crefauditreport123118-signed.htm - Generated by SEC Publisher for SEC Filing

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of College Retirement Equities Fund and Participants of Stock Account, Global
Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond
Account, Social Choice Account and Money Market Account

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary
portfolios of investments, of Stock Account, Global Equities Account, Growth Account, Equity Index
Account, Bond Market Account, Social Choice Account, Money Market Account and portfolio of
investments, of Inflation-Linked Bond Account (constituting College Retirement Equities Fund,
hereafter collectively referred to as the "Accounts") as of December 31, 2018, the related statements of
operations for the year ended December 31, 2018, the statements of changes in net assets for each of the
two years in the period ended December 31, 2018, including the related notes, and the financial
highlights for each of the periods indicated therein (collectively referred to as the “financial
statements”). In our opinion, the financial statements present fairly, in all material respects, the
financial position of each of the Accounts as of December 31, 2018, the results of each of their operations
for the year then ended, the changes in each of their net assets for each of the two years in the period
ended December 31, 2018 and each of the financial highlights for each of the periods indicated therein in
conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Accounts’ management. Our responsibility is to
express an opinion on the Accounts’ financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States)
(“PCAOB”) and are required to be independent with respect to the Accounts in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, Maryland 21202
T: (410) 783-7600, F: (410) 783-7680, www.pwc.com/us