N-CSR 1 c86984_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.

College Retirement Equities Fund

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, 2016

Item 1. Reports to Stockholders.

Annual Report

December 31, 2016

College Retirement Equities Fund

The annual report contains the audited financial statements.

Stock	Equity Index	Social Choice

Global Equities	Bond Market	Money Market

Growth	Inflation-Linked Bond

BUILT TO PERFORM.

CREATED TO SERVE.

Contents


	Understanding your CREF report	3

	Letter to CREF participants	4

	Information for CREF participants	6

	About the accounts’ benchmarks	7

	Important information about expenses	9

	Account performance
	CREF Stock Account	10
	CREF Global Equities Account	14
	CREF Growth Account	18
	CREF Equity Index Account	22
	CREF Bond Market Account	26
	CREF Inflation-Linked Bond Account	30
	CREF Social Choice Account	34
	CREF Money Market Account	38

	Summary portfolios of investments	41

	Audited financial statements
	Statements of assets and liabilities	74
	Statements of operations	76
	Statements of changes in net assets	78
	Financial highlights	84
	Notes to financial statements	90

	Report of independent registered public accounting firm	109

	Trustees and officers	110

	Additional information about index providers	116

	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, 2016. The report contains four main sections:

	•	A letter to participants from Chief Investment Officer William Riegel.
	•	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, 2016.
	•	The financial statements provide detailed information about the operations and financial condition of each account.

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

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

College Retirement Equities Fund ■ 2016 Annual Report

William Riegel

Letter to CREF participants

The U.S. stock market pushed through bouts of volatility during 2016 but ended the year higher than where it began, as the domestic economy continued its steady growth trajectory. The domestic bond market also delivered positive results for the twelve months. Foreign developed-market stocks finished the period with modest gains.

	•	Returns for the five CREF accounts with significant exposure to U.S. equities ranged from 2.5% for the Growth Account to 12.1% for the Equity Index Account.
	•	The Bond Market Account gained 3.1%, and the Inflation-Linked Bond Account rose 3.8%.
	•	All account returns are for Class R1.

All CREF accounts had positive performance

In 2016, all of the CREF accounts had positive performance for the period. Domestic value stocks outperformed domestic growth stocks during the year, while equities outperformed fixed-income securities.

In terms of individual account performance highlights, the Bond Market Account had a solid 3.1% return and outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, primarily as a result of its emphasis on corporate bonds, which was the strongest-performing sector in the account’s benchmark.

The Social Choice Account was in line with its composite benchmark, with a return of 7.0%. This account benefited from exclusions of certain stocks in the health care sector and overweighted positions in certain technology stocks.

The Stock Account, which is the largest CREF account in terms of net assets, had a solid return of 8.8% for the year but underperformed its composite benchmark, primarily as a result of an overweight investment in a U.S. pharmaceutical company and overweights in two stocks of companies based in the United Kingdom.

The Growth Account was the biggest underperformer of its benchmark, the Russell 1000^® Growth Index, primarily as a result of inopportune stock choices in the pharmaceutical, consumer discretionary and telecommunications sectors.

Finally, the Money Market Account converted to a “government money market fund” in October 2016 and benefited from a U.S. interest-rate hike in December.

For full details on all of the accounts, please see the commentaries on the following pages.

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Domestic markets climb higher

The broad U.S. stock market, as measured by the Russell 3000^®Index, climbed 12.7% for the twelve months ended December 31, 2016. Early in the year, plunging oil prices caused concern among investors. Stocks were muted in June after citizens of the United Kingdom voted to exit the European Union, but prices recovered in July. The run-up to the U.S. presidential election saw continued volatility, but domestic stocks proved resilient, surging in the final six weeks of the year.

Foreign developed-market stocks returned a less robust 1.0%, as measured in U.S.-dollar terms by the MSCI EAFE Index. Stock performance varied significantly across countries, with U.S.-dollar strength creating a headwind for many overseas markets.

The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 2.7% for the year, with all sectors delivering positive performance.

Maintaining perspective in uncertain times

How 2017 will unfold in the capital markets remains somewhat uncertain. How will new policy initiatives from the White House affect investor sentiment? What effect will U.S. Federal Reserve actions have on global economic growth? Over the past several years, markets have been extraordinarily volatile, and the road ahead may continue to be bumpy at times. How investors react to those bumps can make all the difference. Holding course as you navigate toward your long-term financial goals may seem difficult during turbulent times, but as we have witnessed so often in the past, making rash investment decisions based on fear and anxiety has rarely been a winning strategy.

If you have questions about your investments, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. You may also visit TIAA.org for updated performance information, as well as our 2017 Economic and Investment Outlook.

William Riegel

Chief Investment Officer

TIAA Public Investments

College Retirement Equities Fund ■ 2016 Annual Report

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.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.org or on the SEC’s website at www.sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the accounts voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA

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, 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.

6	2016 Annual Report ■ College Retirement Equities Fund

About the accounts’ benchmarks

CREF Stock Account

The account’s composite benchmark is a weighted average of two unmanaged 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 small-, mid- and large-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 Bloomberg 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.

College Retirement Equities Fund ■ 2016 Annual Report

About the accounts’ benchmarks

CREF Inflation-Linked Bond Account

The account’s former benchmark (prior to April 1, 2016) was the Bloomberg 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). The account’s new benchmark (effective April 1, 2016) is the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index, which measures the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

CREF Social Choice Account

The account’s composite benchmark is a weighted average of three unmanaged indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market; the Bloomberg 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 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.

8	2016 Annual Report ■ College Retirement Equities Fund

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, 2016–December 31, 2016).

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.

College Retirement Equities Fund ■ 2016 Annual Report

CREF Stock Account

Performance for the twelve months ended December 31, 2016

The CREF Stock Account returned 8.76% for the year, compared with a return of 10.25% for 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, climbed 12.74% in 2016, reflecting solid domestic economic growth and marking the eighth straight year of positive performance among U.S. equities. By contrast, foreign stocks returned a less robust 4.41%, as measured in U.S.-dollar terms by the MSCI All Country World ex USA Investable Market Index, which represents the performance of small-, mid- and large-cap stocks in 45 developed- and emerging-market countries outside the United States. The more subdued performance of foreign stocks was attributable in part to economic uncertainties in the aftermath of Britain’s vote to exit from the European Union (EU), which weighed on stocks in non-U.S. developed markets—particularly those in Europe. A strong U.S. dollar also created a headwind for many overseas markets.

Allocation choices hold back relative results

The account trailed its benchmark mainly due to inopportune allocations of certain holdings. The largest detractor was an overweight position in U.S. specialty pharmaceuticals company Allergan, whose stock price fell during the period as a result of disappointing earnings. Overweight positions in two U.K. stocks—auto parts maker Delphi Automotive and satellite broadcaster Sky—also detracted, in part due to uncertainties surrounding the United Kingdom’s vote to leave the EU.

On the upside, overweight positions in several energy stocks contributed to the account’s relative performance. The most significant of these were U.S. oil and natural gas producers RSP Permian, EOG Resources and Concho Resources, whose stock prices strengthened in response to rising energy prices.

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 (see the current CREF prospectus for more details on AUV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the account’s benchmark. These changes are, however, taken into account to value the account’s portfolio holdings at the time the account’s AUV is calculated; these are known as fair value pricing adjustments.

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CREF Stock Account

Performance as of December 31, 2016

CREF Stock Account				Total return			Average annual total return						Estimated annual operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		*
Class R1	QCSTRX		7/31/1952		8.76	%		11.40	%		4.96	%		0.715	%
Class R2	QCSTPX		4/24/2015		9.06			11.51	^†		5.01	^†		0.490
Class R3	QCSTIX		4/24/2015		9.17			11.55	^†		5.03	^†		0.380
CREF Stock Composite Benchmark^‡			—		10.25			11.86			5.25			—
Broad market index
Russell 3000^® Index			—		12.74			14.67			7.07			—

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.org.

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

*	The estimated annual operating expenses are taken from the accounts’ latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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 Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^‡	On December 31, 2016, 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.

College Retirement Equities Fund ■ 2016 Annual Report

CREF Stock Account

$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.

Expense example

Six months ended December 31, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Stock Account	(7/1/16		)	(12/31/16		)	(7/1/16–12/31/16		)
Actual return
Class R1		$1,000.00			$1,072.43			$3.80
Class R2		1,000.00			1,073.96			2.35
Class R3		1,000.00			1,074.49			1.83
5% annual hypothetical return
Class R1		1,000.00			1,021.47			3.71
Class R2		1,000.00			1,022.87			2.29
Class R3		1,000.00			1,023.38			1.78

For more information about this expense example, please see page 9.

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2016
Class R1		0.74%
Class R2		0.47%
Class R3		0.36%

12	2016 Annual Report ■ College Retirement Equities Fund

CREF Stock Account

Account profile

	as of 12/31/2016
Net assets	$113.06 billion
Portfolio turnover rate	56%
Number of holdings	9,470
Weighted median market capitalization	$36.73 billion
Price/earnings ratio (weighted 12-month trailing average)^†	23.4

^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition

	% of net assets
Sector	as of 12/31/2016
Information technology	17.2
Financials	16.9
Consumer discretionary	13.0
Industrials	11.4
Health care	11.0
Consumer staples	8.4
Energy	7.2
Materials	5.0
Real estate	3.7
Utilities	2.9
Telecommunication services	2.7
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2016
More than $50 billion	43.6
More than $15 billion–$50 billion	23.5
More than $2 billion–$15 billion	25.8
$2 billion or less	7.1
Total	100.0

Holdings by country

	% of portfolio investments
	as of 12/31/2016
United States	67.5
Japan	5.1
United Kingdom	3.4
France	2.3
Canada	2.1
Germany	1.8
China	1.8
Switzerland	1.6
56 other nations	12.1
Short-term investments	2.3
Total	100.0

College Retirement Equities Fund ■ 2016 Annual Report

CREF Global Equities Account

Performance for the twelve months ended December 31, 2016

The CREF Global Equities Account returned 4.72% for the year, compared with the 7.51% return of its benchmark, the MSCI World Index. (All returns for the account are for Class R1.)

While the U.S. economy strengthened during 2016, lackluster economies in foreign developed markets required more central bank support. Oil prices fell below $27 in mid-February, but recovered to above $54 per barrel by year-end. Stocks were muted in June, after the United Kingdom’s citizens voted to exit the European Union, but prices recovered in July. As November approached, international markets were generally more volatile amid uncertainties related to the U.S. presidential race. U.S. stocks surged after the election and international equities also saw gains. In mid-December, the U.S. Federal Reserve raised its federal funds target rate to 0.50%–0.75%—the first increase since the Fed raised this key short-term benchmark in December 2015.

Market performance varied significantly across countries. U.S.-dollar strength created a headwind for many overseas markets. In particular, returns for eurozone stocks were reduced when converted into U.S. dollars. United Kingdom stocks had a double-digit gain in local currency, but declined slightly in U.S.-dollar terms. Conversely, Japan’s local currency return was negative, but when translated into U.S. dollars the result was positive.

Stock choices limit relative performance

Although the account produced a gain for the year, stock selection hindered performance versus the benchmark. In particular, overweight holdings in British Airways’ owner International Consolidated Airlines, drug manufacturer Allergan and British banking giant Barclays detracted.

Notable contributors to relative performance included an overweight position in oil and gas producer EOG Resources, an out-of-benchmark investment in steel and iron producer AK Steel, and an overweight position in Bank of America, whose share price rallied to a record high after the U.S. presidential election.

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CREF Global Equities Account

Performance as of December 31, 2016


CREF Global Equities Account				Total return			Average annual total return						Estimated annual operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		*
Class R1	QCGLRX		5/1/1992		4.72	%		10.33	%		3.63	%		0.705	%
Class R2	QCGLPX		4/24/2015		5.00			10.43	^†		3.68	^†		0.480
Class R3	QCGLIX		4/24/2015		5.11			10.47	^†		3.70	^†		0.370
MSCI World Index			—		7.51			10.41			3.83			—

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

*	The estimated annual operating expenses are taken from the accounts’ latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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 ■ 2016 Annual Report

CREF Global Equities Account

Expense example

Six months ended December 31, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Global Equities Account	(7/1/16		)	(12/31/16		)	(7/1/16–12/31/16		)
Actual return
Class R1		$1,000.00			$1,065.79			$3.84
Class R2		1,000.00			1,067.33			2.34
Class R3		1,000.00			1,067.86			1.87
5% annual hypothetical return
Class R1		1,000.00			1,021.42			3.76
Class R2		1,000.00			1,022.87			2.29
Class R3		1,000.00			1,023.33			1.83

For more information about this expense example, please see page 9.

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2016
Class R1		0.75%
Class R2		0.48%
Class R3		0.37%

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CREF Global Equities Account

Account profile

	as of 12/31/2016
Net assets	$18.11 billion
Portfolio turnover rate	78%
Number of holdings	2,026
Weighted median market capitalization	$41.10 billion
Price/earnings ratio (weighted 12-month trailing average)^†	24.3

^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition

	% of net assets
Sector	as of 12/31/2016
Financials	18.1
Information technology	14.7
Consumer discretionary	13.9
Industrials	11.4
Health care	11.1
Consumer staples	8.1
Energy	8.1
Materials	6.2
Utilities	2.6
Real estate	2.5
Telecommunication services	2.4
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2016
More than $50 billion	45.4
More than $15 billion–$50 billion	28.5
More than $2 billion–$15 billion	24.1
$2 billion or less	2.0
Total	100.0

Holdings by country

	% of portfolio investments
	as of 12/31/2016
United States	60.0
Japan	7.7
United Kingdom	5.7
Canada	3.3
France	3.3
Switzerland	2.8
Netherlands	2.5
Germany	2.4
38 other nations	10.7
Short-term investments	1.6
Total	100.0

College Retirement Equities Fund ■ 2016 Annual Report

CREF Growth Account

Performance for the twelve months ended December 31, 2016

The CREF Growth Account gained 2.53% for the year, compared with the 7.08% return of its benchmark, the Russell 1000^®Growth Index. (All returns for the account are for Class R1.)

The U.S. economy continued to grow during 2016, prompting the Federal Reserve to raise its federal funds target rate to 0.50%–0.75% in mid-December. In the third quarter, the economy grew at an annualized rate of 3.5%, according to the government’s third estimate of gross domestic product (GDP), which measures the value of all goods and services produced in the nation. The jobless rate was 4.7% in December after remaining below 5.0% for most of the year.

Domestic equity markets gained ground during 2016. Early in the year, plunging oil prices caused concern among investors. Stocks were muted in June, after citizens of the United Kingdom voted to exit the European Union, but prices recovered in July. The run-up to the U.S. presidential election saw continued volatility, but domestic stocks proved resilient, surging in the remaining six weeks of the year. The Russell 3000^®Index, a broad measure of the U.S. stock market, gained 12.74%. Small-cap stocks performed best, followed by mid caps and then large caps. Value stocks topped their growth counterparts in 2016. (Returns by investment style and capitalization size are based on the Russell Indexes.)

For the ten years ended December 31, 2016, the Russell 1000 Growth Index produced an average annual gain of 8.33%, outpacing the 7.07% average annual return of the Russell 3000 Index over the same period.

The account underperforms its benchmark

Ten of the eleven industry sectors within the account’s benchmark advanced for the twelve months. Industrials (up 15.7%) and information technology (up 11.2%), the benchmark’s largest sector, contributed most to the index’s total return. Together, these two sectors represented more than two-fifths of the total market capitalization of the index on December 31, 2016. Telecommunication services (up 23.5%) and energy (up 22.8%) also produced sizable gains, but they had minimal impact on the benchmark’s performance given their low weight. Health care (down 6.7%) was the sole decliner.

The account underperformed its benchmark mostly as a result of stock choices. Overweight positions in pharmaceutical company Allergan and Norwegian Cruise Line were the two largest detractors, respectively. Allergan’s stock underperformed due to disappointing earnings, while Norwegian Cruise Line shares fell on general demand weakness in the cruise industry. An underweight position in Verizon Communications, a strong performer, also was a drag on relative performance.

On the upside, overweight positions in business and financial software developer Intuit and U.S. oil and natural gas producer EOG Resources were the top two contributors to relative results. Intuit shares climbed on better-than-expected earnings, while EOG benefited from rising energy prices during the period.

18	2016 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Performance as of December 31, 2016

CREF Growth Account													Estimated
				Total			Average annual						annual
				return			total return						operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		*
Class R1	QCGRRX		4/29/1994		2.53	%		14.12	%		8.01	%		0.645	%
Class R2	QCGRPX		4/24/2015		2.81			14.23	^†		8.06	^†		0.420
Class R3	QCGRIX		4/24/2015		2.92			14.27	^†		8.08	^†		0.310
Russell 1000^® Growth Index			—		7.08			14.50			8.33			—

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

*	The estimated annual operating expenses are taken from the accounts’ latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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)

College Retirement Equities Fund ■ 2016 Annual Report

CREF Growth Account

Expense example

Six months ended December 31, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Growth Account	(7/1/16		)	(12/31/16		)	(7/1/16–12/31/16		)
Actual return
Class R1		$1,000.00			$1,050.17			$3.40
Class R2		1,000.00			1,051.70			1.91
Class R3		1,000.00			1,052.22			1.39
5% annual hypothetical return
Class R1		1,000.00			1,021.82			3.35
Class R2		1,000.00			1,023.28			1.88
Class R3		1,000.00			1,023.78			1.37

For more information about this expense example, please see page 9.

Actual expenses
Net expense ratio for the one-year period ended 12/31/2016
Class R1	0.67	%
Class R2	0.39	%
Class R3	0.29	%

20	2016 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Account profile
	as of 12/31/2016
Net assets	$20.87 billion
Portfolio turnover rate		64%
Number of holdings		677
Weighted median market capitalization		$69.02 billion
Price/earnings ratio (weighted 12-month trailing average)^†		25.9

^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition
Sector	% of net assets as of 12/31/2016
Information technology		34.7
Consumer discretionary		21.8
Health care		14.2
Industrials		9.7
Consumer staples		7.3
Financials		4.5
Materials		3.5
Energy		2.0
Real estate		0.8
Telecommunication services		0.7
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size
% of equity investments
Market capitalization	as of 12/31/2016
More than $50 billion		54.5
More than $15 billion–$50 billion		27.3
More than $2 billion–$15 billion		17.9
$2 billion or less		0.3
Total		100.0

College Retirement Equities Fund ■ 2016 Annual Report

CREF Equity Index Account

Performance for the twelve months ended December 31, 2016

The CREF Equity Index Account returned 12.07% for the year, compared with a return of 12.74% for its benchmark, the Russell 3000^® Index. (All returns for the account are for Class R1.)

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

Domestic equity markets gained ground during 2016. Early in the year, plunging oil prices caused concern among investors. Stocks were muted in June, after citizens of the United Kingdom voted to exit the European Union, but prices recovered in July. The run-up to the U.S. presidential election saw continued volatility, but domestic stocks proved resilient, surging in the remaining six weeks of the year. Small-cap stocks performed best, followed by mid caps and then large caps. Value stocks topped their growth counterparts in 2016. (Returns by investment style and capitalization size are based on the Russell Indexes.)

Ten of eleven sectors post positive returns

Ten of the eleven industry sectors in the account’s benchmark index delivered positive performance for the twelve months. Energy (up 26.9%) performed best as oil prices rebounded over the course of the year. Financials (up 22.7%) and information technology (up 13.8%) contributed the most to the index’s total return given their substantial weights. Together, these three sectors represented more than two-fifths of the total market capitalization of the index on December 31, 2016. Telecommunication services (up 23.9%) and materials (up 21.8%) also produced sizable gains, but they had minimal impact on the benchmark’s performance given their low weight. Health care (down 3.1%) was the sole decliner in the index amid an uncertain regulatory outlook for drug makers and service providers.

Four of the benchmark’s five largest stocks outperformed the benchmark for the twelve months—JPMorgan Chase, Exxon Mobil, Johnson & Johnson and Microsoft all generated substantial gains. In contrast, Apple, the benchmark’s largest stock, modestly underperformed the broad market, as measured by the index.

22	2016 Annual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance as of December 31, 2016

CREF Equity Index Account													Estimated
				Total			Average annual						annual
				return			total return						operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		*
Class R1	QCEQRX		4/29/1994		12.07	%		14.16	%		6.64	%		0.590	%
Class R2	QCEQPX		4/24/2015		12.38			14.26	^†		6.69	^†		0.365
Class R3	QCEQIX		4/24/2015		12.49			14.30	^†		6.71	^†		0.255
Russell 3000^® Index			—		12.74			14.67			7.07			—

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

*	The estimated annual operating expenses are taken from the accounts’ latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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)

College Retirement Equities Fund ■ 2016 Annual Report

CREF Equity Index Account

Expense example

Six months ended December 31, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Equity Index Account	(7/1/16		)	(12/31/16		)	(7/1/16–12/31/16		)
Actual return
Class R1		$1,000.00			$1,084.76			$3.25
Class R2		1,000.00			1,086.32			1.73
Class R3		1,000.00			1,086.87			1.21
5% annual hypothetical return
Class R1		1,000.00			1,022.02			3.15
Class R2		1,000.00			1,023.48			1.68
Class R3		1,000.00			1,023.98			1.17

For more information about this expense example, please see page 9.

Actual expenses
		Net expense ratio for the one-year period ended 12/31/2016
Class R1		0.63%
Class R2		0.35%
Class R3		0.25%

24	2016 Annual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Account profile
	as of 12/31/2016
Net assets		$17.47 billion
Portfolio turnover rate		4%
Number of holdings		2,934
Weighted median market capitalization		$54.97 billion
Price/earnings ratio (weighted 12-month trailing average)^†		24.3

^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition
Sector	% of net assets as of 12/31/2016
Information technology		19.8
Financials		15.7
Health care		12.7
Consumer discretionary		12.5
Industrials		11.0
Consumer staples		8.3
Energy		7.0
Real estate		4.0
Materials		3.3
Utilities		3.1
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2016
More than $50 billion		52.2
More than $15 billion–$50 billion		22.5
More than $2 billion–$15 billion		20.9
$2 billion or less		4.4
Total		100.0

College Retirement Equities Fund ■ 2016 Annual Report

CREF Bond Market Account

Performance for the twelve months ended December 31, 2016

The CREF Bond Market Account returned 3.08% for the year, compared with the 2.65% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. (All returns for the account are for Class R1.)

The U.S. economy continued to grow during 2016, prompting the Federal Reserve to raise its federal funds target rate to 0.50%–0.75% in mid-December—the first increase since the Fed raised this key short-term benchmark a year earlier. In the third quarter, the economy grew at an annualized rate of 3.5%, according to the government’s third estimate of gross domestic product (GDP), which measures the value of all goods and services produced in the nation. This exceeded the 0.8% and 1.4% annualized GDP growth in the first and second quarters, respectively. The U.S. unemployment rate was 4.7% in December, after remaining below 5.0% for most of the year. The yield on the 10-Year U.S. Treasury Bond—a key long-term interest-rate benchmark—rose slightly, from 2.27% on December 31, 2015, to 2.45% on December 31, 2016 (bond yields move in the opposite direction of prices).

The account outperforms its benchmark during the period

For much of 2016, uncertainty over the potential for Federal Reserve interest-rate increases and the U.S. presidential election caused investors to seek the relative safety (compared to riskier asset classes) of fixed-income securities. At the same time, however, higher-yielding fixed-income sectors, such as corporate investment-grade and commercial mortgage-backed securities (CMBS), benefited from continued U.S. economic growth, steady labor markets and a reduced aversion to risk among investors seeking higher income.

For the twelve-month period, the benchmark’s returns were driven primarily by corporate bonds, which gained 6.1% and accounted for 25.2% of the index’s total market capitalization. U.S. Treasuries, the largest index sector at 36.4%, and mortgage-backed securities, with a weighting of 27.5%, rose 1.0% and 1.7%, respectively. All sectors in the benchmark had positive performance, with notable gains from municipals, which returned 4.2%, and CMBS, which returned 3.3%.

The account outperformed its benchmark during the period, with the largest contribution to relative performance coming from an overweight to corporate bonds, although yield curve positioning and security selection among corporates were also beneficial. The next-largest contributors were government credit securities, in which allocation and security selection were beneficial, and asset-backed securities, in which security selection, yield curve positioning and allocation all contributed positively. A small position in cash was the only factor that detracted from the account’s relative performance.

26	2016 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance as of December 31, 2016

CREF Bond Market Account													Estimated
				Total			Average annual						annual
				return			total return						operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		*
Class R1	QCBMRX		3/1/1990		3.08	%		2.38	%		3.96	%		0.680	%
Class R2	QCBMPX		4/24/2015		3.36			2.48	^†		4.01	^†		0.455
Class R3	QCBMIX		4/24/2015		3.47			2.51	^†		4.02	^†		0.345
Bloomberg Barclays U.S. Aggregate Bond Index			—		2.65			2.23			4.34			—

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

*	The estimated annual operating expenses are taken from the accounts’ latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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.

30-day SEC yield^‡
		30-day period ended 12/31/2016
Class R1		2.37%
Class R2		2.64%
Class R3		2.72%

^‡

The CREF Bond Market Account’s 30-day SEC yield is the annualized current rate of investment income, calculated using a Securities and Exchange Commission formula that includes the account’s net income (based on the yield to maturity of each bond it holds), the average number of outstanding account accumulation units during the previous 30-day period shown and the maximum accumulation unit value on the last day of the reporting period.

College Retirement Equities Fund ■ 2016 Annual Report

CREF Bond Market Account

$10,000 over 10 years (Class R1)

Expense example

Six months ended December 31, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Bond Market Account	(7/1/16		)	(12/31/16		)	(7/1/16–12/31/16		)
Actual return
Class R1		$1,000.00			$978.51			$3.38
Class R2		1,000.00			979.91			1.99
Class R3		1,000.00			980.40			1.49
5% annual hypothetical return
Class R1		1,000.00			1,021.72			3.46
Class R2		1,000.00			1,023.13			2.03
Class R3		1,000.00			1,023.63			1.53

For more information about this expense example, please see page 9.

Actual expenses
	Net expense ratio for the one-year period ended 12/31/2016
Class R1	0.70%
Class R2	0.43%
Class R3	0.32%

28	2016 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Account profile
as of 12/31/2016
Net assets	$13.50 billion
Portfolio turnover rate		240%
Portfolio turnover rate, excluding mortgage dollar roll transactions		131%
Number of issues		1,798
Option-adjusted duration^†		5.66 years
Average maturity^‡		7.88 years

^†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
^‡	Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition
% of net assets as of 12/31/2016
Corporate bonds			26.5
Mortgage-backed securities^§			20.7
Foreign government & corporate bonds denominated in U.S. dollars			15.3
U.S. Treasury securities			14.2
Commercial mortgage-backed securities & other mortgage-backed securities			9.9
Asset-backed securities			5.2
Municipal bonds			2.9
U.S. agency securities			1.6
Bank loan obligations			0.6
Preferred stock			0.1
Short-term investments, other assets & liabilities, net			3.0
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 12/31/2016
Less than 1 year			10.1
1–3 years			10.9
3–5 years			20.5
5–10 years			43.1
Over 10 years			15.4
Total			100.0

Holdings by credit quality^#
% of fixed-income investments
(excluding short-term investments)
as of 12/31/2016
Aaa/AAA			45.3
Aa/AA			8.2
A/A			14.2
Baa/BBB			23.5
Ba/BB			3.6
B/B			2.4
Below B/B			1.5
Non-rated			1.3
Total			100.0

Credit quality ratings are based on the Bloomberg 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 ■ 2016 Annual Report

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2016

The CREF Inflation-Linked Bond Account returned 3.84% for the year, compared with the 4.01% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. (All returns for the account are for Class R1.)

As December 2016 commenced, year-over-year core inflation, as measured by the Consumer Price Index (CPI-U), which includes all items less food and energy, was 2.1%—unchanged from December 2015. Crude oil prices, a commonly used indicator of current inflationary pressures, fell below $27 per barrel in mid-February but recovered to above $54 on December 31, 2016.

The continued elevation in inflation reflected strength in the U.S. economy. In the third quarter, the economy grew at an annualized rate of 3.5%, according to the government’s third estimate of gross domestic product (GDP), which measures the value of all goods and services produced in the nation. This exceeded the 0.8% and 1.4% annualized GDP growth in the first and second quarters, respectively. The U.S. unemployment rate was 4.7% in December, after remaining below 5.0% for most of the year.

TIPS outpace the broad bond market as core inflation holds steady and interest rates rise

In 2016, the return of the TIPS 1–10 Year index surpassed the 2.65% return of the broad investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. Inflation held steady during the period, which, along with the strengthening economy, prompted the Federal Reserve to raise its federal funds target rate to 0.50%–0.75% in mid-December. This signaled the Fed’s belief that the U.S. economy had strengthened and could withstand another rate increase since the Fed had raised this key short-term benchmark in December 2015.

For the ten years ended December 31, 2016, the average annual return of the TIPS 1–10 Year index was 3.75%, versus the 4.34% average annual gain of 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 1–10 Year index. This strategy helped the account’s risk and reward characteristics more closely resemble those of its benchmark.

30	2016 Annual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of December 31, 2016


CREF Inflation-Linked Bond Account													Estimated
				Total			Average annual						annual
				return			total return						operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		*
Class R1	QCILRX		5/1/1997		3.84	%		0.37	%		3.85	%		0.610	%
Class R2	QCILPX		4/24/2015		4.13			0.46	^†		3.90	^†		0.385
Class R3	QCILIX		4/24/2015		4.23			0.50	^†		3.91	^†		0.275
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index^‡			—		4.01			0.70			3.75			—
Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)			—		4.68			0.89			4.36			—

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

*	The estimated annual operating expenses are taken from the accounts’ latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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 April 1, 2016, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index replaced the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) as the account’s benchmark.

30-day SEC yield^§

	30-day period ended 12/31/2016
Class R1	1.11%
Class R2	1.38%
Class R3	1.46%

^§

For the CREF Inflation-Linked Bond Account, the 30-day SEC yield is the annualized current rate of investment income, calculated using a Securities and Exchange Commission formula that includes the account’s net income (based on the yield to maturity of each bond it holds), the average number of outstanding account accumulation units during the previous 30-day period shown and the maximum accumulation unit value on the last day of the reporting period. The account’s 30-day SEC yield is adjusted for inflation, as measured by the Consumer Price Index (CPI). The CPI factor may exhibit volatility, resulting in fluctuations of the account’s 30-day SEC yield. Because of this adjustment, the account’s 30-day SEC yield may be more volatile than the typical 30-day SEC yields of traditional (nominal) bond investments.

College Retirement Equities Fund ■ 2016 Annual Report

CREF Inflation-Linked Bond Account

$10,000 over 10 years (Class R1)

Expense example

Six months ended December 31, 2016

CREF Inflation-Linked Bond Account	Beginning account value (7/1/16		)	Ending account value (12/31/16		)	Expenses paid during period (7/1/16–12/31/16		* )
Actual return
Class R1	$	1,000.00		$	987.35		$	3.10
Class R2		1,000.00			988.76			1.70
Class R3		1,000.00			989.26			1.20
5% annual hypothetical return
Class R1		1,000.00			1,022.02			3.15
Class R2		1,000.00			1,023.43			1.73
Class R3		1,000.00			1,023.93			1.22

For more information about this expense example, please see page 9.

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2016
Class R1	0.64%
Class R2	0.37%
Class R3	0.26%

32	2016 Annual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Account profile

	as of 12/31/2016
Net assets		$6.70 billion
Portfolio turnover rate		23%
Number of issues		43
Option-adjusted duration^†		5.24 years
Average maturity^‡		5.56 years

^†	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
^‡	Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition

		% of net assets as of 12/31/2016
U.S. Treasury securities		98.1
U.S. agency securities		0.8
Mortgage-backed 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 12/31/2016
Less than 1 year		1.2
1–3 years		21.1
3–5 years		29.3
5–10 years		33.4
Over 10 years		15.0
Total		100.0

College Retirement Equities Fund ■ 2016 Annual Report

CREF Social Choice Account

Performance for the twelve months ended December 31, 2016

The CREF Social Choice Account returned 7.00% for the year, compared with the 7.02% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Bloomberg Barclays U.S. Aggregate Bond Index. The account uses certain social criteria, while the benchmark does not. (All returns for the account are for Class R1.)

Because of its social criteria, the account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. Avoiding these companies produced mixed results, but the net effect was that the account’s performance nearly matched that of its benchmark.

The account’s domestic investments outperformed the Russell 3000 Index component of its benchmark, helped by excluding drug manufacturer Allergan and drugstore chain CVS Health. The account’s largest detractors among excluded Russell index companies were banking giant JPMorgan Chase, followed by Chevron and AT&T. Conversely, the account’s international investments underperformed the MSCI EAFE+Canada Index component, with energy giant Royal Dutch Shell, materials company Glencore and energy company BP detracting. In contrast, international drug makers Valeant Pharmaceuticals, Teva Pharmaceuticals and Bayer made positive contributions.

Stock choices help performance nearly match the benchmark

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

Significant contributors to the account’s performance versus the Russell 3000 Index were overweight investments in information technology company NVIDIA, semiconductor manufacturing equipment supplier Applied Materials and Spectra Energy. Notable detractors were overweight holdings in biotechnology company Gilead Sciences, followed by Alexion Pharmaceuticals and Vertex Pharmaceuticals.

Relative to the MSCI EAFE+Canada Index, the account’s largest detractors were an underweight investment in British bank HSBC Holdings and overweight allocations to Danish health care company Novo Nordisk and British telecommunications firm BT Group. Relative to the MSCI index, large contributors were overweight positions in Canadian mining company Teck Resources, athletic and sports lifestyle products producer adidas and Swiss biopharmaceutical firm Actelion.

The account’s fixed-income component outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 2.65% for the year. The account’s overweight of municipal bonds was the top contributor, followed by its investments in government agency and government credit securities. The account’s cash allocation was the only detractor.

34	2016 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance as of December 31, 2016


CREF Social Choice Account													Estimated
				Total			Average annual						annual
				return			total return						operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		*

Class R1	QCSCRX		3/1/1990		7.00	%		7.91	%		5.06	%		0.650	%
Class R2	QCSCPX		4/24/2015		7.29			8.01	^†		5.11	^†		0.425
Class R3	QCSCIX		4/24/2015		7.40			8.05	^†		5.13	^†		0.315
CREF Social Choice Composite Benchmark^‡			—		7.02			8.47			5.35			—
Broad market index
Russell 3000^® Index			—		12.74			14.67			7.07			—

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

*	The estimated annual operating expenses are taken from the accounts’ latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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, 2016, the CREF Social Choice Composite Benchmark consisted of: 42.0% Russell 3000 Index; 40.0% Bloomberg 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.

College Retirement Equities Fund ■ 2016 Annual Report

CREF Social Choice Account

$10,000 over 10 years (Class R1)

Expense example

Six months ended December 31, 2016

CREF Social Choice Account	Beginning account value (7/1/16		)	Ending account value (12/31/16		)	Expenses paid during period (7/1/16–12/31/16		* )

Actual return
Class R1		$1,000.00			$1,034.89			$3.38
Class R2		1,000.00			1,036.37			1.95
Class R3		1,000.00			1,036.89			1.43
5% annual hypothetical return
Class R1		1,000.00			1,021.82			3.35
Class R2		1,000.00			1,023.23			1.93
Class R3		1,000.00			1,023.73			1.42

For more information about this expense example, please see page 9.

Actual expenses

		Net expense ratio for the one-year period ended 12/31/2016
Class R1		0.68%
Class R2		0.40%
Class R3		0.30%

36	2016 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Account profile

as of 12/31/2016
Net assets			$13.49 billion
Portfolio turnover rate			93%
Portfolio turnover rate, excluding mortgage dollar roll transactions			50%
Equity segment		U.S.	International
Number of holdings		865	384
Weighted median market capitalization	$	41.10 billion	$29.57 billion
Price/earnings ratio (weighted 12-month trailing average)^†		23.6	21.4
Fixed-income segment
Number of issues			786
Option-adjusted duration^‡			5.69 years
Average maturity^§			8.76 years

^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.
^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
^§	Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition

% of net assets as of 12/31/2016
Equities		59.7
Long-term bonds		38.6
Short-term investments, other assets & liabilities, net		1.7
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 12/31/2016
More than $50 billion		39.1
More than $15 billion–$50 billion		39.1
More than $2 billion–$15 billion		19.0
$2 billion or less		2.8
Total		100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 12/31/2016
Less than 1 year		4.8
1–3 years		14.8
3–5 years		19.1
5–10 years		40.9
Over 10 years		20.4
Total		100.0

College Retirement Equities Fund ■ 2016 Annual Report

CREF Money Market Account

Performance for the twelve months ended December 31, 2016

The CREF Money Market Account returned 0.00% for the period, compared with the 0.08% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. (All returns for the account are for Class R1.)

The U.S. economy continued to grow during 2016, prompting the Federal Reserve to raise its federal funds target rate to 0.50%–0.75% in mid-December—the first increase in twelve months. In the third quarter, economic growth increased to an annualized rate of 3.5%, according to the government’s third estimate of gross domestic product (GDP).

CREF Money Market Account restructuring becomes effective

On August 11, 2015, the CREF board approved a restructuring of CREF Money Market Account as a “government money market fund,” in compliance with new SEC regulations requiring all money market funds to restructure as retail, institutional or government funds. This restructuring became effective on October 14, 2016. As a government fund, CREF Money Market Account invests 99.5% or more of its total assets in cash, U.S. government securities and/or repurchase agreements (“repos”) collateralized fully by cash or U.S. government securities. Many other U.S. money market funds also have restructured as government money market funds, resulting in an increase in demand for short-term U.S. Treasuries and other short-term U.S. government securities. Short-term U.S. government securities generally pay interest that is among the lowest for income-paying securities. Because of this, after the conversion of CREF Money Market Account to a government money market fund, the yield on the account will likely be lower than the yields on funds that invest in longer-term or lower-quality securities.

In pursuit of additional yield, the account sought to purchase floating-rate government agency paper in order to capture slightly higher yields. This strategy was generally successful, especially since one- and three-month LIBOR yields benefited the most from the Fed’s rate hike. As of December 27, 2016, the account’s weighted average maturity was 47 days, versus 46 days for the average iMoneyNet fund.

In response to the historically low interest rates since 2009, part or all of the 12b-1 distribution and/or administrative expenses for each class of the Money Market Account were voluntarily withheld (waived) by TIAA during the twelve months ended December 31, 2016, to prevent the account’s yield from turning negative. This waiver will be terminated by April 14, 2017.

38	2016 Annual Report ■ College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended December 27, 2016*

	Current yield			Effective yield
CREF Money Market Account^†
Class R1		0.00	%		0.00	%
Class R2		0.16			0.16
Class R3		0.22			0.22
iMoneyNet Money Fund Averages™—All Government^‡		0.15			0.15

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, 2016


CREF Money Market Account^†				Total return			Average annual total return						Estimated annual operating
	Ticker	Inception date		1 year			5 years			10 years			expenses		^§
Class R1	QCMMRX		4/1/1988		0.00	%		0.00	%		0.73	%		0.605	%
Class R2	QCMMPX		4/24/2015		0.06			0.01	^#		0.74	^#		0.380
Class R3	QCMMIX		4/24/2015		0.13			0.03	^#		0.75	^#		0.270
iMoneyNet Money Fund Averages—All Government^‡			—		0.08			0.02			0.63			—

You could lose money by investing in the Money Market Account. Because the accumulation unit value of the account will fluctuate, the value of your investment may increase or decrease. An investment in the account is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The account’s sponsor has no legal obligation to provide support to the account, and you should not expect that the sponsor will provide financial support to the account at any time. The current yield more closely reflects current earnings than does the total return.

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

^†	Beginning July 16, 2009, 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 estimated annual operating expenses are taken from the account’s latest prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^#	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.
^‡	The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating rate notes, and you cannot invest directly in it. Effective October 1, 2016, the iMoneyNet Money Fund Averages—All Taxable peer group was changed to the iMoneyNet Money Fund Averages—All Government.

College Retirement Equities Fund ■ 2016 Annual Report

CREF Money Market Account

Expense example

Six months ended December 31, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Money Market Account	(7/1/16		)	(12/31/16		)	(7/1/16–12/31/16		)
Actual return
Class R1		$1,000.00			$1,000.00			$2.21
Class R2		1,000.00			1,000.41			1.81
Class R3		1,000.00			1,000.79			1.41
5% annual hypothetical return
Class R1		1,000.00			1,022.92			2.24
Class R2		1,000.00			1,023.33			1.83
Class R3		1,000.00			1,023.73			1.42

“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2016. The account’s annualized six-month expense ratios for that period were 0.44% for Class R1, 0.36% for Class R2 and 0.28% 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 be terminated by April 14, 2017.

For more information about this expense example, please see page 9.

Actual expenses
	Net expense ratio for the one-year period ended 12/31/2016
Class R1		0.43%
Class R2		0.37%
Class R3		0.30%

Account profile
	as of 12/31/2016
Net assets		$10.85 billion
Number of holdings		234

Portfolio composition
	% of net assets
	as of 12/31/2016
U.S. government agency securities	58.6
U.S. Treasury securities	21.1
Floating-rate securities, government	20.3
Total	100.0

40	2016 Annual Report ■ College Retirement Equities Fund

Summary portfolio of investments

CREF Stock Account ■ December 31, 2016

						Value		% of net
	Principal			Issuer		(000)		assets
BONDS

CORPORATE BONDS
DIVERSIFIED FINANCIALS						$	433		0.0	%
FOOD, BEVERAGE & TOBACCO							25		0.0
			TOTAL CORPORATE BONDS		(Cost $513)		458		0.0

GOVERNMENT BONDS
U.S. TREASURY SECURITIES							295		0.0
			TOTAL GOVERNMENT BONDS		(Cost $302)		295		0.0
			TOTAL BONDS		(Cost $815)		753		0.0
	Shares			Company
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	5,318,273			Toyota Motor Corp			311,802		0.3
				Other			1,909,205		1.7
							2,221,007		2.0
BANKS
	43,095,282			Bank of America Corp			952,406		0.8
	8,996,525			Citigroup, Inc			534,663		0.5
	12,330,338			JPMorgan Chase & Co			1,063,985		0.9
	20,278,410			Wells Fargo & Co			1,117,543		1.0
				Other			6,481,191		5.8
							10,149,788		9.0
CAPITAL GOODS
	2,939,314			3M Co			524,873		0.5
	24,107,771			General Electric Co			761,806		0.7
	4,704,912			Honeywell International, Inc			545,064		0.5
				Other			7,342,520		6.4
							9,174,263		8.1
COMMERCIAL & PROFESSIONAL SERVICES							1,107,899		1.0
CONSUMER DURABLES & APPAREL							2,339,924		2.1
CONSUMER SERVICES							2,293,964		2.0
DIVERSIFIED FINANCIALS
	1,806,679	e		Goldman Sachs Group, Inc			432,610		0.4
				Other			3,756,033		3.3
							4,188,643		3.7
ENERGY
	5,925,970			Chevron Corp			697,487		0.6
	2,472,392	*		Concho Resources, Inc			327,839		0.3
	5,112,108			EOG Resources, Inc			516,834		0.5
	10,583,957	d		Exxon Mobil Corp			955,308		0.8
	4,599,054			Schlumberger Ltd			386,091		0.3
				Other			5,266,848		4.7
							8,150,407		7.2

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2016

				Value		% of net
	Shares		Company		(000)	assets
FOOD & STAPLES RETAILING
	4,956,050		Wal-Mart Stores, Inc	$	342,562		0.3	%
			Other		1,680,682		1.5
					2,023,244		1.8
FOOD, BEVERAGE & TOBACCO
	5,151,626		Altria Group, Inc		348,353		0.3
	7,586,435		Coca-Cola Co		314,533		0.3
	7,320,906		Mondelez International, Inc		324,536		0.3
	4,163,011		PepsiCo, Inc		435,576		0.4
	5,121,336		Philip Morris International, Inc		468,551		0.4
			Other		3,911,301		3.4
					5,802,850		5.1
HEALTH CARE EQUIPMENT & SERVICES
	3,224,234		UnitedHealth Group, Inc		516,006		0.5
			Other		3,808,824		3.3
					4,324,830		3.8
HOUSEHOLD & PERSONAL PRODUCTS
	8,163,773	e	Procter & Gamble Co		686,410		0.6
			Other		1,025,431		0.9
					1,711,841		1.5
INSURANCE
	6,087,630		American International Group, Inc		397,583		0.4
	4,718,991	*	Berkshire Hathaway, Inc (Class B)		769,101		0.7
	3,310,588		Chubb Ltd		437,395		0.4
			Other		3,116,762		2.7
					4,720,841		4.2
MATERIALS
	7,184,628		Dow Chemical Co		411,105		0.4
			Other		5,207,023		4.6
					5,618,128		5.0
MEDIA
	10,118,469		Comcast Corp (Class A)		698,680		0.6
	4,330,625		Time Warner, Inc		418,035		0.4
	4,905,117		Walt Disney Co		511,212		0.5
			Other		1,681,277		1.4
					3,309,204		2.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,686,468	*	Allergan plc		354,175		0.3
	2,787,826	*,n	Celgene Corp		322,691		0.3
	8,452,786		Johnson & Johnson		973,845		0.9
	9,048,530		Merck & Co, Inc		532,687		0.5
	19,061,772		Pfizer, Inc		619,126		0.5
			Other		5,275,970		4.6
					8,078,494		7.1
REAL ESTATE					4,181,228		3.7

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2016

							Value	% of net
	Shares			Company			(000)	assets
RETAILING
	1,274,723	*		Amazon.com, Inc		$	955,877	0.9	%
	7,088,559			Home Depot, Inc			950,434	0.8
				Other			2,667,400	2.3
							4,573,711	4.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	11,066,171			Intel Corp			401,370	0.4
				Other			3,212,862	2.8
							3,614,232	3.2
SOFTWARE & SERVICES
	918,457	*		Alphabet, Inc (Class A)			727,831	0.6
	1,103,578	*		Alphabet, Inc (Class C)			851,764	0.8
	7,623,834	*		Facebook, Inc			877,122	0.8
	3,713,773			MasterCard, Inc (Class A)			383,447	0.3
	24,626,953			Microsoft Corp			1,530,319	1.4
	11,901,091			Oracle Corp			457,597	0.4
	5,892,569			Visa, Inc (Class A)			459,738	0.4
				Other			5,609,394	4.9
							10,897,212	9.6
TECHNOLOGY HARDWARE & EQUIPMENT
	18,155,132	l,n		Apple, Inc			2,102,727	1.9
	16,962,075			Cisco Systems, Inc			512,594	0.5
				Other			2,358,367	2.1
							4,973,688	4.5
TELECOMMUNICATION SERVICES
	16,362,684			AT&T, Inc			695,905	0.6
	11,567,700			Verizon Communications, Inc			617,484	0.6
				Other			1,727,828	1.5
							3,041,217	2.7
TRANSPORTATION
	4,224,244			Union Pacific Corp			437,970	0.4
				Other			2,158,064	1.9
							2,596,034	2.3
UTILITIES							3,250,411	2.9
			TOTAL COMMON STOCKS		(Cost $102,617,999)		112,343,060	99.4

PURCHASED OPTIONS

DIVERSIFIED FINANCIALS							110	0.0
HEALTH CARE EQUIPMENT & SERVICES							1	0.0
MATERIALS							6	0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							29	0.0
				TOTAL PURCHASED OPTIONS	(Cost $180)		146	0.0

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2016

Shares			Company			Value (000)			% of net assets
PREFERRED STOCKS

BANKS						$	22,796			0.0	%
CAPITAL GOODS							73			0.0
DIVERSIFIED FINANCIALS							1,686			0.0
MATERIALS							57			0.0
REAL ESTATE							17			0.0
TOTAL PREFERRED STOCKS					(Cost $29,984)		24,629			0.0

RIGHTS / WARRANTS

AUTOMOBILES & COMPONENTS							1,482			0.0
BANKS							58			0.0
CONSUMER SERVICES							6			0.0
ENERGY							601			0.0
FOOD & STAPLES RETAILING							24			0.0
HEALTH CARE EQUIPMENT & SERVICES							1			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							142			0.0
REAL ESTATE							18			0.0
SOFTWARE & SERVICES							0			0.0
TELECOMMUNICATION SERVICES							494			0.0
TRANSPORTATION							0	^		0.0
UTILITIES							210			0.0
TOTAL RIGHTS / WARRANTS					(Cost $2,733)		3,036			0.0
Principal			Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT							70,990			0.0
TREASURY DEBT							507,183			0.5

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

REPURCHASE AGREEMENT
$	400,000,000	r	Royal Bank of Scotland	0.510%, 01/03/17			400,000			0.3
		s	Other Repurchase Agreements	0.450%–0.920%, 01/03/17–01/06/17			1,541,942			1.4
							1,941,942			1.7

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Stock Account ■ December 31, 2016

			Value (000)			% of net assets
VARIABLE RATE SECURITIES			$	96,778			0.1	%
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				2,038,720			1.8
TOTAL SHORT-TERM INVESTMENTS		(Cost $2,617,772)		2,616,893			2.3

TOTAL PORTFOLIO		(Cost $105,269,483)		114,988,517			101.7
OTHER ASSETS & LIABILITIES, NET				(1,923,599	)		(1.7	)
	NET ASSETS		$	113,064,918			100.0	%

*	Non-income producing
^	Amount represents less than $1,000.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,293,953,000.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
r	Agreement with Royal Bank of Scotland, 0.51% dated 12/30/16 to be repurchased at $400,000,000 on 1/06/17, collateralized by U.S. Government Agency Securities valued at $408,005,000.
s	Agreements, 0.40%–0.92% dated 12/29/16–12/30/16 to be repurchased at $1,541,942,000 on 1/03/17–1/06/17, collateralized by U.S. Government Agency Securities valued at $1,572,790,000.

“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 12/31/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $462,886,000 or 0.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary of market values by country

CREF Stock Account ■ December 31, 2016

Country	Value (000)		% of total portfolio
DOMESTIC

UNITED STATES	$	80,393,614		69.8	%
TOTAL DOMESTIC		80,393,614		69.8

FOREIGN

ARGENTINA		24,290		0.0
AUSTRALIA		1,460,052		1.3
AUSTRIA		177,408		0.2
BELGIUM		218,412		0.2
BERMUDA		112,811		0.1
BRAZIL		581,765		0.5
CANADA		2,460,729		2.1
CAYMAN ISLANDS		4,873		0.0
CHILE		111,025		0.1
CHINA		2,012,762		1.8
COLOMBIA		43,898		0.0
CYPRUS		59		0.0
CZECH REPUBLIC		36,867		0.0
DENMARK		412,581		0.4
EGYPT		16,423		0.0
FAROE ISLANDS		5,806		0.0
FINLAND		262,029		0.2
FRANCE		2,603,955		2.3
GEORGIA		4,281		0.0
GERMANY		2,068,331		1.8
GREECE		29,473		0.0
GUERNSEY, C.I.		290		0.0
HONG KONG		826,946		0.7
HUNGARY		29,462		0.0
INDIA		714,328		0.6
INDONESIA		198,887		0.2
IRELAND		381,244		0.3
ISLE OF MAN		3,974		0.0
ISRAEL		181,702		0.2
ITALY		566,831		0.5
JAPAN		5,860,488		5.1

Country	Value (000)		% of total portfolio
JERSEY, C.I.	$	12,874		0.0	%
JORDAN		3,109		0.0
KOREA, REPUBLIC OF		1,135,497		1.0
LUXEMBOURG		113,039		0.1
MACAU		5,341		0.0
MALAYSIA		177,711		0.2
MALTA		7,361		0.0
MEXICO		253,557		0.2
MONACO		4,855		0.0
NETHERLANDS		1,115,227		1.0
NEW ZEALAND		105,150		0.1
NORWAY		207,340		0.2
PANAMA		14,744		0.0
PERU		42,375		0.0
PHILIPPINES		115,613		0.1
POLAND		72,726		0.1
PORTUGAL		54,646		0.0
PUERTO RICO		30,817		0.0
QATAR		51,048		0.0
ROMANIA		3,070		0.0
RUSSIA		333,676		0.3
SINGAPORE		539,274		0.5
SOUTH AFRICA		557,587		0.5
SPAIN		546,881		0.5
SWEDEN		540,157		0.5
SWITZERLAND		1,782,883		1.6
TAIWAN		1,088,154		0.9
THAILAND		203,223		0.2
TURKEY		85,805		0.1
UNITED ARAB EMIRATES		65,049		0.1
UNITED KINGDOM		3,898,063		3.4
URUGUAY		16,069		0.0
TOTAL FOREIGN		34,594,903		30.2

TOTAL PORTFOLIO	$	114,988,517		100.0	%

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Global Equities Account ■ December 31, 2016

Shares		Company	Value (000)		% of net assets
COMMON STOCKS

ARGENTINA			$	3,744		0.0	%
AUSTRALIA				314,185		1.7
AUSTRIA				39,625		0.2
BELGIUM				18,491		0.1
BERMUDA				14,180		0.1
BRAZIL				68,578		0.4
CANADA
	1,312,716	Toronto-Dominion Bank		64,744		0.4
		Other		544,018		3.0
				608,762		3.4
CHILE				5,167		0.0
CHINA				42,441		0.2
CZECH REPUBLIC				3,657		0.0
DENMARK				160,427		0.9
FINLAND				97,389		0.6
FRANCE
	1,367,111	Total S.A.		70,122		0.4
		Other		532,483		2.9
				602,605		3.3
GERMANY
	399,207	Linde AG.		65,485		0.4
		Other		364,285		2.0
				429,770		2.4
HONG KONG				145,584		0.8
INDIA				66,066		0.4
INDONESIA				1,484		0.0
IRELAND				164,743		0.9
ISRAEL				7,195		0.0
ITALY				112,647		0.6
JAPAN
	2,980,282	Sony Corp		83,275		0.5
	1,524,600	Toyota Motor Corp		89,385		0.5
		Other		1,226,527		6.8
				1,399,187		7.8
JERSEY, C.I.				507		0.0
JORDAN				243		0.0
KOREA, REPUBLIC OF				35,470		0.2

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	continued

CREF Global Equities Account ■ December 31, 2016

Shares			Company		Value (000)	% of net assets
LUXEMBOURG				$	50,807	0.3	%
MACAU					161	0.0
MALAYSIA					13,684	0.1
MEXICO					1,215	0.0
NETHERLANDS
	674,776		ASML Holding NV		75,622	0.4
	9,562,410		ING Groep NV		134,627	0.7
	2,170,500		Royal Dutch Shell plc (B Shares)		62,363	0.4
			Other		186,873	1.0
					459,485	2.5
NEW ZEALAND					6,981	0.0
NORWAY					91,489	0.5
PERU					2,658	0.0
PHILIPPINES					23,112	0.1
PORTUGAL					14,259	0.1
RUSSIA					37,546	0.2
SINGAPORE					94,291	0.5
SOUTH AFRICA					24,609	0.2
SPAIN					138,242	0.8
SWEDEN					116,358	0.7
SWITZERLAND
	1,133,231		Nestle S.A.		81,182	0.5
	1,327,692		Novartis AG.		96,554	0.5
			Other		339,734	1.9
					517,470	2.9
TAIWAN					61,257	0.3
THAILAND					6,815	0.0
UNITED ARAB EMIRATES					3,362	0.0
UNITED KINGDOM
	1,230,362		British American Tobacco plc		69,731	0.4
	5,130,328		GlaxoSmithKline plc		98,546	0.5
			Other		877,294	4.9
					1,045,571	5.8
UNITED STATES
	451,544		3M Co		80,632	0.4
	2,031,865		Abbott Laboratories		78,044	0.4
	386,135	*	Allergan plc		81,092	0.4
	137,551	*	Alphabet, Inc (Class A)		109,002	0.6
	211,337	*	Alphabet, Inc (Class C)		163,114	0.9

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Global Equities Account ■ December 31, 2016

Shares			Company			Value (000)	% of net assets
UNITED STATES—continued
	239,330	*	Amazon.com, Inc		$	179,466	1.0	%
	2,761,564		Apple, Inc			319,844	1.8
	2,541,283		AT&T, Inc			108,081	0.6
	8,901,066		Bank of America Corp			196,714	1.1
	615,647	*	Berkshire Hathaway, Inc (Class B)			100,338	0.6
	984,955		Chevron Corp			115,929	0.6
	589,653		Chubb Ltd			77,905	0.4
	496,442		Cigna Corp			66,220	0.4
	3,918,854		Cisco Systems, Inc			118,428	0.7
	2,315,945		Comcast Corp (Class A)			159,916	0.9
	575,536	*	Concho Resources, Inc			76,316	0.4
	1,373,212		Dow Chemical Co			78,575	0.4
	1,185,513		Eli Lilly & Co			87,195	0.5
	1,319,204		EOG Resources, Inc			133,372	0.7
	1,667,143	d	Exxon Mobil Corp			150,476	0.8
	1,040,940	*	Facebook, Inc			119,760	0.7
	2,650,771		General Electric Co			83,764	0.5
	372,644		Goldman Sachs Group, Inc			89,230	0.5
	661,873		Home Depot, Inc			88,744	0.5
	1,155,881		Johnson & Johnson			133,169	0.7
	1,878,903		JPMorgan Chase & Co			162,131	0.9
	541,123		McDonald’s Corp			65,866	0.4
	2,487,375	*	MGM Resorts International			71,711	0.4
	3,778,630		Microsoft Corp			234,804	1.3
	1,434,749		Mondelez International, Inc			63,602	0.4
	2,973,796		Pfizer, Inc			96,589	0.5
	972,366		Procter & Gamble Co			81,757	0.5
	651,878		Time Warner, Inc			62,926	0.3
	933,280		Union Pacific Corp			96,762	0.5
	601,460		UnitedHealth Group, Inc			96,258	0.5
	3,870,480		Wells Fargo & Co			213,302	1.2
			Other			6,633,653	36.6
						10,874,687	60.0
URUGUAY						25,915	0.1
			TOTAL COMMON STOCKS	(Cost $16,648,467)		17,952,121	99.1
RIGHTS / WARRANTS
SPAIN						97	0.0
			TOTAL RIGHTS / WARRANTS	(Cost $92)		97	0.0

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	concluded

CREF Global Equities Account ■ December 31, 2016

Principal			Issuer					Value (000)		% of net assets
SHORT-TERM INVESTMENTS

TREASURY DEBT							$	126,268		0.7	%

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

REPURCHASE AGREEMENTS
$	61,000,000	r		Royal Bank of Scotland	0.500%, 01/03/17			61,000		0.3
	65,000,000	s		Royal Bank of Scotland	0.520%, 01/05/17			65,000		0.4
		t		Other Repurchase Agreements	0.450%–0.920%, 01/03/17			19,000		0.1
								145,000		0.8
VARIABLE RATE SECURITIES								17,079		0.1
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED								162,079		0.9
TOTAL SHORT-TERM INVESTMENTS						(Cost $288,503)		288,347		1.6

TOTAL PORTFOLIO						(Cost $16,937,062)		18,240,565		100.7
OTHER ASSETS & LIABILITIES, NET								(126,432	)	(0.7	)
NET ASSETS							$	18,114,133		100.0	%

*	Non-income producing
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
r	Agreement with Royal Bank of Scotland, 0.50% dated 12/30/16 to be repurchased at $61,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $62,223,000.
s	Agreement with Royal Bank of Scotland, 0.52% dated 12/29/16 to be repurchased at $65,000,000 on 1/05/17, collateralized by U.S. Government Agency Securities valued at $66,300,000.
t	Agreements 0.45%–0.92% dated 12/30/16 to be repurchased at $19,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $19,380,000.

“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 12/31/16, the aggregate value of securities on loan is $184,642,000.

At 12/31/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $175,908,000 or 1.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary of market values by sector

CREF Global Equities Account ■ December 31, 2016

Sector	Value (000)			% of net assets
FINANCIALS	$	3,276,569			18.1	%
INFORMATION TECHNOLOGY		2,661,731			14.7
CONSUMER DISCRETIONARY		2,521,251			13.9
INDUSTRIALS		2,063,411			11.4
HEALTH CARE		2,006,963			11.1
CONSUMER STAPLES		1,469,734			8.1
ENERGY		1,465,466			8.1
MATERIALS		1,129,727			6.2
UTILITIES		461,149			2.6
REAL ESTATE		454,820			2.5
TELECOMMUNICATION SERVICES		441,397			2.4
SHORT-TERM INVESTMENTS		288,347			1.6
OTHER ASSETS & LIABILITES, NET		(126,432	)		(0.7	)
NET ASSETS	$	18,114,133			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments

CREF Growth Account ■ December 31, 2016

Shares			Company		Value (000)	% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	196,803		0.9	%
BANKS
	4,313,371		Bank of America Corp		95,326		0.5
			Other		145,165		0.7
					240,491		1.2
CAPITAL GOODS
	661,390		3M Co		118,104		0.6
	857,249		Boeing Co		133,457		0.6
	1,431,331		Honeywell International, Inc		165,820		0.8
	693,375		Northrop Grumman Corp		161,265		0.8
			Other		714,745		3.4
					1,293,391		6.2
COMMERCIAL & PROFESSIONAL SERVICES
	2,200,574		Nielsen NV		92,314		0.4
			Other		212,279		1.0
					304,593		1.4
CONSUMER DURABLES & APPAREL					406,184		1.9
CONSUMER SERVICES
	3,978,641		Starbucks Corp		220,894		1.1
			Other		502,078		2.4
					722,972		3.5
DIVERSIFIED FINANCIALS
	871,635		Ameriprise Financial, Inc		96,699		0.5
	1,159,500	e	iShares Russell 1000 Growth Index Fund		121,631		0.6
			Other		394,879		1.8
					613,209		2.9
ENERGY
	685,542	*	Concho Resources, Inc		90,903		0.4
	1,760,373		EOG Resources, Inc		177,974		0.9
			Other		144,182		0.7
					413,059		2.0
FOOD & STAPLES RETAILING
	1,361,197		Costco Wholesale Corp		217,941		1.0
	1,432,562		CVS Health Corp		113,043		0.5
			Other		139,751		0.7
					470,735		2.2
FOOD, BEVERAGE & TOBACCO
	4,193,493	*	Monster Beverage Corp		185,939		0.9
			Other		661,321		3.2
					847,260		4.1

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Growth Account ■ December 31, 2016

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	220,766	*	Intuitive Surgical, Inc	$	140,003		0.7	%
	2,121,372		UnitedHealth Group, Inc		339,504		1.6
			Other		725,284		3.5
					1,204,791		5.8
HOUSEHOLD & PERSONAL PRODUCTS
	1,848,002		Estee Lauder Cos (Class A)		141,353		0.7
			Other		63,944		0.3
					205,297		1.0
INSURANCE					80,197		0.4
MATERIALS
	1,065,059		Monsanto Co		112,055		0.5
			Other		625,012		3.0
					737,067		3.5
MEDIA
	1,959,286		CBS Corp (Class B)		124,650		0.6
	5,761,514		Comcast Corp (Class A)		397,833		1.9
	1,472,971		Time Warner, Inc		142,186		0.7
	2,621,714		Walt Disney Co		273,235		1.3
			Other		211,805		1.0
					1,149,709		5.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,154,562	*	Allergan plc		242,470		1.2
	795,206		Amgen, Inc		116,267		0.6
	373,956	*	Biogen Idec, Inc		106,047		0.5
	2,366,895		Bristol-Myers Squibb Co		138,321		0.7
	2,206,447	*	Celgene Corp		255,396		1.2
	1,940,774		Eli Lilly & Co		142,744		0.7
	3,904,230		Zoetis, Inc		208,993		1.0
			Other		538,583		2.6
					1,748,821		8.5
REAL ESTATE					175,411		0.8
RETAILING
	924,309	*	Amazon.com, Inc		693,112		3.3
	909,325		Expedia, Inc		103,008		0.5
	2,633,855		Home Depot, Inc		353,147		1.7
	875,336	*	NetFlix, Inc		108,367		0.5
	69,673	*	Priceline.com, Inc		102,145		0.5
			Other		703,793		3.4
					2,063,572		9.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,162,033		Applied Materials, Inc		102,039		0.5
	692,106		Broadcom Ltd		122,343		0.6
	1,396,654		Qualcomm, Inc		91,062		0.4
			Other		346,643		1.7
					662,087		3.2

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	continued

CREF Growth Account ■ December 31, 2016

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	2,432,965	*	Adobe Systems, Inc		$	250,474			1.2	%
	475,969	*	Alphabet, Inc (Class A)			377,182			1.8
	914,867	*	Alphabet, Inc (Class C)			706,113			3.4
	5,099,264	*	Facebook, Inc			586,670			2.8
	3,199,554		Intuit, Inc			366,701			1.8
	2,877,162		MasterCard, Inc (Class A)			297,067			1.4
	15,068,331		Microsoft Corp			936,346			4.5
	4,403,286	*	PayPal Holdings, Inc			173,798			0.8
	3,033,409	*	salesforce.com, Inc			207,667			1.0
	5,159,187		Visa, Inc (Class A)			402,520			1.9
			Other			1,248,736			6.0
						5,553,274			26.6
TECHNOLOGY HARDWARE & EQUIPMENT
	7,226,748	d	Apple, Inc			837,002			4.0
			Other			188,944			0.9
						1,025,946			4.9
TELECOMMUNICATION SERVICES						154,639			0.7
TRANSPORTATION
	1,609,607		Union Pacific Corp			166,884			0.8
			Other			267,080			1.3
						433,964			2.1
UTILITIES						644			0.0
TOTAL COMMON STOCKS				(Cost $17,784,229)		20,704,116			99.2

	Principal		Issuer
SHORT-TERM INVESTMENTS

TREASURY DEBT						176,523			0.8

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	167,168,634	c	State Street Navigator Securities Lending Government Money Market Portfolio			167,169			0.8
						167,169			0.8
TOTAL SHORT-TERM INVESTMENTS				(Cost $343,702)		343,692			1.6

TOTAL PORTFOLIO				(Cost $18,127,931)		21,047,808			100.8
			OTHER ASSETS & LIABILITIES, NET			(175,575	)		(0.8	)
			NET ASSETS		$	20,872,233			100.0	%

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Growth Account ■ December 31, 2016

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $162,795,000.

“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 12/31/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $53,575,000 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 ■ 2016 Annual Report

Summary portfolio of investments

CREF Equity Index Account ¡ December 31, 2016

Shares		Company	Value (000)		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS			$	161,619		0.9	%
BANKS
	7,628,247	Bank of America Corp		168,584		1.0
	2,180,463	Citigroup, Inc		129,585		0.7
	2,702,870	JPMorgan Chase & Co		233,231		1.3
	3,395,538	Wells Fargo & Co		187,128		1.1
		Other		534,648		3.1
				1,253,176		7.2
CAPITAL GOODS
	438,533	3M Co		78,309		0.5
	442,689	Boeing Co		68,918		0.4
	6,831,532	General Electric Co		215,876		1.2
	561,629	Honeywell International, Inc		65,065		0.4
		Other		956,445		5.5
				1,384,613		8.0
COMMERCIAL & PROFESSIONAL SERVICES				150,903		0.9
CONSUMER DURABLES & APPAREL				248,749		1.4
CONSUMER SERVICES
	616,923	McDonald’s Corp		75,092		0.4
		Other		301,113		1.7
				376,205		2.1
DIVERSIFIED FINANCIALS
	286,236	Goldman Sachs Group, Inc		68,539		0.4
		Other		674,720		3.9
				743,259		4.3
ENERGY
	1,394,847	Chevron Corp		164,174		0.9
	3,095,460	Exxon Mobil Corp		279,396		1.6
	1,030,748	Schlumberger Ltd		86,531		0.5
		Other		686,095		4.0
				1,216,196		7.0
FOOD & STAPLES RETAILING
	1,125,302	Wal-Mart Stores, Inc		77,781		0.5
		Other		241,258		1.4
				319,039		1.9
FOOD, BEVERAGE & TOBACCO
	1,450,748	Altria Group, Inc		98,099		0.6
	2,901,732	Coca-Cola Co		120,306		0.7
	1,075,713	PepsiCo, Inc		112,552		0.7
	1,150,298	Philip Morris International, Inc		105,241		0.6
		Other		397,183		2.3
				833,381		4.9

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Equity Index Account ■ December 31, 2016

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	1,041,124		Medtronic plc	$	74,159		0.4	%
	695,142		UnitedHealth Group, Inc		111,251		0.6
			Other		661,500		3.8
					846,910		4.8
HOUSEHOLD & PERSONAL PRODUCTS
	1,903,468		Procter & Gamble Co		160,043		0.9
			Other		130,608		0.8
					290,651		1.7
INSURANCE
	1,406,323	*	Berkshire Hathaway, Inc (Class B)		229,203		1.3
			Other		520,137		3.0
					749,340		4.3
MATERIALS					582,531		3.3
MEDIA
	1,789,499		Comcast Corp (Class A)		123,565		0.7
	1,206,753		Walt Disney Co		125,768		0.7
			Other		281,280		1.6
					530,613		3.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,200,359		AbbVie, Inc		75,166		0.4
	557,286		Amgen, Inc		81,481		0.5
	1,239,347		Bristol-Myers Squibb Co		72,427		0.4
	569,013	*	Celgene Corp		65,863		0.4
	983,271		Gilead Sciences, Inc		70,412		0.4
	2,042,180		Johnson & Johnson		235,280		1.4
	2,056,466		Merck & Co, Inc		121,064		0.7
	4,460,955		Pfizer, Inc		144,892		0.8
			Other		509,792		2.9
					1,376,377		7.9
REAL ESTATE					696,397		4.0
RETAILING
	288,725	*	Amazon.com, Inc		216,506		1.2
	924,604		Home Depot, Inc		123,971		0.7
			Other		519,804		3.0
					860,281		4.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,508,485		Intel Corp		127,253		0.7
	1,089,782		Qualcomm, Inc		71,054		0.4
			Other		354,475		2.0
					552,782		3.1

See notes to financial statements

College Retirement Equities Funds ■ 2016 Annual Report

Summary portfolio of investments	continued

CREF Equity Index Account ■ December 31, 2016

Shares			Company		Value (000)		% of net assets
SOFTWARE & SERVICES
	218,118	*	Alphabet, Inc (Class A)		$	172,848		1.0	%
	220,468	*	Alphabet, Inc (Class C)			170,162		1.0
	1,665,926	*	Facebook, Inc			191,665		1.1
	652,388		International Business Machines Corp			108,290		0.6
	717,013		MasterCard, Inc (Class A)			74,031		0.4
	5,626,117		Microsoft Corp			349,607		2.0
	2,201,331		Oracle Corp			84,641		0.5
	1,417,127		Visa, Inc (Class A)			110,564		0.6
			Other			773,593		4.4
						2,035,401		11.6
TECHNOLOGY HARDWARE & EQUIPMENT
	4,070,171		Apple, Inc			471,407		2.7
	3,736,724		Cisco Systems, Inc			112,924		0.7
			Other			287,511		1.5
						871,842		4.9
TELECOMMUNICATION SERVICES
	4,571,550		AT&T, Inc			194,428		1.1
	3,030,990		Verizon Communications, Inc			161,794		0.9
			Other			69,101		0.4
						425,323		2.4
TRANSPORTATION
	625,747		Union Pacific Corp			64,877		0.4
			Other			323,109		1.8
						387,986		2.2
UTILITIES						546,589		3.1
			TOTAL COMMON STOCKS	(Cost $9,177,680)		17,440,163		99.8

RIGHTS / WARRANTS

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

	Principal		Issuer
SHORT-TERM INVESTMENTS

TREASURY DEBT						54,816		0.3

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Equity Index Account ■ December 31, 2016

Shares			Company			Value (000)			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	232,039,966	c	State Street Navigator Securities Lending Government Money Market Portfolio			$	232,040			1.4	%
							232,040			1.4
			TOTAL SHORT-TERM INVESTMENTS		(Cost $286,860)		286,856			1.7

			TOTAL PORTFOLIO		(Cost $9,464,658)		17,727,153			101.5
			OTHER ASSETS & LIABILITIES, NET				(260,051	)		(1.5	)
				NET ASSETS		$	17,467,102			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.

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

At 12/31/16, the aggregate value of securities on loan is $222,154,000.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Funds ■ 2016 Annual Report

Summary portfolio of investments

CREF Bond Market Account ■ December 31, 2016

	Principal	Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS

CAPITAL GOODS				$	1,004		0.0	%
COMMERCIAL & PROFESSIONAL SERVICES					1,004		0.0
CONSUMER DURABLES & APPAREL					1,026		0.0
CONSUMER SERVICES					6,137		0.1
DIVERSIFIED FINANCIALS					1,916		0.0
ENERGY					3,842		0.0
FOOD & STAPLES RETAILING					3,717		0.0
FOOD, BEVERAGE & TOBACCO					2,024		0.0
HEALTH CARE EQUIPMENT & SERVICES					10,390		0.1
MATERIALS					8,748		0.1
MEDIA					16,746		0.1
REAL ESTATE					5,647		0.1
RETAILING					2,987		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,514		0.0
SOFTWARE & SERVICES					3,362		0.0
TECHNOLOGY HARDWARE & EQUIPMENT					10,226		0.1
TELECOMMUNICATION SERVICES					1,009		0.0
		TOTAL BANK LOAN OBLIGATIONS	(Cost $80,342)		81,299		0.6

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS					66,035		0.5
BANKS					797,329		5.9
CAPITAL GOODS					115,973		0.9
COMMERCIAL & PROFESSIONAL SERVICES					136,832		1.0
CONSUMER DURABLES & APPAREL					32,508		0.2
CONSUMER SERVICES					149,069		1.1
DIVERSIFIED FINANCIALS					539,753		4.0
ENERGY					419,279		3.1
FOOD & STAPLES RETAILING					128,133		1.0
FOOD, BEVERAGE & TOBACCO					149,172		1.1
HEALTH CARE EQUIPMENT & SERVICES					131,974		1.0
HOUSEHOLD & PERSONAL PRODUCTS					17,084		0.1
INSURANCE					215,180		1.6

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2016

Principal			Issuer			Value (000)		% of net assets
MATERIALS						$	150,110		1.1	%
MEDIA							208,831		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							234,064		1.7
REAL ESTATE							202,364		1.5
RETAILING							99,678		0.7
SOFTWARE & SERVICES							95,493		0.7
TECHNOLOGY HARDWARE & EQUIPMENT							102,239		0.8
TELECOMMUNICATION SERVICES							210,946		1.6
TRANSPORTATION							110,852		0.8
UTILITIES							544,937		4.0
			TOTAL CORPORATE BONDS		(Cost $4,858,059)		4,857,835		36.0

GOVERNMENT BONDS

AGENCY SECURITIES
$	144,737,000		Private Export Funding Corp (PEFCO)	1.375%–4.375%, 02/15/17–11/15/22			148,669		1.1
			Other				84,947		0.6
							233,616		1.7
FOREIGN GOVERNMENT BONDS							758,724		5.6
MORTGAGE BACKED
	105,658,635		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500%, 10/01/45		108,534		0.8
	62,637,974		FGLMC		4.000%, 12/01/45		66,209		0.5
	99,448,393	h	FGLMC		3.500%, 08/01/46		102,187		0.8
	54,000,000	h	Federal National Mortgage Association (FNMA)		2.500%, 02/25/32		54,000		0.4
	50,000,000	h	FNMA		3.000%, 02/25/32		51,267		0.4
	127,000,000	h	FNMA		3.000%, 02/25/47		125,879		0.9
	50,784,028		FNMA		4.000%, 01/01/46		53,730		0.4
	110,000,000	h	FNMA		3.000%, 01/25/47		109,197		0.8
	69,000,000	h	FNMA		3.500%, 01/25/47		70,677		0.5
	125,000,000	h	FNMA		4.000%, 01/25/47		131,350		1.0
	60,000,000	h	FNMA		3.500%, 02/25/47		61,367		0.5
	54,000,000	h	FNMA		3.500%, 03/25/47		55,118		0.4
	40,000,000	h	FNMA		4.000%, 03/25/47		41,895		0.3
	40,605,097		FNMA		3.500%, 07/01/55		41,632		0.3
	1,012,916,607		FNMA	2.500%–9.000%, 03/01/23–02/25/47			1,040,618		7.7
	105,000,000	h	Government National Mortgage Association (GNMA)		3.000%, 02/20/47		106,063		0.8
	169,000,000	h	GNMA		3.500%, 02/20/47		175,293		1.3
	214,579,873		GNMA	2.176%–8.500%, 06/15/24–02/20/47			161,928		1.2
			Other				240,552		1.7
							2,797,496		20.7
MUNICIPAL BONDS							390,346		2.9

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2016

Principal				Issuer			Value (000)		% of net assets
U.S. TREASURY SECURITIES
$	100,686,000	p		United States Treasury Bond		5.375%, 02/15/31	$	133,869		1.0	%
	65,602,000			United States Treasury Bond		4.500%, 02/15/36		82,861		0.6
	56,375,000			United States Treasury Bond		3.625%, 08/15/43		62,387		0.5
	81,710,000			United States Treasury Bond		2.875%, 08/15/45		78,446		0.6
	118,850,000	p		United States Treasury Bond		2.500%, 05/15/46		105,357		0.8
	108,750,000			United States Treasury Bond		2.875%, 11/15/46		104,737		0.8
	141,634,000			United States Treasury Bond	2.250%–5.250%, 11/15/28–08/15/46			152,537		1.1
	120,000,000	p		United States Treasury Note		0.875%, 05/31/18		119,752		0.9
	53,775,000			United States Treasury Note		1.000%, 03/15/19		53,474		0.4
	124,787,000			United States Treasury Note		1.625%, 07/31/20		124,618		0.9
	48,635,000			United States Treasury Note		1.375%, 04/30/21		47,667		0.4
	133,872,000			United States Treasury Note		8.000%, 11/15/21		171,307		1.3
	72,575,000			United States Treasury Note		1.750%, 02/28/22		71,633		0.5
	106,110,000			United States Treasury Note		1.875%, 08/31/22		104,759		0.8
	56,465,000			United States Treasury Note		1.750%, 09/30/22		55,334		0.4
	52,207,000			United States Treasury Note		2.000%, 11/15/26		50,150		0.4
	403,335,200			United States Treasury Note	0.625%–2.250%, 01/15/17–08/15/26			398,983		2.8
								1,917,871		14.2
				TOTAL GOVERNMENT BONDS		(Cost $6,123,952)		6,098,053		45.1

STRUCTURED ASSETS

ASSET BACKED
	65,588,490	g		Domino’s Pizza Master Issuer LLC Series - 2012 1A (Class A2)		5.216%, 01/25/42		66,898		0.5
	59,709,023			Santander Drive Auto Receivables Trust Series - 2013 5 (Class C)		2.250%, 06/17/19		59,904		0.4
				Other				580,977		4.4
								707,779		5.3
OTHER MORTGAGE BACKED
	49,550,000	i		Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AJ)		5.750%, 06/15/49		47,992		0.4
	88,795,000	g		Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AMFX)		5.703%, 06/15/49		89,618		0.7
	55,000,000	g,i		WFRBS Commercial Mortgage Trust Series - 2011 C4 (Class A4)		4.902%, 06/15/44		60,268		0.4
				Other				1,140,624		8.4
								1,338,502		9.9
				TOTAL STRUCTURED ASSETS		(Cost $2,072,700)		2,046,281		15.2
				TOTAL BONDS		(Cost $13,054,711)		13,002,169		96.3

Shares				Company
PREFERRED STOCKS

BANKS								15,774		0.1
			TOTAL PREFERRED STOCKS			(Cost $49,941)		15,774		0.1

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Bond Market Account ■ December 31, 2016

Principal		Issuer			Value (000)			% of net assets
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
$	50,000,000	Federal Home Loan Bank (FHLB)		0.511%, 03/07/17	$	49,954			0.4	%
		Other				48,821			0.3
						98,775			0.7
TREASURY DEBT
	90,081,000	United States Treasury Bill	0.296%–0.336%, 01/05/17			90,079			0.7
	130,575,000	United States Treasury Bill	0.321%–0.430%, 01/12/17			130,562			1.0
	147,000,000	United States Treasury Bill	0.421%–0.468%, 01/19/17			146,973			1.1
	123,930,000	United States Treasury Bill	0.282%–0.420%, 02/02/17			123,886			0.9
	148,200,000	United States Treasury Bill	0.305%–0.410%, 02/09/17			148,132			1.1
	106,760,000	United States Treasury Bill	0.440%–0.478%, 02/16/17			106,703			0.8
	50,000,000	United States Treasury Bill	0.345%, 02/23/17			49,967			0.4
	73,000,000	United States Treasury Bill	0.353%–0.501%, 03/02/17			72,943			0.5
	64,800,000	United States Treasury Bill	0.466%–0.503%, 03/09/17			64,744			0.5
	50,000,000	United States Treasury Bill	0.386%, 03/16/17			49,950			0.4
	73,900,000	United States Treasury Bill		0.392%, 03/23/17		73,819			0.5
	100,000,000	United States Treasury Bill	0.391%–0.516%, 03/30/17			99,881			0.7
	58,500,000	United States Treasury Bill	0.463%–0.526%, 04/20/17			58,406			0.4
		Other				51,123			0.4
						1,267,168			9.4
		TOTAL SHORT-TERM INVESTMENTS		(Cost $1,366,006)		1,365,943			10.1

		TOTAL PORTFOLIO		(Cost $14,551,000)		14,465,185			107.1
		OTHER ASSETS & LIABILITIES, NET				(966,121	)		(7.1	)
		NET ASSETS			$	13,499,064			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 12/31/16, the aggregate value of these securities, including those in “Other,” was $1,833,130,000 or 13.6% 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.
p	All or a portion of these securities have been segregated to cover requirements on open forward foreign currency contracts.

“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 ■ 2016 Annual Report

Portfolio of investments

CREF Inflation-Linked Bond Account ■ December 31, 2016

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS

AGENCY SECURITIES
$	17,635,000		Montefiore Medical Center	2.895%, 4/20/32	$	16,134		0.2	%
	3,500,000		Private Export Funding Corp (PEFCO)	2.300%, 9/15/20		3,566		0.1
	3,000,000		PEFCO	3.250%, 6/15/25		3,095		0.0
	6,250,000		Reliance Industries Ltd	2.444%, 1/15/26		6,255		0.1
	4,375,000		Tunisia Government AID Bonds	1.416%, 8/5/21		4,225		0.1
	3,500,000		Ukraine Government AID Bonds	1.847%, 5/29/20		3,482		0.1
	15,000,000		Ukraine Government AID Bonds	1.471%, 9/29/21		14,630		0.2
						51,387		0.8
MORTGAGE BACKED
	13,611,493		Government National Mortgage Association (GNMA)	3.650%, 02/15/32		14,201		0.2
						14,201		0.2
U.S. TREASURY SECURITIES
	2,695	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17		3		0.0
	77,790,876	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17		79,651		1.2
	150,052,991	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18		153,971		2.3
	411,056,808	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/18		414,786		6.2
	151,999,464	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18		157,724		2.3
	149,175,125	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19		157,612		2.3
	333,200,340	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/19		337,345		5.0
	139,245,840	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19		148,259		2.2
	172,476,540	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20		181,385		2.7
	450,550,935	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/20		455,203		6.8
	245,648,043	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		259,420		3.9
	332,535,691	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		348,825		5.2
	298,824,840	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/21		300,513		4.5
	349,413,984	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		360,530		5.4
	348,136,861	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		348,694		5.2
	406,783,440	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		407,771		6.1
	281,699,490	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		279,587		4.2
	86,210,440	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		86,972		1.3
	78,991,188	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24		80,369		1.2
	96,710,000	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24		94,994		1.4
	74,499,420	k	United States Treasury Inflation Indexed Bonds	0.250%, 01/15/25		73,258		1.1
	259,368,111	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		297,768		4.4
	78,485,330	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/25		78,047		1.2
	110,884,610	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/26		111,841		1.7
	217,176,668	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		244,627		3.6
	101,850,420	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/26		98,474		1.5
	163,252,044	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		191,211		2.9
	193,147,794	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		215,618		3.2
	119,596,562	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		157,235		2.3
	177,771,715	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		214,382		3.2
	145,698,963	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		199,165		3.0
	30,000,000		United States Treasury Note	1.250%, 12/31/18		30,024		0.4
	18,000,000		United States Treasury Note	1.125%, 06/30/21		17,405		0.2
						6,582,669		98.1
			TOTAL GOVERNMENT BONDS	(Cost $6,384,870)		6,648,257		99.1

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Portfolio of investments		concluded

CREF Inflation-Linked Bond Account ■ December 31, 2016

Principal		Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
$	1,100,000	Federal Home Loan Bank (FHLB)	0.300%, 01/03/17		$	1,100		0.0	%
	12,200,000	FHLB	0.440%, 01/23/17			12,198		0.3
						13,298		0.3
		TOTAL SHORT-TERM INVESTMENTS		(Cost $13,297)		13,298		0.3

		TOTAL PORTFOLIO		(Cost $6,398,167)		6,661,555		99.4
		OTHER ASSETS & LIABILITIES, NET				43,341		0.6
		NET ASSETS			$	6,704,896		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 ■ 2016 Annual Report

Summary portfolio of investments

CREF Social Choice Account ■ December 31, 2016

Principal		Issuer			Value (000)		% of net assets
BANK LOAN OBLIGATIONS

CAPITAL GOODS					$	2,638		0.0	%
ENERGY						18,209		0.1
MEDIA						9,461		0.1
TECHNOLOGY HARDWARE & EQUIPMENT						10,131		0.1
UTILITIES						22,295		0.2
		TOTAL BANK LOAN OBLIGATIONS		(Cost $63,627)		62,734		0.5

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS						26,422		0.2
BANKS
$	40,272,000	Bank of America Corp	1.950%, 05/12/18			40,323		0.3
		Other				258,403		1.9
						298,726		2.2
CAPITAL GOODS						74,742		0.6
COMMERCIAL & PROFESSIONAL SERVICES						27,644		0.2
CONSUMER DURABLES & APPAREL						3,996		0.0
CONSUMER SERVICES						66,558		0.5
DIVERSIFIED FINANCIALS						93,212		0.7
ENERGY						116,081		0.9
FOOD & STAPLES RETAILING						9,338		0.1
FOOD, BEVERAGE & TOBACCO						5,081		0.0
HEALTH CARE EQUIPMENT & SERVICES						17,693		0.1
INSURANCE						44,579		0.3
MATERIALS						47,055		0.4
MEDIA						23,661		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						27,573		0.2
REAL ESTATE						63,281		0.5
TECHNOLOGY HARDWARE & EQUIPMENT						18,204		0.1
TELECOMMUNICATION SERVICES						14,277		0.1
TRANSPORTATION						111,747		0.8
UTILITIES						340,878		2.5
		TOTAL CORPORATE BONDS		(Cost $1,438,962)		1,430,748		10.6

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Social Choice Account ■ December 31, 2016

Principal			Issuer			Value (000)		% of net assets
GOVERNMENT BONDS

AGENCY SECURITIES
$	189,606,488		Overseas Private Investment Corp (OPIC)	0.000%–3.938%, 04/30/17–07/31/33		$	191,697		1.4	%
			Other				344,959		2.6
							536,656		4.0
FOREIGN GOVERNMENT BONDS
	45,000,000		Inter-American Development Bank		1.185%, 07/09/18		44,511		0.3
	46,500,000		International Finance Corp		1.546%, 11/04/21		44,557		0.3
			Other				618,591		4.7
							707,659		5.3
MORTGAGE BACKED
	39,808,823		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500%, 10/01/45		40,892		0.3
	41,579,783	h	FGLMC		3.500%, 08/01/46		42,724		0.3
	55,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 01/25/47		57,794		0.4
	45,000,000	h	FNMA		3.000%, 02/25/47		44,603		0.3
	595,512,160		FNMA	2.500%–8.000%, 03/01/23–07/01/55			615,898		4.6
	76,000,000	h	Government National Mortgage Association (GNMA)		3.500%, 02/20/47		78,830		0.6
	47,000,000	h	GNMA		3.000%, 02/20/47		47,476		0.4
			Other				190,876		1.4
							1,119,093		8.3
MUNICIPAL BONDS							602,734		4.5
U.S. TREASURY SECURITIES
	103,530,000		United States Treasury Bond		2.250%, 08/15/46		86,828		0.6
	62,685,000		United States Treasury Note		2.000%, 11/15/26		60,214		0.5
			Other				103,438		0.8
							250,480		1.9
			TOTAL GOVERNMENT BONDS		(Cost $3,220,468)		3,216,622		24.0

STRUCTURED ASSETS

ASSET BACKED							198,027		1.5
OTHER MORTGAGE BACKED							266,930		2.0
			TOTAL STRUCTURED ASSETS		(Cost $471,018)		464,957		3.5
			TOTAL BONDS		(Cost $5,130,448)		5,112,327		38.1

Shares			Company
COMMON STOCKS

AUTOMOBILES & COMPONENTS							181,687		1.4
BANKS
	346,648		PNC Financial Services Group, Inc				40,544		0.3
	896,706		US Bancorp				46,064		0.3
			Other				561,836		4.1
							648,444		4.7

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	continued

CREF Social Choice Account ■ December 31, 2016

Shares		Company	Value (000)		% of net assets
CAPITAL GOODS
	310,434	3M Co	$	55,434		0.4	%
		Other		589,783		4.4
				645,217		4.8
COMMERCIAL & PROFESSIONAL SERVICES				59,255		0.4
CONSUMER DURABLES & APPAREL				131,427		1.0
CONSUMER SERVICES
	428,605	McDonald’s Corp		52,170		0.4
	808,957	Starbucks Corp		44,913		0.3
		Other		79,581		0.6
				176,664		1.3
DIVERSIFIED FINANCIALS
	564,161	American Express Co		41,793		0.3
		Other		369,344		2.7
				411,137		3.0
ENERGY
	580,653	Schlumberger Ltd		48,746		0.4
		Other		506,501		3.7
				555,247		4.1
FOOD & STAPLES RETAILING				86,834		0.6
FOOD, BEVERAGE & TOBACCO
	1,697,969	Coca-Cola Co		70,398		0.5
	974,069	Mondelez International, Inc		43,180		0.3
	645,495	PepsiCo, Inc		67,538		0.5
		Other		199,071		1.5
				380,187		2.8
HEALTH CARE EQUIPMENT & SERVICES				285,880		2.1
HOUSEHOLD & PERSONAL PRODUCTS
	998,240	Procter & Gamble Co		83,932		0.6
		Other		114,162		0.9
				198,094		1.5
INSURANCE
	309,889	Chubb Ltd		40,943		0.3
		Other		338,492		2.5
				379,435		2.8
MATERIALS				421,011		3.1
	MEDIA
	480,628	Time Warner, Inc		46,395		0.3
	662,187	Walt Disney Co		69,013		0.5
		Other		115,344		0.9
				230,752		1.7

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Social Choice Account ■ December 31, 2016

Shares			Company		Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	290,013		Amgen, Inc		$	42,403		0.3	%
	827,806		Bristol-Myers Squibb Co			48,377		0.4
	379,694	*	Celgene Corp			43,950		0.3
	931,057		Johnson & Johnson			107,267		0.8
	1,144,936		Merck & Co, Inc			67,402		0.5
			Other			385,640		2.9
						695,039		5.2
REAL ESTATE						343,599		2.6
RETAILING						303,909		2.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,898,397		Intel Corp			68,855		0.5
			Other			150,478		1.1
						219,333		1.6
SOFTWARE & SERVICES
	379,946		Accenture plc			44,503		0.3
	84,459	*	Alphabet, Inc (Class A)			66,929		0.5
	89,662	*	Alphabet, Inc (Class C)			69,203		0.5
	396,187		International Business Machines Corp			65,763		0.5
	499,170		MasterCard, Inc (Class A)			51,539		0.4
	1,730,924		Microsoft Corp			107,560		0.8
	1,415,168		Oracle Corp			54,413		0.4
			Other			296,245		2.2
						756,155		5.6
TECHNOLOGY HARDWARE & EQUIPMENT
	2,132,306		Cisco Systems, Inc			64,438		0.5
			Other			167,079		1.2
						231,517		1.7
TELECOMMUNICATION SERVICES
	1,556,624	e	Verizon Communications, Inc			83,093		0.6
			Other			150,186		1.1
						233,279		1.7
TRANSPORTATION
	468,054		Union Pacific Corp			48,528		0.4
	371,112		United Parcel Service, Inc (Class B)			42,544		0.3
			Other			136,430		1.0
						227,502		1.7
UTILITIES						259,893		1.9
			TOTAL COMMON STOCKS	(Cost $6,340,049)		8,061,497		59.5

PREFERRED STOCKS

BANKS						23,713		0.2
			TOTAL PREFERRED STOCKS	(Cost $38,865)		23,713		0.2

RIGHTS / WARRANTS

ENERGY						6		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $6)		6		0.0

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	concluded

CREF Social Choice Account ■ December 31, 2016

Principal		Issuer			Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	64,000,000	Federal Home Loan Bank (FHLB)		0.350%, 02/06/17	$	63,970			0.5	%
						63,970			0.5
TREASURY DEBT
	71,000,000	United States Treasury Bill	0.321%–0.355%, 01/12/17			70,993			0.5
	57,000,000	United States Treasury Bill	0.305%–0.312%, 02/09/17			56,974			0.4
	50,000,000	United States Treasury Bill		0.320%, 03/02/17		49,961			0.4
	50,000,000	United States Treasury Bill		0.496%, 03/09/17		49,956			0.4
	60,000,000	United States Treasury Bill		0.392%, 03/23/17		59,934			0.4
	50,000,000	United States Treasury Bill		0.498%, 04/06/17		49,932			0.4
		Other				164,491			1.2
						502,241			3.7

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

TREASURY DEBT
	50,000,000	United States Treasury Bill		0.369%, 03/23/17		49,959			0.4
		Other				20,012			0.1
						69,971			0.5
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				69,971			0.5
		TOTAL SHORT-TERM INVESTMENTS		(Cost $636,182)		636,182			4.7

		TOTAL PORTFOLIO		(Cost $12,209,177)		13,896,459			103.0
		OTHER ASSETS & LIABILITIES, NET				(405,440	)		(3.0	)
		NET ASSETS			$	13,491,019			100.0	%

*	Non-income producing
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $75,487,000.
h	All or a portion of these securities were purchased on a delayed delivery basis.

“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 12/31/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $753,582,000 or 5.6% 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.

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Money Market Account ■ December 31, 2016

Principal		Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
$	312,004,000	Federal Agricultural Mortgage Corp (FAMC)	0.010%–1.100%, 01/17/17–07/21/17		$	311,662		2.9	%
	222,695,000	Federal Farm Credit Bank (FFCB)	0.010%–0.620%, 01/19/17–05/25/17			222,533		2.1
	134,058,000	Federal Home Loan Bank (FHLB)	0.265%–0.400%, 01/06/17			134,052		1.2
	115,415,000	FHLB	0.320%–0.420%, 01/09/17			115,405		1.1
	163,000,000	FHLB	0.340%–0.450%, 01/20/17			162,966		1.5
	171,571,000	FHLB	0.340%–0.460%, 01/25/17			171,528		1.6
	172,615,000	FHLB	0.365%–0.480%, 01/27/17			172,565		1.6
	113,400,000	FHLB	0.370%–0.470%, 02/01/17			113,360		1.0
	150,500,000	FHLB	0.380%–0.510%, 02/03/17			150,434		1.4
	109,800,000	FHLB	0.440%–0.530%, 02/08/17			109,747		1.0
	95,202,000	FHLB	0.480%–0.525%, 02/10/17			95,148		0.9
	88,390,000	FHLB	0.480%–0.520%, 02/13/17			88,338		0.8
	117,000,000	FHLB	0.430%–0.540%, 02/17/17			116,920		1.1
	106,800,000	FHLB	0.435%–0.485%, 02/21/17			106,731		1.0
	98,044,000	FHLB	0.470%, 02/23/17			97,976		0.9
	109,864,000	FHLB	0.405%–0.560%, 02/24/17			109,779		1.0
	78,925,000	FHLB	0.500%–0.530%, 02/27/17			78,862		0.7
	100,000,000	FHLB	0.515%, 03/06/17			99,908		0.9
	123,975,000	FHLB	0.510%–0.555%, 03/08/17			123,854		1.1
	75,150,000	FHLB	0.530%–0.570%, 03/10/17			75,072		0.7
	79,000,000	FHLB	0.440%–0.555%, 03/24/17			78,904		0.7
	171,094,000	FHLB	0.530%–0.570%, 03/29/17			170,869		1.6
	1,355,736,000	FHLB	0.310%–0.660%, 01/03/17–06/23/17			1,354,697		12.5
	77,500,000	Federal Home Loan Mortgage Corp (FHLMC)	0.355%–0.440%, 01/04/17			77,498		0.7
	106,500,000	FHLMC	0.340%–0.450%, 01/10/17			106,490		1.0
	104,440,000	FHLMC	0.280%–0.350%, 01/18/17			104,424		1.0
	119,589,000	FHLMC	0.340%–0.435%, 01/23/17			119,562		1.1
	112,857,000	FHLMC	0.400%–0.515%, 02/07/17			112,806		1.0
	679,833,000	FHLMC	0.265%–0.875%, 01/03/17–06/01/17			679,492		6.3
	95,000,000	Federal National Mortgage Association (FNMA)	0.310%–0.420%, 01/11/17			94,989		0.9
	81,000,000	FNMA		0.390%, 01/17/17		80,986		0.7
	129,600,000	FNMA	0.430%–0.510%, 02/08/17			129,539		1.2
	86,400,000	FNMA	0.440%–0.495%, 03/01/17			86,332		0.8
	494,903,000	FNMA	0.350%–1.250%, 01/03/17–05/12/17			494,543		4.6
		Other				14,991		0.0
						6,362,962		58.6
TREASURY DEBT
	100,000,000	United States Treasury Bill	0.200%–0.363%, 01/05/17			99,997		0.9
	160,000,000	United States Treasury Bill	0.186%–0.475%, 01/12/17			159,984		1.5
	120,000,000	United States Treasury Bill	0.316%–0.388%, 01/19/17			119,979		1.1
	100,000,000	United States Treasury Bill	0.280%–0.360%, 01/26/17			99,978		0.9
	80,000,000	United States Treasury Bill	0.309%–0.327%, 02/02/17			79,977		0.7
	150,100,000	United States Treasury Bill	0.320%–0.481%, 02/09/17			150,036		1.4
	100,000,000	United States Treasury Bill	0.400%–0.500%, 02/16/17			99,943		0.9

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Summary portfolio of investments	concluded

CREF Money Market Account ■ December 31, 2016

Principal			Issuer			Value (000)		% of net assets
TREASURY DEBT—continued
$	100,000,000		United States Treasury Bill	0.366%–0.535%, 03/09/17		$	99,909		0.9	%
	100,000,000		United States Treasury Bill	0.421%–0.532%, 03/16/17			99,900		0.9
	438,250,000		United States Treasury Bill	0.383%–0.640%, 02/23/17–06/22/17			437,670		4.0
	120,000,000		United States Treasury Note		0.500%, 01/31/17		120,008		1.1
	120,000,000		United States Treasury Note		0.625%, 02/15/17		120,022		1.1
	120,000,000		United States Treasury Note		0.500%, 02/28/17		120,004		1.1
	115,400,000		United States Treasury Note		0.750%, 03/15/17		115,464		1.1
	100,000,000		United States Treasury Note		0.500%, 03/31/17		100,003		1.0
	100,000,000		United States Treasury Note		0.625%, 05/31/17		100,012		1.0
	160,965,000		United States Treasury Note	0.500–1.000%, 02/28/17–09/15/17			160,989		1.5
							2,283,875		21.1
VARIABLE RATE SECURITIES
	289,700,000	i	Federal Agricultural Mortgage Corp (FAMC)	0.634%–0.838%, 01/03/17–03/23/18			289,688		2.7
	120,000,000	i	Federal Farm Credit Bank (FFCB)		0.736%, 01/24/17		120,000		1.1
	76,000,000	i	FFCB		0.624%, 03/02/17		76,000		0.7
	105,000,000	i	FFCB		0.699%, 06/15/17		104,997		1.0
	831,375,000	i	FFCB	0.674%–0.963%, 01/13/17–11/14/18			831,258		7.7
	251,500,000	i	Federal Home Loan Bank (FHLB)	0.616%–0.839%, 01/30/17–04/20/18			251,511		2.3
	97,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.685%, 01/13/17		97,000		0.9
	125,800,000	i	FHLMC	0.669%–0.874%, 01/12/17–11/13/17			125,793		1.1
	78,000,000	i	Federal National Mortgage Association (FNMA)		0.759%, 07/20/17		77,969		0.7
	94,500,000	i	FNMA		0.717%, 08/16/17		94,494		0.9
	131,190,000	i	FNMA	0.645%–0.944%, 01/26/17–03/21/18			131,210		1.2
							2,199,920		20.3
			TOTAL SHORT-TERM INVESTMENTS		(Cost $10,846,757)		10,846,757		100.0

			TOTAL PORTFOLIO		(Cost $10,846,757)		10,846,757		100.0
			OTHER ASSETS & LIABILITIES, NET				4,133		0.0
			NET ASSETS			$	10,850,890		100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.

“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.

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

[This page intentionally left blank.]

College Retirement Equities Fund ■ 2016 Annual Report

Statements of assets and liabilities

College Retirement Equities Funds ■ December 31, 2016

(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
Portfolio investments, at value*^†		$	114,988,517	$	18,240,565	$	21,047,808	$	17,727,153	$	14,465,185	$	6,661,555	$	13,896,459	$	10,846,757
Cash**^#			386,864		41,081		110		186		93,546		193		38,642		23
Cash — foreign^{^}			11,167		14,183		—		—		—		—		190		—
Dividends and interest receivable			168,532		32,560		14,524		23,246		84,581		25,755		46,326		3,147
Receivable from securities transactions			121,219		22,016		47,960		3,842		386		47,936		182,444		—
Receivable for delayed delivery securities			—		—		—		—		1,156,994		—		460,059		—
Due from affiliates			—		—		—		554		—		—		22,269		1,399
Unrealized appreciation on forward foreign currency contracts			—		—		—		—		2,110		—		—		—
Unrealized appreciation on swap contracts			370		—		—		—		—		—		—		—
Other			7,792		1,617		1,644		1,425		1,362		1,114		1,410		1,396
Total assets			115,684,461		18,352,022		21,112,046		17,756,406		15,804,164		6,736,553		14,647,799		10,852,722

LIABILITIES
Investment management fees payable			3,744		447		255		111		188		104		342		102
Service agreement fees payable			2,578		387		441		360		197		306		55		310
Payable for collateral for securities loaned			2,421,534		202,058		167,169		232,040		—		—		105,195		—
Payable for securities transactions			62,152		26,972		63,905		55,368		4,269		30,030		130,172		—
Payable for delayed delivery securities			—		—		—		—		2,294,063		—		919,645		—
Due to affiliates			118,698		4,847		6,087		—		4,942		103		4		—
Payable for variation margin on open futures contracts			567		346		312		—		—		—		—		—
Written options^◊			160		—		—		—		—		—		—		—
Payable for trustee compensation			7,794		1,618		1,644		1,425		1,420		1,114		1,327		1,387
Other			2,316		1,214		—		—		21		—		40		33
Total liabilities			2,619,543		237,889		239,813		289,304		2,305,100		31,657		1,156,780		1,832
NET ASSETS		$	113,064,918	$	18,114,133	$	20,872,233	$	17,467,102	$	13,499,064	$	6,704,896	$	13,491,019	$	10,850,890
CLASS R1 (Accumulation):	Net assets	$	14,173,860	$	3,230,180	$	3,941,420	$	3,500,786	$	2,174,611	$	1,106,689	$	2,286,972	$	2,145,365
	Units outstanding		36,060		22,360		28,137		19,339		18,547		16,337		11,121		84,021
	Unit value	$	393.06	$	144.46	$	140.08	$	181.02	$	117.25	$	67.74	$	205.65	$	25.53
CLASS R2 (Accumulation):	Net assets		33,995,786		6,223,505		7,172,390		6,034,648		4,671,849		2,122,670		4,784,027		3,306,237
	Units outstanding		86,081		42,878		50,960		33,179		39,659		31,189		23,154		129,409
	Unit value	$	394.93	$	145.14	$	140.74	$	181.88	$	117.80	$	68.06	$	206.62	$	25.55
CLASS R3 (Accumulation):	Net assets		53,820,847		8,324,007		9,423,882		7,570,327		6,370,034		3,271,245		6,078,468		5,231,228
	Units outstanding		136,046		57,252		66,844		41,551		53,981		47,982		29,369		204,605
	Unit value	$	395.61	$	145.39	$	140.98	$	182.19	$	118.00	$	68.18	$	206.97	$	25.57
ANNUITY:	Net assets	$	11,074,425	$	336,441	$	334,541	$	361,341	$	282,570	$	204,292	$	341,552	$	168,060
* Includes securities loaned of		$	2,293,953	$	184,642	$	162,795	$	222,154	$	—	$	—	$	75,487	$	—
** Includes cash collateral for securities loaned of		$	23,814	$	10,175	$	—	$	—	$	—	$	—	$	9,790	$	—
^# Includes cash collateral for mortgage dollar rolls of		$	—	$	—	$	—	$	—	$	93,101	$	—	$	27,549	$	—
^† Portfolio investments; cost		$	105,269,483	$	16,937,062	$	18,127,931	$	9,464,658	$	14,551,000	$	6,398,167	$	12,209,177	$	10,846,757
^ Foreign cash, cost		$	11,530	$	14,181	$	—	$	—	$	—	$	—	$	189	$	—
^◊ Written options premiums		$	239	$	—	$	—	$	—	$	—	$	—	$	—	$	—

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Annual Report

Statements of operations

College Retirement Equities Funds ■ For the year ended December 31, 2016

(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*	$	2,505,337		$	412,850		$	272,414		$	351,836	$	—		$	—	$	212,912		$	—
Affiliated issuers		6,060			—			—			—		—			—		—			—
Income from securities lending		70,580			8,423			5,628			7,477		—			—		3,858			—
Interest		2,198			389			303			51		383,745			147,877		144,646			48,953
Other		—			—			1			1		171			—		148			—
Total income		2,584,175			421,662			278,346			359,365		383,916			147,877		361,564			48,953
EXPENSES
Investment management fees		151,952			26,043			13,326			3,689		13,256			2,353		9,395			3,361
Administrative — Class R1		60,321			13,926			17,316			14,303		9,700			4,969		9,941			9,631
Administrative — Class R2		81,449			15,191			17,805			13,921		11,725			5,309		11,652			8,511
Administrative — Class R3		103,990			14,083			16,200			12,207		11,170			5,809		10,459			9,288
Distribution fees — Class R1		22,706			5,235			6,499			5,380		3,645			1,866		3,737			3,610
Distribution fees — Class R2		26,628			4,973			5,827			4,577		3,836			1,736		3,815			2,784
Distribution fees — Class R3		37,355			5,059			5,815			4,399		4,007			2,082		3,755			3,328
Mortality and expense risk charges		5,533			897			1,054			820		689			340		668			565
Total expenses		489,934			85,407			83,842			59,296		58,028			24,464		53,422			41,078
Less: Expenses withheld by TIAA		—			—			—			—		—			—		—			4,669
Plus: Recovery of expenses previously withheld by TIAA		—			—			—			—		—			—		—			3,136
Net expenses		489,934			85,407			83,842			59,296		58,028			24,464		53,422			39,545
Net investment income (loss)		2,094,241			336,255			194,504			300,069		325,888			123,413		308,142			9,408
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers^†		1,378,213			483,034			1,816,865			458,737		109,157			42,359		662,954			3
Affiliated issuers		(4,980	)		—			—			—		—			—		—			—
Futures contracts		33,796			4,658			1,709			2,594		—			—		—			—
Purchased options		5,230			—			—			—		—			—		—			—
Written options		(14,284	)		(1,220	)		—			—		—			—		—			—
Forward foreign currency contracts		—			—			—			—		10,369			—		—			—
Swap contracts		(6,317	)		—			—			—		—			—		—			—
Foreign currency transactions		(14,988	)		(2,846	)		(88	)		—		(1,461	)		—		(621	)		—
Net realized gain (loss) on total investments		1,376,670			483,626			1,818,486			461,331		118,065			42,359		662,333			3
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡		6,175,823			51,237			(1,449,575	)		1,180,011		1,419			108,697		(28,489	)		—
Affiliated issuers		11,363			—			—			—		—			—		—			—
Futures contracts		(1,547	)		(178	)		(528	)		71		—			—		—			—
Purchased options		(34	)		—			—			—		—			—		—			—
Written options		79			—			—			—		—			—		—			—
Forward foreign currency contracts		—			—			—			—		2,110			—		—			—
Swap contracts		370			—			—			—		—			—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(802	)		(338	)		(1	)		—		(20	)		—		(123	)		—
Net change in unrealized appreciation (depreciation) on total investments		6,185,252			50,721			(1,450,104	)		1,180,082		3,509			108,697		(28,612	)		—
Net realized and unrealized gain (loss) on total investments		7,561,922			534,347			368,382			1,641,413		121,574			151,056		633,721			3
Net increase (decrease) in net assets from operations	$	9,656,163		$	870,602		$	562,886		$	1,941,482	$	447,462		$	274,469	$	941,863		$	9,411
* Net of foreign withholding taxes of unaffiliated issuers	$	101,283		$	19,820		$	457		$	70	$	33		$	—	$	7,150		$	—
^† Includes net realized gain (loss) from securities sold to affiliates of	$	226,087		$	41,858		$	105,986		$	14,631	$	—		$	—	$	14,020		$	—
^‡ Includes net change in unrealized foreign capital gains taxes of	$	483		$	(1,208	)	$	—		$	—	$	(21	)	$	—	$	—		$	—

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 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, 2016			December 31, 2015			December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015

OPERATIONS
Net investment income (loss)		$	2,094,241		$	2,102,642		$	336,255		$	315,190		$	194,504		$	175,875
Net realized gain (loss) on total investments			1,376,670			8,005,318			483,626			742,492			1,818,486			1,638,050
Net change in unrealized appreciation (depreciation) on total investments			6,185,252			(10,938,073	)		50,721			(1,128,257	)		(1,450,104	)		(461,392	)
Net increase (decrease) in net assets from operations			9,656,163			(830,113	)		870,602			(70,575	)		562,886			1,352,533

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		635,256			1,712,179			183,121			540,428			235,407			610,928
	Class R2		1,145,808			790,206			276,429			245,494			308,893			254,719
	Class R3		1,896,368			1,494,783			407,233			358,894			424,934			421,713
Net transfers between CREF Accounts:	Class R1		(131,886	)		(652,441	)		(19,640	)		143,081			(66,393	)		166,492
	Class R2		(455,093	)		(299,386	)		(96,443	)		93,543			(130,566	)		48,075
	Class R3		(392,230	)		(435,914	)		(40,698	)		94,034			(150,715	)		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		(1,648,601	)		(5,117,846	)		(391,545	)		(902,196	)		(495,802	)		(1,038,914	)
	Class R2		(3,561,982	)		(2,614,060	)		(691,189	)		(435,416	)		(794,556	)		(485,839	)
	Class R3		(5,798,474	)		(4,021,238	)		(968,069	)		(584,319	)		(1,120,732	)		(640,284	)
Annuity payments:			(1,328,572	)		(1,452,176	)		(34,018	)		(36,393	)		(33,268	)		(32,581	)
Net increase (decrease) from participant transactions			(9,639,406	)		(10,595,893	)		(1,374,819	)		(482,850	)		(1,822,798	)		(588,315	)

Net increase (decrease) in net assets			16,757			(11,426,006	)		(504,217	)		(553,425	)		(1,259,912	)		764,218

NET ASSETS
Beginning of period			113,048,161			124,474,167			18,618,350			19,171,775			22,132,145			21,367,927
End of period		$	113,064,918		$	113,048,161		$	18,114,133		$	18,618,350		$	20,872,233		$	22,132,145

ACCUMULATION UNITS:
Units purchased:	Class R1		1,724,625			4,600,047			1,342,318			3,804,334			1,745,905			4,575,890
	Class R2		3,112,380			2,131,150			2,023,095			1,731,544			2,294,773			1,874,995
	Class R3		4,683,709			3,616,328			2,844,698			2,420,441			2,996,751			2,970,561
Units sold / transferred:	Class R1		(4,826,099	)		(15,489,844	)		(2,987,366	)		(5,362,005	)		(4,158,917	)		(6,529,629	)
	Class R2		(10,849,766	)		(7,849,599	)		(5,699,626	)		(2,413,226	)		(6,806,195	)		(3,232,708	)
	Class R3		(16,588,638	)		(12,081,496	)		(7,240,863	)		(3,481,793	)		(9,345,028	)		(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			280,931,172			306,004,586			132,207,881			135,508,586			159,214,073			163,580,881
End of period			258,187,383			280,931,172			122,490,137			132,207,881			145,941,362			159,214,073

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 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, 2016			December 31, 2015			December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015

OPERATIONS
Net investment income (loss)		$	300,069		$	288,877		$	325,888		$	290,768		$	123,413		$	38,212
Net realized gain (loss) on total investments			461,331			629,969			118,065			76,589			42,359			14,683
Net change in unrealized appreciation (depreciation) on total investments			1,180,082			(876,267	)		3,509			(306,894	)		108,697			(170,928	)
Net increase (decrease) in net assets from operations			1,941,482			42,579			447,462			60,463			274,469			(118,033	)

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		238,666			506,431			175,178			444,547			85,084			233,355
	Class R2		315,730			196,540			334,752			222,856			164,794			106,889
	Class R3		388,623			271,290			522,481			339,850			263,574			170,489
Net transfers between CREF Accounts:	Class R1		52,601			95,173			97,428			237,773			16,088			6,464
	Class R2		35,755			3,431			190,097			102,246			43,026			(916	)
	Class R3		192,967			(4,485	)		321,658			137,248			117,987			(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		(430,882	)		(984,903	)		(313,085	)		(794,493	)		(164,459	)		(471,437	)
	Class R2		(655,413	)		(440,084	)		(606,340	)		(415,383	)		(289,692	)		(232,468	)
	Class R3		(890,824	)		(513,696	)		(904,443	)		(578,133	)		(459,118	)		(356,749	)
Annuity payments:			(33,505	)		(33,130	)		(27,202	)		(26,370	)		(20,223	)		(20,784	)
Net increase (decrease) from participant transactions			(786,282	)		(903,433	)		(209,476	)		(329,859	)		(242,939	)		(577,822	)

Net increase (decrease) in net assets			1,155,200			(860,854	)		237,986			(269,396	)		31,530			(695,855	)

NET ASSETS
Beginning of period			16,311,902			17,172,756			13,261,078			13,530,474			6,673,366			7,369,221
End of period		$	17,467,102		$	16,311,902		$	13,499,064		$	13,261,078		$	6,704,896		$	6,673,366

ACCUMULATION UNITS:
Units purchased:	Class R1		1,429,650			3,103,038			1,484,557			3,872,613			1,256,448			3,468,006
	Class R2		1,884,270			1,207,134			2,829,461			1,950,390			2,427,433			1,610,399
	Class R3		2,199,019			1,573,122			4,230,382			2,811,987			3,724,684			2,447,768
Units sold / transferred:	Class R1		(2,273,190	)		(5,428,830	)		(1,829,119	)		(4,854,844	)		(2,192,745	)		(6,926,944	)
	Class R2		(3,716,985	)		(2,671,313	)		(3,518,943	)		(2,742,878	)		(3,637,308	)		(3,519,741	)
	Class R3		(4,243,582	)		(3,228,539	)		(4,932,066	)		(3,916,271	)		(5,000,157	)		(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			98,790,125			104,235,513			113,922,627			116,801,630			98,929,819			107,375,584
End of period			94,069,307			98,790,125			112,186,899			113,922,627			95,508,174			98,929,819

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 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, 2016			December 31, 2015			December 31, 2016			December 31, 2015

OPERATIONS
Net investment income (loss)		$	308,142		$	270,780		$	9,408		$	—
Net realized gain (loss) on total investments			662,333			931,818			3			19
Net change in unrealized appreciation (depreciation) on total investments			(28,612	)		(1,323,695	)		—			—
Net increase (decrease) in net assets from operations			941,863			(121,097	)		9,411			19

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		117,728			332,838			1,162,493			2,106,341
	Class R2		247,236			169,731			1,248,675			926,677
	Class R3		316,408			231,223			1,833,038			1,369,851
Net transfers between CREF Accounts:	Class R1		(26,303	)		(46,110	)		(11,179	)		16,396
	Class R2		(76,257	)		(41,864	)		161,745			113,042
	Class R3		31,523			(38,297	)		336,528			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		(248,429	)		(662,578	)		(1,230,543	)		(2,190,116	)
	Class R2		(470,771	)		(344,945	)		(1,613,510	)		(1,032,512	)
	Class R3		(663,221	)		(450,412	)		(2,450,296	)		(1,491,632	)
Annuity payments:			(32,710	)		(33,017	)		(20,235	)		(20,750	)
Net increase (decrease) from participant transactions			(804,796	)		(883,431	)		(583,284	)		(34,999	)

Net increase (decrease) in net assets			137,067			(1,004,528	)		(573,873	)		(34,980	)

NET ASSETS
Beginning of period			13,353,952			14,358,480			11,424,763			11,459,743
End of period		$	13,491,019		$	13,353,952		$	10,850,890		$	11,424,763

ACCUMULATION UNITS:
Units purchased:	Class R1		595,633			1,694,242			45,527,588			82,493,197
	Class R2		1,245,129			870,207			48,893,276			36,292,219
	Class R3		1,485,381			1,081,893			71,250,130			53,318,414
Units sold / transferred:	Class R1		(1,387,415	)		(3,610,025	)		(48,630,542	)		(85,131,309	)
	Class R2		(2,756,896	)		(1,984,278	)		(56,844,425	)		(36,009,961	)
	Class R3		(3,166,545	)		(2,530,194	)		(81,988,055	)		(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			67,628,510			72,106,665			439,827,208			441,017,139
End of period			63,643,797			67,628,510			418,035,180			439,827,208

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 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
									Net			& unrealized			Net			Accumulation		Accumulation								Net						units			Accumulation
	For the								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			outstanding			fund net
	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:	12/31/16			$8.586			$2.727			$5.859			$ 25.797			$ 31.656			$361.404		$393.060		8.76	%		0.74	%		1.59	%		56	%		36			$ 14,174
	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
Class R2:	12/31/16			8.610			1.724			6.886			25.913			32.799			362.129		394.928		9.06			0.47			1.87			56			86			33,996
	12/31/15	^g		5.699			1.215			4.484			(30.621	)		(26.137	)		388.266		362.129		(6.73	)^c		0.48	^d		1.75	^d		52			94			33,974
Class R3:	12/31/16			8.619			1.346			7.273			25.956			33.229			362.378		395.607		9.17			0.36			1.97			56			136			53,821
	12/31/15	^g		5.698			0.960			4.738			(30.626	)		(25.888	)		388.266		362.378		(6.67	)^c		0.38	^d		1.85	^d		52			148			53,614

GLOBAL EQUITIES ACCOUNT
Class R1:	12/31/16			3.218			1.027			2.191			4.314			6.505			137.957		144.462		4.72			0.75			1.60			78			22			3,230
	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
Class R2:	12/31/16			3.228			0.655			2.573			4.341			6.914			138.230		145.144		5.00			0.48			1.87			78			43			6,224
	12/31/15	^g		2.030			0.468			1.562			(11.301	)		(9.739	)		147.969		138.230		(6.58	)^c		0.48	^d		1.60	^d		49			47			6,435
Class R3:	12/31/16			3.232			0.514			2.718			4.350			7.068			138.325		145.393		5.11			0.37			1.98			78			57			8,324
	12/31/15	^g		2.030			0.370			1.660			(11.304	)		(9.644	)		147.969		138.325		(6.52	)^c		0.38	^d		1.70	^d		49			62			8,527

GROWTH ACCOUNT
Class R1:	12/31/16			1.782			0.902			0.880			2.577			3.457			136.624		140.081		2.53			0.67			0.65			64			28			3,941
	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
Class R2:	12/31/16			1.788			0.534			1.254			2.593			3.847			136.896		140.743		2.81			0.39			0.93			64			51			7,172
	12/31/15	^g		1.117			0.380			0.737			(1.993	)		(1.256	)		138.152		136.896		(0.91	)^c		0.41	^d		0.79	^d		47			55			7,594
Class R3:	12/31/16			1.790			0.395			1.395			2.599			3.994			136.990		140.984		2.92			0.29			1.03			64			67			9,424
	12/31/15	^g		1.117			0.287			0.830			(1.992	)		(1.162	)		138.152		136.990		(0.84	)^c		0.31	^d		0.89	^d		47			73			10,027

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 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
									Net			& unrealized			Net			Accumulation		Accumulation								Net						turnover rate			units			Accumulation
	For the								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			excluding			outstanding at			fund net
	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:	12/31/16			$ 3.648			$1.044			$ 2.604			$ 16.892			$ 19.496			$161.528		$181.024		12.07	%		0.63	%		1.56	%		4	%		—	%		19			$ 3,501
	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			—			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			—			104			16,841
	12/31/13			2.546			0.531			2.015			33.715			35.730			108.308		144.038		32.99			0.42			1.59			5			—			108			15,563
	12/31/12			2.391			0.442			1.949			12.978			14.927			93.381		108.308		15.98			0.43			1.89			4			—			109			11,797
Class R2:	12/31/16			3.662			0.591			3.071			16.959			20.030			161.850		181.880		12.38			0.35			1.84			4			—			33			6,035
	12/31/15	^g		2.443			0.414			2.029			(8.184	)		(6.155	)		168.005		161.850		(3.66	)^c		0.37	^d		1.81	^d		5			—			35			5,667
Class R3:	12/31/16			3.667			0.419			3.248			16.983			20.231			161.961		182.192		12.49			0.25			1.94			4			—			42			7,570
	12/31/15	^g		2.443			0.302			2.141			(8.185	)		(6.044	)		168.005		161.961		(3.60	)^c		0.27	^d		1.90	^d		5			—			44			7,061

BOND MARKET ACCOUNT
Class R1:	12/31/16			3.430			0.827			2.603			0.897			3.500			113.749		117.249		3.08			0.70			2.21			240			131			19			2,175
	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
Class R2:	12/31/16			3.442			0.506			2.936			0.892			3.828			113.974		117.802		3.36			0.43			2.48			240			131			40			4,672
	12/31/15	^g		2.181			0.369			1.812			(3.573	)		(1.761	)		115.735		113.974		(1.52	)^c		0.47	^d		2.31	^d		293			123			40			4,599
Class R3:	12/31/16			3.446			0.385			3.061			0.891			3.952			114.052		118.004		3.47			0.32			2.58			240			131			54			6,370
	12/31/15	^g		2.182			0.292			1.890			(3.573	)		(1.683	)		115.735		114.052		(1.45	)^c		0.37	^d		2.41	^d		293			123			55			6,237

INFLATION-LINKED BOND ACCOUNT
Class R1:	12/31/16			1.465			0.433			1.032			1.474			2.506			65.234		67.740		3.84			0.64			1.52			23			—			16			1,107
	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			—			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			—			107			7,143
	12/31/13			1.207			0.301			0.906			(7.289	)		(6.383	)		70.765		64.382		(9.02	)		0.45			1.34			13			—			115			7,404
	12/31/12			2.050			0.310			1.740			2.523			4.263			66.502		70.765		6.40			0.45			2.52			11			—			149			10,544
Class R2:	12/31/16			1.471			0.249			1.222			1.475			2.697			65.362		68.059		4.13			0.37			1.80			23			—			31			2,123
	12/31/15	^g		1.272			0.185			1.087			(3.973	)		(2.886	)		68.248		65.362		(4.23	)^c		0.41	^d		2.38	^d		6			—			32			2,118
Class R3:	12/31/16			1.480			0.179			1.301			1.468			2.769			65.407		68.176		4.23			0.26			1.91			23			—			48			3,271
	12/31/15	^g		1.274			0.140			1.134			(3.975	)		(2.841	)		68.248		65.407		(4.16	)^c		0.31	^d		2.48	^d		6			—			49			3,222

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 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
									Net			& unrealized			Net			Accumulation		Accumulation								Net						turnover rate			units			Accumulation
	For the								investment			gain (loss)			change in			unit value		unit value								investment			Portfolio			excluding			outstanding			fund net
	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:	12/31/16			$5.437			$1.336			$4.101			$ 9.343			$13.444			$192.202		$205.646		7.00	%		0.68	%		2.07	%		93	%		50	%		11			$ 2,287
	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
Class R2:	12/31/16			5.455			0.798			4.657			9.377			14.034			192.583		206.617		7.29			0.40			2.35			93			50			23			4,784
	12/31/15	^g		3.229			0.560			2.669			(11.025	)		(8.356	)		200.939		192.583		(4.16	)^c		0.42	^d		1.99	^d		115			57			25			4,750
Class R3:	12/31/16			5.461			0.594			4.867			9.391			14.258			192.714		206.972		7.40			0.30			2.45			93			50			29			6,078
	12/31/15	^g		3.230			0.427			2.803			(11.028	)		(8.225	)		200.939		192.714		(4.09	)^c		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
									Net			& unrealized		Net		Accumulation		Accumulation								Expenses			Net			units			Accumulation
	For the								investment			gain (loss)		change in		unit value		unit value								net of TIAA			investment			outstanding			fund net
	year		Investment						income			on total		accumulation		beginning		end of		Total			Gross			with-			income			end of period			assets
	ended		income		^a	Expenses		^a	(loss		)^a	investments		unit value		of period		period		return		^b	expenses			holding			(loss		)	(in millions		)	(in millions		)ⁱ

MONEY MARKET ACCOUNT
Class R1:	12/31/16			$0.111			$0.111			$0.000			$0.000		$0.000		$25.534		$25.534		0.00	%		0.64	%		0.43	%		0.00	%		84			$ 2,145
	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
Class R2:	12/31/16			0.111			0.096			0.015			0.000		0.015		25.534		25.549		0.06			0.36			0.37			0.08			129			3,306
	12/31/15	^g		0.030			0.030			0.000			0.000		0.000		25.534		25.534		0.00	^c		0.40	^d		0.17	^d		0.00	^d		137			3,507
Class R3:	12/31/16			0.111			0.078			0.033			0.000		0.033		25.534		25.567		0.13			0.26			0.30			0.17			205			5,231
	12/31/15	^g		0.030			0.030			0.000			0.000		0.000		25.534		25.534		0.00	^c		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.

2016 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 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

90	2016 Annual Report ■ College Retirement Equities Fund

investment operations is apportioned between the funds based upon their relative daily net asset values. Annuitants bear the mortality risk under their contracts. Initial 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’

College Retirement Equities Fund ■ 2016 Annual Report

Notes to financial statements

tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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

Trustee compensation: The 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 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. As a result of these amendments, the CREF Board approved the conversion of the Money Market Account to a “government money market fund”. The conversion to a government money market fund was effective on October 14, 2016.

In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Accounts’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires accounts to establish a liquidity risk management program and enhances disclosures regarding accounts liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Accounts’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This final rule permits certain accounts to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018.

92	2016 Annual Report ■ College Retirement Equities Fund

continued

Management is currently assessing the impact of this rule to the Accounts’ financial statements and other filings.

Note 2—valuation of investments

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

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

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

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

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

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 Statements of Assets and Liabilities. As of December 31, 2016, 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 at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available 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.

College Retirement Equities Fund ■ 2016 Annual Report

Notes to financial statements

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.

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 contracts, 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.

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

Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized in Level 2 of the fair value hierarchy.

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

Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2016, there were no material transfers between levels by the Accounts.

As of December 31, 2016, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

94	2016 Annual Report ■ College Retirement Equities Fund

continued

The following table summarizes the market value of the Accounts’ investments as of December 31, 2016, 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	$	10,341,498		$	4,396,943	$	857	$	14,739,298
Consumer staples		6,435,259			3,101,553		1,147		9,537,959
Energy		5,989,782			2,161,072		154		8,151,008
Financials		12,039,110			7,043,978		723		19,083,811
Health care		9,811,399			2,590,917		1,150		12,403,466
Industrials		8,756,367			4,120,569		1,335		12,878,271
Information technology		16,538,133			2,946,943		56		19,485,132
Materials		2,776,041			2,837,439		4,705		5,618,185
Real Estate		2,695,163			1,483,179		2,921		4,181,263
Telecommunication services		1,758,807			1,282,407		497		3,041,711
Utilities		2,276,457			974,159		5		3,250,621
Corporate bonds		—			—		458		458
Government bonds		—			295		—		295
Short-term investments		—			2,616,893		—		2,616,893
Purchased options**		146			—		—		146
Written options**		(160	)		—		—		(160	)
Futures contracts**		(1,552	)		—		—		(1,552	)
Swaps contracts**		—			370		—		370
Total	$	79,416,450		$	35,556,717	$	14,008	$	114,987,175
Global Equities
Equity investments:
Asia	$	925		$	1,398,262	$	—	$	1,399,187
Australasia		24,024			290,159		2		314,185
Europe		122,048			3,097,597		—		3,219,645
North America		10,880,420			603,028		—		11,483,448
All other equity investments*		188,804			1,346,936		13		1,535,753
Short-term investments		—			288,347		—		288,347
Futures contracts**		(69	)		—		—		(69	)
Total	$	11,216,152		$	7,024,329	$	15	$	18,240,496
Growth
Equity investments:
Consumer discretionary	$	4,356,065		$	183,173	$	—	$	4,539,238
Consumer staples		1,482,189			41,104		—		1,523,293
Health care		2,933,515			20,098		—		2,953,613
Information technology		7,184,384			56,922		—		7,241,306
All other equity investments*		4,446,666			—		—		4,446,666
Short-term investments		167,169			176,523		—		343,692
Futures contracts**		(481	)		—		—		(481	)
Total	$	20,569,507		$	477,820	$	—	$	21,047,327


College Retirement Equities Fund ■ 2016 Annual Report	95

Notes to financial statements

Account	Level 1		Level 2		Level 3		Total
Equity Index
Equity investments:
Health care	$	2,223,191	$	—	$	112	$	2,223,303
Industrials		1,923,382		—		119		1,923,501
Telecommunication services		425,323		—		118		425,441
All other equity investments *		12,868,052		—		—		12,868,052
Short-term investments		232,040		54,816		—		286,856
Total	$	17,671,988	$	54,816	$	349	$	17,727,153
Bond Market
Bank loan obligations	$	—	$	81,299	$	—	$	81,299
Corporate bonds		—		4,855,014		2,821		4,857,835
Government bonds		—		6,098,053		—		6,098,053
Structured assets		—		2,042,754		3,527		2,046,281
Preferred Stocks		15,774		—		—		15,774
Short-term investments		—		1,365,943		—		1,365,943
Forward foreign currency contracts**		—		2,110		—		2,110
Total	$	15,774	$	14,445,173	$	6,348	$	14,467,295
Social Choice
Equity investments:
Consumer discretionary	$	721,789	$	302,647	$	—	$	1,024,436
Consumer staples		440,825		224,291		—		665,116
Energy		394,094		161,159		—		555,253
Financials		890,450		572,278		—		1,462,728
Health care		743,771		237,149		—		980,920
Industrials		599,721		332,254		—		931,975
Information technology		1,090,213		116,793		—		1,207,006
Materials		219,678		201,333		—		421,011
Real Estate		253,493		90,106		—		343,599
Telecommunication services		128,861		104,418		—		233,279
Utilities		166,759		93,134		—		259,893
Bank loan obligations		—		49,460		13,274		62,734
Corporate bonds		—		1,430,748		—		1,430,748
Government bonds		—		3,216,622		—		3,216,622
Structured assets		—		452,045		12,912		464,957
Short-term investments		—		636,182		—		636,182
Total	$	5,649,654	$	8,220,619	$	26,186	$	13,896,459

*	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.

96	2016 Annual Report ■ College Retirement Equities Fund

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At December 31, 2016, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows (dollar amounts are in thousands):

Asset derivatives

Liabilities derivatives

Fair value

Derivative contracts

Location

amount

Location

amount

Stock Account

Equity contracts

Futures contracts*

$(1,552

)

Written options

$(160

)

Equity contracts

Portfolio investments

146

Equity contracts

Swap contracts

370

Global Equities Account

Equity contracts

Futures*

(69

)

Growth Account

Equity contracts

Futures*

(481

)

Bond Market Account

Forward contracts

Unrealized appreciation on forward currency contracts

2,110


*	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, 2016, 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 contracts		$33,796			$(1,547	)
Equity contracts	Purchased options		5,230			(34	)
Equity contracts	Written options		(14,284	)		79
Equity contracts	Swap contracts		(6,317	)		370
Global Equities Account
Equity contracts	Futures contracts		4,658			(178	)
Equity contracts	Written options		(1,220	)		—
Growth Account
Equity contracts	Futures contracts		1,709			(528	)
Equity Index Account
Equity contracts	Futures contracts		2,594			71
Bond Market Account
Forward contracts	Forward foreign currency contracts		10,369			2,110

College Retirement Equities Fund ■ 2016 Annual Report

Notes to financial statements

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Accounts since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended December 31, 2016, the Stock Account, the Global Equities Account, the Growth Account and the Equity Index Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At December 31, 2016, the Accounts held the following open futures contracts (dollar amounts are in thousands):

		Number
		of long (short		)	Settlement		Expiration	Unrealized
Account	Futures contracts	contracts			value		date	gain (loss		)
Stock	Russell 2000 Mini Index		166			$ 11,262	March 2017		$ (94	)
	S&P 500 E Mini Index		1,035			115,724	March 2017		(1,341	)
	S&P Mid-Cap 400 E-Mini		86			14,268	March 2017		(117	)
Total			1,287			$141,254			$(1,552	)
Global Equities	S&P 500 E Mini Index		778			86,988	March 2017		(69	)
Growth	S&P 500 E Mini Index		700			78,267	March 2017		(481	)

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. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from

98	2016 Annual Report ■ College Retirement Equities Fund

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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, 2016, the Stock Account and the Global Equities Account had exposure to options, based on underlying notional values, generally between 0% and 1% of net assets.

Purchased options outstanding as of December 31, 2016 were as follows (dollar amounts are in thousands):

	Number of contracts		Value
Stock Account
Celgene Corp, Call, 1/19/18 at $125		25	$	29
Cigna Corp, Call, 4/21/17 at $170		10		1
Edwards Lifesciences Corp, Put, 1/20/17 at $82.50		10		—
Humana, Inc, Put, 1/20/17 at $135		10		—
Johnson & Johnson, Call, 1/20/17 at $135		30		—
Monsanto Co, Call, 1/19/18 at $120		20		6
S&P 500 Index, Call, 12/15/17 at $2400		20		110
Total		125	$	146

Written options outstanding as of December 31, 2016 were as follows (dollar amounts are in thousands):

	Number of contracts		Value
Stock Account
Celgene Corp, Put, 1/19/18 at $95		25	$	(17	)
Celgene Corp, Call, 1/19/18 at $145		25		(13	)
Chipotle Mexican Grill, Inc, Call, 1/20/17 at $540		12		—
Ciena Corp, Call, 1/20/17 at $28		360		(2	)
Ciena Corp, Call, 2/17/17 at $27		180		(6	)
Cigna Corp, Put, 4/21/17 at $110		20		(4	)
Edwards Lifesciences Corp, Put, 1/20/17 at $75		20		—
Humana, Inc, Put, 1/20/17 at $140		10		—
Humana, Inc, Put, 1/20/17 at $115		20		—
Johnson & Johnson, Call, 1/20/17 at $140		30		—
Johnson & Johnson, Put, 1/20/17 at $110		10		—
Kohl’s Corp, Call, 1/20/17 at $65		25		—
Lowe’s Cos, Inc, Call, 1/27/17 at $75		30		(1	)
Lowe’s Cos, Inc, Put, 1/27/17 at $70		30		(3	)
Monsanto Co, Put, 1/19/18 at $80		20		(6	)
Monsanto Co, Call, 1/19/18 at $130		20		(1	)
S&P 500 Index, Call, 12/15/17 at $2500		40		(107	)
Total		877	$	(160	)

College Retirement Equities Fund ■ 2016 Annual Report

Notes to financial statements

Transactions in written options and related premiums received during the year ended December 31, 2016 were as follows (dollar amounts are in thousands):

	Number of contracts			Premiums
Stock Account
Outstanding at beginning of period		—			$ —
Written		58,797			23,275
Purchased		(7,112	)		(8,405	)
Exercised		(12,453	)		(866	)
Expired		(38,355	)		(13,765	)
Outstanding at end of period		877			$ 239
Global Equities Account
Outstanding at beginning of period		—			$ —
Written		12,720			4,513
Purchased		(1,195	)		(177	)
Exercised		(4,780	)		(82	)
Expired		(6,745	)		(4,254	)
Outstanding at end of period		—			$ —

Total return swap contracts: Total return swaps are agreements that provide an Account with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Account will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contract is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Account include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Account’s maximum loss from counterparty risk is the fair value of the contract. Certain Accounts may invest in total return swaps to gain or hedge exposure to the underlying reference assets. During the year ended December 31, 2016, the Stock Account’s exposure to total return swaps, based on underlying notional amounts, was generally between 0% and 1% of net assets.

100	2016 Annual Report ■ College Retirement Equities Fund

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At December 31, 2016, the Stock Account held the following open total return swap contracts (dollar amounts are in thousands):

			Fixed payments		Unrealized
	Notional	Termination	paid by account	Total return received	appreciation
Counterparty	Amount	date	per annum	by or paid by account	(depreciation)
Goldman Sachs	41,100	1/26/2017	0.55%	Difference between Custom Basket A as specified in contract and Custom Basket B as specified in contract*	$370

* Custom Baskets A and B consist of all domestic equity securities.

Forward foreign currency contracts: Certain Accounts are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Accounts use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of Assets and Liabilities. The Accounts realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended December 31, 2016, the Bond Account had exposure to forwards, based on underlying notional values, generally between 0% and 2%.

At December 31, 2016, the Accounts held the following open forward contracts (dollar amounts are in thousands):

							Unrealized
		Contract					appreciation
Account	Counterparty	settlement date	Receive		Deliver		(depreciation		)
Bond	Bank of America	1/31/2017	$	79,763	EUR	75,205	$	467
	Bank of America	1/31/2017	$	1,319	PLN	5,521		1
	Bank of America	1/31/2017	$	1,307	PLN	5,472		—
	Bank of America	1/31/2017	$	4,571	SEK	42,086		(58	)
	Bank of America	1/31/2017	$	1,010	SEK	9,297		(12	)
	Bank of America	1/31/2017	THB	19,904	$	557		(3	)
	Bank of America	1/31/2017	$	250	THB	8,944		1
	Total						$	396

College Retirement Equities Fund ■ 2016 Annual Report

101

Notes to financial statements

							Unrealized
		Contract					appreciation
Account	Counterparty	settlement date	Receive		Deliver		(depreciation		)
Bond	Morgan Stanley	1/31/2017	$	8,499	AUD	11,412	$	269
	Morgan Stanley	1/31/2017	$	9,935	CAD	13,330		3
	Morgan Stanley	1/31/2017	$	1,154	DKK	8,091		7
	Morgan Stanley	1/31/2017	EUR	4,232	$	4,564		(102	)
	Morgan Stanley	1/31/2017	EUR	1,341	$	1,426		(12	)
	Morgan Stanley	1/31/2017	EUR	1,218	$	1,274		10
	Morgan Stanley	1/31/2017	$	1,525	EUR	1,424		23
	Morgan Stanley	1/31/2017	$	2,545	EUR	2,384		32
	Morgan Stanley	1/31/2017	$	645	EUR	599		13
	Morgan Stanley	1/31/2017	$	1,252	EUR	1,199		(12	)
	Morgan Stanley	1/31/2017	$	1,266	EUR	1,218		(18	)
	Morgan Stanley	1/31/2017	$	1,275	EUR	1,218		(9	)
	Morgan Stanley	1/31/2017	$	516	HUF	151,569		—
	Morgan Stanley	1/31/2017	$	516	HUF	150,580		3
	Morgan Stanley	1/31/2017	$	30,566	JPY	3,433,535		1,136
	Morgan Stanley	1/31/2017	MYR	14,605	$	3,255		(6	)
	Morgan Stanley	1/31/2017	$	3,238	MYR	14,605		(11	)
	Morgan Stanley	1/31/2017	$	958	NZD	1,359		15
	Morgan Stanley	1/31/2017	$	1,734	NOK	14,885		10
	Morgan Stanley	1/31/2017	$	21,068	GBP	16,947		165
	Morgan Stanley	1/31/2017	$	561	SGD	801		8
	Morgan Stanley	1/31/2017	$	1,506	ZAR	21,160		(25	)
	Morgan Stanley	1/31/2017	$	6,958	KRW	8,163,211		197
	Morgan Stanley	1/31/2017	$	416	KRW	487,547		13
	Morgan Stanley	1/31/2017	$	833	THB	29,669		5
	Total						$	1,714
Total							$	2,110

Abbreviation(s):

AUD	Australian Dollar
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
JPY	Japanese Yen
KRW	Korean Won
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
ZAR	South African Rand

102	2016 Annual Report ■ College Retirement Equities Fund

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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, 2016, the following table represents the effective expense deductions as an annual percentage of average daily net assets to approximate the costs that CREF incurred:

	Investment
	management
	fee			Administrative fee									Distribution fee
Account	All classes			Class R1			Class R2			Class R3			Class R1			Class R2			Class R3
Stock		0.137	%		0.436	%		0.245	%		0.164	%		0.164	%		0.080	%		0.059	%
Global Equities		0.145			0.436			0.246			0.164			0.164			0.081			0.059
Growth		0.063			0.436			0.246			0.164			0.164			0.080			0.059
Equity Index		0.022			0.435			0.245			0.164			0.164			0.081			0.059
Bond Market		0.096			0.436			0.246			0.164			0.164			0.081			0.059
Inflation-Linked Bond		0.035			0.437			0.247			0.165			0.164			0.081			0.059
Social Choice		0.070			0.436			0.246			0.165			0.164			0.081			0.059
Money Market		0.030			0.437			0.246			0.165			0.164			0.081			0.059

College Retirement Equities Fund ■ 2016 Annual Report

103

Notes to financial statements

For the year ended December 31, 2016, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and as necessary, administrative expenses for the Money Market Account totaling $4,449,000 for Class R1, $220,000 for Class R2 and $0 for Class R3. The withholding of expenses is voluntary in nature and can be discontinued at any time without notice, and TIAA will terminate the waiver by April 14, 2017. 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. For the year ended December 31, 2016, TIAA recovered previously waived expenses from the Account of $672,000 for Class R2 and $2,464,000 for Class R3. As of December 31, 2016, the cumulative amount of expenses waived subject to recovery is $20,097,000 for Class R1, $18,602,000 for Class R2 and $25,802,000 for Class R3. The amounts waived and recovered 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, 2016, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

					Realized
Account	Purchases		Sales		gain (loss		)
Stock		$ 978,338		$ 2,678,468		$ 226,087
Global Equities		608,144		637,371		41,858
Growth		143,761		402,308		105,986
Equity Index		50,109		41,629		14,631
Bond Market		55,465		—		—
Social Choice		41,529		36,848		14,020

104	2016 Annual Report ■ College Retirement Equities Fund

continued

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 affiliate companies is as follows (dollar amounts are in thousands):

Issue	Value at December 31, 2015			Purchase cost		Sales proceeds		Realized gain (loss		)	Dividend income		Shares at December 31, 2016			Value at December 31, 2016
Stock Account
Container Store Group, Inc		$—	^*	$	18,025		$24,348		$(972	)		$—		—	**		$—	^**
Olin Corp		165,438			95,198		156,563		(4,008	)		6,060		—	**		—	^**
		$165,438		$	113,223		$180,911		$(4,980	)		$6,060					$—
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$533,631		$	50,060		$583,691		$—			$—		—	**		$—	^**
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$572,035		$	124,059		$696,094		$—			$—		—	**		$—	^**


*	Not an affiliate investment as of December 31, 2015.
**	Not an affiliate investment as of December 31, 2016.

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, 2016, 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 $55,696,000 related to equity securities and $19,791,000 related to fixed income securities. Securities lending income recognized by the

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105

Notes to financial statements

Accounts consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, an Account bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

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

Treasury Inflation-Protected Securities: The Accounts (other than the Money Market Account) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.

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.

106	2016 Annual Report ■ College Retirement Equities Fund

continued

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, 2016, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows (dollar amounts are in thousands):

Account	Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock		$13,987,426		$(4,268,392	)		$9,719,034
Global Equities		1,943,789		(640,286	)		1,303,503
Growth		3,430,860		(510,983	)		2,919,877
Equity Index		8,757,321		(494,826	)		8,262,495
Bond Market		150,261		(236,076	)		(85,815	)
Inflation-Linked Bond		310,479		(47,091	)		263,388
Social Choice		2,061,763		(374,481	)		1,687,282

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2016 were as follows (dollar amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account		Social Choice Account
Purchases:
Non-U.S. Government	$	61,708,526	$	13,923,243	$	13,426,544	$	711,009	$	4,959,263	$	24,250	$	3,729,171
U.S. Government		—		—		—		—		28,167,174		1,503,248		8,531,274
Total Purchases	$	61,708,526	$	13,923,243	$	13,426,544	$	711,009	$	33,126,437	$	1,527,498	$	12,260,445

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107

Notes to financial statements

concluded

	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account		Social Choice Account
Sales:
Non-U.S. Government	$	69,342,990	$	14,928,952	$	15,013,001	$	1,232,176	$	4,235,606	$	365	$	4,217,205
U.S. Government		—		—		—		—		28,154,156		1,725,697		8,479,564
Total Sales	$	69,342,990	$	14,928,952	$	15,013,001	$	1,232,176	$	32,389,762	$	1,726,062	$	12,696,769

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. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 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, 2016, there were no borrowings under this credit facility by the Accounts.

Note 7—indemnification

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

108	2016 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”) as of December 31, 2016, 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 as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
February 17, 2017

College Retirement Equities Fund ■ 2016 Annual Report

109

Trustees and officers (unaudited)

TIAA-CREF Funds ■ December 31, 2016

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).	88	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.	88	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).	88	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	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.	88	Director, Commonwealth.

110	2016 Annual Report ■ College Retirement Equities 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.	88	Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; 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.	Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	88	Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance; and Prep for Prep.
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).	88	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

College Retirement Equities Fund ■ 2016 Annual Report

111

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ December 31, 2016

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 (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015-2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	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).	88	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.

112	2016 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 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. 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”).
Glenn Brightman TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1972	Treasurer	One-year term. Treasurer since 2016.	Senior Vice President, Chief Financial Officer of TIAA Global Asset Management. Treasurer of CREF; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1, the TIAA-CREF Funds and TIAA-CREF Life Funds.
Carol W. Deckbar TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Institutional Investment and Endowment Services of TIAA and Executive Vice President of CREF.
Roger W. Ferguson, Jr. TIAA 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.
Stephen Gruppo TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.

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113

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ December 31, 2016

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 730 Third Avenue New York, NY 10017-3206 YOB: 1961	Executive Vice President	One-year term. Executive Vice President since 2013.	Senior Executive Vice President, Chief Executive Officer of TIAA Global Asset Management. 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 730 Third Avenue. New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2015	Senior 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 as 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 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.

114	2016 Annual Report ■ College Retirement Equities Fund

Phillip T. Rollock TIAA 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, Senior General Counsel and Corporate Secretary of TIAA and Senior Managing Director and Corporate Secretary of the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior 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.
Paul Van Heest TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2016.	Executive Vice President, TIAA and CREF Income Products, and Executive Vice President of CREF.
Constance K. Weaver TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Senior Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex.
Virginia M. Wilson TIAA 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.	Senior Executive Vice President, Chief Financial Officer of TIAA and Executive Vice President, Chief Financial Officer and Principal Accounting Officer of CREF.

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.org, or by calling 877-518-9161.

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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

116	2016 Annual Report ■ College Retirement Equities Fund

the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these 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.

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A10922 (2/17)

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, 2016 and December 31, 2015, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $767,830 and $788,300, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC. (“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, 2016 and December 31, 2015, PwC’s aggregate fees for tax services billed to the Registrant were $246,547 and $253,751, respectively.

For the fiscal years ended December 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015, PwC’s aggregate fees for all other services billed to the Registrant were $21,000 and $27,000, respectively.

For the fiscal years ended December 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015 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, 2016 and December 31, 2015 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, 2016 and December 31, 2015 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, 2016 and December 31, 2015 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, 2016 and December 31, 2015 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, 2016 and December 31, 2015, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $305,800 and $399,000, 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, 2016

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

CORPORATE BONDS - 0.0%

DIVERSIFIED FINANCIALS - 0.0%
$	466,000	m	Asia Pacific Investment Partners		1.500	%	04/23/17	$	433
			TOTAL DIVERSIFIED FINANCIALS						433

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

			TOTAL CORPORATE BONDS						458
			(Cost $513)

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						753
			(Cost $815)

SHARES			COMPANY
COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 2.0%
	162,085		Actron Technology Corp						510
	220,722	*	Adient plc						12,934
	127,100		Aisan Industry Co Ltd						1,086
	934,110		Aisin Seiki Co Ltd						40,418
	88,800	*	Akebono Brake Industry Co Ltd						230
	396,176	*	American Axle & Manufacturing Holdings, Inc						7,646
	538,601	*	Apollo Tyres Ltd						1,463
	54,129		ARB Corp Ltd						688
	20,351	*	Asahi India Glass Ltd						53
	3,582	e	Autoliv, Inc						405
	10,856		Autoneum Holding AG.						2,846
	120,999		Bajaj Holdings and Investment Ltd						4,685
	38,089		Balkrishna Industries Ltd						618
	438,104		Bayerische Motoren Werke AG.						40,803
	8,656		Bayerische Motoren Werke AG. (Preference)						661

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	124,030		Bharat Forge Ltd	$	1,653
	473,584		BorgWarner, Inc		18,678
	12,159		Bosch Ltd		3,764
	96,133	e	Brembo S.p.A.		5,816
	892,591		Bridgestone Corp		32,116
	3,542,135		Brilliance China Automotive Holdings Ltd		4,862
	769,763	e	Byd Co Ltd		4,035
	291,000		Calsonic Kansei Corp		4,460
	31,000		Cayman Engley Industrial Co Ltd		177
	76,315		Ceat Ltd		1,304
	1,942,000		Chaowei Power Holdings Ltd		1,653
	1,716,251		Cheng Shin Rubber Industry Co Ltd		3,222
	748,000	*	China First Capital Group Ltd		1,119
	1,664,000		China Motor Corp		1,352
	4,865,957		Chongqing Changan Automobile Co Ltd		6,951
	146,166		Cie Automotive S.A.		2,844
	312,183		Compagnie Plastic-Omnium S.A.		9,956
	111,508		Continental AG.		21,483
	161,796		Cooper Tire & Rubber Co		6,286
	99,159	*	Cooper-Standard Holding, Inc		10,251
	26,865		Cub Elecparts, Inc		209
	28,519		Dae Won Kang Up Co Ltd		106
	77,200		Daido Metal Co Ltd		769
	160,300	*	Daikyonishikawa Corp		2,056
	961,188		Daimler AG. (Registered)		71,335
	331,582	e	Dana Holding Corp		6,293
	1,368,366		Delphi Automotive plc		92,159
	449,401		Denso Corp		19,439
	53,000		Depo Auto Parts Ind Co Ltd		141
	218,065	*	Dometic Group AB		1,601
	19,552		Dong Ah Tire & Rubber Co Ltd		403
	3,227,787		Dongfeng Motor Group Co Ltd		3,136
	55,086	*	Dorman Products, Inc		4,025
	2,125,500		Drb-Hicom BHD		543
	—	e	Drew Industries, Inc		0	^
	20,400		Eagle Industry Co Ltd		271
	21,439	e	EDAG Engineering Group AG.		352
	10,103		EGE Endustri VE Ticaret AS.		642
	22,043	e	ElringKlinger AG.		368
	103,382		Exedy Corp		2,904
	322,778	*	Exide Industries Ltd		854
	1,305,523		Faurecia		50,567
	30,500		FCC Co Ltd		547
	65,613	*	Federal Mogul Corp (Class A)		676
	105,511		Ferrari NV		6,143
	431,010	e	Fiat DaimlerChrysler Automobiles NV		3,921
	9,323,931		Ford Motor Co		113,099
	57,007		Ford Otomotiv Sanayi AS		494
	48,395	*	Fox Factory Holding Corp		1,343
	671,818		Fuji Heavy Industries Ltd		27,373
	133,297		Futaba Industrial Co Ltd		777
	694,000	e,g	Fuyao Glass Industry Group Co Ltd		2,144
	4,996,202	e	Geely Automobile Holdings Ltd		4,749
	6,062,000	*,m	General Motors Co		0
	24,057,000	*,m	General Motors Co		0

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,193,956		General Motors Co	$	111,277
	26,439,191	*,m	General Motors Co		0
	722,689	*,e,m	General Motors Co		0
	85,268,000	*,e,m	General Motors Co		0
	35,983,677	*,m	General Motors Co		0
	40,684,487	*,m	General Motors Co		0
	4,230,271	*	General Motors Co		0
	18,507,434	*,m	General Motors Co		0
	7,950,000	*,m	General Motors Co		0
	1,306,299		Gentex Corp		25,721
	77,344	*	Gentherm, Inc		2,618
	2,970,339		GKN plc		12,107
	31,017		Global & Yuasa Battery Co Ltd		960
	39,000		Global PMX Co Ltd		161
	72,306		Goodyear Lastikleri Turk AS.		72
	1,112,523		Goodyear Tire & Rubber Co		34,344
	64,043		Grammer AG.		3,195
	17,501,189		Great Wall Motor Co Ltd		16,235
	71,900		G-Tekt Corp		1,392
	11,342,861		Guangzhou Automobile Group Co Ltd		13,670
	7,957		Halla Holdings Corp		399
	74,596		Hanil E-Hwa Co Ltd		863
	64,196		Hanil E-Wha Co Ltd		568
	75,552		Hankook Tire Co Ltd		3,632
	200,425		Hanon Systems		1,707
	382,909		Harley-Davidson, Inc		22,339
	96,503		Hero Honda Motors Ltd		4,320
	23,000		Hiroca Holdings Ltd		67
	2,178,636		Honda Motor Co Ltd		63,606
	69,505	*	Horizon Global Corp		1,668
	151,329		Hota Industrial Manufacturing Co Ltd		583
	43,199		Hu Lane Associate, Inc		192
	65,900	*	Hunan Tyen Machinery Co Ltd		38
	65,375		Hwa Shin Co Ltd		349
	16,876,000	*	Hybrid Kinetic Group Ltd		436
	76,737		Hyundai Mobis		16,753
	406,872		Hyundai Motor Co		49,084
	54,498		Hyundai Motor Co Ltd (2nd Preference)		4,476
	33,205		Hyundai Motor Co Ltd (Preference)		2,628
	17,980		Hyundai Wia Corp		1,085
	24,000		Iron Force Industrial Co Ltd		120
	442,195		Isuzu Motors Ltd		5,591
	69,805	*	JK Tyre & Industries Ltd		116
	80,100		Kasai Kogyo Co Ltd		948
	819,896		Kayaba Industry Co Ltd		3,967
	107,800		Keihin Corp		1,884
	1,101,399		Kenda Rubber Industrial Co Ltd		1,659
	297,539		Kia Motors Corp		9,657
	25,836		Koito Manufacturing Co Ltd		1,364
	324,258	*,e	Kongsberg Automotive ASA		213
	28,160		Korea Autoglass Corp		373
	111,502	*	Kumho Tire Co, Inc		781
	151,000	*,e	Launch Tech Co Ltd		172
	508,830		Lear Corp		67,354
	27,921	e	Leoni AG.		993

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,253		Linamar Corp	$	2,030
	26,000		Macauto Industrial Co Ltd		154
	680,379	*	Magna International, Inc		29,543
	592,650		Mahindra & Mahindra Ltd		10,321
	98,604	*	Mahindra CIE Automotive Ltd		266
	148,500		Mahle-Metal Leve S.A. Industria e Comercio		946
	26,107		Mando Corp		5,071
	94,605	e	Martinrea International, Inc		605
	218,115		Maruti Suzuki India Ltd		17,042
	1,298,199		Mazda Motor Corp		21,140
	332,103	e	Metair Investments Ltd		532
	59,801		Metaldyne Performance Group, Inc		1,372
	38,686		MGI Coutier		1,160
	745,055		Michelin (C.G.D.E.) (Class B)		82,819
	632,000		Minth Group Ltd		1,962
	27,400		Mitsuba Corp		444
	260,717		Mitsubishi Motors Corp		1,482
	102,467	*	Modine Manufacturing Co		1,527
	355,980		Motherson Sumi Systems Ltd		1,707
	13,920		Motonic Corp		107
	38,471	*,e	Motorcar Parts of America, Inc		1,036
	25,900	e	Musashi Seimitsu Industry Co Ltd		672
	509,949		Nan Kang Rubber Tire Co Ltd		465
	23,929		Nexen Corp		160
	132,589		Nexen Tire Corp		1,427
	2,480,000		Nexteer Automotive Group Ltd		2,937
	461,444		NGK Spark Plug Co Ltd		10,228
	365,200		NHK Spring Co Ltd		3,473
	108,151		Nifco, Inc		5,698
	107,000		Nippon Seiki Co Ltd		2,276
	6,845,056		Nissan Motor Co Ltd		68,664
	63,441		Nissan Shatai Co Ltd		616
	206,000		Nissin Kogyo Co Ltd		3,251
	102,939		NOK Corp		2,082
	96,686		Nokian Renkaat Oyj		3,595
	369,500	e	Pacific Industrial Co Ltd		4,690
	665,712	*,e	Peugeot S.A.		10,843
	152,620	e	Piaggio & C S.p.A.		255
	23,900		Piolax Inc		1,585
	115,323		Porsche AG.		6,264
	111,000	e	Press Kogyo Co Ltd		489
	22,766,807		PT Astra International Tbk		13,921
	28,576		Pyeong Hwa Automotive Co Ltd		282
	8,188,000	e	Qingling Motors Co Ltd		2,475
	18,700		Rassini SAB de C.V.		70
	791,861		Renault S.A.		70,331
	7,400		Riken Corp		280
	39,145		S&T Daewoo Co Ltd		1,583
	17,456		S&T Holdings Co Ltd		229
	139,012		SAF-Holland S.A.		1,993
	142,000		Sanden Corp		451
	570,920		Sanyang Industry Co Ltd		367
	1,267,170		Schaeffler AG.		18,699
	70,200		Showa Corp		487
	66,468		SL Corp		1,184
	71,532		Spartan Motors, Inc		662

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,696,900		Sri Trang Agro-Industry PCL (Foreign)	$	1,087
	38,128	*	Ssangyong Motor Co		249
	74,131		Standard Motor Products, Inc		3,945
	167,587		Stanley Electric Co Ltd		4,566
	86,233	*	Stoneridge, Inc		1,525
	12,149	e	Strattec Security Corp		490
	717,225		Sumitomo Electric Industries Ltd		10,328
	103,673		Sumitomo Rubber Industries, Inc		1,640
	32,410		Sundram Fasteners Ltd		138
	29,414		Sungwoo Hitech Co Ltd		187
	53,105		Superior Industries International, Inc		1,399
	492,503		Suzuki Motor Corp		17,291
	2,143,653		T RAD Co Ltd		5,330
	24,600		Tachi-S Co Ltd		412
	59,300		Taiho Kogyo Co Ltd		829
	35,700	*,e	Takata Corp		262
	1,954,658		Tata Motors Ltd		13,545
	26,400		Teikoku Piston Ring Co Ltd		741
	173,819	*	Tenneco, Inc		10,858
	294,811	*,e	Tesla Motors, Inc		62,998
	307,443		Thor Industries, Inc		30,760
	2,872,000		Tianneng Power International Ltd		2,628
	139,388		Tofas Turk Otomobil Fabrik		973
	41,863		Tokai Rika Co Ltd		838
	92,200		Tokai Rubber Industries, Inc		903
	260,699		Tong Yang Industry Co Ltd		512
	59,300		Topre Corp		1,481
	65,089		Tower International, Inc		1,845
	221,200		Toyo Tire & Rubber Co Ltd		2,747
	59,215		Toyoda Gosei Co Ltd		1,382
	156,400		Toyota Boshoku Corp		3,585
	298,341		Toyota Industries Corp		14,185
	5,318,273		Toyota Motor Corp		311,802
	125,400		TS Tech Co Ltd		3,224
	123,179		Tube Investments Of India		1,059
	57,089		Tung Thih Electronic Co Ltd		509
	45,900		Tupy S.A.		169
	247,980		TVS Motor Co Ltd		1,313
	222,000		TYC Brother Industrial Co Ltd		247
	458,941		UMW Holdings BHD		468
	194,300		Unipres Corp		3,858
	14,644		Unique Fabricating, Inc		214
	699,954		Valeo S.A.		40,183
	203,080		Visteon Corp		16,315
	77,311	e	Volkswagen AG.		11,096
	135,726	e	Volkswagen AG. (Preference)		18,990
	8,738	*	WABCO India Ltd		670
	56,990		Winnebago Industries, Inc		1,804
	25,555	*,e	Workhorse Group, Inc		180
	440,000	*	Xinchen China Power Holdings Ltd		65
	2,997,000		Xingda International Holdings Ltd		1,351
	9,854,785		Xinyi Glass Holdings Co Ltd		8,028
	1,006,000	*	Yadea Group Holdings Ltd		221
	124,572		Yamaha Motor Co Ltd		2,732
	102,200		Yokohama Rubber Co Ltd		1,827
	154,000		Yorozu Corp		2,210

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	690,187		Yulon Motor Co Ltd	$	572
	80,000		Zhejiang Shibao Co Ltd		87
			TOTAL AUTOMOBILES & COMPONENTS		2,221,007

BANKS - 9.0%
	32,993		1st Source Corp		1,473
	1,455,030		77 Bank Ltd		7,008
	215,776		Aareal Bank AG.		8,093
	1,792,283	g	ABN AMRO Group NV (ADR)		39,684
	3,599,271	*	Abu Dhabi Commercial Bank PJSC		6,752
	16,530	e	Access National Corp		459
	13,948	e	ACNB Corp		436
	69,793,649		Agricultural Bank of China		28,484
	6,500		Aichi Bank Ltd		367
	4,464,462		Akbank TAS		9,883
	135,000		Akita Bank Ltd		436
	1,557,806		Albaraka Turk Katilim Bankasi AS		525
	767,893	*	Aldermore Group plc		2,241
	102,760	*	Alior Bank S.A.		1,329
	163,200	*	Allahabad Bank		144
	27,200	*	Allegiance Bancshares, Inc		983
	1,139,856		Alliance Financial Group BHD		945
	1,645,018	*	Alpha Bank AE		3,284
	315,270	*,m	Amagerbanken AS		0
	19,942		American National Bankshares, Inc		694
	103,657		Ameris Bancorp		4,519
	20,679	e	Ames National Corp		682
	540,961	*	Amlak Finance PJSC		185
	3,295,038		AMMB Holdings BHD		3,161
	373,488		Andhra Bank		260
	149,000	e	Aomori Bank Ltd		499
	7,123,660		Aozora Bank Ltd		25,170
	27,890		Arrow Financial Corp		1,130
	1,461,700		Ashikaga Holdings Co Ltd		5,402
	180,423		Associated Banc-Corp		4,456
	199,575		Astoria Financial Corp		3,722
	40,885	*	Atlantic Capital Bancshares, Inc		777
	2,713,094		Australia & New Zealand Banking Group Ltd		59,393
	154,721		Awa Bank Ltd		943
	1,984,678		Axis Bank Ltd		13,097
	233,997	e	Banc of California, Inc		4,060
	528,642	*,e	Banca Carige S.p.A		177
	31,954,383	e	Banca Intesa S.p.A.		80,945
	5,390,941		Banca Intesa S.p.A. RSP		12,627
	21,184	*,e,m	Banca Monte dei Paschi di Siena S.p.A		252
	1,598,779	e	Banca Popolare dell’Emilia Romagna Scrl		8,485
	16,291,278	e	Banca Popolare di Milano		6,127
	520,936		Banca Popolare di Sondrio SCARL		1,709
	17,461		Bancfirst Corp		1,625
	747,942	e	Banche Popolari Unite Scpa		2,048
	305,149		Banco ABC Brasil S.A.		1,305
	3,066,623		Banco Bilbao Vizcaya Argentaria S.A.		20,666
	585,738	*,e	Banco BPI S.A.		697
	1,477,489		Banco Bradesco S.A.		13,193
	4,575,166		Banco Bradesco S.A. (Preference)		40,686
	507,513	*,e	Banco Comercial Portugues S.A.		571

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,802,914		Banco de Chile	$	1,969
	55,109		Banco de Credito e Inversiones		2,789
	1,905,380		Banco de Oro Universal Bank		4,294
	1,327,470	e	Banco de Sabadell S.A.		1,845
	1,548,532		Banco do Brasil S.A.		13,332
	663,500		Banco do Estado do Rio Grande do Sul		2,101
	16,063,377	*,m	Banco Espirito Santo S.A.		169
	58,200	*,m	Banco Industrial e Comercial S.A.		148
	6,506,741	*	Banco Itau Holding Financeira S.A.		67,487
	118,855		Banco Latinoamericano de Exportaciones S.A. (Class E)		3,499
	3,103,544		Banco Popolare SC		7,469
	789,824	e	Banco Popular Espanol S.A.		761
	1,007,148		Banco Santander Brasil S.A.		9,119
	68,030,403		Banco Santander Chile S.A.		3,783
	14,445,089		Banco Santander S.A.		75,147
	152,500	e	BanColombia S.A. (ADR)		5,594
	734,010		BanColombia S.A. (Preference)		6,646
	366,135		Bancorpsouth, Inc		11,369
	118,800		Bangkok Bank PCL (ADR)		527
	365,900		Bangkok Bank PCL (Foreign)		1,645
	54,909		Bank Handlowy w Warszawie S.A.		1,002
	1,817,891		Bank Hapoalim Ltd		10,790
	1,801,452	*	Bank Leumi Le-Israel		7,403
	1,106,847	*	Bank Millennium S.A.		1,373
	149,799		Bank Mutual Corp		1,416
	43,095,282		Bank of America Corp		952,406
	133,703,472		Bank of China Ltd		58,953
	1,186,000	e	Bank of Chongqing Co Ltd		1,002
	23,892,946	e	Bank of Communications Co Ltd		17,184
	1,192,075	e	Bank of East Asia Ltd		4,551
	116,413		Bank of Georgia Holdings plc		4,281
	49,734		Bank of Hawaii Corp		4,411
	133,968,258	*	Bank of Ireland		32,811
	30,700	e	Bank of Iwate Ltd		1,236
	449,927	e	Bank of Kyoto Ltd		3,335
	18,983		Bank of Marin Bancorp		1,324
	911,731	*	Bank of Montreal		65,576
	11,899	e	Bank of Nagoya Ltd		422
	1,717,184		Bank of Nova Scotia		95,614
	21,763	e	Bank of NT Butterfield & Son Ltd		684
	46,400		Bank of Okinawa Ltd		1,688
	272,420		Bank of Queensland Ltd		2,328
	271,541		Bank of Saga Ltd		692
	201,300		Bank of the Ozarks, Inc		10,586
	1,084,919		Bank of the Philippine Islands		1,938
	169,300		Bank of the Ryukyus Ltd		2,219
	165,884		Bank Pekao S.A.		4,981
	14,127,471		Bank Rakyat Indonesia		12,202
	38,875		Bank Zachodni WBK S.A.		2,934
	58,337		BankFinancial Corp		865
	1,831,458	e	Bankia S.A.		1,866
	135,872		Bankinter S.A.		1,051
	149,658		BankUnited		5,641
	12,907	e	Bankwell Financial Group, Inc		420
	62,809		Banner Corp		3,505
	2,757		Banque Cantonale Vaudoise		1,745

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	536,800	e	Banregio Grupo Financiero SAB de C.V.	$	2,990
	14,650	e	Bar Harbor Bankshares		693
	736,376		Barclays Africa Group Ltd		9,039
	22,414,984		Barclays plc		61,514
	1,559,593		BB&T Corp		73,332
	41,478	e	Bear State Financial, Inc		421
	260,858		Bendigo Bank Ltd		2,386
	414,959		Beneficial Bancorp, Inc		7,635
	173,460		Berkshire Hills Bancorp, Inc		6,392
	66,731		Blue Hills Bancorp, Inc		1,251
	122,206		BNC Bancorp		3,898
	1,968,181		BNP Paribas		125,251
	8,565,116	e	BOC Hong Kong Holdings Ltd		30,505
	124,728	*,e	BofI Holding, Inc		3,561
	32,097		BOK Financial Corp		2,665
	205,763		Boston Private Financial Holdings, Inc		3,405
	14,399	*	BRE Bank S.A.		1,153
	41,053		Bridge Bancorp, Inc		1,556
	300,276		Brookline Bancorp, Inc		4,925
	53,406		Bryn Mawr Bank Corp		2,251
	291,820		BS Financial Group, Inc		2,093
	18,598	*	BSB Bancorp, Inc		538
	4,238,706		Bumiputra-Commerce Holdings BHD		4,250
	7,520		C&F Financial Corp		375
	1,098,162		CaixaBank S.A.		3,619
	4,905	e	California First National Bancorp		77
	30,721		Camden National Corp		1,366
	7,900		Can Fin Homes Ltd		183
	710,431		Canadian Imperial Bank of Commerce/Canada		57,971
	75,258	e	Canadian Western Bank		1,701
	75,966	*	Canara Bank		293
	67,126		Capital Bank Financial Corp		2,635
	34,142		Capital City Bank Group, Inc		699
	46,331	e	Capitec Bank Holdings Ltd		2,338
	272,248		Capitol Federal Financial		4,481
	1,597	*	Capstar Financial Holdings, Inc		35
	109,132		Cardinal Financial Corp		3,578
	21,528	e	Carolina Financial Corp		663
	119,039	*	Cascade Bancorp		967
	303,555		Cathay General Bancorp		11,544
	288,134		Centerstate Banks of Florida, Inc		7,252
	206,202		Central Pacific Financial Corp		6,479
	20,264		Central Valley Community Bancorp		404
	7,474		Century Bancorp, Inc		448
	6,512,653		Chang Hwa Commercial Bank		3,457
	39,700		Charter Financial Corp		662
	230,763		Chemical Financial Corp		12,500
	7,263	e	Chemung Financial Corp		264
	520,966		Chiba Bank Ltd		3,194
	46,400		Chiba Kogyo Bank Ltd		234
	10,473,481		China Citic Bank		6,627
	151,795,748		China Construction Bank		116,250
	12,404,861		China Development Financial Holding Corp		3,088
	4,613,685		China Everbright Bank Co Ltd		2,093
	6,558,896		China Merchants Bank Co Ltd		15,296
	7,509,310	e	China Minsheng Banking Corp Ltd		7,990

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,326,781		Chinatrust Financial Holding Co	$	14,907
	320,000		Chong Hing Bank Ltd		617
	12,406,584		Chongqing Rural Commercial Bank		7,258
	43,605		Chugoku Bank Ltd		625
	7,900		Chukyo Bank Ltd		158
	609,838		CIT Group, Inc		26,028
	8,996,525		Citigroup, Inc		534,663
	28,700		Citizens & Northern Corp		752
	4,280,260		Citizens Financial Group, Inc		152,506
	30,534		City Holding Co		2,064
	55,282		Clifton Bancorp, Inc		935
	40,421		CNB Financial Corp		1,081
	95,201		CoBiz, Inc		1,608
	18,992	e	Codorus Valley Bancorp, Inc		543
	14,523	*,e	Collector AB		164
	161,243		Columbia Banking System, Inc		7,204
	24,500	e	Comdirect Bank AG.		248
	1,712,660		Comerica, Inc		116,649
	107,738		Commerce Bancshares, Inc		6,228
	166,879	*	Commercial Bank of Qatar QSC		1,487
	2,585,730		Commercial International Bank		10,419
	299,693		Commerzbank AG.		2,282
	1,732,519	e	Commonwealth Bank of Australia		102,780
	91,680		Community Bank System, Inc		5,665
	35,744		Community Trust Bancorp, Inc		1,773
	1,039,329		Concordia Financial Group Ltd		5,001
	110,814		ConnectOne Bancorp, Inc		2,876
	917,231,152		Corpbanca S.A.		7,690
	10,854	e	County Bancorp, Inc		293
	98,041		Credicorp Ltd (NY)		15,477
	3,335,209		Credit Agricole S.A.		41,286
	63,571		Credito Emiliano S.p.A.		381
	63,004	*	CU Bancorp		2,256
	73,492	e	Cullen/Frost Bankers, Inc		6,484
	51,892	*	Customers Bancorp, Inc		1,859
	216,703		CVB Financial Corp		4,969
	957,527	*,e	CYBG plc		3,286
	5,646,074	*,m	Cyprus Popular Bank Public Co Ltd		59
	760,827		Dah Sing Banking Group Ltd		1,395
	490,708	e	Dah Sing Financial Holdings Ltd		3,313
	222,000		Daishi Bank Ltd		994
	1,629,695		Danske Bank AS		49,304
	4,965,887	e	DBS Group Holdings Ltd		59,247
	153,528	g	Deutsche Pfandbriefbank AG.		1,471
	1,633,051	*	Development Credit Bank Ltd		2,581
	351,699	*	Dewan Housing Finance Corp Ltd		1,255
	186,575		DGB Financial Group Co Ltd		1,508
	119,227		Dime Community Bancshares		2,396
	905,202		DNB NOR Holding ASA		13,438
	31,543	*	Doha Bank QSC		302
	5,089,042	*	Dubai Islamic Bank PJSC		7,713
	9,900,400		E.Sun Financial Holding Co Ltd		5,619
	63,976	*	Eagle Bancorp, Inc		3,899
	435,307		East West Bancorp, Inc		22,127
	26,000	e	Ehime Bank Ltd		306
	119,000		Eighteenth Bank Ltd		354

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,351		Enterprise Bancorp, Inc	$	727
	71,889		Enterprise Financial Services Corp		3,091
	10,572	e	Equitable Group, Inc		476
	12,110	*	Equity Bancshares, Inc		407
	1,687,069		Erste Bank der Oesterreichischen Sparkassen AG.		49,325
	15,686	e	ESSA Bancorp, Inc		247
	290,095	*	Essent Group Ltd		9,390
	2,161,475	*	Eurobank Ergasias S.A.		1,465
	239,272		EverBank Financial Corp		4,654
	1,493,221		Far Eastern International Bank		421
	17,811		Farmers Capital Bank Corp		749
	56,492		Farmers National Banc Corp		802
	10,944	*	FB Financial Corp		284
	82,269	*	FCB Financial Holdings, Inc		3,924
	18,415		Federal Agricultural Mortgage Corp (Class C)		1,055
	1,165,212	*	Federal Bank Ltd		1,144
	87,906	e	Fidelity Southern Corp		2,081
	946,102		Fifth Third Bancorp		25,516
	36,232		Financial Institutions, Inc		1,239
	1,392,383		FinecoBank Banca Fineco S.p.A		7,785
	41,232		First Bancorp (NC)		1,119
	826,481	*	First Bancorp (Puerto Rico)		5,463
	24,898		First Bancorp, Inc		824
	67,537		First Busey Corp		2,079
	26,887		First Business Financial Services, Inc		638
	16,094		First Citizens Bancshares, Inc (Class A)		5,713
	189,756		First Commonwealth Financial Corp		2,691
	36,274		First Community Bancshares, Inc		1,093
	30,546	*,e	First Community Financial Partners, Inc		357
	53,380		First Connecticut Bancorp		1,209
	23,362		First Defiance Financial Corp		1,185
	148,316		First Financial Bancorp		4,220
	136,243	e	First Financial Bankshares, Inc		6,158
	28,303		First Financial Corp		1,494
	18,046,230		First Financial Holding Co Ltd		9,608
	22,495		First Financial Northwest, Inc		444
	29,686	*	First Foundation, Inc		846
	1,008,382		First Gulf Bank PJSC		3,527
	43,525	e	First Hawaiian, Inc		1,516
	255,497		First Horizon National Corp		5,113
	101,806		First International Bank Of Israel Ltd		1,492
	13,830	e	First Internet Bancorp		443
	81,611	e	First Interstate Bancsystem, Inc		3,473
	158,049		First Merchants Corp		5,951
	16,537		First Mid-Illinois Bancshares, Inc		562
	260,142		First Midwest Bancorp, Inc		6,563
	40,194	e	First National Financial Corp		806
	34,891	*,e	First NBC Bank Holding Co		255
	26,429	*	First Northwest Bancorp		412
	59,357		First of Long Island Corp		1,695
	147,533		First Republic Bank		13,594
	74,607	*	Flagstar Bancorp, Inc		2,010
	64,368		Flushing Financial Corp		1,892
	791,373		FNB Corp		12,686
	77,331	*	Franklin Financial Network, Inc		3,236
	2,117,412		Fukuoka Financial Group, Inc		9,391

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	366,745		Fulton Financial Corp	$	6,895
	170,874	e	Genworth MI Canada, Inc		4,284
	198,015	e	Genworth Mortgage Insurance Australia Ltd		467
	30,694		German American Bancorp, Inc		1,615
	369,467	*	Get Bank S.A.		117
	224,935		Glacier Bancorp, Inc		8,149
	27,767		Great Southern Bancorp, Inc		1,517
	193,613		Great Western Bancorp, Inc		8,440
	47,324	*	Green Bancorp, Inc		719
	6,954	e	Greene County Bancorp, Inc		159
	130,751	*	Gruh Finance Ltd		621
	8,380,700		Grupo Aval Acciones y Valores		3,392
	3,544,268		Grupo Financiero Banorte S.A. de C.V.		17,491
	2,583,365	e	Grupo Financiero Inbursa S.A.		3,909
	52,700	e	Grupo Financiero Interacciones S.A. de C.V.		207
	2,126,874		Grupo Financiero Santander Mexico SAB de C.V.		3,061
	278,749	*	Grupo Supervielle S.A. (ADR)		3,663
	63,564	e	Guaranty Bancorp		1,538
	1,238,283		Gunma Bank Ltd		6,767
	133,016		Hachijuni Bank Ltd		770
	341,603		Hana Financial Group, Inc		8,817
	165,884		Hancock Holding Co		7,150
	813,088	e	Hang Seng Bank Ltd		15,078
	149,712		Hanmi Financial Corp		5,225
	18,924	*,e	HarborOne Bancorp, Inc		366
	307,567		HDFC Bank Ltd		5,453
	115,970		Heartland Financial USA, Inc		5,567
	84,931		Heritage Commerce Corp		1,226
	119,277	e	Heritage Financial Corp		3,071
	55,704		Heritage Oaks Bancorp		687
	525,203		Hilltop Holdings, Inc		15,651
	3,070		Hingham Institution for Savings		604
	115,647		Hiroshima Bank Ltd		539
	619,000		Hokkoku Bank Ltd		2,198
	31,400	e	Hokuetsu Bank Ltd		710
	104,800		Hokuhoku Financial Group, Inc		1,806
	12,865		Home Bancorp, Inc		497
	266,479		Home Bancshares, Inc		7,400
	197,849	e	Home Capital Group, Inc		4,618
	41,059	*	HomeStreet, Inc		1,297
	65,122	*	HomeTrust Bancshares, Inc		1,687
	1,068,816		Hong Leong Bank BHD		3,209
	87,120		Hong Leong Credit BHD		276
	406,416		Hope Bancorp, Inc		8,896
	56,428		Horizon Bancorp		1,580
	2,308,402		Housing Development Finance Corp		42,811
	15,290,913		HSBC Holdings plc		123,376
	140,000		HSBC Holdings plc (Hong Kong)		1,119
	9,410,024		Hua Nan Financial Holdings Co Ltd		4,731
	3,480,148		Huntington Bancshares, Inc		46,008
	174,692		Hyakugo Bank Ltd		709
	188,000		Hyakujushi Bank Ltd		637
	167,397		IBERIABANK Corp		14,020
	1,167,652		ICICI Bank Ltd		4,372
	1,500,090		IDFC Bank Ltd		1,321
	21,618	*,e	Impac Mortgage Holdings, Inc		303

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,621		Independent Bank Corp (MA)	$	3,848
	73,923		Independent Bank Corp (MI)		1,604
	56,685		Independent Bank Group, Inc		3,537
	145,278,749	e	Industrial & Commercial Bank of China		86,620
	269,205		Industrial Bank of Korea		2,825
	17,895,003		ING Groep NV		251,939
	119,338		International Bancshares Corp		4,869
	2,335,333		Investors Bancorp, Inc		32,578
	541,290	*,m	Irish Bank Resolution Corp Ltd		0
	900,697	*	Israel Discount Bank Ltd		1,869
	220,500		Iyo Bank Ltd		1,518
	346,817		Jammu & Kashmir Bank Ltd		302
	793,091		Japan Post Bank Co Ltd		9,504
	86,618		JB Financial Group Co Ltd		414
	416,300		Jimoto Holdings Inc		705
	12,330,338		JPMorgan Chase & Co		1,063,985
	254,555		Juroku Bank Ltd		891
	60,920		Jyske Bank		2,897
	111,500		Kansai Urban Banking Corp		1,390
	68,200		Kanto Tsukuba Bank Ltd		202
	397,955		Karnataka Bank Ltd		655
	426,769		Karur Vysya Bank Ltd		513
	135,500		Kasikornbank PCL - NVDR		669
	2,008,797		Kasikornbank PCL (Foreign)		9,923
	805,903		KB Financial Group, Inc		28,480
	297,402		KBC Groep NV		18,376
	481,781		Kearny Financial Corp		7,492
	815,000		Keiyo Bank Ltd		3,687
	1,118,989		Keycorp		20,444
	1,458,632		Kiatnakin Bank PCL (Foreign)		2,398
	2,523,000		King’s Town Bank		2,194
	71,800		Kiyo Bank Ltd		1,145
	27,631		KJB Financial Group Co Ltd		247
	167,498		Komercni Banka AS		5,772
	4,530,324		Krung Thai Bank PCL (Foreign)		2,232
	286,000		Kyushu Financial Group, Inc		1,938
	15,946		Lake Sunapee Bank Group		376
	126,018		Lakeland Bancorp, Inc		2,457
	50,495		Lakeland Financial Corp		2,391
	36,371		Laurentian Bank of Canada		1,564
	18,890		LCNB Corp		439
	324,487		LegacyTexas Financial Group, Inc		13,972
	19,135	*,e	LendingTree, Inc		1,939
	3,279,028		LH Financial Group PCL		157
	305,814	*,e	Liberbank S.A.		316
	518,272		LIC Housing Finance Ltd		4,258
	42,108	e	Live Oak Bancshares, Inc		779
	25,434,268		Lloyds TSB Group plc		19,530
	130,455		M&T Bank Corp		20,407
	59,453	e	Macatawa Bank Corp		619
	66,180		MainSource Financial Group, Inc		2,277
	4,271,776		Malayan Banking BHD		7,799
	1,583,502		Malaysia Building Society		317
	415,151	*	Masraf Al Rayan		4,284
	181,428		MB Financial, Inc		8,569
	47,393		MBT Financial Corp		538

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,164,081		Mediobanca S.p.A.	$	50,319
	12,110,734		Mega Financial Holding Co Ltd		8,613
	45,821		Mercantile Bank Corp		1,727
	15,608		Merchants Bancshares, Inc		846
	134,414		Meridian Bancorp, Inc		2,540
	48,504		Meta Financial Group, Inc		4,991
	51,480	*	Metro Bank plc		1,851
	3,558,847		Metropolitan Bank & Trust		5,193
	1,166,228	*	MGIC Investment Corp		11,884
	11,697		Middleburg Financial Corp		406
	24,629		Midland States Bancorp, Inc		891
	9,900		Midsouth Bancorp, Inc		135
	18,865		MidWestOne Financial Group, Inc		709
	8,600		Mie Bank Ltd		171
	47,900		Minato Bank Ltd		856
	23,158,465		Mitsubishi UFJ Financial Group, Inc		142,826
	467,846		Mitsui Trust Holdings, Inc		16,739
	179,000		Miyazaki Bank Ltd		551
	81,159		Mizrahi Tefahot Bank Ltd		1,185
	26,639,363		Mizuho Financial Group, Inc		47,805
	7,172,092	*,g	Moneta Money Bank AS.		23,125
	23,868		Musashino Bank Ltd		687
	11,381		MutualFirst Financial, Inc		377
	26,592		Nanto Bank Ltd		1,009
	2,616,447		National Australia Bank Ltd		57,793
	238,267		National Bank Holdings Corp		7,598
	759,262	*	National Bank of Abu Dhabi PJSC		2,065
	486,173		National Bank of Canada		19,745
	6,345,346	*	National Bank of Greece S.A.		1,656
	15,848	e	National Bankshares, Inc		689
	20,178	*	National Commerce Corp		750
	78,166	*,e	Nationstar Mortgage Holdings, Inc		1,412
	516,947		Natixis		2,911
	89,399		NBT Bancorp, Inc		3,744
	393,189		Nedbank Group Ltd		6,806
	920,572		New York Community Bancorp, Inc		14,646
	16,862	*	Nicolet Bankshares, Inc		804
	184,760	*	Nishi-Nippon Financial Holdings, Inc		1,933
	482,897	*	NMI Holdings, Inc		5,143
	2,433,115	g	Nordax Group AB		13,821
	2,547,724		Nordea Bank AB		28,230
	1,126,900		North Pacific Bank Ltd		4,641
	123,655		Northfield Bancorp, Inc		2,469
	18,313		Northrim BanCorp, Inc		579
	203,275		Northwest Bancshares, Inc		3,665
	61,195		OceanFirst Financial Corp		1,838
	98,189	*,e	Ocwen Financial Corp		529
	94,276	e	OFG Bancorp		1,235
	654,000		Ogaki Kyoritsu Bank Ltd		2,542
	122,000		Oita Bank Ltd		455
	20,728	e	Old Line Bancshares, Inc		497
	283,285		Old National Bancorp		5,142
	67,512		Old Second Bancorp, Inc		746
	446,028		OneSavings Bank plc		1,858
	163,485		Opus Bank		4,913
	62,360	*	Oriental Bank of Commerce		97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	105,532		Oritani Financial Corp	$	1,979
	15,948	e	Orrstown Financial Services, Inc		357
	586,412		OTP Bank		16,745
	3,174,957	e	Oversea-Chinese Banking Corp		19,499
	63,012		Pacific Continental Corp		1,377
	34,391	*	Pacific Mercantile Bancorp		251
	100,666	*	Pacific Premier Bancorp, Inc		3,559
	221,319	e	PacWest Bancorp		12,049
	193	*,e	Paragon Commercial Corp		8
	339,157		Paragon Group of Cos plc		1,728
	28,084		Park National Corp		3,361
	238,227		Park Sterling Bank		2,570
	66,136		Peapack Gladstone Financial Corp		2,042
	11,405	e	Penns Woods Bancorp, Inc		576
	27,872	*	PennyMac Financial Services, Inc		464
	66,004		Peoples Bancorp, Inc		2,143
	16,986	e	Peoples Financial Services Corp		827
	402,822		People’s United Financial, Inc		7,799
	32,032		People’s Utah Bancorp		860
	111,884	*	Permanent TSB Group Holdings plc		325
	299,436	*	PHH Corp		4,539
	3,000,000		Philippine National Bank		3,293
	5,549,288	e	Piccolo Credito Valtellinese Scarl		2,167
	163,667		Pinnacle Financial Partners, Inc		11,342
	7,458,098	*	Piraeus Bank S.A.		1,636
	1,892,921		PNC Financial Services Group, Inc		221,396
	294,282		Popular, Inc		12,895
	1,481,912		Powszechna Kasa Oszczednosci Bank Polski S.A.		9,955
	79,659		Preferred Bank		4,176
	21,012	e	Premier Financial Bancorp, Inc		422
	263,816		PrivateBancorp, Inc		14,296
	163,723		Prosperity Bancshares, Inc		11,752
	10,080	*,e	Provident Bancorp, Inc		180
	11,458		Provident Financial Holdings, Inc		232
	178,535		Provident Financial Services, Inc		5,053
	66,937,300		PT Bank Bukopin Tbk		3,176
	12,412,874		PT Bank Central Asia Tbk		14,242
	3,669,557		PT Bank Danamon Indonesia Tbk		1,009
	10,538,600		PT Bank Jabar Banten Tbk		2,645
	10,593,980		PT Bank Mandiri Persero Tbk		9,067
	9,861,119		PT Bank Negara Indonesia		4,026
	44,500,000	*	PT Bank Pan Indonesia Tbk		2,470
	31,354,700		PT Bank Pembangunan Daerah Jawa Timur Tbk		1,321
	13,135,894		PT Bank Tabungan Negara Tbk		1,691
	4,221,484		Public Bank BHD		18,557
	188,781	*	Qatar First Bank		535
	64,288	*	Qatar Islamic Bank SAQ		1,834
	258,755		Qatar National Bank		11,574
	30,048		QCR Holdings, Inc		1,301
	860,664	e	Radian Group, Inc		15,475
	22,804	*,e	Raiffeisen International Bank Holding AG.		416
	83,472	*	RBL Bank Ltd		410
	2,124,752		Regions Financial Corp		30,511
	86,820		Renasant Corp		3,666
	23,055		Republic Bancorp, Inc (Class A)		912
	81,080	*,e	Republic First Bancorp, Inc		677

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,508,294		Resona Holdings, Inc	$	38,480
	611,202		RHB Capital BHD		641
	231,520		Rizal Commercial Banking Corp		156
	5,200	*,m	Roskilde Bank		0
	2,357,409	*	Royal Bank of Canada		159,548
	17,386		Royal Bank of Canada (Toronto)		1,177
	2,405,298	*	Royal Bank of Scotland Group plc		6,646
	82,074		S&T Bancorp, Inc		3,204
	83,253		Sandy Spring Bancorp, Inc		3,329
	416,000		San-In Godo Bank Ltd		3,466
	7,014,081		Sberbank of Russian Federation (ADR)		80,760
	138,627	*	Seacoast Banking Corp of Florida		3,058
	191,050		Security Bank Corp		730
	876,480		Senshu Ikeda Holdings, Inc		4,036
	97,634	e	ServisFirst Bancshares, Inc		3,655
	921,193		Seven Bank Ltd		2,634
	122,936	*,g	Shawbrook Group plc		412
	200,000	e	Shiga Bank Ltd		1,087
	139,000		Shikoku Bank Ltd		339
	1,002,733		Shinhan Financial Group Co Ltd		37,604
	1,848,179		Shinsei Bank Ltd		3,093
	301,400		Shizuoka Bank Ltd		2,530
	31,948		Shore Bancshares, Inc		487
	23,903		SI Financial Group, Inc		368
	1,811,417		Siam Commercial Bank PCL (Foreign)		7,689
	39,217		Sierra Bancorp		1,043
	124,531	*	Signature Bank		18,705
	91,577		Simmons First National Corp (Class A)		5,692
	12,891,190		SinoPac Financial Holdings Co Ltd		3,624
	58,387	*,g	Skandiabanken ASA		475
	1,342,285		Skandinaviska Enskilda Banken AB (Class A)		14,027
	2,191,732		Societe Generale		107,804
	2,578,170		South Indian Bank Ltd		742
	137,833		South State Corp		12,047
	13,009	*	Southern First Bancshares, Inc		468
	13,030	e	Southern Missouri Bancorp, Inc		461
	27,497		Southern National Bancorp of Virginia, Inc		449
	55,658		Southside Bancshares, Inc		2,097
	92,641		Southwest Bancorp, Inc		2,687
	86,843		Spar Nord Bank A/s		995
	237,019	e	Sparebanken Midt-Norge		1,777
	282,753		Sparebanken Nord-Norge		1,711
	3,037		St Galler Kantonalbank		1,181
	2,279,679		Standard Bank Group Ltd		25,102
	1,366,906	*	Standard Chartered plc		11,147
	73,087		State Bank & Trust Co		1,963
	22,291	*	State Bank of Bikaner & Jaip		223
	1,879,304		State Bank of India		6,892
	529,278		Sterling Bancorp/DE		12,385
	45,359		Stock Yards Bancorp, Inc		2,130
	45,147		Stonegate Bank		1,884
	43,191		Suffolk Bancorp		1,849
	2,837,912		Sumitomo Mitsui Financial Group, Inc		108,076
	19,979	e	Summit Financial Group, Inc		550
	26,783		Sun Bancorp, Inc		696
	988,039		SunTrust Banks, Inc		54,194

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,590		Suruga Bank Ltd	$	3,251
	89,319	*	SVB Financial Group		15,333
	404,063		Svenska Handelsbanken AB		5,596
	1,792,756		Swedbank AB (A Shares)		43,196
	174,842		Sydbank AS		5,417
	50,584	*	Syndicate Bank		46
	181,886		Synovus Financial Corp		7,472
	2,927,940		Taichung Commercial Bank		834
	7,306,609		Taishin Financial Holdings Co Ltd		2,668
	1,379,087		Taiwan Business Bank		348
	7,754,326		Taiwan Cooperative Financial Holding		3,374
	519,279		TCF Financial Corp		10,173
	689,872		TCS Group Holding plc (ADR)		7,281
	17,683		Territorial Bancorp, Inc		581
	144,161	*	Texas Capital Bancshares, Inc		11,302
	206,991		TFS Financial Corp		3,941
	2,834,500		Thanachart Capital PCL		3,478
	116,167	*	The Bancorp, Inc		913
	113,721		Timbercreek Financial Corp		739
	1,012,380		Tisco Bank PCL		1,701
	9,674,787		TMB Bank PCL (Foreign)		566
	102,400		Tochigi Bank Ltd		502
	162,000		Toho Bank Ltd		605
	39,593		Tokyo TY Financial Group, Inc		1,378
	481,900		Tomony Holdings, Inc		2,490
	31,130		Tompkins Trustco, Inc		2,943
	3,581,668		Toronto-Dominion Bank		176,649
	472,000		Towa Bank Ltd		447
	118,527		TowneBank		3,941
	100,129		Trico Bancshares		3,422
	47,959	*	Tristate Capital Holdings, Inc		1,060
	46,418	*	Triumph Bancorp, Inc		1,214
	388,207		Trustco Bank Corp NY		3,397
	144,840		Trustmark Corp		5,164
	3,243,622		Turkiye Garanti Bankasi AS		6,995
	731,349		Turkiye Halk Bankasi AS		1,933
	1,435,249		Turkiye Is Bankasi (Series C)		2,105
	2,497,034		Turkiye Sinai Kalkinma Bankasi AS		997
	777,552		Turkiye Vakiflar Bankasi Tao		957
	96,745		UMB Financial Corp		7,461
	737,385		Umpqua Holdings Corp		13,848
	1,697,795	e	UniCredit S.p.A		4,876
	513,651		Union Bank of India		927
	161,006		Union Bankshares Corp		5,754
	9,019	e	Union Bankshares, Inc		410
	141,170	e	United Bankshares, Inc		6,529
	294,807		United Community Banks, Inc		8,732
	109,250		United Community Financial Corp		977
	235,728		United Financial Bancorp, Inc (New)		4,281
	1,401,451		United Overseas Bank Ltd		19,689
	51,383		Univest Corp of Pennsylvania		1,588
	4,536,036		US Bancorp		233,016
	18,603		Valiant Holding		1,852
	530,952		Valley National Bancorp		6,180
	20,009	*	Veritex Holdings, Inc		534
	294,878	*	Vijaya Bank		206

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,543,308		Virgin Money Holdings UK plc	$	5,757
	3,952,561		VTB Bank OJSC (GDR)		9,406
	92,610	*	Walker & Dunlop, Inc		2,889
	37,665	*,e	Walter Investment Management Corp		179
	193,902		Washington Federal, Inc		6,661
	48,470		Washington Trust Bancorp, Inc		2,717
	18,218	e	WashingtonFirst Bankshares, Inc		528
	90,593		Waterstone Financial, Inc		1,667
	258,944		Webster Financial Corp		14,056
	20,278,410		Wells Fargo & Co		1,117,543
	85,843		WesBanco, Inc		3,696
	44,674		West Bancorporation, Inc		1,103
	52,557	e	Westamerica Bancorporation		3,307
	246,080	*	Western Alliance Bancorp		11,987
	33,700		Western New England Bancorp, Inc		315
	5,644,218	e	Westpac Banking Corp		132,492
	188,289		Wintrust Financial Corp		13,664
	437,532	*	WMIH Corp		678
	1,084,483		Woori Bank		11,429
	96,779		WSFS Financial Corp		4,486
	9,539	*,e	Xenith Bankshares, Inc		269
	121,044		Yadkin Financial Corp		4,147
	99,000	e	Yamagata Bank Ltd		417
	107,492	e	Yamaguchi Financial Group, Inc		1,170
	113,000		Yamanashi Chuo Bank Ltd		537
	6,470,770	*	Yapi ve Kredi Bankasi		6,278
	597,390		Yes Bank Ltd		10,134
	2,948,255		Zions Bancorporation		126,893
			TOTAL BANKS		10,149,788

CAPITAL GOODS - 8.1%
	2,939,314		3M Co		524,873
	474,995		A.O. Smith Corp		22,491
	96,575		Aalberts Industries NV		3,129
	86,071		Aaon, Inc		2,845
	146,305		AAR Corp		4,835
	1,103,624		ABB Ltd		23,222
	678,483	*,e	Abengoa S.A. (B Shares)		134
	1,930,817		Aboitiz Equity Ventures, Inc		2,750
	395,000		AcBel Polytech, Inc		294
	441,655		ACS Actividades Construccion y Servicios S.A.		13,938
	127,526		Actuant Corp (Class A)		3,309
	37,334		Acuity Brands, Inc		8,619
	624,796		Adani Enterprises Ltd		702
	69,931		Aditya Birla Nuvo Ltd		1,316
	478,200		Advan Co Ltd		4,917
	75,111		Advanced Drainage Systems, Inc		1,547
	471,183	*	Aecom Technology Corp		17,132
	212,736	e	Aecon Group, Inc		2,416
	143,978	*	Aegion Corp		3,412
	474,652	*	AerCap Holdings NV		19,750
	119,354	*	Aerojet Rocketdyne Holdings, Inc		2,142
	8,450	*	AeroSpace Technology of Korea, Inc		122
	45,898	*	Aerovironment, Inc		1,231
	26,847	*	AFG Arbonia-Forster Hldg		432
	12,573		AG Growth International Inc		492

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,114,122		AGCO Corp	$	64,463
	49,172		AIA Engineering Ltd		938
	43,299		Aica Kogyo Co Ltd		1,140
	86,400		Aichi Corp		605
	66,500		Aida Engineering Ltd		629
	225,608		Air Lease Corp		7,745
	103,609		Aircastle Ltd		2,160
	481,740		Airtac International Group		3,830
	33,410		Alamo Group, Inc		2,543
	125,651		Alarko Holding AS		154
	138,244		Albany International Corp (Class A)		6,401
	61,013		Alfa Laval AB		1,006
	3,121,814		Alfa S.A. de C.V. (Class A)		3,870
	24,069	e,g	Alimak Group AB		341
	353,471		Allegion plc		22,622
	20,735,065		Alliance Global Group, Inc		5,327
	25,517		Allied Motion Technologies, Inc		546
	605,086		Allison Transmission Holdings, Inc		20,385
	31,744	*	Alstom Projects India Ltd		224
	86,527	*	Alstom RGPT		2,379
	92,781	*	Alstom T&D India Ltd		408
	57,972		Altra Holdings, Inc		2,139
	241,736		Amada Co Ltd		2,693
	41,082		Amara Raja Batteries Ltd		526
	45,939	*	Ameresco, Inc		253
	16,398	e	American Railcar Industries, Inc		743
	29,811	*,e	American Superconductor Corp		220
	85,296	*	American Woodmark Corp		6,419
	601,550		Ametek, Inc		29,235
	16,096		Andritz AG.		807
	26,000		Anest Iwata Corp		254
	60,723		Apogee Enterprises, Inc		3,252
	130,737		Applied Industrial Technologies, Inc		7,766
	2,128,422	*	Arabtec Holding Co		756
	206,273	e	Arcadis NV		2,891
	16,579	*	Arcam AB		577
	976,485		Arconic, Inc		18,104
	72,113		Argan, Inc		5,088
	50,409	*	Armstrong Flooring, Inc		1,004
	116,631	*,e	Armstrong World Industries, Inc		4,875
	44,700		Asahi Diamond Industrial Co Ltd		326
	2,214,132		Asahi Glass Co Ltd		15,022
	1,398,623		Ashok Leyland Ltd		1,646
	41,344		Ashoka Buildcon Ltd		96
	2,853,686		Ashtead Group plc		55,477
	940,963		Assa Abloy AB		17,411
	141,880	e	Astaldi S.p.A.		806
	64,936		Astec Industries, Inc		4,381
	26,539		Astral Polytechnik Ltd		154
	56,792	*	Astronics Corp		1,922
	858,016		Asunaro Aoki Construction Co Ltd		5,729
	106,231	*,e	Atkore International Group, Inc		2,540
	767,073		Atlas Copco AB (A Shares)		23,270
	251,869		Atlas Copco AB (B Shares)		6,848
	86,364	*	ATS Automation Tooling Systems, Inc		805
	3,291,991		Austal Ltd		4,121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,438,000	*	AVIC International Holding HK Ltd	$	203
	2,922,019		AviChina Industry & Technology Co		2,004
	105,232		AZZ, Inc		6,724
	64,762		B&B Tools AB		1,358
	111,372	*	Babcock & Wilcox Enterprises, Inc		1,848
	29,937	e	Badger Daylighting Ltd		716
	10,015,641		BAE Systems plc		72,849
	589,495		Balfour Beatty plc		1,947
	48,700		Bando Chemical Industries Ltd		431
	494,000		Baoye Group Co Ltd		362
	209,224	e	Barloworld Ltd		1,789
	232,918		Barnes Group, Inc		11,045
	1,117		Bauer AG.		13
	26,736	e	BayWa AG.		866
	149,332		BE Aerospace, Inc		8,988
	53	*,m	Beacon Power Corp		0	^
	146,869	*	Beacon Roofing Supply, Inc		6,766
	588,299	e	Beijing Enterprises Holdings Ltd		2,769
	1,188,000	g	Beijing Urban Construction Design & Development Group Co Ltd		733
	9,076	*	BEML Ltd		133
	18,600,000		BEP International Holdings Ltd		1,062
	3,582,237	*	Berjaya Corp BHD		271
	1,377,000		Berli Jucker PCL		1,926
	3,415,000		BES Engineering Corp		656
	666,273		Bharat Heavy Electricals		1,185
	1,000,126		Bidvest Group Ltd		13,169
	40,996		Biesse S.p.A.		824
	125,061	e	Bird Construction Income Fund		844
	79,155		Bizlink Holdings Inc		407
	12,300	*,e	Blue Bird Corp		190
	21,573	*	Blue Star Ltd		151
	124,911	*	BMC Stock Holdings, Inc		2,436
	22,738		Bobst Group AG.		1,581
	7,500	g	BOC Aviation Ltd		37
	185,787		Bodycote plc		1,473
	1,450,479		Boeing Co		225,811
	1,713,000	e	Boer Power Holdings Ltd		680
	2,923,363	*,e	Bombardier, Inc		4,703
	164,297		Boskalis Westminster		5,700
	5,172		Bossard Holding AG.		728
	269,075		Bouygues S.A.		9,633
	30,005		Brenntag AG.		1,663
	92,501		Briggs & Stratton Corp		2,059
	491		Brookfield Business Partners LP		12
	5,694		Bucher Industries AG.		1,401
	20,774		Budimex S.A.		983
	164,791	*	Builders FirstSource, Inc		1,808
	43,200		Bunka Shutter Co Ltd		332
	287,384		Bunzl plc		7,461
	33,799	e	Burckhardt Compression Holding AG.		8,887
	8,826		Burkhalter Holding AG.		1,191
	201,655		BWX Technologies, Inc		8,006
	35,338		Byucksan Corp		136
	416,304		CAE, Inc		5,823
	299,926	*,e	Caesarstone Sdot-Yam Ltd		8,593

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,473	*	CAI International, Inc	$	247
	26,532		Carbone Lorraine		568
	47,430		Carborundum Universal Ltd		173
	34,785		Cargotec Corp (B Shares)		1,566
	1,231,193	e	Carillion plc		3,572
	116,369		Carlisle Cos, Inc		12,834
	1,231,397	e	Caterpillar, Inc		114,200
	823,000		CB Industrial Product Holding BHD		361
	1,034,327		Central Glass Co Ltd		4,813
	25,827		CENTROTEC Sustainable AG.		415
	3,877	*	Cera Sanitaryware Ltd		115
	175,000	*	CGN Mining Co Ltd		13
	365,225		CH Karnchang PCL		315
	400,000		CH Karnchang PCL (ADR)		345
	216,600		Changchai Co Ltd		134
	65,163	*	Chart Industries, Inc		2,347
	144,006		Cheil Industries, Inc		14,911
	238,635	*	Chemring Group plc		500
	550,300	*,m	Chengde Nanjiang Co Ltd		205
	252,900	e	Chicago Bridge & Iron Co NV		8,030
	1,094,249		Chicony Power Technology Co Ltd		1,691
	808,000	e	China Aircraft Leasing Group Holdings Ltd		881
	2,738,000	*,e	China Chengtong Development Group Ltd		203
	5,235,192		China Communications Construction Co Ltd		5,983
	1,784,500		China Conch Venture Holdings Ltd		3,169
	2,074,000	*,e	China Energine International Holdings Ltd		154
	275,650		China Fangda Group Co Ltd		260
	1,031,000		China Lesso Group Holdings Ltd		666
	10,240,000	*,e	China Ocean Shipbuilding Industry Group Ltd		285
	6,917,443		China Railway Construction Corp		8,864
	14,422,127	e	China Railway Group Ltd		11,785
	2,631,680	e	China Singyes Solar Technologies Holdings Ltd		1,250
	2,264,685		China State Construction International Holdings Ltd		3,375
	12,865,000	*,e	China Strategic Holdings Ltd		293
	19,217		China Yuchai International Ltd		265
	318,800	e	Chip Eng Seng Corp Ltd		139
	133,000		Chiyoda Corp		918
	9,500	*	Chiyoda Integre Co Ltd		191
	17,964,000		Chongqing Machinery & Electric Co Ltd		2,077
	29,100		Chudenko Corp		641
	480,375		Chung Hsin Electric & Machinery Manufacturing Corp		288
	345,255		CIMIC Group Ltd		8,687
	758,544		CIR-Compagnie Industriali Riunite S.p.A.		825
	34,845		CIRCOR International, Inc		2,261
	4,653,796		Citic Pacific Ltd		6,628
	2,513,000	*,e	Citic Resources Holdings Ltd		307
	15,328		CJ Corp		2,370
	3,392,225		CK Hutchison Holdings Ltd		38,293
	107,300		CKD Corp		1,214
	102,614		Clarcor, Inc		8,463
	253,905	e	CNH Industrial NV		2,203
	679,738		Cobham plc		1,369
	618,200	*,e	Colfax Corp		22,212
	70,690		Columbus McKinnon Corp		1,911
	302,925		Comfort Systems USA, Inc		10,087
	2,815,871		Compagnie de Saint-Gobain		130,987

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,128	e	Compagnie d’Entreprises CFE	$	665
	261,500		COMSYS Holdings Corp		4,781
	68,012		Concentric AB		849
	19,650,000	e	Concord New Energy Group Ltd		1,022
	127,744	*	Consolidated Infrastructure Group Ltd		223
	16,114		Construcciones y Auxiliar de Ferrocarriles S.A.		650
	250,952	*	Continental Building Products Inc		5,797
	1,111,450		Continental Engineering Corp		360
	1,883		Conzzeta AG.		1,331
	837,900	*,e,m	Cosco Corp Singapore Ltd		160
	22,685		Cosel Co Ltd		243
	179,594		Costain Group plc		779
	113,813		Cramo Oyj (Series B)		2,850
	112,451		Crane Co		8,110
	1,606,500		CRCC High-Tech Equipment Corp Ltd		641
	808,667	*	Crompton Greaves Ltd		704
	4,600,321		CRRC Corp Ltd		4,109
	4,836		CS Wind Corp		70
	1,017,590		CSBC Corp Taiwan		436
	30,884	*	CSW Industrials, Inc		1,138
	1,971,000		CTCI Corp		2,978
	54,129		Cubic Corp		2,595
	252,859		Cummins, Inc		34,558
	172,378		Curtiss-Wright Corp		16,955
	32,347		Daelim Industrial Co		2,328
	7,000		Daetwyler Holding AG.		951
	141,358	*	Daewoo Engineering & Construction Co Ltd		594
	47,955		Daewoo International Corp		1,070
	75,000	*,m	Daewoo Shipbuilding & Marine Engineering Co Ltd		139
	79,200		Daifuku Co Ltd		1,683
	80,641		Daihen Corp		497
	226,000		Daiho Corp		1,065
	111,000		Daiichi Jitsugyo Co Ltd		633
	303,605		Daikin Industries Ltd		27,813
	24,100		Daiwa Industries Ltd		183
	112,700		Dalian Refrigeration Co Ltd		88
	1,622,424		Danaher Corp		126,289
	13,609	e	Danieli & Co S.p.A.		277
	48,503		Danieli & Co S.p.A. (RSP)		773
	1,794		Dassault Aviation S.A.		2,002
	17,863		Dawonsys Co Ltd		191
	73,522		DCC plc		5,465
	608,327		Deere & Co		62,682
	15,500		Denyo Co Ltd		210
	250,759		Deutz AG.		1,407
	20,547	*,e	Dialight plc		200
	4,508,651		Dialog Group BHD		1,547
	298,340	*	DigitalGlobe, Inc		8,547
	34,174	*	Dilip Buildcon Ltd		115
	255,077		Diploma plc		3,266
	71,846	*	DIRTT Environmental Solutions		336
	29,617	e	DMC Global, Inc		469
	12,759,280		DMCI Holdings, Inc		3,398
	33,681		DMG Mori AG.		1,528
	1,110,140	*	Dogan Sirketler Grubu Holdings		239
	207,455	e	Donaldson Co, Inc		8,730

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	150,508		Dong Yang Gang Chul Co Ltd	$	665
	172,355		Dongkuk Structures & Construction Co Ltd		808
	21,971	*	Doosan Engine Co Ltd		60
	262,455		Doosan Heavy Industries and Construction Co Ltd		5,896
	226,086	*	Doosan Infracore Co Ltd		1,643
	47,596		Douglas Dynamics, Inc		1,602
	1,788,030		Dover Corp		133,977
	30,122	*	Ducommun, Inc		770
	86,235	e	Duerr AG.		6,914
	51,865	*	DXP Enterprises, Inc		1,802
	92,409	*,e	Dycom Industries, Inc		7,420
	5,017,800		Dynasty Ceramic PCL		622
	4,268		e Tec E&C Ltd		484
	492,050		Eaton Corp		33,012
	75,665		Ebara Corp		2,151
	22,032		Eicher Motors Ltd		7,055
	60,412		Eiffage S.A.		4,208
	19,565		Elbit Systems Ltd		1,976
	3,934		Electra Israel Ltd		630
	666,250	*,e,g	Elementia SAB de C.V.		706
	42,157	g	Eltel AB		289
	191,481		EMCOR Group, Inc		13,549
	477,238	e	Emerson Electric Co		26,606
	1,987,526		Empresa Brasileira de Aeronautica S.A.		9,752
	59,412		Encore Wire Corp		2,576
	3,630,000	*,e	Enerchina Holdings Ltd		144
	33,258	*,e	Energous Corp		560
	100,979	*,e	Energy Recovery, Inc		1,045
	177,931		EnerSys		13,896
	64,964	*	Engility Holdings, Inc		2,189
	172,223		Engineers India Ltd		382
	172,223	*,m	Engineers India Ltd		382
	79,133		EnPro Industries, Inc		5,330
	594,000	e	Enric Energy Equipment Holdings Ltd		278
	30,000	e	EPCO Co Ltd		372
	362,192		Equifax, Inc		42,822
	53,491		ESCO Technologies, Inc		3,030
	46,309	*	Escorts Ltd		202
	63,366	*	Esterline Technologies Corp		5,652
	514,117		European Aeronautic Defence and Space Co		33,957
	60,999		Exco Technologies Ltd		490
	15,640	*,e	FACC AG.		84
	9,068		Faiveley S.A.		956
	41,641		Fanuc Ltd		6,966
	838,000		Far East Global Group Ltd		127
	3,456,517		Far Eastern Textile Co Ltd		2,589
	578,178		Fastenal Co		27,163
	11,730,000	*,e	FDG Electric Vehicles Ltd		520
	157,621		Federal Signal Corp		2,460
	4,792		Feintool International Holding AG.		514
	165,805		Fenner plc		482
	926,500		Ferrovial S.A.		16,523
	381,283	*,e	Fincantieri S.p.A		190
	37,331	*	Finetex EnE, Inc		201
	396,848	*	Finmeccanica S.p.A.		5,558
	167,046		Finning International, Inc		3,271
	139,765		Finolex Cables Ltd		850

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	422,000		First Tractor Co	$	235
	94,086	e	Flowserve Corp		4,521
	32,851	e	FLSmidth & Co AS		1,362
	317,207	e	Fluor Corp		16,660
	61,136	*	Fomento de Construcciones y Contratas S.A.		486
	2,911		Force Motors Ltd		160
	1,181,936		Fortive Corp		63,387
	566,050		Fortune Brands Home & Security, Inc		30,261
	281,030		Foshan Electrical and Lighting Co Ltd		223
	3,124,624	e	Fosun International		4,405
	98,737		Franklin Electric Co, Inc		3,841
	87,432		Freightcar America, Inc		1,305
	291,100		Fudo Tetra Corp		510
	61,577	*,e	FuelCell Energy, Inc		108
	119,540		Fuji Electric Holdings Co Ltd		617
	58,492	e	Fuji Machine Manufacturing Co Ltd		668
	282,978		Fujikura Ltd		1,532
	137,000	e	Fujitec Co Ltd		1,603
	87,000		Fukuda Corp		833
	40,500		Fukushima Industries Corp		1,166
	338,000		Furukawa Co Ltd		614
	214,000		Furukawa Electric Co Ltd		6,245
	94,519		Futaba Corp/Chiba		1,585
	321,816		Galliford Try plc		5,119
	613,876	e	Gamesa Corp Tecnologica S.A.		12,411
	2,176,003		Gamuda BHD		2,315
	88,280	e	GATX Corp		5,436
	20,100	*	Gayatri Projects Ltd		198
	387,267		GEA Group AG.		15,541
	12,643		Geberit AG.		5,062
	28,700		Gecoss Corp		272
	14,980	*,e	Gencor Industries, Inc		235
	141,580	*	Generac Holdings, Inc		5,768
	154,026	e	General Cable Corp		2,934
	623,653		General Dynamics Corp		107,680
	24,107,771		General Electric Co		761,806
	4,969		Georg Fischer AG.		4,064
	8,589		Gesco AG.		203
	182,565	*	Gibraltar Industries, Inc		7,604
	10,700		Giken Seisakusho Co, Inc		174
	187,133		Global Brass & Copper Holdings, Inc		6,419
	49,856		Glory Ltd		1,571
	1,906,486	*	GMR Infrastructure Ltd		332
	46,130	*,e	GMS, Inc		1,351
	48,961		Gorman-Rupp Co		1,515
	77,538		Graco, Inc		6,443
	2,757,061		Grafton Group plc		18,647
	20,359		Graham Corp		451
	50,000	e	Grana y Montero S.A. (ADR)		358
	84,694		Granite Construction, Inc		4,658
	163,514	*	Great Lakes Dredge & Dock Corp		687
	61,496		Greaves Cotton Ltd		110
	57,412	e	Greenbrier Cos, Inc		2,385
	115,396	e	Griffon Corp		3,023
	493,384		Grupo Carso S.A. de C.V. (Series A1)		1,990
	224,500	e	Grupo Rotoplas SAB de C.V.		288

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	52,380	*	GS Engineering & Construction Corp	$	1,145
	393,000		GS Yuasa Corp		1,629
	2,220,680		Gunkul Engineering PCL		350
	693,859		GWA International Ltd		1,478
	67,265		H&E Equipment Services, Inc		1,564
	745,813		Haitian International Holdings Ltd		1,460
	33,894		Haldex AB		432
	105,244	*	Halim Co Ltd		357
	244,996	*	Hangzhou Steam Turbine Co		267
	61,790	*	Hanjin Heavy Industries & Construction Co Ltd		172
	2,544,395		Hanwa Co Ltd		16,599
	175,515		Hanwha Corp		5,085
	34,375	*	Hanwha Corp		478
	620,100		HAP Seng Consolidated BHD		1,223
	2,046,000		Harbin Power Equipment		950
	29,792		Hardinge, Inc		330
	22,900	e	Harmonic Drive Systems, Inc		566
	414,733		Harsco Corp		5,640
	242,660		Havells India Ltd		1,222
	590,800		Hazama Ando Corp		3,888
	400,852	*	HC2 Holdings, Inc		2,377
	760,457	*	HD Supply Holdings, Inc		32,327
	73,406		HEICO Corp		5,663
	121,567		HEICO Corp (Class A)		8,254
	209,020	*,e	Heidelberger Druckmaschinen		556
	285,885	*	Hellenic Technodomiki Tev S.A.		328
	139,002	*	Herc Holdings, Inc		5,582
	60,645	*,e	Hexagon Composites ASA		189
	572,696		Hexcel Corp		29,459
	40,300	e	Hibiya Engineering Ltd		572
	127,352		Hillenbrand, Inc		4,884
	413,825	*	Hindustan Construction Co		241
	107,420		Hino Motors Ltd		1,091
	4,400	e	Hirata Corp		249
	45,000		Hisaka Works Ltd		339
	37,691		Hitachi Construction Machinery Co Ltd		815
	39,200		Hitachi Koki Co Ltd		493
	681,500		Hitachi Zosen Corp		3,556
	252,547		Hiwin Technologies Corp		1,153
	22,779		Hochtief AG.		3,180
	418,635		Hock Seng Lee BHD		149
	4,704,912		Honeywell International, Inc		545,064
	108,600		Hong Leong Industries BHD		228
	1,652,800		Hopewell Holdings		5,693
	38,409		Hoshizaki Electric Co Ltd		3,041
	117,749		Hosken Consolidated Investments Ltd		1,163
	761,920		Howden Joinery Group plc		3,596
	3,861,000	*,e	Hsin Chong Construction Group Ltd		176
	101,300	*	Huangshi Dongbei Electrical Appliance Co Ltd		194
	53,707		Hubbell, Inc		6,268
	16,951		Huber & Suhner AG.		941
	59,931		Hudaco Industries Ltd		499
	230,011		Huntington Ingalls		42,366
	22,553		Hurco Cos, Inc		747
	8,176		Hy-Lok Corp		143
	19,483		Hyster-Yale Materials Handling, Inc		1,242

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,818		Hyundai Corp	$	105
	110,578		Hyundai Development Co		4,108
	12,189	*	Hyundai Elevator Co Ltd		579
	117,814		Hyundai Engineering & Construction Co Ltd		4,168
	44,675	*	Hyundai Heavy Industries		5,366
	9,791	*	Hyundai Mipo Dockyard		544
	23,563	*	Hyundai Rotem Co Ltd		353
	60,200		Idec Corp		561
	76,749		IDEX Corp		6,912
	17,267	*	IES Holdings, Inc		331
	3,173,012		IJM Corp BHD		2,262
	17,307		Iljin Holdings Co Ltd		92
	562,654		Illinois Tool Works, Inc		68,903
	77,282		IMARKETKOREA, Inc		665
	89,984		IMI plc		1,151
	31,537		Implenia AG.		2,331
	168,257		Impregilo S.p.A.		530
	19,963		IMS-Intl Metal Service		416
	21,100		Inaba Denki Sangyo Co Ltd		725
	47,600		Inabata & Co Ltd		524
	42,068		Indus Holding AG.		2,282
	42,007		Industria Macchine Automatiche S.p.A.		2,547
	176,869	*	Industries Qatar QSC		5,695
	92,500		Indutrade AB		1,854
	7,226		Ingersoll-Rand India Ltd		73
	1,298,332		Ingersoll-Rand plc		97,427
	99,260		Insteel Industries, Inc		3,538
	68,618		Interpump Group S.p.A.		1,123
	113,270		Interserve plc		477
	119,194		Invicta Holdings Ltd		596
	45,793		Inwido AB		474
	57,400		Iochpe-Maxion S.A.		205
	233,395		IRB Infrastructure Developers Ltd		672
	31,318		IS Dongseo Co Ltd		1,152
	158,000		Iseki & Co Ltd		303
	1,673		ISGEC Heavy Engineering Ltd		110
	20,715,301	*	Ishikawajima-Harima Heavy Industries Co Ltd		53,651
	1,426,950	*	Italian-Thai Development PCL		196
	3,127,094		Itochu Corp		41,405
	180,176		ITT, Inc		6,949
	64,128	*	IVRCL Infrastructures & Projects Ltd		4
	578,000		Iwatani International Corp		3,068
	327,269	*	Jacobs Engineering Group, Inc		18,654
	4,485,283	*	Jain Irrigation Systems Ltd		5,802
	9,000	e	Jamco Corp		185
	97,604		Japan Pulp & Paper Co Ltd		307
	58,000		Japan Steel Works Ltd		1,026
	334,514		Jardine Matheson Holdings Ltd		18,458
	3,152,457		JG Summit Holdings (Series B)		4,284
	38,281		JGC Corp		694
	62,444		John Bean Technologies Corp		5,367
	1,177,346	g	John Laing Group plc		3,929
	785,530		Johnson Controls International plc		32,356
	927,375		Johnson Electric Holdings Ltd		2,444
	211,879		Joy Global, Inc		5,933
	1,249,091		JTEKT Corp		19,918

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,024		Jungheinrich AG.	$	1,175
	2,959		JVM Co Ltd		105
	42,657		Kadant, Inc		2,611
	93,482	*	Kajaria Ceramics Ltd		640
	1,912,938		Kajima Corp		13,213
	38,227		Kalpataru Power Transmission Ltd		140
	209,200	*	Kama Co Ltd		238
	56,770		Kaman Corp		2,778
	54,400		Kamei Corp		554
	83,400		Kanamoto Co Ltd		2,203
	322,000	e	Kandenko Co Ltd		2,900
	447,000		Kanematsu Corp		751
	1,316,284		KAP Industrial Holdings Ltd		717
	4,930		Kardex AG.		461
	20,300		Katakura Industries Co Ltd		237
	16,499	e	Kato Works Co Ltd		427
	257,480		Kawasaki Heavy Industries Ltd		806
	1,204,373		KBR, Inc		20,101
	16,935		KCC Corp		5,033
	61,861		KEC International Ltd		128
	387,146		Keihan Electric Railway Co Ltd		2,539
	61,470		Keller Group plc		642
	22,499		Kendrion NV		634
	1,446,773		Kennametal, Inc		45,226
	12,193		KEPCO Engineering & Construction Co, Inc		238
	1,149,377	e	Keppel Corp Ltd		4,574
	112,047	*,e	KEYW Holding Corp		1,321
	82,278		Kier Group plc		1,394
	247,700		Kinden Corp		3,083
	55,000		King Slide Works Co Ltd		711
	409,035		Kingspan Group plc		11,109
	135,000		Kinik Co		269
	177,520		KION Group AG.		9,856
	186,500		Kitz Corp		1,018
	63,939	*	Kloeckner & Co AG.		798
	146,949	*	KLX, Inc		6,629
	578,816		KOC Holding AS		2,262
	27,387	*	Koenig & Bauer AG.		1,229
	5,430		Kolon Corp		263
	503,883		Komatsu Ltd		11,413
	2,584		Komax Holding AG.		638
	39,890		Komori Corp		521
	318,509		Kone Oyj (Class B)		14,232
	43,261	*	Konecranes Oyj		1,533
	197,465		Koninklijke BAM Groep NV		913
	2,047,172		Koninklijke Philips Electronics NV		62,586
	68,281		Korea Aerospace Industries Ltd		3,778
	8,277		Korea Cast Iron Pipe Industries Co Ltd		68
	4,616		Korea Electric Terminal Co Ltd		301
	9,603	*,e	Kornit Digital Ltd		121
	121,673	*	Kratos Defense & Security Solutions, Inc		900
	13,788	e	Krones AG.		1,259
	402,958		Kubota Corp		5,742
	15,484	e	KUKA AG.		1,441
	13,558	*	KUKA AG.		1,639
	688,000		Kumagai Gumi Co Ltd		1,762

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,934	*	Kumho Industrial Co Ltd	$	111
	227,000		Kung Long Batteries Industrial Co Ltd		1,107
	24,198		Kurita Water Industries Ltd		532
	75,270		Kuroda Electric Co Ltd		1,485
	28,469	*	Kushal Tradelink Ltd		231
	140,500		Kyokuto Kaihatsu Kogyo Co Ltd		1,884
	234,700		Kyowa Exeo Corp		3,371
	57,300		Kyudenko Corp		1,536
	4,847		Kyung Dong Navien Co Ltd		173
	574,024		L3 Technologies, Inc		87,315
	2,488		Lakshmi Machine Works Ltd		145
	360,778		Larsen & Toubro Ltd		7,147
	20,432	*	Lawson Products, Inc		486
	41,702	*,e	Layne Christensen Co		453
	57,785		Legrand S.A.		3,278
	42,002	*	Lehto Group Oyj		450
	110,322		Lennox International, Inc		16,898
	110,560		LG Corp		5,489
	19,523		LG Hausys Ltd		1,545
	26,088		LG International Corp		631
	48,661	e	Lincoln Electric Holdings, Inc		3,731
	52,573		Lindab International AB		420
	23,031	e	Lindsay Corp		1,718
	6,177		Lion Chemtech Co Ltd		104
	36,366		LISI		1,173
	785,065		LIXIL Group Corp		17,794
	551,142		Lockheed Martin Corp		137,752
	1,982,000	e	Lonking Holdings Ltd		422
	79,908		LS Cable Ltd		3,920
	13,263		LS Industrial Systems Co Ltd		436
	84,268		LSI Industries, Inc		821
	224,000	*,e	Luoyang Glass Co Ltd		147
	40,849	*	Lydall, Inc		2,527
	8,985		Mabuchi Motor Co Ltd		467
	31,026		MacDonald Dettwiler & Associates Ltd		1,546
	2,485,000		Maeda Corp		21,614
	15,400		Maeda Kosen Co Ltd		168
	202,000		Maeda Road Construction Co Ltd		3,369
	33,531		Magellan Aerospace Corp		449
	508,751	e	Maire Tecnimont S.p.A		1,378
	103,748	e	Makino Milling Machine Co Ltd		810
	20,407		Makita Corp		1,364
	2,197,600		Malaysian Resources Corp BHD		650
	25,053		MAN AG.		2,487
	18,609		Manitou BF S.A.		366
	416,674	*	Manitowoc Co, Inc		2,492
	1,436,765	*	Manitowoc Foodservice, Inc		27,773
	401,500		Marcopolo S.A.		337
	1,400,858		Marubeni Corp		7,923
	2,185,718		Masco Corp		69,112
	117,060	*	Masonite International Corp		7,703
	172,109	*	Mastec, Inc		6,583
	57,000		Max Co Ltd		695
	1,014,711		Meggitt plc		5,730
	164,000		Meidensha Corp		563
	4,364,688		Melrose Industries plc		10,609

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	178,008	*	Mercury Systems, Inc	$	5,379
	179,065	*	Meritor, Inc		2,224
	9,100	e	METAWATER Co Ltd		215
	28,463		Metka S.A.		191
	21,198		Metso Oyj		603
	71,003		Micron Machinery Co Ltd		2,248
	184,090	*	Middleby Corp		23,713
	30,769	*	Milacron Holdings Corp		573
	24,025		Miller Industries, Inc		635
	1,149,600		Minebea Co Ltd		10,727
	419,200	e	Miraito Holdings Corp		3,778
	197,500		MISUMI Group, Inc		3,244
	2,433,787		Mitsubishi Corp		51,690
	805,757		Mitsubishi Electric Corp		11,207
	1,890,952		Mitsubishi Heavy Industries Ltd		8,596
	31,000		Mitsubishi Nichiyu Forklift Co Ltd		225
	40,700		Mitsuboshi Belting Co Ltd		346
	2,407,216		Mitsui & Co Ltd		32,984
	2,888,000		Mitsui Engineering & Shipbuilding Co Ltd		4,466
	75,000		Miura Co Ltd		1,138
	3,138,230		MMC Corp BHD		1,630
	141,191		Monadelphous Group Ltd		1,141
	89,600	e	MonotaRO Co Ltd		1,827
	110,181	*,e	Moog, Inc (Class A)		7,237
	621,555		Morgan Crucible Co plc		2,186
	173,700	e	Mori Seiki Co Ltd		2,103
	22,400		Morita Holdings Corp		317
	280,403	e	Mota Engil SGPS S.A.		475
	600,675	*	MRC Global, Inc		12,170
	216,252		MSC Industrial Direct Co (Class A)		19,980
	62,527		MTU Aero Engines Holding AG.		7,212
	199,443		Mueller Industries, Inc		7,970
	619,228		Mueller Water Products, Inc (Class A)		8,242
	1,091,200		Muhibbah Engineering M BHD		542
	1,116,126		Murray & Roberts Holdings Ltd		936
	127,118	*	MYR Group, Inc		4,790
	20,027		Nabtesco Corp		464
	138,332		Nachi-Fujikoshi Corp		598
	977,433	*	Nagarjuna Construction Co		1,156
	155,600		Nagase & Co Ltd		2,029
	42,900		Namura Shipbuilding Co Ltd		293
	455,197	*	National Central Cooling Co PJSC		249
	10,340	e	National Presto Industries, Inc		1,100
	127,124	*	Navistar International Corp		3,988
	129,489		NCC AB (B Shares)		3,199
	252,470	*	NCI Building Systems, Inc		3,951
	8,300	e	NEC Capital Solutions Ltd		129
	52,092	*	Neff Corp		735
	60,385	e	New Flyer Industries, Inc		1,837
	103,287	*	Nexans S.A.		5,342
	124,451		NGK Insulators Ltd		2,409
	391,734		Nibe Industrier AB		3,080
	117,000		Nichias Corp		1,125
	12,500		Nichiden Corp		336
	22,600		Nichiha Corp		557
	87,925		Nidec Corp		7,570

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,100	e	Nihon Trim Co Ltd	$	197
	180,000		Nippo Corp		3,353
	25,200	e	Nippon Densetsu Kogyo Co Ltd		402
	11,000		Nippon Koei Co Ltd		243
	123,000		Nippon Road Co Ltd		479
	301,730	*,e	Nippon Sharyo Ltd		719
	77,200	*	Nippon Sheet Glass Co Ltd		560
	39,245		Nippon Steel Trading Co Ltd		1,512
	55,200		Nippon Thompson Co Ltd		233
	878,000		Nishimatsu Construction Co Ltd		4,243
	14,700		Nishio Rent All Co Ltd		450
	356,400		Nisshinbo Industries, Inc		3,432
	182,100		Nissin Electric Co Ltd		2,005
	27,500		Nitta Corp		747
	387,000		Nitto Boseki Co Ltd		1,510
	20,500		Nitto Kogyo Corp		279
	8,373		Nitto Kohki Co Ltd		185
	22,935		NKT Holding AS		1,617
	56,029	e	NN, Inc		1,067
	8,014,900	*,e	Noble Group Ltd		935
	20,151		Nolato AB (B Shares)		582
	53,877	*,e	Nordex AG.		1,154
	134,147		Nordson Corp		15,031
	10,291		Noritake Co Ltd		250
	22,300		Noritz Corp		376
	74,535		NORMA Group		3,175
	888,958		Northrop Grumman Corp		206,754
	236,435	*	NOW, Inc		4,840
	566,531		NSK Ltd		6,543
	609,000		NTN Corp		2,457
	16,111	*	NV5 Holdings, Inc		538
	2,554,924		NWS Holdings Ltd		4,153
	10,700		Obara Corp		476
	1,642,870		Obayashi Corp		15,685
	102,135	e	Obrascon Huarte Lain S.A.		353
	174,226		OC Oerlikon Corp AG.		1,709
	4,446		OHB AG.		87
	125,400		Oiles Corp		2,251
	110,100		Okabe Co Ltd		903
	240,641		Okuma Holdings, Inc		2,290
	471,000		Okumura Corp		2,645
	6,613		Omega Flex, Inc		369
	60,272	*	Orascom Construction Ltd		316
	131,560		Orbital ATK, Inc		11,542
	83,000		Organo Corp		334
	93,813	*	Orion Marine Group, Inc		933
	65,600	e	OSG Corp		1,288
	125,474		Oshkosh Truck Corp		8,107
	408,400	e	OSJB Holdings Corp		829
	35,066		Osram Licht AG.		1,836
	9,419		Otokar Otobus Karoseri Sanayi AS		356
	2,679,500		Owens Corning, Inc		138,155
	678,631		Paccar, Inc		43,365
	5,202		Palfinger AG.		157
	300,000		Pantaloon Retail India Ltd		74
	1,345,158		Parker Hannifin Corp		188,322

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,192	*	Patrick Industries, Inc	$	3,753
	421,659		Peab AB (Series B)		3,337
	137,522		Pentair plc		7,711
	621,000		Penta-Ocean Construction Co Ltd		2,996
	44,660		PER Aarsleff A.S.		1,113
	482,200		PESTECH International Bhd		166
	21,085		Pfeiffer Vacuum Technology AG.		1,967
	103,597	*	PGT, Inc		1,186
	38,459	*	Philips Lighting NV		947
	10,860		Pinguely-Haulotte		161
	17,308		Pkc Group Oyj		288
	371,945	*,e	Plug Power, Inc		446
	231,473	*	Ply Gem Holdings, Inc		3,761
	88,671	*	PNC Infratech Ltd		135
	395,953		Polypipe Group plc		1,581
	35,908		Ponsse Oy		906
	28,708		Porr AG.		1,176
	18,043		Powell Industries, Inc		704
	13,678	*,e	Power Solutions International, Inc		103
	6,219		Preformed Line Products Co		361
	84,588	e	Primoris Services Corp		1,927
	52,203	*,e	Proto Labs, Inc		2,681
	93,446		Prysmian S.p.A.		2,395
	11,783,905		PT Adhi Karya Persero Tbk		1,813
	1,985,600		PT AKR Corporindo Tbk		882
	13,121,400		PT Arwana Citramulia Tbk		506
	1,217,100		PT Asahimas Flat Glass Tbk		605
	2,803,600	*,m	PT Inovisi Infracom Tbk		24
	3,159,588		PT Pembangunan Perumahan Tbk		892
	6,150,400	*	PT Sitara Propertindo Tbk		299
	12,026,200		PT Surya Semesta Internusa Tbk		386
	5,516,900		PT Waskita Karya Persero Tbk		1,040
	3,210,223		PT Wijaya Karya		561
	1,580,665		QinetiQ plc		5,117
	210,745		Quanex Building Products Corp		4,278
	756,257	*	Quanta Services, Inc		26,356
	103,900		Raito Kogyo Co Ltd		1,064
	167,248		Ramirent Oyj		1,299
	203,913	*	Randon Participacoes S.A.		216
	2,915		Rational AG.		1,300
	248,687		Raubex Group Ltd		445
	77,349		Raven Industries, Inc		1,949
	1,305,879	e	Raytheon Co		185,435
	48,746	*	RBC Bearings, Inc		4,524
	641,917		Rechi Precision Co Ltd		626
	115,886		Regal-Beloit Corp		8,025
	296,538	*,e	Reliance Worldwide Corp Ltd		684
	466,509	e	Reunert Ltd		2,308
	376,221		Rexel S.A.		6,181
	332,965	*	Rexnord Corp		6,523
	135,428		Rheinmetall AG.		9,089
	2,421		Rieter Holding AG.		421
	117,491		Rockwell Automation, Inc		15,791
	237,212	e	Rockwell Collins, Inc		22,004
	6,427		Rockwool International AS (B Shares)		1,133
	1,217,868		Rolls-Royce Group plc		10,003

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	549,682		Roper Industries, Inc	$	100,636
	743,402		Rotork plc		2,206
	14,103	*	Rush Enterprises, Inc		435
	85,125	*	Rush Enterprises, Inc (Class A)		2,715
	62,736		Russel Metals, Inc		1,195
	1,217,000		Ryobi Ltd		4,764
	18,088		S&T Dynamics Co Ltd		139
	54,994		Saab AB (Class B)		2,051
	429,450	*,e	Sacyr Vallehermoso S.A.		999
	121,612	*	Sadbhav Engineering Ltd		492
	227,070		Safran S.A.		16,332
	725,298		Salfacorp S.A.		520
	7,439		Sam Yung Trading Co Ltd		109
	22,057	*	Samho International Co Ltd		309
	237,356	*	Samsung Engineering Co Ltd		2,017
	272,751	*	Samsung Heavy Industries Co Ltd		2,083
	37,624		Samsung Techwin Co Ltd		1,352
	132,623		San Shing Fastech Corp		226
	900,993		Sandvik AB		11,115
	34,000	e	Sanki Engineering Co Ltd		283
	50,000		Sanko Gosei Ltd		133
	22,600		Sankyo Tateyama, Inc		307
	334,000		Sanwa Shutter Corp		3,177
	1,014,000	*,e	Sany Heavy Equipment International		162
	38,000		Sanyo Denki Co Ltd		265
	19,015		Schindler Holding AG.		3,349
	7,421		Schindler Holding AG. (Registered)		1,295
	43,681	*	Schneider Electric Infrastructure Ltd		87
	2,873,119		Schneider Electric S.A.		199,591
	2,493		Schweiter Technologies AG.		2,815
	388,391		Seibu Holdings, Inc		6,954
	121,100		Sekisui Jushi Corp		1,909
	796,283		SembCorp Industries Ltd		1,562
	724,900		SembCorp Marine Ltd		687
	9,272	e	Semperit AG. Holding		251
	338,427		Senior plc		809
	2,969	*	Sensata Technologies Holding BV		116
	14,634	*	Senvion S.A.		188
	312,959	e	Seven Network Ltd		1,765
	16,491		SFS Group AG.		1,346
	99,769	*,e	SGL Carbon AG.		876
	250,408	*	SGSB Group Co Ltd		287
	100,200	*	Shanghai Automation Instrumentation Co Ltd		142
	2,728,000	e	Shanghai Dasheng Agricultural Finance Technology Co Ltd		264
	353,880		Shanghai Diesel Engine Co Ltd		303
	3,523,025	*,e	Shanghai Electric Group Co Ltd		1,570
	294,400		Shanghai Highly Group Co Ltd		247
	2,729,508		Shanghai Industrial Holdings Ltd		7,359
	2,306,000		Shanghai Prime Machinery Co Ltd		406
	170,553		Shapir Engineering and Industry Ltd		371
	26,700	e	Shibuya Kogyo Co Ltd		558
	273,492		Shikun & Binui Ltd		522
	19,200		Shima Seiki Manufacturing Ltd		648
	348,451		Shimizu Corp		3,181
	142,000		Shin Zu Shing Co Ltd		363
	137,590		Shinmaywa Industries Ltd		1,234

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,600		Shinnihon Corp	$	214
	18,700		SHO-BOND Holdings Co Ltd		776
	1,758,366		Siemens AG.		215,294
	123,120		Siemens India Ltd		2,013
	8,344	*	SIF Holding NV		136
	1,200,794		SIG plc		1,527
	2,594,160		Sime Darby BHD		4,680
	87,005		Simpson Manufacturing Co, Inc		3,806
	1,317,287		Singapore Technologies Engineering Ltd		2,926
	58,500		Sinko Industries Ltd		700
	599,657		Sino Thai Engineering & Construction PCL		463
	2,853,996		Sinopec Engineering Group Co Ltd		2,377
	1,748,000	e	Sinotruk Hong Kong Ltd		1,240
	880,560	*	Sintex Industries Ltd		969
	98,500		Sintokogio Ltd		856
	35,608	*	SiteOne Landscape Supply, Inc		1,237
	71,846		SK C&C Co Ltd		13,639
	137,660		SK Networks Co Ltd		788
	1,217,022		Skanska AB (B Shares)		28,654
	141,736		SKF AB (B Shares)		2,599
	1,694,200		SKP Resources BHD		486
	9,433	*,e	SLM Solutions Group AG.		323
	227,580		SM Investments Corp		2,996
	13,392		SMC Corp		3,186
	506,616		Smiths Group plc		8,819
	177,164		Snap-On, Inc		30,343
	158,250		SNC-Lavalin Group, Inc		6,811
	37,200		Sodick Co Ltd		307
	2,360,000		Sojitz Holdings Corp		5,714
	3,909		Solar Holdings AS (B Shares)		199
	18,281		Somany Ceramics Ltd		131
	18,014	*	Sparton Corp		430
	65,841		SPIE S.A.		1,386
	62,778		Spirax-Sarco Engineering plc		3,231
	493,444	*	Spirit Aerosystems Holdings, Inc (Class A)		28,792
	283,328	*	SPX Corp		6,721
	387,545	*	SPX FLOW, Inc		12,425
	90,128		Standex International Corp		7,918
	494,572		Stanley Works		56,722
	28,100		Star Micronics Co Ltd		382
	53,484	*	Ste Industrielle d’Aviation Latecoere S.A.		236
	4,404,720		STP & I PCL		1,359
	13,140		Sulzer AG.		1,353
	1,382,770		Sumitomo Corp		16,233
	49,600		Sumitomo Densetsu Co Ltd		544
	4,587,813		Sumitomo Heavy Industries Ltd		29,459
	3,512,300		Sumitomo Mitsui Construction C		3,683
	8,470,000	*	Summit Ascent Holdings Ltd		2,106
	—	*,e	Summit Ascent Holdings Ltd		0	^
	51,545		Sun Hydraulics Corp		2,060
	15,197		Sung Kwang Bend Co Ltd		111
	126,809	*,e	Sunrun, Inc		673
	128,000		Sunspring Metal Corp		159
	2,071,422		Sunway Construction Group BHD		784
	183,161		Supreme Industries, Inc		2,876
	2,024,588	*	Suzlon Energy Ltd		410

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	135,997	e	Sweco AB (B Shares)	$	2,684
	406,000		Syncmold Enterprise Corp		791
	99,500		Tadano Ltd		1,251
	8,557	*	Taewoong Co Ltd		159
	34,278	*	Taeyoung Engineering & Construction		154
	91,000	e	Taihei Dengyo Kaisha Ltd		882
	64,900		Taikisha Ltd		1,580
	953,096		Taisei Corp		6,655
	1,100,670	*	Taiwan Glass Industrial Corp		453
	213,493		Takamatsu Corp		4,534
	29,164		Takara Standard Co Ltd		477
	38,900		Takasago Thermal Engineering Co Ltd		500
	96,200		Takeuchi Manufacturing Co Ltd		2,132
	95,300		Takuma Co Ltd		813
	85,794	*,e,g	Talgo S.A.		407
	48,177		Tarkett S.A.		1,728
	112,722	*,e	Taser International, Inc		2,732
	42,100		Tatsuta Electric Wire and Cable Co Ltd		163
	2,311,679		Teco Electric and Machinery Co Ltd		1,994
	15,600	e	Teikoku Sen-I Co Ltd		204
	880,283		Tekfen Holding AS		1,611
	82,000	e	Tekken Corp		240
	73,058	*	Teledyne Technologies, Inc		8,986
	48,256		Tennant Co		3,436
	2,244,294		Terex Corp		70,763
	44,229		Texmaco Rail & Engineering Ltd		71
	51,882		Textainer Group Holdings Ltd		387
	3,769,964		Textron, Inc		183,069
	238,148		Thales S.A.		23,072
	33,586	*,e	The ExOne Company		314
	46,060	*	Thermax Ltd		504
	66,608	*	Thermon Group Holdings		1,272
	65,792		THK Co Ltd		1,453
	660,011		Timken Co		26,202
	16,827		Timken India Ltd		148
	96,733	e	Titan International, Inc		1,084
	75,902	*,e	Titan Machinery, Inc		1,106
	101,498		TKH Group NV		4,014
	25,900		Toa Corp/Tokyo		441
	11,600		Tocalo Co Ltd		251
	650,000		Toda Corp		3,416
	33,000		Toenec Corp		162
	328,600	e	Tokai Corp		2,293
	491,560		Tokyu Construction Co Ltd		3,947
	226,838		Toro Co		12,692
	114,459		Toromont Industries Ltd		3,610
	2,759,957	*	Toshiba Corp		6,667
	84,964		Toshiba Machine Co Ltd		340
	96,400	e	Toshiba Plant Systems & Services Corp		1,268
	21,600		Totetsu Kogyo Co Ltd		559
	85,975		Toto Ltd		3,396
	65,700		Toyo Construction Co Ltd		230
	115,000		Toyo Engineering Corp		306
	9,300	e	Toyo Tanso Co Ltd		149
	230,536		Toyota Tsusho Corp		5,992
	40,648	*,e	TPI Composites, Inc		652

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,674,077		Trakya Cam Sanayi AS	$	1,347
	171,658		TransDigm Group, Inc		42,736
	1,682,057		Travis Perkins plc		30,069
	292,654		Trelleborg AB (B Shares)		5,747
	164,580	e	Trencor Ltd		342
	102,576	*	Trex Co, Inc		6,606
	103,773	*	Trimas Corp		2,439
	157,846		Trinity Industries, Inc		4,382
	119,843		Triton International Ltd		1,894
	898,235		Triumph Group, Inc		23,803
	67,400		Trusco Nakayama Corp		1,409
	17,700		Tsubaki Nakashima Co Ltd		257
	134,000		Tsubakimoto Chain Co		1,087
	47,000		Tsugami Corp		269
	20,900		Tsukishima Kikai Co Ltd		219
	14,800		Tsurumi Manufacturing Co Ltd		214
	516,211		Turk Sise ve Cam Fabrikalari AS		560
	111,727	*	Tutor Perini Corp		3,128
	530,900		UEM Edgenta BHD		408
	60,097		Ultra Electronics Holdings		1,438
	7,900	e	Union Tool Co		205
	459,100		Unique Engineering & Construction PCL		253
	1,314,100		United Engineers Ltd		2,323
	781,000		United Integrated Services Co Ltd		1,194
	417,552	*	United Rentals, Inc		44,085
	771,169		United Technologies Corp		84,536
	125,658	*	Univar, Inc		3,565
	113,105		Universal Forest Products, Inc		11,557
	46,925		Uponor Oyj		814
	1,335,338	*,e	USG Corp		38,565
	436,500		Ushio, Inc		5,552
	342,884		Valmet Corp		5,034
	81,279		Valmont Industries, Inc		11,452
	225,100		Vanachai Group PCL		90
	24,027	*	VAT Group AG.		2,002
	66,446	*	Vectrus, Inc		1,585
	28,374	*	Veritiv Corp		1,525
	433,436		Vestas Wind Systems AS		28,071
	185,435		Vesuvius plc		902
	65,840		V-Guard Industries Ltd		157
	41,826	*	Vicor Corp		632
	1,563,340		Vinci S.A.		106,346
	928,000	*,e	Vision Fame International Holding Ltd		292
	89,747		Voltas Ltd		432
	44,995		Voltronic Power Technology Corp		622
	583,163		Volvo AB (B Shares)		6,789
	8,375	*	Vossloh AG.		526
	39,670		W.W. Grainger, Inc		9,213
	137,494	*,e	Wabash National Corp		2,175
	279,341	*	WABCO Holdings, Inc		29,652
	21,023		Wacker Construction Equipment AG.		341
	18,949	e	Wajax Income Fund		325
	33,500		Wakita & Co Ltd		279
	7,141,000		Walsin Lihwa Corp		2,617
	2,601		Walter Meier AG.		92
	36,575		Wartsila Oyj (B Shares)		1,640

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	105,420		Watsco, Inc	$	15,615
	58,769		Watts Water Technologies, Inc (Class A)		3,832
	1,935,912		WCT Berhad		745
	629,618		Weg S.A.		2,992
	1,251,142		Weichai Power Co Ltd		1,919
	2,061,097		Weir Group plc		47,898
	3,798,000		Welling Holding Ltd		702
	58,281	*	WESCO International, Inc		3,879
	155,895	e	Westinghouse Air Brake Technologies Corp		12,942
	8,897	*	Willis Lease Finance Corp		228
	42,330		Wilson Bayly Holmes-Ovcon Ltd		475
	490,115		Wolseley plc		29,920
	114,142		Woodward Governor Co		7,882
	164,511	e	WSP Global, Inc		5,476
	413,112		Xxentria Technology Materials Corp		1,013
	501,174		Xylem, Inc		24,818
	104,800	e	Yahagi Construction Co Ltd		967
	118,900		YAMABIKO Corp		1,651
	48,100		Yamazen Corp		401
	1,868,018		Yangzijiang Shipbuilding		1,047
	51,194		Yazicilar Holding AS		191
	97,860		YIT Oyj		779
	25,400		Yokogawa Bridge Holdings Corp		295
	46,700		Yuasa Trading Co Ltd		1,163
	880,000		Yungtay Engineering Co Ltd		1,221
	179,000		Yurtec Corp		1,212
	8,200		Yushin Precision Equipment Co Ltd		203
	168,239		Zardoya Otis S.A.		1,420
	9,223	*	Zehnder Group AG.		291
	268,000		Zhengzhou Coal Mining Machinery Group Co Ltd		140
	667,141		Zhuzhou CSR Times Electric Co Ltd		3,369
	140,774		Zodiac S.A.		3,228
	24,166		Zumtobel AG.		432
			TOTAL CAPITAL GOODS		9,174,263

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	46,400	*,e	51job, Inc (ADR)		1,568
	119,427		ABM Industries, Inc		4,877
	192,051	*	Acacia Research (Acacia Technologies)		1,248
	300,621	*	ACCO Brands Corp		3,923
	333,804		Adecco S.A.		21,790
	60,064	*	Advanced Disposal Services, Inc		1,335
	87,905	*	Advisory Board Co		2,923
	23,400		Aeon Delight Co Ltd		653
	118,181		AF AB		2,162
	244,850		Aggreko plc		2,764
	612,618		ALS Ltd		2,662
	10,916		Amadeus Fire AG		844
	58,025		American Banknote S.A.		439
	111,119		Applus Services S.A.		1,126
	28,035	*,e	Aqua Metals, Inc		368
	149,535	*	ARC Document Solutions, Inc		760
	17,492		Assystem		487
	229,071		Atkins WS plc		4,111
	239,738		Babcock International Group		2,812
	14,661		Barrett Business Services, Inc		940

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	376,000	*	Beijing Development HK Ltd	$	67
	28,900		Bell System24 Holdings, Inc		243
	11,700		Benefit One, Inc		289
	4,768	e	Bertrandt AG.		485
	29,501	*,e	Bilfinger Berger AG.		1,136
	709,529		Blue Label Telecoms Ltd		935
	2,736,000	*	Blue Sky Power Holdings Ltd		215
	159,302		Brady Corp (Class A)		5,982
	1,747,233		Brambles Ltd		15,592
	113,852		Bravida Holding AB		689
	118,492		Brink’s Co		4,888
	17,878		Brunel International NV		289
	231,106		Bureau Veritas S.A.		4,473
	98,947		Cabcharge Australia Ltd		277
	96,540		Cape plc		174
	582,389		Capita Group plc		3,808
	4,062,000	*,e	Capital Environment Holdings Ltd		141
	171,355	*	Casella Waste Systems, Inc (Class A)		2,127
	76,007	e	Caverion Corp		633
	343,217	*	CBIZ, Inc		4,702
	68,506		CEB, Inc		4,151
	206,676		Ceco Environmental Corp		2,883
	27,980		Cewe Color Holding AG.		2,482
	2,730,951	e	China Everbright International Ltd		3,080
	604,000	e	China Greenland Broad Greenstate Group Co Ltd		100
	184,573		Cintas Corp		21,329
	143,860	*	Clean Harbors, Inc		8,006
	72,000		Cleanaway Co Ltd		367
	4,113,660		Cleanaway Waste Management Ltd		3,643
	299,349		CNH Industrial NV (NYSE)		2,601
	37,685	*,e	Cogint, Inc		130
	3,293	e	Compx International, Inc		53
	—	*,e	Connaught plc		0	^
	286,699	*	Copart, Inc		15,886
	294,724	e	Covanta Holding Corp		4,598
	35,310		CRA International, Inc		1,292
	286,611		Dai Nippon Printing Co Ltd		2,828
	31,000		Daiseki Co Ltd		634
	175,826		Davis Service Group plc		1,885
	105,681		De La Rue plc		801
	104,087		Deluxe Corp		7,454
	57,904		Derichebourg		256
	1,311,272		Downer EDI Ltd		5,742
	85,404		Dun & Bradstreet Corp		10,361
	31,898		Duskin Co Ltd		655
	360,271	*,m	Dyax Corp		400
	351,000	e	Dynagreen Environmental Protection Group Co Ltd		152
	1,251,372		Edenred		24,778
	10,034		Elanders AB		117
	73,078		Elis S.A.		1,303
	17,800	*	en-japan, Inc		318
	93,813		Ennis, Inc		1,628
	117,514		Essendant, Inc		2,456
	1,417,168		Experian Group Ltd		27,439
	71,717		Exponent, Inc		4,325

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,587		Fila S.p.A	$	237
	52,673	*	Franklin Covey Co		1,061
	109,705	*	FTI Consulting, Inc		4,945
	22,000	*	Funai Soken Holdings, Inc		345
	15,463,000	*,m	Fung Choi Media Group Ltd		107
	40,791		G & K Services, Inc (Class A)		3,934
	18,092		Gategroup Holding AG.		940
	9,036		GL Events		162
	25,787	*	GP Strategies Corp		738
	670,000	*	Greentown Service Group Co Ltd		226
	1,428,258		Group 4 Securicor plc		4,128
	12,522		Groupe CRIT		896
	71,102		Gunnebo AB		301
	7,820,893		Hays plc		14,351
	148,790		Healthcare Services Group		5,828
	87,200		Heidrick & Struggles International, Inc		2,106
	35,775	*	Heritage-Crystal Clean, Inc		562
	190,979		Herman Miller, Inc		6,531
	76,509	*	Hill International, Inc		333
	141,993		HNI Corp		7,940
	638,450		HomeServe plc		4,878
	68,238	*	Huron Consulting Group, Inc		3,456
	70,340	*	ICF International, Inc		3,883
	200,906	*	IHS Markit Ltd		7,114
	3,032	*	Indiabulls Wholesale Service		1
	79,569	*,e	Innerworkings, Inc		784
	126,767		Insperity, Inc		8,994
	366,526		Interface, Inc		6,799
	242,142		Intertek Group plc		10,378
	291,194	e	Intrum Justitia AB		9,817
	71,585	e	IPH Ltd		264
	320,129		ISS A.S.		10,789
	85,782	e	ITAB Shop Concept AB		765
	36,400		Itoki Corp		230
	1,277,379		IWG plc		3,864
	14,600		JAC Recruitment Co Ltd		164
	2,689		Kaba Holding AG.		1,996
	306,726		KAR Auction Services, Inc		13,073
	61,748		Kelly Services, Inc (Class A)		1,415
	26,851		KEPCO Plant Service & Engineering Co Ltd		1,203
	179,425		Kforce, Inc		4,145
	192,579		Kimball International, Inc (Class B)		3,382
	214,735		Knoll, Inc		5,998
	177,100		Kokuyo Co Ltd		2,035
	208,930		Korn/Ferry International		6,149
	175,000		Kyodo Printing Co Ltd		598
	204,090		Loomis AB		6,060
	151,749		LSC Communications, Inc		4,504
	391,801		Manpower, Inc		34,819
	12,562		Matsuda Sangyo Co Ltd		161
	69,599		Matthews International Corp (Class A)		5,349
	67,913		McGrath RentCorp		2,662
	159,235		McMillan Shakespeare Ltd		1,247
	40,400		Meitec Corp		1,543
	1,199,987		Michael Page International plc		5,763
	132,962	*	Mistras Group, Inc		3,414

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	301,599	e	Mitie Group	$	833
	14,272		Mitsubishi Pencil Co Ltd		749
	94,259		Mobile Mini, Inc		2,851
	17,191		Moleskine S.p.A		43
	40,707		Morneau Sobeco Income Fund		582
	33,200		Moshi Moshi Hotline, Inc		327
	100,554		MSA Safety, Inc		6,971
	29,376		Multi-Color Corp		2,280
	180,686	*	Navigant Consulting, Inc		4,730
	624,796		Nielsen NV		26,210
	15,300		Nippon Kanzai Co Ltd		237
	171,300		Nippon Parking Development Co Ltd		243
	23,660	e	Nissha Printing Co Ltd		569
	19,906	*	NL Industries, Inc		162
	83,000		Nomura Co Ltd		1,198
	191,700		Okamura Corp		1,719
	192,131	*	On Assignment, Inc		8,484
	9,200	e	Outsourcing, Inc		286
	17,768		Oyo Corp		213
	79,300		Park24 Co Ltd		2,147
	37,200		Pilot Corp		1,534
	658,213		Pitney Bowes, Inc		9,998
	38,200		Prestige International, Inc		270
	242,497		Programmed Maintenance Services Ltd		336
	744,448		Prosegur Cia de Seguridad S.A.		4,646
	244,161		Quad Graphics, Inc		6,563
	527,251		Randstad Holdings NV		28,560
	314,000	*,e	Realord Group Holdings Ltd		216
	444,459		Recruit Holdings Co Ltd		17,812
	4,501,043		Rentokil Initial plc		12,314
	620,696		Republic Services, Inc		35,411
	100,841		Resources Connection, Inc		1,941
	85,894	e	Restore plc		400
	172,613		Ritchie Bros Auctioneers, Inc		5,856
	240,400		Riverstone Holdings Ltd		146
	416,500		Robert Half International, Inc		20,317
	204,397		Rollins, Inc		6,905
	245,808		RPS Group plc		674
	325,119	*	RPX Corp		3,511
	225,246		RR Donnelley & Sons Co		3,676
	22,078		S1 Corp (Korea)		1,603
	19,452		Sato Corp		389
	238,254		Secom Co Ltd		17,408
	330,936		Securitas AB (B Shares)		5,191
	730,928		Seek Ltd		7,828
	938,897	*	Serco Group plc		1,656
	338,504		SG Fleet Group Ltd		813
	5,544		SGS S.A.		11,264
	100,500	*,m	Shanghai Youngsun Investment C		294
	327,100	*	Shanghai Zhongyida Co Ltd		171
	709,168		Shanks Group plc		804
	188,225	e	Shenzhen Dongjiang Environmental Co Ltd		327
	125,772		SmartGroup Corp Ltd		569
	38,332		Societe BIC S.A.		5,208
	67,100		Sohgo Security Services Co Ltd		2,576
	50,631	*	SP Plus Corp		1,425

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	34,783		Sporton International, Inc	$	184
	886,204		Spotless Group Holdings Ltd		632
	97,370	e	Stantec, Inc		2,460
	181,816		Steelcase, Inc (Class A)		3,254
	424,458	*	Stericycle, Inc		32,700
	36,000		Sunny Friend Environmental Technology Co Ltd		126
	17,932		Synergie S.A		661
	380,520		Taiwan Secom Co Ltd		1,046
	103,020		Taiwan-Sogo Shinkong Security Corp		128
	90,000	e	Takeei Corp		739
	97,500		Tanseisha Co Ltd		667
	61,959	*	Team, Inc		2,432
	29,200		TechnoPro Holdings, Inc		933
	195,356		Teleperformance		19,586
	270,500		Temp Holdings Co Ltd		4,183
	163,331		Tetra Tech, Inc		7,048
	312,000		Tianjin Capital Environmental Protection Group Co Ltd		163
	147,500		Toppan Forms Co Ltd		1,536
	494,669		Toppan Printing Co Ltd		4,717
	31,000		Tosho Printing Co Ltd		130
	111,938	*,m	Towers Watson & Co		13,688
	170,553		Tox Free Solutions Ltd		318
	178,098		Transcontinental, Inc		2,943
	137,713	*	TransUnion		4,259
	71,416	*	TRC Cos, Inc		757
	304,227	*	TriNet Group, Inc		7,794
	210,944	*	TrueBlue, Inc		5,200
	47,648		Unifirst Corp		6,845
	66,415		US Ecology, Inc		3,264
	519,200	*	Verisk Analytics, Inc		42,143
	42,016		Viad Corp		1,853
	20,038		VSE Corp		778
	109,627	*	WageWorks, Inc		7,948
	12		Waste Connections, Inc		1
	1,900,672		Waste Management, Inc		134,777
	153,305		West Corp		3,796
	166,322		Wolters Kluwer NV		6,016
	40,200	e	Yumeshin Holdings Co Ltd		270
	2,700	*,e	Zhaopin Ltd (ADR)		41
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,107,899

CONSUMER DURABLES & APPAREL - 2.1%
	592,000		361 Degrees International Ltd		228
	46,406	*	Accell Group NV		1,070
	40,400	*,e	Acushnet Holdings Corp		796
	1,056,405		Adidas-Salomon AG.		166,614
	22,591	*	Agabang&Company		144
	85,766		Aksa Akrilik Kimya Sanayii		223
	433,000		Alpargatas S.A.		1,330
	32,500		Alpine Electronics, Inc		422
	433,391		Amer Sports Oyj (A Shares)		11,501
	189,585	*	American Outdoor Brands Corp		3,996
	2,955,157		AmTRAN Technology Co Ltd		2,020
	4,217,235		Anta Sports Products Ltd		12,533
	223,274		Arcelik AS		1,341
	28,460	*,e	Arctic Cat, Inc		427

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,500		Arezzo Industria e Comercio S.A.	$	366
	113,237		Arvind Ltd		587
	116,038		Asics Corp		2,312
	21,632		Bajaj Electricals Ltd		69
	55,449	*	Bang & Olufsen AS (B Shares)		627
	3,397,707		Barratt Developments plc		19,316
	34,819		Bassett Furniture Industries, Inc		1,059
	329,000		Basso Industry Corp		949
	27,184		Bata India Ltd		180
	347,942	*	Beazer Homes USA, Inc		4,628
	10,748,293		Belle International Holdings Ltd		6,021
	393,169		Bellway plc		11,985
	30,062		Beneteau S.A.		435
	499,603		Berkeley Group Holdings plc		17,271
	666,000		Best Pacific International Holdings Ltd		512
	3,042		Bijou Brigitte AG.		177
	147,663	*	Bonava AB		2,288
	2,608,000		Bosideng International Holdings Ltd		225
	156,380		Bovis Homes Group plc		1,578
	77,832		Breville Group Ltd		486
	90,210	*	BRP, Inc		1,905
	24,477	e	Brunello Cucinelli S.p.A		524
	91,568		Brunswick Corp		4,994
	445,992		Burberry Group plc		8,219
	1,937,000	*	C.banner International Holdings Ltd		576
	5,408,582	*,e	Cairn Homes plc		7,686
	289,338	e	CalAtlantic Group, Inc		9,840
	917,461		Callaway Golf Co		10,055
	161,849		Carter’s, Inc		13,982
	240,115		Casio Computer Co Ltd		3,384
	36,061	*	Cavco Industries, Inc		3,601
	26,119		CCC S.A.		1,269
	32,553	*	Century Communities, Inc		684
	22,231,400		China Dongxiang Group Co		4,006
	1,013,000		China Lilang Ltd		569
	1,131,000	*,m	China Longevity Group Co Ltd		1
	13,700		Chofu Seisakusho Co Ltd		307
	77,719		Christian Dior S.A.		16,283
	631,054		Cie Financiere Richemont S.A.		41,707
	1,212,000		Citychamp Watch & Jewellery Group Ltd		296
	101,000		Clarion Co Ltd		361
	36,500		Cleanup Corp		297
	638,019		Coach, Inc		22,343
	73,584		Columbia Sportswear Co		4,290
	1,321,500		Consorcio ARA, S.A. de C.V.		414
	9,900		Corona Corp		97
	221,000		Corpovael S.A. de C.V.		148
	505,000	e,g	Cosmo Lady China Holdings Co Ltd		195
	767,356		Crest Nicholson Holdings plc		4,272
	157,684	*	CROCS, Inc		1,082
	491,233	*	Crompton Greaves Consumer Electricals Ltd		1,056
	17,042		CSS Industries, Inc		461
	31,889		Culp, Inc		1,185
	3,374,500		Cyrela Brazil Realty S.A.		10,613
	70,410	*,e	Deckers Outdoor Corp		3,900
	58,181		De’Longhi S.p.A.		1,381

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,181	*	Delta Apparel, Inc	$	315
	7,493		Delta-Galil Industries Ltd		217
	33,690		Descente Ltd		387
	56,065		Dorel Industries, Inc (Class B)		1,620
	1,025,497		DR Horton, Inc		28,027
	63,057		Duni AB		865
	229,793		Eclat Textile Co Ltd		2,393
	1,113,828		Electrolux AB (Series B)		27,580
	24,726		Escalade, Inc		326
	52,450		Ethan Allen Interiors, Inc		1,933
	246,900		Even Construtora e Incorporadora S.A.		280
	322,150		Ez Tec Empreendimentos e Participacoes S.A.		1,548
	427,672		Feng TAY Enterprise Co Ltd		1,584
	13,600	e	Fields Corp		158
	8,625		Fila Korea Ltd		503
	13,814		Flexsteel Industries, Inc		852
	1,026		Forbo Holding AG.		1,322
	515,852		Formosa Taffeta Co Ltd		471
	232,694		Forus S.A.		783
	473,547	*,e	Fossil Group, Inc		12,246
	18,891		Foster Electric Co Ltd		356
	55,600		France Bed Holdings Co Ltd		441
	339,999	*,e,m	Fuguiniao Co Ltd		170
	42,900		Fujibo Holdings Inc		1,216
	101,000		Fujitsu General Ltd		2,133
	17,300		Funai Electric Co Ltd		136
	313,400		Gafisa S.A.		179
	203,121	e	Garmin Ltd		9,849
	65,981	e	Geox S.p.A.		153
	20,249	e	Gerry Weber International AG.		234
	300,439		Giant Manufacturing Co Ltd		1,701
	92,424	*,e	G-III Apparel Group Ltd		2,732
	365,021		Gildan Activewear, Inc		9,268
	14,234,000	*	Global Brands Group Holding Ltd		1,883
	58,028	*	GNCO Co Ltd		366
	4,500		Goldwin, Inc		200
	621,000	*,e	Goodbaby International Holding		297
	198,127	*,e	GoPro, Inc		1,726
	56,828	*,e	Green Brick Partners, Inc		571
	10,100		Guararapes Confeccoes S.A.		188
	69,139		GUD Holdings Ltd		521
	524,000		Gunze Ltd		1,739
	1,502,944		Haier Electronics Group Co Ltd		2,358
	12,036		Handsome Co Ltd		347
	773,872		Hanesbrands, Inc		16,692
	15,807		Hansae Co Ltd		335
	34,480		Hansae Yes24 Holdings Co Ltd		296
	20,036		Hanssem Co Ltd		3,294
	265,209		Harman International Industries, Inc		29,481
	210,011	e	Hasbro, Inc		16,337
	691,900		Haseko Corp		7,015
	787,848		Hefei Meiling Co Ltd		459
	105,800		Heiwa Corp		2,417
	88,312	*	Helen of Troy Ltd		7,458
	24,920,000	*	HengTen Networks Group Ltd		1,247
	34,916		Hermes International		14,323

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,275	*	Himatsingka Seide Ltd	$	105
	347,000		Hisense Kelon Electrical Holdings Co Ltd		282
	6,116		Hitachi Home & Life Solutions India Ltd		124
	25,708	*	HLB, Inc		279
	1,890,000	*,e	HongDa Financial Holding Ltd		85
	51,585		Hooker Furniture Corp		1,958
	610,000	e	Hosa International Ltd		208
	244,018	*,e	Hovnanian Enterprises, Inc (Class A)		666
	14,601		Hugo Boss AG.		891
	658,243		Husqvarna AB (B Shares)		5,107
	40,382		Huvis Corp		274
	10,196		Hyundai Livart Furniture Co Ltd		200
	6,722		IC Companys AS		141
	92,001	*	Iconix Brand Group, Inc		859
	701,525		Iida Group Holdings Co Ltd		13,299
	1,117		Ilshin Spinning Co Ltd		114
	46,110		Indo Count Industries Ltd		111
	43,235	*	Installed Building Products Inc		1,786
	56,054	*	iRobot Corp		3,276
	32,317	*,e	Jakks Pacific, Inc		166
	40,300		Japan Wool Textile Co Ltd		300
	87,609	*,e	Jimmy Choo plc		151
	157,999	*	Jinshan Development & Construction Co Ltd		173
	176,519		JM AB		5,089
	82,430		Johnson Health Tech Co Ltd		118
	11,051		Johnson Outdoors, Inc		439
	119,500	e	JVC KENWOOD Holdings, Inc		326
	1,026,373	*	Kate Spade & Co		19,162
	216,652	e	KB Home		3,425
	3,198,000		Kinpo Electronics		1,179
	10,800		Kitex Garments Ltd		65
	56,244		KMC Kuei Meng International In		198
	620,200	*	Konka Group Co Ltd		227
	16,664		KPR Mill Ltd		139
	354,000		Kurabo Industries Ltd		692
	8,080		Kyungbang Ltd		102
	12,693	*	LA Opala RG Ltd		83
	448,504		Lao Feng Xiang Co Ltd		1,540
	374,736		La-Z-Boy, Inc		11,636
	730,776		Lealea Enterprise Co Ltd		187
	463,496		Leggett & Platt, Inc		22,656
	24,430		Lennar Corp (B Shares)		843
	596,963		Lennar Corp (Class A)		25,628
	119,669		LG Electronics, Inc		5,109
	57,655		LG Fashion Corp		1,028
	33,494	*,e	LGI Homes, Inc		962
	46,600		Li Cheng Enterprise Co Ltd		155
	1,263,020	*,e	Li Ning Co Ltd		791
	694,965	*	Li Peng Enterprise Co Ltd		175
	139,264		Libbey, Inc		2,710
	43,600		Lifetime Brands, Inc		774
	1,816,000		Lisi Group Holdings Ltd		164
	1,476		LPP S.A.		1,999
	425,364	*,e	Lululemon Athletica, Inc		27,644
	744,250		Luthai Textile Co Ltd		893
	80,416	e	Luxottica Group S.p.A.		4,322

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	260,564		LVMH Moet Hennessy Louis Vuitton S.A.	$	49,682
	50,667	*	M/I Homes, Inc		1,276
	164,735		Makalot Industrial Co Ltd		631
	42,772	*	Malibu Boats Inc		816
	4,667,600		Man Wah Holdings Ltd		3,152
	6,442	*,m	Mariella Burani S.p.A.		0
	21,667		Marine Products Corp		301
	8,700		Mars Engineering Corp		167
	730,966		Matsushita Electric Industrial Co Ltd		7,414
	5,789,021		Mattel, Inc		159,488
	321,600		MC Group PCL		135
	80,109		MCBC Holdings, Inc		1,168
	87,111		MDC Holdings, Inc		2,235
	229,084		Merida Industry Co Ltd		1,020
	110,114	*	Meritage Homes Corp		3,832
	814,772	*	Michael Kors Holdings Ltd		35,019
	21,600	e	Misawa Homes Co Ltd		192
	20,000		Mitsui Home Co Ltd		87
	67,000		Mizuno Corp		325
	400,355	*	Mohawk Industries, Inc		79,943
	1,249,459		Moncler S.p.A		21,711
	54,248		Movado Group, Inc		1,560
	1,317,865		MRV Engenharia e Participacoes S.A.		4,419
	8,069		Nacco Industries, Inc (Class A)		731
	403,535		Namco Bandai Holdings, Inc		11,107
	44,000		Nan Liu Enterprise Co Ltd		206
	65,073	*	Nautilus, Inc		1,204
	27,853	*,e	New Home Co Inc		326
	124,558		New Wave Group AB (B Shares)		754
	1,246,958		Newell Rubbermaid, Inc		55,677
	522,129		Nien Hsing Textile Co Ltd		392
	164,000		Nien Made Enterprise Co Ltd		1,684
	3,734,704		Nike, Inc (Class B)		189,835
	217,324		Nikon Corp		3,375
	84,867		Nobia AB		789
	39,569	*	NVR, Inc		66,041
	594,531		Onward Kashiyama Co Ltd		4,160
	905,508		Oriental Weavers		773
	1,421,191	g	OVS S.p.A		7,139
	32,523		Oxford Industries, Inc		1,956
	499,000	*,e,g	Ozner Water International Holding Ltd		119
	679,778		Pacific Textile Holdings Ltd		737
	8,908		Page Industries Ltd		1,789
	181,000	e	PanaHome Corp		1,463
	106,859		Pandora AS		13,949
	402,000	*,m	Peace Mark Holdings Ltd		0
	14,919		Pegas Nonwovens S.A.		447
	57,774	*	Perry Ellis International, Inc		1,439
	508,386		Persimmon plc		11,092
	277,776	*	Peter England Fashions and Retail Ltd		564
	356,889		Phillips-Van Heusen Corp		32,206
	47,552	*	PIK Group (GDR)		225
	255,300	*	Pioneer Corp		514
	8,104,857		Playmates Holdings Ltd		10,608
	47,171	e	Polaris Industries, Inc		3,886
	132,499		Pool Corp		13,825

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,498,341		Pou Chen Corp	$	3,105
	359,800	e	Prada S.p.A		1,216
	27,000		Pressance Corp		334
	7,498,900		PT Sri Rejeki Isman Tbk		128
	1,918,559		Pulte Homes, Inc		35,263
	320,000	*	Q Technology Group Co Ltd		164
	166,495	*	Rajesh Exports Ltd		1,129
	212,637	e	Ralph Lauren Corp		19,205
	73,080		Raymond Ltd		531
	610,997	e	Redrow plc		3,230
	283,000	e,g	Regina Miracle International Holdings Ltd		234
	25,597		Rinnai Corp		2,060
	420,956		Ruentex Industries Ltd		696
	26,571	*	Safilo Group S.p.A.		223
	43,277	e	Salvatore Ferragamo Italia S.p.A		1,022
	986,000		Sampo Corp		560
	265,800		Samsonite International		757
	113,200		Sangetsu Co Ltd		1,959
	87,321		Sankyo Co Ltd		2,815
	24,971		SEB S.A.		3,384
	1,089,217		Sega Sammy Holdings, Inc		16,186
	124,000	e	Seiko Holdings Corp		439
	982,130		Seiren Co Ltd		12,036
	521,953		Sekisui Chemical Co Ltd		8,309
	1,706,109		Sekisui House Ltd		28,346
	82,552	*,e	Sequential Brands Group, Inc		386
	816,141	m	Servicios Corporativos Javer SAPI de C.V.		683
	394,500		Shanghai Haixin Group Co		326
	72,300		Shanghai Kai Kai Industrial Co Ltd		99
	969,942	*	Sharp Corp		2,244
	223,400	*	Shenzhen China Bicycle Co Holdings Ltd		147
	621,124		Shenzhou International Group Holdings Ltd		3,916
	39,145		Shimano, Inc		6,131
	17,205		Sioen Industries NV		507
	60,000		Sitoy Group Holdings Ltd		16
	590,830	*	Skechers U.S.A., Inc (Class A)		14,523
	6,421,843	e	Skyworth Digital Holdings Ltd		3,643
	—	*,e	Smith & Wesson Holding Corp		0	^
	32,668	*	SodaStream International Ltd		1,289
	6,451,636		Sony Corp		180,271
	203,441		Sony Corp (ADR)		5,702
	836,205	*,g	Spin Master Corp		20,048
	12,643		SRF Ltd		287
	9,000	e	SRI Sports Ltd		80
	28,600		Starts Corp, Inc		483
	4,703,122		Steinhoff International Holdings NV		24,378
	1,100,802		Steinhoff International Holdings NV (GR)		5,667
	194,502	*	Steven Madden Ltd		6,953
	40,141	e	Sturm Ruger & Co, Inc		2,115
	279,554		Sumitomo Forestry Co Ltd		3,692
	17,224		Superior Uniform Group, Inc		338
	15,778		Surteco SE		393
	20,801	e	Swatch Group AG.		6,456
	263,220		Swatch Group AG. (Registered)		16,064
	15,726		Symphony Ltd		267
	977,602		Tainan Spinning Co Ltd		370

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	214,600		Taiwan Paiho Ltd	$	630
	15,100	e	Tamron Co Ltd		250
	1,903,298	*	Tatung Co Ltd		561
	65,540	*	Taylor Morrison Home Corp		1,262
	3,087,758		Taylor Wimpey plc		5,824
	1,740,000	*,e	TCL Multimedia Technology Holdings Ltd		861
	48,416	*	Technogym S.p.A		225
	1,025,000		Techtronic Industries Co		3,668
	23,104		Ted Baker plc		801
	108,883	e	Telford Homes plc		424
	350,228	*,e	Tempur-Pedic International, Inc		23,914
	1,052,000	e	Texhong Textile Group Ltd		1,421
	562,000		Texwinca Holdings Ltd		367
	299,818		Thomson		1,621
	117,326	g	Thule Group AB		1,832
	246,047		Titan Industries Ltd		1,182
	11,313	e	Tod’s S.p.A.		736
	26,290		Token Corp		1,865
	367,842	*	Toll Brothers, Inc		11,403
	337,760	*	TomTom NV		3,035
	54,368		Tomy Co Ltd		576
	82,393	*	TopBuild Corp		2,933
	73,000		Topkey Corp		228
	79,000		Toung Loong Textile Manufacturing		204
	359,833	*	TRI Pointe Homes, Inc		4,131
	26,044		Trigano S.A.		2,038
	274,600		TSI Holdings Co Ltd		1,643
	171,803		Tsutsumi Jewelry Co Ltd		2,870
	2,532	*	TTK Prestige Ltd		214
	127,054		Tupperware Corp		6,686
	21,748	*	UCP, Inc (Class A)		262
	351,282	*	Under Armour, Inc		8,842
	379,358	e	Under Armour, Inc (Class A)		11,020
	35,935	*	Unifi, Inc		1,173
	1,886,000	*	Unitika Ltd		1,351
	30,154	*	Universal Electronics, Inc		1,946
	67,800	*	Universal Entertainment Corp		1,955
	7,297	e	VAN DE Velde		508
	35,286	*	Vardhman Textiles Ltd		578
	40,463	*	Vera Bradley, Inc		474
	93,045	*	Vestel Elektronik Sanayi		167
	742,639		VF Corp		39,620
	67,197	*	Videocon Industries Ltd		103
	45,449	*,e	Vince Holding Corp		184
	135,068	*	Vista Outdoor, Inc		4,984
	325,627		Wacoal Holdings Corp		3,791
	44,702	*	WCI Communities, Inc		1,048
	377,500		Weiqiao Textile Co		235
	596,961		Welspun India Ltd		587
	15,650		Weyco Group, Inc		490
	195,612		Whirlpool Corp		35,556
	44,400	*	Whirlpool of India Ltd		581
	50,233	*,e	William Lyon Homes, Inc		956
	358,011	e	Wolverine World Wide, Inc		7,858
	63,505		Woongjin Coway Co Ltd		4,642
	194,631		Wuxi Little Swan Co Ltd		614

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,318,500	e	XTEP International Holdings	$	1,390
	212,250		Yamaha Corp		6,472
	45,200		Yondoshi Holdings, Inc		953
	10,000	e	Yonex Co Ltd		464
	19,387		Youngone Corp		491
	10,696		Youngone Holdings Co Ltd		527
	578,407	e	Yue Yuen Industrial Holdings		2,097
	682,000	*,e	Yuxing InfoTech Investment Holdings Ltd		128
	60,994	*	Zagg, Inc		433
	174,764		Zeng Hsing Industrial Co Ltd		870
	79,600		Zhonglu Co Ltd		171
	27,300	e	Zojirushi Corp		366
			TOTAL CONSUMER DURABLES & APPAREL		2,339,924

CONSUMER SERVICES - 2.0%
	21,400	*,e	500.com Ltd (ADR)		328
	360,613		888 Holdings plc		964
	520,344		AA plc		1,777
	20,810	*	AcadeMedia AB		114
	2,736,004		Accor S.A.		101,923
	43,900		Accordia Golf Co Ltd		451
	16,258,000		Accordia Golf Trust		7,073
	793,472		Advtech Ltd		992
	7,300		Aeon Fantasy Co Ltd		199
	121,462	e	Ainsworth Game Technology Ltd		185
	4,341,000		Ajisen China Holdings Ltd		1,764
	848,002	e	Alsea SAB de C.V.		2,427
	105,246	*,e	Amaya, Inc		1,490
	131,000		Ambassador Hotel		95
	31,910	*	American Public Education, Inc		783
	193,950	*	Apollo Group, Inc (Class A)		1,920
	1,648,704		ARAMARK Holdings Corp		58,892
	6,500	*	ARCLAND SERVICE Co Ltd		159
	2,975,824	*	Arcos Dorados Holdings, Inc		16,069
	376,740	e	Ardent Leisure Group		634
	1,915,356		Aristocrat Leisure Ltd		21,369
	66,261	*	Ascent Media Corp (Series A)		1,077
	78,300	e	Atom Corp		482
	108,712		Autogrill S.p.A.		981
	10,121	*	Basic-Fit NV		171
	2,042,742	*	Belmond Ltd.		27,271
	62,325		Benesse Holdings Inc		1,712
	22,946		Berjaya Sports Toto BHD		15
	14,223		bet-at-home.com AG.		1,196
	99,181		Betsson AB		955
	49,463	*	BJ’s Restaurants, Inc		1,944
	3,717,900	*	Bloomberry Resorts Corp		460
	452,146		Bloomin’ Brands, Inc		8,152
	51,725		Bob Evans Farms, Inc		2,752
	48,367	*	Bojangles’, Inc		902
	305,011	*	Boyd Gaming Corp		6,152
	81,692	*	Bridgepoint Education, Inc		828
	151,107	*	Bright Horizons Family Solutions		10,581
	432,382	e	Brinker International, Inc		21,416
	7,700		BRONCO BILLY Co Ltd		193
	85,159	*	Buffalo Wild Wings, Inc		13,149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,600	*,e	Caesars Acquisition Co	$	1,750
	125,308	*,e	Caesars Entertainment Corp		1,065
	672,000	e	Cafe de Coral Holdings Ltd		2,175
	33,621	*	Cambium Learning Group, Inc		168
	72,066		Capella Education Co		6,327
	80,737		Cara Operations Ltd		1,500
	448,720	*	Career Education Corp		4,528
	1,505,144		Carnival Corp		78,358
	146,513		Carnival plc		7,424
	49,983		Carriage Services, Inc		1,432
	190,785	*	Carrols Restaurant Group, Inc		2,909
	51,861	*	Century Casinos, Inc		427
	96,478	e	Cheesecake Factory		5,777
	168,454	*,e	Chegg, Inc		1,243
	5,960,000	*,e	China LotSynergy Holdings Ltd		191
	3,580,000	e	China Maple Leaf Educational Systems Ltd		2,369
	392,000	*	China Nuclear Energy Technology Corp Ltd		70
	2,410,000	e	China Travel International Inv HK		660
	147,515	*,e,n	Chipotle Mexican Grill, Inc (Class A)		55,660
	45,107		Choice Hotels International, Inc		2,528
	30,620		Churchill Downs, Inc		4,607
	32,100	*	Chuy’s Holdings, Inc		1,042
	18,689		Cie des Alpes		372
	52,696		City Lodge Hotels Ltd		567
	196,230		ClubCorp Holdings, Inc		2,816
	714,426	*,e	Codere S.A.		572
	51,813	*,g	Coffee Day Enterprises Ltd		151
	17,865		Collectors Universe		379
	48,300	e	Colowide Co Ltd		802
	1,875,636		Compass Group plc		34,665
	107,096	e	Corporate Travel Management Lt		1,412
	116,159		Cox & Kings India Ltd		307
	41,390	e	Cracker Barrel Old Country Store, Inc		6,911
	38,800	*	Create Restaurants Holdings, Inc		338
	2,194		Credu Corp		58
	398,091		Crown Resorts Ltd		3,318
	105,284	*	Curro Holdings Ltd		385
	298,600		CVC Brasil Operadora e Agencia de Viagens S.A.		2,172
	106,902		Daekyo Co Ltd		720
	159,000		Dahan Development Corp		279
	5,500	e	Daisyo Corp		75
	154,213	*	Dalata Hotel Group plc		713
	96,143		Darden Restaurants, Inc		6,992
	85,064	*	Dave & Buster’s Entertainment, Inc		4,789
	61,320	*	Del Frisco’s Restaurant Group, Inc		1,042
	45,819	*	Del Taco Restaurants, Inc		647
	53,383		Delta Corp Ltd		86
	333,050	*	Denny’s Corp		4,273
	135,117	e	DeVry Education Group, Inc		4,216
	40,299		Dignity plc		1,228
	57,369		DineEquity, Inc		4,417
	5,310	e	DO & CO AG.		349
	114,062		Domino’s Pizza Enterprises Ltd		5,334
	1,247,232		Domino’s Pizza Group plc		5,535
	40,268		Domino’s Pizza, Inc		6,412
	3,312,147	e	Donaco International Ltd		872

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,000		Doutor Nichires Holdings Co Ltd	$	478
	3,288,589	*	Dubai Parks & Resorts PJSC		1,165
	231,041	e	Dunkin Brands Group, Inc		12,116
	1,734,800	e	Dynam Japan Holdings Co Ltd		2,651
	162,580		EIH Ltd		227
	40,702	*,e	El Pollo Loco Holdings, Inc		501
	61,382	*,e	Eldorado Resorts, Inc		1,040
	387,069	g	Elior Participations S.C.A		8,842
	5,353	*	Emerson Pacific, Inc		150
	1,490,000		Emperor Entertainment Hotel Ltd		350
	9,070	*	Empire Resorts, Inc		206
	281,296	e	EnerCare, Inc		3,738
	465,565	*	Enterprise Inns plc		697
	1,281,100		Erawan Group PCL		161
	241,000		Estacio Participacoes S.A.		1,167
	15,964	e,g	Evolution Gaming Group AB		454
	604,267		Extended Stay America, Inc		9,759
	155,832	e	Famous Brands Ltd		1,776
	72,502	*	Fiesta Restaurant Group, Inc		2,164
	149,133	e	Flight Centre Travel Group Ltd		3,361
	514,637	*,e	Fogo De Chao, Inc		7,385
	52,990		Formosa International Hotels Corp		278
	839,000	e	Fu Shou Yuan International Group Ltd		495
	34,000	e	Fuji Kyuko Co Ltd		314
	61,000	e	Fujita Kanko, Inc		183
	315,057	e	G8 Education Ltd		814
	31,800		GAEC Educacao S.A.		133
	2,328,155		Galaxy Entertainment Group Ltd		10,084
	2,499,492		Genting BHD		4,451
	4,814,793		Genting Singapore plc		2,997
	359,600		GL Ltd		189
	954,535		Gold Reef Resorts Ltd		1,915
	22,595		Golden Entertainment, Inc		274
	66,000		Gourmet Master Co Ltd		501
	3,948		Graham Holdings Co		2,021
	95,794	*	Grand Canyon Education, Inc		5,599
	27,462		Grand Korea Leisure Co Ltd		465
	72,351	*	Great Canadian Gaming Corp		1,346
	264,259		Greene King plc		2,271
	237,162	*	GVC Holdings plc		1,876
	605,657		H&R Block, Inc		13,924
	28,854	*,e	Habit Restaurants, Inc		498
	854,000	*,g	Haichang Holdings Ltd		201
	7,773		Hana Tour Service, Inc		425
	12,400	*	Hiday Hidaka Corp		295
	482,194		Hilton Worldwide Holdings, Inc		13,116
	27,900		Hiramatsu Inc		160
	35,100	e	HIS Co Ltd		920
	280,500	*,e	Hoteles City Express SAB de C.V.		232
	414,607	*	Houghton Mifflin Harcourt Co		4,499
	240,275		Huangshan Tourism Development Co Ltd		323
	39,260	*,e	Hyatt Hotels Corp		2,170
	30,600	e	Ichibanya Co Ltd		976
	107,846		IDP Education Ltd		311
	598,426		ILG, Inc		10,873
	536,119		Indian Hotels Co Ltd		777

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,454		InterContinental Hotels Group plc	$	2,658
	367,024		International Game Technology plc		9,366
	115,592		International Speedway Corp (Class A)		4,254
	51,292	*	Intertain Group Ltd		358
	107,149	*	Intrawest Resorts Holdings Inc		1,913
	94,038	e	Invocare Ltd		940
	153,152	*	Isle of Capri Casinos, Inc		3,781
	45,895	*	J Alexander’s Holdings, Inc		493
	161,592		Jack in the Box, Inc		18,040
	28,975	*,e	Jamba, Inc		298
	514,177		Jollibee Foods Corp		2,003
	43,414		Jubilant Foodworks Ltd		544
	298,894	*	K12, Inc		5,129
	20,133	*	Kambi Group plc		294
	127,929		Kangwon Land, Inc		3,786
	56,500	e	Kappa Create Co Ltd		631
	16,700	e	Kisoji Co Ltd		337
	109,000	*,e	KNT-CT Holdings Co Ltd		135
	26,200	e	KOMEDA Holdings Co Ltd		409
	16,916	*,e	Kona Grill, Inc		212
	22,800	e	Koshidaka Holdings Co Ltd		386
	2,457,745		Kroton Educacional S.A.		10,038
	8,200		Kura Corp		344
	11,800	e	Kyoritsu Maintenance Co Ltd		687
	446,581	*	La Quinta Holdings, Inc		6,346
	1,181,523		Ladbrokes plc		1,688
	1,490,478		Las Vegas Sands Corp		79,606
	14,716	e	Liberty Tax, Inc		197
	182,092	*,e	LifeLock, Inc		4,356
	33,135	*	Lindblad Expeditions Holdings, Inc		313
	48,051	*	Luby’s, Inc		206
	1,508,000	*,e	Macau Legend Development Ltd		304
	198,000		Magnum BHD		96
	7,351		Mahindra Holidays & Resorts India Ltd		43
	293,316		Mantra Group Ltd		650
	81,320		Marcus Corp		2,562
	652,864		Marriott International, Inc (Class A)		53,979
	58,162		Marriott Vacations Worldwide Corp		4,935
	464,207		Marston’s plc		779
	7,300		Matsuya Foods Co Ltd		235
	1,471,600		Max’s Group, Inc		740
	1,471,640		McDonald’s Corp		179,128
	54,153	e	McDonald’s Holdings Co Japan Ltd		1,417
	18,200		Meiko Network Japan Co Ltd		169
	3,915,104	e	Melco Crown Entertainment Ltd (ADR)		62,250
	39,392,100	*	Melco Crown Philippines Resorts Corp		2,989
	2,721,000	e	Melco International Development		3,677
	49,078		Melia Hotels International S.A.		571
	1,314,514	g	Merlin Entertainments plc		7,257
	937,407		MGM China Holdings Ltd		1,936
	4,014,886	*	MGM Resorts International		115,749
	1		Minor International PCL (ADR)		0	^
	1,945,916		Minor International PCL (Foreign)		1,977
	159,947		Mitchells & Butlers plc		495
	9,219		Modetour Network, Inc		221
	22,878	*	Monarch Casino & Resort, Inc		590

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,700		MOS Food Services, Inc	$	1,190
	39,841	e	MTY Food Group, Inc		1,500
	9,079	*	Nathan’s Famous, Inc		589
	730,500		Navitas Ltd		2,621
	346,920	*	NET Holding AS		278
	218,513	*	New Oriental Education & Technology Group (ADR)		9,199
	164,648	*	NH Hoteles S.A.		665
	27,463	*,e	Noodles & Co		113
	55,571	*,e	Nord Anglia Education, Inc		1,295
	1,678,926	*	Norwegian Cruise Line Holdings Ltd		71,405
	10,000		Ohsho Food Service Corp		377
	520,376		OPAP S.A.		4,599
	302,900		Oriental Land Co Ltd		17,096
	407,300	e	Overseas Union Enterprise Ltd		494
	13,927		Paddy Power plc		1,482
	58,284		Pandox AB		905
	22,809	*	Panera Bread Co (Class A)		4,678
	151,772		Papa John’s International, Inc		12,989
	42,747		Paradise Co Ltd		429
	180,574	*	Penn National Gaming, Inc		2,490
	5,327	*,e	Pierre & Vacances		213
	321,441	*	Pinnacle Entertainment, Inc		4,661
	150,217	e	Planet Fitness, Inc		3,019
	83,000		Plenus Co Ltd		1,618
	98,183	*	Popeyes Louisiana Kitchen, Inc		5,938
	49,829	*,e	Potbelly Corp		643
	7,360,000		Premium Leisure Corp		173
	318,000		Prestariang BHD		146
	130,088		Rank Group plc		313
	28,516	*	Red Lion Hotels Corp		238
	29,169	*	Red Robin Gourmet Burgers, Inc		1,645
	1,303,401		Red Rock Resorts, Inc		30,226
	154,194	*	Regis Corp		2,239
	3,085,329		Resorts World BHD		3,145
	117,100		Resorttrust, Inc		2,157
	2,046		Restaurant Brands International LP		98
	1,118,039	e	Restaurant Brands International, Inc		53,286
	215,054		Restaurant Brands International, Inc (Toronto)		10,243
	296,090		Restaurant Group plc		1,183
	393,273	e	Retail Food Group Ltd		1,988
	77,017		Rezidor Hotel Group AB		299
	18,900	e	Ringer Hut Co Ltd		366
	53,300		Round One Corp		369
	145,212		Royal Caribbean Cruises Ltd		11,913
	23,700	e	Royal Holdings Co Ltd		379
	126,315	*	Ruby Tuesday, Inc		408
	188,199		Ruth’s Chris Steak House, Inc		3,444
	23,200		Saizeriya Co Ltd		521
	2,283,295		Sands China Ltd		9,851
	135,411	*,g	Scandic Hotels Group AB		1,136
	111,403	*	Scientific Games Corp (Class A)		1,560
	142,171	e	SeaWorld Entertainment, Inc		2,691
	244,700	g	Ser Educacional S.A.		1,401
	405,138		Service Corp International		11,506
	538,014	*	ServiceMaster Global Holdings, Inc		20,267
	33,949	*,e	Shake Shack, Inc		1,215

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,746,000	e	Shanghai Jinjiang International Hotels Group Co Ltd	$	986
	58,049		Shanghai Jinjiang International Travel Co Ltd		212
	1,076,120		Shangri-La Asia Ltd		1,133
	1,621		Shinsegae Food Co Ltd		198
	117,498		Six Flags Entertainment Corp		7,045
	720,148		SJM Holdings Ltd		562
	40,664		SkiStar AB (Series B)		681
	561,498	e	Sky City Entertainment Group Ltd		1,532
	103,900		Skylark Co Ltd		1,370
	56,310		Sodexho Alliance S.A.		6,465
	261,838		Sonic Corp		6,941
	105,273	*,e	Sotheby’s (Class A)		4,196
	38,253		Speedway Motorsports, Inc		829
	1,099,138		SSP Group plc		5,245
	11,800		St Marc Holdings Co Ltd		358
	670,388		Star Entertainment Grp Ltd		2,495
	4,746,963		Starbucks Corp		263,551
	2,170	*	Steak N Shake Co		1,027
	22,429	*	Strayer Education, Inc		1,808
	41,900		Studio Alice Co Ltd		775
	427,727		Summit Hotel Properties, Inc		6,856
	93,545		Sun International Ltd		591
	793,437		Tabcorp Holdings Ltd		2,749
	100,868	*,e	TAL Education Group (ADR)		7,076
	32,100		Tarena International, Inc (ADR)		481
	1,099,871		Tattersall’s Ltd		3,544
	77,137	*	Telepizza Group S.A.		367
	141,814		Texas Roadhouse, Inc (Class A)		6,841
	1,247,003	*,e	Thomas Cook Group plc		1,340
	43,776		Thomas Cook India Ltd		122
	75,100		Tokyo Dome Corp		739
	146,000		Tokyotokeiba Co Ltd		335
	30,900		Toridoll.corp		665
	7,100		Tosho Co Ltd		326
	15,200		Tsukada Global Holdings Inc		88
	590,684		TUI AG. (DI)		8,457
	32,200	*,e	Tuniu Corp (ADR)		282
	710,391		Unibet Group plc (ADR)		6,654
	118,618		Vail Resorts, Inc		19,134
	96,300	e	Watami Co Ltd		909
	48,594	*,e	Weight Watchers International, Inc		556
	195,249		Wendy’s		2,640
	152,705	e	Wetherspoon (J.D.) plc		1,671
	65,601		Whitbread plc		3,052
	288,216		William Hill plc		1,029
	501,443	e	Wingstop, Inc		14,838
	48,220		Wowprime Corp		196
	302,360		Wyndham Worldwide Corp		23,091
	1,961,571	e	Wynn Macau Ltd		3,101
	107,046		Wynn Resorts Ltd		9,261
	325,000		YBM Sisa.com, Inc		2,244
	35,000		Yomiuri Land Co Ltd		145
	22,667	*	Yong Pyong Resort Co Ltd		161
	52,600		Yoshinoya D&C Co Ltd		721
	2,950,115	*	Yum China Holdings, Inc		77,057
	1,276,889		Yum! Brands, Inc		80,865

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,972		Zeal Network SE	$	969
	179,000		Zensho Co Ltd		2,944
	182,000		Zhuhai Holdings Investment Group Ltd		28
	722,632	*,e	Zoe’s Kitchen, Inc		17,336
			TOTAL CONSUMER SERVICES		2,293,964

DIVERSIFIED FINANCIALS - 3.7%
	2,033,276		3i Group plc		17,589
	151,551		ABC Arbitrage		1,147
	506,826	e	Aberdeen Asset Management plc		1,602
	22,256		Ackermans & Van Haaren		3,092
	170,050	*	Acom Co Ltd		743
	52,600		Aeon Credit Service M BHD		168
	276,348		AEON Financial Service Co Ltd		4,895
	128,503	*	Affiliated Managers Group, Inc		18,671
	1,389,533	*,e,m	African Bank Investments Ltd		1
	76,329		AG Mortgage Investment Trust		1,306
	87,629		AGF Management Ltd		409
	785,163		AGNC Investment Corp		14,235
	254,200	*,e	Aiful Corp		750
	1,121,840	*	AIRA Capital Co Ltd		81
	20,990		Aker ASA (A Shares)		784
	1,905,399	*	Al Waha Capital PJSC		1,001
	31,055	e	Alaris Royalty Corp		554
	519,636		Alexander Forbes Group Holdings Ltd		301
	219,766	*,e	Allied Minds plc		1,273
	1,006,051		Ally Financial, Inc		19,135
	70,542		Altamir Amboise		948
	113,931	e	Altisource Residential Corp		1,258
	1,463,958	*	Amanat Holdings PJSC		391
	1,677,194		American Express Co		124,247
	1,945,861		Ameriprise Financial, Inc		215,874
	3,692,151		AMP Ltd		13,391
	504,216	g	Amundi S.A.		26,368
	1,267,317	g	Anima Holding S.p.A		6,870
	2,092,012		Annaly Capital Management, Inc		20,857
	205,699		Anworth Mortgage Asset Corp		1,063
	413,469		Apollo Commercial Real Estate Finance, Inc		6,872
	1,238,886	e	ARA Asset Management Ltd		1,459
	125,308	e	Ares Commercial Real Estate Corp		1,720
	47,826	e	Arlington Asset Investment Corp (Class A)		709
	78,433	e	ARMOUR Residential REIT, Inc		1,701
	316,052		Arrow Global Group plc		1,161
	83,779		Artisan Partners Asset Management, Inc		2,492
	1,279,004		Ashmore Group plc		4,445
	12,981	*,m	Asia Pacific Investment Partners Limited		85
	8,883		Associated Capital Group, Inc		292
	71,053		Aurelius AG.		4,154
	359,731		Australian Stock Exchange Ltd		12,887
	25,041		Avanza AB		1,012
	371,791		Ayala Corp		5,458
	2,215	*,m	Ayala Corp Preferred		0	^
	97,948		Azimut Holding S.p.A.		1,629
	21,638		B. Riley Financial, Inc		399
	164,036	*	B2Holding ASA		291
	184,507		Bajaj Finance Ltd		2,282

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,690		Banca Generali S.p.A	$	1,182
	94,341		Banca IFIS S.p.A.		2,582
	250,983		Banca Mediolanum S.p.A		1,800
	3,496,554		Bank of New York Mellon Corp		165,667
	613,674		BGC Partners, Inc (Class A)		6,278
	58,802	e	BinckBank NV		340
	214,901	e	BlackRock, Inc		81,778
	51,276		Blackstone Group LP		1,386
	138,736		Blackstone Mortgage Trust, Inc		4,172
	1,895,053		BM&F Bovespa S.A.		9,588
	747,000	e	Bolsa Mexicana de Valores S.A. de C.V.		983
	64,317		Bolsas y Mercados Espanoles		1,891
	347,068	*,e	Brait S.A.		2,208
	309,092		Brewin Dolphin Holdings plc		1,166
	1,610,000		Bright Smart Securities & Commodities Group Ltd		527
	948,453		Brookfield Asset Management, Inc		31,294
	599,660		BT Investment Management Ltd		4,581
	232,607		Bure Equity AB		2,637
	732,800		Bursa Malaysia BHD		1,446
	53,273		Calamos Asset Management, Inc (Class A)		455
	45,398	e	Callidus Capital Corp		624
	90,733	*	Canaccord Financial, Inc		322
	6,893		Capital First Ltd		58
	688,986		Capital One Financial Corp		60,107
	1,792,000		Capital Securities Corp		538
	200,873	e	Capstead Mortgage Corp		2,047
	198,442		CBOE Holdings, Inc		14,663
	90,153		Cembra Money Bank AG.		6,558
	3,231,000	e	Central China Securities Co Ltd		1,760
	44,401		Century Leasing System, Inc		1,515
	195,879		Cerved Information Solutions S.p.A		1,624
	269,364		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		3,688
	1,351,123		Chailease Holding Co Ltd		2,306
	753,394		Challenger Financial Services Group Ltd		6,087
	1,524,526		Charles Schwab Corp		60,173
	501,941		Chimera Investment Corp		8,543
	1,096,000		China Bills Finance Corp		442
	11,534,105		China Cinda Asset Management Co Ltd		4,153
	1,247,125		China Everbright Ltd		2,362
	3,190,000	*	China Financial International Investments Ltd		183
	6,220,045		China Galaxy Securities Co Ltd		5,576
	7,279,000	*,e	China Huarong Asset Management Co Ltd		2,614
	1,000,000	*,e	China International Capital Corp Ltd		1,411
	15,280,000	e	China LNG Group Ltd		356
	62,665	e	China Merchants China Direct Investments Ltd		93
	292,414		CI Financial Corp		6,288
	2,676,415		CITIC Securities Co Ltd		5,408
	4,975,383		ClearView Wealth Ltd		4,829
	410,778		Close Brothers Group plc		7,296
	177,804	g	CMC Markets plc		239
	1,106,283		CME Group, Inc		127,610
	190,055		Coface S.A.		1,240
	44,548		Cohen & Steers, Inc		1,497
	419,569	e	Colony Financial, Inc		8,496
	243,564		Coronation Fund Managers Ltd		1,246
	18,472		Corp Financiera Alba		833

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	176,454		Corp Financiera Colombiana S.A.	$	2,180
	53,476	*,e	Cowen Group, Inc		829
	88,647	*,e	Credit Acceptance Corp		19,282
	22,917		Credit Analysis & Research Ltd		440
	14,604,000	*,e	Credit China Fintech Holdings Ltd		1,751
	101,434	e	Credit Corp Group Ltd		1,310
	236,364		Credit Saison Co Ltd		4,206
	1,913,427		Credit Suisse Group		27,345
	185,051	e	Credito Real SAB de C.V.		244
	30,858		CRISIL Ltd		1,002
	325,199		CYS Investments, Inc		2,514
	231,542		Daewoo Securities Co Ltd		1,385
	127,258		Daishin Securities Co Ltd		1,094
	23,703		Daishin Securities Co Ltd PF		143
	1,830,360		Daiwa Securities Group, Inc		11,271
	13,248		Daou Data Corp		123
	89,372		DeA Capital S.p.A.		113
	1,714,175	*	Deutsche Bank AG.		31,094
	245,232	*	Deutsche Bank AG.		4,439
	9,283	*	Deutsche Beteiligungs AG.		300
	2,633		Deutsche Boerse AG.		211
	707,568	*	Deutsche Boerse AG. (Tender)		57,579
	9,166		Diamond Hill Investment Group, Inc		1,928
	1,160,000	*,e	Differ Group Holding Co Ltd		104
	841,363		Discover Financial Services		60,654
	129,132	*	Donnelley Financial Solutions, Inc		2,967
	52,821	*,e	Dundee Corp		234
	97,531		Dynex Capital, Inc		665
	2,412,958	*	E*TRADE Financial Corp		83,609
	321,506		Eaton Vance Corp		13,465
	566,538		Eclipx Group Ltd		1,530
	584,417	*	ECN Capital Corp		1,436
	815,025		Edelweiss Capital Ltd		1,165
	7,419		EFG Financial Products Holding AG.		247
	56,735	e	EFG International		343
	319,844	*	Egyptian Financial Group-Hermes Holding		450
	841,360	e	Element Financial Corp		7,808
	18,852,000	e	Emperor Capital Group Ltd		1,693
	49,389	*,e	Encore Capital Group, Inc		1,415
	68,941	*	Enova International, Inc		865
	57,413	*	Eugene Investment & Securities Co Ltd		116
	14,741		Eurazeo		862
	1,130,016	g	Euronext NV		46,575
	200,866		Evercore Partners, Inc (Class A)		13,799
	142,525		EXOR NV		6,130
	226,254	*	Ezcorp, Inc (Class A)		2,410
	108,547		Factset Research Systems, Inc		17,740
	4,949,276		Far East Horizon Ltd		4,227
	12,873		FBR & Co		167
	448,955		Federated Investors, Inc (Class B)		12,696
	8,582	e	Ferratum Oyj		153
	36,910		Fiera Capital Corp		351
	1,960	e	Fifth Street Asset Management, Inc		13
	115,773	e	Financial Engines, Inc		4,255
	216,500	e	Financial Products Group Co Ltd		1,865
	2,824,785		First Pacific Co		1,971

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	205,785		FirstCash, Inc	$	9,672
	6,192,256		FirstRand Ltd		23,895
	245,433		FlexiGroup Ltd		399
	120,908	g	Flow Traders		4,161
	231,722	*,e	FNFV Group		3,175
	594,925		Franklin Resources, Inc		23,547
	24,180,000	*	Freeman Financial Corp Ltd		1,554
	19,883,461		Fubon Financial Holding Co Ltd		31,343
	25,873,242		Fuhwa Financial Holdings Co Ltd		9,595
	16,700		Fuyo General Lease Co Ltd		796
	80,104		Gain Capital Holdings, Inc		527
	27,573		GAMCO Investors, Inc (Class A)		852
	709,762	e	Gentera SAB de C.V.		1,143
	1,703,000	e	GF Securities Co Ltd		3,534
	23,368		Gimv NV		1,293
	78,282		Gluskin Sheff + Associates, Inc		1,017
	1,806,679	e	Goldman Sachs Group, Inc		432,610
	1,410,000	*,e	Good Resources Holdings Ltd		87
	72,256		Great Ajax Corp		959
	276,262	*	Green Dot Corp		6,506
	61,168		Greenhill & Co, Inc		1,694
	7,575		GRENKELEASING AG.		1,187
	47,300		Group Lease PCL		75
	340,600		Group Lease PCL		543
	80,200		Groupe Bruxelles Lambert S.A.		6,719
	442,449		Grupo de Inversiones Suramericana S.A.		5,630
	223,117		Grupo de Inversiones Suramericana S.A. (Preference)		2,750
	126,065		GT Capital Holdings, Inc		3,215
	796,497	*	Gulf General Investment Co		110
	276,500	e	Guolian Securities Co Ltd		147
	8,562,800		Guotai Junan International Hol		2,622
	1,046,664		Haci Omer Sabanci Holding AS		2,710
	5,230,562		Haitong Securities Co Ltd		8,911
	20,356		Hankook Tire Worldwide Co Ltd		350
	160,024		Hannon Armstrong Sustainable Infrastructure Capital, Inc		3,039
	106,010	*	Hanwha Securities Co		182
	331,466		Hargreaves Lansdown plc		4,932
	61,932		Hellenic Exchanges S.A.		318
	1,896,355		Henderson Group plc		5,473
	6,786		Hennessy Advisors, Inc		215
	1,158,800		Hitachi Capital Corp		28,454
	18,795		HMC Investment Securities Co Ltd		148
	92,966	g	Hoist Finance AB		865
	1,181,492		Hong Kong Exchanges and Clearing Ltd		27,787
	72,560		Houlihan Lokey, Inc		2,258
	2,914,400	g	Huatai Securities Co Ltd		5,526
	2,918	*,e	Hypoport AG.		238
	40,500		IBJ Leasing Co Ltd		904
	36,900		Ichiyoshi Securities Co Ltd		282
	1,759,612	*	IFCI Ltd		702
	983,476		IG Group Holdings plc		5,977
	334,056	e	IGM Financial, Inc		9,504
	209,112	*	India Infoline Ltd		805
	461,654		Indiabulls Housing Finance Ltd		4,403
	18,736		Indiabulls Securities Ltd		6
	37,989		Industrivarden AB		706

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	188,892	*	Infrastructure Development Finance Co Ltd	$	149
	172,757		Interactive Brokers Group, Inc (Class A)		6,307
	1,181,167		IntercontinentalExchange Group, Inc		66,641
	235,359		Intermediate Capital Group plc		2,026
	291,190		International Personal Finance plc		618
	33,406	g	Intertrust NV		587
	31,507	*	INTL FCStone, Inc		1,248
	128,905		Inversiones La Construccion S.A.		1,684
	433,176		Invesco Ltd		13,143
	243,456		Invesco Mortgage Capital, Inc		3,554
	283,926		Investec Ltd		1,863
	858,265		Investec plc		5,629
	57,495		Investment AB Kinnevik (B Shares)		1,373
	74,259		Investment AB Oresund		1,241
	87,408		Investment Technology Group, Inc		1,725
	415,733		Investor AB (B Shares)		15,490
	300,859	e	IOOF Holdings Ltd		1,994
	142,573	e	iShares MSCI Canada Index Fund		3,728
	771,360	e	iShares MSCI EAFE Index Fund		44,531
	434,505	e	iShares MSCI Emerging Markets		15,212
	150,895	*,e	iStar Financial, Inc		1,867
	57,700		J Trust Co Ltd		583
	455,000		Jaccs Co Ltd		2,010
	105,217		Jafco Co Ltd		3,444
	515,739		Janus Capital Group, Inc		6,844
	1,470,400		Japan Securities Finance Co Ltd		7,997
	2,223,127		Jih Sun Financial Holdings Co Ltd		476
	180,066		JM Financial Ltd		175
	222,196		JSE Ltd		2,658
	208,845		Julius Baer Group Ltd		9,252
	136,997		Julius Baer Holding AG.		1,585
	1,348,439		Jupiter Investment Management Group Ltd		7,343
	277,400		k1 Ventures Ltd		171
	1,010,200		kabu.com Securities Co Ltd		3,471
	35,080	*	KBC Ancora		1,467
	123,287	*	KCG Holdings, Inc		1,634
	9,950		KIWOOM Securities Co Ltd		592
	47,225		Korea Investment Holdings Co Ltd		1,637
	12,798,400	*	Kresna Graha Investama PT Tbk		445
	12,117		KRUK S.A.		686
	481,600		Krungthai Card PCL		1,850
	46,166		Kyobo Securities Co		336
	19,700		Kyokuto Securities Co Ltd		291
	418,785	*	L&T Finance Holdings Ltd		538
	82,767		Ladder Capital Corp		1,136
	310,344	*,e	Ladenburg Thalmann Financial Services, Inc		757
	579,044		Lazard Ltd (Class A)		23,793
	271,545		Legg Mason, Inc		8,122
	938,159	*,e	LendingClub Corp		4,925
	801,393		Leucadia National Corp		18,632
	847,161		London Stock Exchange Group plc		30,278
	270,061		LPL Financial Holdings, Inc		9,509
	45,821		Lundbergs AB (B Shares)		2,805
	588,740		Macquarie Group Ltd		36,880
	247,090		Magellan Financial Group Ltd		4,223
	302,720		Mahindra & Mahindra Financial Services Ltd		1,202

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,572,910		Man Group plc	$	22,658
	829,819		Manappuram General Finance & Leasing Ltd		818
	30,431		Manning & Napier, Inc		230
	82,282		MarketAxess Holdings, Inc		12,089
	20,635		Marlin Business Services Corp		431
	36,700		Marusan Securities Co Ltd		309
	6,720,000	*,e	Mason Financial Holdings Ltd		160
	1,233,401		Masterlink Securities Corp		343
	261,300		Matsui Securities Co Ltd		2,247
	19,356	e	Medley Management, Inc		192
	40,858		Meritz finance Holdings Co Ltd		375
	973,774		Meritz Securities Co Ltd		2,783
	35,397,506		Metro Pacific Investments Corp		4,738
	938,610	e	MFA Mortgage Investments, Inc		7,162
	84,000		MIN XIN Holdings Ltd		83
	84,049	m	Mirae Asset Securities Co Ltd		1,470
	1,801,751		Mitsubishi UFJ Lease & Finance Co Ltd		9,293
	52,171		MLP AG.		229
	107,701		Moelis & Co		3,651
	1,023,400	e	Monex Beans Holdings, Inc		2,841
	511,304		Moody’s Corp		48,201
	6,915,953		Morgan Stanley		292,199
	82,207		Morningstar, Inc		6,047
	34,527		Motilal Oswal Financial Services Ltd		264
	248,456	e	MSCI, Inc (Class A)		19,573
	146,298	e	MTGE Investment Corp		2,297
	462,000		Muangthai Leasing PCL		318
	16,400	*	Multi Commodity Exchange of India Ltd		305
	143,983	*	Muthoot Finance Ltd		597
	280,224		NASDAQ OMX Group, Inc		18,809
	984,814		Navient Corp		16,180
	90,388		Nelnet, Inc (Class A)		4,587
	770,029		New Residential Investment Corp		12,105
	239,979	e	New York Mortgage Trust, Inc		1,584
	56,078	*	NewStar Financial, Inc		519
	13,444		NICE Holdings Co Ltd		196
	29,994		NICE Information Service Co Ltd		172
	197,600		Nihon M&A Center, Inc		5,473
	24,300	*,e	Noah Holdings Ltd (ADR)		533
	3,004,839		Nomura Holdings, Inc		17,765
	62,144		Nordnet AB (Series B)		254
	273,047		Northern Trust Corp		24,315
	364,772		NorthStar Asset Management Group, Inc		5,442
	3,417,866	e	NZX Ltd		2,489
	118,000		Okasan Holdings, Inc		727
	440,151		OM Asset Management plc		6,382
	132,409	*,e	On Deck Capital, Inc		613
	146,533	*,e	OneMain Holdings, Inc		3,244
	92,099		Onex Corp		6,268
	27,563		Oppenheimer Holdings, Inc		513
	46,997	e	Orchid Island Capital, Inc		509
	396,000	*	Orient Corp		718
	3,747,856		ORIX Corp		58,333
	423,262		Osaka Securities Exchange Co Ltd		6,037
	958,075		OSK Holdings BHD		299
	23,601	e	Owens Realty Mortgage, Inc		437

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	267,428	e	OzForex Group Ltd	$	324
	90,497		P2P Global Investments plc		892
	12,429		Pargesa Holding S.A.		808
	8,057	e	Partners Group		3,772
	173,698		PennyMac Mortgage Investment Trust		2,843
	536,591		Peregrine Holdings Ltd		1,173
	517,000	*,m	Peregrine Investment Holdings		0
	155,416		Perpetual Trustees Australia Ltd		5,452
	47,982	*	Pico Holdings, Inc		727
	147,853	*	Pioneers Holding		94
	60,668	*	Piper Jaffray Cos		4,398
	38,038	e	PJT Partners, Inc		1,175
	277,373	e	Platinum Asset Mangement Ltd		1,054
	234,605	e	Plus500 Ltd		1,112
	1,299,543		Power Finance Corp Ltd		2,326
	98,406	*	PRA Group, Inc		3,848
	1,213,289		President Securities Corp		444
	121,819		Provident Financial plc		4,260
	105,031		PSG Group Ltd		1,664
	128,527	*	PTC India Financial Services Ltd		71
	78,928		Pzena Investment Management, Inc (Class A)		877
	21,358	*	Qatar Industrial Manufacturing Co		260
	599,777		Ratos AB (B Shares)		2,836
	301,343	e	Raymond James Financial, Inc		20,874
	209,782	e	Redwood Trust, Inc		3,191
	21,914	*	Regional Management Corp		576
	366,144	*	Reliance Capital Ltd		2,312
	630,215		Remgro Ltd		10,226
	38,027		Repco Home Finance Ltd		313
	61,612	e	Resource Capital Corp		513
	60,381	*,e	Resurs Holding AB		389
	30,600		Ricoh Leasing Co Ltd		942
	1,378,807		RMB Holdings Ltd		6,664
	769,872		S&P Global, Inc		82,792
	80,942	*,e	Safeguard Scientifics, Inc		1,089
	113,013	*	Salam International Investment Co		343
	94,890		Samsung Card Co		3,120
	66,755		Samsung Securities Co Ltd		1,749
	505,328	*	Santander Consumer USA Holdings, Inc		6,822
	251,900	e	Sawada Holdings Co Ltd		2,029
	51,544		SBI Holdings, Inc		655
	53,411		Schroders plc		1,962
	376,029		SEI Investments Co		18,561
	5	*,m	SFCG Co Ltd		0
	300,000		Shenyin Wanguo HK Ltd		130
	9,235		Shinyoung Securities Co Ltd		382
	467,637		Shriram Transport Finance Co Ltd		5,866
	15,394		Silvercrest Asset Management Group, Inc		202
	973,000	*	Simsen International Corp Ltd		381
	1,290,927		Singapore Exchange Ltd		6,366
	9,289		Sixt Leasing AG.		175
	248,797	*	SK Securities Co Ltd		209
	13,722	*	SKS Microfinance Pvt Ltd		118
	1,174,471	*	SLM Corp		12,943
	768,475	*,e,m	SNS Reaal		8
	7,244		Societe Fonciere Financiere et de Participations FFP		551

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,859		Sofina S.A.	$	2,353
	90,300	e	Sparx Group Co Ltd		175
	9,200		SPDR Trust Series 1		2,056
	145,332	e	Sprott, Inc		272
	126,832		SREI Infrastructure Finance Ltd		138
	430,461		Srisawad Power 1979 PCL		494
	864,625		Starwood Property Trust, Inc		18,979
	1,720,339		State Street Corp		133,705
	142,222	*	Stifel Financial Corp		7,104
	4,940,000		Sun Hung Kai & Co Ltd		3,050
	42,774		Sundaram Finance Ltd		724
	133,420	*	SVG Capital plc		1,164
	8,636		Swissquote Group Holding S.A.		202
	3,388,474		Synchrony Financial		122,900
	1,252,415		T Rowe Price Group, Inc		94,257
	3,724,288	e	Tai Fook Securities Group Ltd		2,123
	162,000		Taiwan Acceptance Corp		387
	170,000		Takagi Securities Co Ltd		327
	117,359		Tamburi Investment Partners S.p.A.		445
	17,296		Tata Investment Corp Ltd		142
	267,673		TD Ameritrade Holding Corp		11,671
	506,797		Thomson Corp (Toronto)		22,180
	76,643		Tiptree Financial, Inc		471
	79,468		TMX Group Ltd		4,233
	282,880		Tokai Tokyo Securities Co Ltd		1,501
	92,199	*	Tong Yang Investment Bank		239
	327,019		Transaction Capital Ltd		344
	1,114,819		Tullett Prebon plc		5,953
	1,048,605		Two Harbors Investment Corp		9,144
	3,830,466		UBS AG.		59,891
	503,700	e	Unifin Financiera SAPI de C.V. SOFOM ENR		1,249
	1,071,687		UOB-Kay Hian Holdings Ltd		940
	102,633	*	Uranium Participation Corp		290
	2,516	e	Value Line, Inc		49
	3,204,000	e	Value Partners Group Ltd		2,531
	53,266		Virtu Financial, Inc		850
	13,342		Virtus Investment Partners, Inc		1,575
	57,359		Vontobel Holding AG.		3,011
	230,356		Voya Financial, Inc		9,035
	2,847		VZ Holding AG.		854
	213,280	e	Waddell & Reed Financial, Inc (Class A)		4,161
	43,985		Warsaw Stock Exchange		420
	3,569,952		Waterland Financial Holdings		912
	27,458		Wendel		3,304
	95,928		Western Asset Mortgage Capital Corp		966
	27,141		Westwood Holdings Group, Inc		1,628
	2,546	*,e	Wins Finance Holdings, Inc		458
	245,359	e	WisdomTree Investments, Inc		2,733
	48,000	e	WisdomTree Japan Hedged Equity Fund		2,378
	10,228		Woori Financial Co Ltd		226
	158,906		Woori Investment & Securities Co Ltd		1,266
	12,850	*,e	World Acceptance Corp		826
	1,153,628		Zeder Investments Ltd		592
	78,800		Zenkoku Hosho Co Ltd		2,526
			TOTAL DIVERSIFIED FINANCIALS		4,188,643

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
ENERGY - 7.2%
	257,797	*	Abraxas Petroleum Corp	$	663
	5,968		Adams Resources & Energy, Inc		237
	46,480,704		Adaro Energy Tbk		5,803
	177,716	*	Advantage Oil & Gas Ltd		1,207
	66,930		Aegis Logistics Ltd		127
	138,353	*,e	Akastor ASA		260
	121,645	*	Aker Solutions ASA		582
	114,748		Alon USA Energy, Inc		1,306
	129,304	e	AltaGas Income Trust		3,265
	1,111,855		AMEC plc		6,420
	695,572	*,e	Amerisur Resources plc		229
	1,093,076		Anadarko Petroleum Corp		76,220
	224,749	*	Antero Resources Corp		5,315
	1,094,000	*,e	Anton Oilfield Services Group		153
	100,000	*	AOC Holdings, Inc		326
	1,038,461		Apache Corp		65,911
	1,014,428		ARC Resources Ltd		17,461
	27,500	*,e	Arch Coal, Inc		2,146
	220,194		Archrock, Inc		2,907
	140,245	e	Ardmore Shipping Corp		1,038
	400,683	*	Athabasca Oil Corp		612
	163,512	e	Atwood Oceanics, Inc		2,147
	1,420,555	*,e	Australian Worldwide Exploration Ltd		632
	1,862,457	e	Baker Hughes, Inc		121,004
	1,923,700		Bangchak Petroleum PCL-Foreign		1,795
	2,666,510		Banpu PCL (Foreign)		1,420
	688,522	*,e	Baytex Energy Trust		3,364
	4,738,992		Beach Petroleum Ltd		2,884
	899,045		Bharat Petroleum Corp Ltd		8,398
	430,072	*,e	Bill Barrett Corp		3,006
	190,935	*	Birchcliff Energy Ltd		1,332
	1,062,564		Bonavista Energy Trust		3,807
	71,826		Bonterra Oil & Gas Ltd		1,556
	19,719	e	Bourbon S.A.		254
	268,527		Boustead Singapore Ltd		149
	23,287,903		BP plc		145,862
	800,626	e	BP plc (ADR)		29,927
	3,937,000	*	Brightoil Petroleum Holdings Ltd		1,114
	73,695	e	Bristow Group, Inc		1,509
	2,022,500		Bumi Armada BHD		272
	63,269	e,g	BW LPG Ltd		266
	97,187	*	BW Offshore Ltd		311
	563,446		Cabot Oil & Gas Corp		13,162
	493,044	*	Cairn Energy plc		1,433
	868,313		Cairn India Ltd		3,084
	69,503	*,e	California Resources Corp		1,480
	672,611	*	Callon Petroleum Co		10,338
	678,899		Caltex Australia Ltd		14,885
	742,794	e	Cameco Corp (Toronto)		7,767
	257,376	*,e	Canacol Energy Ltd		878
	239,627		Canadian Energy Services & Technology Corp		1,367
	2,126,464		Canadian Natural Resources Ltd (Canada)		67,770
	74,197		Canyon Services Group, Inc		388
	48,145	*,e	CARBO Ceramics, Inc		504
	175,494	e	Cardinal Energy Ltd		1,384

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	205,932	*,e	Carrizo Oil & Gas, Inc	$	7,692
	1,611,814	e	Cenovus Energy, Inc		24,387
	2,128,350	e	Cenovus Energy, Inc (Toronto)		32,179
	18,294	*,e	CGG S.A.		263
	454,230	*	Cheniere Energy, Inc		18,819
	138,040	*	Chennai Petroleum Corp Ltd		555
	1,977,729	*,e	Chesapeake Energy Corp		13,884
	5,925,970		Chevron Corp		697,487
	4,074,419	*,e	China Coal Energy Co		1,922
	2,269,826	e	China Oilfield Services Ltd		2,095
	8,500,295		China Shenhua Energy Co Ltd		15,889
	1,391,000	e	China Suntien Green Energy Cor		179
	229,272		Cimarex Energy Co		31,158
	10,492	*,e	Clayton Williams Energy, Inc		1,251
	1,098,621	*	Clean Energy Fuels Corp		3,142
	28,336,246		CNOOC Ltd		35,214
	1,540,404		Coal India Ltd		6,789
	842,530	*	Cobalt International Energy, Inc		1,028
	2,472,392	*	Concho Resources, Inc		327,839
	1,603,328		ConocoPhillips		80,391
	567,848		Consol Energy, Inc		10,352
	137,741	*	Contango Oil & Gas Co		1,287
	2,277,768	*	Continental Resources, Inc		117,396
	2,511		Core Laboratories NV		301
	565,328		Cosan SA Industria e Comercio		6,612
	210,700		Cosmo Energy Holdings Co Ltd		2,954
	408,364		Crescent Point Energy Corp		5,551
	131,776	*,e	Crew Energy, Inc		737
	33,221	e	CVR Energy, Inc		843
	2,901,685	*	Dana Gas PJSC		426
	67,638	*	Dawson Geophysical Co		544
	3,411		Delek Group Ltd		727
	1,174,832	e	Delek US Holdings, Inc		28,278
	971,581	*,e	Denbury Resources, Inc		3,575
	360,621	*,e	Denison Mines Corp		188
	475,536	e	Aker BP ASA		8,497
	696,064		Devon Energy Corp		31,789
	533,564	e	DHT Holdings, Inc		2,209
	238,198	*,e	Diamond Offshore Drilling, Inc		4,216
	1,277,868	*	Diamondback Energy, Inc		129,141
	555,776	*,e	DNO International ASA		544
	53,348	*,e	Dorian LPG Ltd		438
	103,909	*,e	Dril-Quip, Inc		6,240
	3,892	*,e	Earthstone Energy, Inc		53
	294,100	*	Eclipse Resources Corp		785
	8,134,748	*	Ecopetrol S.A.		3,739
	626,521		Empresas COPEC S.A.		6,004
	264,068	e	Enbridge Income Fund		6,838
	1,317,944		Enbridge, Inc		55,460
	1,013,650		EnCana Corp		11,898
	80,928		Enerflex Ltd		1,028
	510,978	*	Energen Corp		29,468
	1,334,014		Energy Absolute PCL (Foreign)		1,106
	1,168,600		Energy Earth PCL		151
	1,053,134	*,e	Energy Resources of Australia Ltd		331
	739,435		Enerplus Resources Fund		7,016

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,453,553		ENI S.p.A.	$	55,986
	4,122,401	*	Enquest plc (London)		2,136
	772,408		Ensco plc		7,508
	301,433		Ensign Energy Services, Inc		2,106
	5,112,108		EOG Resources, Inc		516,834
	750,848	*,e	EP Energy Corp		4,918
	298,614		EQT Corp		19,529
	52,294	*	Era Group, Inc		887
	47,270	*,e	Erin Energy Corp		144
	2,233	*	Esso SA Francaise		97
	2,696,500	*	Esso Thailand PCL (Foreign)		962
	108,515	*	Etablissements Maurel et Prom		481
	426,966		Euronav NV		3,396
	58,405		Evolution Petroleum Corp		584
	25,838		Exmar NV		210
	141,087	*	Exterran Corp		3,372
	61,615	*,e	Extraction Oil & Gas, Inc		1,235
	256,685	e	Exxaro Resources Ltd		1,657
	10,583,957	d	Exxon Mobil Corp		955,308
	2,695,297	*,e	Ezion Holdings Ltd		711
	363,146	*,e	Fairmount Santrol Holdings, Inc		4,281
	683,728	*,e	Faroe Petroleum plc		872
	630,169	*	FMC Technologies, Inc		22,390
	4,628,825		Formosa Petrochemical Corp		16,018
	127,890	*	Forum Energy Technologies, Inc		2,814
	134,273	e	Frank’s International NV		1,653
	127,321	*,e	Fred Olsen Energy ASA		466
	75,982		Freehold Royalty Trust		802
	193,702	e	Frontline Ltd		1,377
	119,737	e	Frontline Ltd (Sigmax MTF)		858
	48,153	*	Fugro NV		735
	931,723		Galp Energia SGPS S.A.		13,890
	88,372	e	GasLog Ltd		1,423
	10,531,576		Gazprom OAO (ADR)		53,133
	90,985		Gazpromneft OAO (ADR)		1,596
	70,739		Gaztransport Et Technigaz S.A.		3,056
	77,696	*,e	Gener8 Maritime, Inc		348
	7,225,000	*,e	Genesis Energy Holdings Ltd		179
	28,639	*	Geospace Technologies Corp		583
	120,987	e	Gibson Energy, Inc		1,710
	263,057	e	Golar LNG Ltd		6,035
	160,000	*	Gran Tierra Energy, Inc		483
	126,704		Great Eastern Shipping Co Ltd		677
	158,970		Green Plains Renewable Energy, Inc		4,427
	331,858	*	Grupa Lotos S.A.		3,029
	122,169		GS Holdings Corp		5,465
	131,044	*	Gujarat Mineral Development Corp Ltd		176
	40,995	*	Gulf International Services OSC		350
	306,918	*	Gulfport Energy Corp		6,642
	2,275,213		Halliburton Co		123,066
	313		Hankook Shell Oil Co Ltd		115
	317,604	*	Helix Energy Solutions Group, Inc		2,801
	43,773	*	Hellenic Petroleum S.A.		204
	243,967	e	Helmerich & Payne, Inc		18,883
	540,317		Hess Corp		33,656
	601,000	e	Hilong Holding Ltd		173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	821,707		Hindustan Petroleum Corp Ltd	$	5,329
	35,693	e	Hoegh LNG Holdings Ltd		398
	295,317		HollyFrontier Corp		9,675
	2,026,000	*	Honghua Group Ltd		198
	73,061	*,e	Hornbeck Offshore Services, Inc		528
	118,951		Hunting plc		918
	449,302	*	Hurricane Energy plc		275
	504,213	*	Husky Energy, Inc		6,117
	121,994		Idemitsu Kosan Co Ltd		3,236
	300,321		Imperial Oil Ltd		10,448
	256,655	*	Independence Contract Drilling, Inc		1,720
	913,100		Inner Mongolia Yitai Coal Co		846
	1,468,155		Inpex Holdings, Inc		14,675
	855,843		Inter Pipeline Ltd		18,893
	39,231	*	International Seaways, Inc		551
	20,247,107		IRPC PCL (Foreign)		2,708
	1,830	*,e	Isramco, Inc		227
	279,174	*	Ithaca Energy, Inc		351
	36,553		Itochu Enex Co Ltd		286
	5,400	e	Japan Drilling Co Ltd		113
	39,800		Japan Petroleum Exploration Co		882
	16,922	*	Jerusalem Oil Exploration		723
	1,022,001		John Wood Group plc		11,036
	100,310	*,e	Jones Energy, Inc (Class A)		502
	2,954,548		JX Holdings, Inc		12,484
	182,711	*,e	Karoon Gas Australia Ltd		236
	126,774	*	Kelt Exploration Ltd		639
	385,374		Keyera Corp		11,613
	4,350,500		Kinder Morgan, Inc		90,099
	271,470		Koninklijke Vopak NV		12,808
	188,337	*,e	Kosmos Energy LLC		1,320
	406,298	*	Laredo Petroleum Holdings, Inc		5,745
	364,614	*,e	Liquefied Natural Gas Ltd		177
	10,289	*	Lubelski Wegiel Bogdanka S.A.		171
	781,801		LUKOIL PJSC (ADR)		43,793
	154,065	*	Lundin Petroleum AB		3,339
	302,300	*	Malaysia Marine and Heavy Engineering Sdn BHD		62
	13,449	*,e	Mammoth Energy Services, Inc		204
	1,752,634		Marathon Oil Corp		30,338
	877,096	e	Marathon Petroleum Corp		44,162
	3,252,269	*,e	Matador Resources Co		83,778
	102,376	*	Matrix Service Co		2,324
	1,244,342	*,e	McDermott International, Inc		9,196
	2,882,042	*,e	MEG Energy Corp		19,812
	848,000	*,e	MIE Holdings Corp		81
	17,000		Modec, Inc		271
	114,539		MOL Hungarian Oil and Gas plc		8,032
	175,366		Motor Oil Hellas Corinth Refineries S.A.		2,417
	276,802		Mullen Group Ltd		4,088
	278,825	e	Murphy Oil Corp		8,680
	1,620,292		Nabors Industries Ltd		26,573
	53,967	*	Naphtha Israel Petroleum Corp Ltd		348
	934,886		National Oilwell Varco, Inc		35,002
	31,535	*	Natural Gas Services Group, Inc		1,014
	526,294	e	Navios Maritime Acq Corp		895
	632,492		Neste Oil Oyj		24,204

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	137,468		New Zealand Refining Co Ltd	$	248
	736,271	*	Newfield Exploration Co		29,819
	16,970,000	e	Newocean Energy Holdings Ltd		4,493
	297,408	*	Newpark Resources, Inc		2,231
	83,000		Nippon Gas Co Ltd		2,378
	540,922		Noble Corp plc		3,202
	557,154		Noble Energy, Inc		21,205
	212,249	e	Nordic American Tanker Shipping		1,783
	158,655	e	Northern Blizzard Resources, Inc		458
	107,093	*,e	Northern Oil And Gas, Inc		295
	67,506	*,e	Nostrum Oil & Gas plc		321
	156,256		NovaTek OAO (GDR)		20,235
	137,466	*	NuVista Energy Ltd		711
	707,538	*,e	Oasis Petroleum, Inc		10,712
	3,274,563	*	Occidental Petroleum Corp		233,247
	133,821	e	Ocean Yield ASA		1,006
	297,293		Oceaneering International, Inc		8,387
	1,024,778	*	Oil Refineries Ltd		360
	1,507,161	e	Oil Search Ltd		7,757
	126,659	*	Oil States International, Inc		4,940
	250,642		OMV AG.		8,836
	379,835	e	Oneok, Inc		21,806
	569,741	*	Ophir Energy plc		674
	1,925,147		Origin Energy Ltd		9,108
	160,931		Overseas Shipholding Group, Inc		616
	9,700	e	Pacc Offshore Services Holdings Ltd		2
	55,731	*	Pacific Ethanol, Inc		529
	76,716	*	Painted Pony Petroleum Ltd		527
	33,266		Panhandle Oil and Gas, Inc (Class A)		783
	161,457	*,e	Pantheon Resources plc		159
	72,621	*,e	Par Pacific Holdings Inc.		1,056
	139,413	*	Paramount Resources Ltd (Class A)		1,876
	607,011	*	Parex Resources, Inc		7,640
	777,585	*	Parker Drilling Co		2,022
	231,650		Parkland Fuel Corp		4,853
	4,916,742	*	Parsley Energy, Inc		173,266
	81,601		Pason Systems, Inc		1,194
	614,730		Patterson-UTI Energy, Inc		16,549
	6,071		Paz Oil Co Ltd		890
	145,214	e	PBF Energy, Inc		4,049
	136,034	*	PDC Energy, Inc		9,873
	56	*,b	Peabody Energy Corp		0	^
	418,523	e	Pembina Pipeline Income Fund		13,080
	1,552,408	*	Pengrowth Energy Trust		2,232
	489,532	*	Penn West Energy Trust		864
	284,890		Petrofac Ltd		3,049
	5,078,005	*	Petroleo Brasileiro S.A.		26,321
	180,000	*,e	Petroleo Brasileiro S.A. (ADR)		1,820
	6,799,319	*	Petroleo Brasileiro S.A. (Preference)		30,915
	198,943	*	Petroleum Geo-Services ASA		670
	440,459		Petronas Dagangan BHD		2,332
	230,257	e	Peyto Exploration & Development Corp		5,695
	31,596	*	PHI, Inc		569
	576,177		Phillips 66		49,787
	294,425	*	Pioneer Energy Services Corp		2,017
	445,090		Pioneer Natural Resources Co		80,147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,469,641		Plains All American Pipeline LP	$	79,745
	763,888		Plains GP Holdings LP		26,492
	4,181,036		Polish Oil & Gas Co		5,618
	430,981		Polski Koncern Naftowy Orlen S.A.		8,777
	100,100	*,m	Poseidon Concepts Corp		1
	243,812	e	PrairieSky Royalty Ltd		5,800
	642,291	*	Precision Drilling Trust		3,502
	2,208,690	*,e	Premier Oil plc		2,012
	8,517	*,e	ProSafe ASA		36
	1,231,300		PT Indo Tambangraya Megah		1,536
	18,113,600	*,m	PT Sugih Energy Tbk		153
	3,052,780		PT Tambang Batubara Bukit Asam Tbk		2,815
	2,100,106		PT United Tractors Tbk		3,304
	6,528,721		PTT Exploration & Production PCL (Foreign)		17,487
	1,839,995		PTT PCL (Foreign)		19,050
	608,103	*	Qatar Gas Transport Co Ltd		3,858
	439,900		QGEP Participacoes S.A.		720
	532,759	*	Questar Market Resources, Inc		9,808
	212,473	*	Raging River Exploration, Inc		1,671
	597,767		Range Resources Corp		20,539
	3,225,556		Reliance Industries Ltd		51,308
	121,200	*,e	Renewable Energy Group, Inc		1,176
	1,541,330		Repsol YPF S.A.		21,661
	12,029	*	Rex American Resources Corp		1,188
	567,135	*	Rice Energy, Inc		12,108
	26,550	*	RigNet, Inc		615
	84,099	*	Ring Energy, Inc		1,092
	1,589,779		Rosneft Oil Co (GDR)		10,325
	494,606	*	Rowan Cos plc		9,343
	5,533,895		Royal Dutch Shell plc (A Shares)		152,755
	4,826,967		Royal Dutch Shell plc (B Shares)		138,688
	1,055,999	e	RPC, Inc		20,919
	4,386,271	*	RSP Permian, Inc		195,715
	12,851,814	*	Saipem S.p.A.		7,188
	43,200		San-Ai Oil Co Ltd		309
	551,703	*,e	Sanchez Energy Corp		4,982
	1,683,838		Santos Ltd		4,851
	4,759,876	*	Sapurakencana Petroleum BHD		1,711
	284,472		Saras S.p.A.		514
	805,855		Sasol Ltd		23,127
	155,079		SBM Offshore NV		2,428
	4,599,054		Schlumberger Ltd		386,091
	9,037	e	Schoeller-Bleckmann Oilfield Equipment AG.		727
	550,676		Scorpio Tankers, Inc		2,495
	35,010	*,e	SEACOR Holdings, Inc		2,496
	1,034,539	*,e	Seadrill Ltd		3,528
	373,219	*,e	Seadrill Ltd (Oslo Exchange)		1,282
	136,304		Secure Energy Services, Inc		1,189
	189,599		SemGroup Corp		7,916
	50	*,m	Serval Integrated Energy Services		0
	573,071	*	Seven Generations Energy Ltd		13,364
	234,800	*	Shandong Molong Petroleum Machinery Co Ltd		81
	453,792		Shanxi Guoxin Energy Corp Ltd		508
	55,207		ShawCor Ltd		1,474
	103,000		Shinko Plantech Co Ltd		748
	127,505	e	Ship Finance International Ltd		1,893

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	303,865		Showa Shell Sekiyu KK	$	2,823
	1,791,100		Siamgas & Petrochemicals PCL (Foreign)		609
	6,400		Sinanen Co Ltd		117
	732,000		Sinopec Kantons Holdings Ltd		333
	177,094		SK Energy Co Ltd		21,432
	18,712		SK Gas Co Ltd		2,005
	277,098		SM Energy Co		9,554
	32,904	*	Smart Sand, Inc		545
	158,767		Soco International plc		312
	96,570		S-Oil Corp		6,759
	366,014	*	Sound Energy plc		334
	803,216	*	Southwestern Energy Co		8,691
	279,692	*	Spartan Energy Corp		694
	732,068		Spectra Energy Corp		30,081
	3,432,449		Statoil ASA		62,648
	462,343		Stobart Group Ltd		1,014
	323,123	*	Subsea 7 S.A.		4,081
	2,504,593		Suncor Energy, Inc		81,892
	123,746		Suncor Energy, Inc (NY)		4,045
	683,158		Superior Energy Services		11,532
	725,971	e	Surge Energy, Inc		1,790
	1,678,079		Surgutneftegaz (ADR)		8,460
	354,200		Surgutneftegaz (ADR) (London)		1,771
	398,109	*,e	Synergy Resources Corp		3,547
	1,180,743		Targa Resources Investments, Inc		66,204
	424,591		Tatneft PAO (ADR)		17,472
	173,650		Technip S.A.		12,369
	141,706		Tecnicas Reunidas S.A.		5,795
	105,140	e	Teekay Corp		844
	635,491	e	Teekay Tankers Ltd (Class A)		1,436
	417,521		Tenaris S.A.		7,453
	96,838	*	Tesco Corp		799
	354,173		Tesoro Corp		30,972
	29,754		Tethys Oil AB		257
	586,011	*	Tetra Technologies, Inc		2,942
	291,648		TGS Nopec Geophysical Co ASA		6,465
	1,434,055		Thai Oil PCL (Foreign)		2,889
	85,528	*,e	Tidewater, Inc		292
	54,981		TMK OAO (GDR)		280
	477,848		TonenGeneral Sekiyu KK		5,032
	228,686		TORC Oil & Gas Ltd		1,409
	37,252		TORM plc		335
	22,102	e	Total Energy Services, Inc		240
	3,038,044	e	Total S.A.		155,828
	100,547	*	Tourmaline Oil Corp		2,689
	236,000		Toyo Kanetsu K K		634
	1,673,373	e	TransCanada Corp		75,452
	1,124	*	Transocean Ltd		16
	841,373	*,e	Transocean Ltd (NYSE)		12,402
	130,539	*	Trican Well Service Ltd		447
	70,064	*	Trilogy Energy Corp		394
	198,940		Trinidad Drilling Ltd		495
	989,408	*,e	Tullow Oil plc		3,814
	474,275		Tupras Turkiye Petrol Rafine		9,504
	455,194		Ultrapar Participacoes S.A.		9,557
	516,700	*	UMW Oil & Gas Corp BHD		101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	187,170	*	Unit Corp	$	5,029
	171,399		US Silica Holdings Inc		9,715
	775,871		Valero Energy Corp		53,008
	266,890	*,e	Vallourec SA		1,834
	76,148		Verbio AG.		580
	368,142	e	Veresen, Inc		3,595
	259,329	e	Vermilion Energy, Inc		10,911
	33,009		VTTI Energy Partners LP		533
	88,269	*,e	W&T Offshore, Inc		245
	4,376,592	*,e	Weatherford International Ltd		21,839
	604,931		Western Refining, Inc		22,897
	91,061	*	Westmoreland Coal Co		1,609
	314,193		Whitecap Resources, Inc		2,846
	977,832	*	Whitehaven Coal Ltd		1,830
	550,020	*	Whiting Petroleum Corp		6,611
	137,575	*	Willbros Group, Inc		446
	4,889,412		Williams Cos, Inc		152,256
	2,150,000	*	Wison Engineering Services Co Ltd		268
	1,358,906		Woodside Petroleum Ltd		30,437
	294,417		World Fuel Services Corp		13,517
	393,272	*,e	WorleyParsons Ltd		2,738
	2,474,749	*	WPX Energy, Inc		36,057
	4,860,000	*,e	Yanchang Petroleum International Ltd		139
	3,809,066	e	Yanzhou Coal Mining Co Ltd		2,583
	324,300		Yinson Holdings BHD		209
	302,210		YPF S.A. (ADR) (Class D)		4,986
	396,769		Z Energy Ltd		2,000
			TOTAL ENERGY		8,150,407

FOOD & STAPLES RETAILING - 1.8%
	1,291,300		7-Eleven Malaysia Holdings BHD		408
	1,093,910		Aeon Co Ltd		15,461
	28,100		Ain Pharmaciez Inc		1,857
	1,811	*	Al Meera Consumer Goods Co		87
	634,514		Alimentation Couche Tard, Inc		28,771
	1,704,467		Almacenes Exito S.A.		8,460
	57,366		Andersons, Inc		2,564
	33,879		Arcs Co Ltd		761
	237,319		Axfood AB		3,727
	21,900		Axial Retailing, Inc		751
	22,000		Belc Co Ltd		847
	17,582		BGF retail Co Ltd		1,190
	793,022		Bid Corp Ltd		14,056
	270,207		BIM Birlesik Magazalar AS		3,750
	3,647,681		Booker Group plc		7,885
	531,953		Carrefour S.A.		12,807
	101,261	e	Casey’s General Stores, Inc		12,038
	196,938		Casino Guichard Perrachon S.A.		9,436
	40,100		Cawachi Ltd		999
	3,856,975		Centros Comerciales Sudamericanos S.A.		10,825
	40,551	*	Chefs’ Warehouse Holdings, Inc		641
	414,817		Cia Brasileira de Distribuicao Grupo Pao de Acucar		6,966
	5,953		CJ Freshway Corp		192
	228,593		Clicks Group Ltd		1,922
	35,760		Cocokara Fine Holdings, Inc		1,312
	91,531		Colruyt S.A.		4,524

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,710		Conviviality plc	$	326
	6,112,000		Cosco Capital, Inc		1,045
	12,800		Cosmos Pharmaceutical Corp		2,356
	1,529,354		Costco Wholesale Corp		244,865
	5,627,529		CP Seven Eleven PCL (Foreign)		9,808
	109,700		Create SD Holdings Co Ltd		2,345
	3,000,663		CVS Health Corp		236,782
	7,500	e	Daikokutenbussaan Co Ltd		314
	214,451		Distribuidora Internacional de Alimentacion S.A.		1,052
	35,369		Dongsuh Co, Inc		806
	22,862		E-Mart Co Ltd		3,462
	150,354		Empire Co Ltd		1,760
	184,290		Eurocash S.A.		1,732
	130,791		FamilyMart Co Ltd		8,703
	49,035		George Weston Ltd		4,148
	266,259		Greggs plc		3,175
	47,100		Growell Holdings Co Ltd		2,867
	361,600		Grupo Comercial Chedraui S.a. DE C.V.		647
	30,900		GS Retail Co Ltd		1,217
	7,800		Halows Co Ltd		160
	56,600		Heiwado Co Ltd		1,334
	39,055		Hyundai Greenfood Co Ltd		497
	250,828	e	ICA Gruppen AB		7,635
	30,130		Ingles Markets, Inc (Class A)		1,449
	9,000		Itochu-Shokuhin Co Ltd		336
	2,459,009	e	J Sainsbury plc		7,558
	192,607		Jean Coutu Group PJC, Inc		3,001
	519,704		Jeronimo Martins SGPS S.A.		8,060
	13,500		Kansai Super Market Ltd		173
	17,300		Kato Sangyo Co Ltd		404
	114,624		Kesko Oyj (B Shares)		5,720
	24,100	e	Kobe Bussan Co Ltd		844
	3,301,650		Koninklijke Ahold Delhaize NV		69,543
	3,290,926		Kroger Co		113,570
	11,000		Kusuri no Aoki Holdings Co Ltd		489
	567,000	*,e	La Comer SAB de C.V.		428
	265,114	e	Lawson, Inc		18,609
	350,000	*,e	Lianhua Supermarket Holdings Co Ltd		137
	34,500		Life Corp		971
	300,375		Loblaw Cos Ltd		15,848
	644,000	*	Madison Wine Holdings Ltd		176
	450,354		Magnit OAO (GDR)		19,824
	54,619	e	Majestic Wine plc		212
	484,000	e	Major Holdings Ltd		75
	32,298		MARR S.p.A.		589
	103,776		Massmart Holdings Ltd		953
	106,300		Matsumotokiyoshi Holdings Co Ltd		5,230
	3,167,091	*	Metcash Ltd		5,208
	647,070		Metro AG.		21,507
	583,997		Metro, Inc		17,468
	18,761	*	Migros Ticaret AS		93
	12,000		Ministop Co Ltd		209
	20,726	*,e	Natural Grocers by Vitamin C		246
	20,100	e	Nihon Chouzai Co Ltd		748
	147,082	e	North West Co Fund		3,015
	61,000		Okuwa Co Ltd		612

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,000	e	Olam International Ltd	$	3
	121,449	*	Performance Food Group Co		2,915
	350,120		Pick’n Pay Stores Ltd		1,624
	1,311,822		President Chain Store Corp		9,377
	42,127	e	Pricesmart, Inc		3,518
	981,400		PT Matahari Putra Prima Tbk		108
	22,000,000	*	PT Modern Internasional Tbk		179
	12,200		Qol Co Ltd		146
	262,502		Raia Drogasil S.A.		4,931
	59,928	e	Rallye S.A.		1,162
	5,983		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		241
	2,230,198	*	Rite Aid Corp		18,377
	2,722,890		Robinsons Retail Holdings, Inc		4,065
	40,879		Ryoshoku Ltd		1,213
	20,900		San-A Co Ltd		1,009
	851,210		Seven & I Holdings Co Ltd		32,371
	419,500		Sheng Siong Group Ltd		273
	730,322		Shoprite Holdings Ltd		9,128
	288,876		Shufersal Ltd		1,078
	49,006	*,e	Smart & Final Stores, Inc		691
	20,300		Sogo Medical Co Ltd		744
	3,718,816	*	Sonae SPGS S.A.		3,418
	212,815		Spar Group Ltd		3,077
	169,691		Spartan Stores, Inc		6,710
	157,115	*,e	Sprouts Farmers Market, Inc		2,973
	32,500		Sugi Pharmacy Co Ltd		1,542
	6,262,528	e	Sun Art Retail Group Ltd		5,492
	37,556		Sundrug Co Ltd		2,597
	956,222	*	Supervalu, Inc		4,466
	1,245,114		Sysco Corp		68,942
	293,000		Taiwan TEA Corp		127
	43,068,018	*	Tesco plc		109,815
	37,000		Tsuruha Holdings, Inc		3,502
	224,287	*	United Natural Foods, Inc		10,703
	165,400		United Super Markets Holdings, Inc		1,393
	748,340	*	US Foods Holding Corp		20,564
	126,400		Valor Co Ltd		3,289
	16,077		Village Super Market (Class A)		497
	2,684,773		Walgreens Boots Alliance, Inc		222,192
	8,623,550		Wal-Mart de Mexico SAB de C.V.		15,413
	4,956,050		Wal-Mart Stores, Inc		342,562
	20,315		Weis Markets, Inc		1,358
	1,168,252		Wesfarmers Ltd		35,459
	480,353		Whole Foods Market, Inc		14,776
	3,054,764	e	WM Morrison Supermarkets plc		8,676
	976,200		Woolworths Ltd		16,945
	279,328	*	X 5 Retail Group NV (GDR)		9,064
	9,200		Yakuodo Co Ltd		172
	37,200		Yaoko Co Ltd		1,480
	35,300	e	Yokohama Reito Co Ltd		309
			TOTAL FOOD & STAPLES RETAILING		2,023,244

FOOD, BEVERAGE & TOBACCO - 5.1%
	1,559,935	*,e	a2 Milk Co Ltd		2,302
	25,300		AarhusKarlshamn AB		1,664
	506,618	*	Adecoagro S.A.		5,259

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	130,501	e	AdvancePierre Foods Holdings, Inc	$	3,886
	17,383		AGT Food & Ingredients, Inc		474
	252,930		Agthia Group PJSC		489
	415,385		Ajinomoto Co, Inc		8,359
	7,766		Alico, Inc		211
	18,347	*	Alliance One International, Inc		352
	5,151,626		Altria Group, Inc		348,353
	7,424,574		AMBEV S.A.		37,343
	60,971	*,e	Amplify Snack Brands, Inc		537
	180,643		Anadolu Efes Biracilik Ve Malt Sanayii AS		903
	770,450		Anheuser-Busch InBev S.A.		81,547
	106,900		Anhui Gujing Distillery Co Ltd		413
	1,354,939		Archer Daniels Midland Co		61,853
	15,400		Ariake Japan Co Ltd		823
	29,367		Aryzta AG.		1,291
	406,240		Asahi Breweries Ltd		12,790
	1,825,627		Associated British Foods plc		61,600
	136,963		Astral Foods Ltd		1,285
	9,492		Atria Group plc		115
	287,205		Austevoll Seafood ASA		2,783
	317,727	*,e	Australian Agricultural Co Ltd		388
	936,870		AVI Ltd		6,232
	141,520		B&G Foods, Inc (Class A)		6,199
	146,364		Bakkafrost P		5,806
	222,599		Balrampur Chini Mills Ltd		409
	2,180		Barry Callebaut AG.		2,663
	370,609	e	Bega Cheese Ltd		1,131
	1,197		Bell AG.		516
	58,494	e,m	Bellamy’s Australia Ltd		280
	17,010	*,e	Belvedere S.A.		320
	18,899		Binggrae Co Ltd		998
	170,299	*,e	Biostime Internatonal Holdings Ltd		524
	413,770	*	Blue Buffalo Pet Products, Inc		9,947
	9,614		Bonduelle S.C.A.		253
	33,592	*,e	Boston Beer Co, Inc (Class A)		5,706
	712,786		BRF S.A.		10,548
	283,304		British American Tobacco Malaysia BHD		2,817
	4,795,130		British American Tobacco plc		271,766
	4,339,154		Britvic plc		30,298
	101,016		Brown-Forman Corp		4,672
	252,291	e	Brown-Forman Corp (Class B)		11,333
	260,500		Bumitama Agri Ltd		150
	709,448		Bunge Ltd		51,251
	343,194		C&C Group plc		1,391
	49,961	e	Calavo Growers, Inc		3,068
	75,742		Calbee, Inc		2,369
	67,056	e	Cal-Maine Foods, Inc		2,962
	437,167		Campbell Soup Co		26,435
	27,312		Carlsberg AS (Class B)		2,352
	298,000		Carlsberg Brewery-Malay BHD		925
	19,198	*	CCL Products India Ltd		75
	373,400		Century Pacific Food, Inc		121
	181,000		Charoen Pokphand Enterprise		252
	14,075,772		Charoen Pokphand Foods PCL		11,566
	4,383,000	*	China Agri-Industries Holdings Ltd		1,705
	5,047,889	e	China Huishan Dairy Holdings Co Ltd		1,958

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	547,000	*	China Huiyuan Juice Group Ltd	$	182
	3,733,946		China Mengniu Dairy Co Ltd		7,160
	2,149,000	*,e	China Modern Dairy Holdings		528
	1,655,164	*	China Resources Beer Holdings Company Ltd		3,279
	2,789,000	*,e,g	China Shengmu Organic Milk Ltd		772
	1,289,000	*,e	China Yurun Food Group Ltd		190
	134,128		Cia Cervecerias Unidas S.A.		1,401
	8,887		CJ CheilJedang Corp		2,629
	23,810		Clearwater Seafoods, Inc		207
	216,564		Cloetta AB		682
	230,040		Clover Industries Ltd		317
	1,630,974		Coca-Cola Amatil Ltd		11,895
	9,962		Coca-Cola Bottling Co Consolidated		1,782
	244,898		Coca-Cola Central Japan Co Ltd		5,391
	7,586,435		Coca-Cola Co		314,533
	224,583		Coca-Cola European Partners plc		7,088
	756	e	Coca-Cola European Partners plc (Class A)		24
	715,827		Coca-Cola Femsa S.A. de C.V.		4,536
	291,543		Coca-Cola HBC AG.		6,348
	77,905		Coca-Cola Icecek AS		730
	76,300		Coca-Cola West Japan Co Ltd		2,246
	2,380,000		Cofco International Ltd		1,005
	3,788,540		ConAgra Foods, Inc		149,837
	428,781		Constellation Brands, Inc (Class A)		65,736
	22,614		Corby Spirit and Wine Ltd		376
	423,707		Costa Group Holdings Ltd		1,049
	781,162		Cott Corp		8,851
	117,825		Cott Corp (Toronto)		1,334
	27,890	*	Craft Brewers Alliance, Inc		471
	14,959		Crown Confectionery Co Ltd		347
	262		Dae Han Flour Mills Co Ltd		39
	90,449		Daesang Corp		1,975
	52,141		Daesang Holdings Co Ltd		444
	113,818	e	Dairy Crest Group plc		869
	781,658	*	Darling International, Inc		10,091
	3,878,458		Davide Campari-Milano S.p.A.		37,928
	197,694		Dean Foods Co		4,306
	2,976,782		Diageo plc		77,247
	1,029		Dongwon F&B Co Ltd		169
	1,255		Dongwon Industries Co Ltd		378
	567,748		Dr Pepper Snapple Group, Inc		51,478
	24,600		Dydo Drinco, Inc		1,279
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		2
	334,327		Easy Bio, Inc		1,696
	59,176		Ebro Puleva S.A.		1,238
	239,663		Embotelladora Andina S.A.		891
	1,339,801	e	Embotelladoras Arca SAB de C.V.		6,985
	1,829		Emmi AG.		1,106
	38,600		Ezaki Glico Co Ltd		1,807
	17,256	*	Farmer Bros Co		633
	9,224	*	Farmsco		90
	1,557,004		Felda Global Ventures Holdings BHD		537
	862,810		Fevertree Drinks plc		12,123
	479,900	e	First Resources Ltd		629
	290,528	e	Flowers Foods, Inc		5,802
	2,257,163		Fomento Economico Mexicano S.A. de C.V.		17,168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	293,276	e	Fonterra Shareholders’ Fund	$	1,222
	163,472		Fresh Del Monte Produce, Inc		9,911
	47,087	*,e	Freshpet, Inc		478
	105,073		Fuji Oil Co Ltd		2,061
	14,932		Fujicco Co Ltd		308
	246,000	*,e	Fujiya Co Ltd		450
	1,928,448		General Mills, Inc		119,120
	241,114		Genting Plantations BHD		579
	1,877,700		GFPT PCL (Foreign)		769
	212,949		Glanbia plc		3,537
	11,855	*	Godfrey Phillips India Ltd		178
	5,759,354		Golden Agri-Resources Ltd		1,705
	447,106		GrainCorp Ltd-A		3,081
	1,400,272		Great Wall Enterprise Co		1,261
	620,684		Greencore Group plc		1,882
	35,184	e	Greenyard Foods		547
	2,128,274		Groupe Danone		134,674
	268,240		Gruma SAB de C.V.		3,404
	2,836,916		Grupo Bimbo S.A. de C.V. (Series A)		6,433
	144,495	e	Grupo Herdez SAB de C.V.		262
	743,048	e	Grupo Lala SAB de C.V.		1,083
	358,881	*	Hain Celestial Group, Inc		14,007
	7,536	*	Haitai Confectionery & Foods Co Ltd		112
	27,493	*	Harim & Co Ltd		112
	80,075		Heineken Holding NV		5,568
	831,083		Heineken NV		62,280
	480,533		Hershey Co		49,702
	50,206		High Liner Foods, Inc		746
	7,090		Hite Holdings Co Ltd		73
	18,900		Hokuto Corp		341
	161,000	e,g	Honworld Group Ltd		98
	503,455	*	Hormel Foods Corp		17,525
	147,952		House Foods Corp		3,061
	477,200		Ichitan Group PCL		136
	326,880		Imperial Tobacco Group plc		14,246
	271,878		Indofood Agri Resources Ltd		98
	2,452,730		Indofood CBP Sukses Makmur Tbk		1,557
	401,500	e	Industrias Bachoco SAB de C.V.		1,641
	330,930		Ingredion, Inc		41,353
	38,679	*,e	Inventure Foods, Inc		381
	2,895,897		IOI Corp BHD		2,833
	6,038,809		ITC Ltd		21,450
	45,700		Ito En Ltd		1,515
	209,600	*	Itoham Yonekyu Holdings, Inc		1,939
	47,306		J&J Snack Foods Corp		6,312
	208,847		J.M. Smucker Co		26,745
	2,536,146		Japan Tobacco, Inc		83,246
	1,367,200		Japfa Ltd		853
	813,797		JBS S.A.		2,846
	24,722		Jinro Ltd		432
	53,680		John B. Sanfilippo & Son, Inc		3,779
	24,900		J-Oil Mills, Inc		848
	630,238		Juhayna Food Industries		215
	63,873		Kagome Co Ltd		1,595
	9,500		Kameda Seika Co Ltd		433
	76,360	*	Kaveri Seed Co Ltd		460

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,126,090		Kellogg Co	$	83,004
	8,100		Kenko Mayonnaise Co Ltd		228
	590,933		Kerry Group plc (Class A)		42,237
	16,600		KEY Coffee, Inc		309
	3,961,900		Khon Kaen Sugar Industry PCL		624
	116,671		Kikkoman Corp		3,723
	740,690		Kirin Brewery Co Ltd		12,022
	136,884		Koninklijke Wessanen NV		1,916
	16,200	*,e	Kotobuki Spirits Co Ltd		386
	3,551,971		Kraft Heinz Co		310,158
	46,955	*	KRBL Ltd		206
	307,459		KT&G Corp		25,719
	1,866,752		Kuala Lumpur Kepong BHD		9,971
	1,692		KWS Saat AG.		502
	40,361		La Doria S.p.A		381
	894,790	*	Lamb Weston Holdings, Inc		33,868
	46,786		Lancaster Colony Corp		6,615
	60,873	*	Landec Corp		840
	129,986		Leroy Seafood Group ASA		7,237
	2,210,000	*,e	Leyou Technologies Holdings Ltd		455
	598,432		Lien Hwa Industrial Corp		408
	11,801	*	Lifeway Foods, Inc		136
	29,770	e	Limoneira Co		640
	669		Lindt & Spruengli AG.		3,462
	29		Lindt & Spruengli AG. (Registered)		1,762
	620		Lotte Chilsung Beverage Co Ltd		750
	5,713		Lotte Confectionery Co Ltd		844
	611		Lotte Samkang Co Ltd		328
	101,660		M Dias Branco S.A.		3,590
	32,953		Maeil Dairy Industry Co Ltd		1,095
	77,500		Malee Group PCL		249
	80,569		Maple Leaf Foods, Inc		1,687
	267,500	*	Marfrig Global Foods S.A.		542
	208,000		Marudai Food Co Ltd		877
	120,200		Maruha Nichiro Corp		3,239
	162,234		McCormick & Co, Inc		15,141
	37,367	*	McLeod Russel India Ltd		77
	288,787		Mead Johnson Nutrition Co		20,435
	93,800		Megmilk Snow Brand Co Ltd		2,578
	209,768		MEIJI Holdings Co Ltd		16,410
	26,366	e	Mgp Ingredients, Inc		1,318
	96,900	*	Minerva S.A.		361
	23,500		Mitsui Sugar Co Ltd		503
	1,730,673		Molson Coors Brewing Co (Class B)		168,412
	7,320,906		Mondelez International, Inc		324,536
	4,010,253	*	Monster Beverage Corp		177,815
	73,560		Morinaga & Co Ltd		3,060
	462,000		Morinaga Milk Industry Co Ltd		3,321
	13,079		Muhak Co Ltd		247
	18,000		Nagatanien Co Ltd		215
	179,000		Namchow Chemical Industrial Ltd		339
	299		Namyang Dairy Products Co Ltd		182
	71,771	*,e	National Beverage Corp		3,666
	4,653	*	Naturex		416
	38,989		Nestle India Ltd		3,459
	3,577,076		Nestle S.A.		256,253

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,360,000	*	New Silkroad Culturaltainment Ltd	$	456
	191,200		Nichirei Corp		3,953
	9,600		Nippon Beet Sugar Manufacturing Co Ltd		190
	69,100		Nippon Flour Mills Co Ltd		959
	146,705		Nippon Meat Packers, Inc		3,958
	328,866		Nippon Suisan Kaisha Ltd		1,579
	370,000		Nisshin Oillio Group Ltd		1,699
	195,707		Nisshin Seifun Group, Inc		2,932
	79,073		Nissin Food Products Co Ltd		4,148
	4,689		Nong Shim Co Ltd		1,291
	1,512		Nong Shim Holdings Co Ltd		151
	6,467		Nong Woo Bio Co Ltd		85
	9,804		Norway Royal Salmon ASA		235
	101,674		Oceana Group Ltd		888
	128,476	*	Omega Protein Corp		3,218
	128,013		Origin Enterprises plc		833
	17,981		Orion Corp		9,746
	13,253		Orior AG.		973
	286,733		Orkla ASA		2,595
	1,406		Ottogi Corp		771
	1,946,629	e	PAN Fish ASA		35,196
	4,163,011		PepsiCo, Inc		435,576
	70,856		Pernod-Ricard S.A.		7,668
	72,987	*,e,m	Pescanova S.A.		1
	1,053	*	Philip Morris CR		537
	5,121,336		Philip Morris International, Inc		468,551
	426,279	e	Pilgrim’s Pride Corp		8,095
	17,000		Pinar SUT Mamulleri Sanayii AS		76
	2,622,733		Pinnacle Foods, Inc		140,185
	130,660		Pioneer Foods Ltd		1,465
	507,266	*	Post Holdings, Inc		40,779
	501,891		PPB Group BHD		1,774
	547,447	*	Premier Foods plc		316
	71,784	e	Premium Brands Holdings Corp		3,687
	787,000		Prima Meat Packers Ltd		2,796
	55,639	*,e	Primo Water Corp		683
	5,692,200	m	PT Austindo Nusantara Jaya		841
	1,389,600		PT Bisi International		196
	8,465,700	*	PT BW Plantation Tbk		172
	7,131,318		PT Charoen Pokphand Indonesia Tbk		1,630
	1,167,411		PT Gudang Garam Tbk		5,526
	10,345,600		PT Hanjaya Mandala Sampoerna Tbk		2,935
	4,869,191		PT Indofood Sukses Makmur Tbk		2,852
	4,481,800		PT Japfa Comfeed Indonesia Tbk		483
	1,411,300		PT Nippon Indosari Corpindo Tbk		167
	11,854,700		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,526
	8,323,600		PT Salim Ivomas Pratama Tbk		304
	1,688,400		PT Sawit Sumbermas Sarana Tbk		175
	905		Pulmuone Co Ltd		105
	203,000		Q.P. Corp		4,924
	525,019		QAF Ltd		504
	910,950		QL Resources BHD		885
	126,639	g	Refresco Gerber NV		1,924
	13,800		Remy Cointreau S.A.		1,176
	2,466,197		Reynolds American, Inc		138,206
	12,000,000		RFM Corp		1,230

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	88,003	e	Rhodes Food Group Pty Ltd	$	173
	5,300		Riken Vitamin Co Ltd		214
	65,800		Rock Field Co Ltd		890
	311,540	e	Rogers Sugar, Inc		1,580
	53,700		Rokko Butter Co Ltd		1,159
	105,745		Royal Unibrew A.S.		4,077
	12,800	e	S Foods, Inc		332
	2,260	*	Sajo Industries Co Ltd		119
	23,455		Sakata Seed Corp		662
	241,605		Salmar ASA		7,215
	1,948		Samlip General Foods Co Ltd		273
	15,784		Samyang Corp		1,371
	11,060		Samyang Holdings Corp		1,093
	86,180	e	Sanderson Farms, Inc		8,122
	137,400		Sao Martinho S.A.		823
	282,300		Sapporo Holdings Ltd		7,253
	448,903		Saputo, Inc		15,885
	112,080		Scandi Standard AB		700
	44,023		Scandinavian Tobacco Group A.S.		741
	15,381		Schouw & Co		1,145
	718	*	Seaboard Corp		2,838
	191,178	e	Select Harvests Ltd		913
	14,215	*	Seneca Foods Corp		569
	113,200	*	Shandong Zhonglu Oceanic Fisheries Co Ltd		88
	227,100	*	Shanghai Dajiang Group		151
	1,498,000		Shenguan Holdings Group Ltd		113
	92,000		Showa Sangyo Co Ltd		472
	45,500		SLC Agricola S.A.		202
	170,871	e	Snyder’s-Lance, Inc		6,551
	420,290		Standard Foods Corp		996
	5,100		Starzen Co Ltd		210
	278,138		Stock Spirits Group plc		620
	36,701		Strauss Group Ltd		579
	69,332		Suedzucker AG.		1,653
	259,683		Suntory Beverage & Food Ltd		10,756
	355,700		Super Coffeemix Manufacturing Ltd		314
	383,785		Swedish Match AB		12,177
	50,990	*	Synutra International, Inc		273
	238,400		Takara Holdings, Inc		2,189
	323,600		Taokaenoi Food & Marketing PCL		253
	130,156		Tassal Group Ltd		389
	527,728		Tata Tea Ltd		946
	752,169		Tate & Lyle plc		6,546
	1,933,000	e	Tenwow International Holdings Ltd		601
	1,394,609		Thai Union Group PCL		817
	1,332,400		Thai Vegetable Oil PCL		1,505
	1,222,600	*	Thaifoods Group PCL		240
	1,423,000	e	Tibet 5100 Water Resources Holdings Ltd		613
	1,751,300	*	Tiga Pilar Sejahtera Food Tbk		252
	187,075	e	Tiger Brands Ltd		5,408
	2,253,190	e	Tingyi Cayman Islands Holding Corp		2,732
	100,422		Tongaat Hulett Ltd		956
	35,505	e	Tootsie Roll Industries, Inc		1,411
	76,246		Toyo Suisan Kaisha Ltd		2,759
	894,485		Treasury Wine Estates Ltd		6,881
	147,040	*,e	TreeHouse Foods, Inc		10,615

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	449,579	e	Tsingtao Brewery Co Ltd	$	1,693
	168,000		Ttet Union Corp		438
	16,804	*	Turning Point Brands, Inc		206
	999,135		Tyson Foods, Inc (Class A)		61,627
	102,870		Ulker Biskuvi Sanayi AS		471
	5,722,977		Uni-President Enterprises Corp		9,436
	65,868	*	United Spirits Ltd		1,883
	47,082		Universal Corp		3,001
	1,056,554		Universal Robina		3,470
	202,856	e	Vector Group Ltd		4,613
	236,321		Vina Concha y Toro S.A.		379
	35,847	e	Viscofan S.A.		1,765
	6,456,614	e	Want Want China Holdings Ltd		4,124
	11,100		Warabeya Nichiyo Co Ltd		234
	349,000	*	Wei Chuan Food Corp		189
	9,157,318	g	WH Group Ltd		7,382
	342,046	*	WhiteWave Foods Co (Class A)		19,018
	4,479,108		Wilmar International Ltd		11,065
	71,231		Yakult Honsha Co Ltd		3,296
	187,616	e	Yamazaki Baking Co Ltd		3,617
	903,000		Yashili International		173
	362,000	*	Yihai International Holding Ltd		152
	2,528,000	*	YuanShengTai Dairy Farm Ltd		166
	11,000		Zydus Wellness Ltd		140
			TOTAL FOOD, BEVERAGE & TOBACCO		5,802,850

HEALTH CARE EQUIPMENT & SERVICES - 3.8%
	22,413	*,e	AAC Holdings, Inc		162
	46,989		Abaxis, Inc		2,480
	7,653,363		Abbott Laboratories		293,966
	93,168	*	Abiomed, Inc		10,498
	239,613	*,e	Acadia Healthcare Co, Inc		7,931
	171,605	*,e	Accuray, Inc		789
	135,592		Aceto Corp		2,979
	17,724	*	Addus HomeCare Corp		621
	26,081	*,e	Adeptus Health, Inc		199
	288,558		Advanced Medical Solutions Group plc		789
	967,359		Aetna Inc		119,962
	562,046	*	AGFA-Gevaert NV		2,169
	67,894	*	Air Methods Corp		2,162
	436,903	e	Al Noor Hospitals Group plc		4,150
	157,158	*	Alere, Inc		6,124
	447,255		Alfresa Holdings Corp		7,387
	4,102,659	*	Alibaba Health Information Technology Ltd		2,057
	128,457	*	Align Technology, Inc		12,349
	615,920	*	Allscripts Healthcare Solutions, Inc		6,289
	22,806	*	Almost Family, Inc		1,006
	26,206		Ambu A.S.		1,051
	102,400	*	Amedisys, Inc		4,365
	17,918	*,e	American Renal Associates Holdings, Inc		381
	507,384		AmerisourceBergen Corp		39,672
	123,738	*,e	AMN Healthcare Services, Inc		4,758
	278,187		Amplifon S.p.A.		2,649
	26,491		Analogic Corp		2,197
	125,732	*	Angiodynamics, Inc		2,121
	42,577	*	Anika Therapeutics, Inc		2,085

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	289,690		Ansell Ltd	$	5,154
	947,754		Anthem, Inc		136,259
	95,945		Apollo Hospitals Enterprise Ltd		1,665
	14,000		As One Corp		582
	46,600		Asahi Intecc Co Ltd		1,884
	50,509	*	athenahealth, Inc		5,312
	68,537	*,e	AtriCure, Inc		1,341
	6,675		Atrion Corp		3,386
	205,335		Attendo AB		1,775
	1,393,226		Australian Pharmaceutical Industries Ltd		2,065
	57,837	*,e	Avinger, Inc		214
	57,184	*	AxoGen, Inc		515
	1,078,350		Bangkok Chain Hospital PCL		445
	4,122,445		Bangkok Dusit Medical Services PCL		2,654
	159,023		Bard (C.R.), Inc		35,726
	2,394,115		Baxter International, Inc		106,155
	346,742		Becton Dickinson & Co		57,403
	20,783	*,e,g	Biocartis NV		240
	246,928	*,e	BioScrip, Inc		257
	139,543	*	BioTelemetry, Inc		3,119
	31,000		Bioteque Corp		114
	80,500		BML, Inc		1,916
	13,214	*	Boditech Med, Inc		225
	5,280,309	*	Boston Scientific Corp		114,213
	373,231	*	Brookdale Senior Living, Inc		4,636
	413,165		Bumrungrad Hospital PCL (Foreign)		2,085
	125,333		Cantel Medical Corp		9,870
	74,037	g	Capio AB		390
	62,708	*	Capital Senior Living Corp		1,006
	603,492		Cardinal Health, Inc		43,433
	116,907	*	Cardiovascular Systems, Inc		2,830
	71,179		Carl Zeiss Meditec AG.		2,619
	81,653	*,e	Castlight Health, Inc		404
	153		Celesio AG.		4
	164,765	*	Cellumed Co Ltd		205
	836,125	*	Centene Corp		47,249
	1,011,462	*	Cerner Corp		47,913
	208,676	*,e	Cerus Corp		908
	34,172	*	CHA Bio & Diostech Co Ltd		358
	48,065		Chemed Corp		7,710
	1,608,000		China NT Pharma Group Co Ltd		306
	367,000	e	China Pioneer Pharma Holdings Ltd		132
	526,500		China Resources Phoenix Healthcare Holdings Co Ltd		671
	4,080,500		Chularat Hospital PCL		325
	1,788,819	n	Cigna Corp		238,611
	74,410	*	Civitas Solutions, Inc		1,481
	114,487		Cochlear Ltd		10,105
	36,121		Coloplast AS		2,433
	231,611	*,e	Community Health Systems, Inc		1,295
	26,863		CompuGroup Medical AG.		1,102
	23,511	e	Computer Programs & Systems, Inc		555
	78,972	*,e	ConforMIS, Inc		640
	58,442		Conmed Corp		2,581
	86,987		Cooper Cos, Inc		15,217
	900,000	*,e	Cordlife Group Ltd		609
	138,159	*,e	Corindus Vascular Robotics, Inc		96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,409	*	Corvel Corp	$	2,174
	92,848	*,e	Cotiviti Holdings, Inc		3,194
	168,285	*	Cross Country Healthcare, Inc		2,627
	92,830	*	CryoLife, Inc		1,778
	53,357	*	Cutera, Inc		926
	102,674	e	CVS Group plc		1,396
	204,900	*,e	CYBERDYNE, Inc		2,889
	96,109	*	Cynosure, Inc (Class A)		4,383
	50,000	e	Daiken Medical Co Ltd		344
	476,210	*	DaVita, Inc		30,573
	342,650		DENTSPLY SIRONA, Inc		19,781
	195,443	*,e	DexCom, Inc		11,668
	74,444		DiaSorin S.p.A.		4,408
	9,715	*	DIO Corp		317
	158,957	*,e	Diplomat Pharmacy, Inc		2,003
	6,132		Draegerwerk AG.		512
	2,278		Draegerwerk AG. & Co KGaA		156
	603,497	*,n	Edwards Lifesciences Corp		56,548
	13,400		Eiken Chemical Co Ltd		352
	49,435		El.En. S.p.A		1,221
	317,188	e	Elekta AB (B Shares)		2,800
	48,699		EMIS Group plc		579
	173,285	*,e	Endologix, Inc		991
	100,554	e	Ensign Group, Inc		2,233
	16,704	*	Entellus Medical, Inc		317
	461,487	*	Envision Healthcare Corp		29,207
	441,025		Essilor International S.A.		49,760
	1,681,503	e	Estia Health Ltd		3,148
	33,324	*,e	Evolent Health, Inc		493
	24,283	*	Exactech, Inc		663
	2,558,043	*	Express Scripts Holding Co		175,968
	245,660	e	Extendicare, Inc		1,808
	542,976	*,e	Fagron NV		5,544
	483,301		Fisher & Paykel Healthcare Corp		2,859
	73,100		Fleury S.A.		799
	1,094,737	*	Fortis Healthcare Ltd		2,910
	208,576		Fresenius Medical Care AG.		17,629
	466,571		Fresenius SE		36,398
	11,200		Fukuda Denshi Co Ltd		617
	1,915	*,e	Fulgent Genetics, Inc		22
	3,455		Galenica AG.		3,893
	120,513	*	Genesis Health Care, Inc		512
	91,963	*,e	GenMark Diagnostics, Inc		1,126
	73,004		Getinge AB (B Shares)		1,170
	47,000		Ginko International Co Ltd		486
	115,288	*	Glaukos Corp		3,954
	147,042	*	Globus Medical, Inc		3,648
	556,328		GN Store Nord		11,505
	1,780,831	*,e	Golden Meditech Holdings Ltd		241
	66,700		Green Hospital Supply, Inc		1,710
	11,085		Guerbet		831
	162,211	*	Haemonetics Corp		6,521
	121,793	*	Halyard Health, Inc		4,504
	989,000	e,g	Harmonicare Medical Holdings Ltd		653
	725,400		Hartalega Holdings BHD		781
	1,075,349	*	HCA Holdings, Inc		79,597

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,159	*	HealthEquity, Inc	$	3,775
	1,516,211		Healthscope Ltd		2,499
	529,457	e	Healthsouth Corp		21,835
	54,909	*	HealthStream, Inc		1,375
	140,051	*	Healthways, Inc		3,186
	124,130	*	Henry Schein, Inc		18,832
	164,461		Hill-Rom Holdings, Inc		9,233
	293,089	*	HMS Holdings Corp		5,322
	15,200		Hogy Medical Co Ltd		936
	1,088,048	*	Hologic, Inc		43,652
	199,536		Hoya Corp		8,366
	4,820,000	*,e	Huayi Tencent Entertainment Co Ltd		291
	463,852	n	Humana, Inc		94,640
	3,887		Huons Global Co Ltd		110
	59,377	*	ICU Medical, Inc		8,749
	340,321	*	Idexx Laboratories, Inc		39,909
	4,485,242		IHH Healthcare BHD		6,349
	114,400	*,e	iKang Healthcare Group, Inc (ADR)		1,983
	267,080	*,e	ImpediMed Ltd		198
	9,159		InBody Co Ltd		204
	85,094	*	Inogen Inc		5,716
	100,782	*	Inovalon Holdings, Inc		1,038
	127,927	*	Insulet Corp		4,820
	64,157	*	Integer Holding Corp		1,889
	78,288	*,e	Integra LifeSciences Holdings Corp		6,716
	6,392		Interojo Co Ltd		201
	190,837	*	Intuitive Surgical, Inc		121,023
	111,348		Invacare Corp		1,453
	73,723	*,e	InVivo Therapeutics Holdings Corp		310
	81,088		Ion Beam Applications		3,548
	10,995	*,e	iRadimed Corp		122
	17,564	*,e	iRhythm Technologies, Inc		527
	19,209	*,e	IRIDEX Corp		270
	8,667	*	i-SENS Inc		211
	37,400		Japan Lifeline Co Ltd		743
	733,630	e	Japara Healthcare Ltd		1,194
	619,000		Jeol Ltd		2,696
	59,176	*,e	K2M Group Holdings, Inc		1,186
	272,994		Kindred Healthcare, Inc		2,143
	37,689		Korian-Medica		1,104
	597,800		Kossan Rubber Industries		878
	183,573		KPJ Healthcare BHD		171
	351,825	*	Laboratory Corp of America Holdings		45,167
	20,922		Landauer, Inc		1,006
	89,162		LeMaitre Vascular, Inc		2,259
	100,827	*	LHC Group, Inc		4,608
	54,157	e	Lifco AB		1,383
	1,161,938		Life Healthcare Group Holdings Pte Ltd		2,751
	68,032	*	LifePoint Hospitals, Inc		3,864
	1,812,000	*	Lifetech Scientific Corp		433
	17,636	*,e	LivaNova plc		793
	7,032		Lutronic Corp		203
	225,035		M3, Inc		5,658
	142,891	*	Magellan Health Services, Inc		10,753
	72,200		Mani, Inc		1,716
	171,556	*	Masimo Corp		11,563

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,814	*	Mazor Robotics Ltd	$	373
	761,109		McKesson Corp		106,898
	140,441		Medical Facilities Corp		1,838
	20,243	*	Medicare Group		349
	455,378		Mediceo Paltac Holdings Co Ltd		7,173
	117,678	*,e	Medidata Solutions, Inc		5,845
	17,663	*	Medipost Co Ltd		792
	287,711	*,e	MEDNAX, Inc		19,179
	4,037,605		Medtronic plc		287,599
	34,900		Menicon Co Ltd		982
	88,962		Meridian Bioscience, Inc		1,575
	199,008	*	Merit Medical Systems, Inc		5,274
	660,294		Metlifecare Ltd		2,546
	97,500		Microlife Corp		225
	670,000	*	Microport Scientific Corp		503
	79,139		Miraca Holdings, Inc		3,540
	324,000	e	Modern Dental Group Ltd		119
	162,289	*	Molina Healthcare, Inc		8,806
	31,136		Nagaileben Co Ltd		678
	30,500		Nakanishi, Inc		1,179
	634,602	*	Nanosonics Ltd		1,421
	11,983	*,e	NantHealth, Inc		119
	44,321	*	Narayana Hrudayalaya Ltd		223
	29,977		National Healthcare Corp		2,272
	22,046		National Research Corp		419
	160,851	*	Natus Medical, Inc		5,598
	76,523	*	Neogen Corp		5,050
	1,136,220		Network Healthcare Holdings Ltd		2,641
	5,567		Neuca S.A.		518
	51,812	*	Nevro Corp		3,765
	89,600	e	Nichii Gakkan Co		645
	91,000		Nihon Kohden Corp		2,010
	97,867		Nikkiso Co Ltd		928
	421,500		Nipro Corp		4,599
	19,000		NMC Health plc		361
	49,078	e,g	NNIT A.S.		1,418
	112,543	*,e	Nobilis Health Corp		236
	106,517	*,e	Novocure Ltd		836
	168,588	*	NuVasive, Inc		11,356
	136,087	*	NxStage Medical, Inc		3,567
	3,854	*	Obalon Therapeutics, Inc		34
	279,070		Odontoprev S.A.		1,079
	1,011,382		Olympus Corp		34,847
	76,406	*	Omnicell, Inc		2,590
	416,365	*	OraSure Technologies, Inc		3,656
	236,981		Oriola-KD Oyj (B Shares)		1,075
	40,708	*	Orion Health Group Ltd		57
	36,059		Orpea		2,911
	105,411	*	Orthofix International NV		3,814
	10,963	*	Osstem Implant Co Ltd		550
	141,533		Owens & Minor, Inc		4,995
	57,867	*,e	Oxford Immunotec Global plc		865
	30,100		Paramount Bed Holdings Co Ltd		1,202
	135,753		Patterson Cos, Inc		5,570
	53,859	*,e	Penumbra, Inc		3,436
	79,215		Pharmaniaga BHD		94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,148	*	PharMerica Corp	$	2,167
	16,512		Phonak Holding AG.		1,998
	111,000	*	Pihsiang Machinery Manufacturing Co Ltd		216
	322,236	*,e	Premier, Inc		9,783
	1,299,342		Primary Health Care Ltd		3,817
	46,173	*	Providence Service Corp		1,757
	345,262	*	PT Siloam International Hospitals Tbk		279
	2,134,000	*	PW Medtech Group Ltd		553
	244,087		Qualicorp S.A.		1,441
	109,821		Quality Systems, Inc		1,444
	355,483		Quest Diagnostics, Inc		32,669
	58,126	*	Quidel Corp		1,245
	230,130	*	Quorum Health Corp		1,673
	85,080	*	RadNet, Inc		549
	748,787	e	Raffles Medical Group Ltd		739
	200,911	e	Ramsay Health Care Ltd		9,878
	44,160		RaySearch Laboratories AB		894
	358,242	e	Regis Healthcare Ltd		1,182
	8,077,000		Religare Health Trust		5,103
	375,503	e	Resmed, Inc		23,300
	27,016		Rhoen Klinikum AG.		729
	211,000		Rion Co Ltd		2,918
	104,858	*,e	Rockwell Medical, Inc		687
	163,935	*	RTI Biologics, Inc		533
	800,500		Ryman Healthcare Ltd		4,507
	34,506		Sartorius AG.		2,557
	66,675		Sartorius Stedim Biotech		4,207
	40,870	*,e	Second Sight Medical Products, Inc		80
	480,000		Selcuk Ecza Deposu Ticaret ve Sanayi AS		418
	229,415	*	Select Medical Holdings Corp		3,040
	59,386	*,e	Senseonics Holdings, Inc		159
	2,336,415		Shandong Weigao Group Medical Polymer Co Ltd		1,556
	803,040		Shanghai Pharmaceuticals Holding Co Ltd		1,833
	73,462		Sienna Senior Living, Inc		892
	13,460	*,e	Sientra, Inc		115
	2,883,041		Sigma Pharmaceuticals Ltd		2,681
	1,313,871		Sinopharm Group Co		5,385
	688,667		Smith & Nephew plc		10,336
	1,485,439		Sonic Healthcare Ltd		22,861
	95,618	*	Spectranetics Corp		2,343
	641,043	g	Spire Healthcare Group plc		2,664
	370,585		St. Jude Medical, Inc		29,717
	163,000		St. Shine Optical Co Ltd		3,112
	88,801	*,e	Staar Surgical Co		963
	119,491		STERIS plc		8,052
	9,523		STRATEC Biomedical AG.		459
	29,478		Straumann Holding AG.		11,486
	664,116	e	Stryker Corp		79,568
	5,219		Suheung Capsule Co Ltd		161
	637,047	e	Summerset Group Holdings Ltd		2,070
	2,045,300		Supermax Corp BHD		962
	39,891	*,e	Surgery Partners, Inc		632
	121,028	*	Surgical Care Affiliates, Inc		5,600
	38,429	*	SurModics, Inc		976
	155,686		Suzuken Co Ltd		5,085
	79,453		Sysmex Corp		4,591

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,899	*	Tabula Rasa HealthCare, Inc	$	58
	7,856	*,e	Tactile Systems Technology, Inc		129
	45,754	*,e	Tandem Diabetes Care, Inc		98
	145,457	*	Team Health Holdings, Inc		6,320
	45,312	*,e	Teladoc, Inc		748
	95,832		Teleflex, Inc		15,443
	279,162	*	Tenet Healthcare Corp		4,143
	208,812		Terumo Corp		7,698
	194,000	e	Toho Pharmaceutical Co Ltd		3,866
	8,800		Tokai Corp (GIFU)		299
	748,500		Top Glove Corp BHD		893
	3,648,000	e	Town Health International Medical Group Ltd		587
	150,602	*,e	TransEnterix, Inc		196
	129,762	*	Triple-S Management Corp (Class B)		2,686
	48,200		Tsuki Corp		326
	369,044		United Drug plc		3,039
	3,224,234		UnitedHealth Group, Inc		516,006
	97,111	*	Universal American Corp		966
	442,264		Universal Health Services, Inc (Class B)		47,048
	2,634,500	g	Universal Medical Financial & Technical Advisory Services Co Ltd		2,169
	65,095		US Physical Therapy, Inc		4,570
	8,298		Utah Medical Products, Inc		604
	6,693		Value Added Technologies Co Lt		200
	137,689	*	Varian Medical Systems, Inc		12,362
	36,259	*	Vascular Solutions, Inc		2,034
	448,195	*	VCA Antech, Inc		30,769
	471,807	*	Veeva Systems, Inc		19,203
	38,691	*,e	Veracyte, Inc		299
	3,976,600		Vibhavadi Medical Center PCL (Foreign)		324
	6,872		Vieworks Co Ltd		340
	12,781	*,e	ViewRay, Inc		40
	269,263		Virtus Health Ltd		1,211
	139,100		VITAL KSK Holdings, Inc		1,176
	55,400	*	Vocera Communications, Inc		1,024
	414,341	*	WellCare Health Plans, Inc		56,798
	16,200	g	Wenzhou Kangning Hospital Co Ltd		71
	167,438		West Pharmaceutical Services, Inc		14,204
	77,083	*	William Demant Holding A.S.		1,339
	222,877	*	Wright Medical Group NV		5,122
	9,717		Ypsomed Holding AG.		1,763
	79,304	*,e	Zeltiq Aesthetics, Inc		3,451
	600,027		Zimmer Holdings, Inc		61,923
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,324,830

HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	97,999		Able C&C Co Ltd		1,677
	37,212		Amorepacific Corp		9,890
	10,042		Amorepacific Corp (Preference)		1,707
	354,651	e	Asaleo Care Ltd		378
	971,389	*	Avon Products, Inc		4,896
	65,998		Bajaj Corp Ltd		361
	79,014		Beiersdorf AG.		6,693
	8,384		Bioland Ltd		124
	14,883	e	Blackmores Ltd		1,108
	203,499	*,e	Central Garden & Pet Co		6,734

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	96,210	*	Central Garden and Pet Co (Class A)	$	2,973
	33,000		Chlitina Holding Ltd		154
	635,439		Church & Dwight Co, Inc		28,080
	53,089	*	CKH Food & Health Ltd		85
	354,326		Clorox Co		42,526
	1,348,396		Colgate-Palmolive Co		88,239
	19,891		Coreana Cosmetics Co Ltd		105
	3,502		Cosmax BTI, Inc		108
	12,409		Cosmax, Inc		1,225
	13,339	*	COSON Co Ltd		132
	761,939		Coty, Inc		13,951
	860,603		Dabur India Ltd		3,523
	52,900		Dr Ci:Labo Co Ltd		1,486
	11,200		Earth Chemical Co Ltd		455
	141,770	*	Edgewell Personal Care Co		10,348
	229,761		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		203
	121,260	*,e	elf Beauty, Inc		3,509
	347,638		Energizer Holdings, Inc		15,508
	1,579,039		Estee Lauder Cos (Class A)		120,781
	53,000	*,e	Euglena Co Ltd		583
	33,849		Eveready Industries India Ltd		108
	147,400		Fancl Corp		2,060
	11,377		Gillette India Ltd		720
	192,694		Godrej Consumer Products Ltd		4,279
	139,000	g	Golden Throat Holdings Group Co Ltd		54
	96,000		Grape King Industrial Co		557
	1,386,647		Hengan International Group Co Ltd		10,156
	49,311		Henkel KGaA		5,132
	239,821		Henkel KGaA (Preference)		28,548
	129,043	*,e	Herbalife Ltd		6,212
	1,136,923		Hindustan Lever Ltd		13,821
	254,873	*	HRG Group, Inc		3,966
	1,006,267		Hypermarcas S.A.		8,058
	8,367		Inter Parfums S.A.		241
	35,957		Inter Parfums, Inc		1,178
	3,800		It’s Skin Co Ltd		135
	63,325		Jyothy Laboratories Ltd		315
	699,009		Kao Corp		33,088
	238,350		Karex BHD		125
	585,202		Kimberly-Clark Corp		66,783
	1,673,016		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		3,014
	49,400		Kobayashi Pharmaceutical Co Ltd		2,110
	9,602		Kolmar BNH Co Ltd		147
	23,271		Korea Kolmar Co Ltd		1,266
	6,204		Korea Kolmar Holdings Co Ltd		173
	33,700		Kose Corp		2,794
	10,755		LG Household & Health Care Ltd		7,631
	2,245		LG Household & Health Care Ltd (Preference)		1,046
	33,858	*,e	Lifevantage Corp		276
	235,000		Lion Corp		3,852
	540,471		L’Oreal S.A.		98,509
	15,579		Mandom Corp		671
	943,395		Marico Ltd		3,615
	100,179		Medifast, Inc		4,170
	392,924	*	Microbio Co Ltd		280

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,200		Milbon Co Ltd	$	385
	193,198		Natura Cosmeticos S.A.		1,365
	14,864	e	Natural Health Trends Corp		369
	27,061		Nature’s Sunshine Products, Inc		406
	13,600		Noevir Holdings Co Ltd		425
	391,207		Nu Skin Enterprises, Inc (Class A)		18,692
	29,930	*	Nutraceutical International Corp		1,046
	4,839	*	NUTRIBIOTECH Co Ltd		246
	1,045,000		NVC Lighting Holdings Ltd		133
	12,367		Oil-Dri Corp of America		473
	63,981		Ontex Group NV		1,899
	19,543	e	Orchids Paper Products Co		512
	35,738		Oriflame Holding AG.		1,078
	32,417		Pacific Corp		3,563
	116,200		Pigeon Corp		2,963
	65,200	e	Pola Orbis Holdings, Inc		5,375
	8,163,773	e	Procter & Gamble Co		686,410
	7,775,600		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		300
	1,623,729		PT Unilever Indonesia Tbk		4,669
	257,050		PZ Cussons plc		1,059
	735,321		Reckitt Benckiser Group plc		62,288
	24,542	*	Revlon, Inc (Class A)		715
	10,505	*	Sansung Life & Science Co Ltd		191
	283,391		Shiseido Co Ltd		7,162
	135,736	e	Spectrum Brands, Inc		16,605
	512,515		Svenska Cellulosa AB (B Shares)		14,426
	50,000		TCI Co Ltd		254
	5,482		Tonymoly Co Ltd		103
	467,699		Uni-Charm Corp		10,215
	2,441,950		Unilever NV		100,312
	1,883,601		Unilever plc		76,173
	85,776	*	USANA Health Sciences, Inc		5,250
	231,000	e	Vinda International Holdings Ltd		431
	31,790		WD-40 Co		3,716
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,711,841

INSURANCE - 4.2%
	153,489		Admiral Group plc		3,452
	623,200		Aegon NV		3,424
	541,711		Aflac, Inc		37,703
	54,922		Ageas		2,171
	14,059,514		AIA Group Ltd		78,759
	19,557	*	Alleghany Corp		11,893
	736,334		Allianz AG.		121,523
	979,515		Allied World Assurance Co Holdings Ltd		52,610
	1,074,407		Allstate Corp		79,635
	172,630		Alm Brand AS		1,316
	146,166	*	AMBAC Financial Group, Inc		3,289
	420,447		American Equity Investment Life Holding Co		9,477
	133,145		American Financial Group, Inc		11,733
	6,087,630		American International Group, Inc		397,583
	9,975		American National Insurance Co		1,243
	56,990		Amerisafe, Inc		3,553
	337,788	*	Amtrust Financial Services, Inc		9,249
	133,776		Anadolu Hayat Emeklilik AS		188
	376,742	*	Anadolu Sigorta		206

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,800	e	Anicom Holdings, Inc	$	265
	354,166		Aon plc		39,500
	212,039	*	Arch Capital Group Ltd		18,297
	416,903		Argo Group International Holdings Ltd		27,474
	185,593		Arthur J. Gallagher & Co		9,643
	243,502		Aspen Insurance Holdings Ltd		13,393
	44,870	*	ASR Nederland NV		1,066
	1,380,955		Assicurazioni Generali S.p.A.		20,469
	78,429		Assurant, Inc		7,283
	248,663		Assured Guaranty Ltd		9,392
	429,500	*,e	Athene Holding Ltd		20,612
	25,519	*	Atlas Financial Holdings, Inc		461
	7,545,180		Aviva plc		44,944
	34,323		AvivaSA Emeklilik ve Hayat AS.		187
	3,754,125		AXA S.A.		94,637
	166,231		Axis Capital Holdings Ltd		10,850
	37,569		Bajaj Finserv Ltd		1,598
	29,960		Baldwin & Lyons, Inc (Class B)		755
	12,386		Baloise Holding AG.		1,559
	823,774		BB Seguridade Participacoes S.A.		7,150
	1,274,687		Beazley plc		6,093
	4,718,991	*	Berkshire Hathaway, Inc (Class B)		769,101
	10,779		Blue Capital Reinsurance Holdings Ltd		199
	163,242		Brown & Brown, Inc		7,323
	9,486,316		Cathay Financial Holding Co Ltd		14,102
	165,050		Chesnara plc		743
	2,345,094	*	China Insurance International Holdings Co Ltd		4,808
	9,596,990		China Life Insurance Co Ltd		24,808
	15,002,779		China Life Insurance Co Ltd (Taiwan)		14,834
	3,058,339		China Pacific Insurance Group Co Ltd		10,587
	3,310,588		Chubb Ltd		437,395
	182,114		Cincinnati Financial Corp		13,795
	101,043	*,e	Citizens, Inc (Class A)		992
	17,604	*	Clal Insurance		225
	35,003		CNA Financial Corp		1,453
	269,842		CNP Assurances		4,995
	559,400		Conseco, Inc		10,712
	3,630,000	*	Convoy Financial Holdings Ltd		108
	1,098,365	e	Corp Mapfre S.A.		3,346
	277,625		Cover-More Group Ltd		386
	66,450	e	Crawford & Co (Class B)		835
	4,454,711		Dai-ichi Mutual Life Insurance Co		74,066
	593,048		Delta Lloyd NV		3,315
	2,684,313		Direct Line Insurance Group plc		12,217
	406,673		Discovery Holdings Ltd		3,387
	29,257		Donegal Group, Inc (Class A)		511
	183,498		Dongbu Insurance Co Ltd		9,500
	20,000	e	Dream Incubator, Inc		345
	64,729	*	eHealth, Inc		689
	19,309		EMC Insurance Group, Inc		579
	89,670		Employers Holdings, Inc		3,551
	88,302		Endurance Specialty Holdings Ltd		8,159
	24,093	*	Enstar Group Ltd		4,763
	47,376		Erie Indemnity Co (Class A)		5,327
	235,457		esure Group plc		585
	27,332		Euler Hermes S.A.		2,400

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	103,483		Everest Re Group Ltd	$	22,394
	22,881		Fairfax Financial Holdings Ltd		11,051
	21,174		FBL Financial Group, Inc (Class A)		1,655
	81,393		Federated National Holding Co		1,521
	39,894	e	Fidelity & Guaranty Life		945
	365,565		First American Financial Corp		13,391
	604,503		FNF Group		20,529
	1,111,901		Fondiaria-Sai S.p.A		2,372
	52,000		FPC Par Corretora de Seguros S.A.		215
	1,456,069	*	Genworth Financial, Inc (Class A)		5,548
	188,407		Gjensidige Forsikring BA		2,987
	29,998	*	Global Indemnity Ltd		1,146
	354,447		Great-West Lifeco, Inc		9,284
	62,272	*	Greenlight Capital Re Ltd (Class A)		1,420
	97,239		Grupo Catalana Occidente S.A.		3,178
	50,841	*	Hallmark Financial Services		591
	136,093		Hannover Rueckversicherung AG.		14,702
	72,307		Hanover Insurance Group, Inc		6,581
	142,635		Hanwha Non-Life Insurance Co Ltd		853
	284,789		Harel Insurance Investments & Finances Ltd		1,305
	907,016		Hartford Financial Services Group, Inc		43,219
	96,764	g	Hastings Group Holdings Ltd		294
	18,742		HCI Group, Inc		740
	5,525		Helvetia Holding AG.		2,973
	227,522		Heritage Insurance Holdings, Inc		3,565
	485,128		Hiscox Ltd		6,079
	113,134		Horace Mann Educators Corp		4,842
	357,543		Hyundai Marine & Fire Insurance Co Ltd		9,307
	13,766		IDI Insurance Co Ltd		665
	15,831		Independence Holding Co		309
	279,045		Industrial Alliance Insurance and Financial Services, Inc		11,096
	48,202		Infinity Property & Casualty Corp		4,237
	2,676,026		Insurance Australia Group Ltd		11,540
	194,961		Intact Financial Corp		13,954
	2,944		Investors Title Co		466
	37,686		James River Group Holdings Ltd		1,566
	357,700		Japan Post Holdings Co Ltd		4,454
	1,800		Japan Post Insurance Co Ltd		38
	932,110		Just Retirement Group plc		1,717
	85,253		Kemper Corp		3,777
	47,740		Kinsale Capital Group, Inc		1,624
	653,616		Korea Life Insurance Co Ltd		3,531
	83,620		Korean Reinsurance Co		789
	161,979	e	Lancashire Holdings Ltd		1,387
	13,393,015		Legal & General Group plc		40,800
	383,530		Liberty Holdings Ltd		3,078
	95,864		LIG Insurance Co Ltd		2,074
	1,235,470	e	Lincoln National Corp		81,875
	332,764		Loews Corp		15,583
	424,000		Long Bon International Co Ltd		220
	46,768	*	Lotte Non-Life Insurance Co Ltd		93
	215,122		Maiden Holdings Ltd		3,754
	2,402,884		Manulife Financial Corp		42,791
	16,685	*	Markel Corp		15,092
	1,379,957		Marsh & McLennan Cos, Inc		93,271
	29,190		Max India Ltd		235

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	203,409	*	Max India Ltd (New)	$	419
	280,471	*	MBIA, Inc		3,001
	3,266,330		Medibank Pvt Ltd		6,636
	19,010	*	Menorah Mivtachim Holdings Ltd		172
	778,238		Mercuries & Associates Holding Ltd		550
	741,803	*	Mercuries Life Insurance Co Lt		390
	44,389		Mercury General Corp		2,673
	50,778		Meritz Fire & Marine Insurance Co Ltd		643
	3,372,945		Metlife, Inc		181,768
	1,026,487		Metropolitan Holdings Ltd		1,753
	294,053	*	Migdal Insurance Holdings Ltd		240
	77,491		Mirae Asset Life Insurance Co Ltd		330
	979,498		Mitsui Sumitomo Insurance Group Holdings, Inc		30,333
	71,819		Muenchener Rueckver AG.		13,565
	301,645		National General Holdings Corp		7,538
	6,161		National Western Life Group, Inc		1,915
	49,604		Navigators Group, Inc		5,841
	899,682		New China Life insurance Co Ltd		4,097
	547,599		NKSJ Holdings, Inc		18,493
	115,270		NN Group NV		3,902
	8,689,079		Old Mutual plc		22,157
	320,614		Old Republic International Corp		6,092
	91,370		OneBeacon Insurance Group Ltd (Class A)		1,466
	28,741	*,e	Patriot National, Inc		134
	23,912,288		People’s Insurance Co Group of China Ltd		9,375
	302,126		Phoenix Group Holdings		2,735
	44,448	*	Phoenix Holdings Ltd		154
	6,355,526		PICC Property & Casualty Co Ltd		9,830
	8,567,226		Ping An Insurance Group Co of China Ltd		42,563
	103,474		Porto Seguro S.A.		854
	1,886,925	g	Poste Italiane S.p.A		12,523
	500,185		Power Corp Of Canada		11,195
	571,955	e	Power Financial Corp		14,296
	641,652		Powszechny Zaklad Ubezpieczen S.A.		5,088
	116,698		Primerica, Inc		8,070
	624,694		Principal Financial Group		36,145
	138,621		ProAssurance Corp		7,790
	3,964,452		Progressive Corp		140,738
	51,543	e	Protector Forsikring ASA		410
	677,144		Prudential Financial, Inc		70,464
	5,615,824		Prudential plc		112,078
	57,256,000	*	PT Panin Insurance Tbk		2,571
	286,375,100	*	PT Panin Life Tbk		3,641
	140,171	*	Qatar Insurance Co SAQ		3,264
	1,450,839		QBE Insurance Group Ltd		12,963
	162,900		Qualitas Controladora SAB de C.V.		230
	711,820		Rand Merchant Investment Holdings Ltd		2,055
	172,685		Reinsurance Group of America, Inc (Class A)		21,729
	91,924		RenaissanceRe Holdings Ltd		12,522
	82,680		RLI Corp		5,220
	291,618		RSA Insurance Group plc		2,103
	30,096		Safety Insurance Group, Inc		2,218
	2,004,731		Saga plc		4,828
	1,075,357		Sampo Oyj (A Shares)		48,071
	38,906		Samsung Fire & Marine Insurance Co Ltd		8,645
	81,015		Samsung Life Insurance Co Ltd		7,540

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,034,103		Sanlam Ltd	$	9,304
	63,039		SCOR SE		2,175
	136,645		Selective Insurance Group, Inc		5,883
	7,731,361	*	Shin Kong Financial Holding Co Ltd		1,888
	307,000		Shinkong Insurance Co Ltd		251
	119,171	e	Societa Cattolica di Assicurazioni SCRL		699
	576,941		Sony Financial Holdings, Inc		8,994
	1,219,581		St. James’s Place plc		15,213
	1,364,246		Standard Life plc		6,247
	35,959		State Auto Financial Corp		964
	112,531		State National Cos, Inc		1,560
	974,864		Steadfast Group Ltd		1,551
	49,140		Stewart Information Services Corp		2,264
	436,487	*	Storebrand ASA		2,319
	164,660		Sul America SA		910
	871,165		Sun Life Financial, Inc		33,448
	1,383,198		Suncorp-Metway Ltd		13,468
	37,936		Swiss Life Holding		10,716
	659,902		Swiss Re Ltd		62,435
	890,000		Syarikat Takaful Malaysia BHD		821
	1,163,142		T&D Holdings, Inc		15,350
	361,000		Taiwan Fire & Marine Insurance Co		216
	2,600,200		Thai Reinsurance PCL		152
	2,473,908	*,e	Third Point Reinsurance Ltd		28,574
	1,512,285		Tokio Marine Holdings, Inc		61,918
	144,332		Tong Yang Life Insurance		1,514
	44,656	*	Topdanmark AS		1,132
	154,810	e	Torchmark Corp		11,419
	624,278		Travelers Cos, Inc		76,424
	39,722	*,e	Trupanion, Inc		616
	31,530		Tryg A.S.		569
	239,300		Tune Ins Holdings BHD		76
	1,978,279		Unipol Gruppo Finanziario S.p.A		7,114
	231,284		Uniqa Versicherungen AG.		1,749
	63,880		United Fire & Casualty Co		3,141
	96,781	e	United Insurance Holdings Corp		1,465
	159,031	e	Universal Insurance Holdings, Inc		4,516
	277,952		UnumProvident Corp		12,210
	239,536		Validus Holdings Ltd		13,177
	12,025		Vittoria Assicurazioni S.p.A.		128
	707,741		W.R. Berkley Corp		47,072
	9,557		White Mountains Insurance Group Ltd		7,990
	31,252		Wiener Staedtische Allgemeine Versicherung AG.		699
	800		Willis Towers Watson plc		98
	17,771		Wuestenrot & Wuerttembergische AG.		347
	647,081		XL Group Ltd		24,110
	416,491		Zurich Financial Services AG.		114,460
			TOTAL INSURANCE		4,720,841

MATERIALS - 5.0%
	78,892		A. Schulman, Inc		2,639
	24,748		Aarti Industries		249
	150,798		Acerinox S.A.		1,993
	12,799		Achilles Corp		171
	99,885		Acron JSC (GDR)		588
	234,200		ADEKA Corp		3,177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	388,664		Adelaide Brighton Ltd	$	1,520
	6,325	*	Advanced Enzyme Technologies Ltd		184
	96,844		Advanced Metallurgical Group NV		1,505
	79,236	*	AdvanSix, Inc		1,754
	251,135		Aeci Ltd		1,851
	22,857		AEP Industries, Inc		2,654
	140,194		African Barrick Gold Ltd		642
	96,139		African Rainbow Minerals Ltd		684
	216,811		Agnico-Eagle Mines Ltd		9,116
	406,296	e	Agrium, Inc		40,840
	47,320	*,e	AgroFresh Solutions, Inc		125
	8,700		Aichi Steel Corp		364
	83,983		Air Liquide		9,339
	263,829		Air Products & Chemicals, Inc		37,944
	67,922		Air Water, Inc		1,224
	4,335		AK Holdings, Inc		201
	7,086,333	*	AK Steel Holding Corp		72,351
	43,632		Akcansa Cimento AS		169
	14,281		Akzo Nobel India Ltd		295
	57,887		Akzo Nobel NV		3,617
	228,226		Alamos Gold, Inc		1,574
	906,949		Albemarle Corp		78,070
	321,067		Alcoa Corp		9,016
	45,702		Alexandria Mineral Oils Co		186
	233,239	e	Allegheny Technologies, Inc		3,715
	38,037	e	Altius Minerals Corp		359
	552,134		Altri SGPS S.A.		2,245
	1,758,469	e	Alumina Ltd		2,299
	5,467,445	*,e	Aluminum Corp of China Ltd		2,239
	731,983		Ambuja Cements Ltd		2,219
	1,417,172		Amcor Ltd		15,253
	58,505		American Vanguard Corp		1,120
	20,546	e	Ampco-Pittsburgh Corp		344
	4,759,000		AMVIG Holdings Ltd		1,702
	265,712	*	Anatolia Minerals Development Ltd		443
	72,596	*	Anglo American Platinum Ltd		1,385
	2,672,707	*	Anglo American plc (London)		37,762
	707,544	*	AngloGold Ashanti Ltd		7,517
	1,539,869	e	Anhui Conch Cement Co Ltd		4,167
	385,960	e	Antofagasta plc		3,196
	167,369	e	APERAM		7,638
	61,013		Aptargroup, Inc		4,481
	124,000		Arabian Cement Co		47
	7,118,405	*	ArcelorMittal		52,303
	411,348		Arkema		40,210
	42,374		Asahi Holdings, Inc		735
	1,382,255		Asahi Kasei Corp		12,027
	202,039	*	Asanko Gold, Inc		620
	987,230		Ashland Global Holdings, Inc		107,894
	934,500		Asia Cement China Holdings Corp		216
	1,164		Asia Cement Co Ltd		70
	2,432,024		Asia Cement Corp		1,978
	577,587		Asia Polymer		340
	449,121		Asian Paints Ltd		5,891
	47,466		Associated Cement Co Ltd		929
	75,187		Assore Ltd		1,297

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,789		Atul Ltd	$	116
	28,817	e	Aurubis AG.		1,658
	292,874		Avery Dennison Corp		20,566
	319,246	*	Axalta Coating Systems Ltd		8,683
	1,739,381	*	B2Gold Corp		4,133
	66,911		Balchem Corp		5,615
	219,775		Ball Corp		16,499
	1,739,603		Barrick Gold Corp (Canada)		27,843
	11,906		BASF India Ltd		203
	661,096		BASF SE		61,268
	16,429	*	Bayer CropScience Ltd		1,023
	12,000,000		BBMG Corp		4,123
	86,294		Bekaert S.A.		3,488
	98,297		Bemis Co, Inc		4,701
	306,500	*	Bengang Steel Plates Co		109
	3,017,911	*	Berry Plastics Group, Inc		147,063
	3,493,355		BHP Billiton Ltd		62,583
	3,082,734		BHP Billiton plc		49,086
	469,812		Billerud AB		7,868
	1,296,321		BlueScope Steel Ltd		8,615
	198,521	*	Boise Cascade Co		4,467
	532,757		Boliden AB		13,838
	1,373,473		Boral Ltd		5,347
	269,733		Borregaard ASA		2,639
	35,346		Borusan Mannesmann Boru Sanayi		80
	209,918	*	Boryszew S.A.		402
	34,223		BRAAS Monier Building Group S.A.		907
	202,900	*	Bradespar S.A.		925
	177,675		Braskem S.A.		1,865
	165,506		Brickworks Ltd		1,621
	56,527	e	Buzzi Unicem S.p.A.		1,338
	48,093		Buzzi Unicem S.p.A. RSP		584
	126,751		Cabot Corp		6,406
	464,300		Cahya Mata Sarawak BHD		414
	229,460		Calgon Carbon Corp		3,901
	37,493		Canam Group, Inc		252
	154,740	*	Canfor Corp		1,760
	70,908		Canfor Pulp Products, Inc		534
	68,320		CAP S.A.		486
	98,770		Carpenter Technology Corp		3,573
	143,657		Cascades, Inc		1,295
	71,089		CCL Industries		13,967
	284,338		Celanese Corp (Series A)		22,389
	131,328		Cementir S.p.A.		581
	342,525		Cementos Argos S.A.		1,353
	2,704,800	*	CEMEX Holdings Philippines, Inc		604
	147,765	*	Cemex Latam Holdings S.A.		556
	27,296,506	*	Cemex S.A. de C.V.		21,780
	3,840,520		Centamin plc		6,501
	208,206		Centerra Gold, Inc		975
	211,253	*	Century Aluminum Co		1,808
	44,728	*	Century Plyboards India Ltd		111
	17,342		Century Textile & Industries Ltd		203
	246,472		CF Industries Holdings, Inc		7,759
	28,637		Chase Corp		2,393
	427,979		Chemours Co		9,454

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	162,400	*	Chemtura	$	5,392
	232,560		Cheng Loong Corp		93
	364,000	*,e	Chiho-Tiande Group Ltd		249
	1,574,695		China BlueChemical Ltd		435
	7,160,000	*,e	China Daye Non-Ferrous Metals Mining Ltd		124
	353,000		China General Plastics Corp		261
	72,000		China Hi-ment Corp		118
	929,250		China Manmade Fibers Corp		245
	625,372		China Metal Products		617
	858,455	*,e,m	China Metal Recycling Holdings Ltd		1
	3,477,282	e	China National Building Material Co Ltd		1,684
	1,045,000		China National Materials Co Ltd		243
	1,714,628	*	China Petrochemical Development Corp		524
	7,058,000	*,e	China Precious Metal Resources Holdings Co Ltd		205
	6,683,200	*,e,m	China Shanshui Cement Group Ltd		4,066
	652,000	e	China Silver Group Ltd		125
	159,000		China Steel Chemical Corp		587
	14,052,303		China Steel Corp		10,682
	597,540		China Synthetic Rubber Corp		527
	292,000	*	China Wood Optimization Holding Ltd		93
	588,000		China XLX Fertiliser Ltd		187
	494,000	*	Chongqing Iron & Steel Co Ltd		143
	91,689		Christian Hansen Holding		5,071
	44,000		Chugoku Marine Paints Ltd		323
	13,540		Chung Hwa Pulp Corp		4
	379,771		Cia de Minas Buenaventura S.A. (ADR) (Series B)		4,284
	1,137,648	*	Cia Siderurgica Nacional S.A.		3,760
	79,965		Ciech S.A.		1,114
	131,066		Cimsa Cimento Sanayi Ve Tica		586
	286,921		Clariant AG.		4,945
	48,399	*	Clearwater Paper Corp		3,173
	619,487	*,e	Cliffs Natural Resources, Inc		5,210
	77,657	*	Codexis, Inc		357
	1,168,296	*	Coeur Mining, Inc		10,620
	253,163		Commercial Metals Co		5,514
	86,132	*,m	Companhia Vale do Rio Doce		0
	120,000		Companhia Vale do Rio Doce (ADR)		914
	92,618	e	Compass Minerals International, Inc		7,257
	55,180		Corbion NV		1,476
	122,731		Coromandel International Ltd		527
	56,722		Corticeira Amorim SGPS S.A.		508
	505,904	g	Covestro AG.		34,628
	346,000	e	CPMC Holdings Ltd		169
	2,165,067		CRH plc		74,679
	27,500		CRH plc (Ireland)		954
	321,207		Croda International plc		12,633
	742,788	*	Crown Holdings, Inc		39,048
	1,916,941		CSR Ltd		6,373
	31,040	*	CuDeco Ltd		12
	2,208,800		D&L Industries Inc		506
	366,000	*	Da Ming International Holdings Ltd		175
	84,900	*	Dahua Group Dalian Chemical Industry Co		96
	262,099		Daicel Chemical Industries Ltd		2,882
	243,000		Daido Steel Co Ltd		1,002
	22,800		Daiken Corp		401
	133,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		720

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	251,200		Dainippon Ink and Chemicals, Inc	$	7,613
	217,572	e	Daio Paper Corp		2,297
	52,000		Daiso Co Ltd		207
	30,267		Dalmia Bharat Ltd		601
	295,300	*	Danhua Chemical Technology Co Ltd		173
	22,749		Deltic Timber Corp		1,753
	921,000		Denki Kagaku Kogyo KK		4,055
	189,030	*	Detour Gold Corp		2,575
	10,699		Dhanuka Agritech Ltd		115
	68,857		Dominion Diamond Corp		667
	166,814		Domtar Corp		6,511
	30,423		Dongjin Semichem Co Ltd		254
	47,094	*	Dongkuk Steel Mill Co Ltd		430
	2,608	*	Dongwha Enterprise Co Ltd		66
	2,946,000	*,m	Dongyue Group		390
	7,184,628		Dow Chemical Co		411,105
	503,000		Dowa Holdings Co Ltd		3,825
	1,936,245		DS Smith plc		9,723
	80,803		DSM NV		4,842
	4,917	*	Duk San Neolux Co Ltd		129
	332,678		DuluxGroup Ltd		1,494
	202,125		Eagle Materials, Inc		19,915
	619,800		Eastern Polymer Group PCL		223
	180,815		Eastman Chemical Co		13,599
	539,077		Ecolab, Inc		63,191
	885,131		EI du Pont de Nemours & Co		64,969
	84,917	*	EID Parry India Ltd		318
	249,846	*	El Ezz Steel Co		245
	601,342	*	Eldorado Gold Corp		1,935
	396,066		Elementis plc		1,354
	3,162,946		Empresas CMPC S.A.		6,467
	10,407		EMS-Chemie Holding AG.		5,285
	782,858	e	Ence Energia y Celulosa S.A.		2,063
	62,778	*	Endeavour Mining Corp		938
	121,934	*	Endeavour Silver Corp		431
	10,429	*	Eramet		621
	1,288,668		Eregli Demir ve Celik Fabrikalari TAS		1,875
	12,225		Essel Propack Ltd		44
	255,066	e	Essentra plc		1,448
	1,805,030		Eternal Chemical Co Ltd		1,842
	35,500		Eugene Corp		150
	250,128		Everlight Chemical Industrial Corp		156
	1,001,273		Evolution Mining Ltd		1,497
	135,019		Evonik Industries AG.		4,025
	303,299	*	Evraz plc		829
	376,050		Feng Hsin Iron & Steel Co		528
	132,635	*	Ferrexpo plc		220
	264,271	*	Ferro Corp		3,787
	197,717		Ferroglobe plc		2,141
	670,230		Fibria Celulose S.A.		6,571
	38,503	*	Finolex Industries Ltd		246
	140,151	*,e	First Majestic Silver Corp		1,071
	937,302		First Quantum Minerals Ltd		9,320
	4,919,266		Fletcher Building Ltd		36,146
	112,512	*,e	Flotek Industries, Inc		1,056
	248,863		FMC Corp		14,076

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,878	*	Foosung Co Ltd	$	290
	9,306,354		Formosa Chemicals & Fibre Corp		27,716
	4,634,176		Formosa Plastics Corp		12,775
	300,800		Formosan Rubber Group, Inc		149
	60,223		Forterra plc		129
	35,338	*,e	Forterra, Inc		765
	8,387,736		Fortescue Metals Group Ltd		35,052
	313,194	*	Fortuna Silver Mines, Inc		1,770
	169,791	m	Foshan Huaxin Packaging Co Ltd		207
	29,700		FP Corp		1,360
	322,678		Franco-Nevada Corp		19,294
	5,145,538	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		67,870
	675,610		Fresnillo plc		10,036
	30,544		Frutarom Industries Ltd		1,559
	57,915		Fuchs Petrolub AG. (Preference)		2,426
	2,683,200	e	Fufeng Group Ltd		1,312
	87,104		Fuji Seal International, Inc		1,857
	12,900		Fujimi, Inc		241
	12,900		Fujimori Kogyo Co Ltd		321
	1,457,000	e	Furukawa-Sky Aluminum Corp		3,980
	2,171,800	e	Fushan International Energy Group Ltd		423
	33,300		Fuso Chemical Co Ltd		714
	5,152,000	*,e	Future World Financial Holdings Ltd		419
	89,728	e	FutureFuel Corp		1,247
	1,236,570	*,e	Galaxy Resources Ltd		464
	1,367,194	*	GCP Applied Technologies, Inc		36,572
	73,437		Gem Diamonds Ltd		100
	1,908,712		Gerdau S.A. (Preference)		6,292
	2,862		Givaudan S.A.		5,238
	21,058,195	*	Glencore Xstrata plc		71,153
	409,959		Gloria Material Technology Corp		238
	9,000		Godo Steel Ltd		162
	102,985		Godrej Industries Ltd		651
	2,959,745		Gold Fields Ltd		8,951
	109,767	e	Gold Resource Corp		477
	676,047		Goldcorp, Inc		9,204
	8,060,418		Goldsun Development & Construction Co Ltd		1,658
	4,395,000		Grand Pacific Petrochemical		2,853
	84,097		Granges AB		792
	1,479,772		Graphic Packaging Holding Co		18,468
	605,755	*,m	Great Basin Gold Ltd		5
	2,106,000		Greatview Aseptic Packaging Co		1,077
	29,000		Green Seal Holding Ltd		130
	41,056		Greenply Industries Ltd		156
	12,438	e	Greif, Inc		840
	56,162		Greif, Inc (Class A)		2,882
	45,098,638		G-Resources Group Ltd		823
	279,925		Grupo Argos S.A.		1,798
	5,380,344		Grupo Mexico S.A. de C.V. (Series B)		14,646
	75,024		Gubre Fabrikalari TAS		93
	41,033		Gujarat Flourochemicals		281
	66,647		Gujarat Narmada Valley Fertilizers Co Ltd		209
	1,158		Gurit Holding AG.		920
	585,609	*	Guyana Goldfields, Inc		2,669
	9,416	*	H&R WASAG AG.		148
	149,927		H.B. Fuller Co		7,243

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,918		Han Kuk Carbon Co Ltd	$	435
	6,230	*	Handy & Harman Ltd		159
	10,630		Hanil Cement Manufacturing		669
	8,233		Hansol Chemical Co Ltd		568
	33,437	*	Hansol Paper Co		185
	61,664		Hansol Paper Co Ltd		1,005
	487,626		Hanwha Chemical Corp		9,940
	801,379		Harmony Gold Mining Co Ltd		1,739
	21,715		Hawkins, Inc		1,172
	26,952		Haynes International, Inc		1,159
	157,781	*	Headwaters, Inc		3,711
	824,772		Hecla Mining Co		4,322
	35,864		HeidelbergCement AG.		3,338
	88,243	*	HeidelbergCement India Ltd		142
	211,166		Hexpol AB		1,952
	1,153,585		Hindalco Industries Ltd		2,611
	260,670		Hitachi Chemical Co Ltd		6,503
	208,134		Hitachi Metals Ltd		2,802
	407,702	*	Ho Tung Chemical Corp		105
	216,048		Hochschild Mining plc		557
	153,429		Hokuetsu Paper Mills Ltd		870
	442,642		Holcim Ltd		23,235
	42,482		Holmen AB (B Shares)		1,521
	25,812		Honam Petrochemical Corp		7,866
	280,320		HS Industries Co Ltd		2,418
	27,055		HSIL Ltd		109
	1,971,000	*	Huabao International Holdings Ltd		834
	328,320		Huaxin Cement Co Ltd		229
	220,700		Hubei Sanonda Co Ltd		211
	18,499		Huchems Fine Chemical Corp		332
	370,335		HudBay Minerals, Inc		2,118
	129,302		Huhtamaki Oyj		4,792
	480,000	*	Huili Resources Group Ltd		100
	427,209		Huntsman Corp		8,151
	44,615		Hyosung Corp		5,363
	268,900		Hyundai Steel Co		12,656
	385,162	*	IAMGOLD Corp		1,489
	197,060	g	Ibstock plc		452
	23,100		Ihara Chemical Industry Co Ltd		223
	359,137		Iluka Resources Ltd		1,870
	61,093		IMCD Group NV		2,604
	7,604		Imerys S.A.		576
	1,137,403	*	Impala Platinum Holdings Ltd		3,499
	39,916	*,e	Imperial Metals Corp		180
	2,415,568		Incitec Pivot Ltd		6,250
	483,814	e	Independence Group NL		1,484
	390,698	*	India Cements Ltd		668
	1,063,178		Indorama Ventures PCL (Foreign)		990
	131,800	*,e	Industrias CH SAB de C.V.		842
	275,411	e	Industrias Penoles S.A. de C.V.		5,129
	98,449	*,e	Ingevity Corp		5,401
	272,320		Inner Mongolia Eerduosi Resourses Co Ltd		267
	103,269		Innophos Holdings, Inc		5,397
	134,955		Innospec, Inc		9,244
	182,366	*	Interfor Corp		2,041
	47,758		International Flavors & Fragrances, Inc		5,627

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,452,668		International Paper Co	$	77,079
	152,086		Intertape Polymer Group, Inc		2,852
	57,600	*	Ishihara Sangyo Kaisha Ltd		451
	394,018		Israel Chemicals Ltd		1,609
	2,972	*	Israel Corp Ltd		491
	6,261		Italmobiliare S.p.A.		294
	532,594	*	Ivanhoe Mines Ltd		1,008
	31,459	*,m	Jacana Minerals Ltd		5
	324,967		James Hardie Industries NV		5,130
	2,299	*	Jastrzebska Spolka Weglowa S.A.		37
	332,100		Jaya Tiasa Holdings BHD		99
	420,752		JFE Holdings, Inc		6,363
	1,697,445		Jiangxi Copper Co Ltd		2,356
	286,723	*	Jindal Steel & Power Ltd		290
	220,223	*	Jinshan Gold Mines, Inc		325
	8,984		JK Cement Ltd		95
	39,838	*	JK Lakshmi Cement Ltd		205
	81,180	*	Johnson Matthey plc		3,176
	38,700		JSP Corp		899
	525,465		JSR Corp		8,271
	96,404	*	JSW Steel Ltd		2,304
	340,145	e	K&S AG.		8,103
	84,509		Kaiser Aluminum Corp		6,566
	238,638		Kaneka Corp		1,941
	187,092		Kansai Nerolac Paints Ltd		878
	309,117		Kansai Paint Co Ltd		5,686
	81,000		Kanto Denka Kogyo Co Ltd		728
	308,621		Kapstone Paper and Packaging Corp		6,805
	609,755	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		198
	259,968	*	KAZ Minerals plc		1,146
	86,297		Kemira Oyj		1,100
	255,922		KGHM Polska Miedz S.A.		5,628
	1,309,193	*	Kinross Gold Corp		4,086
	413,021	*	Kirkland Lake Gold Ltd		2,159
	18,251		KISCO Corp		559
	4,695		KISWIRE Ltd		156
	644,651		Klabin S.A.		3,510
	2,552,700		Klabin S.A. (Preference)		2,235
	429,517	*	Klondex Mines Ltd		1,999
	26,236		KMG Chemicals, Inc		1,020
	24,000		Koatsu Gas Kogyo Co Ltd		154
	362,579	*	Kobe Steel Ltd		3,447
	39,607		Kolon Industries, Inc		2,423
	60,000	*	Konishi Co Ltd		645
	851		Konya Cimento Sanayii		64
	161,910	*	Koppers Holdings, Inc		6,525
	22,135		Korea Kumho Petrochemical		1,501
	19,614		Korea Petrochemical Ind Co Ltd		4,464
	10,092		Korea Zinc Co Ltd		3,970
	359,853	*	Koza Altin Isletmeleri AS		1,662
	104,410	*	Kraton Polymers LLC		2,974
	163,309		Kronos Worldwide, Inc		1,950
	1,468,000	*,e	KuangChi Science Ltd		541
	15,339		Kukdo Chemical Co Ltd		697
	29,700	e	Kumiai Chemical Industry Co Ltd		181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	708,449		Kuraray Co Ltd	$	10,624
	30,200	e	Kureha CORP		1,133
	85,300		Kyoei Steel Ltd		1,622
	176,134	e	Labrador Iron Ore Royalty Corp		2,443
	88,000		Lafarge Malayan Cement BHD		141
	551		LafargeHolcim Ltd		29
	604,570		Lanxess AG.		39,589
	4,593,000		Lee & Man Paper Manufacturing Ltd		3,542
	1,565,448		LEE Chang Yung Chem IND Corp		2,155
	38,571		Lenzing AG.		4,669
	54,269		LG Chem Ltd		11,703
	9,274		LG Chem Ltd (Preference)		1,375
	872,476		Linde AG.		143,119
	42,500		Lintec Corp		925
	11,066		Lock & Lock Co Ltd		133
	1,416,478		Long Chen Paper Co Ltd		717
	219,248	*,e	Lonmin plc		380
	2,096,439	*	Louisiana-Pacific Corp		39,686
	44,299	*,e	LSB Industries, Inc		373
	1,059,753		Lucara Diamond Corp		2,399
	476,000		Luks Group Vietnam Holdings Ltd		171
	628,434	*	Lundin Mining Corp		2,996
	588,554		LyondellBasell Industries AF S.C.A		50,486
	91,969	*	Madras Cements Ltd		741
	61,844	*	MAG. Silver Corp		681
	28,460	*	Magnesita Refratarios S.A.		207
	68,488	*,e	Major Drilling Group International		358
	183,973		Marshalls plc		663
	39,019		Martin Marietta Materials, Inc		8,644
	45,672		Maruichi Steel Tube Ltd		1,484
	43,534		Materion Corp		1,724
	542,100	*	Metalurgica Gerdau S.A.		794
	70,909		Methanex Corp		3,110
	1,031,243	e	Mexichem SAB de C.V.		2,343
	2,264,000	e	Midas Holdings Ltd		336
	948,700	*,e	Minera Frisco SAB de C.V.		715
	463,000		Mineral Resources Ltd		4,030
	135,961		Minerals Technologies, Inc		10,503
	22,082		Miquel y Costas & Miquel S.A.		575
	1,953,165		Mitsubishi Chemical Holdings Corp		12,628
	749,579		Mitsubishi Gas Chemical Co, Inc		12,772
	177,969		Mitsubishi Materials Corp		5,444
	24,700	*	Mitsubishi Paper Mills Ltd		159
	143,000		Mitsubishi Steel Manufacturing Co Ltd		278
	1,950,722		Mitsui Chemicals, Inc		8,740
	490,000		Mitsui Mining & Smelting Co Ltd		1,232
	602,124		MMC Norilsk Nickel PJSC (ADR)		10,022
	2,192,000	*,e	MMG Ltd		559
	83,573		MOIL Ltd		442
	136,146		Mondi Ltd		2,771
	1,257,249		Mondi plc		25,676
	12,981	*,m	Mongolian Metals Corporation		0
	1,166,233	n	Monsanto Co		122,699
	3,757		Monsanto India Ltd		124
	316,281	e	Mosaic Co		9,277
	308,980		Mpact Ltd		636

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	163,899	e	M-real Oyj (B Shares)	$	1,169
	2,876,714	*	Multi Packaging Solutions International Ltd		41,022
	46,462		Myers Industries, Inc		664
	74,661	*	Mytilineos Holdings S.A.		483
	19,700	*	Nakayama Steel Works Ltd		122
	11,431		Namhae Chemical Corp		79
	519,580		Nampak Ltd		699
	5,722,071		Nan Ya Plastics Corp		12,604
	689,855		Nantex Industry Co Ltd		467
	70,637		Neenah Paper, Inc		6,018
	27,600		Neturen Co Ltd		212
	635,457	e	Nevsun Resources Ltd		1,964
	693,081	*	New Gold, Inc		2,431
	1,390,544		Newcrest Mining Ltd		19,939
	9,829		NewMarket Corp		4,166
	1,404,401		Newmont Mining Corp		47,848
	950,850		Nickel Asia Corp		152
	41,800	e	Nihon Nohyaku Co Ltd		230
	79,300		Nihon Parkerizing Co Ltd		927
	1,984,902		Nine Dragons Paper Holdings Ltd		1,792
	96,100		Nippon Denko Co Ltd		197
	175,000		Nippon Kayaku Co Ltd		2,158
	2,306,100		Nippon Light Metal Holdings Co Ltd		4,855
	195,132		Nippon Paint Co Ltd		5,297
	133,000		Nippon Paper Industries Co Ltd		2,247
	38,600		Nippon Shokubai Co Ltd		2,404
	194,000		Nippon Soda Co Ltd		910
	852,945		Nippon Steel Corp		18,892
	86,900		Nissan Chemical Industries Ltd		2,897
	122,500		Nisshin Steel Holdings Co Ltd		1,505
	11,200		Nittetsu Mining Co Ltd		528
	159,563		Nitto Denko Corp		12,216
	415,921		NOF Corp		3,990
	153,139		Norbord, Inc		3,868
	1,637,079		Norsk Hydro ASA		7,813
	8,850,000	*	North Mining Shares Co Ltd		213
	584,809	*	Northam Platinum Ltd		1,725
	869,736		Northern Star Resources Ltd		2,223
	205,057	*	Novagold Resources, Inc		938
	6,551		Novolipetsk Steel (GDR)		121
	47,878		Novozymes AS		1,648
	852,869		Nucor Corp		50,763
	739,078		Nufarm Ltd		4,870
	69,794	*	Nyrstar NV		573
	1,540,274	e	OceanaGold Corp		4,486
	18,572	*,e	OCI Co LTD		1,208
	65,567	*	OCI NV		1,144
	21,387		Oeneo S.A.		178
	862,143		OJI Paper Co Ltd		3,506
	38,000		Okamoto Industries, Inc		350
	6,104,879		Olin Corp		156,346
	19,944		Olympic Steel, Inc		483
	61,849		Omnia Holdings Ltd		833
	273,629	*	Omnova Solutions, Inc		2,736
	297,252		Orica Ltd		3,778
	74,496		Orient Cement Ltd		135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	367,000		Oriental Union Chemical Corp	$	262
	147,065	*,e	Orocobre Ltd		477
	2,443,806		Orora Ltd		5,255
	11,800		Osaka Steel Co Ltd		218
	82,709		Osisko Gold Royalties Ltd		806
	507,328	*	Outokumpu Oyj		4,517
	125,596	*,e	Outotec Oyj		657
	552,571	*	Owens-Illinois, Inc		9,620
	631,984		Oxiana Ltd		3,571
	128,507	*	Pacific Metals Co Ltd		408
	11,200		Pack Corp		250
	364,464		Packaging Corp of America		30,914
	787,400		Pact Group Holdings Ltd		3,826
	195,692		Pan American Silver Corp		2,951
	110,196	e	Papeles y Cartones de Europa S.A.		607
	847,883		Petkim Petrokimya Holding		888
	667,379	*,e	Petra Diamonds Ltd		1,281
	3,044,316		Petronas Chemicals Group BHD		4,737
	105,657		PH Glatfelter Co		2,524
	133,154	e	PhosAgro OAO (ADR)		2,031
	82,833		PI Industries Ltd		1,012
	800,819	*,e	Pilbara Minerals Ltd		289
	436,034	*,e	Platform Specialty Products Corp		4,277
	224,043		PolyOne Corp		7,178
	6,858		Poongsan		275
	95,880		Poongsan Corp		3,208
	993,344		Portucel Empresa Produtora de Pasta e Papel S.A.		3,414
	137,056		POSCO		29,099
	83,195		POSCO Refractories & Environment Co Ltd		825
	874,170		Potash Corp of Saskatchewan		15,815
	5,152,089		PPC Ltd		2,075
	620,912		PPG Industries, Inc		58,838
	633,270		Praxair, Inc		74,213
	161,431	*	Premier Gold Mines Ltd		308
	979,440		Press Metal BHD		347
	129,872	*,e	Pretium Resources, Inc		1,076
	137,471	*,e	Primero Mining Corp		109
	114,968	*	Prism Cement Ltd		130
	7,429,704	*	PT Aneka Tambang Tbk		491
	1,371,000		PT Holcim Indonesia Tbk		91
	1,574,343		PT Indocement Tunggal Prakarsa Tbk		1,793
	3,339,598	*	PT Krakatau Steel Tbk		190
	8,218,300	*,m	PT Sekawan Intipratama Tbk		0	^
	2,481,000		PT Semen Baturaja Persero Tbk		513
	3,435,538		PT Semen Gresik Persero Tbk		2,331
	2,661,657		PT Timah Tbk		211
	2,248,200		PT Wijaya Karya Beton Tbk		137
	2,340,077		PTT Global Chemical PCL (Foreign)		4,103
	16,169	*	Qatar National Cement Co		382
	27,678	*	Qatari Investors Group		445
	50,284		Quaker Chemical Corp		6,433
	18,994		Rallis India Ltd		54
	82,951		Randgold Resources Ltd		6,373
	91,621	e	Rayonier Advanced Materials, Inc		1,416
	65,226	*	Real Industry, Inc		398
	1,457,547		Regis Resources Ltd		3,065

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	206,023		Reliance Steel & Aluminum Co	$	16,387
	904,167		Rengo Co Ltd		4,910
	23,560	*	Resolute Forest Products		126
	593,447		Resolute Mining Ltd		540
	66,200		RHI AG.		1,686
	52,808	*	Richmont Mines, Inc		343
	487,400		Rio Tinto Ltd		20,881
	1,502,911		Rio Tinto plc		57,378
	61,724	*	Royal Bafokeng Platinum Ltd		160
	169,105		Royal Gold, Inc		10,713
	300,322	*	RPC Group plc		3,937
	140,765		RPM International, Inc		7,577
	77,335	*	Ryerson Holding Corp		1,032
	15,350		Sa des Ciments Vicat		932
	75,000		Sakai Chemical Industry Co Ltd		250
	95,000		Sakata INX Corp		1,171
	173,739	e	Salzgitter AG.		6,096
	2,393		Sam Kwang Glass Ind Co Ltd		133
	18,209		Samsung Fine Chemicals Co Ltd		462
	454,651		San Fang Chemical Industry Co Ltd		498
	506,402		Sandfire Resources NL		2,050
	117,664	*	Sandstorm Gold Ltd		462
	35,000		Sanyo Chemical Industries Ltd		1,492
	403,000		Sanyo Special Steel Co Ltd		1,901
	1,532,823	*	Sappi Ltd		9,999
	606,434	*	Saracen Mineral Holdings Ltd		425
	246,677		Satipel Industrial S.A.		515
	113,622		Scapa Group plc		469
	319,412	*,e	Schmolz + Bickenbach AG.		213
	92,140		Schnitzer Steel Industries, Inc (Class A)		2,368
	209,399		Schweitzer-Mauduit International, Inc		9,534
	487,800		Scientex BHD		728
	217,451		Scotts Miracle-Gro Co (Class A)		20,777
	34,994	*,e	Seabridge Gold, Inc		288
	59,331		Seah Besteel Corp		1,254
	17,271		SeAH Steel Corp		1,324
	338,507		Sealed Air Corp		15,348
	853,700		Sekisui Plastics Co Ltd		5,948
	1,230,956	*	SEMAFO, Inc		4,052
	35,803		Semapa-Sociedade de Investimento e Gestao		505
	96,704		Sensient Technologies Corp		7,599
	2,533,602	*	Sesa Sterlite Ltd		7,991
	731,883		Severstal (GDR)		11,031
	32,481	g	SH Kelkar & Co Ltd		148
	1,390,000		Shandong Chenming Paper Holdings Ltd		1,424
	1,836,229		Shandong Chenming Paper Holdings Ltd (Class B)		1,822
	280,600	*	Shanghai Chlor-Alkali Chemical Co Ltd		223
	30,387	*	Shanghai Yaohua Pilkington Glass Co Ltd		22
	18,464		Sharda Cropchem Ltd		121
	706,000		Sheen Tai Holdings Grp Co Ltd		65
	264,926		Sherwin-Williams Co		71,196
	27,000		Shikoku Chemicals Corp		245
	11,666	*	Shine Co Ltd		217
	693,971		Shin-Etsu Chemical Co Ltd		53,706
	86,000		Shin-Etsu Polymer Co Ltd		671
	2,803,032		Shinkong Synthetic Fibers Corp		786

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,534,000	*,e	Shougang Concord International Enterprises Co Ltd	$	116
	130,800		Showa Denko KK		1,868
	14,195		Shree Cement Ltd		3,073
	1,129,925		Siam Cement PCL (Foreign)		15,683
	975,423		Sibanye Gold Ltd		1,752
	177,117		Sidi Kerir Petrochemcials Co		167
	4,726		Sika AG.		22,675
	92,594		Silgan Holdings, Inc		4,739
	142,264	*	Silver Standard Resources, Inc		1,273
	919,064		Silver Wheaton Corp		17,756
	652,035		Silvercorp Metals, Inc		1,520
	244,129		Sims Group Ltd		2,244
	1,930,000	e	Sinofert Holdings Ltd		260
	14,304,674		Sinopec Shanghai Petrochemical Co Ltd		7,721
	3,192,330	*,e	Sirius Minerals plc		757
	27,144		SK Chemicals Co Ltd		1,504
	100,046		SKC Co Ltd		2,729
	12,081		SKCKOLONPI, Inc		140
	407,184		Smurfit Kappa Group plc		9,325
	289,626		Sociedad Quimica y Minera de Chile S.A. (ADR)		8,298
	106,870		Sociedad Quimica y Minera de Chile S.A. (Class B)		3,046
	440,560		Soda Sanayii AS		661
	5,232		SODIFF Advanced Materials Co Ltd		775
	287,478	*,m	Solar Applied Materials Technology Co		0	^
	37,357		Solvay S.A.		4,367
	13,920		Songwon Industrial Co Ltd		197
	98,505		Sonoco Products Co		5,191
	223,172	*	South Valley Cement		64
	8,925,464		South32 Ltd		17,570
	13,152	e	South32 Ltd (W/I)		26
	679,419	e	Southern Copper Corp (NY)		21,701
	181,982	*,e	Ssab Svenskt Stal AB (Series A)		687
	465,137	*	Ssab Svenskt Stal AB (Series B)		1,464
	31,524	*	Ssangyong Cement Industrial Co Ltd		386
	440,065	*,e	St Barbara Ltd		636
	1,064,282		Steel Dynamics, Inc		37,867
	8,700	e	Stella Chemifa Corp		232
	122,270		Stella-Jones, Inc		3,969
	72,040		Stepan Co		5,870
	286,508	*	Stillwater Mining Co		4,616
	2,208		STO AG.		216
	710,272		Stora Enso Oyj (R Shares)		7,598
	322,506	*	Stornoway Diamond Corp		240
	1,176,221		Sumitomo Bakelite Co Ltd		6,578
	2,572,511		Sumitomo Chemical Co Ltd		12,195
	641,437		Sumitomo Metal Mining Co Ltd		8,183
	1,112,193		Sumitomo Osaka Cement Co Ltd		4,191
	7,400		Sumitomo Seika Chemicals Co Ltd		290
	18,012	*,e	Sumitomo Titanium Corp		249
	167,849	*	Summit Materials, Inc		3,993
	257,868	*	SunCoke Energy, Inc		2,924
	2,444,500	*,e,m	Superb Summit International Group Ltd		32
	9,502,100	*	Superblock PCL-Foreign		403
	91,641		Supreme Industries Ltd		1,225
	885,388		Suzano Papel e Celulose S.A.		3,866
	100,073		Symrise AG.		6,080

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	257,411		Syngenta AG.	$	101,704
	68,944		Synthos S.A.		75
	189,228	*,e	Syrah Resources Ltd		415
	672,780		Ta Ann Holdings BHD		592
	522,531		TA Chen Stainless Pipe		283
	513		Taekwang Industrial Co Ltd		402
	744,003		Tahoe Resources, Inc		7,009
	837,533		Tahoe Resources, Inc (Toronto)		7,891
	1,090,340		Taiheiyo Cement Corp		3,437
	3,698,728		Taiwan Cement Corp		4,020
	845,960		Taiwan Fertilizer Co Ltd		1,052
	167,725		Taiwan Hon Chuan Enterprise Co Ltd		274
	2,446,329		Taiwan Styrene Monomer		1,507
	13,300		Taiyo Ink Manufacturing Co Ltd		516
	237,536		Taiyo Nippon Sanso Corp		2,744
	11,800		Takasago International Corp		312
	45,000	e	Takiron Co Ltd		199
	758,654		Tata Steel Ltd		4,350
	39,063		Technosemichem Co Ltd		1,950
	1,259,646		Teck Cominco Ltd		25,209
	520,771	e	Teck Resources Ltd		10,431
	1,557,701		Teijin Ltd		31,474
	34,600	e	Tenma Corp		593
	72,417	*,e	TerraVia Holdings, Inc		83
	25,731	*	Tessenderlo Chemie NV		940
	302,415	e	TFS Corp Ltd		362
	289,020	e	ThyssenKrupp AG.		6,866
	245,241	*,e	TimkenSteel Corp		3,796
	59,237		Titan Cement Co S.A.		1,389
	285,900		Toagosei Co Ltd		2,806
	27,800	e	Toho Titanium Co Ltd		186
	109,000		Toho Zinc Co Ltd		420
	163,000		Tokai Carbon Co Ltd		525
	8,100		Tokushu Tokai Holdings Co Ltd		274
	411,000	*	Tokuyama Corp		1,556
	32,800		Tokyo Ohka Kogyo Co Ltd		1,103
	45,079		Tokyo Rope Manufacturing Co Ltd		756
	213,300		Tokyo Steel Manufacturing Co Ltd		1,628
	607,750		Ton Yi Industrial Corp		261
	172,212	b	Tong Yang Major Corp		425
	1,632,000	*	Tongfang Kontafarma Holdings Ltd		143
	28,411	*	Tongyang Cement & Energy Corp		73
	56,800		Topy Industries Ltd		1,460
	342,490		Toray Industries, Inc		2,766
	111,984	*	Torex Gold Resources, Inc		1,734
	1,088,000		Tosoh Corp		7,675
	467,000		Toyo Ink Manufacturing Co Ltd		2,131
	38,900		Toyo Kohan Co Ltd		123
	120,141		Toyo Seikan Kaisha Ltd		2,234
	7,087,676		Toyobo Co Ltd		10,534
	47,003	*	Trecora Resources		651
	91,443		Tredegar Corp		2,195
	123,558		Trinseo S.A.		7,327
	503,540		Tronox Ltd		5,191
	457,000		TSRC Corp		467
	84,805		Tubacex S.A.		243

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,683,000		Tung Ho Steel Enterprise Corp	$	1,102
	1,957,638	*	Turquoise Hill Resources Ltd		6,284
	1,800,647		UBE Industries Ltd		3,763
	15,401	*	UFP Technologies, Inc		392
	124,058		Ultra Tech Cement Ltd		5,926
	106,576		Umicore		6,063
	13,284		Unid Co Ltd		492
	605,963	*	United Phosphorus Ltd		5,761
	5,614		United States Lime & Minerals, Inc		425
	1,319,211		United States Steel Corp		43,547
	495,065		Universal Cement Corp		378
	1,782,532		UPC Technology Corp		688
	1,910,994		UPM-Kymmene Oyj		46,734
	30,275	*,e	US Concrete, Inc		1,983
	487,870		USI Corp		239
	380,800	*	Usinas Siderurgicas de Minas Gerais S.A. (Preference)		475
	2,088,344		Vale S.A.		16,389
	2,095,026		Vale S.A. (Preference)		14,935
	58,119	e	Valhi, Inc		201
	50,459		Valspar Corp		5,228
	47,200		Valvoline, Inc		1,015
	537,065		Vedanta Resources plc		5,763
	221,720		Victrex plc		5,272
	10,921		Vinati Organics Ltd		95
	127,650		Voestalpine AG.		4,992
	75,078		Vulcan Materials Co		9,396
	215,372	e	Wacker Chemie AG.		22,353
	2,028,000	*,e	West China Cement Ltd		227
	213,779	e	West Fraser Timber Co Ltd		7,644
	209,403	*,e	Western Areas NL		460
	852,890		Western Forest Products, Inc		1,201
	151,833	*,e	Westgold Resources Ltd		181
	170,662		Westlake Chemical Corp		9,555
	600,345		WestRock Co		30,480
	4,718,310		Wienerberger AG.		81,926
	40,323	e	Winpak Ltd		1,364
	2,848	*	Wonik Materials Co Ltd		158
	168,964		Worthington Industries, Inc		8,016
	962,476		WR Grace & Co		65,102
	164,200	e	W-Scope Corp		2,460
	604,000	*	Xinjiang Xinxin Mining Industry Co Ltd		77
	778,577	e	Yamana Gold, Inc		2,186
	83,400		Yamato Kogyo Co Ltd		2,326
	190,320		Yara International ASA		7,487
	67,573		Yeong Guan Energy Technology Group Co Ltd		215
	265,100		Yeun Chyang Industrial Co Ltd		222
	747,577	*	Yieh Phui Enterprise		260
	944,170	m	Yingde Gases		348
	542,000		Yip’s Chemical Holdings Ltd		217
	72,400		Yodogawa Steel Works Ltd		1,887
	491	*	Yonwoo Co Ltd		16
	2,014,285		Yuen Foong Yu Paper Manufacturing Co Ltd		603
	632,051		Yule Catto & Co plc		2,980
	1,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		2
	39,071		Zaklady Azotowe w Tarnowie-Moscicach S.A.		585
	483,512		Zeon Corp		4,762

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	742,000	e	Zhaojin Mining Industry Co Ltd	$	628
	20,155		Zignago Vetro S.p.A.		117
	8,690,731		Zijin Mining Group Co Ltd		2,771
			TOTAL MATERIALS		5,618,128

MEDIA - 2.9%
	26,200	*,e	ABB ASEA BROWN BOVERI Ltd		196
	1,679,520		ABS-CBN Holdings Corp (ADR)		1,487
	25,500	e	Adways, Inc		107
	122,888		Aimia, Inc		813
	13,297,467	*,e	Alibaba Pictures Group Ltd		2,153
	291,497	*	Altice NV (Class A)		5,769
	131,310	*	Altice NV (Class B)		2,613
	93,875	e	AMC Entertainment Holdings, Inc		3,159
	671,284	*	AMC Networks, Inc		35,135
	9,000	*	Amuse, Inc		138
	77,170		Antena 3 de Television S.A.		842
	2,351		APG SGA S.A.		1,032
	248,667	*	APN News & Media Ltd		508
	153,687	e	APN Outdoor Group Ltd		654
	25,500		Asatsu-DK, Inc		617
	7,746,900		Asian Pay Television Trust		2,006
	1,363,670		Astro Malaysia Holdings BHD		790
	147,959		Avex Group Holdings, Inc		2,124
	43,139	e	Axel Springer AG.		2,092
	37,300		BEC World PCL (Foreign)		17
	110,937	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		126
	3,916,000	*	Big Media Group Ltd		214
	266,726		Borussia Dortmund GmbH & Co KGaA		1,476
	3,900	*,e	Brangista, Inc		71
	2,315		Cable One, Inc		1,439
	62,380	e	Cairo Communication S.p.A.		250
	2,640,647		CBS Corp (Class B)		167,998
	75,301	*	Central European Media Enterprises Ltd (Class A)		195
	190,100	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		485
	567,715	*	Charter Communications, Inc		163,457
	71,310		Cheil Communications, Inc		927
	248,167		Cinemark Holdings, Inc		9,520
	111,885	e	Cineplex Galaxy Income Fund		4,268
	448,296		Cineworld Group plc		3,116
	23,985		CJ CGV Co Ltd		1,394
	23,490		CJ E&M Corp		1,378
	21,669		CJ Hellovision Co Ltd		168
	58,630		Clear Channel Outdoor Holdings, Inc (Class A)		296
	13,314		Cogeco Communications, Inc		657
	18,758		Cogeco, Inc		792
	10,118,469		Comcast Corp (Class A)		698,680
	98,256		Corus Entertainment, Inc		922
	41,024		CTS Eventim AG.		1,292
	110,600	*	CyberAgent, Inc		2,723
	164,988	*	Cyfrowy Polsat S.A.		970
	32,000		Daiichikosho Co Ltd		1,263
	2,615	*,e	Daily Journal Corp		632
	696,598		Daily Mail & General Trust		6,671
	188,455		Dentsu, Inc		8,862

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	502,000	e	DHX Media Ltd	$	2,640
	5,490,000	*,e	Digital Domain Holdings Ltd		342
	653,504	*,e	Discovery Communications, Inc (Class A)		17,913
	527,094	*	Discovery Communications, Inc (Class C)		14,116
	676,888	*	DISH Network Corp (Class A)		39,212
	90,322		Entercom Communications Corp (Class A)		1,382
	277,094		Entertainment One Ltd		786
	181,792		Entravision Communications Corp (Class A)		1,273
	69,733	*,e	Eros International plc		910
	4,000,000	*	eSun Holdings Ltd		355
	119,285		Eutelsat Communications		2,307
	126,781	*	EW Scripps Co (Class A)		2,451
	8,934	*	Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		99
	354,000		Fuji Television Network, Inc		4,952
	314,668		Gannett Co, Inc		3,055
	657,137		Gestevision Telecinco S.A.		7,698
	121,128	*,e	Global Eagle Entertainment, Inc		783
	133,000	*	Gray Television, Inc		1,443
	2,696,927		Grupo Televisa S.A.		11,256
	104,875	*	Gruppo Editoriale L’Espresso S.p.A.		81
	147,301		Hakuhodo DY Holdings, Inc		1,814
	58,876	e	Harte-Hanks, Inc		89
	194,975		Havas S.A.		1,642
	30,868	*,e	Hemisphere Media Group, Inc		346
	850,000	*	Huanxi Media Group Ltd		284
	36,102		Hyundai Hy Communications & Network Co		124
	284,979	*	IBN18 Broadcast Ltd		152
	55,880	*	IHQ, Inc		86
	96,600	*,e,g	IMAX China Holding, Inc		472
	905,809	*	Imax Corp		28,442
	1,667,891		Informa plc		13,971
	7,223		Innocean Worldwide, Inc		340
	53,474	*	Inox Leisure Ltd		182
	3,523,001		Interpublic Group of Cos, Inc		82,473
	79,523		IPSOS		2,498
	224,036		ITE Group plc		426
	6,616,839		ITV plc		16,800
	158,411	*	Jagran Prakashan Ltd		418
	330,844		JC Decaux S.A.		9,728
	31,345	*	Jcontentree Corp		100
	1,965,278		John Fairfax Holdings Ltd		1,259
	126,082		John Wiley & Sons, Inc (Class A)		6,871
	378,689	*	Juventus Football Club S.p.A.		120
	70		Kabel Deutschland Holding AG.		8
	149,732		Kadokawa Dwango Corp		2,160
	17,105	e	Kinepolis Group NV		764
	19,615		KT Skylife Co Ltd		280
	63,164		Lagardere S.C.A.		1,753
	30,800	*,e	Lee Enterprises, Inc		89
	18,884	*	Liberty Braves Group (Class A)		387
	85,657	*	Liberty Braves Group (Class C)		1,764
	56,940	*	Liberty Broadband Corp (Class A)		4,126
	230,506	*	Liberty Broadband Corp (Class C)		17,074
	10,763	*	Liberty Global plc		320
	148,068	*	Liberty Global plc (Class A)		4,529
	135	*,e	Liberty Global plc LiLAC (Class A)		3

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	380	*	Liberty Global plc LiLAC (Class C)	$	8
	49,568	*	Liberty Media Group (Class A)		1,554
	127,951	*	Liberty Media Group (Class C)		4,009
	253,661	*	Liberty SiriusXM Group (Class A)		8,756
	476,270	*	Liberty SiriusXM Group (Class C)		16,155
	136,077	*,e	Lions Gate Entertainment Corp		3,660
	385,219	*,e	Lions Gate Entertainment Corp		9,453
	539,974	*	Live Nation, Inc		14,363
	76,441	*	Loen Entertainment, Inc		4,799
	26,759	*	Loral Space & Communications, Inc		1,098
	127,086		M6-Metropole Television		2,362
	43,081	*	Madison Square Garden Co		7,389
	383,300		Major Cineplex Group PCL-Foreign		350
	706,133	e	MDC Partners, Inc		4,625
	319,131	*	Media General, Inc		6,009
	1,954,800		Media Prima BHD		501
	656,203	e	Mediaset S.p.A.		2,826
	1,780,000	*	Mei Ah Entertainment Group Ltd		119
	111,445		Meredith Corp		6,592
	166,709		Modern Times Group AB (B Shares)		4,927
	277,863	*	MSG Networks, Inc		5,974
	127,200		Multiplus S.A.		1,318
	12,400,000	*	Nan Hai Corp Ltd		414
	2,900		Nasmedia Co Ltd		95
	840,084		Naspers Ltd (N Shares)		122,645
	207,350		National CineMedia, Inc		3,054
	151,831		New Media Investment Group, Inc		2,428
	262,425		New York Times Co (Class A)		3,490
	336,581		News Corp		3,857
	90,504		News Corp (Class B)		1,068
	64,003	e	Nexstar Broadcasting Group, Inc (Class A)		4,051
	40,200	e	Next Co Ltd		271
	11,583	*	Next Entertainment World Co Ltd		107
	729,932	e	Nine Entertainment Co Holdings Ltd		560
	256,094		Omnicom Group, Inc		21,796
	132,705		oOh!media Ltd		437
	464,506		Pearson plc		4,661
	1,440,000	e	Phoenix Satellite Television Holdings Ltd		242
	443,900		Plan B Media PCL		72
	79,700		Poly Culture Group Corp Ltd		194
	49,636	*,e	Promotora de Informaciones S.A.		274
	797,296		ProSiebenSat. Media AG.		30,690
	8,600		Proto Corp		99
	6,691,900		PT Global MediaCom Tbk		305
	4,838,738		PT Media Nusantara Citra Tbk		628
	198,130		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		1,176
	5,820,836		PT Surya Citra Media Tbk		1,204
	6,492,500	*	PT Visi Media Asia Tbk		144
	222,061		Publicis Groupe S.A.		15,301
	33,668	*	PVR Ltd		569
	204,615	e	Quebecor, Inc		5,687
	56,362	*,e	Radio One, Inc		163
	71,505	e,g	RAI Way S.p.A		269
	369	*	RCS MediaGroup S.p.A.		0	^
	86,803	e	REA Group Ltd		3,450

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,153	*	Reading International, Inc	$	700
	2,826,951		Reed Elsevier NV		47,549
	2,151,132		Reed Elsevier plc		38,334
	364,758	e	Regal Entertainment Group (Class A)		7,514
	407,000		RS PCL		89
	305,140		RTL Group		22,356
	8,641		Saga Communications, Inc		435
	22,518		Salem Communications		141
	137,451		Sanoma-WSOY Oyj		1,192
	36,431		SBS Media Holdings Co Ltd		81
	13,588		Schibsted ASA		311
	94,752		Schibsted ASA (B Shares)		2,005
	57,912		Scholastic Corp		2,750
	339,701		Scripps Networks Interactive (Class A)		24,244
	276,800	e	Septeni Holdings Co Ltd		947
	148,803		SES Global S.A.		3,274
	324,054		Shaw Communications, Inc (B Shares)		6,502
	73,000		Shochiku Co Ltd		810
	26,055		SHOWBOX Corp		121
	144,305		Sinclair Broadcast Group, Inc (Class A)		4,813
	1,222,901	e	Singapore Press Holdings Ltd		2,974
	128,198	e	Sirius XM Canada Holdings, Inc		485
	4,234,857	e	Sirius XM Holdings, Inc		18,845
	321,903	*	SITI Networks Ltd		181
	1,232,579		Sky Network Television Ltd		3,891
	748,600		Sky Perfect Jsat Corp		3,439
	2,082,476		Sky plc		25,387
	15,527	*	SM Entertainment Co		332
	4,844,000	e	SMI Holdings Group Ltd		442
	55,700		Smiles S.A.		765
	99,091	e	Societe Television Francaise 1		984
	2,013,478		Southern Cross Media Group		2,240
	23,624	e	Stroer Out-of-Home Media AG.		1,036
	120,334		Sun TV Network Ltd		870
	585,000		T4F Entretenimento S.A.		1,007
	180,951		TEGNA, Inc		3,871
	46,399	*	Telenet Group Holding NV		2,572
	702,843	e	Television Broadcasts Ltd		2,308
	165,217	*	Ten Network Holdings Ltd		110
	700,033		Thomson Corp		30,647
	4,330,625		Time Warner, Inc		418,035
	280,548		Time, Inc		5,008
	25,700		Toei Animation Co Ltd		1,325
	772,885		Toei Co Ltd		6,687
	84,423		Toho Co Ltd		2,382
	124,900		Tohokushinsha Film Corp		777
	181,000		Tokyo Broadcasting System, Inc		2,887
	27,224	*	Townsquare Media, Inc		283
	198,274		Tribune Co		6,936
	74,889	e	tronc, Inc		1,039
	43,600		TV Asahi Corp		859
	1,310,500	e	TV Azteca S.A. de C.V.		205
	2,372,428		Twenty-First Century Fox, Inc		66,523
	1,007,983		Twenty-First Century Fox, Inc (Class B)		27,468
	1,048,634		UBM plc		9,439
	161,646		Usen Corp		585

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,500		Vector, Inc	$	236
	1,475,400		VGI Global Media PCL		230
	451,000		VHQ Media Holdings Ltd		2,491
	18,487	e	Viacom, Inc		712
	2,316,330		Viacom, Inc (Class B)		81,303
	70,543		Village Roadshow Ltd		232
	2,517,600	*,e	Viva China Holdings Ltd		243
	470,197		Vivendi Universal S.A.		8,918
	4,905,117		Walt Disney Co		511,212
	2,592,784	e	West Australian Newspapers Holdings Ltd		1,502
	661,000	*,e	Wisdom Holdings Group		213
	21,412	*	Woongjin Thinkbig Co Ltd		164
	119,800		Workpoint Entertainment PCL		147
	103,364	e	World Wrestling Entertainment, Inc (Class A)		1,902
	5,700		Wowow, Inc		171
	1,138,311	e	WPP AUNZ Ltd		991
	3,578,344		WPP plc		79,630
	26,120	*	Yellow Pages Ltd		344
	9,492		YG Entertainment, Inc		222
	893,651	*	Zee Entertainment Enterprises Ltd		1,111
	903,425		ZEE Telefilms Ltd		6,013
	21,200		Zenrin Co Ltd		384
	18,700	*	ZIGExN Co Ltd		151
			TOTAL MEDIA		3,309,204

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
	1,459,500	*,e,g	3SBio, Inc		1,418
	15,348	*,e	AB Science S.A.		221
	4,349,294		AbbVie, Inc		272,353
	474,030		Abcam plc		4,475
	49,455	*,e	Ablynx NV		562
	201,789	*,e	Acadia Pharmaceuticals, Inc		5,820
	49,424	*,e	Accelerate Diagnostics, Inc		1,026
	58,281	*	Acceleron Pharma, Inc		1,487
	101,971	*,e	AcelRx Pharmaceuticals, Inc		265
	310,939	*,e	Achillion Pharmaceuticals, Inc		1,284
	172,990	*	Aclaris Therapeutics, Inc		4,695
	120,616	*	Acorda Therapeutics, Inc		2,268
	158,701		Actelion Ltd		34,297
	35,131	*,e	Adamas Pharmaceuticals, Inc		594
	53,806	e	Adcock Ingram Holdings Ltd		189
	3,819	*	Adocia		245
	75,562	*,e	Aduro Biotech, Inc		861
	78,965	*,e	Advaxis, Inc		565
	60,819	*,e	Adverum Biotechnologies, Inc		176
	97,858	*	Aerie Pharmaceuticals, Inc		3,704
	65,596	*,e	Aevi Genomic Medicine, Inc		340
	153,691	*,e	Agenus, Inc		633
	32,292	*,e	Agile Therapeutics, Inc		184
	1,477,166		Agilent Technologies, Inc		67,300
	64,614	*,e	Agios Pharmaceuticals, Inc		2,696
	59,587	*	Aimmune Therapeutics, Inc		1,219
	38,728		Ajanta Pharma Ltd		1,014
	79,559	*	Akebia Therapeutics, Inc		828
	418,549	*	Akorn, Inc		9,137

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,508	*,e	Albany Molecular Research, Inc	$	1,041
	106,822	*,e	Alder Biopharmaceuticals, Inc		2,222
	86,371	*	Alembic Pharmaceuticals Ltd		756
	1,284,062	*	Alexion Pharmaceuticals, Inc		157,105
	4,829	e	ALK-Abello AS		628
	123,959	*	Alkermes plc		6,890
	1,686,468	*	Allergan plc		354,175
	60,527	*,e	Alnylam Pharmaceuticals, Inc		2,266
	107,117	*,e	AMAG Pharmaceuticals, Inc		3,728
	1,824,817		Amgen, Inc		266,806
	6,848		Amicogen, Inc		252
	301,651	*,e	Amicus Therapeutics, Inc		1,499
	104,520	*	Amphastar Pharmaceuticals, Inc		1,925
	109,013	*,e	Ampio Pharmaceuticals, Inc		98
	146,342	*,e	Anavex Life Sciences Corp		580
	17,700	*,e	ANI Pharmaceuticals, Inc		1,073
	100,375	*,e	Anthera Pharmaceuticals, Inc		65
	88,451	*	Applied Genetic Technologies Corp		827
	139,982	*	Aptevo Therapeutics, Inc		342
	15,610	*,e	Aralez Pharmaceuticals, Inc		69
	252,954	*,e	Aratana Therapeutics, Inc		1,816
	67,511	*,e	Ardelyx, Inc		959
	514,097	*,e	Arena Pharmaceuticals, Inc		730
	35,935	*,e	Argos Therapeutics, Inc		176
	378,094	*,e	Ariad Pharmaceuticals, Inc		4,703
	624,548	*,e	Array Biopharma, Inc		5,490
	151,270	*,e	Arrowhead Research Corp		234
	173,242		Ascendis Health Ltd		322
	42,400		ASKA Pharmaceutical Co Ltd		617
	513,543		Aspen Pharmacare Holdings Ltd		10,579
	3,572,552		Astellas Pharma, Inc		49,563
	53,502	e	Asterias Biotherapeutics, Inc		246
	5,130	*	AstraZeneca Pharma India Ltd		70
	877,811		AstraZeneca plc		47,935
	539,367	e	AstraZeneca plc (ADR)		14,735
	50,811	*,e	Atara Biotherapeutics, Inc		722
	8,348	*	ATGen Co Ltd		246
	222,225	*,e	Athersys, Inc		340
	11,866	*,e	Audentes Therapeutics, Inc		217
	490,693		Aurobindo Pharma Ltd		4,827
	15,842	*,e	Avexis, Inc		756
	54,988	*,e	Axovant Sciences Ltd		683
	28,468	*,e	Axsome Therapeutics, Inc		192
	10,183	*,e	Basilea Pharmaceutica		730
	26,354	*,e	Bavarian Nordic AS		927
	1,443,133		Bayer AG.		150,351
	484,000	e	Beijing Tong Ren Tang Chinese Medicine Co Ltd		652
	43,875	*,e	Bellicum Pharmaceuticals, Inc		598
	25,242	*	Binex Co Ltd		353
	114,432		Biocon Ltd		1,598
	306,281	*,e	BioCryst Pharmaceuticals, Inc		1,939
	81,150	*,e	BioDelivery Sciences International, Inc		142
	32,672		Biogaia AB (B Shares)		1,076
	688,450	*	Biogen Idec, Inc		195,231
	697,723	*	BioMarin Pharmaceutical, Inc		57,799
	200,544	*,e	Bio-Path Holdings, Inc		271

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,380	*	Bio-Rad Laboratories, Inc (Class A)	$	13,923
	30,810	*	Biospecifics Technologies Corp		1,716
	123,087		Bio-Techne Corp		12,657
	5,876		Biotest AG.		98
	15,712		Biotest AG. (Preference)		221
	133,071	*,e	BioTime, Inc		480
	238,038	*,e	Biovitrum AB		2,779
	117,429	*,e	Bluebird Bio, Inc		7,245
	42,801	*,e	Blueprint Medicines Corp		1,201
	13,228		Boiron S.A.		1,172
	20,447		Boryung Pharmaceutical Co Ltd		1,048
	4,501,796		Bristol-Myers Squibb Co		263,085
	276,643		Bruker BioSciences Corp		5,859
	327,874	*	BTG plc		2,381
	19,960		Bukwang Pharmaceutical Co Ltd		435
	158,513		Cadila Healthcare Ltd		831
	160,335	*	Cambrex Corp		8,650
	12,601	*	Camurus AB		161
	84,878	*,e	Canopy Growth Corp		578
	233,291	*,e	Cara Therapeutics Inc		2,167
	3,345		Caregen Co Ltd		227
	351,369	*	Catalent, Inc		9,473
	2,787,826	*,n	Celgene Corp		322,691
	5,217		Cell Biotech Co Ltd		210
	205,045	*,e	Celldex Therapeutics, Inc		726
	18,466	*,e	Cellectis S.A.		312
	13,492	*	Celltrion Pharm Inc		266
	90,483	*,e	Celltrion, Inc		8,025
	26,979	*,e	Cellular Biomedicine Group, Inc		353
	93,888	*,e	Cempra, Inc		263
	94,411		Center Laboratories, Inc		180
	224,545	*	Charles River Laboratories International, Inc		17,108
	75,193	*,e	ChemoCentryx, Inc		556
	86,147	*	Chimerix, Inc		396
	10,235,300	*,e,m	China Animal Healthcare Ltd		13
	5,188,900		China Medical System Holdings Ltd		8,192
	18,990,000	*,e	China Regenerative Medicine International Ltd		623
	739,000		China Shineway Pharmaceutical Group Ltd		836
	2,253		Chong Kun Dang Pharm Corp		128
	5,028		Chong Kun Dang Pharmaceutical Corp		434
	10,366		Choongwae Pharma Corp		451
	62,905	*,e	ChromaDex Corp		208
	208,600		Chugai Pharmaceutical Co Ltd		5,983
	29,197	*,e	Cidara Therapeutics, Inc		304
	409,119		Cipla Ltd		3,423
	2,302,000	e	CK Life Sciences International Holdings, Inc		204
	0	*	Clal Biotechnology Industries Ltd		0	^
	14,730	*,e	Clearside Biomedical, Inc		132
	78,428		Clinigen Group plc		686
	249,600	*,e	Clovis Oncology, Inc		11,087
	75,901	*	CMG Pharmaceutical Co Ltd		199
	7,100	e	CMIC Co Ltd		92
	256,752	*,e	Coherus Biosciences, Inc		7,228
	34,128	*,e	Collegium Pharmaceutical, Inc		531
	94,866	*	Concert Pharmaceuticals Inc		976
	773,000	e	Consun Pharmaceutical Group Ltd		384

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	263,571	*,e	Corcept Therapeutics, Inc	$	1,914
	5,011	*,e	Corvus Pharmaceuticals, Inc		72
	5,545		COSMO Pharmaceuticals NV		922
	17,373	*	CrystalGenomics, Inc		244
	567,896		CSL Ltd		41,070
	11,061,961		CSPC Pharmaceutical Group Ltd		11,779
	462,043	*	Curis, Inc		1,423
	72,507	*,e	Cytokinetics, Inc		881
	50,686	*,e	CytomX Therapeutics, Inc		557
	161,454	*,e	CytRx Corp		60
	9,826		Dae Hwa Pharmaceutical Co Ltd		189
	7,535	*	Daehan New Pharm Co Ltd		120
	49,454		Daewon Pharmaceutical Co Ltd		801
	7,689		Daewoong Co Ltd		280
	4,117		Daewoong Pharmaceutical Co Ltd		234
	880,755		Daiichi Sankyo Co Ltd		17,984
	1,204,000	e	Dawnrays Pharmaceutical Holdings Ltd		722
	14,420	*,e	DBV Technologies S.A.		1,005
	225,171	*,e	Depomed, Inc		4,058
	77,247	*	Dermira, Inc		2,343
	38,519	*,e	Dimension Therapeutics, Inc		168
	149,958		Dishman Pharmaceuticals & Chemicals Ltd		476
	118,068		Divi S Laboratories Ltd		1,360
	14,796		Dong-A Pharmaceutical Co Ltd		1,914
	3,355		Dong-A ST Co Ltd		292
	25,746		DongKook Pharmaceutical Co Ltd		1,222
	170,308		Dr Reddy’s Laboratories Ltd		7,688
	330,277	*,e	Durect Corp		443
	73,777	*,e	Dynavax Technologies Corp		291
	19,258	*,e	Eagle Pharmaceuticals, Inc		1,528
	33,994	*,e	Edge Therapeutics, Inc		425
	15,367	*,e	Editas Medicine, Inc		249
	50,570	*,e	Egalet Corp		387
	8,089	*	Eiger BioPharmaceuticals, Inc		94
	276,461		Eisai Co Ltd		15,843
	4,219,286		Eli Lilly & Co		310,328
	70,371	*	Emergent Biosolutions, Inc		2,311
	35,805	*	Enanta Pharmaceuticals, Inc		1,199
	708,233	*	Endo International plc		11,665
	103,789	*,e	Endocyte, Inc		265
	287,710	*	Enzo Biochem, Inc		1,997
	84,692	*,e	Epizyme, Inc		1,025
	25,400		EPS Co Ltd		296
	29,216	*,e	Esperion Thereapeutics, Inc		366
	11,069		Eurofins Scientific		4,716
	91,112	*	Evotec AG.		712
	252,207	*,e	Exact Sciences Corp		3,369
	1,063,352	*	Exelixis, Inc		15,855
	481,865		Faes Farma S.A. (Sigma)		1,701
	81,352		FDC Ltd		264
	231,960	*	FibroGen, Inc		4,964
	154,876	*,e	Five Prime Therapeutics, Inc		7,761
	26,993	*	Flex Pharma, Inc		143
	64,428	*,e	Flexion Therapeutics Inc		1,225
	62,482	*,e	Fluidigm Corp		455
	85,866	*,e	Fortress Biotech, Inc		232

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,046	*,e	Foundation Medicine, Inc	$	496
	33,394	*	Galapagos NV		2,139
	25,350	*,e	Galena Biopharma, Inc		49
	8,794	*	Genexine Co Ltd		314
	22,497	*,e	Genfit		496
	73,048	*	Genmab AS		12,101
	54,505	*	Genomic Health, Inc		1,602
	706,400	*,e	Genomma Lab Internacional S.A. de C.V.		733
	4,050,000	*,e	Genscript Biotech Corp		1,923
	87,940		Genus plc		1,946
	318,543	*,e	Geron Corp		659
	30,463		Gerresheimer AG.		2,259
	3,252,332		Gilead Sciences, Inc		232,899
	12,326,779		GlaxoSmithKline plc		236,779
	157,132		Glenmark Pharmaceuticals Ltd		2,052
	77,393	*,e	Global Blood Therapeutics, Inc		1,118
	23,615	*,e	GlycoMimetics Inc		144
	46,785	*	Granules India Ltd		74
	5,243		Green Cross Corp		681
	21,190		Green Cross Holdings Corp		417
	86,679		Grifols S.A.		1,721
	36,572	*,m	GW Pharmaceuticals plc		341
	1,772,125	*	H Lundbeck AS		71,950
	230,756	*,e	Halozyme Therapeutics, Inc		2,280
	21,776	*	Han All Pharmarceutical Co		236
	3,997		Handok Pharmaceuticals Co Ltd		87
	14,465		Hanmi Holdings Co Ltd		729
	5,944		Hanmi Pharm Co Ltd		1,499
	7,900	*,e	HEALIOS KK		146
	67,903	*,e	Heron Therapeutics, Inc		890
	29,622	*	Heska Corp		2,121
	133,373	e	Hikma Pharmaceuticals plc		3,109
	101,039		Hisamitsu Pharmaceutical Co, Inc		5,047
	369,030	*	Horizon Pharma plc		5,971
	11,004,062	e,m	Hua Han Bio-Pharmaceutical Holdings Ltd		759
	2,098	*	Hugel, Inc		556
	4,327		Humedix Co Ltd		120
	3,225	*	Huons Co Ltd		170
	30,911	*,e	Hutchison China MediTech Ltd		865
	230,040	*,e	Idera Pharmaceuticals, Inc		345
	102,513	*	Ignyta, Inc		543
	51,275	*	Il Dong Pharmaceutical Co Ltd		804
	367,503	*	Illumina, Inc		47,055
	11,892	*	Ilyang Pharmaceutical Co Ltd		409
	29,854	*,e	Immune Design Corp		164
	197,499	*,e	Immunogen, Inc		403
	208,729	*,e	Immunomedics, Inc		766
	192,080	*	Impax Laboratories, Inc		2,545
	196,569	*	INC Research Holdings, Inc		10,340
	519,805	*	Incyte Corp		52,121
	2,305,061		Indivior plc		8,399
	19,038		Indoco Remedies Ltd		73
	229,092	*,e	Infinity Pharmaceuticals, Inc		309
	34,804	*,e	Innate Pharma S.A.		534
	174,508	*,e	Innoviva, Inc		1,867
	42,184	*,e	Inotek Pharmaceuticals Corp		257

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	143,882	*,e	Inovio Pharmaceuticals, Inc	$	999
	177,606	*,e	Insmed, Inc		2,350
	46,727	*,e	Insys Therapeutics, Inc		430
	20,477	*,e	Intellia Therapeutics, Inc		268
	50,121	*,e	Intercept Pharmaceuticals, Inc		5,446
	74,700	*	Intersect ENT, Inc		904
	85,631	*,e	Intra-Cellular Therapies, Inc		1,292
	114,834	*,e	Intrexon Corp		2,790
	10,226	*	iNtRON Biotechnology, Inc		258
	75,588	*,e	Invitae Corp		600
	250,773	*,e	Ionis Pharmaceuticals, Inc		11,994
	63,841	*	Ipca Laboratories Ltd		500
	299,099		Ipsen		21,611
	275,364	*,e	Ironwood Pharmaceuticals, Inc		4,210
	13,100	*,e	Japan Tissue Engineering Co Lt		162
	220,063	*	Jazz Pharmaceuticals plc		23,993
	22,296		JB Chemicals & Pharmaceuticals Ltd		115
	11,400		JCR Pharmaceuticals Co Ltd		277
	13,387		Jeil Pharmaceutical Co		892
	8,452,786	n	Johnson & Johnson		973,845
	130,136		Jubilant Organosys Ltd		1,208
	122,126	*,e	Juno Therapeutics, Inc		2,302
	75,237		JW Holdings Corp		551
	25,455	*	JW Shinyak Corp		171
	16,220	*,e	Kadmon Holdings, Inc		87
	48,800		Kaken Pharmaceutical Co Ltd		2,584
	53,479	*,e	Karyopharm Therapeutics, Inc		503
	168,083	*,e	Keryx Biopharmaceuticals, Inc		985
	118,600		Kissei Pharmaceutical Co Ltd		2,949
	108,976	*,e	Kite Pharma, Inc		4,886
	155,389	*	Knight Therapeutics, Inc		1,243
	4,171		Kolon Life Science, Inc		405
	56,693	*	Komipharm International Co Ltd		1,640
	32,851		Korea United Pharm Inc		502
	160,515		Kwang Dong Pharmaceutical Co Ltd		1,131
	61,536		Kyongbo Pharmaceutical Co Ltd		709
	97,636		Kyorin Co Ltd		2,089
	367,691		Kyowa Hakko Kogyo Co Ltd		5,072
	5,204		Kyungdong Pharm Co Ltd		79
	30,344	*,e	La Jolla Pharmaceutical Co		532
	51,735		Laboratorios Almirall S.A.		803
	58,876	*,e	Lannett Co, Inc		1,298
	620,000	e	Lee’s Pharmaceutical Holdings Ltd		501
	194,538	*,e	Lexicon Pharmaceuticals, Inc		2,690
	10,384	*,m	LG Life Sciences Ltd		581
	47,183	*,e	Ligand Pharmaceuticals, Inc (Class B)		4,794
	14,500	*,e	Linical Co Ltd		155
	115,792	*,e	Lion Biotechnologies, Inc		805
	41,590	*,e	Lipocine, Inc		153
	175,770		Livzon Pharmaceutical Group, Inc		1,025
	318,764		Lonza Group AG.		55,092
	34,000	*	Lotus Pharmaceutical Co Ltd		63
	27,900	*,e	Loxo Oncology, Inc		896
	106,423	*	Luminex Corp		2,153
	407,972		Lupin Ltd		8,916
	1,089,500	e	Luye Pharma Group Ltd		645

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,199	*	Macrogen, Inc	$	196
	67,082	*	MacroGenics, Inc		1,371
	218,465	*,e	Mallinckrodt plc		10,884
	393,955	*,e	MannKind Corp		251
	175,620		Marksans Pharma Ltd		103
	1,464,848	*,e	Mayne Pharma Group Ltd		1,417
	152,734	*,e	Medicines Co		5,184
	65,272	*,e	MediciNova, Inc		394
	91,918	*	Medigen Biotechnology Corp		226
	107,142	*	Medpace Holdings, Inc		3,865
	6,804		Medy-Tox, Inc		2,002
	259,100		Mega Lifesciences PCL		183
	9,048,530		Merck & Co, Inc		532,687
	193,368		Merck KGaA		20,134
	5,048,440	*,e	Merrimack Pharmaceuticals, Inc		20,598
	488,401	*,e	Mesoblast Ltd		503
	63,708	*	Mettler-Toledo International, Inc		26,666
	221,906	*,e	MiMedx Group, Inc		1,966
	39,210	*,e	Minerva Neurosciences, Inc		461
	52,840	*,e	Mirati Therapeutics, Inc		251
	10,800		Mochida Pharmaceutical Co Ltd		748
	14,111	*	Molecular Partners AG.		344
	140,449	*	Momenta Pharmaceuticals, Inc		2,114
	22,430	*,e	Morphosys AG.		1,148
	825,854	*	Mylan NV		31,506
	32,748	*	MyoKardia, Inc		424
	19,116	*,e	Myovant Sciences Ltd		238
	145,388	*,e	Myriad Genetics, Inc		2,424
	32,900	*,e	NanoCarrier Co Ltd		249
	59,158	*	NanoString Technologies, Inc		1,319
	40,490	*,e	NantKwest, Inc		232
	90,029		Natco Pharma Ltd		767
	62,269	*,e	Natera, Inc		729
	13,627	*	Naturalendo Tech Co Ltd		198
	341,505	*	Nektar Therapeutics		4,190
	113,262	*,e	NeoGenomics, Inc		971
	34,583	*,e	Neos Therapeutics, Inc		202
	148,130	*	Neurocrine Biosciences, Inc		5,733
	19,498	*,e	Neuroderm Ltd		433
	81,552	*,e	NewLink Genetics Corp		838
	13,341	*,e	Newron Pharmaceuticals S.p.A		263
	77,650		Nichi-iko Pharmaceutical Co Ltd		1,108
	66,400		Nippon Shinyaku Co Ltd		3,268
	8,351	*,e	Novan, Inc		226
	3,316,549		Novartis AG.		241,191
	701,195	*,e	Novavax, Inc		883
	2,504,118		Novo Nordisk AS		89,828
	120,000	*	OBI Pharma, Inc		1,056
	41,819	*,e	Ocular Therapeutix, Inc		350
	85,508	*,e	Omeros Corp		848
	45,988	*,e	OncoMed Pharmaceuticals, Inc		355
	115,800	*,e	OncoTherapy Science, Inc		266
	130,923	*	Oneness Biotech Co Ltd		139
	532,395	*	Ono Pharmaceutical Co Ltd		11,603
	117,337	*,e	Ophthotech Corp		567
	665,998	*,e	Opko Health, Inc		6,194

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	200,020	*,e	Organovo Holdings, Inc	$	678
	109,871		Orion Oyj (Class B)		4,882
	39,646	*,e	Osiris Therapeutics, Inc		195
	50,762	*	Otonomy, Inc		807
	627,648		Otsuka Holdings KK		27,341
	82,068		Ouro Fino Saude Animal Participacoes S.A.		706
	65,222	*,e	OvaScience, Inc		100
	171,111	*,e	Pacific Biosciences of California, Inc		650
	81,154	*,e	Pacira Pharmaceuticals, Inc		2,621
	1,782,786	*,e	Paion AG.		4,602
	57,961	*	Paratek Pharmaceuticals, Inc		893
	149,616	*,e	Parexel International Corp		9,833
	80,028	*	Patheon NV		2,298
	362,706		PDL BioPharma, Inc		769
	69,300	*,e	PeptiDream, Inc		3,591
	4,383	*	Peptron, Inc		142
	296,946		PerkinElmer, Inc		15,486
	211,435		Perrigo Co plc		17,598
	103,303	*	Pfenex, Inc		937
	17,562		Pfizer Ltd		472
	19,061,772		Pfizer, Inc		619,126
	141,706	*,e	Pharma Mar S.A.		403
	3,437		PHARMA RESEARCH PRODUCTS Co Ltd		115
	62,229		PharmaEngine Inc		350
	131,000	*	PharmaEssentia Corp		656
	220,000		Pharmally International Holding Co Ltd		2,893
	160,035	*	PharmAthene, Inc		520
	79,883		Phibro Animal Health Corp		2,341
	125,036		Piramal Healthcare Ltd		2,989
	179,011	*	Portola Pharmaceuticals, Inc		4,017
	122,557	*	PRA Health Sciences, Inc		6,755
	203,228	*,e	Prestige Brands Holdings, Inc		10,588
	15,803		Probi AB		824
	150,855	*,e	Progenics Pharmaceuticals, Inc		1,303
	—	*,e	Prometic Life Sciences, Inc		0	^
	502,715	*	ProMetic Life Sciences, Inc		835
	18,058	*	Protagonist Therapeutics, Inc		397
	21,839	*	Proteostasis Therapeutics, Inc		268
	90,958	*,e	Prothena Corp plc		4,474
	53,633,831		PT Kalbe Farma Tbk		6,011
	68,448	*,e	PTC Therapeutics, Inc		747
	85,212	*	Puma Biotechnology, Inc		2,616
	183,466	*,e	Qiagen NV		5,141
	371,529	*	Qiagen NV (NASDAQ)		10,410
	641,009	*	Quintiles Transnational Holdings, Inc		48,749
	3,978	*	Ra Pharmaceuticals, Inc		60
	68,566	*,e	Radius Health, Inc		2,608
	12,842	*,e	Reata Pharmaceuticals, Inc		280
	53,094		Recipharm AB		705
	372,837		Recordati S.p.A.		10,565
	163,267	*,e	Regeneron Pharmaceuticals, Inc		59,934
	44,082	*	REGENXBIO, Inc		818
	93,420	*,e	Regulus Therapeutics, Inc		210
	83,523	*	Repligen Corp		2,574
	189,304	*	Retrophin, Inc		3,584
	44,390	*,e	Revance Therapeutics, Inc		919

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,906		Reyon Pharmaceutical Co Ltd	$	94
	119,567		Richter Gedeon Rt		2,526
	416,843	*	Rigel Pharmaceuticals, Inc		992
	1,214,898		Roche Holding AG.		276,939
	80,600		Rohto Pharmaceutical Co Ltd		1,264
	80,685	*,e	Sage Therapeutics, Inc		4,120
	26,918		Samjin Pharmaceutical Co Ltd		772
	28,564	*	Samsung Biologics Co Ltd		3,571
	13,600	*,e	SanBio Co Ltd		149
	149,134	*,e	Sangamo Biosciences, Inc		455
	8,685		Sanofi India Ltd		550
	2,112,193		Sanofi-Aventis		170,803
	365,838		Santen Pharmaceutical Co Ltd		4,464
	4,419	*,e	Santhera Pharmaceutical Holding AG.		229
	173,600	*,e	Sarepta Therapeutics, Inc		4,762
	60,800		Sawai Pharmaceutical Co Ltd		3,259
	68,684	*	Schnell Biopharmaceuticals, Inc		222
	184,537	*	Sciclone Pharmaceuticals, Inc		1,993
	219,847		Scinopharm Taiwan Ltd		263
	326,003	*,e	Seattle Genetics, Inc		17,203
	115,442	*	Seegene, Inc		3,333
	1,057,200		Seikagaku Corp		15,626
	4,783	*,e	Selecta Biosciences, Inc		82
	69,711	*	Sequent Scientific Ltd		113
	82,906	*,e	Seres Therapeutics, Inc		821
	376,000	e	Shandong Luoxin Pharmacy Stock Co Ltd		512
	748,000		Shandong Xinhua Pharmaceutical Co Ltd		503
	211,200		Shanghai Dingli Technology Dev		168
	471,751	e	Shanghai Fosun Pharmaceutical Group Co Ltd		1,440
	159,000	e	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		132
	36,200	e,g	Shanghai Haohai Biological Technology Co Ltd		176
	49,700		Shanghai Shenqi Pharmaceutical Investment Management Co Ltd		80
	19,886		Shilpa Medicare Ltd		202
	526,179		Shionogi & Co Ltd		25,148
	1,331,487		Shire Ltd		76,027
	271,619		Shire plc (ADR)		46,278
	2,849		Siegfried Holding AG.		595
	5,956,000		Sihuan Pharmaceutical Holdings		1,654
	6,511,205		Sino Biopharmaceutical		4,566
	55,921	e	Sirtex Medical Ltd		570
	976,029	*,m	Skyline Venture Fund III Ltd		10
	89,004	*,e	Sorrento Therapeutics, Inc		436
	16,300	*	Sosei Group		1,866
	41,030	*,e	Spark Therapeutics, Inc		2,047
	161,619	*	Spectrum Pharmaceuticals, Inc		716
	5,019,703	e	SSY Group Ltd		1,595
	6,956	*	ST Pharm Co Ltd		258
	188,234	e	Stada Arzneimittel AG.		9,725
	2,694	*	Stallergenes Greer plc		88
	42,143	*,e	Stemline Therapeutics, Inc		451
	53,043		Strides Arcolab Ltd		827
	146,745	*,e	Sucampo Pharmaceuticals, Inc (Class A)		1,988
	611,049		Sumitomo Dainippon Pharma Co Ltd		10,488
	56,762	*	Sun Pharma Advanced Research Company Ltd		254
	1,754,820		Sun Pharmaceutical Industries Ltd		16,247

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	198,033	*	Supernus Pharmaceuticals, Inc	$	5,000
	42,688		Suven Life Sciences Ltd		108
	14,033	*	Syndax Pharmaceuticals, Inc		101
	593,083	*,e	Synergy Pharmaceuticals, Inc		3,612
	206,801	*,e	Synthetic Biologics, Inc		158
	4,608	*,e	Syros Pharmaceuticals, Inc		56
	34,916	*,e	T2 Biosystems, Inc		184
	235,799	*	Taigen Biopharmaceuticals Holdings Ltd		199
	178,000	*	TaiMed Biologics, Inc		914
	53,357		Taisho Pharmaceutical Holdings Co Ltd		4,423
	28,339	*	Taiwan Liposome Co Ltd		101
	37,400		Takara Bio, Inc		501
	632,664		Takeda Pharmaceutical Co Ltd		26,247
	514,278		Tanabe Seiyaku Co Ltd		10,069
	22,047	*,e	Taro Pharmaceutical Industries Ltd		2,321
	9,091		Tecan Group AG.		1,418
	86,396	*,e	Teligent, Inc		571
	116,173	*,e	TESARO, Inc		15,623
	100,446	*	Tetraphase Pharmaceuticals, Inc		405
	930,742		Teva Pharmaceutical Industries Ltd (ADR)		33,739
	77,712	*,e	TG Therapeutics, Inc		361
	325,264	*,e	TherapeuticsMD, Inc		1,877
	102,449	*,e	Theravance Biopharma, Inc		3,266
	1,015,529		Thermo Fisher Scientific, Inc		143,291
	175,200		Tianjin ZhongXin Pharmaceutical Group Corp Ltd		153
	42,527	*,e	Titan Pharmaceuticals, Inc		170
	20,027	*,m	Tobira Therapeutics, Inc		275
	29,035	*,e	Tokai Pharmaceuticals, Inc		28
	1,395,000		Tong Ren Tang Technologies Co Ltd		2,582
	34,400		Torii Pharmaceutical Co Ltd		760
	8,800		Towa Pharmaceutical Co Ltd		344
	191,555	*	Trevena, Inc		1,126
	60,138	*,e	Trovagene, Inc		126
	62,892		Tsumura & Co		1,731
	332,917		TTY Biopharm Co Ltd		1,054
	55,000	*	TWi Pharmaceuticals, Inc		178
	285,677		UCB S.A.		18,278
	117,158	*,e	Ultragenyx Pharmaceutical, Inc		8,237
	43,462		Unichem Laboratories Ltd		164
	1,413,500	*,e	United Laboratories Ltd		958
	143,276	*,e	United Therapeutics Corp		20,550
	423,602	*	Valeant Pharmaceuticals International, Inc		6,143
	362,685	*	Vanda Pharmaceuticals, Inc		5,785
	520,658	*	Vectura Group plc		880
	110,242	*,e	Versartis, Inc		1,643
	663,851	*	Vertex Pharmaceuticals, Inc		48,906
	3,284	*	Virbac S.A.		578
	22,694	*	ViroMed Co Ltd		1,937
	62,990	*,e	Vital Therapies, Inc		274
	32,651		Vitrolife AB		1,386
	29,305	*,e	Voyager Therapeutics, Inc		373
	17,521	*,e	vTv Therapeutics, Inc		85
	154,046	*	VWR Corp		3,856
	158,517	*	Waters Corp		21,303
	15,419	*,e	WaVe Life Sciences Pte Ltd		403
	38,542		Whanin Pharmaceutical Co Ltd		505

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,860,000	e	Winteam Pharmaceutical Group Ltd	$	858
	24,564	*	Wockhardt Ltd		237
	36,899	*,e	XBiotech, Inc		373
	154,695	*,e	Xencor Inc		4,072
	9,156		Yuhan Corp		1,511
	79,765	*	Yungjin Pharmaceutical Co Ltd		580
	418,050		YungShin Global Holding Corp		592
	108,089	*	Zafgen, Inc		344
	16,706	*,e	Zealand Pharma AS		251
	78,900		Zeria Pharmaceutical Co Ltd		1,215
	315,417	*,e	ZIOPHARM Oncology, Inc		1,687
	1,912,370		Zoetis, Inc		102,369
	58,386	*,e	Zogenix, Inc		709
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		8,078,494

REAL ESTATE - 3.7%
	173,982	e	360 Capital Industrial Fund		315
	18,050,000		8990 Holdings, Inc		2,723
	264,282		Abacus Property Group		575
	169,204		Acadia Realty Trust		5,530
	1,417		Activia Properties Inc		6,672
	17,326	*,e	ADLER Real Estate AG.		265
	52,748	g	ADO Properties S.A.		1,777
	1,263		Advance Residence Investment Corp		3,341
	28,190		Aedifica S.A.		2,109
	29,676		Aeon Mall Co Ltd		417
	7,248	e	AEON REIT Investment Corp		7,934
	1	*	Africa Israel Investments Ltd		0	^
	27,981	*	Africa Israel Properties Ltd		480
	1,466,518	e	Agile Property Holdings Ltd		745
	73,156		Agree Realty Corp		3,369
	485,841		AIMS AMP Capital Industrial REIT		439
	69,493	*	Airport City Ltd		691
	3,322,853	*	Aldar Properties PJSC		2,373
	97,910		Alexander & Baldwin, Inc		4,393
	6,296		Alexander’s, Inc		2,688
	102,470		Alexandria Real Estate Equities, Inc		11,387
	76,920		Aliansce Shopping Centers S.A.		341
	10,131,158	e	Allco Commercial Real Estate Investment Trust		8,811
	35,462		Allied Properties Real Estate Investment Trust		950
	28,550		Allreal Holding AG.		4,240
	229,884		Alony Hetz Properties & Investments Ltd		1,846
	215,702	e	Alstria Office REIT-AG.		2,699
	59,014	*,e	Altisource Portfolio Solutions S.A.		1,569
	34,292		Altus Group Ltd		791
	259,800		Amata Corp PCL (Foreign)		83
	257,835		American Assets Trust,Inc		11,108
	279,665		American Campus Communities, Inc		13,919
	714,300		American Homes 4 Rent		14,986
	939,833		American Tower Corp		99,322
	308,313		Amot Investments Ltd		1,308
	9,268,200		Ananda Development PCL (FOREIGN)		1,273
	5,646		ANF Immobilier		120
	4,521,460	*	AP Thailand PCL (Foreign)		945
	930,079		Apartment Investment & Management Co (Class A)		42,272
	491,497		Apple Hospitality REIT, Inc		9,820

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	137,800		Ardepro Co Ltd	$	185
	1,577,596		Argosy Property Ltd		1,107
	293,461		Armada Hoffler Properties, Inc		4,276
	2,122,287		Arrowhead Properties Ltd (Class A)		1,344
	58,695		Artis Real Estate Investment Trust		555
	1,530,400	e	Ascendas Hospitality Trust		745
	1,316,400	e	Ascendas India Trust		923
	606,876	e	Ascendas REIT		949
	1,950,002	e	Ascott Residence Trust		1,522
	107,003		Ashford Hospitality Prime, Inc		1,461
	260,246		Ashford Hospitality Trust, Inc		2,019
	1,410,072		Assura Group Ltd		996
	1,029,916	*	Attacq Ltd		1,267
	33,878	*,e	AV Homes, Inc		535
	341,912		AvalonBay Communities, Inc		60,570
	1,128,838		Aveo Group		2,720
	127,646		Axia Real Estate SOCIMI S.A.		1,857
	1,027,866		Axis Real Estate Investment Trust		369
	8,949,415		Ayala Land, Inc		5,750
	53,806		Azrieli Group		2,335
	12,666,300		Bangkokland PCL		608
	114,943	*	Barwa Real Estate Co		1,047
	1,526		Bayside Land Corp		553
	21,005		Befimmo SCA Sicafi		1,180
	4,008,000		Beijing Capital Land Ltd		1,500
	3,744,000	*	Beijing Enterprises Medical & Health Group Ltd		202
	632,000		Beijing North Star Co		193
	1,844,000	*,e	Beijing Properties Holdings Ltd		89
	957,000		Belle Corp		62
	1,187,869		Beni Stabili S.p.A.		679
	4,171		Big Shopping Centers Ltd		274
	277,902		Big Yellow Group plc		2,355
	1,286		BLife Investment Corp		3,260
	9,856		Blue Square Real Estate Ltd		376
	59,825		Bluerock Residential Growth REIT, Inc		821
	34,271		Boardwalk Real Estate Investment Trust		1,242
	603,879		Boston Properties, Inc		75,956
	2,110,541	*	BR Malls Participacoes S.A.		7,739
	87,708	*	BR Properties S.A.		202
	183,991	e	Brandywine Realty Trust		3,038
	701,617		British Land Co plc		5,445
	341,091		Brixmor Property Group, Inc		8,329
	25,010		Brookfield Canada Office Properties		489
	883,446		Bunnings Warehouse Property Trust		1,903
	275,824		BUWOG AG.		6,403
	29,698,414		C C Land Holdings Ltd		8,609
	95,322		CA Immobilien Anlagen AG.		1,750
	664,300		Cache Logistics Trust		371
	783,309		Cambridge Industrial Trust		292
	108,664		Camden Property Trust		9,135
	82,433		Canadian Apartment Properties REIT		1,926
	92,937		Canadian Real Estate Investment Trust		3,205
	601,800		CapitaCommercial Trust		613
	681,919	e	Capital & Counties Properties		2,497
	3,739,491	e	CapitaLand Ltd		7,771
	1,223,581		CapitaMall Trust		1,587

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	525,700		CapitaMalls Malaysia Trust	$	179
	424,432	e	CapitaRetail China Trust		402
	67,351	e	Care Capital Properties, Inc		1,684
	259,048		CareTrust REIT, Inc		3,969
	4,500,000	*,e	Carnival Group International Holdings Ltd		580
	461,211		Castellum AB		6,319
	85,654		CatchMark Timber Trust Inc		964
	1,283,100		Cathay Real Estate Development Co Ltd		725
	366,185	e	CBL & Associates Properties, Inc		4,211
	815,820	*	CBRE Group, Inc		25,690
	550,500	e	CDL Hospitality Trusts		509
	15,000,000		Cebu Holdings, Inc		1,478
	182,253		Cedar Realty Trust, Inc		1,190
	63,311		Cedar Woods Properties Ltd		230
	1,461,000		Central China Real Estate Ltd		318
	1,420,658		Central Pattana PCL (Foreign)		2,261
	4,215,636		Champion Real Estate Investment Trust		2,279
	858,424		Charter Hall Group		2,932
	150,916		Chatham Lodging Trust		3,101
	224,770		Chesapeake Lodging Trust		5,813
	4,157,667		Cheuk Nang Holdings Ltd		2,890
	4,522,312		Cheung Kong Property Holdings Ltd		27,618
	3,932,500		China Aoyuan Property Group Ltd		899
	2,152,000	e	China Electronics Optics Valley Union Holding Co Ltd		227
	5,151,663	e	China Evergrande Group		3,193
	2,436,000	*	China Logistics Property Holdings Co Ltd		1,618
	1,126,000	e	China Merchants Land Ltd		161
	3,640,000	*	China Minsheng Drawin Technology Group Ltd		102
	9,385,021	*	China New Town Development Co Ltd		484
	902,000	*,e	China Overseas Grand Oceans Group Ltd		294
	6,903,320		China Overseas Land & Investment Ltd		18,164
	1,230,000	e	China Overseas Property Holdings Ltd		210
	3,251,192		China Resources Land Ltd		7,275
	5,163,400	e	China SCE Property Holdings Ltd		1,549
	2,630,000	e	China South City Holdings Ltd		547
	5,544,415		China Vanke Co Ltd		12,604
	335,500		Chinese Estates Holdings Ltd		583
	36,318		Choice Properties REIT		364
	151,088		Chong Hong Construction Co		298
	8,766,758	e	CIFI Holdings Group Co Ltd		2,353
	139,079		City Developments Ltd		794
	110,897		City Office REIT, Inc		1,461
	407,318	e	Citycon Oyj		1,000
	53,194		Cofinimmo		6,074
	70,675		Colliers International Group, Inc		2,605
	546,851	e	Colony Starwood Homes		15,755
	540,000		Colour Life Services Group		404
	418,239		Columbia Property Trust, Inc		9,034
	1,728	e	Comforia Residential REIT, Inc		3,874
	215,025		Cominar Real Estate Investment Trust		2,357
	640,081		Communications Sales & Leasing, Inc		16,264
	27,106		Community Healthcare Trust, Inc		624
	299,100		Concentradora Fibra Danhos S.A. de C.V.		453
	478,900		Concentradora Fibra Hotelera Mexicana S.A. de C.V.		324
	8,481	e	Consolidated-Tomoka Land Co		453
	227,207	*,m	Conwert Immobilien Invest SE		3,865

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	390,607		CoreCivic, Inc	$	9,554
	25,048		CorEnergy Infrastructure Trust, Inc		874
	113,191		Coresite Realty		8,984
	527,236		Corp Inmobiliaria Vesta SAB de C.V.		634
	145,522		Corporate Office Properties Trust		4,543
	6,714,628	e	Country Garden Holdings Co Ltd		3,743
	131,239		Countrywide plc		283
	721,415		Cousins Properties, Inc		6,139
	2,970	e	Crescendo Investment Corp		2,129
	1,790,391		Croesus Retail Trust		1,032
	38,978		Crombie Real Estate Investment Trust		394
	3,585,012		Cromwell Group		2,546
	1,214,148		Crown Castle International Corp		105,352
	760,000	*,e	Crown International Corp Ltd		170
	16,868,943		CSI Properties Ltd		596
	96,352		CT Real Estate Investment Trust		1,076
	452,312		CubeSmart		12,108
	467,144		CyrusOne, Inc		20,895
	24,067	*,e	D Carnegie & Co AB		288
	783		DA Office Investment Corp		3,954
	196,400		Daibiru Corp		1,681
	511,000		Daikyo, Inc		1,023
	2,595,900		Daiman Development BHD		1,249
	63,920		Daito Trust Construction Co Ltd		9,610
	734,687		Daiwa House Industry Co Ltd		20,035
	264,416		DCT Industrial Trust, Inc		12,660
	953,407		DDR Corp		14,559
	669,271		Delta Property Fund Ltd		380
	195,148		Derwent London plc		6,652
	395,926		Deutsche Annington Immobilien SE		12,855
	142,875		Deutsche Euroshop AG.		5,811
	397,346	e	Deutsche Wohnen AG.		12,463
	701,449		Dexus Property Group		4,866
	1,292,077	*	Deyaar Development PJSC		217
	716,994		DiamondRock Hospitality Co		8,267
	119,140		DIC Asset AG.		1,140
	311,961	e	Digital Realty Trust, Inc		30,653
	121,833		Dios Fastigheter AB		802
	14,008,702		DLF Ltd		22,927
	92,739	*	Dogus Gayrimenkul Yatirim Ortakligi AS		112
	377,342		Dongwon Development Co Ltd		1,328
	636,270	*	DoubleDragon Properties Corp		490
	167,569		Douglas Emmett, Inc		6,126
	49,357		Dream Global Real Estate Investment Trust		347
	28,465		Dream Industrial Real Estate Investment Trust		181
	45,518		Dream Office Real Estate Investment Trust		663
	39,504	*	Dream Unlimited Corp		199
	347,431		Duke Realty Corp		9,228
	200,545	e	DuPont Fabros Technology, Inc		8,810
	95,738		Easterly Government Properties, Inc		1,917
	628,762		Eastern & Oriental BHD		203
	75,141		EastGroup Properties, Inc		5,548
	1,001,300	*	Eco World Development Group BHD		299
	286,202		Education Realty Trust, Inc		12,106
	2,219,248	*	Emaar Malls Group PJSC		1,584
	4,119,362		Emaar Properties PJSC		7,987

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,226,903		Emira Property Fund Ltd	$	1,277
	14,220,633		Emlak Konut Gayrimenkul Yatiri		12,044
	1,931,333		Emperor International Holdings		437
	379,196		Empire State Realty Trust, Inc		7,656
	404,477		Empiric Student Property plc		528
	186,082		Entertainment Properties Trust		13,355
	178,323	g	Entra ASA		1,773
	167,815		Equinix, Inc		59,979
	257,474	*	Equity Commonwealth		7,786
	524,118		Equity Lifestyle Properties, Inc		37,789
	569,080		Equity One, Inc		17,465
	1,083,800		Equity Residential		69,753
	1,020,214	*	Eshraq Properties Co PJSC		287
	200,787		Essex Property Trust, Inc		46,683
	66,868		Eurobank Properties Real Estate Investment Co		539
	45,744		Eurocommercial Properties NV		1,760
	292,897		Extra Space Storage, Inc		22,623
	941,523	*	Ezdan Holding Group QSC		3,893
	183,395		Fabege AB		2,990
	3,784,000	e	Fantasia Holdings Group Co Ltd		481
	972,463		Far East Consortium		414
	643,000		Far East Hospitality Trust		266
	1,104,812		Farglory Land Development Co Ltd		1,263
	29,877	e	Farmland Partners, Inc		333
	105,937	*	Fastighets AB Balder		2,137
	215,878		Federal Realty Investment Trust		30,678
	455,395		FelCor Lodging Trust, Inc		3,648
	5,872,506		Fibra Uno Administracion S.A. de C.V.		8,997
	18,000,000		Filinvest Development Corp		2,988
	52,403,000		Filinvest Land, Inc		1,607
	107,089		First Capital Realty, Inc		1,649
	360,928		First Industrial Realty Trust, Inc		10,124
	128,634		First Potomac Realty Trust		1,411
	849,861		First Real Estate Investment Trust		742
	66,476		FirstService Corp		3,156
	487,451		Folkestone Education Trust		892
	56,199		Fonciere Des Regions		4,900
	467,054		Forest City Realty Trust, Inc		9,733
	74,931	*	Forestar Group, Inc		997
	729,734		Fortress Income Fund Ltd		1,719
	494,027		Fortress Income Fund Ltd (A Shares)		595
	510,664		Four Corners Property Trust, Inc		10,479
	696,762	e	Foxtons Group plc		876
	289,887		Franklin Street Properties Corp		3,757
	10,231,725		Franshion Properties China Ltd		2,748
	673,200		Frasers Centrepoint Trust		883
	56,300		Frasers Hospitality Trust		25
	805,000	e	Frasers Logistics & Industrial Trust		514
	458		Frontier Real Estate Investment Corp		1,955
	16,022	*	FRP Holdings, Inc		604
	575		Fukuoka REIT Corp		911
	21,297,500		Fullshare Holdings Ltd		9,923
	3,202,000	e	Future Land Development Holdin		653
	2,063,050		Gaming and Leisure Properties, Inc		63,171
	403,709	e	Gateway Lifestyle		628
	83,812		Gazit Globe Ltd		715

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,952		Gazit, Inc	$	349
	364,246		GDI Property Group		260
	27,533		Gecina S.A.		3,803
	13,888,000		Gemdale Properties and Investment Corp Ltd		849
	2,075,150		General Growth Properties, Inc		51,837
	209,826		Geo Group, Inc		7,539
	54,259		Getty Realty Corp		1,383
	74,880		Gladstone Commercial Corp		1,505
	6,571,591		Global Logistic Properties		9,951
	45,263	e	Global Medical REIT, Inc		404
	362,632	e	Global Net Lease, Inc		2,839
	156		Global One Real Estate Investment Corp		584
	402,949	*	Globe Trade Centre S.A.		790
	2,821,895	*,e	Glorious Property Holdings Ltd		276
	4,524		GLP J-Reit		5,205
	45,237	*	Godrej Properties Ltd		202
	57,080		Goldcrest Co Ltd		1,025
	468,000		Golden Land Property Development PCL		85
	1,194,516	e	Goodman Property Trust		1,012
	153,159	e	Government Properties Income Trust		2,920
	1,005,372		GPT Group (ASE)		3,645
	974,787		Grainger plc		2,857
	991,232		Gramercy Property Trust		9,100
	98,578		Grand City Properties S.A.		1,789
	114,047		Granite Real Estate Investment Trust		3,808
	371,115		Great Eagle Holdings Ltd		1,765
	433,940		Great Portland Estates plc		3,565
	4,648,673		Green REIT plc		6,714
	1,390,000	*	Greenland Hong Kong Holdings Ltd		344
	582,500	*	Greentown China Holdings Ltd		470
	1,511		Griffin Land & Nurseries, Inc (Class A)		48
	230,269	e	Growthpoint Properties Australia Ltd		544
	4,083,553		Growthpoint Properties Ltd		7,688
	460,000	*,e	Grupo GICSA S.A. de C.V.		224
	542,000	*	Guangdong Land Holdings Ltd		119
	2,691,885		Guangzhou R&F Properties Co Ltd		3,241
	784,000	e	Guorui Properties Ltd		246
	129,143		H&R Real Estate Investment Trust		2,152
	61,107	e	Hamborner AG.		581
	1,669,782		Hammerson plc		11,768
	368,000	e	Hang Lung Group Ltd		1,277
	8,924,110		Hang Lung Properties Ltd		18,818
	1,416	e	Hankyu Reit, Inc		1,770
	1,865,286		Hansteen Holdings plc		2,614
	1,473,620		HCP, Inc		43,796
	1,050		Health Care & Medical Investment Corp		942
	313,373		Healthcare Realty Trust, Inc		9,501
	638,601		Healthcare Trust of America, Inc		18,590
	127,000		Heiwa Real Estate Co Ltd		1,728
	141,281		Helical Bar plc		513
	373,548		Heliopolis Housing		511
	404,839		Hemfosa Fastigheter AB		3,765
	2,347,017	e	Henderson Land Development Co Ltd		12,439
	114,634		Hersha Hospitality Trust		2,465
	250,275	e	HFF, Inc (Class A)		7,571
	26,141,861	e	Hibernia REIT plc		33,875

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,139,042		Highwealth Construction Corp	$	4,428
	330,737		Highwoods Properties, Inc		16,871
	92,615	e	Hispania Activos Inmobiliarios SAU		1,088
	199,880	*	HKC Holdings Ltd		98
	119,300	*	HNA Innovation Hainan Co Ltd		74
	1,453,394		Hongkong Land Holdings Ltd		9,156
	1,102,000		Hopson Development Holdings Ltd		979
	498	e	Hoshino Resorts REIT, Inc		2,599
	249,244		Hospitality Properties Trust		7,911
	1,905,755		Host Marriott Corp		35,904
	227,158	*	Housing Development & Infrastruture Ltd		200
	91,920	*	Howard Hughes Corp		10,488
	647,235		Huaku Development Co Ltd		1,214
	98,000		Huang Hsiang Construction Co		121
	430,855		Hudson Pacific Properties		14,985
	275,256		Hufvudstaden AB (Series A)		4,343
	2,369	e	Hulic Reit, Inc		3,971
	479,362		Hung Poo Real Estate Development Corp		382
	438,000		Hung Sheng Construction Co Ltd		254
	1,066,000		Hydoo International Holding Ltd		80
	551,985		Hyprop Investments Ltd		4,715
	401,752		Hysan Development Co Ltd		1,657
	13,933		Icade		993
	803,200	e	Ichigo Holdings Co Ltd		2,966
	3,480	e	Ichigo Real Estate Investment Corp		2,262
	1,845,400		IGB Real Estate Investment Trust		662
	73,400		Iguatemi Empresa de Shopping Centers S.A.		600
	986,134		Immobiliare Grande Distribuzione		752
	1,355,948	*,e,m	Immoeast AG.		0
	658,721	*,e,m	Immofinanz ANSPR NACHB AG.		0
	673,752	e	Immofinanz Immobilien Anlagen AG.		1,311
	430,811	e	Independence Realty Trust, Inc		3,843
	180,065	*	Indiabulls Real Estate Ltd		188
	401		Industrial & Infrastructure Fund Investment Corp		1,908
	1,485,699		ING Office Fund		5,060
	2,718,021		Ingenia Communities Group		5,276
	213,475		Inmobiliaria Colonial S.A.		1,477
	33,896		InterRent Real Estate Investment Trust		188
	2,037		Intershop Holding AG.		1,002
	29,693		Intervest Offices		746
	306,653	e	Intu Properties plc		1,062
	4,533		Invesco Office J-Reit, Inc		3,737
	3,188	*	Investis Holding S.A.		178
	14,000	e	Investors Cloud Co Ltd		489
	233,095	e	Investors Real Estate Trust		1,662
	6,722		Invincible Investment Corp		3,022
	2,560,293		IOI Properties Group Sdn BHD		1,199
	841,806	e	Irish Residential Properties REIT plc		1,037
	512,060		Iron Mountain, Inc		16,632
	1,662,786		Is Gayrimenkul Yatirim Ortakligi AS		735
	1,060		Japan Excellent, Inc		1,348
	9,601		Japan Hotel REIT Investment Corp		6,460
	853		Japan Logistics Fund Inc		1,798
	320		Japan Prime Realty Investment Corp		1,262
	385		Japan Real Estate Investment Corp		2,103
	1,946		Japan Rental Housing Investments, Inc		1,306

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	679		Japan Retail Fund Investment Corp	$	1,376
	1,620	e	Japan Senior Living Investment Corp		1,957
	129,540	*	Jerusalem Economy Ltd		270
	1,596,750	*,m	Jiangsu Future Land Co Ltd		2,903
	566,000	*	Jiayuan International Group Ltd		248
	55,330		Jones Lang LaSalle, Inc		5,591
	67,400		Jowa Holdings Co Ltd		1,782
	13,000,000	e	Joy City Property Ltd		1,633
	2,890,995		K Wah International Holdings Ltd		1,336
	538		Kenedix Realty Investment Corp		3,095
	916		Kenedix Residential Investment Corp		2,483
	1,441		Kenedix Retail REIT Corp		3,284
	2,729,500	e	Kenedix, Inc		9,699
	338,224		Kennedy-Wilson Holdings, Inc		6,934
	2,067,356	e	Keppel DC REIT		1,688
	2,774,004		Kerry Properties Ltd		7,502
	55,424		Killam Apartment Real Estate Investment Trust		493
	281,646		Kilroy Realty Corp		20,622
	390,148		Kimco Realty Corp		9,816
	744,000		Kindom Construction Co		449
	180,120		Kite Realty Group Trust		4,229
	2,512,290		Kiwi Property Group Ltd		2,418
	79,600		KLCC Property Holdings BHD		147
	81,807		Klepierre		3,210
	803,667		Klovern AB (B Shares)		841
	33,617	*	Korea Asset In Trust Co Ltd		231
	122,193		Korea Real Estate Investment Trust Co		289
	3,190,130		Kowloon Development Co Ltd		3,015
	2,097,544	e	K-REIT Asia		1,477
	639,149	*	KSL Holdings BHD		144
	142,829		Kungsleden AB		903
	365,185		Kuoyang Construction Co Ltd		135
	2,152,124		KWG Property Holding Ltd		1,216
	78,656,000		Lai Fung Holdings Ltd		1,621
	24,958,250		Lai Sun Development Co Ltd		468
	46,490		Lamar Advertising Co		3,126
	39,121	*	Lamda Development S.A.		198
	810,231		Land Securities Group plc		10,644
	5,371,000		Langham Hospitality Investments Ltd		2,165
	73,057		Lar Espana Real Estate Socimi S.A.		541
	265,820		LaSalle Hotel Properties		8,100
	6,619	e	LaSalle Logiport REIT		6,265
	74,406	e	LEG Immobilien AG.		5,771
	940,024		Lend Lease Corp Ltd		9,878
	988,911		Leopalace21 Corp		5,462
	497,870		Lexington Realty Trust		5,377
	178,548		Liberty Property Trust		7,053
	110,435		Life Storage, Inc		9,416
	16,000	*	Lifestyle Properties Development Ltd		6
	903,328		Link REIT		5,856
	3,510,900		Lippo-Mapletree Indonesia Retail Trust		897
	360,000		Liu Chong Hing Investment		480
	4,104,000	e	Logan Property Holdings Co Ltd		1,545
	509,922		London & Stamford Property plc		978
	3,839,678		Longfor Properties Co Ltd		4,857
	3,307,800		LPN Development PCL (Foreign)		1,118

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	239,279		LSR Group (GDR)	$	826
	124,466		LTC Properties, Inc		5,847
	155,097		Macerich Co		10,987
	281,969		Mack-Cali Realty Corp		8,183
	262,203		Macquarie CountryWide Trust		799
	2,313,934		Macquarie Goodman Group		11,883
	2,846,790		Macquarie MEAG Prime REIT		1,451
	14,171	e	Magnolia Bostad AB		150
	910,476		Mah Sing Group BHD		290
	507,900	*	Manulife US Real Estate Investment Trust		419
	35,779	*,e,m	Mapeley Ltd		0	^
	1,593,682		Mapletree Commercial Trust		1,535
	2,818,400	e	Mapletree Greater China Commercial Trust		1,843
	3,205,919		Mapletree Industrial Trust		3,642
	1,278,173		Mapletree Logistics Trust		899
	92,741	*	Marcus & Millichap, Inc		2,478
	825,674		Matrix Concepts Holdings BHD		445
	68,634	*	Mazaya Qatar Real Estate Development Q.S.C		271
	35,420		MedEquities Realty Trust, Inc		393
	827,958		Medical Properties Trust, Inc		10,184
	219,417	*	Medinet Nasr Housing		250
	141,679,310		Megaworld Corp		10,143
	44,146		Melisron Ltd		1,882
	43,269		Mercialys S.A		876
	356,660	e	Merlin Properties Socimi S.A.		3,870
	2,592,800		Mexico Real Estate Management S.A. de C.V.		2,672
	1,649,069	e	MGM Growth Properties LLC		41,738
	1,498		MID Reit, Inc		4,318
	432,969		Mid-America Apartment Communities, Inc		42,396
	970,929	*	Midland Holdings Ltd		248
	4,854,645	*	Midland IC&I Ltd		28
	31,819		Milestone Apartments Real Estate Investment Trust		450
	1,442,000	e	Minmetals Land Ltd		173
	1,867,074		Mirvac Group		2,867
	1,469,781		Mitsubishi Estate Co Ltd		29,197
	1,089,616		Mitsui Fudosan Co Ltd		25,225
	355	*	Mitsui Fudosan Logistics Park, Inc		1,011
	58,400		MKH BHD		37
	16,295		Mobimo Holding AG.		4,077
	376,557		Monmouth Real Estate Investment Corp (Class A)		5,739
	1,065,156		Monogram Residential Trust, Inc		11,525
	28,925		Morguard Real Estate Investment Trust		321
	1,853		Mori Hills REIT Investment Corp		2,502
	1,120		Mori Trust Sogo Reit, Inc		1,767
	91,032		Multiplan Empreendimentos Imobiliarios S.A.		1,655
	115,185		National Health Investors, Inc		8,543
	279,768		National Retail Properties, Inc		12,366
	204,908		National Storage Affiliates Trust		4,522
	999,817		National Storage REIT		1,078
	1,340,000	e	Neo-China Land Group Holdings Ltd		326
	265,195		New Europe Property Investments plc		3,070
	409,817	e	New Senior Investment Group, Inc		4,012
	11,271,318	e	New World Development Co Ltd		11,876
	436,600	e	New York REIT, Inc		4,418
	533,964	e	NewRiver REIT plc		2,244
	113,521		Nexity		5,310

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	128,169		NexPoint Residential Trust, Inc	$	2,863
	284,582		Nieuwe Steen Investments NV		1,074
	393		Nippon Accommodations Fund, Inc		1,721
	347		Nippon Building Fund, Inc		1,924
	900	e	Nippon Healthcare Investment Corp		1,365
	1,255		Nippon ProLogis REIT, Inc		2,566
	4,354	e	NIPPON REIT Investment Corp		10,615
	615,144		Nomura Real Estate Holdings, Inc		10,439
	4,709		Nomura Real Estate Master Fund, Inc		7,127
	121,858		NorthStar Realty Europe Corp		1,532
	554,594		NorthStar Realty Finance Corp		8,402
	18,436		Northview Apartment Real Estate Investment Trust		276
	145,694		NorthWest Healthcare Properties Real Estate Investment Trust		1,107
	159,409	e	Norwegian Property ASA		184
	207,800		NTT Urban Development Corp		1,832
	96,906		Oberoi Realty Ltd		421
	467,423		Omega Healthcare Investors, Inc		14,612
	44,590	e	One Liberty Properties, Inc		1,120
	138,400		Open House Co Ltd		3,284
	2,372		Orix JREIT, Inc		3,743
	781,900	e	OUE Hospitality Trust		356
	559,474		Outfront Media, Inc		13,914
	730,000		Overseas Chinese Town Asia Holdings Ltd		282
	7,324,428		Palm Hills Developments SAE		1,252
	449,087		Paramount Group, Inc		7,181
	308,100		Parkway Life Real Estate Investment Trust		502
	137,206	*	Parkway, Inc		3,053
	1,082,709		Parque Arauco S.A.		2,472
	35,876	*	Patrizia Immobilien AG.		595
	826,800		Pavilion Real Estate Investment Trust		350
	227,551		Pebblebrook Hotel Trust		6,770
	148,533		Pennsylvania REIT		2,816
	60,600		Perennial Real Estate Holdings Ltd		34
	1,171,017		Phoenix Mills Ltd		6,472
	595,653		Physicians Realty Trust		11,294
	152,317		Piedmont Office Realty Trust, Inc		3,185
	807,300		PLA Administradora Industrial S de RL de C.V.		1,017
	720,100		Platinum Group PCL		145
	1,815,817	*,e	Poly Hong Kong Investment Ltd		599
	6,766,160		Polytec Asset Holdings Ltd		454
	85,174		Potlatch Corp		3,547
	3,832,000	e	Powerlong Real Estate Holdings Ltd		1,122
	4,632,300		PP Properti Tbk PT		466
	1,858,335		Precinct Properties New Zealand Ltd		1,548
	77,844		Preferred Apartment Communities, Inc		1,161
	1,191		Premier Investment Co		1,408
	1,059,688	e	Primary Health Properties plc		1,453
	2,345,826		Prince Housing & Development Corp		764
	1,590,900		ProLogis Property Mexico S.A. de C.V.		2,279
	1,954,728		Prologis, Inc		103,190
	980,000	e	Prosperity REIT		386
	105,945		PS Business Parks, Inc		12,345
	40,231		PSP Swiss Property AG.		3,475
	4,331,500	*	PT Agung Podomoro Land Tbk		68
	10,759,500	*	PT Alam Sutera Realty Tbk		280

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,799,947		PT Bumi Serpong Damai	$	1,011
	14,044,263		PT Ciputra Development Tbk		1,387
	11,361,869		PT Ciputra Property Tbk		590
	2,876,883		PT Ciputra Surya Tbk		583
	65,259,900	*	PT Hanson International Tbk		819
	5,637,500		PT Intiland Development Tbk		209
	113,088,430	*	PT Kawasan Industri Jababeka Tbk		2,446
	522,100	*	PT Lippo Cikarang Tbk		195
	108,529,548		PT Lippo Karawaci Tbk		5,776
	23,472,000	*	PT Modernland Realty Tbk		595
	45,350,000		PT Pakuwon Jati Tbk		1,892
	10,309,900		PT Summarecon Agung Tbk		1,007
	377,886		Public Storage, Inc		84,458
	4,346,170	*	Puravankara Projects Ltd		2,800
	406,329		Pure Industrial Real Estate Trust		1,692
	1,471,710	*,e	Purplebricks Group plc		2,557
	281,839		QTS Realty Trust, Inc		13,993
	135,462	*	Quality Care Properties, Inc		2,100
	16,573,422		Quality House PCL		1,192
	692,433	*	Radium Life Tech Co Ltd		201
	232,494		RAIT Investment Trust		781
	1,050,002	*	RAK Properties PJSC		187
	301,452		Ramco-Gershenson Properties		4,998
	354,065		Rayonier, Inc		9,418
	38,457		Re/Max Holdings, Inc		2,154
	191,855	*	Realia Business S.A.		173
	76,742	*,m	Realia Business S.A.		69
	426,741		Realogy Holdings Corp		10,980
	249,337		Realty Income Corp		14,332
	934,829	e	Rebosis Property Fund Ltd		790
	1,107,317		Redefine International plc		536
	4,764,725		Redefine Properties Ltd		3,880
	26,943,000		Regal Real Estate Investment Trust		7,151
	434,329	e	Regency Centers Corp		29,947
	412,868		Reit Ltd		1,138
	9,900		Relo Holdings, Inc		1,409
	13,707,250	*,e	Renhe Commercial Holdings Co Ltd		350
	280,948		Resilient REIT Ltd		2,341
	508,940		Retail Opportunities Investment Corp		10,754
	440,870		Retail Properties of America, Inc		6,759
	468,599		Rexford Industrial Realty, Inc		10,867
	374,564		RioCan Real Estate Investment Trust		7,429
	299,193		RLJ Lodging Trust		7,327
	54,791		RMR Group, Inc		2,164
	508,000		Road King Infrastructure		421
	1,168,000		Robinsons Land Corp		611
	363,500	*	Ronshine China Holdings Ltd		263
	818,242	*	Ruentex Development Co Ltd		930
	112,270	e	Ryman Hospitality Properties		7,074
	4,917,908		S.A. Corporate Real Estate Fund Nominees Pty Ltd		2,012
	509,840	e	Sabana Shari’ah Compliant Industrial REIT		134
	248,289		Sabra Healthcare REIT, Inc		6,063
	675,178		Safestore Holdings plc		2,912
	900		Samty Residential Investment Corp		668
	4,964,277		Sansiri PCL		230
	35,021	e	Saul Centers, Inc		2,333

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	375,834		Savills plc	$	3,251
	1,745,200		SC Asset Corp PCL		166
	7,417,714		Scentre Group		24,831
	413,334		Schroder Real Estate Investment Trust Ltd		290
	709,098		Segro plc		4,011
	726		Sekisui House Reit, Inc		931
	894		Sekisui House SI Residential Investment Corp		996
	155,348	e	Select Income REIT		3,915
	98,305		Selvaag Bolig ASA		455
	260,483		Senior Housing Properties Trust		4,931
	53,194	e	Seritage Growth Properties		2,272
	551,251		Shaftesbury plc		6,172
	207,300		Shanghai Erfangji Co Ltd		234
	73,900	*	Shanghai Huili Building Materials Co Ltd		126
	1,116,487		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,631
	127,400		Shenzhen International Enterprise Co Ltd		84
	14,988,566	e	Shenzhen Investment Ltd		5,988
	212,600		Shenzhen SEG Co Ltd		136
	1,699,261		Shimao Property Holdings Ltd		2,211
	382,913	*	Shining Building Business Co Ltd		123
	54,434		Shoei Co Ltd		483
	1,780,827		Shopping Centres Australasia Property Group		2,836
	19,893,500		Shui On Land Ltd		4,278
	550		SIA Reit, Inc		1,863
	388,516		Siam Future Development PCL		67
	198,958	e	Silver Bay Realty Trust Corp		3,410
	769,518		Simon Property Group, Inc		136,720
	1,518,500	*	Singha Estate PCL		187
	1,923,293		Sino Land Co		2,868
	1,834,000	*,e	Sinolink Worldwide Holdings Ltd		207
	12,808,820		Sino-Ocean Land Holdings Ltd		5,708
	169,614		Sinyi Realty Co		169
	171,071	*	Six of October Development & Investment		142
	2,413		SK D&D Co Ltd		88
	450,949		SL Green Realty Corp		48,500
	8,325,290		SM Prime Holdings		4,740
	59,766		Smart Real Estate Investment Trust		1,437
	994,372		Sobha Developers Ltd		3,588
	2,762,635	e	Soho China Ltd		1,356
	1,861,300	e	Soilbuild Business Space REIT		823
	55,400		Sonae Sierra Brasil S.A.		293
	126,900		Sparkassen Immobilien AG.		1,334
	1,454,800		SPH REIT		954
	1,948,580		Spirit Realty Capital, Inc		21,162
	631,219		Sponda Oyj		2,901
	1,113,000	e	Spring Real Estate Investment Trust		461
	425,415		ST Modwen Properties plc		1,600
	108,863	*,e	St. Joe Co		2,068
	233,861		STAG Industrial, Inc		5,582
	567,261		Standard Life Investment Property Income Trust Ltd		605
	2,746		Star Asia Investment Corp		2,294
	2,200	e	Starts Proceed Investment Corp		2,844
	3,563,137	e	Stockland Trust Group		11,771
	585,947		STORE Capital Corp		14,479
	12,883	*,e	Stratus Properties, Inc		422

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	56,540		Sumitomo Real Estate Sales Co Ltd	$	1,316
	281,377		Sumitomo Realty & Development Co Ltd		7,470
	386,957		Sun Communities, Inc		29,645
	132,000		Sun Frontier Fudousan Co Ltd		1,163
	2,858,197		Sun Hung Kai Properties Ltd		35,992
	2,326,522	e	Sunac China Holdings Ltd		1,928
	2,033,000		Sunlight Real Estate Investment Trust		1,170
	976,275		Sunstone Hotel Investors, Inc		14,888
	1,989,198		Suntec Real Estate Investment Trust		2,264
	1,807,594	*	Sunteck Realty Ltd		5,751
	712,158		Sunway BHD		480
	1,305,700		Sunway Real Estate Investment		501
	370,000		Supalai PCL		258
	783,693		Swire Pacific Ltd (Class A)		7,457
	5,007,301	e	Swire Properties Ltd		13,785
	70,154		Swiss Prime Site AG.		5,740
	452,377		TAG Tegernsee Immobilien und Beteiligungs AG.		5,961
	656,814		Taiwan Land Development Corp		207
	1,139,200		Takara Leben Co Ltd		6,618
	1,477	*	Takara Leben Infrastructure Fu		1,319
	1,156,023		Talaat Moustafa Group		582
	272,351		Tanger Factory Outlet Centers, Inc		9,745
	258,725		Taubman Centers, Inc		19,128
	268,257		Technopolis plc		882
	30,416	*	Tejon Ranch Co		773
	162,290		Terreno Realty Corp		4,624
	332,000		Tian Shan Development Holding Ltd		136
	298,880		Ticon Industrial Connection PCL (Foreign)		139
	106,046		Tier REIT, Inc		1,844
	165,061		TLG Immobilien AG.		3,107
	52,600		TOC Co Ltd		419
	351,800	e	Tokyo Tatemono Co Ltd		4,697
	389,167		Tokyu Fudosan Holdings Corp		2,292
	2,565		Tokyu REIT, Inc		3,250
	511,369		Torunlar Gayrimenkul Yatirim Ortakligi AS		601
	1,613,400		Tosei Corp		12,072
	2,400	e	Tosei Reit Investment Corp		2,212
	124,757	e	Tricon Capital Group, Inc		879
	41,787	*,e	Trinity Place Holdings, Inc		387
	2,607,686		Tritax Big Box REIT plc		4,483
	646,900		Tropicana Corp BHD		144
	207,531,700	*	U City PCL		174
	301,048		UDR, Inc		10,982
	1,342,000		UEM Land Holdings BHD		313
	56,293		UMH Properties, Inc		847
	152,570		Unibail-Rodamco		36,358
	452,116	*	Union Properties PJSC		138
	767,644		Unite Group plc		5,736
	50,116,401	*	Unitech Ltd		2,959
	285,720	*	United Development Co PSC		1,620
	865		United Urban Investment Corp		1,320
	699,400		Univentures PCL		122
	26,348		Universal Health Realty Income Trust		1,728
	1,113,948		UOA Development BHD		584
	153,077		UOL Group Ltd		631
	195,827		Urban Edge Properties		5,387

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	73,437		Urstadt Biddle Properties, Inc (Class A)	$	1,771
	59,090		Vastned Retail NV		2,293
	769,039		Ventas, Inc		48,080
	967,008		VEREIT, Inc		8,181
	3,624,569		Vicinity Centres		7,816
	11,992,700		Vista Land & Lifescapes, Inc		1,192
	634,127	*,e	Viva Energy REIT		1,097
	150,559		Vornado Realty Trust		15,714
	1,650,883		Vukile Property Fund Ltd		2,245
	233,934	e	Wallenstam AB		1,817
	35,619		Warehouses De Pauw SCA		3,180
	2,684,813		Washington Prime Group, Inc		27,949
	159,250		Washington REIT		5,206
	180,288	*,e	WCM Beteiligungs & Grundbesitz-AG.		494
	122,255		Weingarten Realty Investors		4,375
	851,761		Welltower, Inc		57,008
	38,048		Wereldhave NV		1,711
	1,950,239		Westfield Corp		13,186
	1,648,804		Weyerhaeuser Co		49,613
	5,416,235	*	WHA Corp PCL		447
	4,219,475		Wharf Holdings Ltd		27,950
	1,756,591	e	Wheelock & Co Ltd		9,858
	136,782		Whitestone REIT		1,967
	208,190		Wihlborgs Fastigheter AB		3,864
	371,832	e	Wing Tai Holdings Ltd		407
	300,496		Workspace Group plc		2,933
	146,816		WP Carey, Inc		8,675
	14,721		WPT Industrial Real Estate Investment Trust		175
	261,109		Xenia Hotels & Resorts, Inc		5,071
	35,500	e	Xinyuan Real Estate Co Ltd (ADR)		176
	1,726,000		Yanlord Land Group Ltd		1,573
	788,200	*	Ying Li International Real Estate Ltd		81
	2,886,066	e	Yoma Strategic Holdings Ltd		1,162
	650,100		YTL Hospitality REIT		158
	3,297,000		Yuexiu Real Estate Investment Trust		1,737
	32,670,912		Yuexiul Property Co Ltd		4,452
	5,259,120		Yuzhou Properties Co		1,830
	2,826,800	*	Zhong An Real Estate Ltd		233
			TOTAL REAL ESTATE		4,181,228

RETAILING - 4.0%
	113,878	*	1-800-FLOWERS.COM, Inc (Class A)		1,219
	258,360		Aaron’s, Inc		8,265
	37,739		ABC-Mart, Inc		2,135
	177,496	e	Abercrombie & Fitch Co (Class A)		2,130
	122,500	*	Adastria Holdings Co Ltd		3,169
	131,786		Advance Auto Parts, Inc		22,288
	12,600		Alpen Co Ltd		226
	1,274,723	*	Amazon.com, Inc		955,877
	431,833		American Eagle Outfitters, Inc		6,551
	16,546	*	America’s Car-Mart, Inc		724
	163,598	*,e	AO World plc		366
	32,500		AOKI Holdings, Inc		399
	40,241		Aoyama Trading Co Ltd		1,398
	86,600	*	Arc Land Sakamoto Co Ltd		1,003
	12,800		Asahi Co Ltd		141

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,044	*	Asbury Automotive Group, Inc	$	2,656
	367,240	*	Ascena Retail Group, Inc		2,273
	15,600		ASKUL Corp		533
	265,153	*	ASOS plc		16,200
	17,916	*,e	At Home Group, Inc		262
	54,288		Autobacs Seven Co Ltd		815
	22,296	e	AutoCanada, Inc		384
	281,305	e	Automotive Holdings Group Ltd		801
	165,538	*	Autonation, Inc		8,053
	76,429	*	AutoZone, Inc		60,363
	3,962,602		B&M European Value Retail S.A.		13,577
	150,400	*	B2W Companhia Global Do Varejo		471
	147,538	*	Barnes & Noble Education, Inc		1,692
	287,423		Barnes & Noble, Inc		3,205
	10		Beauty Community PCL (ADR)		0	^
	1,428,000		Beauty Community PCL (Foreign)		467
	462,021	e	Bed Bath & Beyond, Inc		18,777
	42,400		Belluna Co Ltd		261
	1,253,360		Berjaya Auto BHD		595
	632,326		Best Buy Co, Inc		26,981
	78,000		BIC CAMERA, Inc		713
	68,146		Big 5 Sporting Goods Corp		1,182
	95,259		Big Lots, Inc		4,783
	152,670		Bilia AB		3,503
	37,561		Blue Nile, Inc		1,526
	995,198	*	boohoo.com plc		1,653
	29,004	*,e	Boot Barn Holdings, Inc		363
	537,000	*,e,m	Boshiwa International Holding		1
	58,963	e	Buckle, Inc		1,344
	27,226	*	Build-A-Bear Workshop, Inc		374
	303,288	*	Burlington Stores, Inc		25,704
	253,181		Burson Group Ltd		1,079
	52,824	e	Byggmax Group AB		365
	139,471	*	Cabela’s, Inc		8,166
	227,722		Caleres, Inc		7,474
	30,477	e	Camping World Holdings, Inc		993
	71,323		Canadian Tire Corp Ltd		7,398
	174,700		Canon Marketing Japan, Inc		2,933
	638,213		Card Factory plc		1,990
	550,190	*,e	Carmax, Inc		35,427
	17,423	e	Cashbuild Ltd		436
	81,202		Cato Corp (Class A)		2,443
	571,743		Chico’s FAS, Inc		8,227
	77,361	e	Children’s Place Retail Stores, Inc		7,810
	366,000	e	China Animation Characters Co Ltd		158
	2,352,000	*	China Beidahuang Industry Group Holdings Ltd		129
	1,254,500	e	China Harmony New Energy Auto Holding Ltd		448
	2,200,000	e	China Yongda Automobiles Services Holdings Ltd		1,104
	8,818,000	e	China ZhengTong Auto Services Holdings Ltd		2,559
	13,500		Chiyoda Co Ltd		320
	32,300		Chori Co Ltd		485
	413,000	e	Chow Sang Sang Holding		765
	130,800		Cia Hering		607
	107,585		Citi Trends, Inc		2,027
	23,336		CJ O Shopping Co Ltd		3,138
	93,221		Clas Ohlson AB (B Shares)		1,370

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	388,000	*,e,g	Cogobuy Group	$	583
	490,900		Com7 PCL		179
	27,437	*,e	Conn’s, Inc		347
	36,401	*,e	Container Store Group, Inc		231
	98,382		Core-Mark Holding Co, Inc		4,237
	254,989		CST Brands, Inc		12,278
	800,089	*	Ctrip.com International Ltd (ADR)		32,004
	758,000	e	Dah Chong Hong Holdings Ltd		288
	402,500		DCM Japan Holdings Co Ltd		3,572
	941,204		Debenhams plc		665
	32,010		Delek Automotive Systems Ltd		283
	91,844	*	Destination XL Group, Inc		390
	190,029	*,b,m	Dick Smith Holdings Ltd		1
	210,095		Dick’s Sporting Goods, Inc		11,156
	492,286		Dickson Concepts International Ltd		175
	73,310		Dieteren S.A.		3,238
	58,831	e	Dillard’s, Inc (Class A)		3,688
	24,125		Dogus Otomotiv Servis ve Ticaret AS		60
	869,429		Dollar General Corp		64,399
	290,678	*	Dollar Tree, Inc		22,435
	320,627		Dollarama, Inc		23,493
	101,900		Don Quijote Co Ltd		3,761
	17,500		Doshisha Co Ltd		314
	145,017		DSW, Inc (Class A)		3,285
	35,997	*	Dufry Group		4,481
	20,738	*,e	Duluth Holdings, Inc		527
	216,709		Dunelm Group plc		2,149
	104,831	e,g	Dustin Group AB		736
	65,283		EDION Corp		611
	731,936	e	El Puerto de Liverpool SAB de C.V.		5,280
	2,600,000	*	Empresas La Polar S.A.		113
	2,169,200	*,e	Esprit Holdings Ltd		1,700
	354,643	*	Etsy, Inc		4,178
	128,540	g	Europris ASA		549
	437,264		Expedia, Inc		49,533
	293,857	*	Express Parent LLC		3,162
	985,830		Far Eastern Department Stores Co Ltd		488
	64,275		Fast Retailing Co Ltd		22,948
	29,643	*	FF Group		599
	190,891		Finish Line, Inc (Class A)		3,591
	116,594	*,e	Five Below, Inc		4,659
	492,767		Foot Locker, Inc		34,932
	261,041		Foschini Ltd		3,014
	180,750	*	Francesca’s Holdings Corp		3,259
	72,387	e	Fred’s, Inc (Class A)		1,344
	36,219	*	FTD Cos, Inc		863
	16,100		Fuji Co Ltd		336
	516,718	*	Future Enterprises Ltd		972
	12,774	*,e	Gaia, Inc		111
	484,781		GameStop Corp (Class A)		12,246
	643,998	e	Gap, Inc		14,451
	49,582	*	Genesco, Inc		3,079
	312,926		Genuine Parts Co		29,897
	173,800		Geo Corp		2,020
	2,838,000		Giordano International Ltd		1,530
	258,664	e	GNC Holdings, Inc		2,856

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	425,799	e	Golden Eagle Retail Group Ltd	$	606
	74,368		GOLFZONYUWONHOLDINGS Co Ltd		477
	48,472,844	e	GOME Electrical Appliances Holdings Ltd		5,858
	76,144		Greencross Ltd		376
	85,268	e	Group 1 Automotive, Inc		6,646
	27,970	*	Groupe Fnac		1,890
	3,292,021	*,e	Groupon, Inc		10,930
	190,227	*,e	Grupo Famsa SAB de C.V.		58
	10,826		GS Home Shopping, Inc		1,539
	129,132	e	Guess?, Inc		1,563
	54,800	e	Gulliver International Co Ltd		302
	649		GwangjuShinsegae Co Ltd		133
	170,177		Halfords Group plc		769
	238,725		Hankyu Department Stores, Inc		3,636
	1,245,084		Harvey Norman Holdings Ltd		4,613
	61,462		Haverty Furniture Cos, Inc		1,457
	10,374,762	*	Hengdeli Holdings Ltd		1,492
	625,794		Hennes & Mauritz AB (B Shares)		17,348
	48,357	*,e	Hibbett Sports, Inc		1,804
	17,000		Hikari Tsushin, Inc		1,583
	7,088,559		Home Depot, Inc		950,434
	24,101,994		Home Product Center PCL (Foreign)		6,850
	6,491		Hornbach Baumarkt AG.		189
	82,823		Hostelworld Group PLC		228
	250,518		Hotai Motor Co Ltd		2,858
	38,707	e	Hotel Shilla Co Ltd		1,539
	130,218	e	HSN, Inc		4,466
	62,289	e	Hudson’s Bay Co		612
	16,043		Hyundai Department Store Co Ltd		1,448
	5,525		Hyundai Home Shopping Network Corp		510
	213,728		Imperial Holdings Ltd		2,828
	811,379		Inchcape plc		7,012
	2,436,196		Industria De Diseno Textil S.A.		82,991
	12,887	*	Infibeam Incorporation Ltd		223
	35,725		Interpark Corp		149
	10,169		Interpark INT Corp		86
	24,658,865	*,e,m	Intime Retail Group Co Ltd		22,273
	250,228		Isetan Mitsukoshi Holdings Ltd		2,694
	148,000		IT Ltd		59
	33,700		Izumi Co Ltd		1,449
	459,819		J Front Retailing Co Ltd		6,191
	182,046		Jardine Cycle & Carriage Ltd		5,170
	467,330		JB Hi-Fi Ltd		9,446
	4,398,711	*,e	JC Penney Co, Inc		36,553
	834,199		JD Sports Fashion plc		3,268
	1,199,996	*,e	JD.com, Inc (ADR)		30,528
	11,300	e	Jin Co Ltd		519
	75,351		John Menzies plc		553
	51,000		Joshin Denki Co Ltd		431
	22,900		Joyful Honda Co Ltd		615
	213,280		JUMBO S.A.		3,379
	54,900	*	Jumei International Holding Ltd (ADR)		275
	241,478		KappAhl Holding AB		1,336
	34,087	e	Keiyo Co Ltd		163
	64,291		Kering		14,421

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	867,175		Kingfisher plc	$	3,736
	65,000	*	Kintetsu Department Store Co Ltd		193
	30,656	*,e	Kirkland’s, Inc		475
	1,094,215	n	Kohl’s Corp		54,032
	28,500	e	Kohnan Shoji Co Ltd		535
	14,986		Kolao Holdings		99
	99,200		Komeri Co Ltd		2,237
	156,100	*,e	K’s Holdings Corp		2,729
	368,534		L Brands, Inc		24,264
	32,485	*,e	Lands’ End, Inc		492
	28,000	*,e	Laox Co Ltd		171
	116,863	*	LCI Industries, Inc		12,592
	274,903	e	Lewis Group Ltd		845
	4,517,119		Li & Fung Ltd		1,980
	148,756	*	Liberty Expedia Holdings, Inc		5,901
	2,001,497	*	Liberty Interactive Corp		39,990
	332,591	*	Liberty TripAdvisor Holdings, Inc		5,005
	189,349	*	Liberty Ventures		6,981
	777,500	*	Lifestyle China Group Ltd		185
	50,972		Lithia Motors, Inc (Class A)		4,936
	687,772	*	LKQ Corp		21,080
	158,024		Lojas Americanas S.A.		604
	698,694		Lojas Americanas S.A.(Preference)		3,640
	706,745		Lojas Renner S.A.		5,020
	786,892		Lookers plc		1,137
	26,214		LOTTE Himart Co Ltd		915
	11,680		Lotte Shopping Co Ltd		2,142
	1,733,787	n	Lowe’s Companies, Inc		123,307
	301,000	e	Luk Fook Holdings International Ltd		784
	54,824	*,e	Lumber Liquidators, Inc		863
	1,313,586		Macy’s, Inc		47,040
	7,000	*	Magazine Luiza S.A.		228
	19,333	*	Maisons du Monde S.A.		510
	120,954	*,e	MakeMyTrip Ltd		2,685
	993,000	*,e	Maoye International Holdings Ltd		92
	52,606	*	MarineMax, Inc		1,018
	59,290	*	Marisa Lojas S.A.		109
	9,524,231		Marks & Spencer Group plc		41,027
	477,723		Marui Co Ltd		6,960
	90,031		Matas A.S.		1,228
	25,200	e	Matsuya Co Ltd		220
	195,200		MBM Resources BHD		93
	20,498		Mekonomen AB		386
	164,563		Michael Hill International Ltd		150
	499,645	*	Michaels Cos, Inc		10,218
	61,151		Mobilezone Holding AG.		871
	39,000		momo.com, Inc		234
	67,291		Monro Muffler, Inc		3,849
	258,526		Mr Price Group Ltd		2,999
	221,420	*	Murphy USA, Inc		13,611
	3,239,251	e	Myer Holdings Ltd		3,220
	116,841	e	N Brown Group plc		320
	1,171,197	*	NetFlix, Inc		144,994
	866,643		New Carphone Warehouse plc		3,785
	469,000	*	New World Department Store China Ltd		60
	72,154		Next plc		4,426

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	35,100		Nishimatsuya Chain Co Ltd	$	420
	98,012		Nitori Co Ltd		11,175
	85,400		Nojima Corp		917
	576,012	e	Nordstrom, Inc		27,608
	1,493	*	NS Shopping Co Ltd		190
	162,696		Nutri/System, Inc		5,637
	429,617	*,e	Ocado Ltd		1,398
	2,323,995		Office Depot, Inc		10,504
	43,725	*,e	Ollie’s Bargain Outlet Holdings, Inc		1,244
	768,612	*,e,g	On the Beach Group plc		2,626
	171,599	*	O’Reilly Automotive, Inc		47,775
	30,509	*	Overstock.com, Inc		534
	1,168,300		Padini Holdings BHD		664
	9,600	e	Pal Co Ltd		228
	122,300		Paltac Corp		2,884
	15,000		Parco Co Ltd		132
	985,500	e	Parkson Retail Group Ltd		108
	57,766	*,e	Party City Holdco, Inc		820
	141,680	e	PC Depot Corp		750
	99,023	*	PC Jeweller Ltd		576
	94,081		Penske Auto Group, Inc		4,877
	41,379	e	PetMed Express, Inc		955
	320,499		Pets at Home Group plc		944
	292,030		Pier 1 Imports, Inc		2,494
	6,605,500		Pou Sheng International Holdings Ltd		1,894
	576,000	*,e	Powerwell Pacific Holdings Ltd		234
	73,528		Poya Co Ltd		852
	80,593		Premier Investments Ltd		838
	139,053	*	Priceline.com, Inc		203,860
	10,535,900		PT ACE Hardware Indonesia Tbk		653
	5,111,023		PT Matahari Department Store Tbk		5,721
	675,000	*	PT Mitra Adiperkasa Tbk		270
	6,399,500	*	PT Multipolar Corp Tbk		162
	9,018,400		PT Ramayana Lestari Sentosa Tbk		798
	1,823,200		PTG Energy PCL		1,663
	25,362,500	*	Qianhai Health Holdings Ltd		472
	38,900	*,e	Qunar Cayman Islands Ltd (ADR)		1,172
	1,195,523		Rakuten, Inc		11,714
	815,672	e	RCG Corp Ltd		874
	108,597	e	Rent-A-Center, Inc		1,222
	82,963	*	Restoration Hardware Holdings, Inc		2,547
	—	*,e	Restoration Hardware Holdings, Inc		0	^
	87,400	e	Right On Co Ltd		751
	1,603,767		Ripley Corp S.A.		956
	332,300		Robinson Department Store PCL		588
	917,408		Ross Stores, Inc		60,182
	17,100		Ryohin Keikaku Co Ltd		3,347
	460,443		SA SA International Holdings Ltd		182
	2,367,704		SACI Falabella		18,734
	376,584	*	Sally Beauty Holdings, Inc		9,949
	42,100		Sanrio Co Ltd		793
	22,387	*,e	Sears Holdings Corp		208
	26,387	*	Sears Hometown and Outlet Stores, Inc		124
	159,071	*	Select Comfort Corp		3,598
	317,000		Senao International Co Ltd		514
	23,300	e	Senshukai Co Ltd		141

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,967	*	Seobu Truck Terminal Co Ltd	$	212
	23,600	e	Seria Co Ltd		1,603
	44,600		Shimachu Co Ltd		1,187
	17,103		Shimamura Co Ltd		2,132
	7,495		Shinsegae Co Ltd		1,091
	2,331		Shinsegae International Co Ltd		128
	30,452		Shoe Carnival, Inc		822
	29,907		Shopper’s Stop Ltd		128
	145,202	*	Shutterfly, Inc		7,286
	957,970		Siam Global House PCL		483
	1,327,000	*,e	Sichuan Xinhua Winshare Chainstore Co Ltd		1,235
	136,943	e	Signet Jewelers Ltd		12,908
	25,741	g	Sleep Country Canada Holdings, Inc		552
	102,074		Sonic Automotive, Inc (Class A)		2,337
	230,269	*,e	Sports Direct International plc		789
	53,976	*,e	Sportsman’s Warehouse Holdings, Inc		507
	9,512	*,g	SRP Groupe S.A.		214
	52,255	e	Stage Stores, Inc		228
	1,269,860		Staples, Inc		11,492
	397,316		Start Today Co Ltd		6,844
	70,330		Stein Mart, Inc		385
	32,030	*,e	Stockmann Oyj Abp (B Share)		237
	133,860		Super Cheap Auto Group Ltd		997
	325,452	*	Super Group Ltd		915
	60,875		SuperGroup plc		1,234
	40,000	e	Syuppin Co Ltd		511
	102,972		Tailored Brands, Inc		2,631
	231,819		Takashimaya Co Ltd		1,908
	67,140		Takkt AG.		1,517
	1,721,890		Target Corp		124,372
	32,500		Telepark Corp		528
	7,122,099		Test-Rite International Co		4,442
	359,031	e	Tiffany & Co		27,800
	109,324	*	Tile Shop Holdings, Inc		2,137
	177,983	*	Tilly’s, Inc		2,348
	1,568,340		TJX Companies, Inc		117,829
	19,897	*	Tokmanni Group Corp		178
	67,900	e	Tokyo Derica Co Ltd		688
	175,629		Tractor Supply Co		13,314
	671,148		Trade Me Ltd		2,334
	231,451	*	TripAdvisor, Inc		10,732
	891,562		Truworths International Ltd		5,172
	96,118	*	Tuesday Morning Corp		519
	153,270	*	Ulta Salon Cosmetics & Fragrance, Inc		39,075
	36,166		Uni-Select, Inc		794
	18,799		United Arrows Ltd		518
	872,966	*	Urban Outfitters, Inc		24,862
	211,886		USS Co Ltd		3,366
	7,024		Valora Holding AG.		1,995
	5,723,134		Via Varejo S.A.		18,860
	1,134,440	*	Vipshop Holdings Ltd (ADR)		12,490
	108,079		Vita Group Ltd		251
	51,578	*,e	Vitamin Shoppe, Inc		1,225
	125,700		VT Holdings Co Ltd		619
	42,712	e	Warehouse Group Ltd		85
	98,458	*,e	Wayfair, Inc		3,451

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,125		Webjet Ltd	$	589
	73,736	*	West Marine, Inc		772
	227,802		WH Smith plc		4,365
	124,845	e	Williams-Sonoma, Inc		6,041
	5,472		Winmark Corp		690
	1,162,632		Woolworths Holdings Ltd		6,016
	20,800		Xebio Co Ltd		321
	318,867	g	XXL ASA		3,618
	660,685	e	Yamada Denki Co Ltd		3,557
	277,719	*,e	Yatra Online, Inc		2,555
	20,900		Yellow Hat Ltd		451
	136,326	*,e	Yoox S.p.A		3,855
	88,668	*,e,g	Zalando SE		3,378
	584,523		Zhongsheng Group Holdings Ltd		521
	4,784	*	zooplus AG.		611
	38,513	*,e	Zumiez, Inc		842
			TOTAL RETAILING		4,573,711

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	252,250	*,e	Acacia Communications, Inc		15,576
	157,615		A-DATA Technology Co Ltd		256
	172,541	*	Advanced Energy Industries, Inc		9,447
	10,384,909	*	Advanced Micro Devices, Inc		117,765
	61,943,968		Advanced Semiconductor Engineering, Inc		63,151
	1,651,538		Advanced Semiconductor Engineering, Inc (ADR)		8,324
	118,000		Advanced Wireless Semiconductor Co		186
	305,100		Advantest Corp		5,120
	86,989	*,e	Aixtron AG.		283
	160,920	*	Alpha & Omega Semiconductor Ltd		3,423
	195,378	*,e	Ambarella, Inc		10,576
	306,215	*	Amkor Technology, Inc		3,231
	56,465	e	ams AG.		1,600
	966,591		Analog Devices, Inc		70,194
	7,304,633		Applied Materials, Inc		235,721
	224,095	*	Applied Micro Circuits Corp		1,849
	198,738		Ardentec Corp		147
	18,633	*	Asia Pacific Systems, Inc		459
	68,289		ASM International NV		3,062
	318,304	e	ASM Pacific Technology		3,366
	21,000		ASMedia Technology, Inc		175
	636,962		ASML Holding NV		71,385
	64,000		ASPEED Technology, Inc		931
	183,879	*	Atto Co Ltd		1,023
	63,314	*	Axcelis Technologies, Inc		921
	157,803		BE Semiconductor Industries NV		5,249
	1,432,885		Broadcom Ltd		253,291
	201,058		Brooks Automation, Inc		3,432
	48,429		Cabot Microelectronics Corp		3,059
	147,053	*	Cavium, Inc		9,182
	54,425	*	Ceva, Inc		1,826
	986,000		China Electronics Corp Holdings Co Ltd		197
	11,538	*,e,m	China Energy Savings Technology, Inc		0
	468,000		Chipbond Technology Corp		667
	644,000		ChipMOS Technologies, Inc		463
	260,067	*	Cirrus Logic, Inc		14,704
	74,641		Cohu, Inc		1,038

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	175,462	*	Cree, Inc	$	4,630
	771,687	e	Cypress Semiconductor Corp		8,828
	97,223		Dainippon Screen Manufacturing Co Ltd		6,009
	71,549	*	Dialog Semiconductor plc		3,006
	79,916	*	Diodes, Inc		2,051
	72,372		Disco Corp		8,750
	28,060	*	Dongbu HiTek Co Ltd		369
	77,495	*	DSP Group, Inc		1,011
	401,000		Elan Microelectronics Corp		430
	727,080		Elite Advanced Laser Corp		2,904
	223,000		Elite Semiconductor Memory Technology, Inc		229
	65,571		eMemory Technology, Inc		798
	317,226	*	Entegris, Inc		5,678
	7,674		Eo Technics Co Ltd		569
	880,000	*	Epistar Corp		628
	448,167	*	E-Ton Solar Tech Co Ltd		127
	12,242		Eugene Technology Co Ltd		180
	390,000		Everlight Electronics Co Ltd		557
	81,359	*	Exar Corp		877
	234,060		Faraday Technology Corp		219
	174,071	*,e	First Solar, Inc		5,586
	178,000		Forhouse Corp		70
	197,398	*	Formfactor, Inc		2,211
	346,000		Formosa Advanced Technologies Co Ltd		252
	14,014,308	*,e	GCL Poly Energy Holdings Ltd		1,674
	21,766	*	GemVax & Kael Co Ltd		262
	27,686		Giga Solar Materials Corp		327
	348,986	*	Gigastorage Corp		264
	141,400	*	GigOptix, Inc		356
	361,273	*	Gintech Energy Corp		216
	95,000		Global Unichip Corp		230
	127,000		Globalwafers Co Ltd		448
	241,000		Globetronics Technology BHD		187
	1,005,000		Greatek Electronics, Inc		1,213
	224,561	*	Green Energy Technology, Inc		111
	12,960	*	G-SMATT GLOBAL Co Ltd		156
	1,219,000		Hana Microelectronics PCL (Foreign)		1,342
	58,405		Hanmi Semiconductor Co Ltd		745
	13,437	*	Hansol LCD, Inc		171
	48,000		Holtek Semiconductor, Inc		73
	867,000	g	Hua Hong Semiconductor Ltd		965
	695,435		Hynix Semiconductor, Inc		25,589
	214,310	*	Imagination Technologies Group plc		666
	11,923	*,e	Impinj, Inc		421
	2,063,471		Infineon Technologies AG.		35,693
	644,288	*	Inphi Corp		28,748
	474,987	*	Integrated Device Technology, Inc		11,191
	11,066,171		Intel Corp		401,370
	289,181		Intersil Corp (Class A)		6,449
	112,207		IXYS Corp		1,335
	37,900	*,e	JA Solar Holdings Co Ltd (ADR)		180
	51,600		Japan Material Co Ltd		795
	22,000	*,e	JinkoSolar Holding Co Ltd (ADR)		335
	33,976	*	Jusung Engineering Co Ltd		290
	88,464		KC Tech Co Ltd		1,176
	842,000		King Yuan Electronics Co Ltd		656

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	258,000		Kinsus Interconnect Technology Corp	$	567
	391,826		Kla-Tencor Corp		30,829
	9,946		Koh Young Technology, Inc		372
	180,865	*	Kopin Corp		514
	12,000		L&F Co Ltd		148
	1,225,778		Lam Research Corp		129,602
	44,800		Land Mark Optoelectronics Corp		370
	10,775,000	*	Landing International Development		138
	16,100		Lasertec Corp		314
	259,494	*	Lattice Semiconductor Corp		1,910
	8,943		LEENO Industrial Inc		321
	288,726		Lextar Electronics Corp		118
	535,674		Linear Technology Corp		33,399
	19,048		Lite-On Semiconductor Corp		14
	50,633	*,e	MA-COM Technology Solutions		2,343
	257,500		Malaysian Pacific Industries BHD		425
	7,563	*,e	Manz Automation AG.		264
	1,676,551		Marvell Technology Group Ltd		23,254
	1,127,146		Maxim Integrated Products, Inc		43,474
	240,857	*,e	MaxLinear, Inc		5,251
	3,335,894		MediaTek, Inc		22,286
	21,000	e	Megachips Corp		464
	44,365		Melexis NV		2,968
	180,117	*,e	Mellanox Technologies Ltd		7,367
	353,998	*,e	Meyer Burger Technology AG.		232
	521,906	e	Microchip Technology, Inc		33,480
	5,065,727	*	Micron Technology, Inc		111,041
	27,300		Micronics Japan Co Ltd		269
	471,976	*,e	Microsemi Corp		25,473
	47,400		Mimasu Semiconductor Industry Co Ltd		671
	57,200		Mitsui High-Tec, Inc		407
	125,182		MKS Instruments, Inc		7,436
	125,794		Monolithic Power Systems, Inc		10,306
	366,000	*	Motech Industries, Inc		319
	92,872	*	Nanometrics, Inc		2,327
	759,000		Nanya Technology Corp		1,129
	799,324	*	Neo Solar Power Corp		373
	104,951	*	NeoPhotonics Corp Ltd		1,135
	95,522	*,e	Nordic Semiconductor ASA		387
	634,752		Novatek Microelectronics Corp Ltd		2,086
	13,900	e	Nuflare Technology, Inc		843
	10,759		NVE Corp		769
	2,299,559	e	Nvidia Corp		245,455
	449,990	*	NXP Semiconductors NV		44,104
	2,345,844	*	ON Semiconductor Corp		29,933
	28,000		On-Bright Electronics, Inc		191
	268,000	*	Orient Semiconductor Electronics Ltd		94
	149,127		Orise Technology Co Ltd		162
	59,401		Parade Technologies Ltd		582
	65,851	*	PDF Solutions, Inc		1,485
	189,895		Phison Electronics Corp		1,493
	182,235	*	Photronics, Inc		2,059
	75,613		Pixart Imaging, Inc		156
	116,577		Power Integrations, Inc		7,910
	3,257,397		Powertech Technology, Inc		8,741
	326,951	*	Qorvo, Inc		17,240

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,971,293		Qualcomm, Inc	$	258,928
	853,000		Radiant Opto-Electronics Corp		1,475
	233,946	*	Rambus, Inc		3,221
	912,333		Realtek Semiconductor Corp		2,881
	1,622,247	*,e	REC Silicon ASA		214
	150,791		Rohm Co Ltd		8,651
	62,343	*	Rudolph Technologies, Inc		1,456
	161,992		Samsung Electronics Co Ltd		241,095
	28,987		Samsung Electronics Co Ltd (Preference)		34,322
	100,000	*	Sanken Electric Co Ltd		436
	3,079,547	*,e	Semiconductor Manufacturing International Corp		4,814
	264,001	*	Semtech Corp		8,329
	33,892		Seoul Semiconductor Co Ltd		436
	218,000	*,e	Shanghai Fudan Microelectronics Group Co Ltd		164
	64,000		Shindengen Electric Manufacturing Co Ltd		237
	280,000	*	Shinkawa Ltd		1,950
	428,300		Shinko Electric Industries		2,885
	29,000		ShunSin Technology Holding Ltd		91
	67,974	*	Sigma Designs, Inc		408
	127,000		Sigurd Microelectronics Corp		92
	47,934		Silergy Corp		671
	137,843	*	Silicon Laboratories, Inc		8,960
	247,788		Silicon Motion Technology Corp (ADR)		10,526
	49,831		Silicon Works Co Ltd		1,144
	2,370,807		Siliconware Precision Industries Co		3,517
	70,921	*	Siltronic AG.		3,280
	515,000		Sino-American Silicon Products, Inc		531
	583,000		Sitronix Technology Corp		1,848
	604,324		Skyworks Solutions, Inc		45,119
	83,071	e	SMA Solar Technology AG.		2,190
	38,620	*	SOITEC		60
	1,344,085		STMicroelectronics NV		15,234
	56,651	*	STS Semiconductor & Telecommunications		118
	1,516,900	e	Sumco Corp		19,502
	127,157	*,e	SunPower Corp		841
	5,309,600		SVI PCL (Foreign)		755
	119,000		Taiwan Semiconductor Co Ltd		130
	46,813,196		Taiwan Semiconductor Manufacturing Co Ltd		262,213
	786,288		Taiwan Surface Mounting Technology Co Ltd		643
	406,551		Teradyne, Inc		10,326
	12,865	*	TES Co Ltd		284
	240,448		Tessera Holding Corp		10,628
	1,982,222		Texas Instruments, Inc		144,643
	4,571		Tokai Carbon Korea Co Ltd		122
	284,940		Tokyo Electron Ltd		26,798
	46,600		Tokyo Seimitsu Co Ltd		1,378
	567,511		Topco Scientific Co Ltd		1,482
	14,831		Toptec Co Ltd		283
	67,623	*	Tower Semiconductor Ltd		1,285
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		2
	19,029		U-Blox AG.		3,569
	14,400		UKC Holdings Corp		258
	78,673	*	Ultra Clean Holdings		763
	45,917	*	Ultratech, Inc		1,101
	103,600		Ulvac, Inc		3,163
	1,646,000		Unisem M BHD		866

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,134,871		United Microelectronics Corp	$	4,274
	3,231,228		Vanguard International Semiconductor Corp		5,599
	114,505	*	Veeco Instruments, Inc		3,338
	211,707	*	Versum Materials, Inc		5,943
	158,068		Visual Photonics Epitaxy Co Ltd		242
	316,503		Win Semiconductors Corp		888
	2,028,000		Winbond Electronics Corp		624
	20,386	*	WONIK IPS Co Ltd		441
	110,150	*	Xcerra Corp		842
	1,131,249		Xilinx, Inc		68,293
	140,000		XinTec, Inc		141
	4,346,000	e	Xinyi Solar Holdings Ltd		1,407
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,614,232

SOFTWARE & SERVICES - 9.6%
	88,100	*,e	21Vianet Group, Inc (ADR)		618
	77,828	*	2U, Inc		2,347
	112,600	*,e	58.COM, Inc (ADR)		3,153
	599,084	*	A10 Networks, Inc		4,978
	2,075,132		Accenture plc		243,060
	247,127	*	ACI Worldwide, Inc		4,485
	133,966	*,e	Aconex Ltd		490
	1,838,362		Activision Blizzard, Inc		66,383
	118,195	*	Actua Corp		1,655
	168,910	*	Acxiom Corp		4,527
	513		Addcn Technology Co Ltd		3
	1,985,622	*	Adobe Systems, Inc		204,420
	2,348,000	*,e	AGTech Holdings Ltd		429
	5,455		Ahnlab, Inc		260
	281,146	*	Akamai Technologies, Inc		18,747
	34,145	*,e	Alarm.com Holdings, Inc		950
	2,275,741	*	Alibaba Group Holding Ltd (ADR)		199,833
	43,419	*,e	ALJ Regional Holdings, Inc		191
	150,743		Alliance Data Systems Corp		34,445
	249,787		Alpha Systems, Inc		3,977
	918,457	*	Alphabet, Inc (Class A)		727,831
	1,103,578	*	Alphabet, Inc (Class C)		851,764
	61,540		Alten		4,321
	102,120	e	Altium Ltd		595
	377,210		Altran Technologies S.A.		5,505
	727,541		Amadeus IT Holding S.A.		32,997
	94,510	*	Amber Road, Inc		858
	759,722		Amdocs Ltd		44,254
	58,547		American Software, Inc (Class A)		605
	84,892	*,e	Angie’s List, Inc		699
	139,765	*	Ansys, Inc		12,927
	19,465	*,e	Appfolio, Inc		464
	12,735	*,e	Apptio, Inc		236
	341,290	*	Aspen Technology, Inc		18,662
	175,681		Asseco Poland S.A.		2,264
	31,000	e	Ateam, Inc		609
	30,051	*	Atlassian Corp plc		724
	275,744		Atos Origin S.A.		29,063
	1,645,844	g	Auto Trader Group plc		8,275
	56,556	*	Autobytel, Inc		761
	593,539	*	Autodesk, Inc		43,928

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,113,018		Automatic Data Processing, Inc	$	114,396
	54,675		Aveva Group plc		1,268
	14,467		Axway Software S.A.		466
	612,013	*	Baidu, Inc (ADR)		100,621
	166,215	*	Bankrate, Inc		1,837
	19,300	*,e	Baozun, Inc (ADR)		233
	113,606	*	Barracuda Networks, Inc		2,435
	417,183	*	Bazaarvoice, Inc		2,023
	32,614		Bechtle AG.		3,391
	27,008	*,e	Benefitfocus, Inc		802
	25,700	*,e	Bitauto Holdings Ltd (ADR)		487
	43,022	*,e	Black Knight Financial Services, Inc		1,626
	101,475		Blackbaud, Inc		6,494
	119,911	*	Blackhawk Network Holdings, Inc		4,518
	17,110	*	Blackline, Inc		473
	83,553	*	Blucora, Inc		1,232
	688,579		Booz Allen Hamilton Holding Co		24,837
	107,576	*	Bottomline Technologies, Inc		2,692
	182,993	*	Box, Inc		2,536
	999,000	*,e	Boyaa Interactive International Ltd		455
	114,718	*	Brightcove, Inc		923
	40,000		Broadleaf Co Ltd		216
	271,577		Broadridge Financial Solutions, Inc		18,006
	63,003	*,e	BroadSoft, Inc		2,599
	30,900		Brogent Technologies, Inc		200
	1,503,453		CA, Inc		47,765
	70,000		CAC Holdings Corp		529
	55,175	*	CACI International, Inc (Class A)		6,858
	476,902	*	Cadence Design Systems, Inc		12,027
	160,709	*	Callidus Software, Inc		2,700
	13,207	e	Cancom SE		626
	319,848		Cap Gemini S.A.		26,947
	52,586		Capcom Co Ltd		1,234
	74,035	*	Carbonite, Inc		1,214
	97,281	*	Cardtronics plc		5,309
	67,641	*	Care.com, Inc		580
	320,564		carsales.com Ltd		2,619
	22,832		Cass Information Systems, Inc		1,680
	42,908	*,e	Catena Media plc		412
	98,234	*	CD Projekt Red S.A.		1,225
	308,302		CDK Global, Inc		18,403
	12,082	*,m	Cegid Group S.A.		0
	173,626	*	CGI Group, Inc		8,333
	10,900	*	Changyou.com Ltd (ADR)		231
	52,000	*	Chanjet Information Technology Co Ltd		64
	119,474	*	ChannelAdvisor Corp		1,714
	246,087	*	Check Point Software Technologies		20,785
	25,900	*,e	Cheetah Mobile, Inc (ADR)		248
	620,000	*,e	China City Railway Transportation Technology Holdings Co Ltd		127
	1,664,000	*	Chinasoft International Ltd		778
	1,424,232		Cielo S.A.		12,179
	171,029	*,e	Cimpress NV		15,668
	427,237	*	Citrix Systems, Inc		38,157
	1,300,661	*	Cognizant Technology Solutions Corp (Class A)		72,876
	106,000	e	COLOPL, Inc		896

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,589	*	Com2uSCorp	$	619
	97,280	*	CommerceHub, Inc		1,462
	40,162	*	CommerceHub, Inc (Series A)		603
	180,257	*	Commvault Systems, Inc		9,265
	145,846		Computer Modelling Group Ltd		990
	491,546	e	Computer Sciences Corp		29,208
	557,511		Computershare Ltd		5,002
	125,804	*,e	comScore, Inc		3,973
	41,964		Constellation Software, Inc		19,069
	245,775		Convergys Corp		6,036
	62,900	e	COOKPAD, Inc		576
	198,648	*	Cornerstone OnDemand, Inc		8,405
	64,797	*	CoStar Group, Inc		12,214
	15,032	*,e	Coupa Software, Inc		376
	61,900	e	CROOZ, Inc		1,451
	69,149		CSG Systems International, Inc		3,347
	612,099		CSRA, Inc		19,489
	250,515	*	CyberArk Software Ltd		11,398
	106,679		Cyient Ltd		792
	24,306		Daou Technology, Inc		361
	160,661		Dassault Systemes S.A.		12,229
	66,332	*	Datalink Corp		747
	501,400		Datasonic Group BHD		135
	1,223,133	*	Dell Technologies, Inc-VMware Inc		67,236
	200,200		Dena Co Ltd		4,375
	76,511	*	Descartes Systems Group, Inc		1,631
	10,782		Devoteam S.A.		653
	3,709	*	Devsisters Co Ltd		46
	91,301	e	DH Corp		1,515
	341,868	*	DHI Group, Inc		2,137
	20,462	*,e	Digimarc Corp		614
	28,600		Digital Garage, Inc		492
	60,700		Dip Corp		1,251
	7,852	*	DoubleUGames Co Ltd		259
	109,398		DST Systems, Inc		11,722
	63,200		DTS Corp		1,344
	17,592		DuzonBIzon Co Ltd		312
	710,891	e	EarthLink Holdings Corp		4,009
	3,045,546	*	eBay, Inc		90,422
	53,572	e	Ebix, Inc		3,056
	30,270		eClerx Services Ltd		624
	86,030		Econocom Group		1,261
	1,246,207	*	Electronic Arts, Inc		98,151
	99,811	*	Ellie Mae, Inc		8,352
	96,062		Ementor ASA		884
	128,359	*,e	Endurance International Group Holdings, Inc		1,194
	59,693	*,e	EnerNOC, Inc		358
	15,152	e	Enghouse Systems Ltd		631
	89,528	*	Envestnet, Inc		3,156
	111,450		EOH Holdings Ltd		1,328
	132,589	*	EPAM Systems, Inc		8,527
	325,657	g	Equiniti Group plc		783
	107,275	*	Euronet Worldwide, Inc		7,770
	14,532	*,e	Everbridge, Inc		268
	480,966		EVERTEC, Inc		8,537
	35,898	*,e	EXA Corp		551

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,858	*	ExlService Holdings, Inc	$	6,752
	39,100		F@N Communications, Inc		247
	7,623,834	*	Facebook, Inc		877,122
	106,890		Fair Isaac Corp		12,743
	250,300	*,e	Fang Holdings Ltd (ADR)		821
	556,500	e,g	Feiyu Technology International Co Ltd		82
	4,100	*,e	FFRI, Inc		140
	852,225		Fidelity National Information Services, Inc		64,462
	252,384	*	FireEye, Inc		3,003
	361,395	*	First American Corp		13,310
	1,009,922	*	First Data Corp		14,331
	525,535	*	Fiserv, Inc		55,854
	192,035	*	Five9, Inc		2,725
	349,338	*	FleetCor Technologies, Inc		49,438
	17,890		Formula Systems 1985 Ltd		725
	22,196		Forrester Research, Inc		953
	821,614	*	Fortinet, Inc		24,747
	65,603		F-Secure Oyj		240
	20,500		FUJI SOFT, Inc		486
	139,800		Fujitsu Broad Solution & Consulting, Inc		1,218
	6,412,592		Fujitsu Ltd		35,510
	33,600		Fukui Computer Holdings, Inc		837
	60,000		Future Architect, Inc		372
	13,489	*	GameHi Co Ltd		95
	4,369	*	Gamevil, Inc		176
	193,096	*	Gartner, Inc		19,516
	560,431	*	Genpact Ltd		13,641
	12,552		GFT Technologies AG.		270
	185,820	*	Gigamon, Inc		8,464
	122,884	*	Global Dominion Access S.A.		405
	406,863		Global Payments, Inc		28,240
	16,615	*	Global Sources Ltd		147
	55,551	*,e	Globant S.A.		1,853
	220,133	*,e	Glu Mobile, Inc		427
	86,100		GMO internet, Inc		1,095
	26,500	e	GMO Payment Gateway, Inc		1,175
	232,609	*	Gocompare.Com Group plc		204
	107,273	*	GoDaddy, Inc		3,749
	122,171	*,e	Gogo, Inc		1,126
	7,910		Golfzon co Ltd		427
	23,900		Gourmet Navigator, Inc		474
	81,250	*,e	Gravity Co Ltd (ADR)		861
	193,900		Gree, Inc		1,019
	643,361	*	GrubHub, Inc		24,203
	15,553	*	G-treeBNT Co Ltd		214
	56,160	*	GTT Communications, Inc		1,615
	56,950	*	Guidance Software, Inc		403
	220,654	*	Guidewire Software, Inc		10,885
	1,746,600	e	GungHo Online Entertainment Inc		3,711
	14,462		Haansoft, Inc		198
	219,002		Hackett Group, Inc		3,868
	343,023		Hansen Technologies Ltd		969
	480,000	*,e	HC International, Inc		351
	871,948		HCL Technologies Ltd		10,617
	13,300	e	Hearts United Group Co Ltd		192
	80,521		Hexaware Technologies Ltd		245

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,707,000	*,e	Hi Sun Technology China Ltd	$	260
	88,985	*,e	Hortonworks, Inc		739
	63,243	*	HubSpot, Inc		2,972
	861,796	*	IAC/InterActiveCorp		55,836
	784,000		IGG, Inc		525
	121,432	*	Imperva, Inc		4,663
	91,180	*,e	Indra Sistemas S.A.		997
	596,700		Ines Corp		6,204
	106,010		Info Edge India Ltd		1,396
	17,700		Infocom Corp		250
	1,510,000	e	Infomart Corp		8,812
	71,166	*	Information Services Group, Inc		259
	8,600		Information Services International-Dentsu Ltd		132
	2,897,509		Infosys Technologies Ltd		43,006
	64,095	*,e	Instructure, Inc		1,253
	1,768,057		International Business Machines Corp		293,480
	48,000		International Games System Co Ltd		295
	24,500		Internet Initiative Japan, Inc		369
	106,562	*	InterXion Holding NV		3,737
	345,555	*	Intralinks Holdings, Inc		4,672
	1,225,285		Intuit, Inc		140,430
	104,396		iomart Group plc		392
	363,945		Iress Market Technology Ltd		3,110
	182,129	e	iSentia Group Ltd		376
	31,100	*,e	Istyle, Inc		220
	177,960		IT Holdings Corp		3,804
	186,100		Itochu Techno-Science Corp		4,830
	100,268	e	j2 Global, Inc		8,202
	111,375		Jack Henry & Associates, Inc		9,888
	5,569	*	JCEntertainment Corp		94
	2,300	*,e	JIG-SAW, Inc		121
	121,404	*	Jive Software, Inc		528
	31,085	*	Just Dial Ltd		155
	798,641	*	Just Eat plc		5,739
	29,000		Justsystems Corp		280
	117,326		Kainos Group plc		296
	111,420		Kakaku.com, Inc		1,841
	31,637	e	Kakao Corp		2,013
	31,200		Kanematsu Electronics Ltd		669
	9,483		KCP Co Ltd		100
	74,674		Kginicis Co Ltd		746
	310,678	*	Kinaxis, Inc		14,462
	1,590,000	*,e	Kingdee International Software Group Co Ltd		596
	997,061		Kingsoft Corp Ltd		2,035
	100,000	*,e	KLab, Inc		565
	216,968		Konami Corp		8,756
	28,000	*	KongZhong Corp (ADR)		194
	11,919	*	Korea Information & Communications Co Ltd		104
	1,369		Korea Information Certificate Authority, Inc		6
	350,812		KPIT Cummins Infosystems Ltd		692
	13,649	*	KT Hitel Co Ltd		74
	560,080		Leidos Holdings, Inc		28,643
	262,325	*	Limelight Networks, Inc		661
	30,900	*,e	LINE Corp		1,055
	607,162		Link Administration Holdings Ltd		3,310
	82,967		Linx S.A.		442

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	118,950	*	Lionbridge Technologies	$	690
	111,689	*	Liquidity Services, Inc		1,089
	230,810	*	Liveperson, Inc		1,743
	73,965	e	LogMeIn, Inc		7,141
	11,338	*,e	Majesco		69
	326,690	*	Manhattan Associates, Inc		17,324
	53,152		Mantech International Corp (Class A)		2,246
	82,086	*	Marchex, Inc (Class B)		218
	108,200	e	Marvelous AQL, Inc		715
	3,713,773		MasterCard, Inc (Class A)		383,447
	53,747	*,e	Match Group, Inc		919
	71,966		Matrix IT Ltd		574
	31,528	*,e	Mattersight Corp		117
	151,039		MAXIMUS, Inc		8,426
	89,357	*	MeetMe, Inc		441
	406,519		Mentor Graphics Corp		14,996
	433,264		Micro Focus International plc		11,636
	24,626,953		Microsoft Corp		1,530,319
	170,817	*	MicroStrategy, Inc (Class A)		33,719
	32,460	*,e	MINDBODY, Inc		691
	171,518		MindTree Ltd		1,317
	13,100		Miroku Jyoho Service Co Ltd		201
	62,408	*,e	Mitek Systems, Inc		384
	5,700		Mitsubishi Research Institute, Inc		160
	100,060	e	Mixi Inc		3,646
	89,664	*	MobileIron, Inc		336
	471,682	*,e	Mobileye NV		17,981
	44,574	*	Model N, Inc		394
	67,394	*	MoneyGram International, Inc		796
	1,440,176		Moneysupermarket.com Group plc		5,216
	179,492		Monotype Imaging Holdings, Inc		3,563
	4,300	*,e	Morpho, Inc		195
	122,889		Mphasis Ltd		1,022
	120,300		MTI Ltd		746
	8,701,050		My EG Services BHD		2,923
	598,872		MYOB Ltd		1,577
	69,570	*,e	Myriad Group AG.		165
	852,000	*,e	National Agricultural Holdings Ltd		198
	28,802		Naver Corp		18,444
	14,152		NCI, Inc (Class A)		197
	34,046		NCsoft		6,964
	17,900		NEC Networks & System Integration Corp		323
	49,252		Nemetschek AG.		2,864
	12,996	*	Neowiz Games Corp		122
	259,200		NET One Systems Co Ltd		1,656
	158,000	e	NetDragon Websoft, Inc		436
	181,600		Netease.com (ADR)		39,106
	149,992		NetEnt AB		1,154
	115,427	*	NeuStar, Inc (Class A)		3,855
	46,862	*,e	New Relic, Inc		1,324
	155,164		Nexon Co Ltd		2,242
	242,366	e	NEXTDC Ltd		635
	12,271	*	NHN Entertainment Corp		511
	270,767		NIC, Inc		6,471
	5,361		Nice Information & Telecommunication, Inc		146
	74,197		Nice Systems Ltd		5,091

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	258,700		Nihon Unisys Ltd	$	3,247
	52,941		NIIT Technologies Ltd		331
	207,119		Nintendo Co Ltd		43,055
	30,900		Nippon System Development Co Ltd		485
	103,084		Nomura Research Institute Ltd		3,133
	71,400	*,e	NQ Mobile, Inc (ADR)		230
	71,200	*	NS Solutions Corp		1,278
	147,827		NTT Data Corp		7,142
	656,926	*	Nuance Communications, Inc		9,788
	31,352	*	Numerex Corp		232
	325,004	*,e	Nutanix, Inc		8,632
	7,900		OBIC Business Consultants Ltd		340
	65,300		Obic Co Ltd		2,848
	336,651		Open Text Corp		20,791
	94,664	e	Opera Software ASA		409
	459,320	*	Optimal Payments plc		2,098
	11,901,091		Oracle Corp		457,597
	27,249		Oracle Corp Japan		1,371
	20,195		Otsuka Corp		942
	253,000	*,e	Ourgame International Holdings Ltd		103
	413,700		Pacific Online		107
	746,964	*,e	Pandora Media, Inc		9,740
	31,445	*,e	Park City Group, Inc		399
	747,633		Paychex, Inc		45,516
	95,027	*,e	Paycom Software, Inc		4,323
	45,388	*,e	Paylocity Holding Corp		1,362
	5,333,942	*	PayPal Holdings, Inc		210,531
	84,938		PC Home Online		743
	263,000	e	PCA Corp		3,174
	166,699	e	Pegasystems, Inc		6,001
	104,765	*	Perficient, Inc		1,832
	61,084		Persistent Systems Ltd		555
	62,594	*	PFSweb, Inc		532
	37,400	*	Phoenix New Media Ltd (ADR)		117
	96,021	*,e	Planet Payment, Inc		392
	417,248		Playtech Ltd		4,245
	49,931	*	POSDATA Co Ltd		238
	255,365		Progress Software Corp		8,154
	218,815	*,e	Proofpoint, Inc		15,459
	65,486	*	PROS Holdings, Inc		1,409
	480,368	*	PTC, Inc		22,227
	54,820	*	Q2 Holdings, Inc		1,582
	28,853		QAD, Inc (Class A)		877
	142,373	*	Qualys, Inc		4,506
	91,950	*	QuinStreet, Inc		346
	159,485	*,e	Quotient Technology, Inc		1,714
	41,863	*,e	Rapid7, Inc		509
	55,354	*,e	RealNetworks, Inc		269
	239,621	*	RealPage, Inc		7,189
	431,400	*	Red Hat, Inc		30,069
	160,742		Redcentric plc		180
	31,850		Reis, Inc		709
	76,400	*,e	RENREN,Inc (ADR)		121
	3,160,000	*	Rentian Technology Holdings Ltd		220
	3,597		Reply S.p.A.		447
	152,439	*	RetailMeNot, Inc		1,418

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	66,686	e	RIB Software AG.	$	875
	214,426		Rightmove plc		10,300
	24,042	*	Rightside Group Ltd		199
	360,135	*	RingCentral, Inc		7,419
	43,188	*,e	Rosetta Stone, Inc		385
	312,201	*	Rubicon Project, Inc		2,317
	411,544	e	Sabre Corp		10,268
	112,566	e	SafeCharge International Group Ltd		286
	1,723,470		Sage Group plc		13,893
	40,584		Saipens International Corp NV		581
	4,165,885	*	salesforce.com, Inc		285,196
	900,200		Samart Corp PCL		314
	36,217		Samsung SDS Co Ltd		4,175
	911,975		SAP AG.		78,890
	56,159		Sapiens International Corp NV		805
	148,228		Science Applications International Corp		12,570
	467,125	*,g	Scout24 AG.		16,649
	11,289	*	SecureWorks Corp		120
	1,347,315	*	ServiceNow, Inc		100,159
	153,043	*	ServiceSource International LLC		869
	209,460		Shanghai Baosight Software Co Ltd		329
	89,016	*	Shopify, Inc		3,825
	81,739	*	Shutterstock, Inc		3,884
	80,537	*	Silver Spring Networks, Inc		1,072
	1,992,700		Silverlake Axis Ltd		727
	43,536		SimCorp AS		2,120
	119,830	*,e	Sina Corp		7,284
	6,440,000	*	Sino-I Technology Ltd		98
	525,600	e	Sinosoft Technology Group Ltd		165
	19,500	e	SMS Co Ltd		431
	256,845		Softcat plc		933
	43,887		Software AG.		1,591
	53,540		Soft-World International Corp		105
	49,087	*,e	Sohu.com, Inc		1,664
	717,342		Sonda S.A.		1,274
	219,035	g	Sophos Group plc		708
	12,250		Sopra Group S.A.		1,390
	200,917	*,e	Splunk, Inc		10,277
	42,371	*	SPS Commerce, Inc		2,961
	151,827		Square Enix Co Ltd		3,893
	312,542	*	Square, Inc		4,260
	341,088		SS&C Technologies Holdings, Inc		9,755
	64,225	*,e	Stamps.com, Inc		7,363
	145,820	*,e	Starbreeze AB		308
	124,642		Sumisho Computer Systems Corp		4,349
	4,385	*	SundayToz Corp		74
	508,000		SUNeVision Holdings Ltd		217
	137,267	*	Sykes Enterprises, Inc		3,962
	6,524,893		Symantec Corp		155,880
	88,440	*	Synchronoss Technologies, Inc		3,387
	595,465	*	Synopsys, Inc		35,049
	129,318	e	Syntel, Inc		2,559
	17,600		Systena Corp		268
	384,000		Systex Corp		688
	64,916	*	Tableau Software, Inc		2,736
	535,476	*	Take-Two Interactive Software, Inc		26,394

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	70,147	*	Tangoe, Inc	$	553
	799,351		Tata Consultancy Services Ltd		27,806
	6,838		Tata Elxsi Ltd		141
	407,129		Tech Mahindra Ltd		2,925
	271,988		Technology One Ltd		1,105
	49,084	*	TechTarget, Inc		419
	36,600		Tecmo Koei Holdings Co Ltd		643
	105,656	*	TeleNav, Inc		745
	57,437		TeleTech Holdings, Inc		1,752
	202,363		Temenos Group AG.		14,066
	10,873,304	e	Tencent Holdings Ltd		263,646
	522,708	*	Teradata Corp		14,202
	357,000	g	Tian GE Interactive Holdings Ltd		220
	47,504		Tietoenator Oyj		1,293
	253,389	*	TiVo Corp		5,296
	13,000		TKC		354
	551,732		Total System Services, Inc		27,051
	115,100		Totvus S.A.		848
	9,768	*,e	Trade Desk, Inc		270
	25,600		Trans Cosmos, Inc/Japan		597
	764,225		Travelport Worldwide Ltd		10,776
	1,111,000		Travelsky Technology Ltd		2,328
	127,203		Trend Micro, Inc		4,515
	115,059	*,e	TrueCar, Inc		1,438
	30,395	*,e	Twilio, Inc		877
	1,456,573	*	Twitter, Inc		23,742
	73,037	*	Tyler Technologies, Inc		10,428
	76,843	*	Ubisoft Entertainment		2,731
	90,305	*	Ultimate Software Group, Inc		16,467
	305,349	*,e	Unisys Corp		4,565
	32,436		United Internet AG.		1,266
	10,300	e	UNITED, Inc		153
	1,103,634	*	Vakrangee Ltd		4,444
	323,070	*	Vantiv, Inc		19,261
	48,108	*	Varonis Systems, Inc		1,289
	64,193	*	Vasco Data Security International		876
	172,449	*	Verint Systems, Inc		6,079
	221,937	*,e	VeriSign, Inc		16,883
	103,889	*,e	VirnetX Holding Corp		229
	63,941	*	Virtusa Corp		1,606
	5,892,569		Visa, Inc (Class A)		459,738
	963,413	*,e	VMware, Inc (Class A)		75,850
	80,851	*,e	WebMD Health Corp (Class A)		4,008
	90,740	*	Website Pros, Inc		1,919
	14,879	*	Webzen, Inc		184
	39,600	*,e	Weibo Corp (ADR)		1,608
	8,510	*	WeMade Entertainment Co Ltd		157
	1,464,179	e	Western Union Co		31,802
	112,262	*	WEX, Inc		12,528
	990,476		Wipro Ltd		6,915
	189,903	e	Wirecard AG.		8,148
	74,516	*,e	Wisetech Global Ltd		303
	75,025	*	Wix.com Ltd		3,342
	124,686	*	Workday, Inc		8,241
	73,666	*,e	Workiva, Inc		1,006
	31,996	*,g	Worldline S.A.		901

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,800,081	g	Worldpay Group plc	$	19,257
	47,528	*	Xactly Corp		523
	74,259	*	Xero Ltd		902
	4,994,252		Xerox Corp		43,600
	6,726		XING AG.		1,241
	148,298	*	XO Group, Inc		2,884
	25,900	*	Xunlei Ltd (ADR)		100
	5,703,900		Xurpas, Inc		917
	1,369,338		Yahoo! Japan Corp		5,245
	2,047,519	*	Yahoo!, Inc		79,178
	439,708	*,e	Yelp, Inc		16,766
	34,000	*,e	YY, Inc (ADR)		1,340
	175,714	*	Zendesk, Inc		3,725
	10,390		Zensar Technologies Ltd		145
	105,471	*,e	Zillow Group, Inc		3,844
	208,253	*,e	Zillow Group, Inc (Class C)		7,595
	249,245	*	Zix Corp		1,231
	550,491	g	Zoopla Property Group plc		2,166
	1,923,939	*	Zynga, Inc		4,945
			TOTAL SOFTWARE & SERVICES		10,897,212

TECHNOLOGY HARDWARE & EQUIPMENT - 4.5%
	288,770	*,e	3D Systems Corp		3,838
	1,015,422	e	AAC Technologies Holdings, Inc		9,191
	153,092	*	accesso Technology Group plc		2,830
	2,584,292		Accton Technology Corp		4,050
	2,695,762		Acer, Inc		1,089
	107,492		Adlink Technology, Inc		203
	105,809		Adtran, Inc		2,365
	35,869	*,e	ADVA AG. Optical Networking		290
	37,000		Advanced Ceramic X Corp		273
	342,583		Advantech Co Ltd		2,701
	46,561	*,e	Aerohive Networks, Inc		265
	38,200	*,e	Agilysys, Inc		396
	31,400	e	Ai Holdings Corp		622
	104,400		Alpha Networks, Inc		63
	155,900		Alps Electric Co Ltd		3,746
	119,900		Amano Corp		2,102
	569,518		Amphenol Corp (Class A)		38,272
	1,044,096	*	Anixter International, Inc		84,624
	118,000		Anritsu Corp		635
	2,796,000	*,e,m	Anxin-China Holdings Ltd		4
	18,155,132	l,n	Apple, Inc		2,102,727
	35,755	*	Applied Optoelectronics, Inc		838
	120,000		Arcadyan Technology Corp		212
	179,704	*,e	Arista Networks, Inc		17,390
	747,635	*	ARRIS International plc		22,526
	212,975	*	Arrow Electronics, Inc		15,185
	29,229		Ascom Holding AG.		459
	220,000	*	Asia Optical Co, Inc		207
	1,232,464		Asia Vital Components Co Ltd		956
	766,044		Asustek Computer, Inc		6,272
	188,000		Aten International Co Ltd		466
	29,551,893		AU Optronics Corp		10,731
	252,000		Aurora Corp		418
	42,570	e	Austria Technologie & Systemtechnik AG.		416

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	67,644	*	Avid Technology, Inc	$	298
	31,399	*,e	Avigilon Corp		300
	255,618		Avnet, Inc		12,170
	100,302		AVX Corp		1,568
	59,033		Badger Meter, Inc		2,181
	27,692		Barco NV		2,333
	29,911		Bel Fuse, Inc (Class B)		924
	99,472		Belden CDT, Inc		7,438
	183,032	*	Benchmark Electronics, Inc		5,582
	5,708,000		Benq Corp		2,658
	45,176		Black Box Corp		689
	390,908	*	Blackberry Ltd (New)		2,690
	839,000		Boardtek Electronics Corp		800
	1,215,676		Brocade Communications Systems, Inc		15,184
	899,659		Brother Industries Ltd		16,174
	4,495,500		BYD Electronic International Co Ltd		3,526
	75,303	*,e	CalAmp Corp		1,092
	7,061,915		CalComp Electronics Thailand PCL		532
	88,071	*	Calix, Inc		678
	13,400		Canon Electronics, Inc		202
	820,582	e	Canon, Inc		23,109
	166,000		Casetek Holdings Ltd		439
	66,845		Catapult Group International Ltd		119
	692,857		Catcher Technology Co Ltd		4,789
	246,000		Catic Shenzhen Holdings Ltd		123
	326,990		CDW Corp		17,033
	288,335	*	Celestica, Inc		3,417
	54,000		Chaun-Choung Technology Corp		222
	388,602		Cheng Uei Precision Industry Co Ltd		440
	756,162		Chicony Electronics Co Ltd		1,751
	280,663		Chimei Materials Technology Corp		119
	5,694,000	e	China Aerospace International Holdings Ltd		717
	1,568,000	e	China All Access Holdings Ltd		504
	489,600	*,m	China Fiber Optic Network System Group Ltd		22
	3,092,000	*	China Innovationpay Group Ltd		231
	1,421,000		Chin-Poon Industrial Co		2,666
	302,840		Chroma ATE, Inc		706
	12,000		Chunghwa Precision Test Tech Co Ltd		441
	4,297,749	*,n	Ciena Corp		104,908
	16,962,075		Cisco Systems, Inc		512,594
	432,454		Citizen Watch Co Ltd		2,578
	29,144	*,e	Clearfield, Inc		603
	461,393		Clevo Co		397
	1,832,394	*	CMC Magnetics Corp		198
	248,459	e	Cognex Corp		15,807
	91,033	*	Coherent, Inc		12,507
	3,246,109	e	Comba Telecom Systems Holdings Ltd		576
	679		Comet Holding AG.		670
	852,464	*	CommScope Holding Co, Inc		31,712
	4,473,688		Compal Electronics, Inc		2,555
	5,850,000		Compeq Manufacturing Co		2,812
	73,686		Comtech Telecommunications Corp		873
	40,872	*	Control4 Corp		417
	2,939,399	*	Coolpad Group Ltd		302
	1,406,000		Coretronic Corp		1,474
	1,915,064		Corning, Inc		46,479

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,830	e	CPI Card Group, Inc	$	240
	514,972	*	Cray, Inc		10,660
	18,801	*	CrucialTec Co Ltd		125
	66,177	e	CTS Corp		1,482
	158,475		Daeduck Electronics Co		1,070
	88,675		Daeduck GDS Co Ltd		945
	777,000		Daiwabo Co Ltd		1,898
	85,516		Daktronics, Inc		915
	15,282		Datalogic S.p.A.		301
	184,401		DataTec Ltd		664
	346,000		Delta Electronics Thai PCL		786
	2,059,988		Delta Electronics, Inc		10,127
	46,000		Denki Kogyo Co Ltd		225
	129,600		Dexerials Corp		1,229
	148,556	e	Diebold, Inc		3,736
	105,771	*	Digi International, Inc		1,454
	3,116,000	e	Digital China Holdings Ltd		2,352
	583,421		D-Link Corp		194
	153,215		Dolby Laboratories, Inc (Class A)		6,924
	264,000		Eastern Communications Co Ltd		189
	35,903	*,e	Eastman Kodak Co		557
	121,882	*	EchoStar Corp (Class A)		6,264
	54,000	*	Egis Technology, Inc		444
	41,971		Eizo Nanao Corp		1,246
	54,600		Elecom Co Ltd		914
	62,044	*,e	Electro Scientific Industries, Inc		367
	1,248,620		Electrocomponents plc		7,328
	217,655	*	Electronics for Imaging, Inc		9,546
	8,200		Elematec Corp		128
	348,654		Elite Material Co Ltd		969
	1,332,324		Elitegroup Computer Systems Co Ltd		642
	68,266		EMCORE Corp		594
	36,822		Ennoconn Corp		467
	45,300		Enplas Corp		1,333
	13,519	*	ePlus, Inc		1,557
	5,898,777		Ericsson (LM) (B Shares)		34,573
	100,721		Esprinet S.p.A.		751
	63,756		Evertz Technologies Ltd		802
	27,397		EVS Broadcast Equipment S.A.		957
	720,843	*	Extreme Networks, Inc		3,626
	332,936	*	F5 Networks, Inc		48,183
	111,417	*,e	Fabrinet		4,490
	42,961	*	FARO Technologies, Inc		1,547
	270,666	*,e	Fingerprint Cards AB		1,858
	2,072,460	*	Finisar Corp		62,733
	179,546		Firich Enterprises Co Ltd		335
	253,715	*,e	Fitbit, Inc		1,857
	1,185,884		FLEXium Interconnect, Inc		3,105
	1,463,050	*	Flextronics International Ltd		21,024
	369,877		Flir Systems, Inc		13,386
	98,310		Flytech Technology Co Ltd		286
	5,899,868		Foxconn Technology Co Ltd		15,523
	946,681		Fujifilm Holdings Corp		35,847
	82,800		Fujitsu Frontech Ltd		1,039
	16,708,000	*,e	GCL New Energy Holdings Ltd		977
	66,134		Gemalto NV		3,819

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,120,000		General Interface Solution Holding Ltd	$	3,169
	3,018,000		Getac Technology Corp		3,546
	1,421,000		Gigabyte Technology Co Ltd		1,893
	884,000	e	Goldpac Group Ltd		234
	5,118	*	Green Cross Cell Corp		115
	738,869		Halma plc		8,174
	26,900		Hamamatsu Photonics KK		707
	2,176,330	*	HannStar Display Corp		527
	157,217	*	Harmonic, Inc		786
	234,630		Harris Corp		24,043
	4,414,018		Hewlett Packard Enterprise Co		102,140
	109,871		Hexagon AB (B Shares)		3,913
	702,799	*	High Tech Computer Corp		1,713
	55,700		Hirose Electric Co Ltd		6,888
	912,165		Hitachi High-Technologies Corp		36,688
	48,500		Hitachi Kokusai Electric, Inc		1,010
	15,303,609		Hitachi Ltd		82,519
	328,000		Hitachi Maxell Ltd		5,590
	507,100		Holystone Enterprise Co Ltd		506
	24,458	*	Homecast Co Ltd		356
	28,333,987		Hon Hai Precision Industry Co, Ltd		73,699
	35,095		Horiba Ltd		1,621
	56,000		Hosiden Corp		452
	3,004,584		HP, Inc		44,588
	15,520		Humax Co Ltd		177
	97,000		Ibiden Co Ltd		1,301
	8,100		Icom, Inc		157
	179,476		ICP Electronics, Inc		247
	279,756	*,e	IDEX ASA		226
	220,721	*	II-VI, Inc		6,544
	14,742	*	Iljin Materials Co Ltd		170
	57,057	*,e	Immersion Corp		607
	667,740		Inari Amertron BHD		494
	1,412		Inficon Holding AG.		508
	296,197	*	Infinera Corp		2,515
	43,513		Ingenico		3,472
	27,378,219		InnoLux Display Corp		9,801
	206,930	*	Insight Enterprises, Inc		8,368
	135,418		InterDigital, Inc		12,370
	174,282	*	InvenSense, Inc		2,229
	2,606,535		Inventec Co Ltd		1,778
	58,908	*	IPG Photonics Corp		5,815
	7,400		Iriso Electronics Co Ltd		423
	2,745		Isra Vision AG.		292
	49,900		ITC Networks Corp		636
	739,357		ITEQ Corp		762
	203,077	*	Itron, Inc		12,763
	26,887		Ituran Location and Control Ltd		713
	257,164	*	Ixia		4,140
	580,922		Jabil Circuit, Inc		13,750
	97,493	e	Japan Aviation Electronics Industry Ltd		1,369
	17,100	e	Japan Cash Machine Co Ltd		219
	459,100	*,e	Japan Display, Inc		1,304
	26,907		Japan Radio Co Ltd		322
	1,671,400		JCY International BHD		183
	118,296		Jenoptik AG.		2,039

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,003,125		Ju Teng International Holdings Ltd	$	925
	932,335		Juniper Networks, Inc		26,348
	35,700		Kaga Electronics Co Ltd		579
	9,905		Kapsch TrafficCom AG.		389
	44,400		KCE Electronics PCL		151
	21,216		Keyence Corp		14,517
	402,494	*	Keysight Technologies, Inc		14,719
	12,415		KH Vatec Co Ltd		139
	81,690	*	Kimball Electronics, Inc		1,487
	1,461,500		Kingboard Chemical Holdings Ltd		4,414
	824,500		Kingboard Laminates Holdings Ltd		808
	19,411		Kingpak Technology, Inc		120
	189,124	*,e	Knowles Corp		3,160
	70,300		Koa Corp		668
	11,018		KONA I Co Ltd		110
	566,125		Konica Minolta Holdings, Inc		5,611
	87,477		Kudelski S.A.		1,514
	37,692	*	KVH Industries, Inc		445
	288,210		Kyocera Corp		14,290
	210,255		Laird Group plc		396
	201,892		Largan Precision Co Ltd		23,533
	8,086,753	e	Lenovo Group Ltd		4,875
	15,706		LG Innotek Co Ltd		1,147
	235,662		LG.Philips LCD Co Ltd		6,114
	6,469,295		Lite-On Technology Corp		9,729
	74,421		Littelfuse, Inc		11,295
	488,528		Logitech International S.A.		12,159
	53,000		Lotes Co Ltd		156
	1,551,707	*	Lumentum Holdings, Inc		59,973
	95,000		Macnica Fuji Electronics Holdings, Inc		1,248
	123,300		Marubun Corp		722
	62,500		Maruwa Co Ltd		2,066
	77,897	*,e	Maxwell Technologies, Inc		399
	107,900		Mcj Co Ltd		1,056
	65,000		Melco Holdings, Inc		1,764
	143,076		Merry Electronics Co Ltd		534
	6,338		Mesa Laboratories, Inc		778
	164,624		Methode Electronics, Inc		6,807
	219,318	e	Micronic Laser Systems AB		2,355
	703,000		Micro-Star International Co Ltd		1,595
	3,098,082		Mitac Holdings Corp		2,960
	70,500	*,e	Mitsumi Electric Co Ltd		386
	502,773		Motorola, Inc		41,675
	35,805		MTS Systems Corp		2,030
	282,828		Murata Manufacturing Co Ltd		37,768
	563,000		Nan Ya Printed Circuit Board Corp		430
	164,000		Nanjing Panda Electronics		152
	54,000		Nanjing Sample Technology Co Ltd		103
	243,709		National Instruments Corp		7,511
	345,766	*	NCR Corp		14,024
	4,267,270		NEC Corp		11,287
	106,494		Neopost S.A.		3,326
	490,692	e	NetApp, Inc		17,307
	187,468	*	Netgear, Inc		10,189
	191,299	*	Netscout Systems, Inc		6,026
	42,726		Nichicon Corp		372

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	223,136	*,e	Nimble Storage, Inc	$	1,767
	19,800		Nippon Ceramic Co Ltd		338
	1,569,341		Nippon Electric Glass Co Ltd		8,467
	42,900		Nippon Signal Co Ltd		362
	15,200	e	Nohmi Bosai Ltd		224
	1,293,409	e	Nokia Corp		6,221
	8,592,182		Nokia Oyj (Turquoise)		41,210
	100,368	*	Novanta, Inc		2,108
	4,737,479	*	Oclaro, Inc		42,400
	67,100		Oki Electric Industry Co Ltd		940
	571,056		Omron Corp		21,823
	305,000	*	O-Net Communications Group		142
	11,500	e	Optex Co Ltd		251
	179,338	*	Orbotech Ltd		5,992
	66,000		Osaki Electric Co Ltd		686
	37,570	*,e	OSI Systems, Inc		2,860
	42,082		Oxford Instruments plc		378
	194,271	*,e	Palo Alto Networks, Inc		24,294
	335,224		Pan-International Industrial		256
	88,428	e	Park Electrochemical Corp		1,649
	18,634	*,e	Parrot S.A.		203
	274,400		Partron Co Ltd		2,346
	2,323,000	e	PAX Global Technology Ltd		1,532
	51,109		PC Connection, Inc		1,436
	2,050,917		Pegatron Technology Corp		4,879
	132,127		Plantronics, Inc		7,235
	90,954	*	Plexus Corp		4,915
	41,959		Posiflex Technology, Inc		230
	2,295,000		Primax Electronics Ltd		3,127
	720,000		Prime View International Co Ltd		513
	146,705	*,e	Pure Storage, Inc		1,659
	2,837,338		Quanta Computer, Inc		5,287
	11,667	*,e	Quantenna Communications, Inc		212
	93,736	*	Radisys Corp		415
	59,679	*,e	Radware Ltd		870
	521,930		Redington India Ltd		729
	49,142		Renishaw plc		1,528
	188,433		Ricoh Co Ltd		1,592
	9,879	*,m	RICOH INDIA Ltd		28
	55,700		Riso Kagaku Corp		939
	1,536,062	*	Ritek Corp		243
	76,214	*	Rogers Corp		5,854
	11,400		Roland DG Corp		297
	27,700		Ryosan Co Ltd		835
	51,900		Ryoyo Electro Corp		652
	24,714		S&T AG.		226
	55,008		Samsung Electro-Mechanics Co Ltd		2,309
	59,290		Samsung SDI Co Ltd		5,337
	654,808	e	Sandvine Corp		1,370
	334,005	*	Sanmina Corp		12,241
	114,516	*,e	Scansource, Inc		4,621
	4,225		Seagate Technology, Inc		161
	141,600		Seiko Epson Corp		2,990
	391,000		Sercomm Corp		931
	8,828		SFA Engineering Corp		471
	118,300	*	Shanghai Potevio Co Ltd		162

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,876		Shimadzu Corp	$	776
	419,977	*	ShoreTel, Inc		3,003
	27,382	*,e	Sierra Wireless, Inc		429
	51,400	e	Siix Corp		1,732
	21,307		Silicom Ltd		876
	257,000		Simplo Technology Co Ltd		739
	684,088		Sinbon Electronics Co Ltd		1,488
	4,332		Sindoh Co Ltd		197
	41,000		SMK Corp		146
	110,095	*	Sonus Networks, Inc		694
	114,565		Spectris plc		3,265
	2,248		Spigen Korea Co Ltd		106
	71,287		Spirent Communications plc		87
	40,494	*,m	Sterlite Power Transmission Ltd		67
	86,510	*	Sterlite Technologies Ltd		122
	179,839	*,e	Stratasys Ltd		2,975
	1,170,000	e	Sunny Optical Technology Group Co Ltd		5,100
	100,016	*	Super Micro Computer, Inc		2,805
	266,486		SVA Electron Co Ltd		208
	142,027	*	Synaptics, Inc		7,610
	82,991		SYNNEX Corp		10,044
	1,461,238		Synnex Technology International Corp		1,468
	46,322		Systemax, Inc		406
	897,577		Taiwan PCB Techvest Co Ltd		835
	231,503		Taiyo Yuden Co Ltd		2,769
	230,290		TDK Corp		15,791
	204,874		TE Connectivity Ltd		14,194
	149,980	*	Tech Data Corp		12,700
	440,000	e	Technovator International Ltd		167
	180,945	e	Telit Communications plc		615
	139,495		Test Research, Inc		165
	465,291	*,e	Thin Film Electronics ASA		197
	4,345	*,e,m	Tobii AB		32
	56,705	*	Tobii AB		424
	128,625		Tong Hsing Electronic Industries Ltd		437
	9,020,000	e	Tongda Group Holdings Ltd		2,316
	87,800		Topcon Corp		1,317
	267,000	*	Toshiba TEC Corp		1,277
	60,400		Toyo Corp/Chuo-ku		535
	246,000	*	TPK Holding Co Ltd		451
	1,940,000		Tpv Technology Ltd		329
	16,100		Transcend Information, Inc		43
	604,000		Trigiant Group Ltd		88
	674,949	*	Trimble Navigation Ltd		20,350
	1,243,832		Tripod Technology Corp		2,809
	2,936,000	e	Truly International Holdings		1,139
	20,800		TSC Auto ID Technology Co Ltd		157
	484,390	*	TTM Technologies, Inc		6,602
	674,039		TXC Corp		850
	56,218	*,e	Ubiquiti Networks, Inc		3,249
	1,160,883		Unimicron Technology Corp		445
	223,951	*,e	Universal Display Corp		12,608
	77,698	*,e	USA Technologies, Inc		334
	4,100	e	V Technology Co Ltd		457
	966,795		Venture Corp Ltd		6,585
	240,985	*	VeriFone Systems, Inc		4,273

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108,366	*	Viasat, Inc	$	7,176
	504,690	*	Viavi Solutions, Inc		4,128
	291,569		Vishay Intertechnology, Inc		4,723
	43,901	*	Vishay Precision Group, Inc		830
	3,351,000		VS Industry Bhd		1,052
	1,488,800	e	VST Holdings Ltd		520
	139,500		Vtech Holdings Ltd		1,862
	133,200	e	Wacom Co Ltd		348
	1,317,000		Wah Lee Industrial Corp		1,869
	1,780,140		Walsin Technology Corp		1,941
	3,548,000	e	Wasion Group Holdings Ltd		1,898
	1,109,685		Western Digital Corp		75,403
	23,095	*	Wincor Nixdorf AG.		1,602
	190,500	*,b,m	Wintek Corp		0	^
	8,474,495		Wistron Corp		6,531
	214,520		Wistron NeWeb Corp		572
	4,136,732		WPG Holdings Co Ltd		4,861
	1,563,848		WT Microelectronics Co Ltd		2,080
	9,042		Xaar plc		45
	15,750	*,m	Ya Hsin Industrial Co Ltd		0
	316,993		Yageo Corp		576
	54,593		Yamatake Corp		1,534
	505,500	g	Yangtze Optical Fibre and Cable Joint Stock Ltd		952
	73,538		Yaskawa Electric Corp		1,140
	163,184		Yokogawa Electric Corp		2,356
	118,644	*	Zebra Technologies Corp (Class A)		10,175
	434,405		Zhen Ding Technology Holding Ltd		854
	251,000		Zinwell Corp		259
	740,938		ZTE Corp		1,282
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		4,973,688

TELECOMMUNICATION SERVICES - 2.7%
	9,248		012 Smile.Communications Ltd		202
	248,835	*	8x8, Inc		3,558
	2,085,589		Advanced Info Service PCL (Foreign)		8,541
	486,898		AFK Sistema (GDR)		4,382
	46,868,684		America Movil S.A. de C.V. (Series L)		29,460
	376,250	e	APT Satellite Holdings Ltd		181
	1,680,836	*	Asia Pacific Telecom Co Ltd		539
	16,362,684		AT&T, Inc		695,905
	34,755		ATN International, Inc		2,785
	979,600	*,e	Axtel SAB de C.V.		166
	1,030,769		BCE, Inc		44,550
	35,227		Belgacom S.A.		1,013
	10,958,118		Bezeq Israeli Telecommunication Corp Ltd		20,786
	1,761,959		Bharti Airtel Ltd		7,918
	917,807		Bharti Infratel Ltd		4,638
	141,893	*	Boingo Wireless, Inc		1,730
	7,564,627		BT Group plc		34,149
	189,582	*	Cellcom Israel Ltd		1,520
	128,707	g	Cellnex Telecom SAU		1,847
	1,558,730		CenturyTel, Inc		37,067
	5,159,371		China Communications Services Corp Ltd		3,278
	9,067,899		China Mobile Hong Kong Ltd		95,604
	17,318,457		China Telecom Corp Ltd		7,944
	7,207,681		China Unicom Ltd		8,342

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	702,017		Chorus Ltd	$	1,935
	4,132,988		Chunghwa Telecom Co Ltd		12,978
	129,178	*,e	Cincinnati Bell, Inc		2,887
	4,810,000		Citic 1616 Holdings Ltd		1,441
	90,652		Cogent Communications Group, Inc		3,748
	327,577		Com Hem Holding AB		3,121
	106,199	e	Consolidated Communications Holdings, Inc		2,851
	7,408,789		Deutsche Telekom AG.		127,114
	3,152,339		Digi.Com BHD		3,394
	16,449	*	Digital Multimedia Technologies S.p.A.		887
	37,444	e	Drillisch AG.		1,608
	125,903		Elisa Oyj (Series A)		4,087
	2,968,665		Emirates Telecommunications Group Co PJSC		15,195
	183,315	*	Empresa Nacional de Telecomunicaciones S.A.		1,945
	79,640	*,e,g	Euskaltel S.A.		705
	45,596	*	Fairpoint Communications, Inc		853
	1,387,236		Far EasTone Telecommunications Co Ltd		3,119
	2,664,930		France Telecom S.A.		40,411
	166,093		Freenet AG.		4,668
	3,112,638	e	Frontier Communications Corp		10,521
	80,890	*,e	General Communication, Inc (Class A)		1,573
	1,431,800	*,e	Globalstar, Inc		2,262
	34,806		Globe Telecom, Inc		1,055
	26,137	*	Hawaiian Telcom Holdco, Inc		648
	389,368		Hellenic Telecommunications Organization S.A.		3,657
	305,763	*	Himachal Futuristic Communications		56
	1,318,000		HKBN Ltd		1,444
	2,501,127		HKT Trust and HKT Ltd		3,064
	1,452,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		467
	1,367,922		Idea Cellular Ltd		1,492
	119,501		IDT Corp (Class B)		2,216
	27,144		Iliad S.A.		5,213
	232,757	g	Infrastrutture Wireless Italiane S.p.A		1,079
	215,837		Inmarsat plc		1,997
	125,424		Inteliquent, Inc		2,875
	173,357	*,e	Iridium Communications, Inc		1,664
	99,300	*,e	Japan Communications, Inc		139
	1,593,200		Jasmine International PCL		351
	1,276,752		Kcom Group plc		1,491
	1,448,152		KDDI Corp		36,570
	22,266		KT Corp		542
	248,674	*,e,m	Let’s GOWEX S.A.		3
	965,043	*	Level 3 Communications, Inc		54,390
	224,362		LG Telecom Ltd		2,126
	39,957	*	Lumos Networks Corp		624
	1,275,072		Magyar Telekom		2,160
	103,116		Manitoba Telecom Services, Inc		2,915
	1,363,990		Maxis BHD		1,815
	14,961		MegaFon OAO (GDR)		141
	40,431	e	Millicom International Cellular S.A.		1,723
	1,044,518		Mobile TeleSystems (ADR)		9,516
	334,609	e	MobileOne Ltd		452
	110,608	*	Mobistar S.A.		2,309
	1,940,015		MTN Group Ltd		17,768
	539,231		Netia S.A.		593
	112,342	*,e	NII Holdings, Inc		242

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,583,133		Nippon Telegraph & Telephone Corp	$	66,642
	2,681,445		NTT DoCoMo, Inc		60,990
	25,810	*	Numericable-SFR SAS		728
	170,501	*	Ooredoo QSC		4,762
	2,269,857	*	Orascom Telecom Holding SAE		900
	2,719,133	*	Orascom Telecom Media And Technology Holding SAE		126
	144,396	*	Orbcomm, Inc		1,194
	213,167	*	Partner Communications		1,019
	8,688,276		PCCW Ltd		4,697
	20,217	*,e	pdvWireless, Inc		456
	97,322		PLDT, Inc		2,669
	4,224,511	*	PT Excelcomindo Pratama		723
	899,400		PT Link Net Tbk		344
	125,700,124		PT Telekomunikasi Indonesia Persero Tbk		36,980
	811,158	*	Reliance Communication Ventures Ltd		405
	1,095,303		Rogers Communications, Inc (Class B)		42,249
	172,165		Rostelecom (ADR)		1,418
	1,900,697		Royal KPN NV		5,621
	274,657	*	SBA Communications Corp (Class A)		28,361
	128,280	*	Sejong Telecom, Inc		96
	98,533		Shenandoah Telecom Co		2,690
	16,284,763		Singapore Telecommunications Ltd		40,849
	101,857		SK Telecom Co Ltd		18,878
	935,535		SmarTone Telecommunications Holding Ltd		1,256
	1,299,736		Softbank Corp		86,009
	42,296		Spok Holdings, Inc		878
	1,925,620	*,e	Sprint Corp		16,214
	552,340		StarHub Ltd		1,069
	20,652	*,e	Straight Path Communications, Inc		700
	92,559	g	Sunrise Communications Group AG.		6,083
	16,076		Swisscom AG.		7,186
	1,833,942		Taiwan Mobile Co Ltd		5,904
	574,289	e	TalkTalk Telecom Group plc		1,198
	113,669		Tata Communications Ltd		1,049
	399,124	*	TDC AS		2,046
	200,437	e	Tele2 AB (B Shares)		1,603
	3,669,735		Telecom Corp of New Zealand Ltd		8,683
	12,391,554		Telecom Italia RSP		8,994
	6,431,699	*,e	Telecom Italia S.p.A.		5,679
	1,016,499		Telefonica Brasil S.A.		13,736
	736,093		Telefonica Deutschland Holding AG.		3,146
	161,498		Telefonica O2 Czech Republic AS		1,634
	4,184,668		Telefonica S.A.		38,634
	1,366,783		Telekom Malaysia BHD		1,813
	601,275		Telekomunikacja Polska S.A.		791
	656,483		Telenor ASA		9,799
	955,446		Telephone & Data Systems, Inc		27,584
	2,813,901	*,e	Telesites SAB de C.V.		1,526
	2,078,912		TeliaSonera AB		8,351
	1,341,018		Telkom S.A. Ltd		7,190
	9,073,720		Telstra Corp Ltd		33,343
	189,089		TELUS Corp		6,021
	318,700		Thaicom PCL		172
	1,853,184		Tim Participacoes S.A.		4,453
	487,120		Time dotCom BHD		847
	3,030,989		TM International BHD		3,184

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,200,624	*	T-Mobile US, Inc	$	184,068
	2,682,883		Tower Bersama Infrastructure		992
	405,634	e	TPG Telecom Ltd		1,991
	12,732,016		True Corp PCL		2,535
	336,236		Turk Telekomunikasyon AS		503
	931,017	*	Turkcell Iletisim Hizmet AS		2,571
	33,188	*	US Cellular Corp		1,451
	11,567,700		Verizon Communications, Inc		617,484
	364,774	e	Vocus Communications Ltd		1,016
	537,441		Vodacom Group Pty Ltd		5,954
	47,227,587		Vodafone Group plc		116,221
	739,377		Vodafone Group plc (ADR)		18,063
	326,657	*	Vodafone Qatar		840
	1,335,647	*	Vonage Holdings Corp		9,149
	258,907	e	Windstream Holdings, Inc		1,898
	325,730	*	Zayo Group Holdings, Inc		10,704
			TOTAL TELECOMMUNICATION SERVICES		3,041,217

TRANSPORTATION - 2.3%
	929,555		Abertis Infraestructuras S.A. (Continuous)		12,987
	74,844		Aegean Airlines S.A.		498
	191,000	g	Aena S.A.		26,022
	28,924		Aeroports de Paris		3,097
	5,338,742	*	Air Arabia PJSC		1,933
	147,873	*	Air Canada		1,506
	1,639,225		Air China Ltd		1,041
	118,810	*,e	Air France-KLM		646
	2,623,115		Air New Zealand Ltd		3,995
	217,490	*	Air Transport Services Group, Inc		3,471
	7,125,658		AirAsia BHD		3,637
	9,992,625	*	AirAsia X BHD		799
	481,100		Airports of Thailand PCL (Foreign)		5,342
	11,463	*	AJ Rent A Car Co Ltd		79
	728,015		Alaska Air Group, Inc		64,597
	826,459		All Nippon Airways Co Ltd		2,223
	71,134		Allcargo Logistics Ltd		188
	27,805		Allegiant Travel Co		4,627
	28,582		Amerco, Inc		10,564
	1,333,449		American Airlines Group, Inc		62,259
	634,771	*,b,m	AMR Corp (Escrow)		6
	1,284,000	e	Anhui Expressway Co		985
	145,349		Ansaldo STS S.p.A.		1,812
	5,185		AP Moller - Maersk AS (Class A)		7,825
	6,514		AP Moller - Maersk AS (Class B)		10,383
	110,757		Arkansas Best Corp		3,062
	108,582	*	Asiana Airlines		378
	70,572	*	Atlas Air Worldwide Holdings, Inc		3,680
	1,309,749		Auckland International Airport Ltd		5,681
	99,869		Autostrada Torino-Milano S.p.A.		1,088
	518,911		Autostrade S.p.A.		12,141
	928,295		Avianca Holdings S.A.		1,113
	249,640	*	Avis Budget Group, Inc		9,157
	648,200		Bangkok Airways Co Ltd		410
	135,150		Bangkok Aviation Fuel Services PCL		137
	7,154,953		Bangkok Expressway & Metro PCL		1,485
	881,415		BBA Aviation plc		3,073

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,800,097		Beijing Capital International Airport Co Ltd	$	1,815
	8,848	*	Blue Dart Express Ltd		570
	844,647		Bollore		2,974
	375,074		bpost S.A.		8,867
	6,370,627		BTS Group Holdings PCL (Foreign)		1,519
	1,113,600		Canadian National Railway Co		74,945
	232,897		Canadian Pacific Railway Ltd (Toronto)		33,228
	1,157,928	e	Cathay Pacific Airways Ltd		1,520
	721,560		Cebu Air, Inc		1,349
	197,198	e	Celadon Group, Inc		1,410
	155,885		Central Japan Railway Co		25,595
	221,321		CH Robinson Worldwide, Inc		16,214
	2,148,335		China Airlines		619
	1,455,093	e	China Merchants Holdings International Co Ltd		3,595
	1,849,500		China Southern Airlines Co Ltd		957
	350,000		Chu Kong Shipping Development		93
	1,020,899		Cia de Concessoes Rodoviarias		4,992
	100,122		Cia de Distribucion Integral Logista Holdings SAU		2,317
	1,562,210		ComfortDelgro Corp Ltd		2,655
	9,817,334	*	Compania SudAmericana de Vapores S.A.		256
	52,032		Container Corp Of India Ltd		849
	1,080,800	*,e	Controladora Vuela Cia de Aviacion SAB de C.V.		1,617
	123,803		Copa Holdings S.A. (Class A)		11,245
	127,600	*	Cosan Logistica S.A.		195
	784,000	e	Cosco International Holdings Ltd		358
	6,080,933		COSCO Pacific Ltd		6,094
	219,568		Costamare, Inc		1,230
	24,807	*	Covenant Transportation Group, Inc		480
	2,469,260		CSX Corp		88,720
	114,984		CTT-Correios de Portugal S.A.		779
	555,800		CWT Ltd		741
	23,130	*,e	D/S Norden		361
	487,924		Dart Group plc		2,983
	715,275		Dazhong Transportation Group Co Ltd		514
	1,936,943		Delta Air Lines, Inc		95,278
	347,953		Deutsche Lufthansa AG.		4,485
	995,828		Deutsche Post AG.		32,658
	113,555		Dfds A.S.		5,177
	550,443		DP World Ltd		9,641
	593,776		DSV AS		26,370
	667,951		East Japan Railway Co		57,590
	1,391,395		easyJet plc		17,211
	60,882	*,e	Echo Global Logistics, Inc		1,525
	801,600		EcoRodovias Infraestrutura e Logistica S.A.		2,026
	85,600	*,e	eHi Car Services Ltd (ADR)		776
	2,705,349		El Al Israel Airlines		1,789
	946,413	*	Enav S.p.A		3,266
	104,737	*,g	Europcar Groupe S.A.		1,061
	1,458,584		Eva Airways Corp		657
	1,608,055	*	Evergreen Marine Corp Tawain Ltd		552
	5,632		Exchange Income Corp		175
	276,139		Expeditors International of Washington, Inc		14,624
	509,607		FedEx Corp		94,889
	48,720	*	Finnair Oyj		207

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,327,744	*	Firstgroup plc	$	1,692
	50,242		Flughafen Zuerich AG.		9,310
	97,659		Forward Air Corp		4,627
	39,849		Fraport AG. Frankfurt Airport Services Worldwide		2,351
	325,484		Freightways Ltd		1,525
	113,000	e	Fukuyama Transporting Co Ltd		640
	115,781		Gateway Distriparks Ltd		417
	129,892	*	Genesee & Wyoming, Inc (Class A)		9,016
	74,411		GLOVIS Co Ltd		9,507
	114,783		Go-Ahead Group plc		3,160
	111,700	*	Gol Linhas Aereas Inteligentes S.A.		157
	84,872	*,e	Golden Ocean Group Ltd		405
	409,192		Grindrod Ltd		401
	422,860		Groupe Eurotunnel S.A.		4,017
	719,100	*,e	Grupo Aeromexico SAB de C.V.		1,356
	175,300	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		756
	321,031		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		2,640
	363,315		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		5,235
	1,065,025		Guangdong Provincial Expressway Development Co Ltd		671
	663,000		Guangdong Yueyun Transportation Co Ltd		359
	206,378		Gujarat Pipavav Port Ltd		398
	34,000	e	Hainan Meilan International Airport Co Ltd		34
	48,425		Hamburger Hafen und Logistik AG.		900
	41,534		Hanjin Kal Corp		526
	6,953		Hanjin Transportation Co Ltd		166
	361,625		Hankyu Hanshin Holdings, Inc		11,580
	215,972	*	Hawaiian Holdings, Inc		12,310
	88,432		Heartland Express, Inc		1,800
	156,399	*	Hertz Global Holdings, Inc		3,372
	104,400		Hitachi Transport System Ltd		2,115
	2,736,739	e	Hopewell Highway Infrastructure Ltd		1,434
	226,841	*	Hub Group, Inc (Class A)		9,924
	5,318,153		Hutchison Port Holdings Trust		2,308
	1,596	*	ID Logistics Group		227
	78,557		Iino Kaiun Kaisha Ltd		309
	892,709		International Consolidated Airlines Group S.A.		4,809
	500,717		International Container Term Services, Inc		723
	352,619		Irish Continental Group plc		1,670
	180,516		J.B. Hunt Transport Services, Inc		17,523
	318,487		Japan Airlines Co Ltd		9,294
	34,000	e	Japan Airport Terminal Co Ltd		1,229
	8,240		Jeju Air Co Ltd		171
	142,402	*	Jet Airways India Ltd		727
	1,135,285	*	JetBlue Airways Corp		25,453
	1,627,834		Jiangsu Express		2,052
	329,410		Jinzhou Port Co Ltd		173
	57,300		Julio Simoes Logistica S.A.		158
	574,587		Kamigumi Co Ltd		5,473
	846,410		Kansas City Southern Industries, Inc		71,818
	1,382,400	e	Kawasaki Kisen Kaisha Ltd		3,124
	373,338		Keihin Electric Express Railway Co Ltd		4,324
	448,586		Keio Corp		3,685
	28,461		Keisei Electric Railway Co Ltd		689
	939,547		Kerry Logistics Network Ltd		1,183
	1,335,179		Kintetsu Corp		5,088
	30,800		Kintetsu World Express, Inc		426

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	333,802	*	Kirby Corp	$	22,198
	142,685		Knight Transportation, Inc		4,716
	73,500	e	Konoike Transport Co Ltd		965
	7,900	*	Korea Express Co Ltd		1,170
	13,558	*	Korea Line Corp		193
	31,339	*	Korean Air Lines Co Ltd		707
	58,151		Kuehne & Nagel International AG.		7,676
	390,400	*	Kyushu Railway Co		10,221
	444,995	*	Lan Airlines S.A.		3,749
	131,077		Landstar System, Inc		11,181
	304,100		Lingkaran Trans Kota Holdings BHD		399
	155,002		Localiza Rent A Car		1,627
	3,818	e	Logistec Corp		100
	981,905		Macquarie Atlas Roads Group		3,573
	166,892		Macquarie Infrastructure Co LLC		13,635
	1,797,006		Malaysia Airports Holdings BHD		2,427
	50,561		Marten Transport Ltd		1,178
	97,000		Maruzen Showa Unyu Co Ltd		378
	188,031	e	Matson, Inc		6,654
	3,029,056		MISC BHD		4,963
	30,349		Mitsubishi Logistics Corp		428
	702,812		Mitsui OSK Lines Ltd		1,940
	334,610		Mitsui-Soko Co Ltd		982
	2,368,673		MTR Corp		11,484
	1,265,482		Mundra Port and Special Economic Zone Ltd		4,991
	692,055		Nagoya Railroad Co Ltd		3,341
	241,100		Namyong Terminal PCL		97
	660,000		Nankai Electric Railway Co Ltd		3,344
	1,004,756		National Express Group plc		4,378
	783	*,g	Navkar Corp Ltd		2
	1,030,261		Nippon Express Co Ltd		5,532
	53,500		Nippon Konpo Unyu Soko Co Ltd		1,114
	1,352,084		Nippon Yusen Kabushiki Kaisha		2,504
	271,000		Nishi-Nippon Railroad Co Ltd		1,238
	68,000		Nissin Corp		210
	338,831	g	Nobina AB		1,887
	911,343		Norfolk Southern Corp		98,489
	203,322		Northgate plc		1,236
	24,427	*,e	Norwegian Air Shuttle AS		811
	52,718		Odakyu Electric Railway Co Ltd		1,042
	28,867		Oesterreichische Post AG.		968
	2,246,853		OHL Mexico SAB de CV		2,210
	166,890	*	Old Dominion Freight Line		14,317
	247,000	e	Orient Overseas International Ltd		1,022
	7,132,290	*,e	Pacific Basin Shipping Ltd		1,145
	9,247	*	PAM Transportation Services, Inc		240
	9,134		Panalpina Welttransport Holding AG.		1,139
	18,274		Park-Ohio Holdings Corp		778
	43,832	*	Pegasus Hava Tasimaciligi AS.		176
	7,222		Piraeus Port Authority		101
	56,267	*	PKP Cargo S.A.		632
	726,600		Pos Malaysia & Services Holdings BHD		633
	511,950	*	Precious Shipping PCL		117
	691,377		Promotora y Operadora de Infraestructura SAB de C.V.		5,769
	82,200	*	Prumo Logistica S.A.		193

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,753,500	*,m	PT Berlian Laju Tanker Tbk	$	0	^
	4,504,200	*	PT Garuda Indonesia Tbk		113
	2,318,754		PT Jasa Marga Tbk		741
	4,808,359		Qantas Airways Ltd		11,519
	771,000	e,g	Qingdao Port International Co Ltd		366
	643,000	e	Qinhuangdao Port Co Ltd		147
	2,126,791		QR National Ltd		7,733
	803,798	e	Qube Logistics Holdings Ltd		1,412
	167,329	*	Radiant Logistics, Inc		653
	666,495		Redde plc		1,343
	172,056	*	Roadrunner Transportation Services Holdings, Inc		1,788
	324,040		Royal Mail plc		1,842
	830,600	*	Rumo Logistica Operadora Multimodal S.A.		1,562
	3,088	*	Ryanair Holdings plc		47
	198,513	*	Ryanair Holdings plc (ADR)		16,528
	63,901		Ryder System, Inc		4,757
	336,000		Sagami Railway Co Ltd		1,656
	53,638	*	Saia, Inc		2,368
	96	*,m	SAir Group		0
	8,200	*	Sakai Moving Service Co Ltd		189
	547,000		Sankyu, Inc		3,301
	522,500		Santos Brasil Participacoes S.A.		385
	187,194	*	SAS AB		286
	80,000	*,e	Scorpio Bulkers, Inc		404
	99,979	e	Seaspan Corp		914
	521		Sebang Co Ltd		7
	518,300		Seino Holdings Corp		5,743
	96,700		Senko Co Ltd		651
	156,100		Shandong Airlines Co Ltd		333
	170,100		Shanghai Jinjiang International Investment Holdings Co		252
	61,500	*	Shenzhen Chiwan Petroleum		201
	150,800		Shenzhen Chiwan Wharf Holdings Ltd		244
	2,220,000		Shenzhen Expressway Co Ltd		1,891
	1,455,281		Shenzhen International Holdings Ltd		2,115
	82,000		Shinwa Kaiun Kaisha Ltd		140
	90,819	*	Shipping Corp of India Ltd		78
	1,941,097		Shun TAK Holdings Ltd		669
	3,184,000	e	Sichuan Expressway Co Ltd		1,219
	79,000		Sincere Navigation		48
	234,649		Singapore Airlines Ltd		1,563
	672,400		Singapore Airport Terminal Services Ltd		2,252
	1,295,319	e	Singapore Post Ltd		1,308
	7,342,051		Sinotrans Ltd		3,264
	3,411,500	*,e	Sinotrans Shipping Ltd		631
	1,478,000		SITC International Co Ltd		897
	13,648	e	Sixt AG.		731
	39,730		Sixt AG. (Preference)		1,631
	245,992		Skywest, Inc		8,966
	102,615		Societa Iniziative Autostradali e Servizi S.p.A.		875
	2,133,719		Southwest Airlines Co		106,345
	159,990	*	SpiceJet Ltd		134
	287,108	*	Spirit Airlines, Inc		16,612
	746,543		Stagecoach Group plc		1,987
	69,207		Stolt-Nielsen S.A.		850
	62,065		Student Transportation, Inc		347

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	398,767		Sumitomo Warehouse Co Ltd	$	2,103
	281,313	*,e	Swift Transportation Co, Inc		6,853
	1,368,026		Sydney Airport		5,905
	122,000		T.Join Transportation Co		169
	170,984		TAV Havalimanlari Holding AS		679
	684,475		TFI International, Inc		17,787
	1,995,900	*	Thai Airways International PCL-Foreign		1,262
	690,935		Thoresen Thai Agencies PCL		175
	4,780,000		Tianjin Port Development Holdings Ltd		730
	463,249	*	TNT NV		1,990
	718,033		Tobu Railway Co Ltd		3,560
	1,481,075		Tokyu Corp		10,868
	14,200		Trancom Co Ltd		695
	1,741,672		Transurban Group (ASE)		12,962
	589,963	*	Turk Hava Yollari		837
	278,000		U-Ming Marine Transport Corp		217
	4,224,244		Union Pacific Corp		437,970
	977,499	*	United Continental Holdings, Inc		71,240
	2,264,683		United Parcel Service, Inc (Class B)		259,623
	20,021		Universal Truckload Services, Inc		327
	36,709	*	USA Truck, Inc		320
	60,603		Virgin Australia Holdings Ltd		10
	67,336	*,m	Virgin Australia Int Holdings		0	^
	21,075		VRL Logistics Ltd		80
	26,096		VTG AG.		779
	616,000		Wan Hai Lines Ltd		311
	95,286	e	Werner Enterprises, Inc		2,568
	118,138	*	Wesco Aircraft Holdings, Inc		1,766
	158,983		West Japan Railway Co		9,739
	114,593		WestJet Airlines Ltd		1,966
	4,007,000		Westports Holdings BHD		3,832
	188,349		Westshore Terminals Investment Corp		3,632
	102,652	*,e	Wilh. Wilhelmsen ASA		402
	69,376		Wisdom Marine Lines Co Ltd		66
	2,602,000		Xiamen International Port Co Ltd		484
	265,599	*	XPO Logistics, Inc		11,463
	269,366		Yamato Transport Co Ltd		5,460
	848,000	*	Yang Ming Marine Transport		127
	149,483	*,e	YRC Worldwide, Inc		1,985
	1,522,000		Yuexiu Transport Infrastructure Ltd		951
	16,300		Yusen Air & Sea Service Co Ltd		169
	4,156,194		Zhejiang Expressway Co Ltd		3,957
	563,355	*,e	ZTO Express Cayman, Inc (ADR)		6,800
			TOTAL TRANSPORTATION		2,596,034

UTILITIES - 2.9%
	1,338,790		A2A S.p.A.		1,729
	3,465,810		Aboitiz Power Corp		2,902
	83,460		Acciona S.A.		6,130
	47,114		ACEA S.p.A.		572
	137,232		Actelios S.p.A.		133
	724,871	*	Adani Power Ltd		320
	169,028	*	Adani Transmissions Ltd		141
	1,590,013		AES Corp		18,476
	2,034,290		AES Gener S.A.		727
	224,779		AES Tiete S.A.		966

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd	$	0
	1,447,023		AGL Energy Ltd		23,023
	3,484,541		Aguas Andinas S.A.		1,814
	414,146	e	Algonquin Power & Utilities Corp		3,513
	147,733		Allete, Inc		9,483
	288,713		Alliant Energy Corp		10,939
	286,310		Alupar Investimento S.A.		1,503
	545,863		Ameren Corp		28,636
	2,556,962		American Electric Power Co, Inc		160,986
	110,248		American States Water Co		5,023
	543,981		American Water Works Co, Inc		39,362
	929,708		APA Group		5,739
	222,330		Aqua America, Inc		6,679
	13,088	*,e	AquaVenture Holdings Ltd		321
	18,869		Artesian Resources Corp		603
	168,783		Ascopiave S.p.A.		484
	232,859		Atco Ltd		7,746
	139,808		Athens Water Supply & Sewage Co S.A.		820
	249,291	*	Atlantic Power Corp		623
	85,991	*	Atlantic Power Corp (Toronto)		217
	202,016		Atlantica Yield plc		3,909
	136,963		Atmos Energy Corp		10,156
	2,542,159		AusNet Services		2,894
	128,035		Avangrid, Inc		4,850
	159,878		Avista Corp		6,394
	251,531		Aygaz AS		857
	556,977	*	Babcock & Brown Wind Partners		361
	5,466,191	e	Beijing Enterprises Water Group Ltd		3,618
	16,974,100		Benpres Holdings Corp		2,661
	50,353	e	BKW S.A.		2,435
	110,232	e	Black Hills Corp		6,762
	39,496		Boralex, Inc		563
	103,774		California Water Service Group		3,518
	571,621	*	Calpine Corp		6,534
	92,375		Canadian Utilities Ltd		2,490
	569,000	e	Canvest Environment Protection Group Co Ltd		280
	327,523	e	Capital Power Corp		5,667
	70,237		Capital Stage AG.		468
	1,290,477		Centerpoint Energy, Inc		31,797
	12,300	*	Centrais Eletricas Brasileiras S.A.		86
	461,979	*	Centrais Eletricas Brasileiras S.A. (Preference)		3,669
	6,284,650		Centrica plc		18,100
	103,492		CESC Ltd		972
	319,735		CEZ AS		5,352
	4,000,000	e	CGN New Energy Holdings Co Ltd		590
	12,276,000	g	CGN Power Co Ltd		3,355
	161,865	*,m	Chennai Super Kings Cricket Ltd		5
	62,968		Chesapeake Utilities Corp		4,216
	951,344		Cheung Kong Infrastructure Holdings Ltd		7,556
	2,278,000	*,e	China Datang Corp Renewable Power Co Ltd		208
	255,400		China Everbright Water Ltd		88
	1,958,308	e	China Gas Holdings Ltd		2,652
	3,818,627		China Longyuan Power Group Corp		2,967

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,428,000	*,e	China Oil and Gas Group Ltd	$	347
	11,448,796		China Power International Development Ltd		4,134
	382,500		China Power New Energy Development Co Ltd		201
	1,003,580	e	China Resources Gas Group Ltd		2,812
	5,892,983		China Resources Power Holdings Co		9,321
	778,000		China Water Affairs Group Ltd		508
	1,148,000	*	China Water Industry Group Ltd		191
	1,357,936		Chubu Electric Power Co, Inc		18,896
	211,852		Chugoku Electric Power Co, Inc		2,480
	580,800		Cia de Saneamento Basico do Estado de Sao Paulo		5,126
	61,680		Cia de Saneamento de Minas Gerais-COPASA		691
	88,700		Cia de Saneamento do Parana		292
	1,330,333		Cia Energetica de Minas Gerais		3,142
	184,400		Cia Energetica de Sao Paulo (Class B)		763
	16,104		Cia Energetica do Ceara		247
	229,360		Cia Paranaense de Energia		1,922
	1,459,700		CK Power PCL		145
	2,754,644		CLP Holdings Ltd		25,263
	350,940		CMS Energy Corp		14,606
	9,906,581		Colbun S.A.		1,949
	23,256		Connecticut Water Service, Inc		1,299
	401,212	e	Consolidated Edison, Inc		29,561
	34,683	e	Consolidated Water Co, Inc		376
	993,544		Contact Energy Ltd		3,213
	210,146	*	CPFL Energia S.A.		1,626
	1,742,000	e	CT Environmental Group Ltd		349
	15,901	e	Delta Natural Gas Co, Inc		466
	1,440,807		Dominion Resources, Inc		110,351
	739,557	*,g	DONG Energy A.S.		27,975
	480,840		Drax Group plc		2,236
	986,264	e	DTE Energy Co		97,157
	2,559,220	e	DUET Group (ASE Exchange)		5,054
	1,707,899		Duke Energy Corp		132,567
	320,886	*	Dynegy, Inc		2,715
	1,217,023	*	E.CL SA		1,926
	2,671,568		E.ON AG.		18,794
	2,672		E1 Corp		139
	230,800		Eastern Water Resources Development and Management PCL		76
	918,279		Edison International		66,107
	1,600,305		EDP - Energias do Brasil S.A.		6,576
	146,888		El Paso Electric Co		6,830
	261,500		Electric Power Development Co		6,002
	927,784	e	Electricite de France		9,440
	22,300		Electricity Generating PCL		124
	87,000		Eletropaulo Metropolitana de Sao Paulo S.A.		301
	25,961	e	Elia System Operator S.A.		1,357
	44,495		Emera, Inc		1,504
	89,849		Empire District Electric Co		3,063
	3,934,705	*	Empresa Nacional de Electricidad S.A.		2,596
	110,930		Enagas		2,811
	837,262	e	Endesa S.A.		17,707
	207,209	*	Enea S.A.		470

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,374,315		Enel S.p.A.	$	49,998
	195,829		Energa S.A.		426
	5,965,390		Energias de Portugal S.A.		18,156
	1		Energix-Renewable Energies Ltd		0	^
	612,936	*,e	Energy World Corp Ltd		115
	23,594,168		Enersis Chile S.A.		2,184
	53,327,249		Enersis S.A.		8,668
	189,941		Engie Brasil Energia S.A.		2,038
	945,228		ENN Energy Holdings Ltd		3,873
	426,847		Entergy Corp		31,360
	222,900		Equatorial Energia S.A.		3,719
	38,900	e	eRex Co Ltd		1,124
	40,055		ERG S.p.A.		430
	154,177	e	ERM Power Ltd		143
	313,440		Eversource Energy		17,311
	73,373		EVN AG.		865
	2,527,972		Exelon Corp		89,718
	3,277,834	m	Federal Grid Co Unified Energy System JSC (ADR)		5,425
	202,348	*,m	Ferroglobe plc		0
	3,446,500		First Gen Corp		1,525
	671,550		First Philippine Holdings Corp		917
	1,232,776		FirstEnergy Corp		38,179
	461,482		Fortis, Inc		14,250
	253,198		Fortum Oyj		3,870
	514,760		GAIL India Ltd		3,322
	642,300		Gas Malaysia BHD		354
	208,460		Gas Natural SDG S.A.		3,922
	2,669,158		Gaz de France		33,976
	1,115,594		Genesis Energy Ltd		1,627
	88,041		Genie Energy Ltd		506
	1,118,900		Global Power Synergy Co Ltd (Foreign)		1,162
	19,171	e	Global Water Resources, Inc		174
	2,022,171		Glow Energy PCL (Foreign)		4,455
	426,038		Great Plains Energy, Inc		11,652
	3,295,066	e	Guangdong Investments Ltd		4,339
	64,330		Gujarat Gas Co Ltd		495
	125,153		Gujarat State Petronet Ltd		257
	158,993		Hawaiian Electric Industries, Inc		5,258
	1,224,434		Hera S.p.A.		2,818
	3,071,052	e,g	HK Electric Investments & HK Electric Investments Ltd		2,532
	221,400		Hokkaido Electric Power Co, Inc		1,726
	135,342		Hokuriku Electric Power Co		1,514
	6,560,252		Hong Kong & China Gas Ltd		11,587
	1,682,319	e	Hong Kong Electric Holdings Ltd		14,799
	404,830	*	Huadian Energy Co Ltd		202
	2,424,000		Huadian Fuxin Energy Corp Ltd		535
	200,000		Huadian Power International Co		90
	5,573,756		Huaneng Power International, Inc		3,679
	4,678,000		Huaneng Renewables Corp Ltd		1,512
	135,949	g	Hydro One Ltd		2,388
	1,441,400	e	Hyflux Ltd		513
	7,653,690		Iberdrola S.A.		50,115
	155,291		Idacorp, Inc		12,509
	71,572	*	Indiabulls Infrastructure and Power Ltd		3

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	49,123		Indraprastha Gas Ltd	$	663
	2,259,000	e	Infraestructura Energetica ,NV SAB de C.V.		9,844
	1,871,579		Infratil Ltd		3,575
	139,560	e	Innergex Renewable Energy, Inc		1,458
	138,365	*	Innogy SE		4,808
	1,027,900		Inter Far East Energy Corp		107
	206,745		Interconexion Electrica S.A.		687
	1,006,476		Inversiones Aguas Metropolitanas S.A.		1,452
	2,291,150		Iride S.p.A.		3,753
	21,331	e	iShares NASDAQ Biotechnology ETF		5,661
	709,556	*	Italgas S.p.A		2,792
	94,116		Just Energy Income Fund		515
	11,500		K&O Energy Group, Inc		181
	1,916,000	e,g	Kangda International Environmental Co Ltd		497
	1,226,915	*	Kansai Electric Power Co, Inc		13,375
	9,435	*	Kenon Holdings Ltd		110
	2,700,000	*	Kong Sun Holdings Ltd		118
	16,720		Korea District Heating Corp		942
	467,271		Korea Electric Power Corp		17,045
	28,510		Korea Gas Corp		1,144
	1,966		KyungDong City Gas Co Ltd		125
	679,877		Kyushu Electric Power Co, Inc		7,365
	74,600		Light S.A.		397
	21,265	*	Mahanagar Gas Ltd		246
	1,898,900		Manila Water Co, Inc		1,107
	565,774		MDU Resources Group, Inc		16,277
	1,283,936	*	Meridian Energy Ltd		2,316
	74,136	e	MGE Energy, Inc		4,841
	59,972		Middlesex Water Co		2,575
	572,993		Mighty River Power Ltd		1,177
	129,536	e	National Fuel Gas Co		7,337
	5,189,878		National Grid plc		60,637
	184,984	e	New Jersey Resources Corp		6,567
	1,109,537		NEX Group plc		6,352
	2,288,101		NextEra Energy, Inc		273,337
	1,068,069		NiSource, Inc		23,647
	102,280	e	Northland Power Income Fund		1,775
	86,391		Northwest Natural Gas Co		5,166
	104,761		NorthWestern Corp		5,958
	486,997		NRG Energy, Inc		5,971
	429,678		NRG Yield, Inc (Class A)		6,600
	202,878		NRG Yield, Inc (Class C)		3,205
	2,798,481		NTPC Ltd		6,781
	620,950		OGE Energy Corp		20,771
	291,600	*	Okinawa Electric Power Co, Inc		6,551
	128,583		ONE Gas, Inc		8,224
	98,031		Ormat Technologies, Inc		5,256
	0		Ormat Technologies, Inc (Foreign)		0	^
	1,915,188		Osaka Gas Co Ltd		7,349
	93,642	e	Otter Tail Corp		3,821
	298,221	*,e	Pampa Energia S.A. (ADR)		10,381
	228,189	e	Pattern Energy Group, Inc		4,333
	632,792		Pennon Group plc		6,440
	919,091		Petronas Gas BHD		4,355

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,852,640		PG&E Corp	$	173,355
	473,277		Pinnacle West Capital Corp		36,930
	322,938		PNM Resources, Inc		11,077
	11,311,894		PNOC Energy Development Corp		1,171
	901,675		Polska Grupa Energetyczna S.A.		2,249
	191,022		Portland General Electric Co		8,277
	1,978,768		PPL Corp		67,377
	12,737,532		PT Perusahaan Gas Negara Persero Tbk		2,541
	2,028,867	*	PTC India Ltd		2,191
	113,784	*	Public Power Corp		346
	806,032		Public Service Enterprise Group, Inc		35,369
	56,247	*	Qatar Electricity & Water Co		3,509
	1,023,998		Red Electrica Corp S.A.		19,292
	205,373	e	Redes Energeticas Nacionais S.A.		583
	426,485	*	Reliance Energy Ltd		2,924
	20,315	m	Rosseti PJSC (ADR)		76
	73,237		Rubis		6,032
	2,505,186	e	RusHydro PJSC (ADR)		3,645
	476,141	*	RWE AG.		5,908
	1,208,643		Saeta Yield S.A.		10,332
	8,268		Samchully Co Ltd		694
	150,500		Scan Inter PCL		38
	163,718		SCANA Corp		11,997
	56,702	e,g	Scatec Solar ASA		253
	269,028		Scottish & Southern Energy plc		5,137
	49,004		Sechilienne-Sidec		853
	1,459,245		Sempra Energy		146,858
	298,391		Severn Trent plc		8,155
	171,800	*	Shanghai Lingyun Industries Development Co Ltd		193
	204,300		Shikoku Electric Power Co, Inc		2,065
	142,700		Shizuoka Gas Co Ltd		1,006
	2,381,280	*	SIIC Environment Holdings Ltd		962
	49,309		SJW Corp		2,760
	3,874,156		Snam Rete Gas S.p.A.		15,934
	128,000	*,m	Sound Global Ltd		0	^
	217,582		South Jersey Industries, Inc		7,330
	1,812,240		Southern Co		89,144
	199,958		Southwest Gas Corp		15,321
	12,195	e	Spark Energy, Inc		370
	2,095,880		Spark Infrastructure Group		3,595
	388,600		SPCG PCL		232
	127,108		Spire, Inc		8,205
	1,216,718		Suez Environnement S.A.		17,928
	390,955	e	Superior Plus Corp		3,713
	340,450		Taiwan Cogeneration Corp		236
	384,300		Taliworks Corp BHD		123
	1,386,502		Tata Power Co Ltd		1,547
	1,970,475	*	Tauron Polska Energia S.A.		1,341
	147,188		Telecom Plus plc		2,133
	4,475,841		Tenaga Nasional BHD		13,858
	46,011		Terna Energy S.A.		136
	749,607		Terna Rete Elettrica Nazionale S.p.A.		3,428
	193,202		TerraForm Global, Inc		763
	251,532	*,e	TerraForm Power, Inc		3,222

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	521,900		Thai Solar Energy PCL	$	89
	1,032,400		Thai Tap Water Supply PCL		308
	1,598,000		Tianjin Development Hldgs Ltd		836
	693,876		Toho Gas Co Ltd		5,636
	902,294		Tohoku Electric Power Co, Inc		11,374
	1,773,019	*	Tokyo Electric Power Co, Inc		7,136
	2,265,813		Tokyo Gas Co Ltd		10,228
	217,482	*	Torrent Power Ltd		572
	3,013,828	e	Towngas China Co Ltd		1,582
	247,858		TransAlta Corp		1,372
	251,217	e	TransAlta Renewables, Inc		2,683
	273,516	e	UGI Corp		12,604
	188,852	*	Uniper SE		2,599
	3,254,000	*,e	United Photovoltaics Group Ltd		305
	601,033		United Utilities Group plc		6,662
	34,077		Unitil Corp		1,545
	34,593		VA Tech Wabag Ltd		238
	31,174	e	Valener, Inc		487
	25,000	e	Vanguard FTSE Developed Markets ETF		914
	155,399		Vectren Corp		8,104
	1,226,771		Veolia Environnement		20,845
	50,141	*,e	Vivint Solar, Inc		128
	1,481,344		VPC Specialty Lending Investments plc		1,424
	348,094		WEC Energy Group, Inc		20,416
	207,033		Westar Energy, Inc		11,666
	107,777		WGL Holdings, Inc		8,221
	3,409,398		Xcel Energy, Inc		138,763
	29,728		York Water Co		1,136
	2,788,285		YTL Corp BHD		963
	2,776,550		YTL Power International BHD		922
	203,000	e	Yunnan Water Investment Co Ltd		106
	263,591	*	Zorlu Enerji Elektrik Uretim AS		107
			TOTAL UTILITIES		3,250,411
			TOTAL COMMON STOCKS		112,343,060
			(Cost $102,617,999)

PURCHASED OPTIONS - 0.0%

DIVERSIFIED FINANCIALS - 0.0%
	2,000		S&P 500 Index		110
			TOTAL DIVERSIFIED FINANCIALS		110

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	1,000		Cigna Corp		1
	1,000		Edwards Lifesciences Corp		0	^
	1,000		Humana, Inc		0	^
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1

MATERIALS - 0.0%
	2,000		Monsanto Co		6
			TOTAL MATERIALS		6

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	2,500		Celgene Corp	$	29
	3,000		Johnson & Johnson		0	^
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		29
			TOTAL PURCHASED OPTIONS		146
			(Cost $180)

PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	8,982,983		ITAUSA Investimentos Itau PR		22,796
			TOTAL BANKS		22,796

CAPITAL GOODS - 0.0%
	4,779		Villeroy & Boch AG		73
			TOTAL CAPITAL GOODS		73

DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2		1,686
			TOTAL DIVERSIFIED FINANCIALS		1,686

MATERIALS - 0.0%
	292,716	*,m	Advanta Ltd		57
			TOTAL MATERIALS		57

REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		17
			TOTAL REAL ESTATE		17
			TOTAL PREFERRED STOCKS		24,629
			(Cost $29,984)

RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	337,928		Tata Motors Ltd (DVR)		1,482
			TOTAL AUTOMOBILES & COMPONENTS		1,482

BANKS - 0.0%
	30,053	m	Commercial Bank QSC		58
	4,333,211	m	Credito Valtellinese SC		0
			TOTAL BANKS		58

CONSUMER SERVICES - 0.0%
	2,289	e	Corporate Travel Management Ltd		6
			TOTAL CONSUMER SERVICES		6

DIVERSIFIED FINANCIALS - 0.0%
	11,467	m	Emergent Capital, Inc		0
			TOTAL DIVERSIFIED FINANCIALS		0

ENERGY - 0.0%
	244,517		Ezion Holdings Ltd		14
	21,016	m	Petroleum Geo-Services ASA		16
	1,541,330		Repsol S.A.		571
			TOTAL ENERGY		601

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
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		1
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	153	e	Asterias Biotherapeutics, Inc		0	^{^}
	2,121	e	BioTime, Inc		2
	481,865		Faes Farma S.A.		46
	55,620	m	Forest Laboratories, Inc CVR		53
	17,790	m	Omthera Pharmaceuticals, Inc		11
	228,016	m	Trius Therapeutics, Inc		30
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		142

REAL ESTATE - 0.0%
	4,761,352	m	BGP Holdings plc		0
	214,133	m	Sabana Shari’ah Compliant Industrial Real Estate Investment Trust		18
			TOTAL REAL ESTATE		18

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

TELECOMMUNICATION SERVICES - 0.0%
	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%
	1,815,000	m	Enerchina Holdings Ltd		10
	560,500	m	Estia Health Ltd		200
			TOTAL UTILITIES		210

			TOTAL RIGHTS / WARRANTS		3,036
			(Cost $2,733)

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 2.3%
GOVERNMENT AGENCY DEBT - 0.0%
$	50,000,000	Federal Home Loan Bank (FHLB)		0.420	%	01/13/17	49,995
	21,000,000	FHLB		0.480		01/25/17	20,995
		TOTAL GOVERNMENT AGENCY DEBT					70,990

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY		VALUE
PRINCIPAL			ISSUER	RATE			DATE		(000)
TREASURY DEBT - 0.5%
$	16,200,000	d	United States Treasury Bill		0.336	%	01/05/17	$	16,200
	63,000,000	d	United States Treasury Bill		0.355		01/12/17		62,994
	11,550,000		United States Treasury Bill		0.320-0.468		01/19/17		11,548
	44,000,000		United States Treasury Bill		0.416		02/02/17		43,984
	9,100,000		United States Treasury Bill		0.305-0.312		02/09/17		9,096
	75,000,000		United States Treasury Bill		0.440		02/16/17		74,960
	24,400,000	d	United States Treasury Bill		0.320		03/02/17		24,381
	112,800,000	d	United States Treasury Bill		0.503		03/09/17		112,702
	60,300,000	d	United States Treasury Bill		0.468		03/16/17		60,240
	49,700,000	d	United States Treasury Bill		0.369		03/23/17		49,645
	41,500,000		United States Treasury Bill		0.526		04/20/17		41,433
			TOTAL TREASURY DEBT						507,183

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.8%
REPURCHASE AGREEMENT - 1.7%
	219,000,000	r	Barclays		0.510		01/03/17		219,000
	27,000,000	s	Citigroup		0.510		01/03/17		27,000
	135,000,000	t	Citigroup		0.520		01/03/17		135,000
	50,000,000	u	Citigroup		0.530		01/06/17		50,000
	100,000,000	v	Citigroup		0.520		01/06/17		100,000
	250,000,000	w	Goldman Sachs		0.540		01/05/17		250,000
	88,000,000	x	HSBC		0.450		01/03/17		88,000
	60,942,000	y	Merrill Lynch		0.500		01/03/17		60,942
	220,000,000	z	Nomura		0.500		01/03/17		220,000
	92,000,000	aa	Royal Bank of Scotland		0.500		01/03/17		92,000
	400,000,000	ab	Royal Bank of Scotland		0.510		01/05/17		400,000
	300,000,000	ac	Royal Bank of Scotland		0.520		01/05/17		300,000
			TOTAL REPURCHASE AGREEMENT						1,941,942

VARIABLE RATE SECURITIES - 0.1%
	97,664,380	i	SLM Student Loan Trust 2007		0.922		01/25/19		96,778
			TOTAL VARIABLE RATE SECURITIES						96,778

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						2,038,720

			TOTAL SHORT-TERM INVESTMENTS						2,616,893
			(Cost $2,617,772)
			TOTAL INVESTMENTS - 101.7%						114,988,517
			(Cost $105,269,483)
			OTHER ASSETS & LIABILITIES, NET - (1.7)%						(1,923,599	)
			NET ASSETS - 100.0%					$	113,064,918

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account


		Abbreviation(s):
ADR		American Depositary Receipt
BRL		Brazilian Real
DVR		Differential Voting Rights
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 producting
^		Amounts represent less than $1,000.
b		In bankruptcy
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,293,953,000.
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 12/31/16, the aggregate value of these securities was $462,886,000 or 0.4% of net assets.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
l		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m		Indicates a security that has been deemed illiquid.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written contracts.
r		Agreement with Barclays, 0.51% dated 12/30/16 to be repurchased at $219,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $223,380,000.
s		Agreement with Citigroup, 0.51% dated 12/30/16 to be repurchased at $27,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $27,540,000.
t		Agreement with Citigroup, 0.52% dated 12/30/16 to be repurchased at $135,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $137,700,000.
u		Agreement with Citigroup, 0.53% dated 12/30/16 to be repurchased at $50,000,000 on 1/06/17, collateralized by U.S. Government Agency Securities valued at $51,000,000.
v		Agreement with Citigroup, 0.52% dated 12/30/16 to be repurchased at $100,000,000 on 1/06/17, collateralized by U.S. Government Agency Securities valued at $102,000,000.
w		Agreement with Goldman Sachs, 0.54% dated 12/29/16 to be repurchased at $250,000,000 on 1/05/17, collateralized by U.S. Government Agency Securities valued at $255,000,000.
x		Agreement with HSBC, 0.45% dated 12/30/16 to be repurchased at $88,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $89,763,000.
y		Agreement with Merrill Lynch, 0.50% dated 12/30/16 to be repurchased at $60,942,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $62,161,000.
z		Agreement with Nomura, 0.50% dated 12/30/16 to be repurchased at $220,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $224,400,000.
aa		Agreement with Royal Bank of Scotland, 0.50% dated 12/30/16 to be repurchased at $92,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $93,844,000.
ab		Agreement with Royal Bank of Scotland, 0.51% dated 12/30/16 to be repurchased at $400,000,000 on 1/06/17, collateralized by U.S. Government Agency Securities valued at $408,005,000.
ac		Agreement with Royal Bank of Scotland, 0.52% dated 12/29/16 to be repurchased at $300,000,000 on 1/05/17, collateralized by U.S. Government Agency Securities valued at $306,002,000.

Cost amounts are in thousands.

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY

December 31, 2016

	Value		% of total
Country	(000)		portfolio
DOMESTIC
UNITED STATES	$	80,393,614		69.8	%
TOTAL DOMESTIC		80,393,614		69.8

FOREIGN
ARGENTINA		24,290		0.0
AUSTRALIA		1,460,052		1.3
AUSTRIA		177,408		0.2
BELGIUM		218,412		0.2
BERMUDA		112,811		0.1
BRAZIL		581,765		0.5
CANADA		2,460,729		2.1
CAYMAN ISLANDS		4,873		0.0
CHILE		111,025		0.1
CHINA		2,012,762		1.8
COLOMBIA		43,898		0.0
CYPRUS		59		0.0
CZECH REPUBLIC		36,867		0.0
DENMARK		412,581		0.4
EGYPT		16,423		0.0
FAROE ISLANDS		5,806		0.0
FINLAND		262,029		0.2
FRANCE		2,603,955		2.3
GEORGIA		4,281		0.0
GERMANY		2,068,331		1.8
GREECE		29,473		0.0
GUERNSEY, C.I.		290		0.0
HONG KONG		826,946		0.7
HUNGARY		29,462		0.0
INDIA		714,328		0.6
INDONESIA		198,887		0.2
IRELAND		381,244		0.3
ISLE OF MAN		3,974		0.0
ISRAEL		181,702		0.2
ITALY		566,831		0.5
JAPAN		5,860,488		5.1
JERSEY, C.I.		12,874		0.0
JORDAN		3,109		0.0
KOREA, REPUBLIC OF		1,135,497		1.0
LUXEMBOURG		113,039		0.1
MACAU		5,341		0.0
MALAYSIA		177,711		0.2
MALTA		7,361		0.0
MEXICO		253,557		0.2
MONACO		4,855		0.0
NETHERLANDS		1,115,227		1.0
NEW ZEALAND		105,150		0.1
NORWAY		207,340		0.2
PANAMA		14,744		0.0

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Value		% of total
Country	(000)		portfolio
PERU	$	42,375		0.0	%
PHILIPPINES		115,613		0.1
POLAND		72,726		0.1
PORTUGAL		54,646		0.0
PUERTO RICO		30,817		0.0
QATAR		51,048		0.0
ROMANIA		3,070		0.0
RUSSIA		333,676		0.3
SINGAPORE		539,274		0.5
SOUTH AFRICA		557,587		0.5
SPAIN		546,881		0.5
SWEDEN		540,157		0.5
SWITZERLAND		1,782,883		1.6
TAIWAN		1,088,154		0.9
THAILAND		203,223		0.2
TURKEY		85,805		0.1
UNITED ARAB EMIRATES		65,049		0.1
UNITED KINGDOM		3,898,063		3.4
URUGUAY		16,069		0.0
TOTAL FOREIGN		34,594,903		30.2

TOTAL PORTFOLIO	$	114,988,517		100.0	%

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.1%

ARGENTINA - 0.0%
	6,126		Mercadolibre, Inc	$	956
	80,085	*,e	Pampa Energia S.A. (ADR)		2,788
			TOTAL ARGENTINA		3,744

AUSTRALIA - 1.7%
	149,550		AGL Energy Ltd		2,379
	676,453	e	Alumina Ltd		885
	372,543		Amcor Ltd		4,010
	946,733		AMP Ltd		3,434
	124,792		APA Group		770
	21,210		Aristocrat Leisure Ltd		237
	321,889	*,m	Arrium Ltd		2
	73,056		AusNet Services		83
	1,410,885		Australia & New Zealand Banking Group Ltd		30,886
	65,175		Australian Stock Exchange Ltd		2,335
	14,843		Bank of Queensland Ltd		127
	18,242		Bendigo Bank Ltd		167
	1,981,143		BHP Billiton Ltd		35,492
	671,443	e	BHP Billiton Ltd (ADR)		24,024
	381,047		BHP Billiton plc		6,067
	126,480	*	BlueScope Steel Ltd		841
	40,214		Boral Ltd		157
	278,541		Brambles Ltd		2,486
	10,336		Caltex Australia Ltd		227
	75,582		Challenger Financial Services Group Ltd		611
	37,055		CIMIC Group Ltd		932
	127,087		Coca-Cola Amatil Ltd		927
	6,445		Cochlear Ltd		569
	579,789		Commonwealth Bank of Australia		34,395
	103,017		Computershare Ltd		924
	14,294		Crown Resorts Ltd		119
	119,317		CSL Ltd		8,629
	78,784		Dexus Property Group		547
	43,690	e	Domino’s Pizza Enterprises Ltd		2,043
	94,113	e	DUET Group (ASE Exchange)		186
	71,877		DuluxGroup Ltd		323
	2,034	e	Flight Centre Travel Group Ltd		46
	3,156,748		Fortescue Metals Group Ltd		13,192
	281,990		GPT Group (ASE)		1,022
	19,887		Harvey Norman Holdings Ltd		74
	68,004		Healthscope Ltd		112
	164,665		Incitec Pivot Ltd		426
	622,862		Insurance Australia Group Ltd		2,686
	172,490		Lend Lease Corp Ltd		1,813
	70,186		Macquarie Goodman Group		360

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	64,980		Macquarie Group Ltd	$	4,070
	105,700		Medibank Pvt Ltd		215
	1,096,207		Mirvac Group		1,683
	830,144		National Australia Bank Ltd		18,337
	333,200		Newcrest Mining Ltd		4,778
	50,770	e	Oil Search Ltd		261
	81,622		Orica Ltd		1,037
	419,406		Origin Energy Ltd		1,984
	189,414		Orora Ltd		407
	72,671		Oxiana Ltd		411
	3,596		Perpetual Trustees Australia Ltd		126
	98,009		Qantas Airways Ltd		235
	440,933		QBE Insurance Group Ltd		3,940
	76,026		QR National Ltd		276
	9,530		Ramsay Health Care Ltd		469
	2,072		REA Group Ltd		82
	327,765		Santos Ltd		944
	1,741,353		Scentre Group		5,829
	11,367		Seek Ltd		122
	42,421		Shopping Centres Australasia Property Group		68
	52,349		Sonic Healthcare Ltd		806
	3,153,852		South32 Ltd		6,208
	2,070,000		Star Entertainment Grp Ltd		7,704
	954,123	e	Stockland Trust Group		3,152
	419,366		Suncorp-Metway Ltd		4,083
	750,418		Sydney Airport		3,239
	30,908		Tabcorp Holdings Ltd		107
	56,807		Tattersall’s Ltd		183
	1,470,769		Telstra Corp Ltd		5,405
	13,473	e	TPG Telecom Ltd		66
	900,681		Transurban Group (ASE)		6,703
	27,160		Treasury Wine Estates Ltd		209
	188,278		Vicinity Centres		406
	173,990		Virgin Australia Holdings Ltd		29
	20,105		Vocus Communications Ltd		56
	268,087		Wesfarmers Ltd		8,137
	525,703		Westfield Corp		3,554
	1,124,285		Westpac Banking Corp		26,391
	156,845	e	Woodside Petroleum Ltd		3,513
	248,659		Woolworths Ltd		4,316
	14,169	*,e	WorleyParsons Ltd		99
			TOTAL AUSTRALIA		314,185

AUSTRIA - 0.2%
	5,377		Andritz AG.		270
	182,789		Erste Bank der Oesterreichischen Sparkassen AG.		5,344
	65,989	*,e,m	Immoeast AG.		0
	11,127		OMV AG.		392
	7,189	*,e	Raiffeisen International Bank Holding AG.		131
	93,412		Voestalpine AG.		3,653
	1,718,287		Wienerberger AG.		29,835
			TOTAL AUSTRIA		39,625

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
BELGIUM - 0.1%
	13,987		Ageas	$	553
	112,569		Anheuser-Busch InBev S.A.		11,915
	2,712		Befimmo SCA Sicafi		152
	10,943		Belgacom S.A.		315
	1,739		Cofinimmo		199
	4,552		Colruyt S.A.		225
	63,522	e	Fagron NV		648
	5,940		Groupe Bruxelles Lambert S.A.		498
	18,096		KBC Groep NV		1,118
	5,500		Solvay S.A.		643
	3,809	*	Telenet Group Holding NV		211
	25,554		UCB S.A.		1,635
	6,669		Umicore		379
			TOTAL BELGIUM		18,491

BERMUDA - 0.1%
	81,618	*	Arch Capital Group Ltd		7,043
	148,443		Marvell Technology Group Ltd		2,059
	25,932		RenaissanceRe Holdings Ltd		3,532
	133,871	*	Third Point Reinsurance Ltd		1,546
			TOTAL BERMUDA		14,180

BRAZIL - 0.4%
	888,866	*	Banco Itau Holding Financeira S.A.		9,219
	484,600		Cia Brasileira de Distribuicao Grupo Pao de Acucar		8,138
	1,070,000		Cyrela Brazil Realty S.A.		3,365
	1,632,726	*	Itau Unibanco Banco Multiplo S.A. (ADR)		16,784
	575,000	*,e	Petroleo Brasileiro S.A. (ADR)		5,813
	7,665,000		Via Varejo S.A.		25,259
			TOTAL BRAZIL		68,578

CANADA - 3.4%
	10,421		Agnico-Eagle Mines Ltd		438
	48,002	e	Agrium, Inc		4,825
	757,773		Alimentation Couche Tard, Inc		34,360
	7,587	e	AltaGas Income Trust		192
	16,633		ARC Resources Ltd		286
	75,884		Atco Ltd		2,524
	151,725	*	Bank of Montreal		10,913
	308,501		Bank of Nova Scotia		17,178
	201,288		Barrick Gold Corp (Canada)		3,222
	138,236		BCE, Inc		5,975
	23,233	*	Blackberry Ltd (New)		160
	11,222		Boardwalk Real Estate Investment Trust		407
	718,254	*	Bombardier, Inc		1,155
	153,894		Brookfield Asset Management, Inc		5,078
	12,769		CAE, Inc		179
	273,107	e	Cameco Corp (Toronto)		2,856
	4,016		Canadian Apartment Properties REIT		94
	120,251		Canadian Imperial Bank of Commerce/Canada		9,812
	183,460		Canadian National Railway Co		12,347
	811,472		Canadian Natural Resources Ltd (Canada)		25,861

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	65,670		Canadian Pacific Railway Ltd (Toronto)	$	9,369
	2,431		Canadian Real Estate Investment Trust		84
	51,203		Canadian Tire Corp Ltd		5,311
	6,051		Canadian Utilities Ltd		163
	220,617		Cara Operations Ltd		4,100
	2,906		CCL Industries		571
	390,000	*	Celestica, Inc		4,621
	2,093,709		Cenovus Energy, Inc (Toronto)		31,656
	10,310	*	CGI Group, Inc		495
	11,400		CI Financial Corp		245
	6,575		Constellation Software, Inc		2,988
	51,312		Crescent Point Energy Corp		697
	348,160		Dollarama, Inc		25,511
	31,242		Eldorado Gold Corp		100
	293,091	e	Element Financial Corp		2,720
	2,340		Emera, Inc		79
	7,976		Empire Co Ltd		93
	243,377		Enbridge, Inc		10,242
	123,334		EnCana Corp		1,448
	3,390		Fairfax Financial Holdings Ltd		1,637
	16,313		Finning International, Inc		319
	5,743		First Capital Realty, Inc		88
	129,046		First Quantum Minerals Ltd		1,283
	18,834		Fortis, Inc		582
	72,534		Franco-Nevada Corp		4,337
	52,441		George Weston Ltd		4,437
	103,102		Gildan Activewear, Inc		2,618
	39,893		Goldcorp, Inc		543
	50,902		Great-West Lifeco, Inc		1,333
	20,844		H&R Real Estate Investment Trust		347
	16,688	*	Husky Energy, Inc		202
	7,563	g	Hydro One Ltd		133
	47,142	e	IGM Financial, Inc		1,341
	49,182		Imperial Oil Ltd		1,711
	70,781		Industrial Alliance Insurance and Financial Services, Inc		2,815
	59,928		Intact Financial Corp		4,289
	16,565		Inter Pipeline Ltd		366
	36,383		Jean Coutu Group PJC, Inc		567
	104,490		Keyera Corp		3,149
	185,298	*	Kinaxis, Inc		8,626
	58,256	*	Kinross Gold Corp		182
	132,380		Linamar Corp		5,688
	69,784		Loblaw Cos Ltd		3,682
	123,448	*	Magna International, Inc		5,360
	160,000		Magna International, Inc (Class A)		6,944
	376,600		Manulife Financial Corp		6,706
	2,923,827	*,e	MEG Energy Corp		20,100
	8,115		Methanex Corp		356
	356,330		Metro, Inc		10,658
	42,662		National Bank of Canada		1,733
	12,434		Onex Corp		846
	178,506		Open Text Corp		11,024
	93,907		Pembina Pipeline Income Fund		2,935

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	7,773	e	Peyto Exploration & Development Corp	$	192
	152,712		Potash Corp of Saskatchewan		2,763
	47,422		Power Corp Of Canada		1,061
	145,171	e	Power Financial Corp		3,629
	77,387	e	PrairieSky Royalty Ltd		1,841
	1,599		Restaurant Brands International LP		77
	176,715		Restaurant Brands International, Inc		8,422
	15,660		Restaurant Brands International, Inc (Toronto)		746
	46,796		RioCan Real Estate Investment Trust		928
	124,647		Rogers Communications, Inc (Class B)		4,808
	561,857	*	Royal Bank of Canada		38,026
	72,134		Saputo, Inc		2,552
	111,984	*	Seven Generations Energy Ltd		2,611
	19,416		Shaw Communications, Inc (B Shares)		390
	275,267		Silver Wheaton Corp		5,318
	14,716		Smart Real Estate Investment Trust		354
	7,229		SNC-Lavalin Group, Inc		311
	440,336	*,g	Spin Master Corp		10,557
	155,466		Sun Life Financial, Inc		5,969
	1,610,956		Suncor Energy, Inc		52,673
	203,523		Teck Cominco Ltd		4,073
	9,307		TELUS Corp		296
	352,941		TFI International, Inc		9,171
	1,312,716		Toronto-Dominion Bank		64,744
	243,468	*	Tourmaline Oil Corp		6,512
	320,438	e	TransCanada Corp		14,449
	45,860	*	Turquoise Hill Resources Ltd		147
	14,746	e	Veresen, Inc		144
	70,551		Vermilion Energy, Inc		2,968
	26,364		Waste Connections, Inc		2,072
	68,806		West Fraser Timber Co Ltd		2,460
	180,000		WestJet Airlines Ltd		3,089
	41,528	e	Yamana Gold, Inc		117
			TOTAL CANADA		608,762

CHILE - 0.0%
	29,552		Antofagasta plc		245
	171,793		Sociedad Quimica y Minera de Chile S.A. (ADR)		4,922
			TOTAL CHILE		5,167

CHINA - 0.2%
	117,860	*	Alibaba Group Holding Ltd (ADR)		10,349
	30,471	*	Baidu, Inc (ADR)		5,010
	9,579,000	*,e,m	China Animal Healthcare Ltd		12
	1,238,000		China Aoyuan Property Group Ltd		283
	7,346,800		China Everbright International Ltd		8,287
	1,300,255	*	China New Town Development Co Ltd		67
	934,995		China Overseas Land & Investment Ltd		2,460
	203,000		CNOOC Ltd		252
	3,666,500	*,e,m	Intime Retail Group Co Ltd		3,312
	84,259	*	JD.com, Inc (ADR)		2,143

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	2,445,612		Sino-Ocean Land Holdings Ltd	$	1,090
	254,500		Tencent Holdings Ltd		6,171
	70,749		Yangzijiang Shipbuilding		40
	245,629	*,e	ZTO Express Cayman, Inc (ADR)		2,965
			TOTAL CHINA		42,441

CZECH REPUBLIC - 0.0%
	1,134,176	*,g	Moneta Money Bank AS.		3,657
			TOTAL CZECH REPUBLIC		3,657

DENMARK - 0.9%
	284		AP Moller - Maersk AS (Class A)		428
	461		AP Moller - Maersk AS (Class B)		735
	7,578		Carlsberg AS (Class B)		653
	6,867		Christian Hansen Holding		380
	8,698		Coloplast AS		586
	645,133		Danske Bank AS		19,518
	1,146,118	*,g	DONG Energy A.S.		43,354
	225,331		DSV AS		10,007
	4,107	*	Genmab AS		680
	82,850		GN Store Nord		1,713
	741,953	*	H Lundbeck AS		30,124
	11,647		ISS A.S.		392
	909,512		Novo Nordisk AS		32,626
	16,609		Novozymes AS		571
	87,970		Pandora AS		11,484
	180,000		Sydbank AS		5,577
	58,290	*	TDC AS		299
	7,709		Tryg A.S.		139
	15,837		Vestas Wind Systems AS		1,026
	7,766	*	William Demant Holding A.S.		135
			TOTAL DENMARK		160,427

FINLAND - 0.6%
	152,591		Amer Sports Oyj (A Shares)		4,049
	9,996		Elisa Oyj (Series A)		325
	32,460		Fortum Oyj		496
	352,600		Huhtamaki Oyj		13,068
	50,000		Kesko Oyj (B Shares)		2,495
	24,369		Kone Oyj (Class B)		1,089
	8,421		Metso Oyj		240
	259,392		Neste Oil Oyj		9,926
	3,691,052		Nokia Oyj (Turquoise)		17,703
	8,159		Nokian Renkaat Oyj		303
	7,180		Orion Oyj (Class B)		319
	1,693,600	*	Outokumpu Oyj		15,080
	681,638		Sampo Oyj (A Shares)		30,471
	39,009		Stora Enso Oyj (R Shares)		417
	38,194		UPM-Kymmene Oyj		934
	10,565		Wartsila Oyj (B Shares)		474
			TOTAL FINLAND		97,389

183

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
FRANCE - 3.3%
	379,792		Accor S.A.	$	14,148
	2,140		Aeroports de Paris		229
	27,841		Air Liquide		3,096
	11,345	*	Alstom RGPT		312
	461,269		Arkema		45,089
	6,363		Atos Origin S.A.		671
	369,700		AXA S.A.		9,320
	627,052		BNP Paribas		39,904
	62,509		Bollore		220
	100,098		Bouygues S.A.		3,583
	19,340		Bureau Veritas S.A.		374
	11,802		Cap Gemini S.A.		994
	40,472		Carrefour S.A.		974
	3,975		Casino Guichard Perrachon S.A.		190
	3,914		Christian Dior S.A.		820
	12,307		CNP Assurances		228
	751,160		Compagnie de Saint-Gobain		34,942
	145,796		Credit Agricole S.A.		1,805
	164		Dassault Aviation S.A.		183
	88,821		Dassault Systemes S.A.		6,761
	14,470		Edenred		287
	4,293		Eiffage S.A.		299
	18,382	e	Electricite de France		187
	28,069		Essilor International S.A.		3,167
	2,866		Eurazeo		168
	138,286		European Aeronautic Defence and Space Co		9,134
	12,759		Eutelsat Communications		247
	539,994		Faurecia		20,916
	2,469		Fonciere Des Regions		215
	988,827	*	France Telecom S.A.		14,995
	715,566		Gaz de France		9,108
	6,581		Gecina S.A.		909
	586,951		Groupe Danone		37,141
	32,540		Groupe Eurotunnel S.A.		309
	1,896		Hermes International		778
	6,617		Icade		472
	1,833		Iliad S.A.		352
	2,683		Imerys S.A.		203
	4,036		Ingenico		322
	190,217		JC Decaux S.A.		5,593
	5,454		Kering		1,223
	30,963		Klepierre		1,215
	7,834		Lagardere S.C.A.		217
	19,493		Legrand S.A.		1,106
	138,734		L’Oreal S.A.		25,286
	40,479		LVMH Moet Hennessy Louis Vuitton S.A.		7,718
	99,793		Michelin (C.G.D.E.) (Class B)		11,093
	65,198		Natixis		367
	6,211	*	Numericable-SFR SAS		175
	31,257		Pernod-Ricard S.A.		3,383
	34,733	*	Peugeot S.A.		566
	13,748		Publicis Groupe S.A.		947
	1,299		Remy Cointreau S.A.		111

184

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	192,923		Renault S.A.	$	17,135
	495,059		Rexel S.A.		8,134
	22,432		Safran S.A.		1,613
	224,662		Sanofi-Aventis		18,167
	766,275		Schneider Electric S.A.		53,232
	11,944		SCOR SE		412
	1,629		SEB S.A.		221
	2,032		Societe BIC S.A.		276
	385,178		Societe Generale		18,946
	6,871		Sodexho Alliance S.A.		789
	567,273		Suez Environnement S.A.		8,358
	7,712		Technip S.A.		549
	314,852		Teleperformance		31,566
	7,561		Thales S.A.		733
	1,367,111		Total S.A.		70,122
	13,877		Unibail-Rodamco		3,307
	389,668		Valeo S.A.		22,370
	160,118		Veolia Environnement		2,721
	292,912		Vinci S.A.		19,925
	73,957		Vivendi Universal S.A.		1,403
	2,084		Wendel		251
	14,071		Zodiac S.A.		323
			TOTAL FRANCE		602,605

GERMANY - 2.4%
	101,014		Adidas-Salomon AG.		15,932
	112,909		Allianz AG.		18,634
	303,672		Alstria Office REIT-AG.		3,800
	2,872		Axel Springer AG.		139
	267,820		BASF SE		24,821
	352,962		Bayer AG.		36,773
	24,828		Bayerische Motoren Werke AG.		2,312
	2,738		Bayerische Motoren Werke AG. (Preference)		209
	226,118		Beiersdorf AG.		19,154
	625,000		Borussia Dortmund GmbH & Co KGaA		3,458
	11,161		Brenntag AG.		619
	77,603		Commerzbank AG.		591
	62,600		Continental AG.		12,060
	4,827	g	Covestro AG.		330
	124,256		Daimler AG. (Registered)		9,222
	56,707		Deutsche Annington Immobilien SE		1,841
	796,290	*	Deutsche Bank AG.		14,413
	163,407	*	Deutsche Bank AG.		2,964
	512		Deutsche Boerse AG.		41
	166,759	*	Deutsche Boerse AG. (Tender)		13,570
	15,402		Deutsche Lufthansa AG.		199
	69,824		Deutsche Post AG.		2,290
	1,353,985		Deutsche Telekom AG.		23,231
	39,731	e	Deutsche Wohnen AG.		1,246
	65,000		Duerr AG.		5,212
	300,944		E.ON AG.		2,117
	12,014		Evonik Industries AG.		358
	2,977		Fraport AG. Frankfurt Airport Services Worldwide		176

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	180,000		Freenet AG.	$	5,059
	122,166		Fresenius Medical Care AG.		10,326
	56,605		Fresenius SE		4,416
	4,833		Fuchs Petrolub AG. (Preference)		202
	13,129		GEA Group AG.		527
	74,413		Hannover Rueckversicherung AG.		8,039
	10,566		HeidelbergCement AG.		983
	7,429		Henkel KGaA		773
	12,813		Henkel KGaA (Preference)		1,525
	1,595		Hochtief AG.		223
	4,896		Hugo Boss AG.		299
	388,159		Infineon Technologies AG.		6,714
	9,539	*	Innogy SE		331
	13,097	e	K&S AG.		312
	6,662		Lanxess AG.		436
	2,465	e	LEG Immobilien AG.		191
	399,207		Linde AG.		65,485
	2,330		MAN AG.		231
	61,705		Merck KGaA		6,425
	12,999		Metro AG.		432
	41,578		Muenchener Rueckver AG.		7,853
	6,805		Osram Licht AG.		356
	177,246	*	Paion AG.		458
	10,615		Porsche AG.		577
	391,553		ProSiebenSat. Media AG.		15,072
	72,571	*	RWE AG.		901
	70,670		SAP AG.		6,113
	12,554		Schaeffler AG.		185
	222,632	*,g	Scout24 AG.		7,935
	396,026		Siemens AG.		48,489
	150,000		Software AG.		5,437
	9,089		Symrise AG.		552
	52,280		Telefonica Deutschland Holding AG.		223
	26,191		ThyssenKrupp AG.		622
	35,481		TUI AG. (DI)		508
	8,942		United Internet AG.		349
	6,903		Volkswagen AG.		991
	8,348		Volkswagen AG. (Preference)		1,168
	30,000		Wacker Chemie AG.		3,114
	5,927	*,g	Zalando SE		226
			TOTAL GERMANY		429,770

HONG KONG - 0.8%
	6,229,658		AIA Group Ltd		34,898
	8,718		ASM Pacific Technology		92
	143,751		Bank of East Asia Ltd		549
	722,853		BOC Hong Kong Holdings Ltd		2,574
	129,431	e	Cathay Pacific Airways Ltd		170
	52,953		Cheung Kong Infrastructure Holdings Ltd		421
	647,543		Cheung Kong Property Holdings Ltd		3,954
	625,000		Chow Sang Sang Holding		1,158
	648,043		CK Hutchison Holdings Ltd		7,315
	522,954		CLP Holdings Ltd		4,796

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	83,463		First Pacific Co	$	58
	92,803		Galaxy Entertainment Group Ltd		402
	1,063,434	*	Global Brands Group Holding Ltd		141
	553,000	*	Glorious Property Holdings Ltd		54
	34,000		Hang Lung Group Ltd		118
	3,193,664		Hang Lung Properties Ltd		6,734
	376,172		Hang Seng Bank Ltd		6,976
	507,017		Henderson Land Development Co Ltd		2,687
	109,000	g	HK Electric Investments & HK Electric Investments Ltd		90
	104,660		HKT Trust and HKT Ltd		128
	2,600,272		Hong Kong & China Gas Ltd		4,593
	316,988		Hong Kong Electric Holdings Ltd		2,789
	144,148		Hong Kong Exchanges and Clearing Ltd		3,390
	220,900		Hongkong Land Holdings Ltd		1,392
	7,000	e	Hopewell Highway Infrastructure Ltd		4
	219,547		Hutchison Port Holdings Trust		95
	73,760		Hysan Development Co Ltd		304
	9,500		Jardine Matheson Holdings Ltd		524
	48,000		Kerry Logistics Network Ltd		60
	602,674		Kerry Properties Ltd		1,630
	1,297,027		Li & Fung Ltd		568
	162,526		Link REIT		1,054
	1,735,355		Melco Crown Entertainment Ltd (ADR)		27,592
	385,112		MTR Corp		1,867
	1,805,301		New World Development Co Ltd		1,902
	440,800	*,e	Noble Group Ltd		51
	51,128		NWS Holdings Ltd		83
	166,262		PCCW Ltd		90
	750,333		Sands China Ltd		3,237
	41,992		Shangri-La Asia Ltd		44
	158,000		Shun TAK Holdings Ltd		54
	122,506		Sino Land Co		183
	78,611		SJM Holdings Ltd		61
	513,137		Sun Hung Kai Properties Ltd		6,462
	117,128		Swire Pacific Ltd (Class A)		1,115
	2,055,200		Swire Properties Ltd		5,658
	51,402		Techtronic Industries Co		184
	296,000	g	WH Group Ltd		239
	1,021,674		Wharf Holdings Ltd		6,767
	31,334		Wheelock & Co Ltd		176
	27,912		Yue Yuen Industrial Holdings		101
			TOTAL HONG KONG		145,584

INDIA - 0.4%
	160,000		Axis Bank Ltd		1,056
	536,200		Bharat Petroleum Corp Ltd		5,009
	133,600		Container Corp Of India Ltd		2,180
	322,531	*	DEN Networks Ltd		319
	4,652,349		DLF Ltd		7,614
	415,000		HDFC Bank Ltd		7,358
	1,050,000		Hindustan Petroleum Corp Ltd		6,809
	340,382	*	IVRCL Infrastructures & Projects Ltd		22
	15,854,409	*	Jain Irrigation Systems Ltd		20,510

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	210,000		Lupin Ltd	$	4,589
	90,834		Prestige Estates Projects Ltd		227
	1,217,892	*	Puravankara Projects Ltd		785
	111,069		Reliance Industries Ltd		1,767
	130,351		Shriram Transport Finance Co Ltd		1,635
	315,343		Sobha Developers Ltd		1,138
	934,451	*	Sunteck Realty Ltd		2,973
	16,471,341	*	Unitech Ltd		972
	65,000		Yes Bank Ltd		1,103
			TOTAL INDIA		66,066

INDONESIA - 0.0%
	1,325,600		PT Matahari Department Store Tbk		1,484
			TOTAL INDONESIA		1,484

IRELAND - 0.9%
	228,017	*	AerCap Holdings NV		9,488
	11,611,105	*	Bank of Ireland		2,844
	1,552,714		CRH plc		53,557
	85,000		CRH plc (Ireland)		2,948
	69,082		Experian Group Ltd		1,337
	4,656,328		Green REIT plc		6,725
	8,265,680		Hibernia REIT plc		10,711
	147,992	*,m	Irish Bank Resolution Corp Ltd		0
	17,640		James Hardie Industries NV		278
	256,616		Kerry Group plc (Class A)		18,342
	5,571		Paddy Power plc		593
	4,593	*	Ryanair Holdings plc		70
	327,568	*	Ryanair Holdings plc (ADR)		27,273
	27,817		Shire plc (ADR)		4,739
	977,088		Smurfit Kappa Group plc		22,377
	92,881		XL Group Ltd		3,461
			TOTAL IRELAND		164,743

ISRAEL - 0.0%
	2,629		Azrieli Group		114
	159,877		Bank Hapoalim Ltd		949
	208,287	*	Bank Leumi Le-Israel		856
	148,392		Bezeq Israeli Telecommunication Corp Ltd		281
	9,210	*	Check Point Software Technologies		778
	1,694		Elbit Systems Ltd		171
	2,758		Frutarom Industries Ltd		141
	37,645		Israel Chemicals Ltd		154
	23,168		Mizrahi Tefahot Bank Ltd		338
	4,380		Nice Systems Ltd		301
	85,855		Teva Pharmaceutical Industries Ltd (ADR)		3,112
			TOTAL ISRAEL		7,195

ITALY - 0.6%
	4,000,000		A2A S.p.A.		5,166
	84,566		Assicurazioni Generali S.p.A.		1,254
	29,710		Autostrade S.p.A.		695
	10,766,833		Banca Intesa S.p.A.		27,274

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	72,165		Banca Intesa S.p.A. RSP	$	169
	600,044		Banca Mediolanum S.p.A		4,304
	392,358		Davide Campari-Milano S.p.A.		3,837
	1,024,075		Enel S.p.A.		4,502
	440,559		ENI S.p.A.		7,142
	8,630		Ferrari NV		502
	27,552	*	Finmeccanica S.p.A.		386
	85,541		Fondiaria-Sai S.p.A		182
	12,189		Luxottica Group S.p.A.		655
	2,148,387		Mediobanca S.p.A.		17,538
	885,240		Moncler S.p.A		15,382
	1,449,603	g	OVS S.p.A		7,281
	38,817	g	Poste Italiane S.p.A		258
	1,079,300	e	Prada S.p.A		3,648
	14,072		Prysmian S.p.A.		361
	430,682	*,e	Saipem S.p.A.		241
	177,895		Snam Rete Gas S.p.A.		732
	454,274		Telecom Italia RSP		330
	730,101	*,e	Telecom Italia S.p.A.		645
	107,679		Terna Rete Elettrica Nazionale S.p.A.		492
	372,345		UniCredit S.p.A		1,069
	304,209	*	Yoox S.p.A		8,602
			TOTAL ITALY		112,647

JAPAN - 7.8%
	1,400		ABC-Mart, Inc		79
	20,500	*	Acom Co Ltd		90
	370	*	Activia Properties Inc		1,742
	8	*	Advance Residence Investment Corp		21
	30,846		Aeon Co Ltd		436
	54,452		AEON Financial Service Co Ltd		964
	4,197		Aeon Mall Co Ltd		59
	2,062	*	AEON REIT Investment Corp		2,257
	7,400		Air Water, Inc		133
	314,490		Aisin Seiki Co Ltd		13,608
	126,175		Ajinomoto Co, Inc		2,539
	27,005		Alfresa Holdings Corp		446
	293,524		All Nippon Airways Co Ltd		790
	566,929		Alps Electric Co Ltd		13,622
	16,244		Amada Co Ltd		181
	56,848		Aozora Bank Ltd		201
	85,531		Asahi Breweries Ltd		2,693
	223,005		Asahi Glass Co Ltd		1,513
	319,134		Asahi Kasei Corp		2,777
	171,700		Ashikaga Holdings Co Ltd		635
	7,600		Asics Corp		151
	471,946		Astellas Pharma, Inc		6,547
	95,105		Bank of Kyoto Ltd		705
	3,153		Benesse Holdings Inc		87
	173	*	BLife Investment Corp		439
	458,204		Bridgestone Corp		16,487
	11,485		Brother Industries Ltd		206
	16,700		Calbee, Inc		522

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	50,097		Canon, Inc	$	1,411
	9,633		Casio Computer Co Ltd		136
	34,944		Central Japan Railway Co		5,737
	155,562		Chiba Bank Ltd		954
	202,066		Chubu Electric Power Co, Inc		2,812
	61,858		Chugai Pharmaceutical Co Ltd		1,774
	37,700		Chugoku Bank Ltd		541
	63,666	*	Chugoku Electric Power Co, Inc		745
	256,600	*	Concordia Financial Group Ltd		1,235
	180,000		Cosmo Energy Holdings Co Ltd		2,524
	6,068		Credit Saison Co Ltd		108
	20,000		CyberAgent, Inc		492
	281,300	*,e	CYBERDYNE, Inc		3,967
	24,076		Dai Nippon Printing Co Ltd		238
	13,746		Daicel Chemical Industries Ltd		151
	1,911,600		Dai-ichi Mutual Life Insurance Co		31,783
	51,694		Daiichi Sankyo Co Ltd		1,056
	133,946		Daikin Industries Ltd		12,271
	17,078		Daito Trust Construction Co Ltd		2,567
	26,656		Daiwa House Industry Co Ltd		727
	691,480		Daiwa Securities Group, Inc		4,258
	123,000		Dena Co Ltd		2,688
	219,487		Denso Corp		9,494
	67,355		Dentsu, Inc		3,167
	55,633		Don Quijote Co Ltd		2,053
	142,082		East Japan Railway Co		12,250
	31,828		Eisai Co Ltd		1,824
	28,893		Electric Power Development Co		663
	20,000	*,e	Euglena Co Ltd		220
	3,944		FamilyMart Co Ltd		262
	43,043	*	Fanuc Ltd		7,201
	11,619		Fast Retailing Co Ltd		4,148
	1,176,822	*	Fuji Electric Holdings Co Ltd		6,077
	328,980		Fuji Heavy Industries Ltd		13,404
	427,693		Fujifilm Holdings Corp		16,195
	123,991		Fujitsu Ltd		687
	172,733		Fukuoka Financial Group, Inc		766
	1,583	*	GLP J-Reit		1,821
	100,000		GMO internet, Inc		1,272
	90,573		Hachijuni Bank Ltd		524
	9,700		Hakuhodo DY Holdings, Inc		119
	6,700		Hamamatsu Photonics KK		176
	11,500		Hankyu Hanshin Holdings, Inc		368
	700,000		Haseko Corp		7,097
	1,032		Hikari Tsushin, Inc		96
	71,882		Hino Motors Ltd		730
	1,532		Hirose Electric Co Ltd		189
	114,000		Hiroshima Bank Ltd		531
	8,375		Hisamitsu Pharmaceutical Co, Inc		418
	1,060,500		Hitachi Capital Corp		26,040
	21,970		Hitachi Chemical Co Ltd		548
	5,233	*	Hitachi Construction Machinery Co Ltd		113
	150,600		Hitachi High-Technologies Corp		6,057

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	6,280,758	*	Hitachi Ltd	$	33,867
	9,100		Hitachi Metals Ltd		123
	37,731	*	Hokuriku Electric Power Co		422
	364,296		Honda Motor Co Ltd		10,636
	11,412		Hoshizaki Electric Co Ltd		903
	86,553	*	Hoya Corp		3,629
	1,039	*	Hulic Reit, Inc		1,742
	4,300		Idemitsu Kosan Co Ltd		114
	6,929		Iida Group Holdings Co Ltd		131
	574,800	e	Infomart Corp		3,354
	43,710		Inpex Holdings, Inc		437
	300		Invesco Office J-Reit, Inc		247
	127,381		Isetan Mitsukoshi Holdings Ltd		1,372
	5,077,878	*	Ishikawajima-Harima Heavy Industries Co Ltd		13,151
	852,200	*,e	Istyle, Inc		6,032
	28,800		Isuzu Motors Ltd		364
	739,570		Itochu Corp		9,792
	29,800		Itochu Techno-Science Corp		773
	100,000	*	Itoham Yonekyu Holdings, Inc		925
	266,100		J Front Retailing Co Ltd		3,583
	226,615		Japan Airlines Co Ltd		6,613
	2,303	e	Japan Airport Terminal Co Ltd		83
	18,446		Japan Post Bank Co Ltd		221
	21,540		Japan Post Holdings Co Ltd		268
	119		Japan Prime Realty Investment Corp		469
	97		Japan Real Estate Investment Corp		530
	1,793		Japan Rental Housing Investments, Inc		1,203
	689		Japan Retail Fund Investment Corp		1,397
	467,640		Japan Tobacco, Inc		15,350
	73,504		JFE Holdings, Inc		1,112
	40,978		JGC Corp		742
	9,186		JSR Corp		145
	450,303		JTEKT Corp		7,180
	548,112		JX Holdings, Inc		2,316
	370,000		kabu.com Securities Co Ltd		1,271
	212,372		Kajima Corp		1,467
	6,934		Kakaku.com, Inc		115
	54,372		Kamigumi Co Ltd		518
	12,129		Kaneka Corp		99
	295,774	*	Kansai Electric Power Co, Inc		3,224
	9,814		Kansai Paint Co Ltd		181
	297,185		Kao Corp		14,067
	467,510		Kawasaki Heavy Industries Ltd		1,463
	385,200		KDDI Corp		9,727
	24,000		Keihan Electric Railway Co Ltd		157
	99,622		Keihin Electric Express Railway Co Ltd		1,154
	167,123		Keio Corp		1,373
	6,613		Keisei Electric Railway Co Ltd		160
	1,545		Kenedix Realty Investment Corp		8,888
	281		Kenedix Retail REIT Corp		640
	10,051		Keyence Corp		6,877
	36,795		Kikkoman Corp		1,174
	171,914		Kintetsu Corp		655

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	435,349		Kirin Brewery Co Ltd	$	7,066
	14,608	*	Kobe Steel Ltd		139
	5,300		Koito Manufacturing Co Ltd		280
	143,236		Komatsu Ltd		3,244
	4,086		Konami Corp		165
	22,020		Konica Minolta Holdings, Inc		218
	1,428		Kose Corp		118
	1,147,707		Kubota Corp		16,356
	16,674		Kuraray Co Ltd		250
	4,777		Kurita Water Industries Ltd		105
	15,300		Kyocera Corp		759
	312,289		Kyowa Hakko Kogyo Co Ltd		4,308
	112,035		Kyushu Electric Power Co, Inc		1,214
	76,500		Kyushu Financial Group, Inc		518
	1,247		LaSalle Logiport REIT		1,180
	3,080		Lawson, Inc		216
	2,100	*	LINE Corp		72
	12,000		Lion Corp		197
	12,364		LIXIL Group Corp		280
	53,640		M3, Inc		1,349
	14,305		Mabuchi Motor Co Ltd		743
	530,000		Maeda Corp		4,610
	27,636		Makita Corp		1,847
	810,572		Marubeni Corp		4,585
	10,009		Marui Co Ltd		146
	12,696		Maruichi Steel Tube Ltd		413
	1,222,100		Matsui Securities Co Ltd		10,510
	272,655		Matsushita Electric Industrial Co Ltd		2,765
	358,815		Mazda Motor Corp		5,843
	3,100	e	McDonald’s Holdings Co Japan Ltd		81
	7,859		Mediceo Paltac Holdings Co Ltd		124
	35,300		MEIJI Holdings Co Ltd		2,761
	130		MID Reit, Inc		375
	454,100		Minebea Co Ltd		4,237
	20,241		Miraca Holdings, Inc		905
	142,800		MISUMI Group, Inc		2,346
	305,519		Mitsubishi Chemical Holdings Corp		1,975
	330,311		Mitsubishi Corp		7,015
	440,114		Mitsubishi Electric Corp		6,122
	254,558		Mitsubishi Estate Co Ltd		5,057
	47,080		Mitsubishi Gas Chemical Co, Inc		802
	769,150		Mitsubishi Heavy Industries Ltd		3,497
	5,262		Mitsubishi Logistics Corp		74
	4,653		Mitsubishi Materials Corp		142
	31,700		Mitsubishi Motors Corp		180
	4,586,596		Mitsubishi UFJ Financial Group, Inc		28,287
	22,100		Mitsubishi UFJ Lease & Finance Co Ltd		114
	415,520		Mitsui & Co Ltd		5,694
	204,140		Mitsui Chemicals, Inc		915
	323,829		Mitsui Fudosan Co Ltd		7,497
	54,499		Mitsui OSK Lines Ltd		150
	168,809		Mitsui Sumitomo Insurance Group Holdings, Inc		5,228
	73,475		Mitsui Trust Holdings, Inc		2,629

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	1,900		Mixi Inc	$	69
	5,031,556		Mizuho Financial Group, Inc		9,029
	516,800	e	MonotaRO Co Ltd		10,538
	376		Mori Hills REIT Investment Corp		508
	72		Mori Trust Sogo Reit, Inc		114
	205,735		Murata Manufacturing Co Ltd		27,473
	5,339		Nabtesco Corp		124
	193,000		Nagoya Railroad Co Ltd		932
	9,206		Namco Bandai Holdings, Inc		253
	643,615		NEC Corp		1,702
	8,300		Nexon Co Ltd		120
	184,631		NGK Insulators Ltd		3,574
	8,393		NGK Spark Plug Co Ltd		186
	49,217		Nidec Corp		4,237
	16,481		Nikon Corp		256
	89,098		Nintendo Co Ltd		18,521
	194		Nippon Building Fund, Inc		1,075
	20,313		Nippon Electric Glass Co Ltd		110
	40,441		Nippon Express Co Ltd		217
	7,944		Nippon Meat Packers, Inc		214
	7,826		Nippon Paint Co Ltd		212
	885		Nippon ProLogis REIT, Inc		1,810
	67,501		Nippon Steel Corp		1,495
	704,200		Nippon Telegraph & Telephone Corp		29,643
	448,673		Nippon Yusen Kabushiki Kaisha		831
	5,800		Nissan Chemical Industries Ltd		193
	607,962		Nissan Motor Co Ltd		6,099
	9,731		Nisshin Seifun Group, Inc		146
	2,845		Nissin Food Products Co Ltd		149
	3,700		Nitori Co Ltd		422
	242,637		Nitto Denko Corp		18,577
	56,753		NKSJ Holdings, Inc		1,917
	4,655		NOK Corp		94
	4,417,780		Nomura Holdings, Inc		26,119
	4,974		Nomura Real Estate Holdings, Inc		84
	636		Nomura Real Estate Master Fund, Inc		963
	29,638		Nomura Research Institute Ltd		901
	90,235		NSK Ltd		1,042
	56,400		NTT Data Corp		2,725
	1,231,900		NTT DoCoMo, Inc		28,020
	140,496		Obayashi Corp		1,341
	3,100		Obic Co Ltd		135
	88,749		Odakyu Electric Railway Co Ltd		1,754
	187,999		OJI Paper Co Ltd		765
	410,942		Olympus Corp		14,159
	92,213		Omron Corp		3,524
	117,668	*	Ono Pharmaceutical Co Ltd		2,565
	1,803		Oracle Corp Japan		91
	161,100		Oriental Land Co Ltd		9,093
	2,184,425		ORIX Corp		33,999
	187		Orix JREIT, Inc		295
	90,106		Osaka Gas Co Ltd		346
	114,100		Osaka Securities Exchange Co Ltd		1,627

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	5,900		Otsuka Corp	$	275
	106,620		Otsuka Holdings KK		4,644
	346,900		Park24 Co Ltd		9,394
	21,100	e	Pola Orbis Holdings, Inc		1,740
	35		Premier Investment Co		41
	409,400		Rakuten, Inc		4,011
	42,113		Recruit Holdings Co Ltd		1,688
	1,572,072		Resona Holdings, Inc		8,057
	371,382		Ricoh Co Ltd		3,137
	1,612		Rinnai Corp		130
	20,924		Rohm Co Ltd		1,200
	1,144		Ryohin Keikaku Co Ltd		224
	2,180		Sankyo Co Ltd		70
	114,000		Santen Pharmaceutical Co Ltd		1,391
	8,791		SBI Holdings, Inc		112
	48,034		Secom Co Ltd		3,510
	7,752		Sega Sammy Holdings, Inc		115
	8,300		Seibu Holdings, Inc		149
	13,600		Seiko Epson Corp		287
	103,151		Sekisui Chemical Co Ltd		1,642
	1,360,820		Sekisui House Ltd		22,609
	244,212		Seven & I Holdings Co Ltd		9,287
	26,300		Seven Bank Ltd		75
	68,000	*	Sharp Corp		157
	11,047		Shimadzu Corp		176
	5,627		Shimamura Co Ltd		702
	3,492		Shimano, Inc		547
	1,612,962		Shimizu Corp		14,723
	224,400		Shin-Etsu Chemical Co Ltd		17,366
	445,778		Shinsei Bank Ltd		746
	86,337		Shionogi & Co Ltd		4,126
	17,393		Shiseido Co Ltd		440
	125,301		Shizuoka Bank Ltd		1,052
	62,528		Shoei Co Ltd		555
	9,022		Showa Shell Sekiyu KK		84
	12,691		SMC Corp		3,019
	262,500	e	SMS Co Ltd		5,805
	386,954		Softbank Corp		25,606
	3,400		Sohgo Security Services Co Ltd		131
	2,400,000		Sojitz Holdings Corp		5,811
	2,980,282		Sony Corp		83,275
	245,428		Sony Financial Holdings, Inc		3,826
	157,015		Stanley Electric Co Ltd		4,278
	450		Star Asia Investment Corp		376
	7,600		Start Today Co Ltd		131
	1,070,000		Sumco Corp		13,756
	334,883		Sumitomo Chemical Co Ltd		1,587
	198,163		Sumitomo Corp		2,326
	7,563		Sumitomo Dainippon Pharma Co Ltd		130
	167,224		Sumitomo Electric Industries Ltd		2,408
	1,886,625		Sumitomo Heavy Industries Ltd		12,114
	22,631		Sumitomo Metal Mining Co Ltd		289
	1,113,190		Sumitomo Mitsui Financial Group, Inc		42,394

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	116,421		Sumitomo Realty & Development Co Ltd	$	3,091
	8,063		Sumitomo Rubber Industries, Inc		128
	1,500		Sundrug Co Ltd		104
	6,600		Suntory Beverage & Food Ltd		273
	88,476		Suruga Bank Ltd		1,975
	3,807		Suzuken Co Ltd		124
	46,134		Suzuki Motor Corp		1,620
	312,288		Sysmex Corp		18,044
	216,631		T&D Holdings, Inc		2,859
	55,000		Taiheiyo Cement Corp		173
	227,368		Taisei Corp		1,588
	4,856		Taisho Pharmaceutical Holdings Co Ltd		403
	6,985		Taiyo Nippon Sanso Corp		81
	980,100		Takara Leben Co Ltd		5,693
	14,117		Takashimaya Co Ltd		116
	185,748		Takeda Pharmaceutical Co Ltd		7,706
	48,781		Tanabe Seiyaku Co Ltd		955
	5,656		TDK Corp		388
	9,022		Teijin Ltd		182
	31,541		Terumo Corp		1,163
	52,094		THK Co Ltd		1,150
	249,878		Tobu Railway Co Ltd		1,239
	5,375		Toho Co Ltd		152
	17,000		Toho Gas Co Ltd		138
	101,815		Tohoku Electric Power Co, Inc		1,283
	345,464		Tokio Marine Holdings, Inc		14,144
	205,600	*	Tokyo Base Co Ltd		3,656
	433,368	*	Tokyo Electric Power Co, Inc		1,744
	7,316		Tokyo Electron Ltd		688
	974,924		Tokyo Gas Co Ltd		4,401
	120,000		Tokyo Steel Manufacturing Co Ltd		916
	25,300	e	Tokyo Tatemono Co Ltd		338
	486,852		Tokyu Corp		3,573
	21,000		Tokyu Fudosan Holdings Corp		124
	77		Tokyu REIT, Inc		98
	203,383		TonenGeneral Sekiyu KK		2,142
	76,000		Topcon Corp		1,140
	24,734		Toppan Printing Co Ltd		236
	323,664		Toray Industries, Inc		2,614
	186,554	*	Toshiba Corp		451
	900,000		Tosoh Corp		6,349
	6,942		Toto Ltd		274
	7,639		Toyo Seikan Kaisha Ltd		142
	4,299		Toyo Suisan Kaisha Ltd		156
	183,197		Toyoda Gosei Co Ltd		4,276
	7,893		Toyota Industries Corp		375
	1,524,600		Toyota Motor Corp		89,385
	10,294		Toyota Tsusho Corp		268
	5,228		Trend Micro, Inc		186
	5,100		Tsumura & Co		140
	1,600		Tsuruha Holdings, Inc		151
	33,612		Uni-Charm Corp		734
	299		United Urban Investment Corp		456

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	10,330		USS Co Ltd	$	164
	27,307		West Japan Railway Co		1,673
	313,338		Yahoo! Japan Corp		1,200
	4,204		Yakult Honsha Co Ltd		195
	28,931		Yamada Denki Co Ltd		156
	44,406	e	Yamaguchi Financial Group, Inc		483
	8,008		Yamaha Corp		244
	13,291		Yamaha Motor Co Ltd		291
	78,155		Yamato Transport Co Ltd		1,584
	6,353	e	Yamazaki Baking Co Ltd		122
	11,724		Yaskawa Electric Corp		182
	10,610		Yokogawa Electric Corp		153
	5,000		Yokohama Rubber Co Ltd		89
			TOTAL JAPAN		1,399,187

JERSEY, C.I. - 0.0%
	6,594		Randgold Resources Ltd		507
			TOTAL JERSEY, C.I.		507

JORDAN - 0.0%
	10,409	e	Hikma Pharmaceuticals plc		243
			TOTAL JORDAN		243

KOREA, REPUBLIC OF - 0.2%
	29,000		Hanssem Co Ltd		4,768
	128,225		Hyundai Motor Co		15,469
	86,045	*	Osstem Implant Co Ltd		4,315
	4,350		Samsung Electronics Co Ltd		6,474
	20,000		Samsung Fire & Marine Insurance Co Ltd		4,444
			TOTAL KOREA, REPUBLIC OF		35,470

LUXEMBOURG - 0.3%
	5,057,518	*	ArcelorMittal		37,160
	2,436,775		B&M European Value Retail S.A.		8,349
	789		Eurofins Scientific		336
	4,668		Millicom International Cellular S.A.		199
	48,616		RTL Group		3,562
	26,407		SES Global S.A.		581
	34,749		Tenaris S.A.		620
			TOTAL LUXEMBOURG		50,807

MACAU - 0.0%
	31,792		MGM China Holdings Ltd		66
	60,183	e	Wynn Macau Ltd		95
			TOTAL MACAU		161

MALAYSIA - 0.1%
	8,333,325		Karex BHD		4,384
	1,266,980		Public Bank BHD		5,570
	1,200,000		Tenaga Nasional BHD		3,715
	45,306	*	YNH Property BHD		15
			TOTAL MALAYSIA		13,684

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
MEXICO - 0.0%
	15,129		Fresnillo plc	$	225
	227,257		Infraestructura Energetica ,NV SAB de C.V.		990
			TOTAL MEXICO		1,215

NETHERLANDS - 2.5%
	1,968,162	g	ABN AMRO Group NV (ADR)		43,579
	133,520		Aegon NV		733
	17,993		Akzo Nobel NV		1,124
	26,481	*	Altice NV (Class A)		524
	7,768	*	Altice NV (Class B)		155
	674,776		ASML Holding NV		75,622
	44,600		ASML Holding NV (ADR)		5,004
	6,392		Boskalis Westminster		222
	12,951		DSM NV		776
	906,895	g	Euronext NV		37,379
	117,797		EXOR NV		5,066
	5,714		Gemalto NV		330
	7,129		Heineken Holding NV		496
	62,877		Heineken NV		4,712
	9,562,410		ING Groep NV		134,627
	943,627		Koninklijke Ahold Delhaize NV		19,876
	513,636		Koninklijke Philips Electronics NV		15,703
	5,126		Koninklijke Vopak NV		242
	22,315		NN Group NV		755
	21,162	*	NXP Semiconductors NV		2,074
	8,611		Randstad Holdings NV		466
	1,011,607		Royal Dutch Shell plc (A Shares)		27,924
	2,170,500		Royal Dutch Shell plc (B Shares)		62,363
	843,477		Royal KPN NV		2,494
	1,036,400	*	TomTom NV		9,311
	25,521		Vastned Retail NV		990
	191,818		Wolters Kluwer NV		6,938
			TOTAL NETHERLANDS		459,485

NEW ZEALAND - 0.0%
	4,000,000		Air New Zealand Ltd		6,092
	38,231		Auckland International Airport Ltd		166
	22,715		Contact Energy Ltd		73
	26,767		Fletcher Building Ltd		197
	72,522		Kiwi Property Group Ltd		70
	49,251	*	Meridian Energy Ltd		89
	27,513		Mighty River Power Ltd		56
	14,723		Ryman Healthcare Ltd		83
	65,512		Telecom Corp of New Zealand Ltd		155
			TOTAL NEW ZEALAND		6,981

NORWAY - 0.5%
	1,232,100		Det Norske Oljeselskap ASA		22,016
	1,193,605		DNB NOR Holding ASA		17,720
	13,702		Gjensidige Forsikring BA		217
	98,198		Norsk Hydro ASA		469

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	60,303		Orkla ASA	$	546
	26,953		PAN Fish ASA		487
	5,209		Schibsted ASA		119
	6,632		Schibsted ASA (B Shares)		140
	2,266,929		Statoil ASA		41,375
	110,468		Telenor ASA		1,649
	281,200		TGS Nopec Geophysical Co ASA		6,234
	13,138		Yara International ASA		517
			TOTAL NORWAY		91,489

PERU - 0.0%
	83,223		Southern Copper Corp (NY)		2,658
			TOTAL PERU		2,658

PHILIPPINES - 0.1%
	42,845,940		Megaworld Corp		3,067
	5,300,354		Metropolitan Bank & Trust		7,734
	8,245,950		Robinsons Retail Holdings, Inc		12,311
			TOTAL PHILIPPINES		23,112

PORTUGAL - 0.1%
	161,790		Energias de Portugal S.A.		492
	232,018		Galp Energia SGPS S.A.		3,459
	664,584		Jeronimo Martins SGPS S.A.		10,308
			TOTAL PORTUGAL		14,259

RUSSIA - 0.2%
	2,688,517		Sberbank of Russian Federation (ADR)		30,956
	203,100	*	X 5 Retail Group NV (GDR)		6,590
			TOTAL RUSSIA		37,546

SINGAPORE - 0.5%
	168,645	e	Ascendas REIT		264
	314,778		Broadcom Ltd		55,643
	176,797		CapitaCommercial Trust		180
	747,106		CapitaLand Ltd		1,553
	516,117		CapitaMall Trust		669
	154,700		City Developments Ltd		883
	80,248		ComfortDelgro Corp Ltd		136
	892,838		DBS Group Holdings Ltd		10,652
	241,592		Genting Singapore plc		150
	104,395		Global Logistic Properties		158
	277,565		Golden Agri-Resources Ltd		82
	3,566		Jardine Cycle & Carriage Ltd		101
	337,568	e	Keppel Corp Ltd		1,344
	54,756	e	Keppel Infrastructure Trust		18
	79,650		K-REIT Asia		56
	808,348		Oversea-Chinese Banking Corp		4,965
	38,648		SembCorp Industries Ltd		76
	286,485		SembCorp Marine Ltd		272
	121,584		Singapore Airlines Ltd		810
	26,000		Singapore Airport Terminal Services Ltd		87

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	462,443		Singapore Exchange Ltd	$	2,280
	431,925	e	Singapore Press Holdings Ltd		1,050
	394,807		Singapore Technologies Engineering Ltd		877
	2,781,391		Singapore Telecommunications Ltd		6,977
	23,730		StarHub Ltd		46
	78,300		Suntec Real Estate Investment Trust		89
	311,336		United Overseas Bank Ltd		4,374
	64,786		UOL Group Ltd		267
	75,062		Wilmar International Ltd		186
	41,600		Wing Tai Holdings Ltd		46
			TOTAL SINGAPORE		94,291

SOUTH AFRICA - 0.2%
	24,729	e	Al Noor Hospitals Group plc		235
	43,492		Investec plc		285
	566,362		Mondi plc		11,566
	32,300		Naspers Ltd (N Shares)		4,716
	90,000		Sasol Ltd		2,583
	1,014,797		Steinhoff International Holdings NV (GR)		5,224
			TOTAL SOUTH AFRICA		24,609

SPAIN - 0.8%
	47,388		Abertis Infraestructuras S.A. (Continuous)		662
	80,000		Acciona S.A.		5,876
	14,343		ACS Actividades Construccion y Servicios S.A.		453
	4,724	g	Aena S.A.		644
	621,126		Amadeus IT Holding S.A.		28,171
	730,219		Banco Bilbao Vizcaya Argentaria S.A.		4,921
	366,673		Banco de Sabadell S.A.		509
	235,513	e	Banco Popular Espanol S.A.		227
	1,050,592		Banco Santander S.A.		5,465
	359,012		Bankia S.A.		366
	48,929		Bankinter S.A.		378
	232,051		CaixaBank S.A.		765
	80,801		Corp Mapfre S.A.		246
	944,843		Distribuidora Internacional de Alimentacion S.A.		4,634
	16,160		Enagas		410
	716,941	e	Endesa S.A.		15,162
	295,256		Ferrovial S.A.		5,266
	25,554		Gas Natural SDG S.A.		481
	300,000		Gestevision Telecinco S.A.		3,514
	21,640		Grifols S.A.		430
	2,812,789		Iberdrola S.A.		18,418
	500,251		Industria De Diseno Textil S.A.		17,042
	108,528	*,e,m	Let’s GOWEX S.A.		1
	37,179		Merlin Properties Socimi S.A.		403
	31,913		Red Electrica Corp S.A.		601
	261,672		Repsol YPF S.A.		3,677
	235,400		Tecnicas Reunidas S.A.		9,627
	1,059,206		Telefonica S.A.		9,779
	13,540		Zardoya Otis S.A.		114
			TOTAL SPAIN		138,242

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
SWEDEN - 0.7%
	21,217		Alfa Laval AB	$	350
	372,141		Assa Abloy AB		6,886
	48,783		Atlas Copco AB (A Shares)		1,480
	27,732		Atlas Copco AB (B Shares)		754
	29,799	*,e	Autoliv, Inc		3,372
	610,870		Boliden AB		15,867
	36,809		Castellum AB		504
	17,394		Electrolux AB (Series B)		431
	219,507		Ericsson (LM) (B Shares)		1,287
	13,081		Fabege AB		213
	13,453		Getinge AB (B Shares)		216
	94,767		Hennes & Mauritz AB (B Shares)		2,627
	303,860		Hexagon AB (B Shares)		10,822
	29,973		Husqvarna AB (B Shares)		233
	5,276	e	ICA Gruppen AB		161
	12,236		Industrivarden AB		228
	713,283	e	Intrum Justitia AB		24,048
	303,126		Investment AB Kinnevik (B Shares)		7,240
	32,665		Investor AB (B Shares)		1,217
	200,000		JM AB		5,766
	14,993		Kungsleden AB		95
	2,757		Lundbergs AB (B Shares)		169
	12,539	*	Lundin Petroleum AB		272
	200,000		NCC AB (B Shares)		4,940
	218,539		Nordea Bank AB		2,422
	77,618		Sandvik AB		957
	11,712	*	SAS AB		18
	21,957		Securitas AB (B Shares)		344
	351,131		Skandinaviska Enskilda Banken AB (Class A)		3,669
	24,779		Skanska AB (B Shares)		583
	29,050		SKF AB (B Shares)		533
	43,445		Svenska Cellulosa AB (B Shares)		1,223
	108,521		Svenska Handelsbanken AB		1,503
	223,425		Swedbank AB (A Shares)		5,383
	13,345		Swedish Match AB		423
	27,324	e	Tele2 AB (B Shares)		218
	362,132		TeliaSonera AB		1,455
	725,774		Volvo AB (B Shares)		8,449
			TOTAL SWEDEN		116,358

SWITZERLAND - 2.9%
	389,446		ABB Ltd		8,195
	46,414		Actelion Ltd		10,030
	307,773		Adecco S.A.		20,090
	6,365		Aryzta AG.		280
	55,653		Baloise Holding AG.		7,003
	163		Barry Callebaut AG.		199
	77,073		Cie Financiere Richemont S.A.		5,094
	13,221		Coca-Cola HBC AG.		288
	219,908		Credit Suisse Group		3,143
	3,252	*	Dufry Group		405
	600		EMS-Chemie Holding AG.		305

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	36,000		Flughafen Zuerich AG.	$	6,671
	281		Galenica AG.		317
	2,745		Geberit AG.		1,099
	8,000		Georg Fischer AG.		6,543
	665		Givaudan S.A.		1,217
	7,560,666	*	Glencore Xstrata plc		25,547
	32,869		Holcim Ltd		1,725
	16,028		Julius Baer Group Ltd		710
	8,000		Kaba Holding AG.		5,939
	3,854		Kuehne & Nagel International AG.		509
	72		Lindt & Spruengli AG.		372
	7		Lindt & Spruengli AG. (Registered)		425
	307,278		Lonza Group AG.		53,106
	1,133,231		Nestle S.A.		81,182
	1,327,692		Novartis AG.		96,554
	2,685		Pargesa Holding S.A.		174
	1,239	e	Partners Group		580
	3,868		Phonak Holding AG.		468
	194,823		Roche Holding AG.		44,410
	3,005		Schindler Holding AG.		529
	1,541		Schindler Holding AG. (Registered)		269
	400		SGS S.A.		813
	154		Sika AG.		739
	47,099		STMicroelectronics NV		534
	2,488	e	Swatch Group AG.		772
	2,461		Swatch Group AG. (Registered)		150
	2,391		Swiss Life Holding		675
	7,709		Swiss Prime Site AG.		631
	407,344		Swiss Re Ltd		38,540
	1,865		Swisscom AG.		834
	45,005		Syngenta AG.		17,782
	183,771		TE Connectivity Ltd		12,732
	92,000		Temenos Group AG.		6,395
	1,369,173		UBS AG.		21,408
	363,280		Wolseley plc		22,177
	36,061		Zurich Financial Services AG.		9,910
			TOTAL SWITZERLAND		517,470

TAIWAN - 0.3%
	36,158,000		Advanced Semiconductor Engineering, Inc		36,862
	2,104,146		Hota Industrial Manufacturing Co Ltd		8,106
	60,000		Largan Precision Co Ltd		6,994
	2,300,000		Pegatron Technology Corp		5,472
	90,000		Silicon Motion Technology Corp (ADR)		3,823
			TOTAL TAIWAN		61,257

THAILAND - 0.0%
	3,000,000		Delta Electronics Thai PCL		6,815
			TOTAL THAILAND		6,815

UNITED ARAB EMIRATES - 0.0%
	1,734,000		Emaar Properties PJSC		3,362
			TOTAL UNITED ARAB EMIRATES		3,362

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
UNITED KINGDOM - 5.8%
	72,354		3i Group plc	$	626
	67,441	e	Aberdeen Asset Management plc		213
	14,402		Admiral Group plc		324
	1,580,335	*	Anglo American plc (London)		22,328
	1,836,246		Ashtead Group plc		35,697
	281,000	*	ASOS plc		17,168
	589,258		Associated British Foods plc		19,883
	140,491		AstraZeneca plc		7,672
	3,070,719	g	Auto Trader Group plc		15,438
	1,383,322		Aviva plc		8,240
	18,488		Babcock International Group		217
	228,732		BAE Systems plc		1,664
	11,236,908		Barclays plc		30,838
	72,547		Barratt Developments plc		412
	1,028,700		Beazley plc		4,917
	677,774	*	Belmond Ltd.		9,048
	69,410		Berkeley Group Holdings plc		2,399
	21,762		Big Yellow Group plc		184
	5,560,014		BP plc		34,825
	1,230,362		British American Tobacco plc		69,731
	131,522		British Land Co plc		1,021
	1,801,293		Britvic plc		12,577
	1,183,871		BT Group plc		5,344
	24,168		Bunzl plc		627
	31,844		Burberry Group plc		587
	47,700		Capita Group plc		312
	389,891		Centrica plc		1,123
	686,400		Cineworld Group plc		4,772
	1,897,770		CNH Industrial NV		16,467
	120,646		Cobham plc		243
	15,748		Coca-Cola European Partners plc		497
	494,420		Compass Group plc		9,138
	128,449		Croda International plc		5,052
	154,865	*	CYBG plc		531
	66,277		DCC plc		4,926
	344,704		Delphi Automotive plc		23,216
	31,127		Derwent London plc		1,061
	337,559		Diageo plc		8,760
	95,060		Direct Line Insurance Group plc		433
	11,485		easyJet plc		142
	2,857,700		Electrocomponents plc		16,771
	1,289,991	e	Fevertree Drinks plc		18,125
	63,167		Fiat DaimlerChrysler Automobiles NV		575
	122,510		GKN plc		499
	5,130,328		GlaxoSmithKline plc		98,546
	24,172		Great Portland Estates plc		199
	111,807		Group 4 Securicor plc		323
	158,664		Hammerson plc		1,118
	18,657		Hargreaves Lansdown plc		278
	6,100,062		Hays plc		11,193
	1,745,372		HSBC Holdings plc		14,083

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	420,000		HSBC Holdings plc (Hong Kong)	$	3,358
	19,825		IMI plc		254
	208,969		Imperial Tobacco Group plc		9,107
	800,000		Inchcape plc		6,914
	32,783		Inmarsat plc		303
	13,684		InterContinental Hotels Group plc		612
	58,269		International Consolidated Airlines Group S.A.		314
	11,570		Intertek Group plc		496
	97,952	e	Intu Properties plc		339
	265,590		ITV plc		674
	116,418	e	J Sainsbury plc		358
	14,091	*	Johnson Matthey plc		551
	1,866,414	*	Just Eat plc		13,411
	21,879		Kennedy Wilson Europe Real Estate PLC		258
	163,794		Kingfisher plc		706
	94,815		Land Securities Group plc		1,246
	7,548,566		Legal & General Group plc		22,996
	134,579	*	Liberty Global plc		3,997
	153,628	*	Liberty Global plc (Class A)		4,699
	18,553	*	Liberty Global plc LiLAC (Class C)		393
	6,287,587		Lloyds TSB Group plc		4,828
	412,823		London Stock Exchange Group plc		14,755
	3,660,337		Man Group plc		5,326
	116,108		Marks & Spencer Group plc		500
	55,784		Meggitt plc		315
	51,778	g	Merlin Entertainments plc		286
	269,284		National Grid plc		3,146
	68,798		New Carphone Warehouse plc		300
	137,747		NEX Group plc		789
	22,548		Next plc		1,383
	352,111		Old Mutual plc		898
	57,121		Pearson plc		573
	26,941		Pentair plc		1,511
	21,779		Persimmon plc		475
	18,799		Petrofac Ltd		201
	11,025		Provident Financial plc		386
	2,627,567		Prudential plc		52,440
	2,333,600	*,e	Purplebricks Group plc		4,055
	129,845		Reckitt Benckiser Group plc		10,999
	901,958		Reed Elsevier NV		15,171
	172,243		Reed Elsevier plc		3,069
	227,462		Rightmove plc		10,926
	79,048		Rio Tinto Ltd		3,386
	475,980		Rio Tinto plc		18,172
	131,581		Rolls-Royce Group plc		1,081
	254,014	*	Royal Bank of Scotland Group plc		702
	63,996		Royal Mail plc		364
	70,603		RSA Insurance Group plc		509
	78,499		Sage Group plc		633
	9,956		Schroders plc		366
	74,351		Scottish & Southern Energy plc		1,420
	133,723		Segro plc		756
	16,658		Severn Trent plc		455

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	39,804		Shaftesbury plc	$	446
	999,792		Shire Ltd		57,087
	1,572,384		Sky plc		19,169
	135,284		Smith & Nephew plc		2,030
	29,016		Smiths Group plc		505
	38,874		St. James’s Place plc		485
	591,165	*	Standard Chartered plc		4,821
	140,229		Standard Life plc		642
	30,904		Tate & Lyle plc		269
	4,139,200		Taylor Wimpey plc		7,807
	10,410,467	*	Tesco plc		26,545
	516,919		Travis Perkins plc		9,241
	112,565		Tullett Prebon plc		601
	235,038		Unilever NV		9,655
	92,329		Unilever plc		3,734
	40,406		Unite Group plc		302
	50,159		United Utilities Group plc		556
	1,991,100		Vesuvius plc		9,681
	479,720		Virgin Money Holdings UK plc		1,790
	21,372,967		Vodafone Group plc		52,596
	14,586		Weir Group plc		339
	228,855		Whitbread plc		10,646
	58,095		William Hill plc		207
	159,653	e	WM Morrison Supermarkets plc		453
	1,262,851	g	Worldpay Group plc		4,193
	2,257,896		WPP plc		50,246
			TOTAL UNITED KINGDOM		1,045,571

UNITED STATES - 60.0%
	451,544		3M Co		80,632
	20,877		A.O. Smith Corp		989
	191,200		Aaron’s, Inc		6,116
	2,031,865		Abbott Laboratories		78,044
	386,972		AbbVie, Inc		24,232
	27,878		Abercrombie & Fitch Co (Class A)		335
	35,000	*,e	Acacia Communications, Inc		2,161
	220,495		Accenture plc		25,827
	257,339		Activision Blizzard, Inc		9,293
	9,007		Acuity Brands, Inc		2,079
	146	*	Adient plc		9
	88,202	*	Adobe Systems, Inc		9,080
	23,259		Advance Auto Parts, Inc		3,934
	1,172,916	*	Advanced Micro Devices, Inc		13,301
	7,791	*	AdvanSix, Inc		172
	197,385		AES Corp		2,294
	241,566		Aetna Inc		29,957
	11,295	*	Affiliated Managers Group, Inc		1,641
	88,650		Aflac, Inc		6,170
	29,545		AGCO Corp		1,709
	207,603		Agilent Technologies, Inc		9,458
	238,245		AGNC Investment Corp		4,319
	152,663		Air Products & Chemicals, Inc		21,956
	4,428,127	*	AK Steel Holding Corp		45,211

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	35,079	*	Akamai Technologies, Inc	$	2,339
	99,100		Alaska Air Group, Inc		8,793
	163,146		Albemarle Corp		14,044
	550		Alcoa Corp		15
	18,310		Alexandria Real Estate Equities, Inc		2,035
	365,702	*	Alexion Pharmaceuticals, Inc		44,744
	10,250	*	Align Technology, Inc		985
	24,514	*	Alkermes plc		1,362
	6,897	*	Alleghany Corp		4,194
	16,000		Allegiant Travel Co		2,662
	386,135	*	Allergan plc		81,092
	16,103		Alliance Data Systems Corp		3,680
	87,956		Alliant Energy Corp		3,333
	66,012		Allied World Assurance Co Holdings Ltd		3,546
	188,780		Allstate Corp		13,992
	67,523		Ally Financial, Inc		1,284
	4,520	*	Alnylam Pharmaceuticals, Inc		169
	137,551	*	Alphabet, Inc (Class A)		109,002
	211,337	*	Alphabet, Inc (Class C)		163,114
	506,292		Altria Group, Inc		34,235
	239,330	*	Amazon.com, Inc		179,466
	112,924	*	AMC Networks, Inc		5,910
	120,000		Amdocs Ltd		6,990
	15,146		Amerco, Inc		5,598
	85,721		Ameren Corp		4,497
	21,074		American Airlines Group, Inc		984
	232,958		American Electric Power Co, Inc		14,667
	201,612		American Express Co		14,935
	120,000		American Financial Group, Inc		10,574
	767,031		American International Group, Inc		50,095
	97,471		American Tower Corp		10,301
	87,214		American Water Works Co, Inc		6,311
	160,096		Ameriprise Financial, Inc		17,761
	79,493		AmerisourceBergen Corp		6,216
	43,786		Ametek, Inc		2,128
	196,168		Amgen, Inc		28,682
	71,204		Amphenol Corp (Class A)		4,785
	514,217		Anadarko Petroleum Corp		35,856
	75,692		Analog Devices, Inc		5,497
	631,947		Annaly Capital Management, Inc		6,301
	31,690	*	Ansys, Inc		2,931
	32,857	*	Antero Resources Corp		777
	151,316		Anthem, Inc		21,755
	58,625		Aon plc		6,538
	63,534		Apache Corp		4,033
	33,256		Apartment Investment & Management Co (Class A)		1,511
	2,761,564		Apple, Inc		319,844
	914,367		Applied Materials, Inc		29,507
	49,544		ARAMARK Holdings Corp		1,770
	111,914		Archer Daniels Midland Co		5,109
	64,341		Arconic, Inc		1,193
	16,873	*	Arrow Electronics, Inc		1,203
	37,215		Arthur J. Gallagher & Co		1,934

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	42,000	*	Asbury Automotive Group, Inc	$	2,591
	166,208		Ashland Global Holdings, Inc		18,165
	24,159		Assurant, Inc		2,243
	2,541,283		AT&T, Inc		108,081
	77,500	*	Athene Holding Ltd		3,719
	15,611		Atmos Energy Corp		1,158
	450,902	*	Autodesk, Inc		33,371
	91,325		Automatic Data Processing, Inc		9,386
	28,323	*	Autonation, Inc		1,378
	25,956	*	AutoZone, Inc		20,500
	56,437		AvalonBay Communities, Inc		9,998
	31,006		Avery Dennison Corp		2,177
	28,217		Avnet, Inc		1,343
	31,802	*	Axalta Coating Systems Ltd		865
	166,291		Axis Capital Holdings Ltd		10,854
	487,805		Baker Hughes, Inc		31,693
	53,350		Ball Corp		4,005
	8,901,066		Bank of America Corp		196,714
	978,703		Bank of New York Mellon Corp		46,371
	30,326		Bard (C.R.), Inc		6,813
	797,276		Baxter International, Inc		35,351
	186,462		BB&T Corp		8,767
	28,536		BE Aerospace, Inc		1,718
	69,986		Becton Dickinson & Co		11,586
	92,457	*	Bed Bath & Beyond, Inc		3,757
	615,647	*	Berkshire Hathaway, Inc (Class B)		100,338
	845,014	*	Berry Plastics Group, Inc		41,178
	359,294		Best Buy Co, Inc		15,331
	75,088	*	Biogen Idec, Inc		21,293
	120,506	*	BioMarin Pharmaceutical, Inc		9,983
	40,843		BlackRock, Inc		15,542
	166,872		Boeing Co		25,979
	36,473		BorgWarner, Inc		1,438
	66,056		Boston Properties, Inc		8,309
	434,971	*	Boston Scientific Corp		9,408
	90,000		Brinker International, Inc		4,458
	439,031		Bristol-Myers Squibb Co		25,657
	56,358		Brixmor Property Group, Inc		1,376
	18,013		Broadridge Financial Solutions, Inc		1,194
	66,962		Brown-Forman Corp (Class B)		3,008
	73,342		Bunge Ltd		5,298
	60,360		CA, Inc		1,918
	199,183		Cabot Oil & Gas Corp		4,653
	97,000	*	CACI International, Inc (Class A)		12,057
	43,362	*	Cadence Design Systems, Inc		1,094
	182,636	*	Callon Petroleum Co		2,807
	101,355	*	Calpine Corp		1,158
	42,505		Camden Property Trust		3,573
	74,543		Campbell Soup Co		4,508
	189,612		Capital One Financial Corp		16,542
	104,213		Cardinal Health, Inc		7,500
	82,782	*	Carmax, Inc		5,330
	97,706		Carnival Corp		5,087

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	113,820		Carnival plc	$	5,767
	50,000		Carter’s, Inc		4,319
	399,187		Caterpillar, Inc		37,021
	211,068	*	CBRE Group, Inc		6,647
	374,496		CBS Corp (Class B)		23,825
	20,119		CDK Global, Inc		1,201
	260,594		CDW Corp		13,574
	27,762		Celanese Corp (Series A)		2,186
	243,580	*	Celgene Corp		28,194
	145,046	*	Centene Corp		8,197
	194,580		Centerpoint Energy, Inc		4,794
	172,534		CenturyTel, Inc		4,103
	93,301	*	Cerner Corp		4,420
	258,642		CF Industries Holdings, Inc		8,142
	61,288		CH Robinson Worldwide, Inc		4,490
	183,249		Charles Schwab Corp		7,233
	71,698	*	Charter Communications, Inc		20,643
	40,000		Chemed Corp		6,416
	200,000		Chemours Co		4,418
	45,909	*	Cheniere Energy, Inc		1,902
	984,955		Chevron Corp		115,929
	17,835	*	Chipotle Mexican Grill, Inc (Class A)		6,730
	589,653		Chubb Ltd		77,905
	114,508		Church & Dwight Co, Inc		5,060
	1,454,540	*	Ciena Corp		35,505
	496,442		Cigna Corp		66,220
	20,270		Cimarex Energy Co		2,755
	52,639		Cincinnati Financial Corp		3,987
	36,144		Cintas Corp		4,177
	80,000	*	Cirrus Logic, Inc		4,523
	3,918,854		Cisco Systems, Inc		118,428
	270,663		CIT Group, Inc		11,552
	742,682		Citigroup, Inc		44,138
	411,858		Citizens Financial Group, Inc		14,675
	95,919	*	Citrix Systems, Inc		8,567
	60,675		Clorox Co		7,282
	115,400		CME Group, Inc		13,311
	109,075		CMS Energy Corp		4,540
	116,249		Coach, Inc		4,071
	993,651		Coca-Cola Co		41,197
	118,392	*	Cognizant Technology Solutions Corp (Class A)		6,634
	183,052		Colgate-Palmolive Co		11,979
	2,315,945		Comcast Corp (Class A)		159,916
	196,783		Comerica, Inc		13,403
	200,000	*	CommScope Holding Co, Inc		7,440
	91,958		Computer Sciences Corp		5,464
	957,707		ConAgra Foods, Inc		37,877
	575,536	*	Concho Resources, Inc		76,316
	200,002		ConocoPhillips		10,028
	300,000		Conseco, Inc		5,745
	126,683		Consolidated Edison, Inc		9,334
	57,044		Constellation Brands, Inc (Class A)		8,745
	244,158	*	Continental Resources, Inc		12,584

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	21,495		Cooper Cos, Inc	$	3,760
	27,439		Core Laboratories NV		3,294
	164,459		Corning, Inc		3,991
	5,108	*	CoStar Group, Inc		963
	203,590		Costco Wholesale Corp		32,597
	80,618		Coty, Inc		1,476
	22,500	*,e	Credit Acceptance Corp		4,894
	110,421		Crown Castle International Corp		9,581
	157,094	*	Crown Holdings, Inc		8,258
	120,000		CSRA, Inc		3,821
	295,745		CSX Corp		10,626
	27,058		CubeSmart		724
	183,370		Cummins, Inc		25,061
	441,151		CVS Health Corp		34,811
	16,843		CyrusOne, Inc		753
	268,848		Danaher Corp		20,927
	62,837		Darden Restaurants, Inc		4,570
	68,482	*	DaVita, Inc		4,397
	25,000		DDR Corp		382
	84,681		Deere & Co		8,726
	321,270		Delek US Holdings, Inc		7,733
	97,267	*	Dell Technologies, Inc-VMware Inc		5,347
	232,099		Delta Air Lines, Inc		11,417
	110,000		Deluxe Corp		7,877
	60,276		DENTSPLY SIRONA, Inc		3,480
	72,714	*	Devon Energy Corp		3,321
	11,525	*,e	DexCom, Inc		688
	132,192	*	Diamondback Energy, Inc		13,359
	35,311		DiamondRock Hospitality Co		407
	54,736		Dick’s Sporting Goods, Inc		2,906
	53,661		Digital Realty Trust, Inc		5,273
	84,131		Discover Financial Services		6,065
	68,710	*	Discovery Communications, Inc (Class A)		1,883
	80,828	*	Discovery Communications, Inc (Class C)		2,165
	77,176	*	DISH Network Corp (Class A)		4,471
	139,290		Dollar General Corp		10,317
	72,371	*	Dollar Tree, Inc		5,586
	152,937		Dominion Resources, Inc		11,713
	7,088		Domino’s Pizza, Inc		1,129
	486,573		Dover Corp		36,459
	1,373,212		Dow Chemical Co		78,575
	84,275		DR Horton, Inc		2,303
	60,369		Dr Pepper Snapple Group, Inc		5,474
	115,505		DTE Energy Co		11,378
	170,070		Duke Energy Corp		13,201
	117,545		Duke Realty Corp		3,122
	14,591		Dun & Bradstreet Corp		1,770
	871,036	*	E*TRADE Financial Corp		30,181
	25,714		Eastman Chemical Co		1,934
	76,989		Eaton Corp		5,165
	25,668		Eaton Vance Corp		1,075
	607,348	*	eBay, Inc		18,032
	245,252		Ecolab, Inc		28,748

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	20,484		Edgewell Personal Care Co	$	1,495
	99,584		Edison International		7,169
	10,372		Education Realty Trust, Inc		439
	77,388	*	Edwards Lifesciences Corp		7,251
	148,935		EI du Pont de Nemours & Co		10,932
	155,399	*	Electronic Arts, Inc		12,239
	1,185,513		Eli Lilly & Co		87,195
	118,784		Emerson Electric Co		6,622
	48,716	*	Endo International plc		802
	93,769		Entergy Corp		6,889
	22,975	*	Envision Healthcare Corp		1,454
	1,319,204		EOG Resources, Inc		133,372
	49,766		EQT Corp		3,255
	40,257		Equifax, Inc		4,760
	12,142		Equinix, Inc		4,340
	13,395		Equity Lifestyle Properties, Inc		966
	142,072		Equity Residential		9,144
	35,811		Essex Property Trust, Inc		8,326
	433,078		Estee Lauder Cos (Class A)		33,126
	120,000	*	Euronet Worldwide, Inc		8,692
	21,656		Everest Re Group Ltd		4,686
	63,904		Eversource Energy		3,529
	324,008		Exelon Corp		11,499
	28,403		Expedia, Inc		3,217
	48,258		Expeditors International of Washington, Inc		2,556
	342,521	*	Express Scripts Holding Co		23,562
	40,042		Extra Space Storage, Inc		3,093
	1,667,143	d	Exxon Mobil Corp		150,476
	55,344	*	F5 Networks, Inc		8,009
	1,040,940	*	Facebook, Inc		119,760
	62,527		Fastenal Co		2,938
	37,522		Federal Realty Investment Trust		5,332
	111,226		FedEx Corp		20,710
	74,110		Fidelity National Information Services, Inc		5,606
	221,207		Fifth Third Bancorp		5,966
	135,500	*	First American Corp		4,990
	47,452	*	First Data Corp		673
	49,003		First Republic Bank		4,515
	138,001		FirstEnergy Corp		4,274
	54,556	*	Fiserv, Inc		5,798
	14,510	*	FleetCor Technologies, Inc		2,053
	1,368,581	*	Flextronics International Ltd		19,667
	59,949		Flir Systems, Inc		2,170
	20,923		Flowserve Corp		1,005
	23,315		Fluor Corp		1,225
	46,229		FMC Corp		2,615
	68,223	*	FMC Technologies, Inc		2,424
	38,151		FNF Group		1,296
	164,605		Foot Locker, Inc		11,669
	582,501		Ford Motor Co		7,066
	20,678		Forest City Realty Trust, Inc		431
	36,857	*	Fortinet, Inc		1,110
	183,191		Fortive Corp		9,825

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	33,089		Fortune Brands Home & Security, Inc	$	1,769
	14,272		Four Corners Property Trust, Inc		293
	60,262		Franklin Resources, Inc		2,385
	684,512	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		9,029
	376,376	e	Frontier Communications Corp		1,272
	708,846		Gaming and Leisure Properties, Inc		21,705
	74,671		Gap, Inc		1,676
	41,620	*,e	Garmin Ltd		2,018
	17,595	*	Gartner, Inc		1,778
	211,439		General Dynamics Corp		36,507
	2,650,771		General Electric Co		83,764
	214,424		General Growth Properties, Inc		5,356
	162,012		General Mills, Inc		10,007
	26,439,985	*,m	General Motors Co		0
	19,417,463	*,m	General Motors Co		0
	61,921,000	*,e,m	General Motors Co		0
	13,592,224	*,m	General Motors Co		0
	530,757	*,m	General Motors Co		0
	69,850,000	*,m	General Motors Co		0
	18,159,000	*,m	General Motors Co		0
	4,461,000	*,m	General Motors Co		0
	29,845,445	*,m	General Motors Co		0
	223,974		General Motors Co		7,803
	18,106,794	*,m	General Motors Co		0
	32,698		Genuine Parts Co		3,124
	325,866		Gilead Sciences, Inc		23,335
	124,677		Global Payments, Inc		8,654
	372,644		Goldman Sachs Group, Inc		89,230
	308,848		Goodyear Tire & Rubber Co		9,534
	30,000		Gramercy Property Trust		275
	56,352	*	GrubHub, Inc		2,120
	61,366		H&R Block, Inc		1,411
	180,849		Halliburton Co		9,782
	126,176		Hanesbrands, Inc		2,722
	50,633		Harley-Davidson, Inc		2,954
	14,968		Harman International Industries, Inc		1,664
	30,522		Harris Corp		3,128
	105,975		Hartford Financial Services Group, Inc		5,050
	46,837		Hasbro, Inc		3,643
	216,480	*	HCA Holdings, Inc		16,024
	218,338		HCP, Inc		6,489
	239,180	*	HD Supply Holdings, Inc		10,168
	35,000		Healthcare Trust of America, Inc		1,019
	170,000		Healthsouth Corp		7,011
	22,407		Helmerich & Payne, Inc		1,734
	30,453	*	Henry Schein, Inc		4,620
	180,000		Herman Miller, Inc		6,156
	58,941		Hershey Co		6,096
	43,163		Hess Corp		2,689
	383,015		Hewlett Packard Enterprise Co		8,863
	111,243		Hilltop Holdings, Inc		3,315
	133,992		Hilton Worldwide Holdings, Inc		3,645

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	49,040		HollyFrontier Corp	$	1,607
	347,027	*	Hologic, Inc		13,923
	661,873		Home Depot, Inc		88,744
	522,376		Honeywell International, Inc		60,517
	89,392		Hormel Foods Corp		3,112
	224,905		Host Marriott Corp		4,237
	259,681		HP, Inc		3,854
	26,916		Hudson Pacific Properties		936
	74,163		Humana, Inc		15,131
	1,418,204		Huntington Bancshares, Inc		18,749
	66,762		Huntington Ingalls		12,297
	40,000		IAC/InterActiveCorp		2,592
	60,000		Icahn Enterprises LP		3,595
	13,236	*	Idexx Laboratories, Inc		1,552
	120,983	*	IHS Markit Ltd		4,284
	59,666		Illinois Tool Works, Inc		7,307
	25,798	*	Illumina, Inc		3,303
	103,025	*	Imax Corp		3,235
	40,258	*	Incyte Corp		4,037
	240,828		Ingersoll-Rand plc		18,072
	55,360		Ingredion, Inc		6,918
	955,515		Intel Corp		34,657
	221,487		IntercontinentalExchange Group, Inc		12,496
	42,000		InterDigital, Inc		3,837
	159,417		International Business Machines Corp		26,462
	29,029		International Flavors & Fragrances, Inc		3,420
	150,000		International Game Technology plc		3,828
	93,221		International Paper Co		4,946
	772,057		Interpublic Group of Cos, Inc		18,074
	36,955		Intuit, Inc		4,235
	20,252	*	Intuitive Surgical, Inc		12,843
	66,994		Invesco Ltd		2,033
	147,899		Investors Bancorp, Inc		2,063
	53,231		Iron Mountain, Inc		1,729
	7,456		Iron Mountain, Inc		241
	201,314	e	iShares MSCI Canada Index Fund		5,264
	906,131	e	iShares MSCI EAFE Index Fund		52,311
	69,267	e	iShares NASDAQ Biotechnology ETF		18,382
	140,000		ITT, Inc		5,400
	34,569		J.B. Hunt Transport Services, Inc		3,356
	42,111		J.M. Smucker Co		5,393
	26,352	*	Jacobs Engineering Group, Inc		1,502
	18,443	*	Jazz Pharmaceuticals plc		2,011
	1,155,881		Johnson & Johnson		133,169
	143,093		Johnson Controls International plc		5,894
	46,615		Jones Lang LaSalle, Inc		4,710
	1,878,903		JPMorgan Chase & Co		162,131
	336,617		Juniper Networks, Inc		9,513
	68,288		Kansas City Southern Industries, Inc		5,794
	164,183		Kellogg Co		12,102
	50,802		Kennametal, Inc		1,588
	274,204		Keycorp		5,010
	13,432		Kilroy Realty Corp		983

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	114,289		Kimberly-Clark Corp	$	13,043
	119,758		Kimco Realty Corp		3,013
	308,655		Kinder Morgan, Inc		6,392
	105,529		Kla-Tencor Corp		8,303
	229,415		Kohl’s Corp		11,329
	130,000		Korn/Ferry International		3,826
	390,321		Kraft Heinz Co		34,083
	486,857		Kroger Co		16,801
	72,287		L Brands, Inc		4,759
	17,808		L3 Technologies, Inc		2,709
	106,018	*	Laboratory Corp of America Holdings		13,611
	214,422		Lam Research Corp		22,671
	61,319	*	Lamb Weston Holdings, Inc		2,321
	124,801		Las Vegas Sands Corp		6,666
	107,288		Lear Corp		14,202
	48,243		Leggett & Platt, Inc		2,358
	93,228		Leidos Holdings, Inc		4,768
	34,822		Lennar Corp (Class A)		1,495
	72,353		Leucadia National Corp		1,682
	91,497	*	Level 3 Communications, Inc		5,157
	288	*	Liberty Braves Group (Class A)		6
	16,557	*	Liberty Broadband Corp (Class C)		1,226
	86,101	*	Liberty Interactive Corp		1,720
	79,587		Liberty Property Trust		3,144
	58,446	*	Liberty SiriusXM Group (Class A)		2,018
	31,034	*	Liberty SiriusXM Group (Class C)		1,053
	195,879		Lincoln National Corp		12,981
	69,130		Linear Technology Corp		4,310
	81,048	*	LKQ Corp		2,484
	51,794		Lockheed Martin Corp		12,945
	94,286		Loews Corp		4,415
	267,401		Lowe’s Companies, Inc		19,018
	103,931	*	Lululemon Athletica, Inc		6,754
	150,358	*	Lumentum Holdings, Inc		5,811
	54,682		LyondellBasell Industries AF S.C.A		4,691
	62,872		M&T Bank Corp		9,835
	49,813		Macerich Co		3,529
	12,112		Macquarie Infrastructure Co LLC		990
	636,408		Macy’s, Inc		22,790
	17,014	*	Mallinckrodt plc		848
	108,274		Manpower, Inc		9,622
	151,883		Marathon Oil Corp		2,629
	82,737		Marathon Petroleum Corp		4,166
	5,985	*	Markel Corp		5,413
	68,313		Marriott International, Inc (Class A)		5,648
	111,995		Marsh & McLennan Cos, Inc		7,570
	14,443		Martin Marietta Materials, Inc		3,200
	165,533		Masco Corp		5,234
	125,000	*	Mastec, Inc		4,781
	449,057		MasterCard, Inc (Class A)		46,365
	403,868	*	Matador Resources Co		10,404
	1,806,894		Mattel, Inc		49,780
	78,850		Maxim Integrated Products, Inc		3,041

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	50,024		McCormick & Co, Inc	$	4,669
	541,123		McDonald’s Corp		65,866
	97,285		McKesson Corp		13,664
	712		MDC Holdings, Inc		18
	68,596		Mead Johnson Nutrition Co		4,854
	61,386	*	MEDNAX, Inc		4,092
	333,747		Medtronic plc		23,773
	889,019		Merck & Co, Inc		52,337
	1,264,562	*,e	Merrimack Pharmaceuticals, Inc		5,159
	783,127		Metlife, Inc		42,203
	9,061	*	Mettler-Toledo International, Inc		3,793
	775,745	e	MGM Growth Properties LLC		19,634
	2,487,375	*	MGM Resorts International		71,711
	67,175	*	Michael Kors Holdings Ltd		2,887
	200,000	*	Michaels Cos, Inc		4,090
	42,818		Microchip Technology, Inc		2,747
	528,686	*	Micron Technology, Inc		11,589
	120,000	*	Microsemi Corp		6,476
	3,778,630		Microsoft Corp		234,804
	23,810		Mid-America Apartment Communities, Inc		2,331
	8,134	*	Middleby Corp		1,048
	119,051	*	Mobileye NV		4,538
	66,207	*	Mohawk Industries, Inc		13,220
	229,708		Molson Coors Brewing Co (Class B)		22,353
	1,434,749		Mondelez International, Inc		63,602
	28,583		Monogram Residential Trust, Inc		309
	135,418		Monsanto Co		14,247
	492,939	*	Monster Beverage Corp		21,857
	31,655		Moody’s Corp		2,984
	1,023,589		Morgan Stanley		43,247
	83,666		Mosaic Co		2,454
	63,782		Motorola, Inc		5,287
	12,999		MSCI, Inc (Class A)		1,024
	48,973		Murphy Oil Corp		1,525
	67,540	*	Mylan NV		2,577
	42,244		NASDAQ OMX Group, Inc		2,835
	110,309		National Oilwell Varco, Inc		4,130
	20,722		National Retail Properties, Inc		916
	48,538		Navient Corp		797
	156,972		NetApp, Inc		5,536
	86,171	*	NetFlix, Inc		10,668
	257,666		New York Community Bancorp, Inc		4,099
	311,477		Newell Rubbermaid, Inc		13,907
	28,665	*	Newfield Exploration Co		1,161
	479,929		Newmont Mining Corp		16,351
	64,715		News Corp		742
	194,940		NextEra Energy, Inc		23,288
	55,912		Nielsen NV		2,346
	841,979		Nike, Inc (Class B)		42,798
	47,478		NiSource, Inc		1,051
	75,405		Noble Energy, Inc		2,870
	121,355	e	Nordstrom, Inc		5,817
	72,221		Norfolk Southern Corp		7,805

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	55,031		Northern Trust Corp	$	4,901
	211,636		Northrop Grumman Corp		49,222
	41,299	*	Norwegian Cruise Line Holdings Ltd		1,756
	60,574		NRG Energy, Inc		743
	152,502	*	Nuance Communications, Inc		2,272
	65,111		Nucor Corp		3,875
	317,037		Nvidia Corp		33,841
	7,945	*	NVR, Inc		13,260
	273,110	*	Occidental Petroleum Corp		19,454
	350,000	*	Oclaro, Inc		3,132
	74,428		OGE Energy Corp		2,490
	695,094		Olin Corp		17,801
	55,936		Omnicom Group, Inc		4,761
	44,146		Oneok, Inc		2,534
	969,092		Oracle Corp		37,262
	18,776	*	O’Reilly Automotive, Inc		5,227
	506,365		Owens Corning, Inc		26,108
	56,703		Paccar, Inc		3,623
	18,034		Packaging Corp of America		1,530
	150,984	*	Palo Alto Networks, Inc		18,881
	90,000	*,e	Parexel International Corp		5,915
	371,056		Parker Hannifin Corp		51,948
	732,942	*	Parsley Energy, Inc		25,829
	58,823	e	Patterson Cos, Inc		2,414
	92,584		Paychex, Inc		5,637
	1,104,748	*	PayPal Holdings, Inc		43,604
	218,278		People’s United Financial, Inc		4,226
	538,539		PepsiCo, Inc		56,347
	32,155		Perrigo Co plc		2,676
	2,973,796		Pfizer, Inc		96,589
	614,531		PG&E Corp		37,345
	646,895		Philip Morris International, Inc		59,184
	74,959		Phillips 66		6,477
	30,827		Phillips-Van Heusen Corp		2,782
	400,000		Pilgrim’s Pride Corp		7,596
	591,131		Pinnacle Foods, Inc		31,596
	40,611		Pinnacle West Capital Corp		3,169
	166,353		Pioneer Natural Resources Co		29,955
	437,000		Plains All American Pipeline LP		14,111
	174,802		Plains GP Holdings LP		6,062
	155,381		PNC Financial Services Group, Inc		18,173
	22,941	e	Polaris Industries, Inc		1,890
	217,869		PPG Industries, Inc		20,645
	196,321		PPL Corp		6,685
	87,686		Praxair, Inc		10,276
	14,113	*	Priceline.com, Inc		20,691
	47,098		Principal Financial Group		2,725
	972,366		Procter & Gamble Co		81,757
	387,950		Progressive Corp		13,772
	178,298		Prologis, Inc		9,412
	83,134		Prudential Financial, Inc		8,651
	172,368		Public Service Enterprise Group, Inc		7,564
	51,182		Public Storage, Inc		11,439

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	66,055		Pulte Homes, Inc	$	1,214
	15,964	*	Qiagen NV		447
	19,318	*	Qorvo, Inc		1,019
	388,605		Qualcomm, Inc		25,337
	19,594	*	Quality Care Properties, Inc		304
	101,261		Quest Diagnostics, Inc		9,306
	32,166	*	Quintiles Transnational Holdings, Inc		2,446
	19,645		Ralph Lauren Corp		1,774
	197,361		Range Resources Corp		6,781
	25,581		Raymond James Financial, Inc		1,772
	428,006		Raytheon Co		60,777
	32,028		Realogy Holdings Corp		824
	97,341		Realty Income Corp		5,595
	30,279	*	Red Hat, Inc		2,110
	43,473		Regency Centers Corp		2,997
	12,973	*	Regeneron Pharmaceuticals, Inc		4,762
	327,143		Regions Financial Corp		4,698
	69,216		Reinsurance Group of America, Inc (Class A)		8,709
	124,087		Republic Services, Inc		7,079
	47,173		Resmed, Inc		2,927
	20,736		Retail Opportunities Investment Corp		438
	82,874		Rexford Industrial Realty, Inc		1,922
	207,978		Reynolds American, Inc		11,655
	198,567	*	Rite Aid Corp		1,636
	43,377		Robert Half International, Inc		2,116
	24,278		Rockwell Automation, Inc		3,263
	40,004		Rockwell Collins, Inc		3,711
	85,868		Roper Industries, Inc		15,721
	119,853		Ross Stores, Inc		7,862
	27,915		Royal Caribbean Cruises Ltd		2,290
	735,530	*	RSP Permian, Inc		32,819
	45,760		S&P Global, Inc		4,921
	33,887	e	Sabre Corp		845
	692,601	*	salesforce.com, Inc		47,415
	200,000	*	Sanmina Corp		7,330
	59,757	*	SBA Communications Corp (Class A)		6,171
	59,809		SCANA Corp		4,383
	724,470		Schlumberger Ltd		60,819
	51,507		Scotts Miracle-Gro Co (Class A)		4,921
	39,120		Scripps Networks Interactive (Class A)		2,792
	44,615		Seagate Technology, Inc		1,703
	43,402		Sealed Air Corp		1,968
	13,806	*,e	Seattle Genetics, Inc		729
	53,921		SEI Investments Co		2,662
	123,494		Sempra Energy		12,428
	48,670	*	Sensata Technologies Holding BV		1,896
	146,100	*	ServiceMaster Global Holdings, Inc		5,504
	132,269	*	ServiceNow, Inc		9,833
	18,937		Sherwin-Williams Co		5,089
	19,235	*	Signature Bank		2,889
	27,852		Signet Jewelers Ltd		2,625
	88,146		Simon Property Group, Inc		15,661
	482,653	e	Sirius XM Holdings, Inc		2,148

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	75,900	*	Skechers U.S.A., Inc (Class A)	$	1,866
	30,443		Skyworks Solutions, Inc		2,273
	52,797		SL Green Realty Corp		5,678
	17,309		Snap-On, Inc		2,965
	266,591		Southern Co		13,114
	325,920		Southwest Airlines Co		16,244
	231,760	*	Southwestern Energy Co		2,508
	163,790		Spectra Energy Corp		6,730
	4,198		Spectrum Brands, Inc		514
	128,400	*	Spirit Aerosystems Holdings, Inc (Class A)		7,492
	65,000		Spirit Realty Capital, Inc		706
	18,501	*	Splunk, Inc		946
	288,519	*,e	Sprint Corp		2,429
	87,417		St. Jude Medical, Inc		7,010
	41,481		Stanley Works		4,757
	410,240		Staples, Inc		3,713
	460,733		Starbucks Corp		25,580
	94,259		State Street Corp		7,326
	150,000		Steel Dynamics, Inc		5,337
	43,659	*	Stericycle, Inc		3,363
	92,925		Stryker Corp		11,133
	6,859		Sun Communities, Inc		525
	41,217		Sunstone Hotel Investors, Inc		629
	483,493		SunTrust Banks, Inc		26,520
	454,795		Symantec Corp		10,865
	421,709		Synchrony Financial		15,295
	70,062	*	Synopsys, Inc		4,124
	147,778		Sysco Corp		8,182
	224,884		T Rowe Price Group, Inc		16,925
	24,142		Targa Resources Investments, Inc		1,354
	536,057		Target Corp		38,719
	1,030	*,e	Taro Pharmaceutical Industries Ltd		108
	48,082		TD Ameritrade Holding Corp		2,096
	31,065		TEGNA, Inc		664
	6,893		Teleflex, Inc		1,111
	98,892		Terex Corp		3,118
	48,110	*,e	Tesla Motors, Inc		10,281
	24,221		Tesoro Corp		2,118
	166,626		Texas Instruments, Inc		12,159
	276,466		Textron, Inc		13,425
	129,056		Thermo Fisher Scientific, Inc		18,210
	103,096		Thomson Corp (Toronto)		4,512
	24,505		Tiffany & Co		1,897
	651,878		Time Warner, Inc		62,926
	154,513		TJX Companies, Inc		11,609
	328,229	*	T-Mobile US, Inc		18,876
	35,906	*	Toll Brothers, Inc		1,113
	52,829		Torchmark Corp		3,897
	73,312		Total System Services, Inc		3,594
	22,818		Tractor Supply Co		1,730
	21,732		TransDigm Group, Inc		5,410
	94,007		Travelers Cos, Inc		11,508
	56,920	*	Trimble Navigation Ltd		1,716

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	19,132	*	TripAdvisor, Inc	$	887
	214,192		Twenty-First Century Fox, Inc		6,006
	102,556		Twenty-First Century Fox, Inc (Class B)		2,795
	133,804	*	Twitter, Inc		2,181
	90,554		Tyson Foods, Inc (Class A)		5,585
	118,546		UDR, Inc		4,325
	29,018		UGI Corp		1,337
	30,530	*	Ulta Salon Cosmetics & Fragrance, Inc		7,783
	49,826	*	Under Armour, Inc		1,254
	49,935	e	Under Armour, Inc (Class A)		1,451
	933,280		Union Pacific Corp		96,762
	94,620	*	United Continental Holdings, Inc		6,896
	461,365		United Parcel Service, Inc (Class B)		52,891
	242,357	*	United Rentals, Inc		25,588
	728,299		United States Steel Corp		24,041
	140,824		United Technologies Corp		15,437
	43,691	*	United Therapeutics Corp		6,267
	601,460		UnitedHealth Group, Inc		96,258
	37,190		Universal Health Services, Inc (Class B)		3,956
	61,698		UnumProvident Corp		2,710
	258,559		US Bancorp		13,282
	67,512	*	US Foods Holding Corp		1,855
	143,394	*	USG Corp		4,141
	56,154	*	Valeant Pharmaceuticals International, Inc		814
	77,403		Valero Energy Corp		5,288
	10,640		Valspar Corp		1,102
	50,000		Vanguard FTSE Developed Markets ETF		1,827
	84,325	*	Vantiv, Inc		5,027
	40,733	*	Varian Medical Systems, Inc		3,657
	161,077		Ventas, Inc		10,071
	147,316		VEREIT, Inc		1,246
	90,000	*	Verint Systems, Inc		3,172
	29,697	*,e	VeriSign, Inc		2,259
	52,690	*	Verisk Analytics, Inc		4,277
	1,056,509		Verizon Communications, Inc		56,396
	587	*	Versum Materials, Inc		16
	155,643	*	Vertex Pharmaceuticals, Inc		11,466
	112,926		VF Corp		6,025
	293,333		Viacom, Inc (Class B)		10,296
	620,336		Visa, Inc (Class A)		48,399
	75,000		Visteon Corp		6,025
	121,328	*,e	VMware, Inc (Class A)		9,552
	63,281		Vornado Realty Trust		6,605
	31,760		Voya Financial, Inc		1,246
	25,102		Vulcan Materials Co		3,142
	115,216		W.R. Berkley Corp		7,663
	16,879		W.W. Grainger, Inc		3,920
	8,600	*	WABCO Holdings, Inc		913
	533,365		Walgreens Boots Alliance, Inc		44,141
	678,403		Wal-Mart Stores, Inc		46,891
	488,874		Walt Disney Co		50,950
	133,279		Waste Management, Inc		9,451
	26,316	*	Waters Corp		3,537

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	127,989	*	Weatherford International Ltd	$	639
	108,378		WEC Energy Group, Inc		6,356
	3,870,480		Wells Fargo & Co		213,302
	74,437		Welltower, Inc		4,982
	20,137		Westar Energy, Inc		1,135
	119,868		Western Digital Corp		8,145
	236,878		Western Refining, Inc		8,966
	123,142		Western Union Co		2,675
	18,811		Westinghouse Air Brake Technologies Corp		1,562
	235,129		Westlake Chemical Corp		13,165
	73,352		WestRock Co		3,724
	205,922		Weyerhaeuser Co		6,196
	12,255		Whirlpool Corp		2,228
	36,712	*	WhiteWave Foods Co (Class A)		2,041
	110,452		Whole Foods Market, Inc		3,398
	1,357,120		Williams Cos, Inc		42,261
	20,195		Willis Towers Watson plc		2,469
	150,000	e	WisdomTree Japan Hedged Equity Fund		7,431
	25,482	*	Workday, Inc		1,684
	263,199	*	WPX Energy, Inc		3,835
	122,377		WR Grace & Co		8,278
	34,790		Wyndham Worldwide Corp		2,657
	63,442		Wynn Resorts Ltd		5,488
	642,597		Xcel Energy, Inc		26,154
	1,300,814		Xerox Corp		11,356
	58,892		Xilinx, Inc		3,555
	95,791		Xylem, Inc		4,744
	141,068	*	Yahoo!, Inc		5,455
	1,203,982	*	Yum China Holdings, Inc		31,448
	575,938		Yum! Brands, Inc		36,474
	24,701	*	Zayo Group Holdings, Inc		812
	16,006	*,e	Zillow Group, Inc (Class C)		584
	82,474		Zimmer Holdings, Inc		8,511
	538,792		Zions Bancorporation		23,190
	380,488		Zoetis, Inc		20,368
			TOTAL UNITED STATES		10,874,687

URUGUAY - 0.1%
	4,798,918	*	Arcos Dorados Holdings, Inc		25,915
			TOTAL URUGUAY		25,915
			TOTAL COMMON STOCKS		17,952,121
			(Cost $16,648,467)

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

SPAIN - 0.0%
	261,672		Repsol S.A.		97
			TOTAL SPAIN		97

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

								VALUE
SHARES			COMPANY					(000)
			TOTAL RIGHTS / WARRANTS					$	97
			(Cost $92)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 1.6%
TREASURY DEBT - 0.7%
$	35,575,000	d	United States Treasury Bill		0.355	%	01/12/17		35,572
	6,000,000	d	United States Treasury Bill		0.305		02/09/17		5,997
	22,600,000	d	United States Treasury Bill		0.503		03/09/17		22,580
	36,200,000	d	United States Treasury Bill		0.468		03/16/17		36,164
	26,000,000	d	United States Treasury Bill		0.501		04/27/17		25,955
			TOTAL TREASURY DEBT						126,268

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.9%
REPURCHASE AGREEMENT - 0.8%
	10,000,000	r	Calyon		0.510		01/03/17		10,000
	9,000,000	s	Nomura		0.500		01/03/17		9,000
	61,000,000	t	Royal Bank of Scotland		0.500		01/05/17		61,000
	65,000,000	u	Royal Bank of Scotland		0.520		01/05/17		65,000
			TOTAL REPURCHASE AGREEMENT						145,000

VARIABLE RATE SECURITIES - 0.1%
	17,234,891	i	SLM Student Loan Trust 2007		0.922		01/25/19		17,079
			TOTAL VARIABLE RATE SECURITIES						17,079

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						162,079

			TOTAL SHORT-TERM INVESTMENTS						288,347
			(Cost $288,503)
			TOTAL INVESTMENTS - 100.7%						18,240,565
			(Cost $16,937,062)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(126,432	)
			NET ASSETS - 100.0%					$	18,114,133


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

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

*		Non-income producing
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $184,642,000.
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 12/31/16, the aggregate value of these securities was $175,908,000 or 1.0% 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.
r		Agreement with Caylon, 0.51% dated 12/30/16 to be repurchased at $10,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $10,200,000.
s		Agreement with Nomura, 0.50% dated 12/30/16 to be repurchased at $9,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $9,180,000.
t		Agreement with Royal Bank of Scotland, 0.50% dated 12/30/16 to be repurchased at $61,000,000 on 1/03/17, collateralized by U.S. Government Agency Securities valued at $62,223,000.
u		Agreement with Royal Bank of Scotland, 0.52% dated 12/29/16 to be repurchased at $65,000,000 on 1/05/17, collateralized by U.S. Government Agency Securities valued at $66,300,000.

		Cost amounts are in thousands.

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR

December 31, 2016

	VALUE			% OF
SECTOR	(000)			ASSETS
FINANCIALS	$	3,276,569			18.1	%
INFORMATION TECHNOLOGY		2,661,731			14.7
CONSUMER DISCRETIONARY		2,521,251			13.9
INDUSTRIALS		2,063,411			11.4
HEALTH CARE		2,006,963			11.1
CONSUMER STAPLES		1,469,734			8.1
ENERGY		1,465,466			8.1
MATERIALS		1,129,727			6.2
UTILITIES		461,149			2.6
REAL ESTATE		454,820			2.5
TELECOMMUNICATION SERVICES		441,397			2.4
SHORT-TERM INVESTMENTS		288,347			1.6
OTHER ASSETS & LIABILITES, NET		(126,432	)		(0.7	)
NET ASSETS	$	18,114,133			100.0	%

221

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 0.9%
	134,502	*	Adient plc	$	7,882
	4,055		BorgWarner, Inc		160
	894,925		Delphi Automotive plc		60,273
	523,756		Gentex Corp		10,313
	871,800		Goodyear Tire & Rubber Co		26,912
	42,929		Harley-Davidson, Inc		2,504
	342,808		Lear Corp		45,378
	111,165	*,e	Tesla Motors, Inc		23,755
	11,528		Thor Industries, Inc		1,153
	229,930		Visteon Corp		18,473
			TOTAL AUTOMOBILES & COMPONENTS		196,803

BANKS - 1.2%
	4,313,371		Bank of America Corp		95,326
	804,710		Citizens Financial Group, Inc		28,672
	777	e	First Hawaiian, Inc		27
	58,718		First Republic Bank		5,410
	633,780		JPMorgan Chase & Co		54,689
	7,067	*	Signature Bank		1,061
	8,880	*	SVB Financial Group		1,524
	965,100		Wells Fargo & Co		53,187
	12,208	*	Western Alliance Bancorp		595
			TOTAL BANKS		240,491

CAPITAL GOODS - 6.2%
	661,390		3M Co		118,104
	119,288		A.O. Smith Corp		5,648
	10,746		Acuity Brands, Inc		2,481
	9,264		Air Lease Corp		318
	22,680		Allegion plc		1,451
	377,900		Allison Transmission Holdings, Inc		12,731
	214,869		Ametek, Inc		10,443
	23,671		BE Aerospace, Inc		1,425
	857,249		Boeing Co		133,457
	22,515		BWX Technologies, Inc		894
	80,324		Carlisle Cos, Inc		8,859
	37,713		Danaher Corp		2,936
	118,554		Deere & Co		12,216
	28,790		Donaldson Co, Inc		1,211
	25,236		Emerson Electric Co		1,407
	28,423		Equifax, Inc		3,360
	71,151		Fastenal Co		3,343
	18,759		Flowserve Corp		901
	122,501		Fortive Corp		6,570

222

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	397,435		Fortune Brands Home & Security, Inc	$	21,247
	118,321		General Dynamics Corp		20,429
	607,942		General Electric Co		19,211
	13,300		Graco, Inc		1,105
	46,504	*	HD Supply Holdings, Inc		1,977
	4,823		HEICO Corp		372
	8,551		HEICO Corp (Class A)		581
	1,311	*	Herc Holdings, Inc		53
	22,603		Hexcel Corp		1,163
	1,431,331		Honeywell International, Inc		165,820
	71,243		Hubbell, Inc		8,314
	192,675		Huntington Ingalls		35,489
	16,387		IDEX Corp		1,476
	83,696		Illinois Tool Works, Inc		10,249
	574,585		Ingersoll-Rand plc		43,117
	49,593		Johnson Controls International plc		2,043
	8,439		Lennox International, Inc		1,293
	8,967		Lincoln Electric Holdings, Inc		687
	221,034		Lockheed Martin Corp		55,245
	9,111	*	Manitowoc Foodservice, Inc		176
	851,328		Masco Corp		26,919
	13,486	*	Middleby Corp		1,737
	92,754		MSC Industrial Direct Co (Class A)		8,570
	14,195		Nordson Corp		1,591
	693,375		Northrop Grumman Corp		161,265
	351,100		Owens Corning, Inc		18,103
	7,996		Paccar, Inc		511
	449,524		Parker Hannifin Corp		62,933
	399,594	*	Quanta Services, Inc		13,926
	361,919		Raytheon Co		51,392
	237,498		Rockwell Automation, Inc		31,920
	31,180		Rockwell Collins, Inc		2,892
	401,531		Roper Industries, Inc		73,512
	10,053		Snap-On, Inc		1,722
	435,860		Spirit Aerosystems Holdings, Inc (Class A)		25,432
	4,788		Stanley Works		549
	690,408		Textron, Inc		33,526
	26,531		Toro Co		1,484
	76,033		TransDigm Group, Inc		18,929
	284,847	*	United Rentals, Inc		30,074
	3,943		Valmont Industries, Inc		556
	13,413		W.W. Grainger, Inc		3,115
	12,106	*	WABCO Holdings, Inc		1,285
	6,189		Watsco, Inc		917
	20,408		Westinghouse Air Brake Technologies Corp		1,694
	20,896		Xylem, Inc		1,035
			TOTAL CAPITAL GOODS		1,293,391

COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	20,928		Cintas Corp		2,418
	1,344	*	Clean Harbors, Inc		75
	649,228	e	CNH Industrial NV (NYSE)		5,642
	178,203	*	Copart, Inc		9,874
	24,144		Covanta Holding Corp		377
	3,192		Dun & Bradstreet Corp		387

223

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,206,071	*	IHS Markit Ltd	$	42,707
	33,993		KAR Auction Services, Inc		1,449
	126,099		LSC Communications, Inc		3,743
	232,000		Manpower, Inc		20,618
	2,200,574		Nielsen NV		92,314
	527,831		Pitney Bowes, Inc		8,018
	31,615		Robert Half International, Inc		1,542
	21,694		Rollins, Inc		733
	6,707		RR Donnelley & Sons Co		109
	696,773	*	Stericycle, Inc		53,679
	274,228	*	TransUnion		8,482
	549,989	*	Verisk Analytics, Inc		44,643
	109,767		Waste Management, Inc		7,783
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		304,593

CONSUMER DURABLES & APPAREL - 1.9%
	188,339		Brunswick Corp		10,272
	2,465		CalAtlantic Group, Inc		84
	12,207		Carter’s, Inc		1,055
	11,852		Coach, Inc		415
	334,136		DR Horton, Inc		9,132
	91,960		Hanesbrands, Inc		1,984
	7,629		Harman International Industries, Inc		848
	27,434		Hasbro, Inc		2,134
	27,925	*	Kate Spade & Co		521
	60,054		Leggett & Platt, Inc		2,935
	1,565		Lennar Corp (B Shares)		54
	22,718		Lennar Corp (Class A)		975
	22,681	*	Lululemon Athletica, Inc		1,474
	1,387,380		Mattel, Inc		38,222
	554,190	*	Michael Kors Holdings Ltd		23,819
	224,508	*	Mohawk Industries, Inc		44,830
	114,601		Newell Rubbermaid, Inc		5,117
	1,422,085		Nike, Inc (Class B)		72,285
	22,960	*	NVR, Inc		38,320
	13,377		Polaris Industries, Inc		1,102
	9,670		Pool Corp		1,009
	1,232,327		Pulte Homes, Inc		22,650
	264,624		Ralph Lauren Corp		23,901
	29,931	*	Skechers U.S.A., Inc (Class A)		736
	940,800		Sony Corp		26,288
	691,600	*,e	Tempur-Pedic International, Inc		47,222
	15,801	*	Toll Brothers, Inc		490
	1,040,900	*,e	TomTom NV		9,352
	12,036		Tupperware Corp		633
	44,888	*	Under Armour, Inc		1,130
	42,714	*,e	Under Armour, Inc (Class A)		1,241
	83,064		VF Corp		4,431
	2,672	*	Vista Outdoor, Inc		99
	62,847		Whirlpool Corp		11,424
			TOTAL CONSUMER DURABLES & APPAREL		406,184

CONSUMER SERVICES - 3.5%
	1,216,357		ARAMARK Holdings Corp		43,448
	475,407	e	Brinker International, Inc		23,547
	126,725	*	Chipotle Mexican Grill, Inc (Class A)		47,816

224

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	4,249		Choice Hotels International, Inc	$	238
	28,222		Darden Restaurants, Inc		2,052
	12,087		Domino’s Pizza, Inc		1,925
	22,039		Dunkin Brands Group, Inc		1,156
	3,316		Extended Stay America, Inc		53
	110,188		Hilton Worldwide Holdings, Inc		2,997
	434	*	Hyatt Hotels Corp		24
	1,100,000		ILG, Inc		19,987
	1,108,868		Las Vegas Sands Corp		59,225
	627,565		Marriott International, Inc (Class A)		51,887
	520,016		McDonald’s Corp		63,296
	4,664,237	g	Merlin Entertainments plc		25,749
	1,504,133	*	MGM Resorts International		43,364
	1,026,444	*	Norwegian Cruise Line Holdings Ltd		43,655
	5,455	*	Panera Bread Co (Class A)		1,119
	45,424		Service Corp International		1,290
	434,927	*	ServiceMaster Global Holdings, Inc		16,384
	17,262		Six Flags Entertainment Corp		1,035
	3,978,641		Starbucks Corp		220,894
	12,492		Vail Resorts, Inc		2,015
	22,406		Wendy’s		303
	45,187		Wyndham Worldwide Corp		3,451
	17,391		Wynn Resorts Ltd		1,504
	912,557	*	Yum China Holdings, Inc		23,836
	327,200		Yum! Brands, Inc		20,722
			TOTAL CONSUMER SERVICES		722,972

DIVERSIFIED FINANCIALS - 2.9%
	11,067	*	Affiliated Managers Group, Inc		1,608
	871,635		Ameriprise Financial, Inc		96,699
	9,575		Artisan Partners Asset Management, Inc		285
	310,267		Blackstone Group LP		8,386
	18,657		CBOE Holdings, Inc		1,379
	712,679		Charles Schwab Corp		28,129
	521,228		CME Group, Inc		60,124
	79,081	*,e	Credit Acceptance Corp		17,201
	291,649		Discover Financial Services		21,025
	4,999	*	Donnelley Financial Solutions, Inc		115
	27,038		Eaton Vance Corp		1,132
	9,331		Factset Research Systems, Inc		1,525
	24,494		Federated Investors, Inc (Class B)		693
	269,176		Goldman Sachs Group, Inc		64,454
	2,060		Interactive Brokers Group, Inc (Class A)		75
	67,675		IntercontinentalExchange Group, Inc		3,818
	36,149		Invesco Ltd		1,097
	1,159,500	e	iShares Russell 1000 Growth Index Fund		121,631
	123,267		Lazard Ltd (Class A)		5,065
	99,813		LPL Financial Holdings, Inc		3,514
	8,494		MarketAxess Holdings, Inc		1,248
	36,182		Moody’s Corp		3,411
	4,199		Morningstar, Inc		309
	21,929		MSCI, Inc (Class A)		1,728
	41,466		NorthStar Asset Management Group, Inc		619
	553,962		S&P Global, Inc		59,573
	114,851		SEI Investments Co		5,669
	2,345,500		Synchrony Financial		85,071

225

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	203,016		T Rowe Price Group, Inc	$	15,279
	53,822		TD Ameritrade Holding Corp		2,347
			TOTAL DIVERSIFIED FINANCIALS		613,209

ENERGY - 2.0%
	63,915		Apache Corp		4,057
	77,171		Cabot Oil & Gas Corp		1,803
	70	*	Chesapeake Energy Corp		1
	3,317		Cimarex Energy Co		451
	685,542	*	Concho Resources, Inc		90,903
	404,486	*	Continental Resources, Inc		20,847
	10,119	*	Devon Energy Corp		462
	68,283	*	Diamondback Energy, Inc		6,901
	1,760,373		EOG Resources, Inc		177,974
	1,219	*	Extraction Oil & Gas, Inc		24
	168,983		Halliburton Co		9,140
	11,012	*	Newfield Exploration Co		446
	49,825		Oneok, Inc		2,861
	984,370	*	Parsley Energy, Inc		34,689
	117,200		Pioneer Natural Resources Co		21,104
	395,371		Schlumberger Ltd		33,191
	117,924	*	Southwestern Energy Co		1,276
	25,758		Spectra Energy Corp		1,058
	188,539		Williams Cos, Inc		5,871
			TOTAL ENERGY		413,059

FOOD & STAPLES RETAILING - 2.2%
	9,445		Casey’s General Stores, Inc		1,123
	1,361,197		Costco Wholesale Corp		217,941
	1,432,562		CVS Health Corp		113,043
	1,751,460		Kroger Co		60,443
	245,939	*	Rite Aid Corp		2,027
	32,379	*	Sprouts Farmers Market, Inc		613
	621,393		Sysco Corp		34,407
	7,692	*	US Foods Holding Corp		211
	451,033		Walgreens Boots Alliance, Inc		37,327
	117,047		Whole Foods Market, Inc		3,600
			TOTAL FOOD & STAPLES RETAILING		470,735

FOOD, BEVERAGE & TOBACCO - 4.1%
	960,306		Altria Group, Inc		64,936
	500,000		Associated British Foods plc		16,871
	11,364	*	Blue Buffalo Pet Products, Inc		273
	13,415		Brown-Forman Corp		621
	42,016		Brown-Forman Corp (Class B)		1,887
	226,592		Campbell Soup Co		13,702
	1,273,612		Coca-Cola Co		52,804
	339,793		ConAgra Foods, Inc		13,439
	39,613		Constellation Brands, Inc (Class A)		6,073
	436,320		Dr Pepper Snapple Group, Inc		39,561
	36,166	e	Flowers Foods, Inc		722
	218,477		General Mills, Inc		13,495
	94,830	*	Hain Celestial Group, Inc		3,701
	33,189		Hershey Co		3,433
	57,015		Hormel Foods Corp		1,985
	304,241		Ingredion, Inc		38,018

226

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	205,427		Kellogg Co	$	15,142
	217,916		Kraft Heinz Co		19,028
	113,281	*	Lamb Weston Holdings, Inc		4,288
	27,387		McCormick & Co, Inc		2,556
	83,754		Mead Johnson Nutrition Co		5,926
	895,262		Molson Coors Brewing Co (Class B)		87,118
	410,000		Mondelez International, Inc		18,175
	4,193,493	*	Monster Beverage Corp		185,939
	729,397		PepsiCo, Inc		76,317
	224,193		Philip Morris International, Inc		20,511
	14,690	e	Pilgrim’s Pride Corp		279
	602,370		Pinnacle Foods, Inc		32,197
	57,851	*	Post Holdings, Inc		4,651
	749,979		Reynolds American, Inc		42,029
	585,033		Suntory Beverage & Food Ltd		24,233
	4,578	*,e	TreeHouse Foods, Inc		331
	563,266		Tyson Foods, Inc (Class A)		34,742
	40,947	*	WhiteWave Foods Co (Class A)		2,277
			TOTAL FOOD, BEVERAGE & TOBACCO		847,260

HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	9,566	*	Abiomed, Inc		1,078
	3,209	*,e	Acadia Healthcare Co, Inc		106
	440,719		Aetna Inc		54,654
	1,519	*	Alere, Inc		59
	69,308	*	Align Technology, Inc		6,663
	351,803		AmerisourceBergen Corp		27,507
	364,403		Anthem, Inc		52,390
	9,352	*	athenahealth, Inc		984
	17,601		Bard (C.R.), Inc		3,954
	540,679		Baxter International, Inc		23,974
	90,286		Becton Dickinson & Co		14,947
	381,955	*	Boston Scientific Corp		8,262
	117,751		Cardinal Health, Inc		8,475
	348,137	*	Centene Corp		19,673
	1,750,200	*	Cerner Corp		82,907
	444,008		Cigna Corp		59,226
	8,634		Cooper Cos, Inc		1,510
	15,919	*	DaVita, Inc		1,022
	18,734	*,e	DexCom, Inc		1,118
	197,042	*	Edwards Lifesciences Corp		18,463
	223,225	*	Envision Healthcare Corp		14,128
	1,066,714	*	Express Scripts Holding Co		73,379
	399,903	*	HCA Holdings, Inc		29,601
	362,800		Healthsouth Corp		14,962
	20,217	*	Henry Schein, Inc		3,067
	14,607		Hill-Rom Holdings, Inc		820
	743,473	*	Hologic, Inc		29,828
	114,872		Humana, Inc		23,437
	28,639	*	Idexx Laboratories, Inc		3,358
	4,702	*	Inovalon Holdings, Inc		48
	220,766	*	Intuitive Surgical, Inc		140,003
	155,759	*	Laboratory Corp of America Holdings		19,996
	190,034		McKesson Corp		26,690
	15,465	*	MEDNAX, Inc		1,031
	20,147		Patterson Cos, Inc		827

227

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	770,231	*	Premier, Inc	$	23,384
	33,646		Resmed, Inc		2,088
	46,465		St. Jude Medical, Inc		3,726
	80,809		Stryker Corp		9,682
	2,046		Teleflex, Inc		330
	13,687	*	Tenet Healthcare Corp		203
	2,121,372		UnitedHealth Group, Inc		339,504
	223,933		Universal Health Services, Inc (Class B)		23,822
	23,120	*	Varian Medical Systems, Inc		2,076
	18,665	*	VCA Antech, Inc		1,281
	201,344	*	Veeva Systems, Inc		8,195
	135,100	*	WellCare Health Plans, Inc		18,520
	16,559		West Pharmaceutical Services, Inc		1,405
	23,528		Zimmer Holdings, Inc		2,428
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,204,791

HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
	249,252		Church & Dwight Co, Inc		11,014
	25,787		Clorox Co		3,095
	36,591		Colgate-Palmolive Co		2,395
	6,674		Coty, Inc		122
	384,837		Energizer Holdings, Inc		17,168
	1,848,002		Estee Lauder Cos (Class A)		141,353
	17,673	*,e	Herbalife Ltd		851
	82,361		Kimberly-Clark Corp		9,399
	4,330		Nu Skin Enterprises, Inc (Class A)		207
	160,986		Spectrum Brands, Inc		19,693
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		205,297

INSURANCE - 0.4%
	1,768		Amtrust Financial Services, Inc		48
	63,019		Aon plc		7,029
	29,946		Arthur J. Gallagher & Co		1,556
	46		Brown & Brown, Inc		2
	215,919		Chubb Ltd		28,527
	3,875		Erie Indemnity Co (Class A)		436
	103,744		Lincoln National Corp		6,875
	377,971		Marsh & McLennan Cos, Inc		25,547
	263,891		Progressive Corp		9,368
	21,713		XL Group Ltd		809
			TOTAL INSURANCE		80,197

MATERIALS - 3.5%
	2,986	*	AdvanSix, Inc		66
	145,842		Air Products & Chemicals, Inc		20,975
	1,363,300	*	AK Steel Holding Corp		13,919
	541,700		Albemarle Corp		46,630
	4,210		Aptargroup, Inc		309
	171,065		Avery Dennison Corp		12,012
	39,823	*	Axalta Coating Systems Ltd		1,083
	41,016		Ball Corp		3,079
	1,691		Bemis Co, Inc		81
	1,539,449	*	Berry Plastics Group, Inc		75,017
	136,337		Celanese Corp (Series A)		10,735
	588,138	*	Crown Holdings, Inc		30,918
	588,424		Dow Chemical Co		33,670

228

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	78,746		Eagle Materials, Inc	$	7,759
	160,767		Ecolab, Inc		18,845
	371,592		EI du Pont de Nemours & Co		27,275
	25,085		FMC Corp		1,419
	69,523	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		917
	1,608,869		Graphic Packaging Holding Co		20,079
	19,418		International Flavors & Fragrances, Inc		2,288
	325,400		International Paper Co		17,266
	590,499		LyondellBasell Industries AF S.C.A		50,653
	14,018		Martin Marietta Materials, Inc		3,105
	1,065,059		Monsanto Co		112,055
	4,641		NewMarket Corp		1,967
	997,800		Olin Corp		25,554
	37,405	*	Owens-Illinois, Inc		651
	38,100		Packaging Corp of America		3,232
	804,904		PPG Industries, Inc		76,273
	59,967		Praxair, Inc		7,027
	1,413		Royal Gold, Inc		89
	32,358		RPM International, Inc		1,742
	81,209		Scotts Miracle-Gro Co (Class A)		7,759
	275,183		Sealed Air Corp		12,477
	262,664		Sherwin-Williams Co		70,588
	8,849		Silgan Holdings, Inc		453
	6,670		Southern Copper Corp (NY)		213
	187,530		Steel Dynamics, Inc		6,672
	18,836		Valspar Corp		1,952
	1,059		Valvoline, Inc		23
	43,445		Vulcan Materials Co		5,437
	71,003		WR Grace & Co		4,803
			TOTAL MATERIALS		737,067

MEDIA - 5.5%
	370,137	*	AMC Networks, Inc		19,373
	1,070		Cable One, Inc		665
	1,959,286		CBS Corp (Class B)		124,650
	62,100	*	Charter Communications, Inc		17,880
	25,487		Cinemark Holdings, Inc		978
	5,821		Clear Channel Outdoor Holdings, Inc (Class A)		29
	5,761,514		Comcast Corp (Class A)		397,833
	555,200	*,e	Discovery Communications, Inc (Class A)		15,218
	50,088	*	Discovery Communications, Inc (Class C)		1,341
	393,231	*	DISH Network Corp (Class A)		22,780
	1,841,347		Interpublic Group of Cos, Inc		43,106
	114,481	*,e	Lions Gate Entertainment Corp		2,809
	5,892	*,e	Lions Gate Entertainment Corp		158
	16,831	*	Live Nation, Inc		448
	534	*	Madison Square Garden Co		92
	74,206		Omnicom Group, Inc		6,316
	63,476	e	Regal Entertainment Group (Class A)		1,308
	329,046		Scripps Networks Interactive (Class A)		23,484
	409,620	e	Sirius XM Holdings, Inc		1,823
	1,472,971		Time Warner, Inc		142,186
	1,968		Tribune Co		69
	251,009		Twenty-First Century Fox, Inc		7,038
	444,436		Twenty-First Century Fox, Inc (Class B)		12,111
	2,009	e	Viacom, Inc		77

229

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	988,674		Viacom, Inc (Class B)	$	34,702
	2,621,714		Walt Disney Co		273,235
			TOTAL MEDIA		1,149,709

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
	1,134,430		AbbVie, Inc		71,038
	21,831	*,e	Acadia Pharmaceuticals, Inc		630
	20,438		Agilent Technologies, Inc		931
	6,120	*,e	Agios Pharmaceuticals, Inc		255
	16,834	*	Akorn, Inc		367
	612,196	*	Alexion Pharmaceuticals, Inc		74,902
	99,020	*	Alkermes plc		5,504
	1,154,562	*	Allergan plc		242,470
	15,497	*	Alnylam Pharmaceuticals, Inc		580
	795,206		Amgen, Inc		116,267
	373,956	*	Biogen Idec, Inc		106,047
	272,813	*	BioMarin Pharmaceutical, Inc		22,600
	11,646		Bio-Techne Corp		1,198
	2,366,895		Bristol-Myers Squibb Co		138,321
	194,470		Bruker BioSciences Corp		4,119
	2,206,447	*	Celgene Corp		255,396
	121,395	*	Charles River Laboratories International, Inc		9,249
	1,940,774		Eli Lilly & Co		142,744
	1,148,858		Gilead Sciences, Inc		82,270
	495,000	*	H Lundbeck AS		20,097
	174,905	*	Illumina, Inc		22,395
	62,065	*	Incyte Corp		6,223
	3,468	*,e	Intercept Pharmaceuticals, Inc		377
	10,827	*,e	Intrexon Corp		263
	27,843	*,e	Ionis Pharmaceuticals, Inc		1,332
	567,652		Johnson & Johnson		65,399
	12,171	*,e	Juno Therapeutics, Inc		229
	7,990	*	Mettler-Toledo International, Inc		3,344
	269,152	*	Mylan NV		10,268
	20,475	*	Neurocrine Biosciences, Inc		792
	69,643	*,e	Opko Health, Inc		648
	106,237	*	Patheon NV		3,050
	151,060		PerkinElmer, Inc		7,878
	98,661		Pfizer, Inc		3,205
	261,232	*	Quintiles Transnational Holdings, Inc		19,867
	19,881	*	Regeneron Pharmaceuticals, Inc		7,298
	23,893	*,e	Seattle Genetics, Inc		1,261
	395,039		Shire plc (ADR)		67,307
	42,989		Thermo Fisher Scientific, Inc		6,066
	6,583	*	United Therapeutics Corp		944
	193,027	*	Vertex Pharmaceuticals, Inc		14,220
	1,232	*	VWR Corp		31
	18,200	*	Waters Corp		2,446
	3,904,230		Zoetis, Inc		208,993
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,748,821

REAL ESTATE - 0.8%
	1,836		Alexandria Real Estate Equities, Inc		204
	274,690		American Tower Corp		29,029
	58,726		Boston Properties, Inc		7,387
	2,670		Care Capital Properties, Inc		67

230

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	758,088	*	CBRE Group, Inc	$	23,872
	85,238		Crown Castle International Corp		7,396
	27,771		CubeSmart		743
	13,951		CyrusOne, Inc		624
	26,180		Digital Realty Trust, Inc		2,572
	14,104		Empire State Realty Trust, Inc		285
	25,003		Equinix, Inc		8,936
	128,359		Equity Lifestyle Properties, Inc		9,255
	6,324		Essex Property Trust, Inc		1,470
	29,229		Extra Space Storage, Inc		2,258
	16,670		Federal Realty Investment Trust		2,369
	46,042		Gaming and Leisure Properties, Inc		1,410
	22,769		Healthcare Trust of America, Inc		663
	62,795		Iron Mountain, Inc		2,040
	18,670		Lamar Advertising Co		1,255
	6,753		Life Storage, Inc		576
	870,000	e	MGM Growth Properties LLC		22,020
	15,520		Omega Healthcare Investors, Inc		485
	134,616		Outfront Media, Inc		3,348
	64,932		Public Storage, Inc		14,512
	4,916		Regency Centers Corp		339
	1,774		Senior Housing Properties Trust		34
	123,443		Simon Property Group, Inc		21,932
	44,698		Tanger Factory Outlet Centers, Inc		1,599
	6,410		Taubman Centers, Inc		474
	132,067		Ventas, Inc		8,257
			TOTAL REAL ESTATE		175,411

RETAILING - 9.9%
	140,941		Advance Auto Parts, Inc		23,836
	924,309	*	Amazon.com, Inc		693,112
	585,000	*	ASOS plc		35,742
	4,349	*	Autonation, Inc		212
	51,014	*	AutoZone, Inc		40,290
	3,701	*	Bed Bath & Beyond, Inc		150
	83,521	*	Burlington Stores, Inc		7,078
	367	*	Cabela’s, Inc		21
	1,176,127	*,e	Carmax, Inc		75,731
	765,152	*	Ctrip.com International Ltd (ADR)		30,606
	16,666		Dick’s Sporting Goods, Inc		885
	386,329		Dollar General Corp		28,615
	55,149	*	Dollar Tree, Inc		4,256
	909,325		Expedia, Inc		103,008
	76,932		Fast Retailing Co Ltd		27,467
	764,245		Foot Locker, Inc		54,177
	494,300		GameStop Corp (Class A)		12,486
	21,029		Gap, Inc		472
	33,014		Genuine Parts Co		3,154
	4,096,545	*,e	Groupon, Inc		13,601
	2,633,855		Home Depot, Inc		353,147
	1,719,467		Industria De Diseno Textil S.A.		58,575
	10,150		L Brands, Inc		668
	2,639	*	Liberty Expedia Holdings, Inc		105
	1,760,591	*	Liberty Interactive Corp		35,177
	3,950	*	Liberty Ventures		146
	71,548	*	LKQ Corp		2,193

231

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	814,936		Lowe’s Companies, Inc	$	57,958
	14,992	*	Michaels Cos, Inc		307
	255,194	*	Murphy USA, Inc		15,687
	875,336	*	NetFlix, Inc		108,367
	40,604		Nordstrom, Inc		1,946
	119,495	*	O’Reilly Automotive, Inc		33,269
	69,673	*	Priceline.com, Inc		102,145
	327,600		Ross Stores, Inc		21,491
	34,493	*	Sally Beauty Holdings, Inc		911
	14,348	e	Signet Jewelers Ltd		1,352
	159,193		Target Corp		11,499
	315,000		Tiffany & Co		24,390
	628,580		TJX Companies, Inc		47,225
	32,417		Tractor Supply Co		2,458
	28,226	*	TripAdvisor, Inc		1,309
	13,865	*	Ulta Salon Cosmetics & Fragrance, Inc		3,535
	835,209	*	Urban Outfitters, Inc		23,787
	21,213	e	Williams-Sonoma, Inc		1,026
			TOTAL RETAILING		2,063,572

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	3,008,734	*	Advanced Micro Devices, Inc		34,119
	3,162,033		Applied Materials, Inc		102,039
	692,106		Broadcom Ltd		122,343
	9,337	*	Cree, Inc		246
	872,545		Intel Corp		31,647
	359,439		Kla-Tencor Corp		28,281
	706,675		Lam Research Corp		74,717
	26,351		Linear Technology Corp		1,643
	324,828		Maxim Integrated Products, Inc		12,529
	50,378		Microchip Technology, Inc		3,232
	897,248	*	Micron Technology, Inc		19,668
	660,395		Nvidia Corp		70,491
	10,960	*	ON Semiconductor Corp		140
	3,326	*	Qorvo, Inc		175
	1,396,654		Qualcomm, Inc		91,062
	170,697		Skyworks Solutions, Inc		12,744
	630,743		Texas Instruments, Inc		46,025
	18,568	*	Versum Materials, Inc		521
	173,353		Xilinx, Inc		10,465
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		662,087

SOFTWARE & SERVICES - 26.6%
	557,318		Accenture plc		65,279
	1,048,825		Activision Blizzard, Inc		37,873
	2,432,965	*	Adobe Systems, Inc		250,474
	186,241	*	Akamai Technologies, Inc		12,419
	17,814		Alliance Data Systems Corp		4,070
	475,969	*	Alphabet, Inc (Class A)		377,182
	914,867	*	Alphabet, Inc (Class C)		706,113
	356,691		Amdocs Ltd		20,777
	5,000	*	Ansys, Inc		462
	7,168	*	Atlassian Corp plc		173
	618,027	*	Autodesk, Inc		45,740
	789,182		Automatic Data Processing, Inc		81,112
	115,000	*	Baidu, Inc (ADR)		18,907

232

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	6,185	*	Black Knight Financial Services, Inc	$	234
	296,170		Booz Allen Hamilton Holding Co		10,683
	141,788		Broadridge Financial Solutions, Inc		9,401
	71,426	*	Cadence Design Systems, Inc		1,801
	194,916		CDK Global, Inc		11,635
	239,800	*	Check Point Software Technologies		20,253
	500,000	*	Cimpress NV		45,805
	377,351	*	Citrix Systems, Inc		33,701
	207,686	*	Cognizant Technology Solutions Corp (Class A)		11,637
	1,608	*	CommerceHub, Inc		24
	804	*	CommerceHub, Inc (Series A)		12
	7,969	*	CoStar Group, Inc		1,502
	251,322		CSRA, Inc		8,002
	207,038	*	Dell Technologies, Inc-VMware Inc		11,381
	7,793		DST Systems, Inc		835
	2,128,946	*	eBay, Inc		63,208
	347,549	*	Electronic Arts, Inc		27,373
	11,933	*	Euronet Worldwide, Inc		864
	5,099,264	*	Facebook, Inc		586,670
	355,591		Fidelity National Information Services, Inc		26,897
	2,438	*	FireEye, Inc		29
	504,039	*	First American Corp		18,564
	381,254	*	First Data Corp		5,410
	67,549	*	Fiserv, Inc		7,179
	302,209	*	FleetCor Technologies, Inc		42,769
	35,716	*	Fortinet, Inc		1,076
	104,959	*	Gartner, Inc		10,608
	457,859	*	Genpact Ltd		11,144
	271,552		Global Payments, Inc		18,848
	34,579	*	GoDaddy, Inc		1,209
	1,000,000	*	GrubHub, Inc		37,620
	19,194	*	Guidewire Software, Inc		947
	1,276,165		IAC/InterActiveCorp		82,683
	535,040		International Business Machines Corp		88,811
	3,199,554		Intuit, Inc		366,701
	18,758		Jack Henry & Associates, Inc		1,665
	356,500		Leidos Holdings, Inc		18,231
	117,073	*	Manhattan Associates, Inc		6,208
	2,877,162		MasterCard, Inc (Class A)		297,067
	7,689	*,e	Match Group, Inc		131
	15,068,331		Microsoft Corp		936,346
	94,500		Netease.com (ADR)		20,350
	38,192	*	Nuance Communications, Inc		569
	2,855	*,e	Nutanix, Inc		76
	1,900,678		Oracle Corp		73,081
	42,794	*,e	Pandora Media, Inc		558
	77,003		Paychex, Inc		4,688
	4,403,286	*	PayPal Holdings, Inc		173,798
	121,032	*	PTC, Inc		5,600
	753,966	*	Red Hat, Inc		52,551
	49,615	e	Sabre Corp		1,238
	3,033,409	*	salesforce.com, Inc		207,667
	780,734	*,g	Scout24 AG.		27,826
	392,552	*	ServiceNow, Inc		29,182
	31,127	*	Splunk, Inc		1,592
	258,954	*	Square, Inc		3,530

233

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	37,572		SS&C Technologies Holdings, Inc	$	1,075
	19,098		Symantec Corp		456
	124,227	*	Synopsys, Inc		7,312
	12,191	*	Tableau Software, Inc		514
	1,200,000		Tencent Holdings Ltd		29,097
	450,868	*	Teradata Corp		12,250
	40,005		Total System Services, Inc		1,961
	2,562	*,e	Twilio, Inc		74
	429,281	*	Twitter, Inc		6,997
	8,098	*	Tyler Technologies, Inc		1,156
	6,579	*	Ultimate Software Group, Inc		1,200
	37,603	*	Vantiv, Inc		2,242
	22,592	*,e	VeriSign, Inc		1,719
	5,159,187		Visa, Inc (Class A)		402,520
	379,126	*,e	VMware, Inc (Class A)		29,849
	116,523		Western Union Co		2,531
	9,366	*	WEX, Inc		1,045
	28,200	*	Workday, Inc		1,864
	11,311	*	Yelp, Inc		431
	9,407	*,e	Zillow Group, Inc		343
	16,088	*,e	Zillow Group, Inc (Class C)		587
			TOTAL SOFTWARE & SERVICES		5,553,274

TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%
	70,768		Amphenol Corp (Class A)		4,756
	7,226,748	d	Apple, Inc		837,002
	9,145	*	Arista Networks, Inc		885
	409,915	*	ARRIS International plc		12,351
	38,992		CDW Corp		2,031
	417,200	*	Ciena Corp		10,184
	115,602		Cognex Corp		7,355
	642,109	*	CommScope Holding Co, Inc		23,886
	185,397	*	F5 Networks, Inc		26,831
	292,300	*	Finisar Corp		8,848
	25,585	*,e	Fitbit, Inc		187
	6,859	*	IPG Photonics Corp		677
	222,400	*	Lumentum Holdings, Inc		8,596
	194,714		Motorola, Inc		16,140
	21,020		National Instruments Corp		648
	449,955	*	NCR Corp		18,250
	260,140	*	Palo Alto Networks, Inc		32,530
	49,704	*	Trimble Navigation Ltd		1,498
	29,163	*	VeriFone Systems, Inc		517
	175,300		Western Digital Corp		11,912
	10,053	*	Zebra Technologies Corp (Class A)		862
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,025,946

TELECOMMUNICATION SERVICES - 0.7%
	680,100		AT&T, Inc		28,924
	326,900		CenturyTel, Inc		7,774
	98,535	*	SBA Communications Corp (Class A)		10,175
	642,257	*	T-Mobile US, Inc		36,936
	1,185,663		Verizon Communications, Inc		63,291
	229,442	*	Zayo Group Holdings, Inc		7,539
			TOTAL TELECOMMUNICATION SERVICES		154,639

234

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
TRANSPORTATION - 2.1%
	339,231		Alaska Air Group, Inc	$	30,100
	32,782		Amerco, Inc		12,116
	16,793	*	Avis Budget Group, Inc		616
	34,064		CH Robinson Worldwide, Inc		2,496
	447,718		Delta Air Lines, Inc		22,023
	29,821		Expeditors International of Washington, Inc		1,579
	279,406		FedEx Corp		52,025
	4,517	*	Hertz Global Holdings, Inc		97
	21,430		J.B. Hunt Transport Services, Inc		2,080
	517,282	*	JetBlue Airways Corp		11,598
	9,762		Landstar System, Inc		833
	10,015	*	Old Dominion Freight Line		859
	1,067,394		Southwest Airlines Co		53,199
	515,398	*	Spirit Airlines, Inc		29,821
	1,609,607		Union Pacific Corp		166,884
	227,700	*	United Continental Holdings, Inc		16,595
	268,432		United Parcel Service, Inc (Class B)		30,773
	22,337	*,e	ZTO Express Cayman, Inc (ADR)		270
			TOTAL TRANSPORTATION		433,964

UTILITIES - 0.0%
	8,419		Dominion Resources, Inc		644
			TOTAL UTILITIES		644
			TOTAL COMMON STOCKS		20,704,116
			(Cost $17,784,229)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 1.6%
TREASURY DEBT - 0.8%
$	33,550,000	d	United States Treasury Bill		0.468	%	01/19/17	33,544
	11,750,000		United States Treasury Bill		0.415		02/02/17	11,746
	1,900,000	d	United States Treasury Bill		0.305		02/09/17	1,899
	6,300,000	d	United States Treasury Bill		0.320		03/02/17	6,295
	15,600,000		United States Treasury Bill		0.503		03/09/17	15,587
	61,600,000	d	United States Treasury Bill		0.369-0.469		03/23/17	61,532
	46,000,000	d	United States Treasury Bill		0.501		04/27/17	45,920
			TOTAL TREASURY DEBT					176,523

235

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%
	167,168,634	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	167,169
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		167,169

			TOTAL SHORT-TERM INVESTMENTS		343,692
			(Cost $343,702)
			TOTAL INVESTMENTS - 100.8%		21,047,808
			(Cost $18,127,931)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%		(175,575	)
			NET ASSETS - 100.0%	$	20,872,233


		Abbreviation(s):
ADR		American Depository Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $162,795,000.
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 12/31/16, the aggregate value of these securities was $53,575,000 or 0.3% of net assets.

		Cost amounts are in thousands.

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 0.9%
	69,021	*	Adient plc	$	4,045
	56,324	*	American Axle & Manufacturing Holdings, Inc		1,087
	161,099		BorgWarner, Inc		6,354
	37,696		Cooper Tire & Rubber Co		1,464
	10,380	*	Cooper-Standard Holding, Inc		1,073
	111,547		Dana Holding Corp		2,117
	200,921		Delphi Automotive plc		13,532
	20,030	*	Dorman Products, Inc		1,463
	21,876	*	Federal Mogul Corp (Class A)		226
	2,887,049		Ford Motor Co		35,020
	16,848	*	Fox Factory Holding Corp		467
	1,039,563		General Motors Co		36,218
	210,501		Gentex Corp		4,145
	26,543	*	Gentherm, Inc		898
	197,979		Goodyear Tire & Rubber Co		6,112
	134,380		Harley-Davidson, Inc		7,840
	13,693	*	Horizon Global Corp		329
	53,985		Lear Corp		7,146
	15,558		Metaldyne Performance Group, Inc		357
	36,302	*	Modine Manufacturing Co		541
	13,147	*	Motorcar Parts of America, Inc		354
	24,709		Spartan Motors, Inc		229
	15,087		Standard Motor Products, Inc		803
	20,247	*	Stoneridge, Inc		358
	2,693		Strattec Security Corp		108
	17,815		Superior Industries International, Inc		469
	40,207	*	Tenneco, Inc		2,512
	92,169	*,e	Tesla Motors, Inc		19,696
	33,978		Thor Industries, Inc		3,399
	15,398		Tower International, Inc		437
	3,298		Unique Fabricating, Inc		48
	25,274		Visteon Corp		2,030
	21,322		Winnebago Industries, Inc		675
	9,424	*,e	Workhorse Group, Inc		67
			TOTAL AUTOMOBILES & COMPONENTS		161,619

BANKS - 7.2%
	12,604		1st Source Corp		563
	5,171	e	Access National Corp		144
	4,570		ACNB Corp		143
	7,958	*	Allegiance Bancshares, Inc		288
	5,882		American National Bankshares, Inc		205
	24,903		Ameris Bancorp		1,086
	7,069	e	Ames National Corp		233
	7,714		Arrow Financial Corp		312

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	110,942		Associated Banc-Corp	$	2,740
	66,701		Astoria Financial Corp		1,244
	12,656	*	Atlantic Capital Bancshares, Inc		240
	35,106		Banc of California, Inc		609
	5,787		Bancfirst Corp		538
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		632
	63,774		Bancorpsouth, Inc		1,980
	41,404		Bank Mutual Corp		391
	7,628,247		Bank of America Corp		168,584
	31,772		Bank of Hawaii Corp		2,818
	3,864		Bank of Marin Bancorp		270
	9,084		Bank of NT Butterfield & Son Ltd		286
	64,145		Bank of the Ozarks, Inc		3,373
	15,980		BankFinancial Corp		237
	73,818		BankUnited		2,782
	3,897		Bankwell Financial Group, Inc		127
	22,254		Banner Corp		1,242
	4,570		Bar Harbor Bankshares		216
	604,817		BB&T Corp		28,439
	9,956		Bear State Financial, Inc		101
	54,253		Beneficial Bancorp, Inc		998
	21,508		Berkshire Hills Bancorp, Inc		793
	20,549		Blue Hills Bancorp, Inc		385
	27,830		BNC Bancorp		888
	45,284	*,e	BofI Holding, Inc		1,293
	19,135	e	BOK Financial Corp		1,589
	59,217		Boston Private Financial Holdings, Inc		980
	12,233		Bridge Bancorp, Inc		464
	54,590		Brookline Bancorp, Inc		895
	12,987		Bryn Mawr Bank Corp		547
	6,346	*	BSB Bancorp, Inc		184
	2,353		C&F Financial Corp		117
	11,436		Camden National Corp		508
	15,934		Capital Bank Financial Corp		625
	9,158		Capital City Bank Group, Inc		188
	105,428		Capitol Federal Financial		1,735
	22,480		Cardinal Financial Corp		737
	7,542		Carolina Financial Corp		232
	21,201	*	Cascade Bancorp		172
	54,668		Cathay General Bancorp		2,079
	33,881		Centerstate Banks of Florida, Inc		853
	17,227		Central Pacific Financial Corp		541
	6,214		Central Valley Community Bancorp		124
	2,883		Century Bancorp, Inc		173
	13,560		Charter Financial Corp		226
	48,539		Chemical Financial Corp		2,629
	2,189	e	Chemung Financial Corp		80
	148,171		CIT Group, Inc		6,324
	2,180,463		Citigroup, Inc		129,585
	9,568		Citizens & Northern Corp		251
	392,839		Citizens Financial Group, Inc		13,997
	7,739		City Holding Co		523
	19,650		Clifton Bancorp, Inc		332
	9,772		CNB Financial Corp		261
	26,184		CoBiz, Inc		442

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,854		Codorus Valley Bancorp, Inc	$	167
	42,696		Columbia Banking System, Inc		1,908
	129,571		Comerica, Inc		8,825
	62,219		Commerce Bancshares, Inc		3,597
	30,550		Community Bank System, Inc		1,888
	12,718		Community Trust Bancorp, Inc		631
	21,722		ConnectOne Bancorp, Inc		564
	3,700		County Bancorp, Inc		100
	12,656	*	CU Bancorp		453
	39,504		Cullen/Frost Bankers, Inc		3,485
	19,196	*	Customers Bancorp, Inc		688
	80,226		CVB Financial Corp		1,840
	23,810		Dime Community Bancshares		479
	22,108	*	Eagle Bancorp, Inc		1,347
	106,767		East West Bancorp, Inc		5,427
	6,481		Enterprise Bancorp, Inc		243
	14,785		Enterprise Financial Services Corp		636
	3,620	*	Equity Bancshares, Inc		122
	6,121		ESSA Bancorp, Inc		96
	55,323	*	Essent Group Ltd		1,791
	57,923		EverBank Financial Corp		1,127
	5,336		Farmers Capital Bank Corp		224
	18,150		Farmers National Banc Corp		258
	20,788	*	FCB Financial Holdings, Inc		992
	6,481		Federal Agricultural Mortgage Corp (Class C)		371
	15,456		Fidelity Southern Corp		366
	567,748		Fifth Third Bancorp		15,312
	10,211		Financial Institutions, Inc		349
	15,337		First Bancorp (NC)		416
	85,475	*	First Bancorp (Puerto Rico)		565
	6,485		First Bancorp, Inc		215
	23,093		First Busey Corp		711
	6,176		First Business Financial Services, Inc		146
	5,634		First Citizens Bancshares, Inc (Class A)		2,000
	66,434		First Commonwealth Financial Corp		942
	12,139		First Community Bancshares, Inc		366
	9,229	*,e	First Community Financial Partners, Inc		108
	13,926		First Connecticut Bancorp		315
	7,726		First Defiance Financial Corp		392
	44,691		First Financial Bancorp		1,271
	47,037	e	First Financial Bankshares, Inc		2,126
	8,954		First Financial Corp		473
	6,257		First Financial Northwest, Inc		124
	9,830	*	First Foundation, Inc		280
	20,000	e	First Hawaiian, Inc		696
	172,999		First Horizon National Corp		3,462
	4,089	e	First Internet Bancorp		131
	13,482		First Interstate Bancsystem, Inc		574
	29,933		First Merchants Corp		1,127
	4,469		First Mid-Illinois Bancshares, Inc		152
	57,533		First Midwest Bancorp, Inc		1,452
	11,498	*,e	First NBC Bank Holding Co		84
	7,602	*	First Northwest Bancorp		119
	15,462		First of Long Island Corp		441
	108,227		First Republic Bank		9,972
	15,789	*	Flagstar Bancorp, Inc		425

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	23,200		Flushing Financial Corp	$	682
	151,336		FNB Corp		2,426
	10,697	*	Franklin Financial Network, Inc		448
	126,801		Fulton Financial Corp		2,384
	9,802		German American Bancorp, Inc		516
	56,600		Glacier Bancorp, Inc		2,051
	7,809		Great Southern Bancorp, Inc		427
	43,982		Great Western Bancorp, Inc		1,917
	14,667	*	Green Bancorp, Inc		223
	2,003	e	Greene County Bancorp, Inc		46
	11,166		Guaranty Bancorp		270
	57,555		Hancock Holding Co		2,481
	23,963		Hanmi Financial Corp		836
	16,045		Heartland Financial USA, Inc		770
	16,751		Heritage Commerce Corp		242
	22,833		Heritage Financial Corp		588
	14,409		Heritage Oaks Bancorp		178
	55,915		Hilltop Holdings, Inc		1,666
	997		Hingham Institution for Savings		196
	4,264		Home Bancorp, Inc		165
	84,058		Home Bancshares, Inc		2,334
	15,022	*	HomeStreet, Inc		475
	16,046	*	HomeTrust Bancshares, Inc		416
	96,239		Hope Bancorp, Inc		2,107
	12,010		Horizon Bancorp		336
	801,542		Huntington Bancshares, Inc		10,596
	33,050		IBERIABANK Corp		2,768
	6,123	*,e	Impac Mortgage Holdings, Inc		86
	19,246		Independent Bank Corp (MA)		1,356
	17,558		Independent Bank Corp (MI)		381
	7,858		Independent Bank Group, Inc		490
	40,567		International Bancshares Corp		1,655
	219,896		Investors Bancorp, Inc		3,068
	2,702,870		JPMorgan Chase & Co		233,231
	69,276		Kearny Financial Corp		1,077
	802,266		Keycorp		14,657
	5,582		Lake Sunapee Bank Group		132
	28,418		Lakeland Bancorp, Inc		554
	18,630		Lakeland Financial Corp		882
	6,780		LCNB Corp		158
	32,716		LegacyTexas Financial Group, Inc		1,409
	5,204	*,e	LendingTree, Inc		527
	14,926	e	Live Oak Bancshares, Inc		276
	111,052		M&T Bank Corp		17,372
	19,210		Macatawa Bank Corp		200
	16,944		MainSource Financial Group, Inc		583
	51,779		MB Financial, Inc		2,446
	13,586		MBT Financial Corp		154
	12,428		Mercantile Bank Corp		469
	3,784		Merchants Bancshares, Inc		205
	41,025		Meridian Bancorp, Inc		775
	6,858		Meta Financial Group, Inc		706
	252,589	*	MGIC Investment Corp		2,574
	3,714		Middleburg Financial Corp		129
	2,960		Midland States Bancorp, Inc		107
	5,257		MidWestOne Financial Group, Inc		198

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	3,816		MutualFirst Financial, Inc	$	126
	19,324		National Bank Holdings Corp		616
	5,351	e	National Bankshares, Inc		233
	6,167	*	National Commerce Corp		229
	25,594	*,e	Nationstar Mortgage Holdings, Inc		462
	32,725		NBT Bancorp, Inc		1,371
	350,170		New York Community Bancorp, Inc		5,571
	5,394	*	Nicolet Bankshares, Inc		257
	38,864	*	NMI Holdings, Inc		414
	36,323		Northfield Bancorp, Inc		725
	5,019		Northrim BanCorp, Inc		159
	69,442		Northwest Bancshares, Inc		1,252
	14,953		OceanFirst Financial Corp		449
	33,903		OFG Bancorp		444
	6,461		Old Line Bancshares, Inc		155
	90,192		Old National Bancorp		1,637
	21,667		Old Second Bancorp, Inc		239
	10,957		Opus Bank		329
	26,521		Oritani Financial Corp		497
	5,318		Orrstown Financial Services, Inc		119
	14,467		Pacific Continental Corp		316
	11,579	*	Pacific Mercantile Bancorp		85
	19,968	*	Pacific Premier Bancorp, Inc		706
	85,767		PacWest Bancorp		4,669
	9,690		Park National Corp		1,160
	38,548		Park Sterling Bank		416
	11,582		Peapack Gladstone Financial Corp		358
	2,964		Penns Woods Bancorp, Inc		150
	9,540	*	PennyMac Financial Services, Inc		159
	13,423		Peoples Bancorp, Inc		436
	5,712		Peoples Financial Services Corp		278
	229,288		People’s United Financial, Inc		4,439
	9,341		People’s Utah Bancorp		251
	36,552	*	PHH Corp		554
	31,513		Pinnacle Financial Partners, Inc		2,184
	370,257		PNC Financial Services Group, Inc		43,305
	75,864		Popular, Inc		3,324
	8,859		Preferred Bank		464
	6,765	e	Premier Financial Bancorp, Inc		136
	58,098		PrivateBancorp, Inc		3,148
	49,181		Prosperity Bancshares, Inc		3,530
	3,260	*	Provident Bancorp, Inc		58
	4,497		Provident Financial Holdings, Inc		91
	45,191		Provident Financial Services, Inc		1,279
	8,729		QCR Holdings, Inc		378
	158,112		Radian Group, Inc		2,843
	942,757		Regions Financial Corp		13,538
	29,870		Renasant Corp		1,261
	6,104		Republic Bancorp, Inc (Class A)		241
	23,825	*,e	Republic First Bancorp, Inc		199
	25,676		S&T Bancorp, Inc		1,002
	18,232		Sandy Spring Bancorp, Inc		729
	21,395	*	Seacoast Banking Corp of Florida		472
	32,848	e	ServisFirst Bancshares, Inc		1,230
	8,913		Shore Bancshares, Inc		136
	8,511		SI Financial Group, Inc		131

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	8,919		Sierra Bancorp	$	237
	39,194	*	Signature Bank		5,887
	22,158		Simmons First National Corp (Class A)		1,377
	18,098		South State Corp		1,582
	4,079	*	Southern First Bancshares, Inc		147
	4,139		Southern Missouri Bancorp, Inc		146
	8,140		Southern National Bancorp of Virginia, Inc		133
	17,347		Southside Bancshares, Inc		653
	14,769		Southwest Bancorp, Inc		428
	26,403		State Bank & Trust Co		709
	88,560		Sterling Bancorp/DE		2,072
	16,305		Stock Yards Bancorp, Inc		766
	7,609		Stonegate Bank		318
	8,903		Suffolk Bancorp		381
	6,101	e	Summit Financial Group, Inc		168
	8,249		Sun Bancorp, Inc		214
	371,519		SunTrust Banks, Inc		20,378
	38,070	*	SVB Financial Group		6,535
	92,114		Synovus Financial Corp		3,784
	116,646		TCF Financial Corp		2,285
	8,286		Territorial Bancorp, Inc		272
	36,559	*	Texas Capital Bancshares, Inc		2,866
	52,879		TFS Financial Corp		1,007
	26,827	*	The Bancorp, Inc		211
	11,138		Tompkins Trustco, Inc		1,053
	41,087		TowneBank		1,366
	16,948		Trico Bancshares		579
	16,178	*	Tristate Capital Holdings, Inc		358
	10,668	*	Triumph Bancorp, Inc		279
	71,043		Trustco Bank Corp NY		622
	49,168		Trustmark Corp		1,753
	29,867		UMB Financial Corp		2,303
	161,706		Umpqua Holdings Corp		3,037
	31,837		Union Bankshares Corp		1,138
	2,885	e	Union Bankshares, Inc		131
	48,255	e	United Bankshares, Inc		2,232
	52,885		United Community Banks, Inc		1,566
	30,361		United Community Financial Corp		271
	36,948		United Financial Bancorp, Inc (New)		671
	19,117		Univest Corp of Pennsylvania		591
	1,203,865		US Bancorp		61,843
	172,796		Valley National Bancorp		2,011
	6,183	*	Veritex Holdings, Inc		165
	19,235	*	Walker & Dunlop, Inc		600
	14,712	*,e	Walter Investment Management Corp		70
	67,298		Washington Federal, Inc		2,312
	10,818		Washington Trust Bancorp, Inc		606
	5,983		WashingtonFirst Bankshares, Inc		173
	22,962		Waterstone Financial, Inc		423
	67,195		Webster Financial Corp		3,647
	3,395,538		Wells Fargo & Co		187,128
	30,103		WesBanco, Inc		1,296
	11,970		West Bancorporation, Inc		296
	18,981	e	Westamerica Bancorporation		1,194
	64,944	*	Western Alliance Bancorp		3,163
	10,697		Western New England Bancorp, Inc		100

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	35,315		Wintrust Financial Corp	$	2,563
	144,782	*	WMIH Corp		224
	20,553		WSFS Financial Corp		953
	3,104	*,e	Xenith Bankshares, Inc		88
	31,907		Yadkin Financial Corp		1,093
	149,549		Zions Bancorporation		6,437
			TOTAL BANKS		1,253,176

CAPITAL GOODS - 8.0%
	438,533		3M Co		78,309
	108,282		A.O. Smith Corp		5,127
	29,877		Aaon, Inc		987
	24,615		AAR Corp		814
	43,959		Actuant Corp (Class A)		1,141
	32,117		Acuity Brands, Inc		7,415
	24,758		Advanced Drainage Systems, Inc		510
	110,795	*	Aecom Technology Corp		4,029
	28,439	*	Aegion Corp		674
	46,010	*	Aerojet Rocketdyne Holdings, Inc		826
	14,335	*	Aerovironment, Inc		385
	50,527		AGCO Corp		2,924
	71,397		Air Lease Corp		2,451
	34,921		Aircastle Ltd		728
	6,904		Alamo Group, Inc		525
	21,082		Albany International Corp (Class A)		976
	71,508		Allegion plc		4,577
	4,493		Allied Motion Technologies, Inc		96
	104,849		Allison Transmission Holdings, Inc		3,532
	18,514		Altra Holdings, Inc		683
	13,776	*	Ameresco, Inc		76
	5,806	e	American Railcar Industries, Inc		263
	9,146	*,e	American Superconductor Corp		67
	10,171	*	American Woodmark Corp		765
	169,092		Ametek, Inc		8,218
	21,529		Apogee Enterprises, Inc		1,153
	26,937		Applied Industrial Technologies, Inc		1,600
	322,544		Arconic, Inc		5,980
	9,512		Argan, Inc		671
	17,658	*	Armstrong Flooring, Inc		352
	28,807	*	Armstrong World Industries, Inc		1,204
	14,102		Astec Industries, Inc		951
	14,118	*	Astronics Corp		478
	19,364		AZZ, Inc		1,237
	33,400	*	Babcock & Wilcox Enterprises, Inc		554
	36,980		Barnes Group, Inc		1,754
	76,535		BE Aerospace, Inc		4,607
	43,906	*	Beacon Roofing Supply, Inc		2,023
	3,967	*	Blue Bird Corp		61
	40,522	*	BMC Stock Holdings, Inc		790
	442,689		Boeing Co		68,918
	35,415		Briggs & Stratton Corp		788
	51,345	*	Builders FirstSource, Inc		563
	69,405		BWX Technologies, Inc		2,755
	21,392	*	Caesarstone Sdot-Yam Ltd		613
	12,460	*	CAI International, Inc		108
	46,436		Carlisle Cos, Inc		5,121

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	415,054		Caterpillar, Inc	$	38,492
	22,344	*	Chart Industries, Inc		805
	78,484		Chicago Bridge & Iron Co NV		2,492
	12,045		CIRCOR International, Inc		781
	35,009		Clarcor, Inc		2,887
	73,519	*	Colfax Corp		2,642
	14,727		Columbus McKinnon Corp		398
	27,143		Comfort Systems USA, Inc		904
	25,603	*	Continental Building Products Inc		591
	35,538		Crane Co		2,563
	7,312	*	CSW Industrials, Inc		269
	18,660		Cubic Corp		895
	117,279		Cummins, Inc		16,029
	32,643		Curtiss-Wright Corp		3,211
	447,698		Danaher Corp		34,849
	232,354		Deere & Co		23,942
	46,761	*	DigitalGlobe, Inc		1,340
	9,586		DMC Global, Inc		152
	94,050		Donaldson Co, Inc		3,958
	16,771		Douglas Dynamics, Inc		564
	114,025		Dover Corp		8,544
	8,048	*	Ducommun, Inc		206
	9,738	*	DXP Enterprises, Inc		338
	22,543	*,e	Dycom Industries, Inc		1,810
	340,356		Eaton Corp		22,834
	44,692		EMCOR Group, Inc		3,162
	476,629		Emerson Electric Co		26,572
	15,305		Encore Wire Corp		663
	11,608	*	Energous Corp		196
	24,905	*,e	Energy Recovery, Inc		258
	32,051		EnerSys		2,503
	12,394		Engility Holdings, Inc		418
	15,803		EnPro Industries, Inc		1,064
	88,074		Equifax, Inc		10,413
	18,556		ESCO Technologies, Inc		1,051
	21,694	*	Esterline Technologies Corp		1,935
	213,649		Fastenal Co		10,037
	46,509		Federal Signal Corp		726
	96,500		Flowserve Corp		4,637
	103,400		Fluor Corp		5,431
	223,156		Fortive Corp		11,968
	113,402		Fortune Brands Home & Security, Inc		6,062
	34,098		Franklin Electric Co, Inc		1,326
	9,868		Freightcar America, Inc		147
	14,134	*,e	FuelCell Energy, Inc		25
	30,063	e	GATX Corp		1,851
	4,980	*	Gencor Industries, Inc		78
	48,390	*	Generac Holdings, Inc		1,971
	37,226		General Cable Corp		709
	180,620		General Dynamics Corp		31,186
	6,831,532		General Electric Co		215,876
	22,869	*	Gibraltar Industries, Inc		953
	16,574		Global Brass & Copper Holdings, Inc		568
	5,154	*	GMS, Inc		151
	14,132		Gorman-Rupp Co		437
	41,041		Graco, Inc		3,410

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,763		Graham Corp	$	172
	29,395		Granite Construction, Inc		1,617
	44,924	*	Great Lakes Dredge & Dock Corp		189
	19,838	e	Greenbrier Cos, Inc		824
	26,499		Griffon Corp		694
	23,777		H&E Equipment Services, Inc		553
	8,975		Hardinge, Inc		99
	59,172		Harsco Corp		805
	26,381	*	HC2 Holdings, Inc		156
	151,183	*	HD Supply Holdings, Inc		6,427
	14,478		HEICO Corp		1,117
	27,927		HEICO Corp (Class A)		1,896
	17,889	*	Herc Holdings, Inc		718
	68,372		Hexcel Corp		3,517
	43,275		Hillenbrand, Inc		1,660
	561,629		Honeywell International, Inc		65,065
	40,778		Hubbell, Inc		4,759
	34,520		Huntington Ingalls		6,358
	4,796		Hurco Cos, Inc		159
	7,224		Hyster-Yale Materials Handling, Inc		461
	55,638		IDEX Corp		5,011
	5,334	*	IES Holdings, Inc		102
	219,031		Illinois Tool Works, Inc		26,823
	191,187		Ingersoll-Rand plc		14,347
	13,472		Insteel Industries, Inc		480
	60,728		ITT, Inc		2,342
	88,889	*	Jacobs Engineering Group, Inc		5,067
	21,706		John Bean Technologies Corp		1,866
	680,087		Johnson Controls International plc		28,013
	71,908		Joy Global, Inc		2,013
	8,084		Kadant, Inc		495
	19,992		Kaman Corp		978
	106,685		KBR, Inc		1,781
	58,766		Kennametal, Inc		1,837
	24,548	*,e	KEYW Holding Corp		289
	38,579	*	KLX, Inc		1,740
	35,813	*	Kratos Defense & Security Solutions, Inc		265
	56,871	*	L3 Technologies, Inc		8,651
	4,456	*	Lawson Products, Inc		106
	13,681	*,e	Layne Christensen Co		149
	29,452		Lennox International, Inc		4,511
	45,300		Lincoln Electric Holdings, Inc		3,473
	7,711	e	Lindsay Corp		575
	188,690		Lockheed Martin Corp		47,161
	16,944		LSI Industries, Inc		165
	12,907	*	Lydall, Inc		798
	100,071		Manitowoc Co, Inc		598
	93,437	*	Manitowoc Foodservice, Inc		1,806
	246,599		Masco Corp		7,797
	22,281	*	Masonite International Corp		1,466
	48,078	*	Mastec, Inc		1,839
	28,845	*	Mercury Systems, Inc		872
	60,412	*	Meritor, Inc		750
	41,334	*	Middleby Corp		5,324
	9,476	*	Milacron Holdings Corp		177
	7,280		Miller Industries, Inc		193

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	23,587	*	Moog, Inc (Class A)	$	1,549
	75,826	*	MRC Global, Inc		1,536
	34,779		MSC Industrial Direct Co (Class A)		3,213
	39,255		Mueller Industries, Inc		1,569
	114,327		Mueller Water Products, Inc (Class A)		1,522
	10,993	*	MYR Group, Inc		414
	3,938	e	National Presto Industries, Inc		419
	38,145	*	Navistar International Corp		1,197
	19,754	*	NCI Building Systems, Inc		309
	7,962	*	Neff Corp		112
	14,675		NN, Inc		280
	42,241		Nordson Corp		4,733
	123,248		Northrop Grumman Corp		28,665
	79,518	*	NOW, Inc		1,628
	5,211	*	NV5 Holdings, Inc		174
	2,354		Omega Flex, Inc		131
	43,366		Orbital ATK, Inc		3,805
	19,593	*	Orion Marine Group, Inc		195
	53,964		Oshkosh Truck Corp		3,487
	85,118		Owens Corning, Inc		4,389
	252,717		Paccar, Inc		16,149
	99,215		Parker Hannifin Corp		13,890
	9,372	*	Patrick Industries, Inc		715
	123,383		Pentair plc		6,918
	36,380	*	PGT, Inc		417
	125,956	*,e	Plug Power, Inc		151
	15,949	*	Ply Gem Holdings, Inc		259
	7,077		Powell Industries, Inc		276
	3,314	*,e	Power Solutions International, Inc		25
	1,801		Preformed Line Products Co		105
	28,783		Primoris Services Corp		656
	18,284	*	Proto Labs, Inc		939
	25,291		Quanex Building Products Corp		513
	106,691	*	Quanta Services, Inc		3,718
	27,582		Raven Industries, Inc		695
	220,231		Raytheon Co		31,273
	16,634	*	RBC Bearings, Inc		1,544
	33,217		Regal-Beloit Corp		2,300
	61,005	*	Rexnord Corp		1,195
	96,529		Rockwell Automation, Inc		12,974
	95,149		Rockwell Collins, Inc		8,826
	73,919		Roper Industries, Inc		13,533
	4,597	*	Rush Enterprises, Inc		142
	21,510	*	Rush Enterprises, Inc (Class A)		686
	31,268		Simpson Manufacturing Co, Inc		1,368
	8,447	*	SiteOne Landscape Supply, Inc		293
	42,803		Snap-On, Inc		7,331
	7,959	*	Sparton Corp		190
	89,515		Spirit Aerosystems Holdings, Inc (Class A)		5,223
	30,406	*	SPX Corp		721
	26,058	*	SPX FLOW, Inc		835
	9,752		Standex International Corp		857
	109,792		Stanley Works		12,592
	16,194		Sun Hydraulics Corp		647
	47,039	*,e	Sunrun, Inc		250
	8,050		Supreme Industries, Inc		126

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	38,585	*	Taser International, Inc	$	935
	25,120	*	Teledyne Technologies, Inc		3,090
	13,262		Tennant Co		944
	77,584		Terex Corp		2,446
	15,040		Textainer Group Holdings Ltd		112
	199,025		Textron, Inc		9,665
	7,401	*,e	The ExOne Company		69
	24,419	*	Thermon Group Holdings		466
	52,342		Timken Co		2,078
	33,155		Titan International, Inc		372
	11,613	*,e	Titan Machinery, Inc		169
	79,174		Toro Co		4,430
	37,115		TransDigm Group, Inc		9,240
	21,659	*	Trex Co, Inc		1,395
	34,233	*	Trimas Corp		804
	110,538		Trinity Industries, Inc		3,069
	32,134		Triton International Ltd		508
	36,497		Triumph Group, Inc		967
	28,503	*	Tutor Perini Corp		798
	65,633	*	United Rentals, Inc		6,930
	576,025		United Technologies Corp		63,144
	32,260	*	Univar, Inc		915
	14,766		Universal Forest Products, Inc		1,509
	64,802	*	USG Corp		1,871
	16,466		Valmont Industries, Inc		2,320
	7,860	*	Vectrus, Inc		187
	6,270	*	Veritiv Corp		337
	12,845	*	Vicor Corp		194
	41,124		W.W. Grainger, Inc		9,551
	47,771	*	Wabash National Corp		756
	38,291	*	WABCO Holdings, Inc		4,065
	19,517		Watsco, Inc		2,891
	20,422		Watts Water Technologies, Inc (Class A)		1,332
	31,115	*	WESCO International, Inc		2,071
	62,694		Westinghouse Air Brake Technologies Corp		5,205
	3,392	*	Willis Lease Finance Corp		87
	38,996		Woodward Governor Co		2,693
	132,752		Xylem, Inc		6,574
			TOTAL CAPITAL GOODS		1,384,613

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	41,289		ABM Industries, Inc		1,686
	37,820		Acacia Research (Acacia Technologies)		246
	77,675	*	ACCO Brands Corp		1,014
	11,519	*	Advanced Disposal Services, Inc		256
	31,285	*	Advisory Board Co		1,040
	7,288	*,e	Aqua Metals, Inc		96
	26,021	*	ARC Document Solutions, Inc		132
	6,166		Barrett Business Services, Inc		395
	33,472		Brady Corp (Class A)		1,257
	33,001		Brink’s Co		1,361
	29,675	*	Casella Waste Systems, Inc (Class A)		368
	35,493	*	CBIZ, Inc		486
	25,057		CEB, Inc		1,518
	18,496		Ceco Environmental Corp		258
	65,984		Cintas Corp		7,625

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	38,764	*	Clean Harbors, Inc	$	2,157
	10,504	*,e	Cogint, Inc		36
	72,462	*	Copart, Inc		4,015
	84,474		Covanta Holding Corp		1,318
	7,013		CRA International, Inc		257
	36,092		Deluxe Corp		2,585
	26,172		Dun & Bradstreet Corp		3,175
	107,512	*,m	Dyax Corp		119
	20,052		Ennis, Inc		348
	28,344		Essendant, Inc		592
	19,672		Exponent, Inc		1,186
	9,375	*	Franklin Covey Co		189
	30,776	*	FTI Consulting, Inc		1,387
	13,709		G & K Services, Inc (Class A)		1,322
	9,864	*	GP Strategies Corp		282
	51,852		Healthcare Services Group		2,031
	14,300		Heidrick & Struggles International, Inc		345
	8,893	*	Heritage-Crystal Clean, Inc		140
	43,782		Herman Miller, Inc		1,497
	25,556	*	Hill International, Inc		111
	33,809		HNI Corp		1,891
	17,289	*	Huron Consulting Group, Inc		876
	14,961	*	ICF International, Inc		826
	27,969	*,e	Innerworkings, Inc		276
	11,954		Insperity, Inc		848
	49,074		Interface, Inc		910
	101,843		KAR Auction Services, Inc		4,341
	20,372		Kelly Services, Inc (Class A)		467
	18,302		Kforce, Inc		423
	25,171		Kimball International, Inc (Class B)		442
	35,963		Knoll, Inc		1,004
	42,402		Korn/Ferry International		1,248
	19,156		LSC Communications, Inc		569
	52,326		Manpower, Inc		4,650
	23,595		Matthews International Corp (Class A)		1,813
	19,108		McGrath RentCorp		749
	13,300	*	Mistras Group, Inc		342
	33,943		Mobile Mini, Inc		1,027
	22,823		MSA Safety, Inc		1,582
	8,734		Multi-Color Corp		678
	36,256	*	Navigant Consulting, Inc		949
	267,111		Nielsen NV		11,205
	38,425	*	On Assignment, Inc		1,697
	139,962		Pitney Bowes, Inc		2,126
	19,971		Quad Graphics, Inc		537
	172,064		Republic Services, Inc		9,816
	28,792		Resources Connection, Inc		554
	94,240		Robert Half International, Inc		4,597
	70,333		Rollins, Inc		2,376
	29,492	*	RPX Corp		319
	51,083		RR Donnelley & Sons Co		834
	12,140	*	SP Plus Corp		342
	61,807		Steelcase, Inc (Class A)		1,106
	60,743	*	Stericycle, Inc		4,680
	20,907	*	Team, Inc		821
	42,802		Tetra Tech, Inc		1,847

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	39,266	*	TransUnion	$	1,215
	12,065	*	TRC Cos, Inc		128
	30,336	*	TriNet Group, Inc		777
	30,958	*	TrueBlue, Inc		763
	10,976		Unifirst Corp		1,577
	16,280		US Ecology, Inc		800
	112,591	*	Verisk Analytics, Inc		9,139
	15,178		Viad Corp		669
	5,586		VSE Corp		217
	26,743	*	WageWorks, Inc		1,939
	327,795		Waste Management, Inc		23,244
	33,820		West Corp		837
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		150,903

CONSUMER DURABLES & APPAREL - 1.4%
	15,286	*	Acushnet Holdings Corp		301
	39,523	*	American Outdoor Brands Corp		833
	9,523	*	Arctic Cat, Inc		143
	7,681		Bassett Furniture Industries, Inc		234
	21,459	*	Beazer Homes USA, Inc		285
	67,005		Brunswick Corp		3,654
	55,638		CalAtlantic Group, Inc		1,892
	69,841		Callaway Golf Co		765
	37,197		Carter’s, Inc		3,213
	6,619	*	Cavco Industries, Inc		661
	16,701	*	Century Communities, Inc		351
	204,773		Coach, Inc		7,171
	19,985		Columbia Sportswear Co		1,165
	56,978	*	CROCS, Inc		391
	6,879		CSS Industries, Inc		186
	6,895		Culp, Inc		256
	23,766	*	Deckers Outdoor Corp		1,316
	5,204	*	Delta Apparel, Inc		108
	250,331		DR Horton, Inc		6,842
	7,865		Escalade, Inc		104
	18,783		Ethan Allen Interiors, Inc		692
	3,991		Flexsteel Industries, Inc		246
	31,215	*	Fossil Group, Inc		807
	82,725	*,e	Garmin Ltd		4,011
	30,360	*,e	G-III Apparel Group Ltd		897
	74,136	*,e	GoPro, Inc		646
	9,827	*	Green Brick Partners, Inc		99
	280,007		Hanesbrands, Inc		6,040
	52,481		Harman International Industries, Inc		5,834
	82,316		Hasbro, Inc		6,403
	20,645	*	Helen of Troy Ltd		1,743
	7,913		Hooker Furniture Corp		300
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		254
	34,721	*	Iconix Brand Group, Inc		324
	14,775	*	Installed Building Products Inc		610
	21,039	*	iRobot Corp		1,230
	13,358	*,e	Jakks Pacific, Inc		69
	3,583		Johnson Outdoors, Inc		142
	94,263	*	Kate Spade & Co		1,760
	60,650	e	KB Home		959
	36,137		La-Z-Boy, Inc		1,122

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	98,505		Leggett & Platt, Inc	$	4,815
	7,350		Lennar Corp (B Shares)		254
	128,503		Lennar Corp (Class A)		5,517
	17,491	*,e	LGI Homes, Inc		503
	16,013		Libbey, Inc		312
	7,210		Lifetime Brands, Inc		128
	72,052	*	Lululemon Athletica, Inc		4,683
	16,714	*	M/I Homes, Inc		421
	13,092	*	Malibu Boats Inc		250
	8,407		Marine Products Corp		117
	250,569		Mattel, Inc		6,903
	6,163		MCBC Holdings, Inc		90
	30,607		MDC Holdings, Inc		785
	28,574	*	Meritage Homes Corp		994
	118,778	*	Michael Kors Holdings Ltd		5,105
	45,442	*	Mohawk Industries, Inc		9,074
	12,667		Movado Group, Inc		364
	3,180		Nacco Industries, Inc (Class A)		288
	22,756	*	Nautilus, Inc		421
	6,504	*,e	New Home Co Inc		76
	345,920		Newell Rubbermaid, Inc		15,445
	985,316		Nike, Inc (Class B)		50,084
	2,531	*	NVR, Inc		4,224
	10,973		Oxford Industries, Inc		660
	8,860	*	Perry Ellis International, Inc		221
	58,574		Phillips-Van Heusen Corp		5,286
	44,774	e	Polaris Industries, Inc		3,689
	29,883		Pool Corp		3,118
	255,719		Pulte Homes, Inc		4,700
	42,390		Ralph Lauren Corp		3,829
	27,136	*,e	Sequential Brands Group, Inc		127
	98,803	*	Skechers U.S.A., Inc (Class A)		2,429
	44,237	*	Steven Madden Ltd		1,581
	13,899	e	Sturm Ruger & Co, Inc		733
	5,163		Superior Uniform Group, Inc		101
	24,241	*	Taylor Morrison Home Corp		467
	39,568	*,e	Tempur-Pedic International, Inc		2,702
	114,595	*	Toll Brothers, Inc		3,552
	28,661	*	TopBuild Corp		1,020
	109,987	*	TRI Pointe Homes, Inc		1,263
	36,963		Tupperware Corp		1,945
	135,799	*	Under Armour, Inc		3,418
	134,677	*,e	Under Armour, Inc (Class A)		3,912
	10,905	*	Unifi, Inc		356
	10,485	*	Universal Electronics, Inc		677
	16,444	*	Vera Bradley, Inc		193
	252,966		VF Corp		13,496
	12,128	*,e	Vince Holding Corp		49
	45,102	*	Vista Outdoor, Inc		1,664
	16,063	*	WCI Communities, Inc		377
	5,214		Weyco Group, Inc		163
	55,133		Whirlpool Corp		10,022
	19,386	*,e	William Lyon Homes, Inc		369
	71,476		Wolverine World Wide, Inc		1,569
	21,026	*	Zagg, Inc		149
			TOTAL CONSUMER DURABLES & APPAREL		248,749

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
CONSUMER SERVICES - 2.1%
	13,862	*	American Public Education, Inc	$	340
	58,560	*	Apollo Group, Inc (Class A)		580
	179,185		ARAMARK Holdings Corp		6,401
	10,215	*	Ascent Media Corp (Series A)		166
	61,218	*	Belmond Ltd.		817
	17,134	*	BJ’s Restaurants, Inc		673
	83,985		Bloomin’ Brands, Inc		1,514
	14,693		Bob Evans Farms, Inc		782
	6,185	*,e	Bojangles’, Inc		115
	61,116	*	Boyd Gaming Corp		1,233
	13,548	*	Bridgepoint Education, Inc		137
	32,275	*	Bright Horizons Family Solutions		2,260
	41,857	e	Brinker International, Inc		2,073
	14,166	*	Buffalo Wild Wings, Inc		2,187
	34,686	*	Caesars Acquisition Co		468
	38,423	*,e	Caesars Entertainment Corp		327
	8,227	*	Cambium Learning Group, Inc		41
	8,937		Capella Education Co		785
	46,334	*	Career Education Corp		468
	300,019		Carnival Corp		15,619
	12,748		Carriage Services, Inc		365
	27,792	*	Carrols Restaurant Group, Inc		424
	16,727	*	Century Casinos, Inc		138
	33,449		Cheesecake Factory		2,003
	54,819	*,e	Chegg, Inc		405
	20,976	*	Chipotle Mexican Grill, Inc (Class A)		7,915
	24,500		Choice Hotels International, Inc		1,373
	9,566		Churchill Downs, Inc		1,439
	12,474	*	Chuy’s Holdings, Inc		405
	47,371		ClubCorp Holdings, Inc		680
	5,623		Collectors Universe		119
	14,095	e	Cracker Barrel Old Country Store, Inc		2,354
	86,491		Darden Restaurants, Inc		6,290
	28,005	*	Dave & Buster’s Entertainment, Inc		1,577
	17,725	*	Del Frisco’s Restaurant Group, Inc		301
	16,464	*	Del Taco Restaurants, Inc		232
	53,144	*	Denny’s Corp		682
	48,007		DeVry Education Group, Inc		1,498
	12,802		DineEquity, Inc		986
	36,940		Domino’s Pizza, Inc		5,882
	68,211		Dunkin Brands Group, Inc		3,577
	14,501	*	El Pollo Loco Holdings, Inc		178
	20,875	*,e	Eldorado Resorts, Inc		354
	2,242	*	Empire Resorts, Inc		51
	44,382		Extended Stay America, Inc		717
	20,469	*	Fiesta Restaurant Group, Inc		611
	3,971	*	Fogo De Chao, Inc		57
	7,389		Golden Entertainment, Inc		89
	3,202		Graham Holdings Co		1,639
	32,198	*	Grand Canyon Education, Inc		1,882
	166,865		H&R Block, Inc		3,836
	8,405	*,e	Habit Restaurants, Inc		145
	386,075		Hilton Worldwide Holdings, Inc		10,501

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	97,806	*	Houghton Mifflin Harcourt Co	$	1,061
	21,973	*,e	Hyatt Hotels Corp		1,214
	83,898		ILG, Inc		1,524
	68,009		International Game Technology plc		1,736
	19,205		International Speedway Corp (Class A)		707
	13,700	*	Intrawest Resorts Holdings Inc		245
	18,491	*	Isle of Capri Casinos, Inc		457
	10,324	*	J Alexander’s Holdings, Inc		111
	24,751		Jack in the Box, Inc		2,763
	11,200	*,e	Jamba, Inc		115
	26,055	*	K12, Inc		447
	6,015	*,e	Kona Grill, Inc		76
	69,470	*	La Quinta Holdings, Inc		987
	270,501		Las Vegas Sands Corp		14,447
	3,365		Liberty Tax, Inc		45
	62,061	*	LifeLock, Inc		1,485
	10,890	*	Lindblad Expeditions Holdings, Inc		103
	13,511	*	Luby’s, Inc		58
	14,891		Marcus Corp		469
	237,924		Marriott International, Inc (Class A)		19,672
	16,563		Marriott Vacations Worldwide Corp		1,405
	616,923		McDonald’s Corp		75,092
	352,429	*	MGM Resorts International		10,161
	7,140	*	Monarch Casino & Resort, Inc		184
	2,378	*	Nathan’s Famous, Inc		154
	8,091	*,e	Noodles & Co		33
	112,841	*	Norwegian Cruise Line Holdings Ltd		4,799
	15,868	*	Panera Bread Co (Class A)		3,254
	20,085		Papa John’s International, Inc		1,719
	60,160	*	Penn National Gaming, Inc		830
	43,980	*	Pinnacle Entertainment, Inc		638
	21,053		Planet Fitness, Inc		423
	15,398	*	Popeyes Louisiana Kitchen, Inc		931
	16,455	*	Potbelly Corp		212
	11,433	*	Red Lion Hotels Corp		95
	10,662	*	Red Robin Gourmet Burgers, Inc		601
	22,107		Red Rock Resorts, Inc		513
	30,479	*	Regis Corp		443
	124,991		Royal Caribbean Cruises Ltd		10,254
	46,223	*	Ruby Tuesday, Inc		149
	26,831		Ruth’s Chris Steak House, Inc		491
	37,197	*	Scientific Games Corp (Class A)		521
	51,334	e	SeaWorld Entertainment, Inc		972
	138,975		Service Corp International		3,947
	100,430	*	ServiceMaster Global Holdings, Inc		3,783
	11,550	*,e	Shake Shack, Inc		413
	53,284		Six Flags Entertainment Corp		3,195
	34,470		Sonic Corp		914
	38,204	*,e	Sotheby’s (Class A)		1,523
	9,984		Speedway Motorsports, Inc		216
	1,058,790		Starbucks Corp		58,784
	769	*	Steak N Shake Co		364
	7,659	*	Strayer Education, Inc		618
	65,192		Summit Hotel Properties, Inc		1,045
	48,860		Texas Roadhouse, Inc (Class A)		2,357
	28,716		Vail Resorts, Inc		4,632

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	30,225	*,e	Weight Watchers International, Inc	$	346
	154,822		Wendy’s		2,093
	11,781	e	Wingstop, Inc		349
	77,942		Wyndham Worldwide Corp		5,952
	59,328		Wynn Resorts Ltd		5,132
	255,489	*	Yum China Holdings, Inc		6,673
	256,490		Yum! Brands, Inc		16,244
	14,098	*,e	Zoe’s Kitchen, Inc		338
			TOTAL CONSUMER SERVICES		376,205

DIVERSIFIED FINANCIALS - 4.3%
	40,483	*	Affiliated Managers Group, Inc		5,882
	21,134		AG Mortgage Investment Trust		362
	246,292		AGNC Investment Corp		4,465
	329,397		Ally Financial, Inc		6,265
	42,959		Altisource Residential Corp		474
	592,268		American Express Co		43,875
	115,183		Ameriprise Financial, Inc		12,778
	740,363		Annaly Capital Management, Inc		7,381
	70,479		Anworth Mortgage Asset Corp		364
	45,723		Apollo Commercial Real Estate Finance, Inc		760
	22,112		Ares Commercial Real Estate Corp		304
	16,506	e	Arlington Asset Investment Corp (Class A)		245
	28,906	e	ARMOUR Residential REIT, Inc		627
	27,757		Artisan Partners Asset Management, Inc		826
	4,901		Associated Capital Group, Inc		161
	6,841		B. Riley Financial, Inc		126
	776,450		Bank of New York Mellon Corp		36,788
	160,048		BGC Partners, Inc (Class A)		1,637
	92,615		BlackRock, Inc		35,244
	16,951		Calamos Asset Management, Inc (Class A)		145
	355,819		Capital One Financial Corp		31,042
	71,072		Capstead Mortgage Corp		724
	60,239		CBOE Holdings, Inc		4,451
	866,815		Charles Schwab Corp		34,213
	141,795		Chimera Investment Corp		2,413
	250,444		CME Group, Inc		28,889
	15,440		Cohen & Steers, Inc		519
	80,158		Colony Financial, Inc		1,623
	20,742	*,e	Cowen Group, Inc		322
	6,269	*,e	Credit Acceptance Corp		1,364
	112,419		CYS Investments, Inc		869
	2,179		Diamond Hill Investment Group, Inc		458
	304,503		Discover Financial Services		21,952
	19,156	*	Donnelley Financial Solutions, Inc		440
	33,323		Dynex Capital, Inc		227
	207,162	*	E*TRADE Financial Corp		7,178
	81,116		Eaton Vance Corp		3,397
	19,334	*,e	Encore Capital Group, Inc		554
	18,647	*	Enova International, Inc		234
	28,885		Evercore Partners, Inc (Class A)		1,984
	38,445	*	Ezcorp, Inc (Class A)		409
	27,682		Factset Research Systems, Inc		4,524
	5,066		FBR & Co		66
	65,346		Federated Investors, Inc (Class B)		1,848
	39,058		Financial Engines, Inc		1,435

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	35,793		FirstCash, Inc	$	1,682
	48,331	*	FNFV Group		662
	266,333		Franklin Resources, Inc		10,542
	23,847		Gain Capital Holdings, Inc		157
	4,901		GAMCO Investors, Inc (Class A)		151
	286,236		Goldman Sachs Group, Inc		68,539
	3,738		Great Ajax Corp		50
	33,057	*	Green Dot Corp		779
	22,433		Greenhill & Co, Inc		621
	26,910		Hannon Armstrong Sustainable Infrastructure Capital, Inc		511
	2,353		Hennessy Advisors, Inc		75
	8,431		Houlihan Lokey, Inc		262
	47,028		Interactive Brokers Group, Inc (Class A)		1,717
	435,690		IntercontinentalExchange Group, Inc		24,582
	11,369	*	INTL FCStone, Inc		450
	301,988		Invesco Ltd		9,162
	88,593		Invesco Mortgage Capital, Inc		1,293
	25,877		Investment Technology Group, Inc		511
	53,293	e	iShares Russell 2000 Index Fund		7,187
	53,599	*	iStar Financial, Inc		663
	109,114		Janus Capital Group, Inc		1,448
	32,261	*	KCG Holdings, Inc		428
	28,136		Ladder Capital Corp		386
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		179
	94,587		Lazard Ltd (Class A)		3,887
	77,940		Legg Mason, Inc		2,331
	238,851	*	LendingClub Corp		1,254
	242,948		Leucadia National Corp		5,649
	63,483		LPL Financial Holdings, Inc		2,235
	10,830	*	Manning & Napier, Inc		82
	27,836		MarketAxess Holdings, Inc		4,090
	6,533		Marlin Business Services Corp		137
	5,352		Medley Management, Inc		53
	277,088		MFA Mortgage Investments, Inc		2,114
	12,795		Moelis & Co		434
	124,568		Moody’s Corp		11,743
	1,057,594		Morgan Stanley		44,683
	12,655		Morningstar, Inc		931
	67,332		MSCI, Inc (Class A)		5,304
	34,047		MTGE Investment Corp		535
	82,945		NASDAQ OMX Group, Inc		5,567
	223,145		Navient Corp		3,666
	14,990		Nelnet, Inc (Class A)		761
	178,930		New Residential Investment Corp		2,813
	72,745	e	New York Mortgage Trust, Inc		480
	18,457	*	NewStar Financial, Inc		171
	153,480		Northern Trust Corp		13,667
	136,061		NorthStar Asset Management Group, Inc		2,030
	29,274		OM Asset Management plc		425
	36,046	*,e	On Deck Capital, Inc		167
	38,494	*	OneMain Holdings, Inc		852
	7,363		Oppenheimer Holdings, Inc		137
	15,520	e	Orchid Island Capital, Inc		168
	6,966	e	Owens Realty Mortgage, Inc		129
	49,860		PennyMac Mortgage Investment Trust		816
	17,372	*	Pico Holdings, Inc		263

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	12,046	*	Piper Jaffray Cos	$	873
	13,025	e	PJT Partners, Inc		402
	33,753	*	PRA Group, Inc		1,320
	9,591		Pzena Investment Management, Inc (Class A)		107
	94,509		Raymond James Financial, Inc		6,547
	56,629		Redwood Trust, Inc		861
	8,577	*	Regional Management Corp		225
	22,197	e	Resource Capital Corp		185
	194,818		S&P Global, Inc		20,951
	16,951	*	Safeguard Scientifics, Inc		228
	81,224	*	Santander Consumer USA Holdings, Inc		1,097
	94,456		SEI Investments Co		4,662
	5,338		Silvercrest Asset Management Group, Inc		70
	317,527	*	SLM Corp		3,499
	23,199		SPDR S&P MidCap 400 ETF Trust		7,000
	224,343		SPDR Trust Series 1		50,147
	185,585		Starwood Property Trust, Inc		4,074
	293,319		State Street Corp		22,797
	49,761	*	Stifel Financial Corp		2,486
	617,749		Synchrony Financial		22,406
	178,435		T Rowe Price Group, Inc		13,429
	187,170		TD Ameritrade Holding Corp		8,161
	22,143		Tiptree Financial, Inc		136
	257,463		Two Harbors Investment Corp		2,245
	18,355		Virtu Financial, Inc		293
	4,259		Virtus Investment Partners, Inc		503
	151,871		Voya Financial, Inc		5,956
	62,904		Waddell & Reed Financial, Inc (Class A)		1,227
	28,538		Western Asset Mortgage Capital Corp		287
	5,409		Westwood Holdings Group, Inc		325
	84,317	e	WisdomTree Investments, Inc		939
	5,697	*	World Acceptance Corp		366
			TOTAL DIVERSIFIED FINANCIALS		743,259

ENERGY - 7.0%
	70,225	*	Abraxas Petroleum Corp		180
	1,730		Adams Resources & Energy, Inc		69
	23,232		Alon USA Energy, Inc		264
	415,162		Anadarko Petroleum Corp		28,949
	133,211	*	Antero Resources Corp		3,150
	282,031		Apache Corp		17,901
	51,391		Archrock, Inc		678
	14,064		Ardmore Shipping Corp		104
	47,265	e	Atwood Oceanics, Inc		621
	325,615		Baker Hughes, Inc		21,155
	36,170	*	Bill Barrett Corp		253
	26,221		Bristow Group, Inc		537
	341,979		Cabot Oil & Gas Corp		7,989
	23,456	*	California Resources Corp		499
	101,617	*	Callon Petroleum Co		1,562
	15,028	*	CARBO Ceramics, Inc		157
	40,960	*	Carrizo Oil & Gas, Inc		1,530
	147,239	*	Cheniere Energy, Inc		6,100
	449,095	*	Chesapeake Energy Corp		3,153
	1,394,847		Chevron Corp		164,174
	69,929		Cimarex Energy Co		9,503

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	4,367	*	Clayton Williams Energy, Inc	$	521
	62,618	*	Clean Energy Fuels Corp		179
	104,456	*	Concho Resources, Inc		13,851
	922,697		ConocoPhillips		46,264
	169,243		Consol Energy, Inc		3,085
	12,994	*	Contango Oil & Gas Co		121
	64,271	*	Continental Resources, Inc		3,313
	11,149	e	CVR Energy, Inc		283
	15,277	*	Dawson Geophysical Co		123
	42,034		Delek US Holdings, Inc		1,012
	266,127	*,e	Denbury Resources, Inc		979
	388,368	*	Devon Energy Corp		17,737
	66,927		DHT Holdings, Inc		277
	47,743	e	Diamond Offshore Drilling, Inc		845
	56,119	*	Diamondback Energy, Inc		5,671
	17,982	*,e	Dorian LPG Ltd		148
	28,933	*	Dril-Quip, Inc		1,737
	72,966		Energen Corp		4,208
	205,165		Ensco plc		1,994
	409,176		EOG Resources, Inc		41,368
	52,598	*,e	EP Energy Corp		345
	127,879		EQT Corp		8,363
	14,364	*	Era Group, Inc		244
	17,517		Evolution Petroleum Corp		175
	25,695	*	Exterran Corp		614
	27,258	*	Extraction Oil & Gas, Inc		546
	3,095,460		Exxon Mobil Corp		279,396
	74,597	*	Fairmount Santrol Holdings, Inc		880
	165,902	*	FMC Technologies, Inc		5,895
	43,546	*	Forum Energy Technologies, Inc		958
	26,300	e	Frank’s International NV		324
	47,943	e	Frontline Ltd		341
	32,033	e	GasLog Ltd		516
	20,488	*	Gener8 Maritime, Inc		92
	9,836	*	Geospace Technologies Corp		200
	66,097	e	Golar LNG Ltd		1,516
	26,945		Green Plains Renewable Energy, Inc		750
	93,033	*	Gulfport Energy Corp		2,013
	634,647		Halliburton Co		34,328
	77,857	*	Helix Energy Solutions Group, Inc		687
	71,374	e	Helmerich & Payne, Inc		5,524
	209,403		Hess Corp		13,044
	120,104		HollyFrontier Corp		3,935
	50,603	*,e	Hornbeck Offshore Services, Inc		365
	23,510	*	Independence Contract Drilling, Inc		158
	8,744	*	International Seaways, Inc		123
	823	*	Isramco, Inc		102
	43,982	*,e	Jones Energy, Inc (Class A)		220
	1,425,609		Kinder Morgan, Inc		29,524
	115,749	*,e	Kosmos Energy LLC		811
	100,057	*	Laredo Petroleum Holdings, Inc		1,415
	630,083		Marathon Oil Corp		10,907
	392,213		Marathon Petroleum Corp		19,748
	60,990	*,e	Matador Resources Co		1,571
	19,934	*	Matrix Service Co		453
	180,710	*,e	McDermott International, Inc		1,335

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	123,713		Murphy Oil Corp	$	3,851
	208,794		Nabors Industries Ltd		3,424
	281,302		National Oilwell Varco, Inc		10,532
	9,713	*	Natural Gas Services Group, Inc		312
	61,477		Navios Maritime Acq Corp		105
	147,391	*	Newfield Exploration Co		5,969
	63,344	*	Newpark Resources, Inc		475
	193,267		Noble Corp plc		1,144
	317,190		Noble Energy, Inc		12,072
	68,002	e	Nordic American Tanker Shipping		571
	48,403	*,e	Northern Oil And Gas, Inc		133
	170,623	*	Oasis Petroleum, Inc		2,583
	568,080		Occidental Petroleum Corp		40,464
	73,330		Oceaneering International, Inc		2,069
	38,178	*	Oil States International, Inc		1,489
	155,126		Oneok, Inc		8,906
	26,237		Overseas Shipholding Group, Inc		100
	15,683	*	Pacific Ethanol, Inc		149
	10,734		Panhandle Oil and Gas, Inc (Class A)		253
	23,180	*,e	Par Pacific Holdings Inc.		337
	96,030	*	Parker Drilling Co		250
	117,146	*	Parsley Energy, Inc		4,128
	109,613		Patterson-UTI Energy, Inc		2,951
	71,772		PBF Energy, Inc		2,001
	40,095	*	PDC Energy, Inc		2,910
	9,723	*	PHI, Inc		175
	334,170		Phillips 66		28,876
	42,944	*	Pioneer Energy Services Corp		294
	120,994		Pioneer Natural Resources Co		21,787
	173,948		Questar Market Resources, Inc		3,202
	152,904		Range Resources Corp		5,254
	32,964	*	Renewable Energy Group, Inc		320
	4,186	*	Rex American Resources Corp		413
	113,969	*	Rice Energy, Inc		2,433
	9,601	*	RigNet, Inc		222
	26,446	*	Ring Energy, Inc		344
	93,726	*	Rowan Cos plc		1,770
	42,512	e	RPC, Inc		842
	72,096	*	RSP Permian, Inc		3,217
	39,750	*,e	Sanchez Energy Corp		359
	1,030,748		Schlumberger Ltd		86,531
	121,758		Scorpio Tankers, Inc		552
	11,768	*	SEACOR Holdings, Inc		839
	273,827	*,e	Seadrill Ltd		934
	48,551		SemGroup Corp		2,027
	45,041	e	Ship Finance International Ltd		669
	70,864		SM Energy Co		2,443
	12,316	*	Smart Sand, Inc		204
	373,357	*	Southwestern Energy Co		4,040
	515,932		Spectra Energy Corp		21,200
	111,107		Superior Energy Services		1,875
	136,776	*,e	Synergy Resources Corp		1,219
	121,379		Targa Resources Investments, Inc		6,806
	46,213	e	Teekay Corp		371
	85,424		Teekay Tankers Ltd (Class A)		193
	26,063		Tesco Corp		215

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	88,102		Tesoro Corp	$	7,705
	61,337	*	Tetra Technologies, Inc		308
	59,881		Tidewater, Inc		204
	250,444	*,e	Transocean Ltd (NYSE)		3,692
	36,980	*	Unit Corp		994
	54,527		US Silica Holdings Inc		3,091
	347,907		Valero Energy Corp		23,769
	26,733	*,e	W&T Offshore, Inc		74
	724,687	*	Weatherford International Ltd		3,616
	59,385		Western Refining, Inc		2,248
	14,035	*	Westmoreland Coal Co		248
	149,893	*	Whiting Petroleum Corp		1,802
	33,684	*	Willbros Group, Inc		109
	511,638		Williams Cos, Inc		15,932
	51,116		World Fuel Services Corp		2,347
	246,496	*	WPX Energy, Inc		3,591
			TOTAL ENERGY		1,216,196

FOOD & STAPLES RETAILING - 1.9%
	19,849		Andersons, Inc		887
	28,759		Casey’s General Stores, Inc		3,419
	14,374	*	Chefs’ Warehouse Holdings, Inc		227
	324,188		Costco Wholesale Corp		51,906
	795,193		CVS Health Corp		62,749
	10,217		Ingles Markets, Inc (Class A)		491
	707,530		Kroger Co		24,417
	6,410	*,e	Natural Grocers by Vitamin C		76
	27,978	*	Performance Food Group Co		671
	14,319		Pricesmart, Inc		1,196
	763,555	*	Rite Aid Corp		6,292
	17,661	*,e	Smart & Final Stores, Inc		249
	27,344		Spartan Stores, Inc		1,081
	103,685	*	Sprouts Farmers Market, Inc		1,962
	191,905	*	Supervalu, Inc		896
	386,840		Sysco Corp		21,419
	36,929	*	United Natural Foods, Inc		1,762
	33,013	*	US Foods Holding Corp		907
	4,843		Village Super Market (Class A)		150
	637,370		Walgreens Boots Alliance, Inc		52,749
	1,125,302		Wal-Mart Stores, Inc		77,781
	6,935		Weis Markets, Inc		464
	236,947		Whole Foods Market, Inc		7,288
			TOTAL FOOD & STAPLES RETAILING		319,039

FOOD, BEVERAGE & TOBACCO - 4.9%
	10,821		AdvancePierre Foods Holdings, Inc		322
	2,319		Alico, Inc		63
	1,450,748		Altria Group, Inc		98,099
	18,848	*,e	Amplify Snack Brands, Inc		166
	424,965		Archer Daniels Midland Co		19,400
	48,393		B&G Foods, Inc (Class A)		2,120
	44,222	*	Blue Buffalo Pet Products, Inc		1,063
	6,759	*,e	Boston Beer Co, Inc (Class A)		1,148
	40,474		Brown-Forman Corp		1,872
	133,811		Brown-Forman Corp (Class B)		6,011
	103,143		Bunge Ltd		7,451

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	10,841		Calavo Growers, Inc	$	666
	22,629	e	Cal-Maine Foods, Inc		1,000
	137,959		Campbell Soup Co		8,342
	3,512		Coca-Cola Bottling Co Consolidated		628
	2,901,732		Coca-Cola Co		120,306
	320,411		ConAgra Foods, Inc		12,672
	121,868		Constellation Brands, Inc (Class A)		18,684
	7,653	*	Craft Brewers Alliance, Inc		129
	122,720	*	Darling International, Inc		1,584
	70,011		Dean Foods Co		1,525
	137,423		Dr Pepper Snapple Group, Inc		12,460
	5,320	*	Farmer Bros Co		195
	128,238	e	Flowers Foods, Inc		2,561
	23,973		Fresh Del Monte Produce, Inc		1,453
	15,781	*,e	Freshpet, Inc		160
	440,990		General Mills, Inc		27,240
	76,104	*	Hain Celestial Group, Inc		2,970
	104,240		Hershey Co		10,782
	199,780		Hormel Foods Corp		6,954
	52,645		Ingredion, Inc		6,579
	14,455	*	Inventure Foods, Inc		142
	11,326		J&J Snack Foods Corp		1,511
	85,788		J.M. Smucker Co		10,986
	5,780		John B. Sanfilippo & Son, Inc		407
	184,673		Kellogg Co		13,612
	442,184		Kraft Heinz Co		38,612
	108,161	*	Lamb Weston Holdings, Inc		4,094
	14,003		Lancaster Colony Corp		1,980
	19,323	*	Landec Corp		267
	3,603	*	Lifeway Foods, Inc		41
	8,386		Limoneira Co		180
	85,901		McCormick & Co, Inc		8,017
	137,192		Mead Johnson Nutrition Co		9,708
	12,007		Mgp Ingredients, Inc		600
	126,086		Molson Coors Brewing Co (Class B)		12,269
	1,108,143		Mondelez International, Inc		49,124
	310,077	*	Monster Beverage Corp		13,749
	8,574	e	National Beverage Corp		438
	15,084	*	Omega Protein Corp		378
	1,075,713		PepsiCo, Inc		112,552
	1,150,298		Philip Morris International, Inc		105,241
	43,650		Pilgrim’s Pride Corp		829
	85,273		Pinnacle Foods, Inc		4,558
	46,235	*	Post Holdings, Inc		3,717
	15,145	*	Primo Water Corp		186
	612,598		Reynolds American, Inc		34,330
	14,731	e	Sanderson Farms, Inc		1,388
	192	*	Seaboard Corp		759
	5,451	*	Seneca Foods Corp		218
	60,218		Snyder’s-Lance, Inc		2,309
	14,223	*	Synutra International, Inc		76
	14,407	e	Tootsie Roll Industries, Inc		573
	40,589	*	TreeHouse Foods, Inc		2,930
	4,760	*	Turning Point Brands, Inc		58
	215,481		Tyson Foods, Inc (Class A)		13,291
	16,609		Universal Corp		1,059

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	62,359	e	Vector Group Ltd	$	1,418
	128,932	*	WhiteWave Foods Co (Class A)		7,169
			TOTAL FOOD, BEVERAGE & TOBACCO		833,381

HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	5,996	*,e	AAC Holdings, Inc		43
	16,624		Abaxis, Inc		877
	1,085,954		Abbott Laboratories		41,711
	29,347	*	Abiomed, Inc		3,307
	52,869	*,e	Acadia Healthcare Co, Inc		1,750
	58,290	*,e	Accuray, Inc		268
	20,426		Aceto Corp		449
	4,240	*	Addus HomeCare Corp		149
	9,161	*,e	Adeptus Health, Inc		70
	251,957		Aetna Inc		31,245
	26,310	*	Air Methods Corp		838
	63,974	*	Alere, Inc		2,493
	53,060	*	Align Technology, Inc		5,101
	133,589	*	Allscripts Healthcare Solutions, Inc		1,364
	8,300	*	Almost Family, Inc		366
	21,596	*	Amedisys, Inc		921
	6,596	*,e	American Renal Associates Holdings, Inc		140
	121,078		AmerisourceBergen Corp		9,467
	34,893	*	AMN Healthcare Services, Inc		1,342
	9,253		Analogic Corp		767
	18,523	*	Angiodynamics, Inc		312
	10,943	*	Anika Therapeutics, Inc		536
	194,418		Anthem, Inc		27,951
	28,653	*	athenahealth, Inc		3,013
	21,089	*	AtriCure, Inc		413
	1,165		Atrion Corp		591
	8,607	*,e	Avinger, Inc		32
	18,090	*	AxoGen, Inc		163
	54,376		Bard (C.R.), Inc		12,216
	371,159		Baxter International, Inc		16,457
	154,243		Becton Dickinson & Co		25,535
	51,896	*,e	BioScrip, Inc		54
	19,708	*	BioTelemetry, Inc		440
	996,948	*	Boston Scientific Corp		21,564
	135,933	*	Brookdale Senior Living, Inc		1,688
	25,974		Cantel Medical Corp		2,045
	21,051	*	Capital Senior Living Corp		338
	242,655		Cardinal Health, Inc		17,464
	23,626	*	Cardiovascular Systems, Inc		572
	24,169	*	Castlight Health, Inc		120
	124,149	*	Centene Corp		7,016
	216,652	*	Cerner Corp		10,263
	71,510	*,e	Cerus Corp		311
	11,897		Chemed Corp		1,908
	188,472		Cigna Corp		25,140
	11,529	*	Civitas Solutions, Inc		229
	87,364	*	Community Health Systems, Inc		488
	8,700	e	Computer Programs & Systems, Inc		205
	27,401	*,e	ConforMIS, Inc		222
	20,631		Conmed Corp		911
	35,303		Cooper Cos, Inc		6,176

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,512	*	Corvel Corp	$	275
	9,376	*,e	Cotiviti Holdings, Inc		322
	22,090	*	Cross Country Healthcare, Inc		345
	23,064		CryoLife, Inc		442
	10,389	*	Cutera, Inc		180
	16,811	*	Cynosure, Inc (Class A)		767
	124,392	*	DaVita, Inc		7,986
	170,370		DENTSPLY SIRONA, Inc		9,835
	60,914	*,e	DexCom, Inc		3,637
	31,033	*	Diplomat Pharmacy, Inc		391
	156,250	*	Edwards Lifesciences Corp		14,641
	59,131	*	Endologix, Inc		338
	35,447		Ensign Group, Inc		787
	3,873	*	Entellus Medical, Inc		73
	84,226	*	Envision Healthcare Corp		5,331
	8,762	*	Evolent Health, Inc		130
	7,074	*	Exactech, Inc		193
	467,738	*	Express Scripts Holding Co		32,176
	28,070	*	Genesis Health Care, Inc		119
	30,765	*	GenMark Diagnostics, Inc		377
	12,233	*	Glaukos Corp		420
	51,975	*	Globus Medical, Inc		1,289
	38,562	*	Haemonetics Corp		1,550
	35,247	*	Halyard Health, Inc		1,303
	227,745	*	HCA Holdings, Inc		16,858
	32,162	*	HealthEquity, Inc		1,303
	65,205		Healthsouth Corp		2,689
	18,780	*	HealthStream, Inc		470
	23,599	*	Healthways, Inc		537
	60,632	*	Henry Schein, Inc		9,198
	48,728		Hill-Rom Holdings, Inc		2,736
	60,877	*	HMS Holdings Corp		1,105
	207,113	*	Hologic, Inc		8,309
	110,794		Humana, Inc		22,605
	10,885	*	ICU Medical, Inc		1,604
	65,509	*	Idexx Laboratories, Inc		7,682
	11,764	*	Inogen Inc		790
	43,464	*	Inovalon Holdings, Inc		448
	41,898	*	Insulet Corp		1,579
	22,691	*	Integer Holding Corp		668
	22,370	*	Integra LifeSciences Holdings Corp		1,919
	27,895	*	Intuitive Surgical, Inc		17,690
	23,110		Invacare Corp		302
	19,324	*,e	InVivo Therapeutics Holdings Corp		81
	2,271	*,e	iRadimed Corp		25
	5,587	*	IRIDEX Corp		79
	18,489	*	K2M Group Holdings, Inc		370
	61,383		Kindred Healthcare, Inc		482
	74,390	*	Laboratory Corp of America Holdings		9,550
	7,415		Landauer, Inc		357
	9,523		LeMaitre Vascular, Inc		241
	9,839	*	LHC Group, Inc		450
	29,927	*	LifePoint Hospitals, Inc		1,700
	18,203	*	Magellan Health Services, Inc		1,370
	29,924	*	Masimo Corp		2,017
	167,194		McKesson Corp		23,482

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	40,806	*	Medidata Solutions, Inc	$	2,027
	67,894	*	MEDNAX, Inc		4,526
	1,041,124		Medtronic plc		74,159
	31,965		Meridian Bioscience, Inc		566
	32,366	*	Merit Medical Systems, Inc		858
	31,755	*	Molina Healthcare, Inc		1,723
	7,753		National Healthcare Corp		588
	5,598		National Research Corp		106
	24,197	*	Natus Medical, Inc		842
	26,800	*	Neogen Corp		1,769
	17,633	*	Nevro Corp		1,281
	38,458	*,e	Nobilis Health Corp		81
	37,361	*,e	Novocure Ltd		293
	36,380	*	NuVasive, Inc		2,451
	45,234	*	NxStage Medical, Inc		1,186
	27,483	*	Omnicell, Inc		932
	36,642	*	OraSure Technologies, Inc		322
	12,159	*	Orthofix International NV		440
	48,050		Owens & Minor, Inc		1,696
	14,688	*	Oxford Immunotec Global plc		220
	61,845		Patterson Cos, Inc		2,537
	18,741	*	Penumbra, Inc		1,196
	22,536	*	PharMerica Corp		567
	33,991	*	Premier, Inc		1,032
	10,213	*	Providence Service Corp		389
	37,773	*	Quality Systems, Inc		497
	105,165		Quest Diagnostics, Inc		9,665
	21,781	*	Quidel Corp		466
	21,841	*	Quorum Health Corp		159
	25,914	*	RadNet, Inc		167
	104,174		Resmed, Inc		6,464
	37,335	*,e	Rockwell Medical, Inc		244
	38,631	*	RTI Biologics, Inc		126
	9,992	*,e	Second Sight Medical Products, Inc		20
	77,335	*	Select Medical Holdings Corp		1,025
	21,089	*	Senseonics Holdings, Inc		56
	30,482	*	Spectranetics Corp		747
	207,866		St. Jude Medical, Inc		16,669
	26,141	*,e	Staar Surgical Co		284
	249,333		Stryker Corp		29,873
	13,353	*	Surgery Partners, Inc		212
	19,814	*	Surgical Care Affiliates, Inc		917
	11,439	*	SurModics, Inc		290
	13,125	*,e	Tandem Diabetes Care, Inc		28
	49,714	*	Team Health Holdings, Inc		2,160
	15,157	*,e	Teladoc, Inc		250
	32,425		Teleflex, Inc		5,225
	59,665	*	Tenet Healthcare Corp		885
	47,535	*,e	TransEnterix, Inc		62
	18,039	*	Triple-S Management Corp (Class B)		373
	695,142		UnitedHealth Group, Inc		111,251
	42,895		Universal American Corp		427
	63,572		Universal Health Services, Inc (Class B)		6,763
	9,158		US Physical Therapy, Inc		643
	2,349		Utah Medical Products, Inc		171
	71,124	*	Varian Medical Systems, Inc		6,385

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	12,709	*	Vascular Solutions, Inc	$	713
	57,774	*	VCA Antech, Inc		3,966
	71,264	*	Veeva Systems, Inc		2,900
	10,409	*	Veracyte, Inc		81
	15,934	*	Vocera Communications, Inc		295
	32,655	*	WellCare Health Plans, Inc		4,476
	53,222		West Pharmaceutical Services, Inc		4,515
	76,096	*	Wright Medical Group NV		1,749
	25,871	*,e	Zeltiq Aesthetics, Inc		1,126
	137,149		Zimmer Holdings, Inc		14,154
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		846,910

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	323,551	*	Avon Products, Inc		1,631
	4,290	*	Central Garden & Pet Co		142
	24,471	*	Central Garden and Pet Co (Class A)		756
	185,644		Church & Dwight Co, Inc		8,204
	97,162		Clorox Co		11,661
	648,860		Colgate-Palmolive Co		42,461
	338,633		Coty, Inc		6,200
	43,691		Edgewell Personal Care Co		3,189
	46,250		Energizer Holdings, Inc		2,063
	157,776		Estee Lauder Cos (Class A)		12,068
	54,206	*,e	Herbalife Ltd		2,610
	91,121	*	HRG Group, Inc		1,418
	12,258		Inter Parfums, Inc		402
	266,757		Kimberly-Clark Corp		30,442
	4,694	*	Lifevantage Corp		38
	8,647		Medifast, Inc		360
	5,685	e	Natural Health Trends Corp		141
	5,868		Nature’s Sunshine Products, Inc		88
	40,942		Nu Skin Enterprises, Inc (Class A)		1,956
	6,693		Nutraceutical International Corp		234
	3,981		Oil-Dri Corp of America		152
	6,476	e	Orchids Paper Products Co		170
	1,903,468		Procter & Gamble Co		160,043
	8,319	*	Revlon, Inc (Class A)		243
	18,325		Spectrum Brands, Inc		2,242
	8,616	*	USANA Health Sciences, Inc		527
	10,350		WD-40 Co		1,210
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		290,651

INSURANCE - 4.3%
	297,968		Aflac, Inc		20,739
	11,198	*	Alleghany Corp		6,810
	65,031		Allied World Assurance Co Holdings Ltd		3,493
	274,860		Allstate Corp		20,373
	32,256	*	AMBAC Financial Group, Inc		726
	59,335		American Equity Investment Life Holding Co		1,337
	48,186		American Financial Group, Inc		4,246
	756,137		American International Group, Inc		49,383
	5,469		American National Insurance Co		681
	13,468		Amerisafe, Inc		840
	65,442		Amtrust Financial Services, Inc		1,792
	195,580		Aon plc		21,813
	84,604	*	Arch Capital Group Ltd		7,300

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	23,095		Argo Group International Holdings Ltd	$	1,522
	130,135		Arthur J. Gallagher & Co		6,762
	43,239		Aspen Insurance Holdings Ltd		2,378
	41,493		Assurant, Inc		3,853
	98,710		Assured Guaranty Ltd		3,728
	8,461	*	Atlas Financial Holdings, Inc		153
	67,951		Axis Capital Holdings Ltd		4,435
	6,904		Baldwin & Lyons, Inc (Class B)		174
	1,406,323	*	Berkshire Hathaway, Inc (Class B)		229,203
	4,749		Blue Capital Reinsurance Holdings Ltd		88
	86,667		Brown & Brown, Inc		3,888
	342,714		Chubb Ltd		45,279
	112,100		Cincinnati Financial Corp		8,492
	32,879	*,e	Citizens, Inc (Class A)		323
	19,762		CNA Financial Corp		820
	132,357		Conseco, Inc		2,535
	11,609	e	Crawford & Co (Class B)		146
	7,812		Donegal Group, Inc (Class A)		137
	13,558	*	eHealth, Inc		144
	6,754		EMC Insurance Group, Inc		203
	24,104		Employers Holdings, Inc		954
	46,342		Endurance Specialty Holdings Ltd		4,282
	6,955	*	Enstar Group Ltd		1,375
	17,977		Erie Indemnity Co (Class A)		2,021
	31,751		Everest Re Group Ltd		6,871
	8,273		FBL Financial Group, Inc (Class A)		646
	10,321		Federated National Holding Co		193
	12,400	e	Fidelity & Guaranty Life		294
	80,939		First American Financial Corp		2,965
	194,828		FNF Group		6,616
	368,772	*	Genworth Financial, Inc (Class A)		1,405
	6,929	*	Global Indemnity Ltd		265
	20,683	*	Greenlight Capital Re Ltd (Class A)		472
	7,438	*	Hallmark Financial Services		86
	31,429		Hanover Insurance Group, Inc		2,860
	290,967		Hartford Financial Services Group, Inc		13,865
	6,789	e	HCI Group, Inc		268
	18,411		Heritage Insurance Holdings, Inc		288
	29,606		Horace Mann Educators Corp		1,267
	5,951		Independence Holding Co		116
	8,975		Infinity Property & Casualty Corp		789
	1,119		Investors Title Co		177
	10,696		James River Group Holdings Ltd		444
	32,110		Kemper Corp		1,422
	175,669		Lincoln National Corp		11,642
	208,252		Loews Corp		9,752
	43,759		Maiden Holdings Ltd		764
	10,146	*	Markel Corp		9,177
	382,039		Marsh & McLennan Cos, Inc		25,822
	95,769	*	MBIA, Inc		1,025
	20,342		Mercury General Corp		1,225
	690,128		Metlife, Inc		37,191
	35,673		National General Holdings Corp		891
	1,551		National Western Life Group, Inc		482
	8,338		Navigators Group, Inc		982
	173,633		Old Republic International Corp		3,299

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	17,609		OneBeacon Insurance Group Ltd (Class A)	$	283
	6,329	*,e	Patriot National, Inc		29
	37,136		Primerica, Inc		2,568
	198,757		Principal Financial Group		11,500
	41,338		ProAssurance Corp		2,323
	430,429		Progressive Corp		15,280
	327,877		Prudential Financial, Inc		34,119
	47,454		Reinsurance Group of America, Inc (Class A)		5,971
	31,205		RenaissanceRe Holdings Ltd		4,251
	30,938		RLI Corp		1,953
	11,093		Safety Insurance Group, Inc		818
	42,211		Selective Insurance Group, Inc		1,817
	11,039		State Auto Financial Corp		296
	21,827		State National Cos, Inc		302
	16,901		Stewart Information Services Corp		779
	44,037	*	Third Point Reinsurance Ltd		509
	89,962		Torchmark Corp		6,636
	213,843		Travelers Cos, Inc		26,179
	14,056	*,e	Trupanion, Inc		218
	16,104		United Fire & Casualty Co		792
	12,682		United Insurance Holdings Corp		192
	22,242		Universal Insurance Holdings, Inc		632
	176,533		UnumProvident Corp		7,755
	55,625		Validus Holdings Ltd		3,060
	71,089		W.R. Berkley Corp		4,728
	3,474		White Mountains Insurance Group Ltd		2,904
	200,125		XL Group Ltd		7,457
			TOTAL INSURANCE		749,340

MATERIALS - 3.3%
	22,177		A. Schulman, Inc		742
	22,501	*	AdvanSix, Inc		498
	3,376		AEP Industries, Inc		392
	16,379	*	AgroFresh Solutions, Inc		43
	144,394		Air Products & Chemicals, Inc		20,767
	228,124	*	AK Steel Holding Corp		2,329
	83,129		Albemarle Corp		7,156
	107,514		Alcoa Corp		3,019
	81,466	e	Allegheny Technologies, Inc		1,298
	20,501		American Vanguard Corp		393
	4,440		Ampco-Pittsburgh Corp		74
	46,295		Aptargroup, Inc		3,400
	46,088		Ashland Global Holdings, Inc		5,037
	66,121		Avery Dennison Corp		4,643
	121,805	*	Axalta Coating Systems Ltd		3,313
	23,190		Balchem Corp		1,946
	125,748		Ball Corp		9,440
	69,866		Bemis Co, Inc		3,341
	89,719	*	Berry Plastics Group, Inc		4,372
	29,817	*	Boise Cascade Co		671
	45,418		Cabot Corp		2,295
	39,299		Calgon Carbon Corp		668
	34,250		Carpenter Technology Corp		1,239
	109,510		Celanese Corp (Series A)		8,623
	36,798	*	Century Aluminum Co		315
	169,311		CF Industries Holdings, Inc		5,330

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,158		Chase Corp	$	431
	133,935		Chemours Co		2,959
	47,225	*	Chemtura		1,568
	12,556	*	Clearwater Paper Corp		823
	179,867	*,e	Cliffs Natural Resources, Inc		1,513
	23,538	*	Codexis, Inc		108
	143,029	*	Coeur Mining, Inc		1,300
	85,866		Commercial Metals Co		1,870
	26,386	e	Compass Minerals International, Inc		2,067
	99,929	*	Crown Holdings, Inc		5,253
	8,022		Deltic Timber Corp		618
	47,043		Domtar Corp		1,836
	833,336		Dow Chemical Co		47,683
	34,706		Eagle Materials, Inc		3,420
	109,907		Eastman Chemical Co		8,266
	194,580		Ecolab, Inc		22,809
	647,177		EI du Pont de Nemours & Co		47,503
	55,318	*	Ferro Corp		793
	47,286		Ferroglobe plc		512
	40,724	*,e	Flotek Industries, Inc		382
	98,927		FMC Corp		5,595
	10,806	*	Forterra, Inc		234
	984,047	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		12,980
	17,819		FutureFuel Corp		248
	52,340	*	GCP Applied Technologies, Inc		1,400
	39,231	*	Gold Resource Corp		171
	236,879		Graphic Packaging Holding Co		2,956
	20,286		Greif, Inc (Class A)		1,041
	37,440		H.B. Fuller Co		1,809
	1,617	*	Handy & Harman Ltd		41
	7,923		Hawkins, Inc		427
	9,402		Haynes International, Inc		404
	54,162	*	Headwaters, Inc		1,274
	266,380		Hecla Mining Co		1,396
	146,965		Huntsman Corp		2,804
	32,193	*	Ingevity Corp		1,766
	15,371		Innophos Holdings, Inc		803
	18,027		Innospec, Inc		1,235
	59,224		International Flavors & Fragrances, Inc		6,978
	299,409		International Paper Co		15,887
	13,103		Kaiser Aluminum Corp		1,018
	62,146		Kapstone Paper and Packaging Corp		1,370
	7,156		KMG Chemicals, Inc		278
	15,231	*	Koppers Holdings, Inc		614
	21,628	*	Kraton Polymers LLC		616
	14,288		Kronos Worldwide, Inc		171
	104,108	*	Louisiana-Pacific Corp		1,971
	31,085	*,e	LSB Industries, Inc		262
	256,447		LyondellBasell Industries AF S.C.A		21,998
	47,207		Martin Marietta Materials, Inc		10,458
	14,781		Materion Corp		585
	25,740		Minerals Technologies, Inc		1,988
	322,555		Monsanto Co		33,936
	257,110		Mosaic Co		7,541
	15,401	*	Multi Packaging Solutions International Ltd		220
	18,118		Myers Industries, Inc		259

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	12,153		Neenah Paper, Inc	$	1,035
	5,473		NewMarket Corp		2,320
	394,716		Newmont Mining Corp		13,448
	236,068		Nucor Corp		14,051
	121,769		Olin Corp		3,119
	6,559		Olympic Steel, Inc		159
	32,453	*	Omnova Solutions, Inc		325
	119,497	*	Owens-Illinois, Inc		2,080
	69,449		Packaging Corp of America		5,891
	32,454		PH Glatfelter Co		775
	143,921	*	Platform Specialty Products Corp		1,412
	61,942		PolyOne Corp		1,985
	197,219		PPG Industries, Inc		18,688
	211,086		Praxair, Inc		24,737
	9,804		Quaker Chemical Corp		1,254
	31,957	e	Rayonier Advanced Materials, Inc		494
	18,294	*	Real Industry, Inc		112
	51,675		Reliance Steel & Aluminum Co		4,110
	48,353		Royal Gold, Inc		3,063
	96,743		RPM International, Inc		5,208
	8,418	*	Ryerson Holding Corp		112
	19,399		Schnitzer Steel Industries, Inc (Class A)		499
	22,501		Schweitzer-Mauduit International, Inc		1,024
	33,262		Scotts Miracle-Gro Co (Class A)		3,178
	145,870		Sealed Air Corp		6,614
	32,785		Sensient Technologies Corp		2,576
	59,434		Sherwin-Williams Co		15,972
	30,199		Silgan Holdings, Inc		1,546
	73,849		Sonoco Products Co		3,892
	58,429	e	Southern Copper Corp (NY)		1,866
	174,027		Steel Dynamics, Inc		6,192
	13,671		Stepan Co		1,114
	90,832	*	Stillwater Mining Co		1,463
	53,912	*	Summit Materials, Inc		1,283
	48,451	*	SunCoke Energy, Inc		549
	225,143		Tahoe Resources, Inc		2,121
	29,755	*	TimkenSteel Corp		461
	15,246	*	Trecora Resources		211
	19,671		Tredegar Corp		472
	19,262		Trinseo S.A.		1,142
	47,159		Tronox Ltd		486
	2,124	*	UFP Technologies, Inc		54
	1,357		United States Lime & Minerals, Inc		103
	113,508		United States Steel Corp		3,747
	10,188	*,e	US Concrete, Inc		667
	58,312		Valspar Corp		6,042
	29,890		Valvoline, Inc		643
	98,368		Vulcan Materials Co		12,311
	28,083		Westlake Chemical Corp		1,572
	185,895		WestRock Co		9,438
	33,320	*	Worthington Industries, Inc		1,581
	52,361		WR Grace & Co		3,542
			TOTAL MATERIALS		582,531

MEDIA - 3.0%
	22,295		AMC Entertainment Holdings, Inc		750

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	44,802	*	AMC Networks, Inc	$	2,345
	3,583		Cable One, Inc		2,228
	280,941		CBS Corp (Class B)		17,873
	57,360	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		146
	148,112	*	Charter Communications, Inc		42,644
	78,739		Cinemark Holdings, Inc		3,020
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		142
	1,789,499		Comcast Corp (Class A)		123,565
	772	*,e	Daily Journal Corp		187
	111,235	*	Discovery Communications, Inc (Class A)		3,049
	162,226	*	Discovery Communications, Inc (Class C)		4,344
	160,944	*	DISH Network Corp (Class A)		9,323
	18,269		Entercom Communications Corp (Class A)		280
	50,932		Entravision Communications Corp (Class A)		357
	20,620	*,e	Eros International plc		269
	44,238		EW Scripps Co (Class A)		855
	86,657		Gannett Co, Inc		841
	34,321	*,e	Global Eagle Entertainment, Inc		222
	46,930	*	Gray Television, Inc		509
	6,780	*,e	Hemisphere Media Group, Inc		76
	43,669	*	Imax Corp		1,371
	297,277		Interpublic Group of Cos, Inc		6,959
	33,017		John Wiley & Sons, Inc (Class A)		1,799
	7,655	*	Liberty Braves Group (Class A)		157
	25,374	*	Liberty Braves Group (Class C)		522
	19,204	*	Liberty Broadband Corp (Class A)		1,392
	76,445	*	Liberty Broadband Corp (Class C)		5,662
	19,139	*	Liberty Media Group (Class A)		600
	33,752	*	Liberty Media Group (Class C)		1,057
	67,298	*	Liberty SiriusXM Group (Class A)		2,323
	135,948	*	Liberty SiriusXM Group (Class C)		4,611
	35,031	*,e	Lions Gate Entertainment Corp		942
	78,192	*,e	Lions Gate Entertainment Corp		1,919
	96,974	*	Live Nation, Inc		2,579
	9,932	*	Loral Space & Communications, Inc		408
	14,330	*	Madison Square Garden Co		2,458
	37,799		MDC Partners, Inc		248
	80,085	*	Media General, Inc		1,508
	26,535		Meredith Corp		1,570
	40,739	*	MSG Networks, Inc		876
	46,358		National CineMedia, Inc		683
	29,023		New Media Investment Group, Inc		464
	83,356		New York Times Co (Class A)		1,109
	283,916		News Corp		3,254
	86,319		News Corp (Class B)		1,019
	23,355	e	Nexstar Broadcasting Group, Inc (Class A)		1,478
	173,829		Omnicom Group, Inc		14,795
	15,910	*,e	Radio One, Inc		46
	12,373	*	Reading International, Inc		205
	60,087	e	Regal Entertainment Group (Class A)		1,238
	3,654		Saga Communications, Inc		184
	19,984		Scholastic Corp		949
	61,043		Scripps Networks Interactive (Class A)		4,357
	49,336		Sinclair Broadcast Group, Inc (Class A)		1,645
	1,321,277	e	Sirius XM Holdings, Inc		5,880
	161,282		TEGNA, Inc		3,450

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	226,129		Thomson Corp	$	9,900
	583,045		Time Warner, Inc		56,281
	81,058		Time, Inc		1,447
	5,104	*	Townsquare Media, Inc		53
	57,786		Tribune Co		2,021
	19,202	*,e	tronc, Inc		266
	808,385		Twenty-First Century Fox, Inc		22,667
	357,708		Twenty-First Century Fox, Inc (Class B)		9,748
	7,706	e	Viacom, Inc		297
	254,275		Viacom, Inc (Class B)		8,925
	1,206,753		Walt Disney Co		125,768
	27,047	e	World Wrestling Entertainment, Inc (Class A)		498
			TOTAL MEDIA		530,613

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9%
	1,200,359		AbbVie, Inc		75,166
	70,913	*,e	Acadia Pharmaceuticals, Inc		2,045
	16,937	*,e	Accelerate Diagnostics, Inc		351
	20,273	*	Acceleron Pharma, Inc		517
	28,364	*,e	AcelRx Pharmaceuticals, Inc		74
	86,253	*	Achillion Pharmaceuticals, Inc		356
	6,392	*	Aclaris Therapeutics, Inc		173
	31,389	*	Acorda Therapeutics, Inc		590
	12,735	*,e	Adamas Pharmaceuticals, Inc		215
	26,641	*,e	Aduro Biotech, Inc		304
	49,833	*,e	Advaxis, Inc		357
	14,848	*	Adverum Biotechnologies, Inc		43
	22,888	*	Aerie Pharmaceuticals, Inc		866
	18,157	*	Aevi Genomic Medicine, Inc		94
	56,789	*	Agenus, Inc		234
	7,692	*	Agile Therapeutics, Inc		44
	241,663		Agilent Technologies, Inc		11,010
	22,963	*,e	Agios Pharmaceuticals, Inc		958
	19,631	*,e	Aimmune Therapeutics, Inc		401
	26,366	*	Akebia Therapeutics, Inc		274
	62,292	*	Akorn, Inc		1,360
	17,375	*,e	Albany Molecular Research, Inc		326
	43,134	*,e	Alder Biopharmaceuticals, Inc		897
	161,444	*	Alexion Pharmaceuticals, Inc		19,753
	109,475	*	Alkermes plc		6,085
	247,773	*	Allergan plc		52,035
	54,942	*	Alnylam Pharmaceuticals, Inc		2,057
	25,493	*,e	AMAG Pharmaceuticals, Inc		887
	557,286		Amgen, Inc		81,481
	106,521	*,e	Amicus Therapeutics, Inc		529
	25,774	*	Amphastar Pharmaceuticals, Inc		475
	34,224	*,e	Ampio Pharmaceuticals, Inc		31
	23,093	*,e	Anavex Life Sciences Corp		91
	5,767	*,e	ANI Pharmaceuticals, Inc		350
	26,005	*,e	Anthera Pharmaceuticals, Inc		17
	9,076	*	Applied Genetic Technologies Corp		85
	12,007	*	Aptevo Therapeutics, Inc		29
	22,162	*	Aratana Therapeutics, Inc		159
	22,973	*	Ardelyx, Inc		326
	179,094	*	Arena Pharmaceuticals, Inc		254
	8,722	*,e	Argos Therapeutics, Inc		43

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	131,498	*,e	Ariad Pharmaceuticals, Inc	$	1,636
	126,892	*	Array Biopharma, Inc		1,115
	39,456	*,e	Arrowhead Research Corp		61
	17,138	*,e	Asterias Biotherapeutics, Inc		79
	17,368	*,e	Atara Biotherapeutics, Inc		247
	52,762	*,e	Athersys, Inc		81
	3,387	*,e	Avexis, Inc		162
	18,230	*,e	Axovant Sciences Ltd		226
	7,312	*,e	Axsome Therapeutics, Inc		49
	15,642	*,e	Bellicum Pharmaceuticals, Inc		213
	53,741	*	BioCryst Pharmaceuticals, Inc		340
	161,977	*	Biogen Idec, Inc		45,933
	126,546	*	BioMarin Pharmaceutical, Inc		10,483
	59,746	*,e	Bio-Path Holdings, Inc		81
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		2,828
	3,856	*	Biospecifics Technologies Corp		215
	28,168		Bio-Techne Corp		2,897
	37,736	*,e	BioTime, Inc		136
	30,604	*,e	Bluebird Bio, Inc		1,888
	14,832	*,e	Blueprint Medicines Corp		416
	1,239,347		Bristol-Myers Squibb Co		72,427
	77,306		Bruker BioSciences Corp		1,637
	23,380	*	Cambrex Corp		1,261
	34,244	*,e	Cara Therapeutics Inc		318
	74,481	*	Catalent, Inc		2,008
	569,013	*	Celgene Corp		65,863
	73,063	*,e	Celldex Therapeutics, Inc		259
	7,210	*	Cellular Biomedicine Group, Inc		94
	30,752	*,e	Cempra, Inc		86
	35,378	*	Charles River Laboratories International, Inc		2,695
	18,304	*	ChemoCentryx, Inc		135
	30,594	*	Chimerix, Inc		141
	21,144	*,e	ChromaDex Corp		70
	8,028	*	Cidara Therapeutics, Inc		84
	23,470	*,e	Clovis Oncology, Inc		1,043
	21,791	*	Coherus Biosciences, Inc		613
	9,867	*,e	Collegium Pharmaceutical, Inc		154
	11,239	*	Concert Pharmaceuticals Inc		116
	54,169	*,e	Corcept Therapeutics, Inc		393
	84,568	*	Curis, Inc		260
	25,879	*,e	Cytokinetics, Inc		314
	15,216	*	CytomX Therapeutics, Inc		167
	41,833	*,e	CytRx Corp		16
	44,278	*,e	Depomed, Inc		798
	18,177	*	Dermira, Inc		551
	8,535	*	Dimension Therapeutics, Inc		37
	84,059	*	Durect Corp		113
	79,119	*,e	Dynavax Technologies Corp		313
	6,368	*,e	Eagle Pharmaceuticals, Inc		505
	12,202	*,e	Edge Therapeutics, Inc		153
	5,311	*,e	Editas Medicine, Inc		86
	17,506	*,e	Egalet Corp		134
	2,424	*	Eiger BioPharmaceuticals, Inc		28
	724,532		Eli Lilly & Co		53,289
	24,015	*	Emergent Biosolutions, Inc		789
	11,786	*	Enanta Pharmaceuticals, Inc		395

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	152,236	*	Endo International plc	$	2,507
	33,769	*,e	Endocyte, Inc		86
	27,058	*	Enzo Biochem, Inc		188
	29,818	*	Epizyme, Inc		361
	9,694	*	Esperion Thereapeutics, Inc		121
	77,791	*,e	Exact Sciences Corp		1,039
	173,066	*	Exelixis, Inc		2,580
	38,418	*	FibroGen, Inc		822
	19,800	*	Five Prime Therapeutics, Inc		992
	7,262	*	Flex Pharma, Inc		38
	19,463	*	Flexion Therapeutics Inc		370
	20,851	*	Fluidigm Corp		152
	24,951	*,e	Fortress Biotech, Inc		67
	8,878	*,e	Foundation Medicine, Inc		157
	6,476	*,e	Galena Biopharma, Inc		13
	12,920	*	Genomic Health, Inc		380
	114,325	*,e	Geron Corp		237
	983,271		Gilead Sciences, Inc		70,412
	15,541	*,e	Global Blood Therapeutics, Inc		225
	7,728	*,e	GlycoMimetics Inc		47
	79,065	*,e	Halozyme Therapeutics, Inc		781
	23,400	*,e	Heron Therapeutics, Inc		307
	4,132	*	Heska Corp		296
	118,653	*	Horizon Pharma plc		1,920
	62,986	*,e	Idera Pharmaceuticals, Inc		94
	22,215	*	Ignyta, Inc		118
	108,454	*	Illumina, Inc		13,886
	8,484	*	Immune Design Corp		47
	65,469	*,e	Immunogen, Inc		134
	69,521	*,e	Immunomedics, Inc		255
	53,162	*	Impax Laboratories, Inc		704
	30,663	*	INC Research Holdings, Inc		1,613
	120,847	*	Incyte Corp		12,117
	36,466	*	Infinity Pharmaceuticals, Inc		49
	63,139	e	Innoviva, Inc		676
	13,739	*,e	Inotek Pharmaceuticals Corp		84
	49,160	*,e	Inovio Pharmaceuticals, Inc		341
	45,452	*	Insmed, Inc		601
	17,481	*,e	Insys Therapeutics, Inc		161
	4,943	*,e	Intellia Therapeutics, Inc		65
	12,146	*,e	Intercept Pharmaceuticals, Inc		1,320
	18,642	*	Intersect ENT, Inc		226
	25,348	*,e	Intra-Cellular Therapies, Inc		383
	41,392	*,e	Intrexon Corp		1,006
	15,922	*	Invitae Corp		126
	89,084	*	Ionis Pharmaceuticals, Inc		4,261
	95,014	*	Ironwood Pharmaceuticals, Inc		1,453
	2,042,180		Johnson & Johnson		235,280
	46,335	*,e	Juno Therapeutics, Inc		873
	17,078	*	Karyopharm Therapeutics, Inc		161
	59,203	*,e	Keryx Biopharmaceuticals, Inc		347
	28,782	*,e	Kite Pharma, Inc		1,291
	8,512	*,e	La Jolla Pharmaceutical Co		149
	19,506	*,e	Lannett Co, Inc		430
	30,110	*,e	Lexicon Pharmaceuticals, Inc		416
	13,029	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,324

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	34,093	*,e	Lion Biotechnologies, Inc	$	237
	11,696	*,e	Lipocine, Inc		43
	9,258	*,e	Loxo Oncology, Inc		297
	31,134	*	Luminex Corp		630
	23,459	*	MacroGenics, Inc		480
	81,217	*	Mallinckrodt plc		4,046
	233,256	*,e	MannKind Corp		149
	49,764	*	Medicines Co		1,689
	22,034	*,e	MediciNova, Inc		133
	5,025	*	Medpace Holdings, Inc		181
	2,056,466		Merck & Co, Inc		121,064
	90,592	*,e	Merrimack Pharmaceuticals, Inc		370
	19,507	*	Mettler-Toledo International, Inc		8,165
	79,969	*,e	MiMedx Group, Inc		709
	12,264	*,e	Minerva Neurosciences, Inc		144
	7,201	*	Mirati Therapeutics, Inc		34
	44,870	*	Momenta Pharmaceuticals, Inc		675
	339,469	*	Mylan NV		12,951
	8,608	*	MyoKardia, Inc		111
	51,524	*	Myriad Genetics, Inc		859
	10,862	*	NanoString Technologies, Inc		242
	12,660	*,e	NantKwest, Inc		72
	19,889	*	Natera, Inc		233
	96,260	*	Nektar Therapeutics		1,181
	38,546	*	NeoGenomics, Inc		330
	10,102	*,e	Neos Therapeutics, Inc		59
	63,342	*	Neurocrine Biosciences, Inc		2,451
	14,869	*	NewLink Genetics Corp		153
	351,662	*,e	Novavax, Inc		443
	33,966	*,e	Ocular Therapeutix, Inc		284
	46,676	*,e	Omeros Corp		463
	12,341	*	OncoMed Pharmaceuticals, Inc		95
	22,405	*	Ophthotech Corp		108
	238,337	*,e	Opko Health, Inc		2,217
	60,008	*,e	Organovo Holdings, Inc		203
	12,630	e	Osiris Therapeutics, Inc		62
	18,209	*	Otonomy, Inc		290
	31,664	*,e	OvaScience, Inc		48
	55,440	*,e	Pacific Biosciences of California, Inc		211
	27,071	*,e	Pacira Pharmaceuticals, Inc		874
	9,271	*	Paratek Pharmaceuticals, Inc		143
	38,622	*,e	Parexel International Corp		2,538
	25,000	*	Patheon NV		718
	120,653		PDL BioPharma, Inc		256
	80,589		PerkinElmer, Inc		4,203
	102,293		Perrigo Co plc		8,514
	12,158	*	Pfenex, Inc		110
	4,460,955		Pfizer, Inc		144,892
	43,415	*	PharmAthene, Inc		141
	12,927		Phibro Animal Health Corp		379
	36,240	*	Portola Pharmaceuticals, Inc		813
	17,808	*	PRA Health Sciences, Inc		982
	38,233	*	Prestige Brands Holdings, Inc		1,992
	51,583	*	Progenics Pharmaceuticals, Inc		446
	4,860	*	Protagonist Therapeutics, Inc		107
	5,062	*	Proteostasis Therapeutics, Inc		62

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	25,750	*,e	Prothena Corp plc	$	1,267
	25,096	*	PTC Therapeutics, Inc		274
	24,785	*	Puma Biotechnology, Inc		761
	168,308	*	Qiagen NV (NASDAQ)		4,716
	104,304	*	Quintiles Transnational Holdings, Inc		7,932
	23,135	*,e	Radius Health, Inc		880
	4,072	*	Reata Pharmaceuticals, Inc		89
	57,804	*	Regeneron Pharmaceuticals, Inc		21,219
	15,571	*	REGENXBIO, Inc		289
	29,873	*	Regulus Therapeutics, Inc		67
	23,464	*	Repligen Corp		723
	25,726	*	Retrophin, Inc		487
	15,494	*,e	Revance Therapeutics, Inc		321
	66,996	*	Rigel Pharmaceuticals, Inc		159
	22,182	*	Sage Therapeutics, Inc		1,133
	52,234	*	Sangamo Biosciences, Inc		159
	39,646	*	Sarepta Therapeutics, Inc		1,088
	38,141	*	Sciclone Pharmaceuticals, Inc		412
	71,265	*	Seattle Genetics, Inc		3,761
	13,345	*,e	Seres Therapeutics, Inc		132
	20,814	*,e	Sorrento Therapeutics, Inc		102
	14,246	*	Spark Therapeutics, Inc		711
	47,540	*	Spectrum Pharmaceuticals, Inc		211
	12,168	*	Stemline Therapeutics, Inc		130
	18,349	*,e	Sucampo Pharmaceuticals, Inc (Class A)		249
	34,621	*	Supernus Pharmaceuticals, Inc		874
	2,800	*	Syndax Pharmaceuticals, Inc		20
	131,372	*	Synergy Pharmaceuticals, Inc		800
	54,879	*,e	Synthetic Biologics, Inc		42
	7,419	*,e	T2 Biosystems, Inc		39
	29,885	*,e	Teligent, Inc		198
	20,993	*,e	TESARO, Inc		2,823
	26,726	*	Tetraphase Pharmaceuticals, Inc		108
	26,551	*,e	TG Therapeutics, Inc		123
	98,667	*,e	TherapeuticsMD, Inc		569
	33,052	*,e	Theravance Biopharma, Inc		1,054
	291,490		Thermo Fisher Scientific, Inc		41,129
	13,797	*,e	Titan Pharmaceuticals, Inc		55
	6,981	*,m	Tobira Therapeutics, Inc		96
	7,534	*,e	Tokai Pharmaceuticals, Inc		7
	32,080	*	Trevena, Inc		189
	17,931	*,e	Trovagene, Inc		38
	26,573	*,e	Ultragenyx Pharmaceutical, Inc		1,868
	32,934	*	United Therapeutics Corp		4,724
	26,593	*	Vanda Pharmaceuticals, Inc		424
	20,135	*	Versartis, Inc		300
	183,082	*	Vertex Pharmaceuticals, Inc		13,488
	16,565	*,e	Vital Therapies, Inc		72
	8,673	*,e	Voyager Therapeutics, Inc		111
	57,722	*	VWR Corp		1,445
	57,060	*	Waters Corp		7,668
	5,620	*,e	WaVe Life Sciences Pte Ltd		147
	8,356	*,e	XBiotech, Inc		85
	23,768	*	Xencor Inc		626
	12,439	*	Zafgen, Inc		40
	90,754	*,e	ZIOPHARM Oncology, Inc		486

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	338,766		Zoetis, Inc	$	18,134
	14,763	*	Zogenix, Inc		179
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,376,377

REAL ESTATE - 4.0%
	52,319		Acadia Realty Trust		1,710
	16,903		Agree Realty Corp		778
	34,159		Alexander & Baldwin, Inc		1,533
	1,574		Alexander’s, Inc		672
	57,031		Alexandria Real Estate Equities, Inc		6,338
	8,343	*,e	Altisource Portfolio Solutions S.A.		222
	28,646		American Assets Trust,Inc		1,234
	96,842		American Campus Communities, Inc		4,820
	130,151		American Homes 4 Rent		2,731
	312,373		American Tower Corp		33,012
	115,722		Apartment Investment & Management Co (Class A)		5,260
	129,985		Apple Hospitality REIT, Inc		2,597
	22,700		Armada Hoffler Properties, Inc		331
	20,771		Ashford Hospitality Prime, Inc		283
	61,750		Ashford Hospitality Trust, Inc		479
	7,072	*	AV Homes, Inc		112
	101,923		AvalonBay Communities, Inc		18,056
	13,459		Bluerock Residential Growth REIT, Inc		185
	113,039		Boston Properties, Inc		14,218
	127,370		Brandywine Realty Trust		2,103
	141,963		Brixmor Property Group, Inc		3,467
	64,335		Camden Property Trust		5,409
	61,176		Care Capital Properties, Inc		1,529
	42,178		CareTrust REIT, Inc		646
	29,192		CatchMark Timber Trust Inc		329
	124,137		CBL & Associates Properties, Inc		1,428
	222,671	*	CBRE Group, Inc		7,012
	62,949		Cedar Realty Trust, Inc		411
	28,285		Chatham Lodging Trust		581
	44,088		Chesapeake Lodging Trust		1,140
	13,323		City Office REIT, Inc		175
	47,997		Colony Starwood Homes		1,383
	92,725		Columbia Property Trust, Inc		2,003
	90,140		Communications Sales & Leasing, Inc		2,290
	9,586		Community Healthcare Trust, Inc		221
	3,235	e	Consolidated-Tomoka Land Co		173
	86,682		CoreCivic, Inc		2,120
	9,299		CorEnergy Infrastructure Trust, Inc		324
	24,799		Coresite Realty		1,968
	69,853		Corporate Office Properties Trust		2,181
	248,719		Cousins Properties, Inc		2,117
	266,366		Crown Castle International Corp		23,113
	131,589		CubeSmart		3,523
	54,639		CyrusOne, Inc		2,444
	65,501		DCT Industrial Trust, Inc		3,136
	227,125		DDR Corp		3,468
	148,119		DiamondRock Hospitality Co		1,708
	117,830		Digital Realty Trust, Inc		11,578
	104,001		Douglas Emmett, Inc		3,802
	256,864		Duke Realty Corp		6,822
	55,010		DuPont Fabros Technology, Inc		2,417

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	17,274		Easterly Government Properties, Inc	$	346
	23,492		EastGroup Properties, Inc		1,735
	48,917		Education Realty Trust, Inc		2,069
	89,883		Empire State Realty Trust, Inc		1,815
	46,901		Entertainment Properties Trust		3,366
	51,436		Equinix, Inc		18,384
	96,746	*	Equity Commonwealth		2,926
	58,881		Equity Lifestyle Properties, Inc		4,245
	67,836		Equity One, Inc		2,082
	263,335		Equity Residential		16,948
	48,297		Essex Property Trust, Inc		11,229
	89,496		Extra Space Storage, Inc		6,913
	8,777	e	Farmland Partners, Inc		98
	52,442		Federal Realty Investment Trust		7,453
	100,810		FelCor Lodging Trust, Inc		807
	82,257		First Industrial Realty Trust, Inc		2,307
	42,783		First Potomac Realty Trust		469
	169,880		Forest City Realty Trust, Inc		3,540
	25,631	*	Forestar Group, Inc		341
	44,705		Four Corners Property Trust, Inc		917
	72,511		Franklin Street Properties Corp		940
	4,942	*	FRP Holdings, Inc		186
	138,908		Gaming and Leisure Properties, Inc		4,253
	427,695		General Growth Properties, Inc		10,684
	54,016		Geo Group, Inc		1,941
	18,198		Getty Realty Corp		464
	15,436		Gladstone Commercial Corp		310
	125,237	*,e	Global Net Lease, Inc		981
	51,670	e	Government Properties Income Trust		985
	309,774		Gramercy Property Trust		2,844
	347,379		HCP, Inc		10,324
	76,928		Healthcare Realty Trust, Inc		2,332
	100,396		Healthcare Trust of America, Inc		2,922
	31,185		Hersha Hospitality Trust		670
	27,225		HFF, Inc (Class A)		824
	71,216		Highwoods Properties, Inc		3,633
	118,720		Hospitality Properties Trust		3,768
	546,603		Host Marriott Corp		10,298
	26,825	*	Howard Hughes Corp		3,061
	73,475		Hudson Pacific Properties		2,555
	29,912		Independence Realty Trust, Inc		267
	90,609		Investors Real Estate Trust		646
	192,234		Iron Mountain, Inc		6,244
	33,300		Jones Lang LaSalle, Inc		3,365
	61,074		Kennedy-Wilson Holdings, Inc		1,252
	67,058		Kilroy Realty Corp		4,910
	297,898		Kimco Realty Corp		7,495
	60,886		Kite Realty Group Trust		1,430
	60,834		Lamar Advertising Co		4,090
	78,833		LaSalle Hotel Properties		2,402
	162,758		Lexington Realty Trust		1,758
	109,119		Liberty Property Trust		4,310
	33,914		Life Storage, Inc		2,891
	27,155		LTC Properties, Inc		1,276
	107,468		Macerich Co		7,613
	67,066		Mack-Cali Realty Corp		1,946

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,904	*	Marcus & Millichap, Inc	$	265
	217,798		Medical Properties Trust, Inc		2,679
	84,302		Mid-America Apartment Communities, Inc		8,255
	46,125		Monmouth Real Estate Investment Corp (Class A)		703
	121,396		Monogram Residential Trust, Inc		1,313
	27,658		National Health Investors, Inc		2,051
	108,315		National Retail Properties, Inc		4,787
	25,850		National Storage Affiliates Trust		570
	55,714		New Senior Investment Group, Inc		545
	124,499		New York REIT, Inc		1,260
	14,395		NexPoint Residential Trust, Inc		322
	42,262		NorthStar Realty Europe Corp		531
	140,102		NorthStar Realty Finance Corp		2,123
	136,847		Omega Healthcare Investors, Inc		4,278
	9,027		One Liberty Properties, Inc		227
	101,625		Outfront Media, Inc		2,527
	133,994		Paramount Group, Inc		2,143
	31,089	*	Parkway, Inc		692
	53,141		Pebblebrook Hotel Trust		1,581
	52,388		Pennsylvania REIT		993
	99,449		Physicians Realty Trust		1,886
	107,121		Piedmont Office Realty Trust, Inc		2,240
	30,172		Potlatch Corp		1,257
	16,337		Preferred Apartment Communities, Inc		244
	388,040		Prologis, Inc		20,485
	14,667		PS Business Parks, Inc		1,709
	109,722		Public Storage, Inc		24,523
	34,553		QTS Realty Trust, Inc		1,716
	69,475	*	Quality Care Properties, Inc		1,077
	62,959		RAIT Investment Trust		212
	57,913		Ramco-Gershenson Properties		960
	92,432		Rayonier, Inc		2,459
	13,117		Re/Max Holdings, Inc		735
	108,646		Realogy Holdings Corp		2,795
	191,583		Realty Income Corp		11,012
	75,909		Regency Centers Corp		5,234
	73,323		Retail Opportunities Investment Corp		1,549
	173,060		Retail Properties of America, Inc		2,653
	48,113		Rexford Industrial Realty, Inc		1,116
	90,156		RLJ Lodging Trust		2,208
	5,123		RMR Group, Inc		202
	32,495		Ryman Hospitality Properties		2,047
	47,769		Sabra Healthcare REIT, Inc		1,166
	6,582		Saul Centers, Inc		438
	45,730		Select Income REIT		1,152
	174,669		Senior Housing Properties Trust		3,306
	18,501	e	Seritage Growth Properties		790
	28,907		Silver Bay Realty Trust Corp		495
	228,236		Simon Property Group, Inc		40,551
	73,589		SL Green Realty Corp		7,914
	354,302		Spirit Realty Capital, Inc		3,848
	33,773	*,e	St. Joe Co		642
	50,811	*	STAG Industrial, Inc		1,213
	112,095		STORE Capital Corp		2,770
	4,495	*	Stratus Properties, Inc		147
	49,498		Sun Communities, Inc		3,792

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	158,957		Sunstone Hotel Investors, Inc	$	2,424
	70,998		Tanger Factory Outlet Centers, Inc		2,540
	43,997		Taubman Centers, Inc		3,253
	10,268	*	Tejon Ranch Co		261
	31,885		Terreno Realty Corp		908
	34,663		Tier REIT, Inc		603
	13,643	*	Trinity Place Holdings, Inc		126
	197,090		UDR, Inc		7,190
	15,857		UMH Properties, Inc		239
	9,264		Universal Health Realty Income Trust		608
	66,647		Urban Edge Properties		1,833
	20,808		Urstadt Biddle Properties, Inc (Class A)		502
	251,154		Ventas, Inc		15,702
	718,252		VEREIT, Inc		6,076
	128,760		Vornado Realty Trust		13,439
	139,812		Washington Prime Group, Inc		1,455
	50,804		Washington REIT		1,661
	86,814		Weingarten Realty Investors		3,107
	265,618		Welltower, Inc		17,778
	548,600		Weyerhaeuser Co		16,507
	19,472		Whitestone REIT		280
	76,656		WP Carey, Inc		4,530
	79,064		Xenia Hotels & Resorts, Inc		1,535
			TOTAL REAL ESTATE		696,397

RETAILING - 4.9%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		196
	48,207		Aaron’s, Inc		1,542
	51,631		Abercrombie & Fitch Co (Class A)		620
	52,604		Advance Auto Parts, Inc		8,896
	288,725	*	Amazon.com, Inc		216,506
	122,461		American Eagle Outfitters, Inc		1,858
	6,968	*	America’s Car-Mart, Inc		305
	14,849	*	Asbury Automotive Group, Inc		916
	157,653	*	Ascena Retail Group, Inc		976
	13,652	*	At Home Group, Inc		200
	48,275	*	Autonation, Inc		2,349
	21,738	*	AutoZone, Inc		17,168
	29,015	*	Barnes & Noble Education, Inc		333
	36,768		Barnes & Noble, Inc		410
	107,825	*	Bed Bath & Beyond, Inc		4,382
	204,689		Best Buy Co, Inc		8,734
	14,390		Big 5 Sporting Goods Corp		250
	33,402		Big Lots, Inc		1,677
	8,578		Blue Nile, Inc		348
	24,460	*	Boot Barn Holdings, Inc		306
	21,122	e	Buckle, Inc		482
	8,786	*	Build-A-Bear Workshop, Inc		121
	52,052	*	Burlington Stores, Inc		4,411
	37,763	*	Cabela’s, Inc		2,211
	28,267		Caleres, Inc		928
	8,124		Camping World Holdings, Inc		265
	143,597	*	Carmax, Inc		9,246
	19,356		Cato Corp (Class A)		582
	95,824		Chico’s FAS, Inc		1,379
	13,847		Children’s Place Retail Stores, Inc		1,398

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,556		Citi Trends, Inc	$	218
	11,400	*,e	Container Store Group, Inc		72
	34,312		Core-Mark Holding Co, Inc		1,478
	55,443		CST Brands, Inc		2,670
	32,976	*	Destination XL Group, Inc		140
	64,932		Dick’s Sporting Goods, Inc		3,448
	13,964	e	Dillard’s, Inc (Class A)		875
	209,899		Dollar General Corp		15,547
	167,177	*	Dollar Tree, Inc		12,903
	49,292		DSW, Inc (Class A)		1,116
	7,236	*,e	Duluth Holdings, Inc		184
	76,812	*	Etsy, Inc		905
	88,502		Expedia, Inc		10,025
	55,323	*	Express Parent LLC		595
	33,805		Finish Line, Inc (Class A)		636
	40,021	*	Five Below, Inc		1,599
	99,154		Foot Locker, Inc		7,029
	25,440	*	Francesca’s Holdings Corp		459
	27,215	e	Fred’s, Inc (Class A)		505
	13,967	*	FTD Cos, Inc		333
	75,607		GameStop Corp (Class A)		1,910
	164,788		Gap, Inc		3,698
	15,061	*	Genesco, Inc		935
	108,483		Genuine Parts Co		10,364
	50,651		GNC Holdings, Inc		559
	15,433		Group 1 Automotive, Inc		1,203
	273,128	*	Groupon, Inc		907
	44,451		Guess?, Inc		538
	16,062		Haverty Furniture Cos, Inc		381
	16,994	*,e	Hibbett Sports, Inc		634
	924,604		Home Depot, Inc		123,971
	24,109		HSN, Inc		827
	228,517	*,e	JC Penney Co, Inc		1,899
	12,718		Kirkland’s, Inc		197
	137,008		Kohl’s Corp		6,765
	177,833		L Brands, Inc		11,708
	12,586	*,e	Lands’ End, Inc		191
	17,506	*	LCI Industries, Inc		1,886
	39,468	*	Liberty Expedia Holdings, Inc		1,566
	329,671	*	Liberty Interactive Corp		6,587
	53,282	*	Liberty TripAdvisor Holdings, Inc		802
	59,202	*	Liberty Ventures		2,183
	16,930		Lithia Motors, Inc (Class A)		1,639
	225,488	*	LKQ Corp		6,911
	662,639		Lowe’s Companies, Inc		47,127
	19,294	*,e	Lumber Liquidators, Inc		304
	229,133		Macy’s, Inc		8,205
	18,578	*	MarineMax, Inc		359
	69,469	*	Michaels Cos, Inc		1,421
	23,604		Monro Muffler, Inc		1,350
	26,054	*	Murphy USA, Inc		1,602
	303,053	*	NetFlix, Inc		37,518
	91,431		Nordstrom, Inc		4,382
	20,499		Nutri/System, Inc		710
	405,707		Office Depot, Inc		1,834
	12,772	*,e	Ollie’s Bargain Outlet Holdings, Inc		363

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	70,238	*	O’Reilly Automotive, Inc	$	19,555
	8,893	*	Overstock.com, Inc		156
	17,507	*,e	Party City Holdco, Inc		249
	28,675		Penske Auto Group, Inc		1,486
	5,700		PetMed Express, Inc		131
	59,095		Pier 1 Imports, Inc		505
	36,680	*	Priceline.com, Inc		53,775
	38,310		Rent-A-Center, Inc		431
	28,484	*	Restoration Hardware Holdings, Inc		874
	291,057		Ross Stores, Inc		19,093
	107,246	*	Sally Beauty Holdings, Inc		2,833
	9,887	*,e	Sears Holdings Corp		92
	33,626	*	Select Comfort Corp		761
	10,447		Shoe Carnival, Inc		282
	25,881	*	Shutterfly, Inc		1,299
	51,090	e	Signet Jewelers Ltd		4,816
	20,728		Sonic Automotive, Inc (Class A)		475
	19,952	*,e	Sportsman’s Warehouse Holdings, Inc		187
	25,073	e	Stage Stores, Inc		110
	477,765		Staples, Inc		4,324
	21,273		Stein Mart, Inc		117
	36,113		Tailored Brands, Inc		923
	436,225		Target Corp		31,509
	81,351		Tiffany & Co		6,299
	24,339	*	Tile Shop Holdings, Inc		476
	6,790	*	Tilly’s, Inc		90
	491,453		TJX Companies, Inc		36,923
	96,551		Tractor Supply Co		7,320
	84,546	*	TripAdvisor, Inc		3,920
	32,864	*	Tuesday Morning Corp		177
	43,466	*	Ulta Salon Cosmetics & Fragrance, Inc		11,081
	64,021	*	Urban Outfitters, Inc		1,823
	17,699	*	Vitamin Shoppe, Inc		420
	23,281	*,e	Wayfair, Inc		816
	11,292	*	West Marine, Inc		118
	65,447		Williams-Sonoma, Inc		3,167
	1,945		Winmark Corp		245
	11,661	*	Zumiez, Inc		255
			TOTAL RETAILING		860,281

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
	3,767	*,e	Acacia Communications, Inc		233
	29,482	*	Advanced Energy Industries, Inc		1,614
	555,757	*	Advanced Micro Devices, Inc		6,302
	15,539	*	Alpha & Omega Semiconductor Ltd		331
	23,188	*,e	Ambarella, Inc		1,255
	73,241	*	Amkor Technology, Inc		773
	225,080		Analog Devices, Inc		16,345
	805,532		Applied Materials, Inc		25,995
	59,771	*	Applied Micro Circuits Corp		493
	20,849	*	Axcelis Technologies, Inc		303
	279,879		Broadcom Ltd		49,474
	52,087		Brooks Automation, Inc		889
	17,924		Cabot Microelectronics Corp		1,132
	47,258	*	Cavium, Inc		2,951

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	15,710	*	Ceva, Inc	$	527
	46,294	*	Cirrus Logic, Inc		2,617
	18,761		Cohu, Inc		261
	73,485	*	Cree, Inc		1,939
	229,885	e	Cypress Semiconductor Corp		2,630
	28,713	*	Diodes, Inc		737
	19,178	*	DSP Group, Inc		250
	105,554	*	Entegris, Inc		1,889
	28,026	*	Exar Corp		302
	54,056	*,e	First Solar, Inc		1,735
	47,336	*	Formfactor, Inc		530
	30,864	*	GigOptix, Inc		78
	5,612	*	Impinj, Inc		198
	29,376	*	Inphi Corp		1,311
	99,540	*	Integrated Device Technology, Inc		2,345
	3,508,485		Intel Corp		127,253
	96,768		Intersil Corp (Class A)		2,158
	16,725		IXYS Corp		199
	112,935		Kla-Tencor Corp		8,886
	50,517	*	Kopin Corp		143
	117,308		Lam Research Corp		12,403
	90,159	*	Lattice Semiconductor Corp		664
	175,248		Linear Technology Corp		10,927
	17,278	*	MA-COM Technology Solutions		800
	302,002		Marvell Technology Group Ltd		4,189
	206,782		Maxim Integrated Products, Inc		7,976
	40,851	*	MaxLinear, Inc		891
	156,190		Microchip Technology, Inc		10,020
	769,984	*	Micron Technology, Inc		16,878
	80,866	*	Microsemi Corp		4,364
	39,433		MKS Instruments, Inc		2,342
	29,204		Monolithic Power Systems, Inc		2,393
	18,167	*	Nanometrics, Inc		455
	21,168	*	NeoPhotonics Corp Ltd		229
	3,184		NVE Corp		227
	377,014		Nvidia Corp		40,242
	306,305	*	ON Semiconductor Corp		3,908
	20,605	*	PDF Solutions, Inc		465
	46,544	*	Photronics, Inc		526
	20,135		Power Integrations, Inc		1,366
	95,478	*	Qorvo, Inc		5,035
	1,089,782		Qualcomm, Inc		71,054
	84,186	*	Rambus, Inc		1,159
	19,603	*	Rudolph Technologies, Inc		458
	49,258	*	Semtech Corp		1,554
	25,567	*	Sigma Designs, Inc		153
	32,473	*	Silicon Laboratories, Inc		2,111
	140,115		Skyworks Solutions, Inc		10,461
	42,585	*,e	SunPower Corp		281
	151,007		Teradyne, Inc		3,836
	37,115		Tessera Holding Corp		1,640
	744,742		Texas Instruments, Inc		54,344
	23,500	*	Ultra Clean Holdings		228
	21,651	*	Ultratech, Inc		519
	29,696	*	Veeco Instruments, Inc		866
	72,788	*	Versum Materials, Inc		2,043

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	37,527	*	Xcerra Corp	$	287
	189,006		Xilinx, Inc		11,410
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		552,782

SOFTWARE & SERVICES - 11.6%
	27,302	*	2U, Inc		823
	32,215	*	A10 Networks, Inc		268
	462,130		Accenture plc		54,129
	86,241	*	ACI Worldwide, Inc		1,565
	415,887		Activision Blizzard, Inc		15,018
	32,107	*	Actua Corp		450
	57,158	*	Acxiom Corp		1,532
	360,931	*	Adobe Systems, Inc		37,158
	127,551	*	Akamai Technologies, Inc		8,505
	5,086	*,e	Alarm.com Holdings, Inc		142
	13,975	*,e	ALJ Regional Holdings, Inc		61
	42,590		Alliance Data Systems Corp		9,732
	218,118	*	Alphabet, Inc (Class A)		172,848
	220,468	*	Alphabet, Inc (Class C)		170,162
	11,882	*	Amber Road, Inc		108
	108,187		Amdocs Ltd		6,302
	15,720	*	American Software, Inc (Class A)		162
	32,146	*	Angie’s List, Inc		265
	64,274	*	Ansys, Inc		5,945
	7,274	*,e	Appfolio, Inc		174
	60,577	*	Aspen Technology, Inc		3,312
	21,954	*	Atlassian Corp plc		529
	6,972	*	Autobytel, Inc		94
	156,960	*	Autodesk, Inc		11,617
	338,066		Automatic Data Processing, Inc		34,746
	34,946	*	Bankrate, Inc		386
	16,098	*	Barracuda Networks, Inc		345
	59,668	*	Bazaarvoice, Inc		289
	9,345	*,e	Benefitfocus, Inc		278
	17,356	*	Black Knight Financial Services, Inc		656
	35,258		Blackbaud, Inc		2,257
	40,135	*	Blackhawk Network Holdings, Inc		1,512
	7,430	*	Blackline, Inc		205
	30,473	*	Blucora, Inc		449
	84,561		Booz Allen Hamilton Holding Co		3,050
	29,562	*	Bottomline Technologies, Inc		740
	35,331	*	Box, Inc		490
	20,694	*	Brightcove, Inc		167
	83,779		Broadridge Financial Solutions, Inc		5,555
	21,331	*	BroadSoft, Inc		880
	216,421		CA, Inc		6,876
	17,838	*	CACI International, Inc (Class A)		2,217
	216,614	*	Cadence Design Systems, Inc		5,463
	40,638	*	Callidus Software, Inc		683
	13,412	*	Carbonite, Inc		220
	33,955	*	Cardtronics plc		1,853
	13,954	*	Care.com, Inc		120
	8,603		Cass Information Systems, Inc		633
	115,322		CDK Global, Inc		6,884
	15,814	*	ChannelAdvisor Corp		227
	18,524	*	Cimpress NV		1,697

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	114,199	*	Citrix Systems, Inc	$	10,199
	446,446	*	Cognizant Technology Solutions Corp (Class A)		25,014
	19,734	*	CommerceHub, Inc		297
	9,867	*	CommerceHub, Inc (Series A)		148
	30,176	*	Commvault Systems, Inc		1,551
	102,849		Computer Sciences Corp		6,111
	35,972	*	comScore, Inc		1,136
	67,630		Convergys Corp		1,661
	37,259	*	Cornerstone OnDemand, Inc		1,576
	23,982	*	CoStar Group, Inc		4,520
	24,883		CSG Systems International, Inc		1,204
	121,590		CSRA, Inc		3,871
	15,267	*	Datalink Corp		172
	160,582	*	Dell Technologies, Inc-VMware Inc		8,827
	32,513	*	DHI Group, Inc		203
	5,437	*,e	Digimarc Corp		163
	24,289		DST Systems, Inc		2,603
	77,306		EarthLink Holdings Corp		436
	788,971	*	eBay, Inc		23,425
	18,276	e	Ebix, Inc		1,043
	214,843	*	Electronic Arts, Inc		16,921
	24,127	*	Ellie Mae, Inc		2,019
	43,380	*,e	Endurance International Group Holdings, Inc		403
	20,747	*	EnerNOC, Inc		124
	30,234	*	Envestnet, Inc		1,066
	35,527	*	EPAM Systems, Inc		2,285
	36,588	*	Euronet Worldwide, Inc		2,650
	48,388		EVERTEC, Inc		859
	9,749	*	EXA Corp		150
	24,918	*	ExlService Holdings, Inc		1,257
	1,665,926	*	Facebook, Inc		191,665
	23,064		Fair Isaac Corp		2,750
	241,246		Fidelity National Information Services, Inc		18,248
	112,549	*	FireEye, Inc		1,339
	67,170	*	First American Corp		2,474
	232,771	*	First Data Corp		3,303
	163,883	*	Fiserv, Inc		17,418
	24,005	*	Five9, Inc		341
	67,800	*	FleetCor Technologies, Inc		9,595
	8,265		Forrester Research, Inc		355
	107,542	*	Fortinet, Inc		3,239
	59,129	*	Gartner, Inc		5,976
	113,043	*	Genpact Ltd		2,751
	23,742	*	Gigamon, Inc		1,081
	113,930		Global Payments, Inc		7,908
	5,647	*	Global Sources Ltd		50
	18,803	*,e	Globant S.A.		627
	88,947	*,e	Glu Mobile, Inc		173
	34,640	*	GoDaddy, Inc		1,211
	42,541	*,e	Gogo, Inc		392
	59,590	*	GrubHub, Inc		2,242
	18,192	*	GTT Communications, Inc		523
	13,242	*	Guidance Software, Inc		94
	51,316	*	Guidewire Software, Inc		2,531
	17,956		Hackett Group, Inc		317
	29,372	*,e	Hortonworks, Inc		244

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	21,312	*	HubSpot, Inc	$	1,002
	52,417		IAC/InterActiveCorp		3,396
	21,130	*	Imperva, Inc		811
	24,668	*	Information Services Group, Inc		90
	7,972	*,e	Instructure, Inc		156
	652,388		International Business Machines Corp		108,290
	30,239	*	Intralinks Holdings, Inc		409
	179,875		Intuit, Inc		20,615
	35,564		j2 Global, Inc		2,909
	54,490		Jack Henry & Associates, Inc		4,838
	40,906	*	Jive Software, Inc		178
	97,759		Leidos Holdings, Inc		4,999
	50,961	*	Limelight Networks, Inc		128
	44,720	*	Lionbridge Technologies		259
	19,090	*	Liquidity Services, Inc		186
	40,701	*	Liveperson, Inc		307
	18,232	e	LogMeIn, Inc		1,760
	53,305	*	Manhattan Associates, Inc		2,827
	18,418		Mantech International Corp (Class A)		778
	25,119		Marchex, Inc (Class B)		67
	717,013		MasterCard, Inc (Class A)		74,031
	24,371	*,e	Match Group, Inc		417
	48,838		MAXIMUS, Inc		2,725
	31,242	*	MeetMe, Inc		154
	78,825		Mentor Graphics Corp		2,908
	5,626,117		Microsoft Corp		349,607
	6,844	*	MicroStrategy, Inc (Class A)		1,351
	10,993	*,e	MINDBODY, Inc		234
	22,456	*	Mitek Systems, Inc		138
	29,654	*	MobileIron, Inc		111
	14,483	*	Model N, Inc		128
	22,389	*	MoneyGram International, Inc		264
	29,292		Monotype Imaging Holdings, Inc		581
	3,876		NCI, Inc (Class A)		54
	39,936	*	NeuStar, Inc (Class A)		1,334
	16,291	*,e	New Relic, Inc		460
	48,579		NIC, Inc		1,161
	165,822	*	Nuance Communications, Inc		2,471
	10,739	*	Numerex Corp		79
	8,974	*	Nutanix, Inc		238
	2,201,331		Oracle Corp		84,641
	163,222	*,e	Pandora Media, Inc		2,128
	7,197	*	Park City Group, Inc		91
	238,868		Paychex, Inc		14,542
	32,485	*	Paycom Software, Inc		1,478
	15,762	*	Paylocity Holding Corp		473
	841,965	*	PayPal Holdings, Inc		33,232
	24,918		Pegasystems, Inc		897
	25,493	*	Perficient, Inc		446
	8,684	*	PFSweb, Inc		74
	30,646	*	Planet Payment, Inc		125
	38,195		Progress Software Corp		1,220
	30,192	*	Proofpoint, Inc		2,133
	17,256	*	PROS Holdings, Inc		371
	85,331	*	PTC, Inc		3,948
	18,985	*	Q2 Holdings, Inc		548

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,729		QAD, Inc (Class A)	$	235
	20,132	*	Qualys, Inc		637
	20,643	*	QuinStreet, Inc		78
	45,152	*	Quotient Technology, Inc		485
	14,504	*	Rapid7, Inc		177
	18,038	*	RealNetworks, Inc		88
	39,496	*	RealPage, Inc		1,185
	133,680	*	Red Hat, Inc		9,318
	6,528		Reis, Inc		145
	28,776	*	RetailMeNot, Inc		268
	8,995	*	Rightside Group Ltd		74
	43,553	*	RingCentral, Inc		897
	13,437	*	Rosetta Stone, Inc		120
	27,990	*	Rubicon Project, Inc		208
	151,223	e	Sabre Corp		3,773
	474,400	*	salesforce.com, Inc		32,477
	17,304		Sapiens International Corp NV		248
	32,302		Science Applications International Corp		2,739
	4,599	*	SecureWorks Corp		49
	117,075	*	ServiceNow, Inc		8,703
	46,932	*	ServiceSource International LLC		267
	14,547	*	Shutterstock, Inc		691
	26,176	*	Silver Spring Networks, Inc		348
	97,313	*	Splunk, Inc		4,978
	12,246	*	SPS Commerce, Inc		856
	38,308	*	Square, Inc		522
	120,989		SS&C Technologies Holdings, Inc		3,460
	11,844	*,e	Stamps.com, Inc		1,358
	29,262	*	Sykes Enterprises, Inc		845
	456,048		Symantec Corp		10,895
	30,290	*	Synchronoss Technologies, Inc		1,160
	107,461	*	Synopsys, Inc		6,325
	23,254	e	Syntel, Inc		460
	40,894	*	Tableau Software, Inc		1,724
	62,894	*	Take-Two Interactive Software, Inc		3,100
	29,444	*	Tangoe, Inc		232
	12,153	*	TechTarget, Inc		104
	20,400	*	TeleNav, Inc		144
	13,212		TeleTech Holdings, Inc		403
	95,609	*	Teradata Corp		2,598
	87,321	*	TiVo Corp		1,825
	123,217		Total System Services, Inc		6,041
	7,021	*	Trade Desk, Inc		194
	85,621		Travelport Worldwide Ltd		1,207
	36,314	*,e	TrueCar, Inc		454
	15,121	*,e	Twilio, Inc		436
	470,865	*	Twitter, Inc		7,675
	24,473	*	Tyler Technologies, Inc		3,494
	20,396	*	Ultimate Software Group, Inc		3,719
	38,674	*,e	Unisys Corp		578
	114,898	*	Vantiv, Inc		6,850
	7,614	*	Varonis Systems, Inc		204
	21,489	*	Vasco Data Security International		293
	45,384	*	Verint Systems, Inc		1,600
	70,442	*,e	VeriSign, Inc		5,359
	32,131	*,e	VirnetX Holding Corp		71

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	21,946	*	Virtusa Corp	$	551
	1,417,127		Visa, Inc (Class A)		110,564
	59,283	*	VMware, Inc (Class A)		4,667
	27,469	*,e	WebMD Health Corp (Class A)		1,362
	32,723	*	Website Pros, Inc		692
	361,738		Western Union Co		7,857
	28,569	*	WEX, Inc		3,188
	86,519	*	Workday, Inc		5,718
	16,351	*,e	Workiva, Inc		223
	16,652	*	Xactly Corp		183
	750,019		Xerox Corp		6,548
	19,259	*	XO Group, Inc		375
	640,938	*	Yahoo!, Inc		24,785
	49,133	*	Yelp, Inc		1,873
	60,059	*	Zendesk, Inc		1,273
	38,071	*,e	Zillow Group, Inc		1,388
	76,096	*,e	Zillow Group, Inc (Class C)		2,775
	47,197	*	Zix Corp		233
	565,694	*	Zynga, Inc		1,454
			TOTAL SOFTWARE & SERVICES		2,035,401

TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%
	80,518	*,e	3D Systems Corp		1,070
	39,852		Adtran, Inc		891
	16,323	*	Aerohive Networks, Inc		93
	11,056	*	Agilysys, Inc		115
	222,925		Amphenol Corp (Class A)		14,981
	21,094	*	Anixter International, Inc		1,710
	4,070,171		Apple, Inc		471,407
	11,231	*,e	Applied Optoelectronics, Inc		263
	28,921	*	Arista Networks, Inc		2,799
	139,939	*	ARRIS International plc		4,216
	66,366	*	Arrow Electronics, Inc		4,732
	24,161	*	Avid Technology, Inc		106
	92,405		Avnet, Inc		4,399
	34,410		AVX Corp		538
	20,748		Badger Meter, Inc		767
	7,316		Bel Fuse, Inc (Class B)		226
	30,967		Belden CDT, Inc		2,315
	39,122	*	Benchmark Electronics, Inc		1,193
	12,526		Black Box Corp		191
	299,301		Brocade Communications Systems, Inc		3,738
	26,799	*	CalAmp Corp		389
	28,887	*	Calix, Inc		222
	120,330		CDW Corp		6,268
	101,053	*	Ciena Corp		2,467
	3,736,724		Cisco Systems, Inc		112,924
	8,964	*,e	Clearfield, Inc		186
	60,271		Cognex Corp		3,834
	17,685	*	Coherent, Inc		2,430
	94,899	*	CommScope Holding Co, Inc		3,530
	11,551		Comtech Telecommunications Corp		137
	15,682	*	Control4 Corp		160
	699,847		Corning, Inc		16,985
	16,854	e	CPI Card Group, Inc		70
	29,620	*	Cray, Inc		613

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	23,637		CTS Corp	$	530
	27,847		Daktronics, Inc		298
	47,853		Diebold, Inc		1,204
	18,652	*	Digi International, Inc		256
	36,841		Dolby Laboratories, Inc (Class A)		1,665
	13,533	*	Eastman Kodak Co		210
	32,770	*	EchoStar Corp (Class A)		1,684
	21,493	*	Electro Scientific Industries, Inc		127
	35,264	*	Electronics for Imaging, Inc		1,547
	18,982		EMCORE Corp		165
	4,639	*	ePlus, Inc		534
	79,396	*	Extreme Networks, Inc		399
	49,815	*	F5 Networks, Inc		7,209
	26,560	*	Fabrinet		1,070
	12,851	*	FARO Technologies, Inc		463
	76,718	*	Finisar Corp		2,322
	94,067	*	Fitbit, Inc		689
	101,102		Flir Systems, Inc		3,659
	67,185	*	Harmonic, Inc		336
	91,398		Harris Corp		9,366
	1,285,243		Hewlett Packard Enterprise Co		29,741
	1,269,771		HP, Inc		18,843
	43,712	*	II-VI, Inc		1,296
	21,661	*	Immersion Corp		230
	103,799	*	Infinera Corp		881
	26,955	*	Insight Enterprises, Inc		1,090
	26,730		InterDigital, Inc		2,442
	57,029	*	InvenSense, Inc		729
	25,418	*	IPG Photonics Corp		2,509
	25,976	*	Itron, Inc		1,633
	47,261	*	Ixia		761
	137,065		Jabil Circuit, Inc		3,244
	274,300		Juniper Networks, Inc		7,752
	125,388	*	Keysight Technologies, Inc		4,585
	21,162	*	Kimball Electronics, Inc		385
	64,648	*,e	Knowles Corp		1,080
	10,929	*	KVH Industries, Inc		129
	16,323		Littelfuse, Inc		2,477
	37,299	*	Lumentum Holdings, Inc		1,442
	24,482	*,e	Maxwell Technologies, Inc		125
	1,988		Mesa Laboratories, Inc		244
	26,896		Methode Electronics, Inc		1,112
	129,298		Motorola, Inc		10,718
	11,234		MTS Systems Corp		637
	76,834		National Instruments Corp		2,368
	91,730	*	NCR Corp		3,721
	215,405		NetApp, Inc		7,597
	23,887	*	Netgear, Inc		1,298
	67,183	*	Netscout Systems, Inc		2,116
	45,808	*	Nimble Storage, Inc		363
	25,552	*	Novanta, Inc		537
	94,889	*	Oclaro, Inc		849
	12,827	*	OSI Systems, Inc		976
	64,548	*	Palo Alto Networks, Inc		8,072
	16,460		Park Electrochemical Corp		307
	8,216		PC Connection, Inc		231

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	24,496		Plantronics, Inc	$	1,341
	25,402	*	Plexus Corp		1,373
	51,628	*	Pure Storage, Inc		584
	26,581	*	Radisys Corp		118
	13,791	*	Rogers Corp		1,059
	51,327	*	Sanmina Corp		1,881
	21,738	*	Scansource, Inc		877
	49,410	*	ShoreTel, Inc		353
	3,876		Silicom Ltd		159
	37,508	*	Sonus Networks, Inc		236
	37,383	*,e	Stratasys Ltd		618
	27,221	*	Super Micro Computer, Inc		764
	25,356	*	Synaptics, Inc		1,359
	21,522		SYNNEX Corp		2,605
	9,938		Systemax, Inc		87
	25,846	*	Tech Data Corp		2,189
	187,156	*	Trimble Navigation Ltd		5,643
	53,380	*	TTM Technologies, Inc		728
	19,221	*	Ubiquiti Networks, Inc		1,111
	30,627	*	Universal Display Corp		1,724
	28,420	*,e	USA Technologies, Inc		122
	84,224	*	VeriFone Systems, Inc		1,493
	36,943	*	Viasat, Inc		2,446
	173,185	*	Viavi Solutions, Inc		1,417
	100,754		Vishay Intertechnology, Inc		1,632
	9,508	*	Vishay Precision Group, Inc		180
	209,551		Western Digital Corp		14,239
	38,312	*	Zebra Technologies Corp (Class A)		3,286
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		871,842

TELECOMMUNICATION SERVICES - 2.4%
	66,124	*	8x8, Inc		946
	4,571,550		AT&T, Inc		194,428
	7,918		ATN International, Inc		634
	27,406	*	Boingo Wireless, Inc		334
	393,053		CenturyTel, Inc		9,347
	29,963	*	Cincinnati Bell, Inc		670
	34,230		Cogent Communications Group, Inc		1,415
	38,388	e	Consolidated Communications Holdings, Inc		1,031
	16,551	*	Fairpoint Communications, Inc		309
	861,250	e	Frontier Communications Corp		2,911
	24,304	*	General Communication, Inc (Class A)		473
	280,242	*,e	Globalstar, Inc		443
	7,568	*	Hawaiian Telcom Holdco, Inc		187
	10,513		IDT Corp (Class B)		195
	25,073		Inteliquent, Inc		575
	60,764	*,e	Iridium Communications, Inc		583
	217,035	*	Level 3 Communications, Inc		12,232
	16,622	*	Lumos Networks Corp		260
	28,412	*,e	NII Holdings, Inc		61
	44,329	*	Orbcomm, Inc		367
	9,439	*,e	pdvWireless, Inc		213
	91,873	*	SBA Communications Corp (Class A)		9,487
	36,302		Shenandoah Telecom Co		991
	17,224		Spok Holdings, Inc		357
	563,564	*,e	Sprint Corp		4,745

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	6,721	*,e	Straight Path Communications, Inc	$	228
	70,982		Telephone & Data Systems, Inc		2,049
	212,044	*	T-Mobile US, Inc		12,195
	9,529	*	US Cellular Corp		417
	3,030,990		Verizon Communications, Inc		161,794
	137,981	*	Vonage Holdings Corp		945
	71,392	e	Windstream Holdings, Inc		523
	121,065	*	Zayo Group Holdings, Inc		3,978
			TOTAL TELECOMMUNICATION SERVICES		425,323

TRANSPORTATION - 2.2%
	40,179	*	Air Transport Services Group, Inc		641
	88,863		Alaska Air Group, Inc		7,885
	10,697		Allegiant Travel Co		1,780
	4,641		Amerco, Inc		1,715
	392,244		American Airlines Group, Inc		18,314
	19,331		Arkansas Best Corp		535
	18,341	*	Atlas Air Worldwide Holdings, Inc		957
	62,902	*	Avis Budget Group, Inc		2,307
	20,049	e	Celadon Group, Inc		143
	104,022		CH Robinson Worldwide, Inc		7,621
	23,025		Copa Holdings S.A. (Class A)		2,091
	19,472		Costamare, Inc		109
	8,672	*	Covenant Transportation Group, Inc		168
	703,642		CSX Corp		25,282
	568,002		Delta Air Lines, Inc		27,940
	21,969	*	Echo Global Logistics, Inc		550
	134,751		Expeditors International of Washington, Inc		7,136
	183,981		FedEx Corp		34,257
	22,919		Forward Air Corp		1,086
	41,033	*	Genesee & Wyoming, Inc (Class A)		2,848
	38,821	*	Hawaiian Holdings, Inc		2,213
	31,397		Heartland Express, Inc		639
	53,667	*	Hertz Global Holdings, Inc		1,157
	24,562	*	Hub Group, Inc (Class A)		1,075
	65,830		J.B. Hunt Transport Services, Inc		6,390
	239,760	*	JetBlue Airways Corp		5,376
	80,060		Kansas City Southern Industries, Inc		6,793
	39,101	*	Kirby Corp		2,600
	49,465		Knight Transportation, Inc		1,635
	31,224		Landstar System, Inc		2,663
	55,340		Macquarie Infrastructure Co LLC		4,521
	17,739		Marten Transport Ltd		413
	32,238		Matson, Inc		1,141
	218,394		Norfolk Southern Corp		23,602
	50,044	*	Old Dominion Freight Line		4,293
	2,470	*	PAM Transportation Services, Inc		64
	6,136		Park-Ohio Holdings Corp		261
	29,335	*	Radiant Logistics, Inc		114
	20,933	*	Roadrunner Transportation Services Holdings, Inc		218
	39,438		Ryder System, Inc		2,936
	18,094	*	Saia, Inc		799
	75,173	*	Scorpio Bulkers, Inc		380
	37,279		Skywest, Inc		1,359
	471,862		Southwest Airlines Co		23,518
	53,061	*	Spirit Airlines, Inc		3,070

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	56,718	*	Swift Transportation Co, Inc	$	1,382
	625,747		Union Pacific Corp		64,877
	235,540	*	United Continental Holdings, Inc		17,166
	513,051		United Parcel Service, Inc (Class B)		58,816
	6,297		Universal Truckload Services, Inc		103
	7,128	*	USA Truck, Inc		62
	32,839		Werner Enterprises, Inc		885
	44,920	*	Wesco Aircraft Holdings, Inc		672
	72,099	*	XPO Logistics, Inc		3,112
	23,809	*	YRC Worldwide, Inc		316
			TOTAL TRANSPORTATION		387,986

UTILITIES - 3.1%
	489,784		AES Corp		5,691
	36,666		Allete, Inc		2,354
	168,853		Alliant Energy Corp		6,398
	179,688		Ameren Corp		9,426
	364,032		American Electric Power Co, Inc		22,919
	29,456		American States Water Co		1,342
	132,288		American Water Works Co, Inc		9,572
	132,006		Aqua America, Inc		3,965
	4,909		Artesian Resources Corp		157
	92,825		Atlantic Power Corp		232
	43,641		Atlantica Yield plc		844
	73,233		Atmos Energy Corp		5,430
	41,780		Avangrid, Inc		1,583
	45,672		Avista Corp		1,826
	38,044	e	Black Hills Corp		2,334
	35,650		California Water Service Group		1,209
	267,147	*	Calpine Corp		3,054
	320,765		Centerpoint Energy, Inc		7,904
	10,716		Chesapeake Utilities Corp		717
	203,302		CMS Energy Corp		8,461
	8,405		Connecticut Water Service, Inc		469
	229,341		Consolidated Edison, Inc		16,898
	10,961		Consolidated Water Co, Inc		119
	4,925		Delta Natural Gas Co, Inc		144
	456,632		Dominion Resources, Inc		34,973
	133,148		DTE Energy Co		13,116
	512,106		Duke Energy Corp		39,750
	85,842	*	Dynegy, Inc		726
	233,776		Edison International		16,830
	30,616		El Paso Electric Co		1,424
	36,055		Empire District Electric Co		1,229
	130,803		Entergy Corp		9,610
	234,210		Eversource Energy		12,935
	654,773		Exelon Corp		23,238
	47,286	*,m	Ferroglobe plc		0
	312,527		FirstEnergy Corp		9,679
	9,378		Genie Energy Ltd		54
	6,410	e	Global Water Resources, Inc		58
	153,232		Great Plains Energy, Inc		4,191
	79,361		Hawaiian Electric Industries, Inc		2,624
	37,236		Idacorp, Inc		2,999
	144,429		MDU Resources Group, Inc		4,155
	26,250		MGE Energy, Inc		1,714

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,759		Middlesex Water Co	$	505
	57,193	e	National Fuel Gas Co		3,239
	63,442		New Jersey Resources Corp		2,252
	342,348		NextEra Energy, Inc		40,897
	234,601		NiSource, Inc		5,194
	22,143		Northwest Natural Gas Co		1,324
	35,802		NorthWestern Corp		2,036
	234,043		NRG Energy, Inc		2,869
	34,930		NRG Yield, Inc (Class A)		537
	47,061		NRG Yield, Inc (Class C)		744
	147,340		OGE Energy Corp		4,929
	38,369		ONE Gas, Inc		2,454
	28,629		Ormat Technologies, Inc		1,535
	27,545		Otter Tail Corp		1,124
	42,747		Pattern Energy Group, Inc		812
	370,187		PG&E Corp		22,496
	80,566		Pinnacle West Capital Corp		6,287
	58,763		PNM Resources, Inc		2,016
	65,858		Portland General Electric Co		2,854
	498,491		PPL Corp		16,974
	373,339		Public Service Enterprise Group, Inc		16,382
	96,341		SCANA Corp		7,060
	185,179		Sempra Energy		18,636
	12,005		SJW Corp		672
	58,642		South Jersey Industries, Inc		1,976
	704,594		Southern Co		34,659
	34,400		Southwest Gas Corp		2,636
	3,772	e	Spark Energy, Inc		114
	32,340		Spire, Inc		2,088
	65,781		TerraForm Global, Inc		260
	63,597	e	TerraForm Power, Inc		815
	128,103		UGI Corp		5,903
	10,272		Unitil Corp		466
	61,078		Vectren Corp		3,185
	15,334	*,e	Vivint Solar, Inc		39
	233,695		WEC Energy Group, Inc		13,706
	106,791		Westar Energy, Inc		6,018
	36,819		WGL Holdings, Inc		2,809
	378,136		Xcel Energy, Inc		15,390
	9,006		York Water Co		344
			TOTAL UTILITIES		546,589
			TOTAL COMMON STOCKS		17,440,163
			(Cost $9,177,680)

RIGHTS / WARRANTS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
	1,387	m	Emergent Capital, Inc		0
			TOTAL DIVERSIFIED FINANCIALS		0

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

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

VALUE

SHARES

COMPANY

(000)

SOFTWARE & SERVICES - 0.0%

19,206

Gerber Scientific, Inc

TOTAL SOFTWARE & SERVICES

TELECOMMUNICATION SERVICES - 0.0%

46,753

Leap Wireless International, Inc

118

TOTAL TELECOMMUNICATION SERVICES

118

TOTAL RIGHTS / WARRANTS

134

(Cost $118)

MATURITY

PRINCIPAL

ISSUER

RATE

DATE

SHORT-TERM INVESTMENTS - 1.7%

TREASURY DEBT - 0.3%

17,880,000

United States Treasury Bill

0.390

01/05/17

17,880

37,000,000

United States Treasury Bill

0.501

04/27/17

36,936

TOTAL TREASURY DEBT

54,816

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%

232,039,966

State Street Navigator Securities Lending Government Money Market Portfolio

232,040

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

232,040

TOTAL SHORT-TERM INVESTMENTS

286,856

(Cost $286,860)

TOTAL INVESTMENTS - 101.5%

17,727,153

(Cost $9,464,658)

OTHER ASSETS & LIABILITIES, NET - (1.5)%

(260,051

)

NET ASSETS - 100.0%

17,467,102


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

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $222,154,000.
m		Indicates a security that has been deemed illiquid.

		Cost amounts are in thousands.

291

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.6%

CAPITAL GOODS - 0.0%
$	995,702	i	TransDigm, Inc		3.998	%	05/14/22	$	1,004
			TOTAL CAPITAL GOODS						1,004

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	1,000,000	i	B/E Aerospace Inc		3.850		12/16/21		1,004
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,004

CONSUMER DURABLES & APPAREL - 0.0%
	1,019,362	i	Hanesbrands, Inc		3.250		04/29/22		1,026
			TOTAL CONSUMER DURABLES & APPAREL						1,026

CONSUMER SERVICES - 0.1%
	743,181	i	Boyd Gaming Corp		4.000		08/14/20		750
	820,885	i	Boyd Gaming Corp		3.772		09/15/23		830
	338,388	i	Hilton Worldwide Finance LLC		3.500		10/26/20		341
	3,446,978	i	Hilton Worldwide Finance LLC		3.256		10/25/23		3,484
	722,105	i	KFC Holding Co		3.486		06/16/23		732
			TOTAL CONSUMER SERVICES						6,137

DIVERSIFIED FINANCIALS - 0.0%
	1,900,640	i	TransUnion LLC		3.520		04/09/21		1,916
			TOTAL DIVERSIFIED FINANCIALS						1,916

ENERGY - 0.0%
	1,720,000	i	California Resources Corp		11.375		12/31/21		1,906
	83,270	i	Granite Acquisition, Inc		5.000		12/17/21		83
	1,851,551	i	Granite Acquisition, Inc		5.000		12/19/21		1,853
			TOTAL ENERGY						3,842

FOOD & STAPLES RETAILING - 0.0%
	3,466,871	i	Albertsons LLC		3.770		08/22/21		3,505
	209,524	i	Albertsons LLC		4.750		06/23/23		212
			TOTAL FOOD & STAPLES RETAILING						3,717

FOOD, BEVERAGE & TOBACCO - 0.0%
	2,000,000	i	B&G Foods, Inc		3.750		11/02/22		2,024
			TOTAL FOOD, BEVERAGE & TOBACCO						2,024

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	3,521,970	i	Capsugel Holdings US, Inc		4.000		07/31/21		3,530
	289,383	i	CHS/Community Health Systems		4.000		01/27/21		280
	1,653,250	i	DaVita HealthCare Partners, Inc		3.520		06/24/21		1,667
	4,885,410	i	Quintiles IMS, Inc		3.500		03/17/21		4,913
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						10,390

292

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
MATERIALS - 0.1%
$	2,000,000	i	American Builders & Contractors Supply Co, Inc		3.520	%	10/31/23	$	2,017
	2,374,671	i	Berry Plastics Group, Inc		3.750		10/01/22		2,397
	2,863,725	i	Minerals Technologies, Inc		3.760		05/10/21		2,890
	1,430,096	i	PolyOne Corp		3.500		11/12/22		1,444
			TOTAL MATERIALS						8,748

MEDIA - 0.1%
	4,062,500	i	CBS Outdoor Americas Capital LLC		3.020		02/01/21		4,070
	986,842	i	CSC Holdings LLC		3.876		10/11/24		997
	102,273	i	Mission Broadcasting, Inc		3.000		09/26/23		103
	4,319,047	i	MTL Publishing LLC		3.385		08/19/22		4,342
	1,147,727	i	Nexstar Broadcasting, Inc		3.000		09/26/23		1,157
	3,029,946	i	Virgin Media Bristol LLC		1.000		01/31/25		3,042
	3,029,946	i	Virgin Media Investment Holdings Ltd		3.486		06/30/23		3,035
			TOTAL MEDIA						16,746

REAL ESTATE - 0.1%
	3,946,593	i	DTZ US Borrower LLC		4.250		11/04/21		3,965
	1,664,108	i	MGM Growth Properties LLC		3.520		04/25/23		1,682
			TOTAL REAL ESTATE						5,647

RETAILING - 0.0%
	1,976,824	i	Avis Budget Car Rental LLC		3.500		03/15/22		1,988
	158,544	i	Dollar Tree, Inc		3.250		07/06/22		160
	837,250	i	PetSmart, Inc		4.000		03/11/22		839
			TOTAL RETAILING						2,987

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	1,499,438	i	Versum Materials, Inc		3.498		09/29/23		1,514
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,514

SOFTWARE & SERVICES - 0.0%
	1,697,794	i	CSRA, Inc		3.435		11/30/23		1,718
	169,083	i	SS&C Technologies Holdings Europe SARL		4.000		07/08/22		171
	1,453,801	i	SS&C Technologies Holdings, Inc		4.000		07/08/22		1,473
			TOTAL SOFTWARE & SERVICES						3,362

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	4,038,169	i	Avago Technologies Cayman Finance Ltd		3.704		02/01/23		4,094
	1,212,750	i	CommScope, Inc		3.270		12/29/22		1,223
	4,688,751	i	NXP BV		3.270		01/10/20		4,700
	208,409	i	NXP BV		3.405		12/07/20		209
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						10,226

TELECOMMUNICATION SERVICES - 0.0%
	997,185	i	T-Mobile USA, Inc		3.520		11/09/22		1,009
			TOTAL TELECOMMUNICATION SERVICES						1,009

			TOTAL BANK LOAN OBLIGATIONS						81,299
			(Cost $80,342)

293

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BONDS - 96.3%

CORPORATE BONDS - 36.0%

AUTOMOBILES & COMPONENTS - 0.5%
EUR	1,550,000	g	Adient Global Holdings Ltd		3.500	%	08/15/24	$	1,653
$	590,000	g	Adient Global Holdings Ltd		4.875		08/15/26		578
	960,000	g	Allison Transmission, Inc		5.000		10/01/24		970
	9,650,000	g	BMW US Capital LLC		2.000		04/11/21		9,462
	5,750,000	g	BMW US Capital LLC		2.800		04/11/26		5,529
EUR	1,250,000		Daimler AG.		0.875		01/12/21		1,354
$	4,050,000		Delphi Automotive plc		3.150		11/19/20		4,112
	3,175,000		Delphi Automotive plc		4.400		10/01/46		2,911
	4,600,000		Ford Motor Co		4.346		12/08/26		4,642
EUR	1,000,000	g	Gates Global LLC		5.750		07/15/22		999
$	470,000	g	Gates Global LLC		6.000		07/15/22		460
	6,950,000		General Motors Co		6.600		04/01/36		7,933
	4,975,000		General Motors Co		6.750		04/01/46		5,824
	1,775,000	g	Hyundai Capital America		2.000		07/01/19		1,761
	400,000	g	Hyundai Capital America		1.750		09/27/19		394
	2,425,000	g	Hyundai Capital America		2.600		03/19/20		2,406
	3,000,000	g	Hyundai Capital America		2.750		09/27/26		2,721
	200,000	g,o	IHO Verwaltungs GmbH		4.125		09/15/21		202
	200,000	g,o	IHO Verwaltungs GmbH		4.500		09/15/23		196
EUR	400,000	g	IHO Verwaltungs GmbH		3.750		09/15/26		420
$	8,675,000		Magna International, Inc		3.625		06/15/24		8,720
	600,000	g	Schaeffler Finance BV		4.750		05/15/23		609
	1,000,000		Tenneco, Inc		5.000		07/15/26		981
	175,000	g	ZF North America Capital, Inc		4.500		04/29/22		180
	1,000,000	g	ZF North America Capital, Inc		4.750		04/29/25		1,018
			TOTAL AUTOMOBILES & COMPONENTS						66,035

BANKS - 5.9%
	6,950,000	g	ANZ New Zealand Int’l Ltd		2.125		07/28/21		6,756
	4,000,000	g	Banco de Bogota S.A.		6.250		05/12/26		4,080
	3,825,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		3,748
	2,500,000	g,i	Banco Nacional de Comercio Exterior SNC		3.800		08/11/26		2,341
	400,000	g	Banco Nacional de Costa Rica		5.875		04/25/21		403
	5,000,000	g	Bank Nederlandse Gemeenten		2.625		04/28/21		5,072
	18,550,000		Bank of America Corp		5.300		03/15/17		18,694
	8,525,000		Bank of America Corp		6.000		09/01/17		8,772
	15,900,000		Bank of America Corp		2.151		11/09/20		15,683
	10,200,000		Bank of America Corp		3.875		08/01/25		10,358
	200,000		Bank of America Corp		4.250		10/22/26		202
	28,050,000		Bank of America Corp		3.248		10/21/27		26,735
	6,075,000		Bank of America Corp		4.750		04/21/45		6,148
	25,000,000		Bank of Nova Scotia		2.125		09/11/19		25,116
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		5,857
	5,450,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		5,445
	7,100,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		7,060
	6,700,000		Barclays plc		3.650		03/16/25		6,470
	500,000		Barclays plc		5.200		05/12/26		507
	4,625,000	g	BNP Paribas S.A.		4.375		05/12/26		4,558
	3,200,000		Branch Banking & Trust Co		2.300		10/15/18		3,231

294

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,500,000	g	Caixa Economica Federal		3.500	%	11/07/22	$	2,250
	11,850,000		Capital One Bank USA NA		2.950		07/23/21		11,883
	4,500,000		Capital One Bank USA NA		3.375		02/15/23		4,453
	11,875,000		Citigroup, Inc		3.200		10/21/26		11,338
	33,500,000		Citigroup, Inc		4.125		07/25/28		33,037
	175,000		Citigroup, Inc		4.650		07/30/45		184
	10,000,000	i	Citigroup, Inc		5.350		12/30/49		9,425
	2,775,000		Citizens Bank NA		2.550		05/13/21		2,756
	2,350,000		Citizens Financial Group, Inc		2.375		07/28/21		2,302
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,065
	5,275,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		5,720
	13,700,000		Cooperatieve Rabobank UA		2.500		01/19/21		13,687
	17,725,000		Cooperatieve Rabobank UA		3.750		07/21/26		17,350
	4,825,000	g	Credit Agricole S.A.		2.500		04/15/19		4,850
	5,500,000	g	Credit Agricole S.A.		2.375		07/01/21		5,411
	3,800,000	g	DBS Group Holdings Ltd		2.246		07/16/19		3,821
EUR	200,000		Deutsche Bank AG.		1.250		09/08/21		212
$	3,125,000		Discover Bank		3.100		06/04/20		3,160
	4,875,000		Discover Bank		3.200		08/09/21		4,899
	3,400,000	g	Export Credit Bank of Turkey		5.375		10/24/23		3,154
	2,075,000	g	Export-Import Bank of India		3.375		08/05/26		1,936
EUR	1,000,000		FCE Bank plc		1.134		02/10/22		1,062
$	2,300,000	g	GTH Finance BV		7.250		04/26/23		2,466
	7,350,000	g	HSBC Bank plc		4.125		08/12/20		7,709
	20,525,000		HSBC Holdings plc		2.650		01/05/22		20,064
	250,000		HSBC Holdings plc		4.250		08/18/25		252
	12,825,000		HSBC Holdings plc		3.900		05/25/26		12,894
	3,825,000		HSBC Holdings plc		4.375		11/23/26		3,848
	100,000		HSBC Holdings plc		5.250		03/14/44		107
	5,000,000		HSBC USA, Inc		1.625		01/16/18		4,991
	3,550,000		Industrial & Commercial Bank of China Ltd		2.452		10/20/21		3,460
EUR	250,000		Intesa Sanpaolo S.p.A		3.500		01/17/22		294
$	400,000	g	Itau Unibanco Holding S.A.		5.125		05/13/23		396
	12,925,000		JPMorgan Chase & Co		2.750		06/23/20		13,033
	16,725,000		JPMorgan Chase & Co		2.295		08/15/21		16,400
	4,850,000		JPMorgan Chase & Co		2.700		05/18/23		4,740
	20,400,000		JPMorgan Chase & Co		3.200		06/15/26		19,937
	21,275,000		JPMorgan Chase & Co		2.950		10/01/26		20,276
	200,000		JPMorgan Chase & Co		4.950		06/01/45		213
	3,750,000	i	JPMorgan Chase & Co		5.150		12/30/49		3,586
	2,700,000		KeyBank NA		2.500		12/15/19		2,727
	3,325,000		Lloyds Banking Group plc		3.100		07/06/21		3,363
	4,475,000	g	Macquarie Bank Ltd		2.600		06/24/19		4,504
	9,950,000		Manufacturers & Traders Trust Co		2.100		02/06/20		9,916
	5,925,000		Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		6,078
AUD	500,000		National Australia Bank Ltd		5.000		03/11/24		392
$	13,600,000		National Australia Bank Ltd		2.500		07/12/26		12,609
	1,500,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,539
	2,325,000	g	PKO Finance AB		4.630		09/26/22		2,395
	10,400,000		PNC Bank NA		2.200		01/28/19		10,451
	11,475,000		PNC Bank NA		2.250		07/02/19		11,540
	17,000,000		PNC Bank NA		2.600		07/21/20		17,134
	10,950,000		PNC Bank NA		2.700		11/01/22		10,767
	17,395,000		PNC Bank NA		2.950		01/30/23		17,126

295

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,000,000		PNC Financial Services Group, Inc		3.900	%	04/29/24	$	6,144
	4,900,000	g,i	Rabobank Nederland NV		11.000		12/30/49		5,759
	12,000,000		Royal Bank of Canada		1.200		09/19/17		11,984
	40,000,000		Royal Bank of Canada		1.875		02/05/20		39,770
EUR	1,200,000		Santander International Debt SAU		1.375		12/14/22		1,314
$	15,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,939
	13,100,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		13,101
SEK	19,000,000		Skandinaviska Enskilda Banken AB		1.500		12/15/21		2,169
$	3,800,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		3,830
	6,650,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		6,632
	4,025,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		4,098
	13,875,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		13,637
	6,850,000		SunTrust Banks, Inc		2.900		03/03/21		6,941
	5,700,000		SunTrust Banks, Inc		2.750		05/01/23		5,553
	5,000,000		Toronto-Dominion Bank		1.450		09/06/18		4,976
	13,700,000		Toronto-Dominion Bank		2.500		12/14/20		13,773
	2,350,000	i	Toronto-Dominion Bank		3.625		09/15/31		2,309
	2,800,000	g	Turkiye Halk Bankasi AS.		5.000		07/13/21		2,616
	2,350,000	g	Turkiye Is Bankasi		3.750		10/10/18		2,315
	2,775,000	g	Turkiye Is Bankasi		5.500		04/21/19		2,802
	2,100,000	g	Turkiye Is Bankasi		5.500		04/21/22		1,982
	7,100,000		Union Bank NA		2.125		06/16/17		7,123
	5,700,000		UnionBanCal Corp		3.500		06/18/22		5,822
	17,650,000		US Bank NA		2.800		01/27/25		17,201
	10,000,000	g	Westpac Banking Corp		1.850		11/26/18		10,007
	8,600,000		Westpac Banking Corp		2.000		08/19/21		8,341
AUD	600,000		Westpac Banking Corp		5.250		11/21/23		478
$	11,475,000		Westpac Banking Corp		2.700		08/19/26		10,858
	8,475,000	i	Westpac Banking Corp		4.322		11/23/31		8,457
			TOTAL BANKS						797,329

CAPITAL GOODS - 0.9%
GBP	1,000,000		BAE Systems plc		4.125		06/08/22		1,388
EUR	1,000,000		Bayer AG.		1.875		01/25/21		1,124
$	2,075,000		Eaton Corp		4.000		11/02/32		2,043
	250,000		Eaton Corp		4.150		11/02/42		244
	4,000,000		Embraer Netherlands Finance BV		5.050		06/15/25		3,976
	11,475,000		General Dynamics Corp		2.125		08/15/26		10,584
GBP	1,000,000		Glencore Finance Europe S.A.		6.500		02/27/19		1,350
$	1,500,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,474
	1,300,000	g	Huntington Ingalls Industries, Inc		5.000		12/15/21		1,352
EUR	1,000,000		Illinois Tool Works, Inc		1.250		05/22/23		1,093
$	4,250,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		4,307
	8,350,000		Lockheed Martin Corp		2.500		11/23/20		8,414
	5,200,000		Lockheed Martin Corp		3.550		01/15/26		5,306
	200,000		Lockheed Martin Corp		4.700		05/15/46		217
	6,375,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		6,356
	9,825,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		9,652
	1,239,460	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		357
	1,682,400	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		446
	4,925,000		Rockwell Automation, Inc		2.050		03/01/20		4,905
	2,025,000		Roper Technologies, Inc		3.800		12/15/26		2,038
	11,300,000	g	Siemens Financieringsmaatschappij NV		1.700		09/15/21		10,845

296

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,300,000	g	Siemens Financieringsmaatschappij NV		2.350	%	10/15/26	$	10,443
	350,000	g	Stena AB		7.000		02/01/24		310
	2,075,000		Textron, Inc		3.875		03/01/25		2,084
	12,950,000		Timken Co		3.875		09/01/24		12,675
	5,200,000	g	TSMC Global Ltd		1.625		04/03/18		5,179
	8,225,000		United Technologies Corp		3.750		11/01/46		7,811
			TOTAL CAPITAL GOODS						115,973

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	2,105,000		21st Century Fox America, Inc		7.625		11/30/28		2,694
	1,578,000		21st Century Fox America, Inc		6.550		03/15/33		1,913
	7,375,000		21st Century Fox America, Inc		6.900		08/15/39		9,247
	1,250,000		AECOM		5.750		10/15/22		1,321
	4,875,000		AECOM		5.875		10/15/24		5,205
	7,175,000		Air Lease Corp		3.875		04/01/21		7,372
	10,275,000	g	Daimler Finance North America LLC		2.000		07/06/21		9,968
	13,800,000	g	Daimler Finance North America LLC		2.200		10/30/21		13,472
	7,950,000	g	Daimler Finance North America LLC		3.300		05/19/25		7,863
	12,550,000		Equifax, Inc		3.250		06/01/26		12,170
	2,825,000		Quest Diagnostics, Inc		3.450		06/01/26		2,782
	10,290,000		Republic Services, Inc		3.800		05/15/18		10,575
	5,375,000		Republic Services, Inc		3.550		06/01/22		5,578
	6,625,000		Republic Services, Inc		3.200		03/15/25		6,563
	2,125,000		Republic Services, Inc		2.900		07/01/26		2,034
	2,000,000		United Rentals North America, Inc		4.625		07/15/23		2,040
	9,250,000		Visa, Inc		3.150		12/14/25		9,278
	15,050,000		Waste Management, Inc		2.900		09/15/22		15,112
	6,725,000		Waste Management, Inc		2.400		05/15/23		6,514
	2,000,000		Waste Management, Inc		3.900		03/01/35		1,985
	2,225,000		Waste Management, Inc		4.100		03/01/45		2,198
EUR	850,000	g	XPO Logistics, Inc		5.750		06/15/21		948
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						136,832

CONSUMER DURABLES & APPAREL - 0.2%
$	550,000	g	Golden Legacy Pte Ltd		8.250		06/07/21		566
	3,000,000		Lennar Corp		4.500		11/15/19		3,116
	3,000,000		Lennar Corp		4.750		04/01/21		3,097
	3,850,000		Newell Rubbermaid, Inc		3.150		04/01/21		3,915
	2,875,000		Newell Rubbermaid, Inc		3.900		11/01/25		2,898
	6,175,000		Newell Rubbermaid, Inc		4.200		04/01/26		6,437
	500,000		PulteGroup, Inc		4.250		03/01/21		511
	1,000,000		PulteGroup, Inc		5.500		03/01/26		993
	6,900,000		PVH Corp		4.500		12/15/22		7,004
	2,625,000		Whirlpool Corp		3.700		03/01/23		2,678
EUR	1,250,000		Whirlpool Finance Luxembourg Sarl		1.250		11/02/26		1,293
			TOTAL CONSUMER DURABLES & APPAREL						32,508

CONSUMER SERVICES - 1.1%
$	1,425,000		ADT Corp		6.250		10/15/21		1,546
	1,390,000		ADT Corp		3.500		07/15/22		1,324
	11,000,000		Amherst College		4.100		11/01/45		10,967
	2,000,000	g	Aramark Services, Inc		4.750		06/01/26		1,980
	14,070,000		Duke University		3.299		10/01/46		12,726

297

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	16,000,000		George Washington University		3.545	%	09/15/46	$	13,630
	1,000,000	g	Hilton Domestic Operating Co, Inc		4.250		09/01/24		970
	1,840,000	g	International Game Technology		5.625		02/15/20		1,941
	1,610,000	g	International Game Technology		6.250		02/15/22		1,727
	1,610,000	g	International Game Technology		6.500		02/15/25		1,727
EUR	1,250,000		International Game Technology plc		4.750		02/15/23		1,434
$	5,000,000		Johns Hopkins University		4.083		07/01/53		4,998
	250,000		MGM Resorts International		4.625		09/01/26		241
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		8,016
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		14,120
	5,000,000		Scientific Games International, Inc		6.250		09/01/20		4,250
	6,475,000		Service Corp International		5.375		05/15/24		6,750
	3,600,000	g	ServiceMaster Co LLC		5.125		11/15/24		3,654
	15,000,000		Smith College		4.620		07/01/45		16,113
	6,600,000		Trustees of Dartmouth College		3.474		06/01/46		6,185
	21,000,000		University of Chicago		4.151		10/01/45		21,013
	13,700,000		Walt Disney Co		2.300		02/12/21		13,757
			TOTAL CONSUMER SERVICES						149,069

DIVERSIFIED FINANCIALS - 4.0%
	625,000		AerCap Ireland Capital Ltd		4.625		10/30/20		650
	500,000		AerCap Ireland Capital Ltd		5.000		10/01/21		526
	2,000,000		American Express Centurion Bank		6.000		09/13/17		2,062
	4,775,000		American Honda Finance Corp		2.300		09/09/26		4,450
	3,800,000	g,i	Banco Mercantil del Norte S.A.		5.750		10/04/31		3,529
	6,250,000	i	Bank of New York Mellon Corp (Step Bond)		1.969		06/20/17		6,272
	4,125,000		Bank of New York Mellon Corp		5.450		05/15/19		4,449
	400,000		Bank of New York Mellon Corp		4.150		02/01/21		424
	10,500,000		Bank of New York Mellon Corp		2.500		04/15/21		10,503
	11,550,000	g	Bayer US Finance LLC		2.375		10/08/19		11,565
	8,100,000	g	Bayer US Finance LLC		3.375		10/08/24		8,049
	5,000,000	g	BBVA Bancomer S.A.		6.750		09/30/22		5,450
	500,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		460
EUR	1,000,000		BHP Billiton Finance Ltd		0.750		10/28/22		1,067
$	24,600,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		24,623
	7,175,000		Credit Suisse		2.300		05/28/19		7,191
EUR	1,250,000		Credit Suisse Group Funding Guernsey Ltd		1.250		04/14/22		1,317
$	7,700,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		7,683
	10,250,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		10,081
	6,660,000		Ford Motor Credit Co LLC		4.250		02/03/17		6,673
	3,340,000		Ford Motor Credit Co LLC		6.625		08/15/17		3,442
	6,600,000		Ford Motor Credit Co LLC		2.375		03/12/19		6,594
	13,600,000		Ford Motor Credit Co LLC		3.157		08/04/20		13,691
	16,975,000		Ford Motor Credit Co LLC		3.200		01/15/21		16,986
	35,825,000		Ford Motor Credit Co LLC		4.134		08/04/25		35,878
	21,983,000		GE Capital International Funding Co		3.373		11/15/25		22,316
	5,228,000		GE Capital International Funding Co		4.418		11/15/35		5,470
	1,432,000		General Electric Capital Corp		5.875		01/14/38		1,799
	108,000		General Electric Capital Corp		6.875		01/10/39		152
	4,911,000		General Motors Financial Co, Inc		3.500		07/10/19		4,999
	3,158,000		General Motors Financial Co, Inc		3.200		07/13/20		3,165
	11,725,000		General Motors Financial Co, Inc		4.200		03/01/21		12,055
	17,625,000		General Motors Financial Co, Inc		3.200		07/06/21		17,462

298

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,900,000		General Motors Financial Co, Inc		4.375	%	09/25/21	$	4,042
	5,000,000		General Motors Financial Co, Inc		3.450		04/10/22		4,940
	5,400,000		General Motors Financial Co, Inc		3.700		05/09/23		5,308
	500,000		General Motors Financial Co, Inc		4.300		07/13/25		495
	5,500,000		General Motors Financial Co, Inc		4.000		10/06/26		5,284
EUR	1,250,000		General Motors Financial International BV		1.875		10/15/19		1,367
$	11,075,000		Goldman Sachs Group, Inc		2.375		01/22/18		11,140
	13,575,000		Goldman Sachs Group, Inc		3.500		01/23/25		13,377
	7,675,000		Goldman Sachs Group, Inc		4.800		07/08/44		8,042
	100,000		Goldman Sachs Group, Inc		5.150		05/22/45		105
	14,925,000		Goldman Sachs Group, Inc		4.750		10/21/45		15,705
	3,800,000	g	GrupoSura Finance S.A.		5.500		04/29/26		3,891
	1,725,000		Icahn Enterprises LP		5.875		02/01/22		1,712
	2,000,000	g	ICICI Bank Ltd		3.500		03/18/20		2,025
	400,000		Indian Railway Finance Corp Ltd		3.917		02/26/19		412
	550,000		Intercontinental Exchange, Inc		2.750		12/01/20		556
	8,400,000		International Lease Finance Corp		3.875		04/15/18		8,557
	3,200,000		International Lease Finance Corp		5.875		04/01/19		3,398
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,425
	250,000		Jefferies Group, Inc		6.450		06/08/27		274
	4,900,000	g	KOC Holding AS.		5.250		03/15/23		4,824
EUR	1,000,000		Kreditanstalt fuer Wiederaufbau		1.500		06/11/24		1,162
$	1,625,000		Legg Mason, Inc		2.700		07/15/19		1,636
	2,400,000		Legg Mason, Inc		3.950		07/15/24		2,406
EUR	850,000	g	Lincoln Finance Ltd		6.875		04/15/21		971
$	425,000	g	LUKOIL International Finance BV		6.125		11/09/20		461
	2,050,000	g	LUKOIL International Finance BV		4.563		04/24/23		2,066
	2,975,000	g	LUKOIL International Finance BV		4.750		11/02/26		2,976
	21,500,000		Morgan Stanley		1.875		01/05/18		21,531
	24,800,000		Morgan Stanley		3.700		10/23/24		25,065
	23,475,000		Morgan Stanley		3.125		07/27/26		22,394
	300,000		Morgan Stanley		4.300		01/27/45		298
	3,800,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		4,381
	6,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		6,521
	5,000,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		4,842
	800,000		Sasol Financing International plc		4.500		11/14/22		794
	100,000		State Street Corp		4.375		03/07/21		107
	40,292,057		Tagua Leasing LLC		1.900		07/12/24		39,663
	2,000,000	g	Three Gorges Finance I Cayman Islands Ltd		2.300		06/02/21		1,949
	6,800,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		6,798
	11,600,000	g	UBS Group Funding Jersey Ltd		2.650		02/01/22		11,263
	21,000,000		Wells Fargo & Co		2.100		07/26/21		20,415
	150,000		Wells Fargo & Co		3.900		05/01/45		142
			TOTAL DIVERSIFIED FINANCIALS						539,753

ENERGY - 3.1%
	2,375,000		AmeriGas Partners LP		5.625		05/20/24		2,428
	2,050,000		AmeriGas Partners LP		5.875		08/20/26		2,081
	8,900,000		Anadarko Petroleum Corp		4.850		03/15/21		9,535
	4,200,000		Anadarko Petroleum Corp		5.550		03/15/26		4,695
	3,600,000		Apache Corp		3.250		04/15/22		3,653
	2,850,000		Apache Corp		4.750		04/15/43		2,930
	1,900,000		Apache Corp		4.250		01/15/44		1,869
	6,650,000		Ashland, Inc		4.750		08/15/22		6,899

299

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	16,500,000		BP Capital Markets plc		1.375	%	05/10/18	$	16,447
	13,300,000		BP Capital Markets plc		2.315		02/13/20		13,293
	690,000		California Resources Corp		5.000		01/15/20		568
	1,199,000	g	California Resources Corp		8.000		12/15/22		1,067
	478,000		California Resources Corp		6.000		11/15/24		349
	5,520,000		Canadian Natural Resources Ltd		3.900		02/01/25		5,536
	500,000		Cimarex Energy Co		5.875		05/01/22		520
	8,395,000		Cimarex Energy Co		4.375		06/01/24		8,721
	5,475,000		Concho Resources, Inc		5.500		04/01/23		5,674
	6,875,000		Devon Energy Corp		4.750		05/15/42		6,483
	3,300,000		Devon Energy Corp		5.000		06/15/45		3,236
	1,750,000		Dynegy, Inc		6.750		11/01/19		1,781
	1,100,000		Ecopetrol S.A.		5.875		09/18/23		1,164
	2,000,000		Ecopetrol S.A.		4.125		01/16/25		1,873
	5,800,000		Ecopetrol S.A.		5.375		06/26/26		5,771
	450,000		El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		419
	3,250,000		Enbridge Energy Partners LP		5.200		03/15/20		3,459
	3,375,000		Enbridge Energy Partners LP		4.375		10/15/20		3,521
	6,800,000		Enbridge Energy Partners LP		5.875		10/15/25		7,572
	5,475,000		EnCana Corp		3.900		11/15/21		5,514
	8,300,000		Energy Transfer Equity LP		5.500		06/01/27		8,092
	3,525,000		Enterprise Products Operating LLC		2.850		04/15/21		3,549
	10,450,000		Enterprise Products Operating LLC		3.750		02/15/25		10,605
	7,500,000		Enterprise Products Operating LLC		5.100		02/15/45		7,895
	5,150,000		EOG Resources, Inc		4.150		01/15/26		5,382
	2,250,000		Exterran Partners LP		6.000		10/01/22		2,182
	13,750,000		Exxon Mobil Corp		2.222		03/01/21		13,747
	2,250,000		Ferrellgas Partners LP		6.500		05/01/21		2,227
	1,750,000		Ferrellgas Partners LP		6.750		01/15/22		1,732
	400,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		07/19/22		411
	2,739,000		Husky Energy, Inc		3.950		04/15/22		2,843
	4,000,000		Husky Energy, Inc		4.000		04/15/24		4,068
	1,000,000	g	KMG Finance Sub BV		6.375		04/09/21		1,084
	1,400,000		Magellan Midstream Partners LP		4.250		09/15/46		1,313
	5,030,000		Marathon Oil Corp		2.700		06/01/20		5,034
	4,075,000		Marathon Petroleum Corp		3.625		09/15/24		4,020
	2,625,000		Noble Energy, Inc		5.625		05/01/21		2,736
	900,000		Noble Energy, Inc		3.900		11/15/24		906
	1,850,000		Noble Energy, Inc		5.250		11/15/43		1,881
	10,850,000		ONE Gas, Inc		2.070		02/01/19		10,875
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,566
	2,000,000	g	Pertamina Persero PT		4.875		05/03/22		2,056
	1,300,000	g	Pertamina Persero PT		4.300		05/20/23		1,294
	11,100,000		Petrobras Global Finance BV		4.875		03/17/20		10,975
	2,000,000		Petrobras Global Finance BV		8.375		05/23/21		2,155
	1,500,000		Petrobras Global Finance BV		8.750		05/23/26		1,618
	500,000		Petrobras International Finance Co		5.750		01/20/20		506
	3,400,000	g	Petroleos Mexicanos		5.500		02/04/19		3,522
	6,750,000	g	Petroleos Mexicanos		6.375		02/04/21		7,189
	1,500,000		Petroleos Mexicanos		4.875		01/24/22		1,505
	225,000	g	Petroleos Mexicanos		5.375		03/13/22		230
EUR	375,000		Petroleos Mexicanos		1.875		04/21/22		379
$	12,000,000		Petroleos Mexicanos		1.950		12/20/22		11,901

300

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,420,000		Petroleos Mexicanos		2.000	%	12/20/22	$	6,400
	12,900,000		Petroleos Mexicanos		3.500		01/30/23		11,842
	1,000,000		Petroleos Mexicanos		4.250		01/15/25		919
	1,800,000	g	Petroleos Mexicanos		6.875		08/04/26		1,899
	1,775,000	g	Petroleos Mexicanos		6.500		03/13/27		1,831
	4,500,000		Petroleos Mexicanos		6.500		06/02/41		4,214
	4,180,000		Petroleos Mexicanos		5.500		06/27/44		3,479
	1,400,000		Petroleos Mexicanos		5.625		01/23/46		1,162
	1,800,000	g	Petroleos Mexicanos		6.750		09/21/47		1,701
	5,225,000		Phillips 66		4.875		11/15/44		5,507
	614,000		Pioneer Natural Resources Co		7.500		01/15/20		698
	8,675,000		Pioneer Natural Resources Co		3.450		01/15/21		8,858
	6,850,000		Pioneer Natural Resources Co		4.450		01/15/26		7,248
	5,725,000		Plains All American Pipeline LP		3.600		11/01/24		5,475
	4,350,000		Plains All American Pipeline LP		4.500		12/15/26		4,407
	2,038,000		Plains All American Pipeline LP		4.900		02/15/45		1,879
	1,250,000		Questar Market Resources, Inc		6.875		03/01/21		1,328
	3,335,000	g	Range Resources Corp		5.000		08/15/22		3,314
	1,200,000		Regency Energy Partners LP		4.500		11/01/23		1,216
	2,000,000	g	Reliance Holdings USA		4.500		10/19/20		2,108
	2,375,000	g	Reliance Holdings USA		5.400		02/14/22		2,565
	250,000	g	Reliance Industries Ltd		4.125		01/28/25		249
EUR	900,000		Repsol International Finance BV		3.625		10/07/21		1,083
$	6,000,000		Shell International Finance BV		2.375		08/21/22		5,886
	9,750,000		Shell International Finance BV		3.250		05/11/25		9,729
EUR	750,000		Shell International Finance BV		1.875		09/15/25		854
$	6,825,000		Shell International Finance BV		4.000		05/10/46		6,513
	2,075,000		Statoil ASA		1.200		01/17/18		2,069
	5,300,000		Statoil ASA		2.450		01/17/23		5,168
	250,000		Suncor Energy, Inc		3.600		12/01/24		256
	10,800,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		10,411
	600,000	g	Targa Resources Partners LP		5.125		02/01/25		596
	2,000,000		Tesoro Corp		5.125		04/01/24		2,045
	8,000,000	g	Tesoro Corp		5.125		12/15/26		8,091
	1,000,000		Total Capital International S.A.		1.000		01/10/17		1,000
EUR	1,000,000		Total Capital International S.A.		2.500		03/25/26		1,206
$	3,400,000		TransCanada PipeLines Ltd		5.850		03/15/36		4,047
	2,750,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		2,289
	3,250,000	g	Ultrapar International S.A.		5.250		10/06/26		3,185
	2,500,000		Vale Overseas Ltd		6.250		08/10/26		2,600
	2,760,000		Vale Overseas Ltd		6.875		11/21/36		2,719
	350,000		WPX Energy, Inc		8.250		08/01/23		391
	2,400,000		WPX Energy, Inc		5.250		09/15/24		2,328
	400,000	g	YPF S.A.		8.500		03/23/21		429
	3,500,000	g	YPF S.A.		8.500		07/28/25		3,549
			TOTAL ENERGY						419,279

FOOD & STAPLES RETAILING - 1.0%
	2,000,000	g	CK Hutchison International 16 Ltd		1.875		10/03/21		1,913
	3,700,000	g	CK Hutchison International 16 Ltd		2.750		10/03/26		3,434
	19,700,000		CVS Health Corp		2.800		07/20/20		19,985
	15,925,000		CVS Health Corp		2.125		06/01/21		15,646
	19,030,000		CVS Health Corp		3.875		07/20/25		19,606
	15,950,000		CVS Health Corp		2.875		06/01/26		15,181

301

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	150,000		CVS Health Corp		5.125	%	07/20/45	$	167
	4,900,000		Ingles Markets, Inc		5.750		06/15/23		5,035
	2,275,000		SYSCO Corp		2.500		07/15/21		2,249
EUR	1,000,000		SYSCO Corp		1.250		06/23/23		1,065
$	8,250,000		Walgreen Co		4.400		09/15/42		7,950
	10,750,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		10,887
	6,575,000		Walgreens Boots Alliance, Inc		2.600		06/01/21		6,528
	11,775,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		11,970
	5,125,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		5,023
	1,475,000		Walgreens Boots Alliance, Inc		4.650		06/01/46		1,494
			TOTAL FOOD & STAPLES RETAILING						128,133

FOOD, BEVERAGE & TOBACCO - 1.1%
	4,916,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		4,359
	13,700,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		13,763
	27,425,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		27,799
	10,450,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		11,220
	11,650,000		Anheuser-Busch InBev Worldwide, Inc		3.750		01/15/22		12,148
	14,775,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		14,526
	5,575,000		Anheuser-Busch InBev Worldwide, Inc		4.950		01/15/42		6,063
EUR	1,250,000		BAT Netherlands Finance BV		2.375		01/19/23		1,441
$	3,000,000	g	Corp Lindley S.A.		4.625		04/12/23		3,060
	2,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		2,140
EUR	1,250,000		Heineken NV		2.875		08/04/25		1,518
$	150,000		JM Smucker Co		4.375		03/15/45		148
	200,000		Kraft Heinz Foods Co		5.200		07/15/45		209
	213,000	g	Lamb Weston Holdings, Inc		4.625		11/01/24		213
	210,000	g	Lamb Weston Holdings, Inc		4.875		11/01/26		208
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,409
	3,650,000		Mead Johnson Nutrition Co		3.000		11/15/20		3,693
	9,800,000		PepsiCo, Inc		2.375		10/06/26		9,261
EUR	1,000,000		PepsiCo, Inc		0.875		07/18/28		1,020
$	18,075,000		PepsiCo, Inc		3.450		10/06/46		16,430
	2,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		2,001
	6,850,000	g	Pernod-Ricard S.A.		4.250		07/15/22		7,160
	4,525,000	g	Pernod-Ricard S.A.		3.250		06/08/26		4,335
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,048
			TOTAL FOOD, BEVERAGE & TOBACCO						149,172

HEALTH CARE EQUIPMENT & SERVICES - 1.0%
	400,000		Becton Dickinson & Co		4.685		12/15/44		414
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		3,887
	9,800,000		Express Scripts Holding Co		3.900		02/15/22		10,183
	20,975,000		Express Scripts Holding Co		3.400		03/01/27		19,621
	2,060,000		HCA, Inc		6.500		02/15/20		2,254
	4,575,000		HCA, Inc		5.875		03/15/22		4,930
	2,500,000		HCA, Inc		4.500		02/15/27		2,456
	6,055,000		Johns Hopkins Health System Corp		3.837		05/15/46		5,729
	200,000		Laboratory Corp of America Holdings		3.600		02/01/25		199
	10,450,000		McKesson Corp		4.883		03/15/44		10,611
	8,450,000		Medtronic, Inc		3.500		03/15/25		8,690
	9,625,000		Medtronic, Inc		4.625		03/15/45		10,388
	5,000,000		New York and Presbyterian Hospital		3.563		08/01/36		4,775

302

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,100,000		Owens & Minor, Inc		3.875	%	09/15/21	$	7,110
	4,750,000		St. Jude Medical, Inc		3.875		09/15/25		4,779
	6,700,000		Stryker Corp		2.625		03/15/21		6,720
	2,625,000		Stryker Corp		3.375		11/01/25		2,605
	2,000,000		Tenet Healthcare Corp		4.375		10/01/21		1,970
	2,700,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		2,720
	3,100,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		3,146
	4,325,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		4,325
	4,000,000		Thermo Fisher Scientific, Inc		2.950		09/19/26		3,767
	10,995,000		Zimmer Holdings, Inc		3.550		04/01/25		10,695
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						131,974

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	7,175,000		Clorox Co		3.800		11/15/21		7,561
	4,900,000		Clorox Co		3.500		12/15/24		5,003
	4,525,000		Ecolab, Inc		1.450		12/08/17		4,520
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						17,084

INSURANCE - 1.6%
	5,475,000		ACE INA Holdings, Inc		3.350		05/03/26		5,538
	350,000		ACE INA Holdings, Inc		4.350		11/03/45		369
	150,000		Aetna, Inc		4.125		06/01/21		160
	1,925,000		Aetna, Inc		6.625		06/15/36		2,445
	9,050,000		Aetna, Inc		4.375		06/15/46		9,069
	6,200,000		Allstate Corp		3.150		06/15/23		6,271
	6,200,000		Allstate Corp		4.500		06/15/43		6,563
	2,700,000		American Financial Group, Inc		3.500		08/15/26		2,582
	7,825,000		American International Group, Inc		2.300		07/16/19		7,859
	11,850,000		American International Group, Inc		3.300		03/01/21		12,128
	8,225,000		American International Group, Inc		3.900		04/01/26		8,358
	2,825,000		Aon plc		3.875		12/15/25		2,876
	100,000		Berkshire Hathaway Finance Corp		4.300		05/15/43		103
	19,230,000		Children’s Hospital Medic		4.268		05/15/44		19,057
	3,750,000		Chubb Corp		6.000		05/11/37		4,670
	1,390,000		Cigna Corp		5.125		06/15/20		1,505
	6,900,000		Cigna Corp		4.500		03/15/21		7,328
	4,900,000		Cigna Corp		3.250		04/15/25		4,766
	21,975,000	g	Five Corners Funding Trust		4.419		11/15/23		23,206
	500,000		Marsh & McLennan Cos, Inc		4.800		07/15/21		543
	9,425,000	g	Metropolitan Life Global Funding I		1.950		09/15/21		9,154
	4,325,000		Principal Financial Group, Inc		3.100		11/15/26		4,174
	1,600,000		Principal Financial Group, Inc		4.300		11/15/46		1,564
	500,000		Progressive Corp		3.750		08/23/21		529
	8,050,000		Prudential Financial, Inc		7.375		06/15/19		9,058
	150,000		Prudential Financial, Inc		4.600		05/15/44		156
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,533
	2,425,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		2,389
	6,100,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		5,945
	4,250,000		Travelers Cos, Inc		5.800		05/15/18		4,483
	1,350,000		Travelers Cos, Inc		3.750		05/15/46		1,271
	6,650,000		UnitedHealth Group, Inc		3.750		07/15/25		6,875
	3,050,000		UnitedHealth Group, Inc		3.100		03/15/26		3,004
	4,675,000		UnitedHealth Group, Inc		3.450		01/15/27		4,744
	200,000		UnitedHealth Group, Inc		4.625		07/15/35		218

303

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	13,600,000		UnitedHealth Group, Inc		4.750	%	07/15/45	$	14,952
	6,750,000		WellPoint, Inc		3.125		05/15/22		6,746
	7,850,000		WellPoint, Inc		4.625		05/15/42		7,873
	500,000		Willis Group Holdings plc		5.750		03/15/21		546
	2,400,000		WR Berkley Corp		5.375		09/15/20		2,570
			TOTAL INSURANCE						215,180

MATERIALS - 1.1%
	11,200,000	g	Air Liquide Finance S.A.		1.750		09/27/21		10,744
	5,000,000	g	Air Liquide Finance S.A.		2.500		09/27/26		4,686
	6,630,000		Air Products & Chemicals, Inc		4.375		08/21/19		7,051
	675,000		Alcoa, Inc		5.125		10/01/24		692
EUR	850,000		Axalta Coating Systems Dutch Holding BV		37.500		01/15/25		898
$	1,365,000		Ball Corp		5.000		03/15/22		1,430
EUR	250,000		Ball Corp		4.375		12/15/23		291
$	3,034,000		Barrick Gold Corp		4.100		05/01/23		3,109
	4,392,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		4,896
	2,500,000		Blue Cube Spinco, Inc		9.750		10/15/23		2,975
	1,425,000		Blue Cube Spinco, Inc		10.000		10/15/25		1,721
	1,300,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		1,319
	400,000	g	Cemex SAB de C.V.		6.125		05/05/25		409
	1,475,000	g	Cemex SAB de C.V.		7.750		04/16/26		1,634
	3,550,000		Corning, Inc		1.450		11/15/17		3,547
	2,275,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		2,318
	2,375,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		2,299
	3,900,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		3,954
	1,390,000		Crown Americas LLC		4.500		01/15/23		1,418
	1,875,000	g	Crown Americas LLC		4.250		09/30/26		1,767
	1,000,000		Eastman Chemical Co		5.500		11/15/19		1,081
	4,118,000		Eastman Chemical Co		3.800		03/15/25		4,148
	200,000		EI du Pont de Nemours & Co		2.800		02/15/23		196
	1,100,000	g	Eldorado Gold Corp		6.125		12/15/20		1,116
	8,775,000	g	Georgia-Pacific LLC		2.539		11/15/19		8,848
	1,275,000	g	Glencore Funding LLC		4.125		05/30/23		1,283
	6,450,000	g	Glencore Funding LLC		4.625		04/29/24		6,588
	15,586,000		International Paper Co		4.750		02/15/22		16,844
	3,200,000	g	Klabin Finance S.A.		5.250		07/16/24		3,040
	3,000,000		LyondellBasell Industries NV		5.000		04/15/19		3,167
	6,000,000		Newmont Mining Corp		3.500		03/15/22		6,092
	2,450,000		Newmont Mining Corp		4.875		03/15/42		2,295
	6,840,000		Nucor Corp		4.000		08/01/23		7,183
	2,860,000	g	Owens-Brockway Glass Container, Inc		5.375		01/15/25		2,881
	250,000	g	Owens-Brockway Glass Container, Inc		6.375		08/15/25		264
	3,150,000		Packaging Corp of America		3.650		09/15/24		3,159
	159,000		Rio Tinto Finance USA Ltd		3.750		09/20/21		167
	5,000,000		Rock Tenn Co		3.500		03/01/20		5,123
	3,000,000		Rock Tenn Co		4.000		03/01/23		3,095
	1,370,000	g	Sealed Air Corp		5.250		04/01/23		1,421
	3,575,000	g	St. Marys Cement, Inc Canada		5.750		01/28/27		3,432
	1,675,000		Steel Dynamics, Inc		5.125		10/01/21		1,747
	3,200,000		Teck Resources Ltd		3.750		02/01/23		3,024
	1,000,000		Tronox Finance LLC		6.375		08/15/20		935
	5,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		5,175

304

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	674,000	g	Xstrata Finance Canada Ltd		5.550	%	10/25/42	$	648
			TOTAL MATERIALS						150,110

MEDIA - 1.6%
	6,750,000		CBS Corp		2.300		08/15/19		6,770
	4,200,000		CBS Corp		2.900		01/15/27		3,890
	11,150,000		Charter Communications Operating LLC		3.579		07/23/20		11,368
	8,295,000		Charter Communications Operating LLC		4.464		07/23/22		8,660
	22,275,000		Charter Communications Operating LLC		4.908		07/23/25		23,447
	3,500,000		Cinemark USA, Inc		4.875		06/01/23		3,544
	26,000,000		Comcast Corp		4.250		01/15/33		27,018
	1,715,000	g	CSC Holdings LLC		5.500		04/15/27		1,736
	2,430,000	g	Gannett Co, Inc		4.875		09/15/21		2,473
	2,925,000	g	Gannett Co, Inc		5.500		09/15/24		2,954
	825,000		Grupo Televisa S.A.		6.000		05/15/18		869
	4,800,000		Grupo Televisa SAB		4.625		01/30/26		4,855
	2,675,000		Grupo Televisa SAB		5.000		05/13/45		2,266
	2,000,000		Lamar Media Corp		5.000		05/01/23		2,060
	2,000,000		Lamar Media Corp		5.375		01/15/24		2,070
	7,250,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		7,257
	7,700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		7,725
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		10,315
	3,735,000		Nielsen Finance LLC		4.500		10/01/20		3,800
	4,650,000		Outfront Media Capital LLC		5.250		02/15/22		4,824
	5,675,000		Time Warner Cable, Inc		5.875		11/15/40		6,042
	4,075,000		Time Warner Cable, Inc		4.500		09/15/42		3,684
	20,550,000		Time Warner, Inc		2.100		06/01/19		20,555
	19,575,000		Time Warner, Inc		3.600		07/15/25		19,440
	5,550,000		Time Warner, Inc		3.800		02/15/27		5,501
	150,000		Time Warner, Inc		4.850		07/15/45		150
	1,600,000	g	Time, Inc		5.750		04/15/22		1,656
	5,000,000		Viacom, Inc		2.250		02/04/22		4,694
	5,075,000		Viacom, Inc		3.450		10/04/26		4,683
	3,925,000		Viacom, Inc		5.850		09/01/43		3,840
	675,000	g	Virgin Media Secured Finance plc		5.500		01/15/25		685
			TOTAL MEDIA						208,831

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.7%
	11,000,000		Abbott Laboratories		3.750		11/30/26		10,918
	2,250,000		Abbott Laboratories		5.300		05/27/40		2,406
	16,950,000		AbbVie, Inc		2.500		05/14/20		16,945
	15,250,000		AbbVie, Inc		3.200		05/14/26		14,488
	33,025,000		Actavis Funding SCS		3.800		03/15/25		33,022
	9,500,000		Actavis Funding SCS		4.550		03/15/35		9,389
	400,000		Actavis Funding SCS		4.750		03/15/45		392
	5,200,000		Amgen, Inc		1.850		08/19/21		5,005
	8,600,000		Amgen, Inc		2.600		08/19/26		7,898
	7,500,000		Biogen, Inc		2.900		09/15/20		7,590
	7,450,000		Celgene Corp		2.875		08/15/20		7,530
	11,575,000		Celgene Corp		3.875		08/15/25		11,725
	9,850,000		Gilead Sciences, Inc		3.650		03/01/26		9,973
	8,675,000		Gilead Sciences, Inc		2.950		03/01/27		8,289
	200,000		Gilead Sciences, Inc		4.750		03/01/46		207
	6,650,000		Johnson & Johnson		2.450		03/01/26		6,351

305

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,100,000	g	Mylan NV		3.750	%	12/15/20	$	4,137
	6,600,000	g	Mylan NV		3.150		06/15/21		6,471
	7,225,000	g	Mylan NV		3.950		06/15/26		6,752
	3,725,000		Mylan, Inc		2.550		03/28/19		3,716
	13,700,000		Novartis Capital Corp		4.000		11/20/45		13,797
	500,000		Perrigo Finance plc		3.900		12/15/24		489
	2,850,000		Perrigo Finance plc		4.900		12/15/44		2,613
	12,250,000		Pfizer, Inc		3.000		12/15/26		12,080
	8,225,000		Pfizer, Inc		4.125		12/15/46		8,349
	8,275,000	g	Roche Holdings, Inc		2.375		01/28/27		7,732
	1,650,000		Teva Pharmaceutical Finance Netherlands III BV		2.200		07/21/21		1,577
	12,025,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		11,069
	3,075,000		Zoetis, Inc		3.450		11/13/20		3,154
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						234,064

REAL ESTATE - 1.5%
	1,675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		1,665
	10,300,000		American Tower Corp		3.300		02/15/21		10,409
	4,350,000		American Tower Corp		3.500		01/31/23		4,359
	2,418,000		American Tower Corp		4.400		02/15/26		2,468
	4,125,000		American Tower Corp		3.375		10/15/26		3,899
	3,525,000		AvalonBay Communities, Inc		2.900		10/15/26		3,331
	1,825,000		AvalonBay Communities, Inc		3.900		10/15/46		1,691
	300,000		Boston Properties LP		4.125		05/15/21		317
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,494
	4,500,000		Brixmor Operating Partnership LP		3.875		08/15/22		4,583
	5,800,000		Brixmor Operating Partnership LP		3.250		09/15/23		5,617
	5,825,000		Brixmor Operating Partnership LP		3.850		02/01/25		5,729
	2,650,000		Brixmor Operating Partnership LP		4.125		06/15/26		2,638
	3,965,000		Camden Property Trust		4.625		06/15/21		4,230
	3,000,000		Camden Property Trust		2.950		12/15/22		2,934
	4,825,000		Crown Castle International Corp		2.250		09/01/21		4,664
	3,911,000		Crown Castle International Corp		4.875		04/15/22		4,164
	5,175,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		5,247
	3,450,000		DDR Corp		3.625		02/01/25		3,333
	3,250,000		DDR Corp		4.250		02/01/26		3,264
	6,800,000		Developers Diversified Realty Corp		4.750		04/15/18		6,993
	3,460,000		Developers Diversified Realty Corp		7.875		09/01/20		4,026
	1,600,000		Duke Realty LP		3.250		06/30/26		1,545
	1,250,000		Equinix, Inc		5.375		01/01/22		1,312
	2,750,000		Equity One, Inc		3.750		11/15/22		2,806
	210,000		ERP Operating LP		4.625		12/15/21		228
	2,754,000		Essex Portfolio LP		3.375		01/15/23		2,754
	500,000		HCP, Inc		5.375		02/01/21		546
	2,775,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,047
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,618
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		6,499
	3,700,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		3,723
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,542
	6,250,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		5,964
	1,600,000		Highwoods Realty LP		5.850		03/15/17		1,614
	1,775,000		Host Hotels & Resorts LP		4.500		02/01/26		1,795
	2,800,000		Kimco Realty Corp		3.400		11/01/22		2,838

306

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,500,000		Liberty Property LP		3.250	%	10/01/26	$	2,390
	5,224,000		Mid-America Apartments LP		4.300		10/15/23		5,444
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,535
	4,300,000		Mid-America Apartments LP		4.000		11/15/25		4,352
	3,600,000		National Retail Properties, Inc		3.800		10/15/22		3,712
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,388
	2,575,000		National Retail Properties, Inc		4.000		11/15/25		2,622
	3,000,000		National Retail Properties, Inc		3.600		12/15/26		2,951
	400,000		ProLogis LP		3.350		02/01/21		411
	7,225,000		Regency Centers LP		3.900		11/01/25		7,308
	122,000		Simon Property Group LP		4.375		03/01/21		130
	2,830,000	g	Trust F/1401		5.250		12/15/24		2,770
	450,000		Ventas Realty LP		4.125		01/15/26		459
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,165
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,775
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,152
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		3,935
	1,300,000		Weingarten Realty Investors		3.250		08/15/26		1,225
	13,475,000		Welltower, Inc		4.000		06/01/25		13,754
			TOTAL REAL ESTATE						202,364

RETAILING - 0.7%
	100,000		Amazon.com, Inc		4.950		12/05/44		114
	600,000		Asbury Automotive Group, Inc		6.000		12/15/24		613
	4,150,000		AutoNation, Inc		3.350		01/15/21		4,167
	4,425,000		AutoZone, Inc		3.250		04/15/25		4,337
	100,000		Best Buy Co, Inc		5.500		03/15/21		110
	2,775,000	g	El Puerto de Liverpool SAB de C.V.		3.875		10/06/26		2,567
	8,850,000		Home Depot, Inc		2.000		04/01/21		8,772
	8,725,000		Home Depot, Inc		3.350		09/15/25		8,939
	5,175,000		Home Depot, Inc		3.000		04/01/26		5,158
	14,125,000		Home Depot, Inc		2.125		09/15/26		13,008
	2,975,000		Home Depot, Inc		3.500		09/15/56		2,598
	1,500,000		JD.com, Inc		3.125		04/29/21		1,482
	3,150,000		L Brands, Inc		6.750		07/01/36		3,189
	3,150,000		Limited Brands, Inc		7.000		05/01/20		3,544
	6,600,000		Macy’s Retail Holdings, Inc		4.500		12/15/34		5,891
	8,315,000		O’Reilly Automotive, Inc		4.625		09/15/21		8,916
	4,550,000		O’Reilly Automotive, Inc		3.800		09/01/22		4,703
	1,300,000		O’Reilly Automotive, Inc		3.550		03/15/26		1,290
	5,050,000	g	Rolls-Royce plc		2.375		10/14/20		5,004
	1,850,000	g	Rolls-Royce plc		3.625		10/14/25		1,849
GBP	1,250,000		Rolls-Royce plc		3.375		06/18/26		1,674
$	5,800,000		Target Corp		2.500		04/15/26		5,525
	5,625,000		Target Corp		3.625		04/15/46		5,215
EUR	750,000		Wal-Mart Stores, Inc		1.900		04/08/22		855
$	150,000		Wal-Mart Stores, Inc		4.300		04/22/44		158
			TOTAL RETAILING						99,678

SOFTWARE & SERVICES - 0.7%
	4,175,000	g	Activision Blizzard, Inc		2.300		09/15/21		4,070
	4,350,000	g	Activision Blizzard, Inc		3.400		09/15/26		4,123
	20,350,000		Fidelity National Information Services, Inc		3.625		10/15/20		21,052
	12,121,000		Fidelity National Information Services, Inc		5.000		03/15/22		12,455

307

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	800,000	g	IMS Health, Inc		5.000	%	10/15/26	$	802
	22,700,000		Microsoft Corp		2.400		08/08/26		21,424
	3,075,000		NCR Corp		4.625		02/15/21		3,130
	525,000		NCR Corp		5.875		12/15/21		550
	1,650,000	g	Open Text Corp		5.625		01/15/23		1,720
	13,600,000		Oracle Corp		1.900		09/15/21		13,277
	13,600,000		Oracle Corp		2.650		07/15/26		12,890
			TOTAL SOFTWARE & SERVICES						95,493

TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	14,500,000		Alphabet, Inc		1.998		08/15/26		13,288
	3,475,000		Amphenol Corp		3.125		09/15/21		3,526
	11,325,000		Apple, Inc		3.250		02/23/26		11,315
	4,525,000		Apple, Inc		4.650		02/23/46		4,877
	19,750,000		Cisco Systems, Inc		1.850		09/20/21		19,262
	625,000	g	CommScope, Inc		4.375		06/15/20		639
	1,600,000	g	CommScope, Inc		5.000		06/15/21		1,648
	2,600,000	g	CommScope, Inc		5.500		06/15/24		2,691
	6,100,000	g	Diamond Finance Corp		3.480		06/01/19		6,225
	13,175,000	g	Diamond Finance Corp		4.420		06/15/21		13,621
	3,300,000		General Electric Co		5.250		12/06/17		3,418
EUR	1,200,000		General Electric Co		1.875		05/28/27		1,368
$	4,075,000		General Electric Co		4.125		10/09/42		4,123
	200,000		Koninklijke Philips NV		3.750		03/15/22		208
	525,000	g	Sensata Technologies BV		5.625		11/01/24		547
	250,000	g	Sensata Technologies BV		5.000		10/01/25		245
	5,050,000		Tyco Electronics Group S.A.		2.375		12/17/18		5,098
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		6,856
EUR	1,000,000		Tyco Electronics Group S.A.		1.100		03/01/23		1,067
$	2,175,000		Tyco Electronics Group S.A.		3.700		02/15/26		2,217
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						102,239

TELECOMMUNICATION SERVICES - 1.6%
	2,000,000		Alibaba Group Holding Ltd		2.500		11/28/19		2,009
	500,000		Alibaba Group Holding Ltd		3.600		11/28/24		495
EUR	1,750,000	g	Altice Luxembourg S.A.		7.250		05/15/22		1,969
$	21,350,000		AT&T, Inc		1.400		12/01/17		21,302
	9,650,000		AT&T, Inc		2.450		06/30/20		9,576
	8,200,000		AT&T, Inc		2.625		12/01/22		7,853
	8,800,000		AT&T, Inc		4.450		04/01/24		9,163
	27,775,000		AT&T, Inc		3.400		05/15/25		26,735
EUR	625,000		AT&T, Inc		3.500		12/17/25		772
$	12,875,000		AT&T, Inc		4.500		05/15/35		12,420
	200,000		AT&T, Inc		4.300		12/15/42		179
	150,000		AT&T, Inc		4.800		06/15/44		141
	4,525,000		AT&T, Inc		4.750		05/15/46		4,279
	4,400,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		4,590
GBP	750,000		British Telecommunications plc		5.750		12/07/28		1,236
$	4,000,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		4,006
	17,300,000	g	Deutsche Telekom International Finance BV		1.950		09/19/21		16,654
EUR	1,250,000		Deutsche Telekom International Finance BV		0.625		04/03/23		1,323
$	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		5,871
	3,500,000	g	ENTEL Chile S.A.		4.875		10/30/24		3,501

308

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,850,000	g	MTN Mauritius Investment Ltd		5.373	%	02/13/22	$	7,934
	3,500,000	g,q	Oi S.A.		5.750		02/10/22		1,103
	3,950,000		Orange S.A.		5.500		02/06/44		4,529
	2,325,000		T-Mobile USA, Inc		6.375		03/01/25		2,485
	2,000,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,860
	9,275,000		Verizon Communications, Inc		3.450		03/15/21		9,568
	5,625,000		Verizon Communications, Inc		4.150		03/15/24		5,872
	30,520,000		Verizon Communications, Inc		4.272		01/15/36		29,165
	10,550,000		Verizon Communications, Inc		3.850		11/01/42		9,124
	3,350,000		Verizon Communications, Inc		4.125		08/15/46		3,026
	800,000		Verizon Communications, Inc		5.012		08/21/54		794
EUR	1,300,000	g	Virgin Media Finance plc		4.500		01/15/25		1,412
			TOTAL TELECOMMUNICATION SERVICES						210,946

TRANSPORTATION - 0.8%
$	5,730,000	g	Asciano Finance Ltd		5.000		04/07/18		5,886
	4,500,000		Burlington Northern Santa Fe LLC		4.550		09/01/44		4,775
	72,000		Burlington Northern Santa Fe LLC		4.150		04/01/45		73
	9,200,000		Canadian Pacific Railway Co		2.900		02/01/25		9,006
	200,000		Canadian Pacific Railway Co		4.800		08/01/45		214
	150,000		CSX Corp		4.100		03/15/44		145
	15,775,000		CSX Corp		3.800		11/01/46		14,593
	6,800,000	g	ERAC USA Finance LLC		2.600		12/01/21		6,685
	3,900,000	g	ERAC USA Finance LLC		3.300		10/15/22		3,904
	5,375,000		FedEx Corp		3.250		04/01/26		5,330
	6,311,000		GATX Corp		1.250		03/04/17		6,309
	7,150,000		GATX Corp		2.500		07/30/19		7,158
	5,900,000		GATX Corp		5.200		03/15/44		5,828
	17,344,000		Kansas City Southern		2.350		05/15/20		17,125
	5,700,000		Kansas City Southern		4.950		08/15/45		5,773
	2,625,000		Northrop Grumman Corp		1.750		06/01/18		2,630
	6,975,000	g	Transnet SOC Ltd		4.000		07/26/22		6,652
	3,500,000	g	TTX Co		3.600		01/15/25		3,489
	5,575,000		United Parcel Service, Inc		2.400		11/15/26		5,277
			TOTAL TRANSPORTATION						110,852

UTILITIES - 4.0%
	1,650,000	g	AEP Transmission Co LLC		3.100		12/01/26		1,623
	1,650,000	g	AEP Transmission Co LLC		4.000		12/01/46		1,633
	408,000	i	AES Corp		3.931		06/01/19		408
	4,225,000		AES Corp		4.875		05/15/23		4,173
	1,500,000		AES Corp		5.500		03/15/24		1,526
	8,475,000		AGL Capital Corp		3.875		11/15/25		8,677
	2,125,000		AGL Capital Corp		4.400		06/01/43		2,097
	3,475,000		Alabama Power Co		4.150		08/15/44		3,485
	15,000,000		American Electric Power Co, Inc		1.650		12/15/17		15,004
	6,000,000		American Electric Power Co, Inc		2.950		12/15/22		6,031
	2,750,000		American Water Capital Corp		3.000		12/01/26		2,699
	2,375,000		American Water Capital Corp		4.000		12/01/46		2,380
	5,500,000		Atmos Energy Corp		8.500		03/15/19		6,252
	6,225,000		Black Hills Corp		4.250		11/30/23		6,548
	1,575,000		Black Hills Corp		3.150		01/15/27		1,505
	4,750,000		Carolina Power & Light Co		5.300		01/15/19		5,075
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		3,848

309

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,550,000		CenterPoint Energy Resources Corp		6.250	%	02/01/37	$	4,026
	3,840,000	g	CEZ AS.		4.250		04/03/22		3,989
EUR	400,000		CEZ AS.		3.000		06/05/28		487
$	4,675,000		CMS Energy Corp		3.600		11/15/25		4,726
	3,825,000	g	Comision Federal de Electricidad		4.750		02/23/27		3,672
	400,000	g	Comision Federal de Electricidad		6.125		06/16/45		383
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		5,152
	2,750,000		Connecticut Light & Power Co		5.500		02/01/19		2,948
	7,500,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		7,937
	6,800,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		6,474
	4,575,000		Consolidated Edison, Inc		2.000		05/15/21		4,467
	5,775,000		Dominion Gas Holdings LLC		4.600		12/15/44		5,735
	3,775,000		Dominion Resources, Inc		2.000		08/15/21		3,657
	5,150,000		Dominion Resources, Inc		2.850		08/15/26		4,822
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,496
	5,825,000		Duke Energy Corp		1.800		09/01/21		5,606
	8,675,000		Duke Energy Corp		2.650		09/01/26		8,084
	750,000		Duke Energy Corp		4.800		12/15/45		791
	5,950,000		Duke Energy Corp		3.750		09/01/46		5,345
	17,500,000		Duke Energy Florida Project Finance LLC		1.196		03/01/20		17,359
	5,000,000		Duke Energy Florida Project Finance LLC		1.731		09/01/22		4,836
	1,450,000		Duke Energy Ohio, Inc		3.800		09/01/23		1,520
	13,350,000	g	Electricite de France S.A.		2.350		10/13/20		13,212
	13,350,000	g	Electricite de France S.A.		3.625		10/13/25		13,299
	7,100,000	g,i	Electricite de France S.A.		5.625		12/30/49		6,727
	8,900,000		Energy Transfer Partners LP		4.750		01/15/26		9,189
	5,450,000		Energy Transfer Partners LP		5.950		10/01/43		5,608
	2,775,000		Energy Transfer Partners LP		5.150		03/15/45		2,657
	5,200,000		Enersis Americas S.A.		4.000		10/25/26		4,966
EUR	1,500,000		Engie S.A.		2.375		05/19/26		1,779
$	2,425,000		EnLink Midstream Partners LP		4.850		07/15/26		2,443
	1,675,000		EnLink Midstream Partners LP		5.050		04/01/45		1,516
	5,700,000		Entergy Corp		2.950		09/01/26		5,324
	3,300,000	g	Equate Petrochemical BV		3.000		03/03/22		3,141
	2,450,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		2,450
	6,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		6,459
	8,050,000	g	Fortis, Inc		3.055		10/04/26		7,518
	3,000,000		Georgia Power Co		5.400		06/01/40		3,422
	400,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		421
EUR	1,500,000		Iberdrola International BV		1.125		04/21/26		1,573
$	5,000,000		Indiana Michigan Power Co		7.000		03/15/19		5,508
	2,650,000		Indiana Michigan Power Co		4.550		03/15/46		2,743
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,847
	2,425,000		Interstate Power & Light Co		3.700		09/15/46		2,226
	1,350,000	g	Israel Electric Corp Ltd		6.700		02/10/17		1,353
	3,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		3,121
	1,300,000	g	Israel Electric Corp Ltd		5.000		11/12/24		1,353
	1,000,000	g	Kansas Gas & Electric		6.700		06/15/19		1,108
	2,825,000		Kinder Morgan, Inc		9.000		02/01/19		3,180
EUR	1,000,000		Kinder Morgan, Inc		2.250		03/16/27		1,039
$	2,065,000		Kinder Morgan, Inc		5.300		12/01/34		2,093
	5,550,000		Kinder Morgan, Inc		5.000		03/01/43		5,342
	4,850,000		Kinder Morgan, Inc		5.400		09/01/44		4,826

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875	%	10/02/18	$	1,524
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,197
	4,225,000	g	Listrindo Capital BV		4.950		09/14/26		4,114
	12,500,000		Mercy Health		3.382		11/01/25		12,370
	1,325,000		MidAmerican Energy Co		4.250		05/01/46		1,362
	4,240,000		MPLX LP		5.500		02/15/23		4,411
	3,800,000		MPLX LP		4.000		02/15/25		3,689
	2,800,000		Nevada Power Co		6.500		08/01/18		3,010
	3,335,000		Nevada Power Co		5.450		05/15/41		3,899
	168,000		NiSource Finance Corp		6.125		03/01/22		194
	3,700,000		NiSource Finance Corp		4.800		02/15/44		3,888
	3,375,000		Northeast Utilities		1.450		05/01/18		3,363
	2,000,000	g	Novolipetsk Steel via Steel Funding Ltd		4.500		06/15/23		1,986
	2,000,000		NRG Energy, Inc		6.250		05/01/24		1,945
	2,500,000		NTPC Ltd		5.625		07/14/21		2,715
	1,000,000		NTPC Ltd		4.750		10/03/22		1,060
	7,100,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		7,112
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,482
	8,170,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		8,704
	3,900,000		Pacific Gas & Electric Co		8.250		10/15/18		4,329
	5,850,000		Pacific Gas & Electric Co		4.250		03/15/46		5,933
	2,750,000		Pacific Gas & Electric Co		4.000		12/01/46		2,706
	4,500,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		4,608
	1,750,000		Phillips 66 Partners LP		3.550		10/01/26		1,691
	1,600,000		Phillips 66 Partners LP		4.900		10/01/46		1,534
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,105
	6,925,000		PPL Capital Funding, Inc		4.200		06/15/22		7,291
	4,725,000		PPL Capital Funding, Inc		3.100		05/15/26		4,514
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,028
	3,825,000		Progress Energy, Inc		7.050		03/15/19		4,227
	8,800,000		Public Service Co of Oklahoma		5.150		12/01/19		9,458
	2,640,000		Public Service Electric & Gas Co		5.300		05/01/18		2,768
	2,850,000		Public Service Electric & Gas Co		3.800		03/01/46		2,760
	2,940,000		QEP Resources, Inc		5.375		10/01/22		2,947
	5,550,000		Sempra Energy		2.875		10/01/22		5,491
	14,950,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		13,951
	6,800,000		Southern Co		4.400		07/01/46		6,712
	2,000,000		Southern Co Gas Capital Corp		3.950		10/01/46		1,847
	8,250,000		Southern Power Co		2.500		12/15/21		8,071
	7,825,000		Southern Power Co		4.150		12/01/25		8,099
	2,300,000		Spectra Energy Partners LP		3.375		10/15/26		2,197
	7,150,000		Spectra Energy Partners LP		4.500		03/15/45		6,785
	425,000		State Oil Co of the Azerbaijan Republic		4.750		03/13/23		413
	5,300,000	g	Tengizchevroil Finance Co International Ltd		4.000		08/15/26		4,972
	600,000		TransAlta Corp		6.900		05/15/18		625
	3,250,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		3,201
	3,875,000	g	Transurban Finance Co Pty Ltd		4.125		02/02/26		3,939
	275,000	g	Trinidad Generation UnLtd		5.250		11/04/27		268
	3,680,000		Virginia Electric & Power Co		2.950		01/15/22		3,727
	3,925,000		Virginia Electric & Power Co		4.000		11/15/46		3,905
	700,000		Western Gas Partners LP		4.000		07/01/22		711
	2,650,000		Western Gas Partners LP		3.950		06/01/25		2,610
	6,900,000		Western Gas Partners LP		4.650		07/01/26		7,134
	1,575,000		Western Gas Partners LP		5.450		04/01/44		1,619

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,075,000		Williams Partners LP		3.600	%	03/15/22	$	5,097
	7,250,000		Williams Partners LP		4.500		11/15/23		7,440
	1,175,000		Williams Partners LP		4.900		01/15/45		1,084
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		4,149
	2,975,000		Xcel Energy, Inc		3.350		12/01/26		2,973
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		3,074
			TOTAL UTILITIES						544,937

			TOTAL CORPORATE BONDS						4,857,835
			(Cost $4,858,059)

GOVERNMENT BONDS - 45.1%

AGENCY SECURITIES - 1.7%
	11,087,197		AMAL Ltd		3.465		08/21/21		11,477
	5,500,000		Amber Circle Funding Ltd		3.250		12/04/22		5,506
	5,103,348		Export Lease Ten Co LLC		1.650		05/07/25		4,948
	15,535,000		Lutheran Medical Center		1.982		02/20/30		14,792
	11,185,999		Premier Aircraft Leasing		3.576		02/06/22		11,632
	34,000,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		34,032
	10,000,000		PEFCO		2.250		12/15/17		10,112
	5,000,000		PEFCO		4.375		03/15/19		5,316
	7,240,000		PEFCO		1.450		08/15/19		7,212
	27,750,000		PEFCO		2.250		03/15/20		28,170
	35,000,000		PEFCO		4.300		12/15/21		38,482
	25,747,000		PEFCO		2.050		11/15/22		25,345
	1,260,938		Totem Ocean Trailer Express, Inc		4.514		12/18/19		1,310
	13,160,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		13,458
	2,875,000		US Department of Housing and Urban Development (HUD)		5.380		08/01/18		2,880
	9,640,000		Montefiore Medical Center		2.152		10/20/26		8,805
	10,500,000		Tunisia Government AID Bonds		1.416		08/05/21		10,139
			TOTAL AGENCY SECURITIES						233,616

FOREIGN GOVERNMENT BONDS - 5.6%
	4,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		3,916
	15,000,000		African Development Bank		1.375		12/17/18		14,965
	1,350,000	g	Argentine Republic Government International Bond		7.500		04/22/26		1,418
INR	135,000,000		Asian Development Bank		6.200		10/06/26		2,024
AUD	1,900,000		Australia Government International Bond		3.250		10/21/18		1,406
	1,700,000		Australia Government International Bond		5.750		05/15/21		1,410
	1,800,000		Australia Government International Bond		3.750		04/21/37		1,352
$	2,250,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		2,092
	5,450,000	g	Bermuda Government International Bond		3.717		01/25/27		5,150
	6,000,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		5,595
BRL	9,000,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/19		2,723
	5,750,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,701
$	4,250,000		Brazilian Government International Bond		4.250		01/07/25		3,974
	2,000,000		Brazilian Government International Bond		5.625		01/07/41		1,779
EUR	1,175,000		Bundesrepublik Deutschland		0.010		08/15/26		1,213
$	3,100,000	g	Caisse d’Amortissement de la Dette Sociale		1.500		01/28/19		3,090
	5,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		5,003
	1,850,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,837
	4,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		02/12/22		3,881

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
EUR	400,000		Caisse d’Amortissement de la Dette Sociale		1.375	%	11/25/24	$	455
$	25,275,000		Canada Government International Bond		0.875		02/14/17		25,276
CAD	3,200,000	g	Canada Housing Trust No		1.150		12/15/21		2,338
	1,460,000		Canadian Government International Bond		0.250		05/01/18		1,082
	1,400,000		Canadian Government International Bond		0.750		03/01/21		1,028
	600,000		Canadian Government International Bond		2.500		06/01/24		477
	1,825,000		Canadian Government International Bond		1.500		06/01/26		1,330
$	6,125,000		Colombia Government International Bond		2.625		03/15/23		5,773
	2,500,000		Colombia Government International Bond		4.500		01/28/26		2,575
	1,500,000		Colombia Government International Bond		6.125		01/18/41		1,620
COP	2,730,000,000		Colombian TES		7.000		05/04/22		922
$	3,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		3,245
DKK	3,700,000		Denmark Government International Bond		1.500		11/15/23		576
	3,600,000		Denmark Government International Bond		1.750		11/15/25		574
DOP	63,500,000	g	Dominican Republic International Bond		10.000		01/05/17		1,370
$	1,200,000	g	Dominican Republic International Bond		5.875		04/18/24		1,203
	1,070,000	g	Dominican Republic International Bond		7.450		04/30/44		1,081
	3,500,000	g	Ecuador Government International Bond		10.750		03/28/22		3,797
	2,475,000	g	Egypt Government International Bond		5.875		06/11/25		2,238
	10,000,000		European Investment Bank		2.500		04/15/21		10,120
SEK	12,330,000		European Investment Bank		1.250		05/12/25		1,366
$	3,500,000		European Investment Bank		4.875		02/15/36		4,349
	2,000,000	g	Export-Import Bank of China		2.850		09/16/20		1,995
	12,800,000		Export-Import Bank of Korea		2.250		01/21/20		12,700
EUR	1,900,000		France Government Bond OAT		1.750		11/25/24		2,230
	4,000,000		France Government Bond OAT		1.500		05/25/31		4,459
	1,275,000		French Republic Government Bond OAT		0.250		11/25/26		1,286
$	6,350,000	g	Guatemala Government International Bond		4.500		05/03/26		6,112
EUR	2,175,000	g	Hellenic Republic Government International Bond		4.750		04/17/19		2,158
HUF	260,000,000		Hungary Government International Bond		6.500		06/24/19		1,009
$	5,400,000		Hungary Government International Bond		5.750		11/22/23		5,979
	15,200,000		Hydro Quebec		1.375		06/19/17		15,214
CAD	1,800,000		Hydro-Quebec		5.000		02/15/45		1,757
EUR	1,000,000	g	Indonesia Government International Bond		2.625		06/14/23		1,057
$	400,000	g	Indonesia Government International Bond		4.125		01/15/25		396
	1,350,000	g	Indonesia Government International Bond		5.950		01/08/46		1,484
IDR	18,000,000,000		Indonesia Treasury Bond		8.250		07/15/21		1,369
	13,000,000,000		Indonesia Treasury Bond		8.375		09/15/26		991
$	900,000	g	Instituto de Credito Oficial		1.625		09/14/18		894
AUD	900,000		Inter-American Development Bank		2.750		10/30/25		619
	1,300,000		International Bank for Reconstruction & Development		2.800		01/13/21		941
EUR	1,300,000		Ireland Government International Bond		3.900		03/20/23		1,692
	1,775,000		Ireland Government International Bond		1.000		05/15/26		1,908
ILS	4,900,000		Israel Government Bond-Fixed		6.250		10/30/26		1,751
	3,100,000		Israel Government Bond-Fixed		5.500		01/31/42		1,114
EUR	2,100,000		Italy Buoni Poliennali Del Tesoro		4.750		06/01/17		2,256
	2,100,000		Italy Buoni Poliennali Del Tesoro		1.500		08/01/19		2,294
	1,200,000		Italy Buoni Poliennali Del Tesoro		0.450		06/01/21		1,262
	5,000,000		Italy Buoni Poliennali Del Tesoro		2.500		12/01/24		5,663
	1,000,000	g	Italy Buoni Poliennali Del Tesoro		3.250		09/01/46		1,126
$	5,310,000		Italy Government International Bond		6.875		09/27/23		6,176
	1,881,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,738
	3,825,000		Jamaica Government International Bond		8.000		03/15/39		4,229
	8,000,000		Japan Bank for International Cooperation		2.375		04/20/26		7,676

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,250,000		Japan Bank for International Cooperation		2.250	%	11/04/26	$	2,116
	1,100,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		1,076
	4,000,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		3,909
JYP	100,000,000		Japan Finance Organization for Municipalities		0.539		10/16/24		885
	113,000,000		Japan Finance Organization for Municipalities		0.450		03/14/25		994
	103,000,000		Japan Finance Organization for Municipalities		0.484		06/13/25		909
	140,000,000		Japan Finance Organization for Municipalities		0.020		03/13/26		1,187
	150,000,000		Japan Government Ten Year Bond		0.300		12/20/25		1,317
	440,000,000		Japan Government Ten Year Bond		0.100		09/20/26		3,788
	350,000,000		Japan Government Thirty Year Bond		2.400		11/20/31		3,921
	350,000,000		Japan Government Thirty Year Bond		2.300		05/20/32		3,894
	300,000,000		Japan Government Thirty Year Bond		2.500		09/20/34		3,463
	530,000,000		Japan Government Twenty Year Bond		1.900		03/22/21		4,921
	400,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		4,080
$	5,200,000	g	Kazakhstan Government International Bond		6.500		07/21/45		5,932
	18,750,000		KFW		2.625		01/25/22		19,080
EUR	1,920,000	g	Kingdom of Belgium Government Bond		1.000		06/22/26		2,106
$	4,500,000	g	Kommunalbanken AS.		1.375		06/08/17		4,504
	5,800,000	g,i	Kommunalbanken AS.		1.091		02/20/18		5,808
NOK	1,200,000		Kommunalbanken AS.		2.000		05/03/18		140
$	7,700,000	g	Kommunalbanken AS.		1.625		01/15/20		7,630
	1,925,000	g	Kommunalbanken AS.		1.375		10/26/20		1,878
	3,750,000	g	Kommunalbanken AS.		1.625		02/10/21		3,662
EUR	500,000		Kommunalbanken AS.		0.625		04/20/26		528
$	5,000,000	g	Kommuninvest I Sverige AB		2.000		11/12/19		5,023
SEK	13,300,000		Kommuninvest I Sverige AB		1.000		09/15/21		1,504
$	2,400,000		Korea Development Bank		1.500		01/22/18		2,391
	2,600,000		Korea Development Bank		2.500		03/11/20		2,590
	6,000,000	g	Korea Housing Finance Corp		1.625		09/15/18		5,960
	2,675,000	g	Korea Housing Finance Corp		2.000		10/11/21		2,552
KRW	580,000,000		Korea Treasury Bond		1.750		12/10/18		481
	3,920,000,000		Korea Treasury Bond		2.000		03/10/21		3,270
	4,200,000,000		Korea Treasury Bond		1.375		09/10/21		3,413
$	6,682,000		Landwirtschaftliche Rentenbank		2.000		01/13/25		6,381
	1,700,000	g	Lithuania Government International Bond		7.375		02/11/20		1,937
	5,250,000	g	Lithuania Government International Bond		6.625		02/01/22		6,086
MXN	80,000,000		Mexican Bonos		5.750		03/05/26		3,424
$	4,797,000		Mexico Government International Bond		4.000		10/02/23		4,808
	2,750,000		Mexico Government International Bond		4.750		03/08/44		2,500
	5,275,000		Mexico Government International Bond		4.350		01/15/47		4,523
	1,525,000	g	Morocco Government International Bond		4.250		12/11/22		1,555
	1,700,000	g	Morocco Government International Bond		5.500		12/11/42		1,720
	2,900,000	g	Municipality Finance plc		1.125		09/16/19		2,846
	4,500,000	g	Nacional Financiera SNC		3.375		11/05/20		4,506
	6,075,000	g	Namibia Government International Bond		5.250		10/29/25		5,936
AUD	500,000		New South Wales Treasury Corp		4.000		04/08/21		385
	500,000		New South Wales Treasury Corp		4.000		05/20/26		392
NZD	500,000		New Zealand Government International Bond		6.000		05/15/21		395
	700,000		New Zealand Government International Bond		4.500		04/15/27		534
$	1,500,000	g	Nigeria Government International Bond		6.375		07/12/23		1,444
	32,950,000		North American Development Bank		2.400		10/26/22		31,950
NOK	13,000,000	g	Norway Government International Bond		2.000		05/24/23		1,563
$	1,175,000		Panama Government International Bond		5.200		01/30/20		1,262

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,300,000		Panama Government International Bond		6.700	%	01/26/36	$	6,432
	1,100,000	g	Paraguay Government International Bond		5.000		04/15/26		1,119
PEN	2,535,000	g	Peruvian Government International Bond		8.200		08/12/26		851
$	3,025,000		Peruvian Government International Bond		4.125		08/25/27		3,142
PEN	904,000	g	Peruvian Government International Bond		6.350		08/12/28		265
$	3,000,000		Peruvian Government International Bond		8.750		11/21/33		4,380
	800,000		Peruvian Government International Bond		5.625		11/18/50		906
	2,500,000		Philippine Government International Bond		5.000		01/13/37		2,813
	1,700,000		Philippine Government International Bond		3.700		03/01/41		1,621
	6,267,000		Poland Government International Bond		5.125		04/21/21		6,831
	6,100,000		Poland Government International Bond		5.000		03/23/22		6,634
PLN	6,600,000		Poland Government International Bond		4.000		10/25/23		1,640
$	15,000,000	g	Province of Alberta Canada		1.000		06/21/17		14,991
CAD	2,200,000		Province of British Columbia Canada		3.250		12/18/21		1,763
$	15,000,000		Province of British Columbia Canada		2.000		10/23/22		14,662
	20,750,000		Province of Manitoba Canada		1.750		05/30/19		20,754
	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,178
	25,000,000		Province of Manitoba Canada		2.125		06/22/26		23,285
	20,000,000		Province of New Brunswick Canada		2.750		06/15/18		20,345
	8,835,000		Province of Quebec Canada		4.625		05/14/18		9,214
	22,500,000		Province of Quebec Canada		3.500		07/29/20		23,698
	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,393
	2,000,000	g	Provincia de Buenos Aires		7.875		06/15/27		1,972
	2,000,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		2,060
	2,400,000	g	Republic of Angola		9.500		11/12/25		2,312
	2,000,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		1,983
	2,475,000	g	Republic of Ghana		7.875		08/07/23		2,427
	2,135,000	g	Republic of Paraguay		6.100		08/11/44		2,167
PLN	4,000,000		Republic of Poland Government Bond		3.250		07/25/19		978
$	1,150,000	g	Republic of Serbia		4.875		02/25/20		1,169
	726,660	i	Republic of Serbia		6.750		11/01/24		736
	4,500,000	g	Romanian Government International Bond		6.750		02/07/22		5,119
RUB	179,000,000		Russian Federal Bond - OFZ		6.200		01/31/18		2,853
	95,900,000		Russian Federal Bond - OFZ		7.000		08/16/23		1,467
$	3,250,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		3,422
	5,000,000	g	Russian Foreign Bond - Eurobond		4.750		05/27/26		5,103
	3,750,000	g	Saudi Government International Bond		2.375		10/26/21		3,640
	3,400,000	g	Saudi Government International Bond		3.250		10/26/26		3,218
SGD	800,000		Singapore Government Bond		2.125		06/01/26		535
$	4,000,000		South Africa Government International Bond		5.875		09/16/25		4,268
	2,450,000		South Africa Government International Bond		4.875		04/14/26		2,434
ZAR	12,200,000		South Africa Government International Bond		10.500		12/21/26		979
	15,100,000		South Africa Government International Bond		8.750		01/31/44		1,005
$	5,400,000		South Africa Government International Bond		5.000		10/12/46		4,998
	1,625,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		1,750
EUR	1,100,000		Spain Government International Bond		0.250		01/31/19		1,168
	1,130,000	g	Spain Government International Bond		4.300		10/31/19		1,335
	4,025,000	g	Spain Government International Bond		2.750		10/31/24		4,762
	1,275,000	g	Spain Government International Bond		1.950		04/30/26		1,414
	1,000,000	g	Spain Government International Bond		4.200		01/31/37		1,400
$	3,000,000	g	Sri Lanka Government International Bond		5.750		01/18/22		2,946
	3,100,000	g	Sri Lanka Government International Bond		6.850		11/03/25		3,039
EUR	700,000		State of North Rhine-Westphalia		2.000		10/15/25		841
$	4,000,000		Svensk Exportkredit AB		1.125		04/05/18		3,984

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,000,000		Svensk Exportkredit AB		1.750	%	03/10/21	$	3,922
SEK	4,400,000		Sweden Government International Bond		2.250		06/01/32		557
THB	35,500,000		Thailand Government International Bond		3.400		06/17/36		999
$	1,950,000	g	Third Pakistan International Sukuk Co Ltd		5.500		10/13/21		1,988
AUD	500,000		Treasury Corp of Victoria		6.000		06/15/20		406
	500,000		Treasury Corp of Victoria		3.000		10/20/28		354
$	2,575,000	g	Trinidad & Tobago Government International Bond		4.500		08/04/26		2,524
	4,500,000		Turkey Government International Bond		5.125		03/25/22		4,462
TRY	3,900,000		Turkey Government International Bond		7.100		03/08/23		912
$	2,000,000		Turkey Government International Bond		3.250		03/23/23		1,772
	5,750,000		Turkey Government International Bond		5.750		03/22/24		5,762
	2,750,000		Turkey Government International Bond		4.875		10/09/26		2,544
	950,000		Turkey Government International Bond		6.875		03/17/36		977
	3,975,000		Turkey Government International Bond		6.625		02/17/45		3,953
GBP	1,700,000		United Kingdom Gilt		1.750		07/22/19		2,183
	525,000		United Kingdom Gilt		1.500		01/22/21		675
	3,900,000		United Kingdom Gilt		2.750		09/07/24		5,448
	1,900,000		United Kingdom Gilt		4.750		12/07/30		3,290
	1,100,000		United Kingdom Gilt		4.250		03/07/36		1,901
	1,075,000		United Kingdom Gilt		3.500		01/22/45		1,794
$	2,352,945		Uruguay Government International Bond		4.375		10/27/27		2,359
	6,750,000		Uruguay Government International Bond		5.100		06/18/50		6,075
	2,625,000	g	Vietnam Government International Bond		4.800		11/19/24		2,573
	2,000,000	g	Zambia Government International Bond		8.970		07/30/27		1,975
			TOTAL FOREIGN GOVERNMENT BONDS						758,724

MORTGAGE BACKED - 20.7%
	26,186,576		Federal Home Loan Mortgage Corp (FHLMC)		3.000		03/15/41		26,619
	35,084,230		FHLMC		3.500		09/15/41		35,809
	13,176,284		FHLMC		3.000		12/15/41		13,399
	32,348,723		FHLMC		3.000		09/15/42		32,165
	46,577,200		FHLMC		3.500		07/15/46		9,659
	51,009		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		53
	12,353		FGLMC		7.000		05/01/23		14
	181,739		FGLMC		6.000		10/01/23		205
	109,091		FGLMC		6.000		11/01/23		123
	17,829,413		FGLMC		3.500		03/01/27		18,617
	31,354		FGLMC		8.000		01/01/31		36
	5,693		FGLMC		7.000		01/01/32		6
	51,562		FGLMC		8.000		02/01/32		53
	879,024		FGLMC		4.500		07/01/33		947
	1,967,805		FGLMC		5.500		12/01/33		2,213
	1,009,382		FGLMC		5.500		12/01/33		1,145
	5,936,818		FGLMC		7.000		12/01/33		6,989
	7,002,022		FGLMC		5.000		01/01/34		7,717
	2,124,289		FGLMC		4.500		10/01/34		2,289
	1,157,187		FGLMC		4.500		04/01/35		1,247
	2,133,560		FGLMC		7.000		05/01/35		2,522
	376,089		FGLMC		5.000		02/01/36		411
	9,937		FGLMC		6.500		05/01/36		11
	2,329,052		FGLMC		5.000		04/01/38		2,563
	1,857,280		FGLMC		5.000		07/01/39		2,024
	10,973,039	w	FGLMC		4.500		11/01/40		11,986

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	12,173,953	w	FGLMC		4.500	%	12/01/40	$	13,247
	210,283		FGLMC		4.500		12/01/43		230
	124,080		FGLMC		4.500		02/01/44		136
	5,266,301		FGLMC		4.500		10/01/44		5,760
	2,652,838		FGLMC		4.500		11/01/44		2,900
	2,224,414		FGLMC		4.500		11/01/44		2,432
	1,802,279		FGLMC		4.500		12/01/44		1,972
	996,207		FGLMC		4.500		12/01/44		1,078
	10,427,507		FGLMC		3.500		04/01/45		10,723
	105,658,635		FGLMC		3.500		10/01/45		108,534
	62,637,974		FGLMC		4.000		12/01/45		66,209
	13,837,302		FGLMC		3.500		03/01/46		14,214
	8,543,603		FGLMC		4.000		05/01/46		9,038
	99,448,393	h	FGLMC		3.500		08/01/46		102,187
	9,738		Federal National Mortgage Association (FNMA)		8.000		03/01/23		10
	85,599		FNMA		8.000		07/01/24		98
	19,171		FNMA		9.000		11/01/25		22
	871,558		FNMA		2.500		07/01/31		874
	21,337,646		FNMA		2.500		07/01/31		21,386
	5,146,490		FNMA		2.500		08/01/31		5,158
	676,767		FNMA		2.500		10/01/31		678
	2,289,223		FNMA		2.500		10/01/31		2,294
	423,546		FNMA		2.500		11/01/31		425
	1,672,872		FNMA		2.500		11/01/31		1,677
	1,272,908		FNMA		2.500		11/01/31		1,276
	1,908,329		FNMA		2.500		11/01/31		1,913
	911,940		FNMA		2.500		11/01/31		914
	649,909		FNMA		2.500		12/01/31		652
	865,690		FNMA		2.500		12/01/31		868
	1,154,094		FNMA		2.500		12/01/31		1,157
	2,502,735		FNMA		2.500		12/01/31		2,508
	3,252,155		FNMA		2.500		12/01/31		3,260
	21,000,000	h	FNMA		2.500		01/25/32		21,023
	40,000,000	h	FNMA		3.000		01/25/32		41,032
	54,000,000	h	FNMA		2.500		02/25/32		54,000
	50,000,000	h	FNMA		3.000		02/25/32		51,267
	27,000,000	h	FNMA		3.500		02/25/32		28,083
	1,092,571		FNMA		6.500		07/01/32		1,274
	93,327		FNMA		7.000		07/01/32		102
	156,077		FNMA		7.000		07/01/32		166
	7,501,396		FNMA		5.000		06/01/33		8,214
	930,238		FNMA		4.500		10/01/33		1,006
	17,764,340		FNMA		5.000		10/01/33		19,451
	2,241,613		FNMA		5.000		11/01/33		2,494
	98,192		FNMA		5.000		11/01/33		107
	936,527		FNMA		5.000		03/01/34		1,028
	7,519,326		FNMA		5.500		03/01/34		8,434
	6,748,966		FNMA		5.500		02/01/35		7,568
	1,620,531		FNMA		4.500		05/01/35		1,751
	10,758,831		FNMA		5.000		05/01/35		11,763
	4,798,296		FNMA		5.000		10/01/35		5,238
	4,130,387		FNMA		5.000		02/01/36		4,510
	44,837		FNMA		6.500		03/01/37		52
	2,481,912		FNMA		5.500		08/01/37		2,780

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,279,857		FNMA		6.000	%	09/01/37	$	1,487
	1,122,993		FNMA		6.000		09/01/37		1,304
	915,203		FNMA		6.500		09/01/37		1,035
	1,458,239		FNMA		5.500		01/01/38		1,636
	67,294		FNMA		6.500		02/01/38		76
	3,872,934		FNMA		5.500		04/01/38		4,325
	8,050,803		FNMA		5.500		11/01/38		9,334
	5,412,989		FNMA		5.500		12/01/38		6,146
	170,341		FNMA		4.500		04/01/39		188
	4,351,308		FNMA		4.500		05/01/39		4,718
	590,296		FNMA		4.000		07/01/39		626
	4,001,762		FNMA		5.500		08/01/39		4,507
	2,636,136		FNMA		4.500		10/01/39		2,838
	254,458		FNMA		4.500		02/01/40		281
	2,940,797		FNMA		4.500		06/01/40		3,167
	1,547,153		FNMA		5.000		08/01/40		1,690
	9,059,932		FNMA		5.000		09/01/40		9,904
	627,558		FNMA		6.000		10/01/40		711
	3,515,020		FNMA		4.500		11/01/40		3,787
	724,081		FNMA		4.500		11/01/40		796
	23,993,189		FNMA		4.500		01/01/41		25,995
	1,189,450		FNMA		4.500		01/01/41		1,315
	1,022,768		FNMA		4.500		02/01/41		1,131
	12,818,857		FNMA		5.000		05/01/41		14,014
	1,175,708		FNMA		4.500		06/01/41		1,300
	1,279,967		FNMA		4.500		06/01/41		1,407
	787,675		FNMA		5.000		06/01/41		862
	4,445,701		FNMA		5.000		07/01/41		4,861
	1,112,769		FNMA		5.000		08/01/41		1,215
	374,921		FNMA		4.500		09/01/41		404
	5,161,195		FNMA		4.500		09/01/41		5,591
	4,658,421		FNMA		4.500		11/01/41		5,030
	1,581,318		FNMA		4.500		12/01/41		1,739
	24,995,741		FNMA		5.500		12/01/41		28,771
	1,296,429		FNMA		4.500		01/01/42		1,425
	2,306,613		FNMA		4.500		01/01/42		2,499
	15,473,849		FNMA		4.500		02/01/42		16,712
	1,476,028		FNMA		4.500		03/01/42		1,631
	23,831,518		FNMA		3.000		03/25/42		24,210
	753,593		FNMA		4.500		04/01/42		812
	8,738,527		FNMA		4.500		04/01/42		9,416
	1,327,717		FNMA		4.500		04/01/42		1,459
	1,468,979		FNMA		4.500		06/01/42		1,615
	21,254,088		FNMA		4.500		06/01/42		22,904
	25,263,955		FNMA		3.000		06/25/42		25,651
	1,192,452		FNMA		4.500		07/01/42		1,318
	19,872,780		FNMA		3.000		10/01/42		19,853
	215,801		FNMA		3.000		10/01/42		216
	27,239,779		FNMA		3.500		11/25/42		5,204
	22,284,227	w	FNMA		3.000		01/01/43		22,262
	28,088,115	w	FNMA		3.000		02/01/43		28,060
	19,375,836		FNMA		3.000		02/25/43		19,788
	12,940		FNMA		3.000		04/01/43		13

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	18,273,792		FNMA		3.000	%	08/25/43	$	18,662
	9,698,575		FNMA		4.000		04/01/44		10,287
	2,990,392		FNMA		4.000		06/01/44		3,171
	5,717,961		FNMA		4.000		06/01/44		6,078
	9,222,693		FNMA		4.500		06/01/44		10,136
	3,259,419		FNMA		4.000		07/01/44		3,464
	1,621,642		FNMA		4.000		07/01/44		1,724
	2,173,725		FNMA		4.000		08/01/44		2,311
	5,623,770		FNMA		4.000		08/01/44		5,975
	5,589,956		FNMA		4.000		08/01/44		5,942
	14,919,629		FNMA		4.000		08/01/44		15,858
	1,149,877		FNMA		4.000		09/01/44		1,222
	1,492,433		FNMA		4.000		09/01/44		1,586
	6,822,507		FNMA		4.000		10/01/44		7,252
	9,148,708		FNMA		4.500		10/01/44		10,066
	16,623,257		FNMA		4.500		11/01/44		18,291
	6,501,866		FNMA		4.000		12/01/44		6,847
	13,684,019		FNMA		4.000		12/01/44		14,543
	5,038,599		FNMA		4.500		12/01/44		5,544
	8,975,378		FNMA		4.000		01/01/45		9,540
	637,753		FNMA		3.500		03/01/45		656
	1,039,788		FNMA		3.500		03/01/45		1,070
	2,312,704		FNMA		4.500		03/01/45		2,545
	756,374		FNMA		4.500		04/01/45		832
	19,703,105		FNMA		3.500		05/01/45		20,302
	2,572,671		FNMA		4.000		05/01/45		2,735
	5,680,826		FNMA		4.000		06/01/45		6,039
	17,229,539		FNMA		4.000		07/01/45		18,221
	13,094,855		FNMA		4.000		08/01/45		13,782
	2,934,614		FNMA		4.000		08/01/45		3,119
	1,636,587		FNMA		4.000		10/01/45		1,740
	10,310,614		FNMA		4.000		11/01/45		10,961
	13,129,332		FNMA		4.000		12/01/45		13,863
	3,295,367		FNMA		4.000		12/01/45		3,503
	27,639,020		FNMA		3.500		01/01/46		28,415
	50,784,028		FNMA		4.000		01/01/46		53,730
	26,890,132		FNMA		3.500		02/01/46		27,636
	7,543,569		FNMA		4.000		02/01/46		7,984
	23,770,893		FNMA		3.500		06/01/46		24,445
	19,225,374		FNMA		3.500		08/01/46		19,712
	17,791,927		FNMA		3.500		10/01/46		18,242
	2,166,057		FNMA		4.000		10/01/46		2,293
	6,034,705		FNMA		3.500		10/25/46		1,725
	4,354,805		FNMA		3.500		11/01/46		4,465
	110,000,000	h	FNMA		3.000		01/25/47		109,197
	69,000,000	h	FNMA		3.500		01/25/47		70,677
	125,000,000	h	FNMA		4.000		01/25/47		131,350
	24,000,000	h	FNMA		4.500		01/25/47		25,805
	127,000,000	h	FNMA		3.000		02/25/47		125,879
	60,000,000	h	FNMA		3.500		02/25/47		61,367
	14,000,000	h	FNMA		4.000		02/25/47		14,692
	23,000,000	h	FNMA		4.500		02/25/47		24,702
	13,000,000	h	FNMA		5.000		02/25/47		14,150
	54,000,000	h	FNMA		3.500		03/25/47		55,118

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	40,000,000	h	FNMA		4.000	%	03/25/47	$	41,895
	40,605,097		FNMA		3.500		07/01/55		41,632
	5,606		Government National Mortgage Association (GNMA)		8.000		06/15/24		6
	25,546		GNMA		8.500		11/20/30		30
	37,206		GNMA		8.500		12/20/30		44
	637,568		GNMA		5.500		07/15/33		720
	15,307,556		GNMA		3.700		10/15/33		16,041
	398,075		GNMA		5.500		11/20/33		448
	1,400,519		GNMA		5.500		03/20/35		1,572
	674,316		GNMA		5.500		12/20/35		753
	360,326		GNMA		6.000		10/20/36		414
	402,869		GNMA		6.000		01/20/37		467
	1,163,630		GNMA		6.000		02/20/37		1,310
	857,548		GNMA		5.000		04/15/38		946
	853,640		GNMA		5.500		07/15/38		955
	1,236,103		GNMA		5.500		07/20/38		1,369
	424,274		GNMA		6.000		08/20/38		480
	795,129		GNMA		6.500		11/20/38		909
	70,866		GNMA		4.500		02/20/39		78
	570,196		GNMA		2.176		05/16/39		572
	2,600,955		GNMA		5.000		06/15/39		2,905
	1,686,822		GNMA		5.000		06/15/39		1,884
	10,525,031		GNMA		4.500		09/20/39		11,441
	11,917,178		GNMA		3.700		08/15/40		12,465
	98,849		GNMA		4.500		08/20/41		106
	346,511		GNMA		4.500		09/20/41		375
	37,283,670		GNMA		3.500		10/20/42		7,411
	73,819		GNMA		4.500		01/20/44		79
	91,307		GNMA		4.500		02/20/44		100
	1,113,488		GNMA		4.500		05/20/44		1,219
	150,837		GNMA		4.500		05/20/44		165
	1,102,090		GNMA		4.500		08/20/44		1,194
	1,114,448		GNMA		4.500		09/20/44		1,201
	397,619		GNMA		4.500		10/20/44		434
	357,675		GNMA		4.500		11/20/44		385
	751,868		GNMA		4.500		12/20/44		824
	1,114,138		GNMA		4.500		02/20/45		1,219
	1,211,844		GNMA		4.500		08/20/45		1,328
	1,420,728		GNMA		4.500		08/20/45		1,556
	1,229,245		GNMA		4.500		12/20/45		1,347
	37,870,778		GNMA		3.500		11/20/46		7,773
	13,900,000	h	GNMA		3.500		12/20/46		14,458
	38,000,000	h	GNMA		3.000		01/20/47		38,448
	105,000,000	h	GNMA		3.000		02/20/47		106,063
	169,000,000	h	GNMA		3.500		02/20/47		175,293
	25,000,000	h	GNMA		4.000		02/20/47		26,497
			TOTAL MORTGAGE BACKED						2,797,496

MUNICIPAL BONDS - 2.9%
	10,000,000		City of Dallas TX Waterworks & Sewer System Revenue		0.985		10/01/18		9,929
	8,725,000		City of Dallas TX Waterworks & Sewer System Revenue		1.217		10/01/19		8,602
	5,000,000		City of Dallas TX Waterworks & Sewer System Revenue		1.868		10/01/22		4,850
	2,775,000		City of Dallas TX Waterworks & Sewer System Revenue		2.068		10/01/23		2,686

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	1,350,000	City of Dallas TX Waterworks & Sewer System Revenue		2.389	%	10/01/25	$	1,286
	3,000,000	City of Dallas TX Waterworks & Sewer System Revenue		2.439		10/01/26		2,836
	2,025,000	City of San Antonio TX Customer Facility Charge Revenue		4.253		07/01/24		2,051
	1,575,000	City of San Antonio TX Customer Facility Charge Revenue		4.353		07/01/25		1,598
	20,000,000	City of San Francisco CA Public Utilities Commission Water Revenue		4.035		11/01/41		19,570
	9,950,000	Commonwealth of Massachusetts		3.277		06/01/46		9,028
	1,875,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,808
	1,505,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,448
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,432
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,314
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		3,308
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,350
	1,875,000	Imperial Irrigation District Electric System Revenue		0.995		11/01/17		1,870
	1,895,000	Imperial Irrigation District Electric System Revenue		1.095		11/01/18		1,880
	5,265,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.125		09/01/19		5,158
	2,350,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,245
	1,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		947
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		4,338
	2,560,000	Michigan Finance Authority		1.941		11/01/21		2,489
	3,000,000	Michigan Finance Authority		2.244		11/01/22		2,940
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		5,595
	2,000,000	Permanent University Fund		1.439		07/01/17		2,004
	2,625,000	Permanent University Fund		1.730		07/01/18		2,638
	4,720,000	Permanent University Fund		1.880		07/01/19		4,730
	2,320,000	Permanent University Fund		2.258		07/01/20		2,337
	2,160,000	Permanent University Fund		2.408		07/01/21		2,185
	2,750,000	Permanent University Fund		2.508		07/01/22		2,771
	2,855,000	Permanent University Fund		2.608		07/01/23		2,852
	3,250,000	Permanent University Fund		2.708		07/01/24		3,222
	2,335,000	Permanent University Fund		2.808		07/01/25		2,297
	3,775,000	Permanent University Fund		2.908		07/01/26		3,700
	4,000,000	Permanent University Fund		3.008		07/01/27		3,892
	2,000,000	Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		2,006
	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		1,510
	1,000,000	Port of Corpus Christi Authority of Nueces County		3.487		12/01/25		1,006
	7,500,000	Port of Morrow OR		1.582		09/01/20		7,386
	2,075,000	Port of Morrow OR		1.782		09/01/21		2,033
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		954
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		956
	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,175
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,674
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,501

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	700,000		Regents of the University of California Medical Center Pooled Revenue		2.659	%	05/15/28	$	653
	900,000		Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		836
	24,500,000		South Carolina Public Service Authority		2.388		12/01/23		23,800
	3,060,000		State of Georgia		2.000		07/01/20		3,073
	3,215,000		State of Georgia		2.150		07/01/21		3,211
	3,465,000		State of Georgia		1.910		02/01/23		3,353
	3,905,000		State of Georgia		2.750		07/01/25		3,821
	4,100,000		State of Georgia		2.850		07/01/26		4,036
	4,305,000		State of Georgia		2.950		07/01/27		4,197
	4,520,000		State of Georgia		3.050		07/01/28		4,419
	3,245,000		State of Georgia		3.150		07/01/29		3,107
	19,760,000		State of Illinois		4.833		02/01/17		19,808
	5,866,667		State of Illinois		4.350		06/01/18		5,956
	7,500,000		State of Illinois		2.000		06/15/19		7,511
	7,160,000		State of Illinois		5.463		02/01/20		7,403
	12,500,000		State of Illinois		1.930		06/15/20		12,297
	12,500,000		State of Illinois		2.250		06/15/21		12,323
	12,500,000		State of Illinois		3.150		06/15/26		12,054
	12,500,000		State of Illinois		3.250		06/15/27		12,067
	20,000,000		State of Michigan		1.579		11/01/20		19,651
	13,000,000		State of Michigan		1.779		11/01/21		12,654
	7,000,000		State of Michigan		1.966		11/01/22		6,774
	6,000,000		University of California		2.570		05/15/22		6,058
	17,045,000		University of California		3.931		05/15/45		16,879
	20,000,000		University of New Mexico		3.532		06/20/32		19,270
	500,000		Utah Municipal Power Agency		1.630		07/01/19		495
	835,000		Utah Municipal Power Agency		1.823		07/01/20		821
	500,000		Utah Municipal Power Agency		2.023		07/01/21		490
	1,750,000		Utah Municipal Power Agency		2.262		07/01/22		1,701
	1,500,000		Utah Municipal Power Agency		2.512		07/01/23		1,461
	2,160,000		Virginia Port Authority		4.228		07/01/36		2,072
			TOTAL MUNICIPAL BONDS						390,346

U.S. TREASURY SECURITIES - 14.2%
	2,185,000		United States Treasury Bond		5.250		11/15/28		2,777
	100,686,000	p	United States Treasury Bond		5.375		02/15/31		133,869
	65,602,000		United States Treasury Bond		4.500		02/15/36		82,861
	4,500,000		United States Treasury Bond		4.750		02/15/37		5,847
	38,000,000		United States Treasury Bond		3.500		02/15/39		41,479
	11,900,000		United States Treasury Bond		3.875		08/15/40		13,637
	19,135,000		United States Treasury Bond		4.375		05/15/41		23,632
	16,434,000		United States Treasury Bond		3.750		08/15/41		18,474
	56,375,000		United States Treasury Bond		3.625		08/15/43		62,387
	35,680,000		United States Treasury Bond		3.000		05/15/45		35,117
	81,710,000		United States Treasury Bond		2.875		08/15/45		78,446
	118,850,000	p	United States Treasury Bond		2.500		05/15/46		105,357
	13,800,000		United States Treasury Bond		2.250		08/15/46		11,574
	108,750,000		United States Treasury Bond		2.875		11/15/46		104,737
	2,700,000		United States Treasury Note		0.750		01/15/17		2,700
	3,000,000		United States Treasury Note		1.000		12/31/17		3,002
	200,000		United States Treasury Note		0.750		02/28/18		200
	14,345,000		United States Treasury Note		0.875		03/31/18		14,325

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	120,000,000	p	United States Treasury Note		0.875	%	05/31/18	$	119,752
	32,200,000		United States Treasury Note		0.625		06/30/18		31,994
	37,665,000		United States Treasury Note		0.875		07/15/18		37,539
	32,900,000		United States Treasury Note		0.750		07/31/18		32,719
	12,100,000		United States Treasury Note		2.250		07/31/18		12,316
	12,700,000		United States Treasury Note		0.750		08/31/18		12,620
	9,966,900		United States Treasury Note		1.375		09/30/18		10,003
	3,775,000		United States Treasury Note		0.750		10/31/18		3,747
	1,365,000		United States Treasury Note		1.750		10/31/18		1,379
	5,325,000		United States Treasury Note		1.000		11/30/18		5,307
	10,100,000		United States Treasury Note		0.750		02/15/19		9,997
	53,775,000		United States Treasury Note		1.000		03/15/19		53,474
	1,195,000		United States Treasury Note		0.875		04/15/19		1,184
	7,550,000		United States Treasury Note		0.875		09/15/19		7,448
	124,787,000		United States Treasury Note		1.625		07/31/20		124,618
	3,000,000		United States Treasury Note		1.750		12/31/20		2,997
	750,000		United States Treasury Note		1.375		01/31/21		737
	825,000		United States Treasury Note		2.125		01/31/21		835
	19,589,300		United States Treasury Note		1.125		02/28/21		19,044
	12,720,000		United States Treasury Note		2.000		02/28/21		12,811
	48,635,000		United States Treasury Note		1.375		04/30/21		47,667
	3,240,000		United States Treasury Note		2.250		04/30/21		3,294
	1,040,000		United States Treasury Note		1.375		05/31/21		1,018
	16,465,000		United States Treasury Note		2.000		05/31/21		16,551
	1,730,000		United States Treasury Note		2.125		06/30/21		1,747
	11,825,000		United States Treasury Note		2.000		08/31/21		11,861
	133,872,000		United States Treasury Note		8.000		11/15/21		171,307
	31,145,000		United States Treasury Note		1.750		11/30/21		30,882
	72,575,000		United States Treasury Note		1.750		02/28/22		71,633
	1,710,000		United States Treasury Note		1.750		03/31/22		1,686
	8,000,000		United States Treasury Note		1.750		04/30/22		7,881
	4,565,000		United States Treasury Note		2.125		06/30/22		4,576
	23,000,000		United States Treasury Note		2.000		07/31/22		22,891
	106,110,000		United States Treasury Note		1.875		08/31/22		104,759
	56,465,000		United States Treasury Note		1.750		09/30/22		55,334
	500,000		United States Treasury Note		1.750		01/31/23		488
	1,875,000		United States Treasury Note		1.625		04/30/23		1,811
	510,000		United States Treasury Note		1.375		06/30/23		484
	500,000		United States Treasury Note		1.250		07/31/23		470
	16,720,000		United States Treasury Note		1.375		09/30/23		15,814
	15,000,000		United States Treasury Note		1.625		10/31/23		14,413
	28,000,000		United States Treasury Note		2.125		11/30/23		27,780
	13,539,000		United States Treasury Note		1.500		08/15/26		12,432
	52,207,000		United States Treasury Note		2.000		11/15/26		50,150
			TOTAL U.S. TREASURY SECURITIES						1,917,871

			TOTAL GOVERNMENT BONDS						6,098,053
			(Cost $6,123,952)

STRUCTURED ASSETS - 15.2%

ASSET BACKED - 5.3%

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	524,187	i	ACE Securities Corp Home Equity Loan Trust		1.491	%	08/25/35	$	520
			Series - 2005 HE5 (Class M2)
	2,125,000		Ally Auto Receivables Trust		1.720		04/15/21		2,117
			Series - 2016 3 (Class A4)
	7,286,713		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		7,291
			Series - 2013 1 (Class C)
	3,702,696		AmeriCredit Automobile Receivables Trust		1.790		03/08/19		3,707
			Series - 2013 2 (Class C)
	18,920,000		AmeriCredit Automobile Receivables Trust		2.420		05/08/19		19,032
			Series - 2013 2 (Class D)
	6,675,000		AmeriCredit Automobile Receivables Trust		2.720		09/09/19		6,719
			Series - 2013 4 (Class C)
	3,500,000		AmeriCredit Automobile Receivables Trust		1.460		05/10/21		3,482
			Series - 2016 3 (Class A3)
	5,250,000		AmeriCredit Automobile Receivables Trust		1.530		07/08/21		5,213
			Series - 2016 4 (Class A3)
	12,805,000		AmeriCredit Automobile Receivables Trust		3.340		08/08/21		12,974
			Series - 2015 3 (Class D)
	5,500,000		AmeriCredit Automobile Receivables Trust		2.740		12/08/22		5,401
			Series - 2016 4 (Class D)
	74,236	g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	3,133,333	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		3,140
			Series - 2011 5A (Class C)
	3,708,333	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		3,718
			Series - 2011 5A (Class B)
	4,075,000	g	Avis Budget Rental Car Funding AESOP LLC		3.887		05/20/18		4,092
			Series - 2012 2A (Class B)
	2,701,000	g	Avis Budget Rental Car Funding AESOP LLC		1.920		09/20/19		2,687
			Series - 2013 1A (Class A)
	6,000,000		BMW Vehicle Lease Trust		1.430		09/20/19		6,001
			Series - 2016 2 (Class A3)
	5,000,000		Cabela’s Credit Card Master Note Trust		1.780		06/15/22		4,984
			Series - 2016 1 (Class A1)
	4,661,478		Capital Auto Receivables Asset Trust		1.740		10/22/18		4,663
			Series - 2013 1 (Class C)
	6,616,000		Capital Auto Receivables Asset Trust		1.620		03/20/19		6,628
			Series - 2015 4 (Class A2)
	2,000,000		Capital Auto Receivables Asset Trust		1.460		06/22/20		1,991
			Series - 2016 2 (Class A3)
	6,250,000		Capital Auto Receivables Asset Trust		1.540		08/20/20		6,228
			Series - 2016 3 (Class A3)
	3,500,000		Capital Auto Receivables Asset Trust		1.630		01/20/21		3,461
			Series - 2016 2 (Class A4)
	5,250,000		Capital Auto Receivables Asset Trust		1.690		03/20/21		5,203
			Series - 2016 3 (Class A4)
	11,525,000		Capital Auto Receivables Asset Trust		2.190		09/20/21		11,567
			Series - 0 1 (Class D)
	8,000,000	g	Capital Automotive REIT		3.660		10/15/44		7,765
			Series - 2014 1A (Class A)
	3,500,000		Carmax Auto Owner Trust		1.390		05/17/21		3,476
			Series - 2016 3 (Class A3)
	3,000,000		Carmax Auto Owner Trust		1.600		01/18/22		2,957
			Series - 2016 3 (Class A4)

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,000,000		CarMax Auto Owner Trust		1.680	%	09/15/21	$	2,963
			Series - 2016 2 (Class A4)
	2,975,477	i,m	CCR, Inc		1.109		07/10/17		2,966
			Series - 2010 CX (Class C)
	748,856	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		665
			Series - 2004 2 (Class 1M2)
	824,873	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		822
			Series - 2002 1 (Class AF6) (Step Bond)
	5,500,000		CNH Equipment Trust		1.630		08/15/21		5,476
			Series - 2016 B (Class A3)
	7,000,000		CNH Equipment Trust		1.440		12/15/21		6,928
			Series - 2016 C (Class A3)
	5,250,000	g	DaimlerChrysler Capital Auto Receivables Trust		1.640		07/15/21		5,207
			Series - 2016 BA (Class A3)
	7,860,000	g	DB Master Finance LLC		3.262		02/20/45		7,870
			Series - 2015 1A (Class A2I)
	6,877,500	g	DB Master Finance LLC		3.980		02/20/45		6,887
			Series - 2015 1A (Class A2II)
	5,525,000	g,i	DB/UBS Mortgage Trust		5.685		11/10/46		6,092
			Series - 2011 LC1A (Class C)
	65,588,490	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		66,898
			Series - 2012 1A (Class A2)
	16,830,000	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		16,655
			Series - 2015 1A (Class A2I)
	2,475,000	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		2,430
			Series - 2015 1A (Class A2II)
	5,250,000		Ford Credit Auto Owner Trust		1.150		07/15/18		5,251
			Series - 2013 A (Class B)
	3,500,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		3,490
			Series - 2016 1 (Class A)
	10,000,000	g	Ford Credit Auto Owner Trust		2.030		12/15/27		9,825
			Series - 2016 2 (Class A)
	5,000,000		Ford Credit Floorplan Master Owner Trust		1.550		07/15/21		4,946
			Series - 2016 3 (Class A1)
	5,000,000		Ford Credit Floorplan Master Owner Trust		2.390		08/15/22		5,032
			Series - 2015 5 (Class A)
	5,500,000		GM Financial Automobile Leasing Trust		1.620		09/20/19		5,494
			Series - 2016 2 (Class A3)
	7,500,000		GM Financial Automobile Leasing Trust		1.610		12/20/19		7,476
			Series - 2016 3 (Class A3)
	3,500,000	g	GMF Floorplan Owner Revolving Trust		1.960		05/17/21		3,488
			Series - 2016 1 (Class A1)
	10,000,000		GS Mortgage Securities Trust		2.777		10/10/49		9,892
			Series - 2016 GS3 (Class AAB)
	5,705,000	g	Hertz Vehicle Financing LLC		1.830		08/25/19		5,665
			Series - 2013 1A (Class A2)
	5,000,000	g	Hertz Vehicle Financing LLC		2.320		03/25/20		4,966
			Series - 2016 1A (Class A)
	4,875,000	g	Hertz Vehicle Financing LLC		2.270		07/25/20		4,826
			Series - 2016 3A (Class A)
	1,460,350	i	Irwin Home Equity Corp		1.516		02/25/34		1,422
			Series - 2005 A (Class A3)

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,625,251	g	JG Wentworth XXII LLC		3.820	%	12/15/48	$	11,732
			Series - 2010 3A (Class A)
	7,000,000		John Deere Owner Trust		1.250		06/15/20		6,965
			Series - 2016 B (Class A3)
	2,122,111	i	Lehman XS Trust		1.006		02/25/36		2,029
			Series - 2006 1 (Class 1A1)
	5,459,087	i	Lehman XS Trust		6.500		06/25/46		4,278
			Series - 2006 13 (Class 2A1)
	345,380		Louisiana Public Facilities Authority		5.750		02/01/19		347
			Series - 2008 ELL (Class A2)
	7,000,000	g,i	Navistar Financial Dealer Note Master Owner Trust II		2.106		09/27/21		7,019
			Series - 2016 1 (Class A)
	5,000,000		Nissan Auto Lease Trust		1.490		03/15/19		5,003
			Series - 2016 A (Class A3)
	1,970,769	g	OneMain Direct Auto Receivables Trust		2.040		01/15/21		1,974
			Series - 2016 1A (Class A)
	434,507	g	OneMain Financial Issuance Trust		2.430		06/18/24		434
			Series - 2014 1A (Class A)
	25,029	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.701		09/25/34		25
			Series - 2004 WHQ1 (Class M1)
	17,822	i	Renaissance Home Equity Loan Trust		1.464		08/25/33		16
			Series - 2003 2 (Class A)
	62,823	i	Residential Asset Securities Corp		6.489		10/25/30		64
			Series - 2001 KS2 (Class AI6)
	980,909	i	Residential Funding Mortgage Securities II, Inc		5.950		08/25/34		1,017
			Series - 2005 HI1 (Class A5) (Step Bond)
	408,195	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		410
			Series - 2006 HI1 (Class M1) (Step Bond)
	327,342	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		342
			Series - 2006 HI1 (Class M2) (Step Bond)
	8,847,700		Santander Drive Auto Receivables Trust		3.500		06/15/18		8,864
			Series - 2012 4 (Class D)
	2,114,987		Santander Drive Auto Receivables Trust		1.760		01/15/19		2,117
			Series - 2013 1 (Class C)
	5,830,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		5,853
			Series - 2013 2013-1 (Class D)
	8,600,550		Santander Drive Auto Receivables Trust		1.620		02/15/19		8,602
			Series - 2014 2 (Class B)
	4,410,000		Santander Drive Auto Receivables Trust		2.570		03/15/19		4,443
			Series - 2013 2 (Class D)
	657,017		Santander Drive Auto Receivables Trust		1.810		04/15/19		658
			Series - 2013 3 (Class C)
	4,625,000		Santander Drive Auto Receivables Trust		2.420		04/15/19		4,660
			Series - 2013 3 (Class D)
	59,709,023		Santander Drive Auto Receivables Trust		2.250		06/17/19		59,904
			Series - 2013 5 (Class C)
	2,592,858		Santander Drive Auto Receivables Trust		1.410		07/15/19		2,595
			Series - 2016 1 (Class A2A)
	14,577,094	g	Santander Drive Auto Receivables Trust		3.120		10/15/19		14,673
			Series - 2013 A (Class C)
	5,325,000		Santander Drive Auto Receivables Trust		2.910		04/15/20		5,390
			Series - 2014 1 (Class D)

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,500,000		Santander Drive Auto Receivables Trust		1.560	%	05/15/20	$	4,496
			Series - 2016 2 (Class A3)
	600,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		601
			Series - 2015 5 (Class B)
	8,000,000		Santander Drive Auto Receivables Trust		1.500		08/17/20		7,964
			Series - 2016 3 (Class A3)
	14,172,000		Santander Drive Auto Receivables Trust		2.130		08/17/20		14,224
			Series - 2014 3 (Class C)
	600,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		605
			Series - 2015 5 (Class C)
	6,000,000		Santander Drive Auto Receivables Trust		2.800		08/15/22		5,917
			Series - 2016 3 (Class D)
	5,000,000	g,i	Shackleton II CLO Ltd		2.064		10/20/23		5,000
			Series - 2012 2A (Class A1R)
	2,500,000	g	Shackleton II CLO Ltd		3.010		10/20/23		2,500
			Series - 2012 2A (Class B2R)
	184,664	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		184
			Series - 2013 1A (Class A)
	4,473,715	g	Sierra Receivables Funding Co LLC		2.700		10/20/30		4,486
			Series - 2013 3A (Class B)
	4,532,784	g	Sierra Receivables Funding Co LLC		2.050		06/20/31		4,524
			Series - 2014 2A (Class A)
	1,866,441	g	Sierra Receivables Funding Co LLC		2.400		06/20/31		1,866
			Series - 2014 2A (Class B)
	5,553,309	g	Sierra Receivables Funding Co LLC		2.400		03/22/32		5,527
			Series - 2015 1A (Class A)
	2,802,806	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		2,788
			Series - 2015 3A (Class A)
	760,943	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		765
			Series - 2015 3A (Class B)
	5,396,615	g	Sierra Timeshare Receivables Funding LLC		2.330		07/20/33		5,297
			Series - 2016 2A (Class A)
	12,355,537	g	Sierra Timeshare Receivables Funding LLC		2.430		10/20/33		12,140
			Series - 2016 3A (Class A)
	7,321,800	g	Sierra Timeshare Receivables Funding LLC		2.630		10/20/33		7,195
			Series - 2016 3A (Class B)
	11,518,316	g	SLM Student Loan Trust		3.740		02/15/29		11,748
			Series - 2011 B (Class A2)
	7,702,647	g	SoFi Professional Loan Program LLC		1.530		04/25/33		7,692
			Series - 2016 D (Class A2A)
	4,219,967	g	SolarCity LMC		4.590		04/20/44		3,979
			Series - 2014 1 (Class A)
	32,003,514	g	SpringCastle America Funding LLC		3.050		04/25/29		32,164
			Series - 2016 AA (Class A)
	555,284	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.976		10/25/36		555
			Series - 2006 GEL4 (Class A2)
	13,216,875	g	Taco Bell Funding LLC		3.832		05/25/46		13,265
			Series - 2016 1A (Class A2I)
	3,500,000	g	Verizon Owner Trust		1.420		01/20/21		3,475
			Series - 2016 1A (Class A)
	1,890,000	g	Vornado DP LLC		5.280		09/13/28		2,033
			Series - 2010 VNO (Class C)
	553,556	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		561
			Series - 2006 N1 (Class N1)

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	731,942	g,i	Wachovia Loan Trust		1.116	%	05/25/35	$	720
			Series - 2005 SD1 (Class A)
	34,562,500	g	Wendys Funding LLC		3.371		06/15/45		34,510
			Series - 2015 1A (Class A2I)
	3,000,000		World Financial Network Credit Card Master Trust		2.030		04/15/25		2,935
			Series - 2016 A (Class A)
			TOTAL ASSET BACKED						707,779

OTHER MORTGAGE BACKED - 9.9%
	2,000,000	i	Banc of America Commercial Mortgage Trust		5.772		05/10/45		1,997
			Series - 2006 2 (Class B)
	10,500,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		10,459
			Series - 2007 1 (Class AM)
	14,549,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		14,529
			Series - 2007 1 (Class AMFX)
	12,000,000		Banc of America Commercial Mortgage Trust		3.019		07/15/49		11,973
			Series - 2016 UB10 (Class ASB)
	3,500,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		3,226
			Series - 2007 4 (Class E)
	2,000,000	g,i	Banc of America Commercial Mortgage Trust		6.000		02/10/51		1,951
			Series - 2007 4 (Class D)
	21,825,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.920		09/11/42		21,977
			Series - 2007 T28 (Class AJ)
	2,500,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.878		06/11/50		2,517
			Series - 2007 PW17 (Class AJ)
	4,500,000		CD Mortgage Trust		2.622		08/10/49		4,399
			Series - 2016 CD1 (Class ASB)
	8,000,000	g	CGBAM Commercial Mortgage Trust		3.516		04/10/28		8,014
			Series - 2015 SMRT (Class C)
	9,000,000	g	CGBAM Commercial Mortgage Trust		3.768		04/10/28		9,003
			Series - 2015 SMRT (Class D)
	7,403,780	i	CHL Mortgage Pass-Through Trust		3.156		02/20/35		7,421
			Series - 2004 HYB9 (Class 1A1)
	3,000,000	g	Citigroup Commercial Mortgage Trust		2.228		09/10/31		2,921
			Series - 2016 SMPL (Class A)
	2,500,000	g	Citigroup Commercial Mortgage Trust		2.576		09/10/31		2,438
			Series - 2016 SMPL (Class B)
	4,187,462		Citigroup Commercial Mortgage Trust		1.506		05/10/49		4,149
			Series - 2016 C1 (Class A1)
	6,500,000		Citigroup Commercial Mortgage Trust		3.003		05/10/49		6,469
			Series - 2016 C1 (Class AAB)
	15,000,000	g,i	Citigroup Commercial Mortgage Trust		5.711		12/10/49		15,226
			Series - 2007 C6 (Class AMFX)
	56,587	i	Citigroup Commercial Mortgage Trust		5.713		12/10/49		57
			Series - 2007 C6 (Class ASB)
	7,095,000	i	Citigroup Commercial Mortgage Trust		5.899		12/10/49		7,197
			Series - 2007 C6 (Class AM)
	16,626,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		16,815
			Series - 2007 C3 (Class AJ)
	32,585,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		33,015
			Series - 2007 C3 (Class AM)

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,640,000	i	COBALT CMBS Commercial Mortgage Trust		5.526	%	04/15/47	$	5,739
			Series - 2007 C2 (Class AMFX)
	725,335		COMM Mortgage Trust		1.399		02/10/48		722
			Series - 2015 LC19 (Class A1)
	5,000,000	g,i	COMM Mortgage Trust		1.354		12/10/49		4,879
			Series - 2007 C9 (Class AJFL)
	2,180,000	i	COMM Mortgage Trust		5.650		12/10/49		2,219
			Series - 2007 C9 (Class AJ)
	20,271,351	i	COMM Mortgage Trust		5.796		12/10/49		20,445
			Series - 2007 C9 (Class B)
	1,000,000	i	COMM Mortgage Trust		5.812		12/10/49		1,006
			Series - 2007 C9 (Class C)
	3,500,000	i	COMM Mortgage Trust		5.813		12/10/49		3,493
			Series - 2007 C9 (Class F)
	4,273,140		COMM Mortgage Trust		1.667		07/10/50		4,278
			Series - 2015 PC1 (Class A1)
	12,312,502	i	Connecticut Avenue Securities		2.906		09/25/28		12,440
			Series - 2016 C02 (Class 1M1)
	13,606,692	i	Connecticut Avenue Securities		2.106		01/25/29		13,637
			Series - 2016 C05 (Class 2M1)
	39,060,240	i	Connecticut Avenue Securities		2.206		01/25/29		39,309
			Series - 2016 C04 (Class 1M1)
	8,914,827	i	Connecticut Avenue Securities		2.056		04/25/29		8,932
			Series - 2016 C06 (Class 1M1)
	12,133,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		12,158
			Series - 2007 C4 (Class A1AJ)
	15,500,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		15,534
			Series - 2007 C4 (Class AJ)
	9,000,000	i	Credit Suisse Commercial Mortgage Trust		5.953		09/15/39		9,157
			Series - 2007 C4 (Class A1AM)
	21,335,000	i	Credit Suisse Commercial Mortgage Trust		0.937		01/15/49		21,285
			Series - 2007 C2 (Class AMFL)
	22,500,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		22,409
			Series - 2007 C2 (Class AJ)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		12,356
			Series - 2006 OMA (Class D)
	13,798,332		Csail Commercial Mortgage Trust		1.454		06/15/57		13,733
			Series - 2015 C2 (Class A1)
	5,500,000		CSAIL Commercial Mortgage Trust		3.314		11/15/49		5,544
			Series - 2016 C7 (Class ASB)
	11,000,000		DBJPM Mortgage Trust		2.756		09/10/49		10,852
			Series - 2016 C3 (Class ASB)
	30,000,000	g	DBUBS Mortgage Trust		4.537		07/10/44		32,296
			Series - 2011 LC2A (Class A4)
	2,636,136	g,i	DBUBS Mortgage Trust		2.014		07/12/44		2,652
			Series - 2011 LC2A (Class A3FL)
	2,084,000	g,i	DBUBS Mortgage Trust		5.345		08/10/44		2,282
			Series - 2011 LC3A (Class B)
	4,990,679	g	Four Times Square Trust Commercial Mortgage Pass-Through Certificates		5.401		12/13/28		5,481
			Series - 2006 4TS (Class A)
	19,679,135	i	GE Commercial Mortgage Corp		5.606		12/10/49		19,689
			Series - 2007 C1 (Class AM)

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,665,000	i	GMAC Commercial Mortgage Securities, Inc		4.984	%	12/10/41	$	3,789
			Series - 2004 C3 (Class C)
	21,180,000	g	GRACE Mortgage Trust		3.369		06/10/28		21,951
			Series - 2014 GRCE (Class A)
	5,000,000	g	GRACE Mortgage Trust		3.520		06/10/28		5,150
			Series - 2014 GRCE (Class B)
	4,306,760	i	Greenwich Capital Commercial Funding Corp		6.013		07/10/38		4,305
			Series - 2006 GG7 (Class AM)
	28,000,000	i	Greenwich Capital Commercial Funding Corp		5.867		12/10/49		28,615
			Series - 2007 GG11 (Class AM)
	15,943,000	g	GS Mortgage Securities Corp II		3.551		04/10/34		16,644
			Series - 2012 ALOH (Class A)
	5,910,000	g,i	GS Mortgage Securities Corp II		5.184		12/10/43		6,413
			Series - 2010 C2 (Class B)
	6,000,000	g	Hudson Yards Mortgage Trust		2.835		08/10/38		5,771
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		2,397
			Series - 2016 10HY (Class B)
	1,068,227	i	Impac CMB Trust		1.416		03/25/35		980
			Series - 2004 11 (Class 2A1)
	3,531,334	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		3,529
			Series - 2005 LDP2 (Class C)
	3,478,282	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.520		05/15/45		3,475
			Series - 2006 LDP8 (Class B)
	8,145,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.360		02/15/46		8,635
			Series - 2011 C3 (Class C)
	1,294,636	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.106		07/15/46		1,332
			Series - 2011 C4 (Class A3)
	15,000,000	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.801		07/15/46		16,065
			Series - 2011 C4 (Class B)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.397		07/15/46		6,941
			Series - 2011 C4 (Class C)
	8,841,252		JP Morgan Chase Commercial Mortgage Securities Trust		1.324		08/15/49		8,710
			Series - 2016 JP2 (Class A1)
	7,000,000		JP Morgan Chase Commercial Mortgage Securities Trust		2.713		08/15/49		6,895
			Series - 2016 JP2 (Class ASB)
	3,695,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		3,780
			Series - 2007 LD12 (Class AM)
	2,621,919	g	JP Morgan Mortgage Trust		2.691		06/25/46		2,635
			Series - 2016 2 (Class A1)
	2,387,029	g,i	JP Morgan Mortgage Trust		2.869		06/25/46		2,403
			Series - 2016 2 (Class 2A1)
	117,695,953	i	JPMBB Commercial Mortgage Securities Trust		1.508		11/15/48		8,289
			Series - 2015 C32 (Class XA)
	6,000,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		6,005
			Series - 2007 C1 (Class AJ)
	1,400,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		1,398
			Series - 2007 C1 (Class C)
	4,150,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		4,131
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		770
			Series - 2007 C6 (Class AM)
	7,225,000	g	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		7,321
			Series - 2007 C6 (Class AMFL)

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	13,721,205	g,i	LVII Resecuritization Trust		3.417	%	07/25/47	$	13,755
			Series - 2015 A (Class A)
	2,205,000	i	Merrill Lynch Mortgage Trust		6.263		02/12/51		2,254
			Series - 0 C1 (Class AJA)
	2,210,442	g,i	Merrill Lynch Mortgage Trust		6.263		02/12/51		2,260
			Series - 0 C1 (Class AJAF)
	5,880,000	g,i	Merrill Lynch Mortgage Trust		6.263		02/12/51		6,004
			Series - 2008 C1 (Class C)
	4,795,515	g,i	ML-CFC Commercial Mortgage Trust		0.875		08/12/48		4,758
			Series - 2007 5 (Class AMFL)
	11,995,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		12,065
			Series - 2007 6 (Class AM)
	3,200,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.469		02/15/46		3,219
			Series - 2013 C7 (Class AAB)
	4,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.194		10/15/47		4,631
			Series - 2014 C18 (Class A2)
	12,400,000	g	Morgan Stanley Capital I Trust		2.695		01/11/32		12,452
			Series - 2013 WLSR (Class A)
	259,771	g,i	Morgan Stanley Capital I Trust		6.076		08/12/41		259
			Series - 2006 T23 (Class B)
	6,101,563	i	Morgan Stanley Capital I Trust		5.389		11/12/41		6,109
			Series - 2006 HQ10 (Class AJ)
	170,232	i	Morgan Stanley Capital I Trust		5.793		07/12/44		170
			Series - 2006 HQ9 (Class AJ)
	500,000	i	Morgan Stanley Capital I Trust		5.832		07/12/44		499
			Series - 2006 HQ9 (Class B)
	3,450,000	g,i	Morgan Stanley Capital I Trust		5.432		09/15/47		3,685
			Series - 2011 C1 (Class D)
	8,650,000	i	Morgan Stanley Capital I Trust		5.678		04/12/49		8,632
			Series - 2007 HQ12 (Class B)
	13,800,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		12,733
			Series - 2007 IQ15 (Class AJ)
	11,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		11,152
			Series - 2007 IQ15 (Class AM)
	12,121,000	g,i	Morgan Stanley Capital I Trust		6.104		06/11/49		8,785
			Series - 2007 IQ15 (Class B)
	8,750,000	i	Morgan Stanley Capital I Trust		6.080		12/12/49		8,976
			Series - 2007 IQ16 (Class AMA)
	12,000,000	i	Morgan Stanley Capital I Trust		6.095		12/12/49		10,995
			Series - 2007 IQ16 (Class AJFX)
	2,330,000	i	Morgan Stanley Capital I Trust		6.115		12/12/49		2,135
			Series - 2007 IQ16 (Class AJ)
	7,205,000	i	Morgan Stanley Capital I Trust		6.281		12/12/49		7,420
			Series - 2007 IQ16 (Class AM)
	19,229,000	i	Morgan Stanley Capital I Trust		6.319		12/12/49		16,319
			Series - 2007 IQ16 (Class AJA)
	732,252		Morgan Stanley Capital I Trust		4.770		07/15/56		729
			Series - 0 IQ9 (Class AJ)
	5,000,000	g	RBS Commercial Funding, Inc Trust		3.260		03/11/31		4,957
			Series - 2013 SMV (Class A)
	4,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.956		09/25/24		4,084
			Series - 2014 HQ2 (Class M2)

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,450,370	i	Structured Agency Credit Risk Debt Note (STACR)		3.156	%	01/25/25	$	3,464
			Series - 2015 DN1 (Class M2)
	788,499	i	Structured Agency Credit Risk Debt Note (STACR)		1.856		05/25/25		790
			Series - 2015 HQ2 (Class M1)
	16,250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.706		05/25/25		16,493
			Series - 2015 HQ2 (Class M2)
	17,077,580	i	Structured Agency Credit Risk Debt Note (STACR)		2.206		07/25/28		17,140
			Series - 2016 DNA1 (Class M1)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.956		10/25/28		1,772
			Series - 2016 DNA2 (Class M2)
	18,834,937	i	Structured Agency Credit Risk Debt Note (STACR)		1.856		12/25/28		18,877
			Series - 2016 DNA3 (Class M1)
	8,810,100	i	Structured Agency Credit Risk Debt Note (STACR)		1.556		03/25/29		8,807
			Series - 2016 DNA4 (Class M1)
	2,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.056		03/25/29		2,745
			Series - 2016 DNA4 (Class M2)
	12,500,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.907		12/15/43		12,436
			Series - 2007 C30 (Class AMFL)
	35,625,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		35,633
			Series - 2007 C30 (Class AM)
	5,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.825		07/15/45		5,568
			Series - 2006 C27 (Class AJ)
	32,910,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		33,676
			Series - 2007 C34 (Class AM)
	7,338,000	i	Wachovia Bank Commercial Mortgage Trust		5.942		05/15/46		7,355
			Series - 2007 C34 (Class AJ)
	1,640,000	i	Wachovia Bank Commercial Mortgage Trust		6.020		05/15/46		1,304
			Series - 2007 C34 (Class F)
	3,328,000	i	Wachovia Bank Commercial Mortgage Trust		6.214		05/15/46		3,310
			Series - 2007 C34 (Class B)
	7,175,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		7,220
			Series - 2007 C31 (Class AM)
	8,657,290	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		8,734
			Series - 2007 C31 (Class AJ)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		1,980
			Series - 2007 C31 (Class B)
	88,795,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		89,618
			Series - 2007 C32 (Class AMFX)
	49,550,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		47,992
			Series - 2007 C32 (Class AJ)
	2,794,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		2,681
			Series - 2007 C32 (Class B)
	33,600,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		34,002
			Series - 2007 C33 (Class AM)
	3,746,531		Wells Fargo Commercial Mortgage Trust		1.392		07/15/48		3,700
			Series - 2016 C35 (Class A1)
	10,000,000		Wells Fargo Commercial Mortgage Trust		2.788		07/15/48		9,859
			Series - 2016 C35 (Class ASB)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.514		08/15/49		14,617
			Series - 2016 BNK1 (Class ASB)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.825		10/15/49		14,783
			Series - 2016 LC24 (Class ASB)
	8,389,000		Wells Fargo Commercial Mortgage Trust		2.827		11/15/49		8,252
			Series - 2016 NXS6 (Class ASB)

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,250,000		Wells Fargo Commercial Mortgage Trust		3.185	%	03/15/59	$	7,329
			Series - 2016 C33 (Class ASB)
	6,000,000		Wells Fargo Commercial Mortgage Trust		3.749		03/15/59		6,106
			Series - 2016 C33 (Class AS)
	1,250,000		Wells Fargo Commercial Mortgage Trust		2.933		11/15/59		1,240
			Series - 2016 C36 (Class ASB)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		5,105
			Series - 2010 C1 (Class B)
	55,000,000	g,i	WFRBS Commercial Mortgage Trust		4.902		06/15/44		60,268
			Series - 2011 C4 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						1,338,502

			TOTAL STRUCTURED ASSETS						2,046,281
			(Cost $2,072,700)

			TOTAL BONDS						13,002,169
			(Cost $13,054,711)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp						3,558
	1,527,061	*	Federal National Mortgage Association (FNMA)						12,216
			TOTAL BANKS						15,774
			TOTAL PREFERRED STOCKS						15,774
			(Cost $49,941)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 10.1%

GOVERNMENT AGENCY DEBT - 0.7%
$	8,227,000		Federal Agricultural Mortgage (FAMC)		0.350		01/03/17		8,227
	25,000,000		Federal Home Loan Bank (FHLB)		0.420		01/13/17		24,997
	15,600,000		FHLB		0.480		01/25/17		15,597
	50,000,000		FHLB		0.511		03/07/17		49,954
			TOTAL GOVERNMENT AGENCY DEBT						98,775

TREASURY DEBT - 9.4%
	90,081,000		United States Treasury Bill		0.296-0.336		01/05/17		90,079
	130,575,000		United States Treasury Bill		0.321-0.430		01/12/17		130,562
	147,000,000		United States Treasury Bill		0.421-0.468		01/19/17		146,973
	28,700,000		United States Treasury Bill		0.315		01/26/17		28,692
	123,930,000		United States Treasury Bill		0.282-0.420		02/02/17		123,886
	148,200,000		United States Treasury Bill		0.305-0.410		02/09/17		148,132
	106,760,000		United States Treasury Bill		0.440-0.478		02/16/17		106,703
	50,000,000		United States Treasury Bill		0.345		02/23/17		49,967
	73,000,000		United States Treasury Bill		0.353-0.501		03/02/17		72,943
	64,800,000		United States Treasury Bill		0.457-0.503		03/09/17		64,744

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	50,000,000	United States Treasury Bill		0.386	%	03/16/17	$	49,950
	73,900,000	United States Treasury Bill		0.392		03/23/17		73,819
	100,000,000	United States Treasury Bill		0.391-0.516		03/30/17		99,881
	58,500,000	United States Treasury Bill		0.463-0.526		04/20/17		58,406
	22,470,000	United States Treasury Bill		0.501		04/27/17		22,431
		TOTAL TREASURY DEBT						1,267,168

		TOTAL SHORT-TERM INVESTMENTS						1,365,943
		(Cost $1,366,006)

		TOTAL INVESTMENTS - 107.1%						14,465,185
		(Cost $14,551,000)
		OTHER ASSETS & LIABILITIES, NET - (7.1)%						(966,121	)
		NET ASSETS - 100.0%					$	13,499,064

		Abbreviation(s):
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
COP		Colombian Peso
DKK		Danish Krone
DOP		Dominican Peso
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli New Sheqel
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PLN		Polish Zloty
REIT		Real Estate Investment Trust
RUB		Russian Ruble
SEK		Swedish Krone
SGD		Singapore Dollar
THB		Thai Baht
TRY		Turkish Lira
ZAR		South African Rand

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

*		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 12/31/16, the aggregate value of these securities was $1,833,130,000 or 13.6% 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.
o		Payment in Kind Bond
p		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open forward foreign currency contracts.
q		In default
w		All or a portion of these securities have been segregated to cover collateral requirements on mortgage dollar rolls.

		Cost amounts are in thousands.

335

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016

				VALUE
PRINCIPAL			ISSUER	(000)
GOVERNMENT BONDS - 99.1%

AGENCY SECURITIES - 0.8%
			Montefiore Medical Center
$	17,635,000		2.895%, 04/20/32	$	16,134
			Private Export Funding Corp (PEFCO)
	3,500,000		2.300%, 09/15/20		3,566
	3,000,000		3.250%, 06/15/25		3,095
			Reliance Industries Ltd
	6,250,000		2.444%, 01/15/26		6,255
			Tunisia Government AID Bonds
	4,375,000		1.416%, 08/05/21		4,225
			Ukraine Government AID Bonds
	3,500,000		1.847%, 05/29/20		3,482
	15,000,000		1.471%, 09/29/21		14,630
			TOTAL AGENCY SECURITIES		51,387

MORTGAGE BACKED - 0.2%
			Government National Mortgage Association (GNMA)
	13,611,493		3.650%, 02/15/32		14,201
			TOTAL MORTGAGE BACKED		14,201

U.S. TREASURY SECURITIES - 98.1%
		k	United States Treasury Inflation Indexed Bonds
	2,695		0.125%, 04/15/17		3
	77,790,876		2.625%, 07/15/17		79,651
	150,052,991		1.625%, 01/15/18		153,971
	411,056,808		0.125%, 04/15/18		414,786
	151,999,464		1.375%, 07/15/18		157,724
	149,175,125		2.125%, 01/15/19		157,612
	333,200,340		0.125%, 04/15/19		337,345
	139,245,840		1.875%, 07/15/19		148,259
	172,476,540		1.375%, 01/15/20		181,385
	450,550,935		0.125%, 04/15/20		455,203
	245,648,043		1.250%, 07/15/20		259,420
	332,535,691		1.125%, 01/15/21		348,825
	298,824,840		0.125%, 04/15/21		300,513
	349,413,984		0.625%, 07/15/21		360,530
	348,136,861		0.125%, 01/15/22		348,694
	406,783,440		0.125%, 07/15/22		407,771
	281,699,490		0.125%, 01/15/23		279,587
	86,210,440		0.375%, 07/15/23		86,972
	78,991,188		0.625%, 01/15/24		80,369
	96,710,000		0.125%, 07/15/24		94,994
	74,499,420		0.250%, 01/15/25		73,258
	259,368,111		2.375%, 01/15/25		297,768
	78,485,330		0.375%, 07/15/25		78,047
	110,884,610		0.625%, 01/15/26		111,841

336

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

			VALUE
PRINCIPAL		ISSUER	(000)
$	217,176,668	2.000%, 01/15/26	$	244,627
	101,850,420	0.125%, 07/15/26		98,474
	163,252,044	2.375%, 01/15/27		191,211
	193,147,794	1.750%, 01/15/28		215,618
	119,596,562	3.625%, 04/15/28		157,235
	177,771,715	2.500%, 01/15/29		214,382
	145,698,963	3.875%, 04/15/29		199,165
		United States Treasury Note
	30,000,000	1.250%, 12/31/18		30,024
	18,000,000	1.125%, 06/30/21		17,405
		TOTAL U.S. TREASURY SECURITIES		6,582,669

		TOTAL GOVERNMENT BONDS
		(Cost $6,384,870)		6,648,257

SHORT-TERM INVESTMENTS - 0.3%

GOVERNMENT AGENCY DEBT - 0.3%
		Federal Home Loan Bank (FHLB)
	1,100,000	0.300%, 01/03/17		1,100
	12,200,000	0.440%, 01/23/17		12,198
				13,298

		TOTAL SHORT-TERM INVESTMENTS		13,298
		(Cost $13,297)
		TOTAL INVESTMENTS - 99.4%		6,661,555
		(Cost $6,398,167)
		OTHER ASSETS AND LIABILITIES, NET - 0.6%		43,341
		NET ASSETS - 100.0%	$	6,704,896


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

		Cost amounts are in thousands.

337

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.5%

CAPITAL GOODS - 0.0%
$	2,601,923	i	Manitowoc Foodservice, Inc		5.750	%	03/03/23	$	2,638
			TOTAL CAPITAL GOODS						2,638

ENERGY - 0.1%
	781,801	i	Granite Acquisition, Inc		5.000		12/17/21		782
	17,412,835	i	Granite Acquisition, Inc		5.000		12/19/21		17,427
			TOTAL ENERGY						18,209

MEDIA - 0.1%
	6,258,375		Charter Communications Operating LLC		2.755		01/14/22		6,286
	3,159,125	i	Charter Communications Operating LLC		3.005		01/15/24		3,175
			TOTAL MEDIA						9,461

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	10,000,000	i	MTS Systems Corp		5.000		07/05/23		10,131
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						10,131

UTILITIES - 0.2%
	8,963,424	i	ExGen Renewables I LLC		5.250		02/06/21		9,020
	14,831,797	i	Terra-Gen Finance Co LLC		5.250		12/09/21		13,275
			TOTAL UTILITIES						22,295

			TOTAL BANK LOAN OBLIGATIONS						62,734
			(Cost $63,627)

BONDS - 38.1%

CORPORATE BONDS - 10.6%

AUTOMOBILES & COMPONENTS - 0.2%
	1,955,000	g	Adient Global Holdings Ltd		4.875		08/15/26		1,916
	6,675,000	g	BMW US Capital LLC		2.250		09/15/23		6,390
	7,550,000		Delphi Automotive plc		3.150		11/19/20		7,665
	5,700,000		Ford Motor Co		4.346		12/08/26		5,752
	4,675,000		Magna International, Inc		3.625		06/15/24		4,699
			TOTAL AUTOMOBILES & COMPONENTS						26,422

BANKS - 2.2%
	40,272,000		Bank of America Corp		1.950		05/12/18		40,323
	11,175,000		Bank of America Corp		2.151		11/09/20		11,022
	6,275,000		Bank of Montreal		2.100		12/12/19		6,271
	18,500,000		Bank of Nova Scotia		2.125		09/11/19		18,585
	12,000,000		Bank of Nova Scotia		1.875		04/26/21		11,707

338

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	12,000,000	e,g	Bank of Nova Scotia		1.875	%	09/20/21	$	11,664
	1,350,000		Citizens Financial Group, Inc		2.375		07/28/21		1,323
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,219
	2,710,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.375		08/04/25		2,777
	4,950,000		Cooperatieve Rabobank UA		3.750		07/21/26		4,845
	9,400,000		Discover Bank		3.450		07/27/26		9,063
	5,000,000	g	DNB Boligkreditt AS.		2.000		05/28/20		4,944
	10,000,000		First Niagara Financial Group, Inc		6.750		03/19/20		11,272
	20,000,000	g	ING Bank NV		2.000		11/26/18		19,988
	11,500,000	g	Intesa Sanpaolo S.p.A		5.017		06/26/24		10,616
	10,000,000	g	Intesa Sanpaolo S.p.A		5.710		01/15/26		9,531
	6,300,000		KeyBank NA		2.350		03/08/19		6,334
	4,644,000	i	Manufacturers & Traders Trust Co		1.971		12/28/20		4,615
	9,076,000	i	Manufacturers & Traders Trust Co		1.571		12/01/21		8,906
	1,605,000		Manufacturers & Traders Trust Co		2.900		02/06/25		1,562
	18,775,000		Mitsubishi UFJ Financial Group, Inc		2.527		09/13/23		18,054
	18,257,000		People’s United Financial, Inc		3.650		12/06/22		18,340
	8,245,000		PNC Bank NA		2.950		01/30/23		8,118
	8,450,000		Royal Bank of Canada		1.875		02/05/20		8,401
	12,000,000		Royal Bank of Canada		2.100		10/14/20		11,939
	14,500,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,441
	12,500,000		SVB Financial Group		3.500		01/29/25		12,029
	5,000,000		Toronto-Dominion Bank		1.800		07/13/21		4,837
			TOTAL BANKS						298,726

CAPITAL GOODS - 0.6%
	2,500,000		3M Co		6.375		02/15/28		3,199
	1,975,000		Anixter, Inc		5.125		10/01/21		2,054
	4,575,000		Anixter, Inc		5.500		03/01/23		4,747
	6,250,000		CNH Industrial Capital LLC		3.875		10/15/21		6,148
	4,600,000		Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		4,860
	3,250,000		Johnson Controls International plc		5.000		03/30/20		3,495
	10,875,000	g	LafargeHolcim Finance US LLC		4.750		09/22/46		10,518
	5,155,000		Pall Corp		5.000		06/15/20		5,609
	5,625,000		Parker-Hannifin Corp		4.200		11/21/34		5,739
	6,980,000		Pentair Finance S.A.		2.650		12/01/19		6,957
	6,400,000		Rockwell Automation, Inc		2.050		03/01/20		6,374
	3,300,000		Rockwell Collins, Inc		3.100		11/15/21		3,318
	6,125,000		Rockwell Collins, Inc		3.700		12/15/23		6,263
	2,975,000		Roper Technologies, Inc		2.800		12/15/21		2,971
	2,475,000		Roper Technologies, Inc		3.800		12/15/26		2,490
			TOTAL CAPITAL GOODS						74,742

COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	5,300,000		Air Lease Corp		2.125		01/15/18		5,309
	9,075,000		Air Lease Corp		3.875		04/01/21		9,324
	6,525,000		Air Lease Corp		4.250		09/15/24		6,620
	2,730,000		Waste Management, Inc		4.600		03/01/21		2,942
	3,475,000		Waste Management, Inc		3.900		03/01/35		3,449
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						27,644


CONSUMER DURABLES & APPAREL - 0.0%
	3,990,000		Whirlpool Corp		1.650		11/01/17		3,996
			TOTAL CONSUMER DURABLES & APPAREL						3,996

339

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
CONSUMER SERVICES - 0.5%
$	4,000,000		American National Red Cross		5.567	%	11/15/17	$	4,124
	10,000,000		Henry J Kaiser Family Foundation		3.356		12/01/25		9,726
	1,250,000		McDonald’s Corp		5.000		02/01/19		1,327
	19,000,000		Metropolitan Museum of Art		3.400		07/01/45		17,291
	7,550,000		Nature Conservancy		6.300		07/01/19		8,191
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		17,099
	5,145,000		Salvation Army		5.637		09/01/26		5,567
	3,450,000		Trustees of Dartmouth College		3.474		06/01/46		3,233
			TOTAL CONSUMER SERVICES						66,558

DIVERSIFIED FINANCIALS - 0.7%
	2,675,000		Bank of New York Mellon Corp		5.450		05/15/19		2,885
	2,169,000		Discover Financial Services		3.850		11/21/22		2,200
	9,000,000	g	EDP Finance BV		4.125		01/15/20		9,193
	9,500,000	e,g	EDP Finance BV		5.250		01/14/21		10,045
	11,700,000		Ford Motor Credit Co LLC		3.200		01/15/21		11,708
	2,300,000	e	Legg Mason, Inc		3.950		07/15/24		2,306
	37,250,000		Morgan Stanley		2.200		12/07/18		37,379
	3,314,000		Northern Trust Corp		3.375		08/23/21		3,443
	9,750,000	g	RCI Banque S.A.		3.500		04/03/18		9,928
	4,525,000		Unilever Capital Corp		2.000		07/28/26		4,125
			TOTAL DIVERSIFIED FINANCIALS						93,212

ENERGY - 0.9%
	4,175,000		Apache Corp		3.250		04/15/22		4,236
	20,070,000		ConocoPhillips Co		1.050		12/15/17		19,966
	8,450,000		EOG Resources, Inc		3.900		04/01/35		7,990
	6,225,000		EOG Resources, Inc		5.100		01/15/36		6,761
	1,000,000	e	Marathon Oil Corp		2.700		06/01/20		1,001
	7,450,000		Marathon Petroleum Corp		4.750		09/15/44		6,593
	3,025,000	e	National Oilwell Varco, Inc		1.350		12/01/17		3,013
	17,292,000		National Oilwell Varco, Inc		3.950		12/01/42		13,251
	2,500,000		Noble Energy, Inc		8.250		03/01/19		2,807
	3,290,000		Noble Energy, Inc		5.050		11/15/44		3,294
	2,150,000	g	Northern Natural Gas Co		4.100		09/15/42		2,008
	9,000,000		Phillips 66		4.650		11/15/34		9,354
	5,300,000		Southwestern Energy Co		5.800		01/23/20		5,459
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,356
	9,500,000		Statoil ASA		3.150		01/23/22		9,684
	4,500,000	e	Statoil ASA		2.650		01/15/24		4,412
	5,932,000		Statoil ASA		3.950		05/15/43		5,647
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		5,249
			TOTAL ENERGY						116,081

FOOD & STAPLES RETAILING - 0.1%
	9,800,000		Starbucks Corp		2.450		06/15/26		9,338
			TOTAL FOOD & STAPLES RETAILING						9,338

FOOD, BEVERAGE & TOBACCO - 0.0%
	5,100,000		PepsiCo, Inc		1.500		02/22/19		5,081
			TOTAL FOOD, BEVERAGE & TOBACCO						5,081

340

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
$	3,250,000	e	Laboratory Corp of America Holdings		2.625	%	02/01/20	$	3,245
	9,000,000		Laboratory Corp of America Holdings		3.200		02/01/22		9,066
	5,375,000		Owens & Minor, Inc		3.875		09/15/21		5,382
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						17,693

INSURANCE - 0.3%
	3,100,000		Progressive Corp		3.750		08/23/21		3,279
	15,000,000	i	Prudential Financial, Inc		5.200		03/15/44		14,822
	7,450,000	e,i	Prudential Financial, Inc		5.375		05/15/45		7,618
	10,550,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		10,393
	8,687,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		8,467
			TOTAL INSURANCE						44,579

MATERIALS - 0.4%
	1,225,000		3M Co		1.375		08/07/18		1,224
	2,275,000		Ball Corp		5.000		03/15/22		2,383
	8,930,000		Ball Corp		4.000		11/15/23		8,751
	5,750,000		Domtar Corp		4.400		04/01/22		5,910
	2,300,000		Eastman Chemical Co		5.500		11/15/19		2,487
	7,500,000		International Paper Co		5.000		09/15/35		7,913
	5,000,000		International Paper Co		6.000		11/15/41		5,606
	4,600,000	e	International Paper Co		4.800		06/15/44		4,560
	5,000,000		MeadWestvaco Corp		7.375		09/01/19		5,640
	2,500,000	g	Sealed Air Corp		5.500		09/15/25		2,581
			TOTAL MATERIALS						47,055

MEDIA - 0.2%
	3,125,000		Charter Communications Operating LLC		3.579		07/23/20		3,186
	14,850,000		Charter Communications Operating LLC		4.464		07/23/22		15,503
	5,500,000		Time Warner Cable, Inc		4.500		09/15/42		4,972
			TOTAL MEDIA						23,661

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	2,550,000	e	Biogen, Inc		2.900		09/15/20		2,581
	7,000,000		Biogen, Inc		3.625		09/15/22		7,177
	5,000,000		Bristol-Myers Squibb Co		3.250		08/01/42		4,463
	3,300,000		Zoetis, Inc		3.450		11/13/20		3,384
	10,000,000		Zoetis, Inc		3.250		02/01/23		9,968
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						27,573

REAL ESTATE - 0.5%
	6,525,000		Brixmor Operating Partnership LP		3.850		02/01/25		6,417
	10,000,000		Equity One, Inc		3.750		11/15/22		10,203
	3,500,000		Federal Realty Investment Trust		2.750		06/01/23		3,411
	3,400,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,734
	7,000,000		Kimco Realty Corp		6.875		10/01/19		7,838
	8,750,000		Kimco Realty Corp		2.700		03/01/24		8,362
	4,825,000		Mid-America Apartments LP		4.000		11/15/25		4,884
	15,854,000		Regency Centers LP		3.750		06/15/24		16,012
	2,400,000		Ventas Realty LP		3.250		08/15/22		2,420
			TOTAL REAL ESTATE						63,281

341

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
$	18,110,000		Apple, Inc		2.850	%	02/23/23	$	18,204
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						18,204

TELECOMMUNICATION SERVICES - 0.1%
	3,400,000		CenturyLink, Inc		6.750		12/01/23		3,477
	11,750,000	e	Verizon Communications, Inc		2.625		08/15/26		10,800
			TOTAL TELECOMMUNICATION SERVICES						14,277

TRANSPORTATION - 0.8%
	6,775,000		CSX Corp		4.250		11/01/66		6,168
	2,337,378		Delta Air Lines		4.250		07/30/23		2,378
	5,677,796		Delta Air Lines		3.625		07/30/27		5,862
	7,250,000	e	GATX Corp		5.200		03/15/44		7,161
	4,000,000	e	Kansas City Southern		3.000		05/15/23		3,891
	7,000,000		Kansas City Southern		4.300		05/15/43		6,445
	15,925,000		Kansas City Southern		4.950		08/15/45		16,129
	5,275,000	e,g	Mexico City Airport Trust		4.250		10/31/26		5,169
	10,325,000	g	Mexico City Airport Trust		5.500		10/31/46		9,292
	6,894,000		Norfolk Southern Corp		2.903		02/15/23		6,845
	475,000		Norfolk Southern Corp		5.590		05/17/25		543
	13,750,000		Southwest Airlines Co		3.000		11/15/26		12,940
	8,597,869		Spirit Airlines, Inc		4.100		04/01/28		8,772
	4,050,000		Union Pacific Corp		3.375		02/01/35		3,824
	5,196,109		Union Pacific Railroad Co		3.227		05/14/26		5,126
	9,656,634		Union Pacific Railroad Co		2.695		05/12/27		9,281
	1,360,000	i	United Parcel Service of America, Inc (Step Bond)		8.375		04/01/30		1,921
			TOTAL TRANSPORTATION						111,747

UTILITIES - 2.5%
	2,000,000		Atmos Energy Corp		8.500		03/15/19		2,273
	7,550,000	g	Colorado Interstate Gas Co LLC		4.150		08/15/26		7,327
	1,200,000		Connecticut Light & Power Co		5.500		02/01/19		1,287
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,339
	8,501,794	g	Continental Wind LLC		6.000		02/28/33		8,879
	22,500,000	g	Electricite de France S.A.		3.625		10/13/25		22,415
	6,150,000	g	Fortis, Inc		2.100		10/04/21		5,938
	10,750,000	g	Fortis, Inc		3.055		10/04/26		10,039
	11,250,000	e	Georgia Power Co		3.250		04/01/26		11,290
	432,341	g	Great River Energy		5.829		07/01/17		439
	3,800,000	g	Greenko Investment Co		4.875		08/16/23		3,578
	2,745,000	g	International Transmission Co		4.625		08/15/43		2,915
	6,575,000		Interstate Power & Light Co		3.250		12/01/24		6,584
	14,500,000	g	Massachusetts Electric Co		4.004		08/15/46		13,892
	9,250,000	g	Narragansett Electric Co		4.170		12/10/42		9,060
	9,732,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		9,889
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		9,394
	1,500,000		Northwest Natural Gas Co		5.620		11/21/23		1,699
	10,000,000		NorthWestern Corp		4.176		11/15/44		9,985
	630,000		Public Service Co of Colorado		4.750		08/15/41		694
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,653

342

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,508,952		San Diego Gas & Electric Co		1.914	%	02/01/22	$	10,375
	3,700,000		Sempra Energy		1.625		10/07/19		3,651
	8,875,000		Sierra Pacific Power Co		3.375		08/15/23		9,076
	26,862,152	g	Solar Star Funding LLC		3.950		06/30/35		24,503
	7,944,677	g	Solar Star Funding LLC		5.375		06/30/35		8,204
	2,000,000		Southern California Edison Co		2.400		02/01/22		1,992
	9,675,000		Southern Power Co		1.850		12/01/17		9,700
	6,600,000		Southern Power Co		1.950		12/15/19		6,534
	8,300,000	e	Southern Power Co		2.500		12/15/21		8,120
	25,000,000		Southern Power Co		4.150		12/01/25		25,874
	16,000,000	g,i	TerraForm Power Operating LLC (Step Bond)		6.375		02/01/23		16,200
	19,588,697	g	Topaz Solar Farms LLC		4.875		09/30/39		19,257
	13,495,078	g	Topaz Solar Farms LLC		5.750		09/30/39		14,054
	5,000,000		Washington Gas Light Co		5.440		08/11/25		5,389
	16,975,000		Westar Energy, Inc		2.550		07/01/26		15,942
	16,525,000		WGL Holdings, Inc		2.250		11/01/19		16,438
			TOTAL UTILITIES						340,878

			TOTAL CORPORATE BONDS						1,430,748
			(Cost $1,438,962)

GOVERNMENT BONDS - 24.0%

AGENCY SECURITIES - 4.0%
	7,615,776		Ethiopian Leasing 2012 LLC		2.566		08/14/26		7,599
	3,645,248		Export Lease Ten Co LLC		1.650		05/07/25		3,535
	5,500,000		Federal Home Loan Bank (FHLB)		5.000		11/17/17		5,697
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		5,005
	6,400,000		Federal National Mortgage Association (FNMA)		1.125		04/27/17		6,410
	7,000,000		FNMA		1.625		01/21/20		7,017
	15,500,000		FNMA		2.625		09/06/24		15,661
	2,290,826	g	Genesis Solar 2011 Pass Through Trust		3.875		02/15/38		2,405
	1,096,000	j	Government Trust Certificate		0.000		04/01/19		1,054
	5,000,000	j	Government Trust Certificate		0.000		04/01/21		4,543
	7,085,000	g	Hospital for Special Surgery		3.500		01/01/23		7,254
	7,875,000	i	India Government AID Bond		0.986		02/01/27		7,556
	5,175,000		Lutheran Medical Center		1.982		02/20/30		4,927
	7,687,500		Mexican Aircraft Finance V LLC		2.329		01/14/27		7,626
	3,475,000	g	Montefiore Medical Center		3.896		05/20/27		3,448
	20,900,000		NCUA Guaranteed Notes		3.000		06/12/19		21,611
	7,000,000		NCUA Guaranteed Notes		3.450		06/12/21		7,456
	17,440,000		New York Society for the Relief of the Ruptured & Crippled		2.881		12/20/31		16,807
	3,000,000	j	Overseas Private Investment Corp (OPIC)		0.000		04/30/17		3,255
	775,000	j	OPIC		0.000		11/11/17		779
	6,650,000	j	OPIC		0.000		11/13/17		6,624
	10,750,000	j	OPIC		0.000		11/17/17		11,181
	16,000,000	j	OPIC		0.000		02/11/18		16,526
	5,700,000	j	OPIC		0.000		11/15/19		5,956
	4,269,757		OPIC		2.290		09/15/26		4,155
	2,305,164		OPIC		2.040		12/15/26		2,231
	9,750,000		OPIC		2.740		09/15/29		9,387
	12,000,000		OPIC		3.220		09/15/29		11,957
	13,500,000		OPIC		3.280		09/15/29		13,509
	2,421,331		OPIC		2.610		04/15/30		2,302

343

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,104,000		OPIC		2.930	%	05/15/30	$	4,031
	6,782,400		OPIC		3.040		05/15/30		6,710
	7,941,222		OPIC		3.540		06/15/30		8,135
	20,477,610		OPIC		3.370		12/15/30		20,743
	22,016,165		OPIC		3.820		12/20/32		22,870
	14,203,977		OPIC		3.938		12/20/32		14,794
	12,096,868		OPIC		3.160		06/01/33		11,800
	11,612,994		OPIC		3.430		06/01/33		11,634
	1,250,000		OPIC		2.810		07/31/33		1,191
	2,000,000		OPIC		2.940		07/31/33		1,927
	5,000,000		Private Export Funding Corp (PEFCO)		4.375		03/15/19		5,316
	5,854,000		PEFCO		1.450		08/15/19		5,832
	13,150,000		PEFCO		2.250		03/15/20		13,349
	8,000,000		PEFCO		2.300		09/15/20		8,152
	17,500,000		PEFCO		4.300		12/15/21		19,241
	4,250,000		PEFCO		2.050		11/15/22		4,184
	4,000,000		PEFCO		3.550		01/15/24		4,256
	8,000,000		PEFCO		3.250		06/15/25		8,253
	2,427,769		Tayarra Ltd		3.628		02/15/22		2,529
	2,333,202		Tricahue Leasing LLC		3.503		11/19/21		2,420
	7,590,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		7,762
	4,894,000		US Department of Housing and Urban Development (HUD)		2.910		08/01/17		4,949
	8,000,000		HUD		4.560		08/01/17		8,166
	10,750,000		HUD		1.770		08/01/18		10,826
	4,799,000		HUD		5.380		08/01/18		4,808
	750,000		HUD		2.050		08/01/19		758
	9,500,000		HUD		4.870		08/01/19		10,260
	13,967,000		HUD		4.960		08/01/20		15,092
	13,500,000		HUD		5.050		08/01/21		14,120
	3,217,000		HUD		2.910		08/01/23		3,273
	2,083,333		VRG Linhas Aereas S.A.		0.983		03/13/18		2,074
	6,160,000		Montefiore Medical Center		2.152		10/20/26		5,626
	9,795,000		Montefiore Medical Center		2.895		04/20/32		8,962
	5,075,000		Tunisia Government AID Bonds		1.416		08/05/21		4,900
	15,300,000		Ukraine Government AID Bonds		1.847		05/29/20		15,221
	19,500,000		Ukraine Government AID Bonds		1.471		09/29/21		19,019
			TOTAL AGENCY SECURITIES						536,656

FOREIGN GOVERNMENT BONDS - 5.3%
	24,350,000		African Development Bank		1.375		12/17/18		24,293
	13,550,000	e	African Development Bank		2.375		09/23/21		13,651
	17,500,000		Asian Development Bank		2.125		03/19/25		16,869
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		6,003
	9,000,000		Canada Government International Bond		1.125		03/19/18		8,988
	6,667,160	g	Carpintero Finance Ltd		2.004		09/18/24		6,577
	6,500,000		Council Of Europe Development Bank		1.000		02/04/19		6,420
	25,000,000		European Bank for Reconstruction & Development		1.625		04/10/18		25,012
	19,500,000		European Bank for Reconstruction & Development		0.875		07/22/19		19,121
	2,000,000		European Investment Bank		2.000		03/15/21		1,990
	36,350,000		European Investment Bank		2.125		04/13/26		34,615
	2,000,000		European Investment Bank		4.875		02/15/36		2,485
	16,275,000		Export Development Canada		1.250		12/10/18		16,290
	9,000,000	e	Export Development Canada		1.625		12/03/19		8,987

344

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	12,000,000		Export Development Canada		1.375	%	10/21/21	$	11,575
	18,175,000		Export-Import Bank of Korea		1.750		02/27/18		18,176
	15,000,000	g	Finnvera Oyj		2.375		06/04/25		14,360
	6,082,000		Hydro Quebec		8.400		01/15/22		7,596
	45,000,000		Inter-American Development Bank		1.185		07/09/18		44,511
	19,075,000		International Finance Corp		1.250		11/27/18		19,031
	46,500,000		International Finance Corp		1.546		11/04/21		44,557
	40,500,000		International Finance Corp		2.125		04/07/26		38,780
	2,850,000		Italy Government International Bond		5.375		06/12/17		2,895
	5,000,000		Japan Bank for International Cooperation		1.875		04/20/21		4,880
	9,000,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		8,795
	5,000,000		KFW		1.000		01/26/18		4,987
	23,000,000		KFW		1.750		10/15/19		23,024
	11,500,000		KFW		1.500		04/20/20		11,365
	38,200,000		KFW		1.875		11/30/20		38,020
	10,000,000		KFW		2.625		01/25/22		10,176
	8,850,000	g	Kommunalbanken AS.		1.375		10/26/20		8,634
	12,500,000	g	Kommunalbanken AS.		2.125		02/11/25		11,861
	19,400,000	g	Kommuninvest I Sverige AB		1.500		04/23/19		19,263
	16,750,000		Kreditanstalt Fuer Wiederaufbau		2.000		11/30/21		16,592
	8,850,000	g	Nacional Financiera SNC		3.375		11/05/20		8,861
	25,000,000	g	Nederlandse Waterschapsbank NV		2.375		03/24/26		23,978
	10,000,000		North American Development Bank		2.300		10/10/18		10,115
	2,000,000		North American Development Bank		4.375		02/11/20		2,127
	27,575,000		North American Development Bank		2.400		10/26/22		26,738
	15,250,000		Province of Manitoba Canada		1.750		05/30/19		15,253
	15,000,000		Province of Manitoba Canada		2.100		09/06/22		14,721
	12,700,000		Province of Manitoba Canada		3.050		05/14/24		12,925
	10,000,000		Province of New Brunswick Canada		2.750		06/15/18		10,173
	9,500,000		Province of Ontario Canada		1.200		02/14/18		9,477
	5,000,000		Province of Ontario Canada		4.400		04/14/20		5,385
	10,000,000		Province of Quebec Canada		3.500		07/29/20		10,532
	5,000,000		Province of Quebec Canada		7.500		09/15/29		6,995
			TOTAL FOREIGN GOVERNMENT BONDS						707,659

MORTGAGE BACKED - 8.3%
	9,698,732		Federal Home Loan Mortgage Corp (FHLMC)		3.000		03/15/41		9,859
	6,226,534		FHLMC		3.500		09/15/41		6,355
	2,507,744		FHLMC		3.000		12/15/41		2,550
	11,908,522		FHLMC		3.000		09/15/42		11,841
	20,721,089		FHLMC		3.500		07/15/46		4,297
	22,361		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000		12/01/17		23
	42,507		FGLMC		7.000		10/01/20		45
	4,944		FGLMC		7.000		05/01/23		5
	7,131,766		FGLMC		3.500		03/01/27		7,447
	18,637		FGLMC		8.000		01/01/31		21
	385,786		FGLMC		4.500		07/01/33		416
	703,372		FGLMC		5.500		09/01/33		797
	502,553		FGLMC		5.500		09/01/33		557
	1,006,784		FGLMC		5.500		12/01/33		1,132
	2,608,636		FGLMC		7.000		12/01/33		3,071
	937,092		FGLMC		7.000		05/01/35		1,108
	109,693		FGLMC		5.000		02/01/36		120
	1,987		FGLMC		6.500		05/01/36		2

345

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	579,953		FGLMC		5.000	%	07/01/39	$	632
	2,852,990	w	FGLMC		4.500		11/01/40		3,116
	3,170,280	w	FGLMC		4.500		12/01/40		3,450
	877,716		FGLMC		4.500		10/01/44		960
	988,628		FGLMC		4.500		11/01/44		1,081
	1,179,039		FGLMC		4.500		11/01/44		1,289
	801,013		FGLMC		4.500		12/01/44		876
	442,759		FGLMC		4.500		12/01/44		479
	3,449,526		FGLMC		3.500		04/01/45		3,547
	39,808,823		FGLMC		3.500		10/01/45		40,892
	19,109,619		FGLMC		4.000		12/01/45		20,199
	4,399,410		FGLMC		3.500		03/01/46		4,519
	2,847,868		FGLMC		4.000		05/01/46		3,012
	41,579,783	h	FGLMC		3.500		08/01/46		42,724
	2,671		Federal National Mortgage Association (FNMA)		8.000		03/01/23		3
	23,682		FNMA		8.000		07/01/24		27
	8,890,687		FNMA		2.500		07/01/31		8,911
	363,149		FNMA		2.500		07/01/31		364
	2,144,370		FNMA		2.500		08/01/31		2,149
	300,785		FNMA		2.500		10/01/31		302
	1,017,431		FNMA		2.500		10/01/31		1,020
	176,477		FNMA		2.500		11/01/31		177
	848,147		FNMA		2.500		11/01/31		850
	743,499		FNMA		2.500		11/01/31		745
	530,379		FNMA		2.500		11/01/31		532
	405,307		FNMA		2.500		11/01/31		406
	480,873		FNMA		2.500		12/01/31		482
	1,355,065		FNMA		2.500		12/01/31		1,358
	288,848		FNMA		2.500		12/01/31		290
	384,751		FNMA		2.500		12/01/31		386
	1,042,807		FNMA		2.500		12/01/31		1,045
	9,000,000	h	FNMA		2.500		01/25/32		9,010
	17,000,000	h	FNMA		3.000		01/25/32		17,439
	19,000,000	h	FNMA		2.500		02/25/32		19,000
	22,000,000	h	FNMA		3.000		02/25/32		22,557
	10,000,000	h	FNMA		3.500		02/25/32		10,401
	339,696		FNMA		6.500		07/01/32		396
	2,727,780		FNMA		5.000		06/01/33		2,987
	6,095,607		FNMA		5.000		10/01/33		6,674
	324,652		FNMA		5.000		11/01/33		357
	80,869		FNMA		7.000		01/01/34		86
	936,527		FNMA		5.000		03/01/34		1,028
	1,608,412		FNMA		5.500		03/01/34		1,804
	5,020,788		FNMA		5.000		05/01/35		5,489
	3,198,864		FNMA		5.000		10/01/35		3,492
	2,468,987		FNMA		5.000		02/01/36		2,696
	1,240,956		FNMA		5.500		08/01/37		1,390
	601,604		FNMA		6.000		09/01/37		699
	685,638		FNMA		6.000		09/01/37		797
	171,601		FNMA		6.500		09/01/37		194
	728,829		FNMA		5.500		01/01/38		818
	17,926		FNMA		6.500		02/01/38		20

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,323,760		FNMA		5.500	%	04/01/38	$	2,595
	3,220,321		FNMA		5.500		11/01/38		3,733
	4,375,153		FNMA		5.500		12/01/38		4,968
	34,068		FNMA		4.500		04/01/39		38
	870,261		FNMA		4.500		05/01/39		944
	354,176		FNMA		4.000		07/01/39		376
	1,451,668		FNMA		5.500		08/01/39		1,635
	554,976		FNMA		4.500		10/01/39		597
	50,892		FNMA		4.500		02/01/40		56
	619,115		FNMA		4.500		06/01/40		667
	515,718		FNMA		5.000		08/01/40		563
	2,525,036		FNMA		5.000		09/01/40		2,760
	1,353,607		FNMA		4.500		11/01/40		1,458
	144,817		FNMA		4.500		11/01/40		159
	237,890		FNMA		4.500		01/01/41		263
	6,524,464		FNMA		4.500		01/01/41		7,069
	204,554		FNMA		4.500		02/01/41		226
	4,048,060		FNMA		5.000		05/01/41		4,425
	255,994		FNMA		4.500		06/01/41		281
	235,141		FNMA		4.500		06/01/41		260
	787,675		FNMA		5.000		06/01/41		862
	2,286,360		FNMA		5.000		07/01/41		2,500
	1,720,399		FNMA		4.500		09/01/41		1,864
	2,329,210		FNMA		4.500		11/01/41		2,515
	421,685		FNMA		4.500		12/01/41		464
	12,497,870		FNMA		5.500		12/01/41		14,386
	259,286		FNMA		4.500		01/01/42		285
	768,871		FNMA		4.500		01/01/42		833
	6,877,266		FNMA		4.500		02/01/42		7,428
	9,709,137		FNMA		3.000		03/25/42		9,863
	2,243,045		FNMA		4.500		04/01/42		2,417
	265,543		FNMA		4.500		04/01/42		292
	293,796		FNMA		4.500		06/01/42		323
	9,376,803		FNMA		4.500		06/01/42		10,105
	4,794,815		FNMA		3.000		06/25/42		4,868
	238,490		FNMA		4.500		07/01/42		264
	179,834		FNMA		3.000		10/01/42		180
	10,094,110		FNMA		3.000		10/01/42		10,084
	5,868,434		FNMA		3.500		11/25/42		1,121
	7,506,266	w	FNMA		3.000		01/01/43		7,499
	9,461,260	w	FNMA		3.000		02/01/43		9,452
	5,535,954		FNMA		3.000		02/25/43		5,654
	10,784		FNMA		3.000		04/01/43		11
	5,482,138		FNMA		3.000		08/25/43		5,598
	4,911,250		FNMA		4.000		04/01/44		5,209
	2,202,961		FNMA		4.000		06/01/44		2,336
	3,090,130		FNMA		4.000		06/01/44		3,284
	11,703,886		FNMA		4.500		06/01/44		12,863
	1,224,877		FNMA		4.500		06/01/44		1,338
	864,876		FNMA		4.000		07/01/44		919
	2,328,155		FNMA		4.000		07/01/44		2,475
	1,121,323		FNMA		4.000		08/01/44		1,192
	7,460,445		FNMA		4.000		08/01/44		7,930
	2,539,767		FNMA		4.000		08/01/44		2,698

347

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,019,808		FNMA		4.000	%	08/01/44	$	4,273
	2,740,479		FNMA		4.500		08/01/44		3,012
	689,926		FNMA		4.000		09/01/44		733
	769,877		FNMA		4.000		09/01/44		818
	3,916,139		FNMA		4.000		10/01/44		4,162
	6,402,333		FNMA		4.500		10/01/44		7,044
	12,465,473		FNMA		4.500		11/01/44		13,716
	5,131,507		FNMA		4.000		12/01/44		5,454
	2,438,200		FNMA		4.000		12/01/44		2,568
	2,808,082		FNMA		4.500		12/01/44		3,090
	3,910,005		FNMA		4.000		01/01/45		4,156
	318,877		FNMA		3.500		03/01/45		328
	519,895		FNMA		3.500		03/01/45		535
	770,901		FNMA		4.500		03/01/45		848
	756,373		FNMA		4.500		04/01/45		832
	6,274,874		FNMA		3.500		05/01/45		6,466
	857,557		FNMA		4.000		05/01/45		912
	1,893,609		FNMA		4.000		06/01/45		2,013
	8,545,851		FNMA		4.000		07/01/45		9,038
	5,237,942		FNMA		4.000		08/01/45		5,513
	838,461		FNMA		4.000		08/01/45		891
	3,738,100		FNMA		4.000		11/01/45		3,974
	4,689,047		FNMA		4.000		12/01/45		4,951
	960,831		FNMA		4.000		12/01/45		1,021
	9,871,077		FNMA		3.500		01/01/46		10,148
	12,473,270		FNMA		4.000		01/01/46		13,197
	8,729,580		FNMA		3.500		02/01/46		8,972
	1,885,892		FNMA		4.000		02/01/46		1,996
	11,885,446		FNMA		3.500		06/01/46		12,222
	6,875,258		FNMA		3.500		08/01/46		7,049
	6,919,082		FNMA		3.500		10/01/46		7,094
	2,196,778		FNMA		3.500		10/25/46		628
	1,855,218		FNMA		3.500		11/01/46		1,902
	40,000,000	h	FNMA		3.000		01/25/47		39,708
	27,000,000	h	FNMA		3.500		01/25/47		27,656
	55,000,000	h	FNMA		4.000		01/25/47		57,794
	8,000,000	h	FNMA		4.500		01/25/47		8,602
	45,000,000	h	FNMA		3.000		02/25/47		44,603
	21,000,000	h	FNMA		3.500		02/25/47		21,478
	5,000,000	h	FNMA		4.000		02/25/47		5,247
	7,000,000	h	FNMA		4.500		02/25/47		7,518
	6,000,000	h	FNMA		5.000		02/25/47		6,531
	20,000,000	h	FNMA		3.500		03/25/47		20,414
	16,000,000	h	FNMA		4.000		03/25/47		16,758
	13,522,371		FNMA		3.500		07/01/55		13,864
	284		Government National Mortgage Association (GNMA)		9.000		12/15/17		0	^
	5,269		GNMA		8.000		06/15/22		5
	17,645		GNMA		6.500		08/15/23		20
	6,728		GNMA		6.500		08/15/23		8
	6,167,443		GNMA		2.580		08/15/25		6,157
	83,214		GNMA		6.500		05/20/31		97
	8,480,176		GNMA		2.640		01/15/33		8,371

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,886,817		GNMA		2.690	%	06/15/33	$	11,667
	180,469		GNMA		5.500		07/15/33		204
	9,516,595		GNMA		3.700		10/15/33		9,973
	96,496		GNMA		6.000		10/20/36		111
	107,887		GNMA		6.000		01/20/37		125
	334,911		GNMA		5.500		02/15/37		378
	582,552		GNMA		6.000		02/20/37		656
	260,946		GNMA		5.000		04/15/38		288
	177,536		GNMA		6.000		08/20/38		201
	397,565		GNMA		6.500		11/20/38		454
	26,176		GNMA		4.500		02/20/39		29
	4,305,694		GNMA		4.500		09/20/39		4,681
	8,582,111		GNMA		3.700		08/15/40		8,977
	36,512		GNMA		4.500		08/20/41		39
	127,990		GNMA		4.500		09/20/41		139
	15,827,152		GNMA		3.500		10/20/42		3,146
	27,266		GNMA		4.500		01/20/44		29
	33,726		GNMA		4.500		02/20/44		37
	411,288		GNMA		4.500		05/20/44		450
	55,715		GNMA		4.500		05/20/44		61
	407,079		GNMA		4.500		08/20/44		441
	411,643		GNMA		4.500		09/20/44		443
	146,868		GNMA		4.500		10/20/44		160
	132,115		GNMA		4.500		11/20/44		142
	277,717		GNMA		4.500		12/20/44		304
	411,528		GNMA		4.500		02/20/45		450
	442,031		GNMA		4.500		08/20/45		484
	524,774		GNMA		4.500		08/20/45		575
	454,046		GNMA		4.500		12/20/45		498
	15,440,210		GNMA		3.500		11/20/46		3,169
	6,000,000	h	GNMA		3.500		12/20/46		6,241
	17,000,000	h	GNMA		3.000		01/20/47		17,201
	47,000,000	h	GNMA		3.000		02/20/47		47,476
	76,000,000	h	GNMA		3.500		02/20/47		78,830
	11,000,000	h	GNMA		4.000		02/20/47		11,659
			TOTAL MORTGAGE BACKED						1,119,093

MUNICIPAL BONDS - 4.5%
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		4,952
	3,790,000		Bay Area Water Supply & Conservation Agency		2.535		10/01/21		3,804
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,618
	1,170,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,163
	7,465,000		California Earthquake Authority		2.805		07/01/19		7,583
	13,000,000		California Housing Finance Agency		2.966		08/01/22		13,071
	6,165,000	g	California Pollution Control Financing Authority		5.000		07/01/27		6,188
	8,020,000	g	California Pollution Control Financing Authority		5.000		07/01/37		8,023
	2,500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		2,501
	3,700,000		Calleguas Municipal Water District		2.030		07/01/18		3,742
	7,460,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		8,929
	3,035,000		City & County of Honolulu HI		2.668		10/01/27		2,862
	1,250,000		City & County of Honolulu, HI		6.114		07/01/29		1,340

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,850,000		City of Austin TX Water & Wastewater System Revenue		1.933	%	05/15/19	$	8,888
	2,750,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		2,770
	6,500,000		City of Chicago IL		7.750		01/01/42		6,594
	7,280,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		7,434
	635,000		City of Eugene, OR		6.320		08/01/22		710
	1,250,000		City of Florence SC		4.250		12/01/34		1,177
	12,500,000		City of Houston TX Utility System Revenue		2.563		05/15/20		12,718
	2,180,000		City of Jersey City NJ		1.829		09/01/17		2,181
	500,000		City of Jersey City NJ		2.079		09/01/18		501
	925,000		City of Jersey City NJ		2.423		09/01/19		927
	3,010,000		City of Norfolk VA		3.000		10/01/35		2,801
	3,665,000		City of Norfolk VA		3.050		10/01/36		3,429
	3,345,000		City of San Francisco CA Public Utilities Commission Water Revenue		3.000		11/01/26		3,293
	3,725,000		City of San Francisco CA Public Utilities Commission Water Revenue		3.950		11/01/36		3,636
	18,500,000		City of San Francisco CA Public Utilities Commission Water Revenue		4.185		11/01/46		18,189
	1,000,000		Commonwealth Financing Authority		2.675		06/01/21		987
	1,150,000		Commonwealth Financing Authority		2.875		06/01/22		1,121
	2,310,000		Commonwealth Financing Authority		3.075		06/01/23		2,228
	9,050,000		Commonwealth of Massachusetts		3.277		06/01/46		8,211
	385,000		County of Mercer, NJ		5.380		02/01/17		386
	1,500,000		County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,444
	15,000,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		15,176
	2,980,000		Fiscal Year 2005 Securitization Corp		4.760		08/15/19		3,110
	9,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		9,073
	15,630,000	j	Garden State Preservation Trust		0.000		11/01/22		13,030
	1,000,000		Grant County Public Utility District No 2		5.470		01/01/34		1,064
	1,250,000		Grant County Public Utility District No 2		4.164		01/01/35		1,215
	4,135,000		Greene County OH		2.720		12/01/21		4,154
	4,365,000		Greene County OH		3.120		12/01/23		4,371
	4,615,000		Greene County OH		3.270		12/01/24		4,600
	4,755,000		Greene County OH		3.420		12/01/25		4,726
	1,500,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,628
	975,000		Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		983
	5,125,000		Imperial Irrigation District Electric System Revenue		4.500		11/01/40		5,152
	2,000,000		Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,009
	540,000		Lavaca-Navidad River Authority		3.850		08/01/26		553
	6,430,000		Lavaca-Navidad River Authority		4.430		08/01/35		6,511
	3,725,000		Maryland Community Development Administration Housing Revenue		3.797		03/01/39		3,538
	1,125,000		Massachusetts Housing Finance Agency		4.782		12/01/20		1,161
	2,575,000		Metropolitan Council		1.200		09/01/17		2,579
	3,500,000		Metropolitan Council		1.750		09/01/20		3,484
	5,000,000		Metropolitan Water District of Southern California		6.250		07/01/39		5,442
	8,000,000		Michigan Finance Authority		5.000		07/01/22		9,011
	500,000		Michigan Finance Authority		5.000		07/01/22		556
	8,945,000		Michigan Finance Authority		5.000		07/01/22		10,076
	2,500,000		Michigan Finance Authority		5.000		07/01/30		2,757
	2,000,000		Michigan Finance Authority		5.000		07/01/31		2,197
	7,665,000		Michigan Finance Authority		3.610		11/01/32		7,093

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,500,000		New Jersey Economic Development Authority		4.271	%	06/15/20	$	8,569
	7,400,000		New Jersey Economic Development Authority		5.706		06/15/30		7,381
	3,000,000		New Jersey Economic Development Authority		5.756		06/15/31		2,993
	1,590,000		New York State Energy Research & Development Authority		2.372		07/01/19		1,613
	1,285,000		New York State Energy Research & Development Authority		2.772		07/01/20		1,310
	1,590,000		New York State Energy Research & Development Authority		3.206		07/01/22		1,646
	1,200,000		New York State Environmental Facilities Corp		2.005		06/15/19		1,204
	1,220,000		New York State Environmental Facilities Corp		2.595		06/15/21		1,232
	1,255,000		New York State Environmental Facilities Corp		3.045		06/15/24		1,263
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,229
	2,120,000		New York State Environmental Facilities Corp		3.520		07/15/27		2,141
	500,000		New York State Environmental Facilities Corp		3.684		12/15/29		505
	1,315,000		New York State Urban Development Corp		6.500		12/15/18		1,403
	1,250,000	g	Niagara Area Development Corp		4.000		11/01/24		1,255
	4,750,000		Northern California Power Agency		4.320		07/01/24		5,019
	2,450,000		Ohio State Water Development Authority		4.879		12/01/34		2,733
	700,000		Oklahoma Water Resources Board		3.071		04/01/22		725
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		2.417		01/01/17		1,000
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		2.787		01/01/18		1,010
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		3.037		01/01/19		1,014
	1,070,000		Pend Oreille County Public Utility District No Box Canyon		3.621		01/01/21		1,101
	5,000,000		Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/30		5,030
	3,000,000		Pittsburgh Water & Sewer Authority		6.610		09/01/24		3,465
	1,000,000		Sacramento Area Flood Control Agency		2.699		10/01/22		990
	1,000,000		South Dakota Conservancy District		1.620		08/01/18		1,004
	3,330,000		South Dakota Conservancy District		1.648		08/01/18		3,342
	2,920,000		South Dakota Conservancy District		1.898		08/01/19		2,934
	38,830,000		State of California		3.750		10/01/37		39,402
	10,050,000		State of California		4.988		04/01/39		10,588
	2,435,000		State of California Department of Water Resources		2.437		12/01/21		2,441
	4,084,667		State of Illinois		4.350		06/01/18		4,147
	10,500,000		State of Illinois		5.000		02/01/19		10,842
	9,800,000		State of Illinois		5.000		02/01/20		10,149
	8,000,000		State of Illinois		5.000		02/01/22		8,278
	9,000,000		State of Illinois		5.520		04/01/38		8,382
	16,225,000		State of Louisiana		1.260		08/01/18		16,202
	1,500,000		State of Louisiana		1.769		08/01/20		1,483
	4,505,000		State of Michigan		3.375		12/01/20		4,724
	4,405,000		State of Michigan		3.590		12/01/26		4,563
	2,500,000		State of Ohio		5.412		09/01/28		2,920
	5,000,000		State of Texas		6.072		10/01/29		5,482
	2,025,000		State of Texas		3.576		08/01/34		1,922
	3,370,000		State of Texas		3.726		08/01/43		3,270
	3,000		State of Wisconsin		5.700		05/01/26		3
	9,480,000		Suffolk County Water Authority		3.500		06/01/39		9,151
	4,000,000		Suffolk County Water Authority		4.000		06/01/39		4,162
	1,650,000		Syracuse Industrial Development Agency		5.000		01/01/36		1,547
	2,280,000		Tampa Bay Water		2.612		10/01/25		2,231
	3,225,000		Tampa Bay Water		2.782		10/01/26		3,147
	3,000,000		Tampa Bay Water		2.952		10/01/27		2,892

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,255,000		Texas Water Development Board		4.248	%	10/15/35	$	1,229
	4,170,000		Texas Water Development Board		4.648		04/15/50		4,095
	5,000,000		Tuolumne Wind Project Authority		6.918		01/01/34		5,982
	3,035,000		University of California		3.809		05/15/28		3,148
	11,400,000		University of California		4.009		05/15/30		11,918
	1,000,000		University of Cincinnati		3.250		06/01/29		1,000
	1,560,000		University of Cincinnati		3.650		06/01/34		1,576
	1,615,000		University of Cincinnati		3.700		06/01/35		1,630
	18,000,000		University of New Mexico		3.532		06/20/32		17,343
	17,500,000		University of Virginia		3.570		04/01/45		17,549
	5,000,000		Vermont Educational & Health Buildings Financing Agency		4.000		12/01/42		4,828
	3,000,000		Vermont Educational & Health Buildings Financing Agency		4.000		12/01/46		2,869
	12,710,000	g	Virgin Islands Water & Power Authority-Electric System		5.500		11/15/18		12,593
	1,000,000		Washington County Clean Water Services		5.078		10/01/24		1,146
	695,000		Water Works Board of the City of Birmingham		1.509		01/01/19		689
	2,470,000		Water Works Board of the City of Birmingham		1.788		01/01/20		2,427
	3,750,000		Water Works Board of the City of Birmingham		1.988		01/01/21		3,669
	3,100,000		Water Works Board of the City of Birmingham		2.192		01/01/22		3,010
	600,000		West Virginia Water Development Authority		5.000		11/01/21		672
	1,345,000		West Virginia Water Development Authority		5.000		11/01/22		1,526
	1,000,000		West Virginia Water Development Authority		5.000		11/01/23		1,146
			TOTAL MUNICIPAL BONDS						602,734

U.S. TREASURY SECURITIES - 1.9%
	6,000,000		United States Treasury Bond		3.125		02/15/43		6,067
	1,000,000		United States Treasury Bond		3.375		05/15/44		1,058
	10,285,000		United States Treasury Bond		2.500		05/15/46		9,117
	103,530,000		United States Treasury Bond		2.250		08/15/46		86,828
	33,285,000		United States Treasury Note		1.375		05/31/21		32,594
	8,000,000		United States Treasury Note		1.750		11/30/21		7,932
	4,150,000		United States Treasury Note		2.000		07/31/22		4,130
	4,500,000		United States Treasury Note		1.750		09/30/22		4,410
	12,234,500		United States Treasury Note		1.625		11/15/22		11,893
	13,130,000		United States Treasury Note		1.750		01/31/23		12,813
	5,200,000		United States Treasury Note		1.500		03/31/23		4,991
	1,500,000		United States Treasury Note		1.375		09/30/23		1,419
	7,300,000		United States Treasury Note		1.625		10/31/23		7,014
	62,685,000		United States Treasury Note		2.000		11/15/26		60,214
			TOTAL U.S. TREASURY SECURITIES						250,480

			TOTAL GOVERNMENT BONDS						3,216,622
			(Cost $3,220,468)

STRUCTURED ASSETS - 3.5%

ASSET BACKED - 1.5%
	3,842,235	g	Alterna Funding I LLC		1.639		02/15/21		3,734
			Series - 2014 1A (Class NOTE)
	104,287	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		104
			Series - 2005 HE7 (Class M2)
	1,333,333	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		1,336
			Series - 2011 5A (Class C)
	1,333,333	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		1,337
			Series - 2011 5A (Class B)

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	925,000	i	Basic Asset Backed Securities Trust		1.066	%	04/25/36	$	855
			Series - 2006 1 (Class A3)
	4,000,000	g	Capital Automotive REIT		3.660		10/15/44		3,883
			Series - 2014 1A (Class A)
	4,001,302	i	Chase Funding Loan Acquisition Trust		1.611		06/25/34		3,499
			Series - 2004 OPT1 (Class M1)
	5,895,000	g	DB Master Finance LLC		3.262		02/20/45		5,903
			Series - 2015 1A (Class A2I)
	1,715,000	g,i	DB/UBS Mortgage Trust		5.685		11/10/46		1,891
			Series - 2011 LC1A (Class C)
	7,566,000	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		7,717
			Series - 2012 1A (Class A2)
	1,980,000	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		1,959
			Series - 2015 1A (Class A2I)
	891,000	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		875
			Series - 2015 1A (Class A2II)
	14,435,899	g	HERO Funding Trust		3.840		09/21/40		14,689
			Series - 2015 1A (Class A)
	3,331,259	g	HERO Funding Trust		3.990		09/21/40		3,356
			Series - 2014 2A (Class A)
	6,888,678	g	HERO Funding Trust		3.750		09/20/41		6,988
			Series - 2016 2A (Class A)
	6,610,255	g	HERO Funding Trust		4.050		09/20/41		6,766
			Series - 2016 1A (Class A)
	2,413,932	g	HERO Funding Trust		3.080		09/20/42		2,379
			Series - 2016 3A (Class A1)
	1,625,000	g	HERO Residual Funding 2016 - R		4.500		09/21/42		1,609
			Series - 2016 1R (Class A1)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		514
			Series - 2010 1A (Class B3)
	1,021,709	i	Lehman XS Trust		1.006		02/25/36		977
			Series - 2006 1 (Class 1A1)
	342,300	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.536		01/25/36		341
			Series - 2005 WCH1 (Class M2)
	98,002	i	Residential Asset Mortgage Products, Inc		5.470		09/25/33		101
			Series - 2003 RZ5 (Class A7) (Step Bond)
	326,556	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		328
			Series - 2006 HI1 (Class M1) (Step Bond)
	187,052	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		195
			Series - 2006 HI1 (Class M2) (Step Bond)
	958,606		Santander Drive Auto Receivables Trust		1.760		01/15/19		959
			Series - 2013 1 (Class C)
	800,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		802
			Series - 2015 5 (Class B)
	800,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		806
			Series - 2015 5 (Class C)
	841,378	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		843
			Series - 2012 2A (Class B)
	664,792	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		661
			Series - 2013 1A (Class A)
	1,075,466	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		1,070
			Series - 2015 3A (Class A)
	760,943	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		765
			Series - 2015 3A (Class B)
	6,059,440	g	SolarCity LMC		4.590		04/20/44		5,714
			Series - 2014 1 (Class A)

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	28,074,901	g	SolarCity LMC		4.020	%	07/20/44	$	26,452
			Series - 2014 2 (Class A)
	7,938,145	g	SolarCity LMC		4.800		09/20/48		7,493
			Series - 2016 A (Class A)
	4,706,399	g	SpringCastle America Funding LLC		3.050		04/25/29		4,730
			Series - 2016 AA (Class A)
	4,425,563	i	Structured Asset Securities Corp Mortgage Loan Trust		2.117		04/25/35		4,170
			Series - 2005 7XS (Class 2A1A)
	22,500,000		Toyota Auto Receivables Owner Trust		1.270		05/15/19		22,499
			Series - 2015 B (Class A3)
	22,500,000		Toyota Auto Receivables Owner Trust		1.300		04/15/20		22,425
			Series - 2016 B (Class A3)
	22,500,000		Toyota Auto Receivables Owner Trust		1.740		09/15/20		22,574
			Series - 2015 B (Class A4)
	405,042	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		411
			Series - 2006 N1 (Class N1)
	379,526	g,i	Wachovia Loan Trust		1.116		05/25/35		373
			Series - 2005 SD1 (Class A)
	3,950,000	g	Wendys Funding LLC		3.371		06/15/45		3,944
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						198,027

OTHER MORTGAGE BACKED - 2.0%
	3,050,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		3,038
			Series - 2007 1 (Class AM)
	5,416,386	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		5,409
			Series - 2007 1 (Class AMFX)
	760,000	i	Banc of America Commercial Mortgage Trust		5.809		02/10/51		766
			Series - 2007 4 (Class AJ)
	10,250,000	g	BBCMS Trust		3.593		09/15/32		10,420
			Series - 2015 MSQ (Class A)
	6,000,000	g	BBCMS Trust		3.894		09/15/32		6,155
			Series - 2015 MSQ (Class B)
	2,590,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.920		09/11/42		2,608
			Series - 2007 T28 (Class AJ)
	500,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.878		06/11/50		503
			Series - 2007 PW17 (Class AJ)
	2,575,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		2,609
			Series - 2007 C3 (Class AM)
	3,925,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		3,969
			Series - 2007 C3 (Class AJ)
	2,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		2,798
			Series - 2007 C2 (Class AMFX)
	20,761,000	g	COMM Mortgage Trust		3.544		03/10/31		20,730
			Series - 2013 WWP (Class C)
	4,000,000	i	COMM Mortgage Trust		5.796		12/10/49		4,034
			Series - 2007 C9 (Class B)
	3,500,000	g,i	COMM Mortgage Trust		5.812		12/10/49		3,355
			Series - 2007 C9 (Class G)
	5,000,000	i	Connecticut Avenue Securities		5.006		01/25/29		5,184
			Series - 2016 C04 (Class 1M2)
	2,250,000	i	Connecticut Avenue Securities		5.206		01/25/29		2,340
			Series - 2016 C05 (Class 2M2)

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,775,000	i	Credit Suisse Commercial Mortgage Trust		5.903	%	09/15/39	$	2,781
			Series - 2007 C4 (Class A1AJ)
	6,000,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		6,013
			Series - 2007 C4 (Class AJ)
	8,450,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		8,416
			Series - 2007 C2 (Class AJ)
	2,000,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		2,149
			Series - 2006 OMA (Class D)
	500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		500
			Series - 2007 C1 (Class AM)
	3,660,000	i	GMAC Commercial Mortgage Securities, Inc		4.984		12/10/41		3,784
			Series - 2004 C3 (Class C)
	10,000,000	g	GRACE Mortgage Trust		3.369		06/10/28		10,364
			Series - 2014 GRCE (Class A)
	6,317,426	i	Greenwich Capital Commercial Funding Corp		5.867		12/10/49		6,456
			Series - 2007 GG11 (Class AM)
	2,535,000	g,i	GS Mortgage Securities Corp II		5.184		12/10/43		2,751
			Series - 2010 C2 (Class B)
	5,000,000	g	Hudson Yards Mortgage Trust		2.835		08/10/38		4,809
			Series - 2016 10HY (Class A)
	5,000,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		4,794
			Series - 2016 10HY (Class B)
	4,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		4,227
			Series - 2016 10HY (Class C)
	514,205	i	Impac CMB Trust		1.416		03/25/35		472
			Series - 2004 11 (Class 2A1)
	1,675,887	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		1,675
			Series - 2005 LDP2 (Class C)
	3,025,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.397		07/15/46		3,253
			Series - 2011 C4 (Class C)
	2,639,215	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,700
			Series - 2007 LD12 (Class AM)
	1,323,124	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		1,323
			Series - 2006 C3 (Class C)
	2,500,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		2,502
			Series - 2007 C1 (Class AJ)
	700,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		699
			Series - 2007 C1 (Class C)
	3,390,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		3,375
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		770
			Series - 2007 C6 (Class AM)
	6,348,422	g,i	LVII Resecuritization Trust		3.417		07/25/47		6,364
			Series - 2015 A (Class A)
	645,000	i	Merrill Lynch Mortgage Trust		6.263		02/12/51		659
			Series - 0 C1 (Class AJA)
	2,750,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		2,766
			Series - 2007 6 (Class AM)
	12,000,000	g	Morgan Stanley Capital I Trust		3.350		07/13/29		12,390
			Series - 2014 CPT (Class A)
	98,059	g,i	Morgan Stanley Capital I Trust		6.076		08/12/41		98
			Series - 2006 T23 (Class B)
	1,332,665	i	Morgan Stanley Capital I Trust		5.389		11/12/41		1,334
			Series - 2006 HQ10 (Class AJ)

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	567,305	i	Morgan Stanley Capital I Trust		5.834	%	10/15/42	$	568
			Series - 2006 IQ11 (Class AJ)
	6,000,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		5,953
			Series - 2007 HQ12 (Class C)
	2,400,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		2,214
			Series - 2007 IQ15 (Class AJ)
	9,500,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		9,631
			Series - 2007 IQ15 (Class AM)
	4,000,000	i	Morgan Stanley Capital I Trust		6.095		12/12/49		3,665
			Series - 2007 IQ16 (Class AJFX)
	17,385,000	g	OBP Depositor LLC Trust		4.646		07/15/45		18,477
			Series - 2010 OBP (Class A)
	3,635,212	i	Structured Agency Credit Risk Debt Note (STACR)		3.156		01/25/25		3,650
			Series - 2015 DN1 (Class M2)
	8,533,653	i	Structured Agency Credit Risk Debt Note (STACR)		2.956		03/25/25		8,609
			Series - 2015 HQ1 (Class M2)
	750,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.556		03/25/25		794
			Series - 2015 HQ1 (Class M3)
	2,128,421	i	Structured Agency Credit Risk Debt Note (STACR)		2.006		10/25/28		2,131
			Series - 2016 DNA2 (Class M1)
	1,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.106		03/25/29		1,745
			Series - 2016 HQA3 (Class M2)
	5,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.907		12/15/43		4,974
			Series - 2007 C30 (Class AMFL)
	4,585,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		4,586
			Series - 2007 C30 (Class AM)
	890,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		911
			Series - 2007 C34 (Class AM)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		5.942		05/15/46		1,704
			Series - 2007 C34 (Class AJ)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust		6.214		05/15/46		2,984
			Series - 2007 C34 (Class B)
	1,975,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		1,987
			Series - 2007 C31 (Class AM)
	700,000	i	Wachovia Bank Commercial Mortgage Trust		5.652		04/15/47		682
			Series - 2007 C31 (Class C)
	1,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		1,513
			Series - 2007 C31 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		990
			Series - 2007 C31 (Class B)
	4,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		4,037
			Series - 2007 C32 (Class AMFX)
	12,830,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		12,427
			Series - 2007 C32 (Class AJ)
	875,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		840
			Series - 2007 C32 (Class B)
	510,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		516
			Series - 2007 C33 (Class AM)
			TOTAL OTHER MORTGAGE BACKED						266,930

			TOTAL STRUCTURED ASSETS						464,957
			(Cost $471,018)

			TOTAL BONDS					$	5,112,327
			(Cost $5,130,448)

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 59.5%

AUTOMOBILES & COMPONENTS - 1.4%
	52,700		Aisin Seiki Co Ltd	$	2,280
	152,810		Bayerische Motoren Werke AG.		14,232
	50,580		Bayerische Motoren Werke AG. (Preference)		3,863
	7,649		BorgWarner, Inc		302
	8,633		Delphi Automotive plc		581
	278,882		Denso Corp		12,063
	2,836,023		Ford Motor Co		34,401
	293,803		Fuji Heavy Industries Ltd		11,971
	237,190		Harley-Davidson, Inc		13,838
	586,280		Honda Motor Co Ltd		17,117
	235,461	*	Magna International, Inc		10,224
	507,900		Mazda Motor Corp		8,271
	56,826	*	Modine Manufacturing Co		847
	13,300		NGK Spark Plug Co Ltd		295
	1,282,564		Nissan Motor Co Ltd		12,865
	36,048		Renault S.A.		3,202
	277,400		Sumitomo Electric Industries Ltd		3,994
	99,254	*,e	Tesla Motors, Inc		21,210
	145,900		Toyota Industries Corp		6,937
	2,720		Visteon Corp		218
	135,700	e	Yamaha Motor Co Ltd		2,976
			TOTAL AUTOMOBILES & COMPONENTS		181,687

BANKS - 4.7%
	4,098		1st Source Corp		183
	37,611		Ameris Bancorp		1,640
	1,198		Arrow Financial Corp		48
	48,752		Associated Banc-Corp		1,204
	124,666		Astoria Financial Corp		2,325
	924,474		Australia & New Zealand Banking Group Ltd		20,238
	5,690,914		Banca Intesa S.p.A.		14,416
	856,508		Banca Intesa S.p.A. RSP		2,006
	1,923		Bancfirst Corp		179
	2,477,660		Banco Bilbao Vizcaya Argentaria S.A.		16,697
	3,868,258		Banco de Sabadell S.A.		5,375
	983,155		Bank Hapoalim Ltd		5,835
	37,222		Bank Mutual Corp		352
	176,184	*	Bank of Montreal		12,672
	374,207		Bank of Nova Scotia		20,836
	3,264		Bank of the Ozarks, Inc		172
	14,280		Banner Corp		797
	762,156		BB&T Corp		35,837
	337		Bendigo Bank Ltd		3
	14,612		Beneficial Bancorp, Inc		269
	41,663		Berkshire Hills Bancorp, Inc		1,535
	2,133,000		BOC Hong Kong Holdings Ltd		7,597

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	71,484		Boston Private Financial Holdings, Inc	$	1,183
	20,664		Brookline Bancorp, Inc		339
	14,021		Bryn Mawr Bank Corp		591
	1,579,090		CaixaBank S.A.		5,204
	19,106		Camden National Corp		849
	46,615		Canadian Imperial Bank of Commerce/Canada		3,804
	28,674		Capital Bank Financial Corp		1,125
	28,235		Capitol Federal Financial		465
	18,397		Cardinal Financial Corp		603
	3,360		Cathay General Bancorp		128
	48,673		Centerstate Banks of Florida, Inc		1,225
	9,281		Chemical Financial Corp		503
	205,577		CIT Group, Inc		8,774
	665,138		Citizens Financial Group, Inc		23,699
	5,178		City Holding Co		350
	17,464		CoBiz, Inc		295
	2,120		Columbia Banking System, Inc		95
	164,117		Comerica, Inc		11,178
	64,376		Commerce Bancshares, Inc		3,722
	456,704		Commonwealth Bank of Australia		27,094
	3,936		Community Bank System, Inc		243
	3,149		Community Trust Bancorp, Inc		156
	10,995		Cullen/Frost Bankers, Inc		970
	32,964	*	Customers Bancorp, Inc		1,181
	476,610		DBS Group Holdings Ltd		5,686
	9,597		East West Bancorp, Inc		488
	40,439	*	FCB Financial Holdings, Inc		1,929
	12,423		Federal Agricultural Mortgage Corp (Class C)		711
	3,478		Fifth Third Bancorp		94
	7,618		First Bancorp (NC)		207
	451		First Citizens Bancshares, Inc (Class A)		160
	119,932		First Commonwealth Financial Corp		1,701
	2,793		First Community Bancshares, Inc		84
	6,726		First Financial Bancorp		191
	25,728	e	First Financial Bankshares, Inc		1,163
	1,399		First Financial Corp		74
	27,726		First Interstate Bancsystem, Inc		1,180
	26,737		First Merchants Corp		1,007
	2,260		First Republic Bank		208
	20,089		Flushing Financial Corp		590
	16,186		FNB Corp		259
	2,590		Glacier Bancorp, Inc		94
	9,041		Great Southern Bancorp, Inc		494
	5,441		Hancock Holding Co		234
	600,800		Hang Seng Bank Ltd		11,142
	7,159		Hanmi Financial Corp		250
	21,059		Heartland Financial USA, Inc		1,011
	25,997		Heritage Financial Corp		669
	15,597	*	HomeStreet, Inc		493
	24,362	*	HomeTrust Bancshares, Inc		631
	91,000		Hope Bancorp, Inc		1,992
	9,160		IBERIABANK Corp		767
	15,980		Independent Bank Corp (MA)		1,126
	1,309,415		ING Groep NV		18,435
	1,147		International Bancshares Corp		47

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	136,208		Investors Bancorp, Inc	$	1,900
	184,046		KBC Groep NV		11,372
	1,221,419		Keycorp		22,315
	20,107		Lakeland Bancorp, Inc		392
	13,009		Lakeland Financial Corp		616
	163,494		M&T Bank Corp		25,575
	1,800		MB Financial, Inc		85
	58,589	*	MGIC Investment Corp		597
	227,900		Mitsui Trust Holdings, Inc		8,154
	9,077,921		Mizuho Financial Group, Inc		16,291
	873,999		National Australia Bank Ltd		19,305
	33,554		National Bank Holdings Corp		1,070
	868,379		Natixis		4,890
	12,836		NBT Bancorp, Inc		538
	667,154		New York Community Bancorp, Inc		10,614
	1,318,520		Nordea Bank AB		14,610
	47,137		Northfield Bancorp, Inc		941
	58,431		OFG Bancorp		765
	19,038		Old National Bancorp		346
	23,224		Opus Bank		698
	21,876		PacWest Bancorp		1,191
	14,645		Peoples Bancorp, Inc		475
	2,728		People’s United Financial, Inc		53
	63,976	*	PHH Corp		970
	6,735		Pinnacle Financial Partners, Inc		467
	346,648		PNC Financial Services Group, Inc		40,544
	139,635		Popular, Inc		6,119
	19,500		PrivateBancorp, Inc		1,057
	50,953		Provident Financial Services, Inc		1,442
	146,534		Radian Group, Inc		2,635
	4,786		Regions Financial Corp		69
	11,707		Renasant Corp		494
	806,500		Resona Holdings, Inc		4,133
	8,068		S&T Bancorp, Inc		315
	6,272		ServisFirst Bancshares, Inc		235
	183,355		Skandinaviska Enskilda Banken AB (Class A)		1,916
	25,524		Southside Bancshares, Inc		961
	1,642,643	*	Standard Chartered plc		13,396
	17,563		State Bank & Trust Co		472
	8,646		Stock Yards Bancorp, Inc		406
	467,253		Sumitomo Mitsui Financial Group, Inc		17,794
	27,169	*	SVB Financial Group		4,664
	125,439		Swedbank AB (A Shares)		3,022
	800	*	Texas Capital Bancshares, Inc		63
	12,553		TFS Financial Corp		239
	63,097	*	The Bancorp, Inc		496
	512,307		Toronto-Dominion Bank		25,267
	10,795		TowneBank		359
	12,715		Trico Bancshares		435
	8,171	*	Tristate Capital Holdings, Inc		181
	1,700		Trustmark Corp		61
	9,293		UMB Financial Corp		717
	33,564		Umpqua Holdings Corp		630
	19,739		Union Bankshares Corp		705
	10,415	e	United Bankshares, Inc		482
	40,100		United Financial Bancorp, Inc (New)		728

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	15,008		Univest Corp of Pennsylvania	$	464
	896,706		US Bancorp		46,064
	38,257	*	Walker & Dunlop, Inc		1,194
	26,416	*,e	Walter Investment Management Corp		125
	3,203		Washington Trust Bancorp, Inc		179
	13,326		Webster Financial Corp		723
	8,948		WesBanco, Inc		385
	13,401	e	Westamerica Bancorporation		843
	48,155	*	Western Alliance Bancorp		2,346
	974,943		Westpac Banking Corp		22,886
	1,110		Wintrust Financial Corp		81
	5,244		WSFS Financial Corp		243
	35,669		Zions Bancorporation		1,535
			TOTAL BANKS		648,444

CAPITAL GOODS - 4.8%
	310,434		3M Co		55,434
	18,212		A.O. Smith Corp		862
	731,154		ABB Ltd		15,385
	1,681		Acuity Brands, Inc		388
	8,699		Advanced Drainage Systems, Inc		179
	5,540		AGCO Corp		321
	3,490		Allegion plc		223
	299,053		Ametek, Inc		14,534
	18,674		Argan, Inc		1,317
	368,000		Asahi Glass Co Ltd		2,497
	137,861		Assa Abloy AB		2,551
	219,323		Atlas Copco AB (A Shares)		6,653
	239,983		Atlas Copco AB (B Shares)		6,524
	68,052		Barnes Group, Inc		3,227
	127,751		BE Aerospace, Inc		7,689
	2,120	*	Beacon Roofing Supply, Inc		98
	139,175		Bouygues S.A.		4,982
	63,274		Brenntag AG.		3,507
	28,642		Briggs & Stratton Corp		638
	73,289	*	Builders FirstSource, Inc		804
	226,331		Bunzl plc		5,876
	5,150		Carlisle Cos, Inc		568
	236,627		Caterpillar, Inc		21,945
	16,918	*	Chart Industries, Inc		609
	4,110		Chicago Bridge & Iron Co NV		130
	918,220		CNH Industrial NV		7,967
	277,085		Compagnie de Saint-Gobain		12,889
	196,171		Cummins, Inc		26,811
	49,700		Daikin Industries Ltd		4,553
	421,529		Danaher Corp		32,812
	925		DCC plc		69
	122,816		Deere & Co		12,655
	85,507	*	DigitalGlobe, Inc		2,450
	10,100		Donaldson Co, Inc		425
	18,188		Dover Corp		1,363
	17,985	*	DXP Enterprises, Inc		625
	348,486		Eaton Corp		23,380
	53,226		Eiffage S.A.		3,707
	4,718		EMCOR Group, Inc		334
	36,119	*	Esterline Technologies Corp		3,222

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	155,950		Fastenal Co	$	7,327
	216,610		Ferrovial S.A.		3,863
	10,505		Flowserve Corp		505
	6,000		Fortune Brands Home & Security, Inc		321
	83,659		GEA Group AG.		3,357
	4,400		Graco, Inc		366
	31,785		H&E Equipment Services, Inc		739
	62,937		Hexcel Corp		3,237
	122,700		Hino Motors Ltd		1,247
	292,469		Illinois Tool Works, Inc		35,816
	142,761		Ingersoll-Rand plc		10,713
	5,190		ITT, Inc		200
	580,083		Johnson Controls International plc		23,894
	552,000		Kawasaki Heavy Industries Ltd		1,728
	1,324,170		Keppel Corp Ltd		5,270
	48,084	*,e	KEYW Holding Corp		567
	445,800		Komatsu Ltd		10,097
	451,370		Koninklijke Philips Electronics NV		13,799
	531,700		Kubota Corp		7,577
	58,157		Legrand S.A.		3,300
	3,160		Lennox International, Inc		484
	5,536		Lincoln Electric Holdings, Inc		424
	24,430		MAN AG.		2,425
	7,273	*	Manitowoc Foodservice, Inc		141
	443,765		Masco Corp		14,032
	367,518		Meggitt plc		2,075
	99,920		Metso Oyj		2,843
	671,600		Mitsubishi Corp		14,264
	959,500		Mitsubishi Electric Corp		13,346
	3,770		MSC Industrial Direct Co (Class A)		348
	20,938	*	MYR Group, Inc		789
	83,000		NGK Insulators Ltd		1,607
	214,700		NSK Ltd		2,480
	5,790		Oshkosh Truck Corp		374
	56,900		Osram Licht AG.		2,980
	153,507		Owens Corning, Inc		7,915
	267,501		Paccar, Inc		17,093
	41,155		Parker Hannifin Corp		5,762
	112,709		Pentair plc		6,320
	248,946	*,e	Plug Power, Inc		299
	78,372	*	Quanta Services, Inc		2,731
	219,304		Rexel S.A.		3,603
	32,751		Rockwell Automation, Inc		4,402
	178,507		Rockwell Collins, Inc		16,558
	39,875		Roper Industries, Inc		7,300
	17,377	*	Rush Enterprises, Inc (Class A)		554
	136,953		Sandvik AB		1,689
	227,308		Schneider Electric S.A.		15,791
	1,554	*	Sensata Technologies Holding BV		61
	84,000		Shimizu Corp		767
	4,833		Snap-On, Inc		828
	9,620		Stanley Works		1,103
	927,200		Sumitomo Corp		10,885
	5,510		Timken Co		219
	17,398	*,e	Titan Machinery, Inc		253
	116,300		Toyota Tsusho Corp		3,023

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	68,977		TransDigm Group, Inc	$	17,172
	28,374		Travis Perkins plc		507
	56,586		Triton International Ltd		894
	23,804	*	United Rentals, Inc		2,513
	7,375	*	Veritiv Corp		396
	43,367		Vestas Wind Systems AS		2,809
	874,087		Volvo AB (B Shares)		10,176
	2,310		W.W. Grainger, Inc		536
	34,781	*	Wabash National Corp		550
	1,940	*	WABCO Holdings, Inc		206
	132,440		Wartsila Oyj (B Shares)		5,938
	3,950	*	WESCO International, Inc		263
	185,281		Wolseley plc		11,311
	19,775		Woodward Governor Co		1,365
	13,870		Xylem, Inc		687
			TOTAL CAPITAL GOODS		645,217

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,604		ABM Industries, Inc		106
	143,929	*	ACCO Brands Corp		1,878
	222,516		Brambles Ltd		1,986
	102,222		Bureau Veritas S.A.		1,978
	608,039		Capita Group plc		3,976
	137,068	*	Copart, Inc		7,595
	4,840		Covanta Holding Corp		76
	22,935		Deluxe Corp		1,642
	11,643		Dun & Bradstreet Corp		1,413
	20,242		Exponent, Inc		1,221
	21,492		Heidrick & Struggles International, Inc		519
	11,793	*	ICF International, Inc		651
	16,650		Insperity, Inc		1,181
	74,708		Intertek Group plc		3,202
	16,221		Kelly Services, Inc (Class A)		372
	18,783		Kforce, Inc		434
	34,432		Manpower, Inc		3,060
	24,644	*	Mistras Group, Inc		633
	2,100		Mobile Mini, Inc		64
	64,384	*	Navigant Consulting, Inc		1,686
	1,000	*	On Assignment, Inc		44
	15,020		Pitney Bowes, Inc		228
	21,731		Resources Connection, Inc		418
	112,876		Robert Half International, Inc		5,506
	3,650		Rollins, Inc		123
	50,157	*	RPX Corp		542
	4,923		RR Donnelley & Sons Co		80
	26,500		Secom Co Ltd		1,936
	4,657		SGS S.A.		9,462
	1,544	*	SP Plus Corp		44
	8,899	*	Team, Inc		349
	9,438		Tetra Tech, Inc		407
	23,633		Viad Corp		1,042
	76,172		Waste Management, Inc		5,401
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		59,255

CONSUMER DURABLES & APPAREL - 1.0%
	89,296		Adidas-Salomon AG.		14,084

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	497,409		Barratt Developments plc	$	2,828
	54,165		Berkeley Group Holdings plc		1,872
	263,458		Burberry Group plc		4,855
	35,350		CalAtlantic Group, Inc		1,202
	83,671		Callaway Golf Co		917
	4,120		Carter’s, Inc		356
	49,223		Christian Dior S.A.		10,313
	10,570		Coach, Inc		370
	5,389		CSS Industries, Inc		146
	20,506		Ethan Allen Interiors, Inc		756
	8,870		Garmin Ltd		430
	17,912		Gildan Activewear, Inc		455
	16,958		Hanesbrands, Inc		366
	2,380		Harman International Industries, Inc		265
	4,666		Hasbro, Inc		363
	103,179	*	Kate Spade & Co		1,926
	17,544		Libbey, Inc		341
	3,670	*	Lululemon Athletica, Inc		238
	1,061,800		Matsushita Electric Industrial Co Ltd		10,769
	377,234		Mattel, Inc		10,393
	34,564	*	Meritage Homes Corp		1,203
	6,202	*	Michael Kors Holdings Ltd		267
	11,872	*	Mohawk Industries, Inc		2,371
	19,825		Movado Group, Inc		570
	607		Newell Rubbermaid, Inc		27
	789,493		Nike, Inc (Class B)		40,130
	11,827		Pandora AS		1,544
	6,580		Phillips-Van Heusen Corp		594
	2,290	e	Polaris Industries, Inc		189
	1,540		Pool Corp		161
	98,400		Sekisui House Ltd		1,635
	397,600		Sony Corp		11,110
	762,926		Taylor Wimpey plc		1,439
	4,240	*,e	Tempur-Pedic International, Inc		289
	4,000		Tupperware Corp		210
	55,610	e	Under Armour, Inc (Class A)		1,615
	18,549	*	Unifi, Inc		605
	24,071		VF Corp		1,284
	2,860		Whirlpool Corp		520
	667,500		Yue Yuen Industrial Holdings		2,419
			TOTAL CONSUMER DURABLES & APPAREL		131,427

CONSUMER SERVICES - 1.3%
	155,392		Accor S.A.		5,789
	15,319	*	American Public Education, Inc		376
	10,030		ARAMARK Holdings Corp		358
	1,289		Bob Evans Farms, Inc		69
	4,408		Brinker International, Inc		218
	20,930		Carriage Services, Inc		600
	46,211		Choice Hotels International, Inc		2,590
	9,562		Darden Restaurants, Inc		695
	16,118		DineEquity, Inc		1,241
	7,544		Dunkin Brands Group, Inc		396
	14,787	*	El Pollo Loco Holdings, Inc		182
	25,419		Hilton Worldwide Holdings, Inc		691
	29,678		ILG, Inc		539

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	170,243		InterContinental Hotels Group plc	$	7,612
	19,063	*	Intrawest Resorts Holdings Inc		340
	114,454	*	LifeLock, Inc		2,738
	6,202		Marcus Corp		195
	351,889		Marriott International, Inc (Class A)		29,094
	428,605		McDonald’s Corp		52,170
	166,072	g	Merlin Entertainments plc		917
	54,700		Oriental Land Co Ltd		3,087
	25,107	*	Popeyes Louisiana Kitchen, Inc		1,519
	7,972		Royal Caribbean Cruises Ltd		654
	7,790		Service Corp International		221
	90,848	*	ServiceMaster Global Holdings, Inc		3,422
	5,750	*,e	Shake Shack, Inc		206
	5,690		Six Flags Entertainment Corp		341
	28,242		Sonic Corp		749
	808,957		Starbucks Corp		44,913
	443,155		TUI AG. (DI)		6,345
	8,700		Wendy’s		118
	162,822		Whitbread plc		7,574
	9,231		Wyndham Worldwide Corp		705
			TOTAL CONSUMER SERVICES		176,664

DIVERSIFIED FINANCIALS - 3.0%
	870,470		3i Group plc		7,530
	836,674		Aberdeen Asset Management plc		2,645
	101,500		AEON Financial Service Co Ltd		1,798
	47,306		Ally Financial, Inc		900
	564,161		American Express Co		41,793
	6,887		Ameriprise Financial, Inc		764
	1,459,833		AMP Ltd		5,295
	1,187,378		Annaly Capital Management, Inc		11,838
	62,354		Apollo Commercial Real Estate Finance, Inc		1,036
	810,494		Bank of New York Mellon Corp		38,401
	100,479		BlackRock, Inc		38,236
	3,180	e	CBOE Holdings, Inc		235
	937,489		Charles Schwab Corp		37,003
	6,140		Chimera Investment Corp		105
	306,055		CME Group, Inc		35,303
	9,968	*,e	Credit Acceptance Corp		2,168
	39,145	*	Deutsche Boerse AG. (Tender)		3,185
	465,923		Discover Financial Services		33,588
	60,890		Dynex Capital, Inc		415
	11,450	*	E*TRADE Financial Corp		397
	4,300		Eaton Vance Corp		180
	12,537	*,e	Encore Capital Group, Inc		359
	29,847		Eurazeo		1,745
	99,616		EXOR NV		4,284
	7,504		Factset Research Systems, Inc		1,226
	99,453		Franklin Resources, Inc		3,936
	57,778	*	Green Dot Corp		1,361
	570,171		Hong Kong Exchanges and Clearing Ltd		13,410
	558,160		IntercontinentalExchange Group, Inc		31,491
	1,416		Invesco Ltd		43
	598,834		Investec plc		3,928
	33,731		Investment Technology Group, Inc		666
	205,042		London Stock Exchange Group plc		7,328

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	187,758		Macquarie Group Ltd	$	11,762
	400,000		Mitsubishi UFJ Lease & Finance Co Ltd		2,063
	1,420		Morningstar, Inc		105
	867		NASDAQ OMX Group, Inc		58
	15,331		Nelnet, Inc (Class A)		778
	132,131		Northern Trust Corp		11,766
	67,947	*	On Deck Capital, Inc		315
	9,469	*	Pico Holdings, Inc		144
	42,887	e	Resource Capital Corp		357
	90,420		S&P Global, Inc		9,724
	9,411	*	Safeguard Scientifics, Inc		127
	120,898		Schroders plc		4,440
	10,587		SEI Investments Co		523
	9,620		Starwood Property Trust, Inc		211
	412,646		State Street Corp		32,071
	7,473		T Rowe Price Group, Inc		562
	1,056		TD Ameritrade Holding Corp		46
	10,154		Voya Financial, Inc		398
	25,718		Wendel		3,095
			TOTAL DIVERSIFIED FINANCIALS		411,137

ENERGY - 4.1%
	45,350		Alon USA Energy, Inc		516
	137,043	e	AltaGas Income Trust		3,460
	646	*	Antero Resources Corp		15
	13,120		Apache Corp		833
	58,063		ARC Resources Ltd		999
	82,467	e	Atwood Oceanics, Inc		1,083
	264,399		Baker Hughes, Inc		17,178
	47,582		Bristow Group, Inc		974
	234,613		Caltex Australia Ltd		5,144
	27,965	*,e	CARBO Ceramics, Inc		293
	676,521		Cenovus Energy, Inc (Toronto)		10,229
	218,866	*	Cheniere Energy, Inc		9,068
	3,796		Cimarex Energy Co		516
	126,771	*	Clean Energy Fuels Corp		363
	5,226	*	Concho Resources, Inc		693
	289,310		ConocoPhillips		14,506
	45,227	*	Continental Resources, Inc		2,331
	337,541		Crescent Point Energy Corp		4,588
	83,475		Delek US Holdings, Inc		2,009
	12,864	*	Denbury Resources, Inc		47
	298,494		Devon Energy Corp		13,632
	3,010	*	Dril-Quip, Inc		181
	374,140		Enbridge, Inc		15,744
	434,448		EnCana Corp		5,100
	5,711	*	Energen Corp		329
	350,173		EOG Resources, Inc		35,402
	40,526		EQT Corp		2,650
	42,781	*	Exterran Corp		1,022
	9,380	*	FMC Technologies, Inc		333
	1,520	e	Frank’s International NV		19
	398,930		Galp Energia SGPS S.A.		5,947
	48,602		Green Plains Renewable Energy, Inc		1,354
	5,400	*	Gulfport Energy Corp		117

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	226,868		Hess Corp	$	14,132
	527,200		Inpex Holdings, Inc		5,270
	161,289		Keyera Corp		4,860
	660,972		Kinder Morgan, Inc		13,689
	62,578		Koninklijke Vopak NV		2,952
	5,280	*	Laredo Petroleum Holdings, Inc		75
	518,317		Marathon Oil Corp		8,972
	387,673		Marathon Petroleum Corp		19,519
	35,997	*	Matrix Service Co		817
	327,316	*	McDermott International, Inc		2,419
	413,153		National Oilwell Varco, Inc		15,468
	17,718	*	Natural Gas Services Group, Inc		570
	118,298		Neste Oil Oyj		4,527
	117,436	*	Newpark Resources, Inc		881
	235,633		Noble Energy, Inc		8,968
	488,428	*	Occidental Petroleum Corp		34,791
	4,210		Oceaneering International, Inc		119
	136,035		OMV AG.		4,796
	3,074		Oneok, Inc		176
	171,130	*	Parker Drilling Co		445
	36,726	*	PDC Energy, Inc		2,666
	292,366		Pembina Pipeline Income Fund		9,137
	232,764		Petrofac Ltd		2,491
	337,630		Phillips 66		29,175
	21,522		Pioneer Natural Resources Co		3,875
	10,010	*	Questar Market Resources, Inc		184
	53,564	*	Renewable Energy Group, Inc		520
	817,570		Repsol YPF S.A.		11,489
	17,609	*	RigNet, Inc		408
	176,553	*	Rowan Cos plc		3,335
	2,420	e	RPC, Inc		48
	580,653		Schlumberger Ltd		48,746
	894	*	SEACOR Holdings, Inc		64
	133,500		Showa Shell Sekiyu KK		1,240
	23,125		SM Energy Co		797
	20,210	*	Southwestern Energy Co		219
	811,398		Spectra Energy Corp		33,340
	672,141		Statoil ASA		12,268
	568,999		Suncor Energy, Inc		18,604
	90,582		Superior Energy Services		1,529
	48,907		Technip S.A.		3,484
	141,441		Tenaris S.A.		2,525
	37,026	*	Tesco Corp		305
	9,393		Tesoro Corp		821
	114,247	*	Tetra Technologies, Inc		574
	377,521		Total S.A.		19,364
	68,523	*	Unit Corp		1,841
	227,683		Valero Energy Corp		15,555
	1,251,664	*	Weatherford International Ltd		6,246
	87,824		Western Refining, Inc		3,324
	445,914		Williams Cos, Inc		13,886
	309,574		Woodside Petroleum Ltd		6,934
	2,870		World Fuel Services Corp		132
			TOTAL ENERGY		555,247

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
FOOD & STAPLES RETAILING - 0.6%
	179,300		Aeon Co Ltd	$	2,534
	552		Alimentation Couche Tard, Inc		25
	284,796		Carrefour S.A.		6,857
	54,488		Casey’s General Stores, Inc		6,478
	50,948		Casino Guichard Perrachon S.A.		2,441
	24,461	*	Chefs’ Warehouse Holdings, Inc		386
	34,879		Colruyt S.A.		1,724
	612,987		J Sainsbury plc		1,884
	69,935		Koninklijke Ahold Delhaize NV		1,473
	66,367		Loblaw Cos Ltd		3,502
	163,713		Metro AG.		5,441
	13,070	*,e	Natural Grocers by Vitamin C		155
	27,056		Pricesmart, Inc		2,259
	161,500		Seven & I Holdings Co Ltd		6,142
	37,927		Spartan Stores, Inc		1,500
	184,579	*	Sprouts Farmers Market, Inc		3,492
	4,438,693	*	Tesco plc		11,318
	67,170	*	United Natural Foods, Inc		3,205
	8,006		Weis Markets, Inc		535
	342,057		Wesfarmers Ltd		10,382
	448,470		Whole Foods Market, Inc		13,795
	459,754		WM Morrison Supermarkets plc		1,306
			TOTAL FOOD & STAPLES RETAILING		86,834

FOOD, BEVERAGE & TOBACCO - 2.8%
	489,900		Ajinomoto Co, Inc		9,858
	78,548		Aryzta AG.		3,454
	322,226		Associated British Foods plc		10,872
	34,316		Bunge Ltd		2,479
	12,660		Calavo Growers, Inc		777
	63,172		Campbell Soup Co		3,820
	507,472		Coca-Cola Amatil Ltd		3,701
	1,697,969		Coca-Cola Co		70,398
	69,769		Coca-Cola European Partners plc		2,202
	166,753		Coca-Cola HBC AG.		3,631
	18,882	*	Darling International, Inc		244
	57,956		Dr Pepper Snapple Group, Inc		5,255
	6,570	e	Flowers Foods, Inc		131
	19,775	*,e	Freshpet, Inc		201
	445,148		General Mills, Inc		27,497
	246,679		Groupe Danone		15,609
	3,870	*	Hain Celestial Group, Inc		151
	263,694	*	Hormel Foods Corp		9,179
	167,025		Kellogg Co		12,311
	112,502		Kerry Group plc (Class A)		8,041
	131,000		Kikkoman Corp		4,180
	445,004		Kraft Heinz Co		38,858
	910		Lindt & Spruengli AG.		4,709
	92		Lindt & Spruengli AG. (Registered)		5,589
	10,531		McCormick & Co, Inc		983
	8,663		Mead Johnson Nutrition Co		613
	974,069		Mondelez International, Inc		43,180
	52,000		Nissin Food Products Co Ltd		2,728
	31,281	*	Omega Protein Corp		784
	464,078		Orkla ASA		4,199
	53,130		PAN Fish ASA		961

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	645,495		PepsiCo, Inc	$	67,538
	8,356	*	Seneca Foods Corp		335
	125,300		Suntory Beverage & Food Ltd		5,190
	413,313		Tate & Lyle plc		3,597
	78,600		Toyo Suisan Kaisha Ltd		2,844
	8,199	*	WhiteWave Foods Co (Class A)		456
	78,500		Yakult Honsha Co Ltd		3,632
			TOTAL FOOD, BEVERAGE & TOBACCO		380,187

HEALTH CARE EQUIPMENT & SERVICES - 2.1%
	13,468		Abaxis, Inc		711
	1,510	*	Abiomed, Inc		170
	72,457	*,e	Acadia Healthcare Co, Inc		2,398
	13,529		Aceto Corp		297
	332,671		Al Noor Hospitals Group plc		3,160
	124,994	*	Alere, Inc		4,871
	18,400		Alfresa Holdings Corp		304
	7,320	*	Allscripts Healthcare Solutions, Inc		75
	37,762	*	Amedisys, Inc		1,610
	224,261		AmerisourceBergen Corp		17,535
	40,869	*	AMN Healthcare Services, Inc		1,571
	8,346		Analogic Corp		692
	31,116	*	Angiodynamics, Inc		525
	221,039		Anthem, Inc		31,779
	54,582	*	athenahealth, Inc		5,740
	32,319	*	AtriCure, Inc		633
	199,550		Becton Dickinson & Co		33,036
	44,898	*	Brookdale Senior Living, Inc		558
	39,833	*	Capital Senior Living Corp		639
	355,481		Cardinal Health, Inc		25,584
	25,145	*	Cardiovascular Systems, Inc		609
	141,909	*	Centene Corp		8,019
	118,014	*,e	Cerus Corp		513
	212,282		Cigna Corp		28,316
	103,851		Coloplast AS		6,995
	15,670	e	Computer Programs & Systems, Inc		370
	6,208	*	Corvel Corp		227
	25,039	*	Cross Country Healthcare, Inc		391
	6,956		DENTSPLY SIRONA, Inc		402
	49,980	*	Diplomat Pharmacy, Inc		630
	263,784	*	Edwards Lifesciences Corp		24,717
	12,785	*	Envision Healthcare Corp		809
	113,508		Essilor International S.A.		12,807
	52,788	*	GenMark Diagnostics, Inc		646
	4,374	*	Haemonetics Corp		176
	1,323,351		Healthscope Ltd		2,181
	9,462	*	HealthStream, Inc		237
	19,606	*	Healthways, Inc		446
	29,168	*	Henry Schein, Inc		4,425
	10,561	*	HMS Holdings Corp		192
	87,326	*	Hologic, Inc		3,504
	54,094		Humana, Inc		11,037
	41,402	*	Integer Holding Corp		1,219
	118,894		Kindred Healthcare, Inc		933
	5,710	*	Laboratory Corp of America Holdings		733
	13,496		Landauer, Inc		649

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	19,312	*	LHC Group, Inc	$	883
	50,657	*	LifePoint Hospitals, Inc		2,877
	1,474	*	Medidata Solutions, Inc		73
	35,601	*	Merit Medical Systems, Inc		943
	13,386	*	Molina Healthcare, Inc		726
	41,964	*	NxStage Medical, Inc		1,100
	48,184	*	Omnicell, Inc		1,633
	77,874	*	OraSure Technologies, Inc		684
	2,718		Owens & Minor, Inc		96
	85,508		Patterson Cos, Inc		3,508
	41,819	*	PharMerica Corp		1,052
	1,740	*	Premier, Inc		53
	18,339	*	Providence Service Corp		698
	42,933		Quality Systems, Inc		565
	11,000		Quest Diagnostics, Inc		1,011
	23,328	*	Quidel Corp		500
	125,821		Ramsay Health Care Ltd		6,186
	6,622		Resmed, Inc		411
	302,847		Ryman Healthcare Ltd		1,705
	75,106	*	Select Medical Holdings Corp		995
	28,515	*	Spectranetics Corp		699
	42,474	*,e	Staar Surgical Co		461
	8,744	*	Surgical Care Affiliates, Inc		405
	39,900		Suzuken Co Ltd		1,303
	96,000		Sysmex Corp		5,547
	91,885	*	Team Health Holdings, Inc		3,992
	33,480	*	Triple-S Management Corp (Class B)		693
	28,235	*	Universal American Corp		281
	16,387		US Physical Therapy, Inc		1,150
	4,120	*	Varian Medical Systems, Inc		370
	20,620	*	Vascular Solutions, Inc		1,157
	2,963	*	VCA Antech, Inc		203
	32,132	*	Vocera Communications, Inc		594
	11,103	*	Wright Medical Group NV		255
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		285,880

HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	9,750		Clorox Co		1,170
	255,828		Colgate-Palmolive Co		16,741
	1,620		Energizer Holdings, Inc		72
	8,129		Estee Lauder Cos (Class A)		622
	26,786		Henkel KGaA		2,788
	58,363		Henkel KGaA (Preference)		6,948
	37,500		Kao Corp		1,775
	180,831		Kimberly-Clark Corp		20,637
	72,017		L’Oreal S.A.		13,126
	6,972		Medifast, Inc		290
	10,538	e	Natural Health Trends Corp		262
	2,160		Nu Skin Enterprises, Inc (Class A)		103
	998,240		Procter & Gamble Co		83,932
	214,514		Reckitt Benckiser Group plc		18,171
	334,498		Unilever NV		13,741
	438,090		Unilever plc		17,716
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		198,094

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
INSURANCE - 2.8%
	1,623,224		Aegon NV	$	8,917
	417,706		Aflac, Inc		29,072
	136,312		Allianz AG.		22,497
	3,760		Allied World Assurance Co Holdings Ltd		202
	12,880		Allstate Corp		955
	26,103		American International Group, Inc		1,705
	8,260		Aon plc		921
	76,152		Aspen Insurance Holdings Ltd		4,188
	541,900		Assicurazioni Generali S.p.A.		8,032
	2,660		Assurant, Inc		247
	2,167,070		Aviva plc		12,908
	698,138		AXA S.A.		17,599
	73,209		Axis Capital Holdings Ltd		4,778
	309,889		Chubb Ltd		40,943
	155,473		CNP Assurances		2,878
	11,216		Employers Holdings, Inc		444
	4,054		Endurance Specialty Holdings Ltd		375
	2,482	*	Enstar Group Ltd		491
	280,877		Hartford Financial Services Group, Inc		13,384
	1,916		Kemper Corp		85
	3,118,480		Legal & General Group plc		9,500
	9,710		Loews Corp		455
	439,778		Marsh & McLennan Cos, Inc		29,725
	73,001		Muenchener Rueckver AG.		13,788
	22,200		NKSJ Holdings, Inc		750
	3,493,181		Old Mutual plc		8,907
	38,279		Principal Financial Group		2,215
	2,180		ProAssurance Corp		123
	205,337		Progressive Corp		7,289
	367,419		Prudential Financial, Inc		38,234
	906,583		Prudential plc		18,093
	6,628		Reinsurance Group of America, Inc (Class A)		834
	41,214		RenaissanceRe Holdings Ltd		5,614
	290,339		RSA Insurance Group plc		2,094
	819,890		Standard Life plc		3,754
	20,374		Stewart Information Services Corp		939
	131,114		Swiss Re Ltd		12,405
	106,900		T&D Holdings, Inc		1,411
	296,887		Travelers Cos, Inc		36,345
	1,467		Willis Towers Watson plc		179
	58,802		Zurich Financial Services AG.		16,160
			TOTAL INSURANCE		379,435

MATERIALS - 3.1%
	61,387		Agnico-Eagle Mines Ltd		2,581
	34,866	e	Agrium, Inc		3,505
	148,005		Air Liquide		16,458
	155,138		Air Products & Chemicals, Inc		22,312
	63,469		Akzo Nobel NV		3,966
	563		Albemarle Corp		49
	4,930		Aptargroup, Inc		362
	162,000		Asahi Kasei Corp		1,410
	45,732		Avery Dennison Corp		3,211
	13,540	*	Axalta Coating Systems Ltd		368
	60,225		Ball Corp		4,521
	261,627		BASF SE		24,247

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	7,500		Bemis Co, Inc	$	359
	252,402		Boliden AB		6,556
	6,683		Celanese Corp (Series A)		526
	71,684	*	Century Aluminum Co		614
	6,955		Christian Hansen Holding		385
	2,372	*	Clearwater Paper Corp		156
	125,429		Commercial Metals Co		2,732
	61,780		CRH plc		2,131
	38,958		Croda International plc		1,532
	29,600		Daicel Chemical Industries Ltd		325
	2,590		Domtar Corp		101
	5,941		DSM NV		356
	35,889		Eastman Chemical Co		2,699
	293,220		Ecolab, Inc		34,371
	5,690	*	Ferro Corp		82
	258,032		Fletcher Building Ltd		1,896
	75,304	*,e	Flotek Industries, Inc		707
	41,624		Franco-Nevada Corp		2,489
	5,005		Givaudan S.A.		9,160
	43,325		H.B. Fuller Co		2,093
	3,382		Hawkins, Inc		182
	103,209		HeidelbergCement AG.		9,607
	194,000		Hitachi Metals Ltd		2,612
	246,003		Holcim Ltd		12,913
	19,635		Innophos Holdings, Inc		1,026
	2,890		International Flavors & Fragrances, Inc		341
	192,070		International Paper Co		10,191
	171,493	*	Johnson Matthey plc		6,710
	186,283	*	Kinross Gold Corp		581
	282,700	*	Kobe Steel Ltd		2,688
	40,072	*	Kraton Polymers LLC		1,141
	58,000		Kuraray Co Ltd		870
	59,233	*	Louisiana-Pacific Corp		1,121
	308,811		LyondellBasell Industries AF S.C.A		26,490
	26,494		Materion Corp		1,049
	36,779		Minerals Technologies, Inc		2,841
	103,199		Mitsubishi Materials Corp		3,157
	788,960		Mitsui Chemicals, Inc		3,535
	77,471		Mondi plc		1,582
	114,544		Mosaic Co		3,360
	21,578		Myers Industries, Inc		309
	362,338		Newcrest Mining Ltd		5,196
	21,200		Nitto Denko Corp		1,623
	1,241,024		Norsk Hydro ASA		5,923
	411,382		Nucor Corp		24,485
	11,308		PolyOne Corp		362
	413,813		Potash Corp of Saskatchewan		7,486
	14,989		PPG Industries, Inc		1,420
	258,224		Praxair, Inc		30,261
	13,463		Reliance Steel & Aluminum Co		1,071
	91,319		Royal Gold, Inc		5,785
	36,960		Schnitzer Steel Industries, Inc (Class A)		950
	16,407		Sealed Air Corp		744
	52,385		Sherwin-Williams Co		14,078
	153,100		Shin-Etsu Chemical Co Ltd		11,848
	353,011		Silver Wheaton Corp		6,820

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	7,860		Sonoco Products Co	$	414
	4,849,206		South32 Ltd		9,546
	19,300		Steel Dynamics, Inc		687
	71,596	*	Stillwater Mining Co		1,153
	1,436,000		Sumitomo Chemical Co Ltd		6,807
	456,000		Sumitomo Metal Mining Co Ltd		5,818
	511,527		Teck Cominco Ltd		10,237
	544,000		Toray Industries, Inc		4,393
	36,768		Trinseo S.A.		2,180
	77,066		Umicore		4,384
	19,382	*	US Concrete, Inc		1,270
	169,592		WestRock Co		8,610
	60,996		Worthington Industries, Inc		2,894
			TOTAL MATERIALS		421,011

MEDIA - 1.7%
	139,735	*	Charter Communications, Inc		40,232
	4,399		Cinemark Holdings, Inc		169
	101,469		Clear Channel Outdoor Holdings, Inc (Class A)		512
	49,500		Dentsu, Inc		2,328
	203,155	*	Discovery Communications, Inc (Class A)		5,568
	303,434	*	Discovery Communications, Inc (Class C)		8,126
	27,652		Entercom Communications Corp (Class A)		423
	89,828		Entravision Communications Corp (Class A)		629
	86,823	*	Gray Television, Inc		942
	526,783		ITV plc		1,337
	13,149		John Wiley & Sons, Inc (Class A)		717
	4,448	*	Liberty Global plc		132
	2,960	*	Liberty Global plc (Class A)		91
	38,808	*	Media General, Inc		731
	169,951		New York Times Co (Class A)		2,260
	534,255		Pearson plc		5,361
	131,589		ProSiebenSat. Media AG.		5,065
	3,689		Reed Elsevier NV		62
	531,330		Reed Elsevier plc		9,469
	6,430	e	Regal Entertainment Group (Class A)		132
	1,550		Scholastic Corp		74
	36,146		Scripps Networks Interactive (Class A)		2,580
	99,452		SES Global S.A.		2,188
	162,694		Shaw Communications, Inc (B Shares)		3,264
	57,685		Sinclair Broadcast Group, Inc (Class A)		1,924
	93,703		Sky plc		1,142
	480,628		Time Warner, Inc		46,395
	317,818		Vivendi Universal S.A.		6,028
	662,187		Walt Disney Co		69,013
	622,728		WPP plc		13,858
			TOTAL MEDIA		230,752

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.2%
	56,375		Actelion Ltd		12,183
	374,661		Agilent Technologies, Inc		17,070
	119,800	*	Akorn, Inc		2,615
	133,284	*	Alexion Pharmaceuticals, Inc		16,307
	290,013		Amgen, Inc		42,403
	977,288		Astellas Pharma, Inc		13,558
	81,572	*	Biogen Idec, Inc		23,132

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	6,074	*	BioMarin Pharmaceutical, Inc	$	503
	1,440		Bio-Techne Corp		148
	827,806		Bristol-Myers Squibb Co		48,377
	8,320		Bruker BioSciences Corp		176
	16,525	*	Cambrex Corp		892
	379,694	*	Celgene Corp		43,950
	37,323	*,e	Cempra, Inc		104
	60,444	*	Chimerix, Inc		278
	98,200		Chugai Pharmaceutical Co Ltd		2,817
	82,649	*	Depomed, Inc		1,489
	62,000		Eisai Co Ltd		3,553
	32,204	*	Genmab AS		5,335
	523,037		Gilead Sciences, Inc		37,455
	1,341,120		GlaxoSmithKline plc		25,761
	50,997	*,e	Inovio Pharmaceuticals, Inc		354
	36,118	*	Intersect ENT, Inc		437
	31,280	*,e	Intra-Cellular Therapies, Inc		472
	931,057		Johnson & Johnson		107,267
	27,835		Lonza Group AG.		4,811
	1,144,936		Merck & Co, Inc		67,402
	105,631		Merck KGaA		10,998
	1,949	*	Mettler-Toledo International, Inc		816
	76,434	*,e	MiMedx Group, Inc		677
	162,598	*	Nektar Therapeutics		1,995
	526,235		Novartis AG.		38,270
	526,462		Novo Nordisk AS		18,885
	31,689	*,e	Opko Health, Inc		295
	87,725		Orion Oyj (Class B)		3,898
	8,637		PerkinElmer, Inc		450
	46,519	*	Prestige Brands Holdings, Inc		2,424
	670	*,e	Prothena Corp plc		33
	125,176	*	Qiagen NV		3,508
	5,837	*	Quintiles Transnational Holdings, Inc		444
	10,782	*	Repligen Corp		332
	17,803	*,e	Revance Therapeutics, Inc		368
	165,858		Roche Holding AG.		37,808
	86,173	*	Sangamo Biosciences, Inc		263
	35,900		Shionogi & Co Ltd		1,716
	33,886	*,e	Sucampo Pharmaceuticals, Inc (Class A)		459
	334,085		Takeda Pharmaceutical Co Ltd		13,860
	261,637		Thermo Fisher Scientific, Inc		36,917
	103,897	*	Vertex Pharmaceuticals, Inc		7,654
	6,410	*	VWR Corp		160
	2,985	*	Waters Corp		401
	626,915		Zoetis, Inc		33,559
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		695,039

REAL ESTATE - 2.6%
	83,800		Aeon Mall Co Ltd		1,178
	16,706	*,e	Altisource Portfolio Solutions S.A.		444
	18,955		American Campus Communities, Inc		943
	329,901		American Tower Corp		34,864
	4,840		Apple Hospitality REIT, Inc		97
	2,022		AvalonBay Communities, Inc		358
	119,319		Boston Properties, Inc		15,008

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	7,140		Brandywine Realty Trust	$	118
	873,124		British Land Co plc		6,776
	10,152		Brixmor Property Group, Inc		248
	3,550		Camden Property Trust		298
	2,295,949		CapitaLand Ltd		4,771
	1,892,700		CapitaMall Trust		2,455
	8,638		CatchMark Timber Trust Inc		97
	159,778	*	CBRE Group, Inc		5,031
	262,900		City Developments Ltd		1,500
	85,061		Columbia Property Trust, Inc		1,837
	35,170		Coresite Realty		2,791
	4,060		Corporate Office Properties Trust		127
	328,792		Crown Castle International Corp		28,529
	373,000		Daiwa House Industry Co Ltd		10,172
	3,870		DCT Industrial Trust, Inc		185
	5,469		Digital Realty Trust, Inc		537
	166,157		Duke Realty Corp		4,413
	45,961		Easterly Government Properties, Inc		920
	51,226		Equinix, Inc		18,309
	5,250	*	Equity Commonwealth		159
	3,170		Equity Lifestyle Properties, Inc		229
	3,800		Equity One, Inc		117
	193,124		Equity Residential		12,429
	2,560		Essex Property Trust, Inc		595
	81,019		First Potomac Realty Trust		889
	8,882		Forest City Realty Trust, Inc		185
	590,981		Hammerson plc		4,165
	661,000		Hang Lung Properties Ltd		1,394
	330,702		HCP, Inc		9,828
	495,000		Henderson Land Development Co Ltd		2,624
	352,259		Host Marriott Corp		6,637
	361,000		Hysan Development Co Ltd		1,489
	14,974		Icade		1,067
	844,909	e	Intu Properties plc		2,927
	945		Iron Mountain, Inc		31
	597,633		Land Securities Group plc		7,851
	90,335		Lend Lease Corp Ltd		949
	6,070		Liberty Property Trust		240
	58,561		Macerich Co		4,148
	16,046		Macquarie Goodman Group		82
	3,100		Mid-America Apartment Communities, Inc		304
	157,000		Mitsubishi Estate Co Ltd		3,119
	522,810		Mitsui Fudosan Co Ltd		12,103
	107,800		Nomura Real Estate Holdings, Inc		1,829
	74,365		NorthStar Realty Europe Corp		935
	153,806		NorthStar Realty Finance Corp		2,330
	6,010		Piedmont Office Realty Trust, Inc		126
	400,776		Prologis, Inc		21,157
	5,090		Rayonier, Inc		135
	4,430	e	Regency Centers Corp		305
	3,556		RMR Group, Inc		140
	157		Ryman Hospitality Properties		10
	424,837		Segro plc		2,403
	46,895		Senior Housing Properties Trust		888
	149,100		Shoei Co Ltd		1,323
	201,161		Simon Property Group, Inc		35,740

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	4,080		SL Green Realty Corp	$	439
	490,500		Swire Pacific Ltd (Class A)		4,668
	1,056,200		Swire Properties Ltd		2,908
	5,425	*	Tejon Ranch Co		138
	67,444		Tier REIT, Inc		1,173
	12,000		Tokyu Fudosan Holdings Corp		71
	222,754		UDR, Inc		8,126
	51,546		Unibail-Rodamco		12,284
	92,992		Ventas, Inc		5,814
	25,033		Vornado Realty Trust		2,613
	335,200		Welltower, Inc		22,435
	1,409		Weyerhaeuser Co		42
			TOTAL REAL ESTATE		343,599

RETAILING - 2.2%
	36,131	*	1-800-FLOWERS.COM, Inc (Class A)		387
	5,845		Advance Auto Parts, Inc		988
	225,626		American Eagle Outfitters, Inc		3,423
	2,480	*	Autonation, Inc		121
	38,416	*	AutoZone, Inc		30,341
	49,707		Bed Bath & Beyond, Inc		2,020
	148,997		Best Buy Co, Inc		6,358
	25,076		Big 5 Sporting Goods Corp		435
	15,282		Blue Nile, Inc		621
	32,846	e	Buckle, Inc		749
	68,267	*	Cabela’s, Inc		3,997
	26,039		Caleres, Inc		855
	79,268	*	Carmax, Inc		5,104
	22,552	*,e	Container Store Group, Inc		143
	3,320		Dick’s Sporting Goods, Inc		176
	373,220		Dollar General Corp		27,644
	36,302		DSW, Inc (Class A)		822
	142,156	*	Etsy, Inc		1,675
	15,800		Fast Retailing Co Ltd		5,641
	35,200		Finish Line, Inc (Class A)		662
	10,750		Foot Locker, Inc		762
	53,933	*	Francesca’s Holdings Corp		972
	23,607	*	FTD Cos, Inc		563
	273,332		Gap, Inc		6,134
	22,241		GNC Holdings, Inc		246
	28,061		Group 1 Automotive, Inc		2,187
	524,587	*	Groupon, Inc		1,742
	25,226		Haverty Furniture Cos, Inc		598
	236,304		Hennes & Mauritz AB (B Shares)		6,551
	42,365		HSN, Inc		1,453
	385,443		Industria De Diseno Textil S.A.		13,130
	82,300		Jardine Cycle & Carriage Ltd		2,337
	45,281		Kering		10,157
	592,888		Kingfisher plc		2,554
	20,812	*	Kirkland’s, Inc		323
	269,000		Kohl’s Corp		13,283
	21,004	*,e	Lands’ End, Inc		318
	5,349,620		Li & Fung Ltd		2,345
	16,293	*	LKQ Corp		499
	557,543		Lowe’s Companies, Inc		39,652
	30,764	*	MarineMax, Inc		595

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	342,665		Marks & Spencer Group plc	$	1,476
	2,400		Marui Co Ltd		35
	316,283	*	NetFlix, Inc		39,156
	55,178		Next plc		3,385
	44,668		Nordstrom, Inc		2,141
	39,430		Nutri/System, Inc		1,366
	749,283		Office Depot, Inc		3,387
	17,187	*	Overstock.com, Inc		301
	26,265		PetMed Express, Inc		606
	114,318		Pier 1 Imports, Inc		976
	314,989		Ross Stores, Inc		20,663
	11,640	*	Sally Beauty Holdings, Inc		308
	17,543		Shoe Carnival, Inc		473
	46,781	*	Shutterfly, Inc		2,347
	7,054		Signet Jewelers Ltd		665
	932,525		Staples, Inc		8,439
	10,684		Stein Mart, Inc		59
	9,440		Tiffany & Co		731
	15,696	*	Tile Shop Holdings, Inc		307
	6,138		Tractor Supply Co		465
	61,270	*	Ulta Salon Cosmetics & Fragrance, Inc		15,620
	32,632	*	Vitamin Shoppe, Inc		775
	42,700	*,e	Wayfair, Inc		1,497
	3,470		Williams-Sonoma, Inc		168
			TOTAL RETAILING		303,909

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%
	19,988		Analog Devices, Inc		1,452
	1,129,333		Applied Materials, Inc		36,444
	126,236		ASML Holding NV		14,147
	14,878	*	Cirrus Logic, Inc		841
	1,898,397		Intel Corp		68,855
	26,081		Lam Research Corp		2,758
	32,040		Marvell Technology Group Ltd		444
	7,396		Microchip Technology, Inc		474
	375,460		Nvidia Corp		40,077
	68,538	*	ON Semiconductor Corp		875
	130,036		Skyworks Solutions, Inc		9,708
	81,826	*,e	SunPower Corp		541
	522,906		Texas Instruments, Inc		38,156
	48,500		Tokyo Electron Ltd		4,561
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		219,333

SOFTWARE & SERVICES - 5.6%
	379,946		Accenture plc		44,503
	48,870	*	Actua Corp		684
	84,459	*	Alphabet, Inc (Class A)		66,929
	89,662	*	Alphabet, Inc (Class C)		69,203
	36,042		Amadeus IT Holding S.A.		1,635
	56,285	*	Angie’s List, Inc		463
	7,197	*	Ansys, Inc		666
	32,963		Atos Origin S.A.		3,474
	39,833	*	Autodesk, Inc		2,948
	347,556		Automatic Data Processing, Inc		35,722
	27,736		Blackbaud, Inc		1,775
	4,460		Booz Allen Hamilton Holding Co		161

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	22,754		CA, Inc	$	723
	81,498		Cap Gemini S.A.		6,866
	124,477	*	CGI Group, Inc		5,974
	27,011	*	Cimpress NV		2,474
	5,815	*	Citrix Systems, Inc		519
	551,542	*	Cognizant Technology Solutions Corp (Class A)		30,903
	64,632	*	comScore, Inc		2,041
	19,152		Convergys Corp		470
	28,146		CSG Systems International, Inc		1,362
	71,030	*	DHI Group, Inc		444
	1,360		DST Systems, Inc		146
	41,722	*	Ellie Mae, Inc		3,491
	16,095	*	Euronet Worldwide, Inc		1,166
	1,924		Forrester Research, Inc		83
	987,000		Fujitsu Ltd		5,466
	149,102	*,e	Glu Mobile, Inc		289
	396,187		International Business Machines Corp		65,763
	178,167		Intuit, Inc		20,420
	63,761		j2 Global, Inc		5,216
	50,073		Jack Henry & Associates, Inc		4,445
	34,096		LogMeIn, Inc		3,292
	5,562	*	Manhattan Associates, Inc		295
	499,170		MasterCard, Inc (Class A)		51,539
	1,730,924		Microsoft Corp		107,560
	18,851	*	NeuStar, Inc (Class A)		630
	29,730	*,e	New Relic, Inc		840
	15,716		Open Text Corp		971
	1,415,168		Oracle Corp		54,413
	48,556	*	Perficient, Inc		849
	9,370	*	PTC, Inc		433
	36,825	*	Qualys, Inc		1,165
	86,789	*	Quotient Technology, Inc		933
	55,778	*	RetailMeNot, Inc		519
	79,358	*	RingCentral, Inc		1,635
	485,787	*	salesforce.com, Inc		33,257
	279,372		SAP AG.		24,167
	205,933	*	ServiceSource International LLC		1,170
	23,538	*	Silver Spring Networks, Inc		313
	22,432	*	SPS Commerce, Inc		1,568
	21,303	*	Sykes Enterprises, Inc		615
	544,284		Symantec Corp		13,003
	12,352		Syntel, Inc		244
	28,663	*	Tangoe, Inc		226
	30,359	*	Teradata Corp		825
	7,887	*	TiVo Corp		165
	40,808	*	Tyler Technologies, Inc		5,826
	25,582	*	Ultimate Software Group, Inc		4,665
	36,283	*	Vasco Data Security International		495
	57,407	*	Website Pros, Inc		1,214
	39,960		Western Union Co		868
	164,286	*	Workday, Inc		10,858
	1,459,787		Xerox Corp		12,744
	838,732	*	Yahoo!, Inc		32,434
			TOTAL SOFTWARE & SERVICES		756,155

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
TECHNOLOGY HARDWARE & EQUIPMENT - 1.7%
	1,527	*,e	Arista Networks, Inc	$	148
	4,043		Belden CDT, Inc		302
	57,749	*	Benchmark Electronics, Inc		1,761
	54,538	*	Calix, Inc		420
	2,132,306		Cisco Systems, Inc		64,438
	10,311		Cognex Corp		656
	909	*	Coherent, Inc		125
	22,719		Comtech Telecommunications Corp		269
	526,443		Corning, Inc		12,777
	54,364	*	Cray, Inc		1,125
	6,759		CTS Corp		151
	22,138		Daktronics, Inc		237
	70,910		Dolby Laboratories, Inc (Class A)		3,204
	1,066,696		Ericsson (LM) (B Shares)		6,252
	47,203	*	Fabrinet		1,902
	17,385	*	FARO Technologies, Inc		626
	94,427	*	Finisar Corp		2,858
	8,777	*	Flextronics International Ltd		126
	12,600		Fujifilm Holdings Corp		477
	1,026,328		Hewlett Packard Enterprise Co		23,749
	2,136,988		HP, Inc		31,713
	11,132	*	Insight Enterprises, Inc		450
	22,123	*	IPG Photonics Corp		2,184
	46,312		Jabil Circuit, Inc		1,096
	20,800		Keyence Corp		14,232
	6,730	*	Keysight Technologies, Inc		246
	9,679	*	Kimball Electronics, Inc		176
	238,300		Konica Minolta Holdings, Inc		2,362
	148,000		Kyocera Corp		7,338
	199,040		Motorola, Inc		16,498
	86,200		Murata Manufacturing Co Ltd		11,511
	8,230		National Instruments Corp		254
	916,819		NEC Corp		2,425
	30,645	*	Netgear, Inc		1,666
	58,800		Omron Corp		2,247
	500	*	OSI Systems, Inc		38
	12,858	*	Rogers Corp		988
	34,005	*	Scansource, Inc		1,372
	71,216	*	Sonus Networks, Inc		449
	52,333	*	Super Micro Computer, Inc		1,468
	1,417		SYNNEX Corp		172
	39,200		TDK Corp		2,688
	5,417		TE Connectivity Ltd		375
	47,391	*	Tech Data Corp		4,013
	22,178	*	Trimble Navigation Ltd		669
	98,128	*	TTM Technologies, Inc		1,338
	34,560	*	Universal Display Corp		1,946
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		231,517

TELECOMMUNICATION SERVICES - 1.7%
	51,500	*	Boingo Wireless, Inc		628
	3,419,022		BT Group plc		15,434
	730,468		CenturyTel, Inc		17,370
	56,972	*	Cincinnati Bell, Inc		1,273
	2,650	e	Consolidated Communications Holdings, Inc		71
	3,261	*	Fairpoint Communications, Inc		61

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	797,873	e	Frontier Communications Corp	$	2,697
	36,348	*	General Communication, Inc (Class A)		707
	267,338	*,e	Globalstar, Inc		422
	24,572		IDT Corp (Class B)		456
	111,669	*,e	Iridium Communications, Inc		1,072
	558,232		KDDI Corp		14,097
	172,966	*	Level 3 Communications, Inc		9,748
	23,855	*	Lumos Networks Corp		373
	325,300		Nippon Telegraph & Telephone Corp		13,693
	508,600		NTT DoCoMo, Inc		11,568
	115,952		Rogers Communications, Inc (Class B)		4,473
	4,510	*	SBA Communications Corp (Class A)		466
	25,635		Shenandoah Telecom Co		700
	4,335,600		Singapore Telecommunications Ltd		10,876
	1,037,007	*	Sprint Corp		8,732
	21,076		Swisscom AG.		9,421
	4,835		Telefonica Deutschland Holding AG.		21
	976,170		TeliaSonera AB		3,921
	8,858		TELUS Corp		282
	1,556,624		Verizon Communications, Inc		83,093
	8,383,670		Vodafone Group plc		20,631
	135,430	e	Windstream Holdings, Inc		993
			TOTAL TELECOMMUNICATION SERVICES		233,279

TRANSPORTATION - 1.7%
	5,192		Aeroports de Paris		556
	67,000		All Nippon Airways Co Ltd		180
	4,146		Arkansas Best Corp		115
	306,566		Auckland International Airport Ltd		1,330
	92,845	*	Avis Budget Group, Inc		3,405
	265,582		Canadian National Railway Co		17,874
	72,500		Central Japan Railway Co		11,904
	5,400		CH Robinson Worldwide, Inc		396
	239,714		CSX Corp		8,613
	298,744		Delta Air Lines, Inc		14,695
	435,954		Deutsche Post AG.		14,297
	156,900		East Japan Railway Co		13,528
	27,460		easyJet plc		340
	36,548	*	Echo Global Logistics, Inc		915
	14,605		Expeditors International of Washington, Inc		773
	37,371		Fraport AG. Frankfurt Airport Services Worldwide		2,205
	2,510	*	Hertz Global Holdings, Inc		54
	307		Kansas City Southern Industries, Inc		26
	723		Kuehne & Nagel International AG.		95
	3,360		Landstar System, Inc		287
	513,000		Mitsui OSK Lines Ltd		1,416
	1,336,802		MTR Corp		6,481
	662,000		Nippon Yusen Kabushiki Kaisha		1,226
	26,030		Norfolk Southern Corp		2,813
	1,970		Ryder System, Inc		147
	5,900		Singapore Airlines Ltd		39
	577,349		Southwest Airlines Co		28,775
	2,560	*	Spirit Airlines, Inc		148
	16,260		Sydney Airport		70
	197,000		Tokyu Corp		1,446
	108,881		Transurban Group (ASE)		810

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	468,054		Union Pacific Corp	$	48,528
	371,112		United Parcel Service, Inc (Class B)		42,544
	77,651	*	Wesco Aircraft Holdings, Inc		1,161
	23,313	*	YRC Worldwide, Inc		310
			TOTAL TRANSPORTATION		227,502

UTILITIES - 1.9%
	27,140		AES Corp		315
	37,512		American Water Works Co, Inc		2,714
	360,370		APA Group		2,225
	30,410		Atco Ltd		1,012
	46,554		Canadian Utilities Ltd		1,255
	230,104		Centerpoint Energy, Inc		5,670
	1,001,000		CLP Holdings Ltd		9,180
	359,195		Consolidated Edison, Inc		26,466
	235,742		Dominion Resources, Inc		18,056
	84,887		Edison International		6,111
	256,435		Energias de Portugal S.A.		780
	316,448		Eversource Energy		17,477
	106,759		Fortis, Inc		3,297
	6,184,536		Hong Kong & China Gas Ltd		10,923
	2,184,344		Iberdrola S.A.		14,303
	19,652	*	Meridian Energy Ltd		35
	1,433,445		National Grid plc		16,748
	13,180		NiSource, Inc		292
	167,000		Osaka Gas Co Ltd		641
	301,519		Public Service Enterprise Group, Inc		13,231
	633,701		Scottish & Southern Energy plc		12,100
	241,426		Sempra Energy		24,297
	1,234,674		Snam Rete Gas S.p.A.		5,078
	35,973		South Jersey Industries, Inc		1,212
	553,871		Southern Co		27,245
	292,167		Suez Environnement S.A.		4,305
	32,615		Terna Rete Elettrica Nazionale S.p.A.		149
	964,790		Tokyo Gas Co Ltd		4,355
	608,832		United Utilities Group plc		6,748
	225,694		WEC Energy Group, Inc		13,237
	2,969		WGL Holdings, Inc		226
	250,865		Xcel Energy, Inc		10,210
			TOTAL UTILITIES		259,893
			TOTAL COMMON STOCKS		8,061,497
			(Cost $6,340,049)

PREFERRED STOCKS - 0.2%
BANKS - 0.2%
	233,115	*	Federal Home Loan Mortgage Corp		1,762
	740,991	*	Federal National Mortgage Association		5,928
	14,500	*,e	M&T Bank Corp		16,023
			TOTAL BANKS		23,713
			TOTAL PREFERRED STOCKS		23,713
			(Cost $38,865)

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							VALUE
SHARES		COMPANY					(000)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	16,845	Repsol S.A.					$	6
		TOTAL ENERGY						6

		TOTAL RIGHTS / WARRANTS						6
		(Cost $6)

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 4.7%
GOVERNMENT AGENCY DEBT - 0.5%
$	64,000,000	Federal Home Loan Bank (FHLB)		0.350	%	02/06/17		63,970
		TOTAL GOVERNMENT AGENCY DEBT						63,970

TREASURY DEBT - 3.7%
	37,300,000	United States Treasury Bill		0.296		01/05/17		37,299
	71,000,000	United States Treasury Bill		0.321-0.355		01/12/17		70,993
	38,000,000	United States Treasury Bill		0.375		01/26/17		37,990
	4,900,000	United States Treasury Bill		0.282		02/02/17		4,898
	57,000,000	United States Treasury Bill		0.305-0.312		02/09/17		56,974
	13,100,000	United States Treasury Bill		0.478		02/16/17		13,093
	32,400,000	United States Treasury Bill		0.315		02/23/17		32,378
	50,000,000	United States Treasury Bill		0.320		03/02/17		49,961
	50,000,000	United States Treasury Bill		0.496		03/09/17		49,956
	60,000,000	United States Treasury Bill		0.369-0.392		03/23/17		59,934
	50,000,000	United States Treasury Bill		0.498		04/06/17		49,932
	38,900,000	United States Treasury Bill		0.501		04/27/17		38,833
		TOTAL TREASURY DEBT						502,241

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
TREASURY DEBT - 0.5%
	2,970,000	United States Treasury Bill		0.376		02/02/17		3,022
	17,000,000	United States Treasury Bill		0.320-0.348		03/02/17		16,990
	50,000,000	United States Treasury Bill		0.369		03/23/17		49,959
		TOTAL TREASURY DEBT						69,971

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						69,971

		TOTAL SHORT-TERM INVESTMENTS						636,182
		(Cost $636,182)
		TOTAL INVESTMENTS - 103.0%						13,896,459
		(Cost $12,209,177)
		OTHER ASSETS & LIABILITIES, NET - (3.0)%						(405,440	)
		NET ASSETS - 100.0%					$	13,491,019

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account


		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 $75,487,000.
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 12/31/16, the aggregate value of these securities was $753,582,000 or 5.6% 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 to cover collateral requirements on mortgage dollar rolls.

Cost amounts are in thousands.

382

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
SHORT-TERM INVESTMENTS - 100.0%

GOVERNMENT AGENCY DEBT - 58.6%
$	12,700,000	Federal Agricultural Mortgage Corp (FAMC)		0.460	%	01/17/17	$	12,697
	21,000,000	FAMC		1.100		01/26/17		21,010
	31,000,000	FAMC		0.010-0.480		02/10/17		30,984
	25,000,000	FAMC		0.500		02/16/17		24,984
	52,000,000	FAMC		0.510-0.520		02/24/17		51,960
	10,000,000	FAMC		0.010		03/06/17		9,991
	13,500,000	FAMC		0.530-0.540		03/15/17		13,486
	3,749,000	FAMC		0.520		03/23/17		3,745
	3,555,000	FAMC		0.550		03/24/17		3,551
	25,000,000	FAMC		0.470		04/06/17		24,969
	30,000,000	FAMC		0.510-0.570		04/17/17		29,952
	15,000,000	FAMC		0.510		04/19/17		14,977
	10,000,000	FAMC		0.530		05/02/17		9,982
	10,000,000	FAMC		0.525		05/16/17		9,980
	27,000,000	FAMC		0.670-0.700		06/01/17		26,923
	14,500,000	FAMC		0.590		06/15/17		14,500
	8,000,000	FAMC		0.650		07/21/17		7,971
	2,000,000	FAMC		0.740		07/27/17		1,991
	40,000,000	Federal Farm Credit Bank (FFCB)		0.330		01/19/17		39,993
	9,000,000	FFCB		0.440		01/20/17		8,998
	15,000,000	FFCB		0.440		01/23/17		14,996
	20,000,000	FFCB		0.370		01/24/17		19,995
	8,000,000	FFCB		0.500		02/01/17		7,997
	45,000,000	FFCB		0.350-0.435		02/02/17		44,985
	5,000,000	FFCB		0.360		02/03/17		4,998
	23,250,000	FFCB		0.430-0.460		02/07/17		23,239
	4,445,000	FFCB		0.460		02/13/17		4,443
	3,000,000	FFCB		0.410		02/22/17		2,998
	10,000,000	FFCB		0.010		03/24/17		9,990
	40,000,000	FFCB		0.620		05/25/17		39,901
	46,100,000	Federal Home Loan Bank (FHLB)		0.310-0.330		01/03/17		46,099
	29,515,000	FHLB		0.350		01/04/17		29,514
	134,058,000	FHLB		0.265-0.400		01/06/17		134,052
	115,415,000	FHLB		0.320-0.420		01/09/17		115,405
	50,000,000	FHLB		0.330-0.350		01/10/17		49,996
	62,600,000	FHLB		0.410-0.445		01/11/17		62,592
	50,000,000	FHLB		0.350		01/13/17		49,994
	71,977,000	FHLB		0.340-0.490		01/17/17		71,964
	59,750,000	FHLB		0.340-0.455		01/18/17		59,740
	20,000,000	FHLB		0.495		01/19/17		19,995
	163,000,000	FHLB		0.340-0.450		01/20/17		162,966
	40,000,000	FHLB		0.480		01/23/17		39,988
	25,000,000	FHLB		0.330		01/24/17		24,995
	171,571,000	FHLB		0.340-0.460		01/25/17		171,528
	6,500,000	FHLB		0.360		01/26/17		6,498
	172,615,000	FHLB		0.365-0.480		01/27/17		172,565

383

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	73,430,000	FHLB		0.350%-0.520	%	01/30/17	$	73,404
	40,000,000	FHLB		0.500		01/31/17		39,983
	113,400,000	FHLB		0.370-0.470		02/01/17		113,360
	10,000,000	FHLB		0.460		02/02/17		9,996
	150,500,000	FHLB		0.380-0.510		02/03/17		150,434
	61,060,000	FHLB		0.420-0.515		02/06/17		61,031
	109,800,000	FHLB		0.440-0.530		02/08/17		109,747
	95,202,000	FHLB		0.480-0.525		02/10/17		95,148
	88,390,000	FHLB		0.480-0.520		02/13/17		88,338
	50,740,000	FHLB		0.490-0.540		02/14/17		50,709
	33,265,000	FHLB		0.510		02/16/17		33,243
	117,000,000	FHLB		0.430-0.540		02/17/17		116,920
	106,800,000	FHLB		0.435-0.485		02/21/17		106,731
	61,243,000	FHLB		0.400-0.530		02/22/17		61,202
	98,044,000	FHLB		0.470		02/23/17		97,976
	109,864,000	FHLB		0.405-0.560		02/24/17		109,779
	78,925,000	FHLB		0.500-0.530		02/27/17		78,862
	11,953,000	FHLB		0.525-0.540		02/28/17		11,943
	40,000,000	FHLB		0.525		03/01/17		39,966
	100,000,000	FHLB		0.515		03/06/17		99,908
	38,000,000	FHLB		0.510-0.535		03/07/17		37,965
	123,975,000	FHLB		0.510-0.555		03/08/17		123,854
	75,150,000	FHLB		0.530-0.570		03/10/17		75,072
	40,000,000	FHLB		0.525		03/13/17		39,959
	36,000,000	FHLB		0.520		03/16/17		35,961
	28,550,000	FHLB		0.560		03/17/17		28,517
	40,000,000	FHLB		0.545		03/22/17		39,952
	79,000,000	FHLB		0.440-0.555		03/24/17		78,904
	63,725,000	FHLB		0.550		03/28/17		63,641
	171,094,000	FHLB		0.530-0.570		03/29/17		170,869
	37,500,000	FHLB		0.570		04/06/17		37,444
	35,000,000	FHLB		0.545		04/10/17		34,947
	43,500,000	FHLB		0.600		04/13/17		43,426
	26,500,000	FHLB		0.470-0.640		04/17/17		26,463
	12,750,000	FHLB		0.500-0.600		04/19/17		12,728
	15,000,000	FHLB		0.525		04/21/17		14,976
	18,950,000	FHLB		0.575		04/27/17		18,915
	10,100,000	FHLB		0.610-0.650		04/28/17		10,080
	12,285,000	FHLB		0.590		05/05/17		12,260
	15,000,000	FHLB		0.564		05/10/17		14,970
	2,050,000	FHLB		0.550		05/11/17		2,046
	11,645,000	FHLB		0.620		05/12/17		11,619
	6,320,000	FHLB		0.605		05/17/17		6,305
	4,428,000	FHLB		0.640		05/24/17		4,417
	2,300,000	FHLB		0.660		06/02/17		2,294
	3,000,000	FHLB		0.625		06/07/17		2,992
	10,000,000	FHLB		0.660		06/23/17		9,968
	34,080,000	Federal Home Loan Mortgage Corp (FHLMC)		0.265-0.270		01/03/17		34,079
	77,500,000	FHLMC		0.355-0.440		01/04/17		77,498
	45,000,000	FHLMC		0.288-0.290		01/05/17		44,999
	40,000,000	FHLMC		0.360-0.460		01/09/17		39,997
	106,500,000	FHLMC		0.340-0.450		01/10/17		106,490
	1,480,000	FHLMC		0.320		01/17/17		1,480
	104,440,000	FHLMC		0.280-0.350		01/18/17		104,424
	3,100,000	FHLMC		0.390		01/19/17		3,099
	119,589,000	FHLMC		0.340-0.435		01/23/17		119,562

384

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	25,163,000	FHLMC		0.500	%	01/27/17	$	25,160
	34,231,000	FHLMC		0.350-0.360		01/30/17		34,221
	44,200,000	FHLMC		0.355-0.520		02/06/17		44,182
	112,857,000	FHLMC		0.400-0.515		02/07/17		112,806
	45,000,000	FHLMC		0.450		02/10/17		44,978
	20,000,000	FHLMC		0.510		02/13/17		19,988
	75,000,000	FHLMC		0.370-0.510		02/14/17		74,962
	25,000,000	FHLMC		0.510		02/15/17		24,984
	3,000,000	FHLMC		0.520		02/17/17		2,998
	33,596,000	FHLMC		0.370-0.470		02/21/17		33,574
	37,000,000	FHLMC		0.875		02/22/17		37,018
	60,000,000	FHLMC		0.395-0.470		02/23/17		59,964
	5,308,000	FHLMC		0.500		02/28/17		5,304
	4,000,000	FHLMC		0.480		03/03/17		3,997
	5,000,000	FHLMC		0.410		03/07/17		4,996
	26,590,000	FHLMC		0.430-0.530		03/10/17		26,564
	25,000,000	FHLMC		0.405		03/14/17		24,980
	22,000,000	FHLMC		0.490		03/21/17		21,976
	36,605,000	FHLMC		0.550-0.555		03/27/17		36,557
	8,600,000	FHLMC		0.489		04/06/17		8,589
	17,755,000	FHLMC		0.470		04/21/17		17,730
	1,325,000	FHLMC		0.640		05/30/17		1,321
	1,800,000	FHLMC		0.620		06/01/17		1,795
	14,929,000	Federal National Mortgage Association (FNMA)		0.310-0.385		01/03/17		14,929
	25,000,000	FNMA		0.308-0.350		01/04/17		24,999
	3,527,000	FNMA		0.350		01/05/17		3,527
	95,000,000	FNMA		0.350-0.420		01/11/17		94,989
	81,000,000	FNMA		0.390		01/17/17		80,986
	3,928,000	FNMA		0.400		01/20/17		3,927
	27,662,000	FNMA		1.250		01/30/17		27,677
	52,000,000	FNMA		0.380-0.410		02/01/17		51,983
	37,692,000	FNMA		0.505-0.520		02/07/17		37,672
	129,600,000	FNMA		0.430-0.510		02/08/17		129,539
	25,000,000	FNMA		0.440-0.500		02/15/17		24,985
	6,750,000	FNMA		0.500		02/22/17		6,745
	86,400,000	FNMA		0.440-0.495		03/01/17		86,332
	23,170,000	FNMA		0.420		03/03/17		23,154
	58,190,000	FNMA		0.500-0.545		03/08/17		58,135
	55,540,000	FNMA		0.390-0.400		03/13/17		55,497
	50,000,000	FNMA		0.548-0.550		03/15/17		49,944
	3,700,000	FNMA		0.395		03/20/17		3,697
	28,000,000	FNMA		0.525		03/22/17		27,967
	10,490,000	FNMA		0.430		03/27/17		10,479
	17,500,000	FNMA		0.470-0.590		04/03/17		17,478
	30,000,000	FNMA		0.510		04/18/17		29,955
	20,325,000	FNMA		0.475-0.480		04/19/17		20,296
	1,500,000	FNMA		0.525		05/12/17		1,497
	10,000,000	Tennessee Valley Authority		0.470		01/03/17		10,000
	3,000,000	Tennessee Valley Authority		0.510		01/10/17		3,000
		TOTAL GOVERNMENT AGENCY DEBT						6,362,962

TREASURY DEBT - 21.1%
	100,000,000	United States Treasury Bill		0.200-0.363		01/05/17		99,997
	160,000,000	United States Treasury Bill		0.186-0.475		01/12/17		159,984
	120,000,000	United States Treasury Bill		0.316-0.388		01/19/17		119,979
	100,000,000	United States Treasury Bill		0.280-0.360		01/26/17		99,978

385

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	80,000,000		United States Treasury Bill		0.309%-0.327	%	02/02/17	$	79,977
	150,100,000		United States Treasury Bill		0.320-0.481		02/09/17		150,036
	100,000,000		United States Treasury Bill		0.400-0.500		02/16/17		99,943
	60,000,000		United States Treasury Bill		0.450-0.480		02/23/17		59,960
	40,000,000		United States Treasury Bill		0.383-0.423		03/02/17		39,974
	100,000,000		United States Treasury Bill		0.366-0.535		03/09/17		99,909
	100,000,000		United States Treasury Bill		0.421-0.532		03/16/17		99,900
	52,335,000		United States Treasury Bill		0.421-0.505		03/23/17		52,276
	40,000,000		United States Treasury Bill		0.420-0.521		03/30/17		39,954
	55,820,000		United States Treasury Bill		0.503-0.530		04/06/17		55,744
	60,000,000		United States Treasury Bill		0.508-0.535		04/13/17		59,912
	70,000,000		United States Treasury Bill		0.456-0.576		04/20/17		69,886
	33,580,000		United States Treasury Bill		0.502-0.560		05/04/17		33,519
	20,000,000		United States Treasury Bill		0.621		05/25/17		19,950
	6,515,000		United States Treasury Bill		0.640		06/22/17		6,495
	120,000,000		United States Treasury Note		0.500		01/31/17		120,008
	120,000,000		United States Treasury Note		0.625		02/15/17		120,022
	120,000,000		United States Treasury Note		0.500		02/28/17		120,004
	2,565,000		United States Treasury Note		0.875		02/28/17		2,567
	115,400,000		United States Treasury Note		0.750		03/15/17		115,464
	100,000,000		United States Treasury Note		0.500		03/31/17		100,003
	40,880,000		United States Treasury Note		0.875		05/15/17		40,922
	100,000,000		United States Treasury Note		0.625		05/31/17		100,012
	20,000,000		United States Treasury Note		0.625		06/30/17		20,003
	30,000,000		United States Treasury Note		0.750		06/30/17		30,023
	40,000,000		United States Treasury Note		0.500		07/31/17		39,953
	20,000,000		United States Treasury Note		0.625		07/31/17		19,987
	7,520,000		United States Treasury Note		1.000		09/15/17		7,534
			TOTAL TREASURY DEBT						2,283,875

VARIABLE RATE SECURITIES - 20.3%
	30,000,000	i	Federal Agricultural Mortgage Corp (FAMC)		0.716		01/03/17		30,000
	45,000,000	i	FAMC		0.838		06/07/17		45,000
	45,000,000	i	FAMC		0.667		08/01/17		45,003
	45,000,000	i	FAMC		0.707		09/06/17		45,000
	14,700,000	i	FAMC		0.784		09/21/17		14,700
	50,000,000	i	FAMC		0.720		10/27/17		50,000
	15,000,000	i	FAMC		0.634		01/26/18		14,985
	45,000,000	i	FAMC		0.780		03/23/18		45,000
	22,000,000	i	Federal Farm Credit Bank (FFCB)		0.700		01/13/17		22,000
	120,000,000	i	FFCB		0.736		01/24/17		120,000
	10,275,000	i	FFCB		0.704		01/30/17		10,274
	6,000,000	i	FFCB		0.720		02/13/17		6,000
	64,000,000	i	FFCB		0.760		02/23/17		63,997
	76,000,000	i	FFCB		0.624		03/02/17		76,000
	50,000,000	i	FFCB		0.750		03/09/17		49,996
	28,900,000	i	FFCB		0.750		04/10/17		28,900
	14,750,000	i	FFCB		0.850		05/23/17		14,756
	58,300,000	i	FFCB		0.900		05/30/17		58,329
	105,000,000	i	FFCB		0.699		06/15/17		104,997
	50,000,000	i	FFCB		0.790		06/27/17		49,980
	72,000,000	i	FFCB		0.716		07/17/17		71,997
	50,000,000	i	FFCB		0.720		08/04/17		49,994
	69,700,000	i	FFCB		0.676		08/15/17		69,700
	12,000,000	i	FFCB		0.781		11/13/17		11,999
	40,000,000	i	FFCB		0.766		01/17/18		39,971

386

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	37,000,000	i	FFCB		0.674	%	02/02/18	$	36,956
	3,750,000	i	FFCB		0.851		02/06/18		3,749
	25,000,000	i	FFCB		0.905		02/23/18		24,996
	50,000,000	i	FFCB		0.784		03/22/18		49,939
	16,000,000	i	FFCB		0.880		05/17/18		16,004
	25,000,000	i	FFCB		0.870		06/13/18		24,996
	20,000,000	i	FFCB		0.900		08/10/18		20,007
	46,700,000	i	FFCB		0.786		08/27/18		46,696
	10,000,000	i	FFCB		0.963		09/18/18		10,029
	50,000,000	i	FFCB		0.752		11/14/18		49,993
	16,500,000	i	Federal Home Loan Bank (FHLB)		0.752		01/30/17		16,500
	60,000,000	i	FHLB		0.771		02/17/17		59,997
	50,000,000	i	FHLB		0.839		02/22/17		50,000
	75,000,000	i	FHLB		0.770		02/23/18		75,012
	50,000,000	i	FHLB		0.616		04/20/18		50,002
	9,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.669		01/12/17		9,500
	97,000,000	i	FHLMC		0.685		01/13/17		97,000
	11,300,000	i	FHLMC		0.744		04/20/17		11,298
	30,000,000	i	FHLMC		0.796		04/27/17		29,998
	50,000,000	i	FHLMC		0.874		07/21/17		49,997
	25,000,000	i	FHLMC		0.792		11/13/17		25,000
	45,050,000	i	Federal National Mortgage Association (FNMA)		0.771		01/26/17		45,051
	78,000,000	i	FNMA		0.759		07/20/17		77,969
	94,500,000	i	FNMA		0.717		08/16/17		94,494
	66,140,000	i	FNMA		0.645		10/05/17		66,120
	20,000,000	i	FNMA		0.944		03/21/18		20,039
			TOTAL VARIABLE RATE SECURITIES						2,199,920

			TOTAL SHORT-TERM INVESTMENTS						10,846,757
			(Cost $10,846,757)

			TOTAL INVESTMENTS - 100.0%						10,846,757
			(Cost $10,846,757)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						4,133
			NET ASSETS - 100.0%					$	10,850,890


i		Floating or variable rate security. Coupon rate reflects the rate at period end.

		Cost amounts are in thousands.

387

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") as of December 31, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedules of investments (hereafter referred to as "financial statements") are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 17, 2017

388

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 17, 2017	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and
		Executive Vice President

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

Dated: February 17, 2017	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and
		Executive Vice President
		(principal executive officer)

Dated: February 17, 2017	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

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016