893	*	Arch Capital Group Ltd		13,787
	122,206		Argo Group International Holdings Ltd		6,807
	156,228		Arthur J. Gallagher & Co		7,390
	203,791		Aspen Insurance Holdings Ltd		9,762
	2,019,109		Assicurazioni Generali S.p.A.		36,392
	58,936		Assurant, Inc		3,949
	551,867		Assured Guaranty Ltd		13,239
	45,055	*	Atlas Financial Holdings, Inc		893
	7,226,227		Aviva plc		55,970
	4,456		AvivaSA Emeklilik ve Hayat AS.		78
	5,026,701		AXA S.A.		127,436
	413,470	e	Axis Capital Holdings Ltd		22,067
	4,146		Bajaj Finserv Ltd		100
	40,923	e	Baldwin & Lyons, Inc (Class B)		942
	30,478		Baloise Holding AG.		3,716
	963,746		BB Seguridade Participacoes S.A.		10,570
	1,308,116		Beazley plc		6,080
	4,414,513	*	Berkshire Hathaway, Inc (Class B)		600,860
	106,232		Brown & Brown, Inc		3,491

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,374,129		Cathay Financial Holding Co Ltd	$	39,064
	233,771		Chesnara plc		1,194
	2,039,118	*	China Insurance International Holdings Co Ltd		7,300
	11,611,010		China Life Insurance Co Ltd		50,395
	7,421,433		China Life Insurance Co Ltd (Taiwan)		7,594
	2,968,018		China Pacific Insurance Group Co Ltd		14,219
	213,327		Chubb Corp		20,296
	111,782		Cincinnati Financial Corp		5,609
	177,658	*,e	Citizens, Inc (Class A)		1,325
	19,954	*	Clal Insurance		326
	4,277,241		ClearView Wealth Ltd		3,135
	22,352		CNA Financial Corp		854
	444,885		CNP Assurances		7,446
	721,578		Conseco, Inc		13,241
	724,038		Corp Mapfre S.A.		2,502
	312,404		Cover-More Group Ltd		573
	87,880		Crawford & Co (Class B)		741
	3,319,011		Dai-ichi Mutual Life Insurance Co		65,177
	84,355		Delta Lloyd NV		1,385
	5,231,449		Direct Line Insurance Group plc		27,602
	856,481		Discovery Holdings Ltd		8,895
	31,814		Donegal Group, Inc (Class A)		485
	45,284		Dongbu Insurance Co Ltd		2,290
	22,600	*	eHealth, Inc		287
	30,920		EMC Insurance Group, Inc		775
	146,267		Employers Holdings, Inc		3,332
	58,583	e	Endurance Specialty Holdings Ltd		3,849
	35,793	*	Enstar Group Ltd		5,546
	47,764	e	Erie Indemnity Co (Class A)		3,920
	755,383		esure Group plc		3,018
	27,574		Euler Hermes S.A.		2,772
	269,894		Everest Re Group Ltd		49,123
	32,195		Fairfax Financial Holdings Ltd		15,875
	24,441	e	FBD Holdings plc		247
	34,537		FBL Financial Group, Inc (Class A)		1,993
	118,890		Federated National Holding Co		2,877
	90,090		Fidelity & Guaranty Life		2,129
	289,123		First American Financial Corp		10,758
	480,187		FNF Group		17,762
	2,315,837	e	Fondiaria-Sai S.p.A		5,737
	391,847	*	Genworth Financial, Inc (Class A)		2,966
	284,014		Gjensidige Forsikring BA		4,573
	445,055		Great-West Lifeco, Inc		12,956
	75,258	*	Greenlight Capital Re Ltd (Class A)		2,195
	40,061		Grupo Catalana Occidente S.A.		1,246
	55,235	*	Hallmark Financial Services		629
	101,169		Hannover Rueckversicherung AG.		9,792
	37,915		Hanover Insurance Group, Inc		2,807
	27,090	*	Hanwha Non-Life Insurance Co Ltd		149
	135,301		Harel Insurance Investments & Finances Ltd		615
	4,284,249		Hartford Financial Services Group, Inc		178,096
	130,356		HCC Insurance Holdings, Inc		10,017

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,897	e	HCI Group, Inc	$	1,145
	6,103		Helvetia Holding AG.		3,488
	151,060	*	Heritage Insurance Holdings, Inc		3,473
	381,779		Hiscox Ltd		5,035
	158,627		Horace Mann Educators Corp		5,771
	179,260		Hyundai Marine & Fire Insurance Co Ltd		4,735
	5,903		IDI Insurance Co Ltd		264
	27,634	e	Independence Holding Co		364
	150,829	e	Industrial Alliance Insurance and Financial Services, Inc		5,073
	53,027		Infinity Property & Casualty Corp		4,022
	2,618,649	e	Insurance Australia Group Ltd		11,259
	215,530		Intact Financial Corp		14,977
	29,300		James River Group Holdings Ltd		758
	172,767		Just Retirement Group plc		471
	15,570	e	Kansas City Life Insurance Co		712
	118,059	e	Kemper Corp		4,551
	654,049		Korea Life Insurance Co Ltd		4,650
	82,258		Korean Reinsurance Co		907
	181,939		Lancashire Holdings Ltd		1,761
	20,717,256		Legal & General Group plc		81,006
	269,183	e	Liberty Holdings Ltd		3,212
	35,512		LIG Insurance Co Ltd		918
	623,009		Lincoln National Corp		36,895
	201,274		Loews Corp		7,751
	245,589	e	Maiden Holdings Ltd		3,875
	2,801,467		Manulife Financial Corp		52,059
	15,130	*	Markel Corp		12,114
	2,771,021		Marsh & McLennan Cos, Inc		157,117
	266,687		MAX India Ltd		2,023
	423,467	*,e	MBIA, Inc		2,545
	143,573		Meadowbrook Insurance Group, Inc		1,235
	3,278,673	*	Medibank Pvt Ltd		5,080
	251,856		Mediolanum S.p.A.		2,079
	42,675		Menorah Mivtachim Holdings Ltd		415
	635,465		Mercuries & Associates Holding Ltd		368
	1,029,202	*	Mercuries Life Insurance Co Lt		600
	34,484	e	Mercury General Corp		1,919
	47,161		Meritz Fire & Marine Insurance Co Ltd		687
	7,133,756		Metlife, Inc		399,419
	953,776		Metropolitan Holdings Ltd		2,364
	345,902		Migdal Insurance Holdings Ltd		401
	1,048,954		Mitsui Sumitomo Insurance Group Holdings, Inc		32,652
	94,469		Montpelier Re Holdings Ltd		3,732
	397,900	*	MPHB Capital BHD		179
	112,676		Muenchener Rueckver AG.		19,977
	166,196		National General Holdings Corp		3,462
	27,154		National Interstate Corp		742
	7,465	e	National Western Life Insurance Co (Class A)		1,788
	59,934	*	Navigators Group, Inc		4,648
	1,015,904		New China Life insurance Co Ltd		6,068
	1,017,499		NKSJ Holdings, Inc		37,257
	153,751		NN Group NV		4,330

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,480,039		Old Mutual plc	$	17,346
	241,280		Old Republic International Corp		3,771
	125,277		OneBeacon Insurance Group Ltd (Class A)		1,818
	87,755		PartnerRe Ltd		11,277
	217,908		Partnership Assurance Group plc		479
	76,180	*,e	Patriot National, Inc		1,219
	8,219,805		People’s Insurance Co Group of China Ltd		5,255
	595,196		Phoenix Group Holdings		7,671
	119,814		Phoenix Holdings Ltd		346
	11,441,902		PICC Property & Casualty Co Ltd		26,046
	6,036,950	e	Ping An Insurance Group Co of China Ltd		81,472
	375,504		Porto Seguro S.A.		5,000
	583,955		Power Corp Of Canada		14,933
	451,994	e	Power Financial Corp		12,981
	166,680		Powszechny Zaklad Ubezpieczen S.A.		19,179
	232,139		Primerica, Inc		10,606
	809,296		Principal Financial Group		41,509
	124,674		ProAssurance Corp		5,761
	705,218		Progressive Corp		19,626
	218,671		Protector Forsikring ASA		1,887
	2,357,012		Prudential Financial, Inc		206,286
	5,911,073		Prudential plc		142,454
	57,256,000	*	PT Panin Insurance Tbk		3,113
	116,026,800	*	PT Panin Life Tbk		2,486
	75,549		Qatar Insurance Co SAQ		1,998
	1,430,366		QBE Insurance Group Ltd		15,062
	204,600	e	Qualitas Controladora SAB de C.V.		340
	407,191		Reinsurance Group of America, Inc (Class A)		38,630
	163,169		RenaissanceRe Holdings Ltd		16,563
	121,541		RLI Corp		6,246
	594,384		RMI Holdings		2,073
	183,990		RSA Insurance Group plc		1,147
	36,524		Safety Insurance Group, Inc		2,108
	1,247,196		Sampo Oyj (A Shares)		58,777
	40,244		Samsung Fire & Marine Insurance Co Ltd		10,604
	139,505		Samsung Life Insurance Co Ltd		13,442
	2,682,632		Sanlam Ltd		14,603
	379,651		SCOR		13,425
	176,715		Selective Insurance Group, Inc		4,957
	7,692,708		Shin Kong Financial Holding Co Ltd		2,348
	209,000		Shinkong Insurance Co Ltd		153
	759,198		Societa Cattolica di Assicurazioni SCRL		5,990
	443,592		Sony Financial Holdings, Inc		7,767
	708,081		St. James’s Place plc		10,069
	39,276		Stancorp Financial Group, Inc		2,970
	1,264,401		Standard Life plc		8,817
	44,535		State Auto Financial Corp		1,067
	102,337	e	State National Cos, Inc		1,108
	707,174		Steadfast Group Ltd		880
	66,991		Stewart Information Services Corp		2,666
	428,139	*	Storebrand ASA		1,764
	174,033		Sul America SA		849

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	815,612	e	Sun Life Financial, Inc	$	27,231
	924,179		Suncorp-Metway Ltd		9,562
	16,792		Swiss Life Holding		3,845
	1,225,938	e	Swiss Re Ltd		108,523
	538,000		Syarikat Takaful Malaysia BHD		542
	202,874		Symetra Financial Corp		4,903
	560,042		T&D Holdings, Inc		8,349
	238,000		Taiwan Fire & Marine Insurance Co		175
	1,455,409	*	Taiwan Life Insurance Co Ltd		1,566
	2,600,200	*	Thai Reinsurance PCL		235
	2,410,197	*	Third Point Reinsurance Ltd		35,550
	1,208,968		Tokio Marine Holdings, Inc		50,280
	153,045		Tong Yang Life Insurance		2,091
	215,036	*	Topdanmark AS		5,765
	148,924	e	Torchmark Corp		8,670
	634,592		Travelers Cos, Inc		61,340
	61,493		Tryg A.S.		1,282
	400,400		Tune Ins Holdings BHD		174
	1,947,774	e	Unipol Gruppo Finanziario S.p.A		9,902
	273,393		Uniqa Versicherungen AG.		2,467
	34,442	*	United America Indemnity Ltd		967
	72,891		United Fire & Casualty Co		2,388
	235,029	e	United Insurance Holdings Corp		3,652
	87,256		Universal Insurance Holdings, Inc		2,112
	205,056		UnumProvident Corp		7,331
	167,006		Validus Holdings Ltd		7,347
	49,771		Vittoria Assicurazioni S.p.A.		549
	112,854		W.R. Berkley Corp		5,860
	7,217		White Mountains Insurance Group Ltd		4,727
	6,669		Wiener Staedtische Allgemeine Versicherung AG.		229
	991	e	Willis Group Holdings plc		46
	4,513,560		XL Capital Ltd		167,904
	294,176		Zurich Financial Services AG.		89,556
			TOTAL INSURANCE		5,224,826

MATERIALS - 4.9%
	95,399		A. Schulman, Inc		4,171
	18,480	*	Aarti Industries		98
	1,185,062		Acerinox S.A.		16,404
	775,083		ACHEM Technology Corp		433
	126,000		Achilles Corp		161
	35,840		Acron JSC (GDR)		136
	46,912		Adana Cimento		116
	81,800		ADEKA Corp		1,134
	439,745		Adelaide Brighton Ltd		1,460
	250,903		Aeci Ltd		2,351
	12,105	*	AEP Industries, Inc		668
	166,144		African Barrick Gold Ltd		788
	151,429		African Oxygen Ltd		170
	365,285		African Rainbow Minerals Ltd		2,484
	176,809		Agnico-Eagle Mines Ltd		5,020
	146,465	e	Agrium, Inc		15,522

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	428,000		Aichi Steel Corp	$	1,912
	117,523		Air Liquide		14,913
	264,520		Air Products & Chemicals, Inc		36,194
	113,422		Air Water, Inc		2,074
	31,883		Airgas, Inc		3,373
	28,183		AK Holdings, Inc		1,971
	506,110	*,e	AK Steel Holding Corp		1,959
	76,986		Akcansa Cimento AS		460
	8,236		Akzo Nobel India Ltd		162
	798,703		Akzo Nobel NV		58,313
	124,052		Alamos Gold, Inc		702
	3,374,545		Albemarle Corp		186,511
	1,374,656		Alcoa, Inc		15,327
	447,741		Alent plc		2,589
	26,823		Alexandria Mineral Oils Co		148
	226,380		Allegheny Technologies, Inc		6,837
	1,286,100	e	Alpek SAB de C.V.		1,876
	369,324		Altri SGPS S.A.		1,345
	2,196,015		Alumina Ltd		2,585
	5,113,171	*,e	Aluminum Corp of China Ltd		2,557
	996,393		Ambuja Cements Ltd		3,594
	2,049,029		Amcor Ltd		21,653
	78,841	e	American Vanguard Corp		1,088
	11,272		Ampco-Pittsburgh Corp		170
	3,785,000		AMVIG Holdings Ltd		1,953
	108,585		Anadolu Cam Sanayii AS		81
	841,292		Anatolia Minerals Development Ltd		1,974
	1,335,448		Anglo American plc (London)		19,292
	61,691	*	Anglo Platinum Ltd		1,391
	469,129	*	AngloGold Ashanti Ltd		4,200
	1,496,791		Anhui Conch Cement Co Ltd		5,244
	802,836		Antofagasta plc		8,690
	127,221	*,e	APERAM		5,151
	38,270		Aptargroup, Inc		2,440
	190,777		Arabian Cement Co		366
	794,815		ArcelorMittal		7,719
	282,447	*	Arkema		20,417
	29,874		Asahi Holdings, Inc		509
	2,004,044		Asahi Kasei Corp		16,438
	167,358	*	Asanko Gold, Inc		295
	293,293		Ashland, Inc		35,752
	1,170,000		Asia Cement China Holdings Corp		578
	1,164		Asia Cement Co Ltd		134
	5,237,495		Asia Cement Corp		6,194
	786		Asia Holdings Co Ltd		104
	121,574		Asia Plastic Recycling Holding Ltd		73
	252,500		Asia Polymer		148
	438,067		Asian Paints Ltd		5,192
	52,333		Associated Cement Co Ltd		1,186
	41,579	e	Assore Ltd		353
	611,200		Atlas Consolidated Mining & Development		89
	940,489	e,m	Atlas Iron Ltd		36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,302		Atul Ltd	$	137
	15,980	e	Auriga Industries (Class B)		6
	33,260		Aurubis AG.		1,954
	413,826		Avery Dennison Corp		25,219
	148,202	*	Axalta Coating Systems Ltd		4,902
	1,902,213		Axiall Corp		68,575
	852,474	*	B2Gold Corp		1,304
	114,123		Balchem Corp		6,359
	464,403		Ball Corp		32,578
	1,526,802		Barrick Gold Corp (Canada)		16,319
	8,644		BASF India Ltd		163
	1,327,149		BASF SE		116,780
	35,355		Baticim Bati Anadolu Cimento Sanayii AS		90
	15,552		Bayer CropScience Ltd		969
	6,703,449		BBMG Corp		6,778
	36,714	e	Bekaert S.A.		1,036
	61,219		Bemis Co, Inc		2,755
	2,295,200	m	Bengang Steel Plates Co		1,282
	245,521		Berger Paints India Ltd		752
	5,824,814	*	Berry Plastics Group, Inc		188,724
	4,987,632		BHP Billiton Ltd		101,742
	6,123,978		BHP Billiton plc		120,408
	915,648		Billerud AB		14,386
	152,500	e	Bloomage Biotechnology Corp Ltd		269
	556,445		BlueScope Steel Ltd		1,284
	7,972		BNG Steel Co Ltd		83
	107,501	*	Boise Cascade Co		3,943
	1,774,421		Boliden AB		32,349
	3,079,664		Boral Ltd		13,873
	270,171		Borregaard ASA		1,909
	47,043		Borusan Mannesmann Boru Sanayi		112
	203,728	*	Boryszew S.A.		318
	52,897		BRAAS Monier Building Group S.A.		1,445
	210,486		Bradespar S.A.		712
	184,796		Braskem S.A.		810
	1,042,128	*,e	Brockman Mining Ltd		35
	58,794		Brush Engineered Materials, Inc		2,072
	64,843	e	Buzzi Unicem S.p.A.		924
	43,631		Buzzi Unicem S.p.A. RSP		390
	5,400		C Uyemura & Co Ltd		290
	247,186		Cabot Corp		9,218
	174,042		Calgon Carbon Corp		3,373
	34,108		Canam Group, Inc		380
	194,465	e	Canexus Corp		227
	251,101	*	Canfor Corp		5,468
	80,817		Canfor Pulp Products, Inc		1,013
	64,747		CAP S.A.		222
	349,437	*	Capstone Mining Corp		341
	165,958	e	Carpenter Technology Corp		6,419
	163,828		Cascades, Inc		938
	51,223	*,e	Castle (A.M.) & Co		316
	112,160		CCL Industries		13,757

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	270,469		Celanese Corp (Series A)	$	19,441
	164,835		Cementir S.p.A.		1,079
	382,175		Cementos Argos S.A.		1,357
	505,180	*	Cemex Latam Holdings S.A.		2,474
	26,759,554	*,e	Cemex S.A. de C.V.		24,533
	1,359,880	*	Cemex SAB de C.V. (ADR)		12,456
	4,378,240		Centamin plc		4,254
	675,788		Centerra Gold, Inc		3,842
	182,410	*,e	Century Aluminum Co		1,903
	1,588,125		Century Sunshine Ecological Technology Holdings Ltd		167
	22,397		Century Textile & Industries Ltd		248
	678,818		CF Industries Holdings, Inc		43,634
	21,094	e	Chase Corp		838
	206,438	*	Chemtura		5,844
	707,560		Cheng Loong Corp		281
	475,925		Chia Hsin Cement Corp		186
	1,743,795		China BlueChemical Ltd		636
	4,680,000	*,e	China Daye Non-Ferrous Metals Mining Ltd		154
	159,000		China Hi-ment Corp		396
	885,000	*	China Manmade Fibers Corp		273
	701,372		China Metal Products		626
	1,329,340	*,e,m	China Metal Recycling Holdings Ltd		2
	10,009,248		China National Building Material Co Ltd		9,450
	1,056,000	e	China National Materials Co Ltd		343
	2,129,078	*	China Petrochemical Development Corp		660
	3,418,000	*,e	China Precious Metal Resources Holdings Co Ltd		304
	1,098,000	*	China Rare Earth Holdings Ltd		191
	7,942,058		China Resources Cement Holdings Ltd		4,427
	1,639,000	e	China Sanjiang Fine Chemicals		568
	6,683,200	e,m	China Shanshui Cement Group Ltd		4,067
	216,000		China Silver Group Ltd		123
	131,000		China Steel Chemical Corp		590
	13,789,442		China Steel Corp		11,016
	1,038,000		China Synthetic Rubber Corp		1,088
	1,232,000		China Vanadium Titano-Magnetite Mining Co Ltd		110
	6,970,000	*	China Zenith Chemical Group Ltd		899
	538,000	*	Chongqing Iron & Steel Co Ltd		149
	102,534		Christian Hansen Holding		5,000
	52,000		Chugoku Marine Paints Ltd		386
	946,328		Chun Yuan Steel		322
	815,720	*	Chung Hung Steel Corp		134
	360,950	*	Chung Hwa Pulp Corp		109
	496,924		Cia de Minas Buenaventura S.A. (ADR) (Series B)		5,158
	546,568		Cia Siderurgica Nacional S.A.		909
	54,845		Ciech S.A.		846
	163,004		Cimsa Cimento Sanayi Ve Tica		933
	962,000	*	Citic Dameng Holdings		131
	2,218,105		Clariant AG.		45,462
	78,097	*	Clearwater Paper Corp		4,475
	1,048,241	e	Cliffs Natural Resources, Inc		4,539
	508,434	*,e	Coeur Mining, Inc		2,903
	367,487		Commercial Metals Co		5,909

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,132	*,m	Companhia Vale do Rio Doce	$	0	^
	142,553		Compass Minerals International, Inc		11,709
	369,826	*	Constellium NV		4,375
	8,515	*	Core Molding Technologies, Inc		194
	107,366		Coromandel International Ltd		422
	366,000	e	CPMC Holdings Ltd		245
	2,546,884		CRH plc		71,804
	57,099		Croda International plc		2,469
	1,753,859	*	Crown Holdings, Inc		92,797
	1,476,590		CSR Ltd		4,142
	173,780	*,e	Cudeco Ltd		228
	680,228		Cytec Industries, Inc		41,174
	3,912,300		D&L Industries Inc		1,685
	172,000		Da Ming International Holdings Ltd		89
	350,007		Daicel Chemical Industries Ltd		4,491
	281,000		Daido Steel Co Ltd		1,170
	113,000		Daiken Corp		285
	155,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		785
	880,845		Dainippon Ink and Chemicals, Inc		2,199
	228,872	e	Daio Paper Corp		2,300
	66,000		Daiso Co Ltd		238
	16,546	*	Dalmia Bharat Ltd		153
	168,600	*	Danhua Chemical Technology Co Ltd		136
	20,698		DC Chemical Co Ltd		1,668
	30,394		Deltic Timber Corp		2,056
	1,416,000		Denki Kagaku Kogyo KK		6,292
	165,995	*,e	Detour Gold Corp		1,910
	10,699	*	Dhanuka Agritech Ltd		100
	225,368		Dominion Diamond Corp		3,158
	246,554	e	Domtar Corp		10,207
	48,784		Dongkuk Steel Mill Co Ltd		230
	748,000		Dongpeng Holdings Co Ltd		383
	84,718		Dongsung Finetec Co Ltd		459
	4,316,000		Dongyue Group		1,562
	4,495,980		Dow Chemical Co		230,059
	344,000		Dowa Holdings Co Ltd		3,251
	1,268,785		DS Smith plc		7,694
	37,994		DSM NV		2,206
	1,416,795		Du Pont (E.I.) de Nemours & Co		90,604
	383,274	e	DuluxGroup Ltd		1,689
	99,350	*	Dundee Precious Metals, Inc		202
	64,822		Eagle Materials, Inc		4,948
	365,500	*	Eastern Polymer Group PCL		102
	435,142		Eastman Chemical Co		35,603
	228,092		Ecolab, Inc		25,790
	104,458		EID Parry India Ltd		231
	197,404	*	El Ezz Steel Co		219
	1,099,736		Eldorado Gold Corp		4,561
	455,407		Elementis plc		1,834
	2,431,657		Empresas CMPC S.A.		6,617
	7,358		EMS-Chemie Holding AG.		3,109
	843,256	e	Ence Energia y Celulosa S.A.		2,883

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	574,500		Engro Chemical Pakistan Ltd	$	1,675
	5,244	*,e	Eramet		407
	1,958,041		Eregli Demir ve Celik Fabrikalari TAS		3,168
	1,900,239		Essentra plc		29,634
	1,591,990		Eternal Chemical Co Ltd		1,683
	35,500		Eugene Corp		217
	346,602		Everlight Chemical Industrial Corp		269
	3,475,969		Evolution Mining Ltd		3,103
	464,722		Evonik Industries AG.		17,745
	342,836		Evraz plc		664
	388,750		Feng Hsin Iron & Steel Co		501
	70,100		Ferbasa-Ferro Ligas DA Bahia		182
	729,205		Ferrexpo plc		762
	348,896	*	Ferro Corp		5,854
	224,152		Fibria Celulose S.A.		3,058
	29,982		Finolex Industries Ltd		121
	114,631	*,e	First Majestic Silver Corp		555
	646,264		First Quantum Minerals Ltd		8,450
	4,619,487		Fletcher Building Ltd		25,420
	149,556	*,e	Flotek Industries, Inc		1,874
	205,735		FMC Corp		10,811
	41,070	*	Foosung Co Ltd		160
	3,844,690		Formosa Chemicals & Fibre Corp		9,248
	5,187,088		Formosa Plastics Corp		12,214
	360,000		Formosan Rubber Group, Inc		339
	3,562,394	e	Fortescue Metals Group Ltd		5,247
	123,872	*	Fortuna Silver Mines, Inc		451
	169,791	*,m	Foshan Huaxin Packaging Co Ltd		208
	2,078,451	e	Fosun International		4,888
	23,200		FP Corp		845
	241,272	e	Franco-Nevada Corp		11,507
	3,037,580		Freeport-McMoRan Copper & Gold, Inc (Class B)		56,560
	145,590		Fresnillo plc		1,588
	37,411		Frutarom Industries Ltd		1,569
	107,292		Fuchs Petrolub AG. (Preference)		4,537
	2,806,200	e	Fufeng Group Ltd		2,082
	20,952	e	Fuji Seal International, Inc		618
	48,500		Fujimi, Inc		730
	22,400		Fujimori Kogyo Co Ltd		677
	1,499,000		Furukawa-Sky Aluminum Corp		3,809
	2,133,800	e	Fushan International Energy Group Ltd		498
	61,234		FutureFuel Corp		788
	284,577	e	Gammon Gold, Inc		813
	265,814		Gem Diamonds Ltd		607
	2,573,807		Gerdau S.A. (Preference)		6,200
	5,924		Givaudan S.A.		10,256
	176,678		Glatfelter		3,885
	752,561	*	Gleichen Resources Ltd		681
	11,037,435		Glencore Xstrata plc		44,262
	184,609		Globe Specialty Metals, Inc		3,268
	394,192		Gloria Material Technology Corp		267
	805,000		Godo Steel Ltd		1,501

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	85,369		Godrej Industries Ltd	$	476
	830,667		Gold Fields Ltd		2,657
	103,220	*,e	Gold Resource Corp		285
	1,134,773	e	Goldcorp, Inc		18,416
	8,519,418	*	Goldsun Development & Construction Co Ltd		2,743
	877,000		Grand Pacific Petrochemical		561
	49,363		Granges AB		351
	2,582,722		Graphic Packaging Holding Co		35,977
	605,755	*,m	Great Basin Gold Ltd		5
	181,000		Great China Metal Industry		180
	2,470,000	e	Greatview Aseptic Packaging Co		1,406
	29,000	*	Green Seal Holding Ltd		132
	33,676		Greif, Inc (Class A)		1,207
	21,485,560	e	G-Resources Group Ltd		692
	303,370		Grupo Argos S.A.		1,980
	9,320,930		Grupo Mexico S.A. de C.V. (Series B)		28,098
	90,400	*,e	Grupo Simec SAB de C.V.		265
	75,910		Gubre Fabrikalari TAS		201
	33,234		Gujarat Flourochemicals		330
	137,577	*	Guyana Goldfields, Inc		436
	138,395		H.B. Fuller Co		5,622
	29,222		Han Kuk Carbon Co Ltd		182
	11,812		Hanil Cement Manufacturing		1,798
	7,954		Hansol Chemical Co Ltd		705
	19,676		Hansol Paper Co		157
	10,335	*	Hansol Paper Co Ltd		192
	125,068		Hanwha Chemical Corp		2,093
	45,482		Hanwha Corp		1,923
	423,681	*,e	Harmony Gold Mining Co Ltd		549
	31,007	e	Hawkins, Inc		1,252
	39,795		Haynes International, Inc		1,963
	433,723	*	Headwaters, Inc		7,902
	981,734	e	Hecla Mining Co		2,582
	66,378		HeidelbergCement AG.		5,261
	628,725		Hexpol AB		6,481
	1,170,980		Hindalco Industries Ltd		2,054
	131,482		Hitachi Chemical Co Ltd		2,368
	276,634		Hitachi Metals Ltd		4,253
	601,837		Ho Tung Chemical Corp		156
	189,197	*,e	Hochschild Mining plc		283
	584,829	e	Hokuetsu Paper Mills Ltd		3,230
	551,250		Holcim Ltd		40,674
	46,936		Holmen AB (B Shares)		1,370
	26,375		Honam Petrochemical Corp		6,824
	1,854,000	*	Honbridge Holdings Ltd		634
	163,517	*,e	Horsehead Holding Corp		1,916
	2,385,000		Huabao International Holdings Ltd		1,434
	570,300		Hubei Sanonda Co Ltd		684
	20,972		Huchems Fine Chemical Corp		470
	230,449		HudBay Minerals, Inc		1,919
	206,054		Huhtamaki Oyj		6,368
	131,578	e	Huntsman Corp		2,904

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	26,533		Hyosung Corp	$	3,417
	8,434	m	Hyundai Hysco		439
	284,443		Hyundai Steel Co		17,257
	377,697	*	IAMGOLD Corp		756
	33,100	e	Ihara Chemical Industry Co Ltd		404
	507,971		Iluka Resources Ltd		3,004
	50,571		IMCD Group NV		1,832
	51,189		Imerys S.A.		3,927
	587,998	*	Impala Platinum Holdings Ltd		2,624
	44,558	*	Imperial Metals Corp		371
	2,190,936		Incitec Pivot Ltd		6,496
	859,857	e	Independence Group NL		2,766
	161,865		India Cements Ltd		239
	787,478		Indorama Ventures PCL (Foreign)		646
	142,000	*,e	Industrias CH SAB de C.V.		538
	152,045	e	Industrias Penoles S.A. de C.V.		2,476
	496,370		Inner Mongolia Eerduosi Resourses Co Ltd		529
	96,817		Innophos Holdings, Inc		5,096
	141,991		Innospec, Inc		6,395
	106,919	*	Interfor Corp		1,754
	129,830		International Flavors & Fragrances, Inc		14,189
	708,051		International Paper Co		33,696
	154,548		Intertape Polymer Group, Inc		2,316
	283,949	*,e	Intrepid Potash, Inc		3,390
	316,000	*	Ishihara Sangyo Kaisha Ltd		320
	179,937		Israel Chemicals Ltd		1,257
	3,034		Israel Corp Ltd		1,071
	183,667		Italcementi S.p.A.		1,213
	5,603		Italmobiliare S.p.A.		161
	15,662		Italmobiliare S.p.A. RSP		283
	549,300	*	Ivanhoe Mines Ltd		396
	67,436	*	Izmir Demir Celik Sanayi AS		56
	31,459	*,m	Jacana Minerals Ltd		6
	329,639		James Hardie Industries NV		4,388
	47,978	*	Jastrzebska Spolka Weglowa S.A.		151
	254,000		Jaya Tiasa Holdings BHD		102
	1,128,046		JFE Holdings, Inc		24,993
	7,303,230		Jiangxi Copper Co Ltd		12,169
	84,964		Jindal Saw Ltd		78
	444,323		Jindal Steel & Power Ltd		599
	243,444	*,e	Jinshan Gold Mines, Inc		403
	16,154		JK Cement Ltd		171
	27,652		JK Lakshmi Cement Ltd		151
	125,175		Johnson Matthey plc		5,969
	13,300		JSP Corp		214
	265,165		JSR Corp		4,681
	108,453		JSW Steel Ltd		1,482
	599,272		K&S AG.		25,270
	52,570	e	Kaiser Aluminum Corp		4,367
	202,638		Kaneka Corp		1,480
	203,321		Kansai Nerolac Paints Ltd		685
	317,424		Kansai Paint Co Ltd		4,918

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	342,117		Kapstone Paper and Packaging Corp	$	7,910
	108,553	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		85
	609,131	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		356
	264,369	*	KAZ Minerals plc		844
	99,603	e	Kemira Oyj		1,132
	178,631		KGHM Polska Miedz S.A.		5,060
	1,525,174	*	Kinross Gold Corp		3,553
	241,963	*	Kirkland Lake Gold, Inc		1,091
	7,284		KISCO Corp		327
	21,136		KISWIRE Ltd		1,070
	479,268		Klabin S.A.		2,943
	2,552,700		Klabin S.A. (Preference)		3,112
	26,355		KMG Chemicals, Inc		670
	44,000		Koatsu Gas Kogyo Co Ltd		227
	6,392,798		Kobe Steel Ltd		10,755
	32,515		Kolon Corp		2,173
	55,466		Kolon Industries, Inc		3,213
	14,100		Konishi Co Ltd		267
	1,031		Konya Cimento Sanayii		143
	57,897		Koppers Holdings, Inc		1,431
	14,894		Korea Kumho Petrochemical		944
	20,761		Korea Petrochemical Ind Co Ltd		3,584
	33,215		Korea Zinc Co Ltd		16,159
	429,853		Koza Altin Isletmeleri AS		4,548
	155,458	*	Koza Anadolu Metal Madencilik Isletmeleri AS		159
	199,529	*	Kraton Polymers LLC		4,765
	86,027		Kronos Worldwide, Inc		943
	965,000	*,e	KuangChi Science Ltd		381
	12,445		Kukdo Chemical Co Ltd		770
	423,062	e	Kumba Iron Ore Ltd		5,248
	46,000		Kumiai Chemical Industry Co Ltd		360
	1,937		Kumkang Kind Co Ltd		139
	193,389		Kuraray Co Ltd		2,362
	181,000	e	Kureha CORP		711
	89,000		Kurimoto Ltd		184
	165,500	e	Kyoei Steel Ltd		3,058
	257,402	e	Labrador Iron Ore Royalty Corp		2,939
	439,020		Lafarge Malayan Cement BHD		984
	216,271		Lafarge S.A.		14,299
	387,829	*	Lake Shore Gold Corp		397
	845,415		Lanxess AG.		49,881
	424,000		Lee & Man Holding Ltd		245
	1,549,400		Lee & Man Paper Manufacturing Ltd		987
	499,448		LEE Chang Yung Chem IND Corp		316
	7,902	e	Lenzing AG.		564
	95,464		LG Chem Ltd		23,807
	9,504		LG Chem Ltd (Preference)		1,601
	361,325		Linde AG.		68,476
	41,500		Lintec Corp		949
	6,177		Lion Chemtech Co Ltd		112

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	18,611		Lock & Lock Co Ltd	$	246
	1,373,901		Long Chen Paper Co Ltd		565
	466,749	*,e	Lonmin plc		822
	5,865,131	*,e	Louisiana-Pacific Corp		99,883
	54,070	*	LSB Industries, Inc		2,208
	606,008	e	Lucara Diamond Corp		966
	476,000		Luks Group Vietnam Holdings Ltd		166
	2,329,444	*	Lundin Mining Corp		9,568
	1,120,281		LyondellBasell Industries AF S.C.A		115,971
	83,193		Madras Cements Ltd		440
	55,154	*	MAG. Silver Corp		432
	161,300		Magnesita Refratarios S.A.		145
	27,808		Maharashtra Seamless Ltd		84
	77,132		Major Drilling Group International		386
	1,608,500		Maple Leaf Cement Factory Ltd		1,242
	67,925		Martin Marietta Materials, Inc		9,612
	90,024		Maruichi Steel Tube Ltd		2,234
	17,493		Mayr-Melnhof Karton AG.		1,977
	242,609		MeadWestvaco Corp		11,449
	507,865		Metals X Ltd		539
	258,200		Metalurgica Gerdau S.A.		529
	177,953	e	Methanex Corp		9,933
	1,614,684		Mexichem SAB de C.V.		4,663
	1,086,000	e	Midas Holdings Ltd		258
	598,506	*,e	Minera Frisco SAB de C.V.		447
	110,524		Minerals Technologies, Inc		7,530
	16,307	e	Miquel y Costas & Miquel S.A.		571
	2,464,165		Mitsubishi Chemical Holdings Corp		15,491
	1,200,158		Mitsubishi Gas Chemical Co, Inc		6,720
	1,151,693		Mitsubishi Materials Corp		4,422
	317,000	*	Mitsubishi Paper Mills Ltd		239
	433,000		Mitsubishi Steel Manufacturing Co Ltd		938
	620,066		Mitsui Chemicals, Inc		2,304
	918,000		Mitsui Mining & Smelting Co Ltd		2,485
	155,372	*,e	Mittal Steel South Africa Ltd		155
	1,744,443		MMC Norilsk Nickel (ADR)		29,393
	1,696,000	e	MMG Ltd		598
	66,841		MOIL Ltd		259
	189,977		Mondi Ltd		4,164
	196,072		Mondi plc		4,221
	12,981	*,m	Mongolian Metals Corporation		0	^
	1,597,628	n	Monsanto Co		170,291
	3,530		Monsanto India Ltd		156
	133,838		Mosaic Co		6,270
	196,017		Mpact Ltd		694
	1,316,230		M-real Oyj (B Shares)		8,171
	73,243		Myers Industries, Inc		1,392
	67,071	*	Mytilineos Holdings S.A.		400
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		66
	187,000	*	Nakayama Steel Works Ltd		136
	109,453		Namhae Chemical Corp		1,157
	612,002		Nampak Ltd		1,700

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,849,813		Nan Ya Plastics Corp	$	13,731
	257,474		Nantex Industry Co Ltd		231
	87,229		Neenah Paper, Inc		5,143
	28,200		Neturen Co Ltd		203
	465,797	e	Nevsun Resources Ltd		1,753
	497,956	*	New Gold, Inc		1,336
	1,644,898	*	Newcrest Mining Ltd		16,563
	43,760		NewMarket Corp		19,425
	1,800,705		Newmont Mining Corp		42,064
	4,346,575		Nickel Asia Corp		2,233
	88,200		Nihon Nohyaku Co Ltd		855
	85,000		Nihon Parkerizing Co Ltd		862
	2,547,684	e	Nine Dragons Paper Holdings Ltd		2,222
	265,500	*,e	Nippon Denko Co Ltd		617
	173,000		Nippon Kayaku Co Ltd		1,865
	1,122,600		Nippon Light Metal Holdings Co Ltd		1,932
	299,332		Nippon Paint Co Ltd		8,435
	473,100	e	Nippon Paper Industries Co Ltd		8,286
	237,000		Nippon Shokubai Co Ltd		3,242
	289,000		Nippon Soda Co Ltd		1,858
	5,308,272		Nippon Steel Corp		13,764
	47,810		Nippon Synthetic Chemical Industry Co Ltd		325
	142,500	*,e	Nippon Yakin Kogyo Co Ltd		268
	116,900		Nissan Chemical Industries Ltd		2,580
	320,200	e	Nisshin Steel Holdings Co Ltd		3,967
	142,000		Nittetsu Mining Co Ltd		695
	248,263		Nitto Denko Corp		20,388
	146,921		NOF Corp		1,179
	41,284	e	Norbord, Inc		866
	2,671,379		Norsk Hydro ASA		11,212
	8,220,000	*,e	North Mining Shares Co Ltd		371
	362,464	*	Northam Platinum Ltd		1,199
	523,773		Northern Star Resources Ltd		897
	471,885	*	Novagold Resources, Inc		1,621
	14,263		Novolipetsk Steel (GDR)		190
	432,488		Novozymes AS		20,548
	547,173		Nucor Corp		24,114
	905,882		Nufarm Ltd		5,046
	420,026		Nuplex Industries Ltd		1,196
	1,070,488	*	Nyrstar		3,842
	86,450	*,m	Nyrstar (Strip VVPR)		0	^
	156,000	*	Ocean Plastics Co Ltd		151
	796,086		OceanaGold Corp		1,969
	67,714	*,e	OCI NV		1,919
	644,143		OJI Paper Co Ltd		2,799
	119,000		Okamoto Industries, Inc		445
	212,156	e	Olin Corp		5,718
	40,853		Olympic Steel, Inc		712
	91,094		OM Group, Inc		3,061
	58,222		Omnia Holdings Ltd		864
	122,873	*	Omnova Solutions, Inc		920
	12,333,205		OneSteel Ltd		1,287

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	492,324	e	Orica Ltd	$	8,081
	42,181	*	Orient Cement Ltd		114
	545,600		Oriental Union Chemical Corp		423
	1,405,786		Orora Ltd		2,265
	27,700		Osaka Steel Co Ltd		515
	296,209		Osisko Gold Royalties Ltd		3,728
	285,434	*,e	Outokumpu Oyj		1,438
	1,020,000		Overseas Chinese Town Asia Holdings Ltd		558
	95,282	*	Owens-Illinois, Inc		2,186
	1,513,490		Oxiana Ltd		4,641
	144,507	*,e	Pacific Metals Co Ltd		439
	13,800		Pack Corp		276
	497,713		Packaging Corp of America		31,102
	511,492		Pact Group Holdings Ltd		1,846
	161,636	e	Pan American Silver Corp		1,390
	111,473		Papeles y Cartones de Europa S.A.		634
	848,900	*	Paranapanema S.A.		1,092
	52,319		Park Elektrik Madencilik Sanayi Ve Ticaret AS		73
	230,422		Petkim Petrokimya Holding		348
	431,996	*	Petra Diamonds Ltd		1,011
	3,305,763		Petronas Chemicals Group BHD		5,530
	76,049		PI Industries Ltd		770
	264,041	*,m	Pike River Coal Ltd		0	^
	224,117	*	Platform Specialty Products Corp		5,733
	274,491		PolyOne Corp		10,752
	6,796		Poongsan		266
	144,910		Poongsan Corp		3,364
	520,919		Portucel Empresa Produtora de Pasta e Papel S.A.		2,010
	134,529		POSCO		26,938
	59,120		POSCO Refractories & Environment Co Ltd		615
	1,374,162		Potash Corp of Saskatchewan		42,556
	506,508	e	PPC Ltd		735
	1,958,474		PPG Industries, Inc		224,676
	376,078		Praxair, Inc		44,960
	148,708	*,e	Premier Gold Mines Ltd		288
	1,575,100		Press Metal BHD		1,084
	110,619	*,e	Pretium Resources, Inc		599
	153,535	*	Primero Mining Corp		599
	103,835	*	Prism Cement Ltd		178
	2,906,500		PT Aneka Tambang Tbk		148
	12,184,500	*	PT Hanson International Tbk		676
	1,234,900		PT Holcim Indonesia Tbk		139
	1,781,920		PT Indocement Tunggal Prakarsa Tbk		2,785
	3,848,800	*	PT Krakatau Steel Tbk		98
	8,218,300	*	PT Sekawan Intipratama Tbk		119
	3,657,589		PT Semen Gresik Persero Tbk		3,286
	2,661,657		PT Timah Tbk		141
	2,160,100		PT Wijaya Karya Beton Tbk		162
	6,024,726		PTT Global Chemical PCL (Foreign)		12,324
	21,714		Qatar National Cement Co		714
	28,786		Qatari Investors Group		425
	36,980		Quaker Chemical Corp		3,285

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	38,775		Rallis India Ltd	$	146
	116,249		Randgold Resources Ltd		7,798
	9,550	*	Ratnamani Metals & Tubes Ltd		82
	169,686	e	Rayonier Advanced Materials, Inc		2,759
	20,100	*	Real Industry, Inc		228
	382,000	*	Realord Group Holdings Ltd		174
	337,560	e	Regis Resources Ltd		282
	155,485		Reliance Steel & Aluminum Co		9,404
	211,767		Rengo Co Ltd		878
	625,610	*	Rentech, Inc		669
	177,499	*,e	Resolute Forest Products		1,997
	1,128,616		Rexam plc		9,789
	25,531		RHI AG.		635
	459,755		Rio Tinto Ltd		19,019
	1,689,017		Rio Tinto plc		69,474
	615,625	e	Rock-Tenn Co (Class A)		37,061
	1,319,200	*	Romarco Minerals, Inc		449
	47,666		Rotam Global Agrosciences Ltd		67
	80,358	*,e	Royal Bafokeng Platinum Ltd		307
	144,936		Royal Gold, Inc		8,927
	548,602		RPC Group plc		5,752
	778,139		RPM International, Inc		38,105
	107,971	*,e	RTI International Metals, Inc		3,403
	361,440	*	Rubicon Minerals Corp		376
	31,299	*,e	Ryerson Holding Corp		285
	17,005		Sa des Ciments Vicat		1,166
	192,000		Sakai Chemical Industry Co Ltd		688
	89,000		Sakata INX Corp		786
	38,499		Salzgitter AG.		1,376
	2,450		Sam Kwang Glass Ind Co Ltd		255
	61,043		Samsung Fine Chemicals Co Ltd		1,894
	355,031		San Fang Chemical Industry Co Ltd		501
	125,626	e	Sandfire Resources NL		556
	120,156	*,e	Sandstorm Gold Ltd		355
	20,862	*	Sansung Life & Science Co Ltd		1,934
	141,000		Sanyo Chemical Industries Ltd		991
	425,000		Sanyo Special Steel Co Ltd		1,981
	827,721	*	Sappi Ltd		2,936
	255,294		Satipel Industrial S.A.		596
	538,693	*	Schmolz + Bickenbach AG.		478
	95,497	e	Schnitzer Steel Industries, Inc (Class A)		1,668
	153,936		Schweitzer-Mauduit International, Inc		6,139
	142,500		Scientex BHD		260
	222,967		Scotts Miracle-Gro Co (Class A)		13,202
	38,467	*,e	Seabridge Gold, Inc		236
	60,241		Seah Besteel Corp		2,347
	1,091		SeAH Holdings Corp		188
	13,315		SeAH Steel Corp		824
	1,842,996		Sealed Air Corp		94,693
	1,714,000		Sekisui Plastics Co Ltd		6,281
	263,650	*	SEMAFO, Inc		709
	147,020		Semapa-Sociedade de Investimento e Gestao		1,985

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	121,028	*,e	Senomyx, Inc	$	649
	164,290		Sensient Technologies Corp		11,228
	1,743,633		Sesa Sterlite Ltd		4,735
	583,372		Severstal (GDR)		6,172
	2,223,000		Shandong Chenming Paper Holdings Ltd		1,340
	2,740,029		Shandong Chenming Paper Holdings Ltd (Class B)		2,043
	373,400		Shanghai Chlor-Alkali Chemical Co Ltd		310
	160,987		Shanghai Yaohua Pilkington Glass Co Ltd		133
	18,464	*	Sharda Cropchem Ltd		96
	130,000		Sheen Tai Holdings Grp Co Ltd		100
	363,000		Sheng Yu Steel Co Ltd		238
	311,247	e	Sherritt International Corp		521
	357,984		Sherwin-Williams Co		98,453
	233,000	*	Shihlin Paper Corp		256
	34,000		Shikoku Chemicals Corp		293
	577,437		Shin-Etsu Chemical Co Ltd		35,807
	97,800		Shin-Etsu Polymer Co Ltd		465
	3,211,032		Shinkong Synthetic Fibers Corp		1,040
	58,684		Shiny Chemical Industrial Co Ltd		76
	4,758,000	*,e	Shougang Concord International Enterprises Co Ltd		337
	1,712,000		Showa Denko KK		2,267
	15,544		Shree Cement Ltd		2,768
	3,500		Siam Cement PCL		54
	446,916		Siam Cement PCL (Foreign)		6,840
	1,736,492		Sibanye Gold Ltd		2,781
	141,280		Sidi Kerir Petrochemcials Co		233
	147,774		Sigma-Aldrich Corp		20,592
	1,131,000	*,m	Sijia Group Co		1
	1,262		Sika AG.		4,451
	134,529		Silgan Holdings, Inc		7,098
	76,362	*	Silver Standard Resources, Inc		480
	355,187		Silver Wheaton Corp		6,157
	257,958	e	Sims Group Ltd		2,063
	8,420,000		Sinofert Holdings Ltd		1,929
	4,266,798		Sinopec Shanghai Petrochemical Co Ltd		2,308
	268,333	*,e	Sirius Resources NL		680
	15,331		SK Chemicals Co Ltd		1,022
	120,958		SKC Co Ltd		3,982
	12,081	*	SKCKOLONPI, Inc		131
	804,012		Smurfit Kappa Group plc		22,160
	113,276		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,834
	5,274		SODIFF Advanced Materials Co Ltd		610
	249,478		Solar Applied Materials Technology Co		187
	26,587		Solvay S.A.		3,663
	119,792		Sonoco Products Co		5,134
	221,034		South Valley Cement		141
	7,190,645	*	South32 Ltd		9,931
	1,462,853	*	South32 Ltd (W/I)		1,977
	1,659,384	e	Southern Copper Corp (NY)		48,802
	210,041	*,e	Ssab Svenskt Stal AB (Series A)		1,097
	181,229	*,e	Ssab Svenskt Stal AB (Series B)		808
	81,238	*	Ssangyong Cement Industrial Co Ltd		1,157

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,722,291	e	Steel Dynamics, Inc	$	35,677
	62,800		Stella-Jones, Inc		2,088
	94,026		Stepan Co		5,088
	398,959	*	Stillwater Mining Co		4,624
	5,251		STO AG.		824
	644,839	e	Stora Enso Oyj (R Shares)		6,645
	1,243,221		Sumitomo Bakelite Co Ltd		5,632
	2,185,511		Sumitomo Chemical Co Ltd		13,131
	1,095,437		Sumitomo Metal Mining Co Ltd		16,660
	603,193		Sumitomo Osaka Cement Co Ltd		2,231
	81,000		Sumitomo Seika Chemicals Co Ltd		532
	17,812	e	Sumitomo Titanium Corp		478
	66,318	*	Summit Materials, Inc		1,691
	369,200		SunCoke Energy, Inc		4,800
	4,450,000	*,e,m	Superb Summit International Group Ltd		729
	887,600	*	Superblock PCL		48
	6,439,100	*	Superblock PCL-Foreign		350
	33,326		Supreme Industries Ltd		353
	392,356		Suzano Papel e Celulose S.A.		2,087
	442,000		Swancor Ind Co Ltd		4,546
	163,510		Symrise AG.		10,155
	270,407		Syngenta AG.		110,332
	88,736		Syngenta AG. (ADR)		7,242
	1,209,801		Synthos S.A.		1,496
	121,485	*	Syrah Resources Ltd		350
	286,800		Ta Ann Holdings BHD		289
	1,834,320		TA Chen Stainless Pipe		944
	676		Taekwang Industrial Co Ltd		823
	608,713	e	Tahoe Resources, Inc		7,384
	164,387		Tahoe Resources, Inc (Toronto)		1,993
	1,539,516		Taiheiyo Cement Corp		4,502
	8,913,290		Taiwan Cement Corp		11,253
	1,007,960		Taiwan Fertilizer Co Ltd		1,667
	245,725		Taiwan Hon Chuan Enterprise Co Ltd		482
	425,329		Taiwan Styrene Monomer		207
	15,900		Taiyo Ink Manufacturing Co Ltd		665
	245,133	e	Taiyo Nippon Sanso Corp		2,967
	68,000		Takasago International Corp		284
	39,000		Takiron Co Ltd		173
	318,814		Tata Steel Ltd		1,521
	1,332,000	e	TCC International Holdings Ltd		402
	8,479		Technosemichem Co Ltd		371
	1,018,553		Teck Cominco Ltd		10,096
	8,460,018		Teijin Ltd		32,829
	25,641		Ten Cate NV		529
	36,800		Tenma Corp		633
	30,366	*	Tessenderlo Chemie NV		1,170
	253,038	e	TFS Corp Ltd		312
	211,426	*,e	Thompson Creek Metals Co, Inc (Toronto)		173
	317,275		Thye Ming Industrial Co Ltd		363
	489,988		ThyssenKrupp AG.		12,747
	13,576,000	e	Tiangong International Co Ltd		2,185

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	113,918	e	TimkenSteel Corp	$	3,075
	51,901		Titan Cement Co S.A.		1,177
	115,000		Toagosei Co Ltd		958
	31,600	*,e	Toho Titanium Co Ltd		364
	142,000		Toho Zinc Co Ltd		445
	635,000		Tokai Carbon Co Ltd		1,991
	1,281,000	e	Tokuyama Corp		2,467
	72,000		Tokyo Ohka Kogyo Co Ltd		2,042
	129,796	*,e	Tokyo Rope Manufacturing Co Ltd		240
	99,100		Tokyo Steel Manufacturing Co Ltd		729
	660,750		Ton Yi Industrial Corp		414
	23,129	*	Tongyang Cement & Energy Corp		125
	318,000		Topy Industries Ltd		813
	341,572		Toray Industries, Inc		2,887
	1,005,000		Tosoh Corp		6,245
	625,000		Toyo Ink Manufacturing Co Ltd		2,504
	39,800		Toyo Kohan Co Ltd		197
	118,241		Toyo Seikan Kaisha Ltd		1,897
	1,789,676		Toyobo Co Ltd		2,851
	83,597	*,e	Trecora Resources		1,262
	68,636		Tredegar Corp		1,518
	158,719	*,e	Trinseo S.A.		4,260
	264,321		Tronox Ltd		3,867
	575,412		TSRC Corp		543
	102,585	e	Tubacex S.A.		293
	105,984	e	Tubos Reunidos S.A.		169
	1,482,900		Tung Ho Steel Enterprise Corp		1,084
	1,641,326	*	Turquoise Hill Resources Ltd		6,242
	2,253,647		UBE Industries Ltd		4,251
	5,159	*,e	UFP Technologies, Inc		108
	60,459		Ultra Tech Cement Ltd		2,840
	22,605		Umicore		1,073
	10,997		Unid Co Ltd		667
	297,835		United Phosphorus Ltd		2,501
	5,964		United States Lime & Minerals, Inc		347
	366,827	e	United States Steel Corp		7,564
	324,040		Universal Cement Corp		283
	6,564	*,e	Universal Stainless & Alloy		129
	624,532		UPC Technology Corp		211
	2,251,552		UPM-Kymmene Oyj		39,843
	315,477		Uralkali (GDR)		4,049
	52,614	*	US Concrete, Inc		1,994
	724,870		USI Corp		305
	386,082		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		512
	1,918,307		Vale S.A.		11,285
	2,858,050		Vale S.A. (Preference)		14,322
	39,058		Valhi, Inc		221
	54,990		Valspar Corp		4,499
	79,502	e	Vedanta Resources plc		649
	441		Vetropack Holding AG.		746
	226,845		Victrex plc		6,876
	10,921	*	Vinati Organics Ltd		90

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	235,159	e	Voestalpine AG.	$	9,801
	73,865	e	Vulcan Materials Co		6,199
	351,298	e	Wacker Chemie AG.		36,297
	118,964		Wausau Paper Corp		1,092
	1,978,000	e	West China Cement Ltd		382
	214,952		West Fraser Timber Co Ltd		11,811
	206,486	e	Western Areas NL		514
	1,240,509		Western Forest Products, Inc		2,215
	423,718		Westlake Chemical Corp		29,063
	5,622	*	WHX Corp		195
	154,946	*	Worthington Industries, Inc		4,658
	1,016,095	*	WR Grace & Co		101,914
	723,000	*	Xinjiang Xinxin Mining Industry Co Ltd		143
	1,363,038		Yamana Gold, Inc		4,103
	38,561		Yamato Kogyo Co Ltd		901
	307,916		Yara International ASA		16,045
	50,391		Yeong Guan Energy Technology Group Co Ltd		366
	1,258,000		Yeun Chyang Industrial Co Ltd		946
	947,803		Yieh Phui Enterprise		268
	1,086,270		Yingde Gases		747
	542,000		Yip’s Chemical Holdings Ltd		296
	110,000		Yodogawa Steel Works Ltd		480
	5,939		Youlchon Chemical Co Ltd		66
	88,660		Youyuan International Holdings Ltd		21
	1,459,285		Yuen Foong Yu Paper Manufacturing Co Ltd		535
	722,436		Yule Catto & Co plc		3,537
	155,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		417
	37,313		Zaklady Azotowe w Tarnowie-Moscicach S.A.		820
	317,512		Zeon Corp		2,928
	858,000	e	Zhaojin Mining Industry Co Ltd		536
	20,155		Zignago Vetro S.p.A.		118
	22,062,220	e	Zijin Mining Group Co Ltd		7,766
			TOTAL MATERIALS		5,993,010

	MEDIA - 3.4%
	1,779,550		ABS-CBN Holdings Corp (ADR)		2,474
	25,500	e	Adways, Inc		220
	67,305	e	AH Belo Corp (Class A)		377
	166,406		Aimia, Inc		1,812
	6,000,000	*,e	Alibaba Pictures Group Ltd		2,324
	122,004	*	Altice S.A.		16,805
	75,912		AMC Entertainment Holdings, Inc		2,329
	706,308	*	AMC Networks, Inc		57,811
	66,452		Antena 3 de Television S.A.		1,033
	1,946,098	*	APN News & Media Ltd		1,063
	103,500		Asatsu-DK, Inc		2,449
	8,120,500		Asian Pay Television Trust		5,125
	2,863,445		Astro Malaysia Holdings BHD		2,337
	34,359		Avex Group Holdings, Inc		603
	46,151		Axel Springer AG.		2,424
	1,213,223		BEC World PCL (Foreign)		1,343
	119,801	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		85

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	74,002	e	Borussia Dortmund GmbH & Co KGaA	$	279
	715,154	e	Cablevision Systems Corp (Class A)		17,121
	23,184	e	Cairo Communication S.p.A.		121
	67,264	*	Carmike Cinemas, Inc		1,785
	2,312,601		CBS Corp (Class B)		128,349
	68,462	*	Central European Media Enterprises Ltd (Class A)		138
	196,591	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		429
	217,229	*,e	Charter Communications, Inc		37,200
	77,055	*	Cheil Communications, Inc		1,193
	103,085	*,e	Cinedigm Corp		73
	256,137		Cinemark Holdings, Inc		10,289
	62,160	e	Cineplex Galaxy Income Fund		2,340
	244,199		Cineworld Group plc		1,767
	434,000	*	City Telecom (HK) Ltd		126
	27,832		CJ CGV Co Ltd		3,190
	24,764	*	CJ E&M Corp		1,738
	28,983		CJ Hellovision Co Ltd		333
	40,438		Clear Channel Outdoor Holdings, Inc (Class A)		410
	58,516		Cogeco Cable, Inc		3,384
	10,563,223		Comcast Corp (Class A)		635,272
	358,173		Comcast Corp (Special Class A)		21,469
	169,382	*,e	Corus Entertainment, Inc		2,261
	121,273	*	Crown Media Holdings, Inc (Class A)		548
	42,614		CTS Eventim AG.		1,554
	421,675	*,e	Cumulus Media, Inc (Class A)		856
	108,000		CyberAgent, Inc		5,124
	138,606		Cyfrowy Polsat S.A.		871
	48,400		Daiichikosho Co Ltd		1,703
	3,635	*,e	Daily Journal Corp		714
	593,537		Daily Mail & General Trust		8,661
	15,490	*	DEN Networks Ltd		34
	237,855		Dentsu, Inc		12,305
	1,027,755	*	DIRECTV		95,365
	266,564	*,e	Discovery Communications, Inc (Class A)		8,866
	626,644	*	Discovery Communications, Inc (Class C)		19,476
	960,687	*	DISH Network Corp (Class A)		65,048
	231,686	*,e	DreamWorks Animation SKG, Inc (Class A)		6,112
	4,418,500		E for L Aim PCL		164
	66,246	*	Entercom Communications Corp (Class A)		757
	543,920		Entertainment One Ltd		3,041
	233,585		Entravision Communications Corp (Class A)		1,922
	797,757	*,e	Eros International plc		20,040
	4,000,000	*	eSun Holdings Ltd		578
	34,988		Eutelsat Communications		1,130
	205,254		EW Scripps Co (Class A)		4,690
	4,533		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		68
	354,000		Fuji Television Network, Inc		4,697
	192,340	*	Gannett Co, Inc		2,691
	668,238		Gestevision Telecinco S.A.		8,773
	122,746	*,e	Global Eagle Entertainment, Inc		1,598
	171,641	*	Gray Television, Inc		2,691

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,895,712	e	Grupo Televisa S.A.	$	38,035
	117,315	*,e	Gruppo Editoriale L’Espresso S.p.A.		121
	376,601		Hakuhodo DY Holdings, Inc		4,028
	199,198		Harte-Hanks, Inc		1,187
	164,704		Havas S.A.		1,375
	34,797	*,e	Hemisphere Media Group, Inc		414
	25,822		Hyundai Hy Communications & Network Co		102
	412,727	*	IBN18 Broadcast Ltd		239
	185,179	*,e	Imax Corp		7,457
	739,849		Informa plc		6,354
	4,065,306		Interpublic Group of Cos, Inc		78,338
	95,153	e	IPSOS		2,459
	238,987		ITE Group plc		642
	9,625,146		ITV plc		39,823
	142,654		Jagran Prakashan Ltd		265
	622,645	*,e	JC Decaux S.A.		26,038
	2,575,448		John Fairfax Holdings Ltd		1,617
	87,136		John Wiley & Sons, Inc (Class A)		4,738
	63,137		Journal Media Group, Inc		523
	431,999	*,e	Juventus Football Club S.p.A.		128
	4,177	*	Kabel Deutschland Holding AG.		559
	48,632	*	Kadokawa Dwango Corp		631
	14,631		Kinepolis Group NV		573
	20,043		KT Skylife Co Ltd		364
	57,067		Lagardere S.C.A.		1,670
	164,126	*,e	Lee Enterprises, Inc		547
	45,417	*,e	Liberty Broadband Corp (Class A)		2,315
	108,340	*	Liberty Broadband Corp (Class C)		5,543
	105,747	*	Liberty Global plc		5,354
	469,894	*,e	Liberty Global plc (Class A)		25,407
	165,021	*	Liberty Media Corp		5,947
	334,274	*	Liberty Media Corp (Class C)		12,000
	545,165	e	Lions Gate Entertainment Corp		20,198
	372,368	*	Live Nation, Inc		10,236
	12,409		Loen Entertainment, Inc		895
	33,865	*	Loral Space & Communications, Inc		2,138
	171,764		M6-Metropole Television		3,345
	144,336	*	Madison Square Garden, Inc		12,051
	1,482,300		Major Cineplex Group PCL-Foreign		1,477
	81,413	*	Martha Stewart Living Omnimedia, Inc (Class A)		508
	274,467	*,e	McClatchy Co (Class A)		296
	363,548	e	MDC Partners, Inc		7,162
	264,902	*,e	Media General, Inc		4,376
	1,707,800		Media Prima BHD		661
	2,973,472		Mediaset S.p.A.		14,315
	2,640,000	*	Mei Ah Entertainment Group Ltd		472
	121,594	e	Meredith Corp		6,341
	54,737		Modern Times Group AB (B Shares)		1,469
	79,901		Morningstar, Inc		6,356
	204,700		Multiplus S.A.		2,469
	821,169		Naspers Ltd (N Shares)		127,695
	209,585		National CineMedia, Inc		3,345

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	267,888		New Media Investment Group, Inc	$	4,803
	379,496	e	New York Times Co (Class A)		5,180
	119,760	*	News Corp		1,747
	28,101	*	News Corp (Class B)		400
	85,173		Nexstar Broadcasting Group, Inc (Class A)		4,770
	54,900		Next Co Ltd		385
	8,406		NextRadioTV		264
	652,371		Nine Entertainment Co Holdings Ltd		779
	83,616	*	Numericable SAS		4,432
	217,633		Omnicom Group, Inc		15,123
	607,476		Pearson plc		11,502
	1,182,000	e	Phoenix Satellite Television Holdings Ltd		398
	966,100	*	Plan B Media PCL		160
	77,600	*,e	Poly Culture Group Corp Ltd		308
	281,558	*	Premiere AG.		2,118
	51,714	*,e	Promotora de Informaciones S.A.		458
	839,490		ProSiebenSat. Media AG.		41,466
	10,000		Proto Corp		161
	39,982,800		PT Bhakti Investama Tbk		795
	7,172,534		PT Global MediaCom Tbk		628
	5,127,063		PT Media Nusantara Citra Tbk		745
	177,860		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		1,426
	5,183,875		PT Surya Citra Media Tbk		1,116
	6,492,500	*	PT Visi Media Asia Tbk		219
	123,915		Publicis Groupe S.A.		9,185
	16,731		PVR Ltd		167
	105,153	e	Quebecor, Inc		2,628
	18,992	*,e	Radio One, Inc		60
	89,947	g	RAI Way S.p.A		431
	227,728	*,e	RCS MediaGroup S.p.A.		288
	159,422	e	REA Group Ltd		4,809
	11,071	*,e	ReachLocal, Inc		35
	50,308	*	Reading International, Inc		697
	2,666,074		Reed Elsevier NV		63,414
	3,166,083		Reed Elsevier plc		51,451
	82,729	e	Regal Entertainment Group (Class A)		1,730
	186,008	*,e	Rentrak Corp		12,983
	137,960		Rightmove plc		7,099
	407,000		RS PCL		163
	269,778		RTL Group		24,388
	12,581		Saga Communications, Inc		476
	9,589	e	Salem Communications		61
	80,594	e	Sanoma-WSOY Oyj		418
	36,431		SBS Media Holdings Co Ltd		131
	74,577	e	Schibsted ASA		2,310
	74,577	*	Schibsted ASA (B Shares)		2,254
	71,632	e	Scholastic Corp		3,161
	253,667	e	Scripps Networks Interactive (Class A)		16,582
	446,632		SES Global S.A.		15,015
	127,319	*,e	SFX Entertainment, Inc		572
	737,165	e	Shaw Communications, Inc (B Shares)		16,054

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	85,000		Shochiku Co Ltd	$	761
	190,847	e	Sinclair Broadcast Group, Inc (Class A)		5,327
	1,171,401	e	Singapore Press Holdings Ltd		3,547
	262,000	e	SinoMedia Holding Ltd		151
	30,381		Sirius XM Canada Holdings, Inc		130
	6,290,944	*	Sirius XM Holdings, Inc		23,465
	61,072	*	Sizmek, Inc		434
	1,769,467	e	Sky Network Television Ltd		7,204
	249,800		Sky Perfect Jsat Corp		1,341
	13,020,382		Sky plc		212,071
	15,261	*	SM Entertainment Co		440
	1,960,000		SMI Holdings Group Ltd		271
	209,400		Smiles S.A.		3,549
	892,635		Societe Television Francaise 1		15,357
	1,056,525	*,e	Solocal Group		527
	1,635,473		Southern Cross Media Group		1,222
	267,800		Star Publications Malaysia BHD		175
	581,975	*	Starz-Liberty Capital		26,026
	81,468	e	Stroer Out-of-Home Media AG.		3,806
	212,446		TEGNA, Inc		6,813
	66,747	*	Telenet Group Holding NV		3,632
	2,560,043	e	Television Broadcasts Ltd		15,192
	1,648,781	*,e	Ten Network Holdings Ltd		241
	570,441	e	Thomson Corp		21,717
	486,597	e	Thomson Corp (Toronto)		18,529
	769,542	e	Time Warner Cable, Inc		137,109
	4,327,722		Time Warner, Inc		378,286
	401,287		Time, Inc		9,234
	176,600	e	Toei Animation Co Ltd		5,944
	814,885		Toei Co Ltd		5,803
	82,723		Toho Co Ltd		2,057
	138,200		Tohokushinsha Film Corp		1,125
	175,400		Tokyo Broadcasting System, Inc		2,420
	1,104,000	*	Tom Group Ltd		259
	18,307	*,e	Townsquare Media, Inc		249
	618,234		Tribune Co		33,008
	78,022		Tribune Publishing Co		1,212
	481,685		Trinity Mirror plc		1,135
	71,900		TV Asahi Corp		1,207
	1,209,763	e	TV Azteca S.A. de C.V.		289
	264,972		TVN S.A.		1,352
	3,137,408	e	Twenty-First Century Fox, Inc		102,107
	611,641		Twenty-First Century Fox, Inc (Class B)		19,707
	1,293,233		United Business Media Ltd		10,866
	109,146	*	Usen Corp		314
	2,183,000		VGI Global Media PCL		322
	8,693		Viacom, Inc		564
	2,094,273		Viacom, Inc (Class B)		135,374
	442,925	*	Videocon d2h Ltd (ADR)		5,585
	73,256	e	Village Roadshow Ltd		357
	2,421,600	*,e	Viva China Holdings Ltd		374
	672,671	e	Vivendi Universal S.A.		17,057

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,572,661		Walt Disney Co	$	750,204
	1,171,714	e	West Australian Newspapers Holdings Ltd		920
	2,854,000	e	Wisdom Holdings Group		2,241
	137,188		Wolters Kluwer NV		4,083
	15,632	*	Woongjin Thinkbig Co Ltd		132
	87,000		Workpoint Entertainment PCL		102
	83,846	e	World Wrestling Entertainment, Inc (Class A)		1,383
	5,500	*	Wowow, Inc		170
	3,342,796		WPP plc		75,033
	25,087	*	Yellow Pages Ltd		374
	7,987		YG Entertainment, Inc		343
	462,098	*	Zee Entertainment Enterprises Ltd		772
	731,027		ZEE Telefilms Ltd		4,219
	26,600		Zenrin Co Ltd		348
			TOTAL MEDIA		4,172,069

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2%
	17,800	*,e	3-D Matrix Ltd		207
	14,393	*,e	AB Science S.A.		219
	7,195,639		AbbVie, Inc		483,475
	203,420		Abcam plc		1,657
	26,056	*	Abeona Therapeutics, Inc		132
	46,873	*,e	Ablynx NV		576
	231,665	*,e	Acadia Pharmaceuticals, Inc		9,702
	64,937	*,e	Accelerate Diagnostics, Inc		1,676
	56,919	*	Acceleron Pharma, Inc		1,801
	64,632	*,e	AcelRx Pharmaceuticals, Inc		274
	16,164	*,e	Achaogen, Inc		97
	435,175	*,e	Achillion Pharmaceuticals, Inc		3,856
	158,681	*,e	Acorda Therapeutics, Inc		5,289
	98,561		Actelion Ltd		14,434
	114,561	*,e	Actinium Pharmaceuticals, Inc		304
	14,704	*	Adamas Pharmaceuticals, Inc		386
	40,029	*,e	Adcock Ingram Holdings Ltd		166
	128,000	*	Adimmune Corp		87
	2,585	*	Adocia		194
	4,935	*	Aduro Biotech, Inc		150
	80,907	*	Advaxis, Inc		1,645
	83,088	*,e	Aegerion Pharmaceuticals, Inc		1,576
	74,167	*,e	Aerie Pharmaceuticals, Inc		1,309
	33,433	*	Affimed NV		450
	309,848	*,e	Affymetrix, Inc		3,384
	353,736	*,e	Agenus, Inc		3,053
	36,909	*	Agile Therapeutics, Inc		317
	1,673,621		Agilent Technologies, Inc		64,568
	77,529	*,e	Agios Pharmaceuticals, Inc		8,617
	20,328		Ajanta Pharma Ltd		501
	71,413	*,e	Akebia Therapeutics, Inc		735
	271,493	*,e	Akorn, Inc		11,853
	69,343	*,e	Albany Molecular Research, Inc		1,402
	54,762	*,e	Alder Biopharmaceuticals, Inc		2,901
	87,362		Alembic Pharmaceuticals Ltd		909

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,230,346	*	Alexion Pharmaceuticals, Inc	$	222,410
	76,196	*,e	Alimera Sciences, Inc		351
	5,904	e	ALK-Abello AS		688
	273,003	*,e	Alkermes plc		17,565
	1,955,187	*	Allergan plc		593,321
	266,249	*	Alnylam Pharmaceuticals, Inc		31,915
	85,164	*,e	AMAG Pharmaceuticals, Inc		5,881
	2,134,148		Amgen, Inc		327,634
	5,575		Amicogen, Inc		599
	257,316	*	Amicus Therapeutics, Inc		3,641
	51,348	*,e	Amphastar Pharmaceuticals, Inc		903
	107,566	*,e	Ampio Pharmaceuticals, Inc		255
	162,120	*	Anacor Pharmaceuticals, Inc		12,553
	31,016	*,e	ANI Pharmaceuticals, Inc		1,925
	161,313	*	Anthera Pharmaceuticals, Inc		1,390
	14,866	*,e	Applied Genetic Technologies Corp		228
	79,981	*	Aratana Therapeutics, Inc		1,209
	42,339	*,e	Ardelyx, Inc		676
	952,047	*,e	Arena Pharmaceuticals, Inc		4,417
	696,694	*,e	Ariad Pharmaceuticals, Inc		5,762
	469,346	*,e	Array Biopharma, Inc		3,384
	234,552	*,e	Arrowhead Research Corp		1,677
	136,683		Ascendis Health Ltd		163
	21,500		ASKA Pharmaceutical Co Ltd		236
	447,886		Aspen Pharmacare Holdings Ltd		13,245
	19,262	*	Assembly Biosciences, Inc		371
	2,339,403		Astellas Pharma, Inc		33,327
	4,050	*	Asterias Biotherapeutics, Inc		19
	5,855	*	AstraZeneca Pharma India Ltd		110
	1,419,940		AstraZeneca plc		89,868
	134,400		AstraZeneca plc (ADR)		8,563
	54,610	*,e	Atara Biotherapeutics, Inc		2,881
	37,994	*	aTyr Pharma, Inc		704
	315,474		Aurobindo Pharma Ltd		7,190
	65,652	*,e	Avalanche Biotechnologies, Inc		1,066
	9,397	*	Basilea Pharmaceutica		1,180
	56,095	*	Bavarian Nordic AS		2,613
	1,393,606		Bayer AG.		195,161
	230,000		Beijing Tong Ren Tang Chinese Medicine Co Ltd		368
	21,465	*,e	Bellicum Pharmaceuticals, Inc		457
	18,046	*	Binex Co Ltd		309
	133,862		Biocon Ltd		968
	296,990	*,e	BioCryst Pharmaceuticals, Inc		4,434
	116,935	*,e	BioDelivery Sciences International, Inc		931
	28,500		Biogaia AB (B Shares)		846
	1,053,093	*,n	Biogen Idec, Inc		425,386
	907,935	*	BioMarin Pharmaceuticals, Inc		124,187
	48,098	*,e	Bio-Path Holdings, Inc		55
	73,483	*	Bio-Rad Laboratories, Inc (Class A)		11,067
	25,081	*	Biospecifics Technologies Corp		1,294
	97,543		Bio-Techne Corp		9,605
	2,067		Biotest AG.		161

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,685		Biotest AG. (Preference)	$	505
	142,584	*,e	BioTime, Inc		518
	155,405	*	Biovail Corp		34,523
	1,597,983	*	Biovitrum AB		21,190
	68,957	*,e	Bluebird Bio, Inc		11,610
	45,364	*	Blueprint Medicines Corp		1,202
	16,562		Boiron S.A.		1,625
	18,534		Boryung Pharmaceutical Co Ltd		1,167
	4,729,591		Bristol-Myers Squibb Co		314,707
	272,003	*	Bruker BioSciences Corp		5,552
	376,597	*	BTG plc		3,714
	47,447		Bukwang Pharmaceutical Co Ltd		1,432
	60,310	*,e	Caladrius Biosciences, Inc		113
	27,981	*,e	Calithera Biosciences, Inc		200
	195,376	*	Cambrex Corp		8,585
	86,028	*,e	Cara Therapeutics Inc		1,045
	55,209	*	Carbylan Therapeutics, Inc		395
	209,901	*	Catalent, Inc		6,156
	95,369	*	Catalyst Pharmaceuticals, Inc		394
	4,002,060	*	Celgene Corp		463,178
	5,338		Cell Biotech Co Ltd		313
	317,401	*,e	Celldex Therapeutics, Inc		8,005
	15,489	*,e	Cellectis S.A.		559
	8,609	*	Celltrion Pharm Inc		127
	199,127	*,e	Celltrion, Inc		13,927
	11,827	*	Cellular Biomedicine Group, Inc		444
	94,659	*	Cempra, Inc		3,252
	111,350	*	Center Laboratories, Inc		251
	215,376	*	Cepheid, Inc		13,170
	107,832	*	Charles River Laboratories International, Inc		7,585
	81,299	*,e	ChemoCentryx, Inc		669
	110,326	*	Chimerix, Inc		5,097
	10,235,300	e,m	China Animal Healthcare Ltd		3,433
	740,000	*	China Grand Pharmaceutical and Healthcare Holdings Ltd		206
	1,812,000		China Medical System Holdings Ltd		2,539
	16,255,000	*,e	China Regenerative Medicine International Ltd		1,174
	736,000		China Shineway Pharmaceutical Group Ltd		1,099
	34,451		Chong Kun Dang Pharmaceutical Corp		2,793
	6,754		Choongwae Pharma Corp		243
	218,200		Chugai Pharmaceutical Co Ltd		7,526
	29,487	*	Cidara Therapeutics, Inc		413
	756,966		Cipla Ltd		7,309
	3,024,000		CK Life Sciences International Holdings, Inc		327
	183,160		Clinigen Group plc		1,801
	80,756	*,e	Clovis Oncology, Inc		7,097
	8,800	e	CMIC Co Ltd		123
	741,809	*,e	Coherus Biosciences, Inc		21,438
	2,296	*	Collegium Pharmaceutical, Inc		41
	4,854	*	Concert Pharmaceuticals Inc		72
	18,349		Concordia Healthcare Corp		1,326
	315,000	e	Consun Pharmaceutical Group Ltd		227
	163,409	*,e	Corcept Therapeutics, Inc		982

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,676	*	Corium International, Inc	$	228
	75,434	*	CorMedix, Inc		293
	4,978	*	Cosmo Pharmaceuticals S.A.		862
	814,951		CSL Ltd		54,330
	4,728,777		CSPC Pharmaceutical Group Ltd		4,669
	12,872	*	CTC BIO, Inc		260
	669,089	*,e	CTI BioPharma Corp		1,305
	240,727	*	Curis, Inc		797
	168,246	*,e	Cytokinetics, Inc		1,131
	900,652	*,e	Cytori Therapeutics, Inc		502
	165,367	*,e	CytRx Corp		615
	7,535	*	Daehan New Pharm Co Ltd		199
	2,314		Daewoong Co Ltd		207
	4,091		Daewoong Pharmaceutical Co Ltd		465
	993,180		Daiichi Sankyo Co Ltd		18,354
	348,423	e	Dainippon Sumitomo Pharma Co Ltd		3,840
	908,000	e	Dawnrays Pharmaceutical Holdings Ltd		784
	258,736	*,e	Depomed, Inc		5,552
	26,038	*,e	Dermira, Inc		457
	48,517	*	Dicerna Pharmaceuticals Inc		677
	53,246		Divi S Laboratories Ltd		1,572
	1,787		Dong-A Pharmaceutical Co Ltd		325
	3,552		Dong-A ST Co Ltd		472
	12,283		DongKook Pharmaceutical Co Ltd		637
	195,458		Dr Reddy’s Laboratories Ltd		10,881
	150,580	*	Durect Corp		360
	492,073	*	Dyax Corp		13,040
	77,813	*,e	Dynavax Technologies Corp		1,823
	25,564	*	Eagle Pharmaceuticals, Inc		2,067
	11,253	*,e	Egalet Corp		162
	231,121		Eisai Co Ltd		15,495
	12,009	*,e	Eleven Biotheraputics Inc		34
	4,621,635	n	Eli Lilly & Co		385,860
	102,805	*	Emergent Biosolutions, Inc		3,387
	57,210	*,e	Enanta Pharmaceuticals, Inc		2,574
	928,183	*	Endo International plc		73,930
	103,292	*,e	Endocyte, Inc		536
	171,052	*,e	Enzo Biochem, Inc		518
	77,749	*,e	Epizyme, Inc		1,866
	24,400		EPS Co Ltd		296
	33,511	*,e	Esperion Thereapeutics, Inc		2,740
	19,642	e	Eurofins Scientific		5,980
	240,655	*,e	Evola Holding S.A.		422
	102,971	*,e	Evotec AG.		408
	241,124	*,e	Exact Sciences Corp		7,171
	537,392	*,e	Exelixis, Inc		2,021
	11,052	*	Faes Farma S.A.		29
	631,177		Faes Farma S.A. (Sigma)		1,630
	86,030		FDC Ltd		202
	59,408	*	Fibrocell Science, Inc		313
	203,962	*,e	FibroGen, Inc		4,793
	129,555	*	Five Prime Therapeutics, Inc		3,218

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,398	*,e	Flex Pharma, Inc	$	110
	20,607	*	Flexion Therapeutics Inc		451
	81,194	*,e	Fluidigm Corp		1,965
	46,211	*	Foamix Pharmaceuticals Ltd		474
	60,758	*,e	Foundation Medicine, Inc		2,056
	44,000		Fuji Pharma Co Ltd		800
	32,113	*,e	Galapagos NV		1,639
	20,798	*,e	Galectin Therapeutics, Inc		57
	422,737	*,e	Galena Biopharma, Inc		719
	3,677	*	Genexine Co Ltd		387
	18,752	*,e	Genfit		731
	50,765	*	Genmab AS		4,412
	47,849	*,e	Genocea Biosciences Inc		657
	47,676	*,e	Genomic Health, Inc		1,325
	2,431,000	*,e	Genomma Lab Internacional S.A. de C.V.		2,421
	87,415		Genus plc		1,960
	580,202	*,e	Geron Corp		2,483
	30,613		Gerresheimer AG.		1,907
	5,671,398		Gilead Sciences, Inc		664,007
	7,558,330		GlaxoSmithKline plc		157,152
	100,000	*	GNI Group Ltd		207
	15,935		Green Cross Corp		3,661
	56,828		Green Cross Holdings Corp		2,540
	207,022	e	Grifols S.A.		8,360
	209,958	*	GW Pharmaceuticals plc		2,149
	1,271,679	*,e	H Lundbeck AS		24,468
	383,270	*,e	Halozyme Therapeutics, Inc		8,654
	10,632	*	Hanmi Holdings Co Ltd		1,258
	5,536	*	Hanmi Pharm Co Ltd		2,310
	88,204	*	Harvard Bioscience, Inc		503
	81,979	*,e	Heron Therapeutics, Inc		2,554
	13,332	*	Heska Corp		396
	398,342		Hikma Pharmaceuticals plc		12,100
	232,313		Hisamitsu Pharmaceutical Co, Inc		9,018
	155,794	*,e	Horizon Pharma plc		5,412
	130,628	*	Hospira, Inc		11,588
	8,328,062	e	Hua Han Bio-Pharmaceutical Holdings Ltd		1,556
	3,472	*	Humedix Co Ltd		335
	6,599		Huons Co Ltd		647
	236,905	*,e	Idera Pharmaceuticals, Inc		879
	90,473	*,e	IGI Laboratories, Inc		570
	77,711	*	Ignyta, Inc		1,173
	70,105		Il Dong Pharmaceutical Co Ltd		2,087
	673,745	*	Illumina, Inc		147,119
	11,305		Ilyang Pharmaceutical Co Ltd		781
	24,412	*,e	Immune Design Corp		504
	262,001	*,e	Immunogen, Inc		3,768
	231,531	*,e	Immunomedics, Inc		940
	220,531	*,e	Impax Laboratories, Inc		10,127
	124,163	*	INC Research Holdings, Inc		4,981
	427,814	*	Incyte Corp		44,582
	2,383,499	*	Indivior plc		8,419

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	19,038	*	Indoco Remedies Ltd	$	108
	336,070	*,e	Infinity Pharmaceuticals, Inc		3,680
	40,560	*	Innate Pharma S.A.		593
	185,484	*,e	Inovio Pharmaceuticals, Inc		1,514
	208,480	*	Insmed, Inc		5,091
	341,469	*,e	Insys Therapeutics, Inc		12,266
	67,277	*,e	Intercept Pharmaceuticals, Inc		16,239
	45,388	*	Intersect ENT, Inc		1,299
	57,751	*,e	Intra-Cellular Therapies, Inc		1,845
	180,563	*,e	Intrexon Corp		8,811
	10,499	*	iNtRON Biotechnology, Inc		511
	20,743	*,e	Invitae Corp		309
	336,357		Ipsen		18,644
	338,007	*,e	Ironwood Pharmaceuticals, Inc		4,076
	249,694	*,e	Isis Pharmaceuticals, Inc		14,370
	18,000	*	Japan Tissue Engineering Co Lt		206
	312,828	*	Jazz Pharmaceuticals plc		55,080
	12,200		JCR Pharmaceuticals Co Ltd		297
	15,207		Jeil Pharmaceutical Co		566
	8,673,352		Johnson & Johnson		845,305
	20,646	*,e	Juno Therapeutics, Inc		1,101
	170,521		Kaken Pharmaceutical Co Ltd		5,953
	59,793	*,e	Karyopharm Therapeutics, Inc		1,627
	286,673	*,e	Keryx Biopharmaceuticals, Inc		2,861
	10,969	*,e	Kindred Biosciences Inc		75
	97,800		Kissei Pharmaceutical Co Ltd		2,482
	106,508	*,e	Kite Pharma, Inc		6,494
	69,045	*	Knight Therapeutics, Inc		370
	3,916		Kolon Life Science, Inc		765
	28,837	*	Komipharm International Co Ltd		680
	170,557		Kwang Dong Pharmaceutical Co Ltd		2,512
	134,836		Kyorin Co Ltd		2,749
	366,091		Kyowa Hakko Kogyo Co Ltd		4,784
	67,467	*,e	KYTHERA Biopharmaceuticals, Inc		5,081
	14,796		Kyungdong Pharm Co Ltd		364
	10,316	*	La Jolla Pharmaceutical Co		253
	356,592		Laboratorios Almirall S.A.		7,068
	13,744	e	Laboratorios Farmaceuticos Rovi S.A		214
	148,335	*,e	Lannett Co, Inc		8,817
	215,500	e	Lee’s Pharmaceutical Holdings Ltd		358
	111,682	*,e	Lexicon Pharmaceuticals, Inc		899
	10,369	*	LG Life Sciences Ltd		653
	59,664	*,e	Ligand Pharmaceuticals, Inc (Class B)		6,020
	98,863	*	Lion Biotechnologies, Inc		907
	130,900		Livzon Pharmaceutical Group, Inc		918
	408,643		Lonza Group AG.		54,621
	77,000	*	Lotus Pharmaceutical Co Ltd		182
	19,535	*,e	Loxo Oncology, Inc		352
	119,070	*	Luminex Corp		2,055
	415,901		Lupin Ltd		12,308
	1,600,000	*,e	Luye Pharma Group Ltd		1,710
	7,119	*	Macrogen, Inc		247

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	95,921	*	MacroGenics, Inc	$	3,642
	659,487	*	Mallinckrodt plc		77,635
	877,195	*,e	MannKind Corp		4,991
	588,455		Marksans Pharma Ltd		587
	581,714	*	Mayne Pharma Group Ltd		441
	715,952		Meda AB (A Shares)		9,963
	41,210	*	Medgenics, Inc		253
	252,064	*	Medicines Co		7,212
	83,918	*	Medigen Biotechnology Corp		265
	296,275	*	Medivation, Inc		33,835
	22,725	*	Medivir AB		193
	11,705		Medy-Tox, Inc		5,840
	259,100		Mega Lifesciences PCL		143
	10,598,879		Merck & Co, Inc		603,394
	413,174		Merck KGaA		41,189
	2,413,815	*,e	Merrimack Pharmaceuticals, Inc		29,847
	190,038	*,e	Mesoblast Ltd		550
	118,604	*	Mettler-Toledo International, Inc		40,499
	294,519	*,e	MiMedx Group, Inc		3,413
	26,431	*,e	Mirati Therapeutics, Inc		832
	21,700		Mochida Pharmaceutical Co Ltd		1,228
	5,567	*	Molecular Partners AG.		209
	144,044	*,e	Momenta Pharmaceuticals, Inc		3,286
	97,456	*	Morphosys AG.		6,995
	1,712,667	*,n	Mylan NV		116,222
	136,036	*,e	Myriad Genetics, Inc		4,624
	146,400	*,e	NanoCarrier Co Ltd		1,398
	33,609	*,e	NanoString Technologies, Inc		518
	81,292	*,e	NanoViricides, Inc		141
	7,160		Natco Pharma Ltd		257
	12,436	*	Naturalendo Tech Co Ltd		371
	430,257	*,e	Navidea Biopharmceuticals, Inc		693
	364,493	*,e	Nektar Therapeutics		4,560
	101,706	*	NeoGenomics, Inc		550
	173,726	*,e	Neuralstem, Inc		337
	228,137	*	Neurocrine Biosciences, Inc		10,896
	56,116	*,e	NewLink Genetics Corp		2,484
	70,650		Nichi-iko Pharmaceutical Co Ltd		1,917
	57,000		Nippon Shinyaku Co Ltd		1,746
	123,622	*,e	Northwest Biotherapeutics, Inc		1,228
	4,882,556		Novartis AG.		480,251
	32,823		Novartis AG. (ADR)		3,228
	728,295	*,e	Novavax, Inc		8,113
	3,025,663		Novo Nordisk AS		166,033
	112,848	*	Ocata Therapeutics, Inc		595
	42,577	*,e	Ocular Therapeutix, Inc		895
	53,996	*,e	Ohr Pharmaceutical, Inc		136
	105,457	*,e	Omeros Corp		1,897
	80,106	*,e	OncoMed Pharmaceuticals, Inc		1,802
	129,600	*,e	OncoTherapy Science, Inc		402
	229,446	*,e	Oncothyreon, Inc		858
	120,113		Oneness Biotech Co Ltd		163

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	180,130		Ono Pharmaceutical Co Ltd	$	19,660
	104,685	*	Ophthotech Corp		5,450
	556,271	*,e	Opko Health, Inc		8,945
	593,112	*,e	Orexigen Therapeutics, Inc		2,936
	15,760	*,e	Orexo AB		129
	208,534	*,e	Organovo Holdings, Inc		786
	158,408		Orion Oyj (Class B)		5,549
	46,632	*,e	Osiris Therapeutics, Inc		907
	59,507	*	Otonomy, Inc		1,368
	940,420		Otsuka Holdings KK		29,965
	128,700		Ouro Fino Saude Animal Participacoes S.A.		1,325
	62,669	*,e	OvaScience, Inc		1,813
	166,732	*,e	Pacific Biosciences of California, Inc		960
	97,159	*,e	Pacira Pharmaceuticals, Inc		6,871
	49,060	*	Pain Therapeutics, Inc		85
	1,782,786	*,e	Paion AG.		4,502
	31,084		Paratek Pharmaceuticals, Inc		801
	224,709	*	Parexel International Corp		14,451
	430,251	e	PDL BioPharma, Inc		2,766
	26,000	*,e	PeptiDream, Inc		728
	485,568	*,e	Peregrine Pharmaceuticals, Inc		636
	364,454	*	PerkinElmer, Inc		19,185
	91,424	*	Pernix Therapeutics Holdings, Inc		541
	490,979	n	Perrigo Co plc		90,748
	45,179	*	Pfenex, Inc		876
	16,930		Pfizer Ltd		536
	23,707,828		Pfizer, Inc		794,924
	47,861	*	PharmaEngine Inc		365
	46,817		Phibro Animal Health Corp		1,823
	106,727		Piramal Healthcare Ltd		1,555
	162,222	*	Portola Pharmaceuticals, Inc		7,389
	75,918	e	Pozen, Inc		783
	132,005	*,e	PRA Health Sciences, Inc		4,796
	178,440	*	Prestige Brands Holdings, Inc		8,251
	189,657	*,e	Progenics Pharmaceuticals, Inc		1,415
	512,317	*	ProMetic Life Sciences, Inc		964
	14,444	*	Proteon Therapeutics, Inc		258
	106,901	*,e	Prothena Corp plc		5,630
	23,783,282		PT Kalbe Farma Tbk		2,984
	113,902	*	PTC Therapeutics, Inc		5,482
	60,702	*,e	Puma Biotechnology, Inc		7,087
	132,646	*	Qiagen NV		3,260
	661,157	*,e	Qiagen NV (NASDAQ)		16,390
	198,811	*	Quintiles Transnational Holdings, Inc		14,436
	77,021	*,e	Radius Health, Inc		5,214
	221,394	*,e	Raptor Pharmaceutical Corp		3,496
	129,100	*	Receptos, Inc		24,535
	28,021		Recipharm AB		524
	99,829		Recordati S.p.A.		2,094
	182,188	*	Regeneron Pharmaceuticals, Inc		92,940
	75,315	*,e	Regulus Therapeutics, Inc		825
	70,754	*	Relypsa, Inc		2,341

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	90,575	*	Repligen Corp	$	3,738
	40,300	*,e	ReproCELL, Inc		214
	51,322	*,e	Repros Therapeutics, Inc		367
	111,302	*,e	Retrophin, Inc		3,690
	41,951	*,e	Revance Therapeutics, Inc		1,342
	109,042	e	Richter Gedeon Rt		1,638
	626,559	*,e	Rigel Pharmaceuticals, Inc		2,011
	1,226,346		Roche Holding AG.		343,857
	92,900		Rohto Pharmaceutical Co Ltd		1,532
	34,243	*,e	Sage Therapeutics, Inc		2,500
	63,113	*	Sagent Pharmaceuticals		1,534
	40,462		Samjin Pharmaceutical Co Ltd		1,069
	191,913	*,e	Sangamo Biosciences, Inc		2,128
	2,307,424		Sanofi-Aventis		228,273
	431,200		Santen Pharmaceutical Co Ltd		6,101
	3,595	*	Santhera Pharmaceutical Holding AG.		346
	113,228	*,e	Sarepta Therapeutics, Inc		3,446
	33,900		Sawai Pharmaceutical Co Ltd		1,973
	140,283	*	Sciclone Pharmaceuticals, Inc		1,378
	205,250		Scinopharm Taiwan Ltd		234
	183,211	*,e	Seattle Genetics, Inc		8,867
	47,320	*	Seegene, Inc		1,740
	439,600		Seikagaku Corp		7,213
	333,574	*,e	Sequenom, Inc		1,014
	394,000	e	Shandong Luoxin Pharmacy Stock Co Ltd		758
	748,000	*	Shandong Xinhua Pharmaceutical Co Ltd		590
	153,700		Shanghai Dingli Technology Dev		210
	462,567		Shanghai Fosun Pharmaceutical Group Co Ltd		1,714
	237,000	e	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		283
	7,604		Shilpa Medicare Ltd		103
	19,700	*,e	Shin Nippon Biomedical Laboratories Ltd		117
	590,795		Shionogi & Co Ltd		22,895
	1,071,685		Shire Ltd		86,109
	3,576		Siegfried Holding AG.		633
	18,877,032	m	Sihuan Pharmaceutical Holdings		10,739
	10,215,932	e	Sino Biopharmaceutical		11,844
	123,280		Sinphar Pharmaceutical Co Ltd		121
	191,130		Sirtex Medical Ltd		4,276
	74,270	*	Skyepharma plc		315
	976,029	*,m	Skyline Venture Fund III Ltd		16
	115,735	*	Sorrento Therapeutics, Inc		2,039
	12,100	e	Sosei Group		700
	71,179	*,e	Spark Therapeutics, Inc		4,290
	187,678	*,e	Spectrum Pharmaceuticals, Inc		1,284
	2,668,000	*,e,m	SSY Group Ltd		971
	207,813		Stada Arzneimittel AG.		7,010
	7,325		Stallergenes		447
	553,100		Standard Chemical & Pharma		567
	62,901	*,e	Stemline Therapeutics, Inc		740
	14,355		Strides Arcolab Ltd		250
	170,561	*,e	Sucampo Pharmaceuticals, Inc (Class A)		2,802
	56,789	*	Sun Pharma Advanced Research Company Ltd		350

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,784,723		Sun Pharmaceutical Industries Ltd	$	24,512
	138,402	*,e	Sunesis Pharmaceuticals, Inc		417
	100,383	*	Supernus Pharmaceuticals, Inc		1,704
	127,426	*	Suven Life Sciences Ltd		466
	265,765	*,e	Synergy Pharmaceuticals, Inc		2,206
	192,701	*,e	Synta Pharmaceuticals Corp		430
	15,733	*,e	T2 Biosystems, Inc		255
	209,000	*	Taigen Biopharmaceuticals Holdings Ltd		178
	42,531		Taisho Pharmaceutical Holdings Co Ltd		2,873
	32,339	*	Taiwan Liposome Co Ltd		194
	47,400	e	Takara Bio, Inc		525
	714,964		Takeda Pharmaceutical Co Ltd		34,510
	321,774		Tanabe Seiyaku Co Ltd		4,821
	10,160		Tecan Group AG.		1,217
	95,166	*,e	TESARO, Inc		5,595
	105,587	*,e	Tetraphase Pharmaceuticals, Inc		5,009
	1,034,285		Teva Pharmaceutical Industries Ltd		61,207
	84,859		Teva Pharmaceutical Industries Ltd (ADR)		5,015
	91,244	*,e	TG Therapeutics, Inc		1,514
	341,370	*,e	TherapeuticsMD, Inc		2,683
	66,336	*,e	Theravance Biopharma, Inc		864
	233,373	e	Theravance, Inc		4,217
	1,499,757		Thermo Electron Corp		194,608
	171,089	*,e	Threshold Pharmaceuticals, Inc		691
	6,439	*,e	Tobira Therapeutics, Inc		111
	11,903	*,e	Tokai Pharmaceuticals, Inc		158
	1,742,000	e	Tong Ren Tang Technologies Co Ltd		2,948
	11,900		Torii Pharmaceutical Co Ltd		316
	67,239		Torrent Pharmaceuticals Ltd		1,374
	56,400		Towa Pharmaceutical Co Ltd		3,609
	65,521	*	Trevena, Inc		410
	82,714	*	Trovagene, Inc		840
	70,192		Tsumura & Co		1,510
	170,917		TTY Biopharm Co Ltd		399
	41,000	*	TWi Pharmaceuticals, Inc		277
	188,068		UCB S.A.		13,523
	45,893	*	Ultragenyx Pharmaceutical, Inc		4,699
	62,237		Unichem Laboratories Ltd		182
	2,623,500	*,e	United Laboratories Ltd		1,896
	214,297	*	United Therapeutics Corp		37,277
	643,700	*	Valeant Pharmaceuticals International, Inc		142,794
	47,948	*,e	Valneva SE		207
	98,029	*,e	Vanda Pharmaceuticals, Inc		1,244
	480,271	*	Vectura Group plc		1,357
	76,742	*,e	Verastem, Inc		579
	51,256	*	Versartis, Inc		780
	797,944	*	Vertex Pharmaceuticals, Inc		98,530
	4,034	e	Virbac S.A.		863
	22,296	*	ViroMed Co Ltd		3,558
	16,034	*,e	Vitae Pharmaceuticals, Inc		231
	27,922	*,e	Vital Therapies, Inc		589
	274,810	*,e	Vivus, Inc		649

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	176,002	*,e	VWR Corp	$	4,705
	283,160	*	Waters Corp		36,352
	11,415		Whanin Pharmaceutical Co Ltd		237
	3,090,000	*	Winteam Pharmaceutical Group Ltd		2,514
	140,983		Wockhardt Ltd		3,125
	9,992	*	XBiotech, Inc		181
	76,174	*	Xencor Inc		1,674
	190,465	*	Xenoport, Inc		1,168
	384,574	*,e	XOMA Corp		1,492
	8,602		Yuhan Corp		2,103
	85,819	*	Yungjin Pharmaceutical Co Ltd		129
	740,000		YungShin Global Holding Corp		1,250
	43,583	*,e	Zafgen, Inc		1,509
	10,362	*,e	Zealand Pharma AS		172
	170,249	*,e	Zeltia S.A.		699
	33,300		Zeria Pharmaceutical Co Ltd		486
	306,109	*,e	ZIOPHARM Oncology, Inc		3,673
	2,047,732	n	Zoetis Inc		98,742
	359,746	*,e	Zogenix, Inc		604
	25,437	*,e	ZS Pharma, Inc		1,333
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		11,278,552

REAL ESTATE - 3.8%
	16,950,000		8990 Holdings, Inc		2,724
	808,837		Abacus Property Group		1,820
	211,252		Acadia Realty Trust		6,150
	483		Activia Properties Inc		4,090
	13,563	*,e	ADLER Real Estate AG.		194
	2,849		Advance Residence Investment Corp		6,977
	30,376		Aeon Mall Co Ltd		569
	4,907	*,e	AEON REIT Investment Corp		6,553
	10,966		Africa Israel Properties Ltd		162
	76,277		AG Mortgage Investment Trust		1,318
	5,320,580	e	Agile Property Holdings Ltd		3,575
	57,092		Agree Realty Corp		1,665
	1,466,384		AIMS AMP Capital Industrial REIT		1,627
	30,124	*	Airport City Ltd		298
	44,900		Airport Facilities Co Ltd		241
	35,103		Akmerkez Gayrimenkul Yatirim Ortakligi AS		229
	3,546,026		Aldar Properties PJSC		2,600
	134,259		Alexander & Baldwin, Inc		5,290
	7,489		Alexander’s, Inc		3,070
	113,412		Alexandria Real Estate Equities, Inc		9,919
	70,600		Aliansce Shopping Centers S.A.		329
	1,005,026		Allan Gray Property Trust		718
	11,393,243		Allco Commercial Real Estate Investment Trust		12,933
	37,384		Allied Properties Real Estate Investment Trust		1,061
	13,368		Allreal Holding AG.		1,845
	185,833		Alony Hetz Properties & Investments Ltd		1,398
	4,383	*	Alrov Properties and Lodgings Ltd		81
	85,761	e	Alstria Office REIT-AG.		1,105
	4,147	*,e	Altisource Asset Management Corp		598

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	100,051	*,e	Altisource Portfolio Solutions S.A.	$	3,081
	287,017	e	Altisource Residential Corp		4,836
	77,631	e	Altus Group Ltd		1,106
	2,350,400		Amata Corp PCL (Foreign)		1,042
	1,125,167		Amer Group Holding		145
	125,519		American Assets Trust,Inc		4,922
	113,130		American Campus Communities, Inc		4,264
	814,362		American Capital Agency Corp		14,960
	143,068		American Capital Mortgage, Inc		2,288
	305,082		American Homes 4 Rent		4,894
	1,184,148	*	American Realty Capital Properties, Inc		9,627
	92,316	*,e	American Residential Properties, Inc		1,708
	999,291		American Tower Corp		93,224
	185,167		Amot Investments Ltd		591
	8,909,300		Ananda Development PCL		968
	1,469,851		Anant Raj Industries Ltd		958
	4,963		ANF Immobilier		121
	1,998,775		Annaly Capital Management, Inc		18,369
	366,107		Anworth Mortgage Asset Corp		1,805
	6,323,960	*	AP Thailand PCL (Foreign)		1,346
	587,664		Apartment Investment & Management Co (Class A)		21,702
	163,481	e	Apollo Commercial Real Estate Finance, Inc		2,686
	85,759		Apple Hospitality REIT, Inc		1,618
	95,702	e	Ares Commercial Real Estate Corp		1,090
	1,664,119		Argosy Property Ltd		1,246
	154,612		Armada Hoffler Properties, Inc		1,545
	1,017,125	*,e	ARMOUR Residential REIT, Inc		2,858
	845,934		Arrowhead Properties Ltd		661
	924,508		Arrowhead Properties Ltd (Class B)		722
	165,280		Artis Real Estate Investment Trust		1,814
	833,000		Ascendas Hospitality Trust		436
	1,527,500	e	Ascendas India Trust		1,015
	434,287		Ascendas REIT		793
	867,602	e	Ascott Residence Trust		831
	90,829		Ashford Hospitality Prime, Inc		1,364
	230,108		Ashford Hospitality Trust, Inc		1,947
	167,779		Associated Estates Realty Corp		4,803
	862,414	*,e	Attacq Ltd		1,574
	34,700	*,e	AV Homes, Inc		499
	392,691		AvalonBay Communities, Inc		62,779
	974,773		Aveo Group		1,937
	170,312		Axia Real Estate SOCIMI S.A.		2,286
	457,400		Axis Real Estate Investment Trust		418
	8,315,830		Ayala Land, Inc		6,875
	13,781		Azrieli Group		550
	48,632	e	Babcock & Brown Japan Property Trust		186
	11,121,600		Bangkokland PCL		519
	166,454		Barwa Real Estate Co		2,411
	1,494		Bayside Land Corp		451
	22,908		Befimmo SCA Sicafi		1,400
	3,652,000		Beijing Capital Land Ltd		2,803
	684,000		Beijing North Star Co		331

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,186,000	*,e	Beijing Properties Holdings Ltd	$	200
	4,421,950		Belle Corp		324
	11,556,058	e	Beni Stabili S.p.A.		8,578
	499,669		Big Yellow Group plc		5,005
	115,799		BioMed Realty Trust, Inc		2,240
	251,722		Blackstone Mortgage Trust, Inc		7,003
	1,044	*,e	BLife Investment Corp		2,366
	63,227		Bluerock Residential Growth REIT, Inc		800
	52,403		Boardwalk Real Estate Investment Trust		2,376
	591,821		Boston Properties, Inc		71,634
	475,935		BR Malls Participacoes S.A.		2,229
	150,808		BR Properties S.A.		508
	114,472		Brandywine Realty Trust		1,520
	1,992,379		British Land Co plc		24,817
	2,002,973		Brixmor Property Group, Inc		46,329
	1,331,793		Brookfield Asset Management, Inc		46,533
	13,755		Brookfield Canada Office Properties		298
	3,602	*	Brookfield Multiplex Group		231
	1,188		Brookfield Property Partners LP (Toronto)		26
	1,436,049	e	Bunnings Warehouse Property Trust		3,385
	54,044	e	BUWOG AG.		1,050
	34,321,726		C C Land Holdings Ltd		8,355
	202,292		CA Immobilien Anlagen AG.		3,529
	1,533,300		Cache Logistics Trust		1,315
	197,803		Calloway Real Estate Investment Trust		4,580
	845,509	e	Cambridge Industrial Trust		430
	131,668		Camden Property Trust		9,780
	480,059	e	Campus Crest Communities, Inc		2,660
	202,731		Canadian Apartment Properties REIT		4,480
	37,654		Canadian Real Estate Investment Trust		1,280
	475,700		CapitaCommercial Trust		551
	881,132		Capital & Counties Properties		6,024
	4,025,480		Capital Property Fund		4,732
	2,967,180		CapitaLand Ltd		7,705
	1,338,281		CapitaMall Trust		2,135
	1,212,800		CapitaMalls Malaysia Trust		431
	488,332		CapitaRetail China Trust		631
	267,458	e	Capstead Mortgage Corp		2,969
	100,331		CareTrust REIT, Inc		1,271
	2,560,000	*	Carnival Group International Holdings Ltd		396
	277,002		Castellum AB		3,893
	58,707		CatchMark Timber Trust Inc		679
	1,825,000		Cathay Real Estate Development Co Ltd		1,008
	559,154		CBL & Associates Properties, Inc		9,058
	2,194,888	*	CBRE Group, Inc		81,211
	654,100	e	CDL Hospitality Trusts		792
	15,000,000		Cebu Holdings, Inc		1,717
	285,420		Cedar Shopping Centers, Inc		1,827
	54,040	e	Cedar Woods Properties Ltd		219
	1,281,000		Central China Real Estate Ltd		364
	1,261,100		Central Pattana PCL (Foreign)		1,770
	12,066,198		Century Properties Group, Inc		219

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,161,514		Chambers Street Properties	$	9,234
	7,562,636		Champion Real Estate Investment Trust		4,156
	875,025		Charter Hall Group		3,048
	125,267		Chatham Lodging Trust		3,316
	290,146		Chesapeake Lodging Trust		8,844
	4,481,524		Cheuk Nang Holdings Ltd		3,758
	4,913,172	*	Cheung Kong Property Holdings Ltd		40,755
	569,934		Chimera Investment Corp		7,814
	3,941,500	e	China Aoyuan Property Group Ltd		863
	1,086,000	e	China Merchants Land Ltd		266
	56,536	*	China New City Commercial Development Ltd		23
	12,797,521	*,e	China New Town Development Co Ltd		667
	3,456,000	e	China Oceanwide Holdings Ltd		659
	894,000	e	China Overseas Grand Oceans Group Ltd		452
	8,504,435		China Overseas Land & Investment Ltd		29,937
	5,165,881		China Resources Land Ltd		16,719
	1,149,400	*,e	China SCE Property Holdings Ltd		273
	9,588,247	*,e	China Vanke Co Ltd		23,541
	416,000	g	China Vast Industrial Urban Development Co Ltd		194
	335,500		Chinese Estates Holdings Ltd		1,225
	134,435		Choice Properties REIT		1,162
	140,084		Chong Hong Construction Co		318
	5,370,758		CIFI Holdings Group Co Ltd		1,406
	131,728		City Developments Ltd		956
	611,871	e	Citycon Oyj		1,531
	22,148		Cofinimmo		2,290
	54,483		Colliers International Group, Inc		2,085
	302,607		Colony Financial, Inc		6,854
	534,000	e	Colour Life Services Group		686
	343,666		Columbia Property Trust, Inc		8,437
	420	*,e	Comforia Residential REIT, Inc		905
	79,914		Cominar Real Estate Investment Trust		1,134
	858,655	*,e	Communications Sales & Leasing, Inc		21,226
	697,900	e	Concentradora Fibra Danhos S.A. de C.V.		1,644
	409,500		Concentradora Fibra Hotelera Mexicana S.A. de C.V.		446
	13,278	e	Consolidated-Tomoka Land Co		765
	63,151	e	Conwert Immobilien Invest AG.		800
	104,427	e	CorEnergy Infrastructure Trust, Inc		660
	61,138	e	Coresite Realty		2,778
	500,336	e	Corp Inmobiliaria Vesta SAB de C.V.		814
	56,502		Corporate Office Properties Trust		1,330
	344,528		Corrections Corp of America		11,397
	6,679,928		Country Garden Holdings Co Ltd		2,933
	2,997,100	*	Country Group Development PCL		121
	306,536		Countrywide plc		2,736
	1,047,894		Cousins Properties, Inc		10,877
	2,338		Crescendo Investment Corp		1,772
	40,200		Crombie Real Estate Investment Trust		401
	1,323,407		Cromwell Group		1,046
	1,676,801		Crown Castle International Corp		134,647
	6,858,943		CSI Properties Ltd		265
	79,136		CT Real Estate Investment Trust		767

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	870,967		CubeSmart	$	20,172
	188,577		CyrusOne, Inc		5,554
	406,013	e	CYS Investments, Inc		3,138
	449	*,e	DA Office Investment Corp		2,149
	102,100		Daibiru Corp		944
	330,000		Daikyo, Inc		531
	2,595,900		Daiman Development BHD		1,693
	17,646		Daito Trust Construction Co Ltd		1,826
	775,689	e	Daiwa House Industry Co Ltd		18,072
	307	*	Daiwa House REIT Investment Corp		1,293
	656,600	e,g	Dalian Wanda Commercial Properties Co Ltd		5,281
	342,654		DCT Industrial Trust, Inc		10,773
	212,781		DDR Corp		3,290
	47,580		Delta Corp Ltd		54
	164,114		Derwent London plc		8,766
	323,150		Deutsche Annington Immobilien SE		9,119
	165,022		Deutsche Euroshop AG.		7,249
	357,214		Deutsche Wohnen AG.		8,189
	1,296,741		Dexus Property Group		7,297
	1,294,205	*	Deyaar Development PJSC		282
	746,509		DiamondRock Hospitality Co		9,563
	42,052	e	DIC Asset AG.		375
	368,667		Digital Realty Trust, Inc		24,583
	133,811		Dios Fastigheter AB		859
	10,677,304		DLF Ltd		19,507
	54,971	*	Dogus Gayrimenkul Yatirim Ortakligi AS		78
	3,690		Dongwon Development Co Ltd		181
	82,731		Douglas Emmett, Inc		2,229
	187,758		Dream Global Real Estate Investment Trust		1,493
	47,996		Dream Industrial Real Estate Investment Trust		314
	51,073		Dream Office Real Estate Investment Trust		1,003
	50,362	*,e	Dream Unlimited Corp		391
	340,751		Duke Realty Corp		6,328
	181,057		DuPont Fabros Technology, Inc		5,332
	168,224	e	Dynex Capital, Inc		1,282
	35,185	e	Easterly Government Properties, Inc		560
	633,100		Eastern & Oriental BHD		285
	105,886		EastGroup Properties, Inc		5,954
	332,500	*	Eco World Development Group BHD		136
	177,591		Education Realty Trust, Inc		5,569
	6,661,195	*	Emaar Malls Group PJSC		6,033
	7,916,139		Emaar Properties PJSC		16,829
	1,273,584		Emira Property Fund		1,778
	2,657,148		Emlak Konut Gayrimenkul Yatiri		2,736
	1,233,333	e	Emperor International Holdings		289
	549,638	e	Empire State Realty Trust, Inc		9,377
	157,679		Entertainment Properties Trust		8,638
	81,558	e,g	Entra ASA		759
	228,963	*	Equity Commonwealth		5,877
	327,901		Equity Lifestyle Properties, Inc		17,241
	179,762		Equity One, Inc		4,196
	1,055,408		Equity Residential		74,058

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,074,710	*	Eshraq Properties Co PJSC	$	223
	286,745		Essex Property Trust, Inc		60,933
	34,172		Eurobank Properties Real Estate Investment Co		262
	51,511		Eurocommercial Properties NV		2,156
	4,210,000	*	EverChina International Holdings Co. Ltd		160
	11,628,261	e	Evergrande Real Estate Group		6,928
	174,921		Excel Trust, Inc		2,758
	720,323		Extra Space Storage, Inc		46,979
	745,005		Ezdan Holding Group QSC		3,651
	157,518		Fabege AB		2,147
	1,599,000	e	Fantasia Holdings Group Co Ltd		276
	1,003,680		Far East Consortium		475
	883,800		Far East Hospitality Trust		509
	288,437		Farglory Land Development Co Ltd		301
	110,991	*	Fastighets AB Balder		1,711
	164,693		Federal Realty Investment Trust		21,096
	3,736,117		Federation Centres		8,407
	778,696		FelCor Lodging Trust, Inc		7,694
	380,851	e	Fibra Shop Portafolios Inmobiliarios SAPI de C.V.		421
	5,430,591		Fibra Uno Administracion S.A. de C.V.		12,891
	16,000,000		Filinvest Development Corp		1,604
	71,845,000		Filinvest Land, Inc		2,962
	138,718	e	First Capital Realty, Inc		1,986
	495,691		First Industrial Realty Trust, Inc		9,284
	239,423	e	First Potomac Realty Trust		2,466
	455,908		First Real Estate Investment Trust		471
	67,249		FirstService Corp		1,869
	84,153		Fonciere Des Regions		7,160
	545,484	*	Forest City Enterprises, Inc (Class A)		12,055
	98,205	*,e	Forestar Real Estate Group, Inc		1,292
	571,897		Fortress Income Fund Ltd		729
	347,616		Foxtons Group plc		1,295
	314,881		Franklin Street Properties Corp		3,561
	8,014,701	e	Franshion Properties China Ltd		2,860
	536,200		Frasers Centrepoint Trust		820
	311,000	e	Frasers Hospitality Trust		199
	892	*,e	Frontier Real Estate Investment Corp		3,991
	21,489	*,e	FRP Holdings, Inc		697
	663	*	Fukuoka REIT Corp		1,156
	3,125,000	*	Fullshare Holdings Ltd		605
	9,064,000		Future Land Development Holdin		1,681
	1,271,785		Gaming and Leisure Properties, Inc		46,624
	88,002		Gazit Globe Ltd		1,049
	18,763		Gazit, Inc		444
	543,009		GDI Property Group		367
	5,889		Gecina S.A.		726
	4,846,000	e	Gemdale Properties and Investment Corp Ltd		349
	2,603,309		General Growth Properties, Inc		66,801
	4,194,000	*	Genvon Group Ltd		574
	201,462		Geo Group, Inc		6,882
	100,956	e	Getty Realty Corp		1,652
	80,379	e	Gladstone Commercial Corp		1,331

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,770,691		Global Logistic Properties	$	10,833
	453		Global One Real Estate Investment Corp		1,723
	1,552,376	*	Globe Trade Centre S.A.		2,477
	3,860,895	*,e	Glorious Property Holdings Ltd		603
	2,171	*	GLP J-Reit		2,073
	50,826		Godrej Properties Ltd		197
	15,480		Goldcrest Co Ltd		305
	745,300	*	Golden Land Property Development PCL		151
	1,602,000	*,e	Goldin Properties Holdings Ltd		1,690
	1,497,806		Goodman Property Trust		1,197
	206,820	e	Government Properties Income Trust		3,836
	2,094,624	e	GPT Group (ASE)		6,905
	409,562		Grainger plc		1,470
	180,628		Gramercy Property Trust, Inc		4,221
	80,973	e	Grand City Properties S.A.		1,406
	64,129		Granite Real Estate Investment Trust		2,206
	12,538	e	Great Ajax Corp		178
	249,513		Great Eagle Holdings Ltd		929
	703,687		Great Portland Estates plc		8,579
	6,761,148	e	Green REIT plc		11,050
	1,419,000	e	Greenland Hong Kong Holdings Ltd		1,098
	33,900	e	Greentown China Holdings Ltd		43
	183,398	e	Growthpoint Properties Australia Ltd		443
	6,531,620		Growthpoint Properties Ltd		14,198
	542,000	*	Guangdong Land Holdings Ltd		146
	1,372,108	e	Guangzhou R&F Properties Co Ltd		1,680
	521,753		H&R Real Estate Investment Trust		9,374
	3,910		Haesung Industrial Co Ltd		99
	167,970		Halk Gayrimenkul Yatrm Ortakli		68
	42,019	e	Hamborner AG.		408
	2,440,646		Hammerson plc		23,587
	953,495		Hang Lung Group Ltd		4,197
	16,402,071	e	Hang Lung Properties Ltd		48,746
	523		Hankyu Reit, Inc		582
	87,396		Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,752
	1,677,247	e	Hansteen Holdings plc		3,044
	359,437		Hatteras Financial Corp		5,859
	829,932		HCP, Inc		30,268
	680,677		Health Care REIT, Inc		44,673
	411,052		Healthcare Realty Trust, Inc		9,561
	232,189		Healthcare Trust of America, Inc		5,561
	151,600		Heiwa Real Estate Co Ltd		2,078
	224,133		Helical Bar plc		1,418
	160,254		Heliopolis Housing		1,197
	119,614	*	Hemfosa Fastigheter AB		1,219
	3,088,696		Henderson Land Development Co Ltd		21,114
	206,217	e	Hersha Hospitality Trust		5,287
	29,253,923		Hibernia REIT plc		41,093
	485,750		Highwealth Construction Corp		1,158
	249,472		Highwoods Properties, Inc		9,966
	81,470	*	Hispania Activos Inmobiliarios SAU		1,195
	159,300		Ho Bee Investment Ltd		250

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	182,728		Home Properties, Inc	$	13,348
	228,000		Hong Fok Corp Ltd		143
	260,994		Hongkong Land Holdings Ltd		2,140
	620,000	*,e	Hopson Development Holdings Ltd		624
	232	*	Hoshino Resorts REIT, Inc		2,563
	459,138		Hospitality Properties Trust		13,232
	2,342,416		Host Marriott Corp		46,450
	239,465	*	Housing Development & Infrastruture Ltd		345
	120,978	*	Howard Hughes Corp		17,365
	808,235		Huaku Development Co Ltd		1,754
	93,000		Huang Hsiang Construction Co		118
	379,320		Hudson Pacific Properties		10,761
	240,725		Hufvudstaden AB (Series A)		2,928
	5,820		Hulic Reit, Inc		8,289
	495,362		Hung Poo Real Estate Development Corp		387
	442,000		Hung Sheng Construction Co Ltd		266
	430,000		Hydoo International Holding Ltd		75
	204,423		Hyprop Investments Ltd		2,033
	751,752		Hysan Development Co Ltd		3,255
	11,260		Icade		805
	1,194		Ichigo Real Estate Investment Corp		863
	197,700		IGB Corp BHD		149
	2,604,600		IGB Real Estate Investment Trust		918
	65,600		Iguatemi Empresa de Shopping Centers S.A.		519
	364,783	e	Immobiliare Grande Distribuzione		317
	1,355,948	*,e,m	Immoeast AG.		0	^
	658,721	*,e,m	Immofinanz ANSPR NACHB AG.		0	^
	909,528		Immofinanz Immobilien Anlagen AG.		2,148
	38,837		Independence Realty Trust, Inc		292
	775,598		Indiabulls Real Estate Ltd		693
	397		Industrial & Infrastructure Fund Investment Corp		1,793
	1,651,394		ING Office Fund		4,838
	357,308		Inland Real Estate Corp		3,366
	1,883,117	*	Inmobiliaria Colonial S.A.		1,328
	108,641		InnVest Real Estate Investment Trust		448
	30,179		InterRent Real Estate Investment Trust		153
	2,358		Intershop Holding AG.		1,012
	5,693		Intervest Offices		137
	354,322		Invesco Mortgage Capital, Inc		5,074
	530		Invesco Office J-Reit, Inc		456
	794,174	e	Investors Real Estate Trust		5,670
	5,387	*,e	Invincible Investment Corp		2,870
	1,420,193		IOI Properties Group Sdn BHD		696
	395,694		Iron Mountain, Inc		12,266
	719,737		Is Gayrimenkul Yatirim Ortakligi AS		441
	243,910	*	iStar Financial, Inc		3,249
	1,135	*	Japan Excellent, Inc		1,310
	9,741		Japan Hotel REIT Investment Corp		6,482
	2,328	*,e	Japan Logistics Fund Inc		4,680
	261		Japan Prime Realty Investment Corp		810
	310		Japan Real Estate Investment Corp		1,407
	23,499	e	Japan Rental Housing Investments, Inc		16,505

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	605		Japan Retail Fund Investment Corp	$	1,210
	11,005		Jerusalem Economy Ltd		40
	8,198	*	Jerusalem Oil Exploration		327
	1,612,150		Jiangsu Future Land Co Ltd		3,390
	162,777		Jones Lang LaSalle, Inc		27,835
	22,700	e	Jowa Holdings Co Ltd		1,051
	2,000,000		Joy City Property Ltd		521
	1,072,117		K Wah International Holdings Ltd		565
	671,480		KEE TAI Properties Co Ltd		395
	1,079		Kenedix Realty Investment Corp		5,405
	342	*	Kenedix Residential Investment Corp		1,012
	721	*,e	Kenedix Retail REIT Corp		1,711
	525,300		Kenedix, Inc		2,018
	219,414	e	Kennedy-Wilson Holdings, Inc		5,395
	500,500	*	Keppel DC REIT		390
	3,304,035		Kerry Properties Ltd		12,951
	50,611	e	Killam Properties, Inc		413
	386,887		Kilroy Realty Corp		25,979
	211,774		Kimco Realty Corp		4,773
	1,480,000		Kindom Construction Co		1,017
	161,280	*	King’s Town Construction Co Ltd		132
	224,011		Kite Realty Group Trust		5,482
	1,610,267	e	Kiwi Property Group Ltd		1,401
	79,600		KLCC Property Holdings BHD		147
	484,507		Klepierre		21,362
	1,416,946		Klovern AB (B Shares)		1,306
	51,821		Korea Real Estate Investment Trust Co		190
	3,043,130	e	Kowloon Development Co Ltd		3,839
	2,413,138	e	K-REIT Asia		2,051
	331,029		KSL Holdings BHD		152
	176,548		Kungsleden AB		1,197
	390,185		Kuoyang Construction Co Ltd		175
	1,099,624		KWG Property Holding Ltd		925
	108,603,535		Lai Fung Holdings Ltd		2,592
	82,563,250		Lai Sun Development Co Ltd		1,981
	47,683		Lamar Advertising Co		2,741
	39,121	*	Lamda Development S.A.		165
	894,355		Land Securities Group plc		16,911
	4,175,500	e	Langham Hospitality Investments Ltd		1,793
	38,095	e	Lar Espana Real Estate Socimi S.A.		421
	447,343		LaSalle Hotel Properties		15,863
	455,800		LBS Bina Group BHD		193
	418,693	*	LC Corp S.A.		207
	56,077		LEG Immobilien AG.		3,897
	504,915		Lend Lease Corp Ltd		5,838
	2,306,911	*	Leopalace21 Corp		14,139
	924,871	e	Lexington Realty Trust		7,843
	526,849		Liberty International plc		2,545
	90,802		Liberty Property Trust		2,926
	58,171	*	Lifestyle Properties Development Ltd		23
	1,112,281		Link REIT		6,509
	1,686,700		Lippo-Mapletree Indonesia Retail Trust		457

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	412,000		Liu Chong Hing Investment	$	539
	2,774,000	e	Logan Property Holdings Co Ltd		1,245
	612,545		London & Stamford Property plc		1,552
	844,000		Long Bon International Co Ltd		621
	1,791,620		Longfor Properties Co Ltd		2,847
	544,800		LPN Development PCL		283
	57,800		LPS Brasil Consultoria de Imoveis S.A.		97
	255,369		LSR Group (GDR)		516
	118,593		LTC Properties, Inc		4,933
	304,000	*	LVGEM China Real Estate Investment Co Ltd		111
	143,767		Macerich Co		10,725
	466,247		Mack-Cali Realty Corp		8,593
	1,073,474	e	Macquarie CountryWide Trust		3,508
	2,743,243	e	Macquarie Goodman Group		13,249
	3,191,990	e	Macquarie MEAG Prime REIT		2,084
	6,260,000	*,e	Madex International Holdings Ltd		177
	1,942,176		Mah Sing Group BHD		849
	6,100	*,e	Mainstreet Equity Corp		179
	35,779	*,e,m	Mapeley Ltd		1
	2,989,087	e	Mapletree Commercial Trust		3,251
	4,759,100		Mapletree Greater China Commercial Trust		3,603
	3,217,061		Mapletree Industrial Trust		3,727
	1,435,005		Mapletree Logistics Trust		1,204
	160,174	*	Marcus & Millichap, Inc		7,390
	733,550		Matrix Concepts Holdings BHD		602
	90,702		Mazaya Qatar Real Estate Development Q.S.C		464
	1,098,900		MBK PCL		511
	881,179		Medical Properties Trust, Inc		11,552
	117,347	*	Medinet Nasr Housing		428
	47,649,600		Megaworld Corp		5,024
	45,129		Melisron Ltd		1,613
	51,941		Mercialys S.A		1,159
	181,630	*	Merlin Properties Socimi S.A.		2,219
	2,271,200	e	Mexico Real Estate Management S.A. de C.V.		3,136
	1,223,414		MFA Mortgage Investments, Inc		9,041
	720	*	MID Reit, Inc		2,203
	173,533		Mid-America Apartment Communities, Inc		12,635
	1,410,929	*,e	Midland Holdings Ltd		639
	129,316		Milestone Apartments Real Estate Investment Trust		1,298
	1,412,000		Minmetals Land Ltd		180
	1,784,523		Mirvac Group		2,542
	832,880		Mitsubishi Estate Co Ltd		17,939
	1,539,241		Mitsui Fudosan Co Ltd		43,072
	149,400		MKH BHD		84
	6,132		Mobimo Holding AG.		1,250
	155,288		Monmouth Real Estate Investment Corp (Class A)		1,509
	445,076		Monogram Residential Trust, Inc		4,015
	59,346		Morguard Real Estate Investment Trust		783
	1,897	*	Mori Hills REIT Investment Corp		2,452
	1,559		Mori Trust Sogo Reit, Inc		3,025
	78,134		Multiplan Empreendimentos Imobiliarios S.A.		1,205
	120,616		National Health Investors, Inc		7,514

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	286,872		National Retail Properties, Inc	$	10,043
	86,133		National Storage Affiliates Trust		1,068
	1,348,000	e	Neo-China Land Group Holdings Ltd		363
	304,000		New Century Real Estate Investment Trust		120
	838,746		New Residential Investment Corp		12,782
	227,487		New Senior Investment Group, Inc		3,041
	2,848,614		New World China Land Ltd		1,680
	15,101,671		New World Development Co Ltd		19,733
	291,748	e	New York Mortgage Trust, Inc		2,182
	243,616		NewRiver Retail Ltd		1,221
	65,791		Nexity		2,582
	51,194		NexPoint Residential Trust, Inc		688
	133,752		Nieuwe Steen Investments NV		527
	1,237		Nippon Accommodations Fund, Inc		4,774
	465		Nippon Building Fund, Inc		2,035
	1,500		Nippon ProLogis REIT, Inc		2,760
	678	e	NIPPON REIT Investment Corp		1,599
	25,067	*	Nitsba Holdings 1995 Ltd		365
	344,401		Nomura Real Estate Holdings, Inc		7,228
	5,078	*,e	Nomura Real Estate Master Fund, Inc		6,453
	383	e	Nomura Real Estate Office Fund, Inc		1,736
	139		Nomura Real Estate Residential Fund, Inc		784
	16,695		Northern Property Real Estate Investment Trust		299
	848,130		NorthStar Realty Finance Corp		13,485
	20,452		NorthWest Healthcare Properties Real Estate Investment Trust		130
	236,029	*	Norwegian Property ASA		292
	124,036		NTT Urban Development Corp		1,232
	468,275		Oberoi Realty Ltd		1,999
	726,454		Omega Healthcare Investors, Inc		24,939
	46,365	e	One Liberty Properties, Inc		987
	64,200		Open House Co Ltd		1,084
	2,220		Orchid Island Capital, Inc		25
	4,355	*	Orix JREIT, Inc		6,273
	1,650,900	e	OUE Hospitality Trust		1,146
	271,826		Outfront Media, Inc		6,861
	13,774	e	Owens Realty Mortgage, Inc		207
	1,051,583	*	Palm Hills Developments SAE		367
	657,690		Paramount Group, Inc		11,286
	691,300	e	Parkway Life Real Estate Investment Trust		1,181
	232,790		Parkway Properties, Inc		4,060
	2,342,406		Parque Arauco S.A.		4,453
	34,222	*	Patrizia Immobilien AG.		837
	531,600		Pavilion Real Estate Investment Trust		210
	309,455		Pebblebrook Hotel Trust		13,269
	195,430		Pennsylvania REIT		4,170
	205,772		Pennymac Mortgage Investment Trust		3,587
	394,300	*,e	Perennial Real Estate Holdings Ltd		309
	1,384,709		Phoenix Mills Ltd		8,216
	197,154		Physicians Realty Trust		3,028
	93,284		Piedmont Office Realty Trust, Inc		1,641
	1,443,300		PLA Administradora Industrial S de RL de C.V.		2,827

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	900	*	Plazza AG.	$	199
	181,409		Plum Creek Timber Co, Inc		7,360
	23,737		Polski Holding Nieruchomosci S.A.		149
	7,191,117	e	Poly Hong Kong Investment Ltd		3,472
	8,341,160		Polytec Asset Holdings Ltd		1,139
	517,256		Post Properties, Inc		28,123
	232,441		Potlatch Corp		8,210
	3,836,000	e	Powerlong Real Estate Holdings Ltd		850
	1,310,510	e	Precinct Properties New Zealand Ltd		1,012
	31,076		Preferred Apartment Communities, Inc		309
	437	*	Premier Investment Co		2,406
	225,379	e	Primary Health Properties plc		1,386
	118,957		Prime Office AG.		566
	2,393,826		Prince Housing & Development Corp		904
	301,700		ProLogis Property Mexico S.A. de C.V.		507
	1,323,204		Prologis, Inc		49,091
	1,213,000	e	Prosperity REIT		435
	130,049		PS Business Parks, Inc		9,383
	45,671		PSP Swiss Property AG.		3,912
	24,504,700		PT Agung Podomoro Land Tbk		692
	8,973,600		PT Alam Sutera Realty Tbk		386
	3,609,000		PT Bekasi Fajar Industrial Estate Tbk		108
	6,010,927		PT Bumi Serpong Damai		751
	30,355,700		PT Ciputra Development Tbk		2,871
	15,300,000		PT Ciputra Property Tbk		653
	3,597,600		PT Ciputra Surya Tbk		720
	6,006,400		PT Intiland Development Tbk		256
	100,044,487		PT Kawasan Industri Jababeka Tbk		1,962
	407,700	*	PT Lippo Cikarang Tbk		278
	49,079,197		PT Lippo Karawaci Tbk		4,339
	22,264,900		PT Modernland Realty Tbk		875
	5,991,200	*	PT Nirvana Development Tbk		95
	78,323,400		PT Pakuwon Jati Tbk		2,519
	21,461,100		PT Sentul City Tbk		154
	8,562,300		PT Summarecon Agung Tbk		1,047
	551,150		Public Storage, Inc		101,616
	4,346,170	*	Puravankara Projects Ltd		5,399
	324,794		Pure Industrial Real Estate Trust		1,225
	85,483		QTS Realty Trust, Inc		3,116
	4,180,635		Quality House PCL		312
	614,628	*	Quintain Estates & Development plc		1,024
	613,170		Radium Life Tech Co Ltd		269
	238,329	e	RAIT Investment Trust		1,456
	859,591		RAK Properties PJSC		151
	390,336		Ramco-Gershenson Properties		6,370
	239,621		Rayonier, Inc		6,122
	11,500	*,e	Raysum Co Ltd		114
	28,644	e	Re/Max Holdings, Inc		1,017
	1,806,254	*	Realogy Holdings Corp		84,388
	91,224	e	Realty Income Corp		4,049
	813,724		Rebosis Property Fund Ltd		787
	946,000	g	Redco Properties Group Ltd		646

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,905,744		Redefine International plc	$	1,566
	7,018,846		Redefine Properties Ltd		5,888
	230,173	e	Redwood Trust, Inc		3,614
	26,271,000		Regal Real Estate Investment Trust		7,618
	659,817		Regency Centers Corp		38,916
	152,278		Reit Ltd		433
	20,300		Relo Holdings, Inc		2,005
	26,785,250	*,e	Renhe Commercial Holdings Co Ltd		2,211
	222,119		Resilient Property Income Fund Ltd		1,760
	364,097	e	Resource Capital Corp		1,409
	491,847		Retail Opportunities Investment Corp		7,683
	546,708		Retail Properties of America, Inc		7,616
	382,024		Rexford Industrial Realty, Inc		5,570
	426,490		RioCan Real Estate Investment Trust		9,141
	542,974	e	RLJ Lodging Trust		16,170
	455,000		Road King Infrastructure		435
	2,572,600		Robinsons Land Corp		1,671
	238,884		Rojana Industrial Park PCL		52
	108,370	e	Rouse Properties, Inc		1,772
	706,488		Ruentex Development Co Ltd		1,117
	132,202		Ryman Hospitality Properties		7,021
	3,624,432		S.A. Corporate Real Estate Fund		1,364
	566,740	e	Sabana Shari’ah Compliant Industrial REIT		358
	254,999		Sabra Healthcare REIT, Inc		6,564
	530,090		Safestore Holdings plc		2,355
	120,000		Saizen REIT		77
	4,964,277		Sansiri PCL		262
	38,600		Sao Carlos Empreendimentos e Participacoes S.A.		396
	60,310	e	Saul Centers, Inc		2,967
	321,019		Savills plc		4,770
	1,642,700		SC Asset Corp PCL		158
	12,361,944		Scentre Group		35,710
	505,333		Schroder Real Estate Investment Trust Ltd		468
	698,704		Segro plc		4,452
	737	*	Sekisui House Reit, Inc		807
	1,029	e	Sekisui House SI Residential Investment Corp		1,074
	114,658		Select Income REIT		2,367
	98,711		Selvaag Bolig ASA		322
	201,523		Senior Housing Properties Trust		3,537
	742,277		Shaftesbury plc		10,115
	250,340		Shanghai Jinqiao Export Processing Zone Development Co Ltd		505
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		230
	19,995,430		Shanghai Real Estate Ltd		1,227
	103,400	*	Shenzhen International Enterprise Co Ltd		184
	7,893,668		Shenzhen Investment Ltd		3,863
	233,100	*	Shenzhen SEG Co Ltd		253
	1,809,825		Shimao Property Holdings Ltd		3,563
	320,830	*	Shining Building Business Co Ltd		150
	447,332		Shoei Co Ltd		3,964
	1,918,390	e	Shopping Centres Australasia Property Group		3,148

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY		(000)
	17,699,667	e	Shui On Land Ltd	$	5,017
	480	*	SIA Reit, Inc		1,906
	266,692	e	Silver Bay Realty Trust Corp		4,344
	1,172,946		Simon Property Group, Inc		202,943
	992,600	*	SingHaiyi Group Ltd		99
	3,985,422		Sino Land Co		6,652
	1,834,000	*,e	Sinolink Worldwide Holdings Ltd		326
	19,286,017		Sino-Ocean Land Holdings Ltd		14,543
	209,614		Sinyi Realty Co		185
	171,071	*	Six of October Development & Investment		242
	480,124		SL Green Realty Corp		52,761
	13,459,716		SM Prime Holdings		5,964
	587,546		Sobha Developers Ltd		3,285
	6,161,850		Soho China Ltd		4,010
	645,000	e	Soilbuild Business Space REIT		407
	65,600		Sonae Sierra Brasil S.A.		398
	165,595		Sovran Self Storage, Inc		14,392
	108,749		Sparkassen Immobilien AG.		903
	714,700	e	SPH REIT		555
	862,554		Spirit Realty Capital, Inc		8,341
	583,146		Sponda Oyj		2,152
	1,142,000	e	Spring Real Estate Investment Trust		507
	500,209		ST Modwen Properties plc		3,560
	170,497	*,e	St. Joe Co		2,648
	315,261		STAG Industrial, Inc		6,305
	2,175,742	e	Starwood Property Trust, Inc		46,931
	113,916	e	Starwood Waypoint Residential Trust		2,707
	3,036,381	e	Stockland Trust Group		9,588
	209,238		STORE Capital Corp		4,206
	1,577,674	*	Strategic Hotels & Resorts, Inc		19,121
	16,940		Sumitomo Real Estate Sales Co Ltd		427
	414,286		Sumitomo Realty & Development Co Ltd		14,519
	463,739		Summit Hotel Properties, Inc		6,033
	152,246		Sun Communities, Inc		9,413
	21,100	e	Sun Frontier Fudousan Co Ltd		171
	3,806,620		Sun Hung Kai Properties Ltd		61,602
	2,080,000	e	Sunac China Holdings Ltd		2,275
	2,635,000	e	Sunlight Real Estate Investment Trust		1,342
	1,075,864		Sunstone Hotel Investors, Inc		16,149
	1,860,798		Suntec Real Estate Investment Trust		2,383
	1,828,634	*	Sunteck Realty Ltd		7,610
	1,617,558		Sunway BHD		1,474
	1,171,900		Sunway Real Estate Investment		478
	492,400		Supalai PCL		273
	669,693		Swire Pacific Ltd (Class A)		8,409
	4,492,301		Swire Properties Ltd		14,328
	58,349		Swiss Prime Site AG.		4,428
	253,037	e	TAG Tegernsee Immobilien und Beteiligungs AG.		2,962
	418,668		Taiwan Land Development Corp		163
	144,400		Takara Leben Co Ltd		859
	1,182,848		Talaat Moustafa Group		1,371
	229,056		Tanger Factory Outlet Centers, Inc		7,261

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	45,702		Taubman Centers, Inc	$	3,176
	89,073	e	Technopolis plc		359
	37,787	*	Tejon Ranch Co		971
	214,771		Terreno Realty Corp		4,231
	298,000		Tian Shan Development Holding Ltd		132
	540,480		Ticon Industrial Connection PCL (Foreign)		224
	408,000		Times Property Holdings Ltd		174
	50,880		TLG Immobilien AG.		823
	52,100		TOC Co Ltd		364
	689,616		Tokyo Tatemono Co Ltd		9,572
	82,915		Tokyu Fudosan Holdings Corp		639
	999	*,e	Tokyu REIT, Inc		1,233
	921		Top REIT Inc		3,888
	334,500		Top Spring International Holdings Ltd		163
	472,069		Torunlar Gayrimenkul Yatirim Ortakligi AS		604
	1,685,800		Tosei Corp		11,972
	60,022	e	Trade Street Residential, Inc		400
	951,612		Tropicana Corp BHD		255
	572,587		Tuan Sing Holdings Ltd		155
	1,166,324		Two Harbors Investment Corp		11,360
	162,323,400	*	U City PCL		240
	268,832		UDR, Inc		8,611
	1,268,600		UEM Land Holdings BHD		328
	84,731	e	UMH Properties, Inc		830
	111,497		Unibail-Rodamco		28,321
	853,715		Union Properties PJSC		281
	251,842		Unite Group plc		2,261
	91,454,602	*	Unitech Ltd		11,373
	81,827		United Development Co PSC		550
	64,811		United Development Funding IV		1,133
	148,440	e	United Overseas Land Ltd		762
	703		United Urban Investment Corp		993
	699,400		Univentures PCL		162
	43,349		Universal Health Realty Income Trust		2,014
	839,848		UOA Development BHD		467
	334,516		Urban Edge Properties		6,955
	92,557		Urstadt Biddle Properties, Inc (Class A)		1,729
	400,000		Vanke Property Overseas Ltd		457
	17,950		Vastned Retail NV		793
	847,281		Ventas, Inc		52,608
	13,071,000		Vista Land & Lifescapes, Inc		1,840
	630,032		Vornado Realty Trust		59,809
	973,820		Vukile Property Fund Ltd		1,437
	180,812	e	Wallenstam AB		1,285
	1,297,000	*,e	Wanda Hotel Development Co Ltd		268
	28,174		Warehouses De Pauw SCA		2,176
	183,308	e	Washington REIT		4,757
	88,674		Weingarten Realty Investors		2,899
	38,152		Wereldhave NV		2,173
	120,546	e	Western Asset Mortgage Capital Corp		1,780
	3,531,196		Westfield Corp		24,802
	532,850		Weyerhaeuser Co		16,785

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,923,850	*	WHA Corp PCL	$	581
	9,488,676		Wharf Holdings Ltd		63,057
	1,804,064		Wheelock & Co Ltd		9,206
	260,397	e	Wheelock Properties S Ltd		339
	57,985	e	Whitestone REIT		755
	147,211		Wihlborgs Fastigheter AB		2,399
	394,532		Wing Tai Holdings Ltd		558
	337,168		Workspace Group plc		4,766
	47,946		WP Carey, Inc		2,826
	1,615,139	e	WP GLIMCHER, Inc		21,853
	5,238,000	e	Wuzhou International Holdings Ltd		1,015
	155,045		Xenia Hotels & Resorts, Inc		3,371
	5,646,100	e	Yanlord Land Group Ltd		4,733
	964,500	*	Ying Li International Real Estate Ltd		168
	11,843		YNH Property BHD		6
	1,098,666	e	Yoma Strategic Holdings Ltd		346
	205,700		YTL Hospitality REIT		56
	3,988,000		Yuexiu Real Estate Investment Trust		2,196
	34,594,793		Yuexiul Property Co Ltd		7,532
	29,000		Yungshin Construction & Development Co Ltd		52
	4,835,120	e	Yuzhou Properties Co		1,242
	506,000	*	Zall Development Group Ltd		202
	3,671,800		Zhong An Real Estate Ltd		483
			TOTAL REAL ESTATE		4,647,772

RETAILING - 4.1%
	449,647	*,e	1-800-FLOWERS.COM, Inc (Class A)		4,703
	143,184		Aaron’s, Inc		5,185
	68,739	e	ABC-Mart, Inc		4,207
	235,206	e	Abercrombie & Fitch Co (Class A)		5,059
	50,510		Adastria Holdings Co Ltd		1,806
	184,325		Advance Auto Parts, Inc		29,361
	200,203	*,e	Aeropostale, Inc		324
	23,200	e	Alpen Co Ltd		372
	1,696,374	*,n	Amazon.com, Inc		736,379
	717,459	e	American Eagle Outfitters, Inc		12,355
	23,527	*	America’s Car-Mart, Inc		1,160
	203,945	*	Ann Taylor Stores Corp		9,849
	161,993	*,e	AO World plc		368
	44,500		AOKI Holdings, Inc		635
	52,841		Aoyama Trading Co Ltd		2,135
	12,300		Arc Land Sakamoto Co Ltd		278
	75,903	*	Asbury Automotive Group, Inc		6,878
	473,065	*,e	Ascena Retail Group, Inc		7,879
	21,600	e	ASKUL Corp		681
	164,911	*,e	ASOS plc		10,051
	268,000		Aurora Corp		447
	60,688		Autobacs Seven Co Ltd		1,015
	19,407	e	AutoCanada, Inc		642
	299,019		Automotive Holdings Group Ltd		920
	177,450	*	Autonation, Inc		11,176
	105,468	*	AutoZone, Inc		70,337

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,835,020	e	B&M European Value Retail S.A.	$	15,275
	440,300	*	B2W Companhia Global Do Varejo		2,888
	1,366,500	*,e	Baoxin Auto Group Ltd		869
	594,787	*	Barnes & Noble, Inc		15,441
	470,300		Beauty Community PCL		56
	14,219,510		Beauty Community PCL (ADR)		1,697
	1,478,100		Beauty Community PCL (Foreign)		177
	115,739	e	Bebe Stores, Inc		231
	387,491	*	Bed Bath & Beyond, Inc		26,729
	119,300		Belluna Co Ltd		650
	2,086,560		Berjaya Auto BHD		1,493
	4,426,084		Best Buy Co, Inc		144,335
	153,800	e	BIC CAMERA, Inc		1,938
	47,515		Big 5 Sporting Goods Corp		675
	220,030	e	Big Lots, Inc		9,899
	132,290		Bilia AB		2,356
	77,201	*	Blue Nile, Inc		2,346
	1,645,800		Bonjour Holdings Ltd		121
	28,019	e	Bon-Ton Stores, Inc		129
	703,845	*,e	boohoo.com plc		285
	32,138	*	Boot Barn Holdings, Inc		1,028
	537,000	*,e,m	Boshiwa International Holding		1
	85,999	e	Breville Group Ltd		412
	79,175	e	Buckle, Inc		3,624
	97,327	*	Build-A-Bear Workshop, Inc		1,556
	241,327	*	Burlington Stores, Inc		12,356
	961,713		Byggmax Group AB		6,520
	97,213	*,e	Cabela’s, Inc		4,859
	208,454		Caleres, Inc		6,625
	109,972		Canadian Tire Corp Ltd		11,761
	196,700		Canon Marketing Japan, Inc		3,345
	397,814		Card Factory plc		2,019
	860,700	*	Carmax, Inc		56,987
	642,053	e	Cash Converters International Ltd		347
	41,128		Cashbuild Ltd		1,018
	101,577		Cato Corp (Class A)		3,937
	93,490	*,e	CDON Group AB		138
	642,942		Chico’s FAS, Inc		10,692
	65,505		Children’s Place Retail Stores, Inc		4,285
	2,533,500		China Harmony New Energy Auto Holding Ltd		2,828
	7,792,000	e	China ZhengTong Auto Services Holdings Ltd		5,067
	24,100		Chiyoda Co Ltd		566
	27,300		Chori Co Ltd		433
	304,000		Chow Sang Sang Holding		610
	106,974	*	Christopher & Banks Corp		429
	133,500		Cia Hering		522
	113,535	*	Citi Trends, Inc		2,748
	2,802		CJ O Shopping Co Ltd		516
	88,488		Clas Ohlson AB (B Shares)		1,553
	528,749	*	Cnova NV		2,924
	719,000	*,g	Cogobuy Group		990
	14,200		COL PCL		22

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	89,500		COL PCL (Foreign)	$	137
	72,018	*,e	Conn’s, Inc		2,859
	51,279	*,e	Container Store Group, Inc		865
	122,736		Core-Mark Holding Co, Inc		7,272
	287,863	e	CST Brands, Inc		11,244
	132,600	*	Ctrip.com International Ltd (ADR)		9,629
	806,300	e	Dah Chong Hong Holdings Ltd		419
	293,700		DCM Japan Holdings Co Ltd		2,876
	1,149,504		Debenhams plc		1,611
	112,569		Delek Automotive Systems Ltd		1,259
	5,316	e	Delticom AG.		125
	15,321	e	Destination Maternity Corp		179
	96,556	*,e	Destination XL Group, Inc		484
	673,127	e	Dick Smith Holdings Ltd		1,079
	585,914		Dick’s Sporting Goods, Inc		30,333
	492,286		Dickson Concepts International Ltd		201
	23,773		Dieteren S.A.		851
	173,279		Dillard’s, Inc (Class A)		18,227
	50,009		Dogus Otomotiv Servis ve Ticaret AS		293
	1,704,527		Dollar General Corp		132,510
	631,505	*	Dollar Tree, Inc		49,883
	267,851		Dollarama, Inc		16,234
	83,188		Don Quijote Co Ltd		3,540
	20,600		Doshisha Co Ltd		365
	526,432		DSW, Inc (Class A)		17,567
	21,259	*	Dufry Group		2,962
	191,573		Dunelm Group plc		2,726
	43,390	*,g	Dustin Group AB		296
	84,183	e	EDION Corp		596
	223,576		El Puerto de Liverpool SAB de C.V.		2,582
	4,030,000		Emperor Watch & Jewellery Ltd		176
	2,600,000	*	Empresas La Polar S.A.		77
	2,873,100	e	Esprit Holdings Ltd		2,689
	53,405	*	Etsy, Inc		750
	125,045	*	EVINE Live, Inc		336
	897,827		Expedia, Inc		98,177
	481,058	*	Express Parent LLC		8,712
	118,149		Family Dollar Stores, Inc		9,311
	899,829		Far Eastern Department Stores Co Ltd		562
	138,175		Fast Retailing Co Ltd		62,658
	31,411	*	Fenix Parts, Inc		315
	159,931		Finish Line, Inc (Class A)		4,449
	152,078	*,e	Five Below, Inc		6,012
	39,809	*	Folli Follie S.A.		1,019
	600,158	e	Foot Locker, Inc		40,217
	204,912		Foschini Ltd		2,679
	120,025	*	Francesca’s Holdings Corp		1,617
	101,138		Fred’s, Inc (Class A)		1,951
	53,758	*,e	FTD Cos, Inc		1,515
	18,900		Fuji Co Ltd		359
	12,603	*,e	Gaiam, Inc (Class A)		82
	92,196	e	GAME Digital plc		377

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	768,669	e	GameStop Corp (Class A)	$	33,022
	346,291		Gap, Inc		13,218
	82,436	*	Genesco, Inc		5,443
	152,435		Genuine Parts Co		13,648
	158,900	e	Geo Corp		1,954
	1,138,000		Giordano International Ltd		615
	262,396		GNC Holdings, Inc		11,671
	1,728,399	e	Golden Eagle Retail Group Ltd		2,314
	576,000		Goldlion Holdings Ltd		261
	114,176		GOLFZONYUWONHOLDINGS Co Ltd		1,344
	13,948,577		GOME Electrical Appliances Holdings Ltd		3,074
	310,656	*,g	GrandVision NV		7,675
	80,478		Group 1 Automotive, Inc		7,310
	10,515	*	Groupe Fnac		630
	5,921,489	*,e	Groupon, Inc		29,785
	215,927	*,e	Grupo Famsa SAB de C.V.		140
	10,961		GS Home Shopping, Inc		2,062
	174,883	e	Guess?, Inc		3,353
	58,200	e	Gulliver International Co Ltd		542
	649		GwangjuShinsegae Co Ltd		186
	201,364		Halfords Group plc		1,670
	3,380,000	e	Hang Fat Ginseng Holdings Co Ltd		414
	274,225	e	Hankyu Department Stores, Inc		5,710
	86,200	e	Happinet Corp		904
	1,918,924		Harvey Norman Holdings Ltd		6,663
	67,224		Haverty Furniture Cos, Inc		1,453
	13,071,063	e	Hengdeli Holdings Ltd		2,614
	849,439		Hennes & Mauritz AB (B Shares)		32,694
	37,506	*,e	HHgregg, Inc		125
	71,770	*,e	Hibbett Sports, Inc		3,343
	21,200		Hikari Tsushin, Inc		1,429
	5,917,870		Home Depot, Inc		657,653
	3,068,065		Home Product Center PCL (Foreign)		612
	762,292		Home Retail Group		2,024
	7,513	*	Hornbach Baumarkt AG.		276
	266,196		Hotai Motor Co Ltd		3,772
	42,066		Hotel Shilla Co Ltd		4,205
	175,057		HSN, Inc		12,287
	135,946		Hudson’s Bay Co		3,020
	15,315		Hyundai Department Store Co Ltd		2,016
	5,351		Hyundai Home Shopping Network Corp		588
	16,400		Ikyu		350
	276,081		Imperial Holdings Ltd		4,204
	1,066,549		Inchcape plc		13,577
	1,164,844		Inditex S.A.		37,994
	200,346		Interpark Corp		1,677
	8,510		Interpark INT Corp		190
	21,466,548	*	Intime Retail Group Co Ltd		28,430
	267,128		Isetan Mitsukoshi Holdings Ltd		4,772
	1,242,000		IT Ltd		466
	34,700		Izumi Co Ltd		1,465
	478,419		J Front Retailing Co Ltd		9,004

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	97,009	e	Jardine Cycle & Carriage Ltd	$	2,382
	441,355	e	JB Hi-Fi Ltd		6,626
	8,010,526	*,e	JC Penney Co, Inc		67,849
	344,799	*,e	JD.com, Inc (ADR)		11,758
	11,600	e	Jin Co Ltd		500
	51,720		John Menzies plc		398
	37,000		Joshin Denki Co Ltd		285
	59,600	e	Joyful Honda Co Ltd		1,254
	112,709		JUMBO S.A.		836
	148,320	e	KappAhl Holding AB		520
	29,587	e	Keiyo Co Ltd		136
	2,315,333		Kingfisher plc		12,629
	61,946		Kirkland’s, Inc		1,726
	526,807		Kohl’s Corp		32,983
	26,800		Kohnan Shoji Co Ltd		348
	17,605		Kolao Holdings		352
	32,700		Komeri Co Ltd		747
	160,000		Koradior Holdings Ltd		226
	129,763	e	K’s Holdings Corp		4,674
	437,423		L Brands, Inc		37,500
	57,088	*,e	Lands’ End, Inc		1,417
	254,000	*,e	Laox Co Ltd		968
	13,527		LEADCORP, Inc		212
	306,903	e	Lewis Group Ltd		2,487
	7,455,119		Li & Fung Ltd		5,910
	1,565,364	*	Liberty Interactive Corp		43,439
	247,741	*	Liberty TripAdvisor Holdings, Inc		7,982
	593,037	*	Liberty Ventures		23,289
	63,403		Lithia Motors, Inc (Class A)		7,175
	483,905	*	LKQ Corp		14,636
	132,037		Lojas Americanas S.A.		563
	485,604		Lojas Americanas S.A.(Preference)		2,708
	130,164		Lojas Renner S.A.		4,731
	670,646		Lookers plc		1,671
	7,334		LOTTE Himart Co Ltd		498
	22,023		Lotte Shopping Co Ltd		4,625
	3,247,748		Lowe’s Companies, Inc		217,502
	1,040,000		Luk Fook Holdings International Ltd		3,063
	76,005	*,e	Lumber Liquidators, Inc		1,574
	2,045,973		Macy’s, Inc		138,042
	66,000		Magazine Luiza S.A.		75
	301,798	*,e	MakeMyTrip Ltd		5,939
	2,933,000		Maoye International Holdings Ltd		673
	68,332	*,e	MarineMax, Inc		1,606
	53,900		Marisa Lojas S.A.		188
	4,072,913		Marks & Spencer Group plc		34,359
	519,323		Marui Co Ltd		7,016
	107,647	e	Matas A.S.		2,292
	31,700		Matsuya Co Ltd		595
	43,162	*,e	Mattress Firm Holding Corp		2,631
	360,900		MBM Resources BHD		333
	24,448		Mekonomen AB		597

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	135,593		Men’s Wearhouse, Inc	$	8,687
	1,783,637		MFI Furniture plc		14,477
	143,675	*	Michaels Cos, Inc		3,866
	499,680	*	Mobile World Investment Corp		1,682
	100,025		Mobilezone Holding AG.		1,829
	30,000		momo.com, Inc		262
	85,787	e	Monro Muffler, Inc		5,333
	203,505	*	Mothercare plc		863
	400,599		Mr Price Group Ltd		8,246
	209,250	*	Murphy USA, Inc		11,680
	550,111	e	Myer Holdings Ltd		518
	148,382	e	N Brown Group plc		799
	376,000		National Petroleum Co Ltd		450
	216,540	*,n	NetFlix, Inc		142,254
	1,513,656		New Carphone Warehouse plc		10,763
	537,000		New World Department Store China Ltd		143
	34,166	*,e	New York & Co, Inc		92
	302,413		Next plc		35,395
	47,700		Nishimatsuya Chain Co Ltd		480
	54,612		Nitori Co Ltd		4,452
	20,600	*	Nojima Corp		234
	213,172		Nordstrom, Inc		15,881
	236,304		Nutri/System, Inc		5,879
	461,174	*,e	Ocado Ltd		3,229
	1,511,541	*	Office Depot, Inc		13,090
	298,153	*,e	Orbitz Worldwide, Inc		3,405
	401,739	*	O’Reilly Automotive, Inc		90,785
	254,600	e	OSIM International Ltd		313
	53,299	e	Outerwall, Inc		4,057
	58,619	*,e	Overstock.com, Inc		1,321
	2,291,298		Pacific Brands Ltd		564
	71,807	*,e	Pacific Sunwear Of California, Inc		82
	1,350,100		Padini Holdings BHD		476
	11,100		Pal Co Ltd		364
	130,100		Paltac Corp		2,302
	393,353		Pantaloon Retail India Ltd		634
	21,700		Parco Co Ltd		215
	325,216	*	Parkson Holdings BHD		134
	1,052,000		Parkson Retail Group Ltd		220
	107,075	*	Party City Holdco, Inc		2,170
	114,382		PC Jeweller Ltd		689
	195,783		Penske Auto Group, Inc		10,202
	231,044	*	PEP Boys - Manny Moe & Jack		2,835
	52,681	e	PetMed Express, Inc		910
	276,610		Pets at Home Group plc		1,298
	262,410	e	Pier 1 Imports, Inc		3,314
	5,209,500	*	Pou Sheng International Holdings Ltd		605
	197,286		Poundland Group plc		1,002
	49,317		Poya Co Ltd		525
	16,689		PPR		2,984
	83,950		Premier Investments Ltd		825
	163,262	*	Priceline.com, Inc		187,975

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,441,600		PT ACE Hardware Indonesia Tbk	$	360
	5,169,315		PT Matahari Department Store Tbk		6,407
	718,700		PT Mitra Adiperkasa Tbk		297
	3,069,700		PT Mitra Pinasthika Mustika Tbk		140
	21,019,700		PT Multipolar Corp Tbk		983
	9,160,400		PT Ramayana Lestari Sentosa Tbk		473
	2,542,700		PT Tiphone Mobile Indonesia Tbk		185
	474,100		PTG Energy PCL		214
	938,723		Rakuten, Inc		15,155
	100,630		Reitmans Canada Ltd		524
	194,690	e	Rent-A-Center, Inc		5,519
	126,127	*	Restoration Hardware Holdings, Inc		12,314
	1,669,009		Ripley Corp S.A.		692
	38,833	*	Risa International Ltd		19
	196,692		RONA, Inc		2,391
	1,108,817		Ross Stores, Inc		53,900
	36,700		Ryohin Keikaku Co Ltd		7,117
	1,058,000	e	SA SA International Holdings Ltd		573
	640,542		SACI Falabella		4,475
	409,831	*	Sally Beauty Holdings, Inc		12,942
	32,958	e	Sanrio Co Ltd		895
	54,674	e	Sears Canada, Inc		331
	26,301	*,e	Sears Holdings Corp		702
	24,523	*,e	Sears Hometown and Outlet Stores, Inc		233
	332,521	*	Select Comfort Corp		9,999
	273,000		Senao International Co Ltd		425
	33,700	e	Senshukai Co Ltd		236
	10,174	*	Seobu Truck Terminal Co Ltd		238
	37,300	e	Seria Co Ltd		1,404
	157,000		Shimachu Co Ltd		4,526
	165,303		Shimamura Co Ltd		17,355
	6,549		Shinsegae Co Ltd		1,571
	2,331		Shinsegae International Co Ltd		277
	40,537		Shoe Carnival, Inc		1,170
	20,931		Shopper’s Stop Ltd		131
	105,515	*	Shutterfly, Inc		5,045
	984,557		Siam Global House PCL		257
	1,423,000		Sichuan Xinhua Winshare Chainstore Co Ltd		1,705
	149,312		Signet Jewelers Ltd		19,148
	1,630,000		Sincere Watch Hong Kong Ltd		419
	137,049		Sonic Automotive, Inc (Class A)		3,266
	702,569	*	Sports Direct International plc		7,921
	43,730	*,e	Sportsman’s Warehouse Holdings, Inc		497
	2,513,000		Springland International Holdings Ltd		875
	883,100	*	SSI Group, Inc		193
	142,656	e	Stage Stores, Inc		2,501
	1,544,111		Staples, Inc		23,640
	72,500		Start Today Co Ltd		2,028
	80,451		Stein Mart, Inc		842
	31,098	e	Stockmann Oyj Abp (B Share)		215
	132,174	e	Super Cheap Auto Group Ltd		930
	360,474	*	Super Group Ltd		934

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	39,943	*	SuperGroup plc	$	771
	48,109	*,e	Systemax, Inc		416
	40,000		Syuppin Co Ltd		635
	397,819		Takashimaya Co Ltd		3,606
	68,097		Takkt AG.		1,245
	2,528,408		Target Corp		206,394
	26,300		Telepark Corp		416
	7,745,865		Test-Rite International Co		5,323
	339,325		Thorn Group Ltd		688
	395,134		Tiffany & Co		36,273
	79,622	*,e	Tile Shop Holdings, Inc		1,130
	123,698	*	Tilly’s, Inc		1,196
	1,718,861		TJX Companies, Inc		113,737
	15,500		Tokyo Derica Co Ltd		280
	19,525	*	Tom Tailor Holding AG.		196
	277,850		Tractor Supply Co		24,990
	379,217		Trade Me Ltd		871
	452,275	e	Travelport Worldwide Ltd		6,232
	8,615		Trent Ltd		152
	257,047	*	TripAdvisor, Inc		22,399
	749,035	e	Truworths International Ltd		5,271
	174,203		Tsutsumi Jewelry Co Ltd		4,096
	121,366	*,e	Tuesday Morning Corp		1,367
	467,290	*	Ulta Salon Cosmetics & Fragrance, Inc		72,173
	22,099		United Arrows Ltd		692
	146,352	*	Urban Outfitters, Inc		5,122
	215,903		USS Co Ltd		3,894
	10,344		Valora Holding AG.		2,032
	96,420		Via Varejo S.A.		348
	220,000	*,e	Vipshop Holdings Ltd (ADR)		4,895
	113,645	*,e	Vitamin Shoppe, Inc		4,236
	55,781	*,e	VOXX International Corp (Class A)		462
	73,200	e	VT Holdings Co Ltd		436
	118,343	e	Warehouse Group Ltd		210
	53,572	*,e	Wayfair, Inc		2,016
	80,430	*	West Marine, Inc		775
	313,533		WH Smith plc		7,519
	315,310		Williams-Sonoma, Inc		25,941
	7,305		Winmark Corp		720
	1,105,389		Woolworths Holdings Ltd		8,957
	125,454	*,e	World Duty Free S.p.A		1,407
	30,700		Xebio Co Ltd		600
	324,367	g	XXL ASA		3,573
	605,685	e	Yamada Denki Co Ltd		2,423
	15,800		Yellow Hat Ltd		307
	82,637	*,e	Yoox S.p.A		2,674
	240,000	*,g	Zalando SE		8,015
	609,623	e	Zhongsheng Group Holdings Ltd		428
	4,747	*	zooplus AG.		672
	193,521	*,e	zulily, Inc		2,524
	101,562	*,e	Zumiez, Inc		2,705
			TOTAL RETAILING		5,020,946

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	235,965		A-DATA Technology Co Ltd	$	321
	137,967	*	Advanced Energy Industries, Inc		3,793
	1,886,137	*,e	Advanced Micro Devices, Inc		4,527
	38,193,668		Advanced Semiconductor Engineering, Inc		51,749
	253,480	e	Advantest Corp		2,636
	102,905	*	Aixtron AG.		695
	228,000		ALI Corp		118
	76,538	*,e	Alpha & Omega Semiconductor Ltd		669
	517,788		Altera Corp		26,511
	87,234	*,e	Ambarella, Inc		8,958
	273,755	*	Amkor Technology, Inc		1,637
	166,668		ams AG.		7,289
	884,543		Analog Devices, Inc		56,774
	14,100		AOI Electronics Co Ltd		568
	5,829,421		Applied Materials, Inc		112,041
	213,779	*,e	Applied Micro Circuits Corp		1,443
	352,650		Ardentec Corp		300
	3,326,170		ARM Holdings plc		54,429
	182,896		ARM Holdings plc (ADR)		9,011
	50,702		ASM International NV		2,346
	956,423		ASM Pacific Technology		9,465
	21,000	*	ASMedia Technology, Inc		179
	601,097		ASML Holding NV		62,525
	1,645,115		Atmel Corp		16,213
	52,872	*	Atto Co Ltd		672
	33,876	*,e	Audience, Inc		166
	1,356,879	e,n	Avago Technologies Ltd		180,370
	308,397	*	Axcelis Technologies, Inc		913
	123,889		BE Semiconductor Industries NV		3,448
	3,711,964		Broadcom Corp (Class A)		191,129
	186,003		Brooks Automation, Inc		2,130
	100,415	*	Cabot Microelectronics Corp		4,731
	42,998	*	Cascade Microtech, Inc		655
	360,259	*	Cavium Networks, Inc		24,789
	56,517	*	Ceva, Inc		1,098
	1,630,000	e	China Electronics Corp Holdings Co Ltd		848
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	3,360,000	*	China Jinhai International Group Ltd		429
	731,000		Chipbond Technology Corp		1,578
	146,727		ChipMOS TECHNOLOGIES Bermuda Ltd		3,205
	921,000		ChipMOS Technologies, Inc		1,223
	331,176	*	Cirrus Logic, Inc		11,270
	99,061		Cohu, Inc		1,311
	754,000	*	Comtec Solar Systems Group Ltd		118
	166,954	*,e	Cree, Inc		4,346
	164,020		CSR plc		2,252
	772,019		Cypress Semiconductor Corp		9,079
	20,711		D.I Corp		132
	393,616		Dainippon Screen Manufacturing Co Ltd		2,477
	165,403	*	Dialog Semiconductor plc		8,944

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	103,383	*	Diodes, Inc	$	2,493
	42,672		Disco Corp		3,528
	22,976	*	Dongbu HiTek Co Ltd		325
	79,708	*	DSP Group, Inc		823
	622,000		Elan Microelectronics Corp		866
	62,000		Elite Advanced Laser Corp		328
	235,000		Elite Semiconductor Memory Technology, Inc		295
	64,571		eMemory Technology, Inc		869
	375,332	*	Entegris, Inc		5,469
	8,090		Eo Technics Co Ltd		680
	1,103,054		Epistar Corp		1,474
	278,167	*	E-Ton Solar Tech Co Ltd		117
	12,925		Eugene Technology Co Ltd		185
	684,000		Everlight Electronics Co Ltd		1,311
	113,366	*	Exar Corp		1,109
	41,186	*	EZchip Semiconductor Ltd		654
	543,039	*	Fairchild Semiconductor International, Inc		9,438
	335,101		Faraday Technology Corp		412
	129,296	*	First Solar, Inc		6,074
	3,296,000	*	Forhouse Corp		1,640
	281,226	*	Formfactor, Inc		2,587
	153,000		Formosa Advanced Technologies Co Ltd		108
	202,963	*,e	Freescale Semiconductor Holdings Ltd		8,112
	11,375,847	*,e	GCL Poly Energy Holdings Ltd		2,621
	22,163	*	GemVax & Kael Co Ltd		814
	25,686		Giga Solar Materials Corp		461
	263,986	*	Gigastorage Corp		194
	341,850	*	Gintech Energy Corp		222
	55,000		Global Mixed Mode Technology, Inc		139
	80,000		Global Unichip Corp		198
	179,300		Globetronics Technology BHD		283
	1,427,000		Greatek Electronics, Inc		1,671
	241,561	*	Green Energy Technology, Inc		117
	1,567,300		Hana Microelectronics PCL (Foreign)		1,876
	20,093,078	e,m	Hanergy Thin Film Power Group Ltd		4,257
	7,793		Hanmi Semiconductor Co Ltd		97
	13,556	*	Hansol LCD, Inc		272
	46,036		Hermes Microvision, Inc		2,989
	154,000		Holtek Semiconductor, Inc		246
	319,000	*,g	Hua Hong Semiconductor Ltd		424
	1,062,308		Hynix Semiconductor, Inc		40,263
	246,022	*,e	Imagination Technologies Group plc		855
	2,681,369		Infineon Technologies AG.		33,275
	2,310,644	*	Inotera Memories, Inc		1,840
	99,450	*	Inphi Corp		2,273
	547,498	*	Integrated Device Technology, Inc		11,881
	83,071		Integrated Silicon Solution, Inc		1,839
	12,962,888		Intel Corp		394,266
	352,325		Intersil Corp (Class A)		4,408
	6,353		ISC Co Ltd		218
	91,718		IXYS Corp		1,403
	4,417,000		King Yuan Electronics Co Ltd		3,858

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	287,350		Kinsus Interconnect Technology Corp	$	787
	408,341		Kla-Tencor Corp		22,953
	10,695		Koh Young Technology, Inc		394
	50,312	*	Kontron AG.		222
	224,892	*,e	Kopin Corp		776
	3,457	*	Kulicke & Soffa Industries, Inc		40
	1,244,002		Lam Research Corp		101,200
	754,000	*	Landing International Development Ltd		58
	365,774	*	Lattice Semiconductor Corp		2,154
	8,710		LEENO Industrial Inc		397
	337,726		Lextar Electronics Corp		219
	495,857		Linear Technology Corp		21,932
	150,048		Lite-On Semiconductor Corp		117
	51,997		Lumens Co Ltd		216
	40,512	*,e	MA-COM Technology Solutions		1,550
	3,575,400	*	Macronix International		692
	222,200		Malaysian Pacific Industries BHD		392
	2,881	*,e	Manz Automation AG.		203
	4,926,564		Marvell Technology Group Ltd		64,957
	82,032	*	Mattson Technology, Inc		275
	1,876,623		Maxim Integrated Products, Inc		64,884
	130,208	*,e	MaxLinear, Inc		1,575
	1,888,135		MediaTek, Inc		25,810
	17,500		Megachips Corp		217
	58,596		Melexis NV		3,406
	345,497	*,e	Mellanox Technologies Ltd		16,788
	123,280		Micrel, Inc		1,714
	606,418	e	Microchip Technology, Inc		28,759
	4,488,094	*,n	Micron Technology, Inc		84,556
	14,500	e	Micronics Japan Co Ltd		333
	367,258	*	Microsemi Corp		12,836
	38,600		Mimasu Semiconductor Industry Co Ltd		388
	69,688		Mitsui High-Tec, Inc		486
	183,621		MKS Instruments, Inc		6,967
	126,530	e	Monolithic Power Systems, Inc		6,416
	292,000		Motech Industries, Inc		346
	184,126	*,e	NANOCO Group plc		272
	65,989	*	Nanometrics, Inc		1,064
	597,921		Neo Solar Power Corp		464
	29,938	*	NeoPhotonics Corp Ltd		273
	127,375	*,e	Nordic Semiconductor ASA		878
	2,515,426		Novatek Microelectronics Corp Ltd		12,133
	3,300	e	Nuflare Technology, Inc		143
	12,719		NVE Corp		997
	1,221,140		Nvidia Corp		24,557
	943,243	*	NXP Semiconductors NV		92,626
	235,479	*	Omnivision Technologies, Inc		6,168
	3,239,798	*	ON Semiconductor Corp		37,873
	21,000		On-Bright Electronics, Inc		125
	354,000		Opto Technology Corp		135
	493,000	*	Orient Semiconductor Electronics Ltd		202
	318,400		Orise Technology Co Ltd		362

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	56,401		Parade Technologies Ltd	$	657
	142,371	*,e	PDF Solutions, Inc		2,278
	71,023		Pericom Semiconductor Corp		934
	133,860		Phison Electronics Corp		1,159
	168,545	*	Photronics, Inc		1,603
	116,613		Pixart Imaging, Inc		381
	1,016,513	*	PMC - Sierra, Inc		8,701
	144,206		Power Integrations, Inc		6,515
	4,263,857		Powertech Technology, Inc		9,226
	796,911	*	Qorvo, Inc		63,968
	51,631	*,e	QuickLogic Corp		82
	2,377,511		Radiant Opto-Electronics Corp		8,817
	309,441	*	Rambus, Inc		4,484
	1,637,209		Realtek Semiconductor Corp		4,196
	32,846	*,e	REC Solar ASA		444
	2,003,021	*,e	Renewable Energy Corp AS		429
	140,200		Richtek Technology Corp		824
	213,591		Rohm Co Ltd		14,310
	34,795	*,e	Rubicon Technology, Inc		85
	102,779	*	Rudolph Technologies, Inc		1,234
	241,400		Samsung Electronics Co Ltd		273,889
	32,042		Samsung Electronics Co Ltd (Preference)		28,476
	110,000		Sanken Electric Co Ltd		680
	25,208,000	*,e	Semiconductor Manufacturing International		2,748
	307,910	*	Semtech Corp		6,112
	35,540		Seoul Semiconductor Co Ltd		509
	212,000	e	Shanghai Fudan Microelectronics Group Co Ltd		232
	77,000		Shindengen Electric Manufacturing Co Ltd		385
	421,600		Shinko Electric Industries		3,040
	1,106,000	*,e	Shunfeng International Clean Energy Ltd		613
	29,000	*	ShunSin Technology Holding Ltd		163
	35,051	*	Sigma Designs, Inc		418
	1,174,000		Sigurd Microelectronics Corp		1,061
	44,934		Silergy Corp		463
	144,988	*	Silicon Laboratories, Inc		7,831
	9,810		Silicon Works Co Ltd		330
	5,649,573		Siliconware Precision Industries Co		8,620
	20,197	*,m	Simm Tech Co Ltd		171
	493,000		Sino-American Silicon Products, Inc		622
	704,000		Sitronix Technology Corp		2,292
	1,123,095		Skyworks Solutions, Inc		116,914
	11,066	*,e	SMA Solar Technology AG.		247
	273,616	*	Solartech Energy Corp		160
	125,000		Sonix Technology Co Ltd		171
	472,000	*,e	Stats ChipPAC Ltd		180
	582,012		STMicroelectronics NV		4,765
	549,210	*	Sumco Corp		6,869
	611,710	*,e	SunEdison, Inc		18,296
	402,000	*	Sunplus Technology Co Ltd		221
	100,705	*,e	SunPower Corp		2,861
	4,778,600		SVI PCL		658
	205,000		Taiwan Semiconductor Co Ltd		199

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	38,116,067		Taiwan Semiconductor Manufacturing Co Ltd	$	173,375
	906,941		Taiwan Surface Mounting Technology Co Ltd		1,062
	947,095		Teradyne, Inc		18,269
	243,859		Tessera Technologies, Inc		9,262
	2,564,367	n	Texas Instruments, Inc		132,091
	265,581		Tokyo Electron Ltd		16,880
	110,100		Tokyo Seimitsu Co Ltd		2,412
	516,752		Topco Scientific Co Ltd		972
	43,832	*	Tower Semiconductor Ltd		681
	497,608		Transcend Information, Inc		1,831
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		2
	20,842		U-Blox AG.		4,214
	11,000		UKC Holdings Corp		235
	82,109	*	Ultra Clean Holdings		512
	77,401	*	Ultratech, Inc		1,437
	39,500		Ulvac, Inc		608
	1,499,300		Unisem M BHD		925
	23,953,772		United Microelectronics Corp		10,117
	14,032,000	*,e	United Photovoltaics Group Ltd		2,205
	243,029		Unity Opto Technology Co Ltd		183
	780,756		Vanguard International Semiconductor Corp		1,246
	111,902	*	Veeco Instruments, Inc		3,216
	192,425		Visual Photonics Epitaxy Co Ltd		311
	208,000		Walton Advanced Engineering, Inc		57
	616,737		Win Semiconductors Corp		859
	2,622,000	*	Winbond Electronics Corp		685
	164,395	*	Xcerra Corp		1,244
	776,555		Xilinx, Inc		34,293
	2,462,000	e	Xinyi Solar Holdings Ltd		1,020
	74,228		Youngtek Electronics Corp		139
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,147,820

SOFTWARE & SERVICES - 8.4%
	43,583	*	6D Global Technologies, Inc		285
	42,116	*,e	A10 Networks, Inc		271
	2,100,234		Accenture plc		203,261
	306,869	*	ACI Worldwide, Inc		7,540
	3,048,082		Activision Blizzard, Inc		73,794
	5,391	*	Actoz Soft Co Ltd		145
	191,703	*	Actua Corp		2,734
	222,946	*	Acxiom Corp		3,919
	10,000		Addcn Technology Co Ltd		132
	2,399,096	*	Adobe Systems, Inc		194,351
	145,330		Advent Software, Inc		6,425
	1,904,000	*,e	AGTech Holdings Ltd		273
	5,725		Ahnlab, Inc		264
	617,331	*	Akamai Technologies, Inc		43,102
	157,540	*,e	Alibaba Group Holding Ltd (ADR)		12,961
	414,975	*	Alliance Data Systems Corp		121,148
	279,787		Alpha Systems, Inc		4,481
	54,682	e	Alten		2,545
	283,981		Altium Ltd		970

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	140,163		Altran Technologies S.A.	$	1,505
	621,386		Amadeus IT Holding S.A.		24,806
	49,426	*,e	Amber Road, Inc		347
	1,255,028	e	Amdocs Ltd		68,512
	69,894	*	American Software, Inc (Class A)		664
	169,624	*,e	Angie’s List, Inc		1,045
	650,039		Anite plc		1,297
	108,171	*	Ansys, Inc		9,870
	2,113	*	Apigee Corp		21
	500,000	*	ASG Group Ltd		351
	460,727	*	Aspen Technology, Inc		20,986
	189,772		Asseco Poland S.A.		2,920
	23,800	*,e	Ateam, Inc		468
	148,317		Atos Origin S.A.		11,083
	929,301	*,g	Auto Trader Group plc		4,472
	932,942	*	Autodesk, Inc		46,717
	1,257,110		Automatic Data Processing, Inc		100,858
	65,078		Aveva Group plc		1,849
	202,809	*	AVG Technologies NV		5,518
	6,596		Axway Software S.A.		148
	121,611	*	Baidu, Inc (ADR)		24,210
	2,384,000	g	BAIOO Family Interactive Ltd		267
	185,097	*,e	Bankrate, Inc		1,942
	107,690	*,e	Barracuda Networks, Inc		4,267
	263,546	*,e	Bazaarvoice, Inc		1,552
	43,972		Bechtle AG.		3,331
	21,071	*,e	Benefitfocus, Inc		924
	148,571	*	Black Knight Financial Services, Inc		4,586
	128,000		Blackbaud, Inc		7,290
	147,727	*	Blackhawk Network Holdings, Inc		6,086
	149,586	*	Blucora, Inc		2,416
	254,326		Booz Allen Hamilton Holding Co		6,419
	115,004	*	Bottomline Technologies, Inc		3,198
	38,377	*,e	Box, Inc		715
	213,000	e	Boyaa Interactive International Ltd		159
	87,178	*,e	Brightcove, Inc		598
	22,100		Broadleaf Co Ltd		297
	297,903		Broadridge Financial Solutions, Inc		14,898
	111,053	*	BroadSoft, Inc		3,839
	23,900		Brogent Technologies, Inc		257
	2,068,851		CA, Inc		60,597
	80,160	*,e	CACI International, Inc (Class A)		6,484
	413,461	*,e	Cadence Design Systems, Inc		8,129
	146,723	*	Callidus Software, Inc		2,286
	14,115	e	Cancom SE		508
	559,095		Cap Gemini S.A.		49,601
	45,086		Capcom Co Ltd		873
	49,300	*	Carbonite, Inc		582
	122,988	*	Cardtronics, Inc		4,557
	65,536	*,e	Care.com, Inc		388
	212,182		carsales.com Ltd		1,665
	32,023		Cass Information Systems, Inc		1,800

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	143,539	*	CD Projekt Red S.A.	$	908
	317,148		CDK Global, Inc		17,120
	15,916	e	Cegid Group		670
	366,859	*	CGI Group, Inc		14,348
	51,400		Chanjet Information Technology Co Ltd		180
	60,937	*,e	ChannelAdvisor Corp		728
	487,932	*,e	Check Point Software Technologies		38,815
	528,000	*	China City Railway Transportation Technology Holdings Co Ltd		197
	8,000,000	*,e	China Public Procurement Ltd		263
	2,144,000	*,e	Chinasoft International Ltd		1,169
	318,819	*	Ciber, Inc		1,100
	1,780,314		Cielo S.A.		25,092
	262,801	*,e	Cimpress NV		22,117
	535,430	*	Citrix Systems, Inc		37,566
	18,012		CMC Ltd		558
	2,630	*	Code Rebel Corp		85
	1,499,942	*	Cognizant Technology Solutions Corp (Class A)		91,631
	36,585	e	COLOPL, Inc		739
	6,582	*	Com2uSCorp		730
	127,856	*	Commvault Systems, Inc		5,422
	751,820		Computer Sciences Corp		49,349
	38,526	e	Computer Task Group, Inc		297
	468,230		Computershare Ltd		4,217
	269,018	*	comScore, Inc		14,328
	61,530	*	Comverse, Inc		1,236
	105,949	*	Constant Contact, Inc		3,047
	53,646		Constellation Software, Inc		21,298
	271,584	e	Convergys Corp		6,923
	116,400	*,e	COOKPAD, Inc		2,110
	170,255	*	Cornerstone OnDemand, Inc		5,925
	65,174	*	CoStar Group, Inc		13,117
	163,198	*,e	Coupons.com, Inc		1,761
	47,807	*,e	Covisint Corp		156
	6,200	e	CROOZ, Inc		237
	93,060	e	CSG Systems International, Inc		2,946
	62,790	*,e	Cvent, Inc		1,619
	78,930	*	Cyan, Inc		414
	68,567		Cyberlink Corp		181
	102,083		Cyient Ltd		927
	52,135		Daou Technology, Inc		1,293
	783,224		Dassault Systemes S.A.		56,857
	54,305	*	Datalink Corp		485
	439,300		Datasonic Group BHD		124
	26,621		Daum Communications		3,010
	149,197	*	DealerTrack Holdings, Inc		9,368
	17,848	*,e	Demand Media, Inc		114
	89,097	*,e	Demandware, Inc		6,333
	299,700	e	Dena Co Ltd		5,890
	74,430	*	Descartes Systems Group, Inc		1,195
	4,179	*	Devsisters Co Ltd		118
	179,426		DH Corp		5,735

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	168,759	*,e	DHI Group, Inc	$	1,500
	17,811	e	Digimarc Corp		804
	34,400		Digital Garage, Inc		458
	128,189	*	Digital Turbine, Inc		387
	68,485	*,e	Diligent Board Member Services		257
	10,600	e	Dip Corp		1,008
	151,001		DST Systems, Inc		19,023
	44,200		DTS Corp		998
	17,143		DuzonBIzon Co Ltd		230
	746,384	e	EarthLink Holdings Corp		5,590
	3,154,148	*	eBay, Inc		190,006
	77,244	e	Ebix, Inc		2,519
	21,817		eClerx Services Ltd		510
	137,226	e	Econocom Group		1,128
	1,241,997	*	Electronic Arts, Inc		82,593
	192,565	e	Elektrobit Oyj		1,009
	77,723	*	Ellie Mae, Inc		5,424
	198,388	e	Ementor ASA		1,771
	183,462	*,e	Endurance International Group Holdings, Inc		3,790
	216,521	*,e	EnerNOC, Inc		2,100
	11,776		Engineering Ingegneria Informatica S.p.A.		752
	121,203	*,e	Envestnet, Inc		4,900
	98,076		EOH Holdings Ltd		1,262
	232,378	*	EPAM Systems, Inc		16,552
	85,017		EPIQ Systems, Inc		1,435
	31,481	*	ePlus, Inc		2,413
	108,203		Equinix, Inc		27,484
	137,834	*	Euronet Worldwide, Inc		8,504
	329,983		EVERTEC, Inc		7,009
	58,112	*,e	Everyday Health, Inc		743
	163,225	*	ExlService Holdings, Inc		5,644
	37,500	e	F@N Communications, Inc		277
	8,310,965	*	Facebook, Inc		712,790
	151,680		Factset Research Systems, Inc		24,650
	135,344		Fair Isaac Corp		12,287
	321,000	*,g	Feiyu Technology International Co Ltd		139
	593,199		Fidelity National Information Services, Inc		36,660
	1,325,000	*	Finsoft Corp		154
	534,127	*,e	FireEye, Inc		26,124
	326,576	*	First American Corp		12,962
	708,833	*	Fiserv, Inc		58,713
	67,080	*,e	Five9, Inc		351
	464,573	*	FleetCor Technologies, Inc		72,501
	103,928	*,e	FleetMatics Group plc		4,867
	30,432		Forrester Research, Inc		1,096
	1,722,228	*	Fortinet, Inc		71,180
	90,436		F-Secure Oyj		317
	62,400		FUJI SOFT, Inc		1,270
	6,749,592		Fujitsu Ltd		37,712
	16,600		Future Architect, Inc		108
	13,489	*	GameHi Co Ltd		167
	68,920	*	GameLoft		295

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,441	*	Gamevil, Inc	$	343
	174,740	*	Gartner, Inc		14,989
	606,010	*	Genpact Ltd		12,926
	14,923	e	GFT Technologies AG.		308
	149,431	*	Gigamon, Inc		4,930
	230,142	*	Global Cash Access, Inc		1,781
	314,358		Global Payments, Inc		32,520
	9,521	*,e	Global Sources Ltd		66
	40,939	*,e	Globant S.A.		1,246
	1,283,536	*,e	Globo plc		1,044
	312,840	*,e	Glu Mobile, Inc		1,943
	69,500		GMO internet, Inc		932
	269,100		GMO Payment Gateway, Inc		8,687
	34,548	*	GoDaddy, Inc		974
	156,420	*,e	Gogo, Inc		3,352
	2,499	*	Golfzon co Ltd		287
	1,191,328	*	Google, Inc		620,098
	953,713	*	Google, Inc (Class A)		515,043
	25,200		Gourmet Navigator, Inc		414
	81,250	*	Gravity Co Ltd (ADR)		271
	140,100	*,e	Gree, Inc		818
	565,577	*	GrubHub, Inc		19,269
	65,531	*	GTT Communications, Inc		1,564
	58,058	*,e	Guidance Software, Inc		492
	285,611	*,e	Guidewire Software, Inc		15,117
	1,423,814	e	GungHo Online Entertainment Inc		5,541
	14,502		Haansoft, Inc		234
	73,168		Hackett Group, Inc		983
	270,000	*,e	HC International, Inc		294
	802,769		HCL Technologies Ltd		11,595
	98,682		Heartland Payment Systems, Inc		5,334
	252,679		Hexaware Technologies Ltd		1,011
	1,623,000	*	Hi Sun Technology China Ltd		452
	139,689	*,e	Higher One Holdings, Inc		418
	221,860	*	HomeAway, Inc		6,904
	91,194	*,e	Hortonworks, Inc		2,309
	118,000	*	Hotto Link, Inc		921
	50,246	*	HubSpot, Inc		2,491
	430,574		IAC/InterActiveCorp		34,300
	144,973	*	iGate Corp		6,914
	2,559,000	e	IGG, Inc		1,870
	85,390	*	Imperva, Inc		5,781
	113,334	e	Indra Sistemas S.A.		1,166
	21,982		Industrial & Financial Systems		711
	535,200		Ines Corp		5,963
	40,751		Info Edge India Ltd		547
	319,734	*	Infoblox, Inc		8,380
	1,221,300		Infomart Corp		15,427
	153,910	*	Informatica Corp		7,460
	22,811	e	Information Services Group, Inc		109
	27,200		Information Services International-Dentsu Ltd		305
	3,086,856		Infosys Technologies Ltd		47,970

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,918		Init Innovation In Traffic Sys	$	162
	1,155,292		Innovation Group plc		563
	48,708	*,e	Interactive Intelligence, Inc		2,166
	194,296	*	Internap Network Services Corp		1,797
	2,819,951		International Business Machines Corp		458,693
	52,000		International Games System Co Ltd		177
	30,400		Internet Initiative Japan, Inc		534
	1,400,887		Intuit, Inc		141,167
	73,371	*,e	iProperty Group Ltd		135
	267,909		Iress Market Technology Ltd		2,089
	157,519		iSentia Group Ltd		455
	151,160		IT Holdings Corp		3,210
	142,500		Itochu Techno-Science Corp		3,549
	130,901	e	j2 Global, Inc		8,893
	107,766		Jack Henry & Associates, Inc		6,972
	6,277	*	JCEntertainment Corp		175
	121,093	*	Jive Software, Inc		636
	3,773	*	Joymax Co Ltd		78
	23,851		Just Dial Ltd		475
	2,583,200	*,e	Just Eat plc		16,506
	32,600	*	Justsystems Corp		211
	24,620		Kakaku.com, Inc		356
	9,655	*	KCP Co Ltd		285
	13,674		Kginicis Co Ltd		279
	10,204		KGMobilians Co Ltd		184
	562,079	e	King Digital Entertainment plc		8,010
	3,750,000	e	Kingdee International Software Group Co Ltd		2,230
	761,865	e	Kingsoft Corp Ltd		2,565
	33,000	*,e	KLab, Inc		482
	87,833	*	Knot, Inc		1,436
	216,668		Konami Corp		4,027
	349,312		KPIT Cummins Infosystems Ltd		510
	10,907	*	KT Hitel Co Ltd		102
	109,456		Leidos Holdings, Inc		4,419
	242,372	*,e	LendingClub Corp		3,575
	274,779	*	Limelight Networks, Inc		1,083
	390,722	*	LinkedIn Corp		80,735
	133,900		Linx S.A.		2,090
	175,030	*	Lionbridge Technologies		1,080
	107,696	*,e	Liquidity Services, Inc		1,037
	154,979	*	Liveperson, Inc		1,520
	82,978	*	LogMeIn, Inc		5,351
	116,906	*	Luxoft Holding, Inc		6,611
	34,969	*,e	magicJack VocalTec Ltd		260
	511,091	*	Manhattan Associates, Inc		30,487
	130,483		Mantech International Corp (Class A)		3,784
	186,203		Marchex, Inc (Class B)		922
	111,683	*,e	Marin Software, Inc		753
	92,956	*,e	Marketo, Inc		2,608
	28,500	e	Marvelous AQL, Inc		358
	5,079,436		Mastercard, Inc (Class A)		474,826
	27,722		Matrix IT Ltd		153

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	343,378		MAXIMUS, Inc	$	22,570
	16,589	*	MAXPOINT INTERACTIVE,Inc		134
	259,763		Mentor Graphics Corp		6,866
	16,218	e	Mercadolibre, Inc		2,298
	347,672		Micro Focus International plc		7,427
	27,237,382		Microsoft Corp		1,202,530
	181,879	*	MicroStrategy, Inc (Class A)		30,934
	321,611	*,e	Millennial Media, Inc		521
	87,044		MindTree Ltd		1,740
	14,800		Mitsubishi Research Institute, Inc		353
	239,930	e	Mixi Inc		11,904
	45,553	*,e	MobileIron, Inc		269
	889,826	*,e	Mobileye NV		47,312
	55,485	*	Model N, Inc		661
	134,845	*,e	ModusLink Global Solutions, Inc		458
	84,773	*	MoneyGram International, Inc		779
	1,036,097		Moneysupermarket.com Group plc		4,732
	1,879,994	*,e	Monitise plc		318
	1,325,640		Mono Technology PCL		125
	128,668		Monotype Imaging Holdings, Inc		3,102
	408,015	*,e	Monster Worldwide, Inc		2,668
	121,604		Mphasis Ltd		784
	482,000		My EG Services BHD		355
	80,226	*,e	Myriad Group AG.		455
	664,000	*,e	National Agricultural Holdings Ltd		374
	43,265		Naver Corp		24,559
	40,010		NCsoft		7,110
	22,500		NEC Networks & System Integration Corp		491
	35,824		Nemetschek AG.		1,153
	11,733	*	Neowiz Games Corp		204
	523,400		NET One Systems Co Ltd		3,674
	361,500	e	NetDragon Websoft, Inc		1,382
	57,500		Netease.com (ADR)		8,330
	27,065	e	NetEnt AB		1,050
	101,686	*,e	Netscout Systems, Inc		3,729
	84,636	*,e	NetSuite, Inc		7,765
	171,061	*,e	NeuStar, Inc (Class A)		4,997
	14,986	*,e	New Relic, Inc		527
	523,464		Nexon Co Ltd		7,207
	174,040	*,e	NEXTDC Ltd		320
	15,451	*	NHN Entertainment Corp		825
	293,943		NIC, Inc		5,373
	75,026		Nice Systems Ltd		4,765
	13,600		NIFTY Corp		164
	283,000		Nihon Unisys Ltd		2,906
	56,041		NIIT Technologies Ltd		343
	168,719		Nintendo Co Ltd		28,147
	34,300		Nippon System Development Co Ltd		453
	72,800		Nomura Research Institute Ltd		2,847
	23,900		NS Solutions Corp		790
	159,351		NTT Data Corp		6,959
	783,587	*	Nuance Communications, Inc		13,721

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,900		OBIC Business Consultants Ltd	$	373
	68,800		Obic Co Ltd		3,067
	109,929		Open Text Corp		4,465
	120,069	e	Opera Software ASA		1,034
	70,023	*,e	OPOWER, Inc		806
	458,475	*,e	Optimal Payments plc		1,686
	13,952,244		Oracle Corp		562,276
	57,449		Oracle Corp Japan		2,402
	10,003	*	OSANGJAIEL Co Ltd		167
	51,499		Otsuka Corp		2,404
	255,000		Ourgame International Holdings Ltd		213
	410,700	e	Pacific Online		180
	454,835	*	Pandora Media, Inc		7,068
	31,043	*,e	Park City Group, Inc		385
	698,358		Paychex, Inc		32,739
	61,092	*	Paycom Software, Inc		2,086
	45,437	*,e	Paylocity Holding Corp		1,629
	64,713		PC Home Online		1,068
	263,000	e	PCA Corp		3,284
	175,015		Pegasystems, Inc		4,006
	96,011	*	Perficient, Inc		1,847
	59,245		Persistent Systems Ltd		558
	18,865	*	PFSweb, Inc		261
	639,860		Playtech Ltd		8,228
	176,630		Polaris Software Lab Ltd		437
	49,328		POSDATA Co Ltd		236
	71,652	*	PRGX Global, Inc		315
	180,414	*	Progress Software Corp		4,961
	249,119	*,e	Proofpoint, Inc		15,861
	67,240	*	PROS Holdings, Inc		1,419
	557,495	*	PTC, Inc		22,868
	108,592	*	Q2 Holdings, Inc		3,068
	18,832		QAD, Inc (Class A)		498
	84,916	e	QIWI plc (ADR)		2,382
	533,925	*	QLIK Technologies, Inc		18,666
	134,756	*,e	Qualys, Inc		5,437
	408,998	m	Quindell plc		802
	136,268	*	QuinStreet, Inc		879
	444,165	*	Rackspace Hosting, Inc		16,518
	70,424	*	Rally Software Development Corp		1,370
	71,992	*	RealNetworks, Inc		389
	146,410	*,e	RealPage, Inc		2,792
	652,983	*	Red Hat, Inc		49,581
	98,177	*,e	Redknee Solutions, Inc		373
	35,386		Reis, Inc		785
	10,690		Reply S.p.A.		1,092
	181,099	*,e	RetailMeNot, Inc		3,229
	27,233	e	RIB Software AG.		439
	10,866	*,e	Rightside Group Ltd		74
	68,247	*,e	Rocket Fuel, Inc		560
	59,925	*	Rolta India Ltd		95
	54,007	*,e	Rosetta Stone, Inc		431

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	280,130	*,e	Rovi Corp	$	4,468
	243,701	*	Rubicon Project, Inc		3,646
	642,326		Sabre Corp		15,287
	52,308	e	SafeCharge International Group Ltd		223
	1,795,578		Sage Group plc		14,454
	3,914,009	*	Salesforce.com, Inc		272,532
	686,600		Samart Corp PCL		573
	30,269		Samsung SDS Co Ltd		7,030
	942,816		SAP AG.		66,069
	106,786	e	Sapiens International Corp NV		1,108
	6,819		SBSi Co Ltd		99
	243,049		Science Applications International Corp		12,845
	74,589	*	Sciquest, Inc		1,105
	87,006	*	Seachange International, Inc		610
	1,162,189	*	ServiceNow, Inc		86,362
	187,772	*,e	ServiceSource International LLC		1,027
	105,830		Shanghai Baosight Software Co Ltd		449
	43,499	*,e	Shutterstock, Inc		2,551
	102,505	*,e	Silver Spring Networks, Inc		1,272
	5,098,920	e	Silverlake Axis Ltd		3,702
	46,247	e	SimCorp AS		1,842
	382,000		Sinosoft Technology Group Ltd		279
	22,019		SK C&C Co Ltd		5,448
	11,965	*	SK Communications Co Ltd		74
	24,100		SMS Co Ltd		320
	55,747		Software AG.		1,528
	87,540		Soft-World International Corp		176
	389,543	*	SolarWinds, Inc		17,970
	100,562		Solera Holdings, Inc		4,481
	391,630		Sonda S.A.		818
	15,059	e	Sopra Group S.A.		1,357
	355,033	*	Splunk, Inc		24,717
	45,488	*,e	SPS Commerce, Inc		2,993
	78,327		Square Enix Co Ltd		1,732
	99,926		SS&C Technologies Holdings, Inc		6,245
	53,201	*	Stamps.com, Inc		3,914
	71,542		Sumisho Computer Systems Corp		2,182
	11,158		SundayToz Corp		164
	689,000		SUNeVision Holdings Ltd		229
	168,336	*	Sykes Enterprises, Inc		4,082
	952,124		Symantec Corp		22,137
	100,319	*	Synchronoss Technologies, Inc		4,588
	469,879	*	Synopsys, Inc		23,799
	143,837	*	Syntel, Inc		6,829
	160,000		Systex Corp		364
	137,250	*	TA Indigo Holding Corp		1,635
	159,721	*	Tableau Software, Inc		18,416
	736,895	*,e	Take-Two Interactive Software, Inc		20,316
	108,113	*	Tangoe, Inc		1,360
	788,446		Tata Consultancy Services Ltd		31,584
	6,842	*	Tata Elxsi Ltd		129
	278,644		Tech Mahindra Ltd		2,091

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	578,328		Technology One Ltd	$	1,625
	56,538	*	TechTarget, Inc		505
	120,000		Tecmo Koei Holdings Co Ltd		2,064
	218,198		Telecity Group plc		3,525
	150,152	*,e	TeleCommunication Systems, Inc (Class A)		497
	69,097	*	TeleNav, Inc		556
	78,411		TeleTech Holdings, Inc		2,123
	104,245		Temenos Group AG.		3,451
	11,688,452		Tencent Holdings Ltd		233,728
	190,455	*,e	Teradata Corp		7,047
	52,504	*,e	Textura Corp		1,461
	341,000	g	Tian GE Interactive Holdings Ltd		205
	131,323		Tietoenator Oyj		3,066
	264,666	*	TiVo, Inc		2,684
	598,768		Total System Services, Inc		25,011
	116,719		Totvus S.A.		1,464
	77,600		Trans Cosmos, Inc/Japan		2,064
	35,279	*,e	Travelzoo, Inc		398
	61,373	*,e	Tremor Video, Inc		179
	176,403		Trend Micro, Inc		6,034
	130,782	*,e	TrueCar, Inc		1,568
	14,493	*,e	TubeMogul, Inc		207
	90,357	*,e	Tungsten Corp plc		93
	1,219,411	*	Twitter, Inc		44,167
	151,479	*	Tyler Technologies, Inc		19,598
	95,709	*	Ubisoft Entertainment		1,711
	84,529	*	Ultimate Software Group, Inc		13,891
	142,266	*,e	Unisys Corp		2,844
	66,148		United Internet AG.		2,940
	37,419	*	United Online, Inc		586
	12,400	e	UNITED, Inc		150
	66,715	*,e	Unwired Planet, Inc		41
	2,740,000	*,e	V1 Group Ltd		276
	108,393		Vakrangee Ltd		197
	474,352	*	Vantiv, Inc		18,115
	23,812	*,e	Varonis Systems, Inc		526
	114,223	*,e	Vasco Data Security International		3,448
	140,000	*,e	V-Cube, Inc		2,127
	655,377	*	VeriFone Systems, Inc		22,257
	162,627	*	Verint Systems, Inc		9,879
	399,435	*,e	VeriSign, Inc		24,653
	119,048	*,e	VirnetX Holding Corp		500
	74,703	*	Virtusa Corp		3,840
	9,025,716		Visa, Inc (Class A)		606,077
	480,081	*	VMware, Inc (Class A)		41,162
	103,807	*,e	Vringo, Inc		58
	106,834	*,e	WebMD Health Corp (Class A)		4,731
	273,858	*	Website Pros, Inc		6,633
	11,204	*	Webzen, Inc		321
	7,808	*	WeMade Entertainment Co Ltd		252
	1,091,208	e	Western Union Co		22,184
	121,918	*	WEX, Inc		13,895

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	956,708		Wipro Ltd	$	8,211
	259,228		Wirecard AG.		9,922
	88,124	*,e	Wix.com Ltd		2,081
	523,043	*	Workday, Inc		39,955
	47,103	*,e	Workiva, Inc		651
	232,926		Xchanging plc		441
	65,447	*,e	Xero Ltd		800
	2,638,611		Xerox Corp		28,075
	7,093		XING AG.		1,163
	17,375		X-Legend Entertainment Co Ltd		81
	88,193	*,e	Xoom Corp		1,857
	58,000		XPEC Entertainment, Inc		271
	3,750,000		Xurpas, Inc		918
	481,448		Yahoo! Japan Corp		1,943
	4,976,265	*	Yahoo!, Inc		195,517
	30,800	*	Yandex NV		469
	128,619	*,e	Yelp, Inc		5,534
	17,302	*	Yodlee, Inc		250
	31,238	*,e	YuMe, Inc		169
	57,070	*	Zendesk, Inc		1,268
	9,288	*	Zensar Technologies Ltd		96
	84,657	*,e	Zillow Group, Inc		7,343
	158,821	*	Zix Corp		821
	209,441	e,g	Zoopla Property Group plc		915
	1,662,311	*,e	Zynga, Inc		4,754
			TOTAL SOFTWARE & SERVICES		10,361,374

TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
	205,635	*,e	3D Systems Corp		4,014
	854,721	e	AAC Technologies Holdings, Inc		4,820
	2,399,292		Accton Technology Corp		1,142
	2,838,478	*	Acer, Inc		1,374
	93,400		Adlink Technology, Inc		315
	198,150		Adtran, Inc		3,220
	36,000		Advanced Ceramic X Corp		306
	311,059		Advantech Co Ltd		2,136
	33,753	*,e	Aerohive Networks, Inc		236
	53,569	*	Agilysys, Inc		492
	36,900		Ai Holdings Corp		652
	300,000	*	AKM Industrial Co Ltd		68
	7,767,857	*,e	Alcatel S.A.		28,331
	1,413,022		Alcatel-Lucent (ADR)		5,115
	55,468	e	Alliance Fiber Optic Products, Inc		1,029
	1,350,000		Alpha Networks, Inc		833
	404,100	e	Alps Electric Co Ltd		12,462
	166,100		Amano Corp		2,171
	786,899		Amphenol Corp (Class A)		45,617
	542,621		Anixter International, Inc		35,352
	137,900		Anritsu Corp		930
	2,796,000	e,m	Anxin-China Holdings Ltd		69
	20,539,624		Apple, Inc		2,576,182
	40,415	*,e	Applied Optoelectronics, Inc		702

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	110,980	*,e	Arista Networks, Inc	$	9,072
	463,755	*	ARRIS Group, Inc		14,191
	147,973	*	Arrow Electronics, Inc		8,257
	34,623		Ascom Holding AG.		609
	203,000	*	Asia Optical Co, Inc		225
	1,392,464		Asia Vital Components Co Ltd		1,225
	85,000		ASROCK, Inc		156
	743,262		Asustek Computer, Inc		7,239
	69,000		Aten International Co Ltd		204
	25,222,690		AU Optronics Corp		11,191
	25,948		Austria Technologie & Systemtechnik AG.		376
	79,943	*	Avid Technology, Inc		1,066
	36,865	*,e	Avigilon Corp		497
	212,452		Avnet, Inc		8,734
	151,281		AVX Corp		2,036
	39,941	e	Badger Meter, Inc		2,536
	25,550		Barco NV		1,637
	46,003		Bel Fuse, Inc (Class B)		944
	117,704		Belden CDT, Inc		9,561
	253,103	*	Benchmark Electronics, Inc		5,513
	1,784,000	*	Benq Corp		693
	1,056,000		BenQ Materials Corp		799
	61,727		Black Box Corp		1,235
	774,767	*,e	Blackberry Ltd (New)		6,333
	804,000		Boardtek Electronics Corp		1,163
	2,415,788		Brocade Communications Systems, Inc		28,700
	451,777		Brother Industries Ltd		6,391
	2,274,000		BYD Electronic International Co Ltd		3,075
	171,480	*,e	CalAmp Corp		3,131
	6,580,015		CalComp Electronics Thailand PCL		673
	117,414	*,e	Calix Networks, Inc		894
	18,800	*	Canon Electronics, Inc		367
	2,286,971	e	Canon, Inc		74,186
	274,000		Career Technology Co Ltd		227
	868,000	*	Casetek Holdings Ltd		5,369
	2,039,853		Catcher Technology Co Ltd		25,502
	254,000		Catic Shenzhen Holdings Ltd		230
	397,603		CDW Corp		13,630
	370,340	*	Celestica, Inc		4,311
	181,938		Checkpoint Systems, Inc		1,852
	1,520,402		Cheng Uei Precision Industry Co Ltd		2,625
	598,222		Chicony Electronics Co Ltd		1,606
	1,589,663		Chimei Materials Technology Corp		1,386
	1,830,000	e	China Aerospace International Holdings Ltd		430
	474,000	e	China All Access Holdings Ltd		202
	8,280,000		China Fiber Optic Network System Group Ltd		2,825
	3,760,000	*,e	China Innovationpay Group Ltd		538
	365,000		Chin-Poon Industrial Co		556
	303,840		Chroma ATE, Inc		672
	3,042,948	*,e	Ciena Corp		72,057
	23,331,153		Cisco Systems, Inc		640,674
	957,845		Citizen Watch Co Ltd		6,683

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	30,503	*,e	Clearfield, Inc	$	485
	486,423		Clevo Co		569
	2,074,000	*	CMC Magnetics Corp		246
	222,008		Cognex Corp		10,679
	94,784	*	Coherent, Inc		6,017
	1,021,105	e	Comba Telecom Systems Holdings Ltd		272
	1,817		Comet Holding AG.		1,512
	241,191	*	CommScope Holding Co, Inc		7,359
	15,057,021		Compal Electronics, Inc		11,453
	5,773,000		Compeq Manufacturing Co		3,414
	42,484		Comtech Telecommunications Corp		1,234
	54,600	*,e	Control4 Corp		485
	2,336,000		Coolpad Group Ltd		808
	1,775,500		Coretronic Corp		2,165
	2,256,958		Corning, Inc		44,530
	1,239,000		Coxon Precise Industrial Co Ltd		2,741
	113,572	*,e	Cray, Inc		3,352
	17,912	*	CrucialTec Co Ltd		174
	116,648		CTS Corp		2,248
	20,404	*,e	CUI Global, Inc		103
	237,000		CyberTAN Technology, Inc		167
	122,990		Daeduck Electronics Co		817
	106,127		Daeduck GDS Co Ltd		926
	664,000		Daiwabo Co Ltd		1,319
	131,486		Daktronics, Inc		1,559
	10,945		Daou Data Corp		199
	48,504		Datalogic S.p.A.		709
	181,483		DataTec Ltd		962
	112,000		Delta Electronics Thai PCL		299
	1,908,951		Delta Electronics, Inc		9,766
	238,000		Denki Kogyo Co Ltd		1,136
	206,510		Diebold, Inc		7,228
	90,126	*	Digi International, Inc		861
	2,117,000		Digital China Holdings Ltd		2,848
	16,727		Digital Multimedia Technologies S.p.A.		1,008
	647,980		D-Link Corp		271
	90,589		Dolby Laboratories, Inc (Class A)		3,595
	168,720	*	Dot Hill Systems Corp		1,033
	60,803	*	DTS, Inc		1,854
	644,000		Dynapack International Technology Corp		1,365
	269,700		Eastern Communications Co Ltd		262
	49,663	*,e	Eastman Kodak Co		834
	180,943	*	EchoStar Corp (Class A)		8,808
	58,671		Eizo Nanao Corp		1,349
	24,400	e	Elecom Co Ltd		599
	82,907	e	Electro Rent Corp		900
	61,797	e	Electro Scientific Industries, Inc		326
	1,032,564		Electrocomponents plc		3,430
	129,529	*	Electronics for Imaging, Inc		5,636
	23,000		Elematec Corp		552
	2,036,654		Elite Material Co Ltd		3,966
	1,653,324		Elitegroup Computer Systems Co Ltd		1,684

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,087,719		EMC Corp	$	134,265
	61,097	*	EMCORE Corp		368
	35,000		Ennoconn Corp		418
	11,600		Enplas Corp		472
	6,041,843		Ericsson (LM) (B Shares)		62,927
	108,121	e	Esprinet S.p.A.		873
	12,155	e	EVS Broadcast Equipment S.A.		352
	502,410	*	Extreme Networks, Inc		1,351
	544,357	*	F5 Networks, Inc		65,513
	146,503	*	Fabrinet		2,744
	62,080	*	FARO Technologies, Inc		2,899
	167,206		FEI Co		13,866
	2,676,000		FIH Mobile Ltd		1,619
	56,040	*,e	Fingerprint Cards AB		1,205
	280,812	*,e	Finisar Corp		5,018
	154,110		Firich Enterprises Co Ltd		579
	446,691	*,e	Fitbit, Inc		17,077
	194,628		FLEXium Interconnect, Inc		788
	1,833	*,e	Flextronics International Ltd		21
	323,515		Flir Systems, Inc		9,971
	89,854		Flytech Technology Co Ltd		358
	1,948,601		Foxconn Technology Co Ltd		7,070
	1,447,381		Fujifilm Holdings Corp		51,654
	3,932,000	*,e	GCL New Energy Holdings Ltd		345
	66,370	e	Gemalto NV		5,933
	209,913		Gemtek Technology Corp		145
	58,909	*	Genius Electronic Optical Co Ltd		127
	44,677		GeoVision, Inc		135
	1,722,000		Getac Technology Corp		1,347
	1,918,000		Gigabyte Technology Co Ltd		1,945
	332,000	*	Gold Circuit Electronics Ltd		136
	268,000	e	Goldpac Group Ltd		171
	5,264	*	Green Cross Cell Corp		316
	3,323,400	e	GSH Corp Ltd		165
	133,189	*	GSI Group, Inc		2,002
	943,282		Halma plc		11,287
	22,600		Hamamatsu Photonics KK		666
	2,334,105		HannStar Display Corp		405
	307,463	*	Harmonic, Inc		2,100
	388,104		Harris Corp		29,849
	9,057,281		Hewlett-Packard Co		271,809
	149,724		Hexagon AB (B Shares)		5,423
	785,725	*	High Tech Computer Corp		1,830
	6,400		Hirose Electric Co Ltd		917
	111,246		Hitachi High-Technologies Corp		3,127
	122,000		Hitachi Kokusai Electric, Inc		1,853
	11,138,098		Hitachi Ltd		73,373
	417,800		Hitachi Maxell Ltd		6,746
	570,100		Holystone Enterprise Co Ltd		782
	28,061,252		Hon Hai Precision Industry Co, Ltd		88,179
	89,795		Horiba Ltd		3,648
	201,600		Hosiden Corp		1,234

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	86,481		Humax Co Ltd	$	1,360
	272,400		Ibiden Co Ltd		4,607
	290,000		Ichia Technologies, Inc		237
	7,800		Icom, Inc		196
	200,476		ICP Electronics, Inc		351
	212,806	*	II-VI, Inc		4,039
	13,810	*	Iljin Materials Co Ltd		87
	88,697	*	Imation Corp		360
	126,355	*	Immersion Corp		1,601
	344,712		Inari Amertron BHD		296
	4,649		Inficon Holding AG.		1,589
	351,661	*,e	Infinera Corp		7,378
	75,110		Ingenico		8,837
	372,369	*	Ingram Micro, Inc (Class A)		9,320
	8,200,288		InnoLux Display Corp		4,272
	137,602	*	Insight Enterprises, Inc		4,116
	102,802		InterDigital, Inc		5,848
	53,097	*,e	Intevac, Inc		311
	206,428	*,e	InvenSense, Inc		3,117
	8,925,349		Inventec Co Ltd		6,175
	69,335	*,e	IPG Photonics Corp		5,906
	8,400		Iriso Electronics Co Ltd		595
	67,400		ITC Networks Corp		731
	715,357		ITEQ Corp		485
	111,072	*	Itron, Inc		3,825
	15,513		Ituran Location and Control Ltd		383
	200,288	*	Ixia		2,492
	917,788		Jabil Circuit, Inc		19,540
	173,493		Japan Aviation Electronics Industry Ltd		4,716
	14,400	e	Japan Cash Machine Co Ltd		196
	16,600		Japan Digital Laboratory Co Ltd		232
	476,831	*	Japan Display, Inc		1,800
	82,535		Japan Radio Co Ltd		285
	1,438,400		JCY International BHD		269
	2,688,108	*	JDS Uniphase Corp		31,128
	42,816		Jenoptik AG.		516
	54,700		Jentech Precision Industrial Co Ltd		96
	2,979,125	e	Ju Teng International Holdings Ltd		1,434
	2,024,982		Juniper Networks, Inc		52,589
	14,800		Kaga Electronics Co Ltd		192
	9,000		Kanematsu Electronics Ltd		149
	4,302	e	Kapsch TrafficCom AG.		106
	241,900		KCE Electronics PCL		397
	152,575	*,e	Kemet Corp		439
	23,703		Keyence Corp		12,775
	548,968	*	Keysight Technologies, Inc		17,122
	12,940		KH Vatec Co Ltd		228
	72,459	*	Kimball Electronics, Inc		1,057
	795,560		Kingboard Chemical Holdings Ltd		1,374
	940,000	e	Kingboard Laminates Holdings Ltd		447
	442,181	*,e	Knowles Corp		8,003
	76,400		Koa Corp		821

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,488		KONA I Co Ltd	$	340
	593,409		Konica Minolta Holdings, Inc		6,916
	40,209		Kudelski S.A.		570
	46,769	*	KVH Industries, Inc		629
	131,310		Kyocera Corp		6,827
	264,278		Laird Group plc		1,526
	243,892		Largan Precision Co Ltd		27,840
	10,174,323		Lenovo Group Ltd		14,067
	97,227		Lexmark International, Inc (Class A)		4,297
	12,342		LG Innotek Co Ltd		1,108
	237,856		LG.Philips LCD Co Ltd		5,492
	5,033,011		Lite-On Technology Corp		5,905
	129,185		Littelfuse, Inc		12,258
	383,471		Logitech International S.A.		5,619
	58,000		Lotes Co Ltd		190
	808,000		Loxley PCL		86
	60,575		Lumax International Corp Ltd		108
	31,800	*	Macnica Fuji Electronics Holdings, Inc		393
	145,000		Marubun Corp		1,141
	7,400		Maruwa Co Ltd		156
	72,263	*,e	Maxwell Technologies, Inc		431
	46,900	e	Melco Holdings, Inc		885
	134,232	*	Mercury Computer Systems, Inc		1,965
	144,076		Merry Electronics Co Ltd		334
	7,324	e	Mesa Laboratories, Inc		651
	181,497		Methode Electronics, Inc		4,982
	288,075		Micronic Laser Systems AB		2,094
	3,705,000		Micro-Star International Co Ltd		3,745
	161,000		MIN AIK Technology Co Ltd		471
	491,500		Mitac Holdings Corp		528
	327,600	e	Mitsumi Electric Co Ltd		2,221
	308,387		Motorola, Inc		17,683
	41,486		MTS Systems Corp		2,860
	62,241	*	Multi-Fineline Electronix, Inc		1,361
	577,036		Murata Manufacturing Co Ltd		100,702
	204,000	*	Nan Ya Printed Circuit Board Corp		269
	196,000		Nanjing Panda Electronics		230
	249,136		National Instruments Corp		7,340
	936,020	*	NCR Corp		28,174
	1,468,382		NEC Corp		4,444
	33,820	e	Neopost S.A.		1,455
	592,866		NetApp, Inc		18,711
	117,675	*	Netgear, Inc		3,533
	156,346	*	Newport Corp		2,964
	278,026		Nichicon Corp		2,261
	135,349	*,e	Nimble Storage, Inc		3,798
	13,300	e	Nippon Ceramic Co Ltd		185
	301,000	*	Nippon Chemi-Con Corp		906
	238,141		Nippon Electric Glass Co Ltd		1,204
	121,500		Nippon Signal Co Ltd		1,333
	62,300		Nohmi Bosai Ltd		743
	551,444		Nokia Corp		3,777

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,997,570		Nokia Oyj	$	34,068
	96,694	*	Novatel Wireless, Inc		314
	10,533	*,e	Numerex Corp		90
	280,555	*,e	Oclaro, Inc		634
	1,182,000		Oki Electric Industry Co Ltd		2,480
	595,256		Omron Corp		25,857
	164,775	e	Opus Group AB		155
	114,732	*	OSI Systems, Inc		8,122
	52,112		Oxford Instruments plc		794
	923,455		Pace plc		5,399
	566,262	*,n	Palo Alto Networks, Inc		98,926
	352,224		Pan-International Industrial		168
	69,697		Park Electrochemical Corp		1,335
	84,419	*,e	Parkervision, Inc		32
	8,134	*	Parrot S.A.		365
	136,685		Partron Co Ltd		1,036
	4,138,400	*	PAX Global Technology Ltd		5,928
	45,014		PC Connection, Inc		1,114
	6,331,324		Pegatron Technology Corp		18,525
	154,660		Plantronics, Inc		8,709
	93,451	*	Plexus Corp		4,101
	456,551	*	Polycom, Inc		5,223
	38,240		Posiflex Technology, Inc		194
	901,555		Premier Farnell plc		2,449
	1,801,000		Primax Electronics Ltd		2,280
	756,100	*	Prime View International Co Ltd		346
	73,484	*	PS IT Infrastructure & Service Ltd		18
	244,932	*	QLogic Corp		3,476
	3,158,050		Qualcomm, Inc		197,789
	2,847,217		Quanta Computer, Inc		6,733
	1,238,000		Quanta Storage, Inc		1,156
	715,559	*,e	Quantum Corp		1,202
	112,640	*,e	RealD, Inc		1,389
	471,960		Redington India Ltd		715
	85,265		Renishaw plc		3,064
	422,411		Ricoh Co Ltd		4,376
	25,700		Riso Kagaku Corp		486
	2,169,000	*	Ritek Corp		230
	77,509	*	Rofin-Sinar Technologies, Inc		2,139
	98,949	*	Rogers Corp		6,544
	8,500		Roland DG Corp		240
	313,421	*,e	Ruckus Wireless, Inc		3,241
	29,100		Ryosan Co Ltd		765
	18,100		Ryoyo Electro Corp		233
	12,952		Sam Young Electronics Co Ltd		168
	564,100		Samart I-Mobile PCL		40
	89,170		Samsung Electro-Mechanics Co Ltd		4,079
	57,091		Samsung SDI Co Ltd		5,662
	302,273		SanDisk Corp		17,598
	303,063	*	Sandvine Corp		871
	400,964	*,e	Sanmina Corp		8,083
	80,928	*	Scansource, Inc		3,080

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,260,799	e	Seagate Technology, Inc	$	59,888
	595,300		Seiko Epson Corp		10,549
	20,000	*	Senao Networks, Inc		177
	981,000		Sercomm Corp		1,977
	9,835		SFA Engineering Corp		433
	114,800	*	Shanghai Potevio Co Ltd		166
	102,876		Shimadzu Corp		1,396
	490,883	*,e	ShoreTel, Inc		3,328
	31,245	*,e	Sierra Wireless, Inc		776
	37,400	e	Siix Corp		981
	96,116	*,e	Silicon Graphics International Corp		622
	259,342		Simplo Technology Co Ltd		1,200
	1,081,000		Sinbon Electronics Co Ltd		2,014
	4,510		Sindoh Co Ltd		259
	745,000	*	Sintek Photronic Corp		100
	518,000		Sirtec International Co Ltd		991
	52,000		SMK Corp		209
	256,708	*,e	Sonus Networks, Inc		1,776
	117,380		Spectris plc		3,889
	1,895		Spigen Korea Co Ltd		159
	830,362		Spirent Communications plc		1,183
	102,175		Sterlite Technologies Ltd		135
	143,496	*,e	Stratasys Ltd		5,012
	7,070,000	*,e	Suncorp Technologies Ltd		473
	863,000	e	Sunny Optical Technology Group Co Ltd		1,878
	99,757	*	Super Micro Computer, Inc		2,951
	9,205	*	Suprema, Inc		190
	236,086	*,m	SVA Electron Co Ltd		183
	99,833	*	Synaptics, Inc		8,659
	2,648,000	e	Synertone Communication Corp		166
	77,174		SYNNEX Corp		5,648
	1,213,402		Synnex Technology International Corp		1,799
	21,000	*,e	Tabuchi Electric Co Ltd		195
	750,972		Taiflex Scientific Co Ltd		1,043
	1,495,577		Taiwan PCB Techvest Co Ltd		2,097
	158,503		Taiyo Yuden Co Ltd		2,222
	3,375,000	e	TCL Communication Technology Holdings Ltd		3,154
	143,790		TDK Corp		11,010
	423,898		TE Connectivity Ltd		27,257
	145,562	*	Tech Data Corp		8,379
	356,000	*	Technovator International Ltd		302
	89,007	*	Telit Communications plc		405
	4,612	e	Tessco Technologies, Inc		91
	800,095		Test Research, Inc		1,759
	350,773	*,e	Thin Film Electronics ASA		227
	33,000		Toko, Inc		90
	124,625		Tong Hsing Electronic Industries Ltd		352
	18,100,000	e	Tongda Group Holdings Ltd		3,496
	69,000		Topcon Corp		1,663
	130,000		Toshiba TEC Corp		703
	22,400		Toyo Corp/Chuo-ku		189
	292,003		TPK Holding Co Ltd		1,691

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,940,000		Tpv Technology Ltd	$	408
	604,000		Trigiant Group Ltd		187
	432,456	*	Trimble Navigation Ltd		10,145
	1,561,932		Tripod Technology Corp		2,785
	1,724,000	e	Truly International Holdings		709
	18,000		TSC Auto ID Technology Co Ltd		158
	161,840		TT electronics plc		369
	331,862	*	TTM Technologies, Inc		3,315
	1,464,039		TXC Corp		1,889
	82,359	e	Ubiquiti Networks, Inc		2,628
	1,319,383		Unimicron Technology Corp		678
	439,937		Unitech Printed Circuit Board Corp		175
	133,236	*,e	Universal Display Corp		6,892
	615,595		Venture Corp Ltd		3,529
	115,359	*,e	Viasat, Inc		6,952
	242,249	*,e	Violin Memory, Inc		594
	209,515	e	Vishay Intertechnology, Inc		2,447
	43,922	*	Vishay Precision Group, Inc		661
	56,371		Vivotek, Inc		142
	1,912,800		VST Holdings Ltd		698
	413,200	e	Vtech Holdings Ltd		5,480
	144,200	e	Wacom Co Ltd		523
	559,000		Wah Lee Industrial Corp		959
	462,769	*	Walsin Technology Corp		189
	1,386,000		Wasion Group Holdings Ltd		2,136
	1,104,283		Western Digital Corp		86,598
	105,160		Wi-Lan, Inc		243
	141,647		Wincor Nixdorf AG.		5,567
	190,500	*,b,m	Wintek Corp		0	^
	2,390,264		Wistron Corp		1,812
	1,471,032		Wistron NeWeb Corp		4,177
	1,193,872		WPG Holdings Co Ltd		1,495
	1,555,064		WT Microelectronics Co Ltd		2,343
	174,710		Xaar plc		1,276
	15,750	*,m	Ya Hsin Industrial Co Ltd		0	^
	1,693,000		Yageo Corp		2,655
	62,893		Yamatake Corp		1,626
	88,000	g	Yangtze Optical Fibre and Cable Joint Stock Ltd		116
	57,238		Yaskawa Electric Corp		732
	36,684		Yokogawa Electric Corp		472
	424,000	*	Yunbo Digital Synergy Group Ltd		208
	136,034	*	Zebra Technologies Corp (Class A)		15,107
	2,076,507		Zhen Ding Technology Holding Ltd		7,275
	263,000		Zinwell Corp		282
	858,498		ZTE Corp		2,180
	338,000		Zyxel Communications		140
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,213,967

TELECOMMUNICATION SERVICES - 2.7%
	11,423		012 Smile.Communications Ltd		172
	248,617	*	8x8, Inc		2,228
	2,103,004		Advanced Info Service PCL (Foreign)		14,903

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	181,821		AFK Sistema (GDR)	$	1,609
	4,092,686	*,e	Alibaba Health Information Technology Ltd		4,249
	54,681,589		America Movil S.A. de C.V. (Series L)		58,308
	351,750		APT Satellite Holdings Ltd		322
	2,135,000		Asia Pacific Telecom Co Ltd		858
	15,248,345		AT&T, Inc		541,621
	32,269	e	Atlantic Tele-Network, Inc		2,229
	116,508	*,e	Avanti Communications Group plc		370
	1,748,100	*,e	Axtel SAB de C.V.		542
	1,067,080	e	BCE, Inc		45,332
	539,872		Belgacom S.A.		19,104
	12,333,129		Bezeq Israeli Telecommunication Corp Ltd		21,003
	1,869,051		Bharti Airtel Ltd		12,312
	1,554,406		Bharti Infratel Ltd		10,911
	67,572	*	Boingo Wireless, Inc		558
	10,341,669		BT Group plc		73,233
	7,756,420		Cable & Wireless plc		8,108
	149,002	*	Cellcom Israel Ltd		595
	265,600	*,g	Cellnex Telecom SAU		4,493
	1,776,064		CenturyTel, Inc		52,181
	6,091,774		China Communications Services Corp Ltd		3,076
	11,237,390		China Mobile Hong Kong Ltd		143,770
	16,531,618		China Telecom Corp Ltd		9,683
	10,857,220		China Unicom Ltd		16,974
	405,863	*,e	Chorus Ltd		798
	4,017,396		Chunghwa Telecom Co Ltd		12,821
	1,254,456	*	Cincinnati Bell, Inc		4,792
	1,532,000		Citic 1616 Holdings Ltd		710
	129,097		Cogent Communications Group, Inc		4,369
	497,283	*	Colt Telecom Group S.A.		1,477
	131,164		Com Hem Holding AB		1,217
	193,278	e	Consolidated Communications Holdings, Inc		4,061
	4,429,740		Deutsche Telekom AG.		76,370
	10,274,569		Digi.Com BHD		14,583
	143,958	e	Drillisch AG.		6,413
	262,629		Elisa Oyj (Series A)		8,321
	139,174		Empresa Nacional de Telecomunicaciones S.A.		1,541
	55,585	*	Fairpoint Communications, Inc		1,013
	1,661,696		Far EasTone Telecommunications Co Ltd		4,017
	2,276,030		France Telecom S.A.		35,175
	320,310		Freenet AG.		10,789
	3,781,940	e	Frontier Communications Corp		18,721
	99,871	*	General Communication, Inc (Class A)		1,699
	1,197,321	*,e	Globalstar, Inc		2,526
	83,740		Globe Telecom, Inc		4,658
	40,325	*	Hawaiian Telcom Holdco, Inc		1,052
	296,606		Hellenic Telecommunications Organization S.A.		2,500
	2,198,127		HKT Trust and HKT Ltd		2,586
	3,614,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		1,502
	1,566,992		Idea Cellular Ltd		4,326
	83,221		IDT Corp (Class B)		1,505
	143,524	e	iiNET Ltd		1,052

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	25,958		Iliad S.A.	$	5,755
	169,745	*	inContact, Inc		1,675
	309,040		Inmarsat plc		4,443
	162,184		Inteliquent, Inc		2,984
	185,069	*,e	Intelsat S.A.		1,836
	228,259	*,e	Iridium Communications, Inc		2,075
	116,700	*,e	Japan Communications, Inc		396
	4,025,400		Jasmine International PCL		630
	1,089,991		Kcom Group plc		1,601
	1,941,600		KDDI Corp		46,855
	32,952		KT Corp		840
	257,812	*,e,m	Let’s GOWEX S.A.		3
	2,626,392	*	Level 3 Communications, Inc		138,332
	208,733		LG Telecom Ltd		1,844
	63,612		Lumos Networks Corp		941
	440,517	e	M2 Telecommunications Group Ltd		3,632
	1,166,054	*	Magyar Telekom		1,629
	96,001	e	Manitoba Telecom Services, Inc		2,145
	1,755,049		Maxis BHD		2,959
	104,661		MegaFon OAO (GDR)		1,455
	458,466	*	Midas S.A.		73
	38,950		Millicom International Cellular S.A.		2,873
	589,689		Mobile TeleSystems (ADR)		5,767
	359,209		MobileOne Ltd		864
	29,936	*	Mobistar S.A.		567
	2,763,471		MTN Group Ltd		51,909
	616,463		Netia S.A.		903
	1,835,412		Nippon Telegraph & Telephone Corp		66,471
	53,131	*,e	NTELOS Holdings Corp		245
	2,674,151		NTT DoCoMo, Inc		51,340
	312,137		Oi S.A. (Preference)		587
	83,601		Ooredoo QSC		1,986
	2,997,729	*	Orascom Telecom Holding SAE		987
	2,410,054	*	Orascom Telecom Media And Technology Holding SAE		277
	129,804	*	Orbcomm, Inc		876
	29,916	*	Pacific DataVision, Inc		1,260
	76,394	*	Partner Communications		210
	9,103,932		PCCW Ltd		5,430
	122,306		Philippine Long Distance Telephone Co		7,620
	615,898		Portugal Telecom SGPS S.A.		275
	267,226	*	Premiere Global Services, Inc		2,750
	2,593,890		PT Excelcomindo Pratama		715
	2,600,000	*	PT Indosat Tbk		780
	864,400	*	PT Link Net Tbk		329
	113,656,224		PT Telekomunikasi Indonesia Persero Tbk		24,913
	99,783	e	QSC AG.		205
	1,115,534		Reliance Communication Ventures Ltd		1,086
	236,423	*,e	RingCentral, Inc		4,371
	999,700	e	Rogers Communications, Inc (Class B)		35,458
	135,538		Rostelecom (ADR)		1,261
	1,807,941		Royal KPN NV		6,931
	23,300		Samart Telcoms PCL		15

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	423,535	*	SBA Communications Corp (Class A)	$	48,694
	68,388		Shenandoah Telecom Co		2,341
	14,893,916		Singapore Telecommunications Ltd		46,480
	126,250	*,m	SK Broadband Co Ltd		477
	14,520		SK Telecom Co Ltd		3,249
	1,450,688		SmarTone Telecommunications Holding Ltd		2,530
	1,455,458		Softbank Corp		85,731
	55,904		Spok Holdings, Inc		941
	1,215,498	*,e	Sprint Corp		5,543
	436,024		StarHub Ltd		1,278
	3,237	*	Straight Path Communications, Inc		106
	33,049	*,g	Sunrise Communications Group AG.		2,756
	11,572		Swisscom AG.		6,485
	1,747,754		Taiwan Mobile Co Ltd		5,836
	518,459	e	TalkTalk Telecom Group plc		3,113
	44,873		Tata Communications Ltd		312
	3,864,293		TDC AS		28,327
	510,250		Tele2 AB		5,942
	9,832,736		Telecom Corp of New Zealand Ltd		18,611
	9,696,991	e	Telecom Italia RSP		9,889
	7,040,701	*,e	Telecom Italia S.p.A.		8,947
	666,202		Telefonica Brasil S.A.		9,334
	534,342		Telefonica Deutschland Holding AG.		3,078
	5,058,300		Telefonica S.A.		72,057
	1,207,786		Telekom Malaysia BHD		2,090
	1,872,714		Telekomunikacja Polska S.A.		4,056
	1,449,079		Telenor ASA		31,771
	1,256,056		Telephone & Data Systems, Inc		36,928
	2,582,975		TeliaSonera AB		15,223
	222,306	*	Telkom S.A. Ltd		1,171
	10,062,114		Telstra Corp Ltd		47,619
	378,008		TELUS Corp		13,023
	357,500		Thaicom PCL		370
	1,541,568		Tim Participacoes S.A.		5,077
	281,120		Time dotCom BHD		504
	2,791,367		TM International BHD		4,733
	4,422,957	*	T-Mobile US, Inc		171,478
	1,581,300		Tower Bersama Infrastructure		1,094
	689,243	e	TPG Telecom Ltd		4,761
	7,468,353	*	True Corp PCL (Foreign)		2,511
	421,173		Turk Telekomunikasyon AS		1,108
	2,444,274		Turkcell Iletisim Hizmet AS		11,245
	72,163	*	US Cellular Corp		2,718
	13,514,154		Verizon Communications, Inc		629,895
	131,847		Verizon Communications, Inc (New)		6,139
	183,282	e	Vocus Communications Ltd		815
	415,736		Vodacom Group Pty Ltd		4,741
	49,371,661		Vodafone Group plc		180,102
	704,486		Vodafone Group plc (ADR)		25,679
	873,481		Vodafone Qatar		3,946
	959,113	*	Vonage Holdings Corp		4,709
	545,661	e	Windstream Holdings, Inc		3,481

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,900	e	WirelessGate, Inc	$	200
	370,353	*	Zayo Group Holdings, Inc		9,525
			TOTAL TELECOMMUNICATION SERVICES		3,379,471

TRANSPORTATION - 2.5%
	680,491		Abertis Infraestructuras S.A. (Continuous)		11,175
	29,040		Aegean Airlines S.A.		191
	56,968	*,g	Aena S.A.		5,943
	113,180		Aeroports de Paris		12,785
	7,084,724		Air Arabia PJSC		3,107
	40,000	*	Air Canada		423
	2,155,807	m	Air China Ltd		2,436
	136,937	*,e	Air France-KLM		966
	1,483,956		Air New Zealand Ltd		2,564
	257,466	*	Air Transport Services Group, Inc		2,701
	6,902,280		AirAsia BHD		2,817
	2,310,025	*	AirAsia X BHD		129
	645,000		Airports of Thailand PCL		5,773
	428,300		Airports of Thailand PCL (Foreign)		3,834
	11,463	*	AJ Rent A Car Co Ltd		144
	620,590		Alaska Air Group, Inc		39,985
	545,567		All Nippon Airways Co Ltd		1,479
	37,741	e	Allegiant Travel Co		6,713
	32,382		Amerco, Inc		10,586
	2,326,076		American Airlines Group, Inc		92,892
	634,771	*,b,m	AMR Corp (Escrow)		6
	1,684,000	e	Anhui Expressway Co		1,790
	1,395,118		Ansaldo STS S.p.A.		14,519
	11,269		AP Moller - Maersk AS (Class A)		19,764
	20,534		AP Moller - Maersk AS (Class B)		37,126
	386,000		Aramex PJSC		364
	200,948		Arkansas Best Corp		6,390
	66,400		Arteris S.A.		202
	714,022		Asciano Group		3,659
	15,450,900	*	Asia Aviation PCL (ADR)		2,013
	94,228	*	Asiana Airlines		536
	137,241	*	Atlas Air Worldwide Holdings, Inc		7,543
	1,547,150		Auckland International Airport Ltd		5,178
	101,191		Autostrada Torino-Milano S.p.A.		1,332
	633,463		Autostrade S.p.A.		15,652
	943,803		Avianca Holdings S.A.		1,214
	348,468	*	Avis Budget Group, Inc		15,360
	126,830	e	Baltic Trading Ltd		203
	542,600		Bangkok Airways Co Ltd		353
	113,750		Bangkok Aviation Fuel Services PCL		87
	1,244,000		Bangkok Expressway PCL		1,453
	4,694,400	*	Bangkok Metro PCL		270
	461,435		BBA Aviation plc		2,185
	1,821,803		Beijing Capital International Airport Co Ltd		2,098
	7,955	*	Blue Dart Express Ltd		772
	773,394		Bollore		4,137
	278,012		bpost S.A.		7,645

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,330,000		BTS Group Holdings PCL (Foreign)	$	1,576
	1,279,217		Canadian National Railway Co		73,803
	444,835	e	Canadian Pacific Railway Ltd (Toronto)		71,238
	4,013,830		Cathay Pacific Airways Ltd		9,862
	722,150		Cebu Air, Inc		1,361
	173,039		Celadon Group, Inc		3,578
	228,672		Central Japan Railway Co		41,265
	374,180		CH Robinson Worldwide, Inc		23,345
	1,944,715	*	China Airlines		829
	8,984,000	*,e	China Eastern Airlines Corp Ltd (H Shares)		7,506
	1,278,260		China Merchants Holdings International Co Ltd		5,476
	264,000		China Merchants Holdings Pacific Ltd		206
	4,425,187	*,e	China Shipping Container Lines Co Ltd		1,726
	5,525,500	e	China Southern Airlines Co Ltd		6,473
	13,400,000	*,e	China Timber Resources Group Ltd		290
	73,000		Chinese Maritime Transport Ltd		70
	975,695		Cia de Concessoes Rodoviarias		4,679
	173,623		Cia de Distribucion Integral Logista Holdings SAU		3,445
	2,374,210		ComfortDelgro Corp Ltd		5,514
	13,022	e	Compagnie Maritime Belge S.A.		186
	10,532,554	*	Compania SudAmericana de Vapores S.A.		337
	92,445		Container Corp Of India Ltd		2,431
	436,300	*,e	Controladora Vuela Cia de Aviacion SAB de C.V.		519
	95,000	*	Controladora Vuela Cia de Aviacion SAB de C.V. (ADR)		1,134
	647,987		Con-Way, Inc		24,863
	76,258	e	Copa Holdings S.A. (Class A)		6,298
	128,557		Cosan Logistica S.A.		96
	3,048,336	*,e	COSCO Holdings		1,966
	1,980,000	e	Cosco International Holdings Ltd		1,264
	4,765,961		COSCO Pacific Ltd		6,461
	288,104		Costamare, Inc		5,292
	51,002	*	Covenant Transportation Group, Inc		1,278
	3,981,082		CSX Corp		129,982
	534,059		CTT-Correios de Portugal S.A.		5,513
	274,800	e	CWT Ltd		412
	25,483	e	D/S Norden		642
	290,098		Dart Group plc		1,800
	436,250		Dazhong Transportation Group Co Ltd		572
	3,948,905		Delta Air Lines, Inc		162,221
	276,890	*	Deutsche Lufthansa AG.		3,572
	2,345,303		Deutsche Post AG.		68,528
	18,993		Dfds AS		2,628
	377,413		DP World Ltd		8,077
	384,291		DSV AS		12,444
	213,165		DX Group plc		288
	36,643	*	Eagle Bulk Shipping, Inc		255
	548,569		East Japan Railway Co		49,316
	1,764,211		easyJet plc		42,885
	152,062	*,e	Echo Global Logistics, Inc		4,966
	216,064		EcoRodovias Infraestrutura e Logistica S.A.		539
	1,537,076	*	Eva Airways Corp		1,050
	390,000		Evergreen International Storage & Transport Corp		193

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,530,857	*	Evergreen Marine Corp Tawain Ltd	$	795
	222,748		Expeditors International of Washington, Inc		10,270
	1,457,722		FedEx Corp		248,396
	283,000	*	First Steamship Co Ltd		117
	1,188,421	*	Firstgroup plc		2,229
	13,732		Flughafen Wien AG.		1,191
	8,137		Flughafen Zuerich AG.		6,299
	134,470		Forward Air Corp		7,027
	37,504		Fraport AG. Frankfurt Airport Services Worldwide		2,356
	556,000		Freetech Road Recycling Technology Holdings Ltd		120
	313,631		Freightways Ltd		1,234
	385,000	e	Fukuyama Transporting Co Ltd		2,134
	106,081		Gateway Distriparks Ltd		570
	114,565	*	Genesee & Wyoming, Inc (Class A)		8,728
	21,480		GLOVIS Co Ltd		3,884
	105,005		Go-Ahead Group plc		4,346
	102,106	*	Gol Linhas Aereas Inteligentes S.A.		242
	63,666	*,e	Golden Ocean Group Ltd		248
	110,120	*,e	Golden Ocean Group Ltd (Oslo)		424
	1,261,568		Grindrod Ltd		1,395
	960,541		Groupe Eurotunnel S.A.		13,927
	858,000	*,e	Grupo Aeromexico SAB de C.V.		1,361
	566,200	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		2,787
	866,891		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		5,941
	346,198		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		4,917
	395,360	m	Guangdong Provincial Expressway Development Co Ltd		193
	103,000		Guangdong Yueyun Transportation Co Ltd		94
	293,018	*	Gujarat Pipavav Port Ltd		1,002
	1,299,804	*	GVK Power & Infrastructure Ltd		189
	134,000		Hainan Meilan International Airport Co Ltd		152
	24,437		Hamburger Hafen und Logistik AG.		494
	74,143		Hanjin Kal Corp		1,819
	125,956	*	Hanjin Shipping Co Ltd		648
	7,330		Hanjin Transportation Co Ltd		318
	248,532		Hankyu Hanshin Holdings, Inc		1,467
	165,692	*,e	Hawaiian Holdings, Inc		3,935
	153,165	e	Heartland Express, Inc		3,099
	1,428,000		Henderson Investment Ltd		136
	3,132,191	*	Hertz Global Holdings, Inc		56,755
	210,400		Hitachi Transport System Ltd		3,492
	857,304		Hopewell Highway Infrastructure Ltd		421
	139,544	*,e	Hub Group, Inc (Class A)		5,629
	4,901,453		Hutchison Port Holdings Trust		3,087
	100,921	*	Hyundai Merchant Marine Co Ltd		624
	2,110	*	ID Logistics Group		250
	88,557	e	Iino Kaiun Kaisha Ltd		422
	4,549	*	Integer.pl S.A.		145
	1,166,530	*	International Consolidated Airlines Group S.A.		9,101
	3,100,026	*	International Consolidated Airlines Group S.A. (London)		24,091
	1,603,387		International Container Term Services, Inc		3,915
	12,512	e	International Shipholding Corp		80
	492,665		Irish Continental Group plc		2,164

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	72,686		J.B. Hunt Transport Services, Inc	$	5,967
	314,631		Japan Airlines Co Ltd		10,965
	73,500	e	Japan Airport Terminal Co Ltd		4,000
	109,613	*	Jet Airways India Ltd		485
	1,164,841	*	JetBlue Airways Corp		24,182
	3,482,123		Jiangsu Express		4,568
	204,710		Jinzhou Port Co Ltd		149
	62,200		Julio Simoes Logistica S.A.		216
	519,587		Kamigumi Co Ltd		4,877
	238,257		Kansas City Southern Industries, Inc		21,729
	3,446,400		Kawasaki Kisen Kaisha Ltd		8,131
	365,338		Keihin Electric Express Railway Co Ltd		2,756
	451,586		Keio Corp		3,230
	62,322		Keisei Electric Railway Co Ltd		741
	824,547		Kerry Logistics Network Ltd		1,303
	1,341,179		Kintetsu Corp		4,567
	17,800		Kintetsu World Express, Inc		799
	108,847	*	Kirby Corp		8,344
	170,419		Knight Transportation, Inc		4,557
	24,900		Konoike Transport Co Ltd		303
	6,963	*	Korea Express Co Ltd		1,209
	10,521	*	Korea Line Corp		209
	33,200	*	Korean Air Lines Co Ltd		1,204
	164,410		Kuehne & Nagel International AG.		21,831
	699,833	*	Lan Airlines S.A.		4,988
	132,484		Landstar System, Inc		8,859
	226,300	*,e	Latam Airlines Group S.A. (ADR)		1,593
	155,743		Localiza Rent A Car		1,537
	4,053		Logistec Corp		154
	428,907		Macquarie Atlas Roads Group		1,051
	118,439		Macquarie Infrastructure Co LLC		9,787
	817,608		Malaysia Airports Holdings BHD		1,344
	340,100		Malaysian Bulk Carriers BHD		92
	66,220		Marten Transport Ltd		1,437
	100,000		Maruzen Showa Unyu Co Ltd		354
	209,564		Matson, Inc		8,810
	2,631,344		MISC BHD		5,383
	22,349		Mitsubishi Logistics Corp		293
	2,500,712		Mitsui OSK Lines Ltd		8,005
	105,610	e	Mitsui-Soko Co Ltd		335
	2,372,240		MTR Corp		11,037
	1,849,683		Mundra Port and Special Economic Zone Ltd		8,927
	633,055		Nagoya Railroad Co Ltd		2,367
	241,100		Namyong Terminal PCL		103
	528,000		Nankai Electric Railway Co Ltd		2,370
	580,769		National Express Group plc		2,806
	213,910		Navios Maritime Holdings, Inc		796
	874,900	*,e	Neptune Orient Lines Ltd		532
	615,261		Nippon Express Co Ltd		3,023
	108,600		Nippon Konpo Unyu Soko Co Ltd		1,893
	3,716,084		Nippon Yusen Kabushiki Kaisha		10,346
	330,000		Nishi-Nippon Railroad Co Ltd		1,515

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	174,000		Nissin Corp	$	520
	529,100		Nok Airlines PCL		156
	7,177		Norbert Dentressangle		1,745
	526,709		Norfolk Southern Corp		46,013
	268,897		Northgate plc		2,426
	26,933	*,e	Norwegian Air Shuttle AS		1,116
	114,037	e	Odakyu Electric Railway Co Ltd		1,064
	95,131		Oesterreichische Post AG.		4,376
	1,942,511	*	OHL Mexico SAB de CV		2,539
	366,036	*	Old Dominion Freight Line		25,112
	786,000		Orient Overseas International Ltd		4,012
	1,683,290	e	Pacific Basin Shipping Ltd		566
	18,795	*	PAM Transportation Services, Inc		1,091
	11,714	e	Panalpina Welttransport Holding AG.		1,480
	23,640		Park-Ohio Holdings Corp		1,146
	1,555	*,e	Patriot Transportation Holding, Inc		38
	36,040	*	Pegasus Hava Tasimaciligi AS.		327
	7,222		Piraeus Port Authority		102
	55,002		PKP Cargo S.A.		1,211
	714,800		Pos Malaysia & Services Holdings BHD		811
	511,950		Precious Shipping PCL		136
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	3,866,200		PT Express Transindo Utama Tbk		289
	2,147,402		PT Jasa Marga Tbk		879
	7,517,900	*	PT Nusantara Infrastructure Tbk		113
	4,245,090	*	Qantas Airways Ltd		10,316
	2,137,697		QR National Ltd		8,445
	129,368	*	Quality Distribution, Inc		2,000
	728,081		Qube Logistics Holdings Ltd		1,319
	55,585	*	Radiant Logistics, Inc		406
	267,985		Redde plc		576
	133,550	*,e	Republic Airways Holdings, Inc		1,226
	91,403	*	Roadrunner Transportation Services Holdings, Inc		2,358
	547,184		Royal Mail plc		4,424
	1,244,104	*	Rumo Logistica Operadora Multimodal S.A.		508
	3,168		Ryanair Holdings plc		42
	411,712		Ryanair Holdings plc (ADR)		29,376
	1,164,696		Ryder System, Inc		101,760
	99,035		Safe Bulkers, Inc		319
	378,000		Sagami Railway Co Ltd		1,969
	69,571	*	Saia, Inc		2,733
	96	*,m	SAir Group		0	^
	422,000		Sankyu, Inc		2,305
	44,500		Santos Brasil Participacoes S.A.		185
	71,757	*,e	SAS AB		128
	404,897	*,e	Scorpio Bulkers, Inc		660
	8,730		Sebang Co Ltd		156
	208,700		Seino Holdings Corp		2,336
	81,000	e	Senko Co Ltd		513
	507,800		Shandong Airlines Co Ltd		1,624
	146,200		Shanghai Jinjiang International Investment Holdings Co		253
	80,700	*	Shenzhen Chiwan Petroleum		232

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	335,920	m	Shenzhen Chiwan Wharf Holdings Ltd	$	849
	3,086,000		Shenzhen Expressway Co Ltd		2,457
	1,405,514		Shenzhen International Holdings Ltd		2,452
	92,006		Shih Wei Navigation Co Ltd		47
	433,000		Shinwa Kaiun Kaisha Ltd		936
	6,173,097		Shun TAK Holdings Ltd		3,413
	4,000,000	e	Sichuan Expressway Co Ltd		1,763
	238,000		Sincere Navigation		192
	359,849		Singapore Airlines Ltd		2,865
	1,880,800		Singapore Airport Terminal Services Ltd		5,153
	2,723,419	e	Singapore Post Ltd		3,830
	2,326,000		Sinotrans Ltd		1,549
	1,339,500	e	Sinotrans Shipping Ltd		328
	3,224,000		SITC International Co Ltd		2,128
	14,194		Sixt AG.		616
	53,858		Sixt AG. (Preference)		2,087
	319,177	e	Skywest, Inc		4,800
	1,712,700		SMRT Corp Ltd		1,958
	6,872,040		Sociedad Matriz SAAM S.A.		549
	190,155		Societa Iniziative Autostradali e Servizi S.p.A.		2,030
	2,474,200		Southwest Airlines Co		81,871
	245,466	*,e	Spirit Airlines, Inc		15,243
	1,154,827		Stagecoach Group plc		7,327
	382,613	e	Stobart Group Ltd		634
	46,061	e	Stolt-Nielsen S.A.		781
	74,500	e	Student Transportation, Inc		344
	420,767		Sumitomo Warehouse Co Ltd		2,348
	288,669	*	Swift Transportation Co, Inc		6,544
	1,365,496		Sydney Airport		5,240
	318,000		T.Join Transportation Co		367
	87,000		Taiwan Navigation Co Ltd		49
	410,478		TAV Havalimanlari Holding AS		3,485
	25,500		Tegma Gestao Logistica		92
	1,860,600	*	Thai Airways International PCL-Foreign		720
	596,335		Thoresen Thai Agencies PCL		227
	7,376,000		Tianjin Port Development Holdings Ltd		1,748
	4,719,400	*,e	Tiger Airways Holdings Ltd		1,015
	87,494		TNT Express NV		743
	429,435	*	TNT NV		1,917
	714,033		Tobu Railway Co Ltd		3,067
	2,046,935		Tokyu Corp		13,699
	7,200		Trancom Co Ltd		393
	451,048	e	TransForce, Inc		9,147
	1,496,222		Transurban Group		10,727
	158,775		Trencor Ltd		835
	3,470,707	*	Turk Hava Yollari		11,393
	65,365	*,e	Ultrapetrol Bahamas Ltd		74
	268,937		U-Ming Marine Transport Corp		365
	4,145,249		Union Pacific Corp		395,332
	1,593,699	*,n	United Continental Holdings, Inc		84,482
	1,327,547		United Parcel Service, Inc (Class B)		128,653
	29,348		Universal Truckload Services, Inc		645

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	41,711	*	USA Truck, Inc	$	886
	466,997	*,e	UTI Worldwide, Inc		4,665
	93,981	*,e	Virgin America, Inc		2,583
	726,675	*	Virgin Australia Holdings Ltd		241
	67,336	*,m	Virgin Australia Int Holdings		0	^
	35,069	e	VTG AG.		821
	3,445,300		Wan Hai Lines Ltd		2,736
	119,537		Werner Enterprises, Inc		3,138
	194,191	*,e	Wesco Aircraft Holdings, Inc		2,942
	602,587		West Japan Railway Co		38,553
	755,900		Westports Holdings BHD		848
	141,043	e	Westshore Terminals Investment Corp		3,434
	61,903		Wilh. Wilhelmsen ASA		372
	807,787		Wisdom Marine Lines Co Ltd		1,000
	3,464,000	e	Xiamen International Port Co Ltd		1,396
	154,213	*,e	XPO Logistics, Inc		6,967
	57,666		Yamato Transport Co Ltd		1,115
	927,105	*	Yang Ming Marine Transport		325
	163,135	*	YRC Worldwide, Inc		2,118
	1,388,000	e	Yuexiu Transport Infrastructure Ltd		998
	52,500		Yusen Air & Sea Service Co Ltd		609
	6,116,819		Zhejiang Expressway Co Ltd		8,483
			TOTAL TRANSPORTATION		3,046,639

UTILITIES - 2.7%
	141,107	*	8Point3 Energy Partners LP		2,627
	3,748,336		A2A S.p.A.		4,474
	90,495	e	Abengoa Yield plc		2,834
	5,691,976		Aboitiz Power Corp		5,740
	50,994	*,e	Acciona S.A.		3,862
	136,727		ACEA S.p.A.		1,737
	338,917	e	Actelios S.p.A.		428
	634,547	*	Adani Power Ltd		290
	270,924	*,m	Adani Transmissions Ltd		93
	1,510,916		AES Corp		20,035
	2,403,923		AES Gener S.A.		1,369
	127,633		AES Tiete S.A.		718
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	549,566		AGL Energy Ltd		6,583
	387,561		AGL Resources, Inc		18,045
	3,065,207		Aguas Andinas S.A.		1,746
	275,162	*	Akenerji Elektrik Uretim AS		94
	170,379	*	Aksa Enerji Uretim AS		184
	192,749	e	Algonquin Power & Utilities Corp		1,444
	222,382		Allete, Inc		10,316
	155,243		Alliant Energy Corp		8,961
	69,200		Alupar Investimento S.A.		370
	469,072		Ameren Corp		17,675
	2,299,500		American Electric Power Co, Inc		121,805
	169,339		American States Water Co		6,332
	887,947		American Water Works Co, Inc		43,181
	2,119,197		APA Group		13,460

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	152,655	e	Aqua America, Inc	$	3,739
	34,087	e	Artesian Resources Corp		719
	73,151		Ascopiave S.p.A.		176
	71,023		Atco Ltd		2,246
	38,529		Athens Water Supply & Sewage Co S.A.		230
	321,631	e	Atlantic Power Corp		991
	255,788	e	Atlantic Power Corp (Toronto)		791
	350,615		Atmos Energy Corp		17,980
	1,366,733	e	AusNet Services		1,470
	261,363		Avista Corp		8,011
	7,959,011		Beijing Enterprises Water Group Ltd		6,519
	16,058,000		Benpres Holdings Corp		2,529
	310,800	e	Binhai Investment Co Ltd		170
	27,382		BKW S.A.		1,022
	194,590	e	Black Hills Corp		8,494
	29,142	e	Boralex, Inc		310
	277,942		California Water Service Group		6,351
	939,057	*	Calpine Corp		16,894
	111,518		Canadian Utilities Ltd		3,212
	458,000	*	Canvest Environment Protection Group Co Ltd		242
	111,367	e	Capital Power Corp		1,921
	1,275,327		Centerpoint Energy, Inc		24,269
	74		Centrais Eletricas Brasileiras S.A.		0	^
	279,279		Centrais Eletricas Brasileiras S.A. (Preference)		761
	27,700		Centrais Eletricas de Santa Catarina S.A.		129
	7,291,711		Centrica plc		30,257
	118,316		CESC Ltd		1,036
	217,907		CEZ AS		5,059
	808,000	*	CGN Meiya Power Holdings Co Ltd		309
	21,181,052	*,g	CGN Power Co Ltd		11,070
	47,171		Chesapeake Utilities Corp		2,540
	856,344		Cheung Kong Infrastructure Holdings Ltd		6,647
	2,438,000		China Datang Corp Renewable Power Co Ltd		380
	9,871,825		China Gas Holdings Ltd		15,795
	3,481,813		China Longyuan Power Group Corp		3,865
	4,368,000	e	China Oil and Gas Group Ltd		411
	18,723,000	e	China Power International Development Ltd		14,256
	3,820,000	e	China Power New Energy Development Co Ltd		286
	1,120,668		China Resources Gas Group Ltd		3,319
	3,297,962	e	China Resources Power Holdings Co		9,192
	790,000		China Water Affairs Group Ltd		424
	1,720,000	*	China Water Industry Group Ltd		481
	771,739		Chubu Electric Power Co, Inc		11,502
	507,352		Chugoku Electric Power Co, Inc		7,401
	408,970		Cia de Saneamento Basico do Estado de Sao Paulo		2,170
	55,765		Cia de Saneamento de Minas Gerais-COPASA		246
	10,000		Cia de Transmissao de Energia Electrica Paulista		126
	1,906,962		Cia Energetica de Minas Gerais		7,274
	757,987		Cia Energetica de Sao Paulo (Class B)		4,781
	12,704		Cia Energetica do Ceara		170
	418,571		Cia Paranaense de Energia		4,705
	1,465,900		CK Power PCL		127

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	202,905		Cleco Corp	$	10,926
	2,442,859		CLP Holdings Ltd		20,762
	2,782,254		CMS Energy Corp		88,587
	8,509,357		Colbun S.A.		2,422
	47,992		Connecticut Water Service, Inc		1,639
	676,990	e	Consolidated Edison, Inc		39,184
	29,058		Consolidated Water Co, Inc		366
	629,435		Contact Energy Ltd		2,137
	229,843		CPFL Energia S.A.		1,423
	574,000	e	CT Environmental Group Ltd		763
	7,657,087		Datang International Power Generation Co Ltd		3,922
	1,809,874		Dominion Resources, Inc		121,026
	399,343		Drax Group plc		2,184
	354,137		DTE Energy Co		26,433
	4,350,139		DUET Group (ASE Exchange)		7,754
	2,962,675		Duke Energy Corp		209,224
	340,030	*	Dynegy, Inc		9,946
	1,246,235	*	E.CL SA		1,691
	3,737,411		E.ON AG.		49,836
	7,672		E1 Corp		493
	493,600		Eastern Water Resources Development and Management PCL		171
	1,393,552	e	Edison International		77,454
	1,318,120		EDP - Energias do Brasil S.A.		4,880
	214,599		El Paso Electric Co		7,438
	175,800		Electric Power Development Co		6,210
	477,385		Electricite de France		10,678
	86,200	*	Eletropaulo Metropolitana de Sao Paulo S.A.		493
	29,892		Elia System Operator S.A.		1,211
	152,130	e	Empire District Electric Co		3,316
	3,873,918		Empresa Nacional de Electricidad S.A.		5,365
	293,523	e	Enagas		7,990
	1,886,329	e	Endesa S.A.		36,126
	359,242		Enea S.A.		1,524
	420,114		Enel Green Power S.p.A		821
	8,248,464	e	Enel S.p.A.		37,384
	593,944		Energa S.A.		3,594
	6,311,067		Energias de Portugal S.A.		24,045
	724,540	*,e	Energy World Corp Ltd		204
	29,524,011		Enersis S.A.		9,385
	823,695		ENN Energy Holdings Ltd		4,953
	494,736		Entergy Corp		34,879
	151,630		Equatorial Energia S.A.		1,715
	50,000		eRex Co Ltd		527
	564,367	e	ERM Power Ltd		1,010
	623,244		Eversource Energy		28,302
	34,774		EVN AG.		381
	2,677,143		Exelon Corp		84,116
	125,826		Federal Grid Co Unified Energy System JSC (ADR)		63
	4,113,600		First Gen Corp		2,463
	592,140		First Philippine Holdings Corp		1,066
	2,012,975		FirstEnergy Corp		65,522

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	469,942	e	Fortis, Inc	$	13,199
	903,102		Fortum Oyj		16,044
	463,242		GAIL India Ltd		2,853
	698,000		Gas Malaysia BHD		464
	240,729	e	Gas Natural SDG S.A.		5,466
	1,564,264		Gaz de France		29,124
	526,923	e	Genesis Energy Ltd		621
	3,195		Genie Energy Ltd		33
	530,443		Glow Energy PCL (Foreign)		1,335
	140,847		Great Plains Energy, Inc		3,403
	7,372,143		Guangdong Investments Ltd		10,316
	56,481	m	Gujarat Gas Co Ltd		659
	135,465		Gujarat State Petronet Ltd		253
	10,304		Hanjin Heavy Industries & Construction Holdings Co Ltd		77
	134,832		Hawaiian Electric Industries, Inc		4,009
	1,345,762		Hera S.p.A.		3,367
	179,400	*,e	Hokkaido Electric Power Co, Inc		2,035
	195,342		Hokuriku Electric Power Co		2,910
	6,086,193		Hong Kong & China Gas Ltd		12,753
	2,751,319		Hong Kong Electric Holdings Ltd		25,085
	467,930	*	Huadian Energy Co Ltd		373
	21,116,000	e	Huadian Fuxin Energy Corp Ltd		10,092
	9,454,000		Huadian Power International Co		10,446
	6,579,066		Huaneng Power International, Inc		9,156
	10,406,000	e	Huaneng Renewables Corp Ltd		4,196
	556,000	e	Hyflux Ltd		355
	8,711,164		Iberdrola S.A.		58,814
	140,820		Idacorp, Inc		7,906
	75,987	*,m	IDGC Holding JSC (GDR)		132
	71,572	*	Indiabulls Infrastructure and Power Ltd		2
	66,419		Indraprastha Gas Ltd		435
	226,949		Infinis Energy plc		692
	1,792,330	e	Infratil Ltd		3,832
	218,164	e	Innergex Renewable Energy, Inc		1,855
	530,970		Interconexion Electrica S.A.		1,498
	1,041,380		Inversiones Aguas Metropolitanas S.A.		1,582
	978,520	e	Iride S.p.A.		1,340
	695,577		Isagen S.A. ESP		742
	11,000	e	iShares MSCI EAFE Small-Cap ETF		561
	193,737		ITC Holdings Corp		6,234
	520,428	*	Jaiprakash Power Ventures Ltd		55
	295,303	e	Just Energy Income Fund		1,539
	31,100		K&O Energy Group, Inc		489
	592,000	*,e,g	Kangda International Environmental Co Ltd		270
	743,315	*	Kansai Electric Power Co, Inc		8,229
	18,543	*	Kenon Holdings Ltd		370
	224,921	e	Keppel Infrastructure Trust		91
	11,826		Korea District Heating Corp		825
	366,355		Korea Electric Power Corp		14,975
	114,687		Korea Gas Corp		4,441
	3,874		KyungDong City Gas Co Ltd		420
	359,377	*	Kyushu Electric Power Co, Inc		4,167

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	167,494		Laclede Group, Inc	$	8,720
	391,100		Light S.A.		2,130
	2,844,400		Malakoff Corp BHD		1,319
	2,758,400		Manila Water Co, Inc		1,465
	435,078		MDU Resources Group, Inc		8,497
	1,790,965	*	Meridian Energy Ltd		2,621
	121,457	e	MGE Energy, Inc		4,704
	63,517	e	Middlesex Water Co		1,433
	580,012	e	Mighty River Power Ltd		1,097
	113,973	e	National Fuel Gas Co		6,712
	6,268,463		National Grid plc		80,680
	305,862		New Jersey Resources Corp		8,426
	2,687,851		NextEra Energy, Inc		263,490
	4,113	*,m	Nirvikara Paper Mills Ltd		3
	568,585		NiSource, Inc		25,922
	118,424	e	Northland Power Income Fund		1,500
	74,427		Northwest Natural Gas Co		3,139
	129,049	e	NorthWestern Corp		6,291
	2,704,956		NRG Energy, Inc		61,889
	117,437	e	NRG Yield, Inc (Class A)		2,582
	90,498	e	NRG Yield, Inc (Class C)		1,981
	2,532,898		NTPC Ltd		5,467
	609,309		OGE Energy Corp		17,408
	197,100		Okinawa Electric Power Co, Inc		4,931
	140,531	e	ONE Gas, Inc		5,981
	40,152	*,e	Oriflame Holding AG.		649
	98,352	e	Ormat Technologies, Inc		3,706
	2,319,188		Osaka Gas Co Ltd		9,153
	98,787		Otter Tail Corp		2,628
	137,657	e	Pattern Energy Group, Inc		3,907
	665,812		Pennon Group plc		8,482
	236,160		Pepco Holdings, Inc		6,362
	1,171,300		Petronas Gas BHD		6,600
	1,917,480	e	PG&E Corp		94,148
	214,657		Piedmont Natural Gas Co, Inc		7,580
	122,181		Pinnacle West Capital Corp		6,951
	377,271		PNM Resources, Inc		9,281
	11,496,708		PNOC Energy Development Corp		1,906
	1,448,490		Polska Grupa Energetyczna S.A.		7,103
	215,435		Portland General Electric Co		7,144
	937,062		Power Grid Corp of India Ltd		2,046
	2,324,705		PPL Corp		68,509
	14,552,687		PT Perusahaan Gas Negara Persero Tbk		4,701
	528,867		PTC India Ltd		570
	108,510	*	Public Power Corp		512
	1,363,705		Public Service Enterprise Group, Inc		53,566
	142,800	*	Puncak Niaga Holding BHD		99
	31,958		Qatar Electricity & Water Co		1,993
	183,838		Questar Corp		3,844
	19,596	e	Red Electrica de Espana		1,574
	459,521		Redes Energeticas Nacionais S.A.		1,286
	239,683		Reliance Energy Ltd		1,459

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	38,870	e	Rubis	$	2,665
	1,404,994		RusHydro (ADR)		1,394
	639,077		RWE AG.		13,745
	1,144,758		Saeta Yield S.A.		11,958
	2,265		Samchully Co Ltd		263
	332,900	*	Scan Inter PCL		141
	165,563		SCANA Corp		8,386
	39,887	e,g	Scatec Solar ASA		204
	300,137		Scottish & Southern Energy plc		7,244
	19,120	e	Sechilienne-Sidec		290
	1,501,596		Sempra Energy		148,568
	241,216		Severn Trent plc		7,882
	207,100	*	Shenzhen Nanshan Power Co Ltd		218
	207,984		Shikoku Electric Power Co, Inc		3,113
	114,000		Shizuoka Gas Co Ltd		796
	5,739,300	*,e	SIIC Environment Holdings Ltd		830
	41,618		SJW Corp		1,277
	3,568,733		Snam Rete Gas S.p.A.		16,984
	703,000	*,e,m	Sound Global Ltd		159
	289,582		South Jersey Industries, Inc		7,161
	611,105		Southern Co		25,605
	210,511		Southwest Gas Corp		11,201
	20,614	e	Spark Energy, Inc		325
	1,374,142		Spark Infrastructure Group		2,069
	426,900		SPCG PCL		331
	1,139,660		Suez Environnement S.A.		21,276
	324,194	e	Superior Plus Corp		3,260
	798,450		Taiwan Cogeneration Corp		694
	319,746	*,e	Talen Energy Corp		5,487
	1,505,233		Tata Power Co Ltd		1,750
	1,997,735		Tauron Polska Energia S.A.		2,326
	270,741		TECO Energy, Inc		4,781
	183,530	e	Telecom Plus plc		2,857
	4,449,265		Tenaga Nasional BHD		14,905
	46,011		Terna Energy S.A.		143
	977,405		Terna Rete Elettrica Nazionale S.p.A.		4,322
	127,358		TerraForm Power, Inc		4,837
	702,400	*	Thai Solar Energy PCL		138
	1,334,400		Thai Tap Water Supply PCL		446
	1,762,000	e	Tianjin Development Hldgs Ltd		1,723
	600,000	*	Tianjin Jinran Public Utilities Co Ltd		124
	376,007		Toho Gas Co Ltd		2,226
	1,226,075		Tohoku Electric Power Co, Inc		16,600
	1,520,019	*	Tokyo Electric Power Co, Inc		8,281
	3,596,813		Tokyo Gas Co Ltd		19,094
	1,650	*	TopBuild Corp		48
	210,121		Torrent Power Ltd		461
	985,000	e	Towngas China Co Ltd		900
	181,019		Tractebel Energia S.A.		1,991
	404,432	e	TransAlta Corp		3,134
	108,250	e	TransAlta Renewables, Inc		1,071
	115,221		Transmissora Alianca de Energia Eletrica S.A.		763

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	832,978		UGI Corp	$	28,696
	160,599		UIL Holdings Corp		7,359
	556,128		United Utilities Group plc		7,789
	43,347		Unitil Corp		1,431
	36,464		VA Tech Wabag Ltd		423
	50,863	e	Valener, Inc		686
	25,000	e	Vanguard FTSE Developed Markets ETF		991
	362,898		Vectren Corp		13,964
	1,066,546		Veolia Environnement		21,837
	59,207	*,e	Vivint Solar, Inc		721
	2,008,560	*	VPC Specialty Lending Investments plc		3,219
	343,736	*,e	WEC Energy Group, Inc		15,458
	292,271	e	Westar Energy, Inc		10,002
	133,588		WGL Holdings, Inc		7,252
	3,003,753		Xcel Energy, Inc		96,661
	4,438		YESCO Co Ltd		147
	36,076	e	York Water Co		753
	8,540,386		YTL Corp BHD		3,509
	3,207,164		YTL Power International BHD		1,359
	41,115		Zespol Elektrowni Patnow Adamow Konin S.A.		233
	151,987	*	Zorlu Enerji Elektrik Uretim AS		99
			TOTAL UTILITIES		3,364,715
			TOTAL COMMON STOCKS		122,216,042
			(Cost $110,940,510)


PURCHASED OPTIONS - 0.0%

CONSUMER SERVICES - 0.0%
	5,000		MGM Resorts International		1
			TOTAL CONSUMER SERVICES		1

ENERGY - 0.0%
	3,800		Pioneer Natural Resources Co		1
			TOTAL ENERGY		1

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	3,000		Humana, Inc		3
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3

MATERIALS - 0.0%
	1,000		3M Co		0	^
			TOTAL MATERIALS		0	^

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	1,000		Mylan NV		2
	1,500		Perrigo Co plc		1
	3,000		Zoetis, Inc		1
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	3,000		Texas Instruments, Inc	$	2
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2

TRANSPORTATION - 0.0%
	5,000		Delta Air Lines, Inc		0	^
			TOTAL TRANSPORTATION		0	^
			TOTAL PURCHASED OPTIONS		11
			(Cost $49)

PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	7,017,865	*	ITAUSA Investimentos Itau PR		20,112
			TOTAL BANKS		20,112
CAPITAL GOODS - 0.0%
	27,992		Villeroy & Boch AG		421
			TOTAL CAPITAL GOODS		421
DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2		1,900
			TOTAL DIVERSIFIED FINANCIALS		1,900
REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		19
			TOTAL REAL ESTATE		19
			TOTAL PREFERRED STOCKS		22,452
			(Cost $29,163)

RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	10,779	m	Jardine Cycle & Carriage Ltd		57
			TOTAL AUTOMOBILES & COMPONENTS		57

CAPITAL GOODS - 0.0%
	694,206	m	Abertis Infraestructuras S.A.		570
	140,800		Eastern & Oriental BHD		9
	1,197		Hyundai Elevator Co Ltd		18
	142,943		KNM Group BHD		6
	30,914		PDG Realty S.A. Empreendimentos e Participacoes		0	^
	1,140,569		PT Waskita Karya Persero Tbk		3
	77,887		Zardoya Otis S.A.		34
			TOTAL CAPITAL GOODS		640

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	177,025	m	Inter Far East Engineering		0	^
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		0	^

CONSUMER DURABLES & APPAREL - 0.0%
	320,717	e	Sacyr S.A.		36
			TOTAL CONSUMER DURABLES & APPAREL		36

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
CONSUMER SERVICES - 0.0%
	167,219		Minor International PCL	$	20
			TOTAL CONSUMER SERVICES		20

DIVERSIFIED FINANCIALS - 0.0%
	658,960	m	AIRA Capital Co Ltd		31
	133,561	m	Citadel Capital SAE		0	^
	19,124		Srisawad Power 1979 PCL		0	^
			TOTAL DIVERSIFIED FINANCIALS		31

ENERGY - 0.0%
	64,082	m	Magnum Hunter Resources Corp		0	^
	1,416,749		Repsol S.A.		734
			TOTAL ENERGY		734

FOOD & STAPLES RETAILING - 0.0%
	135,947	m	Safeway Casa Ley		12
	135,947	m	Safeway PDC LLC		12
			TOTAL FOOD & STAPLES RETAILING		24

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	558		BioScrip, Inc		0	^
	190,191		Community Health Systems, Inc		3
	354,180	m	Sorin S.p.A		0	^
	546,332		Vibhavadi Medical Center PCL		16
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		19

MATERIALS - 0.0%
	1,192,292		Acerinox S.A.		530
			TOTAL MATERIALS		530

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	2,121	e	BioTime, Inc		2
	55,620	m	Forest Laboratories, Inc CVR		53
	21,958	m	Furiex Pharmaceuticals, Inc		215
	327	m	Humedix Co Ltd		11
	17,790	m	Omthera Pharmaceuticals, Inc		11
	228,016	m	Trius Therapeutics, Inc		30
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		322

REAL ESTATE - 0.0%
	4,761,352	m	BGP Holdings plc		0	^
	611,871	e	Citycon Oyj		67
	42,019	e	Hamborner REIT AG.		3
	145		Sansiri PCL		0	^
	38,266		WHA Corp PCL		19
			TOTAL REAL ESTATE		89

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	7,540,000	m	Landing International Development Ltd		243
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		243

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
SOFTWARE & SERVICES - 0.0%
	1,072	m	Com2uSCorp	$	11
	141,205	m	Gerber Scientific, Inc		0	^
			TOTAL SOFTWARE & SERVICES		11

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	31,612		Inari Amertron BHD		11
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		11

TELECOMMUNICATION SERVICES - 0.0%
	1,973,235	m	Jasmine International PCL		58
	51,955	m	Jay Mart PCL		2
	196,024	m	Leap Wireless International, Inc		494
			TOTAL TELECOMMUNICATION SERVICES		554

TRANSPORTATION - 0.0%
	338,662		AirAsia X BHD		5
	1,393,475	m	Ezra Holdings Ltd		68
	2		Thoresen Thai Agencies PCL		0	^
			TOTAL TRANSPORTATION		73

UTILITIES - 0.0%
	300,900		CK Power PCL		7
	217	e,m	Seritage Growth Properties		0	^
			TOTAL UTILITIES		7

			TOTAL RIGHTS / WARRANTS		3,401
			(Cost $3,511)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 4.7%
GOVERNMENT AGENCY DEBT - 0.5%
$	500,000	d	Federal Home Loan Bank (FHLB)		0.070	%	07/08/15	500
	30,000,000		FHLB		0.040		07/17/15	30,000
	103,500,000	d	FHLB		0.050-0.053		07/31/15	103,498
	75,200,000		FHLB		0.060		08/04/15	75,197
	83,340,000	d	FHLB		0.050-0.065		08/07/15	83,337
	14,000,000		FHLB		0.060		08/10/15	13,999
	43,000,000	d	FHLB		0.067		08/12/15	42,998
	150,000,000	d	FHLB		0.050-0.065		08/17/15	149,992
	11,300,000	d	FHLB		0.090		08/19/15	11,300
	77,000,000		FHLB		0.063		08/26/15	76,995
	25,000,000		FHLB		0.070		09/01/15	24,997
	50,000,000	d	FHLB		0.087		09/04/15	49,995
			TOTAL GOVERNMENT AGENCY DEBT					662,808

TREASURY DEBT - 0.1%
	6,800,000		United States Treasury Bill		0.056-0.065		08/13/15	6,800
	13,000,000	d	United States Treasury Bill		0.070		08/27/15	13,000
	1,000,000		United States Treasury Bill		0.092		10/08/15	1,000
	4,000,000	d	United States Treasury Bill		0.100		10/15/15	4,000
	30,000,000	d	United States Treasury Bill		0.210		03/31/16	29,960
			TOTAL TREASURY DEBT					54,760

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.1%
CERTIFICATE OF DEPOSIT - 0.6%
$	260,000,000		Bank of Montreal		0.050	%	07/01/15	$	260,000
	260,000,000		CIBC Bank and Trust Company		0.030		07/01/15		260,000
	260,000,000		National Australia Bank Ltd		0.040		07/01/15		260,000
			TOTAL CERTIFICATE OF DEPOSIT						780,000

GOVERNMENT AGENCY DEBT- 0.3%
	72,000,000		Federal Home Loan Bank (FHLB)		0.029		07/22/15		71,999
	250,000,000		FHLB		0.029		07/24/15		249,995
	56,000,000		FHLB		0.050		08/03/15		55,997
			TOTAL GOVERNMENT AGENCY DEBT						377,991

REPURCHASE AGREEMENT - 3.0%
	25,000,000	o	Bank of Nova Scotia		0.120		07/01/15		25,000
	125,000,000	p	Barclays		0.050		07/01/15		125,000
	345,000,000	q	Barclays		0.100		07/01/15		345,000
	75,000,000	r	Barclays		0.050		07/06/15		75,000
	193,000,000	s	BNP		0.090		07/01/15		193,000
	250,000,000	t	Calyon		0.080		07/01/15		250,000
	175,000,000	u	Calyon		0.100		07/01/15		175,000
	100,000,000	v	Citigroup		0.090		07/06/15		100,000
	100,000,000	w	Citigroup		0.110		07/06/15		100,000
	196,000,000	x	Deutsche Bank		0.120		07/01/15		196,000
	350,000,000	y	Goldman Sachs		0.020		07/01/15		350,000
	500,000,000	z	Goldman Sachs		0.070		07/02/15		500,000
	100,000,000	aa	Goldman Sachs		0.070		07/06/15		100,000
	600,000,000	ab	Merrill Lynch		0.110		07/01/15		600,000
	415,000,000	ac	Royal Bank of Scotland		0.090		07/07/15		415,000
	79,000,000	ad	Societe Generale		0.140		07/01/15		79,000
	51,000,000	ae	Societe Generale		0.150		07/01/15		51,000
			TOTAL REPURCHASE AGREEMENT						3,679,000

TREASURY DEBT - 0.0%
	49,000,000		United States Treasury Bill		0.002		07/23/15		49,000
			TOTAL TREASURY DEBT						49,000

VARIABLE RATE SECURITIES - 0.2%
	5,598,006	i	Granite Master Issuer plc 2006		0.031		12/20/50		5,571
	4,426,330	i	Granite Master Issuer plc 2007		0.020		12/20/50		4,403
	5,653,700	i	Puma Finance Ltd		0.027		02/21/38		5,599
	170,000,000	i	SLM Student Loan Trust 2007		0.317		01/25/19		168,685
	2,965,231	i	SLM Student Loan Trust 2008		0.627		10/25/16		2,965
			TOTAL VARIABLE RATE SECURITIES						187,223

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,073,214

191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	VALUE (000)
TOTAL SHORT-TERM INVESTMENTS	$	5,790,782
(Cost $5,791,748)
TOTAL INVESTMENTS - 103.9%		128,034,072
(Cost $116,766,403)
OTHER ASSETS & LIABILITIES, NET - (3.9)%		(4,760,934	)
NET ASSETS - 100.0%	$	123,273,138

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

^		Amount represents less than $1,000.
*		Non-income producing
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 $4,906,846,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2015 the aggregate value of these securities was $199,228,000, or 0.2% 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		All or a portion of these securities have been segregated by the custodian to cover margin requirements on open written contracts.
o		Agreement with Bank of Nova Scotia, 0.12% dated 06/30/15 to be repurchased at $25,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $25,500,000.
p		Agreement with Barclays, 0.05% dated 06/30/15 to be repurchased at $125,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $127,500,000.
q		Agreement with Barclays, 0.10% dated 06/30/15 to be repurchased at $345,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $351,900,000.
r		Agreement with Barclays, 0.05% dated 06/30/15 to be repurchased at $75,000,000 on 07/06/15, collateralized by U.S. Government Agency Securities valued at $76,500,000.
s		Agreement with BNP, 0.09% dated 06/30/15 to be repurchased at $193,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $196,860,000.
t		Agreement with Calyon, 0.08% dated 06/30/15 to be repurchased at $250,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $255,000,000.
u		Agreement with Calyon, 0.10% dated 06/30/15 to be repurchased at $175,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $178,500,000.
v		Agreement with Citigroup, 0.09% dated 06/30/15 to be repurchased at $100,000,000 on 07/06/15, collateralized by U.S. Government Agency Securities valued at $102,000,000.
w		Agreement with Citigroup, 0.10% dated 06/30/15 to be repurchased at $100,000,000 on 07/06/15, collateralized by U.S. Government Agency Securities valued at $102,001,000.
x		Agreement with Deutsche Bank, 0.12% dated 06/30/15 to be repurchased at $196,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $199,920,000.
y		Agreement with Goldman Sachs, 0.02% dated 06/30/15 to be repurchased at $350,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $357,000,000.

192

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

z		Agreement with Goldman Sachs, 0.07% dated 06/30/15 to be repurchased at $500,000,000 on 07/02/15, collateralized by U.S. Government Agency Securities valued at $510,000,000.
aa		Agreement with Goldman Sachs, 0.07% dated 06/30/15 to be repurchased at $100,000,000 on 07/06/15, collateralized by U.S. Government Agency Securities valued at $102,000,000.
ab		Agreement with Merrill Lynch, 0.10% dated 06/30/15 to be repurchased at $600,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $611,839,000.
ac		Agreement with Royal Bank of Scotland, 0.09% dated 06/30/15 to be repurchased at $415,000,000 on 07/07/15, collateralized by U.S. Government Agency Securities valued at $423,306,000.
ad		Agreement with Societe Generale, 0.14% dated 06/30/15 to be repurchased at $79,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $80,580,000.
ae		Agreement with Societe Generale, 0.15% dated 06/30/15 to be repurchased at $51,000,000 on 07/01/15, collateralized by U.S. Government Agency Securities valued at $52,020,000.

		Cost amounts are in thousands.

193

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)

June 30, 2015

	Value		% of total
Country	(000)		portfolio
DOMESTIC

UNITED STATES	$	89,361,501		69.9	%
TOTAL DOMESTIC		89,361,501		69.9
FOREIGN

ARGENTINA		4,236		0.0
AUSTRALIA		1,546,498		1.2
AUSTRIA		132,889		0.1
BAHAMAS		74		0.0
BELGIUM		262,803		0.2
BERMUDA		14,894		0.0
BRAZIL		583,941		0.5
CANADA		2,407,390		1.9
CAYMAN ISLANDS		1,230		0.0
CHILE		94,094		0.1
CHINA		2,180,714		1.7
COLOMBIA		39,633		0.0
CYPRUS		73		0.0
CZECH REPUBLIC		15,828		0.0
DENMARK		473,861		0.4
EGYPT		26,712		0.0
FAROE ISLANDS		3,396		0.0
FINLAND		253,966		0.2
FRANCE		2,636,362		2.1
GEORGIA		3,380		0.0
GERMANY		2,226,492		1.7
GIBRALTAR		1,115		0.0
GREECE		26,744		0.0
GUERNSEY, C.I.		468		0.0
HONG KONG		1,092,263		0.9
HUNGARY		19,717		0.0
INDIA		758,796		0.6
INDONESIA		185,909		0.1
IRELAND		561,222		0.4
ISLE OF MAN		1,686		0.0
ISRAEL		227,581		0.2
ITALY		629,325		0.5
JAPAN		6,150,833		4.8
JERSEY, C.I.		12,051		0.0
JORDAN		12,100		0.0
KOREA, REPUBLIC OF		1,319,069		1.0
LUXEMBOURG		66,234		0.1
MACAU		5,098		0.0
MALAYSIA		244,378		0.2
MALTA		5,283		0.0
MEXICO		450,694		0.4
MONACO		11,354		0.0
NETHERLANDS		1,074,508		0.8
NEW ZEALAND		104,126		0.1
NORWAY		254,791		0.2

194

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Value		% of total
Country	(000)		portfolio
PAKISTAN	$	2,917		0.0	%
PANAMA		9,353		0.0
PERU		17,359		0.0
PHILIPPINES		158,784		0.1
POLAND		107,346		0.1
PORTUGAL		59,541		0.0
PUERTO RICO		16,368		0.0
QATAR		55,490		0.0
ROMANIA		1,701		0.0
RUSSIA		290,212		0.2
SINGAPORE		510,040		0.4
SOUTH AFRICA		632,017		0.5
SPAIN		584,628		0.5
SRI LANKA		1,219		0.0
SWEDEN		781,971		0.6
SWITZERLAND		2,355,632		1.8
TAIWAN		1,151,207		0.9
THAILAND		210,376		0.2
TURKEY		135,848		0.1
UKRAINE		1,332		0.0
UNITED ARAB EMIRATES		82,513		0.1
UNITED KINGDOM		5,380,404		4.2
VIETNAM		1,682		0.0
VIRGIN ISLANDS, BRITISH		223		0.0
VIRGIN ISLANDS, U.S.		597		0.0
TOTAL FOREIGN		38,672,571		30.1

TOTAL PORTFOLIO	$	128,034,072		100.0	%

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2015

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.0%

AUSTRALIA - 1.8%
	150,780		AGL Energy Ltd	$	1,806
	822,297		Alumina Ltd		968
	445,467		Amcor Ltd		4,707
	899,065		AMP Ltd		4,172
	106,855		APA Group		679
	52,707		Aristocrat Leisure Ltd		311
	213,135		Asciano Group		1,092
	172,107		AusNet Services		185
	1,351,468		Australia & New Zealand Banking Group Ltd		33,540
	49,484		Australian Stock Exchange Ltd		1,522
	35,545		Bank of Queensland Ltd		350
	43,188		Bendigo Bank Ltd		408
	2,321,289		BHP Billiton Ltd		47,351
	888,410		BHP Billiton plc		17,468
	126,480		BlueScope Steel Ltd		292
	75,974		Boral Ltd		342
	366,004		Brambles Ltd		2,986
	226,644		Caltex Australia Ltd		5,564
	43,015		CIMIC Group Ltd		721
	160,036		Coca-Cola Amatil Ltd		1,129
	5,563		Cochlear Ltd		344
	473,427		Commonwealth Bank of Australia		31,046
	130,448		Computershare Ltd		1,175
	396,752		Crown Ltd		3,728
	127,599		CSL Ltd		8,506
	92,781		Dexus Property Group		522
	71,877		DuluxGroup Ltd		317
	6,300,943		Echo Entertainment Group Ltd		21,152
	325,585		Federation Centres		733
	5,218	e	Flight Centre Ltd		137
	158,029	e	Fortescue Metals Group Ltd		233
	169,209	e	GPT Group (ASE)		558
	51,808		Harvey Norman Holdings Ltd		180
	106,699		Healthscope Ltd		223
	40,774		Iluka Resources Ltd		241
	257,703		Incitec Pivot Ltd		764
	574,112		Insurance Australia Group Ltd		2,468
	172,549		Lend Lease Corp Ltd		1,995
	168,116	e	Macquarie Goodman Group		812
	104,058		Macquarie Group Ltd		6,520
	264,147	*	Medibank Pvt Ltd		409
	1,037,641		Mirvac Group		1,478
	1,134,898		National Australia Bank Ltd		29,149
	459,167	*	Newcrest Mining Ltd		4,623

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	321,889		OneSteel Ltd	$	34
	103,007	e	Orica Ltd		1,691
	333,296		Origin Energy Ltd		3,076
	328,034		Orora Ltd		528
	72,671		Oxiana Ltd		223
	21,633		Platinum Asset Mangement Ltd		125
	2,850,093	*	Qantas Airways Ltd		6,926
	431,660		QBE Insurance Group Ltd		4,545
	206,728		QR National Ltd		817
	13,499		Ramsay Health Care Ltd		639
	5,103		REA Group Ltd		154
	43,305		Recall Holdings Ltd		231
	259,932		Santos Ltd		1,569
	1,628,951		Scentre Group		4,705
	31,631		Seek Ltd		343
	41,152	e	Shopping Centres Australasia Property Group		67
	36,626		Sonic Healthcare Ltd		603
	1,178,086	*	South32 Ltd		1,627
	675,569	*	South32 Ltd (W/I)		913
	738,426	e	Stockland Trust Group		2,332
	405,341		Suncorp-Metway Ltd		4,194
	176,576		Sydney Airport		677
	78,567		Tabcorp Holdings Ltd		275
	139,470		Tattersall’s Ltd		400
	1,404,815		Telstra Corp Ltd		6,648
	27,765		TPG Telecom Ltd		192
	382,862		Transurban Group		2,745
	66,001		Treasury Wine Estates Ltd		253
	333,561		Wesfarmers Ltd		10,031
	1,138,180		Westfield Corp		7,994
	995,627		Westpac Banking Corp		24,634
	199,334		Woodside Petroleum Ltd		5,260
	321,606		Woolworths Ltd		6,683
	34,323	e	WorleyParsons Ltd		276
			TOTAL AUSTRALIA		344,316

AUSTRIA - 0.1%
	3,624		Andritz AG.		201
	13,668	*	Erste Bank der Oesterreichischen Sparkassen AG.		389
	65,989	*,m	Immoeast AG.		0	^
	7,147		OMV AG.		197
	5,964	*,e	Raiffeisen International Bank Holding AG.		87
	5,549	e	Voestalpine AG.		231
	1,000,000		Wienerberger AG.		15,743
			TOTAL AUSTRIA		16,848

BELGIUM - 0.3%
	10,579		Ageas		408
	52,723		Anheuser-Busch InBev NV		6,345
	141,592		Anheuser-Busch InBev NV (ADR)		17,086
	31,925	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	7,293		Belgacom S.A.		258

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	3,530		Colruyt S.A.	$	158
	4,985		Delhaize Group		406
	649,443		Fagron NV		26,872
	3,932		Groupe Bruxelles Lambert S.A.		317
	12,082		KBC Groep NV		810
	2,921		Solvay S.A.		402
	2,480	*	Telenet Group Holding NV		135
	33,544		UCB S.A.		2,412
	4,842		Umicore		230
			TOTAL BELGIUM		55,839

BRAZIL - 0.1%
	734,600		Banco Itau Holding Financeira S.A.		8,085
	250,000		Itau Unibanco Banco Multiplo S.A. (ADR)		2,738
			TOTAL BRAZIL		10,823

CANADA - 3.0%
	24,746		Agnico-Eagle Mines Ltd		703
	36,313	e	Agrium, Inc		3,849
	855,094		Alimentation Couche Tard, Inc		36,579
	14,376	e	AltaGas Income Trust		438
	262,560	e	ARC Resources Ltd		4,499
	11,481		Atco Ltd		363
	65,000	e	Bank of Montreal		3,853
	212,333		Bank of Montreal		12,582
	383,404		Bank of Nova Scotia		19,790
	451,096		Barrick Gold Corp (Canada)		4,822
	21,335	e	Baytex Energy Trust		332
	139,132	e	BCE, Inc		5,911
	275,515	*,e	Blackberry Ltd (New)		2,252
	195,824	e	Bombardier, Inc		353
	252,461		Brookfield Asset Management, Inc		8,821
	111,033		CAE, Inc		1,322
	41,416		Cameco Corp (Toronto)		593
	133,973	e	Canadian Imperial Bank of Commerce/Canada		9,876
	260,937		Canadian National Railway Co		15,055
	364,442		Canadian Natural Resources Ltd (Canada)		9,892
	265,862		Canadian Oil Sands Trust		2,150
	106,232	e	Canadian Pacific Railway Ltd (Toronto)		17,012
	81,139		Canadian Tire Corp Ltd		8,678
	14,139		Canadian Utilities Ltd		407
	200,000	*	Canfor Corp		4,356
	190,617	*,e	Cara Operations Ltd		5,265
	390,000	*	Celestica, Inc		4,540
	840,000		Cenovus Energy, Inc		13,448
	171,256		Cenovus Energy, Inc (Toronto)		2,738
	37,769	*	CGI Group, Inc		1,477
	31,399	e	CI Financial Corp		845
	8,542		Constellation Software, Inc		3,391
	180,562	e	Crescent Point Energy Corp		3,705
	565,583		Dollarama, Inc		34,279
	400,303		Eldorado Gold Corp		1,660

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	350,000	*	Element Financial Corp	$	5,534
	9,394		Empire Co Ltd		662
	226,565	e	Enbridge, Inc		10,595
	346,311		EnCana Corp		3,818
	22,713	e	Enerplus Resources Fund		199
	3,744		Fairfax Financial Holdings Ltd		1,846
	97,797		Finning International, Inc		1,839
	47,036	e	First Capital Realty, Inc		673
	119,810	e	First Quantum Minerals Ltd		1,566
	106,995		Fortis, Inc		3,005
	71,259	e	Franco-Nevada Corp		3,399
	8,482		George Weston Ltd		666
	250,567		Gildan Activewear, Inc		8,323
	312,362		Goldcorp, Inc		5,069
	48,633		Great-West Lifeco, Inc		1,416
	74,174		H&R Real Estate Investment Trust		1,333
	39,856	e	Husky Energy, Inc		762
	53,082	e	IGM Financial, Inc		1,691
	302,600	*,e	Imax Corp		12,186
	118,850		Imperial Oil Ltd		4,591
	41,693	e	Industrial Alliance Insurance and Financial Services, Inc		1,402
	22,447		Intact Financial Corp		1,560
	148,989	e	Inter Pipeline Ltd		3,424
	44,754		Jean Coutu Group PJC, Inc		831
	61,350	e	Keyera Corp		2,048
	182,419	*	Kinross Gold Corp		425
	130,000		Linamar Corp		8,443
	44,075	e	Loblaw Cos Ltd		2,226
	142,732		Magna International, Inc (Class A)		8,011
	160,000		Magna International, Inc (Class A) (NY)		8,974
	521,581		Manulife Financial Corp		9,692
	570,837	*	MEG Energy Corp		9,324
	9,553		Methanex Corp		533
	358,423		Metro, Inc		9,619
	129,022		National Bank of Canada		4,847
	11,017		Onex Corp		610
	132,813		Open Text Corp		5,394
	7,093	*	Paramount Resources Ltd (Class A)		163
	63,473	e	Pembina Pipeline Income Fund		2,052
	74,840	e	Peyto Exploration & Development Corp		1,829
	287,254		Potash Corp of Saskatchewan		8,896
	156,872		Power Corp Of Canada		4,012
	97,895	e	Power Financial Corp		2,811
	15,134	e	PrairieSky Royalty Ltd		382
	1,599		Restaurant Brands International LP		58
	158,400	e	Restaurant Brands International, Inc		6,052
	29,461		Restaurant Brands International, Inc (Toronto)		1,129
	89,693		RioCan Real Estate Investment Trust		1,922
	100,498	e	Rogers Communications, Inc (Class B)		3,565
	588,824	e	Royal Bank of Canada (Toronto)		36,008
	45,684		Saputo, Inc		1,105
	62,571	e	Shaw Communications, Inc (B Shares)		1,363

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	54,036		Silver Wheaton Corp	$	937
	23,524		SNC-Lavalin Group, Inc		790
	145,788	e	Sun Life Financial, Inc		4,867
	904,454		Suncor Energy, Inc		24,911
	124,625		Teck Cominco Ltd		1,235
	96,222		TELUS Corp		3,315
	1,268,804		Toronto-Dominion Bank		53,881
	262,244	*	Tourmaline Oil Corp		7,878
	144,473	e	TransAlta Corp		1,120
	414,293	e	TransCanada Corp		16,837
	162,941	e	TransForce, Inc		3,305
	390,659	*	Turquoise Hill Resources Ltd		1,486
	30,094	e	Veresen, Inc		407
	59,283	e	Vermilion Energy, Inc		2,561
	7,094		West Fraser Timber Co Ltd		390
	180,000	e	Westjet Airlines Ltd		3,767
	458,026		Yamana Gold, Inc		1,379
			TOTAL CANADA		592,785

CHINA - 0.9%
	794,000		Agricultural Bank of China		427
	107,552	*	Alibaba Group Holding Ltd (ADR)		8,848
	122,600	*	Baidu, Inc (ADR)		24,407
	1,608,700		Bank of Communications Co Ltd		1,674
	2,700,000		Brilliance China Automotive Holdings Ltd		4,208
	7,916,942	*,g	CGN Power Co Ltd		4,138
	9,579,000	e,m	China Animal Healthcare Ltd		3,213
	1,122,000		China Aoyuan Property Group Ltd		246
	6,401,000	*	China Eastern Airlines Corp Ltd (H Shares)		5,348
	7,346,800		China Everbright International Ltd		13,158
	500,000	*	China Insurance International Holdings Co Ltd		1,790
	1,300,255	*	China New Town Development Co Ltd		68
	104,000		China Overseas Land & Investment Ltd		366
	8,400,000		China Southern Airlines Co Ltd		9,840
	1,849,100	*,e	China Vanke Co Ltd		4,540
	203,000		CNOOC Ltd		288
	1,450,000	m	Great Wall Motor Co Ltd		7,108
	15,200,000		Huadian Fuxin Energy Corp Ltd		7,264
	7,000,000		Huadian Power International Co		7,734
	16,910,000	e	Huaneng Renewables Corp Ltd		6,819
	4,395,000		Industrial & Commercial Bank of China		3,488
	84,259	*	JD.com, Inc (ADR)		2,873
	16,500,000	m	Sihuan Pharmaceutical Holdings		9,387
	2,397,612		Sino-Ocean Land Holdings Ltd		1,808
	2,324,100		Tencent Holdings Ltd		46,474
	181,149	e	Yangzijiang Shipbuilding		190
			TOTAL CHINA		175,704

DENMARK - 0.6%
	185		AP Moller - Maersk AS (Class A)		324
	344		AP Moller - Maersk AS (Class B)		622
	5,293		Carlsberg AS (Class B)		480

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	5,412		Coloplast AS	$	355
	486,292		Danske Bank AS		14,295
	8,889		DSV AS		288
	685,000	*,e	H Lundbeck AS		13,180
	7,157		ISS A.S.		236
	1,003,142		Novo Nordisk AS		55,047
	11,841		Novozymes AS		563
	105,594		Pandora AS		11,331
	180,000		Sydbank AS		6,876
	740,407		TDC AS		5,427
	300,000	*	Topdanmark AS		8,042
	5,425		Tryg A.S.		113
	10,853		Vestas Wind Systems AS		541
	1,246	*,e	William Demant Holding		95
			TOTAL DENMARK		117,815

FINLAND - 0.4%
	6,435		Elisa Oyj (Series A)		204
	21,955		Fortum Oyj		390
	352,600		Huhtamaki Oyj		10,897
	50,000		Kesko Oyj (B Shares)		1,741
	15,383		Kone Oyj (Class B)		624
	5,555	e	Metso Oyj		153
	256,501		Neste Oil Oyj		6,543
	2,840,404		Nokia Oyj		19,363
	5,425		Nokian Renkaat Oyj		170
	4,797		Orion Oyj (Class B)		168
	864,071		Sampo Oyj (A Shares)		40,721
	26,795		Stora Enso Oyj (R Shares)		276
	26,330		UPM-Kymmene Oyj		466
	7,396		Wartsila Oyj (B Shares)		347
			TOTAL FINLAND		82,063

FRANCE - 3.5%
	408,976		Accor S.A.		20,698
	1,431		Aeroports de Paris		162
	16,874		Air Liquide		2,141
	137,037	*	Alcatel S.A.		500
	10,532	*	Alstom RGPT		299
	3,294	*	Arkema		238
	148,221		Atos Origin S.A.		11,076
	95,310		AXA S.A.		2,416
	605,735		BNP Paribas		36,758
	41,482		Bollore		222
	84,545		Bouygues S.A.		3,161
	12,849		Bureau Veritas S.A.		296
	7,575		Cap Gemini S.A.		672
	26,926	*	Carrefour S.A.		865
	2,798		Casino Guichard Perrachon S.A.		212
	1	*	CGG (ADR)		0	^
	2,684		Christian Dior S.A.		525
	8,108		CNP Assurances		136

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	797,546		Compagnie de Saint-Gobain	$	36,002
	3,172,616		Credit Agricole S.A.		47,367
	247,861		Dassault Systemes S.A.		17,993
	792,729		Edenred		19,587
	11,640		Electricite de France		260
	9,863		Essilor International S.A.		1,182
	1,876		Eurazeo		125
	173,074		European Aeronautic Defence and Space Co		11,274
	7,748		Eutelsat Communications		250
	586,229	e	Faurecia		24,235
	1,591		Fonciere Des Regions		135
	1,150,279		France Telecom S.A.		17,777
	294,626		Gaz de France		5,485
	1,688		Gecina S.A.		208
	28,184		Groupe Danone		1,826
	21,586		Groupe Eurotunnel S.A.		313
	1,251		Hermes International		467
	1,695		Icade		121
	1,293		Iliad S.A.		287
	1,704		Imerys S.A.		131
	731,996	*,e	JC Decaux S.A.		30,611
	8,638		Klepierre		381
	317,138		Lafarge S.A.		20,968
	5,864		Lagardere S.C.A.		172
	12,684		Legrand S.A.		714
	276,490		L’Oreal S.A.		49,470
	13,616		LVMH Moet Hennessy Louis Vuitton S.A.		2,394
	9,077		Michelin (C.G.D.E.) (Class B)		955
	593,389		Natixis		4,283
	4,840	*	Numericable SAS		257
	10,278	e	Pernod-Ricard S.A.		1,188
	21,321	*	Peugeot S.A.		440
	3,736		PPR		668
	9,086		Publicis Groupe S.A.		673
	75,000		Rallye S.A.		2,260
	1,146		Remy Cointreau S.A.		83
	286,959		Renault S.A.		30,087
	1,231,808		Rexel S.A.		19,877
	14,180		Safran S.A.		964
	381,315		Sanofi-Aventis		37,723
	26,952		Schneider Electric S.A.		1,866
	8,038		SCOR		284
	1,357		Societe BIC S.A.		216
	520,026		Societe Generale		24,402
	4,638		Sodexho Alliance S.A.		441
	275,225		Suez Environnement S.A.		5,138
	5,055		Technip S.A.		313
	314,852		Teleperformance		22,244
	82,128		Thales S.A.		4,962
	2,000,004		Total S.A.		98,102
	25,805		Unibail-Rodamco		6,555
	238,058		Valeo S.A.		37,657

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	5,917	e	Vallourec	$	121
	21,951		Veolia Environnement		449
	408,045		Vinci S.A.		23,682
	55,668	e	Vivendi Universal S.A.		1,412
	1,388		Wendel		171
	9,406		Zodiac S.A.		306
			TOTAL FRANCE		697,891

GERMANY - 2.8%
	79,987		Adidas-Salomon AG.		6,120
	208,610		Allianz AG.		32,533
	1,863		Axel Springer AG.		98
	44,762		BASF SE		3,939
	532,427		Bayer AG.		74,561
	227,444		Bayerische Motoren Werke AG.		24,908
	2,738		Bayerische Motoren Werke AG. (Preference)		232
	636,123		Beiersdorf AG.		53,301
	7,634		Brenntag AG.		438
	1,604,475	*	Commerzbank AG.		20,511
	133,252		Continental AG.		31,551
	969,494		Daimler AG. (Registered)		88,316
	22,389		Deutsche Annington Immobilien SE		632
	67,295		Deutsche Bank AG.		2,023
	9,247		Deutsche Boerse AG.		766
	9,952	*	Deutsche Lufthansa AG.		128
	1,501,793		Deutsche Post AG.		43,881
	1,526,340		Deutsche Telekom AG.		26,315
	15,934		Deutsche Wohnen AG.		365
	65,000		Duerr AG.		6,055
	97,659		E.ON AG.		1,302
	4,817		Evonik Industries AG.		184
	2,010		Fraport AG. Frankfurt Airport Services Worldwide		126
	180,000		Freenet AG.		6,063
	10,664		Fresenius Medical Care AG.		883
	18,250		Fresenius SE		1,172
	3,420		Fuchs Petrolub AG. (Preference)		145
	8,741		GEA Group AG.		390
	73,079		Hannover Rueckversicherung AG.		7,073
	6,966		HeidelbergCement AG.		552
	4,954		Henkel KGaA		472
	8,787		Henkel KGaA (Preference)		986
	3,256		Hugo Boss AG.		364
	55,102		Infineon Technologies AG.		684
	9,052		K&S AG.		382
	1,127	*	Kabel Deutschland Holding AG.		151
	4,464		Lanxess AG.		263
	9,083		Linde AG.		1,721
	1,560		MAN AG.		161
	6,372		Merck KGaA		635
	7,726		Metro AG.		244
	101,156	*	Morphosys AG.		7,260
	38,447		Muenchener Rueckver AG.		6,816

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	4,307		Osram Licht AG.	$	206
	7,551		Porsche AG.		637
	536,637		ProSiebenSat. Media AG.		26,507
	1,886		RTL Group		171
	23,883		RWE AG.		514
	47,971		SAP AG.		3,362
	261,834		Siemens AG.		26,490
	150,000		Software AG.		4,110
	5,939		Symrise AG.		369
	27,526		Telefonica Deutschland Holding AG.		159
	17,746		ThyssenKrupp AG.		462
	309,036		TUI AG. (DI)		5,000
	6,162		United Internet AG.		274
	21,311		Volkswagen AG.		4,934
	8,348		Volkswagen AG. (Preference)		1,937
	154,000		Wacker Chemie AG.		15,912
	300,046		Wirecard AG.		11,484
			TOTAL GERMANY		557,230

HONG KONG - 1.0%
	8,100,958		AIA Group Ltd		52,969
	22,518		ASM Pacific Technology		223
	111,457		Bank of East Asia Ltd		487
	1,507,353		BOC Hong Kong Holdings Ltd		6,274
	112,431		Cathay Pacific Airways Ltd		276
	58,723		Cheung Kong Infrastructure Holdings Ltd		456
	807,543	*	Cheung Kong Property Holdings Ltd		6,699
	5,122,000		China Gas Holdings Ltd		8,195
	625,000		Chow Sang Sang Holding		1,254
	807,543		CK Hutchison Holdings Ltd		11,873
	513,954		CLP Holdings Ltd		4,368
	1,370,331	e	Esprit Holdings Ltd		1,283
	225,463		First Pacific Co		190
	226,803		Galaxy Entertainment Group Ltd		902
	1,063,434	*	Global Brands Group Holding Ltd		224
	209,000	*	Glorious Property Holdings Ltd		33
	1,900,000		Haier Electronics Group Co Ltd		5,116
	777,517		Hang Lung Group Ltd		3,422
	3,393,803		Hang Lung Properties Ltd		10,086
	365,972		Hang Seng Bank Ltd		7,148
	447,198		Henderson Land Development Co Ltd		3,057
	257,660		HKT Trust and HKT Ltd		303
	2,265,066		Hong Kong & China Gas Ltd		4,746
	303,776		Hong Kong Electric Holdings Ltd		2,770
	179,462		Hong Kong Exchanges and Clearing Ltd		6,323
	61,760		Hysan Development Co Ltd		267
	1,524,448		Kerry Properties Ltd		5,976
	1,633,027		Li & Fung Ltd		1,295
	223,968		Link REIT		1,311
	452,754		MTR Corp		2,106
	1,651,913		New World Development Co Ltd		2,158
	446,202		Noble Group Ltd		251

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	147,328		NWS Holdings Ltd	$	213
	396,040		PCCW Ltd		236
	235,933		Sands China Ltd		793
	2,770,286		Shanghai Real Estate Ltd		170
	113,992		Shangri-La Asia Ltd		159
	292,542		Sino Land Co		488
	192,611	e	SJM Holdings Ltd		208
	1,066,642		Sun Hung Kai Properties Ltd		17,261
	154,128		Swire Pacific Ltd (Class A)		1,935
	1,810,200		Swire Properties Ltd		5,774
	130,402		Techtronic Industries Co		426
	571,500	*,g	WH Group Ltd		389
	2,085,701		Wharf Holdings Ltd		13,861
	89,334		Wheelock & Co Ltd		456
	70,912		Yue Yuen Industrial Holdings		237
			TOTAL HONG KONG		194,647

INDIA - 0.5%
	350,000	*	Axis Bank Ltd		3,068
	1,650,000		Bank of Baroda		3,735
	99,359		Bharti Infratel Ltd		697
	180,000		Cadila Healthcare Ltd		5,079
	133,600		Container Corp Of India Ltd		3,514
	322,531	*	DEN Networks Ltd		717
	3,893,510		DLF Ltd		7,113
	110,200		Dr Reddy’s Laboratories Ltd		6,135
	530,000	*	HDFC Bank Ltd		8,872
	332,666		Housing Development Finance Corp		6,767
	450,000	e	ICICI Bank Ltd (ADR)		4,689
	283,431		Jyothy Laboratories Ltd		1,298
	196,320		LIC Housing Finance Ltd		1,388
	410,000		Lupin Ltd		12,133
	100,756	*,e	MakeMyTrip Ltd		1,983
	6,000		MRF Ltd		3,222
	90,834		Prestige Estates Projects Ltd		352
	1,113,028	*	Puravankara Projects Ltd		1,383
	111,069		Reliance Industries Ltd		1,743
	154,738		Shriram Transport Finance Co Ltd		2,073
	800,000		Sun Pharmaceutical Industries Ltd		10,987
	813,513	*	Sunteck Realty Ltd		3,385
	1,371,559		Tata Motors Ltd		5,605
	26,406,156	*	Unitech Ltd		3,284
	600,000		United Phosphorus Ltd		5,039
			TOTAL INDIA		104,261

INDONESIA - 0.0%
	1,396,300		PT Bank Mandiri Persero Tbk		1,049
	41,374,500		PT Express Transindo Utama Tbk		3,088
			TOTAL INDONESIA		4,137

IRELAND - 1.2%
	1,342,671	*	Bank of Ireland		544

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	1,611,338		CRH plc	$	45,428
	60,000		DCC plc		4,712
	3,002,262		Green REIT plc		4,907
	6,470,177		Hibernia REIT plc		9,089
	147,992	*,m	Irish Bank Resolution Corp Ltd		0	^
	43,577		James Hardie Industries NV		580
	327,203		Kerry Group plc (Class A)		24,272
	6,302		Ryanair Holdings plc		83
	446,866		Ryanair Holdings plc (ADR)		31,884
	608,229		Shire Ltd		48,871
	977,088		Smurfit Kappa Group plc		26,930
	1,018,252		XL Capital Ltd		37,879
			TOTAL IRELAND		235,179

ISRAEL - 0.1%
	1,934		Azrieli Group		77
	51,034		Bank Hapoalim Ltd		275
	67,321	*	Bank Leumi Le-Israel		285
	92,664		Bezeq Israeli Telecommunication Corp Ltd		158
	180		Delek Group Ltd		53
	24,678		Israel Chemicals Ltd		172
	137		Israel Corp Ltd		48
	5,897		Mizrahi Tefahot Bank Ltd		73
	2,731		Nice Systems Ltd		173
	41,968		Teva Pharmaceutical Industries Ltd		2,484
	285,146		Teva Pharmaceutical Industries Ltd (ADR)		16,852
			TOTAL ISRAEL		20,650

ITALY - 1.1%
	4,000,000		A2A S.p.A.		4,774
	413,333		Ansaldo STS S.p.A.		4,302
	57,640		Assicurazioni Generali S.p.A.		1,039
	19,900		Autostrade S.p.A.		492
	11,432,360		Banca Intesa S.p.A.		41,516
	50,397		Banca Intesa S.p.A. RSP		161
	140,528	*	Banca Monte dei Paschi di Siena S.p.A		274
	43,846		Banche Popolari Unite Scpa		352
	17,948	*	Banco Popolare SC		295
	86,571		Enel Green Power S.p.A		169
	4,100,379	e	Enel S.p.A.		18,584
	624,693		ENI S.p.A.		11,096
	114,906		Exor S.p.A.		5,489
	20,883	*	Finmeccanica S.p.A.		263
	36,195		Fondiaria-Sai S.p.A		90
	286,814		Luxottica Group S.p.A.		19,078
	2,184,673		Mediaset S.p.A.		10,517
	5,293,714		Mediobanca S.p.A.		51,903
	600,000		Mediolanum S.p.A.		4,952
	701,920		Moncler S.p.A		13,007
	765,600	*,g	OVS S.p.A		4,502
	12,170		Pirelli & C S.p.A.		205
	9,189		Prysmian S.p.A.		199

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	12,756	*,e	Saipem S.p.A.	$	135
	101,580		Snam Rete Gas S.p.A.		483
	286,978		Telecom Italia RSP		293
	489,403	*,e	Telecom Italia S.p.A.		622
	71,779		Terna Rete Elettrica Nazionale S.p.A.		317
	233,382		UniCredit S.p.A		1,568
	304,209	*	Yoox S.p.A		9,845
			TOTAL ITALY		206,522

JAPAN - 8.3%
	2,100	e	ABC-Mart, Inc		129
	35,900	*,e	Acom Co Ltd		138
	400		Activia Properties Inc		3,387
	2,090		Advance Residence Investment Corp		5,118
	12,643		Advantest Corp		131
	52,909		Aeon Co Ltd		751
	8,803	e	AEON Financial Service Co Ltd		244
	9,560		Aeon Mall Co Ltd		179
	13,000		Air Water, Inc		238
	197,542		Aisin Seiki Co Ltd		8,399
	45,529		Ajinomoto Co, Inc		985
	14,000		Alfresa Holdings Corp		218
	88,435		All Nippon Airways Co Ltd		240
	28,244		Amada Co Ltd		298
	2,607,848		Aozora Bank Ltd		9,839
	192,107		Asahi Breweries Ltd		6,101
	75,773		Asahi Glass Co Ltd		455
	623,134		Asahi Kasei Corp		5,111
	13,000		Asics Corp		336
	662,600		Astellas Pharma, Inc		9,439
	107,105		Bank of Kyoto Ltd		1,232
	361,971		Bank of Yokohama Ltd		2,217
	5,353		Benesse Corp		134
	520,804		Bridgestone Corp		19,250
	19,385		Brother Industries Ltd		274
	45,800		Calbee, Inc		1,929
	86,797		Canon, Inc		2,816
	16,933	e	Casio Computer Co Ltd		334
	45,900		Central Japan Railway Co		8,283
	241,323		Chiba Bank Ltd		1,838
	118,100		Chiyoda Corp		1,045
	192,466		Chubu Electric Power Co, Inc		2,869
	73,158		Chugai Pharmaceutical Co Ltd		2,523
	50,100		Chugoku Bank Ltd		790
	84,353		Chugoku Electric Power Co, Inc		1,231
	20,942		Citizen Watch Co Ltd		146
	4,000	e	COLOPL, Inc		81
	12,055		Credit Saison Co Ltd		258
	1,200		Crescendo Investment Corp		909
	45,000		CyberAgent, Inc		2,135
	408,400	*,e	CYBERDYNE, Inc		10,631
	44,076		Dai Nippon Printing Co Ltd		455

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	24,030		Daicel Chemical Industries Ltd	$	308
	15,290		Daihatsu Motor Co Ltd		218
	252,800		Dai-ichi Mutual Life Insurance Co		4,964
	51,197		Daiichi Sankyo Co Ltd		946
	74,546		Daikin Industries Ltd		5,359
	12,763		Dainippon Sumitomo Pharma Co Ltd		141
	15,911		Daito Trust Construction Co Ltd		1,647
	235,056		Daiwa House Industry Co Ltd		5,476
	447,300		Daiwa Securities Group, Inc		3,346
	766,600	e	Dena Co Ltd		15,066
	282,045		Denso Corp		14,033
	17,555		Dentsu, Inc		908
	409,600		Don Quijote Co Ltd		17,428
	212,952		East Japan Railway Co		19,144
	20,717		Eisai Co Ltd		1,389
	38,693		Electric Power Development Co		1,367
	4,644		FamilyMart Co Ltd		214
	58,443		Fanuc Ltd		11,958
	27,718		Fast Retailing Co Ltd		12,569
	1,194,822		Fuji Electric Holdings Co Ltd		5,139
	703,542		Fuji Heavy Industries Ltd		25,870
	546,284		Fujifilm Holdings Corp		19,496
	189,991		Fujitsu Ltd		1,062
	243,663		Fukuoka Financial Group, Inc		1,263
	159,400		GMO Payment Gateway, Inc		5,145
	35,800		GungHo Online Entertainment Inc		139
	119,879		Gunma Bank Ltd		885
	122,842		Hachijuni Bank Ltd		926
	17,800		Hakuhodo DY Holdings, Inc		190
	11,500		Hamamatsu Photonics KK		339
	94,000		Hankyu Hanshin Holdings, Inc		555
	700,000		Haseko Corp		8,245
	1,400		Hikari Tsushin, Inc		94
	80,482		Hino Motors Ltd		995
	2,500		Hirose Electric Co Ltd		358
	160,000		Hiroshima Bank Ltd		955
	4,667		Hisamitsu Pharmaceutical Co, Inc		181
	8,252		Hitachi Chemical Co Ltd		149
	8,522		Hitachi Construction Machinery Co Ltd		149
	20,900		Hitachi High-Technologies Corp		588
	7,136,285		Hitachi Ltd		47,011
	17,000		Hitachi Metals Ltd		261
	365,000		Hokuhoku Financial Group, Inc		861
	53,131		Hokuriku Electric Power Co		791
	551,768		Honda Motor Co Ltd		17,833
	67,000		House Foods Corp		1,273
	714,853		Hoya Corp		28,630
	158		Hulic Reit, Inc		225
	9,666		Ibiden Co Ltd		163
	1,552		Ichigo Real Estate Investment Corp		1,122
	7,800		Idemitsu Kosan Co Ltd		153
	11,800		Iida Group Holdings Co Ltd		188

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	200		Industrial & Infrastructure Fund Investment Corp	$	903
	287,400		Infomart Corp		3,630
	298,100		Inpex Holdings, Inc		3,384
	159,981		Isetan Mitsukoshi Holdings Ltd		2,858
	1,818,878		Ishikawajima-Harima Heavy Industries Co Ltd		8,469
	48,800		Isuzu Motors Ltd		640
	846,770		Itochu Corp		11,183
	23,500		Itochu Techno-Science Corp		585
	74,152		Iyo Bank Ltd		910
	299,200		J Front Retailing Co Ltd		5,631
	236,900		Japan Airlines Co Ltd		8,256
	3,500		Japan Airport Terminal Co Ltd		191
	31,100	*	Japan Display, Inc		117
	62		Japan Prime Realty Investment Corp		193
	101		Japan Real Estate Investment Corp		458
	5,243		Japan Rental Housing Investments, Inc		3,683
	690		Japan Retail Fund Investment Corp		1,380
	428,000		Japan Tobacco, Inc		15,215
	39,904		JFE Holdings, Inc		884
	67,978		JGC Corp		1,283
	200,624		Joyo Bank Ltd		1,123
	15,453		JSR Corp		273
	416,303		JTEKT Corp		7,872
	2,130,680		JX Holdings, Inc		9,186
	500,000		kabu.com Securities Co Ltd		1,672
	68,372		Kajima Corp		321
	11,600	e	Kakaku.com, Inc		168
	202,252		Kamigumi Co Ltd		1,899
	69,000		Kanamoto Co Ltd		1,749
	21,900		Kaneka Corp		160
	217,474	*	Kansai Electric Power Co, Inc		2,408
	19,480		Kansai Paint Co Ltd		302
	40,853		Kao Corp		1,900
	516,212		Kawasaki Heavy Industries Ltd		2,406
	570,200		KDDI Corp		13,760
	41,000		Keihan Electric Railway Co Ltd		239
	151,622		Keihin Electric Express Railway Co Ltd		1,144
	185,910		Keio Corp		1,330
	22,426		Keisei Electric Railway Co Ltd		267
	2,263		Kenedix Realty Investment Corp		11,335
	11,451		Keyence Corp		6,172
	11,795		Kikkoman Corp		368
	332,914		Kintetsu Corp		1,134
	65,649		Kirin Brewery Co Ltd		904
	255,084		Kobe Steel Ltd		429
	8,300		Koito Manufacturing Co Ltd		323
	75,922		Komatsu Ltd		1,523
	7,773		Konami Corp		145
	36,413		Konica Minolta Holdings, Inc		424
	1,090,258		Kubota Corp		17,288
	27,874		Kuraray Co Ltd		341
	8,845		Kurita Water Industries Ltd		206

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	59,400		Kyocera Corp	$	3,088
	19,045		Kyowa Hakko Kogyo Co Ltd		249
	124,984	*	Kyushu Electric Power Co, Inc		1,449
	5,251		Lawson, Inc		359
	21,523		LIXIL Group Corp		427
	15,900		Mabuchi Motor Co Ltd		1,006
	100,000		Maeda Corp		693
	54,036		Makita Corp		2,927
	915,772		Marubeni Corp		5,255
	19,109		Marui Co Ltd		258
	3,696		Maruichi Steel Tube Ltd		92
	1,222,100		Matsui Securities Co Ltd		10,721
	558,955		Matsushita Electric Industrial Co Ltd		7,656
	898,500		Mazda Motor Corp		17,583
	5,300	e	McDonald’s Holdings Co Japan Ltd		112
	10,812		Mediceo Paltac Holdings Co Ltd		176
	4,949		MEIJI Holdings Co Ltd		639
	26,000		Minebea Co Ltd		429
	17,300		Miraca Holdings, Inc		864
	270,000		MISUMI Group, Inc		3,833
	410,919		Mitsubishi Chemical Holdings Corp		2,583
	381,795		Mitsubishi Corp		8,393
	844,814		Mitsubishi Electric Corp		10,909
	277,705		Mitsubishi Estate Co Ltd		5,981
	287,160		Mitsubishi Gas Chemical Co, Inc		1,608
	1,063,150		Mitsubishi Heavy Industries Ltd		6,463
	10,262		Mitsubishi Logistics Corp		135
	92,293		Mitsubishi Materials Corp		354
	52,100		Mitsubishi Motors Corp		443
	5,238,154		Mitsubishi UFJ Financial Group, Inc		37,686
	39,300		Mitsubishi UFJ Lease & Finance Co Ltd		215
	534,304		Mitsui & Co Ltd		7,259
	240,087		Mitsui Chemicals, Inc		892
	901,100		Mitsui Engineering & Shipbuilding Co Ltd		1,559
	942,437		Mitsui Fudosan Co Ltd		26,372
	1,937,499		Mitsui OSK Lines Ltd		6,202
	309,509		Mitsui Sumitomo Insurance Group Holdings, Inc		9,635
	1,659,918		Mitsui Trust Holdings, Inc		7,593
	3,700	e	Mixi Inc		184
	5,226,856		Mizuho Financial Group, Inc		11,310
	110,000		Monex Beans Holdings, Inc		302
	346,300	e	MonotaRO Co Ltd		15,202
	312,720		Murata Manufacturing Co Ltd		54,574
	9,800		Nabtesco Corp		246
	71,000	e	Nagoya Railroad Co Ltd		265
	14,106		Namco Bandai Holdings, Inc		273
	210,615		NEC Corp		637
	10,100		Nexon Co Ltd		139
	243,179		NGK Insulators Ltd		6,257
	14,488		NGK Spark Plug Co Ltd		401
	12,238		NHK Spring Co Ltd		135
	167,800		Nidec Corp		12,558

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	445,100		Nihon Nohyaku Co Ltd	$	4,315
	77,181	e	Nikon Corp		892
	54,698		Nintendo Co Ltd		9,125
	432		Nippon Building Fund, Inc		1,891
	32,184		Nippon Electric Glass Co Ltd		163
	69,441		Nippon Express Co Ltd		341
	14,944		Nippon Meat Packers, Inc		341
	12,200		Nippon Paint Co Ltd		344
	2,590		Nippon ProLogis REIT, Inc		4,766
	1,316,176		Nippon Steel Corp		3,413
	528,660		Nippon Telegraph & Telephone Corp		19,146
	503,308		Nippon Yusen Kabushiki Kaisha		1,401
	1,216,743		Nissan Motor Co Ltd		12,711
	17,000		Nisshin Seifun Group, Inc		226
	5,135		Nissin Food Products Co Ltd		225
	42,400		Nissin Kogyo Co Ltd		699
	6,000		Nitori Co Ltd		489
	331,437		Nitto Denko Corp		27,218
	27,153		NKSJ Holdings, Inc		994
	7,751		NOK Corp		240
	3,233,663		Nomura Holdings, Inc		21,833
	10,174		Nomura Real Estate Holdings, Inc		214
	84,664		Nomura Research Institute Ltd		3,311
	37,811		NSK Ltd		583
	110,700		NTT Data Corp		4,834
	497,700		NTT DoCoMo, Inc		9,555
	10,500		NTT Urban Development Corp		104
	52,259		Obayashi Corp		381
	202,098	e	Odakyu Electric Railway Co Ltd		1,886
	63,797		OJI Paper Co Ltd		277
	479,900		Olympus Corp		16,569
	66,102		Omron Corp		2,871
	181,598		Ono Pharmaceutical Co Ltd		19,821
	2,903		Oracle Corp Japan		121
	16,300		Oriental Land Co Ltd		1,040
	1,851,200		ORIX Corp		27,489
	152,981		Osaka Gas Co Ltd		604
	22,600		Osaka Securities Exchange Co Ltd		733
	7,700		Otsuka Corp		359
	31,700		Otsuka Holdings KK		1,010
	88,600		Park24 Co Ltd		1,517
	1,400,000	*	Pioneer Corp		2,549
	50,000		Pola Orbis Holdings, Inc		2,831
	64,400		Rakuten, Inc		1,040
	11,600		Recruit Holdings Co Ltd		354
	1,035,230		Resona Holdings, Inc		5,646
	396,481		Ricoh Co Ltd		4,107
	2,899		Rinnai Corp		228
	226,824		Rohm Co Ltd		15,197
	3,880		Sankyo Co Ltd		137
	3,800	e	Sanrio Co Ltd		103
	265,400		Santen Pharmaceutical Co Ltd		3,755

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	212,000		Sapporo Holdings Ltd	$	788
	109,800		Sawai Pharmaceutical Co Ltd		6,390
	18,180		SBI Holdings, Inc		250
	17,234		Secom Co Ltd		1,120
	15,043		Sega Sammy Holdings, Inc		197
	9,000		Seibu Holdings, Inc		208
	23,000		Seiko Epson Corp		408
	119,000		Seino Holdings Corp		1,332
	252,551		Sekisui Chemical Co Ltd		3,100
	217,320		Sekisui House Ltd		3,451
	350,181		Seven & I Holdings Co Ltd		15,032
	45,300		Seven Bank Ltd		210
	127,106	*,e	Sharp Corp		154
	55,119		Shikoku Electric Power Co, Inc		825
	20,982		Shimadzu Corp		285
	27,797		Shimamura Co Ltd		2,918
	6,381		Shimano, Inc		871
	1,534,962		Shimizu Corp		12,918
	214,600		Shin-Etsu Chemical Co Ltd		13,308
	510,649		Shinsei Bank Ltd		1,029
	94,533		Shionogi & Co Ltd		3,663
	29,585		Shiseido Co Ltd		671
	42,301		Shizuoka Bank Ltd		442
	24,600		Shoei Co Ltd		218
	15,973		Showa Shell Sekiyu KK		140
	4,288		SMC Corp		1,290
	816,960		Softbank Corp		48,121
	2,400,000		Sojitz Holdings Corp		5,829
	75,000		So-net M3, Inc		1,508
	1,804,082	*	Sony Corp		51,230
	14,000		Sony Financial Holdings, Inc		245
	11,315		Stanley Electric Co Ltd		236
	1,141,883		Sumitomo Chemical Co Ltd		6,861
	234,363		Sumitomo Corp		2,728
	60,576		Sumitomo Electric Industries Ltd		938
	1,525,625		Sumitomo Heavy Industries Ltd		8,886
	39,464		Sumitomo Metal Mining Co Ltd		600
	1,120,079		Sumitomo Mitsui Financial Group, Inc		49,865
	120,725		Sumitomo Realty & Development Co Ltd		4,231
	13,463		Sumitomo Rubber Industries, Inc		209
	11,000		Suntory Beverage & Food Ltd		438
	231,754		Suruga Bank Ltd		4,964
	6,200		Suzuken Co Ltd		198
	29,322		Suzuki Motor Corp		990
	306,600		Sysmex Corp		18,260
	176,031		T&D Holdings, Inc		2,624
	92,000		Taiheiyo Cement Corp		269
	306,143		Taisei Corp		1,758
	2,623		Taisho Pharmaceutical Holdings Co Ltd		177
	12,272		Taiyo Nippon Sanso Corp		149
	407,718		Takashimaya Co Ltd		3,696
	299,148		Takeda Pharmaceutical Co Ltd		14,439

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	70,981		Tanabe Seiyaku Co Ltd	$	1,063
	82,527		TDK Corp		6,319
	1,224,613		Teijin Ltd		4,752
	24,700		Terumo Corp		592
	55,976		THK Co Ltd		1,208
	290,878		Tobu Railway Co Ltd		1,249
	8,975		Toho Co Ltd		223
	33,000		Toho Gas Co Ltd		195
	142,015		Tohoku Electric Power Co, Inc		1,923
	544,764		Tokio Marine Holdings, Inc		22,656
	118,560	*	Tokyo Electric Power Co, Inc		646
	42,910		Tokyo Electron Ltd		2,727
	2,811,724		Tokyo Gas Co Ltd		14,927
	50,000		Tokyo Ohka Kogyo Co Ltd		1,418
	16,500		Tokyo Tatemono Co Ltd		229
	526,852		Tokyu Corp		3,526
	43,500		Tokyu Fudosan Holdings Corp		335
	361,126		TonenGeneral Sekiyu KK		3,359
	329,427		Toppan Printing Co Ltd		2,754
	465,664		Toray Industries, Inc		3,936
	410,481		Toshiba Corp		1,408
	900,000		Tosoh Corp		5,592
	23,681		Toto Ltd		427
	12,839		Toyo Seikan Kaisha Ltd		206
	37,099		Toyo Suisan Kaisha Ltd		1,352
	185,197		Toyoda Gosei Co Ltd		4,464
	13,361		Toyota Industries Corp		761
	1,969,048		Toyota Motor Corp		131,763
	17,394		Toyota Tsusho Corp		467
	8,528		Trend Micro, Inc		292
	111,600		Uni-Charm Corp		2,651
	214		United Urban Investment Corp		302
	17,730		USS Co Ltd		320
	32,900		West Japan Railway Co		2,105
	451,100		Yahoo! Japan Corp		1,821
	7,177		Yakult Honsha Co Ltd		425
	57,890	e	Yamada Denki Co Ltd		232
	64,406	e	Yamaguchi Financial Group, Inc		802
	13,388		Yamaha Corp		270
	21,483		Yamaha Motor Co Ltd		469
	28,755		Yamato Transport Co Ltd		556
	9,553		Yamazaki Baking Co Ltd		159
	368,084		Yaskawa Electric Corp		4,708
	18,310		Yokogawa Electric Corp		236
	8,000		Yokohama Rubber Co Ltd		161
	141,000	e	Yumeshin Holdings Co Ltd		899
			TOTAL JAPAN		1,631,587

JERSEY, C.I. - 0.0%
	4,619		Randgold Resources Ltd		310
			TOTAL JERSEY, C.I.		310

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
KOREA, REPUBLIC OF - 0.3%
	37,000		Daewoo International Corp	$	855
	29,000		Hanssem Co Ltd		7,302
	73,131		KB Financial Group, Inc		2,415
	3,000		Naver Corp		1,703
	26,064		Samsung Electronics Co Ltd		29,572
	20,000		Samsung Fire & Marine Insurance Co Ltd		5,270
	90,000		Woongjin Coway Co Ltd		7,369
			TOTAL KOREA, REPUBLIC OF		54,486

LUXEMBOURG - 0.1%
	4,220	*	Altice S.A.		581
	48,498		ArcelorMittal		471
	3,877,524		B&M European Value Retail S.A.		20,891
	3,261		Millicom International Cellular S.A.		241
	15,273		SES Global S.A.		514
	23,377	e	Tenaris S.A.		315
			TOTAL LUXEMBOURG		23,013

MACAU - 0.0%
	88,992		MGM China Holdings Ltd		145
	151,783		Wynn Macau Ltd		253
			TOTAL MACAU		398

MALAYSIA - 0.1%
	5,555,550		Karex BHD		4,521
	1,266,980		Public Bank BHD		6,286
	1,200,000		Tenaga Nasional BHD		4,020
	34,220		YNH Property BHD		17
			TOTAL MALAYSIA		14,844

MEXICO - 0.1%
	814,487	*	Cemex SAB de C.V. (ADR)		7,461
	11,287		Fresnillo plc		123
	700,000		Gruma SAB de C.V.		8,995
	100,000	e	Southern Copper Corp (NY)		2,941
			TOTAL MEXICO		19,520

NETHERLANDS - 1.7%
	88,332		Aegon NV		652
	125,000	*	AerCap Holdings NV		5,724
	347,425		Akzo Nobel NV		25,365
	488,665		ASML Holding NV		50,830
	44,600	e	ASML Holding NV (ADR)		4,644
	3,996		Boskalis Westminster		196
	9,885		Delta Lloyd NV		162
	8,607		DSM NV		500
	3,844	e	Gemalto NV		343
	4,589		Heineken Holding NV		322
	11,102		Heineken NV		844
	6,206,748		ING Groep NV		103,065

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	1,371,962	e	ING Groep NV (ADR)	$	22,747
	43,615		Koninklijke Ahold NV		819
	45,285		Koninklijke Philips Electronics NV		1,156
	3,278		Koninklijke Vopak NV		166
	9,872		NN Group NV		278
	260,597	*	NXP Semiconductors NV		25,591
	4,129	*,e	OCI NV		117
	6,019		Randstad Holdings NV		392
	1,507,321		Royal Dutch Shell plc (A Shares)		42,618
	1,062,164		Royal Dutch Shell plc (B Shares)		30,240
	156,790		Royal KPN NV		601
	23,640		TNT Express NV		201
	1,036,400	*,e	TomTom NV		11,765
	184,582		Wolters Kluwer NV		5,494
			TOTAL NETHERLANDS		334,832

NEW ZEALAND - 0.1%
	4,000,000		Air New Zealand Ltd		6,911
	88,380		Auckland International Airport Ltd		296
	35,566		Contact Energy Ltd		121
	66,214		Fletcher Building Ltd		364
	120,762	*	Meridian Energy Ltd		177
	67,787		Mighty River Power Ltd		128
	36,298		Ryman Healthcare Ltd		195
	900,000	e	Sky Network Television Ltd		3,664
	179,218		Telecom Corp of New Zealand Ltd		339
			TOTAL NEW ZEALAND		12,195

NORWAY - 0.4%
	781,800		DNB NOR Holding ASA		13,020
	10,150		Gjensidige Forsikring BA		163
	65,138		Norsk Hydro ASA		273
	40,576		Orkla ASA		318
	400,000		PAN Fish ASA		4,581
	18,436	e	Seadrill Ltd (Oslo Exchange)		192
	2,952,234		Statoil ASA		52,795
	36,145		Telenor ASA		793
	8,990		Yara International ASA		468
			TOTAL NORWAY		72,603

PHILIPPINES - 0.1%
	20,895,900	*	Melco Crown Philippines Resorts Corp		2,372
	4,174,604		Metropolitan Bank & Trust		8,701
	8,754,350		Robinsons Retail Holdings, Inc		14,455
			TOTAL PHILIPPINES		25,528

POLAND - 0.0%
	800,000		Polska Grupa Energetyczna S.A.		3,923
			TOTAL POLAND		3,923

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
PORTUGAL - 0.0%
	1,835,697	*,e	Banco Comercial Portugues S.A.	$	161
	115,340	e	Energias de Portugal S.A.		439
	19,041		Galp Energia SGPS S.A.		224
	463,384		Jeronimo Martins SGPS S.A.		5,975
			TOTAL PORTUGAL		6,799

RUSSIA - 0.0%
	619,800		Sberbank of Russian Federation (ADR)		3,232
	203,100	*	X 5 Retail Group NV (GDR)		3,379
			TOTAL RUSSIA		6,611

SINGAPORE - 0.4%
	197,255		Ascendas REIT		360
	121,003		Avago Technologies Ltd		16,085
	185,197		CapitaCommercial Trust		214
	773,546		CapitaLand Ltd		2,009
	654,017		CapitaMall Trust		1,043
	138,800		City Developments Ltd		1,007
	202,648		ComfortDelgro Corp Ltd		471
	738,706		DBS Group Holdings Ltd		11,334
	593,192		Genting International plc		394
	3,805,995		Global Logistic Properties		7,145
	683,765		Golden Agri-Resources Ltd		208
	557,347		Hutchison Port Holdings Trust		351
	10,166	e	Jardine Cycle & Carriage Ltd		250
	422,168		Keppel Corp Ltd		2,573
	54,756		Keppel Infrastructure Trust		22
	78,567	e	K-REIT Asia		67
	460,636		Oversea-Chinese Banking Corp		3,479
	95,148		SembCorp Industries Ltd		275
	367,917	e	SembCorp Marine Ltd		775
	155,384		Singapore Airlines Ltd		1,237
	268,943		Singapore Exchange Ltd		1,562
	524,025	e	Singapore Press Holdings Ltd		1,587
	484,507		Singapore Technologies Engineering Ltd		1,186
	2,631,491		Singapore Telecommunications Ltd		8,212
	56,630		StarHub Ltd		166
	229,800		Suntec Real Estate Investment Trust		294
	266,268		United Overseas Bank Ltd		4,556
	47,209	e	United Overseas Land Ltd		242
	185,562		Wilmar International Ltd		452
	3,057,000	e	Yanlord Land Group Ltd		2,563
			TOTAL SINGAPORE		70,119

SOUTH AFRICA - 0.2%
	400,000		Foschini Ltd		5,229
	26,237		Investec plc		236
	558,033		Mondi plc		12,014
	55,300		Naspers Ltd (N Shares)		8,599
	800,000		Sanlam Ltd		4,355
	90,000		Sasol Ltd		3,332
			TOTAL SOUTH AFRICA		33,765

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
SPAIN - 0.8%
	21,455		Abertis Infraestructuras S.A. (Continuous)	$	352
	80,000	*,e	Acciona S.A.		6,058
	632,172		Acerinox S.A.		8,751
	9,876		ACS Actividades Construccion y Servicios S.A.		319
	3,265	*,g	Aena S.A.		341
	610,948		Amadeus IT Holding S.A.		24,389
	307,833		Banco Bilbao Vizcaya Argentaria S.A.		3,033
	237,575		Banco de Sabadell S.A.		575
	4,164	*,m	Banco de Sabadell S.A. (Int Shares)		10
	85,508		Banco Popular Espanol S.A.		416
	1,244,423		Banco Santander Central Hispano S.A.		8,753
	225,811	*	Bankia S.A.		288
	33,880		Bankinter S.A.		251
	160,000	*,g	Cellnex Telecom SAU		2,707
	55,287		Corp Mapfre S.A.		191
	2,935,435		Criteria CaixaBank S.A.		13,659
	930,614		Distribuidora Internacional de Alimentacion S.A.		7,132
	10,505	e	Enagas		286
	1,030,137	e	Endesa S.A.		19,729
	21,672	e	Ferrovial S.A.		471
	217,051	e	Gas Natural SDG S.A.		4,929
	300,000		Gestevision Telecinco S.A.		3,939
	7,144	e	Grifols S.A.		289
	4,041,435		Iberdrola S.A.		27,286
	52,425		Inditex S.A.		1,710
	129,390	*,e,m	Let’s GOWEX S.A.		1
	5,257	e	Red Electrica de Espana		422
	295,909	e	Repsol YPF S.A.		5,216
	235,400	e	Tecnicas Reunidas S.A.		12,128
	550,716		Telefonica S.A.		7,845
	7,628		Zardoya Otis S.A.		83
			TOTAL SPAIN		161,559

SWEDEN - 0.7%
	13,146		Alfa Laval AB		231
	110,000	*,e	Arcam AB		1,888
	274,249		Assa Abloy AB		5,163
	32,638		Atlas Copco AB (A Shares)		913
	19,260		Atlas Copco AB (B Shares)		480
	12,941	e	Autoliv, Inc		1,511
	804,273		Boliden AB		14,662
	657,577		Electrolux AB (Series B)		20,604
	16,698	e	Elekta AB (B Shares)		105
	148,323		Ericsson (LM) (B Shares)		1,545
	10,001		Getinge AB (B Shares)		241
	46,305		Hennes & Mauritz AB (B Shares)		1,782
	297,185		Hexagon AB (B Shares)		10,764
	19,823		Husqvarna AB (B Shares)		149
	3,674	e	ICA Gruppen AB		130
	8,009		Industrivarden AB		151

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	713,283		Intrum Justitia AB	$	21,600
	22,508		Investor AB (B Shares)		839
	200,000		JM AB		5,451
	964,643	e	Kinnevik Investment AB (Series B)		30,512
	10,759	*,e	Lundin Petroleum AB		185
	200,000		NCC AB (B Shares)		6,108
	148,188		Nordea Bank AB		1,848
	51,828		Sandvik AB		573
	14,914		Securitas AB (B Shares)		197
	73,545		Skandinaviska Enskilda Banken AB (Class A)		941
	18,552		Skanska AB (B Shares)		376
	19,563		SKF AB (B Shares)		446
	28,838		Svenska Cellulosa AB (B Shares)		733
	73,362		Svenska Handelsbanken AB		1,071
	243,587		Swedbank AB (A Shares)		5,679
	9,480		Swedish Match AB		270
	15,675		Tele2 AB		183
	125,423		TeliaSonera AB		739
	583,924		Volvo AB (B Shares)		7,251
			TOTAL SWEDEN		145,321

SWITZERLAND - 4.2%
	107,049		ABB Ltd		2,244
	66,028		Actelion Ltd		9,670
	401,311		Adecco S.A.		32,569
	4,541		Aryzta AG.		223
	54,447		Baloise Holding AG.		6,639
	104		Barry Callebaut AG.		118
	399,911		Cie Financiere Richemont S.A.		32,504
	180,000		Clariant AG.		3,689
	9,561		Coca-Cola HBC AG.		205
	536,644		Credit Suisse Group		14,805
	1,325	*	Dufry Group		185
	420		EMS-Chemie Holding AG.		177
	7,200		Flughafen Zuerich AG.		5,574
	1,837		Geberit AG.		612
	8,000		Georg Fischer AG.		5,500
	443		Givaudan S.A.		767
	542,726		Glencore Xstrata plc		2,176
	649,753		Holcim Ltd		47,942
	10,712		Julius Baer Group Ltd		601
	8,000		Kaba Holding AG.		4,762
	2,767		Kuehne & Nagel International AG.		367
	49		Lindt & Spruengli AG.		259
	5		Lindt & Spruengli AG. (Registered)		313
	280,416		Lonza Group AG.		37,482
	1,184,900		Nestle S.A.		85,491
	2,146,818		Novartis AG.		211,162
	1,445		Pargesa Holding S.A.		97
	810		Partners Group		242
	2,596		Phonak Holding AG.		351
	463,571		Roche Holding AG.		129,982

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	2,194		Schindler Holding AG.	$	359
	1,027		Schindler Holding AG. (Registered)		168
	269		SGS S.A.		491
	103		Sika AG.		363
	31,003		STMicroelectronics NV		254
	1,113		Sulzer AG.		114
	1,504		Swatch Group AG.		586
	2,461		Swatch Group AG. (Registered)		185
	1,575		Swiss Life Holding		361
	3,424		Swiss Prime Site AG.		260
	518,994		Swiss Re Ltd		45,943
	1,243		Swisscom AG.		697
	80,988		Syngenta AG.		33,045
	632,572		TE Connectivity Ltd		40,674
	3,253,973		UBS AG.		69,038
	7,252		Zurich Financial Services AG.		2,208
			TOTAL SWITZERLAND		831,454

TAIWAN - 0.4%
	6,250,000		Advanced Semiconductor Engineering, Inc		8,468
	2,078,000		Catcher Technology Co Ltd		25,979
	3,360,000		Cathay Financial Holding Co Ltd		5,867
	1,096,965		Eclat Textile Co Ltd		17,999
	3,430,746		Hota Industrial Manufacturing Co Ltd		11,024
	861,000		King Slide Works Co Ltd		11,484
	2,300,000		Pegatron Technology Corp		6,730
			TOTAL TAIWAN		87,551

THAILAND - 0.1%
	3,000,000		Delta Electronics Thai PCL		8,020
	2,730,600		Siam Commercial Bank PCL (Foreign)		12,542
			TOTAL THAILAND		20,562

TURKEY - 0.2%
	10,500,849		Emlak Konut Gayrimenkul Yatiri		10,813
	2,500,000		Eregli Demir ve Celik Fabrikalari TAS		4,045
	1,177,700		TAV Havalimanlari Holding AS		9,998
	1,800,000		Turkiye Is Bankasi (Series C)		3,785
			TOTAL TURKEY		28,641

UNITED ARAB EMIRATES - 0.1%
	370,000		Al Noor Hospitals Group plc		5,494
	473,008	*	Emaar Malls Group PJSC		429
	4,715,574		Emaar Properties PJSC		10,025
	1,425,000		First Gulf Bank PJSC		5,880
			TOTAL UNITED ARAB EMIRATES		21,828

UNITED KINGDOM - 7.6%
	48,052		3i Group plc		390
	43,699		Aberdeen Asset Management plc		277
	9,986		Admiral Group plc		218

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	12,873		Aggreko plc	$	291
	1,639,830	*	Aldermore Group plc		7,946
	18,590		AMEC plc		239
	67,986		Anglo American plc (London)		982
	20,129		Antofagasta plc		218
	2,995,168		ARM Holdings plc		49,013
	2,931,375		Ashtead Group plc		50,522
	110,100	*,e	ASOS plc		6,710
	980,299		Associated British Foods plc		44,174
	402,411		AstraZeneca plc		25,469
	3,121,601	*,g	Auto Trader Group plc		15,021
	645,616		Aviva plc		5,001
	12,806		Babcock International Group		217
	154,388		BAE Systems plc		1,094
	25,240,929		Barclays plc		103,454
	48,954		Barratt Developments plc		472
	300,000		Bellway plc		11,175
	166,369		BG Group plc		2,771
	4,527,949		BP plc		30,051
	90,884		British American Tobacco plc		4,893
	296,404		British Land Co plc		3,692
	4,915,677		Britvic plc		55,383
	1,083,298		BT Group plc		7,671
	16,053		Bunzl plc		438
	21,853		Burberry Group plc		539
	32,540		Capita Group plc		632
	239,604		Centrica plc		994
	160,000		Close Brothers Group plc		3,839
	47,480	e	CNH Industrial NV		433
	53,015		Cobham plc		219
	458,402		Compass Group plc		7,582
	136,700		Consort Medical plc		1,955
	936,296		Countrywide plc		8,356
	6,805		Croda International plc		294
	805,048		Delphi Automotive plc		68,502
	122,366		Diageo plc		3,544
	67,499		Direct Line Insurance Group plc		356
	1,289,900		easyJet plc		31,356
	47,803		Experian Group Ltd		869
	1,293,856	*,e	Fiat DaimlerChrysler Automobiles NV		18,981
	78,000		GKN plc		410
	1,257,792		GlaxoSmithKline plc		26,152
	74,539		Group 4 Securicor plc		314
	38,227		Hammerson plc		369
	12,192		Hargreaves Lansdown plc		221
	8,557,727		Hays plc		21,947
	3,553,715		HSBC Holdings plc		31,821
	550,000		HSBC Holdings plc (Hong Kong)		4,938
	27,772		ICAP plc		231
	12,067		IMI plc		213
	186,806		Imperial Tobacco Group plc		8,997
	1,075,000		Inchcape plc		13,684

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	22,513		Inmarsat plc	$	324
	11,325		InterContinental Hotels Group plc		457
	39,043	*	International Consolidated Airlines Group S.A.		305
	7,169,455	*	International Consolidated Airlines Group S.A. (London)		55,715
	7,960		Intertek Group plc		306
	183,140		ITV plc		758
	63,223	e	J Sainsbury plc		263
	10,087		Johnson Matthey plc		481
	2,596,035	*,e	Just Eat plc		16,588
	116,298		Kingfisher plc		634
	39,112		Land Securities Group plc		740
	10,187,937		Legal & General Group plc		39,835
	285,963	*	Liberty Global plc		14,478
	868,285	*	Liberty Global plc (Class A)		46,948
	46,622	e	Liberty International plc		225
	36,468,591		Lloyds TSB Group plc		48,948
	15,319		London Stock Exchange Group plc		570
	6,800,024		Man Group plc		16,760
	80,668		Marks & Spencer Group plc		681
	37,394		Meggitt plc		274
	49,612		Melrose Industries plc		193
	34,943	g	Merlin Entertainments plc		234
	182,081		National Grid plc		2,344
	46,606		New Carphone Warehouse plc		331
	330,355		Next plc		38,665
	234,612		Old Mutual plc		743
	40,365		Pearson plc		764
	15,616		Pentair plc		1,074
	14,423		Persimmon plc		448
	12,712	e	Petrofac Ltd		185
	3,567,639		Prudential plc		85,978
	31,402		Reckitt Benckiser Group plc		2,708
	364,182		Reed Elsevier NV		8,662
	54,421		Reed Elsevier plc		884
	33,918		Rexam plc		294
	302,962		Rightmove plc		15,588
	181,690		Rio Tinto Ltd		7,516
	560,258		Rio Tinto plc		23,045
	89,422		Rolls-Royce Group plc		1,221
	13,481,715	*,m	Rolls-Royce Holdings plc		21
	123,848	*	Royal Bank of Scotland Group plc		685
	38,387		Royal Mail plc		310
	49,014		RSA Insurance Group plc		306
	1,269,813		SABMiller plc		65,840
	51,331		Sage Group plc		413
	6,092		Schroders plc		304
	48,064		Scottish & Southern Energy plc		1,160
	37,343		Segro plc		238
	11,780		Severn Trent plc		385
	785,465	*,g	Shawbrook Group plc		4,513
	3,080,221		Sky plc		50,170

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	42,926		Smith & Nephew plc	$	726
	19,393		Smiths Group plc		344
	13,012	*	Sports Direct International plc		147
	396,070		Standard Chartered plc		6,343
	93,399		Standard Life plc		651
	13,633		Subsea 7 S.A.		133
	22,674		Tate & Lyle plc		185
	4,872,239		Taylor Wimpey plc		14,209
	394,201		Tesco plc		1,313
	1,099,130		Travis Perkins plc		36,403
	45,635		Tullow Oil plc		244
	79,766		Unilever NV		3,335
	62,413		Unilever plc		2,680
	32,099		United Utilities Group plc		450
	1,000,900		Vesuvius plc		6,671
	1,791,586	*	Virgin Money Holdings UK plc		12,393
	12,983,225		Vodafone Group plc		47,361
	10,322		Weir Group plc		275
	230,000		WH Smith plc		5,516
	335,161		Whitbread plc		26,038
	43,783		William Hill plc		277
	106,678	e	WM Morrison Supermarkets plc		303
	513,699		Wolseley plc		32,761
	2,187,455		WPP plc		49,100
			TOTAL UNITED KINGDOM		1,493,900

UNITED STATES - 55.7%
	243,129		3M Co		37,515
	65,000		A.O. Smith Corp		4,679
	1,001,980		Abbott Laboratories		49,177
	1,070,770		AbbVie, Inc		71,945
	27,878	e	Abercrombie & Fitch Co (Class A)		600
	158,312		Accenture plc		15,321
	252,136		ACE Ltd		25,637
	761,228		Activision Blizzard, Inc		18,429
	9,078		Acuity Brands, Inc		1,634
	191,533	*	Adobe Systems, Inc		15,516
	37,650	e	ADT Corp		1,264
	13,438		Advance Auto Parts, Inc		2,141
	148,325		AES Corp		1,967
	535,998		Aetna Inc		68,318
	27,008	*	Affiliated Managers Group, Inc		5,904
	53,664		Aflac, Inc		3,338
	14,242	e	AGCO Corp		809
	34,880		Agilent Technologies, Inc		1,346
	40,634		Air Products & Chemicals, Inc		5,560
	14,217		Airgas, Inc		1,504
	38,848	*	Akamai Technologies, Inc		2,712
	99,100		Alaska Air Group, Inc		6,385
	591,110		Albemarle Corp		32,671
	170,572		Alcoa, Inc		1,902
	387,226	*	Alexion Pharmaceuticals, Inc		69,999

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	138,391	*	Alkermes plc	$	8,904
	3,117	*	Alleghany Corp		1,461
	411,994	*	Allergan plc		125,024
	105,022	*	Alliance Data Systems Corp		30,660
	85,386		Alliant Energy Corp		4,928
	234,066		Allstate Corp		15,184
	1,099,883	*	Ally Financial, Inc		24,670
	13,726	*	Alnylam Pharmaceuticals, Inc		1,645
	39,255		Altera Corp		2,010
	456,062		Altria Group, Inc		22,306
	227,365	*	Amazon.com, Inc		98,697
	9,878		Amerco, Inc		3,229
	68,380		Ameren Corp		2,577
	36,111		American Airlines Group, Inc		1,442
	117,821		American Capital Agency Corp		2,164
	103,425		American Electric Power Co, Inc		5,478
	182,404		American Express Co		14,176
	151,900		American Financial Group, Inc		9,880
	183,108		American International Group, Inc		11,320
	101,124		American Tower Corp		9,434
	128,692		American Water Works Co, Inc		6,258
	146,183		Ameriprise Financial, Inc		18,263
	67,189		AmerisourceBergen Corp		7,145
	25,224		Ametek, Inc		1,382
	263,854		Amgen, Inc		40,507
	133,082		Amphenol Corp (Class A)		7,715
	512,941		Anadarko Petroleum Corp		40,040
	64,050		Analog Devices, Inc		4,111
	316,662		Annaly Capital Management, Inc		2,910
	13,916	*	Ansys, Inc		1,270
	8,469	*,e	Antero Resources Corp		291
	185,828		Anthem, Inc		30,502
	55,878		Aon plc		5,570
	619,946		Apache Corp		35,727
	3,661,543		Apple, Inc		459,249
	602,337		Applied Materials, Inc		11,577
	14,468		ARAMARK Holdings Corp		448
	44,268	*	Arch Capital Group Ltd		2,964
	319,142		Archer Daniels Midland Co		15,389
	11,628	*	Arrow Electronics, Inc		649
	12,257		Arthur J. Gallagher & Co		580
	17,703		Ashland, Inc		2,158
	12,449		Assurant, Inc		834
	835,851		AT&T, Inc		29,689
	368,037	*	Autodesk, Inc		18,429
	92,193		Automatic Data Processing, Inc		7,397
	135,101	*	Autonation, Inc		8,509
	25,985	*	AutoZone, Inc		17,329
	18,739		AvalonBay Communities, Inc		2,996
	14,698		Avery Dennison Corp		896
	18,722		Avnet, Inc		770
	36,582	e	Avon Products, Inc		229

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	21,432	*	Axalta Coating Systems Ltd	$	709
	166,701		Axiall Corp		6,010
	201,698		Axis Capital Holdings Ltd		10,765
	202,184		Baker Hughes, Inc		12,475
	152,360		Ball Corp		10,688
	6,359,013		Bank of America Corp		108,230
	93,150		Bank of New York Mellon Corp		3,910
	18,211		Bard (C.R.), Inc		3,109
	197,025		Baxter International, Inc		13,778
	77,869		BB&T Corp		3,139
	17,116		BE Aerospace, Inc		940
	52,069		Becton Dickinson & Co		7,376
	90,517	*	Bed Bath & Beyond, Inc		6,244
	671,043	*	Belmond Ltd.		8,381
	219,853	*	Berkshire Hathaway, Inc (Class B)		29,924
	931,879	*	Berry Plastics Group, Inc		30,193
	909,945		Best Buy Co, Inc		29,673
	374,009		Big Lots, Inc		16,827
	146,567	*	Biogen Idec, Inc		59,204
	337,966	*	BioMarin Pharmaceuticals, Inc		46,227
	48,676		BlackRock, Inc		16,841
	218,000		Blackstone Group LP		8,910
	96,231		Boeing Co		13,349
	23,205		BorgWarner, Inc		1,319
	37,175		Boston Properties, Inc		4,500
	540,308	*	Boston Scientific Corp		9,563
	54,000		Brinker International, Inc		3,113
	459,743		Bristol-Myers Squibb Co		30,591
	13,777		Brixmor Property Group, Inc		319
	744,402		Broadcom Corp (Class A)		38,329
	660,000		Brocade Communications Systems, Inc		7,841
	48,639		Brown-Forman Corp (Class B)		4,873
	258,308		Bunge Ltd		22,679
	74,155		CA, Inc		2,172
	60,855	e	Cablevision Systems Corp (Class A)		1,457
	130,038		Cabot Oil & Gas Corp		4,101
	97,000	*	CACI International, Inc (Class A)		7,846
	55,000	e	Cal-Maine Foods, Inc		2,871
	65,194	*	Calpine Corp		1,173
	29,319		Camden Property Trust		2,178
	45,804	*	Cameron International Corp		2,399
	37,189	e	Campbell Soup Co		1,772
	196,375		Capital One Financial Corp		17,275
	152,722		Cardinal Health, Inc		12,775
	188,784		Carlisle Cos, Inc		18,901
	91,306	*	Carmax, Inc		6,045
	81,858		Carnival Corp		4,043
	9,091		Carnival plc		465
	100,000		Carter’s, Inc		10,630
	61,437	*	Catamaran Corp (Toronto)		3,755
	81,726		Caterpillar, Inc		6,932
	1,103,058	*	CBRE Group, Inc		40,813

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	699,881		CBS Corp (Class B)	$	38,843
	23,791		CDK Global, Inc		1,284
	210,000		CDW Corp		7,199
	31,807		Celanese Corp (Series A)		2,286
	814,737	*	Celgene Corp		94,294
	21,511	*	Centene Corp		1,729
	113,973		Centerpoint Energy, Inc		2,169
	130,324		CenturyTel, Inc		3,829
	65,090	*	Cerner Corp		4,495
	344,030		CF Industries Holdings, Inc		22,114
	34,889		CH Robinson Worldwide, Inc		2,177
	714,869		Charles Schwab Corp		23,340
	20,263	*,e	Charter Communications, Inc		3,470
	40,000	e	Chemed Corp		5,244
	91,668	*	Cheniere Energy, Inc		6,349
	61,810	e	Chesapeake Energy Corp		690
	819,074		Chevron Corp		79,016
	135,030	e	Chicago Bridge & Iron Co NV		6,757
	15,107	*	Chipotle Mexican Grill, Inc (Class A)		9,140
	26,017		Chubb Corp		2,475
	74,571		Church & Dwight Co, Inc		6,050
	673,868	*	Ciena Corp		15,957
	168,225		Cigna Corp		27,252
	21,387		Cimarex Energy Co		2,359
	24,258		Cincinnati Financial Corp		1,217
	32,727		Cintas Corp		2,768
	3,717,616		Cisco Systems, Inc		102,086
	39,791		CIT Group, Inc		1,850
	998,938		Citigroup, Inc		55,181
	59,099		Citizens Financial Group, Inc		1,614
	41,218	*	Citrix Systems, Inc		2,892
	233,800	e	Cliffs Natural Resources, Inc		1,012
	53,054		Clorox Co		5,519
	52,260		CME Group, Inc		4,863
	972,880		CMS Energy Corp		30,977
	118,366		Coach, Inc		4,097
	55,513	*	Cobalt International Energy, Inc		539
	1,442,464		Coca-Cola Co		56,588
	26,100		Coca-Cola Enterprises, Inc		1,134
	116,266	*	Cognizant Technology Solutions Corp (Class A)		7,103
	91,439		Colgate-Palmolive Co		5,981
	989,520		Columbia Pipeline Partners LP		24,936
	2,466,148		Comcast Corp (Class A)		148,314
	129,692		Comcast Corp (Special Class A)		7,774
	40,503		Comerica, Inc		2,079
	200,000	*	CommScope Holding Co, Inc		6,102
	12,441	*,e	Communications Sales & Leasing, Inc		308
	100,000	*	Community Health Systems, Inc		6,297
	155,795		Computer Sciences Corp		10,226
	68,224		ConAgra Foods, Inc		2,983
	530,072	*	Concho Resources, Inc		60,354
	226,953		ConocoPhillips		13,937

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	300,000		Conseco, Inc	$	5,505
	29,916	e	Consol Energy, Inc		650
	64,050		Consolidated Edison, Inc		3,707
	35,265		Constellation Brands, Inc (Class A)		4,091
	113,078	*,e	Continental Resources, Inc		4,793
	31,089		Cooper Cos, Inc		5,533
	19,433	e	Core Laboratories NV		2,216
	190,287		Corning, Inc		3,754
	148,767		Costco Wholesale Corp		20,092
	22,500	*	Credit Acceptance Corp		5,539
	8,149	*,e	Cree, Inc		212
	89,304		Crown Castle International Corp		7,171
	525,726	*	Crown Holdings, Inc		27,816
	1,449,068		CSX Corp		47,312
	139,276		Cummins, Inc		18,272
	1,175,958		CVS Corp		123,334
	40,600		Cytec Industries, Inc		2,458
	240,000		Dana Holding Corp		4,939
	125,933		Danaher Corp		10,779
	93,183		Darden Restaurants, Inc		6,623
	125,775	*	DaVita, Inc		9,995
	43,365		Deere & Co		4,209
	515,400		Delta Air Lines, Inc		21,173
	110,000		Deluxe Corp		6,820
	21,164		Dentsply International, Inc		1,091
	75,259		Devon Energy Corp		4,477
	22,841	e	Diamond Offshore Drilling, Inc		590
	360,691	*	Diamondback Energy, Inc		27,189
	23,860		Dick’s Sporting Goods, Inc		1,235
	30,597		Digital Realty Trust, Inc		2,040
	196,973	*	DIRECTV		18,277
	90,406		Discover Financial Services		5,209
	30,010	*,e	Discovery Communications, Inc (Class A)		998
	43,168	*	Discovery Communications, Inc (Class C)		1,342
	113,804	*	DISH Network Corp (Class A)		7,706
	487,159		Dollar General Corp		37,872
	82,480	*	Dollar Tree, Inc		6,515
	117,694		Dominion Resources, Inc		7,870
	18,214		Dover Corp		1,278
	590,568		Dow Chemical Co		30,219
	1,296,359		DR Horton, Inc		35,468
	127,534		Dr Pepper Snapple Group, Inc		9,297
	41,200		DST Systems, Inc		5,190
	37,043		DTE Energy Co		2,765
	464,822		Du Pont (E.I.) de Nemours & Co		29,725
	83,042		Duke Energy Corp		5,864
	89,023		Duke Realty Corp		1,653
	7,443		Dun & Bradstreet Corp		908
	119,999	*	E*Trade Financial Corp		3,594
	657,062		East West Bancorp, Inc		29,450
	32,375		Eastman Chemical Co		2,649
	513,428		Eaton Corp		34,651

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	14,822		Eaton Vance Corp	$	580
	847,442	*	eBay, Inc		51,050
	26,671		Ecolab, Inc		3,016
	76,926		Edison International		4,276
	21,678	*	Edwards Lifesciences Corp		3,088
	63,321	*	Electronic Arts, Inc		4,211
	762,951		Eli Lilly & Co		63,699
	1,774,347		EMC Corp		46,825
	55,081		Emerson Electric Co		3,053
	101,135	*	Endo International plc		8,055
	19,391		Energen Corp		1,324
	17,964	*	Energizer Holdings, Inc		2,363
	1,784		Engility Holdings, Inc		45
	27,770		Ensco plc		618
	68,663		Entergy Corp		4,841
	13,473	*	Envision Healthcare Holdings, Inc		532
	959,190		EOG Resources, Inc		83,977
	33,605		EQT Corp		2,733
	32,195		Equifax, Inc		3,126
	11,453		Equinix, Inc		2,909
	82,140		Equity Residential		5,764
	16,609		Essex Property Trust, Inc		3,529
	81,363		Estee Lauder Cos (Class A)		7,051
	120,000	*	Euronet Worldwide, Inc		7,404
	66,980		Everest Re Group Ltd		12,191
	142,891		Eversource Energy		6,489
	130,202		Exelon Corp		4,091
	89,457		Expedia, Inc		9,782
	18,693		Expeditors International of Washington, Inc		862
	210,829	*	Express Scripts Holding Co		18,751
	1,168,002		Extended Stay America, Inc		21,923
	690,767		Exterran Holdings, Inc		22,554
	21,532		Extra Space Storage, Inc		1,404
	1,440,044	d	Exxon Mobil Corp		119,812
	97,010	*	F5 Networks, Inc		11,675
	1,343,413	*	Facebook, Inc		115,218
	34,049		Family Dollar Stores, Inc		2,683
	28,481	e	Fastenal Co		1,201
	22,023		Federal Realty Investment Trust		2,821
	167,775		FedEx Corp		28,589
	70,296		Fidelity National Information Services, Inc		4,344
	123,560		Fifth Third Bancorp		2,573
	24,025	*,e	FireEye, Inc		1,175
	135,500	*	First American Corp		5,378
	34,594		First Republic Bank		2,180
	102,466		FirstEnergy Corp		3,335
	101,174	*	Fiserv, Inc		8,380
	33,325	*,e	Fitbit, Inc		1,274
	47,526	*	FleetCor Technologies, Inc		7,417
	619,401	*,e	Flextronics International Ltd		7,005
	27,832		Flir Systems, Inc		858
	64,197		Flowserve Corp		3,381

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	16,072		Fluor Corp	$	852
	325,071		FMC Corp		17,082
	25,269	*	FMC Technologies, Inc		1,048
	21,875		FNF Group		809
	150,362		Foot Locker, Inc		10,076
	407,626		Ford Motor Co		6,118
	374,856		Fortune Brands Home & Security, Inc		17,176
	1,149	*	Fossil Group, Inc		80
	34,136		Franklin Resources, Inc		1,674
	971,578		Freeport-McMoRan Copper & Gold, Inc (Class B)		18,091
	8,542	*	Freescale Semiconductor Holdings Ltd		341
	234,465	e	Frontier Communications Corp		1,161
	184,496	e	GameStop Corp (Class A)		7,926
	200,000		Gaming and Leisure Properties, Inc		7,332
	11,900	*	Gannett Co, Inc		166
	37,348		Gap, Inc		1,426
	17,602	e	Garmin Ltd		773
	6,202	*	Gartner, Inc		532
	112,796		General Dynamics Corp		15,982
	2,873,752		General Electric Co		76,356
	131,361		General Growth Properties, Inc		3,371
	71,172		General Mills, Inc		3,966
	61,921,000	*,e,m	General Motors Co		0	^
	69,850,000	*,m	General Motors Co		0	^
	117,425		General Motors Co		3,914
	4,461,000	*,m	General Motors Co		0	^
	19,417,463	*,m	General Motors Co		0	^
	18,159,000	*,m	General Motors Co		0	^
	13,592,224	*,m	General Motors Co		0	^
	26,439,985	*,m	General Motors Co		0	^
	29,845,445	*,m	General Motors Co		0	^
	18,106,794	*,e,m	General Motors Co		0	^
	530,757	*,m	General Motors Co		0	^
	300,000		Gentex Corp		4,926
	20,954		Genuine Parts Co		1,876
	30,798	*	Genworth Financial, Inc (Class A)		233
	1,026,225		Gilead Sciences, Inc		120,150
	120,000		Global Payments, Inc		12,414
	102,758		Goldman Sachs Group, Inc		21,455
	47,378		Goodyear Tire & Rubber Co		1,428
	246,219	*	Google, Inc		128,159
	92,042	*	Google, Inc (Class A)		49,706
	800,000	*	Groupon, Inc		4,024
	29,177		H&R Block, Inc		865
	1		H.B. Fuller Co		0	^
	199,989		Halliburton Co		8,614
	353,577		Hanesbrands, Inc		11,781
	28,461		Harley-Davidson, Inc		1,604
	29,111		Harman International Industries, Inc		3,462
	27,273		Harris Corp		2,098
	153,159		Hartford Financial Services Group, Inc		6,367
	20,926		Hasbro, Inc		1,565

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	268,775	*	HCA Holdings, Inc	$	24,383
	72,560		HCP, Inc		2,646
	83,515		Health Care REIT, Inc		5,481
	160,000	*	Health Net, Inc		10,259
	170,000		Healthsouth Corp		7,830
	13,481		Helmerich & Payne, Inc		949
	19,393	*	Henry Schein, Inc		2,756
	39,000	*,e	Herbalife Ltd		2,149
	37,130		Hershey Co		3,298
	1,306,544	*	Hertz Global Holdings, Inc		23,675
	124,545		Hess Corp		8,330
	875,994		Hewlett-Packard Co		26,289
	90,909	*	Hilton Worldwide Holdings, Inc		2,505
	27,867		HollyFrontier Corp		1,190
	297,069	*	Hologic, Inc		11,306
	1,365,298		Home Depot, Inc		151,726
	1,190,677		Honeywell International, Inc		121,413
	20,595		Hormel Foods Corp		1,161
	31,475	*	Hospira, Inc		2,792
	71,058		Host Marriott Corp		1,409
	1,018,627		Hudson City Bancorp, Inc		10,064
	138,378		Humana, Inc		26,469
	1,202,815		Huntington Bancshares, Inc		13,604
	60,000		Huntington Ingalls		6,755
	303,789	*	Hyatt Hotels Corp		17,222
	60,000		Icahn Enterprises LP		5,203
	11,878	*	IHS, Inc (Class A)		1,528
	47,698		Illinois Tool Works, Inc		4,378
	52,062	*	Illumina, Inc		11,368
	15,072	*	Incyte Corp		1,571
	269,461		Ingersoll-Rand plc		18,167
	45,000		Ingredion, Inc		3,591
	102,920	*,e	Inovalon Holdings, Inc		2,871
	1,758,268		Intel Corp		53,478
	102,069		IntercontinentalExchange Group, Inc		22,824
	294,027		International Business Machines Corp		47,826
	22,177		International Flavors & Fragrances, Inc		2,424
	38,996		International Paper Co		1,856
	563,258		Interpublic Group of Cos, Inc		10,854
	273,337		Intuit, Inc		27,544
	16,707	*	Intuitive Surgical, Inc		8,095
	150,303		Invesco Ltd		5,635
	27,191		Iron Mountain, Inc		843
	249,827	e	iShares MSCI Canada Index Fund		6,663
	1,118,433		iShares MSCI EAFE Index Fund		71,009
	9,002	*,e	Isis Pharmaceuticals, Inc		518
	140,000		ITT Corp		5,858
	16,185		J.B. Hunt Transport Services, Inc		1,329
	19,713		J.M. Smucker Co		2,137
	17,928	*	Jacobs Engineering Group, Inc		728
	859,804	*	Jarden Corp		44,495
	94,541	*	Jazz Pharmaceuticals plc		16,646

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	928,631		Johnson & Johnson	$	90,504
	123,174		Johnson Controls, Inc		6,101
	40,580		Jones Lang LaSalle, Inc		6,939
	5,251	e	Joy Global, Inc		190
	2,057,673		JPMorgan Chase & Co		139,428
	788,702		Juniper Networks, Inc		20,483
	10,596		Kansas City Southern Industries, Inc		966
	39,613		Kellogg Co		2,484
	50,000		Kennametal, Inc		1,706
	47,930		Keurig Green Mountain, Inc		3,673
	1,309,807		Keycorp		19,673
	79,808		Kimberly-Clark Corp		8,457
	92,983		Kimco Realty Corp		2,096
	440,176		Kinder Morgan, Inc		16,898
	16,289		Kla-Tencor Corp		916
	85,779		Kohl’s Corp		5,371
	300,865		Kraft Foods Group, Inc		25,616
	253,786		Kroger Co		18,402
	80,070		L Brands, Inc		6,864
	15,053		L-3 Communications Holdings, Inc		1,707
	313,144	*	Laboratory Corp of America Holdings		37,959
	214,657		Lam Research Corp		17,462
	49,828		Las Vegas Sands Corp		2,619
	90,000		Lazard Ltd (Class A)		5,062
	108,388		Lear Corp		12,168
	25,026		Legg Mason, Inc		1,290
	19,296		Leggett & Platt, Inc		939
	17,685		Lennar Corp (Class A)		903
	155,155		Lennox International, Inc		16,709
	40,466		Leucadia National Corp		983
	176,437	*	Level 3 Communications, Inc		9,293
	130,000		Lexmark International, Inc (Class A)		5,746
	231,390	*	Liberty Interactive Corp		6,421
	29,905	*	Liberty Media Corp		1,078
	19,430	*	Liberty Media Corp (Class C)		698
	35,151		Liberty Property Trust		1,133
	233,600		Lincoln National Corp		13,834
	29,117		Linear Technology Corp		1,288
	21,397	*	LinkedIn Corp		4,421
	47,391	*	LKQ Corp		1,433
	52,169		Lockheed Martin Corp		9,698
	45,924		Loews Corp		1,769
	198,885		Lowe’s Companies, Inc		13,319
	223,053	*,e	Lululemon Athletica, Inc		14,565
	125,811		LyondellBasell Industries AF S.C.A		13,024
	14,702		M&T Bank Corp		1,837
	33,373		Macerich Co		2,490
	602,509		Macy’s, Inc		40,651
	1	*	Madison Square Garden, Inc		0	^
	79,712	*	Mallinckrodt plc		9,384
	82,439		Manpower, Inc		7,368
	227,107		Marathon Oil Corp		6,027

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	175,438		Marathon Petroleum Corp	$	9,177
	266,467		Marriott International, Inc (Class A)		19,822
	893,449		Marsh & McLennan Cos, Inc		50,659
	7,597		Martin Marietta Materials, Inc		1,075
	2,343,429		Marvell Technology Group Ltd		30,898
	39,720		Masco Corp		1,059
	244,949		Mastercard, Inc (Class A)		22,898
	953,069		Mattel, Inc		24,484
	158,565		Maxim Integrated Products, Inc		5,482
	37,194		McCormick & Co, Inc		3,011
	214,160		McDonald’s Corp		20,360
	54,107		McGraw-Hill Financial, Inc		5,435
	395,022		McKesson Corp		88,805
	679	e	MDC Holdings, Inc		20
	29,033		MDU Resources Group, Inc		567
	55,353		Mead Johnson Nutrition Co		4,994
	40,212		MeadWestvaco Corp		1,898
	57,410	*	Medivation, Inc		6,556
	837,227		Medtronic plc		62,039
	190,000		Mentor Graphics Corp		5,022
	1,841,779		Merck & Co, Inc		104,853
	608,741	*,e	Merrimack Pharmaceuticals, Inc		7,527
	1,238,440		Metlife, Inc		69,340
	6,548	*	Mettler-Toledo International, Inc		2,236
	240,000	*,e	MGIC Investment Corp		2,731
	1,441,150	*	MGM Resorts International		26,301
	109,054	*	Michael Kors Holdings Ltd		4,590
	22,109	e	Microchip Technology, Inc		1,049
	401,495	*	Micron Technology, Inc		7,564
	2,548,813		Microsoft Corp		112,530
	89,962	*,e	Mobileye NV		4,783
	12,730	*	Mohawk Industries, Inc		2,430
	64,898		Molson Coors Brewing Co (Class B)		4,531
	2,031,458		Mondelez International, Inc		83,574
	169,181		Monsanto Co		18,033
	207,241	*	Monster Beverage Corp		27,774
	54,613		Moody’s Corp		5,896
	1,635,557		Morgan Stanley		63,443
	38,170		Mosaic Co		1,788
	45,196		Motorola, Inc		2,592
	39,978		Murphy Oil Corp		1,662
	267,078	*	Mylan NV		18,124
	75,949		Nabors Industries Ltd		1,096
	20,765		NASDAQ OMX Group, Inc		1,014
	41,186		National Oilwell Varco, Inc		1,988
	80,924		Navient Corp		1,474
	194,554		NetApp, Inc		6,140
	15,023	*	NetFlix, Inc		9,869
	5,171	*,e	NetSuite, Inc		474
	107,913	e	New York Community Bancorp, Inc		1,983
	1,219,151		Newell Rubbermaid, Inc		50,119
	169,335		Newmont Mining Corp		3,956

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	38,837	*	News Corp	$	567
	710,312		NextEra Energy, Inc		69,632
	72,291		Nielsen Holdings NV		3,236
	321,635		Nike, Inc (Class B)		34,743
	76,231		NiSource, Inc		3,475
	148,085	e	Noble Corp plc		2,279
	41,877		Noble Energy, Inc		1,787
	41,932		Nordstrom, Inc		3,124
	49,505		Norfolk Southern Corp		4,325
	51,123		Northern Trust Corp		3,909
	135,725		Northrop Grumman Corp		21,530
	25,151	*	Norwegian Cruise Line Holdings Ltd		1,409
	51,289		NRG Energy, Inc		1,173
	84,864	*	Nuance Communications, Inc		1,486
	30,498		Nucor Corp		1,344
	208,834		Nvidia Corp		4,200
	10,645	*	NVR, Inc		14,264
	644,226		Occidental Petroleum Corp		50,101
	294,759		Oceaneering International, Inc		13,733
	34,007		OGE Energy Corp		972
	27,888		Omnicare, Inc		2,628
	51,450		Omnicom Group, Inc		3,575
	23,436		Oneok, Inc		925
	2,420,013		Oracle Corp		97,527
	41,289	*	O’Reilly Automotive, Inc		9,330
	130,000		Oshkosh Truck Corp		5,509
	692,362		Owens Corning, Inc		28,560
	10,122	*	Owens-Illinois, Inc		232
	31,514		Paccar, Inc		2,011
	7,051		Packaging Corp of America		441
	39,463		Pall Corp		4,911
	50,102	*	Palo Alto Networks, Inc		8,753
	90,000	*	Parexel International Corp		5,788
	12,601		Parker Hannifin Corp		1,466
	19,910		PartnerRe Ltd		2,558
	27,495		Patterson Cos, Inc		1,338
	38,331		Paychex, Inc		1,797
	103,906		People’s United Financial, Inc		1,684
	83,739		Pepco Holdings, Inc		2,256
	1,138,116		PepsiCo, Inc		106,232
	62,537		Perrigo Co plc		11,559
	4,074,604		Pfizer, Inc		136,621
	72,598		PG&E Corp		3,565
	243,256		Philip Morris International, Inc		19,502
	137,342		Phillips 66		11,064
	11,691		Phillips-Van Heusen Corp		1,347
	400,000	e	Pilgrim’s Pride Corp		9,188
	1,123,371		Pinnacle Foods, Inc		51,158
	32,356		Pinnacle West Capital Corp		1,841
	126,589		Pioneer Natural Resources Co		17,557
	26,944		Plum Creek Timber Co, Inc		1,093
	76,975		PNC Financial Services Group, Inc		7,363

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	8,179		Polaris Industries, Inc	$	1,211
	258,459		PPG Industries, Inc		29,650
	101,887		PPL Corp		3,003
	75,000	*,e	PRA Group, Inc		4,673
	35,089		Praxair, Inc		4,195
	15,091		Precision Castparts Corp		3,016
	13,397	*	Priceline.com, Inc		15,425
	29,740		Principal Financial Group		1,525
	742,478		Procter & Gamble Co		58,091
	75,854		Progressive Corp		2,111
	47,594		Prologis, Inc		1,766
	150,301		Prudential Financial, Inc		13,154
	127,416		Public Service Enterprise Group, Inc		5,005
	58,749		Public Storage, Inc		10,832
	351,677		Pulte Homes, Inc		7,086
	2,388	*,e	Puma Biotechnology, Inc		279
	10,509	*	Qiagen NV		258
	26,917	*	Qorvo, Inc		2,161
	208,598		Qualcomm, Inc		13,064
	25,004	*	Quanta Services, Inc		721
	47,831		Quest Diagnostics, Inc		3,469
	19,516		Questar Market Resources, Inc		361
	8,283	*	Quintiles Transnational Holdings, Inc		601
	34,511	*	Rackspace Hosting, Inc		1,283
	145,000	e	Radian Group, Inc		2,720
	13,779		Ralph Lauren Corp		1,824
	65,094		Range Resources Corp		3,214
	15,402		Raymond James Financial, Inc		918
	29,227		Rayonier, Inc		747
	42,258		Raytheon Co		4,043
	674,463	*	Realogy Holdings Corp		31,511
	47,302	e	Realty Income Corp		2,100
	19,600	*	Red Hat, Inc		1,488
	25,917		Regency Centers Corp		1,529
	14,271	*	Regeneron Pharmaceuticals, Inc		7,280
	159,391		Regions Financial Corp		1,651
	60,000		Reinsurance Group of America, Inc (Class A)		5,692
	14,280		RenaissanceRe Holdings Ltd		1,450
	60,509	*,e	Rentrak Corp		4,224
	108,479		Republic Services, Inc		4,249
	20,566	e	Resmed, Inc		1,159
	136,925		Reynolds American, Inc		10,223
	182,373	*	Rite Aid Corp		1,523
	31,130		Robert Half International, Inc		1,728
	33,364		Rock-Tenn Co (Class A)		2,009
	26,768		Rockwell Automation, Inc		3,336
	458,589		Rockwell Collins, Inc		42,351
	65,739		Roper Industries, Inc		11,337
	89,789		Ross Stores, Inc		4,365
	60,716		Royal Caribbean Cruises Ltd		4,778
	284,756	*	RSP Permian, Inc		8,004
	45,000		Ryder System, Inc		3,932

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	347,072	*	Salesforce.com, Inc	$	24,167
	40,440		SanDisk Corp		2,354
	200,000	*	Sanmina Corp		4,032
	100,521	*	SBA Communications Corp (Class A)		11,557
	48,180		SCANA Corp		2,440
	288,903		Schlumberger Ltd		24,901
	18,935	e	Scripps Networks Interactive (Class A)		1,238
	607,843	e	Seagate Technology, Inc		28,873
	743,029		Sealed Air Corp		38,177
	35,123		SEI Investments Co		1,722
	284,858		Sempra Energy		28,184
	24,255	*	Sensata Technologies Holding BV		1,279
	146,100	*	ServiceMaster Global Holdings, Inc		5,284
	236,361	*	ServiceNow, Inc		17,564
	34,157		Sherwin-Williams Co		9,394
	31,384		Sigma-Aldrich Corp		4,373
	12,514		Signet Jewelers Ltd		1,605
	161,232		Simon Property Group, Inc		27,896
	214,931	*	Sirius XM Holdings, Inc		802
	90,000	*	Skechers U.S.A., Inc (Class A)		9,881
	206,750		Skyworks Solutions, Inc		21,523
	24,094		SL Green Realty Corp		2,648
	28,754		Snap-On, Inc		4,579
	130,184		Southern Co		5,455
	425,942		Southwest Airlines Co		14,094
	233,773	*	Southwestern Energy Co		5,314
	67,414		Spectra Energy Corp		2,198
	128,400	*	Spirit Aerosystems Holdings, Inc (Class A)		7,076
	22,524	*	Splunk, Inc		1,568
	89,265	*,e	Sprint Corp		407
	4,397		SPX Corp		318
	65,921		St. Jude Medical, Inc		4,817
	53,323		Stanley Works		5,612
	215,131		Staples, Inc		3,294
	277,687		Starbucks Corp		14,888
	17,499		Starwood Hotels & Resorts Worldwide, Inc		1,419
	145,000	*	Starz-Liberty Capital		6,484
	250,026		State Street Corp		19,252
	220,000		Steel Dynamics, Inc		4,557
	51,430	*	Stericycle, Inc		6,887
	42,221		Stryker Corp		4,035
	54,030	*,e	SunEdison, Inc		1,616
	106,315		SunTrust Banks, Inc		4,574
	31,013		Superior Energy Services		653
	163,890		Symantec Corp		3,810
	200,449	*	Synchrony Financial		6,601
	37,729	*	Synopsys, Inc		1,911
	66,026		Sysco Corp		2,384
	23,876		T Rowe Price Group, Inc		1,856
	180,000	*	Take-Two Interactive Software, Inc		4,963
	6,525	*	Talen Energy Corp		112
	577,737		Target Corp		47,161

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	58,353		TD Ameritrade Holding Corp	$	2,149
	39,124		TEGNA, Inc		1,255
	27,381	*,e	Teradata Corp		1,013
	65,243	*,e	Tesla Motors, Inc		17,502
	50,719		Tesoro Corp		4,281
	192,096		Texas Instruments, Inc		9,895
	81,201		Textron, Inc		3,624
	359,506		Thermo Electron Corp		46,649
	137,946		Thomson Corp (Toronto)		5,253
	192,357		Tiffany & Co		17,658
	84,527		Time Warner Cable, Inc		15,060
	1,012,552		Time Warner, Inc		88,507
	141,814		TJX Companies, Inc		9,384
	215,798	*	T-Mobile US, Inc		8,366
	37,920	*	Toll Brothers, Inc		1,448
	24,171		Torchmark Corp		1,407
	31,699		Total System Services, Inc		1,324
	9,338		Towers Watson & Co		1,175
	27,736		Tractor Supply Co		2,495
	16,734	*	TransDigm Group, Inc		3,760
	17,310	e	Transocean Ltd		281
	32,201		Travelers Cos, Inc		3,113
	35,268	*	Trimble Navigation Ltd		827
	11,911	*	TripAdvisor, Inc		1,038
	271,465	*	Tumi Holdings, Inc		5,570
	101,084		Twenty-First Century Fox, Inc		3,290
	37,096		Twenty-First Century Fox, Inc (Class B)		1,195
	39,233	*	Twitter, Inc		1,421
	1,371,101		Tyco International plc		52,760
	1,229,954		Tyson Foods, Inc (Class A)		52,433
	60,134		UDR, Inc		1,926
	14,912	*	Ulta Salon Cosmetics & Fragrance, Inc		2,303
	25,999	*	Under Armour, Inc (Class A)		2,169
	447,726		Union Pacific Corp		42,700
	310,251	*	United Continental Holdings, Inc		16,446
	97,949		United Parcel Service, Inc (Class B)		9,492
	63,397	*	United Rentals, Inc		5,555
	140,000	e	United States Steel Corp		2,887
	375,103		United Technologies Corp		41,610
	43,015	*	United Therapeutics Corp		7,482
	263,385		UnitedHealth Group, Inc		32,133
	901,723	*	Univar, Inc		23,472
	25,892		Universal Health Services, Inc (Class B)		3,679
	44,081		UnumProvident Corp		1,576
	26,075	*	Urban Outfitters, Inc		913
	323,303		US Bancorp		14,031
	15,613	e	US Silica Holdings Inc		458
	229,805	*,e	USG Corp		6,386
	209,870	*	Valeant Pharmaceuticals International, Inc		46,556
	250,291		Valero Energy Corp		15,668
	50,000	e	Vanguard FTSE Developed Markets ETF		1,983
	45,096	*	Vantiv, Inc		1,722

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	18,403	*	Varian Medical Systems, Inc	$	1,552
	149,923		Ventas, Inc		9,309
	90,000	*	Verint Systems, Inc		5,467
	20,840	*,e	VeriSign, Inc		1,286
	97,989	*	Verisk Analytics, Inc		7,130
	1,873,033		Verizon Communications, Inc		87,302
	135,304	*	Vertex Pharmaceuticals, Inc		16,707
	227,314		VF Corp		15,853
	442,514		Viacom, Inc (Class B)		28,604
	1,985,763		Visa, Inc (Class A)		133,344
	357,238	*	VMware, Inc (Class A)		30,630
	318,632		Vornado Realty Trust		30,248
	138,043		Voya Financial, Inc		6,415
	28,586		Vulcan Materials Co		2,399
	30,945		W.R. Berkley Corp		1,607
	22,129		W.W. Grainger, Inc		5,237
	34,047	*	WABCO Holdings, Inc		4,212
	134,920		Walgreens Boots Alliance, Inc		11,393
	220,580		Wal-Mart Stores, Inc		15,646
	838,526		Walt Disney Co		95,709
	90,375		Waste Management, Inc		4,189
	34,637	*	Waters Corp		4,447
	1,198,891	*	Weatherford International Ltd		14,710
	97,589	*,e	WEC Energy Group, Inc		4,389
	4,205,788		Wells Fargo & Co		236,534
	186,311		Western Digital Corp		14,611
	77,292		Western Union Co		1,571
	51,596		Westinghouse Air Brake Technologies Corp		4,862
	13,656		Westlake Chemical Corp		937
	52,025		Weyerhaeuser Co		1,639
	26,632		Whirlpool Corp		4,609
	288,383	*	WhiteWave Foods Co (Class A)		14,096
	126,464	*	Whiting Petroleum Corp		4,249
	80,419		Whole Foods Market, Inc		3,172
	209,198		Williams Cos, Inc		12,006
	51,181	e	Willis Group Holdings plc		2,400
	2,901	e	Windstream Holdings, Inc		19
	104,210	*	Workday, Inc		7,961
	90,000	*	WR Grace & Co		9,027
	60,065		Wyndham Worldwide Corp		4,920
	9,848		Wynn Resorts Ltd		972
	166,029		Xcel Energy, Inc		5,343
	824,395		Xerox Corp		8,772
	29,506		Xilinx, Inc		1,303
	45,606		Xylem, Inc		1,691
	1,159,428	*	Yahoo!, Inc		45,554
	87,748		Yum! Brands, Inc		7,904
	3,425	*,e	Zillow Group, Inc		297
	34,476		Zimmer Holdings, Inc		3,766
	457,080		Zoetis Inc		22,040
			TOTAL UNITED STATES		10,989,607
			TOTAL COMMON STOCKS		19,507,666
			(Cost $17,192,828)

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	BGP Holdings plc	$	0
			TOTAL AUSTRALIA		0

SINGAPORE - 0.0%
	1,130	m	Jardine Cycle & Carriage Ltd		6
			TOTAL SINGAPORE		6

SPAIN - 0.0%
	22,341	m	Abertis Infraestructuras S.A.		19
	632,172		Acerinox S.A.		281
	297,637		Repsol S.A.		154
	7,628		Zardoya Otis S.A.		3
			TOTAL SPAIN		457

UNITED STATES - 0.0%
	21,280		Kinder Morgan, Inc		57
			TOTAL UNITED STATES		57

			TOTAL RIGHTS / WARRANTS		520
			(Cost $550)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 3.4%
GOVERNMENT AGENCY DEBT - 0.8%
$	47,000,000		Federal Home Loan Bank (FHLB)		0.050	%	07/15/15	47,000
	1,200,000		FHLB		0.055		07/29/15	1,200
	21,260,000	d	FHLB		0.050		07/31/15	21,260
	30,000,000	d	FHLB		0.070		08/14/15	29,998
	8,500,000	d	FHLB		0.060		08/19/15	8,499
	54,700,000	d	FHLB		0.050-0.060		08/07/15	54,698
			TOTAL GOVERNMENT AGENCY DEBT					162,655

TREASURY DEBT - 0.1%
	16,000,000	d	United States Treasury Bill		0.082		11/12/15	15,998
			TOTAL TREASURY DEBT					15,998

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.5%
CERTIFICATE OF DEPOSIT - 0.3%
	20,000,000		Bank of Montreal		0.050		07/01/15	20,000
	20,000,000		CIBC Bank and Trust Co		0.030		07/01/15	20,000
	20,000,000		National Australia Bank Ltd		0.040		07/01/15	20,000
			TOTAL CERTIFICATE OF DEPOSIT					60,000

237

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
REPURCHASE AGREEMENT - 2.1%
$	50,000,000	n	Barclays		0.100	%	07/01/15	$	50,000
	128,000,000	o	BNP		0.090		07/01/15		128,000
	80,000,000	p	Calyon		0.100		07/01/15		80,000
	7,000,000	q	Citigroup		0.110		07/01/15		7,000
	5,000,000	r	Deutsche Bank		0.120		07/01/15		5,000
	25,000,000	s	Goldman Sachs		0.020		07/01/15		25,000
	35,000,000	t	Merrill Lynch		0.110		07/01/15		35,000
	50,000,000	u	Royal Bank of Scotland		0.090		07/07/15		50,000
	10,000,000	v	Societe Generale		0.140		07/01/15		10,000
	15,000,000	w	Societe Generale		0.150		07/01/15		15,000
			TOTAL REPURCHASE AGREEMENT						405,000

	VARIABLE RATE SECURITIES - 0.1%
	911,303	i	Granite Master Issuer plc 2006		0.031		12/20/50		907
	781,117	i	Granite Master Issuer plc 2007		0.020		12/20/50		777
	956,780	i	Puma Finance Ltd		0.027		02/21/38		947
	30,000,000	i	SLM Student Loan Trust 2007		0.317		01/25/19		29,768
	551,671	i	SLM Student Loan Trust 2008		0.627		10/25/16		552
			TOTAL VARIABLE RATE SECURITIES						32,951

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						497,951

			TOTAL SHORT-TERM INVESTMENTS						676,604
			(Cost $676,773)
			TOTAL INVESTMENTS - 102.4%						20,184,790
			(Cost $17,870,151)
			OTHER ASSETS & LIABILITIES, NET - (2.4)%						(470,703	)
			NET ASSETS - 100.0%					$	19,714,087


		Abbreviation(s):
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
ETF		Exchange Traded Fund
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 $475,515,000.
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 6/30/15, the aggregate value of these securities was $31,845,000, or 0.2% of net assets.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
m		Indicates a security that has been deemed illiquid.
n		Agreement with Barclays, 0.10% dated 6/30/15 to be repurchased at $50,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $51,000,000.
o		Agreement with BNP, 0.09% dated 6/30/15 to be repurchased at $128,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $130,560,000.
p		Agreement with Calyon, 0.10% dated 6/30/15 to be repurchased at $80,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $81,600,000.
q		Agreement with Citigroup, 0.11% dated 6/30/15 to be repurchased at $7,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $7,140,000.

238

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

r		Agreement with Deutsche Bank, 0.12% dated 6/30/15 to be repurchased at $5,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $5,100,000.
s		Agreement with Goldman Sachs, 0.02% dated 6/30/15 to be repurchased at $25,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $25,500,000.
t		Agreement with Merrill Lynch, 0.11% dated 6/30/15 to be repurchased at $35,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $35,700,000.
u		Agreement with Royal Bank of Scotland, 0.09% dated 6/30/15 to be repurchased at $50,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $51,000,000.
v		Agreement with Societe Generale, 0.14% dated 6/30/15 to be repurchased at $10,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $10,200,000.
w		Agreement with Societe Generale, 0.15% dated 6/30/15 to be repurchased at $15,000,000 on 7/01/15, collateralized by U.S. Government Agency Securities valued at $15,301,000.

		Cost amounts are in thousands.

239

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2015

	VALUE			% OF
SECTOR	(000)			ASSETS
FINANCIALS	$	3,829,893			19.4	%
CONSUMER DISCRETIONARY		3,222,647			16.4
INFORMATION TECHNOLOGY		2,922,468			14.8
HEALTH CARE		2,889,899			14.7
INDUSTRIALS		2,106,076			10.7
CONSUMER STAPLES		1,490,465			7.6
ENERGY		1,266,129			6.4
MATERIALS		949,910			4.8
UTILITIES		432,186			2.2
TELECOMMUNICATION SERVICES		398,513			2.0
SHORT-TERM INVESTMENTS		676,604			3.4
OTHER ASSETS & LIABILITES, NET		(470,703	)		(2.4	)

NET ASSETS	$	19,714,087			100.0	%

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.3%

AUTOMOBILES & COMPONENTS - 1.8%
	93,072		BorgWarner, Inc	$	5,290
	1,036,417		Delphi Automotive plc		88,189
	1,239,200		General Motors Co		41,303
	802,507		Gentex Corp		13,177
	692,500		Goodyear Tire & Rubber Co		20,879
	84,931		Harley-Davidson, Inc		4,786
	58,989		Johnson Controls, Inc		2,922
	519,129		Lear Corp		58,277
	440,800		Magna International, Inc (Class A) (NY)		24,724
	165,056		Renault S.A.		17,306
	430,061	*,e	Tesla Motors, Inc		115,368
	224,083		Thor Industries, Inc		12,611
	18,356	*	Visteon Corp		1,927
			TOTAL AUTOMOBILES & COMPONENTS		406,759

BANKS - 0.2%
	76,413	*	Signature Bank		11,186
	67,037	*	SVB Financial Group		9,652
	548,500		Wells Fargo & Co		30,848
			TOTAL BANKS		51,686

CAPITAL GOODS - 5.5%
	1,041,230		3M Co		160,662
	106,436		A.O. Smith Corp		7,661
	49,665		Acuity Brands, Inc		8,939
	8,165	*	Aecom Technology Corp		270
	2,236		Air Lease Corp		76
	39,356		Allegion plc		2,367
	418,029		Allison Transmission Holdings, Inc		12,231
	250,447		Ametek, Inc		13,719
	10,115	*	Armstrong World Industries, Inc		539
	112,607		Babcock & Wilcox Co		3,693
	43,669		BE Aerospace, Inc		2,397
	782,067		Boeing Co		108,488
	5,836		Carlisle Cos, Inc		584
	43,205		Caterpillar, Inc		3,665
	270,900		Chicago Bridge & Iron Co NV		13,556
	55,489		Cummins, Inc		7,280
	122,750		Danaher Corp		10,506
	24,720		Deere & Co		2,399
	50,551		Donaldson Co, Inc		1,810
	189,406		Emerson Electric Co		10,499
	120,915	e	Fastenal Co		5,100
	25,772		Flowserve Corp		1,357

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	383,752		Fortune Brands Home & Security, Inc	$	17,583
	130,897		General Dynamics Corp		18,547
	24,137		Graco, Inc		1,714
	210,515	*	HD Supply Holdings, Inc		7,406
	39,639		Hexcel Corp		1,972
	1,333,756		Honeywell International, Inc		136,003
	63,655		Hubbell, Inc (Class B)		6,893
	188,806		Huntington Ingalls		21,258
	29,240		IDEX Corp		2,298
	123,081		Illinois Tool Works, Inc		11,298
	389,222		Ingersoll-Rand plc		26,241
	16,641		Lennox International, Inc		1,792
	28,636		Lincoln Electric Holdings, Inc		1,744
	225,901		Lockheed Martin Corp		41,995
	761,591		Masco Corp		20,312
	240,098	*	Middleby Corp		26,946
	6,011		MSC Industrial Direct Co (Class A)		419
	25,023		Nordson Corp		1,949
	139,432		Northrop Grumman Corp		22,118
	131,932		Paccar, Inc		8,419
	74,944		Pall Corp		9,327
	121,840		Parker Hannifin Corp		14,174
	10,860		Precision Castparts Corp		2,171
	16,656	*	Quanta Services, Inc		480
	977		Regal-Beloit Corp		71
	112,756		Rockwell Automation, Inc		14,054
	745,586		Rockwell Collins, Inc		68,855
	390,263		Roper Industries, Inc		67,305
	165,196		Snap-On, Inc		26,307
	24,329	*,e	SolarCity Corp		1,303
	506,894	*	Spirit Aerosystems Holdings, Inc (Class A)		27,935
	68,517		Stanley Works		7,211
	696,125		Textron, Inc		31,068
	22,898		Toro Co		1,552
	85,917	*	TransDigm Group, Inc		19,303
	77,700		Triumph Group, Inc		5,127
	239,988	*	United Rentals, Inc		21,028
	33,688		United Technologies Corp		3,737
	922,876	*	Univar, Inc		24,022
	503,188	*,e	USG Corp		13,984
	523	e	Valmont Industries, Inc		62
	333,113		W.W. Grainger, Inc		78,831
	22,448	*	WABCO Holdings, Inc		2,777
	10,708		Watsco, Inc		1,325
	138,742		Westinghouse Air Brake Technologies Corp		13,075
			TOTAL CAPITAL GOODS		1,209,789

COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	39,243		Cintas Corp		3,319
	16,313	*	Clean Harbors, Inc		877
	649,228	e	CNH Industrial NV (NYSE)		6,025
	52,043	*	Copart, Inc		1,846

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	47,075		Covanta Holding Corp	$	997
	4,387		Dun & Bradstreet Corp		535
	48,952		Equifax, Inc		4,753
	84,425	*	IHS, Inc (Class A)		10,860
	19,593		KAR Auction Services, Inc		733
	192,100		Manpower, Inc		17,170
	104,312		Nielsen Holdings NV		4,670
	237,705		Pitney Bowes, Inc		4,947
	45,048	e	R.R. Donnelley & Sons Co		785
	55,562		Robert Half International, Inc		3,084
	38,974		Rollins, Inc		1,112
	509,987	*	Stericycle, Inc		68,292
	88,376		Towers Watson & Co		11,118
	151,366		Tyco International plc		5,824
	1,895,103	*	Verisk Analytics, Inc		137,888
	53,727		Waste Connections, Inc		2,532
	15,819		Waste Management, Inc		733
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		288,100

CONSUMER DURABLES & APPAREL - 2.4%
	28,103		Brunswick Corp		1,429
	21,611		Carter’s, Inc		2,297
	15,911		Coach, Inc		551
	55,903		DR Horton, Inc		1,530
	246,427	*	Fossil Group, Inc		17,092
	54,000	e	Garmin Ltd		2,372
	58,405	*,e	GoPro, Inc		3,079
	729,622		Hanesbrands, Inc		24,311
	29,268		Harman International Industries, Inc		3,481
	37,206		Hasbro, Inc		2,783
	703,871	*	Jarden Corp		36,425
	52,510	*	Kate Spade & Co		1,131
	56,675		Leggett & Platt, Inc		2,759
	1,565	*	Lennar Corp (B Shares)		68
	28,041		Lennar Corp (Class A)		1,431
	45,887	*	Lululemon Athletica, Inc		2,997
	818,660		Mattel, Inc		21,031
	181,033	*	Michael Kors Holdings Ltd		7,620
	17,826	*	Mohawk Industries, Inc		3,403
	55,706		Newell Rubbermaid, Inc		2,290
	2,128,646		Nike, Inc (Class B)		229,936
	23,772	*	NVR, Inc		31,855
	27,337		Polaris Industries, Inc		4,049
	1,353		Ralph Lauren Corp		179
	132,630	*	Skechers U.S.A., Inc (Class A)		14,562
	940,800	*	Sony Corp		26,716
	456,302	*	Tempur-Pedic International, Inc		30,070
	25,212	*	Toll Brothers, Inc		963
	1,040,900	*	TomTom NV		11,816
	19,396	e	Tupperware Corp		1,252
	73,480	*	Under Armour, Inc (Class A)		6,131
	661,473		VF Corp		46,131

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	3,415	*	Vista Outdoor, Inc	$	153
	2,458		Whirlpool Corp		425
			TOTAL CONSUMER DURABLES & APPAREL		542,318

CONSUMER SERVICES - 3.5%
	1,537,220		ARAMARK Holdings Corp		47,608
	221,847		Brinker International, Inc		12,789
	18,771	*	Chipotle Mexican Grill, Inc (Class A)		11,356
	14,578		Choice Hotels International, Inc		791
	10,296		Darden Restaurants, Inc		732
	22,703		Domino’s Pizza, Inc		2,574
	39,575	e	Dunkin Brands Group, Inc		2,177
	994,062		Extended Stay America, Inc		18,659
	105,861		H&R Block, Inc		3,139
	498,953	*	Hilton Worldwide Holdings, Inc		13,746
	504,300	*	Hyatt Hotels Corp		28,589
	26,061	*	International Game Technology plc		463
	708,800		Interval Leisure Group, Inc		16,196
	507,288		Las Vegas Sands Corp		26,668
	86,187		Marriott International, Inc (Class A)		6,411
	677,519		McDonald’s Corp		64,412
	4,664,237	g	Merlin Entertainments plc		31,282
	12,824	*	MGM Resorts International		234
	2,215,192	*	Norwegian Cruise Line Holdings Ltd		124,140
	10,416	*	Panera Bread Co (Class A)		1,820
	368,800	e	Restaurant Brands International, Inc		14,092
	83,125		Service Corp International		2,446
	493,162	*	ServiceMaster Global Holdings, Inc		17,838
	29,574		Six Flags Entertainment Corp		1,326
	4,319,599		Starbucks Corp		231,595
	70,292		Starwood Hotels & Resorts Worldwide, Inc		5,700
	283,879		Wyndham Worldwide Corp		23,253
	29,585	e	Wynn Resorts Ltd		2,919
	723,064		Yum! Brands, Inc		65,134
			TOTAL CONSUMER SERVICES		778,089

DIVERSIFIED FINANCIALS - 3.7%
	223,598	*	Affiliated Managers Group, Inc		48,879
	14,657	*	Ally Financial, Inc		329
	180,960		American Express Co		14,064
	469,859		Ameriprise Financial, Inc		58,700
	14,602		Artisan Partners Asset Management, Inc		678
	49,822		Bank of New York Mellon Corp		2,091
	46,110		BlackRock, Inc		15,953
	630,100		Blackstone Group LP		25,752
	34,336		CBOE Holdings, Inc		1,965
	2,222,766		Charles Schwab Corp		72,573
	53,896	*	Credit Acceptance Corp		13,268
	48,467		Eaton Vance Corp		1,897
	38,556		Federated Investors, Inc (Class B)		1,291
	2,060		Interactive Brokers Group, Inc (Class A)		86
	395,337		IntercontinentalExchange Group, Inc		88,401

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	423,946		Invesco Ltd	$	15,894
	759,500	e	iShares Russell 1000 Growth Index Fund		75,198
	356,333		Lazard Ltd (Class A)		20,040
	71,838		Legg Mason, Inc		3,702
	18,111		Leucadia National Corp		440
	33,914	e	LPL Financial Holdings, Inc		1,577
	1,266,834		McGraw-Hill Financial, Inc		127,254
	997,160		Moody’s Corp		107,653
	610,500		Morgan Stanley		23,681
	142,645		MSCI, Inc (Class A)		8,780
	79,734		NorthStar Asset Management Group, Inc		1,474
	144,946		Santander Consumer USA Holdings, Inc		3,706
	201,504		SEI Investments Co		9,880
	161,095		SLM Corp		1,590
	1,480,700	*	Synchrony Financial		48,759
	107,189		T Rowe Price Group, Inc		8,332
	93,575		TD Ameritrade Holding Corp		3,445
	32,517		Waddell & Reed Financial, Inc (Class A)		1,538
			TOTAL DIVERSIFIED FINANCIALS		808,870

ENERGY - 1.9%
	137,400		Baker Hughes, Inc		8,478
	170,132		Cabot Oil & Gas Corp		5,366
	141,300	*	Cameron International Corp		7,400
	100,700	*	Cheniere Energy, Inc		6,974
	792,793	*	Concho Resources, Inc		90,267
	181,999	*,e	Continental Resources, Inc		7,715
	2,218	e	CVR Energy, Inc		83
	1,531,600	e	Denbury Resources, Inc		9,741
	163,600	*	Diamondback Energy, Inc		12,332
	31,644	*	Dresser-Rand Group, Inc		2,695
	1,192,305		EOG Resources, Inc		104,386
	61,834	*	FMC Technologies, Inc		2,565
	208,899		Frank’s International NV		3,936
	11,933		HollyFrontier Corp		509
	194,660		Marathon Petroleum Corp		10,183
	33,963	*	Memorial Resource Development Corp		644
	7,108		Oceaneering International, Inc		331
	38,642		Oneok, Inc		1,526
	261,612		Pioneer Natural Resources Co		36,283
	4,590		Range Resources Corp		227
	2,954	e	RPC, Inc		41
	383,300	*	RSP Permian, Inc		10,775
	407,715		Schlumberger Ltd		35,141
	148,900		Superior Energy Services		3,133
	61,745		Targa Resources Investments, Inc		5,509
	7,368		Teekay Corp		316
	3,157		Tesoro Corp		266
	104,600		Valero Energy Corp		6,548
	293,100	*	Whiting Petroleum Corp		9,848
	696,477		Williams Cos, Inc		39,971
	5,374		World Fuel Services Corp		258
			TOTAL ENERGY		423,447

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
FOOD & STAPLES RETAILING - 1.9%
	856,887		Costco Wholesale Corp	$	115,731
	1,531,038		CVS Corp		160,575
	1,258,939		Kroger Co		91,286
	241,606	*	Rite Aid Corp		2,017
	572,969	*	Sprouts Farmers Market, Inc		15,459
	76,202		Sysco Corp		2,751
	323,398		Walgreens Boots Alliance, Inc		27,308
	134,996		Whole Foods Market, Inc		5,324
			TOTAL FOOD & STAPLES RETAILING		420,451

FOOD, BEVERAGE & TOBACCO - 3.8%
	1,673,698		Altria Group, Inc		81,861
	399,400		Archer Daniels Midland Co		19,259
	353,900		Associated British Foods plc		15,948
	10,461		Brown-Forman Corp		1,166
	48,235		Brown-Forman Corp (Class B)		4,832
	42,185	e	Campbell Soup Co		2,010
	2,406,976		Coca-Cola Co		94,426
	303,285		Coca-Cola Enterprises, Inc		13,175
	23,890		ConAgra Foods, Inc		1,044
	78,290		Constellation Brands, Inc (Class A)		9,083
	519,367		Dr Pepper Snapple Group, Inc		37,862
	63,784		Flowers Foods, Inc		1,349
	245,195		General Mills, Inc		13,662
	42,203	*	Hain Celestial Group, Inc		2,779
	59,925		Hershey Co		5,323
	55,043		Hormel Foods Corp		3,103
	224,206		Ingredion, Inc		17,894
	92,452		Kellogg Co		5,797
	67,758		Keurig Green Mountain, Inc		5,192
	260,889		Kraft Foods Group, Inc		22,212
	52,563		McCormick & Co, Inc		4,255
	362,274		Mead Johnson Nutrition Co		32,684
	104,600		Mondelez International, Inc		4,303
	1,455,386	*	Monster Beverage Corp		195,051
	1,005,658		PepsiCo, Inc		93,868
	423,120		Philip Morris International, Inc		33,922
	702,437	e	Pilgrim’s Pride Corp		16,135
	480,855		Pinnacle Foods, Inc		21,898
	169,825		Reynolds American, Inc		12,679
	635,233		Suntory Beverage & Food Ltd		25,289
	410,183		Tyson Foods, Inc (Class A)		17,486
	562,496	*	WhiteWave Foods Co (Class A)		27,495
			TOTAL FOOD, BEVERAGE & TOBACCO		843,042

HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	21,260	*	Acadia Healthcare Co, Inc		1,665
	480,835		Aetna Inc		61,287
	33,216	*	Align Technology, Inc		2,083

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	23,135	*	Allscripts Healthcare Solutions, Inc	$	316
	394,366		AmerisourceBergen Corp		41,937
	368,561		Anthem, Inc		60,496
	15,859	*,e	athenahealth, Inc		1,817
	63,140		Bard (C.R.), Inc		10,778
	164,860		Baxter International, Inc		11,529
	162,799		Becton Dickinson & Co		23,060
	43,015	*	Boston Scientific Corp		761
	16,361	*	Brookdale Senior Living, Inc		568
	356,121		Cardinal Health, Inc		29,789
	174,829	*	Catamaran Corp		10,679
	509,714	*	Centene Corp		40,981
	1,141,258	*	Cerner Corp		78,815
	335,565		Cigna Corp		54,361
	13,547		Cooper Cos, Inc		2,411
	228,900	*	DaVita, Inc		18,191
	92,423		Dentsply International, Inc		4,764
	32,618	*	DexCom, Inc		2,609
	117,343	*	Edwards Lifesciences Corp		16,713
	76,361	*	Envision Healthcare Holdings, Inc		3,015
	598,699	*	Express Scripts Holding Co		53,248
	262,286	*	HCA Holdings, Inc		23,795
	82,835	*	Health Net, Inc		5,311
	362,800		Healthsouth Corp		16,711
	34,396	*	Henry Schein, Inc		4,888
	21,419		Hill-Rom Holdings, Inc		1,164
	604,444	*	Hologic, Inc		23,005
	145,252		Humana, Inc		27,784
	350,540	*,e	Idexx Laboratories, Inc		22,484
	54,981	*	IMS Health Holdings, Inc		1,685
	10,431	*,e	Inovalon Holdings, Inc		291
	175,891	*	Intuitive Surgical, Inc		85,219
	22,481	*	Inverness Medical Innovations, Inc		1,186
	104,770	*	Laboratory Corp of America Holdings		12,700
	151,986	*	LifePoint Hospitals, Inc		13,215
	429,060		McKesson Corp		96,457
	585,591	*	Olympus Corp		20,218
	52,410		Omnicare, Inc		4,940
	19,374		Patterson Cos, Inc		943
	22,199	*	Pediatrix Medical Group, Inc		1,645
	521,073	*	Premier, Inc		20,040
	57,967	e	Resmed, Inc		3,268
	22,852	*	Sirona Dental Systems, Inc		2,295
	292,032		St. Jude Medical, Inc		21,339
	70,441		Stryker Corp		6,732
	40,815	*	Tenet Healthcare Corp		2,362
	853,778		UnitedHealth Group, Inc		104,161
	226,098		Universal Health Services, Inc (Class B)		32,128
	41,051	*	Varian Medical Systems, Inc		3,462
	31,870	*	VCA Antech, Inc		1,734
	29,212	*,e	Veeva Systems, Inc		819
	4,345		Zimmer Holdings, Inc		475
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,094,329

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	53,920		Church & Dwight Co, Inc	$	4,374
	42,789		Clorox Co		4,451
	443,119		Colgate-Palmolive Co		28,984
	203,416		Coty, Inc		6,503
	2,216,072		Estee Lauder Cos (Class A)		192,045
	25,700	*,e	Herbalife Ltd		1,416
	118,766		Kimberly-Clark Corp		12,586
	5,064		Nu Skin Enterprises, Inc (Class A)		239
	34,696		Spectrum Brands, Inc		3,539
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		254,137

INSURANCE - 0.5%
	215,919		ACE Ltd		21,955
	119,800		Allstate Corp		7,771
	884		Amtrust Financial Services, Inc		58
	115,933		Aon plc		11,556
	38,342		Arthur J. Gallagher & Co		1,814
	49,727	*	Berkshire Hathaway, Inc (Class B)		6,768
	9,986		Erie Indemnity Co (Class A)		819
	591	*	Markel Corp		473
	439,484		Marsh & McLennan Cos, Inc		24,919
	346,700		Metlife, Inc		19,412
	145,900		Travelers Cos, Inc		14,103
			TOTAL INSURANCE		109,648

MATERIALS - 3.6%
	72,705		Air Products & Chemicals, Inc		9,948
	6,289		Airgas, Inc		665
	824,597		Albemarle Corp		45,575
	4,764		Aptargroup, Inc		304
	41,740		Ashland, Inc		5,088
	185,021		Avery Dennison Corp		11,275
	41,489	*	Axalta Coating Systems Ltd		1,372
	297,806		Ball Corp		20,891
	4,368		Bemis Co, Inc		197
	1,292,149	*	Berry Plastics Group, Inc		41,866
	4,475		Celanese Corp (Series A)		322
	96,807		CF Industries Holdings, Inc		6,223
	13,848		Compass Minerals International, Inc		1,137
	557,499	*	Crown Holdings, Inc		29,497
	2,878		Cytec Industries, Inc		174
	474,124		Dow Chemical Co		24,261
	269,330		Du Pont (E.I.) de Nemours & Co		17,224
	20,663		Eagle Materials, Inc		1,577
	83,026		Eastman Chemical Co		6,793
	130,799		Ecolab, Inc		14,789
	39,768		FMC Corp		2,090
	1,051,969		Graphic Packaging Holding Co		14,654
	53,432		Huntsman Corp		1,179

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	33,271		International Flavors & Fragrances, Inc	$	3,636
	293,681		International Paper Co		13,976
	686,563		LyondellBasell Industries AF S.C.A		71,073
	3,886		Martin Marietta Materials, Inc		550
	1,558,750		Monsanto Co		166,147
	3,498		NewMarket Corp		1,553
	4,178	*	Owens-Illinois, Inc		96
	40,273		Packaging Corp of America		2,517
	8,089	*	Platform Specialty Products Corp		207
	1,297,041		PPG Industries, Inc		148,797
	107,989		Praxair, Inc		12,910
	11,065		Rock-Tenn Co (Class A)		666
	1,413		Royal Gold, Inc		87
	54,800		RPM International, Inc		2,684
	16,660		Scotts Miracle-Gro Co (Class A)		986
	239,050		Sealed Air Corp		12,282
	203,061		Sherwin-Williams Co		55,846
	54,546		Sigma-Aldrich Corp		7,601
	16,706		Silgan Holdings, Inc		881
	177,951	e	Southern Copper Corp (NY)		5,234
	11,040		Steel Dynamics, Inc		229
	8,043		Tahoe Resources, Inc		98
	33,421		Valspar Corp		2,735
	7,148		Vulcan Materials Co		600
	243,600		Westlake Chemical Corp		16,709
	29,932	*	WR Grace & Co		3,002
			TOTAL MATERIALS		788,203

MEDIA - 5.0%
	268,640	*	AMC Networks, Inc		21,988
	11,995	e	Cablevision Systems Corp (Class A)		287
	202,438		CBS Corp (Class B)		11,235
	30,832	*,e	Charter Communications, Inc		5,280
	47,664		Cinemark Holdings, Inc		1,915
	5,821		Clear Channel Outdoor Holdings, Inc (Class A)		59
	4,598,311		Comcast Corp (Class A)		276,542
	141,587		Comcast Corp (Special Class A)		8,487
	841,469	*	DIRECTV		78,080
	58,279	*,e	Discovery Communications, Inc (Class A)		1,938
	205,240	*	Discovery Communications, Inc (Class C)		6,379
	131,446	*	DISH Network Corp (Class A)		8,900
	1,247,658		Interpublic Group of Cos, Inc		24,042
	166,939	e	Lions Gate Entertainment Corp		6,185
	59,900	*	Live Nation, Inc		1,647
	25,289	*	Madison Square Garden, Inc		2,111
	7,847		Morningstar, Inc		624
	100,495		Omnicom Group, Inc		6,983
	34,046	e	Regal Entertainment Group (Class A)		712
	37,597	e	Scripps Networks Interactive (Class A)		2,458
	3,362,936	*	Sirius XM Holdings, Inc		12,544
	375,578	*	Starz-Liberty Capital		16,796
	133,080		Time Warner Cable, Inc		23,711

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,596,399		Time Warner, Inc	$	139,541
	434,325		Tribune Co		23,189
	476,606		Twenty-First Century Fox, Inc		15,511
	134,671		Twenty-First Century Fox, Inc (Class B)		4,339
	4,247		Viacom, Inc		276
	932,367		Viacom, Inc (Class B)		60,268
	3,121,952		Walt Disney Co		356,340
			TOTAL MEDIA		1,118,367

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 13.5%
	2,299,116		AbbVie, Inc		154,478
	59,900		Agilent Technologies, Inc		2,311
	10,628	*	Agios Pharmaceuticals, Inc		1,181
	32,243	*	Akorn, Inc		1,408
	1,146,593	*	Alexion Pharmaceuticals, Inc		207,270
	84,422	*	Alkermes plc		5,432
	1,136,600	*	Allergan plc		344,913
	77,865	*	Alnylam Pharmaceuticals, Inc		9,334
	1,065,898		Amgen, Inc		163,637
	640,196	*	Biogen Idec, Inc		258,601
	619,174	*	BioMarin Pharmaceuticals, Inc		84,691
	6,312		Bio-Techne Corp		621
	250,669	*	Biovail Corp		55,686
	13,504	*	Bluebird Bio, Inc		2,274
	1,945,188		Bristol-Myers Squibb Co		129,433
	187,052	*	Bruker BioSciences Corp		3,818
	2,672,638	*	Celgene Corp		309,318
	19,481	*	Charles River Laboratories International, Inc		1,370
	1,723,602		Eli Lilly & Co		143,903
	87,052	*	Endo International plc		6,934
	3,306,153		Gilead Sciences, Inc		387,084
	124,836	*	Hospira, Inc		11,074
	545,257	*	Illumina, Inc		119,062
	362,956	*	Incyte Corp		37,824
	16,760	*,e	Intercept Pharmaceuticals, Inc		4,045
	19,042	*	Intrexon Corp		929
	49,243	*	Isis Pharmaceuticals, Inc		2,834
	39,619	*	Jazz Pharmaceuticals plc		6,976
	294,745		Johnson & Johnson		28,726
	29,106	*,e	Juno Therapeutics, Inc		1,552
	54,558	*	Mallinckrodt plc		6,423
	156,070	*	Medivation, Inc		17,823
	333,282		Merck & Co, Inc		18,974
	11,504	*	Mettler-Toledo International, Inc		3,928
	1,105,506	*	Mylan NV		75,020
	203,779		Novartis AG. (ADR)		20,040
	356,900		Novo Nordisk AS		19,585
	96,585	*	Opko Health, Inc		1,553
	73,417	*	PerkinElmer, Inc		3,865
	251,646		Perrigo Co plc		46,512
	342,605		Pfizer, Inc		11,487
	10,288	*	Puma Biotechnology, Inc		1,201

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	129,244	*	Quintiles Transnational Holdings, Inc	$	9,384
	12,980	*	Receptos, Inc		2,467
	43,568	*	Regeneron Pharmaceuticals, Inc		22,225
	39,036	*,e	Seattle Genetics, Inc		1,889
	588,660		Thermo Electron Corp		76,384
	149,116	*	United Therapeutics Corp		25,939
	402,965	*	Vertex Pharmaceuticals, Inc		49,758
	6,369	*	VWR Corp		170
	108,315	*	Waters Corp		13,905
	1,752,123		Zoetis Inc		84,487
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,999,738

REAL ESTATE - 1.7%
	340,633		American Tower Corp		31,778
	57,613		Boston Properties, Inc		6,973
	3,615,783	*	CBRE Group, Inc		133,784
	6,276		Columbia Property Trust, Inc		154
	275,389		Crown Castle International Corp		22,114
	32,064		Digital Realty Trust, Inc		2,138
	21,585		Empire State Realty Trust, Inc		368
	80,651		Equity Lifestyle Properties, Inc		4,241
	122,519		Extra Space Storage, Inc		7,991
	28,252		Federal Realty Investment Trust		3,619
	5,048		Gaming and Leisure Properties, Inc		185
	6,599,945		Global Logistic Properties		12,390
	65,046		Health Care REIT, Inc		4,269
	5,047		Healthcare Trust of America, Inc		121
	6,598	*	Howard Hughes Corp		947
	33,951		Iron Mountain, Inc		1,052
	144,635		Jones Lang LaSalle, Inc		24,732
	120,611		Lamar Advertising Co		6,933
	20,444		Omega Healthcare Investors, Inc		702
	29,619		Plum Creek Timber Co, Inc		1,202
	7,568		Post Properties, Inc		411
	77,995		Public Storage, Inc		14,380
	1,485,128	*	Realogy Holdings Corp		69,385
	163,237		Simon Property Group, Inc		28,243
	39,422		Tanger Factory Outlet Centers, Inc		1,250
	9,432		Taubman Centers, Inc		655
	18,315		Weyerhaeuser Co		577
			TOTAL REAL ESTATE		380,594

RETAILING - 8.8%
	3,946		Aaron’s, Inc		143
	30,092		Advance Auto Parts, Inc		4,793
	1,152,104	*	Amazon.com, Inc		500,117
	401,500	*,e	ASOS plc		24,471
	298,269	*	Autonation, Inc		18,785
	59,250	*	AutoZone, Inc		39,514
	135,966	*	Bed Bath & Beyond, Inc		9,379
	837,100		Best Buy Co, Inc		27,298
	1,973	*,e	Cabela’s, Inc		99

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,618,987	*	Carmax, Inc	$	107,193
	2,246,422	*	Cnova NV		12,423
	26,085		CST Brands, Inc		1,019
	382,576	*	Ctrip.com International Ltd (ADR)		27,783
	26,075		Dick’s Sporting Goods, Inc		1,350
	184,367		Dillard’s, Inc (Class A)		19,394
	254,725		Dollar General Corp		19,802
	84,814	*	Dollar Tree, Inc		6,699
	324,110		DSW, Inc (Class A)		10,816
	1,369,983		Expedia, Inc		149,807
	115,618		Family Dollar Stores, Inc		9,112
	94,232		Fast Retailing Co Ltd		42,732
	569,260		Foot Locker, Inc		38,146
	98,023		Gap, Inc		3,742
	58,161		Genuine Parts Co		5,207
	319,522		GNC Holdings, Inc		14,212
	9,040,369	*,e	Groupon, Inc		45,473
	3,006,893		Home Depot, Inc		334,156
	465,900	*	JD.com, Inc (ADR)		15,887
	61,200		Kohl’s Corp		3,832
	137,287		L Brands, Inc		11,770
	1,677,587	*	Liberty Interactive Corp		46,553
	147,197	*	Liberty Ventures		5,780
	125,126	*	LKQ Corp		3,784
	915,974		Lowe’s Companies, Inc		61,343
	649,810		Macy’s, Inc		43,843
	25,780	*	Michaels Cos, Inc		694
	130,135	*	Murphy USA, Inc		7,264
	33,637	*	NetFlix, Inc		22,098
	57,733		Nordstrom, Inc		4,301
	39,855	*	Office Depot, Inc		345
	142,041	*	O’Reilly Automotive, Inc		32,098
	298,567		Penske Auto Group, Inc		15,558
	35,703	*	Priceline.com, Inc		41,107
	339,120		Ross Stores, Inc		16,485
	64,859	*	Sally Beauty Holdings, Inc		2,048
	566	*,e	Sears Holdings Corp		15
	33,020		Signet Jewelers Ltd		4,235
	323,399		Target Corp		26,399
	462,020		Tiffany & Co		42,413
	467,057		TJX Companies, Inc		30,905
	73,518		Tractor Supply Co		6,612
	72,736	*	TripAdvisor, Inc		6,338
	166,726	*	Ulta Salon Cosmetics & Fragrance, Inc		25,751
	40,210	*	Urban Outfitters, Inc		1,407
	37,697		Williams-Sonoma, Inc		3,101
			TOTAL RETAILING		1,955,631

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
	38,517		Altera Corp		1,972
	118,010		Analog Devices, Inc		7,574
	1,395,311		Applied Materials, Inc		26,818

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,130,034		ARM Holdings plc (ADR)	$	55,677
	171,683		Atmel Corp		1,692
	214,945		Avago Technologies Ltd		28,573
	1,526,901		Broadcom Corp (Class A)		78,620
	41,658	*	Freescale Semiconductor Holdings Ltd		1,665
	352,698		Intel Corp		10,727
	65,782		Kla-Tencor Corp		3,698
	388,020		Lam Research Corp		31,565
	98,502		Linear Technology Corp		4,357
	942,500		Marvell Technology Group Ltd		12,427
	40,303		Maxim Integrated Products, Inc		1,393
	83,223	e	Microchip Technology, Inc		3,947
	356,146	*	Micron Technology, Inc		6,710
	188,434		Nvidia Corp		3,789
	493,536	*	NXP Semiconductors NV		48,465
	162,957	*	ON Semiconductor Corp		1,905
	114,968	*	Qorvo, Inc		9,228
	373,706		Skyworks Solutions, Inc		38,903
	1,325,890	*	Sumco Corp		16,583
	103,097	*	SunEdison, Inc		3,084
	1,815	*	SunPower Corp		52
	190,000		Teradyne, Inc		3,665
	538,543		Texas Instruments, Inc		27,740
	128,780		Xilinx, Inc		5,687
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		436,516

SOFTWARE & SERVICES - 21.2%
	565,456		Accenture plc		54,725
	289,200		Activision Blizzard, Inc		7,001
	3,495,613	*	Adobe Systems, Inc		283,180
	313,358	*	Akamai Technologies, Inc		21,879
	52,811	*	Alibaba Group Holding Ltd (ADR)		4,345
	277,342	*	Alliance Data Systems Corp		80,967
	356,691		Amdocs Ltd		19,472
	6,979	*	Ansys, Inc		637
	1,539,446	*	Autodesk, Inc		77,088
	168,587		Automatic Data Processing, Inc		13,526
	241,569	*	Baidu, Inc (ADR)		48,092
	7,468	*	Black Knight Financial Services, Inc		231
	38,740		Booz Allen Hamilton Holding Co		978
	49,309		Broadridge Financial Solutions, Inc		2,466
	120,389	*,e	Cadence Design Systems, Inc		2,367
	133,744		CDK Global, Inc		7,219
	135,400	*	Check Point Software Technologies		10,771
	427,208	*,e	Cimpress NV		35,954
	236,133	*	Citrix Systems, Inc		16,567
	342,530	*	Cognizant Technology Solutions Corp (Class A)		20,925
	312,700		Computer Sciences Corp		20,526
	13,332	*	CoStar Group, Inc		2,683
	117,569		DST Systems, Inc		14,811
	2,719,422	*	eBay, Inc		163,818
	378,811	*	Electronic Arts, Inc		25,191

253

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	23,414		Equinix, Inc	$	5,947
	5,648,192	*	Facebook, Inc		484,417
	17,180		Factset Research Systems, Inc		2,792
	50,254		Fidelity National Information Services, Inc		3,106
	306,644	*,e	FireEye, Inc		14,998
	403,761	*	First American Corp		16,025
	97,401	*	Fiserv, Inc		8,068
	169,263	*	FleetCor Technologies, Inc		26,415
	58,744	*	Fortinet, Inc		2,428
	34,152	*	Gartner, Inc		2,930
	65,437	*	Genpact Ltd		1,396
	321,937		Global Payments, Inc		33,304
	9,708	*	GoDaddy, Inc		274
	835,614	*	Google, Inc		434,945
	510,184	*	Google, Inc (Class A)		275,520
	435,000	*	GrubHub, Inc		14,820
	12,533	*	HomeAway, Inc		390
	392,427		IAC/InterActiveCorp		31,261
	43,072	*	Informatica Corp		2,088
	568,494		International Business Machines Corp		92,471
	3,023,036		Intuit, Inc		304,631
	33,638		Jack Henry & Associates, Inc		2,176
	5,842,972	*	Just Eat plc		37,336
	1,034,367		King Digital Entertainment plc		14,740
	2,360		Leidos Holdings, Inc		95
	507,468	*,e	LendingClub Corp		7,485
	358,864	*	LinkedIn Corp		74,152
	3,085,232		Mastercard, Inc (Class A)		288,408
	6,940,088		Microsoft Corp		306,405
	509,542	*,e	Mobileye NV		27,092
	154,500		Netease.com (ADR)		22,382
	16,434	*,e	NetSuite, Inc		1,508
	3,014,524		Oracle Corp		121,485
	86,971	*	Pandora Media, Inc		1,351
	116,378		Paychex, Inc		5,456
	142,198	*	PTC, Inc		5,833
	100,653	*	Rackspace Hosting, Inc		3,743
	1,368,838	*	Red Hat, Inc		103,936
	1,361,399		Sabre Corp		32,401
	3,262,422	*	Salesforce.com, Inc		227,163
	455,949	*	ServiceNow, Inc		33,882
	27,434	*	SolarWinds, Inc		1,265
	27,609		Solera Holdings, Inc		1,230
	51,546	*	Splunk, Inc		3,589
	26,312		SS&C Technologies Holdings, Inc		1,644
	4,657	*	Synopsys, Inc		236
	52,382	*	Tableau Software, Inc		6,040
	3,308,200		Tencent Holdings Ltd		66,152
	107,233	*,e	Teradata Corp		3,968
	408,366		Total System Services, Inc		17,057
	480,630	*	Twitter, Inc		17,408
	11,756	*	Ultimate Software Group, Inc		1,932

254

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	243,371	*	Vantiv, Inc	$	9,294
	46,786	*	VeriFone Systems, Inc		1,589
	42,552	*,e	VeriSign, Inc		2,626
	6,087,788		Visa, Inc (Class A)		408,795
	215,525	*	VMware, Inc (Class A)		18,479
	212,379		Western Union Co		4,318
	15,898	*	WEX, Inc		1,812
	43,637	*	Workday, Inc		3,333
	2,847,834	*	Yahoo!, Inc		111,891
	26,715	*	Yelp, Inc		1,150
	10,822	*,e	Zillow Group, Inc		939
			TOTAL SOFTWARE & SERVICES		4,695,421

TECHNOLOGY HARDWARE & EQUIPMENT - 7.6%
	16,876	*,e	3D Systems Corp		329
	127,072		Amphenol Corp (Class A)		7,366
	10,438,106	d	Apple, Inc		1,309,199
	13,867	*,e	Arista Networks, Inc		1,133
	9,344	*	ARRIS Group, Inc		286
	165,249		CDW Corp		5,665
	4,244,467		Cisco Systems, Inc		116,553
	35,839		Cognex Corp		1,724
	19,176	*	CommScope Holding Co, Inc		585
	137,400		Corning, Inc		2,711
	313,105		EMC Corp		8,263
	77,291	*	F5 Networks, Inc		9,302
	73,777	*,e	Fitbit, Inc		2,820
	36,370		Flir Systems, Inc		1,121
	8,459		Harris Corp		651
	593,400		Hewlett-Packard Co		17,808
	3,599	*	Ingram Micro, Inc (Class A)		90
	14,212	*,e	IPG Photonics Corp		1,211
	482,025		Jabil Circuit, Inc		10,262
	273,546		Juniper Networks, Inc		7,104
	177,663	*	Keysight Technologies, Inc		5,541
	86,769		Motorola, Inc		4,975
	10,174		National Instruments Corp		300
	82,800	*	NCR Corp		2,492
	545,471		NetApp, Inc		17,215
	438,072	*	Palo Alto Networks, Inc		76,531
	191,518		Qualcomm, Inc		11,995
	371,700	e	Seagate Technology, Inc		17,656
	5,655	*	Trimble Navigation Ltd		133
	385,100		Western Digital Corp		30,200
	21,276	*	Zebra Technologies Corp (Class A)		2,363
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,673,584

TELECOMMUNICATION SERVICES - 0.9%
	809,400	*,g	Cellnex Telecom SAU		13,693
	1,146,912	*	Level 3 Communications, Inc		60,408
	78,752	*	SBA Communications Corp (Class A)		9,054
	2,639,978		Verizon Communications, Inc		123,049

255

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	51,078	*	Zayo Group Holdings, Inc	$	1,314
			TOTAL TELECOMMUNICATION SERVICES		207,518

TRANSPORTATION - 2.4%
	369,024		Alaska Air Group, Inc		23,776
	33,472		Amerco, Inc		10,942
	318,676		American Airlines Group, Inc		12,726
	43,528	*	Avis Budget Group, Inc		1,919
	197,336		CH Robinson Worldwide, Inc		12,312
	104,850		CSX Corp		3,423
	1,266,816		Delta Air Lines, Inc		52,041
	241,090		Expeditors International of Washington, Inc		11,115
	324,102		FedEx Corp		55,227
	8,514	*	Genesee & Wyoming, Inc (Class A)		649
	2,351,358	*	Hertz Global Holdings, Inc		42,607
	37,835		J.B. Hunt Transport Services, Inc		3,106
	208,263	*	JetBlue Airways Corp		4,323
	18,268		Landstar System, Inc		1,222
	960,075	*,e	Latam Airlines Group S.A. (ADR)		6,759
	28,709	*	Old Dominion Freight Line		1,969
	180,000		Ryanair Holdings plc (ADR)		12,843
	173,046		Ryder System, Inc		15,119
	1,378,398		Southwest Airlines Co		45,611
	235,022	*	Spirit Airlines, Inc		14,595
	1,432,051		Union Pacific Corp		136,575
	674,432	*	United Continental Holdings, Inc		35,752
	366,749		United Parcel Service, Inc (Class B)		35,542
			TOTAL TRANSPORTATION		540,153

UTILITIES - 0.0%
	209,747	*	Calpine Corp		3,773
	12,206		Dominion Resources, Inc		816
	23,558		ITC Holdings Corp		758
	1,094		TerraForm Power, Inc		42
			TOTAL UTILITIES		5,389
			TOTAL COMMON STOCKS		22,031,779
			(Cost $17,443,516)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 2.3%
GOVERNMENT AGENCY DEBT - 0.6%
$	2,400,000	d	Federal Home Loan Bank (FHLB)		0.070	%	07/08/15	2,400
	80,000,000	d	FHLB		0.050-0.060		08/07/15	79,997
	40,000,000	d	FHLB		0.070		08/12/15	39,998
	6,200,000	d	FHLB		0.060		08/19/15	6,199
			TOTAL GOVERNMENT AGENCY DEBT					128,594

TREASURY DEBT - 0.0%
	2,000,000	d	United States Treasury Bill		0.095		10/15/15	2,000
			TOTAL TREASURY DEBT					2,000

256

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	370,758,612	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	370,759
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		370,759

			TOTAL SHORT-TERM INVESTMENTS		501,353
			(Cost $501,349)
			TOTAL INVESTMENTS - 101.6%		22,533,132
			(Cost $17,944,865)
			OTHER ASSETS & LIABILITIES, NET - (1.6)%		(356,235	)
			NET ASSETS - 100.0%	$	22,176,897


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

*		Non-income producing
a		Affiliated holding
c		Investments made with cash collateral received from securites on loan.
d		All or a portion of these securities have been segregated 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 $365,133,000.
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 6/30/15, the aggregate value of these securities was $44,976,000, or 0.2% of net assets.

		Cost amounts are in thousands.

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.2%
	56,324	*	American Axle & Manufacturing Holdings, Inc	$	1,178
	167,583		BorgWarner, Inc		9,525
	42,817		Cooper Tire & Rubber Co		1,448
	10,380	*	Cooper-Standard Holding, Inc		638
	120,374		Dana Holding Corp		2,477
	213,546		Delphi Automotive plc		18,171
	20,030	*,e	Dorman Products, Inc		955
	17,932		Drew Industries, Inc		1,040
	21,876	*	Federal Mogul Corp (Class A)		248
	2,882,415		Ford Motor Co		43,265
	12,496	*	Fox Factory Holding Corp		201
	1,187,835		General Motors Co		39,591
	218,376		Gentex Corp		3,586
	26,543	*	Gentherm, Inc		1,457
	199,183		Goodyear Tire & Rubber Co		6,005
	154,043		Harley-Davidson, Inc		8,680
	484,264		Johnson Controls, Inc		23,986
	57,299		Lear Corp		6,432
	6,649		Metaldyne Performance Group, Inc		121
	36,302	*	Modine Manufacturing Co		390
	13,147	*	Motorcar Parts of America, Inc		396
	21,131		Remy International, Inc		467
	15,087		Standard Motor Products, Inc		530
	20,247	*	Stoneridge, Inc		237
	2,693		Strattec Security Corp		185
	17,815		Superior Industries International, Inc		326
	45,591	*	Tenneco, Inc		2,619
	72,086	*,e	Tesla Motors, Inc		19,338
	33,978		Thor Industries, Inc		1,912
	15,398	*	Tower International, Inc		401
	33,034	*	Visteon Corp		3,468
	21,322	e	Winnebago Industries, Inc		503
			TOTAL AUTOMOBILES & COMPONENTS		199,776

BANKS - 6.2%
	11,459		1st Source Corp		391
	5,171		Access National Corp		101
	5,882		American National Bankshares, Inc		140
	23,589		Ameris Bancorp		597
	7,069	e	Ames National Corp		177
	5,633	*	Anchor BanCorp Wisconsin, Inc		214
	24,400		Apollo Residential Mortgage		358
	7,344		Arrow Financial Corp		199
	112,856		Associated Banc-Corp		2,288

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	66,701		Astoria Financial Corp	$	920
	25,515	e	Banc of California, Inc		351
	5,016		Bancfirst Corp		328
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		691
	72,389		Bancorpsouth, Inc		1,865
	41,404		Bank Mutual Corp		318
	7,768,549		Bank of America Corp		132,221
	32,426	e	Bank of Hawaii Corp		2,162
	3,864		Bank of Marin Bancorp		197
	57,827		Bank of the Ozarks, Inc		2,646
	15,980		BankFinancial Corp		188
	76,129		BankUnited		2,735
	15,583		Banner Corp		747
	4,570		Bar Harbor Bankshares		162
	535,283		BB&T Corp		21,577
	59,137		BBCN Bancorp, Inc		875
	4,100	*,e	BBX Capital Corp		67
	9,956	*	Bear State Financial, Inc		93
	61,657	*	Beneficial Bancorp, Inc		770
	21,508		Berkshire Hills Bancorp, Inc		613
	20,549	*	Blue Hills Bancorp, Inc		288
	17,544		BNC Bancorp		339
	11,321	*,e	BofI Holding, Inc		1,197
	20,505	e	BOK Financial Corp		1,427
	59,217		Boston Private Financial Holdings, Inc		794
	8,872		Bridge Bancorp, Inc		237
	7,190	*	Bridge Capital Holdings		214
	54,590		Brookline Bancorp, Inc		616
	12,987		Bryn Mawr Bank Corp		392
	6,346	*	BSB Bancorp, Inc		140
	4,588	*	C1 Financial, Inc		89
	5,527		Camden National Corp		214
	16,948	*	Capital Bank Financial Corp		493
	9,158		Capital City Bank Group, Inc		140
	105,428		Capitol Federal Financial		1,269
	22,480		Cardinal Financial Corp		490
	21,201	*	Cascade Bancorp		110
	60,166		Cathay General Bancorp		1,952
	33,881		Centerstate Banks of Florida, Inc		458
	17,227		Central Pacific Financial Corp		409
	2,883		Century Bancorp, Inc		117
	13,560		Charter Financial Corp		168
	24,990		Chemical Financial Corp		826
	128,729		CIT Group, Inc		5,985
	2,244,177		Citigroup, Inc		123,968
	9,568		Citizens & Northern Corp		197
	221,768		Citizens Financial Group, Inc		6,056
	10,721	e	City Holding Co		528
	35,413		City National Corp		3,201
	19,650		Clifton Bancorp, Inc		275
	9,772		CNB Financial Corp		180
	26,184		CoBiz, Inc		342

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	42,696		Columbia Banking System, Inc	$	1,389
	131,821		Comerica, Inc		6,765
	61,634		Commerce Bancshares, Inc		2,883
	30,550	e	Community Bank System, Inc		1,154
	12,718		Community Trust Bancorp, Inc		443
	7,261	*	CommunityOne Bancorp		78
	21,722		ConnectOne Bancorp, Inc		468
	12,656	*	CU Bancorp		280
	39,988		Cullen/Frost Bankers, Inc		3,142
	19,196	*	Customers Bancorp, Inc		516
	80,226		CVB Financial Corp		1,413
	23,810		Dime Community Bancshares		403
	22,108	*	Eagle Bancorp, Inc		972
	106,767		East West Bancorp, Inc		4,785
	4,559		Enterprise Bancorp, Inc		107
	14,785		Enterprise Financial Services Corp		337
	40,929	*	Essent Group Ltd		1,119
	63,807		EverBank Financial Corp		1,254
	4,054	*	Farmers Capital Bank Corp		115
	20,788	*	FCB Financial Holdings, Inc		661
	7,387		Federal Agricultural Mortgage Corp (Class C)		215
	12,551		Fidelity Southern Corp		219
	599,099		Fifth Third Bancorp		12,473
	10,211		Financial Institutions, Inc		254
	15,337		First Bancorp (NC)		256
	85,475	*	First Bancorp (Puerto Rico)		412
	6,485		First Bancorp, Inc		126
	58,052		First Busey Corp		381
	3,088		First Business Financial Services, Inc		145
	5,634		First Citizens Bancshares, Inc (Class A)		1,482
	66,434		First Commonwealth Financial Corp		637
	12,139		First Community Bancshares, Inc		221
	13,926		First Connecticut Bancorp		221
	7,726		First Defiance Financial Corp		290
	44,691		First Financial Bancorp		802
	48,150	e	First Financial Bankshares, Inc		1,668
	8,954		First Financial Corp		320
	172,999		First Horizon National Corp		2,711
	13,482		First Interstate Bancsystem, Inc		374
	26,538		First Merchants Corp		655
	57,533		First Midwest Bancorp, Inc		1,091
	11,498	*	First NBC Bank Holding Co		414
	263,698		First Niagara Financial Group, Inc		2,489
	8,623		First of Long Island Corp		239
	105,295		First Republic Bank		6,637
	123,577		FirstMerit Corp		2,574
	15,789	*	Flagstar Bancorp, Inc		292
	23,200		Flushing Financial Corp		487
	127,680		FNB Corp		1,828
	10,372		Fox Chase Bancorp, Inc		176
	3,888	*	Franklin Financial Network, Inc		89
	130,713		Fulton Financial Corp		1,707

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,802		German American Bancorp, Inc	$	289
	56,600		Glacier Bancorp, Inc		1,665
	7,809		Great Southern Bancorp, Inc		329
	30,455		Great Western Bancorp, Inc		734
	7,975	*	Green Bancorp, Inc		123
	11,166		Guaranty Bancorp		184
	31,047	*,e	Hampton Roads Bankshares, Inc		65
	57,555		Hancock Holding Co		1,837
	23,963		Hanmi Financial Corp		595
	13,311		Heartland Financial USA, Inc		495
	15,254		Heritage Commerce Corp		147
	22,833		Heritage Financial Corp		408
	6,942		Heritage Financial Group		210
	14,409		Heritage Oaks Bancorp		113
	55,915	*	Hilltop Holdings, Inc		1,347
	997		Hingham Institution for Savings		115
	42,029		Home Bancshares, Inc		1,537
	15,022		HomeStreet, Inc		343
	16,046	*	HomeTrust Bancshares, Inc		269
	6,700		Horizon Bancorp		167
	392,192		Hudson City Bancorp, Inc		3,875
	11,015		Hudson Valley Holding Corp		311
	597,336		Huntington Bancshares, Inc		6,756
	28,157		IBERIABANK Corp		1,921
	6,123	*	Impac Mortgage Holdings, Inc		117
	19,246		Independent Bank Corp (MA)		902
	17,558		Independent Bank Corp (MI)		238
	6,960		Independent Bank Group, Inc		299
	40,567		International Bancshares Corp		1,090
	257,321		Investors Bancorp, Inc		3,165
	2,744,993		JPMorgan Chase & Co		186,001
	69,276	*	Kearny Financial Corp		773
	627,474		Keycorp		9,425
	29,243		Ladder Capital Corp		507
	28,418		Lakeland Bancorp, Inc		338
	12,420		Lakeland Financial Corp		539
	35,043		LegacyTexas Financial Group, Inc		1,058
	4,100	*	LendingTree, Inc		322
	98,398		M&T Bank Corp		12,293
	15,363		MainSource Financial Group, Inc		337
	55,577		MB Financial, Inc		1,914
	12,428		Mercantile Bank Corp		266
	3,784		Merchants Bancshares, Inc		125
	41,025	*	Meridian Bancorp, Inc		550
	5,273		Meta Financial Group, Inc		226
	252,589	*,e	MGIC Investment Corp		2,874
	5,257		MidWestOne Financial Group, Inc		173
	27,253		National Bank Holdings Corp		568
	5,351	e	National Bankshares, Inc		157
	4,350	*	National Commerce Corp		112
	100,779		National Penn Bancshares, Inc		1,137
	28,655	*,e	Nationstar Mortgage Holdings, Inc		481

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	32,725		NBT Bancorp, Inc	$	856
	328,676	e	New York Community Bancorp, Inc		6,041
	26,583		NewBridge Bancorp		237
	38,864	*	NMI Holdings, Inc		312
	36,323		Northfield Bancorp, Inc		547
	69,442		Northwest Bancshares, Inc		890
	10,808		OceanFirst Financial Corp		202
	80,446	*,e	Ocwen Financial Corp		821
	33,903	e	OFG Bancorp		362
	86,033		Old National Bancorp		1,244
	21,667	*	Old Second Bancorp, Inc		143
	7,479		Opus Bank		271
	32,883		Oritani Financial Corp		528
	14,467		Pacific Continental Corp		196
	15,408	*	Pacific Premier Bancorp, Inc		261
	75,475		PacWest Bancorp		3,529
	2,932		Palmetto Bancshares, Inc		58
	9,690	e	Park National Corp		847
	33,018		Park Sterling Bank		238
	11,582		Peapack Gladstone Financial Corp		257
	2,964		Penns Woods Bancorp, Inc		131
	9,969		Pennsylvania Commerce Bancorp, Inc		261
	9,540	*	PennyMac Financial Services, Inc		173
	13,423		Peoples Bancorp, Inc		313
	5,712	e	Peoples Financial Services Corp		226
	229,288		People’s United Financial, Inc		3,717
	26,946		Pinnacle Financial Partners, Inc		1,465
	383,024		PNC Financial Services Group, Inc		36,636
	77,233	*	Popular, Inc		2,229
	8,859		Preferred Bank		266
	58,098		PrivateBancorp, Inc		2,313
	51,867		Prosperity Bancshares, Inc		2,995
	45,191		Provident Financial Services, Inc		858
	8,729		QCR Holdings, Inc		190
	141,913	e	Radian Group, Inc		2,662
	992,067		Regions Financial Corp		10,278
	23,438	e	Renasant Corp		764
	6,104		Republic Bancorp, Inc (Class A)		157
	25,676		S&T Bancorp, Inc		760
	18,232		Sandy Spring Bancorp, Inc		510
	17,078	*	Seacoast Banking Corp of Florida		270
	16,424		ServisFirst Bancshares, Inc		617
	8,919		Sierra Bancorp		154
	37,479	*	Signature Bank		5,487
	22,158		Simmons First National Corp (Class A)		1,034
	18,098		South State Corp		1,375
	16,521	e	Southside Bancshares, Inc		483
	14,769		Southwest Bancorp, Inc		275
	12,357	*	Square Financial, Inc		338
	26,403		State Bank & Trust Co		573
	67,412		Sterling Bancorp/DE		991
	10,870		Stock Yards Bancorp, Inc		411

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,609		Stonegate Bank	$	226
	10,313	*,e	Stonegate Mortgage Corp		104
	8,903		Suffolk Bancorp		228
	5,838	*	Sun Bancorp, Inc		112
	381,769		SunTrust Banks, Inc		16,424
	135,003		Susquehanna Bancshares, Inc		1,906
	37,982	*	SVB Financial Group		5,469
	99,224		Synovus Financial Corp		3,058
	40,611		Talmer Bancorp Inc		680
	125,733		TCF Financial Corp		2,088
	8,286		Territorial Bancorp, Inc		201
	33,717	*	Texas Capital Bancshares, Inc		2,099
	52,879		TFS Financial Corp		889
	26,827	*	The Bancorp, Inc		249
	11,138		Tompkins Trustco, Inc		598
	36,382	e	TowneBank		593
	16,948		Trico Bancshares		408
	16,178	*	Tristate Capital Holdings, Inc		209
	10,668	*	Triumph Bancorp, Inc		140
	71,043		Trustco Bank Corp NY		499
	49,168		Trustmark Corp		1,228
	29,256		UMB Financial Corp		1,668
	161,706		Umpqua Holdings Corp		2,909
	33,847		Union Bankshares Corp		787
	52,160	e	United Bankshares, Inc		2,098
	38,132		United Community Banks, Inc		796
	30,361		United Community Financial Corp		162
	36,948		United Financial Bancorp, Inc (New)		497
	14,493		Univest Corp of Pennsylvania		295
	1,239,132		US Bancorp		53,778
	172,796	e	Valley National Bancorp		1,782
	19,235	*	Walker & Dunlop, Inc		514
	70,029		Washington Federal, Inc		1,635
	10,818		Washington Trust Bancorp, Inc		427
	22,962		Waterstone Financial, Inc		303
	67,195		Webster Financial Corp		2,658
	3,445,961		Wells Fargo & Co		193,801
	28,222		WesBanco, Inc		960
	11,970		West Bancorporation, Inc		237
	18,981	e	Westamerica Bancorporation		961
	56,653	*	Western Alliance Bancorp		1,913
	52,747		Wilshire Bancorp, Inc		666
	35,315		Wintrust Financial Corp		1,885
	20,553		WSFS Financial Corp		562
	18,616	*	Yadkin Financial Corp		390
	149,549		Zions Bancorporation		4,746
			TOTAL BANKS		1,057,683

CAPITAL GOODS - 7.6%
	469,229		3M Co		72,402
	54,949		A.O. Smith Corp		3,955
	29,877		Aaon, Inc		673

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	26,739		AAR Corp	$	852
	32,350	*	Accuride Corp		125
	43,959		Actuant Corp (Class A)		1,015
	32,117		Acuity Brands, Inc		5,780
	24,758		Advanced Drainage Systems, Inc		726
	110,795	*,e	Aecom Technology Corp		3,665
	28,439	*	Aegion Corp		539
	46,010	*,e	Aerojet Rocketdyne Holdings, Inc		948
	14,335	*	Aerovironment, Inc		374
	56,061	e	AGCO Corp		3,183
	75,690		Air Lease Corp		2,566
	46,365		Aircastle Ltd		1,051
	6,904		Alamo Group, Inc		377
	21,082		Albany International Corp (Class A)		839
	71,508		Allegion plc		4,300
	4,493		Allied Motion Technologies, Inc		101
	133,019		Allison Transmission Holdings, Inc		3,892
	20,492		Altra Holdings, Inc		557
	13,776	*	Ameresco, Inc		105
	7,032	e	American Railcar Industries, Inc		342
	5,344		American Science & Engineering, Inc		234
	9,387	*	American Woodmark Corp		515
	177,267		Ametek, Inc		9,711
	21,529		Apogee Enterprises, Inc		1,133
	29,542		Applied Industrial Technologies, Inc		1,171
	9,512		Argan, Inc		384
	28,807	*	Armstrong World Industries, Inc		1,535
	73,992	*	ArvinMeritor, Inc		971
	14,102		Astec Industries, Inc		590
	14,118	*	Astronics Corp		1,001
	19,364		AZZ, Inc		1,003
	80,147		Babcock & Wilcox Co		2,629
	39,660		Barnes Group, Inc		1,546
	78,609		BE Aerospace, Inc		4,316
	37,178	*	Beacon Roofing Supply, Inc		1,235
	35,059	*	Blount International, Inc		383
	3,967	*	Blue Bird Corp		52
	511,444		Boeing Co		70,948
	35,415		Briggs & Stratton Corp		682
	33,815	*	Builders FirstSource, Inc		434
	13,167	*	CAI International, Inc		271
	48,194		Carlisle Cos, Inc		4,825
	446,458		Caterpillar, Inc		37,869
	22,344	*	Chart Industries, Inc		799
	72,371	e	Chicago Bridge & Iron Co NV		3,621
	12,832		CIRCOR International, Inc		700
	36,993		Clarcor, Inc		2,302
	73,519	*,e	Colfax Corp		3,393
	14,727		Columbus McKinnon Corp		368
	29,078		Comfort Systems USA, Inc		667
	18,507	*	Commercial Vehicle Group, Inc		133
	23,295	*	Continental Building Products Inc		494

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	35,538		Crane Co	$	2,087
	16,079		Cubic Corp		765
	134,102		Cummins, Inc		17,593
	35,284		Curtiss-Wright Corp		2,556
	457,111		Danaher Corp		39,124
	246,887	e	Deere & Co		23,960
	53,820	*	DigitalGlobe, Inc		1,496
	101,234		Donaldson Co, Inc		3,624
	16,771		Douglas Dynamics, Inc		360
	118,749		Dover Corp		8,334
	8,048	*	Ducommun, Inc		207
	9,738	*	DXP Enterprises, Inc		453
	25,816	*	Dycom Industries, Inc		1,519
	345,619		Eaton Corp		23,326
	46,269		EMCOR Group, Inc		2,210
	494,216		Emerson Electric Co		27,394
	15,305		Encore Wire Corp		678
	32,847		EnerSys		2,309
	12,394		Engility Holdings, Inc		312
	19,664	*,e	Enphase Energy, Inc		150
	17,204		EnPro Industries, Inc		984
	20,012		ESCO Technologies, Inc		749
	23,350	*	Esterline Technologies Corp		2,226
	217,423	e	Fastenal Co		9,171
	46,509		Federal Signal Corp		693
	99,301		Flowserve Corp		5,229
	108,333		Fluor Corp		5,743
	118,030		Fortune Brands Home & Security, Inc		5,408
	35,044		Franklin Electric Co, Inc		1,133
	9,868		Freightcar America, Inc		206
	169,616	*,e	FuelCell Energy, Inc		166
	25,764	*	Furmanite Corp		209
	32,486		GATX Corp		1,727
	52,047	*,e	Generac Holdings, Inc		2,069
	37,226		General Cable Corp		734
	215,613		General Dynamics Corp		30,550
	7,452,988		General Electric Co		198,026
	22,869	*	Gibraltar Industries, Inc		466
	16,574		Global Brass & Copper Holdings, Inc		282
	14,132		Gorman-Rupp Co		397
	43,418		Graco, Inc		3,084
	93,933	*	GrafTech International Ltd		466
	7,763		Graham Corp		159
	29,395		Granite Construction, Inc		1,044
	44,924	*	Great Lakes Dredge & Dock Corp		268
	19,838	e	Greenbrier Cos, Inc		929
	26,499		Griffon Corp		422
	23,777		H&E Equipment Services, Inc		475
	59,172		Harsco Corp		976
	13,954	*	HC2 Holdings, Inc		125
	126,159	*	HD Supply Holdings, Inc		4,438
	14,478	e	HEICO Corp		844

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	29,540	*	HEICO Corp (Class A)	$	1,500
	71,415		Hexcel Corp		3,552
	45,722		Hillenbrand, Inc		1,404
	578,244		Honeywell International, Inc		58,964
	42,521		Hubbell, Inc (Class B)		4,604
	35,966		Huntington Ingalls		4,049
	4,796		Hurco Cos, Inc		166
	7,224		Hyster-Yale Materials Handling, Inc		500
	56,742		IDEX Corp		4,459
	221,299		Illinois Tool Works, Inc		20,313
	195,772		Ingersoll-Rand plc		13,199
	13,472		Insteel Industries, Inc		252
	66,122		ITT Corp		2,767
	93,057	*	Jacobs Engineering Group, Inc		3,780
	21,706		John Bean Technologies Corp		816
	71,908	e	Joy Global, Inc		2,603
	8,084		Kadant, Inc		382
	19,992		Kaman Corp		838
	106,685		KBR, Inc		2,078
	58,766		Kennametal, Inc		2,005
	24,548	*,e	KEYW Holding Corp		229
	38,579	*	KLX, Inc		1,702
	35,813	*	Kratos Defense & Security Solutions, Inc		226
	60,975		L-3 Communications Holdings, Inc		6,913
	4,456	*	Lawson Products, Inc		105
	7,262		LB Foster Co (Class A)		251
	30,249		Lennox International, Inc		3,258
	55,983		Lincoln Electric Holdings, Inc		3,409
	8,999	e	Lindsay Manufacturing Co		791
	200,429		Lockheed Martin Corp		37,260
	12,960		LSI Industries, Inc		121
	12,907	*	Lydall, Inc		382
	100,071		Manitowoc Co, Inc		1,961
	257,957		Masco Corp		6,880
	22,281	*	Masonite International Corp		1,562
	48,078	*	Mastec, Inc		955
	42,429	*	Middleby Corp		4,762
	7,280		Miller Industries, Inc		145
	28,530	*	Moog, Inc (Class A)		2,017
	75,826	*	MRC Global, Inc		1,171
	34,779		MSC Industrial Direct Co (Class A)		2,427
	42,636		Mueller Industries, Inc		1,480
	118,277		Mueller Water Products, Inc (Class A)		1,076
	15,457	*	MYR Group, Inc		479
	3,938	e	National Presto Industries, Inc		316
	38,145	*,e	Navistar International Corp		863
	19,754	*	NCI Building Systems, Inc		298
	7,962	*	Neff Corp		80
	13,876		NN, Inc		354
	45,081		Nordson Corp		3,511
	6,979	*	Nortek, Inc		580
	143,362		Northrop Grumman Corp		22,742

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,062	*	Northwest Pipe Co	$	144
	79,518	*,e	NOW, Inc		1,583
	3,532	*	NV5 Holdings, Inc		86
	2,354		Omega Flex, Inc		89
	44,267		Orbital ATK, Inc		3,247
	19,593	*	Orion Marine Group, Inc		141
	57,963		Oshkosh Truck Corp		2,456
	87,128		Owens Corning, Inc		3,594
	263,140		Paccar, Inc		16,791
	79,002		Pall Corp		9,832
	102,593		Parker Hannifin Corp		11,935
	9,372	*	Patrick Industries, Inc		357
	132,996		Pentair plc		9,143
	28,503	*	Perini Corp		615
	36,380	*	Pgt, Inc		528
	125,956	*,e	Plug Power, Inc		309
	15,949	*	Ply Gem Holdings, Inc		188
	33,167	*	Polypore International, Inc		1,986
	7,077		Powell Industries, Inc		249
	3,314	*,e	Power Solutions International, Inc		179
	14,420	*	PowerSecure International, Inc		213
	102,242		Precision Castparts Corp		20,435
	1,801		Preformed Line Products Co		68
	28,783		Primoris Services Corp		570
	17,206	*,e	Proto Labs, Inc		1,161
	25,291		Quanex Building Products Corp		542
	151,070	*	Quanta Services, Inc		4,354
	27,582		Raven Industries, Inc		561
	225,762		Raytheon Co		21,601
	17,664		RBC Bearings, Inc		1,268
	33,217		Regal-Beloit Corp		2,411
	74,035	*	Rexnord Corp		1,770
	99,579		Rockwell Automation, Inc		12,412
	97,885		Rockwell Collins, Inc		9,040
	74,340		Roper Industries, Inc		12,821
	26,334	*	Rush Enterprises, Inc (Class A)		690
	31,268		Simpson Manufacturing Co, Inc		1,063
	42,500		Snap-On, Inc		6,768
	43,521	*,e	SolarCity Corp		2,331
	7,959	*	Sparton Corp		217
	104,846	*	Spirit Aerosystems Holdings, Inc (Class A)		5,778
	30,406		SPX Corp		2,201
	9,752		Standex International Corp		779
	113,757		Stanley Works		11,972
	10,746	*	Stock Building Supply Holdings, Inc		210
	16,194		Sun Hydraulics Corp		617
	24,710	e	TAL International Group, Inc		781
	38,585	*,e	Taser International, Inc		1,285
	26,449	*	Teledyne Technologies, Inc		2,791
	13,262		Tennant Co		867
	77,584		Terex Corp		1,804
	15,040	e	Textainer Group Holdings Ltd		391

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	205,292		Textron, Inc	$	9,162
	7,401	*,e	The ExOne Company		82
	24,419	*	Thermon Group Holdings		588
	57,385		Timken Co		2,099
	33,155	e	Titan International, Inc		356
	11,613	*	Titan Machinery, Inc		171
	41,052		Toro Co		2,783
	39,495	*	TransDigm Group, Inc		8,873
	24,081	*	Trex Co, Inc		1,190
	34,233	*	Trimas Corp		1,013
	114,441		Trinity Industries, Inc		3,025
	36,497		Triumph Group, Inc		2,408
	6,504		Twin Disc, Inc		121
	71,789	*	United Rentals, Inc		6,290
	658,454		United Technologies Corp		73,042
	14,766		Universal Forest Products, Inc		768
	67,415	*,e	USG Corp		1,873
	17,479	e	Valmont Industries, Inc		2,078
	7,860	*	Vectrus, Inc		195
	6,270	*	Veritiv Corp		229
	12,845	*,e	Vicor Corp		157
	49,467	e	W.W. Grainger, Inc		11,706
	52,045	*	Wabash National Corp		653
	40,484	*	WABCO Holdings, Inc		5,009
	19,517		Watsco, Inc		2,415
	21,144		Watts Water Technologies, Inc (Class A)		1,096
	32,974	*,e	WESCO International, Inc		2,263
	71,607		Westinghouse Air Brake Technologies Corp		6,748
	48,425		Woodward Governor Co		2,663
	8,335	*	Xerium Technologies, Inc		152
	134,207		Xylem, Inc		4,975
			TOTAL CAPITAL GOODS		1,286,081

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	41,289		ABM Industries, Inc		1,357
	37,820	e	Acacia Research (Acacia Technologies)		332
	81,816	*	ACCO Brands Corp		636
	14,431		Administaff, Inc		735
	126,681	e	ADT Corp		4,253
	31,285	*	Advisory Board Co		1,710
	16,280		American Ecology Corp		793
	26,021	*	ARC Document Solutions, Inc		198
	6,166		Barrett Business Services, Inc		224
	35,197		Brady Corp (Class A)		871
	35,828		Brink’s Co		1,054
	29,675	*	Casella Waste Systems, Inc (Class A)		166
	35,493	*	CBIZ, Inc		342
	10,344		CDI Corp		134
	25,057		CEB, Inc		2,181
	16,272	e	Ceco Environmental Corp		184
	70,619		Cintas Corp		5,974
	71,226		Civeo Corp		219

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	43,305	*	Clean Harbors, Inc	$	2,327
	93,566	*	Copart, Inc		3,320
	84,474		Covanta Holding Corp		1,790
	7,013	*	CRA International, Inc		195
	36,968		Deluxe Corp		2,292
	26,621		Dun & Bradstreet Corp		3,248
	20,052		Ennis, Inc		373
	88,064		Equifax, Inc		8,550
	28,344		Essendant, Inc		1,112
	19,672		Exponent, Inc		881
	9,375	*	Franklin Covey Co		190
	30,776	*	FTI Consulting, Inc		1,269
	15,088		G & K Services, Inc (Class A)		1,043
	9,864	*	GP Strategies Corp		328
	51,852	e	Healthcare Services Group		1,714
	14,300		Heidrick & Struggles International, Inc		373
	8,893	*	Heritage-Crystal Clean, Inc		131
	43,782		Herman Miller, Inc		1,267
	25,556	*	Hill International, Inc		134
	33,809		HNI Corp		1,729
	17,181	*	Huron Consulting Group, Inc		1,204
	14,961	*	ICF International, Inc		522
	114,792	*	ICO Global Communications Holdings Ltd		157
	50,885	*	IHS, Inc (Class A)		6,545
	27,969	*	Innerworkings, Inc		187
	49,074		Interface, Inc		1,229
	105,770		KAR Auction Services, Inc		3,956
	20,372		Kelly Services, Inc (Class A)		313
	18,302		Kforce, Inc		419
	25,171		Kimball International, Inc (Class B)		306
	35,963		Knoll, Inc		900
	37,184		Korn/Ferry International		1,293
	57,887		Manpower, Inc		5,174
	24,984		Matthews International Corp (Class A)		1,328
	19,108		McGrath RentCorp		581
	13,300	*	Mistras Group, Inc		252
	33,943		Mobile Mini, Inc		1,427
	21,996		MSA Safety, Inc		1,067
	8,734		Multi-Color Corp		558
	36,256	*	Navigant Consulting, Inc		539
	270,305		Nielsen Holdings NV		12,102
	4,943		NL Industries, Inc		37
	38,425	*	On Assignment, Inc		1,509
	148,964		Pitney Bowes, Inc		3,100
	19,971		Quad		370
	153,250	e	R.R. Donnelley & Sons Co		2,671
	179,552		Republic Services, Inc		7,033
	28,792		Resources Connection, Inc		463
	100,038		Robert Half International, Inc		5,552
	70,333		Rollins, Inc		2,007
	39,749	*	RPX Corp		672
	12,140	*	SP Plus Corp		317

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	61,807		Steelcase, Inc (Class A)	$	1,169
	62,964	*	Stericycle, Inc		8,432
	15,368	*	Team, Inc		619
	44,478		Tetra Tech, Inc		1,140
	51,220		Towers Watson & Co		6,443
	12,065	*	TRC Cos, Inc		122
	30,336	*	TriNet Group, Inc		769
	30,958	*	TrueBlue, Inc		926
	311,359		Tyco International plc		11,981
	10,976		Unifirst Corp		1,228
	125,086	*	Verisk Analytics, Inc		9,101
	15,178		Viad Corp		411
	7,372	*	Volt Information Sciences, Inc		72
	2,793		VSE Corp		149
	26,743	*	WageWorks, Inc		1,082
	91,756		Waste Connections, Inc		4,324
	338,661		Waste Management, Inc		15,697
	38,638		West Corp		1,163
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		182,247

CONSUMER DURABLES & APPAREL - 1.7%

	9,523		Arctic Cat, Inc		316
	7,681		Bassett Furniture Industries, Inc		218
	21,459	*,e	Beazer Homes USA, Inc		428
	16,578	*	Black Diamond, Inc		153
	68,196		Brunswick Corp		3,468
	58,438		Callaway Golf Co		522
	39,090		Carter’s, Inc		4,155
	6,619	*	Cavco Industries, Inc		499
	11,363	*	Century Communities, Inc		229
	6,001	*	Cherokee, Inc		169
	204,773		Coach, Inc		7,087
	21,226		Columbia Sportswear Co		1,283
	56,978	*	CROCS, Inc		838
	6,879		CSS Industries, Inc		208
	6,895		Culp, Inc		214
	26,041	*	Deckers Outdoor Corp		1,874
	241,753		DR Horton, Inc		6,614
	7,865		Escalade, Inc		145
	18,783	e	Ethan Allen Interiors, Inc		495
	3,991		Flexsteel Industries, Inc		172
	31,215	*	Fossil Group, Inc		2,165
	87,591	e	Garmin Ltd		3,848
	29,399	*	G-III Apparel Group Ltd		2,068
	65,952	*,e	GoPro, Inc		3,477
	9,827	*	Green Brick Partners, Inc		108
	297,224		Hanesbrands, Inc		9,904
	52,481		Harman International Industries, Inc		6,242
	82,316		Hasbro, Inc		6,156
	21,160	*	Helen of Troy Ltd		2,063
	7,913		Hooker Furniture Corp		199
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		248

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	34,721	*	Iconix Brand Group, Inc	$	867
	14,775	*	Installed Building Products Inc		362
	21,039	*,e	iRobot Corp		671
	13,358	*,e	Jakks Pacific, Inc		132
	142,432	*	Jarden Corp		7,371
	3,583		Johnson Outdoors, Inc		84
	94,263	*	Kate Spade & Co		2,030
	60,650	e	KB Home		1,007
	37,580		La-Z-Boy, Inc		990
	101,979		Leggett & Platt, Inc		4,964
	7,350	*	Lennar Corp (B Shares)		317
	128,503		Lennar Corp (Class A)		6,559
	10,716	*,e	LGI Homes, Inc		212
	16,013		Libbey, Inc		662
	7,210		Lifetime Brands, Inc		107
	82,394	*	Lululemon Athletica, Inc		5,380
	16,714	*,e	M/I Homes, Inc		412
	13,092	*	Malibu Boats Inc		263
	8,407	e	Marine Products Corp		52
	250,569		Mattel, Inc		6,437
	29,150	e	MDC Holdings, Inc		874
	28,574	*	Meritage Homes Corp		1,346
	146,850	*	Michael Kors Holdings Ltd		6,181
	45,442	*	Mohawk Industries, Inc		8,675
	12,667		Movado Group, Inc		344
	3,180		Nacco Industries, Inc (Class A)		193
	22,756	*	Nautilus, Inc		490
	6,504	*	New Home Co Inc		112
	198,550		Newell Rubbermaid, Inc		8,162
	501,679		Nike, Inc (Class B)		54,191
	3,033	*	NVR, Inc		4,064
	10,973		Oxford Industries, Inc		960
	32,977	*	Performance Sports Group Ltd		594
	8,860	*	Perry Ellis International, Inc		211
	61,198		Phillips-Van Heusen Corp		7,050
	48,899		Polaris Industries, Inc		7,242
	32,650		Pool Corp		2,291
	270,599		Pulte Homes, Inc		5,453
	44,148		Ralph Lauren Corp		5,843
	35,106		Ryland Group, Inc		1,628
	18,497	*,e	Sequential Brands Group, Inc		283
	30,224	*	Skechers U.S.A., Inc (Class A)		3,318
	12,508	*	Skullcandy, Inc		96
	39,523	*,e	Smith & Wesson Holding Corp		656
	110,180	*	Standard-Pacific Corp		982
	41,788	*	Steven Madden Ltd		1,788
	13,899	e	Sturm Ruger & Co, Inc		799
	5,163		Superior Uniform Group, Inc		85
	24,241	*	Taylor Morrison Home Corp		494
	45,528	*	Tempur-Pedic International, Inc		3,000
	129,747	*	Toll Brothers, Inc		4,955
	118,469	*	TRI Pointe Homes, Inc		1,813

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	41,746	*	Tumi Holdings, Inc	$	857
	36,963	e	Tupperware Corp		2,386
	131,968	*	Under Armour, Inc (Class A)		11,011
	10,905	*	Unifi, Inc		365
	11,370	*	Universal Electronics, Inc		567
	16,444	*,e	Vera Bradley, Inc		185
	250,119		VF Corp		17,443
	9,200	*,e	Vince Holding Corp		110
	47,182	*	Vista Outdoor, Inc		2,118
	11,248	*	WCI Communities, Inc		274
	5,214		Weyco Group, Inc		156
	58,219		Whirlpool Corp		10,075
	13,294	*	William Lyon Homes, Inc		341
	76,448		Wolverine World Wide, Inc		2,177
	21,026	*	Zagg, Inc		167
			TOTAL CONSUMER DURABLES & APPAREL		286,849

CONSUMER SERVICES - 2.2%
	17,607	*	2U, Inc		567
	13,862	*	American Public Education, Inc		357
	69,950	*	Apollo Group, Inc (Class A)		901
	142,754		ARAMARK Holdings Corp		4,421
	10,215	*	Ascent Media Corp (Series A)		437
	71,477	*	Belmond Ltd.		893
	15,788	*	BJ’s Restaurants, Inc		765
	90,837		Bloomin’ Brands, Inc		1,939
	17,542		Bob Evans Farms, Inc		896
	6,185	*	Bojangles’, Inc		148
	58,143	*	Boyd Gaming Corp		869
	12,909	*	Bravo Brio Restaurant Group, Inc		175
	13,548	*	Bridgepoint Education, Inc		130
	27,545	*	Bright Horizons Family Solutions		1,592
	45,353		Brinker International, Inc		2,615
	14,166	*	Buffalo Wild Wings, Inc		2,220
	34,686	*,e	Caesars Acquisition Co		239
	38,423	*,e	Caesars Entertainment Corp		235
	8,227	*	Cambium Learning Group, Inc		35
	8,937		Capella Education Co		480
	46,334	*	Career Education Corp		153
	314,087		Carnival Corp		15,513
	12,748	e	Carriage Services, Inc		304
	27,792	*	Carrols Restaurant Group, Inc		289
	36,458		Cheesecake Factory		1,988
	54,819	*,e	Chegg, Inc		430
	22,845	*	Chipotle Mexican Grill, Inc (Class A)		13,821
	26,423		Choice Hotels International, Inc		1,433
	10,291		Churchill Downs, Inc		1,287
	12,474	*,e	Chuy’s Holdings, Inc		334
	31,382		ClubCorp Holdings, Inc		749
	5,623		Collectors Universe		112
	14,150	e	Cracker Barrel Old Country Store, Inc		2,111
	93,005		Darden Restaurants, Inc		6,611

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	16,794	*	Dave & Buster’s Entertainment, Inc	$	606
	17,725	*	Del Frisco’s Restaurant Group, Inc		330
	61,863	*	Denny’s Corp		718
	48,007		DeVry, Inc		1,439
	30,972	*	Diamond Resorts International, Inc		977
	12,442		DineEquity, Inc		1,233
	40,835		Domino’s Pizza, Inc		4,631
	71,089	e	Dunkin Brands Group, Inc		3,910
	10,058	*,e	El Pollo Loco Holdings, Inc		208
	20,875	*	Eldorado Resorts, Inc		163
	11,217	*,e	Empire Resorts, Inc		57
	44,382		Extended Stay America, Inc		833
	20,469	*	Fiesta Restaurant Group, Inc		1,023
	2,614		Graham Holdings Co		2,810
	34,464	*	Grand Canyon Education, Inc		1,461
	204,247		H&R Block, Inc		6,056
	8,405	*	Habit Restaurants, Inc		263
	384,225	*	Hilton Worldwide Holdings, Inc		10,585
	101,128	*	Houghton Mifflin Harcourt Co		2,548
	25,504	*	Hyatt Hotels Corp		1,446
	68,009	*	International Game Technology plc		1,208
	20,955		International Speedway Corp (Class A)		768
	29,107		Interval Leisure Group, Inc		665
	13,700	*	Intrawest Resorts Holdings Inc		159
	15,534	*	Isle of Capri Casinos, Inc		282
	27,934		Jack in the Box, Inc		2,463
	11,200	*,e	Jamba, Inc		173
	26,055	*	K12, Inc		330
	6,015	*	Kona Grill, Inc		117
	48,331	*	Krispy Kreme Doughnuts, Inc		931
	69,470	*	La Quinta Holdings, Inc		1,587
	270,501		Las Vegas Sands Corp		14,220
	3,365	e	Liberty Tax, Inc		83
	68,430	*,e	LifeLock, Inc		1,122
	14,891		Marcus Corp		286
	155,789		Marriott International, Inc (Class A)		11,589
	19,332		Marriott Vacations Worldwide Corp		1,774
	708,960		McDonald’s Corp		67,401
	329,404	*	MGM Resorts International		6,012
	7,140	*	Monarch Casino & Resort, Inc		147
	23,956	*	Morgans Hotel Group Co		161
	8,091	*	Noodles & Co		118
	97,296	*	Norwegian Cruise Line Holdings Ltd		5,452
	18,711	*	Panera Bread Co (Class A)		3,270
	21,662		Papa John’s International, Inc		1,638
	6,692	*	Papa Murphy’s Holdings, Inc		139
	60,160	*,e	Penn National Gaming, Inc		1,104
	43,980	*	Pinnacle Entertainment, Inc		1,640
	17,192	*	Popeyes Louisiana Kitchen, Inc		1,031
	16,455	*,e	Potbelly Corp		202
	10,662	*	Red Robin Gourmet Burgers, Inc		915
	30,479	*	Regis Corp		480

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	127,003		Royal Caribbean Cruises Ltd	$	9,994
	46,223	*	Ruby Tuesday, Inc		290
	26,831		Ruth’s Chris Steak House, Inc		432
	37,197	*,e	Scientific Games Corp (Class A)		578
	51,334	e	SeaWorld Entertainment, Inc		947
	149,654		Service Corp International		4,404
	75,591	*	ServiceMaster Global Holdings, Inc		2,734
	4,371	*	Shake Shack, Inc		263
	53,284		Six Flags Entertainment Corp		2,390
	38,968		Sonic Corp		1,122
	46,276	e	Sotheby’s (Class A)		2,094
	9,984		Speedway Motorsports, Inc		226
	1,109,740		Starbucks Corp		59,499
	127,142		Starwood Hotels & Resorts Worldwide, Inc		10,310
	1,230	*	Steak N Shake Co		509
	10,261	*	Steiner Leisure Ltd		552
	7,659	*	Strayer Education, Inc		330
	50,852		Texas Roadhouse, Inc (Class A)		1,903
	15,190		Universal Technical Institute, Inc		131
	27,082		Vail Resorts, Inc		2,957
	20,024	*,e	Weight Watchers International, Inc		97
	200,961	e	Wendy’s		2,267
	88,866		Wyndham Worldwide Corp		7,279
	60,223	e	Wynn Resorts Ltd		5,942
	319,922		Yum! Brands, Inc		28,819
	14,098	*,e	Zoe’s Kitchen, Inc		577
			TOTAL CONSUMER SERVICES		380,459

DIVERSIFIED FINANCIALS - 4.0%
	40,483	*	Affiliated Managers Group, Inc		8,850
	355,309	*	Ally Financial, Inc		7,970
	639,291		American Express Co		49,686
	134,150		Ameriprise Financial, Inc		16,759
	16,506	e	Arlington Asset Investment Corp (Class A)		323
	26,422		Artisan Partners Asset Management, Inc		1,228
	608	*	Ashford, Inc		53
	829,364		Bank of New York Mellon Corp		34,808
	131,560		BGC Partners, Inc (Class A)		1,151
	92,793		BlackRock, Inc		32,105
	16,951		Calamos Asset Management, Inc (Class A)		208
	404,149		Capital One Financial Corp		35,553
	20,380		Cash America International, Inc		534
	62,482		CBOE Holdings, Inc		3,575
	846,448		Charles Schwab Corp		27,637
	7,179	e	CIFC Corp		57
	237,188		CME Group, Inc		22,073
	14,207	e	Cohen & Steers, Inc		484
	82,972	*	Cowen Group, Inc		531
	6,269	*	Credit Acceptance Corp		1,543
	2,179		Diamond Hill Investment Group, Inc		435
	327,445		Discover Financial Services		18,867
	214,458	*	E*Trade Financial Corp		6,423

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	88,158		Eaton Vance Corp	$	3,450
	19,334	*,e	Encore Capital Group, Inc		826
	18,647	*	Enova International, Inc		348
	25,641		Evercore Partners, Inc (Class A)		1,384
	38,445	*	Ezcorp, Inc (Class A)		286
	69,691		Federated Investors, Inc (Class B)		2,334
	5,405	e	Fifth Street Asset Management, Inc		56
	39,058	e	Financial Engines, Inc		1,659
	21,634	*	First Cash Financial Services, Inc		986
	59,776	*	FNFV Group		919
	286,726		Franklin Resources, Inc		14,058
	23,847		Gain Capital Holdings, Inc		228
	4,901		GAMCO Investors, Inc (Class A)		337
	319,534		Goldman Sachs Group, Inc		66,716
	34,042	*	Green Dot Corp		651
	22,433		Greenhill & Co, Inc		927
	27,971		HFF, Inc (Class A)		1,167
	42,390		Interactive Brokers Group, Inc (Class A)		1,762
	82,332		IntercontinentalExchange Group, Inc		18,410
	11,369	*	INTL FCStone, Inc		378
	318,549		Invesco Ltd		11,942
	25,877		Investment Technology Group, Inc		642
	44,323	e	iShares Russell 2000 Index Fund		5,534
	109,114		Janus Capital Group, Inc		1,868
	9,015	*,e	JG Wentworth Co		83
	32,261	*	KCG Holdings, Inc		398
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		257
	92,967		Lazard Ltd (Class A)		5,228
	72,511		Legg Mason, Inc		3,736
	242,948		Leucadia National Corp		5,899
	61,562	e	LPL Financial Holdings, Inc		2,862
	27,836		MarketAxess Holdings, Inc		2,582
	6,533		Marlin Business Services Corp		110
	202,506		McGraw-Hill Financial, Inc		20,342
	5,352	e	Medley Management, Inc		63
	12,795		Moelis & Co		367
	131,247		Moody’s Corp		14,169
	1,132,965		Morgan Stanley		43,948
	83,164		MSCI, Inc (Class A)		5,119
	83,860		NASDAQ OMX Group, Inc		4,093
	287,660		Navient Corp		5,238
	17,407		Nelnet, Inc (Class A)		754
	18,457	*	NewStar Financial, Inc		203
	172,816		Northern Trust Corp		13,214
	143,463		NorthStar Asset Management Group, Inc		2,653
	19,473		OM Asset Management plc		346
	8,132	*	On Deck Capital, Inc		94
	7,363		Oppenheimer Holdings, Inc		194
	36,552	*	PHH Corp		951
	17,372	*	Pico Holdings, Inc		256
	12,046	*	Piper Jaffray Cos		526
	35,958	*,e	PRA Group, Inc		2,241

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,591		Pzena Investment Management, Inc (Class A)	$	106
	94,509		Raymond James Financial, Inc		5,631
	8,577	*	Regional Management Corp		153
	9,098		Resource America, Inc (Class A)		77
	16,951	*	Safeguard Scientifics, Inc		330
	66,420		Santander Consumer USA Holdings, Inc		1,698
	103,149		SEI Investments Co		5,057
	317,527		SLM Corp		3,134
	19,653	e	SPDR S&P MidCap 400 ETF Trust		5,369
	218,494	e	SPDR Trust Series 1		44,977
	38,494	*	Springleaf Holdings, Inc		1,767
	304,529		State Street Corp		23,449
	49,761	*	Stifel Financial Corp		2,873
	93,804	*	Synchrony Financial		3,089
	193,908		T Rowe Price Group, Inc		15,072
	196,566		TD Ameritrade Holding Corp		7,238
	22,143	e	Tiptree Financial, Inc		161
	13,262	*	Virtu Financial, Inc		311
	5,194		Virtus Investment Partners, Inc		687
	168,335		Voya Financial, Inc		7,823
	62,904		Waddell & Reed Financial, Inc (Class A)		2,976
	28,439	*,e	Walter Investment Management Corp		650
	5,409		Westwood Holdings Group, Inc		322
	84,317	e	WisdomTree Investments, Inc		1,852
	5,697	*,e	World Acceptance Corp		350
			TOTAL DIVERSIFIED FINANCIALS		678,799

ENERGY - 7.2%
	70,225	*	Abraxas Petroleum Corp		207
	1,730		Adams Resources & Energy, Inc		77
	23,232		Alon USA Energy, Inc		439
	375,701		Anadarko Petroleum Corp		29,327
	51,630	*,e	Antero Resources Corp		1,773
	278,995		Apache Corp		16,078
	30,066	*,e	Approach Resources, Inc		206
	14,064		Ardmore Shipping Corp		170
	47,265	e	Atwood Oceanics, Inc		1,250
	321,443		Baker Hughes, Inc		19,833
	30,478	*,e	Basic Energy Services, Inc		230
	36,170	*,e	Bill Barrett Corp		311
	36,356	*	Bonanza Creek Energy, Inc		664
	26,221		Bristow Group, Inc		1,398
	41,604	*	C&J Energy Services Ltd		549
	306,169		Cabot Oil & Gas Corp		9,657
	235,429		California Resources Corp		1,422
	48,954	*	Callon Petroleum Co		407
	141,683	*	Cameron International Corp		7,420
	15,028	e	CARBO Ceramics, Inc		626
	37,895	*	Carrizo Oil & Gas, Inc		1,866
	174,970	*	Cheniere Energy, Inc		12,118
	433,124	e	Chesapeake Energy Corp		4,838
	1,390,986		Chevron Corp		134,188

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	69,929		Cimarex Energy Co	$	7,714
	4,602	*,e	Clayton Williams Energy, Inc		303
	54,226	*,e	Clean Energy Fuels Corp		305
	46,507	*,e	Cloud Peak Energy, Inc		217
	270,770	*	Cobalt International Energy, Inc		2,629
	88,791	*	Concho Resources, Inc		10,110
	912,242		ConocoPhillips		56,021
	169,243	e	Consol Energy, Inc		3,679
	12,994	*	Contango Oil & Gas Co		159
	63,433	*,e	Continental Resources, Inc		2,689
	11,149	e	CVR Energy, Inc		420
	42,034		Delek US Holdings, Inc		1,548
	266,127	e	Denbury Resources, Inc		1,693
	304,096		Devon Energy Corp		18,091
	66,927		DHT Holdings, Inc		520
	47,743	e	Diamond Offshore Drilling, Inc		1,232
	46,462	*	Diamondback Energy, Inc		3,502
	17,982	*	Dorian LPG Ltd		300
	56,928	*	Dresser-Rand Group, Inc		4,849
	28,933	*	Dril-Quip, Inc		2,177
	36,656	*,e	Eclipse Resources Corp		193
	54,290		Energen Corp		3,708
	31,459	*	Energy Fuels, Inc		140
	172,866		Ensco plc		3,850
	406,049		EOG Resources, Inc		35,550
	25,000	*,e	EP Energy Corp		318
	112,945		EQT Corp		9,187
	14,364	*	Era Group, Inc		294
	9,927	*	Erin Energy Corp		39
	17,517		Evolution Petroleum Corp		115
	130,558	e	EXCO Resources, Inc		154
	51,391		Exterran Holdings, Inc		1,678
	3,092,729		Exxon Mobil Corp		257,315
	171,060	*	FMC Technologies, Inc		7,097
	46,513	*,e	FMSA Holdings, Inc		381
	43,546	*	Forum Energy Technologies, Inc		883
	26,300		Frank’s International NV		495
	80,982	*,e	Frontline Ltd		198
	32,033		GasLog Ltd		639
	58,105	*	Gastar Exploration, Inc		180
	9,836	*,e	Geospace Technologies Corp		227
	66,097	e	Golar LNG Ltd		3,093
	26,945		Green Plains Renewable Energy, Inc		742
	20,444	e	Gulfmark Offshore, Inc		237
	71,494	*	Gulfport Energy Corp		2,878
	270,090	*,e	Halcon Resources Corp		313
	7,892	e	Hallador Petroleum Co		66
	629,237		Halliburton Co		27,101
	77,857	*	Helix Energy Solutions Group, Inc		983
	71,374		Helmerich & Payne, Inc		5,026
	186,517		Hess Corp		12,474
	144,439		HollyFrontier Corp		6,166

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	23,429	*,e	Hornbeck Offshore Services, Inc	$	481
	12,002	*	Independence Contract Drilling, Inc		106
	100,154	*	ION Geophysical Corp		107
	823	*	Isramco, Inc		114
	19,153	*,e	Jones Energy, Inc (Class A)		173
	99,683	*	Key Energy Services, Inc		179
	1,320,884		Kinder Morgan, Inc		50,709
	115,749	*	Kosmos Energy LLC		976
	90,832	*,e	Laredo Petroleum Holdings, Inc		1,143
	152,810	*,e	Magnum Hunter Resources Corp		286
	499,473		Marathon Oil Corp		13,256
	401,716		Marathon Petroleum Corp		21,014
	55,403	*	Matador Resources Co		1,385
	19,934	*	Matrix Service Co		364
	180,710	*,e	McDermott International, Inc		965
	61,264	*	Memorial Resource Development Corp		1,162
	131,616		Murphy Oil Corp		5,471
	243,840		Nabors Industries Ltd		3,519
	286,970		National Oilwell Varco, Inc		13,855
	9,713	*	Natural Gas Services Group, Inc		222
	61,477		Navios Maritime Acq Corp		221
	120,207	*	Newfield Exploration Co		4,342
	63,344	*	Newpark Resources, Inc		515
	176,953		Noble Corp plc		2,723
	286,940		Noble Energy, Inc		12,247
	13,964	e	Nordic American Offshore Ltd		114
	68,002	e	Nordic American Tanker Shipping		968
	54,400	e	North Atlantic Drilling Ltd		65
	48,403	*,e	Northern Oil And Gas, Inc		328
	102,607	*,e	Oasis Petroleum, Inc		1,626
	568,080		Occidental Petroleum Corp		44,180
	73,330		Oceaneering International, Inc		3,416
	38,178	*	Oil States International, Inc		1,421
	155,126		Oneok, Inc		6,124
	15,683	*,e	Pacific Ethanol, Inc		162
	10,734		Panhandle Oil and Gas, Inc (Class A)		222
	12,018	*	Par Petroleum Corp		225
	96,030	*	Parker Drilling Co		319
	61,450	*	Parsley Energy, Inc		1,070
	109,613		Patterson-UTI Energy, Inc		2,062
	63,909		PBF Energy, Inc		1,816
	29,537	*	PDC Energy, Inc		1,584
	207,042	e	Peabody Energy Corp		453
	50,170	*,e	Penn Virginia Corp		220
	9,723	*	PHI, Inc		292
	400,708		Phillips 66		32,281
	42,944	*	Pioneer Energy Services Corp		272
	110,406		Pioneer Natural Resources Co		15,312
	130,757		Questar Market Resources, Inc		2,420
	124,748		Range Resources Corp		6,160
	32,964	*	Renewable Energy Group, Inc		381
	36,039	*,e	Rex Energy Corp		201

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,384	*	Rex Stores Corp	$	343
	53,668	*,e	Rice Energy, Inc		1,118
	9,601	*	RigNet, Inc		294
	14,462	*	Ring Energy, Inc		162
	55,812	*	Rosetta Resources, Inc		1,291
	93,726		Rowan Cos plc		1,979
	42,512	e	RPC, Inc		588
	40,173	*	RSP Permian, Inc		1,129
	39,750	*,e	Sanchez Energy Corp		390
	323,004	*,e	SandRidge Energy, Inc		283
	939,105		Schlumberger Ltd		80,942
	129,737		Scorpio Tankers, Inc		1,309
	13,606	*	SEACOR Holdings, Inc		965
	273,827	e	Seadrill Ltd		2,831
	32,387		SemGroup Corp		2,574
	40,807	*	Seventy Seven Energy, Inc		175
	45,041	e	Ship Finance International Ltd		735
	284,727	*	Southwestern Energy Co		6,472
	499,265		Spectra Energy Corp		16,276
	49,819		St. Mary Land & Exploration Co		2,298
	42,383	*	Stone Energy Corp		534
	111,107		Superior Energy Services		2,338
	76,439	*	Synergy Resources Corp		874
	41,398		Targa Resources Investments, Inc		3,694
	34,489		Teekay Corp		1,477
	62,294	e	Teekay Tankers Ltd (Class A)		412
	26,063	e	Tesco Corp		284
	93,353		Tesoro Corp		7,880
	61,337	*	Tetra Technologies, Inc		391
	34,989	e	Tidewater, Inc		795
	17,866	*,e	TransAtlantic Petroleum Ltd		91
	35,997	*,e	Triangle Petroleum Corp		181
	113,588	*,e	Ultra Petroleum Corp		1,422
	36,980	*	Unit Corp		1,003
	65,643	*	Uranium Energy Corp		104
	40,307	e	US Silica Holdings Inc		1,183
	376,655		Valero Energy Corp		23,579
	26,733	e	W&T Offshore, Inc		146
	573,568	*	Weatherford International Ltd		7,038
	52,354		Western Refining, Inc		2,284
	13,045	*	Westmoreland Coal Co		271
	150,984	*	Whiting Petroleum Corp		5,073
	553,984		Williams Cos, Inc		31,793
	54,384		World Fuel Services Corp		2,608
	151,612	*	WPX Energy, Inc		1,862
			TOTAL ENERGY		1,223,632

FOOD & STAPLES RETAILING - 2.0%
	21,366		Andersons, Inc		833
	28,759		Casey’s General Stores, Inc		2,753
	14,374	*,e	Chefs’ Warehouse Holdings, Inc		305
	325,488		Costco Wholesale Corp		43,960

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	834,677		CVS Corp	$	87,541
	26,827	*	Diplomat Pharmacy, Inc		1,201
	11,866	*,e	Fairway Group Holdings Corp		42
	31,233	*,e	Fresh Market, Inc		1,004
	9,316		Ingles Markets, Inc (Class A)		445
	362,618		Kroger Co		26,293
	6,410	*,e	Natural Grocers by Vitamin C		158
	14,319	e	Pricesmart, Inc		1,306
	731,408	*	Rite Aid Corp		6,107
	17,661	*	Smart & Final Stores, Inc		316
	28,394		Spartan Stores, Inc		924
	112,416	*	Sprouts Farmers Market, Inc		3,033
	191,905	*	Supervalu, Inc		1,553
	438,691		Sysco Corp		15,837
	36,929	*	United Natural Foods, Inc		2,352
	4,843		Village Super Market (Class A)		154
	635,883		Walgreens Boots Alliance, Inc		53,694
	1,168,343		Wal-Mart Stores, Inc		82,871
	8,834		Weis Markets, Inc		372
	264,881		Whole Foods Market, Inc		10,447
			TOTAL FOOD & STAPLES RETAILING		343,501

FOOD, BEVERAGE & TOBACCO - 4.4%
	2,319	e	Alico, Inc		105
	1,454,584		Altria Group, Inc		71,143
	5,199	*	Arcadia Biosciences, Inc		33
	458,865		Archer Daniels Midland Co		22,126
	42,015		B&G Foods, Inc (Class A)		1,199
	6,759	*	Boston Beer Co, Inc (Class A)		1,568
	44,670	*,e	Boulder Brands, Inc		310
	20,237		Brown-Forman Corp		2,255
	93,647		Brown-Forman Corp (Class B)		9,382
	106,137		Bunge Ltd		9,319
	10,841		Calavo Growers, Inc		563
	23,658	e	Cal-Maine Foods, Inc		1,235
	128,947	e	Campbell Soup Co		6,144
	44,724	*	Castle Brands, Inc		62
	3,512		Coca-Cola Bottling Co Consolidated		531
	2,900,557		Coca-Cola Co		113,789
	172,269		Coca-Cola Enterprises, Inc		7,483
	315,962		ConAgra Foods, Inc		13,814
	120,911		Constellation Brands, Inc (Class A)		14,028
	7,653	*	Craft Brewers Alliance, Inc		85
	122,720	*	Darling International, Inc		1,799
	70,011		Dean Foods Co		1,132
	19,435	*	Diamond Foods, Inc		610
	141,887		Dr Pepper Snapple Group, Inc		10,344
	5,320	*	Farmer Bros Co		125
	128,238		Flowers Foods, Inc		2,712
	24,793		Fresh Del Monte Produce, Inc		958
	15,781	*	Freshpet, Inc		293
	440,990		General Mills, Inc		24,572

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	76,104	*	Hain Celestial Group, Inc	$	5,012
	108,117		Hershey Co		9,604
	99,035		Hormel Foods Corp		5,583
	52,645		Ingredion, Inc		4,202
	14,455	*	Inventure Foods, Inc		147
	11,326		J&J Snack Foods Corp		1,253
	88,147		J.M. Smucker Co		9,556
	5,780		John B. Sanfilippo & Son, Inc		300
	184,673		Kellogg Co		11,579
	95,542	e	Keurig Green Mountain, Inc		7,321
	437,945		Kraft Foods Group, Inc		37,287
	14,003		Lancaster Colony Corp		1,272
	36,205		Lance, Inc		1,168
	19,323	*	Landec Corp		279
	3,603	*	Lifeway Foods, Inc		69
	8,386	e	Limoneira Co		186
	94,535		McCormick & Co, Inc		7,653
	149,746		Mead Johnson Nutrition Co		13,510
	8,017		Mgp Ingredients, Inc		135
	101,905		Molson Coors Brewing Co (Class B)		7,114
	1,203,277		Mondelez International, Inc		49,503
	110,616	*	Monster Beverage Corp		14,825
	8,815	*	National Beverage Corp		198
	15,084	*	Omega Protein Corp		207
	1,091,781		PepsiCo, Inc		101,907
	1,145,878		Philip Morris International, Inc		91,865
	48,235	e	Pilgrim’s Pride Corp		1,108
	85,273		Pinnacle Foods, Inc		3,883
	40,255	*,e	Post Holdings, Inc		2,171
	305,409		Reynolds American, Inc		22,802
	16,213	e	Sanderson Farms, Inc		1,219
	192	*	Seaboard Corp		691
	6,106	*	Seneca Foods Corp		170
	14,223	*	Synutra International, Inc		102
	13,988	e	Tootsie Roll Industries, Inc		452
	31,544	*	TreeHouse Foods, Inc		2,556
	217,034		Tyson Foods, Inc (Class A)		9,252
	16,609	e	Universal Corp		952
	56,564	e	Vector Group Ltd		1,327
	129,894	*	WhiteWave Foods Co (Class A)		6,349
			TOTAL FOOD, BEVERAGE & TOBACCO		752,488

HEALTH CARE EQUIPMENT & SERVICES - 5.4%
	5,996	*,e	AAC Holdings, Inc		261
	16,624	e	Abaxis, Inc		856
	1,101,154		Abbott Laboratories		54,045
	30,796	*	Abiomed, Inc		2,024
	38,100	*	Acadia Healthcare Co, Inc		2,984
	58,290	*,e	Accuray, Inc		393
	20,426		Aceto Corp		503
	4,240	*	Addus HomeCare Corp		118
	4,312	*,e	Adeptus Health, Inc		410

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	258,232		Aetna Inc	$	32,914
	29,433	*	Air Methods Corp		1,217
	60,253	*	Align Technology, Inc		3,778
	4,207	*	Alliance HealthCare Services, Inc		79
	133,589	*	Allscripts Healthcare Solutions, Inc		1,827
	5,488	*	Almost Family, Inc		219
	21,596	*	Amedisys, Inc		858
	162,652		AmerisourceBergen Corp		17,296
	34,893	*	AMN Healthcare Services, Inc		1,102
	35,759	*	Amsurg Corp		2,501
	9,253		Analogic Corp		730
	18,523	*	Angiodynamics, Inc		304
	10,943	*	Anika Therapeutics, Inc		361
	112,289	*,e	Antares Pharma, Inc		234
	194,840		Anthem, Inc		31,981
	28,653	*,e	athenahealth, Inc		3,283
	21,089	*	AtriCure, Inc		520
	1,165		Atrion Corp		457
	54,958		Bard (C.R.), Inc		9,381
	401,924		Baxter International, Inc		28,107
	154,462		Becton Dickinson & Co		21,880
	17,746	*,e	Bio-Reference Labs, Inc		732
	51,896	*,e	BioScrip, Inc		188
	19,708	*	BioTelemetry, Inc		186
	992,117	*	Boston Scientific Corp		17,560
	135,933	*	Brookdale Senior Living, Inc		4,717
	25,974		Cantel Medical Corp		1,394
	21,051	*	Capital Senior Living Corp		516
	244,734		Cardinal Health, Inc		20,472
	23,626	*	Cardiovascular Systems, Inc		625
	24,169	*,e	Castlight Health, Inc		197
	153,784	*	Catamaran Corp		9,393
	87,960	*	Centene Corp		7,072
	222,136	*	Cerner Corp		15,341
	71,510	*,e	Cerus Corp		371
	12,646	e	Chemed Corp		1,658
	190,356		Cigna Corp		30,838
	9,010	*	Civitas Solutions, Inc		192
	87,364	*	Community Health Systems, Inc		5,501
	8,700	e	Computer Programs & Systems, Inc		465
	20,631		Conmed Corp		1,202
	5,120	*	Connecture, Inc		54
	35,720		Cooper Cos, Inc		6,357
	16,039	*	Corindus Vascular Robotics, Inc		56
	7,512	*	Corvel Corp		241
	22,090	*	Cross Country Healthcare, Inc		280
	19,963		CryoLife, Inc		225
	10,389	*	Cutera, Inc		161
	19,727	*	Cyberonics, Inc		1,173
	16,811	*	Cynosure, Inc (Class A)		649
	130,506	*	DaVita, Inc		10,371
	103,471		Dentsply International, Inc		5,334

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	58,641	*	DexCom, Inc	$	4,690
	79,607	*	Edwards Lifesciences Corp		11,338
	47,927	*,e	Endologix, Inc		735
	18,706		Ensign Group, Inc		955
	3,873	*	Entellus Medical, Inc		100
	137,365	*	Envision Healthcare Holdings, Inc		5,423
	7,074	*	Exactech, Inc		147
	30,586	*	ExamWorks Group, Inc		1,196
	539,616	*	Express Scripts Holding Co		47,993
	29,310	*	Five Star Quality Care, Inc		141
	27,739	*	Genesis Health Care, Inc		183
	30,765	*,e	GenMark Diagnostics, Inc		279
	49,755	*	Globus Medical, Inc		1,277
	18,875	*	Greatbatch, Inc		1,018
	38,562	*	Haemonetics Corp		1,595
	35,247	*,e	Halyard Health, Inc		1,428
	25,502	*,e	Hanger Orthopedic Group, Inc		598
	237,244	*	HCA Holdings, Inc		21,523
	57,109	*	Health Net, Inc		3,662
	26,662	*	HealthEquity, Inc		855
	67,513		Healthsouth Corp		3,110
	18,780	*	HealthStream, Inc		571
	23,599	*	Healthways, Inc		283
	12,504	*	HeartWare International, Inc		909
	61,615	*	Henry Schein, Inc		8,757
	42,104		Hill-Rom Holdings, Inc		2,288
	65,676	*,e	HMS Holdings Corp		1,128
	181,625	*	Hologic, Inc		6,913
	110,794		Humana, Inc		21,193
	10,376	*	ICU Medical, Inc		993
	69,037	*	Idexx Laboratories, Inc		4,428
	6,460	*	Imprivata, Inc		106
	98,565	*	IMS Health Holdings, Inc		3,021
	11,764	*	Inogen Inc		525
	18,510	*	Inovalon Holdings, Inc		516
	41,898	*	Insulet Corp		1,298
	18,839	*	Integra LifeSciences Holdings Corp		1,269
	27,216	*	Intuitive Surgical, Inc		13,186
	23,110		Invacare Corp		500
	62,811	*	Inverness Medical Innovations, Inc		3,313
	19,324	*	InVivo Therapeutics Holdings Corp		312
	12,768	*	IPC The Hospitalist Co, Inc		707
	2,271	*	iRadimed Corp		53
	12,742	*	K2M Group Holdings, Inc		306
	61,383		Kindred Healthcare, Inc		1,245
	74,337	*	Laboratory Corp of America Holdings		9,011
	7,415		Landauer, Inc		264
	17,363	*	LDR Holding Corp		751
	9,523		LeMaitre Vascular, Inc		115
	9,839	*	LHC Group, Inc		376
	32,789	*	LifePoint Hospitals, Inc		2,851
	20,368	*	Magellan Health Services, Inc		1,427

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	32,545	*	Masimo Corp	$	1,261
	171,282		McKesson Corp		38,506
	44,883	*	MedAssets, Inc		990
	40,806	*	Medidata Solutions, Inc		2,217
	1,054,137		Medtronic plc		78,111
	43,385	*	Merge Healthcare, Inc		208
	31,965		Meridian Bioscience, Inc		596
	32,366	*	Merit Medical Systems, Inc		697
	26,015	*	Molina Healthcare, Inc		1,829
	7,753		National Healthcare Corp		504
	5,598	e	National Research Corp		80
	24,197	*	Natus Medical, Inc		1,030
	27,729	*	Neogen Corp		1,315
	11,308	*	Nevro Corp		608
	23,606	*	Nobilis Health Corp		161
	35,423	*	NuVasive, Inc		1,678
	45,234	*	NxStage Medical, Inc		646
	71,728		Omnicare, Inc		6,760
	27,483	*	Omnicell, Inc		1,036
	36,642	*	OraSure Technologies, Inc		198
	14,876	*	Orthofix International NV		493
	48,050		Owens & Minor, Inc		1,634
	14,688	*,e	Oxford Immunotec Global plc		203
	64,882		Patterson Cos, Inc		3,157
	69,267	*	Pediatrix Medical Group, Inc		5,133
	22,536	*	PharMerica Corp		750
	27,598	*	Premier, Inc		1,061
	7,642	*	Press Ganey Holdings, Inc		219
	10,213	*	Providence Service Corp		452
	37,773		Quality Systems, Inc		626
	106,327		Quest Diagnostics, Inc		7,711
	21,781	*,e	Quidel Corp		500
	25,914	*	RadNet, Inc		173
	104,174	e	Resmed, Inc		5,872
	37,335	*,e	Rockwell Medical Technologies, Inc		602
	38,631	*	RTI Biologics, Inc		250
	8,571	*,e	Second Sight Medical Products, Inc		117
	77,335		Select Medical Holdings Corp		1,253
	5,649	*,e	Sientra, Inc		143
	41,409	*	Sirona Dental Systems, Inc		4,158
	30,482	*,e	Spectranetics Corp		701
	208,009		St. Jude Medical, Inc		15,199
	26,141	*,e	Staar Surgical Co		253
	44,285	e	STERIS Corp		2,854
	249,845		Stryker Corp		23,878
	16,030	*	Surgical Care Affiliates, Inc		615
	11,439	*	SurModics, Inc		268
	13,125	*	Tandem Diabetes Care, Inc		142
	53,159	*	Team Health Holdings, Inc		3,473
	30,961	e	Teleflex, Inc		4,194
	73,295	*	Tenet Healthcare Corp		4,242
	40,711	*	Thoratec Corp		1,814

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	26,972	*	Tornier BV	$	674
	20,401	*,e	TransEnterix, Inc		61
	18,039	*	Triple-S Management Corp (Class B)		463
	14,056	*,e	Trupanion, Inc		116
	90,289	*,e	Unilife Corp		194
	704,140		UnitedHealth Group, Inc		85,905
	37,008		Universal American Corp		375
	67,876		Universal Health Services, Inc (Class B)		9,645
	9,158		US Physical Therapy, Inc		501
	2,349		Utah Medical Products, Inc		140
	73,882	*	Varian Medical Systems, Inc		6,230
	12,709	*	Vascular Solutions, Inc		441
	61,078	*	VCA Antech, Inc		3,323
	52,333	*,e	Veeva Systems, Inc		1,467
	10,409	*,e	Veracyte, Inc		116
	15,934	*	Vocera Communications, Inc		182
	32,655	*	WellCare Health Plans, Inc		2,770
	52,696		West Pharmaceutical Services, Inc		3,061
	38,008	*	Wright Medical Group, Inc		998
	23,878	*	Zeltiq Aesthetics, Inc		704
	125,690		Zimmer Holdings, Inc		13,729
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		922,671

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	323,551	e	Avon Products, Inc		2,025
	31,484	*	Central Garden and Pet Co (Class A)		359
	96,762		Church & Dwight Co, Inc		7,850
	96,492		Clorox Co		10,037
	669,213		Colgate-Palmolive Co		43,773
	61,432		Coty, Inc		1,964
	18,991	*,e	Elizabeth Arden, Inc		271
	46,250	*	Energizer Holdings, Inc		6,084
	155,113		Estee Lauder Cos (Class A)		13,442
	54,206	*,e	Herbalife Ltd		2,986
	56,570	*	HRG Group, Inc		735
	12,258		Inter Parfums, Inc		416
	269,295		Kimberly-Clark Corp		28,537
	8,647	*	Medifast, Inc		280
	5,685		Natural Health Trends Corp		236
	5,868		Nature’s Sunshine Products, Inc		81
	43,341	e	Nu Skin Enterprises, Inc (Class A)		2,043
	6,693	*	Nutraceutical International Corp		166
	3,981		Oil-Dri Corp of America		121
	6,476		Orchids Paper Products Co		156
	2,006,545		Procter & Gamble Co		156,992
	8,319	*	Revlon, Inc (Class A)		305
	18,325		Spectrum Brands, Inc		1,869
	4,308	*,e	USANA Health Sciences, Inc		589
	10,793		WD-40 Co		941
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		282,258

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
INSURANCE - 4.0%
	241,611		ACE Ltd	$	24,567
	320,815		Aflac, Inc		19,955
	11,833	*	Alleghany Corp		5,547
	70,615		Allied World Assurance Co Holdings Ltd		3,052
	300,857		Allstate Corp		19,517
	32,256	*	AMBAC Financial Group, Inc		537
	56,412		American Equity Investment Life Holding Co		1,522
	51,139		American Financial Group, Inc		3,326
	986,152		American International Group, Inc		60,964
	5,469		American National Insurance Co		560
	13,468		Amerisafe, Inc		634
	27,435	e	Amtrust Financial Services, Inc		1,797
	208,448		Aon plc		20,778
	92,386	*	Arch Capital Group Ltd		6,186
	20,996		Argo Group International Holdings Ltd		1,169
	124,079		Arthur J. Gallagher & Co		5,869
	45,798		Aspen Insurance Holdings Ltd		2,194
	50,146		Assurant, Inc		3,360
	111,748		Assured Guaranty Ltd		2,681
	8,461	*	Atlas Financial Holdings, Inc		168
	74,802		Axis Capital Holdings Ltd		3,992
	6,904		Baldwin & Lyons, Inc (Class B)		159
	1,375,357	*	Berkshire Hathaway, Inc (Class B)		187,200
	86,667		Brown & Brown, Inc		2,848
	168,473		Chubb Corp		16,029
	121,446		Cincinnati Financial Corp		6,094
	32,879	*,e	Citizens, Inc (Class A)		245
	19,762		CNA Financial Corp		755
	145,352		Conseco, Inc		2,667
	19,001		Crawford & Co (Class B)		160
	7,812		Donegal Group, Inc (Class A)		119
	6,755		EMC Insurance Group, Inc		169
	24,104		Employers Holdings, Inc		549
	33,679	e	Endurance Specialty Holdings Ltd		2,213
	6,955	*	Enstar Group Ltd		1,078
	18,735		Erie Indemnity Co (Class A)		1,538
	32,825		Everest Re Group Ltd		5,974
	8,273		FBL Financial Group, Inc (Class A)		478
	10,321		Federated National Holding Co		250
	8,299		Fidelity & Guaranty Life		196
	80,939		First American Financial Corp		3,012
	207,557		FNF Group		7,678
	368,772	*	Genworth Financial, Inc (Class A)		2,792
	20,683	*	Greenlight Capital Re Ltd (Class A)		603
	7,438	*	Hallmark Financial Services		85
	32,615		Hanover Insurance Group, Inc		2,414
	310,194		Hartford Financial Services Group, Inc		12,895
	70,870		HCC Insurance Holdings, Inc		5,446
	6,789	e	HCI Group, Inc		300
	18,411	*	Heritage Insurance Holdings, Inc		423
	29,606		Horace Mann Educators Corp		1,077
	5,951		Independence Holding Co		78

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	8,975		Infinity Property & Casualty Corp	$	681
	6,910		James River Group Holdings Ltd		179
	2,854		Kansas City Life Insurance Co		130
	32,110		Kemper Corp		1,238
	187,295		Lincoln National Corp		11,092
	230,094		Loews Corp		8,861
	34,934		Maiden Holdings Ltd		551
	10,352	*	Markel Corp		8,289
	397,951		Marsh & McLennan Cos, Inc		22,564
	110,912	*	MBIA, Inc		667
	38,418		Meadowbrook Insurance Group, Inc		330
	20,342		Mercury General Corp		1,132
	692,852		Metlife, Inc		38,793
	26,829		Montpelier Re Holdings Ltd		1,060
	27,288		National General Holdings Corp		568
	6,453		National Interstate Corp		176
	1,551	e	National Western Life Insurance Co (Class A)		371
	8,338	*	Navigators Group, Inc		647
	193,444		Old Republic International Corp		3,024
	17,609		OneBeacon Insurance Group Ltd (Class A)		256
	35,306		PartnerRe Ltd		4,537
	6,329	*	Patriot National, Inc		101
	40,061		Primerica, Inc		1,830
	217,660		Principal Financial Group		11,164
	41,338		ProAssurance Corp		1,910
	434,063		Progressive Corp		12,080
	335,039		Prudential Financial, Inc		29,323
	48,945		Reinsurance Group of America, Inc (Class A)		4,643
	34,077		RenaissanceRe Holdings Ltd		3,459
	32,282		RLI Corp		1,659
	11,093		Safety Insurance Group, Inc		640
	42,211		Selective Insurance Group, Inc		1,184
	31,206		Stancorp Financial Group, Inc		2,359
	11,039		State Auto Financial Corp		264
	21,827		State National Cos, Inc		236
	16,901		Stewart Information Services Corp		673
	56,908		Symetra Financial Corp		1,375
	59,998	*	Third Point Reinsurance Ltd		885
	93,324		Torchmark Corp		5,433
	235,819		Travelers Cos, Inc		22,794
	6,929	*	United America Indemnity Ltd		195
	14,881		United Fire & Casualty Co		487
	12,682	e	United Insurance Holdings Corp		197
	22,242		Universal Insurance Holdings, Inc		538
	184,517		UnumProvident Corp		6,596
	62,445		Validus Holdings Ltd		2,747
	71,842		W.R. Berkley Corp		3,731
	4,504		White Mountains Insurance Group Ltd		2,950
	225,629		XL Capital Ltd		8,393
			TOTAL INSURANCE		686,891

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
MATERIALS - 3.5%
	22,177		A. Schulman, Inc	$	970
	3,376	*	AEP Industries, Inc		186
	158,806		Air Products & Chemicals, Inc		21,729
	50,241		Airgas, Inc		5,314
	132,725	*,e	AK Steel Holding Corp		514
	83,129		Albemarle Corp		4,595
	901,944		Alcoa, Inc		10,057
	81,466		Allegheny Technologies, Inc		2,460
	20,501	e	American Vanguard Corp		283
	46,295		Aptargroup, Inc		2,952
	49,925		Ashland, Inc		6,086
	67,355		Avery Dennison Corp		4,105
	74,323	*	Axalta Coating Systems Ltd		2,459
	52,910		Axiall Corp		1,907
	23,190		Balchem Corp		1,292
	102,049		Ball Corp		7,159
	72,213		Bemis Co, Inc		3,250
	87,729	*	Berry Plastics Group, Inc		2,842
	29,817	*	Boise Cascade Co		1,094
	14,781		Brush Engineered Materials, Inc		521
	46,890		Cabot Corp		1,749
	39,299		Calgon Carbon Corp		762
	37,181		Carpenter Technology Corp		1,438
	112,973		Celanese Corp (Series A)		8,120
	36,798	*,e	Century Aluminum Co		384
	173,457		CF Industries Holdings, Inc		11,150
	5,158		Chase Corp		205
	49,786	*	Chemtura		1,409
	14,061	*	Clearwater Paper Corp		806
	66,499	e	Cliffs Natural Resources, Inc		288
	99,412	*,e	Coeur Mining, Inc		568
	85,866		Commercial Metals Co		1,381
	25,270		Compass Minerals International, Inc		2,076
	5,560	*	Core Molding Technologies, Inc		127
	102,511	*	Crown Holdings, Inc		5,424
	52,821		Cytec Industries, Inc		3,197
	8,022		Deltic Timber Corp		543
	47,043		Domtar Corp		1,948
	852,738		Dow Chemical Co		43,635
	669,679		Du Pont (E.I.) de Nemours & Co		42,826
	37,135		Eagle Materials, Inc		2,834
	109,907		Eastman Chemical Co		8,993
	195,224		Ecolab, Inc		22,074
	55,318	*	Ferro Corp		928
	40,724	*,e	Flotek Industries, Inc		510
	98,927		FMC Corp		5,199
	769,331		Freeport-McMoRan Copper & Gold, Inc (Class B)		14,325
	17,819		FutureFuel Corp		229
	32,454		Glatfelter		714
	47,286		Globe Specialty Metals, Inc		837
	241,385		Graphic Packaging Holding Co		3,362
	22,699		Greif, Inc (Class A)		814

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	37,440		H.B. Fuller Co	$	1,521
	7,923		Hawkins, Inc		320
	9,402		Haynes International, Inc		464
	54,162	*	Headwaters, Inc		987
	262,218	e	Hecla Mining Co		690
	41,317	*,e	Horsehead Holding Corp		484
	152,705		Huntsman Corp		3,370
	15,371		Innophos Holdings, Inc		809
	18,027		Innospec, Inc		812
	59,560		International Flavors & Fragrances, Inc		6,509
	311,342		International Paper Co		14,817
	40,015	*,e	Intrepid Potash, Inc		478
	12,642	e	Kaiser Aluminum Corp		1,050
	62,146		Kapstone Paper and Packaging Corp		1,437
	7,156		KMG Chemicals, Inc		182
	16,539		Koppers Holdings, Inc		409
	24,388	*	Kraton Polymers LLC		582
	14,288		Kronos Worldwide, Inc		157
	104,108	*	Louisiana-Pacific Corp		1,773
	13,887	*	LSB Industries, Inc		567
	284,887		LyondellBasell Industries AF S.C.A		29,491
	49,814		Martin Marietta Materials, Inc		7,049
	123,955		MeadWestvaco Corp		5,849
	25,740		Minerals Technologies, Inc		1,754
	352,154		Monsanto Co		37,536
	257,110		Mosaic Co		12,046
	18,118		Myers Industries, Inc		344
	12,153		Neenah Paper, Inc		717
	6,272		NewMarket Corp		2,784
	370,400		Newmont Mining Corp		8,653
	236,068		Nucor Corp		10,403
	57,229	e	Olin Corp		1,542
	6,559		Olympic Steel, Inc		114
	23,303		OM Group, Inc		783
	32,453	*	Omnova Solutions, Inc		243
	119,497	*	Owens-Illinois, Inc		2,741
	72,328		Packaging Corp of America		4,520
	88,664	*	Platform Specialty Products Corp		2,268
	65,927		PolyOne Corp		2,582
	201,126		PPG Industries, Inc		23,073
	213,261		Praxair, Inc		25,495
	9,804		Quaker Chemical Corp		871
	31,957	e	Rayonier Advanced Materials, Inc		520
	18,294	*	Real Industry, Inc		208
	54,821		Reliance Steel & Aluminum Co		3,316
	201,095	*	Rentech, Inc		215
	108,746		Rock-Tenn Co (Class A)		6,546
	48,353		Royal Gold, Inc		2,978
	98,420		RPM International, Inc		4,820
	23,200	*	RTI International Metals, Inc		731
	8,418	*,e	Ryerson Holding Corp		77
	19,399	e	Schnitzer Steel Industries, Inc (Class A)		339

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	22,501		Schweitzer-Mauduit International, Inc	$	897
	33,262		Scotts Miracle-Gro Co (Class A)		1,969
	155,542		Sealed Air Corp		7,992
	31,811	*,e	Senomyx, Inc		170
	34,512		Sensient Technologies Corp		2,359
	59,894		Sherwin-Williams Co		16,472
	88,371		Sigma-Aldrich Corp		12,314
	30,199		Silgan Holdings, Inc		1,593
	74,719		Sonoco Products Co		3,202
	84,463	e	Southern Copper Corp (NY)		2,484
	177,911		Steel Dynamics, Inc		3,685
	13,671		Stepan Co		740
	90,832	*	Stillwater Mining Co		1,053
	18,742	*	Summit Materials, Inc		478
	48,451		SunCoke Energy, Inc		630
	117,929		Tahoe Resources, Inc		1,430
	29,755		TimkenSteel Corp		803
	15,246	*	Trecora Resources		230
	19,671		Tredegar Corp		435
	8,747	*,e	Trinseo S.A.		235
	46,070		Tronox Ltd		674
	1,357		United States Lime & Minerals, Inc		79
	108,110	e	United States Steel Corp		2,229
	10,188	*	US Concrete, Inc		386
	10,310		Valhi, Inc		58
	60,139		Valspar Corp		4,921
	98,368		Vulcan Materials Co		8,256
	30,678		Wausau Paper Corp		282
	29,816		Westlake Chemical Corp		2,045
	1,617	*	WHX Corp		56
	35,509	*	Worthington Industries, Inc		1,067
	53,794	*	WR Grace & Co		5,396
			TOTAL MATERIALS		591,276

MEDIA - 3.5%
	16,000		AMC Entertainment Holdings, Inc		491
	44,802	*	AMC Networks, Inc		3,667
	149,949	e	Cablevision Systems Corp (Class A)		3,590
	17,686	*	Carmike Cinemas, Inc		469
	364,893		CBS Corp (Class B)		20,252
	57,360	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		125
	55,580	*,e	Charter Communications, Inc		9,518
	86,069		Cinemark Holdings, Inc		3,457
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		284
	1,570,259		Comcast Corp (Class A)		94,435
	280,773		Comcast Corp (Special Class A)		16,830
	27,056	*	Crown Media Holdings, Inc (Class A)		122
	101,938	*	Cumulus Media, Inc (Class A)		207
	772	*,e	Daily Journal Corp		152
	349,702	*	DIRECTV		32,449
	115,291	*,e	Discovery Communications, Inc (Class A)		3,835
	202,766	*	Discovery Communications, Inc (Class C)		6,302

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	160,944	*	DISH Network Corp (Class A)	$	10,898
	56,592	*,e	DreamWorks Animation SKG, Inc (Class A)		1,493
	18,269	*	Entercom Communications Corp (Class A)		209
	50,932		Entravision Communications Corp (Class A)		419
	20,714	*	Eros International plc		520
	44,238		EW Scripps Co (Class A)		1,011
	83,857	*	Gannett Co, Inc		1,173
	34,321	*,e	Global Eagle Entertainment, Inc		447
	46,930	*	Gray Television, Inc		736
	33,505		Harte-Hanks, Inc		200
	6,780	*,e	Hemisphere Media Group, Inc		81
	44,682	*	Imax Corp		1,799
	305,436		Interpublic Group of Cos, Inc		5,886
	33,807		John Wiley & Sons, Inc (Class A)		1,838
	14,173		Journal Media Group, Inc		118
	19,204	*	Liberty Broadband Corp (Class A)		979
	49,114	*	Liberty Broadband Corp (Class C)		2,513
	76,559	*	Liberty Media Corp		2,759
	148,129	*	Liberty Media Corp (Class C)		5,318
	70,064	e	Lions Gate Entertainment Corp		2,596
	108,249	*	Live Nation, Inc		2,976
	9,932	*	Loral Space & Communications, Inc		627
	45,934	*	Madison Square Garden, Inc		3,835
	24,833	*	Martha Stewart Living Omnimedia, Inc (Class A)		155
	32,196		MDC Partners, Inc		634
	71,050	*,e	Media General, Inc		1,174
	26,535		Meredith Corp		1,384
	14,154		Morningstar, Inc		1,126
	46,358		National CineMedia, Inc		740
	32,024		New Media Investment Group, Inc		574
	101,324	e	New York Times Co (Class A)		1,383
	283,916	*	News Corp		4,142
	86,319	*	News Corp (Class B)		1,229
	23,355		Nexstar Broadcasting Group, Inc (Class A)		1,308
	180,613		Omnicom Group, Inc		12,551
	12,373	*	Reading International, Inc		171
	60,087	e	Regal Entertainment Group (Class A)		1,256
	9,501	*,e	Rentrak Corp		663
	3,654		Saga Communications, Inc		138
	19,984		Scholastic Corp		882
	68,018	e	Scripps Networks Interactive (Class A)		4,446
	36,328	*,e	SFX Entertainment, Inc		163
	49,336	e	Sinclair Broadcast Group, Inc (Class A)		1,377
	1,706,491	*	Sirius XM Holdings, Inc		6,365
	20,194	*	Sizmek, Inc		143
	63,623	*	Starz-Liberty Capital		2,845
	167,714		TEGNA, Inc		5,379
	243,854	e	Thomson Corp		9,284
	209,139		Time Warner Cable, Inc		37,262
	609,851		Time Warner, Inc		53,307
	81,058		Time, Inc		1,865
	5,104	*	Townsquare Media, Inc		69

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	59,545		Tribune Co	$	3,179
	19,202		Tribune Publishing Co		298
	931,087		Twenty-First Century Fox, Inc		30,302
	357,708		Twenty-First Century Fox, Inc (Class B)		11,525
	7,706		Viacom, Inc		500
	256,908		Viacom, Inc (Class B)		16,607
	1,254,998		Walt Disney Co		143,245
	21,644	e	World Wrestling Entertainment, Inc (Class A)		357
			TOTAL MEDIA		602,644

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.7%
	1,294,202		AbbVie, Inc		86,958
	7,650	*	Abeona Therapeutics, Inc		39
	58,718	*	Acadia Pharmaceuticals, Inc		2,459
	16,937	*,e	Accelerate Diagnostics, Inc		437
	16,140	*	Acceleron Pharma, Inc		511
	86,253	*,e	Achillion Pharmaceuticals, Inc		764
	31,389	*	Acorda Therapeutics, Inc		1,046
	7,362	*	Adamas Pharmaceuticals, Inc		193
	6,223	*	Aduro Biotech, Inc		189
	22,408	*	Advaxis, Inc		456
	18,868	*,e	Aegerion Pharmaceuticals, Inc		358
	14,774	*,e	Aerie Pharmaceuticals, Inc		261
	11,005	*	Affimed NV		148
	56,476	*,e	Affymetrix, Inc		617
	56,789	*,e	Agenus, Inc		490
	7,692	*	Agile Therapeutics, Inc		66
	246,217		Agilent Technologies, Inc		9,499
	19,149	*,e	Agios Pharmaceuticals, Inc		2,128
	17,982	*,e	Akebia Therapeutics, Inc		185
	57,933	*	Akorn, Inc		2,529
	17,375	*,e	Albany Molecular Research, Inc		351
	15,261	*	Alder Biopharmaceuticals, Inc		808
	159,574	*	Alexion Pharmaceuticals, Inc		28,846
	27,483	*,e	Alimera Sciences, Inc		127
	109,475	*	Alkermes plc		7,044
	290,278	*	Allergan plc		88,088
	54,942	*	Alnylam Pharmaceuticals, Inc		6,586
	22,606	*,e	AMAG Pharmaceuticals, Inc		1,561
	562,349		Amgen, Inc		86,332
	71,461	*	Amicus Therapeutics, Inc		1,011
	23,308	*	Amphastar Pharmaceuticals, Inc		410
	30,297	*	Anacor Pharmaceuticals, Inc		2,346
	5,767	*,e	ANI Pharmaceuticals, Inc		358
	26,005	*	Anthera Pharmaceuticals, Inc		224
	6,215	*	Applied Genetic Technologies Corp		95
	22,162	*	Aratana Therapeutics, Inc		335
	9,150	*	Ardelyx, Inc		146
	179,094	*,e	Arena Pharmaceuticals, Inc		831
	121,910	*,e	Ariad Pharmaceuticals, Inc		1,008
	103,770	*,e	Array Biopharma, Inc		748
	39,456	*,e	Arrowhead Research Corp		282

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	10,432	*	Assembly Biosciences, Inc	$	201
	10,635	*	Atara Biotherapeutics, Inc		561
	4,770	*	aTyr Pharma, Inc		88
	14,848	*	Avalanche Biotechnologies, Inc		241
	6,155	*	Bellicum Pharmaceuticals, Inc		131
	53,741	*,e	BioCryst Pharmaceuticals, Inc		802
	33,888	*,e	BioDelivery Sciences International, Inc		270
	174,066	*	Biogen Idec, Inc		70,312
	118,693	*	BioMarin Pharmaceuticals, Inc		16,235
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		2,337
	2,967	*	Biospecifics Technologies Corp		153
	28,168		Bio-Techne Corp		2,774
	37,736	*,e	BioTime, Inc		137
	24,301	*	Bluebird Bio, Inc		4,092
	6,702	*	Blueprint Medicines Corp		178
	1,233,652		Bristol-Myers Squibb Co		82,087
	83,145	*	Bruker BioSciences Corp		1,697
	11,074	*,e	Calithera Biosciences, Inc		79
	23,380	*	Cambrex Corp		1,027
	12,327	*	Cara Therapeutics Inc		150
	9,597	*	Carbylan Therapeutics, Inc		69
	61,808	*	Catalent, Inc		1,813
	56,829	*	Catalyst Pharmaceuticals, Inc		235
	586,722	*	Celgene Corp		67,904
	73,063	*,e	Celldex Therapeutics, Inc		1,843
	7,210	*	Cellular Biomedicine Group, Inc		270
	23,546	*	Cempra, Inc		809
	52,661	*	Cepheid, Inc		3,220
	35,378	*	Charles River Laboratories International, Inc		2,489
	18,304	*,e	ChemoCentryx, Inc		151
	30,594	*	Chimerix, Inc		1,413
	3,472	*	Cidara Therapeutics, Inc		49
	18,781	*,e	Clovis Oncology, Inc		1,650
	17,405	*	Coherus Biosciences, Inc		503
	4,897	*	Collegium Pharmaceutical, Inc		87
	11,239	*	Concert Pharmaceuticals Inc		167
	47,385	*,e	Corcept Therapeutics, Inc		285
	6,306	*	Corium International, Inc		86
	22,172	*	CorMedix, Inc		86
	124,587	*,e	CTI BioPharma Corp		243
	84,568	*	Curis, Inc		280
	25,879	*	Cytokinetics, Inc		174
	41,833	*,e	CytRx Corp		156
	44,278	*,e	Depomed, Inc		950
	9,514	*	Dermira, Inc		167
	11,644	*	Dicerna Pharmaceuticals Inc		162
	84,059	*	Durect Corp		201
	107,512	*	Dyax Corp		2,849
	21,309	*,e	Dynavax Technologies Corp		499
	6,368	*	Eagle Pharmaceuticals, Inc		515
	724,298		Eli Lilly & Co		60,472
	22,262	*	Emergent Biosolutions, Inc		734

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,786	*,e	Enanta Pharmaceuticals, Inc	$	530
	132,173	*	Endo International plc		10,528
	33,769	*,e	Endocyte, Inc		175
	21,724	*,e	Epizyme, Inc		521
	9,694	*	Esperion Thereapeutics, Inc		793
	65,830	*,e	Exact Sciences Corp		1,958
	147,155	*,e	Exelixis, Inc		553
	18,106	*	Fibrocell Science, Inc		95
	35,519	*	FibroGen, Inc		835
	15,788	*	Five Prime Therapeutics, Inc		392
	4,405	*	Flex Pharma, Inc		76
	10,288	*	Flexion Therapeutics Inc		225
	20,851	*,e	Fluidigm Corp		505
	16,469	*	Foamix Pharmaceuticals Ltd		169
	8,878	*	Foundation Medicine, Inc		300
	102,537	*,e	Galena Biopharma, Inc		174
	13,105	*,e	Genocea Biosciences Inc		180
	12,920	*,e	Genomic Health, Inc		359
	114,325	*,e	Geron Corp		489
	1,086,981		Gilead Sciences, Inc		127,264
	79,065	*,e	Halozyme Therapeutics, Inc		1,785
	26,328	*	Harvard Bioscience, Inc		150
	18,140	*,e	Heron Therapeutics, Inc		565
	4,132	*	Heska Corp		123
	127,809	*	Hospira, Inc		11,338
	62,986	*,e	Idera Pharmaceuticals, Inc		234
	29,885	*,e	IGI Laboratories, Inc		188
	13,776	*	Ignyta, Inc		208
	106,486	*	Illumina, Inc		23,252
	8,484	*	Immune Design Corp		175
	65,469	*,e	Immunogen, Inc		941
	78,549	*,e	Immunomedics, Inc		319
	53,162	*	Impax Laboratories, Inc		2,441
	9,540	*	INC Research Holdings, Inc		383
	115,686	*	Incyte Corp		12,056
	36,466	*	Infinity Pharmaceuticals, Inc		399
	53,727	*,e	Inovio Pharmaceuticals, Inc		438
	45,452	*	Insmed, Inc		1,110
	17,481	*,e	Insys Therapeutics, Inc		628
	11,788	*,e	Intercept Pharmaceuticals, Inc		2,845
	10,253	*	Intersect ENT, Inc		294
	16,262	*,e	Intra-Cellular Therapies, Inc		520
	34,324	*,e	Intrexon Corp		1,675
	5,678	*	Invitae Corp		85
	90,684	*	Ironwood Pharmaceuticals, Inc		1,094
	89,084	*,e	Isis Pharmaceuticals, Inc		5,127
	45,128	*	Jazz Pharmaceuticals plc		7,946
	2,051,183		Johnson & Johnson		199,908
	8,823	*	Juno Therapeutics, Inc		471
	17,078	*,e	Karyopharm Therapeutics, Inc		465
	76,288	*,e	Keryx Biopharmaceuticals, Inc		761
	21,397	*,e	Kite Pharma, Inc		1,305

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	19,078	*	KYTHERA Biopharmaceuticals, Inc	$	1,437
	8,512	*	La Jolla Pharmaceutical Co		209
	19,506	*,e	Lannett Co, Inc		1,159
	30,110	*,e	Lexicon Pharmaceuticals, Inc		242
	13,029	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,315
	34,093	*	Lion Biotechnologies, Inc		313
	6,253	*,e	Loxo Oncology, Inc		113
	31,134	*	Luminex Corp		537
	20,612	*	MacroGenics, Inc		783
	86,464	*	Mallinckrodt plc		10,179
	182,057	*,e	MannKind Corp		1,036
	11,438	*	Medgenics, Inc		70
	48,124	*	Medicines Co		1,377
	57,923	*	Medivation, Inc		6,615
	2,090,555		Merck & Co, Inc		119,015
	80,764	*,e	Merrimack Pharmaceuticals, Inc		999
	20,741	*	Mettler-Toledo International, Inc		7,082
	79,969	*,e	MiMedx Group, Inc		927
	7,201	*,e	Mirati Therapeutics, Inc		227
	44,870	*	Momenta Pharmaceuticals, Inc		1,024
	310,615	*	Mylan NV		21,078
	51,930	*,e	Myriad Genetics, Inc		1,765
	7,890	*,e	NanoString Technologies, Inc		122
	97,156	*,e	Navidea Biopharmceuticals, Inc		156
	96,260	*,e	Nektar Therapeutics		1,204
	38,546	*	NeoGenomics, Inc		209
	63,342	*	Neurocrine Biosciences, Inc		3,025
	14,869	*,e	NewLink Genetics Corp		658
	33,967	*,e	Northwest Biotherapeutics, Inc		337
	197,815	*	Novavax, Inc		2,204
	26,033	*	Ocata Therapeutics, Inc		137
	9,516	*	Ocular Therapeutix, Inc		200
	26,874	*,e	Omeros Corp		483
	12,341	*,e	OncoMed Pharmaceuticals, Inc		278
	75,642	*,e	Oncothyreon, Inc		283
	17,449	*	Ophthotech Corp		908
	173,193	*,e	Opko Health, Inc		2,785
	77,365	*,e	Orexigen Therapeutics, Inc		383
	60,008	*,e	Organovo Holdings, Inc		226
	12,630	*,e	Osiris Therapeutics, Inc		246
	11,187	*	Otonomy, Inc		257
	17,337	*,e	OvaScience, Inc		502
	50,411	*,e	Pacific Biosciences of California, Inc		290
	27,071	*,e	Pacira Pharmaceuticals, Inc		1,914
	9,271		Paratek Pharmaceuticals, Inc		239
	40,956	*	Parexel International Corp		2,634
	120,653	e	PDL BioPharma, Inc		776
	146,742	*,e	Peregrine Pharmaceuticals, Inc		192
	83,937	*	PerkinElmer, Inc		4,418
	32,300	*	Pernix Therapeutics Holdings, Inc		191
	108,208		Perrigo Co plc		20,000
	12,158	*	Pfenex, Inc		236

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	4,554,694		Pfizer, Inc	$	152,719
	12,927		Phibro Animal Health Corp		503
	34,344	*	Portola Pharmaceuticals, Inc		1,564
	21,766	e	Pozen, Inc		224
	14,756	*	PRA Health Sciences, Inc		536
	38,233	*	Prestige Brands Holdings, Inc		1,768
	51,583	*,e	Progenics Pharmaceuticals, Inc		385
	5,400	*	Proteon Therapeutics, Inc		96
	23,023	*,e	Prothena Corp plc		1,213
	25,096	*	PTC Therapeutics, Inc		1,208
	18,465	*,e	Puma Biotechnology, Inc		2,156
	173,674	*	Qiagen NV (NASDAQ)		4,305
	58,607	*	Quintiles Transnational Holdings, Inc		4,255
	21,547	*	Radius Health, Inc		1,459
	59,500	*,e	Raptor Pharmaceutical Corp		940
	23,354	*	Receptos, Inc		4,438
	58,043	*	Regeneron Pharmaceuticals, Inc		29,609
	21,191	*,e	Regulus Therapeutics, Inc		232
	24,090	*	Relypsa, Inc		797
	23,464	*	Repligen Corp		968
	25,726	*,e	Retrophin, Inc		853
	11,732	*,e	Revance Therapeutics, Inc		375
	66,996	*	Rigel Pharmaceuticals, Inc		215
	10,302	*	Sage Therapeutics, Inc		752
	16,776	*	Sagent Pharmaceuticals		408
	52,234	*,e	Sangamo Biosciences, Inc		579
	30,737	*,e	Sarepta Therapeutics, Inc		935
	38,141	*	Sciclone Pharmaceuticals, Inc		375
	70,472	*,e	Seattle Genetics, Inc		3,411
	87,069	*,e	Sequenom, Inc		265
	20,814	*	Sorrento Therapeutics, Inc		367
	6,016	*	Spark Therapeutics, Inc		363
	47,540	*,e	Spectrum Pharmaceuticals, Inc		325
	12,168	*	Stemline Therapeutics, Inc		143
	18,349	*,e	Sucampo Pharmaceuticals, Inc (Class A)		301
	25,007	*	Supernus Pharmaceuticals, Inc		425
	74,731	*,e	Synergy Pharmaceuticals, Inc		620
	67,344	*,e	Synta Pharmaceuticals Corp		150
	7,419	*,e	T2 Biosystems, Inc		120
	17,169	*,e	TESARO, Inc		1,009
	26,726	*	Tetraphase Pharmaceuticals, Inc		1,268
	26,551	*,e	TG Therapeutics, Inc		440
	93,869	*,e	TherapeuticsMD, Inc		738
	17,111	*,e	Theravance Biopharma, Inc		223
	63,139	e	Theravance, Inc		1,141
	294,451		Thermo Electron Corp		38,208
	49,684	*,e	Threshold Pharmaceuticals, Inc		201
	7,534	*,e	Tokai Pharmaceuticals, Inc		100
	18,278	*	Trevena, Inc		114
	17,931	*	Trovagene, Inc		182
	26,573	*	Ultragenyx Pharmaceutical, Inc		2,721
	34,318	*	United Therapeutics Corp		5,970

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	31,086	*,e	Vanda Pharmaceuticals, Inc	$	395
	24,013	*,e	Verastem, Inc		181
	16,572	*	Versartis, Inc		252
	180,359	*	Vertex Pharmaceuticals, Inc		22,271
	10,155	*,e	Vitae Pharmaceuticals, Inc		146
	12,289	*,e	Vital Therapies, Inc		259
	74,791	*,e	Vivus, Inc		177
	21,461	*	VWR Corp		574
	60,895	*	Waters Corp		7,818
	2,602	*	XBiotech, Inc		47
	20,918	*	Xencor Inc		460
	42,869	*	Xenoport, Inc		263
	64,947	*,e	XOMA Corp		252
	12,439	*,e	Zafgen, Inc		431
	82,699	*,e	ZIOPHARM Oncology, Inc		992
	370,295		Zoetis Inc		17,856
	118,112	*,e	Zogenix, Inc		198
	13,499	*,e	ZS Pharma, Inc		707
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,645,249

REAL ESTATE - 3.8%
	50,948		Acadia Realty Trust		1,483
	21,134		AG Mortgage Investment Trust		365
	12,770		Agree Realty Corp		372
	36,954		Alexander & Baldwin, Inc		1,456
	1,574		Alexander’s, Inc		645
	53,568		Alexandria Real Estate Equities, Inc		4,685
	675	*	Altisource Asset Management Corp		97
	11,088	*,e	Altisource Portfolio Solutions S.A.		341
	42,959		Altisource Residential Corp		724
	27,018		American Assets Trust,Inc		1,059
	82,450		American Campus Communities, Inc		3,108
	260,529		American Capital Agency Corp		4,786
	37,896		American Capital Mortgage, Inc		606
	120,286		American Homes 4 Rent		1,929
	585,838	*	American Realty Capital Properties, Inc		4,763
	24,165	*,e	American Residential Properties, Inc		447
	312,963		American Tower Corp		29,196
	700,505		Annaly Capital Management, Inc		6,438
	79,133		Anworth Mortgage Asset Corp		390
	115,722		Apartment Investment & Management Co (Class A)		4,274
	41,641		Apollo Commercial Real Estate Finance, Inc		684
	136,432		Apple Hospitality REIT, Inc		2,574
	22,112		Ares Commercial Real Estate Corp		252
	18,360		Armada Hoffler Properties, Inc		183
	261,633	*	ARMOUR Residential REIT, Inc		735
	18,244		Ashford Hospitality Prime, Inc		274
	61,750		Ashford Hospitality Trust, Inc		522
	43,899		Associated Estates Realty Corp		1,257
	7,072	*	AV Homes, Inc		102
	97,771		AvalonBay Communities, Inc		15,631
	150,022		BioMed Realty Trust, Inc		2,901

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	13,459		Bluerock Residential Growth REIT, Inc	$	170
	113,720		Boston Properties, Inc		13,765
	132,520		Brandywine Realty Trust		1,760
	127,668		Brixmor Property Group, Inc		2,953
	64,335		Camden Property Trust		4,779
	49,200		Campus Crest Communities, Inc		273
	71,072	e	Capstead Mortgage Corp		789
	23,659		CareTrust REIT, Inc		300
	29,192		CatchMark Timber Trust Inc		338
	124,137		CBL & Associates Properties, Inc		2,011
	212,369	*	CBRE Group, Inc		7,858
	62,949		Cedar Shopping Centers, Inc		403
	175,277		Chambers Street Properties		1,393
	28,285		Chatham Lodging Trust		749
	44,088		Chesapeake Lodging Trust		1,344
	152,396		Chimera Investment Corp		2,089
	80,158		Colony Financial, Inc		1,816
	92,725		Columbia Property Trust, Inc		2,276
	90,140	*,e	Communications Sales & Leasing, Inc		2,228
	3,235	e	Consolidated-Tomoka Land Co		186
	29,137	e	CorEnergy Infrastructure Trust, Inc		184
	17,860		Coresite Realty		812
	69,853		Corporate Office Properties Trust		1,644
	86,682		Corrections Corp of America		2,867
	159,841		Cousins Properties, Inc		1,659
	246,828		Crown Castle International Corp		19,820
	122,396		CubeSmart		2,835
	39,431		CyrusOne, Inc		1,161
	117,682	e	CYS Investments, Inc		910
	65,501		DCT Industrial Trust, Inc		2,059
	225,998		DDR Corp		3,494
	148,119		DiamondRock Hospitality Co		1,897
	100,633		Digital Realty Trust, Inc		6,710
	108,380		Douglas Emmett, Inc		2,920
	254,816		Duke Realty Corp		4,732
	47,457		DuPont Fabros Technology, Inc		1,398
	41,887		Dynex Capital, Inc		319
	9,917		Easterly Government Properties, Inc		158
	23,492		EastGroup Properties, Inc		1,321
	34,875		Education Realty Trust, Inc		1,094
	81,930	e	Empire State Realty Trust, Inc		1,398
	42,164		Entertainment Properties Trust		2,310
	95,895	*	Equity Commonwealth		2,462
	62,982		Equity Lifestyle Properties, Inc		3,312
	54,213		Equity One, Inc		1,265
	269,127		Equity Residential		18,885
	48,297		Essex Property Trust, Inc		10,263
	47,051		Excel Trust, Inc		742
	86,224		Extra Space Storage, Inc		5,624
	50,759		Federal Realty Investment Trust		6,502
	106,273		FelCor Lodging Trust, Inc		1,050
	82,257		First Industrial Realty Trust, Inc		1,541

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	42,783		First Potomac Realty Trust	$	441
	160,981	*	Forest City Enterprises, Inc (Class A)		3,558
	25,631	*	Forestar Real Estate Group, Inc		337
	67,229		Franklin Street Properties Corp		760
	4,942	*	FRP Holdings, Inc		160
	65,188		Gaming and Leisure Properties, Inc		2,390
	426,526		General Growth Properties, Inc		10,945
	54,016		Geo Group, Inc		1,845
	18,098		Getty Realty Corp		296
	15,436		Gladstone Commercial Corp		256
	51,670	e	Government Properties Income Trust		958
	42,165		Gramercy Property Trust, Inc		985
	3,738		Great Ajax Corp		53
	24,141		Hannon Armstrong Sustainable Infrastructure Capital, Inc		484
	72,018		Hatteras Financial Corp		1,174
	341,610		HCP, Inc		12,458
	259,434		Health Care REIT, Inc		17,027
	72,939		Healthcare Realty Trust, Inc		1,697
	91,905		Healthcare Trust of America, Inc		2,201
	36,742		Hersha Hospitality Trust		942
	69,548		Highwoods Properties, Inc		2,778
	43,293		Home Properties, Inc		3,163
	110,912		Hospitality Properties Trust		3,196
	560,489		Host Marriott Corp		11,114
	29,353	*	Howard Hughes Corp		4,213
	54,955		Hudson Pacific Properties		1,559
	17,776		Independence Realty Trust, Inc		134
	64,150		Inland Real Estate Corp		604
	93,191		Invesco Mortgage Capital, Inc		1,334
	90,609		Investors Real Estate Trust		647
	155,234		Iron Mountain, Inc		4,812
	64,505	*	iStar Financial, Inc		859
	33,300		Jones Lang LaSalle, Inc		5,694
	67,515	e	Kennedy-Wilson Holdings, Inc		1,660
	65,193		Kilroy Realty Corp		4,378
	305,650		Kimco Realty Corp		6,889
	60,886		Kite Realty Group Trust		1,490
	59,903		Lamar Advertising Co		3,443
	83,586		LaSalle Hotel Properties		2,964
	152,168		Lexington Realty Trust		1,290
	110,738		Liberty Property Trust		3,568
	27,155		LTC Properties, Inc		1,130
	117,086		Macerich Co		8,735
	67,066		Mack-Cali Realty Corp		1,236
	9,904	*	Marcus & Millichap, Inc		457
	152,989		Medical Properties Trust, Inc		2,006
	277,088		MFA Mortgage Investments, Inc		2,048
	55,794		Mid-America Apartment Communities, Inc		4,062
	41,601		Monmouth Real Estate Investment Corp (Class A)		404
	121,396		Monogram Residential Trust, Inc		1,095
	27,658		National Health Investors, Inc		1,723
	98,781		National Retail Properties, Inc		3,458

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	17,361		National Storage Affiliates Trust	$	215
	145,076	e	New Residential Investment Corp		2,211
	47,726		New Senior Investment Group, Inc		638
	72,745	e	New York Mortgage Trust, Inc		544
	58,364	*	New York REIT, Inc		581
	14,395		NexPoint Residential Trust, Inc		193
	253,573		NorthStar Realty Finance Corp		4,032
	135,157		Omega Healthcare Investors, Inc		4,640
	9,027		One Liberty Properties, Inc		192
	10,279		Orchid Island Capital, Inc		115
	101,625		Outfront Media, Inc		2,565
	131,030		Paramount Group, Inc		2,248
	62,005		Parkway Properties, Inc		1,081
	53,141		Pebblebrook Hotel Trust		2,279
	52,388		Pennsylvania REIT		1,118
	57,080		Pennymac Mortgage Investment Trust		995
	51,402		Physicians Realty Trust		790
	116,280		Piedmont Office Realty Trust, Inc		2,045
	131,170		Plum Creek Timber Co, Inc		5,322
	40,153		Post Properties, Inc		2,183
	30,172		Potlatch Corp		1,066
	16,337		Preferred Apartment Communities, Inc		163
	387,082		Prologis, Inc		14,361
	14,667		PS Business Parks, Inc		1,058
	107,500		Public Storage, Inc		19,820
	17,741		QTS Realty Trust, Inc		647
	62,959	e	RAIT Investment Trust		385
	57,913		Ramco-Gershenson Properties		945
	94,973		Rayonier, Inc		2,427
	9,000		Re/Max Holdings, Inc		320
	108,646	*	Realogy Holdings Corp		5,076
	171,785	e	Realty Income Corp		7,626
	62,979		Redwood Trust, Inc		989
	69,743		Regency Centers Corp		4,113
	88,791		Resource Capital Corp		344
	68,690		Retail Opportunities Investment Corp		1,073
	173,060		Retail Properties of America, Inc		2,411
	40,671		Rexford Industrial Realty, Inc		593
	98,016		RLJ Lodging Trust		2,919
	27,910	e	Rouse Properties, Inc		456
	32,495		Ryman Hospitality Properties		1,726
	43,769		Sabra Healthcare REIT, Inc		1,127
	6,582		Saul Centers, Inc		324
	45,730		Select Income REIT		944
	172,632		Senior Housing Properties Trust		3,030
	28,907		Silver Bay Realty Trust Corp		471
	230,221		Simon Property Group, Inc		39,833
	73,589		SL Green Realty Corp		8,087
	26,338		Sovran Self Storage, Inc		2,289
	322,513		Spirit Realty Capital, Inc		3,119
	47,906	*,e	St. Joe Co		744
	47,704		STAG Industrial, Inc		954

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	173,444		Starwood Property Trust, Inc	$	3,741
	28,357	e	Starwood Waypoint Residential Trust		674
	24,495		STORE Capital Corp		492
	203,567	*	Strategic Hotels & Resorts, Inc		2,467
	65,192		Summit Hotel Properties, Inc		848
	34,362		Sun Communities, Inc		2,125
	154,167		Sunstone Hotel Investors, Inc		2,314
	70,998		Tanger Factory Outlet Centers, Inc		2,251
	45,765		Taubman Centers, Inc		3,181
	10,268	*	Tejon Ranch Co		264
	31,885		Terreno Realty Corp		628
	15,107	e	Trade Street Residential, Inc		101
	270,915		Two Harbors Investment Corp		2,639
	190,771		UDR, Inc		6,110
	15,857		UMH Properties, Inc		155
	22,512		United Development Funding IV		393
	9,264		Universal Health Realty Income Trust		430
	66,647		Urban Edge Properties		1,386
	20,808		Urstadt Biddle Properties, Inc (Class A)		389
	244,707		Ventas, Inc		15,194
	139,555		Vornado Realty Trust		13,248
	50,804	e	Washington REIT		1,318
	92,487		Weingarten Realty Investors		3,023
	28,538	e	Western Asset Mortgage Capital Corp		421
	383,367		Weyerhaeuser Co		12,076
	16,673		Whitestone REIT		217
	76,656		WP Carey, Inc		4,518
	139,812		WP GLIMCHER, Inc		1,892
	82,478		Xenia Hotels & Resorts, Inc		1,793
			TOTAL REAL ESTATE		651,932

RETAILING - 4.7%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		191
	48,207		Aaron’s, Inc		1,746
	51,631	e	Abercrombie & Fitch Co (Class A)		1,111
	54,065		Advance Auto Parts, Inc		8,612
	281,887	*	Amazon.com, Inc		122,364
	144,288	e	American Eagle Outfitters, Inc		2,485
	6,968	*	America’s Car-Mart, Inc		344
	33,934	*	Ann Taylor Stores Corp		1,639
	20,121	*	Asbury Automotive Group, Inc		1,823
	102,730	*	Ascena Retail Group, Inc		1,711
	53,118	*	Autonation, Inc		3,345
	23,102	*	AutoZone, Inc		15,407
	36,768	*	Barnes & Noble, Inc		954
	23,033	e	Bebe Stores, Inc		46
	126,200	*	Bed Bath & Beyond, Inc		8,705
	223,553		Best Buy Co, Inc		7,290
	14,390		Big 5 Sporting Goods Corp		204
	39,947		Big Lots, Inc		1,797
	8,578	*	Blue Nile, Inc		261
	8,549	*	Boot Barn Holdings, Inc		274

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	21,122	e	Buckle, Inc	$	967
	8,786	*	Build-A-Bear Workshop, Inc		140
	55,229	*	Burlington Stores, Inc		2,828
	37,763	*,e	Cabela’s, Inc		1,887
	32,106		Caleres, Inc		1,020
	155,244	*	Carmax, Inc		10,279
	19,356		Cato Corp (Class A)		750
	106,541		Chico’s FAS, Inc		1,772
	15,377		Children’s Place Retail Stores, Inc		1,006
	33,880	*	Christopher & Banks Corp		136
	11,556	*	Citi Trends, Inc		280
	20,933	*,e	Conn’s, Inc		831
	11,400	*,e	Container Store Group, Inc		192
	17,156		Core-Mark Holding Co, Inc		1,016
	57,355		CST Brands, Inc		2,240
	32,976	*	Destination XL Group, Inc		165
	68,108		Dick’s Sporting Goods, Inc		3,526
	17,487		Dillard’s, Inc (Class A)		1,839
	224,673		Dollar General Corp		17,466
	152,064	*	Dollar Tree, Inc		12,012
	54,370		DSW, Inc (Class A)		1,814
	14,596	*	Etsy, Inc		205
	29,701	*	EVINE Live, Inc		80
	72,894		Expedia, Inc		7,971
	62,822	*	Express Parent LLC		1,138
	71,256		Family Dollar Stores, Inc		5,616
	9,437	*	Fenix Parts, Inc		95
	33,805		Finish Line, Inc (Class A)		940
	40,021	*,e	Five Below, Inc		1,582
	103,567		Foot Locker, Inc		6,940
	31,625	*	Francesca’s Holdings Corp		426
	27,215		Fred’s, Inc (Class A)		525
	13,967	*	FTD Cos, Inc		394
	79,426	e	GameStop Corp (Class A)		3,412
	176,472		Gap, Inc		6,736
	17,487	*	Genesco, Inc		1,155
	112,007		Genuine Parts Co		10,028
	64,081		GNC Holdings, Inc		2,850
	17,254		Group 1 Automotive, Inc		1,567
	367,718	*,e	Groupon, Inc		1,850
	44,451		Guess?, Inc		852
	16,062		Haverty Furniture Cos, Inc		347
	18,371	*,e	Hibbett Sports, Inc		856
	960,879		Home Depot, Inc		106,782
	24,109		HSN, Inc		1,692
	228,517	*,e	JC Penney Co, Inc		1,936
	12,718		Kirkland’s, Inc		354
	150,129		Kohl’s Corp		9,400
	182,388		L Brands, Inc		15,636
	12,586	*,e	Lands’ End, Inc		313
	349,686	*	Liberty Interactive Corp		9,704
	55,902	*	Liberty TripAdvisor Holdings, Inc		1,801

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	103,346	*	Liberty Ventures	$	4,058
	16,930		Lithia Motors, Inc (Class A)		1,916
	225,488	*	LKQ Corp		6,820
	703,865		Lowe’s Companies, Inc		47,138
	19,294	*,e	Lumber Liquidators, Inc		400
	252,284		Macy’s, Inc		17,022
	18,578	*	MarineMax, Inc		437
	15,036	*,e	Mattress Firm Holding Corp		916
	36,113		Men’s Wearhouse, Inc		2,314
	45,299	*	Michaels Cos, Inc		1,219
	23,604		Monro Muffler, Inc		1,467
	33,411	*	Murphy USA, Inc		1,865
	44,831	*	NetFlix, Inc		29,451
	103,654		Nordstrom, Inc		7,722
	20,499		Nutri/System, Inc		510
	405,707	*	Office Depot, Inc		3,513
	83,274	*,e	Orbitz Worldwide, Inc		951
	74,733	*	O’Reilly Automotive, Inc		16,888
	13,643	e	Outerwall, Inc		1,038
	8,893	*	Overstock.com, Inc		200
	17,507	*	Party City Holdco, Inc		355
	31,428		Penske Auto Group, Inc		1,638
	40,957	*	PEP Boys - Manny Moe & Jack		503
	14,837	e	PetMed Express, Inc		256
	67,032	e	Pier 1 Imports, Inc		847
	38,341	*	Priceline.com, Inc		44,145
	38,310		Rent-A-Center, Inc		1,086
	24,409	*	Restoration Hardware Holdings, Inc		2,383
	306,119		Ross Stores, Inc		14,880
	116,394	*	Sally Beauty Holdings, Inc		3,676
	9,887	*,e	Sears Holdings Corp		264
	38,951	*	Select Comfort Corp		1,171
	10,447		Shoe Carnival, Inc		301
	27,812	*	Shutterfly, Inc		1,330
	59,364		Signet Jewelers Ltd		7,613
	24,526		Sonic Automotive, Inc (Class A)		584
	13,281	*,e	Sportsman’s Warehouse Holdings, Inc		151
	25,073	e	Stage Stores, Inc		440
	474,361		Staples, Inc		7,262
	21,273		Stein Mart, Inc		223
	9,938	*	Systemax, Inc		86
	472,181		Target Corp		38,544
	83,552		Tiffany & Co		7,670
	21,071	*,e	Tile Shop Holdings, Inc		299
	6,790	*	Tilly’s, Inc		66
	503,295		TJX Companies, Inc		33,303
	100,834		Tractor Supply Co		9,069
	78,243	e	Travelport Worldwide Ltd		1,078
	83,065	*	TripAdvisor, Inc		7,238
	32,864	*	Tuesday Morning Corp		370
	47,521	*	Ulta Salon Cosmetics & Fragrance, Inc		7,340
	72,158	*	Urban Outfitters, Inc		2,526

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	22,533	*	Vitamin Shoppe, Inc	$	840
	11,570	*	VOXX International Corp (Class A)		96
	14,711	*	Wayfair, Inc		554
	11,292	*	West Marine, Inc		109
	67,891		Williams-Sonoma, Inc		5,585
	1,945		Winmark Corp		192
	48,558	*,e	zulily, Inc		633
	15,828	*	Zumiez, Inc		421
			TOTAL RETAILING		796,630

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	29,482	*	Advanced Energy Industries, Inc		810
	474,503	*,e	Advanced Micro Devices, Inc		1,139
	15,539	*,e	Alpha & Omega Semiconductor Ltd		136
	222,869		Altera Corp		11,411
	23,188	*,e	Ambarella, Inc		2,381
	73,241	*	Amkor Technology, Inc		438
	231,943		Analog Devices, Inc		14,887
	910,561		Applied Materials, Inc		17,501
	59,771	*,e	Applied Micro Circuits Corp		403
	308,399		Atmel Corp		3,039
	189,766		Avago Technologies Ltd		25,226
	83,398	*	Axcelis Technologies, Inc		247
	408,338		Broadcom Corp (Class A)		21,025
	52,087		Brooks Automation, Inc		596
	17,924	*	Cabot Microelectronics Corp		844
	9,758	*	Cascade Microtech, Inc		149
	40,828	*	Cavium Networks, Inc		2,809
	15,710	*	Ceva, Inc		305
	47,684	*	Cirrus Logic, Inc		1,623
	18,761		Cohu, Inc		248
	80,918	*,e	Cree, Inc		2,106
	244,851		Cypress Semiconductor Corp		2,879
	28,713	*	Diodes, Inc		692
	19,178	*	DSP Group, Inc		198
	105,554	*	Entegris, Inc		1,538
	28,026	*	Exar Corp		274
	85,675	*	Fairchild Semiconductor International, Inc		1,489
	55,687	*	First Solar, Inc		2,616
	40,961	*	Formfactor, Inc		377
	82,106	*	Freescale Semiconductor Holdings Ltd		3,282
	28,079	*	Inphi Corp		642
	109,667	*	Integrated Device Technology, Inc		2,380
	23,137		Integrated Silicon Solution, Inc		512
	3,509,102		Intel Corp		106,729
	96,768		Intersil Corp (Class A)		1,211
	16,725		IXYS Corp		256
	118,149		Kla-Tencor Corp		6,641
	50,517	*	Kopin Corp		174
	117,211		Lam Research Corp		9,535
	90,159	*	Lattice Semiconductor Corp		531
	176,955		Linear Technology Corp		7,827

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	17,278	*,e	MA-COM Technology Solutions	$	661
	334,640		Marvell Technology Group Ltd		4,412
	54,353	*	Mattson Technology, Inc		182
	209,405		Maxim Integrated Products, Inc		7,240
	37,977	*	MaxLinear, Inc		460
	36,914		Micrel, Inc		513
	149,103	e	Microchip Technology, Inc		7,071
	799,251	*	Micron Technology, Inc		15,058
	70,791	*	Microsemi Corp		2,474
	39,433		MKS Instruments, Inc		1,496
	29,204		Monolithic Power Systems, Inc		1,481
	18,167	*	Nanometrics, Inc		293
	21,168	*	NeoPhotonics Corp Ltd		193
	3,184		NVE Corp		250
	397,834		Nvidia Corp		8,000
	42,436	*	Omnivision Technologies, Inc		1,112
	317,509	*	ON Semiconductor Corp		3,712
	20,605	*	PDF Solutions, Inc		330
	18,677		Pericom Semiconductor Corp		246
	46,544	*	Photronics, Inc		443
	130,681	*	PMC - Sierra, Inc		1,119
	22,599		Power Integrations, Inc		1,021
	110,554	*	Qorvo, Inc		8,874
	84,186	*	Rambus, Inc		1,220
	25,190	*	Rudolph Technologies, Inc		303
	49,258	*	Semtech Corp		978
	25,567	*	Sigma Designs, Inc		305
	32,473	*	Silicon Laboratories, Inc		1,754
	141,463		Skyworks Solutions, Inc		14,726
	201,565	*	SunEdison, Inc		6,029
	40,052	*,e	SunPower Corp		1,138
	157,133		Teradyne, Inc		3,031
	39,803		Tessera Technologies, Inc		1,512
	769,519		Texas Instruments, Inc		39,638
	23,500	*	Ultra Clean Holdings		146
	21,651	*	Ultratech, Inc		402
	29,696	*	Veeco Instruments, Inc		853
	37,527	*	Xcerra Corp		284
	191,407		Xilinx, Inc		8,453
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		404,519

SOFTWARE & SERVICES - 10.5%
	13,574	*	6D Global Technologies, Inc		89
	24,811	*	A10 Networks, Inc		160
	464,742		Accenture plc		44,978
	86,241	*	ACI Worldwide, Inc		2,119
	373,272		Activision Blizzard, Inc		9,037
	32,107	*	Actua Corp		458
	57,158	*	Acxiom Corp		1,005
	370,138	*	Adobe Systems, Inc		29,985
	39,195		Advent Software, Inc		1,733
	132,262	*	Akamai Technologies, Inc		9,235

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	45,840	*	Alliance Data Systems Corp	$	13,383
	11,882	*,e	Amber Road, Inc		83
	114,365		Amdocs Ltd		6,243
	15,720	*	American Software, Inc (Class A)		149
	32,146	*	Angie’s List, Inc		198
	66,392	*	Ansys, Inc		6,058
	3,095	*	Apigee Corp		31
	63,153	*	Aspen Technology, Inc		2,877
	168,621	*	Autodesk, Inc		8,444
	347,807		Automatic Data Processing, Inc		27,905
	30,408	*	AVG Technologies NV		827
	50,870	*	Bankrate, Inc		534
	5,965	*,e	Barracuda Networks, Inc		236
	44,088	*,e	Bazaarvoice, Inc		260
	5,721	*,e	Benefitfocus, Inc		251
	15,413	*	Black Knight Financial Services, Inc		476
	35,258		Blackbaud, Inc		2,008
	40,135	*	Blackhawk Network Holdings, Inc		1,654
	30,473	*	Blucora, Inc		492
	75,290		Booz Allen Hamilton Holding Co		1,900
	29,562	*	Bottomline Technologies, Inc		822
	9,849	*	Box, Inc		184
	20,694	*	Brightcove, Inc		142
	88,805		Broadridge Financial Solutions, Inc		4,441
	21,331	*	BroadSoft, Inc		737
	233,581		CA, Inc		6,842
	17,838	*	CACI International, Inc (Class A)		1,443
	216,614	*,e	Cadence Design Systems, Inc		4,259
	40,638	*	Callidus Software, Inc		633
	13,412	*	Carbonite, Inc		158
	33,955	*	Cardtronics, Inc		1,258
	13,954	*,e	Care.com, Inc		83
	8,603		Cass Information Systems, Inc		484
	118,692		CDK Global, Inc		6,407
	15,814	*,e	ChannelAdvisor Corp		189
	52,926	*	Ciber, Inc		183
	24,317	*,e	Cimpress NV		2,046
	118,705	*	Citrix Systems, Inc		8,328
	22,219	*	ClickSoftware Technologies Ltd		279
	451,695	*	Cognizant Technology Solutions Corp (Class A)		27,594
	33,614	*	Commvault Systems, Inc		1,426
	102,697		Computer Sciences Corp		6,741
	25,588	*	comScore, Inc		1,363
	16,654	*	Comverse, Inc		334
	23,960	*	Constant Contact, Inc		689
	73,137		Convergys Corp		1,864
	40,208	*	Cornerstone OnDemand, Inc		1,399
	23,982	*	CoStar Group, Inc		4,827
	45,152	*,e	Coupons.com, Inc		487
	24,883		CSG Systems International, Inc		788
	17,592	*,e	Cvent, Inc		453
	20,584	*	Cyan, Inc		108

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	15,267	*	Datalink Corp	$	136
	40,435	*	DealerTrack Holdings, Inc		2,539
	24,614	*,e	Demandware, Inc		1,750
	32,513	*	DHI Group, Inc		289
	5,437	e	Digimarc Corp		245
	37,568	*	Digital Turbine, Inc		113
	27,103		DST Systems, Inc		3,414
	77,306		EarthLink Holdings Corp		579
	898,445	*	eBay, Inc		54,122
	19,966	e	Ebix, Inc		651
	232,633	*	Electronic Arts, Inc		15,470
	21,694	*	Ellie Mae, Inc		1,514
	43,380	*,e	Endurance International Group Holdings, Inc		896
	20,747	*	EnerNOC, Inc		201
	25,859	*	Envestnet, Inc		1,045
	36,125	*	EPAM Systems, Inc		2,573
	25,591		EPIQ Systems, Inc		432
	3,943	*	ePlus, Inc		302
	42,058		Equinix, Inc		10,683
	37,881	*	Euronet Worldwide, Inc		2,337
	48,388		EVERTEC, Inc		1,028
	15,773	*,e	Everyday Health, Inc		202
	24,918	*	ExlService Holdings, Inc		862
	1,600,576	*	Facebook, Inc		137,273
	30,901		Factset Research Systems, Inc		5,022
	23,064		Fair Isaac Corp		2,094
	209,784		Fidelity National Information Services, Inc		12,965
	102,019	*,e	FireEye, Inc		4,990
	67,170	*	First American Corp		2,666
	175,314	*	Fiserv, Inc		14,521
	18,028	*,e	Five9, Inc		94
	67,800	*	FleetCor Technologies, Inc		10,581
	28,477	*,e	FleetMatics Group plc		1,334
	8,265		Forrester Research, Inc		298
	105,618	*	Fortinet, Inc		4,365
	61,489	*	Gartner, Inc		5,275
	118,380	*	Genpact Ltd		2,525
	20,054	*	Gigamon, Inc		662
	51,313	*	Global Cash Access, Inc		397
	49,296		Global Payments, Inc		5,100
	11,456	*,e	Globant S.A.		349
	88,947	*,e	Glu Mobile, Inc		552
	17,503	*	GoDaddy, Inc		493
	42,541	*,e	Gogo, Inc		912
	217,501	*	Google, Inc		113,212
	213,159	*	Google, Inc (Class A)		115,114
	55,694	*	GrubHub, Inc		1,897
	18,192	*	GTT Communications, Inc		434
	13,242	*,e	Guidance Software, Inc		112
	51,316	*	Guidewire Software, Inc		2,716
	17,956		Hackett Group, Inc		241
	27,069		Heartland Payment Systems, Inc		1,463

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	70,903	*	HomeAway, Inc	$	2,206
	5,610	*	Hortonworks, Inc		142
	14,191	*	HubSpot, Inc		704
	54,320		IAC/InterActiveCorp		4,327
	27,237	*	iGate Corp		1,299
	19,610	*	Imperva, Inc		1,328
	41,826	*	Infoblox, Inc		1,096
	77,617	*	Informatica Corp		3,762
	12,605	*,e	Interactive Intelligence, Inc		561
	40,309	*	Internap Network Services Corp		373
	671,642		International Business Machines Corp		109,249
	204,082		Intuit, Inc		20,565
	36,074		j2 Global, Inc		2,451
	60,792		Jack Henry & Associates, Inc		3,933
	30,270	*	Jive Software, Inc		159
	58,933		King Digital Entertainment plc		840
	19,259	*	Knot, Inc		315
	49,809		Leidos Holdings, Inc		2,011
	50,188	*,e	LendingClub Corp		740
	50,961	*	Limelight Networks, Inc		201
	80,906	*	LinkedIn Corp		16,718
	44,720	*	Lionbridge Technologies		276
	19,090	*,e	Liquidity Services, Inc		184
	40,701	*	Liveperson, Inc		399
	18,232	*	LogMeIn, Inc		1,176
	13,441	*	Luxoft Holding, Inc		760
	54,701	*	Manhattan Associates, Inc		3,263
	18,418		Mantech International Corp (Class A)		534
	25,119		Marchex, Inc (Class B)		124
	20,549	*,e	Marin Software, Inc		138
	25,709	*,e	Marketo, Inc		721
	739,700		Mastercard, Inc (Class A)		69,147
	48,838		MAXIMUS, Inc		3,210
	5,551	*	MAXPOINT INTERACTIVE,Inc		45
	73,403		Mentor Graphics Corp		1,940
	5,983,771		Microsoft Corp		264,184
	6,844	*	MicroStrategy, Inc (Class A)		1,164
	86,729	*,e	Millennial Media, Inc		140
	29,654	*,e	MobileIron, Inc		175
	14,483	*	Model N, Inc		172
	33,165	*,e	ModusLink Global Solutions, Inc		113
	22,389	*	MoneyGram International, Inc		206
	29,292		Monotype Imaging Holdings, Inc		706
	70,908	*,e	Monster Worldwide, Inc		464
	27,911	*,e	Netscout Systems, Inc		1,023
	29,548	*,e	NetSuite, Inc		2,711
	42,216	*,e	NeuStar, Inc (Class A)		1,233
	4,154	*	New Relic, Inc		146
	48,579		NIC, Inc		888
	187,240	*	Nuance Communications, Inc		3,279
	19,789	*,e	OPOWER, Inc		228
	2,343,471		Oracle Corp		94,442

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	155,524	*	Pandora Media, Inc	$	2,417
	7,197	*,e	Park City Group, Inc		89
	240,713		Paychex, Inc		11,285
	23,354	*	Paycom Software, Inc		798
	11,222	*,e	Paylocity Holding Corp		402
	24,918		Pegasystems, Inc		570
	25,493	*	Perficient, Inc		490
	8,684	*	PFSweb, Inc		120
	38,195	*	Progress Software Corp		1,050
	29,179	*,e	Proofpoint, Inc		1,858
	17,256	*	PROS Holdings, Inc		364
	85,331	*	PTC, Inc		3,500
	14,350	*	Q2 Holdings, Inc		405
	7,729		QAD, Inc (Class A)		204
	67,392	*	QLIK Technologies, Inc		2,356
	18,223	*,e	Qualys, Inc		735
	20,643	*	QuinStreet, Inc		133
	91,063	*	Rackspace Hosting, Inc		3,387
	20,376	*	Rally Software Development Corp		396
	18,038	*	RealNetworks, Inc		98
	39,496	*	RealPage, Inc		753
	135,645	*	Red Hat, Inc		10,299
	6,528		Reis, Inc		145
	28,776	*	RetailMeNot, Inc		513
	20,141	*,e	Rocket Fuel, Inc		165
	65,478	*,e	Rovi Corp		1,044
	18,722	*	Rubicon Project, Inc		280
	83,383		Sabre Corp		1,984
	485,133	*	Salesforce.com, Inc		33,780
	17,304	e	Sapiens International Corp NV		180
	34,016		Science Applications International Corp		1,798
	21,075	*	Sciquest, Inc		312
	24,634	*	Seachange International, Inc		173
	113,734	*	ServiceNow, Inc		8,452
	46,932	*	ServiceSource International LLC		257
	14,547	*,e	Shutterstock, Inc		853
	26,176	*,e	Silver Spring Networks, Inc		325
	49,819	*	SolarWinds, Inc		2,298
	49,541		Solera Holdings, Inc		2,208
	92,607	*	Splunk, Inc		6,447
	12,246	*	SPS Commerce, Inc		806
	52,847		SS&C Technologies Holdings, Inc		3,303
	10,609	*	Stamps.com, Inc		780
	29,262	*	Sykes Enterprises, Inc		710
	503,573		Symantec Corp		11,708
	28,696	*	Synchronoss Technologies, Inc		1,312
	114,574	*	Synopsys, Inc		5,803
	23,254	*	Syntel, Inc		1,104
	30,239	*	TA Indigo Holding Corp		360
	36,581	*	Tableau Software, Inc		4,218
	62,894	*	Take-Two Interactive Software, Inc		1,734
	29,444	*	Tangoe, Inc		370

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	12,153	*	TechTarget, Inc	$	109
	37,654	*	TeleCommunication Systems, Inc (Class A)		125
	20,400	*	TeleNav, Inc		164
	13,212		TeleTech Holdings, Inc		358
	104,965	*,e	Teradata Corp		3,884
	14,409	*,e	Textura Corp		401
	71,591	*	TiVo, Inc		726
	122,214		Total System Services, Inc		5,105
	6,116	*	Travelzoo, Inc		69
	36,314	*,e	TrueCar, Inc		435
	10,595	*	TubeMogul, Inc		151
	418,135	*	Twitter, Inc		15,145
	24,991	*	Tyler Technologies, Inc		3,233
	21,175	*	Ultimate Software Group, Inc		3,480
	38,674	*	Unisys Corp		773
	11,210	*	United Online, Inc		176
	105,809	*	Vantiv, Inc		4,041
	6,363	*,e	Varonis Systems, Inc		141
	21,489	*,e	Vasco Data Security International		649
	84,224	*	VeriFone Systems, Inc		2,860
	45,384	*	Verint Systems, Inc		2,757
	76,695	*,e	VeriSign, Inc		4,734
	32,131	*,e	VirnetX Holding Corp		135
	21,946	*	Virtusa Corp		1,128
	1,447,991		Visa, Inc (Class A)		97,233
	60,583	*	VMware, Inc (Class A)		5,194
	28,678	*	WebMD Health Corp (Class A)		1,270
	32,723	*	Website Pros, Inc		793
	382,980		Western Union Co		7,786
	28,569	*	WEX, Inc		3,256
	14,146	*,e	Wix.com Ltd		334
	78,368	*	Workday, Inc		5,987
	4,998	*	Workiva, Inc		69
	817,071		Xerox Corp		8,694
	23,310	*,e	Xoom Corp		491
	694,256	*	Yahoo!, Inc		27,277
	47,998	*	Yelp, Inc		2,065
	14,042	*	Yodlee, Inc		203
	39,804	*	Zendesk, Inc		884
	32,505	*,e	Zillow Group, Inc		2,819
	47,197	*	Zix Corp		244
	565,694	*	Zynga, Inc		1,618
			TOTAL SOFTWARE & SERVICES		1,787,137

TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%
	83,151	*,e	3D Systems Corp		1,623
	39,852		Adtran, Inc		648
	16,323	*,e	Aerohive Networks, Inc		114
	11,056	*	Agilysys, Inc		102
	9,098	e	Alliance Fiber Optic Products, Inc		169
	228,592		Amphenol Corp (Class A)		13,251
	21,094		Anixter International, Inc		1,374

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	4,261,350		Apple, Inc	$	534,480
	11,231	*,e	Applied Optoelectronics, Inc		195
	24,889	*,e	Arista Networks, Inc		2,034
	100,254	*	ARRIS Group, Inc		3,068
	69,937	*	Arrow Electronics, Inc		3,903
	24,161	*	Avid Technology, Inc		322
	99,266		Avnet, Inc		4,081
	34,410		AVX Corp		463
	11,475	e	Badger Meter, Inc		729
	7,316		Bel Fuse, Inc (Class B)		150
	31,469		Belden CDT, Inc		2,556
	39,122	*	Benchmark Electronics, Inc		852
	12,526		Black Box Corp		251
	309,327		Brocade Communications Systems, Inc		3,675
	26,799	*,e	CalAmp Corp		489
	28,887	*	Calix Networks, Inc		220
	96,346		CDW Corp		3,303
	30,668		Checkpoint Systems, Inc		312
	86,902	*	Ciena Corp		2,058
	3,761,726		Cisco Systems, Inc		103,297
	8,964	*,e	Clearfield, Inc		143
	64,456		Cognex Corp		3,100
	17,685	*	Coherent, Inc		1,123
	77,590	*	CommScope Holding Co, Inc		2,367
	11,551		Comtech Telecommunications Corp		336
	15,682	*,e	Control4 Corp		139
	930,751		Corning, Inc		18,364
	29,620	*	Cray, Inc		874
	23,637		CTS Corp		456
	27,847		Daktronics, Inc		330
	47,853		Diebold, Inc		1,675
	18,652	*	Digi International, Inc		178
	36,841		Dolby Laboratories, Inc (Class A)		1,462
	46,638	*	Dot Hill Systems Corp		285
	13,244	*	DTS, Inc		404
	13,533	*,e	Eastman Kodak Co		227
	32,770	*	EchoStar Corp (Class A)		1,595
	11,677		Electro Rent Corp		127
	35,264	*	Electronics for Imaging, Inc		1,534
	1,436,792		EMC Corp		37,917
	18,982	*	EMCORE Corp		114
	79,396	*	Extreme Networks, Inc		214
	53,266	*	F5 Networks, Inc		6,411
	26,560	*	Fabrinet		497
	12,851	*	FARO Technologies, Inc		600
	30,706		FEI Co		2,546
	76,718	*,e	Finisar Corp		1,371
	104,125		Flir Systems, Inc		3,209
	25,552	*	GSI Group, Inc		384
	67,185	*	Harmonic, Inc		459
	91,398		Harris Corp		7,029
	1,344,424		Hewlett-Packard Co		40,346

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	39,772	*	II-VI, Inc	$	755
	27,939	*	Imation Corp		113
	21,661	*	Immersion Corp		274
	95,498	*,e	Infinera Corp		2,004
	113,829	*	Ingram Micro, Inc (Class A)		2,849
	28,444	*	Insight Enterprises, Inc		851
	26,730		InterDigital, Inc		1,521
	57,029	*,e	InvenSense, Inc		861
	25,418	*,e	IPG Photonics Corp		2,165
	28,730	*	Itron, Inc		989
	43,041	*	Ixia		535
	143,551		Jabil Circuit, Inc		3,056
	173,185	*	JDS Uniphase Corp		2,005
	291,880		Juniper Networks, Inc		7,580
	125,388	*	Keysight Technologies, Inc		3,911
	21,162	*	Kimball Electronics, Inc		309
	64,648	*,e	Knowles Corp		1,170
	10,929	*	KVH Industries, Inc		147
	45,344		Lexmark International, Inc (Class A)		2,004
	16,687		Littelfuse, Inc		1,583
	23,128	*	Mercury Computer Systems, Inc		339
	1,988	e	Mesa Laboratories, Inc		177
	28,385		Methode Electronics, Inc		779
	156,071		Motorola, Inc		8,949
	11,234		MTS Systems Corp		775
	6,959	*	Multi-Fineline Electronix, Inc		152
	83,376		National Instruments Corp		2,456
	125,398	*	NCR Corp		3,774
	229,985		NetApp, Inc		7,258
	26,175	*	Netgear, Inc		786
	27,910	*	Newport Corp		529
	37,400	*,e	Nimble Storage, Inc		1,049
	29,647	*	Novatel Wireless, Inc		96
	72,862	*,e	Oclaro, Inc		165
	14,702	*	OSI Systems, Inc		1,041
	53,646	*	Palo Alto Networks, Inc		9,372
	16,460		Park Electrochemical Corp		315
	6,868		PC Connection, Inc		170
	29,009		Plantronics, Inc		1,634
	25,402	*	Plexus Corp		1,115
	100,006	*	Polycom, Inc		1,144
	65,614	*	QLogic Corp		931
	1,205,755		Qualcomm, Inc		75,516
	171,155	*	Quantum Corp		288
	31,179	*	RealD, Inc		384
	21,664	*	Rofin-Sinar Technologies, Inc		598
	13,791	*	Rogers Corp		912
	55,372	*	Ruckus Wireless, Inc		573
	153,815		SanDisk Corp		8,955
	61,646	*	Sanmina Corp		1,243
	21,738	*	Scansource, Inc		827
	43,182	*	ShoreTel, Inc		293

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	25,143	*,e	Silicon Graphics International Corp	$	163
	37,508	*	Sonus Networks, Inc		260
	37,383	*,e	Stratasys Ltd		1,306
	27,221	*	Super Micro Computer, Inc		805
	27,223	*	Synaptics, Inc		2,361
	21,522		SYNNEX Corp		1,575
	26,973	*	Tech Data Corp		1,553
	192,019	*	Trimble Navigation Ltd		4,505
	44,290	*	TTM Technologies, Inc		442
	22,392	e	Ubiquiti Networks, Inc		715
	29,474	*,e	Universal Display Corp		1,525
	31,477	*	Viasat, Inc		1,897
	60,568	*,e	Violin Memory, Inc		148
	100,754	e	Vishay Intertechnology, Inc		1,177
	9,508	*	Vishay Precision Group, Inc		143
	165,870		Western Digital Corp		13,008
	38,312	*	Zebra Technologies Corp (Class A)		4,255
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,022,650

TELECOMMUNICATION SERVICES - 2.0%
	66,124	*	8x8, Inc		592
	3,841,077		AT&T, Inc		136,435
	7,918		Atlantic Tele-Network, Inc		547
	27,406	*	Boingo Wireless, Inc		226
	416,899		CenturyTel, Inc		12,249
	149,815	*	Cincinnati Bell, Inc		572
	34,230		Cogent Communications Group, Inc		1,158
	38,388		Consolidated Communications Holdings, Inc		807
	16,551	*	Fairpoint Communications, Inc		302
	743,607	e	Frontier Communications Corp		3,681
	24,304	*	General Communication, Inc (Class A)		413
	348,844	*,e	Globalstar, Inc		736
	7,568	*	Hawaiian Telcom Holdco, Inc		198
	10,513		IDT Corp (Class B)		190
	45,794	*	inContact, Inc		452
	25,073		Inteliquent, Inc		461
	20,308	*,e	Intelsat S.A.		201
	60,764	*,e	Iridium Communications, Inc		552
	213,185	*	Level 3 Communications, Inc		11,228
	16,622		Lumos Networks Corp		246
	11,759	*,e	NTELOS Holdings Corp		54
	44,329	*	Orbcomm, Inc		299
	9,439	*	Pacific DataVision, Inc		398
	35,134	*	Premiere Global Services, Inc		362
	39,806	*	RingCentral, Inc		736
	95,804	*	SBA Communications Corp (Class A)		11,015
	18,151		Shenandoah Telecom Co		621
	17,224		Spok Holdings, Inc		290
	551,084	*,e	Sprint Corp		2,513
	6,721	*	Straight Path Communications, Inc		220
	68,830		Telephone & Data Systems, Inc		2,024
	203,125	*	T-Mobile US, Inc		7,875

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,529	*	US Cellular Corp	$	359
	3,017,135		Verizon Communications, Inc		140,629
	137,981	*	Vonage Holdings Corp		678
	76,638	e	Windstream Holdings, Inc		489
	105,945	*	Zayo Group Holdings, Inc		2,725
			TOTAL TELECOMMUNICATION SERVICES		342,533

TRANSPORTATION - 2.1%
	40,179	*	Air Transport Services Group, Inc		421
	95,969		Alaska Air Group, Inc		6,183
	9,935		Allegiant Travel Co		1,767
	5,332		Amerco, Inc		1,743
	512,493		American Airlines Group, Inc		20,466
	19,331		Arkansas Best Corp		615
	18,341	*	Atlas Air Worldwide Holdings, Inc		1,008
	78,384	*	Avis Budget Group, Inc		3,455
	20,049		Celadon Group, Inc		415
	107,766		CH Robinson Worldwide, Inc		6,724
	42,760		Con-Way, Inc		1,641
	24,453	e	Copa Holdings S.A. (Class A)		2,020
	8,672	*	Covenant Transportation Group, Inc		217
	731,012		CSX Corp		23,868
	603,800		Delta Air Lines, Inc		24,805
	15,158	*	Eagle Bulk Shipping, Inc		106
	21,969	*	Echo Global Logistics, Inc		717
	141,591		Expeditors International of Washington, Inc		6,528
	209,880		FedEx Corp		35,764
	22,919		Forward Air Corp		1,198
	39,257	*	Genesee & Wyoming, Inc (Class A)		2,991
	47,727	*,e	Golden Ocean Group Ltd (Oslo)		184
	34,479	*	Hawaiian Holdings, Inc		819
	36,950		Heartland Express, Inc		747
	299,972	*	Hertz Global Holdings, Inc		5,435
	26,734	*	Hub Group, Inc (Class A)		1,078
	68,104		J.B. Hunt Transport Services, Inc		5,591
	231,738	*	JetBlue Airways Corp		4,811
	81,773		Kansas City Southern Industries, Inc		7,458
	41,240	*	Kirby Corp		3,161
	45,057		Knight Transportation, Inc		1,205
	33,557		Landstar System, Inc		2,244
	50,509		Macquarie Infrastructure Co LLC		4,174
	17,739		Marten Transport Ltd		385
	32,238		Matson, Inc		1,355
	60,245		Navios Maritime Holdings, Inc		224
	225,613		Norfolk Southern Corp		19,710
	51,170	*	Old Dominion Freight Line		3,510
	2,470	*	PAM Transportation Services, Inc		143
	6,136		Park-Ohio Holdings Corp		297
	20,803	*	Quality Distribution, Inc		322
	17,329	*	Radiant Logistics, Inc		127
	36,815	*	Republic Airways Holdings, Inc		338
	20,933	*	Roadrunner Transportation Services Holdings, Inc		540

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	39,438		Ryder System, Inc	$	3,446
	30,068		Safe Bulkers, Inc		97
	18,094	*	Saia, Inc		711
	137,961	*,e	Scorpio Bulkers, Inc		225
	40,260		Skywest, Inc		605
	494,314		Southwest Airlines Co		16,357
	53,890	*	Spirit Airlines, Inc		3,347
	63,781	*	Swift Transportation Co, Inc		1,446
	647,906		Union Pacific Corp		61,791
	282,063	*	United Continental Holdings, Inc		14,952
	518,852		United Parcel Service, Inc (Class B)		50,282
	6,297		Universal Truckload Services, Inc		138
	7,128	*	USA Truck, Inc		151
	69,158	*,e	UTI Worldwide, Inc		691
	18,831	*,e	Virgin America, Inc		517
	34,798		Werner Enterprises, Inc		913
	44,920	*	Wesco Aircraft Holdings, Inc		681
	52,800	*,e	XPO Logistics, Inc		2,385
	23,809	*	YRC Worldwide, Inc		309
			TOTAL TRANSPORTATION		365,554

UTILITIES - 2.9%
	35,975	e	Abengoa Yield plc		1,127
	502,237		AES Corp		6,660
	88,857		AGL Resources, Inc		4,137
	35,666		Allete, Inc		1,655
	83,430		Alliant Energy Corp		4,816
	179,688		Ameren Corp		6,771
	361,395		American Electric Power Co, Inc		19,143
	29,456		American States Water Co		1,101
	133,205		American Water Works Co, Inc		6,478
	134,973		Aqua America, Inc		3,305
	4,909		Artesian Resources Corp		104
	92,825	e	Atlantic Power Corp		286
	73,233		Atmos Energy Corp		3,755
	45,672		Avista Corp		1,400
	33,522		Black Hills Corp		1,463
	35,650		California Water Service Group		815
	276,377	*	Calpine Corp		4,972
	318,361		Centerpoint Energy, Inc		6,058
	11,590		Chesapeake Utilities Corp		624
	46,444		Cleco Corp		2,501
	203,302		CMS Energy Corp		6,473
	8,405		Connecticut Water Service, Inc		287
	216,563		Consolidated Edison, Inc		12,535
	10,961		Consolidated Water Co, Inc		138
	438,500		Dominion Resources, Inc		29,322
	131,940		DTE Energy Co		9,848
	511,506		Duke Energy Corp		36,123
	94,898	*	Dynegy, Inc		2,776
	239,987		Edison International		13,338
	30,616		El Paso Electric Co		1,061

315

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	33,239	e	Empire District Electric Co	$	725
	132,825		Entergy Corp		9,364
	235,099		Eversource Energy		10,676
	637,066		Exelon Corp		20,017
	311,936		FirstEnergy Corp		10,154
	9,378		Genie Energy Ltd		98
	114,306		Great Plains Energy, Inc		2,762
	79,361		Hawaiian Electric Industries, Inc		2,359
	37,236		Idacorp, Inc		2,090
	114,807		ITC Holdings Corp		3,694
	32,340		Laclede Group, Inc		1,684
	144,429		MDU Resources Group, Inc		2,821
	26,250		MGE Energy, Inc		1,017
	11,759		Middlesex Water Co		265
	62,456	e	National Fuel Gas Co		3,678
	63,442		New Jersey Resources Corp		1,748
	328,258		NextEra Energy, Inc		32,179
	234,601		NiSource, Inc		10,695
	22,143		Northwest Natural Gas Co		934
	33,520		NorthWestern Corp		1,634
	245,109		NRG Energy, Inc		5,608
	21,934	e	NRG Yield, Inc (Class A)		482
	25,354	e	NRG Yield, Inc (Class C)		555
	147,340		OGE Energy Corp		4,210
	39,547		ONE Gas, Inc		1,683
	27,707	e	Ormat Technologies, Inc		1,044
	27,545		Otter Tail Corp		733
	38,404	e	Pattern Energy Group, Inc		1,090
	187,067		Pepco Holdings, Inc		5,040
	354,104		PG&E Corp		17,387
	58,125		Piedmont Natural Gas Co, Inc		2,052
	81,970		Pinnacle West Capital Corp		4,663
	58,763		PNM Resources, Inc		1,446
	58,032		Portland General Electric Co		1,924
	494,370		PPL Corp		14,569
	374,289		Public Service Enterprise Group, Inc		14,702
	130,852		Questar Corp		2,736
	104,543		SCANA Corp		5,295
	183,199		Sempra Energy		18,126
	12,005		SJW Corp		368
	49,250		South Jersey Industries, Inc		1,218
	670,636		Southern Co		28,100
	34,400		Southwest Gas Corp		1,830
	62,722	*	Talen Energy Corp		1,076
	170,423		TECO Energy, Inc		3,010
	37,840		TerraForm Power, Inc		1,437
	128,103		UGI Corp		4,413
	41,780		UIL Holdings Corp		1,914
	10,272		Unitil Corp		339
	61,078		Vectren Corp		2,350
	15,334	*	Vivint Solar, Inc		187
	233,695	*,e	WEC Energy Group, Inc		10,509

316

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	96,665		Westar Energy, Inc	$	3,308
	36,819		WGL Holdings, Inc		1,999
	375,757		Xcel Energy, Inc		12,092
	9,006		York Water Co		188
			TOTAL UTILITIES		485,349
			TOTAL COMMON STOCKS		16,978,808
			(Cost $9,364,976)

RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	15,560	m	Magnum Hunter Resources Corp		0
			TOTAL ENERGY		0

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	151		BioScrip, Inc		0
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	10,743	m	Forest Laboratories, Inc CVR		10
	6,747	m	Furiex Pharmaceuticals, Inc		66
	4,045	m	Omthera Pharmaceuticals, Inc		2
	28,951	m	Trius Therapeutics, Inc		4
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		82

SOFTWARE & SERVICES - 0.0%
	19,206	m	Gerber Scientific, Inc		0
			TOTAL SOFTWARE & SERVICES		0

TELECOMMUNICATION SERVICES - 0.0%
	46,753	m	Leap Wireless International, Inc		118
			TOTAL TELECOMMUNICATION SERVICES		118

			TOTAL RIGHTS / WARRANTS		200
			(Cost $184)

SHORT-TERM INVESTMENTS - 3.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%
	548,286,817	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		548,287
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		548,287


			TOTAL SHORT-TERM INVESTMENTS		548,287
			(Cost $548,287)

317

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

		VALUE
		(000)
TOTAL INVESTMENTS - 103.0%	$	17,527,295
(Cost $9,913,447)
OTHER ASSETS & LIABILITIES, NET - (3.0)%		(514,615	)
NET ASSETS - 100.0%	$	17,012,680


		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.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $538,804,000.
m		Indicates a security that has been deemed illiquid.

		Cost amounts are in thousands.

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.9%

AUTOMOBILES & COMPONENTS - 0.1%
$	4,962,500	i	Gates Global LLC		4.250	%	07/05/21	$	4,882
	4,423,077	i	INA Beteiligungsgesellschaft mbH		4.250		05/15/20		4,440
			TOTAL AUTOMOBILES & COMPONENTS						9,322

CAPITAL GOODS - 0.0%
	4,259,379	i	TransDigm, Inc		3.750		02/28/20		4,222
			TOTAL CAPITAL GOODS						4,222

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	2,719,656	i	Capital Safety North America		3.750		03/29/21		2,712
	665,000	i	Staples, Inc		3.500		04/24/21		663
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						3,375

CONSUMER DURABLES & APPAREL - 0.0%
	1,197,000	i	Hanesbrands, Inc		3.250		04/29/22		1,203
			TOTAL CONSUMER DURABLES & APPAREL						1,203

CONSUMER SERVICES - 0.1%
	3,807,407	i	1011778 BC ULC		3.750		12/12/21		3,802
	4,234,234	i	Hilton Worldwide		3.500		10/26/20		4,235
	4,949,239	i	MGM Resorts International		3.500		12/20/19		4,911
			TOTAL CONSUMER SERVICES						12,948

DIVERSIFIED FINANCIALS - 0.0%
	4,949,875	i	TransUnion LLC		3.750		04/09/21		4,903
			TOTAL DIVERSIFIED FINANCIALS						4,903

ENERGY - 0.0%
	168,582	i	Granite Acquisition, Inc		5.000		12/19/21		170
	3,812,261	i	Granite Acquisition, Inc		5.000		12/19/21		3,850
			TOTAL ENERGY						4,020

FOOD & STAPLES RETAILING - 0.1%
	5,550,000	i	Albertson’s Holdings LLC		5.500		08/25/21		5,571
			TOTAL FOOD & STAPLES RETAILING						5,571

FOOD, BEVERAGE & TOBACCO - 0.1%
	6,998,607	i	HJ Heinz Co		3.000		06/07/19		6,996
			TOTAL FOOD, BEVERAGE & TOBACCO						6,996

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	3,589,986	i	Capsugel Holdings US, Inc		3.500		08/01/18		3,586
	303,898	i	CHS/Community Health Systems		4.000		01/27/21		304
	1,683,000	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		1,682

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,960,896	i	Kinetic Concepts, Inc		4.000	%	11/04/16	$	2,961
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						8,533

MATERIALS - 0.1%
	889,530	i	Eco Services Operations LLC		4.750		12/04/21		883
	1,123,000	i	Minerals Technologies, Inc		3.750		05/09/21		1,122
	4,034,664	i	Minerals Technologies, Inc		3.750		05/09/21		4,031
	3,374,500	i	Solenis International LP		4.250		07/31/21		3,355
			TOTAL MATERIALS						9,391

MEDIA - 0.1%
	5,000,000	i	CBS Outdoor Americas Capital LLC		3.000		02/01/21		4,982
	4,525,502	i	MTL Publishing LLC		3.750		06/29/18		4,515
	1,807,855	i	Univision Communications, Inc		4.000		03/01/20		1,793
	3,029,946	i	Virgin Media Investment Holdings Ltd		3.500		06/30/23		2,997
			TOTAL MEDIA						14,287

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	800,000	i	Endo Luxembourg Finance I Co Sarl		3.750		06/24/22		801
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						801

RETAILING - 0.0%
	697,595	i	Dollar Tree, Inc		3.500		03/09/22		697
	850,000	i	PetSmart, Inc		4.250		03/10/22		848
			TOTAL RETAILING						1,545

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	10,719,659	i	Avago Technologies Ltd		3.750		05/06/21		10,729
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						10,729

SOFTWARE & SERVICES - 0.1%
	3,160,030	i	Activision Blizzard, Inc		3.250		10/11/20		3,167
	4,949,875	i	IMS Health, Inc		3.500		03/17/21		4,919
	413,677	i	SS&C Technologies Holdings Europe SARL		4.000		06/23/22		413
	1,836,323	i	SS&C Technologies Holdings, Inc		4.000		06/23/22		1,835
			TOTAL SOFTWARE & SERVICES						10,334

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	4,751,637	i	NXP BV		3.250		01/11/20		4,731
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						4,731

TELECOMMUNICATION SERVICES - 0.0%
	1,225,000	i	CommScope Holding Co, Inc		3.750		05/29/22		1,222
			TOTAL TELECOMMUNICATION SERVICES						1,222

UTILITIES - 0.0%
	194,500	i	Calpine Corp		4.000		10/09/19		194
			TOTAL UTILITIES						194

			TOTAL BANK LOAN OBLIGATIONS						114,327
			(Cost $114,356)

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BONDS - 97.6%

CORPORATE BONDS - 37.3%

AUTOMOBILES & COMPONENTS - 0.3%
$	10,300,000		Ford Motor Co		4.750	%	01/15/43	$	10,019
	1,000,000	g	Gates Global LLC		6.000		07/15/22		905
	1,900,000	g	Hyundai Capital Services, Inc		2.625		09/29/20		1,890
	13,950,000		Johnson Controls, Inc		4.625		07/02/44		13,262
	8,675,000		Magna International, Inc		3.625		06/15/24		8,531
	350,000	g	ZF North America Capital, Inc		4.000		04/29/20		350
	175,000	g	ZF North America Capital, Inc		4.500		04/29/22		172
	350,000	g	ZF North America Capital, Inc		4.750		04/29/25		340
			TOTAL AUTOMOBILES & COMPONENTS						35,469

BANKS - 7.0%
	3,100,000	g	Akbank TAS		4.000		01/24/20		3,020
	2,300,000	g	Akbank TAS		5.125		03/31/25		2,199
	750,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank		7.750		04/28/21		738
	2,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		2,520
	6,250,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125		11/09/22		6,222
	4,350,000		Bancolombia S.A.		5.950		06/03/21		4,770
	1,500,000	g	Bank Nederlandse Gemeenten		1.375		03/19/18		1,507
	3,000,000	g	Bank Nederlandse Gemeenten		1.875		06/11/19		3,031
	5,000,000	g	Bank Nederlandse Gemeenten		2.625		04/28/21		5,130
	15,175,000		Bank of America Corp		3.750		07/12/16		15,555
	18,550,000		Bank of America Corp		5.300		03/15/17		19,645
	8,525,000		Bank of America Corp		6.000		09/01/17		9,268
	9,000,000		Bank of America Corp		2.600		01/15/19		9,092
	16,500,000		Bank of America Corp		4.000		01/22/25		16,052
	12,050,000		Bank of America Corp		3.950		04/21/25		11,621
	9,825,000		Bank of America Corp		4.750		04/21/45		9,079
	27,700,000	g	Bank of Montreal		2.625		01/25/16		28,022
	29,500,000	g	Bank of Nova Scotia		2.150		08/03/16		29,959
	25,000,000		Bank of Nova Scotia		2.125		09/11/19		25,139
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		5,928
	5,450,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		5,439
	7,100,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		7,005
	8,075,000		Barclays plc		2.750		11/08/19		8,017
	13,300,000		Barclays plc		3.650		03/16/25		12,579
	5,190,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		5,261
	3,200,000		Branch Banking & Trust Co		2.300		10/15/18		3,247
	12,500,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		12,656
	11,850,000		Capital One Bank USA NA		2.950		07/23/21		11,639
	4,500,000		Capital One Bank USA NA		3.375		02/15/23		4,366
	8,425,000		Citigroup, Inc		1.300		11/15/16		8,418
	9,300,000		Citigroup, Inc		2.550		04/08/19		9,371
	11,000,000		Citigroup, Inc		3.875		10/25/23		11,211
	6,300,000		Citigroup, Inc		3.750		06/16/24		6,328
	23,075,000		Citigroup, Inc		3.300		04/27/25		22,154
	13,175,000		Citigroup, Inc		4.400		06/10/25		13,106
	10,525,000		Citigroup, Inc		5.300		05/06/44		10,686

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,000,000	i	Citigroup, Inc		5.350	%	12/30/49	$	9,415
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		6,866
	8,650,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		8,913
	10,900,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		11,927
	6,600,000	g	Credit Agricole S.A.		2.750		06/10/20		6,596
	6,600,000	g	Credit Agricole S.A.		4.375		03/17/25		6,322
	2,800,000	g	DBS Group Holdings Ltd		2.246		07/16/19		2,801
	9,425,000		Discover Bank		3.100		06/04/20		9,407
	5,980,000		Eksportfinans ASA		2.375		05/25/16		5,980
	2,300,000	g	Export Credit Bank of Turkey		5.000		09/23/21		2,314
	12,850,000		Fifth Third Bancorp		2.375		04/25/19		12,858
	8,700,000	g	HSBC Bank plc		1.500		05/15/18		8,641
	7,350,000	g	HSBC Bank plc		4.125		08/12/20		7,883
	1,550,000		HSBC Holdings plc		4.000		03/30/22		1,621
	2,100,000		HSBC Holdings plc		6.500		09/15/37		2,527
	5,000,000		HSBC USA, Inc		1.625		01/16/18		5,000
	7,150,000		HSBC USA, Inc		2.250		06/23/19		7,089
	16,675,000		JPMorgan Chase & Co		2.750		06/23/20		16,662
	17,000,000		JPMorgan Chase & Co		3.875		02/01/24		17,253
	9,400,000		JPMorgan Chase & Co		4.850		02/01/44		9,677
	13,300,000		JPMorgan Chase & Co		4.950		06/01/45		12,882
	3,750,000	i	JPMorgan Chase & Co		5.150		12/30/49		3,569
	9,550,000		KeyBank NA		2.500		12/15/19		9,583
	6,625,000		KeyBank NA		2.250		03/16/20		6,563
	15,650,000		KeyBank NA		3.300		06/01/25		15,172
	4,475,000	g	Macquarie Bank Ltd		2.600		06/24/19		4,497
	9,950,000		Manufacturers & Traders Trust Co		2.100		02/06/20		9,801
	1,500,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,535
	2,325,000	g	PKO Finance AB		4.630		09/26/22		2,401
	10,400,000		PNC Bank NA		2.200		01/28/19		10,443
	11,475,000		PNC Bank NA		2.250		07/02/19		11,459
	10,950,000		PNC Bank NA		2.700		11/01/22		10,525
	17,395,000		PNC Bank NA		2.950		01/30/23		16,808
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,053
	4,900,000	g,i	Rabobank Nederland NV		11.000		12/30/49		6,211
	12,000,000		Royal Bank of Canada		1.200		09/19/17		11,979
	11,300,000		Royal Bank of Canada		2.200		07/27/18		11,486
	40,000,000		Royal Bank of Canada		1.875		02/05/20		39,644
	2,000,000	g	Shinhan Bank		2.250		04/15/20		1,973
	15,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,957
	8,325,000	g	Societe Generale S.A.		4.250		04/14/25		7,816
	2,355,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		2,358
	3,800,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		3,871
	6,650,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		6,660
	5,700,000		SunTrust Banks, Inc		2.750		05/01/23		5,478
	495,000		Toronto-Dominion Bank		2.500		07/14/16		503
	16,500,000	g	Toronto-Dominion Bank		1.625		09/14/16		16,665
	70,000,000	g	Toronto-Dominion Bank		1.500		03/13/17		70,634
	7,650,000		Toronto-Dominion Bank		1.125		05/02/17		7,660
	13,300,000	g	Toronto-Dominion Bank		1.950		04/02/20		13,186
	1,325,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,340
	1,700,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		1,712
	2,350,000	g	Turkiye Is Bankasi		3.750		10/10/18		2,322

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,775,000	g	Turkiye Is Bankasi		5.500	%	04/21/19	$	2,883
	7,100,000		Union Bank NA		2.125		06/16/17		7,201
	5,700,000		UnionBanCal Corp		3.500		06/18/22		5,772
	5,800,000		US Bancorp		1.650		05/15/17		5,869
	17,650,000		US Bank NA		2.800		01/27/25		16,861
	5,700,000		Westpac Banking Corp		3.000		08/04/15		5,713
	15,000,000	g	Westpac Banking Corp		1.850		11/26/18		15,062
	10,850,000		Westpac Banking Corp		2.250		01/17/19		10,979
			TOTAL BANKS						937,818

CAPITAL GOODS - 1.0%
	5,750,000		Caterpillar Financial Services Corp		2.250		12/01/19		5,795
	5,700,000		Caterpillar Financial Services Corp		3.250		12/01/24		5,636
	12,050,000		Caterpillar, Inc		1.500		06/26/17		12,163
	6,675,000	g	CRH America, Inc		3.875		05/18/25		6,604
	8,000,000		Deere & Co		2.600		06/08/22		7,863
	2,075,000		Eaton Corp		4.000		11/02/32		2,003
	5,250,000		Embraer Netherlands Finance BV		5.050		06/15/25		5,250
	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		4,152
	17,675,000		John Deere Capital Corp		1.950		03/04/19		17,699
	1,374,455	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		941
	1,838,200	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		1,319
	4,925,000		Rockwell Automation, Inc		2.050		03/01/20		4,886
	4,995,000		Rockwell Automation, Inc		2.875		03/01/25		4,837
	1,250,000	g	Schaeffler Finance BV		4.750		05/15/21		1,256
	1,370,000	g	Sealed Air Corp		5.250		04/01/23		1,379
	6,600,000	g	Siemens Financieringsmaatschappij NV		4.400		05/27/45		6,485
	12,950,000		Timken Co		3.875		09/01/24		12,517
	7,000,000	g	TSMC Global Ltd		1.625		04/03/18		6,916
	1,750,000	g	Tupy Overseas S.A.		6.625		07/17/24		1,713
	8,950,000		United Technologies Corp		1.800		06/01/17		9,079
	5,950,000		United Technologies Corp		4.500		06/01/42		6,023
	6,600,000		United Technologies Corp		4.150		05/15/45		6,277
			TOTAL CAPITAL GOODS						132,116

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	2,105,000		21st Century Fox America, Inc		7.625		11/30/28		2,719
	1,578,000		21st Century Fox America, Inc		6.550		03/15/33		1,923
	3,575,000		21st Century Fox America, Inc		6.650		11/15/37		4,338
	3,800,000		21st Century Fox America, Inc		6.900		08/15/39		4,738
	1,425,000		ADT Corp		4.125		04/15/19		1,446
	1,425,000		ADT Corp		6.250		10/15/21		1,496
	1,250,000	g	AECOM Technology Corp		5.750		10/15/22		1,266
	4,875,000	g	AECOM Technology Corp		5.875		10/15/24		4,942
	7,175,000		Air Lease Corp		3.875		04/01/21		7,247
	11,750,000	g	Daimler Finance North America LLC		3.300		05/19/25		11,555
	7,250,000		Fluor Corp		3.500		12/15/24		7,258
	10,290,000		Republic Services, Inc		3.800		05/15/18		10,819
	5,375,000		Republic Services, Inc		3.550		06/01/22		5,440
	6,625,000		Republic Services, Inc		3.200		03/15/25		6,362
	2,000,000		United Rentals North America, Inc		4.625		07/15/23		1,961
	7,150,000		Waste Management, Inc		2.600		09/01/16		7,275

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	15,050,000		Waste Management, Inc		2.900	%	09/15/22	$	14,776
	2,000,000		Waste Management, Inc		3.900		03/01/35		1,828
	2,225,000		Waste Management, Inc		4.100		03/01/45		2,022
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						99,411

CONSUMER DURABLES & APPAREL - 0.2%
	1,250,000	g	Controladora Mabe S.A. de C.V.		7.875		10/28/19		1,410
	9,600,000		DR Horton, Inc		3.750		03/01/19		9,672
	3,000,000		Lennar Corp		4.500		11/15/19		3,038
	6,900,000		PVH Corp		4.500		12/15/22		6,831
	2,625,000		Whirlpool Corp		3.700		03/01/23		2,637
			TOTAL CONSUMER DURABLES & APPAREL						23,588

CONSUMER SERVICES - 0.8%
	4,000,000	g	1011778 BC / New Red Fin		6.000		04/01/22		4,110
	2,475,000		GLP Capital LP		4.375		11/01/18		2,540
	5,000,000		Johns Hopkins University		4.083		07/01/53		4,718
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		7,627
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		13,542
	11,650,000	g	SABMiller Holdings, Inc		3.750		01/15/22		12,024
	6,475,000		Service Corp International		5.375		05/15/24		6,766
	800,000	g	Six Flags Entertainment Corp		5.250		01/15/21		816
	40,000,000		Stanford University		4.013		05/01/42		39,488
	21,000,000		University of Chicago		4.151		10/01/45		19,796
			TOTAL CONSUMER SERVICES						111,427

DIVERSIFIED FINANCIALS - 5.1%
	3,875,000		Abbey National Treasury Services plc		4.000		04/27/16		3,965
	2,000,000		American Express Centurion Bank		6.000		09/13/17		2,186
	9,275,000		American Express Credit Corp		1.300		07/29/16		9,304
	5,550,000		American Express Credit Corp		2.250		08/15/19		5,555
	9,750,000		American Express Credit Corp		2.375		05/26/20		9,671
	6,250,000	i	Bank of New York Mellon Corp		1.969		06/20/17		6,344
	4,125,000		Bank of New York Mellon Corp		5.450		05/15/19		4,617
	11,550,000	g	Bayer US Finance LLC		2.375		10/08/19		11,582
	8,100,000	g	Bayer US Finance LLC		3.375		10/08/24		8,045
	2,500,000	g	BBVA Bancomer S.A.		6.750		09/30/22		2,753
	2,400,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		2,388
	4,500,000		BlackRock, Inc		3.500		03/18/24		4,567
	10,680,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		10,841
	24,600,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		24,849
	10,100,000		Capital One Financial Corp		1.000		11/06/15		10,085
	2,800,000	g	Comcel Trust		6.875		02/06/24		2,947
	3,700,000		Countrywide Financial Corp		6.250		05/15/16		3,845
	7,175,000		Credit Suisse		2.300		05/28/19		7,157
	5,675,000		Credit Suisse		3.000		10/29/21		5,624
	10,250,000	g	Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		9,852
	6,500,000	g	Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		6,232
	10,000,000	g	FMR LLC		4.950		02/01/33		10,337
	11,425,000	g	FMR LLC		5.150		02/01/43		11,789
	6,660,000		Ford Motor Credit Co LLC		4.250		02/03/17		6,921
	3,340,000		Ford Motor Credit Co LLC		6.625		08/15/17		3,664
	6,600,000		Ford Motor Credit Co LLC		2.375		03/12/19		6,574

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	17,000,000		General Electric Capital Corp		1.625	%	07/02/15	$	17,000
	4,050,000		General Electric Capital Corp		2.200		01/09/20		4,046
	30,000,000		General Electric Capital Corp		3.100		01/09/23		29,880
	5,000,000		General Electric Capital Corp		5.875		01/14/38		6,001
	375,000		General Electric Capital Corp		6.875		01/10/39		502
	3,900,000		General Motors Financial Co, Inc		4.375		09/25/21		4,041
	5,000,000		General Motors Financial Co, Inc		3.450		04/10/22		4,889
	11,075,000		Goldman Sachs Group, Inc		2.375		01/22/18		11,238
	7,100,000		Goldman Sachs Group, Inc		2.600		04/23/20		7,058
	7,800,000		Goldman Sachs Group, Inc		3.625		01/22/23		7,741
	23,975,000		Goldman Sachs Group, Inc		3.500		01/23/25		23,216
	12,200,000		Goldman Sachs Group, Inc		3.750		05/22/25		12,021
	1,150,000		Goldman Sachs Group, Inc		6.450		05/01/36		1,294
	3,100,000		Goldman Sachs Group, Inc		6.750		10/01/37		3,630
	300,000		Goldman Sachs Group, Inc		6.250		02/01/41		354
	7,375,000		Goldman Sachs Group, Inc		4.800		07/08/44		7,299
	9,550,000		Goldman Sachs Group, Inc		5.150		05/22/45		9,181
	9,599,000		HSBC Finance Corp		6.676		01/15/21		11,095
	6,100,000	g	Hyundai Capital America		2.600		03/19/20		6,097
	2,750,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		2,847
	1,425,000		Icahn Enterprises LP		4.875		03/15/19		1,436
	1,725,000		Icahn Enterprises LP		5.875		02/01/22		1,755
	4,800,000	g	ICICI Bank Ltd		3.500		03/18/20		4,865
	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		9,481
	8,400,000		International Lease Finance Corp		3.875		04/15/18		8,442
	3,200,000		International Lease Finance Corp		5.875		04/01/19		3,412
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,406
	1,625,000		Legg Mason, Inc		2.700		07/15/19		1,639
	2,400,000		Legg Mason, Inc		3.950		07/15/24		2,424
	7,870,000	g	Lukoil International Finance BV		3.416		04/24/18		7,547
	10,300,000		Morgan Stanley		1.750		02/25/16		10,341
	21,500,000		Morgan Stanley		1.875		01/05/18		21,547
	8,825,000		Morgan Stanley		2.650		01/27/20		8,802
	19,950,000		Morgan Stanley		2.800		06/16/20		19,985
	6,800,000		Morgan Stanley		3.750		02/25/23		6,883
	2,400,000		Morgan Stanley		3.875		04/29/24		2,422
	24,800,000		Morgan Stanley		3.700		10/23/24		24,663
	8,000,000		Morgan Stanley		4.350		09/08/26		7,847
	7,000,000		Morgan Stanley		3.950		04/23/27		6,589
	7,250,000		Morgan Stanley		6.375		07/24/42		8,885
	3,800,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		4,833
	6,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		6,584
	5,000,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		4,862
	4,000,000	g	Reliance Holdings USA		4.500		10/19/20		4,233
	1,250,000	g	Sberbank of Russia Via SB Capital S.A.		6.125		02/07/22		1,200
	1,725,000	g	SUAM Finance BV		4.875		04/17/24		1,738
	47,429,783		Tagua Leasing LLC		1.900		07/12/24		46,976
	2,075,000		Textron, Inc		3.875		03/01/25		2,040
	5,186,000		Toyota Motor Credit Corp		1.375		01/10/18		5,187
	16,625,000		Toyota Motor Credit Corp		2.150		03/12/20		16,606
	9,125,000		Unilever Capital Corp		2.200		03/06/19		9,202
	2,000,000		Unilever Capital Corp		4.250		02/10/21		2,196

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	12,500,000		Wells Fargo & Co		1.500	%	07/01/15	$	12,500
	15,000,000		Wells Fargo & Co		3.000		02/19/25		14,344
	10,650,000		Wells Fargo & Co		4.100		06/03/26		10,677
	6,650,000		Wells Fargo & Co		3.900		05/01/45		5,961
			TOTAL DIVERSIFIED FINANCIALS						675,458

ENERGY - 2.5%
	7,950,000		Anadarko Petroleum Corp		5.950		09/15/16		8,380
	2,445,000		Anadarko Petroleum Corp		6.950		06/15/19		2,838
	3,650,000		Apache Corp		1.750		04/15/17		3,664
	6,650,000		Ashland, Inc		4.750		08/15/22		6,525
	16,500,000		BP Capital Markets plc		1.375		05/10/18		16,402
	13,300,000		BP Capital Markets plc		2.315		02/13/20		13,242
	2,600,000	i	Chesapeake Energy Corp		3.525		04/15/19		2,379
	6,250,000		Chevron Corp		2.355		12/05/22		5,974
	5,475,000		Concho Resources, Inc		5.500		04/01/23		5,475
	2,075,000		Continental Resources, Inc		5.000		09/15/22		2,035
	3,150,000		Devon Energy Corp		4.750		05/15/42		2,995
	6,750,000		Devon Energy Corp		5.000		06/15/45		6,640
	1,750,000	g	Dynegy, Inc		6.750		11/01/19		1,821
	5,000,000		Ecopetrol S.A.		5.375		06/26/26		4,950
	1,000,000		Ecopetrol S.A.		5.875		05/28/45		882
	1,850,000	g	EDC Finance Ltd		4.875		04/17/20		1,616
	3,250,000		Enbridge Energy Partners LP		5.200		03/15/20		3,501
	8,300,000		Energy Transfer Equity LP		5.500		06/01/27		8,238
	10,450,000		Enterprise Products Operating LLC		3.750		02/15/25		10,226
	7,500,000		Enterprise Products Operating LLC		5.100		02/15/45		7,269
	2,250,000		Exterran Partners LP		6.000		10/01/22		2,137
	2,739,000		Husky Energy, Inc		3.950		04/15/22		2,739
	1,900,000	g	Indo Energy Finance II BV		6.375		01/24/23		1,259
	1,000,000	g	KMG Finance Sub BV		6.375		04/09/21		1,047
	5,530,000		Marathon Petroleum Corp		3.500		03/01/16		5,623
	850,000		Marathon Petroleum Corp		3.625		09/15/24		835
	4,240,000		MarkWest Energy Partners LP		5.500		02/15/23		4,367
	3,950,000		Noble Energy, Inc		3.900		11/15/24		3,889
	1,850,000		Noble Energy, Inc		5.250		11/15/43		1,796
	2,475,000		Noble Holding International Ltd		3.450		08/01/15		2,478
	3,050,000		Noble Holding International Ltd		4.000		03/16/18		3,121
	6,000,000		Noble Holding International Ltd		3.950		03/15/22		5,523
	10,850,000		ONE Gas, Inc		2.070		02/01/19		10,853
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,607
	800,000		Pemex Project Funding Master Trust		5.750		03/01/18		870
	3,900,000		Pemex Project Funding Master Trust		6.625		06/15/35		4,163
	2,000,000	g	Pertamina Persero PT		4.875		05/03/22		2,017
	1,300,000	g	Pertamina Persero PT		4.300		05/20/23		1,245
	1,850,000	i	Petrobras Global Finance BV		1.896		05/20/16		1,823
	2,000,000		Petrobras Global Finance BV		3.250		03/17/17		1,968
	2,000,000	i	Petrobras Global Finance BV		2.415		01/15/19		1,849
	7,800,000		Petrobras Global Finance BV		4.875		03/17/20		7,417
	810,000		Petrobras Global Finance BV		4.375		05/20/23		706
	2,650,000		Petrobras Global Finance BV		6.250		03/17/24		2,558
	3,000,000		Petrobras International Finance Co		3.500		02/06/17		2,968
	4,350,000		Petroleos Mexicanos		3.500		07/18/18		4,484

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,900,000		Petroleos Mexicanos		8.000	%	05/03/19	$	3,407
	1,500,000		Petroleos Mexicanos		4.875		01/24/22		1,560
	15,000,000		Petroleos Mexicanos		1.950		12/20/22		14,995
	8,025,000		Petroleos Mexicanos		2.000		12/20/22		8,039
	2,250,000	g	Petroleos Mexicanos		4.500		01/23/26		2,199
	2,180,000		Petroleos Mexicanos		5.500		06/27/44		2,006
	2,041,667		Petroleum Co of Trinidad & Tobago Ltd		6.000		05/08/22		2,111
	2,000,000	g	Petronas Capital Ltd		3.125		03/18/22		1,991
	2,500,000	g	Petronas Capital Ltd		3.500		03/18/25		2,469
	5,775,000		Phillips 66		4.875		11/15/44		5,496
	614,000		Pioneer Natural Resources Co		7.500		01/15/20		722
	10,575,000		Plains All American Pipeline LP		3.600		11/01/24		10,192
	2,674,000		Precision Drilling Trust		6.625		11/15/20		2,641
	1,250,000		Questar Market Resources, Inc		6.875		03/01/21		1,297
	3,335,000		Range Resources Corp		5.000		08/15/22		3,268
	1,425,000		Regency Energy Partners LP		5.875		03/01/22		1,515
	2,250,000	g	Reliance Industries Ltd		4.125		01/28/25		2,192
	6,000,000		Shell International Finance BV		2.375		08/21/22		5,793
	4,900,000		Southwestern Energy Co		4.050		01/23/20		5,032
	4,405,000		Southwestern Energy Co		4.100		03/15/22		4,316
	2,075,000		Statoil ASA		1.200		01/17/18		2,066
	5,300,000		Statoil ASA		2.450		01/17/23		5,073
	8,875,000		Statoil ASA		4.250		11/23/41		8,618
	5,700,000		Suncor Energy, Inc		3.600		12/01/24		5,664
	3,500,000		Talisman Energy, Inc		3.750		02/01/21		3,462
	2,000,000	g	Targa Resources Partners LP		5.000		01/15/18		2,045
	2,000,000		Tesoro Corp		5.125		04/01/24		2,010
	1,000,000		Total Capital International S.A.		1.000		01/10/17		1,002
	6,100,000		Total Capital International S.A.		1.500		02/17/17		6,149
	3,400,000		TransCanada PipeLines Ltd		5.850		03/15/36		3,739
	2,750,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		2,613
	800,000	g	Ultra Petroleum Corp		5.750		12/15/18		768
	2,750,000	g	Ultra Petroleum Corp		6.125		10/01/24		2,413
	1,000,000		Vale Overseas Ltd		4.375		01/11/22		981
	2,760,000		Vale Overseas Ltd		6.875		11/21/36		2,662
	2,490,000		Whiting Petroleum Corp		5.750		03/15/21		2,450
	2,400,000		WPX Energy, Inc		5.250		09/15/24		2,211
			TOTAL ENERGY						331,561

FOOD & STAPLES RETAILING - 0.3%
	8,425,000		CVS Caremark Corp		3.375		08/12/24		8,265
	4,900,000		Ingles Markets, Inc		5.750		06/15/23		4,980
	7,300,000		Kroger Co		2.950		11/01/21		7,264
	10,750,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		10,756
	11,775,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		11,502
			TOTAL FOOD & STAPLES RETAILING						42,767

FOOD, BEVERAGE & TOBACCO - 1.0%
	4,916,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		4,354
	6,000,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		6,082
	10,575,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		10,623
	14,775,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		14,192
	9,400,000		Diageo Capital plc		2.625		04/29/23		8,947

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,000,000	g	Embotelladora Andina S.A.		5.000	%	10/01/23	$	2,131
	7,600,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		7,170
	6,050,000		General Mills, Inc		2.200		10/21/19		6,010
	3,525,000	g	Grupo Bimbo SAB de C.V.		4.500		01/25/22		3,694
	9,725,000	g,h	HJ Heinz Co		2.800		07/02/20		9,724
	4,550,000	g,h	HJ Heinz Co		3.950		07/15/25		4,576
	655,000	g	JB y Compania S.A. de C.V.		3.750		05/13/25		635
	3,875,000	g	JM Smucker Co		3.500		03/15/25		3,784
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,465
	3,075,000		Mondelez International, Inc		4.125		02/09/16		3,133
	6,200,000		Mondelez International, Inc		4.000		02/01/24		6,413
	680,000		PepsiCo, Inc		7.900		11/01/18		811
	5,100,000		PepsiCo, Inc		4.250		10/22/44		4,961
	2,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		2,043
	6,850,000	g	Pernod-Ricard S.A.		4.250		07/15/22		7,130
	8,800,000		Philip Morris International, Inc		3.250		11/10/24		8,650
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		1,957
	5,450,000		Reynolds American, Inc		3.250		06/12/20		5,515
	12,850,000		Reynolds American, Inc		4.450		06/12/25		13,073
	1,125,000		TreeHouse Foods, Inc		4.875		03/15/22		1,133
	3,650,000		Tyson Foods, Inc		3.950		08/15/24		3,672
	2,150,000		Tyson Foods, Inc		4.875		08/15/34		2,157
			TOTAL FOOD, BEVERAGE & TOBACCO						147,035

HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	7,290,000		Baxter International, Inc		3.200		06/15/23		7,450
	3,900,000		Becton Dickinson & Co		1.750		11/08/16		3,930
	2,425,000		Becton Dickinson & Co		3.734		12/15/24		2,413
	5,775,000		Becton Dickinson & Co		4.685		12/15/44		5,629
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		3,781
	6,850,000		Express Scripts Holding Co		3.900		02/15/22		7,002
	4,000,000	g	Fresenius Medical Care Capital Trust		5.625		07/31/19		4,330
	4,500,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		4,793
	4,560,000		HCA, Inc		6.500		02/15/20		5,096
	4,575,000		HCA, Inc		5.875		03/15/22		4,975
	2,775,000		Laboratory Corp of America Holdings		2.625		02/01/20		2,750
	4,650,000		Laboratory Corp of America Holdings		3.600		02/01/25		4,432
	3,500,000		Mallinckrodt International Finance S.A.		3.500		04/15/18		3,509
	10,450,000		McKesson Corp		4.883		03/15/44		10,371
	10,125,000	g	Medtronic, Inc		2.500		03/15/20		10,133
	8,450,000	g	Medtronic, Inc		3.500		03/15/25		8,422
	9,625,000	g	Medtronic, Inc		4.625		03/15/45		9,707
	7,100,000		Owens & Minor, Inc		3.875		09/15/21		7,295
	8,325,000		Quest Diagnostics, Inc		3.500		03/30/25		7,888
	2,000,000		Tenet Healthcare Corp		4.375		10/01/21		1,955
	6,125,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		6,187
	2,700,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		2,695
	3,100,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		3,060
	4,325,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		4,211
	10,100,000		Zimmer Holdings, Inc		2.700		04/01/20		10,039
	10,975,000		Zimmer Holdings, Inc		3.550		04/01/25		10,622
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						152,675

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
$	7,175,000		Clorox Co		3.800	%	11/15/21	$	7,582
	5,725,000		Clorox Co		3.500		12/15/24		5,652
	4,525,000		Ecolab, Inc		1.450		12/08/17		4,484
	6,450,000		Ecolab, Inc		2.250		01/12/20		6,380
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						24,098

INSURANCE - 1.9%
	1,925,000		Aetna, Inc		6.625		06/15/36		2,358
	6,200,000		Allstate Corp		3.150		06/15/23		6,200
	6,200,000		Allstate Corp		4.500		06/15/43		6,232
	7,825,000		American International Group, Inc		2.300		07/16/19		7,805
	16,425,000		American International Group, Inc		4.500		07/16/44		15,566
	19,230,000		Children’s Hospital Medic		4.268		05/15/44		17,621
	1,000,000		CHS/Community Health Systems		5.125		08/01/21		1,019
	3,750,000		Chubb Corp		6.000		05/11/37		4,618
	1,390,000		Cigna Corp		5.125		06/15/20		1,557
	6,900,000		Cigna Corp		4.500		03/15/21		7,495
	4,900,000		Cigna Corp		3.250		04/15/25		4,693
	21,975,000	g	Five Corners Funding Trust		4.419		11/15/23		22,669
	2,800,000		Lincoln National Corp		7.000		06/15/40		3,501
	2,200,000	g,i	Merna Reinsurance IV Ltd		2.500		04/08/16		2,203
	7,675,000		MetLife, Inc		6.750		06/01/16		8,074
	2,000,000		MetLife, Inc		4.368		09/15/23		2,125
	10,000,000		MetLife, Inc		3.000		03/01/25		9,565
	9,500,000		MetLife, Inc		4.721		12/15/44		9,567
	11,050,000		MetLife, Inc		4.050		03/01/45		10,110
	6,600,000	i	MetLife, Inc		5.250		12/30/49		6,542
	2,825,000		Principal Financial Group, Inc		1.850		11/15/17		2,845
	5,000,000		Progressive Corp		3.750		08/23/21		5,330
	8,050,000		Prudential Financial, Inc		7.375		06/15/19		9,538
	8,000,000		Prudential Financial, Inc		5.400		06/13/35		8,588
	7,775,000		Prudential Financial, Inc		5.100		08/15/43		7,966
	4,025,000	i	Prudential Financial, Inc		5.200		03/15/44		3,975
	13,150,000	i	Prudential Financial, Inc		5.375		05/15/45		12,936
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,616
	2,425,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		2,345
	6,100,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		5,864
	4,250,000		Travelers Cos, Inc		5.800		05/15/18		4,741
	7,875,000		UnitedHealth Group, Inc		0.850		10/15/15		7,881
	6,000,000		UnitedHealth Group, Inc		1.400		10/15/17		6,006
	6,750,000		WellPoint, Inc		3.125		05/15/22		6,552
	7,850,000		WellPoint, Inc		4.625		05/15/42		7,151
	7,000,000		Willis Group Holdings plc		4.125		03/15/16		7,142
	2,400,000		WR Berkley Corp		5.375		09/15/20		2,675
			TOTAL INSURANCE						254,671

MATERIALS - 1.8%
	6,630,000		Air Products & Chemicals, Inc		4.375		08/21/19		7,172
	2,225,000		Alcoa, Inc		5.125		10/01/24		2,253
	5,900,000	g	Anglo American Capital plc		3.625		05/14/20		5,896
	4,750,000	g	Anglo American Capital plc		4.875		05/14/25		4,621
	1,365,000		Ball Corp		5.000		03/15/22		1,368

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,750,000		Barrick North America Finance LLC		4.400	%	05/30/21	$	11,991
	3,417,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		3,561
	1,300,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		1,317
	2,300,000	g	Cemex Finance LLC		6.000		04/01/24		2,276
	200,000	g	Cemex SAB de C.V.		6.125		05/05/25		197
	3,175,000		CF Industries, Inc		7.125		05/01/20		3,768
	625,000	g	CommScope, Inc		4.375		06/15/20		631
	3,550,000		Corning, Inc		1.450		11/15/17		3,535
	1,600,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		1,645
	1,275,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.875		11/04/44		1,213
	7,925,000		Crown Americas LLC		6.250		02/01/21		8,262
	1,390,000		Crown Americas LLC		4.500		01/15/23		1,313
	7,850,000		Dow Chemical Co		3.500		10/01/24		7,691
	1,000,000		Eastman Chemical Co		5.500		11/15/19		1,111
	5,450,000		Eastman Chemical Co		3.800		03/15/25		5,432
	6,000,000		EI du Pont de Nemours & Co		4.625		01/15/20		6,593
	3,400,000		Fibria Overseas Finance Ltd		5.250		05/12/24		3,408
	8,775,000	g	Georgia-Pacific LLC		2.539		11/15/19		8,760
	950,000	g	Glencore Funding LLC		2.500		01/15/19		939
	24,025,000	g	Glencore Funding LLC		2.875		04/16/20		23,528
	6,450,000	g	Glencore Funding LLC		4.625		04/29/24		6,393
	6,650,000	g	Glencore Funding LLC		4.000		04/16/25		6,177
	19,093,000		International Paper Co		4.750		02/15/22		20,646
	3,650,000		International Paper Co		4.800		06/15/44		3,373
	2,800,000	g	Klabin Finance S.A.		5.250		07/16/24		2,729
	3,000,000		LyondellBasell Industries NV		5.000		04/15/19		3,248
	5,425,000		LyondellBasell Industries NV		4.625		02/26/55		4,759
	1,400,000	g	Mexichem SAB de C.V.		5.875		09/17/44		1,295
	3,000,000		Monsanto Co		2.200		07/15/22		2,738
	2,300,000		Monsanto Co		4.200		07/15/34		2,090
	6,840,000		Nucor Corp		4.000		08/01/23		6,932
	3,800,000	g	OCP S.A.		5.625		04/25/24		3,962
	2,860,000	g	Owens-Brockway Glass Container, Inc		5.375		01/15/25		2,796
	3,150,000		Packaging Corp of America		3.650		09/15/24		3,082
	7,500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		7,610
	4,550,000		Rio Tinto Finance USA plc		2.250		12/14/18		4,573
	5,000,000		Rock Tenn Co		3.500		03/01/20		5,145
	3,000,000		Rock Tenn Co		4.000		03/01/23		3,046
	5,066,083	g	Samarco Mineracao S.A.		5.375		09/26/24		4,838
	665,000	g	Sealed Air Corp		6.500		12/01/20		733
	12,475,000		Sherwin-Williams Co		1.350		12/15/17		12,435
	1,675,000		Steel Dynamics, Inc		5.125		10/01/21		1,678
	4,625,000		Teck Resources Ltd		2.500		02/01/18		4,522
	3,200,000		Teck Resources Ltd		3.750		02/01/23		2,749
	1,940,000		Teck Resources Ltd		6.000		08/15/40		1,532
	3,950,000		Teck Resources Ltd		5.200		03/01/42		2,860
	2,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		2,022
			TOTAL MATERIALS						242,444

MEDIA - 1.8%
	6,750,000		CBS Corp		2.300		08/15/19		6,666
	3,450,000		CBS Corp		4.600		01/15/45		3,070

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,000,000		Cinemark USA, Inc		5.125	%	12/15/22	$	991
	4,275,000		Cinemark USA, Inc		4.875		06/01/23		4,109
	26,000,000		Comcast Corp		4.250		01/15/33		25,350
	6,600,000		Comcast Corp		4.600		08/15/45		6,519
	8,800,000		DIRECTV Holdings LLC		4.450		04/01/24		8,981
	3,250,000		DISH DBS Corp		4.250		04/01/18		3,307
	4,250,000		DISH DBS Corp		5.125		05/01/20		4,298
	2,050,000		DISH DBS Corp		5.000		03/15/23		1,901
	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		2,896
	825,000		Grupo Televisa S.A.		6.000		05/15/18		912
	2,675,000		Grupo Televisa SAB		5.000		05/13/45		2,552
	1,850,000		Lamar Media Corp		5.875		02/01/22		1,915
	2,000,000		Lamar Media Corp		5.000		05/01/23		1,980
	2,000,000		Lamar Media Corp		5.375		01/15/24		2,027
	7,250,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		7,261
	7,700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		7,640
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		10,045
	8,035,000		Nielsen Finance LLC		4.500		10/01/20		7,995
	4,650,000		Outfront Media Capital LLC		5.250		02/15/22		4,708
	6,600,000		Scripps Networks Interactive, Inc		2.800		06/15/20		6,496
	3,275,000	g	Sky plc		2.625		09/16/19		3,250
	3,500,000		Starz LLC		5.000		09/15/19		3,544
	5,675,000		Time Warner Cable, Inc		5.875		11/15/40		5,478
	4,075,000		Time Warner Cable, Inc		4.500		09/15/42		3,339
	3,000,000		Time Warner, Inc		3.150		07/15/15		3,003
	20,550,000		Time Warner, Inc		2.100		06/01/19		20,400
	19,575,000		Time Warner, Inc		3.600		07/15/25		19,010
	3,825,000		Time Warner, Inc		6.500		11/15/36		4,480
	10,525,000		Time Warner, Inc		4.900		06/15/42		10,321
	7,100,000		Time Warner, Inc		4.650		06/01/44		6,725
	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		6,790
	5,400,000		Viacom, Inc		2.500		12/15/16		5,482
	3,000,000		Viacom, Inc		3.500		04/01/17		3,098
	7,375,000		Viacom, Inc		5.850		09/01/43		7,317
	1,525,000	g	Virgin Media Finance plc		6.000		10/15/24		1,548
			TOTAL MEDIA						229,364

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.1%
	6,650,000		Abbott Laboratories		2.000		03/15/20		6,593
	16,625,000		Abbott Laboratories		2.950		03/15/25		15,957
	16,950,000		AbbVie, Inc		2.500		05/14/20		16,769
	11,200,000		AbbVie, Inc		3.600		05/14/25		11,053
	3,700,000		Actavis Funding SCS		3.000		03/12/20		3,710
	5,900,000		Actavis Funding SCS		3.800		03/15/25		5,787
	14,325,000		Amgen, Inc		2.200		05/22/19		14,277
	6,600,000		Amgen, Inc		4.400		05/01/45		6,098
	1,100,000	g	Endo Finance LLC		6.000		02/01/25		1,118
	3,575,000		Gilead Sciences, Inc		2.350		02/01/20		3,585
	7,975,000		Gilead Sciences, Inc		3.700		04/01/24		8,138
	3,140,000		Life Technologies Corp		3.500		01/15/16		3,179
	3,725,000		Mylan, Inc		2.550		03/28/19		3,690
	3,500,000	g	Mylan, Inc		7.875		07/15/20		3,646

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,925,000		Perrigo Co plc		4.000	%	11/15/23	$	2,960
	12,200,000		Perrigo Finance plc		3.500		12/15/21		12,213
	9,725,000		Perrigo Finance plc		3.900		12/15/24		9,588
	2,850,000		Perrigo Finance plc		4.900		12/15/44		2,740
	13,850,000	g	Roche Holdings, Inc		2.250		09/30/19		13,934
	8,000,000	g	Roche Holdings, Inc		3.350		09/30/24		8,065
	1,675,000	g	Valeant Pharmaceuticals International, Inc		5.500		03/01/23		1,692
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						154,792

REAL ESTATE - 1.0%
	2,310,000		AMB Property LP		4.500		08/15/17		2,449
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,490
	3,965,000		Camden Property Trust		4.625		06/15/21		4,283
	3,000,000		Camden Property Trust		2.950		12/15/22		2,855
	5,175,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		5,262
	6,800,000		Developers Diversified Realty Corp		4.750		04/15/18		7,252
	3,460,000		Developers Diversified Realty Corp		7.875		09/01/20		4,232
	2,750,000		Equity One, Inc		3.750		11/15/22		2,716
	2,754,000		Essex Portfolio LP		3.375		01/15/23		2,704
	700,000		Federal Realty Investment Trust		5.900		04/01/20		801
	8,675,000		Health Care REIT, Inc		4.000		06/01/25		8,563
	2,775,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,070
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,586
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		6,356
	3,700,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		3,678
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,424
	1,600,000		Highwoods Realty LP		5.850		03/15/17		1,708
	9,205,000		Kilroy Realty LP		3.800		01/15/23		9,169
	6,400,000		Liberty Property LP		4.125		06/15/22		6,511
	3,600,000		Mid-America Apartments LP		4.300		10/15/23		3,726
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,450
	3,600,000		National Retail Properties, Inc		3.800		10/15/22		3,633
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,251
	2,325,000		Regency Centers LP		5.250		08/01/15		2,332
	225,000		Regency Centers LP		5.875		06/15/17		243
	4,150,000		Simon Property Group LP		2.800		01/30/17		4,247
	3,040,000		Simon Property Group LP		10.350		04/01/19		3,859
	3,598,000	g	Trust F		5.250		12/15/24		3,742
	1,360,000		Ventas Realty LP		3.125		11/30/15		1,371
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,136
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,678
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,131
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		3,867
			TOTAL REAL ESTATE						128,775

RETAILING - 0.6%
	5,850,000		AmeriGas Finance LLC		3.750		05/01/21		5,733
	4,425,000		AutoZone, Inc		3.250		04/15/25		4,266
	2,500,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		2,106
	6,125,000		Home Depot, Inc		2.250		09/10/18		6,264
	11,000,000		Home Depot, Inc		2.000		06/15/19		11,016
	12,650,000		Home Depot, Inc		2.625		06/01/22		12,445
	8,750,000		Home Depot, Inc		4.200		04/01/43		8,380

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,150,000		Limited Brands, Inc		7.000	%	05/01/20	$	3,567
	8,315,000		O’Reilly Automotive, Inc		4.625		09/15/21		9,127
	4,550,000		O’Reilly Automotive, Inc		3.800		09/01/22		4,636
	2,475,000		QVC, Inc		5.125		07/02/22		2,546
	4,400,000		QVC, Inc		4.375		03/15/23		4,319
	2,725,000		Tiffany & Co		3.800		10/01/24		2,675
			TOTAL RETAILING						77,080

SOFTWARE & SERVICES - 0.7%
	5,000,000	g	Audatex North America, Inc		6.000		06/15/21		5,137
	3,000,000		Baidu, Inc		3.000		06/30/20		2,992
	2,075,000		Equinix, Inc		4.875		04/01/20		2,096
	2,250,000		Equinix, Inc		5.375		01/01/22		2,256
	11,500,000		Fidelity National Information Services, Inc		5.000		03/15/22		12,136
	6,800,000		Fiserv, Inc		2.700		06/01/20		6,781
	6,675,000		Microsoft Corp		3.500		02/12/35		6,083
	3,075,000		NCR Corp		4.625		02/15/21		3,083
	525,000		NCR Corp		5.875		12/15/21		541
	1,650,000	g	Open Text Corp		5.625		01/15/23		1,633
	16,625,000		Oracle Corp		2.500		05/15/22		16,127
	13,825,000		Oracle Corp		3.400		07/08/24		13,840
	16,625,000		Oracle Corp		2.950		05/15/25		15,988
	6,600,000		Oracle Corp		4.125		05/15/45		6,117
	900,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		930
			TOTAL SOFTWARE & SERVICES						95,740

TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
	3,475,000		Amphenol Corp		3.125		09/15/21		3,474
	1,975,000		CC Holdings GS V LLC		2.381		12/15/17		1,997
	2,962,000		Flextronics International Ltd		4.625		02/15/20		3,040
	38,125,000		General Electric Co		0.850		10/09/15		38,181
	3,300,000		General Electric Co		5.250		12/06/17		3,594
	8,425,000		General Electric Co		2.700		10/09/22		8,234
	10,325,000		General Electric Co		4.125		10/09/42		9,897
	7,500,000		General Electric Co		4.500		03/11/44		7,582
	10,100,000		Hewlett-Packard Co		2.750		01/14/19		10,203
	3,625,000		Hewlett-Packard Co		3.750		12/01/20		3,732
	1,840,000	g	International Game Technology		5.625		02/15/20		1,799
	1,610,000	g	International Game Technology		6.250		02/15/22		1,537
	1,610,000	g	International Game Technology		6.500		02/15/25		1,489
	13,825,000	g	Keysight Technologies, Inc		4.550		10/30/24		13,325
	2,000,000		L-3 Communications Corp		4.950		02/15/21		2,132
	1,575,000	g	Millicom International Cellular S.A.		6.000		03/15/25		1,520
	3,125,000	g	NXP BV		3.750		06/01/18		3,148
	6,650,000		QUALCOMM, Inc		3.450		05/20/25		6,470
	5,000,000		Scientific Games International, Inc		6.250		09/01/20		3,887
	8,000,000		Seagate HDD Cayman		4.750		06/01/23		8,142
	5,625,000	g	Seagate HDD Cayman		4.750		01/01/25		5,589
	7,450,000	g	Seagate HDD Cayman		4.875		06/01/27		7,230
	525,000	g	Sensata Technologies BV		5.625		11/01/24		541
	5,050,000		Tyco Electronics Group S.A.		2.375		12/17/18		5,104
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		6,744
	1,425,000	g	Zebra Technologies Corp		7.250		10/15/22		1,543
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						160,134

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
TELECOMMUNICATION SERVICES - 2.2%
$	4,600,000	g	Alibaba Group Holding Ltd		2.500	%	11/28/19	$	4,546
	2,870,000		America Movil SAB de C.V.		2.375		09/08/16		2,906
	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		4,173
	1,667,000		AT&T, Inc		2.500		08/15/15		1,670
	21,350,000		AT&T, Inc		1.400		12/01/17		21,206
	9,650,000		AT&T, Inc		2.450		06/30/20		9,451
	8,200,000		AT&T, Inc		2.625		12/01/22		7,702
	12,100,000		AT&T, Inc		3.400		05/15/25		11,489
	12,875,000		AT&T, Inc		4.500		05/15/35		11,801
	4,525,000		AT&T, Inc		4.750		05/15/46		4,096
	6,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		6,786
	2,250,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,213
	5,525,000		British Telecommunications plc		1.625		06/28/16		5,553
	1,600,000	g	CommScope Holding Co, Inc		5.000		06/15/21		1,566
	2,600,000	g	CommScope Holding Co, Inc		5.500		06/15/24		2,528
	4,000,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		4,046
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		5,618
	3,625,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		3,613
	1,500,000	g	ENTEL Chile S.A.		4.875		10/30/24		1,510
	4,900,000	g	ENTEL Chile S.A.		4.750		08/01/26		4,802
	2,025,000		Intelsat Jackson Holdings S.A.		5.500		08/01/23		1,792
	3,500,000	g	Oi S.A.		5.750		02/10/22		3,032
	3,950,000		Orange S.A.		5.500		02/06/44		4,126
	2,050,000	g	SES		3.600		04/04/23		2,080
	3,450,000	g	SES Global Americas Holdings GP		2.500		03/25/19		3,435
	7,475,000		Sprint Corp		7.250		09/15/21		7,358
	1,000,000	g	Telecom Italia S.p.A		5.303		05/30/24		996
	11,100,000		Telefonica Emisiones SAU		3.992		02/16/16		11,290
	11,850,000		Telefonica Emisiones SAU		4.570		04/27/23		12,428
	2,325,000		T-Mobile USA, Inc		6.375		03/01/25		2,386
	21,000,000		Verizon Communications, Inc		0.700		11/02/15		20,971
	19,967,000		Verizon Communications, Inc		2.625		02/21/20		19,905
	9,275,000		Verizon Communications, Inc		3.450		03/15/21		9,445
	5,625,000		Verizon Communications, Inc		4.150		03/15/24		5,766
	20,500,000		Verizon Communications, Inc		4.400		11/01/34		19,187
	25,920,000	g	Verizon Communications, Inc		4.272		01/15/36		23,249
	549,000		Verizon Communications, Inc		6.000		04/01/41		602
	10,550,000		Verizon Communications, Inc		3.850		11/01/42		8,689
	13,623,000		Verizon Communications, Inc		5.012		08/21/54		12,453
	5,321,000	g	Verizon Communications, Inc		4.672		03/15/55		4,611
			TOTAL TELECOMMUNICATION SERVICES						292,063

TRANSPORTATION - 1.1%
	6,125,000	g	AP Moeller-Maersk A.S.		2.550		09/22/19		6,162
	5,850,000	g	AP Moeller-Maersk A.S.		3.750		09/22/24		5,961
	1,800,000	g	Asciano Finance Ltd		3.125		09/23/15		1,807
	5,730,000	g	Asciano Finance Ltd		5.000		04/07/18		6,138
	3,325,000		Boeing Co		3.500		03/01/45		2,929
	1,000,000	g	Bombardier, Inc		5.500		09/15/18		990

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,075,000	g	Bombardier, Inc		4.750	%	04/15/19	$	1,045
	7,075,000		Burlington Northern Santa Fe LLC		4.550		09/01/44		6,977
	9,200,000		Canadian Pacific Railway Co		2.900		02/01/25		8,646
	3,000,000		CSX Corp		4.100		03/15/44		2,737
	3,900,000	g	ERAC USA Finance LLC		3.300		10/15/22		3,821
	4,150,000	g	ERAC USA Finance LLC		5.625		03/15/42		4,433
	4,350,000		FedEx Corp		2.300		02/01/20		4,320
	5,400,000		FedEx Corp		3.200		02/01/25		5,260
	4,500,000		FedEx Corp		4.100		02/01/45		4,027
	6,311,000		GATX Corp		1.250		03/04/17		6,292
	7,150,000		GATX Corp		2.500		07/30/19		7,076
	4,425,000		GATX Corp		3.250		03/30/25		4,152
	5,900,000		GATX Corp		5.200		03/15/44		5,946
	6,650,000		GATX Corp		4.500		03/30/45		6,128
	17,344,000		Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		16,905
	3,750,000	g	Latam Airlines Group S.A.		7.250		06/09/20		3,860
	9,950,000		Norfolk Southern Corp		4.450		06/15/45		9,511
	2,625,000		Northrop Grumman Corp		1.750		06/01/18		2,621
	2,975,000		Southwest Airlines Co		2.750		11/06/19		3,016
	1,800,000	g	Transnet SOC Ltd		4.000		07/26/22		1,729
	3,500,000	g	TTX Co		3.600		01/15/25		3,508
	7,750,000		United Parcel Service, Inc		3.125		01/15/21		8,063
	4,900,000		United Parcel Service, Inc		3.625		10/01/42		4,448
			TOTAL TRANSPORTATION						148,508

UTILITIES - 3.7%
	1,250,000	i	AES Corp		3.283		06/01/19		1,250
	6,225,000		AES Corp		4.875		05/15/23		5,851
	1,500,000		AES Corp		5.500		03/15/24		1,453
	6,325,000		AGL Capital Corp		4.400		06/01/43		6,265
	5,150,000		Alabama Power Co		3.550		12/01/23		5,263
	3,475,000		Alabama Power Co		4.150		08/15/44		3,313
	15,000,000		American Electric Power Co, Inc		1.650		12/15/17		15,015
	6,000,000		American Electric Power Co, Inc		2.950		12/15/22		5,816
	2,000,000		AmeriGas Finance LLC		7.000		05/20/22		2,120
	3,000,000		AmeriGas Partners LP		6.250		08/20/19		3,060
	1,650,000		Arizona Public Service Co		4.500		04/01/42		1,651
	5,500,000		Atmos Energy Corp		8.500		03/15/19		6,677
	8,350,000		Atmos Energy Corp		4.125		10/15/44		7,945
	4,800,000		Berkshire Hathaway Energy Co		3.500		02/01/25		4,773
	8,000,000		Berkshire Hathaway Energy Co		5.150		11/15/43		8,508
	5,775,000		Berkshire Hathaway Energy Co		4.500		02/01/45		5,621
	6,225,000		Black Hills Corp		4.250		11/30/23		6,428
	5,825,000		Brixmor Operating Partnership LP		3.850		02/01/25		5,590
	3,000,000		California Resources Corp		5.000		01/15/20		2,640
	2,080,000		California Resources Corp		6.000		11/15/24		1,786
	4,750,000		Carolina Power & Light Co		5.300		01/15/19		5,290
	2,750,000		Carolina Power & Light Co		5.700		04/01/35		3,222
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		3,940
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,137
	7,500,000	g	CEZ AS.		4.250		04/03/22		7,841
	2,500,000		CMS Energy Corp		5.050		02/15/18		2,704
	3,055,000		Commonwealth Edison Co		4.000		08/01/20		3,260

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,200,000		Commonwealth Edison Co		5.900	%	03/15/36	$	4,988
	5,525,000		Commonwealth Edison Co		3.700		03/01/45		4,941
	2,750,000		Connecticut Light & Power Co		5.500		02/01/19		3,080
	3,000,000		Connecticut Light & Power Co		4.300		04/15/44		2,957
	9,050,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		8,231
	3,300,000		Dominion Gas Holdings LLC		3.600		12/15/24		3,282
	5,775,000		Dominion Gas Holdings LLC		4.600		12/15/44		5,423
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,531
	3,375,000		Duke Energy Ohio, Inc		3.800		09/01/23		3,503
	4,575,000		Duke Energy Progress, Inc		4.150		12/01/44		4,404
	7,100,000	g,i	Electricite de France		5.625		12/30/49		7,221
	3,000,000	g	Empresa Electrica Angamos S.A.		4.875		05/25/29		2,950
	900,000		Empresa Nacional de Electricidad S.A.		4.250		04/15/24		910
	2,900,000		ENN Energy Holdings Ltd		3.250		10/23/19		2,854
	4,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		3,920
	2,550,000	g	Eskom Holdings SOC Ltd		7.125		02/11/25		2,580
	7,675,000		Exelon Corp		3.950		06/15/25		7,709
	2,250,000		Ferrellgas Partners LP		6.500		05/01/21		2,244
	2,750,000		Ferrellgas Partners LP		6.750		01/15/22		2,757
	6,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		6,403
	2,000,000		Florida Power Corp		6.400		06/15/38		2,565
	3,500,000		FPL Group Capital, Inc		2.600		09/01/15		3,510
	3,000,000		Georgia Power Co		5.400		06/01/40		3,312
	5,000,000		Indiana Michigan Power Co		7.000		03/15/19		5,816
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,897
	1,350,000	g	Israel Electric Corp Ltd		6.700		02/10/17		1,434
	3,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		3,189
	1,300,000	g	Israel Electric Corp Ltd		5.000		11/12/24		1,317
	1,000,000	g	Kansas Gas & Electric		6.700		06/15/19		1,162
	625,000	g	KazMunayGas National Co JSC		4.400		04/30/23		569
	1,200,000	g	KazMunayGas National Co JSC		4.875		05/07/25		1,093
	2,825,000		Kinder Morgan Energy Partners LP		9.000		02/01/19		3,392
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,536
	2,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.375		10/28/19		2,485
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,220
	12,500,000		Mercy Health		3.382		11/01/25		12,067
	9,800,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		9,641
	8,250,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		7,982
	2,800,000		Nevada Power Co		6.500		08/01/18		3,194
	3,335,000		Nevada Power Co		5.450		05/15/41		3,791
	3,500,000		NiSource Finance Corp		4.800		02/15/44		3,556
	3,375,000		Northeast Utilities		1.450		05/01/18		3,353
	6,675,000		Northeast Utilities		3.150		01/15/25		6,440
	2,000,000		NRG Energy, Inc		6.250		05/01/24		1,985
	7,800,000		NSTAR Electric Co		4.400		03/01/44		7,766
	2,500,000		NTPC Ltd		5.625		07/14/21		2,748
	1,000,000		NTPC Ltd		4.750		10/03/22		1,035
	7,100,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		7,038
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,414
	8,170,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		8,174
	1,325,000	g	Oncor Electric Delivery Co LLC		3.750		04/01/45		1,179
	6,600,000		ONEOK Partners LP		3.800		03/15/20		6,734
	4,850,000		ONEOK Partners LP		3.375		10/01/22		4,457

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,900,000		Pacific Gas & Electric Co		8.250	%	10/15/18	$	4,673
	5,850,000		Pacific Gas & Electric Co		4.300		03/15/45		5,597
	4,825,000		Pepco Holdings, Inc		2.700		10/01/15		4,844
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,117
	6,925,000		PPL Capital Funding, Inc		4.200		06/15/22		7,279
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,023
	3,825,000		Progress Energy, Inc		7.050		03/15/19		4,443
	4,625,000		Public Service Co of Colorado		3.200		11/15/20		4,817
	8,800,000		Public Service Co of Oklahoma		5.150		12/01/19		9,759
	2,640,000		Public Service Electric & Gas Co		5.300		05/01/18		2,911
	5,000,000		Public Service Electric & Gas Co		3.500		08/15/20		5,264
	2,940,000		QEP Resources, Inc		5.375		10/01/22		2,839
	2,300,000		Sabine Pass LNG LP		6.500		11/01/20		2,380
	4,275,000		San Diego Gas & Electric Co		3.000		08/15/21		4,379
	5,550,000		Sempra Energy		2.875		10/01/22		5,375
	15,000,000	h	Smith College		4.620		07/01/45		15,177
	7,425,000		Southern California Edison Co		4.650		10/01/43		7,700
	7,005,000		Southern California Edison Co		3.600		02/01/45		6,219
	6,600,000		Spectra Energy Partners LP		4.500		03/15/45		5,826
	2,325,000		Tampa Electric Co		4.100		06/15/42		2,210
	2,790,000	g	Three Gorges Finance I Cayman Islands Ltd		3.700		06/10/25		2,809
	3,250,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		3,193
	3,680,000		Virginia Electric and Power Co		2.950		01/15/22		3,665
	1,900,000		WEC Energy Group, Inc		3.550		06/15/25		1,892
	5,075,000		Williams Partners LP		3.600		03/15/22		4,923
	7,250,000		Williams Partners LP		4.500		11/15/23		7,299
	6,000,000		Williams Partners LP		4.900		01/15/45		5,131
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		3,984
	14,000,000	g	WPD Investment Holdings Ltd		3.900		05/01/16		14,279
	2,200,000		Xcel Energy, Inc		3.300		06/01/25		2,158
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		2,987
			TOTAL UTILITIES						502,510

			TOTAL CORPORATE BONDS						4,999,504
			(Cost $4,998,716)

GOVERNMENT BONDS - 44.6%

AGENCY SECURITIES - 2.2%
	14,243,798		AMAL Ltd		3.465		08/21/21		15,006
	5,930,006		Export Lease Ten Co LLC		1.650		05/07/25		5,768
	5,000,000		International Bank for Reconstruction & Development		0.500		04/15/16		5,005
	21,125,000		Lutheran Medical Center		1.982		02/20/30		20,255
	293,778		National Credit Union Administration		1.840		10/07/20		295
	14,113,567		Premier Aircraft Leasing		3.576		02/06/22		14,930
	15,000,000		Private Export Funding Corp (PEFCO)		2.125		07/15/16		15,241
	34,000,000		PEFCO		1.375		02/15/17		34,185
	17,000,000		PEFCO		5.450		09/15/17		18,643
	10,000,000		PEFCO		2.250		12/15/17		10,278
	5,000,000		PEFCO		4.375		03/15/19		5,500
	7,240,000		PEFCO		1.450		08/15/19		7,149
	27,750,000		PEFCO		2.250		03/15/20		28,106
	35,000,000		PEFCO		4.300		12/15/21		39,036

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	30,000,000		PEFCO		2.050	%	11/15/22	$	29,042
	12,500,000		Sam Luis Hospital		3.700		08/30/44		12,867
	1,891,406		Totem Ocean Trailer Express, Inc		4.514		12/18/19		2,008
	9,000,000		Ukraine Government AID Bonds		1.844		05/16/19		9,011
	13,730,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		13,818
	3,000,000		US Department of Housing and Urban Development (HUD)		5.380		08/01/18		3,168
			TOTAL AGENCY SECURITIES						289,311

FOREIGN GOVERNMENT BONDS - 5.1%
	2,250,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		2,197
	3,800,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		3,591
	5,750,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,663
	1,210,000		Brazilian Government International Bond		5.875		01/15/19		1,343
	2,500,000		Brazilian Government International Bond		4.250		01/07/25		2,412
	825,000		Brazilian Government International Bond		7.125		01/20/37		932
	2,000,000		Brazilian Government International Bond		5.625		01/07/41		1,910
	1,735,000		Brazilian Government International Bond		5.000		01/27/45		1,501
	5,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		5,034
	4,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		02/12/22		3,899
	1,200,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		1,265
	25,275,000		Canada Government International Bond		0.875		02/14/17		25,363
	5,410,000		Colombia Government International Bond		4.375		07/12/21		5,659
	1,775,000		Colombia Government International Bond		2.625		03/15/23		1,626
COP	1,666,000,000		Colombia Government International Bond		4.375		03/21/23		578
$	4,450,000		Colombia Government International Bond		4.000		02/26/24		4,428
	1,500,000		Colombia Government International Bond		6.125		01/18/41		1,624
	1,975,000		Colombia Government International Bond		5.625		02/26/44		2,000
	3,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		3,412
	2,000,000	g	Croatia Government International Bond		6.250		04/27/17		2,117
	3,150,000	g	Croatia Government International Bond		6.375		03/24/21		3,398
	2,325,000	g	Croatia Government International Bond		5.500		04/04/23		2,390
DOP	63,500,000	g	Dominican Republic International Bond		10.000		01/05/17		1,441
$	6,500,000	g	Dominican Republic International Bond		5.500		01/27/25		6,516
	4,200,000	g	Ecuador Government International Bond		10.500		03/24/20		4,210
	3,275,000	g	Egypt Government International Bond		5.875		06/11/25		3,198
	2,800,000	g	El Salvador Government International Bond		7.650		06/15/35		2,814
	10,000,000		European Investment Bank		2.500		04/15/21		10,260
	3,500,000		European Investment Bank		4.875		02/15/36		4,273
	3,825,000		Export-Import Bank of Korea		1.250		11/20/15		3,828
	3,800,000		Export-Import Bank of Korea		2.250		01/21/20		3,760
	3,000,000		Federative Republic of Brazil		6.000		01/17/17		3,202
	2,550,000	g	Gabonese Republic		6.950		06/16/25		2,531
EUR	18,750,000	g	Hellenic Republic Government Bond		4.750		04/17/19		11,501
$	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		1,192
	40,200,000		Hydro Quebec		1.375		06/19/17		40,534
	1,000,000	g	Indonesia Government International Bond		4.125		01/15/25		981
	2,400,000	g	Indonesia Government International Bond		5.125		01/15/45		2,289
	5,310,000		Italy Government International Bond		6.875		09/27/23		6,584
	1,900,000	g,i	Ivory Coast Government International Bond		5.750		12/31/32		1,782
	1,880,000	g	Japan Finance Organization for Municipalities		2.125		03/06/19		1,904
	5,000,000	g	Kazakhstan Government International Bond		3.875		10/14/24		4,700
	4,325,000	g	Kenya Government International Bond		5.875		06/24/19		4,416

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	18,750,000		KFW		2.625	%	01/25/22	$	19,245
	4,500,000	g	Kommunalbanken AS.		1.375		06/08/17		4,543
	5,800,000	g,i	Kommunalbanken AS.		0.456		02/20/18		5,821
	7,700,000	g	Kommunalbanken AS.		1.625		01/15/20		7,652
	2,600,000	g	Kommunalbanken AS.		2.125		02/11/25		2,487
	5,000,000	g	Kommuninvest I Sverige AB		2.000		11/12/19		5,055
	2,400,000		Korea Development Bank		1.500		01/22/18		2,383
	2,600,000		Korea Development Bank		2.500		03/11/20		2,607
	6,000,000	g	Korea Housing Finance Corp		1.625		09/15/18		5,915
	5,000,000		Landwirtschaftliche Rentenbank		5.125		02/01/17		5,344
	6,682,000		Landwirtschaftliche Rentenbank		2.000		01/13/25		6,383
	3,000,000	g	Lithuania Government International Bond		6.625		02/01/22		3,570
MXN	50,000,000		Mexican Bonos		7.750		12/14/17		3,435
$	1,000,000		Mexico Government International Bond		5.625		01/15/17		1,066
	2,500,000		Mexico Government International Bond		3.600		01/30/25		2,465
	1,500,000		Mexico Government International Bond		4.750		03/08/44		1,433
	5,760,000		Mexico Government International Bond		4.600		01/23/46		5,342
	1,000,000	g	Morocco Government International Bond		5.500		12/11/42		1,012
	1,000,000	g	Municipality Finance plc		1.750		05/21/19		1,008
NGN	485,000,000		Nigeria Government Bond		15.100		04/27/17		2,441
$	43,950,000		North American Development Bank		2.400		10/26/22		42,593
	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		3,015
	3,500,000		Panama Government International Bond		3.750		03/16/25		3,447
	1,000,000		Peruvian Government International Bond		7.125		03/30/19		1,164
	1,250,000		Peruvian Government International Bond		6.550		03/14/37		1,556
	4,175,000		Philippine Government International Bond		4.200		01/21/24		4,551
	2,500,000		Philippine Government International Bond		5.000		01/13/37		2,894
	2,980,000		Philippine Government International Bond		3.950		01/20/40		3,010
	1,850,000		Poland Government International Bond		6.375		07/15/19		2,138
	6,167,000		Poland Government International Bond		5.125		04/21/21		6,842
	1,000,000		Poland Government International Bond		4.000		01/22/24		1,046
	25,000,000	g	Province of Alberta Canada		1.000		06/21/17		25,053
	21,000,000		Province of British Columbia Canada		1.200		04/25/17		21,164
	15,000,000		Province of British Columbia Canada		2.000		10/23/22		14,677
	20,750,000		Province of Manitoba Canada		1.750		05/30/19		20,925
	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,266
	20,000,000		Province of New Brunswick Canada		2.750		06/15/18		20,837
	12,000,000		Province of Nova Scotia Canada		2.375		07/21/15		12,011
	24,000,000		Province of Ontario Canada		2.300		05/10/16		24,364
	2,250,000		Province of Quebec Canada		5.125		11/14/16		2,384
	8,835,000		Province of Quebec Canada		4.625		05/14/18		9,657
	22,500,000		Province of Quebec Canada		3.500		07/29/20		24,095
	10,000,000		Province of Quebec Canada		2.750		08/25/21		10,222
	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,662
	5,170,000		Republic of Angola Via Northern Lights III BV		7.000		08/16/19		5,161
	5,175,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		5,272
	3,485,000	g	Republic of Paraguay		6.100		08/11/44		3,529
	2,350,000	g	Republic of Serbia		5.250		11/21/17		2,428
	1,304,515	i	Republic of Serbia		6.750		11/01/24		1,326
	1,225,000	g	Republic of Trinidad & Tobago		4.375		01/16/24		1,314
	4,500,000		Republic of Turkey		7.500		07/14/17		4,966
	1,650,000		Republic of Turkey		6.000		01/14/41		1,738

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,500,000	g	Republic of Zambia		5.375	%	09/20/22	$	1,296
	3,500,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		3,461
	3,985,000	g	Slovenia Government International Bond		5.500		10/26/22		4,419
	1,300,000	g	Socialist Republic of Vietnam		6.750		01/29/20		1,437
ZAR	121,524,000		South Africa Government Bond		8.250		09/15/17		10,194
$	1,002,000		South Africa Government International Bond		6.875		05/27/19		1,140
	3,500,000		South Africa Government International Bond		5.500		03/09/20		3,808
	5,625,000		South Africa Government International Bond		5.875		09/16/25		6,232
	2,375,000		South Africa Government International Bond		5.375		07/24/44		2,369
	2,400,000	g	Sri Lanka Government International Bond		6.000		01/14/19		2,451
	7,680,000		Svensk Exportkredit AB		5.125		03/01/17		8,227
	4,000,000		Svensk Exportkredit AB		1.125		04/05/18		3,991
	12,000,000		Turkey Government International Bond		6.750		04/03/18		13,233
	4,000,000		Turkey Government International Bond		3.250		03/23/23		3,720
	7,050,000		Turkey Government International Bond		5.750		03/22/24		7,632
	4,500,000		Turkey Government International Bond		4.250		04/14/26		4,289
	2,000,000		Turkey Government International Bond		6.875		03/17/36		2,320
	4,000,000		United Mexican States		5.950		03/19/19		4,486
	1,925,000		Uruguay Government International Bond		4.500		08/14/24		2,021
	3,750,000		Uruguay Government International Bond		5.100		06/18/50		3,572
	4,715,000	g	Vietnam Government International Bond		4.800		11/19/24		4,715
			TOTAL FOREIGN GOVERNMENT BONDS						691,070

MORTGAGE BACKED - 24.2%
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.000		02/15/26		5,139
	11,194,133	i	FHLMC		0.796		07/15/37		11,378
	26,445,000		FHLMC		4.000		12/15/38		28,228
	13,452,882	i	FHLMC		0.636		09/15/42		13,576
	103,270		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		106
	973,699		FGLMC		5.000		09/01/18		1,017
	524,080		FGLMC		5.500		01/01/19		550
	145,018		FGLMC		4.000		06/01/19		152
	534,932		FGLMC		4.500		01/01/20		557
	502,031		FGLMC		4.500		07/01/20		528
	337,495		FGLMC		4.500		08/01/20		354
	96,036		FGLMC		7.000		10/01/20		102
	4,560,483		FGLMC		4.500		06/01/21		4,780
	1,594,774		FGLMC		4.500		06/01/21		1,672
	595,896		FGLMC		5.000		04/01/23		645
	18,166		FGLMC		7.000		05/01/23		21
	220,440		FGLMC		6.000		10/01/23		249
	158,508		FGLMC		6.000		11/01/23		179
	2,267,078		FGLMC		4.000		07/01/24		2,396
	706,055		FGLMC		4.500		09/01/24		753
	49,000,000	h	FGLMC		3.500		07/15/30		51,581
	56,000,000	h	FGLMC		3.000		08/15/30		57,759
	38,818		FGLMC		8.000		01/01/31		45
	79,520		FGLMC		7.000		12/01/31		83
	5,962		FGLMC		7.000		01/01/32		6
	188,287		FGLMC		8.000		02/01/32		220
	1,299,175		FGLMC		4.500		07/01/33		1,408
	2,861,643		FGLMC		5.500		12/01/33		3,225
	1,599,722		FGLMC		5.500		12/01/33		1,809

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,902,845		FGLMC		7.000	%	12/01/33	$	9,345
	9,963,300		FGLMC		5.000		01/01/34		11,155
	3,759,197		FGLMC		4.500		10/01/34		4,073
	1,727,598		FGLMC		4.500		04/01/35		1,875
	2,778,899		FGLMC		7.000		05/01/35		3,308
	582,430		FGLMC		5.000		02/01/36		643
	12,280		FGLMC		6.500		05/01/36		14
	3,398,587		FGLMC		5.000		04/01/38		3,758
	2,766,999		FGLMC		5.000		07/01/39		3,049
	14,122,906		FGLMC		4.500		11/01/40		15,539
	15,917,993		FGLMC		4.500		12/01/40		17,485
	30,067,865		FGLMC		3.500		01/01/41		30,926
	14,141,346		FGLMC		3.500		04/01/44		14,632
	24,096,408		FGLMC		4.000		08/01/44		25,704
	17,293,579		FGLMC		4.000		09/01/44		18,471
	5,793,908		FGLMC		4.500		10/01/44		6,377
	3,214,180		FGLMC		4.500		11/01/44		3,537
	2,524,620		FGLMC		4.500		11/01/44		2,779
	1,300,910		FGLMC		4.500		12/01/44		1,411
	2,011,396		FGLMC		4.500		12/01/44		2,214
	69,334,699		FGLMC		4.000		02/01/45		73,381
	12,049,676		FGLMC		3.500		04/01/45		12,420
	31,000,000	h	FGLMC		3.000		07/15/45		30,741
	31,000,000	h	FGLMC		3.500		08/15/45		31,744
	36,000,000	h	FGLMC		4.000		08/15/45		37,934
	1,601		Federal National Mortgage Association (FNMA)		6.500		04/01/16		2
	36,502		FNMA		6.500		10/01/16		37
	43,631		FNMA		6.500		11/01/16		45
	140,566		FNMA		6.500		02/01/18		147
	1,117,094		FNMA		5.500		04/01/18		1,171
	205,947		FNMA		6.500		04/01/18		215
	912,199		FNMA		5.500		07/01/20		987
	289,560		FNMA		4.500		11/01/20		302
	768,596		FNMA		5.500		08/01/21		833
	578,259		FNMA		4.500		03/01/23		616
	44,213		FNMA		8.000		03/01/23		46
	1,104,723		FNMA		4.500		06/01/23		1,176
	1,742,763		FNMA		5.000		07/01/23		1,890
	1,114,670		FNMA		4.000		05/01/24		1,174
	120,495		FNMA		8.000		07/01/24		144
	967,280		FNMA		4.500		08/01/24		1,035
	4,745,119		FNMA		4.000		09/01/24		5,024
	24,066		FNMA		9.000		11/01/25		28
	32,000,000	h	FNMA		2.500		07/25/30		32,335
	33,000,000	g,h	FNMA		3.000		07/25/30		34,140
	14,000,000	h	FNMA		3.500		07/25/30		14,750
	115,000,000	h	FNMA		2.500		08/25/30		115,961
	75,000,000	h	FNMA		3.000		08/25/30		77,426
	1,490,359		FNMA		6.500		07/01/32		1,727
	168,525		FNMA		7.000		07/01/32		182
	128,656		FNMA		7.000		07/01/32		143
	581,841		FNMA		4.500		03/25/33		596
	10,649,783		FNMA		3.000		10/01/33		10,840

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,368,631		FNMA		4.500	%	10/01/33	$	1,490
	25,938,824		FNMA		5.000		10/01/33		28,843
	151,966		FNMA		5.000		11/01/33		170
	2,800,647		FNMA		5.000		11/01/33		3,149
	10,661,070		FNMA		5.500		03/01/34		12,024
	7,572,569		FNMA		3.500		03/25/34		7,721
	50,166,834		FNMA		3.000		01/01/35		51,013
	9,896,301		FNMA		5.500		02/01/35		11,159
	2,430,323		FNMA		4.500		05/01/35		2,648
	68,574		FNMA		7.500		06/01/35		74
	62,213		FNMA		6.500		03/01/37		74
	3,627,736		FNMA		5.500		08/01/37		4,089
	1,627,776		FNMA		6.000		09/01/37		1,883
	1,502,710		FNMA		6.000		09/01/37		1,739
	1,314,857		FNMA		6.500		09/01/37		1,509
	1,918,249		FNMA		5.500		01/01/38		2,159
	69,304		FNMA		6.500		02/01/38		80
	9,497,935		FNMA		5.500		11/01/38		10,915
	7,746,836		FNMA		5.500		12/01/38		8,833
	16,282,427		FNMA		4.000		02/01/39		17,271
	176,647		FNMA		4.500		04/01/39		191
	748,318		FNMA		4.000		07/01/39		798
	5,820,413		FNMA		5.500		08/01/39		6,614
	4,043,062		FNMA		4.500		10/01/39		4,376
	357,473		FNMA		4.500		02/01/40		390
	4,409,116		FNMA		4.500		06/01/40		4,774
	2,293,034		FNMA		5.000		08/01/40		2,537
	13,697,226		FNMA		5.000		09/01/40		15,141
	3,541,154		FNMA		4.500		10/01/40		3,837
	989,982		FNMA		6.000		10/01/40		1,127
	753,475		FNMA		4.500		11/01/40		823
	11,123,942		FNMA		4.500		11/01/40		12,018
	5,279,185		FNMA		4.500		11/01/40		5,716
	1,489,522		FNMA		4.500		01/01/41		1,636
	1,166,701		FNMA		4.500		02/01/41		1,275
	17,623,867		FNMA		5.000		05/01/41		19,517
	1,319,215		FNMA		4.500		06/01/41		1,441
	1,212,866		FNMA		4.500		06/01/41		1,332
	1,071,467		FNMA		5.000		06/01/41		1,190
	1,463,384		FNMA		5.000		08/01/41		1,618
	573,083		FNMA		4.500		09/01/41		621
	1,712,277		FNMA		4.500		12/01/41		1,871
	32,980,013		FNMA		5.500		12/01/41		37,719
	1,335,193		FNMA		4.500		01/01/42		1,458
	10,000,000		FNMA		4.000		01/25/42		10,678
	7,594,758		FNMA		3.500		02/01/42		7,838
	1,519,258		FNMA		4.500		03/01/42		1,669
	12,713,003		FNMA		4.500		04/01/42		13,765
	1,105,266		FNMA		4.500		04/01/42		1,196
	1,367,359		FNMA		4.500		04/01/42		1,494
	1,597,168		FNMA		4.500		06/01/42		1,746
	1,244,417		FNMA		4.500		07/01/42		1,367
	15,796,221	i	FNMA		0.687		08/25/42		16,027

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	22,931,008		FNMA		3.000	%	10/01/42	$	22,915
	253,010		FNMA		3.000		10/01/42		253
	255,493		FNMA		3.000		10/01/42		255
	654,581		FNMA		3.000		11/01/42		654
	14,497,798	i	FNMA		0.587		11/25/42		14,511
	34,353,565		FNMA		3.500		11/25/42		7,799
	877,125		FNMA		3.000		12/01/42		876
	317,246		FNMA		3.000		12/01/42		316
	11,671,576		FNMA		3.000		01/01/43		11,647
	25,917,299		FNMA		3.000		01/01/43		25,895
	5,885,804		FNMA		3.000		02/01/43		5,882
	15,549,499		FNMA		3.000		02/01/43		15,536
	1,658,695		FNMA		3.000		02/01/43		1,657
	156,162		FNMA		3.000		02/01/43		156
	725,062		FNMA		3.000		02/01/43		724
	33,107,991		FNMA		3.000		02/01/43		33,080
	861,730		FNMA		3.000		02/01/43		861
	6,379,067		FNMA		3.500		02/01/43		6,603
	1,171,744		FNMA		3.000		03/01/43		1,170
	3,714,026		FNMA		3.000		03/01/43		3,708
	1,126,699		FNMA		3.000		03/01/43		1,125
	4,530,541		FNMA		3.000		03/01/43		4,525
	156,056		FNMA		3.000		03/01/43		156
	4,084,276		FNMA		3.000		03/01/43		4,080
	285,802		FNMA		3.000		03/01/43		285
	794,999		FNMA		3.000		03/01/43		792
	3,574,453		FNMA		3.000		03/01/43		3,570
	895,101		FNMA		3.000		03/01/43		894
	2,320,811		FNMA		3.000		03/01/43		2,317
	9,629,653	i	FNMA		0.537		03/25/43		9,672
	179,448		FNMA		3.000		04/01/43		179
	247,846		FNMA		3.000		04/01/43		247
	16,711		FNMA		3.000		04/01/43		17
	1,333,616		FNMA		3.000		04/01/43		1,332
	2,090,749		FNMA		3.000		04/01/43		2,088
	982,662		FNMA		3.000		04/01/43		981
	1,353,326		FNMA		3.000		04/01/43		1,351
	64,965		FNMA		3.000		04/01/43		65
	752,919		FNMA		3.000		04/01/43		752
	1,555,410		FNMA		3.000		04/01/43		1,553
	1,845,869		FNMA		3.000		05/01/43		1,843
	5,940,680		FNMA		3.000		05/01/43		5,932
	1,033,327		FNMA		3.500		05/01/43		1,070
	1,708,739		FNMA		3.500		05/01/43		1,769
	1,743,096		FNMA		3.500		06/01/43		1,804
	4,545,127		FNMA		3.500		06/01/43		4,705
	2,159,750		FNMA		3.500		06/01/43		2,236
	840,520		FNMA		3.500		06/01/43		870
	2,187,972		FNMA		3.500		06/01/43		2,265
	936,923		FNMA		3.500		06/01/43		965
	5,886,707		FNMA		3.500		07/01/43		6,093
	2,891,011		FNMA		3.500		07/01/43		2,992
	21,810,693		FNMA		4.000		11/01/43		23,340

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,648,746		FNMA		4.000	%	04/01/44	$	11,354
	6,252,794		FNMA		4.000		06/01/44		6,666
	3,433,284		FNMA		4.000		06/01/44		3,660
	10,290,997		FNMA		4.500		06/01/44		11,326
	3,398,379		FNMA		4.000		07/01/44		3,623
	1,820,427		FNMA		4.000		07/01/44		1,941
	14,882,958		FNMA		4.000		08/01/44		15,865
	2,335,657		FNMA		4.000		08/01/44		2,490
	6,146,187		FNMA		4.000		08/01/44		6,552
	6,376,049		FNMA		4.000		08/01/44		6,795
	1,182,196		FNMA		4.000		09/01/44		1,260
	1,622,968		FNMA		4.000		09/01/44		1,730
	1,111,703		FNMA		3.500		10/01/44		1,151
	822,469		FNMA		3.500		10/01/44		851
	7,714,828		FNMA		4.000		10/01/44		8,224
	9,972,111		FNMA		4.500		10/01/44		10,977
	19,167,907		FNMA		4.500		11/01/44		21,099
	6,900,598		FNMA		4.000		12/01/44		7,370
	5,565,568		FNMA		4.000		12/01/44		5,944
	5,315,472		FNMA		4.500		12/01/44		5,851
	5,638,669		FNMA		4.000		01/01/45		6,011
	57,414,548		FNMA		4.000		01/01/45		61,462
	1,270,543		FNMA		3.500		03/01/45		1,314
	705,588		FNMA		3.500		03/01/45		727
	2,556,061		FNMA		4.500		03/01/45		2,814
	2,758,521		FNMA		4.000		05/01/45		2,941
	6,131,795		FNMA		4.000		06/01/45		6,538
	31,000,000	h	FNMA		3.000		07/25/45		30,811
	15,000,000	h	FNMA		3.500		07/25/45		15,429
	27,000,000	h	FNMA		4.000		07/25/45		28,569
	101,000,000	h	FNMA		3.000		08/25/45		100,124
	208,000,000	h	FNMA		3.500		08/25/45		213,391
	116,000,000	h	FNMA		4.000		08/25/45		122,468
	159,000,000	h	FNMA		4.500		08/25/45		171,521
	90,000,000	h	FNMA		5.000		08/25/45		99,311
	175,000,000	h	FNMA		3.500		09/25/45		179,033
	27,000,000	h	FNMA		4.000		09/25/45		28,432
	356		Government National Mortgage Association (GNMA)		9.000		06/15/16		0	^
	702		GNMA		9.000		09/15/16		1
	1,182		GNMA		9.000		09/15/16		1
	3,724		GNMA		9.000		11/15/16		4
	2,604		GNMA		9.000		12/15/16		3
	1,081		GNMA		9.000		12/15/16		1
	9,764		GNMA		9.500		12/15/16		10
	11,658		GNMA		8.000		06/15/24		13
	28,805		GNMA		8.500		11/20/30		35
	47,614		GNMA		8.500		12/20/30		58
	882,506		GNMA		5.500		07/15/33		1,018
	541,412		GNMA		5.500		11/20/33		617
	1,884,256		GNMA		5.500		03/20/35		2,149
	962,986		GNMA		5.500		12/20/35		1,098
	544,188		GNMA		6.000		10/20/36		625
	565,312		GNMA		6.000		01/20/37		649

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,651,078		GNMA		6.000	%	02/20/37	$	1,895
	1,236,039		GNMA		5.000		04/15/38		1,371
	1,222,999		GNMA		5.500		07/15/38		1,381
	1,940,562		GNMA		5.500		07/20/38		2,185
	667,050		GNMA		6.000		08/20/38		758
	1,156,820		GNMA		6.500		11/20/38		1,347
	1,333,748		GNMA		2.176		05/16/39		1,337
	2,406,981		GNMA		5.000		06/15/39		2,721
	3,324,295		GNMA		5.000		06/15/39		3,759
	1,748,166		GNMA		5.000		07/20/39		1,947
	11,664,639		GNMA		4.500		09/20/39		12,955
	45,476,382		GNMA		3.500		10/20/42		9,952
	9,773,114		GNMA		3.500		07/15/43		10,172
	3,132,367		GNMA		3.500		02/15/45		3,261
	55,000,000	h	GNMA		3.000		07/20/45		55,418
	31,000,000	h	GNMA		3.500		07/20/45		32,113
	62,000,000	h	GNMA		3.000		08/20/45		62,314
	235,000,000	h	GNMA		3.500		08/20/45		242,803
	63,000,000	h	GNMA		4.000		08/20/45		66,593
	71,000,000	h	GNMA		4.000		09/20/45		74,917
			TOTAL MORTGAGE BACKED						3,252,117

MUNICIPAL BONDS - 4.0%
	9,685,000		Arizona School Facilities Board		0.945		09/01/16		9,722
	3,740,000		Arizona School Facilities Board		0.945		09/01/16		3,749
	3,270,000		California Earthquake Authority		1.194		07/01/16		3,272
	3,600,000		California Earthquake Authority		1.824		07/01/17		3,616
	1,020,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		1,023
	15,000,000		City of New York NY		2.450		04/01/19		15,269
	10,000,000		City of New York NY		2.650		04/01/20		10,158
	12,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		12,058
	3,500,000		Maine Municipal Bond Bank		1.708		06/01/16		3,531
	8,800,000		New York State Urban Development Corp		1.350		03/15/18		8,780
	2,000,000		Permanent University Fund		1.439		07/01/17		2,004
	2,625,000		Permanent University Fund		1.730		07/01/18		2,637
	4,720,000		Permanent University Fund		1.880		07/01/19		4,679
	2,320,000		Permanent University Fund		2.258		07/01/20		2,309
	2,160,000		Permanent University Fund		2.408		07/01/21		2,154
	2,750,000		Permanent University Fund		2.508		07/01/22		2,740
	2,855,000		Permanent University Fund		2.608		07/01/23		2,838
	3,250,000		Permanent University Fund		2.708		07/01/24		3,201
	2,335,000		Permanent University Fund		2.808		07/01/25		2,295
	3,775,000		Permanent University Fund		2.908		07/01/26		3,720
	4,000,000		Permanent University Fund		3.008		07/01/27		3,902
	18,535,000		Permanent University Fund		3.575		07/01/32		17,184
	2,000,000		Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		1,990
	1,700,000		Port of Corpus Christi Authority of Nueces County		3.287		12/01/23		1,690
	1,500,000		Port of Corpus Christi Authority of Nueces County		3.387		12/01/24		1,501
	1,000,000		Port of Corpus Christi Authority of Nueces County		3.487		12/01/25		1,002
	15,625,000		State of California		1.050		02/01/16		15,671
	11,370,000		State of California		5.950		04/01/16		11,817
	2,915,000		State of Georgia		1.750		07/01/19		2,912
	3,060,000		State of Georgia		2.000		07/01/20		3,054

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	3,215,000	State of Georgia		2.150	%	07/01/21	$	3,193
	3,905,000	State of Georgia		2.750		07/01/25		3,806
	4,100,000	State of Georgia		2.850		07/01/26		3,977
	4,305,000	State of Georgia		2.950		07/01/27		4,163
	4,520,000	State of Georgia		3.050		07/01/28		4,360
	3,245,000	State of Georgia		3.150		07/01/29		3,075
	12,500,000	State of Illinois		0.750		06/15/16		12,486
	19,760,000	State of Illinois		4.833		02/01/17		20,427
	12,500,000	State of Illinois		1.750		06/15/17		12,594
	8,000,000	State of Illinois		4.350		06/01/18		8,218
	7,500,000	State of Illinois		2.000		06/15/18		7,566
	7,500,000	State of Illinois		2.000		06/15/19		7,424
	7,160,000	State of Illinois		5.463		02/01/20		7,582
	12,500,000	State of Illinois		1.930		06/15/20		12,110
	12,500,000	State of Illinois		2.250		06/15/21		12,086
	10,000,000	State of Illinois		4.310		04/01/23		9,499
	11,535,000	State of Illinois		4.610		04/01/25		10,891
	9,350,000	State of Illinois		4.760		04/01/26		8,746
	12,500,000	State of Illinois		3.150		06/15/26		11,835
	13,880,000	State of Illinois		4.910		04/01/27		12,956
	12,500,000	State of Illinois		3.250		06/15/27		11,723
	8,115,000	State of Illinois		5.010		04/01/28		7,443
	20,870,000	State of Michigan		3.500		05/15/30		19,925
	21,640,000	State of Michigan		3.600		05/15/31		20,768
	22,455,000	State of Michigan		3.700		05/15/32		21,651
	13,515,000	University of California		1.296		05/15/18		13,469
	55,000,000	University of California		1.796		07/01/19		54,312
	11,735,000	University of California		1.995		05/15/20		11,592
	4,500,000	University of California		2.300		05/15/21		4,450
	6,000,000	University of California		2.570		05/15/22		5,895
	14,800,000	University of California		3.931		05/15/45		14,136
	20,000,000	University of New Mexico		3.532		06/20/32		19,635
		TOTAL MUNICIPAL BONDS						542,471

U.S. TREASURY SECURITIES - 9.1%
	22,000,000	United States Treasury Bond		6.375		08/15/27		30,955
	15,185,000	United States Treasury Bond		5.250		11/15/28		19,757
	49,175,000	United States Treasury Bond		5.250		02/15/29		64,047
	100,686,000	United States Treasury Bond		5.375		02/15/31		135,076
	45,602,000	United States Treasury Bond		4.500		02/15/36		57,134
	4,500,000	United States Treasury Bond		4.750		02/15/37		5,810
	16,000,000	United States Treasury Bond		3.500		02/15/39		17,172
	19,135,000	United States Treasury Bond		4.375		05/15/41		23,549
	16,434,000	United States Treasury Bond		3.750		08/15/41		18,373
	56,375,000	United States Treasury Bond		3.625		08/15/43		61,735
	21,735,000	United States Treasury Bond		2.500		02/15/45		19,039
	42,000,000	United States Treasury Bond		3.000		05/15/45		40,963
	15,952,000	United States Treasury Note		1.750		07/31/15		15,972
	18,485,000	United States Treasury Note		1.250		10/31/15		18,553
	17,747,000	United States Treasury Note		0.375		11/15/15		17,765
	5,900,000	United States Treasury Note		0.250		12/31/15		5,902
	3,300,000	United States Treasury Note		0.375		03/15/16		3,303
	23,000,000	United States Treasury Note		0.375		03/31/16		23,020

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,800,000		United States Treasury Note		2.375	%	03/31/16	$	9,955
	44,410,000		United States Treasury Note		0.375		04/30/16		44,434
	6,000,000		United States Treasury Note		0.500		07/31/16		6,008
	10,000,000		United States Treasury Note		3.125		10/31/16		10,353
	4,675,000		United States Treasury Note		0.750		01/15/17		4,690
	3,900,000		United States Treasury Note		0.625		02/15/17		3,904
	25,000,000		United States Treasury Note		0.500		04/30/17		24,949
	40,000,000		United States Treasury Note		0.625		05/31/17		39,978
	17,545,000		United States Treasury Note		1.125		06/15/18		17,601
	12,100,000		United States Treasury Note		2.250		07/31/18		12,535
	9,966,900		United States Treasury Note		1.375		09/30/18		10,043
	10,365,000		United States Treasury Note		1.750		10/31/18		10,570
	5,625,000		United States Treasury Note		1.375		02/28/19		5,641
	5,550,000		United States Treasury Note		1.000		06/30/19		5,466
	3,870,000		United States Treasury Note		1.250		10/31/19		3,832
	26,797,000		United States Treasury Note		1.500		05/31/20		26,623
	20,500,000		United States Treasury Note		1.625		06/30/20		20,479
	825,000		United States Treasury Note		2.125		01/31/21		838
	27,720,000		United States Treasury Note		2.000		02/28/21		27,954
	3,240,000		United States Treasury Note		2.250		04/30/21		3,306
	16,465,000		United States Treasury Note		2.000		05/31/21		16,558
	1,730,000		United States Treasury Note		2.125		06/30/21		1,750
	11,825,000		United States Treasury Note		2.000		08/31/21		11,853
	133,872,000		United States Treasury Note		8.000		11/15/21		182,568
	90,000,000		United States Treasury Note		1.750		02/28/22		88,341
	1,710,000		United States Treasury Note		1.750		03/31/22		1,677
	8,000,000		United States Treasury Note		1.750		04/30/22		7,842
	28,000,000		United States Treasury Note		1.875		05/31/22		27,661
	18,875,000		United States Treasury Note		2.125		05/15/25		18,502
			TOTAL U.S. TREASURY SECURITIES						1,224,036

			TOTAL GOVERNMENT BONDS						5,999,005
			(Cost $5,954,904)

STRUCTURED ASSETS - 15.7%

ASSET BACKED - 9.1%
	1,080,514	i	ACE Securities Corp Home Equity Loan Trust		0.922		08/25/35		1,066
			Series - 2005 HE5 (Class M2)
	13,000,000		AEP Texas Central Transition Funding LLC		1.976		06/01/21		13,064
			Series - 2012 1 (Class A2)
	2,500,000	g	AESOP Funding II		3.270		02/20/18		2,572
			Series - 2011 5A (Class A)
	10,915,426		Ally Auto Receivables Trust		0.480		02/15/17		10,910
			Series - 2014 1 (Class A2)
	5,000,000	g	Ally Auto Receivables Trust		1.760		02/15/17		5,008
			Series - 2012 2 (Class B)
	22,521,439		Ally Auto Receivables Trust		0.710		03/20/17		22,521
			Series - 2014 SN2 (Class A2A)
	11,000,000	g	Ally Auto Receivables Trust		2.260		07/16/18		11,020
			Series - 2012 2 (Class C)
	7,503,000		Ally Master Owner Trust		1.720		07/15/19		7,553
			Series - 2012 4 (Class A)

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,710,000		Ally Master Owner Trust		1.540	%	09/15/19	$	8,732
			Series - 2012 5 (Class A)
	20,000,000		Ally Master Owner Trust		1.630		05/15/20		19,982
			Series - 2015 3 (Class A)
	10,070,564		AmeriCredit Automobile Receivables Trust		1.590		07/10/17		10,084
			Series - 2012 3 (Class B)
	7,560,220		AmeriCredit Automobile Receivables Trust		3.440		10/08/17		7,618
			Series - 2011 5 (Class C)
	5,000,000		AmeriCredit Automobile Receivables Trust		5.050		12/08/17		5,137
			Series - 2011 5 (Class D)
	10,350,000		AmeriCredit Automobile Receivables Trust		3.380		04/09/18		10,545
			Series - 2012 2 (Class D)
	13,750,000		AmeriCredit Automobile Receivables Trust		2.420		05/08/18		13,856
			Series - 2012 3 (Class C)
	10,373,000		AmeriCredit Automobile Receivables Trust		1.690		11/08/18		10,428
			Series - 2012 5 (Class C)
	17,823,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		17,849
			Series - 2013 1 (Class C)
	19,850,000		AmeriCredit Automobile Receivables Trust		1.790		03/08/19		19,877
			Series - 2013 2 (Class C)
	1,000,000		AmeriCredit Automobile Receivables Trust		1.270		07/08/19		1,002
			Series - 2014 4 (Class A3)
	6,675,000		AmeriCredit Automobile Receivables Trust		2.720		09/09/19		6,818
			Series - 2013 4 (Class C)
	15,037,000	g	AmeriCredit Automobile Receivables Trust		4.460		11/08/19		15,469
			Series - 2012 3 (Class E)
	74,236	g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	4,965,278	i	Asset-Backed Pass-Through Certificates		1.036		01/25/35		4,727
			Series - 2004 R12 (Class M1)
	333,333	g	Avis Budget Rental Car Funding AESOP LLC		2.054		08/20/16		334
			Series - 2012 1A (Class A)
	233,333	g	Avis Budget Rental Car Funding AESOP LLC		3.241		08/20/16		234
			Series - 2012 1A (Class B)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.410		11/20/17		2,054
			Series - 2011 3A (Class A)
	5,500,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		5,690
			Series - 2011 3A (Class B)
	9,400,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		9,527
			Series - 2011 5A (Class C)
	11,125,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		11,567
			Series - 2011 5A (Class B)
	8,325,000	g	Avis Budget Rental Car Funding AESOP LLC		2.802		05/20/18		8,520
			Series - 2012 2A (Class A)
	4,890,000	g	Avis Budget Rental Car Funding AESOP LLC		3.887		05/20/18		5,051
			Series - 2012 2A (Class B)
	1,096,941	i	Bear Stearns Asset Backed Securities Trust		0.927		11/25/39		1,090
			Series - 2005 SD3 (Class 2A1)
	7,450,000	g	Cabela’s Master Credit Card Trust		2.290		09/17/18		7,477
			Series - 2010 2A (Class A1)
	4,000,000		California Republic Auto Receivables Trust		0.880		12/15/17		3,999
			Series - 2015 1 (Class A2)

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	20,000,000		California Republic Auto Receivables Trust		0.880	%	02/15/18	$	20,003
			Series - 2015 2 (Class A2)
	2,900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		2,900
			Series - 2013 1 (Class B)
	15,000,000		Capital Auto Receivables Asset Trust		1.390		09/20/18		14,998
			Series - 2015 2 (Class A2)
	14,831,000		Capital Auto Receivables Asset Trust		1.740		10/22/18		14,870
			Series - 2013 1 (Class C)
	11,525,000		Capital Auto Receivables Asset Trust		2.190		09/20/21		11,605
			Series - 0 1 (Class D)
	8,000,000	g	Capital Automotive REIT		3.660		10/15/44		7,964
			Series - 2014 1A (Class A)
	1,358,492		CarMax Auto Owner Trust		0.520		11/15/16		1,358
			Series - 2013 4 (Class A2)
	6,000,000		CarMax Auto Owner Trust		0.800		07/16/18		6,000
			Series - 2013 4 (Class A3)
	9,095,418	i,m	CCR, Inc		0.630		07/10/17		8,950
			Series - 2010 CX (Class C)
	922,725	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		819
			Series - 2004 2 (Class 1M2)
	1,301,027	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		1,297
			Series - 2002 1 (Class AF6)
	11,000,955	i	Connecticut Avenue Securities		1.687		02/25/25		11,015
			Series - 2015 C01 (Class 1M1)
	73,037	i	Countrywide Asset-Backed Certificates		1.007		05/25/36		73
			Series - 2004 AB2 (Class A3)
	7,980,000	g	DB Master Finance LLC		3.262		02/20/45		8,005
			Series - 2015 1A (Class A2I)
	6,982,500	g	DB Master Finance LLC		3.980		02/20/45		6,948
			Series - 2015 1A (Class A2II)
	5,525,000	g,i	DB/UBS Mortgage Trust		5.735		11/10/46		6,133
			Series - 2011 LC1A (Class C)
	136,912,794	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		141,243
			Series - 2012 1A (Class A2)
	25,000,000	g	Drive Auto Receivables Trust		1.010		11/15/17		25,011
			Series - 2015 AA (Class A2)
	2,524,033	g	Enterprise Fleet Financing LLC		0.680		09/20/18		2,524
			Series - 2013 1 (Class A2)
	5,250,000		Ford Credit Auto Owner Trust		1.150		07/15/18		5,248
			Series - 2013 A (Class B)
	5,595,000		Ford Credit Auto Owner Trust		2.430		01/15/19		5,679
			Series - 2012 C (Class D)
	3,861,000		Ford Credit Floorplan Master		0.850		01/15/18		3,864
			Series - 0 1 (Class A1)
	16,190,000		Ford Credit Floorplan Master		1.880		09/15/18		16,310
			Series - 2013 5 (Class B)
	1,960,000		Ford Credit Floorplan Master Owner Trust		1.120		01/15/18		1,963
			Series - 2013 1 (Class B)
	67,134,000	g	Hertz Vehicle Financing LLC		3.740		02/25/17		67,957
			Series - 2010 1A (Class A2)
	31,520,000	g	Hertz Vehicle Financing LLC		5.700		02/25/17		32,152
			Series - 2010 1A (Class B2)

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	15,000,000	g	Hertz Vehicle Financing LLC		1.860	%	08/25/17	$	15,000
			Series - 2013 1A (Class B1)
	1,180,000		Hyundai Auto Receivables Trust		2.010		06/15/21		1,172
			Series - 2015 B (Class B)
	2,324,867	i	Irwin Home Equity Corp		0.947		02/25/34		2,251
			Series - 2005 A (Class A3)
	15,689,248	g	JG Wentworth XXII LLC		3.820		12/15/48		16,476
			Series - 2010 3A (Class A)
	3,362,836	i	Lehman XS Trust		0.437		02/25/36		3,197
			Series - 2006 1 (Class 1A1)
	13,284,152	i	Lehman XS Trust		6.500		06/25/46		10,391
			Series - 2006 13 (Class 2A1)
	3,208,622		Louisiana Public Facilities Authority		5.750		02/01/19		3,312
			Series - 2008 ELL (Class A2)
	10,500,000		Nissan Auto Lease Trust		0.740		10/15/18		10,504
			Series - 2013 A (Class A4)
	1,434,075	g	NYCTL Trust		1.030		11/10/27		1,433
			Series - 2014 A (Class A)
	942,166	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.132		09/25/34		944
			Series - 2004 WHQ1 (Class M1)
	22,494	i	Renaissance Home Equity Loan Trust		1.065		08/25/33		21
			Series - 2003 2 (Class A)
	127,556	i	Residential Asset Securities Corp		6.489		10/25/30		129
			Series - 2001 KS2 (Class AI6)
	396,009	i	Residential Asset Securities Corp		0.832		04/25/35		396
			Series - 2005 KS3 (Class M3)
	655,732		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		656
			Series - 2006 HI5 (Class A3)
	1,442,019	i	Residential Funding Mortgage Securities II, Inc		5.950		08/25/34		1,491
			Series - 2005 HI1 (Class A5)
	408,195	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		408
			Series - 2006 HI1 (Class M1)
	350,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		361
			Series - 2006 HI1 (Class M2)
	11,616,110		Santander Drive Auto Receivables Trust		0.720		04/16/18		11,596
			Series - 2014 5 (Class A2A)
	12,770,000		Santander Drive Auto Receivables Trust		3.500		06/15/18		13,115
			Series - 2012 4 (Class D)
	18,990,000		Santander Drive Auto Receivables Trust		2.700		08/15/18		19,204
			Series - 2012 5 (Class C)
	8,384,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		8,408
			Series - 2013 1 (Class C)
	5,830,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		5,809
			Series - 2013 2013-1 (Class D)
	52,250,000		Santander Drive Auto Receivables Trust		1.620		02/15/19		52,494
			Series - 2014 2 (Class B)
	79,872,000		Santander Drive Auto Receivables Trust		2.250		06/17/19		80,831
			Series - 2013 5 (Class C)
	28,690,000	g	Santander Drive Auto Receivables Trust		1.890		10/15/19		28,876
			Series - 2013 A (Class B)
	20,615,000	g	Santander Drive Auto Receivables Trust		3.120		10/15/19		21,042
			Series - 2013 A (Class C)

350

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,325,000		Santander Drive Auto Receivables Trust		2.910	%	04/15/20	$	5,385
			Series - 2014 1 (Class D)
	14,172,000		Santander Drive Auto Receivables Trust		2.130		08/17/20		14,290
			Series - 2014 3 (Class C)
	1,040,180	i	Securitized Asset Backed Receivables LLC		0.487		10/25/35		1,029
			Series - 2006 OP1 (Class A2C)
	360,740	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		358
			Series - 2013 1A (Class A)
	9,347,976	g	Sierra Receivables Funding Co LLC		2.700		10/20/30		9,400
			Series - 2013 3A (Class B)
	10,180,624	g	Sierra Receivables Funding Co LLC		2.050		06/20/31		10,250
			Series - 2014 2A (Class A)
	4,192,022	g	Sierra Receivables Funding Co LLC		2.400		06/20/31		4,182
			Series - 2014 2A (Class B)
	13,121,553	g	Sierra Receivables Funding Co LLC		2.400		03/22/32		13,124
			Series - 2015 1A (Class A)
	41,823,000	g	SLM Student Loan Trust		3.740		02/15/29		43,904
			Series - 2011 B (Class A2)
	4,602,974	g	SolarCity LMC		4.590		04/20/44		4,789
			Series - 2014 1 (Class A)
	941,894	i	Soundview Home Equity Loan Trust		0.487		11/25/35		937
			Series - 2005 OPT3 (Class A4)
	45,476,250	g	SpringCastle America Funding LLC		2.700		05/25/23		45,754
			Series - 2014 AA (Class A)
	4,658,622	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.407		10/25/36		4,622
			Series - 2006 GEL4 (Class A2)
	6,545,818	g	Volvo Financial Equipment LLC		0.540		11/15/16		6,544
			Series - 2014 1A (Class A2)
	5,824,059	g	Volvo Financial Equipment LLC		0.740		03/15/17		5,824
			Series - 2013 1A (Class A3)
	1,890,000	g	Vornado DP LLC		5.280		09/13/28		2,100
			Series - 2010 VNO (Class C)
	721,901	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		735
			Series - 2006 N1 (Class N1)
	1,258,169	g,i	Wachovia Loan Trust		0.547		05/25/35		1,221
			Series - 2005 SD1 (Class A)
	506,776	i	Wells Fargo Home Equity Trust		0.327		07/25/36		505
			Series - 2006 2 (Class A3)
	41,000,000	g	Wendys Funding LLC		3.371		06/15/45		40,900
			Series - 2015 1A (Class A2I)
	2,500,000		World Financial Network Credit Card Master Trust		1.760		05/17/21		2,523
			Series - 2012 B (Class A)
			TOTAL ASSET BACKED						1,234,163

OTHER MORTGAGE BACKED - 6.6%
	2,500,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		2,513
			Series - 2006 6 (Class B)
	10,500,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		10,944
			Series - 2007 1 (Class AM)
	14,549,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		15,169
			Series - 2007 1 (Class AMFX)
	18,825,000	i	Bear Stearns Commercial Mortgage Securities		6.118		09/11/42		20,126
			Series - 2007 T28 (Class AJ)

351

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,500,000	i	Bear Stearns Commercial Mortgage Securities		5.878	%	06/11/50	$	4,615
			Series - 2007 PW17 (Class AJ)
	8,000,000	g	CGBAM Commercial Mortgage Trust		3.516		04/10/28		8,094
			Series - 2015 SMRT (Class C)
	9,000,000	g,i	CGBAM Commercial Mortgage Trust		3.768		04/10/28		9,103
			Series - 2015 SMRT (Class D)
	12,098,623	i	CHL Mortgage Pass-Through Trust		2.494		02/20/35		11,945
			Series - 2004 HYB9 (Class 1A1)
	1,500,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		1,542
			Series - 2006 C4 (Class AJ)
	1,049,712	i	Citigroup Commercial Mortgage Trust		5.713		12/10/49		1,076
			Series - 2007 C6 (Class ASB)
	2,500,000	i	Citigroup Commercial Mortgage Trust		5.899		12/10/49		2,647
			Series - 2007 C6 (Class AM)
	15,000,000	g,i	Citigroup Commercial Mortgage Trust		5.900		12/10/49		15,833
			Series - 2007 C6 (Class AMFX)
	32,585,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		34,817
			Series - 2007 C3 (Class AM)
	6,626,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		6,815
			Series - 2007 C3 (Class AJ)
	15,000,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		15,953
			Series - 2007 C2 (Class AMFX)
	950,435		COMM Mortgage Trust		1.399		02/10/48		949
			Series - 2015 LC19 (Class A1)
	11,055,000	i	COMM Mortgage Trust		5.796		12/10/49		11,553
			Series - 2007 C9 (Class B)
	10,550,000	i	Commercial Mortgage Trust		5.238		04/10/37		10,621
			Series - 2005 GG5 (Class AJ)
	1,582,780		Countrywide Alternative Loan Trust		5.500		08/25/16		1,611
			Series - 2004 30CB (Class 1A15)
	12,133,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		12,586
			Series - 2007 C4 (Class A1AJ)
	4,275,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		4,486
			Series - 2006 C5 (Class AM)
	11,235,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		11,628
			Series - 2009 RR1 (Class A3C)
	22,500,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		22,763
			Series - 2007 C2 (Class AJ)
	990,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		994
			Series - 2005 C5 (Class C)
	2,000,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		2,008
			Series - 2005 C5 (Class B)
	3,920,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.230		12/15/40		3,956
			Series - 2005 C6 (Class B)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		12,900
			Series - 2006 OMA (Class D)
	2,750,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		2,868
			Series - 2006 C4 (Class AM)
	1,215,507		CSAIL Commercial Mortgage Trust		1.684		04/15/50		1,219
			Series - 2015 C1 (Class A1)
	5,000,000	g	Four Times Square Trust Commercial Mortgage Pass-Through Certificates		5.401		12/13/28		5,604
			Series - 2006 4TS (Class A)

352

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,964,000	g,i	FREMF 2015-K46 Mortgage Trust		3.696	%	04/25/48	$	8,516
			Series - 2015 K46 (Class B)
	4,830,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		5,039
			Series - 2007 C1 (Class AM)
	14,500,000	i	GS Mortgage Securities Corp II		5.622		04/10/38		14,742
			Series - 2006 GG6 (Class AM)
	5,910,000	g,i	GS Mortgage Securities Corp II		5.396		12/10/43		6,570
			Series - 2010 C2 (Class B)
	16,099,752	g	GS Mortgage Securities Trust		2.059		04/10/31		15,996
			Series - 2013 G1 (Class A1)
	12,004,000	i	GS Mortgage Securities Trust		5.553		04/10/38		12,123
			Series - 2006 GG6 (Class B)
	11,480,250	i	GS Mortgage Securities Trust		5.739		04/10/38		11,498
			Series - 2006 GG6 (Class C)
	3,892,269	i	Harborview Mortgage Loan Trust		0.408		07/19/47		3,310
			Series - 2007 4 (Class 2A1)
	1,587,867	i	Impac CMB Trust		0.847		03/25/35		1,479
			Series - 2004 11 (Class 2A1)
	7,965,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		7,985
			Series - 2005 LDP2 (Class C)
	12,100,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.565		04/15/43		12,322
			Series - 2006 LDP6 (Class AJ)
	8,145,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.360		02/15/46		8,868
			Series - 2011 C3 (Class C)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.459		07/15/46		7,061
			Series - 2011 C4 (Class C)
	25,853,166		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		26,743
			Series - 2006 LDP9 (Class A1A)
	5,308,000	i	LB-UBS Commercial Mortgage Trust		5.482		09/15/39		5,280
			Series - 2006 C6 (Class C)
	6,000,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		6,216
			Series - 2007 C1 (Class AJ)
	1,400,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		1,422
			Series - 2007 C1 (Class C)
	4,150,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		4,099
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		802
			Series - 2007 C6 (Class AM)
	3,675,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		3,685
			Series - 2005 C5 (Class AJ)
	12,000,000	i	Merrill Lynch Mortgage Trust		5.460		11/12/37		12,057
			Series - 2005 CKI1 (Class B)
	2,205,000	i	Merrill Lynch Mortgage Trust		6.475		02/12/51		2,386
			Series - 0 C1 (Class AJA)
	2,210,442	g,i	Merrill Lynch Mortgage Trust		6.475		02/12/51		2,392
			Series - 0 C1 (Class AJAF)
	5,880,000	g,i	Merrill Lynch Mortgage Trust		6.475		02/12/51		6,256
			Series - 2008 C1 (Class C)
	21,695,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		22,401
			Series - 2007 6 (Class AM)
	2,265,000	g,i	Morgan Stanley Capital I Trust		6.010		08/12/41		2,335
			Series - 2006 T23 (Class B)

353

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,700,000	i	Morgan Stanley Capital I Trust		5.389	%	11/12/41	$	8,932
			Series - 2006 HQ10 (Class AJ)
	328,012	i	Morgan Stanley Capital I Trust		4.840		12/13/41		329
			Series - 2005 T17 (Class AJ)
	1,000,000	i	Morgan Stanley Capital I Trust		5.271		08/13/42		999
			Series - 2005 HQ6 (Class F)
	12,300,000	i	Morgan Stanley Capital I Trust		5.793		07/12/44		12,759
			Series - 2006 HQ9 (Class AJ)
	500,000	i	Morgan Stanley Capital I Trust		5.832		07/12/44		513
			Series - 2006 HQ9 (Class B)
	8,315,000		Morgan Stanley Capital I Trust		5.569		12/15/44		8,822
			Series - 2007 HQ13 (Class A3)
	3,550,000	g,i	Morgan Stanley Capital I Trust		5.418		09/15/47		3,816
			Series - 2011 C1 (Class D)
	6,650,000	i	Morgan Stanley Capital I Trust		5.678		04/12/49		6,555
			Series - 2007 HQ12 (Class B)
	10,300,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		10,274
			Series - 2007 IQ15 (Class AJ)
	8,750,000	i	Morgan Stanley Capital I Trust		6.080		12/12/49		9,426
			Series - 2007 IQ16 (Class AMA)
	1,000,000	i	Morgan Stanley Capital I Trust		6.281		12/12/49		1,087
			Series - 2007 IQ16 (Class AM)
	377,654		Residential Accredit Loans, Inc		4.350		03/25/34		381
			Series - 2004 QS4 (Class A1)
	135,717		RFMSI Trust		5.500		03/25/35		136
			Series - 2005 S2 (Class A6)
	1,640,449	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		1,645
			Series - 0 2A (Class A)
	4,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.387		09/25/24		3,971
			Series - 2014 HQ2 (Class M2)
	4,575,149	i	Structured Agency Credit Risk Debt Note (STACR)		1.437		01/25/25		4,571
			Series - 2015 DN1 (Class M1)
	6,500,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.587		01/25/25		6,541
			Series - 2015 DN1 (Class M2)
	4,922,897	i	Structured Agency Credit Risk Debt Note (STACR)		1.237		03/25/25		4,909
			Series - 2015 HQ1 (Class M1)
	1,987,572	i	Structured Agency Credit Risk Debt Note (STACR)		1.287		05/25/25		1,981
			Series - 2015 HQ2 (Class M1)
	16,250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.137		05/25/25		15,982
			Series - 2015 HQ2 (Class M2)
	9,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.385		12/15/43		8,718
			Series - 2007 C30 (Class AMFL)
	35,625,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		37,432
			Series - 2007 C30 (Class AM)
	32,910,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		35,338
			Series - 2007 C34 (Class AM)
	5,300,000	i	Wachovia Bank Commercial Mortgage Trust		6.144		05/15/46		5,528
			Series - 2007 C34 (Class AJ)
	7,175,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		7,611
			Series - 2007 C31 (Class AM)
	4,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		4,615
			Series - 2007 C31 (Class AJ)

354

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700	%	04/15/47	$	2,000
			Series - 2007 C31 (Class B)
	88,795,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		94,225
			Series - 2007 C32 (Class AMFX)
	2,794,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		2,685
			Series - 2007 C32 (Class B)
	49,550,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		50,799
			Series - 2007 C32 (Class AJ)
	33,600,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		36,015
			Series - 2007 C33 (Class AM)
	6,651,409	i	WaMu Mortgage Pass-Through Certificates		0.537		12/25/45		6,106
			Series - 2005 AR19 (Class A1B3)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		5,245
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED						878,467

			TOTAL STRUCTURED ASSETS						2,112,630
			(Cost $2,111,527)

			TOTAL BONDS						13,111,139
			(Cost $13,065,147)

SHARES			COMPANY

PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp						1,765
	1,527,061	*	Federal National Mortgage Association						5,726
			TOTAL BANKS						7,491
			TOTAL PREFERRED STOCKS						7,491
			(Cost $49,942)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 15.5%

GOVERNMENT AGENCY DEBT - 3.9%
$	62,000,000	w	Federal Home Loan Bank (FHLB)		0.040		07/01/15		62,000
	9,500,000		FHLB		0.055		07/29/15		9,500
	29,000,000	w	FHLB		0.060		08/10/15		28,999
	90,000,000		FHLB		0.050		08/17/15		89,995
	14,000,000		FHLB		0.090		08/19/15		13,999
	53,000,000		FHLB		0.063		08/26/15		52,997
	12,000,000		FHLB		0.070		07/08/15		12,000
	50,000,000	w	FHLB		0.040		07/17/15		50,000
	50,000,000	w	FHLB		0.070		07/24/15		49,999
	44,000,000	w	FHLB		0.060		08/04/15		43,998
	20,000,000		FHLB		0.050		08/07/15		19,999
	92,000,000	w	FHLB		0.090		08/21/15		91,995
	5,000,000		Federal National Mortgage Association (FNMA)		0.140		12/01/15		4,997
			TOTAL GOVERNMENT AGENCY DEBT						530,478

355

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
TREASURY DEBT - 11.6%
$	49,000,000	w	United States Treasury Bill		0.062-0.065	%	08/06/15	$	49,000
	75,000,000	w	United States Treasury Bill		0.056-0.067		08/13/15		75,000
	165,000,000	w	United States Treasury Bill		0.086-0.106		08/20/15		164,999
	7,000,000	w	United States Treasury Bill		0.065		08/27/15		7,000
	14,175,000		United States Treasury Bill		0.071		09/10/15		14,175
	133,000,000	w	United States Treasury Bill		0.085-0.093		09/17/15		133,001
	23,000,000		United States Treasury Bill		0.095		09/24/15		23,000
	268,000,000	w	United States Treasury Bill		0.091-0.108		10/15/15		267,986
	188,000,000	w	United States Treasury Bill		0.079-0.138		11/12/15		187,974
	188,000,000	w	United States Treasury Bill		0.080-0.150		12/10/15		187,958
	36,000,000	w	United States Treasury Bill		0.150		01/07/16		35,987
	110,000,000	w	United States Treasury Bill		0.122-0.130		02/04/16		109,942
	100,000,000	w	United States Treasury Bill		0.148-0.249		03/03/16		99,902
	100,000,000	w	United States Treasury Bill		0.208-0.218		03/31/16		99,867
	100,000,000	w	United States Treasury Bill		0.211-0.231		04/28/16		99,841
			TOTAL TREASURY DEBT						1,555,632

			TOTAL SHORT-TERM INVESTMENTS						2,086,110
			(Cost $2,085,711)

			TOTAL INVESTMENTS - 114.1%						15,319,067
			(Cost $15,315,156)
			OTHER ASSETS & LIABILITIES, NET - (14.1)%						(1,898,648	)
			NET ASSETS - 100.0%					$	13,420,419


		Abbreviation(s):
COP		Columbian Peso
DOP		Dominican Peso
EUR		Euro
MXN		Mexican Peso
NGN		Nigerian Naira
REIT		Real Estate Investment Trust
ZAR		South African Rand

*		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 06/30/15, the aggregate value of these securities was $2,152,642,000, or 16.0% 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.

356

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 99.2%

AGENCY SECURITIES - 0.1%
			Private Export Funding Corp (PEFCO)
$	3,500,000		2.300%, 09/15/20	$	3,516
	3,000,000		3.250%, 06/15/25		3,015
			Ukraine Government AID Bonds
	3,500,000		1.847%, 05/29/20		3,503
			TOTAL AGENCY SECURITIES		10,034

U.S. TREASURY SECURITIES - 99.1%
		k	United States Treasury Inflation Indexed Bonds
	59,914,738		0.125%, 04/15/16		60,191
	193,967,801		2.500%, 07/15/16		201,090
	175,982,706		2.375%, 01/15/17		184,507
	401,983,032		0.125%, 04/15/17		407,228
	138,920,550		2.625%, 07/15/17		148,960
	146,864,165		1.625%, 01/15/18		155,068
	317,886,676		0.125%, 04/15/18		322,605
	148,769,472		1.375%, 07/15/18		157,626
	146,005,725		2.125%, 01/15/19		158,781
	220,105,880		0.125%, 04/15/19		222,702
	136,286,460		1.875%, 07/15/19		148,371
	223,514,415		1.375%, 01/15/20		238,584
	79,810,540		0.125%, 04/15/20		80,322
	289,245,557		1.250%, 07/15/20		308,973
	360,077,939		1.125%, 01/15/21		380,304
	341,989,002		0.625%, 07/15/21		352,436
	340,740,374		0.125%, 01/15/22		337,147
	398,141,730		0.125%, 07/15/22		394,440
	269,564,480		0.125%, 01/15/23		264,342
	51,847,110		0.375%, 07/15/23		51,928
	77,312,925		0.625%, 01/15/24		78,454
	69,745,900		0.125%, 07/15/24		67,844
	57,933,880		0.250%, 01/15/25		56,662
	223,106,576		2.375%, 01/15/25		261,784
	212,561,617		2.000%, 01/15/26		243,250
	159,783,030		2.375%, 01/15/27		190,491
	197,512,821		1.750%, 01/15/28		222,896
	138,996,869		3.625%, 04/15/28		188,710
	179,504,397		2.500%, 01/15/29		220,328
	168,507,732		3.875%, 04/15/29		237,886
	48,995,934		3.375%, 04/15/32		68,763
	79,521,237		2.125%, 02/15/40		97,239
	79,296,222		2.125%, 02/15/41		97,646
	225,421,253		0.750%, 02/15/42		205,345
	117,308,280		0.625%, 02/15/43		103,057
	102,019,560		1.375%, 02/15/44		107,878
	30,140,400		0.750%, 02/15/45		27,256

357

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL		ISSUER	VALUE (000)
		United States Treasury Note
$	15,000,000	1.500%, 05/31/20	$	14,903
	7,500,000	2.125%, 05/15/25		7,352
		TOTAL U.S. TREASURY SECURITIES		7,073,349

		TOTAL GOVERNMENT BONDS
		(Cost $6,751,535)		7,083,383


SHORT-TERM INVESTMENTS - 0.2%

GOVERNMENT AGENCY DEBT - 0.2%
		Federal Home Loan Bank (FHLB)
	9,150,000	0.055% 08/14/15		9,150
				9,150

		TOTAL SHORT-TERM INVESTMENTS		9,150
		(Cost $9,150)
		TOTAL INVESTMENTS - 99.4%		7,092,533
		(Cost $6,760,685)
		OTHER ASSETS AND LIABILITIES, NET - 0.6%		44,120
		NET ASSETS - 100.0%	$	7,136,653


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

		Cost amounts are in thousands.

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2015

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.3%

ENERGY - 0.1%
$	781,801	i	Granite Acquisition, Inc		5.000	%	12/19/21	$	790
	17,679,358	i	Granite Acquisition, Inc		5.000		12/19/21		17,856
			TOTAL ENERGY						18,646

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	1,571,063	i	Valeant Pharmaceuticals International, Inc		4.000		04/01/22		1,568
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,568

UTILITIES - 0.2%
	10,263,267	i	ExGen Renewables I LLC		5.250		02/06/21		10,366
	15,756,200	i	Terra-Gen Finance Co LLC		5.250		12/09/21		15,717
			TOTAL UTILITIES						26,083

			TOTAL BANK LOAN OBLIGATIONS						46,297
			(Cost $45,751)

BONDS - 38.9%

CORPORATE BONDS - 12.9%

AUTOMOBILES & COMPONENTS - 0.2%
	10,000,000	e	Ford Motor Co		4.750		01/15/43		9,728
	4,500,000		Johnson Controls, Inc		2.600		12/01/16		4,589
	3,250,000		Johnson Controls, Inc		5.000		03/30/20		3,565
	6,675,000	e	Magna International, Inc		3.625		06/15/24		6,564
			TOTAL AUTOMOBILES & COMPONENTS						24,446

BANKS - 3.1%
	34,500,000	e	Bank of America Corp		1.350		11/21/16		34,489
	51,000,000	e	Bank of America Corp		1.950		05/12/18		50,965
	9,800,000	e,g	Bank of Nova Scotia		2.150		08/03/16		9,953
	18,500,000	e	Bank of Nova Scotia		2.125		09/11/19		18,603
	21,000,000	i	BOK Financial Corp		0.964		05/15/17		20,731
	7,000,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		7,087
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,016
	13,000,000		Discover Bank		2.000		02/21/18		12,962
	1,900,000	e	Discover Bank		3.100		06/04/20		1,896
	11,000,000		Discover Bank		4.200		08/08/23		11,120
	5,000,000	e,g	DNB Boligkreditt AS.		2.000		05/28/20		4,953
	13,255,000		First Niagara Financial Group, Inc		6.750		03/19/20		14,570
	10,000,000	e	Huntington Bancshares, Inc		2.600		08/02/18		10,120
	7,325,000		Huntington National Bank		1.350		08/02/16		7,329

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	12,000,000		Huntington National Bank		1.375	%	04/24/17	$	11,954
	11,500,000	e,g	Intesa Sanpaolo S.p.A		5.017		06/26/24		11,158
	17,500,000		KeyBank NA		3.300		06/01/25		16,965
	9,913,000		Manufacturers & Traders Trust Co		6.625		12/04/17		11,078
	13,750,000		Manufacturers & Traders Trust Co		1.450		03/07/18		13,645
	4,644,000	i	Manufacturers & Traders Trust Co		5.585		12/28/20		4,722
	6,076,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		6,267
	2,475,000		Manufacturers & Traders Trust Co		2.900		02/06/25		2,337
	3,314,000		Northern Trust Corp		3.375		08/23/21		3,462
	18,257,000	e	People’s United Financial, Inc		3.650		12/06/22		18,116
	8,245,000		PNC Bank NA		2.950		01/30/23		7,967
	12,000,000		Regions Financial Corp		2.000		05/15/18		11,986
	10,000,000		Royal Bank of Canada		1.125		07/22/16		10,051
	11,500,000	e	Royal Bank of Canada		1.200		09/19/17		11,480
	26,450,000	e	Royal Bank of Canada		1.875		02/05/20		26,214
	14,500,000	e,g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,458
	20,000,000		SVB Financial Group		3.500		01/29/25		19,242
	9,250,000	g	Toronto-Dominion Bank		1.625		09/14/16		9,343
	5,300,000	g	Toronto-Dominion Bank		1.950		04/02/20		5,254
	5,000,000	e,g	Westpac Banking Corp		1.850		11/26/18		5,021
			TOTAL BANKS						432,514

CAPITAL GOODS - 0.6%
	2,500,000		3M Co		6.375		02/15/28		3,180
	6,700,000		Anixter, Inc		5.125		10/01/21		6,817
	8,000,000	e,g	CRH America, Inc		3.875		05/18/25		7,915
	2,500,000	e	Eaton Corp		4.000		11/02/32		2,413
	4,600,000		Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		4,763
	5,155,000		Pall Corp		5.000		06/15/20		5,641
	5,625,000		Parker-Hannifin Corp		4.200		11/21/34		5,590
	6,980,000		Pentair Finance S.A.		2.650		12/01/19		6,913
	5,675,000	e	Precision Castparts Corp		2.500		01/15/23		5,433
	3,000,000		Precision Castparts Corp		4.200		06/15/35		2,981
	6,400,000	e	Rockwell Automation, Inc		2.050		03/01/20		6,349
	6,000,000		Rockwell Automation, Inc		2.875		03/01/25		5,810
	3,300,000		Rockwell Collins, Inc		3.100		11/15/21		3,396
	6,125,000		Rockwell Collins, Inc		3.700		12/15/23		6,291
	5,000,000	e	Roper Industries, Inc		3.125		11/15/22		4,835
	2,500,000	e,g	Sealed Air Corp		5.500		09/15/25		2,519
	9,000,000		Trimble Navigation Ltd		4.750		12/01/24		8,999
			TOTAL CAPITAL GOODS						89,845

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	4,000,000	g	AECOM Technology Corp		5.750		10/15/22		4,050
	5,300,000		Air Lease Corp		2.125		01/15/18		5,247
	9,075,000	e	Air Lease Corp		3.875		04/01/21		9,166
	6,525,000		Air Lease Corp		4.250		09/15/24		6,476
	11,500,000		Fluor Corp		3.500		12/15/24		11,513
	4,750,000		Waste Management, Inc		2.600		09/01/16		4,833
	2,730,000	e	Waste Management, Inc		4.600		03/01/21		3,003
	10,000,000		Waste Management, Inc		3.500		05/15/24		9,999
	3,475,000	e	Waste Management, Inc		3.900		03/01/35		3,176
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						57,463

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
CONSUMER DURABLES & APPAREL - 0.0%
$	5,000,000		Whirlpool Corp		5.150	%	03/01/43	$	5,106
			TOTAL CONSUMER DURABLES & APPAREL						5,106

CONSUMER SERVICES - 0.7%
	4,000,000		American National Red Cross		5.567		11/15/17		4,333
	10,000,000		Henry J Kaiser Family Foundation		3.356		12/01/25		10,015
	20,000,000		Massachusetts Institute of Technology		3.959		07/01/38		19,853
	1,250,000	e	McDonald’s Corp		5.000		02/01/19		1,374
	19,000,000		Metropolitan Museum of Art		3.400		07/01/45		16,548
	7,550,000		Nature Conservancy		6.300		07/01/19		8,452
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		16,132
	8,000,000		Northwestern University		3.688		12/01/38		7,651
	5,145,000		Salvation Army		5.637		09/01/26		5,596
	13,625,000		Service Corp International		5.375		05/15/24		14,238
			TOTAL CONSUMER SERVICES						104,192

DIVERSIFIED FINANCIALS - 0.8%
	5,450,000	i	Bank of New York Mellon Corp		1.969		06/20/17		5,532
	2,675,000		Bank of New York Mellon Corp		5.450		05/15/19		2,994
	4,000,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		4,060
	14,750,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		14,899
	5,000,000		Discover Financial Services		3.750		03/04/25		4,767
	9,000,000	g	EDP Finance BV		4.125		01/15/20		9,087
	9,500,000	g	EDP Finance BV		5.250		01/14/21		9,949
	7,875,000		Ford Motor Credit Co LLC		2.375		01/16/18		7,945
	2,300,000		Legg Mason, Inc		3.950		07/15/24		2,323
	45,500,000		Morgan Stanley		2.200		12/07/18		45,852
	9,750,000	g	RCI Banque S.A.		3.500		04/03/18		10,124
			TOTAL DIVERSIFIED FINANCIALS						117,532

ENERGY - 1.1%
	4,145,000	e	Continental Resources, Inc		5.000		09/15/22		4,065
	3,740,000	i	Devon Energy Corp		0.736		12/15/15		3,737
	2,500,000		Devon Energy Corp		6.300		01/15/19		2,822
	3,000,000		EOG Resources, Inc		4.100		02/01/21		3,220
	8,450,000	e	EOG Resources, Inc		3.900		04/01/35		7,974
	1,526,000		Marathon Oil Corp		5.900		03/15/18		1,675
	7,450,000	e	Marathon Petroleum Corp		4.750		09/15/44		6,776
	3,025,000		National Oilwell Varco, Inc		1.350		12/01/17		2,992
	2,500,000		Noble Energy, Inc		8.250		03/01/19		2,977
	3,290,000	e	Noble Energy, Inc		5.050		11/15/44		3,141
	150,000	e	Noble Holding International Ltd		3.950		03/15/22		138
	10,000,000	e	Noble Holding International Ltd		5.950		04/01/25		9,846
	4,500,000	e	Noble Holding International Ltd		6.950		04/01/45		4,133
	2,150,000	g	Northern Natural Gas Co		4.100		09/15/42		2,095
	9,000,000	e	Phillips 66		4.650		11/15/34		8,779
	2,575,000	e	Southwestern Energy Co		3.300		01/23/18		2,639
	5,300,000		Southwestern Energy Co		4.050		01/23/20		5,442
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,422
	9,000,000	i	Statoil ASA		0.479		11/09/17		8,962
	9,000,000	i	Statoil ASA		0.564		05/15/18		8,985

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,500,000	e	Statoil ASA		3.150	%	01/23/22	$	9,572
	4,500,000		Statoil ASA		2.650		01/15/24		4,307
	4,000,000	e	Statoil ASA		3.950		05/15/43		3,702
	12,150,000	g	Texas Eastern Transmission LP		2.800		10/15/22		11,357
	6,175,000	e	Weatherford International Ltd		4.500		04/15/22		5,792
	12,350,000	g	Woodside Finance Ltd		3.650		03/05/25		11,843
			TOTAL ENERGY						142,393

FOOD & STAPLES RETAILING - 0.1%
	6,900,000		Kroger Co		1.200		10/17/16		6,913
	3,000,000		Kroger Co		2.200		01/15/17		3,042
	1,451,000		Safeway, Inc		3.400		12/01/16		1,451
			TOTAL FOOD & STAPLES RETAILING						11,406

FOOD, BEVERAGE & TOBACCO - 0.2%
	1,800,000	g	JM Smucker Co		1.750		03/15/18		1,798
	5,100,000	g	JM Smucker Co		3.000		03/15/22		5,004
	9,000,000	e,g	JM Smucker Co		4.250		03/15/35		8,399
	4,678,000	e	Kellogg Co		4.000		12/15/20		4,969
	428,000	e	PepsiCo, Inc		7.900		11/01/18		511
	3,526,000		PepsiCo, Inc		3.600		08/13/42		3,083
			TOTAL FOOD, BEVERAGE & TOBACCO						23,764

HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	4,000,000		Becton Dickinson & Co		5.000		05/15/19		4,370
	2,000,000		Becton Dickinson & Co		6.000		05/15/39		2,299
	7,000,000	i	Becton Dickinson and Co		0.736		06/15/16		7,003
	9,750,000		Laboratory Corp of America Holdings		2.500		11/01/18		9,826
	3,250,000		Laboratory Corp of America Holdings		2.625		02/01/20		3,221
	9,000,000		Laboratory Corp of America Holdings		3.200		02/01/22		8,863
	2,500,000	e	Laboratory Corp of America Holdings		3.600		02/01/25		2,383
	3,500,000		LifePoint Hospitals, Inc		5.500		12/01/21		3,614
	5,375,000		Owens & Minor, Inc		3.875		09/15/21		5,522
	5,000,000		Thermo Fisher Scientific, Inc		1.300		02/01/17		4,991
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						52,092

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	3,750,000	e	Clorox Co		3.800		11/15/21		3,963
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						3,963

INSURANCE - 0.5%
	8,000,000	i	Berkshire Hathaway Finance Corp		0.576		01/12/18		8,010
	10,120,000	g	Five Corners Funding Trust		4.419		11/15/23		10,440
	1,600,000	g,i	Merna Reinsurance IV Ltd		2.500		04/08/16		1,602
	3,100,000		Progressive Corp		3.750		08/23/21		3,304
	9,000,000		Progressive Corp		3.700		01/26/45		7,914
	15,000,000	i	Prudential Financial, Inc		5.200		03/15/44		14,814
	7,450,000	i	Prudential Financial, Inc		5.375		05/15/45		7,329
	10,000,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		9,671
	8,687,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		8,351
	2,000,000		Travelers Cos, Inc		5.900		06/02/19		2,285
			TOTAL INSURANCE						73,720

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
MATERIALS - 0.7%
$	4,405,000		Agrium, Inc		3.150	%	10/01/22	$	4,266
	2,275,000		Ball Corp		5.000		03/15/22		2,281
	8,930,000	e	Ball Corp		4.000		11/15/23		8,283
	13,000,000	e	Ball Corp		5.250		07/01/25		12,902
	5,750,000		Domtar Corp		4.400		04/01/22		5,837
	2,300,000		Eastman Chemical Co		5.500		11/15/19		2,555
	7,050,000		Eastman Chemical Co		2.700		01/15/20		7,033
	1,000,000	e	Eastman Chemical Co		4.650		10/15/44		944
	7,500,000		International Paper Co		5.000		09/15/35		7,326
	5,000,000	e	International Paper Co		6.000		11/15/41		5,374
	4,000,000	e	International Paper Co		4.800		06/15/44		3,696
	9,350,000		LyondellBasell Industries NV		4.625		02/26/55		8,202
	5,000,000		MeadWestvaco Corp		7.375		09/01/19		5,854
	5,000,000	e	Nucor Corp		4.000		08/01/23		5,067
	4,000,000		Praxair, Inc		2.450		02/15/22		3,897
	19,490,000	e	Rock Tenn Co		3.500		03/01/20		20,054
			TOTAL MATERIALS						103,571

MEDIA - 0.1%
	7,225,000		Time Warner Cable, Inc		8.250		04/01/19		8,492
	5,500,000	e	Time Warner Cable, Inc		4.500		09/15/42		4,507
			TOTAL MEDIA						12,999

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
	12,733,000		Bristol-Myers Squibb Co		3.250		08/01/42		10,630
	5,700,000		Gilead Sciences, Inc		4.500		02/01/45		5,656
	10,000,000	e	Johnson & Johnson		4.375		12/05/33		10,566
	8,500,000	i	Merck & Co, Inc		0.654		02/10/20		8,456
	4,750,000	e,g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		5,002
	475,000	e,g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		488
	9,000,000	e,g	VRX Escrow Corp		5.375		03/15/20		9,293
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						50,091

REAL ESTATE - 0.4%
	8,907,000		Equity One, Inc		3.750		11/15/22		8,797
	7,900,000		ERP Operating LP		3.375		06/01/25		7,740
	1,400,000		Federal Realty Investment Trust		5.900		04/01/20		1,602
	8,000,000		Federal Realty Investment Trust		2.750		06/01/23		7,631
	3,400,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,761
	1,250,000		Kilroy Realty LP		5.000		11/03/15		1,264
	16,355,000	e	Kilroy Realty LP		3.800		01/15/23		16,291
	10,000,000		Regency Centers LP		3.750		06/15/24		9,981
	2,400,000		Ventas Realty LP		3.250		08/15/22		2,315
			TOTAL REAL ESTATE						59,382

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	3,375,000		CC Holdings GS V LLC		2.381		12/15/17		3,413
	10,000,000	e,i	Hewlett-Packard Co		1.217		01/14/19		9,860
	5,475,000	e	Motorola Solutions, Inc		3.500		09/01/21		5,438
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						18,711

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
TELECOMMUNICATION SERVICES - 0.2%
$	3,400,000	e	CenturyLink, Inc		6.750	%	12/01/23	$	3,411
	12,825,000	e	Sprint Corp		7.250		09/15/21		12,625
	8,000,000		Verizon Communications, Inc		4.400		11/01/34		7,487
	9,750,000	e	Vodafone Group plc		1.500		02/19/18		9,581
			TOTAL TELECOMMUNICATION SERVICES						33,104

TRANSPORTATION - 0.8%
	9,500,000	i	Canadian National Railway Co		0.445		11/14/17		9,487
	6,500,000		CSX Corp		4.100		03/15/44		5,930
	2,545,000		GATX Corp		2.500		07/30/19		2,518
	23,500,000		GATX Corp		2.600		03/30/20		23,168
	7,250,000	e	GATX Corp		5.200		03/15/44		7,306
	2,500,000		Norfolk Southern Corp		5.750		01/15/16		2,566
	5,000,000		Norfolk Southern Corp		3.250		12/01/21		5,125
	12,775,000		Norfolk Southern Corp		3.000		04/01/22		12,693
	6,894,000		Norfolk Southern Corp		2.903		02/15/23		6,641
	475,000		Norfolk Southern Corp		5.590		05/17/25		545
	7,500,000		Norfolk Southern Corp		4.450		06/15/45		7,169
	6,900,000		Ryder System, Inc		2.550		06/01/19		6,907
	3,450,000		Southwest Airlines Co		2.750		11/06/19		3,498
	4,050,000	e	Union Pacific Corp		3.375		02/01/35		3,589
	10,000,000		Union Pacific Railroad Co		2.695		05/12/27		9,675
	1,360,000	e	United Parcel Service of America, Inc (Step Bond 8.375% until 04/01/20, 7.620% until 04/01/30)		8.375		04/01/30		1,931
			TOTAL TRANSPORTATION						108,748

UTILITIES - 2.1%
	1,650,000		Arizona Public Service Co		4.500		04/01/42		1,651
	2,000,000	e	Atmos Energy Corp		8.500		03/15/19		2,428
	3,000,000	e	California Resources Corp		6.000		11/15/24		2,576
	1,200,000		Connecticut Light & Power Co		5.500		02/01/19		1,344
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,343
	10,050,000		Connecticut Light & Power Co		4.150		06/01/45		9,583
	9,114,312	g	Continental Wind LLC		6.000		02/28/33		10,051
	10,000,000		Delmarva Power & Light Co		4.150		05/15/45		9,496
	1,324,657	g	Great River Energy		5.829		07/01/17		1,381
	3,375,000	g	International Transmission Co		4.625		08/15/43		3,536
	7,575,000		Interstate Power & Light Co		3.250		12/01/24		7,605
	9,250,000	g	Narragansett Electric Co		4.170		12/10/42		8,720
	9,450,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		9,506
	9,600,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		9,551
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		9,246
	6,000,000		Northeast Utilities		1.450		05/01/18		5,962
	1,500,000		Northwest Natural Gas Co		5.620		11/21/23		1,752
	10,000,000		NorthWestern Corp		4.176		11/15/44		9,766
	1,065,000	i	NSTAR Electric Co		0.516		05/17/16		1,063
	630,000		Public Service Co of Colorado		4.750		08/15/41		675
	10,000,000		Public Service Co of New Hampshire		3.500		11/01/23		10,255
	13,000,000	i	San Diego Gas & Electric Co		0.481		03/09/17		12,967
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,634
	6,875,000		San Diego Gas & Electric Co		1.914		02/01/22		6,899

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	620,000		San Diego Gas & Electric Co		6.000	%	06/01/39	$	772
	8,875,000		Sierra Pacific Power Co		3.375		08/15/23		8,963
	27,000,000	g	Solar Star Funding LLC		3.950		06/30/35		24,802
	7,950,000	g	Solar Star Funding LLC		5.375		06/30/35		8,814
	12,500,000	i	TECO Finance, Inc		0.871		04/10/18		12,534
	19,000,000	g	TerraForm Power Operating LLC		5.875		02/01/23		19,285
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		5,227
	19,385,000	g	Topaz Solar Farms LLC		4.875		09/30/39		20,355
	14,500,000	g	Topaz Solar Farms LLC		5.750		09/30/39		16,391
	5,000,000		Washington Gas Light Co		5.440		08/11/25		5,522
	1,400,000	e	WEC Energy Group, Inc		3.550		06/15/25		1,394
	16,525,000		WGL Holdings, Inc		2.250		11/01/19		16,459
	4,975,000		Wisconsin Power & Light Co		4.100		10/15/44		4,804
	1,325,000	e	Xcel Energy, Inc		3.300		06/01/25		1,300
			TOTAL UTILITIES						290,612

			TOTAL CORPORATE BONDS						1,815,654
			(Cost $1,818,281)

GOVERNMENT BONDS - 23.1%

AGENCY SECURITIES - 4.7%
	5,958,866		COP I LLC		3.613		12/05/21		6,308
	8,660,551		Ethiopian Leasing 2012 LLC		2.566		08/14/26		8,666
	4,235,719		Export Lease Ten Co LLC		1.650		05/07/25		4,120
	5,500,000		Federal Home Loan Bank (FHLB)		5.000		11/17/17		6,033
	17,166,667		FHLB		2.350		08/08/22		16,752
	7,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.500		01/27/17		6,991
	5,000,000		FHLMC		1.000		09/29/17		5,011
	6,400,000		Federal National Mortgage Association (FNMA)		1.125		04/27/17		6,448
	7,000,000		FNMA		1.625		01/21/20		6,984
	15,500,000		FNMA		2.625		09/06/24		15,482
	1,096,000	j	Government Trust Certificate		0.000		04/01/19		1,019
	5,000,000	j	Government Trust Certificate		0.000		04/01/21		4,240
	33,000,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		34,039
	8,475,000	g	Hospital for Special Surgery		3.500		01/01/23		8,616
	9,000,000	i	India Government AID Bond		0.378		02/01/27		8,580
	7,040,000		Lutheran Medical Center		1.982		02/20/30		6,750
	8,812,500		Mexican Aircraft Finance V LLC		2.329		01/14/27		8,798
	10,840,000		Micron Semiconductor Asia Pte Ltd		1.258		01/15/19		10,843
	3,985,000	g	Montefiore Medical Center		3.896		05/20/27		4,284
	163,210		National Credit Union Administration		1.840		10/07/20		164
	11,450,000		NCUA Guaranteed Notes		3.000		06/12/19		12,050
	7,000,000		NCUA Guaranteed Notes		3.450		06/12/21		7,640
	2,500,000	j	Overseas Private Investment Corp (OPIC)		0.000		04/30/16		2,499
	3,000,000	j	OPIC		0.000		04/30/17		3,187
	10,750,000	j	OPIC		0.000		11/17/17		10,842
	5,700,000	j	OPIC		0.000		11/15/19		5,778
	5,021,208		OPIC		2.290		09/15/26		5,050
	2,754,971		OPIC		2.040		12/15/26		2,735
	7,666,644		OPIC		4.440		02/27/27		8,520
	9,750,000		OPIC		2.740		09/15/29		9,396
	12,000,000		OPIC		3.220		09/15/29		11,976

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	13,500,000		OPIC		3.280	%	09/15/29	$	13,654
	2,483,210		OPIC		2.610		04/15/30		2,366
	4,465,000		OPIC		2.930		05/15/30		4,420
	7,379,000		OPIC		3.040		05/15/30		7,448
	8,823,555		OPIC		3.540		06/15/30		9,350
	2,234,663		OPIC		2.310		11/15/30		2,107
	22,671,641		OPIC		3.370		12/15/30		23,564
	22,853,026		OPIC		3.820		12/20/32		24,036
	14,743,888		OPIC		3.938		12/20/32		15,546
	12,500,000		OPIC		3.160		06/01/33		12,328
	12,000,000		OPIC		3.430		06/01/33		12,183
	2,000,000		OPIC		2.940		07/31/33		1,994
	9,750,000		Private Export Funding Corp (PEFCO)		2.125		07/15/16		9,907
	11,750,000		PEFCO		1.375		02/15/17		11,814
	8,000,000		PEFCO		2.250		12/15/17		8,222
	5,000,000		PEFCO		4.375		03/15/19		5,500
	5,854,000		PEFCO		1.450		08/15/19		5,781
	16,150,000	e	PEFCO		2.250		03/15/20		16,357
	8,000,000		PEFCO		2.300		09/15/20		8,037
	17,500,000		PEFCO		4.300		12/15/21		19,518
	8,250,000		PEFCO		2.050		11/15/22		7,986
	4,000,000		PEFCO		3.550		01/15/24		4,218
	5,335,000		PEFCO		2.450		07/15/24		5,104
	8,000,000		PEFCO		3.250		06/15/25		8,040
	9,000,000		Sam Luis Hospital		3.700		08/30/44		9,264
	3,056,169		Tayarra Ltd		3.628		02/15/22		3,239
	2,960,736		Tricahue Leasing LLC		3.503		11/19/21		3,125
	9,250,000		Ukraine Government AID Bonds		1.844		05/16/19		9,262
	15,300,000		Ukraine Government AID Bonds		1.847		05/29/20		15,312
	8,333,333		Ulani MSN 35940 LLC		2.227		05/16/25		8,347
	7,920,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		7,971
	5,375,000		US Department of Housing and Urban Development (HUD)		2.200		08/01/15		5,385
	5,250,000		HUD		4.330		08/01/15		5,269
	3,894,000		HUD		2.910		08/01/17		4,065
	8,000,000		HUD		4.560		08/01/17		8,618
	10,750,000		HUD		1.770		08/01/18		10,917
	5,007,000		HUD		5.380		08/01/18		5,287
	750,000		HUD		2.050		08/01/19		765
	9,500,000		HUD		4.870		08/01/19		10,653
	13,967,000		HUD		4.960		08/01/20		15,884
	13,500,000		HUD		5.050		08/01/21		15,351
	3,217,000		HUD		2.910		08/01/23		3,287
	6,416,667		VRG Linhas Aereas S.A.		0.983		03/13/18		6,401
	8,677,476		Zarapito Leasing LLC		2.628		11/12/26		8,787
	2,290,826	g	Genesis Solar 2011 Pass Through Trust		3.875		02/15/38		2,413
	18,775,000		New York Society for the Relief of the Ruptured & Crippled		2.881		12/20/31		18,307
			TOTAL AGENCY SECURITIES						667,190

FOREIGN GOVERNMENT BONDS - 5.3%
	24,000,000		African Development Bank		0.750		10/18/16		24,049
	13,550,000	e	African Development Bank		2.375		09/23/21		13,759
	17,500,000		Asian Development Bank		2.125		03/19/25		16,904
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		6,041

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,300,000	e	Canada Government International Bond		0.875	%	02/14/17	$	6,322
	9,000,000	e	Canada Government International Bond		1.125		03/19/18		9,012
	7,828,974	g	Carpintero Finance Ltd		2.004		09/18/24		7,771
	14,250,000	e	Council of Europe Development Bank		1.000		03/07/18		14,202
	44,000,000		European Bank for Reconstruction & Development		1.625		04/10/18		44,353
	38,000,000	e	European Investment Bank		2.500		10/15/24		37,872
	2,000,000	e	European Investment Bank		4.875		02/15/36		2,442
	38,470,000		Export Development Canada		0.875		01/30/17		38,579
	9,000,000		Export Development Canada		1.625		12/03/19		8,981
	18,175,000		Export-Import Bank of Korea		1.750		02/27/18		18,149
	15,000,000	g	Finnvera OYJ		2.375		06/04/25		14,507
	15,300,000	e	Hydro Quebec		2.000		06/30/16		15,518
	10,200,000	e	Hydro Quebec		1.375		06/19/17		10,285
	6,082,000		Hydro Quebec		8.400		01/15/22		8,027
	45,000,000	h	Inter-American Development Bank		1.185		07/09/18		44,964
	33,750,000		Inter-American Development Bank		1.500		09/25/18		34,047
	19,000,000	i	International Bank for Reconstruction & Development		0.216		07/22/15		18,999
	25,000,000		International Bank for Reconstruction & Development		0.375		08/24/15		25,010
	3,000,000		International Bank for Reconstruction & Development		2.000		10/20/16		3,056
	4,000,000	e	International Finance Corp		0.500		05/16/16		4,001
	29,000,000	g,i	International Finance Facility for Immunisation		0.461		07/05/16		29,003
	2,850,000		Italy Government International Bond		5.375		06/12/17		3,065
	5,000,000		KFW		1.000		01/26/18		4,993
	48,000,000		KFW		1.750		10/15/19		48,241
	11,500,000		KFW		1.500		04/20/20		11,338
	10,000,000		KFW		2.625		01/25/22		10,264
	19,000,000	g	Kommunalbanken AS.		0.750		11/21/16		19,023
	12,500,000	g	Kommunalbanken AS.		2.125		02/11/25		11,957
	9,637,000	e	Landwirtschaftliche Rentenbank		2.000		01/13/25		9,206
	7,500,000	g	National Bank of Canada		2.200		10/19/16		7,652
	14,845,000		North American Development Bank		2.300		10/10/18		15,099
	33,575,000		North American Development Bank		2.400		10/26/22		32,538
	5,000,000		Province of British Columbia Canada		1.200		04/25/17		5,039
	15,250,000	e	Province of Manitoba Canada		1.750		05/30/19		15,379
	15,000,000		Province of Manitoba Canada		2.100		09/06/22		14,660
	12,700,000		Province of Manitoba Canada		3.050		05/14/24		13,038
	10,000,000		Province of New Brunswick Canada		2.750		06/15/18		10,418
	15,000,000		Province of Ontario Canada		2.300		05/10/16		15,228
	9,500,000	e	Province of Ontario Canada		1.200		02/14/18		9,496
	5,000,000	e	Province of Ontario Canada		4.400		04/14/20		5,555
	10,000,000		Province of Quebec Canada		3.500		07/29/20		10,709
	5,000,000		Province of Quebec Canada		7.500		09/15/29		7,218
			TOTAL FOREIGN GOVERNMENT BONDS						735,969

MORTGAGE BACKED - 8.0%
	4,980,004	i	Federal Home Loan Mortgage Corp (FHLMC)		0.796		07/15/37		5,062
	5,984,868	i	FHLMC		0.636		09/15/42		6,040
	26,895		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		27
	79,672		FGLMC		6.000		12/01/17		83
	1,302,133		FGLMC		4.500		01/01/19		1,358
	467,456		FGLMC		5.500		01/01/19		491
	387,714		FGLMC		5.000		02/01/19		405
	167,053		FGLMC		4.500		01/01/20		174

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	54,152		FGLMC		4.500	%	07/01/20	$	57
	80,030		FGLMC		7.000		10/01/20		85
	434,938		FGLMC		4.500		06/01/21		456
	1,456,821		FGLMC		4.500		06/01/21		1,527
	276,599		FGLMC		4.500		03/01/23		295
	191,453		FGLMC		5.000		04/01/23		207
	7,271		FGLMC		7.000		05/01/23		8
	705,624		FGLMC		4.000		07/01/24		746
	226,845		FGLMC		4.500		09/01/24		242
	9,000,000	h	FGLMC		3.500		07/15/30		9,474
	16,000,000	h	FGLMC		3.000		08/15/30		16,503
	23,074		FGLMC		8.000		01/01/31		27
	570,182		FGLMC		4.500		07/01/33		618
	958,782		FGLMC		5.500		09/01/33		1,081
	862,200		FGLMC		5.500		09/01/33		973
	1,464,096		FGLMC		5.500		12/01/33		1,650
	3,472,507		FGLMC		7.000		12/01/33		4,106
	1,220,535		FGLMC		7.000		05/01/35		1,453
	169,875		FGLMC		5.000		02/01/36		188
	2,456		FGLMC		6.500		05/01/36		3
	864,020		FGLMC		5.000		07/01/39		952
	3,671,956		FGLMC		4.500		11/01/40		4,040
	4,145,284		FGLMC		4.500		12/01/40		4,553
	2,818,862		FGLMC		3.500		01/01/41		2,899
	7,542,051		FGLMC		3.500		04/01/44		7,804
	10,194,634		FGLMC		4.000		08/01/44		10,875
	8,570,474		FGLMC		4.000		09/01/44		9,154
	965,651		FGLMC		4.500		10/01/44		1,063
	1,122,053		FGLMC		4.500		11/01/44		1,235
	1,428,525		FGLMC		4.500		11/01/44		1,572
	893,953		FGLMC		4.500		12/01/44		984
	578,182		FGLMC		4.500		12/01/44		627
	12,695,086		FGLMC		4.000		02/01/45		13,436
	3,986,156		FGLMC		3.500		04/01/45		4,109
	11,000,000	h	FGLMC		3.000		07/15/45		10,908
	9,000,000	h	FGLMC		3.500		08/15/45		9,216
	6,000,000	h	FGLMC		4.000		08/15/45		6,322
	12,472		Federal National Mortgage Association (FNMA)		6.500		10/01/16		13
	100,304		FNMA		6.500		04/01/17		104
	42,409		FNMA		6.500		02/01/18		44
	928,313		FNMA		5.500		11/01/18		977
	703,893		FNMA		5.000		12/01/18		746
	631,681		FNMA		5.000		01/01/19		668
	23,848		FNMA		4.500		03/01/19		25
	90,426		FNMA		4.500		11/01/20		94
	658,796		FNMA		5.500		08/01/21		714
	253,870		FNMA		4.500		03/01/23		271
	12,126		FNMA		8.000		03/01/23		13
	773,629		FNMA		5.000		07/01/23		839
	393,413		FNMA		4.000		05/01/24		414
	33,337		FNMA		8.000		07/01/24		40
	582,023		FNMA		4.500		08/01/24		623
	2,372,560		FNMA		4.000		09/01/24		2,512

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,000,000	h	FNMA		2.500	%	07/25/30	$	9,094
	8,000,000	g,h	FNMA		3.000		07/25/30		8,276
	6,000,000	h	FNMA		3.500		07/25/30		6,322
	31,000,000	h	FNMA		2.500		08/25/30		31,259
	19,000,000	h	FNMA		3.000		08/25/30		19,615
	463,375		FNMA		6.500		07/01/32		537
	290,921		FNMA		4.500		03/25/33		298
	5,324,892		FNMA		3.000		10/01/33		5,420
	8,900,577		FNMA		5.000		10/01/33		9,897
	595,186		FNMA		5.000		11/01/33		667
	84,526		FNMA		7.000		01/01/34		91
	2,280,443		FNMA		5.500		03/01/34		2,572
	3,846,384		FNMA		3.500		03/25/34		3,922
	8,751,303		FNMA		3.000		01/01/35		8,899
	34,797		FNMA		7.500		06/01/35		38
	1,813,868		FNMA		5.500		08/01/37		2,045
	872,023		FNMA		6.000		09/01/37		1,009
	805,023		FNMA		6.000		09/01/37		932
	246,536		FNMA		6.500		09/01/37		283
	958,742		FNMA		5.500		01/01/38		1,079
	18,462		FNMA		6.500		02/01/38		21
	3,799,174		FNMA		5.500		11/01/38		4,366
	6,261,531		FNMA		5.500		12/01/38		7,139
	6,202,830		FNMA		4.000		02/01/39		6,580
	35,330		FNMA		4.500		04/01/39		38
	448,989		FNMA		4.000		07/01/39		479
	2,111,396		FNMA		5.500		08/01/39		2,399
	851,171		FNMA		4.500		10/01/39		921
	71,495		FNMA		4.500		02/01/40		78
	928,235		FNMA		4.500		06/01/40		1,005
	764,345		FNMA		5.000		08/01/40		846
	3,817,467		FNMA		5.000		09/01/40		4,220
	730,363		FNMA		4.500		10/01/40		791
	2,032,973		FNMA		4.500		11/01/40		2,201
	150,695		FNMA		4.500		11/01/40		165
	1,483,192		FNMA		4.500		11/01/40		1,602
	297,905		FNMA		4.500		01/01/41		327
	233,341		FNMA		4.500		02/01/41		255
	5,565,431		FNMA		5.000		05/01/41		6,163
	263,843		FNMA		4.500		06/01/41		288
	242,573		FNMA		4.500		06/01/41		266
	1,071,467		FNMA		5.000		06/01/41		1,190
	456,607		FNMA		4.500		12/01/41		499
	16,490,007		FNMA		5.500		12/01/41		18,860
	267,039		FNMA		4.500		01/01/42		292
	2,423,859		FNMA		3.500		02/01/42		2,501
	3,263,231		FNMA		4.500		04/01/42		3,533
	273,471		FNMA		4.500		04/01/42		299
	319,434		FNMA		4.500		06/01/42		349
	248,883		FNMA		4.500		07/01/42		273
	7,027,364	i	FNMA		0.687		08/25/42		7,130
	210,841		FNMA		3.000		10/01/42		211
	212,912		FNMA		3.000		10/01/42		213

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,647,496		FNMA		3.000	%	10/01/42	$	11,639
	545,484		FNMA		3.000		11/01/42		545
	6,449,727	i	FNMA		0.587		11/25/42		6,456
	7,401,001		FNMA		3.500		11/25/42		1,680
	35,157		FNMA		3.000		12/01/42		35
	264,371		FNMA		3.000		12/01/42		263
	3,931,479		FNMA		3.000		01/01/43		3,923
	8,730,038		FNMA		3.000		01/01/43		8,723
	130,134		FNMA		3.000		02/01/43		130
	11,152,166		FNMA		3.000		02/01/43		11,143
	604,218		FNMA		3.000		02/01/43		603
	5,237,726		FNMA		3.000		02/01/43		5,233
	3,189,534		FNMA		3.500		02/01/43		3,301
	692,604		FNMA		3.000		03/01/43		692
	147,234		FNMA		3.000		03/01/43		147
	235,854		FNMA		3.000		03/01/43		235
	130,047		FNMA		3.000		03/01/43		130
	4,284,004	i	FNMA		0.537		03/25/43		4,303
	309,135		FNMA		3.000		04/01/43		309
	54,136		FNMA		3.000		04/01/43		54
	13,927		FNMA		3.000		04/01/43		14
	69,201		FNMA		3.000		04/01/43		69
	330,500		FNMA		3.000		04/01/43		330
	149,540		FNMA		3.000		04/01/43		149
	157,405		FNMA		3.000		04/01/43		157
	206,537		FNMA		3.000		04/01/43		206
	188,156		FNMA		3.000		04/01/43		188
	4,950,567		FNMA		3.000		05/01/43		4,943
	854,368		FNMA		3.500		05/01/43		884
	516,663		FNMA		3.500		05/01/43		535
	1,093,987		FNMA		3.500		06/01/43		1,132
	468,462		FNMA		3.500		06/01/43		482
	2,272,563		FNMA		3.500		06/01/43		2,352
	1,079,875		FNMA		3.500		06/01/43		1,118
	420,259		FNMA		3.500		06/01/43		435
	871,548		FNMA		3.500		06/01/43		902
	2,943,353		FNMA		3.500		07/01/43		3,047
	1,445,505		FNMA		3.500		07/01/43		1,496
	13,631,683		FNMA		4.000		11/01/43		14,587
	5,392,405		FNMA		4.000		04/01/44		5,749
	2,529,231		FNMA		4.000		06/01/44		2,696
	3,379,168		FNMA		4.000		06/01/44		3,602
	13,059,597		FNMA		4.500		06/01/44		14,374
	1,366,051		FNMA		4.500		06/01/44		1,502
	2,427,412		FNMA		4.000		07/01/44		2,588
	970,895		FNMA		4.000		07/01/44		1,035
	8,000,335		FNMA		4.000		08/01/44		8,528
	2,879,506		FNMA		4.000		08/01/44		3,069
	4,419,800		FNMA		4.000		08/01/44		4,712
	1,204,856		FNMA		4.000		08/01/44		1,284
	3,007,580		FNMA		4.500		08/01/44		3,310
	837,214		FNMA		4.000		09/01/44		893
	709,317		FNMA		4.000		09/01/44		756

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,111,702		FNMA		3.500	%	10/01/44	$	1,151
	822,469		FNMA		3.500		10/01/44		851
	4,428,334		FNMA		4.000		10/01/44		4,721
	6,978,557		FNMA		4.500		10/01/44		7,682
	14,373,659		FNMA		4.500		11/01/44		15,822
	3,184,890		FNMA		4.000		12/01/44		3,402
	2,568,723		FNMA		4.000		12/01/44		2,743
	2,962,387		FNMA		4.500		12/01/44		3,261
	3,049,152		FNMA		4.000		01/01/45		3,251
	352,794		FNMA		3.500		03/01/45		363
	635,273		FNMA		3.500		03/01/45		657
	852,020		FNMA		4.500		03/01/45		938
	919,507		FNMA		4.000		05/01/45		980
	2,043,932		FNMA		4.000		06/01/45		2,179
	10,000,000	h	FNMA		3.000		07/25/45		9,939
	11,000,000	h	FNMA		4.000		07/25/45		11,639
	37,000,000	h	FNMA		3.000		08/25/45		36,679
	67,000,000	h	FNMA		3.500		08/25/45		68,736
	46,000,000	h	FNMA		4.000		08/25/45		48,565
	55,000,000	h	FNMA		4.500		08/25/45		59,331
	34,000,000	h	FNMA		5.000		08/25/45		37,517
	59,000,000	h	FNMA		3.500		09/25/45		60,360
	10,000,000	h	FNMA		4.000		09/25/45		10,531
	8,904		Government National Mortgage Association (GNMA)		9.000		12/15/17		9
	4,118,626		GNMA		2.300		10/15/19		4,186
	8,169		GNMA		8.000		06/15/22		8
	21,668		GNMA		6.500		08/15/23		25
	8,411		GNMA		6.500		08/15/23		10
	7,089,777		GNMA		2.580		08/15/25		7,236
	104,381		GNMA		6.500		05/20/31		124
	9,083,259		GNMA		2.640		01/15/33		8,963
	12,708,482		GNMA		2.690		06/15/33		12,643
	249,801		GNMA		5.500		07/15/33		288
	145,735		GNMA		6.000		10/20/36		167
	151,388		GNMA		6.000		01/20/37		174
	534,634		GNMA		5.500		02/15/37		608
	826,585		GNMA		6.000		02/20/37		949
	376,118		GNMA		5.000		04/15/38		417
	279,124		GNMA		6.000		08/20/38		317
	578,410		GNMA		6.500		11/20/38		674
	545,934		GNMA		5.000		07/20/39		608
	4,771,897		GNMA		4.500		09/20/39		5,300
	19,305,010		GNMA		3.500		10/20/42		4,225
	4,442,325		GNMA		3.500		07/15/43		4,624
	1,042,468		GNMA		3.500		02/15/45		1,085
	29,000,000	h	GNMA		3.000		07/20/45		29,220
	11,000,000	h	GNMA		3.500		07/20/45		11,395
	31,000,000	h	GNMA		3.000		08/20/45		31,157
	80,000,000	h	GNMA		3.500		08/20/45		82,656
	19,000,000	h	GNMA		4.000		08/20/45		20,084
	21,000,000	h	GNMA		4.000		09/20/45		22,159
			TOTAL MORTGAGE BACKED						1,126,217

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
MUNICIPAL BONDS - 3.6%
$	4,500,000	g	Basin Electric Power Coop		6.127	%	06/01/41	$	5,067
	1,090,000		Bay Area Water Supply & Conservation Agency		1.311		10/01/17		1,088
	3,790,000		Bay Area Water Supply & Conservation Agency		2.535		10/01/21		3,753
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,584
	1,170,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,132
	675,000		California Earthquake Authority		1.194		07/01/16		675
	7,465,000		California Earthquake Authority		2.805		07/01/19		7,638
	13,000,000		California Housing Finance Agency		2.966		08/01/22		12,738
	6,165,000	g	California Pollution Control Financing Authority		5.000		07/01/27		6,441
	8,020,000	g	California Pollution Control Financing Authority		5.000		07/01/37		8,313
	2,500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		2,585
	3,700,000		Calleguas Municipal Water District		2.030		07/01/18		3,736
	1,215,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		1,218
	1,250,000		City & County of Honolulu, HI		6.114		07/01/29		1,388
	4,000,000		City of Dallas, TX		5.078		02/15/22		4,573
	1,500,000		City of Dallas, TX		5.195		02/15/35		1,664
	760,000		City of Eugene, OR		6.320		08/01/22		872
	12,500,000		City of Houston TX Utility System Revenue		2.563		05/15/20		12,813
	10,095,000		City of Houston TX Utility System Revenue		2.923		05/15/21		10,404
	1,615,000		City of Jersey City NJ		1.192		09/01/15		1,617
	2,200,000		City of Jersey City NJ		1.509		09/01/16		2,206
	2,180,000		City of Jersey City NJ		1.829		09/01/17		2,177
	500,000		City of Jersey City NJ		2.079		09/01/18		498
	925,000		City of Jersey City NJ		2.423		09/01/19		920
	1,000,000		Commonwealth Financing Authority		2.675		06/01/21		978
	1,150,000		Commonwealth Financing Authority		2.875		06/01/22		1,120
	2,310,000		Commonwealth Financing Authority		3.075		06/01/23		2,251
	24,000,000		Commonwealth of Massachusetts		5.000		08/01/33		27,200
	5,000,000		Commonwealth of Massachusetts		5.456		12/01/39		6,114
	755,000		County of Mercer, NJ		5.380		02/01/17		793
	23,500,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		23,814
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric		5.112		09/01/18		1,686
	4,600,000		Fiscal Year 2005 Securitization Corp		4.760		08/15/19		4,900
	9,750,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		9,797
	15,630,000	j	Garden State Preservation Trust		0.000		11/01/22		12,844
	1,000,000		Grant County Public Utility District No 2		5.470		01/01/34		1,079
	1,250,000		Grant County Public Utility District No 2		4.164		01/01/35		1,225
	4,135,000		Greene County OH		2.720		12/01/21		4,123
	4,365,000		Greene County OH		3.120		12/01/23		4,333
	4,615,000		Greene County OH		3.270		12/01/24		4,574
	4,755,000		Greene County OH		3.420		12/01/25		4,695
	1,700,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,853
	975,000		Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		977
	540,000		Lavaca-Navidad River Authority		3.850		08/01/26		538
	6,430,000		Lavaca-Navidad River Authority		4.430		08/01/35		6,248
	530,000		Massachusetts Housing Finance Agency		1.306		06/01/16		531
	285,000		Massachusetts Housing Finance Agency		1.776		06/01/17		286
	4,600,000		Massachusetts Housing Finance Agency		4.782		12/01/20		4,708
	5,400,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		6,360
	3,500,000		Metropolitan Council		1.750		09/01/20		3,451

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,000,000		Metropolitan Washington Airports Authority		5.690	%	10/01/30	$	3,027
	5,000,000		Metropolitan Water District of Southern California		6.250		07/01/39		5,613
	750,000		Metropolitan Water Reclamation District of Greater Chicago		2.229		12/01/16		759
	1,590,000		Michigan Finance Authority		5.000		07/01/16		1,650
	8,945,000		Michigan Finance Authority		5.000		07/01/22		10,229
	8,000,000		Michigan Finance Authority		5.000		07/01/22		9,121
	500,000		Michigan Finance Authority		5.000		07/01/22		560
	515,000		Michigan Finance Authority		5.000		07/01/29		551
	2,500,000		Michigan Finance Authority		5.000		07/01/30		2,666
	2,000,000		Michigan Finance Authority		5.000		07/01/31		2,125
	1,130,000		New York State Energy Research & Development Authority		1.028		07/01/16		1,128
	1,590,000		New York State Energy Research & Development Authority		2.372		07/01/19		1,606
	1,285,000		New York State Energy Research & Development Authority		2.772		07/01/20		1,310
	1,590,000		New York State Energy Research & Development Authority		3.206		07/01/22		1,645
	1,200,000		New York State Environmental Facilities Corp		2.005		06/15/19		1,191
	1,220,000		New York State Environmental Facilities Corp		2.595		06/15/21		1,218
	1,255,000		New York State Environmental Facilities Corp		3.045		06/15/24		1,249
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,213
	500,000		New York State Environmental Facilities Corp		3.684		12/15/29		487
	800,000		New York State Environmental Facilities Corp		5.807		06/15/39		990
	2,475,000		New York State Urban Development Corp		6.500		12/15/18		2,732
	270,000		Newport News Economic Development Authority		5.640		01/15/29		274
	2,230,000		Newport News Economic Development Authority		5.640		01/15/29		2,281
	1,250,000	g	Niagara Area Development Corp		4.000		11/01/24		1,259
	4,750,000		Northern California Power Agency		4.320		07/01/24		5,003
	2,450,000		Ohio State Water Development Authority		4.879		12/01/34		2,730
	6,500,000	i	Ohio State Water Development Authority				05/01/38		6,500
	700,000		Oklahoma Water Resources Board		3.071		04/01/22		720
	1,220,000		Pend Oreille County Public Utility District No Box Canyon		1.987		01/01/16		1,230
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		2.417		01/01/17		1,018
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		2.787		01/01/18		1,028
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		3.037		01/01/19		1,041
	1,070,000		Pend Oreille County Public Utility District No Box Canyon		3.621		01/01/21		1,121
	1,900,000		South Dakota Conservancy District		0.712		08/01/15		1,901
	1,000,000		South Dakota Conservancy District		1.620		08/01/18		1,000
	3,330,000		South Dakota Conservancy District		1.648		08/01/18		3,364
	2,920,000		South Dakota Conservancy District		1.898		08/01/19		2,941
	38,830,000		State of California		3.750		10/01/37		38,539
	7,050,000		State of California		4.988		04/01/39		7,289
	5,000,000		State of Connecticut		5.090		10/01/30		5,488
	5,570,000		State of Illinois		4.350		06/01/18		5,722
	9,000,000		State of Illinois		5.520		04/01/38		7,840
	4,505,000		State of Michigan		3.375		12/01/20		4,772
	4,405,000		State of Michigan		3.590		12/01/26		4,468
	2,500,000		State of Ohio		5.412		09/01/28		2,937

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,265,000		State of Texas		4.900	%	08/01/20	$	3,273
	5,000,000		State of Texas		6.072		10/01/29		5,727
	2,025,000		State of Texas		3.576		08/01/34		1,918
	3,370,000		State of Texas		3.726		08/01/43		3,215
	1,985,000		State of Washington		5.050		01/01/18		1,991
	3,000		State of Wisconsin		5.700		05/01/26		4
	23,480,000		Suffolk County Water Authority		3.500		06/01/39		22,168
	2,280,000		Tampa Bay Water		2.612		10/01/25		2,193
	3,225,000		Tampa Bay Water		2.782		10/01/26		3,094
	3,000,000		Tampa Bay Water		2.952		10/01/27		2,853
	5,000,000		Tuolumne Wind Project Authority		6.918		01/01/34		5,650
	3,035,000		University of California		3.809		05/15/28		3,020
	11,400,000		University of California		4.009		05/15/30		11,330
	6,500,000	i	University of California		0.684		07/01/41		6,503
	1,000,000		University of Cincinnati		3.250		06/01/29		969
	1,560,000		University of Cincinnati		3.650		06/01/34		1,514
	1,615,000		University of Cincinnati		3.700		06/01/35		1,568
	18,000,000		University of New Mexico		3.532		06/20/32		17,671
	17,500,000		University of Virginia		3.570		04/01/45		16,666
	1,000,000		Washington County Clean Water Services		5.078		10/01/24		1,157
	600,000		West Virginia Water Development Authority		5.000		11/01/21		702
	1,345,000		West Virginia Water Development Authority		5.000		11/01/22		1,580
	1,000,000		West Virginia Water Development Authority		5.000		11/01/23		1,184
			TOTAL MUNICIPAL BONDS						510,064

U.S. TREASURY SECURITIES - 1.5%
	6,000,000		United States Treasury Bond		3.125		02/15/43		5,980
	50,000,000		United States Treasury Bond		2.875		05/15/43		47,422
	1,000,000		United States Treasury Bond		3.375		05/15/44		1,045
	14,770,000		United States Treasury Bond		2.500		02/15/45		12,938
	7,565,000		United States Treasury Note		0.250		12/31/15		7,567
	2,000,000		United States Treasury Note		0.625		07/15/16		2,005
	2,200,000		United States Treasury Note		0.500		11/30/16		2,200
	9,390,000		United States Treasury Note		0.500		02/28/17		9,380
	9,250,000		United States Treasury Note		1.125		06/15/18		9,280
	4,230,000		United States Treasury Note		1.625		04/30/19		4,275
	67,665,000		United States Treasury Note		1.375		03/31/20		66,946
	9,165,000		United States Treasury Note		1.500		05/31/20		9,106
	12,234,500		United States Treasury Note		1.625		11/15/22		11,811
	24,255,000		United States Treasury Note		2.125		05/15/25		23,776
			TOTAL U.S. TREASURY SECURITIES						213,731

			TOTAL GOVERNMENT BONDS						3,253,171
			(Cost $3,215,535)

STRUCTURED ASSETS - 2.9%

ASSET BACKED - 1.5%
	8,892,266	g	Alterna Funding I LLC		1.639		02/15/21		8,909
			Series - 2014 1A (Class NOTE)
	1,172,624	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		1,166
			Series - 2005 HE7 (Class M2)
	4,965,277	i	Asset-Backed Pass-Through Certificates		1.036		01/25/35		4,727
			Series - 2004 R12 (Class M1)

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,500,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110	%	03/20/17	$	4,585
			Series - 2010 5A (Class B)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		4,054
			Series - 2011 5A (Class C)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		4,159
			Series - 2011 5A (Class B)
	925,000	i	Basic Asset Backed Securities Trust		0.497		04/25/36		818
			Series - 2006 1 (Class A3)
	284,917	i	Bear Stearns Asset Backed Securities Trust		0.927		11/25/39		283
			Series - 2005 SD3 (Class 2A1)
	4,000,000	g	Capital Automotive REIT		3.660		10/15/44		3,982
			Series - 2014 1A (Class A)
	4,001,302	i	Chase Funding Loan Acquisition Trust		1.042		06/25/34		3,660
			Series - 2004 OPT1 (Class M1)
	8,938,276	i	Connecticut Avenue Securities		1.687		02/25/25		8,949
			Series - 2015 C01 (Class 1M1)
	5,985,000	g	DB Master Finance LLC		3.262		02/20/45		6,004
			Series - 2015 1A (Class A2I)
	1,715,000	g,i	DB/UBS Mortgage Trust		5.735		11/10/46		1,904
			Series - 2011 LC1A (Class C)
	12,561,250	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		12,959
			Series - 2012 1A (Class A2)
	21,423,108	g	HERO Funding Trust		3.840		09/21/40		21,458
			Series - 2015 1A (Class A)
	4,347,940	g	HERO Funding Trust		3.990		09/21/40		4,255
			Series - 2014 2A (Class A)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		550
			Series - 2010 1A (Class B3)
	1,619,067	i	Lehman XS Trust		0.437		02/25/36		1,539
			Series - 2006 1 (Class 1A1)
	4,733,434	i	Lehman XS Trust		6.500		06/25/46		3,702
			Series - 2006 13 (Class 2A1)
	1,071,043	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.967		01/25/36		1,065
			Series - 2005 WCH1 (Class M2)
	299,628	i	Residential Asset Mortgage Products, Inc		5.470		09/25/33		309
			Series - 2003 RZ5 (Class A7)
	139,099	i	Residential Asset Securities Corp		0.832		04/25/35		139
			Series - 2005 KS3 (Class M3)
	437,154		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		437
			Series - 2006 HI5 (Class A3)
	326,556	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		327
			Series - 2006 HI1 (Class M1)
	200,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		207
			Series - 2006 HI1 (Class M2)
	3,800,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		3,811
			Series - 2013 1 (Class C)
	390,956	i	Securitized Asset Backed Receivables LLC		0.487		10/25/35		387
			Series - 2006 OP1 (Class A2C)
	1,688,562	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		1,711
			Series - 2012 2A (Class B)
	1,298,664	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		1,288
			Series - 2013 1A (Class A)
	6,609,399	g	SolarCity LMC		4.590		04/20/44		6,876
			Series - 2014 1 (Class A)

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	29,813,244	g	SolarCity LMC		4.020	%	07/20/44	$	30,081
			Series - 2014 2 (Class A)
	339,082	i	Soundview Home Equity Loan Trust		0.487		11/25/35		337
			Series - 2005 OPT3 (Class A4)
	12,300,953	g	SpringCastle America Funding LLC		2.700		05/25/23		12,376
			Series - 2014 AA (Class A)
	6,125,730	i	Structured Asset Securities Corp Mortgage Loan Trust		1.684		04/25/35		5,814
			Series - 2005 7XS (Class 2A1A)
	22,500,000		Toyota Auto Receivables Owner Trust		1.270		05/15/19		22,483
			Series - 2015 B (Class A3)
	22,500,000		Toyota Auto Receivables Owner Trust		1.740		09/15/20		22,579
			Series - 2015 B (Class A4)
	528,221	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		537
			Series - 2006 N1 (Class N1)
	652,384	g,i	Wachovia Loan Trust		0.547		05/25/35		633
			Series - 2005 SD1 (Class A)
	165,930	i	Wells Fargo Home Equity Trust		0.327		07/25/36		165
			Series - 2006 2 (Class A3)
	4,000,000	g	Wendys Funding LLC		3.371		06/15/45		3,990
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						213,215

OTHER MORTGAGE BACKED - 1.4%
	1,800,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		1,809
			Series - 2006 6 (Class B)
	3,050,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		3,179
			Series - 2007 1 (Class AM)
	5,416,386	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		5,647
			Series - 2007 1 (Class AMFX)
	2,590,000	i	Bear Stearns Commercial Mortgage Securities		6.118		09/11/42		2,769
			Series - 2007 T28 (Class AJ)
	2,500,000	i	Bear Stearns Commercial Mortgage Securities		5.878		06/11/50		2,564
			Series - 2007 PW17 (Class AJ)
	1,225,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		1,259
			Series - 2006 C4 (Class AJ)
	2,575,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		2,751
			Series - 2007 C3 (Class AM)
	3,925,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		4,037
			Series - 2007 C3 (Class AJ)
	2,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		2,925
			Series - 2007 C2 (Class AMFX)
	4,000,000	i	COMM Mortgage Trust		5.796		12/10/49		4,180
			Series - 2007 C9 (Class B)
	4,765,000	i	Commercial Mortgage Trust		5.238		04/10/37		4,797
			Series - 2005 GG5 (Class AJ)
	775,594		Countrywide Alternative Loan Trust		5.500		08/25/16		789
			Series - 2004 30CB (Class 1A15)
	2,775,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		2,879
			Series - 2007 C4 (Class A1AJ)
	1,500,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		1,574
			Series - 2006 C5 (Class AM)
	3,500,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		3,622
			Series - 2009 RR1 (Class A3C)
	8,450,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		8,549
			Series - 2007 C2 (Class AJ)
	280,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		281
			Series - 2005 C5 (Class C)

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,500,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.230	%	12/15/40	$	3,532
			Series - 2005 C6 (Class B)
	2,000,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		2,243
			Series - 2006 OMA (Class D)
	500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		522
			Series - 2007 C1 (Class AM)
	2,535,000	g,i	GS Mortgage Securities Corp II		5.396		12/10/43		2,818
			Series - 2010 C2 (Class B)
	1,500,000	i	GS Mortgage Securities Trust		5.553		04/10/38		1,515
			Series - 2006 GG6 (Class B)
	1,750,000	i	GS Mortgage Securities Trust		5.739		04/10/38		1,753
			Series - 2006 GG6 (Class C)
	1,365,889	i	Harborview Mortgage Loan Trust		0.408		07/19/47		1,162
			Series - 2007 4 (Class 2A1)
	764,340	i	Impac CMB Trust		0.847		03/25/35		712
			Series - 2004 11 (Class 2A1)
	3,780,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		3,790
			Series - 2005 LDP2 (Class C)
	2,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.753		02/15/46		2,134
			Series - 2011 C3 (Class E)
	3,025,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.459		07/15/46		3,309
			Series - 2011 C4 (Class C)
	5,170,633		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		5,349
			Series - 2006 LDP9 (Class A1A)
	2,639,215	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,835
			Series - 2007 LD12 (Class AM)
	1,500,000	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		1,498
			Series - 2006 C3 (Class C)
	852,000	i	LB-UBS Commercial Mortgage Trust		5.482		09/15/39		847
			Series - 2006 C6 (Class C)
	2,500,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		2,590
			Series - 2007 C1 (Class AJ)
	700,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		711
			Series - 2007 C1 (Class C)
	3,390,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		3,349
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		802
			Series - 2007 C6 (Class AM)
	275,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		276
			Series - 2005 C5 (Class AJ)
	645,000	i	Merrill Lynch Mortgage Trust		6.475		02/12/51		698
			Series - 0 C1 (Class AJA)
	2,750,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		2,839
			Series - 2007 6 (Class AM)
	855,000	g,i	Morgan Stanley Capital I Trust		6.010		08/12/41		882
			Series - 2006 T23 (Class B)
	3,000,000	i	Morgan Stanley Capital I Trust		5.389		11/12/41		3,080
			Series - 2006 HQ10 (Class AJ)
	1,000,000	i	Morgan Stanley Capital I Trust		5.271		08/13/42		999
			Series - 2005 HQ6 (Class F)
	2,111,000	i	Morgan Stanley Capital I Trust		5.834		10/15/42		2,167
			Series - 2006 IQ11 (Class AJ)

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	710,000	g,i	Morgan Stanley Capital I Trust		5.418	%	09/15/47	$	763
			Series - 2011 C1 (Class D)
	600,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		599
			Series - 2007 IQ15 (Class AJ)
	17,385,000	g	OBP Depositor LLC Trust		4.646		07/15/45		19,104
			Series - 2010 OBP (Class A)
	187,037		Residential Accredit Loans, Inc		4.350		03/25/34		188
			Series - 2004 QS4 (Class A1)
	48,719		RFMSI Trust		5.500		03/25/35		49
			Series - 2005 S2 (Class A6)
	529,728	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		531
			Series - 0 2A (Class A)
	3,485,828	i	Structured Agency Credit Risk Debt Note (STACR)		1.437		01/25/25		3,482
			Series - 2015 DN1 (Class M1)
	7,375,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.587		01/25/25		7,421
			Series - 2015 DN1 (Class M2)
	10,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.387		03/25/25		9,928
			Series - 2015 HQ1 (Class M2)
	750,000	i	Structured Agency Credit Risk Debt Note (STACR)		3.987		03/25/25		739
			Series - 2015 HQ1 (Class M3)
	5,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.385		12/15/43		4,843
			Series - 2007 C30 (Class AMFL)
	4,585,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		4,818
			Series - 2007 C30 (Class AM)
	890,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		956
			Series - 2007 C34 (Class AM)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		6.144		05/15/46		1,773
			Series - 2007 C34 (Class AJ)
	1,975,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		2,095
			Series - 2007 C31 (Class AM)
	1,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		1,538
			Series - 2007 C31 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		1,000
			Series - 2007 C31 (Class B)
	700,000	i	Wachovia Bank Commercial Mortgage Trust		5.860		04/15/47		684
			Series - 2007 C31 (Class C)
	4,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		4,245
			Series - 2007 C32 (Class AMFX)
	875,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		841
			Series - 2007 C32 (Class B)
	12,830,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		13,153
			Series - 2007 C32 (Class AJ)
	510,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		547
			Series - 2007 C33 (Class AM)
	6,417,180	i	WaMu Mortgage Pass-Through Certificates		0.617		10/25/45		5,758
			Series - 2005 AR13 (Class A1B2)
	2,363,551	i	WaMu Mortgage Pass-Through Certificates		0.537		12/25/45		2,170
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED						193,248

			TOTAL STRUCTURED ASSETS						406,463
			(Cost $404,736)

			TOTAL BONDS						5,475,288
			(Cost $5,438,552)

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 59.7%

AUTOMOBILES & COMPONENTS - 1.9%
	67,500		Aisin Seiki Co Ltd	$	2,870
	155,527		Bayerische Motoren Werke AG.		17,032
	58,860		Bayerische Motoren Werke AG. (Preference)		4,984
	286,800		Denso Corp		14,269
	2,779,908		Ford Motor Co		41,726
	248,200		Fuji Heavy Industries Ltd		9,126
	723,245		GKN plc		3,800
	236,929		Harley-Davidson, Inc		13,351
	617,080		Honda Motor Co Ltd		19,944
	741,971		Johnson Controls, Inc		36,750
	125,346		Magna International, Inc (Class A)		7,035
	445,100		Mazda Motor Corp		8,710
	379,700		Mitsubishi Motors Corp		3,229
	59,514	*	Modine Manufacturing Co		639
	1,536,400		Nissan Motor Co Ltd		16,051
	20,786		Pirelli & C S.p.A.		351
	139,972		Renault S.A.		14,676
	9,200		Stanley Electric Co Ltd		192
	161,300		Sumitomo Electric Industries Ltd		2,496
	78,492	*	Tenneco, Inc		4,508
	113,370	*,e	Tesla Motors, Inc		30,413
	98,900		Toyota Industries Corp		5,632
	96,100		Yamaha Motor Co Ltd		2,100
			TOTAL AUTOMOBILES & COMPONENTS		259,884

BANKS - 4.0%
	30,411		Apollo Residential Mortgage		447
	1,142		Arrow Financial Corp		31
	51,058		Associated Banc-Corp		1,035
	4,424		Astoria Financial Corp		61
	885,057		Australia & New Zealand Banking Group Ltd		21,965
	3,630,517		Banca Intesa S.p.A.		13,184
	312,569		Banca Intesa S.p.A. RSP		998
	2,159,479		Banco Bilbao Vizcaya Argentaria S.A.		21,279
	331,120		Bank Hapoalim Ltd		1,782
	21,859		Bank Mutual Corp		168
	25,289	e	Bank of Hawaii Corp		1,686
	95,743		Bank of Montreal		5,673
	365,143		Bank of Nova Scotia		18,848
	3,264		Bank of the Ozarks, Inc		149
	7,332		Banner Corp		351
	921,844		BB&T Corp		37,160
	23,015		BBCN Bancorp, Inc		340
	4,422		Bendigo Bank Ltd		42
	1,202	*	Beneficial Bancorp, Inc		15
	7,660		Berkshire Hills Bancorp, Inc		218
	43,413		Boston Private Financial Holdings, Inc		582
	9,648		Brookline Bancorp, Inc		109
	4,200	e	Canadian Imperial Bank of Commerce/Canada		310

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	4,544	*	Capital Bank Financial Corp	$	132
	7,221		Capitol Federal Financial		87
	3,360		Cathay General Bancorp		109
	5,743		Centerstate Banks of Florida, Inc		78
	150,179		CIT Group, Inc		6,982
	3,804		CoBiz, Inc		50
	2,120		Columbia Banking System, Inc		69
	165,930		Comerica, Inc		8,515
	1,336		Commerce Bancshares, Inc		62
	415,911		Commonwealth Bank of Australia		27,274
	3,936	e	Community Bank System, Inc		149
	752,363		Criteria CaixaBank S.A.		3,501
	9,127		Cullen/Frost Bankers, Inc		717
	10,739	*	Customers Bancorp, Inc		289
	48,600		DBS Group Holdings Ltd		746
	66,896		DNB NOR Holding ASA		1,114
	10,051		East West Bancorp, Inc		450
	12,087	*	FCB Financial Holdings, Inc		384
	14,531		Federal Agricultural Mortgage Corp (Class C)		422
	2,018		First Bancorp (NC)		34
	451		First Citizens Bancshares, Inc (Class A)		119
	50,809		First Commonwealth Financial Corp		487
	6,726		First Financial Bancorp		121
	18,140		First Interstate Bancsystem, Inc		503
	5,409		First Merchants Corp		134
	16,186		FNB Corp		232
	2,590		Glacier Bancorp, Inc		76
	5,441		Hancock Holding Co		174
	552,400		Hang Seng Bank Ltd		10,789
	2,412		Heartland Financial USA, Inc		90
	16,335		HomeStreet, Inc		373
	4,413,602		HSBC Holdings plc		39,521
	9,593		IBERIABANK Corp		655
	4,148		Independent Bank Corp (MA)		194
	1,147		International Bancshares Corp		31
	20,614		Investors Bancorp, Inc		254
	206,400		KBC Groep NV		13,837
	1,311,216		Keycorp		19,694
	21,058		Lakeland Bancorp, Inc		250
	172,036	e	M&T Bank Corp		21,492
	1,800		MB Financial, Inc		62
	61,360	*,e	MGIC Investment Corp		698
	572,000		Mitsui Trust Holdings, Inc		2,617
	5,178,600		Mizuho Financial Group, Inc		11,205
	849,987		National Australia Bank Ltd		21,831
	12,837		National Bank Holdings Corp		267
	44,399		National Penn Bancshares, Inc		501
	996,789		Natixis		7,194
	1,500		NBT Bancorp, Inc		39
	145,456	e	New York Community Bancorp, Inc		2,673
	1,164,036		Nordea Bank AB		14,518
	11,094		Northfield Bancorp, Inc		167

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	57,600	e	OFG Bancorp	$	615
	19,938		Old National Bancorp		288
	22,911		PacWest Bancorp		1,071
	4,182		Peoples Bancorp, Inc		98
	2,728		People’s United Financial, Inc		44
	7,054		Pinnacle Financial Partners, Inc		383
	407,743		PNC Financial Services Group, Inc		39,001
	123,134	*	Popular, Inc		3,554
	20,422		PrivateBancorp, Inc		813
	53,363		Provident Financial Services, Inc		1,013
	273,805	e	Radian Group, Inc		5,137
	4,579	e	Renasant Corp		149
	155,400		Resona Holdings, Inc		848
	277,939	e	Royal Bank of Canada (Toronto)		16,997
	1,000		S&T Bancorp, Inc		30
	3,487	*	Signature Bank		510
	176,421		Skandinaviska Enskilda Banken AB (Class A)		2,257
	6,342	e	Southside Bancshares, Inc		185
	1,077,401		Standard Chartered plc		17,254
	7,477		State Bank & Trust Co		162
	473,300		Sumitomo Mitsui Financial Group, Inc		21,071
	200,914		Susquehanna Bancshares, Inc		2,837
	28,454	*	SVB Financial Group		4,097
	45,092		Swedbank AB (A Shares)		1,051
	800	*	Texas Capital Bancshares, Inc		50
	26,435	*	The Bancorp, Inc		245
	499,536	e	Toronto-Dominion Bank		21,213
	1,700		Trustmark Corp		42
	5,465		UMB Financial Corp		312
	3,150		Umpqua Holdings Corp		57
	2,479		Union Bankshares Corp		58
	10,908	e	United Bankshares, Inc		439
	5,569		United Financial Bancorp, Inc (New)		75
	1,137,380		US Bancorp		49,362
	25,040	*	Walker & Dunlop, Inc		670
	13,956		Webster Financial Corp		552
	3,652		WesBanco, Inc		124
	5,233	e	Westamerica Bancorporation		265
	50,433	*	Western Alliance Bancorp		1,703
	953,946		Westpac Banking Corp		23,603
	32,346		Wilshire Bancorp, Inc		408
	1,110		Wintrust Financial Corp		59
	37,356		Zions Bancorporation		1,185
			TOTAL BANKS		568,282

CAPITAL GOODS - 4.3%
	331,997		3M Co		51,227
	6,541		A.O. Smith Corp		471
	75,930		Alfa Laval AB		1,336
	1,796		American Science & Engineering, Inc		79
	312,522		Ametek, Inc		17,120
	4,886		Argan, Inc		197

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	56,219	*	ArvinMeritor, Inc	$	738
	368,000	e	Asahi Glass Co Ltd		2,209
	131,172		Assa Abloy AB		2,469
	150,411	*	Atlas Copco AB (A Shares)		4,208
	178,547	*	Atlas Copco AB (B Shares)		4,448
	102,199		Barnes Group, Inc		3,985
	2,120	*	Beacon Roofing Supply, Inc		70
	106,747		Bouygues S.A.		3,991
	29,997		Briggs & Stratton Corp		578
	116,374	*	Builders FirstSource, Inc		1,494
	240,831		Bunzl plc		6,570
	14,140	*	CAI International, Inc		291
	313,517		Caterpillar, Inc		26,592
	4,279	*	Chart Industries, Inc		153
	769,054	e	CNH Industrial NV		7,018
	10,768	*,e	Colfax Corp		497
	313,257		Compagnie de Saint-Gobain		14,141
	210,677		Cummins, Inc		27,639
	46,600		Daikin Industries Ltd		3,350
	471,896		Danaher Corp		40,390
	207,052	e	Deere & Co		20,094
	343,132		Eaton Corp		23,158
	4,941		EMCOR Group, Inc		236
	4,487		EnerSys		315
	48,981	*,e	Enphase Energy, Inc		373
	19,159	*	Esterline Technologies Corp		1,827
	153,282	e	Fastenal Co		6,465
	96,744		Ferrovial S.A.		2,102
	6,133		Fluor Corp		325
	41,392	*	Furmanite Corp		336
	21,353		GEA Group AG.		953
	21,302		Geberit AG.		7,102
	64,204		Graco, Inc		4,560
	20,413		H&E Equipment Services, Inc		408
	62,217		Hexcel Corp		3,095
	164,600		Hino Motors Ltd		2,035
	83,600		Hitachi Construction Machinery Co Ltd		1,463
	363,861		Illinois Tool Works, Inc		33,399
	133,866		Ingersoll-Rand plc		9,025
	500	*	Jacobs Engineering Group, Inc		20
	92,000		Kawasaki Heavy Industries Ltd		429
	1,161,870		Keppel Corp Ltd		7,082
	17,365	*,e	KEYW Holding Corp		162
	574,500		Komatsu Ltd		11,526
	377,262		Koninklijke Philips Electronics NV		9,629
	374,000		Kubota Corp		5,930
	24,367		Legrand S.A.		1,371
	24,514		Lincoln Electric Holdings, Inc		1,493
	451,028		Masco Corp		12,029
	121,857		Meggitt plc		892
	1,101	*	Middleby Corp		124
	728,700		Mitsubishi Corp		16,020

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	706,000		Mitsubishi Electric Corp	$	9,116
	6,490	*	MYR Group, Inc		201
	83,000		NGK Insulators Ltd		2,136
	89,279		Nordson Corp		6,954
	86,000		NSK Ltd		1,326
	152,609		Owens Corning, Inc		6,295
	287,127		Paccar, Inc		18,322
	3,296		Pall Corp		410
	34,256		Parker Hannifin Corp		3,985
	105,836		Pentair plc		7,276
	127,194	*,e	Plug Power, Inc		312
	43,401	*	Polypore International, Inc		2,599
	165,288		Precision Castparts Corp		33,036
	118,919	*	Quanta Services, Inc		3,427
	94,188		Rexel S.A.		1,520
	29,393		Rockwell Automation, Inc		3,663
	95,860		Rockwell Collins, Inc		8,853
	36,615		Roper Industries, Inc		6,315
	9,907	*	Rush Enterprises, Inc (Class A)		260
	236,880		Sandvik AB		2,619
	246,514		Schneider Electric S.A.		17,068
	84,000		Shimizu Corp		707
	43,110		Skanska AB (B Shares)		874
	42,500		SKF AB (B Shares)		970
	148,101		Smiths Group plc		2,625
	22,131		Sulzer AG.		2,276
	483,600	*	Sumitomo Corp		5,629
	5,435	e	TAL International Group, Inc		172
	42,344		Tennant Co		2,767
	18,487		Timken Co		676
	8,405	*	Titan Machinery, Inc		124
	70,700		Toyota Tsusho Corp		1,897
	44,059		Travis Perkins plc		1,459
	38,902	*	United Rentals, Inc		3,409
	111,665	e	Vallourec		2,281
	2,428	*	Veritiv Corp		88
	47,030		Vestas Wind Systems AS		2,344
	265,020		Vinci S.A.		15,381
	508,805		Volvo AB (B Shares)		6,318
	25,258	*	Wabash National Corp		317
	33,218		Wartsila Oyj (B Shares)		1,556
	121,923		Wolseley plc		7,775
	20,710		Woodward Governor Co		1,139
			TOTAL CAPITAL GOODS		601,716

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	2,604		ABM Industries, Inc		86
	52,489	e	Acacia Research (Acacia Technologies)		460
	220,691	*	ACCO Brands Corp		1,715
	12,234		Administaff, Inc		623
	75,021		Aggreko plc		1,694
	413,857		Brambles Ltd		3,376

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	70,920		Bureau Veritas S.A.	$	1,635
	344,932		Capita Group plc		6,702
	10,978		CDI Corp		143
	9,841		CEB, Inc		857
	136,822		Civeo Corp		420
	2,394	*	Copart, Inc		85
	218,000		Dai Nippon Printing Co Ltd		2,249
	24,020		Deluxe Corp		1,489
	68,939		Dun & Bradstreet Corp		8,411
	22,336		Equifax, Inc		2,169
	2,000		Heidrick & Struggles International, Inc		52
	6,421		HNI Corp		328
	2,948	*	ICF International, Inc		103
	9,308	*	IHS, Inc (Class A)		1,197
	19,643		Interface, Inc		492
	41,764		Intertek Group plc		1,606
	4,335		Kelly Services, Inc (Class A)		67
	5,113		Kforce, Inc		117
	29,712		Manpower, Inc		2,656
	11,581	*	Mistras Group, Inc		220
	2,100		Mobile Mini, Inc		88
	31,281	*	Navigant Consulting, Inc		465
	1,000	*	On Assignment, Inc		39
	109,843	e	R.R. Donnelley & Sons Co		1,915
	8,726		Resources Connection, Inc		140
	162,118		Robert Half International, Inc		8,998
	16,303	*	RPX Corp		275
	58,400		Secom Co Ltd		3,794
	4,513		SGS S.A.		8,230
	400		Societe BIC S.A.		64
	1,544	*	SP Plus Corp		40
	27,563		Tetra Tech, Inc		707
	179,000		Toppan Printing Co Ltd		1,496
	13,021		Viad Corp		353
	16,675		Waste Management, Inc		773
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		66,329

CONSUMER DURABLES & APPAREL - 0.9%
	145,431		Adidas-Salomon AG.		11,128
	359,953		Barratt Developments plc		3,472
	18,463	*	Black Diamond, Inc		171
	97,324		Burberry Group plc		2,401
	87,628		Callaway Golf Co		783
	45,519		Christian Dior S.A.		8,911
	1,447		CSS Industries, Inc		44
	24,000		Electrolux AB (Series B)		752
	21,476	e	Ethan Allen Interiors, Inc		566
	23,400		Gildan Activewear, Inc		777
	114,973	*	Kate Spade & Co		2,477
	675,800		Matsushita Electric Industrial Co Ltd		9,256
	437,883		Mattel, Inc		11,249
	47,348	*	Meritage Homes Corp		2,230

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	9,802	*	Mohawk Industries, Inc	$	1,871
	20,763		Movado Group, Inc		564
	469,105		Nike, Inc (Class B)		50,672
	126,600	e	Nikon Corp		1,463
	28,027		Pandora AS		3,007
	50,000		Sekisui Chemical Co Ltd		614
	96,000		Sekisui House Ltd		1,525
	685,000	*,e	Sharp Corp		832
	254,300	*	Sony Corp		7,221
	13,139		Taylor Wimpey plc		38
	27,906	*	Under Armour, Inc (Class A)		2,328
	11,586	*	Unifi, Inc		388
	39,656		VF Corp		2,766
	453,500		Yue Yuen Industrial Holdings		1,517
			TOTAL CONSUMER DURABLES & APPAREL		129,023

CONSUMER SERVICES - 1.3%
	113,891		Accor S.A.		5,764
	2,589	*	Ascent Media Corp (Series A)		111
	30,700		Benesse Corp		770
	1,289		Bob Evans Farms, Inc		66
	25,421		Brinker International, Inc		1,466
	67,510		Choice Hotels International, Inc		3,662
	91,310		Darden Restaurants, Inc		6,490
	1,346		DineEquity, Inc		133
	13,470		Domino’s Pizza, Inc		1,527
	7,832	e	Dunkin Brands Group, Inc		431
	156,776		InterContinental Hotels Group plc		6,321
	10,177	*	Intrawest Resorts Holdings Inc		118
	6,202		Marcus Corp		119
	271,146		Marriott International, Inc (Class A)		20,171
	605,511		McDonald’s Corp		57,566
	444,431	*	MGM Resorts International		8,111
	52,800		Oriental Land Co Ltd		3,368
	10,604	*	Popeyes Louisiana Kitchen, Inc		636
	33,974		Royal Caribbean Cruises Ltd		2,673
	118,640	*	Ruby Tuesday, Inc		744
	29,578		Sonic Corp		852
	883,487		Starbucks Corp		47,368
	89,319		Starwood Hotels & Resorts Worldwide, Inc		7,243
	63,973		TUI AG. (DI)		1,035
	40,772	*,e	Weight Watchers International, Inc		198
	94,131		Whitbread plc		7,313
	519,121		William Hill plc		3,288
			TOTAL CONSUMER SERVICES		187,544

DIVERSIFIED FINANCIALS - 3.4%
	824,615		3i Group plc		6,691
	682,984		Aberdeen Asset Management plc		4,332
	55,600		AEON Financial Service Co Ltd		1,543
	555,308		American Express Co		43,159
	909,353		Bank of New York Mellon Corp		38,166

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	106,704		BlackRock, Inc	$	36,917
	1,106,606		Charles Schwab Corp		36,131
	310,655		CME Group, Inc		28,910
	1,362		Cohen & Steers, Inc		46
	4,349	*	Credit Acceptance Corp		1,071
	124,578		Deutsche Boerse AG.		10,319
	570,464		Discover Financial Services		32,870
	27,124		Eurazeo		1,802
	130,529		Exor S.p.A.		6,235
	501,831		Franklin Resources, Inc		24,605
	24,115	*	Green Dot Corp		461
	488,982		Hong Kong Exchanges and Clearing Ltd		17,229
	35,894		Industrivarden AB		676
	832,077		ING Groep NV		13,817
	117,066		IntercontinentalExchange Group, Inc		26,177
	507,177		Invesco Ltd		19,014
	800,553		Investec plc		7,193
	35,326		Investment Technology Group, Inc		876
	61,166		Janus Capital Group, Inc		1,047
	114,201		Kinnevik Investment AB (Series B)		3,612
	62,663		Legg Mason, Inc		3,229
	150,805		London Stock Exchange Group plc		5,610
	409,300		Mitsubishi UFJ Lease & Finance Co Ltd		2,238
	76,231		NASDAQ OMX Group, Inc		3,721
	16,056		Nelnet, Inc (Class A)		695
	442,750		Northern Trust Corp		33,853
	22,527	*	PHH Corp		586
	5,879	*	Pico Holdings, Inc		87
	10,635	*	Safeguard Scientifics, Inc		207
	103,323		Schroders plc		5,155
	431,029		State Street Corp		33,189
	209,897		T Rowe Price Group, Inc		16,315
	3,000		TD Ameritrade Holding Corp		110
	18,232	*,e	Walter Investment Management Corp		417
	12,993		Wendel		1,597
	104,555	e	WisdomTree Investments, Inc		2,297
			TOTAL DIVERSIFIED FINANCIALS		472,205

ENERGY - 4.3%
	26,462	e	AltaGas Income Trust		806
	78,694		AMEC plc		1,011
	337,903		Apache Corp		19,473
	47,113	*,e	Approach Resources, Inc		323
	78,800	e	ARC Resources Ltd		1,350
	17,093	e	Atwood Oceanics, Inc		452
	263,533		Baker Hughes, Inc		16,260
	1,223,945		BG Group plc		20,385
	67,305	*	C&J Energy Services Ltd		888
	85,409	*	Callon Petroleum Co		711
	193,735		Caltex Australia Ltd		4,756
	108,251	*	Cameron International Corp		5,669
	5,527	e	CARBO Ceramics, Inc		230

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	679,786		Cenovus Energy, Inc (Toronto)	$	10,869
	253,266	*	Cheniere Energy, Inc		17,541
	85,024		Cimarex Energy Co		9,379
	100,978	*,e	Clean Energy Fuels Corp		568
	78,612	*,e	Cloud Peak Energy, Inc		366
	29,437	*	Concho Resources, Inc		3,352
	22,745	*	Contango Oil & Gas Co		279
	110,906	*,e	Continental Resources, Inc		4,701
	131,304	e	Crescent Point Energy Corp		2,694
	5,707		Delek Group Ltd		1,683
	2,500		Delek US Holdings, Inc		92
	503,489		Devon Energy Corp		29,953
	385,778		Enbridge, Inc		18,041
	337,231		EnCana Corp		3,718
	2,011		Energen Corp		137
	72,600	e	Enerplus Resources Fund		637
	130,050		Ensco plc		2,896
	443,741		EOG Resources, Inc		38,850
	39,983		EQT Corp		3,252
	223,153	e	EXCO Resources, Inc		263
	317,912		Galp Energia SGPS S.A.		3,742
	18,384	*,e	Geospace Technologies Corp		424
	16,052		Green Plains Renewable Energy, Inc		442
	320,684		Hess Corp		21,447
	315,600		Inpex Holdings, Inc		3,582
	201,413	*	ION Geophysical Corp		216
	174,154	*	Key Energy Services, Inc		314
	56,977	e	Keyera Corp		1,902
	35,044		Koninklijke Vopak NV		1,772
	540,270		Marathon Oil Corp		14,339
	656,389		Marathon Petroleum Corp		34,336
	21,626	*	Matrix Service Co		395
	308,654	*,e	McDermott International, Inc		1,648
	141,335	*	MEG Energy Corp		2,308
	422,877		National Oilwell Varco, Inc		20,417
	7,269	*	Natural Gas Services Group, Inc		166
	174,129		Neste Oil Oyj		4,442
	232,452		Noble Energy, Inc		9,921
	26,358	*,e	Oasis Petroleum, Inc		418
	526,318		Occidental Petroleum Corp		40,932
	225,695		OMV AG.		6,213
	153,232		Oneok, Inc		6,050
	39,397	*	PDC Energy, Inc		2,113
	177,259	e	Petrofac Ltd		2,579
	474,923		Phillips 66		38,260
	146,028		Pioneer Natural Resources Co		20,253
	777,353		Repsol YPF S.A.		13,701
	69,153	*,e	Rex Energy Corp		387
	7,692	*	RigNet, Inc		235
	894	*	SEACOR Holdings, Inc		63
	792,399		Spectra Energy Corp		25,832
	71,318		St. Mary Land & Exploration Co		3,289

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	647,766	*	Statoil ASA	$	11,584
	640,426		Suncor Energy, Inc		17,639
	88,722		Superior Energy Services		1,867
	23,162		Technip S.A.		1,435
	389,996	e	Tenaris S.A.		5,260
	16,079	e	Tesco Corp		175
	7,916		Tesoro Corp		668
	83,049	*	Tetra Technologies, Inc		530
	736,977		Tullow Oil plc		3,939
	36,311	*,e	Ultra Petroleum Corp		455
	27,062	*	Unit Corp		734
	8,180	e	US Silica Holdings Inc		240
	407,740	*	Weatherford International Ltd		5,003
	97,808		Western Refining, Inc		4,266
	6,621	*	Westmoreland Coal Co		138
	218,885	*	Whiting Petroleum Corp		7,355
	451,724		Williams Cos, Inc		25,924
	257,618		Woodside Petroleum Ltd		6,798
			TOTAL ENERGY		597,733

FOOD & STAPLES RETAILING - 0.8%
	173,400		Aeon Co Ltd		2,460
	179,256		Carrefour S.A.		5,760
	41,075		Casino Guichard Perrachon S.A.		3,118
	24,086		Colruyt S.A.		1,080
	31,318		Delhaize Group		2,547
	543,829	e	J Sainsbury plc		2,264
	59,300		Jeronimo Martins SGPS S.A.		765
	50,759		Koninklijke Ahold NV		953
	367,535		Kroger Co		26,650
	42,800	e	Loblaw Cos Ltd		2,162
	68,666		Metro AG.		2,169
	5,869	*,e	Natural Grocers by Vitamin C		144
	156,100		Seven & I Holdings Co Ltd		6,701
	9,498		Spartan Stores, Inc		309
	764,752		Sysco Corp		27,607
	2,938,974		Tesco plc		9,792
	282,933		Wesfarmers Ltd		8,509
	186,154		Whole Foods Market, Inc		7,342
	516,189	e	WM Morrison Supermarkets plc		1,465
			TOTAL FOOD & STAPLES RETAILING		111,797

FOOD, BEVERAGE & TOBACCO - 2.4%
	380,000		Ajinomoto Co, Inc		8,218
	113,342		Aryzta AG.		5,577
	295,091		Associated British Foods plc		13,297
	28,068		Bunge Ltd		2,464
	4,897		Calavo Growers, Inc		254
	242,843	e	Campbell Soup Co		11,571
	408,174		Coca-Cola Amatil Ltd		2,879
	165,224		Coca-Cola HBC AG.		3,546
	131,532		ConAgra Foods, Inc		5,751

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	19,775	*	Darling International, Inc	$	290
	12,632		Dr Pepper Snapple Group, Inc		921
	14,539		Flowers Foods, Inc		308
	673,189		General Mills, Inc		37,510
	261,031		Groupe Danone		16,908
	323,175		Kellogg Co		20,263
	67,880		Kerry Group plc (Class A)		5,035
	92,604	e	Keurig Green Mountain, Inc		7,096
	112,000		Kikkoman Corp		3,497
	360,087		Kraft Foods Group, Inc		30,658
	1,165		Lindt & Spruengli AG.		6,162
	76		Lindt & Spruengli AG. (Registered)		4,757
	74,148		Mead Johnson Nutrition Co		6,690
	1,076,808		Mondelez International, Inc		44,300
	36,400		Nissin Food Products Co Ltd		1,595
	152,793		Orkla ASA		1,199
	724,866		PepsiCo, Inc		67,659
	61,200		Suntory Beverage & Food Ltd		2,436
	302,871		Tate & Lyle plc		2,472
	25,700		Toyo Suisan Kaisha Ltd		936
	535,910		Unilever NV		22,406
	70,600		Yakult Honsha Co Ltd		4,182
			TOTAL FOOD, BEVERAGE & TOBACCO		340,837

HEALTH CARE EQUIPMENT & SERVICES - 2.1%
	6,096	e	Abaxis, Inc		314
	24,562	*	Acadia Healthcare Co, Inc		1,924
	5,828		Aceto Corp		144
	43,900		Alfresa Holdings Corp		683
	8,037	*	Align Technology, Inc		504
	63,764	*	Amedisys, Inc		2,533
	284,270		AmerisourceBergen Corp		30,229
	32,778	*	AMN Healthcare Services, Inc		1,035
	14,038	*	Amsurg Corp		982
	11,416	*	Angiodynamics, Inc		187
	73,877		Anthem, Inc		12,126
	14,016	*,e	athenahealth, Inc		1,606
	5,674	*	AtriCure, Inc		140
	244,455		Becton Dickinson & Co		34,627
	20,897	*,e	Bio-Reference Labs, Inc		862
	91,817	*,e	BioScrip, Inc		333
	38,727	*	Brookdale Senior Living, Inc		1,344
	14,321	*	Capital Senior Living Corp		351
	372,923		Cardinal Health, Inc		31,195
	35,428	*	Catamaran Corp (Toronto)		2,165
	153,864	*	Centene Corp		12,371
	180,058	*	Cerner Corp		12,435
	123,596	*,e	Cerus Corp		641
	4,495	e	Chemed Corp		589
	243,702		Cigna Corp		39,480
	83,264		Coloplast AS		5,461
	1,249	e	Computer Programs & Systems, Inc		67

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	700	*	Cyberonics, Inc	$	42
	42,590	*	Edwards Lifesciences Corp		6,066
	48,944		Essilor International S.A.		5,864
	53,620	*	ExamWorks Group, Inc		2,097
	6,176	*	Greatbatch, Inc		333
	4,374	*	Haemonetics Corp		181
	16,556	*	Hanger Orthopedic Group, Inc		388
	197,615		Healthscope Ltd		414
	5,292	*	HealthStream, Inc		161
	36,493	*	Healthways, Inc		437
	10,561	*,e	HMS Holdings Corp		181
	178,823		Humana, Inc		34,205
	62,766	*	Idexx Laboratories, Inc		4,026
	61,900	*	Inverness Medical Innovations, Inc		3,265
	8,608	*	IPC The Hospitalist Co, Inc		477
	759	*	Laboratory Corp of America Holdings		92
	2,517		Landauer, Inc		90
	9,907	*	LDR Holding Corp		429
	8,557	*	LHC Group, Inc		327
	57,339	*	LifePoint Hospitals, Inc		4,986
	1,730	*	MedAssets, Inc		38
	1,474	*	Medidata Solutions, Inc		80
	20,209	*	Merit Medical Systems, Inc		435
	16,400		Miraca Holdings, Inc		819
	45,548	*	Molina Healthcare, Inc		3,202
	20,225	*	Natus Medical, Inc		861
	21,367	*	NxStage Medical, Inc		305
	10,655	*	Omnicell, Inc		402
	63,605	*	OraSure Technologies, Inc		343
	2,718		Owens & Minor, Inc		92
	86,208		Patterson Cos, Inc		4,194
	39,344	*	PharMerica Corp		1,310
	8,903	*	Premier, Inc		342
	9,566	*	Providence Service Corp		424
	4,910		Quality Systems, Inc		81
	8,907	*,e	Quidel Corp		204
	115,257		Ramsay Health Care Ltd		5,460
	94,571		Ryman Healthcare Ltd		508
	78,658		Select Medical Holdings Corp		1,274
	3,688	*	Sirona Dental Systems, Inc		370
	19,881	*,e	Spectranetics Corp		457
	44,483	*,e	Staar Surgical Co		430
	7,473	*	Surgical Care Affiliates, Inc		287
	39,900		Suzuken Co Ltd		1,277
	96,200		Sysmex Corp		5,729
	11,103	*	Tornier BV		278
	32,868	*	Triple-S Management Corp (Class B)		843
	25,547		Universal American Corp		259
	6,339		US Physical Therapy, Inc		347
	500	*	Varian Medical Systems, Inc		42
	4,541	*	Vascular Solutions, Inc		158
	4,049	*	VCA Antech, Inc		220

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	33,652	*	Vocera Communications, Inc	$	385
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		289,845

HOUSEHOLD & PERSONAL PRODUCTS - 1.3%
	9,680		Beiersdorf AG.		811
	558,898		Colgate-Palmolive Co		36,557
	66,367		Estee Lauder Cos (Class A)		5,751
	8,354		Henkel KGaA		797
	57,678		Henkel KGaA (Preference)		6,472
	41,500		Kao Corp		1,930
	25,448		Kimberly-Clark Corp		2,697
	69,929		L’Oreal S.A.		12,512
	29,646	*	Medifast, Inc		958
	3,795		Nu Skin Enterprises, Inc (Class A)		179
	1,051,491		Procter & Gamble Co		82,269
	169,441		Reckitt Benckiser Group plc		14,612
	14,496		Svenska Cellulosa AB (B Shares)		369
	468,457		Unilever plc		20,115
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		186,029

INSURANCE - 3.3%
	333,356		ACE Ltd		33,896
	293,532		Aegon NV		2,166
	536,910		Aflac, Inc		33,396
	137,301		Allianz AG.		21,412
	1,481,698		AMP Ltd		6,876
	13,380		Arthur J. Gallagher & Co		633
	79,754		Aspen Insurance Holdings Ltd		3,820
	421,903		Assicurazioni Generali S.p.A.		7,604
	401,597		Aviva plc		3,110
	497,224		AXA S.A.		12,606
	30,787		Axis Capital Holdings Ltd		1,643
	669,087	*	Berkshire Hathaway, Inc (Class B)		91,070
	286,403		Chubb Corp		27,248
	180,593		CNP Assurances		3,023
	43,494		Delta Lloyd NV		714
	2,400		Employers Holdings, Inc		55
	281,223		Hartford Financial Services Group, Inc		11,690
	537,218		Insurance Australia Group Ltd		2,310
	1,916		Kemper Corp		74
	332,132		Marsh & McLennan Cos, Inc		18,832
	69,883		Muenchener Rueckver AG.		12,390
	2,849,807		Old Mutual plc		9,021
	15,856		PartnerRe Ltd		2,037
	235,312		Principal Financial Group		12,069
	401,946		Progressive Corp		11,186
	415,708		Prudential Financial, Inc		36,383
	692,803		Prudential plc		16,696
	6,942		Reinsurance Group of America, Inc (Class A)		659
	12,747		RenaissanceRe Holdings Ltd		1,294
	333,784		RSA Insurance Group plc		2,081
	1,017,943		Standard Life plc		7,098

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	13,455		Stewart Information Services Corp	$	535
	181,844		Swiss Re Ltd		16,097
	172,600		T&D Holdings, Inc		2,573
	346,491		Travelers Cos, Inc		33,492
	56,161		Zurich Financial Services AG.		17,097
			TOTAL INSURANCE		462,886

MATERIALS - 3.3%
	59,658		Agnico-Eagle Mines Ltd		1,694
	28,058	e	Agrium, Inc		2,974
	96,984		Air Liquide		12,306
	255,623		Air Products & Chemicals, Inc		34,977
	23,600		Akzo Nobel NV		1,723
	8,148		Albemarle Corp		450
	4,437		Aptargroup, Inc		283
	61,000		Asahi Kasei Corp		500
	117,756		Avery Dennison Corp		7,176
	63,073		Ball Corp		4,425
	273,745		BASF SE		24,088
	366,160		Boliden AB		6,675
	8,161		Carpenter Technology Corp		316
	44,916		Celanese Corp (Series A)		3,229
	63,760	*,e	Century Aluminum Co		665
	2,372	*	Clearwater Paper Corp		136
	131,361		Commercial Metals Co		2,112
	14,183		Compass Minerals International, Inc		1,165
	157,703		CRH plc		4,446
	9,286		Domtar Corp		384
	5,941		DSM NV		345
	36,695		Eastman Chemical Co		3,002
	296,871		Ecolab, Inc		33,567
	5,690	*	Ferro Corp		95
	291,240		Fletcher Building Ltd		1,603
	69,111	*,e	Flotek Industries, Inc		866
	28,700	e	Franco-Nevada Corp		1,369
	3,671		Givaudan S.A.		6,356
	2,623		Globe Specialty Metals, Inc		46
	65,302		H.B. Fuller Co		2,653
	48,214		HeidelbergCement AG.		3,821
	79,768		Holcim Ltd		5,886
	4,713	*,e	Horsehead Holding Corp		55
	23,190		Innophos Holdings, Inc		1,221
	9,797		International Flavors & Fragrances, Inc		1,071
	227,283		International Paper Co		10,816
	148,000		JFE Holdings, Inc		3,279
	21,680		Johnson Matthey plc		1,034
	88,214		K&S AG.		3,720
	659,538	*	Kinross Gold Corp		1,537
	643,000		Kobe Steel Ltd		1,082
	7,764	*	Kraton Polymers LLC		185
	58,000		Kuraray Co Ltd		708
	15,164		Lafarge S.A.		1,003

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	80,490		Linde AG.	$	15,254
	173,029	*	Louisiana-Pacific Corp		2,947
	355,226		LyondellBasell Industries AF S.C.A		36,773
	212,757		MeadWestvaco Corp		10,040
	38,519		Minerals Technologies, Inc		2,624
	1,828,000		Mitsubishi Materials Corp		7,019
	120,960		Mitsui Chemicals, Inc		449
	113,537		Mosaic Co		5,319
	9,891		Myers Industries, Inc		188
	2,220		Neenah Paper, Inc		131
	542,915	*	Newcrest Mining Ltd		5,467
	4,613,000		Nippon Steel Corp		11,961
	20,600		Nitto Denko Corp		1,692
	1,086,086		Norsk Hydro ASA		4,558
	547,130		Nucor Corp		24,112
	11,843		PolyOne Corp		464
	232,106		Potash Corp of Saskatchewan		7,188
	291,051		Praxair, Inc		34,795
	1,380		Quaker Chemical Corp		123
	8,303		Reliance Steel & Aluminum Co		502
	26,269	*	Resolute Forest Products		296
	18,745		Rexam plc		163
	13,246		Rock-Tenn Co (Class A)		797
	96,898		Royal Gold, Inc		5,968
	6,424	*	RTI International Metals, Inc		202
	19,955		Schnitzer Steel Industries, Inc (Class A)		349
	18,931		Sealed Air Corp		973
	52,038		Sherwin-Williams Co		14,311
	82,300		Shin-Etsu Chemical Co Ltd		5,103
	167,915		Sigma-Aldrich Corp		23,399
	240,448		Silver Wheaton Corp		4,168
	1,200		Stepan Co		65
	74,982	*	Stillwater Mining Co		869
	334,517		Stora Enso Oyj (R Shares)		3,447
	360,000		Sumitomo Chemical Co Ltd		2,163
	642,000		Sumitomo Metal Mining Co Ltd		9,764
	494,318		Teck Cominco Ltd		4,900
	305,000		Toray Industries, Inc		2,578
	117,300		Toyo Seikan Kaisha Ltd		1,882
	18,379		Umicore		873
	315,601		UPM-Kymmene Oyj		5,585
	60,125		Valspar Corp		4,919
	4,790		Wausau Paper Corp		44
	90,733	*	Worthington Industries, Inc		2,727
			TOTAL MATERIALS		462,195

MEDIA - 1.9%
	12,985		Axel Springer AG.		682
	11,440	*,e	Charter Communications, Inc		1,959
	19,805		Cinemark Holdings, Inc		796
	103,369		Clear Channel Outdoor Holdings, Inc (Class A)		1,047
	317,815	*	DIRECTV		29,490

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	201,533	*,e	Discovery Communications, Inc (Class A)	$	6,703
	428,278	*	Discovery Communications, Inc (Class C)		13,311
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		1,379
	11,620	*	Entercom Communications Corp (Class A)		133
	60,431		Entravision Communications Corp (Class A)		497
	54,829	*	Gray Television, Inc		860
	337,940		ITV plc		1,398
	1,900	e	JC Decaux S.A.		79
	10,069		John Wiley & Sons, Inc (Class A)		547
	1,742	*	Kabel Deutschland Holding AG.		233
	15,813		Lagardere S.C.A.		463
	3,918	*	Liberty Broadband Corp (Class A)		200
	346,663	*	Liberty Global plc		17,552
	119,297	*	Liberty Global plc (Class A)		6,450
	87,883	*,e	Media General, Inc		1,452
	177,989	e	New York Times Co (Class A)		2,430
	642,406		Pearson plc		12,164
	41,594		ProSiebenSat. Media AG.		2,054
	246,842		Reed Elsevier plc		4,011
	1,550		Scholastic Corp		68
	70,790	*	Shaw Communications, Inc (B Shares)		1,542
	60,413	e	Sinclair Broadcast Group, Inc (Class A)		1,686
	1,067,000	e	Singapore Press Holdings Ltd		3,231
	223,838		Time Warner Cable, Inc		39,881
	563,751		Time Warner, Inc		49,278
	143,376	e	Vivendi Universal S.A.		3,636
	438,953		Walt Disney Co		50,102
	37,566		Wolters Kluwer NV		1,118
	697,946		WPP plc		15,666
			TOTAL MEDIA		272,098

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.8%
	72,318	*	Acadia Pharmaceuticals, Inc		3,029
	1,969	*	Acorda Therapeutics, Inc		66
	61,588		Actelion Ltd		9,020
	68,836	*,e	Affymetrix, Inc		752
	375,014		Agilent Technologies, Inc		14,468
	101,464	*,e	Akorn, Inc		4,430
	167,083	*	Alexion Pharmaceuticals, Inc		30,204
	364,083		Amgen, Inc		55,894
	58,629	*	Aratana Therapeutics, Inc		886
	921,300		Astellas Pharma, Inc		13,125
	127,590	*	Biogen Idec, Inc		51,539
	41,042	*	BioMarin Pharmaceuticals, Inc		5,614
	42,487	*,e	Bluebird Bio, Inc		7,154
	833,571		Bristol-Myers Squibb Co		55,466
	40,459	*	Cambrex Corp		1,778
	41,226	*	Cempra, Inc		1,417
	57,720	*	Cepheid, Inc		3,530
	83,700		Chugai Pharmaceutical Co Ltd		2,887
	119,600	e	Dainippon Sumitomo Pharma Co Ltd		1,318
	77,465	*,e	Depomed, Inc		1,662

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	49,400		Eisai Co Ltd	$	3,312
	19,212	*,e	Endocyte, Inc		100
	15,784	*,e	Fluidigm Corp		382
	601,374		Gilead Sciences, Inc		70,409
	1,330,835		GlaxoSmithKline plc		27,671
	4,270	*	Immunogen, Inc		61
	121,343	*,e	Immunomedics, Inc		493
	43,151	*,e	Inovio Pharmaceuticals, Inc		352
	20,501	*,e	Intra-Cellular Therapies, Inc		655
	13,244	*	Ironwood Pharmaceuticals, Inc		160
	984,593		Johnson & Johnson		95,958
	26,067		Lonza Group AG.		3,484
	318,758	*,e	MannKind Corp		1,814
	1,188,407		Merck & Co, Inc		67,656
	105,482		Merck KGaA		10,515
	2,234	*	Mettler-Toledo International, Inc		763
	55,593	*,e	MiMedx Group, Inc		644
	37,564	*	Momenta Pharmaceuticals, Inc		857
	170,288	*,e	Nektar Therapeutics		2,130
	495,737		Novartis AG.		48,761
	519,062		Novo Nordisk AS		28,483
	200,087	*,e	Opko Health, Inc		3,217
	132,711	*,e	Orexigen Therapeutics, Inc		657
	33,056		Orion Oyj (Class B)		1,158
	12,565	*	PerkinElmer, Inc		661
	48,719	*	Prestige Brands Holdings, Inc		2,253
	13,680	*,e	Prothena Corp plc		721
	32,921	*	Qiagen NV		809
	24,220	*	Relypsa, Inc		801
	18,718	*	Repligen Corp		772
	156,521		Roche Holding AG.		43,887
	90,249	*,e	Sangamo Biosciences, Inc		1,001
	53,643	*,e	Sarepta Therapeutics, Inc		1,632
	23,626	*,e	Sucampo Pharmaceuticals, Inc (Class A)		388
	262,600		Takeda Pharmaceutical Co Ltd		12,675
	24,822	*	Tetraphase Pharmaceuticals, Inc		1,178
	309,620		Thermo Electron Corp		40,176
	89,840	*	Valeant Pharmaceuticals International, Inc		19,929
	167,998	*	Vertex Pharmaceuticals, Inc		20,744
	226,496	*,e	Vivus, Inc		535
	23,146	*	Waters Corp		2,971
	161,895	*	Xenoport, Inc		992
	8,246	*,e	Zafgen, Inc		286
	646,891		Zoetis Inc		31,193
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		817,535

REAL ESTATE - 2.5%
	92,800		Aeon Mall Co Ltd		1,738
	18,316	*,e	Altisource Portfolio Solutions S.A.		564
	19,852		American Campus Communities, Inc		748
	388,023		American Tower Corp		36,199
	1,276,359		Annaly Capital Management, Inc		11,730

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	1,000		AvalonBay Communities, Inc	$	160
	120,047		Boston Properties, Inc		14,531
	248,240		British Land Co plc		3,092
	2,183,300		CapitaLand Ltd		5,670
	3,498,000		CapitaMall Trust		5,580
	180,729	*	CBRE Group, Inc		6,687
	256,100		City Developments Ltd		1,858
	16,426	e	Coresite Realty		746
	357,255		Crown Castle International Corp		28,688
	207,000		Daiwa House Industry Co Ltd		4,823
	366,699		Dexus Property Group		2,063
	5,728		Digital Realty Trust, Inc		382
	22,121		Douglas Emmett, Inc		596
	165,551		Duke Realty Corp		3,074
	218,281		Equity Residential		15,317
	258,448		First Industrial Realty Trust, Inc		4,841
	2,732	*	Forest City Enterprises, Inc (Class A)		60
	19,236		Gecina S.A.		2,371
	375,888	e	GPT Group (ASE)		1,239
	125,316		Hammerson plc		1,211
	533,654		HCP, Inc		19,462
	215,918		Health Care REIT, Inc		14,171
	12,227		Healthcare Realty Trust, Inc		284
	736,502		Host Marriott Corp		14,605
	121,000		Hysan Development Co Ltd		524
	8,195		Icade		586
	16,556		Invesco Mortgage Capital, Inc		237
	131,455		Iron Mountain, Inc		4,075
	291,636		Land Securities Group plc		5,515
	135,988		Lend Lease Corp Ltd		1,572
	604,392		Liberty International plc		2,920
	30,182		Liberty Property Trust		973
	54,403		Macerich Co		4,058
	164,281	e	Macquarie Goodman Group		793
	24,518		Mid-America Apartment Communities, Inc		1,785
	727,767		Mirvac Group		1,037
	520,810		Mitsui Fudosan Co Ltd		14,574
	82,100		Nomura Real Estate Holdings, Inc		1,723
	514,236		Prologis, Inc		19,078
	56,247		Ryman Hospitality Properties		2,987
	569,312		Segro plc		3,627
	149,100		Shoei Co Ltd		1,321
	227,843		Simon Property Group, Inc		39,421
	1,106,767	e	Stockland Trust Group		3,495
	426,000		Swire Pacific Ltd (Class A)		5,349
	738,600		Swire Properties Ltd		2,356
	59,122		Unibail-Rodamco		15,017
	96,747		Ventas, Inc		6,007
	142,947		Vornado Realty Trust		13,570
			TOTAL REAL ESTATE		355,090

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
RETAILING - 1.9%
	32,407	*	1-800-FLOWERS.COM, Inc (Class A)	$	339
	252,808	e	American Eagle Outfitters, Inc		4,353
	32,439	*	Ann Taylor Stores Corp		1,566
	39,356	*	AutoZone, Inc		26,246
	200,028	*	Bed Bath & Beyond, Inc		13,798
	132,772		Best Buy Co, Inc		4,330
	15,842		Big 5 Sporting Goods Corp		225
	6,344	*	Blue Nile, Inc		193
	7,961	*,e	Cabela’s, Inc		398
	7,000		Canadian Tire Corp Ltd		749
	81,708	*	Carmax, Inc		5,410
	38,019		DSW, Inc (Class A)		1,269
	12,500		Fast Retailing Co Ltd		5,668
	36,865		Finish Line, Inc (Class A)		1,026
	25,233	*	Francesca’s Holdings Corp		340
	308,360		Gap, Inc		11,770
	23,293		GNC Holdings, Inc		1,036
	444,913	*,e	Groupon, Inc		2,238
	8,583		Haverty Furniture Cos, Inc		186
	177,160		Hennes & Mauritz AB (B Shares)		6,819
	26,410		HSN, Inc		1,854
	500,879		Inditex S.A.		16,337
	71,700	e	Jardine Cycle & Carriage Ltd		1,760
	1,045,865		Kingfisher plc		5,705
	6,985		Kirkland’s, Inc		195
	234,875		Kohl’s Corp		14,705
	11,065	*,e	Lands’ End, Inc		275
	4,707,620		Li & Fung Ltd		3,732
	687,555		Lowe’s Companies, Inc		46,046
	32,219	*	MarineMax, Inc		757
	326,489		Marks & Spencer Group plc		2,754
	56,089	*	NetFlix, Inc		36,847
	6,625		Next plc		775
	66,728		Nordstrom, Inc		4,971
	16,551		Nutri/System, Inc		412
	484,272	*	Office Depot, Inc		4,194
	144,728	*,e	Orbitz Worldwide, Inc		1,653
	8,683	e	Outerwall, Inc		661
	5,676	*	Overstock.com, Inc		128
	8,590	e	PetMed Express, Inc		148
	35,119	e	Pier 1 Imports, Inc		444
	62,462		PPR		11,167
	201,158		Ross Stores, Inc		9,778
	48,657	*	Shutterfly, Inc		2,326
	107,654	*	Sports Direct International plc		1,214
	32,052	e	Stage Stores, Inc		562
	567,973		Staples, Inc		8,696
	3,300		Stein Mart, Inc		35
	16,714		Tiffany & Co		1,534
	16,438	*	Tile Shop Holdings, Inc		233
	90,600	e	Yamada Denki Co Ltd		362
			TOTAL RETAILING		268,219

397

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%
	66,931	*,e	Advanced Micro Devices, Inc	$	161
	1,562,488		Applied Materials, Inc		30,031
	100,133		ASML Holding NV		10,416
	15,582	*	Cirrus Logic, Inc		530
	2,055,022		Intel Corp		62,503
	21,682		Lam Research Corp		1,764
	541,931	*	ON Semiconductor Corp		6,335
	140,949		Skyworks Solutions, Inc		14,673
	70,690	*,e	SunPower Corp		2,008
	40,230		Teradyne, Inc		776
	763,326		Texas Instruments, Inc		39,319
	100,700		Tokyo Electron Ltd		6,400
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		174,916

SOFTWARE & SERVICES - 5.0%
	437,894		Accenture plc		42,379
	14,474	*	Actua Corp		206
	466,940	*	Adobe Systems, Inc		37,827
	24,648		Amadeus IT Holding S.A.		984
	93,465	*,e	Angie’s List, Inc		576
	1,856	*	Aspen Technology, Inc		85
	48,677		Atos Origin S.A.		3,637
	201,046	*	Autodesk, Inc		10,067
	17,477		Automatic Data Processing, Inc		1,402
	128,405		Broadridge Financial Solutions, Inc		6,422
	408,602		CA, Inc		11,968
	24,502	*,e	Cadence Design Systems, Inc		482
	37,120		Cap Gemini S.A.		3,293
	24,400	*	CGI Group, Inc		954
	10,643	*,e	Cimpress NV		896
	581,569	*	Cognizant Technology Solutions Corp (Class A)		35,528
	25,827	*	comScore, Inc		1,376
	20,058		Convergys Corp		511
	29,547	*	DHI Group, Inc		263
	12,548	*	Ellie Mae, Inc		876
	19,931	*	EnerNOC, Inc		193
	33,100		Equinix, Inc		8,407
	6,214		Factset Research Systems, Inc		1,010
	5,718		Fair Isaac Corp		519
	9,572	*	FleetCor Technologies, Inc		1,494
	30,365	*	Fortinet, Inc		1,255
	1,236,000		Fujitsu Ltd		6,906
	156,154	*,e	Glu Mobile, Inc		970
	131,737	*	Google, Inc		68,570
	122,772	*	Google, Inc (Class A)		66,302
	50,701	*	HomeAway, Inc		1,578
	8,867	*	Infoblox, Inc		232
	91,530	*	Informatica Corp		4,436
	4,096	*	Internap Network Services Corp		38
	394,226		International Business Machines Corp		64,125

398

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	327,991		Intuit, Inc	$	33,052
	16,036		j2 Global, Inc		1,090
	63,892	*,e	Liquidity Services, Inc		615
	35,444	*,e	Marketo, Inc		995
	489,160		Mastercard, Inc (Class A)		45,727
	1,000		MAXIMUS, Inc		66
	22,887	e	Mercadolibre, Inc		3,243
	204,058	*,e	Monster Worldwide, Inc		1,335
	3,035	*,e	NetSuite, Inc		278
	19,743	*,e	NeuStar, Inc (Class A)		577
	20,400		NTT Data Corp		891
	29,948		Open Text Corp		1,216
	1,446,765		Oracle Corp		58,304
	3,241	*	Perficient, Inc		62
	18,092	*	PROS Holdings, Inc		382
	22,828	*,e	Qualys, Inc		921
	159,339	*	Rackspace Hosting, Inc		5,926
	53,489	*	Rally Software Development Corp		1,040
	7,887	*,e	Rovi Corp		126
	523,657	*	Salesforce.com, Inc		36,462
	317,184		SAP AG.		22,227
	215,673	*	ServiceSource International LLC		1,180
	5,854	*	SolarWinds, Inc		270
	5,855	*	SPS Commerce, Inc		385
	18,424	*	Stamps.com, Inc		1,355
	880,753		Symantec Corp		20,478
	12,936	*	Syntel, Inc		614
	4,529	*	Tangoe, Inc		57
	20,999	*,e	Teradata Corp		777
	6,527	*	Ultimate Software Group, Inc		1,073
	45,368	*	Unisys Corp		907
	37,999	*,e	Vasco Data Security International		1,147
	16,845	*	Website Pros, Inc		408
	56,575	*	Workday, Inc		4,322
	2,221,643		Xerox Corp		23,638
	15,775	*,e	Xoom Corp		332
	937,574	*	Yahoo!, Inc		36,837
			TOTAL SOFTWARE & SERVICES		694,082

TECHNOLOGY HARDWARE & EQUIPMENT - 2.3%
	8,103		Adtran, Inc		132
	4,234		Belden CDT, Inc		344
	2,571	*	Benchmark Electronics, Inc		56
	11,711		Black Box Corp		234
	24,131	*	Calix Networks, Inc		184
	2,233,432		Cisco Systems, Inc		61,330
	53,700		Citizen Watch Co Ltd		375
	9,600		Cognex Corp		462
	909	*	Coherent, Inc		58
	4,145		Comtech Telecommunications Corp		120
	797,190		Corning, Inc		15,729
	80,260	*	Cray, Inc		2,368

399

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	1,318	*	Electronics for Imaging, Inc	$	57
	1,480,494		EMC Corp		39,070
	7,100	*	FARO Technologies, Inc		332
	1,358		FEI Co		113
	103,068	*,e	Finisar Corp		1,842
	1,305,510		Hewlett-Packard Co		39,178
	59,600	*	Ibiden Co Ltd		1,008
	218,893	*	Ingram Micro, Inc (Class A)		5,479
	11,659	*	Insight Enterprises, Inc		349
	7,090		InterDigital, Inc		403
	30,066	*	IPG Photonics Corp		2,561
	1,920	*	Itron, Inc		66
	41,052		Jabil Circuit, Inc		874
	13,400		Keyence Corp		7,222
	242,000		Konica Minolta Holdings, Inc		2,820
	244,700		Kyocera Corp		12,723
	79,342		Lexmark International, Inc (Class A)		3,507
	195,721		Motorola, Inc		11,223
	60,500		Murata Manufacturing Co Ltd		10,558
	2,100		National Instruments Corp		62
	908,000		NEC Corp		2,748
	21,264	*	Netgear, Inc		638
	78,200		Omron Corp		3,397
	500	*	OSI Systems, Inc		35
	1,774		Plantronics, Inc		100
	1,420	*	Plexus Corp		62
	91,379	*	QLogic Corp		1,297
	839,623		Qualcomm, Inc		52,585
	224,801	*	Quantum Corp		378
	23,440	*	RealD, Inc		289
	583,400		Ricoh Co Ltd		6,043
	2,500	*	Rofin-Sinar Technologies, Inc		69
	177,921		SanDisk Corp		10,359
	5,855	*	Scansource, Inc		223
	191,106	e	Seagate Technology, Inc		9,077
	52,775	*,e	Silicon Graphics International Corp		341
	55,993	*	Sonus Networks, Inc		387
	67,932	*	Super Micro Computer, Inc		2,009
	1,417		SYNNEX Corp		104
	16,200		TDK Corp		1,240
	21,664	*	Tech Data Corp		1,247
	13,773	*	TTM Technologies, Inc		138
	10,708	*,e	Universal Display Corp		554
	132,900		Yokogawa Electric Corp		1,712
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		315,871

TELECOMMUNICATION SERVICES - 1.6%
	49,569	*	Boingo Wireless, Inc		409
	2,781,031		BT Group plc		19,693
	729,524		CenturyTel, Inc		21,433
	252,930	*	Cincinnati Bell, Inc		966
	2,650		Consolidated Communications Holdings, Inc		56

400

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	7,683	*	General Communication, Inc (Class A)	$	131
	11,301		IDT Corp (Class B)		204
	106,269	*,e	Iridium Communications, Inc		966
	533,100		KDDI Corp		12,865
	56,905	*	Level 3 Communications, Inc		2,997
	344,400		Nippon Telegraph & Telephone Corp		12,473
	591,100		NTT DoCoMo, Inc		11,348
	9,470	*	Premiere Global Services, Inc		97
	117,820	e	Rogers Communications, Inc (Class B)		4,179
	2,547,000		Singapore Telecommunications Ltd		7,949
	1,729,310	*,e	Sprint Corp		7,886
	21,558		Swisscom AG.		12,082
	1,462,398		TeliaSonera AB		8,619
	20,600		TELUS Corp		710
	1,616,280		Verizon Communications, Inc		75,335
	7,445,622		Vodafone Group plc		27,161
	240,525	*	Vonage Holdings Corp		1,181
			TOTAL TELECOMMUNICATION SERVICES		228,740

TRANSPORTATION - 1.6%
	231,777		Abertis Infraestructuras S.A. (Continuous)		3,806
	773		Allegiant Travel Co		137
	4,146		Arkansas Best Corp		132
	485,202		Auckland International Airport Ltd		1,624
	104,766		Autostrade S.p.A.		2,589
	112,409	*	Avis Budget Group, Inc		4,955
	300,633		Canadian National Railway Co		17,345
	44,500		Central Japan Railway Co		8,030
	1,009,480		CSX Corp		32,960
	89,280		Delta Air Lines, Inc		3,668
	190,773		Deutsche Lufthansa AG.		2,461
	469,533		Deutsche Post AG.		13,719
	82,600		East Japan Railway Co		7,426
	25,662	*,e	Echo Global Logistics, Inc		838
	5		Expeditors International of Washington, Inc		0	^
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		340
	11,986		Kuehne & Nagel International AG.		1,592
	103,000		Mitsui OSK Lines Ltd		330
	1,984,425		MTR Corp		9,233
	276,500		Singapore Airlines Ltd		2,201
	879,604		Southwest Airlines Co		29,106
	228,000		Tokyu Corp		1,526
	421,436		Union Pacific Corp		40,192
	445,753		United Parcel Service, Inc (Class B)		43,198
			TOTAL TRANSPORTATION		227,408

UTILITIES - 2.1%
	35,914		AGL Energy Ltd		430
	13,544		American Water Works Co, Inc		659
	9,215		Atco Ltd		291
	19,285		Canadian Utilities Ltd		555
	223,054		Centerpoint Energy, Inc		4,245

401

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	861		Chesapeake Utilities Corp	$	46
	1,307,000		CLP Holdings Ltd		11,108
	378,923		Consolidated Edison, Inc		21,932
	538,412		Duke Energy Corp		38,023
	1,309,965	e	Enel Green Power S.p.A		2,561
	685,309		Energias de Portugal S.A.		2,611
	334,247		Eversource Energy		15,178
	4,444,579		Hong Kong & China Gas Ltd		9,313
	2,507,885		Iberdrola S.A.		16,932
	91,144		MGE Energy, Inc		3,530
	1,439,873		National Grid plc		18,532
	22,560		New Jersey Resources Corp		622
	376,921		NextEra Energy, Inc		36,950
	420,114		NiSource, Inc		19,153
	1,420	e	Ormat Technologies, Inc		54
	51,000		Osaka Gas Co Ltd		201
	642,731		Pepco Holdings, Inc		17,315
	186,727		Piedmont Natural Gas Co, Inc		6,593
	31,789		Public Service Enterprise Group, Inc		1,249
	557,547		Scottish & Southern Energy plc		13,456
	253,916		Sempra Energy		25,122
	1,594,168		Snam Rete Gas S.p.A.		7,587
	88,556		South Jersey Industries, Inc		2,190
	50,626		Suez Environnement S.A.		945
	90,839		TECO Energy, Inc		1,604
	458,790		Tokyo Gas Co Ltd		2,436
	1,494		Unitil Corp		49
	55,518	*,e	WEC Energy Group, Inc		2,497
	27,296		WGL Holdings, Inc		1,482
	107,597		Xcel Energy, Inc		3,462
			TOTAL UTILITIES		288,913
			TOTAL COMMON STOCKS		8,379,177
			(Cost $6,065,831)

PREFERRED STOCKS - 0.1%
BANKS - 0.1%
	233,115	*,e	Federal Home Loan Mortgage Corp		874
	740,991	*	Federal National Mortgage Association		2,779
	14,500	*,e	M&T Bank Corp		14,645
			TOTAL BANKS		18,298
			TOTAL PREFERRED STOCKS		18,298
			(Cost $38,865)

RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%

	6,544	m	Jardine Cycle & Carriage Ltd		34
			TOTAL AUTOMOBILES & COMPONENTS		34

ENERGY - 0.0%
	614,469		Repsol S.A.		318
			TOTAL ENERGY		318

402

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY					VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	267		BioScrip, Inc					$	0
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						0

			TOTAL RIGHTS / WARRANTS						352
			(Cost $337)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE

SHORT-TERM INVESTMENTS - 7.7%
GOVERNMENT AGENCY DEBT - 2.3%
$	36,000,000	w	Federal Home Loan Bank (FHLB)		0.040	%	07/01/15		36,000
	28,200,000	w	FHLB		0.042		07/06/15		28,200
	29,700,000	w	FHLB		0.070-0.090		07/24/15		29,700
	18,000,000	w	FHLB		0.055-0.090		07/29/15		18,000
	30,000,000	w	FHLB		0.070		08/12/15		29,998
	50,000,000		FHLB		0.050		08/17/15		49,997
	36,000,000	w	FHLB		0.090		08/21/15		35,998
	9,000,000		FHLB		0.063		08/26/15		8,999
	47,000,000	w	FHLB		0.085		09/09/15		46,995
	20,000,000	w	Federal National Mortgage Association (FNMA)		0.135		11/25/15		19,991
	13,470,000	w	FNMA		0.140		12/01/15		13,463
			TOTAL GOVERNMENT AGENCY DEBT						317,341

TREASURY DEBT - 2.5%
	5,100,000	w	United States Treasury Bill		0.082		08/27/15		5,100
	2,000,000	w	United States Treasury Bill		0.071		09/10/15		2,000
	57,900,000	w	United States Treasury Bill		0.095		09/24/15		57,900
	86,000,000	w	United States Treasury Bill		0.091-0.100		10/15/15		85,996
	56,000,000	w	United States Treasury Bill		0.079-0.140		11/12/15		55,992
	10,000,000	w	United States Treasury Bill		0.080		12/03/15		9,998
	92,000,000	w	United States Treasury Bill		0.080-0.150		12/10/15		91,979
	48,000,000	w	United States Treasury Bill		0.140		01/07/16		47,982
			TOTAL TREASURY DEBT						356,947

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.9%
GOVERNMENT AGENCY DEBT- 2.9%
	74,500,000		Federal Home Loan Bank (FHLB)		0.070-0.075		07/08/15		74,499
	50,000,000		FHLB		0.080		07/17/15		49,998
	12,358,000		FHLB		0.050		07/23/15		12,358
	117,000,000		FHLB		0.050-0.075		07/24/15		116,994
	24,000,000		FHLB		0.060		08/07/15		23,999
	50,000,000		FHLB		0.070		08/12/15		49,996
	30,000,000		FHLB		0.060		08/28/15		29,997
	24,000,000		FHLB		0.080		09/09/15		23,996
	20,000,000		FHLB		0.105		10/14/15		19,994
	13,000,000		FHLB		0.145		11/25/15		12,992
			TOTAL GOVERNMENT AGENCY DEBT						414,823

403

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

	VALUE (000)
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED	$	414,823

TOTAL SHORT-TERM INVESTMENTS		1,089,111
(Cost $1,088,999)
TOTAL INVESTMENTS - 106.7%		15,008,523
(Cost $12,678,335)
OTHER ASSETS & LIABILITIES, NET - (6.7)%		(945,474	)
NET ASSETS - 100.0%	$	14,063,049

		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 $431,226,000.
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 6/30/15, the aggregate value of these securities was $673,726,000, or 4.8% 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.

404

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2015

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
SHORT-TERM INVESTMENTS - 99.9%

ASSET BACKED - 0.2%
$	20,218,491		Honda Auto Receivables Owner Trust		0.240	%	02/16/16	$	20,218
			TOTAL ASSET BACKED						20,218

CERTIFICATE OF DEPOSIT - 3.7%
	36,000,000		Banco Del Estado De Chile		0.210		07/08/15		36,000
	25,000,000		Banco Del Estado De Chile		0.210		07/14/15		25,000
	50,000,000		Banco Del Estado De Chile		0.210		07/20/15		50,000
	25,000,000		Banco Del Estado De Chile		0.210		08/21/15		25,000
	30,000,000		Banco Del Estado De Chile		0.230		09/16/15		30,000
	22,000,000		Banco Del Estado De Chile		0.230		09/17/15		22,000
	25,000,000		Canadian Imperial Bank of Commerce		0.150		08/11/15		25,000
	50,000,000		Korea Development Bank		0.180		07/21/15		50,000
	28,630,000		Oversea-Chinese Banking Corp Ltd		0.200		08/18/15		28,630
	30,000,000		Svenska Handelsbanken AB		0.205		08/25/15		30,000
	50,000,000		Toronto-Dominion Bank		0.160		07/23/15		50,000
	50,000,000		Toronto-Dominion Bank		0.220		10/05/15		50,000
			TOTAL CERTIFICATE OF DEPOSIT						421,630

COMMERCIAL PAPER - 42.3%
	37,590,000		American Honda Finance Corp		0.120-0.125		07/07/15		37,589
	30,000,000		American Honda Finance Corp		0.150		07/22/15		29,997
	20,000,000	y	Apple, Inc		0.100		07/07/15		20,000
	25,000,000	y	Apple, Inc		0.100		07/10/15		24,999
	44,100,000	y	Apple, Inc		0.105-0.110		07/16/15		44,098
	35,950,000	y	Apple, Inc		0.115		08/05/15		35,946
	45,000,000	y	Australia & New Zealand Banking Group Ltd		0.150		07/30/15		44,995
	13,000,000	y	Australia & New Zealand Banking Group Ltd		0.360		12/17/15		12,978
	25,000,000	y	Bank of Nova Scotia		0.290		10/20/15		24,978
	43,100,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.100-0.150		07/01/15		43,100
	25,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.100		07/02/15		25,000
	20,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.165		07/10/15		19,999
	15,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.130		07/16/15		14,999
	39,590,000	y	Bedford Row Funding Corp		0.140-0.260		08/03/15		39,581
	12,435,000	y	Chevron Corp		0.090		07/14/15		12,435
	20,000,000	y	Chevron Corp		0.100		08/10/15		19,998
	26,440,000	y	Chevron Corp		0.100		09/16/15		26,434
	4,400,000	y	Ciesco LLC		0.200		08/06/15		4,399
	44,430,000	y	Ciesco LLC		0.200-0.210		09/14/15		44,411
	14,390,000	y	Ciesco LLC		0.410		12/16/15		14,362
	20,605,000	y	Coca-Cola Co		0.110		07/09/15		20,604
	16,385,000	y	Coca-Cola Co		0.110		07/10/15		16,385
	20,590,000	y	Coca-Cola Co		0.100-0.110		08/21/15		20,587
	53,000,000	y	Commonwealth Bank of Australia		0.155-0.160		08/10/15		52,991
	35,000,000	y	Commonwealth Bank of Australia		0.160-0.165		08/17/15		34,992
	37,820,000	y	Commonwealth Bank of Australia		0.165		08/18/15		37,812

405

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,600,000	y	Commonwealth Bank of Australia		0.170	%	08/19/15	$	3,599
	11,000,000	y	Commonwealth Bank of Australia		0.175		08/28/15		10,997
	33,720,000	y	Commonwealth Bank of Australia		0.240-0.245		10/02/15		33,699
	50,000,000	y	DBS Bank Ltd		0.150		07/13/15		49,997
	30,000,000	y	DBS Bank Ltd		0.155		07/17/15		29,998
	25,000,000	y	DBS Bank Ltd		0.170		08/04/15		24,996
	20,000,000	y	DBS Bank Ltd		0.165		08/10/15		19,996
	30,000,000	y	DBS Bank Ltd		0.180		08/19/15		29,993
	16,220,000	y	DBS Bank Ltd		0.190-0.210		08/21/15		16,216
	20,000,000	y	DBS Bank Ltd		0.190		08/25/15		19,994
	11,885,000	y	DBS Bank Ltd		0.210		09/02/15		11,881
	40,000,000		Exxon Mobil Corp		0.090		07/07/15		39,999
	50,000,000		Exxon Mobil Corp		0.100		07/21/15		49,997
	40,000,000		Exxon Mobil Corp		0.105		07/27/15		39,997
	55,000,000		Exxon Mobil Corp		0.090-0.105		08/17/15		54,993
	20,000,000		Exxon Mobil Corp		0.105		08/21/15		19,997
	50,000,000		Exxon Mobil Corp		0.100		08/24/15		49,993
	30,000,000		Exxon Mobil Corp		0.100		08/25/15		29,995
	15,000,000		Exxon Mobil Corp		0.125		09/22/15		14,996
	17,100,000		Exxon Mobil Corp		0.110		09/23/15		17,096
	42,836,000	y	Fairway Finance LLC		0.200-0.230		07/07/15		42,834
	10,000,000	y	Fairway Finance LLC		0.240		08/05/15		9,998
	30,000,000	y	Fairway Finance LLC		0.180		08/24/15		29,992
	25,000,000	y	Fairway Finance LLC		0.210		09/10/15		24,990
	15,000,000	y	Fairway Finance LLC		0.210		09/21/15		14,993
	10,000,000	y	Fairway Finance LLC		0.270		11/05/15		9,990
	50,000,000		General Electric Capital Corp		0.100		07/09/15		49,999
	11,800,000		General Electric Capital Corp		0.230-0.240		08/04/15		11,797
	50,000,000		General Electric Capital Corp		0.170		08/31/15		49,985
	25,000,000		General Electric Capital Corp		0.190		09/10/15		24,991
	25,000,000		General Electric Capital Corp		0.210		09/23/15		24,988
	24,000,000		General Electric Capital Corp		0.180		09/24/15		23,990
	20,000,000		General Electric Capital Corp		0.320		10/14/15		19,981
	7,250,000		General Electric Capital Corp		1.000		12/11/15		7,269
	2,520,000	y	Hydro-Quebec		0.100		07/06/15		2,520
	73,435,000	y	Hydro-Quebec		0.130		08/13/15		73,424
	50,000,000	y	Hydro-Quebec		0.130		08/26/15		49,990
	45,000,000	y	Hydro-Quebec		0.140-0.150		09/15/15		44,986
	30,000,000	y	Johnson & Johnson		0.080		08/06/15		29,998
	47,000,000	y	Johnson & Johnson		0.100		08/11/15		46,995
	50,000,000	y	Johnson & Johnson		0.100		09/14/15		49,989
	10,100,000	y	Jupiter Securitization Co LLC		0.340		11/30/15		10,086
	1,680,000	y	Jupiter Securitization Co LLC		0.370		12/07/15		1,677
	9,040,000	y	Jupiter Securitization Co LLC		0.380		12/08/15		9,025
	31,460,000	y	Kimberly-Clark Corp		0.100		07/28/15		31,458
	10,000,000		Korea Development Bank		0.150		07/16/15		9,999
	20,000,000		Korea Development Bank		0.210		07/17/15		19,998
	3,050,000		Korea Development Bank		0.210		07/28/15		3,050
	30,000,000		Korea Development Bank		0.180		08/13/15		29,994
	30,000,000		Korea Development Bank		0.180		08/18/15		29,993
	25,000,000	y	Liberty Street Funding LLC		0.165		07/09/15		24,999
	30,000,000	y	Liberty Street Funding LLC		0.190		07/21/15		29,997

406

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	31,473,000	y	Liberty Street Funding LLC		0.150	%	07/27/15	$	31,470
	26,000,000	y	Liberty Street Funding LLC		0.200		09/21/15		25,988
	14,045,000	y	Mitsubishi UFJ Trust & Banking Corp		0.160		07/09/15		14,044
	25,000,000	y	Mitsubishi UFJ Trust & Banking Corp		0.165		07/28/15		24,997
	40,000,000	y	National Australia Bank Ltd		0.140		07/13/15		39,998
	23,000,000	y	National Australia Bank Ltd		0.140		07/14/15		22,999
	55,000,000	y	National Australia Bank Ltd		0.140		07/28/15		54,994
	25,000,000	y	National Australia Bank Ltd		0.160		08/03/15		24,996
	27,000,000	y	National Australia Bank Ltd		0.160		08/12/15		26,995
	20,000,000	y	National Australia Bank Ltd		0.170		08/25/15		19,995
	50,000,000	y	National Australia Bank Ltd		0.190		09/01/15		49,984
	16,700,000		National Rural Utilities Cooperative Finance Corp		0.110		07/09/15		16,700
	44,900,000	y	Nestle Capital Corp		0.110-0.140		07/08/15		44,899
	20,000,000	y	Nestle Capital Corp		0.130		08/10/15		19,997
	31,750,000	y	Nestle Capital Corp		0.100-0.135		08/11/15		31,746
	36,350,000	y	Nestle Capital Corp		0.130		08/19/15		36,344
	27,000,000	y	Nestle Capital Corp		0.095		09/03/15		26,995
	16,600,000	y	Nestle Capital Corp		0.130		09/14/15		16,596
	20,000,000	y	Nestle Capital Corp		0.120		09/23/15		19,994
	12,520,000	y	Nordea Bank AB		0.210		09/02/15		12,515
	34,000,000	y	Novartis Finance Corp		0.110-0.130		07/10/15		33,999
	14,500,000	y	Novartis Finance Corp		0.110		07/13/15		14,499
	43,000,000	y	Novartis Finance Corp		0.130		07/14/15		42,998
	5,000,000	y	Novartis Finance Corp		0.150		08/11/15		4,999
	8,500,000	y	Novartis Finance Corp		0.130		08/12/15		8,499
	7,500,000	y	Novartis Finance Corp		0.210		11/04/15		7,495
	17,500,000	y	Old Line Funding LLC		0.200		07/15/15		17,499
	31,465,000	y	Old Line Funding LLC		0.200		07/16/15		31,462
	30,000,000	y	Old Line Funding LLC		0.150		07/20/15		29,998
	9,249,000	y	Old Line Funding LLC		0.200		07/27/15		9,248
	3,200,000	y	Old Line Funding LLC		0.200		07/28/15		3,199
	10,857,000	y	Old Line Funding LLC		0.280		08/03/15		10,854
	3,500,000	y	Old Line Funding LLC		0.280		09/02/15		3,498
	25,000,000	y	Old Line Funding LLC		0.180		09/03/15		24,992
	20,000,000	y	Old Line Funding LLC		0.280		09/10/15		19,989
	17,156,000	y	Old Line Funding LLC		0.200		09/16/15		17,149
	15,000,000	y	Old Line Funding LLC		0.210		09/18/15		14,993
	18,000,000	y	Old Line Funding LLC		0.210		09/25/15		17,991
	3,000,000	y	Old Line Funding LLC		0.300		10/08/15		2,997
	26,170,000		Oversea-Chinese Banking Corp Ltd		0.200		07/23/15		26,167
	40,200,000		Oversea-Chinese Banking Corp Ltd		0.205		08/03/15		40,192
	5,000,000		Oversea-Chinese Banking Corp Ltd		0.200		08/07/15		4,999
	30,000,000		Oversea-Chinese Banking Corp Ltd		0.195		08/19/15		29,992
	30,000,000		Oversea-Chinese Banking Corp Ltd		0.215		09/09/15		29,988
	8,000,000		PACCAR Financial Corp		0.110		07/09/15		8,000
	19,000,000		PACCAR Financial Corp		0.140		07/13/15		18,999
	15,000,000		PACCAR Financial Corp		0.120		07/14/15		14,999
	13,700,000		PACCAR Financial Corp		0.110		07/16/15		13,699
	27,300,000		PACCAR Financial Corp		0.100-0.115		07/17/15		27,299
	9,700,000		PACCAR Financial Corp		0.140		07/27/15		9,699
	4,315,000		PACCAR Financial Corp		0.150		08/17/15		4,314
	8,072,000		PACCAR Financial Corp		0.150		09/16/15		8,069
	9,115,000		Province of British Columbia Canada		0.100		07/16/15		9,115

407

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,480,000		Province of British Columbia Canada		0.150	%	08/17/15	$	8,478
	41,000,000		Province of British Columbia Canada		0.103-0.105		08/20/15		40,994
	20,000,000		Province of British Columbia Canada		0.150		10/23/15		19,990
	50,000,000		Province of Ontario Canada		0.100		07/02/15		50,000
	48,550,000		Province of Ontario Canada		0.100		07/30/15		48,546
	32,350,000		Province of Ontario Canada		0.100		07/31/15		32,347
	79,585,000		Province of Ontario Canada		0.100-0.110		08/04/15		79,577
	27,240,000		Province of Ontario Canada		0.130		08/11/15		27,236
	19,551,000		Province of Ontario Canada		0.140		08/27/15		19,547
	16,996,000		Province of Ontario Canada		0.140		09/29/15		16,990
	25,000,000	y	Province of Quebec Canada		0.120		07/21/15		24,998
	50,000,000	y	Province of Quebec Canada		0.130		08/27/15		49,990
	30,000,000	y	Province of Quebec Canada		0.130		09/08/15		29,993
	24,000,000	y	Province of Quebec Canada		0.130		09/17/15		23,993
	38,000,000	y	PSP Capital, Inc		0.140-0.180		07/06/15		37,999
	16,000,000	y	PSP Capital, Inc		0.150		07/07/15		15,999
	20,000,000	y	PSP Capital, Inc		0.160		07/13/15		19,999
	35,000,000	y	PSP Capital, Inc		0.160		07/16/15		34,998
	21,000,000	y	PSP Capital, Inc		0.165		07/23/15		20,998
	40,000,000	y	PSP Capital, Inc		0.155		07/30/15		39,995
	19,700,000	y	PSP Capital, Inc		0.190		09/10/15		19,693
	20,000,000	y	PSP Capital, Inc		0.160		09/17/15		19,993
	25,000,000	y	Roche Holdings, Inc		0.085		07/27/15		24,999
	70,000,000	y	Roche Holdings, Inc		0.100		07/28/15		69,995
	25,000,000	y	Roche Holdings, Inc		0.100		08/07/15		24,997
	25,000,000	y	Roche Holdings, Inc		0.090		08/13/15		24,997
	25,000,000	y	Roche Holdings, Inc		0.100		08/18/15		24,997
	31,860,000	y	Roche Holdings, Inc		0.110		08/20/15		31,855
	20,000,000		Royal Bank of Canada		0.140		09/22/15		19,994
	20,000,000		Royal Bank of Canada		0.140		09/25/15		19,993
	30,000,000	y	Svenska Handelsbanken AB		0.195		08/17/15		29,992
	30,000,000	y	Svenska Handelsbanken AB		0.190		08/18/15		29,992
	30,000,000	y	Svenska Handelsbanken AB		0.200		08/27/15		29,991
	47,210,000	y	Svenska Handelsbanken AB		0.220		09/18/15		47,187
	8,000,000	y	Thunder Bay Funding LLC		0.290		09/04/15		7,996
	50,000,000	y	Toronto-Dominion Holdings USA, Inc		0.175		07/02/15		50,000
	25,000,000	y	Toronto-Dominion Holdings USA, Inc		0.200		07/13/15		24,998
	22,000,000	y	Toronto-Dominion Holdings USA, Inc		0.180		09/03/15		21,993
	22,000,000	y	Toronto-Dominion Holdings USA, Inc		0.200		09/09/15		21,991
	20,000,000	y	Toronto-Dominion Holdings USA, Inc		0.170		09/17/15		19,993
	30,000,000		Toyota Motor Credit Corp		0.130		07/09/15		29,999
	50,000,000		Toyota Motor Credit Corp		0.120		07/20/15		49,997
	35,000,000		Toyota Motor Credit Corp		0.120		07/21/15		34,998
	25,000,000		Toyota Motor Credit Corp		0.170		08/28/15		24,993
	15,000,000	y	Unilever Capital Corp		0.090		07/13/15		15,000
	23,300,000	y	United Overseas Bank Ltd		0.245-0.250		08/26/15		23,291
	32,620,000	y	United Overseas Bank Ltd		0.255-0.260		09/08/15		32,604
	30,000,000	y	United Overseas Bank Ltd		0.250		10/09/15		29,979
	25,000,000	y	United Overseas Bank Ltd		0.300		11/16/15		24,971
	47,000,000	y	Wal-Mart Stores, Inc		0.110		07/31/15		46,996
	27,000,000	y	Westpac Banking Corp		0.200		09/08/15		26,990
			TOTAL COMMERCIAL PAPER						4,808,339

408

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
CORPORATE DEBT - 0.2%

$	24,000,000	General Electric Co		0.850	%	10/09/15	$	24,035
		TOTAL CORPORATE DEBT						24,035

GOVERNMENT AGENCY DEBT - 25.7%
	20,000,000	Federal Farm Credit Bank (FFCB)		0.080		09/16/15		19,997
	20,000,000	FFCB		0.080		09/28/15		19,996
	78,122,000	Federal Home Loan Bank (FHLB)		0.053-0.080		07/01/15		78,122
	106,569,000	FHLB		0.075-0.086		07/06/15		106,568
	92,000,000	FHLB		0.075-0.088		07/08/15		91,998
	55,000,000	FHLB		0.065-0.085		07/10/15		54,999
	50,045,000	FHLB		0.050-0.088		07/14/15		50,044
	23,870,000	FHLB		0.075		07/15/15		23,869
	18,000,000	FHLB		0.077		07/16/15		17,999
	79,140,000	FHLB		0.065-0.105		07/17/15		79,137
	4,653,000	FHLB		0.075		07/20/15		4,653
	139,000,000	FHLB		0.075-0.083		07/22/15		138,993
	148,550,000	FHLB		0.045-0.130		07/24/15		148,542
	165,426,000	FHLB		0.045-0.090		07/29/15		165,416
	2,900,000	FHLB		0.084		07/31/15		2,900
	102,100,000	FHLB		0.060-0.092		08/05/15		102,092
	157,760,000	FHLB		0.040-0.135		08/07/15		157,748
	30,000,000	FHLB		0.080		08/11/15		29,997
	112,416,000	FHLB		0.048-0.097		08/12/15		112,405
	2,300,000	FHLB		0.065		08/13/15		2,300
	155,200,000	FHLB		0.058-0.098		08/14/15		155,186
	27,930,000	FHLB		0.055-0.060		08/17/15		27,928
	4,850,000	FHLB		0.060		08/18/15		4,850
	38,320,000	FHLB		0.068-0.100		08/19/15		38,315
	98,800,000	FHLB		0.065-0.095		08/21/15		98,790
	3,500,000	FHLB		0.080		08/24/15		3,500
	83,472,000	FHLB		0.067-0.093		08/26/15		83,462
	25,000,000	FHLB		0.045		08/27/15		24,998
	132,315,000	FHLB		0.063-0.083		08/28/15		132,300
	58,980,000	FHLB		0.065-0.135		09/02/15		58,971
	103,750,000	FHLB		0.065-0.090		09/04/15		103,734
	13,600,000	FHLB		0.080-0.085		09/08/15		13,598
	18,200,000	FHLB		0.080-0.085		09/09/15		18,197
	21,600,000	FHLB		0.090-0.092		09/15/15		21,596
	8,033,000	FHLB		0.075-0.089		09/16/15		8,032
	13,151,000	FHLB		0.080-0.085		09/17/15		13,149
	96,590,000	FHLB		0.083-0.088		09/18/15		96,572
	59,950,000	FHLB		0.082-0.090		09/23/15		59,938
	18,000,000	FHLB		0.090		09/25/15		17,996
	1,400,000	FHLB		0.110		10/02/15		1,400
	1,500,000	FHLB		0.125		10/07/15		1,499
	19,070,000	FHLB		0.100		10/21/15		19,064
	1,615,000	FHLB		0.150		11/18/15		1,614
	15,400,000	Federal Home Loan Mortgage Corp (FHLMC)		0.070		07/06/15		15,400
	8,319,000	FHLMC		0.065-0.085		07/10/15		8,319
	3,000,000	FHLMC		0.070		07/13/15		3,000
	6,079,000	FHLMC		0.075-0.100		07/14/15		6,079

409

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	1,900,000	FHLMC		0.070	%	07/24/15	$	1,900
	34,300,000	FHLMC		0.050-0.079		07/27/15		34,298
	15,000,000	FHLMC		0.060		08/05/15		14,999
	3,000,000	FHLMC		0.100		08/06/15		3,000
	10,000,000	FHLMC		0.065		08/07/15		9,999
	4,200,000	FHLMC		0.075		08/10/15		4,200
	425,000	FHLMC		0.085		08/14/15		425
	6,500,000	FHLMC		0.073		08/20/15		6,499
	21,783,000	FHLMC		0.119-0.125		08/21/15		21,779
	12,000,000	FHLMC		0.073		09/01/15		11,998
	8,300,000	FHLMC		0.080		09/09/15		8,299
	20,000,000	FHLMC		0.170		09/11/15		19,993
	20,453,000	FHLMC		0.120-0.128		10/20/15		20,445
	5,000,000	FHLMC		0.140		11/03/15		4,998
	20,550,000	FHLMC		0.240-0.260		11/16/15		20,530
	17,810,000	FHLMC		0.160		12/28/15		17,796
	38,173,000	Federal National Mortgage Association (FNMA)		0.090		07/01/15		38,173
	8,800,000	FNMA		0.068		07/08/15		8,800
	5,005,000	FNMA		0.080		07/17/15		5,005
	2,500,000	FNMA		0.085		07/22/15		2,500
	1,595,000	FNMA		0.055		07/30/15		1,595
	17,780,000	FNMA		0.065		08/03/15		17,779
	10,000,000	FNMA		0.055		08/04/15		9,999
	31,000,000	FNMA		0.082		08/12/15		30,997
	20,000,000	FNMA		0.110		08/17/15		19,997
	20,000,000	FNMA		0.060		08/26/15		19,998
	16,082,000	FNMA		0.065-0.070		09/02/15		16,080
	20,000,000	FNMA		0.075		09/11/15		19,997
	40,000,000	FNMA		0.065		09/14/15		39,994
	25,000,000	FNMA		0.060		09/18/15		24,997
	13,000,000	FNMA		0.150		12/30/15		12,990
	3,000,000	FNMA		0.150		01/05/16		2,998
		TOTAL GOVERNMENT AGENCY DEBT						2,918,319

TREASURY DEBT - 16.1%
	25,445,000	United States Treasury Bill		0.041-0.074		07/02/15		25,445
	40,400,000	United States Treasury Bill		0.031-0.061		07/23/15		40,399
	10,000,000	United States Treasury Bill		0.056		08/06/15		9,999
	20,000,000	United States Treasury Bill		0.071-0.081		08/13/15		19,998
	80,000,000	United States Treasury Bill		0.060-0.101		08/20/15		79,991
	29,005,000	United States Treasury Bill		0.067-0.082		08/27/15		29,002
	21,480,000	United States Treasury Bill		0.026-0.076		09/03/15		21,478
	30,000,000	United States Treasury Bill		0.071-0.072		09/10/15		29,996
	10,000,000	United States Treasury Bill		0.028		09/17/15		9,999
	10,045,000	United States Treasury Bill		0.063-0.113		09/24/15		10,042
	10,000,000	United States Treasury Bill		0.101		10/01/15		9,997
	11,805,000	United States Treasury Bill		0.026-0.047		10/08/15		11,804
	45,000,000	United States Treasury Bill		0.087-0.090		10/22/15		44,988
	45,000,000	United States Treasury Bill		0.046-0.079		11/05/15		44,990
	75,000,000	United States Treasury Bill		0.057-0.160		11/12/15		74,977
	10,000,000	United States Treasury Bill		0.088		11/27/15		9,996
	10,000,000	United States Treasury Bill		0.041-0.076		12/10/15		9,997
	19,775,000	United States Treasury Bill		0.035-0.081		12/17/15		19,770

410

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	20,000,000		United States Treasury Bill		0.061-0.071	%	12/24/15	$	19,994
	30,000,000		United States Treasury Bill		0.108-0.150		01/07/16		29,980
	20,000,000		United States Treasury Bill		0.196-0.198		02/04/16		19,976
	140,000,000		United States Treasury Note		0.250		07/15/15		140,006
	86,420,000		United States Treasury Note		0.250		07/31/15		86,431
	100,000,000		United States Treasury Note		0.375		08/31/15		100,036
	76,995,000		United States Treasury Note		0.250		09/15/15		77,017
	90,300,000		United States Treasury Note		0.250		09/30/15		90,329
	100,000,000		United States Treasury Note		0.250		10/15/15		100,020
	41,305,000		United States Treasury Note		0.375		11/15/15		41,348
	100,000,000		United States Treasury Note		0.250		11/30/15		100,040
	88,295,000		United States Treasury Note		0.250		12/15/15		88,328
	25,000,000		United States Treasury Note		0.250		12/31/15		25,007
	100,000,000		United States Treasury Note		0.375		01/15/16		100,106
	25,000,000		United States Treasury Note		0.375		02/15/16		25,034
	100,000,000		United States Treasury Note		0.250		02/29/16		100,027
	75,000,000		United States Treasury Note		0.375		03/15/16		75,056
	86,030,000		United States Treasury Note		0.375		03/31/16		86,116
	15,000,000		United States Treasury Note		0.250		04/15/16		14,997
	9,990,000		United States Treasury Note		0.500		06/15/16		10,007
			TOTAL TREASURY DEBT						1,832,723

VARIABLE RATE SECURITIES - 11.7%
	54,500,000	i	Federal Farm Credit Bank (FFCB)		0.200		08/10/15		54,502
	50,000,000	i	FFCB		0.185		09/09/15		50,000
	45,000,000	i	FFCB		0.250		09/21/15		45,007
	65,000,000	i	FFCB		0.140		10/01/15		64,998
	50,000,000	i	FFCB		0.145		11/04/15		49,998
	70,000,000	i	FFCB		0.200		01/13/16		70,000
	60,100,000	i	FFCB		0.250		02/01/16		60,125
	20,000,000	i	FFCB		0.140		03/29/16		19,994
	50,000,000	i	FFCB		0.157		04/21/16		49,994
	36,000,000	i	FFCB		0.280		06/09/16		36,033
	45,000,000	i	FFCB		0.170		06/23/16		44,991
	150,000,000	i	FFCB		0.155		08/10/16		149,972
	50,000,000	i	FFCB		0.167		08/24/16		49,983
	10,000,000	i	FFCB		0.208		10/11/16		10,002
	120,000,000	i	FFCB		0.167		01/24/17		119,991
	76,000,000	i	FFCB		0.184		03/02/17		76,000
	20,000,000	i	Federal Home Loan Bank (FHLB)		0.220		08/14/15		20,001
	50,000,000	i	FHLB		0.200		08/19/15		50,000
	40,000,000	i	FHLB		0.149		11/27/15		39,999
	50,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.182		07/21/16		49,994
	50,000,000	i	FHLMC		0.191		01/13/17		49,992
	21,497,000	i	Federal National Mortgage Association (FNMA)		0.206		08/15/16		21,505
	50,000,000	i	General Electric Capital Corp		0.256		12/29/15		50,000
	50,000,000	i	Wells Fargo Bank NA		0.320		10/06/15		50,000
	50,000,000	i	Wells Fargo Bank NA		0.330		03/10/16		50,000
			TOTAL VARIABLE RATE SECURITIES						1,333,081

411

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

	VALUE
	(000)
TOTAL SHORT-TERM INVESTMENTS	$	11,358,345
(Cost $11,358,345)
TOTAL INVESTMENTS - 99.9%		11,358,345
(Cost $11,358,345)
OTHER ASSETS & LIABILITIES, NET - 0.1%		7,416
NET ASSETS - 100.0%	$	11,365,761

i		Floating or variable rate security. Coupon rate reflects the rate at period end.
y		Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/2015, the aggregate value of these securities was $3,228,648,000, or 28.4% of net assets.

		Cost amounts are in thousands.

412

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

SIGNATURES

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

		COLLEGE RETIREMENT EQUITIES FUND

Date:	August 6, 2015	By:	/s/ Robert G. Leary
			Robert G. Leary
			President and Principal Executive Officer

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

Date:	August 6, 2015	By:	/s/ Robert G. Leary
			Robert G. Leary
			President and Principal Executive Officer (principal executive officer)

Date:	August 6, 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)(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