0000930413-16-005824.txt : 20160302 0000930413-16-005824.hdr.sgml : 20160302 20160302140409 ACCESSION NUMBER: 0000930413-16-005824 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160302 DATE AS OF CHANGE: 20160302 EFFECTIVENESS DATE: 20160302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND CENTRAL INDEX KEY: 0000777535 IRS NUMBER: 136022042 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04415 FILM NUMBER: 161476574 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129164905 MAIL ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017

0000777535 S000005080 Stock Account

C000154473 Class R1 QCSTRX

C000154474 Class R2 QCSTPX

C000154475 Class R3 QCSTIX

0000777535 S000005081 Global Equities Account

C000154476 Class R1 QCGLRX

C000154477 Class R2 QCGLPX

C000154478 Class R3 QCGLIX

0000777535 S000005082 Growth Account

C000154479 Class R1 QCGRRX

C000154480 Class R2 QCGRPX

C000154481 Class R3 QCGRIX

0000777535 S000005083 Equity Index Account

C000154482 Class R1 QCEQRX

C000154483 Class R2 QCEQPX

C000154484 Class R3 QCEQIX

0000777535 S000005084 Bond Market Account

C000154485 Class R1 QCBMRX

C000154486 Class R2 QCBMPX

C000154487 Class R3 QCBMIX

0000777535 S000005085 Inflation-Linked Bond Account

C000154488 Class R1 QCILRX

C000154489 Class R2 QCILPX

C000154490 Class R3 QCILIX

0000777535 S000005086 Social Choice Account

C000154491 Class R1 QCSCRX

C000154492 Class R2 QCSCPX

C000154493 Class R3 QCSCIX

0000777535 S000005087 Money Market Account

C000154494 Class R1 QCMMRX

C000154495 Class R2 QCMMPX

C000154496 Class R3 QCMMIX

N-CSR 1 c83448_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

F. Scott Thomas, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2015

Item 1. Reports to Stockholders.

2015 Annual Report

College Retirement
Equities Fund

December 31, 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
	Audited financial statements
	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
	Report of independent registered public accounting firm		99
	Trustees and officers		100
	Additional information about index providers		106
	How to reach us		Inside back cover

Understanding your CREF report

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

2	2015 Annual Report ■ College Retirement Equities Fund

Information for CREF participants

Portfolio holdings

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

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

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

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

College Retirement Equities Fund ■ 2015 Annual 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- , mid- and small-cap stocks in 45 developed and emerging market nations throughout the world, excluding the United States.

CREF Global Equities Account

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

CREF Growth Account

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

CREF Equity Index Account

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

CREF Bond Market Account

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

CREF Inflation-Linked Bond Account

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

4	2015 Annual Report ■ College Retirement Equities Fund

About the accounts’ benchmarks

CREF Social Choice Account

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

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

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

College Retirement Equities Fund ■ 2015 Annual 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 (July 1, 2015–December 31, 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.

6	2015 Annual Report ■ College Retirement Equities Fund

CREF Stock Account

Performance for the twelve months ended December 31, 2015

The CREF Stock Account returned –1.10% for the year, compared with the –1.02% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index. (All returns for the account are for Class R1.)

U.S. stocks, as measured by the Russell 3000 Index, rose 0.48% in 2015, marking the seventh straight year of positive performance. Foreign equities fell amid concerns about Greece’s debt problems and slowing growth in China. 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 countries outside the United States, returned –4.60% in U.S. dollars but rose 2.90% in local currency.

Market performance varied significantly across countries. Canadian stocks fell in both local and U.S. dollar terms as reduced demand for energy exports hurt the region. U.S. dollar strength was a headwind for equity shares in Korea and the eurozone, which declined when converted to U.S. dollar returns. Japan achieved double-digit gains in both local and U.S. currency.

Stock choices trim results

In 2015, the account modestly trailed its benchmark. The largest detractor was an underweight position in Microsoft, which rose on customer demand for new devices, including the popular Surface tablet, and for the company’s cloud computing services. Next in line were underweights in McDonald’s and General Electric, which advanced on strong earnings.

Conversely, an underweight position in poorly performing energy company Kinder Morgan contributed most to relative performance. Overweight positions in wireless communications company T-Mobile and auto parts maker Delphi Automotive were next in line as both stocks produced double-digit returns.

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

College Retirement Equities Fund ■ 2015 Annual Report

CREF Stock Account

Performance as of December 31, 2015

Total

Average annual

return

total return

CREF Stock Account

Inception date

1 year

5 years

10 years

Class R1

7/31/1952

–1.10

8.44

5.75

Class R2

4/24/2015

–0.90

8.49

5.78

Class R3

4/24/2015

–0.84

8.50

5.78

CREF Stock Composite Benchmark^†

—

–1.02

8.88

5.96

Broad market index

Russell 3000^®Index

—

0.48

12.18

7.35

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 December 31, 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.

$10,000 over 10 years (Class R1)

For the purpose of comparison, the graph also shows the change in the value of the account’s composite benchmark and of a broad market index during the same period. The performance of other Classes varies due to differences in expense charges.

8	2015 Annual Report ■ College Retirement Equities Fund

CREF Stock Account

Expense example

Six months ended December 31, 2015

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Stock Account	(7/1/15		)	(12/31/15		)	(7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00		$	956.63			$3.95
Class R2		1,000.00			958.13			2.42
Class R3		1,000.00			958.64			1.88
5% annual hypothetical return
Class R1		1,000.00			1,021.17			4.08
Class R2		1,000.00			1,022.74			2.50
Class R3		1,000.00			1,023.29			1.94

^‡

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

Actual expenses

	Net expense ratio for the one-year
	period ended 12/31/2015
Class R1	0.57%
Class R2^§	0.48%
Class R3^§	0.38%

^§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Portfolio composition

	% of net assets
Sector	as of 12/31/2015
Financials	19.5
Information technology	17.0
Consumer discretionary	14.5
Health care	13.0
Industrials	10.9
Consumer staples	8.8
Energy	5.6
Materials	4.3
Utilities	3.0
Telecommunication services	2.8
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2015
More than $50 billion	41.9
More than $15 billion–$50 billion	24.1
More than $2 billion–$15 billion	26.5
$2 billion or less	7.5
Total	100.0

Holdings by country

	% of portfolio investments
	as of 12/31/2015
United States	65.2
Japan	5.1
United Kingdom	4.3
France	2.1
Switzerland	1.9
Germany	1.8
Canada	1.7
China	1.7
60 other nations	11.9
Short-term investments	4.3
Total	100.0

College Retirement Equities Fund ■ 2015 Annual Report

CREF Global Equities Account

Performance for the twelve months ended December 31, 2015

The CREF Global Equities Account returned –0.60% for the year, compared with the –0.87% return of its benchmark, the MSCI World Index. (All returns for the account are for Class R1.)

Global stocks, as measured by the MSCI World Index, fell in 2015 as markets rose late in the period, but couldn’t overcome earlier losses amid concerns about Greece’s debt problems and slowing growth in China. U.S. dollar strength was also a headwind as the World index actually rose 2.08% in local currency terms.

Market performance varied significantly across countries. Canadian stocks fell in both local and U.S. dollar terms as reduced demand for energy exports hurt the Canadian economy. U.S. dollar strength was a headwind for index shares in the eurozone, which declined when converted to U.S. dollar returns. U.S. stocks, which comprised more than half of the benchmark’s total market capitalization at period-end, advanced modestly. Japan achieved nearly double-digit gains in both local and U.S. currencies.

Stock choices lift relative returns

In 2015, the account surpassed its benchmark. The largest contributor was an underweight position in poorly performing Banco Santander. An overweight in Home Depot was next in line as the home improvement retailer benefited from increased sales. An underweight in Glencore also helped as the materials company experienced double-digit losses.

Conversely, the largest detractor to the account’s relative performance was an out-of-benchmark position in Dutch pharmaceutical company Fagron, which suffered losses due to news of protracted takeover discussions. Next in line were underweights in Microsoft and General Electric, which advanced on strong earnings.

10	2015 Annual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Performance as of December 31, 2015

Total

Average annual

return

total return

CREF Global Equities Account

Inception date

1 year

5 years

10 years

Class R1

5/1/1992

–0.60

7.57

4.98

Class R2

4/24/2015

–0.41

7.61

5.00

Class R3

4/24/2015

–0.34

7.62

5.00

MSCI World Index

—

–0.87

7.59

4.98

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.

$10,000 over 10 years (Class R1)

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period. The performance of other Classes varies due to differences in expense charges.

College Retirement Equities Fund ■ 2015 Annual Report

CREF Global Equities Account

Expense example

Six months ended December 31, 2015

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Global Equities Account	(7/1/15		)	(12/31/15		)	(7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00			$ 956.22			$3.90
Class R2		1,000.00			957.70			2.42
Class R3		1,000.00			958.21			1.88
5% annual hypothetical return
Class R1		1,000.00			1,021.22			4.02
Class R2		1,000.00			1,022.74			2.50
Class R3		1,000.00			1,023.29			1.94

^‡

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

Actual expenses

	Net expense ratio for the one-year
	period ended 12/31/2015
Class R1	0.58%
Class R2^§	0.48%
Class R3^§	0.38%

^§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Portfolio composition

	% of net assets
Sector	as of 12/31/2015
Financials	19.6
Consumer discretionary	16.4
Information technology	15.4
Health care	14.0
Industrials	10.7
Consumer staples	8.7
Energy	5.5
Materials	4.1
Utilities	2.3
Telecommunication services	2.0
Short-term investments, other assets & liabilities, net	1.3
Total	100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2015
More than $50 billion	44.8
More than $15 billion–$50 billion	28.5
More than $2 billion–$15 billion	25.5
$2 billion or less	1.2
Total	100.0

Holdings by country

	% of portfolio investments
	as of 12/31/2015
United States	56.0
Japan	8.2
United Kingdom	7.1
Switzerland	4.1
France	3.2
Canada	2.8
Germany	2.7
Netherlands	2.0
32 other nations	10.7
Short-term investments	3.2
Total	100.0

12	2015 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Performance for the twelve months ended December 31, 2015

The CREF Growth Account returned 6.19% for the year, compared with the 5.67% return of its benchmark, the Russell 1000^® Growth Index. (All returns for the account are for Class R1.)

Following a weak first quarter, gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.9% and 2.0% in the second and third quarters, respectively. Average hourly wages increased, inflation rose slightly and the national unemployment rate dropped to 5.0%. The Federal Reserve raised the federal funds target rate by 0.25%, while central banks overseas eased rates.

Stock prices were volatile, particularly in the third quarter, largely in reaction to slowing growth in China, interest rate uncertainties and plunging oil prices. For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 0.48%. Large-cap stocks topped mid-cap equities, which outperformed small-cap stocks. Growth stocks ended the year up, but their value counterparts ended down. (Returns are based on Russell indexes.)

For the ten years ended December 31, 2015, the Russell 1000 Growth Index produced an average annual gain of 8.53%, beating the 7.35% average return of the Russell 3000 Index over the same period.

Stock choices boost relative performance

Six of the ten industry sectors within the account’s benchmark generated gains for the twelve months. Consumer discretionary rose 11.6%, information technology climbed 9.2% and health care increased 6.8%. These three largest sectors comprised nearly two-thirds of the index’s total market capitalization on December 31, 2015. The energy sector had the most significant decline (down 38.2%).

Stock choices helped the account rise above its benchmark. Overweight positions in Amazon.com and Adobe Systems were the top contributors. Amazon’s stock gained on strong sales growth and the profitability of Amazon Web Services, its fast-growing cloud computing business. Adobe Systems saw strong revenue and net income growth, driven by continued transition to a subscription-based software model.

Slightly offsetting these strong performers were out-of-benchmark holdings in Yahoo! and Valeant Pharmaceuticals, which detracted from relative returns. Naysayers pressured online content provider Yahoo!’s stock, causing it to underperform. Although Valeant had a solid year financially, the stock suffered when a probe was launched questioning the company’s drug pricing practices.

College Retirement Equities Fund ■ 2015 Annual Report

CREF Growth Account

Performance as of December 31, 2015

			Total			Average annual
			return			total return
CREF Growth Account	Inception date		1 year			5 years			10 years
Class R1		4/29/1994		6.19	%		13.82	%		8.32	%
Class R2		4/24/2015		6.40	*		13.87	*		8.34	*
Class R3		4/24/2015		6.47	*		13.88	*		8.35	*
Russell 1000^® Growth Index		—		5.67			13.53			8.53

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

$10,000 over 10 years (Class R1)

14	2015 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Expense example

Six months ended December 31, 2015

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Growth Account	(7/1/15		)	(12/31/15		)	(7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00			$1,008.97			$3.65
Class R2		1,000.00			1,010.54			2.08
Class R3		1,000.00			1,011.07			1.57
5% annual hypothetical return
Class R1		1,000.00			1,021.58			3.67
Class R2		1,000.00			1,023.14			2.09
Class R3		1,000.00			1,023.64			1.58

^‡

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

Portfolio composition

	% of net assets
Sector	as of 12/31/2015
Information technology	31.5
Consumer discretionary	23.3
Health care	16.9
Industrials	9.8
Consumer staples	7.3
Financials	5.5
Materials	3.1
Telecommunication services	1.0
Energy	0.7
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Actual expenses

	Net expense ratio for the one-year
	period ended 12/31/2015
Class R1	0.51%
Class R2^§	0.41%
Class R3^§	0.31%

^§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2015
More than $50 billion	52.7
More than $15 billion–$50 billion	28.1
More than $2 billion–$15 billion	18.8
$2 billion or less	0.4
Total	100.0

College Retirement Equities Fund ■ 2015 Annual Report

CREF Equity Index Account

Performance for the twelve months ended December 31, 2015

The CREF Equity Index Account returned –0.02% for the year, compared with the 0.48% return of its benchmark, the Russell 3000^® Index. (All returns for the account are for Class R1.)

For the twelve-month period, the account’s return lagged 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. In addition, the account had a small exposure to derivative instruments during the reporting period, which contributed positively to its performance.

Following a weak first quarter, gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.9% and 2.0% in the second and third quarters, respectively. Average hourly wages increased and national unemployment dropped to 5.0%. The Federal Reserve raised the federal funds target rate by 0.25%, while central banks overseas eased rates.

Stocks were volatile, particularly in the third quarter, in reaction to slowing growth in China, interest rate uncertainties and plunging oil prices. For the twelve months, large-cap stocks topped mid-cap equities, which outperformed small-cap stocks. Growth stocks ended the year up, but their value counterparts ended down. (Returns are based on Russell indexes.)

Five of ten sectors post positive returns

For the period, half of the ten industry sectors in the account’s benchmark ended in positive territory. The largest sector, information technology, contributed most with a return of 5.4%. Health care (up 7.2%) and consumer discretionary (up 6.0%) also contributed significantly. Together, these sectors constituted nearly half of the benchmark’s total market capitalization. Energy performed worst (down 23.2%), followed by materials (down 10.2%) and utilities (down 5.2%). Lower oil prices particularly hurt energy stocks.

Seven of the ten largest stocks in the index by market capitalization at year-end beat the benchmark, and three finished lower for the period. Among the ten, Amazon.com performed best—more than doubling in price—fueled by strong earnings growth of its cloud business. The growth of cloud computing also boosted Microsoft shares. Exxon Mobil ended down, and Apple ended lower amid weakening demand for iPhones.

16	2015 Annual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance as of December 31, 2015

Total

Average annual

return

total return

CREF Equity Index Account

Inception date

1 year

5 years

10 years

Class R1

4/29/1994

–0.02

11.73

6.93

Class R2

4/24/2015

0.18

11.78

6.95

Class R3

4/24/2015

0.25

11.79

6.96

Russell 3000^®Index

—

0.48

12.18

7.35

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

$10,000 over 10 years (Class R1)

College Retirement Equities Fund ■ 2015 Annual Report

CREF Equity Index Account

Expense example

Six months ended December 31, 2015

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Equity Index Account	(7/1/15		)	(12/31/15		)	(7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00		$	982.64			$3.40
Class R2		1,000.00			984.17			1.85
Class R3		1,000.00			984.69			1.30
5% annual hypothetical return
Class R1		1,000.00			1,021.78			3.47
Class R2		1,000.00			1,023.34			1.89
Class R3		1,000.00			1,023.89			1.33

^‡

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

Portfolio composition

	% of net assets
Sector	as of 12/31/2015
Information technology	19.6
Financials	18.3
Health care	14.7
Consumer discretionary	13.5
Industrials	10.7
Consumer staples	8.8
Energy	5.9
Materials	3.1
Utilities	3.0
Telecommunication services	2.2
Short-term investments, other assets & liabilities, net	0.2
Total	100.0

Actual expenses

	Net expense ratio for the one-year
	period ended 12/31/2015
Class R1	0.47%
Class R2^§	0.37%
Class R3^§	0.27%

^§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2015
More than $50 billion	50.4
More than $15 billion–$50 billion	23.2
More than $2 billion–$15 billion	21.5
$2 billion or less	4.9
Total	100.0

18	2015 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance for the twelve months ended December 31, 2015

The CREF Bond Market Account returned 0.25% for the year, compared with the 0.55% return of its benchmark, the Barclays U.S. Aggregate Bond Index. (All returns for the account are for Class R1.)

The U.S. economy expanded in 2015. Following a weak first quarter, gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.9% and 2.0% in the second and third quarters, respectively. Average hourly wages increased, inflation rose slightly and the national unemployment rate dropped to 5.0%.

On December 16, 2015, the Federal Reserve approved a quarter-point hike in its federal funds target rate. The new target went from 0.00%–0.25% to 0.25%–0.50% and marks the first increase since June 29, 2006. The yield on the 10-year U.S. Treasury bond rose from 2.12% on January 2, 2015, to 2.27% on December 31, 2015.

The account lags its index during the period

Throughout much of 2015, extreme swings in the financial markets and concerns over the pace of growth overseas kept investors unsettled. Strong investor demand for more stable assets bolstered the performance of U.S. Treasuries and other higher-quality/high-rated sectors. Mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) also benefited from low default rates and relatively attractive returns.

U.S. Treasury securities, the benchmark’s largest sector at more than 36% of total market capitalization, rose nearly 0.9% for the period. MBS, the benchmark’s second-largest weighting at nearly 28%, gained 1.5% for the twelve months. Corporate bonds, which constituted almost 24% of the benchmark’s total capitalization, returned –0.7%.

The account trailed its benchmark primarily due to yield curve positioning in U.S. Treasuries amid a rise in long-term interest rates during the period, as well as being overweight in credit sectors that performed poorly. A small allocation to cash further diminished the account’s relative performance.

In contrast, corporate bonds were the largest contributor, helped by favorable yield curve positioning, beneficial security selection and higher coupons. Strong security selection and a sizable overweight position in CMBS, which topped CMBS holdings in the benchmark by a wide margin, was the next largest contributor.

College Retirement Equities Fund ■ 2015 Annual Report

CREF Bond Market Account

Performance as of December 31, 2015

		Total return		Average annual total return
CREF Bond Market Account	Inception date	1 year		5 years			10 years
Class R1	3/1/1990	0.25	%		3.14	%		4.06	%
Class R2	4/24/2015	0.44	*		3.18	*		4.08	*
Class R3	4/24/2015	0.51	*		3.20	*		4.09	*
Barclays U.S. Aggregate Bond Index	—	0.55			3.25			4.51

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

$10,000 over 10 years (Class R1)

20	2015 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Expense example

Six months ended December 31, 2015

CREF Bond Market Account	Beginning account value (7/1/15		)	Ending account value (12/31/15		)	Expenses paid during period (7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00			$1,003.36			$3.94
Class R2		1,000.00			1,004.91			2.43
Class R3		1,000.00			1,005.44			1.87
5% annual hypothetical return
Class R1		1,000.00			1,021.27			3.97
Class R2		1,000.00			1,022.79			2.45
Class R3		1,000.00			1,023.34			1.89

^‡

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

Actual expenses
Net expense ratio for the one-year
period ended 12/31/2015
Class R1	0.56	%
Class R2^§	0.47	%
Class R3^§	0.37	%

§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Portfolio composition
% of net assets as of 12/31/2015
Corporate bonds			25.6
Mortgage-backed securities*			21.9

U.S. Treasury securities			16.6
Foreign government & corporate bonds denominated in U.S. dollars			14.4
Commercial mortgage-backed securities			7.5
Asset-backed securities			6.0
Municipal bonds			2.7
U.S. agency securities			1.9
Bank loan obligations			0.8
Preferred stock			0.1
Short-term investments, other assets & liabilities, net			2.5
Total			100.0

*	Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
% of fixed-income investments (excluding
short-term investments) as of 12/31/2015
Less than 1 year			5.8
1–3 years			17.6

3–5 years			18.4
5–10 years			42.6
Over 10 years			15.6
Total			100.0

Holdings by credit quality^†
% of fixed-income investments (excluding
short-term investments) as of 12/31/2015
Aaa/AAA			45.3
Aa/AA			8.5

A/A			12.4
Baa/BBB			23.2
Ba/BB			4.7
B/B			2.5
Below B/B			1.6
Non-rated			1.8

Total			100.0

^†

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

College Retirement Equities Fund ■ 2015 Annual Report

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2015

The CREF Inflation-Linked Bond Account returned –1.94% for the year, compared with the –1.44% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). (All returns for the account are for Class R1.)

As December 2015 commenced, year-over-year core inflation, as measured by the Consumer Price Index (CPI-U)—all items less food and energy—was 2.0%, versus 1.6% one year earlier. However, crude oil prices, a commonly used indicator of current inflationary pressures, fell 30% from $53 a barrel at year-end 2014 to $37 one year later.

Despite continued pressure on economic sectors such as energy, the rise in inflation reflected strength in the U.S. economy. Following a weak first quarter, gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.9% and 2.0% in the second and third quarters, respectively. Furthermore, average hourly wages increased, and the national unemployment rate dropped to 5.0%.

TIPS trail the broad bond market, as core inflation and interest rates rise

In 2015, the return of TIPS, as measured by the account’s benchmark, trailed the 0.55% return of the broad investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Inflation rose modestly during the period and on December 16, 2015, the Federal Reserve approved a quarter-point hike in its federal funds target rate, signaling the Fed’s belief that the U.S. economy had healed considerably since the 2008 recession and could withstand a rate increase.

For the ten years ended December 31, 2015, the average annual return of TIPS was 3.93%, versus 4.51% for the broad U.S. bond market.

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

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

22	2015 Annual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of December 31, 2015

Total
return

Average annual
total return

CREF Inflation-Linked Bond Account

Inception date

1 year

5 years

10 years

Class R1

5/1/1997

–1.94

2.11

3.46

Class R2

4/24/2015

–1.74

2.15

3.48

Class R3

4/24/2015

–1.68

2.16

3.48

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

—

–1.44

2.55

3.93

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

$10,000 over 10 years (Class R1)

College Retirement Equities Fund ■ 2015 Annual Report

CREF Inflation-Linked Bond Account

Expense example

Six months ended December 31, 2015

CREF Inflation-Linked Bond Account	Beginning account value (7/1/15		)	Ending account value (12/31/15		)	Expenses paid during period (7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00			$ 980.34			$3.54
Class R2		1,000.00			981.85			2.05
Class R3		1,000.00			982.37			1.55
5% annual hypothetical return
Class R1		1,000.00			1,021.63			3.62
Class R2		1,000.00			1,023.14			2.09
Class R3		1,000.00			1,023.64			1.58

^‡

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

Actual expenses
Net expense ratio for the one-year
period ended 12/31/2015
Class R1	0.48	%
Class R2^§	0.41	%
Class R3^§	0.31	%

^§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Portfolio composition
% of net assets
as of 12/31/2015
U.S. Treasury securities			98.7
Mortgage-backed securities*			0.2
U.S. agency securities			0.2
Short-term investments, other assets & liabilities, net			0.9
Total			100.0

*	Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
% of fixed-income investments
(excluding short-term investments)
as of 12/31/2015
1–3 years			19.4
3–5 years			17.9
5–10 years			33.9
Over 10 years			28.8
Total			100.0

24	2015 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance for the twelve months ended December 31, 2015

The CREF Social Choice Account returned –1.13% for the year, compared with the 0.00% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+ Canada Index and the Barclays U.S. Aggregate Bond Index. The account screens for investments by using certain environmental, social and governance (ESG) criteria, while the benchmark does not. (All returns for the account are for Class R1.)

Because of its ESG criteria, the account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. Avoiding these companies produced mixed results, but the net effect decreased the account’s return relative to its benchmark.

The largest detractors relative to the Russell index were the exclusions of Amazon.com, Microsoft, General Electric and Facebook. The omissions of Nestlé and Anheuser-Busch detracted versus the EAFE index. These negative effects were partly offset by positive contributions resulting from the exclusions of Russell index stocks Exxon Mobil, Wal-Mart Stores and Chevron, as well as the account’s omission of EAFE index stocks Royal Dutch and Banco Santander.

Stock positions hamper 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 also underperformed due in part to overweights in Russell index stocks Yahoo! and Devon Energy and an overweight in EAFE index stock Repsol. The losses were partly offset by overweights in Russell index stocks Alphabet (Google’s parent company), Starbucks and Netflix, as well as EAFE index stock Valeant Pharmaceuticals.

Account benefits from fixed-income holdings

For the period, 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 0.55%. Security selection in the account’s overweight corporate bond position and an overweight in government-related agencies were the biggest contributors to fixed-income performance versus the aggregate index. An underweight in U.S. Treasuries and a small allocation to cash were the largest detractors.

College Retirement Equities Fund ■ 2015 Annual Report

CREF Social Choice Account

Performance as of December 31, 2015

Total
return

Average annual
total return

CREF Social Choice Account

Inception date

1 year

5 years

10 years

Class R1

3/1/1990

–1.13

6.85

5.37

Class R2

4/24/2015

–0.93

6.89

5.39

Class R3

4/24/2015

–0.86

6.90

5.39

CREF Social Choice

Composite Benchmark^†

—

0.00

7.48

5.74

Broad market index

Russell 3000^® Index

—

0.48

12.18

7.35

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 December 31, 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.

$10,000 over 10 years (Class R1)

26	2015 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Expense example

Six months ended December 31, 2015

CREF Social Choice Account	Beginning account value (7/1/15		)	Ending account value (12/31/15		)	Expenses paid during period (7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00			$ 982.28			$3.65
Class R2		1,000.00			983.80			2.10
Class R3		1,000.00			984.33			1.60
5% annual hypothetical return
Class R1		1,000.00			1,021.53			3.72
Class R2		1,000.00			1,023.09			2.14
Class R3		1,000.00			1,023.59			1.63

^‡

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

Actual expenses
Net expense ratio for the one-year
period ended 12/31/2015
Class R1	0.52	%
Class R2^§	0.42	%
Class R3^§	0.32	%

^§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Portfolio composition
	% of net assets
		as of 12/31/2015
Equities		60.1
Long-term bonds		39.0

Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by company size
% of equity investments
Market capitalization	as of 12/31/2015
More than $50 billion		37.4
More than $15 billion–$50 billion		41.2

More than $2 billion–$15 billion		19.4
$2 billion or less		2.0
Total		100.0

Holdings by maturity
% of fixed-income investments
(excluding short-term investments)
as of 12/31/2015
Less than 1 year			3.5
1–3 years			17.7

3–5 years			18.0
5–10 years			40.4
Over 10 years			20.4
Total			100.0

College Retirement Equities Fund ■ 2015 Annual Report

CREF Money Market Account

Performance for the twelve months ended December 31, 2015

The CREF Money Market Account returned 0.00% for the year, compared with the 0.02% 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 went from 0.00%–0.25% to 0.25%–0.50% on December 16, 2015, fulfilling speculation of a rate hike that permeated financial markets for much of 2015. The increase in the federal funds target rate was the first to occur in nine years and represents a process of “rate normalization” by the Fed.

CREF Money Market Account restructuring to comply with new SEC regulations

On August 11, 2015, the CREF board approved a restructuring of CREF Money Market Account as a “Government” money market instrument, in compliance with new SEC regulations requiring all money market funds to restructure as retail, institutional or government. As a government fund, CREF Money Market Account will invest 99.5% or more of its total assets in cash, U.S. government securities and/or repurchase agreements (“repos”) collateralized full in cash or U.S. government securities. The restructuring will be effective by October 2016.

Many other U.S. money market funds are also expected to restructure as government funds. As a result, the supply of commercial paper declined in 2015, while the supply of short-term Treasuries increased by year-end. LIBOR yields also rose at the end of 2015, as a result of the Fed rate hike in December. Three-month LIBOR increased from 0.26% in January 2015 to 0.61% by year-end.

In pursuit of additional yield, the account held longer-dated, floating-rate government agency paper in order to capture slightly higher yields. In 2015, our commercial paper exposure was diversified across industries and issuers, nearly all of which are U.S.-domiciled. The account had limited exposure in Europe and made select investments in top-tier Pacific Rim banks. As of December 29, 2015, the account’s weighted average maturity was 47 days, versus 35 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. This waiver will be eliminated by no later than April 2017.

28	2015 Annual Report ■ College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended December 29, 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^‡		0.06			0.06

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

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

Performance as of December 31, 2015

CREF Money Market Account^†		Total return			Average annual total return
CREF Money Market Account^†	Inception date	1 year			5 years			10 years
Class R1	4/1/1988		0.00	%		0.00	%		1.20	%
Class R2	4/24/2015		0.00	*		0.00	*		1.20	*
Class R3	4/24/2015		0.00	*		0.00	*		1.20	*
iMoneyNet Money Fund Averages—All Taxable^‡	—		0.02			0.02			1.14

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 when a Class’s yield was less than zero. 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, and TIAA will terminate the waiver by April 14, 2017. Amounts waived on or after October 1, 2010, are subject to possible recovery by TIAA under certain conditions. As a result of the share class conversion on April 24, 2015, previously recoverable amounts have been allocated to the various Classes.
^‡	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 Annual Report

CREF Money Market Account

Expense example

Six months ended December 31, 2015

CREF Money Market Account	Beginning account value (7/1/15		)	Ending account value (12/31/15		)	Expenses paid during period (7/1/15–12/31/15		)^‡
Actual return
Class R1		$1,000.00			$1,000.00			$0.91
Class R2		1,000.00			1,000.00			0.91
Class R3		1,000.00			1,000.00			0.91
5% annual hypothetical return
Class R1		1,000.00			1,024.30			0.92
Class R2		1,000.00			1,024.30			0.92
Class R3		1,000.00			1,024.30			0.92

^‡

“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The account’s annualized six-month expense ratios for that period were 0.18% for Class R1, 0.18% for Class R2 and 0.18% for Class R3. 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. This waiver will expire in April 2017.

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

Actual expenses
Net expense ratio for the one-year
period ended 12/31/2015
Class R1	0.14	%
Class R2^§	0.17	%
Class R3^§	0.17	%

^§	Expenses for Classes R2 and R3 are annualized from the Class’ commencement of April 24, 2015.

Portfolio composition
% of net assets
as of 12/31/2015
U.S. government agency securities			33.1
Commercial paper			30.9

U.S. Treasury securities			17.9
Floating-rate securities, government			15.4
Certificates of deposit			2.7
Total			100.0

30	2015 Annual Report ■ College Retirement Equities Fund

Summary portfolio of investments

CREF Stock Account ■ December 31, 2015

Principal			Issuer		Value (000)			% of net assets
BONDS

CORPORATE BONDS
CAPITAL GOODS					$	0	^	0.0	%
DIVERSIFIED FINANCIALS						440		0.0
FOOD, BEVERAGE & TOBACCO						20		0.0
TOTAL CORPORATE BONDS				(Cost $520)		460		0.0
GOVERNMENT BONDS
U.S. TREASURY SECURITIES						295		0.0
TOTAL GOVERNMENT BONDS				(Cost $302)		295		0.0
TOTAL BONDS				(Cost $822)		755		0.0

	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS						2,722,250		2.4
BANKS
	41,542,993		Bank of America Corp			699,169		0.6
	9,393,824		Citigroup, Inc			486,130		0.4
	13,655,373		JPMorgan Chase & Co			901,664		0.8
	21,607,989		Wells Fargo & Co			1,174,610		1.1
			Other			5,454,449		4.8
						8,716,022		7.7
CAPITAL GOODS
	2,924,733		3M Co			440,582		0.4
	26,987,947		General Electric Co			840,675		0.7
	5,182,140		Honeywell International, Inc			536,714		0.5
			Other			6,442,805		5.7
						8,260,776		7.3
COMMERCIAL & PROFESSIONAL SERVICES						1,268,906		1.1
CONSUMER DURABLES & APPAREL						2,831,820		2.5
CONSUMER SERVICES
	6,213,560		Starbucks Corp			373,000		0.3
			Other			2,022,158		1.8
						2,395,158		2.1
DIVERSIFIED FINANCIALS
	14,658,895	*	Synchrony Financial			445,777		0.4
			Other			3,645,596		3.2
						4,091,373		3.6
ENERGY
	5,320,136		Chevron Corp			478,600		0.4
	11,423,461	d	Exxon Mobil Corp			890,459		0.8
			Other			4,959,039		4.4
						6,328,098		5.6

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Stock Account ■ December 31, 2015

	Shares		Company		Value (000)	% of net assets
FOOD & STAPLES RETAILING
	4,026,885		CVS Health Corp	$	393,709	0.3	%
			Other		1,771,453	1.6
					2,165,162	1.9
FOOD, BEVERAGE & TOBACCO
	6,469,486		Altria Group, Inc		376,589	0.3
	13,102,744		Coca-Cola Co		562,894	0.5
	5,042,837		PepsiCo, Inc		503,880	0.4
	4,655,976		Philip Morris International, Inc		409,307	0.4
			Other		4,137,641	3.7
					5,990,311	5.3
HEALTH CARE EQUIPMENT & SERVICES
	4,977,809		Medtronic plc		382,893	0.3
	3,372,059		UnitedHealth Group, Inc		396,689	0.4
			Other		3,709,355	3.3
					4,488,937	4.0
HOUSEHOLD & PERSONAL PRODUCTS
	7,897,785		Procter & Gamble Co		627,163	0.5
			Other		1,200,230	1.1
					1,827,393	1.6
INSURANCE
	4,756,872	*	Berkshire Hathaway, Inc (Class B)		628,097	0.6
	7,441,624		Metlife, Inc		358,761	0.3
			Other		3,820,825	3.4
					4,807,683	4.3
MATERIALS
	9,585,042	a	Olin Corp		165,438	0.1
			Other		4,688,301	4.2
					4,853,739	4.3
MEDIA
	10,881,148		Comcast Corp (Class A)		614,023	0.5
	5,377,753		Walt Disney Co		565,094	0.5
			Other		2,322,076	2.1
					3,501,193	3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,986,320	*	Allergan plc		620,725	0.5
	2,289,164		Amgen, Inc		371,600	0.3
	3,652,764	*	Celgene Corp		437,455	0.4
	4,448,914		Eli Lilly & Co		374,865	0.3
	5,432,365		Gilead Sciences, Inc		549,701	0.5
	8,281,352		Johnson & Johnson		850,660	0.7
	8,022,320		Merck & Co, Inc		423,739	0.4
	4,762,452		Novartis AG.		409,663	0.4
	24,137,935		Pfizer, Inc		779,173	0.7
			Other		5,412,291	4.8
					10,229,872	9.0

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Stock Account ■ December 31, 2015

Shares			Company		Value (000)		% of net assets
REAL ESTATE					$	4,510,889	4.0	%
RETAILING
	1,462,788	*	Amazon.com, Inc			988,684	0.9
	5,443,040		Home Depot, Inc			719,842	0.6
			Other			3,262,559	2.9
						4,971,085	4.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	16,869,161	e	Intel Corp			581,142	0.5
			Other			2,325,919	2.1
						2,907,061	2.6
SOFTWARE & SERVICES
	940,947	*	Alphabet, Inc (Class A)			732,066	0.7
	1,158,578	*	Alphabet, Inc (Class C)			879,222	0.8
	8,042,265	*	Facebook, Inc			841,703	0.7
	3,825,694		Mastercard, Inc (Class A)			372,470	0.3
	27,171,954		Microsoft Corp			1,507,500	1.3
	12,141,921		Oracle Corp			443,544	0.4
	7,986,459		Visa, Inc (Class A)			619,350	0.6
			Other			5,558,226	4.9
						10,954,081	9.7
TECHNOLOGY HARDWARE & EQUIPMENT
	19,142,273		Apple, Inc			2,014,916	1.8
	20,899,411		Cisco Systems, Inc			567,523	0.5
			Other			2,717,299	2.4
						5,299,738	4.7
TELECOMMUNICATION SERVICES
	15,267,277		AT&T, Inc			525,347	0.5
	13,274,973		Verizon Communications, Inc			613,569	0.6
			Other			1,970,038	1.7
						3,108,954	2.8
TRANSPORTATION						2,833,317	2.4
UTILITIES						3,331,311	3.0
			TOTAL COMMON STOCKS	(Cost $108,846,892)		112,395,129	99.4

PREFERRED STOCKS
BANKS						12,388	0.0
CAPITAL GOODS						358	0.0
DIVERSIFIED FINANCIALS						1,751	0.0
REAL ESTATE						18	0.0
			TOTAL PREFERRED STOCKS	(Cost $29,263)		14,515	0.0

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Stock Account ■ December 31, 2015

						Value			% of net
Shares			Company			(000)			assets
RIGHTS / WARRANTS
BANKS						$	88		0.0	%
CAPITAL GOODS							28		0.0
COMMERCIAL & PROFESSIONAL SERVICES							527		0.0
CONSUMER SERVICES							25		0.0
DIVERSIFIED FINANCIALS							69		0.0
ENERGY							340		0.0
FOOD & STAPLES RETAILING							24		0.0
HEALTH CARE EQUIPMENT & SERVICES							2		0.0
MATERIALS							0	^	0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							142		0.0
REAL ESTATE							1		0.0
TECHNOLOGY HARDWARE & EQUIPMENT							1		0.0
TELECOMMUNICATION SERVICES							494		0.0
TRANSPORTATION							0	^	0.0
UTILITIES							12		0.0
			TOTAL RIGHTS / WARRANTS		(Cost $1,737)		1,753		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT							418,344		0.4
TREASURY DEBT							164,761		0.2

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT							600,000		0.5
COMMERCIAL PAPER							299,992		0.3
REPURCHASE AGREEMENT
	$477,000,000	o	Calyon		0.330%, 01/04/16		477,000		0.4
	500,000,000	p	Goldman Sachs		0.300%, 01/07/16		500,000		0.4
	450,000,000	q	Nomura		0.340%, 01/04/16		450,000		0.4
	545,000,000	r	Royal Bank of Scotland		0.290%, 01/05/16		545,000		0.5
		s	Other Repurchase Agreements	0.260%–0.370%, 01/04/16–01/07/16			1,425,000		1.3
							3,397,000		3.0

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

concluded

CREF Stock Account ■ December 31, 2015

Shares	Company		Value (000)			% of net assets
VARIABLE RATE SECURITIES			$	155,781			0.1	%
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				4,452,773			3.9
TOTAL SHORT-TERM INVESTMENTS		(Cost $5,036,951)		5,035,878			4.5

TOTAL PORTFOLIO		(Cost $113,915,665)		117,448,030			103.9
	OTHER ASSETS & LIABILITIES, NET			(4,399,869	)		(3.9	)
	NET ASSETS		$	113,048,161			100.0	%


*	Non-income producing
^	Amount represents less than $1,000.
a	Affiliated holding
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,384,757,000.
o	Agreement with Calyon, 0.33% dated 12/28/15 to be repurchased at $477,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $486,540,000.
p	Agreement with Goldman Sachs, 0.30% dated 12/31/15 to be repurchased at $500,000,000 on 1/07/16, collateralized by U.S. Government Agency Securities valued at $510,000,000.
q	Agreement with Nomura, 0.34% dated 12/31/15 to be repurchased at $450,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $459,000,000.
r	Agreement with Royal Bank of Scotland, 0.29% dated 12/29/15 to be repurchased at $545,000,000 on 1/05/16, collateralized by U.S. Government Agency Securities valued at $555,901,000.
s	Agreements, 0.26%–0.37% dated 12/28/15–12/31/15 to be repurchased at $1,425,000,000 on 1/04/16–1/07/16, collateralized by U.S. Government Agency Securities valued at $1,453,503,000.

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

At 12/31/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $329,253,000 or 0.3% 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 Annual Report

Summary of market values by country

CREF Stock Account ■ December 31, 2015

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	81,402,250		69.5	%
TOTAL DOMESTIC		81,402,250		69.5

FOREIGN
ARGENTINA		6,293		0.0
AUSTRALIA		1,383,826		1.2
AUSTRIA		152,344		0.1
BELGIUM		312,262		0.3
BERMUDA		114,065		0.1
BRAZIL		364,883		0.3
CANADA		2,026,209		1.7
CAYMAN ISLANDS		1,483		0.0
CHILE		79,254		0.1
CHINA		1,958,983		1.7
COLOMBIA		31,550		0.0
CYPRUS		61		0.0
CZECH REPUBLIC		15,395		0.0
DENMARK		483,108		0.4
EGYPT		17,770		0.0
FAROE ISLANDS		4,237		0.0
FINLAND		329,889		0.3
FRANCE		2,460,964		2.1
GEORGIA		2,889		0.0
GERMANY		2,127,862		1.8
GIBRALTAR		1,230		0.0
GREECE		30,625		0.0
GUERNSEY, C.I.		411		0.0
HONG KONG		986,394		0.8
HUNGARY		21,700		0.0
INDIA		758,715		0.6
INDONESIA		185,839		0.2
IRELAND		555,640		0.5
ISLE OF MAN		3,255		0.0
ISRAEL		278,235		0.2
ITALY		640,354		0.5
JAPAN		5,974,394		5.1
JERSEY, C.I.		10,163		0.0

Country		Value (000)	% of total portfolio
JORDAN	$	13,941	0.0	%
KOREA, REPUBLIC OF		1,197,031	1.0
LUXEMBOURG		69,531	0.1
MACAU		3,473	0.0
MALAYSIA		233,864	0.2
MALTA		8,050	0.0
MEXICO		348,651	0.3
MONACO		7,848	0.0
NETHERLANDS		1,120,166	1.0
NEW ZEALAND		106,150	0.1
NORWAY		204,770	0.2
PAKISTAN		1,806	0.0
PANAMA		7,746	0.0
PERU		38,380	0.0
PHILIPPINES		127,716	0.1
POLAND		85,806	0.1
PORTUGAL		55,845	0.0
PUERTO RICO		15,113	0.0
QATAR		52,419	0.0
ROMANIA		5,545	0.0
RUSSIA		240,416	0.2
SINGAPORE		451,638	0.4
SOUTH AFRICA		453,425	0.4
SPAIN		494,897	0.4
SRI LANKA		1,293	0.0
SWEDEN		676,223	0.6
SWITZERLAND		2,251,182	1.9
TAIWAN		1,015,541	0.9
THAILAND		168,254	0.1
TURKEY		113,455	0.1
UNITED ARAB EMIRATES		65,882	0.1
UNITED KINGDOM		5,087,637	4.3
VIETNAM		1,758	0.0
VIRGIN ISLANDS, U.S.		46	0.0
TOTAL FOREIGN		36,045,780	30.5

TOTAL PORTFOLIO	$	117,448,030	100.0	%

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Global Equities Account ■ December 31, 2015

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUSTRALIA			$	299,814	1.6	%
AUSTRIA				19,730	0.1
BELGIUM				35,214	0.2
BERMUDA				19,443	0.1
BRAZIL				6,810	0.0
CANADA				526,554	2.8
CHILE				150	0.0
CHINA				57,417	0.3
DENMARK
	1,407,591	Novo Nordisk AS		81,497	0.4
		Other		76,622	0.4
				158,119	0.8
FINLAND				121,495	0.7
FRANCE
	2,062,464	Total S.A.		92,463	0.5
		Other		516,232	2.8
				608,695	3.3
GERMANY
	864,133	Daimler AG. (Registered)		72,202	0.4
		Other		440,973	2.4
				513,175	2.8
HONG KONG				169,081	0.9
INDIA				71,374	0.4
IRELAND				222,643	1.2
ISRAEL				58,668	0.3
ITALY				193,086	1.0
JAPAN
	1,964,448	Toyota Motor Corp		120,969	0.7
		Other		1,434,072	7.7
				1,555,041	8.4
JERSEY, C.I.				313	0.0
KOREA, REPUBLIC OF				18,467	0.1
LUXEMBOURG				17,682	0.1
MACAU				336	0.0
MALAYSIA				14,524	0.1
MEXICO				9,944	0.1

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Global Equities Account ■ December 31, 2015

Shares			Company	Value (000)		% of net assets
NETHERLANDS
	5,885,886		ING Groep NV	$	79,636	0.4	%
			Other		294,099	1.6
					373,735	2.0
NEW ZEALAND					10,162	0.1
NORWAY					53,088	0.3
PHILIPPINES					19,180	0.1
PORTUGAL					9,404	0.0
RUSSIA					11,591	0.1
SINGAPORE					64,149	0.3
SOUTH AFRICA					18,039	0.1
SPAIN					134,919	0.7
SWEDEN					152,007	0.8
SWITZERLAND
	1,198,394		Nestle S.A.		88,963	0.5
	2,063,418		Novartis AG.		177,494	1.0
	358,839		Roche Holding AG.		99,437	0.5
	4,103,539		UBS AG.		79,606	0.4
			Other		339,033	1.8
					784,533	4.2
TAIWAN					50,382	0.3
THAILAND					6,339	0.0
UNITED ARAB EMIRATES					7,605	0.0
UNITED KINGDOM
	28,936,967		Barclays plc		93,141	0.5
	845,071		Delphi Automotive plc		72,448	0.4
	3,580,231		Prudential plc		80,661	0.4
			Other		1,094,368	5.9
					1,340,618	7.2
UNITED STATES
	410,150	*	Allergan plc		128,172	0.7
	100,113	*	Alphabet, Inc (Class A)		77,889	0.4
	271,069	*	Alphabet, Inc (Class C)		205,709	1.1
	226,703	*	Amazon.com, Inc		153,226	0.8
	3,194,788		Apple, Inc		336,283	1.8
	6,395,526		Bank of America Corp		107,637	0.6
	950,269	*	Celgene Corp		113,804	0.6
	817,896		Chevron Corp		73,578	0.4
	4,293,630		Cisco Systems, Inc		116,594	0.6
	1,381,728		Citigroup, Inc		71,505	0.4
	2,579,960		Coca-Cola Co		110,835	0.6
	2,625,010		Comcast Corp (Class A)		148,129	0.8
	1,118,980		CVS Health Corp		109,403	0.6

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Global Equities Account ■ December 31, 2015

Shares			Company		Value (000)		% of net assets
UNITED STATES—continued
	874,465		Eli Lilly & Co		$	73,682	0.4	%
	1,234,431		EOG Resources, Inc			87,385	0.5
	1,419,120	d	Exxon Mobil Corp			110,620	0.6
	1,458,868	*	Facebook, Inc			152,685	0.8
	3,018,635		General Electric Co			94,031	0.5
	1,093,755		Gilead Sciences, Inc			110,677	0.6
	1,263,037		Home Depot, Inc			167,037	0.9
	1,165,182		Honeywell International, Inc			120,678	0.6
	2,048,357		Intel Corp			70,566	0.4
	1,486,490	e	iShares MSCI EAFE Index Fund			87,331	0.5
	789,349		Johnson & Johnson			81,082	0.4
	2,696,823		JPMorgan Chase & Co			178,071	1.0
	3,154,105		Microsoft Corp			174,990	0.9
	2,289,087		Mondelez International, Inc			102,643	0.6
	2,291,266		Morgan Stanley			72,885	0.4
	840,228		NextEra Energy, Inc			87,291	0.5
	1,057,516		Occidental Petroleum Corp			71,499	0.4
	2,119,748		Oracle Corp			77,434	0.4
	1,187,561		PepsiCo, Inc			118,661	0.6
	4,434,581		Pfizer, Inc			143,148	0.8
	1,862,930		Verizon Communications, Inc			86,105	0.5
	1,788,251		Visa, Inc (Class A)			138,679	0.7
	4,575,190		Wells Fargo & Co			248,707	1.3
			Other			6,232,884	33.5
						10,641,535	57.2
TOTAL COMMON STOCKS				(Cost $17,123,796)		18,375,061	98.7

RIGHTS / WARRANTS
SINGAPORE						1	0.0
SPAIN						154	0.0
UNITED STATES						1	0.0
TOTAL RIGHTS / WARRANTS				(Cost $198)		156	0.0

	Principal		Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						120,649	0.7
TREASURY DEBT
	$70,000,000		United States Treasury Bill	0.451%, 06/30/16		69,832	0.4
						69,832	0.4

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

concluded

CREF Global Equities Account ■ December 31, 2015

Principal			Issuer			Value (000)			% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT						$	60,000		0.3	%
COMMERCIAL PAPER							49,999		0.3
REPURCHASE AGREEMENTS
	$85,000,000	n	Royal Bank of Scotland		0.290%, 01/05/16		85,000		0.4
		o	Other Repurchase Agreements	0.260%–0.370%, 01/04/16–01/07/16			200,000		1.1
							285,000		1.5
VARIABLE RATE SECURITIES							27,491		0.1
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							422,490		2.2
TOTAL SHORT-TERM INVESTMENTS					(Cost $613,136)		612,971		3.3

			TOTAL PORTFOLIO		(Cost $17,737,130)		18,988,188		102.0
			OTHER ASSETS & LIABILITIES, NET				(369,838	)	(2.0	)
			NET ASSETS			$	18,618,350		100.0	%


*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $400,731,000.
n	Agreement with Royal Bank of Scotland, 0.29% dated 12/29/15 to be repurchased at $85,000,000 on 1/05/16, collateralized by U.S. Government Agency Securities valued at $86,701,000.
o	Agreements, 0.26%–0.37% dated 12/28/15–12/31/15 to be repurchased at $200,000,000 on 1/04/16–1/07/16, collateralized by U.S. Government Agency Securities valued at $204,001,000.

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

At 12/31/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $116,212,000 or 0.6% 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 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary of market values by sector

CREF Global Equities Account ■ December 31, 2015

Sector	Value (000)			% of net assets
FINANCIALS	$	3,666,818			19.6	%
CONSUMER DISCRETIONARY		3,044,114			16.4
INFORMATION TECHNOLOGY		2,863,130			15.4
HEALTH CARE		2,604,468			14.0
INDUSTRIALS		1,989,678			10.7
CONSUMER STAPLES		1,617,755			8.7
ENERGY		1,019,310			5.5
MATERIALS		760,920			4.1
UTILITIES		435,418			2.3
TELECOMMUNICATION SERVICES		373,606			2.0
SHORT-TERM INVESTMENTS		612,971			3.3
OTHER ASSETS & LIABILITES, NET		(369,838	)		(2.0	)
NET ASSETS	$	18,618,350			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

CREF Growth Account ■ December 31, 2015

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,976,914		Delphi Automotive plc	$	169,481	0.8	%
			Other		268,375	1.2
					437,856	2.0
BANKS					53,518	0.2
CAPITAL GOODS
	1,029,977		3M Co		155,156	0.7
	1,256,144		Boeing Co		181,626	0.8
	1,457,895		Honeywell International, Inc		150,994	0.7
	672,398		Northrop Grumman Corp		126,955	0.6
			Other		602,178	2.7
					1,216,909	5.5
COMMERCIAL & PROFESSIONAL SERVICES
	1,882,198	*	Verisk Analytics, Inc		144,704	0.6
			Other		262,773	1.2
					407,477	1.8
CONSUMER DURABLES & APPAREL
	4,187,680		Nike, Inc (Class B)		261,730	1.2
			Other		354,869	1.6
					616,599	2.8
CONSUMER SERVICES
	3,638,988	*	Norwegian Cruise Line Holdings Ltd		213,245	1.0
	5,026,868		Starbucks Corp		301,763	1.3
			Other		417,768	1.9
					932,776	4.2
DIVERSIFIED FINANCIALS
	428,726		IntercontinentalExchange Group, Inc		109,865	0.5
			Other		595,360	2.7
					705,225	3.2
ENERGY					152,912	0.7
FOOD & STAPLES RETAILING
	956,048		Costco Wholesale Corp		154,402	0.7
	1,384,983		CVS Health Corp		135,410	0.6
	2,686,820		Kroger Co		112,390	0.5
			Other		35,314	0.2
					437,516	2.0
FOOD, BEVERAGE & TOBACCO
	1,398,744	*	Monster Beverage Corp		208,357	1.0
			Other		691,053	3.1
					899,410	4.1

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Growth Account ■ December 31, 2015

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	212,135	*	Intuitive Surgical, Inc	$	115,860	0.5	%
	922,860		UnitedHealth Group, Inc		108,565	0.5
			Other		835,791	3.8
					1,060,216	4.8
HOUSEHOLD & PERSONAL PRODUCTS
	2,381,383		Estee Lauder Cos (Class A)		209,704	0.9
			Other		65,817	0.3
					275,521	1.2
INSURANCE					120,012	0.5
MATERIALS
	1,221,500		Monsanto Co		120,342	0.5
	1,339,938		PPG Industries, Inc		132,413	0.6
			Other		439,148	2.0
					691,903	3.1
MEDIA
	6,809,720		Comcast Corp (Class A)		384,272	1.7
	1,707,441		Time Warner, Inc		110,420	0.5
	2,369,163		Walt Disney Co		248,952	1.1
			Other		264,656	1.2
					1,008,300	4.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,251,693		AbbVie, Inc		133,390	0.6
	675,159	*	Alexion Pharmaceuticals, Inc		128,786	0.6
	1,104,429	*	Allergan plc		345,134	1.6
	1,075,857		Amgen, Inc		174,644	0.8
	526,433	*	Biogen Idec, Inc		161,273	0.7
	2,091,260		Bristol-Myers Squibb Co		143,858	0.6
	3,005,567	*	Celgene Corp		359,947	1.6
	2,018,070		Eli Lilly & Co		170,042	0.8
	3,635,497		Gilead Sciences, Inc		367,876	1.7
			Other		685,505	3.1
					2,670,455	12.1
REAL ESTATE					344,661	1.6
RETAILING
	1,158,092	*	Amazon.com, Inc		782,743	3.6
	1,206,849		Expedia, Inc		150,011	0.7
	2,880,705		Home Depot, Inc		380,973	1.7
			Other		846,612	3.8
					2,160,339	9.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					370,207	1.7

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Growth Account ■ December 31, 2015

Shares				Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	3,573,657	*		Adobe Systems, Inc		$	335,709		1.5	%
	508,109	*		Alphabet, Inc (Class A)			395,314		1.8
	878,415	*		Alphabet, Inc (Class C)			666,612		3.0
	5,611,187	*		Facebook, Inc			587,267		2.7
	3,629,392			Intuit, Inc			350,236		1.6
	3,449,222			Mastercard, Inc (Class A)			335,816		1.5
	9,508,155			Microsoft Corp			527,512		2.4
	3,209,961			Oracle Corp			117,260		0.5
	3,537,595	*		PayPal Holdings, Inc			128,061		0.6
	1,343,769	*		Red Hat, Inc			111,278		0.5
	3,341,794	*		Salesforce.com, Inc			261,997		1.2
	5,920,723			Visa, Inc (Class A)			459,152		2.1
				Other			1,099,151		5.0
							5,375,365		24.4
TECHNOLOGY HARDWARE & EQUIPMENT
	9,751,997	d		Apple, Inc			1,026,495		4.6
				Other			195,463		0.9
							1,221,958		5.5
TELECOMMUNICATION SERVICES
	2,573,967			Verizon Communications, Inc			118,969		0.5
				Other			105,523		0.5
							224,492		1.0
TRANSPORTATION
	1,414,519			Union Pacific Corp			110,615		0.5
				Other			429,616		1.9
							540,231		2.4
UTILITIES							1,805		0.0
				TOTAL COMMON STOCKS	(Cost $17,556,208)		21,925,663		99.1

	Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT							113,967		0.5
TREASURY DEBT							76,880		0.3

	Shares			Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	533,630,785	a,c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			533,631		2.4
							533,631		2.4
	TOTAL SHORT-TERM INVESTMENTS				(Cost $724,481)		724,478		3.2

				TOTAL PORTFOLIO	(Cost $18,280,689)		22,650,141		102.3
			OTHER ASSETS & LIABILITIES, NET				(517,996	)	(2.3	)
				NET ASSETS		$	22,132,145		100.0	%

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

concluded

CREF Growth Account ■ December 31, 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.

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

At 12/31/15, the aggregate value of securities on loan is $518,588,000.

At 12/31/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $61,372,000 or 0.3% 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 Annual Report

Summary portfolio of investments

CREF Equity Index Account ■ December 31, 2015

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	185,323	1.1	%
BANKS
	7,745,786		Bank of America Corp		130,362	0.8
	2,224,775		Citigroup, Inc		115,132	0.7
	2,723,601		JPMorgan Chase & Co		179,839	1.1
	3,419,622		Wells Fargo & Co		185,891	1.1
			Other		399,762	2.5
					1,010,986	6.2
CAPITAL GOODS
	469,229		3M Co		70,685	0.4
	506,233		Boeing Co		73,196	0.5
	6,921,068		General Electric Co		215,591	1.3
	651,280		United Technologies Corp		62,569	0.4
			Other		801,043	4.9
					1,223,084	7.5
COMMERCIAL & PROFESSIONAL SERVICES					175,830	1.1
CONSUMER DURABLES & APPAREL					269,843	1.7
CONSUMER SERVICES
	701,841		McDonald’s Corp		82,915	0.5
	1,109,740		Starbucks Corp		66,618	0.4
			Other		229,322	1.4
					378,855	2.3
DIVERSIFIED FINANCIALS					615,461	3.8
ENERGY
	1,385,121		Chevron Corp		124,606	0.7
	3,072,330	d	Exxon Mobil Corp		239,488	1.5
	932,477		Schlumberger Ltd		65,040	0.4
			Other		533,514	3.3
					962,648	5.9
FOOD & STAPLES RETAILING
	828,719		CVS Health Corp		81,024	0.5
	1,162,129		Wal-Mart Stores, Inc		71,239	0.5
			Other		182,990	1.1
					335,253	2.1
FOOD, BEVERAGE & TOBACCO
	1,448,932		Altria Group, Inc		84,342	0.5
	2,875,732		Coca-Cola Co		123,542	0.7
	1,082,167		PepsiCo, Inc		108,130	0.7
	1,138,277		Philip Morris International, Inc		100,066	0.6
			Other		387,869	2.4
					803,949	4.9

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Equity Index Account ■ December 31, 2015

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	1,044,195		Medtronic plc	$	80,319		0.5	%
	697,057		UnitedHealth Group, Inc		82,002		0.5
			Other		676,558		4.1
					838,879		5.1
HOUSEHOLD & PERSONAL PRODUCTS
	1,990,504		Procter & Gamble Co		158,066		1.0
			Other		130,805		0.8
					288,871		1.8
INSURANCE
	1,368,681	*	Berkshire Hathaway, Inc (Class B)		180,720		1.1
			Other		491,405		3.0
					672,125		4.1
MATERIALS					502,426		3.1
MEDIA
	1,839,586		Comcast Corp (Class A)		103,808		0.6
	1,244,744		Walt Disney Co		130,797		0.8
			Other		277,379		1.7
					511,984		3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,217,272		AbbVie, Inc		72,111		0.4
	289,808	*	Allergan plc		90,565		0.5
	559,100		Amgen, Inc		90,759		0.6
	1,228,895		Bristol-Myers Squibb Co		84,536		0.5
	586,722	*	Celgene Corp		70,266		0.4
	1,078,657		Gilead Sciences, Inc		109,149		0.7
	2,035,748		Johnson & Johnson		209,112		1.3
	2,072,781		Merck & Co, Inc		109,484		0.7
	4,522,998		Pfizer, Inc		146,003		0.9
			Other		575,930		3.5
					1,557,915		9.5
REAL ESTATE					679,954		4.2
RETAILING
	279,967	*	Amazon.com, Inc		189,227		1.1
	954,839		Home Depot, Inc		126,278		0.8
			Other		532,360		3.3
					847,865		5.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,478,760		Intel Corp		119,843		0.7
			Other		272,714		1.7
					392,557		2.4

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Equity Index Account ■ December 31, 2015

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	211,966	*	Alphabet, Inc (Class A)		$	164,912			1.0	%
	215,795	*	Alphabet, Inc (Class C)			163,762			1.0
	1,591,937	*	Facebook, Inc			166,612			1.0
	665,410		International Business Machines Corp			91,574			0.6
	734,581		Mastercard, Inc (Class A)			71,519			0.4
	5,949,308		Microsoft Corp			330,067			2.0
	2,343,471		Oracle Corp			85,607			0.5
	1,438,349		Visa, Inc (Class A)			111,544			0.7
			Other			764,297			4.7
						1,949,894			11.9
TECHNOLOGY HARDWARE & EQUIPMENT
	4,233,303		Apple, Inc			445,597			2.8
	3,751,334		Cisco Systems, Inc			101,868			0.6
			Other			345,138			2.1
						892,603			5.5
TELECOMMUNICATION SERVICES
	4,470,855		AT&T, Inc			153,842			0.9
	3,002,068		Verizon Communications, Inc			138,756			0.9
			Other			61,044			0.4
						353,642			2.2
TRANSPORTATION						338,400			2.1
UTILITIES						496,586			3.0
			TOTAL COMMON STOCKS	(Cost $9,202,465)		16,284,933			99.8

RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						16			0.0
TELECOMMUNICATION SERVICES						118			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $118)		134			0.0

SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	572,035,124	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			572,035			3.5
						572,035			3.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $572,035)		572,035			3.5

			TOTAL PORTFOLIO	(Cost $9,774,618)		16,857,102			103.3
			OTHER ASSETS & LIABILITIES, NET			(545,200	)		(3.3	)
			NET ASSETS		$	16,311,902			100.0	%

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Equity Index Account ■ December 31, 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.

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

At 12/31/2015, the aggregate value of securities on loan is $552,971,000.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

CREF Bond Market Account ■ December 31, 2015

Principal			Issuer			Value (000)		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS						$	6,313		0.1	%
CAPITAL GOODS							4,127		0.0
COMMERCIAL & PROFESSIONAL SERVICES							656		0.0
CONSUMER DURABLES & APPAREL							1,190		0.0
CONSUMER SERVICES							12,384		0.1
DIVERSIFIED FINANCIALS							8,662		0.0
ENERGY							3,526		0.0
FOOD & STAPLES RETAILING							5,455		0.0
HEALTH CARE EQUIPMENT & SERVICES							8,342		0.1
MATERIALS							8,738		0.1
MEDIA							13,772		0.1
RETAILING							1,515		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							11,597		0.1
SOFTWARE & SERVICES							9,926		0.1
TECHNOLOGY HARDWARE & EQUIPMENT							6,271		0.1
UTILITIES							188		0.0
			TOTAL BANK LOAN OBLIGATIONS		(Cost $104,600)		102,662		0.8
BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS							27,455		0.2
BANKS
	$50,000,000	g	Toronto-Dominion Bank		1.500%, 03/13/17		50,082		0.4
			Other				843,386		6.3
							893,468		6.7
CAPITAL GOODS							92,507		0.7
COMMERCIAL & PROFESSIONAL SERVICES							121,564		0.9
CONSUMER DURABLES & APPAREL							24,633		0.2
CONSUMER SERVICES							129,557		1.0
DIVERSIFIED FINANCIALS
116,600,000			Morgan Stanley	1.875%–6.375%, 01/05/18–07/24/42			118,926		1.0
			Other				531,586		4.0
							650,512		5.0
ENERGY							323,962		2.5
FOOD & STAPLES RETAILING							69,065		0.5
FOOD, BEVERAGE & TOBACCO							121,788		0.9

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Bond Market Account ■ December 31, 2015

Principal			Issuer			Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES						$	146,259		1.1	%
HOUSEHOLD & PERSONAL PRODUCTS							27,076		0.2
INSURANCE							242,369		1.8
MATERIALS							174,089		1.3
MEDIA							248,919		1.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							190,860		1.4
REAL ESTATE							160,026		1.2
RETAILING							70,889		0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							12,000		0.1
SOFTWARE & SERVICES							88,532		0.7
TECHNOLOGY HARDWARE & EQUIPMENT							46,087		0.3
TELECOMMUNICATION SERVICES							213,075		1.6
TRANSPORTATION							145,120		1.1
UTILITIES							438,879		3.3
			TOTAL CORPORATE BONDS		(Cost $4,720,382)		4,658,691		35.1

GOVERNMENT BONDS
AGENCY SECURITIES
	$180,990,000		Private Export Funding Corp (PEFCO)	1.375%–5.450%, 07/15/16–11/15/22			185,210		1.4
			Other				84,268		0.5
							269,478		1.9
FOREIGN GOVERNMENT BONDS							649,249		4.9
MORTGAGE BACKED
	86,304,585		Federal Home Loan Mortgage Corp (FHLMC)		3.500%, 10/01/45		89,132		0.7
	56,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		3.000%, 01/15/31		57,696		0.4
	107,000,000	h	FGLMC		4.000%, 01/15/46		113,006		0.9
	230,567,762		FGLMC	3.500%–8.000%, 12/01/16–01/15/46			245,113		1.8
	50,000,000	h	Federal National Mortgage Association (FNMA)		3.000%, 01/25/31		51,498		0.4
	59,000,000	h	FNMA		2.500%, 02/25/31		59,345		0.4
	58,000,000	h	FNMA		3.000%, 02/25/46		57,864		0.4
	55,723,792		FNMA		4.000%, 01/01/45		59,658		0.5
	75,000,000	h	FNMA		3.000%, 01/25/46		74,974		0.6
	89,000,000	h	FNMA		3.500%, 01/25/46		91,794		0.7
	54,000,000	h	FNMA		4.000%, 01/25/46		57,127		0.4
	61,000,000	h	FNMA		4.500%, 02/25/46		65,761		0.5
	88,000,000	h	FNMA		3.500%, 03/25/46		90,344		0.7
	61,000,000	h	FNMA		4.000%, 03/25/46		64,260		0.5
	1,095,999,504		FNMA	0.772%–9.000%, 04/01/16–02/25/46			1,129,138		8.5
	51,924,893		Government National Mortgage Association (GNMA)		4.000%, 06/15/45		55,204		0.4
	61,000,000	h	GNMA		3.000%, 01/20/46		61,805		0.5
	100,000,000	h	GNMA		3.500%, 01/20/46		104,211		0.8
	319,286,938		GNMA	2.176%–9.500%, 06/15/16–03/20/46			298,152		2.2

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Bond Market Account ■ December 31, 2015

Principal			Issuer			Value (000)		% of net assets
MORTGAGE BACKED—continued
			Other			$	73,228		0.6	%
							2,899,310		21.9
MUNICIPAL BONDS
	$170,300,000		State of Illinois	0.750%–5.463%, 06/15/16–04/01/28			165,863		1.3
			Other				185,048		1.4
							350,911		2.7
U.S. TREASURY SECURITIES
	49,175,000		United States Treasury Bond		5.250%, 02/15/29		64,431		0.5
	100,686,000		United States Treasury Bond		5.375%, 02/15/31		136,512		1.0
	65,602,000		United States Treasury Bond		4.500%, 02/15/36		83,960		0.6
	56,375,000		United States Treasury Bond		3.625%, 08/15/43		63,367		0.5
	130,330,000		United States Treasury Bond		2.875%, 08/15/45		126,334		1.0
	106,000,000		United States Treasury Bond		3.000%, 11/15/45		105,482		0.8
	142,834,000		United States Treasury Bond	3.000%–6.375%, 08/15/27–05/15/45			168,196		1.3
	99,210,000		United States Treasury Note		0.625%, 07/31/17		98,659		0.7
	209,865,000		United States Treasury Note		0.875%, 07/15/18		207,992		1.6
	145,487,000		United States Treasury Note		1.625%, 07/31/20		144,829		1.1
	56,188,300		United States Treasury Note		1.625%, 11/30/20		55,870		0.4
	133,872,000		United States Treasury Note		8.000%, 11/15/21		178,869		1.3
	73,000,000		United States Treasury Note		1.750%, 02/28/22		71,972		0.5
	63,000,000		United States Treasury Note		2.000%, 07/31/22		62,835		0.5
	106,110,000		United States Treasury Note		1.875%, 08/31/22		104,893		0.8
	130,965,000		United States Treasury Note		1.750%, 09/30/22		128,369		1.0
	63,302,300		United States Treasury Note		2.250%, 11/15/25		63,161		0.5
	329,366,900		United States Treasury Note	0.375%–3.125%, 03/15/16–06/30/22			329,684		2.5
							2,195,415		16.6
			TOTAL GOVERNMENT BONDS		(Cost $6,330,747)		6,364,363		48.0

STRUCTURED ASSETS
ASSET BACKED
	71,329,819	g	Domino’s Pizza Master Issuer LLC
			Series - 2012 1A (Class A2)		5.216%, 01/25/42		73,382		0.5
	79,872,000		Santander Drive Auto Receivables Trust
			Series - 2013 5 (Class C)		2.250%, 06/17/19		80,155		0.6
	52,250,000		Santander Drive Auto Receivables Trust
			Series - 2014 2 (Class B)		1.620%, 02/15/19		52,255		0.4
	88,631,262	g	SpringCastle America Funding LLC
			Series - 2014 AA (Class A)		2.700%, 05/25/23		88,432		0.7
			Other				502,658		3.8
							796,882		6.0
OTHER MORTGAGE BACKED
	88,795,000	g	Wachovia Bank Commercial Mortgage Trust		5.703%, 06/15/49		92,511		0.7
			Series - 2007 C32 (Class AMFX)
			Other				906,859		6.8
							999,370		7.5
			TOTAL STRUCTURED ASSETS		(Cost $1,810,402)		1,796,252		13.5
				TOTAL BONDS	(Cost $12,861,531)		12,819,306		96.6

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

concluded

CREF Bond Market Account ■ December 31, 2015

Shares			Company			Value (000)			% of net assets
PREFERRED STOCKS
BANKS						$	6,945			0.1	%
			TOTAL PREFERRED STOCKS		(Cost $49,941)		6,945			0.1

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$50,000,000		Federal Home Loan Bank (FHLB)		0.130%, 01/11/16		49,999			0.4
	73,000,000	w	FHLB	0.170%–0.210%, 01/25/16			72,994			0.5
	50,000,000		FHLB		0.335%, 02/10/16		49,987			0.4
	50,000,000		FHLB		0.400%, 02/16/16		49,985			0.4
	100,000,000		FHLB		0.430%, 02/22/16		99,966			0.8
	50,000,000		FHLB		0.250%, 02/24/16		49,982			0.4
	317,700,000		FHLB	0.105%–0.451%, 01/04/16–04/04/16			317,605			2.4
			Other				71,812			0.5
							762,330			5.8
TREASURY DEBT
	90,000,000		United States Treasury Bill		0.102%, 02/11/16		89,987			0.7
	50,000,000	w	United States Treasury Bill		0.176%, 04/21/16		49,969			0.4
	100,000,000	w	United States Treasury Bill	0.211%–0.217%, 04/28/16			99,916			0.8
	100,000,000	w	United States Treasury Bill		0.200%, 05/26/16		99,846			0.7
	50,000,000	w	United States Treasury Bill		0.398%, 06/09/16		49,902			0.4
	100,000,000	w	United States Treasury Bill	0.241%–0.251%, 06/23/16			99,778			0.7
	187,000,000		United States Treasury Bill	0.113%–-0.176%, 01/07/16–03/17/16			136,987			1.0
							626,385			4.7
			TOTAL SHORT-TERM INVESTMENTS		(Cost $1,388,811)		1,388,715			10.5

			TOTAL PORTFOLIO		(Cost $14,404,883)		14,317,628			108.0
			OTHER ASSETS & LIABILITIES, NET				(1,056,550	)		(8.0	)
				NET ASSETS		$	13,261,078			100.0	%


g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/15, the aggregate value of these securities, including those in “Other,” is $1,856,482,000, or 14.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

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

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Portfolio of investments

CREF Inflation-Linked Bond Account ■ December 31, 2015

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
	$3,500,000		Private Export Funding Corp (PEFCO)	2.300%, 09/15/20	$	3,522		0.1	%
	3,000,000		PEFCO	3.250%, 06/15/25		3,080		0.0
	3,500,000		Ukraine Government AID Bonds	1.847%, 05/29/20		3,486		0.1
						10,088		0.2
MORTGAGE BACKED
	14,254,404		Government National Mortgage Association (GNMA)	3.650%, 02/15/32		15,089		0.2
						15,089		0.2
U.S. TREASURY SECURITIES
	11,000,000		United States Treasury Bond	2.875%, 08/15/45		10,663		0.2
	109,693,531	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17		112,381		1.7
	404,121,034	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17		403,215		6.0
	139,659,269	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17		145,828		2.2
	147,645,765	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18		152,206		2.3
	319,576,340	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/18		318,818		4.8
	149,561,376	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18		154,767		2.3
	146,782,175	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19		155,232		2.3
	226,351,690	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/19		224,876		3.4
	137,012,160	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19		145,185		2.2
	224,701,398	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20		233,400		3.5
	100,547,370	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/20		99,193		1.5
	290,784,012	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		302,129		4.5
	361,992,344	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		372,838		5.6
	343,806,966	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		345,694		5.2
	342,552,823	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		331,558		5.0
	400,258,620	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		387,595		5.8
	270,997,830	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		259,472		3.9
	52,123,020	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		50,845		0.8
	77,723,913	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24		76,726		1.1
	70,116,900	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24		66,483		1.0
	58,241,860	k	United States Treasury Inflation Indexed Bonds	0.250%, 01/15/25		55,497		0.8
	224,294,013	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		254,590		3.8
	27,580,850	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/25		26,657		0.4
	213,692,197	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		237,007		3.6
	160,632,918	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		185,363		2.8
	198,563,970	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		216,535		3.2
	139,736,163	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		182,331		2.7
	180,458,991	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		213,351		3.2
	169,403,470	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		229,687		3.4
	42,556,812	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		57,446		0.9
	79,944,787	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40		93,803		1.4
	75,373,952	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/41		88,930		1.3
	213,989,514	k	United States Treasury Inflation Indexed Bonds	0.750%, 02/15/42		187,222		2.8
	117,931,860	k	United States Treasury Inflation Indexed Bonds	0.625%, 02/15/43		99,371		1.5
	85,213,420	k	United States Treasury Inflation Indexed Bonds	1.375%, 02/15/44		86,370		1.3
	15,150,300	k	United States Treasury Inflation Indexed Bonds	0.750%, 02/15/45		13,153		0.2
	15,000,000		United States Treasury Note	1.625%, 06/30/20		14,942		0.1
						6,591,359		98.7
			TOTAL GOVERNMENT BONDS	(Cost $6,461,845)		6,616,536		99.1

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Portfolio of investments

concluded

CREF Inflation-Linked Bond Account ■ December 31, 2015

Principal		Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$20,000,000	Federal Home Loan Bank (FHLB)		0.100%, 01/20/16	$	19,999		0.3	%
						19,999		0.3
		TOTAL SHORT-TERM INVESTMENTS		(Cost $19,999)		19,999		0.3

		TOTAL PORTFOLIO		(Cost $6,481,844)		6,636,535		99.4
		OTHER ASSETS & LIABILITIES, NET				36,831		0.6
			NET ASSETS		$	6,673,366		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 Annual Report

Summary portfolio of investments

CREF Social Choice Account ■ December 31, 2015

Principal			Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
ENERGY					$	16,352		0.1	%
MEDIA						3,169		0.0
UTILITIES						24,118		0.2
			TOTAL BANK LOAN OBLIGATIONS	(Cost $46,460)		43,639		0.3

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS						36,313		0.3
BANKS
	$51,000,000		Bank of America Corp	1.950%, 05/12/18		50,710		0.4
	43,000,000	g	ING Bank NV	2.000%, 11/26/18		42,829		0.3
			Other			275,467		2.1
						369,006		2.8
CAPITAL GOODS						64,943		0.5
COMMERCIAL & PROFESSIONAL SERVICES						26,917		0.2
CONSUMER DURABLES & APPAREL						2,876		0.0
CONSUMER SERVICES						63,375		0.5
DIVERSIFIED FINANCIALS
	45,500,000		Morgan Stanley	2.200%, 12/07/18		45,529		0.3
			Other			85,978		0.7
						131,507		1.0
ENERGY						118,611		0.9
FOOD & STAPLES RETAILING						1,436		0.0
FOOD, BEVERAGE & TOBACCO						16,981		0.1
HEALTH CARE EQUIPMENT & SERVICES						26,703		0.2
INSURANCE						55,591		0.4
MATERIALS						75,590		0.6
MEDIA						28,344		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						28,414		0.2
REAL ESTATE						66,009		0.5
TECHNOLOGY HARDWARE & EQUIPMENT						19,527		0.1
TELECOMMUNICATION SERVICES						9,390		0.1
TRANSPORTATION						123,512		1.0
UTILITIES						357,549		2.7
			TOTAL CORPORATE BONDS	(Cost $1,643,632)		1,622,594		12.3

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Social Choice Account ■ December 31, 2015

Principal			Issuer				Value (000)	% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
	$177,729,390		Overseas Private Investment
			Corp (OPIC)	0.000%–4.440%, 04/30/17–07/31/33		$	182,451		1.4	%
			Other				412,227		2.9
							594,678		4.3
FOREIGN GOVERNMENT BONDS
	45,000,000		Inter-American Development Bank		1.185%, 07/09/18		44,840		0.3
	68,200,000		KFW		1.875%, 11/30/20		67,893		0.5
			Other				521,114		3.9
							633,847		4.7
MORTGAGE BACKED
	40,000,000	h	Federal National Mortgage Association (FNMA)		3.500%, 01/25/46		41,256		0.3
	610,004,692		FNMA	0.772%–8.000%, 03/01/23–03/25/46			635,741		4.8
	45,000,000	h	Government National Mortgage Association (GNMA)		3.500%, 01/20/46		46,895		0.3
	221,847,314		GNMA	2.300%–9.000%, 12/15/17–03/20/46			214,174		1.6
			Other				175,665		1.3
							1,113,731		8.3
MUNICIPAL BONDS
	38,830,000		State of California		3.750%, 10/01/37		40,145		0.3
			Other				462,283		3.5
							502,428		3.8
U.S. TREASURY SECURITIES
	50,000,000		United States Treasury Bond		2.875%, 05/15/43		48,649		0.4
	68,310,000		United States Treasury Bond		2.875%, 08/15/45		66,216		0.5
	85,860,400		United States Treasury Note		2.250%, 11/15/25		85,668		0.6
			Other				97,486		0.7
							298,019		2.2
			TOTAL GOVERNMENT BONDS		(Cost $3,105,197)		3,142,703		23.3

STRUCTURED ASSETS
ASSET BACKED							197,098		1.5
OTHER MORTGAGE BACKED							252,653		1.9
			TOTAL STRUCTURED ASSETS		(Cost $454,422)		449,751		3.4
			TOTAL BONDS		(Cost $5,203,251)		5,215,048		39.0

Shares			Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS							225,450		1.7
BANKS
	993,473		US Bancorp				42,391		0.3
			Other				500,605		3.8
							542,996		4.1

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Social Choice Account ■ December 31, 2015

Shares			Company	Value (000)		% of net assets
CAPITAL GOODS
	333,306		3M Co	$	50,210		0.4	%
	441,807		Danaher Corp		41,035		0.3
			Other		450,042		3.4
					541,287		4.1
COMMERCIAL & PROFESSIONAL SERVICES					57,307		0.4
CONSUMER DURABLES & APPAREL
	756,504		Nike, Inc (Class B)		47,282		0.4
			Other		89,037		0.7
					136,319		1.1
CONSUMER SERVICES
	469,441		McDonald’s Corp		55,460		0.4
	827,813		Starbucks Corp		49,693		0.4
			Other		89,426		0.7
					194,579		1.5
DIVERSIFIED FINANCIALS					446,290		3.3
ENERGY					486,426		3.6
FOOD & STAPLES RETAILING					118,666		0.9
FOOD, BEVERAGE & TOBACCO
	1,015,822		Mondelez International, Inc		45,549		0.3
	645,075		PepsiCo, Inc		64,456		0.5
			Other		224,474		1.7
					334,479		2.5
HEALTH CARE EQUIPMENT & SERVICES					286,169		2.2
HOUSEHOLD & PERSONAL PRODUCTS
	1,021,154		Procter & Gamble Co		81,090		0.6
			Other		123,997		0.9
					205,087		1.5
INSURANCE
	649,806	*	Berkshire Hathaway, Inc (Class B)		85,800		0.6
			Other		387,166		2.9
					472,966		3.5
MATERIALS					378,155		2.8
MEDIA
	666,249		Walt Disney Co		70,009		0.5
			Other		160,144		1.2
					230,153		1.7

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Social Choice Account ■ December 31, 2015

Shares			Company	Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	358,605		Amgen, Inc	$	58,212		0.4	%
	813,363		Bristol-Myers Squibb Co		55,951		0.4
	382,305	*	Celgene Corp		45,785		0.3
	620,886		Gilead Sciences, Inc		62,828		0.5
	932,726		Johnson & Johnson		95,810		0.7
	1,158,448		Merck & Co, Inc		61,189		0.5
	534,790		Novartis AG.		46,002		0.4
	167,261		Roche Holding AG.		46,349		0.4
			Other		362,469		2.7
					834,595		6.3
REAL ESTATE
	211,063		Simon Property Group, Inc		41,039		0.3
			Other		308,685		2.3
					349,724		2.6
RETAILING
	599,108		Lowe’s Companies, Inc		45,556		0.4
			Other		190,911		1.4
					236,467		1.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,976,101		Intel Corp		68,077		0.5
	741,679		Texas Instruments, Inc		40,651		0.3
			Other		66,123		0.5
					174,851		1.3
SOFTWARE & SERVICES
	416,030		Accenture plc		43,475		0.3
	97,031	*	Alphabet, Inc (Class A)		75,491		0.6
	98,994	*	Alphabet, Inc (Class C)		75,125		0.6
	403,104		International Business Machines Corp		55,475		0.4
	524,496		Mastercard, Inc (Class A)		51,065		0.4
	1,514,138		Oracle Corp		55,311		0.4
			Other		338,740		2.5
					694,682		5.2
TECHNOLOGY HARDWARE & EQUIPMENT
	2,272,014		Cisco Systems, Inc		61,697		0.5
	844,574		Qualcomm, Inc		42,216		0.3
			Other		157,867		1.2
					261,780		2.0
TELECOMMUNICATION SERVICES
	1,613,520		Verizon Communications, Inc		74,577		0.6
			Other		149,838		1.1
					224,415		1.7

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

continued

CREF Social Choice Account ■ December 31, 2015

Shares			Company		Value (000)			% of net assets
TRANSPORTATION
	449,579		United Parcel Service, Inc (Class B)		$	43,263			0.3	%
			Other			200,044			1.5
						243,307			1.8
UTILITIES						276,677			2.1
			TOTAL COMMON STOCKS	(Cost $6,226,009)		7,952,827			59.7

PREFERRED STOCKS
BANKS						18,857			0.1
			TOTAL PREFERRED STOCKS	(Cost $38,865)		18,857			0.1

RIGHTS / WARRANTS
ENERGY						481			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $488)		481			0.0

Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$50,000,000	w	Federal Home Loan Bank (FHLB)	0.175%, 02/23/16		49,983			0.4
	50,000,000		FHLB	0.471%, 03/08/16		49,973			0.4
	50,000,000	w	Federal Home Loan Mortgage Corp (FHLMC)	0.160%, 02/10/16		49,987			0.4
			Other			227,681			1.6
						377,624			2.8
TREASURY DEBT
	80,000,000		United States Treasury Bill	0.141%, 03/24/16		79,968			0.6
	41,000,000		United States Treasury Bill	0.212%, 04/28/16		40,966			0.3
			Other			17,000			0.1
						137,934			1.0
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT						173,671			1.3
TREASURY DEBT
	50,000,000		United States Treasury Bill	0.190%, 04/21/16		49,971			0.4
			Other			51,970			0.4
						101,941			0.8
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						275,612			2.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $791,178)		791,170			5.9

			TOTAL PORTFOLIO	(Cost $12,306,251)		14,022,022			105.0
			OTHER ASSETS & LIABILITIES, NET			(668,070	)		(5.0	)
			NET ASSETS		$	13,353,952			100.0	%

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

concluded

CREF Social Choice Account ■ December 31, 2015


*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/15, the aggregate value of these securities, including those in “Other,” is $695,045,000, or 5.2% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

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

At 12/31/15, the aggregate value of securities on loan is $288,127,000.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

CREF Money Market Account ■ December 31, 2015

Principal			Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
	$182,000,000		Banco Del Estado De Chile	0.260%–0.600%, 01/08/16–03/21/16	$	182,000		1.6	%
	125,000,000		Toronto-Dominion Bank	0.010%–0.430%, 01/04/16–03/07/16		125,000		1.1
						307,000		2.7
COMMERCIAL PAPER
	268,860,000	y	Apple, Inc	0.150%–0.390%, 01/04/16–02/25/16		268,823		2.4
	180,698,000	y	Australia & New Zealand Banking Group Ltd	0.285%–0.640%, 02/12/16–03/23/16		180,572		1.6
	107,585,000	y	Bedford Row Funding Corp	0.220%–0.670%, 01/25/16–04/19/16		107,510		1.2
	155,180,000		Exxon Mobil Corp	0.120%–0.450%, 01/08/16–02/26/16		155,115		1.4
	128,900,000		Korea Development Bank	0.260%–0.540%, 01/12/16–04/25/16		128,842		1.1
	187,395,000	y	National Australia Bank Ltd	0.225%–0.430%, 01/04/16–03/09/16		187,344		1.6
	143,320,000	y	Nestle Capital Corp	0.220%–0.335%, 01/11/16–02/16/16		143,284		1.3
	135,098,000	y	Old Line Funding LLC	0.290%–0.800%, 02/08/16–05/20/16		134,939		1.2
	85,459,000		Province of British Columbia Canada	0.160%–0.250%, 01/11/16		85,454		0.7
	223,915,000		Province of British Columbia
			Canada	0.200%–0.530%, 01/06/16–03/11/16		223,840		2.0
	193,325,000		Province of Ontario Canada	0.170%–0.470%, 01/21/16–03/14/16		193,218		1.7
	234,600,000	y	Province of Quebec Canada	0.160%–0.460%, 01/05/16–03/22/16		234,525		2.0
	239,585,000	y	PSP Capital, Inc	0.220%–0.500%, 01/13/16–02/22/16		239,526		2.1
	176,300,000	y	Unilever Capital Corp	0.170%–0.470%, 01/05/16–03/04/16		176,243		1.5
			Other			1,045,182		9.1
						3,504,417		30.9
GOVERNMENT AGENCY DEBT
	67,600,000		Federal Home Loan Bank (FHLB)	0.090%–0.225%, 01/08/16		67,599		0.6
	59,090,000		FHLB	0.110%–0.150%, 01/12/16		59,088		0.5
	100,100,000		FHLB	0.110%–0.210%, 01/15/16		100,094		0.9
	153,081,000		FHLB	0.110%–0.310%, 01/22/16		153,067		1.3
	68,000,000		FHLB	0.150%–0.305%, 01/25/16		67,991		0.6
	105,695,000		FHLB	0.130%–0.170%, 01/26/16		105,683		0.9
	95,869,000		FHLB	0.122%–0.340%, 01/27/16		95,858		0.8
	59,600,000		FHLB	0.165%–0.320%, 01/28/16		59,591		0.5
	144,000,000		FHLB	0.138%–0.140%, 01/29/16		143,984		1.3
	130,000,000		FHLB	0.145%–0.345%, 02/03/16		129,976		1.1
	82,350,000		FHLB	0.195%–0.230%, 02/05/16		82,334		0.7
	62,255,000		FHLB	0.190%–0.335%, 02/10/16		62,237		0.5
	111,795,000		FHLB	0.280%–0.420%, 02/16/16		111,746		1.0
	118,261,000		FHLB	0.230%–0.368%, 02/17/16		118,218		1.0
	94,595,000		FHLB	0.233%–0.390%, 02/19/16		94,557		0.8
	110,650,000		FHLB	0.245%–0.350%, 02/24/16		110,605		1.0
	100,729,000		FHLB	0.240%–0.300%, 02/26/16		100,684		0.9
	59,000,000		FHLB	0.300%–0.315%, 03/02/16		58,970		0.5
	90,785,000		FHLB	0.320%–0.470%, 03/09/16		90,719		0.8
	152,000,000		FHLB	0.350%–0.460%, 03/30/16		151,851		1.3
	922,455,000		FHLB	0.110%–0.670%, 01/04/16–06/13/16		921,999		8.1
	67,725,000		Federal Home Loan Mortgage Corp (FHLMC)	0.440%–0.450%, 04/08/16		67,643		0.6

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Money Market Account ■ December 31, 2015

Principal				Issuer			Value (000)		% of net assets
GOVERNMENT AGENCY DEBT—continued
	$362,065,000			FHLMC	0.110%–0.590%, 01/14/16–10/19/16		$	361,781		3.2	%
	77,800,000			Federal National Mortgage Association (FNMA)		0.340%, 04/14/16		77,724		0.7
	312,388,000			FNMA	0.110%–0.650%, 01/04/16–06/08/16			312,157		2.7
				Other				89,837		0.8
								3,795,993		33.1
TREASURY DEBT
	80,000,000			United States Treasury Bill	0.050%–0.150%, 01/07/16			79,999		0.7
	100,000,000			United States Treasury Bill	0.071%–0.192%, 01/14/16			99,996		0.9
	62,055,000			United States Treasury Bill	0.112%–0.218%, 02/04/16			62,044		0.5
	90,000,000			United States Treasury Bill	0.085%–0.229%, 02/11/16			89,984		0.8
	80,000,000			United States Treasury Bill	0.032%–0.184%, 02/18/16			79,989		0.7
	74,355,000			United States Treasury Bill	0.163%–0.233%, 02/25/16			74,333		0.7
	65,000,000			United States Treasury Bill	0.200%–0.249%, 03/03/16			64,975		0.6
	85,000,000			United States Treasury Bill	0.111%–0.121%, 04/21/16			84,970		0.7
	355,105,000			United States Treasury Bill	0.045%–0.476%, 01/21/16–08/18/16			354,857		3.1
	100,000,000			United States Treasury Note	0.375%, 01/15/16			100,007		0.9
	120,000,000			United States Treasury Note	0.250%, 02/29/16			120,010		1.1
	121,335,000			United States Treasury Note	0.375%, 03/15/16			121,371		1.1
	150,000,000			United States Treasury Note	0.375%, 03/31/16			150,058		1.3
	150,000,000			United States Treasury Note	0.250%, 04/15/16			150,022		1.3
	64,015,000			United States Treasury Note	0.375%, 05/31/16			64,042		0.6
	99,560,000			United States Treasury Note	0.625%, 07/15/16			99,709		0.9
	242,585,000			United States Treasury Note	0.250%–0.625%, 01/31/16–08/31/16			242,732		2.0
								2,039,098		17.9
VARIABLE RATE SECURITIES
	70,000,000	i		Federal Farm Credit Bank (FFCB)		0.450%, 01/13/16		70,000		0.6
	60,100,000	i		FFCB		0.500%, 02/01/16		60,104		0.5
	150,000,000	i		FFCB		0.263%, 08/10/16		149,985		1.3
	120,000,000	i		FFCB		0.398%, 01/24/17		119,994		1.1
	64,000,000	i		FFCB		0.425%, 02/23/17		63,978		0.6
	76,000,000	i		FFCB		0.243%, 03/02/17		76,000		0.7
	105,000,000	i		FFCB		0.326%, 06/15/17		104,989		0.9
	72,000,000	i		FFCB		0.331%, 07/17/17		71,993		0.6
	413,175,000	i		FFCB	0.321%–0.530%, 03/29/16–08/04/17			413,059		3.6
	60,000,000	i		Federal Home Loan Bank (FHLB)		0.229%, 02/17/17		59,974		0.5
	60,000,000	i		Federal Home Loan Mortgage Corp (FHLMC)		0.322%, 01/13/17		59,994		0.5
	78,000,000	i		Federal National Mortgage Association (FNMA)		0.422%, 07/20/17		77,913		0.7
	94,500,000	i		FNMA		0.355%, 08/16/17		94,484		0.8
				Other				353,823		3.0
								1,776,290		15.4
				TOTAL SHORT-TERM INVESTMENTS		(Cost $11,422,798)		11,422,798		100.0

				TOTAL PORTFOLIO		(Cost $11,422,798)		11,422,798		100.0
			OTHER ASSETS & LIABILITIES, NET					1,965		0.0
				NET ASSETS			$	11,424,763		100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Summary portfolio of investments

concluded

CREF Money Market Account ■ December 31, 2015


i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/15, the aggregate value of these securities, including those in “Other,” was $2,529,897,000 or 22.1% 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 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

[This page intentionally left blank.]

College Retirement Equities Fund ■ 2015 Annual Report

Statements of assets and liabilities

College Retirement Equities Funds ■ December 31, 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*^†		$	117,282,592		$	18,988,188	$	22,116,510	$	16,285,067	$	14,317,628		$	6,636,535		$	14,022,022		$	11,422,798
Affiliated issuers^‡			165,438			—		533,631		572,035		—			—			—			—
Total portfolio investments, at value		$	117,448,030		$	18,988,188	$	22,650,141	$	16,857,102	$	14,317,628		$	6,636,535		$	14,022,022		$	11,422,798
Cash **^#			155,316			8,955		4,661		8,296		105,824			8,847			51,304			2
Cash — foreign ^			12,744			477		—		—		—			—			170			—
Dividends and interest receivable			162,596			26,167		12,182		22,639		82,683			30,384			45,053			1,693
Receivable from securities transactions			176,378			100,197		24,706		176		—			—			201			—
Receivable for delayed delivery securities			—			—		—		—		919,205			—			354,777			—
Due from affiliates			—			—		—		—		—			—			—			608
Other			7,253			1,543		1,541		1,350		1,307			1,099			1,390			1,296
Total assets			117,962,317			19,125,527		22,693,231		16,889,563		15,426,647			6,676,865			14,474,917			11,426,397

LIABILITIES
Investment management fees payable			3,108			538		182		140		226			124			464			66
Service agreement fees payable			2,306			338		363		261		191			311			51			276
Payable for collateral for securities loaned			4,587,880			424,198		533,631		572,035		—			—			297,696			—
Payable for securities transactions			185,352			78,692		24,009		—		44,979			—			23,159			—
Payable for delayed delivery securities			—			—		—		—		2,117,893			—			794,113			—
Due to affiliates			124,644			584		224		3,831		917			1,965			4,169			2
Payable for variation margin on futures contracts			896			1,279		1,137		44		—			—			—			—
Payable for trustee compensation			7,224			1,536		1,540		1,350		1,363			1,099			1,270			1,290
Other			2,746			12		—		—		—			—			43			—
Total liabilities			4,914,156			507,177		561,086		577,661		2,165,569			3,499			1,120,965			1,634
NET ASSETS		$	113,048,161		$	18,618,350	$	22,132,145	$	16,311,902	$	13,261,078		$	6,673,366		$	13,353,952		$	11,424,763
CLASS R1 (Accumulation):	Net assets	$	14,153,246		$	3,311,676	$	4,173,853	$	3,260,007	$	2,148,899		$	1,126,818		$	2,289,636		$	2,224,595
	Units outstanding		39,162			24,005		30,550		20,182		18,892			17,274			11,913			87,124
	Unit value	$	361.40		$	137.96	$	136.62	$	161.53	$	113.75		$	65.23		$	192.20		$	25.53
CLASS R2 (Accumulation):	Net assets	$	33,974,312		$	6,435,267	$	7,593,942	$	5,666,705	$	4,598,624		$	2,117,636		$	4,750,215		$	3,507,309
	Units outstanding		93,818			46,555		55,472		35,012		40,348			32,398			24,666			137,360
	Unit value	$	362.13		$	138.23	$	136.90	$	161.85	$	113.97		$	65.36		$	192.58		$	25.53
CLASS R3 (Accumulation):	Net assets	$	53,614,284		$	8,527,458	$	10,026,528	$	7,060,853	$	6,236,731		$	3,221,806		$	5,983,744		$	5,498,523
	Units outstanding		147,951			61,648		73,192		43,596		54,683			49,258			31,050			215,343
	Unit value	$	362.38		$	138.33	$	136.99	$	161.96	$	114.05		$	65.41		$	192.71		$	25.53
ANNUITY:	Net assets	$	11,306,319		$	343,949	$	337,822	$	324,337	$	276,824		$	207,106		$	330,357		$	194,336
* Includes securities loaned of		$	4,384,757		$	400,731	$	518,588	$	552,971	$	—		$	—		$	288,127		$	—
** Includes cash collateral for securities loaned of		$	135,941		$	1,875	$	—	$	—	$	—		$	—		$	22,743		$	—
# Includes cash collateral for mortgage dollar rolls of		$	—		$	—	$	—	$	—	$	95,000		$	—		$	27,549		$	—
† Portfolio investments; unaffiliated issuers cost		$	113,738,864		$	17,737,130	$	17,747,058	$	9,202,583	$	14,404,883		$	6,481,844		$	12,306,251		$	11,422,798
‡ Portfolio investments; affiliated issuers cost		$	176,801		$	—	$	533,631	$	572,035	$	—		$	—		$	—		$	—
^ Foreign cash, cost		$	13,119		$	477	$	—	$	—	$	—		$	—		$	169		$	—

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Statements of operations

College Retirement Equities Funds ■ For the period or year ended December 31, 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:
Unaffiliated issuers*		$	2,592,060			$	400,228			$	264,268			$	346,702			$	—			$	—			$	185,084			$	—
Affiliated issuers			1,788				—				—				—				—				—				—				—
Income from securities lending			80,941				9,733				4,393				6,977				—				—				3,973				—
Interest			354				114				122				5				354,505				66,985				141,935				17,923
Other			—				—				—				—				129				—				—				—
Total income			2,675,143				410,075				268,783				353,684				354,634				66,985				330,992				17,923

EXPENSES
Investment management fees			172,444				28,026				16,066				5,412				17,691				4,410				11,826				6,925
Administrative services — Class R1			148,772				26,463				30,716				24,324				17,908				9,713				19,158				15,935
Administrative services — Class R2^a			58,638				10,850				12,403				9,494				7,591				3,620				8,006				5,738
Administrative services — Class R3^a			77,597				10,362				11,638				8,526				7,430				4,064				7,359				6,462
Distribution fees — Class R1			54,924				9,846				11,476				9,098				6,652				3,594				7,108				5,960
Distribution fees — Class R2^a			22,863				4,215				4,826				3,685				2,944				1,398				3,106				2,225
Distribution fees — Class R3^a			31,194				4,155				4,679				3,422				2,974				1,618				2,948				2,588
Mortality and expense risk charges			6,069				968				1,104				846				676				356				701				570
Total expenses			572,501				94,885				92,908				64,807				63,866				28,773				60,212				46,403
Less: Expenses withheld by TIAA			—				—				—				—				—				—				—				28,480
Net expenses			572,501				94,885				92,908				64,807				63,866				28,773				60,212				17,923
Net investment income (loss)			2,102,642				315,190				175,875				288,877				290,768				38,212				270,780				—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers ^†			8,007,173				743,228				1,631,020				627,403				77,306				14,675				932,483				19
Affiliated issuers			209				—				—				—				—				—				—				—
Futures transactions			13,656				2,270				7,325				2,565				—				8				—				—
Purchased options			(894	)			—				—				—				—				—				—				—
Written options			1,401				—				—				—				—				—				—				—
Foreign currency transactions			(16,227	)			(3,006	)			(295	)			1				(717	)			—				(665	)			—
Net realized gain (loss) on total investments			8,005,318				742,492				1,638,050				629,969				76,589				14,683				931,818				19

Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers ^‡			(10,854,430	)			(1,126,221	)			(460,344	)			(876,289	)			(306,972	)			(170,928	)			(1,323,622	)			—
Affiliated issuers			(81,413	)			—				—				—				—				—				—				—
Futures transactions			(1,529	)			(1,863	)			(1,104	)			22				—				—				—				—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(701	)			(173	)			56				—				78				—				(73	)			—
Net change in unrealized appreciation (depreciation) on total investments			(10,938,073	)			(1,128,257	)			(461,392	)			(876,267	)			(306,894	)			(170,928	)			(1,323,695	)			—
Net realized and unrealized gain (loss) on total investments			(2,932,755	)			(385,765	)			1,176,658				(246,298	)			(230,305	)			(156,245	)			(391,877	)			19
Net increase (decrease) in net assets from operations		$	(830,113	)		$	(70,575	)		$	1,352,533			$	42,579			$	60,463			$	(118,033	)		$	(121,097	)		$	19
^a	Class commenced operations on April 24, 2015
*	Net of foreign withholding taxes of unaffiliated issuers	$	99,162			$	18,668			$	305			$	96			$	11			$	—			$	4,864			$	—
†	Includes net gain (loss) from securities sold to affiliates of	$	254,283			$	14,595			$	44,547			$	13,558			$	—			$	—			$	26,120			$	—
‡	Includes net change in unrealized foreign capital gains taxes of	$	1,485			$	—			$	—			$	—			$	—			$	—			$	—			$	—

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual 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)		December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014

OPERATIONS
Net investment income (loss)		$	2,102,642		$	2,228,632		$	315,190		$	391,079		$	175,875		$	171,402
Net realized gain (loss) on total investments			8,005,318			16,011,511			742,492			1,906,677			1,638,050			2,550,165
Net change in unrealized appreciation (depreciation) on total investments			(10,938,073	)		(10,422,708	)		(1,128,257	)		(1,517,255	)		(461,392	)		(138,453	)
Net increase (decrease) in net assets from operations			(830,113	)		7,817,435			(70,575	)		780,501			1,352,533			2,583,114

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		1,712,179			4,319,676			540,428			1,070,247			610,928			1,071,482
	Class R2*		790,206			—			245,494			—			254,719			—
	Class R3*		1,494,783			—			358,894			—			421,713			—
Net transfers between CREF Accounts:	Class R1		(652,441	)		(1,171,616	)		143,081			50,310			166,492			116,778
	Class R2*		(299,386	)		—			93,543			—			48,075			—
	Class R3*		(435,914	)		—			94,034			—			107,376			—
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		(5,117,846	)		(11,435,122	)		(902,196	)		(1,823,003	)		(1,038,914	)		(1,790,011	)
	Class R2*		(2,614,060	)		—			(435,416	)		—			(485,839	)		—
	Class R3*		(4,021,238	)		—			(584,319	)		—			(640,284	)		—
Annuity payments:			(1,452,176	)		(1,399,568	)		(36,393	)		(33,999	)		(32,581	)		(27,098	)
Net increase (decrease) from participant transactions			(10,595,893	)		(9,686,630	)		(482,850	)		(736,445	)		(588,315	)		(628,849	)

Net increase (decrease) in net assets			(11,426,006	)		(1,869,195	)		(553,425	)		44,056			764,218			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		$	113,048,161		$	124,474,167		$	18,618,350		$	19,171,775		$	22,132,145		$	21,367,927

ACCUMULATION UNITS:
Units purchased:	Class R1		4,600,047			12,197,388			3,804,334			7,869,284			4,575,890			8,996,130
	Class R2*		2,131,150			—			1,731,544			—			1,874,995			—
	Class R3*		3,616,328			—			2,420,441			—			2,970,561			—
Units sold / transferred:	Class R1		(15,489,844	)		(36,192,771	)		(5,362,005	)		(13,227,623	)		(6,529,629	)		(14,393,475	)
	Class R2*		(7,849,599	)		—			(2,413,226	)		—			(3,232,708	)		—
	Class R3*		(12,081,496	)		—			(3,481,793	)		—			(4,025,917	)		—
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			280,931,172			306,004,586			132,207,881			135,508,586			159,214,073			163,580,881
* Class commenced operations on April 24, 2015

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual 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)		December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014

OPERATIONS
Net investment income (loss)		$	288,877		$	257,052		$	290,768		$	260,503		$	38,212		$	150,507
Net realized gain (loss) on total investments			629,969			308,571			76,589			227,912			14,683			47,863
Net change in unrealized appreciation (depreciation) on total investments			(876,267	)		1,317,916			(306,894	)		225,270			(170,928	)		54,581
Net increase (decrease) in net assets from operations			42,579			1,883,539			60,463			713,685			(118,033	)		252,951

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		506,431			973,093			444,547			1,019,064			233,355			604,456
	Class R2*		196,540			—			222,856			—			106,889			—
	Class R3*		271,290			—			339,850			—			170,489			—
Net transfers between CREF Accounts:	Class R1		95,173			139,255			237,773			421,556			6,464			764
	Class R2*		3,431			—			102,246			—			(916	)		—
	Class R3*		(4,485	)		—			137,248			—			(12,665	)		—
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		(984,903	)		(1,652,552	)		(794,493	)		(1,674,638	)		(471,437	)		(1,105,605	)
	Class R2*		(440,084	)		—			(415,383	)		—			(232,468	)		—
	Class R3*		(513,696	)		—			(578,133	)		—			(356,749	)		—
Annuity payments:			(33,130	)		(28,590	)		(26,370	)		(24,610	)		(20,784	)		(21,455	)
Net increase (decrease) from participant transactions			(903,433	)		(568,794	)		(329,859	)		(258,628	)		(577,822	)		(521,840	)

Net increase (decrease) in net assets			(860,854	)		1,314,745			(269,396	)		455,057			(695,855	)		(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		$	16,311,902		$	17,172,756		$	13,261,078		$	13,530,474		$	6,673,366		$	7,369,221

ACCUMULATION UNITS:
Units purchased:	Class R1		3,103,038			6,439,432			3,872,613			9,154,464			3,468,006			9,041,378
	Class R2*		1,207,134			—			1,950,390			—			1,610,399			—
	Class R3*		1,573,122			—			2,811,987			—			2,447,768			—
Units sold / transferred:	Class R1		(5,428,830	)		(10,252,632	)		(4,854,844	)		(11,510,738	)		(6,926,944	)		(16,661,477	)
	Class R2*		(2,671,313	)		—			(2,742,878	)		—			(3,519,741	)		—
	Class R3*		(3,228,539	)		—			(3,916,271	)		—			(5,525,253	)		—
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			98,790,125			104,235,513			113,922,627			116,801,630			98,929,819			107,375,584
* Class commenced operations on April 24, 2015

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual 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)		December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014

OPERATIONS
Net investment income (loss)		$	270,780		$	272,327		$	—		$	—
Net realized gain (loss) on total investments			931,818			451,821			19			—
Net change in unrealized appreciation (depreciation) on total investments			(1,323,695	)		198,027			—			—
Net increase (decrease) in net assets from operations			(121,097	)		922,175			19			—

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		332,838			944,799			2,106,341			3,821,009
	Class R2*		169,731			—			926,677			—
	Class R3*		231,223			—			1,369,851			—
Net transfers between CREF Accounts:	Class R1		(46,110	)		345,290			16,396			97,663
	Class R2*		(41,864	)		—			113,042			—
	Class R3*		(38,297	)		—			167,704			—
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		(662,578	)		(1,163,971	)		(2,190,116	)		(4,418,705	)
	Class R2*		(344,945	)		—			(1,032,512	)		—
	Class R3*		(450,412	)		—			(1,491,632	)		—
Annuity payments:			(33,017	)		(30,773	)		(20,750	)		(21,137	)
Net increase (decrease) from participant transactions			(883,431	)		95,345			(34,999	)		(521,170	)

Net increase (decrease) in net assets			(1,004,528	)		1,017,520			(34,980	)		(521,170	)

NET ASSETS
Beginning of period			14,358,480			13,340,960			11,459,743			11,980,913
End of period		$	13,353,952		$	14,358,480		$	11,424,763		$	11,459,743

ACCUMULATION UNITS:
Units purchased:	Class R1		1,694,242			5,015,238			82,493,197			149,643,251
	Class R2*		870,207			—			36,292,219			—
	Class R3*		1,081,893			—			53,318,414			—
Units sold / transferred:	Class R1		(3,610,025	)		(4,437,235	)		(85,131,309	)		(169,736,670	)
	Class R2*		(1,984,278	)		—			(36,009,961	)		—
	Class R3*		(2,530,194	)		—			(52,152,491	)		—
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			67,628,510			72,106,665			439,827,208			441,017,139
* Class commenced operations on April 24, 2015

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual 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		)ⁱ

STOCK ACCOUNT
Class R1:	12/31/15	^h		$8.076			$2.108			$5.968			$(9.995	)		$(4.027	)		$365.431		$361.404		(1.10	)%		0.57	%		1.60	%		52	%		39			$14,153
	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
Class R2:	12/31/15	^g		5.699			1.215			4.484			(30.621	)		(26.137	)		388.266		362.129		(6.73	)^cj		0.48	^d		1.75	^d		52			94			33,974
Class R3:	12/31/15	^g		5.698			0.960			4.738			(30.626	)		(25.888	)		388.266		362.378		(6.67	)^cj		0.38	^d		1.85	^d		52			148			53,614

GLOBAL EQUITIES ACCOUNT
Class R1:	12/31/15	^h		3.077			0.823			2.254			(3.090	)		(0.836	)		138.793		137.957		(0.60	)		0.58			1.59			49			24			3,312
	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
Class R2:	12/31/15	^g		2.030			0.468			1.562			(11.301	)		(9.739	)		147.969		138.230		(6.58	)^ck		0.48	^d		1.60	^d		49			47			6,435
Class R3:	12/31/15	^g		2.030			0.370			1.660			(11.304	)		(9.644	)		147.969		138.325		(6.52	)^ck		0.38	^d		1.70	^d		49			62			8,527

GROWTH ACCOUNT
Class R1:	12/31/15	^h		1.663			0.683			0.980			6.976			7.956			128.668		136.624		6.19			0.51			0.73			47			31			4,174
	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
Class R2:	12/31/15	^g		1.117			0.380			0.737			(1.993	)		(1.256	)		138.152		136.896		(0.91	)^cl		0.41	^d		0.79	^d		47			55			7,594
Class R3:	12/31/15	^g		1.117			0.287			0.830			(1.992	)		(1.162	)		138.152		136.990		(0.84	)^cl		0.31	^d		0.89	^d		47			73			10,027

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual 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		)ⁱ

EQUITY INDEX ACCOUNT
Class R1:	12/31/15	^h		$3.254			$0.765			$2.489			$(2.523	)		$(0.034	)		$161.562		$161.528		(0.02	)%		0.47	%		1.52	%		5	%		N/A	%		20			$ 3,260
	12/31/14			2.937			0.558			2.379			15.145			17.524			144.038		161.562		12.17			0.37			1.58			4			N/A			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			N/A			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			N/A			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			N/A			112			10,502
Class R2:	12/31/15	^g		2.443			0.414			2.029			(8.184	)		(6.155	)		168.005		161.850		(3.66	)^cm		0.37	^d		1.81	^d		5			N/A			35			5,667
Class R3:	12/31/15	^g		2.443			0.302			2.141			(8.185	)		(6.044	)		168.005		161.961		(3.60	)^cm		0.27	^d		1.90	^d		5			N/A			44			7,061

BOND MARKET ACCOUNT
Class R1:	12/31/15	^h		3.015			0.637			2.378			(2.100	)		0.278			113.471		113.749		0.25			0.56			2.07			293			123			19			2,149
	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
Class R2:	12/31/15	^g		2.181			0.369			1.812			(3.573	)		(1.761	)		115.735		113.974		(1.52	)^cn		0.47	^d		2.31	^d		293			123			40			4,599
Class R3:	12/31/15	^g		2.182			0.292			1.890			(3.573	)		(1.683	)		115.735		114.052		(1.45	)^cn		0.37	^d		2.41	^d		293			123			55			6,237

INFLATION-LINKED BOND ACCOUNT
Class R1:	12/31/15	^h		(0.930	)		0.324			(1.254	)		(0.034	)		(1.288	)		66.522		65.234		(1.94	)		0.48			(1.87	)		6			N/A			17			1,127
	12/31/14			1.573			0.257			1.316			0.824			2.140			64.382		66.522		3.32			0.39			1.97			9			N/A			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			N/A			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			N/A			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			N/A			146			9,699
Class R2:	12/31/15	^g		1.272			0.185			1.087			(3.973	)		(2.886	)		68.248		65.362		(4.23	)^co		0.41	^d		2.38	^d		6			N/A			32			2,118
Class R3:	12/31/15	^g		1.274			0.140			1.134			(3.975	)		(2.841	)		68.248		65.407		(4.16	)^co		0.31	^d		2.48	^d		6			N/A			49			3,222

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

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		)ⁱ

SOCIAL CHOICE ACCOUNT
Class R1:	12/31/15	^h		$4.618			$1.017			$3.601			$(5.795	)		$(2.194	)		$194.396		$192.202		(1.13	)%		0.52	%		1.83	%		115	%		57	%		12			$ 2,290
	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
Class R2:	12/31/15	^g		3.229			0.560			2.669			(11.025	)		(8.356	)		200.939		192.583		(4.16	)^cp		0.42	^d		1.99	^d		115			57			25			4,750
Class R3:	12/31/15	^g		3.230			0.427			2.803			(11.028	)		(8.225	)		200.939		192.714		(4.09	)^cp		0.32	^d		2.09	^d		115			57			31			5,984

			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		)ⁱ

MONEY MARKET ACCOUNT
Class R1:	12/31/15	^h		$0.036			$0.036			$0.000			$0.000		$0.000		$25.534		$25.534		0.00	%		0.50	%		0.14	%		0.00	%		87			$ 2,225
	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
Class R2:	12/31/15	^g		0.030			0.030			0.000			0.000		0.000		25.534		25.534		0.00	^cq		0.40	^d		0.17	^d		0.00	^d		137			3,507
Class R3:	12/31/15	^g		0.030			0.030			0.000			0.000		0.000		25.534		25.534		0.00	^cq		0.30	^d		0.17	^d		0.00	^d		215			5,499

^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	Classes R2 and 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.
ⁱ	Does not include annuity net assets.
^j	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was (0.90)% and (0.84)%, respectively.
^k	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was (0.41)% and (0.34)%, respectively.
^l	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was 6.40% and 6.47%, respectively.
^m	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was 0.18% and 0.25%, respectively.
ⁿ	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was 0.44% and 0.51%, respectively.
^o	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was (1.74)% and (1.68)%, respectively.
^p	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was (0.93)% and (0.86)%, respectively.
^q	The annual performance for Classes R2 and R3, including performance based on Class R1 prior to inception of the new classes, was 0.00% and 0.00%, respectively.

2015 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

College Retirement Equities Fund

Note 1—organization and significant accounting policies

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

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 daily net asset values. Annuitants bear the mortality risk under their contracts. Initial

82	2015 Annual Report ■ College Retirement Equities Fund

annuity payments are calculated based on the value of a participant’s accumulation on the last valuation day before the annuity start date, the income option chosen, an assumed annual investment return, and expense and mortality assumptions. Annuity payments vary after the initial payment based on investment performance, Account expenses, and mortality experience. Death benefits are paid to beneficiaries if the annuitant dies during the accumulation period, or during the annuity period while payments are still due for the remainder of a guaranteed period.

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. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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 service 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. CREF’s federal income tax return is generally subject to examination for a period of three fiscal years after being 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.

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

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

Trustee compensation: The 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 May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-07 Fair Value Measurement (Topic 820) Disclosures in Certain Entities That Calculate Net Asset Value per Share (the “Update”). The Update removes the requirement to categorize within the fair value hierarchy all investments for which the fair value is measured using the net asset value per share practical expedient. The Update also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Update is effective for public business entities for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Accounts early adopted the Update for this annual report. The adoption of the Update did not have a material impact on the Accounts’ financial statements and notes disclosures.

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. On August 11, 2015, The CREF Board approved a restructuring of the CREF Money Market Account as a “Government” money market instrument, in compliance with the new SEC regulations requiring all money market funds to restructure as retail, institutional or government. The restructuring will be effective by October 14, 2016.

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.)

84	2015 Annual Report ■ College Retirement Equities Fund

continued

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

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

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statement of Assets and Liabilities. As of December 31, 2015, no investments were valued utilizing the practical expedient.

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign 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.

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

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

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.

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

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

Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2015, there were no material transfers between levels by the Accounts.

As of December 31, 2015, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

86	2015 Annual Report ■ College Retirement Equities Fund

continued

The following table summarizes the market value of the Accounts’ investments as of December 31, 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	$	11,342,172		$	5,078,875	$	485	$	16,421,532
Consumer staples		6,594,223			3,387,975		692		9,982,890
Energy		4,536,613			1,791,824		1		6,328,438
Financials		13,269,965			8,869,676		641		22,140,282
Health care		11,428,618			3,284,888		5,447		14,718,953
Industrials		8,127,351			4,235,091		1,470		12,363,912
Information technology		16,207,865			2,952,484		531		19,160,880
Materials		2,550,770			2,297,197		5,772		4,853,739
Telecommunication services		1,638,093			1,470,858		497		3,109,448
Utilities		2,322,513			1,008,804		6		3,331,323
Corporate bonds		—			—		460		460
Government bonds		—			295		—		295
Short-term investments		—			5,035,878		—		5,035,878
Futures**		(4	)		—		—		(4	)
Total	$	78,018,179		$	39,413,845	$	16,002	$	117,448,026
Global Equities
Equity investments:
Asia	$	—		$	1,555,041	$	—	$	1,555,041
Australasia		—			299,814		—		299,814
Europe		308,118			3,535,282		—		3,843,400
North America		10,654,311			513,779		—		11,168,090
All other equity investments*		137,101			1,367,098		4,673		1,508,872
Short-term investments		—			612,971		—		612,971
Futures**		109			—		—		109
Total	$	11,099,639		$	7,883,985	$	4,673	$	18,988,297
Growth
Equity investments:
Consumer discretionary	$	5,029,135		$	126,735	$	—	$	5,155,870
Consumer staples		1,567,225			45,222		—		1,612,447
Health care		3,671,588			59,083		—		3,730,671
Industrials		2,065,494			99,123		—		2,164,617
Information technology		6,918,799			48,731		—		6,967,530
Telecommunication services		209,359			15,133		—		224,492
All other equity investments*		2,070,036			—		—		2,070,036
Short-term investments		533,631			190,847		—		724,478
Futures**		47			—		—		47
Total	$	22,065,314		$	584,874	$	—	$	22,650,188

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

Account	Level 1			Level 2		Level 3		Total
Equity Index
Equity investments:
Health care	$	2,396,794		$	—	$	16	$	2,396,810
Industrials		1,724,717			12,596		—		1,737,313
Telecommunication services		353,642			—		118		353,760
All other equity investments*		11,797,184			—		—		11,797,184
Short-term investments		572,035			—		—		572,035
Futures**		(72	)		—		—		(72	)
Total	$	16,844,300		$	12,596	$	134	$	16,857,030
Bond Market
Bank loan obligations	$	—		$	102,662	$	—	$	102,662
Corporate bonds		—			4,658,691		—		4,658,691
Government bonds		—			6,364,363		—		6,364,363
Structured assets		—			1,796,252		—		1,796,252
Preferred Stocks		6,945			—		—		6,945
Short-term investments		—			1,388,715		—		1,388,715
Total	$	6,945		$	14,310,683	$	—	$	14,317,628
Social Choice
Equity investments:
Consumer discretionary	$	709,568		$	313,399	$	—	$	1,022,967
Consumer staples		438,975			219,258		—		658,233
Energy		351,765			135,142		—		486,907
Financials		1,164,279			666,554		—		1,830,833
Health care		847,006			273,758		—		1,120,764
Industrials		543,381			298,519		—		841,900
Information technology		1,018,904			112,410		—		1,131,314
Materials		213,377			164,778		—		378,155
Telecommunication services		104,026			120,389		—		224,415
Utilities		183,659			93,018		—		276,677
Bank loan obligations		—			43,639		—		43,639
Corporate bonds		—			1,622,594		—		1,622,594
Government bonds		—			3,142,703		—		3,142,703
Structured assets		—			449,751		—		449,751
Short-term investments		—			791,170		—		791,170
Total	$	5,574,940		$	8,447,082	$	—	$	14,022,022

*	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.

88	2015 Annual Report ■ College Retirement Equities Fund

continued

At December 31, 2015, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities (dollar amounts are in thousands):

	Asset derivatives
Derivative contracts	Location	Fair value amount
Stock Account
Equity contracts	Futures*	(4	)
Global Equities Account
Equity contracts	Futures*	109
Growth Account
Equity contracts	Futures*	47
Equity Index Account
Equity contracts	Futures*	(72	)

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

For the year ended December 31, 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		$13,656			$(1,529	)
Equity contracts	Purchased options		(894	)		—
Equity contracts	Written options		1,401			—
Global Equities Account
Equity contracts	Futures transactions		2,270			(1,863	)
Growth Account
Equity contracts	Futures transactions		7,325			(1,104	)
Equity Index Account
Equity contracts	Futures transactions		2,565			22
Inflation-Linked Bond Account
Interest rate contracts	Futures transactions		8			—

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

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended December 31, 2015, the Stock Account, the Global Equities Account, the Growth Account, the Equity Index Account, and the Inflation-Linked Bond Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At December 31, 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		635		$ 64,624		March 2016		$ 52
	S&P Mid-Cap 400 E-Mini		57		7,943		March 2016		(26	)
	Russell 2000 Mini Index		53		5,997		March 2016		(30	)
Total			745		$ 78,564				$ (4	)
Global Equities	S&P 500 Index E-Mini		1,332		135,558		March 2016		109
Growth	S&P 500 Index E-Mini		1,250		127,213		March 2016		47
Equity Index	S&P 500 Index E-Mini		36		3,664		March 2016		(53	)
	S&P Mid-Cap 400 E-Mini		4		557		March 2016		(10	)
	Russell 2000 Mini Index		4		453		March 2016		(9	)
Total			44		$ 4,674				$ (72	)

Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. To manage the risk, the Accounts may invest in both equity and index options. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity 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. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended December 31, 2015, the Stock Account had exposure to options, based on underlying nominal values, generally between 0% and 1% of net assets.

90	2015 Annual Report ■ College Retirement Equities Fund

continued

There were no purchased or written options outstanding as of December 31, 2015.

Transactions in written options and related premiums received during the year ended December 31, 2015 were as follows:

	Number of contracts			Premiums
Stock Account
Outstanding at beginning of period		—			$ —
Written		28,324			5,318
Purchased		(4,836	)		(549	)
Exercised		(8,339	)		(3,293	)
Expired		(15,149	)		(1,476	)
Outstanding at end of period		—			$ —

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 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.

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

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 year ended December 31, 2015, the Accounts had no exposure to credit default swap contracts.

There were no open credit default swap contracts outstanding as of December 31, 2015.

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 December 31, 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:

92	2015 Annual Report ■ College Retirement Equities Fund

continued

	Investment management fee			Administrative service fee									Distribution fee
Account	All classes			Class R1			Class R2			Class R3			Class R1			Class R2			Class R3
Stock		0.142	%		0.301	%		0.237	%		0.164	%		0.111	%		0.093	%		0.066	%
Global Equities		0.145			0.313			0.237			0.164			0.116			0.092			0.066
Growth		0.073			0.315			0.237			0.164			0.118			0.092			0.066
Equity Index		0.032			0.316			0.237			0.164			0.118			0.092			0.066
Bond Market		0.131			0.310			0.237			0.164			0.115			0.092			0.066
Inflation-Linked Bond		0.062			0.310			0.238			0.164			0.115			0.092			0.065
Social Choice		0.084			0.311			0.237			0.164			0.115			0.092			0.066
Money Market		0.061			0.316			0.237			0.164			0.118			0.092			0.066

For the year ended December 31, 2015, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and as necessary, administrative expenses for the Money Market Account totaling $17,847,239 for Class R1 (inclusive of $10,134,557 prior to the creation of additional classes on April 24, 2015), $5,534,208 for Class R2 and $5,098,116 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 conversion date April 24, 2015 end of day net assets. As of December 31, 2015, the cumulative amount of expenses waived subject to recovery is $21,798,765 for Class R1, $28,634,806 for Class R2 and $42,496,983 for Class R3. The aggregate amounts waived and reimbursed during the current period 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. For the year ended December 31, 2015, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

					Realized
Account	Purchases		Sales		gain (loss		)
Stock		$269,191	$	1,429,815	$	254,283
Global Equities		264,170		124,093		14,595
Growth		83,953		135,237		44,547
Equity Index		12,849		45,827		13,558
Bond Market		3,016		—		—
Social Choice		35,900		59,355		26,120

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

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

Issue	Value at December 31, 2014			Purchase cost		Sales proceeds		Realized gain (loss		)	Dividend income		Shares at December 31, 2015		Value at December 31, 2015
Stock Account
Berry Plastics Group Inc	$	226,929		$	44,761	$	175,214		$ 67,970			$ —	—	**	$	—
Papa Murphy’s Holdings Inc		11,747			192		6,699		2,712			—	—	**		—
Olin Corp		—	*		148,333		2,983		209			1,788	9,585,042			165,438
	$	238,676		$	193,286	$	184,896		$ 70,891			$ 1,788			$	165,438
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	417,995		$	439,577	$	323,941		$ —			$ —	533,630,785		$	533,631
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	564,844		$	256,227	$	249,036		$ —			$ —	572,035,124		$	572,035

*	Not an affiliate investment as of December 31, 2014
**	Not an affiliate investment as of December 31, 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 December 31, 2015, securities lending transactions (with the exception of the 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 Social Choice Account, all loans from securities lending transactions are continuous, can be recalled at any time, and have no set maturity, with $224,548,000 of equity securities pledged as collateral and $63,579,000 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

94	2015 Annual Report ■ College Retirement Equities Fund

continued

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.

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

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

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

Net unrealized appreciation (depreciation): At December 31, 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):

	Gross		Gross			Net unrealized
	unrealized		unrealized			appreciation
Account	appreciation		(depreciation		)	(depreciation		)
Stock		$12,624,703		$(9,092,338	)		$3,532,365
Global Equities		2,462,651		(1,211,593	)		1,251,058
Growth		4,986,074		(616,622	)		4,369,452
Equity Index		7,793,724		(711,240	)		7,082,484
Bond Market		150,648		(237,903	)		(87,255	)
Inflation-Linked Bond		320,597		(165,906	)		154,691
Social Choice		2,190,136		(474,365	)		1,715,771

96	2015 Annual Report ■ College Retirement Equities Fund

continued

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2015 were as follows (dollar amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account
Purchases:
Non-Government	$	62,359,085	$	9,234,957	$	10,268,769
Government		—		—		—
Total Purchases	$	62,359,085	$	9,234,957	$	10,268,769
Sales:
Non-Government	$	70,584,326	$	9,388,868	$	10,718,569
Government		—		—		—
Total Sales	$	70,584,326	$	9,388,868	$	10,718,569

	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-Government	$	898,368	$	5,231,472	$	—	$	4,475,542
Government		—		34,226,451		397,748		11,396,941
Total Purchases	$	898,368	$	39,457,923	$	397,748	$	15,872,483
Sales:
Non-Government	$	1,452,849	$	5,052,681	$	—	$	4,999,721
Government		—		33,830,374		939,773		11,352,982
Total Sales	$	1,452,849	$	38,883,055	$	939,773	$	16,352,703

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 year ended December 31, 2015, there were no borrowings under this credit facility by the Accounts.

College Retirement Equities Fund ■ 2015 Annual Report

Notes to financial statements

concluded

Note 7—indemnification

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

Note 8—subsequent events

Effective January 12, 2016, certain classes of the Money Market Account began recouping prior waived expenses.

98	2015 Annual Report ■ College Retirement Equities Fund

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account, and Money Market Account (constituting the College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) at December 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
February 19, 2016

College Retirement Equities Fund ■ 2015 Annual Report

Trustees and officers (unaudited)

College Retirement Equities Fund ■ December 31, 2015

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Four-year term commencing 2014. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	85	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Four-year term commencing 2014. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	85	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Four-year term commencing 2014. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	85	Director of Copper Rock Capital Partners, LLC (investment adviser).

100	2015 Annual Report ■ College Retirement Equities Fund

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Four-year term commencing 2014. Trustee since 2005; Chairman for term ending December 31, 2018, Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	85	Director, D2D Fund.
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Four-year term commencing 2014. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	85	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Four-year term commencing 2014. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	85	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep; and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Four-year term commencing 2014. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	85	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

College Retirement Equities Fund ■ 2015 Annual Report

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Trustees and officers (unaudited)	continued

College Retirement Equities Fund ■ December 31, 2015

Trustees — concluded

Name, address and year of birth (“YOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Four-year term commencing 2014. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	85	Director, SCANA Corporation (energy holding company).
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Four-year term commencing 2014. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	85	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

102	2015 Annual Report ■ College Retirement Equities Fund

Officers

Name, address and year of birth (“YOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President of TIAA, President and Chief Executive Officer of TIAA-CREF Asset Management LLC (“TCAM”) and Executive Vice President of the TIAA-CREF Fund Complex.
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Treasurer	One-year term. Treasurer since 2008.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Chief Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.

College Retirement Equities Fund ■ 2015 Annual Report

103

Trustees and officers (unaudited)	concluded

College Retirement Equities Fund ■ December 31, 2015

Officers — concluded

Name, address and year of birth (“YOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Asset Management Chief Executive Officer of TIAA, Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.
J. Keith Morgan TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2015.	Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President, Institutional Financial Services Chief Executive Officer of TIAA, and Executive Vice President of the TIAA-CREF FundComplex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.

104	2015 Annual Report ■ College Retirement Equities Fund

Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, Individual Financial Services Chief Executive Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.
Virginia M. Wilson TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Executive Vice President, Chief Financial Officer and Principal Accounting Officer	One-year term. Executive Vice President, Chief Financial Officer and Principal Accounting Officer since 2010.	Executive Vice President, Chief Financial Officer of TIAA and Executive Vice President, Chief Financial Officer and Principal Accounting Officer of CREF. Prior to joining TIAA, Ms. Wilson served as Executive Vice President and Chief Financial Officer, Wyndham Worldwide Corporation.

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

College Retirement Equities Fund ■ 2015 Annual Report

105

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 marks 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

106	2015 Annual Report ■ College Retirement Equities Fund

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.

College Retirement Equities Fund ■ 2015 Annual Report

107

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How to reach us

TIAA-CREF website

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

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

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

800 842-2252

24 hours a day, 7 days a week

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

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730 Third Avenue
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A10922 (2/16)

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $788,300 and $709,100, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2015 and December 31, 2014, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for tax services billed to the Registrant were $253,751 and $0, respectively.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for all other services billed to the Registrant were $27,000 and $19,500, respectively.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal year ended December 31, 2015 and December 31, 2014 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2015 and December 31, 2014, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $399,000 and $277,000, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2015

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

CORPORATE BONDS - 0.0%

CAPITAL GOODS - 0.0%
BRL	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		440
			TOTAL DIVERSIFIED FINANCIALS						440

FOOD, BEVERAGE & TOBACCO - 0.0%
BRL	800	m	Marfrig Global Foods S.A.		1.000		01/25/17		20
			TOTAL FOOD, BEVERAGE & TOBACCO						20

			TOTAL CORPORATE BONDS						460
			(Cost $520)

GOVERNMENT BONDS - 0.0%

U.S. TREASURY SECURITIES - 0.0%
$	300,000		United States Treasury Note		1.750		05/15/22		295
			TOTAL U.S. TREASURY SECURITIES						295

			TOTAL GOVERNMENT BONDS						295
			(Cost $302)

			TOTAL BONDS						755
			(Cost $822)

SHARES			COMPANY
COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 2.4%
	56,085		Actron Technology Corp						193
	284,400		Aisan Industry Co Ltd						2,920
	734,301		Aisin Seiki Co Ltd						31,603
	67,200	e	Akebono Brake Industry Co Ltd						167
	415,603	*	American Axle & Manufacturing Holdings, Inc						7,871
	467,763		Apollo Tyres Ltd						1,099
	58,615	e	ARB Corp Ltd						685
	62,865	*	Asahi India Glass Ltd						154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	14,821		AtlasBX Co Ltd	$	515
	3,620	e	Autoliv, Inc		452
	9,376		Autoneum Holding AG.		1,888
	139,943		Bajaj Holdings and Investment Ltd		5,339
	38,049	*	Balkrishna Industries Ltd		372
	392,799		Bayerische Motoren Werke AG.		41,382
	15,301		Bayerische Motoren Werke AG. (Preference)		1,280
	123,163		Bharat Forge Ltd		1,654
	488,167		BorgWarner, Inc		21,103
	12,452		Bosch Ltd		3,502
	151,439		Brembo S.p.A.		7,316
	906,042		Bridgestone Corp		31,078
	6,407,900	e	Brilliance China Automotive Holdings Ltd		8,015
	831,200	*,e	Byd Co Ltd		4,534
	596,000		Calsonic Kansei Corp		5,254
	82,493	*	Ceat Ltd		1,306
	590,000	*,e	Chaowei Power Holdings Ltd		415
	1,807,200		Cheng Shin Rubber Industry Co Ltd		2,921
	509,000		China Motor Corp		335
	2,891,645		Chongqing Changan Automobile Co Ltd		6,367
	188,207		Cie Automotive S.A.		3,152
	170,076		Compagnie Plastic-Omnium S.A.		5,406
	205,146		Continental AG.		49,627
	275,887		Cooper Tire & Rubber Co		10,442
	82,031	*	Cooper-Standard Holding, Inc		6,365
	32,341		Cub Elecparts, Inc		385
	20,201		Dae Won Kang Up Co Ltd		83
	26,700		Daido Metal Co Ltd		245
	76,967	e	Daihatsu Motor Co Ltd		1,038
	71,200		Daikyonishikawa Corp		1,318
	1,754,793		Daimler AG. (Registered)		146,620
	526,934	e	Dana Holding Corp		7,272
	3,525,984		Delphi Automotive plc		302,283
	473,901		Denso Corp		22,646
	282,000		Depo Auto Parts Ind Co Ltd		970
	18,566		Dong Ah Tire & Rubber Co Ltd		377
	10,475,050		Dongfeng Motor Group Co Ltd		13,876
	26,000		Dongyang Mechatronics Corp		154
	67,502	*,e	Dorman Products, Inc		3,204
	232,500		Double Coin Holdings Ltd		301
	2,319,000		Drb-Hicom BHD		668
	59,937		Drew Industries, Inc		3,650
	22,000		Eagle Industry Co Ltd		402
	1,103		EGE Endustri VE Ticaret AS.		119
	27,514	e	ElringKlinger AG.		698
	29,582		Exedy Corp		715
	315,480	*	Exide Industries Ltd		696
	723,547		Faurecia		28,992
	35,100		FCC Co Ltd		747
	385,108		Federal Corp		177
	83,202	*,e	Federal Mogul Corp (Class A)		570
	2,278,302	*,e	Fiat DaimlerChrysler Automobiles NV		31,641

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,334,413		Ford Motor Co	$	145,612
	47,411		Ford Otomotiv Sanayi AS		492
	35,032	*	Fox Factory Holding Corp		579
	748,725		Fuji Heavy Industries Ltd		30,845
	42,597		Futaba Industrial Co Ltd		203
	7,993,675	e	Geely Automobile Holdings Ltd		4,224
	7,950,000	*,m	General Motors Co		0	^
	85,268,000	*,e,m	General Motors Co		0	^
	722,689	*,e,m	General Motors Co		0	^
	24,057,000	*,m	General Motors Co		0	^
	3,815,649		General Motors Co		129,770
	4,230,271	*,e,m	General Motors Co		0	^
	26,439,191	*,m	General Motors Co		0	^
	6,062,000	*,m	General Motors Co		0	^
	40,684,487	*,m	General Motors Co		0	^
	18,507,434	*,m	General Motors Co		0	^
	35,983,677	*,m	General Motors Co		0	^
	840,196		Gentex Corp		13,452
	135,025	*	Gentherm, Inc		6,400
	1,788,405		GKN plc		8,116
	30,201		Global & Yuasa Battery Co Ltd		1,049
	3,783		Goodyear Lastikleri Turk AS.		99
	1,041,730		Goodyear Tire & Rubber Co		34,033
	64,924		Grammer AG.		1,919
	7,195,432		Great Wall Motor Co Ltd		8,311
	131,800		G-Tekt Corp		1,848
	6,955,971		Guangzhou Automobile Group Co Ltd		6,180
	58,752		Halla Climate Control Corp		2,580
	39,740		Halla Holdings Corp		2,165
	82,629		Hanil E-Hwa Co Ltd		1,058
	121,196		Hanil E-Wha Co Ltd		1,300
	80,237		Hankook Tire Co Ltd		3,200
	135,637	e	Harley-Davidson, Inc		6,157
	83,404	*	Hero Honda Motors Ltd		3,384
	1,959,691		Honda Motor Co Ltd		62,635
	48,953	*	Horizon Global Corp		508
	1,684,597		Hota Industrial Manufacturing Co Ltd		6,164
	383,099		Hu Lane Associate, Inc		1,526
	243,900	*	Hunan Tyen Machinery Co Ltd		150
	15,375		Hwa Shin Co Ltd		82
	12,300,000	*,e	Hybrid Kinetic Group Ltd		616
	165,733		Hyundai Mobis		34,676
	342,553		Hyundai Motor Co		43,204
	44,575		Hyundai Motor Co Ltd (2nd Preference)		3,967
	27,169		Hyundai Motor Co Ltd (Preference)		2,376
	38,532		Hyundai Wia Corp		3,643
	34,000		Iron Force Industrial Co Ltd		163
	585,195		Isuzu Motors Ltd		6,304
	720,572		Johnson Controls, Inc		28,455
	89,400		Kasai Kogyo Co Ltd		1,291
	255,896		Kayaba Industry Co Ltd		774
	169,303		Keihin Corp		2,969

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,284,189		Kenda Rubber Industrial Co Ltd	$	1,886
	638,807		Kia Motors Corp		28,484
	43,000		Kinugawa Rubber Industrial Co Ltd		229
	75,836		Koito Manufacturing Co Ltd		3,110
	353,269	*,e	Kongsberg Automotive ASA		248
	91,734	*	Kumho Tire Co, Inc		524
	134,000	*	Launch Tech Co Ltd		185
	744,928		Lear Corp		91,499
	28,373		Leoni AG.		1,115
	142,734		Linamar Corp		7,709
	42,000		Macauto Industrial Co Ltd		212
	613,730		Magna International, Inc (Class A)		24,892
	203,000		Magna International, Inc (Class A)		8,234
	582,601		Mahindra & Mahindra Ltd		11,184
	153,900		Mahle-Metal Leve S.A. Industria e Comercio		963
	26,854		Mando Corp		3,763
	224,098		Martinrea International, Inc		1,702
	170,440		Maruti Suzuki India Ltd		11,870
	2,700,279		Mazda Motor Corp		55,720
	356,895		Metair Investments Ltd		626
	80,688		Metaldyne Performance Group, Inc		1,480
	14,012		MGI Coutier		288
	317,482		Michelin (C.G.D.E.) (Class B)		30,219
	664,000		Minth Group Ltd		1,319
	37,700		Mitsuba Corp		583
	309,017		Mitsubishi Motors Corp		2,614
	133,421	*	Modine Manufacturing Co		1,207
	6,087		Montupet		471
	358,652		Motherson Sumi Systems Ltd		1,584
	10,426		Motonic Corp		96
	45,140	*	Motorcar Parts of America, Inc		1,526
	2,334		MRF Ltd		1,404
	23,000		Musashi Seimitsu Industry Co Ltd		469
	494,949	*	Nan Kang Rubber Tire Co Ltd		434
	1,407		Nexen Corp		93
	178,936		Nexen Tire Corp		1,872
	2,557,000	e	Nexteer Automotive Group Ltd		2,830
	125,044		NGK Spark Plug Co Ltd		3,292
	212,654		NHK Spring Co Ltd		2,132
	106,151	e	Nifco, Inc		4,916
	51,000		Nippon Seiki Co Ltd		1,171
	7,197,030		Nissan Motor Co Ltd		75,358
	68,341		Nissan Shatai Co Ltd		735
	35,500		Nissin Kogyo Co Ltd		515
	207,739		NOK Corp		4,853
	149,148		Nokian Renkaat Oyj		5,325
	440,600	e	Pacific Industrial Co Ltd		4,865
	969,703	*	Peugeot S.A.		16,998
	142,295	e	Piaggio & C S.p.A.		358
	7,400		Piolax Inc		418
	159,310		Porsche AG.		8,574
	329,900	e	Press Kogyo Co Ltd		1,432

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	28,656,894		PT Astra International Tbk	$	12,344
	200,000		PT Gajah Tunggal Tbk		8
	78,283		Pyeong Hwa Automotive Co Ltd		945
	8,492,000		Qingling Motors Co Ltd		2,636
	1,454,664		Renault S.A.		145,605
	89,000		Riken Corp		313
	41,184		S&T Daewoo Co Ltd		3,004
	4,945		S&T Holdings Co Ltd		123
	37,427		SAF-Holland S.A.		507
	182,000		Sanden Corp		580
	501,920	*	Sanyang Industry Co Ltd		335
	7,074		Sejong Industrial Co Ltd		60
	259,200		Showa Corp		2,405
	83,614		SL Corp		1,225
	40,142	*,e	Sogefi S.p.A.		94
	866,825		Somboon Advance Technology PCL		388
	2,051,900		Sri Trang Agro-Industry PCL (Foreign)		573
	38,128	*	Ssangyong Motor Co		251
	78,677		Standard Motor Products, Inc		2,994
	186,387		Stanley Electric Co Ltd		4,089
	70,924	*	Stoneridge, Inc		1,050
	15,251		Strattec Security Corp		861
	582,325		Sumitomo Electric Industries Ltd		8,223
	273,773		Sumitomo Rubber Industries, Inc		3,560
	55,018		Sundram Fasteners Ltd		141
	33,112		Sungwoo Hitech Co Ltd		252
	57,189		Superior Industries International, Inc		1,053
	168,398		Suzuki Motor Corp		5,117
	2,143,653		T RAD Co Ltd		3,581
	22,200		Tachi-S Co Ltd		353
	59,200		Taiho Kogyo Co Ltd		713
	28,900	*,e	Takata Corp		192
	1,268,980		Tata Motors Ltd		7,500
	304,226		Tata Motors Ltd (DVR)		1,326
	33,600		Teikoku Piston Ring Co Ltd		945
	221,337	*	Tenneco, Inc		10,162
	395,097	*,e	Tesla Motors, Inc		94,827
	180,990		Thor Industries, Inc		10,163
	672,000	*	Tianneng Power International Ltd		563
	830,094		Tofas Turk Otomobil Fabrik		5,389
	50,963		Tokai Rika Co Ltd		1,254
	126,800		Tokai Rubber Industries, Inc		1,057
	347,699		Tong Yang Industry Co Ltd		427
	68,900		Topre Corp		1,580
	110,734		Tower International, Inc		3,164
	82,800		Toyo Tire & Rubber Co Ltd		1,634
	66,677		Toyoda Gosei Co Ltd		1,515
	140,400	e	Toyota Boshoku Corp		2,826
	167,940		Toyota Industries Corp		8,980
	5,780,402		Toyota Motor Corp		355,951
	137,500		TS Tech Co Ltd		3,556
	123,939		Tube Investments Of India		797

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	58,089		Tung Thih Electronic Co Ltd	$	562
	51,900		Tupy S.A.		245
	109,391		TVS Motor Co Ltd		477
	634,966		UMW Holdings BHD		1,161
	38,600		Unipres Corp		872
	233,948		Valeo S.A.		36,069
	217,088	*	Visteon Corp		24,857
	113,600	e	Volkswagen AG.		17,457
	175,381		Volkswagen AG. (Preference)		25,321
	8,332		WABCO India Ltd		764
	68,326	e	Winnebago Industries, Inc		1,360
	440,000	*,e	Xinchen China Power Holdings Ltd		101
	3,248,000		Xingda International Holdings Ltd		659
	1,934,785	e	Xinyi Glass Holdings Co Ltd		1,131
	284,644		Yamaha Motor Co Ltd		6,380
	73,400	e	Yokohama Rubber Co Ltd		1,127
	228,000		Yorozu Corp		5,189
	669,646		Yulon Motor Co Ltd		610
	80,000		Zhejiang Shibao Co Ltd		93
			TOTAL AUTOMOBILES & COMPONENTS		2,722,250

BANKS - 7.7%
	39,201		1st Source Corp		1,210
	859,030		77 Bank Ltd		4,625
	201,601		Aareal Bank AG.		6,348
	1,795,745	*,g	ABN AMRO Group NV (ADR)		40,338
	3,143,310	*	Abu Dhabi Commercial Bank PJSC		5,608
	16,934	e	Access National Corp		346
	59,831,354		Agricultural Bank of China		24,348
	16,300		Aichi Bank Ltd		868
	2,609,451		Akbank TAS		5,984
	138,000		Akita Bank Ltd		475
	1,263,197		Albaraka Turk Katilim Bankasi AS		571
	3,044,864	*	Aldermore Group plc		10,389
	35,146	*	Alior Bank S.A.		596
	410,123		Allahabad Bank		427
	1,123,200		Alliance Financial Group BHD		930
	1,366,521	*	Alpha Bank AE		3,662
	315,270	*,m	Amagerbanken AS		0	^
	31,591		American National Bankshares, Inc		809
	97,910		Ameris Bancorp		3,328
	32,098	e	Ames National Corp		780
	5,879,304		AMMB Holdings BHD		6,187
	16,996	*	Anchor BanCorp Wisconsin, Inc		740
	478,367		Andhra Bank		473
	300,000		Aomori Bank Ltd		962
	8,437,391		Aozora Bank Ltd		29,445
	75,493		Apollo Residential Mortgage		902
	29,295		Arrow Financial Corp		796
	739,100		Ashikaga Holdings Co Ltd		2,881
	102,040	*	Asia United Bank		100
	158,605		Associated Banc-Corp		2,974

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	295,444		Astoria Financial Corp	$	4,683
	3,692,944		Australia & New Zealand Banking Group Ltd		74,523
	170,721		Awa Bank Ltd		995
	344,970		Axis Bank Ltd		2,327
	241,956		Banc of California, Inc		3,537
	508,446	*,e	Banca Carige S.p.A		692
	30,874,854		Banca Intesa S.p.A.		102,535
	3,335,429		Banca Intesa S.p.A. RSP		10,189
	554,051	*	Banca Monte dei Paschi di Siena S.p.A		733
	1,260,293		Banca Popolare dell’Emilia Romagna Scrl		9,560
	12,620,346		Banca Popolare di Milano		12,500
	1,011,747		Banca Popolare di Sondrio SCARL		4,525
	17,266		Bancfirst Corp		1,012
	267,943		Banche Popolari Unite Scpa		1,790
	180,290		Banco ABC Brasil S.A.		397
	2,360,527		Banco Bilbao Vizcaya Argentaria S.A.		17,248
	318,950	*	Banco BPI S.A.		377
	1,362,857		Banco Bradesco S.A.		7,021
	4,666,451		Banco Bradesco S.A. (Preference)		22,580
	45,299,111	*,e	Banco Comercial Portugues S.A.		2,401
	15,000		Banco Daycoval S.A.		33
	23,728,365		Banco de Chile		2,417
	59,331		Banco de Credito e Inversiones		2,230
	2,485,454		Banco de Oro Universal Bank		5,525
	4,211,311	e	Banco de Sabadell S.A.		7,464
	2,044,727		Banco do Brasil S.A.		7,573
	179,600		Banco do Estado do Rio Grande do Sul		265
	16,063,377	*,m	Banco Espirito Santo S.A.		175
	58,200	*,m	Banco Industrial e Comercial S.A.		121
	6,602,554		Banco Itau Holding Financeira S.A.		43,671
	158,250		Banco Latinoamericano de Exportaciones S.A. (Class E)		4,103
	223,673	*	Banco Popolare SC		3,082
	531,322		Banco Popular Espanol S.A.		1,751
	1,042,803		Banco Santander Brasil S.A.		4,202
	7,331,018		Banco Santander Central Hispano S.A.		36,064
	104,376,519		Banco Santander Chile S.A.		4,683
	953,849		BanColombia S.A. (Preference)		6,490
	241,053		Bancorpsouth, Inc		5,783
	358,800		Bangkok Bank PCL (ADR)		1,514
	112,200		Bangkok Bank PCL (Foreign)		479
	56,163		Bank Handlowy w Warszawie S.A.		1,026
	1,406,857		Bank Hapoalim Ltd		7,262
	2,195,455	*	Bank Leumi Le-Israel		7,612
	451,046	*	Bank Millennium S.A.		639
	169,114		Bank Mutual Corp		1,319
	41,542,993		Bank of America Corp		699,169
	500,000		Bank of Baroda		1,176
	148,782,403		Bank of China Ltd		66,017
	1,976,000	e	Bank of Chongqing Co Ltd		1,775
	25,387,940		Bank of Communications Co Ltd		17,804
	1,299,673	e	Bank of East Asia Ltd		4,821
	103,045		Bank of Georgia Holdings plc		2,889

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	39,098		Bank of Hawaii Corp	$	2,459
	90,826,145	*	Bank of Ireland		33,256
	29,700		Bank of Iwate Ltd		1,237
	300,824		Bank of Kaohsiung		80
	764,727		Bank of Kyoto Ltd		7,092
	21,554		Bank of Marin Bancorp		1,151
	940,137	*	Bank of Montreal		53,050
	134,000	e	Bank of Nagoya Ltd		491
	1,621,024		Bank of Nova Scotia		65,570
	24,000		Bank of Okinawa Ltd		925
	412,912		Bank of Queensland Ltd		4,165
	107,541		Bank of Saga Ltd		241
	238,022	e	Bank of the Ozarks, Inc		11,773
	1,172,927		Bank of the Philippine Islands		2,089
	245,200		Bank of the Ryukyus Ltd		3,452
	1,192,512		Bank of Yokohama Ltd		7,310
	156,363		Bank Pekao S.A.		5,711
	15,047,404		Bank Rakyat Indonesia		12,349
	36,570		Bank Zachodni WBK S.A.		2,635
	61,163		BankFinancial Corp		772
	1,689,587		Bankia S.A.		1,966
	1,517,503		Bankinter S.A.		10,761
	167,079		BankUnited		6,025
	73,976		Banner Corp		3,393
	7,881		Banque Cantonale Vaudoise		5,000
	1,515,500	e	Banregio Grupo Financiero SAB de C.V.		7,768
	16,463	e	Bar Harbor Bankshares		567
	364,559		Barclays Africa Group Ltd		3,382
	47,331,078		Barclays plc		152,348
	1,754,387		BB&T Corp		66,333
	253,721		BBCN Bancorp, Inc		4,369
	8,917	*,e	BBX Capital Corp		140
	30,592	*,e	Bear State Financial, Inc		331
	324,404		Bendigo Bank Ltd		2,806
	449,622	*	Beneficial Bancorp, Inc		5,989
	92,867		Berkshire Hills Bancorp, Inc		2,703
	76,911		Blue Hills Bancorp, Inc		1,178
	67,129		BNC Bancorp		1,704
	1,038,777		BNP Paribas		58,771
	6,541,872	e	BOC Hong Kong Holdings Ltd		19,907
	165,839	*,e	BofI Holding, Inc		3,491
	43,561	e	BOK Financial Corp		2,605
	243,205		Boston Private Financial Holdings, Inc		2,758
	13,367		BRE Bank S.A.		1,068
	49,063		Bridge Bancorp, Inc		1,493
	302,387		Brookline Bancorp, Inc		3,477
	67,796		Bryn Mawr Bank Corp		1,947
	240,397		BS Financial Group, Inc		1,713
	21,248	*	BSB Bancorp, Inc		497
	6,197,507		Bumiputra-Commerce Holdings BHD		6,535
	20,363	*,e	C1 Financial, Inc		493
	20,696		Camden National Corp		912

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	629,843	e	Canadian Imperial Bank of Commerce/Canada	$	41,509
	70,191	e	Canadian Western Bank		1,186
	52,922		Capital Bank Financial Corp		1,692
	38,734		Capital City Bank Group, Inc		595
	30,385		Capitec Bank Holdings Ltd		1,057
	349,238		Capitol Federal Financial		4,386
	80,729		Cardinal Financial Corp		1,837
	143,595	*	Cascade Bancorp		872
	288,846	e	Cathay General Bancorp		9,050
	157,372		Centerstate Banks of Florida, Inc		2,463
	133,821	e	Central Pacific Financial Corp		2,947
	13,150		Century Bancorp, Inc		572
	5,729,886		Chang Hwa Commercial Bank		2,729
	48,389		Charter Financial Corp		639
	125,213		Chemical Financial Corp		4,291
	588,966		Chiba Bank Ltd		4,179
	69,900		Chiba Kogyo Bank Ltd		389
	10,469,010	*	China Citic Bank		6,747
	171,250,791		China Construction Bank		116,818
	16,358,661		China Development Financial Holding Corp		4,080
	12,766,000		China Everbright Bank Co Ltd		6,181
	7,744,260		China Merchants Bank Co Ltd		18,128
	7,580,694	e	China Minsheng Banking Corp Ltd		7,478
	18,602,808		Chinatrust Financial Holding Co		9,525
	170,000		Chong Hing Bank Ltd		353
	19,728,014	e	Chongqing Rural Commercial Bank		11,849
	52,105		Chugoku Bank Ltd		695
	839,291		CIT Group, Inc		33,320
	9,393,824		Citigroup, Inc		486,130
	34,144	e	Citizens & Northern Corp		717
	1,524,468		Citizens Financial Group, Inc		39,926
	36,920	e	City Holding Co		1,685
	51,836		City Union Bank Ltd		72
	89,226	e	Clifton Bancorp, Inc		1,280
	47,552	e	CNB Financial Corp		857
	136,696		CoBiz, Inc		1,834
	20,269	*	Collector AB		305
	172,354		Columbia Banking System, Inc		5,603
	67,701		Comdirect Bank AG.		803
	105,505		Comerica, Inc		4,413
	78,353	e	Commerce Bancshares, Inc		3,333
	191,471	*	Commercial Bank of Qatar QSC		2,406
	2,269,320		Commercial International Bank		11,039
	4,280,608	*	Commerzbank AG.		44,170
	1,688,189	e	Commonwealth Bank of Australia		104,371
	106,143	e	Community Bank System, Inc		4,239
	43,499		Community Trust Bancorp, Inc		1,521
	39,449	*,e	CommunityOne Bancorp		531
	134,467		ConnectOne Bancorp, Inc		2,513
	151,615,966		CorpBanca S.A.		1,215
	81,134		Credicorp Ltd (NY)		7,896
	2,184,248		Credit Agricole S.A.		25,739

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	72,848		Credito Emiliano S.p.A.	$	538
	961,520	e	Criteria CaixaBank S.A.		3,347
	60,338	*	CU Bancorp		1,530
	136,910	e	Cullen/Frost Bankers, Inc		8,215
	65,149	*	Customers Bancorp, Inc		1,773
	269,972	e	CVB Financial Corp		4,568
	5,646,074	*,m	Cyprus Popular Bank Public Co		61
	1,384,235		Dah Sing Banking Group Ltd		2,440
	341,508		Dah Sing Financial Holdings Ltd		1,700
	264,000		Daishi Bank Ltd		1,165
	359,358		Danske Bank AS		9,642
	2,535,934		DBS Group Holdings Ltd		29,720
	94,473	*,g	Deutsche Pfandbriefbank AG.		1,150
	1,333,051	*	Development Credit Bank Ltd		1,635
	362,522		Dewan Housing Finance Corp Ltd		1,285
	183,521		DGB Financial Group Co Ltd		1,563
	99,646		Dime Community Bancshares		1,743
	449,388		DNB NOR Holding ASA		5,537
	126,526	*	Doha Bank QSC		1,542
	1,179,415	*	Dubai Islamic Bank PJSC		1,974
	8,451,208		E.Sun Financial Holding Co Ltd		4,907
	72,472	*	Eagle Bancorp, Inc		3,658
	887,585		East West Bancorp, Inc		36,888
	476,600	*	EastWest Banking Corp		191
	122,000		Eighteenth Bank Ltd		357
	28,175	e	Enterprise Bancorp, Inc		644
	55,936		Enterprise Financial Services Corp		1,586
	962,511	*	Erste Bank der Oesterreichischen Sparkassen AG.		30,117
	245,701	*	Essent Group Ltd		5,378
	1,633,773	*	Eurobank Ergasias S.A.		1,830
	328,648		EverBank Financial Corp		5,252
	1,745,315		Far Eastern International Bank		519
	19,023	*	Farmers Capital Bank Corp		516
	68,441	*	FCB Financial Holdings, Inc		2,450
	44,010		Federal Agricultural Mortgage Corp (Class C)		1,389
	4,790,652		Federal Bank Ltd		4,040
	56,705	e	Fidelity Southern Corp		1,265
	2,411,436		Fifth Third Bancorp		48,470
	65,294		Financial Institutions, Inc		1,828
	184,493		FinecoBank Banca Fineco S.p.A		1,517
	80,962	e	First Bancorp (NC)		1,517
	364,067	*	First Bancorp (Puerto Rico)		1,183
	36,313	e	First Bancorp, Inc		743
	77,904		First Busey Corp		1,607
	26,242		First Business Financial Services, Inc		656
	21,058		First Citizens Bancshares, Inc (Class A)		5,437
	226,583		First Commonwealth Financial Corp		2,055
	52,917		First Community Bancshares, Inc		986
	61,349		First Connecticut Bancorp		1,068
	25,784		First Defiance Financial Corp		974
	151,111		First Financial Bancorp		2,731
	160,696	e	First Financial Bankshares, Inc		4,848
	43,585		First Financial Corp		1,481

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,821,109		First Financial Holding Co Ltd	$	5,026
	1,102,773		First Gulf Bank PJSC		3,787
	192,042	e	First Horizon National Corp		2,788
	107,568		First International Bank Of Israel Ltd		1,270
	73,122		First Interstate Bancsystem, Inc		2,126
	91,035		First Merchants Corp		2,314
	385,775		First Midwest Bancorp, Inc		7,110
	12,700	e	First National Financial Corp		206
	37,918	*	First NBC Bank Holding Co		1,418
	312,124		First Niagara Financial Group, Inc		3,387
	43,366		First of Long Island Corp		1,301
	269,130		First Republic Bank		17,779
	412,935		FirstMerit Corp		7,701
	52,200	*	Flagstar Bancorp, Inc		1,206
	80,815		Flushing Financial Corp		1,749
	725,243	e	FNB Corp		9,675
	42,894		Fox Chase Bancorp, Inc		870
	23,705	*	Franklin Financial Network, Inc		744
	952,412		Fukuoka Financial Group, Inc		4,723
	444,240		Fulton Financial Corp		5,780
	144,987	e	Genworth MI Canada, Inc		2,787
	1,417,652	e	Genworth Mortgage Insurance Australia Ltd		2,826
	42,704	e	German American Bancorp, Inc		1,423
	1,279,817	*	Get Bank S.A.		195
	653,827	*	Getin Holding S.A.		203
	261,941	e	Glacier Bancorp, Inc		6,949
	24,057		Great Southern Bancorp, Inc		1,089
	250,623		Great Western Bancorp, Inc		7,273
	41,207	*,e	Green Bancorp, Inc		432
	129,070	*	Gruh Finance Ltd		532
	3,141,191		Grupo Aval Acciones y Valores		1,079
	5,086,638		Grupo Financiero Banorte S.A. de C.V.		28,036
	4,285,607		Grupo Financiero Inbursa S.A.		7,733
	2,138,757	e	Grupo Financiero Santander Mexico SAB de C.V.		3,754
	62,021		Guaranty Bancorp		1,026
	355,859		Gunma Bank Ltd		2,069
	123,116		Hachijuni Bank Ltd		753
	106,670	*,e	Hampton Roads Bankshares, Inc		196
	347,278		Hana Financial Group, Inc		6,940
	192,747		Hancock Holding Co		4,851
	1,691,588		Hang Seng Bank Ltd		32,061
	138,257		Hanmi Financial Corp		3,279
	246,323		HDFC Bank Ltd		4,023
	39,913		HDFC Bank Ltd (ADR)		2,459
	43,052		Heartland Financial USA, Inc		1,350
	57,185		Heritage Commerce Corp		684
	132,777		Heritage Financial Corp		2,502
	72,032		Heritage Oaks Bancorp		577
	313,000		Higashi-Nippon Bank Ltd		1,035
	802,059	*	Hilltop Holdings, Inc		15,416
	2,705	e	Hingham Institution for Savings		324
	630,647		Hiroshima Bank Ltd		3,584

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	723,000		Hokkoku Bank Ltd	$	2,400
	643,000		Hokuetsu Bank Ltd		1,356
	342,947		Hokuhoku Financial Group, Inc		699
	193,625		Home Bancshares, Inc		7,846
	215,649	e	Home Capital Group, Inc		4,195
	53,502	*	HomeStreet, Inc		1,162
	116,611	*	HomeTrust Bancshares, Inc		2,361
	668,184		Hong Leong Bank BHD		2,082
	380,794		Hong Leong Credit BHD		1,235
	29,183	e	Horizon Bancorp		816
	3,185,459		Housing Development Finance Corp		60,587
	19,433,567		HSBC Holdings plc		153,413
	99,600		HSBC Holdings plc (Hong Kong)		788
	7,588,222		Hua Nan Financial Holdings Co Ltd		3,513
	993,193	e	Huntington Bancshares, Inc		10,985
	213,692		Hyakugo Bank Ltd		1,039
	202,000		Hyakujushi Bank Ltd		751
	168,039		IBERIABANK Corp		9,254
	2,099,981		ICICI Bank Ltd		8,294
	22,814		ICICI Bank Ltd (ADR)		179
	188,892	*	IDFC Bank Ltd		174
	20,006	*,e	Impac Mortgage Holdings, Inc		360
	65,109	e	Independent Bank Corp (MA)		3,029
	75,860		Independent Bank Corp (MI)		1,155
	41,503		Independent Bank Group, Inc		1,328
	138,288		Indian Bank		241
	234,009		IndusInd Bank Ltd		3,415
	153,808,566	e	Industrial & Commercial Bank of China		92,196
	759,830		Industrial Bank of Korea		7,945
	142,426		International Bancshares Corp		3,660
	4,034,376		Investors Bancorp, Inc		50,188
	541,290	*,m	Irish Bank Resolution Corp Ltd		0
	1,376,953	*	Israel Discount Bank Ltd		2,497
	70,400		Itau Unibanco Banco Multiplo S.A. (ADR)		458
	70,045		Iyo Bank Ltd		681
	377,618		Jammu & Kashmir Bank Ltd		468
	613,800	*	Japan Post Bank Co Ltd		8,937
	335,521		JB Financial Group Co Ltd		1,566
	378,900		Jimoto Holdings Inc		628
	613,225		Joyo Bank Ltd		2,900
	13,655,373		JPMorgan Chase & Co		901,664
	288,555		Juroku Bank Ltd		1,142
	61,907	*	Jyske Bank		2,800
	68,200		Kansai Urban Banking Corp		764
	65,600		Kanto Tsukuba Bank Ltd		219
	822,335		Karnataka Bank Ltd		1,520
	81,430	*	Karur Vysya Bank Ltd		603
	100,000		Kasikornbank PCL		415
	135,500		Kasikornbank PCL - NVDR		563
	1,971,306		Kasikornbank PCL (Foreign)		8,148
	877,001		KB Financial Group, Inc		24,708
	445,457		KBC Groep NV		27,853

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	332,961		Kearny Financial Corp	$	4,219
	662,000		Keiyo Bank Ltd		3,135
	4,235,833		Keycorp		55,871
	913,632		Kiatnakin Bank PCL		918
	2,553,000		King’s Town Bank		1,810
	193,400		Kiyo Bank Ltd		2,790
	23,333	*	KJB Financial Group Co Ltd		152
	43,349		Komercni Banka AS		8,606
	3,863,170		Krung Thai Bank PCL (Foreign)		1,782
	375,600	*	Kyushu Financial Group, Inc		2,647
	138,255		Lakeland Bancorp, Inc		1,630
	57,953		Lakeland Financial Corp		2,702
	99,329	e	Laurentian Bank of Canada		3,467
	154,176		LegacyTexas Financial Group, Inc		3,857
	32,106	*	LendingTree, Inc		2,866
	3,279,028		LH Financial Group PCL		151
	1,028,235	*,e	Liberbank S.A.		649
	367,731	*	LIC Housing Finance Ltd		2,831
	11,306	e	Live Oak Bancshares, Inc		161
	38,890,729		Lloyds TSB Group plc		41,846
	112,520	e	M&T Bank Corp		13,635
	72,942		MainSource Financial Group, Inc		1,669
	8,438,297		Malayan Banking BHD		16,478
	666,602		Malaysia Building Society		218
	452,041	*	Masraf Al Rayan		4,656
	185,895		MB Financial, Inc		6,017
	14,961,299		Mega Financial Holding Co Ltd		9,646
	61,683		Mercantile Bank Corp		1,514
	16,320		Merchants Bancshares, Inc		514
	134,004		Meridian Bancorp, Inc		1,889
	44,593		Meta Financial Group, Inc		2,048
	1,063,204		Metropolitan Bank & Trust		1,814
	1,115,189	*,e	MGIC Investment Corp		9,847
	16,100		Midsouth Bancorp, Inc		146
	22,123		MidWestOne Financial Group, Inc		673
	68,000		Mie Bank Ltd		151
	217,000		Minato Bank Ltd		358
	21,495,379		Mitsubishi UFJ Financial Group, Inc		133,148
	4,223,361		Mitsui Trust Holdings, Inc		15,995
	366,000		Miyazaki Bank Ltd		1,172
	87,323		Mizrahi Tefahot Bank Ltd		1,043
	45,015,463		Mizuho Financial Group, Inc		90,031
	38,568		Musashino Bank Ltd		1,407
	202,928		Nanto Bank Ltd		636
	2,440,846		National Australia Bank Ltd		53,264
	76,522		National Bank Holdings Corp		1,635
	754,189	*	National Bank of Abu Dhabi PJSC		1,634
	809,927		National Bank of Canada		23,595
	5,277,643	*	National Bank of Greece S.A.		1,951
	22,749	e	National Bankshares, Inc		809
	15,829	*,e	National Commerce Corp		397

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	427,123		National Penn Bancshares, Inc	$	5,266
	99,889	*,e	Nationstar Mortgage Holdings, Inc		1,336
	2,763,817		Natixis		15,635
	110,066		NBT Bancorp, Inc		3,069
	386,409		Nedbank Group Ltd		4,720
	830,766	e	New York Community Bancorp, Inc		13,558
	116,499		NewBridge Bancorp		1,419
	1,534,300		Nishi-Nippon City Bank Ltd		4,044
	275,650	*	NMI Holdings, Inc		1,866
	52,996	*	Nordax Group AB		320
	2,731,236		Nordea Bank AB		29,966
	391,600		North Pacific Bank Ltd		1,352
	169,895	e	Northfield Bancorp, Inc		2,705
	2,955		Northrim BanCorp, Inc		79
	257,356		Northwest Bancshares, Inc		3,446
	52,442		OceanFirst Financial Corp		1,050
	318,055	*,e	Ocwen Financial Corp		2,217
	137,514	e	OFG Bancorp		1,007
	245,000		Ogaki Kyoritsu Bank Ltd		988
	191,000		Oita Bank Ltd		743
	291,430	e	Old National Bancorp		3,952
	77,122	*	Old Second Bancorp, Inc		605
	394,632		OneSavings Bank plc		2,066
	123,807		Opus Bank		4,577
	62,360		Oriental Bank of Commerce		132
	175,183		Oritani Financial Corp		2,891
	693,192	e	OTP Bank		14,253
	4,007,138		Oversea-Chinese Banking Corp		24,774
	76,434		Pacific Continental Corp		1,137
	123,564	*	Pacific Premier Bancorp, Inc		2,626
	350,539		PacWest Bancorp		15,108
	259,031		Paragon Group of Cos plc		1,347
	32,595	e	Park National Corp		2,949
	173,819		Park Sterling Bank		1,272
	57,634		Peapack Gladstone Financial Corp		1,188
	15,540	e	Penns Woods Bancorp, Inc		660
	52,908		Pennsylvania Commerce Bancorp, Inc		1,660
	34,113	*	PennyMac Financial Services, Inc		524
	54,845	e	Peoples Bancorp, Inc		1,033
	25,923	e	Peoples Financial Services Corp		987
	303,294	e	People’s United Financial, Inc		4,898
	128,318	*	PHH Corp		2,079
	3,067,276	*	Philippine National Bank		3,390
	965,398	*	Piccolo Credito Valtellinese Scarl		1,137
	136,406		Pinnacle Financial Partners, Inc		7,006
	5,600,302	*	Piraeus Bank S.A.		1,674
	585,649		PNC Financial Services Group, Inc		55,818
	178,854		Popular, Inc		5,069
	1,035,288	*	Powszechna Kasa Oszczednosci Bank Polski S.A.		7,191
	64,500		Preferred Bank		2,130
	197,357		PrivateBancorp, Inc		8,096
	251,768		Prosperity Bancshares, Inc		12,050

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	158,912		Provident Financial Services, Inc	$	3,202
	66,937,300		PT Bank Bukopin Tbk		3,385
	13,835,487		PT Bank Central Asia Tbk		13,255
	3,068,302		PT Bank Danamon Indonesia Tbk		710
	18,264,800		PT Bank Jabar Banten Tbk		995
	13,065,968		PT Bank Mandiri Persero Tbk		8,676
	9,775,613		PT Bank Negara Indonesia		3,500
	44,500,000	*	PT Bank Pan Indonesia Tbk		2,631
	32,046,900		PT Bank Pembangunan Daerah Jawa Timur Tbk		1,011
	13,175,794		PT Bank Tabungan Negara Tbk		1,228
	3,223,109		Public Bank BHD		13,888
	93,110	*	Qatar Islamic Bank SAQ		2,720
	260,857	*	Qatar National Bank		12,512
	31,593	e	QCR Holdings, Inc		767
	645,560	e	Radian Group, Inc		8,644
	45,609	*,e	Raiffeisen International Bank Holding AG.		668
	2,953,188		Regions Financial Corp		28,351
	98,087	e	Renasant Corp		3,375
	31,520		Republic Bancorp, Inc (Class A)		832
	7,282,235		Resona Holdings, Inc		35,364
	655,898		RHB Capital BHD		864
	368,120		Rizal Commercial Banking Corp		258
	5,200	*,m	Roskilde Bank		0
	76,701	e	Royal Bank of Canada		4,110
	2,544,251	e	Royal Bank of Canada (Toronto)		136,342
	2,447,720	*	Royal Bank of Scotland Group plc		10,880
	89,875		S&T Bancorp, Inc		2,770
	64,426		Sandy Spring Bancorp, Inc		1,737
	125,500		San-In Godo Bank Ltd		1,021
	7,752,276		Sberbank of Russian Federation (ADR)		45,478
	109,946	*	Seacoast Banking Corp of Florida		1,647
	589,060		Security Bank Corp		1,772
	424,754	*	Sekerbank TAS		244
	249,580		Senshu Ikeda Holdings, Inc		1,029
	78,408	e	ServisFirst Bancshares, Inc		3,727
	296,493		Seven Bank Ltd		1,300
	2,292,977	*,g	Shawbrook Group plc		11,834
	655,000	e	Shiga Bank Ltd		3,273
	162,000		Shikoku Bank Ltd		367
	773,713		Shinhan Financial Group Co Ltd		25,990
	4,750,179		Shinsei Bank Ltd		8,742
	444,400		Shizuoka Bank Ltd		4,310
	1,869,400		Siam Commercial Bank PCL (Foreign)		6,166
	48,321		Sierra Bancorp		853
	414,688	*	Signature Bank		63,601
	112,864		Simmons First National Corp (Class A)		5,797
	10,768,570		SinoPac Financial Holdings Co Ltd		3,058
	1,124,574		Skandinaviska Enskilda Banken AB (Class A)		11,827
	667,686		Societe Generale		30,768
	2,578,170		South Indian Bank Ltd		751
	102,229		South State Corp		7,355
	64,955	e	Southside Bancshares, Inc		1,560

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	72,612		Southwest Bancorp, Inc	$	1,269
	210,201		Spar Nord Bank A/s		1,857
	222,572	e	Sparebanken Midt-Norge		1,266
	200,142		Sparebanken Nord-Norge		830
	2,904		St Galler Kantonalbank		1,047
	2,871,644		Standard Bank Group Ltd		21,050
	1,900,743		Standard Chartered plc		15,771
	89,250		State Bank & Trust Co		1,877
	30,377	*	State Bank of Bikaner & Jaip		240
	3,207,087		State Bank of India		10,838
	478,502		Sterling Bancorp/DE		7,761
	35,936		Stock Yards Bancorp, Inc		1,358
	29,627		Stonegate Bank		974
	39,496	*,e	Stonegate Mortgage Corp		215
	34,403		Suffolk Bancorp		975
	3,083,611		Sumitomo Mitsui Financial Group, Inc		116,379
	27,048	*	Sun Bancorp, Inc		558
	1,124,789		SunTrust Banks, Inc		48,186
	361,890		Suruga Bank Ltd		7,458
	249,214	*	SVB Financial Group		29,632
	530,486		Svenska Handelsbanken AB		7,046
	1,906,430		Swedbank AB (A Shares)		41,986
	242,649		Sydbank AS		7,791
	424,603		Syndicate Bank		560
	319,464		Synovus Financial Corp		10,344
	1,596,653	*	Ta Chong Bank Co Ltd		650
	1,710,311		Taichung Commercial Bank		486
	8,943,685		Taishin Financial Holdings Co Ltd		3,090
	2,256,886	*	Taiwan Business Bank		560
	8,479,151		Taiwan Cooperative Financial Holding		3,532
	128,312		Talmer Bancorp Inc		2,324
	1,928,906		TCF Financial Corp		27,236
	788,872	*	TCS Group Holding plc (ADR)		2,413
	20,591		Territorial Bancorp, Inc		571
	115,268	*	Texas Capital Bancshares, Inc		5,697
	212,670		TFS Financial Corp		4,005
	2,422,700		Thanachart Capital PCL		2,447
	88,073	*	The Bancorp, Inc		561
	1,175,480		Tisco Bank PCL		1,383
	61,598,300		TMB Bank PCL (Foreign)		4,119
	311,000		Tochigi Bank Ltd		1,774
	175,000		Toho Bank Ltd		625
	93,593		Tokyo TY Financial Group, Inc		3,132
	146,200		Tomony Holdings, Inc		557
	36,250	e	Tompkins Trustco, Inc		2,036
	3,572,537		Toronto-Dominion Bank		140,041
	295,000		Towa Bank Ltd		263
	111,087	e	TowneBank		2,318
	59,807		Trico Bancshares		1,641
	88,289	*,e	Tristate Capital Holdings, Inc		1,235
	78,750	*	Triumph Bancorp, Inc		1,299
	615,821		Trustco Bank Corp NY		3,781

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	163,890	e	Trustmark Corp	$	3,776
	4,152,597		Turkiye Garanti Bankasi AS		10,116
	837,980		Turkiye Halk Bankasi AS		2,978
	1,729,781		Turkiye Is Bankasi (Series C)		2,722
	2,570,930		Turkiye Sinai Kalkinma Bankasi AS		1,338
	842,379		Turkiye Vakiflar Bankasi Tao		1,104
	107,600		UMB Financial Corp		5,009
	774,114		Umpqua Holdings Corp		12,308
	6,628,438		UniCredit S.p.A		36,647
	588,048		Union Bank of India		1,313
	1,566,039		Union Bank Of Taiwan		444
	138,545		Union Bankshares Corp		3,497
	173,240	e	United Bankshares, Inc		6,408
	236,492		United Community Banks, Inc		4,609
	126,213		United Community Financial Corp		745
	243,877		United Financial Bancorp, Inc (New)		3,141
	1,613,545		United Overseas Bank Ltd		22,246
	63,961		Univest Corp of Pennsylvania		1,334
	5,511,465		US Bancorp		235,174
	46,238		Valiant Holding		5,431
	580,738	e	Valley National Bancorp		5,720
	462,817		Vijaya Bank		238
	2,584,937		Virgin Money Holdings UK plc		14,488
	4,264,561		VTB Bank OJSC (GDR)		8,977
	66,349	*	Walker & Dunlop, Inc		1,912
	92,849	*,e	Walter Investment Management Corp		1,320
	232,572		Washington Federal, Inc		5,542
	42,022		Washington Trust Bancorp, Inc		1,661
	64,055		Waterstone Financial, Inc		903
	287,638		Webster Financial Corp		10,697
	21,607,989		Wells Fargo & Co		1,174,610
	109,759		WesBanco, Inc		3,295
	50,350		West Bancorporation, Inc		994
	65,849	e	Westamerica Bancorporation		3,078
	419,472	*	Western Alliance Bancorp		15,042
	5,320,738	e	Westpac Banking Corp		128,973
	333,412		Wilshire Bancorp, Inc		3,851
	193,676		Wintrust Financial Corp		9,397
	814,533		Woori Bank		6,092
	70,495		WSFS Financial Corp		2,281
	100,254	e	Yadkin Financial Corp		2,523
	119,000	e	Yamagata Bank Ltd		462
	219,492	e	Yamaguchi Financial Group, Inc		2,600
	453,000		Yamanashi Chuo Bank Ltd		2,315
	824,884		Yapi ve Kredi Bankasi		928
	1,097,944		Yes Bank Ltd		11,979
	2,249,464		Zions Bancorporation		61,410
			TOTAL BANKS		8,716,022

CAPITAL GOODS - 7.3%
	2,924,733		3M Co		440,582
	275,322		A.O. Smith Corp		21,092

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	86,435		Aalberts Industries NV	$	2,978
	103,046		Aaon, Inc		2,393
	89,231		AAR Corp		2,346
	1,213,744		ABB Ltd		21,662
	135,216	e	Abengoa S.A.		60
	225,821	e	Abengoa S.A. (B Shares)		48
	3,531,652		Aboitiz Equity Ventures, Inc		4,332
	403,000		AcBel Polytech, Inc		283
	166,931	*	Accuride Corp		277
	206,218		ACS Actividades Construccion y Servicios S.A.		6,033
	176,845		Actuant Corp (Class A)		4,237
	194,571		Acuity Brands, Inc		45,491
	698,471	*	Adani Enterprises Ltd		876
	47,349		Aditya Birla Nuvo Ltd		1,543
	500,900		Advan Co Ltd		4,532
	83,587	e	Advanced Drainage Systems, Inc		2,009
	525,743	*,e	Aecom Technology Corp		15,788
	49,041		Aecon Group, Inc		545
	153,878	*	Aegion Corp		2,971
	978,528	*	AerCap Holdings NV		42,233
	159,160	*,e	Aerojet Rocketdyne Holdings, Inc		2,492
	10,938	*	AeroSpace Technology of Korea, Inc		216
	52,945	*	Aerovironment, Inc		1,560
	35,070		AFG Arbonia-Forster Hldg		354
	12,672	e	AG Growth International Inc		305
	387,899	e	AGCO Corp		17,607
	50,098		AIA Engineering Ltd		674
	43,999		Aica Kogyo Co Ltd		865
	24,100		Aichi Corp		160
	177,400		Aida Engineering Ltd		1,828
	420,643	e	Air Lease Corp		14,083
	153,556		Aircastle Ltd		3,208
	343,740		Airtac International Group		1,582
	61,125		Akfen Holding AS.		262
	27,886		Alamo Group, Inc		1,453
	67,663		Alarko Holding AS		71
	105,906		Albany International Corp (Class A)		3,871
	305,505		Alfa Laval AB		5,577
	6,375,429		Alfa S.A. de C.V. (Class A)		12,614
	24,562	*,g	Alimak Group AB		249
	323,309		Allegion plc		21,313
	2,614,264		Alliance Global Group, Inc		891
	56,501		Allied Motion Technologies, Inc		1,479
	1,271,863		Allison Transmission Holdings, Inc		32,929
	31,744		Alstom Projects India Ltd		330
	316,799	*,e	Alstom RGPT		9,677
	97,738	*	Alstom T&D India Ltd		697
	66,355		Altra Holdings, Inc		1,664
	252,836		Amada Co Ltd		2,413
	59,386		Amara Raja Batteries Ltd		771
	70,368	*	Ameresco, Inc		440
	24,174	e	American Railcar Industries, Inc		1,119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	18,665	e	American Science & Engineering, Inc	$	772
	119,197	*	American Woodmark Corp		9,533
	452,588		Ametek, Inc		24,254
	32,941		Andritz AG.		1,603
	139,158		Apogee Enterprises, Inc		6,055
	184,296	e	Applied Industrial Technologies, Inc		7,462
	2,923,905	*	Arabtec Holding Co		982
	66,255		Arcadis NV		1,332
	16,054	*,e	Arcam AB		349
	71,465	e	Argan, Inc		2,315
	24,038	*	Armstrong World Industries, Inc		1,099
	238,707	*	ArvinMeritor, Inc		1,993
	45,100		Asahi Diamond Industrial Co Ltd		482
	1,815,911	e	Asahi Glass Co Ltd		10,403
	176,555		Aselsan Elektronik Sanayi Ve Ticaret AS		1,020
	1,002,497		Ashok Leyland Ltd		1,326
	2,747,898		Ashtead Group plc		45,224
	1,218,756		Assa Abloy AB		25,512
	452,066	e	Astaldi S.p.A.		2,750
	53,607		Astec Industries, Inc		2,182
	28,802		Astral Polytechnik Ltd		190
	63,968	*	Astronics Corp		2,604
	1,728	*	Astronics Corp (Class B)		70
	788,016		Asunaro Aoki Construction Co Ltd		5,257
	290,092		Atlas Copco AB (A Shares)		7,114
	200,036		Atlas Copco AB (B Shares)		4,599
	68,294	*	ATS Automation Tooling Systems, Inc		562
	2,546,584		Austal Ltd		2,895
	3,220,000	*,e	AVIC International Holding HK Ltd		326
	2,794,843		AviChina Industry & Technology Co		2,184
	64,521		AZZ, Inc		3,585
	46,388		B&B Tools AB		676
	94,083	*	Babcock & Wilcox Enterprises, Inc		1,964
	32,209	e	Badger Daylighting Ltd		568
	6,895,018		BAE Systems plc		50,765
	598,948	*	Balfour Beatty plc		2,386
	158,000		Bando Chemical Industries Ltd		659
	458,000		Baoye Group Co Ltd		309
	251,172		Barloworld Ltd		1,010
	253,932		Barnes Group, Inc		8,987
	23,533		Bauer AG.		445
	11,648	e	BayWa AG.		360
	188,151		BE Aerospace, Inc		7,972
	56	*	Beacon Power Corp		0	^
	123,152	*	Beacon Roofing Supply, Inc		5,071
	601,441		Beijing Enterprises Holdings Ltd		3,626
	1,223,000	g	Beijing Urban Construction Design & Development Group Co Ltd		789
	9,824	*	BEML Ltd		190
	6,949,500		Berjaya Corp BHD		605
	5,237,000		BES Engineering Corp		1,138
	95,454		Bharat Electronics Ltd		1,972

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	811,571		Bharat Heavy Electricals	$	2,066
	380,630		Bidvest Group Ltd		8,079
	108,709		Biesse S.p.A.		1,866
	143,191		Bird Construction Income Fund		1,345
	157,885		Bizlink Holdings Inc		696
	482,100		BJC Heavy Industries PCL-F		73
	225,971	*	Blount International, Inc		2,217
	6,033	*,e	Blue Bird Corp		61
	21,573	*	Blue Star Ltd		128
	74,247	*,e	BMC Stock Holdings, Inc		1,244
	17,253		Bobst Group AG.		723
	166,883		Bodycote plc		1,393
	1,995,108		Boeing Co		288,473
	269,000	e	Boer Power Holdings Ltd		483
	434,000	e	Bolina Holding Co Ltd		110
	1,955,182	*	Bombardier, Inc		1,893
	172,916		Boskalis Westminster		7,054
	4,935	e	Bossard Holding AG.		540
	263,672		Bouygues S.A.		10,455
	114,418		Brammer plc		307
	71,960		Brenntag AG.		3,750
	148,209		Briggs & Stratton Corp		2,564
	5,786		Bucher Industries AG.		1,304
	24,392		Budimex S.A.		1,203
	126,043	*	Builders FirstSource, Inc		1,397
	43,900	e	Bunka Shutter Co Ltd		372
	299,041		Bunzl plc		8,297
	38,480		Burckhardt Compression Holding AG.		11,782
	3,126		Burkhalter Holding AG.		339
	706,996		BWX Technologies, Inc		22,461
	25,888		Byucksan Corp		186
	417,516		CAE, Inc		4,632
	575,057	*,e	Caesarstone Sdot-Yam Ltd		24,923
	456,000		Cahya Mata Sarawak BHD		544
	44,879	*	CAI International, Inc		452
	11,076		Carbone Lorraine		205
	95,634	e	Cardno Ltd		80
	31,142	e	Cargotec Corp (B Shares)		1,162
	1,332,197	e	Carillion plc		5,950
	59,548	e	Carlisle Cos, Inc		5,281
	648,325	e	Caterpillar, Inc		44,060
	611,600		CB Industrial Product Holding BHD		292
	9,483	*,m	CCL International Ltd		4
	1,137,327		Central Glass Co Ltd		5,216
	21,345		CENTROTEC Sustainable AG.		306
	2,803	*	Cera Sanitaryware Ltd		85
	1,260,000	*	CGN Mining Co Ltd		97
	2,814,975		CH Karnchang PCL		2,256
	692,300		Changchai Co Ltd		504
	77,414	*	Chart Industries, Inc		1,390
	166,233	*	Cheil Industries, Inc		19,622
	169,407		Chemring Group plc		475

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	550,300	*,m	Chengde Nanjiang Co Ltd	$	205
	187,314	e	Chicago Bridge & Iron Co NV		7,303
	393,283		Chicony Power Technology Co Ltd		501
	2,424,500	e	China Aircraft Leasing Group Holdings Ltd		2,490
	12,200,000	*	China Automation Group Ltd		1,346
	5,609,476		China Communications Construction Co Ltd		5,684
	1,608,500	e	China Conch Venture Holdings Ltd		3,328
	3,070,000	*,e	China Dynamics Holdings Ltd		145
	31,000		China Ecotek Corp		56
	1,898,000		China Energine International Holdings Ltd		168
	351,550		China Fangda Group Co Ltd		325
	983,000	*	China High Speed Transmission Equipment Group Co Ltd		787
	4,654,000	*,e	China Huarong Energy Co Ltd		145
	630,005		China International Marine Containers Group Co Ltd		1,147
	1,064,000	e	China Lesso Group Holdings Ltd		738
	15,000,000	*	China Ocean Shipbuilding Industry Group Ltd		453
	7,093,363		China Railway Construction Corp		8,730
	4,656,697		China Railway Group Ltd		3,512
	2,842,400	e	China Singyes Solar Technologies Holdings Ltd		2,033
	2,126,656		China State Construction International Holdings Ltd		3,678
	34,070,000	*,e	China Strategic Holdings Ltd		953
	357,500	*	China Textile Machinery		282
	11,903		China Yuchai International Ltd		128
	1,412,400		Chip Eng Seng Corp Ltd		706
	146,900		Chiyoda Corp		1,115
	10,400		Chiyoda Integre Co Ltd		242
	17,562,000		Chongqing Machinery & Electric Co Ltd		2,292
	26,600		Chudenko Corp		586
	606,375		Chung Hsin Electric & Machinery Manufacturing Corp		311
	213,184		CIMIC Group Ltd		3,740
	715,939	*	CIR-Compagnie Industriali Riunite S.p.A.		750
	43,067		CIRCOR International, Inc		1,815
	4,712,084		Citic Pacific Ltd		8,309
	2,695,000	*,e	Citic Resources Holdings Ltd		277
	15,313		CJ Corp		3,253
	3,481,316		CK Hutchison Holdings Ltd		46,796
	160,900		CKD Corp		1,599
	161,726		Clarcor, Inc		8,035
	316,310	e	CNH Industrial NV		2,166
	195,266		Coastal Contracts BHD		83
	425,108		Cobham plc		1,775
	453,448	*	Cofide S.p.A.		205
	185,869	*,e	Colfax Corp		4,340
	82,417		Columbus McKinnon Corp		1,558
	179,783		Comfort Systems USA, Inc		5,109
	66,609	*	Commercial Vehicle Group, Inc		184
	2,137,845		Compagnie de Saint-Gobain		92,644
	24,814		Compagnie d’Entreprises CFE		2,940
	128,800	e	COMSYS Holdings Corp		1,811
	37,218		Concentric AB		472
	837,300		Concepcion Industrial Corp		765
	18,320,000	e	Concord New Energy Group Ltd		1,095

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	73,386	*,e	Consolidated Infrastructure Group Ltd	$	151
	1,637	e	Construcciones y Auxiliar de Ferrocarriles S.A.		455
	196,520	*	Continental Building Products Inc		3,431
	1,087,450	*	Continental Engineering Corp		323
	2,011		Conzzeta AG.		1,283
	1,080,000	e	Cosco Corp Singapore Ltd		350
	18,685		Cosel Co Ltd		168
	13,339	*	COSON Co Ltd		251
	169,452		Costain Group plc		938
	32,947		Cramo Oyj (Series B)		680
	101,687		Crane Co		4,865
	818,022		Crompton Greaves Ltd		2,367
	43,011		CS Wind Corp		905
	428,590		CSBC Corp Taiwan		187
	5,163,301	e	CSR Corp Ltd		6,343
	586,000		CTCI Corp		637
	84,268		Cubic Corp		3,982
	431,148		Cummins, Inc		37,945
	184,891		Curtiss-Wright Corp		12,665
	34,803		Daelim Industrial Co		1,965
	34,141		Daesang Holdings Co Ltd		554
	7,462		Daetwyler Holding AG.		1,066
	121,847	*	Daewoo Engineering & Construction Co Ltd		576
	52,809		Daewoo International Corp		727
	74,000		Daifuku Co Ltd		1,260
	93,641		Daihen Corp		441
	33,000		Daiichi Jitsugyo Co Ltd		148
	180,975		Daikin Industries Ltd		13,179
	23,600		Daiwa Industries Ltd		184
	92,000		Dalian Refrigeration Co Ltd		114
	1,156,721		Danaher Corp		107,436
	12,102		Danieli & Co S.p.A.		231
	40,412		Danieli & Co S.p.A. (RSP)		575
	10,596		Dawonsys Co Ltd		266
	104,081		DCC plc		8,695
	200,325	e	Deere & Co		15,279
	30,900		Denyo Co Ltd		482
	89,476		Deutz AG.		356
	29,022	e	Dialight plc		195
	4,592,856		Dialog Group BHD		1,707
	4,360,000	*,e	Digital Domain Holdings Ltd		285
	308,867	*	DigitalGlobe, Inc		4,837
	205,473		Diploma plc		2,305
	72,510	*	DIRTT Environmental Solutions		364
	4,753,160		DMCI Holdings, Inc		1,390
	1,034,376	*	Dogan Sirketler Grubu Holdings		202
	77,605		Donaldson Co, Inc		2,224
	32,607	*	Dong Yang Gang Chul Co Ltd		195
	26,169		Dongkuk Structures & Construction Co Ltd		108
	6,487		Doosan Corp		487
	21,971	*	Doosan Engine Co Ltd		60
	56,030		Doosan Heavy Industries and Construction Co Ltd		975

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	134,820	*	Doosan Infracore Co Ltd	$	534
	127,363	e	Douglas Dynamics, Inc		2,684
	665,686	e	Dover Corp		40,813
	44,279	*	Ducommun, Inc		718
	96,650		Duerr AG.		7,670
	65,598	e	Duro Felguera S.A.		94
	72,694	*	DXP Enterprises, Inc		1,657
	130,447	*,e	Dycom Industries, Inc		9,126
	5,017,800		Dynasty Ceramic PCL		584
	1,044		e Tec E&C Ltd		117
	936,030		Eaton Corp		48,711
	956,828		Ebara Corp		4,547
	20,633		Eicher Motors Ltd		5,238
	139,686		Eiffage S.A.		9,028
	64,413		Elbit Systems Ltd		5,671
	1,770		Electra Israel Ltd		218
	474,400	*,e,g	Elementia SAB de C.V.		632
	32,633	*,g	Eltel AB		326
	173,885		EMCOR Group, Inc		8,353
	366,597		Emerson Electric Co		17,534
	1,184,484		Empresa Brasileira de Aeronautica S.A.		9,001
	516,300	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		106
	60,182		Encore Wire Corp		2,232
	6,279,000	*,e	Enerchina Holdings Ltd		362
	125,907		EnerSys		7,042
	82,724		Engility Holdings, Inc		2,687
	178,369		Engineers India Ltd		648
	483,100		Enka Insaat ve Sanayi AS		748
	75,746	*,e	Enphase Energy, Inc		266
	124,057	e	EnPro Industries, Inc		5,439
	516,000	e	Enric Energy Equipment Holdings Ltd		301
	30,000	e	EPCO Co Ltd		404
	67,712		ESCO Technologies, Inc		2,447
	52,611		Escorts Ltd		136
	74,219	*	Esterline Technologies Corp		6,012
	737,755		European Aeronautic Defence and Space Co		49,715
	3,504,000		EVA Precision Industrial Holdings Ltd		620
	23,916		Exco Technologies Ltd		292
	20,039	*	FACC AG.		156
	14,432		Faiveley S.A.		1,498
	146,941		Fanuc Ltd		25,316
	672,000		Far East Global Group Ltd		115
	7,106,143		Far Eastern Textile Co Ltd		5,552
	772,702	e	Fastenal Co		31,542
	12,540,000	*,e	FDG Electric Vehicles Ltd		773
	257,091		Federal Signal Corp		4,075
	1,362		Feintool International Holding AG.		120
	171,374		Fenner plc		361
	542,706		Ferrovial S.A.		12,272
	448,541	*,e	Fincantieri S.p.A		194
	644,000	*	Finmeccanica S.p.A.		8,954
	476,552		Finning International, Inc		6,433

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	139,765		Finolex Cables Ltd	$	533
	420,000	e	First Tractor Co		268
	97,021		Flowserve Corp		4,083
	274,538	e	FLSmidth & Co AS		9,539
	147,720		Fluor Corp		6,975
	128,807	*,e	Fomento de Construcciones y Contratas S.A.		977
	3,192	*	Force Motors Ltd		148
	747,803		Fortune Brands Home & Security, Inc		41,503
	1,107,930		Foshan Electrical and Lighting Co Ltd		1,171
	3,511,753		Fosun International		5,457
	119,808		Franklin Electric Co, Inc		3,238
	123,734		Freightcar America, Inc		2,404
	369,200	e	Fudo Tetra Corp		432
	58,825	*,e	FuelCell Energy, Inc		292
	1,248,438		Fuji Electric Holdings Co Ltd		5,236
	186,692		Fuji Machine Manufacturing Co Ltd		1,963
	894,978		Fujikura Ltd		4,834
	61,100		Fujitec Co Ltd		625
	27,000		Fukuda Corp		276
	11,900		Fukushima Industries Corp		281
	96,794	*	Furmanite Corp		645
	346,000		Furukawa Co Ltd		711
	898,000		Furukawa Electric Co Ltd		1,901
	107,919		Futaba Corp/Chiba		1,449
	291,267		Galliford Try plc		6,545
	538,035		Gamesa Corp Tecnologica S.A.		9,211
	2,126,051		Gamuda BHD		2,303
	84,503	e	GATX Corp		3,596
	15,297	*	Gayatri Projects Ltd		170
	46,601		GEA Group AG.		1,883
	9,222		Geberit AG.		3,124
	28,000		Gecoss Corp		240
	174,637	*,e	Generac Holdings, Inc		5,199
	140,035		General Cable Corp		1,881
	792,683		General Dynamics Corp		108,883
	26,987,947		General Electric Co		840,675
	4,048		Georg Fischer AG.		2,748
	4,028		Gesco AG.		310
	118,514	*	Gibraltar Industries, Inc		3,015
	8,100	e	Giken Seisakusho Co, Inc		102
	37,227		Gildemeister AG.		1,537
	281,605		Global Brass & Copper Holdings, Inc		5,998
	82,156		Glory Ltd		2,522
	1,457,607		GMR Infrastructure Ltd		360
	61,775		Gorman-Rupp Co		1,651
	62,694		Graco, Inc		4,518
	399,329		Grafton Group plc		4,361
	31,858		Graham Corp		536
	97,277		Granite Construction, Inc		4,174
	152,985	*	Great Lakes Dredge & Dock Corp		606
	68,627		Greaves Cotton Ltd		148
	67,410	e	Greenbrier Cos, Inc		2,199

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	84,634	e	Griffon Corp	$	1,506
	600,761		Grupo Carso S.A. de C.V. (Series A1)		2,474
	175,700	*,e	Grupo Rotoplas SAB de C.V.		301
	60,347	*	GS Engineering & Construction Corp		1,000
	323,000		GS Yuasa Corp		1,200
	532,100		Gunkul Engineering PCL		317
	1,198,000	*,e	Guodian Technology & Environment Group Corp Ltd		106
	184,693	e	GWA International Ltd		265
	78,097		H&E Equipment Services, Inc		1,365
	890,360		Haitian International Holdings Ltd		1,292
	86,240		Haldex AB		807
	195,244	*	Halim Co Ltd		731
	549,730		Hangzhou Steam Turbine Co		1,125
	64,205	*	Hanjin Heavy Industries & Construction Co Ltd		210
	2,594,395		Hanwa Co Ltd		11,203
	45,246		Hanwha Corp		1,500
	308,400		HAP Seng Consolidated BHD		465
	2,582,000	e	Harbin Power Equipment		1,217
	23,400	e	Harmonic Drive Systems, Inc		506
	364,077		Harsco Corp		2,869
	638,518		Havells India Ltd		2,933
	375,100		Hazama Ando Corp		2,023
	156,064	*,e	HC2 Holdings, Inc		826
	571,398	*	HD Supply Holdings, Inc		17,159
	65,074		HEICO Corp		3,537
	99,013		HEICO Corp (Class A)		4,871
	212,406	*,e	Heidelberger Druckmaschinen		521
	126,369	*	Hellenic Technodomiki Tev S.A.		198
	69,568	e	Hexagon Composites ASA		179
	54,783	e	Hexcel Corp		2,545
	37,800		Hibiya Engineering Ltd		518
	160,763		Hillenbrand, Inc		4,763
	490,930	*	Hindustan Construction Co		186
	314,920		Hino Motors Ltd		3,640
	17,600		Hisaka Works Ltd		140
	75,991	e	Hitachi Construction Machinery Co Ltd		1,182
	157,100		Hitachi Koki Co Ltd		1,124
	138,500		Hitachi Zosen Corp		760
	229,384		Hiwin Technologies Corp		898
	5,793,000	*	HKC Holdings Ltd		123
	4,368		Hochtief AG.		405
	554,835		Hock Seng Lee BHD		244
	5,182,140		Honeywell International, Inc		536,714
	1,391,300		Hopewell Holdings		4,984
	46,600		Hoshizaki Electric Co Ltd		2,897
	108,582		Hosken Consolidated Investments Ltd		811
	18,230	e	Houston Wire & Cable Co		96
	8,965,000	e	Hsin Chong Construction Group Ltd		888
	109,800	*	Huangshi Dongbei Electrical Appliance Co Ltd		234
	30,197		Hubbell, Inc		3,051
	23,713		Huber & Suhner AG.		1,103
	62,155		Hudaco Industries Ltd		381

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	275,524		Huntington Ingalls	$	34,950
	25,682		Hurco Cos, Inc		682
	18,844		Hy-Lok Corp		398
	22,386		Hyster-Yale Materials Handling, Inc		1,174
	33,404		Hyundai Corp		809
	67,585		Hyundai Development Co		2,209
	8,480	*	Hyundai Elevator Co Ltd		432
	455,878		Hyundai Engineering & Construction Co Ltd		10,944
	45,470	*	Hyundai Heavy Industries		3,361
	10,848	*	Hyundai Mipo Dockyard		475
	25,147	*	Hyundai Rotem Co Ltd		312
	21,600		Idec Corp		195
	75,379		IDEX Corp		5,775
	3,621,014		IJM Corp BHD		2,847
	19,608		Iljin Holdings Co Ltd		198
	408,781		Illinois Tool Works, Inc		37,886
	63,024		IMARKETKOREA, Inc		1,352
	164,773		IMI plc		2,091
	12,842		Implenia AG.		655
	457,569		Impregilo S.p.A.		1,978
	27,391		IMS-Intl Metal Service		426
	52,610		Inaba Denki Sangyo Co Ltd		1,681
	45,800		Inabata & Co Ltd		462
	74,518		Indus Holding AG.		3,584
	42,231	e	Industria Macchine Automatiche S.p.A.		2,192
	215,870	*	Industries Qatar QSC		6,566
	67,116		Indutrade AB		3,807
	8,323		Ingersoll-Rand India Ltd		97
	1,273,978		Ingersoll-Rand plc		70,438
	62,762		Insteel Industries, Inc		1,313
	61,466		Interpump Group S.p.A.		953
	306,177		Interserve plc		2,336
	112,345	e	Invicta Holdings Ltd		326
	176,492		Inwido AB		2,312
	126,500		Iochpe-Maxion S.A.		392
	830,205		IRB Infrastructure Developers Ltd		3,047
	9,447		IS Dongseo Co Ltd		355
	151,000	e	Iseki & Co Ltd		236
	1,847		ISGEC Heavy Engineering Ltd		145
	8,295,301		Ishikawajima-Harima Heavy Industries Co Ltd		22,899
	1,675,550	*	Italian-Thai Development PCL		347
	2,159,633		Itochu Corp		25,545
	96,051		ITT Corp		3,489
	64,128	*	IVRCL Infrastructures & Projects Ltd		9
	153,000	e	Iwatani International Corp		790
	272,799	*	Jacobs Engineering Group, Inc		11,444
	649,454	*	Jain Irrigation Systems Ltd		675
	9,300		Jamco Corp		312
	65,604		Japan Pulp & Paper Co Ltd		182
	310,000		Japan Steel Works Ltd		1,088
	4,355,246		JG Summit Holdings (Series B)		6,778
	58,481		JGC Corp		895

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,950,000	e	Jiangnan Group Ltd	$	1,358
	122,096		John Bean Technologies Corp		6,084
	1,051,880		John Keells Holdings plc		1,293
	128,200	g	John Laing Group plc		397
	531,375		Johnson Electric Holdings Ltd		1,816
	366,027	e	Joy Global, Inc		4,616
	1,199,691		JTEKT Corp		19,637
	24,600	e	Juki Corp		219
	13,896		Jungheinrich AG.		1,146
	3,337	*	JVM Co Ltd		158
	61,511		Kadant, Inc		2,498
	46,904	*	Kajaria Ceramics Ltd		694
	204,724		Kajima Corp		1,218
	38,227	*	Kalpataru Power Transmission Ltd		147
	247,300	*	Kama Co Ltd		343
	83,242		Kaman Corp		3,397
	55,900		Kamei Corp		547
	63,900		Kanamoto Co Ltd		1,616
	190,000		Kandenko Co Ltd		1,275
	470,000		Kanematsu Corp		791
	1,415,387		KAP Industrial Holdings Ltd		632
	5,371		Kardex AG.		415
	17,900		Katakura Industries Co Ltd		192
	81,000		Kato Works Co Ltd		353
	1,533,171		Kawasaki Heavy Industries Ltd		5,673
	1,148,599		KBR, Inc		19,434
	6,990		KCC Corp		2,466
	61,861		KEC International Ltd		145
	414,146		Keihan Electric Railway Co Ltd		2,774
	149,616		Keller Group plc		1,832
	25,553		Kendrion NV		673
	1,469,387	e	Kennametal, Inc		28,212
	13,270		KEPCO Engineering & Construction Co, Inc		388
	1,263,277		Keppel Corp Ltd		5,771
	90,235	*,e	KEYW Holding Corp		543
	78,892		Kier Group plc		1,616
	374,100		Kinden Corp		4,770
	102,500		King Slide Works Co Ltd		1,325
	143,019		Kingspan Group plc		3,771
	102,000		Kinik Co		158
	152,130		KION Group AG.		7,544
	283,500		Kitz Corp		1,273
	86,632	e	Kloeckner & Co AG.		749
	131,381	*	KLX, Inc		4,045
	722,419		KOC Holding AS		2,706
	641,583		Komatsu Ltd		10,498
	7,903		Komax Holding AG.		1,533
	178,490		Komori Corp		2,088
	282,389	e	Kone Oyj (Class B)		11,957
	617,213	e	Konecranes Oyj		15,276
	200,058	*	Koninklijke BAM Groep NV		1,112
	1,908,312		Koninklijke Philips Electronics NV		48,708

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	86,684		Korea Aerospace Industries Ltd	$	5,722
	7,044		Korea Cast Iron Pipe Industries Co Ltd		69
	16,713		Korea Electric Terminal Co Ltd		1,400
	5,149	*,e	Kornit Digital Ltd		56
	119,384	*,e	Kratos Defense & Security Solutions, Inc		489
	40,308		Krones AG.		4,800
	836,158		Kubota Corp		12,918
	80,332	e	KUKA AG.		7,189
	930,000	e	Kumagai Gumi Co Ltd		2,670
	138,006	*	Kumho Industrial Co Ltd		1,736
	316,000		Kung Long Batteries Industrial Co Ltd		1,262
	182,616		Kuo Toong International Co Ltd		195
	24,898		Kurita Water Industries Ltd		521
	30,870		Kuroda Electric Co Ltd		570
	72,900		Kyokuto Kaihatsu Kogyo Co Ltd		809
	324,900		Kyowa Exeo Corp		3,336
	113,000	e	Kyudenko Corp		2,024
	5,345		Kyung Dong Navien Co Ltd		142
	509,392		L-3 Communications Holdings, Inc		60,877
	2,565		Lakshmi Machine Works Ltd		150
	484,379		Larsen & Toubro Ltd		9,310
	19,800	*	Lawson Products, Inc		462
	44,506		LB Foster Co (Class A)		608
	128,065		Legrand S.A.		7,244
	157,803		Lennox International, Inc		19,710
	238,665		LG Corp		14,347
	21,237		LG Hausys Ltd		2,623
	117,420		LG International Corp		3,352
	106,623		Lincoln Electric Holdings, Inc		5,533
	58,105		Lindab International AB		430
	30,204	e	Lindsay Manufacturing Co		2,187
	31,595		LISI		857
	228,165		LIXIL Group Corp		5,067
	658,756		Lockheed Martin Corp		143,049
	7,073,000		Lonking Holdings Ltd		1,025
	57,643		LS Cable Ltd		1,960
	14,733		LS Industrial Systems Co Ltd		574
	55,517		LSI Industries, Inc		677
	256,000	*	Luoyang Glass Co Ltd		168
	42,385	*	Lydall, Inc		1,504
	13,385		Mabuchi Motor Co Ltd		725
	31,459		MacDonald Dettwiler & Associates Ltd		1,893
	1,129,000	e	Maeda Corp		7,628
	14,200	e	Maeda Kosen Co Ltd		130
	105,000		Maeda Road Construction Co Ltd		1,760
	14,404		Magellan Aerospace Corp		168
	92,875	*,e	Maire Tecnimont S.p.A		251
	398,748		Makino Milling Machine Co Ltd		3,000
	28,607		Makita Corp		1,649
	1,991,500		Malaysian Resources Corp BHD		590
	14,710		MAN AG.		1,478
	8,684		Manitou BF S.A.		133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,233,731	e	Manitowoc Co, Inc	$	18,938
	13,682	*	Mannai Corp QSC		358
	435,500		Marcopolo S.A.		203
	2,029,959		Marubeni Corp		10,436
	2,973,307		Masco Corp		84,145
	105,363	*	Masonite International Corp		6,451
	185,093	*	Mastec, Inc		3,217
	28,000		Max Co Ltd		289
	1,687,348		Meggitt plc		9,316
	200,000		Meidensha Corp		805
	933,261		Melrose Industries plc		3,998
	47,700	e	METAWATER Co Ltd		1,169
	25,774		Metka S.A.		201
	29,855		Metso Oyj		669
	79,324	*,e	Meyer Burger Technology AG.		472
	71,003		Micron Machinery Co Ltd		2,005
	175,486	*	Middleby Corp		18,930
	58,561	*,e	Milacron Holdings Corp		733
	28,663	e	Miller Industries, Inc		624
	379,000		Minebea Co Ltd		3,245
	423,200		Miraito Holdings Corp		3,487
	253,400		MISUMI Group, Inc		3,500
	2,091,394		Mitsubishi Corp		34,786
	1,816,757		Mitsubishi Electric Corp		19,070
	3,980,952		Mitsubishi Heavy Industries Ltd		17,407
	25,900		Mitsubishi Nichiyu Forklift Co Ltd		105
	120,700		Mitsuboshi Belting Co Ltd		962
	2,200,064		Mitsui & Co Ltd		26,141
	725,000		Mitsui Engineering & Shipbuilding Co Ltd		1,194
	70,700		Miura Co Ltd		1,001
	3,438,230		MMC Corp BHD		1,565
	602,375	e	Monadelphous Group Ltd		2,858
	155,700		MonotaRO Co Ltd		4,308
	174,330	*	Moog, Inc (Class A)		10,564
	249,007		Morgan Crucible Co plc		908
	105,000		Mori Seiki Co Ltd		1,221
	28,500		Morita Holdings Corp		309
	87,937	e	Mota Engil SGPS S.A.		183
	258,109	*	MRC Global, Inc		3,330
	104,235		MSC Industrial Direct Co (Class A)		5,865
	57,866		MTU Aero Engines Holding AG.		5,640
	180,261		Mueller Industries, Inc		4,885
	603,005		Mueller Water Products, Inc (Class A)		5,186
	1,000,600		Muhibbah Engineering M BHD		514
	1,116,126		Murray & Roberts Holdings Ltd		577
	78,760	*	MYR Group, Inc		1,623
	29,527		Nabtesco Corp		600
	159,332		Nachi-Fujikoshi Corp		730
	2,396,019	*	Nagarjuna Construction Co		2,732
	232,700		Nagase & Co Ltd		2,933
	103,300		Namura Shipbuilding Co Ltd		849
	366,961	*	National Central Cooling Co PJSC		119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,698	e	National Presto Industries, Inc	$	969
	130,107	*,e	Navistar International Corp		1,150
	91,041		NCC AB (B Shares)		2,824
	72,080	*	NCI Building Systems, Inc		895
	7,900		NEC Capital Solutions Ltd		109
	34,017	*,e	Neff Corp		261
	122,999		New Flyer Industries, Inc		2,517
	24,021	*	Nexans S.A.		877
	348,054		NGK Insulators Ltd		7,845
	73,751		Nibe Industrier AB (Series B)		2,478
	266,000		Nichias Corp		1,752
	12,400		Nichiden Corp		307
	21,100		Nichiha Corp		318
	62,325		Nidec Corp		4,520
	133,000		Nippo Corp		2,163
	28,400		Nippon Densetsu Kogyo Co Ltd		619
	116,000		Nippon Koei Co Ltd		424
	285,000		Nippon Road Co Ltd		1,405
	283,730	*,e	Nippon Sharyo Ltd		680
	777,000	*,e	Nippon Sheet Glass Co Ltd		626
	290,450		Nippon Steel Trading Co Ltd		992
	55,000		Nippon Thompson Co Ltd		238
	825,000		Nishimatsu Construction Co Ltd		3,127
	14,600		Nishio Rent All Co Ltd		401
	329,700		Nisshinbo Industries, Inc		3,474
	37,400		Nissin Electric Co Ltd		303
	42,900		Nitta Corp		1,174
	140,000		Nitto Boseki Co Ltd		376
	81,700		Nitto Kogyo Corp		1,428
	9,473		Nitto Kohki Co Ltd		203
	21,006		NKT Holding AS		1,084
	67,612		NN, Inc		1,078
	1,835,871	e	Noble Group Ltd		513
	58,259		Nolato AB (B Shares)		1,770
	230,154	*	Nordex AG.		8,083
	140,620	e	Nordson Corp		9,021
	235,919		Noritake Co Ltd		539
	22,000	e	Noritz Corp		336
	27,672		NORMA Group		1,529
	23,812	*	Nortek, Inc		1,039
	1,078,660		Northrop Grumman Corp		203,662
	31,563	*,e	Northwest Pipe Co		353
	53,096	*,e	NOW, Inc		840
	528,354		NSK Ltd		5,741
	909,000		NTN Corp		3,833
	12,261	*,e	NV5 Holdings, Inc		269
	3,599,364	e	NWS Holdings Ltd		5,373
	39,600		Obara Corp		1,441
	1,270,754		Obayashi Corp		11,726
	117,065	e	Obrascon Huarte Lain S.A.		668
	177,048		OC Oerlikon Corp AG.		1,576
	4,568	e	OHB AG.		104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	126,900		Oiles Corp	$	2,204
	32,700	e	Okabe Co Ltd		251
	232,641		Okuma Holdings, Inc		1,881
	478,000		Okumura Corp		2,692
	8,073	e	Omega Flex, Inc		266
	60,996	*	Orascom Construction Ltd		427
	225,502		Orbital ATK, Inc		20,146
	32,000		Organo Corp		126
	76,404	*,e	Orion Marine Group, Inc		319
	75,800	e	OSG Corp		1,433
	53,072	e	Oshkosh Truck Corp		2,072
	103,900		OSJB Holdings Corp		208
	207,471		Osram Licht AG.		8,668
	7,617		Otokar Otobus Karoseri Sanayi AS		234
	135,186	e	Outotec Oyj		495
	2,690,803	e	Owens Corning, Inc		126,548
	355,214	e	Paccar, Inc		16,837
	22,391		Palfinger AG.		640
	427,129		Parker Hannifin Corp		41,423
	145,090	*	Patrick Industries, Inc		6,311
	507,519		Peab AB (Series B)		3,886
	51,478		Pentair plc		2,550
	601,800		Penta-Ocean Construction Co Ltd		2,514
	6,679		PER Aarsleff A.S.		2,053
	153,531	*	Perini Corp		2,570
	37,088		Pfeiffer Vacuum Technology AG.		3,741
	136,604	*	Pgt, Inc		1,556
	10,860		Pinguely-Haulotte		164
	18,818	e	Pkc Group Oyj		332
	3,023		Plasson		76
	448,063	*,e	Plug Power, Inc		945
	72,308	*	Ply Gem Holdings, Inc		907
	9,727		Ponsse Oy		194
	30,280		Porr AG.		914
	22,619		Powell Industries, Inc		589
	13,200	*,e	Power Solutions International, Inc		241
	71,142	*	PowerSecure International, Inc		1,071
	87,952		Precision Castparts Corp		20,406
	10,044		Preformed Line Products Co		423
	95,225	e	Primoris Services Corp		2,098
	605,754	*	Promotora y Operadora de Infraestructura SAB de C.V.		7,126
	57,138	*,e	Proto Labs, Inc		3,639
	104,496		Prysmian S.p.A.		2,283
	17,748,105		PT Adhi Karya Persero Tbk		2,725
	764,000		PT AKR Corporindo Tbk		395
	7,236,600		PT Arwana Citramulia Tbk		261
	1,200,000		PT Asahimas Flat Glass Tbk		565
	2,803,600	*,m	PT Inovisi Infracom Tbk		24
	2,069,100		PT Pembangunan Perumahan Tbk		577
	3,270,800	*	PT Sitara Propertindo Tbk		132
	10,738,700		PT Surya Semesta Internusa Tbk		553
	4,155,861		PT United Tractors Tbk		5,060

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,052,500		PT Wijaya Karya	$	390
	1,877,669		QinetiQ plc		7,484
	192,304		Quanex Building Products Corp		4,010
	718,766	*	Quanta Services, Inc		14,555
	2,493		R Stahl AG.		90
	74,700		Raito Kogyo Co Ltd		728
	164,684		Ramirent Oyj		1,148
	137,100		Randon Participacoes S.A.		85
	5,443		Rational AG.		2,471
	215,687		Raubex Group Ltd		235
	92,928	e	Raven Industries, Inc		1,450
	1,200,556		Raytheon Co		149,505
	58,075	*	RBC Bearings, Inc		3,751
	619,917		Rechi Precision Co Ltd		464
	96,884		Regal-Beloit Corp		5,670
	574,664	e	Reunert Ltd		2,537
	1,226,664		Rexel S.A.		16,334
	419,838	*	Rexnord Corp		7,607
	34,048		Rheinmetall AG.		2,263
	480,583		Rich Development Co Ltd		136
	2,846		Rieter Holding AG.		535
	161,532		Rockwell Automation, Inc		16,575
	457,739		Rockwell Collins, Inc		42,249
	6,065		Rockwool International AS (B Shares)		853
	1,270,766		Rolls-Royce Group plc		10,764
	500,395		Roper Industries, Inc		94,970
	946,681		Rotork plc		2,548
	32,000		Ruentex Engineering & Construction Co		39
	87,440	*	Rush Enterprises, Inc (Class A)		1,914
	199,239		Russel Metals, Inc		2,314
	1,085,000		Ryobi Ltd		4,587
	18,667		S&T Dynamics Co Ltd		217
	55,885		Saab AB (Class B)		1,721
	292,407	e	Sacyr Vallehermoso S.A.		574
	121,612	*	Sadbhav Engineering Ltd		626
	593,526		Safran S.A.		40,777
	74,144		Saft Groupe S.A.		2,260
	563,151		Salfacorp S.A.		297
	8,720		Sam Yung Trading Co Ltd		179
	22,057	*	Samho International Co Ltd		291
	36,430		Sammok S-Form Co Ltd		632
	29,364	*	Samsung Engineering Co Ltd		359
	171,851		Samsung Heavy Industries Co Ltd		1,565
	36,436	*	Samsung Techwin Co Ltd		1,092
	125,623		San Shing Fastech Corp		246
	718,393		Sandvik AB		6,262
	110,700		Sanki Engineering Co Ltd		953
	50,000		Sanko Gosei Ltd		174
	21,900		Sankyo Tateyama, Inc		279
	336,900		Sanwa Shutter Corp		2,665
	1,014,000	*,e	Sany Heavy Equipment International		227
	160,000		Sanyo Denki Co Ltd		994

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,332		Schindler Holding AG.	$	3,569
	17,356		Schindler Holding AG. (Registered)		2,927
	51,824	*	Schneider Electric Infrastructure Ltd		128
	1,604,876		Schneider Electric S.A.		91,163
	870		Schweiter Technologies AG.		736
	374,332		Seibu Holdings, Inc		7,645
	124,600		Sekisui Jushi Corp		1,717
	840,683		SembCorp Industries Ltd		1,802
	793,243	e	SembCorp Marine Ltd		976
	8,934		Semperit AG. Holding		302
	415,367		Senior plc		1,408
	5,424	*	Sensata Technologies Holding BV		250
	77,475	e	Seven Network Ltd		310
	17,267		SFS Group AG.		1,207
	92,914	*,e	SGL Carbon AG.		1,296
	253,908	*	SGSB Group Co Ltd		326
	100,200	*	Shanghai Automation Instrumentation Co Ltd		192
	1,542,280		Shanghai Diesel Engine Co Ltd		1,433
	3,281,304	e	Shanghai Electric Group Co Ltd		1,728
	238,500		Shanghai Erfangji Co Ltd		361
	890,900		Shanghai Highly Group Co Ltd		838
	1,991,695	e	Shanghai Industrial Holdings Ltd		5,199
	2,112,000		Shanghai Prime Machinery Co Ltd		368
	76,011		Shapir Engineering and Industry Ltd		123
	70,900		Shibuya Kogyo Co Ltd		1,052
	200,266		Shikun & Binui Ltd		316
	75,700	e	Shima Seiki Manufacturing Ltd		1,205
	449,451		Shimizu Corp		3,665
	842,000		Shin Zu Shing Co Ltd		3,229
	258,590		Shinmaywa Industries Ltd		2,317
	16,400		SHO-BOND Holdings Co Ltd		598
	9,100		Showa Aircraft Industry Co Ltd		93
	1,247,711		Siemens AG.		120,711
	140,822		Siemens India Ltd		2,548
	489,118		SIG plc		1,034
	3,582,011		Sime Darby BHD		6,436
	106,969		Simpson Manufacturing Co, Inc		3,653
	1,318,000		Singamas Container Holdings Ltd		134
	1,345,987		Singapore Technologies Engineering Ltd		2,845
	649,457		Sino Thai Engineering & Construction PCL		448
	3,966,787		Sinopec Engineering Group Co Ltd		3,374
	1,833,000	e	Sinotruk Hong Kong Ltd		723
	619,519		Sintex Industries Ltd		949
	100,100		Sintokogio Ltd		810
	53,536		SK C&C Co Ltd		10,908
	140,732		SK Networks Co Ltd		653
	882,300		Skanska AB (B Shares)		17,111
	112,605		SKF AB (B Shares)		1,819
	19,956	*	SKF India Ltd		369
	493,300		SKP Resources BHD		150
	9,370	*	SLM Solutions Group AG.		193
	223,781		SM Investments Corp		4,088

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	29,792		SMC Corp	$	7,738
	186,088		Smiths Group plc		2,573
	379,308		Snap-On, Inc		65,025
	428,354		SNC-Lavalin Group, Inc		12,730
	242,016	*	SOCAM Development Ltd		142
	94,200	e	Sodick Co Ltd		695
	3,087,500		Sojitz Holdings Corp		6,479
	4,884	e	Solar Holdings AS (B Shares)		309
	114,973	*,e	SolarCity Corp		5,866
	26,126	*	Sparton Corp		522
	461,113		Speedy Hire plc		281
	56,619	*	SPIE S.A.		1,044
	161,485		Spirax-Sarco Engineering plc		7,810
	794,951	*	Spirit Aerosystems Holdings, Inc (Class A)		39,803
	619,190		SPX Corp		5,777
	637,413	*	SPX FLOW, Inc		17,790
	114,400	*	Sriracha Construction PCL		48
	67,853		Standex International Corp		5,642
	448,329		Stanley Works		47,850
	30,600	e	Star Micronics Co Ltd		399
	134,430	*	Ste Industrielle d’Aviation Latecoere S.A.		602
	101,236	*	Sterlite Technologies Ltd		148
	2,384,120	*	STP & I PCL		620
	485,000	*,e	STX OSV Holdings Ltd		82
	5,008		Sulzer AG.		471
	1,568,668		Sumitomo Corp		15,993
	40,100		Sumitomo Densetsu Co Ltd		517
	6,474,537		Sumitomo Heavy Industries Ltd		29,024
	1,765,500	e	Sumitomo Mitsui Construction C		1,657
	18,482,302	*,e	Summit Ascent Holdings Ltd		7,944
	55,573		Sun Hydraulics Corp		1,763
	16,459		Sung Kwang Bend Co Ltd		120
	42,307	*,e	Sunrun, Inc		498
	93,000		Sunspring Metal Corp		117
	2,389,922	*	Sunway Construction Group BHD		777
	1,904,923	*	Suzlon Energy Ltd		594
	133,277	e	Sweco AB (B Shares)		1,962
	354,000		Syncmold Enterprise Corp		516
	247,000		Tadano Ltd		2,990
	8,557	*	Taewoong Co Ltd		116
	39,993	*	Taeyoung Engineering & Construction		176
	122,000		Taihei Dengyo Kaisha Ltd		1,263
	22,400		Taikisha Ltd		536
	1,382,121		Taisei Corp		9,104
	997,000		Taiwan Glass Industrial Corp		388
	70,929		Takara Standard Co Ltd		540
	76,800		Takasago Thermal Engineering Co Ltd		1,123
	31,400		Takeuchi Manufacturing Co Ltd		639
	177,000		Takuma Co Ltd		1,452
	82,328		TAL International Group, Inc		1,309
	201,251	*,g	Talgo S.A.		1,244

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	18,870		Tarkett S.A.	$	590
	133,777	*,e	Taser International, Inc		2,313
	271,000	e	Tat Hong Holdings Ltd		93
	131,200		Tatsuta Electric Wire and Cable Co Ltd		473
	5,198,400	*,e	Tech Pro Technology Development Ltd		1,186
	4,987,443		Teco Electric and Machinery Co Ltd		3,974
	16,500	e	Teikoku Sen-I Co Ltd		212
	124,094		Tekfen Holding AS		172
	96,000	e	Tekken Corp		238
	87,675	*	Teledyne Technologies, Inc		7,777
	77,107		Tennant Co		4,338
	5,388,508		Terex Corp		99,580
	44,229	*	Texmaco Rail & Engineering Ltd		101
	57,551	e	Textainer Group Holdings Ltd		812
	3,805,887		Textron, Inc		159,885
	381,792		Thales S.A.		28,577
	31,467	*,e	The ExOne Company		316
	46,925	*	Thermax Ltd		642
	78,281	*,e	Thermon Group Holdings		1,325
	181,292		THK Co Ltd		3,360
	510,161		Timken Co		14,586
	16,827	*	Timken India Ltd		138
	240,843	e	Titan International, Inc		949
	52,556	*,e	Titan Machinery, Inc		574
	14,620	*	TK Corp		115
	110,695		TKH Group NV		4,495
	257,000		Toa Corp/Tokyo		674
	13,200		Tocalo Co Ltd		272
	333,000		Toda Corp		1,775
	119,000		Toenec Corp		787
	368,400		Tokai Corp		1,726
	68,460		Tokyu Construction Co Ltd		512
	112,425		Toro Co		8,215
	199,883	e	Toromont Industries Ltd		4,558
	2,311,508	*,e	Toshiba Corp		4,751
	93,964		Toshiba Machine Co Ltd		319
	33,900		Toshiba Plant Systems & Services Corp		375
	24,800		Totetsu Kogyo Co Ltd		622
	246,900		Toto Ltd		8,674
	202,400		Toyo Construction Co Ltd		921
	100,000	*,e	Toyo Engineering Corp		257
	12,200		Toyo Tanso Co Ltd		184
	254,053		Toyota Tsusho Corp		5,943
	959,515		Trakya Cam Sanayi AS		595
	248,771	*	TransDigm Group, Inc		56,832
	1,052,293		Travis Perkins plc		30,528
	228,361		Trelleborg AB (B Shares)		4,432
	76,639	e	Trevi Finanziaria S.p.A.		152
	79,026	*	Trex Co, Inc		3,006
	141,681	*	Trimas Corp		2,642
	373,536		Trinity Industries, Inc		8,972
	624,591		Triumph Group, Inc		24,827

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	15,800		Trusco Nakayama Corp	$	615
	233,000		Tsubakimoto Chain Co		1,794
	52,000	e	Tsugami Corp		225
	23,800		Tsukishima Kikai Co Ltd		216
	13,300	e	Tsurumi Manufacturing Co Ltd		218
	127,000		TTCL PCL		55
	909,903		Turk Sise ve Cam Fabrikalari AS		994
	30,887	e	Twin Disc, Inc		325
	906,900		UEM Edgenta BHD		697
	60,937		Ultra Electronics Holdings		1,775
	7,200	e	Union Tool Co		197
	541,300		Unique Engineering & Construction PCL		329
	438,300	e	United Engineers Ltd		613
	778,000		United Integrated Services Co Ltd		999
	343,297	*	United Rentals, Inc		24,903
	629,904		United Technologies Corp		60,515
	1,960,781	*	Univar, Inc		33,353
	72,374		Universal Forest Products, Inc		4,948
	47,686		Uponor Oyj		703
	3,794,311	*,e	USG Corp		92,164
	808,000		Ushio, Inc		11,142
	107,245	e	Vallourec		998
	415,435		Valmet Corp		4,003
	78,670	e	Valmont Industries, Inc		8,341
	404,800		Vanachai Group PCL		159
	95,952	*	Vectrus, Inc		2,004
	32,324	*,e	Veritiv Corp		1,171
	522,399		Vestas Wind Systems AS		36,484
	395,739		Vesuvius plc		1,949
	50,995	*	Vicor Corp		465
	1,615,985		Vinci S.A.		103,576
	96,902		Voltas Ltd		473
	39,900		Voltronic Power Technology Corp		592
	596,660		Volvo AB (B Shares)		5,533
	8,101	*	Vossloh AG.		523
	50,339	e	W.W. Grainger, Inc		10,198
	291,007	*	Wabash National Corp		3,443
	260,932	*	WABCO Holdings, Inc		26,683
	24,367		Wacker Construction Equipment AG.		375
	20,352	e	Wajax Income Fund		247
	82,700		Wakita & Co Ltd		713
	3,178,000	*	Walsin Lihwa Corp		705
	2,601		Walter Meier AG.		95
	52,568		Wartsila Oyj (B Shares)		2,400
	57,889		Watsco, Inc		6,781
	129,593		Watts Water Technologies, Inc (Class A)		6,437
	916,212		WCT Berhad		342
	604,244		Weg S.A.		2,281
	1,454,868		Weichai Power Co Ltd		1,602
	1,890,866		Weir Group plc		27,775
	698,526	*,e	WESCO International, Inc		30,512
	327,416		Westinghouse Air Brake Technologies Corp		23,286

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,573,971		Wienerberger AG.	$	84,766
	48,481		Wilson Bayly Holmes-Ovcon Ltd		355
	376,255		Wolseley plc		20,435
	161,368		Woodward Governor Co		8,014
	119,878	e	WSP Global, Inc		3,683
	27,708	*	Xerium Technologies, Inc		328
	98,112		Xxentria Technology Materials Corp		268
	1,305,295		Xylem, Inc		47,643
	10,395		Y G-1 Co Ltd		104
	21,300		Yahagi Construction Co Ltd		145
	104,500		YAMABIKO Corp		877
	145,000		Yamazen Corp		1,328
	8,903,549		Yangzijiang Shipbuilding		6,879
	41,906		Yazicilar Holding AS		183
	489,700		Yinson Holdings BHD		334
	93,920	e	YIT Oyj		532
	25,700	e	Yokogawa Bridge Holdings Corp		296
	2,056,000		Yuanda China Holdings Ltd		88
	96,300		Yuasa Trading Co Ltd		2,379
	872,000		Yungtay Engineering Co Ltd		1,253
	232,000		Yurtec Corp		2,191
	7,800		Yushin Precision Equipment Co Ltd		146
	168,376	e	Zardoya Otis S.A.		1,969
	27,330		Zehnder Group AG.		1,049
	22,000	*	Zenitaka Corp		103
	277,400	m	Zhengzhou Coal Mining Machinery Group Co Ltd		127
	669,895		Zhuzhou CSR Times Electric Co Ltd		3,863
	114,536	e	Zodiac S.A.		2,727
	72,687		Zumtobel AG.		1,831
			TOTAL CAPITAL GOODS		8,260,776

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	41,600	*,e	51job, Inc (ADR)		1,226
	526,866		AA plc		2,434
	198,350		ABM Industries, Inc		5,647
	293,595		Acacia Research (Acacia Technologies)		1,260
	273,361	*	ACCO Brands Corp		1,949
	148,643	e	Adcorp Holdings Ltd		188
	659,706		Adecco S.A.		45,152
	88,318		Administaff, Inc		4,253
	753,825	e	ADT Corp		24,861
	105,946	*	Advisory Board Co		5,256
	27,400		Aeon Delight Co Ltd		879
	125,251		AF AB		2,126
	87,060		Aggreko plc		1,172
	18,120		Akka Technologies S.A.		586
	421,492	e	ALS Ltd		1,147
	11,140		Amadeus Fire AG		908
	60,625		American Banknote S.A.		650
	54,149		American Ecology Corp		1,973
	90,336	e	Applus Services S.A.		817
	110,043	*	ARC Document Solutions, Inc		486

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,736		Assystem	$	463
	8,400	e	Asukanet Co Ltd		106
	279,358		Atkins WS plc		6,675
	257,003		Babcock International Group		3,846
	17,675		Barrett Business Services, Inc		770
	561,000	*	Beijing Development HK Ltd		127
	15,500	e	Benefit One, Inc		362
	4,405		Bertrandt AG.		528
	29,979	e	Bilfinger Berger AG.		1,409
	139,924	e	Black Diamond Group Ltd		734
	829,839		Blue Label Telecoms Ltd		652
	120,861		Brady Corp (Class A)		2,777
	2,278,784		Brambles Ltd		19,085
	121,766		Brink’s Co		3,514
	952,000	e	Broad Greenstate International Co Ltd		206
	405,695	*	Broadspectrum Ltd		410
	54,964	e	Brunel International NV		1,001
	369,864		Bureau Veritas S.A.		7,372
	359,308	e	Cabcharge Australia Ltd		775
	106,716		Cape plc		370
	528,382		Capita Group plc		9,401
	3,734,000	*,e	Capital Environment Holdings Ltd		192
	103,945	*	Casella Waste Systems, Inc (Class A)		622
	202,630		Caverion Corp		1,984
	185,529	*	CBIZ, Inc		1,829
	67,709		CDI Corp		458
	154,055	e	CEB, Inc		9,457
	138,808		Ceco Environmental Corp		1,066
	20,856		Cewe Color Holding AG.		1,238
	3,996,259		China Everbright International Ltd		5,110
	317,377		Cintas Corp		28,897
	470,047	*	Clean Harbors, Inc		19,577
	69,000		Cleanaway Co Ltd		365
	299,349	e	CNH Industrial NV (NYSE)		2,048
	388,498	*,e	Copart, Inc		14,767
	273,942	e	Covanta Holding Corp		4,243
	45,403	*	CRA International, Inc		847
	176,764	e	Credit Corp Group Ltd		1,334
	717,611		Dai Nippon Printing Co Ltd		7,096
	31,300		Daiseki Co Ltd		499
	226,053		Davis Service Group plc		3,584
	88,622		De La Rue plc		578
	146,044		Deluxe Corp		7,965
	145,570	*	Derichebourg		522
	844,811		Downer EDI Ltd		2,198
	110,127		Dun & Bradstreet Corp		11,446
	103,798		Duskin Co Ltd		1,889
	412,000	*	Dynagreen Environmental Protection Group Co Ltd		268
	2,127,796	e	Edenred		40,222
	485,652	g	Elior Participations S.C.A		10,175
	61,893		Elis S.A.		1,024

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,600		en-japan, Inc	$	317
	64,337		Ennis, Inc		1,239
	459,478		Equifax, Inc		51,172
	95,620		Essendant, Inc		3,109
	1,321,167		Experian Group Ltd		23,351
	82,557		Exponent, Inc		4,124
	49,229	*	Franklin Covey Co		824
	101,774	*	FTI Consulting, Inc		3,528
	20,280		Funai Soken Holdings, Inc		289
	15,463,000	*,m	Fung Choi Media Group Ltd		109
	62,504		G & K Services, Inc (Class A)		3,932
	94,173		Gategroup Holding AG.		4,131
	17,963		GL Events		325
	59,739	*	GP Strategies Corp		1,500
	4,146,302		Group 4 Securicor plc		13,773
	6,592		Groupe CRIT		408
	75,167		Gunnebo AB		399
	8,351,137		Hays plc		17,935
	181,364		Healthcare Services Group		6,324
	45,086		Heidrick & Struggles International, Inc		1,227
	27,680	*	Heritage-Crystal Clean, Inc		293
	187,462		Herman Miller, Inc		5,380
	128,085	*	Hill International, Inc		497
	187,557		HNI Corp		6,763
	361,241		HomeServe plc		2,213
	381,660		Horizon North Logistics, Inc		623
	64,754	*	Huron Consulting Group, Inc		3,846
	71,443	*	ICF International, Inc		2,541
	592,156	*	ICO Global Communications Holdings Ltd		297
	136,649	*	IHS, Inc (Class A)		16,183
	97,072	*,e	Innerworkings, Inc		728
	284,211		Interface, Inc		5,440
	212,119		Intertek Group plc		8,677
	316,556		Intrum Justitia AB		10,772
	3,260,000	*,e	iOne Holdings Ltd		104
	205,881		IPH Ltd		1,326
	183,625		ISS A.S.		6,619
	9,070		ITAB Shop Concept AB		324
	94,000		Itoki Corp		668
	10,795		Kaba Holding AG.		7,331
	82,360		KAR Auction Services, Inc		3,050
	30,000		KD Holding Corp		146
	72,262		Kelly Services, Inc (Class A)		1,167
	25,008		KEPCO Plant Service & Engineering Co Ltd		1,892
	108,419		Kforce, Inc		2,741
	155,647		Kimball International, Inc (Class B)		1,521
	119,002		Knoll, Inc		2,237
	266,400		Kokuyo Co Ltd		2,880
	197,437		Korn/Ferry International		6,551
	135,000		Kyodo Printing Co Ltd		374
	149,910		Loomis AB		4,676
	399,244		Manpower, Inc		33,652

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	13,962		Matsuda Sangyo Co Ltd	$	166
	83,093		Matthews International Corp (Class A)		4,441
	63,822		McGrath RentCorp		1,608
	69,768		McMillan Shakespeare Ltd		672
	28,600		Meitec Corp		979
	677,773		Michael Page International plc		4,842
	446,438	e	Mineral Resources Ltd		1,291
	79,178	*	Mistras Group, Inc		1,512
	358,606		Mitie Group		1,643
	17,372		Mitsubishi Pencil Co Ltd		802
	136,296		Mobile Mini, Inc		4,243
	345,776		Moleskine S.p.A		638
	39,961		Morneau Sobeco Income Fund		418
	36,200		Moshi Moshi Hotline, Inc		311
	139,562		MSA Safety, Inc		6,067
	37,053		Multi-Color Corp		2,216
	191,998	*	Navigant Consulting, Inc		3,084
	809,434	e	Nielsen NV		37,720
	31,500		Nihon M&A Center, Inc		1,517
	11,800		Nippon Kanzai Co Ltd		187
	165,500	e	Nippon Parking Development Co Ltd		190
	160,160	e	Nissha Printing Co Ltd		3,110
	20,745	*,e	NL Industries, Inc		63
	31,200	e	Nomura Co Ltd		479
	169,200		Okamura Corp		1,686
	129,149	*	On Assignment, Inc		5,805
	48,368		Oyo Corp		546
	81,000		Park24 Co Ltd		1,962
	32,700	e	Pilot Corp		1,341
	631,548		Pitney Bowes, Inc		13,041
	635,139		Programmed Maintenance Services Ltd		1,138
	95,928	e	Progressive Waste Solutions Ltd		2,260
	241,187	e	Prosegur Cia de Seguridad S.A.		1,111
	218,822		Quad		2,035
	1,011,188	e	R.R. Donnelley & Sons Co		14,885
	202,501		Randstad Holdings NV		12,610
	350,000	*	Realord Group Holdings Ltd		147
	272,485		Recall Holdings Ltd		1,371
	225,859		Recruit Holdings Co Ltd		6,639
	1,846,445		Regus plc		9,073
	4,252,292		Rentokil Initial plc		9,977
	435,260		Republic Services, Inc		19,147
	135,137		Resources Connection, Inc		2,208
	259,516	e	Ritchie Bros Auctioneers, Inc		6,253
	532,398		Robert Half International, Inc		25,097
	323,605		Rollins, Inc		8,381
	193,261		RPS Group plc		673
	351,467	*	RPX Corp		3,866
	22,036		S1 Corp (Korea)		1,874
	589,867		SAI Global Ltd (New)		1,789
	21,252		Sato Corp		419
	3,123		Seche Environnement S.A.		98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	171,654		Secom Co Ltd	$	11,633
	655,993		Securitas AB (B Shares)		10,031
	659,617	e	Seek Ltd		7,342
	1,750,604	e	Serco Group plc		2,436
	301,293		SG Fleet Group Ltd		861
	7,062		SGS S.A.		13,421
	109,700	m	Shanghai Youngsun Investment C		397
	491,718		Shanks Group plc		700
	199,225	e	Shenzhen Dongjiang Environmental Co Ltd		337
	54,656		Societe BIC S.A.		8,994
	167,000		Sohgo Security Services Co Ltd		7,832
	57,427	*	SP Plus Corp		1,373
	62,192		Sporton International, Inc		379
	4,115,044	e	Spotless Group Holdings Ltd		3,224
	81,801	e	Stantec, Inc		2,029
	209,812		Steelcase, Inc (Class A)		3,126
	465,681	*	Stericycle, Inc		56,161
	71,000		Sunny Friend Environmental Technology Co Ltd		276
	19,784		Synergie S.A		571
	560,520		Taiwan Secom Co Ltd		1,662
	405,670		Taiwan-Sogo Shinkong Security Corp		490
	49,947	*	Team, Inc		1,596
	31,900		TechnoPro Holdings, Inc		931
	161,860		Teleperformance		13,610
	141,600		Temp Holdings Co Ltd		2,195
	170,285		Tetra Tech, Inc		4,431
	346,000		Tianjin Capital Environmental Protection Group Co Ltd		268
	147,200		Toppan Forms Co Ltd		1,746
	882,669		Toppan Printing Co Ltd		8,132
	178,723		Towers Watson & Co		22,959
	263,621		Tox Free Solutions Ltd		538
	340,478	e	Transcontinental, Inc		4,247
	4,239,669		Transpacific Industries Group Ltd		2,422
	56,115	*	TransUnion		1,547
	47,539	*	TRC Cos, Inc		440
	146,085	*	TriNet Group, Inc		2,827
	210,862	*	TrueBlue, Inc		5,432
	1,144,085		Tyco International plc		36,485
	47,590		Unifirst Corp		4,959
	64,056		USG People NV		1,192
	731,670	e	Veda Group Ltd		1,485
	856,221	*	Verisk Analytics, Inc		65,826
	49,090		Viad Corp		1,386
	10,754	*	Volt Information Sciences, Inc		88
	9,110		VSE Corp		566
	124,969	*	WageWorks, Inc		5,670
	133,691		Waste Connections, Inc		7,530
	1,389,928		Waste Management, Inc		74,180
	197,237		West Corp		4,254
	790,000	e	Yestar International Holdings Co Ltd		346
	25,900	e	Yumeshin Holdings Co Ltd		131
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,268,906

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
CONSUMER DURABLES & APPAREL - 2.5%
	823,000		361 Degrees International Ltd	$	308
	222,556		Ability Enterprise Co Ltd		158
	43,862	*	Accell Group NV		1,003
	1,408,957		Adidas-Salomon AG.		136,752
	22,591	*	Agabang&Company		202
	293,677		Aksa Akrilik Kimya Sanayii		1,053
	144,000		Alpargatas S.A.		259
	218,400		Alpine Electronics, Inc		3,394
	204,358		Altek Corp		166
	299,513		Amer Sports Oyj (A Shares)		8,745
	723,157		AmTRAN Technology Co Ltd		346
	2,898,586	e	Anta Sports Products Ltd		7,924
	1,093,888		Arcelik AS		5,237
	33,646	e	Arctic Cat, Inc		551
	43,000		Arezzo Industria e Comercio S.A.		228
	1,097,960	*	Arvind Ltd		5,923
	35,538	e	Asics Corp		737
	21,632	*	Bajaj Electricals Ltd		69
	35,751	*,e	Bang & Olufsen AS (B Shares)		429
	2,542,850		Barratt Developments plc		23,432
	6,853	*	Basic House Co Ltd		64
	26,402		Bassett Furniture Industries, Inc		662
	32,456		Bata India Ltd		256
	80,915	*,e	Beazer Homes USA, Inc		930
	9,685,711		Belle International Holdings Ltd		7,247
	322,422		Bellway plc		13,482
	327,819		Berkeley Group Holdings plc		17,821
	286,000		Best Pacific International Holdings Ltd		137
	4,148		Bijou Brigitte AG.		257
	105,318	*,e	Billabong International Ltd		187
	59,251	*,e	Black Diamond, Inc		262
	87,089	*	Bombay Dyeing & Manufacturing Co Ltd		84
	2,962,000	e	Bosideng International Holdings Ltd		255
	119,685		Bovis Homes Group plc		1,790
	94,979	*	BRP, Inc		1,365
	24,055	e	Brunello Cucinelli S.p.A		425
	114,272		Brunswick Corp		5,772
	623,041		Burberry Group plc		10,962
	212,143		CalAtlantic Group, Inc		8,044
	195,282		Callaway Golf Co		1,840
	350,965		Carter’s, Inc		31,246
	193,715	e	Casio Computer Co Ltd		4,528
	30,502	*	Cavco Industries, Inc		2,541
	18,131		CCC S.A.		638
	2,340,000		Cecep Costin New Materials Grp Ltd		277
	37,298	*,e	Century Communities, Inc		661
	29,073	*,e	Cherokee, Inc		501
	820,000		China Creative Home Group Ltd		74
	8,979,400		China Dongxiang Group Co		2,137
	5,295,000	*,g	China Jicheng Holdings Ltd		928

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,050,000	e	China Lilang Ltd	$	772
	15,800		Chofu Seisakusho Co Ltd		375
	112,119		Christian Dior S.A.		19,045
	819,103		Cie Financiere Richemont S.A.		58,626
	1,338,000	*	Citychamp Watch & Jewellery Group Ltd		226
	97,000		Clarion Co Ltd		350
	52,400		Cleanup Corp		325
	2,170,397		Coach, Inc		71,037
	91,327		Columbia Sportswear Co		4,453
	1,625,200		Consorcio ARA, S.A. de C.V.		564
	9,900		Corona Corp		95
	6,540	*,e	Corp GEO S.A. de C.V. (Series B)		4
	468,000	e,g	Cosmo Lady China Holdings Co Ltd		392
	704,187		Crest Nicholson Holdings plc		5,770
	189,032	*	CROCS, Inc		1,936
	22,831		CSS Industries, Inc		648
	3,696	*	Cuchen Co Ltd		62
	9,700		Cuckoo Electronics Co Ltd		1,883
	24,254		Culp, Inc		618
	248,200		Cyrela Brazil Realty S.A.		469
	173,415	*	Deckers Outdoor Corp		8,185
	32,476		Delclima		159
	47,444		De’Longhi S.p.A.		1,417
	7,726		Delta-Galil Industries Ltd		213
	33,390		Descente Ltd		423
	23,378		Dorel Industries, Inc (Class B)		529
	636,678		DR Horton, Inc		20,393
	86,173		Duni AB		1,444
	386,855		Eclat Textile Co Ltd		5,316
	2,305,594		Electrolux AB (Series B)		55,628
	35,557		Enex Co Ltd		107
	25,548		Escalade, Inc		338
	62,658	e	Ethan Allen Interiors, Inc		1,743
	198,300		Even Construtora e Incorporadora S.A.		206
	54,099		Ez Tec Empreendimentos e Participacoes S.A.		174
	308,640		Feng TAY Enterprise Co Ltd		1,570
	53,300		Fields Corp		920
	9,728		Fila Korea Ltd		780
	14,958		Flexsteel Industries, Inc		661
	1,081		Forbo Holding AG.		1,273
	1,545,852		Formosa Taffeta Co Ltd		1,405
	220,679		Forus S.A.		545
	77,429	*,e	Fossil Group, Inc		2,831
	151,091		Foster Electric Co Ltd		3,286
	58,000		France Bed Holdings Co Ltd		481
	339,999	e	Fuguiniao Co Ltd		206
	89,000		Fujibo Holdings Inc		165
	189,000		Fujitsu General Ltd		2,404
	86,800	e	Funai Electric Co Ltd		728
	313,400	*	Gafisa S.A.		192
	160,086	e	Garmin Ltd		5,950
	67,538	*,e	Geox S.p.A.		298

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	22,081	e	Gerry Weber International AG.	$	306
	322,379		Giant Manufacturing Co Ltd		2,137
	124,948	*	G-III Apparel Group Ltd		5,530
	257,794	e	Gildan Activewear, Inc		7,329
	5,788,000	*	Global Brands Group Holding Ltd		1,096
	4,100		Goldwin, Inc		212
	735,000	*	Goodbaby International Holding		267
	832,693	*,e	GoPro, Inc		14,997
	53,811	*,e	Green Brick Partners, Inc		387
	7,700		Guararapes Confeccoes S.A.		89
	315,423	e	GUD Holdings Ltd		1,939
	879,000		Gunze Ltd		2,575
	1,898,983		Haier Electronics Group Co Ltd		3,833
	2,994,000	*,e	Haier Healthwise Holdings Ltd		142
	13,618		Handsome Co Ltd		468
	1,594,992		Hanesbrands, Inc		46,941
	17,307		Hansae Co Ltd		775
	34,819		Hansae Yes24 Holdings Co Ltd		742
	16,597		Hanssem Co Ltd		3,252
	620,248		Harman International Industries, Inc		58,434
	304,974		Hasbro, Inc		20,543
	1,441,200		Haseko Corp		15,934
	737,348		Hefei Meiling Co Ltd		519
	149,100		Heiwa Corp		2,790
	119,831	*	Helen of Troy Ltd		11,294
	24,286		Hermes International		8,209
	36,058	*	Himatsingka Seide Ltd		116
	425,000	*	Hisense Kelon Electrical Holdings Co Ltd		225
	5,577		Hitachi Home & Life Solutions India Ltd		115
	28,591	*	HLB, Inc		517
	24,612		Hooker Furniture Corp		621
	474,000	e	Hosa International Ltd		168
	303,789	*,e	Hovnanian Enterprises, Inc (Class A)		550
	197,782		Hugo Boss AG.		16,319
	152,000		Hume Industries BHD		113
	368,973		Husqvarna AB (B Shares)		2,435
	10,382		Huvis Corp		68
	10,196		Hyundai Livart Furniture Co Ltd		301
	18,267		IC Companys AS		670
	120,482	*,e	Iconix Brand Group, Inc		823
	618,853		Iida Group Holdings Co Ltd		11,470
	1,296		Ilshin Spinning Co Ltd		170
	9,222		Indo Count Industries Ltd		153
	47,160	*	Installed Building Products Inc		1,171
	73,245	*,e	iRobot Corp		2,593
	48,897	*,e	Jakks Pacific, Inc		389
	171,000		Japan Wool Textile Co Ltd		1,256
	1,531,672	*,e	Jarden Corp		87,489
	101,965	*,e	Jimmy Choo plc		212
	178,499	*	Jinshan Development & Construction Co Ltd		187
	235,316		JM AB		7,005
	237,135		Johnson Health Tech Co Ltd		380

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	13,181		Johnson Outdoors, Inc	$	289
	114,700	e	JVC KENWOOD Holdings, Inc		314
	1,028,350	*	Kate Spade & Co		18,274
	274,695	e	KB Home		3,387
	1,058,000	*	Kinpo Electronics		308
	10,800	*	Kitex Garments Ltd		116
	42,244		KMC Kuei Meng International In		165
	665,600		Konka Group Co Ltd		332
	453,000		Kurabo Industries Ltd		772
	808		Kyungbang Ltd		133
	12,693	*	LA Opala RG Ltd		122
	746,004		Lao Feng Xiang Co Ltd		3,185
	426,930		La-Z-Boy, Inc		10,426
	627,776		Lealea Enterprise Co Ltd		180
	226,813		Leggett & Platt, Inc		9,531
	16,410		Lennar Corp (B Shares)		659
	240,814	e	Lennar Corp (Class A)		11,778
	114,109		LG Electronics, Inc		5,188
	58,651		LG Fashion Corp		1,344
	50,914	*,e	LGI Homes, Inc		1,239
	40,000		Li Cheng Enterprise Co Ltd		185
	1,390,020	*,e	Li Ning Co Ltd		750
	555,965	*	Li Peng Enterprise Co Ltd		140
	73,660		Libbey, Inc		1,570
	45,790	e	Lifetime Brands, Inc		607
	1,333		LPP S.A.		1,884
	413,917	*,e	Lululemon Athletica, Inc		21,718
	1,059,250		Luthai Textile Co Ltd		1,467
	229,330		Luxottica Group S.p.A.		14,944
	286,088		LVMH Moet Hennessy Louis Vuitton S.A.		44,936
	79,561	*	M/I Homes, Inc		1,744
	157,271		Makalot Industrial Co Ltd		1,108
	44,223	*,e	Malibu Boats Inc		724
	1,983,600		Man Wah Holdings Ltd		2,325
	6,442	*,m	Mariella Burani S.p.A.		0
	34,255	e	Marine Products Corp		207
	20,300		Mars Engineering Corp		343
	1,396,983		Matsushita Electric Industrial Co Ltd		14,162
	6,307,653	e	Mattel, Inc		171,379
	321,600		MC Group PCL		107
	152,174	*	MCBC Holdings, Inc		2,085
	97,779	e	MDC Holdings, Inc		2,496
	244,537		Merida Industry Co Ltd		1,311
	104,049	*	Meritage Homes Corp		3,537
	515,337	*	Michael Kors Holdings Ltd		20,644
	38,100		Misawa Homes Co Ltd		279
	68,000		Mitsui Home Co Ltd		312
	81,000		Mizuno Corp		388
	338,053	*	Mohawk Industries, Inc		64,024
	1,086,297		Moncler S.p.A		15,117
	46,422		Movado Group, Inc		1,193
	1,287,065		MRV Engenharia e Participacoes S.A.		2,814

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,058		Nacco Industries, Inc (Class A)	$	467
	708,335		Namco Bandai Holdings, Inc		14,965
	35,000		Nan Liu Enterprise Co Ltd		184
	213,308	*	Nautilus, Inc		3,566
	20,892	*,e	New Home Co Inc		271
	38,609	e	New Wave Group AB (B Shares)		158
	2,046,164	e	Newell Rubbermaid, Inc		90,195
	479,129		Nien Hsing Textile Co Ltd		330
	5,665,242	e	Nike, Inc (Class B)		354,078
	79,424	e	Nikon Corp		1,064
	298,619		Nobia AB		3,737
	40,441	*	NVR, Inc		66,445
	954,531	e	Onward Kashiyama Co Ltd		5,869
	279,153		Oriental Weavers		282
	1,246,817	*,g	OVS S.p.A		8,673
	61,144		Oxford Industries, Inc		3,902
	648,000	*,e,g	Ozner Water International Holding Ltd		192
	1,909,778		Pacific Textile Holdings Ltd		2,941
	9,219		Page Industries Ltd		1,861
	260,000		PanaHome Corp		1,964
	103,162		Pandora AS		13,007
	3,346	*	PDG Realty S.A.		1
	402,000	*,m	Peace Mark Holdings Ltd		0
	4,086,000		Peak Sport Products Co Ltd		1,136
	24,414		Pegas Nonwovens S.A.		715
	302,765	*	Performance Sports Group Ltd		2,916
	83,245	*,e	Performance Sports Group Ltd (Canada)		803
	66,235	*	Perry Ellis International, Inc		1,220
	381,769		Persimmon plc		11,389
	82,891		Phillips-Van Heusen Corp		6,105
	28,258	*	PIK Group (GDR)		82
	16,546,039	*	Pioneer Corp		45,550
	8,104,857		Playmates Holdings Ltd		9,470
	2,564,000		Playmates Toys Ltd		646
	65,681	e	Polaris Industries, Inc		5,645
	151,655		Pool Corp		12,251
	2,560,935		Pou Chen Corp		3,342
	7,600		Pressance Corp		252
	920,000	*,e	Prime Success International Group Ltd		154
	41,236,400		PT Sri Rejeki Isman Tbk		1,156
	2,827,735		Pulte Homes, Inc		50,390
	258,762	*	Rajesh Exports Ltd		2,659
	385,211		Ralph Lauren Corp		42,943
	70,785		Raymond Ltd		457
	684,539		Redrow plc		4,743
	18,100	*,g	Regina Miracle International Holdings Ltd		26
	29,797		Rinnai Corp		2,640
	1,588,562		Ruentex Industries Ltd		2,954
	27,328	*,e	Safilo Group S.p.A.		316
	43,979	e	Salvatore Ferragamo Italia S.p.A		1,031
	51,114		Samick Musical Instruments Co Ltd		149
	906,000		Sampo Corp		327

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	816,000		Samson Holding Ltd	$	101
	87,200		Sangetsu Co Ltd		1,592
	63,421		Sankyo Co Ltd		2,367
	122,400		Sanyo Electric Taiwan Co Ltd		92
	476,000		Sanyo Shokai Ltd		1,136
	20,329		SEB S.A.		2,087
	297,294		Sega Sammy Holdings, Inc		2,781
	309,000		Seiko Holdings Corp		1,745
	1,062,930		Seiren Co Ltd		11,480
	783,895		Sekisui Chemical Co Ltd		10,235
	1,038,877		Sekisui House Ltd		17,467
	91,359	*,e	Sequential Brands Group, Inc		723
	429,400	m	Shanghai Haixin Group Co		388
	2,234,000	*,e	Sharp Corp		2,304
	223,400	*	Shenzhen China Bicycle Co Holdings Ltd		187
	699,493		Shenzhou International Group Holdings Ltd		4,009
	83,845		Shimano, Inc		12,875
	349,000	e	Sitoy Group Holdings Ltd		145
	482,361	*	Skechers U.S.A., Inc (Class A)		14,572
	58,269	*	Skullcandy, Inc		276
	7,855,229		Skyworth Digital Holdings Ltd		5,096
	131,805	*	Smith & Wesson Holding Corp		2,897
	6,103,431		Sony Corp		150,003
	303,205		Sony Corp (ADR)		7,462
	546,430	*,g	Spin Master Corp		8,633
	13,316		SRF Ltd		254
	9,000	e	SRI Sports Ltd		70
	26,600		Starts Corp, Inc		515
	3,909,370		Steinhoff International Holdings NV		19,846
	179,422	*	Steven Madden Ltd		5,422
	76,262	e	Sturm Ruger & Co, Inc		4,546
	271,654		Sumitomo Forestry Co Ltd		3,665
	11,132		Superior Uniform Group, Inc		189
	36,212	e	Swatch Group AG.		12,575
	195,084		Swatch Group AG. (Registered)		13,174
	6,656		Symphony Ltd		232
	940,602		Tainan Spinning Co Ltd		405
	536,600		Taiwan Paiho Ltd		1,183
	195,593		Takamatsu Corp		4,181
	13,500		Tamron Co Ltd		249
	1,951,298	*	Tatung Co Ltd		330
	119,507	*	Taylor Morrison Home Corp		1,912
	7,033,701		Taylor Wimpey plc		21,026
	1,760,000	e	TCL Multimedia Technology Holdings Ltd		1,112
	1,907,500		Techtronic Industries Co		7,722
	41,738		Ted Baker plc		1,838
	54,484		Telford Homes plc		314
	406,731	*	Tempur-Pedic International, Inc		28,658
	955,500		Texhong Textile Group Ltd		721
	2,090,000		Texwinca Holdings Ltd		2,180
	746,589		Thomson		6,060
	47,767	g	Thule Group AB		651

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,444,000		Time Watch Investments Ltd	$	201
	10,642	e	Tod’s S.p.A.		840
	16,190		Token Corp		1,250
	177,412	*	Toll Brothers, Inc		5,908
	449,385	*	TomTom NV		5,650
	54,868	e	Tomy Co Ltd		359
	42,145	*	TopBuild Corp		1,297
	58,000		Topkey Corp		204
	79,000		Toung Loong Textile Manufacturing		227
	402,960	*,e	TRI Pointe Homes, Inc		5,105
	27,745	*	Trigano S.A.		1,694
	15,380,000	e	Trinity Ltd		2,273
	70,400		TSI Holdings Co Ltd		481
	173,103		Tsutsumi Jewelry Co Ltd		3,564
	2,720	*	TTK Prestige Ltd		192
	281,305	*	Tumi Holdings, Inc		4,678
	266,936	e	Tupperware Corp		14,855
	140,192	*,e	Under Armour, Inc (Class A)		11,301
	38,947	*	Unifi, Inc		1,096
	6,192,000	*	Unitika Ltd		2,907
	77,086	*	Universal Electronics, Inc		3,958
	202,400	e	Universal Entertainment Corp		3,680
	591,479	*,e,m	Urbi Desarrollos Urbanos S.A. de C.V		0	^
	9,981	*	Vaibhav Global Ltd		75
	35,286		Vardhman Textiles Ltd		440
	53,084	*,e	Vera Bradley, Inc		837
	76,167	*	Vestel Elektronik Sanayi		133
	1,587,345		VF Corp		98,812
	67,197		Videocon Industries Ltd		124
	102,413	*,e	Vince Holding Corp		469
	113,551	*	Vista Outdoor, Inc		5,054
	93,627		Wacoal Holdings Corp		1,120
	38,101	*	WCI Communities, Inc		849
	440,500		Weiqiao Textile Co		205
	3,738,000		Welling Holding Ltd		714
	55,338		Welspun India Ltd		760
	18,640	e	Weyco Group, Inc		499
	143,179		Whirlpool Corp		21,029
	47,784	*	Whirlpool of India Ltd		467
	48,629	*,e	William Lyon Homes, Inc		802
	1,196,000	*	Winshine Entertainment & Media Holding Co Ltd		89
	428,117		Wolverine World Wide, Inc		7,154
	177,453		Woongjin Coway Co Ltd		12,635
	194,631		Wuxi Little Swan Co Ltd		463
	3,291,500		XTEP International Holdings		1,748
	208,850		Yamaha Corp		5,045
	15,300		Yondoshi Holdings, Inc		339
	9,100		Yonex Co Ltd		234
	21,227		Youngone Corp		756
	5,173		Youngone Holdings Co Ltd		299
	794,907		Yue Yuen Industrial Holdings		2,693
	1,058,000	e	Yuxing InfoTech Investment Holdings Ltd		353

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	75,007	*	Zagg, Inc	$	821
	170,764		Zeng Hsing Industrial Co Ltd		714
	79,600	*	Zhonglu Co Ltd		300
	25,200	e	Zojirushi Corp		359
			TOTAL CONSUMER DURABLES & APPAREL		2,831,820

CONSUMER SERVICES - 2.1%
	57,858	*,e	2U, Inc		1,619
	11,800	*,e	500.com Ltd (ADR)		237
	387,765		888 Holdings plc		1,043
	2,344,695		Accor S.A.		101,549
	47,800		Accordia Golf Co Ltd		458
	9,027,500		Accordia Golf Trust		3,406
	663,864		Advtech Ltd		624
	112,882	e	Ainsworth Game Technology Ltd		187
	8,945,000		Ajisen China Holdings Ltd		3,954
	881,002	e	Alsea SAB de C.V.		3,059
	98,313	*,e	Amaya, Inc		1,238
	344,000		Ambassador Hotel		289
	41,753	*	American Public Education, Inc		777
	233,363	*	Apollo Group, Inc (Class A)		1,790
	2,165,744		ARAMARK Holdings Corp		69,845
	389,300		Ardent Leisure Group		637
	799,326		Aristocrat Leisure Ltd		5,902
	74,864	*	Ascent Media Corp (Series A)		1,252
	59,500	e	Atom Corp		341
	228,819	*	Autogrill S.p.A.		2,181
	2,242,448	*	Belmond Ltd.		21,303
	55,625		Benesse Corp		1,602
	486,091		Berjaya Sports Toto BHD		345
	205,919		Betfair Group plc		11,840
	106,788		Betsson AB		1,957
	54,468	*	BJ’s Restaurants, Inc		2,368
	14,030,800		Bloomberry Resorts Corp		1,350
	693,142		Bloomin’ Brands, Inc		11,707
	57,362		Bob Evans Farms, Inc		2,229
	65,788	*,e	Bojangles’, Inc		1,044
	416,040	*,e	Boyd Gaming Corp		8,267
	85,416	*	Bravo Brio Restaurant Group, Inc		769
	158,436	*	Bridgepoint Education, Inc		1,206
	91,970	*	Bright Horizons Family Solutions		6,144
	389,199		Brinker International, Inc		18,662
	69,394	*,e	Buffalo Wild Wings, Inc		11,079
	646,233		Bwin.Party Digital Entertainment plc		1,230
	134,624	*,e	Caesars Acquisition Co		917
	136,169	*,e	Caesars Entertainment Corp		1,074
	512,000		Cafe de Coral Holdings Ltd		1,500
	33,499	*	Cambium Learning Group, Inc		162
	79,281		Capella Education Co		3,664
	74,061		Cara Operations Ltd		1,645
	249,545	*,e	Career Education Corp		906
	1,596,652		Carnival Corp		86,986

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	349,767		Carnival plc	$	19,925
	40,443		Carriage Services, Inc		975
	185,942	*	Carrols Restaurant Group, Inc		2,183
	120,436		Cheesecake Factory		5,553
	196,483	*,e	Chegg, Inc		1,322
	127,255	*	China Lodging Group Ltd (ADR)		3,978
	6,960,000	e	China LotSynergy Holdings Ltd		325
	450,000		China Maple Leaf Educational Systems Ltd		221
	2,472,000		China Travel International Inv HK		1,034
	1,405,000	*,e	China Vanguard Group Ltd		157
	82,591	*	Chipotle Mexican Grill, Inc (Class A)		39,631
	50,829	e	Choice Hotels International, Inc		2,562
	31,561		Churchill Downs, Inc		4,466
	190,009	*,e	Chuy’s Holdings, Inc		5,955
	23,367		Cie des Alpes		393
	63,686		City Lodge Hotels Ltd		618
	108,726		ClubCorp Holdings, Inc		1,986
	18,110		Collectors Universe		281
	49,000	e	Colowide Co Ltd		745
	603,187		Compass Group plc		10,452
	211,967	e	Corporate Travel Management Lt		2,014
	123,577		Cox & Kings India Ltd		459
	47,781	e	Cracker Barrel Old Country Store, Inc		6,060
	12,300		Create Restaurants Holdings, Inc		341
	2,474		Credu Corp		109
	419,343		Crown Ltd		3,790
	176,300		CVC Brasil Operadora e Agencia de Viagens S.A.		600
	106,258		Daekyo Co Ltd		805
	132,000		Dahan Development Corp		216
	5,700		Daisyo Corp		72
	259,780		Darden Restaurants, Inc		16,532
	120,896	*	Dave & Buster’s Entertainment, Inc		5,046
	55,887	*	Del Frisco’s Restaurant Group, Inc		895
	55,131	*	Delta Corp Ltd		66
	438,861	*	Denny’s Corp		4,314
	161,545	e	DeVry, Inc		4,089
	103,290	*,e	Diamond Resorts International, Inc		2,635
	58,415		Dignity plc		2,192
	43,161	e	DineEquity, Inc		3,654
	8,023		DO & CO AG.		870
	7,028		DO & CO AG. (Istanbul)		747
	137,440		Domino’s Pizza Enterprises Ltd		5,734
	416,195		Domino’s Pizza UK & IRL plc		6,451
	97,670		Domino’s Pizza, Inc		10,866
	454,221	e	Donaco International Ltd		253
	87,600		Doutor Nichires Holdings Co Ltd		1,355
	3,326,683	*	Dubai Parks & Resorts PJSC		1,018
	60,038	e	Dunkin Brands Group, Inc		2,557
	3,035,400		Dynam Japan Holdings Co Ltd		3,301
	144,885		EIH Ltd		284
	35,561	*,e	El Pollo Loco Holdings, Inc		449
	77,601	*	Eldorado Resorts, Inc		854

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,018	*	Emerson Pacific, Inc	$	220
	1,030,000		Emperor Entertainment Hotel Ltd		188
	8,457	*,e	Empire Resorts, Inc		152
	206,978	e	EnerCare, Inc		2,387
	610,657	*	Enterprise Inns plc		1,001
	1,281,100		Erawan Group PCL		152
	625,349		Estacio Participacoes S.A.		2,190
	35,505	*,g	Evolution Gaming Group AB		1,284
	2,774,427		Extended Stay America, Inc		44,113
	149,483	e	Famous Brands Ltd		1,253
	64,528	*	Fiesta Restaurant Group, Inc		2,168
	84,481		First Hotel		48
	252,776	e	Flight Centre Ltd		7,290
	260,143	*,e	Fogo De Chao, Inc		3,944
	37,990		Formosa International Hotels Corp		263
	826,000		Fu Shou Yuan International Group Ltd		641
	48,000		Fuji Kyuko Co Ltd		462
	58,000	e	Fujita Kanko, Inc		291
	271,854	e	G8 Education Ltd		703
	31,800		GAEC Educacao S.A.		110
	1,882,155		Galaxy Entertainment Group Ltd		5,897
	3,696,308		Genting BHD		6,304
	5,221,393		Genting International plc		2,817
	953,200		GL Ltd		587
	936,742		Gold Reef Resorts Ltd		1,472
	132,000		Gourmet Master Co Ltd		939
	1,454		Graham Holdings Co		705
	150,316	*	Grand Canyon Education, Inc		6,031
	29,665		Grand Korea Leisure Co Ltd		607
	66,282	*	Great Canadian Gaming Corp		741
	268,430		Greene King plc		3,675
	122,461	e	GVC Holdings plc		837
	742,070	e	H&R Block, Inc		24,718
	27,872	*,e	Habit Restaurants, Inc		643
	1,255,000	*,g	Haichang Holdings Ltd		281
	8,478		Hana Tour Service, Inc		825
	9,600		Hiday Hidaka Corp		276
	3,279,448	e	Hilton Worldwide Holdings, Inc		70,180
	23,500	e	Hiramatsu Inc		142
	131,500		HIS Co Ltd		4,393
	114,600	*,e	Homeinns Hotel Group (ADR)		3,915
	269,300	*,e	Hoteles City Express SAB de C.V.		360
	448,614	*	Houghton Mifflin Harcourt Co		9,771
	146,850		Huangshan Tourism Development Co Ltd		299
	110,894	*,e	Hyatt Hotels Corp		5,214
	6,900		Ichibanya Co Ltd		339
	486,891	*	Indian Hotels Co Ltd		856
	97,853		InterContinental Hotels Group plc		3,814
	205,823	e	International Game Technology plc		3,330
	67,437		International Speedway Corp (Class A)		2,274
	104,903	*,e	Intertain Group Ltd		755
	260,382		Interval Leisure Group, Inc		4,065

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	121,213	*	Intralot S.A.-Integrated Lottery Systems & Services	$	154
	178,039	*	Intrawest Resorts Holdings Inc		1,392
	96,233	e	Invocare Ltd		837
	214,862	*	Isle of Capri Casinos, Inc		2,993
	35,930	*	J Alexander’s Holdings, Inc		392
	151,012		Jack in the Box, Inc		11,584
	36,515	*,e	Jamba, Inc		493
	560,642		Jollibee Foods Corp		2,603
	27,466		Jubilant Foodworks Ltd		614
	315,172	*	K12, Inc		2,774
	344,178		Kangwon Land, Inc		11,233
	71,500	*,e	Kappa Create Co Ltd		714
	17,600	e	Kisoji Co Ltd		315
	365,000	*	KNT-CT Holdings Co Ltd		706
	22,060	*,e	Kona Grill, Inc		350
	7,400		Koshidaka Holdings Co Ltd		134
	286,493	*	Krispy Kreme Doughnuts, Inc		4,317
	4,609,924		Kroton Educacional S.A.		11,027
	7,468		Kuoni Reisen Holding		2,080
	9,000		Kura Corp		361
	9,200	e	Kyoritsu Maintenance Co Ltd		789
	350,058	*	La Quinta Holdings, Inc		4,764
	885,845		Ladbrokes plc		1,563
	355,630		Las Vegas Sands Corp		15,591
	11,844	e	Liberty Tax, Inc		282
	376,268	*,e	LifeLock, Inc		5,399
	30,000		Lion Travel Service Co Ltd		108
	3,006,000	*,e	Macau Legend Development Ltd		390
	545,500		Magnum BHD		319
	21,724		Mahindra Holidays & Resorts India Ltd		149
	469,391		Mantra Group Ltd		1,718
	65,629		Marcus Corp		1,245
	232,838	e	Marriott International, Inc (Class A)		15,609
	75,425		Marriott Vacations Worldwide Corp		4,295
	577,239		Marston’s plc		1,413
	6,900		Matsuya Foods Co Ltd		164
	1,471,600	*	Max’s Group, Inc		624
	1,776,908		McDonald’s Corp		209,924
	19,553	e	McDonald’s Holdings Co Japan Ltd		425
	5,000		MegaStudy Co Ltd		176
	17,300		Meiko Network Japan Co Ltd		201
	81,018,200	*	Melco Crown Philippines Resorts Corp		3,921
	672,000	e	Melco International Development		1,004
	844,356	e	Melco PBL Entertainment Macau Ltd (ADR)		14,185
	77,796	e	Melia Hotels International S.A.		1,028
	1,243,277	g	Merlin Entertainments plc		8,336
	1,185,300		MGM China Holdings Ltd		1,473
	3,843,562	*	MGM Resorts International		87,326
	4,915,700		Minor International PCL (Foreign)		4,923
	179,911	*	Mitchells & Butlers plc		909
	9,914		Modetour Network, Inc		283
	29,753	*	Monarch Casino & Resort, Inc		676

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	84,260	*	Morgans Hotel Group Co	$	284
	20,800		MOS Food Services, Inc		561
	31,668		MPK Group, Inc		89
	30,018	e	MTY Food Group, Inc		704
	213,608	e	Navitas Ltd		722
	180,369	*	NET Holding AS		216
	120,100		New Oriental Education & Technology Group (ADR)		3,768
	167,316	*	NH Hoteles S.A.		915
	31,222	*,e	Noodles & Co		303
	24,274	*,e	Nord Anglia Education, Inc		492
	2,455,282	*	Norwegian Cruise Line Holdings Ltd		143,880
	8,100		Ohsho Food Service Corp		280
	569,247		OPAP S.A.		4,995
	11,785	*	Orascom Development Holding AG.		121
	282,700		Oriental Land Co Ltd		17,102
	405,700	e	Overseas Union Enterprise Ltd		511
	118,120		Paddy Power plc		15,776
	62,926	*	Pandox AB		1,155
	55,989	*	Panera Bread Co (Class A)		10,906
	135,568		Papa John’s International, Inc		7,574
	651,212	*,e	Papa Murphy’s Holdings, Inc		7,333
	53,713		Paradise Co Ltd		799
	322,370	*,e	Penn National Gaming, Inc		5,164
	413,900		Philweb Corp		203
	4,337	*	Pierre & Vacances		139
	206,319	*	Pinnacle Entertainment, Inc		6,421
	110,359	*,e	Planet Fitness, Inc		1,725
	17,300	e	Plenus Co Ltd		289
	112,241	*	Popeyes Louisiana Kitchen, Inc		6,566
	53,918	*,e	Potbelly Corp		631
	373,100		Prestariang BHD		257
	35,583	*	Red Robin Gourmet Burgers, Inc		2,197
	167,050	*	Regis Corp		2,364
	3,719,534		Resorts World BHD		3,789
	66,000		Resorttrust, Inc		1,741
	2,046		Restaurant Brands International LP		75
	2,075,656		Restaurant Brands International, Inc		77,547
	270,812	e	Restaurant Brands International, Inc (Toronto)		10,128
	198,806		Restaurant Group plc		2,012
	107,068	e	Retail Food Group Ltd		359
	8,535,535	e,m	REXLot Holdings Ltd		485
	75,728		Rezidor Hotel Group AB		280
	14,400	e	Ringer Hut Co Ltd		333
	58,200		Round One Corp		263
	204,565		Royal Caribbean Cruises Ltd		20,704
	23,000	e	Royal Holdings Co Ltd		427
	159,179	*	Ruby Tuesday, Inc		877
	172,298		Ruth’s Chris Steak House, Inc		2,743
	25,000		Saizeriya Co Ltd		627
	11,371,495		Sands China Ltd		38,552
	127,975	*,e	Scientific Games Corp (Class A)		1,148
	170,947	e	SeaWorld Entertainment, Inc		3,366

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,718		Seoul Auction Co Ltd	$	196
	246,400	g	Ser Educacional S.A.		477
	456,451		Service Corp International		11,877
	797,652	*	ServiceMaster Global Holdings, Inc		31,300
	14,290	*,e	Shake Shack, Inc		566
	1,268,000		Shanghai Jinjiang International Hotels Group Co Ltd		532
	61,449		Shanghai Jinjiang International Travel Co Ltd		306
	1,102,120		Shangri-La Asia Ltd		1,073
	1,502		Shinsegae Food Co Ltd		220
	183,119		Six Flags Entertainment Corp		10,061
	4,456,613	e	SJM Holdings Ltd		3,158
	40,580		SkiStar AB (Series B)		596
	2,002,647		Sky City Entertainment Group Ltd		6,054
	92,800	e	Skylark Co Ltd		1,199
	262,662	e	Slater & Gordon Ltd		156
	26,515		Sodexho Alliance S.A.		2,590
	747,898	e	Sonic Corp		24,165
	182,074	e	Sotheby’s (Class A)		4,690
	72,602		Speedway Motorsports, Inc		1,504
	136,854		Spur Corp Ltd		297
	578,768		SSP Group plc		2,767
	12,800		St Marc Holdings Co Ltd		356
	4,162,632		Star Entertainment Grp Ltd		15,275
	6,213,560		Starbucks Corp		373,000
	246,975		Starwood Hotels & Resorts Worldwide, Inc		17,110
	3,878	*	Steak N Shake Co		1,264
	26,974	*	Strayer Education, Inc		1,622
	244,061		Sun International Ltd		1,470
	2,128,100		Ta Enterprise BHD		295
	1,489,500		TA Global BHD		93
	1,650,665		Tabcorp Holdings Ltd		5,620
	9,900	*,e	TAL Education Group (ADR)		460
	19,900	*	Tarena International, Inc (ADR)		208
	1,168,933		Tattersall’s Ltd		3,711
	176,053		Texas Roadhouse, Inc (Class A)		6,297
	1,268,212	*	Thomas Cook Group plc		2,263
	74,610		Thomas Cook India Ltd		230
	150,000		Tokyo Dome Corp		765
	126,000	e	Tokyotokeiba Co Ltd		282
	18,700		Toridoll.corp		342
	6,600		Tosho Co Ltd		177
	508,000	e	Tsui Wah Holdings Ltd		118
	25,500	e	Tsukada Global Holdings Inc		165
	495,027		TUI AG. (DI)		8,839
	78,946		Unibet Group plc (ADR)		8,050
	59,214		Universal Technical Institute, Inc		276
	96,744		Vail Resorts, Inc		12,382
	126,700	*,e	Watami Co Ltd		840
	48,480	*,e	Weight Watchers International, Inc		1,105
	140,421	e	Wendy’s		1,512
	82,860		Wetherspoon (J.D.) plc		914
	49,233		Whistler Blackcomb Holdings, Inc		888

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	475,512		Whitbread plc	$	30,821
	324,001		William Hill plc		1,891
	15,822	*,e	Wingstop, Inc		361
	54,220		Wowprime Corp		265
	361,574		Wyndham Worldwide Corp		26,268
	1,385,971	e	Wynn Macau Ltd		1,610
	74,093	e	Wynn Resorts Ltd		5,126
	309,500	g	Xiabuxiabu Catering Management China Holdings Co Ltd		122
	11,200		Xueda Education Group (ADR)		60
	325,000		YBM Sisa.com, Inc		1,132
	34,000		Yomiuri Land Co Ltd		113
	53,700	e	Yoshinoya D&C Co Ltd		694
	700,795		Yum! Brands, Inc		51,193
	16,280		Zeal Network SE		689
	179,700	e	Zensho Co Ltd		2,260
	568,000		Zhuhai Holdings Investment Group Ltd		88
	747,410	*,e	Zoe’s Kitchen, Inc		20,913
			TOTAL CONSUMER SERVICES		2,395,158

DIVERSIFIED FINANCIALS - 3.6%
	1,767,817		3i Group plc		12,523
	76,812		ABC Arbitrage		428
	344,903	e	Aberdeen Asset Management plc		1,470
	56,557		Ackermans & Van Haaren		8,309
	237,750	*,e	Acom Co Ltd		1,120
	125,300		Aeon Credit Service M BHD		347
	263,948		AEON Financial Service Co Ltd		5,896
	134,633	*	Affiliated Managers Group, Inc		21,509
	659,757		AFP Habitat S.A.		758
	1,389,533	*,e,m	African Bank Investments Ltd		1
	58,634	e	AGF Management Ltd		220
	273,200	*,e	Aiful Corp		894
	1,904,340		AIRA Capital Co Ltd		119
	22,592		Aker ASA (A Shares)		417
	1,477,453	*	Al Waha Capital PJSC		864
	31,612	e	Alaris Royalty Corp		537
	756,931		Alexander Forbes Group Holdings Ltd		290
	230,908	*,e	Allied Minds plc		1,362
	1,419,053	*	Ally Financial, Inc		26,451
	1,167,289	*	Amanat Holdings PJSC		252
	2,668,800		American Express Co		185,615
	1,016,474		Ameriprise Financial, Inc		108,173
	747,079	*	Amlak Finance PJSC		283
	350,000	*,g	Amundi S.A.		16,424
	1,761,863	g	Anima Holding S.p.A		15,217
	988,386		ARA Asset Management Ltd		819
	56,060	e	Arlington Asset Investment Corp (Class A)		742
	205,114		Arrow Global Group plc		798
	77,675		Artisan Partners Asset Management, Inc		2,801
	2,725	*	Ashford, Inc		145
	566,053	e	Ashmore Group plc		2,133
	12,981	*,m	Asia Pacific Investment Partners Limited		88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,247,600		Asia Plus Group Holdings PCL	$	314
	16,518	*	Associated Capital Group, Inc		504
	76,122		Aurelius AG.		3,951
	270,266		Australian Stock Exchange Ltd		8,315
	24,009		Avanza AB		1,043
	346,746		Ayala Corp		5,557
	2,215	*,m	Ayala Corp Preferred		0	^
	99,533		Azimut Holding S.p.A.		2,474
	50,500		Banca Generali S.p.A		1,589
	110,721		Banca IFIS S.p.A.		3,449
	3,221,469		Bank of New York Mellon Corp		132,789
	584,954		BGC Partners, Inc (Class A)		5,738
	306,883		BinckBank NV		2,645
	86,031		BlackRock, Inc		29,295
	450,420		Blackstone Group LP		13,170
	4,017,386		BM&F Bovespa S.A.		10,985
	411,900	e	Bolsa Mexicana de Valores S.A. de C.V.		546
	70,428	e	Bolsas y Mercados Espanoles		2,373
	1,460,635	*,e	Brait S.A.		15,758
	336,105		Brewin Dolphin Holdings plc		1,528
	674,000		Bright Smart Securities & Commodities Group Ltd		207
	165,160		BT Investment Management Ltd		1,536
	181,040		Bure Equity AB		1,471
	424,400		Bursa Malaysia BHD		824
	113,107		Calamos Asset Management, Inc (Class A)		1,095
	20,074	e	Callidus Capital Corp		128
	86,856		Canaccord Financial, Inc		321
	23,862		Capital First Ltd		149
	962,173		Capital One Financial Corp		69,450
	1,598,000		Capital Securities Corp		480
	40,970		Capital Stage AG.		350
	70,417		Cash America International, Inc		2,109
	1,758,000	*	Cash Financial Services Group Ltd		74
	303,340		CBOE Holdings, Inc		19,687
	68,524		Cembra Money Bank AG.		4,406
	3,396,000	e	Central China Securities Co Ltd		1,846
	37,001		Century Leasing System, Inc		1,322
	331,682		Cerved Information Solutions S.p.A		2,755
	250,415		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		2,366
	1,205,537		Chailease Holding Co Ltd		2,075
	394,780		Challenger Financial Services Group Ltd		2,488
	1,800,793		Charles Schwab Corp		59,300
	832,000		China Bills Finance Corp		290
	17,170,440		China Cinda Asset Management Co Ltd		6,320
	1,144,137		China Everbright Ltd		2,613
	3,190,000	*,e	China Financial International Investments Ltd		409
	11,151,500		China Galaxy Securities Co Ltd		10,135
	14,700,000	e	China LNG Group Ltd		576
	112,665	e	China Merchants China Direct Investments Ltd		186
	3,352,000	*,e	China Smarter Energy Group Holdings Ltd		414
	435,813	e	CI Financial Corp		9,638

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	813,113	*	Citadel Capital Corp	$	166
	3,344,403		CITIC Securities Co Ltd		7,749
	148,155		Close Brothers Group plc		2,922
	212,532		CME Group, Inc		19,255
	101,287		Coface S.A.		1,026
	52,752		Cohen & Steers, Inc		1,608
	28,591	*	Consumer Portfolio Services, Inc		148
	266,782	e	Coronation Fund Managers Ltd		914
	17,071		Corp Financiera Alba		737
	32,035		Corp Financiera Colombiana S.A.		388
	66,656		Corp Financiera Colombiana S.A. (CD)		816
	276,877	*,e	Cowen Group, Inc		1,060
	38,777	*,e	Credit Acceptance Corp		8,299
	27,262	*	Credit Analysis & Research Ltd		543
	1,789,600	e	Credit China Holdings Ltd		698
	128,064		Credit Saison Co Ltd		2,523
	2,312,521		Credit Suisse Group		49,816
	1,366,047	*,e	Credito Real SAB de C.V.		3,451
	31,446		CRISIL Ltd		932
	230,662		Daewoo Securities Co Ltd		1,826
	37,408		Daishin Securities Co Ltd		373
	21,344		Daishin Securities Co Ltd PF		132
	2,312,760		Daiwa Securities Group, Inc		14,140
	90,742		DeA Capital S.p.A.		139
	2,029,385		Deutsche Bank AG.		49,283
	24,318	*	Deutsche Beteiligungs AG.		785
	479,269		Deutsche Boerse AG.		42,128
	8,715		Diamond Hill Investment Group, Inc		1,647
	960,000	*	Differ Group Holding Co Ltd		150
	623,402		Discover Financial Services		33,427
	2,340,345	*	Dubai Financial Market		776
	80,192	*	Dundee Corp		264
	917,877	*	E*TRADE Financial Corp		27,206
	275,927	e	Eaton Vance Corp		8,948
	105,941	*	Eclipx Group Ltd		259
	333,752		Edelweiss Capital Ltd		293
	26,480	e	EFG Financial Products Holding AG.		3,825
	146,003		EFG International		1,538
	677,857		Egypt Kuwait Holding Co		352
	495,490	*	Egyptian Financial Group-Hermes Holding		556
	392,473	*	Element Financial Corp		4,737
	2,844,000		Emperor Capital Group Ltd		233
	67,302	*,e	Encore Capital Group, Inc		1,957
	69,079	*	Enova International, Inc		457
	65,632	*	Eugene Investment & Securities Co Ltd		148
	32,384		Eurazeo		2,234
	1,264,210	g	Euronext NV		64,865
	155,325		Evercore Partners, Inc (Class A)		8,398
	67,451		Exor S.p.A.		3,061
	130,218	*,e	Ezcorp, Inc (Class A)		650
	148,952	e	Factset Research Systems, Inc		24,215
	128,299	*,g	Fairfax India Holdings Corp		1,296

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,588,395		Far East Horizon Ltd	$	4,251
	205,904		Federated Investors, Inc (Class B)		5,899
	6,862	e	Ferratum Oyj		223
	65,293		Fiera Capital Corp		535
	17,934	e	Fifth Street Asset Management, Inc		58
	131,545	e	Financial Engines, Inc		4,429
	231,400	e	Financial Products Group Co Ltd		1,806
	71,479	*	First Cash Financial Services, Inc		2,675
	3,092,785	e	First Pacific Co		2,049
	6,451,996		FirstRand Ltd		17,633
	1,300,313	e	FlexiGroup Ltd		2,838
	361,265	g	Flow Traders		17,824
	203,759	*	FNFV Group		2,288
	170,056		Fondul Proprietatea S.A. (ADR)		1,684
	436,492		Franklin Resources, Inc		16,072
	9,100,000	*	Freeman Financial Corp Ltd		558
	12,386,380		Fubon Financial Holding Co Ltd		16,848
	30,915,441		Fuhwa Financial Holdings Co Ltd		11,340
	14,500	e	Fuyo General Lease Co Ltd		683
	79,073		Gain Capital Holdings, Inc		641
	16,518		GAMCO Investors, Inc (Class A)		513
	2,527,463	e	Gentera SAB de C.V.		4,891
	2,072,400	*,e	GF Securities Co Ltd		5,169
	24,237		Gimv NV		1,221
	63,215		Gluskin Sheff + Associates, Inc		952
	784,295		Goldman Sachs Group, Inc		141,354
	920,000	*	Good Resources Holdings Ltd		171
	353,175	*	Green Dot Corp		5,799
	75,247		Greenhill & Co, Inc		2,153
	7,688		GRENKELEASING AG.		1,534
	105,401		Groupe Bruxelles Lambert S.A.		9,019
	478,920		Grupo de Inversiones Suramericana S.A.		5,386
	125,093		Grupo de Inversiones Suramericana S.A. (Preference)		1,371
	211,400		Grupo Financiero Interacciones S.A. de C.V.		1,282
	245,850		GT Capital Holdings, Inc		6,888
	796,497	*	Gulf General Investment Co		141
	8,994,800	e	Guotai Junan International Hol		3,126
	1,110,632		Haci Omer Sabanci Holding AS		3,148
	4,888,412		Haitong Securities Co Ltd		8,573
	22,985		Hankook Tire Worldwide Co Ltd		341
	48,429		Hanwha Securities Co		159
	253,862		Hargreaves Lansdown plc		5,636
	205,374		Hellenic Exchanges S.A.		1,179
	7,385,162		Henderson Group plc		33,566
	245,269		HFF, Inc (Class A)		7,621
	266,400		Hitachi Capital Corp		7,158
	15,702		HMC Investment Securities Co Ltd		132
	58,138	*	Hoist Finance AB		606
	1,050,990		Hong Kong Exchanges and Clearing Ltd		26,774
	27,819		Houlihan Lokey, Inc		729
	1,892,400	*,g	Huatai Securities Co Ltd		4,375
	278,745		Hyundai Securities Co		1,520

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	29,500		IBJ Leasing Co Ltd	$	601
	188,816		ICAP plc		1,417
	152,300	e	Ichigo Holdings Co Ltd		474
	31,100		Ichiyoshi Securities Co Ltd		285
	1,687,772		IFCI Ltd		700
	426,394		IG Group Holdings plc		5,041
	188,483	e	IGM Financial, Inc		4,814
	228,926	*	India Infoline Ltd		735
	409,077		Indiabulls Housing Finance Ltd		4,537
	18,736		Indiabulls Securities Ltd		7
	275,032		Industrivarden AB		4,705
	188,892		Infrastructure Development Finance Co Ltd		137
	12,143,232		ING Groep NV		164,298
	753,824		ING Groep NV (ADR)		10,146
	148,032		Interactive Brokers Group, Inc (Class A)		6,454
	179,983	*,m	Interbolsa S.A.		0	^
	495,006		IntercontinentalExchange Group, Inc		126,850
	269,687		Intermediate Capital Group plc		2,486
	453,239		International Personal Finance plc		1,924
	43,164	*	INTL FCStone, Inc		1,444
	61,488		Inversiones La Construccion S.A.		630
	381,430		Invesco Ltd		12,770
	268,197		Investec Ltd		1,895
	764,052		Investec plc		5,387
	183,749		Investment Technology Group, Inc		3,127
	687,605		Investor AB (B Shares)		25,270
	252,850	e	IOOF Holdings Ltd		1,741
	95,263	e	iShares Dow Jones US Real Estate Index Fund		7,155
	80,057	e	iShares MSCI Canada Index Fund		1,721
	440,161	e	iShares MSCI EAFE Index Fund		25,859
	228,768	e	iShares MSCI Emerging Markets		7,364
	17,400		Iwai Securities Co Ltd		201
	185,600	e	J Trust Co Ltd		1,488
	137,000		Jaccs Co Ltd		500
	133,017		Jafco Co Ltd		5,185
	655,226		Janus Capital Group, Inc		9,232
	1,436,300		Japan Securities Finance Co Ltd		7,322
	1,774,658		Jih Sun Financial Holdings Co Ltd		384
	205,581		JM Financial Ltd		146
	225,771		JSE Ltd		1,864
	249,577		Julius Baer Group Ltd		12,074
	142,045		Julius Baer Holding AG.		2,351
	1,188,268		Jupiter Investment Management Group Ltd		7,897
	214,800		k1 Ventures Ltd		140
	3,405,500		kabu.com Securities Co Ltd		10,631
	72,017		KBC Ancora		3,040
	81,280	*	KCG Holdings, Inc		1,001
	494,210		Kinnevik Investment AB (Series B)		15,222
	10,754		KIWOOM Securities Co Ltd		562
	95,756		Korea Investment Holdings Co Ltd		4,001
	31,265		KRUK S.A.		1,387
	481,600		Krungthai Card PCL		1,299

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,166		Kyobo Securities Co	$	128
	17,300	e	Kyokuto Securities Co Ltd		218
	842,163		L&T Finance Holdings Ltd		828
	259,558	*,e	Ladenburg Thalmann Financial Services, Inc		716
	882,521		Lazard Ltd (Class A)		39,722
	578,310		Legg Mason, Inc		22,687
	234,777	*,e	LendingClub Corp		2,594
	575,999		Leucadia National Corp		10,017
	347,830		London Stock Exchange Group plc		14,073
	205,560	e	LPL Financial Holdings, Inc		8,767
	94,608		Lundbergs AB (B Shares)		5,212
	282,555		Macquarie Group Ltd		16,903
	437,503		Magellan Financial Group Ltd		8,599
	357,097		Mahindra & Mahindra Financial Services Ltd		1,301
	21,912,413		Man Group plc		56,370
	536,948		Manappuram General Finance & Leasing Ltd		238
	150,841		MarketAxess Holdings, Inc		16,832
	39,827		Marlin Business Services Corp		640
	49,700		Marusan Securities Co Ltd		521
	11,460,000	*	Mason Financial Holdings Ltd		564
	957,547		Masterlink Securities Corp		272
	555,300		Matsui Securities Co Ltd		5,087
	777,074		McGraw-Hill Financial, Inc		76,604
	7,102,846		Mediobanca S.p.A.		68,088
	15,573	e	Medley Management, Inc		89
	33,500		Meritz finance Holdings Co Ltd		371
	987,435		Meritz Securities Co Ltd		3,314
	34,249,704		Metro Pacific Investments Corp		3,778
	69,009		Mirae Asset Securities Co Ltd		1,256
	47,500		Mito Securities Co Ltd		161
	652,554		Mitsubishi UFJ Lease & Finance Co Ltd		3,358
	128,156		MLP AG.		511
	167,222		Moelis & Co		4,880
	2,716,600		Monex Beans Holdings, Inc		7,059
	750,271		Moody’s Corp		75,282
	9,689,955		Morgan Stanley		308,237
	85,344		Morningstar, Inc		6,863
	30,163		Motilal Oswal Financial Services Ltd		152
	223,400		MSCI, Inc (Class A)		16,114
	618,900		Muangthai Leasing PCL		364
	177,595	*	Muthoot Finance Ltd		482
	238,760		NASDAQ OMX Group, Inc		13,889
	668,315		Navient Corp		7,652
	162,722		Nelnet, Inc (Class A)		5,463
	85,983	*	NewStar Financial, Inc		772
	17,036		NICE Holdings Co Ltd		314
	36,345		NICE Information Service Co Ltd		315
	13,300	*,e	Noah Holdings Ltd (ADR)		371
	8,104,239		Nomura Holdings, Inc		45,141
	237,411		Nordnet AB (Series B)		1,148
	169,823		Northern Trust Corp		12,243
	607,082		NorthStar Asset Management Group, Inc		7,370

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,367,866		NZX Ltd	$	2,460
	160,000		Okasan Holdings, Inc		911
	67,771		OM Asset Management plc		1,039
	31,251	*,e	On Deck Capital, Inc		322
	139,388	*	OneMain Holdings, Inc		5,790
	87,547		Onex Corp		5,367
	27,973		Oppenheimer Holdings, Inc		486
	20,621		Oresund Investment AB		541
	423,900	*	Orient Corp		889
	2,925,370		ORIX Corp		41,038
	601,300		Osaka Securities Exchange Co Ltd		9,399
	550,975		OSK Holdings BHD		209
	225,551	e	OzForex Group Ltd		536
	48,325	*	P2P Global Investments plc		697
	13,635		Pargesa Holding S.A.		861
	12,935		Partners Group		4,652
	540,677		Peregrine Holdings Ltd		1,024
	517,000	*,m	Peregrine Investment Holdings		0
	104,508		Perpetual Trustees Australia Ltd		3,518
	82,264		Philippine Stock Exchange, Inc		481
	61,251	*	Pico Holdings, Inc		632
	264,687	*	Pioneers Holding		254
	37,490	*	Piper Jaffray Cos		1,515
	7,261	*,e	PJT Partners, Inc		205
	960,424		Platinum Asset Mangement Ltd		5,612
	161,399		Plus500 Ltd		1,024
	675,656		Power Finance Corp Ltd		2,045
	39,000	e	PowerShares QQQ Trust Series		4,363
	121,477	*,e	PRA Group, Inc		4,214
	6,960,000		Premium Leisure Corp		94
	1,067,509		President Securities Corp		431
	138,176		Provident Financial plc		6,851
	78,056		PSG Group Ltd		1,128
	128,527	*	PTC India Financial Services Ltd		78
	41,536		Pzena Investment Management, Inc (Class A)		357
	11,203	*	Qatar Industrial Manufacturing Co		123
	694,997		Ratos AB (B Shares)		4,009
	246,101		Raymond James Financial, Inc		14,266
	86,543	*	Regional Management Corp		1,339
	394,598	*	Reliance Capital Ltd		2,600
	604,785		Remgro Ltd		9,573
	51,684		Repco Home Finance Ltd		536
	54,197	e	Resource America, Inc (Class A)		332
	36,586	*	RHJ International		227
	30,700		Ricoh Leasing Co Ltd		954
	1,160,224		RMB Holdings Ltd		4,160
	758,300	*,e	Rowsley Ltd		97
	604,597		Rural Electrification Corp Ltd		2,061
	57,887	*,e	Safeguard Scientifics, Inc		840
	69,230	*	Salam International Investment Co		224
	162,394		Samsung Card Co		4,251
	73,897		Samsung Securities Co Ltd		2,594

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	220,730	*	Santander Consumer USA Holdings, Inc	$	3,499
	291,200	e	Sawada Holdings Co Ltd		2,769
	59,244		SBI Holdings, Inc		639
	85,939		Schroders plc		3,764
	442,282		SEI Investments Co		23,176
	5	*,m	SFCG Co Ltd		0
	1,400,000	e	Shenyin Wanguo HK Ltd		693
	10,306		Shinyoung Securities Co Ltd		445
	751,888		Shriram Transport Finance Co Ltd		9,721
	1,142,256	e	Singapore Exchange Ltd		6,178
	11,065	*	Sixt Leasing AG.		226
	262,511	*	SK Securities Co Ltd		252
	93,119	*	SKS Microfinance Pvt Ltd		700
	1,172,944	*	SLM Corp		7,648
	768,475	*,e,m	SNS Reaal		8
	7,878		Societe Fonciere Financiere et de Participations FFP		581
	81,900	e	Sparx Group Co Ltd		194
	4,500		SPDR Trust Series 1		918
	136,582	e	Sprott, Inc		235
	173,273		SREI Infrastructure Finance Ltd		145
	419,962		Srisawad Power 1979 PCL		553
	811,333		State Street Corp		53,840
	170,373	*	Stifel Financial Corp		7,217
	6,649,000		Sun Hung Kai & Co Ltd		4,353
	41,550		Sundaram Finance Ltd		861
	151,210	*	SVG Capital plc		1,096
	7,695		Swissquote Group Holding S.A.		194
	14,658,895	*	Synchrony Financial		445,777
	301,234		T Rowe Price Group, Inc		21,535
	6,362,335	e	Tai Fook Securities Group Ltd		3,879
	409,000		Taiwan Acceptance Corp		914
	170,000	e	Takagi Securities Co Ltd		261
	66,883		Tamburi Investment Partners S.p.A.		246
	14,411	*	Tata Investment Corp Ltd		118
	264,621		TD Ameritrade Holding Corp		9,185
	88,511	e	Tiptree Financial, Inc		543
	45,491		TMX Group Ltd		1,177
	298,080		Tokai Tokyo Securities Co Ltd		1,810
	96,220	*	Tong Yang Investment Bank		296
	50,000		Toyo Securities Co Ltd		155
	257,928		Transaction Capital Ltd		207
	447,731	e	Tricon Capital Group, Inc		2,932
	716,109		Tullett Prebon plc		3,917
	7,497,143		UBS AG.		145,441
	1,603,454	*,e	Unifin Financiera SAPI de C.V. SOFOM ENR		4,955
	1,034,873	e	UOB-Kay Hian Holdings Ltd		1,028
	170,048	*,e	Uranium Participation Corp		630
	2,595,000	e	Value Partners Group Ltd		3,016
	48,457		Virtu Financial, Inc		1,097
	17,635	e	Virtus Investment Partners, Inc		2,071
	83,719		Vontobel Holding AG.		3,961
	133,920	*,e	Vostok New Ventures Ltd (SDR)		865

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,300,669		Voya Financial, Inc	$	48,008
	411,571		Waddell & Reed Financial, Inc (Class A)		11,796
	59,852		Warsaw Stock Exchange		549
	3,195,475		Waterland Financial Holdings		745
	28,700		Wendel		3,413
	18,498		Westwood Holdings Group, Inc		964
	491,939	e	WisdomTree Investments, Inc		7,714
	10,694		Woori Financial Co Ltd		210
	167,549		Woori Investment & Securities Co Ltd		1,418
	17,831	*,e	World Acceptance Corp		662
	10,153	*,e	ZAIS Group Holdings, Inc		94
	1,476,457		Zeder Investments Ltd		576
	61,900		Zenkoku Hosho Co Ltd		2,045
			TOTAL DIVERSIFIED FINANCIALS		4,091,373

ENERGY - 5.6%
	251,835	*,e	Abraxas Petroleum Corp		267
	10,155		Adams Resources & Energy, Inc		390
	52,082,315		Adaro Energy Tbk		1,925
	148,263	*	Advantage Oil & Gas Ltd		753
	130,877	*,e	Akastor ASA		177
	579,447		Aker Solutions ASA		1,973
	79,560	e	Alon USA Energy, Inc		1,181
	169,872	e	AltaGas Income Trust		3,793
	460,652		AMEC plc		2,908
	695,572	*,e	Amerisur Resources plc		251
	1,922,686		Anadarko Petroleum Corp		93,404
	71,483	*,e	Antero Resources Corp		1,558
	1,270,000	*,e	Anton Oilfield Services Group		122
	2,720,283		Apache Corp		120,971
	1,416,162	e	ARC Resources Ltd		17,092
	225,340		Archrock, Inc		1,695
	172,138		Ardmore Shipping Corp		2,190
	316,501	*,e	Athabasca Oil Corp		352
	157,722	e	Atwood Oceanics, Inc		1,613
	457,807	*,e	Australian Worldwide Exploration Ltd		166
	131,638	e,g	Avance Gas Holding Ltd		1,686
	1,945,725		Baker Hughes, Inc		89,795
	1,423,700		Bangchak Petroleum PCL-Foreign		999
	227,058	*	Bankers Petroleum Ltd		167
	1,826,400		Banpu PCL (Foreign)		808
	116,766	*,e	Basic Energy Services, Inc		313
	205,704	e	Baytex Energy Trust		666
	3,200,769	e	Beach Petroleum Ltd		1,139
	150,045	*,e	Bellatrix Exploration Ltd		178
	3,017,745		BG Group plc		43,745
	673,867		Bharat Petroleum Corp Ltd		9,051
	223,533	*,e	Bill Barrett Corp		878
	92,593	*	Birchcliff Energy Ltd		270
	126,409	*,e	Bonanza Creek Energy, Inc		666
	169,852	e	Bonavista Energy Trust		223
	25,907		Bonterra Oil & Gas Ltd		322

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,766	e	Bourbon S.A.	$	353
	534,660	e	Boustead Singapore Ltd		315
	23,301,292		BP plc		121,089
	626,090		BP plc (ADR)		19,572
	8,113,000	e	Brightoil Petroleum Holdings Ltd		2,705
	136,851	e	Bristow Group, Inc		3,544
	3,174,374		Bumi Armada BHD		752
	432,952	e,g	BW LPG Ltd		3,549
	268,906	e	BW Offshore Ltd		78
	1,163,321	*,e	C&J Energy Services Ltd		5,537
	575,558		Cabot Oil & Gas Corp		10,182
	500,556	*	Cairn Energy plc		1,158
	1,074,884		Cairn India Ltd		2,235
	1,409,367		California Resources Corp		3,284
	1,287,566	*	Callon Petroleum Co		10,738
	525,659		Caltex Australia Ltd		14,368
	429,666		Cameco Corp (Toronto)		5,301
	399,746	*	Cameron International Corp		25,264
	428,883	*,e	Canacol Energy Ltd		859
	633,522	e	Canadian Energy Services & Technology Corp		1,776
	1,516,521		Canadian Natural Resources Ltd (Canada)		33,121
	409,456		Canadian Oil Sands Trust		2,447
	190,591		Canyon Services Group, Inc		561
	200,945		Capital Product Partners LP		1,109
	50,778	e	CARBO Ceramics, Inc		873
	255,468	e	Cardinal Energy Ltd		1,619
	226,902	*	Carrizo Oil & Gas, Inc		6,712
	469,000		Cenovus Energy, Inc		5,919
	1,869,573	e	Cenovus Energy, Inc (Toronto)		23,645
	430,668	*	Cheniere Energy, Inc		16,042
	682,545	e	Chesapeake Energy Corp		3,071
	5,320,136		Chevron Corp		478,600
	5,448,906	e	China Coal Energy Co		2,081
	4,621,826	e	China Oilfield Services Ltd		3,972
	8,401,787	e	China Shenhua Energy Co Ltd		13,119
	1,802,000	e	China Suntien Green Energy Cor		287
	298,998		Cimarex Energy Co		26,724
	16,311	*,e	Clayton Williams Energy, Inc		482
	187,176	*,e	Clean Energy Fuels Corp		674
	182,346	*,e	Cloud Peak Energy, Inc		379
	36,662,878		CNOOC Ltd		38,158
	1,476,499		Coal India Ltd		7,325
	567,010	*	Cobalt International Energy, Inc		3,062
	358,788		Columbia Pipeline Group, Inc		7,176
	704,290	*,e	Compagnie Generale de Geophysique S.A.		2,054
	2,057,032	*	Concho Resources, Inc		191,016
	2,058,528		ConocoPhillips		96,113
	353,736	e	Consol Energy, Inc		2,795
	179,589	*	Contango Oil & Gas Co		1,151
	1,820,224	*,e	Continental Resources, Inc		41,829
	11,931	e	Core Laboratories NV		1,297
	276,428		Cosan SA Industria e Comercio		1,751

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	47,800	*	Cosmo Energy Holdings Co Ltd	$	642
	296,327	e	Crescent Point Energy Corp		3,452
	122,483	*,e	Crew Energy, Inc		358
	152,926	e	CVR Energy, Inc		6,018
	10,015,719	*	Dana Gas PJSC		1,379
	351,350		Dayang Enterprise Holdings BHD		115
	5,878		Delek Group Ltd		1,177
	212,764		Delek US Holdings, Inc		5,234
	835,726	e	Denbury Resources, Inc		1,688
	421,121	*,e	Denison Mines Corp		213
	616,262	*,e	Det Norske Oljeselskap ASA		3,824
	843,456		Devon Energy Corp		26,991
	609,562		DHT Holdings, Inc		4,931
	74,211	e	Diamond Offshore Drilling, Inc		1,566
	1,656,159	*	Diamondback Energy, Inc		110,797
	564,768	*,e	DNO International ASA		381
	66,810	*,e	Dorian LPG Ltd		786
	86,684	*	Dril-Quip, Inc		5,134
	865	*,e	Earthstone Energy, Inc		11
	127,588	*,e	Eclipse Resources Corp		232
	13,263,307		Ecopetrol S.A.		4,638
	672,498		Empresas COPEC S.A.		5,774
	140,696	e	Enbridge Income Fund		2,850
	865,955		Enbridge, Inc		28,788
	1,260,927		EnCana Corp		6,406
	284,311		Enerflex Ltd		2,731
	757,025	e	Energen Corp		31,030
	1,140,800		Energy Absolute PCL (Foreign)		710
	1,168,600		Energy Earth PCL		161
	118,273	*,e	Energy Fuels, Inc		349
	1,053,134	*,e	Energy Resources of Australia Ltd		276
	180,769	e	Enerplus Resources Fund		621
	1,853,496		ENI S.p.A.		27,540
	1,889,874	*	Enquest plc (London)		531
	733,538	e	Ensco plc		11,289
	254,762		Ensign Energy Services, Inc		1,359
	3,424,269		EOG Resources, Inc		242,404
	217,332	*,e	EP Energy Corp		952
	369,827		EQT Corp		19,279
	54,517	*	Era Group, Inc		608
	45,693		ERG S.p.A.		618
	23,386	*,e	Erin Energy Corp		75
	2,233	*	Esso SA Francaise		120
	968,500	*	Esso Thailand PCL (Foreign)		134
	112,034	*,e	Etablissements Maurel et Prom		363
	455,344		Euronav NV		6,269
	66,214	e	Evolution Petroleum Corp		318
	29,366	e	Exmar NV		317
	87,028	*	Exterran Corp		1,397
	325,864	e	Exxaro Resources Ltd		926
	11,423,461	d	Exxon Mobil Corp		890,459
	1,230,960	e	Ezion Holdings Ltd		527

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,791,783	*,e	Ezra Holdings Ltd	$	125
	171,242	*,e	Fairmount Santrol Holdings, Inc		402
	186,411	*,e	Faroe Petroleum plc		149
	570,037	*	FMC Technologies, Inc		16,537
	2,683,306		Formosa Petrochemical Corp		6,418
	152,841	*,e	Forum Energy Technologies, Inc		1,904
	523,080	e	Frank’s International NV		8,730
	28,960	*,e	Fred Olsen Energy ASA		113
	238,609	e	Freehold Royalty Trust		1,873
	632,749	e	Frontline Ltd		1,892
	103,373		Frontline Ltd (Norway)		296
	59,144	*,e	Fugro NV		970
	446,114		Galp Energia SGPS S.A.		5,206
	136,178	e	GasLog Ltd		1,130
	245,059	*,e	Gastar Exploration, Inc		321
	9,747,306		Gazprom OAO (ADR)		36,243
	87,725		Gazpromneft OAO (ADR)		942
	30,162		Gaztransport Et Technigaz S.A.		1,275
	40,366	*,e	Gener8 Maritime, Inc		381
	10,205,000	*,e	Genesis Energy Holdings Ltd		275
	36,017	*,e	Geospace Technologies Corp		507
	226,175	e	Gibson Energy, Inc		2,259
	148,186	e	Golar LNG Ltd		2,340
	60,000	*	Gran Tierra Energy, Inc		130
	124,452		Great Eastern Shipping Co Ltd		692
	96,129		Green Plains Renewable Energy, Inc		2,201
	308,149	*	Grupa Lotos S.A.		2,120
	123,852		GS Holdings Corp		5,307
	131,044	*	Gujarat Mineral Development Corp Ltd		167
	6,300		Gulf Island Fabrication, Inc		66
	100,942	*,e	Gulfmark Offshore, Inc		471
	160,222	*	Gulfport Energy Corp		3,937
	254,021	*,e	Halcon Resources Corp		320
	53,717	e	Hallador Petroleum Co		245
	2,101,962		Halliburton Co		71,551
	607		Hankook Shell Oil Co Ltd		244
	262,409	*	Helix Energy Solutions Group, Inc		1,380
	329,881	e	Helmerich & Payne, Inc		17,665
	820,343		Hess Corp		39,770
	40,381	e	Hoegh LNG Holdings Ltd		429
	689,248		HollyFrontier Corp		27,494
	2,107,000	*,e	Honghua Group Ltd		130
	81,709	*,e	Hornbeck Offshore Services, Inc		812
	109,878		Hunting plc		495
	520,897		Husky Energy, Inc		5,387
	107,594		Idemitsu Kosan Co Ltd		1,718
	486,912		Imperial Oil Ltd		15,863
	41,594	*,e	Independence Contract Drilling, Inc		210
	1,051,200		Inner Mongolia Yitai Coal Co		954
	1,439,502		Inpex Holdings, Inc		14,034
	961,311	e	Inter Pipeline Ltd		15,430

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	756,168	*,e	ION Geophysical Corp	$	380
	18,932,307		IRPC PCL (Foreign)		2,245
	2,440	*,e	Isramco, Inc		218
	42,953		Itochu Enex Co Ltd		329
	4,700	e	Japan Drilling Co Ltd		103
	76,200		Japan Petroleum Exploration Co		2,047
	1,227,338		John Wood Group plc		11,054
	71,789	*,e	Jones Energy, Inc (Class A)		276
	2,721,348		JX Holdings, Inc		11,422
	182,220	*,e	Karoon Gas Australia Ltd		233
	124,466	*,e	Kelt Exploration Ltd		381
	267	*,e	Key Energy Services, Inc		0	^
	457,889	e	Keyera Corp		13,323
	3,866,377		Kinder Morgan, Inc		57,686
	1,778,024	*	KNM Group BHD		210
	62,441		Koninklijke Vopak NV		2,689
	233,718	*	Kosmos Energy LLC		1,215
	323,520	*,e	KrisEnergy Ltd		38
	588,015	*,e	Laredo Petroleum Holdings, Inc		4,698
	416,646	*,e	Liquefied Natural Gas Ltd		240
	11,677		Lubelski Wegiel Bogdanka S.A.		99
	1,032,433		LUKOIL PJSC (ADR)		33,421
	295,443	*,e	Lundin Petroleum AB		4,263
	982,596		Marathon Oil Corp		12,371
	1,525,624		Marathon Petroleum Corp		79,088
	1,771,947	*,e	Matador Resources Co		35,031
	152,341	*	Matrix Service Co		3,129
	888,346	*,e	McDermott International, Inc		2,976
	812,277	*	MEG Energy Corp		4,708
	115,747	*,e	Memorial Resource Development Corp		1,869
	1,320,000	*	MIE Holdings Corp		178
	115,300	e	Modec, Inc		1,604
	62,999		MOL Hungarian Oil and Gas plc		3,073
	196,309		Motor Oil Hellas Corinth Refineries S.A.		2,117
	90,475	e	Mullen Group Ltd		916
	342,441	e	Murphy Oil Corp		7,688
	4,420,731		Nabors Industries Ltd		37,620
	29,581	*	Naphtha Israel Petroleum Corp Ltd		145
	524,384	e	National Oilwell Varco, Inc		17,562
	32,556	*	Natural Gas Services Group, Inc		726
	397,998	e	Navios Maritime Acq Corp		1,198
	243,132		Neste Oil Oyj		7,256
	1,810,000	e	New Zealand Oil & Gas Ltd		525
	401,277		New Zealand Refining Co Ltd		1,029
	48,892		Newalta, Inc		123
	524,475	*,e	Newfield Exploration Co		17,077
	16,270,000	e	Newocean Energy Holdings Ltd		6,338
	215,909	*,e	Newpark Resources, Inc		1,140
	553,000		Nippon Coke & Engineering Co Ltd		461
	23,200		Nippon Gas Co Ltd		568
	989,759	e	Noble Corp plc		10,442
	583,997	e	Noble Energy, Inc		19,231

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	75,051	e	Nordic American Offshore Ltd	$	396
	225,869	e	Nordic American Tanker Shipping		3,510
	18,417	*,e	North Atlantic Drilling Ltd		45
	33,496		Northern Blizzard Resources, Inc		96
	171,500	*,e	Northern Oil And Gas, Inc		662
	223,449		NovaTek OAO (GDR)		18,404
	133,112	*	NuVista Energy Ltd		392
	468,426	*,e	Oasis Petroleum, Inc		3,452
	3,541,703		Occidental Petroleum Corp		239,455
	152,226		Ocean Yield ASA		1,175
	441,257		Oceaneering International, Inc		16,556
	1,104,602	*	Oil Refineries Ltd		437
	2,236,188		Oil Search Ltd		10,884
	187,714	*	Oil States International, Inc		5,115
	129,183		OMV AG.		3,667
	387,323		Oneok, Inc		9,551
	626,444	*	Ophir Energy plc		904
	712,009		Origin Energy Ltd		2,409
	316,100		Pacc Offshore Services Holdings Ltd		67
	79,818	*,e	Pacific Ethanol, Inc		382
	1,332,641	*,e	Pacific Exploration and Production Corp		1,647
	86,656	*	Painted Pony Petroleum Ltd		218
	1,279,194	*,e	Paladin Resources Ltd		221
	69,948	e	Panhandle Oil and Gas, Inc (Class A)		1,130
	105,077	*	Par Petroleum Corp		2,473
	55,636	*,e	Paramount Resources Ltd (Class A)		246
	185,725	*	Parex Resources, Inc		1,364
	731,232	*	Parker Drilling Co		1,331
	215,371	e	Parkland Fuel Corp		3,625
	1,942,934	*	Parsley Energy, Inc		35,847
	166,919		Pason Systems, Inc		2,339
	1,450,480	e	Patterson-UTI Energy, Inc		21,873
	12,164		Paz Oil Co Ltd		1,911
	218,988		PBF Energy, Inc		8,061
	128,580	*,e	PDC Energy, Inc		6,864
	56	e	Peabody Energy Corp		0	^
	560,003	e	Pembina Pipeline Income Fund		12,202
	537,269		Pengrowth Energy Trust		396
	1,405,861	e	Penn West Energy Trust		1,189
	140,129		Petrofac Ltd		1,644
	5,133,299	*	Petroleo Brasileiro S.A.		10,980
	7,820,482	*	Petroleo Brasileiro S.A. (Preference)		13,090
	942,691	e	Petroleum Geo-Services ASA		3,852
	991,859		Petronas Dagangan BHD		5,743
	367,057	e	Peyto Exploration & Development Corp		6,597
	37,814	*,e	PHI, Inc		621
	1,102,690		Phillips 66		90,200
	814,135	*,e	Pioneer Energy Services Corp		1,767
	1,317,544		Pioneer Natural Resources Co		165,194
	5,069,873		Polish Oil & Gas Co		6,617
	610,348		Polski Koncern Naftowy Orlen S.A.		10,507

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	100,100	*,m	Poseidon Concepts Corp	$	1
	273,080	e	PrairieSky Royalty Ltd		4,326
	559,000	e	Precision Drilling Trust		2,210
	451,661	*	Premier Oil plc		323
	204,944	e	ProSafe ASA		483
	8,517,000	*	PT Energi Mega Persada Tbk		31
	1,032,850	*	PT Golden Eagle Energy Tbk		13
	1,496,200		PT Indo Tambangraya Megah		618
	17,253,300	*	PT Sugih Energy Tbk		588
	757,200		PT Tambang Batubara Bukit Asam Tbk		246
	1,564,200		PTT Exploration & Production PCL (ADR)		2,480
	2,948,684		PTT Exploration & Production PCL (Foreign)		4,676
	1,715,619		PTT PCL (Foreign)		11,553
	429,502	*	Qatar Gas Transport Co Ltd		2,750
	439,900		QGEP Participacoes S.A.		644
	366,313		Questar Market Resources, Inc		4,909
	186,691	*	Raging River Exploration, Inc		1,129
	504,997	e	Range Resources Corp		12,428
	3,101,846		Reliance Industries Ltd		47,494
	112,094	*	Renewable Energy Group, Inc		1,041
	681,099		Repsol YPF S.A.		7,498
	15,855	*,e	Rex Stores Corp		857
	102,718	*,e	Rice Energy, Inc		1,120
	30,303	*,e	RigNet, Inc		627
	60,527	*,e	Ring Energy, Inc		427
	2,663,374		Rosneft Oil Co (GDR)		9,284
	876,239	e	Rowan Cos plc		14,852
	6,844,449		Royal Dutch Shell plc (A Shares)		155,021
	3,776,297		Royal Dutch Shell plc (B Shares)		86,065
	1,256,807	e	RPC, Inc		15,019
	4,218,179	*,e	RSP Permian, Inc		102,881
	464,863	*,e	Saipem S.p.A.		3,757
	161,000		San-Ai Oil Co Ltd		1,313
	142,389	*,e	Sanchez Energy Corp		614
	1,260,225	e	Santos Ltd		3,357
	4,405,318		Sapurakencana Petroleum BHD		2,067
	431,845	*	Saras S.p.A.		833
	785,863		Sasol Ltd		21,217
	159,034	*,e	SBM Offshore NV		2,009
	3,679,208		Schlumberger Ltd		256,625
	9,727	e	Schoeller-Bleckmann Oilfield Equipment AG.		534
	790,947		Scorpio Tankers, Inc		6,343
	53,425	*,e	SEACOR Holdings, Inc		2,808
	332,853	*,e	Seadrill Ltd		1,128
	366,010	*,e	Seadrill Ltd (Oslo Exchange)		1,264
	118,978	e	Secure Energy Services, Inc		719
	109,248		SemGroup Corp		3,153
	50	*,m	Serval Integrated Energy Services		0
	156,959	*	Seven Generations Energy Ltd		1,529
	292,800	*	Shandong Molong Petroleum Machinery Co Ltd		118
	411,742		Shanxi Guoxin Energy Corp Ltd		620
	104,828		ShawCor Ltd		2,127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	32,200		Shinko Plantech Co Ltd	$	264
	143,427	e	Ship Finance International Ltd		2,377
	260,758	e	Showa Shell Sekiyu KK		2,128
	1,258,100		Siamgas & Petrochemicals PCL (Foreign)		360
	83,000		Sinanen Co Ltd		325
	886,000	e	Sinopec Kantons Holdings Ltd		523
	117,898	*	SK Energy Co Ltd		12,930
	14,957		SK Gas Co Ltd		929
	124,528	e	SM Energy Co		2,448
	172,986		Soco International plc		374
	61,602		S-Oil Corp		4,126
	1,205,138	*,e	Southwestern Energy Co		8,569
	218,039	*,e	Spartan Energy Corp		372
	1,490,232		Spectra Energy Corp		35,676
	5,781,502		Statoil ASA		80,633
	514,679	e	Stobart Group Ltd		812
	156,283	*,e	Stone Energy Corp		670
	609,161	*,e	Subsea 7 S.A.		4,312
	2,093,350		Suncor Energy, Inc		54,039
	1,733,595		Superior Energy Services		23,352
	267,352	e	Surge Energy, Inc		408
	2,800,272		Surgutneftegaz (ADR)		12,988
	284,500		Surgutneftegaz (ADR) (London)		1,297
	285,636	*,e	Synergy Resources Corp		2,434
	26,715	*	Tanker Investments Ltd		327
	192,315	e	Targa Resources Investments, Inc		5,204
	448,480		Tatneft PAO (ADR)		11,861
	261,600		Technip S.A.		13,009
	117,762	e	Tecnicas Reunidas S.A.		4,453
	76,290	e	Teekay Corp		753
	253,304		Teekay Tankers Ltd (Class A)		1,743
	412,090		Tenaris S.A.		4,880
	117,240	e	Tesco Corp		849
	322,804		Tesoro Corp		34,014
	112,978		Tethys Oil AB		767
	417,967	*	Tetra Technologies, Inc		3,143
	345,045	e	TGS Nopec Geophysical Co ASA		5,492
	1,461,257		Thai Oil PCL (Foreign)		2,663
	119,303	e	Tidewater, Inc		830
	107,832		TMK OAO (GDR)		344
	1,095,848		TonenGeneral Sekiyu KK		9,251
	112,377	e	TORC Oil & Gas Ltd		418
	22,239	*	Torm A.S.		316
	61,392		Total Energy Services, Inc		602
	4,394,577		Total S.A.		197,015
	334,163	*	Tourmaline Oil Corp		5,398
	84,000		Toyo Kanetsu K K		182
	94,933	*,e	TransAtlantic Petroleum Ltd		132
	1,937,796	e	TransCanada Corp		63,286
	47,000		TransGlobe Energy Corp		85
	483,292	e	Transocean Ltd		6,041
	72,747	*	Trilogy Energy Corp		192

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	192,887	e	Trinidad Drilling Ltd	$	296
	1,494,202	*	Tullow Oil plc		3,660
	746,850	*	Tupras Turkiye Petrol Rafine		17,813
	384,818	*,e	Ultra Petroleum Corp		962
	493,193		Ultrapar Participacoes S.A.		7,495
	845,100		UMW Oil & Gas Corp BHD		210
	238,505	*,e	Unit Corp		2,910
	302,681	*,e	Uranium Energy Corp		321
	138,648	e	US Silica Holdings Inc		2,597
	1,537,627		Valero Energy Corp		108,726
	637,298	e	Veresen, Inc		4,081
	56,532	e	Vermilion Energy, Inc		1,537
	8,740		VTTI Energy Partners LP		181
	206,980	*,e	W&T Offshore, Inc		478
	1,857,840		Wah Seong Corp BHD		412
	3,395,574	*	Weatherford International Ltd		28,489
	144,632		Western Energy Services Corp		406
	325,617	e	Western Refining, Inc		11,598
	783,835	e	Whitecap Resources, Inc		5,138
	2,343,940	*,e	Whitehaven Coal Ltd		1,183
	279,426	*	Whiting Petroleum Corp		2,638
	1,780,468		Williams Cos, Inc		45,758
	2,439,000	*,e	Wison Engineering Services Co Ltd		256
	1,569,206		Woodside Petroleum Ltd		32,693
	155,149		World Fuel Services Corp		5,967
	207,421		WorleyParsons Ltd		696
	1,465,269	*	WPX Energy, Inc		8,411
	4,860,000	*,e	Yanchang Petroleum International Ltd		93
	3,700,861	e	Yanzhou Coal Mining Co Ltd		1,716
	199,239		YPF S.A. (ADR) (Class D)		3,132
	1,848,000	*	Yuan Heng Gas Holdings Ltd		140
	637,741	e	Z Energy Ltd		2,945
			TOTAL ENERGY		6,328,098

FOOD & STAPLES RETAILING - 1.9%
	1,322,700		7-Eleven Malaysia Holdings BHD		474
	434,026		Aeon Co Ltd		6,687
	19,800		Ain Pharmaciez Inc		944
	14,863	*	Al Meera Consumer Goods Co		896
	1,153,324		Alimentation Couche Tard, Inc		50,769
	843,476		Almacenes Exito S.A.		3,587
	71,424		Andersons, Inc		2,259
	111,479		Arcs Co Ltd		2,457
	319,890		Axfood AB		5,541
	12,200		Axial Retailing, Inc		410
	7,200		Belc Co Ltd		263
	44,223		BGF retail Co Ltd		6,402
	252,392		BIM Birlesik Magazalar AS		4,443
	27,122		Bizim Toptan Satis Magazalari AS		119
	3,378,373		Booker Group plc		9,016
	525,129		Carrefour S.A.		15,155
	95,496		Casey’s General Stores, Inc		11,502

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	133,333	e	Casino Guichard Perrachon S.A.	$	6,125
	59,900		Cawachi Ltd		1,168
	4,039,571		Centros Comerciales Sudamericanos S.A.		8,067
	47,299	*,e	Chefs’ Warehouse Holdings, Inc		789
	1,573,081		China Resources Enterprise		3,356
	312,041		Cia Brasileira de Distribuicao Grupo Pao de Acucar		3,286
	24,658		CJ Freshway Corp		1,738
	431,998		Clicks Group Ltd		2,487
	54,160		Cocokara Fine Holdings, Inc		2,431
	39,437		Colruyt S.A.		2,029
	514,412		Controladora Comercial Mexicana S.A. de C.V.		1,412
	7,227,800		Cosco Capital, Inc		1,259
	7,800	e	Cosmos Pharmaceutical Corp		1,230
	1,415,912		Costco Wholesale Corp		228,670
	1,488,000		CP Seven Eleven PCL (ADR)		1,616
	7,200,909		CP Seven Eleven PCL (Foreign)		7,819
	118,500		Create SD Holdings Co Ltd		2,900
	4,026,885		CVS Health Corp		393,709
	5,000		Daikokutenbussaan Co Ltd		188
	297,397		Delhaize Group		28,945
	3,059,717	e	Distribuidora Internacional de Alimentacion S.A.		18,046
	35,929		Dongsuh Co, Inc		949
	37,025		E-Mart Co Ltd		5,941
	198,151		Empire Co Ltd		3,686
	190,819		Eurocash S.A.		2,352
	187,391		FamilyMart Co Ltd		8,720
	126,332	*,e	Fresh Market, Inc		2,959
	61,708		George Weston Ltd		4,769
	286,894		Greggs plc		5,562
	20,600		Growell Holdings Co Ltd		1,142
	298,713	e	Grupo Comercial Chedraui S.a. DE C.V.		796
	22,193		GS Retail Co Ltd		1,011
	58,400		Heiwado Co Ltd		1,282
	29,447	*	Hyundai C&F, Inc		771
	42,348		Hyundai Greenfood Co Ltd		890
	400,266	e	ICA Gruppen AB		14,536
	3,032	*	Indiabulls Wholesale Service		0	^
	35,465		Ingles Markets, Inc (Class A)		1,563
	8,300		Itochu-Shokuhin Co Ltd		287
	3,437,499	e	J Sainsbury plc		13,091
	96,362		Jean Coutu Group PJC, Inc		1,247
	795,370		Jeronimo Martins SGPS S.A.		10,350
	18,200		Kato Sangyo Co Ltd		421
	169,220		Kesko Oyj (B Shares)		5,931
	33,700	e	Kobe Bussan Co Ltd		1,068
	2,075,102		Koninklijke Ahold NV		43,771
	4,398,976		Kroger Co		184,009
	13,900		Kusuri No Aoki Co Ltd		678
	393,014		Lawson, Inc		31,901
	55,000	*	Lenta Ltd (ADR)		373
	1,723,000	*,e	Lianhua Supermarket Holdings Co Ltd		747
	47,500	e	Life Corp		1,173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	233,221	e	Loblaw Cos Ltd	$	11,013
	430,308		Magnit OAO (GDR)		17,303
	62,093	e	Majestic Wine plc		275
	98,467		MARR S.p.A.		2,034
	119,093	e	Massmart Holdings Ltd		771
	53,300		Matsumotokiyoshi Holdings Co Ltd		2,720
	3,545,232	e	Metcash Ltd		4,139
	353,874		Metro AG.		11,273
	550,146		Metro, Inc		15,403
	34,778	*	Migros Ticaret AS		208
	11,500		Ministop Co Ltd		223
	23,002	*,e	Natural Grocers by Vitamin C		469
	39,900	e	Nihon Chouzai Co Ltd		1,577
	158,969		North West Co Fund		3,294
	38,000		Okuwa Co Ltd		350
	235,000	e	Olam International Ltd		301
	37,734	*,e	Performance Food Group Co		873
	414,726		Pick’n Pay Holdings Ltd		746
	266,758	e	Pick’n Pay Stores Ltd		1,120
	670,980		President Chain Store Corp		4,188
	48,323		Pricesmart, Inc		4,010
	1,124,500		PT Matahari Putra Prima Tbk		148
	22,000,000	*	PT Modern Internasional Tbk		239
	64,300		Qol Co Ltd		905
	238,653		Raia Drogasil S.A.		2,135
	19,151	e	Rallye S.A.		298
	5,268		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		242
	2,705,246	*	Rite Aid Corp		21,209
	2,995,240		Robinsons Retail Holdings, Inc		4,013
	39,879		Ryoshoku Ltd		980
	13,900		San-A Co Ltd		624
	954,697		Seven & I Holdings Co Ltd		43,710
	877,200	e	Sheng Siong Group Ltd		519
	1,140,850		Shoprite Holdings Ltd		10,572
	191,547	*	Shufersal Ltd		594
	120,705	*	Smart & Final Stores, Inc		2,198
	8,300	*	Sogo Medical Co Ltd		306
	1,302,227		Sonae SPGS S.A.		1,480
	406,905		Spar Group Ltd		4,841
	168,139		Spartan Stores, Inc		3,639
	1,700,972	*,e	Sprouts Farmers Market, Inc		45,229
	33,000		Sugi Pharmacy Co Ltd		1,821
	7,302,883	e	Sun Art Retail Group Ltd		5,495
	55,300		Sundrug Co Ltd		3,556
	1,717,210	*	Supervalu, Inc		11,643
	1,404,699		Sysco Corp		57,593
	560,000		Taiwan TEA Corp		251
	19,548,456	*	Tesco plc		42,953
	71,876		Tsuruha Holdings, Inc		6,228
	159,964	*	United Natural Foods, Inc		6,296
	134,200		United Super Markets Holdings, Inc		1,144
	217,500		UNY Co Ltd		1,367

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	104,100		Valor Co Ltd	$	2,455
	16,965		Village Super Market (Class A)		447
	2,384,835		Walgreens Boots Alliance, Inc		203,081
	9,456,496		Wal-Mart de Mexico SAB de C.V.		23,863
	4,434,876		Wal-Mart Stores, Inc		271,858
	42,532		Weis Markets, Inc		1,884
	1,355,649		Wesfarmers Ltd		40,870
	736,689		Whole Foods Market, Inc		24,679
	3,075,400	e	WM Morrison Supermarkets plc		6,701
	1,515,190		Woolworths Ltd		26,883
	521,999	*,m	Wumart Stores, Inc		416
	252,767	*	X 5 Retail Group NV (GDR)		4,790
	37,600		Yaoko Co Ltd		1,578
	110,700		Yokohama Reito Co Ltd		969
			TOTAL FOOD & STAPLES RETAILING		2,165,162

FOOD, BEVERAGE & TOBACCO - 5.3%
	25,634		AarhusKarlshamn AB		1,899
	28,026	*	Advanta Ltd		188
	47,569		AGT Food & Ingredients, Inc		1,169
	298,626		Agthia Group PJSC		624
	955,885		Ajinomoto Co, Inc		22,631
	8,838	e	Alico, Inc		342
	6,469,486		Altria Group, Inc		376,589
	8,702,708		AMBEV S.A.		39,104
	35,409	*,e	Amplify Snack Brands, Inc		408
	37,956		Amsterdam Commodities NV		957
	235,102		Anadolu Efes Biracilik Ve Malt Sanayii AS		1,523
	1,017,888		Anheuser-Busch InBev NV		126,673
	2,974	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0
	346,100		Anhui Gujing Distillery Co Ltd		1,225
	5,429	*,e	Arcadia Biosciences, Inc		17
	1,197,746		Archer Daniels Midland Co		43,933
	17,800		Ariake Japan Co Ltd		985
	50,189		Aryzta AG.		2,539
	296,744		Asahi Breweries Ltd		9,289
	1,949,149		Associated British Foods plc		95,912
	115,753		Astral Foods Ltd		868
	9,408		Atria Group plc		92
	226,103		Austevoll Seafood ASA		1,373
	326,210	*,e	Australian Agricultural Co Ltd		318
	663,788		AVI Ltd		3,317
	154,169	e	B&G Foods, Inc (Class A)		5,399
	143,811		Bakkafrost P		4,237
	2,209	e	Barry Callebaut AG.		2,399
	99,400	e	Bega Cheese Ltd		534
	90,919		Bellamy’s Australia Ltd		899
	83,244	*	Belvedere S.A.		1,827
	5,396		Binggrae Co Ltd		314
	186,799	e	Biostime Internatonal Holdings Ltd		383
	753,897	*,e	Blue Buffalo Pet Products, Inc		14,105
	11,117		Bonduelle S.C.A.		278

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	22,626	*,e	Boston Beer Co, Inc (Class A)	$	4,568
	140,180	*	Boulder Brands, Inc		1,539
	540,700		Boustead Plantations BHD		188
	775,548		BRF S.A.		10,818
	281,848		British American Tobacco Malaysia BHD		3,676
	3,851,785		British American Tobacco plc		213,905
	5,550,807		Britvic plc		59,473
	45,780	e	Brown-Forman Corp		5,041
	229,342		Brown-Forman Corp (Class B)		22,769
	305,300	e	Bumitama Agri Ltd		152
	686,647		Bunge Ltd		46,884
	305,161		C&C Group plc		1,229
	36,558	e	Calavo Growers, Inc		1,791
	103,874		Calbee, Inc		4,387
	77,983	e	Cal-Maine Foods, Inc		3,614
	602,873	e	Campbell Soup Co		31,681
	222,200		Carabao Group PCL		212
	39,907		Carlsberg AS (Class B)		3,535
	273,800		Carlsberg Brewery-Malay BHD		745
	162,152	*,e	Castle Brands, Inc		199
	29,986	*	CCL Products India Ltd		98
	2,524,300		Century Pacific Food, Inc		884
	651,000		Changshouhua Food Co Ltd		405
	2,939,800		Charoen Pokphand Foods PCL		1,485
	2,712,820	*,e	China Agri-Industries Holdings Ltd		925
	7,499,296	e	China Huishan Dairy Holdings Co Ltd		2,868
	770,500	*	China Huiyuan Juice Group Ltd		351
	3,546,720		China Mengniu Dairy Co Ltd		5,758
	2,146,000	e	China Modern Dairy Holdings		554
	40,798	*	China Ocean Resources Co Ltd		139
	1,442,000	*,e	China Yurun Food Group Ltd		305
	341,105		Cia Cervecerias Unidas S.A.		3,774
	9,450		CJ CheilJedang Corp		3,023
	20,829		Clearwater Seafoods, Inc		180
	193,682	*	Cloetta AB		640
	280,276		Clover Industries Ltd		308
	612,943		Coca-Cola Amatil Ltd		4,133
	11,081		Coca-Cola Bottling Co Consolidated		2,022
	297,698	e	Coca-Cola Central Japan Co Ltd		4,794
	13,102,744		Coca-Cola Co		562,894
	380,882		Coca-Cola Embonor S.A.		548
	652,100		Coca-Cola Enterprises, Inc		32,109
	933,420		Coca-Cola Femsa S.A. de C.V.		6,710
	92,960	e	Coca-Cola Femsa SAB de C.V. (ADR)		6,583
	288,902		Coca-Cola HBC AG.		6,152
	405,487		Coca-Cola Icecek AS		5,164
	269,400		Coca-Cola West Japan Co Ltd		5,453
	862,000	*	Cofco International Ltd		378
	1,656,117		ConAgra Foods, Inc		69,822
	546,650		Constellation Brands, Inc (Class A)		77,865
	162,650		Corbion NV		3,938
	12,733		Corby Spirit and Wine Ltd		173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	221,560	*	Costa Group Holdings Ltd	$	438
	95,241		Cott Corp		1,049
	25,297	*,e	Craft Brewers Alliance, Inc		212
	649		Crown Confectionery Co Ltd		298
	2,921		Dae Han Flour Mills Co Ltd		457
	43,066		Daesang Corp		1,185
	119,710		Dairy Crest Group plc		1,198
	747,052	*	Darling International, Inc		7,859
	3,011,422		Davide Campari-Milano S.p.A.		26,036
	471,041	e	Dean Foods Co		8,078
	313,945	*,e	Deoleo S.A.		78
	213,973		Devro plc		915
	4,012,927		Diageo plc		109,584
	56,173		Diageo plc (ADR)		6,127
	66,780	*	Diamond Foods, Inc		2,574
	1,093		Dongwon F&B Co Ltd		364
	1,371		Dongwon Industries Co Ltd		308
	820,108		Dr Pepper Snapple Group, Inc		76,434
	7,200		Dydo Drinco, Inc		335
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		2
	36,601		Easy Bio, Inc		176
	98,857	e	Ebro Puleva S.A.		1,945
	349,537		Embotelladora Andina S.A.		1,039
	1,734,533		Embotelladoras Arca SAB de C.V.		10,535
	5,030		Emmi AG.		2,261
	42,800		Ezaki Glico Co Ltd		2,312
	34,962	*	Farmer Bros Co		1,128
	10,826	*	Farmsco		150
	6,442,499		Felda Global Ventures Holdings BHD		2,554
	193,104		Fevertree Drinks plc		1,706
	2,268,100	e	First Resources Ltd		3,064
	660,754		Flowers Foods, Inc		14,200
	3,104,230	e	Fomento Economico Mexicano S.A. de C.V.		29,112
	133,250	e	Fonterra Shareholders’ Fund		545
	81,153	e	Fresh Del Monte Produce, Inc		3,155
	56,902	*,e	Freshpet, Inc		483
	58,473		Fuji Oil Co Ltd		950
	15,232		Fujicco Co Ltd		266
	95,000	*,e	Fujiya Co Ltd		152
	1,739,100		General Mills, Inc		100,277
	229,314		Genting Plantations BHD		566
	1,877,700		GFPT PCL (Foreign)		514
	155,876		Glanbia plc		2,870
	10,552		GlaxoSmithKline Consumer Healthcare Ltd		1,022
	13,453,754		Golden Agri-Resources Ltd		3,214
	159,010	e	GrainCorp Ltd-A		993
	1,379,272		Great Wall Enterprise Co		867
	403,695		Greencore Group plc		2,106
	970,936		Groupe Danone		65,610
	923,400		Gruma SAB de C.V.		12,953
	2,739,543	*	Grupo Bimbo S.A. de C.V. (Series A)		7,304
	697,145		Grupo Herdez SAB de C.V.		1,811

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	674,200		Grupo Lala SAB de C.V.	$	1,568
	289,135	*	Hain Celestial Group, Inc		11,678
	27,493	*	Harim & Co Ltd		97
	117,350		Heineken Holding NV		9,034
	922,582		Heineken NV		78,620
	284,185		Hershey Co		25,369
	267,500		Hey Song Corp		255
	37,608		High Liner Foods, Inc		423
	30,090		Hite Holdings Co Ltd		346
	71,853		HKScan Oyj		297
	17,400		Hokuto Corp		335
	943,000	g	Honworld Group Ltd		726
	450,542		Hormel Foods Corp		35,629
	49,052	e	House Foods Corp		968
	477,200		Ichitan Group PCL		162
	652,935		Illovo Sugar Ltd		714
	64,060,000	e	Imperial Pacific International Holdings Ltd		1,393
	1,015,072		Imperial Tobacco Group plc		53,614
	378,978	e	Indofood Agri Resources Ltd		131
	2,737,577		Indofood CBP Sukses Makmur Tbk		2,648
	545,600		Industrias Bachoco SAB de C.V.		2,220
	472,484	e	Ingredion, Inc		45,283
	49,445	*,e	Inventure Foods, Inc		351
	3,430,083		IOI Corp BHD		3,552
	3,761,499		ITC Ltd		18,600
	71,800	e	Ito En Ltd		1,847
	465,000	e	Itoham Foods, Inc		2,694
	64,957		J&J Snack Foods Corp		7,579
	175,049		J.M. Smucker Co		21,591
	2,372,777		Japan Tobacco, Inc		87,114
	306,600	*	Japfa Ltd		101
	1,689,393		JBS S.A.		5,243
	64,327		Jinro Ltd		1,279
	42,255		John B. Sanfilippo & Son, Inc		2,283
	99,000		J-Oil Mills, Inc		287
	630,238		Juhayna Food Industries		642
	64,873	e	Kagome Co Ltd		1,135
	9,700		Kameda Seika Co Ltd		414
	630,900		Kaset Thai International Sugar Corp PCL		140
	28,817		Kaveri Seed Co Ltd		152
	636,212		Kellogg Co		45,979
	618,353	e	Kerry Group plc (Class A)		51,162
	257,852	e	Keurig Green Mountain, Inc		23,202
	15,000	e	KEY Coffee, Inc		239
	2,357,000		Khon Kaen Sugar Industry PCL		267
	157,671		Kikkoman Corp		5,463
	770,690		Kirin Brewery Co Ltd		10,464
	203,149		Koninklijke Wessanen NV		2,062
	2,613,420		Kraft Heinz Co		190,152
	43,621		KRBL Ltd		150
	228,840		KT&G Corp		20,336
	923,095		Kuala Lumpur Kepong BHD		4,910

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	403,000		Kulim Malaysia BHD	$	354
	2,787	e	KWS Saat AG.		839
	84,132		La Doria S.p.A		1,191
	104,805		Lancaster Colony Corp		12,101
	121,439	e	Lance, Inc		4,165
	68,422	*,e	Landec Corp		809
	79,615		Leroy Seafood Group ASA		2,959
	2,620,000	*,e	Leyou Technologies Holdings Ltd		252
	466,666		Lien Hwa Industrial Corp		269
	14,432	*	Lifeway Foods, Inc		160
	32,766	e	Limoneira Co		490
	268		Lindt & Spruengli AG.		1,674
	34		Lindt & Spruengli AG. (Registered)		2,533
	353		Lotte Chilsung Beverage Co Ltd		668
	707		Lotte Confectionery Co Ltd		1,371
	2,667		Lotte Samkang Co Ltd		2,143
	38,146		M Dias Branco S.A.		641
	34,206		Maeil Dairy Industry Co Ltd		1,281
	85,824	e	Maple Leaf Foods, Inc		1,474
	255,600	*	Marfrig Global Foods S.A.		409
	245,000		Marudai Food Co Ltd		944
	36,600		Maruha Nichiro Corp		646
	292,031	e	McCormick & Co, Inc		24,986
	72,096	*	McLeod Russel India Ltd		189
	361,721		Mead Johnson Nutrition Co		28,558
	187,700		Megmilk Snow Brand Co Ltd		4,827
	234,200		MEIJI Holdings Co Ltd		19,345
	22,869		Mgp Ingredients, Inc		593
	173,500	*	Minerva S.A.		582
	293,000		Mitsui Sugar Co Ltd		1,319
	679,748		Molson Coors Brewing Co (Class B)		63,842
	6,633,054		Mondelez International, Inc		297,426
	1,328,680	*	Monster Beverage Corp		197,920
	164,302		Morinaga & Co Ltd		864
	822,000		Morinaga Milk Industry Co Ltd		3,745
	13,988	*	Muhak Co Ltd		453
	772,000		Namchow Chemical Industrial Ltd		1,590
	1,323		Namyang Dairy Products Co Ltd		833
	71,697	*,e	National Beverage Corp		3,258
	5,594	*,e	Naturex		434
	39,215		Nestle India Ltd		3,447
	4,673,542		Nestle S.A.		346,941
	589,000		Nichirei Corp		4,340
	232,000		Nippon Beet Sugar Manufacturing Co Ltd		390
	109,000		Nippon Flour Mills Co Ltd		782
	417,705		Nippon Meat Packers, Inc		8,187
	695,066		Nippon Suisan Kaisha Ltd		3,890
	372,000		Nisshin Oillio Group Ltd		1,515
	143,807		Nisshin Seifun Group, Inc		2,349
	21,273		Nissin Food Products Co Ltd		1,129
	2,905		Nong Shim Co Ltd		1,085
	1,740		Nong Shim Holdings Co Ltd		227

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,267		Nong Woo Bio Co Ltd	$	116
	98,524	e	Oceana Group Ltd		745
	76,294	*	Omega Protein Corp		1,694
	214,200	e	Organizacion Cultiba SAB de C.V.		291
	341,278		Origin Enterprises plc		2,800
	4,064		Orion Corp		4,014
	305,978		Orkla ASA		2,414
	28,828		Osem Investments Ltd		494
	2,088		Ottogi Corp		2,164
	320,339		PAN Fish ASA		4,310
	5,042,837		PepsiCo, Inc		503,880
	1,399,000		Pepsi-Cola Products Philippine		109
	78,873		Pernod-Ricard S.A.		8,995
	72,987	*,m	Pescanova S.A.		1
	868,500	e	Petra Foods Ltd		1,285
	1,349		Philip Morris CR		651
	4,655,976		Philip Morris International, Inc		409,307
	516,386	e	Pilgrim’s Pride Corp		11,407
	37,347		Pinar SUT Mamulleri Sanayii AS		210
	2,063,617		Pinnacle Foods, Inc		87,621
	111,608		Pioneer Foods Ltd		1,145
	749,369	*,e	Post Holdings, Inc		46,236
	852,290		PPB Group BHD		3,147
	737,562	*	Premier Foods plc		427
	60,808		Premium Brands Holdings Corp		1,678
	509,000		Prima Meat Packers Ltd		1,368
	375,715		PT Astra Agro Lestari Tbk		428
	5,692,200	m	PT Austindo Nusantara Jaya		665
	1,389,600		PT Bisi International		135
	10,826,700	*	PT BW Plantation Tbk		108
	8,126,510		PT Charoen Pokphand Indonesia Tbk		1,514
	1,636,068		PT Gudang Garam Tbk		6,493
	489,400		PT Hanjaya Mandala Sampoerna Tbk		3,331
	17,743,831		PT Indofood Sukses Makmur Tbk		6,605
	4,830,100	*	PT Japfa Comfeed Indonesia Tbk		221
	1,411,300		PT Nippon Indosari Corpindo Tbk		129
	11,886,300		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,126
	8,323,600		PT Salim Ivomas Pratama Tbk		200
	1,837,800		PT Sawit Sumbermas Sarana Tbk		259
	4,905	*	Pulmuone Co Ltd		772
	86,400	e	Q.P. Corp		2,134
	218,419		QAF Ltd		163
	837,150		QL Resources BHD		835
	38,769	*,g	Refresco Gerber NV		668
	11,639	e	Remy Cointreau S.A.		834
	2,740,011		Reynolds American, Inc		126,452
	9,400,000		RFM Corp		789
	111,538	*	Rhodes Food Group Pty Ltd		169
	157,408	e	Rogers Sugar, Inc		482
	111,854		Royal Unibrew A.S.		4,546
	9,800	e	S Foods, Inc		172
	1,219,541		SABMiller plc		72,958

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,782	*	Sajo Industries Co Ltd	$	102
	25,255		Sakata Seed Corp		597
	185,108		Salmar ASA		3,230
	2,110		Samlip General Foods Co Ltd		493
	5,363		Samyang Corp		470
	597	m	Samyang Genex Co Ltd		113
	18,362		Samyang Holdings Corp		2,452
	55,035	e	Sanderson Farms, Inc		4,266
	180,800		Sao Martinho S.A.		2,088
	1,416,000	e	Sapporo Holdings Ltd		6,216
	353,604		Saputo, Inc		8,459
	109,319		Scandi Standard AB		703
	34,233		Schouw & Co		1,921
	817	*	Seaboard Corp		2,365
	311,258		Select Harvests Ltd		1,917
	27,970	*	Seneca Foods Corp		811
	270,200	*	Shandong Zhonglu Oceanic Fisheries Co Ltd		321
	341,400	*	Shanghai Dajiang Group		271
	1,292,000		Shenguan Holdings Group Ltd		188
	176,000		Showa Sangyo Co Ltd		672
	5,310		Silla Co Ltd		74
	130,600		SLC Agricola S.A.		542
	1,180,182		Standard Foods Corp		2,937
	264,324		Stock Spirits Group plc		544
	37,272		Strauss Group Ltd		555
	82,043		Suedzucker AG.		1,626
	245,683		Suntory Beverage & Food Ltd		10,755
	395,400		Super Coffeemix Manufacturing Ltd		233
	219,343		Swedish Match AB		7,751
	53,507	*,e	Synutra International, Inc		252
	141,800		Takara Holdings, Inc		1,078
	121,453		Tassal Group Ltd		414
	548,923		Tata Tea Ltd		1,208
	578,930		Tate & Lyle plc		5,099
	594,900		TDM BHD		96
	2,143,000	e	Tenwow International Holdings Ltd		700
	1,577,200		Thai Union Group PCL		749
	1,723,400		Thai Vegetable Oil PCL		1,069
	1,522,000	e	Tibet 5100 Water Resources Holdings Ltd		569
	1,751,300		Tiga Pilar Sejahtera Food Tbk		153
	431,807	e	Tiger Brands Ltd		8,845
	2,444,542		Tingyi Cayman Islands Holding Corp		3,473
	202,900	*	TIPCO Foods PCL		98
	106,685		Tongaat Hulett Ltd		642
	43,032	e	Tootsie Roll Industries, Inc		1,359
	127,046		Toyo Suisan Kaisha Ltd		4,428
	583,074		Treasury Wine Estates Ltd		3,501
	106,626	*	TreeHouse Foods, Inc		8,366
	9,920		TS Corp		170
	532,150		TSH Resources BHD		243
	485,086	e	Tsingtao Brewery Co Ltd		2,185
	141,000		Ttet Union Corp		321

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,878,126		Tyson Foods, Inc (Class A)	$	100,160
	170,945		Ulker Biskuvi Sanayi AS		1,032
	963,000	e	Uni-President China Holdings Ltd		738
	7,522,260		Uni-President Enterprises Corp		12,539
	71,762		United Breweries Ltd		1,025
	98,921	*	United Spirits Ltd		4,467
	55,947	e	Universal Corp		3,138
	1,569,805		Universal Robina		6,195
	212,136	e	Vector Group Ltd		5,004
	7,598	e	Vilmorin & Cie		547
	360,257		Vina Concha y Toro S.A.		540
	70,000,000		Vina San Pedro Tarapaca S.A.		621
	41,451		Viscofan S.A.		2,500
	7,438,024	e	Want Want China Holdings Ltd		5,520
	37,200		Warabeya Nichiyo Co Ltd		705
	296,000	*	Wei Chuan Food Corp		157
	6,446,500	*,g	WH Group Ltd		3,588
	973,378	*	WhiteWave Foods Co (Class A)		37,874
	4,254,967		Wilmar International Ltd		8,779
	18,831		Yakult Honsha Co Ltd		922
	244,735		Yamazaki Baking Co Ltd		5,503
	7,000		Yonekyu Corp		147
	2,899,000	*,e	YuanShengTai Dairy Farm Ltd		231
	8,507		Zydus Wellness Ltd		111
			TOTAL FOOD, BEVERAGE & TOBACCO		5,990,311

HEALTH CARE EQUIPMENT & SERVICES - 4.0%
	21,394	*,e	AAC Holdings, Inc		408
	58,483		Abaxis, Inc		3,256
	4,709,620		Abbott Laboratories		211,509
	141,065	*	Abiomed, Inc		12,735
	242,768	*	Acadia Healthcare Co, Inc		15,163
	193,732	*,e	Accuray, Inc		1,308
	92,907		Aceto Corp		2,507
	42,180	*	Addus HomeCare Corp		982
	15,379	*,e	Adeptus Health, Inc		838
	451,879		Advanced Medical Solutions Group plc		1,207
	1,271,082		Aetna Inc		137,429
	951,941	*	AGFA-Gevaert NV		5,421
	62,626	*,m	AGFA-Gevaert NV Brussels (Strip VVPR)		0
	99,596	*,e	Air Methods Corp		4,176
	168,155		Al Noor Hospitals Group plc		2,743
	631,634		Alfresa Holdings Corp		12,475
	267,813	*	Align Technology, Inc		17,636
	21,485	*	Alliance HealthCare Services, Inc		197
	718,575	*	Allscripts Healthcare Solutions, Inc		11,052
	23,499	*	Almost Family, Inc		898
	30,222	e	Ambu A.S.		920
	133,010	*	Amedisys, Inc		5,230
	843,455		AmerisourceBergen Corp		87,475
	216,691	*	AMN Healthcare Services, Inc		6,728
	315,287	e	Amplifon S.p.A.		2,731

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	181,102	*,e	Amsurg Corp	$	13,764
	44,558		Analogic Corp		3,681
	65,740	*	Angiodynamics, Inc		798
	38,180	*,e	Anika Therapeutics, Inc		1,457
	284,189		Ansell Ltd		4,404
	348,969	*,e	Antares Pharma, Inc		422
	708,542		Anthem, Inc		98,799
	215,698		Apollo Hospitals Enterprise Ltd		4,769
	11,700		As One Corp		448
	80,800		Asahi Intecc Co Ltd		3,713
	97,085	*,e	athenahealth, Inc		15,628
	69,818	*	AtriCure, Inc		1,567
	5,542		Atrion Corp		2,113
	1,052,122		Australian Pharmaceutical Industries Ltd		1,474
	1,551,850		Bangkok Chain Hospital PCL		389
	4,306,200		Bangkok Dusit Medical Services PCL		2,661
	272,434		Bard (C.R.), Inc		51,610
	1,709,342		Baxter International, Inc		65,211
	359,277		Becton Dickinson & Co		55,361
	185,251	*,e	BioScrip, Inc		324
	1,133,800	*,e	Biosensors International Group Ltd		646
	66,878	*	BioTelemetry, Inc		781
	26,800		BML, Inc		803
	5,462,522	*	Boston Scientific Corp		100,729
	264,167	*	Brookdale Senior Living, Inc		4,877
	719,700		Bumrungrad Hospital PCL (Foreign)		4,202
	454,275		Bupa Chile S.A.		364
	115,227		Cantel Medical Corp		7,160
	42,910	*,g	Capio AB		292
	71,823	*	Capital Senior Living Corp		1,498
	879,619		Cardinal Health, Inc		78,524
	79,697	*,e	Cardiovascular Systems, Inc		1,205
	28,247		Carl Zeiss Meditec AG.		875
	2,922	*,e	Carmat		130
	93,901	*,e	Castlight Health, Inc		401
	10,700	*	Cegedim S.A.		372
	17,360		Celesio AG.		472
	889,098	*	Centene Corp		58,512
	912,917	*	Cerner Corp		54,930
	245,768	*,e	Cerus Corp		1,553
	38,184	*	CHA Bio & Diostech Co Ltd		457
	262,204		Chartwell Retirement Residences		2,407
	92,147		CHC Healthcare Group		166
	42,997	e	Chemed Corp		6,441
	976,500	*	China NT Pharma Group Co Ltd		316
	457,000	e	China Pioneer Pharma Holdings Ltd		165
	19,904,900		Chularat Hospital PCL		1,466
	817,867		Cigna Corp		119,678
	58,218	*	Civitas Solutions, Inc		1,676
	105,624		Cochlear Ltd		7,309
	44,442		Coloplast AS		3,588
	148,059	*	Community Health Systems, Inc		3,928

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	23,640	e	CompuGroup Medical AG.	$	865
	28,510	e	Computer Programs & Systems, Inc		1,418
	25,647	*,e	ConforMIS, Inc		443
	75,035		Conmed Corp		3,305
	18,684	*,e	Connecture, Inc		67
	25,400		Consort Medical plc		433
	69,970		Cooper Cos, Inc		9,390
	900,000	e	Cordlife Group Ltd		921
	55,542	*,e	Corindus Vascular Robotics, Inc		178
	46,242	*	Corvel Corp		2,031
	290,090	*	Cross Country Healthcare, Inc		4,755
	83,627		CryoLife, Inc		902
	36,803	*	Cutera, Inc		471
	182,760		CVS Group plc		2,223
	90,200	*,e	CYBERDYNE, Inc		1,520
	68,086	*	Cynosure, Inc (Class A)		3,041
	50,000	e	Daiken Medical Co Ltd		426
	427,629	*	DaVita, Inc		29,810
	361,106		Dentsply International, Inc		21,973
	296,238	*	DexCom, Inc		24,262
	78,620		DiaSorin S.p.A.		4,129
	10,957	*	DIO Corp		277
	90,519	*,e	Diplomat Pharmacy, Inc		3,098
	25,335		Draegerwerk AG.		1,877
	6,726		Draegerwerk AG. & Co KGaA		441
	1,261,564	*	Edwards Lifesciences Corp		99,638
	13,300		Eiken Chemical Co Ltd		245
	441,898	e	Elekta AB (B Shares)		3,755
	13,694	*,e	EndoChoice Holdings, Inc		114
	165,597	*,e	Endologix, Inc		1,639
	137,860		Ensign Group, Inc		3,120
	14,796	*,e	Entellus Medical, Inc		249
	487,927	*	Envision Healthcare Holdings, Inc		12,671
	568,183		Essilor International S.A.		70,816
	1,280,346		Estia Health Ltd		6,761
	30,511	*,e	Evolent Health, Inc		370
	26,568	*	Exactech, Inc		482
	103,460	*	ExamWorks Group, Inc		2,752
	3,383,281	*	Express Scripts Holding Co		295,733
	240,943	e	Extendicare, Inc		1,680
	818,326	e	Fagron NV		6,257
	1,070,813		Fisher & Paykel Healthcare Corp		6,510
	233,325	*	Five Star Quality Care, Inc		742
	135,800		Fleury S.A.		549
	101,442	*	Fortis Healthcare Ltd		275
	265,181		Fresenius Medical Care AG.		22,284
	602,618		Fresenius SE		42,926
	18,800		Fukuda Denshi Co Ltd		1,028
	5,980		Galenica AG.		9,356
	96,018	*	Genesis Health Care, Inc		333
	109,739	*,e	GenMark Diagnostics, Inc		852
	295,916		Getinge AB (B Shares)		7,752

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	42,000		Ginko International Co Ltd	$	553
	30,883	*,e	Glaukos Corp		763
	168,767	*,e	Globus Medical, Inc		4,695
	284,937		GN Store Nord		5,171
	7,584,203	e	Golden Meditech Holdings Ltd		1,218
	68,700	*	Greatbatch, Inc		3,607
	36,600		Green Hospital Supply, Inc		906
	68,905	e	Greencross Ltd		335
	12,655		Guerbet		891
	151,845	*	Haemonetics Corp		4,896
	115,205	*	Halyard Health, Inc		3,849
	88,021	*	Hanger Orthopedic Group, Inc		1,448
	700,000	*,e,g	Harmonicare Medical Holdings Ltd		622
	296,200		Hartalega Holdings BHD		410
	1,489,766	*	HCA Holdings, Inc		100,753
	361,679	*	Health Net, Inc		24,761
	89,402	*	HealthEquity, Inc		2,241
	1,609,548		Healthscope Ltd		3,102
	393,918	e	Healthsouth Corp		13,712
	63,817	*	HealthStream, Inc		1,404
	76,961	*,e	Healthways, Inc		991
	62,585	*,e	HeartWare International, Inc		3,154
	167,092	*,e	Henry Schein, Inc		26,432
	68,276	e	Hill-Rom Holdings, Inc		3,281
	305,974	*	HMS Holdings Corp		3,776
	11,200		Hogy Medical Co Ltd		564
	1,547,509	*	Hologic, Inc		59,873
	265,336		Hoya Corp		10,850
	331,574		Humana, Inc		59,189
	67,659	*	ICU Medical, Inc		7,631
	204,284	*,e	Idexx Laboratories, Inc		14,896
	3,838,995		IHH Healthcare BHD		5,883
	112,200	*	iKang Healthcare Group, Inc (ADR)		2,293
	41,937	*,e	Imprivata, Inc		474
	463,850	*	IMS Health Holdings, Inc		11,814
	9,636		InBody Co Ltd		471
	87,957	*	Inogen Inc		3,526
	480,594	*,e	Inovalon Holdings, Inc		8,170
	176,300	*	Insulet Corp		6,666
	144,263	*	Integra LifeSciences Holdings Corp		9,778
	6,773		Interojo Co Ltd		218
	146,432	*	Intuitive Surgical, Inc		79,975
	83,094		Invacare Corp		1,445
	182,498	*	Inverness Medical Innovations, Inc		7,134
	67,785	*,e	InVivo Therapeutics Holdings Corp		488
	74,353		Ion Beam Applications		2,735
	12,510	*,e	iRadimed Corp		351
	58,429		i-SENS Inc		1,684
	1,005,105		Japara Healthcare Ltd		2,331
	157,000		Jeol Ltd		1,020
	47,517	*	K2M Group Holdings, Inc		938
	411,198		Kindred Healthcare, Inc		4,897

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	31,056		Korian-Medica	$	1,136
	909,500		Kossan Rubber Industries		1,968
	1,161,573		KPJ Healthcare BHD		1,142
	353,235	*	Laboratory Corp of America Holdings		43,674
	23,686	e	Landauer, Inc		780
	61,005	*,e	LDR Holding Corp		1,532
	63,257		LeMaitre Vascular, Inc		1,091
	93,727	*	LHC Group, Inc		4,245
	56,914	e	Lifco AB		1,421
	1,137,746	e	Life Healthcare Group Holdings Pte Ltd		2,583
	316,291	*	LifePoint Hospitals, Inc		23,216
	4,674,000	*	Lifetech Scientific Corp		886
	167,533	*,e	LivaNova plc		9,946
	7,603		Lutronic Corp		290
	112,145	*	Magellan Health Services, Inc		6,915
	17,000	e	Mani, Inc		328
	180,361	*	Masimo Corp		7,487
	834,879		McKesson Corp		164,663
	153,538	*,e	MedAssets, Inc		4,750
	158,690	e	Medical Facilities Corp		1,650
	20,946	*	Medicare Group		684
	340,787		Mediceo Paltac Holdings Co Ltd		5,808
	711,696		Mediclinic International Ltd		5,474
	138,731	*	Medidata Solutions, Inc		6,838
	21,167	*	Medipost Co Ltd		1,725
	4,977,809		Medtronic plc		382,893
	8,700	*	Menicon Co Ltd		266
	107,188		Meridian Bioscience, Inc		2,200
	256,673	*	Merit Medical Systems, Inc		4,772
	82,500	e	Message Co Ltd		2,351
	1,610,786	e	Metlifecare Ltd		5,095
	145,500		Microlife Corp		392
	618,000	*	Microport Scientific Corp		294
	96,593		Miraca Holdings, Inc		4,250
	1,006,000	*	Modern Dental Group Ltd		534
	171,303	*,e	Molina Healthcare, Inc		10,300
	18,236		Nagaileben Co Ltd		312
	25,300		Nakanishi, Inc		986
	34,735	e	National Healthcare Corp		2,143
	29,190	e	National Research Corp		468
	125,635	*	Natus Medical, Inc		6,037
	106,730	*	Neogen Corp		6,032
	2,695,185		Network Healthcare Holdings Ltd		5,903
	2,271		Neuca S.A.		208
	41,488	*,e	Nevro Corp		2,801
	190,300	e	Nichii Gakkan Co		1,385
	62,300		Nihon Kohden Corp		1,507
	53,767	e	Nikkiso Co Ltd		425
	469,400		Nipro Corp		5,133
	106,538		NMC Health plc		1,320
	12,550	*,e,g	NNIT A.S.		344
	86,759	*,e	Nobilis Health Corp		245

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	19,303	*,e	Novocure Ltd	$	432
	196,460	*	NuVasive, Inc		10,630
	156,144	*	NxStage Medical, Inc		3,421
	295,419		Odontoprev S.A.		704
	1,681,186		Olympus Corp		66,186
	167,188	*	Omnicell, Inc		5,196
	468,293	*	OraSure Technologies, Inc		3,016
	145,942	*	Oriola-KD Oyj (B Shares)		685
	45,506	*	Orion Health Group Ltd		99
	63,943		Orpea		5,120
	76,698	*	Orthofix International NV		3,007
	36,303	*	Osstem Implant Co Ltd		2,486
	159,171		Owens & Minor, Inc		5,727
	49,765	*,e	Oxford Immunotec Global plc		572
	14,700		Paramount Bed Holdings Co Ltd		522
	144,017		Patterson Cos, Inc		6,511
	270,899	*	Pediatrix Medical Group, Inc		19,413
	10,429	*,e	Penumbra, Inc		561
	241,875		Pharmaniaga BHD		358
	95,983	*	PharMerica Corp		3,359
	349,500	e	Phoenix Healthcare Group Co Ltd		407
	21,044		Phonak Holding AG.		2,674
	110,000		Pihsiang Machinery Manufacturing Co Ltd		238
	367,520	*,e	Premier, Inc		12,962
	49,818	*,e	Press Ganey Holdings, Inc		1,572
	1,170,968	e	Primary Health Care Ltd		1,981
	33,829	*	Providence Service Corp		1,587
	288,800		PT Siloam International Hospitals Tbk		205
	698,000	*,e	PW Medtech Group Ltd		165
	267,008		Qualicorp S.A.		950
	130,132		Quality Systems, Inc		2,098
	297,466		Quest Diagnostics, Inc		21,162
	72,021	*,e	Quidel Corp		1,527
	109,331	*	RadNet, Inc		676
	224,305		Raffles Medical Group Ltd		658
	148,708		Ramsay Health Care Ltd		7,312
	18,943	*	RaySearch Laboratories AB		274
	448,514	e	Regis Healthcare Ltd		1,896
	4,510,600	e	Religare Health Trust		3,181
	303,300	e	Resmed, Inc		16,284
	139,853		Rhoen Klinikum AG.		4,195
	95,000		Rion Co Ltd		1,599
	139,841	*,e	Rockwell Medical Technologies, Inc		1,432
	174,756	*	RTI Biologics, Inc		694
	678,805	e	Ryman Healthcare Ltd		3,939
	16,076		Sartorius AG.		4,201
	9,413		Sartorius Stedim Biotech		3,610
	30,743	*	SeaSpine Holdings Corp		528
	31,014	*,e	Second Sight Medical Products, Inc		183
	283,745		Selcuk Ecza Deposu Ticaret ve Sanayi AS		231
	336,387		Select Medical Holdings Corp		4,006
	16,920		SEWOONMEDICAL Co Ltd		77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,346,994		Shandong Weigao Group Medical Polymer Co Ltd	$	1,605
	2,498,762		Shanghai Pharmaceuticals Holding Co Ltd		5,386
	111,340	e	Sienna Senior Living, Inc		1,299
	2,584,463		Sigma Pharmaceuticals Ltd		1,618
	1,511,647		Sinopharm Group Co		6,035
	129,519	*	Sirona Dental Systems, Inc		14,191
	743,029		Smith & Nephew plc		13,242
	221,935		So-net M3, Inc		4,602
	1,556,745	e	Sonic Healthcare Ltd		20,155
	103,254	*,e	Spectranetics Corp		1,555
	275,810	g	Spire Healthcare Group plc		1,273
	732,056		St. Jude Medical, Inc		45,219
	146,000		St. Shine Optical Co Ltd		2,922
	98,726	*,e	Staar Surgical Co		705
	347,905	e	STERIS plc		26,211
	25,115	*	STERIS plc (Temporary)		1,892
	10,075		STRATEC Biomedical AG.		665
	8,876		Straumann Holding AG.		2,694
	713,257	e	Stryker Corp		66,290
	6,340		Suheung Capsule Co Ltd		228
	1,199,925	e	Summerset Group Holdings Ltd		3,341
	1,857,600		Supermax Corp BHD		1,399
	35,875	*,e	Surgery Partners, Inc		735
	122,519	*	Surgical Care Affiliates, Inc		4,878
	31,445	*	SurModics, Inc		637
	165,080		Suzuken Co Ltd		6,273
	205,398		Sysmex Corp		13,175
	48,755	*,e	Tandem Diabetes Care, Inc		576
	266,075	*	Team Health Holdings, Inc		11,678
	22,446	*,e	Teladoc, Inc		403
	24,274		Teleflex, Inc		3,191
	496,580	*,e	Tenet Healthcare Corp		15,046
	187,476		Terumo Corp		5,811
	195,500	e	Toho Pharmaceutical Co Ltd		4,752
	23,800		Tokai Corp (GIFU)		682
	2,818,200		Top Glove Corp BHD		8,906
	7,028,000	e	Town Health International Medical Group Ltd		1,446
	122,646	*,e	TransEnterix, Inc		304
	102,959	*,e	Triple-S Management Corp (Class B)		2,462
	41,049	*,e	Trupanion, Inc		401
	22,000	e	Tsuki Corp		242
	316,782	*,e	Unilife Corp		157
	238,482		United Drug plc		2,103
	3,372,059		UnitedHealth Group, Inc		396,689
	126,524		Universal American Corp		886
	6,825,000	e	Universal Health International Group Holding Ltd		2,631
	664,501		Universal Health Services, Inc (Class B)		79,401
	604,000	*,g	Universal Medical Financial & Technical Advisory Services Co Ltd		465
	62,432	e	US Physical Therapy, Inc		3,351
	10,104		Utah Medical Products, Inc		592
	6,803		Value Added Technologies Co Lt		227

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	140,310	*	Varian Medical Systems, Inc	$	11,337
	42,366	*	Vascular Solutions, Inc		1,457
	426,826	*	VCA Antech, Inc		23,475
	287,785	*,e	Veeva Systems, Inc		8,303
	21,920	*,e	Veracyte, Inc		158
	12,394,500		Vibhavadi Medical Center PCL (Foreign)		658
	6,504		Vieworks Co Ltd		245
	278,330	e	Virtus Health Ltd		1,310
	100,600	e	VITAL KSK Holdings, Inc		819
	62,395	*	Vocera Communications, Inc		761
	292,191	*	WellCare Health Plans, Inc		22,852
	238,977		West Pharmaceutical Services, Inc		14,391
	33,406	*	William Demant Holding		3,182
	225,955	*,e	Wright Medical Group NV		5,464
	17,187		Ypsomed Holding AG.		2,486
	81,797	*,e	Zeltiq Aesthetics, Inc		2,334
	339,125		Zimmer Holdings, Inc		34,791
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,488,937

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	9,971		Able C&C Co Ltd		197
	115,900		Aderans Co Ltd		799
	39,147		Amorepacific Corp		13,738
	10,432		Amorepacific Corp (Preference)		2,033
	13,400		Artnature, Inc		118
	1,977,425	e	Asaleo Care Ltd		2,283
	903,475	e	Avon Products, Inc		3,659
	64,021	*	Bajaj Corp Ltd		410
	767,953		Beiersdorf AG.		69,800
	7,710		Bioland Ltd		179
	204,402	*	Central Garden and Pet Co (Class A)		2,780
	24,000		Chlitina Holding Ltd		249
	211,962		Church & Dwight Co, Inc		17,991
	27,297	*	CKH Food & Health Ltd		74
	409,728		Clorox Co		51,966
	1,696,844		Colgate-Palmolive Co		113,044
	24,008	*	Coreana Cosmetics Co Ltd		219
	3,813		Cosmax BTI, Inc		222
	36,452		Cosmax, Inc		5,656
	186,575	e	Coty, Inc		4,782
	870,306		Dabur India Ltd		3,636
	76,100	e	Dr Ci:Labo Co Ltd		1,314
	11,400		Earth Chemical Co Ltd		468
	128,983		Edgewell Personal Care Co		10,108
	136,701		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		124
	70,760	*,e	Elizabeth Arden, Inc		700
	134,262	e	Energizer Holdings, Inc		4,573
	1,556,125		Estee Lauder Cos (Class A)		137,032
	53,400	*,e	Euglena Co Ltd		798
	33,849		Eveready Industries India Ltd		153
	154,000		Fancl Corp		2,130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,323		Gillette India Ltd	$	728
	183,163		Godrej Consumer Products Ltd		3,642
	98,000		Grape King Industrial Co		543
	919,786		Hengan International Group Co Ltd		8,635
	48,321		Henkel KGaA		4,622
	289,241		Henkel KGaA (Preference)		32,280
	411,626	*,e	Herbalife Ltd		22,071
	1,309,891		Hindustan Lever Ltd		17,071
	197,915	*	HRG Group, Inc		2,684
	387,116	*	Hypermarcas S.A.		2,114
	8,367	e	Inter Parfums S.A.		206
	48,002		Inter Parfums, Inc		1,143
	346,755	*	Jyothy Laboratories Ltd		1,641
	814,151		Kao Corp		41,838
	4,682,600		Karex BHD		4,497
	1,214,460		Kimberly-Clark Corp		154,601
	1,756,132		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,114
	22,100		Kobayashi Pharmaceutical Co Ltd		1,815
	24,423		Korea Kolmar Co Ltd		1,959
	6,204		Korea Kolmar Holdings Co Ltd		341
	48,500		Kose Corp		4,484
	30,140		LG Household & Health Care Ltd		26,764
	201,000		Lion Corp		1,891
	105,118		L’Oreal S.A.		17,681
	50,479		Mandom Corp		2,036
	218,867		Marico Ltd		747
	218,867	*,m	Marico Ltd (Temporary)		747
	37,931	*	Medifast, Inc		1,152
	359,924	*	Microbio Co Ltd		289
	9,700		Milbon Co Ltd		396
	169,150		Natura Cosmeticos S.A.		1,000
	45,086	e	Natural Health Trends Corp		1,512
	37,703		Nature’s Sunshine Products, Inc		382
	13,800		Noevir Holdings Co Ltd		399
	288,401	e	Nu Skin Enterprises, Inc (Class A)		10,927
	35,369	*	Nutraceutical International Corp		913
	12,803		Oil-Dri Corp of America		472
	95,600		Ontex Group NV		3,399
	18,961	e	Orchids Paper Products Co		586
	33,009	*	Oriflame Holding AG.		529
	33,628		Pacific Corp		4,201
	137,700		Pigeon Corp		3,341
	42,400		Pola Orbis Holdings, Inc		2,795
	7,897,785		Procter & Gamble Co		627,163
	8,430,500		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		335
	3,269,991		PT Unilever Indonesia Tbk		8,729
	223,968		PZ Cussons plc		938
	879,810		Reckitt Benckiser Group plc		81,406
	53,863	*	Revlon, Inc (Class A)		1,500
	7,355,000	e	Ruinian International Ltd		747
	11,641	*	Sansung Life & Science Co Ltd		294
	276,491		Shiseido Co Ltd		5,737

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	68,144		Spectrum Brands, Inc	$	6,937
	828,452		Svenska Cellulosa AB (B Shares)		24,009
	303,499		Uni-Charm Corp		6,198
	2,935,979		Unilever NV		127,962
	1,857,810		Unilever plc		79,685
	39,703	*,e	USANA Health Sciences, Inc		5,072
	330,000	e	Vinda International Holdings Ltd		652
	56,828		WD-40 Co		5,606
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,827,393

INSURANCE - 4.3%
	3,014,221	e	ACE Ltd		352,212
	128,867		Admiral Group plc		3,149
	1,602,785		Aegon NV		9,064
	1,039,773		Aflac, Inc		62,282
	88,159		Ageas		4,092
	18,892,407		AIA Group Ltd		112,884
	13,585	*	Alleghany Corp		6,493
	747,753		Allianz AG.		131,812
	500,862		Allied World Assurance Co Holdings Ltd		18,627
	1,969,102		Allstate Corp		122,262
	203,889		Alm Brand AS		1,437
	110,875	*	AMBAC Financial Group, Inc		1,562
	266,527	e	American Equity Investment Life Holding Co		6,405
	365,158		American Financial Group, Inc		26,321
	2,935,662		American International Group, Inc		181,923
	7,303		American National Insurance Co		747
	78,047		Amerisafe, Inc		3,973
	1,240,404		Amlin plc		12,129
	3,977,741		AMP Ltd		16,760
	303,971	e	Amtrust Financial Services, Inc		18,719
	68,282		Anadolu Hayat Emeklilik AS		142
	207,131		Anadolu Sigorta		113
	13,200	*	Anicom Holdings, Inc		352
	363,870		Aon plc		33,552
	199,500	*	Arch Capital Group Ltd		13,915
	367,120		Argo Group International Holdings Ltd		21,968
	145,925		Arthur J. Gallagher & Co		5,974
	232,210		Aspen Insurance Holdings Ltd		11,216
	2,071,210		Assicurazioni Generali S.p.A.		37,834
	125,120		Assurant, Inc		10,077
	117,370		Assured Guaranty Ltd		3,102
	31,517	*	Atlas Financial Holdings, Inc		627
	11,054,943		Aviva plc		83,912
	17,774		AvivaSA Emeklilik ve Hayat AS.		102
	4,957,016		AXA S.A.		135,443
	199,081		Axis Capital Holdings Ltd		11,192
	4,146		Bajaj Finserv Ltd		124
	45,433	e	Baldwin & Lyons, Inc (Class B)		1,092
	36,350		Baloise Holding AG.		4,607
	999,046		BB Seguridade Participacoes S.A.		6,105
	1,255,926		Beazley plc		7,211

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,756,872	*	Berkshire Hathaway, Inc (Class B)	$	628,097
	98,356		Brown & Brown, Inc		3,157
	16,248,129		Cathay Financial Holding Co Ltd		22,763
	162,918		Chesnara plc		805
	2,981,718	*	China Insurance International Holdings Co Ltd		9,152
	11,887,010		China Life Insurance Co Ltd		38,160
	11,199,276		China Life Insurance Co Ltd (Taiwan)		8,552
	3,200,818		China Pacific Insurance Group Co Ltd		13,099
	148,763		Chubb Corp		19,732
	123,749		Cincinnati Financial Corp		7,322
	182,348	*,e	Citizens, Inc (Class A)		1,355
	16,856	*	Clal Insurance		206
	4,371,790		ClearView Wealth Ltd		3,026
	19,990		CNA Financial Corp		703
	469,228		CNP Assurances		6,330
	593,859		Conseco, Inc		11,337
	1,885,480		Corp Mapfre S.A.		4,720
	277,625	e	Cover-More Group Ltd		444
	73,170	e	Crawford & Co (Class B)		389
	3,119,211		Dai-ichi Mutual Life Insurance Co		51,896
	236,684	e	Delta Lloyd NV		1,395
	4,107,171		Direct Line Insurance Group plc		24,619
	408,482		Discovery Holdings Ltd		3,503
	47,514		Donegal Group, Inc (Class A)		669
	166,364		Dongbu Insurance Co Ltd		9,954
	43,364	*	eHealth, Inc		433
	36,251	e	EMC Insurance Group, Inc		917
	134,644		Employers Holdings, Inc		3,676
	70,419		Endurance Specialty Holdings Ltd		4,506
	33,507	*	Enstar Group Ltd		5,027
	84,229	e	Erie Indemnity Co (Class A)		8,056
	577,923		esure Group plc		2,160
	25,092		Euler Hermes S.A.		2,416
	231,367		Everest Re Group Ltd		42,361
	23,410		Fairfax Financial Holdings Ltd		11,114
	24,441		FBD Holdings plc		176
	34,767		FBL Financial Group, Inc (Class A)		2,213
	96,876		Federated National Holding Co		2,864
	78,363		Fidelity & Guaranty Life		1,988
	268,926		First American Financial Corp		9,654
	469,052		FNF Group		16,262
	2,005,580		Fondiaria-Sai S.p.A		5,102
	50,100		FPC Par Corretora de Seguros S.A.		122
	391,847	*	Genworth Financial, Inc (Class A)		1,462
	293,499		Gjensidige Forsikring BA		4,697
	530,259		Great-West Lifeco, Inc		13,233
	73,297	*,e	Greenlight Capital Re Ltd (Class A)		1,371
	132,306		Grupo Catalana Occidente S.A.		4,587
	51,981	*	Hallmark Financial Services		608
	179,232		Hannover Rueckversicherung AG.		20,466
	35,776		Hanover Insurance Group, Inc		2,910
	135,015	*	Hanwha Non-Life Insurance Co Ltd		896

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	126,837		Harel Insurance Investments & Finances Ltd	$	487
	1,911,911		Hartford Financial Services Group, Inc		83,092
	34,165	e	HCI Group, Inc		1,191
	13,354		Helvetia Holding AG.		7,522
	375,762	*	Heritage Insurance Holdings, Inc		8,199
	396,598		Hiscox Ltd		6,149
	103,656		Horace Mann Educators Corp		3,439
	329,992		Hyundai Marine & Fire Insurance Co Ltd		10,111
	12,867		IDI Insurance Co Ltd		585
	26,016		Independence Holding Co		360
	115,857		Industrial Alliance Insurance and Financial Services, Inc		3,695
	47,374		Infinity Property & Casualty Corp		3,896
	2,816,416		Insurance Australia Group Ltd		11,311
	151,524		Intact Financial Corp		9,711
	26,082		James River Group Holdings Ltd		875
	369,500	*	Japan Post Holdings Co Ltd		5,733
	129,300	*,e	Japan Post Insurance Co Ltd		3,351
	239,035	e	Just Retirement Group plc		586
	408		Kansas City Life Insurance Co		16
	106,169		Kemper Corp		3,955
	659,144		Korea Life Insurance Co Ltd		4,154
	269,869		Korean Reinsurance Co		3,245
	183,817	e	Lancashire Holdings Ltd		1,695
	15,698,753		Legal & General Group plc		61,946
	399,287		Liberty Holdings Ltd		2,972
	137,650		LIG Insurance Co Ltd		3,413
	677,816		Lincoln National Corp		34,067
	208,039		Loews Corp		7,989
	46,768	*	Lotte Non-Life Insurance Co Ltd		119
	152,921	e	Maiden Holdings Ltd		2,280
	2,538,111		Manulife Financial Corp		38,043
	18,556	*	Markel Corp		16,391
	1,157,509		Marsh & McLennan Cos, Inc		64,184
	225,520		MAX India Ltd		1,722
	335,205	*	MBIA, Inc		2,172
	5,327,468		Medibank Pvt Ltd		8,307
	43,030	*	Menorah Mivtachim Holdings Ltd		369
	635,465		Mercuries & Associates Holding Ltd		406
	3,912,609		Mercuries Life Insurance Co Lt		2,134
	32,469		Mercury General Corp		1,512
	50,788		Meritz Fire & Marine Insurance Co Ltd		697
	7,441,624		Metlife, Inc		358,761
	1,059,120		Metropolitan Holdings Ltd		1,502
	916,998		Migdal Insurance Holdings Ltd		667
	75,348	*	Mirae Asset Life Insurance Co Ltd		323
	1,032,554		Mitsui Sumitomo Insurance Group Holdings, Inc		30,279
	397,900	*	MPHB Capital BHD		147
	114,097		Muenchener Rueckver AG.		22,732
	256,940		National General Holdings Corp		5,617
	38,334		National Interstate Corp		1,024
	6,087		National Western Life Group, Inc		1,534
	58,951	*	Navigators Group, Inc		5,057

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	996,904		New China Life insurance Co Ltd	$	4,166
	321,599		NKSJ Holdings, Inc		10,560
	107,734		NN Group NV		3,801
	8,314,302		Old Mutual plc		21,872
	492,006		Old Republic International Corp		9,166
	126,571		OneBeacon Insurance Group Ltd (Class A)		1,571
	51,296		PartnerRe Ltd		7,168
	276,465		Partnership Assurance Group plc		559
	58,709	*,e	Patriot National, Inc		394
	8,802,805		People’s Insurance Co Group of China Ltd		4,286
	177,213		Phoenix Group Holdings		2,388
	115,900	*	Phoenix Holdings Ltd		258
	7,082,902	e	PICC Property & Casualty Co Ltd		13,978
	8,499,654		Ping An Insurance Group Co of China Ltd		46,873
	108,004		Porto Seguro S.A.		784
	1,074,211		Power Corp Of Canada		22,467
	497,795	e	Power Financial Corp		11,444
	1,098,298		Powszechny Zaklad Ubezpieczen S.A.		9,475
	171,842	e	Primerica, Inc		8,116
	1,209,219		Principal Financial Group		54,391
	118,625		ProAssurance Corp		5,757
	674,936		Progressive Corp		21,463
	141,926	*	Protector Forsikring ASA		1,182
	1,644,636		Prudential Financial, Inc		133,890
	5,818,115		Prudential plc		131,079
	57,256,000	*	PT Panin Insurance Tbk		2,247
	117,257,400	*	PT Panin Life Tbk		1,564
	99,766	*	Qatar Insurance Co SAQ		2,246
	1,499,422		QBE Insurance Group Ltd		13,637
	476,300	*,e	Qualitas Controladora SAB de C.V.		600
	350,622		Reinsurance Group of America, Inc (Class A)		29,996
	268,854		RenaissanceRe Holdings Ltd		30,432
	106,879	e	RLI Corp		6,600
	604,761		RMI Holdings		1,512
	268,674	e	RSA Insurance Group plc		1,686
	37,606		Safety Insurance Group, Inc		2,120
	1,183,100		Sampo Oyj (A Shares)		60,080
	39,999		Samsung Fire & Marine Insurance Co Ltd		10,456
	159,121		Samsung Life Insurance Co Ltd		14,870
	2,155,188		Sanlam Ltd		8,430
	324,180		SCOR SE		12,130
	141,326		Selective Insurance Group, Inc		4,746
	7,415,941		Shin Kong Financial Holding Co Ltd		1,607
	136,000		Shinkong Insurance Co Ltd		95
	480,321		Societa Cattolica di Assicurazioni SCRL		3,804
	1,941,392		Sony Financial Holdings, Inc		34,726
	567,083		St. James’s Place plc		8,405
	37,122		Stancorp Financial Group, Inc		4,227
	1,340,180		Standard Life plc		7,675
	39,098		State Auto Financial Corp		805
	102,337		State National Cos, Inc		1,004
	651,639	e	Steadfast Group Ltd		736

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	56,931		Stewart Information Services Corp	$	2,125
	390,748	*	Storebrand ASA		1,530
	173,033		Sul America SA		812
	866,065	e	Sun Life Financial, Inc		27,008
	999,076		Suncorp-Metway Ltd		8,772
	16,299		Swiss Life Holding		4,390
	686,956		Swiss Re Ltd		67,092
	781,200		Syarikat Takaful Malaysia BHD		710
	188,308		Symetra Financial Corp		5,983
	488,142		T&D Holdings, Inc		6,440
	137,000		Taiwan Fire & Marine Insurance Co		89
	2,600,200	*	Thai Reinsurance PCL		199
	2,326,070	*,e	Third Point Reinsurance Ltd		31,193
	1,050,968		Tokio Marine Holdings, Inc		40,593
	180,770		Tong Yang Life Insurance		1,787
	59,275	*	Topdanmark AS		1,684
	125,138		Torchmark Corp		7,153
	525,522		Travelers Cos, Inc		59,310
	53,004		Tryg A.S.		1,053
	476,300		Tune Ins Holdings BHD		143
	1,621,468		Unipol Gruppo Finanziario S.p.A		8,340
	258,817		Uniqa Versicherungen AG.		2,109
	34,442	*	United America Indemnity Ltd		1,000
	59,537		United Fire & Casualty Co		2,281
	156,036		United Insurance Holdings Corp		2,668
	123,376	e	Universal Insurance Holdings, Inc		2,860
	209,587		UnumProvident Corp		6,977
	697,218		Validus Holdings Ltd		32,274
	50,293		Vittoria Assicurazioni S.p.A.		549
	841,728		W.R. Berkley Corp		46,085
	7,539		White Mountains Insurance Group Ltd		5,479
	6,669		Wiener Staedtische Allgemeine Versicherung AG.		182
	10,189	*,e	Willis Group Holdings plc		495
	3,933,693		XL Capital Ltd		154,122
	423,408		Zurich Financial Services AG.		108,773
			TOTAL INSURANCE		4,807,683

MATERIALS - 4.3%
	73,551		A. Schulman, Inc		2,254
	21,230		Aarti Industries		167
	140,541	e	Acerinox S.A.		1,434
	324,000		Achilles Corp		417
	35,840		Acron JSC (GDR)		182
	46,912		Adana Cimento		99
	72,000		ADEKA Corp		1,024
	1,322,566		Adelaide Brighton Ltd		4,547
	254,442		Aeci Ltd		1,459
	32,746	*	AEP Industries, Inc		2,526
	143,362		African Barrick Gold Ltd		378
	151,429	e	African Oxygen Ltd		127
	104,571	e	African Rainbow Minerals Ltd		294
	314,066		Agnico-Eagle Mines Ltd		8,255

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	245,882	e	Agrium, Inc	$	21,976
	355,000		Aichi Steel Corp		1,663
	113,626	e	Air Liquide		12,756
	140,802		Air Products & Chemicals, Inc		18,320
	127,422		Air Water, Inc		2,049
	39,863		Airgas, Inc		5,514
	28,183		AK Holdings, Inc		1,512
	306,610	*,e	AK Steel Holding Corp		687
	76,986		Akcansa Cimento AS		349
	9,420		Akzo Nobel India Ltd		200
	570,059		Akzo Nobel NV		38,091
	238,286		Alamos Gold, Inc		784
	3,987,570	e	Albemarle Corp		223,344
	2,438,039		Alcoa, Inc		24,063
	4,000		Alexandria Mineral Oils Co		13
	228,109	e	Allegheny Technologies, Inc		2,566
	1,821,500	e	Alpek SAB de C.V.		2,557
	33,277	e	Altius Minerals Corp		244
	551,833		Altri SGPS S.A.		2,856
	1,941,523	e	Alumina Ltd		1,620
	5,087,171	*,e	Aluminum Corp of China Ltd		1,670
	1,085,885		Ambuja Cements Ltd		3,321
	2,485,801		Amcor Ltd		24,150
	71,978		American Vanguard Corp		1,008
	4,839,000		AMVIG Holdings Ltd		2,011
	618,585	*	Anadolu Cam Sanayii AS		351
	768,819	*	Anatolia Minerals Development Ltd		1,372
	2,129,522		Anglo American plc (London)		9,343
	68,647	*,e	Anglo Platinum Ltd		827
	661,601	*	AngloGold Ashanti Ltd		4,537
	1,475,291		Anhui Conch Cement Co Ltd		3,944
	461,444	e	Antofagasta plc		3,174
	101,806	*,e	APERAM		3,620
	84,337		Aptargroup, Inc		6,127
	220,660		Arabian Cement Co		280
	1,111,291	e	ArcelorMittal		4,689
	364,040		Arkema		25,482
	28,274		Asahi Holdings, Inc		441
	1,634,044		Asahi Kasei Corp		11,050
	458,998	*,e	Asanko Gold, Inc		673
	112,921		Ashland, Inc		11,597
	1,302,000		Asia Cement China Holdings Corp		309
	1,164		Asia Cement Co Ltd		98
	5,358,495		Asia Cement Corp		4,459
	786		Asia Holdings Co Ltd		68
	314,125		Asia Polymer		164
	468,609		Asian Paints Ltd		6,243
	49,025		Associated Cement Co Ltd		1,005
	137,579	e	Assore Ltd		555
	7,302		Atul Ltd		177
	140,720		Aurubis AG.		7,126
	356,528		Avery Dennison Corp		22,340

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	103,246	*	Axalta Coating Systems Ltd	$	2,752
	2,650,369	e	Axiall Corp		40,816
	767,215	*	B2Gold Corp		776
	78,208		Balchem Corp		4,755
	160,319		Ball Corp		11,660
	1,129,064		Barrick Gold Corp (Canada)		8,356
	8,644		BASF India Ltd		123
	966,636		BASF SE		73,636
	15,767		Bayer CropScience Ltd		822
	7,350,000	e	BBMG Corp		4,965
	59,883	e	Bekaert S.A.		1,845
	166,314		Bemis Co, Inc		7,433
	2,295,200		Bengang Steel Plates Co		843
	256,218		Berger Paints India Ltd		1,039
	3,580,028	*	Berry Plastics Group, Inc		129,525
	3,742,381		BHP Billiton Ltd		48,163
	3,544,124		BHP Billiton plc		39,523
	990,302		Billerud AB		18,327
	165,000	e	Bloomage Biotechnology Corp Ltd		408
	1,078,568		BlueScope Steel Ltd		3,443
	106,942	*	Boise Cascade Co		2,730
	1,653,024		Boliden AB		27,695
	2,401,202		Boral Ltd		10,266
	249,379		Borregaard ASA		1,388
	35,346		Borusan Mannesmann Boru Sanayi		71
	203,728		Boryszew S.A.		244
	43,278	e	BRAAS Monier Building Group S.A.		1,249
	221,500		Bradespar S.A.		277
	373,396		Braskem S.A.		2,595
	52,424		Brickworks Ltd		600
	53,660		Brush Engineered Materials, Inc		1,502
	57,442	e	Buzzi Unicem S.p.A.		1,030
	104,093		Buzzi Unicem S.p.A. RSP		1,150
	5,300		C Uyemura & Co Ltd		226
	278,712		Cabot Corp		11,394
	133,542	e	Calgon Carbon Corp		2,304
	101,041		Canam Group, Inc		1,014
	141,545	*	Canfor Corp		2,065
	76,923		Canfor Pulp Products, Inc		752
	73,144		CAP S.A.		177
	129,513		Carpenter Technology Corp		3,920
	240,263		Cascades, Inc		2,207
	88,256		CCL Industries		14,311
	201,665		Celanese Corp (Series A)		13,578
	41,458		Cementir S.p.A.		264
	463,894		Cementos Argos S.A.		1,420
	162,131	*	Cemex Latam Holdings S.A.		526
	29,107,721	*,e	Cemex S.A. de C.V.		15,927
	534,335	*,e	Cemex SAB de C.V. (ADR)		2,976
	3,999,042		Centamin plc		3,787
	614,917		Centerra Gold, Inc		2,929
	284,778	*,e	Century Aluminum Co		1,259

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	44,728		Century Plyboards India Ltd	$	114
	1,588,125		Century Sunshine Ecological Technology Holdings Ltd		159
	22,397		Century Textile & Industries Ltd		201
	587,767		CF Industries Holdings, Inc		23,987
	19,207		Chase Corp		782
	138,267		Chemours Co		741
	210,808	*	Chemtura		5,749
	707,560		Cheng Loong Corp		244
	475,925		Chia Hsin Cement Corp		138
	1,842,695		China BlueChemical Ltd		499
	4,680,000	*	China Daye Non-Ferrous Metals Mining Ltd		85
	147,000		China Hi-ment Corp		267
	885,000	*	China Manmade Fibers Corp		230
	659,372		China Metal Products		526
	1,329,340	*,e,m	China Metal Recycling Holdings Ltd		2
	10,067,248		China National Building Material Co Ltd		4,789
	1,179,000	e	China National Materials Co Ltd		224
	2,178,628	*	China Petrochemical Development Corp		524
	1,537,200	*	China Rare Earth Holdings Ltd		130
	547,000	*,e	China Sanjiang Fine Chemicals		95
	6,683,200	*,e,m	China Shanshui Cement Group Ltd		4,068
	652,000	e	China Silver Group Ltd		169
	139,000		China Steel Chemical Corp		449
	13,218,442		China Steel Corp		7,206
	1,132,190		China Synthetic Rubber Corp		793
	538,000	*	Chongqing Iron & Steel Co Ltd		83
	142,077		Christian Hansen Holding		8,887
	204,000		Chugoku Marine Paints Ltd		1,498
	815,720	*	Chung Hung Steel Corp		118
	325,540		Chung Hwa Pulp Corp		96
	265,545	*,e	Cia de Minas Buenaventura S.A. (ADR) (Series B)		1,137
	659,568		Cia Siderurgica Nacional S.A.		661
	54,965	*	Ciech S.A.		1,205
	163,004		Cimsa Cimento Sanayi Ve Tica		854
	962,000	*	Citic Dameng Holdings		65
	1,889,373		Clariant AG.		35,824
	87,668	*	Clearwater Paper Corp		3,992
	1,144,218	*,e	Cliffs Natural Resources, Inc		1,808
	336,463	*,e	Coeur Mining, Inc		834
	336,313		Commercial Metals Co		4,604
	86,132	*,m	Companhia Vale do Rio Doce		0
	93,433		Compass Minerals International, Inc		7,033
	296,832	*	Constellium NV		2,286
	18,342	*	Core Molding Technologies, Inc		235
	115,082		Coromandel International Ltd		326
	440,000	e	CPMC Holdings Ltd		270
	2,122,411		CRH plc		61,208
	707,531		Croda International plc		31,701
	898,577	*	Crown Holdings, Inc		45,558
	453,552		CSR Ltd		947
	173,780	*,e,m	Cudeco Ltd		140
	7,786,200		D&L Industries Inc		1,512

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	502,000		Da Ming International Holdings Ltd	$	142
	509,807		Daicel Chemical Industries Ltd		7,587
	737,000		Daido Steel Co Ltd		2,946
	98,000		Daiken Corp		289
	213,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		1,000
	1,052,845		Dainippon Ink and Chemicals, Inc		2,849
	64,872	e	Daio Paper Corp		556
	184,000		Daiso Co Ltd		704
	19,796		Dalmia Bharat Ltd		258
	221,200	*	Danhua Chemical Technology Co Ltd		161
	20,815		DC Chemical Co Ltd		1,312
	27,489		Deltic Timber Corp		1,618
	1,480,000		Denki Kagaku Kogyo KK		6,558
	168,456	*	Detour Gold Corp		1,754
	10,699	*	Dhanuka Agritech Ltd		83
	272,987		Dominion Diamond Corp		2,790
	440,775		Domtar Corp		16,287
	48,784	*	Dongkuk Steel Mill Co Ltd		237
	748,000		Dongpeng Holdings Co Ltd		291
	2,946,000		Dongyue Group		744
	6,760,089		Dow Chemical Co		348,009
	392,000		Dowa Holdings Co Ltd		2,819
	1,152,608		DS Smith plc		6,742
	49,782		DSM NV		2,496
	2,229,065		Du Pont (E.I.) de Nemours & Co		148,456
	338,352		DuluxGroup Ltd		1,628
	44,413		Eagle Materials, Inc		2,684
	732,000		Eastern Polymer Group PCL		265
	444,600		Eastman Chemical Co		30,015
	250,680		Ecolab, Inc		28,673
	104,458		EID Parry India Ltd		312
	197,404	*	El Ezz Steel Co		224
	1,176,155		Eldorado Gold Corp		3,485
	1,504,274	e	Elementis plc		5,066
	2,520,886		Empresas CMPC S.A.		5,439
	7,284		EMS-Chemie Holding AG.		3,206
	119,550	e	Ence Energia y Celulosa S.A.		451
	610,900		Engro Chemical Pakistan Ltd		1,627
	4,766	*,e	Eramet		153
	2,252,874		Eregli Demir ve Celik Fabrikalari TAS		2,344
	1,396,651		Essentra plc		17,025
	1,551,880		Eternal Chemical Co Ltd		1,492
	35,500		Eugene Corp		132
	363,932		Everlight Chemical Industrial Corp		221
	2,303,408	e	Evolution Mining Ltd		2,341
	240,655	*,e	Evolva Holdings S.A.		275
	443,547		Evonik Industries AG.		14,671
	308,754	*	Evraz plc		333
	390,050		Feng Hsin Iron & Steel Co		455
	316,412		Ferrexpo plc		100
	329,115	*	Ferro Corp		3,660
	291,752		Fibria Celulose S.A.		3,830

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	29,982	*	Finolex Industries Ltd	$	136
	114,631	*,e	First Majestic Silver Corp		374
	904,012		First Quantum Minerals Ltd		3,384
	4,681,577		Fletcher Building Ltd		23,462
	132,436	*,e	Flotek Industries, Inc		1,515
	64,612		FMC Corp		2,528
	52,978	*	Foosung Co Ltd		240
	3,969,690		Formosa Chemicals & Fibre Corp		8,905
	5,056,701		Formosa Plastics Corp		11,805
	382,000		Formosan Rubber Group, Inc		192
	3,508,462	e	Fortescue Metals Group Ltd		4,721
	113,060	*	Fortuna Silver Mines, Inc		254
	169,791	m	Foshan Huaxin Packaging Co Ltd		208
	21,100		FP Corp		763
	246,275	e	Franco-Nevada Corp		11,266
	2,514,682		Freeport-McMoRan Copper & Gold, Inc (Class B)		17,024
	225,892		Fresnillo plc		2,349
	33,108		Frutarom Industries Ltd		1,778
	148,007		Fuchs Petrolub AG. (Preference)		6,969
	3,798,200	e	Fufeng Group Ltd		1,708
	16,952		Fuji Seal International, Inc		510
	47,700		Fujimi, Inc		660
	31,300		Fujimori Kogyo Co Ltd		814
	1,471,000	e	Furukawa-Sky Aluminum Corp		3,437
	2,483,800	e	Fushan International Energy Group Ltd		319
	57,417		FutureFuel Corp		775
	99,357		Gem Diamonds Ltd		193
	875,007		Gerdau S.A. (Preference)		1,019
	4,450		Givaudan S.A.		8,077
	208,490		Glatfelter		3,845
	683,337	*	Gleichen Resources Ltd		622
	12,881,591		Glencore Xstrata plc		17,070
	1,394,192		Gloria Material Technology Corp		760
	710,000		Godo Steel Ltd		1,401
	89,145		Godrej Industries Ltd		509
	1,588,096		Gold Fields Ltd		4,343
	1,164,001		Goldcorp, Inc		13,451
	8,626,418		Goldsun Development & Construction Co Ltd		2,343
	929,000		Grand Pacific Petrochemical		436
	180,577	e	Granges AB		1,489
	2,191,705		Graphic Packaging Holding Co		28,120
	605,755	*,m	Great Basin Gold Ltd		4
	149,000		Great China Metal Industry		128
	2,552,000		Greatview Aseptic Packaging Co		1,154
	29,000		Green Seal Holding Ltd		104
	79,273		Greif, Inc (Class A)		2,442
	72,017,560		G-Resources Group Ltd		1,710
	556,488		Grupo Argos S.A.		2,840
	6,756,030		Grupo Mexico S.A. de C.V. (Series B)		14,422
	97,900	*,e	Grupo Simec SAB de C.V.		219
	85,757		Gubre Fabrikalari TAS		167
	33,234		Gujarat Flourochemicals		271

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	125,349	*	Guyana Goldfields, Inc	$	279
	128,385		H.B. Fuller Co		4,682
	29,222		Han Kuk Carbon Co Ltd		161
	11,812		Hanil Cement Manufacturing		1,059
	8,409		Hansol Chemical Co Ltd		443
	31,716	*	Hansol Paper Co		186
	11,634	*	Hansol Paper Co Ltd		203
	129,861		Hanwha Chemical Corp		2,959
	388,564	*,e	Harmony Gold Mining Co Ltd		393
	27,138		Hawkins, Inc		971
	37,330		Haynes International, Inc		1,370
	405,886	*	Headwaters, Inc		6,847
	923,740	e	Hecla Mining Co		1,746
	40,786		HeidelbergCement AG.		3,324
	499,533		Hexpol AB		5,356
	1,359,046		Hindalco Industries Ltd		1,733
	133,782		Hitachi Chemical Co Ltd		2,122
	192,034		Hitachi Metals Ltd		2,369
	728,837	*	Ho Tung Chemical Corp		162
	225,566	*,e	Hochschild Mining plc		160
	176,229	e	Hokuetsu Paper Mills Ltd		1,039
	369,166		Holcim Ltd		18,486
	43,170		Holmen AB (B Shares)		1,333
	38,771		Honam Petrochemical Corp		7,911
	3,136,000	*	Honbridge Holdings Ltd		394
	52,155	*,e	Horsehead Holding Corp		107
	32,970	*	HS Industries Co Ltd		211
	29,649		HSIL Ltd		134
	2,543,000		Huabao International Holdings Ltd		922
	279,620		Huaxin Cement Co Ltd		222
	570,300	m	Hubei Sanonda Co Ltd		502
	23,316		Huchems Fine Chemical Corp		303
	204,299		HudBay Minerals, Inc		784
	202,154		Huhtamaki Oyj		7,336
	303,825		Huntsman Corp		3,455
	47,651		Hyosung Corp		4,713
	144,940		Hyundai Steel Co		6,108
	341,585	*	IAMGOLD Corp		486
	30,600	e	Ihara Chemical Industry Co Ltd		420
	464,202		Iluka Resources Ltd		2,053
	39,311		IMCD Group NV		1,454
	9,849		Imerys S.A.		688
	674,802	*,e	Impala Platinum Holdings Ltd		1,092
	42,994	*	Imperial Metals Corp		207
	3,684,405		Incitec Pivot Ltd		10,528
	353,380		Independence Group NL		649
	161,865	*	India Cements Ltd		236
	1,303,778		Indorama Ventures PCL (Foreign)		764
	145,100	*,e	Industrias CH SAB de C.V.		469
	165,340		Industrias Penoles S.A. de C.V.		1,700
	384,620		Inner Mongolia Eerduosi Resourses Co Ltd		380
	85,934		Innophos Holdings, Inc		2,490

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	89,898		Innospec, Inc	$	4,882
	60,905	*	Interfor Corp		618
	121,019	e	International Flavors & Fragrances, Inc		14,479
	460,388		International Paper Co		17,357
	194,293		Intertape Polymer Group, Inc		2,624
	277,760	*,e	Intrepid Potash, Inc		819
	338,000	*	Ishihara Sangyo Kaisha Ltd		287
	622,206		Israel Chemicals Ltd		2,526
	3,275		Israel Corp Ltd		594
	166,838		Italcementi S.p.A.		1,858
	8,779	e	Italmobiliare S.p.A.		401
	23,194		Italmobiliare S.p.A. RSP		750
	477,300	*	Ivanhoe Mines Ltd		210
	31,459	*,e,m	Jacana Minerals Ltd		5
	675,872		James Hardie Industries NV		8,521
	47,978	*	Jastrzebska Spolka Weglowa S.A.		130
	393,000		Jaya Tiasa Holdings BHD		121
	377,846		JFE Holdings, Inc		5,933
	1,717,230		Jiangxi Copper Co Ltd		2,027
	109,740		Jindal Saw Ltd		104
	353,265	*	Jindal Steel & Power Ltd		510
	225,172	*	Jinshan Gold Mines, Inc		338
	16,154		JK Cement Ltd		140
	27,652	*	JK Lakshmi Cement Ltd		137
	94,651		Johnson Matthey plc		3,703
	10,900		JSP Corp		227
	281,065		JSR Corp		4,380
	114,904	*	JSW Steel Ltd		1,787
	480,213		K&S AG.		12,241
	52,466		Kaiser Aluminum Corp		4,389
	476,638		Kaneka Corp		4,954
	221,165		Kansai Nerolac Paints Ltd		903
	329,524		Kansai Paint Co Ltd		4,995
	39,000		Kanto Denka Kogyo Co Ltd		256
	501,478		Kapstone Paper and Packaging Corp		11,328
	108,553		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		52
	657,106		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		245
	233,855	*,e	KAZ Minerals plc		350
	87,695	e	Kemira Oyj		1,033
	292,074		KGHM Polska Miedz S.A.		4,711
	1,445,426	*	Kinross Gold Corp		2,622
	280,040	*	Kirkland Lake Gold, Inc		980
	18,729		KISCO Corp		646
	5,136		KISWIRE Ltd		166
	605,068		Klabin S.A.		3,580
	2,552,700		Klabin S.A. (Preference)		2,453
	25,955		KMG Chemicals, Inc		598
	42,000		Koatsu Gas Kogyo Co Ltd		235
	2,628,798		Kobe Steel Ltd		2,856
	36,929		Kolon Corp		2,390

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,082		Kolon Industries, Inc	$	855
	12,400		Konishi Co Ltd		278
	1,031		Konya Cimento Sanayii		112
	108,529		Koppers Holdings, Inc		1,981
	16,717		Korea Kumho Petrochemical		733
	20,761		Korea Petrochemical Ind Co Ltd		2,996
	12,361		Korea Zinc Co Ltd		4,923
	259,853		Koza Altin Isletmeleri AS		1,095
	155,458	*	Koza Anadolu Metal Madencilik Isletmeleri AS		64
	205,557	*	Kraton Polymers LLC		3,414
	58,032	e	Kronos Worldwide, Inc		327
	1,242,000	*,e	KuangChi Science Ltd		514
	22,912		Kukdo Chemical Co Ltd		1,150
	37,800	e	Kumiai Chemical Industry Co Ltd		410
	1,937		Kumkang Kind Co Ltd		64
	80,689		Kuraray Co Ltd		977
	165,000	e	Kureha CORP		636
	338,000	e	Kurimoto Ltd		637
	106,800		Kyoei Steel Ltd		1,912
	237,786	e	Labrador Iron Ore Royalty Corp		1,648
	446,420		Lafarge Malayan Cement BHD		923
	136,930	*	LafargeHolcim Ltd		6,927
	1,396,100	*,e	Lake Shore Gold Corp		1,130
	325,447		Lanxess AG.		14,976
	5,326,000		Lee & Man Paper Manufacturing Ltd		2,962
	516,448	*	LEE Chang Yung Chem IND Corp		520
	14,890		Lenzing AG.		1,125
	90,423		LG Chem Ltd		24,964
	9,763		LG Chem Ltd (Preference)		2,040
	478,681		Linde AG.		69,149
	36,600		Lintec Corp		770
	6,177		Lion Chemtech Co Ltd		74
	18,611		Lock & Lock Co Ltd		194
	1,373,901		Long Chen Paper Co Ltd		444
	3,631	*,e	Lonmin plc		4
	5,804,275	*,e	Louisiana-Pacific Corp		104,535
	51,978	*,e	LSB Industries, Inc		377
	681,857		Lucara Diamond Corp		1,109
	476,000		Luks Group Vietnam Holdings Ltd		160
	562,400	*	Lundin Mining Corp		1,545
	1,009,440		LyondellBasell Industries AF S.C.A		87,720
	87,157	*	Madras Cements Ltd		511
	51,331	*	MAG. Silver Corp		362
	161,300	*	Magnesita Refratarios S.A.		118
	70,878	e	Major Drilling Group International		224
	251,500		Maple Leaf Cement Factory Ltd		179
	62,385		Martin Marietta Materials, Inc		8,521
	218,924	e	Maruichi Steel Tube Ltd		6,463
	226,972		Metals X Ltd		169
	1,020,200		Metalurgica Gerdau S.A.		425
	160,900		Methanex Corp		5,314
	1,337,284		Mexichem SAB de C.V.		2,987

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	851,200	e	Midas Holdings Ltd	$	173
	598,500	*,e	Minera Frisco SAB de C.V.		285
	180,657	e	Minerals Technologies, Inc		8,285
	16,144		Miquel y Costas & Miquel S.A.		614
	2,473,065		Mitsubishi Chemical Holdings Corp		15,691
	1,706,158		Mitsubishi Gas Chemical Co, Inc		8,724
	3,173,693		Mitsubishi Materials Corp		9,996
	883,000	*	Mitsubishi Paper Mills Ltd		636
	366,000		Mitsubishi Steel Manufacturing Co Ltd		699
	3,044,066		Mitsui Chemicals, Inc		13,500
	754,000		Mitsui Mining & Smelting Co Ltd		1,398
	180,286	*,e	Mittal Steel South Africa Ltd		53
	1,142,618		MMC Norilsk Nickel PJSC (ADR)		14,480
	1,644,000	*,e	MMG Ltd		311
	66,841		MOIL Ltd		212
	133,219		Mondi Ltd		2,636
	824,473		Mondi plc		16,160
	12,981	*,m	Mongolian Metals Corporation		0
	669,816		Monsanto Co		65,990
	4,158		Monsanto India Ltd		138
	138,462		Mosaic Co		3,820
	206,665		Mpact Ltd		627
	1,485,381		M-real Oyj (B Shares)		11,019
	1,534,872	*,e	Multi Packaging Solutions International Ltd		26,630
	74,346		Myers Industries, Inc		990
	75,761		Mytilineos Holdings S.A.		301
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		64
	534,000	*	Nakayama Steel Works Ltd		343
	22,789		Namhae Chemical Corp		196
	587,702		Nampak Ltd		945
	11,216,286		Nan Ya Plastics Corp		20,721
	221,910		Nantex Industry Co Ltd		163
	69,872		Neenah Paper, Inc		4,362
	25,400		Neturen Co Ltd		199
	443,553		Nevsun Resources Ltd		1,202
	444,909	*	New Gold, Inc		1,035
	1,133,783	*	Newcrest Mining Ltd		10,728
	40,777		NewMarket Corp		15,525
	1,929,496		Newmont Mining Corp		34,712
	6,112,950		Nickel Asia Corp		809
	41,400	e	Nihon Nohyaku Co Ltd		259
	74,800		Nihon Parkerizing Co Ltd		762
	2,664,184		Nine Dragons Paper Holdings Ltd		1,564
	264,000	e	Nippon Denko Co Ltd		478
	185,000		Nippon Kayaku Co Ltd		1,942
	1,479,900		Nippon Light Metal Holdings Co Ltd		2,623
	115,132		Nippon Paint Co Ltd		2,786
	449,000	e	Nippon Paper Industries Co Ltd		7,263
	44,200		Nippon Shokubai Co Ltd		3,076
	317,000		Nippon Soda Co Ltd		1,886
	778,200		Nippon Steel Corp		15,395
	48,810		Nippon Synthetic Chemical Industry Co Ltd		350

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	124,400	*,e	Nippon Yakin Kogyo Co Ltd	$	145
	115,400		Nissan Chemical Industries Ltd		2,620
	246,200		Nisshin Steel Holdings Co Ltd		2,596
	148,000		Nittetsu Mining Co Ltd		648
	252,063		Nitto Denko Corp		18,402
	144,921		NOF Corp		1,115
	88,589		Norbord, Inc		1,725
	1,224,058		Norsk Hydro ASA		4,550
	10,710,000	*,e	North Mining Shares Co Ltd		158
	349,854	*	Northam Platinum Ltd		594
	469,013		Northern Star Resources Ltd		954
	337,144	*,e	Novagold Resources, Inc		1,416
	13,676		Novolipetsk Steel (GDR)		116
	212,493		Novozymes AS		10,174
	1,025,245		Nucor Corp		41,317
	906,066		Nufarm Ltd		5,472
	651,493		Nuplex Industries Ltd		2,114
	269,987	*,e	Nyrstar		467
	86,450	*,m	Nyrstar (Strip VVPR)		0
	156,000	*	Ocean Plastics Co Ltd		123
	1,737,030		OceanaGold Corp		3,314
	71,766	*,e	OCI NV		1,772
	21,387		Oeneo S.A.		174
	696,143		OJI Paper Co Ltd		2,798
	55,000	e	Okamoto Industries, Inc		500
	9,585,042	a	Olin Corp		165,438
	50,653	e	Olympic Steel, Inc		587
	61,558		Omnia Holdings Ltd		530
	115,470	*	Omnova Solutions, Inc		708
	512,446	e	Orica Ltd		5,741
	42,181		Orient Cement Ltd		94
	559,000		Oriental Union Chemical Corp		355
	3,244,112		Orora Ltd		5,269
	28,500		Osaka Steel Co Ltd		518
	166,317		Osisko Gold Royalties Ltd		1,643
	252,736	*,e	Outokumpu Oyj		740
	1,020,000		Overseas Chinese Town Asia Holdings Ltd		442
	438,182	*	Owens-Illinois, Inc		7,633
	1,307,904		Oxiana Ltd		3,824
	127,507	*,e	Pacific Metals Co Ltd		356
	11,200		Pack Corp		281
	415,560		Packaging Corp of America		26,201
	153,492		Pact Group Holdings Ltd		557
	149,235	e	Pan American Silver Corp		972
	103,814	e	Papeles y Cartones de Europa S.A.		585
	700,000	*	Paranapanema S.A.		388
	2,515,382	*	Petkim Petrokimya Holding		3,954
	431,996		Petra Diamonds Ltd		557
	6,855,063		Petronas Chemicals Group BHD		11,579
	241,455		PhosAgro OAO (ADR)		3,097
	81,928		PI Industries Ltd		799
	264,041	*,m	Pike River Coal Ltd		0

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	232,919	*,e	Platform Specialty Products Corp	$	2,988
	223,232		PolyOne Corp		7,090
	6,796		Poongsan		240
	97,513		Poongsan Corp		2,273
	718,006		Portucel Empresa Produtora de Pasta e Papel S.A.		2,792
	117,636		POSCO		16,479
	83,342		POSCO Refractories & Environment Co Ltd		969
	2,202,701		Potash Corp of Saskatchewan		37,728
	551,673	e	PPC Ltd		549
	1,180,878		PPG Industries, Inc		116,694
	184,210		Praxair, Inc		18,863
	141,936	*,e	Premier Gold Mines Ltd		271
	1,431,100		Press Metal BHD		694
	111,977	*,e	Pretium Resources, Inc		563
	142,408	*	Primero Mining Corp		321
	124,747	*	Prism Cement Ltd		156
	7,322,504		PT Aneka Tambang Tbk		166
	12,216,200	*	PT Hanson International Tbk		561
	1,677,200		PT Holcim Indonesia Tbk		121
	3,655,220		PT Indocement Tunggal Prakarsa Tbk		5,862
	3,848,800	*	PT Krakatau Steel Tbk		81
	8,218,300	*,m	PT Sekawan Intipratama Tbk		50
	3,670,589		PT Semen Gresik Persero Tbk		3,008
	2,661,657		PT Timah Tbk		97
	2,160,100		PT Wijaya Karya Beton Tbk		128
	6,141,926		PTT Global Chemical PCL (Foreign)		8,492
	22,513	*	Qatar National Cement Co		631
	31,837	*	Qatari Investors Group		329
	33,967		Quaker Chemical Corp		2,624
	47,707		Rallis India Ltd		128
	103,485		Randgold Resources Ltd		6,375
	9,550		Ratnamani Metals & Tubes Ltd		79
	105,128	e	Rayonier Advanced Materials, Inc		1,029
	60,810	*,e	Real Industry, Inc		488
	1,048,031	e	Regis Resources Ltd		1,774
	260,214		Reliance Steel & Aluminum Co		15,069
	655,767		Rengo Co Ltd		2,804
	62,560	*	Rentech, Inc		220
	63,260	*	Resolute Forest Products		479
	864,228		Rexam plc		7,708
	25,548	e	RHI AG.		500
	561,616		Rio Tinto Ltd		18,162
	1,868,723		Rio Tinto plc		54,408
	80,358	*,e	Royal Bafokeng Platinum Ltd		138
	141,516	e	Royal Gold, Inc		5,161
	219,525		RPC Group plc		2,691
	126,698		RPM International, Inc		5,582
	31,299	*,e	Ryerson Holding Corp		146
	18,789		Sa des Ciments Vicat		1,130
	226,000		Sakai Chemical Industry Co Ltd		762
	32,600		Sakata INX Corp		343
	153,424	e	Salzgitter AG.		3,749

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,716		Sam Kwang Glass Ind Co Ltd	$	220
	18,208		Samsung Fine Chemicals Co Ltd		549
	365,681		San Fang Chemical Industry Co Ltd		429
	115,794	e	Sandfire Resources NL		470
	117,664	*,e	Sandstorm Gold Ltd		306
	193,000		Sanyo Chemical Industries Ltd		1,526
	470,000		Sanyo Special Steel Co Ltd		2,219
	1,480,616	*	Sappi Ltd		6,221
	322,594		Satipel Industrial S.A.		480
	127,942		Scapa Group plc		403
	467,394	*	Schmolz + Bickenbach AG.		233
	157,914		Schnitzer Steel Industries, Inc (Class A)		2,269
	201,083		Schweitzer-Mauduit International, Inc		8,443
	153,300		Scientex BHD		348
	222,007		Scotts Miracle-Gro Co (Class A)		14,322
	37,285	*,e	Seabridge Gold, Inc		309
	60,241		Seah Besteel Corp		1,406
	1,091		SeAH Holdings Corp		121
	17,315		SeAH Steel Corp		790
	692,140		Sealed Air Corp		30,869
	1,704,000		Sekisui Plastics Co Ltd		5,911
	651,668	*	SEMAFO, Inc		1,653
	70,977		Semapa-Sociedade de Investimento e Gestao		979
	113,184	*,e	Senomyx, Inc		427
	125,962		Sensient Technologies Corp		7,913
	1,940,633	*	Sesa Sterlite Ltd		2,626
	602,802		Severstal (GDR)		5,036
	2,223,000		Shandong Chenming Paper Holdings Ltd		1,580
	2,740,029		Shandong Chenming Paper Holdings Ltd (Class B)		1,930
	422,400	*	Shanghai Chlor-Alkali Chemical Co Ltd		373
	194,887		Shanghai Yaohua Pilkington Glass Co Ltd		147
	18,464	*	Sharda Cropchem Ltd		67
	520,000		Sheen Tai Holdings Grp Co Ltd		72
	79,000		Sheng Yu Steel Co Ltd		39
	276,046		Sherwin-Williams Co		71,662
	199,000	*	Shihlin Paper Corp		187
	31,000		Shikoku Chemicals Corp		294
	12,878	*	Shine Co Ltd		185
	551,837		Shin-Etsu Chemical Co Ltd		30,001
	89,400		Shin-Etsu Polymer Co Ltd		493
	1,236,032		Shinkong Synthetic Fibers Corp		359
	4,758,000	*,e	Shougang Concord International Enterprises Co Ltd		171
	1,329,000	e	Showa Denko KK		1,557
	19,937		Shree Cement Ltd		3,455
	499,466		Siam Cement PCL (Foreign)		6,304
	2,473,831		Sibanye Gold Ltd		3,752
	298,851		Sidi Kerir Petrochemcials Co		433
	1,131,000	*,m	Sijia Group Co		1
	518		Sika AG.		1,872
	124,662		Silgan Holdings, Inc		6,697
	70,134	*	Silver Standard Resources, Inc		363
	344,460		Silver Wheaton Corp		4,282

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	151,796	e	Sims Group Ltd	$	794
	6,590,000		Sinofert Holdings Ltd		1,116
	5,022,798	*	Sinopec Shanghai Petrochemical Co Ltd		1,987
	1,638,713	*	Sirius Minerals plc		356
	17,062		SK Chemicals Co Ltd		1,049
	101,693		SKC Co Ltd		2,898
	12,081	*	SKCKOLONPI, Inc		106
	632,628		Smurfit Kappa Group plc		16,202
	115,180		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,156
	5,721		SODIFF Advanced Materials Co Ltd		562
	287,478		Solar Applied Materials Technology Co		165
	24,441	e	Solvay S.A.		2,609
	113,869		Sonoco Products Co		4,654
	282,293	*	South Valley Cement		149
	1,301,335	*	South32 Ltd		1,000
	452,383	*	South32 Ltd (W/I)		348
	1,117,403	e	Southern Copper Corp (NY)		29,187
	210,178	*,e	Ssab Svenskt Stal AB (Series A)		558
	181,421	*,e	Ssab Svenskt Stal AB (Series B)		406
	17,238	*	Ssangyong Cement Industrial Co Ltd		239
	2,476,925	*	St Barbara Ltd		2,587
	1,096,764		Steel Dynamics, Inc		19,599
	180,268		Stella-Jones, Inc		6,841
	99,407		Stepan Co		4,940
	408,296	*,e	Stillwater Mining Co		3,499
	5,007		STO AG.		625
	520,623		Stora Enso Oyj (R Shares)		4,708
	400,500	*	Stornoway Diamond Corp		208
	704,221		Sumitomo Bakelite Co Ltd		2,931
	2,969,511		Sumitomo Chemical Co Ltd		17,054
	692,437		Sumitomo Metal Mining Co Ltd		8,405
	1,038,193		Sumitomo Osaka Cement Co Ltd		3,808
	40,000		Sumitomo Seika Chemicals Co Ltd		243
	16,012	e	Sumitomo Titanium Corp		330
	89,549	*,e	Summit Materials, Inc		1,795
	379,107	e	SunCoke Energy, Inc		1,316
	4,450,000	*,e,m	Superb Summit International Group Ltd		729
	8,399,900	*	Superblock PCL-Foreign		272
	434,956		Suzano Papel e Celulose S.A.		2,054
	55,000		Swancor Ind Co Ltd		276
	107,166		Symrise AG.		7,094
	290,879		Syngenta AG.		113,851
	378,267	e	Syngenta AG. (ADR)		29,781
	1,364,232		Synthos S.A.		1,320
	147,060	e	Syrah Resources Ltd		415
	337,900		Ta Ann Holdings BHD		395
	660,315		TA Chen Stainless Pipe		280
	667		Taekwang Industrial Co Ltd		619
	395,639		Tahoe Resources, Inc		3,430
	148,249		Tahoe Resources, Inc (Toronto)		1,282
	2,243,516		Taiheiyo Cement Corp		6,552
	3,594,290		Taiwan Cement Corp		2,976

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,436,960		Taiwan Fertilizer Co Ltd	$	3,179
	279,725		Taiwan Hon Chuan Enterprise Co Ltd		400
	477,329	*	Taiwan Styrene Monomer		247
	34,600		Taiyo Ink Manufacturing Co Ltd		1,329
	118,153		Taiyo Nippon Sanso Corp		1,069
	31,400		Takasago International Corp		751
	34,000		Takiron Co Ltd		176
	390,995		Tata Steel Ltd		1,525
	1,620,000	e	TCC International Holdings Ltd		298
	41,125		Technosemichem Co Ltd		1,413
	953,942	e	Teck Cominco Ltd		3,681
	10,514,018		Teijin Ltd		35,830
	23,844		Ten Cate NV		621
	33,500		Tenma Corp		653
	26,016	*	Tessenderlo Chemie NV		777
	238,265	e	TFS Corp Ltd		273
	317,987		ThyssenKrupp AG.		6,304
	6,490,000	e	Tiangong International Co Ltd		550
	104,707		TimkenSteel Corp		877
	54,365	*	Titan Cement Co S.A.		1,038
	332,400		Toagosei Co Ltd		2,842
	27,800	*,e	Toho Titanium Co Ltd		227
	367,000	e	Toho Zinc Co Ltd		843
	616,000		Tokai Carbon Co Ltd		1,729
	78,000		Tokushu Tokai Holdings Co Ltd		238
	310,000	*,e	Tokuyama Corp		672
	36,900		Tokyo Ohka Kogyo Co Ltd		1,173
	370,796	*,e	Tokyo Rope Manufacturing Co Ltd		616
	251,500		Tokyo Steel Manufacturing Co Ltd		1,561
	660,750		Ton Yi Industrial Corp		315
	28,411	*	Tongyang Cement & Energy Corp		101
	167,000		Topy Industries Ltd		373
	519,572		Toray Industries, Inc		4,828
	1,243,000		Tosoh Corp		6,394
	563,000		Toyo Ink Manufacturing Co Ltd		2,298
	39,800		Toyo Kohan Co Ltd		140
	134,441		Toyo Seikan Kaisha Ltd		2,494
	1,689,676		Toyobo Co Ltd		2,365
	83,597	*	Trecora Resources		1,036
	103,872		Tredegar Corp		1,415
	37,298	*,e	Trinseo S.A.		1,052
	165,791	e	Tronox Ltd		648
	583,000		TSRC Corp		357
	106,596	e	Tubacex S.A.		202
	1,501,000		Tung Ho Steel Enterprise Corp		775
	1,684,564	*	Turquoise Hill Resources Ltd		4,273
	4,658,647		UBE Industries Ltd		9,845
	62,065		Ultra Tech Cement Ltd		2,602
	26,652		Umicore		1,118
	15,008		Unid Co Ltd		583
	343,225		United Phosphorus Ltd		2,260
	5,964		United States Lime & Minerals, Inc		328

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	353,536	e	United States Steel Corp	$	2,821
	330,520		Universal Cement Corp		225
	721,532		UPC Technology Corp		207
	2,029,550		UPM-Kymmene Oyj		37,679
	10,142	*,m	Uralkali (GDR)		123
	34,815	*	US Concrete, Inc		1,833
	724,870		USI Corp		285
	1,949,007		Vale S.A.		6,350
	2,037,950		Vale S.A. (Preference)		5,221
	39,058	e	Valhi, Inc		52
	45,501		Valspar Corp		3,774
	70,289	e	Vedanta Resources plc		283
	443		Vetropack Holding AG.		696
	259,238		Victrex plc		6,873
	10,921		Vinati Organics Ltd		77
	119,613		Voestalpine AG.		3,659
	158,888		Vulcan Materials Co		15,090
	225,561	e	Wacker Chemie AG.		18,859
	107,357		Wausau Paper Corp		1,098
	64,261	*	Welspun-Gujarat Stahl Ltd		111
	2,224,000	e	West China Cement Ltd		457
	204,510		West Fraser Timber Co Ltd		7,764
	183,094	e	Western Areas NL		297
	1,078,206	e	Western Forest Products, Inc		1,761
	248,918		Westlake Chemical Corp		13,521
	712,226		WestRock Co		32,492
	13,312	*	WHX Corp		273
	60,822		Winpak Ltd		2,003
	3,094	*	Wonik Materials Co Ltd		172
	143,991		Worthington Industries, Inc		4,340
	772,614	*	WR Grace & Co		76,945
	169,700	*,e	W-Scope Corp		6,289
	723,000	*	Xinjiang Xinxin Mining Industry Co Ltd		73
	810,400		Yamana Gold, Inc		1,505
	32,800		Yamato Kogyo Co Ltd		836
	379,167		Yara International ASA		16,307
	56,573		Yeong Guan Energy Technology Group Co Ltd		310
	300,000		Yeun Chyang Industrial Co Ltd		179
	1,058,637		Yieh Phui Enterprise		238
	1,164,170		Yingde Gases		535
	542,000		Yip’s Chemical Holdings Ltd		184
	18,700		Yodogawa Steel Works Ltd		375
	8,118		Youlchon Chemical Co Ltd		81
	2,506,285		Yuen Foong Yu Paper Manufacturing Co Ltd		808
	684,604		Yule Catto & Co plc		3,198
	68,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		146
	46,313	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		1,175
	355,512		Zeon Corp		2,860
	858,000	e	Zhaojin Mining Industry Co Ltd		486
	20,155		Zignago Vetro S.p.A.		133
	7,640,220	e	Zijin Mining Group Co Ltd		2,000
			TOTAL MATERIALS		4,853,739

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
MEDIA - 3.1%
	1,777,220		ABS-CBN Holdings Corp (ADR)	$	2,360
	24,200	e	Adways, Inc		125
	19,100		AH Belo Corp (Class A)		95
	139,233		Aimia, Inc		947
	15,700	*	AirMedia Group, Inc (ADR)		88
	11,830,000	*,e	Alibaba Pictures Group Ltd		2,901
	302,084		Altice NV (Class A)		4,340
	203,566	*	Altice NV (Class B)		2,967
	113,055		AMC Entertainment Holdings, Inc		2,713
	587,210	*	AMC Networks, Inc		43,853
	58,815		Antena 3 de Television S.A.		627
	771,321	*	APN News & Media Ltd		292
	110,500		Asatsu-DK, Inc		2,674
	6,168,500	e	Asian Pay Television Trust		2,779
	1,853,545		Astro Malaysia Holdings BHD		1,188
	29,259		Avex Group Holdings, Inc		347
	44,837		Axel Springer AG.		2,493
	1,138,423		BEC World PCL (Foreign)		960
	12,600	*	Bona Film Group Ltd (ADR)		167
	67,916		Borussia Dortmund GmbH & Co KGaA		296
	1,444		Cable One, Inc		626
	216,271		Cablevision Systems Corp (Class A)		6,899
	21,170	e	Cairo Communication S.p.A.		105
	61,549	*	Carmike Cinemas, Inc		1,412
	2,466,856		CBS Corp (Class B)		116,263
	68,462	*	Central European Media Enterprises Ltd (Class A)		184
	196,591	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		529
	193,483	*,e	Charter Communications, Inc		35,427
	87,571	*	Cheil Communications, Inc		1,532
	242,913		Cinemark Holdings, Inc		8,121
	54,790	e	Cineplex Galaxy Income Fund		1,883
	356,537		Cineworld Group plc		2,956
	13,416		CJ CGV Co Ltd		1,426
	52,281	*	CJ E&M Corp		3,569
	206,800		CJ Hellovision Co Ltd		2,219
	34,310	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		192
	79,240		Cogeco Cable, Inc		3,537
	13,518		Cogeco, Inc		501
	10,881,148		Comcast Corp (Class A)		614,023
	179,536	e	Corus Entertainment, Inc		1,401
	84,921	*	Crown Media Holdings, Inc (Class A)		476
	37,519		CTS Eventim AG.		1,488
	41,200	e	CyberAgent, Inc		1,698
	420,424	*	Cyfrowy Polsat S.A.		2,235
	50,100		Daiichikosho Co Ltd		1,988
	3,446	*,e	Daily Journal Corp		696
	836,075		Daily Mail & General Trust		8,605
	15,490	*	DEN Networks Ltd		26
	217,755	e	Dentsu, Inc		11,914

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	320,000		DHX Media Ltd	$	1,961
	228,941	*,e	Discovery Communications, Inc (Class A)		6,108
	488,554	*	Discovery Communications, Inc (Class C)		12,321
	971,989	*	DISH Network Corp (Class A)		55,578
	438,518	*,e	DreamWorks Animation SKG, Inc (Class A)		11,301
	4,418,500		E for L Aim PCL		94
	63,143	*	Entercom Communications Corp (Class A)		709
	260,185		Entertainment One Ltd		641
	229,700		Entravision Communications Corp (Class A)		1,771
	37,588	*	Eros International plc		344
	4,000,000	*	eSun Holdings Ltd		334
	110,844		Eutelsat Communications		3,319
	2,250,000	*	Evergrande Health Industry Group Ltd		669
	147,267		EW Scripps Co (Class A)		2,798
	6,241	*	Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		79
	354,000		Fuji Television Network, Inc		4,178
	301,018	e	Gannett Co, Inc		4,904
	143,111		Gestevision Telecinco S.A.		1,557
	116,962	*,e	Global Eagle Entertainment, Inc		1,154
	201,047	*	Gray Television, Inc		3,277
	4,558,612		Grupo Televisa S.A.		24,953
	112,034	*	Gruppo Editoriale L’Espresso S.p.A.		123
	274,101		Hakuhodo DY Holdings, Inc		2,966
	361,184		Harte-Hanks, Inc		1,170
	281,620		Havas S.A.		2,370
	34,797	*,e	Hemisphere Media Group, Inc		513
	25,822		Hyundai Hy Communications & Network Co		76
	475,625	*	IBN18 Broadcast Ltd		339
	55,880	*	IHQ, Inc		97
	233,618	*,e	Imax Corp		8,303
	698,993		Informa plc		6,317
	52,768	*	Innocean Worldwide, Inc		3,127
	4,761,292		Interpublic Group of Cos, Inc		110,843
	80,675		IPSOS		1,858
	428,827		ITE Group plc		997
	8,743,236		ITV plc		35,597
	142,654		Jagran Prakashan Ltd		342
	629,936		JC Decaux S.A.		24,148
	35,087	*	Jcontentree Corp		166
	7,024,183		John Fairfax Holdings Ltd		4,672
	171,943		John Wiley & Sons, Inc (Class A)		7,743
	63,137		Journal Media Group, Inc		759
	378,689	*,e	Juventus Football Club S.p.A.		107
	6,390		Kabel Deutschland Holding AG.		790
	198,832		Kadokawa Dwango Corp		2,986
	13,505		Kinepolis Group NV		607
	21,383		KT Skylife Co Ltd		314
	65,077		Lagardere S.C.A.		1,942
	93,200	*,e	Lee Enterprises, Inc		157
	43,778	*	Liberty Broadband Corp (Class A)		2,261
	104,922	*	Liberty Broadband Corp (Class C)		5,441
	46,310	*	Liberty Global plc		1,888

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	363,303	*	Liberty Global plc (Class A)	$	15,390
	75	*	Liberty Global plc LiLAC (Class A)		3
	287	*	Liberty Global plc LiLAC (Class C)		12
	156,293	*	Liberty Media Corp		6,134
	320,394	*	Liberty Media Corp (Class C)		12,201
	795,021	e	Lions Gate Entertainment Corp		25,751
	354,780	*	Live Nation, Inc		8,717
	19,445		Loen Entertainment, Inc		1,386
	32,975	*,e	Loral Space & Communications, Inc		1,342
	49,255		M6-Metropole Television		847
	44,797	*	Madison Square Garden Co		7,248
	431,000		Major Cineplex Group PCL-Foreign		421
	80,700	*,e	McClatchy Co (Class A)		98
	693,818	e	MDC Partners, Inc		15,070
	309,118	*,e	Media General, Inc		4,992
	1,816,700		Media Prima BHD		537
	3,044,261		Mediaset S.p.A.		12,615
	2,320,000	*	Mei Ah Entertainment Group Ltd		234
	105,604	e	Meredith Corp		4,567
	48,286		Modern Times Group AB (B Shares)		1,233
	182,482	*	MSG Networks, Inc		3,796
	205,000		Multiplus S.A.		1,930
	2,900		Nasmedia Co Ltd		123
	831,616		Naspers Ltd (N Shares)		113,669
	194,587		National CineMedia, Inc		3,057
	259,021	e	New Media Investment Group, Inc		5,041
	344,149		New York Times Co (Class A)		4,618
	116,691		News Corp		1,559
	28,331	e	News Corp (Class B)		395
	77,398	e	Nexstar Broadcasting Group, Inc (Class A)		4,543
	103,100	e	Next Co Ltd		1,264
	13,519		Next Entertainment World Co Ltd		120
	7,106		NextRadioTV		285
	830,598		Nine Entertainment Co Holdings Ltd		1,144
	48,711		Numericable SAS		1,770
	232,802		Omnicom Group, Inc		17,614
	464,028		Pearson plc		5,016
	1,378,000		Phoenix Satellite Television Holdings Ltd		321
	1,109,400	*	Plan B Media PCL		218
	94,000		Poly Culture Group Corp Ltd		256
	40,910	*,e	Promotora de Informaciones S.A.		232
	880,406		ProSiebenSat. Media AG.		44,418
	9,200		Proto Corp		127
	7,172,534		PT Global MediaCom Tbk		568
	5,763,163		PT Media Nusantara Citra Tbk		767
	561,886		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		4,421
	5,827,575		PT Surya Citra Media Tbk		1,299
	6,492,500	*	PT Visi Media Asia Tbk		117
	133,430		Publicis Groupe S.A.		8,872
	18,643	*	PVR Ltd		226
	82,620	e	Quebecor, Inc		2,023

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	155,682	g	RAI Way S.p.A	$	798
	227,728	*,e	RCS MediaGroup S.p.A.		153
	96,988	e	REA Group Ltd		3,859
	47,590	*	Reading International, Inc		624
	3,736,913		Reed Elsevier NV		62,938
	2,350,146		Reed Elsevier plc		41,447
	71,352	e	Regal Entertainment Group (Class A)		1,346
	110,850	*,e	Rentrak Corp		5,269
	272,489		Rightmove plc		16,559
	407,000		RS PCL		114
	271,577		RTL Group		22,616
	10,894	e	Saga Communications, Inc		419
	64,265	e	Sanoma-WSOY Oyj		273
	36,431	*	SBS Media Holdings Co Ltd		120
	15,979		Schibsted ASA		525
	81,180	*	Schibsted ASA (B Shares)		2,587
	66,383		Scholastic Corp		2,560
	333,581		Scripps Networks Interactive (Class A)		18,417
	15,600		Septeni Holdings Co Ltd		346
	150,363		SES Global S.A.		4,167
	733,266	e	Shaw Communications, Inc (B Shares)		12,612
	79,000		Shochiku Co Ltd		754
	27,836	*	SHOWBOX Corp		174
	165,580	e	Sinclair Broadcast Group, Inc (Class A)		5,388
	1,311,001	e	Singapore Press Holdings Ltd		3,634
	30,381	e	Sirius XM Canada Holdings, Inc		91
	5,862,709	*,e	Sirius XM Holdings, Inc		23,861
	61,072	*,e	Sizmek, Inc		223
	688,147		Sky Network Television Ltd		2,156
	277,400		Sky Perfect Jsat Corp		1,560
	11,932,010		Sky plc		195,598
	16,220	*	SM Entertainment Co		590
	4,452,000	e	SMI Holdings Group Ltd		525
	212,000		Smiles S.A.		1,858
	741,380		Societe Television Francaise 1		8,232
	32,477	*,e	Solocal Group		243
	1,697,249		Southern Cross Media Group		1,402
	267,800		Star Publications Malaysia BHD		146
	463,787	*	Starz-Liberty Capital		15,537
	91,787	e	Stroer Out-of-Home Media AG.		5,763
	90,591		Sun TV Network Ltd		583
	199,244		TEGNA, Inc		5,085
	72,374	*	Telenet Group Holding NV		3,911
	324,343		Television Broadcasts Ltd		1,333
	1,652,182	e	Ten Network Holdings Ltd		203
	584,794		Thomson Corp		22,134
	472,492		Thomson Corp (Toronto)		17,896
	723,991		Time Warner Cable, Inc		134,365
	4,234,640		Time Warner, Inc		273,854
	363,523		Time, Inc		5,696
	45,800	e	Toei Animation Co Ltd		2,247
	777,885		Toei Co Ltd		7,615

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	141,623		Toho Co Ltd	$	3,919
	138,200		Tohokushinsha Film Corp		957
	44,100		Tokyo Broadcasting System, Inc		698
	1,014,000	*	Tom Group Ltd		258
	18,307	*,e	Townsquare Media, Inc		219
	532,114		Tribune Co		17,991
	119,838	e	Tribune Publishing Co		1,105
	129,000		TV Asahi Corp		2,227
	1,137,400	e	TV Azteca S.A. de C.V.		159
	2,359,859		Twenty-First Century Fox, Inc		64,094
	826,307		Twenty-First Century Fox, Inc (Class B)		22,500
	384,866		United Business Media Ltd		2,983
	81,746	*	Usen Corp		235
	2,183,000		VGI Global Media PCL		223
	17,481		Viacom, Inc		769
	2,714,217		Viacom, Inc (Class B)		111,717
	227,276	*	Videocon d2h Ltd (ADR)		2,018
	69,834		Village Roadshow Ltd		375
	2,749,600	*	Viva China Holdings Ltd		282
	1,142,249		Vivendi Universal S.A.		24,532
	5,377,753		Walt Disney Co		565,094
	3,575,210	e	West Australian Newspapers Holdings Ltd		2,002
	661,000	e	Wisdom Holdings Group		443
	167,095		Wolters Kluwer NV		5,612
	18,750	*	Woongjin Thinkbig Co Ltd		162
	155,700		Workpoint Entertainment PCL		188
	75,155	e	World Wrestling Entertainment, Inc (Class A)		1,341
	5,000	*	Wowow, Inc		126
	4,395,525		WPP plc		101,105
	53,916	*,e	Yellow Pages Ltd		595
	8,832		YG Entertainment, Inc		333
	460,582	*	Zee Entertainment Enterprises Ltd		704
	848,987		ZEE Telefilms Ltd		5,597
	19,900		Zenrin Co Ltd		405
			TOTAL MEDIA		3,501,193

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.0%
	32,815	*,e	AB Science S.A.		435
	5,629,450		AbbVie, Inc		333,489
	363,897		Abcam plc		3,565
	33,115	*,e	Abeona Therapeutics, Inc		111
	42,816	*,e	Ablynx NV		739
	229,873	*,e	Acadia Pharmaceuticals, Inc		8,195
	54,875	*,e	Accelerate Diagnostics, Inc		1,179
	53,184	*,e	Acceleron Pharma, Inc		2,593
	493,666	*,e	Achillion Pharmaceuticals, Inc		5,327
	12,953	*	Aclaris Therapeutics, Inc		349
	137,805	*,e	Acorda Therapeutics, Inc		5,895
	125,051		Actelion Ltd		17,375
	27,337	*	Adamas Pharmaceuticals, Inc		774
	42,394		Adcock Ingram Holdings Ltd		137

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,585	*	Adocia	$	205
	44,837	*,e	Aduro Biotech, Inc		1,262
	73,548	*,e	Advaxis, Inc		740
	62,917	*,e	Aegerion Pharmaceuticals, Inc		635
	89,125	*,e	Aerie Pharmaceuticals, Inc		2,170
	38,172	*,e	Affimed NV		272
	254,620	*,e	Affymetrix, Inc		2,569
	188,353	*,e	Agenus, Inc		855
	24,883	*,e	Agile Therapeutics, Inc		243
	1,643,193		Agilent Technologies, Inc		68,702
	47,003	*,e	Agios Pharmaceuticals, Inc		3,051
	42,927	*,e	Aimmune Therapeutics, Inc		792
	19,528		Ajanta Pharma Ltd		391
	66,156	*	Akebia Therapeutics, Inc		855
	143,031	*,e	Akorn, Inc		5,336
	63,937	*,e	Albany Molecular Research, Inc		1,269
	58,540	*,e	Alder Biopharmaceuticals, Inc		1,934
	90,079		Alembic Pharmaceuticals Ltd		946
	1,024,677	*	Alexion Pharmaceuticals, Inc		195,457
	76,196	*,e	Alimera Sciences, Inc		184
	5,198		ALK-Abello AS		661
	231,599	*	Alkermes plc		18,384
	1,986,320	*	Allergan plc		620,725
	108,161	*	Alnylam Pharmaceuticals, Inc		10,182
	93,819	*,e	AMAG Pharmaceuticals, Inc		2,832
	2,289,164		Amgen, Inc		371,600
	6,448		Amicogen, Inc		360
	286,459	*,e	Amicus Therapeutics, Inc		2,779
	114,333	*,e	Amphastar Pharmaceuticals, Inc		1,627
	158,878	*	Anacor Pharmaceuticals, Inc		17,948
	28,668	*,e	ANI Pharmaceuticals, Inc		1,294
	184,595	*,e	Anthera Pharmaceuticals, Inc		857
	51,636	*	Applied Genetic Technologies Corp		1,053
	77,027	*,e	Aratana Therapeutics, Inc		430
	39,241	*	Ardelyx, Inc		711
	692,582	*,e	Arena Pharmaceuticals, Inc		1,316
	538,599	*,e	Ariad Pharmaceuticals, Inc		3,366
	346,521	*,e	Array Biopharma, Inc		1,462
	146,813	*,e	Arrowhead Research Corp		903
	136,683		Ascendis Health Ltd		180
	17,200		ASKA Pharmaceutical Co Ltd		212
	411,318		Aspen Pharmacare Holdings Ltd		8,212
	38,544	*,e	Assembly Biosciences, Inc		289
	2,195,903		Astellas Pharma, Inc		31,260
	29,496	*,e	Asterias Biotherapeutics, Inc		116
	5,855	*	AstraZeneca Pharma India Ltd		110
	1,648,938		AstraZeneca plc		111,381
	274,300	e	AstraZeneca plc (ADR)		9,312
	63,147	*,e	Atara Biotherapeutics, Inc		1,668
	14,616	*,e	aTyr Pharma, Inc		144
	494,194		Aurobindo Pharma Ltd		6,518
	95,012	*,e	Avalanche Biotechnologies, Inc		905

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	32,600	*,e	Axovant Sciences Ltd	$	588
	8,506	*,e	Basilea Pharmaceutica		818
	47,954	*,e	Bavarian Nordic AS		2,478
	1,676,330		Baxalta, Inc		65,427
	1,226,850		Bayer AG.		153,222
	272,000	e	Beijing Tong Ren Tang Chinese Medicine Co Ltd		346
	21,465	*,e	Bellicum Pharmaceuticals, Inc		435
	21,478	*	Binex Co Ltd		292
	132,527		Biocon Ltd		1,034
	273,132	*,e	BioCryst Pharmaceuticals, Inc		2,819
	121,829	*,e	BioDelivery Sciences International, Inc		584
	11,564		Biogaia AB (B Shares)		385
	761,791	*	Biogen Idec, Inc		233,375
	844,050	*	BioMarin Pharmaceutical, Inc		88,423
	72,047	*	Bio-Rad Laboratories, Inc (Class A)		9,990
	43,650	*	Biospecifics Technologies Corp		1,876
	94,758		Bio-Techne Corp		8,528
	6,201		Biotest AG.		126
	17,422	e	Biotest AG. (Preference)		290
	142,584	*,e	BioTime, Inc		585
	1,531,547	*	Biovitrum AB		24,293
	65,039	*,e	Bluebird Bio, Inc		4,177
	25,004	*,e	Blueprint Medicines Corp		659
	14,922		Boiron S.A.		1,208
	19,462		Boryung Pharmaceutical Co Ltd		927
	4,839,803		Bristol-Myers Squibb Co		332,930
	257,400	*,e	Bruker BioSciences Corp		6,247
	332,618	*	BTG plc		3,370
	21,643		Bukwang Pharmaceutical Co Ltd		465
	92,219		Cadila Healthcare Ltd		456
	27,981	*,e	Calithera Biosciences, Inc		214
	178,565	*	Cambrex Corp		8,409
	90,539	*	Cara Therapeutics Inc		1,526
	44,559	*,e	Carbylan Therapeutics, Inc		161
	290,498	*	Catalent, Inc		7,271
	200,032	*,e	Catalyst Pharmaceuticals, Inc		490
	3,652,764	*	Celgene Corp		437,455
	5,338		Cell Biotech Co Ltd		257
	292,623	*,e	Celldex Therapeutics, Inc		4,588
	21,302	*,e	Cellectis S.A.		642
	10,778	*	Celltrion Pharm Inc		160
	134,862	*,e	Celltrion, Inc		9,622
	25,003	*	Cellular Biomedicine Group, Inc		537
	88,555	*,e	Cempra, Inc		2,757
	135,485		Center Laboratories, Inc		304
	204,231	*	Cepheid, Inc		7,461
	112,065	*	Charles River Laboratories International, Inc		9,009
	81,299	*,e	ChemoCentryx, Inc		659
	32,248	*,e	Chiasma, Inc		631
	124,724	*	Chimerix, Inc		1,116
	10,235,300	*,e,m	China Animal Healthcare Ltd		13
	740,000	*	China Grand Pharmaceutical and Healthcare Holdings Ltd		175

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,410,000		China Medical System Holdings Ltd	$	2,066
	19,235,000	*,e	China Regenerative Medicine International Ltd		1,012
	765,000		China Shineway Pharmaceutical Group Ltd		971
	2,635		Chong Kun Dang Pharm Corp		247
	34,894		Chong Kun Dang Pharmaceutical Corp		2,826
	11,069		Choongwae Pharma Corp		340
	239,600		Chugai Pharmaceutical Co Ltd		8,352
	11,916	*,e	Cidara Therapeutics, Inc		204
	883,642		Cipla Ltd		8,662
	2,556,000		CK Life Sciences International Holdings, Inc		230
	108,934		Clinigen Group plc		1,147
	90,239	*,e	Clovis Oncology, Inc		3,158
	8,800	e	CMIC Co Ltd		112
	721,694	*,e	Coherus Biosciences, Inc		16,570
	23,363	*,e	Collegium Pharmaceutical, Inc		642
	91,931	*	Concert Pharmaceuticals Inc		1,744
	37,077	e	Concordia Healthcare Corp		1,515
	889,000	e	Consun Pharmaceutical Group Ltd		583
	181,428	*,e	Corcept Therapeutics, Inc		904
	24,273	*,e	Corium International, Inc		197
	75,434	*,e	CorMedix, Inc		153
	13,108	*	Cosmo Pharmaceuticals S.A.		2,123
	819,890		CSL Ltd		62,508
	5,268,777		CSPC Pharmaceutical Group Ltd		5,372
	12,872	*	CTC BIO, Inc		167
	587,519	*,e	CTI BioPharma Corp		723
	273,819	*,e	Curis, Inc		797
	213,666	*,e	Cytokinetics, Inc		2,235
	17,210	*,e	CytomX Therapeutics, Inc		359
	176,731	*,e	CytRx Corp		468
	10,763		Dae Hwa Pharmaceutical Co Ltd		336
	7,535	*	Daehan New Pharm Co Ltd		99
	9,753		Daewon Pharmaceutical Co Ltd		145
	7,314		Daewoong Co Ltd		350
	4,481		Daewoong Pharmaceutical Co Ltd		268
	1,779,480		Daiichi Sankyo Co Ltd		36,728
	364,023	e	Dainippon Sumitomo Pharma Co Ltd		4,289
	1,232,000		Dawnrays Pharmaceutical Holdings Ltd		955
	17,571	*,e	DBV Technologies S.A.		1,266
	196,686	*,e	Depomed, Inc		3,566
	55,772	*	Dermira, Inc		1,930
	66,003	*,e	Dicerna Pharmaceuticals Inc		783
	148,289		Dishman Pharmaceuticals & Chemicals Ltd		762
	111,483		Divi S Laboratories Ltd		1,942
	1,968		Dong-A Pharmaceutical Co Ltd		282
	3,734		Dong-A ST Co Ltd		463
	12,283		DongKook Pharmaceutical Co Ltd		608
	207,583		Dr Reddy’s Laboratories Ltd		9,745
	281,061	*,e	Durect Corp		621
	458,551	*	Dyax Corp		17,251
	111,967	*	Dynavax Technologies Corp		2,705
	23,559	*,e	Eagle Pharmaceuticals, Inc		2,089

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,676	*,e	Edge Therapeutics, Inc	$	221
	267,021		Eisai Co Ltd		17,664
	4,448,914		Eli Lilly & Co		374,865
	84,489	*	Emergent Biosolutions, Inc		3,380
	46,222	*,e	Enanta Pharmaceuticals, Inc		1,526
	1,026,879	*,e	Endo International plc		62,866
	103,292	*,e	Endocyte, Inc		414
	74,280	*,e	Epizyme, Inc		1,190
	21,800	e	EPS Co Ltd		240
	45,327	*,e	Esperion Thereapeutics, Inc		1,009
	278,000		Essex Bio-technology Ltd		173
	19,673		Eurofins Scientific		6,862
	104,050	*	Evotec AG.		467
	252,718	*,e	Exact Sciences Corp		2,333
	621,413	*,e	Exelixis, Inc		3,505
	503,196		Faes Farma S.A. (Sigma)		1,504
	86,030		FDC Ltd		299
	63,983	*,e	Fibrocell Science, Inc		291
	197,063	*,e	FibroGen, Inc		6,005
	124,208	*	Five Prime Therapeutics, Inc		5,155
	9,662	*,e	Flex Pharma, Inc		120
	35,611	*,e	Flexion Therapeutics Inc		686
	73,920	*,e	Fluidigm Corp		799
	59,676	*,e	Foamix Pharmaceuticals Ltd		484
	28,185	*,e	Foundation Medicine, Inc		594
	74,000		Fuji Pharma Co Ltd		1,341
	28,713	*	Galapagos NV		1,773
	436,071	*,e	Galena Biopharma, Inc		641
	4,036	*	Genexine Co Ltd		319
	16,646	*,e	Genfit		586
	65,857	*	Genmab AS		8,757
	125,883	*,e	Genocea Biosciences Inc		663
	43,541	*,e	Genomic Health, Inc		1,533
	1,889,600	*,e	Genomma Lab Internacional S.A. de C.V.		1,519
	76,634		Genus plc		1,757
	580,840	*,e	Geron Corp		2,811
	32,271		Gerresheimer AG.		2,522
	5,432,365		Gilead Sciences, Inc		549,701
	6,388,032		GlaxoSmithKline plc		129,012
	155,863		Glenmark Pharmaceuticals Ltd		2,164
	26,683	*,e	Global Blood Therapeutics, Inc		863
	46,785	*	Granules India Ltd		105
	5,157		Green Cross Corp		798
	79,714		Green Cross Holdings Corp		2,825
	227,512		Grifols S.A.		10,516
	203,113	*,e	GW Pharmaceuticals plc		1,180
	1,932,719	*,e	H Lundbeck AS		65,993
	342,321	*,e	Halozyme Therapeutics, Inc		5,932
	23,063	*	Han All Pharmarceutical Co		254
	14,012		Hanmi Holdings Co Ltd		1,519
	6,274		Hanmi Pharm Co Ltd		3,843
	88,204	*,e	Harvard Bioscience, Inc		306

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	82,015	*,e	Heron Therapeutics, Inc	$	2,190
	13,250	*	Heska Corp		513
	411,238		Hikma Pharmaceuticals plc		13,941
	166,313		Hisamitsu Pharmaceutical Co, Inc		6,982
	7,872,062	e	Hua Han Bio-Pharmaceutical Holdings Ltd		1,091
	4,558	*	Humedix Co Ltd		236
	7,235		Huons Co Ltd		557
	8,529	*	Hutchison China MediTech Ltd		351
	221,979	*,e	Idera Pharmaceuticals, Inc		686
	79,756	*,e	Ignyta, Inc		1,069
	83,105		Il Dong Pharmaceutical Co Ltd		1,769
	564,303	*	Illumina, Inc		108,315
	13,024	*	Ilyang Pharmaceutical Co Ltd		537
	28,227	*,e	Immune Design Corp		567
	231,906	*,e	Immunogen, Inc		3,147
	239,745	*,e	Immunomedics, Inc		736
	199,239	*	Impax Laboratories, Inc		8,519
	133,113	*	INC Research Holdings, Inc		6,457
	558,165	*	Incyte Corp		60,533
	1,704,039		Indivior plc		4,709
	19,038		Indoco Remedies Ltd		94
	210,048	*,e	Infinity Pharmaceuticals, Inc		1,649
	34,760	*	Innate Pharma S.A.		510
	176,252	*,e	Inovio Pharmaceuticals, Inc		1,184
	196,546	*	Insmed, Inc		3,567
	309,579	*,e	Insys Therapeutics, Inc		8,863
	26,401	*,e	Intercept Pharmaceuticals, Inc		3,943
	48,178	*,e	Intersect ENT, Inc		1,084
	77,845	*,e	Intra-Cellular Therapies, Inc		4,187
	87,723	*,e	Intrexon Corp		2,645
	11,974	*	iNtRON Biotechnology, Inc		547
	20,743	*,e	Invitae Corp		170
	233,405	*,e	Ionis Pharmaceuticals, Inc		14,455
	66,742		Ipca Laboratories Ltd		746
	287,467		Ipsen		19,047
	316,465	*	Ironwood Pharmaceuticals, Inc		3,668
	16,700	*,e	Japan Tissue Engineering Co Lt		151
	286,354	*	Jazz Pharmaceuticals plc		40,250
	11,300	e	JCR Pharmaceuticals Co Ltd		246
	15,207		Jeil Pharmaceutical Co		494
	8,281,352		Johnson & Johnson		850,660
	154,796	*,e	Juno Therapeutics, Inc		6,806
	28,567		JW Holdings Corp		211
	77,600		Kaken Pharmaceutical Co Ltd		5,303
	59,130	*,e	Karyopharm Therapeutics, Inc		783
	260,426	*,e	Keryx Biopharmaceuticals, Inc		1,315
	93,000		Kissei Pharmaceutical Co Ltd		2,333
	126,958	*,e	Kite Pharma, Inc		7,823
	65,412	*	Knight Therapeutics, Inc		365
	4,243		Kolon Life Science, Inc		710
	31,213	*	Komipharm International Co Ltd		1,018
	163,431		Kwang Dong Pharmaceutical Co Ltd		1,540

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,886	*	Kyongbo Pharmaceutical Co Ltd	$	118
	44,636		Kyorin Co Ltd		930
	421,091		Kyowa Hakko Kogyo Co Ltd		6,626
	15,888		Kyungdong Pharm Co Ltd		264
	33,058	*,e	La Jolla Pharmaceutical Co		893
	227,417		Laboratorios Almirall S.A.		4,596
	13,028		Laboratorios Farmaceuticos Rovi S.A		204
	100,352	*,e	Lannett Co, Inc		4,026
	248,500	e	Lee’s Pharmaceutical Holdings Ltd		310
	132,694	*,e	Lexicon Pharmaceuticals, Inc		1,766
	11,237	*	LG Life Sciences Ltd		573
	50,258	*,e	Ligand Pharmaceuticals, Inc (Class B)		5,449
	112,930	*,e	Lion Biotechnologies, Inc		872
	176,670		Livzon Pharmaceutical Group, Inc		846
	414,133		Lonza Group AG.		67,352
	77,000	*	Lotus Pharmaceutical Co Ltd		162
	20,340	*,e	Loxo Oncology, Inc		579
	112,995	*	Luminex Corp		2,417
	332,722		Lupin Ltd		9,206
	1,721,500	*,e	Luye Pharma Group Ltd		1,791
	7,802		Macrogen, Inc		228
	85,362	*	MacroGenics, Inc		2,644
	307,286	*	Mallinckrodt plc		22,933
	611,112	*,e	MannKind Corp		886
	621,535		Marksans Pharma Ltd		980
	560,206	*	Mayne Pharma Group Ltd		572
	222,186		Meda AB (A Shares)		2,801
	71,910	*,e	Medgenics, Inc		433
	241,168	*,e	Medicines Co		9,005
	91,918	*	Medigen Biotechnology Corp		238
	435,559	*	Medivation, Inc		21,055
	67,359		Medivir AB		520
	8,634		Medy-Tox, Inc		3,731
	259,100		Mega Lifesciences PCL		119
	8,022,320		Merck & Co, Inc		423,739
	240,037		Merck KGaA		23,241
	4,376,660	*,e	Merrimack Pharmaceuticals, Inc		34,576
	190,038	*,e	Mesoblast Ltd		254
	95,896	*	Mettler-Toledo International, Inc		32,521
	264,923	*,e	MiMedx Group, Inc		2,482
	28,194	*,e	Mirati Therapeutics, Inc		891
	11,400		Mochida Pharmaceutical Co Ltd		808
	5,207	*	Molecular Partners AG.		181
	152,357	*	Momenta Pharmaceuticals, Inc		2,261
	94,813	*	Morphosys AG.		5,900
	2,128,794	*,e	Mylan NV		115,104
	172,948	*,e	Myriad Genetics, Inc		7,464
	31,700	*,e	NanoCarrier Co Ltd		272
	33,609	*,e	NanoString Technologies, Inc		494
	12,979	*,e	NantKwest, Inc		225
	81,410		Natco Pharma Ltd		712
	21,466	*,e	Natera, Inc		232

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	13,627	*	Naturalendo Tech Co Ltd	$	239
	397,485	*,e	Navidea Biopharmceuticals, Inc		529
	334,292	*,e	Nektar Therapeutics		5,633
	153,098	*,e	NeoGenomics, Inc		1,205
	11,977	*,e	Neos Therapeutics, Inc		172
	263,014	*	Neurocrine Biosciences, Inc		14,879
	4,676	*,e	Neuroderm Ltd		80
	91,913	*,e	NewLink Genetics Corp		3,345
	9,771	*,e	Newron Pharmaceuticals S.p.A		250
	54,650		Nichi-iko Pharmaceutical Co Ltd		1,302
	43,000	e	Nippon Shinyaku Co Ltd		1,589
	4,377	*	Nivalis Therapeutics, Inc		34
	123,622	*,e	Northwest Biotherapeutics, Inc		396
	4,762,452		Novartis AG.		409,663
	803,222	*,e	Novavax, Inc		6,739
	3,356,034		Novo Nordisk AS		194,308
	164,000	*	OBI Pharma, Inc		3,257
	110,257	*,e	Ocata Therapeutics, Inc		928
	38,952	*,e	Ocular Therapeutix, Inc		365
	93,297	*,e	Omeros Corp		1,468
	78,098	*,e	OncoMed Pharmaceuticals, Inc		1,760
	109,800	*,e	OncoTherapy Science, Inc		276
	240,555	*,e	Oncothyreon, Inc		534
	130,923		Oneness Biotech Co Ltd		155
	150,651		Ono Pharmaceutical Co Ltd		26,863
	105,788	*	Ophthotech Corp		8,308
	613,553	*,e	Opko Health, Inc		6,166
	508,887	*,e	Orexigen Therapeutics, Inc		875
	15,760	*	Orexo AB		117
	239,440	*,e	Organovo Holdings, Inc		596
	95,674		Orion Oyj (Class B)		3,310
	43,924	e	Osiris Therapeutics, Inc		456
	37,907	*	Otonomy, Inc		1,052
	836,520		Otsuka Holdings KK		29,721
	128,700		Ouro Fino Saude Animal Participacoes S.A.		1,136
	58,137	*,e	OvaScience, Inc		568
	158,237	*,e	Pacific Biosciences of California, Inc		2,078
	91,323	*,e	Pacira Pharmaceuticals, Inc		7,013
	1,782,786	*,e	Paion AG.		4,359
	31,387	*,e	Paratek Pharmaceuticals, Inc		595
	184,833	*	Parexel International Corp		12,591
	406,563	e	PDL BioPharma, Inc		1,439
	24,000	*,e	PeptiDream, Inc		764
	513,346	*,e	Peregrine Pharmaceuticals, Inc		601
	369,946		PerkinElmer, Inc		19,818
	112,301	*,e	Pernix Therapeutics Holdings, Inc		331
	476,866		Perrigo Co plc		69,003
	91,641	*	Pfenex, Inc		1,135
	18,338		Pfizer Ltd		652
	24,137,935		Pfizer, Inc		779,173
	145,156	*,e	Pharma Mar S.A.		395
	3,775	*	PHARMA RESEARCH PRODUCTS Co Ltd		231

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	50,861		PharmaEngine Inc	$	370
	16,000		Pharmally International Holding Co Ltd		175
	18,341	*	Pharmstandard (GDR)		77
	80,241	e	Phibro Animal Health Corp		2,418
	112,025		Piramal Healthcare Ltd		1,701
	159,598	*	Portola Pharmaceuticals, Inc		8,211
	241,468	*,e	Pozen, Inc		1,649
	71,067	*,e	PRA Health Sciences, Inc		3,217
	178,064	*	Prestige Brands Holdings, Inc		9,167
	174,817	*,e	Progenics Pharmaceuticals, Inc		1,072
	480,022	*,e	ProMetic Life Sciences, Inc		1,166
	14,444	*,e	Proteon Therapeutics, Inc		224
	89,691	*,e	Prothena Corp plc		6,109
	26,012,482		PT Kalbe Farma Tbk		2,475
	106,305	*,e	PTC Therapeutics, Inc		3,444
	45,585	*,e	Puma Biotechnology, Inc		3,574
	96,785	*	PureTech Health plc		233
	237,450	*	Qiagen NV		6,436
	481,126	*	Qiagen NV (NASDAQ)		13,303
	249,210	*	Quintiles Transnational Holdings, Inc		17,111
	103,214	*	Radius Health, Inc		6,352
	200,306	*	Raptor Pharmaceutical Corp		1,042
	25,904	e	Recipharm AB		388
	281,011		Recordati S.p.A.		7,332
	192,229	*	Regeneron Pharmaceuticals, Inc		104,355
	15,184	*,e	REGENXBIO, Inc		252
	69,885	*,e	Regulus Therapeutics, Inc		609
	124,432	*,e	Relypsa, Inc		3,526
	103,302	*	Repligen Corp		2,922
	100,915	*	Retrophin, Inc		1,947
	43,983	*,e	Revance Therapeutics, Inc		1,502
	3,906		Reyon Pharmaceutical Co Ltd		125
	139,646		Richter Gedeon Rt		2,636
	624,359	*	Rigel Pharmaceuticals, Inc		1,892
	1,254,163		Roche Holding AG.		347,539
	123,600		Rohto Pharmaceutical Co Ltd		2,466
	40,744	*,e	Sage Therapeutics, Inc		2,375
	57,661	*	Sagent Pharmaceuticals		917
	49,462		Samjin Pharmaceutical Co Ltd		972
	20,842	*	Samsung Pharmaceutical Co Ltd		161
	176,908	*,e	Sangamo Biosciences, Inc		1,615
	20,089		Sanofi India Ltd		1,326
	2,366,556		Sanofi-Aventis		201,682
	605,400		Santen Pharmaceutical Co Ltd		9,967
	3,249	*,e	Santhera Pharmaceutical Holding AG.		290
	110,733	*,e	Sarepta Therapeutics, Inc		4,272
	77,900		Sawai Pharmaceutical Co Ltd		5,333
	130,788	*	Sciclone Pharmaceuticals, Inc		1,203
	201,776		Scinopharm Taiwan Ltd		329
	197,146	*,e	Seattle Genetics, Inc		8,848
	48,720		Seegene, Inc		1,551

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	650,600		Seikagaku Corp	$	9,694
	319,874	*,e	Sequenom, Inc		525
	12,997	*	Sequent Scientific Ltd		245
	19,731	*,e	Seres Therapeutics, Inc		692
	394,000		Shandong Luoxin Pharmacy Stock Co Ltd		628
	748,000		Shandong Xinhua Pharmaceutical Co Ltd		492
	240,000		Shanghai Dingli Technology Dev		199
	566,067	e	Shanghai Fosun Pharmaceutical Group Co Ltd		1,638
	266,000	e	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		285
	15,208	*	Shilpa Medicare Ltd		114
	623,195		Shionogi & Co Ltd		28,187
	1,072,512		Shire Ltd		73,582
	3,064		Siegfried Holding AG.		600
	18,877,032	m	Sihuan Pharmaceutical Holdings		5,331
	16,223,898		Sino Biopharmaceutical		14,668
	115,597		Sirtex Medical Ltd		3,350
	186,401	*	Skyepharma plc		1,086
	976,029	*,m	Skyline Venture Fund III Ltd		10
	152,105	*,e	Sorrento Therapeutics, Inc		1,325
	12,100	e	Sosei Group		988
	45,982	*,e	Spark Therapeutics, Inc		2,083
	170,227	*,e	Spectrum Pharmaceuticals, Inc		1,026
	2,611,703	e	SSY Group Ltd		671
	218,016		Stada Arzneimittel AG.		8,792
	2,694	*	Stallergenes Greer plc		94
	48,461	*	Stemline Therapeutics, Inc		306
	144,005		Strides Arcolab Ltd		2,795
	170,559	*	Sucampo Pharmaceuticals, Inc (Class A)		2,949
	56,762	*	Sun Pharma Advanced Research Company Ltd		290
	1,861,377	*	Sun Pharmaceutical Industries Ltd		23,026
	114,372	*	Supernus Pharmaceuticals, Inc		1,537
	44,105	*	Suven Life Sciences Ltd		177
	277,480	*,e	Synergy Pharmaceuticals, Inc		1,573
	23,787	*,e	T2 Biosystems, Inc		260
	209,000	*	Taigen Biopharmaceuticals Holdings Ltd		214
	49,631		Taisho Pharmaceutical Holdings Co Ltd		3,505
	36,339	*	Taiwan Liposome Co Ltd		162
	42,300	e	Takara Bio, Inc		422
	833,564		Takeda Pharmaceutical Co Ltd		41,561
	405,974		Tanabe Seiyaku Co Ltd		6,994
	16,792	*	Taro Pharmaceutical Industries Ltd		2,595
	9,606		Tecan Group AG.		1,556
	99,876	*,e	Teligent, Inc		889
	77,203	*,e	TESARO, Inc		4,039
	109,415	*,e	Tetraphase Pharmaceuticals, Inc		1,097
	1,313,648		Teva Pharmaceutical Industries Ltd		85,704
	435,751		Teva Pharmaceutical Industries Ltd (ADR)		28,603
	86,389	*,e	TG Therapeutics, Inc		1,031
	317,446	*,e	TherapeuticsMD, Inc		3,292
	64,293	*,e	Theravance Biopharma, Inc		1,054
	210,350	*,e	Theravance, Inc		2,217
	1,233,360		Thermo Electron Corp		174,952

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	162,958	*	Threshold Pharmaceuticals, Inc	$	78
	6,439	*,e	Tobira Therapeutics, Inc		65
	26,483	*,e	Tokai Pharmaceuticals, Inc		231
	1,457,000	e	Tong Ren Tang Technologies Co Ltd		2,384
	29,600		Torii Pharmaceutical Co Ltd		679
	72,700		Towa Pharmaceutical Co Ltd		4,521
	157,331	*	Trevena, Inc		1,652
	146,793	*,e	Trovagene, Inc		793
	70,792		Tsumura & Co		1,966
	845,917		TTY Biopharm Co Ltd		3,009
	62,000	*	TWi Pharmaceuticals, Inc		348
	297,916		UCB S.A.		26,891
	132,479	*	Ultragenyx Pharmaceutical, Inc		14,861
	62,237		Unichem Laboratories Ltd		251
	423,500	*	United Laboratories Ltd		233
	152,095	*	United Therapeutics Corp		23,820
	533,395	*	Valeant Pharmaceuticals International, Inc		54,184
	40,277	*,e	Valneva SE		166
	103,460	*,e	Vanda Pharmaceuticals, Inc		963
	481,514	*	Vectura Group plc		1,249
	92,700	*,e	Verastem, Inc		172
	57,408	*,e	Versartis, Inc		711
	704,385	*	Vertex Pharmaceuticals, Inc		88,633
	3,678	e	Virbac S.A.		878
	11,838	*	ViroMed Co Ltd		1,830
	35,308	*,e	Vitae Pharmaceuticals, Inc		639
	72,021	*	Vital Therapies, Inc		830
	30,828		Vitrolife AB		1,048
	274,810	*,e	Vivus, Inc		280
	12,039	*	Voyager Therapeutics, Inc		264
	5,424	*,e	vTv Therapeutics, Inc		37
	106,506	*,e	VWR Corp		3,015
	273,403	*	Waters Corp		36,795
	11,415		Whanin Pharmaceutical Co Ltd		189
	1,668,000	*,e	Winteam Pharmaceutical Group Ltd		1,125
	50,637	*	Wockhardt Ltd		1,163
	9,992	*,e	XBiotech, Inc		109
	86,898	*,e	Xencor Inc		1,270
	182,118	*,e	Xenoport, Inc		1,000
	9,301		Yuhan Corp		2,146
	85,819	*	Yungjin Pharmaceutical Co Ltd		154
	379,050		YungShin Global Holding Corp		554
	41,391	*,e	Zafgen, Inc		260
	10,238	*,e	Zealand Pharma AS		224
	30,100		Zeria Pharmaceutical Co Ltd		399
	345,403	*,e	ZIOPHARM Oncology, Inc		2,870
	1,683,483		Zoetis Inc		80,672
	62,448	*,e	Zogenix, Inc		920
	7,863	*,e	Zynerba Pharmaceuticals, Inc		79
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		10,229,872

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
REAL ESTATE - 4.0%
	16,950,000		8990 Holdings, Inc	$	2,558
	588,857		Abacus Property Group		1,366
	173,833		Acadia Realty Trust		5,763
	789		Activia Properties Inc		3,353
	20,016	*	ADLER Real Estate AG.		309
	20,729	*,g	ADO Properties S.A.		597
	1,383		Advance Residence Investment Corp		3,041
	11,655		Aedifica S.A.		767
	35,276		Aeon Mall Co Ltd		605
	4,350	e	AEON REIT Investment Corp		5,148
	10,966		Africa Israel Properties Ltd		116
	68,356		AG Mortgage Investment Trust		878
	3,851,018	e	Agile Property Holdings Ltd		2,138
	53,816		Agree Realty Corp		1,829
	1,432,984		AIMS AMP Capital Industrial REIT		1,389
	45,819	*	Airport City Ltd		412
	19,700		Airport Facilities Co Ltd		94
	3,735,741	*	Aldar Properties PJSC		2,337
	122,036	e	Alexander & Baldwin, Inc		4,309
	5,245		Alexander’s, Inc		2,015
	109,481		Alexandria Real Estate Equities, Inc		9,893
	77,900		Aliansce Shopping Centers S.A.		214
	11,614,681	e	Allco Commercial Real Estate Investment Trust		10,385
	33,150		Allied Properties Real Estate Investment Trust		756
	16,417		Allreal Holding AG.		2,190
	88,491		Alony Hetz Properties & Investments Ltd		641
	101,535		Alstria Office REIT-AG.		1,353
	2,702	*,e	Altisource Asset Management Corp		46
	91,065	*,e	Altisource Portfolio Solutions S.A.		2,533
	200,552		Altisource Residential Corp		2,489
	29,007		Altus Group Ltd		406
	1,447,400		Amata Corp PCL (Foreign)		491
	1,625,878		Amer Group Holding		93
	132,934		American Assets Trust,Inc		5,098
	132,221		American Campus Communities, Inc		5,466
	831,001		American Capital Agency Corp		14,410
	120,555		American Capital Mortgage, Inc		1,683
	147,348		American Homes 4 Rent		2,455
	85,256	e	American Residential Properties, Inc		1,611
	1,013,668		American Tower Corp		98,275
	177,030		Amot Investments Ltd		569
	4,497,800		Ananda Development PCL		519
	1,469,851		Anant Raj Industries Ltd		924
	4,963		ANF Immobilier		112
	2,132,729		Annaly Capital Management, Inc		20,005
	244,626		Anworth Mortgage Asset Corp		1,064
	6,057,760		AP Thailand PCL (Foreign)		896
	498,262		Apartment Investment & Management Co (Class A)		19,945
	184,404	e	Apollo Commercial Real Estate Finance, Inc		3,177
	373,189	e	Apple Hospitality REIT, Inc		7,453
	134,492	e	Ares Commercial Real Estate Corp		1,539
	1,591,948	e	Argosy Property Ltd		1,245

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	192,911		Armada Hoffler Properties, Inc	$	2,022
	101,231		ARMOUR Residential REIT, Inc		2,203
	1,022,111		Arrowhead Properties Ltd		560
	917,495	e	Arrowhead Properties Ltd (Class A)		501
	67,072		Artis Real Estate Investment Trust		620
	630,200		Ascendas Hospitality Trust		329
	1,550,900	e	Ascendas India Trust		952
	648,387		Ascendas REIT		1,039
	1,840,302		Ascott Residence Trust		1,535
	125,245		Ashford Hospitality Prime, Inc		1,816
	205,069		Ashford Hospitality Trust, Inc		1,294
	449,575	*,e	Attacq Ltd		530
	34,700	*,e	AV Homes, Inc		445
	447,723		AvalonBay Communities, Inc		82,439
	952,439		Aveo Group		2,171
	70,946		Axia Real Estate SOCIMI S.A.		1,018
	1,011,895		Axis Real Estate Investment Trust		387
	9,052,030		Ayala Land, Inc		6,617
	29,916		Azrieli Group		1,114
	9,467,500		Bangkokland PCL		377
	116,411	*	Barwa Real Estate Co		1,274
	1,425		Bayside Land Corp		430
	24,400		Befimmo SCA Sicafi		1,456
	4,452,000		Beijing Capital Land Ltd		2,025
	4,392,000	*	Beijing Enterprises Medical & Health Group Ltd		372
	684,000	e	Beijing North Star Co		225
	2,186,000	*,e	Beijing Properties Holdings Ltd		179
	5,087,950		Belle Corp		313
	9,231,734	e	Beni Stabili S.p.A.		6,958
	468,399		Big Yellow Group plc		5,556
	106,222		BioMed Realty Trust, Inc		2,516
	198,221		Blackstone Mortgage Trust, Inc		5,304
	964	*,e	BLife Investment Corp		1,995
	73,077	e	Bluerock Residential Growth REIT, Inc		866
	36,522		Boardwalk Real Estate Investment Trust		1,252
	526,207		Boston Properties, Inc		67,112
	1,070,335		BR Malls Participacoes S.A.		2,982
	161,308		BR Properties S.A.		342
	109,550		Brandywine Realty Trust		1,496
	1,996,563		British Land Co plc		23,102
	1,730,937		Brixmor Property Group, Inc		44,693
	1,212,862	e	Brookfield Asset Management, Inc		38,261
	17,694		Brookfield Canada Office Properties		333
	1,188		Brookfield Property Partners LP (Toronto)		28
	1,436,375	e	Bunnings Warehouse Property Trust		3,290
	188,963		BUWOG AG.		4,099
	34,321,726		C C Land Holdings Ltd		10,658
	64,361		CA Immobilien Anlagen AG.		1,177
	664,300	e	Cache Logistics Trust		425
	783,309		Cambridge Industrial Trust		312
	106,387		Camden Property Trust		8,166
	497,632		Campus Crest Communities, Inc		3,384

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	221,736		Canadian Apartment Properties REIT	$	4,301
	34,447		Canadian Real Estate Investment Trust		1,047
	739,400		CapitaCommercial Trust		702
	828,447		Capital & Counties Properties		5,371
	3,468,180		CapitaLand Ltd		8,152
	1,614,281		CapitaMall Trust		2,190
	1,433,500		CapitaMalls Malaysia Trust		461
	474,232		CapitaRetail China Trust		497
	239,531	e	Capstead Mortgage Corp		2,094
	215,421		Care Capital Properties, Inc		6,585
	129,273	e	CareTrust REIT, Inc		1,416
	2,910,000	*,e	Carnival Group International Holdings Ltd		375
	488,422		Castellum AB		6,956
	100,902		CatchMark Timber Trust Inc		1,141
	1,886,000		Cathay Real Estate Development Co Ltd		768
	679,999		CBL & Associates Properties, Inc		8,412
	1,964,852	*	CBRE Group, Inc		67,945
	556,200		CDL Hospitality Trusts		519
	15,000,000		Cebu Holdings, Inc		1,650
	268,143		Cedar Shopping Centers, Inc		1,898
	149,970	e	Cedar Woods Properties Ltd		443
	1,281,000	e	Central China Real Estate Ltd		267
	1,176,600		Central Pattana PCL (ADR)		1,529
	1,203,800		Central Pattana PCL (Foreign)		1,564
	12,066,198		Century Properties Group, Inc		144
	6,083,636		Champion Real Estate Investment Trust		3,037
	749,314		Charter Hall Group		2,461
	158,122		Chatham Lodging Trust		3,238
	250,111		Chesapeake Lodging Trust		6,293
	4,221,691		Cheuk Nang Holdings Ltd		3,159
	4,548,010		Cheung Kong Property Holdings Ltd		29,421
	528,711		Chimera Investment Corp		7,212
	3,941,500	e	China Aoyuan Property Group Ltd		825
	1,294,000	e	China Merchants Land Ltd		259
	402,536	*	China New City Commercial Development Ltd		506
	12,797,521	*,e	China New Town Development Co Ltd		475
	3,798,000	*	China Oceanwide Holdings Ltd		507
	994,000	e	China Overseas Grand Oceans Group Ltd		418
	7,839,035	e	China Overseas Land & Investment Ltd		27,291
	4,677,881		China Resources Land Ltd		13,536
	4,098,400		China SCE Property Holdings Ltd		925
	5,347,762	e,m	China Vanke Co Ltd		15,894
	1,456,000	g	China Vast Industrial Urban Development Co Ltd		601
	335,500	e	Chinese Estates Holdings Ltd		1,124
	131,470		Choice Properties REIT		1,121
	164,088		Chong Hong Construction Co		239
	9,286,758	e	CIFI Holdings Group Co Ltd		2,060
	172,528		City Developments Ltd		928
	347,830		Citycon Oyj		903
	20,008		Cofinimmo		2,137
	60,844		Colliers International Group, Inc		2,714
	411,932		Colony Financial, Inc		8,024

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	147,874	*	Colony Starwood Homes	$	3,348
	576,000	e	Colour Life Services Group		491
	469,515	e	Columbia Property Trust, Inc		11,024
	370	e	Comforia Residential REIT, Inc		700
	72,206		Cominar Real Estate Investment Trust		768
	643,820		Communications Sales & Leasing, Inc		12,033
	900,200	e	Concentradora Fibra Danhos S.A. de C.V.		1,859
	433,300		Concentradora Fibra Hotelera Mexicana S.A. de C.V.		394
	12,481		Consolidated-Tomoka Land Co		658
	93,217	*,e	Conwert Immobilien Invest AG.		1,422
	40,354	e	CorEnergy Infrastructure Trust, Inc		599
	76,438		Coresite Realty		4,336
	543,036	e	Corp Inmobiliaria Vesta SAB de C.V.		827
	113,722		Corporate Office Properties Trust		2,483
	243,586		Corrections Corp of America		6,453
	7,138,928	e	Country Garden Holdings Co Ltd		2,910
	3,760,500	*	Country Group Development PCL		119
	190,972		Countrywide plc		1,124
	865,396		Cousins Properties, Inc		8,161
	1,583		Crescendo Investment Corp		1,104
	33,656		Crombie Real Estate Investment Trust		311
	1,065,895	e	Cromwell Group		812
	1,542,920		Crown Castle International Corp		133,385
	5,588,943	e	CSI Properties Ltd		190
	41,463		CT Real Estate Investment Trust		390
	959,322		CubeSmart		29,374
	196,334		CyrusOne, Inc		7,353
	384,462		CYS Investments, Inc		2,741
	780	e	DA Office Investment Corp		4,222
	96,900		Daibiru Corp		798
	927,000		Daikyo, Inc		1,504
	2,595,900		Daiman Development BHD		1,319
	50,946		Daito Trust Construction Co Ltd		5,885
	1,152,089		Daiwa House Industry Co Ltd		33,118
	744	e	Daiwa House REIT Investment Corp		2,914
	1,445,000	e,g	Dalian Wanda Commercial Properties Co Ltd		8,387
	247,020		DCT Industrial Trust, Inc		9,231
	411,759	e	DDR Corp		6,934
	243,570		Derwent London plc		13,174
	407,390		Deutsche Annington Immobilien SE		12,586
	39,824		Deutsche Euroshop AG.		1,744
	515,878		Deutsche Wohnen AG.		14,265
	855,335		Dexus Property Group		4,639
	1,430,725	*	Deyaar Development PJSC		198
	696,034	e	DiamondRock Hospitality Co		6,717
	43,989		DIC Asset AG.		445
	482,187		Digital Realty Trust, Inc		36,463
	136,814		Dios Fastigheter AB		989
	8,846,949	*	DLF Ltd		15,431
	72,621	*	Dogus Gayrimenkul Yatirim Ortakligi AS		90
	246,900		Dongwon Development Co Ltd		804
	645,000		DoubleDragon Properties Corp		334

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	73,733		Douglas Emmett, Inc	$	2,299
	47,826		Dream Global Real Estate Investment Trust		299
	25,542		Dream Industrial Real Estate Investment Trust		133
	46,285		Dream Office Real Estate Investment Trust		581
	47,009	*,e	Dream Unlimited Corp		247
	341,035		Duke Realty Corp		7,169
	157,293		DuPont Fabros Technology, Inc		5,000
	160,229	e	Dynex Capital, Inc		1,017
	35,185		Easterly Government Properties, Inc		604
	740,162	*	Eastern & Oriental BHD		246
	106,170		EastGroup Properties, Inc		5,904
	734,700	*	Eco World Development Group BHD		251
	181,707		Education Realty Trust, Inc		6,883
	4,692,118	*	Emaar Malls Group PJSC		3,512
	7,480,365		Emaar Properties PJSC		11,502
	1,293,880		Emira Property Fund Ltd		1,359
	4,154,848		Emlak Konut Gayrimenkul Yatiri		3,699
	957,333	e	Emperor International Holdings		176
	549,285		Empire State Realty Trust, Inc		9,926
	144,262		Entertainment Properties Trust		8,432
	191,760	e,g	Entra ASA		1,544
	136,870		Equinix, Inc		41,389
	212,883	*	Equity Commonwealth		5,903
	425,041		Equity Lifestyle Properties, Inc		28,337
	206,743		Equity One, Inc		5,613
	1,186,735		Equity Residential		96,826
	1,074,710	*	Eshraq Properties Co PJSC		159
	279,759		Essex Property Trust, Inc		66,977
	68,799		Eurobank Properties Real Estate Investment Co		551
	45,902		Eurocommercial Properties NV		1,983
	4,210,000	*	EverChina International Holdings Co. Ltd		157
	23,913,261	e	Evergrande Real Estate Group		20,935
	744,449		Extra Space Storage, Inc		65,668
	910,145	*	Ezdan Holding Group QSC		3,959
	185,603		Fabege AB		3,067
	1,849,500	e	Fantasia Holdings Group Co Ltd		218
	2,005,407		Far East Consortium		763
	697,500	e	Far East Hospitality Trust		327
	1,667,812		Farglory Land Development Co Ltd		1,732
	156,653	*	Fastighets AB Balder		3,857
	298,425		Federal Realty Investment Trust		43,600
	789,154		FelCor Lodging Trust, Inc		5,761
	344,051		Fibra Shop Portafolios Inmobiliarios SAPI de C.V.		347
	4,292,291		Fibra Uno Administracion S.A. de C.V.		9,461
	16,000,000		Filinvest Development Corp		1,496
	71,845,000		Filinvest Land, Inc		2,760
	104,085	e	First Capital Realty, Inc		1,380
	460,038		First Industrial Realty Trust, Inc		10,181
	156,171		First Potomac Realty Trust		1,780
	995,308		First Real Estate Investment Trust		842
	28,586		FirstService Corp		1,155
	73,317		Fonciere Des Regions		6,558

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	535,674	*	Forest City Enterprises, Inc (Class A)	$	11,747
	85,660	*,e	Forestar Real Estate Group, Inc		937
	1,930,288		Fortress Income Fund Ltd		4,331
	1,667,171	e	Fortress Income Fund Ltd (A Shares)		1,733
	97,405	*	Four Corners Property Trust, Inc		2,353
	209,089		Foxtons Group plc		579
	314,611		Franklin Street Properties Corp		3,256
	10,314,701		Franshion Properties China Ltd		3,513
	477,800	e	Frasers Centrepoint Trust		621
	468,900	e	Frasers Hospitality Trust		248
	398		Frontier Real Estate Investment Corp		1,597
	21,508	*,e	FRP Holdings, Inc		730
	584		Fukuoka REIT Corp		1,009
	3,497,500	*	Fullshare Holdings Ltd		855
	8,324,000		Future Land Development Holdin		1,430
	1,422,700	e	Gaming and Leisure Properties, Inc		39,551
	366,604	*	Gateway Lifestyle		806
	77,482		Gazit Globe Ltd		690
	9,281		Gazit, Inc		151
	1,117,470		GDI Property Group		696
	9,616		Gecina S.A.		1,169
	5,566,000	*,e	Gemdale Properties and Investment Corp Ltd		372
	2,224,520		General Growth Properties, Inc		60,529
	206,420		Geo Group, Inc		5,968
	97,866		Getty Realty Corp		1,678
	90,646		Gladstone Commercial Corp		1,323
	3,967,991	e	Global Logistic Properties		5,992
	220		Global One Real Estate Investment Corp		789
	1,762,791	*	Globe Trade Centre S.A.		3,201
	4,088,895	*	Glorious Property Holdings Ltd		474
	2,072		GLP J-Reit		2,005
	50,826	*	Godrej Properties Ltd		257
	14,680		Goldcrest Co Ltd		266
	745,300		Golden Land Property Development PCL		127
	1,816,000	*,e	Goldin Properties Holdings Ltd		2,085
	1,900,350	e	Goodman Property Trust		1,610
	184,711	e	Government Properties Income Trust		2,931
	976,919		GPT Group (ASE)		3,383
	420,668		Grainger plc		1,439
	1,784,836		Gramercy Property Trust		13,779
	122,675	e	Grand City Properties S.A.		2,836
	66,770		Granite Real Estate Investment Trust		1,832
	12,538		Great Ajax Corp		152
	558,513		Great Eagle Holdings Ltd		1,817
	512,993		Great Portland Estates plc		6,253
	6,265,329		Green REIT plc		10,843
	1,507,000	*,e	Greenland Hong Kong Holdings Ltd		583
	550,000	*,e	Greentown China Holdings Ltd		543
	681,209		Growthpoint Properties Australia Ltd		1,522
	2,733,932		Growthpoint Properties Ltd		4,103
	719,700	*,e	Grupo GICSA S.A. de C.V.		675
	542,000	*	Guangdong Land Holdings Ltd		150

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,069,708		Guangzhou R&F Properties Co Ltd	$	3,764
	529,597		H&R Real Estate Investment Trust		7,674
	3,910		Haesung Industrial Co Ltd		64
	52,154	e	Hamborner AG.		545
	2,331,701		Hammerson plc		20,613
	953,495		Hang Lung Group Ltd		3,092
	13,342,071		Hang Lung Properties Ltd		30,231
	469		Hankyu Reit, Inc		498
	94,835	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,794
	1,831,181	e	Hansteen Holdings plc		3,104
	311,272		Hatteras Financial Corp		4,093
	823,551		HCP, Inc		31,493
	371,201		Healthcare Realty Trust, Inc		10,512
	249,521	e	Healthcare Trust of America, Inc		6,730
	222,000		Heiwa Real Estate Co Ltd		2,429
	200,397		Helical Bar plc		1,403
	46,835		Heliopolis Housing		298
	222,303		Hemfosa Fastigheter AB		2,470
	2,302,695		Henderson Land Development Co Ltd		14,046
	137,489		Hersha Hospitality Trust		2,992
	26,171,149		Hibernia REIT plc		40,021
	723,675		Highwealth Construction Corp		831
	264,934		Highwoods Properties, Inc		11,551
	71,729	*	Hispania Activos Inmobiliarios SAU		1,020
	173,500		Ho Bee Investment Ltd		247
	206,200		Hong Fok Corp Ltd		104
	836,694		Hongkong Land Holdings Ltd		5,842
	690,000	*	Hopson Development Holdings Ltd		684
	67		Hoshino Resorts REIT, Inc		695
	471,700		Hospitality Properties Trust		12,335
	2,006,167		Host Marriott Corp		30,775
	264,075	*	Housing Development & Infrastruture Ltd		309
	119,520	*	Howard Hughes Corp		13,525
	808,235		Huaku Development Co Ltd		1,445
	120,000		Huang Hsiang Construction Co		89
	258,547		Hudson Pacific Properties		7,276
	228,040		Hufvudstaden AB (Series A)		3,224
	3,892		Hulic Reit, Inc		5,431
	495,362		Hung Poo Real Estate Development Corp		322
	442,000		Hung Sheng Construction Co Ltd		248
	1,322,000		Hydoo International Holding Ltd		184
	687,659		Hyprop Investments Ltd		4,602
	809,752		Hysan Development Co Ltd		3,308
	15,551		Icade		1,044
	1,080		Ichigo Real Estate Investment Corp		777
	2,793,000		IGB Real Estate Investment Trust		872
	70,000		Iguatemi Empresa de Shopping Centers S.A.		334
	630,482		Immobiliare Grande Distribuzione		604
	1,355,948	*,e,m	Immoeast AG.		0
	658,721	*,e,m	Immofinanz ANSPR NACHB AG.		0
	802,514	*,e	Immofinanz Immobilien Anlagen AG.		1,823
	102,248	e	Independence Realty Trust, Inc		768

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	821,227	*	Indiabulls Real Estate Ltd	$	789
	361	e	Industrial & Infrastructure Fund Investment Corp		1,723
	572,638		ING Office Fund		1,658
	338,966		Inland Real Estate Corp		3,600
	1,888,581	*	Inmobiliaria Colonial S.A.		1,316
	57,995		InnVest Real Estate Investment Trust		215
	30,179		InterRent Real Estate Investment Trust		143
	2,704		Intershop Holding AG.		1,087
	12,156		Intervest Offices		321
	314,221		Invesco Mortgage Capital, Inc		3,893
	1,566	e	Invesco Office J-Reit, Inc		1,329
	649,477		Investors Real Estate Trust		4,514
	15,235	e	Invincible Investment Corp		8,849
	1,060,993		IOI Properties Group Sdn BHD		555
	380,715		Iron Mountain, Inc		10,283
	1,316,257		Is Gayrimenkul Yatirim Ortakligi AS		793
	264,318	*,e	iStar Financial, Inc		3,100
	1,043		Japan Excellent, Inc		1,147
	8,857	e	Japan Hotel REIT Investment Corp		6,548
	2,347		Japan Logistics Fund Inc		4,554
	365		Japan Prime Realty Investment Corp		1,246
	423		Japan Real Estate Investment Corp		2,053
	22,580		Japan Rental Housing Investments, Inc		15,955
	825		Japan Retail Fund Investment Corp		1,587
	7,534	*	Jerusalem Oil Exploration		295
	1,596,750	m	Jiangsu Future Land Co Ltd		4,130
	167,391		Jones Lang LaSalle, Inc		26,759
	22,800	e	Jowa Holdings Co Ltd		916
	13,000,000		Joy City Property Ltd		1,964
	800,000		K Wah International Holdings Ltd		343
	269,480		KEE TAI Properties Co Ltd		129
	1,320		Kenedix Realty Investment Corp		6,171
	344	e	Kenedix Residential Investment Corp		848
	762		Kenedix Retail REIT Corp		1,613
	514,400	e	Kenedix, Inc		1,848
	308,802		Kennedy-Wilson Holdings, Inc		7,436
	460,100		Keppel DC REIT		329
	3,367,035		Kerry Properties Ltd		9,163
	56,445	*	Killam Properties, Inc		429
	255,710	e	Kilroy Realty Corp		16,181
	343,754		Kimco Realty Corp		9,096
	1,480,000		Kindom Construction Co		738
	346,589		Kite Realty Group Trust		8,987
	2,617,301	e	Kiwi Property Group Ltd		2,411
	79,600		KLCC Property Holdings BHD		131
	88,026		Klepierre		3,913
	1,076,816		Klovern AB (B Shares)		1,212
	51,821		Korea Real Estate Investment Trust Co		124
	3,369,130	e	Kowloon Development Co Ltd		3,326
	2,216,738	e	K-REIT Asia		1,452
	421,249		KSL Holdings BHD		130
	429,203		Kungsleden AB		3,067

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	390,185		Kuoyang Construction Co Ltd	$	127
	4,290,124		KWG Property Holding Ltd		3,163
	100,717	e	Ladder Capital Corp		1,251
	82,369,875		Lai Fung Holdings Ltd		1,378
	37,433,250	e	Lai Sun Development Co Ltd		572
	38,803		Lamar Advertising Co		2,327
	39,121	*	Lamda Development S.A.		172
	734,161		Land Securities Group plc		12,727
	4,006,000	e	Langham Hospitality Investments Ltd		1,466
	96,573	e	Lar Espana Real Estate Socimi S.A.		993
	400,934		LaSalle Hotel Properties		10,087
	62,212		LEG Immobilien AG.		5,070
	423,001	e	Lend Lease Corp Ltd		4,364
	413,011	*	Leopalace21 Corp		2,236
	838,306	e	Lexington Realty Trust		6,706
	370,097		Liberty International plc		1,729
	95,871		Liberty Property Trust		2,977
	31,515	*	Lifestyle Properties Development Ltd		7
	1,501,781		Link REIT		8,953
	1,576,600		Lippo-Mapletree Indonesia Retail Trust		356
	374,000		Liu Chong Hing Investment		448
	3,176,000	e	Logan Property Holdings Co Ltd		1,076
	518,183		London & Stamford Property plc		1,252
	283,000		Long Bon International Co Ltd		178
	3,899,620		Longfor Properties Co Ltd		5,800
	2,361,800		LPN Development PCL		1,044
	236,275		LSR Group (GDR)		473
	108,203		LTC Properties, Inc		4,668
	400,000	*	LVGEM China Real Estate Investment Co Ltd		124
	205,127		Macerich Co		16,552
	370,295		Mack-Cali Realty Corp		8,646
	628,494		Macquarie CountryWide Trust		1,898
	2,865,704	e	Macquarie Goodman Group		12,986
	1,630,690		Macquarie MEAG Prime REIT		867
	7,120,000	*,e	Madex International Holdings Ltd		161
	2,036,076		Mah Sing Group BHD		686
	35,779	*,e,m	Mapeley Ltd		1
	1,253,287		Mapletree Commercial Trust		1,147
	4,990,600		Mapletree Greater China Commercial Trust		3,213
	4,183,619	e	Mapletree Industrial Trust		4,485
	1,291,505		Mapletree Logistics Trust		900
	243,851	*	Marcus & Millichap, Inc		7,106
	887,508		Matrix Concepts Holdings BHD		515
	30,852	*	Mazaya Qatar Real Estate Development Q.S.C		120
	838,148		Medical Properties Trust, Inc		9,647
	117,172	*	Medinet Nasr Housing		410
	28,016,600		Megaworld Corp		2,524
	44,525		Melisron Ltd		1,425
	49,973	e	Mercialys S.A		1,011
	378,433		Merlin Properties Socimi S.A.		4,741
	2,004,600		Mexico Real Estate Management S.A. de C.V.		2,541
	725,698		MFA Mortgage Investments, Inc		4,790

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	838	e	MID Reit, Inc	$	2,560
	91,597		Mid-America Apartment Communities, Inc		8,318
	1,386,929	*,e	Midland Holdings Ltd		572
	189,445		Milestone Apartments Real Estate Investment Trust		2,061
	1,412,000	e	Minmetals Land Ltd		163
	2,023,358		Mirvac Group		2,897
	898,880		Mitsubishi Estate Co Ltd		18,691
	1,671,241		Mitsui Fudosan Co Ltd		41,945
	216,400		MKH BHD		121
	6,137		Mobimo Holding AG.		1,362
	150,035	e	Monmouth Real Estate Investment Corp (Class A)		1,569
	535,345		Monogram Residential Trust, Inc		5,225
	26,846		Morguard Real Estate Investment Trust		264
	1,740		Mori Hills REIT Investment Corp		2,229
	2,619		Mori Trust Sogo Reit, Inc		4,467
	85,034		Multiplan Empreendimentos Imobiliarios S.A.		813
	112,160		National Health Investors, Inc		6,827
	155,663		National Retail Properties, Inc		6,234
	103,642	e	National Storage Affiliates Trust		1,775
	1,606,000	e	Neo-China Land Group Holdings Ltd		315
	304,000		New Century Real Estate Investment Trust		114
	335,842		New Europe Property Investments plc		3,861
	891,881		New Residential Investment Corp		10,845
	268,465		New Senior Investment Group, Inc		2,647
	3,308,614		New World China Land Ltd		2,639
	16,159,882	e	New World Development Co Ltd		15,868
	273,743	e	New York Mortgage Trust, Inc		1,459
	357,479		New York REIT, Inc		4,111
	459,704		NewRiver Retail Ltd		2,335
	91,445		Nexity		4,051
	59,894	e	NexPoint Residential Trust, Inc		784
	113,842		Nieuwe Steen Investments NV		491
	400		Nippon Accommodations Fund, Inc		1,394
	445		Nippon Building Fund, Inc		2,126
	1,340		Nippon ProLogis REIT, Inc		2,424
	776	e	NIPPON REIT Investment Corp		1,847
	783,401		Nomura Real Estate Holdings, Inc		14,534
	4,237	*	Nomura Real Estate Master Fund, Inc		5,267
	104,746		NorthStar Realty Europe Corp		1,237
	1,456,296		NorthStar Realty Finance Corp		24,801
	19,294		Northview Apartment Real Estate Investment Trust		245
	81,245		NorthWest Healthcare Properties Real Estate Investment Trust		524
	214,350	*	Norwegian Property ASA		220
	130,836		NTT Urban Development Corp		1,257
	108,148	*	Oberoi Realty Ltd		438
	489,284		Omega Healthcare Investors, Inc		17,115
	46,859	e	One Liberty Properties, Inc		1,006
	90,500		Open House Co Ltd		1,738
	57,366	e	Orchid Island Capital, Inc		570
	7,299		Orix JREIT, Inc		9,460
	941,700		OUE Hospitality Trust		511

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	243,311		Outfront Media, Inc	$	5,311
	1,124,905	*	Palm Hills Developments SAE		361
	307,105		Paramount Group, Inc		5,559
	358,300	e	Parkway Life Real Estate Investment Trust		588
	215,906		Parkway Properties, Inc		3,375
	1,890,418		Parque Arauco S.A.		2,980
	72,125	*	Patrizia Immobilien AG.		2,109
	696,100		Pavilion Real Estate Investment Trust		251
	284,028		Pebblebrook Hotel Trust		7,958
	181,414	e	Pennsylvania REIT		3,968
	187,697		Pennymac Mortgage Investment Trust		2,864
	353,600	*,e	Perennial Real Estate Holdings Ltd		237
	1,515,959	*	Phoenix Mills Ltd		7,693
	219,118		Physicians Realty Trust		3,694
	85,493		Piedmont Office Realty Trust, Inc		1,614
	1,546,600		PLA Administradora Industrial S de RL de C.V.		2,512
	1,092,900		Platinum Group PCL		151
	900	*	Plazza AG.		178
	400,708		Plum Creek Timber Co, Inc		19,122
	8,655,817	e	Poly Hong Kong Investment Ltd		2,809
	7,951,160		Polytec Asset Holdings Ltd		726
	337,245		Post Properties, Inc		19,951
	169,328		Potlatch Corp		5,120
	4,037,000		Powerlong Real Estate Holdings Ltd		850
	1,113,340	e	Precinct Properties New Zealand Ltd		951
	59,841	e	Preferred Apartment Communities, Inc		783
	2,042		Premier Investment Co		2,083
	848,172		Primary Health Properties plc		1,360
	2,475,826		Prince Housing & Development Corp		707
	724,500		ProLogis Property Mexico S.A. de C.V.		1,098
	1,644,446		Prologis, Inc		70,580
	2,483,000		Prosperity REIT		893
	102,257		PS Business Parks, Inc		8,940
	40,803		PSP Swiss Property AG.		3,578
	5,822,700	*	PT Agung Podomoro Land Tbk		141
	9,616,500		PT Alam Sutera Realty Tbk		236
	4,701,900		PT Bekasi Fajar Industrial Estate Tbk		100
	5,797,027		PT Bumi Serpong Damai		748
	31,176,531		PT Ciputra Development Tbk		3,268
	13,232,143		PT Ciputra Property Tbk		391
	2,836,364		PT Ciputra Surya Tbk		459
	6,006,400		PT Intiland Development Tbk		212
	103,264,330		PT Kawasan Industri Jababeka Tbk		1,834
	407,700	*	PT Lippo Cikarang Tbk		213
	61,661,197		PT Lippo Karawaci Tbk		4,615
	22,264,900		PT Modernland Realty Tbk		752
	23,608,300		PT Pakuwon Jati Tbk		840
	9,166,700		PT Summarecon Agung Tbk		1,082
	489,665		Public Storage, Inc		121,290
	4,346,170	*	Puravankara Projects Ltd		4,131
	275,296		Pure Industrial Real Estate Trust		869
	90,605		QTS Realty Trust, Inc		4,087

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	28,997,469		Quality House PCL	$	1,839
	625,433		Radium Life Tech Co Ltd		224
	230,907	e	RAIT Investment Trust		623
	995,495	*	RAK Properties PJSC		148
	404,878		Ramco-Gershenson Properties		6,725
	235,171		Rayonier, Inc		5,221
	12,000	e	Raysum Co Ltd		103
	28,427		Re/Max Holdings, Inc		1,060
	1,078,318	*	Realogy Holdings Corp		39,542
	110,142	e	Realty Income Corp		5,687
	916,525	e	Rebosis Property Fund Ltd		586
	946,000	e,g	Redco Properties Group Ltd		694
	2,566,867		Redefine International plc		1,892
	8,442,741		Redefine Properties Ltd		5,300
	228,669	e	Redwood Trust, Inc		3,018
	26,061,000	e	Regal Real Estate Investment Trust		6,509
	372,686		Regency Centers Corp		25,387
	296,456		Reit Ltd		791
	18,900		Relo Holdings, Inc		2,281
	15,197,250	*,e	Renhe Commercial Holdings Co Ltd		703
	665,779		Resilient REIT Ltd		4,953
	85,988	e	Resource Capital Corp		1,097
	491,863		Retail Opportunities Investment Corp		8,804
	320,026		Retail Properties of America, Inc		4,727
	358,791		Rexford Industrial Realty, Inc		5,870
	308,810		RioCan Real Estate Investment Trust		5,287
	471,581		RLJ Lodging Trust		10,200
	13,757	*,e	RMR Group, Inc		198
	493,000		Road King Infrastructure		429
	520,600		Robinsons Land Corp		304
	668,484		Rojana Industrial Park PCL		96
	95,134	e	Rouse Properties, Inc		1,385
	894,251		Ruentex Development Co Ltd		1,162
	108,375		Ryman Hospitality Properties		5,596
	4,353,663		S.A. Corporate Real Estate Fund Nominees Pty Ltd		1,294
	509,840	e	Sabana Shari’ah Compliant Industrial REIT		257
	248,840		Sabra Healthcare REIT, Inc		5,034
	636,986		Safestore Holdings plc		3,349
	4,964,277		Sansiri PCL		209
	34,803	e	Saul Centers, Inc		1,784
	277,145		Savills plc		3,623
	1,344,900		SC Asset Corp PCL		104
	11,162,303		Scentre Group		33,857
	468,279		Schroder Real Estate Investment Trust Ltd		411
	1,156,187		Segro plc		7,317
	744	e	Sekisui House Reit, Inc		811
	884		Sekisui House SI Residential Investment Corp		794
	156,735		Select Income REIT		3,106
	28,501		Selvaag Bolig ASA		89
	193,515		Senior Housing Properties Trust		2,872
	711,129		Shaftesbury plc		9,580

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	760,700		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd	$	3,086
	19,995,430	*	Shanghai Real Estate Ltd		936
	103,400	*	Shenzhen International Enterprise Co Ltd		173
	12,987,668		Shenzhen Investment Ltd		6,042
	233,100	*,m	Shenzhen SEG Co Ltd		168
	5,372,325		Shimao Property Holdings Ltd		9,470
	352,913	*	Shining Building Business Co Ltd		115
	65,232		Shoei Co Ltd		573
	630,571		Shopping Centres Australasia Property Group		973
	20,617,167		Shui On Land Ltd		5,635
	350		SIA Reit, Inc		1,357
	851,716		Siam Future Development PCL		147
	265,677		Silver Bay Realty Trust Corp		4,161
	1,157,384		Simon Property Group, Inc		225,042
	8,331,422		Sino Land Co		12,137
	1,834,000	*	Sinolink Worldwide Holdings Ltd		238
	19,408,517		Sino-Ocean Land Holdings Ltd		12,375
	209,614		Sinyi Realty Co		174
	171,071	*	Six of October Development & Investment		208
	2,799	*	SK D&D Co Ltd		153
	438,436		SL Green Realty Corp		49,534
	14,523,816		SM Prime Holdings		6,679
	122,792		Smart Real Estate Investment Trust		2,679
	1,292,099	*	Sobha Developers Ltd		6,026
	3,090,350		Soho China Ltd		1,491
	566,600		Soilbuild Business Space REIT		308
	65,600		Sonae Sierra Brasil S.A.		267
	162,013		Sovran Self Storage, Inc		17,386
	101,980		Sparkassen Immobilien AG.		909
	677,600		SPH REIT		456
	286,619		Spirit Realty Capital, Inc		2,872
	561,461		Sponda Oyj		2,385
	1,142,000	e	Spring Real Estate Investment Trust		446
	462,505		ST Modwen Properties plc		2,830
	136,320	*,e	St. Joe Co		2,523
	225,167		STAG Industrial, Inc		4,154
	550		Starts Proceed Investment Corp		782
	1,979,271		Starwood Property Trust, Inc		40,694
	3,252,178	e	Stockland Trust Group		9,654
	234,214		STORE Capital Corp		5,434
	14,940		Sumitomo Real Estate Sales Co Ltd		342
	876,286		Sumitomo Realty & Development Co Ltd		25,012
	410,559		Summit Hotel Properties, Inc		4,906
	151,865		Sun Communities, Inc		10,407
	18,600	e	Sun Frontier Fudousan Co Ltd		136
	3,884,620		Sun Hung Kai Properties Ltd		46,691
	2,357,000		Sunac China Holdings Ltd		1,811
	2,625,000		Sunlight Real Estate Investment Trust		1,294
	1,029,171		Sunstone Hotel Investors, Inc		12,854
	1,926,398		Suntec Real Estate Investment Trust		2,098
	1,828,634	*	Sunteck Realty Ltd		6,467

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,580,658		Sunway BHD	$	1,134
	1,127,400		Sunway Real Estate Investment		383
	492,400		Supalai PCL		248
	740,693		Swire Pacific Ltd (Class A)		8,274
	4,525,901		Swire Properties Ltd		13,013
	63,670		Swiss Prime Site AG.		4,972
	248,284	e	TAG Tegernsee Immobilien und Beteiligungs AG.		3,093
	460,534		Taiwan Land Development Corp		147
	82,000		Takara Leben Co Ltd		455
	1,156,752		Talaat Moustafa Group		954
	136,852		Tanger Factory Outlet Centers, Inc		4,475
	315,736		Taubman Centers, Inc		24,223
	74,549		Technopolis plc		301
	39,093	*	Tejon Ranch Co		749
	186,016		Terreno Realty Corp		4,208
	298,000		Tian Shan Development Holding Ltd		118
	638,080		Ticon Industrial Connection PCL (Foreign)		210
	492,000		Times Property Holdings Ltd		171
	149,990		TLG Immobilien AG.		2,813
	41,600		TOC Co Ltd		364
	806,700		Tokyo Tatemono Co Ltd		8,780
	117,615		Tokyu Fudosan Holdings Corp		737
	897	e	Tokyu REIT, Inc		1,131
	1,131		Top REIT Inc		4,284
	1,041,000		Top Spring International Holdings Ltd		521
	493,905		Torunlar Gayrimenkul Yatirim Ortakligi AS		550
	1,402,000		Tosei Corp		8,845
	588,448		Tritax Big Box REIT plc		1,125
	493,887		Tuan Sing Holdings Ltd		113
	757,457		Two Harbors Investment Corp		6,135
	303,215,096	*	U City PCL		253
	328,620		UDR, Inc		12,346
	1,341,200		UEM Land Holdings BHD		348
	80,439	e	UMH Properties, Inc		814
	110,101		Unibail-Rodamco		27,958
	853,715	*	Union Properties PJSC		171
	688,718		Unite Group plc		6,653
	91,780,547	*	Unitech Ltd		9,183
	82,330	*	United Development Co PSC		468
	76,104	e	United Development Funding IV		837
	199,240	e	United Overseas Land Ltd		873
	960		United Urban Investment Corp		1,303
	699,400		Univentures PCL		118
	31,811		Universal Health Realty Income Trust		1,591
	895,348		UOA Development BHD		430
	261,498		Urban Edge Properties		6,132
	87,179		Urstadt Biddle Properties, Inc (Class A)		1,677
	200,000		Vanke Property Overseas Ltd		162
	18,790	e	Vastned Retail NV		863
	739,118		Ventas, Inc		41,708
	1,222,741		VEREIT, Inc		9,684
	4,829,399		Vicinity Centres		9,797

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,434,100		Vista Land & Lifescapes, Inc	$	597
	258,649		Vornado Realty Trust		25,855
	1,552,001	e	Vukile Property Fund Ltd		1,696
	159,195		Wallenstam AB		1,280
	1,578,000	*,e	Wanda Hotel Development Co Ltd		209
	31,633		Warehouses De Pauw SCA		2,793
	169,460	e	Washington REIT		4,586
	85,565		Weingarten Realty Investors		2,959
	576,520		Welltower, Inc		39,221
	38,605		Wereldhave NV		2,166
	104,879	e	Western Asset Mortgage Capital Corp		1,072
	2,039,749		Westfield Corp		14,033
	1,067,488		Weyerhaeuser Co		32,003
	5,416,235	*	WHA Corp PCL		427
	10,717,676		Wharf Holdings Ltd		59,092
	1,899,064		Wheelock & Co Ltd		7,969
	103,529	e	Whitestone REIT		1,243
	165,010		Wihlborgs Fastigheter AB		3,328
	378,932	e	Wing Tai Holdings Ltd		468
	311,984		Workspace Group plc		4,394
	97,054	e	WP Carey, Inc		5,726
	1,561,099		WP GLIMCHER, Inc		16,563
	1,874,000	*,e	Wuzhou International Holdings Ltd		196
	326,669		Xenia Hotels & Resorts, Inc		5,008
	2,781,000	e	Yanlord Land Group Ltd		1,967
	788,200	*	Ying Li International Real Estate Ltd		92
	11,961	*	YNH Property BHD		5
	904,066	*,e	Yoma Strategic Holdings Ltd		294
	495,700		YTL Hospitality REIT		120
	3,537,000		Yuexiu Real Estate Investment Trust		1,896
	34,648,793		Yuexiul Property Co Ltd		5,965
	5,000,120		Yuzhou Properties Co		1,352
	1,518,000	e	Zall Development Group Ltd		387
	3,671,800	*	Zhong An Real Estate Ltd		382
			TOTAL REAL ESTATE		4,510,889

RETAILING - 4.4%
	139,722	*	1-800-FLOWERS.COM, Inc (Class A)		1,017
	134,619		Aaron’s, Inc		3,014
	35,639		ABC-Mart, Inc		1,951
	173,746	e	Abercrombie & Fitch Co (Class A)		4,691
	36,610		Adastria Holdings Co Ltd		2,049
	201,057		Advance Auto Parts, Inc		30,261
	70,200	e	Alpen Co Ltd		1,170
	1,462,788	*	Amazon.com, Inc		988,684
	490,574	e	American Eagle Outfitters, Inc		7,604
	20,088	*,e	America’s Car-Mart, Inc		536
	147,119	*,e	AO World plc		339
	45,000		AOKI Holdings, Inc		587
	38,441		Aoyama Trading Co Ltd		1,481
	46,999	*	Applegreen plc		291
	11,700		Arc Land Sakamoto Co Ltd		271

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	63,708	*	Asbury Automotive Group, Inc	$	4,296
	1,547,087	*,e	Ascena Retail Group, Inc		15,239
	25,800		ASKUL Corp		1,037
	192,031	*	ASOS plc		9,757
	52,888		Autobacs Seven Co Ltd		964
	16,026	e	AutoCanada, Inc		280
	273,549		Automotive Holdings Group Ltd		895
	228,165	*	Autonation, Inc		13,612
	120,029	*	AutoZone, Inc		89,051
	4,321,006		B&M European Value Retail S.A.		18,135
	121,600	*	B2W Companhia Global Do Varejo		466
	2,454,500	e	Baoxin Auto Group Ltd		1,527
	316,545	*,e	Barnes & Noble Education, Inc		3,150
	253,397	e	Barnes & Noble, Inc		2,207
	15,935,310		Beauty Community PCL (ADR)		2,528
	1,667,400		Beauty Community PCL (Foreign)		266
	328,080	*,e	Bed Bath & Beyond, Inc		15,830
	86,400		Belluna Co Ltd		476
	2,116,360		Berjaya Auto BHD		1,055
	3,069,390	e	Best Buy Co, Inc		93,463
	70,500	e	BIC CAMERA, Inc		604
	47,515		Big 5 Sporting Goods Corp		475
	316,698	e	Big Lots, Inc		12,206
	128,857		Bilia AB		2,915
	102,940	*	Blue Nile, Inc		3,822
	586,123	*,e	boohoo.com plc		320
	32,138	*,e	Boot Barn Holdings, Inc		395
	537,000	*,e,m	Boshiwa International Holding		1
	81,284	e	Breville Group Ltd		439
	71,398	e	Buckle, Inc		2,198
	65,227	*	Build-A-Bear Workshop, Inc		798
	221,245	*	Burlington Stores, Inc		9,491
	201,834		Burson Group Ltd		615
	359,249		Byggmax Group AB		3,692
	126,954	*,e	Cabela’s, Inc		5,933
	179,622		Caleres, Inc		4,817
	68,596		Canadian Tire Corp Ltd		5,858
	184,900		Canon Marketing Japan, Inc		2,891
	617,749		Card Factory plc		3,326
	1,124,304	*,e	Carmax, Inc		60,679
	18,128		Cashbuild Ltd		352
	65,462		Cato Corp (Class A)		2,410
	587,866		Chico’s FAS, Inc		6,273
	85,622	e	Children’s Place Retail Stores, Inc		4,726
	3,848,500	e	China Harmony New Energy Auto Holding Ltd		2,694
	2,200,000	e	China Yongda Automobiles Services Holdings Ltd		1,655
	10,802,000	e	China ZhengTong Auto Services Holdings Ltd		4,961
	21,700		Chiyoda Co Ltd		675
	13,800		Chori Co Ltd		192
	575,000	e	Chow Sang Sang Holding		945
	145,000		Cia Hering		555
	192,350		Citi Trends, Inc		4,087

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	24,241		CJ O Shopping Co Ltd	$	3,922
	86,900		Clas Ohlson AB (B Shares)		1,575
	468,104	*	Cnova NV		1,128
	747,000	*,e,g	Cogobuy Group		993
	108,900		COL PCL (Foreign)		121
	65,313	*,e	Conn’s, Inc		1,533
	41,054	*,e	Container Store Group, Inc		337
	76,699		Core-Mark Holding Co, Inc		6,285
	314,342		CST Brands, Inc		12,303
	563,372	*,e	Ctrip.com International Ltd (ADR)		26,101
	873,000	e	Dah Chong Hong Holdings Ltd		438
	1,220,000		Daohe Global Group Ltd		207
	524,500		DCM Japan Holdings Co Ltd		3,804
	1,014,155		Debenhams plc		1,093
	97,527		Delek Automotive Systems Ltd		868
	5,316	e	Delticom AG.		120
	96,556	*	Destination XL Group, Inc		533
	190,029	e	Dick Smith Holdings Ltd		49
	683,552		Dick’s Sporting Goods, Inc		24,164
	492,286		Dickson Concepts International Ltd		183
	21,657		Dieteren S.A.		809
	152,369	e	Dillard’s, Inc (Class A)		10,012
	255,422		Dogus Otomotiv Servis ve Ticaret AS		965
	1,844,713		Dollar General Corp		132,580
	490,888	*	Dollar Tree, Inc		37,906
	347,477		Dollarama, Inc		20,075
	107,200		Don Quijote Co Ltd		3,765
	19,500		Doshisha Co Ltd		393
	103,439	e	DSW, Inc (Class A)		2,468
	32,881	*	Dufry Group		3,912
	16,193	*,e	Duluth Holdings, Inc		236
	144,492		Dunelm Group plc		1,999
	36,385	*,g	Dustin Group AB		280
	29,300	*,e	E-Commerce China Dangdang, Inc (ADR)		211
	180,083	e	EDION Corp		1,360
	247,876	e	El Puerto de Liverpool SAB de C.V.		3,022
	5,540,000		Emperor Watch & Jewellery Ltd		137
	2,600,000	*	Empresas La Polar S.A.		116
	1,520,100	e	Esprit Holdings Ltd		1,673
	51,009	*,e	Etsy, Inc		421
	79,758	*,g	Europris ASA		387
	125,045	*	EVINE Live, Inc		223
	942,637		Expedia, Inc		117,170
	426,142	*	Express Parent LLC		7,364
	932,867		Far Eastern Department Stores Co Ltd		516
	39,275		Fast Retailing Co Ltd		13,739
	31,411	*,e	Fenix Parts, Inc		213
	216,038		Finish Line, Inc (Class A)		3,906
	137,563	*,e	Five Below, Inc		4,416
	39,348	*	Folli Follie S.A.		740
	572,064	e	Foot Locker, Inc		37,236
	233,326		Foschini Ltd		1,833

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	103,833	*	Francesca’s Holdings Corp	$	1,808
	94,205	e	Fred’s, Inc (Class A)		1,542
	45,444	*,e	FTD Cos, Inc		1,189
	15,300		Fuji Co Ltd		311
	81,960	e	GAME Digital plc		146
	941,260	e	GameStop Corp (Class A)		26,393
	457,282	e	Gap, Inc		11,295
	75,463	*	Genesco, Inc		4,289
	209,534		Genuine Parts Co		17,997
	161,200		Geo Corp		2,537
	2,646,000		Giordano International Ltd		1,236
	158,388		GNC Holdings, Inc		4,913
	524,799	e	Golden Eagle Retail Group Ltd		634
	576,000		Goldlion Holdings Ltd		234
	114,176		GOLFZONYUWONHOLDINGS Co Ltd		692
	15,114,577		GOME Electrical Appliances Holdings Ltd		2,505
	68,515		Group 1 Automotive, Inc		5,187
	9,369	*	Groupe Fnac		553
	3,683,942	*,e	Groupon, Inc		11,310
	1,228,527	*,e	Grupo Famsa SAB de C.V.		999
	11,175		GS Home Shopping, Inc		1,586
	156,934	e	Guess?, Inc		2,963
	51,000	e	Gulliver International Co Ltd		508
	649		GwangjuShinsegae Co Ltd		157
	173,618		Halfords Group plc		855
	14,080,000	e	Hang Fat Ginseng Holdings Co Ltd		1,267
	227,825		Hankyu Department Stores, Inc		4,452
	1,824		Hanwha Galleria Timeworld Co Ltd		152
	12,700		Happinet Corp		124
	2,719,085	e	Harvey Norman Holdings Ltd		8,220
	49,219		Haverty Furniture Cos, Inc		1,055
	12,732,427	e	Hengdeli Holdings Ltd		1,853
	888,701		Hennes & Mauritz AB (B Shares)		31,611
	115,252	*,e	Hibbett Sports, Inc		3,485
	14,300		Hikari Tsushin, Inc		974
	5,443,040		Home Depot, Inc		719,842
	3,728,246		Home Product Center PCL (Foreign)		701
	1,388,859	e	Home Retail Group		2,035
	7,849		Hornbach Baumarkt AG.		242
	290,196		Hotai Motor Co Ltd		3,337
	41,178		Hotel Shilla Co Ltd		2,696
	80,538		HSN, Inc		4,081
	277,102		Hudson’s Bay Co		3,625
	16,554		Hyundai Department Store Co Ltd		1,774
	20,558		Hyundai Home Shopping Network Corp		2,016
	12,600	e	Ikyu		354
	287,604		Imperial Holdings Ltd		2,229
	924,739		Inchcape plc		10,669
	1,319,628		Inditex S.A.		45,335
	202,725		Interpark Corp		1,890
	9,537		Interpark INT Corp		185
	24,302,423	*	Intime Retail Group Co Ltd		23,825

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	289,728		Isetan Mitsukoshi Holdings Ltd	$	3,778
	756,000		IT Ltd		200
	30,800		Izumi Co Ltd		1,196
	743,819		J Front Retailing Co Ltd		10,813
	155,009	e	Jardine Cycle & Carriage Ltd		3,790
	518,022	e	JB Hi-Fi Ltd		7,331
	9,729,209	*,e	JC Penney Co, Inc		64,797
	675,732	*,e	JD.com, Inc (ADR)		21,802
	10,400	e	Jin Co Ltd		384
	49,071		John Menzies plc		300
	108,000		Joshin Denki Co Ltd		964
	24,700		Joyful Honda Co Ltd		503
	117,725		JUMBO S.A.		1,237
	40,300	*,e	Jumei International Holding Ltd (ADR)		365
	47,591	e	KappAhl Holding AB		172
	27,587	e	Keiyo Co Ltd		116
	2,698,281		Kingfisher plc		13,069
	49,549		Kirkland’s, Inc		718
	434,597	e	Kohl’s Corp		20,700
	27,300		Kohnan Shoji Co Ltd		383
	18,699		Kolao Holdings		162
	32,500		Komeri Co Ltd		670
	380,000		Koradior Holdings Ltd		518
	74,863	e	K’s Holdings Corp		2,549
	440,230		L Brands, Inc		42,183
	39,083	*,e	Lands’ End, Inc		916
	231,000	*,e	Laox Co Ltd		441
	13,527		LEADCORP, Inc		121
	445,903	e	Lewis Group Ltd		1,584
	23,403,119		Li & Fung Ltd		15,827
	1,726,651	*	Liberty Interactive Corp		47,172
	262,389	*	Liberty TripAdvisor Holdings, Inc		7,961
	334,349	*	Liberty Ventures		15,082
	7,504	*	LiHOM-CUCHEN Co Ltd		27
	57,303		Lithia Motors, Inc (Class A)		6,113
	476,588	*	LKQ Corp		14,121
	103,737		Lojas Americanas S.A.		325
	531,904		Lojas Americanas S.A.(Preference)		2,593
	720,020		Lojas Renner S.A.		3,093
	777,873		Lookers plc		2,119
	40,081		LOTTE Himart Co Ltd		2,001
	11,775		Lotte Shopping Co Ltd		2,316
	3,453,327		Lowe’s Companies, Inc		262,591
	319,000	e	Luk Fook Holdings International Ltd		674
	70,296	*,e	Lumber Liquidators, Inc		1,220
	2,017,387		Macy’s, Inc		70,568
	100,553	*,e	MakeMyTrip Ltd		1,725
	1,226,000	e	Maoye International Holdings Ltd		143
	64,793	*	MarineMax, Inc		1,193
	59,290		Marisa Lojas S.A.		73
	4,343,337		Marks & Spencer Group plc		28,919
	661,223		Marui Co Ltd		10,760

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	33,243		Matas A.S.	$	644
	27,800	e	Matsuya Co Ltd		285
	49,494	*,e	Mattress Firm Holding Corp		2,209
	360,900		MBM Resources BHD		202
	21,826		Mekonomen AB		447
	121,735		Men’s Wearhouse, Inc		1,787
	1,660,684		MFI Furniture plc		12,867
	161,466	*	Michaels Cos, Inc		3,570
	504,880	*	Mobile World Investment Corp		1,758
	69,821		Mobilezone Holding AG.		1,000
	34,000		momo.com, Inc		220
	79,641	e	Monro Muffler, Inc		5,274
	190,700	*	Mothercare plc		618
	290,659		Mr Price Group Ltd		3,759
	228,620	*	Murphy USA, Inc		13,886
	1,463,360	e	Myer Holdings Ltd		1,266
	135,799		N Brown Group plc		614
	376,000		National Petroleum Co Ltd		411
	1,471,252	*	NetFlix, Inc		168,282
	810,111		New Carphone Warehouse plc		5,962
	537,000		New World Department Store China Ltd		82
	310,427		Next plc		33,331
	39,300		Nishimatsuya Chain Co Ltd		340
	16,812		Nitori Co Ltd		1,412
	56,400	e	Nojima Corp		681
	300,023	e	Nordstrom, Inc		14,944
	1,489	*	NS Shopping Co Ltd		235
	217,869		Nutri/System, Inc		4,715
	409,433	*,e	Ocado Ltd		1,829
	4,748,593	*	Office Depot, Inc		26,782
	24,567	*,e	Ollie’s Bargain Outlet Holdings, Inc		418
	615,000	*,g	On the Beach Group plc		2,176
	368,420	*	O’Reilly Automotive, Inc		93,365
	238,200	e	OSIM International Ltd		181
	88,595	e	Outerwall, Inc		3,237
	29,327	*	Overstock.com, Inc		360
	3,809,271	*	Pacific Brands Ltd		2,173
	1,350,100		Padini Holdings BHD		588
	27,500		Pal Co Ltd		660
	137,800		Paltac Corp		2,449
	544,934		Pantaloon Retail India Ltd		1,219
	17,700		Parco Co Ltd		162
	325,216	*	Parkson Holdings BHD		76
	985,500	e	Parkson Retail Group Ltd		128
	118,958	*,e	Party City Holdco, Inc		1,536
	98,382	*	PC Jeweller Ltd		576
	135,503		Penske Auto Group, Inc		5,737
	207,857	*,e	PEP Boys - Manny Moe & Jack		3,827
	50,545	e	PetMed Express, Inc		866
	282,364		Pets at Home Group plc		1,148
	238,583	e	Pier 1 Imports, Inc		1,214
	8,133,500	*	Pou Sheng International Holdings Ltd		1,949

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	186,704		Poundland Group plc	$	572
	49,810		Poya Co Ltd		459
	21,006		PPR		3,591
	74,758		Premier Investments Ltd		768
	156,565	*	Priceline.com, Inc		199,613
	7,998,200		PT ACE Hardware Indonesia Tbk		476
	5,200,315		PT Matahari Department Store Tbk		6,583
	718,700	*	PT Mitra Adiperkasa Tbk		197
	20,569,600		PT Multipolar Corp Tbk		381
	9,160,400		PT Ramayana Lestari Sentosa Tbk		427
	2,958,200		PT Tiphone Mobile Indonesia Tbk		164
	3,611,500		PTG Energy PCL		1,296
	29,000	*,e	Qunar Cayman Islands Ltd (ADR)		1,529
	1,198,423		Rakuten, Inc		13,803
	537,904		RCG Corp Ltd		673
	226,655	e	Rent-A-Center, Inc		3,393
	124,974	*,e	Restoration Hardware Holdings, Inc		9,929
	1,782,310		Ripley Corp S.A.		732
	38,833	*	Risa International Ltd		2
	243,624		RONA, Inc		2,174
	725,305		Ross Stores, Inc		39,029
	44,600		Ryohin Keikaku Co Ltd		9,032
	988,000	e	SA SA International Holdings Ltd		334
	944,535		SACI Falabella		6,020
	454,918	*	Sally Beauty Holdings, Inc		12,688
	38,358	e	Sanrio Co Ltd		901
	59,716	*,e	Sears Canada, Inc		305
	20,109	*,e	Sears Holdings Corp		413
	317,697	*	Select Comfort Corp		6,802
	290,000		Senao International Co Ltd		336
	64,700	e	Senshukai Co Ltd		429
	11,791	*	Seobu Truck Terminal Co Ltd		217
	35,100	e	Seria Co Ltd		1,700
	188,200		Shimachu Co Ltd		4,281
	20,903		Shimamura Co Ltd		2,448
	27,366		Shinsegae Co Ltd		5,324
	2,331		Shinsegae International Co Ltd		203
	46,269		Shoe Carnival, Inc		1,073
	20,931		Shopper’s Stop Ltd		128
	87,320	*	Shutterfly, Inc		3,891
	1,058,257		Siam Global House PCL		277
	1,445,000		Sichuan Xinhua Winshare Chainstore Co Ltd		1,310
	133,781		Signet Jewelers Ltd		16,547
	1,630,000	*,e	Sincere Watch Hong Kong Ltd		172
	15,495	g	Sleep Country Canada Holdings, Inc		193
	96,792	e	Sonic Automotive, Inc (Class A)		2,203
	710,245	*	Sports Direct International plc		6,036
	43,730	*,e	Sportsman’s Warehouse Holdings, Inc		564
	2,700,000		Springland International Holdings Ltd		622
	1,045,800	*	SSI Group, Inc		77
	83,282	e	Stage Stores, Inc		759
	3,205,823		Staples, Inc		30,359

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	82,500		Start Today Co Ltd	$	2,656
	103,144		Stein Mart, Inc		694
	27,406	*,e	Stockmann Oyj Abp (B Share)		186
	119,973	e	Super Cheap Auto Group Ltd		991
	426,057	*	Super Group Ltd		1,045
	35,256	*	SuperGroup plc		854
	48,109	*	Systemax, Inc		414
	40,000	e	Syuppin Co Ltd		411
	193,819		Takashimaya Co Ltd		1,745
	77,655		Takkt AG.		1,557
	2,105,892		Target Corp		152,909
	20,600		Telepark Corp		234
	7,745,865		Test-Rite International Co		4,921
	216,417		Tiffany & Co		16,510
	66,751	*,e	Tile Shop Holdings, Inc		1,095
	132,832	*,e	Tilly’s, Inc		881
	2,033,907		TJX Companies, Inc		144,224
	14,300	e	Tokyo Derica Co Ltd		209
	289,772		Topps Tiles plc		675
	298,832		Tractor Supply Co		25,550
	345,164		Trade Me Ltd		985
	8,615		Trent Ltd		228
	249,880	*	TripAdvisor, Inc		21,302
	499,085	e	Truworths International Ltd		2,942
	116,438	*,e	Tuesday Morning Corp		757
	201,945	*	Ulta Salon Cosmetics & Fragrance, Inc		37,360
	19,699		United Arrows Ltd		849
	133,658	*	Urban Outfitters, Inc		3,041
	107,203		USS Co Ltd		1,611
	7,294		Valora Holding AG.		1,517
	132,500		Via Varejo S.A.		109
	568,786	*	Vipshop Holdings Ltd (ADR)		8,685
	93,781	*,e	Vitamin Shoppe, Inc		3,067
	55,781	*	VOXX International Corp (Class A)		293
	62,200		VT Holdings Co Ltd		370
	108,205		Warehouse Group Ltd		198
	98,684	*,e	Wayfair, Inc		4,699
	75,988	*	West Marine, Inc		645
	289,664		WH Smith plc		7,527
	140,769		Williams-Sonoma, Inc		8,222
	10,220		Winmark Corp		951
	1,183,081		Woolworths Holdings Ltd		7,654
	20,800		Xebio Co Ltd		393
	388,279	g	XXL ASA		4,474
	1,796,185		Yamada Denki Co Ltd		7,759
	45,200		Yellow Hat Ltd		927
	86,755	*,e	Yoox S.p.A		3,232
	88,926	*,g	Zalando SE		3,518
	690,023	e	Zhongsheng Group Holdings Ltd		415
	4,250	*	zooplus AG.		670
	50,656	*,e	Zumiez, Inc		766
			TOTAL RETAILING		4,971,085

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	221,615		A-DATA Technology Co Ltd	$	223
	189,603	*	Advanced Energy Industries, Inc		5,352
	1,599,595	*,e	Advanced Micro Devices, Inc		4,591
	46,949,968		Advanced Semiconductor Engineering, Inc		53,932
	1,259,969	e	Advanced Semiconductor Engineering, Inc (ADR)		7,144
	131,000		Advanced Wireless Semiconductor Co		352
	169,200	e	Advantest Corp		1,404
	93,342	*,e	Aixtron AG.		414
	76,538	*	Alpha & Omega Semiconductor Ltd		703
	178,891	*,e	Ambarella, Inc		9,971
	278,927	*	Amkor Technology, Inc		1,696
	60,567		ams AG.		2,025
	577,727		Analog Devices, Inc		31,960
	3,700	e	AOI Electronics Co Ltd		98
	4,135,802		Applied Materials, Inc		77,215
	207,098	*	Applied Micro Circuits Corp		1,319
	356,176		Ardentec Corp		257
	3,516,522		ARM Holdings plc		53,599
	225,194	e	ARM Holdings plc (ADR)		10,188
	43,825		ASM International NV		1,718
	638,223	e	ASM Pacific Technology		4,983
	21,000		ASMedia Technology, Inc		136
	574,597		ASML Holding NV		51,054
	21,000		ASPEED Technology, Inc		214
	721,967		Atmel Corp		6,216
	56,288	*	Atto Co Ltd		537
	1,233,371	e	Avago Technologies Ltd		179,024
	283,963	*	Axcelis Technologies, Inc		735
	204,901		BE Semiconductor Industries NV		4,118
	1,487,252		Broadcom Corp (Class A)		85,993
	169,347		Brooks Automation, Inc		1,809
	118,665	*	Cabot Microelectronics Corp		5,195
	41,663	*,e	Cascade Microtech, Inc		677
	330,392	*	Cavium Networks, Inc		21,710
	49,540	*	Ceva, Inc		1,157
	1,726,000	e	China Electronics Corp Holdings Co Ltd		665
	11,538	*,e,m	China Energy Savings Technology, Inc		0
	2,926,000	*	China Soft Power Technology Holdings Ltd		221
	567,000		Chipbond Technology Corp		815
	95,651		ChipMOS TECHNOLOGIES Bermuda Ltd		1,894
	921,000		ChipMOS Technologies, Inc		866
	378,478	*,e	Cirrus Logic, Inc		11,176
	94,090		Cohu, Inc		1,136
	154,786	*,e	Cree, Inc		4,128
	3,168,195	e	Cypress Semiconductor Corp		31,080
	20,711		D.I Corp		112
	351,616		Dainippon Screen Manufacturing Co Ltd		2,588
	64,246	*	Dialog Semiconductor plc		2,144
	93,900	*	Diodes, Inc		2,158
	35,272		Disco Corp		3,322

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	22,976	*	Dongbu HiTek Co Ltd	$	277
	73,837	*	DSP Group, Inc		697
	392,000		Elan Microelectronics Corp		543
	74,400		Elite Advanced Laser Corp		290
	1,472,000		Elite Semiconductor Memory Technology, Inc		1,355
	68,571		eMemory Technology, Inc		767
	345,283	*	Entegris, Inc		4,582
	8,454		Eo Technics Co Ltd		889
	976,000		Epistar Corp		751
	347,167	*	E-Ton Solar Tech Co Ltd		130
	14,967		Eugene Technology Co Ltd		164
	1,703,000		Everlight Electronics Co Ltd		2,463
	104,962	*	Exar Corp		643
	36,570	*	EZchip Semiconductor Ltd		905
	395,423	*	Fairchild Semiconductor International, Inc		8,189
	216,060		Faraday Technology Corp		293
	200,479	*	First Solar, Inc		13,230
	1,950,000		Forhouse Corp		606
	287,721	*	Formfactor, Inc		2,589
	153,000		Formosa Advanced Technologies Co Ltd		94
	12,207,847	e	GCL Poly Energy Holdings Ltd		1,815
	24,126	*	GemVax & Kael Co Ltd		455
	25,686		Giga Solar Materials Corp		561
	287,986	*	Gigastorage Corp		309
	406,273	*	Gintech Energy Corp		394
	91,000		Global Unichip Corp		182
	179,300		Globetronics Technology BHD		271
	945,000		Greatek Electronics, Inc		1,026
	241,561	*	Green Energy Technology, Inc		171
	13,833	*	G-SMATT GLOBAL Co Ltd		292
	1,309,600		Hana Microelectronics PCL (Foreign)		1,291
	7,793		Hanmi Semiconductor Co Ltd		82
	15,329	*	Hansol LCD, Inc		370
	225,036		Hermes Microvision, Inc		8,094
	171,000		Holtek Semiconductor, Inc		263
	743,259		Hynix Semiconductor, Inc		19,201
	225,827	*,e	Imagination Technologies Group plc		444
	1,462,606		Infineon Technologies AG.		21,323
	2,302,644	*	Inotera Memories, Inc		1,942
	92,925	*	Inphi Corp		2,511
	565,001	*	Integrated Device Technology, Inc		14,888
	16,869,161	e	Intel Corp		581,142
	329,145		Intersil Corp (Class A)		4,200
	7,581		ISC Co Ltd		183
	98,337		IXYS Corp		1,242
	22,400	*	JA Solar Holdings Co Ltd (ADR)		217
	11,500	*,e	JinkoSolar Holding Co Ltd (ADR)		318
	18,428		KC Tech Co Ltd		176
	4,464,000		King Yuan Electronics Co Ltd		2,914
	261,000		Kinsus Interconnect Technology Corp		528
	506,841		Kla-Tencor Corp		35,149
	11,551		Koh Young Technology, Inc		378

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	224,892	*,e	Kopin Corp	$	612
	2,445	*	Kulicke & Soffa Industries, Inc		29
	894,239	e	Lam Research Corp		71,020
	32,000		Land Mark Optoelectronics Corp		478
	13,995,000	*	Landing International Development		398
	287,630	*,e	Lattice Semiconductor Corp		1,861
	9,242		LEENO Industrial Inc		368
	393,726		Lextar Electronics Corp		204
	611,853		Linear Technology Corp		25,985
	150,048		Lite-On Semiconductor Corp		98
	36,997		Lumens Co Ltd		134
	58,492	*,e	MA-COM Technology Solutions		2,392
	3,602,000	*	Macronix International		522
	222,200		Malaysian Pacific Industries BHD		481
	2,881	*,e	Manz Automation AG.		107
	2,625,148	e	Marvell Technology Group Ltd		23,154
	192,156	*	Mattson Technology, Inc		678
	1,364,008		Maxim Integrated Products, Inc		51,832
	125,651	*	MaxLinear, Inc		1,851
	2,147,135		MediaTek, Inc		16,240
	15,000	e	Megachips Corp		131
	48,368		Melexis NV		2,635
	592,305	*,e	Mellanox Technologies Ltd		24,960
	538,581	e	Microchip Technology, Inc		25,066
	4,294,591	*	Micron Technology, Inc		60,811
	26,200	e	Micronics Japan Co Ltd		276
	262,526	*	Microsemi Corp		8,556
	59,600		Mimasu Semiconductor Industry Co Ltd		567
	62,888		Mitsui High-Tec, Inc		393
	168,349		MKS Instruments, Inc		6,061
	99,622		Monolithic Power Systems, Inc		6,347
	342,000	*	Motech Industries, Inc		467
	185,470	*,e	NANOCO Group plc		157
	59,403	*	Nanometrics, Inc		899
	632,921		Neo Solar Power Corp		465
	125,321	*,e	NeoPhotonics Corp Ltd		1,361
	113,558	*,e	Nordic Semiconductor ASA		552
	626,426		Novatek Microelectronics Corp Ltd		2,439
	12,700	e	Nuflare Technology, Inc		581
	11,829		NVE Corp		665
	1,696,889		Nvidia Corp		55,929
	1,294,483	*,e	NXP Semiconductors NV		109,060
	144,993	*	Omnivision Technologies, Inc		4,208
	3,890,731	*	ON Semiconductor Corp		38,129
	25,000		On-Bright Electronics, Inc		166
	555,000	*	Orient Semiconductor Electronics Ltd		195
	214,127		Orise Technology Co Ltd		221
	61,401		Parade Technologies Ltd		408
	127,893	*	PDF Solutions, Inc		1,386
	139,860		Phison Electronics Corp		982
	207,189	*	Photronics, Inc		2,579
	126,613		Pixart Imaging, Inc		305

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	888,675	*	PMC - Sierra, Inc	$	10,326
	96,331		Power Integrations, Inc		4,685
	3,245,857		Powertech Technology, Inc		6,400
	281,830	*	Qorvo, Inc		14,345
	1,599,511		Radiant Opto-Electronics Corp		3,640
	287,769	*,e	Rambus, Inc		3,335
	503,209		Realtek Semiconductor Corp		1,198
	1,770,274	*,e	REC Silicon ASA		356
	61,486		Richtek Technology Corp		355
	135,191		Rohm Co Ltd		6,848
	77,943	*	Rudolph Technologies, Inc		1,108
	206,734		Samsung Electronics Co Ltd		220,499
	31,092		Samsung Electronics Co Ltd (Preference)		28,741
	99,000	e	Sanken Electric Co Ltd		347
	41,474,000	*	Semiconductor Manufacturing International		4,218
	222,351	*	Semtech Corp		4,207
	37,452	*	Seoul Semiconductor Co Ltd		494
	246,000	*,e	Shanghai Fudan Microelectronics Group Co Ltd		182
	65,000		Shindengen Electric Manufacturing Co Ltd		258
	385,900	e	Shinko Electric Industries		2,474
	2,310,000	*,e	Shunfeng International Clean Energy Ltd		582
	248,000		ShunSin Technology Holding Ltd		917
	86,225	*	Sigma Designs, Inc		545
	350,000		Sigurd Microelectronics Corp		236
	44,934		Silergy Corp		460
	106,848	*	Silicon Laboratories, Inc		5,186
	10,631		Silicon Works Co Ltd		347
	9,362,475		Siliconware Precision Industries Co		14,785
	10,845	*	Siltronic AG.		263
	10,903	*	SIMMTECH Co Ltd		60
	517,000		Sino-American Silicon Products, Inc		731
	184,000		Sitronix Technology Corp		519
	656,981		Skyworks Solutions, Inc		50,476
	10,275	*	SMA Solar Technology AG.		568
	1,521,151		STMicroelectronics NV		10,184
	165,600		Sumco Corp		1,249
	400,731	*,e	SunEdison, Inc		2,040
	460,000		Sunplus Technology Co Ltd		162
	105,452	*,e	SunPower Corp		3,165
	1,213,600	*	SVI PCL		165
	52,822,367		Taiwan Semiconductor Manufacturing Co Ltd		227,888
	981,288		Taiwan Surface Mounting Technology Co Ltd		867
	990,161		Teradyne, Inc		20,467
	249,229		Tessera Technologies, Inc		7,479
	2,451,951		Texas Instruments, Inc		134,391
	304,381		Tokyo Electron Ltd		18,441
	152,800		Tokyo Seimitsu Co Ltd		3,388
	552,854		Topco Scientific Co Ltd		913
	8,835		Toptec Co Ltd		203
	85,192	*	Tower Semiconductor Ltd		1,214
	122,608		Transcend Information, Inc		318
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		2

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	87,000		TrueLight Corp	$	231
	19,342		U-Blox AG.		4,117
	35,400	e	UKC Holdings Corp		795
	87,327	*	Ultra Clean Holdings		447
	68,622	*	Ultratech, Inc		1,360
	112,800		Ulvac, Inc		3,193
	2,140,600		Unisem M BHD		1,184
	29,782,772		United Microelectronics Corp		10,884
	846,756		Vanguard International Semiconductor Corp		1,093
	100,662	*	Veeco Instruments, Inc		2,070
	212,425		Visual Photonics Epitaxy Co Ltd		302
	466,501		Win Semiconductors Corp		699
	2,728,000	*	Winbond Electronics Corp		648
	138,695	*	Xcerra Corp		839
	1,408,555		Xilinx, Inc		66,160
	140,000		XinTec, Inc		137
	8,536,000	e	Xinyi Solar Holdings Ltd		3,461
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,907,061

SOFTWARE & SERVICES - 9.7%
	69,565	*,e	1-Page Ltd		177
	32,700	*	21Vianet Group, Inc (ADR)		691
	72,600	*,e	58.COM, Inc (ADR)		4,789
	82,783	*	A10 Networks, Inc		543
	2,339,245		Accenture plc		244,451
	288,001	*	ACI Worldwide, Inc		6,163
	1,368,741		Activision Blizzard, Inc		52,984
	5,391	*	Actoz Soft Co Ltd		142
	176,103	*	Actua Corp		2,016
	194,661	*	Acxiom Corp		4,072
	15,000		Addcn Technology Co Ltd		122
	2,426,943	*	Adobe Systems, Inc		227,987
	2,048,000	*,e	AGTech Holdings Ltd		532
	6,317		Ahnlab, Inc		435
	580,146	*	Akamai Technologies, Inc		30,533
	17,369	*,e	Alarm.com Holdings, Inc		290
	1,091,522	*,e	Alibaba Group Holding Ltd (ADR)		88,708
	306,016	*	Alliance Data Systems Corp		84,635
	249,787		Alpha Systems, Inc		4,020
	940,947	*	Alphabet, Inc (Class A)		732,066
	1,158,578	*	Alphabet, Inc (Class C)		879,222
	54,730		Alten		3,167
	506,289		Altium Ltd		1,712
	114,015		Altran Technologies S.A.		1,527
	591,278		Amadeus IT Holding S.A.		26,060
	49,426	*,e	Amber Road, Inc		252
	1,074,629		Amdocs Ltd		58,643
	65,707		American Software, Inc (Class A)		669
	108,232	*,e	Angie’s List, Inc		1,012
	104,620	*	Ansys, Inc		9,677
	14,176	*	Apigee Corp		114
	11,812	*,e	Appfolio, Inc		172

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	441,082	*	Aspen Technology, Inc	$	16,655
	174,607		Asseco Poland S.A.		2,513
	9,600	e	Ateam, Inc		140
	265,211		Atos Origin S.A.		22,265
	1,733,361	*,g	Auto Trader Group plc		11,301
	390,051	*	Autodesk, Inc		23,766
	1,069,598		Automatic Data Processing, Inc		90,616
	80,009		Aveva Group plc		1,902
	100,911	*	AVG Technologies NV		2,023
	13,596		Axway Software S.A.		361
	233,200	*	Baidu, Inc (ADR)		44,084
	166,270	*,e	Bankrate, Inc		2,211
	88,435	*,e	Barracuda Networks, Inc		1,652
	303,171	*,e	Bazaarvoice, Inc		1,328
	38,584		Bechtle AG.		3,668
	19,601	*,e	Benefitfocus, Inc		713
	16,300	*	Bitauto Holdings Ltd (ADR)		461
	37,210	*,e	Black Knight Financial Services, Inc		1,230
	116,575		Blackbaud, Inc		7,678
	134,239	*	Blackhawk Network Holdings, Inc		5,935
	98,253	*,e	Blucora, Inc		963
	294,195		Booz Allen Hamilton Holding Co		9,076
	106,780	*	Bottomline Technologies, Inc		3,175
	34,929	*,e	Box, Inc		488
	963,000	e	Boyaa Interactive International Ltd		401
	100,978	*	Brightcove, Inc		626
	19,000		Broadleaf Co Ltd		187
	329,796		Broadridge Financial Solutions, Inc		17,720
	71,367	*	BroadSoft, Inc		2,524
	27,900		Brogent Technologies, Inc		289
	1,450,499		CA, Inc		41,426
	77,217	*	CACI International, Inc (Class A)		7,164
	680,907	*	Cadence Design Systems, Inc		14,170
	227,504	*	Callidus Software, Inc		4,225
	25,805		Cancom SE		1,219
	524,065		Cap Gemini S.A.		48,626
	38,186		Capcom Co Ltd		921
	49,300	*	Carbonite, Inc		483
	111,531	*	Cardtronics, Inc		3,753
	48,206	*,e	Care.com, Inc		345
	276,876	e	carsales.com Ltd		2,345
	28,706		Cass Information Systems, Inc		1,477
	126,539	*	CD Projekt Red S.A.		714
	305,242		CDK Global, Inc		14,490
	12,821	e	Cegid Group		726
	376,749	*	CGI Group, Inc		15,084
	5,900	*	Changyou.com Ltd (ADR)		146
	60,800	e	Chanjet Information Technology Co Ltd		133
	55,906	*	ChannelAdvisor Corp		774
	232,866	*,e	Check Point Software Technologies		18,951
	12,200	*,e	Cheetah Mobile, Inc (ADR)		195

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	620,000	*	China City Railway Transportation Technology Holdings Co Ltd	$	152
	2,396,000	*,e	Chinasoft International Ltd		984
	305,719	*	Ciber, Inc		1,073
	1,600,314		Cielo S.A.		13,518
	238,870	*,e	Cimpress NV		19,382
	1,052,505	*	Citrix Systems, Inc		79,622
	2,630	*,e	Code Rebel Corp		7
	1,887,264	*	Cognizant Technology Solutions Corp (Class A)		113,274
	49,300	e	COLOPL, Inc		972
	8,848	*	Com2uSCorp		887
	118,161	*	Commvault Systems, Inc		4,650
	69,231	e	Computer Modelling Group Ltd		449
	874,237		Computer Sciences Corp		28,570
	11,200		Computer Task Group, Inc		74
	489,416		Computershare Ltd		4,118
	183,239	*,e	comScore, Inc		7,540
	129,093	*	Constant Contact, Inc		3,775
	51,047		Constellation Software, Inc		21,282
	243,648	e	Convergys Corp		6,064
	120,800	e	COOKPAD, Inc		2,564
	135,078	*	Cornerstone OnDemand, Inc		4,664
	64,520	*	CoStar Group, Inc		13,336
	6,300	e	CROOZ, Inc		152
	82,587		CSG Systems International, Inc		2,971
	705,435	*	CSRA, Inc		21,163
	55,533	*	Cvent, Inc		1,939
	144,066	*,e	CyberArk Software Ltd		6,503
	82,567		Cyberlink Corp		172
	106,679		Cyient Ltd		771
	26,290		Daou Technology, Inc		482
	572,459		Dassault Systemes S.A.		45,757
	54,305	*,e	Datalink Corp		369
	439,300		Datasonic Group BHD		143
	32,177		Daum Communications		3,153
	83,258	*,e	Demandware, Inc		4,493
	114,700		Dena Co Ltd		1,794
	65,568	*	Descartes Systems Group, Inc		1,319
	4,179	*	Devsisters Co Ltd		106
	171,375	e	DH Corp		3,916
	209,771	*	DHI Group, Inc		1,924
	18,930	*,e	Digimarc Corp		691
	35,000		Digital Garage, Inc		625
	128,189	*,e	Digital Turbine, Inc		171
	60,536	*,e	Diligent Board Member Services		253
	289,900	e	Dip Corp		5,938
	115,575		DST Systems, Inc		13,183
	82,400		DTS Corp		1,876
	17,143		DuzonBIzon Co Ltd		297
	745,772		EarthLink Holdings Corp		5,541
	3,577,002	*	eBay, Inc		98,296
	66,718	e	Ebix, Inc		2,188

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	30,271		eClerx Services Ltd	$	648
	53,804	e	Econocom Group		498
	1,319,895	*	Electronic Arts, Inc		90,703
	94,174	*,e	Ellie Mae, Inc		5,672
	160,425		Ementor ASA		1,325
	147,957	*,e	Endurance International Group Holdings, Inc		1,617
	144,448	*,e	EnerNOC, Inc		556
	37,623		Enghouse Systems Ltd		2,021
	11,230		Engineering Ingegneria Informatica S.p.A.		731
	97,178	*	Envestnet, Inc		2,901
	187,484		EOH Holdings Ltd		1,635
	269,673	*	EPAM Systems, Inc		21,202
	81,412		EPIQ Systems, Inc		1,064
	173,987	*	Euronet Worldwide, Inc		12,602
	167,489	*	Everi Holdings, Inc		735
	322,122		EVERTEC, Inc		5,392
	58,112	*,e	Everyday Health, Inc		350
	104,067	*	ExlService Holdings, Inc		4,676
	33,700	e	F@N Communications, Inc		207
	8,042,265	*	Facebook, Inc		841,703
	104,789		Fair Isaac Corp		9,869
	421,500	g	Feiyu Technology International Co Ltd		101
	2,700	*,e	FFRI, Inc		212
	627,529		Fidelity National Information Services, Inc		38,028
	441,880	*,e	FireEye, Inc		9,165
	456,573	*	First American Corp		15,460
	300,640	*	First Data Corp		4,816
	739,652	*	Fiserv, Inc		67,649
	67,080	*,e	Five9, Inc		584
	353,120	*	FleetCor Technologies, Inc		50,471
	94,437	*,e	FleetMatics Group plc		4,796
	26,388		Forrester Research, Inc		752
	1,177,707	*	Fortinet, Inc		36,709
	212,549	e	F-Secure Oyj		594
	62,400		FUJI SOFT, Inc		1,369
	5,777,592		Fujitsu Ltd		28,837
	16,600	e	Future Architect, Inc		108
	13,489	*	GameHi Co Ltd		137
	66,531	*,e	GameLoft		437
	4,770	*	Gamevil, Inc		312
	183,948	*	Gartner, Inc		16,684
	436,685	*	Genpact Ltd		10,908
	13,718		GFT Technologies AG.		467
	275,220	*	Gigamon, Inc		7,313
	838,704		Global Payments, Inc		54,105
	36,226	*,e	Globant S.A.		1,359
	1,778,514	*,e,m	Globo plc		370
	300,461	*,e	Glu Mobile, Inc		730
	147,400		GMO internet, Inc		1,940
	94,500	e	GMO Payment Gateway, Inc		4,488
	104,814	*,e	GoDaddy, Inc		3,360
	140,070	*,e	Gogo, Inc		2,493

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,983	*	Golfzon co Ltd	$	222
	26,300		Gourmet Navigator, Inc		546
	81,250	*,e	Gravity Co Ltd (ADR)		257
	131,500		Gree, Inc		624
	465,253	*,e	GrubHub, Inc		11,259
	58,442	*	GTT Communications, Inc		997
	58,058	*,e	Guidance Software, Inc		350
	311,699	*	Guidewire Software, Inc		18,752
	674,114	e	GungHo Online Entertainment Inc		1,831
	15,909		Haansoft, Inc		315
	131,192		Hackett Group, Inc		2,108
	420,000	*,e	HC International, Inc		251
	861,677		HCL Technologies Ltd		11,113
	92,455		Heartland Payment Systems, Inc		8,767
	91,104		Hexaware Technologies Ltd		333
	1,863,000	*,e	Hi Sun Technology China Ltd		341
	227,623	*,e	Hortonworks, Inc		4,985
	47,034	*,e	HubSpot, Inc		2,649
	406,228		IAC/InterActiveCorp		24,394
	6,600	*,e	iDreamsky Technology Ltd (ADR)		88
	2,466,000	e	IGG, Inc		1,098
	109,784	*	Imperva, Inc		6,950
	99,784	*,e	Indra Sistemas S.A.		936
	533,800		Ines Corp		4,962
	108,235		Info Edge India Ltd		1,395
	300,357	*,e	Infoblox, Inc		5,524
	812,900	e	Infomart Corp		8,013
	42,800		Information Services International-Dentsu Ltd		826
	3,053,760		Infosys Technologies Ltd		50,886
	5,197	e	Init Innovation In Traffic Sys		93
	10,702	*,e	Instructure, Inc		223
	43,519	*	Interactive Intelligence, Inc		1,367
	142,365	*	Internap Network Services Corp		911
	2,254,652		International Business Machines Corp		310,285
	26,400		Internet Initiative Japan, Inc		524
	40,540	*	InterXion Holding NV		1,222
	1,462,278		Intuit, Inc		141,110
	160,857		iomart Group plc		645
	73,371	*	iProperty Group Ltd		210
	112,123	e	Iress Market Technology Ltd		812
	616,588		iSentia Group Ltd		2,163
	20,900		Istyle, Inc		369
	183,960		IT Holdings Corp		4,203
	86,900		Itochu Techno-Science Corp		1,731
	118,471		j2 Global, Inc		9,753
	136,187		Jack Henry & Associates, Inc		10,631
	6,277	*	JCEntertainment Corp		155
	121,093	*	Jive Software, Inc		494
	3,773	*	Joymax Co Ltd		46
	24,974	*	Just Dial Ltd		317
	1,521,517	*	Just Eat plc		11,048
	27,900		Justsystems Corp		216

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	214,254	*	Kainos Group plc	$	819
	38,320	e	Kakaku.com, Inc		754
	10,635	*	KCP Co Ltd		238
	13,674		Kginicis Co Ltd		188
	10,204		KGMobilians Co Ltd		123
	48,426	*	Kinaxis, Inc		1,642
	159,292		King Digital Entertainment plc		2,848
	1,908,000	e	Kingdee International Software Group Co Ltd		868
	1,039,865	e	Kingsoft Corp Ltd		2,525
	127,900	*,e	KLab, Inc		842
	78,812	*	Knot, Inc		1,266
	503,768		Konami Corp		11,992
	14,700	*,e	KongZhong Corp (ADR)		110
	11,919	*	Korea Information & Communications Co Ltd		134
	9,452		Korea Information Certificate Authority, Inc		86
	354,452		KPIT Cummins Infosystems Ltd		900
	10,907	*	KT Hitel Co Ltd		84
	214,347		Leidos Holdings, Inc		12,059
	274,779	*	Limelight Networks, Inc		401
	251,897	*	LinkedIn Corp		56,697
	341,800		Linx S.A.		3,827
	167,293	*	Lionbridge Technologies		821
	110,820	*,e	Liquidity Services, Inc		720
	142,900	*	Liveperson, Inc		965
	94,357	*	LogMeIn, Inc		6,331
	251,896	*	Luxoft Holding, Inc		19,429
	461,885	*,e	Manhattan Associates, Inc		30,563
	91,710		Mantech International Corp (Class A)		2,773
	152,513		Marchex, Inc (Class B)		593
	111,683	*,e	Marin Software, Inc		400
	87,397	*	Marketo, Inc		2,509
	25,700	e	Marvelous AQL, Inc		196
	3,825,694		Mastercard, Inc (Class A)		372,470
	58,011	*,e	Match Group, Inc		786
	85,056		Matrix IT Ltd		495
	243,396		MAXIMUS, Inc		13,691
	470,660		Mentor Graphics Corp		8,670
	173,697		Micro Focus International plc		4,079
	27,171,954		Microsoft Corp		1,507,500
	252,253	*	MicroStrategy, Inc (Class A)		45,226
	15,675	*,e	MINDBODY, Inc		237
	89,915		MindTree Ltd		1,942
	14,800		Mitsubishi Research Institute, Inc		424
	199,130		Mixi Inc		7,448
	110,874	*,e	MobileIron, Inc		400
	1,316,300	*,e	Mobileye NV		55,653
	55,485	*	Model N, Inc		619
	150,842	*,e	ModusLink Global Solutions, Inc		374
	18,100	*,e	Momo, Inc (ADR)		290
	78,538	*	MoneyGram International, Inc		492
	1,505,474		Moneysupermarket.com Group plc		8,144
	124,092		Monotype Imaging Holdings, Inc		2,934

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	236,527	*,e	Monster Worldwide, Inc	$	1,355
	127,777		Mphasis Ltd		958
	528,200		My EG Services BHD		529
	230,053	*	MYOB Ltd		544
	78,404	*,e	Myriad Group AG.		199
	852,000	*	National Agricultural Holdings Ltd		368
	47,082		Naver Corp		26,255
	18,067		NCsoft		3,257
	19,400		NEC Networks & System Integration Corp		343
	23,002		Nemetschek AG.		1,142
	11,733	*	Neowiz Games Corp		161
	250,900		NET One Systems Co Ltd		1,606
	176,000	e	NetDragon Websoft, Inc		483
	158,667	e	Netease.com (ADR)		28,757
	23,902		NetEnt AB		1,393
	47,125	*,e	NetSuite, Inc		3,988
	207,733	*,e	NeuStar, Inc (Class A)		4,979
	14,986	*,e	New Relic, Inc		546
	401,864		Nexon Co Ltd		6,537
	174,040	e	NEXTDC Ltd		303
	15,328	*	NHN Entertainment Corp		738
	248,056	*	NIC, Inc		4,882
	5,361		Nice Information & Telecommunication, Inc		145
	71,599		Nice Systems Ltd		4,114
	85,700	e	Nihon Unisys Ltd		943
	56,041		NIIT Technologies Ltd		489
	134,419		Nintendo Co Ltd		18,484
	29,300		Nippon System Development Co Ltd		424
	81,440		Nomura Research Institute Ltd		3,128
	37,700	*,e	NQ Mobile, Inc (ADR)		137
	102,800		NS Solutions Corp		2,342
	112,651		NTT Data Corp		5,446
	997,296	*	Nuance Communications, Inc		19,836
	25,200		OBIC Business Consultants Ltd		1,411
	52,700		Obic Co Ltd		2,790
	218,564		Open Text Corp		10,479
	107,512	e	Opera Software ASA		610
	70,023	*,e	OPOWER, Inc		739
	444,430	*	Optimal Payments plc		2,418
	12,141,921		Oracle Corp		443,544
	30,549		Oracle Corp Japan		1,422
	21,895		Otsuka Corp		1,076
	291,000	e	Ourgame International Holdings Ltd		214
	505,700	e	Pacific Online		152
	401,018	*,e	Pandora Media, Inc		5,378
	28,661	*,e	Park City Group, Inc		341
	759,313		Paychex, Inc		40,160
	87,669	*,e	Paycom Software, Inc		3,299
	38,230	*,e	Paylocity Holding Corp		1,550
	4,527,843	*	PayPal Holdings, Inc		163,908
	73,789		PC Home Online		734
	263,000	e	PCA Corp		3,331

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	150,085		Pegasystems, Inc	$	4,127
	90,976	*	Perficient, Inc		1,558
	64,590		Persistent Systems Ltd		624
	38,763	*	PFSweb, Inc		499
	20,100	*	Phoenix New Media Ltd (ADR)		121
	724,366		Playtech Ltd		8,868
	178,592		Polaris Software Lab Ltd		566
	55,354		POSDATA Co Ltd		238
	28,150	*	PRGX Global, Inc		105
	253,617	*	Progress Software Corp		6,087
	431,314	*	Proofpoint, Inc		28,040
	58,921	*	PROS Holdings, Inc		1,358
	409,784	*	PTC, Inc		14,191
	77,819	*	Q2 Holdings, Inc		2,052
	25,018		QAD, Inc (Class A)		513
	84,000	*,e	Qihoo 360 Technology Co Ltd (ADR)		6,116
	567,351	*	QLIK Technologies, Inc		17,962
	129,649	*	Qualys, Inc		4,290
	105,831	*	QuinStreet, Inc		454
	151,484	*,e	Quotient Technology, Inc		1,033
	588,701	*	Rackspace Hosting, Inc		14,906
	19,487	*,e	Rapid7, Inc		295
	71,992	*	RealNetworks, Inc		306
	148,040	*,e	RealPage, Inc		3,324
	692,226	*	Red Hat, Inc		57,323
	136,819		Redcentric plc		380
	91,531	*,e	Redknee Solutions, Inc		196
	31,546		Reis, Inc		749
	43,600	*	RENREN,Inc (ADR)		160
	12,612		Reply S.p.A.		1,726
	241,357	*	RetailMeNot, Inc		2,394
	27,233	*,e	RIB Software AG.		332
	134,083	*	RingCentral, Inc		3,162
	68,247	*,e	Rocket Fuel, Inc		238
	233,299	*	Rolta India Ltd		352
	217,955	*,e	Rovi Corp		3,631
	236,957	*,e	Rubicon Project, Inc		3,898
	746,852		Sabre Corp		20,889
	100,749		SafeCharge International Group Ltd		368
	2,106,303		Sage Group plc		18,715
	20,814	*	Saipens International Corp NV		212
	3,896,670	*	Salesforce.com, Inc		305,499
	447,600		Samart Corp PCL		191
	33,782		Samsung SDS Co Ltd		7,266
	990,889		SAP AG.		78,630
	59,849	e	Sapiens International Corp NV		610
	6,819		SBSi Co Ltd		87
	194,222		Science Applications International Corp		8,892
	71,294	*	Sciquest, Inc		925
	416,678	*,g	Scout24 AG.		14,772
	87,006	*	Seachange International, Inc		586
	1,218,797	*	ServiceNow, Inc		105,499

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	153,347	*,e	ServiceSource International LLC	$	707
	116,030		Shanghai Baosight Software Co Ltd		502
	7,856	*,e	Shopify, Inc		202
	49,095	*,e	Shutterstock, Inc		1,588
	90,290	*,e	Silver Spring Networks, Inc		1,301
	3,192,600	e	Silverlake Axis Ltd		1,481
	49,829		SimCorp AS		2,810
	26,014	*,e	Sina Corp		1,285
	438,000	e	Sinosoft Technology Group Ltd		236
	14,954	*	SK Communications Co Ltd		55
	103,600		SMS Co Ltd		2,175
	44,598		Software AG.		1,271
	101,540		Soft-World International Corp		197
	15,614	*	Sohu.com, Inc		893
	198,866	*	SolarWinds, Inc		11,713
	90,893		Solera Holdings, Inc		4,984
	452,525		Sonda S.A.		802
	176,165	g	Sophos Group plc		683
	44,135		Sopra Group S.A.		5,190
	142,200		SouFun Holdings Ltd (ADR)		1,051
	275,788	*,e	Splunk, Inc		16,219
	41,293	*	SPS Commerce, Inc		2,899
	78,427		Square Enix Co Ltd		1,896
	50,693	*,e	Square, Inc		664
	251,524		SS&C Technologies Holdings, Inc		17,172
	92,032	*	Stamps.com, Inc		10,088
	47,942		Sumisho Computer Systems Corp		1,926
	11,158	*	SundayToz Corp		117
	1,374,000		SUNeVision Holdings Ltd		438
	169,591	*	Sykes Enterprises, Inc		5,220
	3,031,635		Symantec Corp		63,664
	98,794	*,e	Synchronoss Technologies, Inc		3,481
	254,965	*	Synopsys, Inc		11,629
	136,924	*	Syntel, Inc		6,196
	175,000		Systex Corp		281
	162,073	*	TA Indigo Holding Corp		1,470
	128,688	*	Tableau Software, Inc		12,125
	728,172	*	Take-Two Interactive Software, Inc		25,370
	97,303	*	Tangoe, Inc		816
	793,492		Tata Consultancy Services Ltd		29,172
	7,461		Tata Elxsi Ltd		251
	667,565		Tech Mahindra Ltd		5,241
	443,052		Technology One Ltd		1,589
	60,068	*	TechTarget, Inc		482
	123,200		Tecmo Koei Holdings Co Ltd		1,824
	214,486		Telecity Group plc		3,964
	131,336	*	TeleCommunication Systems, Inc (Class A)		653
	74,093	*	TeleNav, Inc		422
	60,807		TeleTech Holdings, Inc		1,697
	54,321		Temenos Group AG.		2,806
	11,318,875		Tencent Holdings Ltd		221,623
	556,865	*,e	Teradata Corp		14,712

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	48,824	*,e	Textura Corp	$	1,054
	411,000	e,g	Tian GE Interactive Holdings Ltd		170
	125,398		Tietoenator Oyj		3,350
	240,598	*	TiVo, Inc		2,076
	13,900		TKC		370
	694,564		Total System Services, Inc		34,589
	136,519		Totvus S.A.		1,068
	21,200		Trans Cosmos, Inc/Japan		544
	609,280	e	Travelport Worldwide Ltd		7,860
	939,000		Travelsky Technology Ltd		1,537
	20,976	*	Travelzoo, Inc		176
	94,903		Trend Micro, Inc		3,851
	126,236	*,e	TrueCar, Inc		1,204
	40,380	*,e	TubeMogul, Inc		549
	1,117,395	*,e	Twitter, Inc		25,857
	146,650	*	Tyler Technologies, Inc		25,564
	86,934	*	Ubisoft Entertainment		2,516
	70,509	*	Ultimate Software Group, Inc		13,785
	153,203	*,e	Unisys Corp		1,693
	201,960		United Internet AG.		11,104
	40,158	*	United Online, Inc		473
	21,900	e	UNITED, Inc		279
	3,110,000	e	V1 Group Ltd		199
	104,193	*	Vakrangee Ltd		274
	597,076	*	Vantiv, Inc		28,313
	23,812	*,e	Varonis Systems, Inc		448
	73,640	*,e	Vasco Data Security International		1,232
	280,000	*,e	V-Cube, Inc		2,338
	249,004	*	VeriFone Systems, Inc		6,977
	212,634	*	Verint Systems, Inc		8,624
	452,377	*,e	VeriSign, Inc		39,520
	115,801	*,e	VirnetX Holding Corp		298
	88,340	*	Virtusa Corp		3,652
	7,986,459		Visa, Inc (Class A)		619,350
	401,512	*,e	VMware, Inc (Class A)		22,714
	36,871		Watchstone Group plc		172
	92,831	*,e	WebMD Health Corp (Class A)		4,484
	240,254	*	Website Pros, Inc		4,808
	12,029	*	Webzen, Inc		240
	7,808	*	WeMade Entertainment Co Ltd		245
	1,189,407	e	Western Union Co		21,302
	133,332	*	WEX, Inc		11,787
	1,020,957		Wipro Ltd		8,605
	198,439	e	Wirecard AG.		9,919
	160,394	*	Wix.com Ltd		3,649
	373,488	*	Workday, Inc		29,760
	43,129	*,e	Workiva, Inc		758
	3,354,627	*,g	Worldpay Group plc		15,197
	15,400	*	Wowo Ltd (ADR)		78
	24,514	*,e	Xactly Corp		209
	336,690		Xchanging plc		958
	60,319	*,e	Xero Ltd		815

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,805,165		Xerox Corp	$	19,189
	2,441		XING AG.		450
	91,233		XPEC Entertainment, Inc		254
	57,023	*	Xura, Inc		1,402
	5,050,000		Xurpas, Inc		1,628
	1,487,448		Yahoo! Japan Corp		6,046
	3,514,113	*	Yahoo!, Inc		116,879
	121,436	*	Yelp, Inc		3,497
	70,000	*	Youku Tudou, Inc (ADR)		1,899
	15,200	*	YY, Inc (ADR)		950
	135,627	*	Zendesk, Inc		3,586
	11,179		Zensar Technologies Ltd		183
	83,810	*,e	Zillow Group, Inc		2,182
	169,633	*,e	Zillow Group, Inc (Class C)		3,983
	146,944	*	Zix Corp		746
	392,237	e,g	Zoopla Property Group plc		1,385
	1,690,745	*	Zynga, Inc		4,531
			TOTAL SOFTWARE & SERVICES		10,954,081

TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	208,977	*,e	3D Systems Corp		1,816
	918,221	e	AAC Technologies Holdings, Inc		5,973
	2,028,292		Accton Technology Corp		1,965
	3,179,478	*	Acer, Inc		1,165
	101,815		Adlink Technology, Inc		234
	128,735		Adtran, Inc		2,217
	274,214	*	ADVA AG. Optical Networking		3,311
	36,000		Advanced Ceramic X Corp		237
	355,059		Advantech Co Ltd		2,274
	63,963	*,e	Aerohive Networks, Inc		327
	43,669	*	Agilysys, Inc		436
	31,900		Ai Holdings Corp		809
	3,884,521	*	Alcatel S.A.		15,347
	2,200,000	*	Alcatel-Lucent (ADR)		8,426
	34,232	*,e	Alliance Fiber Optic Products, Inc		519
	284,400		Alpha Networks, Inc		147
	830,400		Alps Electric Co Ltd		22,519
	165,100		Amano Corp		2,233
	569,981		Amphenol Corp (Class A)		29,770
	387,533	*	Anixter International, Inc		23,403
	119,900		Anritsu Corp		786
	2,796,000	*,e,m	Anxin-China Holdings Ltd		4
	19,142,273		Apple, Inc		2,014,916
	41,258	*,e	Applied Optoelectronics, Inc		708
	65,581	*,e	Arista Networks, Inc		5,105
	356,717	*	ARRIS Group, Inc		10,905
	146,213	*	Arrow Electronics, Inc		7,922
	90,370		Ascom Holding AG.		1,432
	203,000	*	Asia Optical Co, Inc		179
	2,440,464		Asia Vital Components Co Ltd		2,123
	771,262		Asustek Computer, Inc		6,368
	89,000		Aten International Co Ltd		190

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	25,731,690		AU Optronics Corp	$	7,586
	251,000		Aurora Corp		390
	23,619		Austria Technologie & Systemtechnik AG.		373
	79,943	*,e	Avid Technology, Inc		583
	34,162	*,e	Avigilon Corp		338
	209,469		Avnet, Inc		8,974
	133,033	e	AVX Corp		1,615
	37,086	e	Badger Meter, Inc		2,173
	22,091		Barco NV		1,479
	48,958		Bel Fuse, Inc (Class B)		846
	106,291	e	Belden CDT, Inc		5,068
	263,860	*	Benchmark Electronics, Inc		5,454
	6,012,000		Benq Corp		1,990
	1,056,000		BenQ Materials Corp		666
	92,427		Black Box Corp		881
	491,446	*,e	Blackberry Ltd (New)		4,560
	1,444,000		Boardtek Electronics Corp		1,460
	982,467		Brocade Communications Systems, Inc		9,019
	675,377		Brother Industries Ltd		7,759
	779,500	*	BYD Electronic International Co Ltd		416
	112,607	*	CalAmp Corp		2,244
	7,061,915		CalComp Electronics Thailand PCL		657
	112,318	*	Calix Networks, Inc		884
	16,600		Canon Electronics, Inc		273
	1,657,371	e	Canon, Inc		50,136
	274,000		Career Technology Co Ltd		204
	138,000		Casetek Holdings Ltd		560
	2,410,853		Catcher Technology Co Ltd		20,098
	288,000		Catic Shenzhen Holdings Ltd		160
	258,545		CDW Corp		10,869
	305,499	*	Celestica, Inc		3,378
	145,741		Checkpoint Systems, Inc		914
	1,371,602		Cheng Uei Precision Industry Co Ltd		1,891
	718,463		Chicony Electronics Co Ltd		1,572
	1,589,663		Chimei Materials Technology Corp		980
	1,942,000	e	China Aerospace International Holdings Ltd		261
	1,706,000		China All Access Holdings Ltd		571
	489,600	e	China Fiber Optic Network System Group Ltd		46
	4,104,000	*	China Innovationpay Group Ltd		218
	337,000		Chin-Poon Industrial Co		540
	322,840		Chroma ATE, Inc		626
	3,246,215	*,e	Ciena Corp		67,164
	20,899,411		Cisco Systems, Inc		567,523
	355,345		Citizen Watch Co Ltd		2,554
	28,882	*,e	Clearfield, Inc		387
	460,393		Clevo Co		440
	1,937,394	*	CMC Magnetics Corp		203
	177,986		Cognex Corp		6,011
	91,642	*	Coherent, Inc		5,967
	1,123,215		Comba Telecom Systems Holdings Ltd		204
	640		Comet Holding AG.		465
	234,231	*	CommScope Holding Co, Inc		6,064

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,975,021		Compal Electronics, Inc	$	3,903
	5,773,000		Compeq Manufacturing Co		3,857
	47,109		Comtech Telecommunications Corp		946
	54,600	*,e	Control4 Corp		397
	2,636,000	*	Coolpad Group Ltd		524
	2,077,500		Coretronic Corp		1,716
	2,376,161		Corning, Inc		43,436
	605,000		Coxon Precise Industrial Co Ltd		911
	39,271	*,e	CPI Card Group, Inc		419
	100,288	*	Cray, Inc		3,254
	20,124	*	CrucialTec Co Ltd		266
	81,133		CTS Corp		1,431
	176,012		Daeduck Electronics Co		1,138
	106,127		Daeduck GDS Co Ltd		897
	1,158,000		Daiwabo Co Ltd		2,311
	95,461		Daktronics, Inc		832
	97,288		Daou Data Corp		1,278
	17,767		Datalogic S.p.A.		316
	189,755	e	DataTec Ltd		632
	1,049,100		Delta Electronics Thai PCL		2,217
	3,398,207		Delta Electronics, Inc		15,984
	160,000		Denki Kogyo Co Ltd		714
	38,900		Dexerials Corp		417
	160,138	e	Diebold, Inc		4,819
	88,128	*	Digi International, Inc		1,003
	3,123,000	e	Digital China Holdings Ltd		3,569
	39,355		Digital Multimedia Technologies S.p.A.		2,536
	714,421		D-Link Corp		223
	112,938		Dolby Laboratories, Inc (Class A)		3,800
	44,985	*	DTS, Inc		1,016
	435,000		Dynapack International Technology Corp		638
	1,319,600		Eastern Communications Co Ltd		1,170
	47,625	*,e	Eastman Kodak Co		597
	108,120	*	EchoStar Corp (Class A)		4,229
	13,771		Eizo Nanao Corp		330
	15,700		Elecom Co Ltd		203
	101,224		Electro Rent Corp		931
	25,875	*	Electro Scientific Industries, Inc		134
	1,033,294		Electrocomponents plc		3,618
	118,476	*	Electronics for Imaging, Inc		5,538
	6,400		Elematec Corp		154
	2,036,654		Elite Material Co Ltd		3,543
	1,198,324		Elitegroup Computer Systems Co Ltd		734
	3,370,578		EMC Corp		86,556
	45,441	*	EMCORE Corp		279
	37,000		Ennoconn Corp		417
	11,700		Enplas Corp		421
	64,250	*	ePlus, Inc		5,992
	5,527,369		Ericsson (LM) (B Shares)		53,291
	25,032	e	Esprinet S.p.A.		230
	14,418		EVS Broadcast Equipment S.A.		454
	872,485	*	Extreme Networks, Inc		3,560

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	427,222	*	F5 Networks, Inc	$	41,423
	150,397	*	Fabrinet		3,582
	42,746	*	FARO Technologies, Inc		1,262
	104,324		FEI Co		8,324
	7,059,000		FIH Mobile Ltd		2,687
	109,480	*,e	Fingerprint Cards AB		7,598
	261,859	*	Finisar Corp		3,807
	186,317		Firich Enterprises Co Ltd		513
	1,241,086	*,e	Fitbit, Inc		36,724
	394,368		FLEXium Interconnect, Inc		936
	874,251	*	Flextronics International Ltd		9,800
	328,068		Flir Systems, Inc		9,209
	103,310		Flytech Technology Co Ltd		297
	1,007,037		Foxconn Technology Co Ltd		2,121
	1,327,481		Fujifilm Holdings Corp		55,399
	9,734,000	*,e	GCL New Energy Holdings Ltd		567
	71,641		Gemalto NV		4,299
	119,000	*	General Interface Solution Holding Ltd		395
	58,909	*	Genius Electronic Optical Co Ltd		106
	2,213,000		Getac Technology Corp		1,344
	1,924,000		Gigabyte Technology Co Ltd		2,126
	422,000	*	Gold Circuit Electronics Ltd		127
	317,000		Goldpac Group Ltd		138
	5,710	*	Green Cross Cell Corp		218
	686,680	*,e	GSH Corp Ltd		121
	129,608	*	GSI Group, Inc		1,765
	1,060,079		Halma plc		13,499
	30,500		Hamamatsu Photonics KK		836
	2,438,330	*	HannStar Display Corp		287
	224,911	*,e	Harmonic, Inc		915
	294,518		Harris Corp		25,594
	7,532,195	*	Hewlett Packard Enterprise Co		114,489
	105,521		Hexagon AB (B Shares)		3,904
	768,725		High Tech Computer Corp		1,816
	9,400		Hirose Electric Co Ltd		1,138
	507,946		Hitachi High-Technologies Corp		13,736
	128,000		Hitachi Kokusai Electric, Inc		1,740
	11,434,098		Hitachi Ltd		64,790
	334,200		Hitachi Maxell Ltd		5,936
	587,100		Holystone Enterprise Co Ltd		595
	28,476,808		Hon Hai Precision Industry Co, Ltd		69,691
	85,795		Horiba Ltd		3,313
	210,500		Hosiden Corp		1,184
	7,063,391		HP, Inc		83,631
	89,448		Humax Co Ltd		1,289
	478,900	e	Ibiden Co Ltd		6,866
	290,000		Ichia Technologies, Inc		135
	7,800		Icom, Inc		162
	200,476		ICP Electronics, Inc		238
	266,769	*	IDEX ASA		318
	221,406	*	II-VI, Inc		4,109

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	13,810	*	Iljin Materials Co Ltd	$	140
	88,697	*,e	Imation Corp		122
	67,389	*	Immersion Corp		786
	375,712		Inari Amertron BHD		400
	1,442		Inficon Holding AG.		460
	329,386	*,e	Infinera Corp		5,968
	54,865		Ingenico		6,925
	913,013		Ingram Micro, Inc (Class A)		27,737
	32,460,288		InnoLux Display Corp		9,757
	132,787	*	Insight Enterprises, Inc		3,336
	108,400		InterDigital, Inc		5,316
	17,600	*	Intevac, Inc		83
	194,788	*,e	InvenSense, Inc		1,993
	4,443,349		Inventec Co Ltd		2,897
	96,366	*,e	IPG Photonics Corp		8,592
	8,500	e	Iriso Electronics Co Ltd		478
	57,100		ITC Networks Corp		538
	772,357		ITEQ Corp		518
	97,596	*,e	Itron, Inc		3,531
	13,708		Ituran Location and Control Ltd		257
	359,213	*	Ixia		4,465
	1,186,320		Jabil Circuit, Inc		27,629
	101,493		Japan Aviation Electronics Industry Ltd		1,456
	13,700	e	Japan Cash Machine Co Ltd		135
	14,800		Japan Digital Laboratory Co Ltd		201
	996,400	*	Japan Display, Inc		2,871
	165,535		Japan Radio Co Ltd		505
	1,433,600		JCY International BHD		284
	37,284		Jenoptik AG.		579
	3,677,125	e	Ju Teng International Holdings Ltd		1,744
	3,151,902		Juniper Networks, Inc		86,992
	45,500	e	Kaga Electronics Co Ltd		679
	31,000		Kanematsu Electronics Ltd		549
	12,763		Kapsch TrafficCom AG.		517
	254,100		KCE Electronics PCL		491
	23,503		Keyence Corp		12,917
	785,605	*	Keysight Technologies, Inc		22,256
	112,940		KH Vatec Co Ltd		1,614
	70,695	*	Kimball Electronics, Inc		777
	1,018,000		Kingboard Chemical Holdings Ltd		1,620
	919,500		Kingboard Laminates Holdings Ltd		415
	216,147	*,e	Knowles Corp		2,881
	69,800	e	Koa Corp		592
	13,060		KONA I Co Ltd		378
	509,709		Konica Minolta Holdings, Inc		5,105
	67,168		Kudelski S.A.		968
	43,520	*	KVH Industries, Inc		410
	333,010		Kyocera Corp		15,465
	551,587		Laird Group plc		2,883
	119,892		Largan Precision Co Ltd		8,204
	7,423,323		Lenovo Group Ltd		7,492
	92,947	e	Lexmark International, Inc (Class A)		3,016

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	14,063		LG Innotek Co Ltd	$	1,169
	245,751		LG.Philips LCD Co Ltd		5,090
	2,208,361		Lite-On Technology Corp		2,130
	123,970		Littelfuse, Inc		13,266
	444,781	e	Logitech International S.A.		6,813
	58,000		Lotes Co Ltd		215
	1,105,074	*	Lumentum Holdings, Inc		24,334
	28,000	*	Macnica Fuji Electronics Holdings, Inc		371
	145,000		Marubun Corp		1,152
	7,900		Maruwa Co Ltd		175
	34,600		Melco Holdings, Inc		636
	130,141	*	Mercury Computer Systems, Inc		2,389
	161,076		Merry Electronics Co Ltd		285
	6,856	e	Mesa Laboratories, Inc		682
	174,708		Methode Electronics, Inc		5,561
	390,194	e	Micronic Laser Systems AB		3,776
	2,553,000		Micro-Star International Co Ltd		3,628
	176,000		MIN AIK Technology Co Ltd		303
	519,500		Mitac Holdings Corp		388
	571,100	e	Mitsumi Electric Co Ltd		3,234
	259,029		Motorola, Inc		17,731
	37,724		MTS Systems Corp		2,392
	81,803	*	Multi-Fineline Electronix, Inc		1,692
	429,236		Murata Manufacturing Co Ltd		61,759
	225,000		Nan Ya Printed Circuit Board Corp		228
	196,000		Nanjing Panda Electronics		191
	234,851		National Instruments Corp		6,738
	678,083	*,e	NCR Corp		16,586
	1,682,382		NEC Corp		5,331
	30,161		Neopost S.A.		736
	820,770		NetApp, Inc		21,775
	171,231	*	Netgear, Inc		7,176
	229,700	*	Netscout Systems, Inc		7,052
	96,610	*	Newport Corp		1,533
	246,826		Nichicon Corp		1,930
	123,739	*,e	Nimble Storage, Inc		1,138
	13,300	e	Nippon Ceramic Co Ltd		211
	128,000		Nippon Chemi-Con Corp		226
	353,141		Nippon Electric Glass Co Ltd		1,780
	209,300		Nippon Signal Co Ltd		2,279
	18,500		Nohmi Bosai Ltd		232
	4,530,842	e	Nokia Corp		31,807
	9,894,275		Nokia Oyj		69,997
	96,694	*,e	Novatel Wireless, Inc		161
	257,813	*,e	Oclaro, Inc		897
	1,669,000		Oki Electric Industry Co Ltd		2,089
	576,956		Omron Corp		19,240
	987,919	e	Opus Group AB		728
	77,808	*	Orbotech Ltd		1,722
	108,253	*	OSI Systems, Inc		9,598
	47,736		Oxford Instruments plc		538
	863,089	m	Pace plc		5,525

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	463,649	*	Palo Alto Networks, Inc	$	81,667
	352,224		Pan-International Industrial		138
	72,654		Park Electrochemical Corp		1,094
	15,545	*,e	Parrot S.A.		456
	252,622		Partron Co Ltd		2,100
	4,676,000	e	PAX Global Technology Ltd		4,797
	50,076	*	PC Connection, Inc		1,134
	6,579,324		Pegatron Technology Corp		14,310
	135,021		Plantronics, Inc		6,403
	83,391	*	Plexus Corp		2,912
	363,925	*	Polycom, Inc		4,582
	39,578		Posiflex Technology, Inc		185
	936,465		Premier Farnell plc		1,353
	1,925,000		Primax Electronics Ltd		2,436
	799,000	*	Prime View International Co Ltd		378
	65,133	*,e	Pure Storage, Inc		1,014
	235,352	*	QLogic Corp		2,871
	4,822,025		Qualcomm, Inc		241,029
	2,900,217		Quanta Computer, Inc		4,653
	555,544	*,e	Quantum Corp		517
	31,710	*	Radware Ltd		486
	117,526	*,e	RealD, Inc		1,240
	508,930	*	Redington India Ltd		883
	101,052		Renishaw plc		2,782
	289,711	e	Ricoh Co Ltd		2,983
	9,879	*	RICOH INDIA Ltd		117
	66,500		Riso Kagaku Corp		1,083
	2,461,000	*	Ritek Corp		216
	69,490	*	Rofin-Sinar Technologies, Inc		1,861
	47,451	*	Rogers Corp		2,447
	8,100		Roland DG Corp		173
	190,518	*	Ruckus Wireless, Inc		2,040
	87,200		Ryosan Co Ltd		2,238
	17,100		Ryoyo Electro Corp		196
	11,950		Sam Young Electronics Co Ltd		129
	120,881		Samsung Electro-Mechanics Co Ltd		6,423
	60,099		Samsung SDI Co Ltd		5,778
	316,555		SanDisk Corp		24,055
	717,965	*,e	Sandvine Corp		1,837
	413,372	*	Sanmina Corp		8,507
	90,742	*	Scansource, Inc		2,924
	34,708	e	Seagate Technology, Inc		1,272
	765,600		Seiko Epson Corp		11,790
	20,000		Senao Networks, Inc		129
	992,000		Sercomm Corp		2,607
	9,636		SFA Engineering Corp		404
	131,000	*	Shanghai Potevio Co Ltd		299
	156,876		Shimadzu Corp		2,626
	667,065	*	ShoreTel, Inc		5,904
	28,013	*,e	Sierra Wireless, Inc		441
	36,300	e	Siix Corp		1,117
	96,116	*,e	Silicon Graphics International Corp		567

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	293,342		Simplo Technology Co Ltd	$	932
	1,123,661		Sinbon Electronics Co Ltd		2,089
	4,886		Sindoh Co Ltd		208
	28,000		Sirtec International Co Ltd		34
	48,000		SMK Corp		237
	125,421	*,e	Sonus Networks, Inc		894
	103,631		Spectris plc		2,750
	1,895		Spigen Korea Co Ltd		100
	759,983		Spirent Communications plc		801
	125,175	*,e	Stratasys Ltd		2,939
	6,690,000	*,e	Suncorp Technologies Ltd		106
	899,000	e	Sunny Optical Technology Group Co Ltd		2,050
	92,001	*,e	Super Micro Computer, Inc		2,255
	11,218	*,m	Suprema, Inc		155
	315,286	*	SVA Electron Co Ltd		278
	91,174	*	Synaptics, Inc		7,325
	71,401	e	SYNNEX Corp		6,421
	1,351,402		Synnex Technology International Corp		1,311
	21,900	e	Tabuchi Electric Co Ltd		136
	1,030,972		Taiflex Scientific Co Ltd		1,186
	1,246,577		Taiwan PCB Techvest Co Ltd		1,234
	255,603		Taiyo Yuden Co Ltd		3,535
	1,637,000	e	TCL Communication Technology Holdings Ltd		1,200
	126,690		TDK Corp		8,114
	402,253	e	TE Connectivity Ltd		25,990
	155,588	*	Tech Data Corp		10,328
	406,000	*	Technovator International Ltd		258
	174,088	*,e	Telit Communications plc		548
	645,095		Test Research, Inc		958
	350,773	*,e	Thin Film Electronics ASA		150
	30,437	*	Tobii AB		241
	100,000	e	Toko, Inc		315
	136,625		Tong Hsing Electronic Industries Ltd		315
	46,460,000	e	Tongda Group Holdings Ltd		8,155
	89,200	e	Topcon Corp		1,507
	113,000	e	Toshiba TEC Corp		403
	22,400		Toyo Corp/Chuo-ku		203
	278,000		TPK Holding Co Ltd		692
	1,940,000		Tpv Technology Ltd		254
	604,000		Trigiant Group Ltd		122
	431,462	*	Trimble Navigation Ltd		9,255
	1,548,832		Tripod Technology Corp		2,631
	1,528,000	e	Truly International Holdings		365
	22,800		TSC Auto ID Technology Co Ltd		221
	225,464		TT electronics plc		520
	361,133	*	TTM Technologies, Inc		2,351
	274,039		TXC Corp		298
	77,219	*,e	Ubiquiti Networks, Inc		2,447
	1,327,883		Unimicron Technology Corp		560
	1,491,937		Unitech Printed Circuit Board Corp		585
	265,783	*	Universal Display Corp		14,469
	741,195		Venture Corp Ltd		4,281

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	106,443	*,e	Viasat, Inc	$	6,494
	2,172,442	*	Viavi Solutions, Inc		13,230
	242,249	*,e	Violin Memory, Inc		218
	341,446	e	Vishay Intertechnology, Inc		4,114
	48,132	*	Vishay Precision Group, Inc		545
	731,500		VS Industry Bhd		267
	2,056,800		VST Holdings Ltd		556
	141,900	e	Vtech Holdings Ltd		1,469
	124,800	e	Wacom Co Ltd		497
	1,359,000		Wah Lee Industrial Corp		1,836
	379,395		Walsin Technology Corp		227
	526,000		Wasion Group Holdings Ltd		544
	1,005,463		Western Digital Corp		60,378
	144,765		Wincor Nixdorf AG.		7,258
	190,500	*,b,m	Wintek Corp		0	^
	2,625,758		Wistron Corp		1,473
	1,500,108		Wistron NeWeb Corp		3,955
	1,381,872		WPG Holdings Co Ltd		1,312
	1,372,570		WT Microelectronics Co Ltd		1,472
	156,473		Xaar plc		969
	15,750	*,m	Ya Hsin Industrial Co Ltd		0
	1,468,000		Yageo Corp		2,355
	55,393		Yamatake Corp		1,419
	528,000	e,g	Yangtze Optical Fibre and Cable Joint Stock Ltd		638
	72,538		Yaskawa Electric Corp		987
	360,184		Yokogawa Electric Corp		4,332
	388,000	*	Yunbo Digital Synergy Group Ltd		115
	235,191	*	Zebra Technologies Corp (Class A)		16,381
	2,167,507		Zhen Ding Technology Holding Ltd		4,942
	293,000		Zinwell Corp		451
	938,298		ZTE Corp		2,130
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,299,738

TELECOMMUNICATION SERVICES - 2.8%
	9,086		012 Smile.Communications Ltd		230
	238,133	*	8x8, Inc		2,727
	1,799,804		Advanced Info Service PCL (Foreign)		7,573
	443,451		AFK Sistema (GDR)		2,611
	4,406,686	*,e	Alibaba Health Information Technology Ltd		3,029
	42,571,989		America Movil S.A. de C.V. (Series L)		29,938
	378,250		APT Satellite Holdings Ltd		304
	2,383,000	*	Asia Pacific Telecom Co Ltd		841
	15,267,277		AT&T, Inc		525,347
	30,971		Atlantic Tele-Network, Inc		2,423
	109,459	*,e	Avanti Communications Group plc		276
	717,600	*,e	Axtel SAB de C.V.		362
	1,077,547	e	BCE, Inc		41,632
	299,129		Belgacom S.A.		9,734
	11,504,448		Bezeq Israeli Telecommunication Corp Ltd		25,325
	2,014,438		Bharti Airtel Ltd		10,322
	1,692,295	*	Bharti Infratel Ltd		10,918
	93,602	*,e	Boingo Wireless, Inc		620

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,795,308		BT Group plc	$	68,014
	2,466,701		Cable & Wireless plc		2,699
	52,414	*	Cellcom Israel Ltd		326
	399,606	g	Cellnex Telecom SAU		7,471
	1,705,558		CenturyTel, Inc		42,912
	6,287,774		China Communications Services Corp Ltd		2,352
	11,748,890		China Mobile Hong Kong Ltd		132,247
	17,017,618		China Telecom Corp Ltd		7,938
	7,479,220		China Unicom Ltd		9,035
	344,250	*,e	Chorus Ltd		919
	6,953,396		Chunghwa Telecom Co Ltd		20,947
	1,073,373	*	Cincinnati Bell, Inc		3,864
	3,691,000	e	Citic 1616 Holdings Ltd		1,406
	115,413	e	Cogent Communications Group, Inc		4,004
	116,655		Com Hem Holding AB		1,057
	130,442	e	Consolidated Communications Holdings, Inc		2,733
	5,619,165		Deutsche Telekom AG.		100,924
	3,966,269		Digi.Com BHD		4,980
	169,428	e	Drillisch AG.		7,128
	307,458		Elisa Oyj (Series A)		11,568
	2,814,354		Emirates Telecommunications Group Co PJSC		12,336
	122,656		Empresa Nacional de Telecomunicaciones S.A.		1,098
	65,939	*,g	Euskaltel S.A.		830
	53,387	*,e	Fairpoint Communications, Inc		858
	1,771,696		Far EasTone Telecommunications Co Ltd		3,641
	2,579,232		France Telecom S.A.		43,139
	396,066		Freenet AG.		13,365
	2,728,040	e	Frontier Communications Corp		12,740
	87,575	*	General Communication, Inc (Class A)		1,732
	1,166,077	*,e	Globalstar, Inc		1,679
	83,770		Globe Telecom, Inc		3,291
	44,634	*,e	Hawaiian Telcom Holdco, Inc		1,110
	401,245		Hellenic Telecommunications Organization S.A.		4,016
	2,105,000	*	HKBN Ltd		2,709
	2,480,127		HKT Trust and HKT Ltd		3,168
	5,388,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		1,865
	1,662,686		Idea Cellular Ltd		3,598
	86,272		IDT Corp (Class B)		1,006
	27,391		Iliad S.A.		6,529
	159,172	*,e	inContact, Inc		1,518
	208,441	*,g	Infrastrutture Wireless Italiane S.p.A		1,137
	510,238		Inmarsat plc		8,554
	187,425		Inteliquent, Inc		3,331
	183,433	*,e	Intelsat S.A.		763
	209,224	*,e	Iridium Communications, Inc		1,760
	104,100	*,e	Japan Communications, Inc		232
	3,161,600		Jasmine International PCL		284
	1,126,772		Kcom Group plc		1,919
	1,624,500		KDDI Corp		42,189
	31,478	*	KT Corp		754
	257,812	*,e,m	Let’s GOWEX S.A.		3
	2,266,458	*	Level 3 Communications, Inc		123,205

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	226,588		LG Telecom Ltd	$	2,001
	60,728		Lumos Networks Corp		680
	135,386	e	M2 Telecommunications Group Ltd		1,121
	1,242,410	*	Magyar Telekom		1,738
	86,580	e	Manitoba Telecom Services, Inc		1,863
	1,990,749		Maxis BHD		3,145
	107,262		MegaFon OAO (GDR)		1,248
	458,466	*	Midas S.A.		76
	42,522	e	Millicom International Cellular S.A.		2,440
	926,489		Mobile TeleSystems (ADR)		5,726
	325,409		MobileOne Ltd		623
	26,061	*	Mobistar S.A.		632
	1,970,926		MTN Group Ltd		16,978
	616,463		Netia S.A.		849
	1,641,400		Nippon Telegraph & Telephone Corp		65,325
	44,363	*	NTELOS Holdings Corp		405
	2,889,551		NTT DoCoMo, Inc		59,269
	163,900	*	Oi S.A. (Preference)		80
	141,142	*	Ooredoo QSC		2,906
	3,157,144	*	Orascom Telecom Holding SAE		839
	2,379,939	*	Orascom Telecom Media And Technology Holding SAE		216
	148,663	*	Orbcomm, Inc		1,076
	75,335	*	Partner Communications		333
	9,322,932		PCCW Ltd		5,450
	31,821	*,e	pdvWireless, Inc		875
	181,561		Philippine Long Distance Telephone Co		7,937
	509,139	*,e	Portugal Telecom SGPS S.A.		150
	2,593,890	*	PT Excelcomindo Pratama		683
	2,600,000	*	PT Indosat Tbk		1,034
	1,025,700	*	PT Link Net Tbk		295
	123,063,924		PT Telekomunikasi Indonesia Persero Tbk		27,563
	83,086	e	QSC AG.		136
	1,235,931	*	Reliance Communication Ventures Ltd		1,644
	962,643		Rogers Communications, Inc (Class B)		33,199
	157,573		Rostelecom (ADR)		1,171
	2,686,622		Royal KPN NV		10,162
	23,300		Samart Telcoms PCL		9
	435,875	*	SBA Communications Corp (Class A)		45,797
	73,083		Shenandoah Telecom Co		3,146
	17,231,516		Singapore Telecommunications Ltd		44,427
	10,376		SK Telecom Co Ltd		1,899
	1,517,188		SmarTone Telecommunications Holding Ltd		2,296
	1,359,958		Softbank Corp		68,638
	53,508		Spok Holdings, Inc		980
	1,260,968	*,e	Sprint Corp		4,565
	658,524		StarHub Ltd		1,714
	22,399	*,e	Straight Path Communications, Inc		384
	29,394	*,g	Sunrise Communications Group AG.		1,733
	12,002		Swisscom AG.		6,006
	1,846,754		Taiwan Mobile Co Ltd		5,608
	1,411,130	e	TalkTalk Telecom Group plc		4,523
	110,132		Tata Communications Ltd		724

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	921,197		TDC AS	$	4,587
	183,965		Tele2 AB		1,835
	3,421,995		Telecom Corp of New Zealand Ltd		7,705
	8,458,487		Telecom Italia RSP		8,681
	7,124,394	*,e	Telecom Italia S.p.A.		9,029
	1,082,702	*	Telefonica Brasil S.A.		9,740
	513,016		Telefonica Deutschland Holding AG.		2,706
	37,006		Telefonica O2 Czech Republic AS		374
	5,181,520	*	Telefonica S.A.		57,483
	1,248,986		Telekom Malaysia BHD		1,968
	715,482		Telekomunikacja Polska S.A.		1,196
	1,704,517		Telenor ASA		28,412
	1,384,002		Telephone & Data Systems, Inc		35,832
	1,722,504	*,e	Telesites SAB		1,120
	2,910,392		TeliaSonera AB		14,453
	814,125		Telkom S.A. Ltd		3,382
	8,496,072		Telstra Corp Ltd		34,525
	300,334		TELUS Corp		8,304
	318,700		Thaicom PCL		256
	2,007,868		Tim Participacoes S.A.		3,463
	651,320		Time dotCom BHD		1,153
	3,002,750		TM International BHD		4,475
	4,039,978	*	T-Mobile US, Inc		158,044
	1,679,900	*	Tower Bersama Infrastructure		711
	950,237		TPG Telecom Ltd		6,803
	8,912,153	*	True Corp PCL		1,649
	425,533		Turk Telekomunikasyon AS		796
	1,002,555		Turkcell Iletisim Hizmet AS		3,398
	31,451	*	US Cellular Corp		1,283
	13,274,973		Verizon Communications, Inc		613,569
	131,847		Verizon Communications, Inc (New)		6,129
	219,485	e	Vocus Communications Ltd		1,197
	422,508		Vodacom Group Pty Ltd		4,164
	53,237,945		Vodafone Group plc		172,638
	462,986		Vodafone Group plc (ADR)		14,936
	887,248	*	Vodafone Qatar		3,082
	1,323,418	*	Vonage Holdings Corp		7,596
	300,123	e	Windstream Holdings, Inc		1,933
	260,816	*	Zayo Group Holdings, Inc		6,935
			TOTAL TELECOMMUNICATION SERVICES		3,108,954

TRANSPORTATION - 2.4%
	679,293	e	Abertis Infraestructuras S.A. (Continuous)		10,624
	42,698		Aegean Airlines S.A.		316
	86,288	*,g	Aena S.A.		9,881
	91,205		Aeroports de Paris		10,613
	3,467,435	*	Air Arabia PJSC		1,279
	122,203	*	Air Canada		902
	2,399,807		Air China Ltd		1,882
	996,623	*,e	Air France-KLM		7,587
	1,910,823		Air New Zealand Ltd		3,854
	248,394	*	Air Transport Services Group, Inc		2,504

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,181,780		AirAsia BHD	$	1,251
	2,310,025	*	AirAsia X BHD		96
	1,290,800		Airports of Thailand PCL (Foreign)		12,341
	11,463	*	AJ Rent A Car Co Ltd		116
	718,578		Alaska Air Group, Inc		57,853
	1,216,567		All Nippon Airways Co Ltd		3,510
	23,726	*,m	Allcargo Global Logistics Ltd		72
	23,726		Allcargo Logistics Ltd		72
	48,647	e	Allegiant Travel Co		8,164
	42,386		Amerco, Inc		16,509
	2,205,947		American Airlines Group, Inc		93,422
	634,771	*,b,m	AMR Corp (Escrow)		6
	1,284,000	e	Anhui Expressway Co		1,088
	104,220		Ansaldo STS S.p.A.		1,118
	10,727		AP Moller - Maersk AS (Class A)		13,813
	20,240		AP Moller - Maersk AS (Class B)		26,399
	1,898,718	*	Aramex PJSC		1,623
	210,122		Arkansas Best Corp		4,495
	66,400		Arteris S.A.		162
	514,359		Asciano Group		3,270
	20,571,700		Asia Aviation PCL (ADR)		2,984
	98,394	*	Asiana Airlines		387
	129,010	*	Atlas Air Worldwide Holdings, Inc		5,333
	1,592,833		Auckland International Airport Ltd		6,249
	95,079		Autostrada Torino-Milano S.p.A.		1,193
	645,787		Autostrade S.p.A.		17,087
	928,295		Avianca Holdings S.A.		496
	589,480	*	Avis Budget Group, Inc		21,392
	648,200		Bangkok Airways Co Ltd		415
	113,750		Bangkok Aviation Fuel Services PCL		92
	11,674,841	*,m	Bangkok Expressway & Metro PCL		1,383
	897,713		BBA Aviation plc		2,505
	1,849,803		Beijing Capital International Airport Co Ltd		1,987
	8,387	*	Blue Dart Express Ltd		855
	794,158		Bollore		3,700
	289,852		bpost S.A.		7,112
	6,206,200		BTS Group Holdings PCL (Foreign)		1,566
	1,166,556		Canadian National Railway Co		65,211
	59,000		Canadian Pacific Railway Ltd		7,528
	356,798		Canadian Pacific Railway Ltd (Toronto)		45,571
	878,000	*,e	CAR, Inc		1,447
	2,154,830	e	Cathay Pacific Airways Ltd		3,708
	536,050		Cebu Air, Inc		938
	183,462	e	Celadon Group, Inc		1,814
	246,572		Central Japan Railway Co		43,775
	287,309		CH Robinson Worldwide, Inc		17,819
	2,161,715	*	China Airlines		788
	1,508,260		China Merchants Holdings International Co Ltd		4,770
	886,900		China Merchants Holdings Pacific Ltd		546
	4,734,187	*,e	China Shipping Container Lines Co Ltd		1,309
	2,257,500		China Southern Airlines Co Ltd		1,740
	983,695		Cia de Concessoes Rodoviarias		3,108

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	132,276		Cia de Distribucion Integral Logista Holdings SAU	$	2,789
	2,118,010	e	ComfortDelgro Corp Ltd		4,535
	10,532,554	*	Compania SudAmericana de Vapores S.A.		203
	90,074		Container Corp Of India Ltd		1,785
	451,000	*,e	Controladora Vuela Cia de Aviacion SAB de C.V.		773
	131,882	*	Controladora Vuela Cia de Aviacion SAB de C.V. (ADR)		2,263
	75,484	e	Copa Holdings S.A. (Class A)		3,643
	3,230,336	*,e	COSCO Holdings		1,459
	1,980,000	e	Cosco International Holdings Ltd		1,048
	4,942,104		COSCO Pacific Ltd		5,433
	226,871		Costamare, Inc		2,364
	49,258	*,e	Covenant Transportation Group, Inc		931
	2,483,890		CSX Corp		64,457
	155,275		CTT-Correios de Portugal S.A.		1,492
	263,500	e	CWT Ltd		356
	20,229	*,e	D/S Norden		359
	453,672		Dart Group plc		3,936
	474,450		Dazhong Transportation Group Co Ltd		605
	4,182,267		Delta Air Lines, Inc		211,999
	525,603	*	Deutsche Lufthansa AG.		8,279
	2,274,295		Deutsche Post AG.		63,584
	96,758		Dfds A.S.		3,756
	428,230		DP World Ltd		8,687
	468,006		DSV AS		18,422
	282,514		DX Group plc		82
	45,161	*,e	Eagle Bulk Shipping, Inc		159
	512,969		East Japan Railway Co		48,304
	2,191,710		easyJet plc		56,211
	175,750	*,e	Echo Global Logistics, Inc		3,584
	216,900		EcoRodovias Infraestrutura e Logistica S.A.		278
	72,700	*,e	eHi Car Services Ltd (ADR)		915
	68,270	*,g	Europcar Groupe S.A.		900
	4,607,076	*	Eva Airways Corp		2,602
	462,000		Evergreen International Storage & Transport Corp		194
	1,524,165		Evergreen Marine Corp Tawain Ltd		613
	204,445		Expeditors International of Washington, Inc		9,220
	904,228	e	FedEx Corp		134,721
	1,048,130	*	Firstgroup plc		1,656
	19,878		Flughafen Wien AG.		1,886
	3,939		Flughafen Zuerich AG.		2,955
	77,785		Forward Air Corp		3,346
	57,762		Fraport AG. Frankfurt Airport Services Worldwide		3,684
	297,129		Freightways Ltd		1,259
	361,000	e	Fukuyama Transporting Co Ltd		1,792
	111,674		Gateway Distriparks Ltd		545
	117,391	*	Genesee & Wyoming, Inc (Class A)		6,303
	22,538		GLOVIS Co Ltd		3,672
	100,050		Go-Ahead Group plc		3,937
	102,106	*	Gol Linhas Aereas Inteligentes S.A.		65
	62,450	*,e	Golden Ocean Group Ltd		67
	65,582	*,e	Golden Ocean Group Ltd (Oslo)		70
	535,721	e	Grindrod Ltd		391

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	861,756		Groupe Eurotunnel S.A.	$	10,721
	405,700	*,e	Grupo Aeromexico SAB de C.V.		925
	545,300		Grupo Aeroportuario del Centro Norte Sab de C.V.		2,645
	898,591	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		7,928
	371,293		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		5,254
	347,660		Guangdong Provincial Expressway Development Co Ltd		189
	663,000		Guangdong Yueyun Transportation Co Ltd		497
	198,958	*	Gujarat Pipavav Port Ltd		423
	1,299,804	*	GVK Power & Infrastructure Ltd		159
	134,000		Hainan Meilan International Airport Co Ltd		169
	21,495		Hamburger Hafen und Logistik AG.		328
	75,269		Hanjin Kal Corp		1,243
	532,674	*	Hanjin Shipping Co Ltd		1,639
	8,296		Hanjin Transportation Co Ltd		325
	697,532		Hankyu Hanshin Holdings, Inc		4,534
	203,171	*	Hawaiian Holdings, Inc		7,178
	128,615	e	Heartland Express, Inc		2,189
	2,714,943	*	Hertz Global Holdings, Inc		38,634
	169,600		Hitachi Transport System Ltd		2,958
	2,623,304	e	Hopewell Highway Infrastructure Ltd		1,265
	240,855	*	Hub Group, Inc (Class A)		7,936
	7,224,153		Hutchison Port Holdings Trust		3,817
	91,255	*	Hyundai Merchant Marine Co Ltd		319
	1,939	*	ID Logistics Group		271
	72,357	e	Iino Kaiun Kaisha Ltd		299
	4,549	*	Integer.pl S.A.		96
	1,481,286		International Consolidated Airlines Group S.A.		13,277
	3,131,249		International Consolidated Airlines Group S.A. (London)		28,153
	1,596,297		International Container Term Services, Inc		2,378
	582,425		Irish Continental Group plc		3,427
	69,349		J.B. Hunt Transport Services, Inc		5,087
	567,631		Japan Airlines Co Ltd		20,317
	32,600	e	Japan Airport Terminal Co Ltd		1,443
	25,060	*	Jet Airways India Ltd		266
	1,614,969	*	JetBlue Airways Corp		36,579
	3,440,123		Jiangsu Express		4,617
	204,710		Jinzhou Port Co Ltd		131
	62,200		Julio Simoes Logistica S.A.		113
	608,587		Kamigumi Co Ltd		5,240
	1,035,158		Kansas City Southern Industries, Inc		77,295
	2,625,400		Kawasaki Kisen Kaisha Ltd		5,620
	398,338		Keihin Electric Express Railway Co Ltd		3,292
	483,586		Keio Corp		4,176
	67,322		Keisei Electric Railway Co Ltd		859
	896,547		Kerry Logistics Network Ltd		1,304
	1,460,179		Kintetsu Corp		5,937
	31,300		Kintetsu World Express, Inc		551
	112,958	*	Kirby Corp		5,944
	159,407	e	Knight Transportation, Inc		3,862
	60,600		Konoike Transport Co Ltd		801
	7,391	*	Korea Express Co Ltd		1,197
	12,104	*	Korea Line Corp		195

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	37,331	*	Korean Air Lines Co Ltd	$	876
	181,487		Kuehne & Nagel International AG.		24,864
	325,736	*	Lan Airlines S.A.		1,707
	117,020		Landstar System, Inc		6,863
	160,543		Localiza Rent A Car		1,002
	3,818		Logistec Corp		105
	500,878		Macquarie Atlas Roads Group		1,476
	133,641		Macquarie Infrastructure Co LLC		9,702
	1,925,408		Malaysia Airports Holdings BHD		2,508
	60,399		Marten Transport Ltd		1,069
	100,000		Maruzen Showa Unyu Co Ltd		357
	230,939		Matson, Inc		9,845
	4,078,444		MISC BHD		8,867
	29,349		Mitsubishi Logistics Corp		387
	698,812		Mitsui OSK Lines Ltd		1,763
	86,610		Mitsui-Soko Co Ltd		245
	2,196,564		MTR Corp		10,846
	2,011,147	*	Mundra Port and Special Economic Zone Ltd		7,907
	680,055		Nagoya Railroad Co Ltd		2,830
	241,100		Namyong Terminal PCL		106
	731,000		Nankai Electric Railway Co Ltd		4,326
	904,429		National Express Group plc		4,437
	213,910	e	Navios Maritime Holdings, Inc		374
	1,600,000	*,e	Neptune Orient Lines Ltd		1,382
	198,261		Nippon Express Co Ltd		932
	135,400		Nippon Konpo Unyu Soko Co Ltd		2,699
	1,406,084		Nippon Yusen Kabushiki Kaisha		3,408
	293,000		Nishi-Nippon Railroad Co Ltd		1,722
	180,000		Nissin Corp		517
	1,000,163		Norfolk Southern Corp		84,604
	307,676		Northgate plc		1,782
	23,188	*,e	Norwegian Air Shuttle AS		842
	154,037		Odakyu Electric Railway Co Ltd		1,659
	92,207		Oesterreichische Post AG.		3,366
	2,629,711	*,e	OHL Mexico SAB de CV		2,753
	150,262	*	Old Dominion Freight Line		8,876
	250,000		Orient Overseas International Ltd		1,197
	1,537,290		Pacific Basin Shipping Ltd		336
	8,973	*	PAM Transportation Services, Inc		248
	11,749	e	Panalpina Welttransport Holding AG.		1,312
	21,369		Park-Ohio Holdings Corp		786
	43,832	*	Pegasus Hava Tasimaciligi AS.		264
	7,222		Piraeus Port Authority		109
	56,828		PKP Cargo S.A.		984
	743,600		Pos Malaysia & Services Holdings BHD		481
	511,950	*	Precious Shipping PCL		79
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	2,293,402		PT Jasa Marga Tbk		863
	9,186,875		Qantas Airways Ltd		27,231
	2,250,694		QR National Ltd		7,145
	644,218	e	Qube Logistics Holdings Ltd		1,118
	109,646	*	Radiant Logistics, Inc		376

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	915,049		Redde plc	$	2,779
	109,196	*,e	Republic Airways Holdings, Inc		429
	72,263	*	Roadrunner Transportation Services Holdings, Inc		681
	1,510,477		Royal Mail plc		9,893
	134,444	*	Rumo Logistica Operadora Multimodal S.A.		211
	3,088	*	Ryanair Holdings plc		50
	379,705		Ryanair Holdings plc (ADR)		32,829
	509,456		Ryder System, Inc		28,952
	86,413		Safe Bulkers, Inc		70
	387,000		Sagami Railway Co Ltd		2,252
	62,123	*	Saia, Inc		1,382
	96	*,m	SAir Group		0
	9,200	e	Sakai Moving Service Co Ltd		250
	660,000		Sankyu, Inc		3,367
	104,500		Santos Brasil Participacoes S.A.		333
	113,548	*,e	SAS AB		327
	70,492	*,e	Scorpio Bulkers, Inc		697
	76,790	e	Seaspan Corp		1,214
	9,531		Sebang Co Ltd		137
	434,800		Seino Holdings Corp		4,524
	90,000	e	Senko Co Ltd		607
	877,800		Shandong Airlines Co Ltd		2,811
	1,062,300		Shanghai Jinjiang International Investment Holdings Co		2,512
	71,200		Shenzhen Chiwan Petroleum		182
	353,820		Shenzhen Chiwan Wharf Holdings Ltd		712
	662,000		Shenzhen Expressway Co Ltd		583
	1,110,691		Shenzhen International Holdings Ltd		2,044
	104,000	e	Shinwa Kaiun Kaisha Ltd		185
	90,819	*	Shipping Corp of India Ltd		127
	3,733,097		Shun TAK Holdings Ltd		1,401
	3,118,000	e	Sichuan Expressway Co Ltd		1,108
	292,000		Sincere Navigation		179
	205,649		Singapore Airlines Ltd		1,620
	2,209,100		Singapore Airport Terminal Services Ltd		5,975
	1,489,119	e	Singapore Post Ltd		1,719
	2,514,000		Sinotrans Ltd		1,338
	3,649,000	e	Sinotrans Shipping Ltd		716
	1,160,000		SITC International Co Ltd		613
	13,820		Sixt AG.		703
	43,522		Sixt AG. (Preference)		1,787
	303,473		Skywest, Inc		5,772
	661,700	e	SMRT Corp Ltd		701
	67,369		Societa Iniziative Autostradali e Servizi S.p.A.		716
	2,438,046		Southwest Airlines Co		104,982
	225,087	*,e	Spirit Airlines, Inc		8,970
	1,254,586		Stagecoach Group plc		5,482
	46,873		Stolt-Nielsen S.A.		558
	82,034	e	Student Transportation, Inc		304
	116,767		Sumitomo Warehouse Co Ltd		618
	216,837	*,e	Swift Transportation Co, Inc		2,997
	1,950,425		Sydney Airport		8,976

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	287,000		T.Join Transportation Co	$	338
	157,007		TAV Havalimanlari Holding AS		979
	911,100	*	Thai Airways International PCL-Foreign		231
	690,935		Thoresen Thai Agencies PCL		148
	5,442,000		Tianjin Port Development Holdings Ltd		902
	1,122,600	*	Tiger Airways Holdings Ltd		324
	159,691		TNT Express NV		1,351
	383,505	*	TNT NV		1,455
	800,033		Tobu Railway Co Ltd		3,946
	1,691,935		Tokyu Corp		13,370
	6,100		Trancom Co Ltd		339
	449,695		TransForce, Inc		7,673
	84,502	*,e,m	Transurban Group		641
	1,615,511		Transurban Group (ASE)		12,246
	166,060		Trencor Ltd		478
	4,440,139	*	Turk Hava Yollari		11,231
	416,000		U-Ming Marine Transport Corp		335
	4,152,763		Union Pacific Corp		324,746
	1,422,201	*	United Continental Holdings, Inc		81,492
	1,637,854		United Parcel Service, Inc (Class B)		157,611
	29,348	e	Universal Truckload Services, Inc		412
	43,871	*	USA Truck, Inc		766
	238,106	*	UTI Worldwide, Inc		1,674
	83,018	*,e	Virgin America, Inc		2,989
	726,675	*	Virgin Australia Holdings Ltd		240
	67,336	*,m	Virgin Australia Int Holdings		0	^
	21,075	*	VRL Logistics Ltd		132
	33,634		VTG AG.		1,033
	113,514		Werner Enterprises, Inc		2,655
	184,195	*	Wesco Aircraft Holdings, Inc		2,205
	469,787		West Japan Railway Co		32,473
	824,300		Westports Holdings BHD		789
	197,759	e	Westshore Terminals Investment Corp		1,665
	132,508		Wilh. Wilhelmsen ASA		528
	782,787		Wisdom Marine Lines Co Ltd		861
	32,600	*,g	Wizz Air Holdings plc		877
	4,450,000		Xiamen International Port Co Ltd		1,079
	179,340	*,e	XPO Logistics, Inc		4,887
	1,119,666		Yamato Transport Co Ltd		23,724
	1,460,000	*	Yang Ming Marine Transport		383
	221,995	*	YRC Worldwide, Inc		3,148
	1,114,000	e	Yuexiu Transport Infrastructure Ltd		696
	48,900		Yusen Air & Sea Service Co Ltd		653
	5,442,819		Zhejiang Expressway Co Ltd		6,503
			TOTAL TRANSPORTATION		2,833,317

UTILITIES - 3.0%
	1,224,423		A2A S.p.A.		1,658
	167,965	e	Abengoa Yield plc		3,240
	1,676,376		Aboitiz Power Corp		1,486
	77,222	e	Acciona S.A.		6,613
	166,091		ACEA S.p.A.		2,554

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	330,703	e	Actelios S.p.A.	$	396
	700,491	*	Adani Power Ltd		340
	246,630	*	Adani Transmissions Ltd		138
	1,200,763	e	AES Corp		11,491
	2,375,560		AES Gener S.A.		1,054
	45,000		AES Tiete S.A.		164
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0
	775,345	e	AGL Energy Ltd		10,146
	92,215		AGL Resources, Inc		5,884
	2,969,999		Aguas Andinas S.A.		1,524
	275,162	*	Akenerji Elektrik Uretim AS		90
	170,379	*	Aksa Enerji Uretim AS		148
	242,895	e	Algonquin Power & Utilities Corp		1,915
	177,415		Allete, Inc		9,018
	158,813		Alliant Energy Corp		9,918
	175,400		Alupar Investimento S.A.		582
	20,696	*	Amata VN PCL		5
	851,665		Ameren Corp		36,817
	2,943,401		American Electric Power Co, Inc		171,512
	159,273		American States Water Co		6,682
	835,801		American Water Works Co, Inc		49,939
	1,469,826		APA Group		9,249
	224,824	e	Aqua America, Inc		6,700
	29,355	e	Artesian Resources Corp		813
	134,343		Ascopiave S.p.A.		319
	111,357	e	Atco Ltd		2,873
	38,529		Athens Water Supply & Sewage Co S.A.		209
	321,631	e	Atlantic Power Corp		634
	244,927	e	Atlantic Power Corp (Toronto)		485
	249,557		Atmos Energy Corp		15,732
	2,340,508		AusNet Services		2,520
	93,334	*	Avangrid, Inc		3,584
	219,862		Avista Corp		7,777
	59,382		Aygaz AS		206
	218,827		Banca Mediolanum S.p.A		1,738
	8,895,011	e	Beijing Enterprises Water Group Ltd		6,204
	16,138,900		Benpres Holdings Corp		2,263
	404,800		Binhai Investment Co Ltd		127
	38,816		BKW S.A.		1,470
	207,499	e	Black Hills Corp		9,634
	30,771		Boralex, Inc		322
	261,309		California Water Service Group		6,081
	895,809	*	Calpine Corp		12,962
	110,963		Canadian Utilities Ltd		2,561
	531,000	*,e	Canvest Environment Protection Group Co Ltd		230
	141,318	e	Capital Power Corp		1,815
	1,194,507		Centerpoint Energy, Inc		21,931
	269,579		Centrais Eletricas Brasileiras S.A. (Preference)		708
	8,518,570		Centrica plc		27,353
	114,953	*	CESC Ltd		889
	283,087		CEZ AS		5,049
	2,000,000	*,e	CGN New Energy Holdings Co Ltd		436

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,332,052	g	CGN Power Co Ltd	$	4,219
	161,865	*,m	Chennai Super Kings Cricket Ltd		6
	49,178		Chesapeake Utilities Corp		2,791
	804,344	e	Cheung Kong Infrastructure Holdings Ltd		7,431
	2,692,000	*,e	China Datang Corp Renewable Power Co Ltd		335
	10,069,825		China Gas Holdings Ltd		14,469
	4,161,813		China Longyuan Power Group Corp		3,130
	5,008,000	*,e	China Oil and Gas Group Ltd		341
	13,383,000		China Power International Development Ltd		7,704
	14,380,000	e	China Power New Energy Development Co Ltd		1,400
	1,168,668		China Resources Gas Group Ltd		3,483
	5,964,547	e	China Resources Power Holdings Co		11,540
	870,000		China Water Affairs Group Ltd		416
	1,148,000	*,e	China Water Industry Group Ltd		241
	1,225,639		Chubu Electric Power Co, Inc		16,784
	242,352		Chugoku Electric Power Co, Inc		3,200
	404,970		Cia de Saneamento Basico do Estado de Sao Paulo		1,929
	60,265		Cia de Saneamento de Minas Gerais-COPASA		236
	2,468,762		Cia Energetica de Minas Gerais		3,806
	226,787		Cia Energetica de Sao Paulo (Class B)		765
	10,604		Cia Energetica do Ceara		96
	425,571		Cia Paranaense de Energia		2,599
	2,073,100		CK Power PCL		114
	179,418		Cleco Corp		9,367
	3,481,859		CLP Holdings Ltd		29,512
	2,501,794		CMS Energy Corp		90,265
	8,966,320		Colbun S.A.		2,141
	37,892	e	Connecticut Water Service, Inc		1,440
	337,418	e	Consolidated Edison, Inc		21,686
	29,058	e	Consolidated Water Co, Inc		356
	1,401,818		Contact Energy Ltd		4,537
	228,243	*	CPFL Energia S.A.		873
	2,556,000	e	CT Environmental Group Ltd		833
	3,539,087		Datang International Power Generation Co Ltd		1,071
	1,735,276		Dominion Resources, Inc		117,374
	1,582,829	e	Drax Group plc		5,699
	458,916		DTE Energy Co		36,800
	2,564,401		DUET Group (ASE Exchange)		4,247
	2,846,002		Duke Energy Corp		203,176
	305,563	*	Dynegy, Inc		4,095
	1,294,278	*	E.CL SA		1,773
	2,071,774		E.ON AG.		19,893
	7,672		E1 Corp		401
	493,600		Eastern Water Resources Development and Management PCL		159
	1,282,813		Edison International		75,955
	1,262,720		EDP - Energias do Brasil S.A.		3,831
	187,278		El Paso Electric Co		7,210
	159,600		Electric Power Development Co		5,684
	522,301		Electricite de France		7,692
	93,500	*	Eletropaulo Metropolitana de Sao Paulo S.A.		198
	35,987		Elia System Operator S.A.		1,673

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	139,769		Empire District Electric Co	$	3,923
	3,997,901		Empresa Nacional de Electricidad S.A.		4,957
	299,069	e	Enagas		8,436
	1,674,644		Endesa S.A.		33,643
	215,321		Enea S.A.		618
	574,171		Enel Green Power S.p.A		1,167
	9,428,005		Enel S.p.A.		39,534
	619,726		Energa S.A.		1,995
	5,762,641		Energias de Portugal S.A.		20,765
	612,936	*,e	Energy World Corp Ltd		103
	34,116,194		Enersis S.A.		8,237
	1,369,695		ENN Energy Holdings Ltd		7,266
	507,237		Entergy Corp		34,675
	684,100		Equatorial Energia S.A.		5,917
	50,000	e	eRex Co Ltd		820
	481,659		ERM Power Ltd		549
	524,959		Eversource Energy		26,810
	31,245		EVN AG.		357
	2,567,606		Exelon Corp		71,302
	206,260		Federal Grid Co Unified Energy System JSC (ADR)		74
	168,797		Ferroglobe plc		1,815
	3,281,600		First Gen Corp		1,575
	611,050		First Philippine Holdings Corp		844
	1,425,978		FirstEnergy Corp		45,246
	423,045		Fortis, Inc		11,438
	831,654		Fortum Oyj		12,530
	534,395		GAIL India Ltd		3,022
	698,000		Gas Malaysia BHD		390
	128,105		Gas Natural SDG S.A.		2,612
	1,624,946		Gaz de France		28,783
	1,391,846	e	Genesis Energy Ltd		1,835
	32,680	e	Genie Energy Ltd		364
	400,800		Global Power Synergy Co Ltd		246
	1,113,043		Glow Energy PCL (Foreign)		2,273
	132,037		Great Plains Energy, Inc		3,606
	3,654,143		Guangdong Investments Ltd		5,160
	66,991	*	Gujarat Gas Co Ltd		626
	135,465		Gujarat State Petronet Ltd		279
	10,304		Hanjin Heavy Industries & Construction Holdings Co Ltd		53
	132,671		Hawaiian Electric Industries, Inc		3,841
	1,266,717		Hera S.p.A.		3,357
	3,155,500	e,g	HK Electric Investments & HK Electric Investments Ltd		2,644
	229,700	*	Hokkaido Electric Power Co, Inc		2,360
	242,842		Hokuriku Electric Power Co		3,589
	6,204,593		Hong Kong & China Gas Ltd		12,143
	1,665,319		Hong Kong Electric Holdings Ltd		15,267
	467,930	*	Huadian Energy Co Ltd		279
	500,000		Huadian Fuxin Energy Corp Ltd		142
	3,706,000		Huadian Power International Co		2,398
	7,185,066		Huaneng Power International, Inc		6,153
	4,958,000		Huaneng Renewables Corp Ltd		1,471
	461,700	e	Hyflux Ltd		183

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,345,116		Iberdrola S.A.	$	66,247
	127,858		Idacorp, Inc		8,694
	71,572	*	Indiabulls Infrastructure and Power Ltd		4
	64,967	*	Indraprastha Gas Ltd		517
	214,600	e	Infraestructura Energetica ,NV SAB de C.V.		901
	2,091,674	e	Infratil Ltd		4,675
	88,164	e	Innergex Renewable Energy, Inc		722
	1,027,900		Inter Far East Energy Corp		184
	372,363		Interconexion Electrica S.A.		866
	1,035,726		Inversiones Aguas Metropolitanas S.A.		1,462
	915,813		Iride S.p.A.		1,478
	183,579		ITC Holdings Corp		7,205
	385,001	e	Just Energy Income Fund		2,749
	12,100		K&O Energy Group, Inc		172
	700,000	*,e,g	Kangda International Environmental Co Ltd		169
	828,115	*	Kansai Electric Power Co, Inc		9,929
	16,779	*	Kenon Holdings Ltd		170
	224,921		Keppel Infrastructure Trust		81
	11,826		Korea District Heating Corp		578
	557,127		Korea Electric Power Corp		23,604
	69,524		Korea Gas Corp		2,169
	4,128		KyungDong City Gas Co Ltd		314
	382,277	*	Kyushu Electric Power Co, Inc		4,166
	132,047		Laclede Group, Inc		7,845
	383,000		Light S.A.		956
	2,844,400		Malakoff Corp BHD		1,057
	1,845,000		Manila Water Co, Inc		972
	567,253		MDU Resources Group, Inc		10,392
	3,455,107	*,e	Meridian Energy Ltd		5,635
	84,108	e	MGE Energy, Inc		3,903
	56,191	e	Middlesex Water Co		1,491
	523,692		Mighty River Power Ltd		994
	105,934	e	National Fuel Gas Co		4,529
	5,851,240		National Grid plc		80,698
	216,128		New Jersey Resources Corp		7,124
	2,714,668		NextEra Energy, Inc		282,027
	704,980		NiSource, Inc		13,754
	110,547	e	Northland Power Income Fund		1,491
	70,488		Northwest Natural Gas Co		3,567
	119,659		NorthWestern Corp		6,492
	1,243,335		NRG Energy, Inc		14,634
	179,787	e	NRG Yield, Inc (Class A)		2,501
	154,967	e	NRG Yield, Inc (Class C)		2,287
	2,511,980		NTPC Ltd		5,539
	590,490		OGE Energy Corp		15,524
	235,400		Okinawa Electric Power Co, Inc		6,109
	129,088		ONE Gas, Inc		6,476
	90,737	e	Ormat Technologies, Inc		3,309
	2,446,188		Osaka Gas Co Ltd		8,835
	92,081		Otter Tail Corp		2,452
	153,809	*	Pampa Energia S.A. (ADR)		3,161

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	182,661	e	Pattern Energy Group, Inc	$	3,819
	378,488		Pennon Group plc		4,802
	251,244		Pepco Holdings, Inc		6,535
	2,002,600		Petronas Gas BHD		10,593
	1,857,031		PG&E Corp		98,775
	200,088		Piedmont Natural Gas Co, Inc		11,409
	524,440		Pinnacle West Capital Corp		33,816
	355,340		PNM Resources, Inc		10,863
	11,579,208		PNOC Energy Development Corp		1,521
	1,454,076		Polska Grupa Energetyczna S.A.		4,714
	221,981		Portland General Electric Co		8,073
	2,525,758		PPL Corp		86,204
	16,690,887		PT Perusahaan Gas Negara Persero Tbk		3,291
	1,228,867	*	PTC India Ltd		1,235
	73,356		Public Power Corp		308
	1,285,252		Public Service Enterprise Group, Inc		49,726
	142,800		Puncak Niaga Holding BHD		48
	33,125	*	Qatar Electricity & Water Co		1,969
	173,745		Questar Corp		3,385
	26,022		Red Electrica de Espana		2,174
	734,477		Redes Energeticas Nacionais S.A.		2,219
	419,530	*	Reliance Energy Ltd		3,434
	86,387	*	Rosseti PJSC (ADR)		104
	35,471	e	Rubis		2,692
	1,426,566	e	RusHydro PJSC (ADR)		1,364
	937,932		RWE AG.		11,825
	1,212,499		Saeta Yield S.A.		11,315
	8,265		Samchully Co Ltd		720
	489,400	*	Scan Inter PCL		97
	190,883	e	SCANA Corp		11,547
	36,664	g	Scatec Solar ASA		161
	437,312		Scottish & Southern Energy plc		9,819
	15,648	e	Sechilienne-Sidec		254
	1,332,916		Sempra Energy		125,307
	188,368		Severn Trent plc		6,021
	207,100	*	Shenzhen Nanshan Power Co Ltd		162
	141,584		Shikoku Electric Power Co, Inc		2,212
	110,500		Shizuoka Gas Co Ltd		703
	1,269,580	*,e	SIIC Environment Holdings Ltd		684
	38,662		SJW Corp		1,146
	2,483,712		Snam Rete Gas S.p.A.		12,962
	703,000	*,e,m	Sound Global Ltd		1
	341,343		South Jersey Industries, Inc		8,028
	700,585		Southern Co		32,780
	206,375		Southwest Gas Corp		11,384
	12,574	e	Spark Energy, Inc		261
	1,976,510		Spark Infrastructure Group		2,749
	462,900		SPCG PCL		274
	1,154,419		Suez Environnement S.A.		21,591
	382,720	e	Superior Plus Corp		2,976
	331,450		Taiwan Cogeneration Corp		233
	252,314	*	Talen Energy Corp		1,572

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	342,300		Taliworks Corp BHD	$	118
	1,597,172		Tata Power Co Ltd		1,631
	2,087,576		Tauron Polska Energia S.A.		1,529
	262,835		TECO Energy, Inc		7,005
	106,660	e	Telecom Plus plc		1,686
	5,172,065		Tenaga Nasional BHD		16,014
	46,011		Terna Energy S.A.		123
	1,701,540		Terna Rete Elettrica Nazionale S.p.A.		8,751
	100,310	e	TerraForm Global, Inc		561
	102,331	e	TerraForm Power, Inc		1,287
	702,400	*	Thai Solar Energy PCL		74
	1,334,400		Thai Tap Water Supply PCL		392
	1,818,000		Tianjin Development Hldgs Ltd		1,096
	564,007		Toho Gas Co Ltd		3,643
	1,220,075		Tohoku Electric Power Co, Inc		15,253
	2,182,119	*	Tokyo Electric Power Co, Inc		12,565
	3,133,813		Tokyo Gas Co Ltd		14,725
	226,593		Torrent Power Ltd		591
	1,098,000	e	Towngas China Co Ltd		636
	176,319		Tractebel Energia S.A.		1,487
	258,928		TransAlta Corp		919
	201,332	e	TransAlta Renewables, Inc		1,509
	105,721		Transmissora Alianca de Energia Eletrica S.A.		447
	628,072		UGI Corp		21,204
	456,640		United Utilities Group plc		6,288
	38,947		Unitil Corp		1,397
	36,464		VA Tech Wabag Ltd		377
	96,828	e	Valener, Inc		1,260
	25,000	e	Vanguard FTSE Developed Markets ETF		918
	279,979		Vectren Corp		11,877
	1,110,983		Veolia Environnement		26,359
	53,745	*,e	Vivint Solar, Inc		514
	2,008,560		VPC Specialty Lending Investments plc		2,798
	396,497		WEC Energy Group, Inc		20,344
	894,188		Westar Energy, Inc		37,923
	122,266		WGL Holdings, Inc		7,702
	4,038,321		Xcel Energy, Inc		145,016
	5,489		YESCO Co Ltd		171
	34,229	e	York Water Co		854
	8,769,486		YTL Corp BHD		3,200
	4,168,864		YTL Power International BHD		1,434
	227,981	*	Zorlu Enerji Elektrik Uretim AS		130
			TOTAL UTILITIES		3,331,311
			TOTAL COMMON STOCKS		112,395,129
			(Cost $108,846,892)

PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	7,168,865		ITAUSA Investimentos Itau PR		12,388
			TOTAL BANKS		12,388

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
CAPITAL GOODS - 0.0%
	26,923		Villeroy & Boch AG	$	358
			TOTAL CAPITAL GOODS		358

DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2		1,751
			TOTAL DIVERSIFIED FINANCIALS		1,751

REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		18
			TOTAL REAL ESTATE		18
			TOTAL PREFERRED STOCKS		14,515
			(Cost $29,263)

RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	44,643	m	Banco Bradesco S.A.		13
	152,860	m	Banco Bradesco S.A.		75
	998,963	m	Unione di Banche Italiane S.p.A		0
			TOTAL BANKS		88

CAPITAL GOODS - 0.0%
	5,727		Airport City Ltd		19
	92,833		Matrix Concepts Holdings BHD		9
	30,914	m	PDG Realty S.A. Empreendimentos e Participacoes		0	^
			TOTAL CAPITAL GOODS		28

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	99,108	m	Samsung Engineering Co Ltd		525
	48,026		WCT Holdings BHD		2
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		527

CONSUMER SERVICES - 0.0%
	167,219		Minor International PCL		25
			TOTAL CONSUMER SERVICES		25

DIVERSIFIED FINANCIALS - 0.0%
	52,603		BNK Financial Group, Inc		60
	19,460		Tamburi Investment Partners S.p.A		9
			TOTAL DIVERSIFIED FINANCIALS		69

ENERGY - 0.0%
	64,082	e,m	Magnum Hunter Resources Corp		0
	681,099		Repsol S.A.		340
			TOTAL ENERGY		340

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%
	190,191		Community Health Systems, Inc		2
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		2

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
MATERIALS - 0.0%
	295,553	e	ArcelorMittal South Africa Ltd	$	0	^
			TOTAL MATERIALS		0	^

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	2,121	e	BioTime, Inc		2
	503,196		Faes Farma S.A.		46
	55,620	m	Forest Laboratories, Inc CVR		53
	21,958	m	Furiex Pharmaceuticals, Inc		0
	17,790	e,m	Omthera Pharmaceuticals, Inc		11
	228,016	e,m	Trius Therapeutics, Inc		30
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		142

REAL ESTATE - 0.0%
	24,314	m	Ascendas Real Estate Investment Trust		1
	4,761,352	m	BGP Holdings plc		0
	145		Sansiri PCL		0	^
			TOTAL REAL ESTATE		1

SOFTWARE & SERVICES - 0.0%
	141,205	m	Gerber Scientific, Inc		0
			TOTAL SOFTWARE & SERVICES		0

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	3,650,250	m	GCL New Energy Holdings Ltd		1
	11,387	m	Parrot S.A.		0	^
	11,387	m	Parrot S.A.		0
	182,875	m	VS Industry Bhd		0
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1

TELECOMMUNICATION SERVICES - 0.0%
	51,955	m	Jay Mart PCL		0
	196,024	m	Leap Wireless International, Inc		494
			TOTAL TELECOMMUNICATION SERVICES		494

TRANSPORTATION - 0.0%
	2		Thoresen Thai Agencies PCL		0	^
			TOTAL TRANSPORTATION		0	^

UTILITIES - 0.0%
	2,441,569	m	GCL-Poly Energy Holdings Ltd		10
	48,306		Rumo Logistica Operadora Multimodal S.A.		2
			TOTAL UTILITIES		12

			TOTAL RIGHTS / WARRANTS		1,753
			(Cost $1,737)

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
SHORT-TERM INVESTMENTS - 4.5%
GOVERNMENT AGENCY DEBT - 0.4%
$	100,000,000	d	Federal Home Loan Bank (FHLB)		0.240	%	01/05/16	$	100,000
	13,000,000		FHLB		0.105		01/08/16		13,000
	2,000,000		FHLB		0.130		01/11/16		2,000
	50,000,000		FHLB		0.250		01/14/16		49,998
	37,000,000	d	FHLB		0.170-0.210		01/25/16		36,997
	40,000,000	d	FHLB		0.250		01/26/16		39,996
	24,150,000		FHLB		0.240		01/28/16		24,147
	40,000,000		FHLB		0.276		02/29/16		39,984
	34,000,000		FHLB		0.280		03/18/16		33,979
	33,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.391		05/04/16		32,953
	40,300,000		Federal National Mortgage Association (FNMA)		0.180		01/04/16		40,300
	5,000,000		FNMA		0.612		06/08/16		4,990
			TOTAL GOVERNMENT AGENCY DEBT						418,344

TREASURY DEBT - 0.2%
	5,000,000		United States Treasury Bill		0.115		01/14/16		5,000
	60,000,000		United States Treasury Bill		0.398		06/09/16		59,882
	50,000,000	d	United States Treasury Bill		0.121		06/23/16		49,889
	50,000,000	d	United States Treasury Note		0.250		04/15/16		49,990
			TOTAL TREASURY DEBT						164,761

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.9%
CERTIFICATE OF DEPOSIT - 0.5%
	200,000,000		Bank of Montreal		0.100		01/04/16		200,000
	200,000,000		CIBC Bank and Trust Company		0.150		01/04/16		200,000
	200,000,000		National Australia Bank Ltd		0.120		01/04/16		200,000
			TOTAL CERTIFICATE OF DEPOSIT						600,000

COMMERCIAL PAPER - 0.3%
	300,000,000		United States Treasury Bill		0.064-0.074		01/14/16		299,992
			TOTAL COMMERCIAL PAPER						299,992

REPURCHASE AGREEMENT - 3.0%
	265,000,000	o	Barclays		0.270		01/04/16		265,000
	50,000,000	p	Barclays		0.270		01/05/16		50,000
	477,000,000	q	Calyon		0.330		01/04/16		477,000
	191,000,000	r	Calyon		0.350		01/04/16		191,000
	100,000,000	s	Citigroup		0.310		01/04/16		100,000
	200,000,000	t	Citigroup		0.320		01/04/16		200,000
	76,000,000	u	Deutsche Bank		0.350		01/04/16		76,000
	100,000,000	v	Deutsche Bank		0.370		01/07/16		100,000
	100,000,000	w	Goldman Sachs		0.260		01/04/16		100,000
	100,000,000	x	Goldman Sachs		0.270		01/04/16		100,000
	150,000,000	y	Goldman Sachs		0.260		01/05/16		150,000
	500,000,000	z	Goldman Sachs		0.300		01/07/16		500,000
	50,000,000	aa	Merrill Lynch		0.290		01/04/16		50,000
	450,000,000	ab	Nomura		0.340		01/04/16		450,000
	43,000,000	ac	Royal Bank of Scotland		0.290		01/04/16		43,000
	545,000,000	ad	Royal Bank of Scotland		0.290		01/05/16		545,000
			TOTAL REPURCHASE AGREEMENT						3,397,000

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
VARIABLE RATE SECURITIES - 0.1%
$	156,995,107	i	SLM Student Loan Trust 2007		0.118	%	01/25/19	$	155,781
			TOTAL VARIABLE RATE SECURITIES						155,781

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						4,452,773

			TOTAL SHORT-TERM INVESTMENTS						5,035,878
			(Cost $5,036,951)
			TOTAL INVESTMENTS - 103.9%						117,448,030
			(Cost $113,915,665)
			OTHER ASSETS & LIABILITIES, NET - (3.9)%						(4,399,869	)
			NET ASSETS - 100.0%					$	113,048,161

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

*		Non-income producing
^		Amount represents less than $1,000.
a		Affiliated holding
b		In bankruptcy
d		All or a portion of these securities have been segregated by the custodian 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 $4,384,757,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/15, the aggregate value of these securities was $329,253,000, or 0.3% 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.
o		Agreement with Barclays, 0.27% dated 12/28/15 to be repurchased at $265,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $270,300,000.
p		Agreement with Barclays, 0.27% dated 12/29/15 to be repurchased at $50,000,000 on 1/05/16, collateralized by U.S. Government Agency Securities valued at $51,000,000.
q		Agreement with Calyon, 0.33% dated 12/28/15-12/31/15 to be repurchased at $477,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $486,540,000.
r		Agreement with Calyon, 0.35% dated 12/31/15 to be repurchased at $191,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $194,820,000.
s		Agreement with Citigroup, 0.31% dated 12/28/15 to be repurchased at $100,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $102,000,000.
t		Agreement with Citigroup, 0.32% dated 12/28/15 to be repurchased at $200,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $204,001,000.
u		Agreement with Deutsche Bank, 0.35% dated 12/31/15 to be repurchased at $76,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $77,520,000.
v		Agreement with Deutsche Bank, 0.37% dated 12/31/15 to be repurchased at $100,000,000 on 1/07/16, collateralized by U.S. Government Agency Securities valued at $102,000,000.

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

w		Agreement with Goldman Sachs, 0.26% dated 12/28/15 to be repurchased at $100,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $102,000,000.
x		Agreement with Goldman Sachs, 0.27% dated 12/28/15 to be repurchased at $100,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $102,000,000.
y		Agreement with Goldman Sachs, 0.26% dated 12/29/15 to be repurchased at $150,000,000 on 1/05/16, collateralized by U.S. Government Agency Securities valued at $153,000,000.
z		Agreement with Goldman Sachs, 0.30% dated 12/31/15 to be repurchased at $500,000,000 on 1/07/16, collateralized by U.S. Government Agency Securities valued at $510,000,000.
aa		Agreement with Merrill Lynch, 0.29% dated 12/31/15 to be repurchased at $50,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $51,000,000.
ab		Agreement with Nomura, 0.34% dated 12/31/15 to be repurchased at $450,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $459,000,000.
ac		Agreement with Royal Bank of Scotland, 0.29% dated 12/31/15 to be repurchased at $43,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $43,862,000.
ad		Agreement with Royal Bank of Scotland, 0.29% dated 12/29/15 to be repurchased at $545,000,000 on 1/05/16, collateralized by U.S. Government Agency Securities valued at $555,901,000.

Cost amounts are in thousands.

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY

December 31, 2015

	Value		% of total
Country	(000)		portfolio
DOMESTIC

UNITED STATES	$	81,402,250		69.5	%
TOTAL DOMESTIC		81,402,250		69.5
FOREIGN

ARGENTINA		6,293		0.0
AUSTRALIA		1,383,826		1.2
AUSTRIA		152,344		0.1
BELGIUM		312,262		0.3
BERMUDA		114,065		0.1
BRAZIL		364,883		0.3
CANADA		2,026,209		1.7
CAYMAN ISLANDS		1,483		0.0
CHILE		79,254		0.1
CHINA		1,958,983		1.7
COLOMBIA		31,550		0.0
CYPRUS		61		0.0
CZECH REPUBLIC		15,395		0.0
DENMARK		483,108		0.4
EGYPT		17,770		0.0
FAROE ISLANDS		4,237		0.0
FINLAND		329,889		0.3
FRANCE		2,460,964		2.1
GEORGIA		2,889		0.0
GERMANY		2,127,862		1.8
GIBRALTAR		1,230		0.0
GREECE		30,625		0.0
GUERNSEY, C.I.		411		0.0
HONG KONG		986,394		0.8
HUNGARY		21,700		0.0
INDIA		758,715		0.6
INDONESIA		185,839		0.2
IRELAND		555,640		0.5
ISLE OF MAN		3,255		0.0
ISRAEL		278,235		0.2
ITALY		640,354		0.5
JAPAN		5,974,394		5.1
JERSEY, C.I.		10,163		0.0
JORDAN		13,941		0.0
KOREA, REPUBLIC OF		1,197,031		1.0
LUXEMBOURG		69,531		0.1
MACAU		3,473		0.0
MALAYSIA		233,864		0.2
MALTA		8,050		0.0
MEXICO		348,651		0.3
MONACO		7,848		0.0
NETHERLANDS		1,120,166		1.0
NEW ZEALAND		106,150		0.1
NORWAY		204,770		0.2
PAKISTAN		1,806		0.0
PANAMA		7,746		0.0
PERU		38,380		0.0

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Value		% of total
Country	(000)		portfolio
PHILIPPINES	$	127,716		0.1	%
POLAND		85,806		0.1
PORTUGAL		55,845		0.0
PUERTO RICO		15,113		0.0
QATAR		52,419		0.0
ROMANIA		5,545		0.0
RUSSIA		240,416		0.2
SINGAPORE		451,638		0.4
SOUTH AFRICA		453,425		0.4
SPAIN		494,897		0.4
SRI LANKA		1,293		0.0
SWEDEN		676,223		0.6
SWITZERLAND		2,251,182		1.9
TAIWAN		1,015,541		0.9
THAILAND		168,254		0.1
TURKEY		113,455		0.1
UNITED ARAB EMIRATES		65,882		0.1
UNITED KINGDOM		5,087,637		4.3
VIETNAM		1,758		0.0
VIRGIN ISLANDS, U.S.		46		0.0
TOTAL FOREIGN		36,045,780		30.5

TOTAL PORTFOLIO	$	117,448,030		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2015

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.7%

AUSTRALIA - 1.6%
	159,375		AGL Energy Ltd	$	2,085
	855,596		Alumina Ltd		714
	457,153		Amcor Ltd		4,441
	936,189		AMP Ltd		3,945
	120,839		APA Group		760
	58,891		Aristocrat Leisure Ltd		435
	321,889	*,e	Arrium Ltd		13
	187,068		Asciano Group		1,189
	192,914		AusNet Services		208
	1,439,366		Australia & New Zealand Banking Group Ltd		29,046
	51,913		Australian Stock Exchange Ltd		1,597
	40,532		Bank of Queensland Ltd		409
	49,154		Bendigo Bank Ltd		425
	2,157,497		BHP Billiton Ltd		27,766
	452,166		BHP Billiton plc		5,042
	126,480		BlueScope Steel Ltd		404
	83,993		Boral Ltd		359
	387,837		Brambles Ltd		3,248
	29,511		Caltex Australia Ltd		807
	62,908		Challenger Financial Services Group Ltd		396
	44,289		CIMIC Group Ltd		777
	167,224		Coca-Cola Amatil Ltd		1,128
	6,288		Cochlear Ltd		435
	634,897		Commonwealth Bank of Australia		39,252
	136,382		Computershare Ltd		1,148
	39,818		Crown Ltd		360
	132,554		CSL Ltd		10,106
	106,015		Dexus Property Group		575
	256,018		DUET Group (ASE Exchange)		424
	71,877		DuluxGroup Ltd		346
	5,918	e	Flight Centre Ltd		171
	177,570	e	Fortescue Metals Group Ltd		239
	194,574		GPT Group (ASE)		674
	58,815	e	Harvey Norman Holdings Ltd		178
	191,658		Healthscope Ltd		369
	46,029		Iluka Resources Ltd		204
	279,518		Incitec Pivot Ltd		799
	612,262		Insurance Australia Group Ltd		2,459
	179,540		Lend Lease Corp Ltd		1,852
	190,623	e	Macquarie Goodman Group		864
	75,639		Macquarie Group Ltd		4,525
	298,713		Medibank Pvt Ltd		466
	1,084,435		Mirvac Group		1,552
	935,760		National Australia Bank Ltd		20,420

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	468,788	*	Newcrest Mining Ltd	$	4,436
	150,479		Oil Search Ltd		732
	107,429	e	Orica Ltd		1,204
	546,084		Origin Energy Ltd		1,847
	328,034		Orora Ltd		533
	72,671		Oxiana Ltd		212
	24,734		Platinum Asset Mangement Ltd		145
	2,684,147		Qantas Airways Ltd		7,956
	449,207		QBE Insurance Group Ltd		4,086
	232,063		QR National Ltd		737
	15,301		Ramsay Health Care Ltd		752
	5,765		REA Group Ltd		229
	43,305		Recall Holdings Ltd		218
	447,979		Santos Ltd		1,193
	1,348,352		Scentre Group		4,090
	35,908	e	Seek Ltd		400
	41,209		Shopping Centres Australasia Property Group		64
	41,488		Sonic Healthcare Ltd		537
	1,244,570	*	South32 Ltd		956
	5,824,188		Star Entertainment Grp Ltd		21,371
	771,492	e	Stockland Trust Group		2,290
	424,782		Suncorp-Metway Ltd		3,730
	190,839		Sydney Airport		878
	88,972		Tabcorp Holdings Ltd		303
	159,085		Tattersall's Ltd		505
	1,462,081		Telstra Corp Ltd		5,941
	32,191		TPG Telecom Ltd		230
	22,071	*,m	Transurban Group		167
	418,473		Transurban Group (ASE)		3,172
	81,175		Treasury Wine Estates Ltd		487
	367,604		Vicinity Centres		746
	347,688		Wesfarmers Ltd		10,482
	612,821		Westfield Corp		4,216
	1,318,807		Westpac Banking Corp		31,968
	208,641		Woodside Petroleum Ltd		4,347
	337,808		Woolworths Ltd		5,994
	14,169		WorleyParsons Ltd		48
			TOTAL AUSTRALIA		299,814

AUSTRIA - 0.1%
	4,313		Andritz AG.		210
	14,830	*	Erste Bank der Oesterreichischen Sparkassen AG.		464
	65,989	*,m	Immoeast AG.		0
	8,160		OMV AG.		231
	6,868	*,e	Raiffeisen International Bank Holding AG.		101
	6,274		Voestalpine AG.		192
	1,000,000		Wienerberger AG.		18,532
			TOTAL AUSTRIA		19,730

BELGIUM - 0.2%
	10,537		Ageas		489
	220,115		Anheuser-Busch InBev NV		27,393

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,925	*,m	Anheuser-Busch InBev NV (Strip VVPR)	$	0	^
	8,251		Belgacom S.A.		268
	3,746		Colruyt S.A.		193
	5,476		Delhaize Group		533
	4,244		Groupe Bruxelles Lambert S.A.		363
	13,338		KBC Groep NV		834
	4,102	e	Solvay S.A.		438
	2,784	*	Telenet Group Holding NV		150
	48,128		UCB S.A.		4,344
	4,976		Umicore		209
			TOTAL BELGIUM		35,214

BERMUDA - 0.1%
	1,778,467		Marvell Technology Group Ltd		15,686
	15,319		PartnerRe Ltd		2,141
	14,275		RenaissanceRe Holdings Ltd		1,616
			TOTAL BERMUDA		19,443

BRAZIL - 0.0%
	808,060		Banco Itau Holding Financeira S.A.		5,345
	225,000		Itau Unibanco Banco Multiplo S.A. (ADR)		1,465
			TOTAL BRAZIL		6,810

CANADA - 2.8%
	28,917		Agnico-Eagle Mines Ltd		760
	50,391	e	Agrium, Inc		4,504
	776,548		Alimentation Couche Tard, Inc		34,183
	15,602	e	AltaGas Income Trust		348
	131,940	e	ARC Resources Ltd		1,592
	36,585		Atco Ltd		944
	208,761	*	Bank of Montreal		11,780
	383,926		Bank of Nova Scotia		15,530
	214,009		Barrick Gold Corp (Canada)		1,584
	162,192	e	BCE, Inc		6,266
	53,166	*	Blackberry Ltd (New)		493
	204,696	*	Bombardier, Inc		198
	226,727		Brookfield Asset Management, Inc		7,152
	111,716		CAE, Inc		1,239
	42,689		Cameco Corp (Toronto)		527
	131,950	e	Canadian Imperial Bank of Commerce/Canada		8,696
	219,830		Canadian National Railway Co		12,289
	281,946		Canadian Natural Resources Ltd (Canada)		6,158
	52,378		Canadian Oil Sands Trust		313
	118,653		Canadian Pacific Railway Ltd		15,140
	99,092		Canadian Pacific Railway Ltd (Toronto)		12,656
	58,863		Canadian Tire Corp Ltd		5,027
	13,363		Canadian Utilities Ltd		308
	190,617	e	Cara Operations Ltd		4,233
	8,698		CCL Industries		1,410
	390,000	*	Celestica, Inc		4,312
	942,314		Cenovus Energy, Inc		11,892
	549,862	e	Cenovus Energy, Inc (Toronto)		6,954

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	89,089	*	CGI Group, Inc	$	3,567
	32,713		CI Financial Corp		723
	3,418		Constellation Software, Inc		1,425
	66,657	e	Crescent Point Energy Corp		777
	613,771		Dollarama, Inc		35,459
	477,531		Eldorado Gold Corp		1,415
	316,497	*	Element Financial Corp		3,820
	18,365		Empire Co Ltd		342
	225,115		Enbridge, Inc		7,484
	421,439		EnCana Corp		2,141
	4,476		Fairfax Financial Holdings Ltd		2,125
	114,496		Finning International, Inc		1,546
	11,732	e	First Capital Realty, Inc		156
	117,500		First Quantum Minerals Ltd		440
	81,995		Fortis, Inc		2,217
	67,099		Franco-Nevada Corp		3,070
	55,515		George Weston Ltd		4,290
	255,945		Gildan Activewear, Inc		7,277
	331,342		Goldcorp, Inc		3,829
	61,165		Great-West Lifeco, Inc		1,526
	83,642		H&R Real Estate Investment Trust		1,212
	191,967		Husky Energy, Inc		1,985
	55,350	e	IGM Financial, Inc		1,414
	343,800	*,e	Imax Corp		12,219
	110,865		Imperial Oil Ltd		3,612
	14,815		Industrial Alliance Insurance and Financial Services, Inc		472
	24,602		Intact Financial Corp		1,577
	160,602	e	Inter Pipeline Ltd		2,578
	8,346		Jean Coutu Group PJC, Inc		108
	62,050	e	Keyera Corp		1,805
	233,473	*	Kinross Gold Corp		424
	162,118		Linamar Corp		8,756
	48,062		Loblaw Cos Ltd		2,270
	103,898		Magna International, Inc (Class A)		4,214
	160,000		Magna International, Inc (Class A)		6,490
	523,530		Manulife Financial Corp		7,847
	153,436	*	MEG Energy Corp		889
	9,725		Methanex Corp		321
	346,097		Metro, Inc		9,690
	129,425		National Bank of Canada		3,770
	13,978		Onex Corp		857
	176,041		Open Text Corp		8,440
	57,670	e	Pembina Pipeline Income Fund		1,257
	102,359	e	Peyto Exploration & Development Corp		1,840
	301,848		Potash Corp of Saskatchewan		5,170
	154,982		Power Corp Of Canada		3,241
	114,214	e	Power Financial Corp		2,626
	97,273	e	PrairieSky Royalty Ltd		1,541
	1,599		Restaurant Brands International LP		59
	133,400	e	Restaurant Brands International, Inc		4,984
	86,417	e	Restaurant Brands International, Inc (Toronto)		3,232
	91,479		RioCan Real Estate Investment Trust		1,566

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	81,740		Rogers Communications, Inc (Class B)	$	2,819
	632,940		Royal Bank of Canada		33,918
	109,964		Saputo, Inc		2,630
	17,873	*	Seven Generations Energy Ltd		174
	71,340	e	Shaw Communications, Inc (B Shares)		1,227
	44,780		Silver Wheaton Corp		557
	45,551		Smart Real Estate Investment Trust		994
	75,842		SNC-Lavalin Group, Inc		2,254
	247,683	*,g	Spin Master Corp		3,913
	151,583	e	Sun Life Financial, Inc		4,727
	998,026		Suncor Energy, Inc		25,764
	60,715	e	Teck Cominco Ltd		234
	91,770		TELUS Corp		2,537
	1,273,893	e	Toronto-Dominion Bank		49,936
	406,420	*	Tourmaline Oil Corp		6,565
	412,794	e	TransCanada Corp		13,481
	162,941		TransForce, Inc		2,780
	384,806	*	Turquoise Hill Resources Ltd		976
	165,452	e	Veresen, Inc		1,059
	11,847	e	Vermilion Energy, Inc		322
	7,294		West Fraser Timber Co Ltd		277
	180,000		Westjet Airlines Ltd		2,636
	102,879		Yamana Gold, Inc		191
			TOTAL CANADA		526,554

CHILE - 0.0%
	21,782	e	Antofagasta plc		150
			TOTAL CHILE		150

CHINA - 0.3%
	65,960	*	Alibaba Group Holding Ltd (ADR)		5,361
	1,700,000		Brilliance China Automotive Holdings Ltd		2,126
	9,579,000	*,e,m	China Animal Healthcare Ltd		12
	1,122,000		China Aoyuan Property Group Ltd		235
	7,346,800		China Everbright International Ltd		9,394
	1,300,255	*	China New Town Development Co Ltd		48
	666,000		China Overseas Land & Investment Ltd		2,319
	534,499	e,m	China Vanke Co Ltd		1,589
	203,000		CNOOC Ltd		211
	58,000	*,e	Ctrip.com International Ltd (ADR)		2,687
	137,700	e,g	Dalian Wanda Commercial Properties Co Ltd		799
	4,350,000		Great Wall Motor Co Ltd		5,024
	84,259	*	JD.com, Inc (ADR)		2,719
	16,500,000	m	Sihuan Pharmaceutical Holdings		4,659
	2,397,612		Sino-Ocean Land Holdings Ltd		1,529
	947,600		Tencent Holdings Ltd		18,554
	195,249		Yangzijiang Shipbuilding		151
			TOTAL CHINA		57,417

DENMARK - 0.8%
	209		AP Moller - Maersk AS (Class A)		269
	366		AP Moller - Maersk AS (Class B)		477

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,755		Carlsberg AS (Class B)	$	510
	5,233		Christian Hansen Holding		327
	6,066		Coloplast AS		490
	489,689		Danske Bank AS		13,139
	10,223		DSV AS		402
	849,687	*,e	H Lundbeck AS		29,013
	7,841		ISS A.S.		283
	1,407,591		Novo Nordisk AS		81,497
	57,724		Novozymes AS		2,764
	105,943		Pandora AS		13,358
	180,000		Sydbank AS		5,780
	41,429		TDC AS		206
	300,000	*	Topdanmark AS		8,524
	6,212		Tryg A.S.		123
	11,996		Vestas Wind Systems AS		838
	1,247	*	William Demant Holding		119
			TOTAL DENMARK		158,119

FINLAND - 0.7%
	7,555		Elisa Oyj (Series A)		284
	23,547		Fortum Oyj		355
	352,600		Huhtamaki Oyj		12,795
	50,000		Kesko Oyj (B Shares)		1,753
	17,919	e	Kone Oyj (Class B)		759
	5,783		Metso Oyj		130
	257,032		Neste Oil Oyj		7,671
	2,770,000	e	Nokia Corp		19,445
	4,302,791		Nokia Oyj		30,440
	70,734		Nokian Renkaat Oyj		2,525
	4,982		Orion Oyj (Class B)		172
	866,230		Sampo Oyj (A Shares)		43,989
	31,423		Stora Enso Oyj (R Shares)		284
	28,679		UPM-Kymmene Oyj		533
	7,889		Wartsila Oyj (B Shares)		360
			TOTAL FINLAND		121,495

FRANCE - 3.3%
	548,256		Accor S.A.		23,745
	1,664		Aeroports de Paris		194
	18,300		Air Liquide		2,054
	150,722	*	Alcatel S.A.		595
	11,372	*,e	Alstom RGPT		347
	3,745		Arkema		262
	4,638		Atos Origin S.A.		389
	104,892		AXA S.A.		2,866
	370,513		BNP Paribas		20,963
	47,509		Bollore		221
	85,741		Bouygues S.A.		3,400
	14,712		Bureau Veritas S.A.		293
	8,684		Cap Gemini S.A.		806
	29,702		Carrefour S.A.		857
	3,078	e	Casino Guichard Perrachon S.A.		141

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1	*	CGG (ADR)	$	0	^
	2,932		Christian Dior S.A.		498
	9,071		CNP Assurances		122
	800,286		Compagnie de Saint-Gobain		34,681
	2,297,772		Credit Agricole S.A.		27,077
	248,448		Dassault Systemes S.A.		19,859
	763,781		Edenred		14,438
	12,350		Electricite de France		182
	11,019		Essilor International S.A.		1,373
	2,231		Eurazeo		154
	292,511		European Aeronautic Defence and Space Co		19,712
	9,435		Eutelsat Communications		283
	506,229		Faurecia		20,284
	1,694		Fonciere Des Regions		152
	1,166,502		France Telecom S.A.		19,511
	301,745		Gaz de France		5,345
	1,840		Gecina S.A.		224
	31,410		Groupe Danone		2,123
	24,854		Groupe Eurotunnel S.A.		309
	1,381		Hermes International		467
	1,836		Icade		123
	1,409		Iliad S.A.		336
	1,925		Imerys S.A.		134
	2,918		Ingenico		368
	729,436		JC Decaux S.A.		27,963
	11,567		Klepierre		514
	6,382		Lagardere S.C.A.		190
	14,339		Legrand S.A.		811
	245,192		L'Oreal S.A.		41,243
	14,976		LVMH Moet Hennessy Louis Vuitton S.A.		2,352
	10,019		Michelin (C.G.D.E.) (Class B)		954
	49,857		Natixis		282
	5,540		Numericable SAS		201
	11,307		Pernod-Ricard S.A.		1,290
	23,519	*	Peugeot S.A.		412
	4,111		PPR		703
	10,043		Publicis Groupe S.A.		668
	75,000	e	Rallye S.A.		1,165
	1,355	e	Remy Cointreau S.A.		97
	300,673		Renault S.A.		30,096
	723,611		Rexel S.A.		9,635
	16,720		Safran S.A.		1,149
	386,529		Sanofi-Aventis		32,941
	137,277		Schneider Electric S.A.		7,798
	8,514		SCOR SE		319
	1,531		Societe BIC S.A.		252
	523,590		Societe Generale		24,128
	4,842		Sodexho Alliance S.A.		473
	276,362		Suez Environnement S.A.		5,169
	5,479		Technip S.A.		272
	314,852		Teleperformance		26,475
	53,436		Thales S.A.		4,000

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,062,464		Total S.A.	$	92,463
	22,277		Unibail-Rodamco		5,657
	238,444		Valeo S.A.		36,762
	24,035		Veolia Environnement		570
	390,584		Vinci S.A.		25,034
	61,743		Vivendi Universal S.A.		1,326
	1,601		Wendel		190
	10,614	e	Zodiac S.A.		253
			TOTAL FRANCE		608,695

GERMANY - 2.8%
	81,254		Adidas-Salomon AG.		7,886
	95,306		Allianz AG.		16,800
	2,320		Axel Springer AG.		129
	49,189		BASF SE		3,747
	516,416		Bayer AG.		64,495
	101,339		Bayerische Motoren Werke AG.		10,676
	2,738		Bayerische Motoren Werke AG. (Preference)		229
	636,570		Beiersdorf AG.		57,859
	8,179		Brenntag AG.		426
	1,118,110	*	Commerzbank AG.		11,537
	133,780		Continental AG.		32,363
	864,133		Daimler AG. (Registered)		72,202
	24,912		Deutsche Annington Immobilien SE		770
	198,931		Deutsche Bank AG.		4,831
	10,409		Deutsche Boerse AG.		915
	12,824	*	Deutsche Lufthansa AG.		202
	1,506,441		Deutsche Post AG.		42,117
	1,543,673		Deutsche Telekom AG.		27,725
	17,559		Deutsche Wohnen AG.		486
	65,000		Duerr AG.		5,159
	107,261		E.ON AG.		1,030
	7,222		Evonik Industries AG.		239
	2,199		Fraport AG. Frankfurt Airport Services Worldwide		140
	180,000		Freenet AG.		6,074
	101,812		Fresenius Medical Care AG.		8,556
	20,460		Fresenius SE		1,457
	3,642		Fuchs Petrolub AG. (Preference)		172
	9,828		GEA Group AG.		397
	73,327		Hannover Rueckversicherung AG.		8,373
	7,613		HeidelbergCement AG.		620
	5,420		Henkel KGaA		518
	9,632		Henkel KGaA (Preference)		1,075
	3,655		Hugo Boss AG.		302
	60,541		Infineon Technologies AG.		883
	10,185		K&S AG.		260
	1,215		Kabel Deutschland Holding AG.		150
	4,953		Lanxess AG.		228
	9,968		Linde AG.		1,440
	1,934		MAN AG.		194
	6,988		Merck KGaA		677
	9,784		Metro AG.		312

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	101,156	*	Morphosys AG.	$	6,294
	38,950		Muenchener Rueckver AG.		7,760
	4,408		Osram Licht AG.		184
	8,114		Porsche AG.		437
	537,633		ProSiebenSat. Media AG.		27,124
	25,509		RWE AG.		322
	52,694		SAP AG.		4,181
	391,035	*,g	Scout24 AG.		13,863
	248,841		Siemens AG.		24,074
	150,000		Software AG.		4,275
	6,539		Symrise AG.		433
	32,166		Telefonica Deutschland Holding AG.		170
	19,128		ThyssenKrupp AG.		379
	26,012		TUI AG. (DI)		464
	6,746		United Internet AG.		371
	3,400	e	Volkswagen AG.		522
	8,348		Volkswagen AG. (Preference)		1,205
	147,000		Wacker Chemie AG.		12,291
	300,046	e	Wirecard AG.		14,998
	4,461	*,g	Zalando SE		177
			TOTAL GERMANY		513,175

HONG KONG - 0.9%
	6,901,558		AIA Group Ltd		41,237
	25,618	e	ASM Pacific Technology		200
	126,453		Bank of East Asia Ltd		469
	1,058,353		BOC Hong Kong Holdings Ltd		3,221
	127,431		Cathay Pacific Airways Ltd		219
	68,723		Cheung Kong Infrastructure Holdings Ltd		635
	841,543		Cheung Kong Property Holdings Ltd		5,444
	5,122,000		China Gas Holdings Ltd		7,360
	625,000		Chow Sang Sang Holding		1,027
	839,543		CK Hutchison Holdings Ltd		11,285
	537,954		CLP Holdings Ltd		4,560
	241,463		First Pacific Co		160
	256,803		Galaxy Entertainment Group Ltd		805
	1,063,434	*	Global Brands Group Holding Ltd		201
	209,000	*	Glorious Property Holdings Ltd		24
	777,517		Hang Lung Group Ltd		2,521
	2,388,803		Hang Lung Properties Ltd		5,413
	375,572		Hang Seng Bank Ltd		7,118
	458,198		Henderson Land Development Co Ltd		2,795
	294,500	e,g	HK Electric Investments & HK Electric Investments Ltd		247
	290,660		HKT Trust and HKT Ltd		371
	2,341,066		Hong Kong & China Gas Ltd		4,582
	321,276		Hong Kong Electric Holdings Ltd		2,945
	196,924		Hong Kong Exchanges and Clearing Ltd		5,017
	64,800		Hongkong Land Holdings Ltd		452
	69,760		Hysan Development Co Ltd		285
	1,532,948		Kerry Properties Ltd		4,172
	1,709,027		Li & Fung Ltd		1,156
	245,468		Link REIT		1,463

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	175,571	e	Melco PBL Entertainment Macau Ltd (ADR)	$	2,950
	480,780		MTR Corp		2,374
	1,794,038	e	New World Development Co Ltd		1,762
	481,902	e	Noble Group Ltd		135
	170,384	e	NWS Holdings Ltd		254
	453,040		PCCW Ltd		265
	1,636,533		Sands China Ltd		5,548
	2,770,286	*	Shanghai Real Estate Ltd		130
	123,992		Shangri-La Asia Ltd		121
	2,242,000		Shimao Property Holdings Ltd		3,952
	332,542		Sino Land Co		484
	206,611		SJM Holdings Ltd		146
	1,164,642		Sun Hung Kai Properties Ltd		13,999
	159,628		Swire Pacific Ltd (Class A)		1,783
	1,825,000		Swire Properties Ltd		5,247
	147,402		Techtronic Industries Co		597
	646,000	*,g	WH Group Ltd		360
	2,338,701		Wharf Holdings Ltd		12,894
	101,334		Wheelock & Co Ltd		425
	79,912		Yue Yuen Industrial Holdings		271
			TOTAL HONG KONG		169,081

INDIA - 0.4%
	200,000		Axis Bank Ltd		1,349
	900,000		Cadila Healthcare Ltd		4,447
	133,600		Container Corp Of India Ltd		2,648
	322,531	*	DEN Networks Ltd		546
	2,460,238	*	DLF Ltd		4,291
	450,000		HDFC Bank Ltd		7,350
	350,000	*	Hindustan Petroleum Corp Ltd		4,402
	332,666		Housing Development Finance Corp		6,327
	450,000		ICICI Bank Ltd (ADR)		3,523
	283,431	*	Jyothy Laboratories Ltd		1,341
	99,896	*	LIC Housing Finance Ltd		769
	210,000		Lupin Ltd		5,810
	100,756	*,e	MakeMyTrip Ltd		1,729
	90,834	*	Prestige Estates Projects Ltd		264
	1,113,028	*	Puravankara Projects Ltd		1,058
	111,069		Reliance Industries Ltd		1,701
	154,738		Shriram Transport Finance Co Ltd		2,001
	322,832	*	Sobha Developers Ltd		1,506
	400,000	*	Sun Pharmaceutical Industries Ltd		4,948
	813,513	*	Sunteck Realty Ltd		2,877
	1,371,559		Tata Motors Ltd (DVR)		5,979
	26,406,156	*	Unitech Ltd		2,642
	354,303		Yes Bank Ltd		3,866
			TOTAL INDIA		71,374

IRELAND - 1.2%
	1,508,758	*	Bank of Ireland		552
	1,615,551		CRH plc		46,591
	51,923		Experian Group Ltd		918

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,902,262		Green REIT plc	$	5,023
	4,220,177		Hibernia REIT plc		6,454
	147,992	*,m	Irish Bank Resolution Corp Ltd		0	^
	49,282		James Hardie Industries NV		621
	312,954		Kerry Group plc (Class A)		25,894
	6,144	*	Ryanair Holdings plc		100
	435,880		Ryanair Holdings plc (ADR)		37,686
	408,914		Shire Ltd		28,054
	977,088		Smurfit Kappa Group plc		25,024
	1,167,071		XL Capital Ltd		45,726
			TOTAL IRELAND		222,643

ISRAEL - 0.3%
	1,897		Azrieli Group		71
	57,548		Bank Hapoalim Ltd		297
	75,406	*	Bank Leumi Le-Israel		262
	106,045		Bezeq Israeli Telecommunication Corp Ltd		233
	3,760	*,e	Check Point Software Technologies		306
	230		Delek Group Ltd		46
	26,903		Israel Chemicals Ltd		109
	7,102		Mizrahi Tefahot Bank Ltd		85
	2,914		Nice Systems Ltd		167
	48,929		Teva Pharmaceutical Industries Ltd		3,192
	821,146		Teva Pharmaceutical Industries Ltd (ADR)		53,900
			TOTAL ISRAEL		58,668

ITALY - 1.0%
	4,000,000		A2A S.p.A.		5,416
	63,291		Assicurazioni Generali S.p.A.		1,156
	21,791		Autostrade S.p.A.		577
	11,493,974		Banca Intesa S.p.A.		38,172
	54,486		Banca Intesa S.p.A. RSP		166
	600,044		Banca Mediolanum S.p.A		4,767
	137,275	*	Banca Monte dei Paschi di Siena S.p.A		182
	47,404		Banche Popolari Unite Scpa		317
	19,155	*	Banco Popolare SC		264
	93,707		Enel Green Power S.p.A		190
	4,134,541		Enel S.p.A.		17,337
	696,972		ENI S.p.A.		10,356
	115,473		Exor S.p.A.		5,241
	20,542	*	Finmeccanica S.p.A.		286
	62,925		Fondiaria-Sai S.p.A		160
	287,626		Luxottica Group S.p.A.		18,743
	2,184,673		Mediaset S.p.A.		9,053
	5,017,777		Mediobanca S.p.A.		48,101
	869,520		Moncler S.p.A		12,100
	765,600	*,g	OVS S.p.A		5,326
	9,970		Prysmian S.p.A.		218
	13,914	*,e	Saipem S.p.A.		112
	111,393		Snam Rete Gas S.p.A.		581
	313,661		Telecom Italia RSP		322
	614,901	*,e	Telecom Italia S.p.A.		779

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	80,946		Terna Rete Elettrica Nazionale S.p.A.	$	416
	256,097		UniCredit S.p.A		1,416
	304,209	*,e	Yoox S.p.A		11,332
			TOTAL ITALY		193,086

JAPAN - 8.4%
	3,300		ABC-Mart, Inc		181
	50,700	*,e	Acom Co Ltd		239
	600		Activia Properties Inc		2,550
	990		Advance Residence Investment Corp		2,177
	80,409		Aeon Co Ltd		1,239
	13,203		AEON Financial Service Co Ltd		295
	14,260		Aeon Mall Co Ltd		245
	20,000		Air Water, Inc		322
	205,942		Aisin Seiki Co Ltd		8,863
	69,529		Ajinomoto Co, Inc		1,646
	21,800		Alfresa Holdings Corp		431
	143,435		All Nippon Airways Co Ltd		414
	54,200		Alps Electric Co Ltd		1,470
	42,844		Amada Co Ltd		409
	2,654,848		Aozora Bank Ltd		9,265
	207,807		Asahi Breweries Ltd		6,505
	115,773		Asahi Glass Co Ltd		663
	415,134		Asahi Kasei Corp		2,807
	19,700		Asics Corp		409
	748,800		Astellas Pharma, Inc		10,660
	122,105		Bank of Kyoto Ltd		1,132
	409,971		Bank of Yokohama Ltd		2,513
	8,253		Benesse Corp		238
	547,404		Bridgestone Corp		18,777
	29,285		Brother Industries Ltd		336
	49,000		Calbee, Inc		2,069
	131,697		Canon, Inc		3,984
	25,433	e	Casio Computer Co Ltd		595
	52,000		Central Japan Railway Co		9,232
	271,323		Chiba Bank Ltd		1,925
	105,100		Chiyoda Corp		798
	219,566		Chubu Electric Power Co, Inc		3,007
	82,558		Chugai Pharmaceutical Co Ltd		2,878
	57,000		Chugoku Bank Ltd		761
	96,753		Chugoku Electric Power Co, Inc		1,277
	32,542		Citizen Watch Co Ltd		234
	265,600	e	COOKPAD, Inc		5,638
	18,255		Credit Saison Co Ltd		360
	816,800	*,e	CYBERDYNE, Inc		13,762
	66,076		Dai Nippon Printing Co Ltd		653
	36,330		Daicel Chemical Industries Ltd		541
	23,790	e	Daihatsu Motor Co Ltd		321
	958,200		Dai-ichi Mutual Life Insurance Co		15,942
	77,997		Daiichi Sankyo Co Ltd		1,610
	84,446		Daikin Industries Ltd		6,149
	19,563	e	Dainippon Sumitomo Pharma Co Ltd		230

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,711		Daito Trust Construction Co Ltd	$	3,663
	210,656		Daiwa House Industry Co Ltd		6,056
	517,300		Daiwa Securities Group, Inc		3,163
	302,345		Denso Corp		14,448
	26,655		Dentsu, Inc		1,458
	464,600		Don Quijote Co Ltd		16,316
	226,952		East Japan Railway Co		21,371
	31,317		Eisai Co Ltd		2,072
	44,993		Electric Power Development Co		1,602
	7,244		FamilyMart Co Ltd		337
	40,843		Fanuc Ltd		7,037
	19,718		Fast Retailing Co Ltd		6,898
	1,218,822		Fuji Electric Holdings Co Ltd		5,112
	728,242		Fuji Heavy Industries Ltd		30,001
	535,084		Fujifilm Holdings Corp		22,330
	268,991		Fujitsu Ltd		1,343
	275,663		Fukuoka Financial Group, Inc		1,367
	159,400		GMO Payment Gateway, Inc		7,570
	55,300	e	GungHo Online Entertainment Inc		150
	135,879		Gunma Bank Ltd		790
	140,842		Hachijuni Bank Ltd		862
	28,000		Hakuhodo DY Holdings, Inc		303
	17,500		Hamamatsu Photonics KK		480
	142,000		Hankyu Hanshin Holdings, Inc		923
	700,000		Haseko Corp		7,739
	2,200		Hikari Tsushin, Inc		150
	91,382		Hino Motors Ltd		1,056
	3,700		Hirose Electric Co Ltd		448
	182,000		Hiroshima Bank Ltd		1,034
	7,167		Hisamitsu Pharmaceutical Co, Inc		301
	12,852		Hitachi Chemical Co Ltd		204
	13,322	e	Hitachi Construction Machinery Co Ltd		207
	113,800		Hitachi High-Technologies Corp		3,077
	6,892,285		Hitachi Ltd		39,054
	25,900		Hitachi Metals Ltd		320
	418,000		Hokuhoku Financial Group, Inc		852
	60,531		Hokuriku Electric Power Co		895
	580,096		Honda Motor Co Ltd		18,541
	4,900		Hoshizaki Electric Co Ltd		305
	603,553		Hoya Corp		24,681
	1,552		Ichigo Real Estate Investment Corp		1,116
	10,800		Idemitsu Kosan Co Ltd		172
	18,000		Iida Group Holdings Co Ltd		334
	200		Industrial & Infrastructure Fund Investment Corp		954
	287,400		Infomart Corp		2,833
	118,700		Inpex Holdings, Inc		1,157
	154,981		Isetan Mitsukoshi Holdings Ltd		2,021
	2,777,878		Ishikawajima-Harima Heavy Industries Co Ltd		7,668
	149,200		Istyle, Inc		2,636
	73,700		Isuzu Motors Ltd		794
	863,270		Itochu Corp		10,211
	25,600		Itochu Techno-Science Corp		510

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	84,852		Iyo Bank Ltd	$	824
	284,300		J Front Retailing Co Ltd		4,133
	242,000		Japan Airlines Co Ltd		8,662
	5,300	e	Japan Airport Terminal Co Ltd		235
	286,600	*	Japan Post Bank Co Ltd		4,173
	55,600	*	Japan Post Holdings Co Ltd		863
	142,900	*,e	Japan Post Insurance Co Ltd		3,703
	104		Japan Prime Realty Investment Corp		355
	164		Japan Real Estate Investment Corp		796
	4,643		Japan Rental Housing Investments, Inc		3,281
	792		Japan Retail Fund Investment Corp		1,524
	474,300		Japan Tobacco, Inc		17,413
	61,104		JFE Holdings, Inc		959
	76,978		JGC Corp		1,178
	226,624		Joyo Bank Ltd		1,072
	23,453		JSR Corp		365
	425,303		JTEKT Corp		6,961
	725,180		JX Holdings, Inc		3,044
	500,000		kabu.com Securities Co Ltd		1,561
	103,372		Kajima Corp		615
	17,900		Kakaku.com, Inc		352
	212,252		Kamigumi Co Ltd		1,827
	33,900		Kaneka Corp		352
	247,074	*	Kansai Electric Power Co, Inc		2,962
	28,780		Kansai Paint Co Ltd		436
	62,053		Kao Corp		3,189
	576,212		Kawasaki Heavy Industries Ltd		2,132
	558,700		KDDI Corp		14,510
	63,000		Keihan Electric Railway Co Ltd		422
	171,622		Keihin Electric Express Railway Co Ltd		1,418
	210,910		Keio Corp		1,821
	34,426		Keisei Electric Railway Co Ltd		439
	1,838		Kenedix Realty Investment Corp		8,593
	13,351		Keyence Corp		7,338
	17,795		Kikkoman Corp		617
	408,914		Kintetsu Corp		1,663
	101,749		Kirin Brewery Co Ltd		1,381
	385,084		Kobe Steel Ltd		418
	12,700		Koito Manufacturing Co Ltd		521
	114,022		Komatsu Ltd		1,866
	11,673		Konami Corp		278
	56,213		Konica Minolta Holdings, Inc		563
	3,800		Kose Corp		351
	1,137,258		Kubota Corp		17,569
	43,474		Kuraray Co Ltd		527
	13,345		Kurita Water Industries Ltd		279
	39,500		Kyocera Corp		1,834
	129,045		Kyowa Hakko Kogyo Co Ltd		2,030
	142,884	*	Kyushu Electric Power Co, Inc		1,557
	42,800	*	Kyushu Financial Group, Inc		302
	8,051		Lawson, Inc		653
	32,423		LIXIL Group Corp		720

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	18,100		Mabuchi Motor Co Ltd	$	981
	100,000		Maeda Corp		676
	36,936		Makita Corp		2,128
	935,372		Marubeni Corp		4,809
	27,409		Marui Co Ltd		446
	5,696		Maruichi Steel Tube Ltd		168
	1,222,100		Matsui Securities Co Ltd		11,196
	651,855		Matsushita Electric Industrial Co Ltd		6,608
	282,100		Mazda Motor Corp		5,821
	8,000	e	McDonald's Holdings Co Japan Ltd		174
	16,712		Mediceo Paltac Holdings Co Ltd		285
	15,100		MEIJI Holdings Co Ltd		1,247
	95,000		Minebea Co Ltd		813
	19,600		Miraca Holdings, Inc		862
	270,000		MISUMI Group, Inc		3,730
	468,019		Mitsubishi Chemical Holdings Corp		2,969
	526,695		Mitsubishi Corp		8,761
	775,814		Mitsubishi Electric Corp		8,144
	328,705		Mitsubishi Estate Co Ltd		6,835
	124,160		Mitsubishi Gas Chemical Co, Inc		635
	1,191,150		Mitsubishi Heavy Industries Ltd		5,208
	14,262		Mitsubishi Logistics Corp		188
	139,293		Mitsubishi Materials Corp		439
	259,000		Mitsubishi Motors Corp		2,191
	5,274,454		Mitsubishi UFJ Financial Group, Inc		32,671
	60,900		Mitsubishi UFJ Lease & Finance Co Ltd		313
	546,104		Mitsui & Co Ltd		6,489
	606,087		Mitsui Chemicals, Inc		2,688
	1,001,437		Mitsui Fudosan Co Ltd		25,134
	141,499		Mitsui OSK Lines Ltd		357
	222,909		Mitsui Sumitomo Insurance Group Holdings, Inc		6,537
	1,798,918		Mitsui Trust Holdings, Inc		6,813
	5,500		Mixi Inc		206
	6,231,856		Mizuho Financial Group, Inc		12,464
	516,800		MonotaRO Co Ltd		14,300
	336,420		Murata Manufacturing Co Ltd		48,404
	14,900		Nabtesco Corp		303
	108,000		Nagoya Railroad Co Ltd		449
	21,906		Namco Bandai Holdings, Inc		463
	840,615		NEC Corp		2,663
	15,700		Nexon Co Ltd		255
	254,179		NGK Insulators Ltd		5,729
	21,988		NGK Spark Plug Co Ltd		579
	19,238		NHK Spring Co Ltd		193
	127,570		Nidec Corp		9,251
	42,281	e	Nikon Corp		566
	37,198		Nintendo Co Ltd		5,115
	492		Nippon Building Fund, Inc		2,351
	48,184		Nippon Electric Glass Co Ltd		243
	103,441		Nippon Express Co Ltd		486
	21,944		Nippon Meat Packers, Inc		430
	18,300		Nippon Paint Co Ltd		443

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,654		Nippon ProLogis REIT, Inc	$	4,801
	163,500		Nippon Steel Corp		3,234
	480,200		Nippon Telegraph & Telephone Corp		19,111
	571,308		Nippon Yusen Kabushiki Kaisha		1,385
	1,321,343		Nissan Motor Co Ltd		13,835
	26,400		Nisshin Seifun Group, Inc		431
	7,935		Nissin Food Products Co Ltd		421
	9,200		Nitori Co Ltd		773
	273,437		Nitto Denko Corp		19,962
	40,753		NKSJ Holdings, Inc		1,338
	11,951		NOK Corp		279
	6,015,363		Nomura Holdings, Inc		33,506
	15,674		Nomura Real Estate Holdings, Inc		291
	435	*	Nomura Real Estate Master Fund, Inc		541
	75,500		Nomura Research Institute Ltd		2,899
	57,511		NSK Ltd		625
	116,000		NTT Data Corp		5,608
	464,500		NTT DoCoMo, Inc		9,528
	13,900		NTT Urban Development Corp		134
	79,259		Obayashi Corp		731
	8,000		Obic Co Ltd		423
	228,098		Odakyu Electric Railway Co Ltd		2,456
	97,797		OJI Paper Co Ltd		393
	492,600		Olympus Corp		19,393
	24,113		Omron Corp		804
	78,210		Ono Pharmaceutical Co Ltd		13,946
	4,603		Oracle Corp Japan		214
	61,700		Oriental Land Co Ltd		3,733
	1,796,900		ORIX Corp		25,208
	231,981		Osaka Gas Co Ltd		838
	68,300		Osaka Securities Exchange Co Ltd		1,068
	9,900		Otsuka Corp		486
	48,100		Otsuka Holdings KK		1,709
	32,800		Park24 Co Ltd		795
	1,880,000	*	Pioneer Corp		5,175
	50,000		Pola Orbis Holdings, Inc		3,295
	114,700		Rakuten, Inc		1,321
	17,600		Recruit Holdings Co Ltd		517
	1,128,230		Resona Holdings, Inc		5,479
	426,281	e	Ricoh Co Ltd		4,389
	4,499		Rinnai Corp		399
	100,924		Rohm Co Ltd		5,112
	3,000		Ryohin Keikaku Co Ltd		608
	6,080		Sankyo Co Ltd		227
	5,800	e	Sanrio Co Ltd		136
	151,100		Santen Pharmaceutical Co Ltd		2,488
	212,000		Sapporo Holdings Ltd		931
	109,800		Sawai Pharmaceutical Co Ltd		7,517
	26,580		SBI Holdings, Inc		287
	25,934		Secom Co Ltd		1,758
	23,243		Sega Sammy Holdings, Inc		217
	15,000		Seibu Holdings, Inc		306

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	34,700		Seiko Epson Corp	$	534
	134,951		Sekisui Chemical Co Ltd		1,762
	243,320		Sekisui House Ltd		4,091
	381,881		Seven & I Holdings Co Ltd		17,484
	71,500		Seven Bank Ltd		314
	62,119		Shikoku Electric Power Co, Inc		970
	30,982		Shimadzu Corp		519
	7,297		Shimamura Co Ltd		855
	9,681		Shimano, Inc		1,487
	1,559,962		Shimizu Corp		12,720
	231,900		Shin-Etsu Chemical Co Ltd		12,607
	580,649		Shinsei Bank Ltd		1,069
	107,133		Shionogi & Co Ltd		4,846
	44,685		Shiseido Co Ltd		927
	65,301		Shizuoka Bank Ltd		633
	37,300		Shoei Co Ltd		327
	24,173	e	Showa Shell Sekiyu KK		197
	6,588		SMC Corp		1,711
	150,000		SMS Co Ltd		3,149
	749,360		Softbank Corp		37,820
	7,600		Sohgo Security Services Co Ltd		356
	2,400,000		Sojitz Holdings Corp		5,037
	84,200		So-net M3, Inc		1,746
	1,706,882		Sony Corp		41,950
	751,600		Sony Financial Holdings, Inc		13,444
	17,515		Stanley Electric Co Ltd		384
	604,883		Sumitomo Chemical Co Ltd		3,474
	281,063		Sumitomo Corp		2,866
	92,276		Sumitomo Electric Industries Ltd		1,303
	1,548,625		Sumitomo Heavy Industries Ltd		6,942
	61,464		Sumitomo Metal Mining Co Ltd		746
	1,123,679		Sumitomo Mitsui Financial Group, Inc		42,409
	195,725		Sumitomo Realty & Development Co Ltd		5,586
	20,963		Sumitomo Rubber Industries, Inc		273
	16,900		Suntory Beverage & Food Ltd		740
	239,354		Suruga Bank Ltd		4,933
	9,600		Suzuken Co Ltd		365
	45,122		Suzuki Motor Corp		1,371
	312,800		Sysmex Corp		20,064
	190,431		T&D Holdings, Inc		2,512
	143,000		Taiheiyo Cement Corp		418
	352,143		Taisei Corp		2,320
	3,923		Taisho Pharmaceutical Holdings Co Ltd		277
	18,372		Taiyo Nippon Sanso Corp		166
	419,718		Takashimaya Co Ltd		3,780
	332,448		Takeda Pharmaceutical Co Ltd		16,576
	80,781		Tanabe Seiyaku Co Ltd		1,392
	57,727		TDK Corp		3,697
	1,263,613		Teijin Ltd		4,306
	37,500		Terumo Corp		1,162
	61,276		THK Co Ltd		1,136
	333,878		Tobu Railway Co Ltd		1,647

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,975		Toho Co Ltd	$	387
	50,000		Toho Gas Co Ltd		323
	161,115		Tohoku Electric Power Co, Inc		2,014
	502,664		Tokio Marine Holdings, Inc		19,415
	179,360	*	Tokyo Electric Power Co, Inc		1,033
	21,310		Tokyo Electron Ltd		1,291
	809,924		Tokyo Gas Co Ltd		3,806
	25,000		Tokyo Ohka Kogyo Co Ltd		794
	25,500		Tokyo Tatemono Co Ltd		278
	574,852		Tokyu Corp		4,543
	63,700		Tokyu Fudosan Holdings Corp		399
	223,126		TonenGeneral Sekiyu KK		1,884
	64,427		Toppan Printing Co Ltd		594
	524,664		Toray Industries, Inc		4,875
	580,481	*	Toshiba Corp		1,193
	900,000		Tosoh Corp		4,630
	17,600		Toto Ltd		618
	19,939		Toyo Seikan Kaisha Ltd		370
	40,999		Toyo Suisan Kaisha Ltd		1,429
	188,097		Toyoda Gosei Co Ltd		4,273
	20,161		Toyota Industries Corp		1,078
	1,964,448		Toyota Motor Corp		120,969
	26,394		Toyota Tsusho Corp		617
	12,928		Trend Micro, Inc		525
	127,300		Uni-Charm Corp		2,600
	325		United Urban Investment Corp		441
	26,930		USS Co Ltd		405
	39,800		West Japan Railway Co		2,751
	511,000		Yahoo! Japan Corp		2,077
	10,877		Yakult Honsha Co Ltd		532
	81,890		Yamada Denki Co Ltd		354
	74,406	e	Yamaguchi Financial Group, Inc		881
	20,688		Yamaha Corp		500
	32,483		Yamaha Motor Co Ltd		728
	199,455		Yamato Transport Co Ltd		4,226
	13,553		Yamazaki Baking Co Ltd		305
	29,084		Yaskawa Electric Corp		396
	27,910		Yokogawa Electric Corp		336
	12,400		Yokohama Rubber Co Ltd		190
			TOTAL JAPAN		1,555,041

JERSEY, C.I. - 0.0%
	5,074		Randgold Resources Ltd		313
			TOTAL JERSEY, C.I.		313

KOREA, REPUBLIC OF - 0.1%
	29,000		Hanssem Co Ltd		5,683
	40,743		KB Financial Group, Inc		1,148
	20,000		Samsung Fire & Marine Insurance Co Ltd		5,228
	90,000		Woongjin Coway Co Ltd		6,408
			TOTAL KOREA, REPUBLIC OF		18,467

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
LUXEMBOURG - 0.1%
	53,982	e	ArcelorMittal	$	228
	3,883,305		B&M European Value Retail S.A.		16,298
	3,482		Millicom International Cellular S.A.		200
	1,982		RTL Group		165
	17,363		SES Global S.A.		481
	26,136		Tenaris S.A.		310
			TOTAL LUXEMBOURG		17,682

MACAU - 0.0%
	109,792		MGM China Holdings Ltd		137
	171,383	e	Wynn Macau Ltd		199
			TOTAL MACAU		336

MALAYSIA - 0.1%
	5,555,550		Karex BHD		5,335
	1,266,980		Public Bank BHD		5,459
	1,200,000		Tenaga Nasional BHD		3,715
	34,562	*	YNH Property BHD		15
			TOTAL MALAYSIA		14,524

MEXICO - 0.1%
	12,058		Fresnillo plc		125
	700,000		Gruma SAB de C.V.		9,819
			TOTAL MEXICO		9,944

NETHERLANDS - 2.0%
	2,284,255	*,g	ABN AMRO Group NV (ADR)		51,311
	96,644		Aegon NV		547
	495,956	*	AerCap Holdings NV		21,405
	348,710		Akzo Nobel NV		23,300
	19,295		Altice NV (Class A)		277
	6,145	*	Altice NV (Class B)		90
	454,969		ASML Holding NV		40,425
	44,600	e	ASML Holding NV (ADR)		3,959
	4,826		Boskalis Westminster		197
	9,396		DSM NV		471
	226,241	g	Euronext NV		11,608
	4,418		Gemalto NV		265
	5,386		Heineken Holding NV		415
	57,217		Heineken NV		4,876
	5,885,886		ING Groep NV		79,636
	1,371,962		ING Groep NV (ADR)		18,467
	44,150		Koninklijke Ahold NV		931
	50,563		Koninklijke Philips Electronics NV		1,291
	3,872		Koninklijke Vopak NV		167
	12,766		NN Group NV		450
	402,265	*	NXP Semiconductors NV		33,891
	4,771	*,e	OCI NV		118
	6,621		Randstad Holdings NV		412
	1,527,172		Royal Dutch Shell plc (A Shares)		34,589
	1,073,994		Royal Dutch Shell plc (B Shares)		24,477

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	172,316		Royal KPN NV	$	652
	25,786		TNT Express NV		218
	1,036,400	*	TomTom NV		13,030
	186,394		Wolters Kluwer NV		6,260
			TOTAL NETHERLANDS		373,735

NEW ZEALAND - 0.1%
	4,000,000		Air New Zealand Ltd		8,067
	100,334		Auckland International Airport Ltd		394
	80,632		Contact Energy Ltd		261
	74,936		Fletcher Building Ltd		376
	139,064	*	Meridian Energy Ltd		227
	76,573		Mighty River Power Ltd		145
	41,004	e	Ryman Healthcare Ltd		238
	201,768		Telecom Corp of New Zealand Ltd		454
			TOTAL NEW ZEALAND		10,162

NORWAY - 0.3%
	786,071		DNB NOR Holding ASA		9,685
	11,146		Gjensidige Forsikring BA		178
	73,911		Norsk Hydro ASA		275
	44,608		Orkla ASA		352
	3,780		Schibsted ASA		124
	4,511	*	Schibsted ASA (B Shares)		144
	2,957,610		Statoil ASA		41,249
	39,866		Telenor ASA		665
	9,681		Yara International ASA		416
			TOTAL NORWAY		53,088

PHILIPPINES - 0.1%
	20,895,900	*	Melco Crown Philippines Resorts Corp		1,011
	4,174,604		Metropolitan Bank & Trust		7,121
	8,245,950		Robinsons Retail Holdings, Inc		11,048
			TOTAL PHILIPPINES		19,180

PORTUGAL - 0.0%
	2,221,305	*,e	Banco Comercial Portugues S.A.		118
	124,476		Energias de Portugal S.A.		448
	21,129		Galp Energia SGPS S.A.		247
	660,231		Jeronimo Martins SGPS S.A.		8,591
			TOTAL PORTUGAL		9,404

RUSSIA - 0.1%
	1,319,800		Sberbank of Russian Federation (ADR)		7,742
	203,100	*	X 5 Retail Group NV (GDR)		3,849
			TOTAL RUSSIA		11,591

SINGAPORE - 0.3%
	223,755		Ascendas REIT		359
	150,943		Avago Technologies Ltd		21,909
	211,397		CapitaCommercial Trust		201

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	813,046		CapitaLand Ltd	$	1,911
	684,617		CapitaMall Trust		929
	143,900		City Developments Ltd		774
	230,648		ComfortDelgro Corp Ltd		494
	761,006		DBS Group Holdings Ltd		8,919
	665,192		Genting International plc		359
	1,980,195		Global Logistic Properties		2,990
	772,465		Golden Agri-Resources Ltd		184
	628,347		Hutchison Port Holdings Trust		332
	12,466		Jardine Cycle & Carriage Ltd		305
	439,568	e	Keppel Corp Ltd		2,008
	54,756		Keppel Infrastructure Trust		20
	78,567		K-REIT Asia		51
	502,154		Oversea-Chinese Banking Corp		3,104
	107,548		SembCorp Industries Ltd		230
	378,417	e	SembCorp Marine Ltd		466
	162,184		Singapore Airlines Ltd		1,278
	278,943		Singapore Exchange Ltd		1,509
	544,125	e	Singapore Press Holdings Ltd		1,508
	504,207		Singapore Technologies Engineering Ltd		1,066
	2,731,491		Singapore Telecommunications Ltd		7,042
	70,230		StarHub Ltd		183
	260,800		Suntec Real Estate Investment Trust		284
	282,468		United Overseas Bank Ltd		3,894
	52,909	e	United Overseas Land Ltd		232
	209,662		Wilmar International Ltd		433
	1,660,700		Yanlord Land Group Ltd		1,175
			TOTAL SINGAPORE		64,149

SOUTH AFRICA - 0.1%
	30,050		Investec plc		212
	560,306		Mondi plc		10,982
	32,300		Naspers Ltd (N Shares)		4,415
	90,000		Sasol Ltd		2,430
			TOTAL SOUTH AFRICA		18,039

SPAIN - 0.7%
	27,507		Abertis Infraestructuras S.A. (Continuous)		430
	80,000	e	Acciona S.A.		6,851
	10,431		ACS Actividades Construccion y Servicios S.A.		305
	3,574	*,g	Aena S.A.		409
	612,725		Amadeus IT Holding S.A.		27,006
	338,842		Banco Bilbao Vizcaya Argentaria S.A.		2,476
	268,129	e	Banco de Sabadell S.A.		475
	90,790		Banco Popular Espanol S.A.		299
	1,341,058		Banco Santander Central Hispano S.A.		6,597
	245,302	e	Bankia S.A.		285
	35,382		Bankinter S.A.		251
	160,000	g	Cellnex Telecom SAU		2,991
	60,194	e	Corp Mapfre S.A.		151
	140,373	e	Criteria CaixaBank S.A.		489
	932,063		Distribuidora Internacional de Alimentacion S.A.		5,497

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	11,768	e	Enagas	$	332
	1,032,970		Endesa S.A.		20,752
	24,582		Ferrovial S.A.		556
	219,189		Gas Natural SDG S.A.		4,470
	300,000		Gestevision Telecinco S.A.		3,264
	7,905		Grifols S.A.		365
	4,133,436		Iberdrola S.A.		29,302
	58,529		Inditex S.A.		2,011
	129,390	*,e,m	Let's GOWEX S.A.		1
	5,754		Red Electrica de Espana		481
	308,884		Repsol YPF S.A.		3,401
	235,400	e	Tecnicas Reunidas S.A.		8,900
	583,317	*	Telefonica S.A.		6,471
	8,599	e	Zardoya Otis S.A.		101
			TOTAL SPAIN		134,919

SWEDEN - 0.8%
	16,147		Alfa Laval AB		295
	278,011		Assa Abloy AB		5,820
	35,890		Atlas Copco AB (A Shares)		880
	20,736		Atlas Copco AB (B Shares)		477
	13,339	e	Autoliv, Inc		1,664
	804,906		Boliden AB		13,486
	1,188,383		Electrolux AB (Series B)		28,673
	163,116		Ericsson (LM) (B Shares)		1,573
	10,515		Getinge AB (B Shares)		275
	50,896		Hennes & Mauritz AB (B Shares)		1,810
	298,562		Hexagon AB (B Shares)		11,045
	21,265		Husqvarna AB (B Shares)		140
	4,197		ICA Gruppen AB		152
	9,407		Industrivarden AB		161
	713,283		Intrum Justitia AB		24,271
	23,976		Investor AB (B Shares)		881
	200,000		JM AB		5,954
	965,522		Kinnevik Investment AB (Series B)		29,739
	11,752	*	Lundin Petroleum AB		170
	200,000		NCC AB (B Shares)		6,205
	162,895		Nordea Bank AB		1,787
	56,598		Sandvik AB		493
	15,665		Securitas AB (B Shares)		240
	80,962		Skandinaviska Enskilda Banken AB (Class A)		851
	20,864		Skanska AB (B Shares)		405
	21,937		SKF AB (B Shares)		354
	31,713		Svenska Cellulosa AB (B Shares)		919
	80,584		Svenska Handelsbanken AB		1,070
	248,618		Swedbank AB (A Shares)		5,475
	10,829		Swedish Match AB		383
	17,112		Tele2 AB		171
	138,298		TeliaSonera AB		687
	593,299		Volvo AB (B Shares)		5,501
			TOTAL SWEDEN		152,007

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SWITZERLAND - 4.2%
	117,760		ABB Ltd	$	2,102
	66,525		Actelion Ltd		9,243
	401,840		Adecco S.A.		27,503
	4,570		Aryzta AG.		231
	54,751		Baloise Holding AG.		6,939
	129	e	Barry Callebaut AG.		140
	402,443		Cie Financiere Richemont S.A.		28,804
	180,000		Clariant AG.		3,413
	10,549		Coca-Cola HBC AG.		225
	789,192		Credit Suisse Group		17,001
	2,209	*	Dufry Group		263
	450		EMS-Chemie Holding AG.		198
	7,200		Flughafen Zuerich AG.		5,402
	1,956		Galenica AG.		3,060
	2,021		Geberit AG.		685
	8,000		Georg Fischer AG.		5,431
	488		Givaudan S.A.		886
	657,773		Glencore Xstrata plc		872
	618,130		Holcim Ltd		30,953
	11,739		Julius Baer Group Ltd		568
	8,000		Kaba Holding AG.		5,433
	2,880		Kuehne & Nagel International AG.		395
	215,427	*	LafargeHolcim Ltd		10,897
	51		Lindt & Spruengli AG.		318
	5		Lindt & Spruengli AG. (Registered)		372
	303,192		Lonza Group AG.		49,310
	1,198,394		Nestle S.A.		88,963
	2,063,418		Novartis AG.		177,494
	1,212		Pargesa Holding S.A.		77
	879		Partners Group		316
	2,923		Phonak Holding AG.		371
	358,839		Roche Holding AG.		99,437
	2,315		Schindler Holding AG.		387
	1,027		Schindler Holding AG. (Registered)		173
	301		SGS S.A.		572
	114		Sika AG.		412
	33,005		STMicroelectronics NV		221
	882		Sulzer AG.		83
	1,704	e	Swatch Group AG.		592
	2,461		Swatch Group AG. (Registered)		166
	1,771		Swiss Life Holding		477
	3,711		Swiss Prime Site AG.		290
	520,703		Swiss Re Ltd		50,855
	1,370		Swisscom AG.		686
	18,994		Syngenta AG.		7,434
	545,553		TE Connectivity Ltd		35,248
	4,103,539		UBS AG.		79,606
	514,994		Wolseley plc		27,971
	8,011		Zurich Financial Services AG.		2,058
			TOTAL SWITZERLAND		784,533

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
TAIWAN - 0.3%
	11,940,000		Advanced Semiconductor Engineering, Inc	$	13,716
	150,000		Catcher Technology Co Ltd		1,251
	1,051,965		Eclat Textile Co Ltd		14,455
	2,781,746		Hota Industrial Manufacturing Co Ltd		10,178
	447,200		King Slide Works Co Ltd		5,780
	2,300,000		Pegatron Technology Corp		5,002
			TOTAL TAIWAN		50,382

THAILAND - 0.0%
	3,000,000		Delta Electronics Thai PCL		6,339
			TOTAL THAILAND		6,339

UNITED ARAB EMIRATES - 0.0%
	473,008	*	Emaar Malls Group PJSC		354
	4,715,574		Emaar Properties PJSC		7,251
			TOTAL UNITED ARAB EMIRATES		7,605

UNITED KINGDOM - 7.2%
	54,089		3i Group plc		383
	50,171	e	Aberdeen Asset Management plc		214
	10,950		Admiral Group plc		268
	14,132		Aggreko plc		190
	899,830	*	Aldermore Group plc		3,070
	21,481		AMEC plc		136
	74,577		Anglo American plc (London)		327
	3,001,727		ARM Holdings plc		45,752
	2,710,259		Ashtead Group plc		44,605
	110,100	*	ASOS plc		5,594
	1,222,133		Associated British Foods plc		60,138
	497,551		AstraZeneca plc		33,608
	3,580,453	*,g	Auto Trader Group plc		23,344
	666,898		Aviva plc		5,062
	13,962		Babcock International Group		209
	167,522		BAE Systems plc		1,233
	28,936,967		Barclays plc		93,141
	53,354		Barratt Developments plc		492
	300,000		Bellway plc		12,544
	871,043	*	Belmond Ltd.		8,275
	182,934		BG Group plc		2,652
	4,618,114		BP plc		23,999
	99,915		British American Tobacco plc		5,549
	301,188		British Land Co plc		3,485
	2,524,173		Britvic plc		27,045
	1,123,909		BT Group plc		7,804
	17,561		Bunzl plc		487
	23,722		Burberry Group plc		417
	34,723		Capita Group plc		618
	267,247		Centrica plc		858
	686,400		Cineworld Group plc		5,691
	160,000		Close Brothers Group plc		3,155
	53,063		CNH Industrial NV		363

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	61,145		Cobham plc	$	255
	464,221		Compass Group plc		8,044
	136,700		Consort Medical plc		2,329
	67,497		Croda International plc		3,024
	60,000		DCC plc		5,013
	845,071		Delphi Automotive plc		72,448
	134,547		Diageo plc		3,674
	73,664		Direct Line Insurance Group plc		442
	1,290,245		easyJet plc		33,091
	2,072,667	*,e	Fiat DaimlerChrysler Automobiles NV		28,785
	91,242		GKN plc		414
	1,006,424		GlaxoSmithKline plc		20,326
	84,147		Group 4 Securicor plc		280
	43,003		Hammerson plc		380
	13,518		Hargreaves Lansdown plc		300
	8,557,727		Hays plc		18,379
	3,665,344		HSBC Holdings plc		28,935
	300,000		HSBC Holdings plc (Hong Kong)		2,372
	28,901		ICAP plc		217
	15,030		IMI plc		191
	191,431		Imperial Tobacco Group plc		10,111
	1,000,000		Inchcape plc		11,538
	23,980		Inmarsat plc		402
	12,324		InterContinental Hotels Group plc		480
	42,222		International Consolidated Airlines Group S.A.		378
	7,459,455		International Consolidated Airlines Group S.A. (London)		67,068
	8,910		Intertek Group plc		364
	202,509		ITV plc		824
	68,981	e	J Sainsbury plc		263
	11,345		Johnson Matthey plc		444
	1,866,414	*	Just Eat plc		13,552
	121,532		Kingfisher plc		589
	42,761		Land Securities Group plc		741
	10,210,803		Legal & General Group plc		40,291
	193,208	*	Liberty Global plc		7,877
	523,525	*	Liberty Global plc (Class A)		22,177
	1,652	*	Liberty Global plc LiLAC (Class A)		68
	1,902	*	Liberty Global plc LiLAC (Class C)		82
	51,239		Liberty International plc		239
	10,461,549		Lloyds TSB Group plc		11,257
	16,899		London Stock Exchange Group plc		684
	6,800,024		Man Group plc		17,493
	88,394		Marks & Spencer Group plc		589
	42,019		Meggitt plc		232
	53,653		Melrose Industries plc		230
	39,039	g	Merlin Entertainments plc		262
	200,381		National Grid plc		2,764
	51,009		New Carphone Warehouse plc		375
	331,052		Next plc		35,545
	265,145		Old Mutual plc		698
	447,100		OneSavings Bank plc		2,341
	43,742		Pearson plc		473

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	16,330		Pentair plc	$	809
	15,903		Persimmon plc		474
	13,514		Petrofac Ltd		159
	7,823		Provident Financial plc		388
	3,580,231		Prudential plc		80,661
	84,292		Reckitt Benckiser Group plc		7,799
	564,021		Reed Elsevier NV		9,499
	59,346		Reed Elsevier plc		1,047
	37,275		Rexam plc		332
	227,462		Rightmove plc		13,823
	127,819		Rio Tinto Ltd		4,134
	565,629		Rio Tinto plc		16,468
	95,873		Rolls-Royce Group plc		812
	183,524	*	Royal Bank of Scotland Group plc		816
	45,709		Royal Mail plc		299
	53,461		RSA Insurance Group plc		336
	815,543		SABMiller plc		48,789
	57,786		Sage Group plc		513
	6,892		Schroders plc		302
	53,080		Scottish & Southern Energy plc		1,192
	41,436		Segro plc		262
	11,939		Severn Trent plc		382
	310,465	*,g	Shawbrook Group plc		1,602
	3,005,181		Sky plc		49,263
	47,365		Smith & Nephew plc		844
	21,840		Smiths Group plc		302
	14,312	*	Sports Direct International plc		122
	28,965		St. James's Place plc		429
	695,113		Standard Chartered plc		5,767
	103,102		Standard Life plc		590
	23,591		Tate & Lyle plc		208
	4,077,475		Taylor Wimpey plc		12,189
	434,130	*	Tesco plc		954
	1,100,721		Travis Perkins plc		31,932
	87,101		Unilever NV		3,796
	133,632		Unilever plc		5,732
	36,300		United Utilities Group plc		500
	1,000,900		Vesuvius plc		4,928
	1,791,586		Virgin Money Holdings UK plc		10,042
	13,113,250		Vodafone Group plc		42,523
	11,799		Weir Group plc		173
	230,000		WH Smith plc		5,976
	346,075		Whitbread plc		22,431
	48,917		William Hill plc		285
	114,961	e	WM Morrison Supermarkets plc		251
	2,193,072		WPP plc		50,445
			TOTAL UNITED KINGDOM		1,340,618

UNITED STATES - 57.2%
	190,477		3M Co		28,693
	60,000		A.O. Smith Corp		4,597
	191,200		Aaron's, Inc		4,281

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,012,962		Abbott Laboratories	$	45,492
	884,853		AbbVie, Inc		52,419
	27,878	e	Abercrombie & Fitch Co (Class A)		753
	228,502		Accenture plc		23,878
	304,393		ACE Ltd		35,568
	110,273		Activision Blizzard, Inc		4,269
	18,307		Acuity Brands, Inc		4,280
	196,257	*	Adobe Systems, Inc		18,436
	56,404	e	ADT Corp		1,860
	21,353		Advance Auto Parts, Inc		3,214
	81,328		AES Corp		778
	430,373		Aetna Inc		46,532
	21,301	*	Affiliated Managers Group, Inc		3,403
	55,106		Aflac, Inc		3,301
	21,184	e	AGCO Corp		962
	91,996		Agilent Technologies, Inc		3,846
	9,479		AGL Resources, Inc		605
	40,555		Air Products & Chemicals, Inc		5,277
	14,952		Airgas, Inc		2,068
	39,953	*	Akamai Technologies, Inc		2,103
	99,100		Alaska Air Group, Inc		7,979
	686,526		Albemarle Corp		38,452
	175,336		Alcoa, Inc		1,731
	347,311	*	Alexion Pharmaceuticals, Inc		66,250
	147,435	*	Alkermes plc		11,703
	3,194	*	Alleghany Corp		1,527
	16,000		Allegiant Travel Co		2,685
	410,150	*	Allergan plc		128,172
	94,960	*	Alliance Data Systems Corp		26,263
	34,125		Alliant Energy Corp		2,131
	174,608		Allstate Corp		10,841
	39,793	*	Ally Financial, Inc		742
	13,797	*	Alnylam Pharmaceuticals, Inc		1,299
	100,113	*	Alphabet, Inc (Class A)		77,889
	271,069	*	Alphabet, Inc (Class C)		205,709
	477,389		Altria Group, Inc		27,789
	226,703	*	Amazon.com, Inc		153,226
	65,000	*	AMC Networks, Inc		4,854
	120,000		Amdocs Ltd		6,548
	11,502		Amerco, Inc		4,480
	69,308		Ameren Corp		2,996
	16,911		American Airlines Group, Inc		716
	117,238		American Capital Agency Corp		2,033
	435,775		American Electric Power Co, Inc		25,393
	218,576		American Express Co		15,202
	149,900		American Financial Group, Inc		10,805
	191,177		American International Group, Inc		11,847
	97,225		American Tower Corp		9,426
	121,507		American Water Works Co, Inc		7,260
	131,109		Ameriprise Financial, Inc		13,953
	67,472		AmerisourceBergen Corp		6,998
	27,443		Ametek, Inc		1,471

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	290,073		Amgen, Inc	$	47,088
	100,772		Amphenol Corp (Class A)		5,263
	105,666		Anadarko Petroleum Corp		5,133
	67,271		Analog Devices, Inc		3,721
	320,601		Annaly Capital Management, Inc		3,007
	14,782	*	Ansys, Inc		1,367
	8,568	*,e	Antero Resources Corp		187
	183,998		Anthem, Inc		25,657
	57,325		Aon plc		5,286
	618,031		Apache Corp		27,484
	3,194,788		Apple, Inc		336,283
	160,170		Applied Materials, Inc		2,990
	18,309		ARAMARK Holdings Corp		590
	45,071	*	Arch Capital Group Ltd		3,144
	187,263		Archer Daniels Midland Co		6,869
	11,639	*	Arrow Electronics, Inc		631
	13,109		Arthur J. Gallagher & Co		537
	42,000	*	Asbury Automotive Group, Inc		2,832
	10,051		Ashland, Inc		1,032
	19,420		Assurant, Inc		1,564
	1,080,098		AT&T, Inc		37,166
	326,700	*	Autodesk, Inc		19,906
	81,419		Automatic Data Processing, Inc		6,898
	135,084	*	Autonation, Inc		8,059
	28,779	*	AutoZone, Inc		21,351
	22,146		AvalonBay Communities, Inc		4,078
	25,384		Avery Dennison Corp		1,591
	308,058	*	Avis Budget Group, Inc		11,179
	19,650		Avnet, Inc		842
	25,432	*	Axalta Coating Systems Ltd		678
	166,701		Axiall Corp		2,567
	179,210		Axis Capital Holdings Ltd		10,075
	149,364		Baker Hughes, Inc		6,893
	29,627		Ball Corp		2,155
	6,395,526		Bank of America Corp		107,637
	99,416		Bank of New York Mellon Corp		4,098
	18,874		Bard (C.R.), Inc		3,575
	269,624		Baxalta, Inc		10,523
	322,731		Baxter International, Inc		12,312
	84,235		BB&T Corp		3,185
	18,012		BE Aerospace, Inc		763
	52,926		Becton Dickinson & Co		8,155
	90,706	*	Bed Bath & Beyond, Inc		4,377
	227,064	*	Berkshire Hathaway, Inc (Class B)		29,982
	906,879	*	Berry Plastics Group, Inc		32,811
	536,971		Best Buy Co, Inc		16,351
	386,247	e	Big Lots, Inc		14,886
	83,681	*	Biogen Idec, Inc		25,636
	90,503	*	BioMarin Pharmaceutical, Inc		9,481
	32,910		BlackRock, Inc		11,207
	218,000		Blackstone Group LP		6,374
	685,434	*,e	Blue Buffalo Pet Products, Inc		12,824

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	91,569		Boeing Co	$	13,240
	24,046		BorgWarner, Inc		1,040
	22,242		Boston Properties, Inc		2,837
	501,132	*	Boston Scientific Corp		9,241
	90,000		Brinker International, Inc		4,315
	476,884		Bristol-Myers Squibb Co		32,805
	1,148,043		Brixmor Property Group, Inc		29,642
	110,310		Broadcom Corp (Class A)		6,378
	660,000		Brocade Communications Systems, Inc		6,059
	14,804		Brown-Forman Corp (Class B)		1,470
	28,941		Bunge Ltd		1,976
	747,896		BWX Technologies, Inc		23,761
	41,986		CA, Inc		1,199
	83,308		Cablevision Systems Corp (Class A)		2,658
	88,905		Cabot Oil & Gas Corp		1,573
	97,000	*	CACI International, Inc (Class A)		9,000
	55,000	e	Cal-Maine Foods, Inc		2,549
	62,246	*	Calpine Corp		901
	29,353		Camden Property Trust		2,253
	47,007	*	Cameron International Corp		2,971
	37,986		Campbell Soup Co		1,996
	194,840		Capital One Financial Corp		14,064
	153,368		Cardinal Health, Inc		13,691
	28,894		Care Capital Properties, Inc		883
	92,573	*	Carmax, Inc		4,996
	86,663		Carnival Corp		4,721
	9,892		Carnival plc		564
	150,000		Carter's, Inc		13,354
	48,983	e	Caterpillar, Inc		3,329
	929,050	*	CBRE Group, Inc		32,127
	613,117		CBS Corp (Class B)		28,896
	15,605		CDK Global, Inc		741
	236,405		CDW Corp		9,938
	32,375		Celanese Corp (Series A)		2,180
	950,269	*	Celgene Corp		113,804
	21,491	*	Centene Corp		1,414
	117,993		Centerpoint Energy, Inc		2,166
	74,456		CenturyTel, Inc		1,873
	66,719	*	Cerner Corp		4,014
	343,955		CF Industries Holdings, Inc		14,037
	30,612		CH Robinson Worldwide, Inc		1,899
	723,243		Charles Schwab Corp		23,816
	25,809	*,e	Charter Communications, Inc		4,726
	40,000		Chemed Corp		5,992
	23,713	*	Cheniere Energy, Inc		883
	60,737	e	Chesapeake Energy Corp		273
	817,896		Chevron Corp		73,578
	144,268	e	Chicago Bridge & Iron Co NV		5,625
	8,976	*	Chipotle Mexican Grill, Inc (Class A)		4,307
	26,958		Chubb Corp		3,576
	71,725		Church & Dwight Co, Inc		6,088
	76,700	*	Ciena Corp		1,587

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	169,823		Cigna Corp	$	24,850
	22,272		Cimarex Energy Co		1,991
	25,035		Cincinnati Financial Corp		1,481
	32,393		Cintas Corp		2,949
	4,293,630		Cisco Systems, Inc		116,594
	169,726		CIT Group, Inc		6,738
	1,381,728		Citigroup, Inc		71,505
	55,327		Citizens Financial Group, Inc		1,449
	331,134	*	Citrix Systems, Inc		25,050
	233,800	*,e	Cliffs Natural Resources, Inc		369
	61,152		Clorox Co		7,756
	53,641		CME Group, Inc		4,860
	736,881		CMS Energy Corp		26,587
	762,775		Coach, Inc		24,966
	31,225	*	Cobalt International Energy, Inc		169
	2,579,960		Coca-Cola Co		110,835
	89,864		Coca-Cola Enterprises, Inc		4,425
	271,323	*	Cognizant Technology Solutions Corp (Class A)		16,285
	87,812		Colgate-Palmolive Co		5,850
	70,355		Columbia Pipeline Group, Inc		1,407
	2,625,010		Comcast Corp (Class A)		148,129
	22,003		Comerica, Inc		920
	200,000	*	CommScope Holding Co, Inc		5,178
	3,482		Communications Sales & Leasing, Inc		65
	100,000	*	Community Health Systems, Inc		2,653
	146,033		Computer Sciences Corp		4,772
	71,066		ConAgra Foods, Inc		2,996
	547,991	*	Concho Resources, Inc		50,886
	191,325		ConocoPhillips		8,933
	300,000		Conseco, Inc		5,727
	13,656	e	Consol Energy, Inc		108
	87,969		Consolidated Edison, Inc		5,654
	36,981		Constellation Brands, Inc (Class A)		5,268
	204,641	*	Continental Resources, Inc		4,703
	8,608		Cooper Cos, Inc		1,155
	23,702	e	Core Laboratories NV		2,577
	241,406		Corning, Inc		4,413
	175,516		Costco Wholesale Corp		28,346
	22,500	*,e	Credit Acceptance Corp		4,815
	101,575		Crown Castle International Corp		8,781
	486,489	*	Crown Holdings, Inc		24,665
	130,943	*	CSRA, Inc		3,928
	574,110		CSX Corp		14,898
	84,971		Cummins, Inc		7,478
	1,118,980		CVS Health Corp		109,403
	130,514		Danaher Corp		12,122
	93,239		Darden Restaurants, Inc		5,934
	124,782	*	DaVita, Inc		8,699
	44,402	e	Deere & Co		3,387
	1,039,127		Delta Air Lines, Inc		52,673
	110,000		Deluxe Corp		5,999
	22,323		Dentsply International, Inc		1,358

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	78,540		Devon Energy Corp	$	2,513
	17,978	e	Diamond Offshore Drilling, Inc		379
	360,691	*	Diamondback Energy, Inc		24,130
	122,837		Dick's Sporting Goods, Inc		4,342
	41,220		Digital Realty Trust, Inc		3,117
	62,578		Discover Financial Services		3,355
	31,268	*,e	Discovery Communications, Inc (Class A)		834
	44,607	*	Discovery Communications, Inc (Class C)		1,125
	88,690	*	DISH Network Corp (Class A)		5,071
	886,531		Dollar General Corp		63,715
	68,439	*	Dollar Tree, Inc		5,285
	105,324		Dominion Resources, Inc		7,124
	18,214		Dover Corp		1,117
	778,507		Dow Chemical Co		40,078
	153,809		DR Horton, Inc		4,927
	122,668		Dr Pepper Snapple Group, Inc		11,433
	41,200		DST Systems, Inc		4,699
	52,282		DTE Energy Co		4,192
	716,987		Du Pont (E.I.) de Nemours & Co		47,751
	85,705		Duke Energy Corp		6,118
	89,970		Duke Realty Corp		1,891
	7,778		Dun & Bradstreet Corp		808
	120,064	*	E*TRADE Financial Corp		3,559
	316,735		East West Bancorp, Inc		13,164
	32,925		Eastman Chemical Co		2,223
	63,223		Eaton Corp		3,290
	15,344		Eaton Vance Corp		498
	113,999	*	eBay, Inc		3,133
	46,796		Ecolab, Inc		5,353
	11,523		Edgewell Personal Care Co		903
	112,009		Edison International		6,632
	116,876	*	Edwards Lifesciences Corp		9,231
	65,932	*	Electronic Arts, Inc		4,531
	874,465		Eli Lilly & Co		73,682
	370,888		EMC Corp		9,524
	56,885		Emerson Electric Co		2,721
	393,791	*	Endo International plc		24,108
	20,103		Energen Corp		824
	1,784		Engility Holdings, Inc		58
	52,941		Ensco plc		815
	50,818		Entergy Corp		3,474
	14,283	*	Envision Healthcare Holdings, Inc		371
	1,234,431		EOG Resources, Inc		87,385
	34,182		EQT Corp		1,782
	32,560		Equifax, Inc		3,626
	12,301		Equinix, Inc		3,720
	84,394		Equity Residential		6,886
	16,784		Essex Property Trust, Inc		4,018
	109,736		Estee Lauder Cos (Class A)		9,663
	120,000	*	Euronet Worldwide, Inc		8,692
	67,109		Everest Re Group Ltd		12,287
	120,946		Eversource Energy		6,177

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	133,384		Exelon Corp	$	3,704
	158,030		Expedia, Inc		19,643
	19,489		Expeditors International of Washington, Inc		879
	433,723	*	Express Scripts Holding Co		37,912
	1,078,450		Extended Stay America, Inc		17,147
	45,859		Extra Space Storage, Inc		4,045
	1,419,120	d	Exxon Mobil Corp		110,620
	99,349	*	F5 Networks, Inc		9,633
	1,458,868	*	Facebook, Inc		152,685
	29,610	e	Fastenal Co		1,209
	22,157		Federal Realty Investment Trust		3,237
	138,262		FedEx Corp		20,600
	56,143		Fidelity National Information Services, Inc		3,402
	88,824		Fifth Third Bancorp		1,785
	31,599	*	FireEye, Inc		655
	135,500	*	First American Corp		4,588
	36,464		First Republic Bank		2,409
	108,478		FirstEnergy Corp		3,442
	106,797	*	Fiserv, Inc		9,768
	33,325	*,e	Fitbit, Inc		986
	30,260	*	FleetCor Technologies, Inc		4,325
	682,780	*	Flextronics International Ltd		7,654
	27,755		Flir Systems, Inc		779
	14,570		Flowserve Corp		613
	17,017		Fluor Corp		804
	25,129		FMC Corp		983
	50,653	*	FMC Technologies, Inc		1,469
	24,147		FNF Group		837
	150,376		Foot Locker, Inc		9,788
	425,353		Ford Motor Co		5,993
	27,526	*	Fortinet, Inc		858
	80,134		Fortune Brands Home & Security, Inc		4,447
	10,514	*	Four Corners Property Trust, Inc		254
	35,523		Franklin Resources, Inc		1,308
	93,469		Freeport-McMoRan Copper & Gold, Inc (Class B)		633
	241,942	e	Frontier Communications Corp		1,130
	246,362	e	GameStop Corp (Class A)		6,908
	340,000		Gaming and Leisure Properties, Inc		9,452
	38,516	e	Gap, Inc		951
	18,725	e	Garmin Ltd		696
	11,185	*	Gartner, Inc		1,014
	113,999		General Dynamics Corp		15,659
	3,018,635		General Electric Co		94,031
	135,794		General Growth Properties, Inc		3,695
	78,104		General Mills, Inc		4,503
	18,159,000	*,m	General Motors Co		0	^
	18,106,794	*,e,m	General Motors Co		0	^
	61,921,000	*,e,m	General Motors Co		0	^
	13,592,224	*,m	General Motors Co		0	^
	19,417,463	*,m	General Motors Co		0	^
	4,461,000	*,m	General Motors Co		0	^
	131,475		General Motors Co		4,471

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	29,845,445	*,m	General Motors Co	$	0	^
	26,439,985	*,m	General Motors Co		0	^
	530,757	*,m	General Motors Co		0	^
	69,850,000	*,m	General Motors Co		0	^
	18,172		Genuine Parts Co		1,561
	1,093,755		Gilead Sciences, Inc		110,677
	263,776		Global Payments, Inc		17,016
	98,825		Goldman Sachs Group, Inc		17,811
	199,241		Goodyear Tire & Rubber Co		6,509
	27,803		H&R Block, Inc		926
	1		H.B. Fuller Co		0	^
	164,690		Halliburton Co		5,606
	98,082		Hanesbrands, Inc		2,887
	21,922		Harley-Davidson, Inc		995
	174,836		Harman International Industries, Inc		16,471
	30,029		Harris Corp		2,610
	154,812		Hartford Financial Services Group, Inc		6,728
	33,737		Hasbro, Inc		2,273
	282,373	*	HCA Holdings, Inc		19,097
	75,410		HCP, Inc		2,884
	152,395	*	HD Supply Holdings, Inc		4,576
	160,000	*	Health Net, Inc		10,954
	170,000		Healthsouth Corp		5,918
	14,143	e	Helmerich & Payne, Inc		757
	20,415	*	Henry Schein, Inc		3,229
	36,800	*,e	Herbalife Ltd		1,973
	180,000		Herman Miller, Inc		5,166
	27,547		Hershey Co		2,459
	898,722	*	Hertz Global Holdings, Inc		12,789
	132,027		Hess Corp		6,401
	1,909,924	*	Hewlett Packard Enterprise Co		29,031
	94,359		Hilton Worldwide Holdings, Inc		2,019
	46,915		HollyFrontier Corp		1,871
	351,002	*	Hologic, Inc		13,580
	1,263,037		Home Depot, Inc		167,037
	1,165,182		Honeywell International, Inc		120,678
	36,952		Hormel Foods Corp		2,922
	74,227		Host Marriott Corp		1,139
	2,127,181		HP, Inc		25,186
	43,132		Humana, Inc		7,699
	1,208,990		Huntington Bancshares, Inc		13,371
	60,000		Huntington Ingalls		7,611
	60,000		Icahn Enterprises LP		3,678
	12,208	*	IHS, Inc (Class A)		1,446
	30,909		Illinois Tool Works, Inc		2,865
	55,578	*	Illumina, Inc		10,668
	13,023	*	IMS Health Holdings, Inc		332
	33,386	*	Incyte Corp		3,621
	579,463		Ingersoll-Rand plc		32,039
	45,000		Ingredion, Inc		4,313
	102,920	*,e	Inovalon Holdings, Inc		1,750
	2,048,357		Intel Corp		70,566

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,778		IntercontinentalExchange Group, Inc	$	2,506
	190,456		International Business Machines Corp		26,211
	22,842		International Flavors & Fragrances, Inc		2,733
	41,537		International Paper Co		1,566
	565,887		Interpublic Group of Cos, Inc		13,174
	283,503		Intuit, Inc		27,358
	16,476	*	Intuitive Surgical, Inc		8,999
	41,783		Invesco Ltd		1,399
	9,189	*,e	Ionis Pharmaceuticals, Inc		569
	27,149		Iron Mountain, Inc		733
	327,075	e	iShares MSCI Canada Index Fund		7,032
	1,486,490	e	iShares MSCI EAFE Index Fund		87,331
	140,000		ITT Corp		5,085
	16,155		J.B. Hunt Transport Services, Inc		1,185
	21,171		J.M. Smucker Co		2,611
	28,115	*	Jacobs Engineering Group, Inc		1,179
	332,627	*	Jarden Corp		19,000
	97,511	*	Jazz Pharmaceuticals plc		13,706
	789,349		Johnson & Johnson		81,082
	124,109		Johnson Controls, Inc		4,901
	45,590		Jones Lang LaSalle, Inc		7,288
	2,696,823		JPMorgan Chase & Co		178,071
	1,155,148		Juniper Networks, Inc		31,882
	360,320		Kansas City Southern Industries, Inc		26,905
	1,020,000		KBR, Inc		17,258
	41,161		Kellogg Co		2,975
	9,931		Keurig Green Mountain, Inc		894
	1,131,990		Keycorp		14,931
	60,091		Kimberly-Clark Corp		7,650
	95,301		Kimco Realty Corp		2,522
	288,707		Kinder Morgan, Inc		4,308
	33,366		Kla-Tencor Corp		2,314
	86,990		Kohl's Corp		4,143
	130,000		Korn/Ferry International		4,313
	379,553		Kraft Heinz Co		27,616
	455,468		Kroger Co		19,052
	81,386		L Brands, Inc		7,798
	18,670		L-3 Communications Holdings, Inc		2,231
	218,470	*	Laboratory Corp of America Holdings		27,012
	120,842		Lam Research Corp		9,597
	39,626		Las Vegas Sands Corp		1,737
	90,000		Lazard Ltd (Class A)		4,051
	109,090		Lear Corp		13,400
	13,026		Legg Mason, Inc		511
	20,104		Leggett & Platt, Inc		845
	18,453	e	Lennar Corp (Class A)		903
	42,203		Leucadia National Corp		734
	61,845	*	Level 3 Communications, Inc		3,362
	130,000		Lexmark International, Inc (Class A)		4,218
	232,758	*	Liberty Interactive Corp		6,359
	29,881	*	Liberty Media Corp		1,173

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	20,555	*	Liberty Media Corp (Class C)	$	783
	35,133		Liberty Property Trust		1,091
	247,420		Lincoln National Corp		12,435
	55,039		Linear Technology Corp		2,338
	14,476	*	LinkedIn Corp		3,258
	47,360	*	LKQ Corp		1,403
	57,799		Lockheed Martin Corp		12,551
	46,007		Loews Corp		1,767
	215,681	*	Louisiana-Pacific Corp		3,884
	835,621		Lowe's Companies, Inc		63,541
	321,562	*,e	Lululemon Athletica, Inc		16,872
	169,943		LyondellBasell Industries AF S.C.A		14,768
	45,824		M&T Bank Corp		5,553
	138,227		Macerich Co		11,154
	105,917		Macy's, Inc		3,705
	10,469	*	Mallinckrodt plc		781
	82,897		Manpower, Inc		6,987
	139,769		Marathon Oil Corp		1,760
	177,482		Marathon Petroleum Corp		9,201
	2,599	*	Markel Corp		2,296
	266,523		Marriott International, Inc (Class A)		17,868
	573,762		Marsh & McLennan Cos, Inc		31,815
	14,149		Martin Marietta Materials, Inc		1,932
	678,179		Masco Corp		19,192
	249,141		Mastercard, Inc (Class A)		24,256
	95,625	e	Mattel, Inc		2,598
	65,751		Maxim Integrated Products, Inc		2,499
	37,672		McCormick & Co, Inc		3,223
	259,128		McDonald's Corp		30,613
	54,989		McGraw-Hill Financial, Inc		5,421
	138,252		McKesson Corp		27,267
	679		MDC Holdings, Inc		17
	15,901		MDU Resources Group, Inc		291
	31,993		Mead Johnson Nutrition Co		2,526
	82,641	*	Medivation, Inc		3,995
	896,251		Medtronic plc		68,940
	190,000		Mentor Graphics Corp		3,500
	784,015		Merck & Co, Inc		41,412
	631,065	*,e	Merrimack Pharmaceuticals, Inc		4,985
	1,348,531		Metlife, Inc		65,013
	6,571	*	Mettler-Toledo International, Inc		2,228
	1,475,881	*	MGM Resorts International		33,532
	49,083	*	Michael Kors Holdings Ltd		1,966
	200,000	*	Michaels Cos, Inc		4,422
	23,989	e	Microchip Technology, Inc		1,116
	474,719	*	Micron Technology, Inc		6,722
	120,000	*	Microsemi Corp		3,911
	3,154,105		Microsoft Corp		174,990
	14,000	*	MicroStrategy, Inc (Class A)		2,510
	253,301	*,e	Mobileye NV		10,710
	32,434	*	Mohawk Industries, Inc		6,143
	62,309		Molson Coors Brewing Co (Class B)		5,852

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,289,087		Mondelez International, Inc	$	102,643
	96,747		Monsanto Co		9,532
	160,583	*	Monster Beverage Corp		23,920
	37,477		Moody's Corp		3,760
	2,291,266		Morgan Stanley		72,885
	38,929		Mosaic Co		1,074
	42,994		Motorola, Inc		2,943
	1	*	MSG Networks, Inc		0	^
	23,704		Murphy Oil Corp		532
	968,673	*,e	Mylan NV		52,376
	279,457		Nabors Industries Ltd		2,378
	21,491		NASDAQ OMX Group, Inc		1,250
	56,124		National Oilwell Varco, Inc		1,880
	80,924		Navient Corp		927
	75,094		NetApp, Inc		1,992
	108,105	*	NetFlix, Inc		12,365
	5,171	*,e	NetSuite, Inc		438
	112,577		New York Community Bancorp, Inc		1,837
	876,747		Newell Rubbermaid, Inc		38,647
	225,692		Newmont Mining Corp		4,060
	38,837		News Corp		519
	840,228		NextEra Energy, Inc		87,291
	112,362		Nielsen NV		5,236
	624,009		Nike, Inc (Class B)		39,001
	61,860		Noble Energy, Inc		2,037
	42,548	e	Nordstrom, Inc		2,119
	45,519		Norfolk Southern Corp		3,850
	40,122		Northern Trust Corp		2,892
	188,663		Northrop Grumman Corp		35,621
	394,931	*	Norwegian Cruise Line Holdings Ltd		23,143
	44,081		NRG Energy, Inc		519
	87,066	*	Nuance Communications, Inc		1,732
	67,358		Nucor Corp		2,715
	365,480		Nvidia Corp		12,046
	10,145	*	NVR, Inc		16,668
	1,057,516		Occidental Petroleum Corp		71,499
	273,069		Oceaneering International, Inc		10,246
	33,930		OGE Energy Corp		892
	950,060		Olin Corp		16,398
	52,518		Omnicom Group, Inc		3,974
	25,603		Oneok, Inc		631
	2,119,748		Oracle Corp		77,434
	42,066	*	O'Reilly Automotive, Inc		10,660
	255,968		Owens Corning, Inc		12,038
	32,656		Paccar, Inc		1,548
	14,815		Packaging Corp of America		934
	53,868	*	Palo Alto Networks, Inc		9,488
	90,000	*	Parexel International Corp		6,131
	12,650		Parker Hannifin Corp		1,227
	37,421		Patterson Cos, Inc		1,692
	47,864		Paychex, Inc		2,532
	1,066,983	*	PayPal Holdings, Inc		38,625

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,876	*	Pediatrix Medical Group, Inc	$	493
	102,719	e	People's United Financial, Inc		1,659
	83,989		Pepco Holdings, Inc		2,185
	1,187,561		PepsiCo, Inc		118,661
	66,212		Perrigo Co plc		9,581
	4,434,581		Pfizer, Inc		143,148
	95,375		PG&E Corp		5,073
	441,720		Philip Morris International, Inc		38,832
	137,809		Phillips 66		11,273
	21,257		Phillips-Van Heusen Corp		1,566
	400,000	e	Pilgrim's Pride Corp		8,836
	1,006,431		Pinnacle Foods, Inc		42,733
	33,060		Pinnacle West Capital Corp		2,132
	166,631		Pioneer Natural Resources Co		20,892
	5,450	*	PJT Partners, Inc		154
	13,953		Plains GP Holdings LP		132
	27,939		Plum Creek Timber Co, Inc		1,333
	78,447		PNC Financial Services Group, Inc		7,477
	8,550	e	Polaris Industries, Inc		735
	531,975		PPG Industries, Inc		52,570
	174,164		PPL Corp		5,944
	75,000	*,e	PRA Group, Inc		2,602
	36,697		Praxair, Inc		3,758
	14,243		Precision Castparts Corp		3,305
	12,616	*	Priceline.com, Inc		16,085
	30,621		Principal Financial Group		1,377
	834,632		Procter & Gamble Co		66,278
	79,369		Progressive Corp		2,524
	74,532		Prologis, Inc		3,199
	187,031		Prudential Financial, Inc		15,226
	132,935		Public Service Enterprise Group, Inc		5,143
	56,168		Public Storage, Inc		13,913
	331,506		Pulte Homes, Inc		5,907
	12,108	*	Qiagen NV		328
	11,096	*	Qorvo, Inc		565
	1,179,599		Qualcomm, Inc		58,962
	24,226	*	Quanta Services, Inc		491
	49,271		Quest Diagnostics, Inc		3,505
	9,239	*	Quintiles Transnational Holdings, Inc		634
	26,115	*	Rackspace Hosting, Inc		661
	14,081		Ralph Lauren Corp		1,570
	25,490	e	Range Resources Corp		627
	16,183		Raymond James Financial, Inc		938
	58,898		Raytheon Co		7,335
	694,448	*	Realogy Holdings Corp		25,465
	48,958	e	Realty Income Corp		2,528
	80,791	*	Red Hat, Inc		6,690
	25,383		Regency Centers Corp		1,729
	16,319	*	Regeneron Pharmaceuticals, Inc		8,859
	168,563		Regions Financial Corp		1,618
	60,000		Reinsurance Group of America, Inc (Class A)		5,133
	105,482		Republic Services, Inc		4,640

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	21,343	e	Resmed, Inc	$	1,146
	284,779		Reynolds American, Inc		13,143
	74,392	*	Rite Aid Corp		583
	20,586		Robert Half International, Inc		970
	20,718		Rockwell Automation, Inc		2,126
	275,135		Rockwell Collins, Inc		25,395
	66,609		Roper Industries, Inc		12,642
	50,217		Ross Stores, Inc		2,702
	79,950		Royal Caribbean Cruises Ltd		8,092
	425,253	*	RSP Permian, Inc		10,372
	35,083		Sabre Corp		981
	631,805	*	Salesforce.com, Inc		49,534
	54,155		SanDisk Corp		4,115
	200,000	*	Sanmina Corp		4,116
	91,114	*	SBA Communications Corp (Class A)		9,573
	48,254		SCANA Corp		2,919
	358,812		Schlumberger Ltd		25,027
	27,626		Scripps Networks Interactive (Class A)		1,525
	61,588	e	Seagate Technology, Inc		2,258
	104,442		Sealed Air Corp		4,658
	36,488		SEI Investments Co		1,912
	274,433		Sempra Energy		25,799
	25,870	*	Sensata Technologies Holding BV		1,192
	688,068	*	ServiceMaster Global Holdings, Inc		27,000
	277,765	*	ServiceNow, Inc		24,043
	28,076		Sherwin-Williams Co		7,289
	17,020	*	Signature Bank		2,610
	12,748		Signet Jewelers Ltd		1,577
	243,477		Simon Property Group, Inc		47,342
	235,194	*,e	Sirius XM Holdings, Inc		957
	75,900	*	Skechers U.S.A., Inc (Class A)		2,293
	180,486		Skyworks Solutions, Inc		13,867
	24,424		SL Green Realty Corp		2,759
	32,806		Snap-On, Inc		5,624
	135,227		Southern Co		6,327
	336,366		Southwest Airlines Co		14,484
	161,531	*,e	Southwestern Energy Co		1,148
	69,767		Spectra Energy Corp		1,670
	128,400	*	Spirit Aerosystems Holdings, Inc (Class A)		6,429
	9,560	*	Splunk, Inc		562
	88,622	*,e	Sprint Corp		321
	67,111		St. Jude Medical, Inc		4,145
	90,342		Stanley Works		9,642
	218,372		Staples, Inc		2,068
	647,975		Starbucks Corp		38,898
	36,383		Starwood Hotels & Resorts Worldwide, Inc		2,521
	145,000	*	Starz-Liberty Capital		4,858
	36,985		State Street Corp		2,454
	220,000		Steel Dynamics, Inc		3,931
	42,518	*	Stericycle, Inc		5,128
	67,433		Stryker Corp		6,267
	108,165		SunTrust Banks, Inc		4,634

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	500,000	*	Supervalu, Inc	$	3,390
	113,932		Symantec Corp		2,393
	1,969,676	*	Synchrony Financial		59,898
	54,569	*	Synopsys, Inc		2,489
	1,038,088		Sysco Corp		42,562
	25,382		T Rowe Price Group, Inc		1,815
	9,907	*	Tableau Software, Inc		933
	232,732		Target Corp		16,899
	404	*	Taro Pharmaceutical Industries Ltd		62
	60,854		TD Ameritrade Holding Corp		2,112
	40,707		TEGNA, Inc		1,039
	27,541	*	Teradata Corp		728
	550,000		Terex Corp		10,164
	52,311	*,e	Tesla Motors, Inc		12,555
	47,321		Tesoro Corp		4,986
	193,417		Texas Instruments, Inc		10,601
	293,067		Textron, Inc		12,312
	98,158		Thermo Electron Corp		13,924
	128,570		Thomson Corp (Toronto)		4,870
	14,891		Tiffany & Co		1,136
	86,042		Time Warner Cable, Inc		15,969
	853,072		Time Warner, Inc		55,168
	215,458		TJX Companies, Inc		15,278
	200,274	*	T-Mobile US, Inc		7,835
	36,930	*	Toll Brothers, Inc		1,230
	37,182		Torchmark Corp		2,125
	51,372		Total System Services, Inc		2,558
	9,903		Towers Watson & Co		1,272
	28,156		Tractor Supply Co		2,407
	13,012	*	TransDigm Group, Inc		2,973
	18,986	e	Transocean Ltd		237
	32,974		Travelers Cos, Inc		3,721
	35,277	*	Trimble Navigation Ltd		757
	12,412	*	TripAdvisor, Inc		1,058
	271,465	*	Tumi Holdings, Inc		4,514
	98,283		Twenty-First Century Fox, Inc		2,669
	38,481		Twenty-First Century Fox, Inc (Class B)		1,048
	48,871	*	Twitter, Inc		1,131
	1,167,238		Tyco International plc		37,223
	812,259		Tyson Foods, Inc (Class A)		43,318
	77,087		UDR, Inc		2,896
	21,424	*	Ulta Salon Cosmetics & Fragrance, Inc		3,963
	27,220	*,e	Under Armour, Inc (Class A)		2,194
	515,809		Union Pacific Corp		40,336
	101,151	*	United Continental Holdings, Inc		5,796
	94,789		United Parcel Service, Inc (Class B)		9,122
	39,118	*	United Rentals, Inc		2,838
	70,827		United Technologies Corp		6,804
	42,785	*	United Therapeutics Corp		6,701
	448,572		UnitedHealth Group, Inc		52,770
	838,087	*	Univar, Inc		14,256
	26,788		Universal Health Services, Inc (Class B)		3,201

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	32,328		UnumProvident Corp	$	1,076
	17,238	*	Urban Outfitters, Inc		392
	263,021		US Bancorp		11,223
	114,805	*	USG Corp		2,789
	114,513	*	Valeant Pharmaceuticals International, Inc		11,633
	216,730		Valero Energy Corp		15,325
	34,557		Validus Holdings Ltd		1,600
	50,000	e	Vanguard FTSE Developed Markets ETF		1,836
	63,113	*	Vantiv, Inc		2,993
	18,661	*	Varian Medical Systems, Inc		1,508
	77,189		Ventas, Inc		4,356
	70,297		VEREIT, Inc		557
	90,000	*	Verint Systems, Inc		3,650
	25,673	*,e	VeriSign, Inc		2,243
	89,582	*	Verisk Analytics, Inc		6,887
	1,862,930		Verizon Communications, Inc		86,105
	117,075	*	Vertex Pharmaceuticals, Inc		14,732
	247,794		VF Corp		15,425
	280,081		Viacom, Inc (Class B)		11,528
	1,788,251		Visa, Inc (Class A)		138,679
	117,995	*,e	VMware, Inc (Class A)		6,675
	59,882		Vornado Realty Trust		5,986
	172,484		Voya Financial, Inc		6,366
	50,883		Vulcan Materials Co		4,832
	116,346		W.R. Berkley Corp		6,370
	7,585	e	W.W. Grainger, Inc		1,537
	28,099	*	WABCO Holdings, Inc		2,873
	255,339		Walgreens Boots Alliance, Inc		21,743
	192,357		Wal-Mart Stores, Inc		11,791
	660,625		Walt Disney Co		69,418
	76,662		Waste Management, Inc		4,091
	35,234	*	Waters Corp		4,742
	1,116,378	*	Weatherford International Ltd		9,366
	109,894		WEC Energy Group, Inc		5,639
	4,575,190		Wells Fargo & Co		248,707
	72,426		Welltower, Inc		4,927
	109,941		Western Digital Corp		6,602
	79,260	e	Western Union Co		1,420
	61,566		Westinghouse Air Brake Technologies Corp		4,379
	13,744		Westlake Chemical Corp		747
	144,618		WestRock Co		6,597
	53,730		Weyerhaeuser Co		1,611
	33,036		Whirlpool Corp		4,852
	252,097	*	WhiteWave Foods Co (Class A)		9,809
	24,758	*	Whiting Petroleum Corp		234
	81,526		Whole Foods Market, Inc		2,731
	87,685		Williams Cos, Inc		2,254
	52,169	*	Willis Group Holdings plc		2,534
	97,770	*	Workday, Inc		7,790
	47,500	*	WR Grace & Co		4,731
	44,291		Wyndham Worldwide Corp		3,218
	9,815	e	Wynn Resorts Ltd		679

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	171,396		Xcel Energy, Inc	$	6,155
	711,475		Xerox Corp		7,563
	58,941		Xilinx, Inc		2,768
	26,739		Xylem, Inc		976
	1,130,388	*	Yahoo!, Inc		37,597
	58,521		Yum! Brands, Inc		4,275
	7,761	*,e	Zillow Group, Inc (Class C)		182
	17,818		Zimmer Holdings, Inc		1,828
	91,526		Zions Bancorporation		2,499
	409,218		Zoetis Inc		19,610
			TOTAL UNITED STATES		10,641,535
			TOTAL COMMON STOCKS		18,375,061
			(Cost $17,123,796)

RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	BGP Holdings plc		0
			TOTAL AUSTRALIA		0

ITALY - 0.0%
	45,998	m	Unione di Banche Italiane S.p.A		0
			TOTAL ITALY		0

SINGAPORE - 0.0%
	8,390	m	Ascendas Real Estate Investment Trust		1
			TOTAL SINGAPORE		1

SPAIN - 0.0%
	308,884		Repsol S.A.		154
			TOTAL SPAIN		154

UNITED STATES - 0.0%
	21,280		Kinder Morgan, Inc		1
			TOTAL UNITED STATES		1

			TOTAL RIGHTS / WARRANTS		156
			(Cost $198)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 3.3%
GOVERNMENT AGENCY DEBT - 0.7%

$	54,000,000	d	Federal Home Loan Bank (FHLB)		0.250	%	01/26/16	53,995
	11,700,000		FHLB		0.240		01/27/16	11,699
	40,000,000	d	FHLB		0.250		02/24/16	39,986
	15,000,000		Federal National Mortgage Association (FNMA)		0.612		06/08/16	14,969
			TOTAL GOVERNMENT AGENCY DEBT					120,649

TREASURY DEBT - 0.4%
	70,000,000	d	United States Treasury Bill		0.451		06/30/16	69,832
			TOTAL TREASURY DEBT					69,832

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.2%
CERTIFICATE OF DEPOSIT - 0.3%
$	20,000,000		Bank of Montreal		0.100	%	01/04/16	$	20,000
	20,000,000		CIBC Bank and Trust Co		0.150		01/04/16		20,000
	20,000,000		National Australia Bank Ltd		0.120		01/04/16		20,000
			TOTAL CERTIFICATE OF DEPOSIT						60,000

COMMERCIAL PAPER - 0.3%
	50,000,000		United States Treasury Bill		0.064-0.074		01/14/16		49,999
			TOTAL COMMERCIAL PAPER						49,999

REPURCHASE AGREEMENT - 1.5%
	35,000,000	n	Barclays		0.270		01/04/16		35,000
	25,000,000	o	Deutsche Bank		0.350		01/04/16		25,000
	50,000,000	p	Deutsche Bank		0.370		01/07/16		50,000
	50,000,000	q	Goldman Sachs		0.260		01/05/16		50,000
	40,000,000	r	Nomura		0.340		01/04/16		40,000
	85,000,000	s	Royal Bank of Scotland		0.290		01/05/16		85,000
			TOTAL REPURCHASE AGREEMENT						285,000

VARIABLE RATE SECURITIES - 0.1%
	27,705,019	i	SLM Student Loan Trust 2007		0.118		01/25/19		27,491
			TOTAL VARIABLE RATE SECURITIES						27,491

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						422,490


			TOTAL SHORT-TERM INVESTMENTS						612,971
			(Cost $613,136)
			TOTAL INVESTMENTS - 102.0%						18,988,188
			(Cost $17,737,130)
			OTHER ASSETS & LIABILITIES, NET - (2.0)%						(369,838	)
			NET ASSETS - 100.0%					$	18,618,350


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

*		Non-income producing
^		Amount represents less than $1,000.
d		All or a portion of these securities have been segregated by the custodian 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 $400,731,000.

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/15, the aggregate value of these securities was $116,212,000, or 0.6% 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, 0.27% dated 12/28/15 to be repurchased at $35,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $35,700,000.
o		Agreement with Deutsche Bank, 0.35% dated 12/31/15 to be repurchased at $25,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $25,500,000.
p		Agreement with Deutsche Bank, 0.37% dated 12/31/15 to be repurchased at $50,000,000 on 1/07/16, collateralized by U.S. Government Agency Securities valued at $51,001,000.
q		Agreement with Goldman Sachs, 0.26% dated 12/29/15 to be repurchased at $50,000,000 on 1/05/16, collateralized by U.S. Government Agency Securities valued at $51,000,000.
r		Agreement with Nomura, 0.34% dated 12/31/15 to be repurchased at $40,000,000 on 1/04/16, collateralized by U.S. Government Agency Securities valued at $40,800,000.
s		Agreement with Royal Bank of Scotland, 0.29% dated 12/29/15 to be repurchased at $85,000,000 on 1/05/16, collateralized by U.S. Government Agency Securities valued at $86,701,000.

		Cost amounts are in thousands.

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR

December 31, 2015

	VALUE			% OF
SECTOR	(000)			ASSETS
FINANCIALS	$	3,666,818			19.6	%
CONSUMER DISCRETIONARY		3,044,114			16.4
INFORMATION TECHNOLOGY		2,863,130			15.4
HEALTH CARE		2,604,468			14.0
INDUSTRIALS		1,989,678			10.7
CONSUMER STAPLES		1,617,755			8.7
ENERGY		1,019,310			5.5
MATERIALS		760,920			4.1
UTILITIES		435,418			2.3
TELECOMMUNICATION SERVICES		373,606			2.0
SHORT-TERM INVESTMENTS		612,971			3.3
OTHER ASSETS & LIABILITES, NET		(369,838	)		(2.0	)

NET ASSETS	$	18,618,350			100.0	%

235

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2015

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.1%

AUTOMOBILES & COMPONENTS - 2.0%
	88,475		BorgWarner, Inc	$	3,825
	1,976,914		Delphi Automotive plc		169,481
	1,239,200		General Motors Co		42,145
	54,420		Gentex Corp		871
	453,300		Goodyear Tire & Rubber Co		14,809
	44,756		Harley-Davidson, Inc		2,031
	58,989		Johnson Controls, Inc		2,330
	525,484		Lear Corp		64,545
	440,800		Magna International, Inc (Class A)		17,879
	165,056		Renault S.A.		16,521
	339,455	*,e	Tesla Motors, Inc		81,473
	226,677		Thor Industries, Inc		12,728
	80,508	*	Visteon Corp		9,218
			TOTAL AUTOMOBILES & COMPONENTS		437,856

BANKS - 0.2%
	75,074	*	Signature Bank		11,514
	26,337	*	SVB Financial Group		3,131
	715,100		Wells Fargo & Co		38,873
			TOTAL BANKS		53,518

CAPITAL GOODS - 5.5%
	1,029,977		3M Co		155,156
	29,181		A.O. Smith Corp		2,236
	38,688		Acuity Brands, Inc		9,045
	165,496	*	Aecom Technology Corp		4,970
	2,236		Air Lease Corp		75
	39,356		Allegion plc		2,594
	414,489		Allison Transmission Holdings, Inc		10,731
	96,733		Ametek, Inc		5,184
	8,284	*	Armstrong World Industries, Inc		379
	4,379	*	Babcock & Wilcox Enterprises, Inc		91
	41,502		BE Aerospace, Inc		1,758
	1,256,144		Boeing Co		181,626
	136,295		BWX Technologies, Inc		4,330
	5,836		Carlisle Cos, Inc		518
	43,205	e	Caterpillar, Inc		2,936
	270,900	e	Chicago Bridge & Iron Co NV		10,562
	53,610		Cummins, Inc		4,718
	126,150		Danaher Corp		11,717
	23,474	e	Deere & Co		1,790
	47,264		Donaldson Co, Inc		1,355

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	184,121		Emerson Electric Co	$	8,807
	115,874	e	Fastenal Co		4,730
	23,474		Flowserve Corp		988
	381,488		Fortune Brands Home & Security, Inc		21,173
	195,897		General Dynamics Corp		26,908
	22,593		Graco, Inc		1,628
	296,816	*	HD Supply Holdings, Inc		8,913
	37,464		Hexcel Corp		1,740
	1,457,895		Honeywell International, Inc		150,994
	72,497		Hubbell, Inc		7,325
	208,074		Huntington Ingalls		26,394
	29,240		IDEX Corp		2,240
	117,893		Illinois Tool Works, Inc		10,926
	433,022		Ingersoll-Rand plc		23,942
	15,789		Lennox International, Inc		1,972
	26,935		Lincoln Electric Holdings, Inc		1,398
	218,814		Lockheed Martin Corp		47,516
	881,608		Masco Corp		24,950
	244,594	*	Middleby Corp		26,384
	6,011		MSC Industrial Direct Co (Class A)		338
	23,436		Nordson Corp		1,503
	672,398		Northrop Grumman Corp		126,955
	128,034		Paccar, Inc		6,069
	25,840		Parker Hannifin Corp		2,506
	10,424		Precision Castparts Corp		2,419
	12,104	*	Quanta Services, Inc		245
	977		Regal-Beloit Corp		57
	99,436		Rockwell Automation, Inc		10,203
	243,915		Rockwell Collins, Inc		22,513
	391,208		Roper Industries, Inc		74,247
	106,173		Snap-On, Inc		18,201
	22,049	*,e	SolarCity Corp		1,125
	505,059	*	Spirit Aerosystems Holdings, Inc (Class A)		25,288
	5,817		Stanley Works		621
	878,625		Textron, Inc		36,911
	21,412		Toro Co		1,565
	85,348	*	TransDigm Group, Inc		19,498
	238,346	*	United Rentals, Inc		17,290
	32,703		United Technologies Corp		3,142
	482,694	*	Univar, Inc		8,211
	499,500	*	USG Corp		12,133
	523		Valmont Industries, Inc		55
	24,767	e	W.W. Grainger, Inc		5,018
	46,344	*	WABCO Holdings, Inc		4,739
	9,910		Watsco, Inc		1,161
	59,010		Westinghouse Air Brake Technologies Corp		4,197
			TOTAL CAPITAL GOODS		1,216,909

COMMERCIAL & PROFESSIONAL SERVICES - 1.8%
	36,946		Cintas Corp		3,364
	131,142	*	Clean Harbors, Inc		5,462
	649,228	e	CNH Industrial NV (NYSE)		4,441

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	158,555	*	Copart, Inc	$	6,027
	47,075		Covanta Holding Corp		729
	4,387		Dun & Bradstreet Corp		456
	138,474		Equifax, Inc		15,422
	90,548	*	IHS, Inc (Class A)		10,724
	19,593		KAR Auction Services, Inc		725
	192,100		Manpower, Inc		16,192
	2,127,065		Nielsen NV		99,121
	272,705		Pitney Bowes, Inc		5,631
	39,059		R.R. Donnelley & Sons Co		575
	53,421		Robert Half International, Inc		2,518
	38,974		Rollins, Inc		1,009
	559,807	*	Stericycle, Inc		67,513
	88,376		Towers Watson & Co		11,353
	10,046	*	TransUnion		277
	147,406		Tyco International plc		4,701
	1,882,198	*	Verisk Analytics, Inc		144,704
	102,927		Waste Connections, Inc		5,797
	13,797		Waste Management, Inc		736
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		407,477

CONSUMER DURABLES & APPAREL - 2.8%
	26,001		Brunswick Corp		1,313
	141,593		Carter's, Inc		12,606
	12,429		Coach, Inc		407
	443,590		DR Horton, Inc		14,208
	202,936	*,e	Fossil Group, Inc		7,419
	35,083	*,e	GoPro, Inc		632
	725,553		Hanesbrands, Inc		21,353
	119,699		Harman International Industries, Inc		11,277
	66,971		Hasbro, Inc		4,511
	651,761	*	Jarden Corp		37,229
	47,418	*	Kate Spade & Co		843
	54,468		Leggett & Platt, Inc		2,289
	1,565		Lennar Corp (B Shares)		63
	26,122	e	Lennar Corp (Class A)		1,278
	44,194	*,e	Lululemon Athletica, Inc		2,319
	204,245	*	Michael Kors Holdings Ltd		8,182
	17,145	*	Mohawk Industries, Inc		3,247
	304,706		Newell Rubbermaid, Inc		13,431
	4,187,680		Nike, Inc (Class B)		261,730
	23,772	*	NVR, Inc		39,057
	26,523	e	Polaris Industries, Inc		2,280
	1,210,600		Pulte Homes, Inc		21,573
	1,353		Ralph Lauren Corp		151
	278,511	*	Skechers U.S.A., Inc (Class A)		8,414
	940,800		Sony Corp		23,122
	420,171	*	Tempur-Pedic International, Inc		29,605
	22,584	*	Toll Brothers, Inc		752
	1,040,900	*,e	TomTom NV		13,086
	12,693	*	TopBuild Corp		391
	19,396	e	Tupperware Corp		1,079

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	70,559	*,e	Under Armour, Inc (Class A)	$	5,688
	1,070,511		VF Corp		66,639
	3,415	*	Vista Outdoor, Inc		152
	1,861		Whirlpool Corp		273
			TOTAL CONSUMER DURABLES & APPAREL		616,599

CONSUMER SERVICES - 4.2%
	1,806,170		ARAMARK Holdings Corp		58,249
	344,647		Brinker International, Inc		16,526
	28,262	*	Chipotle Mexican Grill, Inc (Class A)		13,562
	12,467		Choice Hotels International, Inc		628
	10,296		Darden Restaurants, Inc		655
	21,720		Domino's Pizza, Inc		2,416
	37,555	e	Dunkin Brands Group, Inc		1,599
	988,740		Extended Stay America, Inc		15,721
	86,984		H&R Block, Inc		2,897
	253,031		Hilton Worldwide Holdings, Inc		5,415
	381,700	*,e	Hyatt Hotels Corp		17,948
	26,061	e	International Game Technology plc		422
	708,800		Interval Leisure Group, Inc		11,064
	143,978		Las Vegas Sands Corp		6,312
	77,413	e	Marriott International, Inc (Class A)		5,190
	662,685		McDonald's Corp		78,290
	4,664,237	g	Merlin Entertainments plc		31,274
	7,424	*	MGM Resorts International		169
	3,638,988	*	Norwegian Cruise Line Holdings Ltd		213,245
	9,853	*	Panera Bread Co (Class A)		1,919
	618,711		Restaurant Brands International, Inc		23,115
	79,606		Service Corp International		2,071
	544,101	*	ServiceMaster Global Holdings, Inc		21,351
	27,672		Six Flags Entertainment Corp		1,520
	5,026,868		Starbucks Corp		301,763
	162,542		Starwood Hotels & Resorts Worldwide, Inc		11,261
	283,879		Wyndham Worldwide Corp		20,624
	200,117	e	Wynn Resorts Ltd		13,846
	735,447		Yum! Brands, Inc		53,724
			TOTAL CONSUMER SERVICES		932,776

DIVERSIFIED FINANCIALS - 3.2%
	21,929	*	Affiliated Managers Group, Inc		3,503
	14,657	*	Ally Financial, Inc		273
	66,354		American Express Co		4,615
	403,404		Ameriprise Financial, Inc		42,930
	14,602		Artisan Partners Asset Management, Inc		527
	49,822		Bank of New York Mellon Corp		2,054
	15,789		BlackRock, Inc		5,377
	630,100		Blackstone Group LP		18,424
	32,724		CBOE Holdings, Inc		2,124
	1,877,449		Charles Schwab Corp		61,824
	65,626	*,e	Credit Acceptance Corp		14,045
	48,467		Eaton Vance Corp		1,572
	16,527		Factset Research Systems, Inc		2,687

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	38,556		Federated Investors, Inc (Class B)	$	1,105
	66,060		Interactive Brokers Group, Inc (Class A)		2,880
	428,726		IntercontinentalExchange Group, Inc		109,865
	22,146		Invesco Ltd		741
	859,500	e	iShares Russell 1000 Growth Index Fund		85,503
	343,180		Lazard Ltd (Class A)		15,447
	13,138		Legg Mason, Inc		515
	507,468	*,e	LendingClub Corp		5,608
	18,111		Leucadia National Corp		315
	31,469	e	LPL Financial Holdings, Inc		1,342
	947,589		McGraw-Hill Financial, Inc		93,413
	342,667		Moody's Corp		34,383
	2,486,521		Morgan Stanley		79,096
	6,597		Morningstar, Inc		530
	147,908		MSCI, Inc (Class A)		10,669
	203,955		NorthStar Asset Management Group, Inc		2,476
	15,752	*	PJT Partners, Inc		446
	2,046	*	Santander Consumer USA Holdings, Inc		32
	115,910		SEI Investments Co		6,074
	148,899	*	SLM Corp		971
	2,707,330	*	Synchrony Financial		82,330
	102,794		T Rowe Price Group, Inc		7,349
	93,575		TD Ameritrade Holding Corp		3,248
	32,517		Waddell & Reed Financial, Inc (Class A)		932
			TOTAL DIVERSIFIED FINANCIALS		705,225

ENERGY - 0.7%
	160,846		Cabot Oil & Gas Corp		2,845
	671,805	*	Concho Resources, Inc		62,384
	8,752	*	Continental Resources, Inc		201
	2,218	e	CVR Energy, Inc		87
	140,400	*	Diamondback Energy, Inc		9,393
	204,619		EOG Resources, Inc		14,485
	58,384	*	FMC Technologies, Inc		1,694
	11,933		HollyFrontier Corp		476
	162,860		Marathon Petroleum Corp		8,443
	27,556	*	Memorial Resource Development Corp		445
	56,155		Oceaneering International, Inc		2,107
	35,881		Oneok, Inc		885
	117,200		Pioneer Natural Resources Co		14,695
	2,174	e	Range Resources Corp		53
	2,954	e	RPC, Inc		35
	383,300	*	RSP Permian, Inc		9,349
	173,792		Schlumberger Ltd		12,122
	9,540		Targa Resources Investments, Inc		258
	4,149	e	Teekay Corp		41
	36,957		Tesoro Corp		3,894
	342,929		Williams Cos, Inc		8,813
	5,374		World Fuel Services Corp		207
			TOTAL ENERGY		152,912

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
FOOD & STAPLES RETAILING - 2.0%
	956,048		Costco Wholesale Corp	$	154,402
	1,384,983		CVS Health Corp		135,410
	2,686,820		Kroger Co		112,390
	230,280	*	Rite Aid Corp		1,805
	58,989	*	Sprouts Farmers Market, Inc		1,568
	71,259		Sysco Corp		2,922
	289,847		Walgreens Boots Alliance, Inc		24,682
	129,467		Whole Foods Market, Inc		4,337
			TOTAL FOOD & STAPLES RETAILING		437,516

FOOD, BEVERAGE & TOBACCO - 4.1%
	1,600,293		Altria Group, Inc		93,153
	353,900		Associated British Foods plc		17,414
	100,937	*,e	Blue Buffalo Pet Products, Inc		1,889
	9,543	e	Brown-Forman Corp		1,051
	91,860		Brown-Forman Corp (Class B)		9,120
	40,057		Campbell Soup Co		2,105
	2,314,912		Coca-Cola Co		99,449
	300,716		Coca-Cola Enterprises, Inc		14,807
	21,467		ConAgra Foods, Inc		905
	70,100		Constellation Brands, Inc (Class A)		9,985
	483,780		Dr Pepper Snapple Group, Inc		45,088
	60,087		Flowers Foods, Inc		1,291
	383,774		General Mills, Inc		22,129
	40,539	*	Hain Celestial Group, Inc		1,637
	57,670		Hershey Co		5,148
	146,347		Hormel Foods Corp		11,573
	226,806		Ingredion, Inc		21,737
	87,981		Kellogg Co		6,358
	49,949		Keurig Green Mountain, Inc		4,495
	315,299		Kraft Heinz Co		22,941
	50,026		McCormick & Co, Inc		4,280
	181,559		Mead Johnson Nutrition Co		14,334
	206,597		Molson Coors Brewing Co (Class B)		19,404
	1,398,744	*	Monster Beverage Corp		208,357
	1,007,635		PepsiCo, Inc		100,683
	591,602		Philip Morris International, Inc		52,008
	702,437	e	Pilgrim's Pride Corp		15,517
	476,057		Pinnacle Foods, Inc		20,213
	325,052		Reynolds American, Inc		15,001
	635,233		Suntory Beverage & Food Ltd		27,808
	130,483		Tyson Foods, Inc (Class A)		6,959
	580,092	*	WhiteWave Foods Co (Class A)		22,571
			TOTAL FOOD, BEVERAGE & TOBACCO		899,410

HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	21,260	*	Acadia Healthcare Co, Inc		1,328
	435,522		Aetna Inc		47,089
	31,744	*	Align Technology, Inc		2,090
	23,135	*	Allscripts Healthcare Solutions, Inc		356
	394,381		AmerisourceBergen Corp		40,901
	367,206		Anthem, Inc		51,203

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	15,074	*,e	athenahealth, Inc	$	2,426
	83,881		Bard (C.R.), Inc		15,890
	159,517		Baxter International, Inc		6,086
	102,672		Becton Dickinson & Co		15,821
	43,015	*	Boston Scientific Corp		793
	11,663	*	Brookdale Senior Living, Inc		215
	392,809		Cardinal Health, Inc		35,066
	471,370	*	Centene Corp		31,021
	1,049,963	*	Cerner Corp		63,176
	300,763		Cigna Corp		44,011
	12,967		Cooper Cos, Inc		1,740
	227,550	*	DaVita, Inc		15,863
	92,423		Dentsply International, Inc		5,624
	31,447	*	DexCom, Inc		2,576
	199,878	*	Edwards Lifesciences Corp		15,786
	73,911	*	Envision Healthcare Holdings, Inc		1,920
	1,017,116	*	Express Scripts Holding Co		88,906
	262,286	*	HCA Holdings, Inc		17,738
	82,835	*	Health Net, Inc		5,671
	362,800		Healthsouth Corp		12,629
	32,972	*	Henry Schein, Inc		5,216
	21,419		Hill-Rom Holdings, Inc		1,029
	694,885	*	Hologic, Inc		26,885
	54,774		Humana, Inc		9,778
	142,086	*	Idexx Laboratories, Inc		10,361
	281,881	*	IMS Health Holdings, Inc		7,180
	10,431	*,e	Inovalon Holdings, Inc		177
	212,135	*	Intuitive Surgical, Inc		115,860
	20,448	*	Inverness Medical Innovations, Inc		799
	103,876	*	Laboratory Corp of America Holdings		12,843
	150,679	*	LifePoint Hospitals, Inc		11,060
	462,945		McKesson Corp		91,307
	585,591		Olympus Corp		23,054
	17,366		Patterson Cos, Inc		785
	20,891	*	Pediatrix Medical Group, Inc		1,497
	792,301	*	Premier, Inc		27,944
	55,948	e	Resmed, Inc		3,004
	74,374	*	Sirona Dental Systems, Inc		8,149
	290,255		St. Jude Medical, Inc		17,929
	67,321		Stryker Corp		6,257
	39,105	*	Tenet Healthcare Corp		1,185
	922,860		UnitedHealth Group, Inc		108,565
	268,298		Universal Health Services, Inc (Class B)		32,059
	104,284	*	Varian Medical Systems, Inc		8,426
	30,057	*	VCA Antech, Inc		1,653
	29,212	*,e	Veeva Systems, Inc		843
	4,345		Zimmer Holdings, Inc		446
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,060,216

HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	51,568		Church & Dwight Co, Inc		4,377
	40,974		Clorox Co		5,197

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	429,202		Colgate-Palmolive Co	$	28,593
	199,754	e	Coty, Inc		5,120
	2,381,383		Estee Lauder Cos (Class A)		209,704
	83,254	*,e	Herbalife Ltd		4,464
	113,510		Kimberly-Clark Corp		14,450
	5,064	e	Nu Skin Enterprises, Inc (Class A)		192
	33,636		Spectrum Brands, Inc		3,424
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		275,521

INSURANCE - 0.5%
	215,919		ACE Ltd		25,230
	119,800		Allstate Corp		7,438
	884		Amtrust Financial Services, Inc		54
	111,262		Aon plc		10,260
	38,342		Arthur J. Gallagher & Co		1,570
	47,532	*	Berkshire Hathaway, Inc (Class B)		6,276
	8,759		Erie Indemnity Co (Class A)		838
	6,478	*	Markel Corp		5,722
	433,952		Marsh & McLennan Cos, Inc		24,063
	458,300		Metlife, Inc		22,095
	145,900		Travelers Cos, Inc		16,466
			TOTAL INSURANCE		120,012

MATERIALS - 3.1%
	69,777		Air Products & Chemicals, Inc		9,079
	6,289		Airgas, Inc		870
	665,800		Albemarle Corp		37,291
	3,176		Aptargroup, Inc		231
	30,440		Ashland, Inc		3,126
	183,456		Avery Dennison Corp		11,495
	38,125	*	Axalta Coating Systems Ltd		1,016
	55,014		Ball Corp		4,001
	4,368		Bemis Co, Inc		195
	1,511,349	*	Berry Plastics Group, Inc		54,681
	4,475		Celanese Corp (Series A)		301
	93,202		CF Industries Holdings, Inc		3,804
	23,536		Chemours Co		126
	12,675		Compass Minerals International, Inc		954
	557,499	*	Crown Holdings, Inc		28,265
	376,846		Dow Chemical Co		19,400
	192,576		Du Pont (E.I.) de Nemours & Co		12,826
	19,352		Eagle Materials, Inc		1,169
	79,726		Eastman Chemical Co		5,382
	126,403		Ecolab, Inc		14,458
	37,101		FMC Corp		1,452
	1,310,390		Graphic Packaging Holding Co		16,812
	47,201		Huntsman Corp		537
	32,380		International Flavors & Fragrances, Inc		3,874
	314,464		International Paper Co		11,855
	677,494		LyondellBasell Industries AF S.C.A		58,874
	3,886		Martin Marietta Materials, Inc		531
	1,221,500		Monsanto Co		120,342

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	3,275		NewMarket Corp	$	1,247
	997,800		Olin Corp		17,222
	4,178	*	Owens-Illinois, Inc		73
	38,711		Packaging Corp of America		2,441
	8,089	*,e	Platform Specialty Products Corp		104
	1,339,938		PPG Industries, Inc		132,413
	105,002		Praxair, Inc		10,752
	1,413		Royal Gold, Inc		52
	52,571		RPM International, Inc		2,316
	15,140		Scotts Miracle-Gro Co (Class A)		977
	208,797		Sealed Air Corp		9,312
	230,612		Sherwin-Williams Co		59,867
	16,706		Silgan Holdings, Inc		897
	15,351	e	Southern Copper Corp (NY)		401
	289,166		Steel Dynamics, Inc		5,167
	8,043		Tahoe Resources, Inc		70
	32,136		Valspar Corp		2,666
	7,148		Vulcan Materials Co		679
	162,800		Westlake Chemical Corp		8,843
	232,102		WestRock Co		10,589
	28,797	*	WR Grace & Co		2,868
			TOTAL MATERIALS		691,903

MEDIA - 4.5%
	282,419	*	AMC Networks, Inc		21,091
	11,995		Cablevision Systems Corp (Class A)		383
	872,877		CBS Corp (Class B)		41,139
	29,647	*,e	Charter Communications, Inc		5,428
	44,869		Cinemark Holdings, Inc		1,500
	5,821	*	Clear Channel Outdoor Holdings, Inc (Class A)		33
	6,809,720		Comcast Corp (Class A)		384,272
	54,919	*,e	Discovery Communications, Inc (Class A)		1,465
	205,240	*	Discovery Communications, Inc (Class C)		5,176
	160,728	*	DISH Network Corp (Class A)		9,190
	1,679,063		Interpublic Group of Cos, Inc		39,089
	132,819	e	Lions Gate Entertainment Corp		4,302
	56,163	*	Live Nation, Inc		1,380
	8,022	*	Madison Square Garden Co		1,298
	24,066	*	MSG Networks, Inc		501
	96,277		Omnicom Group, Inc		7,284
	34,046	e	Regal Entertainment Group (Class A)		642
	120,963		Scripps Networks Interactive (Class A)		6,678
	1,216,809	*,e	Sirius XM Holdings, Inc		4,952
	373,369	*	Starz-Liberty Capital		12,508
	141,433		Time Warner Cable, Inc		26,249
	1,707,441		Time Warner, Inc		110,420
	434,325		Tribune Co		14,685
	399,423		Twenty-First Century Fox, Inc		10,848
	129,220		Twenty-First Century Fox, Inc (Class B)		3,519
	4,247		Viacom, Inc		187
	1,096,432		Viacom, Inc (Class B)		45,129
	2,369,163		Walt Disney Co		248,952
			TOTAL MEDIA		1,008,300

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.1%
	2,251,693		AbbVie, Inc	$	133,390
	10,628	*,e	Agios Pharmaceuticals, Inc		690
	32,243	*,e	Akorn, Inc		1,203
	675,159	*	Alexion Pharmaceuticals, Inc		128,786
	48,856	*	Alkermes plc		3,878
	1,104,429	*	Allergan plc		345,134
	23,887	*	Alnylam Pharmaceuticals, Inc		2,249
	1,075,857		Amgen, Inc		174,644
	323,025		Baxalta, Inc		12,608
	526,433	*	Biogen Idec, Inc		161,273
	488,171	*	BioMarin Pharmaceutical, Inc		51,141
	6,312		Bio-Techne Corp		568
	13,709	*,e	Bluebird Bio, Inc		880
	2,091,260		Bristol-Myers Squibb Co		143,858
	187,052	*	Bruker BioSciences Corp		4,540
	3,005,567	*	Celgene Corp		359,947
	114,381	*	Charles River Laboratories International, Inc		9,195
	2,018,070		Eli Lilly & Co		170,042
	30,491	*	Endo International plc		1,867
	3,635,497		Gilead Sciences, Inc		367,876
	450,000	*	H Lundbeck AS		15,365
	424,010	*	Illumina, Inc		81,387
	218,442	*	Incyte Corp		23,690
	16,164	*,e	Intercept Pharmaceuticals, Inc		2,414
	16,694	*,e	Intrexon Corp		503
	46,977	*,e	Ionis Pharmaceuticals, Inc		2,909
	47,758	*	Jazz Pharmaceuticals plc		6,713
	275,345		Johnson & Johnson		28,283
	4,906	*,e	Juno Therapeutics, Inc		216
	126,631	*	Mallinckrodt plc		9,450
	264,316	*	Medivation, Inc		12,777
	127,332		Merck & Co, Inc		6,726
	10,881	*	Mettler-Toledo International, Inc		3,690
	749,400	*,e	Mylan NV		40,520
	356,900		Novo Nordisk AS		20,664
	124,385	*,e	Opko Health, Inc		1,250
	122,617		PerkinElmer, Inc		6,568
	73,302		Perrigo Co plc		10,607
	342,605		Pfizer, Inc		11,059
	9,149	*,e	Puma Biotechnology, Inc		717
	131,120	*	Quintiles Transnational Holdings, Inc		9,003
	41,805	*	Regeneron Pharmaceuticals, Inc		22,695
	39,036	*,e	Seattle Genetics, Inc		1,752
	385,041		Teva Pharmaceutical Industries Ltd (ADR)		25,274
	629,149		Thermo Electron Corp		89,245
	152,951	*	United Therapeutics Corp		23,954
	384,365	*	Vertex Pharmaceuticals, Inc		48,365
	6,369	*	VWR Corp		180
	104,854	*	Waters Corp		14,111

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,598,470		Zoetis Inc	$	76,599
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,670,455

REAL ESTATE - 1.6%
	370,169		American Tower Corp		35,888
	55,186		Boston Properties, Inc		7,038
	2,930,663	*	CBRE Group, Inc		101,342
	2,261		Columbia Property Trust, Inc		53
	151,890		Crown Castle International Corp		13,131
	30,701		Digital Realty Trust, Inc		2,322
	15,928		Empire State Realty Trust, Inc		288
	24,119		Equinix, Inc		7,294
	135,408		Equity Lifestyle Properties, Inc		9,028
	47,919		Extra Space Storage, Inc		4,227
	26,814		Federal Realty Investment Trust		3,917
	3,432	*	Four Corners Property Trust, Inc		83
	5,048		Gaming and Leisure Properties, Inc		140
	5,047		Healthcare Trust of America, Inc		136
	5,795	*	Howard Hughes Corp		656
	33,951		Iron Mountain, Inc		917
	143,981		Jones Lang LaSalle, Inc		23,017
	31,599		Lamar Advertising Co		1,895
	20,444		Omega Healthcare Investors, Inc		715
	29,619		Plum Creek Timber Co, Inc		1,413
	74,968		Post Properties, Inc		4,435
	104,739		Public Storage, Inc		25,944
	1,402,509	*	Realogy Holdings Corp		51,430
	219,356		Simon Property Group, Inc		42,652
	36,360		Tanger Factory Outlet Centers, Inc		1,189
	7,989		Taubman Centers, Inc		613
	63,929		Welltower, Inc		4,349
	18,315		Weyerhaeuser Co		549
			TOTAL REAL ESTATE		344,661

RETAILING - 9.8%
	3,946		Aaron’s, Inc		88
	45,421		Advance Auto Parts, Inc		6,836
	1,158,092	*	Amazon.com, Inc		782,743
	500,000	*	ASOS plc		25,405
	298,269	*	Autonation, Inc		17,795
	58,748	*	AutoZone, Inc		43,586
	165,498	*	Bed Bath & Beyond, Inc		7,985
	750,300		Best Buy Co, Inc		22,847
	1,973	*,e	Cabela’s, Inc		92
	1,213,961	*,e	Carmax, Inc		65,517
	1,988,757	*	Cnova NV		4,793
	23,503		CST Brands, Inc		920
	765,152	*,e	Ctrip.com International Ltd (ADR)		35,450
	23,695		Dick’s Sporting Goods, Inc		838
	183,270	e	Dillard’s, Inc (Class A)		12,043
	146,408		Dollar General Corp		10,522
	90,732	*	Dollar Tree, Inc		7,006

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,810	e	DSW, Inc (Class A)	$	43
	1,206,849		Expedia, Inc		150,011
	49,532		Fast Retailing Co Ltd		17,327
	567,783		Foot Locker, Inc		36,957
	94,312	e	Gap, Inc		2,330
	140,152		Genuine Parts Co		12,038
	33,406		GNC Holdings, Inc		1,036
	4,204,717	*,e	Groupon, Inc		12,908
	2,880,705		Home Depot, Inc		380,973
	133,244		L Brands, Inc		12,767
	1,884,814	*	Liberty Interactive Corp		51,493
	55,662	*	Liberty Ventures		2,511
	350,931	*	LKQ Corp		10,398
	1,126,901		Lowe's Companies, Inc		85,690
	206,434		Macy's, Inc		7,221
	21,992	*	Michaels Cos, Inc		486
	79,635	*	Murphy USA, Inc		4,837
	551,038	*	NetFlix, Inc		63,028
	56,039	e	Nordstrom, Inc		2,791
	26,627	*	Office Depot, Inc		150
	144,426	*	O'Reilly Automotive, Inc		36,600
	298,567		Penske Auto Group, Inc		12,641
	53,293	*	Priceline.com, Inc		67,946
	192,555		Ross Stores, Inc		10,361
	292,437	*	Sally Beauty Holdings, Inc		8,156
	566	*,e	Sears Holdings Corp		12
	31,520		Signet Jewelers Ltd		3,899
	380,291		Target Corp		27,613
	33,709		Tiffany & Co		2,572
	890,179		TJX Companies, Inc		63,123
	53,865		Tractor Supply Co		4,605
	43,839	*	TripAdvisor, Inc		3,737
	90,436	*	Ulta Salon Cosmetics & Fragrance, Inc		16,731
	33,061	*	Urban Outfitters, Inc		752
	36,459		Williams-Sonoma, Inc		2,130
			TOTAL RETAILING		2,160,339

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7%
	112,796		Analog Devices, Inc		6,240
	1,365,055		Applied Materials, Inc		25,486
	1,377,861	e	ARM Holdings plc (ADR)		62,334
	160,082		Atmel Corp		1,378
	218,034		Avago Technologies Ltd		31,648
	913,607		Broadcom Corp (Class A)		52,825
	358,436		Intel Corp		12,348
	63,652		Kla-Tencor Corp		4,414
	156,592		Lam Research Corp		12,437
	186,086		Linear Technology Corp		7,903
	37,667		Maxim Integrated Products, Inc		1,431
	83,223	e	Microchip Technology, Inc		3,873
	315,290	*	Micron Technology, Inc		4,465
	622,975	*	NXP Semiconductors NV		52,486

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	151,783	*	ON Semiconductor Corp	$	1,488
	58,177	*	Qorvo, Inc		2,961
	370,247		Skyworks Solutions, Inc		28,446
	43,777	*,e	SunEdison, Inc		223
	1,815	*,e	SunPower Corp		54
	555,760		Texas Instruments, Inc		30,461
	581,356		Xilinx, Inc		27,306
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		370,207

SOFTWARE & SERVICES - 24.4%
	763,492		Accenture plc		79,785
	1,352,024		Activision Blizzard, Inc		52,337
	3,573,657	*	Adobe Systems, Inc		335,709
	308,085	*	Akamai Technologies, Inc		16,214
	418,784	*	Alibaba Group Holding Ltd (ADR)		34,035
	120,919	*	Alliance Data Systems Corp		33,442
	508,109	*	Alphabet, Inc (Class A)		395,314
	878,415	*	Alphabet, Inc (Class C)		666,612
	356,691		Amdocs Ltd		19,465
	5,910	*	Ansys, Inc		547
	467,652	*	Autodesk, Inc		28,494
	162,404		Automatic Data Processing, Inc		13,759
	7,468	*,e	Black Knight Financial Services, Inc		247
	38,740		Booz Allen Hamilton Holding Co		1,195
	47,348		Broadridge Financial Solutions, Inc		2,544
	115,569	*	Cadence Design Systems, Inc		2,405
	129,592		CDK Global, Inc		6,152
	543,669	*,e	Check Point Software Technologies		44,244
	427,208	*,e	Cimpress NV		34,664
	246,475	*	Citrix Systems, Inc		18,646
	428,770	*	Cognizant Technology Solutions Corp (Class A)		25,735
	211,100		Computer Sciences Corp		6,899
	12,743	*	CoStar Group, Inc		2,634
	211,100	*	CSRA, Inc		6,333
	116,734		DST Systems, Inc		13,315
	3,164,130	*	eBay, Inc		86,950
	272,938	*	Electronic Arts, Inc		18,756
	5,611,187	*	Facebook, Inc		587,267
	47,334		Fidelity National Information Services, Inc		2,868
	54,598	*,e	FireEye, Inc		1,132
	434,161	*	First American Corp		14,701
	54,958	*	First Data Corp		880
	93,522	*	Fiserv, Inc		8,553
	174,323	*	FleetCor Technologies, Inc		24,916
	56,300	*	Fortinet, Inc		1,755
	32,951	*	Gartner, Inc		2,989
	60,777	*	Genpact Ltd		1,518
	774,890		Global Payments, Inc		49,988
	9,708	*,e	GoDaddy, Inc		311
	820,000	*,e	GrubHub, Inc		19,844
	390,940		IAC/InterActiveCorp		23,476
	574,530		International Business Machines Corp		79,067

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	3,629,392		Intuit, Inc	$	350,236
	32,203		Jack Henry & Associates, Inc		2,514
	2,520,000	*	Just Eat plc		18,298
	33,067		King Digital Entertainment plc		591
	75,460		Leidos Holdings, Inc		4,245
	52,650	*	LinkedIn Corp		11,850
	3,449,222		Mastercard, Inc (Class A)		335,816
	12,040	*,e	Match Group, Inc		163
	9,508,155		Microsoft Corp		527,512
	693,849	*,e	Mobileye NV		29,336
	214,500		Netease.com (ADR)		38,876
	16,434	*,e	NetSuite, Inc		1,391
	3,209,961		Oracle Corp		117,260
	81,133	*	Pandora Media, Inc		1,088
	111,988		Paychex, Inc		5,923
	3,537,595	*	PayPal Holdings, Inc		128,061
	47,298	*	PTC, Inc		1,638
	130,753	*	Rackspace Hosting, Inc		3,311
	1,343,769	*	Red Hat, Inc		111,278
	562,203		Sabre Corp		15,725
	3,341,794	*	Salesforce.com, Inc		261,997
	422,132	*,g	Scout24 AG.		14,965
	731,100	*	ServiceNow, Inc		63,284
	25,708	*	SolarWinds, Inc		1,514
	25,757		Solera Holdings, Inc		1,412
	49,869	*	Splunk, Inc		2,933
	11,577	*	Square, Inc		151
	28,272		SS&C Technologies Holdings, Inc		1,930
	2,645	*	Synopsys, Inc		121
	19,605	*	Tableau Software, Inc		1,847
	790,000		Tencent Holdings Ltd		15,468
	39,862	*	Teradata Corp		1,053
	175,260		Total System Services, Inc		8,728
	248,039	*	Twitter, Inc		5,740
	11,174	*	Ultimate Software Group, Inc		2,185
	241,089	*	Vantiv, Inc		11,432
	46,786	*	VeriFone Systems, Inc		1,311
	39,787	*,e	VeriSign, Inc		3,476
	5,920,723		Visa, Inc (Class A)		459,152
	116,625	*,e	VMware, Inc (Class A)		6,597
	206,733	e	Western Union Co		3,703
	66,698	*	WEX, Inc		5,896
	41,193	*	Workday, Inc		3,282
	750,000	*	Yahoo!, Inc		24,945
	22,363	*	Yelp, Inc		644
	10,822	*,e	Zillow Group, Inc		282
	21,644	*,e	Zillow Group, Inc (Class C)		508
			TOTAL SOFTWARE & SERVICES		5,375,365

TECHNOLOGY HARDWARE & EQUIPMENT - 5.5%
	10,036	*	3D Systems Corp		87
	121,402		Amphenol Corp (Class A)		6,341

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	9,751,997	d	Apple, Inc	$	1,026,495
	12,405	*,e	Arista Networks, Inc		966
	27,544	*	ARRIS Group, Inc		842
	170,118		CDW Corp		7,152
	2,519,173		Cisco Systems, Inc		68,408
	32,942		Cognex Corp		1,112
	19,176	*	CommScope Holding Co, Inc		497
	61,564		EMC Corp		1,581
	101,139	*	F5 Networks, Inc		9,806
	85,044	*,e	Fitbit, Inc		2,516
	36,370		Flir Systems, Inc		1,021
	8,459		Harris Corp		735
	225,899		Ingram Micro, Inc (Class A)		6,863
	14,212	*,e	IPG Photonics Corp		1,267
	14,825		Jabil Circuit, Inc		345
	273,546		Juniper Networks, Inc		7,550
	246,993	*	Keysight Technologies, Inc		6,997
	69,101		Motorola, Inc		4,730
	10,174		National Instruments Corp		292
	155,749		NetApp, Inc		4,132
	259,454	*	Palo Alto Networks, Inc		45,700
	90,188		Qualcomm, Inc		4,508
	255	*	Trimble Navigation Ltd		6
	175,300		Western Digital Corp		10,527
	21,276	*	Zebra Technologies Corp (Class A)		1,482
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,221,958

TELECOMMUNICATION SERVICES - 1.0%
	459,615		AT&T, Inc		15,815
	809,400	g	Cellnex Telecom SAU		15,133
	1,297,826	*	Level 3 Communications, Inc		70,550
	25,378	*	SBA Communications Corp (Class A)		2,667
	2,573,967		Verizon Communications, Inc		118,969
	51,078	*	Zayo Group Holdings, Inc		1,358
			TOTAL TELECOMMUNICATION SERVICES		224,492

TRANSPORTATION - 2.4%
	366,440		Alaska Air Group, Inc		29,502
	33,472		Amerco, Inc		13,037
	282,186		American Airlines Group, Inc		11,951
	172,762	*	Avis Budget Group, Inc		6,270
	147,229		CH Robinson Worldwide, Inc		9,131
	104,850		CSX Corp		2,721
	1,657,356		Delta Air Lines, Inc		84,011
	238,075		Expeditors International of Washington, Inc		10,737
	322,834		FedEx Corp		48,099
	6,951	*	Genesee & Wyoming, Inc (Class A)		373
	2,616,196	*	Hertz Global Holdings, Inc		37,229
	36,496		J.B. Hunt Transport Services, Inc		2,677
	287,711	*	JetBlue Airways Corp		6,517
	16,822		Landstar System, Inc		987
	27,191	*	Old Dominion Freight Line		1,606

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	175,500		Ryanair Holdings plc (ADR)	$	15,174
	173,046		Ryder System, Inc		9,834
	1,233,744		Southwest Airlines Co		53,125
	333,356	*	Spirit Airlines, Inc		13,284
	1,414,519		Union Pacific Corp		110,615
	565,307	*	United Continental Holdings, Inc		32,392
	425,632		United Parcel Service, Inc (Class B)		40,959
			TOTAL TRANSPORTATION		540,231

UTILITIES - 0.0%
	17,767	*	Calpine Corp		257
	10,751		Dominion Resources, Inc		727
	20,552		ITC Holdings Corp		807
	1,094	e	TerraForm Power, Inc		14
			TOTAL UTILITIES		1,805
			TOTAL COMMON STOCKS		21,925,663
			(Cost $17,556,208)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 3.2%
GOVERNMENT AGENCY DEBT - 0.5%
$	15,000,000	d	Federal Home Loan Bank (FHLB)		0.130	%	01/04/16	15,000
	25,000,000	d	FHLB		0.095-0.170		01/25/16	24,998
	20,000,000	d	FHLB		0.125		02/09/16	19,995
	14,000,000		FHLB		0.310		02/12/16	13,996
	30,000,000	d	Federal National Mortgage Association (FNMA)		0.100		01/14/16	29,999
	10,000,000		FNMA		0.612		06/08/16	9,979
			TOTAL GOVERNMENT AGENCY DEBT					113,967

TREASURY DEBT - 0.3%
	2,000,000	d	United States Treasury Bill		0.115		01/14/16	2,000
	30,000,000	d	United States Treasury Bill		0.141		03/24/16	29,988
	45,000,000	d	United States Treasury Bill		0.451		06/30/16	44,892
			TOTAL TREASURY DEBT					76,880

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
	533,630,785	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	533,631
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES	533,631

			TOTAL SHORT-TERM INVESTMENTS	724,478
			(Cost $724,481)

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

		VALUE (000)
TOTAL INVESTMENTS - 102.3%	$	22,650,141
(Cost $18,280,689)

OTHER ASSETS & LIABILITIES, NET - (2.3)%		(517,996	)
NET ASSETS - 100.0%	$	22,132,145


		Abbreviation(s):
ADR		American Depositary Receipt

*		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 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 $518,588,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/15, the aggregate value of these securities was $61,372,000, or 0.3% of net assets.

Cost amounts are in thousands.

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2015

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.1%
	56,324	*	American Axle & Manufacturing Holdings, Inc	$	1,067
	167,583		BorgWarner, Inc		7,245
	42,817		Cooper Tire & Rubber Co		1,621
	10,380	*	Cooper-Standard Holding, Inc		805
	120,374		Dana Holding Corp		1,661
	212,071		Delphi Automotive plc		18,181
	20,030	*,e	Dorman Products, Inc		951
	17,932		Drew Industries, Inc		1,092
	21,876	*,e	Federal Mogul Corp (Class A)		150
	2,849,911		Ford Motor Co		40,155
	12,496	*	Fox Factory Holding Corp		207
	1,172,512		General Motors Co		39,877
	218,376		Gentex Corp		3,496
	26,543	*	Gentherm, Inc		1,258
	191,568		Goodyear Tire & Rubber Co		6,258
	154,043		Harley-Davidson, Inc		6,992
	13,693	*	Horizon Global Corp		142
	484,264		Johnson Controls, Inc		19,124
	55,720		Lear Corp		6,844
	6,649		Metaldyne Performance Group, Inc		122
	36,302	*	Modine Manufacturing Co		329
	13,147	*	Motorcar Parts of America, Inc		444
	15,087		Standard Motor Products, Inc		574
	20,247	*	Stoneridge, Inc		300
	2,693		Strattec Security Corp		152
	17,815		Superior Industries International, Inc		328
	45,591	*	Tenneco, Inc		2,093
	72,086	*,e	Tesla Motors, Inc		17,301
	33,978		Thor Industries, Inc		1,908
	15,398		Tower International, Inc		440
	33,034	*	Visteon Corp		3,782
	21,322	e	Winnebago Industries, Inc		424
			TOTAL AUTOMOBILES & COMPONENTS		185,323

BANKS - 6.2%
	12,604		1st Source Corp		389
	5,171	e	Access National Corp		106
	5,882		American National Bankshares, Inc		151
	23,589		Ameris Bancorp		802
	7,069	e	Ames National Corp		172
	5,633	*	Anchor BanCorp Wisconsin, Inc		245
	24,400		Apollo Residential Mortgage		292

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,490		Arrow Financial Corp	$	204
	112,856		Associated Banc-Corp		2,116
	66,701		Astoria Financial Corp		1,057
	25,515		Banc of California, Inc		373
	5,016		Bancfirst Corp		294
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		557
	72,389		Bancorpsouth, Inc		1,737
	41,404		Bank Mutual Corp		323
	7,745,786		Bank of America Corp		130,362
	32,426		Bank of Hawaii Corp		2,040
	3,864		Bank of Marin Bancorp		206
	57,827		Bank of the Ozarks, Inc		2,860
	15,980		BankFinancial Corp		202
	76,129		BankUnited		2,745
	15,583		Banner Corp		715
	4,570		Bar Harbor Bankshares		157
	569,437		BB&T Corp		21,530
	59,137		BBCN Bancorp, Inc		1,018
	4,100	*,e	BBX Capital Corp		64
	9,956	*,e	Bear State Financial, Inc		108
	61,657	*	Beneficial Bancorp, Inc		821
	21,508		Berkshire Hills Bancorp, Inc		626
	20,549		Blue Hills Bancorp, Inc		315
	17,544		BNC Bancorp		445
	45,284	*,e	BofI Holding, Inc		953
	20,505	e	BOK Financial Corp		1,226
	59,217		Boston Private Financial Holdings, Inc		672
	8,872		Bridge Bancorp, Inc		270
	54,590		Brookline Bancorp, Inc		628
	12,987		Bryn Mawr Bank Corp		373
	6,346	*	BSB Bancorp, Inc		148
	4,588	*	C1 Financial, Inc		111
	5,527		Camden National Corp		244
	16,948		Capital Bank Financial Corp		542
	9,158		Capital City Bank Group, Inc		141
	105,428		Capitol Federal Financial		1,324
	22,480		Cardinal Financial Corp		511
	21,201	*	Cascade Bancorp		129
	60,166		Cathay General Bancorp		1,885
	33,881		Centerstate Banks of Florida, Inc		530
	17,227		Central Pacific Financial Corp		379
	2,883		Century Bancorp, Inc		125
	13,560		Charter Financial Corp		179
	24,990		Chemical Financial Corp		856
	128,729		CIT Group, Inc		5,111
	2,224,775		Citigroup, Inc		115,132
	9,568		Citizens & Northern Corp		201
	221,768		Citizens Financial Group, Inc		5,808
	10,721	e	City Holding Co		489
	19,650		Clifton Bancorp, Inc		282
	9,772		CNB Financial Corp		176
	26,184		CoBiz, Inc		351

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	42,696		Columbia Banking System, Inc	$	1,388
	131,821		Comerica, Inc		5,514
	40,726	e	Commerce Bancshares, Inc		1,733
	30,550		Community Bank System, Inc		1,220
	12,718		Community Trust Bancorp, Inc		445
	7,261	*	CommunityOne Bancorp		98
	21,722		ConnectOne Bancorp, Inc		406
	12,656	*	CU Bancorp		321
	39,988	e	Cullen/Frost Bankers, Inc		2,399
	19,196	*	Customers Bancorp, Inc		523
	80,226	e	CVB Financial Corp		1,357
	23,810		Dime Community Bancshares		416
	22,108	*	Eagle Bancorp, Inc		1,116
	106,767		East West Bancorp, Inc		4,437
	4,559		Enterprise Bancorp, Inc		104
	14,785		Enterprise Financial Services Corp		419
	40,929	*	Essent Group Ltd		896
	57,923		EverBank Financial Corp		926
	4,054	*	Farmers Capital Bank Corp		110
	20,788	*	FCB Financial Holdings, Inc		744
	7,387		Federal Agricultural Mortgage Corp (Class C)		233
	12,551		Fidelity Southern Corp		280
	599,099		Fifth Third Bancorp		12,042
	10,211		Financial Institutions, Inc		286
	15,337		First Bancorp (NC)		287
	85,475	*	First Bancorp (Puerto Rico)		278
	6,485		First Bancorp, Inc		133
	19,350		First Busey Corp		399
	6,176		First Business Financial Services, Inc		154
	5,634		First Citizens Bancshares, Inc (Class A)		1,455
	66,434		First Commonwealth Financial Corp		603
	12,139		First Community Bancshares, Inc		226
	13,926		First Connecticut Bancorp		242
	7,726		First Defiance Financial Corp		292
	44,691		First Financial Bancorp		808
	48,150	e	First Financial Bankshares, Inc		1,453
	8,954		First Financial Corp		304
	172,999		First Horizon National Corp		2,512
	13,482		First Interstate Bancsystem, Inc		392
	26,538		First Merchants Corp		675
	57,533		First Midwest Bancorp, Inc		1,060
	11,498	*	First NBC Bank Holding Co		430
	263,698		First Niagara Financial Group, Inc		2,861
	8,623		First of Long Island Corp		259
	105,295		First Republic Bank		6,956
	123,577		FirstMerit Corp		2,305
	15,789	*	Flagstar Bancorp, Inc		365
	23,200		Flushing Financial Corp		502
	127,680	e	FNB Corp		1,703
	10,372		Fox Chase Bancorp, Inc		210
	3,888	*	Franklin Financial Network, Inc		122
	130,713		Fulton Financial Corp		1,701

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,802		German American Bancorp, Inc	$	327
	56,600	e	Glacier Bancorp, Inc		1,502
	7,809		Great Southern Bancorp, Inc		353
	30,455		Great Western Bancorp, Inc		884
	7,975	*,e	Green Bancorp, Inc		84
	11,166		Guaranty Bancorp		185
	31,047	*,e	Hampton Roads Bankshares, Inc		57
	57,555		Hancock Holding Co		1,449
	23,963		Hanmi Financial Corp		568
	13,311		Heartland Financial USA, Inc		417
	15,254		Heritage Commerce Corp		182
	22,833		Heritage Financial Corp		430
	14,409		Heritage Oaks Bancorp		115
	55,915	*	Hilltop Holdings, Inc		1,075
	997	e	Hingham Institution for Savings		119
	42,029		Home Bancshares, Inc		1,703
	15,022	*	HomeStreet, Inc		326
	16,046	*	HomeTrust Bancshares, Inc		325
	6,700		Horizon Bancorp		187
	597,336		Huntington Bancshares, Inc		6,607
	28,157		IBERIABANK Corp		1,551
	6,123	*,e	Impac Mortgage Holdings, Inc		110
	19,246		Independent Bank Corp (MA)		895
	17,558		Independent Bank Corp (MI)		267
	6,960		Independent Bank Group, Inc		223
	40,567		International Bancshares Corp		1,043
	257,321		Investors Bancorp, Inc		3,201
	2,723,601		JPMorgan Chase & Co		179,839
	69,276		Kearny Financial Corp		878
	627,474		Keycorp		8,276
	28,418		Lakeland Bancorp, Inc		335
	12,420		Lakeland Financial Corp		579
	35,043		LegacyTexas Financial Group, Inc		877
	4,100	*	LendingTree, Inc		366
	125,039		M&T Bank Corp		15,152
	15,363		MainSource Financial Group, Inc		352
	55,577		MB Financial, Inc		1,799
	12,428		Mercantile Bank Corp		305
	3,784		Merchants Bancshares, Inc		119
	41,025		Meridian Bancorp, Inc		578
	5,273		Meta Financial Group, Inc		242
	252,589	*	MGIC Investment Corp		2,230
	5,257		MidWestOne Financial Group, Inc		160
	27,253		National Bank Holdings Corp		582
	5,351	e	National Bankshares, Inc		190
	4,350	*,e	National Commerce Corp		109
	100,779		National Penn Bancshares, Inc		1,243
	28,655	*,e	Nationstar Mortgage Holdings, Inc		383
	32,725		NBT Bancorp, Inc		912
	328,676		New York Community Bancorp, Inc		5,364
	26,583		NewBridge Bancorp		324
	38,864	*	NMI Holdings, Inc		263

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	36,323		Northfield Bancorp, Inc	$	578
	69,442		Northwest Bancshares, Inc		930
	10,808		OceanFirst Financial Corp		217
	80,446	*,e	Ocwen Financial Corp		561
	33,903	e	OFG Bancorp		248
	86,033		Old National Bancorp		1,167
	21,667	*	Old Second Bancorp, Inc		170
	7,479		Opus Bank		277
	32,883		Oritani Financial Corp		543
	14,467		Pacific Continental Corp		215
	15,408	*	Pacific Premier Bancorp, Inc		327
	82,885		PacWest Bancorp		3,572
	9,690	e	Park National Corp		877
	33,018		Park Sterling Bank		242
	11,582		Peapack Gladstone Financial Corp		239
	2,964	e	Penns Woods Bancorp, Inc		126
	9,969		Pennsylvania Commerce Bancorp, Inc		313
	9,540	*	PennyMac Financial Services, Inc		147
	13,423		Peoples Bancorp, Inc		253
	5,712	e	Peoples Financial Services Corp		218
	229,288	e	People’s United Financial, Inc		3,703
	36,552	*	PHH Corp		592
	26,946		Pinnacle Financial Partners, Inc		1,384
	378,867		PNC Financial Services Group, Inc		36,110
	77,233		Popular, Inc		2,189
	8,859		Preferred Bank		293
	58,098		PrivateBancorp, Inc		2,383
	51,867		Prosperity Bancshares, Inc		2,482
	45,191		Provident Financial Services, Inc		911
	8,729		QCR Holdings, Inc		212
	141,913		Radian Group, Inc		1,900
	992,067		Regions Financial Corp		9,524
	29,870		Renasant Corp		1,028
	6,104		Republic Bancorp, Inc (Class A)		161
	25,676		S&T Bancorp, Inc		791
	18,232		Sandy Spring Bancorp, Inc		492
	17,078	*	Seacoast Banking Corp of Florida		256
	16,424	e	ServisFirst Bancshares, Inc		781
	8,919		Sierra Bancorp		157
	37,479	*	Signature Bank		5,748
	22,158		Simmons First National Corp (Class A)		1,138
	18,098		South State Corp		1,302
	16,521	e	Southside Bancshares, Inc		397
	14,769		Southwest Bancorp, Inc		258
	26,403		State Bank & Trust Co		555
	88,560		Sterling Bancorp/DE		1,436
	10,870		Stock Yards Bancorp, Inc		411
	7,609		Stonegate Bank		250
	10,313	*,e	Stonegate Mortgage Corp		56
	8,903		Suffolk Bancorp		252
	5,838	*	Sun Bancorp, Inc		121
	371,519		SunTrust Banks, Inc		15,916

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	37,982	*	SVB Financial Group	$	4,516
	99,224		Synovus Financial Corp		3,213
	40,611		Talmer Bancorp Inc		735
	125,733		TCF Financial Corp		1,775
	8,286		Territorial Bancorp, Inc		230
	33,717	*	Texas Capital Bancshares, Inc		1,666
	52,879		TFS Financial Corp		996
	26,827	*	The Bancorp, Inc		171
	11,138		Tompkins Trustco, Inc		626
	36,382	e	TowneBank		759
	16,948		Trico Bancshares		465
	16,178	*	Tristate Capital Holdings, Inc		226
	10,668	*	Triumph Bancorp, Inc		176
	71,043		Trustco Bank Corp NY		436
	49,168		Trustmark Corp		1,133
	29,256		UMB Financial Corp		1,362
	161,706		Umpqua Holdings Corp		2,571
	33,847		Union Bankshares Corp		854
	52,160	e	United Bankshares, Inc		1,929
	40,245		United Community Banks, Inc		784
	30,361		United Community Financial Corp		179
	36,948		United Financial Bancorp, Inc (New)		476
	14,493		Univest Corp of Pennsylvania		302
	1,223,938		US Bancorp		52,225
	172,796		Valley National Bancorp		1,702
	19,235	*	Walker & Dunlop, Inc		554
	28,439	*,e	Walter Investment Management Corp		404
	70,029		Washington Federal, Inc		1,669
	10,818		Washington Trust Bancorp, Inc		428
	22,962		Waterstone Financial, Inc		324
	67,195		Webster Financial Corp		2,499
	3,419,622		Wells Fargo & Co		185,891
	28,222		WesBanco, Inc		847
	11,970		West Bancorporation, Inc		236
	18,981	e	Westamerica Bancorporation		887
	62,509	*	Western Alliance Bancorp		2,242
	52,747		Wilshire Bancorp, Inc		609
	35,315		Wintrust Financial Corp		1,713
	20,553		WSFS Financial Corp		665
	18,616		Yadkin Financial Corp		469
	149,549		Zions Bancorporation		4,083
			TOTAL BANKS		1,010,986

CAPITAL GOODS - 7.5%
	469,229		3M Co		70,685
	54,949		A.O. Smith Corp		4,210
	29,877		Aaon, Inc		694
	26,739		AAR Corp		703
	32,350	*	Accuride Corp		54
	43,959		Actuant Corp (Class A)		1,053
	32,117		Acuity Brands, Inc		7,509
	24,758	e	Advanced Drainage Systems, Inc		595

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	110,795	*	Aecom Technology Corp	$	3,327
	28,439	*	Aegion Corp		549
	46,010	*,e	Aerojet Rocketdyne Holdings, Inc		720
	14,335	*	Aerovironment, Inc		422
	56,061	e	AGCO Corp		2,545
	75,690	e	Air Lease Corp		2,534
	46,365		Aircastle Ltd		969
	6,904		Alamo Group, Inc		360
	21,082		Albany International Corp (Class A)		771
	71,508		Allegion plc		4,714
	4,493		Allied Motion Technologies, Inc		118
	133,019		Allison Transmission Holdings, Inc		3,444
	20,492		Altra Holdings, Inc		514
	13,776	*	Ameresco, Inc		86
	7,032	e	American Railcar Industries, Inc		325
	5,344		American Science & Engineering, Inc		221
	9,387	*	American Woodmark Corp		751
	174,908		Ametek, Inc		9,373
	21,529		Apogee Enterprises, Inc		937
	29,542		Applied Industrial Technologies, Inc		1,196
	9,512		Argan, Inc		308
	28,807	*	Armstrong World Industries, Inc		1,317
	73,992	*	ArvinMeritor, Inc		618
	14,102		Astec Industries, Inc		574
	14,118	*	Astronics Corp		575
	19,364		AZZ, Inc		1,076
	40,073	*	Babcock & Wilcox Enterprises, Inc		836
	39,660		Barnes Group, Inc		1,404
	78,609		BE Aerospace, Inc		3,331
	37,178	*	Beacon Roofing Supply, Inc		1,531
	35,059	*	Blount International, Inc		344
	3,967	*,e	Blue Bird Corp		40
	10,746	*,e	BMC Stock Holdings, Inc		180
	506,233		Boeing Co		73,196
	35,415		Briggs & Stratton Corp		613
	33,815	*	Builders FirstSource, Inc		375
	80,147		BWX Technologies, Inc		2,546
	13,167	*	CAI International, Inc		133
	48,194		Carlisle Cos, Inc		4,274
	443,214	e	Caterpillar, Inc		30,121
	22,344	*	Chart Industries, Inc		401
	72,371	e	Chicago Bridge & Iron Co NV		2,822
	12,832		CIRCOR International, Inc		541
	36,993		Clarcor, Inc		1,838
	73,519	*	Colfax Corp		1,717
	14,727		Columbus McKinnon Corp		278
	29,078		Comfort Systems USA, Inc		826
	18,507	*	Commercial Vehicle Group, Inc		51
	23,295	*	Continental Building Products Inc		407
	35,538		Crane Co		1,700
	16,079		Cubic Corp		760
	134,102		Cummins, Inc		11,802

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	35,284		Curtiss-Wright Corp	$	2,417
	435,212		Danaher Corp		40,422
	241,355	e	Deere & Co		18,408
	53,820	*	DigitalGlobe, Inc		843
	101,234		Donaldson Co, Inc		2,901
	16,771		Douglas Dynamics, Inc		353
	118,749		Dover Corp		7,280
	8,048	*	Ducommun, Inc		131
	9,738	*	DXP Enterprises, Inc		222
	25,816	*	Dycom Industries, Inc		1,806
	345,619		Eaton Corp		17,986
	46,269		EMCOR Group, Inc		2,223
	494,216		Emerson Electric Co		23,638
	15,305		Encore Wire Corp		568
	32,847		EnerSys		1,837
	12,394		Engility Holdings, Inc		403
	19,664	*,e	Enphase Energy, Inc		69
	17,204		EnPro Industries, Inc		754
	20,012		ESCO Technologies, Inc		723
	23,350	*	Esterline Technologies Corp		1,891
	217,423	e	Fastenal Co		8,875
	46,509		Federal Signal Corp		737
	99,301		Flowserve Corp		4,179
	108,333		Fluor Corp		5,115
	114,489		Fortune Brands Home & Security, Inc		6,354
	35,044		Franklin Electric Co, Inc		947
	9,868		Freightcar America, Inc		192
	14,134	*,e	FuelCell Energy, Inc		70
	25,764	*	Furmanite Corp		172
	32,486	e	GATX Corp		1,382
	52,047	*,e	Generac Holdings, Inc		1,549
	37,226		General Cable Corp		500
	214,425		General Dynamics Corp		29,453
	6,921,068		General Electric Co		215,591
	22,869	*	Gibraltar Industries, Inc		582
	16,574		Global Brass & Copper Holdings, Inc		353
	14,132		Gorman-Rupp Co		378
	43,418		Graco, Inc		3,129
	7,763		Graham Corp		131
	29,395		Granite Construction, Inc		1,261
	44,924	*	Great Lakes Dredge & Dock Corp		178
	19,838	e	Greenbrier Cos, Inc		647
	26,499	e	Griffon Corp		472
	23,777		H&E Equipment Services, Inc		416
	59,172		Harsco Corp		466
	13,954	*,e	HC2 Holdings, Inc		74
	126,159	*	HD Supply Holdings, Inc		3,789
	14,478		HEICO Corp		787
	29,540		HEICO Corp (Class A)		1,453
	71,415		Hexcel Corp		3,317
	45,722		Hillenbrand, Inc		1,355
	578,244		Honeywell International, Inc		59,889

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	42,521		Hubbell, Inc	$	4,296
	35,966		Huntington Ingalls		4,562
	4,796		Hurco Cos, Inc		127
	7,224		Hyster-Yale Materials Handling, Inc		379
	56,742		IDEX Corp		4,347
	221,299		Illinois Tool Works, Inc		20,510
	195,772		Ingersoll-Rand plc		10,824
	13,472		Insteel Industries, Inc		282
	60,728		ITT Corp		2,206
	93,057	*	Jacobs Engineering Group, Inc		3,904
	21,706		John Bean Technologies Corp		1,082
	71,908	e	Joy Global, Inc		907
	8,084		Kadant, Inc		328
	19,992		Kaman Corp		816
	106,685		KBR, Inc		1,805
	58,766		Kennametal, Inc		1,128
	24,548	*,e	KEYW Holding Corp		148
	38,579	*	KLX, Inc		1,188
	35,813	*,e	Kratos Defense & Security Solutions, Inc		147
	60,975		L-3 Communications Holdings, Inc		7,287
	4,456	*	Lawson Products, Inc		104
	7,262		LB Foster Co (Class A)		99
	30,249		Lennox International, Inc		3,778
	55,983		Lincoln Electric Holdings, Inc		2,905
	8,999	e	Lindsay Manufacturing Co		651
	198,722		Lockheed Martin Corp		43,152
	12,960		LSI Industries, Inc		158
	12,907	*	Lydall, Inc		458
	100,071	e	Manitowoc Co, Inc		1,536
	257,957		Masco Corp		7,300
	22,281	*	Masonite International Corp		1,364
	48,078	*	Mastec, Inc		836
	42,429	*	Middleby Corp		4,577
	9,476	*,e	Milacron Holdings Corp		119
	7,280		Miller Industries, Inc		159
	28,530	*	Moog, Inc (Class A)		1,729
	75,826	*	MRC Global, Inc		978
	34,779		MSC Industrial Direct Co (Class A)		1,957
	42,636		Mueller Industries, Inc		1,155
	118,277		Mueller Water Products, Inc (Class A)		1,017
	15,457	*	MYR Group, Inc		319
	3,938	e	National Presto Industries, Inc		326
	38,145	*,e	Navistar International Corp		337
	19,754	*	NCI Building Systems, Inc		245
	7,962	*,e	Neff Corp		61
	13,876		NN, Inc		221
	45,081		Nordson Corp		2,892
	6,979	*	Nortek, Inc		304
	134,251		Northrop Grumman Corp		25,348
	7,062	*	Northwest Pipe Co		79
	79,518	*,e	NOW, Inc		1,258
	3,532	*,e	NV5 Holdings, Inc		78

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	2,354		Omega Flex, Inc	$	78
	44,267		Orbital ATK, Inc		3,955
	19,593	*,e	Orion Marine Group, Inc		82
	57,963	e	Oshkosh Truck Corp		2,263
	87,128		Owens Corning, Inc		4,098
	263,140		Paccar, Inc		12,473
	102,593		Parker Hannifin Corp		9,949
	9,372	*	Patrick Industries, Inc		408
	132,996		Pentair plc		6,587
	28,503	*	Perini Corp		477
	36,380	*	Pgt, Inc		414
	125,956	*,e	Plug Power, Inc		266
	15,949	*	Ply Gem Holdings, Inc		200
	7,077		Powell Industries, Inc		184
	3,314	*,e	Power Solutions International, Inc		60
	14,420	*	PowerSecure International, Inc		217
	100,216		Precision Castparts Corp		23,251
	1,801		Preformed Line Products Co		76
	28,783		Primoris Services Corp		634
	17,206	*,e	Proto Labs, Inc		1,096
	25,291		Quanex Building Products Corp		527
	151,070	*	Quanta Services, Inc		3,059
	27,582		Raven Industries, Inc		430
	225,762		Raytheon Co		28,114
	17,664	*	RBC Bearings, Inc		1,141
	33,217		Regal-Beloit Corp		1,944
	74,035	*	Rexnord Corp		1,341
	99,579		Rockwell Automation, Inc		10,218
	97,885		Rockwell Collins, Inc		9,035
	72,041		Roper Industries, Inc		13,673
	26,334	*	Rush Enterprises, Inc (Class A)		576
	31,268		Simpson Manufacturing Co, Inc		1,068
	40,812		Snap-On, Inc		6,996
	43,521	*,e	SolarCity Corp		2,220
	7,959	*	Sparton Corp		159
	104,846	*	Spirit Aerosystems Holdings, Inc (Class A)		5,250
	30,406		SPX Corp		284
	30,406	*	SPX FLOW, Inc		849
	9,752		Standex International Corp		811
	112,645		Stanley Works		12,023
	16,194		Sun Hydraulics Corp		514
	8,231	*,e	Sunrun, Inc		97
	24,710		TAL International Group, Inc		393
	38,585	*,e	Taser International, Inc		667
	26,449	*	Teledyne Technologies, Inc		2,346
	13,262		Tennant Co		746
	77,584		Terex Corp		1,434
	15,040	e	Textainer Group Holdings Ltd		212
	205,292		Textron, Inc		8,624
	7,401	*,e	The ExOne Company		74
	24,419	*	Thermon Group Holdings		413
	57,385		Timken Co		1,641

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	33,155	e	Titan International, Inc	$	131
	11,613	*,e	Titan Machinery, Inc		127
	41,052		Toro Co		3,000
	39,495	*	TransDigm Group, Inc		9,023
	24,081	*	Trex Co, Inc		916
	34,233	*	Trimas Corp		638
	114,441		Trinity Industries, Inc		2,749
	36,497		Triumph Group, Inc		1,451
	6,504		Twin Disc, Inc		68
	71,789	*	United Rentals, Inc		5,208
	651,280		United Technologies Corp		62,569
	25,266	*	Univar, Inc		430
	14,766		Universal Forest Products, Inc		1,010
	67,415	*	USG Corp		1,637
	17,479		Valmont Industries, Inc		1,853
	7,860	*	Vectrus, Inc		164
	6,270	*,e	Veritiv Corp		227
	12,845	*	Vicor Corp		117
	48,060	e	W.W. Grainger, Inc		9,736
	52,045	*	Wabash National Corp		616
	40,484	*	WABCO Holdings, Inc		4,140
	19,517		Watsco, Inc		2,286
	21,144		Watts Water Technologies, Inc (Class A)		1,050
	32,974	*,e	WESCO International, Inc		1,440
	71,607		Westinghouse Air Brake Technologies Corp		5,093
	48,425		Woodward Governor Co		2,405
	8,335	*	Xerium Technologies, Inc		99
	134,207		Xylem, Inc		4,899
			TOTAL CAPITAL GOODS		1,223,084

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	41,289		ABM Industries, Inc		1,176
	37,820		Acacia Research (Acacia Technologies)		162
	81,816	*	ACCO Brands Corp		583
	14,431		Administaff, Inc		695
	126,681	e	ADT Corp		4,178
	31,285	*	Advisory Board Co		1,552
	16,280		American Ecology Corp		593
	26,021	*	ARC Document Solutions, Inc		115
	6,166		Barrett Business Services, Inc		268
	35,197		Brady Corp (Class A)		809
	35,828		Brink’s Co		1,034
	29,675	*	Casella Waste Systems, Inc (Class A)		177
	35,493	*	CBIZ, Inc		350
	10,344		CDI Corp		70
	25,057		CEB, Inc		1,538
	16,272		Ceco Environmental Corp		125
	67,393		Cintas Corp		6,136
	43,305	*	Clean Harbors, Inc		1,804
	93,566	*	Copart, Inc		3,556
	84,474		Covanta Holding Corp		1,309
	7,013	*	CRA International, Inc		131

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	36,968		Deluxe Corp	$	2,016
	26,621		Dun & Bradstreet Corp		2,767
	20,052		Ennis, Inc		386
	85,071		Equifax, Inc		9,474
	28,344		Essendant, Inc		921
	19,672		Exponent, Inc		983
	9,375	*	Franklin Covey Co		157
	30,776	*	FTI Consulting, Inc		1,067
	15,088		G & K Services, Inc (Class A)		949
	9,864	*	GP Strategies Corp		248
	51,852		Healthcare Services Group		1,808
	14,300		Heidrick & Struggles International, Inc		389
	8,893	*	Heritage-Crystal Clean, Inc		94
	43,782		Herman Miller, Inc		1,257
	25,556	*	Hill International, Inc		99
	33,809		HNI Corp		1,219
	17,181	*	Huron Consulting Group, Inc		1,021
	14,961	*	ICF International, Inc		532
	114,792	*	ICO Global Communications Holdings Ltd		58
	50,885	*	IHS, Inc (Class A)		6,026
	27,969	*	Innerworkings, Inc		210
	49,074		Interface, Inc		939
	105,770		KAR Auction Services, Inc		3,917
	20,372		Kelly Services, Inc (Class A)		329
	18,302		Kforce, Inc		463
	25,171		Kimball International, Inc (Class B)		246
	35,963		Knoll, Inc		676
	37,184		Korn/Ferry International		1,234
	57,887		Manpower, Inc		4,879
	24,984		Matthews International Corp (Class A)		1,335
	19,108		McGrath RentCorp		481
	13,300	*	Mistras Group, Inc		254
	33,943		Mobile Mini, Inc		1,057
	21,996		MSA Safety, Inc		956
	8,734		Multi-Color Corp		522
	36,256	*	Navigant Consulting, Inc		582
	270,305		Nielsen NV		12,596
	4,943	*	NL Industries, Inc		15
	38,425	*	On Assignment, Inc		1,727
	148,964		Pitney Bowes, Inc		3,076
	19,971		Quad		186
	153,250		R.R. Donnelley & Sons Co		2,256
	172,064		Republic Services, Inc		7,569
	28,792		Resources Connection, Inc		470
	100,038		Robert Half International, Inc		4,716
	70,333		Rollins, Inc		1,822
	39,749	*	RPX Corp		437
	12,140	*	SP Plus Corp		290
	61,807		Steelcase, Inc (Class A)		921
	60,451	*	Stericycle, Inc		7,290
	15,368	*	Team, Inc		491
	44,478		Tetra Tech, Inc		1,157

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	48,746		Towers Watson & Co	$	6,262
	25,954	*	TransUnion		716
	12,065	*	TRC Cos, Inc		112
	30,336	*	TriNet Group, Inc		587
	30,958	*	TrueBlue, Inc		798
	304,547		Tyco International plc		9,712
	10,976		Unifirst Corp		1,144
	125,086	*	Verisk Analytics, Inc		9,617
	15,178		Viad Corp		429
	7,372	*	Volt Information Sciences, Inc		60
	2,793		VSE Corp		174
	26,743	*	WageWorks, Inc		1,213
	91,756		Waste Connections, Inc		5,168
	338,661		Waste Management, Inc		18,074
	38,638		West Corp		833
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		175,830

CONSUMER DURABLES & APPAREL - 1.7%
	9,523	e	Arctic Cat, Inc		156
	7,681		Bassett Furniture Industries, Inc		193
	21,459	*	Beazer Homes USA, Inc		247
	16,578	*,e	Black Diamond, Inc		73
	68,196		Brunswick Corp		3,445
	57,812		CalAtlantic Group, Inc		2,192
	58,438		Callaway Golf Co		551
	39,090		Carter’s, Inc		3,480
	6,619	*	Cavco Industries, Inc		551
	11,363	*	Century Communities, Inc		201
	6,001	*	Cherokee, Inc		104
	204,773		Coach, Inc		6,702
	21,226		Columbia Sportswear Co		1,035
	56,978	*	CROCS, Inc		583
	6,879		CSS Industries, Inc		195
	6,895		Culp, Inc		176
	26,041	*	Deckers Outdoor Corp		1,229
	241,753		DR Horton, Inc		7,743
	7,865		Escalade, Inc		104
	18,783	e	Ethan Allen Interiors, Inc		523
	3,991		Flexsteel Industries, Inc		176
	31,215	*,e	Fossil Group, Inc		1,141
	87,591	e	Garmin Ltd		3,256
	29,399	*	G-III Apparel Group Ltd		1,301
	65,952	*,e	GoPro, Inc		1,188
	9,827	*,e	Green Brick Partners, Inc		71
	297,224		Hanesbrands, Inc		8,747
	52,481		Harman International Industries, Inc		4,944
	82,316		Hasbro, Inc		5,545
	21,160	*	Helen of Troy Ltd		1,994
	7,913		Hooker Furniture Corp		200
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		169
	34,721	*,e	Iconix Brand Group, Inc		237
	14,775	*	Installed Building Products Inc		367

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	21,039	*,e	iRobot Corp	$	745
	13,358	*,e	Jakks Pacific, Inc		106
	155,992	*	Jarden Corp		8,910
	3,583		Johnson Outdoors, Inc		78
	94,263	*	Kate Spade & Co		1,675
	60,650	e	KB Home		748
	37,580		La-Z-Boy, Inc		918
	101,979		Leggett & Platt, Inc		4,285
	7,350		Lennar Corp (B Shares)		295
	128,503	e	Lennar Corp (Class A)		6,285
	10,716	*,e	LGI Homes, Inc		261
	16,013		Libbey, Inc		341
	7,210		Lifetime Brands, Inc		96
	82,394	*,e	Lululemon Athletica, Inc		4,323
	16,714	*	M/I Homes, Inc		366
	13,092	*	Malibu Boats Inc		214
	8,407		Marine Products Corp		51
	250,569	e	Mattel, Inc		6,808
	6,163	*	MCBC Holdings, Inc		84
	29,150	e	MDC Holdings, Inc		744
	28,574	*	Meritage Homes Corp		971
	146,850	*	Michael Kors Holdings Ltd		5,883
	45,442	*	Mohawk Industries, Inc		8,606
	12,667		Movado Group, Inc		326
	3,180		Nacco Industries, Inc (Class A)		134
	22,756	*	Nautilus, Inc		380
	6,504	*,e	New Home Co Inc		84
	198,550		Newell Rubbermaid, Inc		8,752
	999,706		Nike, Inc (Class B)		62,482
	2,923	*	NVR, Inc		4,803
	10,973		Oxford Industries, Inc		700
	32,977	*	Performance Sports Group Ltd		318
	8,860	*	Perry Ellis International, Inc		163
	57,355		Phillips-Van Heusen Corp		4,224
	48,899	e	Polaris Industries, Inc		4,203
	32,650		Pool Corp		2,637
	270,599		Pulte Homes, Inc		4,822
	44,148		Ralph Lauren Corp		4,922
	27,136	*,e	Sequential Brands Group, Inc		215
	90,672	*	Skechers U.S.A., Inc (Class A)		2,739
	12,508	*	Skullcandy, Inc		59
	39,523	*	Smith & Wesson Holding Corp		869
	41,788	*	Steven Madden Ltd		1,263
	13,899	e	Sturm Ruger & Co, Inc		829
	5,163		Superior Uniform Group, Inc		88
	24,241	*,e	Taylor Morrison Home Corp		388
	45,528	*	Tempur-Pedic International, Inc		3,208
	129,747	*	Toll Brothers, Inc		4,321
	28,661	*	TopBuild Corp		882
	118,469	*,e	TRI Pointe Homes, Inc		1,501
	41,746	*	Tumi Holdings, Inc		694
	36,963	e	Tupperware Corp		2,057

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	131,968	*,e	Under Armour, Inc (Class A)	$	10,638
	10,905	*	Unifi, Inc		307
	11,370	*	Universal Electronics, Inc		584
	16,444	*,e	Vera Bradley, Inc		259
	250,119		VF Corp		15,570
	9,200	*,e	Vince Holding Corp		42
	47,182	*	Vista Outdoor, Inc		2,100
	11,248	*	WCI Communities, Inc		251
	5,214		Weyco Group, Inc		140
	58,219		Whirlpool Corp		8,551
	13,294	*,e	William Lyon Homes, Inc		219
	76,448		Wolverine World Wide, Inc		1,277
	21,026	*	Zagg, Inc		230
			TOTAL CONSUMER DURABLES & APPAREL		269,843

CONSUMER SERVICES - 2.3%
	17,607	*,e	2U, Inc		493
	13,862	*	American Public Education, Inc		258
	69,950	*	Apollo Group, Inc (Class A)		537
	142,754		ARAMARK Holdings Corp		4,604
	10,215	*	Ascent Media Corp (Series A)		171
	71,477	*	Belmond Ltd.		679
	15,788	*	BJ’s Restaurants, Inc		686
	90,837		Bloomin’ Brands, Inc		1,534
	17,542		Bob Evans Farms, Inc		682
	6,185	*,e	Bojangles’, Inc		98
	58,143	*	Boyd Gaming Corp		1,155
	12,909	*	Bravo Brio Restaurant Group, Inc		116
	13,548	*	Bridgepoint Education, Inc		103
	27,545	*	Bright Horizons Family Solutions		1,840
	45,353		Brinker International, Inc		2,175
	14,166	*	Buffalo Wild Wings, Inc		2,262
	34,686	*,e	Caesars Acquisition Co		236
	38,423	*,e	Caesars Entertainment Corp		303
	8,227	*	Cambium Learning Group, Inc		40
	8,937		Capella Education Co		413
	46,334	*	Career Education Corp		168
	311,765		Carnival Corp		16,985
	12,748		Carriage Services, Inc		307
	27,792	*	Carrols Restaurant Group, Inc		326
	36,458		Cheesecake Factory		1,681
	54,819	*,e	Chegg, Inc		369
	22,845	*	Chipotle Mexican Grill, Inc (Class A)		10,962
	26,423		Choice Hotels International, Inc		1,332
	10,291		Churchill Downs, Inc		1,456
	12,474	*,e	Chuy’s Holdings, Inc		391
	31,382		ClubCorp Holdings, Inc		573
	5,623		Collectors Universe		87
	14,150	e	Cracker Barrel Old Country Store, Inc		1,795
	93,005		Darden Restaurants, Inc		5,919
	16,794	*	Dave & Buster’s Entertainment, Inc		701
	17,725	*	Del Frisco’s Restaurant Group, Inc		284

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	61,863	*	Denny’s Corp	$	608
	48,007	e	DeVry, Inc		1,215
	30,972	*,e	Diamond Resorts International, Inc		790
	12,442		DineEquity, Inc		1,053
	40,835		Domino’s Pizza, Inc		4,543
	71,089	e	Dunkin Brands Group, Inc		3,028
	10,058	*,e	El Pollo Loco Holdings, Inc		127
	20,875	*	Eldorado Resorts, Inc		230
	2,243	*,e	Empire Resorts, Inc		40
	44,382		Extended Stay America, Inc		706
	20,469	*	Fiesta Restaurant Group, Inc		688
	2,399		Graham Holdings Co		1,163
	34,464	*	Grand Canyon Education, Inc		1,383
	204,247		H&R Block, Inc		6,804
	8,405	*,e	Habit Restaurants, Inc		194
	384,225		Hilton Worldwide Holdings, Inc		8,222
	101,128	*	Houghton Mifflin Harcourt Co		2,203
	25,504	*,e	Hyatt Hotels Corp		1,199
	68,009	e	International Game Technology plc		1,100
	20,955		International Speedway Corp (Class A)		707
	29,107		Interval Leisure Group, Inc		454
	13,700	*	Intrawest Resorts Holdings Inc		107
	15,534	*	Isle of Capri Casinos, Inc		216
	10,324	*	J Alexander’s Holdings, Inc		113
	27,934		Jack in the Box, Inc		2,143
	11,200	*,e	Jamba, Inc		151
	26,055	*	K12, Inc		229
	6,015	*,e	Kona Grill, Inc		95
	48,331	*	Krispy Kreme Doughnuts, Inc		728
	69,470	*	La Quinta Holdings, Inc		946
	270,501		Las Vegas Sands Corp		11,859
	3,365	e	Liberty Tax, Inc		80
	68,430	*,e	LifeLock, Inc		982
	14,891		Marcus Corp		283
	155,789	e	Marriott International, Inc (Class A)		10,444
	19,332		Marriott Vacations Worldwide Corp		1,101
	701,841		McDonald’s Corp		82,915
	329,404	*	MGM Resorts International		7,484
	7,140	*	Monarch Casino & Resort, Inc		162
	23,956	*	Morgans Hotel Group Co		81
	8,091	*,e	Noodles & Co		78
	97,296	*	Norwegian Cruise Line Holdings Ltd		5,702
	18,711	*	Panera Bread Co (Class A)		3,645
	21,662		Papa John’s International, Inc		1,210
	6,692	*,e	Papa Murphy’s Holdings, Inc		75
	60,160	*	Penn National Gaming, Inc		964
	43,980	*	Pinnacle Entertainment, Inc		1,369
	10,931	*,e	Planet Fitness, Inc		171
	17,192	*	Popeyes Louisiana Kitchen, Inc		1,006
	16,455	*,e	Potbelly Corp		193
	10,662	*	Red Robin Gourmet Burgers, Inc		658
	30,479	*	Regis Corp		431

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	127,003		Royal Caribbean Cruises Ltd	$	12,854
	46,223	*	Ruby Tuesday, Inc		255
	26,831		Ruth’s Chris Steak House, Inc		427
	37,197	*,e	Scientific Games Corp (Class A)		334
	51,334	e	SeaWorld Entertainment, Inc		1,011
	149,654		Service Corp International		3,894
	75,591	*	ServiceMaster Global Holdings, Inc		2,966
	4,371	*,e	Shake Shack, Inc		173
	53,284		Six Flags Entertainment Corp		2,927
	38,968		Sonic Corp		1,259
	46,276		Sotheby’s (Class A)		1,192
	9,984		Speedway Motorsports, Inc		207
	1,109,740		Starbucks Corp		66,618
	127,142		Starwood Hotels & Resorts Worldwide, Inc		8,808
	862	*	Steak N Shake Co		281
	7,659	*	Strayer Education, Inc		460
	50,852		Texas Roadhouse, Inc (Class A)		1,819
	15,190		Universal Technical Institute, Inc		71
	27,082		Vail Resorts, Inc		3,466
	20,932	*,e	Weight Watchers International, Inc		477
	159,675		Wendy’s		1,720
	4,418	*,e	Wingstop, Inc		101
	86,121		Wyndham Worldwide Corp		6,257
	60,223	e	Wynn Resorts Ltd		4,167
	313,735		Yum! Brands, Inc		22,918
	14,098	*,e	Zoe’s Kitchen, Inc		394
			TOTAL CONSUMER SERVICES		378,855

DIVERSIFIED FINANCIALS - 3.8%
	40,483	*	Affiliated Managers Group, Inc		6,468
	355,309	*	Ally Financial, Inc		6,623
	637,350		American Express Co		44,328
	134,150		Ameriprise Financial, Inc		14,276
	16,506	e	Arlington Asset Investment Corp (Class A)		218
	26,422		Artisan Partners Asset Management, Inc		953
	608	*	Ashford, Inc		32
	4,901	*	Associated Capital Group, Inc		150
	829,364		Bank of New York Mellon Corp		34,186
	131,560		BGC Partners, Inc (Class A)		1,291
	92,793		BlackRock, Inc		31,598
	16,951		Calamos Asset Management, Inc (Class A)		164
	398,647		Capital One Financial Corp		28,774
	20,380		Cash America International, Inc		610
	60,962		CBOE Holdings, Inc		3,956
	846,448		Charles Schwab Corp		27,874
	237,188		CME Group, Inc		21,489
	14,207		Cohen & Steers, Inc		433
	82,972	*,e	Cowen Group, Inc		318
	6,269	*,e	Credit Acceptance Corp		1,342
	2,179		Diamond Hill Investment Group, Inc		412
	320,606		Discover Financial Services		17,191

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	214,458	*	E*TRADE Financial Corp	$	6,357
	88,158		Eaton Vance Corp		2,859
	19,334	*,e	Encore Capital Group, Inc		562
	18,647	*	Enova International, Inc		123
	25,641		Evercore Partners, Inc (Class A)		1,386
	38,445	*	Ezcorp, Inc (Class A)		192
	29,637		Factset Research Systems, Inc		4,818
	69,691		Federated Investors, Inc (Class B)		1,997
	5,405	e	Fifth Street Asset Management, Inc		18
	39,058	e	Financial Engines, Inc		1,315
	21,634	*	First Cash Financial Services, Inc		810
	59,776	*	FNFV Group		671
	286,726		Franklin Resources, Inc		10,557
	23,847		Gain Capital Holdings, Inc		193
	4,901		GAMCO Investors, Inc (Class A)		152
	315,875		Goldman Sachs Group, Inc		56,930
	34,042	*	Green Dot Corp		559
	22,433		Greenhill & Co, Inc		642
	27,971		HFF, Inc (Class A)		869
	8,431		Houlihan Lokey, Inc		221
	42,390		Interactive Brokers Group, Inc (Class A)		1,848
	82,332		IntercontinentalExchange Group, Inc		21,098
	11,369	*	INTL FCStone, Inc		380
	318,549		Invesco Ltd		10,665
	25,877		Investment Technology Group, Inc		440
	28,000	e	iShares Russell 2000 Index Fund		3,150
	109,114		Janus Capital Group, Inc		1,537
	32,261	*	KCG Holdings, Inc		397
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		203
	92,967		Lazard Ltd (Class A)		4,184
	72,511		Legg Mason, Inc		2,845
	50,188	*,e	LendingClub Corp		555
	242,948		Leucadia National Corp		4,225
	61,562	e	LPL Financial Holdings, Inc		2,626
	27,836		MarketAxess Holdings, Inc		3,106
	6,533		Marlin Business Services Corp		105
	202,506		McGraw-Hill Financial, Inc		19,963
	5,352	e	Medley Management, Inc		30
	12,795		Moelis & Co		373
	131,247		Moody’s Corp		13,169
	1,132,965		Morgan Stanley		36,040
	14,154		Morningstar, Inc		1,138
	83,164		MSCI, Inc (Class A)		5,999
	79,974		NASDAQ OMX Group, Inc		4,652
	287,660		Navient Corp		3,294
	17,407		Nelnet, Inc (Class A)		584
	18,457	*	NewStar Financial, Inc		166
	172,816		Northern Trust Corp		12,458
	143,463		NorthStar Asset Management Group, Inc		1,742
	19,473		OM Asset Management plc		299
	8,132	*,e	On Deck Capital, Inc		84
	38,494	*	OneMain Holdings, Inc		1,599

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,363		Oppenheimer Holdings, Inc	$	128
	17,372	*	Pico Holdings, Inc		179
	12,046	*	Piper Jaffray Cos		487
	35,958	*,e	PRA Group, Inc		1,247
	9,591		Pzena Investment Management, Inc (Class A)		83
	94,509		Raymond James Financial, Inc		5,479
	8,577	*	Regional Management Corp		133
	9,098		Resource America, Inc (Class A)		56
	16,951	*	Safeguard Scientifics, Inc		246
	66,420	*	Santander Consumer USA Holdings, Inc		1,053
	103,149		SEI Investments Co		5,405
	317,527	*	SLM Corp		2,070
	12,000	e	SPDR S&P MidCap 400 ETF Trust		3,049
	151,000		SPDR Trust Series 1		30,787
	304,529		State Street Corp		20,209
	49,761	*	Stifel Financial Corp		2,108
	610,499	*	Synchrony Financial		18,565
	193,908		T Rowe Price Group, Inc		13,863
	196,566		TD Ameritrade Holding Corp		6,823
	22,143	e	Tiptree Financial, Inc		136
	13,262		Virtu Financial, Inc		300
	5,194	e	Virtus Investment Partners, Inc		610
	161,375		Voya Financial, Inc		5,956
	62,904		Waddell & Reed Financial, Inc (Class A)		1,803
	5,409		Westwood Holdings Group, Inc		282
	84,317	e	WisdomTree Investments, Inc		1,322
	5,697	*,e	World Acceptance Corp		211
			TOTAL DIVERSIFIED FINANCIALS		615,461

ENERGY - 5.9%
	70,225	*,e	Abraxas Petroleum Corp		74
	1,730		Adams Resources & Energy, Inc		66
	23,232	e	Alon USA Energy, Inc		345
	375,701		Anadarko Petroleum Corp		18,252
	51,630	*,e	Antero Resources Corp		1,126
	278,995		Apache Corp		12,407
	51,391		Archrock, Inc		386
	14,064		Ardmore Shipping Corp		179
	47,265	e	Atwood Oceanics, Inc		484
	321,443		Baker Hughes, Inc		14,835
	30,478	*,e	Basic Energy Services, Inc		82
	36,170	*,e	Bill Barrett Corp		142
	36,356	*,e	Bonanza Creek Energy, Inc		192
	26,221		Bristow Group, Inc		679
	41,604	*,e	C&J Energy Services Ltd		198
	306,169		Cabot Oil & Gas Corp		5,416
	235,429		California Resources Corp		549
	48,954	*	Callon Petroleum Co		408
	141,683	*	Cameron International Corp		8,954
	15,028	e	CARBO Ceramics, Inc		259
	37,895	*	Carrizo Oil & Gas, Inc		1,121
	174,970	*	Cheniere Energy, Inc		6,518

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	433,124	e	Chesapeake Energy Corp	$	1,949
	1,385,121		Chevron Corp		124,606
	69,929		Cimarex Energy Co		6,250
	4,602	*,e	Clayton Williams Energy, Inc		136
	54,226	*,e	Clean Energy Fuels Corp		195
	46,507	*,e	Cloud Peak Energy, Inc		97
	270,770	*	Cobalt International Energy, Inc		1,462
	287,658		Columbia Pipeline Group, Inc		5,753
	95,159	*	Concho Resources, Inc		8,836
	912,242		ConocoPhillips		42,593
	169,243	e	Consol Energy, Inc		1,337
	12,994	*	Contango Oil & Gas Co		83
	63,433	*	Continental Resources, Inc		1,458
	11,149	e	CVR Energy, Inc		439
	42,034		Delek US Holdings, Inc		1,034
	266,127	e	Denbury Resources, Inc		538
	304,096		Devon Energy Corp		9,731
	66,927		DHT Holdings, Inc		541
	47,743	e	Diamond Offshore Drilling, Inc		1,007
	46,462	*	Diamondback Energy, Inc		3,108
	17,982	*,e	Dorian LPG Ltd		212
	28,933	*	Dril-Quip, Inc		1,714
	36,656	*,e	Eclipse Resources Corp		67
	54,290		Energen Corp		2,225
	31,459	*,e	Energy Fuels, Inc		93
	172,866		Ensco plc		2,660
	406,049		EOG Resources, Inc		28,744
	25,000	*,e	EP Energy Corp		110
	112,945		EQT Corp		5,888
	14,364	*	Era Group, Inc		160
	9,927	*,e	Erin Energy Corp		32
	17,517		Evolution Petroleum Corp		84
	25,695	*	Exterran Corp		412
	3,072,330	d	Exxon Mobil Corp		239,488
	46,513	*,e	Fairmount Santrol Holdings, Inc		109
	171,060	*	FMC Technologies, Inc		4,962
	43,546	*	Forum Energy Technologies, Inc		543
	26,300	e	Frank’s International NV		439
	80,982	e	Frontline Ltd		242
	32,033	e	GasLog Ltd		266
	58,105	*,e	Gastar Exploration, Inc		76
	16,135	*	Gener8 Maritime, Inc		152
	9,836	*,e	Geospace Technologies Corp		138
	66,097	e	Golar LNG Ltd		1,044
	26,945		Green Plains Renewable Energy, Inc		617
	20,444	*,e	Gulfmark Offshore, Inc		95
	71,494	*	Gulfport Energy Corp		1,757
	54,018	*,e	Halcon Resources Corp		68
	7,892	e	Hallador Petroleum Co		36
	623,971		Halliburton Co		21,240
	77,857	*	Helix Energy Solutions Group, Inc		410
	71,374	e	Helmerich & Payne, Inc		3,822

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	186,517		Hess Corp	$	9,042
	144,439		HollyFrontier Corp		5,762
	23,429	*,e	Hornbeck Offshore Services, Inc		233
	12,002	*,e	Independence Contract Drilling, Inc		61
	100,154	*,e	ION Geophysical Corp		50
	823	*,e	Isramco, Inc		74
	19,153	*,e	Jones Energy, Inc (Class A)		74
	1,320,884		Kinder Morgan, Inc		19,708
	115,749	*	Kosmos Energy LLC		602
	90,832	*,e	Laredo Petroleum Holdings, Inc		726
	499,473		Marathon Oil Corp		6,288
	399,405		Marathon Petroleum Corp		20,705
	55,403	*,e	Matador Resources Co		1,095
	19,934	*	Matrix Service Co		409
	180,710	*,e	McDermott International, Inc		605
	61,264	*	Memorial Resource Development Corp		989
	131,616		Murphy Oil Corp		2,955
	243,840		Nabors Industries Ltd		2,075
	281,302	e	National Oilwell Varco, Inc		9,421
	9,713	*	Natural Gas Services Group, Inc		217
	61,477		Navios Maritime Acq Corp		185
	120,207	*	Newfield Exploration Co		3,914
	63,344	*	Newpark Resources, Inc		334
	176,953	e	Noble Corp plc		1,867
	317,190		Noble Energy, Inc		10,445
	13,964	e	Nordic American Offshore Ltd		74
	68,002	e	Nordic American Tanker Shipping		1,057
	5,440	*	North Atlantic Drilling Ltd		13
	48,403	*,e	Northern Oil And Gas, Inc		187
	102,607	*,e	Oasis Petroleum, Inc		756
	568,080		Occidental Petroleum Corp		38,408
	73,330		Oceaneering International, Inc		2,751
	38,178	*	Oil States International, Inc		1,040
	155,126		Oneok, Inc		3,825
	15,683	*,e	Pacific Ethanol, Inc		75
	10,734		Panhandle Oil and Gas, Inc (Class A)		173
	12,018	*	Par Petroleum Corp		283
	96,030	*	Parker Drilling Co		175
	61,450	*	Parsley Energy, Inc		1,134
	109,613		Patterson-UTI Energy, Inc		1,653
	63,909		PBF Energy, Inc		2,353
	29,537	*,e	PDC Energy, Inc		1,577
	9,723	*	PHI, Inc		160
	397,974		Phillips 66		32,554
	42,944	*	Pioneer Energy Services Corp		93
	110,406		Pioneer Natural Resources Co		13,843
	130,757		Questar Market Resources, Inc		1,752
	124,748	e	Range Resources Corp		3,070
	32,964	*	Renewable Energy Group, Inc		306
	5,384	*,e	Rex Stores Corp		291
	53,668	*	Rice Energy, Inc		585
	9,601	*,e	RigNet, Inc		199

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	14,462	*	Ring Energy, Inc	$	102
	93,726		Rowan Cos plc		1,589
	42,512	e	RPC, Inc		508
	40,173	*	RSP Permian, Inc		980
	39,750	*,e	Sanchez Energy Corp		171
	932,477		Schlumberger Ltd		65,040
	129,737		Scorpio Tankers, Inc		1,041
	13,606	*,e	SEACOR Holdings, Inc		715
	273,827	*,e	Seadrill Ltd		928
	32,387		SemGroup Corp		935
	45,041	e	Ship Finance International Ltd		746
	49,819	e	SM Energy Co		979
	284,727	*,e	Southwestern Energy Co		2,024
	499,265		Spectra Energy Corp		11,952
	42,383	*,e	Stone Energy Corp		182
	111,107		Superior Energy Services		1,497
	76,439	*,e	Synergy Resources Corp		651
	41,398	e	Targa Resources Investments, Inc		1,120
	34,489	e	Teekay Corp		340
	62,294		Teekay Tankers Ltd (Class A)		429
	26,063		Tesco Corp		189
	93,353		Tesoro Corp		9,837
	61,337	*	Tetra Technologies, Inc		461
	34,989	e	Tidewater, Inc		244
	17,866	*	TransAtlantic Petroleum Ltd		25
	113,588	*,e	Ultra Petroleum Corp		284
	36,980	*	Unit Corp		451
	65,643	*,e	Uranium Energy Corp		70
	40,307	e	US Silica Holdings Inc		755
	354,793		Valero Energy Corp		25,087
	26,733	*,e	W&T Offshore, Inc		62
	573,568	*	Weatherford International Ltd		4,812
	52,354		Western Refining, Inc		1,865
	150,984	*	Whiting Petroleum Corp		1,425
	553,984		Williams Cos, Inc		14,237
	54,384		World Fuel Services Corp		2,092
	151,612	*	WPX Energy, Inc		870
			TOTAL ENERGY		962,648

FOOD & STAPLES RETAILING - 2.1%
	21,366		Andersons, Inc		676
	28,759		Casey’s General Stores, Inc		3,464
	14,374	*,e	Chefs’ Warehouse Holdings, Inc		240
	323,514		Costco Wholesale Corp		52,247
	828,719		CVS Health Corp		81,024
	31,233	*,e	Fresh Market, Inc		731
	9,316		Ingles Markets, Inc (Class A)		411
	713,663		Kroger Co		29,853
	6,410	*,e	Natural Grocers by Vitamin C		131
	18,186	*	Performance Food Group Co		421
	14,319		Pricesmart, Inc		1,188
	731,408	*	Rite Aid Corp		5,734

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	17,661	*	Smart & Final Stores, Inc	$	322
	28,394		Spartan Stores, Inc		614
	112,416	*	Sprouts Farmers Market, Inc		2,989
	191,905	*	Supervalu, Inc		1,301
	438,691		Sysco Corp		17,986
	36,929	*	United Natural Foods, Inc		1,454
	4,843		Village Super Market (Class A)		128
	632,211		Walgreens Boots Alliance, Inc		53,836
	1,162,129		Wal-Mart Stores, Inc		71,239
	8,834		Weis Markets, Inc		391
	264,881		Whole Foods Market, Inc		8,873
			TOTAL FOOD & STAPLES RETAILING		335,253

FOOD, BEVERAGE & TOBACCO - 4.9%
	2,319	e	Alico, Inc		90
	1,448,932		Altria Group, Inc		84,342
	9,627	*,e	Amplify Snack Brands, Inc		111
	5,199	*,e	Arcadia Biosciences, Inc		16
	458,865		Archer Daniels Midland Co		16,831
	42,015		B&G Foods, Inc (Class A)		1,471
	32,179	*,e	Blue Buffalo Pet Products, Inc		602
	6,759	*,e	Boston Beer Co, Inc (Class A)		1,365
	44,670	*	Boulder Brands, Inc		490
	20,237	e	Brown-Forman Corp		2,228
	93,647		Brown-Forman Corp (Class B)		9,297
	106,137		Bunge Ltd		7,247
	10,841	e	Calavo Growers, Inc		531
	23,658	e	Cal-Maine Foods, Inc		1,096
	128,947	e	Campbell Soup Co		6,776
	44,724	*,e	Castle Brands, Inc		55
	3,512		Coca-Cola Bottling Co Consolidated		641
	2,875,732		Coca-Cola Co		123,542
	172,269		Coca-Cola Enterprises, Inc		8,483
	315,962		ConAgra Foods, Inc		13,321
	120,911		Constellation Brands, Inc (Class A)		17,223
	7,653	*	Craft Brewers Alliance, Inc		64
	122,720	*	Darling International, Inc		1,291
	70,011	e	Dean Foods Co		1,201
	19,435	*	Diamond Foods, Inc		749
	137,423		Dr Pepper Snapple Group, Inc		12,808
	5,320	*	Farmer Bros Co		172
	128,238		Flowers Foods, Inc		2,756
	24,793		Fresh Del Monte Produce, Inc		964
	15,781	*,e	Freshpet, Inc		134
	440,990		General Mills, Inc		25,427
	76,104	*	Hain Celestial Group, Inc		3,074
	108,117		Hershey Co		9,652
	99,035		Hormel Foods Corp		7,832
	52,645		Ingredion, Inc		5,045
	14,455	*,e	Inventure Foods, Inc		103
	11,326		J&J Snack Foods Corp		1,321
	88,147		J.M. Smucker Co		10,872

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,780		John B. Sanfilippo & Son, Inc	$	312
	184,673		Kellogg Co		13,346
	95,542	e	Keurig Green Mountain, Inc		8,597
	436,360		Kraft Heinz Co		31,750
	14,003		Lancaster Colony Corp		1,617
	36,205		Lance, Inc		1,242
	19,323	*	Landec Corp		229
	3,603	*	Lifeway Foods, Inc		40
	8,386	e	Limoneira Co		125
	94,535	e	McCormick & Co, Inc		8,088
	149,746		Mead Johnson Nutrition Co		11,822
	8,017		Mgp Ingredients, Inc		208
	101,905		Molson Coors Brewing Co (Class B)		9,571
	1,196,053		Mondelez International, Inc		53,631
	109,914	*	Monster Beverage Corp		16,373
	8,815	*	National Beverage Corp		401
	15,084	*	Omega Protein Corp		335
	1,082,167		PepsiCo, Inc		108,130
	1,138,277		Philip Morris International, Inc		100,066
	48,235	e	Pilgrim’s Pride Corp		1,065
	85,273		Pinnacle Foods, Inc		3,621
	40,255	*	Post Holdings, Inc		2,484
	601,072		Reynolds American, Inc		27,739
	16,213	e	Sanderson Farms, Inc		1,257
	192	*	Seaboard Corp		556
	6,106	*	Seneca Foods Corp		177
	14,223	*,e	Synutra International, Inc		67
	13,988	e	Tootsie Roll Industries, Inc		442
	31,544	*	TreeHouse Foods, Inc		2,475
	217,034		Tyson Foods, Inc (Class A)		11,574
	16,609	e	Universal Corp		931
	59,391	e	Vector Group Ltd		1,401
	129,894	*	WhiteWave Foods Co (Class A)		5,054
			TOTAL FOOD, BEVERAGE & TOBACCO		803,949

HEALTH CARE EQUIPMENT & SERVICES - 5.1%
	5,996	*,e	AAC Holdings, Inc		114
	16,624		Abaxis, Inc		926
	1,101,154		Abbott Laboratories		49,453
	30,796	*	Abiomed, Inc		2,780
	38,100	*	Acadia Healthcare Co, Inc		2,380
	58,290	*,e	Accuray, Inc		393
	20,426		Aceto Corp		551
	4,240	*	Addus HomeCare Corp		99
	4,312	*,e	Adeptus Health, Inc		235
	258,232		Aetna Inc		27,920
	29,433	*,e	Air Methods Corp		1,234
	60,253	*	Align Technology, Inc		3,968
	4,207	*	Alliance HealthCare Services, Inc		39
	133,589	*	Allscripts Healthcare Solutions, Inc		2,055
	5,488	*	Almost Family, Inc		210
	21,596	*	Amedisys, Inc		849

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	151,413		AmerisourceBergen Corp	$	15,703
	34,893	*	AMN Healthcare Services, Inc		1,083
	35,759	*	Amsurg Corp		2,718
	9,253		Analogic Corp		764
	18,523	*	Angiodynamics, Inc		225
	10,943	*	Anika Therapeutics, Inc		418
	112,289	*,e	Antares Pharma, Inc		136
	191,907		Anthem, Inc		26,760
	28,653	*,e	athenahealth, Inc		4,612
	21,089	*	AtriCure, Inc		473
	1,165		Atrion Corp		444
	54,958		Bard (C.R.), Inc		10,411
	401,924		Baxter International, Inc		15,333
	152,792		Becton Dickinson & Co		23,544
	51,896	*,e	BioScrip, Inc		91
	19,708	*	BioTelemetry, Inc		230
	992,117	*	Boston Scientific Corp		18,295
	135,933	*	Brookdale Senior Living, Inc		2,509
	25,974		Cantel Medical Corp		1,614
	21,051	*	Capital Senior Living Corp		439
	244,734		Cardinal Health, Inc		21,847
	23,626	*,e	Cardiovascular Systems, Inc		357
	24,169	*,e	Castlight Health, Inc		103
	87,960	*	Centene Corp		5,789
	222,136	*	Cerner Corp		13,366
	71,510	*,e	Cerus Corp		452
	12,646		Chemed Corp		1,894
	188,472		Cigna Corp		27,579
	9,010	*	Civitas Solutions, Inc		259
	87,364	*	Community Health Systems, Inc		2,318
	8,700	e	Computer Programs & Systems, Inc		433
	7,574	*,e	ConforMIS, Inc		131
	20,631		Conmed Corp		909
	5,120	*,e	Connecture, Inc		18
	33,944		Cooper Cos, Inc		4,555
	16,039	*,e	Corindus Vascular Robotics, Inc		51
	7,512	*	Corvel Corp		330
	22,090	*	Cross Country Healthcare, Inc		362
	19,963		CryoLife, Inc		215
	10,389	*	Cutera, Inc		133
	16,811	*	Cynosure, Inc (Class A)		751
	130,506	*	DaVita, Inc		9,098
	103,471		Dentsply International, Inc		6,296
	58,641	*	DexCom, Inc		4,803
	26,827	*,e	Diplomat Pharmacy, Inc		918
	159,214	*	Edwards Lifesciences Corp		12,575
	5,034	*,e	EndoChoice Holdings, Inc		42
	47,927	*,e	Endologix, Inc		474
	37,412		Ensign Group, Inc		847
	3,873	*,e	Entellus Medical, Inc		65
	137,365	*	Envision Healthcare Holdings, Inc		3,567
	8,762	*,e	Evolent Health, Inc		106

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,074	*	Exactech, Inc	$	128
	30,586	*	ExamWorks Group, Inc		814
	499,204	*	Express Scripts Holding Co		43,635
	29,310	*	Five Star Quality Care, Inc		93
	27,739	*	Genesis Health Care, Inc		96
	30,765	*,e	GenMark Diagnostics, Inc		239
	4,290	*,e	Glaukos Corp		106
	49,755	*	Globus Medical, Inc		1,384
	18,875	*	Greatbatch, Inc		991
	38,562	*	Haemonetics Corp		1,243
	35,247	*	Halyard Health, Inc		1,178
	25,502	*	Hanger Orthopedic Group, Inc		419
	237,244	*	HCA Holdings, Inc		16,045
	57,109	*	Health Net, Inc		3,910
	26,662	*	HealthEquity, Inc		668
	67,513		Healthsouth Corp		2,350
	18,780	*	HealthStream, Inc		413
	23,599	*	Healthways, Inc		304
	12,504	*,e	HeartWare International, Inc		630
	59,318	*	Henry Schein, Inc		9,384
	42,104		Hill-Rom Holdings, Inc		2,024
	65,676	*	HMS Holdings Corp		810
	181,625	*	Hologic, Inc		7,027
	110,794		Humana, Inc		19,778
	10,376	*	ICU Medical, Inc		1,170
	69,037	*	Idexx Laboratories, Inc		5,034
	6,460	*	Imprivata, Inc		73
	98,565	*	IMS Health Holdings, Inc		2,510
	11,764	*	Inogen Inc		472
	18,510	*,e	Inovalon Holdings, Inc		315
	41,898	*	Insulet Corp		1,584
	18,839	*	Integra LifeSciences Holdings Corp		1,277
	27,216	*	Intuitive Surgical, Inc		14,864
	23,110		Invacare Corp		402
	62,811	*	Inverness Medical Innovations, Inc		2,455
	19,324	*,e	InVivo Therapeutics Holdings Corp		139
	4,264	*,e	Invuity, Inc		38
	2,271	*	iRadimed Corp		64
	12,742	*	K2M Group Holdings, Inc		252
	61,383		Kindred Healthcare, Inc		731
	72,759	*	Laboratory Corp of America Holdings		8,996
	7,415	e	Landauer, Inc		244
	12,000	*,e	Lantheus Holdings, Inc		41
	17,363	*	LDR Holding Corp		436
	9,523		LeMaitre Vascular, Inc		164
	9,839	*	LHC Group, Inc		446
	32,789	*	LifePoint Hospitals, Inc		2,407
	31,727	*	LivaNova plc		1,884
	20,368	*	Magellan Health Services, Inc		1,256
	32,545	*	Masimo Corp		1,351
	168,452		McKesson Corp		33,224
	44,883	*	MedAssets, Inc		1,389

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	40,806	*	Medidata Solutions, Inc	$	2,011
	1,044,195		Medtronic plc		80,319
	31,965		Meridian Bioscience, Inc		656
	32,366	*	Merit Medical Systems, Inc		602
	26,015	*	Molina Healthcare, Inc		1,564
	7,753		National Healthcare Corp		478
	5,598		National Research Corp		90
	24,197	*	Natus Medical, Inc		1,163
	27,729	*	Neogen Corp		1,567
	11,308	*,e	Nevro Corp		763
	23,606	*,e	Nobilis Health Corp		67
	9,688	*,e	Novocure Ltd		217
	35,423	*	NuVasive, Inc		1,917
	45,234	*	NxStage Medical, Inc		991
	27,483	*	Omnicell, Inc		854
	36,642	*	OraSure Technologies, Inc		236
	14,876	*	Orthofix International NV		583
	48,050		Owens & Minor, Inc		1,729
	14,688	*,e	Oxford Immunotec Global plc		169
	64,882		Patterson Cos, Inc		2,933
	69,267	*	Pediatrix Medical Group, Inc		4,964
	22,536	*	PharMerica Corp		789
	27,598	*	Premier, Inc		973
	7,642	*,e	Press Ganey Holdings, Inc		241
	10,213	*	Providence Service Corp		479
	37,773		Quality Systems, Inc		609
	106,327		Quest Diagnostics, Inc		7,564
	21,781	*	Quidel Corp		462
	25,914	*	RadNet, Inc		160
	104,174	e	Resmed, Inc		5,593
	37,335	*,e	Rockwell Medical Technologies, Inc		382
	38,631	*	RTI Biologics, Inc		153
	6,279	*	SeaSpine Holdings Corp		108
	8,571	*,e	Second Sight Medical Products, Inc		50
	77,335		Select Medical Holdings Corp		921
	41,409	*	Sirona Dental Systems, Inc		4,537
	30,482	*,e	Spectranetics Corp		459
	208,009		St. Jude Medical, Inc		12,849
	26,141	*,e	Staar Surgical Co		187
	61,285	e	STERIS plc		4,617
	249,845		Stryker Corp		23,221
	11,357	*	Surgery Partners, Inc		233
	16,030	*	Surgical Care Affiliates, Inc		638
	11,439	*	SurModics, Inc		232
	13,125	*,e	Tandem Diabetes Care, Inc		155
	53,159	*	Team Health Holdings, Inc		2,333
	6,676	*,e	Teladoc, Inc		120
	30,961	e	Teleflex, Inc		4,070
	73,295	*	Tenet Healthcare Corp		2,221
	20,401	*,e	TransEnterix, Inc		51
	18,039	*	Triple-S Management Corp (Class B)		431
	14,056	*,e	Trupanion, Inc		137

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	90,289	*,e	Unilife Corp	$	45
	697,057		UnitedHealth Group, Inc		82,002
	37,008		Universal American Corp		259
	67,876		Universal Health Services, Inc (Class B)		8,110
	9,158		US Physical Therapy, Inc		492
	2,349		Utah Medical Products, Inc		137
	73,882	*	Varian Medical Systems, Inc		5,970
	12,709	*	Vascular Solutions, Inc		437
	61,078	*	VCA Antech, Inc		3,359
	52,333	*,e	Veeva Systems, Inc		1,510
	10,409	*,e	Veracyte, Inc		75
	15,934	*	Vocera Communications, Inc		194
	32,655	*	WellCare Health Plans, Inc		2,554
	52,696		West Pharmaceutical Services, Inc		3,173
	66,153	*,e	Wright Medical Group NV		1,600
	23,878	*,e	Zeltiq Aesthetics, Inc		681
	125,690		Zimmer Holdings, Inc		12,895
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		838,879

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	323,551	e	Avon Products, Inc		1,310
	31,484	*	Central Garden and Pet Co (Class A)		428
	92,822		Church & Dwight Co, Inc		7,879
	93,795		Clorox Co		11,896
	669,213		Colgate-Palmolive Co		44,583
	61,432	e	Coty, Inc		1,574
	46,250		Edgewell Personal Care Co		3,625
	18,991	*,e	Elizabeth Arden, Inc		188
	46,250		Energizer Holdings, Inc		1,575
	155,113		Estee Lauder Cos (Class A)		13,659
	54,206	*,e	Herbalife Ltd		2,907
	56,570	*	HRG Group, Inc		767
	12,258		Inter Parfums, Inc		292
	265,004		Kimberly-Clark Corp		33,735
	8,647	*	Medifast, Inc		263
	5,685	e	Natural Health Trends Corp		191
	5,868		Nature’s Sunshine Products, Inc		59
	43,341	e	Nu Skin Enterprises, Inc (Class A)		1,642
	6,693	*	Nutraceutical International Corp		173
	3,981		Oil-Dri Corp of America		147
	6,476		Orchids Paper Products Co		200
	1,990,504		Procter & Gamble Co		158,066
	8,319	*	Revlon, Inc (Class A)		232
	18,325		Spectrum Brands, Inc		1,865
	4,308	*,e	USANA Health Sciences, Inc		550
	10,793		WD-40 Co		1,065
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		288,871

INSURANCE - 4.1%
	238,867		ACE Ltd		27,912
	320,815		Aflac, Inc		19,217
	11,198	*	Alleghany Corp		5,352

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	70,615		Allied World Assurance Co Holdings Ltd	$	2,626
	271,765		Allstate Corp		16,874
	32,256	*	AMBAC Financial Group, Inc		454
	56,412		American Equity Investment Life Holding Co		1,356
	51,139		American Financial Group, Inc		3,686
	911,200		American International Group, Inc		56,467
	5,469		American National Insurance Co		559
	13,468		Amerisafe, Inc		686
	27,435		Amtrust Financial Services, Inc		1,689
	208,448		Aon plc		19,221
	92,386	*	Arch Capital Group Ltd		6,444
	20,996		Argo Group International Holdings Ltd		1,256
	124,079		Arthur J. Gallagher & Co		5,080
	45,798		Aspen Insurance Holdings Ltd		2,212
	50,146		Assurant, Inc		4,039
	111,748		Assured Guaranty Ltd		2,954
	8,461	*	Atlas Financial Holdings, Inc		168
	74,802		Axis Capital Holdings Ltd		4,205
	6,904		Baldwin & Lyons, Inc (Class B)		166
	1,368,681	*	Berkshire Hathaway, Inc (Class B)		180,720
	86,667		Brown & Brown, Inc		2,782
	168,473		Chubb Corp		22,346
	121,446		Cincinnati Financial Corp		7,186
	32,879	*,e	Citizens, Inc (Class A)		244
	19,762		CNA Financial Corp		695
	145,352		Conseco, Inc		2,775
	19,001		Crawford & Co (Class B)		101
	7,812		Donegal Group, Inc (Class A)		110
	6,754		EMC Insurance Group, Inc		171
	24,104		Employers Holdings, Inc		658
	46,342		Endurance Specialty Holdings Ltd		2,965
	6,955	*	Enstar Group Ltd		1,044
	18,735		Erie Indemnity Co (Class A)		1,792
	32,825		Everest Re Group Ltd		6,010
	8,273		FBL Financial Group, Inc (Class A)		526
	10,321		Federated National Holding Co		305
	8,299		Fidelity & Guaranty Life		211
	80,939		First American Financial Corp		2,906
	207,557		FNF Group		7,196
	368,772	*	Genworth Financial, Inc (Class A)		1,376
	20,683	*	Greenlight Capital Re Ltd (Class A)		387
	7,438	*	Hallmark Financial Services		87
	32,615		Hanover Insurance Group, Inc		2,653
	310,194		Hartford Financial Services Group, Inc		13,481
	6,789	e	HCI Group, Inc		237
	18,411	*	Heritage Insurance Holdings, Inc		402
	29,606		Horace Mann Educators Corp		982
	5,951		Independence Holding Co		82
	8,975		Infinity Property & Casualty Corp		738
	6,910		James River Group Holdings Ltd		232
	32,110		Kemper Corp		1,196
	187,295		Lincoln National Corp		9,413

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	230,094		Loews Corp	$	8,836
	34,934		Maiden Holdings Ltd		521
	10,352	*	Markel Corp		9,144
	394,471		Marsh & McLennan Cos, Inc		21,873
	110,912	*	MBIA, Inc		719
	20,342		Mercury General Corp		947
	685,931		Metlife, Inc		33,069
	27,288		National General Holdings Corp		597
	6,453		National Interstate Corp		172
	1,551		National Western Life Group, Inc		391
	8,338	*	Navigators Group, Inc		715
	193,444		Old Republic International Corp		3,604
	17,609		OneBeacon Insurance Group Ltd (Class A)		219
	35,306		PartnerRe Ltd		4,934
	6,329	*,e	Patriot National, Inc		42
	40,061		Primerica, Inc		1,892
	217,660		Principal Financial Group		9,790
	41,338		ProAssurance Corp		2,006
	434,063		Progressive Corp		13,803
	329,057		Prudential Financial, Inc		26,789
	48,945		Reinsurance Group of America, Inc (Class A)		4,187
	34,077		RenaissanceRe Holdings Ltd		3,857
	32,282		RLI Corp		1,993
	11,093		Safety Insurance Group, Inc		625
	42,211		Selective Insurance Group, Inc		1,417
	31,206		Stancorp Financial Group, Inc		3,554
	11,039		State Auto Financial Corp		227
	21,827		State National Cos, Inc		214
	16,901		Stewart Information Services Corp		631
	56,908		Symetra Financial Corp		1,808
	59,998	*	Third Point Reinsurance Ltd		805
	93,324		Torchmark Corp		5,334
	232,088		Travelers Cos, Inc		26,193
	6,929	*	United America Indemnity Ltd		201
	14,881		United Fire & Casualty Co		570
	12,682		United Insurance Holdings Corp		217
	22,242	e	Universal Insurance Holdings, Inc		516
	184,517		UnumProvident Corp		6,143
	62,445		Validus Holdings Ltd		2,891
	71,842		W.R. Berkley Corp		3,933
	4,504		White Mountains Insurance Group Ltd		3,274
	225,629		XL Capital Ltd		8,840
			TOTAL INSURANCE		672,125

MATERIALS - 3.1%
	22,177		A. Schulman, Inc		680
	3,376	*	AEP Industries, Inc		260
	158,806		Air Products & Chemicals, Inc		20,662
	50,241		Airgas, Inc		6,949
	168,607	*,e	AK Steel Holding Corp		378
	83,129		Albemarle Corp		4,656
	967,634		Alcoa, Inc		9,551

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	81,466	e	Allegheny Technologies, Inc	$	916
	20,501		American Vanguard Corp		287
	46,295		Aptargroup, Inc		3,363
	49,925		Ashland, Inc		5,127
	67,355		Avery Dennison Corp		4,220
	74,323	*	Axalta Coating Systems Ltd		1,981
	52,910		Axiall Corp		815
	23,190		Balchem Corp		1,410
	102,049		Ball Corp		7,422
	72,213		Bemis Co, Inc		3,227
	87,729	*	Berry Plastics Group, Inc		3,174
	29,817	*	Boise Cascade Co		761
	14,781		Brush Engineered Materials, Inc		414
	46,890		Cabot Corp		1,917
	39,299		Calgon Carbon Corp		678
	37,181		Carpenter Technology Corp		1,125
	112,973		Celanese Corp (Series A)		7,606
	36,798	*,e	Century Aluminum Co		163
	169,311		CF Industries Holdings, Inc		6,910
	5,158		Chase Corp		210
	133,935		Chemours Co		718
	49,786	*	Chemtura		1,358
	14,061	*	Clearwater Paper Corp		640
	66,499	*,e	Cliffs Natural Resources, Inc		105
	99,412	*,e	Coeur Mining, Inc		247
	85,866		Commercial Metals Co		1,176
	25,270		Compass Minerals International, Inc		1,902
	5,560	*	Core Molding Technologies, Inc		71
	102,511	*	Crown Holdings, Inc		5,197
	8,022		Deltic Timber Corp		472
	47,043		Domtar Corp		1,738
	816,059		Dow Chemical Co		42,011
	669,679		Du Pont (E.I.) de Nemours & Co		44,601
	37,135		Eagle Materials, Inc		2,244
	109,907		Eastman Chemical Co		7,420
	195,224		Ecolab, Inc		22,330
	55,318	*	Ferro Corp		615
	40,724	*,e	Flotek Industries, Inc		466
	98,927		FMC Corp		3,871
	835,331	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		5,655
	17,819		FutureFuel Corp		241
	32,454		Glatfelter		598
	241,385		Graphic Packaging Holding Co		3,097
	22,699		Greif, Inc (Class A)		699
	37,440		H.B. Fuller Co		1,365
	7,923		Hawkins, Inc		283
	9,402		Haynes International, Inc		345
	54,162	*	Headwaters, Inc		914
	262,218	e	Hecla Mining Co		496
	152,705		Huntsman Corp		1,736
	15,371		Innophos Holdings, Inc		445
	18,027		Innospec, Inc		979

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	59,560		International Flavors & Fragrances, Inc	$	7,126
	311,342		International Paper Co		11,738
	40,015	*	Intrepid Potash, Inc		118
	12,642		Kaiser Aluminum Corp		1,058
	62,146		Kapstone Paper and Packaging Corp		1,404
	7,156		KMG Chemicals, Inc		165
	16,539		Koppers Holdings, Inc		302
	24,388	*	Kraton Polymers LLC		405
	14,288	e	Kronos Worldwide, Inc		81
	104,108	*	Louisiana-Pacific Corp		1,875
	13,887	*,e	LSB Industries, Inc		101
	269,088		LyondellBasell Industries AF S.C.A		23,384
	49,814		Martin Marietta Materials, Inc		6,804
	25,740		Minerals Technologies, Inc		1,180
	323,697		Monsanto Co		31,891
	257,110		Mosaic Co		7,094
	18,118		Myers Industries, Inc		241
	12,153		Neenah Paper, Inc		759
	6,272		NewMarket Corp		2,388
	370,400		Newmont Mining Corp		6,663
	236,068		Nucor Corp		9,514
	80,196		Olin Corp		1,384
	6,559		Olympic Steel, Inc		76
	32,453	*	Omnova Solutions, Inc		199
	119,497	*	Owens-Illinois, Inc		2,082
	72,328		Packaging Corp of America		4,560
	88,664	*,e	Platform Specialty Products Corp		1,138
	65,927		PolyOne Corp		2,094
	201,126		PPG Industries, Inc		19,875
	213,261		Praxair, Inc		21,838
	9,804		Quaker Chemical Corp		757
	31,957	e	Rayonier Advanced Materials, Inc		313
	18,294	*,e	Real Industry, Inc		147
	54,821		Reliance Steel & Aluminum Co		3,175
	20,109	*	Rentech, Inc		71
	48,353		Royal Gold, Inc		1,763
	98,420		RPM International, Inc		4,336
	8,418	*,e	Ryerson Holding Corp		39
	19,399		Schnitzer Steel Industries, Inc (Class A)		279
	22,501		Schweitzer-Mauduit International, Inc		945
	33,262		Scotts Miracle-Gro Co (Class A)		2,146
	155,542		Sealed Air Corp		6,937
	31,811	*,e	Senomyx, Inc		120
	34,512		Sensient Technologies Corp		2,168
	59,894		Sherwin-Williams Co		15,548
	30,199		Silgan Holdings, Inc		1,622
	74,719		Sonoco Products Co		3,054
	84,463	e	Southern Copper Corp (NY)		2,206
	177,911		Steel Dynamics, Inc		3,179
	13,671		Stepan Co		679
	90,832	*	Stillwater Mining Co		778
	19,023	*	Summit Materials, Inc		381

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	48,451		SunCoke Energy, Inc	$	168
	117,929		Tahoe Resources, Inc		1,022
	29,755		TimkenSteel Corp		249
	15,246	*	Trecora Resources		189
	19,671		Tredegar Corp		268
	8,747	*,e	Trinseo S.A.		247
	46,070	e	Tronox Ltd		180
	1,357		United States Lime & Minerals, Inc		75
	108,110	e	United States Steel Corp		863
	10,188	*	US Concrete, Inc		537
	10,310	e	Valhi, Inc		14
	60,139		Valspar Corp		4,989
	98,368		Vulcan Materials Co		9,342
	30,678		Wausau Paper Corp		314
	29,816		Westlake Chemical Corp		1,620
	193,160		WestRock Co		8,812
	1,617	*	WHX Corp		33
	35,509		Worthington Industries, Inc		1,070
	53,794	*	WR Grace & Co		5,357
			TOTAL MATERIALS		502,426

MEDIA - 3.1%
	16,000		AMC Entertainment Holdings, Inc		384
	44,802	*	AMC Networks, Inc		3,346
	2,614		Cable One, Inc		1,134
	149,949		Cablevision Systems Corp (Class A)		4,783
	17,686	*	Carmike Cinemas, Inc		406
	364,893		CBS Corp (Class B)		17,197
	57,360	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		154
	55,580	*,e	Charter Communications, Inc		10,177
	86,069		Cinemark Holdings, Inc		2,877
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		157
	1,839,586		Comcast Corp (Class A)		103,808
	27,056	*	Crown Media Holdings, Inc (Class A)		152
	772	*,e	Daily Journal Corp		156
	115,291	*,e	Discovery Communications, Inc (Class A)		3,076
	202,766	*	Discovery Communications, Inc (Class C)		5,114
	160,944	*	DISH Network Corp (Class A)		9,203
	56,592	*,e	DreamWorks Animation SKG, Inc (Class A)		1,458
	18,269	*	Entercom Communications Corp (Class A)		205
	50,932		Entravision Communications Corp (Class A)		393
	44,238		EW Scripps Co (Class A)		841
	83,857		Gannett Co, Inc		1,366
	34,321	*,e	Global Eagle Entertainment, Inc		339
	46,930	*	Gray Television, Inc		765
	33,505		Harte-Hanks, Inc		109
	6,780	*,e	Hemisphere Media Group, Inc		100
	44,682	*,e	Imax Corp		1,588
	305,436		Interpublic Group of Cos, Inc		7,111
	33,807		John Wiley & Sons, Inc (Class A)		1,522
	14,173		Journal Media Group, Inc		170
	19,204	*	Liberty Broadband Corp (Class A)		992

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	49,114	*	Liberty Broadband Corp (Class C)	$	2,547
	76,559	*	Liberty Media Corp		3,005
	148,129	*	Liberty Media Corp (Class C)		5,641
	70,064	e	Lions Gate Entertainment Corp		2,269
	108,249	*	Live Nation, Inc		2,660
	9,932	*	Loral Space & Communications, Inc		404
	15,311	*	Madison Square Garden Co		2,477
	32,196	e	MDC Partners, Inc		699
	71,050	*,e	Media General, Inc		1,148
	26,535		Meredith Corp		1,148
	45,934	*	MSG Networks, Inc		955
	46,358		National CineMedia, Inc		728
	32,024		New Media Investment Group, Inc		623
	101,324		New York Times Co (Class A)		1,360
	283,916		News Corp		3,793
	86,319		News Corp (Class B)		1,205
	23,355	e	Nexstar Broadcasting Group, Inc (Class A)		1,371
	180,613		Omnicom Group, Inc		13,665
	12,373	*	Reading International, Inc		162
	60,087	e	Regal Entertainment Group (Class A)		1,134
	9,501	*,e	Rentrak Corp		452
	3,654		Saga Communications, Inc		141
	19,984		Scholastic Corp		771
	68,018		Scripps Networks Interactive (Class A)		3,755
	49,336	e	Sinclair Broadcast Group, Inc (Class A)		1,605
	1,706,491	*,e	Sirius XM Holdings, Inc		6,945
	20,194	*	Sizmek, Inc		74
	63,623	*	Starz-Liberty Capital		2,131
	167,714		TEGNA, Inc		4,280
	243,854		Thomson Corp		9,230
	206,478		Time Warner Cable, Inc		38,320
	605,798		Time Warner, Inc		39,177
	81,058		Time, Inc		1,270
	5,104	*,e	Townsquare Media, Inc		61
	59,545		Tribune Co		2,013
	19,202		Tribune Publishing Co		177
	871,445		Twenty-First Century Fox, Inc		23,669
	357,708		Twenty-First Century Fox, Inc (Class B)		9,740
	7,706		Viacom, Inc		339
	256,908		Viacom, Inc (Class B)		10,574
	1,244,744		Walt Disney Co		130,797
	21,644	e	World Wrestling Entertainment, Inc (Class A)		386
			TOTAL MEDIA		511,984

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.5%
	1,217,272		AbbVie, Inc		72,111
	7,650	*,e	Abeona Therapeutics, Inc		26
	58,718	*,e	Acadia Pharmaceuticals, Inc		2,093
	16,937	*,e	Accelerate Diagnostics, Inc		364
	16,140	*	Acceleron Pharma, Inc		787
	86,253	*	Achillion Pharmaceuticals, Inc		931
	31,389	*,e	Acorda Therapeutics, Inc		1,343

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,362	*	Adamas Pharmaceuticals, Inc	$	208
	6,223	*,e	Aduro Biotech, Inc		175
	22,408	*,e	Advaxis, Inc		225
	18,868	*,e	Aegerion Pharmaceuticals, Inc		191
	14,774	*,e	Aerie Pharmaceuticals, Inc		360
	11,005	*,e	Affimed NV		78
	56,476	*,e	Affymetrix, Inc		570
	56,789	*	Agenus, Inc		258
	7,692	*,e	Agile Therapeutics, Inc		75
	246,217		Agilent Technologies, Inc		10,294
	19,149	*,e	Agios Pharmaceuticals, Inc		1,243
	7,862	*,e	Aimmune Therapeutics, Inc		145
	17,982	*	Akebia Therapeutics, Inc		232
	57,933	*,e	Akorn, Inc		2,161
	17,375	*,e	Albany Molecular Research, Inc		345
	15,261	*,e	Alder Biopharmaceuticals, Inc		504
	159,574	*	Alexion Pharmaceuticals, Inc		30,439
	27,483	*,e	Alimera Sciences, Inc		66
	109,475	*	Alkermes plc		8,690
	289,808	*	Allergan plc		90,565
	54,942	*	Alnylam Pharmaceuticals, Inc		5,172
	22,606	*,e	AMAG Pharmaceuticals, Inc		682
	559,100		Amgen, Inc		90,759
	71,461	*,e	Amicus Therapeutics, Inc		693
	23,308	*,e	Amphastar Pharmaceuticals, Inc		332
	30,297	*	Anacor Pharmaceuticals, Inc		3,423
	5,767	*,e	ANI Pharmaceuticals, Inc		260
	26,005	*,e	Anthera Pharmaceuticals, Inc		121
	6,215	*	Applied Genetic Technologies Corp		127
	22,162	*,e	Aratana Therapeutics, Inc		124
	9,150	*	Ardelyx, Inc		166
	179,094	*,e	Arena Pharmaceuticals, Inc		340
	121,910	*,e	Ariad Pharmaceuticals, Inc		762
	103,770	*,e	Array Biopharma, Inc		438
	39,456	*,e	Arrowhead Research Corp		243
	10,432	*,e	Assembly Biosciences, Inc		78
	10,635	*	Atara Biotherapeutics, Inc		281
	4,770	*,e	aTyr Pharma, Inc		47
	14,848	*,e	Avalanche Biotechnologies, Inc		141
	9,616	*,e	Axovant Sciences Ltd		173
	401,924		Baxalta, Inc		15,687
	6,155	*	Bellicum Pharmaceuticals, Inc		125
	53,741	*,e	BioCryst Pharmaceuticals, Inc		555
	33,888	*,e	BioDelivery Sciences International, Inc		162
	163,918	*	Biogen Idec, Inc		50,216
	118,693	*	BioMarin Pharmaceutical, Inc		12,434
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		2,152
	2,967	*	Biospecifics Technologies Corp		127
	28,168		Bio-Techne Corp		2,535
	37,736	*,e	BioTime, Inc		155
	24,301	*	Bluebird Bio, Inc		1,561
	6,702	*,e	Blueprint Medicines Corp		176

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	1,228,895		Bristol-Myers Squibb Co	$	84,536
	83,145	*	Bruker BioSciences Corp		2,018
	11,074	*,e	Calithera Biosciences, Inc		85
	23,380	*	Cambrex Corp		1,101
	12,327	*	Cara Therapeutics Inc		208
	9,597	*,e	Carbylan Therapeutics, Inc		35
	61,808	*	Catalent, Inc		1,547
	56,829	*,e	Catalyst Pharmaceuticals, Inc		139
	586,722	*	Celgene Corp		70,266
	73,063	*,e	Celldex Therapeutics, Inc		1,146
	7,210	*	Cellular Biomedicine Group, Inc		155
	23,546	*,e	Cempra, Inc		733
	52,661	*	Cepheid, Inc		1,924
	35,378	*	Charles River Laboratories International, Inc		2,844
	18,304	*	ChemoCentryx, Inc		148
	5,155	*	Chiasma, Inc		101
	30,594	*	Chimerix, Inc		274
	3,472	*,e	Cidara Therapeutics, Inc		60
	18,781	*,e	Clovis Oncology, Inc		657
	17,405	*,e	Coherus Biosciences, Inc		400
	4,897	*	Collegium Pharmaceutical, Inc		135
	11,239	*	Concert Pharmaceuticals Inc		213
	47,385	*,e	Corcept Therapeutics, Inc		236
	6,306	*,e	Corium International, Inc		51
	22,172	*,e	CorMedix, Inc		45
	124,587	*,e	CTI BioPharma Corp		153
	84,568	*,e	Curis, Inc		246
	25,879	*	Cytokinetics, Inc		271
	41,833	*,e	CytRx Corp		111
	44,278	*,e	Depomed, Inc		803
	9,514	*	Dermira, Inc		329
	11,644	*	Dicerna Pharmaceuticals Inc		138
	84,059	*,e	Durect Corp		186
	107,512	*	Dyax Corp		4,045
	21,309	*	Dynavax Technologies Corp		515
	6,368	*,e	Eagle Pharmaceuticals, Inc		565
	721,760		Eli Lilly & Co		60,815
	22,262	*	Emergent Biosolutions, Inc		891
	11,786	*,e	Enanta Pharmaceuticals, Inc		389
	153,936	*	Endo International plc		9,424
	33,769	*,e	Endocyte, Inc		135
	21,724	*,e	Epizyme, Inc		348
	9,694	*,e	Esperion Thereapeutics, Inc		216
	65,830	*,e	Exact Sciences Corp		608
	147,155	*,e	Exelixis, Inc		830
	18,106	*,e	Fibrocell Science, Inc		82
	35,519	*	FibroGen, Inc		1,082
	15,788	*	Five Prime Therapeutics, Inc		655
	4,405	*,e	Flex Pharma, Inc		55
	10,288	*,e	Flexion Therapeutics Inc		198
	20,851	*	Fluidigm Corp		225
	16,469	*,e	Foamix Pharmaceuticals Ltd		134

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	8,878	*,e	Foundation Medicine, Inc	$	187
	102,537	*,e	Galena Biopharma, Inc		151
	13,105	*,e	Genocea Biosciences Inc		69
	12,920	*,e	Genomic Health, Inc		455
	114,325	*,e	Geron Corp		553
	1,078,657		Gilead Sciences, Inc		109,149
	4,732	*,e	Global Blood Therapeutics, Inc		153
	79,065	*,e	Halozyme Therapeutics, Inc		1,370
	26,328	*	Harvard Bioscience, Inc		91
	18,140	*,e	Heron Therapeutics, Inc		484
	4,132	*	Heska Corp		160
	62,986	*,e	Idera Pharmaceuticals, Inc		195
	13,776	*,e	Ignyta, Inc		185
	106,486	*	Illumina, Inc		20,439
	8,484	*,e	Immune Design Corp		170
	65,469	*	Immunogen, Inc		888
	78,549	*,e	Immunomedics, Inc		241
	53,162	*	Impax Laboratories, Inc		2,273
	9,540	*	INC Research Holdings, Inc		463
	115,686	*	Incyte Corp		12,546
	36,466	*	Infinity Pharmaceuticals, Inc		286
	53,727	*,e	Inovio Pharmaceuticals, Inc		361
	45,452	*	Insmed, Inc		825
	17,481	*,e	Insys Therapeutics, Inc		500
	11,788	*,e	Intercept Pharmaceuticals, Inc		1,761
	10,253	*,e	Intersect ENT, Inc		231
	16,262	*	Intra-Cellular Therapies, Inc		875
	34,324	*,e	Intrexon Corp		1,035
	5,678	*,e	Invitae Corp		47
	89,084	*,e	Ionis Pharmaceuticals, Inc		5,517
	90,684	*	Ironwood Pharmaceuticals, Inc		1,051
	45,128	*	Jazz Pharmaceuticals plc		6,343
	2,035,748		Johnson & Johnson		209,112
	8,823	*,e	Juno Therapeutics, Inc		388
	17,078	*,e	Karyopharm Therapeutics, Inc		226
	76,288	*,e	Keryx Biopharmaceuticals, Inc		385
	21,397	*,e	Kite Pharma, Inc		1,318
	8,512	*,e	La Jolla Pharmaceutical Co		230
	19,506	*,e	Lannett Co, Inc		783
	30,110	*,e	Lexicon Pharmaceuticals, Inc		401
	13,029	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,413
	34,093	*,e	Lion Biotechnologies, Inc		263
	6,253	*	Loxo Oncology, Inc		178
	31,134	*	Luminex Corp		666
	20,612	*	MacroGenics, Inc		638
	86,464	*	Mallinckrodt plc		6,453
	182,057	*,e	MannKind Corp		264
	11,438	*	Medgenics, Inc		69
	48,124	*,e	Medicines Co		1,797
	115,846	*	Medivation, Inc		5,600
	2,072,781		Merck & Co, Inc		109,484
	80,764	*,e	Merrimack Pharmaceuticals, Inc		638

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	19,968	*	Mettler-Toledo International, Inc	$	6,772
	79,969	*,e	MiMedx Group, Inc		749
	7,201	*,e	Mirati Therapeutics, Inc		228
	44,870	*	Momenta Pharmaceuticals, Inc		666
	310,615	*,e	Mylan NV		16,795
	51,930	*	Myriad Genetics, Inc		2,241
	7,890	*,e	NanoString Technologies, Inc		116
	5,834	*,e	NantKwest, Inc		101
	6,000	*,e	Natera, Inc		65
	97,156	*,e	Navidea Biopharmceuticals, Inc		129
	96,260	*,e	Nektar Therapeutics		1,622
	38,546	*,e	NeoGenomics, Inc		303
	4,046	*,e	Neos Therapeutics, Inc		58
	63,342	*	Neurocrine Biosciences, Inc		3,583
	14,869	*,e	NewLink Genetics Corp		541
	4,099	*	Nivalis Therapeutics, Inc		32
	33,967	*,e	Northwest Biotherapeutics, Inc		109
	197,815	*,e	Novavax, Inc		1,660
	26,033	*	Ocata Therapeutics, Inc		219
	9,516	*,e	Ocular Therapeutix, Inc		89
	26,874	*,e	Omeros Corp		423
	12,341	*,e	OncoMed Pharmaceuticals, Inc		278
	75,642	*	Oncothyreon, Inc		168
	17,449	*	Ophthotech Corp		1,370
	221,994	*,e	Opko Health, Inc		2,231
	77,365	*,e	Orexigen Therapeutics, Inc		133
	60,008	*,e	Organovo Holdings, Inc		149
	12,630	e	Osiris Therapeutics, Inc		131
	11,187	*	Otonomy, Inc		310
	17,337	*,e	OvaScience, Inc		169
	50,411	*,e	Pacific Biosciences of California, Inc		662
	27,071	*,e	Pacira Pharmaceuticals, Inc		2,079
	9,271	*,e	Paratek Pharmaceuticals, Inc		176
	40,956	*	Parexel International Corp		2,790
	120,653	e	PDL BioPharma, Inc		427
	146,742	*,e	Peregrine Pharmaceuticals, Inc		172
	83,937		PerkinElmer, Inc		4,496
	32,300	*,e	Pernix Therapeutics Holdings, Inc		95
	106,521		Perrigo Co plc		15,414
	12,158	*	Pfenex, Inc		150
	4,522,998		Pfizer, Inc		146,003
	12,927	e	Phibro Animal Health Corp		389
	34,344	*	Portola Pharmaceuticals, Inc		1,767
	21,766	*,e	Pozen, Inc		149
	14,756	*,e	PRA Health Sciences, Inc		668
	38,233	*	Prestige Brands Holdings, Inc		1,968
	51,583	*,e	Progenics Pharmaceuticals, Inc		316
	5,400	*,e	Proteon Therapeutics, Inc		84
	23,023	*	Prothena Corp plc		1,568
	25,096	*,e	PTC Therapeutics, Inc		813
	18,465	*,e	Puma Biotechnology, Inc		1,448
	173,674	*	Qiagen NV (NASDAQ)		4,802

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	58,607	*	Quintiles Transnational Holdings, Inc	$	4,024
	21,547	*	Radius Health, Inc		1,326
	59,500	*	Raptor Pharmaceutical Corp		309
	58,043	*	Regeneron Pharmaceuticals, Inc		31,510
	21,191	*,e	Regulus Therapeutics, Inc		185
	24,090	*,e	Relypsa, Inc		683
	23,464	*	Repligen Corp		664
	25,726	*	Retrophin, Inc		496
	11,732	*,e	Revance Therapeutics, Inc		401
	66,996	*	Rigel Pharmaceuticals, Inc		203
	10,302	*,e	Sage Therapeutics, Inc		601
	16,776	*	Sagent Pharmaceuticals		267
	52,234	*,e	Sangamo Biosciences, Inc		477
	30,737	*,e	Sarepta Therapeutics, Inc		1,186
	38,141	*	Sciclone Pharmaceuticals, Inc		351
	70,472	*,e	Seattle Genetics, Inc		3,163
	87,069	*,e	Sequenom, Inc		143
	5,728	*,e	Seres Therapeutics, Inc		201
	20,814	*,e	Sorrento Therapeutics, Inc		181
	6,016	*,e	Spark Therapeutics, Inc		273
	47,540	*,e	Spectrum Pharmaceuticals, Inc		287
	12,168	*	Stemline Therapeutics, Inc		77
	18,349	*	Sucampo Pharmaceuticals, Inc (Class A)		317
	25,007	*	Supernus Pharmaceuticals, Inc		336
	74,731	*,e	Synergy Pharmaceuticals, Inc		424
	7,419	*,e	T2 Biosystems, Inc		81
	29,885	*,e	Teligent, Inc		266
	17,169	*,e	TESARO, Inc		898
	26,726	*	Tetraphase Pharmaceuticals, Inc		268
	26,551	*,e	TG Therapeutics, Inc		317
	93,869	*,e	TherapeuticsMD, Inc		973
	17,111	*,e	Theravance Biopharma, Inc		280
	63,139	*,e	Theravance, Inc		665
	290,044		Thermo Electron Corp		41,143
	49,684	*	Threshold Pharmaceuticals, Inc		24
	7,534	*,e	Tokai Pharmaceuticals, Inc		66
	18,278	*	Trevena, Inc		192
	17,931	*,e	Trovagene, Inc		97
	26,573	*	Ultragenyx Pharmaceutical, Inc		2,981
	34,318	*	United Therapeutics Corp		5,375
	31,086	*,e	Vanda Pharmaceuticals, Inc		289
	24,013	*,e	Verastem, Inc		45
	16,572	*,e	Versartis, Inc		205
	180,359	*	Vertex Pharmaceuticals, Inc		22,695
	10,155	*,e	Vitae Pharmaceuticals, Inc		184
	12,289	*	Vital Therapies, Inc		142
	74,791	*,e	Vivus, Inc		76
	21,461	*	VWR Corp		608
	60,895	*	Waters Corp		8,195
	2,602	*,e	XBiotech, Inc		28
	20,918	*,e	Xencor Inc		306
	42,869	*	Xenoport, Inc		235

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	12,439	*	Zafgen, Inc	$	78
	82,699	*,e	ZIOPHARM Oncology, Inc		687
	370,295		Zoetis Inc		17,745
	14,763	*,e	Zogenix, Inc		218
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,557,915

REAL ESTATE - 4.2%
	50,948		Acadia Realty Trust		1,689
	21,134		AG Mortgage Investment Trust		271
	12,770		Agree Realty Corp		434
	36,954		Alexander & Baldwin, Inc		1,305
	1,574		Alexander’s, Inc		605
	53,568		Alexandria Real Estate Equities, Inc		4,840
	675	*	Altisource Asset Management Corp		12
	11,088	*,e	Altisource Portfolio Solutions S.A.		308
	42,959		Altisource Residential Corp		533
	27,018		American Assets Trust,Inc		1,036
	82,450		American Campus Communities, Inc		3,409
	251,142		American Capital Agency Corp		4,355
	37,896		American Capital Mortgage, Inc		529
	120,286		American Homes 4 Rent		2,004
	24,165		American Residential Properties, Inc		457
	312,963		American Tower Corp		30,342
	664,625		Annaly Capital Management, Inc		6,234
	79,133		Anworth Mortgage Asset Corp		344
	115,722		Apartment Investment & Management Co (Class A)		4,632
	41,641		Apollo Commercial Real Estate Finance, Inc		718
	136,432	e	Apple Hospitality REIT, Inc		2,725
	22,112		Ares Commercial Real Estate Corp		253
	18,360		Armada Hoffler Properties, Inc		192
	32,704		ARMOUR Residential REIT, Inc		712
	20,771		Ashford Hospitality Prime, Inc		301
	61,750		Ashford Hospitality Trust, Inc		390
	7,072	*,e	AV Homes, Inc		91
	97,771		AvalonBay Communities, Inc		18,003
	150,022		BioMed Realty Trust, Inc		3,554
	13,459	e	Bluerock Residential Growth REIT, Inc		160
	107,997		Boston Properties, Inc		13,774
	132,520		Brandywine Realty Trust		1,810
	127,668		Brixmor Property Group, Inc		3,296
	64,335		Camden Property Trust		4,938
	49,200		Campus Crest Communities, Inc		335
	71,072		Capstead Mortgage Corp		621
	61,176		Care Capital Properties, Inc		1,870
	23,659		CareTrust REIT, Inc		259
	29,192		CatchMark Timber Trust Inc		330
	124,137		CBL & Associates Properties, Inc		1,536
	212,369	*	CBRE Group, Inc		7,344
	62,949		Cedar Shopping Centers, Inc		446
	28,285		Chatham Lodging Trust		579
	44,088		Chesapeake Lodging Trust		1,109
	79,033		Chimera Investment Corp		1,078

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	80,158		Colony Financial, Inc	$	1,562
	28,357	*	Colony Starwood Homes		642
	92,725		Columbia Property Trust, Inc		2,177
	90,140		Communications Sales & Leasing, Inc		1,685
	3,235		Consolidated-Tomoka Land Co		171
	5,827	e	CorEnergy Infrastructure Trust, Inc		86
	17,860		Coresite Realty		1,013
	69,853		Corporate Office Properties Trust		1,525
	86,682		Corrections Corp of America		2,296
	159,841		Cousins Properties, Inc		1,507
	246,828		Crown Castle International Corp		21,338
	122,396		CubeSmart		3,748
	39,431		CyrusOne, Inc		1,477
	117,682		CYS Investments, Inc		839
	65,501		DCT Industrial Trust, Inc		2,448
	225,998		DDR Corp		3,806
	148,119		DiamondRock Hospitality Co		1,429
	100,633		Digital Realty Trust, Inc		7,610
	108,380		Douglas Emmett, Inc		3,379
	254,816		Duke Realty Corp		5,356
	47,457		DuPont Fabros Technology, Inc		1,509
	41,887	e	Dynex Capital, Inc		266
	9,917		Easterly Government Properties, Inc		170
	23,492		EastGroup Properties, Inc		1,306
	34,875		Education Realty Trust, Inc		1,321
	81,930		Empire State Realty Trust, Inc		1,481
	42,164		Entertainment Properties Trust		2,465
	43,199		Equinix, Inc		13,063
	95,895	*	Equity Commonwealth		2,659
	62,982		Equity Lifestyle Properties, Inc		4,199
	54,213		Equity One, Inc		1,472
	269,127		Equity Residential		21,958
	48,297		Essex Property Trust, Inc		11,563
	86,224		Extra Space Storage, Inc		7,606
	50,759		Federal Realty Investment Trust		7,416
	106,273		FelCor Lodging Trust, Inc		776
	82,257		First Industrial Realty Trust, Inc		1,820
	42,783		First Potomac Realty Trust		488
	160,981	*	Forest City Enterprises, Inc (Class A)		3,530
	25,631	*,e	Forestar Real Estate Group, Inc		280
	31,001	*	Four Corners Property Trust, Inc		749
	67,229		Franklin Street Properties Corp		696
	4,942	*	FRP Holdings, Inc		168
	65,188		Gaming and Leisure Properties, Inc		1,812
	426,526		General Growth Properties, Inc		11,606
	54,016		Geo Group, Inc		1,562
	18,098		Getty Realty Corp		310
	15,436		Gladstone Commercial Corp		225
	51,670	e	Government Properties Income Trust		820
	309,774		Gramercy Property Trust		2,391
	3,738		Great Ajax Corp		45
	24,141		Hannon Armstrong Sustainable Infrastructure Capital, Inc		457

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	72,018		Hatteras Financial Corp	$	947
	322,575		HCP, Inc		12,335
	72,939		Healthcare Realty Trust, Inc		2,066
	91,905		Healthcare Trust of America, Inc		2,479
	36,742		Hersha Hospitality Trust		800
	69,548		Highwoods Properties, Inc		3,032
	110,912		Hospitality Properties Trust		2,900
	560,489		Host Marriott Corp		8,598
	29,353	*	Howard Hughes Corp		3,322
	54,955		Hudson Pacific Properties		1,546
	23,981	e	Independence Realty Trust, Inc		180
	64,150		Inland Real Estate Corp		681
	93,191		Invesco Mortgage Capital, Inc		1,155
	90,609		Investors Real Estate Trust		630
	155,234		Iron Mountain, Inc		4,193
	64,505	*,e	iStar Financial, Inc		757
	33,300		Jones Lang LaSalle, Inc		5,323
	67,515		Kennedy-Wilson Holdings, Inc		1,626
	65,193		Kilroy Realty Corp		4,125
	305,650		Kimco Realty Corp		8,088
	60,886		Kite Realty Group Trust		1,579
	29,243		Ladder Capital Corp		363
	59,903		Lamar Advertising Co		3,593
	83,586		LaSalle Hotel Properties		2,103
	152,168	e	Lexington Realty Trust		1,217
	110,738		Liberty Property Trust		3,438
	27,155		LTC Properties, Inc		1,171
	117,086		Macerich Co		9,448
	67,066		Mack-Cali Realty Corp		1,566
	9,904	*	Marcus & Millichap, Inc		289
	152,989		Medical Properties Trust, Inc		1,761
	277,088		MFA Mortgage Investments, Inc		1,829
	55,794		Mid-America Apartment Communities, Inc		5,067
	41,601	e	Monmouth Real Estate Investment Corp (Class A)		435
	121,396		Monogram Residential Trust, Inc		1,185
	27,658		National Health Investors, Inc		1,684
	99,981		National Retail Properties, Inc		4,004
	17,361		National Storage Affiliates Trust		297
	145,076	e	New Residential Investment Corp		1,764
	47,726		New Senior Investment Group, Inc		471
	72,745	e	New York Mortgage Trust, Inc		388
	58,364		New York REIT, Inc		671
	14,395	e	NexPoint Residential Trust, Inc		188
	42,262		NorthStar Realty Europe Corp		499
	126,786		NorthStar Realty Finance Corp		2,159
	135,157		Omega Healthcare Investors, Inc		4,728
	9,027		One Liberty Properties, Inc		194
	10,279		Orchid Island Capital, Inc		102
	101,625		Outfront Media, Inc		2,219
	131,030		Paramount Group, Inc		2,372
	62,005		Parkway Properties, Inc		969
	53,141		Pebblebrook Hotel Trust		1,489

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	52,388		Pennsylvania REIT	$	1,146
	57,080		Pennymac Mortgage Investment Trust		871
	51,402		Physicians Realty Trust		867
	116,280		Piedmont Office Realty Trust, Inc		2,195
	131,170		Plum Creek Timber Co, Inc		6,259
	40,153		Post Properties, Inc		2,375
	30,172		Potlatch Corp		912
	16,337	e	Preferred Apartment Communities, Inc		214
	387,082		Prologis, Inc		16,614
	14,667		PS Business Parks, Inc		1,282
	107,500		Public Storage, Inc		26,628
	17,741		QTS Realty Trust, Inc		800
	62,959		RAIT Investment Trust		170
	57,913		Ramco-Gershenson Properties		962
	94,973		Rayonier, Inc		2,108
	9,000		Re/Max Holdings, Inc		336
	108,646	*	Realogy Holdings Corp		3,984
	171,785	e	Realty Income Corp		8,869
	62,979		Redwood Trust, Inc		831
	69,743		Regency Centers Corp		4,751
	22,197	e	Resource Capital Corp		283
	68,690		Retail Opportunities Investment Corp		1,230
	173,060		Retail Properties of America, Inc		2,556
	40,671		Rexford Industrial Realty, Inc		665
	98,016		RLJ Lodging Trust		2,120
	5,124	*,e	RMR Group, Inc		74
	27,910	e	Rouse Properties, Inc		406
	32,495		Ryman Hospitality Properties		1,678
	43,769		Sabra Healthcare REIT, Inc		885
	6,582		Saul Centers, Inc		337
	45,730		Select Income REIT		906
	172,632		Senior Housing Properties Trust		2,562
	28,907		Silver Bay Realty Trust Corp		453
	230,221		Simon Property Group, Inc		44,764
	73,589		SL Green Realty Corp		8,314
	26,338		Sovran Self Storage, Inc		2,826
	322,513		Spirit Realty Capital, Inc		3,232
	39,283	*,e	St. Joe Co		727
	47,704		STAG Industrial, Inc		880
	173,444		Starwood Property Trust, Inc		3,566
	24,495		STORE Capital Corp		568
	65,192		Summit Hotel Properties, Inc		779
	34,362		Sun Communities, Inc		2,355
	154,167		Sunstone Hotel Investors, Inc		1,926
	70,998		Tanger Factory Outlet Centers, Inc		2,322
	45,765		Taubman Centers, Inc		3,511
	10,268	*	Tejon Ranch Co		197
	31,885		Terreno Realty Corp		721
	270,915		Two Harbors Investment Corp		2,194
	190,771		UDR, Inc		7,167
	15,857		UMH Properties, Inc		160
	22,512	e	United Development Funding IV		248

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,264		Universal Health Realty Income Trust	$	463
	66,647		Urban Edge Properties		1,563
	20,808		Urstadt Biddle Properties, Inc (Class A)		400
	225,012		Ventas, Inc		12,697
	585,838		VEREIT, Inc		4,640
	128,947		Vornado Realty Trust		12,890
	50,804	e	Washington REIT		1,375
	92,487		Weingarten Realty Investors		3,198
	244,242		Welltower, Inc		16,616
	28,538	e	Western Asset Mortgage Capital Corp		292
	383,367		Weyerhaeuser Co		11,493
	16,673	e	Whitestone REIT		200
	76,656		WP Carey, Inc		4,523
	139,812		WP GLIMCHER, Inc		1,483
	82,478		Xenia Hotels & Resorts, Inc		1,264
			TOTAL REAL ESTATE		679,954

RETAILING - 5.2%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		133
	48,207		Aaron’s, Inc		1,079
	51,631	e	Abercrombie & Fitch Co (Class A)		1,394
	53,459		Advance Auto Parts, Inc		8,046
	279,967	*	Amazon.com, Inc		189,227
	144,288	e	American Eagle Outfitters, Inc		2,236
	6,968	*,e	America’s Car-Mart, Inc		186
	20,121	*	Asbury Automotive Group, Inc		1,357
	125,805	*	Ascena Retail Group, Inc		1,239
	51,270	*	Autonation, Inc		3,059
	22,594	*	AutoZone, Inc		16,763
	23,237	*	Barnes & Noble Education, Inc		231
	36,768		Barnes & Noble, Inc		320
	123,378	*	Bed Bath & Beyond, Inc		5,953
	223,553		Best Buy Co, Inc		6,807
	14,390		Big 5 Sporting Goods Corp		144
	39,947	e	Big Lots, Inc		1,540
	8,578	*	Blue Nile, Inc		318
	8,549	*,e	Boot Barn Holdings, Inc		105
	21,122	e	Buckle, Inc		650
	8,786	*	Build-A-Bear Workshop, Inc		108
	55,229	*	Burlington Stores, Inc		2,369
	37,763	*,e	Cabela’s, Inc		1,765
	32,106		Caleres, Inc		861
	155,244	*	Carmax, Inc		8,379
	19,356		Cato Corp (Class A)		713
	106,541		Chico’s FAS, Inc		1,137
	15,377		Children’s Place Retail Stores, Inc		849
	11,556		Citi Trends, Inc		246
	20,933	*,e	Conn’s, Inc		491
	11,400	*,e	Container Store Group, Inc		93
	17,156		Core-Mark Holding Co, Inc		1,406
	57,355		CST Brands, Inc		2,245
	32,976	*	Destination XL Group, Inc		182

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	68,108		Dick’s Sporting Goods, Inc	$	2,408
	17,487	e	Dillard’s, Inc (Class A)		1,149
	220,231		Dollar General Corp		15,828
	166,226	*	Dollar Tree, Inc		12,836
	54,370	e	DSW, Inc (Class A)		1,297
	14,596	*,e	Etsy, Inc		121
	29,701	*	EVINE Live, Inc		53
	86,149		Expedia, Inc		10,708
	62,822	*	Express Parent LLC		1,086
	9,437	*,e	Fenix Parts, Inc		64
	33,805		Finish Line, Inc (Class A)		611
	40,021	*,e	Five Below, Inc		1,285
	99,154		Foot Locker, Inc		6,454
	31,625	*	Francesca’s Holdings Corp		551
	27,215		Fred’s, Inc (Class A)		445
	13,967	*,e	FTD Cos, Inc		366
	79,426	e	GameStop Corp (Class A)		2,227
	176,472	e	Gap, Inc		4,359
	17,487	*	Genesco, Inc		994
	112,007		Genuine Parts Co		9,620
	64,081		GNC Holdings, Inc		1,988
	17,254		Group 1 Automotive, Inc		1,306
	367,718	*,e	Groupon, Inc		1,129
	44,451	e	Guess?, Inc		839
	16,062		Haverty Furniture Cos, Inc		344
	18,371	*,e	Hibbett Sports, Inc		556
	954,839		Home Depot, Inc		126,278
	24,109		HSN, Inc		1,222
	228,517	*,e	JC Penney Co, Inc		1,522
	12,718		Kirkland’s, Inc		184
	150,129	e	Kohl’s Corp		7,151
	182,388		L Brands, Inc		17,476
	12,586	*,e	Lands’ End, Inc		295
	364,728	*	Liberty Interactive Corp		9,964
	55,902	*	Liberty TripAdvisor Holdings, Inc		1,696
	103,346	*	Liberty Ventures		4,662
	16,930		Lithia Motors, Inc (Class A)		1,806
	225,488	*	LKQ Corp		6,681
	699,844		Lowe’s Companies, Inc		53,216
	19,294	*,e	Lumber Liquidators, Inc		335
	246,363		Macy’s, Inc		8,618
	18,578	*	MarineMax, Inc		342
	15,036	*,e	Mattress Firm Holding Corp		671
	36,113		Men’s Wearhouse, Inc		530
	45,299	*	Michaels Cos, Inc		1,002
	23,604	e	Monro Muffler, Inc		1,563
	33,411	*	Murphy USA, Inc		2,029
	312,066	*	NetFlix, Inc		35,694
	101,822	e	Nordstrom, Inc		5,072
	20,499		Nutri/System, Inc		444
	405,707	*	Office Depot, Inc		2,288
	6,870	*,e	Ollie’s Bargain Outlet Holdings, Inc		117

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	73,193	*	O’Reilly Automotive, Inc	$	18,549
	13,643	e	Outerwall, Inc		499
	8,893	*	Overstock.com, Inc		109
	17,507	*,e	Party City Holdco, Inc		226
	31,428		Penske Auto Group, Inc		1,331
	40,957	*	PEP Boys - Manny Moe & Jack		754
	14,837	e	PetMed Express, Inc		254
	67,032	e	Pier 1 Imports, Inc		341
	37,940	*	Priceline.com, Inc		48,372
	38,310		Rent-A-Center, Inc		573
	24,409	*,e	Restoration Hardware Holdings, Inc		1,939
	306,119		Ross Stores, Inc		16,472
	116,394	*	Sally Beauty Holdings, Inc		3,246
	9,887	*,e	Sears Holdings Corp		203
	38,951	*	Select Comfort Corp		834
	10,447		Shoe Carnival, Inc		242
	27,812	*	Shutterfly, Inc		1,239
	59,364		Signet Jewelers Ltd		7,343
	24,526		Sonic Automotive, Inc (Class A)		558
	13,281	*,e	Sportsman’s Warehouse Holdings, Inc		171
	25,073	e	Stage Stores, Inc		228
	474,361		Staples, Inc		4,492
	21,273		Stein Mart, Inc		143
	9,938	*	Systemax, Inc		85
	472,181		Target Corp		34,285
	83,552		Tiffany & Co		6,374
	21,071	*,e	Tile Shop Holdings, Inc		346
	6,790	*	Tilly’s, Inc		45
	500,622		TJX Companies, Inc		35,499
	99,381		Tractor Supply Co		8,497
	83,065	*	TripAdvisor, Inc		7,081
	32,864	*	Tuesday Morning Corp		214
	46,408	*	Ulta Salon Cosmetics & Fragrance, Inc		8,585
	72,158	*	Urban Outfitters, Inc		1,642
	22,533	*	Vitamin Shoppe, Inc		737
	11,570	*	VOXX International Corp (Class A)		61
	14,711	*,e	Wayfair, Inc		701
	11,292	*	West Marine, Inc		96
	67,891		Williams-Sonoma, Inc		3,966
	1,945		Winmark Corp		181
	15,828	*,e	Zumiez, Inc		239
			TOTAL RETAILING		847,865

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	29,482	*	Advanced Energy Industries, Inc		832
	474,503	*,e	Advanced Micro Devices, Inc		1,362
	15,539	*	Alpha & Omega Semiconductor Ltd		143
	23,188	*,e	Ambarella, Inc		1,292
	73,241	*	Amkor Technology, Inc		445
	229,205		Analog Devices, Inc		12,680
	849,566		Applied Materials, Inc		15,861
	59,771	*	Applied Micro Circuits Corp		381

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	308,399		Atmel Corp	$	2,655
	187,870		Avago Technologies Ltd		27,269
	83,398	*	Axcelis Technologies, Inc		216
	405,180		Broadcom Corp (Class A)		23,428
	52,087		Brooks Automation, Inc		556
	17,924	*	Cabot Microelectronics Corp		785
	9,758	*	Cascade Microtech, Inc		159
	40,828	*	Cavium Networks, Inc		2,683
	15,710	*	Ceva, Inc		367
	47,684	*	Cirrus Logic, Inc		1,408
	18,761		Cohu, Inc		226
	80,918	*,e	Cree, Inc		2,158
	244,851	e	Cypress Semiconductor Corp		2,402
	28,713	*	Diodes, Inc		660
	19,178	*	DSP Group, Inc		181
	105,554	*	Entegris, Inc		1,401
	28,026	*	Exar Corp		172
	85,675	*	Fairchild Semiconductor International, Inc		1,774
	55,687	*	First Solar, Inc		3,675
	40,961	*	Formfactor, Inc		369
	28,079	*	Inphi Corp		759
	109,667	*	Integrated Device Technology, Inc		2,890
	3,478,760		Intel Corp		119,843
	96,768		Intersil Corp (Class A)		1,235
	16,725		IXYS Corp		211
	118,149		Kla-Tencor Corp		8,194
	50,517	*	Kopin Corp		137
	117,211		Lam Research Corp		9,309
	90,159	*	Lattice Semiconductor Corp		583
	176,955		Linear Technology Corp		7,515
	17,278	*,e	MA-COM Technology Solutions		706
	334,640		Marvell Technology Group Ltd		2,952
	54,353	*	Mattson Technology, Inc		192
	206,782		Maxim Integrated Products, Inc		7,858
	37,977	*	MaxLinear, Inc		559
	157,936	e	Microchip Technology, Inc		7,350
	799,251	*	Micron Technology, Inc		11,317
	70,791	*	Microsemi Corp		2,307
	39,433		MKS Instruments, Inc		1,420
	29,204		Monolithic Power Systems, Inc		1,861
	18,167	*	Nanometrics, Inc		275
	21,168	*	NeoPhotonics Corp Ltd		230
	3,184		NVE Corp		179
	397,834		Nvidia Corp		13,113
	42,436	*	Omnivision Technologies, Inc		1,231
	317,509	*	ON Semiconductor Corp		3,112
	20,605	*	PDF Solutions, Inc		223
	46,544	*	Photronics, Inc		579
	130,681	*	PMC - Sierra, Inc		1,519
	22,599		Power Integrations, Inc		1,099
	110,554	*	Qorvo, Inc		5,627
	84,186	*,e	Rambus, Inc		976

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	25,190	*	Rudolph Technologies, Inc	$	358
	49,258	*	Semtech Corp		932
	25,567	*	Sigma Designs, Inc		162
	32,473	*	Silicon Laboratories, Inc		1,576
	141,463		Skyworks Solutions, Inc		10,869
	40,052	*,e	SunPower Corp		1,202
	157,133		Teradyne, Inc		3,248
	39,803		Tessera Technologies, Inc		1,194
	761,500		Texas Instruments, Inc		41,738
	23,500	*	Ultra Clean Holdings		120
	21,651	*	Ultratech, Inc		429
	29,696	*	Veeco Instruments, Inc		611
	37,527	*	Xcerra Corp		227
	191,407		Xilinx, Inc		8,990
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		392,557

SOFTWARE & SERVICES - 11.9%
	24,811	*	A10 Networks, Inc		163
	462,436		Accenture plc		48,325
	86,241	*	ACI Worldwide, Inc		1,846
	373,272		Activision Blizzard, Inc		14,449
	32,107	*	Actua Corp		368
	57,158	*	Acxiom Corp		1,196
	370,138	*	Adobe Systems, Inc		34,771
	132,262	*	Akamai Technologies, Inc		6,961
	5,086	*,e	Alarm.com Holdings, Inc		85
	45,335	*	Alliance Data Systems Corp		12,538
	211,966	*	Alphabet, Inc (Class A)		164,912
	215,795	*	Alphabet, Inc (Class C)		163,762
	11,882	*,e	Amber Road, Inc		60
	114,365		Amdocs Ltd		6,241
	15,720		American Software, Inc (Class A)		160
	32,146	*,e	Angie’s List, Inc		301
	62,478	*	Ansys, Inc		5,779
	3,095	*	Apigee Corp		25
	7,274	*,e	Appfolio, Inc		106
	63,153	*	Aspen Technology, Inc		2,385
	168,621	*	Autodesk, Inc		10,274
	345,034		Automatic Data Processing, Inc		29,231
	30,408	*	AVG Technologies NV		610
	50,870	*	Bankrate, Inc		677
	5,965	*	Barracuda Networks, Inc		111
	44,088	*,e	Bazaarvoice, Inc		193
	5,721	*,e	Benefitfocus, Inc		208
	15,413	*,e	Black Knight Financial Services, Inc		510
	35,258		Blackbaud, Inc		2,322
	40,135	*	Blackhawk Network Holdings, Inc		1,774
	30,473	*,e	Blucora, Inc		299
	75,290		Booz Allen Hamilton Holding Co		2,323
	29,562	*	Bottomline Technologies, Inc		879
	9,849	*,e	Box, Inc		137
	20,694	*	Brightcove, Inc		128

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	88,805		Broadridge Financial Solutions, Inc	$	4,771
	21,331	*	BroadSoft, Inc		754
	225,867		CA, Inc		6,451
	17,838	*	CACI International, Inc (Class A)		1,655
	216,614	*	Cadence Design Systems, Inc		4,508
	40,638	*	Callidus Software, Inc		755
	13,412	*	Carbonite, Inc		131
	33,955	*	Cardtronics, Inc		1,143
	13,954	*,e	Care.com, Inc		100
	8,603		Cass Information Systems, Inc		443
	115,322		CDK Global, Inc		5,474
	15,814	*	ChannelAdvisor Corp		219
	52,926	*	Ciber, Inc		186
	24,317	*,e	Cimpress NV		1,973
	118,705	*	Citrix Systems, Inc		8,980
	451,695	*	Cognizant Technology Solutions Corp (Class A)		27,111
	33,614	*	Commvault Systems, Inc		1,323
	99,804		Computer Sciences Corp		3,262
	25,588	*	comScore, Inc		1,053
	23,960	*	Constant Contact, Inc		701
	73,137		Convergys Corp		1,820
	40,208	*	Cornerstone OnDemand, Inc		1,388
	23,982	*	CoStar Group, Inc		4,957
	24,883		CSG Systems International, Inc		895
	99,804	*	CSRA, Inc		2,994
	17,592	*	Cvent, Inc		614
	15,267	*	Datalink Corp		104
	24,614	*,e	Demandware, Inc		1,328
	32,513	*	DHI Group, Inc		298
	5,437	*,e	Digimarc Corp		199
	37,568	*,e	Digital Turbine, Inc		50
	27,103		DST Systems, Inc		3,091
	77,306		EarthLink Holdings Corp		574
	894,311	*	eBay, Inc		24,576
	19,966	e	Ebix, Inc		655
	229,813	*	Electronic Arts, Inc		15,793
	21,694	*	Ellie Mae, Inc		1,307
	43,380	*,e	Endurance International Group Holdings, Inc		474
	20,747	*,e	EnerNOC, Inc		80
	28,511	*	Envestnet, Inc		851
	36,125	*	EPAM Systems, Inc		2,840
	25,591		EPIQ Systems, Inc		334
	37,881	*	Euronet Worldwide, Inc		2,744
	51,313	*	Everi Holdings, Inc		225
	48,388		EVERTEC, Inc		810
	15,773	*	Everyday Health, Inc		95
	24,918	*	ExlService Holdings, Inc		1,120
	1,591,937	*	Facebook, Inc		166,612
	23,064		Fair Isaac Corp		2,172
	209,784		Fidelity National Information Services, Inc		12,713
	102,019	*,e	FireEye, Inc		2,116
	67,170	*	First American Corp		2,274

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	138,194	*	First Data Corp	$	2,214
	170,999	*	Fiserv, Inc		15,640
	18,028	*,e	Five9, Inc		157
	67,800	*	FleetCor Technologies, Inc		9,691
	28,477	*	FleetMatics Group plc		1,446
	8,265		Forrester Research, Inc		235
	105,618	*	Fortinet, Inc		3,292
	61,489	*	Gartner, Inc		5,577
	118,380	*	Genpact Ltd		2,957
	20,054	*	Gigamon, Inc		533
	98,592		Global Payments, Inc		6,360
	11,456	*,e	Globant S.A.		430
	88,947	*,e	Glu Mobile, Inc		216
	17,503	*,e	GoDaddy, Inc		561
	42,541	*,e	Gogo, Inc		757
	55,694	*,e	GrubHub, Inc		1,348
	18,192	*	GTT Communications, Inc		310
	13,242	*,e	Guidance Software, Inc		80
	51,316	*	Guidewire Software, Inc		3,087
	17,956		Hackett Group, Inc		289
	27,069		Heartland Payment Systems, Inc		2,567
	5,610	*	Hortonworks, Inc		123
	14,191	*	HubSpot, Inc		799
	52,417		IAC/InterActiveCorp		3,148
	19,610	*	Imperva, Inc		1,242
	41,826	*,e	Infoblox, Inc		769
	12,605	*	Interactive Intelligence, Inc		396
	40,309	*	Internap Network Services Corp		258
	665,410		International Business Machines Corp		91,574
	200,684		Intuit, Inc		19,366
	36,074		j2 Global, Inc		2,970
	58,179		Jack Henry & Associates, Inc		4,541
	30,270	*	Jive Software, Inc		124
	58,933		King Digital Entertainment plc		1,054
	19,259	*	Knot, Inc		309
	49,809		Leidos Holdings, Inc		2,802
	50,961	*	Limelight Networks, Inc		74
	80,906	*	LinkedIn Corp		18,210
	44,720	*	Lionbridge Technologies		220
	19,090	*	Liquidity Services, Inc		124
	40,701	*	Liveperson, Inc		275
	18,232	*	LogMeIn, Inc		1,223
	13,441	*	Luxoft Holding, Inc		1,037
	54,701	*	Manhattan Associates, Inc		3,620
	18,418		Mantech International Corp (Class A)		557
	25,119		Marchex, Inc (Class B)		98
	20,549	*	Marin Software, Inc		74
	25,709	*	Marketo, Inc		738
	734,581		Mastercard, Inc (Class A)		71,519
	24,371	*,e	Match Group, Inc		330
	48,838		MAXIMUS, Inc		2,747
	73,403		Mentor Graphics Corp		1,352

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,949,308		Microsoft Corp	$	330,067
	6,844	*	MicroStrategy, Inc (Class A)		1,227
	5,757	*,e	MINDBODY, Inc		87
	29,654	*,e	MobileIron, Inc		107
	14,483	*	Model N, Inc		162
	33,165	*,e	ModusLink Global Solutions, Inc		82
	22,389	*	MoneyGram International, Inc		140
	29,292		Monotype Imaging Holdings, Inc		692
	70,908	*	Monster Worldwide, Inc		406
	29,548	*,e	NetSuite, Inc		2,500
	42,216	*,e	NeuStar, Inc (Class A)		1,012
	4,154	*,e	New Relic, Inc		151
	48,579	*	NIC, Inc		956
	187,240	*	Nuance Communications, Inc		3,724
	19,789	*,e	OPOWER, Inc		209
	2,343,471		Oracle Corp		85,607
	155,524	*	Pandora Media, Inc		2,086
	7,197	*,e	Park City Group, Inc		86
	240,713		Paychex, Inc		12,731
	23,354	*	Paycom Software, Inc		879
	11,222	*	Paylocity Holding Corp		455
	898,445	*	PayPal Holdings, Inc		32,524
	24,918		Pegasystems, Inc		685
	25,493	*	Perficient, Inc		436
	8,684	*	PFSweb, Inc		112
	38,195	*	Progress Software Corp		917
	29,179	*	Proofpoint, Inc		1,897
	17,256	*	PROS Holdings, Inc		398
	85,331	*	PTC, Inc		2,955
	14,350	*	Q2 Holdings, Inc		378
	7,729		QAD, Inc (Class A)		159
	67,392	*	QLIK Technologies, Inc		2,134
	18,223	*	Qualys, Inc		603
	20,643	*	QuinStreet, Inc		89
	45,152	*,e	Quotient Technology, Inc		308
	91,063	*	Rackspace Hosting, Inc		2,306
	5,299	*,e	Rapid7, Inc		80
	18,038	*	RealNetworks, Inc		77
	39,496	*	RealPage, Inc		887
	135,645	*	Red Hat, Inc		11,233
	6,528		Reis, Inc		155
	28,776	*	RetailMeNot, Inc		285
	39,806	*	RingCentral, Inc		939
	20,141	*,e	Rocket Fuel, Inc		70
	65,478	*	Rovi Corp		1,091
	18,722	*	Rubicon Project, Inc		308
	83,383		Sabre Corp		2,332
	485,133	*	Salesforce.com, Inc		38,034
	17,304		Sapiens International Corp NV		177
	34,016		Science Applications International Corp		1,557
	21,075	*	Sciquest, Inc		273
	24,634	*	Seachange International, Inc		166

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	113,734	*	ServiceNow, Inc	$	9,845
	46,932	*,e	ServiceSource International LLC		216
	14,547	*,e	Shutterstock, Inc		470
	26,176	*,e	Silver Spring Networks, Inc		377
	49,819	*	SolarWinds, Inc		2,934
	49,541		Solera Holdings, Inc		2,716
	92,607	*	Splunk, Inc		5,446
	12,246	*	SPS Commerce, Inc		860
	22,469	*,e	Square, Inc		294
	52,847		SS&C Technologies Holdings, Inc		3,608
	10,609	*	Stamps.com, Inc		1,163
	29,262	*	Sykes Enterprises, Inc		901
	503,573		Symantec Corp		10,575
	28,696	*	Synchronoss Technologies, Inc		1,011
	107,461	*	Synopsys, Inc		4,901
	23,254	*	Syntel, Inc		1,052
	30,239	*	TA Indigo Holding Corp		274
	36,581	*	Tableau Software, Inc		3,447
	62,894	*	Take-Two Interactive Software, Inc		2,191
	29,444	*	Tangoe, Inc		247
	12,153	*	TechTarget, Inc		98
	37,654	*	TeleCommunication Systems, Inc (Class A)		187
	20,400	*	TeleNav, Inc		116
	13,212		TeleTech Holdings, Inc		369
	104,965	*	Teradata Corp		2,773
	14,409	*,e	Textura Corp		311
	71,591	*	TiVo, Inc		618
	122,214		Total System Services, Inc		6,086
	78,243		Travelport Worldwide Ltd		1,009
	6,116	*	Travelzoo, Inc		51
	36,314	*,e	TrueCar, Inc		346
	10,595	*,e	TubeMogul, Inc		144
	418,135	*	Twitter, Inc		9,676
	24,991	*	Tyler Technologies, Inc		4,356
	21,175	*	Ultimate Software Group, Inc		4,140
	38,674	*	Unisys Corp		427
	11,210	*	United Online, Inc		132
	105,809	*	Vantiv, Inc		5,017
	6,363	*,e	Varonis Systems, Inc		120
	21,489	*,e	Vasco Data Security International		360
	84,224	*	VeriFone Systems, Inc		2,360
	45,384	*	Verint Systems, Inc		1,841
	73,449	*,e	VeriSign, Inc		6,417
	32,131	*,e	VirnetX Holding Corp		83
	21,946	*	Virtusa Corp		907
	1,438,349		Visa, Inc (Class A)		111,544
	60,583	*,e	VMware, Inc (Class A)		3,427
	28,678	*,e	WebMD Health Corp (Class A)		1,385
	32,723	*	Website Pros, Inc		655
	382,980	e	Western Union Co		6,859
	28,569	*	WEX, Inc		2,526
	14,146	*	Wix.com Ltd		322

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	78,368	*	Workday, Inc	$	6,244
	4,998	*,e	Workiva, Inc		88
	8,095	*	Xactly Corp		69
	817,071		Xerox Corp		8,685
	16,654	*	Xura, Inc		409
	694,256	*	Yahoo!, Inc		23,091
	47,998	*	Yelp, Inc		1,382
	39,804	*	Zendesk, Inc		1,052
	32,505	*,e	Zillow Group, Inc		846
	65,010	*,e	Zillow Group, Inc (Class C)		1,526
	47,197	*	Zix Corp		240
	565,694	*	Zynga, Inc		1,516
			TOTAL SOFTWARE & SERVICES		1,949,894

TECHNOLOGY HARDWARE & EQUIPMENT - 5.5%
	83,151	*,e	3D Systems Corp		723
	39,852		Adtran, Inc		686
	16,323	*,e	Aerohive Networks, Inc		83
	11,056	*	Agilysys, Inc		110
	9,098	*	Alliance Fiber Optic Products, Inc		138
	228,592		Amphenol Corp (Class A)		11,939
	21,094	*	Anixter International, Inc		1,274
	4,233,303		Apple, Inc		445,597
	11,231	*,e	Applied Optoelectronics, Inc		193
	24,889	*,e	Arista Networks, Inc		1,937
	133,254	*	ARRIS Group, Inc		4,074
	66,366	*	Arrow Electronics, Inc		3,596
	24,161	*,e	Avid Technology, Inc		176
	92,405		Avnet, Inc		3,959
	34,410		AVX Corp		418
	11,475	e	Badger Meter, Inc		672
	7,316		Bel Fuse, Inc (Class B)		127
	31,469		Belden CDT, Inc		1,500
	39,122	*	Benchmark Electronics, Inc		809
	12,526		Black Box Corp		119
	309,327		Brocade Communications Systems, Inc		2,840
	26,799	*	CalAmp Corp		534
	28,887	*	Calix Networks, Inc		227
	89,647		CDW Corp		3,769
	30,668		Checkpoint Systems, Inc		192
	91,005	*	Ciena Corp		1,883
	3,751,334		Cisco Systems, Inc		101,868
	8,964	*,e	Clearfield, Inc		120
	64,456		Cognex Corp		2,177
	17,685	*	Coherent, Inc		1,151
	73,857	*	CommScope Holding Co, Inc		1,912
	11,551		Comtech Telecommunications Corp		232
	15,682	*	Control4 Corp		114
	849,927		Corning, Inc		15,537
	29,620	*	Cray, Inc		961
	23,637		CTS Corp		417
	27,847		Daktronics, Inc		243

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	47,853		Diebold, Inc	$	1,440
	18,652	*	Digi International, Inc		212
	36,841		Dolby Laboratories, Inc (Class A)		1,240
	13,244	*	DTS, Inc		299
	13,533	*	Eastman Kodak Co		170
	32,770	*	EchoStar Corp (Class A)		1,282
	11,677		Electro Rent Corp		107
	35,264	*	Electronics for Imaging, Inc		1,648
	1,415,261		EMC Corp		36,344
	18,982	*	EMCORE Corp		116
	3,943	*	ePlus, Inc		368
	79,396	*	Extreme Networks, Inc		324
	53,266	*	F5 Networks, Inc		5,165
	26,560	*	Fabrinet		633
	12,851	*	FARO Technologies, Inc		379
	30,706		FEI Co		2,450
	76,718	*	Finisar Corp		1,115
	30,563	*,e	Fitbit, Inc		904
	104,125		Flir Systems, Inc		2,923
	25,552	*	GSI Group, Inc		348
	67,185	*	Harmonic, Inc		273
	91,398		Harris Corp		7,943
	1,344,424	*	Hewlett Packard Enterprise Co		20,435
	1,344,424		HP, Inc		15,918
	39,772	*	II-VI, Inc		738
	27,939	*,e	Imation Corp		38
	21,661	*	Immersion Corp		253
	95,498	*,e	Infinera Corp		1,730
	107,218		Ingram Micro, Inc (Class A)		3,257
	28,444	*	Insight Enterprises, Inc		715
	26,730		InterDigital, Inc		1,311
	57,029	*,e	InvenSense, Inc		583
	25,418	*,e	IPG Photonics Corp		2,266
	28,730	*	Itron, Inc		1,039
	43,041	*	Ixia		535
	143,551		Jabil Circuit, Inc		3,343
	291,880		Juniper Networks, Inc		8,056
	125,388	*	Keysight Technologies, Inc		3,552
	21,162	*	Kimball Electronics, Inc		233
	64,648	*,e	Knowles Corp		862
	10,929	*	KVH Industries, Inc		103
	45,344		Lexmark International, Inc (Class A)		1,471
	16,687		Littelfuse, Inc		1,786
	34,637	*	Lumentum Holdings, Inc		763
	23,128	*	Mercury Computer Systems, Inc		425
	1,988		Mesa Laboratories, Inc		198
	28,385		Methode Electronics, Inc		904
	126,381		Motorola, Inc		8,651
	11,234		MTS Systems Corp		712
	6,959	*	Multi-Fineline Electronix, Inc		144
	83,376		National Instruments Corp		2,392
	125,398	*	NCR Corp		3,067

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	216,845		NetApp, Inc	$	5,753
	26,175	*	Netgear, Inc		1,097
	67,850	*	Netscout Systems, Inc		2,083
	27,910	*	Newport Corp		443
	37,400	*,e	Nimble Storage, Inc		344
	29,647	*,e	Novatel Wireless, Inc		50
	72,862	*,e	Oclaro, Inc		254
	14,702	*	OSI Systems, Inc		1,303
	53,646	*	Palo Alto Networks, Inc		9,449
	16,460		Park Electrochemical Corp		248
	6,868	*	PC Connection, Inc		156
	29,009		Plantronics, Inc		1,376
	25,402	*	Plexus Corp		887
	100,006	*	Polycom, Inc		1,259
	21,249	*,e	Pure Storage, Inc		331
	65,614	*	QLogic Corp		801
	1,106,589		Qualcomm, Inc		55,313
	171,155	*,e	Quantum Corp		159
	31,179	*	RealD, Inc		329
	21,664	*	Rofin-Sinar Technologies, Inc		580
	13,791	*	Rogers Corp		711
	55,372	*	Ruckus Wireless, Inc		593
	153,815		SanDisk Corp		11,688
	61,646	*	Sanmina Corp		1,269
	21,738	*	Scansource, Inc		700
	43,182	*	ShoreTel, Inc		382
	25,143	*,e	Silicon Graphics International Corp		148
	37,508	*	Sonus Networks, Inc		267
	37,383	*,e	Stratasys Ltd		878
	27,221	*,e	Super Micro Computer, Inc		667
	27,223	*	Synaptics, Inc		2,187
	21,522		SYNNEX Corp		1,935
	26,973	*	Tech Data Corp		1,790
	192,019	*	Trimble Navigation Ltd		4,119
	44,290	*	TTM Technologies, Inc		288
	22,392	*,e	Ubiquiti Networks, Inc		710
	29,474	*	Universal Display Corp		1,605
	31,477	*,e	Viasat, Inc		1,920
	173,185	*	Viavi Solutions, Inc		1,055
	60,568	*,e	Violin Memory, Inc		55
	100,754	e	Vishay Intertechnology, Inc		1,214
	9,508	*	Vishay Precision Group, Inc		108
	165,870		Western Digital Corp		9,961
	38,312	*	Zebra Technologies Corp (Class A)		2,668
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		892,603

TELECOMMUNICATION SERVICES - 2.2%
	66,124	*	8x8, Inc		757
	4,470,855		AT&T, Inc		153,842
	7,918		Atlantic Tele-Network, Inc		619
	27,406	*	Boingo Wireless, Inc		181
	416,899		CenturyTel, Inc		10,489

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	149,815	*	Cincinnati Bell, Inc	$	539
	34,230		Cogent Communications Group, Inc		1,187
	38,388	e	Consolidated Communications Holdings, Inc		804
	16,551	*,e	Fairpoint Communications, Inc		266
	743,607	e	Frontier Communications Corp		3,473
	24,304	*	General Communication, Inc (Class A)		481
	348,844	*,e	Globalstar, Inc		502
	7,568	*	Hawaiian Telcom Holdco, Inc		188
	10,513		IDT Corp (Class B)		123
	45,794	*,e	inContact, Inc		437
	25,073		Inteliquent, Inc		446
	20,308	*,e	Intelsat S.A.		85
	60,764	*,e	Iridium Communications, Inc		511
	213,185	*	Level 3 Communications, Inc		11,589
	16,622		Lumos Networks Corp		186
	11,759	*	NTELOS Holdings Corp		107
	44,329	*	Orbcomm, Inc		321
	9,439	*,e	pdvWireless, Inc		260
	95,804	*	SBA Communications Corp (Class A)		10,066
	18,151		Shenandoah Telecom Co		781
	17,224		Spok Holdings, Inc		316
	551,084	*,e	Sprint Corp		1,995
	6,721	*,e	Straight Path Communications, Inc		115
	68,830		Telephone & Data Systems, Inc		1,782
	203,125	*	T-Mobile US, Inc		7,946
	9,529	*	US Cellular Corp		389
	3,002,068		Verizon Communications, Inc		138,756
	137,981	*	Vonage Holdings Corp		792
	76,638	e	Windstream Holdings, Inc		494
	105,945	*	Zayo Group Holdings, Inc		2,817
			TOTAL TELECOMMUNICATION SERVICES		353,642

TRANSPORTATION - 2.1%
	40,179	*	Air Transport Services Group, Inc		405
	93,230		Alaska Air Group, Inc		7,506
	8,403		Allegiant Travel Co		1,410
	4,641		Amerco, Inc		1,808
	463,817		American Airlines Group, Inc		19,643
	19,331		Arkansas Best Corp		413
	18,341	*	Atlas Air Worldwide Holdings, Inc		758
	78,384	*	Avis Budget Group, Inc		2,845
	20,049		Celadon Group, Inc		198
	107,766		CH Robinson Worldwide, Inc		6,684
	24,453	e	Copa Holdings S.A. (Class A)		1,180
	8,672	*	Covenant Transportation Group, Inc		164
	731,012		CSX Corp		18,970
	600,168		Delta Air Lines, Inc		30,422
	15,158	*,e	Eagle Bulk Shipping, Inc		53
	21,969	*	Echo Global Logistics, Inc		448
	138,241		Expeditors International of Washington, Inc		6,235
	207,313		FedEx Corp		30,888
	22,919		Forward Air Corp		986

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	39,257	*	Genesee & Wyoming, Inc (Class A)	$	2,108
	34,479	*	Hawaiian Holdings, Inc		1,218
	36,950	e	Heartland Express, Inc		629
	299,972	*	Hertz Global Holdings, Inc		4,269
	26,734	*	Hub Group, Inc (Class A)		881
	68,104		J.B. Hunt Transport Services, Inc		4,996
	231,738	*	JetBlue Airways Corp		5,249
	81,773		Kansas City Southern Industries, Inc		6,106
	41,240	*	Kirby Corp		2,170
	45,057		Knight Transportation, Inc		1,092
	33,557		Landstar System, Inc		1,968
	50,509		Macquarie Infrastructure Co LLC		3,667
	17,739		Marten Transport Ltd		314
	32,238		Matson, Inc		1,374
	60,245	e	Navios Maritime Holdings, Inc		105
	225,613		Norfolk Southern Corp		19,085
	51,170	*	Old Dominion Freight Line		3,023
	2,470	*	PAM Transportation Services, Inc		68
	6,136		Park-Ohio Holdings Corp		226
	17,329	*	Radiant Logistics, Inc		59
	43,045	*	Republic Airways Holdings, Inc		169
	20,933	*	Roadrunner Transportation Services Holdings, Inc		197
	39,438		Ryder System, Inc		2,241
	30,068		Safe Bulkers, Inc		24
	18,094	*	Saia, Inc		403
	11,497	*	Scorpio Bulkers, Inc		114
	40,260		Skywest, Inc		766
	494,314		Southwest Airlines Co		21,285
	53,890	*	Spirit Airlines, Inc		2,147
	63,781	*,e	Swift Transportation Co, Inc		881
	641,733		Union Pacific Corp		50,183
	278,057	*	United Continental Holdings, Inc		15,933
	518,852		United Parcel Service, Inc (Class B)		49,929
	6,297		Universal Truckload Services, Inc		88
	7,128	*	USA Truck, Inc		124
	69,158	*	UTI Worldwide, Inc		486
	18,831	*,e	Virgin America, Inc		678
	34,798		Werner Enterprises, Inc		814
	44,920	*	Wesco Aircraft Holdings, Inc		538
	52,800	*,e	XPO Logistics, Inc		1,439
	23,809	*	YRC Worldwide, Inc		338
			TOTAL TRANSPORTATION		338,400

UTILITIES - 3.0%
	35,975	e	Abengoa Yield plc		694
	502,237		AES Corp		4,806
	88,857		AGL Resources, Inc		5,670
	35,666		Allete, Inc		1,813
	83,430		Alliant Energy Corp		5,210
	179,688		Ameren Corp		7,768
	361,395		American Electric Power Co, Inc		21,058
	29,456		American States Water Co		1,236

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	133,205		American Water Works Co, Inc	$	7,959
	134,973		Aqua America, Inc		4,022
	4,909		Artesian Resources Corp		136
	92,825	e	Atlantic Power Corp		183
	73,233		Atmos Energy Corp		4,617
	41,780	*	Avangrid, Inc		1,604
	45,672		Avista Corp		1,615
	33,522		Black Hills Corp		1,556
	35,650		California Water Service Group		830
	276,377	*	Calpine Corp		3,999
	318,361		Centerpoint Energy, Inc		5,845
	11,590		Chesapeake Utilities Corp		658
	46,444		Cleco Corp		2,425
	203,302		CMS Energy Corp		7,335
	8,405		Connecticut Water Service, Inc		319
	216,563		Consolidated Edison, Inc		13,918
	10,961	e	Consolidated Water Co, Inc		134
	438,500		Dominion Resources, Inc		29,660
	131,940		DTE Energy Co		10,580
	504,114		Duke Energy Corp		35,989
	94,898	*	Dynegy, Inc		1,272
	239,987		Edison International		14,210
	30,616		El Paso Electric Co		1,179
	33,239		Empire District Electric Co		933
	132,825		Entergy Corp		9,080
	213,620		Eversource Energy		10,910
	679,688		Exelon Corp		18,875
	47,286		Ferroglobe plc		508
	311,936		FirstEnergy Corp		9,898
	9,378	e	Genie Energy Ltd		105
	114,306		Great Plains Energy, Inc		3,122
	79,361		Hawaiian Electric Industries, Inc		2,297
	37,236		Idacorp, Inc		2,532
	114,807		ITC Holdings Corp		4,506
	32,340		Laclede Group, Inc		1,921
	144,429		MDU Resources Group, Inc		2,646
	26,250		MGE Energy, Inc		1,218
	11,759		Middlesex Water Co		312
	62,456	e	National Fuel Gas Co		2,670
	63,442		New Jersey Resources Corp		2,091
	324,782		NextEra Energy, Inc		33,742
	234,601		NiSource, Inc		4,577
	22,143		Northwest Natural Gas Co		1,121
	33,520		NorthWestern Corp		1,818
	245,109		NRG Energy, Inc		2,885
	21,934	e	NRG Yield, Inc (Class A)		305
	25,354	e	NRG Yield, Inc (Class C)		374
	147,340		OGE Energy Corp		3,874
	39,547		ONE Gas, Inc		1,984
	27,707	e	Ormat Technologies, Inc		1,010
	27,545		Otter Tail Corp		733
	38,404	e	Pattern Energy Group, Inc		803

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	187,067		Pepco Holdings, Inc	$	4,866
	354,104		PG&E Corp		18,835
	59,207		Piedmont Natural Gas Co, Inc		3,376
	81,970		Pinnacle West Capital Corp		5,285
	58,763		PNM Resources, Inc		1,796
	58,032		Portland General Electric Co		2,111
	481,803		PPL Corp		16,444
	374,289		Public Service Enterprise Group, Inc		14,481
	130,852		Questar Corp		2,549
	104,543		SCANA Corp		6,324
	176,260		Sempra Energy		16,570
	12,005		SJW Corp		356
	49,250		South Jersey Industries, Inc		1,158
	662,212		Southern Co		30,985
	34,400		Southwest Gas Corp		1,897
	62,722	*	Talen Energy Corp		391
	170,423		TECO Energy, Inc		4,542
	27,892		TerraForm Global, Inc		156
	37,840	e	TerraForm Power, Inc		476
	128,103		UGI Corp		4,325
	10,272		Unitil Corp		369
	61,078		Vectren Corp		2,591
	15,334	*,e	Vivint Solar, Inc		147
	233,695		WEC Energy Group, Inc		11,991
	96,665		Westar Energy, Inc		4,100
	36,819		WGL Holdings, Inc		2,319
	355,639		Xcel Energy, Inc		12,771
	9,006		York Water Co		225
			TOTAL UTILITIES		496,586
			TOTAL COMMON STOCKS		16,284,933
			(Cost $9,202,465)

RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	15,560	e,m	Magnum Hunter Resources Corp		0
			TOTAL ENERGY		0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	10,743	m	Forest Laboratories, Inc CVR		10
	6,747	m	Furiex Pharmaceuticals, Inc		0
	4,045	m	Omthera Pharmaceuticals, Inc		2
	28,951	e,m	Trius Therapeutics, Inc		4
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		16

SOFTWARE & SERVICES - 0.0%
	19,206	m	Gerber Scientific, Inc		0
			TOTAL SOFTWARE & SERVICES		0

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
TELECOMMUNICATION SERVICES - 0.0%
	46,753	m	Leap Wireless International, Inc	$	118
			TOTAL TELECOMMUNICATION SERVICES		118

			TOTAL RIGHTS / WARRANTS		134
			(Cost $118)

SHORT-TERM INVESTMENTS - 3.5%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.5%
	572,035,124	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		572,035
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		572,035

			TOTAL SHORT-TERM INVESTMENTS		572,035
			(Cost $572,035)

			TOTAL INVESTMENTS - 103.3%		16,857,102
			(Cost $9,774,618)
			OTHER ASSETS & LIABILITIES, NET - (3.3)%		(545,200	)
			NET ASSETS - 100.0%	$	16,311,902


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

*		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 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 $552,971,000.
m		Indicates a security that has been deemed illiquid.

		Cost amounts are in thousands.

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2015
							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.8%

AUTOMOBILES & COMPONENTS - 0.1%
$	4,937,500	i	Gates Global LLC		4.250	%	07/05/21	$	4,620
	1,692,308	i	INA Beteiligungsgesellschaft mbH		4.250		05/15/20		1,693
			TOTAL AUTOMOBILES & COMPONENTS						6,313

CAPITAL GOODS - 0.0%
	4,237,536	i	TransDigm, Inc		3.750		02/28/20		4,127
			TOTAL CAPITAL GOODS						4,127

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	665,000	i	Staples, Inc		3.500		04/24/21		656
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						656

CONSUMER DURABLES & APPAREL - 0.0%
	1,188,000	i	Hanesbrands, Inc		3.250		04/29/22		1,190
			TOTAL CONSUMER DURABLES & APPAREL						1,190

CONSUMER SERVICES - 0.1%
	3,775,780	i	1011778 BC ULC		3.750		12/10/21		3,738
	3,806,306	i	Hilton Worldwide		3.500		10/26/20		3,796
	4,923,858	i	MGM Resorts International		3.500		12/20/19		4,850
			TOTAL CONSUMER SERVICES						12,384

DIVERSIFIED FINANCIALS - 0.0%
	3,990,000		DTZ US Borrower LLC		4.250		11/04/21		3,887
	4,924,812	i	TransUnion LLC		3.500		04/09/21		4,775
			TOTAL DIVERSIFIED FINANCIALS						8,662

ENERGY - 0.0%
	168,582	i	Granite Acquisition, Inc		5.000		12/19/21		150
	3,793,103	i	Granite Acquisition, Inc		5.000		12/19/21		3,376
			TOTAL ENERGY						3,526

FOOD & STAPLES RETAILING - 0.0%
	5,508,375	i	Albertson’s Holdings LLC		5.500		08/25/21		5,455
			TOTAL FOOD & STAPLES RETAILING						5,455

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	3,568,359	i	Capsugel Holdings US, Inc		3.500		08/01/18		3,497
	302,379	i	CHS/Community Health Systems		4.000		01/27/21		297
	1,674,500	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		1,665
	2,945,866	i	Kinetic Concepts, Inc		4.000		11/04/16		2,883
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						8,342

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
MATERIALS - 0.1%
$	885,060	i	Eco Services Operations LLC		4.750	%	12/04/21	$	870
	4,678,348	i	Minerals Technologies, Inc		3.768		05/10/21		4,655
	3,357,500	i	Solenis International LP		4.250		07/31/21		3,213
			TOTAL MATERIALS						8,738

MEDIA - 0.1%
	4,687,500	i	CBS Outdoor Americas Capital LLC		3.000		02/01/21		4,624
	4,514,188	i	EMI Music		4.000		08/19/22		4,428
	1,798,259	i	Univision Communications, Inc		4.000		03/01/20		1,757
	3,029,946	i	Virgin Media Investment Holdings Ltd		3.500		06/30/23		2,963
			TOTAL MEDIA						13,772

RETAILING - 0.0%
	695,851	i	Dollar Tree, Inc		3.500		07/06/22		693
	845,750	i	PetSmart, Inc		4.250		03/11/22		822
			TOTAL RETAILING						1,515

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	6,000,000	i	Avago Technologies Cayman Finance Ltd		4.250		11/13/22		5,929
	5,686,445	i	Avago Technologies Ltd		3.750		05/06/21		5,668
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						11,597

SOFTWARE & SERVICES - 0.1%
	3,160,030	i	Activision Blizzard, Inc		3.250		10/11/20		3,151
	4,924,812	i	IMS Health, Inc		3.500		03/17/21		4,802
	255,395	i	SS&C Technologies Holdings Europe SARL		4.018		07/08/22		253
	1,735,426	i	SS&C Technologies Holdings, Inc		4.007		07/08/22		1,720
			TOTAL SOFTWARE & SERVICES						9,926

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	1,221,938	i	CommScope, Inc		3.827		12/29/22		1,212
	4,727,456	i	NXP BV		3.250		01/11/20		4,661
	400,000	i	NXP BV		3.750		12/07/20		398
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						6,271

UTILITIES - 0.0%
	193,500	i	Calpine Corp		4.000		10/09/19		188
			TOTAL UTILITIES						188

			TOTAL BANK LOAN OBLIGATIONS						102,662
			(Cost $104,600)

BONDS - 96.6%

CORPORATE BONDS - 35.1%

AUTOMOBILES & COMPONENTS - 0.2%
	4,050,000		Delphi Automotive plc		3.150		11/19/20		4,045
	1,000,000	g	Gates Global LLC		6.000		07/15/22		720
	13,950,000		Johnson Controls, Inc		4.625		07/02/44		11,823
	8,675,000		Magna International, Inc		3.625		06/15/24		8,482
	1,500,000		Magna International, Inc		4.150		10/01/25		1,528

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	350,000	g	ZF North America Capital, Inc		4.000	%	04/29/20	$	353
	175,000	g	ZF North America Capital, Inc		4.500		04/29/22		171
	350,000	g	ZF North America Capital, Inc		4.750		04/29/25		333
			TOTAL AUTOMOBILES & COMPONENTS						27,455

BANKS - 6.7%
	3,100,000	g	Akbank TAS		4.000		01/24/20		2,991
	2,300,000	g	Akbank TAS		5.125		03/31/25		2,140
	2,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		2,500
	5,000,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		4,937
	4,350,000		Bancolombia S.A.		5.950		06/03/21		4,486
	1,500,000	g	Bank Nederlandse Gemeenten		1.375		03/19/18		1,498
	3,000,000	g	Bank Nederlandse Gemeenten		1.875		06/11/19		3,015
	5,000,000	g	Bank Nederlandse Gemeenten		2.625		04/28/21		5,104
	15,175,000		Bank of America Corp		3.750		07/12/16		15,365
	18,550,000		Bank of America Corp		5.300		03/15/17		19,297
	8,525,000		Bank of America Corp		6.000		09/01/17		9,072
	9,000,000		Bank of America Corp		2.600		01/15/19		9,030
	17,000,000		Bank of America Corp		2.625		10/19/20		16,794
	16,500,000		Bank of America Corp		4.000		01/22/25		16,166
	12,050,000		Bank of America Corp		3.950		04/21/25		11,735
	10,200,000		Bank of America Corp		3.875		08/01/25		10,355
	6,075,000		Bank of America Corp		4.750		04/21/45		5,839
	25,000,000		Bank of Nova Scotia		2.125		09/11/19		24,976
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		5,891
	5,450,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		5,424
	7,100,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		6,999
	8,075,000		Barclays plc		2.750		11/08/19		8,045
	13,300,000		Barclays plc		3.650		03/16/25		12,782
	5,190,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		5,190
	3,200,000		Branch Banking & Trust Co		2.300		10/15/18		3,232
	11,850,000		Capital One Bank USA NA		2.950		07/23/21		11,732
	4,500,000		Capital One Bank USA NA		3.375		02/15/23		4,406
	8,425,000		Citigroup, Inc		1.300		11/15/16		8,405
	12,725,000		Citigroup, Inc		3.300		04/27/25		12,498
	13,175,000		Citigroup, Inc		4.400		06/10/25		13,313
	20,350,000		Citigroup, Inc		4.450		09/29/27		20,229
	10,000,000	i	Citigroup, Inc		5.350		12/30/49		9,475
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		6,960
	8,650,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		9,020
	10,275,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		10,767
	4,825,000	g	Credit Agricole S.A.		2.500		04/15/19		4,850
	3,300,000	g	Credit Agricole S.A.		2.750		06/10/20		3,318
	9,425,000		Discover Bank		3.100		06/04/20		9,451
	5,980,000		Eksportfinans ASA		2.375		05/25/16		5,984
	12,850,000		Fifth Third Bancorp		2.375		04/25/19		12,894
	8,700,000	g	HSBC Bank plc		1.500		05/15/18		8,605
	7,350,000	g	HSBC Bank plc		4.125		08/12/20		7,830
	7,000,000		HSBC Holdings plc		4.250		03/14/24		7,032
	3,925,000		HSBC Holdings plc		4.250		08/18/25		3,896
	5,000,000		HSBC USA, Inc		1.625		01/16/18		4,976
	4,300,000		HSBC USA, Inc		2.375		11/13/19		4,283
	12,700,000		HSBC USA, Inc		2.350		03/05/20		12,556

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,800,000	g	Industrial & Commercial Bank of China Ltd		4.875	%	09/21/25	$	2,832
	24,175,000		JPMorgan Chase & Co		2.750		06/23/20		24,288
	17,000,000		JPMorgan Chase & Co		3.875		02/01/24		17,486
	13,950,000		JPMorgan Chase & Co		3.900		07/15/25		14,367
	3,750,000	i	JPMorgan Chase & Co		5.150		12/30/49		3,544
	2,700,000		KeyBank NA		2.500		12/15/19		2,705
	13,125,000		KeyBank NA		2.250		03/16/20		12,981
	15,650,000		KeyBank NA		3.300		06/01/25		15,479
	4,475,000	g	Macquarie Bank Ltd		2.600		06/24/19		4,471
	9,950,000		Manufacturers & Traders Trust Co		2.100		02/06/20		9,774
	1,500,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,526
	2,325,000	g	PKO Finance AB		4.630		09/26/22		2,424
	10,400,000		PNC Bank NA		2.200		01/28/19		10,435
	11,475,000		PNC Bank NA		2.250		07/02/19		11,529
	17,000,000		PNC Bank NA		2.600		07/21/20		17,000
	10,950,000		PNC Bank NA		2.700		11/01/22		10,650
	17,395,000		PNC Bank NA		2.950		01/30/23		16,876
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,146
	4,900,000	g,i	Rabobank Nederland NV		11.000		12/30/49		6,049
	12,000,000		Royal Bank of Canada		1.200		09/19/17		11,944
	11,300,000		Royal Bank of Canada		2.200		07/27/18		11,393
	40,000,000		Royal Bank of Canada		1.875		02/05/20		39,272
	15,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,835
	13,100,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		13,059
	13,700,000	g	Societe Generale S.A.		4.750		11/24/25		13,260
	13,700,000	g	Societe Generale S.A.		5.625		11/24/45		13,116
	3,800,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		3,850
	6,650,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		6,614
	4,025,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		4,067
	5,700,000		SunTrust Banks, Inc		2.750		05/01/23		5,453
	50,000,000	g	Toronto-Dominion Bank		1.500		03/13/17		50,082
	7,650,000		Toronto-Dominion Bank		1.125		05/02/17		7,625
	13,300,000	g	Toronto-Dominion Bank		1.950		04/02/20		13,088
	13,700,000		Toronto-Dominion Bank		2.500		12/14/20		13,694
	1,325,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,316
	1,700,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		1,679
	2,350,000	g	Turkiye Is Bankasi		3.750		10/10/18		2,304
	2,775,000	g	Turkiye Is Bankasi		5.500		04/21/19		2,826
	7,100,000		Union Bank NA		2.125		06/16/17		7,144
	5,700,000		UnionBanCal Corp		3.500		06/18/22		5,782
	17,650,000		US Bank NA		2.800		01/27/25		17,186
	10,000,000	g	Westpac Banking Corp		1.850		11/26/18		9,977
	10,850,000		Westpac Banking Corp		2.250		01/17/19		10,879
	17,125,000		Westpac Banking Corp		2.600		11/23/20		17,118
			TOTAL BANKS						893,468

CAPITAL GOODS - 0.7%
	5,700,000		Caterpillar Financial Services Corp		3.250		12/01/24		5,656
	6,675,000	g	CRH America, Inc		3.875		05/18/25		6,633
	8,000,000		Deere & Co		2.600		06/08/22		7,892
	2,075,000		Eaton Corp		4.000		11/02/32		1,977
	2,200,000		Embraer Netherlands Finance BV		5.050		06/15/25		2,002
	1,500,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,117

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,300,000	g	Huntington Ingalls Industries, Inc		5.000	%	12/15/21	$	1,324
	4,250,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		4,161
	6,000,000		John Deere Capital Corp		1.700		01/15/20		5,848
	9,375,000		John Deere Capital Corp		3.400		09/11/25		9,509
	8,350,000		Lockheed Martin Corp		2.500		11/23/20		8,321
	5,200,000		Lockheed Martin Corp		3.550		01/15/26		5,227
	1,332,405	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		293
	1,785,200	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		411
	4,925,000		Rockwell Automation, Inc		2.050		03/01/20		4,883
	4,995,000		Rockwell Automation, Inc		2.875		03/01/25		4,872
	1,250,000	g	Schaeffler Finance BV		4.750		05/15/21		1,256
	2,075,000		Textron, Inc		3.875		03/01/25		2,036
	12,950,000		Timken Co		3.875		09/01/24		12,228
	7,000,000	g	TSMC Global Ltd		1.625		04/03/18		6,861
			TOTAL CAPITAL GOODS						92,507

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	2,105,000		21st Century Fox America, Inc		7.625		11/30/28		2,654
	1,578,000		21st Century Fox America, Inc		6.550		03/15/33		1,798
	3,575,000		21st Century Fox America, Inc		6.650		11/15/37		4,154
	3,800,000		21st Century Fox America, Inc		6.900		08/15/39		4,493
	1,425,000		ADT Corp		4.125		04/15/19		1,466
	1,425,000		ADT Corp		6.250		10/15/21		1,488
	1,250,000		AECOM		5.750		10/15/22		1,288
	4,875,000		AECOM		5.875		10/15/24		4,973
	7,175,000		Air Lease Corp		3.875		04/01/21		7,211
	11,750,000	g	Daimler Finance North America LLC		3.300		05/19/25		11,394
	7,250,000		Fluor Corp		3.500		12/15/24		7,245
	10,290,000		Republic Services, Inc		3.800		05/15/18		10,660
	5,375,000		Republic Services, Inc		3.550		06/01/22		5,492
	6,625,000		Republic Services, Inc		3.200		03/15/25		6,379
	2,000,000		United Rentals North America, Inc		4.625		07/15/23		1,995
	13,700,000		Visa, Inc		2.200		12/14/20		13,690
	9,250,000		Visa, Inc		3.150		12/14/25		9,270
	7,150,000		Waste Management, Inc		2.600		09/01/16		7,199
	15,050,000		Waste Management, Inc		2.900		09/15/22		14,777
	2,000,000		Waste Management, Inc		3.900		03/01/35		1,870
	2,225,000		Waste Management, Inc		4.100		03/01/45		2,068
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						121,564

CONSUMER DURABLES & APPAREL - 0.2%
	9,600,000		DR Horton, Inc		3.750		03/01/19		9,600
	3,000,000		Lennar Corp		4.500		11/15/19		3,051
	2,875,000		Newell Rubbermaid, Inc		3.900		11/01/25		2,595
	6,900,000		PVH Corp		4.500		12/15/22		6,745
	2,625,000		Whirlpool Corp		3.700		03/01/23		2,642
			TOTAL CONSUMER DURABLES & APPAREL						24,633

CONSUMER SERVICES - 1.0%
	4,000,000	g	1011778 BC / New Red Fin		6.000		04/01/22		4,120
	16,000,000		Amherst College		4.100		11/01/45		16,024
	2,475,000		GLP Capital LP		4.375		11/01/18		2,450
	5,000,000		Johns Hopkins University		4.083		07/01/53		4,904

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,000,000		President and Fellows of Harvard College		3.529	%	10/01/31	$	7,773
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		13,870
	11,650,000	g	SABMiller Holdings, Inc		3.750		01/15/22		11,983
	6,475,000		Service Corp International		5.375		05/15/24		6,669
	800,000	g	Six Flags Entertainment Corp		5.250		01/15/21		810
	40,000,000		Stanford University		4.013		05/01/42		40,071
	21,000,000		University of Chicago		4.151		10/01/45		20,883
			TOTAL CONSUMER SERVICES						129,557

DIVERSIFIED FINANCIALS - 5.0%
	3,875,000		Abbey National Treasury Services plc		4.000		04/27/16		3,911
	2,000,000		American Express Centurion Bank		6.000		09/13/17		2,142
	5,550,000		American Express Credit Corp		2.250		08/15/19		5,551
	9,750,000		American Express Credit Corp		2.375		05/26/20		9,679
	2,150,000	g,i	Armor Re Ltd		4.243		12/15/16		2,146
	6,250,000	i	Bank of New York Mellon Corp (Step Bond)		1.969		06/20/17		6,284
	4,125,000		Bank of New York Mellon Corp		5.450		05/15/19		4,553
	11,550,000	g	Bayer US Finance LLC		2.375		10/08/19		11,560
	8,100,000	g	Bayer US Finance LLC		3.375		10/08/24		8,161
	6,650,000	g	BBVA Bancomer S.A.		6.750		09/30/22		7,315
	2,100,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		2,058
	10,680,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		10,721
	24,600,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		24,684
	2,800,000	g	Comcel Trust		6.875		02/06/24		2,156
	3,700,000		Countrywide Financial Corp		6.250		05/15/16		3,762
	7,175,000		Credit Suisse		2.300		05/28/19		7,183
	5,675,000		Credit Suisse		3.000		10/29/21		5,655
	7,225,000	g	Credit Suisse Group Funding Guernsey Ltd		3.800		09/15/22		7,222
	10,250,000	g	Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		9,903
	6,500,000	g	Credit Suisse Group Funding Guernsey Ltd		4.875		05/15/45		6,410
	2,000,000	g	Export-Import Bank of China		2.850		09/16/20		1,991
	10,000,000	g	FMR LLC		4.950		02/01/33		10,432
	11,425,000	g	FMR LLC		5.150		02/01/43		12,090
	6,660,000		Ford Motor Credit Co LLC		4.250		02/03/17		6,805
	3,340,000		Ford Motor Credit Co LLC		6.625		08/15/17		3,560
	6,600,000		Ford Motor Credit Co LLC		2.375		03/12/19		6,508
	13,600,000		Ford Motor Credit Co LLC		3.157		08/04/20		13,559
	16,975,000		Ford Motor Credit Co LLC		3.200		01/15/21		16,861
	35,825,000		Ford Motor Credit Co LLC		4.134		08/04/25		35,716
	20,383,000	g	GE Capital International Funding Co		2.342		11/15/20		20,234
	17,389,000	g	GE Capital International Funding Co		3.373		11/15/25		17,707
	4,978,000	g	GE Capital International Funding Co		4.418		11/15/35		5,082
	6,680,000		General Electric Capital Corp		3.100		01/09/23		6,780
	1,432,000		General Electric Capital Corp		5.875		01/14/38		1,753
	108,000		General Electric Capital Corp		6.875		01/10/39		147
	4,911,000		General Motors Financial Co, Inc		3.500		07/10/19		4,928
	3,158,000		General Motors Financial Co, Inc		3.200		07/13/20		3,109
	3,900,000		General Motors Financial Co, Inc		4.375		09/25/21		3,957
	5,000,000		General Motors Financial Co, Inc		3.450		04/10/22		4,799
	11,075,000		Goldman Sachs Group, Inc		2.375		01/22/18		11,171
	8,525,000		Goldman Sachs Group, Inc		2.750		09/15/20		8,521
	7,800,000		Goldman Sachs Group, Inc		3.625		01/22/23		7,892
	13,575,000		Goldman Sachs Group, Inc		3.500		01/23/25		13,352

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,425,000		Goldman Sachs Group, Inc		4.250	%	10/21/25	$	6,380
	7,675,000		Goldman Sachs Group, Inc		4.800		07/08/44		7,624
	10,550,000		Goldman Sachs Group, Inc		5.150		05/22/45		10,241
	4,375,000		Goldman Sachs Group, Inc		4.750		10/21/45		4,345
	5,425,000	g	Hyundai Capital America		2.600		03/19/20		5,331
	2,750,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		2,801
	1,425,000		Icahn Enterprises LP		4.875		03/15/19		1,412
	1,725,000		Icahn Enterprises LP		5.875		02/01/22		1,686
	4,800,000	g	ICICI Bank Ltd		3.500		03/18/20		4,837
	9,250,000		International Lease Finance Corp		5.750		05/15/16		9,377
	8,400,000		International Lease Finance Corp		3.875		04/15/18		8,463
	3,200,000		International Lease Finance Corp		5.875		04/01/19		3,392
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,325
	1,625,000		Legg Mason, Inc		2.700		07/15/19		1,621
	2,400,000		Legg Mason, Inc		3.950		07/15/24		2,362
	4,000,000	g	Lukoil International Finance BV		3.416		04/24/18		3,895
	1,550,000	g	LUKOIL International Finance BV		4.563		04/24/23		1,389
	21,500,000		Morgan Stanley		1.875		01/05/18		21,478
	8,825,000		Morgan Stanley		2.650		01/27/20		8,804
	19,950,000		Morgan Stanley		2.800		06/16/20		20,021
	9,475,000		Morgan Stanley		3.750		02/25/23		9,711
	24,800,000		Morgan Stanley		3.700		10/23/24		24,922
	9,300,000		Morgan Stanley		4.000		07/23/25		9,585
	8,000,000		Morgan Stanley		4.350		09/08/26		8,031
	7,000,000		Morgan Stanley		3.950		04/23/27		6,797
	7,750,000		Morgan Stanley		6.375		07/24/42		9,577
	3,300,000	g	Nacional Financiera SNC		3.375		11/05/20		3,268
	3,800,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		4,637
	6,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		6,527
	5,000,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		4,859
	4,000,000	g	Reliance Holdings USA		4.500		10/19/20		4,237
	45,073,055		Tagua Leasing LLC		1.900		07/12/24		44,296
	6,800,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		6,737
	3,375,000		Unilever Capital Corp		3.100		07/30/25		3,423
	9,025,000		Wells Fargo & Co		2.550		12/07/20		8,980
	6,650,000		Wells Fargo & Co		3.900		05/01/45		6,131
			TOTAL DIVERSIFIED FINANCIALS						650,512

ENERGY - 2.5%
	7,950,000		Anadarko Petroleum Corp		5.950		09/15/16		8,169
	2,445,000		Anadarko Petroleum Corp		6.950		06/15/19		2,671
	2,850,000		Apache Corp		4.750		04/15/43		2,448
	1,900,000		Apache Corp		4.250		01/15/44		1,521
	6,650,000		Ashland, Inc		4.750		08/15/22		6,467
	16,500,000		BP Capital Markets plc		1.375		05/10/18		16,265
	13,300,000		BP Capital Markets plc		2.315		02/13/20		13,109
	690,000		California Resources Corp		5.000		01/15/20		246
	3,129,000	g	California Resources Corp		8.000		12/15/22		1,647
	478,000		California Resources Corp		6.000		11/15/24		146
	16,975,000		Chevron Corp		2.419		11/17/20		16,891
	8,395,000		Cimarex Energy Co		4.375		06/01/24		7,451
	5,475,000		Concho Resources, Inc		5.500		04/01/23		5,064
	4,190,000		Continental Resources, Inc		5.000		09/15/22		3,090

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,500,000		Devon Energy Corp		5.850	%	12/15/25	$	3,404
	1,750,000		Dynegy, Inc		6.750		11/01/19		1,645
	1,600,000		Ecopetrol S.A.		4.125		01/16/25		1,280
	5,000,000		Ecopetrol S.A.		5.375		06/26/26		4,262
	3,250,000		Enbridge Energy Partners LP		5.200		03/15/20		3,293
	3,375,000		Enbridge Energy Partners LP		4.375		10/15/20		3,294
	6,800,000		Enbridge Energy Partners LP		5.875		10/15/25		6,554
	3,375,000		EnCana Corp		6.500		02/01/38		2,698
	8,300,000		Energy Transfer Equity LP		5.500		06/01/27		6,308
	10,450,000		Enterprise Products Operating LLC		3.750		02/15/25		9,564
	7,500,000		Enterprise Products Operating LLC		5.100		02/15/45		6,277
	2,250,000		Exterran Partners LP		6.000		10/01/22		1,834
	2,739,000		Husky Energy, Inc		3.950		04/15/22		2,539
	1,900,000	g	Indo Energy Finance II BV		6.375		01/24/23		781
	1,000,000	g	KMG Finance Sub BV		6.375		04/09/21		1,029
	5,530,000		Marathon Petroleum Corp		3.500		03/01/16		5,546
	7,825,000		Noble Energy, Inc		5.875		06/01/22		7,444
	1,850,000		Noble Energy, Inc		5.250		11/15/43		1,493
	3,050,000		Noble Holding International Ltd		4.000		03/16/18		2,762
	6,000,000		Noble Holding International Ltd		3.950		03/15/22		3,968
	10,850,000		ONE Gas, Inc		2.070		02/01/19		10,790
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,564
	800,000		Pemex Project Funding Master Trust		5.750		03/01/18		833
	3,900,000		Pemex Project Funding Master Trust		6.625		06/15/35		3,486
	2,000,000	g	Pertamina Persero PT		4.875		05/03/22		1,918
	1,300,000	g	Pertamina Persero PT		4.300		05/20/23		1,182
	1,850,000	i	Petrobras Global Finance BV		1.990		05/20/16		1,804
	1,700,000		Petrobras Global Finance BV		3.250		03/17/17		1,572
	2,000,000	i	Petrobras Global Finance BV		2.461		01/15/19		1,520
	8,950,000		Petrobras Global Finance BV		3.000		01/15/19		6,802
	16,600,000		Petrobras Global Finance BV		4.875		03/17/20		12,450
	3,000,000		Petrobras International Finance Co		3.500		02/06/17		2,805
	2,900,000		Petroleos Mexicanos		8.000		05/03/19		3,193
	1,500,000		Petroleos Mexicanos		4.875		01/24/22		1,444
	14,000,000		Petroleos Mexicanos		1.950		12/20/22		13,898
	7,490,000		Petroleos Mexicanos		2.000		12/20/22		7,449
	5,000,000		Petroleos Mexicanos		3.500		01/30/23		4,362
	2,180,000		Petroleos Mexicanos		5.500		06/27/44		1,640
	1,400,000	g	Petroleos Mexicanos		5.625		01/23/46		1,071
	1,895,833		Petroleum Co of Trinidad & Tobago Ltd		6.000		05/08/22		1,754
	614,000		Pioneer Natural Resources Co		7.500		01/15/20		652
	8,675,000		Pioneer Natural Resources Co		3.450		01/15/21		8,013
	6,850,000		Pioneer Natural Resources Co		4.450		01/15/26		6,169
	10,575,000		Plains All American Pipeline LP		3.600		11/01/24		8,488
	2,674,000		Precision Drilling Trust		6.625		11/15/20		2,086
	1,250,000		Questar Market Resources, Inc		6.875		03/01/21		1,025
	3,335,000		Range Resources Corp		5.000		08/15/22		2,493
	1,425,000		Regency Energy Partners LP		5.875		03/01/22		1,343
	2,300,000		Sabine Pass LNG LP		6.500		11/01/20		2,231
	6,000,000		Shell International Finance BV		2.375		08/21/22		5,748
	4,900,000		Southwestern Energy Co		4.050		01/23/20		3,552
	2,075,000		Statoil ASA		1.200		01/17/18		2,055
	5,300,000		Statoil ASA		2.450		01/17/23		5,026

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,875,000		Statoil ASA		4.250	%	11/23/41	$	8,366
	3,500,000		Talisman Energy, Inc		3.750		02/01/21		3,175
	2,000,000	g	Targa Resources Partners LP		5.000		01/15/18		1,850
	2,000,000		Tesoro Corp		5.125		04/01/24		1,990
	1,000,000		Total Capital International S.A.		1.000		01/10/17		997
	3,400,000		TransCanada PipeLines Ltd		5.850		03/15/36		3,496
	2,750,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		2,076
	800,000	g	Ultra Petroleum Corp		5.750		12/15/18		192
	2,750,000	g	Ultra Petroleum Corp		6.125		10/01/24		626
	1,000,000		Vale Overseas Ltd		4.375		01/11/22		757
	2,760,000		Vale Overseas Ltd		6.875		11/21/36		1,929
	2,490,000		Whiting Petroleum Corp		5.750		03/15/21		1,815
	1,050,000		WPX Energy, Inc		7.500		08/01/20		851
	850,000		WPX Energy, Inc		8.250		08/01/23		680
	2,400,000		WPX Energy, Inc		5.250		09/15/24		1,584
			TOTAL ENERGY						323,962

FOOD & STAPLES RETAILING - 0.5%
	19,700,000		CVS Health Corp		2.800		07/20/20		19,797
	4,600,000		CVS Health Corp		3.375		08/12/24		4,554
	17,300,000		CVS Health Corp		3.875		07/20/25		17,659
	4,900,000		Ingles Markets, Inc		5.750		06/15/23		4,888
	10,750,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		10,734
	11,775,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		11,433
			TOTAL FOOD & STAPLES RETAILING						69,065

FOOD, BEVERAGE & TOBACCO - 0.9%
	4,916,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		4,123
	14,775,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		14,222
	3,620,000		ConAgra Foods, Inc		3.200		01/25/23		3,483
	3,000,000	g	Corp Lindley S.A.		4.625		04/12/23		2,955
	9,400,000		Diageo Capital plc		2.625		04/29/23		9,088
	2,435,000	g	Embotelladora Andina S.A.		5.000		10/01/23		2,509
	5,600,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		5,228
	6,050,000		General Mills, Inc		2.200		10/21/19		6,052
	3,525,000	g	Grupo Bimbo SAB de C.V.		4.500		01/25/22		3,612
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,426
	3,650,000		Mead Johnson Nutrition Co		3.000		11/15/20		3,651
	3,075,000		Mondelez International, Inc		4.125		02/09/16		3,083
	6,200,000		Mondelez International, Inc		4.000		02/01/24		6,395
	680,000		PepsiCo, Inc		7.900		11/01/18		797
	15,850,000		PepsiCo, Inc		2.750		04/30/25		15,385
	11,175,000		PepsiCo, Inc		4.450		04/14/46		11,535
	2,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		2,025
	6,850,000	g	Pernod-Ricard S.A.		4.250		07/15/22		7,036
	8,125,000		Philip Morris International, Inc		3.375		08/11/25		8,224
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,018
	3,650,000		Tyson Foods, Inc		3.950		08/15/24		3,748
	2,150,000		Tyson Foods, Inc		4.875		08/15/34		2,193
			TOTAL FOOD, BEVERAGE & TOBACCO						121,788

HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	3,900,000		Becton Dickinson & Co		1.750		11/08/16		3,920

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,425,000		Becton Dickinson & Co		3.734	%	12/15/24	$	2,447
	5,775,000		Becton Dickinson & Co		4.685		12/15/44		5,826
	1,000,000		CHS/Community Health Systems		5.125		08/01/21		995
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		3,810
	6,850,000		Express Scripts Holding Co		3.900		02/15/22		7,039
	4,000,000	g	Fresenius Medical Care Capital Trust		5.625		07/31/19		4,310
	4,500,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		4,815
	4,560,000		HCA, Inc		6.500		02/15/20		4,968
	4,575,000		HCA, Inc		5.875		03/15/22		4,827
	13,825,000		Keysight Technologies, Inc		4.550		10/30/24		13,292
	2,775,000		Laboratory Corp of America Holdings		2.625		02/01/20		2,741
	4,650,000		Laboratory Corp of America Holdings		3.600		02/01/25		4,487
	10,450,000		McKesson Corp		4.883		03/15/44		10,450
	8,450,000		Medtronic, Inc		3.500		03/15/25		8,550
	9,625,000		Medtronic, Inc		4.625		03/15/45		9,924
	7,100,000		Owens & Minor, Inc		3.875		09/15/21		7,072
	8,325,000		Quest Diagnostics, Inc		3.500		03/30/25		8,044
	2,000,000		Tenet Healthcare Corp		4.375		10/01/21		1,930
	6,125,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		6,159
	2,700,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		2,700
	3,100,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		3,094
	4,325,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		4,212
	10,100,000		Zimmer Holdings, Inc		2.700		04/01/20		9,977
	10,975,000		Zimmer Holdings, Inc		3.550		04/01/25		10,670
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						146,259

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	7,175,000		Clorox Co		3.800		11/15/21		7,478
	4,900,000		Clorox Co		3.500		12/15/24		4,893
	10,200,000		Colgate-Palmolive Co		4.000		08/15/45		10,223
	4,525,000		Ecolab, Inc		1.450		12/08/17		4,482
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						27,076

INSURANCE - 1.8%
	1,925,000		Aetna, Inc		6.625		06/15/36		2,307
	6,200,000		Allstate Corp		3.150		06/15/23		6,199
	6,200,000		Allstate Corp		4.500		06/15/43		6,299
	7,825,000		American International Group, Inc		2.300		07/16/19		7,760
	19,230,000		Children’s Hospital Medic		4.268		05/15/44		18,808
	3,750,000		Chubb Corp		6.000		05/11/37		4,597
	1,390,000		Cigna Corp		5.125		06/15/20		1,517
	6,900,000		Cigna Corp		4.500		03/15/21		7,324
	4,900,000		Cigna Corp		3.250		04/15/25		4,812
	21,975,000	g	Five Corners Funding Trust		4.419		11/15/23		22,944
	2,800,000		Lincoln National Corp		7.000		06/15/40		3,512
	2,200,000	g,i	Merna Reinsurance IV Ltd		2.663		04/08/16		2,199
	7,675,000		MetLife, Inc		6.750		06/01/16		7,851
	2,000,000		MetLife, Inc		4.368		09/15/23		2,148
	10,000,000		MetLife, Inc		3.000		03/01/25		9,617
	9,500,000		MetLife, Inc		4.721		12/15/44		9,702
	6,050,000		MetLife, Inc		4.050		03/01/45		5,605
	6,600,000	i	MetLife, Inc		5.250		12/30/49		6,716
	2,825,000		Principal Financial Group, Inc		1.850		11/15/17		2,827

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,000,000		Progressive Corp		3.750	%	08/23/21	$	5,287
	8,050,000		Prudential Financial, Inc		7.375		06/15/19		9,342
	8,000,000		Prudential Financial, Inc		5.400		06/13/35		8,703
	7,775,000		Prudential Financial, Inc		5.100		08/15/43		8,100
	4,025,000	i	Prudential Financial, Inc		5.200		03/15/44		3,886
	13,150,000	i	Prudential Financial, Inc		5.375		05/15/45		13,134
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,541
	2,425,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		2,343
	6,100,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		5,757
	4,250,000		Travelers Cos, Inc		5.800		05/15/18		4,642
	6,650,000		UnitedHealth Group, Inc		3.750		07/15/25		6,862
	13,600,000		UnitedHealth Group, Inc		4.750		07/15/45		14,312
	6,750,000		WellPoint, Inc		3.125		05/15/22		6,627
	7,850,000		WellPoint, Inc		4.625		05/15/42		7,413
	7,000,000		Willis Group Holdings plc		4.125		03/15/16		7,038
	2,400,000		WR Berkley Corp		5.375		09/15/20		2,638
			TOTAL INSURANCE						242,369

MATERIALS - 1.3%
	6,630,000		Air Products & Chemicals, Inc		4.375		08/21/19		7,084
	675,000		Alcoa, Inc		5.125		10/01/24		614
	3,975,000	g	Anglo American Capital plc		3.625		05/14/20		2,822
	1,365,000		Ball Corp		5.000		03/15/22		1,392
	3,034,000		Barrick Gold Corp		4.100		05/01/23		2,603
	3,417,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		3,096
	2,500,000	g	Blue Cube Spinco, Inc		9.750		10/15/23		2,697
	1,425,000	g	Blue Cube Spinco, Inc		10.000		10/15/25		1,568
	1,300,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		1,288
	2,300,000	g	Cemex Finance LLC		6.000		04/01/24		1,972
	200,000	g	Cemex SAB de C.V.		5.700		01/11/25		167
	3,175,000		CF Industries, Inc		7.125		05/01/20		3,584
	3,550,000		Corning, Inc		1.450		11/15/17		3,520
	1,550,000	g	Corp Nacional del Cobre de Chile		5.625		10/18/43		1,387
	800,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		783
	1,600,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		1,538
	1,475,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		1,325
	2,400,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		2,260
	1,275,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.875		11/04/44		1,017
	5,645,000		Crown Americas LLC		6.250		02/01/21		5,829
	1,390,000		Crown Americas LLC		4.500		01/15/23		1,359
	1,000,000		Eastman Chemical Co		5.500		11/15/19		1,089
	5,450,000		Eastman Chemical Co		3.800		03/15/25		5,281
	1,700,000		Fibria Overseas Finance Ltd		5.250		05/12/24		1,615
	8,775,000	g	Georgia-Pacific LLC		2.539		11/15/19		8,728
	5,375,000	g	Glencore Funding LLC		2.125		04/16/18		4,777
	28,950,000	g	Glencore Funding LLC		2.500		01/15/19		24,173
	6,450,000	g	Glencore Funding LLC		4.625		04/29/24		4,671
	6,650,000	g	Glencore Funding LLC		4.000		04/16/25		4,622
	1,825,000	g	GTL Trade Finance, Inc		5.893		04/29/24		1,296
	19,093,000		International Paper Co		4.750		02/15/22		20,397
	2,800,000	g	Klabin Finance S.A.		5.250		07/16/24		2,492
	3,000,000		LyondellBasell Industries NV		5.000		04/15/19		3,191
	5,425,000		LyondellBasell Industries NV		4.625		02/26/55		4,399

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,840,000		Nucor Corp		4.000	%	08/01/23	$	6,634
	3,800,000	g	OCP S.A.		5.625		04/25/24		3,856
	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		3,063
	4,550,000		Rio Tinto Finance USA plc		2.250		12/14/18		4,437
	5,000,000		Rock Tenn Co		3.500		03/01/20		5,052
	3,000,000		Rock Tenn Co		4.000		03/01/23		3,011
	665,000	g	Sealed Air Corp		6.500		12/01/20		733
	1,370,000	g	Sealed Air Corp		5.250		04/01/23		1,397
	1,675,000		Steel Dynamics, Inc		5.125		10/01/21		1,549
	4,625,000		Teck Resources Ltd		2.500		02/01/18		3,515
	3,200,000		Teck Resources Ltd		3.750		02/01/23		1,480
	2,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		1,930
			TOTAL MATERIALS						174,089

MEDIA - 1.9%
	6,750,000		CBS Corp		2.300		08/15/19		6,676
	3,500,000		CBS Corp		4.000		01/15/26		3,415
	3,450,000		CBS Corp		4.600		01/15/45		2,960
	11,150,000	g	CCO Safari II LLC		3.579		07/23/20		11,086
	8,295,000	g	CCO Safari II LLC		4.464		07/23/22		8,266
	13,900,000	g	CCO Safari II LLC		4.908		07/23/25		13,886
	1,000,000		Cinemark USA, Inc		5.125		12/15/22		993
	4,275,000		Cinemark USA, Inc		4.875		06/01/23		4,168
	26,000,000		Comcast Corp		4.250		01/15/33		25,548
	6,600,000		Comcast Corp		4.600		08/15/45		6,682
	8,800,000		DIRECTV Holdings LLC		4.450		04/01/24		9,039
	2,050,000		DISH DBS Corp		5.000		03/15/23		1,778
	2,430,000	g	Gannett Co, Inc		4.875		09/15/21		2,436
	2,925,000	g	Gannett Co, Inc		5.500		09/15/24		2,925
	825,000		Grupo Televisa S.A.		6.000		05/15/18		883
	4,800,000		Grupo Televisa SAB		4.625		01/30/26		4,743
	2,675,000		Grupo Televisa SAB		5.000		05/13/45		2,298
	1,850,000		Lamar Media Corp		5.875		02/01/22		1,943
	2,000,000		Lamar Media Corp		5.000		05/01/23		2,025
	2,000,000		Lamar Media Corp		5.375		01/15/24		2,060
	7,250,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		7,252
	7,700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		7,696
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		10,279
	8,035,000		Nielsen Finance LLC		4.500		10/01/20		8,156
	4,650,000		Outfront Media Capital LLC		5.250		02/15/22		4,755
	6,600,000		Scripps Networks Interactive, Inc		2.800		06/15/20		6,439
	3,275,000	g	Sky plc		2.625		09/16/19		3,261
	3,500,000		Starz LLC		5.000		09/15/19		3,544
	5,675,000		Time Warner Cable, Inc		5.875		11/15/40		5,377
	4,075,000		Time Warner Cable, Inc		4.500		09/15/42		3,198
	20,550,000		Time Warner, Inc		2.100		06/01/19		20,440
	19,575,000		Time Warner, Inc		3.600		07/15/25		19,064
	3,825,000		Time Warner, Inc		6.500		11/15/36		4,331
	7,100,000		Time Warner, Inc		4.650		06/01/44		6,512
	1,600,000	g	Time, Inc		5.750		04/15/22		1,464
	7,000,000	g	Univision Communications, Inc		5.125		05/15/23		6,738
	5,400,000		Viacom, Inc		2.500		12/15/16		5,411

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,000,000		Viacom, Inc		3.500	%	04/01/17	$	3,053
	7,375,000		Viacom, Inc		5.850		09/01/43		6,618
	1,525,000	g	Virgin Media Finance plc		6.000		10/15/24		1,521
			TOTAL MEDIA						248,919

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	16,950,000		AbbVie, Inc		2.500		05/14/20		16,782
	7,125,000		Actavis Funding SCS		3.000		03/12/20		7,119
	12,800,000		Actavis Funding SCS		3.800		03/15/25		12,736
	4,600,000		Amgen, Inc		2.200		05/22/19		4,595
	6,600,000		Amgen, Inc		4.400		05/01/45		6,111
	7,500,000		Biogen, Inc		2.900		09/15/20		7,484
	7,450,000		Celgene Corp		2.875		08/15/20		7,397
	11,575,000		Celgene Corp		3.875		08/15/25		11,538
	650,000	g	Endo Finance LLC		6.000		02/01/25		640
	3,575,000		Gilead Sciences, Inc		2.350		02/01/20		3,578
	6,850,000		Gilead Sciences, Inc		3.500		02/01/25		6,908
	9,850,000		Gilead Sciences, Inc		3.650		03/01/26		9,938
	4,100,000	g	Mylan NV		3.750		12/15/20		4,104
	3,725,000		Mylan, Inc		2.550		03/28/19		3,676
	20,550,000		Novartis Capital Corp		3.000		11/20/25		20,258
	13,700,000		Novartis Capital Corp		4.000		11/20/45		13,406
	2,925,000		Perrigo Co plc		4.000		11/15/23		2,862
	12,200,000		Perrigo Finance plc		3.500		12/15/21		11,865
	9,725,000		Perrigo Finance plc		3.900		12/15/24		9,388
	2,850,000		Perrigo Finance plc		4.900		12/15/44		2,572
	8,000,000	g	Roche Holdings, Inc		3.350		09/30/24		8,192
	13,850,000	g	Roche Holdings, Inc		3.000		11/10/25		13,691
	3,075,000		Zoetis, Inc		3.450		11/13/20		3,079
	2,900,000		Zoetis, Inc		4.500		11/13/25		2,941
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						190,860

REAL ESTATE - 1.2%
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,390
	4,500,000		Brixmor Operating Partnership LP		3.875		08/15/22		4,480
	5,825,000		Brixmor Operating Partnership LP		3.850		02/01/25		5,664
	3,965,000		Camden Property Trust		4.625		06/15/21		4,222
	3,000,000		Camden Property Trust		2.950		12/15/22		2,879
	5,175,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		5,179
	3,450,000		DDR Corp		3.625		02/01/25		3,257
	3,250,000		DDR Corp		4.250		02/01/26		3,170
	6,800,000		Developers Diversified Realty Corp		4.750		04/15/18		7,114
	3,460,000		Developers Diversified Realty Corp		7.875		09/01/20		4,141
	2,075,000		Equinix, Inc		4.875		04/01/20		2,157
	2,250,000		Equinix, Inc		5.375		01/01/22		2,306
	2,750,000		Equity One, Inc		3.750		11/15/22		2,656
	2,754,000		Essex Portfolio LP		3.375		01/15/23		2,702
	2,775,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,061
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,591
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		6,389
	3,700,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		3,648
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,443
	1,600,000		Highwoods Realty LP		5.850		03/15/17		1,668

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,775,000		Host Hotels & Resorts LP		4.500	%	02/01/26	$	1,752
	9,205,000		Kilroy Realty LP		3.800		01/15/23		9,125
	3,050,000		Kilroy Realty LP		4.375		10/01/25		3,090
	2,800,000		Kimco Realty Corp		3.400		11/01/22		2,775
	3,600,000		Mid-America Apartments LP		4.300		10/15/23		3,691
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,415
	4,300,000		Mid-America Apartments LP		4.000		11/15/25		4,272
	3,600,000		National Retail Properties, Inc		3.800		10/15/22		3,612
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,223
	2,575,000		National Retail Properties, Inc		4.000		11/15/25		2,530
	169,000		Regency Centers LP		5.875		06/15/17		178
	7,225,000		Regency Centers LP		3.900		11/01/25		7,211
	3,040,000		Simon Property Group LP		10.350		04/01/19		3,731
	1,300,000	g	Trust F		5.250		01/30/26		1,264
	1,255,000	g	Trust F/1401		5.250		12/15/24		1,246
	4,100,000		Ventas Realty LP		4.125		01/15/26		4,087
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,142
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,667
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,102
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		3,834
	13,175,000		Welltower, Inc		4.000		06/01/25		12,962
			TOTAL REAL ESTATE						160,026

RETAILING - 0.5%
	600,000	g	Asbury Automotive Group, Inc		6.000		12/15/24		619
	4,150,000		AutoNation, Inc		3.350		01/15/21		4,136
	4,425,000		AutoZone, Inc		3.250		04/15/25		4,282
	2,500,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		1,884
	8,725,000		Home Depot, Inc		3.350		09/15/25		8,921
	4,200,000	g	L Brands, Inc		6.875		11/01/35		4,315
	3,150,000		Limited Brands, Inc		7.000		05/01/20		3,552
	13,700,000		Macy’s Retail Holdings, Inc		3.450		01/15/21		13,626
	8,315,000		O’Reilly Automotive, Inc		4.625		09/15/21		8,863
	4,550,000		O’Reilly Automotive, Inc		3.800		09/01/22		4,608
	2,475,000		QVC, Inc		5.125		07/02/22		2,467
	4,400,000		QVC, Inc		4.375		03/15/23		4,178
	5,050,000	g	Rolls-Royce plc		2.375		10/14/20		4,938
	1,850,000	g	Rolls-Royce plc		3.625		10/14/25		1,813
	2,725,000		Tiffany & Co		3.800		10/01/24		2,687
			TOTAL RETAILING						70,889

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	11,600,000		Intel Corp		3.700		07/29/25		12,000
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						12,000

SOFTWARE & SERVICES - 0.7%
	3,000,000		Baidu, Inc		3.000		06/30/20		2,967
	20,350,000		Fidelity National Information Services, Inc		3.625		10/15/20		20,624
	11,500,000		Fidelity National Information Services, Inc		5.000		03/15/22		11,953
	13,850,000		Microsoft Corp		3.125		11/03/25		13,930
	3,075,000		NCR Corp		4.625		02/15/21		2,929
	525,000		NCR Corp		5.875		12/15/21		517
	1,650,000	g	Open Text Corp		5.625		01/15/23		1,633

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	16,625,000		Oracle Corp		2.500	%	05/15/22	$	16,328
	10,800,000		Oracle Corp		2.950		05/15/25		10,545
	6,600,000		Oracle Corp		4.125		05/15/45		6,247
	900,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		859
			TOTAL SOFTWARE & SERVICES						88,532

TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	3,475,000		Amphenol Corp		3.125		09/15/21		3,438
	1,975,000		CC Holdings GS V LLC		2.381		12/15/17		1,977
	625,000	g	CommScope, Inc		4.375		06/15/20		630
	1,600,000	g	CommScope, Inc		5.000		06/15/21		1,534
	2,600,000	g	CommScope, Inc		5.500		06/15/24		2,470
	3,300,000		General Electric Co		5.250		12/06/17		3,524
	4,075,000		General Electric Co		4.125		10/09/42		3,980
	581,000		Hewlett-Packard Co		3.750		12/01/20		577
	1,840,000	g	International Game Technology		5.625		02/15/20		1,812
	1,610,000	g	International Game Technology		6.250		02/15/22		1,505
	1,610,000	g	International Game Technology		6.500		02/15/25		1,417
	1,075,000	g	Millicom International Cellular S.A.		6.000		03/15/25		914
	3,125,000	g	NXP BV		3.750		06/01/18		3,141
	5,000,000		Scientific Games International, Inc		6.250		09/01/20		2,350
	1,219,000		Seagate HDD Cayman		4.750		06/01/23		1,067
	3,450,000	g	Seagate HDD Cayman		4.875		06/01/27		2,649
	525,000	g	Sensata Technologies BV		5.625		11/01/24		537
	5,050,000		Tyco Electronics Group S.A.		2.375		12/17/18		5,044
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		6,790
	700,000		Zebra Technologies Corp		7.250		10/15/22		731
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						46,087

TELECOMMUNICATION SERVICES - 1.6%
	4,600,000		Alibaba Group Holding Ltd		2.500		11/28/19		4,494
	4,350,000		American Tower Corp		3.500		01/31/23		4,255
	21,350,000		AT&T, Inc		1.400		12/01/17		21,252
	9,650,000		AT&T, Inc		2.450		06/30/20		9,507
	8,200,000		AT&T, Inc		2.625		12/01/22		7,779
	12,100,000		AT&T, Inc		3.400		05/15/25		11,631
	12,875,000		AT&T, Inc		4.500		05/15/35		11,909
	4,525,000		AT&T, Inc		4.750		05/15/46		4,142
	4,400,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		4,555
	5,525,000		British Telecommunications plc		1.625		06/28/16		5,532
	4,000,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		4,025
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		5,549
	3,625,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		3,692
	1,500,000	g	ENTEL Chile S.A.		4.875		10/30/24		1,440
	4,900,000	g	ENTEL Chile S.A.		4.750		08/01/26		4,584
	2,025,000		Intelsat Jackson Holdings S.A.		5.500		08/01/23		1,590
	3,500,000	g	Oi S.A.		5.750		02/10/22		1,592
	3,950,000		Orange S.A.		5.500		02/06/44		4,188
	2,050,000	g	SES		3.600		04/04/23		1,997
	825,000		Sprint Corp		7.250		09/15/21		615
	11,100,000		Telefonica Emisiones SAU		3.992		02/16/16		11,130
	11,850,000		Telefonica Emisiones SAU		4.570		04/27/23		12,431
	2,325,000		T-Mobile USA, Inc		6.375		03/01/25		2,348

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,500,000	g	Turk Telekomunikasyon AS.		4.875	%	06/19/24	$	1,419
	9,275,000		Verizon Communications, Inc		3.450		03/15/21		9,494
	5,625,000		Verizon Communications, Inc		4.150		03/15/24		5,784
	20,500,000		Verizon Communications, Inc		4.400		11/01/34		18,914
	25,920,000		Verizon Communications, Inc		4.272		01/15/36		23,396
	549,000		Verizon Communications, Inc		6.000		04/01/41		593
	10,550,000		Verizon Communications, Inc		3.850		11/01/42		8,622
	5,321,000		Verizon Communications, Inc		4.672		03/15/55		4,616
			TOTAL TELECOMMUNICATION SERVICES						213,075

TRANSPORTATION - 1.1%
	2,600,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		2,563
	6,125,000	g	AP Moeller-Maersk A.S.		2.550		09/22/19		6,064
	5,850,000	g	AP Moeller-Maersk A.S.		3.750		09/22/24		5,679
	5,730,000	g	Asciano Finance Ltd		5.000		04/07/18		5,900
	1,000,000	g	Bombardier, Inc		5.500		09/15/18		918
	1,075,000	g	Bombardier, Inc		4.750		04/15/19		884
	4,500,000		Burlington Northern Santa Fe LLC		4.550		09/01/44		4,346
	9,200,000		Canadian Pacific Railway Co		2.900		02/01/25		8,661
	3,125,000		Canadian Pacific Railway Co		4.800		08/01/45		3,039
	11,000,000		CSX Corp		3.350		11/01/25		10,690
	3,000,000		CSX Corp		4.100		03/15/44		2,717
	3,900,000	g	ERAC USA Finance LLC		3.300		10/15/22		3,839
	4,150,000	g	ERAC USA Finance LLC		5.625		03/15/42		4,454
	5,400,000		FedEx Corp		3.200		02/01/25		5,257
	4,500,000		FedEx Corp		4.100		02/01/45		4,007
	6,311,000		GATX Corp		1.250		03/04/17		6,248
	7,150,000		GATX Corp		2.500		07/30/19		7,038
	4,425,000		GATX Corp		3.250		03/30/25		4,091
	5,900,000		GATX Corp		5.200		03/15/44		5,631
	6,650,000		GATX Corp		4.500		03/30/45		5,675
	17,344,000	g	Kansas City Southern		2.350		05/15/20		16,751
	9,075,000	g	Kansas City Southern		4.950		08/15/45		8,880
	3,750,000	g	Latam Airlines Group S.A.		7.250		06/09/20		3,347
	9,950,000		Norfolk Southern Corp		4.450		06/15/45		9,369
	2,625,000		Northrop Grumman Corp		1.750		06/01/18		2,604
	2,975,000		Southwest Airlines Co		2.750		11/06/19		2,999
	3,500,000	g	TTX Co		3.600		01/15/25		3,469
			TOTAL TRANSPORTATION						145,120

UTILITIES - 3.3%
	1,250,000	i	AES Corp		3.414		06/01/19		1,147
	6,225,000		AES Corp		4.875		05/15/23		5,447
	1,500,000		AES Corp		5.500		03/15/24		1,339
	8,475,000		AGL Capital Corp		3.875		11/15/25		8,529
	2,125,000		AGL Capital Corp		4.400		06/01/43		1,912
	5,150,000		Alabama Power Co		3.550		12/01/23		5,301
	3,475,000		Alabama Power Co		4.150		08/15/44		3,302
	15,000,000		American Electric Power Co, Inc		1.650		12/15/17		14,889
	6,000,000		American Electric Power Co, Inc		2.950		12/15/22		5,930
	5,850,000		AmeriGas Finance LLC		3.750		05/01/21		5,865
	2,000,000		AmeriGas Finance LLC		7.000		05/20/22		1,935
	3,000,000		AmeriGas Partners LP		6.250		08/20/19		2,880

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,500,000		Atmos Energy Corp		8.500	%	03/15/19	$	6,448
	8,350,000		Atmos Energy Corp		4.125		10/15/44		7,996
	4,800,000		Berkshire Hathaway Energy Co		3.500		02/01/25		4,760
	6,225,000		Black Hills Corp		4.250		11/30/23		6,360
	4,750,000		Carolina Power & Light Co		5.300		01/15/19		5,219
	2,750,000		Carolina Power & Light Co		5.700		04/01/35		3,206
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		3,854
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		3,927
	5,000,000	g	CEZ AS.		4.250		04/03/22		5,296
	2,500,000		CMS Energy Corp		5.050		02/15/18		2,641
	4,675,000		CMS Energy Corp		3.600		11/15/25		4,649
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		5,066
	2,750,000		Connecticut Light & Power Co		5.500		02/01/19		3,020
	7,500,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		7,592
	5,775,000		Dominion Gas Holdings LLC		4.600		12/15/44		5,372
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,515
	1,450,000		Duke Energy Ohio, Inc		3.800		09/01/23		1,515
	7,100,000	g,i	Electricite de France		5.625		12/30/49		6,752
	13,350,000	g	Electricite de France S.A.		2.350		10/13/20		13,145
	13,350,000	g	Electricite de France S.A.		3.625		10/13/25		13,057
	3,000,000	g	Empresa Electrica Angamos S.A.		4.875		05/25/29		2,676
	2,875,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		2,501
	7,675,000	g	Exelon Corp		3.950		06/15/25		7,669
	5,525,000	g	Exelon Corp		5.100		06/15/45		5,512
	2,250,000		Ferrellgas Partners LP		6.500		05/01/21		1,912
	2,750,000		Ferrellgas Partners LP		6.750		01/15/22		2,317
	6,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		6,339
	2,000,000		Florida Power Corp		6.400		06/15/38		2,556
	3,000,000		Georgia Power Co		5.400		06/01/40		3,161
	2,050,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		2,071
	5,000,000		Indiana Michigan Power Co		7.000		03/15/19		5,668
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,879
	1,350,000	g	Israel Electric Corp Ltd		6.700		02/10/17		1,409
	3,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		3,159
	1,300,000	g	Israel Electric Corp Ltd		5.000		11/12/24		1,325
	1,000,000	g	Kansas Gas & Electric		6.700		06/15/19		1,141
	2,825,000		Kinder Morgan, Inc		9.000		02/01/19		3,039
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,519
	1,375,000	g	Korea Hydro & Nuclear Power Co Ltd		2.375		10/28/19		1,361
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,165
	12,500,000		Mercy Health		3.382		11/01/25		12,127
	9,800,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		9,549
	8,250,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		7,724
	4,240,000	g	MPLX LP		5.500		02/15/23		3,710
	3,800,000		MPLX LP		4.000		02/15/25		3,195
	2,800,000		Nevada Power Co		6.500		08/01/18		3,108
	3,335,000		Nevada Power Co		5.450		05/15/41		3,745
	3,500,000		NiSource Finance Corp		4.800		02/15/44		3,555
	3,375,000		Northeast Utilities		1.450		05/01/18		3,320
	2,000,000		NRG Energy, Inc		6.250		05/01/24		1,680
	2,500,000		NTPC Ltd		5.625		07/14/21		2,712
	1,000,000		NTPC Ltd		4.750		10/03/22		1,043
	7,100,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		6,987

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,280,000		Oncor Electric Delivery Co LLC		5.250	%	09/30/40	$	1,321
	8,170,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		7,830
	1,325,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		1,101
	3,900,000		Pacific Gas & Electric Co		8.250		10/15/18		4,533
	5,850,000		Pacific Gas & Electric Co		4.250		03/15/46		5,664
	4,500,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		4,304
	2,375,000	g	PLA Administradora Industrial S de RL de C.V.		5.250		11/10/22		2,310
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,096
	6,925,000		PPL Capital Funding, Inc		4.200		06/15/22		7,209
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,031
	3,825,000		Progress Energy, Inc		7.050		03/15/19		4,340
	8,800,000		Public Service Co of Oklahoma		5.150		12/01/19		9,624
	2,640,000		Public Service Electric & Gas Co		5.300		05/01/18		2,853
	2,940,000		QEP Resources, Inc		5.375		10/01/22		2,117
	5,550,000		Sempra Energy		2.875		10/01/22		5,373
	15,000,000		Smith College		4.620		07/01/45		15,600
	7,825,000		Southern Power Co		4.150		12/01/25		7,816
	5,800,000	g	SP PowerAssets Ltd		3.250		11/24/25		5,861
	6,600,000		Spectra Energy Partners LP		4.500		03/15/45		5,071
	3,250,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		3,039
	3,875,000	g	Transurban Finance Co Pty Ltd		4.125		02/02/26		3,812
	3,680,000		Virginia Electric and Power Co		2.950		01/15/22		3,704
	1,900,000		WEC Energy Group, Inc		3.550		06/15/25		1,911
	5,075,000		Williams Partners LP		3.600		03/15/22		3,993
	7,250,000		Williams Partners LP		4.500		11/15/23		5,872
	6,000,000		Williams Partners LP		4.900		01/15/45		3,819
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		4,016
	14,000,000	g	WPD Investment Holdings Ltd		3.900		05/01/16		14,056
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		2,903
			TOTAL UTILITIES						438,879

			TOTAL CORPORATE BONDS						4,658,691
			(Cost $4,720,382)

GOVERNMENT BONDS - 48.0%

AGENCY SECURITIES - 1.9%
	13,208,839		AMAL Ltd		3.465		08/21/21		13,771
	5,656,787		Export Lease Ten Co LLC		1.650		05/07/25		5,459
	5,000,000		International Bank for Reconstruction & Development		0.500		04/15/16		5,003
	19,285,000		Lutheran Medical Center		1.982		02/20/30		18,414
	69,887		National Credit Union Administration		1.840		10/07/20		70
	13,155,145		Premier Aircraft Leasing		3.576		02/06/22		13,771
	15,000,000		Private Export Funding Corp (PEFCO)		2.125		07/15/16		15,089
	34,000,000		PEFCO		1.375		02/15/17		34,069
	17,000,000		PEFCO		5.450		09/15/17		18,184
	10,000,000		PEFCO		2.250		12/15/17		10,166
	5,000,000		PEFCO		4.375		03/15/19		5,407
	7,240,000		PEFCO		1.450		08/15/19		7,097
	27,750,000		PEFCO		2.250		03/15/20		27,959
	35,000,000		PEFCO		4.300		12/15/21		38,433
	30,000,000		PEFCO		2.050		11/15/22		28,806
	1,681,250		Totem Ocean Trailer Express, Inc		4.514		12/18/19		1,765

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,000,000		Ukraine Government AID Bonds		1.844	%	05/16/19	$	8,976
	13,545,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		13,954
	3,000,000		US Department of Housing and Urban Development (HUD)		5.380		08/01/18		3,085
			TOTAL AGENCY SECURITIES						269,478

FOREIGN GOVERNMENT BONDS - 4.9%
	15,000,000		African Development Bank		1.375		12/17/18		14,975
	2,250,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		1,947
	7,000,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		5,268
BRL	5,750,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,157
$	1,210,000		Brazilian Government International Bond		5.875		01/15/19		1,234
	2,750,000		Brazilian Government International Bond		4.250		01/07/25		2,214
	825,000		Brazilian Government International Bond		7.125		01/20/37		712
	2,000,000		Brazilian Government International Bond		5.625		01/07/41		1,450
	5,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		5,004
	1,850,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,835
	4,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		02/12/22		3,898
	25,275,000		Canada Government International Bond		0.875		02/14/17		25,256
	5,410,000		Colombia Government International Bond		4.375		07/12/21		5,437
	1,775,000		Colombia Government International Bond		2.625		03/15/23		1,559
COP	1,666,000,000		Colombia Government International Bond		4.375		03/21/23		438
$	3,000,000		Colombia Government International Bond		4.500		01/28/26		2,865
	1,500,000		Colombia Government International Bond		6.125		01/18/41		1,448
	3,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		2,931
	5,100,000	g	Croatia Government International Bond		6.375		03/24/21		5,416
	3,825,000	g	Croatia Government International Bond		5.500		04/04/23		3,883
DOP	63,500,000	g	Dominican Republic International Bond		10.000		01/05/17		1,397
$	1,625,000	g	Dominican Republic International Bond		5.500		01/27/25		1,564
	4,200,000	g	Ecuador Government International Bond		10.500		03/24/20		3,381
	3,275,000	g	Egypt Government International Bond		5.875		06/11/25		2,838
	1,100,000	g	El Salvador Government International Bond		7.650		06/15/35		938
	10,000,000		European Investment Bank		2.500		04/15/21		10,206
	3,500,000		European Investment Bank		4.875		02/15/36		4,352
	3,800,000		Export-Import Bank of Korea		2.250		01/21/20		3,742
	3,000,000		Federative Republic of Brazil		6.000		01/17/17		3,082
	2,550,000	g	Gabonese Republic		6.950		06/16/25		2,028
	3,800,000		Hungary Government International Bond		5.750		11/22/23		4,252
	40,200,000		Hydro Quebec		1.375		06/19/17		40,286
	400,000	g	Indonesia Government International Bond		4.125		01/15/25		383
	4,350,000	g	Indonesia Government International Bond		5.950		01/08/46		4,283
	5,310,000		Italy Government International Bond		6.875		09/27/23		6,524
	1,900,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,689
	4,000,000		Jamaica Government International Bond		7.875		07/28/45		3,890
	4,575,000	g	Kazakhstan Government International Bond		5.125		07/21/25		4,509
	3,000,000	g	Kazakhstan Government International Bond		6.500		07/21/45		2,949
	18,750,000		KFW		2.625		01/25/22		19,244
	4,500,000	g	Kommunalbanken AS.		1.375		06/08/17		4,509
	5,800,000	g,i	Kommunalbanken AS.		0.550		02/20/18		5,790
	7,700,000	g	Kommunalbanken AS.		1.625		01/15/20		7,630
	2,600,000	g	Kommunalbanken AS.		2.125		02/11/25		2,492
	5,000,000	g	Kommuninvest I Sverige AB		2.000		11/12/19		5,037
	2,400,000		Korea Development Bank		1.500		01/22/18		2,378
	2,600,000		Korea Development Bank		2.500		03/11/20		2,611

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,000,000	g	Korea Housing Finance Corp		1.625	%	09/15/18	$	5,909
	6,682,000		Landwirtschaftliche Rentenbank		2.000		01/13/25		6,435
	5,250,000	g	Lithuania Government International Bond		6.625		02/01/22		6,274
MXN	56,500,000		Mexican Bonos		5.750		03/05/26		3,146
$	1,000,000		Mexico Government International Bond		5.625		01/15/17		1,039
	7,297,000		Mexico Government International Bond		4.000		10/02/23		7,392
	1,150,000	g	Morocco Government International Bond		4.250		12/11/22		1,139
	1,000,000	g	Municipality Finance plc		1.750		05/21/19		1,001
	3,325,000	g	Namibia International Bonds		5.250		10/29/25		3,092
	3,995,000	g	Nigeria Government International Bond		6.375		07/12/23		3,516
	43,950,000		North American Development Bank		2.400		10/26/22		43,482
	2,500,000	g	Pakistan Government International Bond		8.250		09/30/25		2,540
	1,175,000		Panama Government International Bond		5.200		01/30/20		1,275
	3,000,000		Panama Government International Bond		4.000		09/22/24		3,000
	4,850,000		Panama Government International Bond		3.750		03/16/25		4,753
	600,000		Panama Government International Bond		4.300		04/29/53		511
	1,000,000		Peruvian Government International Bond		7.125		03/30/19		1,139
	2,675,000		Peruvian Government International Bond		4.125		08/25/27		2,622
	1,250,000		Peruvian Government International Bond		6.550		03/14/37		1,444
	3,775,000		Philippine Government International Bond		4.200		01/21/24		4,089
	2,500,000		Philippine Government International Bond		5.000		01/13/37		2,914
	2,980,000		Philippine Government International Bond		3.950		01/20/40		3,015
	8,017,000		Poland Government International Bond		5.125		04/21/21		8,925
	1,000,000		Poland Government International Bond		4.000		01/22/24		1,052
	25,000,000	g	Province of Alberta Canada		1.000		06/21/17		24,952
	21,000,000		Province of British Columbia Canada		1.200		04/25/17		21,023
	15,000,000		Province of British Columbia Canada		2.000		10/23/22		14,572
	20,750,000		Province of Manitoba Canada		1.750		05/30/19		20,634
	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,175
	20,000,000		Province of New Brunswick Canada		2.750		06/15/18		20,530
	24,000,000		Province of Ontario Canada		2.300		05/10/16		24,116
	2,250,000		Province of Quebec Canada		5.125		11/14/16		2,328
	8,835,000		Province of Quebec Canada		4.625		05/14/18		9,469
	22,500,000		Province of Quebec Canada		3.500		07/29/20		23,799
	10,000,000		Province of Quebec Canada		2.750		08/25/21		10,123
	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,635
	2,300,000	g	Republic of Angola		9.500		11/12/25		2,139
	2,675,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		2,495
	5,000,000	g	Republic of Latvia		5.250		02/22/17		5,227
	5,000,000	g	Republic of Paraguay		4.625		01/25/23		4,850
	1,835,000	g	Republic of Paraguay		6.100		08/11/44		1,752
	1,150,000	g	Republic of Serbia		5.875		12/03/18		1,210
	1,235,857	i	Republic of Serbia		6.750		11/01/24		1,257
	4,500,000		Republic of Turkey		7.500		07/14/17		4,814
	50,000		Republic of Turkey		6.000		01/14/41		51
	1,500,000	g	Republic of Zambia		5.375		09/20/22		1,082
	4,250,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		4,318
	200,000	g	Russian Foreign Bond - Eurobond		5.625		04/04/42		189
	3,985,000	g	Slovenia Government International Bond		5.500		10/26/22		4,448
	2,000,000	g	Slovenia Government International Bond		5.250		02/18/24		2,208
	1,300,000	g	Socialist Republic of Vietnam		6.750		01/29/20		1,425
ZAR	121,524,000		South Africa Government Bond		8.250		09/15/17		7,833
$	1,002,000		South Africa Government International Bond		6.875		05/27/19		1,071

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,500,000		South Africa Government International Bond		5.500	%	03/09/20	$	3,592
	2,875,000		South Africa Government International Bond		5.875		09/16/25		2,939
	2,375,000		South Africa Government International Bond		5.375		07/24/44		2,138
	3,100,000	g	Sri Lanka Government International Bond		6.850		11/03/25		2,920
	4,000,000		Svensk Exportkredit AB		1.125		04/05/18		3,969
	4,000,000		Svensk Exportkredit AB		1.750		08/28/20		3,930
	12,000,000		Turkey Government International Bond		6.750		04/03/18		12,912
	4,000,000		Turkey Government International Bond		3.250		03/23/23		3,664
	5,750,000		Turkey Government International Bond		5.750		03/22/24		6,075
	715,476		Uruguay Government International Bond		4.500		08/14/24		726
	2,352,945		Uruguay Government International Bond		4.375		10/27/27		2,312
	3,750,000		Uruguay Government International Bond		5.100		06/18/50		3,234
	2,000,000	g	Vietnam Government International Bond		4.800		11/19/24		1,921
	2,000,000	g	Zambia Government International Bond		8.970		07/30/27		1,577
			TOTAL FOREIGN GOVERNMENT BONDS						649,249

MORTGAGE BACKED - 21.9%
	7,904,637		Federal Home Loan Mortgage Corp (FHLMC)		3.500		08/15/34		8,132
	10,531,933		FHLMC		3.000		01/15/41		10,783
	31,380,596		FHLMC		3.000		09/15/42		31,285
	5,641,468	i	FHLMC		0.681		10/15/42		5,663
	17,311,576	i	FHLMC		0.681		07/15/45		17,365
	86,304,585		Federal Home Loan Mortgage Corp (FHLMC)		3.500		10/01/45		89,132
	44,374		FGLMC		6.500		12/01/16		45
	78,691		FGLMC		7.000		10/01/20		83
	15,698		FGLMC		7.000		05/01/23		18
	207,380		FGLMC		6.000		10/01/23		233
	142,271		FGLMC		6.000		11/01/23		160
	37,662		FGLMC		8.000		01/01/31		43
	56,000,000	h	FGLMC		3.000		01/15/31		57,696
	41,000,000	h	FGLMC		3.500		01/15/31		42,848
	78,276		FGLMC		7.000		12/01/31		81
	5,876		FGLMC		7.000		01/01/32		6
	53,532		FGLMC		8.000		02/01/32		55
	1,141,655		FGLMC		4.500		07/01/33		1,235
	1,556,117		FGLMC		5.500		12/01/33		1,755
	2,481,354		FGLMC		5.500		12/01/33		2,756
	7,113,816		FGLMC		7.000		12/01/33		8,384
	8,692,642		FGLMC		5.000		01/01/34		9,660
	3,201,465		FGLMC		4.500		10/01/34		3,463
	1,486,249		FGLMC		4.500		04/01/35		1,605
	2,559,201		FGLMC		7.000		05/01/35		3,046
	491,847		FGLMC		5.000		02/01/36		540
	10,820		FGLMC		6.500		05/01/36		12
	2,954,184		FGLMC		5.000		04/01/38		3,268
	2,429,083		FGLMC		5.000		07/01/39		2,657
	13,029,014		FGLMC		4.500		11/01/40		14,328
	14,650,450		FGLMC		4.500		12/01/40		16,066
	22,633,622		FGLMC		4.000		08/01/44		24,153
	5,633,432		FGLMC		4.500		10/01/44		6,199
	3,131,563		FGLMC		4.500		11/01/44		3,446
	2,375,718		FGLMC		4.500		11/01/44		2,611
	1,838,875		FGLMC		4.500		12/01/44		2,021

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,288,077		FGLMC		4.500	%	12/01/44	$	1,400
	11,864,006		FGLMC		3.500		04/01/45		12,259
	30,340,815		FGLMC		3.500		07/01/45		31,282
	48,000,000	h	FGLMC		3.500		01/15/46		49,395
	107,000,000	h	FGLMC		4.000		01/15/46		113,006
	140		Federal National Mortgage Association (FNMA)		6.500		04/01/16		0	^
	40,409		FNMA		8.000		03/01/23		42
	110,051		FNMA		8.000		07/01/24		130
	22,492		FNMA		9.000		11/01/25		26
	4,437,958		FNMA		3.000		01/01/30		4,580
	5,880,737		FNMA		3.000		06/01/30		6,070
	9,888,772		FNMA		3.000		07/01/30		10,207
	29,000,000	h	FNMA		2.500		01/25/31		29,223
	50,000,000	h	FNMA		3.000		01/25/31		51,498
	59,000,000	h	FNMA		2.500		02/25/31		59,345
	1,329,615		FNMA		6.500		07/01/32		1,534
	164,596		FNMA		7.000		07/01/32		176
	124,425		FNMA		7.000		07/01/32		137
	343,261		FNMA		4.500		03/25/33		348
	9,995,192		FNMA		5.000		06/01/33		11,056
	1,203,866		FNMA		4.500		10/01/33		1,310
	22,871,456		FNMA		5.000		10/01/33		25,296
	9,000,000		FNMA		3.000		10/25/33		8,921
	2,605,148		FNMA		5.000		11/01/33		2,929
	134,996		FNMA		5.000		11/01/33		151
	1,194,722		FNMA		5.000		03/01/34		1,322
	9,494,153		FNMA		5.500		03/01/34		10,687
	46,808,343		FNMA		3.000		01/01/35		47,782
	8,659,583		FNMA		5.500		02/01/35		9,747
	2,121,485		FNMA		4.500		05/01/35		2,310
	14,013,956		FNMA		5.000		05/01/35		15,467
	6,296,550		FNMA		5.000		10/01/35		6,946
	54,449		FNMA		6.500		03/01/37		62
	3,158,347		FNMA		5.500		08/01/37		3,546
	1,402,878		FNMA		6.000		09/01/37		1,604
	1,408,209		FNMA		6.000		09/01/37		1,617
	1,163,839		FNMA		6.500		09/01/37		1,330
	1,745,014		FNMA		5.500		01/01/38		1,967
	68,657		FNMA		6.500		02/01/38		78
	9,241,804		FNMA		5.500		11/01/38		10,750
	6,756,820		FNMA		5.500		12/01/38		7,657
	174,595		FNMA		4.500		04/01/39		191
	739,723		FNMA		4.000		07/01/39		787
	5,180,173		FNMA		5.500		08/01/39		5,860
	3,510,435		FNMA		4.500		10/01/39		3,798
	351,984		FNMA		4.500		02/01/40		384
	3,906,565		FNMA		4.500		06/01/40		4,228
	2,048,583		FNMA		5.000		08/01/40		2,260
	11,682,310		FNMA		5.000		09/01/40		12,881
	826,625		FNMA		6.000		10/01/40		934
	743,911		FNMA		4.500		11/01/40		811
	4,633,146		FNMA		4.500		11/01/40		5,014
	1,397,292		FNMA		4.500		01/01/41		1,533

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,044,755		FNMA		4.500	%	02/01/41	$	1,136
	16,040,047		FNMA		5.000		05/01/41		17,711
	1,306,455		FNMA		4.500		06/01/41		1,425
	1,201,173		FNMA		4.500		06/01/41		1,318
	950,041		FNMA		5.000		06/01/41		1,052
	5,835,508		FNMA		5.000		07/01/41		6,465
	1,280,555		FNMA		5.000		08/01/41		1,412
	15,840,933		FNMA		3.000		08/25/41		16,162
	493,723		FNMA		4.500		09/01/41		534
	5,888,577		FNMA		4.500		11/01/41		6,367
	1,622,413		FNMA		4.500		12/01/41		1,770
	30,096,165		FNMA		5.500		12/01/41		34,420
	1,322,574		FNMA		4.500		01/01/42		1,443
	7,361,600		FNMA		3.500		02/01/42		7,611
	19,397,120		FNMA		4.500		02/01/42		20,977
	1,505,198		FNMA		4.500		03/01/42		1,651
	1,354,491		FNMA		4.500		04/01/42		1,478
	11,267,325		FNMA		4.500		04/01/42		12,188
	974,221		FNMA		4.500		04/01/42		1,054
	1,582,379		FNMA		4.500		06/01/42		1,727
	27,098,321		FNMA		4.500		06/01/42		29,309
	41,555,651		FNMA		3.500		07/01/42		42,948
	1,227,416		FNMA		4.500		07/01/42		1,347
	14,591,137	i	FNMA		0.922		08/25/42		14,695
	21,963,025		FNMA		3.000		10/01/42		22,034
	251,920		FNMA		3.000		10/01/42		253
	242,880		FNMA		3.000		10/01/42		243
	630,866		FNMA		3.000		11/01/42		632
	13,502,239	i	FNMA		0.822		11/25/42		13,458
	32,183,151		FNMA		3.500		11/25/42		6,245
	309,799		FNMA		3.000		12/01/42		310
	823,309		FNMA		3.000		12/01/42		825
	11,229,880		FNMA		3.000		01/01/43		11,255
	24,652,052		FNMA		3.000		01/01/43		24,701
	5,128,222		FNMA		3.000		02/01/43		5,139
	15,038,234		FNMA		3.000		02/01/43		15,068
	1,636,745		FNMA		3.000		02/01/43		1,640
	717,081		FNMA		3.000		02/01/43		718
	825,452		FNMA		3.000		02/01/43		827
	31,201,723		FNMA		3.000		02/01/43		31,262
	20,968,017		FNMA		3.000		02/25/43		21,446
	3,300,784		FNMA		3.000		03/01/43		3,307
	1,116,944		FNMA		3.000		03/01/43		1,119
	4,453,625		FNMA		3.000		03/01/43		4,462
	1,035,286		FNMA		3.000		03/01/43		1,037
	143,822		FNMA		3.000		03/01/43		144
	3,534,048		FNMA		3.000		03/01/43		3,540
	864,555		FNMA		3.000		03/01/43		866
	282,599		FNMA		3.000		03/01/43		283
	2,047,106		FNMA		3.000		03/01/43		2,051
	746,957		FNMA		3.000		03/01/43		747
	8,856,663	i	FNMA		0.772		03/25/43		8,850
	239,178		FNMA		3.000		04/01/43		240

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	743,331	FNMA		3.000	%	04/01/43	$	746
	15,952	FNMA		3.000		04/01/43		16
	934,797	FNMA		3.000		04/01/43		936
	1,455,511	FNMA		3.000		04/01/43		1,458
	64,295	FNMA		3.000		04/01/43		64
	149,070	FNMA		3.000		04/01/43		149
	1,958,835	FNMA		3.000		04/01/43		1,962
	1,272,660	FNMA		3.000		04/01/43		1,275
	1,285,272	FNMA		3.000		04/01/43		1,287
	1,769,655	FNMA		3.000		05/01/43		1,773
	5,399,216	FNMA		3.000		05/01/43		5,409
	19,767,325	FNMA		3.000		08/25/43		20,232
	20,438,894	FNMA		4.000		11/01/43		21,874
	10,392,240	FNMA		4.000		04/01/44		11,057
	6,002,540	FNMA		4.000		06/01/44		6,385
	3,321,565	FNMA		4.000		06/01/44		3,536
	9,952,147	FNMA		4.500		06/01/44		10,949
	3,369,392	FNMA		4.000		07/01/44		3,587
	1,804,389	FNMA		4.000		07/01/44		1,921
	6,084,339	FNMA		4.000		08/01/44		6,476
	14,624,063	FNMA		4.000		08/01/44		15,567
	6,318,830	FNMA		4.000		08/01/44		6,726
	2,311,701	FNMA		4.000		08/01/44		2,461
	1,171,789	FNMA		4.000		09/01/44		1,247
	1,609,306	FNMA		4.000		09/01/44		1,713
	7,441,829	FNMA		4.000		10/01/44		7,922
	9,795,266	FNMA		4.500		10/01/44		10,777
	8,063,924	FNMA		3.500		11/01/44		8,333
	18,191,011	FNMA		4.500		11/01/44		20,010
	5,188,118	FNMA		4.000		12/01/44		5,539
	15,206,524	FNMA		4.000		12/01/44		16,188
	6,694,556	FNMA		4.000		12/01/44		7,142
	5,266,434	FNMA		4.500		12/01/44		5,794
	55,723,792	FNMA		4.000		01/01/45		59,658
	5,525,372	FNMA		4.000		01/01/45		5,884
	13,456,738	FNMA		3.500		02/01/45		13,905
	1,164,783	FNMA		3.500		03/01/45		1,206
	2,989,228	FNMA		3.500		03/01/45		3,089
	698,852	FNMA		3.500		03/01/45		723
	4,081,570	FNMA		3.500		03/01/45		4,218
	2,515,012	FNMA		4.500		03/01/45		2,768
	5,809,272	FNMA		3.500		04/01/45		6,003
	3,068,311	FNMA		3.500		04/01/45		3,167
	13,950,042	FNMA		3.500		04/01/45		14,415
	1,295,136	FNMA		3.500		04/01/45		1,338
	2,312,578	FNMA		3.500		04/01/45		2,390
	769,976	FNMA		4.500		04/01/45		847
	21,700,527	FNMA		3.500		05/01/45		22,471
	2,723,115	FNMA		4.000		05/01/45		2,900
	1,116,732	FNMA		3.500		06/01/45		1,154
	6,044,866	FNMA		4.000		06/01/45		6,438
	18,548,412	FNMA		4.000		07/01/45		19,721
	1,692,629	FNMA		4.000		10/01/45		1,803

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,763,085		FNMA		4.000	%	11/01/45	$	4,008
	2,007,291		FNMA		4.000		12/01/45		2,138
	75,000,000	h	FNMA		3.000		01/25/46		74,974
	89,000,000	h	FNMA		3.500		01/25/46		91,794
	54,000,000	h	FNMA		4.000		01/25/46		57,127
	29,000,000	h	FNMA		4.500		01/25/46		31,311
	15,000,000	h	FNMA		5.000		01/25/46		16,509
	58,000,000	h	FNMA		3.000		02/25/46		57,864
	37,000,000	h	FNMA		3.500		02/25/46		38,082
	26,000,000	h	FNMA		4.000		02/25/46		27,455
	61,000,000	h	FNMA		4.500		02/25/46		65,761
	11,000,000	h	FNMA		5.000		02/25/46		12,093
	88,000,000	h	FNMA		3.500		03/25/46		90,344
	61,000,000	h	FNMA		4.000		03/25/46		64,260
	158		Government National Mortgage Association (GNMA)		9.000		06/15/16		0	^
	716		GNMA		9.000		09/15/16		1
	223		GNMA		9.000		09/15/16		0	^
	2,464		GNMA		9.000		11/15/16		3
	673		GNMA		9.000		12/15/16		1
	1,711		GNMA		9.000		12/15/16		2
	4,066		GNMA		9.500		12/15/16		4
	10,232		GNMA		8.000		06/15/24		11
	27,970		GNMA		8.500		11/20/30		33
	38,726		GNMA		8.500		12/20/30		44
	796,697		GNMA		5.500		07/15/33		906
	15,932,697		GNMA		3.700		10/15/33		16,932
	487,908		GNMA		5.500		11/20/33		545
	1,704,634		GNMA		5.500		03/20/35		1,904
	848,302		GNMA		5.500		12/20/35		945
	474,558		GNMA		6.000		10/20/36		536
	509,456		GNMA		6.000		01/20/37		576
	1,469,245		GNMA		6.000		02/20/37		1,661
	1,071,353		GNMA		5.000		04/15/38		1,185
	1,054,623		GNMA		5.500		07/15/38		1,175
	1,669,885		GNMA		5.500		07/20/38		1,840
	573,613		GNMA		6.000		08/20/38		642
	1,020,599		GNMA		6.500		11/20/38		1,168
	936,880		GNMA		2.176		05/16/39		943
	3,004,554		GNMA		5.000		06/15/39		3,365
	1,990,208		GNMA		5.000		06/15/39		2,226
	1,509,281		GNMA		5.000		07/20/39		1,668
	11,929,566		GNMA		4.500		09/20/39		13,068
	12,213,747		GNMA		3.700		08/15/40		13,300
	908,345		GNMA		3.500		12/15/41		950
	42,750,568		GNMA		3.500		10/20/42		8,503
	9,583,435		GNMA		3.500		07/15/43		10,024
	3,099,215		GNMA		3.500		02/15/45		3,242
	11,806,506		GNMA		4.000		04/15/45		12,566
	10,291,510		GNMA		4.000		04/15/45		10,938
	28,569,369		GNMA		4.000		05/15/45		30,370
	51,924,893		GNMA		4.000		06/15/45		55,204
	993,244		GNMA		3.500		07/15/45		1,039
	61,000,000	h	GNMA		3.000		01/20/46		61,805

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	100,000,000	h	GNMA		3.500	%	01/20/46	$	104,211
	28,000,000	h	GNMA		3.000		02/20/46		28,309
	41,000,000	h	GNMA		3.500		02/20/46		42,627
	42,000,000	h	GNMA		3.000		03/20/46		42,372
	41,000,000	h	GNMA		3.500		03/20/46		42,528
			TOTAL MORTGAGE BACKED						2,899,310

MUNICIPAL BONDS - 2.7%
	9,685,000		Arizona School Facilities Board		0.945		09/01/16		9,663
	3,270,000		California Earthquake Authority		1.194		07/01/16		3,276
	3,600,000		California Earthquake Authority		1.824		07/01/17		3,618
	2,025,000		City of San Antonio TX Customer Facility Charge Revenue		4.253		07/01/24		2,058
	1,575,000		City of San Antonio TX Customer Facility Charge Revenue		4.353		07/01/25		1,593
	3,500,000		Maine Municipal Bond Bank		1.708		06/01/16		3,515
	2,000,000		Permanent University Fund		1.439		07/01/17		2,000
	2,625,000		Permanent University Fund		1.730		07/01/18		2,634
	4,720,000		Permanent University Fund		1.880		07/01/19		4,700
	2,320,000		Permanent University Fund		2.258		07/01/20		2,313
	2,160,000		Permanent University Fund		2.408		07/01/21		2,165
	2,750,000		Permanent University Fund		2.508		07/01/22		2,757
	2,855,000		Permanent University Fund		2.608		07/01/23		2,867
	3,250,000		Permanent University Fund		2.708		07/01/24		3,249
	2,335,000		Permanent University Fund		2.808		07/01/25		2,318
	3,775,000		Permanent University Fund		2.908		07/01/26		3,752
	4,000,000		Permanent University Fund		3.008		07/01/27		3,940
	2,000,000		Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		2,004
	1,700,000		Port of Corpus Christi Authority of Nueces County		3.287		12/01/23		1,708
	1,500,000		Port of Corpus Christi Authority of Nueces County		3.387		12/01/24		1,522
	1,000,000		Port of Corpus Christi Authority of Nueces County		3.487		12/01/25		1,011
	11,370,000		State of California		5.950		04/01/16		11,522
	2,915,000		State of Georgia		1.750		07/01/19		2,922
	3,060,000		State of Georgia		2.000		07/01/20		3,060
	3,215,000		State of Georgia		2.150		07/01/21		3,212
	3,905,000		State of Georgia		2.750		07/01/25		3,846
	4,100,000		State of Georgia		2.850		07/01/26		4,012
	4,305,000		State of Georgia		2.950		07/01/27		4,206
	4,520,000		State of Georgia		3.050		07/01/28		4,405
	3,245,000		State of Georgia		3.150		07/01/29		3,094
	12,500,000		State of Illinois		0.750		06/15/16		12,501
	19,760,000		State of Illinois		4.833		02/01/17		20,211
	12,500,000		State of Illinois		1.750		06/15/17		12,547
	8,000,000		State of Illinois		4.350		06/01/18		8,178
	7,500,000		State of Illinois		2.000		06/15/19		7,457
	7,160,000		State of Illinois		5.463		02/01/20		7,578
	12,500,000		State of Illinois		1.930		06/15/20		12,167
	12,500,000		State of Illinois		2.250		06/15/21		12,178
	10,000,000		State of Illinois		4.310		04/01/23		9,427
	11,535,000		State of Illinois		4.610		04/01/25		10,795
	9,350,000		State of Illinois		4.760		04/01/26		8,683
	12,500,000		State of Illinois		3.150		06/15/26		11,954
	13,880,000		State of Illinois		4.910		04/01/27		12,911
	12,500,000		State of Illinois		3.250		06/15/27		11,849
	8,115,000		State of Illinois		5.010		04/01/28		7,427

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	21,640,000	State of Michigan		3.600	%	05/15/31	$	20,824
	22,455,000	State of Michigan		3.700		05/15/32		21,707
	6,000,000	University of California		2.570		05/15/22		5,997
	14,800,000	University of California		3.931		05/15/45		14,339
	20,000,000	University of New Mexico		3.532		06/20/32		19,239
		TOTAL MUNICIPAL BONDS						350,911

U.S. TREASURY SECURITIES - 16.6%
	22,000,000	United States Treasury Bond		6.375		08/15/27		30,910
	15,185,000	United States Treasury Bond		5.250		11/15/28		19,842
	49,175,000	United States Treasury Bond		5.250		02/15/29		64,431
	100,686,000	United States Treasury Bond		5.375		02/15/31		136,512
	65,602,000	United States Treasury Bond		4.500		02/15/36		83,960
	4,500,000	United States Treasury Bond		4.750		02/15/37		5,956
	12,000,000	United States Treasury Bond		3.500		02/15/39		13,248
	11,900,000	United States Treasury Bond		3.875		08/15/40		13,886
	19,135,000	United States Treasury Bond		4.375		05/15/41		24,103
	16,434,000	United States Treasury Bond		3.750		08/15/41		18,841
	56,375,000	United States Treasury Bond		3.625		08/15/43		63,367
	41,680,000	United States Treasury Bond		3.000		05/15/45		41,410
	130,330,000	United States Treasury Bond		2.875		08/15/45		126,334
	106,000,000	United States Treasury Bond		3.000		11/15/45		105,482
	3,300,000	United States Treasury Note		0.375		03/15/16		3,301
	23,000,000	United States Treasury Note		0.375		03/31/16		23,001
	9,800,000	United States Treasury Note		2.375		03/31/16		9,849
	44,410,000	United States Treasury Note		0.375		04/30/16		44,405
	6,000,000	United States Treasury Note		0.500		07/31/16		5,996
	10,000,000	United States Treasury Note		3.125		10/31/16		10,193
	4,675,000	United States Treasury Note		0.750		01/15/17		4,671
	3,900,000	United States Treasury Note		0.625		02/15/17		3,890
	25,000,000	United States Treasury Note		0.625		05/31/17		24,890
	99,210,000	United States Treasury Note		0.625		07/31/17		98,659
	22,875,000	United States Treasury Note		0.625		08/31/17		22,729
	20,000,000	United States Treasury Note		0.625		09/30/17		19,863
	209,865,000	United States Treasury Note		0.875		07/15/18		207,992
	12,100,000	United States Treasury Note		2.250		07/31/18		12,419
	28,000,000	United States Treasury Note		1.000		08/15/18		27,821
	9,966,900	United States Treasury Note		1.375		09/30/18		9,999
	10,365,000	United States Treasury Note		1.750		10/31/18		10,500
	34,895,000	United States Treasury Note		1.250		12/15/18		34,826
	145,487,000	United States Treasury Note		1.625		07/31/20		144,829
	56,188,300	United States Treasury Note		1.625		11/30/20		55,870
	825,000	United States Treasury Note		2.125		01/31/21		837
	12,720,000	United States Treasury Note		2.000		02/28/21		12,830
	3,240,000	United States Treasury Note		2.250		04/30/21		3,305
	16,465,000	United States Treasury Note		2.000		05/31/21		16,581
	1,730,000	United States Treasury Note		2.125		06/30/21		1,752
	11,825,000	United States Treasury Note		2.000		08/31/21		11,880
	133,872,000	United States Treasury Note		8.000		11/15/21		178,869
	73,000,000	United States Treasury Note		1.750		02/28/22		71,972
	1,710,000	United States Treasury Note		1.750		03/31/22		1,684
	8,000,000	United States Treasury Note		1.750		04/30/22		7,873
	4,565,000	United States Treasury Note		2.125		06/30/22		4,589

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	63,000,000		United States Treasury Note		2.000	%	07/31/22	$	62,835
	106,110,000		United States Treasury Note		1.875		08/31/22		104,893
	130,965,000		United States Treasury Note		1.750		09/30/22		128,369
	63,302,300		United States Treasury Note		2.250		11/15/25		63,161
			TOTAL U.S. TREASURY SECURITIES						2,195,415

			TOTAL GOVERNMENT BONDS						6,364,363
			(Cost $6,330,747)

STRUCTURED ASSETS - 13.5%

ASSET BACKED - 6.0%
	920,391	i	ACE Securities Corp Home Equity Loan Trust		1.157		08/25/35		908
			Series - 2005 HE5 (Class M2)
	17,823,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		17,809
			Series - 2013 1 (Class C)
	6,045,000		AmeriCredit Automobile Receivables Trust		1.790		03/08/19		6,050
			Series - 2013 2 (Class C)
	18,920,000		AmeriCredit Automobile Receivables Trust		2.420		05/08/19		18,971
			Series - 2013 2 (Class D)
	1,000,000		AmeriCredit Automobile Receivables Trust		1.270		07/08/19		997
			Series - 2014 4 (Class A3)
	6,675,000		AmeriCredit Automobile Receivables Trust		2.720		09/09/19		6,720
			Series - 2013 4 (Class C)
	15,037,000	g	AmeriCredit Automobile Receivables Trust		4.460		11/08/19		15,242
			Series - 2012 3 (Class E)
	13,805,000		AmeriCredit Automobile Receivables Trust		3.340		08/08/21		13,662
			Series - 2015 3 (Class D)
	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		4,796
			Series - 2004 R12 (Class M1)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.410		11/20/17		2,022
			Series - 2011 3A (Class A)
	5,500,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		5,571
			Series - 2011 3A (Class B)
	9,400,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		9,457
			Series - 2011 5A (Class C)
	11,125,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		11,328
			Series - 2011 5A (Class B)
	4,890,000	g	Avis Budget Rental Car Funding AESOP LLC		3.887		05/20/18		4,963
			Series - 2012 2A (Class B)
	38,662	i	Bear Stearns Asset Backed Securities Trust		1.162		11/25/39		39
			Series - 2005 SD3 (Class 2A1)
	2,900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		2,893
			Series - 2013 1 (Class B)
	14,831,000		Capital Auto Receivables Asset Trust		1.740		10/22/18		14,817
			Series - 2013 1 (Class C)
	11,525,000		Capital Auto Receivables Asset Trust		2.190		09/20/21		11,491
			Series - 0 1 (Class D)
	8,000,000	g	Capital Automotive REIT		3.660		10/15/44		8,039
			Series - 2014 1A (Class A)

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,273,336	i,m	CCR, Inc		0.738	%	07/10/17	$	7,196
			Series - 2010 CX (Class C)
	922,725	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		814
			Series - 2004 2 (Class 1M2)
	1,129,932	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		1,127
			Series - 2002 1 (Class AF6) (Step Bond)
	7,503,149	i	Connecticut Avenue Securities		1.922		02/25/25		7,515
			Series - 2015 C01 (Class 1M1)
	7,940,000	g	DB Master Finance LLC		3.262		02/20/45		7,857
			Series - 2015 1A (Class A2I)
	6,947,500	g	DB Master Finance LLC		3.980		02/20/45		6,926
			Series - 2015 1A (Class A2II)
	5,525,000	g,i	DB/UBS Mortgage Trust		5.663		11/10/46		6,080
			Series - 2011 LC1A (Class C)
	2,213,561	g	Diamond Resorts Owner Trust		1.950		01/20/25		2,190
			Series - 2013 1 (Class A)
	71,329,819	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		73,382
			Series - 2012 1A (Class A2)
	18,000,000	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		17,640
			Series - 2015 1A (Class A2I)
	3,000,000	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		2,959
			Series - 2015 1A (Class A2II)
	7,060,941	g	Drive Auto Receivables Trust		1.010		11/15/17		7,057
			Series - 2015 AA (Class A2)
	5,250,000		Ford Credit Auto Owner Trust		1.150		07/15/18		5,236
			Series - 2013 A (Class B)
	5,595,000		Ford Credit Auto Owner Trust		2.430		01/15/19		5,625
			Series - 2012 C (Class D)
	1,960,000		Ford Credit Floorplan Master Owner Trust		1.120		01/15/18		1,960
			Series - 2013 1 (Class B)
	22,378,000	g	Hertz Vehicle Financing LLC		3.740		02/25/17		22,448
			Series - 2010 1A (Class A2)
	10,506,667	g	Hertz Vehicle Financing LLC		5.700		02/25/17		10,541
			Series - 2010 1A (Class B2)
	15,000,000	g	Hertz Vehicle Financing LLC		1.860		08/25/17		14,947
			Series - 2013 1A (Class B1)
	2,000,527	i	Irwin Home Equity Corp		1.182		02/25/34		1,937
			Series - 2005 A (Class A3)
	14,668,026	g	JG Wentworth XXII LLC		3.820		12/15/48		15,031
			Series - 2010 3A (Class A)
	2,839,576	i	Lehman XS Trust		0.672		02/25/36		2,713
			Series - 2006 1 (Class 1A1)
	11,565,184	i	Lehman XS Trust		6.500		06/25/46		8,790
			Series - 2006 13 (Class 2A1)
	2,352,124		Louisiana Public Facilities Authority		5.750		02/01/19		2,396
			Series - 2008 ELL (Class A2)
	527,582	g	NYCTL Trust		1.030		11/10/27		525
			Series - 2014 A (Class A)
	626,424	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.367		09/25/34		628
			Series - 2004 WHQ1 (Class M1)
	18,888	i	Renaissance Home Equity Loan Trust		1.302		08/25/33		18
			Series - 2003 2 (Class A)

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	94,810	i	Residential Asset Securities Corp		6.489	%	10/25/30	$	95
			Series - 2001 KS2 (Class AI6)
	151,130	i	Residential Asset Securities Corp		1.067		04/25/35		151
			Series - 2005 KS3 (Class M3)
	1,335,988	i	Residential Funding Mortgage Securities II, Inc		5.950		08/25/34		1,389
			Series - 2005 HI1 (Class A5) (Step Bond)
	408,195	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		411
			Series - 2006 HI1 (Class M1) (Step Bond)
	350,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		364
			Series - 2006 HI1 (Class M2)
	4,694,078		Santander Drive Auto Receivables Trust		0.720		04/16/18		4,689
			Series - 2014 5 (Class A2A)
	12,770,000		Santander Drive Auto Receivables Trust		3.500		06/15/18		12,948
			Series - 2012 4 (Class D)
	8,384,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		8,393
			Series - 2013 1 (Class C)
	5,830,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		5,831
			Series - 2013 2013-1 (Class D)
	52,250,000		Santander Drive Auto Receivables Trust		1.620		02/15/19		52,255
			Series - 2014 2 (Class B)
	4,410,000		Santander Drive Auto Receivables Trust		2.570		03/15/19		4,438
			Series - 2013 2 (Class D)
	1,240,000		Santander Drive Auto Receivables Trust		1.810		04/15/19		1,239
			Series - 2013 3 (Class C)
	4,625,000		Santander Drive Auto Receivables Trust		2.420		04/15/19		4,614
			Series - 2013 3 (Class D)
	79,872,000		Santander Drive Auto Receivables Trust		2.250		06/17/19		80,155
			Series - 2013 5 (Class C)
	20,615,000	g	Santander Drive Auto Receivables Trust		3.120		10/15/19		20,838
			Series - 2013 A (Class C)
	5,325,000		Santander Drive Auto Receivables Trust		2.910		04/15/20		5,349
			Series - 2014 1 (Class D)
	1,600,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		1,586
			Series - 2015 5 (Class B)
	14,172,000		Santander Drive Auto Receivables Trust		2.130		08/17/20		14,181
			Series - 2014 3 (Class C)
	1,600,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		1,587
			Series - 2015 5 (Class C)
	874,028	i	Securitized Asset Backed Receivables LLC		0.722		10/25/35		869
			Series - 2006 OP1 (Class A2C)
	289,434	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		285
			Series - 2013 1A (Class A)
	7,175,622	g	Sierra Receivables Funding Co LLC		2.700		10/20/30		7,163
			Series - 2013 3A (Class B)
	7,792,251	g	Sierra Receivables Funding Co LLC		2.050		06/20/31		7,796
			Series - 2014 2A (Class A)
	3,208,574	g	Sierra Receivables Funding Co LLC		2.400		06/20/31		3,193
			Series - 2014 2A (Class B)
	9,506,320	g	Sierra Receivables Funding Co LLC		2.400		03/22/32		9,393
			Series - 2015 1A (Class A)
	2,753,147	g	Sierra Timeshare 2015-3 Receivables Funding LLC		2.580		09/20/32		2,707
			Series - 2015 3A (Class A)

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,376,573	g	Sierra Timeshare 2015-3 Receivables Funding LLC		3.080	%	09/20/32	$	1,354
			Series - 2015 3A (Class B)
	13,303,000	g	SLM Student Loan Trust		3.740		02/15/29		13,622
			Series - 2011 B (Class A2)
	4,474,921	g	SolarCity LMC		4.590		04/20/44		4,402
			Series - 2014 1 (Class A)
	332,735	i	Soundview Home Equity Loan Trust		0.722		11/25/35		332
			Series - 2005 OPT3 (Class A4)
	88,631,262	g	SpringCastle America Funding LLC		2.700		05/25/23		88,432
			Series - 2014 AA (Class A)
	3,696,608	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.642		10/25/36		3,669
			Series - 2006 GEL4 (Class A2)
	1,890,000	g	Vornado DP LLC		5.280		09/13/28		2,061
			Series - 2010 VNO (Class C)
	658,794	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		670
			Series - 2006 N1 (Class N1)
	1,066,904	g,i	Wachovia Loan Trust		0.782		05/25/35		1,039
			Series - 2005 SD1 (Class A)
	165,762	i	Wells Fargo Home Equity Trust		0.562		07/25/36		166
			Series - 2006 2 (Class A3)
	40,897,500	g	Wendys Funding LLC		3.371		06/15/45		39,903
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						796,882

OTHER MORTGAGE BACKED - 7.5%
	6,000,000	g,i	ACRE Commercial Mortgage Trust		3.751		08/15/31		5,950
			Series - 2014 FL2 (Class D)
	1,059,000		Banc of America Commercial Mortgage Trust		5.390		10/10/45		1,086
			Series - 2006 6 (Class AM)
	2,500,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		2,452
			Series - 2006 6 (Class B)
	10,500,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		10,743
			Series - 2007 1 (Class AM)
	14,549,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		14,898
			Series - 2007 1 (Class AMFX)
	3,500,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		3,188
			Series - 2007 4 (Class E)
	18,825,000	i	Bear Stearns Commercial Mortgage Securities		5.920		09/11/42		19,867
			Series - 2007 T28 (Class AJ)
	4,500,000	i	Bear Stearns Commercial Mortgage Securities		5.878		06/11/50		4,457
			Series - 2007 PW17 (Class AJ)
	8,000,000	g	CGBAM Commercial Mortgage Trust		3.516		04/10/28		8,048
			Series - 2015 SMRT (Class C)
	9,000,000	g	CGBAM Commercial Mortgage Trust		3.768		04/10/28		9,099
			Series - 2015 SMRT (Class D)
	10,265,226	i	CHL Mortgage Pass-Through Trust		2.671		02/20/35		10,216
			Series - 2004 HYB9 (Class 1A1)
	1,500,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		1,508
			Series - 2006 C4 (Class AJ)
	736,849	i	Citigroup Commercial Mortgage Trust		5.713		12/10/49		745
			Series - 2007 C6 (Class ASB)
	15,000,000	g,i	Citigroup Commercial Mortgage Trust		5.898		12/10/49		15,290
			Series - 2007 C6 (Class AMFX)

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,095,000	i	Citigroup Commercial Mortgage Trust		5.899	%	12/10/49	$	7,250
			Series - 2007 C6 (Class AM)
	11,626,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		11,704
			Series - 2007 C3 (Class AJ)
	32,585,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		34,204
			Series - 2007 C3 (Class AM)
	5,640,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		5,872
			Series - 2007 C2 (Class AMFX)
	877,821		COMM Mortgage Trust		1.399		02/10/48		869
			Series - 2015 LC19 (Class A1)
	2,180,000	i	COMM Mortgage Trust		5.650		12/10/49		2,208
			Series - 2007 C9 (Class AJ)
	1,000,000	i	COMM Mortgage Trust		5.796		12/10/49		1,007
			Series - 2007 C9 (Class C)
	16,156,810	i	COMM Mortgage Trust		5.796		12/10/49		16,364
			Series - 2007 C9 (Class B)
	1,097,672	i	Commercial Mortgage Trust		5.238		04/10/37		1,097
			Series - 2005 GG5 (Class AJ)
	28,000,000	i	Commercial Mortgage Trust		5.867		12/10/49		29,085
			Series - 2007 GG11 (Class AM)
	904,237		Countrywide Alternative Loan Trust		5.500		08/25/16		910
			Series - 2004 30CB (Class 1A15)
	12,133,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		12,236
			Series - 2007 C4 (Class A1AJ)
	14,500,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		14,647
			Series - 2007 C4 (Class AJ)
	11,120,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		11,340
			Series - 2006 C5 (Class AM)
	11,235,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		11,437
			Series - 2009 RR1 (Class A3C)
	4,000,000	i	Credit Suisse Commercial Mortgage Trust		0.581		01/15/49		3,807
			Series - 2007 C2 (Class AMFL)
	5,052,000	i	Credit Suisse Commercial Mortgage Trust		5.615		01/15/49		5,214
			Series - 2007 C2 (Class AM)
	22,500,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		21,778
			Series - 2007 C2 (Class AJ)
	157,557	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		157
			Series - 2005 C5 (Class C)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		12,738
			Series - 2006 OMA (Class D)
	5,250,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		5,348
			Series - 2006 C4 (Class AM)
	5,000,000	g	Four Times Square Trust Commercial Mortgage Pass-Through Certificates		5.401		12/13/28		5,517
			Series - 2006 4TS (Class A)
	2,500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		2,542
			Series - 2007 C1 (Class AM)
	3,665,000	i	GMAC Commercial Mortgage Securities, Inc		4.984		12/10/41		3,738
			Series - 2004 C3 (Class C)
	10,000,000	i	Greenwich Capital Commercial Funding Corp		6.013		07/10/38		10,110
			Series - 2006 GG7 (Class AM)
	169,610	i	GS Mortgage Securities Corp II		5.622		04/10/38		170
			Series - 2006 GG6 (Class AM)

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,910,000	g,i	GS Mortgage Securities Corp II		5.188	%	12/10/43	$	6,467
			Series - 2010 C2 (Class B)
	12,004,000	i	GS Mortgage Securities Trust		5.553		04/10/38		12,013
			Series - 2006 GG6 (Class B)
	12,012,000	i	GS Mortgage Securities Trust		5.666		04/10/38		12,001
			Series - 2006 GG6 (Class C)
	3,678,523	i	Harborview Mortgage Loan Trust		0.622		07/19/47		2,998
			Series - 2007 4 (Class 2A1)
	1,450,530	i	Impac CMB Trust		1.082		03/25/35		1,344
			Series - 2004 11 (Class 2A1)
	7,965,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		7,964
			Series - 2005 LDP2 (Class C)
	17,650,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.565		04/15/43		17,714
			Series - 2006 LDP6 (Class AJ)
	4,000,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.520		05/15/45		4,008
			Series - 2006 LDP8 (Class B)
	8,145,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.360		02/15/46		8,581
			Series - 2011 C3 (Class C)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.277		07/15/46		6,817
			Series - 2011 C4 (Class C)
	25,169,578		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		25,543
			Series - 2006 LDP9 (Class A1A)
	3,695,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		3,888
			Series - 2007 LD12 (Class AM)
	119,606,903	i	JPMBB Commercial Mortgage Securities Trust		1.535		11/15/48		9,686
			Series - 2015 C32 (Class XA)
	3,500,000	i	LB-UBS Commercial Mortgage Trust		5.852		06/15/38		3,548
			Series - 2006 C4 (Class AJ)
	6,000,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		6,060
			Series - 2007 C1 (Class AJ)
	1,400,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		1,402
			Series - 2007 C1 (Class C)
	4,150,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		4,064
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		783
			Series - 2007 C6 (Class AM)
	7,225,000	g	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		7,546
			Series - 2007 C6 (Class AMFL)
	18,146,193	g,i	LVII Resecuritization Trust		3.033		07/31/47		18,146
			Series - 2015 A (Class A)
	1,050,917	i	Merrill Lynch Mortgage Trust		5.522		11/12/37		1,050
			Series - 2005 CKI1 (Class B)
	2,205,000	i	Merrill Lynch Mortgage Trust		6.267		02/12/51		2,339
			Series - 0 C1 (Class AJA)
	5,880,000	g,i	Merrill Lynch Mortgage Trust		6.267		02/12/51		6,139
			Series - 2008 C1 (Class C)
	2,210,442	g,i	Merrill Lynch Mortgage Trust		6.267		02/12/51		2,345
			Series - 0 C1 (Class AJAF)
	4,000,000	g,i	ML-CFC Commercial Mortgage Trust		0.497		08/12/48		3,746
			Series - 2007 5 (Class AMFL)
	21,695,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		22,152
			Series - 2007 6 (Class AM)

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,265,000	g,i	Morgan Stanley Capital I Trust		5.847	%	08/12/41	$	2,297
			Series - 2006 T23 (Class B)
	13,572,629	i	Morgan Stanley Capital I Trust		5.389		11/12/41		13,617
			Series - 2006 HQ10 (Class AJ)
	214,584	i	Morgan Stanley Capital I Trust		4.840		12/13/41		215
			Series - 2005 T17 (Class AJ)
	12,300,000	i	Morgan Stanley Capital I Trust		5.793		07/12/44		12,476
			Series - 2006 HQ9 (Class AJ)
	500,000	i	Morgan Stanley Capital I Trust		5.832		07/12/44		504
			Series - 2006 HQ9 (Class B)
	7,541,001		Morgan Stanley Capital I Trust		5.569		12/15/44		7,847
			Series - 2007 HQ13 (Class A3)
	3,550,000	g,i	Morgan Stanley Capital I Trust		5.438		09/15/47		3,733
			Series - 2011 C1 (Class D)
	8,650,000	i	Morgan Stanley Capital I Trust		5.678		04/12/49		8,716
			Series - 2007 HQ12 (Class B)
	10,300,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		10,258
			Series - 2007 IQ15 (Class AJ)
	11,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		11,520
			Series - 2007 IQ15 (Class AM)
	12,121,000	g,i	Morgan Stanley Capital I Trust		6.104		06/11/49		10,593
			Series - 2007 IQ15 (Class B)
	8,750,000	i	Morgan Stanley Capital I Trust		6.080		12/12/49		9,174
			Series - 2007 IQ16 (Class AMA)
	12,000,000	i	Morgan Stanley Capital I Trust		6.097		12/12/49		11,442
			Series - 2007 IQ16 (Class AJFX)
	2,330,000	i	Morgan Stanley Capital I Trust		6.115		12/12/49		2,223
			Series - 2007 IQ16 (Class AJ)
	7,205,000	i	Morgan Stanley Capital I Trust		6.281		12/12/49		7,595
			Series - 2007 IQ16 (Class AM)
	22,229,000	i	Morgan Stanley Capital I Trust		6.319		12/12/49		21,088
			Series - 2007 IQ16 (Class AJA)
	5,918		Residential Accredit Loans, Inc		4.350		03/25/34		6
			Series - 2004 QS4 (Class A1)
	4,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.622		09/25/24		3,957
			Series - 2014 HQ2 (Class M2)
	2,604,806	i	Structured Agency Credit Risk Debt Note (STACR)		1.672		01/25/25		2,607
			Series - 2015 DN1 (Class M1)
	6,500,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.822		01/25/25		6,599
			Series - 2015 DN1 (Class M2)
	3,893,588	i	Structured Agency Credit Risk Debt Note (STACR)		1.472		03/25/25		3,893
			Series - 2015 HQ1 (Class M1)
	1,913,123	i	Structured Agency Credit Risk Debt Note (STACR)		1.522		05/25/25		1,910
			Series - 2015 HQ2 (Class M1)
	16,250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.372		05/25/25		15,867
			Series - 2015 HQ2 (Class M2)
	9,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.551		12/15/43		8,617
			Series - 2007 C30 (Class AMFL)
	35,625,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		36,810
			Series - 2007 C30 (Class AM)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.865		07/15/45		2,732
			Series - 2006 C27 (Class B)

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	32,910,000	i	Wachovia Bank Commercial Mortgage Trust		5.818	%	05/15/46	$	34,562
			Series - 2007 C34 (Class AM)
	5,300,000	i	Wachovia Bank Commercial Mortgage Trust		5.947		05/15/46		5,345
			Series - 2007 C34 (Class AJ)
	7,175,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		7,437
			Series - 2007 C31 (Class AM)
	6,157,290	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		6,151
			Series - 2007 C31 (Class AJ)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		2,001
			Series - 2007 C31 (Class B)
	88,795,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		92,511
			Series - 2007 C32 (Class AMFX)
	49,550,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		49,532
			Series - 2007 C32 (Class AJ)
	2,794,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		2,581
			Series - 2007 C32 (Class B)
	33,600,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		35,293
			Series - 2007 C33 (Class AM)
	6,161,727	i	WaMu Mortgage Pass-Through Certificates		0.772		12/25/45		5,334
			Series - 2005 AR19 (Class A1B3)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		5,087
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED						999,370

			TOTAL STRUCTURED ASSETS						1,796,252
			(Cost $1,810,402)

			TOTAL BONDS						12,819,306
			(Cost $12,861,531)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp						1,600
	1,527,061	*	Federal National Mortgage Association						5,345
			TOTAL BANKS						6,945
			TOTAL PREFERRED STOCKS						6,945
			(Cost $49,941)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 10.5%

GOVERNMENT AGENCY DEBT - 5.8%
$	24,510,000		Federal Home Loan Bank (FHLB)		0.400		04/04/16		24,488
	45,000,000	w	FHLB		0.120-0.130		01/04/16		45,000
	27,000,000	w	FHLB		0.105		01/08/16		27,000
	50,000,000		FHLB		0.130		01/11/16		49,999
	40,000,000	w	FHLB		0.105		01/13/16		39,998
	73,000,000	w	FHLB		0.170-0.210		01/25/16		72,994
	25,000,000		FHLB		0.250		01/26/16		24,998
	24,925,000		FHLB		0.200		02/05/16		24,919
	32,000,000		FHLB		0.330		02/09/16		31,992
	50,000,000		FHLB		0.335		02/10/16		49,987
	50,000,000		FHLB		0.400		02/16/16		49,985
	100,000,000		FHLB		0.430		02/22/16		99,966

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	50,000,000		FHLB		0.250	%	02/24/16	$	49,982
	45,000,000		FHLB		0.276		02/29/16		44,983
	29,265,000		FHLB		0.451		03/28/16		29,245
	25,000,000		FHLB		0.451		03/29/16		24,982
	42,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.451		04/11/16		41,960
	12,900,000	w	Federal National Mortgage Association (FNMA)		0.230		04/19/16		12,887
	17,000,000		FNMA		0.612		06/08/16		16,965
			TOTAL GOVERNMENT AGENCY DEBT						762,330

TREASURY DEBT - 4.7%
	36,000,000	w	United States Treasury Bill		0.150		01/07/16		36,000
	16,000,000	w	United States Treasury Bill		0.113-0.115		01/14/16		15,999
	15,000,000	w	United States Treasury Bill		0.126		01/21/16		14,999
	10,000,000	w	United States Treasury Bill		0.122		02/04/16		9,999
	90,000,000		United States Treasury Bill		0.102		02/11/16		89,987
	32,000,000	w	United States Treasury Bill		0.176		02/18/16		31,996
	28,000,000		United States Treasury Bill		0.169		03/17/16		27,994
	50,000,000	w	United States Treasury Bill		0.176		04/21/16		49,969
	100,000,000	w	United States Treasury Bill		0.211-0.217		04/28/16		99,916
	100,000,000	w	United States Treasury Bill		0.200		05/26/16		99,846
	50,000,000		United States Treasury Bill		0.398		06/09/16		49,902
	100,000,000	w	United States Treasury Bill		0.241-0.251		06/23/16		99,778
			TOTAL TREASURY DEBT						626,385

			TOTAL SHORT-TERM INVESTMENTS						1,388,715
			(Cost $1,388,811)

			TOTAL INVESTMENTS - 108.0%						14,317,628
			(Cost $14,404,883)
			OTHER ASSETS & LIABILITIES, NET - (8.0)%						(1,056,550	)
			NET ASSETS - 100.0%					$	13,261,078


		Abbreviation(s):
BRL		Brazilian Real
COP		Columbian Peso
DOP		Dominican Peso
MXN		Mexican Peso
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 12/31/15, the aggregate value of these securities was $1,856,482,000, or 14.0% 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.

348

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2015

				VALUE
PRINCIPAL			ISSUER	(000)
GOVERNMENT BONDS - 99.1%

AGENCY SECURITIES - 0.2%
			Private Export Funding Corp (PEFCO)
$	3,500,000		2.300%, 09/15/20	$	3,522
	3,000,000		3.250%, 06/15/25		3,080
			Ukraine Government AID Bonds
	3,500,000		1.847%, 05/29/20		3,486
			TOTAL AGENCY SECURITIES		10,088

MORTGAGE BACKED - 0.2%
			Government National Mortgage Association (GNMA)
	14,254,404		3.650%, 02/15/32		15,089
			TOTAL MORTGAGE BACKED		15,089

U.S. TREASURY SECURITIES - 98.7%
			United States Treasury Bond
	11,000,000		2.875%, 08/15/45		10,663
		k	United States Treasury Inflation Indexed Bonds
	109,693,531		2.375%, 01/15/17		112,381
	404,121,034		0.125%, 04/15/17		403,215
	139,659,269		2.625%, 07/15/17		145,828
	147,645,765		1.625%, 01/15/18		152,206
	319,576,340		0.125%, 04/15/18		318,818
	149,561,376		1.375%, 07/15/18		154,767
	146,782,175		2.125%, 01/15/19		155,232
	226,351,690		0.125%, 04/15/19		224,876
	137,012,160		1.875%, 07/15/19		145,185
	224,701,398		1.375%, 01/15/20		233,400
	100,547,370		0.125%, 04/15/20		99,193
	290,784,012		1.250%, 07/15/20		302,129
	361,992,344		1.125%, 01/15/21		372,838
	343,806,966		0.625%, 07/15/21		345,694
	342,552,823		0.125%, 01/15/22		331,558
	400,258,620		0.125%, 07/15/22		387,595
	270,997,830		0.125%, 01/15/23		259,472
	52,123,020		0.375%, 07/15/23		50,845
	77,723,913		0.625%, 01/15/24		76,726
	70,116,900		0.125%, 07/15/24		66,483
	58,241,860		0.250%, 01/15/25		55,497
	224,294,013		2.375%, 01/15/25		254,590
	27,580,850		0.375%, 07/15/25		26,657
	213,692,197		2.000%, 01/15/26		237,007
	160,632,918		2.375%, 01/15/27		185,363
	198,563,970		1.750%, 01/15/28		216,535
	139,736,163		3.625%, 04/15/28		182,331
	180,458,991		2.500%, 01/15/29		213,351
	169,403,470		3.875%, 04/15/29		229,687

349

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL		ISSUER	VALUE (000)
$	42,556,812	3.375%, 04/15/32	$	57,446
	79,944,787	2.125%, 02/15/40		93,803
	75,373,952	2.125%, 02/15/41		88,930
	213,989,514	0.750%, 02/15/42		187,222
	117,931,860	0.625%, 02/15/43		99,371
	85,213,420	1.375%, 02/15/44		86,370
	15,150,300	0.750%, 02/15/45		13,153
		United States Treasury Note
	15,000,000	1.625%, 06/30/20		14,942
		TOTAL U.S. TREASURY SECURITIES		6,591,359

		TOTAL GOVERNMENT BONDS
		(Cost $6,461,845)		6,616,536


SHORT-TERM INVESTMENTS - 0.3%

GOVERNMENT AGENCY DEBT - 0.3%
		Federal Home Loan Bank (FHLB)
	20,000,000	0.100% 01/20/12		19,999
		TOTAL GOVERNMENT AGENCY DEBT		19,999

		TOTAL SHORT-TERM INVESTMENTS		19,999
		(Cost $19,999)
		TOTAL INVESTMENTS - 99.4%		6,636,535
		(Cost $6,481,844)
		OTHER ASSETS AND LIABILITIES, NET - 0.6%		36,831
		NET ASSETS - 100.0%	$	6,673,366

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

						Cost amounts are in thousands.

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 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	$	696
	17,590,517	i	Granite Acquisition, Inc		5.000		12/19/21		15,656
			TOTAL ENERGY						16,352

MEDIA - 0.0%
	3,175,000	i	CCO Safari III LLC		3.500		01/24/23		3,169
			TOTAL MEDIA						3,169

UTILITIES - 0.2%
	9,891,676	i	ExGen Renewables I LLC		5.250		02/06/21		9,892
	15,297,101	i	Terra-Gen Finance Co LLC		5.250		12/09/21		14,226
			TOTAL UTILITIES						24,118

			TOTAL BANK LOAN OBLIGATIONS						43,639
			(Cost $46,460)

BONDS - 39.0%

CORPORATE BONDS - 12.3%

AUTOMOBILES & COMPONENTS - 0.3%
	7,550,000		Delphi Automotive plc		3.150		11/19/20		7,541
	16,500,000		Harley-Davidson, Inc		4.625		07/28/45		16,178
	4,500,000		Johnson Controls, Inc		2.600		12/01/16		4,544
	3,250,000		Johnson Controls, Inc		5.000		03/30/20		3,479
	4,675,000		Magna International, Inc		3.625		06/15/24		4,571
			TOTAL AUTOMOBILES & COMPONENTS						36,313

BANKS - 2.8%
	34,500,000		Bank of America Corp		1.350		11/21/16		34,454
	51,000,000		Bank of America Corp		1.950		05/12/18		50,710
	18,500,000	e	Bank of Nova Scotia		2.125		09/11/19		18,482
	21,000,000	i	BOK Financial Corp		1.052		05/15/17		20,912
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,112
	6,157,000		Discover Bank		4.200		08/08/23		6,290
	5,000,000	g	DNB Boligkreditt AS.		2.000		05/28/20		4,913
	10,000,000		First Niagara Financial Group, Inc		6.750		03/19/20		11,366
	43,000,000	g	ING Bank NV		2.000		11/26/18		42,829
	11,500,000	e,g	Intesa Sanpaolo S.p.A		5.017		06/26/24		11,320
	9,913,000		Manufacturers & Traders Trust Co		6.625		12/04/17		10,773

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	14,000,000		Manufacturers & Traders Trust Co		1.450	%	03/07/18	$	13,851
	4,644,000	i	Manufacturers & Traders Trust Co		1.637		12/28/20		4,638
	6,076,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		5,988
	2,475,000		Manufacturers & Traders Trust Co		2.900		02/06/25		2,397
	3,314,000		Northern Trust Corp		3.375		08/23/21		3,441
	18,257,000		People’s United Financial, Inc		3.650		12/06/22		17,979
	8,245,000		PNC Bank NA		2.950		01/30/23		7,999
	12,000,000		Regions Financial Corp		2.000		05/15/18		11,916
	16,450,000	e	Royal Bank of Canada		1.875		02/05/20		16,151
	12,000,000		Royal Bank of Canada		2.100		10/14/20		11,798
	14,500,000	e,g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,340
	15,000,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		14,953
	20,000,000		SVB Financial Group		3.500		01/29/25		19,178
	5,300,000	g	Toronto-Dominion Bank		1.950		04/02/20		5,216
			TOTAL BANKS						369,006

CAPITAL GOODS - 0.5%
	2,500,000		3M Co		6.375		02/15/28		3,240
	1,975,000		Anixter, Inc		5.125		10/01/21		1,975
	4,575,000	g	Anixter, Inc		5.500		03/01/23		4,598
	2,386,000	g	CRH America, Inc		3.875		05/18/25		2,371
	4,600,000		Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		4,738
	5,155,000		Pall Corp		5.000		06/15/20		5,665
	5,625,000		Parker-Hannifin Corp		4.200		11/21/34		5,709
	6,980,000		Pentair Finance S.A.		2.650		12/01/19		6,768
	5,675,000		Precision Castparts Corp		2.500		01/15/23		5,480
	6,400,000		Rockwell Automation, Inc		2.050		03/01/20		6,346
	6,000,000		Rockwell Automation, Inc		2.875		03/01/25		5,852
	3,300,000		Rockwell Collins, Inc		3.100		11/15/21		3,350
	6,125,000		Rockwell Collins, Inc		3.700		12/15/23		6,301
	2,500,000	g	Sealed Air Corp		5.500		09/15/25		2,550
			TOTAL CAPITAL GOODS						64,943

COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	5,300,000	e	Air Lease Corp		2.125		01/15/18		5,207
	9,075,000	e	Air Lease Corp		3.875		04/01/21		9,120
	6,525,000	e	Air Lease Corp		4.250		09/15/24		6,395
	2,730,000	e	Waste Management, Inc		4.600		03/01/21		2,946
	3,475,000	e	Waste Management, Inc		3.900		03/01/35		3,249
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						26,917

CONSUMER DURABLES & APPAREL - 0.0%
	2,925,000		Whirlpool Corp		5.150		03/01/43		2,876
			TOTAL CONSUMER DURABLES & APPAREL						2,876

CONSUMER SERVICES - 0.5%
	4,000,000		American National Red Cross		5.567		11/15/17		4,258
	10,000,000		Henry J Kaiser Family Foundation		3.356		12/01/25		10,076
	1,250,000	e	McDonald’s Corp		5.000		02/01/19		1,351
	19,000,000		Metropolitan Museum of Art		3.400		07/01/45		17,273
	7,550,000		Nature Conservancy		6.300		07/01/19		8,371
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		16,443
	5,145,000		Salvation Army		5.637		09/01/26		5,603
			TOTAL CONSUMER SERVICES						63,375

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
DIVERSIFIED FINANCIALS - 1.0%
$	750,000	g,i	Armor Re Ltd		4.243	%	12/15/16	$	748
	2,675,000		Bank of New York Mellon Corp		5.450		05/15/19		2,953
	14,750,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		14,801
	2,169,000		Discover Financial Services		3.850		11/21/22		2,151
	9,000,000	g	EDP Finance BV		4.125		01/15/20		9,021
	9,500,000	e,g	EDP Finance BV		5.250		01/14/21		9,817
	7,875,000	e	Ford Motor Credit Co LLC		2.375		01/16/18		7,857
	11,700,000		Ford Motor Credit Co LLC		3.200		01/15/21		11,622
	14,850,000		Ford Motor Credit Co LLC		4.134		08/04/25		14,805
	2,300,000		Legg Mason, Inc		3.950		07/15/24		2,263
	45,500,000		Morgan Stanley		2.200		12/07/18		45,529
	9,750,000	g	RCI Banque S.A.		3.500		04/03/18		9,940
			TOTAL DIVERSIFIED FINANCIALS						131,507

ENERGY - 0.9%
	1,848,000	e,g	California Resources Corp		8.000		12/15/22		973
	689,000	e	California Resources Corp		6.000		11/15/24		210
	4,145,000		Continental Resources, Inc		5.000		09/15/22		3,057
	2,500,000	e	Devon Energy Corp		6.300		01/15/19		2,576
	3,000,000	e	EOG Resources, Inc		4.100		02/01/21		3,165
	8,450,000		EOG Resources, Inc		3.900		04/01/35		7,732
	1,526,000		Marathon Oil Corp		5.900		03/15/18		1,543
	7,450,000		Marathon Petroleum Corp		4.750		09/15/44		6,090
	3,025,000	e	National Oilwell Varco, Inc		1.350		12/01/17		2,960
	2,500,000		Noble Energy, Inc		8.250		03/01/19		2,796
	3,290,000	e	Noble Energy, Inc		5.050		11/15/44		2,656
	2,150,000	g	Northern Natural Gas Co		4.100		09/15/42		2,075
	9,000,000	e	Phillips 66		4.650		11/15/34		8,431
	2,575,000	e	Southwestern Energy Co		3.300		01/23/18		2,112
	5,300,000	e	Southwestern Energy Co		4.050		01/23/20		3,843
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,253
	9,000,000	i	Statoil ASA		0.544		11/09/17		8,954
	9,000,000	e,i	Statoil ASA		0.652		05/15/18		8,947
	9,500,000		Statoil ASA		3.150		01/23/22		9,476
	4,500,000	e	Statoil ASA		2.650		01/15/24		4,211
	5,932,000		Statoil ASA		3.950		05/15/43		5,358
	12,150,000	g	Texas Eastern Transmission LP		2.800		10/15/22		10,800
	6,175,000	e	Weatherford International Ltd		4.500		04/15/22		4,446
	12,350,000	g	Woodside Finance Ltd		3.650		03/05/25		10,947
			TOTAL ENERGY						118,611

FOOD & STAPLES RETAILING - 0.0%
	1,451,000		Safeway, Inc		3.400		12/01/16		1,436
			TOTAL FOOD & STAPLES RETAILING						1,436

FOOD, BEVERAGE & TOBACCO - 0.1%
	4,678,000		Kellogg Co		4.000		12/15/20		4,921
	3,250,000	e	Mead Johnson Nutrition Co		3.000		11/15/20		3,250
	5,075,000		Mead Johnson Nutrition Co		4.125		11/15/25		5,116
	428,000		PepsiCo, Inc		7.900		11/01/18		502

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,526,000		PepsiCo, Inc		3.600	%	08/13/42	$	3,192
			TOTAL FOOD, BEVERAGE & TOBACCO						16,981

HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	4,000,000		Becton Dickinson & Co		5.000		05/15/19		4,321
	3,250,000		Laboratory Corp of America Holdings		2.625		02/01/20		3,210
	9,000,000		Laboratory Corp of America Holdings		3.200		02/01/22		8,836
	5,375,000		Owens & Minor, Inc		3.875		09/15/21		5,354
	5,000,000		Thermo Fisher Scientific, Inc		1.300		02/01/17		4,982
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						26,703

INSURANCE - 0.4%
	1,600,000	g,i	Merna Reinsurance IV Ltd		2.663		04/08/16		1,600
	3,100,000		Progressive Corp		3.750		08/23/21		3,278
	9,000,000		Progressive Corp		3.700		01/26/45		8,145
	15,000,000	i	Prudential Financial, Inc		5.200		03/15/44		14,482
	7,450,000	i	Prudential Financial, Inc		5.375		05/15/45		7,441
	10,550,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		10,195
	8,687,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		8,198
	2,000,000		Travelers Cos, Inc		5.900		06/02/19		2,252
			TOTAL INSURANCE						55,591

MATERIALS - 0.6%
	4,405,000		Agrium, Inc		3.150		10/01/22		4,214
	2,275,000	e	Ball Corp		5.000		03/15/22		2,321
	8,930,000		Ball Corp		4.000		11/15/23		8,517
	10,000,000	e	Ball Corp		5.250		07/01/25		10,225
	5,750,000		Domtar Corp		4.400		04/01/22		5,848
	2,300,000		Eastman Chemical Co		5.500		11/15/19		2,506
	7,050,000		Eastman Chemical Co		2.700		01/15/20		6,983
	7,500,000		International Paper Co		5.000		09/15/35		7,438
	5,000,000		International Paper Co		6.000		11/15/41		5,243
	4,000,000		International Paper Co		4.800		06/15/44		3,636
	10,000,000		LyondellBasell Industries NV		4.625		02/26/55		8,110
	5,000,000	e	MeadWestvaco Corp		7.375		09/01/19		5,699
	5,000,000	e	Nucor Corp		4.000		08/01/23		4,850
			TOTAL MATERIALS						75,590

MEDIA - 0.2%
	3,125,000	g	CCO Safari II LLC		3.579		07/23/20		3,107
	7,925,000	e,g	CCO Safari II LLC		4.464		07/23/22		7,898
	4,725,000	e,g	CCO Safari II LLC		4.908		07/23/25		4,720
	7,225,000		Time Warner Cable, Inc		8.250		04/01/19		8,303
	5,500,000		Time Warner Cable, Inc		4.500		09/15/42		4,316
			TOTAL MEDIA						28,344

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	2,550,000	e	Biogen, Inc		2.900		09/15/20		2,544
	7,000,000	e	Biogen, Inc		3.625		09/15/22		7,078
	12,733,000	e	Bristol-Myers Squibb Co		3.250		08/01/42		11,026
	3,300,000		Zoetis, Inc		3.450		11/13/20		3,304
	4,400,000	e	Zoetis, Inc		4.500		11/13/25		4,462
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						28,414

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
REAL ESTATE - 0.5%
$	10,000,000		Equity One, Inc		3.750	%	11/15/22	$	9,657
	3,500,000		Federal Realty Investment Trust		2.750		06/01/23		3,345
	3,400,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,751
	16,355,000		Kilroy Realty LP		3.800		01/15/23		16,212
	5,450,000		Kilroy Realty LP		4.375		10/01/25		5,521
	4,825,000		Mid-America Apartments LP		4.000		11/15/25		4,794
	15,854,000	e	Regency Centers LP		3.750		06/15/24		15,752
	4,650,000		Regency Centers LP		3.900		11/01/25		4,641
	2,400,000	e	Ventas Realty LP		3.250		08/15/22		2,336
			TOTAL REAL ESTATE						66,009

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	3,375,000		CC Holdings GS V LLC		2.381		12/15/17		3,379
	11,000,000	g	Hewlett-Packard Enterprise Co		2.850		10/05/18		10,996
	5,475,000	e	Motorola Solutions, Inc		3.500		09/01/21		5,152
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						19,527

TELECOMMUNICATION SERVICES - 0.1%
	3,400,000	e	CenturyLink, Inc		6.750		12/01/23		3,188
	8,325,000		Sprint Corp		7.250		09/15/21		6,202
			TOTAL TELECOMMUNICATION SERVICES						9,390

TRANSPORTATION - 1.0%
	9,500,000	e,i	Canadian National Railway Co		0.532		11/14/17		9,424
	2,500,000		Delta Airlines		4.250		07/30/23		2,519
	5,925,000		Delta Airlines		3.625		07/30/27		5,999
	2,100,000		GATX Corp		2.500		03/15/19		2,067
	2,545,000		GATX Corp		2.500		07/30/19		2,505
	23,500,000	e	GATX Corp		2.600		03/30/20		22,872
	7,250,000		GATX Corp		5.200		03/15/44		6,920
	9,925,000	g	Kansas City Southern		4.950		08/15/45		9,712
	2,500,000		Norfolk Southern Corp		5.750		01/15/16		2,503
	5,000,000		Norfolk Southern Corp		3.250		12/01/21		4,988
	6,894,000		Norfolk Southern Corp		2.903		02/15/23		6,661
	475,000	e	Norfolk Southern Corp		5.590		05/17/25		543
	7,500,000		Norfolk Southern Corp		4.450		06/15/45		7,062
	6,900,000		Ryder System, Inc		2.550		06/01/19		6,860
	3,450,000		Southwest Airlines Co		2.750		11/06/19		3,478
	8,900,000		Spirit Airlines, Inc		4.100		04/01/28		8,767
	4,050,000	e	Union Pacific Corp		3.375		02/01/35		3,658
	5,388,060		Union Pacific Railroad Co		3.227		05/14/26		5,376
	10,000,000		Union Pacific Railroad Co		2.695		05/12/27		9,689
	1,360,000	i	United Parcel Service of America, Inc (Step Bond)		8.375		04/01/30		1,909
			TOTAL TRANSPORTATION						123,512

UTILITIES - 2.7%
	12,475,000		AGL Capital Corp		3.875		11/15/25		12,555
	2,000,000	e	Atmos Energy Corp		8.500		03/15/19		2,345

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,200,000		Connecticut Light & Power Co		5.500	%	02/01/19	$	1,318
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,357
	3,000,000		Connecticut Light & Power Co		4.150		06/01/45		2,965
	8,955,717	g	Continental Wind LLC		6.000		02/28/33		9,888
	10,000,000		Delmarva Power & Light Co		4.150		05/15/45		9,567
	25,000,000	e,g	Electricite de France S.A.		3.625		10/13/25		24,452
	872,705	g	Great River Energy		5.829		07/01/17		894
	2,745,000	g	International Transmission Co		4.625		08/15/43		2,844
	7,575,000		Interstate Power & Light Co		3.250		12/01/24		7,620
	6,275,000		Interstate Power & Light Co		3.400		08/15/25		6,313
	9,250,000	g	Narragansett Electric Co		4.170		12/10/42		8,649
	9,450,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		9,408
	9,600,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		9,427
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		9,023
	1,500,000		Northwest Natural Gas Co		5.620		11/21/23		1,699
	10,000,000		NorthWestern Corp		4.176		11/15/44		9,831
	1,065,000	i	NSTAR Electric Co		0.604		05/17/16		1,064
	630,000		Public Service Co of Colorado		4.750		08/15/41		678
	10,000,000		Public Service Co of New Hampshire		3.500		11/01/23		10,251
	13,000,000	i	San Diego Gas & Electric Co		0.677		03/09/17		12,968
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,617
	6,383,933		San Diego Gas & Electric Co		1.914		02/01/22		6,273
	620,000		San Diego Gas & Electric Co		6.000		06/01/39		771
	8,875,000		Sierra Pacific Power Co		3.375		08/15/23		8,981
	27,000,000	g	Solar Star Funding LLC		3.950		06/30/35		26,657
	7,950,000	g	Solar Star Funding LLC		5.375		06/30/35		8,836
	2,000,000		Southern California Edison Co		2.400		02/01/22		1,961
	5,975,000		Southern Power Co		1.850		12/01/17		5,972
	39,250,000	e	Southern Power Co		4.150		12/01/25		39,203
	12,500,000	i	TECO Finance, Inc		0.920		04/10/18		12,336
	16,000,000	e,g	TerraForm Power Operating LLC		5.875		02/01/23		13,240
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		4,995
	20,586,872	g	Topaz Solar Farms LLC		4.875		09/30/39		21,267
	14,091,767	g	Topaz Solar Farms LLC		5.750		09/30/39		15,549
	5,000,000		Washington Gas Light Co		5.440		08/11/25		5,527
	1,400,000	e	WEC Energy Group, Inc		3.550		06/15/25		1,408
	16,525,000		WGL Holdings, Inc		2.250		11/01/19		16,429
	7,000,000		Wisconsin Electric Power Co		3.650		12/15/42		6,411
			TOTAL UTILITIES						357,549

			TOTAL CORPORATE BONDS						1,622,594
			(Cost $1,643,632)

GOVERNMENT BONDS - 23.3%

AGENCY SECURITIES - 4.3%
	8,316,735		Ethiopian Leasing 2012 LLC		2.566		08/14/26		8,296
	4,040,562		Export Lease Ten Co LLC		1.650		05/07/25		3,899
	5,500,000		Federal Home Loan Bank (FHLB)		5.000		11/17/17		5,894
	6,333,333		FHLB		2.350		08/08/22		6,237
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		4,986
	6,400,000		Federal National Mortgage Association (FNMA)		1.125		04/27/17		6,411
	7,000,000		FNMA		1.625		01/21/20		6,987

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	15,500,000		FNMA		2.625	%	09/06/24	$	15,674
	2,290,826	g	Genesis Solar 2011 Pass Through Trust		3.875		02/15/38		2,442
	1,096,000	j	Government Trust Certificate		0.000		04/01/19		1,031
	5,000,000	j	Government Trust Certificate		0.000		04/01/21		4,401
	33,000,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		33,836
	8,030,000	g	Hospital for Special Surgery		3.500		01/01/23		8,138
	8,625,000	i	India Government AID Bond		0.429		02/01/27		8,248
	6,425,000		Lutheran Medical Center		1.982		02/20/30		6,135
	8,437,500		Mexican Aircraft Finance V LLC		2.329		01/14/27		8,361
	3,735,000	g	Montefiore Medical Center		3.896		05/20/27		3,715
	38,826		National Credit Union Administration		1.840		10/07/20		39
	1,000,000		NCUA Guaranteed Notes		2.350		06/12/17		1,022
	11,450,000		NCUA Guaranteed Notes		3.000		06/12/19		11,952
	7,000,000		NCUA Guaranteed Notes		3.450		06/12/21		7,590
	18,340,000		New York Society for the Relief of the Ruptured & Crippled		2.881		12/20/31		17,979
	3,000,000	j	Overseas Private Investment Corp (OPIC)		0.000		04/30/17		3,190
	10,750,000	j	OPIC		0.000		11/17/17		10,955
	5,700,000	j	OPIC		0.000		11/15/19		5,828
	4,774,963		OPIC		2.290		09/15/26		4,788
	2,605,035		OPIC		2.040		12/15/26		2,580
	7,462,730		OPIC		4.440		02/27/27		8,227
	9,750,000		OPIC		2.740		09/15/29		9,456
	12,000,000		OPIC		3.220		09/15/29		12,094
	13,500,000		OPIC		3.280		09/15/29		13,669
	2,459,027		OPIC		2.610		04/15/30		2,359
	4,370,000		OPIC		2.930		05/15/30		4,314
	7,222,000		OPIC		3.040		05/15/30		7,302
	8,529,444		OPIC		3.540		06/15/30		8,986
	21,940,297		OPIC		3.370		12/15/30		22,826
	22,596,306		OPIC		3.820		12/20/32		23,856
	14,578,262		OPIC		3.938		12/20/32		15,428
	12,495,573		OPIC		3.160		06/01/33		12,398
	11,995,750		OPIC		3.430		06/01/33		12,239
	2,000,000		OPIC		2.940		07/31/33		1,956
	9,750,000		Private Export Funding Corp (PEFCO)		2.125		07/15/16		9,808
	11,750,000		PEFCO		1.375		02/15/17		11,774
	8,000,000		PEFCO		2.250		12/15/17		8,133
	5,000,000		PEFCO		4.375		03/15/19		5,407
	5,854,000		PEFCO		1.450		08/15/19		5,739
	13,150,000		PEFCO		2.250		03/15/20		13,249
	8,000,000		PEFCO		2.300		09/15/20		8,052
	17,500,000		PEFCO		4.300		12/15/21		19,216
	8,250,000		PEFCO		2.050		11/15/22		7,922
	4,000,000		PEFCO		3.550		01/15/24		4,219
	5,335,000		PEFCO		2.450		07/15/24		5,161
	8,000,000		PEFCO		3.250		06/15/25		8,215
	2,850,568		Tayarra Ltd		3.628		02/15/22		2,990
	2,755,030		Tricahue Leasing LLC		3.503		11/19/21		2,878
	9,250,000		Ukraine Government AID Bonds		1.844		05/16/19		9,226
	15,300,000		Ukraine Government AID Bonds		1.847		05/29/20		15,237
	7,916,667		Ulani MSN 35940 LLC		2.227		05/16/25		7,857
	10,750,000		United States Department of Housing and Urban Development (HUD)		1.770		08/01/18		10,844

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	750,000		HUD		2.050	%	08/01/19	$	760
	9,500,000		HUD		4.870		08/01/19		10,484
	3,217,000		HUD		2.910		08/01/23		3,323
	3,894,000		HUD		2.910		08/01/17		4,010
	8,000,000		HUD		4.560		08/01/17		8,440
	5,007,000		HUD		5.380		08/01/18		5,149
	13,967,000		HUD		4.960		08/01/20		15,602
	13,500,000		HUD		5.050		08/01/21		15,092
	7,810,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		8,046
	3,750,000		VRG Linhas Aereas S.A.		0.983		03/13/18		3,725
	8,350,807		Zarapito Leasing LLC		2.628		11/12/26		8,396
			TOTAL AGENCY SECURITIES						594,678

FOREIGN GOVERNMENT BONDS - 4.7%
	24,000,000		African Development Bank		0.750		10/18/16		23,981
	26,000,000		African Development Bank		1.375		12/17/18		25,957
	13,550,000	e	African Development Bank		2.375		09/23/21		13,764
	17,500,000		Asian Development Bank		2.125		03/19/25		17,079
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		6,005
	6,300,000		Canada Government International Bond		0.875		02/14/17		6,295
	9,000,000		Canada Government International Bond		1.125		03/19/18		8,974
	7,446,039	g	Carpintero Finance Ltd		2.004		09/18/24		7,330
	25,000,000		European Bank for Reconstruction & Development		1.625		04/10/18		25,081
	2,000,000		European Investment Bank		4.875		02/15/36		2,487
	38,470,000		Export Development Canada		0.875		01/30/17		38,429
	16,275,000		Export Development Canada		1.250		12/10/18		16,173
	9,000,000		Export Development Canada		1.625		12/03/19		8,970
	18,175,000		Export-Import Bank of Korea		1.750		02/27/18		17,994
	15,000,000	g	Finnvera Oyj		2.375		06/04/25		14,514
	10,200,000		Hydro Quebec		1.375		06/19/17		10,222
	6,082,000		Hydro Quebec		8.400		01/15/22		7,860
	45,000,000		Inter-American Development Bank		1.185		07/09/18		44,840
	3,000,000		International Bank for Reconstruction & Development		2.000		10/20/16		3,032
	4,000,000		International Finance Corp		0.500		05/16/16		3,997
	19,075,000		International Finance Corp		1.250		11/27/18		18,868
	29,000,000	g,i	International Finance Facility for Immunisation		0.803		07/05/16		29,001
	2,850,000		Italy Government International Bond		5.375		06/12/17		2,996
	5,000,000	e	KFW		1.000		01/26/18		4,973
	23,000,000	e	KFW		1.750		10/15/19		23,043
	11,500,000		KFW		1.500		04/20/20		11,332
	68,200,000		KFW		1.875		11/30/20		67,893
	10,000,000		KFW		2.625		01/25/22		10,263
	12,500,000	g	Kommunalbanken AS.		2.125		02/11/25		11,981
	9,637,000	e	Landwirtschaftliche Rentenbank		2.000		01/13/25		9,281
	14,845,000		North American Development Bank		2.300		10/10/18		14,950
	36,075,000		North American Development Bank		2.400		10/26/22		35,691
	5,000,000		Province of British Columbia Canada		1.200		04/25/17		5,006
	15,250,000	e	Province of Manitoba Canada		1.750		05/30/19		15,165
	15,000,000		Province of Manitoba Canada		2.100		09/06/22		14,548
	12,700,000	e	Province of Manitoba Canada		3.050		05/14/24		12,922
	10,000,000		Province of New Brunswick Canada		2.750		06/15/18		10,265
	9,500,000		Province of Ontario Canada		1.200		02/14/18		9,445
	5,000,000		Province of Ontario Canada		4.400		04/14/20		5,467

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,000,000	e	Province of Quebec Canada		3.500	%	07/29/20	$	10,577
	5,000,000		Province of Quebec Canada		7.500		09/15/29		7,196
			TOTAL FOREIGN GOVERNMENT BONDS						633,847

MORTGAGE BACKED - 8.3%
	4,015,054		Federal Home Loan Mortgage Corp (FHLMC)		3.500		08/15/34		4,131
	7,024,291		FHLMC		3.000		01/15/41		7,192
	11,777,227		FHLMC		3.000		09/15/42		11,741
	2,755,772	i	FHLMC		0.681		10/15/42		2,766
	8,450,780	i	FHLMC		0.681		07/15/45		8,477
	34,274,565		Federal Home Loan Mortgage Corp (FHLMC)		3.500		10/01/45		35,397
	11,556		FGLMC		6.500		12/01/16		12
	58,228		FGLMC		6.000		12/01/17		60
	65,576		FGLMC		7.000		10/01/20		69
	6,283		FGLMC		7.000		05/01/23		7
	22,387		FGLMC		8.000		01/01/31		26
	16,000,000	h	FGLMC		3.000		01/15/31		16,485
	7,000,000	h	FGLMC		3.500		01/15/31		7,316
	501,050		FGLMC		4.500		07/01/33		542
	844,147		FGLMC		5.500		09/01/33		950
	940,588		FGLMC		5.500		09/01/33		1,060
	1,269,530		FGLMC		5.500		12/01/33		1,410
	3,125,808		FGLMC		7.000		12/01/33		3,684
	1,124,040		FGLMC		7.000		05/01/35		1,338
	143,455		FGLMC		5.000		02/01/36		157
	2,164		FGLMC		6.500		05/01/36		2
	758,503		FGLMC		5.000		07/01/39		830
	3,387,544		FGLMC		4.500		11/01/40		3,725
	3,815,197		FGLMC		4.500		12/01/40		4,184
	9,575,763		FGLMC		4.000		08/01/44		10,219
	938,905		FGLMC		4.500		10/01/44		1,033
	1,391,805		FGLMC		4.500		11/01/44		1,532
	1,055,874		FGLMC		4.500		11/01/44		1,161
	572,479		FGLMC		4.500		12/01/44		622
	817,277		FGLMC		4.500		12/01/44		898
	3,924,735		FGLMC		3.500		04/01/45		4,055
	8,808,624		FGLMC		3.500		07/01/45		9,082
	15,000,000	h	FGLMC		3.500		01/15/46		15,436
	19,000,000	h	FGLMC		4.000		01/15/46		20,066
	11,082		Federal National Mortgage Association (FNMA)		8.000		03/01/23		12
	30,447		FNMA		8.000		07/01/24		36
	1,888,493		FNMA		3.000		01/01/30		1,949
	2,461,703		FNMA		3.000		06/01/30		2,541
	4,139,486		FNMA		3.000		07/01/30		4,273
	10,000,000	h	FNMA		2.500		01/25/31		10,077
	21,000,000	h	FNMA		3.000		01/25/31		21,629
	18,000,000	h	FNMA		2.500		02/25/31		18,105
	413,397		FNMA		6.500		07/01/32		477
	171,630		FNMA		4.500		03/25/33		174
	3,634,615		FNMA		5.000		06/01/33		4,020
	7,848,049		FNMA		5.000		10/01/33		8,680
	4,500,000		FNMA		3.000		10/25/33		4,461
	405,691		FNMA		5.000		11/01/33		446

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	83,352		FNMA		7.000	%	01/01/34	$	89
	1,194,722		FNMA		5.000		03/01/34		1,322
	2,030,835		FNMA		5.500		03/01/34		2,286
	8,165,435		FNMA		3.000		01/01/35		8,335
	6,539,846		FNMA		5.000		05/01/35		7,218
	4,197,700		FNMA		5.000		10/01/35		4,631
	1,579,174		FNMA		5.500		08/01/37		1,773
	751,542		FNMA		6.000		09/01/37		859
	754,397		FNMA		6.000		09/01/37		866
	218,220		FNMA		6.500		09/01/37		249
	872,159		FNMA		5.500		01/01/38		983
	18,290		FNMA		6.500		02/01/38		21
	3,696,722		FNMA		5.500		11/01/38		4,300
	5,461,331		FNMA		5.500		12/01/38		6,189
	34,919		FNMA		4.500		04/01/39		38
	443,832		FNMA		4.000		07/01/39		472
	1,879,145		FNMA		5.500		08/01/39		2,126
	739,039		FNMA		4.500		10/01/39		799
	70,397		FNMA		4.500		02/01/40		77
	822,435		FNMA		4.500		06/01/40		890
	682,861		FNMA		5.000		08/01/40		753
	3,255,903		FNMA		5.000		09/01/40		3,590
	1,784,188		FNMA		4.500		11/01/40		1,931
	148,782		FNMA		4.500		11/01/40		162
	279,459		FNMA		4.500		01/01/41		307
	208,951		FNMA		4.500		02/01/41		227
	5,065,278		FNMA		5.000		05/01/41		5,593
	240,234		FNMA		4.500		06/01/41		264
	261,291		FNMA		4.500		06/01/41		285
	950,041		FNMA		5.000		06/01/41		1,052
	3,001,118		FNMA		5.000		07/01/41		3,325
	6,550,547		FNMA		3.000		08/25/41		6,683
	2,944,288		FNMA		4.500		11/01/41		3,184
	432,644		FNMA		4.500		12/01/41		472
	15,048,082		FNMA		5.500		12/01/41		17,210
	264,515		FNMA		4.500		01/01/42		289
	2,349,447		FNMA		3.500		02/01/42		2,429
	8,620,942		FNMA		4.500		02/01/42		9,323
	2,892,148		FNMA		4.500		04/01/42		3,129
	270,898		FNMA		4.500		04/01/42		296
	316,476		FNMA		4.500		06/01/42		345
	11,955,142		FNMA		4.500		06/01/42		12,931
	12,862,464		FNMA		3.500		07/01/42		13,293
	245,483		FNMA		4.500		07/01/42		269
	6,491,251	i	FNMA		0.922		08/25/42		6,537
	209,934		FNMA		3.000		10/01/42		211
	11,155,822		FNMA		3.000		10/01/42		11,192
	202,400		FNMA		3.000		10/01/42		203
	525,722		FNMA		3.000		11/01/42		527
	6,006,826	i	FNMA		0.822		11/25/42		5,987
	6,933,415		FNMA		3.500		11/25/42		1,345
	258,165		FNMA		3.000		12/01/42		258
	33,000		FNMA		3.000		12/01/42		33

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,782,697		FNMA		3.000	%	01/01/43	$	3,791
	8,303,849		FNMA		3.000		01/01/43		8,320
	597,568		FNMA		3.000		02/01/43		599
	5,065,510		FNMA		3.000		02/01/43		5,075
	10,510,055		FNMA		3.000		02/01/43		10,530
	5,990,862		FNMA		3.000		02/25/43		6,127
	216,719		FNMA		3.000		03/01/43		217
	142,210		FNMA		3.000		03/01/43		142
	119,853		FNMA		3.000		03/01/43		120
	610,922		FNMA		3.000		03/01/43		612
	3,940,119	i	FNMA		0.772		03/25/43		3,937
	179,556		FNMA		3.000		04/01/43		180
	199,314		FNMA		3.000		04/01/43		200
	309,273		FNMA		3.000		04/01/43		310
	13,294		FNMA		3.000		04/01/43		13
	293,589		FNMA		3.000		04/01/43		294
	53,578		FNMA		3.000		04/01/43		54
	65,830		FNMA		3.000		04/01/43		66
	155,401		FNMA		3.000		04/01/43		156
	124,224		FNMA		3.000		04/01/43		124
	4,499,347		FNMA		3.000		05/01/43		4,507
	5,930,198		FNMA		3.000		08/25/43		6,070
	12,774,309		FNMA		4.000		11/01/43		13,671
	5,262,514		FNMA		4.000		04/01/44		5,599
	3,243,924		FNMA		4.000		06/01/44		3,451
	2,446,929		FNMA		4.000		06/01/44		2,605
	12,629,586		FNMA		4.500		06/01/44		13,894
	1,355,472		FNMA		4.500		06/01/44		1,491
	962,341		FNMA		4.000		07/01/44		1,024
	2,406,707		FNMA		4.000		07/01/44		2,562
	1,192,498		FNMA		4.000		08/01/44		1,269
	2,853,665		FNMA		4.000		08/01/44		3,038
	7,861,166		FNMA		4.000		08/01/44		8,368
	4,375,324		FNMA		4.000		08/01/44		4,657
	2,920,869		FNMA		4.500		08/01/44		3,213
	830,167		FNMA		4.000		09/01/44		884
	703,073		FNMA		4.000		09/01/44		748
	4,271,632		FNMA		4.000		10/01/44		4,547
	6,854,799		FNMA		4.500		10/01/44		7,542
	2,015,981		FNMA		3.500		11/01/44		2,083
	13,641,103		FNMA		4.500		11/01/44		15,006
	5,702,447		FNMA		4.000		12/01/44		6,071
	2,394,516		FNMA		4.000		12/01/44		2,557
	3,089,794		FNMA		4.000		12/01/44		3,297
	2,935,057		FNMA		4.500		12/01/44		3,229
	2,987,886		FNMA		4.000		01/01/45		3,182
	4,805,977		FNMA		3.500		02/01/45		4,966
	349,426		FNMA		3.500		03/01/45		362
	1,224,472		FNMA		3.500		03/01/45		1,265
	896,768		FNMA		3.500		03/01/45		927
	582,392		FNMA		3.500		03/01/45		603
	838,337		FNMA		4.500		03/01/45		923
	388,542		FNMA		3.500		04/01/45		402

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,742,781		FNMA		3.500	%	04/01/45	$	1,801
	693,773		FNMA		3.500		04/01/45		717
	7,440,022		FNMA		3.500		04/01/45		7,688
	920,493		FNMA		3.500		04/01/45		950
	769,975		FNMA		4.500		04/01/45		847
	6,910,995		FNMA		3.500		05/01/45		7,156
	907,705		FNMA		4.000		05/01/45		967
	1,116,732		FNMA		3.500		06/01/45		1,154
	2,014,956		FNMA		4.000		06/01/45		2,146
	9,200,012		FNMA		4.000		07/01/45		9,781
	1,881,542		FNMA		4.000		11/01/45		2,004
	998,257		FNMA		4.000		12/01/45		1,063
	27,000,000	h	FNMA		3.000		01/25/46		26,991
	40,000,000	h	FNMA		3.500		01/25/46		41,256
	23,000,000	h	FNMA		4.000		01/25/46		24,332
	7,000,000	h	FNMA		5.000		01/25/46		7,704
	20,000,000	h	FNMA		3.000		02/25/46		19,953
	12,000,000	h	FNMA		3.500		02/25/46		12,351
	11,000,000	h	FNMA		4.000		02/25/46		11,616
	25,000,000	h	FNMA		4.500		02/25/46		26,951
	6,000,000	h	FNMA		5.000		02/25/46		6,596
	27,000,000	h	FNMA		3.500		03/25/46		27,719
	25,000,000	h	FNMA		4.000		03/25/46		26,336
	4,778		Government National Mortgage Association (GNMA)		9.000		12/15/17		5
	3,666,713		GNMA		2.300		10/15/19		3,669
	7,374		GNMA		8.000		06/15/22		8
	20,373		GNMA		6.500		08/15/23		23
	7,944		GNMA		6.500		08/15/23		9
	6,786,667		GNMA		2.580		08/15/25		6,903
	95,994		GNMA		6.500		05/20/31		112
	8,885,215		GNMA		2.640		01/15/33		9,057
	12,438,605		GNMA		2.690		06/15/33		11,975
	225,512		GNMA		5.500		07/15/33		256
	9,905,240		GNMA		3.700		10/15/33		10,526
	127,088		GNMA		6.000		10/20/36		144
	136,430		GNMA		6.000		01/20/37		154
	500,550		GNMA		5.500		02/15/37		562
	735,554		GNMA		6.000		02/20/37		831
	326,005		GNMA		5.000		04/15/38		361
	240,026		GNMA		6.000		08/20/38		269
	510,300		GNMA		6.500		11/20/38		584
	471,333		GNMA		5.000		07/20/39		521
	4,880,276		GNMA		4.500		09/20/39		5,346
	8,795,683		GNMA		3.700		08/15/40		9,578
	409,121		GNMA		3.500		12/15/41		428
	18,147,885		GNMA		3.500		10/20/42		3,610
	4,356,107		GNMA		3.500		07/15/43		4,556
	1,031,435		GNMA		3.500		02/15/45		1,079
	4,829,934		GNMA		4.000		04/15/45		5,141
	4,677,959		GNMA		4.000		04/15/45		4,972
	10,475,435		GNMA		4.000		05/15/45		11,135

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	16,655,155		GNMA		4.000	%	06/15/45	$	17,707
	496,623		GNMA		3.500		07/15/45		520
	30,000,000	h	GNMA		3.000		01/20/46		30,396
	45,000,000	h	GNMA		3.500		01/20/46		46,895
	15,000,000	h	GNMA		3.000		02/20/46		15,166
	18,000,000	h	GNMA		3.500		02/20/46		18,714
	21,000,000	h	GNMA		3.000		03/20/46		21,186
	18,000,000	h	GNMA		3.500		03/20/46		18,671
			TOTAL MORTGAGE BACKED						1,113,731

MUNICIPAL BONDS - 3.8%
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		5,110
	3,790,000		Bay Area Water Supply & Conservation Agency		2.535		10/01/21		3,775
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,624
	1,170,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,158
	7,465,000		California Earthquake Authority		2.805		07/01/19		7,535
	13,000,000		California Housing Finance Agency		2.966		08/01/22		12,902
	6,165,000	g	California Pollution Control Financing Authority		5.000		07/01/27		6,442
	8,020,000	g	California Pollution Control Financing Authority		5.000		07/01/37		8,333
	2,500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		2,577
	3,700,000		Calleguas Municipal Water District		2.030		07/01/18		3,728
	1,250,000		City & County of Honolulu, HI		6.114		07/01/29		1,373
	8,850,000		City of Austin TX Water & Wastewater System Revenue		1.933		05/15/19		8,828
	2,750,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		2,742
	6,500,000		City of Chicago IL		7.750		01/01/42		6,578
	7,280,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		7,396
	4,000,000		City of Dallas, TX		5.078		02/15/22		4,549
	700,000		City of Eugene, OR		6.320		08/01/22		798
	12,500,000		City of Houston TX Utility System Revenue		2.563		05/15/20		12,801
	10,095,000		City of Houston TX Utility System Revenue		2.923		05/15/21		10,426
	2,200,000		City of Jersey City NJ		1.509		09/01/16		2,205
	2,180,000		City of Jersey City NJ		1.829		09/01/17		2,174
	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		922
	1,000,000		Commonwealth Financing Authority		2.675		06/01/21		985
	1,150,000		Commonwealth Financing Authority		2.875		06/01/22		1,129
	2,310,000		Commonwealth Financing Authority		3.075		06/01/23		2,276
	15,000,000		Commonwealth of Massachusetts		5.000		08/01/33		17,593
	755,000		County of Mercer, NJ		5.380		02/01/17		775
	23,500,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		23,269
	3,525,000		Fiscal Year 2005 Securitization Corp		4.760		08/15/19		3,774
	15,630,000	j	Garden State Preservation Trust		0.000		11/01/22		13,445
	1,000,000		Grant County Public Utility District No 2		5.470		01/01/34		1,075
	1,250,000		Grant County Public Utility District No 2		4.164		01/01/35		1,221
	4,135,000		Greene County OH		2.720		12/01/21		4,142
	4,365,000		Greene County OH		3.120		12/01/23		4,372
	4,615,000		Greene County OH		3.270		12/01/24		4,612
	4,755,000		Greene County OH		3.420		12/01/25		4,740
	1,600,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,745
	975,000		Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		984
	540,000		Lavaca-Navidad River Authority		3.850		08/01/26		542
	6,430,000		Lavaca-Navidad River Authority		4.430		08/01/35		6,229

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,230,000		Massachusetts Housing Finance Agency		4.782	%	12/01/20	$	4,309
	3,500,000		Metropolitan Council		1.750		09/01/20		3,462
	5,000,000		Metropolitan Water District of Southern California		6.250		07/01/39		5,531
	750,000		Metropolitan Water Reclamation District of Greater Chicago		2.229		12/01/16		757
	1,590,000		Michigan Finance Authority		5.000		07/01/16		1,624
	8,945,000		Michigan Finance Authority		5.000		07/01/22		10,570
	8,000,000		Michigan Finance Authority		5.000		07/01/22		9,453
	500,000		Michigan Finance Authority		5.000		07/01/22		578
	2,500,000		Michigan Finance Authority		5.000		07/01/30		2,854
	2,000,000		Michigan Finance Authority		5.000		07/01/31		2,275
	1,590,000		New York State Energy Research & Development Authority		2.372		07/01/19		1,609
	1,285,000		New York State Energy Research & Development Authority		2.772		07/01/20		1,309
	1,590,000		New York State Energy Research & Development Authority		3.206		07/01/22		1,651
	1,200,000		New York State Environmental Facilities Corp		2.005		06/15/19		1,196
	1,220,000		New York State Environmental Facilities Corp		2.595		06/15/21		1,224
	1,255,000		New York State Environmental Facilities Corp		3.045		06/15/24		1,266
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,225
	2,120,000		New York State Environmental Facilities Corp		3.520		07/15/27		2,142
	500,000		New York State Environmental Facilities Corp		3.684		12/15/29		491
	800,000		New York State Environmental Facilities Corp		5.807		06/15/39		987
	1,915,000		New York State Urban Development Corp		6.500		12/15/18		2,110
	2,230,000		Newport News Economic Development Authority		5.640		01/15/29		2,232
	270,000		Newport News Economic Development Authority		5.640		01/15/29		270
	1,250,000	g	Niagara Area Development Corp		4.000		11/01/24		1,260
	4,750,000		Northern California Power Agency		4.320		07/01/24		5,059
	2,450,000		Ohio State Water Development Authority		4.879		12/01/34		2,753
	6,500,000	i	Ohio State Water Development Authority		0.381		05/01/38		6,500
	700,000		Oklahoma Water Resources Board		3.071		04/01/22		723
	1,220,000		Pend Oreille County Public Utility District No Box Canyon		1.987		01/01/16		1,220
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		2.417		01/01/17		1,011
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		2.787		01/01/18		1,020
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		3.037		01/01/19		1,034
	1,070,000		Pend Oreille County Public Utility District No Box Canyon		3.621		01/01/21		1,115
	5,000,000		Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/30		5,092
	1,000,000		South Dakota Conservancy District		1.620		08/01/18		999
	3,330,000		South Dakota Conservancy District		1.648		08/01/18		3,357
	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		40,145
	7,050,000		State of California		4.988		04/01/39		7,253
	5,000,000		State of Connecticut		5.090		10/01/30		5,513
	5,570,000		State of Illinois		4.350		06/01/18		5,694
	9,000,000		State of Illinois		5.520		04/01/38		8,039
	4,505,000		State of Michigan		3.375		12/01/20		4,757
	4,405,000		State of Michigan		3.590		12/01/26		4,488
	2,500,000		State of Ohio		5.412		09/01/28		2,946
	3,265,000		State of Texas		4.900		08/01/20		3,273
	5,000,000		State of Texas		6.072		10/01/29		5,664
	2,025,000		State of Texas		3.576		08/01/34		1,919
	3,370,000		State of Texas		3.726		08/01/43		3,224
	1,985,000		State of Washington		5.050		01/01/18		1,986
	3,000		State of Wisconsin		5.700		05/01/26		3
	16,480,000		Suffolk County Water Authority		3.500		06/01/39		16,732
	4,000,000		Suffolk County Water Authority		4.000		06/01/39		4,245

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,280,000		Tampa Bay Water		2.612	%	10/01/25	$	2,217
	3,225,000		Tampa Bay Water		2.782		10/01/26		3,124
	3,000,000		Tampa Bay Water		2.952		10/01/27		2,883
	1,255,000		Texas Water Development Board		4.248		10/15/35		1,236
	4,170,000		Texas Water Development Board		4.648		04/15/50		4,086
	5,000,000		Tuolumne Wind Project Authority		6.918		01/01/34		6,044
	3,035,000		University of California		3.809		05/15/28		3,067
	11,400,000		University of California		4.009		05/15/30		11,548
	6,500,000	i	University of California		0.744		07/01/41		6,498
	1,000,000		University of Cincinnati		3.250		06/01/29		1,015
	1,560,000		University of Cincinnati		3.650		06/01/34		1,598
	1,615,000		University of Cincinnati		3.700		06/01/35		1,654
	18,000,000		University of New Mexico		3.532		06/20/32		17,315
	17,500,000		University of Virginia		3.570		04/01/45		17,971
	1,000,000		Washington County Clean Water Services		5.078		10/01/24		1,165
	600,000		West Virginia Water Development Authority		5.000		11/01/21		709
	1,345,000		West Virginia Water Development Authority		5.000		11/01/22		1,612
	1,000,000		West Virginia Water Development Authority		5.000		11/01/23		1,214
			TOTAL MUNICIPAL BONDS						502,428

U.S. TREASURY SECURITIES - 2.2%
	6,000,000		United States Treasury Bond		3.125		02/15/43		6,137
	50,000,000		United States Treasury Bond		2.875		05/15/43		48,649
	1,000,000		United States Treasury Bond		3.375		05/15/44		1,071
	68,310,000		United States Treasury Bond		2.875		08/15/45		66,216
	2,000,000		United States Treasury Note		0.625		07/15/16		2,000
	2,200,000		United States Treasury Note		0.500		11/30/16		2,194
	4,890,000		United States Treasury Note		0.500		02/28/17		4,870
	8,500,000		United States Treasury Note		0.625		08/31/17		8,446
	11,720,000		United States Treasury Note		1.250		12/15/18		11,697
	1,030,000		United States Treasury Note		1.625		04/30/19		1,036
	39,825,000		United States Treasury Note		1.625		11/30/20		39,600
	4,150,000		United States Treasury Note		2.000		07/31/22		4,139
	4,500,000		United States Treasury Note		1.750		09/30/22		4,411
	12,234,500		United States Treasury Note		1.625		11/15/22		11,885
	85,860,400		United States Treasury Note		2.250		11/15/25		85,668
			TOTAL U.S. TREASURY SECURITIES						298,019

			TOTAL GOVERNMENT BONDS						3,142,703
			(Cost $3,105,197)

STRUCTURED ASSETS - 3.4%

ASSET BACKED - 1.5%
	6,898,666	g	Alterna Funding I LLC		1.639		02/15/21		6,859
			Series - 2014 1A (Class NOTE)
	622,965	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		621
			Series - 2005 HE7 (Class M2)
	4,965,277	i	Asset-Backed Pass-Through Certificates		1.036		01/25/35		4,796
			Series - 2004 R12 (Class M1)
	2,250,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110		03/20/17		2,258
			Series - 2010 5A (Class B)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		4,024
			Series - 2011 5A (Class C)

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720	%	02/20/18	$	4,073
			Series - 2011 5A (Class B)
	925,000	i	Basic Asset Backed Securities Trust		0.732		04/25/36		825
			Series - 2006 1 (Class A3)
	10,042	i	Bear Stearns Asset Backed Securities Trust		1.162		11/25/39		10
			Series - 2005 SD3 (Class 2A1)
	4,000,000	g	Capital Automotive REIT		3.660		10/15/44		4,019
			Series - 2014 1A (Class A)
	4,001,302	i	Chase Funding Loan Acquisition Trust		1.277		06/25/34		3,445
			Series - 2004 OPT1 (Class M1)
	6,096,308	i	Connecticut Avenue Securities		1.922		02/25/25		6,106
			Series - 2015 C01 (Class 1M1)
	5,955,000	g	DB Master Finance LLC		3.262		02/20/45		5,893
			Series - 2015 1A (Class A2I)
	1,715,000	g,i	DB/UBS Mortgage Trust		5.663		11/10/46		1,887
			Series - 2011 LC1A (Class C)
	983,805	g	Diamond Resorts Owner Trust		1.950		01/20/25		973
			Series - 2013 1 (Class A)
	7,946,250	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		8,175
			Series - 2012 1A (Class A2)
	2,000,000	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		1,960
			Series - 2015 1A (Class A2I)
	1,000,000	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		986
			Series - 2015 1A (Class A2II)
	19,855,523	g	HERO Funding Trust		3.840		09/21/40		19,886
			Series - 2015 1A (Class A)
	4,012,513	g	HERO Funding Trust		3.990		09/21/40		4,000
			Series - 2014 2A (Class A)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		523
			Series - 2010 1A (Class B3)
	1,367,139	i	Lehman XS Trust		0.672		02/25/36		1,306
			Series - 2006 1 (Class 1A1)
	4,120,928	i	Lehman XS Trust		6.500		06/25/46		3,132
			Series - 2006 13 (Class 2A1)
	823,608	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.202		01/25/36		818
			Series - 2005 WCH1 (Class M2)
	208,232	i	Residential Asset Mortgage Products, Inc		5.470		09/25/33		214
			Series - 2003 RZ5 (Class A7) (Step Bond)
	53,085	i	Residential Asset Securities Corp		1.067		04/25/35		53
			Series - 2005 KS3 (Class M3)
	326,556	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		329
			Series - 2006 HI1 (Class M1) (Step Bond)
	200,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		208
			Series - 2006 HI1 (Class M2)
	3,800,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		3,804
			Series - 2013 1 (Class C)
	800,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		793
			Series - 2015 5 (Class B)
	800,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		794
			Series - 2015 5 (Class C)
	328,507	i	Securitized Asset Backed Receivables LLC		0.722		10/25/35		327
			Series - 2006 OP1 (Class A2C)

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,334,585	g	Sierra Receivables Funding Co LLC		3.420	%	03/20/29	$	1,344
			Series - 2012 2A (Class B)
	1,041,962	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		1,025
			Series - 2013 1A (Class A)
	917,716	g	Sierra Timeshare 2015-3 Receivables Funding LLC		2.580		09/20/32		902
			Series - 2015 3A (Class A)
	1,376,573	g	Sierra Timeshare 2015-3 Receivables Funding LLC		3.080		09/20/32		1,354
			Series - 2015 3A (Class B)
	6,425,528	g	SolarCity LMC		4.590		04/20/44		6,321
			Series - 2014 1 (Class A)
	29,320,318	g	SolarCity LMC		4.020		07/20/44		27,866
			Series - 2014 2 (Class A)
	119,785	i	Soundview Home Equity Loan Trust		0.722		11/25/35		120
			Series - 2005 OPT3 (Class A4)
	9,881,188	g	SpringCastle America Funding LLC		2.700		05/25/23		9,859
			Series - 2014 AA (Class A)
	5,601,015	i	Structured Asset Securities Corp Mortgage Loan Trust		1.744		04/25/35		5,322
			Series - 2005 7XS (Class 2A1A)
	22,500,000		Toyota Auto Receivables Owner Trust		1.270		05/15/19		22,402
			Series - 2015 B (Class A3)
	22,500,000		Toyota Auto Receivables Owner Trust		1.740		09/15/20		22,509
			Series - 2015 B (Class A4)
	482,044	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		491
			Series - 2006 N1 (Class N1)
	553,210	g,i	Wachovia Loan Trust		0.782		05/25/35		539
			Series - 2005 SD1 (Class A)
	54,275	i	Wells Fargo Home Equity Trust		0.562		07/25/36		54
			Series - 2006 2 (Class A3)
	3,990,000	g	Wendys Funding LLC		3.371		06/15/45		3,893
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						197,098

OTHER MORTGAGE BACKED - 1.9%
	1,800,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		1,766
			Series - 2006 6 (Class B)
	3,050,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		3,121
			Series - 2007 1 (Class AM)
	5,416,386	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		5,546
			Series - 2007 1 (Class AMFX)
	760,000	i	Banc of America Commercial Mortgage Trust		5.809		02/10/51		770
			Series - 2007 4 (Class AJ)
	10,250,000	g	BBCMS Trust		3.593		09/15/32		10,524
			Series - 2015 MSQ (Class A)
	6,000,000	g,i	BBCMS Trust		3.894		09/15/32		6,178
			Series - 2015 MSQ (Class B)
	2,590,000	i	Bear Stearns Commercial Mortgage Securities		5.920		09/11/42		2,733
			Series - 2007 T28 (Class AJ)
	2,500,000	i	Bear Stearns Commercial Mortgage Securities		5.878		06/11/50		2,476
			Series - 2007 PW17 (Class AJ)
	1,225,000	i	Citigroup Commercial Mortgage Trust		5.975		03/15/49		1,231
			Series - 2006 C4 (Class AJ)
	3,925,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		3,951
			Series - 2007 C3 (Class AJ)

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,575,000	i	COBALT CMBS Commercial Mortgage Trust		5.771	%	05/15/46	$	2,703
			Series - 2007 C3 (Class AM)
	2,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		2,863
			Series - 2007 C2 (Class AMFX)
	3,500,000	g,i	COMM 2007-C9 Mortgage Trust		5.796		12/10/49		3,459
			Series - 2007 C9 (Class G)
	4,000,000	i	COMM Mortgage Trust		5.796		12/10/49		4,051
			Series - 2007 C9 (Class B)
	495,773	i	Commercial Mortgage Trust		5.238		04/10/37		495
			Series - 2005 GG5 (Class AJ)
	6,317,426	i	Commercial Mortgage Trust		5.867		12/10/49		6,562
			Series - 2007 GG11 (Class AM)
	443,094		Countrywide Alternative Loan Trust		5.500		08/25/16		446
			Series - 2004 30CB (Class 1A15)
	2,775,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		2,799
			Series - 2007 C4 (Class A1AJ)
	6,000,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		6,061
			Series - 2007 C4 (Class AJ)
	1,500,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		1,530
			Series - 2006 C5 (Class AM)
	3,500,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		3,563
			Series - 2009 RR1 (Class A3C)
	8,450,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		8,179
			Series - 2007 C2 (Class AJ)
	44,562	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		45
			Series - 2005 C5 (Class C)
	2,000,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		2,215
			Series - 2006 OMA (Class D)
	500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		508
			Series - 2007 C1 (Class AM)
	3,660,000	i	GMAC Commercial Mortgage Securities, Inc		4.984		12/10/41		3,733
			Series - 2004 C3 (Class C)
	2,535,000	g,i	GS Mortgage Securities Corp II		5.188		12/10/43		2,774
			Series - 2010 C2 (Class B)
	1,500,000	i	GS Mortgage Securities Trust		5.553		04/10/38		1,501
			Series - 2006 GG6 (Class B)
	1,750,000	i	GS Mortgage Securities Trust		5.666		04/10/38		1,748
			Series - 2006 GG6 (Class C)
	1,290,880	i	Harborview Mortgage Loan Trust		0.622		07/19/47		1,052
			Series - 2007 4 (Class 2A1)
	698,231	i	Impac CMB Trust		1.082		03/25/35		647
			Series - 2004 11 (Class 2A1)
	3,780,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		3,780
			Series - 2005 LDP2 (Class C)
	3,025,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.277		07/15/46		3,195
			Series - 2011 C4 (Class C)
	5,033,916		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		5,109
			Series - 2006 LDP9 (Class A1A)
	2,639,215	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,777
			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)

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,500,000		LB-UBS Commercial Mortgage Trust		5.484	%	02/15/40	$	2,525
			Series - 2007 C1 (Class AJ)
	700,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		701
			Series - 2007 C1 (Class C)
	3,390,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		3,320
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		783
			Series - 2007 C6 (Class AM)
	8,165,787	g,i	LVII Resecuritization Trust		3.033		07/31/47		8,166
			Series - 2015 A (Class A)
	645,000	i	Merrill Lynch Mortgage Trust		6.267		02/12/51		684
			Series - 0 C1 (Class AJA)
	2,750,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		2,808
			Series - 2007 6 (Class AM)
	855,000	g,i	Morgan Stanley Capital I Trust		5.847		08/12/41		867
			Series - 2006 T23 (Class B)
	3,000,000	i	Morgan Stanley Capital I Trust		5.389		11/12/41		3,010
			Series - 2006 HQ10 (Class AJ)
	2,111,000	i	Morgan Stanley Capital I Trust		5.834		10/15/42		2,113
			Series - 2006 IQ11 (Class AJ)
	710,000	g,i	Morgan Stanley Capital I Trust		5.438		09/15/47		747
			Series - 2011 C1 (Class D)
	6,000,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		5,976
			Series - 2007 HQ12 (Class C)
	9,500,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		9,949
			Series - 2007 IQ15 (Class AM)
	1,600,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		1,594
			Series - 2007 IQ15 (Class AJ)
	4,000,000	i	Morgan Stanley Capital I Trust		6.097		12/12/49		3,814
			Series - 2007 IQ16 (Class AJFX)
	12,000,000	g	Morgan Stanley Capital I Trust 2014-CPT		3.350		07/13/29		12,233
			Series - 2014 CPT (Class A)
	17,385,000	g	OBP Depositor LLC Trust		4.646		07/15/45		18,732
			Series - 2010 OBP (Class A)
	2,931		Residential Accredit Loans, Inc		4.350		03/25/34		3
			Series - 2004 QS4 (Class A1)
	1,984,614	i	Structured Agency Credit Risk Debt Note (STACR)		1.672		01/25/25		1,986
			Series - 2015 DN1 (Class M1)
	7,375,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.822		01/25/25		7,488
			Series - 2015 DN1 (Class M2)
	10,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.622		03/25/25		9,971
			Series - 2015 HQ1 (Class M2)
	750,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.222		03/25/25		723
			Series - 2015 HQ1 (Class M3)
	5,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.551		12/15/43		4,787
			Series - 2007 C30 (Class AMFL)
	4,585,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		4,738
			Series - 2007 C30 (Class AM)
	890,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		935
			Series - 2007 C34 (Class AM)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		5.947		05/15/46		1,714
			Series - 2007 C34 (Class AJ)
	1,975,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		2,047
			Series - 2007 C31 (Class AM)

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660	%	04/15/47	$	1,499
			Series - 2007 C31 (Class AJ)
	700,000	i	Wachovia Bank Commercial Mortgage Trust		5.680		04/15/47		679
			Series - 2007 C31 (Class C)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		1,001
			Series - 2007 C31 (Class B)
	4,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		4,167
			Series - 2007 C32 (Class AMFX)
	875,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		808
			Series - 2007 C32 (Class B)
	12,830,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		12,825
			Series - 2007 C32 (Class AJ)
	510,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		536
			Series - 2007 C33 (Class AM)
	6,012,469	i	WaMu Mortgage Pass-Through Certificates		0.852		10/25/45		5,240
			Series - 2005 AR13 (Class A1B2)
	2,189,544	i	WaMu Mortgage Pass-Through Certificates		0.772		12/25/45		1,895
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED						252,653

			TOTAL STRUCTURED ASSETS						449,751
			(Cost $454,422)

			TOTAL BONDS						5,215,048
			(Cost $5,203,251)

SHARES			COMPANY
COMMON STOCKS - 59.7%

AUTOMOBILES & COMPONENTS - 1.7%
	48,600		Aisin Seiki Co Ltd						2,092
	169,906		Bayerische Motoren Werke AG.						17,900
	58,860		Bayerische Motoren Werke AG. (Preference)						4,925
	2,283		Delphi Automotive plc						196
	201,982		Denso Corp						9,652
	2,464,687		Ford Motor Co						34,727
	315,803		Fuji Heavy Industries Ltd						13,010
	1,026,012		GKN plc						4,656
	234,290		Harley-Davidson, Inc						10,634
	617,680		Honda Motor Co Ltd						19,742
	682,420		Johnson Controls, Inc						26,949
	172,551		Magna International, Inc (Class A)						6,998
	460,400		Mazda Motor Corp						9,500
	59,514	*	Modine Manufacturing Co						539
	1,432,900		Nissan Motor Co Ltd						15,004
	147,140		Renault S.A.						14,728
	129,900		Sumitomo Electric Industries Ltd						1,834
	103,927	*,e	Tesla Motors, Inc						24,943
	98,500		Toyota Industries Corp						5,267
	96,100		Yamaha Motor Co Ltd						2,154
			TOTAL AUTOMOBILES & COMPONENTS						225,450

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
BANKS - 4.1%
	11,671		Ameris Bancorp	$	397
	18,981		Apollo Residential Mortgage		227
	1,164		Arrow Financial Corp		32
	51,058		Associated Banc-Corp		957
	4,424		Astoria Financial Corp		70
	1,050,547		Australia & New Zealand Banking Group Ltd		21,200
	5,061,924		Banca Intesa S.p.A.		16,811
	847,234		Banca Intesa S.p.A. RSP		2,588
	2,182,951		Banco Bilbao Vizcaya Argentaria S.A.		15,950
	964,152		Bank Hapoalim Ltd		4,977
	38,983		Bank Mutual Corp		304
	25,289		Bank of Hawaii Corp		1,591
	96,962	*	Bank of Montreal		5,471
	305,383		Bank of Nova Scotia		12,353
	3,264		Bank of the Ozarks, Inc		161
	14,955		Banner Corp		686
	910,937		BB&T Corp		34,442
	41,699		BBCN Bancorp, Inc		718
	326		Bendigo Bank Ltd		3
	1,202	*	Beneficial Bancorp, Inc		16
	27,135		Berkshire Hills Bancorp, Inc		790
	12,850	e	BOK Financial Corp		768
	63,695		Boston Private Financial Holdings, Inc		722
	9,648		Brookline Bancorp, Inc		111
	2,735		Camden National Corp		121
	5,386	e	Canadian Imperial Bank of Commerce/Canada		355
	28,343		Capital Bank Financial Corp		906
	7,221		Capitol Federal Financial		91
	5,264		Cardinal Financial Corp		120
	3,360		Cathay General Bancorp		105
	27,540		Centerstate Banks of Florida, Inc		431
	134,058		CIT Group, Inc		5,322
	17,464		CoBiz, Inc		234
	2,120		Columbia Banking System, Inc		69
	164,058		Comerica, Inc		6,863
	64,211		Commerce Bancshares, Inc		2,732
	500,286		Commonwealth Bank of Australia		30,930
	3,936	e	Community Bank System, Inc		157
	101,580		Criteria CaixaBank S.A.		354
	9,127	e	Cullen/Frost Bankers, Inc		548
	46,680	*	Customers Bancorp, Inc		1,271
	95,200		DBS Group Holdings Ltd		1,116
	66,896		DNB NOR Holding ASA		824
	10,051		East West Bancorp, Inc		418
	49,985	*	FCB Financial Holdings, Inc		1,789
	14,531		Federal Agricultural Mortgage Corp (Class C)		459
	5,021		First Bancorp (NC)		94
	451		First Citizens Bancshares, Inc (Class A)		116
	106,588		First Commonwealth Financial Corp		967
	2,793		First Community Bancshares, Inc		52

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	6,726		First Financial Bancorp	$	122
	26,945	e	First Financial Bankshares, Inc		813
	24,484		First Interstate Bancsystem, Inc		712
	15,572		First Merchants Corp		396
	235,971		First Niagara Financial Group, Inc		2,560
	16,186		FNB Corp		216
	2,590	e	Glacier Bancorp, Inc		69
	2,960		Great Southern Bancorp, Inc		134
	5,441		Hancock Holding Co		137
	540,300		Hang Seng Bank Ltd		10,240
	16,889		Heartland Financial USA, Inc		530
	5,270		Heritage Financial Corp		99
	16,335	*	HomeStreet, Inc		355
	25,514	*	HomeTrust Bancshares, Inc		517
	4,900,694		HSBC Holdings plc		38,687
	9,593		IBERIABANK Corp		528
	8,671		Independent Bank Corp (MA)		403
	1,147		International Bancshares Corp		29
	20,614		Investors Bancorp, Inc		256
	209,613		KBC Groep NV		13,106
	1,087,506		Keycorp		14,344
	21,058		Lakeland Bancorp, Inc		248
	170,095		M&T Bank Corp		20,612
	1,800		MB Financial, Inc		58
	61,360	*	MGIC Investment Corp		542
	597,000		Mitsui Trust Holdings, Inc		2,261
	6,775,800		Mizuho Financial Group, Inc		13,552
	937,470		National Australia Bank Ltd		20,457
	44,990		National Bank Holdings Corp		961
	68,401		National Penn Bancshares, Inc		843
	996,789		Natixis		5,639
	1,500		NBT Bancorp, Inc		42
	145,456		New York Community Bancorp, Inc		2,374
	1,196,417		Nordea Bank AB		13,127
	11,094		Northfield Bancorp, Inc		177
	57,600	e	OFG Bancorp		422
	19,938		Old National Bancorp		270
	6,303		Opus Bank		233
	22,911		PacWest Bancorp		987
	6,688		Peoples Bancorp, Inc		126
	2,728	e	People’s United Financial, Inc		44
	22,527	*	PHH Corp		365
	7,054		Pinnacle Financial Partners, Inc		362
	414,488		PNC Financial Services Group, Inc		39,505
	130,498		Popular, Inc		3,698
	20,422		PrivateBancorp, Inc		838
	53,363		Provident Financial Services, Inc		1,075
	244,880		Radian Group, Inc		3,279
	12,261		Renasant Corp		422
	162,700		Resona Holdings, Inc		790
	280,979	e	Royal Bank of Canada		15,057
	1,000		S&T Bancorp, Inc		31

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	183,355		Skandinaviska Enskilda Banken AB (Class A)	$	1,928
	10,441	e	Southside Bancshares, Inc		251
	1,131,530		Standard Chartered plc		9,388
	7,477		State Bank & Trust Co		157
	1,445		Stock Yards Bancorp, Inc		55
	488,800		Sumitomo Mitsui Financial Group, Inc		18,448
	28,454	*	SVB Financial Group		3,383
	51,515		Swedbank AB (A Shares)		1,135
	800	*	Texas Capital Bancshares, Inc		40
	41,386	*	The Bancorp, Inc		264
	560,198	e	Toronto-Dominion Bank		21,959
	4,770	*	Tristate Capital Holdings, Inc		67
	1,700		Trustmark Corp		39
	9,733		UMB Financial Corp		453
	35,151		Umpqua Holdings Corp		559
	2,479		Union Bankshares Corp		63
	10,908	e	United Bankshares, Inc		403
	5,569		United Financial Bancorp, Inc (New)		72
	993,473		US Bancorp		42,391
	2,877	*	Walker & Dunlop, Inc		83
	37,869	*,e	Walter Investment Management Corp		538
	13,956		Webster Financial Corp		519
	3,652		WesBanco, Inc		110
	12,276	e	Westamerica Bancorporation		574
	50,433	*	Western Alliance Bancorp		1,808
	1,080,806		Westpac Banking Corp		26,198
	51,792		Wilshire Bancorp, Inc		598
	1,110		Wintrust Financial Corp		54
	37,356		Zions Bancorporation		1,020
			TOTAL BANKS		542,996
CAPITAL GOODS - 4.1%
	333,306		3M Co		50,210
	6,541		A.O. Smith Corp		501
	9,110	e	Advanced Drainage Systems, Inc		219
	75,930		Alfa Laval AB		1,386
	1,796		American Science & Engineering, Inc		74
	310,304		Ametek, Inc		16,629
	4,886		Argan, Inc		158
	44,954	*	ArvinMeritor, Inc		375
	368,000	e	Asahi Glass Co Ltd		2,108
	134,798		Assa Abloy AB		2,822
	167,942		Atlas Copco AB (A Shares)		4,119
	242,593		Atlas Copco AB (B Shares)		5,577
	102,199		Barnes Group, Inc		3,617
	2,120	*	Beacon Roofing Supply, Inc		87
	107,493		Bouygues S.A.		4,262
	29,997		Briggs & Stratton Corp		519
	116,374	*	Builders FirstSource, Inc		1,289
	177,259		Bunzl plc		4,918
	235,563	e	Caterpillar, Inc		16,009
	818	e	Chicago Bridge & Iron Co NV		32

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	838,021		CNH Industrial NV	$	5,740
	321,931		Compagnie de Saint-Gobain		13,951
	196,231		Cummins, Inc		17,270
	47,600		Daikin Industries Ltd		3,466
	441,807		Danaher Corp		41,035
	288,092	e	Deere & Co		21,973
	7,468		Dover Corp		458
	343,966		Eaton Corp		17,900
	4,941		EMCOR Group, Inc		237
	4,487		EnerSys		251
	19,159	*	Esterline Technologies Corp		1,552
	152,130	e	Fastenal Co		6,210
	98,441		Ferrovial S.A.		2,226
	215		Flowserve Corp		9
	558		Fluor Corp		26
	41,392	*	Furmanite Corp		276
	21,626		GEA Group AG.		874
	21,073		Geberit AG.		7,138
	20,413		H&E Equipment Services, Inc		357
	62,217		Hexcel Corp		2,890
	164,600		Hino Motors Ltd		1,902
	83,600	e	Hitachi Construction Machinery Co Ltd		1,300
	363,611		Illinois Tool Works, Inc		33,700
	134,981		Ingersoll-Rand plc		7,463
	500	*	Jacobs Engineering Group, Inc		21
	96,000		Kawasaki Heavy Industries Ltd		355
	1,269,870		Keppel Corp Ltd		5,801
	26,450	*,e	KEYW Holding Corp		159
	478,400		Komatsu Ltd		7,828
	364,587		Koninklijke Philips Electronics NV		9,306
	374,000		Kubota Corp		5,778
	25,552		Legrand S.A.		1,445
	676		Lincoln Electric Holdings, Inc		35
	438,365		Masco Corp		12,406
	121,857		Meggitt plc		673
	1,101	*	Middleby Corp		119
	839,200		Mitsubishi Corp		13,959
	794,000		Mitsubishi Electric Corp		8,335
	6,490	*	MYR Group, Inc		134
	83,000		NGK Insulators Ltd		1,871
	71,454		Nordson Corp		4,584
	95,100		NSK Ltd		1,033
	150,887		Owens Corning, Inc		7,096
	287,650		Paccar, Inc		13,635
	35,585		Parker Hannifin Corp		3,451
	105,679		Pentair plc		5,234
	127,194	*,e	Plug Power, Inc		268
	142,333		Precision Castparts Corp		33,023
	75,812	*	Quanta Services, Inc		1,535
	69,394		Rexel S.A.		924
	30,501		Rockwell Automation, Inc		3,130
	55,321		Rockwell Collins, Inc		5,106

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	36,922		Roper Industries, Inc	$	7,007
	9,907	*	Rush Enterprises, Inc (Class A)		217
	238,948		Sandvik AB		2,083
	271,995		Schneider Electric S.A.		15,450
	84,000		Shimizu Corp		685
	43,110		Skanska AB (B Shares)		836
	42,500		SKF AB (B Shares)		686
	148,101		Smiths Group plc		2,048
	153		Snap-On, Inc		26
	22,131		Sulzer AG.		2,080
	1,018,600		Sumitomo Corp		10,385
	5,435		TAL International Group, Inc		86
	29,654		Tennant Co		1,668
	8,405	*,e	Titan Machinery, Inc		92
	72,400		Toyota Tsusho Corp		1,694
	45,231		Travis Perkins plc		1,312
	18,214	*	United Rentals, Inc		1,321
	7,724	*,e	Veritiv Corp		280
	94,226		Vestas Wind Systems AS		6,581
	264,752		Vinci S.A.		16,969
	898,611		Volvo AB (B Shares)		8,332
	260	e	W.W. Grainger, Inc		53
	15,766	*	Wabash National Corp		187
	70,068		Wartsila Oyj (B Shares)		3,199
	121,923		Wolseley plc		6,622
	20,710		Woodward Governor Co		1,029
			TOTAL CAPITAL GOODS		541,287

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,604		ABM Industries, Inc		74
	52,489		Acacia Research (Acacia Technologies)		225
	203,949	*	ACCO Brands Corp		1,454
	12,234		Administaff, Inc		589
	1,518	e	ADT Corp		50
	75,021		Aggreko plc		1,010
	285,597		Brambles Ltd		2,392
	269,660		Capita Group plc		4,798
	9,841		CEB, Inc		604
	2,394	*	Copart, Inc		91
	55,000		Dai Nippon Printing Co Ltd		544
	24,020		Deluxe Corp		1,310
	68,161		Dun & Bradstreet Corp		7,084
	23,123		Equifax, Inc		2,575
	5,220		Exponent, Inc		261
	2,000		Heidrick & Struggles International, Inc		54
	6,421		HNI Corp		232
	2,948	*	ICF International, Inc		105
	9,308	*	IHS, Inc (Class A)		1,102
	19,643		Interface, Inc		376
	77,051		Intertek Group plc		3,152
	4,335		Kelly Services, Inc (Class A)		70
	5,113		Kforce, Inc		129

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	30,322		Manpower, Inc	$	2,556
	11,581	*	Mistras Group, Inc		221
	2,100		Mobile Mini, Inc		65
	31,281	*	Navigant Consulting, Inc		502
	1,000	*	On Assignment, Inc		45
	109,843		R.R. Donnelley & Sons Co		1,617
	8,726		Resources Connection, Inc		143
	160,537		Robert Half International, Inc		7,568
	16,303	*	RPX Corp		179
	56,100		Secom Co Ltd		3,802
	4,679		SGS S.A.		8,893
	1,544	*	SP Plus Corp		37
	27,563		Tetra Tech, Inc		717
	113,000		Toppan Printing Co Ltd		1,041
	3,462		Tyco International plc		110
	13,021		Viad Corp		368
	21,774		Waste Management, Inc		1,162
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		57,307

CONSUMER DURABLES & APPAREL - 1.1%
	148,548		Adidas-Salomon AG.		14,418
	407,529		Barratt Developments plc		3,755
	97,796		Burberry Group plc		1,721
	87,628		Callaway Golf Co		825
	47,248		Christian Dior S.A.		8,026
	9,336		Columbia Sportswear Co		455
	1,447		CSS Industries, Inc		41
	24,000		Electrolux AB (Series B)		579
	21,476	e	Ethan Allen Interiors, Inc		598
	23,400		Gildan Activewear, Inc		665
	29,168		Hanesbrands, Inc		858
	536		Hasbro, Inc		36
	102,799	*	Kate Spade & Co		1,827
	846,900		Matsushita Electric Industrial Co Ltd		8,585
	433,141	e	Mattel, Inc		11,768
	36,199	*	Meritage Homes Corp		1,230
	362	*	Michael Kors Holdings Ltd		15
	10,272	*	Mohawk Industries, Inc		1,945
	20,763		Movado Group, Inc		534
	607		Newell Rubbermaid, Inc		27
	756,504		Nike, Inc (Class B)		47,282
	73,900	e	Nikon Corp		990
	28,027		Pandora AS		3,534
	50,000		Sekisui Chemical Co Ltd		653
	98,400		Sekisui House Ltd		1,655
	351,100		Sony Corp		8,629
	167,544		Taylor Wimpey plc		501
	4,442	e	Tupperware Corp		247
	50,725	*,e	Under Armour, Inc (Class A)		4,089
	19,426	*	Unifi, Inc		547
	138,658		VF Corp		8,631
	680		Whirlpool Corp		100

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	458,500		Yue Yuen Industrial Holdings	$	1,553
			TOTAL CONSUMER DURABLES & APPAREL		136,319

CONSUMER SERVICES - 1.5%
	140,014		Accor S.A.		6,064
	7,799	*	Ascent Media Corp (Series A)		130
	1,289		Bob Evans Farms, Inc		50
	25,421		Brinker International, Inc		1,219
	67,510		Choice Hotels International, Inc		3,403
	90,565		Darden Restaurants, Inc		5,764
	1,346		DineEquity, Inc		114
	13,470		Domino’s Pizza, Inc		1,499
	7,832	e	Dunkin Brands Group, Inc		334
	5,445		Hilton Worldwide Holdings, Inc		116
	189,898		InterContinental Hotels Group plc		7,402
	10,177	*	Intrawest Resorts Holdings Inc		80
	6,202		Marcus Corp		118
	290,043	e	Marriott International, Inc (Class A)		19,444
	469,441		McDonald’s Corp		55,460
	441,450	*	MGM Resorts International		10,030
	52,700		Oriental Land Co Ltd		3,188
	18,556	*	Popeyes Louisiana Kitchen, Inc		1,086
	35,515		Royal Caribbean Cruises Ltd		3,594
	118,640	*	Ruby Tuesday, Inc		654
	95,145	*	ServiceMaster Global Holdings, Inc		3,733
	29,578		Sonic Corp		956
	827,813		Starbucks Corp		49,693
	89,029		Starwood Hotels & Resorts Worldwide, Inc		6,168
	215,710		TUI AG. (DI)		3,851
	93,278		Whitbread plc		6,046
	745,304		William Hill plc		4,350
	461		Wyndham Worldwide Corp		33
			TOTAL CONSUMER SERVICES		194,579

DIVERSIFIED FINANCIALS - 3.3%
	877,251		3i Group plc		6,214
	834,893		Aberdeen Asset Management plc		3,558
	93,100		AEON Financial Service Co Ltd		2,080
	30,126	*	Ally Financial, Inc		562
	513,353		American Express Co		35,704
	1,494		Ameriprise Financial, Inc		159
	909,353		Bank of New York Mellon Corp		37,484
	106,899		BlackRock, Inc		36,401
	1,071,508		Charles Schwab Corp		35,285
	308,966		CME Group, Inc		27,992
	1,362		Cohen & Steers, Inc		42
	4,349	*,e	Credit Acceptance Corp		931
	150,034		Deutsche Boerse AG.		13,188
	567,210		Discover Financial Services		30,414
	28,426		Eurazeo		1,960
	129,434		Exor S.p.A.		5,875
	6,214		Factset Research Systems, Inc		1,010

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	366,118		Franklin Resources, Inc	$	13,480
	24,115	*	Green Dot Corp		396
	556,395		Hong Kong Exchanges and Clearing Ltd		14,174
	103,529		Industrivarden AB		1,771
	1,319,590		ING Groep NV		17,854
	116,184		IntercontinentalExchange Group, Inc		29,773
	502,870		Invesco Ltd		16,836
	785,059		Investec plc		5,535
	35,326		Investment Technology Group, Inc		601
	61,166		Janus Capital Group, Inc		862
	58,141		Kinnevik Investment AB (Series B)		1,791
	62,663		Legg Mason, Inc		2,458
	280,256		London Stock Exchange Group plc		11,339
	440,100		Mitsubishi UFJ Lease & Finance Co Ltd		2,265
	76,231		NASDAQ OMX Group, Inc		4,434
	16,056		Nelnet, Inc (Class A)		539
	432,082		Northern Trust Corp		31,149
	5,879	*	Pico Holdings, Inc		61
	10,635	*	Safeguard Scientifics, Inc		154
	111,769		Schroders plc		4,895
	421,536		State Street Corp		27,973
	208,262		T Rowe Price Group, Inc		14,889
	4,056		TD Ameritrade Holding Corp		141
	1,664		Voya Financial, Inc		61
	19,849		Wendel		2,361
	104,555	e	WisdomTree Investments, Inc		1,639
			TOTAL DIVERSIFIED FINANCIALS		446,290

ENERGY - 3.6%
	130,267	e	AltaGas Income Trust		2,909
	82,098		AMEC plc		518
	646	*,e	Antero Resources Corp		14
	300,897		Apache Corp		13,381
	78,800	e	ARC Resources Ltd		951
	17,093	e	Atwood Oceanics, Inc		175
	263,749		Baker Hughes, Inc		12,172
	1,303,405		BG Group plc		18,894
	67,305	*,e	C&J Energy Services Ltd		320
	85,409	*	Callon Petroleum Co		712
	244,420		Caltex Australia Ltd		6,681
	119,907	*	Cameron International Corp		7,578
	3,077	e	CARBO Ceramics, Inc		53
	724,228		Cenovus Energy, Inc (Toronto)		9,160
	245,497	*	Cheniere Energy, Inc		9,145
	61,417		Cimarex Energy Co		5,490
	92,211	*,e	Clean Energy Fuels Corp		332
	417,653		Columbia Pipeline Group, Inc		8,353
	30,233	*	Concho Resources, Inc		2,807
	273,621		ConocoPhillips		12,775
	255,515	*,e	Continental Resources, Inc		5,872
	174,955	e	Crescent Point Energy Corp		2,038
	7,175		Delek Group Ltd		1,437

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	2,500		Delek US Holdings, Inc	$	62
	478,413		Devon Energy Corp		15,309
	465,128		Enbridge, Inc		15,463
	520,282		EnCana Corp		2,643
	2,011		Energen Corp		82
	2,514		Ensco plc		39
	442,537		EOG Resources, Inc		31,327
	42,633		EQT Corp		2,223
	1,694	*	FMC Technologies, Inc		49
	322,413		Galp Energia SGPS S.A.		3,762
	18,384	*,e	Geospace Technologies Corp		259
	16,052		Green Plains Renewable Energy, Inc		368
	307,564		Hess Corp		14,911
	315,600		Inpex Holdings, Inc		3,077
	152,955	e	Keyera Corp		4,450
	573,146		Kinder Morgan, Inc		8,551
	35,320		Koninklijke Vopak NV		1,521
	519,189		Marathon Oil Corp		6,537
	457,443		Marathon Petroleum Corp		23,714
	21,626	*	Matrix Service Co		444
	308,654	*,e	McDermott International, Inc		1,034
	141,335	*	MEG Energy Corp		819
	421,557		National Oilwell Varco, Inc		14,118
	10,984	*	Natural Gas Services Group, Inc		245
	174,129		Neste Oil Oyj		5,197
	232,452		Noble Energy, Inc		7,655
	494,317		Occidental Petroleum Corp		33,421
	225,695		OMV AG.		6,406
	155,731		Oneok, Inc		3,840
	39,397	*,e	PDC Energy, Inc		2,103
	234,611		Petrofac Ltd		2,752
	414,975		Phillips 66		33,945
	136,604		Pioneer Natural Resources Co		17,127
	964,308	e	Repsol YPF S.A.		10,616
	7,692	*,e	RigNet, Inc		159
	894	*,e	SEACOR Holdings, Inc		47
	20,773	e	SM Energy Co		408
	856,388		Spectra Energy Corp		20,502
	780,275		Statoil ASA		10,882
	663,637		Suncor Energy, Inc		17,132
	88,722		Superior Energy Services		1,195
	15,289		Technip S.A.		760
	118,436		Tenaris S.A.		1,403
	16,079		Tesco Corp		116
	9,750		Tesoro Corp		1,027
	83,049	*	Tetra Technologies, Inc		625
	36,311	*,e	Ultra Petroleum Corp		91
	27,062	*,e	Unit Corp		330
	166,554		Valero Energy Corp		11,777
	495,554	*	Weatherford International Ltd		4,158
	91,978		Western Refining, Inc		3,276
	1,009	*	Whiting Petroleum Corp		10

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	447,571		Williams Cos, Inc	$	11,503
	249,062		Woodside Petroleum Ltd		5,189
			TOTAL ENERGY		486,426

FOOD & STAPLES RETAILING - 0.9%
	179,300		Aeon Co Ltd		2,762
	181,633		Carrefour S.A.		5,242
	41,075	e	Casino Guichard Perrachon S.A.		1,887
	25,015		Colruyt S.A.		1,287
	45,206		Delhaize Group		4,400
	558,408	e	J Sainsbury plc		2,126
	59,300		Jeronimo Martins SGPS S.A.		772
	56,260		Koninklijke Ahold NV		1,187
	737,103		Kroger Co		30,833
	85,087		Loblaw Cos Ltd		4,018
	71,151		Metro AG.		2,267
	5,869	*,e	Natural Grocers by Vitamin C		119
	159,500		Seven & I Holdings Co Ltd		7,303
	9,498		Spartan Stores, Inc		205
	761,272		Sysco Corp		31,212
	3,281,202	*	Tesco plc		7,210
	286,178		Wesfarmers Ltd		8,628
	180,663		Whole Foods Market, Inc		6,052
	530,416	e	WM Morrison Supermarkets plc		1,156
			TOTAL FOOD & STAPLES RETAILING		118,666

FOOD, BEVERAGE & TOBACCO - 2.5%
	377,000		Ajinomoto Co, Inc		8,926
	112,409		Aryzta AG.		5,687
	292,542		Associated British Foods plc		14,395
	29,826		Bunge Ltd		2,037
	12,243	e	Calavo Growers, Inc		600
	225,312		Campbell Soup Co		11,840
	511,549		Coca-Cola Amatil Ltd		3,449
	2,943		Coca-Cola Enterprises, Inc		145
	181,185		Coca-Cola HBC AG.		3,858
	133,964		ConAgra Foods, Inc		5,648
	19,775	*	Darling International, Inc		208
	9,044	*	Diamond Foods, Inc		349
	15,387		Dr Pepper Snapple Group, Inc		1,434
	14,539		Flowers Foods, Inc		312
	5,006		Fresh Del Monte Produce, Inc		195
	619,078		General Mills, Inc		35,696
	280,404		Groupe Danone		18,948
	2,224		Hormel Foods Corp		176
	1,489		J.M. Smucker Co		184
	323,360		Kellogg Co		23,369
	95,476		Kerry Group plc (Class A)		7,900
	92,219		Keurig Green Mountain, Inc		8,298
	133,000		Kikkoman Corp		4,608
	408,465		Kraft Heinz Co		29,720
	1,163		Lindt & Spruengli AG.		7,263

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	91		Lindt & Spruengli AG. (Registered)	$	6,780
	990		McCormick & Co, Inc		85
	75,316		Mead Johnson Nutrition Co		5,946
	1,015,822		Mondelez International, Inc		45,549
	36,400		Nissin Food Products Co Ltd		1,931
	152,793		Orkla ASA		1,205
	645,075		PepsiCo, Inc		64,456
	112,900		Suntory Beverage & Food Ltd		4,942
	396,114		Tate & Lyle plc		3,489
	25,700		Toyo Suisan Kaisha Ltd		896
	2,039	*	WhiteWave Foods Co (Class A)		79
	79,200		Yakult Honsha Co Ltd		3,876
			TOTAL FOOD, BEVERAGE & TOBACCO		334,479

HEALTH CARE EQUIPMENT & SERVICES - 2.2%
	14,105		Abaxis, Inc		785
	48,000	*	Acadia Healthcare Co, Inc		2,998
	5,828		Aceto Corp		157
	43,900		Alfresa Holdings Corp		867
	8,037	*	Align Technology, Inc		529
	70,322	*	Amedisys, Inc		2,765
	233,720		AmerisourceBergen Corp		24,239
	27,709	*	AMN Healthcare Services, Inc		860
	14,038	*	Amsurg Corp		1,067
	4,975		Analogic Corp		411
	21,695	*	Angiodynamics, Inc		263
	200,981		Anthem, Inc		28,025
	14,016	*,e	athenahealth, Inc		2,256
	5,674	*	AtriCure, Inc		127
	227,343		Becton Dickinson & Co		35,031
	38,727	*	Brookdale Senior Living, Inc		715
	19,911	*	Capital Senior Living Corp		415
	373,176		Cardinal Health, Inc		33,313
	141,676	*	Centene Corp		9,324
	203,334	*	Cerner Corp		12,235
	123,596	*,e	Cerus Corp		781
	4,495	e	Chemed Corp		673
	202,675		Cigna Corp		29,657
	80,658		Coloplast AS		6,512
	5,885	e	Computer Programs & Systems, Inc		293
	568		Dentsply International, Inc		35
	85,994	*	Edwards Lifesciences Corp		6,792
	928	*	Envision Healthcare Holdings, Inc		24
	117,007		Essilor International S.A.		14,583
	41,904	*	ExamWorks Group, Inc		1,115
	36,895	*,e	GenMark Diagnostics, Inc		286
	6,176	*	Greatbatch, Inc		324
	4,374	*	Haemonetics Corp		141
	16,556	*	Hanger Orthopedic Group, Inc		272
	197,615		Healthscope Ltd		381
	5,292	*	HealthStream, Inc		116
	4,669	*	Healthways, Inc		60

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	941	*	Henry Schein, Inc	$	149
	10,561	*	HMS Holdings Corp		130
	2,900	*	Hologic, Inc		112
	133,333		Humana, Inc		23,801
	62,766	*	Idexx Laboratories, Inc		4,577
	61,900	*	Inverness Medical Innovations, Inc		2,420
	1,970	*	Laboratory Corp of America Holdings		244
	2,517	e	Landauer, Inc		83
	35,057	*	LDR Holding Corp		880
	9,040	*	LHC Group, Inc		409
	56,692	*	LifePoint Hospitals, Inc		4,161
	1,730	*	MedAssets, Inc		54
	1,474	*	Medidata Solutions, Inc		73
	37,285	*	Merit Medical Systems, Inc		693
	38,680	*	Molina Healthcare, Inc		2,326
	29,647	*	Natus Medical, Inc		1,425
	43,949	*	NxStage Medical, Inc		963
	10,655	*	Omnicell, Inc		331
	63,605	*	OraSure Technologies, Inc		410
	2,718		Owens & Minor, Inc		98
	86,208		Patterson Cos, Inc		3,898
	9,453	*	Premier, Inc		333
	7,075	*	Providence Service Corp		332
	22,888		Quality Systems, Inc		369
	19,707	*	Quidel Corp		418
	126,828		Ramsay Health Care Ltd		6,236
	1,152	e	Resmed, Inc		62
	236,066		Ryman Healthcare Ltd		1,370
	78,658		Select Medical Holdings Corp		937
	3,688	*	Sirona Dental Systems, Inc		404
	3,035	*	Spectranetics Corp		46
	44,483	*	Staar Surgical Co		318
	9,158	*	Surgical Care Affiliates, Inc		365
	39,900		Suzuken Co Ltd		1,516
	95,700		Sysmex Corp		6,139
	2,895	*	Triple-S Management Corp (Class B)		69
	25,547		Universal American Corp		179
	5,481		US Physical Therapy, Inc		294
	725	*	Varian Medical Systems, Inc		59
	4,541	*	Vascular Solutions, Inc		156
	4,049	*	VCA Antech, Inc		223
	33,652	*	Vocera Communications, Inc		411
	11,103	*	Wright Medical Group NV		269
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		286,169

HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	573,053		Colgate-Palmolive Co		38,177
	121,560		Estee Lauder Cos (Class A)		10,704
	1,552		Henkel KGaA		148
	49,724		Henkel KGaA (Preference)		5,549
	41,500		Kao Corp		2,132
	26,354		Kimberly-Clark Corp		3,355

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	63,904		L’Oreal S.A.	$	10,749
	29,646	*	Medifast, Inc		901
	1,021,154		Procter & Gamble Co		81,090
	181,363		Reckitt Benckiser Group plc		16,781
	14,496		Svenska Cellulosa AB (B Shares)		420
	423,636		Unilever NV		18,464
	387,405		Unilever plc		16,617
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		205,087

INSURANCE - 3.5%
	313,440		ACE Ltd		36,625
	295,057		Aegon NV		1,669
	510,081		Aflac, Inc		30,554
	150,823		Allianz AG.		26,587
	1,453,020		AMP Ltd		6,122
	10,941		Arthur J. Gallagher & Co		448
	79,754		Aspen Insurance Holdings Ltd		3,852
	422,667		Assicurazioni Generali S.p.A.		7,721
	561,728		Aviva plc		4,264
	758,981		AXA S.A.		20,738
	30,787		Axis Capital Holdings Ltd		1,731
	649,806	*	Berkshire Hathaway, Inc (Class B)		85,800
	234,043		Chubb Corp		31,043
	177,318		CNP Assurances		2,392
	11,746		Employers Holdings, Inc		321
	1,447	*	Enstar Group Ltd		217
	279,927		Hartford Financial Services Group, Inc		12,166
	463,822		Insurance Australia Group Ltd		1,863
	1,916		Kemper Corp		71
	35,342		Legal & General Group plc		139
	322,937		Marsh & McLennan Cos, Inc		17,907
	70,037		Muenchener Rueckver AG.		13,954
	2,600		NKSJ Holdings, Inc		85
	2,830,172		Old Mutual plc		7,445
	15,856		PartnerRe Ltd		2,216
	233,299		Principal Financial Group		10,494
	448,068		Progressive Corp		14,249
	376,398		Prudential Financial, Inc		30,643
	814,537		Prudential plc		18,351
	2,061		QBE Insurance Group Ltd		19
	6,942		Reinsurance Group of America, Inc (Class A)		594
	12,747		RenaissanceRe Holdings Ltd		1,443
	333,784		RSA Insurance Group plc		2,095
	998,241		Standard Life plc		5,716
	21,338		Stewart Information Services Corp		796
	182,121		Swiss Re Ltd		17,787
	172,600		T&D Holdings, Inc		2,277
	320,708		Travelers Cos, Inc		36,195
	63,749		Zurich Financial Services AG.		16,377
			TOTAL INSURANCE		472,966

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
MATERIALS - 2.8%
	61,387		Agnico-Eagle Mines Ltd	$	1,614
	34,866	e	Agrium, Inc		3,116
	105,399		Air Liquide		11,833
	236,880		Air Products & Chemicals, Inc		30,820
	23,600		Akzo Nobel NV		1,577
	4,437		Aptargroup, Inc		322
	61,000		Asahi Kasei Corp		412
	116,427		Avery Dennison Corp		7,295
	63,073		Ball Corp		4,587
	289,007		BASF SE		22,016
	366,160		Boliden AB		6,135
	45,761		Celanese Corp (Series A)		3,081
	63,760	*,e	Century Aluminum Co		282
	2,372	*	Clearwater Paper Corp		108
	131,361		Commercial Metals Co		1,798
	142,103		CRH plc		4,098
	5,941		DSM NV		298
	37,546		Eastman Chemical Co		2,535
	295,761		Ecolab, Inc		33,829
	5,690	*	Ferro Corp		63
	282,754		Fletcher Building Ltd		1,417
	69,111	*,e	Flotek Industries, Inc		791
	28,710	e	Franco-Nevada Corp		1,313
	3,622		Givaudan S.A.		6,574
	65,302		H.B. Fuller Co		2,382
	48,214		HeidelbergCement AG.		3,929
	109,122		Holcim Ltd		5,464
	23,190		Innophos Holdings, Inc		672
	9,797		International Flavors & Fragrances, Inc		1,172
	200,795		International Paper Co		7,570
	24,170	*	Intrepid Potash, Inc		71
	278,800		JFE Holdings, Inc		4,378
	21,680		Johnson Matthey plc		848
	99,970		K&S AG.		2,548
	465,441	*	Kinross Gold Corp		844
	669,000		Kobe Steel Ltd		727
	7,764	*	Kraton Polymers LLC		129
	58,000		Kuraray Co Ltd		703
	85,837		Linde AG.		12,400
	173,029	*	Louisiana-Pacific Corp		3,116
	329,993		LyondellBasell Industries AF S.C.A		28,676
	38,519		Minerals Technologies, Inc		1,766
	1,828,000		Mitsubishi Materials Corp		5,758
	120,960		Mitsui Chemicals, Inc		536
	1,024		Mondi plc		20
	104,804		Mosaic Co		2,892
	9,891		Myers Industries, Inc		132
	2,220		Neenah Paper, Inc		139
	572,509	*	Newcrest Mining Ltd		5,417
	479,400		Nippon Steel Corp		9,484
	21,200		Nitto Denko Corp		1,548
	1,188,005		Norsk Hydro ASA		4,416

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	416,543		Nucor Corp	$	16,787
	11,843		PolyOne Corp		376
	343,087		Potash Corp of Saskatchewan		5,876
	2,189		PPG Industries, Inc		216
	259,544		Praxair, Inc		26,577
	1,380		Quaker Chemical Corp		107
	8,303		Reliance Steel & Aluminum Co		481
	114,526		Royal Gold, Inc		4,177
	19,955		Schnitzer Steel Industries, Inc (Class A)		287
	19,423		Sealed Air Corp		866
	52,038		Sherwin-Williams Co		13,509
	101,400		Shin-Etsu Chemical Co Ltd		5,513
	240,448		Silver Wheaton Corp		2,989
	1,200		Stepan Co		60
	74,982	*	Stillwater Mining Co		643
	474,729		Stora Enso Oyj (R Shares)		4,293
	731,000		Sumitomo Chemical Co Ltd		4,198
	642,000		Sumitomo Metal Mining Co Ltd		7,793
	686,545	e	Teck Cominco Ltd		2,649
	305,000		Toray Industries, Inc		2,834
	51,700		Toyo Seikan Kaisha Ltd		959
	18,379		Umicore		771
	402,900		UPM-Kymmene Oyj		7,480
	59,447		Valspar Corp		4,931
	4,790		Wausau Paper Corp		49
	177,174		WestRock Co		8,083
	66,360		Worthington Industries, Inc		2,000
			TOTAL MATERIALS		378,155

MEDIA - 1.7%
	53,506	*,e	Charter Communications, Inc		9,797
	42,059		Cinemark Holdings, Inc		1,406
	103,369	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		578
	48,100		Dentsu, Inc		2,632
	200,245	*,e	Discovery Communications, Inc (Class A)		5,343
	429,386	*	Discovery Communications, Inc (Class C)		10,829
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		1,348
	11,620	*	Entercom Communications Corp (Class A)		130
	80,337		Entravision Communications Corp (Class A)		619
	18,968	*	Gray Television, Inc		309
	526,783		ITV plc		2,145
	1,894		JC Decaux S.A.		73
	10,069		John Wiley & Sons, Inc (Class A)		453
	15,813		Lagardere S.C.A.		472
	20,124	*	Liberty Broadband Corp (Class A)		1,039
	4,448	*	Liberty Global plc		181
	2,960	*	Liberty Global plc (Class A)		125
	17,183	*	Media General, Inc		278
	177,989		New York Times Co (Class A)		2,389
	668,287		Pearson plc		7,224
	83,342		ProSiebenSat. Media AG.		4,205
	244,919		Reed Elsevier plc		4,319

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	1,550		Scholastic Corp	$	60
	34,566		Scripps Networks Interactive (Class A)		1,908
	70,790	e	Shaw Communications, Inc (B Shares)		1,218
	60,413		Sinclair Broadcast Group, Inc (Class A)		1,966
	332,800	e	Singapore Press Holdings Ltd		922
	216,086		Time Warner Cable, Inc		40,103
	543,847		Time Warner, Inc		35,171
	263,379		Vivendi Universal S.A.		5,657
	666,249		Walt Disney Co		70,009
	37,566		Wolters Kluwer NV		1,262
	694,861		WPP plc		15,983
			TOTAL MEDIA		230,153

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%
	72,318	*,e	Acadia Pharmaceuticals, Inc		2,578
	78,932		Actelion Ltd		10,967
	101,334	*,e	Affymetrix, Inc		1,022
	372,711		Agilent Technologies, Inc		15,583
	101,464	*,e	Akorn, Inc		3,786
	158,060	*	Alexion Pharmaceuticals, Inc		30,150
	358,605		Amgen, Inc		58,212
	1,117,588		Astellas Pharma, Inc		15,910
	125,155	*	Biogen Idec, Inc		38,341
	52,352	*	BioMarin Pharmaceutical, Inc		5,484
	13,123		Bio-Techne Corp		1,181
	42,008	*,e	Bluebird Bio, Inc		2,698
	813,363		Bristol-Myers Squibb Co		55,951
	39,475	*	Cambrex Corp		1,859
	382,305	*	Celgene Corp		45,785
	5,290	*,e	Cempra, Inc		165
	57,720	*	Cepheid, Inc		2,109
	203,200		Chugai Pharmaceutical Co Ltd		7,083
	119,600	e	Dainippon Sumitomo Pharma Co Ltd		1,409
	77,465	*,e	Depomed, Inc		1,404
	49,900		Eisai Co Ltd		3,301
	15,784	*	Fluidigm Corp		171
	11,555	*	Genomic Health, Inc		407
	620,886		Gilead Sciences, Inc		62,828
	1,416,810		GlaxoSmithKline plc		28,614
	4,270	*	Immunogen, Inc		58
	121,343	*,e	Immunomedics, Inc		373
	20,482	*,e	Inovio Pharmaceuticals, Inc		138
	16,163	*	Intra-Cellular Therapies, Inc		869
	2,776	*,e	Ionis Pharmaceuticals, Inc		172
	932,726		Johnson & Johnson		95,810
	8,898	*,e	Kite Pharma, Inc		548
	206,000		Kyowa Hakko Kogyo Co Ltd		3,241
	47,682		Lonza Group AG.		7,755
	387,535	*,e	MannKind Corp		562
	1,158,448		Merck & Co, Inc		61,189
	117,612		Merck KGaA		11,387
	2,322	*	Mettler-Toledo International, Inc		787

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	115,217	*,e	MiMedx Group, Inc	$	1,080
	37,564	*	Momenta Pharmaceuticals, Inc		557
	170,288	*,e	Nektar Therapeutics		2,869
	534,790		Novartis AG.		46,002
	549,562		Novo Nordisk AS		31,819
	229,539	*,e	Opko Health, Inc		2,307
	87,972	*,e	Orexigen Therapeutics, Inc		151
	77,831		Orion Oyj (Class B)		2,693
	12,565		PerkinElmer, Inc		673
	48,719	*	Prestige Brands Holdings, Inc		2,508
	41,556	*	Prothena Corp plc		2,830
	99,317	*	Qiagen NV		2,692
	1,405	*	Quintiles Transnational Holdings, Inc		96
	40,666	*,e	Relypsa, Inc		1,153
	34,568	*	Repligen Corp		978
	167,261		Roche Holding AG.		46,349
	90,249	*,e	Sangamo Biosciences, Inc		824
	63,903	*,e	Sarepta Therapeutics, Inc		2,465
	19,302	*	Sucampo Pharmaceuticals, Inc (Class A)		334
	339,585		Takeda Pharmaceutical Co Ltd		16,932
	44,995	*	Tetraphase Pharmaceuticals, Inc		451
	273,472		Thermo Electron Corp		38,792
	205,578	*	Vertex Pharmaceuticals, Inc		25,868
	23,386	*	Waters Corp		3,147
	112,104	*	Xenoport, Inc		615
	8,246	*,e	Zafgen, Inc		52
	427,184		Zoetis Inc		20,471
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		834,595

REAL ESTATE - 2.6%
	83,800		Aeon Mall Co Ltd		1,437
	13,025	*,e	Altisource Portfolio Solutions S.A.		362
	19,852		American Campus Communities, Inc		821
	365,432		American Tower Corp		35,429
	1,199,598		Annaly Capital Management, Inc		11,252
	2,022		AvalonBay Communities, Inc		372
	119,509		Boston Properties, Inc		15,242
	250,076		British Land Co plc		2,894
	2,305,149		CapitaLand Ltd		5,418
	3,430,300		CapitaMall Trust		4,655
	180,729	*	CBRE Group, Inc		6,250
	256,100		City Developments Ltd		1,378
	39,077		Coresite Realty		2,216
	332,732		Crown Castle International Corp		28,765
	414,500		Daiwa House Industry Co Ltd		11,915
	207,178		Dexus Property Group		1,124
	5,728		Digital Realty Trust, Inc		433
	22,121		Douglas Emmett, Inc		690
	159,367		Duke Realty Corp		3,350
	7,373		Equinix, Inc		2,230
	188,574		Equity Residential		15,386
	255,532		First Industrial Realty Trust, Inc		5,655

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	2,732	*	Forest City Enterprises, Inc (Class A)	$	60
	5,656		Gecina S.A.		688
	376,367		GPT Group (ASE)		1,303
	86,130		Hammerson plc		761
	529,437		HCP, Inc		20,246
	338,849		Host Marriott Corp		5,198
	121,000		Hysan Development Co Ltd		494
	388		Icade		26
	132,400		Iron Mountain, Inc		3,576
	291,636		Land Securities Group plc		5,055
	149,765		Lend Lease Corp Ltd		1,545
	783,402		Liberty International plc		3,660
	55,028		Macerich Co		4,440
	311,872	e	Macquarie Goodman Group		1,413
	24,518		Mid-America Apartment Communities, Inc		2,226
	727,767		Mirvac Group		1,042
	522,810		Mitsui Fudosan Co Ltd		13,121
	82,100		Nomura Real Estate Holdings, Inc		1,523
	419,552		Prologis, Inc		18,007
	56,247		Ryman Hospitality Properties		2,905
	419,971		Segro plc		2,658
	149,100		Shoei Co Ltd		1,309
	211,063		Simon Property Group, Inc		41,039
	1,304,241	e	Stockland Trust Group		3,872
	535,500		Swire Pacific Ltd (Class A)		5,982
	1,034,000		Swire Properties Ltd		2,973
	58,841		Unibail-Rodamco		14,942
	97,312		Ventas, Inc		5,491
	119,874		Vornado Realty Trust		11,983
	218,577		Welltower, Inc		14,870
	1,409		Weyerhaeuser Co		42
			TOTAL REAL ESTATE		349,724

RETAILING - 1.8%
	30,395	*	1-800-FLOWERS.COM, Inc (Class A)		221
	249,956	e	American Eagle Outfitters, Inc		3,874
	39,114	*	AutoZone, Inc		29,019
	198,967	*	Bed Bath & Beyond, Inc		9,600
	133,587		Best Buy Co, Inc		4,068
	21,019		Big 5 Sporting Goods Corp		210
	6,344	*	Blue Nile, Inc		236
	7,961	*,e	Cabela’s, Inc		372
	3,824		Canadian Tire Corp Ltd		327
	82,643	*	Carmax, Inc		4,460
	38,019	e	DSW, Inc (Class A)		907
	18,500		Fast Retailing Co Ltd		6,472
	36,865		Finish Line, Inc (Class A)		667
	25,233	*	Francesca’s Holdings Corp		439
	730	e	GameStop Corp (Class A)		20
	307,468	e	Gap, Inc		7,594
	23,293		GNC Holdings, Inc		723
	444,913	*,e	Groupon, Inc		1,366

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	8,583		Haverty Furniture Cos, Inc	$	184
	185,902		Hennes & Mauritz AB (B Shares)		6,613
	26,410		HSN, Inc		1,338
	513,682		Inditex S.A.		17,647
	104,200		Jardine Cycle & Carriage Ltd		2,547
	983,061		Kingfisher plc		4,761
	6,985		Kirkland’s, Inc		101
	232,746		Kohl’s Corp		11,086
	11,065	*,e	Lands’ End, Inc		259
	5,039,620		Li & Fung Ltd		3,408
	1,456	*	LKQ Corp		43
	599,108		Lowe’s Companies, Inc		45,556
	32,219	*	MarineMax, Inc		594
	336,563		Marks & Spencer Group plc		2,241
	277,941	*	NetFlix, Inc		31,791
	1,281		Next plc		138
	67,018	e	Nordstrom, Inc		3,338
	31,038		Nutri/System, Inc		672
	484,272	*	Office Depot, Inc		2,731
	8,683	e	Outerwall, Inc		317
	4,565	*	Overstock.com, Inc		56
	8,590	e	PetMed Express, Inc		147
	35,119	e	Pier 1 Imports, Inc		179
	50,268		PPR		8,595
	202,259		Ross Stores, Inc		10,884
	3,361		Shoe Carnival, Inc		78
	48,657	*	Shutterfly, Inc		2,168
	471		Signet Jewelers Ltd		58
	107,654	*	Sports Direct International plc		915
	32,052	e	Stage Stores, Inc		292
	564,868		Staples, Inc		5,349
	10,684		Stein Mart, Inc		72
	17,434		Tiffany & Co		1,330
	16,438	*,e	Tile Shop Holdings, Inc		270
	968		Tractor Supply Co		83
	277	*	Ulta Salon Cosmetics & Fragrance, Inc		51
			TOTAL RETAILING		236,467

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3%
	1,764		Analog Devices, Inc		98
	1,551,826		Applied Materials, Inc		28,973
	120,313		ASML Holding NV		10,690
	15,582	*	Cirrus Logic, Inc		460
	1,976,101		Intel Corp		68,077
	22,521		Lam Research Corp		1,789
	1,797		Nvidia Corp		59
	535,816	*	ON Semiconductor Corp		5,251
	130,376		Skyworks Solutions, Inc		10,017
	70,690	*,e	SunPower Corp		2,121
	40,230		Teradyne, Inc		831
	741,679		Texas Instruments, Inc		40,651
	96,300		Tokyo Electron Ltd		5,834
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		174,851

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
SOFTWARE & SERVICES - 5.2%
	416,030		Accenture plc	$	43,475
	51,181	*	Actua Corp		586
	416,918	*	Adobe Systems, Inc		39,165
	97,031	*	Alphabet, Inc (Class A)		75,491
	98,994	*	Alphabet, Inc (Class C)		75,125
	24,648		Amadeus IT Holding S.A.		1,086
	1,856	*	Aspen Technology, Inc		70
	29,714		Atos Origin S.A.		2,495
	191,488	*	Autodesk, Inc		11,667
	141,936		Automatic Data Processing, Inc		12,025
	126,956		Broadridge Financial Solutions, Inc		6,821
	404,991		CA, Inc		11,567
	24,502	*	Cadence Design Systems, Inc		510
	37,380		Cap Gemini S.A.		3,468
	141,379	*	CGI Group, Inc		5,661
	10,643	*,e	Cimpress NV		864
	287	*	Citrix Systems, Inc		22
	561,648	*	Cognizant Technology Solutions Corp (Class A)		33,710
	42,872	*	comScore, Inc		1,764
	20,058		Convergys Corp		499
	29,547	*	DHI Group, Inc		271
	55,764	*,e	Ellie Mae, Inc		3,359
	2,810	*,e	EnerNOC, Inc		11
	5,718		Fair Isaac Corp		539
	83,857	*,e	FireEye, Inc		1,739
	9,971	*	FleetCor Technologies, Inc		1,425
	1,391,000		Fujitsu Ltd		6,943
	156,154	*,e	Glu Mobile, Inc		379
	75,998	*,e	Infoblox, Inc		1,398
	68,487	*	Internap Network Services Corp		438
	403,104		International Business Machines Corp		55,475
	328,900		Intuit, Inc		31,739
	26,371		j2 Global, Inc		2,171
	58,827	*	Liquidity Services, Inc		382
	19,136	*	Manhattan Associates, Inc		1,266
	35,444	*	Marketo, Inc		1,018
	524,496		Mastercard, Inc (Class A)		51,065
	1,000		MAXIMUS, Inc		56
	75,409	*,e	Monster Worldwide, Inc		432
	3,035	*,e	NetSuite, Inc		257
	19,743	*,e	NeuStar, Inc (Class A)		473
	20,400		NTT Data Corp		986
	38,014		Open Text Corp		1,823
	1,514,138		Oracle Corp		55,311
	857		Paychex, Inc		45
	7,781	*	Perficient, Inc		133
	10,156	*	Progress Software Corp		244
	18,092	*	PROS Holdings, Inc		417
	7,962	*	Qualys, Inc		264

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	7,887	*	Rovi Corp	$	131
	509,278	*	Salesforce.com, Inc		39,927
	321,671		SAP AG.		25,526
	215,673	*,e	ServiceSource International LLC		994
	5,854	*	SolarWinds, Inc		345
	10,025	*	SPS Commerce, Inc		704
	14,457	*	Stamps.com, Inc		1,585
	874,268		Symantec Corp		18,360
	12,936	*	Syntel, Inc		585
	4,529	*	Tangoe, Inc		38
	20,999	*	Teradata Corp		555
	2,255	*	Tyler Technologies, Inc		393
	6,527	*	Ultimate Software Group, Inc		1,276
	45,368	*	Unisys Corp		501
	37,999	*,e	Vasco Data Security International		636
	54,595	*	Website Pros, Inc		1,092
	2,980	e	Western Union Co		53
	61,232	*	Workday, Inc		4,879
	1,970,774		Xerox Corp		20,949
	902,677	*	Yahoo!, Inc		30,023
			TOTAL SOFTWARE & SERVICES		694,682

TECHNOLOGY HARDWARE & EQUIPMENT - 2.0%
	8,103		Adtran, Inc		139
	4,234		Belden CDT, Inc		202
	2,571	*	Benchmark Electronics, Inc		53
	18,011		Black Box Corp		172
	24,131	*	Calix Networks, Inc		190
	2,272,014		Cisco Systems, Inc		61,697
	9,600		Cognex Corp		324
	909	*	Coherent, Inc		59
	4,145		Comtech Telecommunications Corp		83
	524,224		Corning, Inc		9,583
	80,260	*	Cray, Inc		2,604
	1,318	*	Electronics for Imaging, Inc		62
	1,543,365		EMC Corp		39,634
	7,100	*	FARO Technologies, Inc		210
	1,358		FEI Co		108
	103,068	*	Finisar Corp		1,499
	8,777	*	Flextronics International Ltd		98
	1,139,827		HP, Inc		13,495
	199,936		Ingram Micro, Inc (Class A)		6,074
	11,659	*	Insight Enterprises, Inc		293
	7,090		InterDigital, Inc		348
	30,066	*,e	IPG Photonics Corp		2,681
	41,052		Jabil Circuit, Inc		956
	15,900		Keyence Corp		8,739
	243,200		Konica Minolta Holdings, Inc		2,436
	250,900		Kyocera Corp		11,652
	79,342		Lexmark International, Inc (Class A)		2,575
	193,513		Motorola, Inc		13,246
	72,900		Murata Manufacturing Co Ltd		10,489

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	916,819		NEC Corp	$	2,905
	21,264	*	Netgear, Inc		891
	78,800		Omron Corp		2,628
	500	*	OSI Systems, Inc		44
	1,774		Plantronics, Inc		84
	1,420	*	Plexus Corp		50
	34,806	*	QLogic Corp		425
	844,574		Qualcomm, Inc		42,216
	23,440	*	RealD, Inc		247
	611,800	e	Ricoh Co Ltd		6,299
	2,500	*	Rofin-Sinar Technologies, Inc		67
	109,961		SanDisk Corp		8,356
	5,855	*	Scansource, Inc		189
	4,835	e	Seagate Technology, Inc		177
	55,993	*	Sonus Networks, Inc		399
	67,932	*,e	Super Micro Computer, Inc		1,665
	1,417		SYNNEX Corp		127
	18,000		TDK Corp		1,153
	6,229		TE Connectivity Ltd		402
	21,664	*	Tech Data Corp		1,438
	2,148	*	Trimble Navigation Ltd		46
	13,773	*	TTM Technologies, Inc		90
	10,708	*	Universal Display Corp		583
	132,900		Yokogawa Electric Corp		1,598
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		261,780

TELECOMMUNICATION SERVICES - 1.7%
	34,259	*	Boingo Wireless, Inc		227
	3,047,023		BT Group plc		21,157
	724,928		CenturyTel, Inc		18,239
	252,930	*	Cincinnati Bell, Inc		911
	2,650	e	Consolidated Communications Holdings, Inc		56
	3,261	*	Fairpoint Communications, Inc		52
	7,683	*	General Communication, Inc (Class A)		152
	11,301		IDT Corp (Class B)		132
	106,269	*,e	Iridium Communications, Inc		894
	637,232		KDDI Corp		16,549
	58,980	*	Level 3 Communications, Inc		3,206
	5,214		Lumos Networks Corp		58
	413,600		Nippon Telegraph & Telephone Corp		16,460
	576,500		NTT DoCoMo, Inc		11,825
	115,540		Rogers Communications, Inc (Class B)		3,985
	2,865,200		Singapore Telecommunications Ltd		7,387
	1,144,273	*,e	Sprint Corp		4,142
	22,191		Swisscom AG.		11,104
	1,207,698		TeliaSonera AB		5,997
	8,858		TELUS Corp		245
	1,613,520		Verizon Communications, Inc		74,577
	7,918,812		Vodafone Group plc		25,679
	240,525	*	Vonage Holdings Corp		1,381
			TOTAL TELECOMMUNICATION SERVICES		224,415

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
TRANSPORTATION - 1.8%
	258,104		Abertis Infraestructuras S.A. (Continuous)	$	4,036
	4,741		Allegiant Travel Co		796
	4,146		Arkansas Best Corp		89
	299,494		Auckland International Airport Ltd		1,175
	106,020		Autostrade S.p.A.		2,805
	97,236	*	Avis Budget Group, Inc		3,529
	338,256		Canadian National Railway Co		18,909
	52,000		Central Japan Railway Co		9,232
	843,634		CSX Corp		21,892
	272,376		Delta Air Lines, Inc		13,807
	206,682	*	Deutsche Lufthansa AG.		3,255
	474,637		Deutsche Post AG.		13,270
	91,100		East Japan Railway Co		8,578
	1,948		easyJet plc		50
	25,662	*	Echo Global Logistics, Inc		523
	5		Expeditors International of Washington, Inc		0	^
	1,231	*	Hertz Global Holdings, Inc		17
	11,986		Kuehne & Nagel International AG.		1,642
	103,000		Mitsui OSK Lines Ltd		260
	1,862,486		MTR Corp		9,197
	178,614		Norfolk Southern Corp		15,109
	109,600		Singapore Airlines Ltd		864
	771,381		Southwest Airlines Co		33,216
	19,504	*	Spirit Airlines, Inc		777
	197,000		Tokyu Corp		1,557
	451,697		Union Pacific Corp		35,323
	449,579		United Parcel Service, Inc (Class B)		43,263
	11,384	*	Wesco Aircraft Holdings, Inc		136
			TOTAL TRANSPORTATION		243,307

UTILITIES - 2.1%
	35,914		AGL Energy Ltd		470
	13,544		American Water Works Co, Inc		809
	16,720	e	Atco Ltd		431
	19,285		Canadian Utilities Ltd		445
	223,054		Centerpoint Energy, Inc		4,095
	861		Chesapeake Utilities Corp		49
	1,523,000		CLP Holdings Ltd		12,909
	376,114		Consolidated Edison, Inc		24,173
	446,209		Duke Energy Corp		31,855
	1,883		Edison International		111
	1,284,611		Enel Green Power S.p.A		2,611
	871,593		Energias de Portugal S.A.		3,141
	331,373		Eversource Energy		16,923
	4,925,579		Hong Kong & China Gas Ltd		9,640
	2,535,166		Iberdrola S.A.		17,972
	285,298	*	Meridian Energy Ltd		465
	87,865		MGE Energy, Inc		4,077
	1,460,618		National Grid plc		20,144
	22,560		New Jersey Resources Corp		744
	364,808		NextEra Energy, Inc		37,900

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	1,420	e	Ormat Technologies, Inc	$	52
	51,000		Osaka Gas Co Ltd		184
	635,479		Pepco Holdings, Inc		16,529
	153,366		Piedmont Natural Gas Co, Inc		8,745
	35,342		Public Service Enterprise Group, Inc		1,367
	586,762		Scottish & Southern Energy plc		13,175
	252,764		Sempra Energy		23,762
	1,577,190		Snam Rete Gas S.p.A.		8,231
	60,731		South Jersey Industries, Inc		1,428
	53,351		Suez Environnement S.A.		998
	90,839		TECO Energy, Inc		2,421
	460,790		Tokyo Gas Co Ltd		2,165
	2,695		United Utilities Group plc		37
	1,494		Unitil Corp		54
	56,043		WEC Energy Group, Inc		2,876
	27,296		WGL Holdings, Inc		1,719
	110,547		Xcel Energy, Inc		3,970
			TOTAL UTILITIES		276,677
			TOTAL COMMON STOCKS		7,952,827
			(Cost $6,226,009)

PREFERRED STOCKS - 0.1%
BANKS - 0.1%
	233,115	*,e	Federal Home Loan Mortgage Corp		793
	740,991	*	Federal National Mortgage Association		2,593
	14,500	*,e	M&T Bank Corp		15,471
			TOTAL BANKS		18,857
			TOTAL PREFERRED STOCKS		18,857
			(Cost $38,865)

RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	964,308	e	Repsol S.A.		481
			TOTAL ENERGY		481
			TOTAL RIGHTS / WARRANTS		481
			(Cost $488)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 5.9%
GOVERNMENT AGENCY DEBT - 2.8%
$	35,000,000	w	Federal Home Loan Bank (FHLB)		0.120-0.130	%	01/04/16	35,000
	20,000,000	w	FHLB		0.170		01/25/16	19,998
	23,600,000		FHLB		0.240		01/28/16	23,598
	30,000,000		FHLB		0.300		02/08/16	29,993
	50,000,000	w	FHLB		0.175		02/23/16	49,983
	23,000,000		FHLB		0.276		02/29/16	22,991
	50,000,000		FHLB		0.471		03/08/16	49,973

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	33,000,000		FHLB		0.280	%	03/18/16	$	32,979
	50,000,000	w	Federal Home Loan Mortgage Corp (FHLMC)		0.160		02/10/16		49,987
	34,000,000		FHLMC		0.391		05/04/16		33,952
	29,200,000		Federal National Mortgage Association (FNMA)		0.230		04/19/16		29,170
			TOTAL GOVERNMENT AGENCY DEBT						377,624

TREASURY DEBT - 1.0%
	10,000,000	w	United States Treasury Bill		0.140		01/07/16		10,000
	7,000,000	w	United States Treasury Bill		0.126		01/21/16		7,000
	80,000,000		United States Treasury Bill		0.141		03/24/16		79,968
	41,000,000		United States Treasury Bill		0.212		04/28/16		40,966
			TOTAL TREASURY DEBT						137,934

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.1%
GOVERNMENT AGENCY DEBT - 1.3%
	13,000,000		Federal Home Loan Bank (FHLB)		0.120		01/04/16		13,000
	16,000,000		FHLB		0.108		01/20/16		15,999
	20,000,000		FHLB		0.130		01/22/16		19,998
	20,700,000		FHLB		0.115		02/03/16		20,698
	30,000,000		FHLB		0.265		02/23/16		29,988
	30,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.140		03/08/16		29,992
	10,000,000		Federal National Mortgage Association (FNMA)		0.100		01/14/16		10,000
	34,000,000		FNMA		0.130		02/03/16		33,996
			TOTAL GOVERNMENT AGENCY DEBT						173,671

TREASURY DEBT - 0.8%
	17,000,000		United States Treasury Bill		0.102		03/03/16		16,997
	10,000,000		United States Treasury Bill		0.210		03/31/16		9,995
	50,000,000		United States Treasury Bill		0.190		04/21/16		49,971
	25,000,000		United States Treasury Bill		0.155		07/21/16		24,978
			TOTAL TREASURY DEBT						101,941

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						275,612

			TOTAL SHORT-TERM INVESTMENTS						791,170
			(Cost $791,178)
			TOTAL INVESTMENTS - 105.0%						14,022,022
			(Cost $12,306,251)
			OTHER ASSETS & LIABILITIES, NET - (5.0)%						(668,070	)
			NET ASSETS - 100.0%					$	13,353,952


		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 $288,127,000.

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/15, the aggregate value of these securities was $695,045,000, or 5.2% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
j		Zero coupon
m		Indicates a security that has been deemed illiquid.
w		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

		Cost amounts are in thousands.

396

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2015

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
SHORT-TERM INVESTMENTS - 100.0%

CERTIFICATE OF DEPOSIT - 2.7%
$	30,000,000		Banco Del Estado De Chile		0.260	%	01/08/16	$	30,000
	50,000,000		Banco Del Estado De Chile		0.260		01/12/16		50,000
	25,000,000		Banco Del Estado De Chile		0.350		02/17/16		25,000
	22,000,000		Banco Del Estado De Chile		0.530		03/11/16		22,000
	30,000,000		Banco Del Estado De Chile		0.530		03/14/16		30,000
	25,000,000		Banco Del Estado De Chile		0.600		03/21/16		25,000
	50,000,000		Toronto-Dominion Bank		0.010		01/04/16		50,000
	25,000,000		Toronto-Dominion Bank		0.300		02/12/16		25,000
	50,000,000		Toronto-Dominion Bank		0.430		03/07/16		50,000
			TOTAL CERTIFICATE OF DEPOSIT						307,000

COMMERCIAL PAPER - 30.9%
	30,000,000		American Honda Finance Corp		0.210		01/07/16		29,999
	18,000,000		American Honda Finance Corp		0.200		01/08/16		17,999
	30,000,000	y	Apple, Inc		0.160		01/04/16		30,000
	41,000,000	y	Apple, Inc		0.150-0.160		01/05/16		40,999
	50,000,000	y	Apple, Inc		0.150		01/11/16		49,998
	20,000,000	y	Apple, Inc		0.160		01/13/16		19,999
	30,000,000	y	Apple, Inc		0.155		01/19/16		29,998
	12,000,000	y	Apple, Inc		0.150		01/22/16		11,999
	30,000,000	y	Apple, Inc		0.180		01/25/16		29,996
	22,285,000	y	Apple, Inc		0.330		02/04/16		22,278
	26,700,000	y	Apple, Inc		0.390		02/22/16		26,685
	6,875,000	y	Apple, Inc		0.390		02/25/16		6,871
	50,000,000	y	Australia & New Zealand Banking Group Ltd		0.285		02/12/16		49,983
	18,663,000	y	Australia & New Zealand Banking Group Ltd		0.340		02/19/16		18,654
	6,745,000	y	Australia & New Zealand Banking Group Ltd		0.310		02/29/16		6,742
	50,000,000	y	Australia & New Zealand Banking Group Ltd		0.290-0.310		03/04/16		49,974
	25,000,000	y	Australia & New Zealand Banking Group Ltd		0.570		03/09/16		24,973
	30,290,000		Australia & New Zealand Banking Group Ltd		0.640		03/23/16		30,246
	19,000,000	y	Bedford Row Funding Corp		0.300		01/25/16		18,996
	15,000,000	y	Bedford Row Funding Corp		0.220		01/26/16		14,998
	31,000,000	y	Bedford Row Funding Corp		0.300		02/23/16		30,986
	9,000,000	y	Bedford Row Funding Corp		0.310		03/04/16		8,995
	20,585,000	y	Bedford Row Funding Corp		0.475		03/31/16		20,561
	13,000,000	y	Bedford Row Funding Corp		0.670		04/19/16		12,974
	5,000,000	y	CAFCO LLC		0.370		02/10/16		4,998
	15,000,000	y	CAFCO LLC		0.420		03/03/16		14,989
	30,000,000	y	Chevron Corp		0.160		01/08/16		29,999
	15,000,000	y	Chevron Corp		0.180		01/13/16		14,999
	5,000,000	y	Chevron Corp		0.205		02/03/16		4,999
	25,000,000	y	Commonwealth Bank of Australia		0.410		03/02/16		24,983
	20,000,000	y	DBS Bank Ltd		0.410		01/04/16		19,999

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,000,000	y	DBS Bank Ltd		0.430	%	01/07/16	$	9,999
	35,000,000	y	DBS Bank Ltd		0.240-0.280		01/19/16		34,996
	12,000,000	y	DBS Bank Ltd		0.325		02/16/16		11,995
	20,000,000	y	DBS Bank Ltd		0.310		02/19/16		19,992
	20,000,000	y	DBS Bank Ltd		0.660		03/22/16		19,970
	19,385,000		Exxon Mobil Corp		0.120		01/08/16		19,384
	10,000,000		Exxon Mobil Corp		0.360		01/11/16		9,999
	10,725,000		Exxon Mobil Corp		0.370		01/28/16		10,722
	15,915,000		Exxon Mobil Corp		0.320		02/02/16		15,910
	20,000,000		Exxon Mobil Corp		0.330		02/05/16		19,994
	50,000,000		Exxon Mobil Corp		0.410		02/23/16		49,970
	21,495,000		Exxon Mobil Corp		0.440		02/25/16		21,481
	7,660,000		Exxon Mobil Corp		0.450		02/26/16		7,655
	25,000,000	y	Fairway Finance LLC		0.700		04/11/16		24,951
	10,000,000	y	Johnson & Johnson		0.300		01/05/16		10,000
	25,000,000	y	Johnson & Johnson		0.290		02/08/16		24,992
	30,000,000		Korea Development Bank		0.270		01/12/16		29,997
	28,900,000		Korea Development Bank		0.260		01/21/16		28,896
	25,000,000		Korea Development Bank		0.320		02/11/16		24,991
	30,000,000		Korea Development Bank		0.360		02/24/16		29,984
	15,000,000		Korea Development Bank		0.540		04/25/16		14,974
	40,000,000	y	Liberty Street Funding LLC		0.300		01/27/16		39,991
	56,500,000	y	Microsoft Corp		0.180-0.190		01/06/16		56,499
	35,000,000	y	Microsoft Corp		0.170		01/20/16		34,997
	19,750,000	y	National Australia Bank Ltd		0.230		01/04/16		19,749
	40,000,000	y	National Australia Bank Ltd		0.250		01/05/16		39,999
	25,000,000	y	National Australia Bank Ltd		0.225		01/08/16		24,999
	25,000,000	y	National Australia Bank Ltd		0.235		01/21/16		24,997
	25,000,000	y	National Australia Bank Ltd		0.235		02/02/16		24,995
	22,645,000	y	National Australia Bank Ltd		0.400		03/01/16		22,630
	30,000,000	y	National Australia Bank Ltd		0.430		03/09/16		29,975
	5,320,000	y	Nestle Capital Corp		0.305		01/11/16		5,320
	30,000,000	y	Nestle Capital Corp		0.335		01/19/16		29,995
	10,000,000	y	Nestle Capital Corp		0.315		01/28/16		9,998
	28,000,000	y	Nestle Capital Corp		0.250		02/09/16		27,992
	50,000,000	y	Nestle Capital Corp		0.260		02/12/16		49,985
	20,000,000	y	Nestle Capital Corp		0.220		02/16/16		19,994
	3,900,000	y	Nordea Bank AB		0.230		01/08/16		3,900
	30,000,000	y	Nordea Bank AB		0.235		01/21/16		29,996
	30,000,000	y	Nordea Bank AB		0.225		01/28/16		29,995
	30,000,000	y	Nordea Bank AB		0.260		02/04/16		29,993
	30,000,000	y	Old Line Funding LLC		0.290		02/08/16		29,991
	25,098,000	y	Old Line Funding LLC		0.440-0.600		03/02/16		25,078
	30,000,000	y	Old Line Funding LLC		0.510		03/08/16		29,971
	30,000,000	y	Old Line Funding LLC		0.610		03/18/16		29,961
	20,000,000	y	Old Line Funding LLC		0.800		05/20/16		19,938
	10,000,000		PACCAR Financial Corp		0.190		01/12/16		9,999
	9,000,000		PACCAR Financial Corp		0.175		01/13/16		8,999
	7,000,000		PACCAR Financial Corp		0.190		01/19/16		6,999
	9,500,000		PACCAR Financial Corp		0.195		01/20/16		9,499
	10,000,000		PACCAR Financial Corp		0.180		01/21/16		9,999
	3,650,000		PACCAR Financial Corp		0.220		01/22/16		3,649
	5,000,000		PACCAR Financial Corp		0.470		02/16/16		4,997

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	23,000,000	y	Private Export Funding Corp		0.430	%	02/04/16	$	22,991
	30,000,000	y	Private Export Funding Corp		0.400		02/22/16		29,983
	35,600,000	y	Procter & Gamble Co		0.330		02/18/16		35,584
	6,850,000		Province of British Columbia Canada		0.230		01/06/16		6,850
	85,459,000		Province of British Columbia Canada		0.160-0.250		01/11/16		85,454
	13,315,000		Province of British Columbia Canada		0.200		01/19/16		13,314
	12,570,000		Province of British Columbia Canada		0.250		01/20/16		12,568
	11,175,000		Province of British Columbia Canada		0.220		01/27/16		11,173
	18,751,000		Province of British Columbia Canada		0.230		02/04/16		18,747
	25,000,000		Province of British Columbia Canada		0.390		02/05/16		24,991
	53,754,000		Province of British Columbia Canada		0.230-0.290		02/09/16		53,739
	40,000,000		Province of British Columbia Canada		0.280-0.285		02/18/16		39,985
	12,500,000		Province of British Columbia Canada		0.320		02/23/16		12,494
	20,000,000		Province of British Columbia Canada		0.330		03/01/16		19,989
	10,000,000		Province of British Columbia Canada		0.530		03/11/16		9,990
	25,000,000		Province of Ontario Canada		0.190		01/21/16		24,997
	30,000,000		Province of Ontario Canada		0.170		01/28/16		29,996
	30,000,000		Province of Ontario Canada		0.450		02/19/16		29,982
	10,000,000		Province of Ontario Canada		0.460		02/23/16		9,993
	25,000,000		Province of Ontario Canada		0.450		02/25/16		24,983
	5,000,000		Province of Ontario Canada		0.470		02/29/16		4,996
	20,030,000		Province of Ontario Canada		0.370		03/08/16		20,016
	48,295,000		Province of Ontario Canada		0.400-0.420		03/14/16		48,255
	39,600,000	y	Province of Quebec Canada		0.185		01/05/16		39,599
	50,000,000	y	Province of Quebec Canada		0.160		01/07/16		49,999
	30,000,000	y	Province of Quebec Canada		0.195-0.200		01/14/16		29,998
	10,000,000	y	Province of Quebec Canada		0.195		01/25/16		9,999
	20,000,000	y	Province of Quebec Canada		0.240		01/29/16		19,996
	30,000,000	y	Province of Quebec Canada		0.430		02/22/16		29,981
	25,000,000	y	Province of Quebec Canada		0.430		02/25/16		24,984
	30,000,000	y	Province of Quebec Canada		0.460		03/22/16		29,969
	25,000,000	y	PSP Capital, Inc		0.220		01/13/16		24,998
	30,000,000	y	PSP Capital, Inc		0.240		01/14/16		29,997
	24,100,000	y	PSP Capital, Inc		0.230		01/19/16		24,097
	21,985,000	y	PSP Capital, Inc		0.260		01/20/16		21,982
	14,000,000	y	PSP Capital, Inc		0.230-0.270		01/26/16		13,998
	47,500,000	y	PSP Capital, Inc		0.250-0.300		02/01/16		47,489
	25,000,000	y	PSP Capital, Inc		0.310-0.345		02/09/16		24,991
	10,000,000	y	PSP Capital, Inc		0.500		02/10/16		9,994
	5,000,000	y	PSP Capital, Inc		0.330		02/17/16		4,998
	12,000,000	y	PSP Capital, Inc		0.340		02/19/16		11,995
	25,000,000	y	PSP Capital, Inc		0.350		02/22/16		24,987
	15,000,000	y	Roche Holdings, Inc		0.350		01/25/16		14,996
	4,865,000	y	Svenska Handelsbanken AB		0.440		02/08/16		4,863
	40,000,000	y	Svenska Handelsbanken AB		0.380		02/22/16		39,978
	5,670,000	y	Svenska Handelsbanken AB		0.395		03/10/16		5,666
	50,000,000	y	Toronto-Dominion Holdings USA, Inc		0.190		01/06/16		49,999
	40,000,000	y	Toronto-Dominion Holdings USA, Inc		0.260		02/08/16		39,989
	30,000,000		Toyota Motor Credit Corp		0.240		01/26/16		29,995
	26,300,000	y	Unilever Capital Corp		0.190		01/05/16		26,299
	27,500,000	y	Unilever Capital Corp		0.170		01/11/16		27,499
	30,000,000	y	Unilever Capital Corp		0.180		01/19/16		29,997
	25,000,000	y	Unilever Capital Corp		0.195		01/25/16		24,997

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,000,000	y	Unilever Capital Corp		0.390	%	02/16/16	$	2,998
	24,500,000	y	Unilever Capital Corp		0.440		02/26/16		24,483
	20,000,000	y	Unilever Capital Corp		0.430		03/01/16		19,986
	20,000,000	y	Unilever Capital Corp		0.470		03/04/16		19,984
	7,000,000	y	United Overseas Bank Ltd		0.300		01/20/16		6,999
	3,550,000	y	United Overseas Bank Ltd		0.550		02/24/16		3,547
	25,650,000	y	Wal-Mart Stores, Inc		0.260		01/28/16		25,645
	8,300,000		Washington Gas Light Co		0.400		01/05/16		8,300
	6,875,000		Washington Gas Light Co		0.400		01/06/16		6,875
	30,500,000		Washington Gas Light Co		0.200-0.400		01/12/16		30,497
	20,000,000	y	Westpac Banking Corp		0.370		02/02/16		19,993
	50,000,000	y	Westpac Banking Corp		0.380		02/10/16		49,979
	20,000,000	y	Westpac Banking Corp		0.790		06/03/16		19,932
			TOTAL COMMERCIAL PAPER						3,504,417

GOVERNMENT AGENCY DEBT - 33.1%
	15,000,000		Federal Farm Credit Bank (FFCB)		0.320		02/09/16		14,995
	50,000,000		FFCB		0.350		03/07/16		49,968
	22,900,000		FFCB		0.460		03/18/16		22,877
	2,000,000		FFCB		0.490		04/14/16		1,997
	25,400,000		Federal Home Loan Bank (FHLB)		0.100-0.241		01/04/16		25,400
	42,740,000		FHLB		0.110-0.240		01/06/16		42,739
	7,000,000		FHLB		0.100-0.120		01/07/16		7,000
	67,600,000		FHLB		0.090-0.225		01/08/16		67,599
	7,100,000		FHLB		0.115		01/11/16		7,100
	59,090,000		FHLB		0.110-0.150		01/12/16		59,088
	51,549,000		FHLB		0.110-0.129		01/13/16		51,547
	13,200,000		FHLB		0.130		01/14/16		13,199
	100,100,000		FHLB		0.110-0.210		01/15/16		100,094
	25,225,000		FHLB		0.130-0.137		01/19/16		25,223
	54,225,000		FHLB		0.120-0.180		01/20/16		54,221
	38,500,000		FHLB		0.120-0.155		01/21/16		38,497
	153,081,000		FHLB		0.110-0.310		01/22/16		153,067
	68,000,000		FHLB		0.150-0.305		01/25/16		67,991
	105,695,000		FHLB		0.130-0.170		01/26/16		105,683
	95,869,000		FHLB		0.122-0.340		01/27/16		95,858
	59,600,000		FHLB		0.165-0.320		01/28/16		59,591
	144,000,000		FHLB		0.138-0.140		01/29/16		143,984
	15,000,000		FHLB		0.140		02/01/16		14,998
	55,815,000		FHLB		0.140-0.375		02/02/16		55,803
	130,000,000		FHLB		0.145-0.345		02/03/16		129,976
	82,350,000		FHLB		0.195-0.230		02/05/16		82,334
	48,248,000		FHLB		0.200-0.270		02/08/16		48,235
	58,200,000		FHLB		0.225		02/09/16		58,186
	62,255,000		FHLB		0.190-0.335		02/10/16		62,237
	10,000,000		FHLB		0.270		02/11/16		9,997
	30,000,000		FHLB		0.235		02/12/16		29,992
	111,795,000		FHLB		0.280-0.420		02/16/16		111,746
	118,261,000		FHLB		0.230-0.368		02/17/16		118,218
	16,800,000		FHLB		0.265		02/18/16		16,794
	94,595,000		FHLB		0.233-0.390		02/19/16		94,557
	25,000,000		FHLB		0.360		02/22/16		24,987
	55,000,000		FHLB		0.310-0.430		02/23/16		54,969

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	110,650,000	FHLB		0.245-0.350	%	02/24/16	$	110,605
	100,729,000	FHLB		0.240-0.300		02/26/16		100,684
	25,000,000	FHLB		0.310		03/01/16		24,987
	59,000,000	FHLB		0.300-0.315		03/02/16		58,970
	25,000,000	FHLB		0.320		03/03/16		24,986
	20,000,000	FHLB		0.360		03/04/16		19,987
	40,000,000	FHLB		0.465		03/07/16		39,966
	7,875,000	FHLB		0.360		03/08/16		7,870
	90,785,000	FHLB		0.320-0.470		03/09/16		90,719
	41,500,000	FHLB		0.430-0.440		03/11/16		41,465
	47,000,000	FHLB		0.420-0.465		03/16/16		46,959
	3,375,000	FHLB		0.190		03/21/16		3,374
	57,251,000	FHLB		0.440-0.450		03/23/16		57,193
	39,037,000	FHLB		0.400-0.440		03/28/16		38,998
	152,000,000	FHLB		0.350-0.460		03/30/16		151,851
	900,000	FHLB		0.300		04/12/16		899
	10,000,000	FHLB		0.430		04/27/16		9,986
	22,215,000	FHLB		0.620-0.670		06/08/16		22,154
	4,300,000	FHLB		0.620		06/13/16		4,288
	10,000,000	Federal Home Loan Mortgage Corp (FHLMC)		0.170		01/14/16		9,999
	26,200,000	FHLMC		0.165		01/20/16		26,198
	700,000	FHLMC		0.200		01/21/16		700
	30,500,000	FHLMC		0.140-0.170		01/25/16		30,497
	25,000,000	FHLMC		0.240		01/26/16		24,996
	24,200,000	FHLMC		0.110-0.330		01/27/16		24,196
	10,000,000	FHLMC		0.220		01/28/16		9,998
	12,000,000	FHLMC		0.180		01/29/16		11,998
	1,050,000	FHLMC		0.220		02/09/16		1,050
	6,300,000	FHLMC		0.215-0.310		02/10/16		6,298
	29,652,000	FHLMC		0.205-0.330		02/17/16		29,643
	3,500,000	FHLMC		0.320		02/23/16		3,498
	575,000	FHLMC		0.265		03/16/16		575
	3,060,000	FHLMC		0.250		03/24/16		3,058
	41,623,000	FHLMC		0.415-0.500		04/01/16		41,574
	27,790,000	FHLMC		0.270-0.340		04/04/16		27,770
	67,725,000	FHLMC		0.440-0.450		04/08/16		67,643
	30,000,000	FHLMC		0.450		04/12/16		29,962
	15,200,000	FHLMC		0.380		04/14/16		15,183
	12,315,000	FHLMC		0.350		04/22/16		12,302
	15,000,000	FHLMC		0.420		05/02/16		14,979
	25,000,000	FHLMC		0.390		05/04/16		24,966
	12,400,000	FHLMC		0.590		10/19/16		12,341
	8,520,000	Federal National Mortgage Association (FNMA)		0.160		01/04/16		8,520
	3,000,000	FNMA		0.150		01/05/16		3,000
	21,343,000	FNMA		0.150-0.250		01/14/16		21,341
	2,265,000	FNMA		0.140		01/19/16		2,265
	23,000,000	FNMA		0.110		01/20/16		22,999
	3,000,000	FNMA		0.300		01/21/16		2,999
	9,000,000	FNMA		0.182		01/25/16		8,999
	32,800,000	FNMA		0.145-0.360		02/02/16		32,790
	10,000,000	FNMA		0.200		02/03/16		9,998
	17,413,000	FNMA		0.200-0.300		02/08/16		17,409
	5,700,000	FNMA		0.210-0.240		02/10/16		5,699

401

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	11,200,000	FNMA		0.215-0.310	%	02/16/16	$	11,197
	1,025,000	FNMA		0.210		02/17/16		1,025
	8,600,000	FNMA		0.225-0.380		02/22/16		8,597
	5,108,000	FNMA		0.410		02/25/16		5,105
	40,000,000	FNMA		0.340		03/01/16		39,977
	15,000,000	FNMA		0.200		03/14/16		14,994
	2,304,000	FNMA		0.420		03/16/16		2,302
	1,580,000	FNMA		0.250		04/06/16		1,579
	20,900,000	FNMA		0.300-0.330		04/13/16		20,880
	77,800,000	FNMA		0.340		04/14/16		77,724
	9,000,000	FNMA		0.370		04/20/16		8,990
	2,695,000	FNMA		0.320		04/27/16		2,692
	30,000,000	FNMA		0.520		05/02/16		29,947
	28,935,000	FNMA		0.640-0.650		06/08/16		28,853
		TOTAL GOVERNMENT AGENCY DEBT						3,795,993

TREASURY DEBT - 17.9%
	80,000,000	United States Treasury Bill		0.050-0.150		01/07/16		79,999
	100,000,000	United States Treasury Bill		0.071-0.192		01/14/16		99,996
	20,000,000	United States Treasury Bill		0.071		01/21/16		19,999
	17,120,000	United States Treasury Bill		0.056-0.095		01/28/16		17,119
	62,055,000	United States Treasury Bill		0.112-0.218		02/04/16		62,044
	90,000,000	United States Treasury Bill		0.085-0.229		02/11/16		89,984
	80,000,000	United States Treasury Bill		0.032-0.184		02/18/16		79,989
	74,355,000	United States Treasury Bill		0.163-0.233		02/25/16		74,333
	65,000,000	United States Treasury Bill		0.200-0.249		03/03/16		64,975
	55,000,000	United States Treasury Bill		0.152-0.257		03/10/16		54,979
	22,725,000	United States Treasury Bill		0.147-0.183		03/17/16		22,718
	33,740,000	United States Treasury Bill		0.045-0.174		03/24/16		33,732
	30,000,000	United States Treasury Bill		0.061-0.204		04/07/16		29,991
	25,000,000	United States Treasury Bill		0.073-0.210		04/14/16		24,991
	85,000,000	United States Treasury Bill		0.111-0.121		04/21/16		84,970
	50,000,000	United States Treasury Bill		0.155-0.200		04/28/16		49,971
	34,900,000	United States Treasury Bill		0.311-0.426		05/05/16		34,856
	20,000,000	United States Treasury Bill		0.358-0.450		05/19/16		19,969
	20,000,000	United States Treasury Bill		0.476		06/02/16		19,959
	25,000,000	United States Treasury Bill		0.402-0.404		06/09/16		24,955
	1,620,000	United States Treasury Bill		0.204		08/18/16		1,618
	100,000,000	United States Treasury Note		0.375		01/15/16		100,007
	50,000,000	United States Treasury Note		0.375		01/31/16		50,008
	25,000,000	United States Treasury Note		0.375		02/15/16		25,007
	120,000,000	United States Treasury Note		0.250		02/29/16		120,010
	121,335,000	United States Treasury Note		0.375		03/15/16		121,371
	150,000,000	United States Treasury Note		0.375		03/31/16		150,058
	150,000,000	United States Treasury Note		0.250		04/15/16		150,022
	20,000,000	United States Treasury Note		0.375		04/30/16		20,002
	20,000,000	United States Treasury Note		0.250		05/15/16		19,992
	64,015,000	United States Treasury Note		0.375		05/31/16		64,042
	40,620,000	United States Treasury Note		0.500		06/15/16		40,646
	32,215,000	United States Treasury Note		0.500		06/30/16		32,253
	99,560,000	United States Treasury Note		0.625		07/15/16		99,709
	10,000,000	United States Treasury Note		0.500		07/31/16		10,005
	39,470,000	United States Treasury Note		0.625		08/15/16		39,532

402

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,280,000		United States Treasury Note		0.500	%	08/31/16	$	5,287
			TOTAL TREASURY DEBT						2,039,098

VARIABLE RATE SECURITIES - 15.4%
	20,000,000	i,y	Bedford Row Funding Corp		0.376		04/01/16		20,001
	70,000,000	i	Federal Farm Credit Bank (FFCB)		0.450		01/13/16		70,000
	60,100,000	i	FFCB		0.500		02/01/16		60,104
	20,000,000	i	FFCB		0.390		03/29/16		19,998
	50,000,000	i	FFCB		0.372		04/21/16		49,998
	36,000,000	i	FFCB		0.530		06/09/16		36,015
	45,000,000	i	FFCB		0.420		06/23/16		44,996
	150,000,000	i	FFCB		0.263		08/10/16		149,985
	50,000,000	i	FFCB		0.398		08/24/16		49,990
	10,000,000	i	FFCB		0.321		10/11/16		10,001
	4,700,000	i	FFCB		0.480		12/30/16		4,696
	22,000,000	i	FFCB		0.390		01/13/17		22,000
	120,000,000	i	FFCB		0.398		01/24/17		119,994
	10,275,000	i	FFCB		0.405		01/30/17		10,263
	64,000,000	i	FFCB		0.425		02/23/17		63,978
	76,000,000	i	FFCB		0.243		03/02/17		76,000
	50,000,000	i	FFCB		0.500		03/09/17		49,976
	15,200,000	i	FFCB		0.500		04/10/17		15,202
	105,000,000	i	FFCB		0.326		06/15/17		104,989
	50,000,000	i	FFCB		0.480		06/27/17		49,940
	72,000,000	i	FFCB		0.331		07/17/17		71,993
	50,000,000	i	FFCB		0.470		08/04/17		49,984
	16,500,000	i	Federal Home Loan Bank (FHLB)		0.187		01/30/17		16,495
	60,000,000	i	FHLB		0.229		02/17/17		59,974
	50,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.397		07/21/16		49,997
	9,500,000	i	FHLMC		0.322		01/12/17		9,500
	60,000,000	i	FHLMC		0.322		01/13/17		59,994
	11,300,000	i	FHLMC		0.407		04/20/17		11,293
	30,000,000	i	FHLMC		0.462		04/27/17		29,992
	21,497,000	i	Federal National Mortgage Association (FNMA)		0.351		08/15/16		21,501
	45,050,000	i	FNMA		0.437		01/26/17		45,057
	78,000,000	i	FNMA		0.422		07/20/17		77,913
	94,500,000	i	FNMA		0.355		08/16/17		94,484
	50,000,000	i	FNMA		0.279		10/05/17		49,987
	50,000,000	i	Wells Fargo Bank NA		0.540		03/10/16		50,000
	50,000,000	i	Wells Fargo Bank NA		0.570		04/11/16		50,000
			TOTAL VARIABLE RATE SECURITIES						1,776,290

			TOTAL SHORT-TERM INVESTMENTS						11,422,798
			(Cost $11,422,798)
			TOTAL INVESTMENTS - 100.0%						11,422,798
			(Cost $11,422,798)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						1,965
			NET ASSETS - 100.0%					$	11,424,763

403

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

i		Floating or variable rate security. Coupon rate reflects the rate at period end.
y		Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/15, the aggregate value of these securities was $2,529,897,000, or 22.1% of net assets.

		Cost amounts are in thousands.

404

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account, and Money Market Account (constituting the College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) at December 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedules of investments (hereafter collectively referred to as “financial statements”) are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 19, 2016

405

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

SIGNATURES

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

		COLLEGE RETIREMENT EQUITIES FUND

Dated:	February 19, 2016	By:	/s/Robert G. Leary
			Robert G. Leary
			Principal Executive Officer and
			Executive Vice President
			(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.

Dated:	February 19, 2016	By:	/s/Robert G. Leary
			Robert G. Leary
			Principal Executive Officer and
			Executive Vice President
			(principal executive officer)

Dated:	February 19, 2016	By:	/s/Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer
			and Principal Accounting Officer
			(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

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

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

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

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~~Exhibit 12(a)(1)~~

TIAA AND TIAA-CREF FUNDS
CODE OF ETHICS

FOR

SENIOR FINANCIAL OFFICERS

Introduction

The honesty, integrity and sound judgment of the principal executive officers, principal financial officers, principal accounting officers and controllers of TIAA and TIAA-CREF Funds (referred to herein collectively as the “Senior Financial Officers”) is fundamental to our reputation and success. Thus, in addition to complying with any other applicable corporate code of conduct, each Senior Financial Officer is subject to this Code of Ethics (“Code”).

Specific Provisions

Conflicts of Interest. Each Senior Financial Officer should avoid actual or apparent conflicts of interest between personal and professional relationships.

A “conflict of interest” occurs when a Senior Financial Officer’s private interest interferes with the interests of TIAA and TIAA-CREF Funds. For example, the Senior Financial Officer should not cause TIAA and TIAA-CREF Funds to take action, or fail to take action, for the personal benefit of the Senior Financial Officer rather than the benefit of TIAA and TIAA-CREF Funds. Other conflicts could occur from outside business activities that detract from an individual’s ability to devote appropriate time and attention to TIAA and TIAA-CREF Funds. Any questions relating to potential conflict of interest situations should be discussed with the SMD, General Counsel & Head of Corporate Governance.

Complete and Accurate Disclosures. Each Senior Financial Officer is required to be familiar, and comply, with the TIAA and TIAA-CREF Funds disclosure controls and procedures so that the TIAA and TIAA-CREF Funds documents filed with the SEC comply in all material respects with the applicable federal securities laws. In addition, each Senior Financial Officer having direct or supervisory authority regarding SEC filings or TIAA and TIAA-CREF Funds other public communications should, to the extent appropriate within his or her area of responsibility, consult with other TIAA and TIAA-CREF Funds officers and employees, or individuals contracted to perform such tasks, and take appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Senior Financial Officer must:

· Familiarize himself or herself with the disclosure requirements applicable to TIAA and TIAA-CREF Funds as well as the business and financial operations of TIAA and TIAA-CREF Funds;

· Not knowingly misrepresent, or cause others to misrepresent, facts about TIAA and TIAA-CREF Funds to others, whether within or outside TIAA and TIAA-CREF Funds, including to the TIAA and TIAA-CREF Funds internal auditors, independent Trustees, independent auditors, and to governmental regulators and self-regulatory organizations; and

· Adhere to the standards and restrictions imposed by applicable laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

Reporting and Accountability. Each Senior Financial Officer must:

· Upon receipt of this Code, sign and submit to the Corporate Controller’s Area an acknowledgment stating that the Senior Financial Officer has received, read, and understands the Code;

· Annually thereafter submit a form to the Corporate Controller’s Area confirming that the Senior Financial Officer has received, read and understands the Code and has complied with its requirements; and

· Notify the SMD, General Counsel & Head of Corporate Governance promptly if the Senior Financial Officer becomes aware of any existing or potential violation of the Code. Failure to do so is a violation of the Code.

Except as described otherwise below, the SMD, General Counsel & Head of Corporate Governance is responsible for applying this Code to specific situations and has the authority to interpret this Code in any particular situation. The SMD, General Counsel & Head of Corporate Governance shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The TIAA Audit Committee and TIAA-CREF Funds Audit and Compliance Committee shall have the sole discretionary authority to approve any deviation or waiver from this Code for their respective Senior Financial Officers. Any waiver, including an implicit waiver, shall be promptly disclosed as required through either an SEC filing or a posting on the TIAA and TIAA-CREF Funds Internet website. Such disclosure shall include a brief description of the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. For purposes of such disclosure, the term “waiver” means the approval by the TIAA Audit Committee or TIAA-CREF Funds Audit and Compliance Committee of a material departure from a provision of this Code of Ethics, and the term “implicit waiver” means the TIAA Audit Committee’s or the TIAA-CREF Funds Audit and Compliance Committees’ failure to take action within a reasonable period of time regarding a material departure from a provision of this Code.

TIAA and TIAA-CREF Funds will promptly disclose any amendment to this Code in accordance with the SEC’s rules.

EX-99.CERT 16 c83448_ex99cert.htm
Exhibit 12(a)(2)(i)

CERTIFICATION

I, Robert G. Leary, certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 19, 2016 By: /s/Robert G. Leary

Robert G. Leary

Principal Executive Officer and

Executive Vice President

(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Virginia M. Wilson, certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 19, 2016 By: /s/Virginia M. Wilson

Virginia M. Wilson

Executive Vice President, Chief Financial

Officer and Principal Accounting Officer

(principal financial officer)

EX-99.906 CERT 17 c83448_ex99-906cert.htm
Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA-CREF Funds does hereby certify, to such officer’s knowledge, that:

This report on Form N-CSR of the College Retirement Equities Fund (the “Fund”) (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated: February 19, 2016 By: /s/Robert G. Leary

Robert G. Leary

President and Principal Executive Officer

(principal executive officer)

Dated: February 19, 2016 By: /s/Virginia M. Wilson

Virginia M. Wilson

Executive Vice President, Chief Financial

Officer and Principal Accounting Officer

(principal financial officer)

	·	Familiarize himself or herself with the disclosure requirements applicable to TIAA and TIAA-CREF Funds as well as the business and financial operations of TIAA and TIAA-CREF Funds;

	·	Not knowingly misrepresent, or cause others to misrepresent, facts about TIAA and TIAA-CREF Funds to others, whether within or outside TIAA and TIAA-CREF Funds, including to the TIAA and TIAA-CREF Funds internal auditors, independent Trustees, independent auditors, and to governmental regulators and self-regulatory organizations; and

	·	Adhere to the standards and restrictions imposed by applicable laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

	·	Upon receipt of this Code, sign and submit to the Corporate Controller’s Area an acknowledgment stating that the Senior Financial Officer has received, read, and understands the Code;

	·	Annually thereafter submit a form to the Corporate Controller’s Area confirming that the Senior Financial Officer has received, read and understands the Code and has complied with its requirements; and

	·	Notify the SMD, General Counsel & Head of Corporate Governance promptly if the Senior Financial Officer becomes aware of any existing or potential violation of the Code. Failure to do so is a violation of the Code.

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	February 19, 2016	By:	/s/Robert G. Leary
			Robert G. Leary
			Principal Executive Officer and
			Executive Vice President
			(principal executive officer)