N-CSRS 1 c85603_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

F. Scott Thomas, Esq.

c/o TIAA

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: June 30, 2016

Item 1. Reports to Stockholders.

	2016 Semiannual Report June 30, 2016 College Retirement Equities Fund


	Contents
	Understanding your CREF report			2
	Information for CREF participants			3
	About the accounts’ benchmarks			4
	Important information about expenses			6
	Account performance
	CREF Stock Account			7
	CREF Global Equities Account			10
	CREF Growth Account			13
	CREF Equity Index Account			16
	CREF Bond Market Account			19
	CREF Inflation-Linked Bond Account			22
	CREF Social Choice Account			25
	CREF Money Market Account			28
	Summary portfolios of investments			31
	Financial statements (unaudited)
	Statements of assets and liabilities			66
	Statements of operations			68
	Statements of changes in net assets			70
	Financial highlights			76
	Notes to financial statements			82
	Board renewal of investment management agreement			100
	Additional information about index providers			109
	How to reach us			Inside back cover

Understanding your CREF report

This semiannual report contains information about the eight CREF accounts and describes the accounts’ results for the six months ended June 30, 2016. The report contains three main sections:

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

2	2016 Semiannual Report ■ College Retirement Equities Fund

Information for CREF participants

Portfolio holdings

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

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

	•	By visiting our website at TIAA.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.

College Retirement Equities Fund ■ 2016 Semiannual Report

About the accounts’ benchmarks

CREF Stock Account

The account’s composite benchmark is a weighted average of two indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World ex USA Investable Market Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market nations throughout the world, excluding the United States.

CREF Global Equities Account

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

CREF Growth Account

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

CREF Equity Index Account

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

CREF Bond Market Account

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

4	2016 Semiannual Report ■ College Retirement Equities Fund

About the accounts’ benchmarks

CREF Inflation-Linked Bond Account

The account’s former benchmark (prior to April 1, 2016) was the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), which measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). The account’s new benchmark (effective April 1, 2016) is the 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 indexes: the Russell 3000 Index, which measures the performance of the broad U.S. stock market; the Barclays U.S. Aggregate Bond Index, which measures the performance of the domestic investment-grade, fixed-rate bond market; and the MSCI EAFE+Canada Index, which measures stock performance in 22 developed market nations, excluding the United States.

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

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

College Retirement Equities Fund ■ 2016 Semiannual Report

Important information about expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2016–June 30, 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.

6	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Stock Account

Performance for the six months ended June 30, 2016

The CREF Stock Account returned 1.41% for the period, compared with the 2.27% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index. For the twelve months ended June 30, 2016, the account returned –2.99%, versus –1.50% for the composite index. (All returns for the account are for Class R1.)

During the six-month period, the domestic economy grew at a modest pace, and the national unemployment rate was below 5.0%. Inflation remained well below the Federal Reserve’s target, and the dollar dropped against most other major currencies, fueling exports. U.S. stocks, as measured by the broad Russell 3000 Index, rose 3.62%. Value stocks, bolstered by a sharp rise in oil and other commodity prices, outperformed growth equities. Mid-caps outperformed their large-cap counterparts, while small-caps lagged but still turned in positive returns for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)

The MSCI All Country World ex USA Investable Market Index, which measures stock market performance in 45 developed and emerging countries, returned –0.91% in U.S. dollars. Among the index’s components, Greece, Italy, Ireland and Spain performed worst, while emerging market countries Peru, Brazil, Colombia and Russia performed best, respectively.

Despite positive performance, the account lags its benchmark

For the six-month period, the account trailed its benchmark. The top detractor was an overweight in poorly performing drug manufacturer Allergan, followed by an underweight in AT&T, which produced double-digit returns. An overweight in Delphi Automotive further detracted from relative returns. Holdings that helped offset some of the account’s losses versus its benchmark included overweights in strongly performing chemical and ammunition manufacturer Olin, sportswear company adidas, and energy producers Concho Resources and Continental Resources, respectively.

The account’s returns may sometimes diverge from the returns of its benchmark index more than would be expected. This divergence may be the result of the account’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the account’s accumulation unit value (AUV) is calculated (see the latest 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.

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Stock Account

Performance as of June 30, 2016

			Total return						Average annual total return
CREF Stock Account	Inception date		6 months			1 year			5 years			10 years
Class R1		7/31/1952		1.41	%		–2.99	%		7.61	%		5.46	%
Class R2		4/24/2015		1.55			–2.71			7.68	*		5.49	*
Class R3		4/24/2015		1.60			–2.60			7.71	*		5.50	*
CREF Stock Composite Benchmark^†		—		2.27			–1.50			8.18			5.71
Broad market index
Russell 3000^® Index		—		3.62			2.14			11.60			7.40

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

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

*	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^†	On June 30, 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.

Expense example

Six months ended June 30, 2016

CREF Stock Account	Beginning account value (1/1/16		)	Ending account value (6/30/16		)	Expenses paid during period (1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	1,014.13			$3.76
Class R2		1,000.00			1,015.47			2.46
Class R3		1,000.00			1,016.00			1.90
5% annual hypothetical return
Class R1		1,000.00			1,021.13			3.77
Class R2		1,000.00			1,022.43			2.46
Class R3		1,000.00			1,022.97			1.91

^‡

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

8	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Stock Account

Portfolio composition

Sector	% of net assets as of 6/30/ 2016
Financials		18.0
Information technology		16.4
Consumer discretionary		13.4
Health care		12.5
Industrials		11.1
Consumer staples		9.7
Energy		6.8
Materials		4.6
Utilities		3.5
Telecommunication services		3.1
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2016
More than $50 billion		42.0
More than $15 billion–$50 billion		24.8
More than $2 billion–$15 billion		25.5
$2 billion or less		7.7
Total		100.0

Holdings by country

	% of portfolio investments as of 6/30/ 2016
United States		66.1
Japan		4.9
United Kingdom		3.9
Canada		2.1
France		2.0
China		1.6
Germany		1.6
Switzerland		1.6
57 other nations		11.9
Short-term investments		4.3
Total		100.0

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Global Equities Account

Performance for the six months ended June 30, 2016

The CREF Global Equities Account returned –1.75% for the period, compared with the 0.66% return of its benchmark, the MSCI World Index. For the twelve months ended June 30, 2016, the account returned –6.05%, versus –2.78% for the index. (All returns for the account are for Class R1.)

During the six-month period, the domestic economy grew at a modest pace, and the national unemployment rate was below 5.0%. Inflation remained well below the Federal Reserve’s target, and the dollar dropped against most other major currencies, fueling exports. U.S. stocks, as measured by the broad Russell 3000^® Index, rose 3.62%. Global stocks, as measured by the MSCI World Index, gained only 0.66% as political developments fueled volatility in international stock markets.

Market performance varied significantly across countries. U.S. stocks, which comprised three-fifths of the benchmark’s total market capitalization at period-end, rose 3.2%. Japan and the United Kingdom—among the larger markets at period-end—were outsized detractors, losing 5.6% and 3.1%, respectively. New Zealand and Canada were the best-performing nations in the benchmark, advancing 18.1% and 15.1%, respectively.

Stock selection hurts the account’s performance

The account trailed its benchmark due to stock allocations in certain industry sectors. Overweight positions in poorly performing International Consolidated Airlines, British banking giant Barclays and Italian bank Mediobanca were the largest detractors from relative returns, respectively.

Conversely, overweight positions in strongly performing oil and gas producer EOG Resources and utilities company NextEra Energy contributed most to relative performance, followed by an underweight in British bank HSBC, which declined on weak revenue.

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 latest 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.

10	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Performance as of June 30, 2016

Total return

Average annual
total return

CREF Global
Equities Account

Inception date

6 months

1 year

5 years

10 years

Class R1

5/1/1992

–1.75

–6.05

6.19

4.31

Class R2

4/24/2015

–1.62

–5.78

6.26

4.34

Class R3

4/24/2015

–1.57

–5.68

6.29

4.35

MSCI World Index

—

0.66

–2.78

6.63

4.43

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

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

Expense example

Six months ended June 30, 2016

CREF Global Equities Account	Beginning account value (1/1/16		)	Ending account value (6/30/16		)	Expenses paid during period (1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	982.51			$3.75
Class R2		1,000.00			983.78			2.47
Class R3		1,000.00			984.30			1.92
5% annual hypothetical return
Class R1		1,000.00			1,021.08			3.82
Class R2		1,000.00			1,022.38			2.51
Class R3		1,000.00			1,022.92			1.96

^‡

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

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Global Equities Account

Portfolio composition

Sector	% of net assets as of 6/30/ 2016
Financials		17.2
Information technology		14.9
Health care		14.1
Consumer discretionary		14.0
Industrials		10.7
Consumer staples		10.7
Energy		7.8
Materials		4.4
Utilities		2.7
Telecommunication services		2.6
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/ 2016
More than $50 billion		45.1
More than $15 billion–$50 billion		30.1
More than $2 billion–$15 billion		23.1
$2 billion or less		1.7
Total		100.0

Holdings by country

	% of portfolio investments as of 6/30/ 2016
United States		57.5
Japan		7.9
United Kingdom		6.7
Canada		3.5
Switzerland		3.4
France		2.9
Germany		2.1
Australia		1.8
34 other nations		10.9
Short-term investments		3.3
Total		100.0

12	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Growth Account

Performance for the six months ended June 30, 2016

The CREF Growth Account returned –2.37% for the period, compared with the 1.36% return of its benchmark, the Russell 1000^®Growth Index. For the twelve months ended June 30, 2016, the account returned –1.49%, versus 3.02% for the index. (All returns for the account are for Class R1.)

During the six-month period, the domestic economy grew at a modest pace, and the national unemployment rate was below 5.0%. Inflation remained well below the Federal Reserve’s target, and the dollar dropped against most other major currencies, fueling exports. U.S. stocks, as measured by the broad Russell 3000^®Index, rose 3.62%. Value stocks, bolstered by a sharp rise in oil and other commodity prices, outperformed growth equities. Mid-caps outperformed their large-cap counterparts, while small-caps lagged but still turned in positive returns for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)

For the ten years ended June 30, 2016, the Russell 1000 Growth Index posted an average annual return of 8.78%, compared with the 6.13% average annual return of the Russell 1000 Value Index.

The account trails its benchmark

Eight of the ten industry sectors of the Russell 1000 Growth Index generated gains for the six months. The three best-performing sectors—telecommunications services (up 23.2%), utilities (up 15.8%) and energy (up 10.6%)—were also the smallest at period-end. Conversely, returns were diminished by health care (down 5.3%) and information technology (down 2.1%). These sectors comprised almost half of the index’s total market capitalization on June 30, 2016.

The account lagged its benchmark in the first six months of 2016, primarily due to stock allocations. An overweight position in poorly performing drug manufacturer Allergan had the largest negative impact, followed by an overweight position in Norwegian Cruise Line and an underweight position in Verizon, which outperformed the index.

These negative factors were partly offset by positive contributions. An overweight position in software developer Intuit, which performed well, was the top contributor to relative performance, followed by underweight positions in drug company Regeneron Pharmaceuticals and computer giant Apple, both of which performed poorly. An overweight position in strong performer Intuitive Surgical, a medical equipment manufacturer, also made a positive contribution.

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Growth Account

Performance as of June 30, 2016

Average annual

Total return

total return

CREF Growth Account

Inception date

6 months

1 year

5 years

10 years

Class R1

4/29/1994

–2.37

–1.49

11.90

8.41

Class R2

4/24/2015

–2.24

–1.21

11.97

8.45

Class R3

4/24/2015

–2.19

–1.11

12.00

8.46

Russell 1000^®Growth Index

—

1.36

3.02

12.35

8.78

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

Expense example

Six months ended June 30, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Growth Account	(1/1/16		)	(6/30/16		)	(1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	976.31			$ 3.34
Class R2		1,000.00			977.56			2.07
Class R3		1,000.00			978.08			1.52
5% annual hypothetical return
Class R1		1,000.00			1,021.48			3.42
Class R2		1,000.00			1,022.77			2.11
Class R3		1,000.00			1,023.32			1.56

^‡

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

14	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Growth Account

Portfolio composition
	% of net assets
Sector	as of 6/30/2016
Information technology		31.2
Consumer discretionary		22.9
Health care		16.0
Industrials		11.0
Consumer staples		8.4
Materials		4.1
Financials		3.8
Telecommunication services		1.1
Energy		1.0
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size
% of equity investments
Market capitalization	as of 6/30/2016
More than $50 billion		51.7
More than $15 billion–$50 billion		29.1
More than $2 billion–$15 billion		18.8
$2 billion or less		0.4
Total		100.0

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Equity Index Account

Performance for the six months ended June 30, 2016

The CREF Equity Index Account returned 3.31% for the period, compared with the 3.62% return of its benchmark, the Russell 3000^®Index. For the twelve months ended June 30, 2016, the account returned 1.52%, versus 2.14% for the index. (All returns for the account are for Class R1.)

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

Defensive stocks soar, while health care and financials fall

For the six-month period, seven of the ten industry sectors of the Russell 3000 Index generated positive returns. Defensive sectors such as interest-rate-sensitive utilities and telecommunication services performed best, returning 23.7% and 23.5%, respectively. Energy, which benefited from the rise in oil prices, rose 14.7%, followed by consumer staples, which returned 10.5%. Together, these four sectors represented 21.3% of the benchmark’s total market capitalization on June 30, 2016.

The sectors in the order of worst performance were health care, financials and information technology, which dropped 1.2%, 1.1% and 0.3%, respectively. Demand for health care stocks was dampened by investors’ concerns about drug pricing and the prospect of increased government regulation.

Only two of the five largest stocks in the index, based on market capitalization at period-end, outperformed for the six months. Exxon Mobil and Johnson & Johnson posted double-digit gains, while General Electric advanced modestly and Apple and Microsoft declined.

16	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance as of June 30, 2016


									Average annual
			Total return						total return
CREF Equity Index Account	Inception date		6 months			1 year			5 years			10 years
Class R1		4/29/1994		3.31	%		1.52	%		11.13	%		6.96	%
Class R2		4/24/2015		3.45			1.81			11.20	*		7.00	*
Class R3		4/24/2015		3.50			1.92			11.22	*		7.01	*
Russell 3000^®Index		—		3.62			2.14			11.60			7.40

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

Expense example

Six months ended June 30, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Equity Index Account	(1/1/16		)	(6/30/16		)	(1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	1,033.13			$ 3.24
Class R2		1,000.00			1,034.46			1.92
Class R3		1,000.00			1,035.00			1.37
5% annual hypothetical return
Class R1		1,000.00			1,021.68			3.22
Class R2		1,000.00			1,022.97			1.91
Class R3		1,000.00			1,023.52			1.36

^‡

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

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Equity Index Account

Portfolio composition
	% of net assets
Sector	as of 6/30/2016
Information technology		18.9
Financials		17.7
Health care		14.1
Consumer discretionary		12.8
Industrials		10.5
Consumer staples		9.3
Energy		6.8
Utilities		3.7
Materials		3.3
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size
% of equity investments
Market capitalization			as of 6/30/2016
More than $50 billion			51.2
More than $15 billion–$50 billion			23.3
More than $2 billion–$15 billion			20.6
$2 billion or less			4.9
Total			100.0

18	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance for the six months ended June 30, 2016

The CREF Bond Market Account returned 5.34% for the period, compared with 5.31% for its benchmark, the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2016, the account returned 5.70%, versus 6.00% for the index. (All returns for the account are for Class R1.)

The U.S. economy grew at a modest pace during the period, and domestic unemployment was below 5.0%. Energy prices rose sharply, and the dollar lost value against most major currencies. While some foreign central banks cut lending rates to stimulate economic growth, the Federal Reserve kept its key fed funds rate unchanged at a range of 0.25%–0.50%. Concerns about global growth and weak oil prices drove stocks down early in the period, which sent many investors toward “safe-haven” instruments such as U.S. Treasuries. The bond market also rose on signals from the Fed that it was in no hurry to raise interest rates.

For the six-month period, the broad U.S. investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, advanced 5.31% as 10-year U.S. Treasury yields declined from 2.27% on December 31, 2015, to 1.49% by the end of June 2016. Treasuries, the benchmark’s largest sector at 36.6% of total market capitalization, rose 5.4% during the period, while mortgage-backed securities (MBS), the benchmark’s second-largest weighting at 27.8%, gained 3.2%. Corporate bonds, which constituted 24.6% of the benchmark’s total capitalization, returned 7.7%.

Sector allocations drive outperformance

An overweight position in corporate bonds was the largest contributor to relative performance, as the sector benefited from favorable yield-curve positioning and strong security selection. Municipal bonds—a small allocation in the account and an even smaller benchmark weighting—were also beneficial. An overweight in asset-backed securities was the third-largest contributor to relative performance, driven by favorable security selection.

The gains from these securities were somewhat offset by unfavorable yield-curve positioning in the U.S. Treasuries and MBS sectors. A small cash position further detracted from the account’s relative performance.

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Bond Market Account

Performance as of June 30, 2016


									Average annual
			Total return						total return
CREF Bond Market Account	Inception date		6 months			1 year			5 years			10 years
Class R1		3/1/1990		5.34	%		5.70	%		3.67	%		4.69	%
Class R2		4/24/2015		5.48			6.00			3.74	*		4.73	*
Class R3		4/24/2015		5.53			6.11			3.77	*		4.74	*
Barclays U.S. Aggregate Bond Index		—		5.31			6.00			3.76			5.13

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

Expense example

Six months ended June 30, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Bond Market Account	(1/1/16		)	(6/30/16		)	(1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	1,053.41			$ 3.68
Class R2		1,000.00			1,054.78			2.35
Class R3		1,000.00			1,055.34			1.79
5% annual hypothetical return
Class R1		1,000.00			1,021.28			3.62
Class R2		1,000.00			1,022.58			2.31
Class R3		1,000.00			1,023.12			1.76

^‡

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

20	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Portfolio composition
% of net assets as of 6/30/2016
Corporate bonds			25.4
Mortgage-backed securities*			22.1
U.S. Treasury securities			17.5
Foreign government & corporate bonds denominated in U.S. dollars			14.7
Commercial mortgage-backed securities & other mortgage-backed securities			8.8
Asset-backed securities			5.5
Municipal bonds			2.3
U.S. agency securities			1.7
Bank loan obligations			0.6
Preferred stock			0.1
Short-term investments, other assets & liabilities, net			1.3
Total			100.0

*	Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 6/30/2016
Less than 1 year			7.6
1–3 years			14.9
3–5 years			29.2
5–10 years			33.1
Over 10 years			15.2
Total			100.0

Holdings by credit quality^†

% of fixed-income investments
(excluding short-term investments)
as of 6/30/2016
Aaa/AAA			46.5
Aa/AA			9.3
A/A			12.9
Baa/BBB			22.4
Ba/BB			3.6
B/B			2.4
Below B/B			1.4
Non-rated			1.5
Total			100.0

^†

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

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Inflation-Linked Bond Account

Performance for the six months ended June 30, 2016

The CREF Inflation-Linked Bond Account returned 5.17% for the period, compared with the 4.97% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. For the twelve months ended June 30, 2016, the account returned 3.10%, versus 3.33% for the index. (All returns for the account are for Class R1.)

On April 1, 2016, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index replaced the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) as the account’s benchmark. The change was made because the average maturity—the average time before bonds or other fixed-income investments mature—of the former benchmark has lengthened over time, and the new benchmark is better aligned with the desired average maturity of the account.

During the period, year-over-year core inflation—which is measured by the Consumer Price Index and includes all items except for food and energy—increased from 2.1% in December 2015 to 2.2% in May 2016. Crude oil prices, a commonly used indicator of current inflationary pressures, rose 23% from $37 a barrel at the start of the period to $48 on June 30, 2016. As global equity markets experienced continued volatility, investors flocked to investment-grade bonds. Yields on 10-year U.S. Treasuries declined from 2.27% on December 31, 2015, to 1.49% by the end of the period.

TIPS trail the broad bond market as longer-term interest rates fall

For the six months, the return of the TIPS 1–10 Year index trailed the 5.31% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Investors’ search for yield in the low interest rate environment caused credit spread sectors to outperform.

The account outperformed its benchmark despite 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 first three months of the period, management shortened the account’s average maturity, which had been somewhat longer compared to the benchmark, to a point at which it was similar to that of the benchmark. Management kept the account’s average maturity at that length through the end of the period. This strategy helped the account’s risk and reward characteristics more closely resemble those of its benchmark.

22	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of June 30, 2016


									Average annual
			Total return						total return
CREF Inflation-Linked
Bond Account	Inception date		6 months			1 year			5 years			10 years
Class R1		5/1/1997		5.17	%		3.10	%		2.04	%		4.19	%
Class R2		4/24/2015		5.31			3.40			2.11	*		4.22	*
Class R3		4/24/2015		5.37			3.51			2.14	*		4.24	*
Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index^†		—		4.97			3.33			1.55			4.02
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)^†		—		6.24			4.35			2.63			4.75

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

*	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^†	On April 1, 2016, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index replaced the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) as the account’s benchmark.

Expense example

Six months ended June 30, 2016

	Beginning			Ending			Expenses paid
CREF Inflation-Linked	account value			account value			during period
Bond Account	(1/1/16		)	(6/30/16		)	(1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	1,051.73			$ 3.37
Class R2		1,000.00			1,053.09			2.04
Class R3		1,000.00			1,053.65			1.48
5% annual hypothetical return
Class R1		1,000.00			1,021.58			3.32
Class R2		1,000.00			1,022.87			2.01
Class R3		1,000.00			1,023.42			1.46

^‡

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

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Inflation-Linked Bond Account

Portfolio composition

	% of net assets
	as of 6/30/2016
U.S. Treasury securities		98.4
U.S. agency securities		0.4
Mortgage-backed securities*		0.2
Short-term investments, other assets & liabilities, net		1.0
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 6/30/2016
Less than 1 year			4.3
1–3 years			18.6
3–5 years			24.7
5–10 years			36.7
Over 10 years			15.7
Total			100.0

24	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance for the six months ended June 30, 2016

The CREF Social Choice Account returned 3.39% for the period, compared with the 3.21% return of its composite benchmark, a weighted average of the Russell 3000^®Index, the MSCI EAFE+Canada Index and the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2016, the account returned 1.56%, versus 1.66% for the benchmark. 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 positive for the account’s relative performance.

Omissions of Apple, Bank of America, Wells Fargo and drug manufacturer Allergan contributed most to performance relative to the Russell 3000 Index, respectively, while the exclusions of Toyota and Valeant Pharmaceuticals also provided strong contributions relative to the MSCI EAFE+Canada Index. However, these positive effects were partly offset by the account’s exclusions of Exxon Mobil and AT&T, which were the largest detractors relative to the Russell 3000 Index. In addition, exclusions of British American Tobacco and Nestle detracted the most relative to the MSCI EAFE+Canada Index.

Stock positions benefit the account’s performance

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

The account’s overweight in Spectra Energy and underweight in Microsoft made significant contributions to relative performance versus the Russell 3000 Index, while overweights in Alexion Pharmaceuticals and Charles Schwab detracted. Compared to the MSCI EAFE+Canada Index, overweights in Canadian mining company Teck Resources and sportswear company adidas contributed significantly. An underweight in Royal Dutch Shell and an overweight in Italian banking group Intesa Sanpaolo were large detractors.

The account’s fixed-income component slightly underperformed the Barclays U.S. Aggregate Bond Index, which returned 5.31% for the period. Unfavorable yield curve positioning in U.S. Treasuries and mortgage-backed securities detracted, as did an overweight in corporate bonds. By contrast, beneficial yield curve positioning in municipals, government agencies and government credit securities helped the account’s performance most relative to the Barclays index.

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Social Choice Account

Performance as of June 30, 2016


									Average annual
			Total return						total return
CREF Social Choice Account	Inception date		6 months			1 year			5 years			10 years
Class R1		3/1/1990		3.39	%		1.56	%		6.66	%		5.59	%
Class R2		4/24/2015		3.52			1.85			6.73	*		5.63	*
Class R3		4/24/2015		3.58			1.95			6.75	*		5.64	*
CREF Social Choice Composite Benchmark^†		—		3.21			1.66			7.16			5.90
Broad market index Russell 3000^® Index		—		3.62			2.14			11.60			7.40

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

*	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^†	On June 30, 2016, the CREF Social Choice Composite Benchmark consisted of: 42.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 18.0% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Social Choice Account	(1/1/16		)	(6/30/16		)	(1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	1,033.88			$ 3.49
Class R2		1,000.00			1,035.22			2.18
Class R3		1,000.00			1,035.77			1.62
5% annual hypothetical return
Class R1		1,000.00			1,021.43			3.47
Class R2		1,000.00			1,022.73			2.16
Class R3		1,000.00			1,023.27			1.61

^‡

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

26	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Portfolio composition
	% of net assets
	as of 6/30/2016
Equities		60.3
Long-term bonds		38.4
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Holdings by company size
% of equity investments
Market capitalization	as of 6/30/2016
More than $50 billion		36.7
More than $15 billion–$50 billion		42.0
More than $2 billion–$15 billion		18.8
$2 billion or less		2.5
Total		100.0

Holdings by maturity
% of fixed-income investments
(excluding short-term investments)
as of 6/30/2016
Less than 1 year		3.5
1–3 years		16.5
3–5 years		26.9
5–10 years		31.9
Over 10 years		21.2
Total		100.0

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Money Market Account

Performance for the six months ended June 30, 2016

The CREF Money Market Account returned 0.00% for the period, compared with the 0.05% return of the iMoneyNet Money Fund Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. (The return for the account is for Class R1.)

The Federal Reserve’s target range for short-term interest rates increased from 0.00%–0.25% to 0.25%–0.50% on December 16, 2015. Soon after the rate hike, the Fed signaled that more rate increases might occur in 2016; however, the Fed has since toned down its stance on monetary tightening for the remainder of this year due to sluggish growth both domestically and overseas.

CREF Money Market Account restructuring is on schedule for October 2016

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. As a government fund, CREF Money Market Account will invest 99.5% or more of its total assets in cash, U.S. government securities and/or repurchase agreements (“repos”) collateralized in full by cash or U.S. government securities. This restructuring will be effective on or before October 14, 2016.

Many other U.S. money market funds are also expected to restructure as government funds. As a result, the supply of commercial paper has declined as short-term Treasury supply has increased. LIBOR yields—a key interest rate benchmark for money market funds—rose during the period. Three-month LIBOR increased slightly from 0.61% on December 31, 2015, to 0.65% on June 30, 2016, while six-month LIBOR rose from 0.85% to 0.92% over the same period.

In pursuit of additional yield, the account held longer-dated, floating-rate government agency paper in order to capture slightly higher yields. The account’s commercial paper exposure has been reduced, but it remains diversified across industries and issuers, nearly all of which are U.S.-domiciled. As of June 28, 2016, the account’s weighted average maturity was 50 days, versus 35 days for the average iMoneyNet fund.

In response to the historically low interest rates since 2009, part or all of the Money Market Account’s 12b-1 distribution and/or administrative expenses were voluntarily withheld (waived) by TIAA during the six months ending June 30, 2016, to prevent the account’s yield from turning negative. This waiver will be terminated by April 14, 2017.

28	2016 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended June 28, 2016*

	Current yield			Effective yield
CREF Money Market Account^†
Class R1		0.00	%		0.00	%
Class R2		0.08			0.08
Class R3		0.15			0.15
iMoneyNet Money Fund Averages™—All Taxable^‡		0.12			0.12

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

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

Performance as of June 30, 2016


									Average annual
			Total return						total return
CREF Money
Market Account^†	Inception date		6 months			1 year			5 years			10 years
Class R1		4/1/1988		0.00	%		0.00	%		0.00	%		0.99	%
Class R2		4/24/2015		0.02			0.02			0.00	*		0.99	*
Class R3		4/24/2015		0.05			0.05			0.01	*		0.99	*
iMoneyNet Money Fund Averages—All Taxable^‡		—		0.05			0.06			0.03			0.94

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.

*	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^†	Beginning July 16, 2009, TIAA has voluntarily withheld (“waived”) a portion of the 12b-1 distribution and/or administrative expenses for each Class of the CREF Money Market Account when a Class’s yield was less than zero. Without this waiver, the 7-day current and effective annualized yields and total returns would have been lower. This 12b-1 and administrative fee waiver may be discontinued at any time without notice, and TIAA will terminate the waiver by April 14, 2017. Amounts waived on or after October 1, 2010, are subject to possible recovery by TIAA under certain conditions. As a result of the share class conversion on April 24, 2015, previously recoverable amounts have been allocated to the various Classes.
^‡	The iMoneyNet Money Fund Averages—All Taxable category is a simple average of over 1,000 taxable money market funds. You cannot invest in it directly.

College Retirement Equities Fund ■ 2016 Semiannual Report

CREF Money Market Account

Expense example

Six months ended June 30, 2016

	Beginning			Ending			Expenses paid
	account value			account value			during period
CREF Money Market Account	(1/1/16		)	(6/30/16		)	(1/1/16–6/30/16		)^‡
Actual return
Class R1	$	1,000.00		$	1,000.00			$ 2.14
Class R2		1,000.00			1,000.18			1.94
Class R3		1,000.00			1,000.53			1.59
5% annual hypothetical return
Class R1		1,000.00			1,022.73			2.16
Class R2		1,000.00			1,022.92			1.96
Class R3		1,000.00			1,023.27			1.61

^‡

“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2016. The account’s annualized six-month expense ratios for that period were 0.43% for Class R1, 0.39% for Class R2 and 0.32% 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 6.

Portfolio composition

	% of net assets as of 6/30/2016
Commercial paper	33.3
U.S. government agency securities		29.3
U.S. Treasury securities		17.3
Floating-rate securities, government		17.2
Certificates of deposit		2.9
Total		100.0

30	2016 Semiannual Report ■ College Retirement Equities Fund

Summary portfolio of investments (unaudited)

CREF Stock Account ■ June 30, 2016

Principal			Issuer			Value (000)		% of net assets
BONDS

CORPORATE BONDS
CAPITAL GOODS					$	0	^	0.0	%
DIVERSIFIED FINANCIALS						430		0.0
FOOD, BEVERAGE & TOBACCO						25		0.0
			TOTAL CORPORATE BONDS	(Cost $520)		455		0.0
GOVERNMENT BONDS
U.S. TREASURY SECURITIES						310		0.0
			TOTAL GOVERNMENT BONDS	(Cost $302)		310		0.0
			TOTAL BONDS	(Cost $822)		765		0.0

	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS						2,040,555		1.9
BANKS
	44,706,530		Bank of America Corp			593,256		0.5
	11,996,180		Citigroup, Inc			508,518		0.5
	11,839,339	e	JPMorgan Chase & Co			735,696		0.7
	21,695,162		Wells Fargo & Co			1,026,832		0.9
			Other			4,897,385		4.4
						7,761,687		7.0
CAPITAL GOODS
	3,009,382		3M Co			527,003		0.5
	24,770,508		General Electric Co			779,775		0.7
	5,104,003		Honeywell International, Inc			593,698		0.5
			Other			6,732,130		6.1
						8,632,606		7.8
COMMERCIAL & PROFESSIONAL SERVICES						1,182,132		1.1
CONSUMER DURABLES & APPAREL						2,539,983		2.3
CONSUMER SERVICES						2,190,416		2.0
DIVERSIFIED FINANCIALS						3,161,800		2.9
ENERGY
	5,973,212		Chevron Corp			626,172		0.6
	4,779,631		EOG Resources, Inc			398,717		0.4
	10,887,060	d	Exxon Mobil Corp			1,020,553		0.9
			Other			5,465,164		4.9
						7,510,606		6.8
FOOD & STAPLES RETAILING
	3,812,252		CVS Health Corp			364,985		0.3
	4,462,346		Wal-Mart Stores, Inc			325,841		0.3
			Other			1,425,459		1.3
						2,116,285		1.9

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2016

Shares			Company		Value (000)	% of net assets
FOOD, BEVERAGE & TOBACCO
	6,661,992		Altria Group, Inc	$	459,411	0.4	%
	12,752,269		Coca-Cola Co		578,060	0.5
	3,678,337		PepsiCo, Inc		389,683	0.4
	6,162,789		Philip Morris International, Inc		626,879	0.6
			Other		4,521,242	4.1
					6,575,275	6.0
HEALTH CARE EQUIPMENT & SERVICES
	4,762,691		Medtronic plc		413,259	0.4
	3,018,769		UnitedHealth Group, Inc		426,250	0.4
			Other		3,888,388	3.5
					4,727,897	4.3
HOUSEHOLD & PERSONAL PRODUCTS
	9,000,984		Procter & Gamble Co		762,114	0.7
			Other		1,303,357	1.2
					2,065,471	1.9
INSURANCE
	4,764,276	*	Berkshire Hathaway, Inc (Class B)		689,819	0.6
	3,082,111		Chubb Ltd		402,863	0.4
			Other		3,198,874	2.9
					4,291,556	3.9
MATERIALS					5,132,809	4.6
MEDIA
	11,315,281		Comcast Corp (Class A)		737,643	0.6
	5,220,892		Walt Disney Co		510,708	0.5
			Other		2,158,793	2.0
					3,407,144	3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,060,561	*	Allergan plc		476,175	0.4
	2,144,798		Amgen, Inc		326,331	0.3
	5,668,030		Bristol-Myers Squibb Co		416,884	0.4
	3,330,757	*	Celgene Corp		328,512	0.3
	5,042,215		Gilead Sciences, Inc		420,622	0.4
	8,549,108		Johnson & Johnson		1,037,007	0.9
	8,068,739		Merck & Co, Inc		464,840	0.4
	20,618,172		Pfizer, Inc		725,966	0.7
	1,269,503		Roche Holding AG.		334,996	0.3
			Other		4,515,380	4.1
					9,046,713	8.2
REAL ESTATE					4,667,086	4.2
RETAILING
	1,438,340	*	Amazon.com, Inc		1,029,305	0.9
	3,134,147	a	Container Store Group, Inc		16,768	0.0
	5,225,628		Home Depot, Inc		667,260	0.6
			Other		2,886,170	2.5
					4,599,503	4.0

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2016

Shares			Company		Value (000)		% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	15,168,387		Intel Corp		$	497,523		0.5	%
			Other			2,602,269		2.3
						3,099,792		2.8
SOFTWARE & SERVICES
	936,726	*	Alphabet, Inc (Class A)			659,015		0.6
	1,144,693	*	Alphabet, Inc (Class C)			792,242		0.7
	8,016,707	*	Facebook, Inc			916,149		0.8
	23,285,717		Microsoft Corp			1,191,530		1.1
	15,047,327		Oracle Corp			615,887		0.6
	8,268,580		Visa, Inc (Class A)			613,281		0.6
			Other			5,862,009		5.2
						10,650,113		9.6
TECHNOLOGY HARDWARE & EQUIPMENT
	18,749,886	n	Apple, Inc			1,792,489		1.6
	18,980,056		Cisco Systems, Inc			544,538		0.5
			Other			2,083,379		1.9
						4,420,406		4.0
TELECOMMUNICATION SERVICES
	15,324,919		AT&T, Inc			662,190		0.6
	14,202,904		Verizon Communications, Inc			793,090		0.7
			Other			1,915,405		1.8
						3,370,685		3.1
TRANSPORTATION
	3,956,040		Union Pacific Corp			345,165		0.3
			Other			2,052,937		1.9
						2,398,102		2.2
UTILITIES
	2,814,443		NextEra Energy, Inc			367,003		0.3
			Other			3,525,330		3.2
						3,892,333		3.5
			TOTAL COMMON STOCKS	(Cost $104,426,993)		109,480,955		99.1

PURCHASED OPTIONS
DIVERSIFIED FINANCIALS						1,669		0.0
HEALTH CARE EQUIPMENT & SERVICES						15		0.0
TECHNOLOGY HARDWARE & EQUIPMENT						1		0.0
			TOTAL PURCHASED OPTIONS	(Cost $11,661)		1,685		0.0

PREFERRED STOCKS
BANKS						15,962		0.0
CAPITAL GOODS						449		0.0
DIVERSIFIED FINANCIALS						1,833		0.0
REAL ESTATE						18		0.0
			TOTAL PREFERRED STOCKS	(Cost $25,078)		18,262		0.0

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2016

Shares			Company		Value (000)			% of net assets
RIGHTS / WARRANTS
CAPITAL GOODS					$	9			0.0	%
CONSUMER DURABLES & APPAREL						278			0.0
CONSUMER SERVICES						25			0.0
ENERGY						556			0.0
FOOD & STAPLES RETAILING						73			0.0
HEALTH CARE EQUIPMENT & SERVICES						1			0.0
MATERIALS						152			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						725			0.0
REAL ESTATE						39			0.0
RETAILING						0	^		0.0
TELECOMMUNICATION SERVICES						522			0.0
UTILITIES						32			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $1,296)		2,412			0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						305,113			0.2
TREASURY DEBT						483,008			0.4
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT						850,000			0.8
REPURCHASE AGREEMENT
	$400,000,000	q	Citigroup	0.370%, 07/01/16		400,000			0.4
	350,000,000	r	Goldman Sachs	0.380%, 07/07/16		350,000			0.3
	425,000,000	s	Nomura	0.420%, 07/01/16		425,000			0.4
		t	Other Repurchase Agreements	0.300%–0.430%, 07/01/16–07/07/16		1,967,000			1.7
						3,142,000			2.8

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

CREF Stock Account ■ June 30, 2016

Principal	Issuer			Value (000)			% of net assets
VARIABLE RATE SECURITIES				$	125,261			0.1	%
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					4,117,261			3.7
		TOTAL SHORT-TERM INVESTMENTS	(Cost $4,906,188)		4,905,382			4.3

		TOTAL PORTFOLIO	(Cost $109,372,038)		114,409,461			103.4
		OTHER ASSETS & LIABILITIES, NET			(3,864,106	)		(3.4	)
		NET ASSETS		$	110,545,355			100.0	%

*	Non-income producing
^	Amount represents less than $1,000.
a	Affiliated holding
d	All or a portion of these securities have been segregated 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 $4,283,693,000.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written contracts.
q	Agreement with Citigroup, 0.37% dated 6/24/16 to be repurchased at $400,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $408,001,000.
r	Agreement with Goldman Sachs, 0.38% dated 6/30/16 to be repurchased at $350,000,000 on 7/07/16, collateralized by U.S. Government Agency Securities valued at $357,001,000.
s	Agreement with Nomura, 0.42% dated 6/30/16 to be repurchased at $425,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $433,500,000.
t	Agreements, 0.30%–0.43% dated 6/24/16–6/30/16 to be repurchased at $1,967,000,000 on 7/01/16–7/07/16, collateralized by U.S. Government Agency Securities valued at $2,006,929,000.

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

At 6/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $368,212,000 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary of market values by country (unaudited)

CREF Stock Account ■ June 30, 2016

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	80,155,962		70.4	%
TOTAL DOMESTIC		80,155,962		70.4

FOREIGN
ARGENTINA		32,531		0.0
AUSTRALIA		1,427,993		1.2
AUSTRIA		96,384		0.1
BELGIUM		293,579		0.3
BERMUDA		119,273		0.1
BRAZIL		521,293		0.5
CANADA		2,355,168		2.1
CAYMAN ISLANDS		2,671		0.0
CHILE		101,296		0.1
CHINA		1,874,146		1.6
COLOMBIA		39,823		0.0
CYPRUS		63		0.0
CZECH REPUBLIC		28,999		0.0
DENMARK		498,084		0.4
EGYPT		21,121		0.0
FAROE ISLANDS		5,915		0.0
FINLAND		254,789		0.2
FRANCE		2,238,782		2.0
GEORGIA		3,421		0.0
GERMANY		1,855,739		1.6
GREECE		26,271		0.0
GUERNSEY, C.I.		315		0.0
HONG KONG		882,213		0.8
HUNGARY		22,213		0.0
INDIA		785,314		0.7
INDONESIA		213,932		0.2
IRELAND		475,252		0.4
ISLE OF MAN		8,452		0.0
ISRAEL		271,426		0.2
ITALY		505,784		0.4
JAPAN		5,566,399		4.9

Country	Value (000)		% of total portfolio
JERSEY, C.I.	$	25,899		0.0	%
JORDAN		7,151		0.0
KOREA, REPUBLIC OF		1,188,969		1.0
LUXEMBOURG		76,649		0.1
MACAU		4,172		0.0
MALAYSIA		213,521		0.2
MALTA		6,957		0.0
MEXICO		300,877		0.3
MONACO		5,370		0.0
NETHERLANDS		1,050,811		0.9
NEW ZEALAND		116,742		0.1
NORWAY		233,877		0.2
PAKISTAN		5,092		0.0
PANAMA		7,834		0.0
PERU		46,247		0.0
PHILIPPINES		160,309		0.1
POLAND		71,668		0.1
PORTUGAL		45,414		0.0
PUERTO RICO		29,990		0.0
QATAR		43,403		0.0
ROMANIA		3,658		0.0
RUSSIA		268,528		0.2
SINGAPORE		583,186		0.5
SOUTH AFRICA		494,761		0.4
SPAIN		458,833		0.4
SWEDEN		561,552		0.5
SWITZERLAND		1,839,437		1.6
TAIWAN		1,060,057		0.9
THAILAND		192,928		0.2
TURKEY		100,637		0.1
UNITED ARAB EMIRATES		72,835		0.1
UNITED KINGDOM		4,445,458		3.9
VIETNAM		2,036		0.0
TOTAL FOREIGN		34,253,499		29.6

TOTAL PORTFOLIO	$	114,409,461		100.0	%

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Global Equities Account ■ June 30, 2016

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
ARGENTINA			$	7,575		0.0	%
AUSTRALIA				337,395		1.9
AUSTRIA				3,707		0.0
BELGIUM				54,203		0.3
BERMUDA				6,035		0.0
BRAZIL				7,622		0.0
CANADA				633,990		3.6
CHILE				3,526		0.0
CHINA				24,156		0.1
DENMARK
	1,593,525	Novo Nordisk AS		85,816		0.5
		Other		108,562		0.6
				194,378		1.1
FINLAND				86,553		0.5
FRANCE
	1,881,089	Total S.A.		90,209		0.5
		Other		435,150		2.4
				525,359		2.9
GERMANY				381,401		2.1
HONG KONG				180,067		1.0
INDIA				67,682		0.4
IRELAND				160,409		0.9
ISRAEL				38,046		0.2
ITALY				138,262		0.8
JAPAN
	1,456,567	Toyota Motor Corp		71,807		0.4
		Other		1,373,124		7.7
				1,444,931		8.1
JERSEY, C.I.				1,294		0.0
JORDAN				365		0.0
KOREA, REPUBLIC OF				25,646		0.1
LUXEMBOURG				26,754		0.2
MACAU				591		0.0
MALAYSIA				15,317		0.1
MEXICO				10,720		0.1

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Global Equities Account ■ June 30, 2016

Shares			Company	Value (000)		% of net assets
NETHERLANDS
	6,350,230		ING Groep NV	$	65,699		0.4	%
			Other		261,660		1.4
					327,359		1.8
NEW ZEALAND					9,733		0.1
NORWAY					78,949		0.4
PHILIPPINES					27,055		0.2
PORTUGAL					12,400		0.1
RUSSIA					22,721		0.1
SINGAPORE
	473,713		Broadcom Ltd		73,615		0.4
			Other		51,300		0.3
					124,915		0.7
SOUTH AFRICA					22,254		0.1
SPAIN					130,852		0.7
SWEDEN					138,852		0.8
SWITZERLAND
	1,576,217		Nestle S.A.		122,123		0.7
	1,592,961		Novartis AG.		131,480		0.7
	341,836		Roche Holding AG.		90,204		0.5
			Other		279,187		1.6
					622,994		3.5
TAIWAN					50,757		0.3
THAILAND					5,846		0.0
UNITED ARAB EMIRATES					2,949		0.0
UNITED KINGDOM
	1,036,822		British American Tobacco plc		67,216		0.4
	3,980,154		GlaxoSmithKline plc		85,474		0.5
			Other		1,065,435		6.0
					1,218,125		6.9
UNITED STATES
	2,295,885		Abbott Laboratories		90,251		0.5
	485,902	*	Allergan plc		112,287		0.6
	131,037	*	Alphabet, Inc (Class A)		92,188		0.5
	259,306	*	Alphabet, Inc (Class C)		179,466		1.0
	220,455	*	Amazon.com, Inc		157,762		0.9
	3,105,982		Apple, Inc		296,932		1.7
	2,839,122		AT&T, Inc		122,678		0.7
	7,688,173		Bank of America Corp		102,022		0.6
	885,184		Bristol-Myers Squibb Co		65,105		0.4
	1,201,209		Chevron Corp		125,923		0.7
	749,340		Chubb Ltd		97,946		0.6
	3,097,905		Cisco Systems, Inc		88,879		0.5

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Global Equities Account ■ June 30, 2016

Shares			Company			Value (000)		% of net assets
UNITED STATES—continued
	1,674,474		Citigroup, Inc			$	70,981		0.4	%
	2,489,578		Coca-Cola Co				112,853		0.6
	2,680,645		Comcast Corp (Class A)				174,751		1.0
	837,252		CVS Health Corp				80,158		0.5
	1,415,462		Dow Chemical Co				70,363		0.4
	1,252,295		EOG Resources, Inc				104,466		0.6
	2,037,836	d	Exxon Mobil Corp				191,027		1.1
	1,144,498	*	Facebook, Inc				130,793		0.7
	3,544,250		General Electric Co				111,573		0.6
	758,068		Gilead Sciences, Inc				63,238		0.4
	890,961		Home Depot, Inc				113,767		0.6
	842,533		Honeywell International, Inc				98,003		0.6
	1,167,186		Johnson & Johnson				141,580		0.8
	2,583,562		JPMorgan Chase & Co				160,542		0.9
	3,329,571		Microsoft Corp				170,374		1.0
	1,465,240		Mondelez International, Inc				66,683		0.4
	1,103,372		Occidental Petroleum Corp				83,371		0.5
	2,681,473		Oracle Corp				109,753		0.6
	3,586,954		Pfizer, Inc				126,297		0.6
	920,460		Philip Morris International, Inc				93,629		0.5
	1,344,724		Procter & Gamble Co				113,858		0.6
	726,863		Union Pacific Corp				63,419		0.4
	654,410		UnitedHealth Group, Inc				92,403		0.5
	1,245,617		Verizon Communications, Inc				69,555		0.4
	1,653,453		Visa, Inc (Class A)				122,637		0.6
	3,961,059		Wells Fargo & Co				187,477		1.0
			Other				6,079,586		34.0
							10,534,576		59.0
				TOTAL COMMON STOCKS	(Cost $17,007,462)		17,706,321		99.1

RIGHTS / WARRANTS
HONG KONG							55		0.0
SPAIN							144		0.0
UNITED STATES							1		0.0
				TOTAL RIGHTS / WARRANTS	(Cost $303)		200		0.0

Principal			Issuer

SHORT-TERM INVESTMENTS
TREASURY DEBT							85,763		0.5

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT							120,000		0.7

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	concluded

CREF Global Equities Account ■ June 30, 2016

	Principal		Issuer			Value (000)		% of net assets
REPURCHASE AGREEMENTS
$	192,000,000	q	Barclays	0.420%, 07/01/16	$	192,000		1.1	%
	65,000,000	r	Royal Bank of Scotland	0.400%, 07/05/16		65,000		0.3
		s	Other Repurchase Agreements	0.400%–0.440%, 07/01/16		110,000		0.6
						367,000		2.0
VARIABLE RATE SECURITIES						22,105		0.1
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					509,105		2.8
			TOTAL SHORT-TERM INVESTMENTS	(Cost $595,024)		594,868		3.3

			TOTAL PORTFOLIO	(Cost $17,602,789)		18,301,389		102.4
			OTHER ASSETS & LIABILITIES, NET			(443,478	)	(2.4	)
			NET ASSETS		$	17,857,911		100.0	%

*	Non-income producing
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
q	Agreement with Barclays, 0.42% dated 6/30/16 to be repurchased at $192,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $195,840,000.
r	Agreement with Royal Bank of Scotland, 0.40% dated 6/28/16 to be repurchased at $65,000,000 on 7/05/16, collateralized by U.S. Government Agency Securities valued at $66,304,000.
s	Agreements, 0.40%–0.44% dated 6/30/16 to be repurchased at $110,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $112,201,000.

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

At 6/30/16, the aggregate value of securities on loan is $501,620,000.

At 6/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $122,316,000 or 0.7% 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 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary of market values by sector (unaudited)

CREF Global Equities Account ■ June 30, 2016

Sector	Value (000)			% of net assets
FINANCIALS	$	3,103,898			17.2	%
INFORMATION TECHNOLOGY		2,653,074			14.9
HEALTH CARE		2,513,018			14.1
CONSUMER DISCRETIONARY		2,503,942			14.0
INDUSTRIALS		1,908,472			10.7
CONSUMER STAPLES		1,904,223			10.7
ENERGY		1,390,298			7.8
MATERIALS		782,104			4.4
UTILITIES		477,284			2.7
TELECOMMUNICATION SERVICES		470,208			2.6
SHORT-TERM INVESTMENTS		594,868			3.3
OTHER ASSETS & LIABILITIES, NET		(443,478	)		(2.4	)
NET ASSETS	$	17,857,911			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Growth Account ■ June 30, 2016

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,712,348		Delphi Automotive plc	$	107,193		0.5	%
			Other		138,768		0.7
					245,961		1.2
BANKS					43,759		0.2
CAPITAL GOODS
	1,001,473		3M Co		175,378		0.8
	757,050		Boeing Co		98,318		0.5
	1,928,364		Honeywell International, Inc		224,307		1.1
	721,445		Northrop Grumman Corp		160,363		0.8
			Other		763,306		3.7
					1,421,672		6.9
COMMERCIAL & PROFESSIONAL SERVICES
	2,955,389		Nielsen NV		153,592		0.7
	1,308,654	*	Verisk Analytics, Inc		106,106		0.5
			Other		135,286		0.7
					394,984		1.9
CONSUMER DURABLES & APPAREL					424,447		2.0
CONSUMER SERVICES
	3,222,327	*	Norwegian Cruise Line Holdings Ltd		128,378		0.6
	4,773,405		Starbucks Corp		272,657		1.3
			Other		477,806		2.3
					878,841		4.2
DIVERSIFIED FINANCIALS
	1,009,500	e	iShares Russell 1000 Growth Index Fund		101,314		0.5
			Other		296,926		1.4
					398,240		1.9
ENERGY
	1,400,293		EOG Resources, Inc		116,813		0.6
			Other		97,940		0.4
					214,753		1.0
FOOD & STAPLES RETAILING
	1,113,689		Costco Wholesale Corp		174,894		0.8
	1,371,272		CVS Health Corp		131,285		0.6
			Other		129,384		0.6
					435,563		2.0
FOOD, BEVERAGE & TOBACCO
	2,197,253		Altria Group, Inc		151,522		0.7
	2,867,411		Coca-Cola Co		129,980		0.6
	1,436,897	*	Monster Beverage Corp		230,924		1.1
			Other		574,438		2.8
					1,086,864		5.2

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Growth Account ■ June 30, 2016

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	2,223,438	*	Cerner Corp	$	130,294		0.6	%
	267,946	*	Intuitive Surgical, Inc		177,222		0.9
	999,406		UnitedHealth Group, Inc		141,116		0.7
			Other		741,227		3.5
					1,189,859		5.7
HOUSEHOLD & PERSONAL PRODUCTS
	2,043,802		Estee Lauder Cos (Class A)		186,027		0.9
			Other		45,234		0.2
					231,261		1.1
INSURANCE					111,060		0.5
MATERIALS
	1,901,517		Monsanto Co		196,636		0.9
	1,442,837		PPG Industries, Inc		150,271		0.7
			Other		510,289		2.5
					857,196		4.1
MEDIA
	6,615,527		Comcast Corp (Class A)		431,266		2.1
	1,890,477		Time Warner, Inc		139,026		0.7
	2,511,443		Walt Disney Co		245,669		1.2
			Other		311,706		1.5
					1,127,667		5.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,127,194	*	Alexion Pharmaceuticals, Inc		131,611		0.6
	1,140,155	*	Allergan plc		263,478		1.3
	850,678		Amgen, Inc		129,431		0.6
	2,853,122		Bristol-Myers Squibb Co		209,847		1.0
	3,391,452	*	Celgene Corp		334,499		1.6
	2,614,199		Gilead Sciences, Inc		218,076		1.0
	3,473,872		Zoetis Inc		164,870		0.8
			Other		698,720		3.3
					2,150,532		10.2
REAL ESTATE					244,966		1.2
RETAILING
	1,027,416	*	Amazon.com, Inc		735,239		3.5
	1,054,176		Expedia, Inc		112,059		0.5
	2,588,932		Home Depot, Inc		330,581		1.6
	1,897,867		Lowe’s Companies, Inc		150,254		0.7
			Other		790,086		3.8
					2,118,219		10.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	929,719		Broadcom Ltd		144,478		0.7
			Other		257,832		1.2
					402,310		1.9

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Growth Account ■ June 30, 2016

Shares			Company			Value (000)			% of net assets
SOFTWARE & SERVICES
	3,591,329	*	Adobe Systems, Inc			$	344,013			1.7	%
	502,999	*	Alphabet, Inc (Class A)				353,875			1.7
	870,479	*	Alphabet, Inc (Class C)				602,459			2.9
	5,105,176	*	Facebook, Inc				583,419			2.8
	3,438,291		Intuit, Inc				383,748			1.8
	2,926,444		Mastercard, Inc (Class A)				257,703			1.2
	13,492,362		Microsoft Corp				690,404			3.3
	2,601,365	*	PayPal Holdings, Inc				94,976			0.5
	3,207,532	*	Salesforce.com, Inc				254,710			1.2
	6,526,874		Visa, Inc (Class A)				484,098			2.3
			Other				1,244,999			5.9
							5,294,404			25.3
TECHNOLOGY HARDWARE & EQUIPMENT
	8,202,546	d	Apple, Inc				784,163			3.8
			Other				51,382			0.2
							835,545			4.0
TELECOMMUNICATION SERVICES							223,997			1.1
TRANSPORTATION
	1,615,003		Union Pacific Corp				140,909			0.7
			Other				339,733			1.6
							480,642			2.3
UTILITIES							2,217			0.0
				TOTAL COMMON STOCKS	(Cost $17,684,618)		20,814,959			99.5

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT							24,597			0.1
TREASURY DEBT							125,632			0.6

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	435,291,380	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust				435,291			2.1
							435,291			2.1
				TOTAL SHORT-TERM INVESTMENTS	(Cost $585,515)		585,520			2.8

				TOTAL PORTFOLIO	(Cost $18,270,133)		21,400,479			102.3
				OTHER ASSETS & LIABILITIES, NET			(486,783	)		(2.3	)
				NET ASSETS		$	20,913,696			100.0	%

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Growth Account ■ June 30, 2016

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated 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 $428,450,000.

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

At 6/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $50,821,000 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Equity Index Account ■ June 30, 2016

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	159,046		1.0	%
BANKS
	7,653,866	Bank of America Corp		101,567		0.6
	2,186,446	Citigroup, Inc		92,683		0.6
	2,710,959	JPMorgan Chase & Co		168,459		1.0
	3,410,582	Wells Fargo & Co		161,423		1.0
		Other		380,767		2.3
				904,899		5.5
CAPITAL GOODS
	438,061	3M Co		76,713		0.5
	6,853,281	General Electric Co		215,741		1.3
	566,565	Honeywell International, Inc		65,903		0.4
	577,849	United Technologies Corp		59,259		0.4
		Other		809,447		4.9
				1,227,063		7.5
COMMERCIAL & PROFESSIONAL SERVICES				173,638		1.1
CONSUMER DURABLES & APPAREL				262,623		1.6
CONSUMER SERVICES
	651,910	McDonald’s Corp		78,451		0.5
	1,062,143	Starbucks Corp		60,669		0.4
		Other		218,596		1.3
				357,716		2.2
DIVERSIFIED FINANCIALS				561,790		3.4
ENERGY
	1,400,044	Chevron Corp		146,767		0.9
	3,087,526	Exxon Mobil Corp		289,425		1.8
	1,036,312	Schlumberger Ltd		81,951		0.5
		Other		592,751		3.6
				1,110,894		6.8
FOOD & STAPLES RETAILING
	799,104	CVS Health Corp		76,506		0.5
	1,126,393	Wal-Mart Stores, Inc		82,249		0.5
		Other		177,438		1.1
				336,193		2.1
FOOD, BEVERAGE & TOBACCO
	1,448,932	Altria Group, Inc		99,918		0.6
	2,897,162	Coca-Cola Co		131,328		0.8
	1,075,424	PepsiCo, Inc		113,931		0.7
	1,150,138	Philip Morris International, Inc		116,992		0.7
		Other		414,521		2.5
				876,690		5.3

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2016

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	1,044,324		Medtronic plc	$	90,616		0.6	%
	698,049		UnitedHealth Group, Inc		98,564		0.6
			Other		693,043		4.2
					882,223		5.4
HOUSEHOLD & PERSONAL PRODUCTS
	1,984,296		Procter & Gamble Co		168,010		1.0
			Other		141,365		0.9
					309,375		1.9
INSURANCE
	1,404,516	*	Berkshire Hathaway, Inc (Class B)		203,360		1.2
			Other		462,334		2.8
					665,694		4.0
MATERIALS					535,324		3.3
MEDIA
	1,794,423		Comcast Corp (Class A)		116,978		0.7
	1,208,288		Walt Disney Co		118,195		0.7
			Other		254,429		1.6
					489,602		3.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,211,353		AbbVie, Inc		74,995		0.5
	294,259	*	Allergan plc		68,000		0.4
	559,399		Amgen, Inc		85,112		0.5
	1,237,854		Bristol-Myers Squibb Co		91,044		0.6
	989,254		Gilead Sciences, Inc		82,524		0.5
	2,039,744		Johnson & Johnson		247,421		1.5
	2,063,097		Merck & Co, Inc		118,855		0.7
	4,474,747		Pfizer, Inc		157,556		1.0
			Other		506,095		3.0
					1,431,602		8.7
REAL ESTATE					775,076		4.7
RETAILING
	289,647	*	Amazon.com, Inc		207,277		1.3
	926,578		Home Depot, Inc		118,315		0.7
			Other		501,203		3.0
					826,795		5.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,501,435		Intel Corp		114,847		0.7
	1,093,542		Qualcomm, Inc		58,581		0.4
			Other		271,401		1.5
					444,829		2.6

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2016

Shares			Company			Value (000)			% of net assets
SOFTWARE & SERVICES
	218,622	*	Alphabet, Inc (Class A)			$	153,807			0.9	%
	220,979	*	Alphabet, Inc (Class C)				152,940			0.9
	1,671,062	*	Facebook, Inc				190,969			1.2
	654,718		International Business Machines Corp				99,373			0.6
	724,224		Mastercard, Inc (Class A)				63,775			0.4
	5,653,874		Microsoft Corp				289,309			1.8
	2,236,085		Oracle Corp				91,523			0.6
	1,428,548		Visa, Inc (Class A)				105,955			0.7
			Other				764,508			4.5
							1,912,159			11.6
TECHNOLOGY HARDWARE & EQUIPMENT
	4,087,212		Apple, Inc				390,737			2.4
	3,728,835		Cisco Systems, Inc				106,980			0.7
			Other				284,438			1.7
							782,155			4.8
TELECOMMUNICATION SERVICES
	4,588,104		AT&T, Inc				198,252			1.2
	3,038,873		Verizon Communications, Inc				169,691			1.0
			Other				66,282			0.5
							434,225			2.7
TRANSPORTATION							317,932			1.9
UTILITIES							607,142			3.7
				TOTAL COMMON STOCKS	(Cost $9,196,778)		16,384,685			99.8

RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							17			0.0
TELECOMMUNICATION SERVICES							118			0.0
				TOTAL RIGHTS / WARRANTS	(Cost $119)		135			0.0

Principal			Issuer

SHORT-TERM INVESTMENTS
TREASURY DEBT							13,193			0.1

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	531,235,069	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust				531,235			3.2
							531,235			3.2
				TOTAL SHORT-TERM INVESTMENTS	(Cost $544,429)		544,428			3.3

				TOTAL PORTFOLIO	(Cost $9,741,326)		16,929,248			103.1
				OTHER ASSETS & LIABILITIES, NET			(515,386	)		(3.1	)
				NET ASSETS		$	16,413,862			100.0	%

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Equity Index Account ■ June 30, 2016

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

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

At 6/30/16, the aggregate value of securities on loan is $520,504,000.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Bond Market Account ■ June 30, 2016

		Value		% of net
Principal	Issuer	(000)		assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS		$	1,079		0.0	%
CAPITAL GOODS			983		0.0
COMMERCIAL & PROFESSIONAL SERVICES			3,001		0.0
CONSUMER DURABLES & APPAREL			1,188		0.0
CONSUMER SERVICES			6,527		0.1
DIVERSIFIED FINANCIALS			1,881		0.0
ENERGY			1,853		0.0
FOOD & STAPLES RETAILING			4,990		0.0
FOOD, BEVERAGE & TOBACCO			2,001		0.0
HEALTH CARE EQUIPMENT & SERVICES			5,489		0.0
MATERIALS			8,153		0.1
MEDIA			15,437		0.1
REAL ESTATE			5,571		0.0
RETAILING			4,311		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			5,988		0.1
SOFTWARE & SERVICES			9,946		0.1
TECHNOLOGY HARDWARE & EQUIPMENT			6,123		0.1
TELECOMMUNICATION SERVICES			1,003		0.0
	TOTAL BANK LOAN OBLIGATIONS (Cost $85,714)		85,524		0.6

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS			47,542		0.3
BANKS			741,947		5.3
CAPITAL GOODS			93,646		0.7
COMMERCIAL & PROFESSIONAL SERVICES			165,688		1.2
CONSUMER DURABLES & APPAREL			32,680		0.2
CONSUMER SERVICES			171,511		1.1
DIVERSIFIED FINANCIALS			599,005		4.3
ENERGY			424,437		3.0
FOOD & STAPLES RETAILING			127,938		0.9
FOOD, BEVERAGE & TOBACCO			148,614		1.1
HEALTH CARE EQUIPMENT & SERVICES			125,711		0.9
HOUSEHOLD & PERSONAL PRODUCTS			25,402		0.2


50	2016 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Bond Market Account ■ June 30, 2016

						Value		% of net
Principal			Issuer			(000)		assets
INSURANCE						$	241,220		1.7	%
MATERIALS							164,985		1.2
MEDIA							225,043		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							195,472		1.4
REAL ESTATE							161,407		1.2
RETAILING							86,643		0.6
SOFTWARE & SERVICES							89,196		0.6
TECHNOLOGY HARDWARE & EQUIPMENT							68,980		0.4
TELECOMMUNICATION SERVICES							240,740		1.7
TRANSPORTATION							150,004		1.0
UTILITIES							487,172		3.6
			TOTAL CORPORATE BONDS		(Cost $4,603,163)		4,814,983		34.2

GOVERNMENT BONDS
AGENCY SECURITIES
$	148,990,000		Private Export Funding Corp (PEFCO)	1.375%–4.375%, 02/15/17-11/15/22			156,856		1.1
			Other				92,576		0.6
							249,432		1.7
FOREIGN GOVERNMENT BONDS							826,622		5.9
MORTGAGE BACKED
	85,786,276		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500%, 10/01/45		91,666		0.7
	67,247,728		FGLMC		4.000%, 12/01/45		73,252		0.5
	144,650,403		FGLMC	3.500%–8.000%, 12/01/16–07/15/46			158,444		1.1
	50,000,000	h	Federal National Mortgage Association (FNMA)		2.500%, 07/25/31		51,730		0.4
	73,000,000	g,h	FNMA		3.000%, 07/25/31		76,540		0.5
	58,000,000	h	FNMA		2.500%, 08/25/31		59,917		0.4
	80,000,000	h	FNMA		3.000%, 08/25/31		83,792		0.6
	54,859,609		FNMA		4.000%, 01/01/46		59,851		0.4
	68,902,428		FNMA		3.500%, 03/01/46		72,734		0.5
	119,610,594		FNMA		3.500%, 06/01/46		126,296		0.9
	85,000,000	h	FNMA		3.000%, 08/25/46		88,048		0.6
	104,000,000	h	FNMA		4.000%, 08/25/46		111,388		0.8
	50,000,000	h	FNMA		4.500%, 08/25/46		54,544		0.4
	55,000,000	h	FNMA		3.000%, 09/25/46		56,852		0.4
	46,000,000	h	FNMA		4.000%, 09/25/46		49,203		0.4
	1,147,165,725		FNMA	0.803%–9.000%, 03/01/23–08/25/46			1,210,337		8.6
	96,314,446		Government National Mortgage Association (GNMA)		3.500%, 05/20/46		102,386		0.7
	58,084,912		GNMA		4.000%, 05/20/46		62,196		0.4
	112,000,000	h	GNMA		3.000%, 08/20/46		116,830		0.8
	50,000,000	h	GNMA		3.000%, 09/20/46		52,039		0.4
	244,176,992		GNMA	2.176%–9.500%, 09/15/16–09/20/46			226,646		1.7
			Other				111,778		0.9
							3,096,469		22.1


See notes to financial statements	College Retirement Equities Fund ■ 2016 Semiannual Report	51

Summary portfolio of investments (unaudited)	continued

CREF Bond Market Account ■ June 30, 2016

						Value		% of net
Principal			Issuer			(000)		assets
MUNICIPAL BONDS						$	318,503		2.3	%

U.S. TREASURY SECURITIES
$	49,175,000		United States Treasury Bond		5.250%, 02/15/29		69,546		0.5
	100,686,000		United States Treasury Bond		5.375%, 02/15/31		149,362		1.1
	65,602,000		United States Treasury Bond		4.500%, 02/15/36		94,500		0.7
	56,375,000		United States Treasury Bond		3.625%, 08/15/43		72,792		0.5
	81,710,000		United States Treasury Bond		2.875%, 08/15/45		91,777		0.7
	135,500,000		United States Treasury Bond		2.500%, 05/15/46		141,359		1.0
	148,284,000		United States Treasury Bond	2.500%–5.250%, 11/15/28–02/15/46			183,740		1.3
	70,945,000		United States Treasury Note		0.875%, 03/31/18		71,297		0.5
	189,665,000	p	United States Treasury Note		0.875%, 07/15/18		190,695		1.4
	75,775,000		United States Treasury Note		1.000%, 03/15/19		76,426		0.5
	130,487,000		United States Treasury Note		1.625%, 07/31/20		134,208		1.0
	67,435,000		United States Treasury Note		1.375%, 04/30/21		68,610		0.5
	133,872,000		United States Treasury Note		8.000%, 11/15/21		182,301		1.3
	73,000,000		United States Treasury Note		1.750%, 02/28/22		75,461		0.5
	106,110,000		United States Treasury Note		1.875%, 08/31/22		110,317		0.8
	125,965,000		United States Treasury Note		1.750%, 09/30/22		129,990		0.9
	74,890,000		United States Treasury Note		1.625%, 05/31/23		76,596		0.6
	132,710,000		United States Treasury Note		1.625%, 05/15/26		134,410		1.0
	391,056,200		United States Treasury Note	0.500%–3.125%, 07/31/16–04/30/23			397,697		2.7
							2,451,084		17.5
			TOTAL GOVERNMENT BONDS		(Cost $6,708,428)		6,942,110		49.5

STRUCTURED ASSETS
ASSET BACKED
	66,504,137	g	Domino’s Pizza Master Issuer LLC Series - 2012 1A (Class A2)		5.216%, 01/25/42		68,446		0.5
	79,872,000		Santander Drive Auto Receivables Trust Series - 2013 5 (Class C)		2.250%, 06/17/19		80,375		0.6
	68,304,897	g	SpringCastle America Funding LLC Series - 2014 AA (Class A)		2.700%, 05/25/23		68,538		0.5
			Other				552,024		3.9
							769,383		5.5
OTHER MORTGAGE BACKED
	88,795,000	g	Wachovia Bank Commercial Mortgage Trust Series - 2007 C32 (Class AMFX)		5.703%, 06/15/49		91,172		0.7
			Other				1,136,138		8.1
							1,227,310		8.8
			TOTAL STRUCTURED ASSETS		(Cost $2,007,373)		1,996,693		14.3
			TOTAL BONDS		(Cost $13,318,964)		13,753,786		98.0


52	2016 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

CREF Bond Market Account ■ June 30, 2016

							Value	% of net
Shares		Company					(000)	assets
PREFERRED STOCKS
BANKS						$	8,920	0.1	%
		TOTAL PREFERRED STOCKS			(Cost $49,941)		8,920	0.1

Principal		Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	58,798,000	Federal Home Loan Bank (FHLB)		0.335%, 07/06/16			58,797	0.4
	61,900,000	FHLB		0.340%–0.345%, 07/22/16			61,894	0.4
	50,000,000	FHLB		0.400%, 08/12/16			49,985	0.4
	173,794,000	FHLB		0.270%–0.451%, 07/12/16–09/07/16			173,752	1.2
		Other					14,114	0.1
							358,542	2.5
TREASURY DEBT
	204,500,000	United States Treasury Bill		0.201%–0.447%, 07/21/16			204,479	1.4
	135,000,000	United States Treasury Bill		0.196%–0.253%, 08/04/16			134,973	1.0
	148,300,000	United States Treasury Bill		0.302%–0.377%, 08/18/16			148,255	1.1
	50,000,000	United States Treasury Bill		0.261%, 09/01/16			49,979	0.4
	50,000,000	United States Treasury Bill		0.195%, 09/08/16			49,981	0.4
	116,000,000	United States Treasury Bill		0.210%–0.241%, 09/22/16			115,935	0.8
	67,800,000	United States Treasury Bill		0.236%–0.321%, 09/29/16			67,756	0.5
	50,000,000	United States Treasury Bill		0.323%, 10/06/16			49,965	0.4
		Other					80,543	0.5
							901,866	6.5
		TOTAL SHORT-TERM INVESTMENTS			(Cost $1,260,322)		1,260,408	9.0

		TOTAL PORTFOLIO			(Cost $14,714,941)		15,108,638	107.7
		OTHER ASSETS & LIABILITIES, NET					(1,076,784)	(7.7	)

			NET ASSETS			$	14,031,854	100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the aggregate value of these securities, including those in “Other,” is $1,927,070,000 or 13.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
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 Semiannual Report

Portfolio of investments (unaudited)

CREF Inflation-Linked Bond Account ■ June 30, 2016

					Value		% of net
Principal			Issuer		(000)		assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	18,000,000		Montefiore Medical Center	2.895%, 04/20/32	$	18,638		0.3	%
	3,500,000		Private Export Funding Corp (PEFCO)	2.300%, 09/15/20		3,602		0.0
	3,000,000		PEFCO	3.250%, 06/15/25		3,326		0.1
	3,500,000		Ukraine Government AID Bonds	1.847%, 05/29/20		3,583		0.0
						29,149		0.4
MORTGAGE BACKED
	13,936,117		Government National Mortgage
			Association (GNMA)	3.650%, 02/15/32		15,538		0.2
						15,538		0.2
U.S. TREASURY SECURITIES
	45,087,440	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17		45,929		0.6
	247,428,194	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17		248,971		3.6
	140,471,008	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17		146,212		2.1
	148,504,095	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18		154,123		2.2
	406,811,328	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/18		412,882		6.0
	150,429,216	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18		157,778		2.3
	147,634,150	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19		158,382		2.3
	237,876,690	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/19		242,919		3.5
	137,807,970	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19		149,120		2.2
	226,008,918	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20		241,359		3.5
	445,897,845	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/20		456,227		6.6
	292,474,446	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		314,326		4.6
	364,096,525	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		389,484		5.6
	126,673,425	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/21		129,820		1.9
	345,804,120	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		364,071		5.3
	344,541,301	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		351,235		5.1
	402,584,490	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		411,674		6.0
	272,573,200	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		276,211		4.0
	85,319,850	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		88,245		1.2
	78,176,075	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24		81,858		1.2
	95,711,550	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24		96,695		1.4
	73,730,000	k	United States Treasury Inflation Indexed Bonds	0.250%, 01/15/25		74,877		1.1
	256,690,189	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		306,558		4.4
	77,675,290	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/25		80,004		1.2
	109,739,020	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/26		115,585		1.7
	214,933,339	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		252,913		3.7
	161,565,888	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		198,351		2.9
	191,154,060	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		223,533		3.2
	118,361,777	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		163,805		2.4
	181,506,438	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		230,015		3.2
	152,925,917	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		220,293		3.2
	11,806,202	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		17,292		0.2
						6,800,747		98.4
			TOTAL GOVERNMENT BONDS (Cost $6,414,144)			6,845,434		99.0


54	2016 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Portfolio of investments (unaudited)	concluded

CREF Inflation-Linked Bond Account ■ June 30, 2016

				Value		% of net
Principal		Issuer		(000)		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	18,200,000	Federal Home Loan Bank (FHLB)	0.250%, 07/01/16	$	18,200		0.3	%
	18,150,000	FHLB	0.150%, 07/08/16		18,150		0.3
	7,400,000	FHLB	0.250%, 07/27/16		7,399		0.0
					43,749		0.6
		TOTAL SHORT-TERM INVESTMENTS	(Cost $43,748)		43,749		0.6

		TOTAL PORTFOLIO	(Cost $6,457,892)		6,889,183		99.6
		OTHER ASSETS & LIABILITIES, NET			24,981		0.4
		NET ASSETS		$	6,914,164		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 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Social Choice Account ■ June 30, 2016

					Value		% of net
	Principal		Issuer		(000)		assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS					$	3,013	0.0	%
CONSUMER SERVICES						13,167	0.1
ENERGY						17,400	0.1
MEDIA						3,167	0.0
RETAILING						2,574	0.0
TECHNOLOGY HARDWARE & EQUIPMENT						9,962	0.1
UTILITIES						22,348	0.2
			TOTAL BANK LOAN OBLIGATIONS	(Cost $74,373)		71,631	0.5

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS						16,256	0.1
BANKS
$	51,000,000		Bank of America Corp	1.950%, 05/12/18		51,300	0.4
			Other			268,771	2.0
						320,071	2.4
CAPITAL GOODS						51,074	0.4
COMMERCIAL & PROFESSIONAL SERVICES						27,906	0.2
CONSUMER SERVICES						73,766	0.6
DIVERSIFIED FINANCIALS						106,339	0.8
ENERGY						108,292	0.8
FOOD & STAPLES RETAILING						9,030	0.1
FOOD, BEVERAGE & TOBACCO						23,554	0.2
HEALTH CARE EQUIPMENT & SERVICES						26,425	0.2
INSURANCE						45,402	0.3
MATERIALS						51,532	0.4
MEDIA						30,469	0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						28,666	0.2
REAL ESTATE						53,348	0.4
TECHNOLOGY HARDWARE & EQUIPMENT						21,810	0.2
TELECOMMUNICATION SERVICES						3,340	0.0
TRANSPORTATION						78,885	0.6
UTILITIES
	39,250,000	e	Southern Power Co	4.150%, 12/01/25		42,464	0.3
			Other			284,117	2.1
						326,581	2.4
			TOTAL CORPORATE BONDS	(Cost $1,343,528)		1,402,746	10.5


56	2016 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Social Choice Account ■ June 30, 2016

						Value		% of net
Principal			Issuer			(000)		assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	169,705,456		Overseas Private Investment
			Corp (OPIC)	0.000%–3.938%, 04/30/17–07/31/33		$	183,121		1.4	%
			Other				395,653		2.8
							578,774		4.2
FOREIGN GOVERNMENT BONDS
	45,000,000		Inter-American Development Bank		1.185%, 07/09/18		45,366		0.3
			Other				606,971		4.6
							652,337		4.9
MORTGAGE BACKED
	43,541,255		Federal National Mortgage
			Association (FNMA)		3.500%, 06/01/46		45,975		0.3
	662,306,268		FNMA	0.803%–8.000%, 03/01/23–09/25/46			704,718		5.2
	39,902,252		Government National Mortgage
			Association (GNMA)		3.500%, 05/20/46		42,418		0.3
	44,000,000	h	GNMA		3.000%, 08/20/46		45,897		0.3
	173,003,840		GNMA	2.300%–9.000%, 12/15/17–09/20/46			169,096		1.3
			Other				139,271		1.1
							1,147,375		8.5
MUNICIPAL BONDS
	38,830,000		State of California		3.750%, 10/01/37		42,271		0.3
			Other				476,374		3.6
							518,645		3.9
U.S. TREASURY SECURITIES
	105,945,000		United States Treasury Bond		3.000%, 11/15/45		121,924		0.9
	75,250,000		United States Treasury Note		1.625%, 05/15/26		76,214		0.6
	143,014,500		United States Treasury Note	0.500%–2.000%, 07/15/16–03/31/23			145,100		1.1
			Other				21,355		0.1
							364,593		2.7
			TOTAL GOVERNMENT BONDS		(Cost $3,142,937)		3,261,724		24.2

STRUCTURED ASSETS
ASSET BACKED							221,984		1.7
OTHER MORTGAGE BACKED							274,913		2.0
			TOTAL STRUCTURED ASSETS		(Cost $498,877)		496,897		3.7
			TOTAL BONDS		(Cost $4,985,342)		5,161,367		38.4

Shares			Company

COMMON STOCKS
AUTOMOBILES & COMPONENTS							199,160		1.5


See notes to financial statements	College Retirement Equities Fund ■ 2016 Semiannual Report	57

Summary portfolio of investments (unaudited)	continued

CREF Social Choice Account ■ June 30, 2016

			Value		% of net
Shares		Company	(000)		assets
BANKS
	1,079,237	US Bancorp	$	43,526		0.3	%
		Other		457,495		3.4
				501,021		3.7
CAPITAL GOODS
	313,947	3M Co		54,978		0.4
	428,149	Danaher Corp		43,243		0.3
		Other		446,999		3.3
				545,220		4.0
COMMERCIAL & PROFESSIONAL SERVICES				80,637		0.6
CONSUMER DURABLES & APPAREL
	799,923	Nike, Inc (Class B)		44,156		0.3
		Other		95,392		0.7
				139,548		1.0
CONSUMER SERVICES
	443,571	McDonald’s Corp		53,379		0.4
	845,181	Starbucks Corp		48,277		0.4
		Other		75,364		0.6
				177,020		1.4
DIVERSIFIED FINANCIALS				404,303		3.0
ENERGY				545,217		4.1
FOOD & STAPLES RETAILING				65,738		0.5
FOOD, BEVERAGE & TOBACCO
	1,255,662	Coca-Cola Co		56,919		0.4
	984,215	Mondelez International, Inc		44,792		0.3
	627,548	PepsiCo, Inc		66,482		0.5
		Other		241,399		1.8
				409,592		3.0
HEALTH CARE EQUIPMENT & SERVICES				308,321		2.3
HOUSEHOLD & PERSONAL PRODUCTS
	1,005,172	Procter & Gamble Co		85,108		0.6
		Other		147,912		1.1
				233,020		1.7
INSURANCE
	334,058	Chubb Ltd		43,665		0.3
		Other		337,904		2.5
				381,569		2.8
MATERIALS				395,619		2.9
MEDIA
	686,662	Walt Disney Co		67,169		0.5
		Other		154,431		1.2
				221,600		1.7


58	2016 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Social Choice Account ■ June 30, 2016

				Value		% of net
Shares			Company	(000)		assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	350,900		Amgen, Inc	$	53,389		0.4	%
	802,956		Bristol-Myers Squibb Co		59,057		0.4
	633,366		Gilead Sciences, Inc		52,835		0.4
	932,017		Johnson & Johnson		113,054		0.8
	1,205,255		Merck & Co, Inc		69,435		0.5
	540,742		Novartis AG.		44,632		0.3
	167,441		Roche Holding AG.		44,184		0.3
			Other		360,046		2.7
					796,632		5.8
REAL ESTATE
	207,339		Simon Property Group, Inc		44,972		0.3
			Other		330,568		2.5
					375,540		2.8
RETAILING
	574,180		Lowe’s Companies, Inc		45,458		0.3
			Other		216,896		1.6
					262,354		1.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,018,045		Intel Corp		66,192		0.5
	703,463		Texas Instruments, Inc		44,072		0.3
			Other		80,897		0.6
					191,161		1.4
SOFTWARE & SERVICES
	392,547		Accenture plc		44,472		0.3
	95,663	*	Alphabet, Inc (Class A)		67,302		0.5
	96,888	*	Alphabet, Inc (Class C)		67,056		0.5
	402,587		International Business Machines Corp		61,105		0.5
	542,145		Mastercard, Inc (Class A)		47,741		0.4
	1,320,361		Microsoft Corp		67,563		0.5
	1,453,512		Oracle Corp		59,492		0.4
			Other		355,759		2.7
					770,490		5.8
TECHNOLOGY HARDWARE & EQUIPMENT
	2,241,115		Cisco Systems, Inc		64,298		0.5
			Other		197,853		1.5
					262,151		2.0
TELECOMMUNICATION SERVICES
	1,562,138		Verizon Communications, Inc		87,230		0.7
			Other		164,958		1.2
					252,188		1.9
TRANSPORTATION
	528,959		Union Pacific Corp		46,151		0.4
			Other		163,031		1.2
					209,182		1.6


See notes to financial statements	College Retirement Equities Fund ■ 2016 Semiannual Report	59

Summary portfolio of investments (unaudited)	continued

CREF Social Choice Account ■ June 30, 2016

					Value			% of net
Shares		Company			(000)			assets
UTILITIES					$	294,333			2.2	%
		TOTAL COMMON STOCKS		(Cost $6,473,498)		8,021,616			59.6

PREFERRED STOCKS
BANKS						19,676			0.2
		TOTAL PREFERRED STOCKS		(Cost $38,865)		19,676			0.2

RIGHTS / WARRANTS
ENERGY						302			0.0
		TOTAL RIGHTS / WARRANTS		(Cost $305)		302			0.0

Principal		Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	73,000,000	Federal Home Loan Bank (FHLB)		0.335%, 07/06/16		72,998			0.5
	44,000,000	FHLB		0.345%, 07/29/16		43,994			0.3
		Other				30,292			0.2
						147,284			1.0
TREASURY DEBT
	50,000,000	United States Treasury Bill		0.195%, 09/08/16		49,981			0.4
	137,800,000	United States Treasury Bill	0.210%–0.255%, 09/22/16			137,723			1.0
	65,100,000	United States Treasury Bill	0.236%–0.373%, 09/29/16			65,057			0.5
		Other				73,478			0.6
						326,239			2.5
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT						109,161			0.8
TREASURY DEBT
	46,000,000	United States Treasury Bill	0.270%–0.442%, 09/01/16			45,971			0.3
	50,000,000	United States Treasury Bill		0.251%, 09/29/16		49,969			0.4
	50,000,000	United States Treasury Bill		0.313%, 10/06/16		49,958			0.4
		Other				70,974			0.5
						216,872			1.6
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						326,033			2.4
		TOTAL SHORT-TERM INVESTMENTS		(Cost $799,534)		799,556			5.9

		TOTAL PORTFOLIO		(Cost $12,371,917)		14,074,148			104.6	%
		OTHER ASSETS & LIABILITIES, NET				(624,635	)		(4.6	)
		NET ASSETS			$	13,449,513			100.0	%


60	2016 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

CREF Social Choice Account ■ June 30, 2016

*	Non-income producing
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $329,607,000.
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 6/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $778,440,000 or 5.8% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Money Market Account ■ June 30, 2016

						Value		% of net
Principal			Issuer			(000)		assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
$	190,000,000		Banco Del Estado De Chile	0.570%–0.660%, 07/08/16–10/04/16		$	190,000		1.7	%
	135,000,000		Toronto-Dominion Bank	0.450%–0.590%, 07/19/16–09/29/16			135,000		1.2
							325,000		2.9
COMMERCIAL PAPER
	75,000,000	y	Apple, Inc		0.400%, 09/06/16		74,944		0.7
	229,600,000	y	Apple, Inc	0.420%–0.460%, 07/05/16–08/02/16			229,562		2.0
	185,000,000	y	Australia & New Zealand
			Banking Group Ltd	0.540%–0.690%, 07/26/16–10/03/16			184,827		1.6
	151,042,000	y	Fairway Finance Co LLC	0.490%–0.570%, 07/12/16–08/16/16			150,993		1.3
	70,000,000	y	Hydro-Quebec	0.500%–0.505%, 08/18/16			69,953		0.6
	141,800,000		Korea Development Bank	0.490%–0.730%, 07/01/16–10/04/16			141,712		1.3
	164,026,000	y	Microsoft Corp	0.400%–0.470%, 07/06/16–10/05/16			163,958		1.5
	60,000,000	y	Nestle Capital Corp	0.555%–0.560%, 08/23/16			59,951		0.5
	245,270,000	y	Nestle Capital Corp	0.540%–0.600%, 07/12/16–10/04/16			245,095		2.2
	121,411,000	y	Novartis Finance Corp	0.370%–0.520%, 07/01/16–08/22/16			121,377		1.1
	170,025,000	y	Old Line Funding LLC	0.470%–0.800%, 07/20/16–10/04/16			169,849		1.5
	55,000,000	y	Private Export Funding Corp	0.520%–0.530%, 08/03/16			54,973		0.5
	229,727,000		Province of British
			Columbia Canada	0.450%–0.720%, 07/05/16–10/03/16			229,610		2.0
	169,565,000		Province of Ontario Canada	0.380%–0.490%, 07/05/16–09/20/16			169,474		1.5
	159,140,000	y	Province of Quebec Canada	0.405%–0.600%, 07/06/16–10/06/16			159,060		1.4
	258,580,000	y	PSP Capital, Inc	0.480%–0.650%, 07/05/16–10/06/16			258,348		2.3
	218,000,000	y	Roche Holdings, Inc	0.400%–0.455%, 07/05/16–08/02/16			217,952		1.9
	137,300,000	y	Unilever Capital Corp	0.480%–0.520%, 07/05/16–08/08/16			137,255		1.2
			Other				922,377		8.2
							3,761,270		33.3
GOVERNMENT AGENCY DEBT
	239,440,000		Federal Agricultural
			Mortgage Corp (FAMC)	0.260%–0.520%, 07/11/16–12/16/16			239,154		2.1
	239,079,000		Federal Farm Credit
			Bank (FFCB)	0.360%–0.600%, 10/11/16–12/06/16			238,693		2.1
	65,920,000		Federal Home Loan Bank (FHLB)	0.280%–0.285%, 07/01/16			65,920		0.6
	107,600,000		FHLB	0.280%–0.335%, 07/06/16			107,595		1.0
	63,475,000		FHLB	0.300%–0.305%, 07/14/16			63,468		0.6
	55,000,000		FHLB	0.300%, 07/18/16			54,992		0.5
	103,615,000		FHLB	0.270%–0.410%, 07/20/16			103,597		0.9
	87,460,000		FHLB	0.300%–0.390%, 07/25/16			87,440		0.8
	88,626,000		FHLB	0.290%–0.365%, 07/29/16			88,603		0.8
	70,313,000		FHLB	0.305%–0.400%, 08/03/16			70,292		0.6
	90,000,000		FHLB	0.330%–0.385%, 08/05/16			89,969		0.8
	60,100,000		FHLB	0.260%–0.410%, 08/09/16			60,080		0.5
	96,200,000		FHLB	0.300%–0.440%, 08/12/16			96,156		0.9
	80,000,000		FHLB	0.300%–0.320%, 08/29/16			79,959		0.7
	66,100,000		FHLB	0.325%–0.350%, 08/30/16			66,064		0.6
	65,900,000		FHLB	0.350%–0.400%, 09/21/16			65,844		0.6
	1,143,582,000		FHLB	0.280%–0.570%, 07/05/16–12/16/16			1,142,952		10.1


62	2016 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Money Market Account ■ June 30, 2016

						Value		% of net
Principal			Issuer			(000)		assets
GOVERNMENT AGENCY DEBT—continued
$	282,528,000		Federal Home Loan
			Mortgage Corp (FHLMC)	0.370%–0.875%, 08/12/16–02/22/17		$	282,201		2.5	%
	80,000,000		Federal National Mortgage
			Association (FNMA)	0.370%–0.440%, 10/24/16			79,898		0.7
	212,118,000		FNMA	0.380%–1.250%, 07/06/16–01/30/17			211,899		1.9
			Other				10,000		0.0
							3,304,776		29.3
TREASURY DEBT
	95,175,000		United States Treasury Bill	0.155%–0.447%, 07/07/16			95,171		0.8
	80,000,000		United States Treasury Bill	0.200%–0.247%, 07/21/16			79,991		0.7
	75,000,000		United States Treasury Bill	0.196%–0.395%, 07/28/16			74,983		0.7
	97,110,000		United States Treasury Bill	0.190%–0.430%, 08/04/16			97,078		0.9
	85,135,000		United States Treasury Bill	0.212%–0.414%, 08/11/16			85,106		0.8
	56,620,000		United States Treasury Bill	0.204%–0.445%, 08/18/16			56,592		0.5
	100,000,000		United States Treasury Bill	0.220%–0.396%, 08/25/16			99,957		0.9
	90,000,000		United States Treasury Bill	0.236%–0.475%, 09/01/16			89,943		0.8
	64,890,000		United States Treasury Bill	0.225%–0.459%, 09/08/16			64,852		0.6
	100,000,000		United States Treasury Bill	0.248%–0.452%, 09/22/16			99,912		0.9
	61,190,000		United States Treasury Bill	0.216%–0.391%, 10/20/16			61,129		0.5
	163,720,000		United States Treasury Bill	0.248%–0.436%, 07/14/16–12/22/16			163,577		1.5
	105,960,000		United States Treasury Note		0.625%, 07/15/16		105,971		0.9
	89,470,000		United States Treasury Note		0.625%, 08/15/16		89,491		0.8
	95,280,000		United States Treasury Note		0.500%, 08/31/16		95,281		0.8
	80,530,000		United States Treasury Note		0.875%, 09/15/16		80,593		0.7
	100,390,000		United States Treasury Note		0.500%, 09/30/16		100,402		0.9
	105,000,000		United States Treasury Note		0.375%, 10/31/16		104,971		0.9
	125,000,000		United States Treasury Note		0.625%, 11/15/16		125,082		1.1
	65,000,000		United States Treasury Note		0.875%, 11/30/16		65,113		0.6
	60,000,000		United States Treasury Note		0.625%, 12/15/16		60,047		0.5
			Other				64,290		0.5
							1,959,532		17.3
VARIABLE RATE SECURITIES
	165,000,000	i	Federal Agricultural Mortgage
			Corp (FAMC)	0.426%–0.572%, 11/23/16–09/06/17			165,000		1.5
	150,000,000	i	Federal Farm Credit Bank (FFCB)		0.415%, 08/10/16		149,997		1.3
	120,000,000	i	FFCB		0.432%, 01/24/17		119,997		1.1
	64,000,000	i	FFCB		0.456%, 02/23/17		63,988		0.6
	76,000,000	i	FFCB		0.469%, 03/02/17		76,000		0.7
	105,000,000	i	FFCB		0.437%, 06/15/17		104,993		0.9
	72,000,000	i	FFCB		0.426%, 07/17/17		71,995		0.6
	491,025,000	i	FFCB	0.404%–0.620%, 08/24/16–06/13/18			490,732		4.3
	60,000,000	i	Federal Home Loan Bank (FHLB)		0.493%, 02/17/17		59,986		0.5
	97,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.452%, 01/13/17		97,000		0.9
	175,800,000	i	FHLMC	0.443%–0.578%, 07/21/16–11/13/17			175,785		1.6
	78,000,000	i	Federal National Mortgage Association (FNMA)		0.468%, 07/20/17		77,941		0.7
	94,500,000	i	FNMA		0.452%, 08/16/17		94,489		0.8


See notes to financial statements	College Retirement Equities Fund ■ 2016 Semiannual Report	63

Summary portfolio of investments (unaudited)	concluded

CREF Money Market Account ■ June 30, 2016

						Value		% of net
Principal			Issuer			(000)		assets
VARIABLE RATE SECURITIES—continued
$	66,140,000	i	FNMA		0.473%, 10/05/17	$	66,106	0.6	%
			Other				133,049	1.1
							1,947,058	17.2
			TOTAL SHORT-TERM INVESTMENTS		(Cost $11,297,636)		11,297,636	100.0
			TOTAL PORTFOLIO		(Cost $11,297,636)		11,297,636	100.0
			OTHER ASSETS & LIABILITIES, NET				2,172	0.0
				NET ASSETS		$	11,299,808	100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/16, the aggregate value of these securities, including those in “Other,” was $3,077,422,000 or 27.2% of net assets.

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

Cost amounts are in thousands.

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

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

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College Retirement Equities Fund ■ 2016 Semiannual Report

Statements of assets and liabilities (unaudited)

College Retirement Equities Fund ■ June 30, 2016

		Stock		Global Equities		Growth		Equity Index		Bond Market		Inflation-Linked		Social Choice		Money Market
(amounts in thousands, except accumulation unit value)		Account		Account		Account		Account		Account		Bond Account		Account		Account
ASSETS
Unaffiliated issuers*^†		$	114,392,693	$	18,301,389	$	20,965,188	$	16,398,013	$	15,108,638	$	6,889,183	$	14,074,148	$	11,297,636
Affiliated issuers^‡			16,768		—		435,291		531,235		—		—		—		—
Total portfolio investments, at value		$	114,409,461	$	18,301,389	$	21,400,479	$	16,929,248	$	15,108,638	$	6,889,183	$	14,074,148	$	11,297,636
Cash**^#			309,579		11,342		2,959		29		99,807		179		37,796		8
Cash — foreign^{^}			31,328		13,250		—		—		1,234		—		1,186		—
Dividends and interest receivable			229,049		40,746		11,691		19,617		81,095		27,440		47,787		2,200
Receivable from securities transactions			1,321,462		191,934		293,281		2,947		126,253		—		98,126		—
Receivable for delayed delivery securities			—		—		—		—		1,181,496		—		414,528		—
Due from affiliates			—		—		—		—		—		—		22,336		262
Receivable for variation margin on open futures contracts			5,840		721		761		57		—		—		—		—
Other			7,326		1,538		1,554		1,352		1,299		1,079		1,450		1,342
Total assets			116,314,045		18,560,920		21,710,725		16,953,250		16,599,822		6,917,881		14,697,357		11,301,448
LIABILITIES
Investment management fees payable			2,297		342		199		143		210		114		536		129
Service agreement fees payable			1,490		182		174		132		111		263		32		167
Payable for collateral for securities loaned			4,425,712		520,198		435,291		531,235		—		—		360,492		—
Payable for securities transactions			1,209,917		176,823		356,596		46		215,291		—		102,227		—
Payable for delayed delivery securities			—		—		—		—		2,348,611		—		783,203		—
Due to affiliates			118,218		3,897		3,215		6,482		1,429		2,261		—		—
Written options^◊			1,196		22		—		—		—		—		—		—
Payable for trustee compensation			7,324		1,538		1,554		1,350		1,357		1,079		1,266		1,334
Unrealized depreciation on forward foreign currency contracts			—		—		—		—		956		—		—		—
Other			2,536		7		—		—		3		—		88		10
Total liabilities			5,768,690		703,009		797,029		539,388		2,567,968		3,717		1,247,844		1,640
NET ASSETS		$	110,545,355	$	17,857,911	$	20,913,696	$	16,413,862	$	14,031,854	$	6,914,164	$	13,449,513	$	11,299,808
CLASS R1 (Accumulation):	Net assets	$	13,821,656	$	3,176,851	$	3,934,939	$	3,291,146	$	2,264,708	$	1,155,280	$	2,291,524	$	2,204,981
	Units outstanding		37,711		23,437		29,500		19,722		18,900		16,839		11,532		86,355
	Unit value	$	366.52	$	135.55	$	133.39	$	166.88	$	119.83	$	68.61	$	198.72	$	25.53
CLASS R2 (Accumulation):	Net assets	$	33,176,831	$	6,135,531	$	7,193,280	$	5,652,526	$	4,833,984	$	2,178,965	$	4,744,006	$	3,446,522
	Units outstanding		90,219		45,117		53,752		33,761		40,210		31,656		23,795		134,955
	Unit value	$	367.74	$	135.99	$	133.82	$	167.43	$	120.22	$	68.83	$	199.37	$	25.54
CLASS R3 (Accumulation):	Net assets	$	52,687,735	$	8,219,575	$	9,458,429	$	7,140,476	$	6,643,972	$	3,368,713	$	6,078,833	$	5,459,971
	Units outstanding		143,102		60,369		70,592		42,596		55,199		48,881		30,453		213,720
	Unit value	$	368.18	$	136.16	$	133.99	$	167.63	$	120.36	$	68.92	$	199.61	$	25.55
ANNUITY:	Net assets	$	10,859,133	$	325,954	$	327,048	$	329,714	$	289,190	$	211,206	$	335,150	$	188,334
* Includes securities loaned of		$	4,283,693	$	501,620	$	428,450	$	520,504	$	—	$	—	$	329,607	$	—
** Includes cash collateral for securities loaned of		$	309,414	$	11,286	$	—	$	—	$	—	$	—	$	10,132	$	—
# Includes cash collateral for mortgage dollar rolls of		$	—	$	—	$	—	$	—	$	97,680	$	—	$	27,549	$	—
† Portfolio investments; unaffiliated issuers cost		$	109,357,882	$	17,602,789	$	17,834,842	$	9,210,091	$	14,714,941	$	6,457,892	$	12,371,917	$	11,297,636
‡ Portfolio investments; affiliated issuers cost		$	14,156	$	—	$	435,291	$	531,235	$	—	$	—	$	—	$	—
^ Foreign cash, cost		$	31,786	$	13,220	$	—	$	—	$	1,235	$	—	$	1,190	$	—
^◊ Written options premiums		$	1,121	$	38	$	—	$	—	$	—	$	—	$	—	$	—

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Statements of operations (unaudited)

College Retirement Equities Fund ■ For the period ended June 30, 2016

	Stock			Global Equities			Growth			Equity Index		Bond Market			Inflation-Linked		Social Choice			Money Market
(amounts in thousands)	Account			Account			Account			Account		Account			Bond Account		Account			Account
INVESTMENT INCOME
Dividends*	$	1,392,275		$	233,692		$	133,654		$	168,086	$	—		$	—	$	116,242		$	—
Income from securities lending		40,178			4,821			2,814			3,917		—			—		2,071			—
Interest		1,095			237			172			18		192,045			60,517		72,148			24,333
Other		—			1			1			1		69			—		28			—
Total income		1,433,548			238,751			136,641			172,022		192,114			60,517		190,489			24,333
EXPENSES
Investment management fees		73,889			12,900			6,846			2,041		7,015			1,471		4,926			2,189
Administrative — Class R1		29,934			6,915			8,581			6,938		4,850			2,525		4,967			4,898
Administrative — Class R2		42,233			7,973			9,329			7,153		6,159			2,816		6,109			4,573
Administrative — Class R3		55,404			7,581			8,744			6,437		6,025			3,161		5,620			5,131
Distribution fees — Class R1		11,264			2,617			3,248			2,628		1,825			947		1,870			1,842
Distribution fees — Class R2		13,802			2,616			3,060			2,357		2,018			922		2,003			1,500
Distribution fees — Class R3		18,723			2,567			2,958			2,184		2,034			1,066		1,899			1,735
Mortality and expense risk charges		2,696			441			519			394		339			169		328			285
Total expenses		247,945			43,610			43,285			30,132		30,265			13,077		27,722			22,153
Less: Expenses withheld by TIAA		—			—			—			—		—			—		—			2,704
Plus: Recovery of expenses previously withheld by TIAA		—			—			—			—		—			—		—			1,221
Net expenses		247,945			43,610			43,285			30,132		30,265			13,077		27,722			20,670
Net investment income (loss)		1,185,603			195,141			93,356			141,890		161,849			47,440		162,767			3,663
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers^†		(1,095,921	)		49,382			637,313			292,881		84,539			27,310		308,742			1
Affiliated issuers		1,446			—			—			—		—			—		—			—
Futures contracts		11,618			435			(2,861	)		2,080		—			—		—			—
Purchased options		1,432			—			—			—		—			—		—			—
Written options		1,764			—			—			—		—			—		—			—
Foreign currency transactions		45			804			20			—		2,012			—		177			—
Net realized gain (loss) on total investments		(1,079,616	)		50,621			634,472			294,961		86,551			27,310		308,919			1
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡		1,501,171			(552,458	)		(1,239,106	)		105,438		480,947			276,600		(13,540	)		—
Affiliated issuers		13,974			—			—			—		—			—		—			—
Futures contracts		8,291			(694	)		1,928			128		—			—		—			—
Purchased options		(9,974	)		—			—			—		—			—		—			—
Written options		(74	)		17			—			—		—			—		—			—
Forward foreign currency contracts		—			—			—			—		(956	)		—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(357	)		(353	)		34			—		55			—		208			—
Net change in unrealized appreciation (depreciation) on total investments		1,513,031			(553,488	)		(1,237,144	)		105,566		480,046			276,600		(13,332	)		—
Net realized and unrealized gain (loss) on total investments		433,415			(502,867	)		(602,672	)		400,527		566,597			303,910		295,587			1
Net increase (decrease) in net assets from operations	$	1,619,018		$	(307,726	)	$	(509,316	)	$	542,417	$	728,446		$	351,350	$	458,354		$	3,664
* Net of foreign withholding taxes of unaffiliated issuers	$	69,044		$	14,010		$	333		$	82	$	15		$	—	$	5,429		$	—
† Includes net realized gain (loss) from securities sold to affiliates of	$	39,908		$	3,680		$	54,670		$	4,439	$	—		$	—	$	5,162		$	—
‡ Includes net change in unrealized foreign capital gains taxes of	$	113		$	—		$	—		$	—	$	(5	)	$	—	$	—		$	—

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Statements of changes in net assets

College Retirement Equities Fund ■ For the period or year ended

		Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)		June 30, 2016			December 31, 2015			June 30, 2016			December 31, 2015			June 30, 2016			December 31, 2015
		(unaudited		)				(unaudited		)				(unaudited)

OPERATIONS
Net investment income (loss)		$	1,185,603		$	2,102,642		$	195,141		$	315,190		$	93,356		$	175,875
Net realized gain (loss) on total investments			(1,079,616	)		8,005,318			50,621			742,492			634,472			1,638,050
Net change in unrealized appreciation (depreciation) on total investments			1,513,031			(10,938,073	)		(553,488	)		(1,128,257	)		(1,237,144	)		(461,392	)
Net increase (decrease) in net assets from operations			1,619,018			(830,113	)		(307,726	)		(70,575	)		(509,316	)		1,352,533

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		304,593			1,712,179			98,963			540,428			120,237			610,928
	Class R2		572,355			790,206			150,122			245,494			166,990			254,719
	Class R3		945,736			1,494,783			216,730			358,894			233,504			421,713
Net transfers between CREF Accounts:	Class R1		(83,366	)		(652,441	)		(4,629	)		143,081			(29,625	)		166,492
	Class R2		(271,722	)		(299,386	)		(45,671	)		93,543			(44,799	)		48,075
	Class R3		(102,375	)		(435,914	)		32,028			94,034			(56,450	)		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		(735,386	)		(5,117,846	)		(170,532	)		(902,196	)		(227,836	)		(1,038,914	)
	Class R2		(1,581,907	)		(2,614,060	)		(298,709	)		(435,416	)		(348,484	)		(485,839	)
	Class R3		(2,488,650	)		(4,021,238	)		(413,737	)		(584,319	)		(506,085	)		(640,284	)
Annuity payments:			(681,102	)		(1,452,176	)		(17,278	)		(36,393	)		(16,585	)		(32,581	)
Net increase (decrease) from participant transactions			(4,121,824	)		(10,595,893	)		(452,713	)		(482,850	)		(709,133	)		(588,315	)

Net increase (decrease) in net assets			(2,502,806	)		(11,426,006	)		(760,439	)		(553,425	)		(1,218,449	)		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		$	110,545,355		$	113,048,161		$	17,857,911		$	18,618,350		$	20,913,696		$	22,132,145

ACCUMULATION UNITS:
Units purchased:	Class R1		863,179			4,600,047			746,308			3,804,334			918,995			4,575,890
	Class R2		1,619,682			2,131,150			1,131,300			1,731,544			1,278,668			1,874,995
	Class R3		2,424,859			3,616,328			1,556,857			2,420,441			1,696,113			2,970,561
Units sold / transferred:	Class R1		(2,314,112	)		(15,489,844	)		(1,314,405	)		(5,362,005	)		(1,968,893	)		(6,529,629	)
	Class R2		(5,218,565	)		(7,849,599	)		(2,568,583	)		(2,413,226	)		(2,999,495	)		(3,232,708	)
	Class R3		(7,273,979	)		(12,081,496	)		(2,835,866	)		(3,481,793	)		(4,295,916	)		(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			271,032,236			280,931,172			128,923,492			132,207,881			153,843,545			159,214,073

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Statements of changes in net assets

continued

College Retirement Equities Funds ■ For the period or year ended

		Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)		June 30, 2016			December 31, 2015			June 30, 2016			December 31, 2015			June 30, 2016			December 31, 2015
		(unaudited)						(unaudited)						(unaudited)

OPERATIONS
Net investment income (loss)		$	141,890		$	288,877		$	161,849		$	290,768		$	47,440		$	38,212
Net realized gain (loss) on total investments			294,961			629,969			86,551			76,589			27,310			14,683
Net change in unrealized appreciation (depreciation) on total investments			105,566			(876,267	)		480,046			(306,894	)		276,600			(170,928	)
Net increase (decrease) in net assets from operations			542,417			42,579			728,446			60,463			351,350			(118,033	)

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		112,446			506,431			88,217			444,547			40,916			233,355
	Class R2		139,133			196,540			172,500			222,856			82,288			106,889
	Class R3		177,994			271,290			262,840			339,850			130,415			170,489
Net transfers between CREF Accounts:	Class R1		5,754			95,173			52,031			237,773			4,476			6,464
	Class R2		(56,865	)		3,431			85,346			102,246			9,059			(916	)
	Class R3		81,365			(4,485	)		199,533			137,248			62,259			(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		(192,055	)		(984,903	)		(139,172	)		(794,493	)		(74,492	)		(471,437	)
	Class R2		(285,139	)		(440,084	)		(274,399	)		(415,383	)		(141,203	)		(232,468	)
	Class R3		(406,654	)		(513,696	)		(391,214	)		(578,133	)		(214,155	)		(356,749	)
Annuity payments:			(16,436	)		(33,130	)		(13,352	)		(26,370	)		(10,115	)		(20,784	)
Net increase (decrease) from participant transactions			(440,457	)		(903,433	)		42,330			(329,859	)		(110,552	)		(577,822	)

Net increase (decrease) in net assets			101,960			(860,854	)		770,776			(269,396	)		240,798			(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		$	16,413,862		$	16,311,902		$	14,031,854		$	13,261,078		$	6,914,164		$	6,673,366

ACCUMULATION UNITS:
Units purchased:	Class R1		709,092			3,103,038			756,022			3,872,613			609,965			3,468,006
	Class R2		874,645			1,207,134			1,475,411			1,950,390			1,224,221			1,610,399
	Class R3		1,060,268			1,573,122			2,156,814			2,811,987			1,869,890			2,447,768
Units sold / transferred:	Class R1		(1,169,721	)		(5,428,830	)		(747,413	)		(4,854,844	)		(1,044,672	)		(6,926,944	)
	Class R2		(2,125,560	)		(2,671,313	)		(1,613,155	)		(2,742,878	)		(1,966,707	)		(3,519,741	)
	Class R3		(2,059,665	)		(3,228,539	)		(1,640,960	)		(3,916,271	)		(2,246,506	)		(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			96,079,184			98,790,125			114,309,346			113,922,627			97,376,010			98,929,819

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Statements of changes in net assets

concluded

College Retirement Equities Funds ■ For the period or year ended

		Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)		June 30, 2016			December 31, 2015			June 30, 2016			December 31, 2015
		(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	162,767		$	270,780		$	3,663		$	—
Net realized gain (loss) on total investments			308,919			931,818			1			19
Net change in unrealized appreciation (depreciation) on total investments			(13,332	)		(1,323,695	)		—			—
Net increase (decrease) in net assets from operations			458,354			(121,097	)		3,664			19

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		60,361			332,838			589,680			2,106,341
	Class R2		120,208			169,731			563,432			926,677
	Class R3		161,452			231,223			880,426			1,369,851
Net transfers between CREF Accounts:	Class R1		(17,272	)		(46,110	)		(4,661	)		16,396
	Class R2		(72,057	)		(41,864	)		61,241			113,042
	Class R3		31,747			(38,297	)		164,653			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		(116,515	)		(662,578	)		(604,632	)		(2,190,116	)
	Class R2		(217,178	)		(344,945	)		(686,086	)		(1,032,512	)
	Class R3		(297,143	)		(450,412	)		(1,082,386	)		(1,491,632	)
Annuity payments:			(16,396	)		(33,017	)		(10,286	)		(20,750	)
Net increase (decrease) from participant transactions			(362,793	)		(883,431	)		(128,619	)		(34,999	)

Net increase (decrease) in net assets			95,561			(1,004,528	)		(124,955	)		(34,980	)

NET ASSETS
Beginning of period			13,353,952			14,358,480			11,424,763			11,459,743
End of period		$	13,449,513		$	13,353,952		$	11,299,808		$	11,424,763

ACCUMULATION UNITS:
Units purchased:	Class R1		313,743			1,694,242			23,093,792			82,493,197
	Class R2		623,125			870,207			22,065,298			36,292,219
	Class R3		778,067			1,081,893			34,162,793			53,318,414
Units sold / transferred:	Class R1		(694,807	)		(3,610,025	)		(23,862,195	)		(85,131,309	)
	Class R2		(1,493,898	)		(1,984,278	)		(24,470,164	)		(36,009,961	)
	Class R3		(1,374,535	)		(2,530,194	)		(35,786,241	)		(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			65,780,205			67,628,510			435,030,491			439,827,208

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Financial highlights

College Retirement Equities Fund

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

STOCK ACCOUNT
Class R1:		6/30/16	#		$4.667			$1.321			$3.346			$ 1.766			$ 5.112			$361.404		$366.516		1.41	%^c		0.75	%^d		1.91	%^d		29	%^c		38			$ 13,822
		12/31/15	^h		8.076			2.108			5.968			(9.995	)		(4.027	)		365.431		361.404		(1.10	)		0.57			1.60			52			39			14,153
		12/31/14			7.897			1.620			6.277			15.744			22.021			343.410		365.431		6.41			0.46			1.77			58			306			111,823
		12/31/13			6.581			1.476			5.105			69.661			74.766			268.644		343.410		27.83			0.48			1.68			59			330			113,325
		12/31/12			6.328			1.244			5.084			34.469			39.553			229.091		268.644		17.26			0.49			2.01			57			353			94,887
		12/31/11			5.308			1.151			4.157			(16.066	)		(11.909	)		241.000		229.091		(4.94	)		0.48			1.73			56			377			86,395
Class R2:		6/30/16	#		4.674			0.858			3.816			1.790			5.606			362.129		367.735		1.55	^c		0.49	^d		2.17	^d		29	^c		90			33,177
		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:		6/30/16	#		4.678			0.671			4.007			1.798			5.805			362.378		368.183		1.60	^c		0.38	^d		2.28	^d		29	^c		143			52,688
		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:		6/30/16	#		1.788			0.501			1.287			(3.697	)		(2.410	)		137.957		135.547		(1.75	)^c		0.76	^d		1.95	^d		37	^c		23			3,177
		12/31/15	^h		3.077			0.823			2.254			(3.090	)		(0.836	)		138.793		137.957		(0.60	)		0.58			1.59			49			24			3,312
		12/31/14			3.394			0.623			2.771			2.779			5.550			133.243		138.793		4.17			0.46			2.04			59			136			18,808
		12/31/13			2.590			0.616			1.974			26.579			28.553			104.690		133.243		27.27			0.52			1.67			63			141			18,770
		12/31/12			2.566			0.522			2.044			14.260			16.304			88.386		104.690		18.45			0.53			2.09			70			142			14,917
		12/31/11			2.131			0.490			1.641			(9.051	)		(7.410	)		95.796		88.386		(7.74	)		0.52			1.74			78			146			12,898
Class R2:		6/30/16	#		1.790			0.331			1.459			(3.699	)		(2.240	)		138.230		135.990		(1.62	)^c		0.50	^d		2.21	^d		37	^c		45			6,136
		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:		6/30/16	#		1.794			0.260			1.534			(3.703	)		(2.169	)		138.325		136.156		(1.57	)^c		0.39	^d		2.32	^d		37	^c		60			8,220
		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:		6/30/16	#		0.856			0.440			0.416			(3.652	)		(3.236	)		136.624		133.388		(2.37	)^c		0.68	^d		0.64	^d		29	^c		30			3,935
		12/31/15	^h		1.663			0.683			0.980			6.976			7.956			128.668		136.624		6.19			0.51			0.73			47			31			4,174
		12/31/14			1.501			0.482			1.019			14.445			15.464			113.204		128.668		13.66			0.41			0.86			57			164			21,048
		12/31/13			1.288			0.450			0.838			28.513			29.351			83.853		113.204		35.00			0.46			0.86			63			169			19,129
		12/31/12			1.388			0.382			1.006			10.481			11.487			72.366		83.853		15.87			0.47			1.24			67			176			14,728
		12/31/11			0.979			0.333			0.646			0.202			0.848			71.518		72.366		1.19			0.46			0.88			57			181			13,079
Class R2:		6/30/16	#		0.858			0.273			0.585			(3.657	)		(3.072	)		136.896		133.824		(2.24	)^c		0.42	^d		0.90	^d		29	^c		54			7,193
		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:		6/30/16	#		0.859			0.203			0.656			(3.659	)		(3.003	)		136.990		133.987		(2.19	)^c		0.31	^d		1.00	^d		29	^c		71			9,458
		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 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Financial highlights

continued

College Retirement Equities Fund

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

EQUITY INDEX ACCOUNT
Class R1:	6/30/16	#		$ 1.723			$0.503			$1.220			$ 4.132			$ 5.352			$161.528		$166.880		3.31	%^c		0.64	%^d		1.54	%^d		3	%^c		N/A			20			$ 3,291
	12/31/15	^h		3.254			0.765			2.489			(2.523	)		(0.034	)		161.562		161.528		(0.02	)		0.47			1.52			5			N/A			20			3,260
	12/31/14			2.937			0.558			2.379			15.145			17.524			144.038		161.562		12.17			0.37			1.58			4			N/A			104			16,841
	12/31/13			2.546			0.531			2.015			33.715			35.730			108.308		144.038		32.99			0.42			1.59			5			N/A			108			15,563
	12/31/12			2.391			0.442			1.949			12.978			14.927			93.381		108.308		15.98			0.43			1.89			4			N/A			109			11,797
	12/31/11			1.832			0.390			1.442			(0.825	)		0.617			92.764		93.381		0.66			0.41			1.53			5			N/A			112			10,502
Class R2:	6/30/16	#		1.729			0.300			1.429			4.148			5.577			161.850		167.427		3.45	^c		0.38	^d		1.80	^d		3	^c		N/A			34			5,653
	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			N/A			35			5,667
Class R3:	6/30/16	#		1.731			0.216			1.515			4.155			5.670			161.961		167.631		3.50	^c		0.27	^d		1.91	^d		3	^c		N/A			43			7,140
	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			N/A			44			7,061

BOND MARKET ACCOUNT
Class R1:	6/30/16	#		1.703			0.416			1.287			4.789			6.076			113.749		119.825		5.34	^c		0.72	^d		2.22	^d		137	^c		75	^c		19			2,265
	12/31/15	^h		3.015			0.637			2.378			(2.100	)		0.278			113.471		113.749		0.25			0.56			2.07			293			123			19			2,149
	12/31/14			2.665			0.494			2.171			3.764			5.935			107.536		113.471		5.52			0.44			1.95			290			89			117			13,254
	12/31/13			2.485			0.482			2.003			(4.211	)		(2.208	)		109.744		107.536		(2.01	)		0.45			1.85			363			105			119			12,814
	12/31/12			2.835			0.482			2.353			3.163			5.516			104.228		109.744		5.29			0.45			2.19			356			117			130			14,222
	12/31/11			3.341			0.439			2.902			3.876			6.778			97.450		104.228		6.96			0.44			2.88			261			62			126			13,124
Class R2:	6/30/16	#		1.708			0.266			1.442			4.802			6.244			113.974		120.218		5.48	^c		0.46	^d		2.48	^d		137	^c		75	^c		40			4,834
	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:	6/30/16	#		1.709			0.203			1.506			4.806			6.312			114.052		120.364		5.53	^c		0.35	^d		2.59	^d		137	^c		75	^c		55			6,644
	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:	6/30/16	#		0.593			0.220			0.373			3.001			3.374			65.234		68.608		5.17	^c		0.66	^d		1.12	^d		15	^c		N/A			17			1,155
	12/31/15	^h		(0.930	)		0.324			(1.254	)		(0.034	)		(1.288	)		66.522		65.234		(1.94	)		0.48			(1.87	)		6			N/A			17			1,127
	12/31/14			1.573			0.257			1.316			0.824			2.140			64.382		66.522		3.32			0.39			1.97			9			N/A			107			7,143
	12/31/13			1.207			0.301			0.906			(7.289	)		(6.383	)		70.765		64.382		(9.02	)		0.45			1.34			13			N/A			115			7,404
	12/31/12			2.050			0.310			1.740			2.523			4.263			66.502		70.765		6.40			0.45			2.52			11			N/A			149			10,544
	12/31/11			2.817			0.272			2.545			5.187			7.732			58.770		66.502		13.16			0.43			4.05			13			N/A			146			9,699
Class R2:	6/30/16	#		0.596			0.133			0.463			3.008			3.471			65.362		68.833		5.31	^c		0.40	^d		1.39	^d		15	^c		N/A			32			2,179
	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			N/A			32			2,118
Class R3:	6/30/16	#		0.602			0.097			0.505			3.004			3.509			65.407		68.916		5.37	^c		0.29	^d		1.51	^d		15	^c		N/A			49			3,369
	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			N/A			49			3,222

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Financial highlights

concluded

College Retirement Equities Fund

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

SOCIAL CHOICE ACCOUNT
Class R1:	6/30/16	#		$2.813			$0.660			$2.153			$ 4.362			$ 6.515			$192.202		$198.717		3.39	%^c		0.69	%^d		2.25	%^d		50	%^c		28	%^c		12			$ 2,292
	12/31/15	^h		4.618			1.017			3.601			(5.795	)		(2.194	)		194.396		192.202		(1.13	)		0.52			1.83			115			57			12			2,290
	12/31/14			4.446			0.773			3.673			8.760			12.433			181.963		194.396		6.83			0.41			1.95			120			52			72			14,017
	12/31/13			3.804			0.757			3.047			22.950			25.997			155.966		181.963		16.67			0.45			1.79			133			46			72			13,016
	12/31/12			3.866			0.677			3.189			12.242			15.431			140.535		155.966		10.98			0.45			2.14			149			52			71			10,999
	12/31/11			3.732			0.619			3.113			(0.595	)		2.518			138.017		140.535		1.82			0.44			2.22			122			45			72			10,074
Class R2:	6/30/16	#		2.820			0.411			2.409			4.377			6.786			192.583		199.369		3.52	^c		0.43	^d		2.51	^d		50	^c		28	^c		24			4,744
	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:	6/30/16	#		2.823			0.309			2.514			4.384			6.898			192.714		199.612		3.58	^c		0.32	^d		2.62	^d		50	^c		28	^c		30			6,079
	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
	For the period or year ended			Investment income		^a	Expenses^a		Net investment income (loss		)^a	& unrealized gain (loss) on total investments		Net change in accumulation unit value		Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Expenses net of TIAA withholding			Net investment income (loss		)	units outstanding at end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ

MONEY MARKET ACCOUNT
Class R1:		6/30/16	#		$0.054			$0.054		$0.000			$0.000		$0.000		$25.534		$25.534		0.00	%^c		0.65	%^d		0.43	%^d		0.00	%^d		86			$ 2,205
		12/31/15	^h		0.036			0.036		0.000			0.000		0.000		25.534		25.534		0.00			0.50			0.14			0.00			87			2,225
		12/31/14			0.029			0.029		0.000			0.000		0.000		25.534		25.534		0.00			0.39			0.11			0.00			441			11,261
		12/31/13			0.036			0.036		0.000			0.000		0.000		25.534		25.534		0.00			0.41			0.14			0.00			461			11,774
		12/31/12			0.044			0.044		0.000			0.000		0.000		25.534		25.534		0.00			0.42			0.17			0.00			458			11,701
		12/31/11			0.044			0.044		0.000			0.001		0.001		25.533		25.534		0.00			0.41			0.17			0.00			477			12,178
Class R2:		6/30/16	#		0.054			0.050		0.004			0.000		0.004		25.534		25.538		0.02	^c		0.39	^d		0.39	^d		0.04	^d		135			3,447
		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:		6/30/16	#		0.054			0.041		0.013			0.000		0.013		25.534		25.547		0.05	^c		0.28	^d		0.32	^d		0.11	^d		214			5,460
		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.
^#	Unaudited

2016 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

College Retirement Equities Fund

Note 1—organization and significant accounting policies

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

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

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Accounts are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Accounts.

Security valuation: For all Accounts (other than the Money Market Account), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements. Investments held by the Money Market Account are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity.

Accumulation and Annuity Funds: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from

2016 Semiannual 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 Semiannual Report

Notes to financial statements (unaudited)

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 has approved the conversion of the Money Market Account to a “government money market fund.” The conversion will be effective on or before October 14, 2016.

Note 2—valuation of investments

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

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	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.

2016 Semiannual Report ■ College Retirement Equities Fund

continued

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 June 30, 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 on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

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.

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

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 period ended June 30, 2016, there were no material transfers between levels by the Accounts.

As of June 30, 2016, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

The following table summarizes the market value of the Accounts’ investments as of June 30, 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	$	10,401,343		$	4,376,557	$	3	$	14,777,903
Consumer staples		7,109,977			3,646,256		871		10,757,104
Energy		5,501,110			2,010,051		1		7,511,162
Financials		12,190,486			7,706,202		3,295		19,899,983
Health care		10,764,650			3,010,404		283		13,775,337
Industrials		8,245,441			3,965,996		1,860		12,213,297
Information technology		15,296,435			2,873,839		36		18,170,310
Materials		2,681,571			2,445,351		6,039		5,132,961
Telecommunication services		1,947,854			1,422,856		497		3,371,207
Utilities		2,821,120			1,071,079		166		3,892,365
Corporate bonds		—			—		455		455
Government bonds		—			310		—		310
Short-term investments		—			4,905,382		—		4,905,382
Purchased options**		1,685			—		—		1,685
Written options**		(1,196	)		—		—		(1,196	)
Futures contracts**		8,287			—		—		8,287
Total	$	76,968,763		$	37,434,283	$	13,506	$	114,416,552

2016 Semiannual Report ■ College Retirement Equities Fund

continued

Account	Level 1			Level 2			Level 3		Total
Global Equities
Equity investments:
Asia	$	—		$	1,444,931		$	—	$	1,444,931
Australasia		—			337,394			2		337,396
Europe		71,723			3,197,894			—		3,269,617
North America		10,534,237			634,329			—		11,168,566
All other equity investments*		177,740			1,308,257			14		1,486,011
Short-term investments		—			594,868			—		594,868
Written options**		(22	)		—			—		(22	)
Futures contracts**		(585	)		—			—		(585	)
Total	$	10,783,093		$	7,517,673		$	16	$	18,300,782
Growth
Equity investments:
Consumer discretionary	$	4,680,091		$	115,044		$	—	$	4,795,135
Consumer staples		1,706,724			46,964			—		1,753,688
Health care		3,279,504			60,887			—		3,340,391
Information technology		6,481,377			50,882			—		6,532,259
All other equity investments*		4,393,486			—			—		4,393,486
Short-term investments		435,291			150,229			—		585,520
Futures contracts**		1,975			—			—		1,975
Total	$	20,978,448		$	424,006		$	—	$	21,402,454
Equity Index
Equity investments:
Financials	$	2,907,386		$	—		$	72	$	2,907,458
Health care		2,313,826			—			17		2,313,843
Industrials		1,718,514			—			119		1,718,633
Telecommunication services		434,225			—			118		434,343
All other equity investments*		9,010,543			—			—		9,010,543
Short-term investments		531,235			13,193			—		544,428
Futures contracts**		57			—			—		57
Total	$	16,915,786		$	13,193		$	326	$	16,929,305
Bond Market
Bank loan obligations	$	—		$	85,524		$	—	$	85,524
Corporate bonds		—			4,814,983			—		4,814,983
Government bonds		—			6,942,110			—		6,942,110
Structured assets		—			1,990,878			5,815		1,996,693
Preferred Stocks		8,920			—			—		8,920
Short-term investments		—			1,260,408			—		1,260,408
Forward foreign currency contracts**		—			(956	)		—		(956	)
Total	$	8,920		$	15,092,947		$	5,815	$	15,107,682

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

Account	Level 1		Level 2		Level 3		Total
Social Choice
Equity investments:
Consumer discretionary	$	712,201	$	287,481	$	—	$	999,682
Consumer staples		465,296		243,054		—		708,350
Energy		408,463		137,056		—		545,519
Financials		1,077,363		604,746		—		1,682,109
Health care		834,195		270,758		—		1,104,953
Industrials		517,979		317,060		—		835,039
Information technology		1,109,180		114,622		—		1,223,802
Materials		219,926		175,693		—		395,619
Telecommunication services		128,105		124,083		—		252,188
Utilities		186,375		107,958		—		294,333
Bank loan obligations		—		71,631		—		71,631
Corporate bonds		—		1,402,746		—		1,402,746
Government bonds		—		3,261,724		—		3,261,724
Structured assets		—		496,450		447		496,897
Short-term investments		—		799,556		—		799,556
Total	$	5,659,083	$	8,414,618	$	447	$	14,074,148

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	Derivative instruments, excluding purchased options, are not reflected in the Summary portfolio of investments.

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Accounts value derivatives at fair value.

At June 30, 2016, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities (dollar amounts are in thousands):

Asset derivatives

Liabilities derivatives

Fair value

Derivative contracts

Location

amount

Location

amount

Stock Account

Equity contracts

Futures contracts*

$8,287

Written options

$(1,196

)

Equity contracts

Portfolio investments

1,685

Global Equities Account

Equity contracts

Futures contracts*

(585

)

Written options

(22

)

Growth Account

Equity contracts

Futures contracts*

1,975

Equity Index Account

Equity contracts

Futures contracts*

Bond Market Account

Foreign exchange contracts

Forward foreign currency contracts

(956

)

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

88	2016 Semiannual Report ■ College Retirement Equities Fund

continued

For the period ended June 30, 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		$11,618			$8,291
Equity contracts	Purchased options		1,432			(9,974	)
Equity contracts	Written options		1,764			(74	)
Global Equities Account
Equity contracts	Futures contracts		435			(694	)
Equity contracts	Written options		—			17
Growth Account
Equity contracts	Futures contracts		(2,861	)		1,928
Equity Index Account
Equity contracts	Futures contracts		2,080			128
Bond Market Account
Foreign exchange contracts	Forward foreign currency contracts		—			(956	)

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 period ended June 30, 2016, the Stock Account, Global Equities Account, Growth Account, and Equity Index Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

At June 30, 2016, the Accounts held the following open futures contracts (dollar amounts are in thousands):

		Number		Settlement		Expiration	Unrealized
Account	Futures contracts	of contracts		value		date	gain (loss		)
Stock	S&P 500 Index E-Mini		3,230		$337,567	September 2016		$8,089
	S&P Mid-Cap 400 E-Mini		79		11,795	September 2016		(213	)
	Russell 2000 Mini Index		197		22,604	September 2016		411
Total			3,506		$371,966			$8,287
Global Equities	S&P 500 Index E-Mini		616		64,378	September 2016		(585	)
Growth	S&P 500 Index E-Mini		650		67,932	September 2016		1,975
Equity Index	S&P 500 Index E-Mini		46		4,807	September 2016		57

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 the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2016, the Stock Account and Global Equities Account had exposure to options, based on underlying nominal values, generally between 0% and 1% of net assets.

Purchased options outstanding as of June 30, 2016 were as follows (dollar amounts are in thousands):

	Number of contracts		Value
Stock Account
Apple, Inc, Call, 7/15/16 at $115		530	$	1
Apple, Inc, Call, 7/15/16 at $125		30		—
Humana, Inc, Call, 1/20/17 at $200		10		15
S&P 500 Index, Call, 7/15/16 at $2175		50		3
S&P 500 Index, Call, 7/29/16 at $2175		20		4
S&P 500 Index, Call, 12/16/16 at $2225		45		87
S&P 500 Index, Put, 9/16/16 at $1700		3,000		1,575
Total		3,685	$	1,685

90	2016 Semiannual Report ■ College Retirement Equities Fund

continued

Written options outstanding as of June 30, 2016 were as follows (dollar amounts are in thousands):

	Number of contracts		Value
Stock Account
Advanced Micro Devices, Inc, Call, 7/8/16 at $5.50		780	$	(5	)
Advanced Micro Devices, Inc, Call, 7/8/16 at $6		780		(2	)
Albemarle Corp, Put, 7/15/16 at $72.50		20		(1	)
Apple, Inc, Call, 7/15/16 at $120		1,060		(1	)
Best Buy Co, Inc, Call, 9/16/16 at $37.55		15		—
Best Buy Co, Inc, Call, 12/16/16 at $40		10		—
Express Scripts Holding Co, Put, 7/15/16 at $71		20		(1	)
Humana, Inc, Put, 1/20/17 at $140		10		(9	)
Humana, Inc, Call, 1/20/17 at $220		10		(7	)
Office Depot, Inc, Put, 7/15/16 at $5		50		(8	)
S&P 500 Index, Call, 7/15/16 at $2100		30		(55	)
S&P 500 Index, Call, 9/16/16 at $2275		125		(10	)
S&P 500 Index, Call, 12/16/16 at $2250		300		(417	)
S&P 500 Index, Call, 12/16/16 at $2275		250		(175	)
S&P 500 Index, Call, 12/16/16 at $2300		450		(248	)
S&P 500 Index, Call, 12/16/16 at $2325		210		(63	)
S&P 500 Index, Call, 12/16/16 at $2350		50		(10	)
S&P 500 Index, Put, 7/15/16 at $1950		25		(5	)
S&P 500 Index, Put, 7/29/16 at $1900		25		(8	)
S&P 500 Index, Put, 8/12/16 at $1875		25		(14	)
S&P 500 Index, Put, 12/16/16 at $1800		53		(153	)
Signet Jewelers Ltd, Call, 7/15/16 at $90		10		—
Signet Jewelers Ltd, Call, 7/15/16 at $95		15		—
Signet Jewelers Ltd, Call, 7/15/16 at $100		15		—
Signet Jewelers Ltd, Put, 7/15/16 at $90		5		(4	)
Tesla Motors, Inc, Put, 7/1/16 at $180		10		—
Western Digital Corp, Call, 7/15/16 at $52		20		—
Total		4,373	$	(1,196	)
Global Equities Account
Advanced Micro Devices, Inc, Call, 7/8/16 at $5.50		2,400	$	(17	)
Advanced Micro Devices, Inc, Call, 7/8/16 at $6		2,400		(5	)
Total		4,800	$	(22	)

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

Transactions in written options and related premiums received during the period ended June 30, 2016 were as follows (dollar amounts are in thousands):

	Number of contracts			Premiums
Stock Account
Outstanding at beginning of period		—			$	—
Written		28,113				4,800
Purchased		(1,820	)			(822	)
Exercised		(7,351	)			(494	)
Expired		(14,569	)			(2,363	)
Outstanding at end of period		4,373			$	1,121
Global Equities Account
Outstanding at beginning of period		—			$	—
Written		4,800				38
Purchased		—				—
Exercised		—				—
Expired
Outstanding at end of period		4,800			$	38

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 period ended June 30, 2016, the Bond Market Account had exposure to forwards, based on underlying nominal values, generally between 0% and 1%.

92	2016 Semiannual Report ■ College Retirement Equities Fund

continued

At June 30, 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 Market	Bank of America	7/29/2016	$	22,169	EUR 20,000	$	(50	)
	Bank of America	7/29/2016		33,225	EUR 30,000		(104	)
	Bank of America	7/29/2016		1,250	DKK 8,436		(10	)
	Bank of America	7/29/2016		7,285	KRW 8,610,174		(180	)
	Bank of America	7/29/2016		1,761	THB 62,103		(6	)
	Total					$	(350	)
	JPMorgan Chase	7/29/2016	$	1,963	MXN 37,722	$	(94	)
	JPMorgan Chase	7/29/2016		5,512	MYR 22,740		(190	)
	JPMorgan Chase	7/29/2016		643	SGD 872		(4	)
	JPMorgan Chase	7/29/2016		1,626	ZAR 25,326		(83	)
	Total					$	(371	)
	Morgan Stanley	7/29/2016	$	8,659	AUD 11,793	$	(126	)
	Morgan Stanley	7/29/2016		9,395	CAD 12,307		(132	)
	Morgan Stanley	7/29/2016		788	COP 2,421,774		(35	)
	Morgan Stanley	7/29/2016		533	EUR 481		(1	)
	Morgan Stanley	7/29/2016		23,784	EUR 21,475		(75	)
	Morgan Stanley	7/29/2016		7,298	EUR 6,583		(16	)
	Morgan Stanley	7/29/2016		23,181	GBP 17,382		35
	Morgan Stanley	7/29/2016		37,076	JPY 3,803,876		207
	Morgan Stanley	7/29/2016		1,819	NOK 15,654		(52	)
	Morgan Stanley	7/29/2016		1,005	NZD 1,432		(16	)
	Morgan Stanley	7/29/2016		903	PLN 3,660		(24	)
	Total					$	(235	)
Total						$	(956	)

Abbreviation(s):
AUD	Australian Dollar
CAD	Canadian Dollar
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SGD	Singapore Dollar
THB	Thailand Baht
ZAR	South African Rand

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

Note 4—investment adviser and affiliates

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

Administrative services are provided to the Accounts by TIAA, pursuant to an Administrative Services Agreement with CREF. Distribution functions are provided to the Accounts by TIAA-CREF Individual & Institutional Services, LLC (“Services”), a wholly owned subsidiary of TIAA, pursuant to a Principal Underwriting and Distribution Services Agreement with CREF and the Rule 12b-1 plan. Teachers Personal Investors Services, Inc. (“TPIS”), a wholly owned subsidiary of TIAA, may also provide distribution functions for the Accounts on a limited basis. Participants invested in a particular CREF Account will be subject to different administrative and distribution expenses depending upon the class of the Account they own.

TIAA charges a mortality and expense charge of 0.005% to guarantee that CREF participants transferring Accounts to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. This charge is the same across all Accounts and classes.

The services provided by TCIM, Services, TPIS, and TIAA are provided to CREF at cost, and CREF also reimburses TCIM, Services, TPIS, and TIAA for certain third party expenses and trustee fees paid on its behalf. Payments from the CREF Accounts are made on a daily basis according to formulas established each year with the objective of keeping the estimated expenses as close as possible to each Account’s actual expenses. Any differences between actual expenses and the estimated expenses remitted are adjusted.

As of June 30, 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 service fee									Distribution fee
Account	All classes			Class R1			Class R2			Class R3			Class R1			Class R2			Class R3
Stock		0.137	%		0.444	%		0.261	%		0.179	%		0.167	%		0.085	%		0.060	%
Global Equities		0.146			0.441			0.262			0.180			0.167			0.086			0.061
Growth		0.066			0.439			0.262			0.180			0.166			0.086			0.061
Equity Index		0.026			0.439			0.262			0.180			0.166			0.086			0.061
Bond Market		0.103			0.443			0.262			0.181			0.167			0.086			0.061
Inflation-Linked Bond		0.044			0.444			0.263			0.181			0.167			0.086			0.061
Social Choice		0.075			0.443			0.263			0.181			0.167			0.086			0.061
Money Market		0.038			0.441			0.262			0.180			0.166			0.086			0.061

94	2016 Semiannual Report ■ College Retirement Equities Fund

continued

For the period ended June 30, 2016, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and as necessary, administrative expenses for the Money Market Account totaling $2,484,000 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 six-months ended June 30, 2016, TIAA recovered previously waived expenses from the Account of $208,000 for Class R2 and $1,013,000 for Class R3. As of June 30, 2016, the cumulative amount of expenses waived subject to recovery is $21,466,000 for Class R1, $24,161,000 for Class R2 and $34,793,000 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 period ended June 30, 2016, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

Account	Purchases		Sales		Realized gain (loss)
Stock	$	223,094	$	839,194	$	39,908
Global Equities		150,860		139,480		3,680
Growth		77,997		194,285		54,670
Equity Index		2,749		10,661		4,439
Bond Market		55,642		—		—
Social Choice		29,450		12,183		5,162

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

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 June 30, 2016			Value at June 30, 2016
Stock Account
Container Store Group, Inc		$ —	*	$	17,757	$	6,373	$	1,446	$	—		3,134,147		$	16,768
Olin Corp		165,438			42,658		100,956		8,389		3,349		—	**		—	**
		$165,438		$	60,415	$	107,329	$	9,835	$	3,349				$	16,768
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$533,631		$	50,059	$	148,399	$	—	$	—		435,291,380		$	435,291
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$572,035		$	124,059	$	164,859	$	—	$	—		531,235,069		$	531,235

*	Not an affiliate investment as of December 31, 2015.
**	Not an affiliate investment as of June 30, 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 June 30, 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 $200,973,000 of equity securities pledged as collateral and $128,634,000 of fixed income securities pledged as collateral. Securities lending income recognized by the Accounts consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, an Account bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

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

2016 Semiannual Report ■ College Retirement Equities Fund

College Retirement Equities Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

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

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

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

Net unrealized appreciation (depreciation): At June 30, 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):

	Gross		Gross			Net unrealized
	unrealized		unrealized			appreciation
Account	appreciation		(depreciation)			(depreciation)
Stock	$	11,799,053	$	(6,761,630	)	$	5,037,423
Global Equities		1,808,151		(1,109,551	)		698,600
Growth		3,789,953		(659,607	)		3,130,346
Equity Index		7,882,137		(694,215	)		7,187,922
Bond Market		486,041		(92,344	)		393,697
Inflation-Linked Bond		449,404		(18,113	)		431,291
Social Choice		2,154,455		(452,224	)		1,702,231

98	2016 Semiannual Report ■ College Retirement Equities Fund

concluded

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the period ended June 30, 2016 were as follows (dollar amounts are in thousands):

											Inflation-
			Global				Equity		Bond		Linked		Social
	Stock		Equities		Growth		Index		Market		Bond		Choice
	Account		Account		Account		Account		Account		Account		Account
Purchases:
Non-Government	$	31,433,220	$	6,570,542	$	6,004,895	$	422,452	$	2,576,227	$	—	$	1,972,330
Government		—		—		—		—		16,366,899		1,012,370		4,643,699
Total Purchases	$	31,433,220	$	6,570,542	$	6,004,895	$	422,452	$	18,943,126	$	1,012,370	$	6,616,029
Sales:
Non-Government	$	34,909,733	$	6,785,663	$	6,511,683	$	760,508	$	2,267,346	$	—	$	2,204,376
Government		—		—		—		—		16,060,512		1,112,429		4,592,831
Total Sales	$	34,909,733	$	6,785,663	$	6,511,683	$	760,508	$	18,327,858	$	1,112,429	$	6,797,207

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 period ended June 30, 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.

College Retirement Equities Fund ■ 2016 Semiannual Report

Board renewal of investment management agreement (unaudited)

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

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

Overview of the renewal process

The Board held meetings on March 10, 2016 and March 24, 2016, at which it considered the annual renewal of the Agreement with respect to each Account using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee and other Committees of the Board. Among these tasks, the Operations Committee worked with TCIM, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TCIM to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2015 renewal process. During a series of meetings held prior to the March 10 and March 24, 2016 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TCIM representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TCIM and CREF, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Account by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of

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comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

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

In advance of the Board meetings held on March 10 and March 24, 2016, legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Account that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Account’s performance during that period; (2) a description of any expenses that were withheld during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s estimated expense rate under the Agreement to the fee rates of any other comparable accounts managed by TCIM or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts aside from TCIM’s direct fee payments pursuant to the Agreement; (5) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with rendering services to the Accounts; (6) a copy of the Agreement and certain related agreements between the Accounts and affiliates of

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Board renewal of investment management agreement (unaudited)

TCIM; (7) a copy of TCIM’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (8) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also given the opportunity to ask questions and request additional information.

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

In reaching its decisions regarding the renewal of the Agreement for each Account, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis throughout the year in connection with the Board’s general oversight duties with respect to the Accounts. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the proposed renewal of the Agreement. The Trustees met in private sessions at which no TCIM representatives were present to discuss the proposed renewal of the Agreement for each Account. Further, at each regularly scheduled meeting of the Board, the Board receives and reviews, among other matters, information regarding each Account’s performance and the Board considered that the evaluation of TCIM’s services to the Accounts is an ongoing one. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process and certain other legal authorities.

While the Board considered the Agreement with respect to all Accounts, the Board received and considered Account-specific information and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 24, 2016, the Board voted unanimously to renew the Agreement for each Account. Set forth below is a summary of the primary factors the Board considered with respect to each Account.

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continued

The nature, extent and quality of services

The Board considered the level and depth of knowledge of TCIM, including the professional experience and qualifications of its personnel. The Board also considered that TCIM is an experienced investment adviser that has managed the Accounts for many years. Investment professionals at TCIM, through an affiliate, also manage various accounts of the TIAA-CREF Funds, the TIAA-CREF Life Funds and TIAA Separate Account VA-1. Under the Agreement, TCIM is responsible for, among other duties: managing the assets of the Accounts, including conducting research, recommending investments and placing orders to buy and sell securities for the Accounts’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; and reporting on the investment performance of the Accounts to the Board on a regular basis. The Board considered that TCIM has carried out these responsibilities in a competent and professional manner. The Board also considered that TCIM has committed significant resources to supporting CREF and its Accounts. It also considered TCIM’s compliance program and resources and its compliance record with respect to the Accounts.

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

Investment performance

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

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Board renewal of investment management agreement (unaudited)

Costs and expenses

The Board considered the amounts charged by TCIM to each Account in 2015 and the estimated amounts to be charged by TCIM to each Account in 2016 (for the period May 1, 2016–April 30, 2017). This included investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. The Board noted that, because TCIM provides its services on an at-cost basis under the arrangement outlined in the Agreement, there was no profit or loss data for the Board to consider.

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TCIM for its portfolio management and other functions, including the impact of operations related to Nuveen Investments on such resources, so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

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

Economies of scale

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

104	2016 Semiannual Report ■ College Retirement Equities Fund

continued

methodologies that are used to calculate payments to be made by CREF pursuant to the at-cost expense arrangements.

Fee comparison with other TCIM clients

The Board considered that CREF is the only client of TCIM and, thus, TCIM has no comparable client accounts. The Board also considered information regarding portfolios managed by Teachers Advisors, Inc. (“TAI”), TCIM’s affiliate, which provides similar investment management services to other affiliated investment companies. In addition, TAI manages institutional client assets through a small number of unregistered commingled funds and separate accounts with similar investment strategies and investment staff as certain of the Accounts. The Board considered the schedule of management fee rates for each of these funds and accounts, and the management fee rates actually charged to clients with current separate accounts that are managed under similar investment strategies. The Board also considered that: TCIM and its affiliates render somewhat different services to CREF as compared to services rendered by TAI and its affiliates regarding the portfolios that TAI manages; and some of these other funds and accounts are offered through products that charge additional fees to their investors, are offered in different types of markets, are provided with different types or levels of services by TAI, target different types of investors, and/or are packaged with other products. The Board concluded that these factors, among others, reasonably explain different management fee rate schedules.

Other benefits

The Board also considered additional benefits to TCIM and its affiliates arising from the Agreement. For example, TCIM and its affiliates may benefit from the advisory relationship with the Accounts to the extent that this relationship results in potential investors viewing TIAA, of which TCIM is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TCIM and certain funds managed by TCIM or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. TCIM and the Accounts may also benefit from TCIM’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Account-by-account factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific expense and performance factors outlined below are based on Class R3 units of each Account. Because Class R3 generally has lower non-management expenses than the

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Board renewal of investment management agreement (unaudited)

other classes of these Accounts, the expenses and performance of these other classes will differ from the expenses and performance shown for Class R3. Except as otherwise noted, all time periods referenced below are ended December 31, 2015. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category.

CREF Stock Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.150% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and each in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).
•	The Account did not have a group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”). The Account was in the 2nd, 1st, 1st and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 2 stars.

CREF Global Equities Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.140% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account did not have a Performance Group. The Account was in the 1st, 2nd, 3rd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 4 stars.

CREF Growth Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.080% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 3rd, 3rd, 3rd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 1st, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 4 stars.

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continued

CREF Equity Index Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.025% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account did not have a Performance Group. The Account was in the 2nd quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods.
•	For the three-year period, the Account’s relative gross performance (meaning the Account’s performance without any reductions for fees or expenses, including the effect of NAV rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, was 0 basis points. One basis point is equal to 0.01%.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Bond Market Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.115% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual investment costs and total costs are each in the 1st quintile of its Expense Group and Expense Universe.
•	The Account was in the 1st, 2nd, 3rd and 4th quintiles of both its Performance Group and Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Inflation-Linked Bond Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.045% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 1st quintile of its Performance Group for each of the one-, three- and five-year periods, and ranked 2 out of 2 within its Performance Group for the ten-year period. The Account was in the 1st, 2nd, 3rd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

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concluded

CREF Social Choice Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.085% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 3rd, 4th, 4th and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Money Market Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.040% of average daily net assets for the year ending April 30, 2017.
•	The Account’s actual management costs and total costs are in the 1st and 4th quintiles of its Expense Group. The Account’s actual investment management costs and total costs are in the 1st and 3rd quintiles of its Expense Universe.
•	The Account was in the 3rd, 4th, 5th and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 3rd quintile of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	In order to avoid a negative yield, CREF’s administrator, Teachers Insurance and Annuity Association of America (“TIAA”), has agreed to withhold administrative and distribution expenses attributable to the Account. Through December 31, 2015, the cumulative waived amounts exceeded $175 million. Under certain circumstances, a portion of these withheld amounts contractually may be recouped by TIAA if the Account’s yield becomes positive.
•	Money market funds are not rated by Morningstar.

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

108	2016 Semiannual Report ■ College Retirement Equities Fund

Additional information about index providers (unaudited)

Russell Indexes

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

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

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. russell makes no representation, warranty or guarantee regarding the use or the results of use of the russell indexes or any data included therein, or any securities (or combination thereof) comprising the russell indexes. russell makes no other express or implied warranty, and expressly disclaims any warranty, of any kind, including without limitation, any warranty of merchantability or fitness for a particular purpose with respect to the russell index(es) or any data or any security (or combination thereof) included therein.

MSCI Indexes

The accounts are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service 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

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Additional information about index providers (unaudited)

concluded

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.

110	2016 Semiannual Report ■ College Retirement Equities Fund

How to reach us

TIAA website

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

TIAA.org

24 hours a day, 7 days a week

Automated telephone service

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

800-842-2252

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National contact center

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To apply for a new policy or contract

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TIAA Brokerage Services

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888-842-9001

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Advisor services

888-842-0318

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You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit TIAA.org, or call 877-518-9161. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. TIAA Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

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Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. 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 (unaudited)

June 30, 2016

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

CORPORATE BONDS - 0.0%

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

DIVERSIFIED FINANCIALS - 0.0%
$	466,000	m	Asia Pacific Investment Partners		8.000		10/29/16		430
			TOTAL DIVERSIFIED FINANCIALS						430

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						455
			(Cost $520)

GOVERNMENT BONDS - 0.0%

U.S. TREASURY SECURITIES - 0.0%
$	300,000		United States Treasury Note		1.750		05/15/22		310
			TOTAL U.S. TREASURY SECURITIES						310

			TOTAL GOVERNMENT BONDS						310
			(Cost $302)

			TOTAL BONDS						765
			(Cost $822)

SHARES			COMPANY
COMMON STOCKS - 99.1%

AUTOMOBILES & COMPONENTS - 1.9%
	196,085		Actron Technology Corp						754
	271,500		Aisan Industry Co Ltd						1,757
	761,101		Aisin Seiki Co Ltd						31,002
	75,000	e	Akebono Brake Industry Co Ltd						146
	426,394	*	American Axle & Manufacturing Holdings, Inc						6,174
	535,424		Apollo Tyres Ltd						1,205
	55,954	e	ARB Corp Ltd						705
	62,865	*	Asahi India Glass Ltd						144
	3,620	e	Autoliv, Inc						389
	12,023		Autoneum Holding AG.						2,821

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	131,014		Bajaj Holdings and Investment Ltd	$	5,234
	34,619		Balkrishna Industries Ltd		340
	309,579		Bayerische Motoren Werke AG.		22,530
	10,946		Bayerische Motoren Werke AG. (Preference)		698
	107,997		Bharat Forge Ltd		1,221
	200,198		BorgWarner, Inc		5,910
	11,498		Bosch Ltd		3,865
	122,382		Brembo S.p.A.		6,741
	892,842	e	Bridgestone Corp		28,693
	4,912,135	e	Brilliance China Automotive Holdings Ltd		5,072
	723,762	*,e	Byd Co Ltd		4,370
	594,000		Calsonic Kansei Corp		4,514
	22,000	*	Cayman Engley Industrial Co Ltd		113
	47,734		Ceat Ltd		596
	1,339,000	e	Chaowei Power Holdings Ltd		832
	4,926,251		Cheng Shin Rubber Industry Co Ltd		10,387
	288,000	*	China First Capital Group Ltd		222
	1,502,000		China Motor Corp		1,139
	7,783,357		Chongqing Changan Automobile Co Ltd		10,903
	176,098		Cie Automotive S.A.		2,965
	257,378		Compagnie Plastic-Omnium S.A.		7,195
	171,261		Continental AG.		32,407
	197,963	e	Cooper Tire & Rubber Co		5,903
	76,515	*	Cooper-Standard Holding, Inc		6,044
	35,341		Cub Elecparts, Inc		398
	20,201		Dae Won Kang Up Co Ltd		82
	82,200		Daido Metal Co Ltd		787
	67,867	e	Daihatsu Motor Co Ltd		884
	87,900		Daikyonishikawa Corp		1,113
	1,046,298		Daimler AG. (Registered)		62,609
	431,137	e	Dana Holding Corp		4,553
	3,174,460		Delphi Automotive plc		198,721
	537,501		Denso Corp		18,912
	94,000		Depo Auto Parts Ind Co Ltd		287
	17,958		Dong Ah Tire & Rubber Co Ltd		418
	9,919,787	e	Dongfeng Motor Group Co Ltd		10,456
	63,268	*,e	Dorman Products, Inc		3,619
	2,125,500		Drb-Hicom BHD		476
	87,551		Drew Industries, Inc		7,428
	19,000		Eagle Industry Co Ltd		221
	8,095		EDAG Engineering Group AG.		150
	10,103		EGE Endustri VE Ticaret AS.		834
	24,249		ElringKlinger AG.		477
	88,682	e	Exedy Corp		1,899
	2,154,524		Exide Industries Ltd		5,419
	1,496,216		Faurecia		47,501
	36,700		FCC Co Ltd		597
	385,108		Federal Corp		165
	78,559	*	Federal Mogul Corp (Class A)		653
	110,480	e	Ferrari NV		4,535
	726,793	e	Fiat DaimlerChrysler Automobiles NV		4,474
	6,034,192		Ford Motor Co		75,850

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	151,761		Ford Otomotiv Sanayi AS	$	1,615
	52,352	*	Fox Factory Holding Corp		909
	653,525		Fuji Heavy Industries Ltd		22,464
	155,297		Futaba Industrial Co Ltd		731
	5,361,202	e	Geely Automobile Holdings Ltd		2,924
	40,684,487	*,m	General Motors Co		0
	35,983,677	*,m	General Motors Co		0
	6,062,000	*,m	General Motors Co		0
	24,057,000	*,m	General Motors Co		0
	722,689	*,e,m	General Motors Co		0
	1,501,676		General Motors Co		42,497
	7,950,000	*,m	General Motors Co		0
	18,507,434	*,m	General Motors Co		0
	85,268,000	*,e,m	General Motors Co		0
	4,230,271	*,m	General Motors Co		0
	26,439,191	*,m	General Motors Co		0
	590,318	e	Gentex Corp		9,120
	129,959	*	Gentherm, Inc		4,451
	1,714,445		GKN plc		6,198
	30,201		Global & Yuasa Battery Co Ltd		995
	146,000	*	Global PMX Co Ltd		519
	85,705		Goodyear Lastikleri Turk AS.		99
	597,545		Goodyear Tire & Rubber Co		15,333
	55,437		Grammer AG.		2,242
	6,510,689	e	Great Wall Motor Co Ltd		5,443
	77,800		G-Tekt Corp		951
	6,588,861		Guangzhou Automobile Group Co Ltd		7,907
	8,154		Halla Holdings Corp		435
	80,629		Hanil E-Hwa Co Ltd		906
	64,196		Hanil E-Wha Co Ltd		605
	67,077		Hankook Tire Co Ltd		2,984
	235,932		Hanon Systems		2,159
	119,996	e	Harley-Davidson, Inc		5,436
	77,359		Hero Honda Motors Ltd		3,654
	47,000	*	Hiroca Holdings Ltd		168
	1,615,591		Honda Motor Co Ltd		40,527
	45,022	*	Horizon Global Corp		511
	1,985,597		Hota Industrial Manufacturing Co Ltd		9,317
	378,099		Hu Lane Associate, Inc		1,639
	243,900	*	Hunan Tyen Machinery Co Ltd		127
	65,375		Hwa Shin Co Ltd		418
	14,356,000	*,e	Hybrid Kinetic Group Ltd		420
	121,805		Hyundai Mobis		26,797
	416,332		Hyundai Motor Co		49,248
	57,119		Hyundai Motor Co Ltd (2nd Preference)		4,797
	31,931		Hyundai Motor Co Ltd (Preference)		2,631
	61,937		Hyundai Wia Corp		4,829
	36,000		Iron Force Industrial Co Ltd		245
	533,395		Isuzu Motors Ltd		6,570
	1,221,079		Johnson Controls, Inc		54,045
	101,200		Kasai Kogyo Co Ltd		918
	781,896		Kayaba Industry Co Ltd		2,534

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	108,600		Keihin Corp	$	1,676
	1,310,189		Kenda Rubber Industrial Co Ltd		2,084
	274,225		Kia Motors Corp		10,333
	55,000		Kinugawa Rubber Industrial Co Ltd		416
	57,536	*	Koito Manufacturing Co Ltd		2,649
	1,171,650	*,e	Kongsberg Automotive ASA		767
	8,160		Korea Autoglass Corp		147
	110,751	*	Kumho Tire Co, Inc		921
	151,000	*	Launch Tech Co Ltd		162
	633,767		Lear Corp		64,492
	27,719	e	Leoni AG.		761
	96,336		Linamar Corp		3,432
	39,000		Macauto Industrial Co Ltd		199
	694,084	*	Magna International, Inc		24,364
	546,681		Mahindra & Mahindra Ltd		11,612
	73,704	*	Mahindra CIE Automotive Ltd		195
	189,900		Mahle-Metal Leve S.A. Industria e Comercio		1,357
	26,141		Mando Corp		4,964
	173,856	e	Martinrea International, Inc		1,077
	111,471		Maruti Suzuki India Ltd		6,930
	1,487,868		Mazda Motor Corp		19,689
	341,964	e	Metair Investments Ltd		473
	107,385		Metaldyne Performance Group, Inc		1,477
	24,801		MGI Coutier		563
	433,183		Michelin (C.G.D.E.) (Class B)		40,823
	628,000		Minth Group Ltd		2,028
	29,600		Mitsuba Corp		319
	609,717	e	Mitsubishi Motors Corp		2,815
	112,360	*	Modine Manufacturing Co		989
	336,800		Motherson Sumi Systems Ltd		1,453
	10,426		Motonic Corp		76
	44,429	*	Motorcar Parts of America, Inc		1,208
	978		MRF Ltd		480
	43,200	e	Musashi Seimitsu Industry Co Ltd		845
	432,949	*	Nan Kang Rubber Tire Co Ltd		377
	15,449		Nexen Corp		105
	129,672		Nexen Tire Corp		1,491
	2,512,000		Nexteer Automotive Group Ltd		2,299
	127,344		NGK Spark Plug Co Ltd		1,922
	213,709		NHK Spring Co Ltd		1,734
	103,151	e	Nifco, Inc		5,408
	43,000		Nippon Seiki Co Ltd		701
	7,318,760		Nissan Motor Co Ltd		65,315
	66,741		Nissan Shatai Co Ltd		669
	189,900		Nissin Kogyo Co Ltd		2,432
	65,539		NOK Corp		1,115
	131,365		Nokian Renkaat Oyj		4,708
	422,400	e	Pacific Industrial Co Ltd		3,871
	358,947	*,e	Peugeot S.A.		4,302
	137,913	e	Piaggio & C S.p.A.		242
	7,800		Piolax Inc		364
	165,812	e	Porsche AG.		7,664

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	110,500		Press Kogyo Co Ltd	$	367
	20,837,707		PT Astra International Tbk		11,748
	35,450		Pyeong Hwa Automotive Co Ltd		376
	8,576,000		Qingling Motors Co Ltd		2,666
	49,600		Rassini SAB de C.V.		216
	754,516		Renault S.A.		56,964
	72,000		Riken Corp		222
	41,526		S&T Daewoo Co Ltd		2,356
	17,456		S&T Holdings Co Ltd		315
	38,488		SAF-Holland S.A.		426
	384,000	e	Sanden Corp		1,041
	449,920	*	Sanyang Industry Co Ltd		290
	2,064,049		Schaeffler AG.		27,263
	7,074		Sejong Industrial Co Ltd		60
	70,900		Showa Corp		398
	72,443		SL Corp		909
	96,313		Spartan Motors, Inc		603
	1,696,900		Sri Trang Agro-Industry PCL (Foreign)		611
	38,128	*	Ssangyong Motor Co		232
	93,021	e	Standard Motor Products, Inc		3,700
	188,587		Stanley Electric Co Ltd		4,028
	66,788	*	Stoneridge, Inc		998
	12,389	e	Strattec Security Corp		505
	497,525		Sumitomo Electric Industries Ltd		6,585
	576,573		Sumitomo Rubber Industries, Inc		7,719
	55,018		Sundram Fasteners Ltd		152
	33,112		Sungwoo Hitech Co Ltd		223
	61,046		Superior Industries International, Inc		1,635
	164,498		Suzuki Motor Corp		4,454
	2,143,653		T RAD Co Ltd		3,687
	22,200		Tachi-S Co Ltd		326
	56,600		Taiho Kogyo Co Ltd		583
	25,100	*,e	Takata Corp		97
	2,050,722	*	Tata Motors Ltd		14,039
	272,440	*	Tata Motors Ltd (DVR)		1,182
	25,600		Teikoku Piston Ring Co Ltd		496
	216,339	*	Tenneco, Inc		10,084
	591,293	*,e,n	Tesla Motors, Inc		125,520
	255,083	e	Thor Industries, Inc		16,514
	4,122,000		Tianneng Power International Ltd		2,802
	120,494		Tofas Turk Otomobil Fabrik		991
	57,063		Tokai Rika Co Ltd		843
	107,600	e	Tokai Rubber Industries, Inc		862
	335,699		Tong Yang Industry Co Ltd		500
	46,400		Topre Corp		988
	56,401		Tower International, Inc		1,161
	86,000		Toyo Tire & Rubber Co Ltd		938
	59,915		Toyoda Gosei Co Ltd		1,067
	130,700		Toyota Boshoku Corp		2,728
	208,540		Toyota Industries Corp		8,292
	5,656,941	*	Toyota Motor Corp		278,879
	102,300		TS Tech Co Ltd		2,507

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	115,513		Tube Investments Of India	$	832
	60,089		Tung Thih Electronic Co Ltd		968
	45,900		Tupy S.A.		169
	245,324		TVS Motor Co Ltd		1,129
	432,841		UMW Holdings BHD		617
	39,700		Unipres Corp		639
	15,103	e	Unique Fabricating, Inc		202
	700,415		Valeo S.A.		31,094
	254,648		Visteon Corp		16,758
	120,932		Volkswagen AG.		16,031
	141,294		Volkswagen AG. (Preference)		17,114
	7,898		WABCO India Ltd		683
	65,068	e	Winnebago Industries, Inc		1,491
	23,878	*,e	Workhorse Group, Inc		164
	440,000	*	Xinchen China Power Holdings Ltd		54
	2,997,000		Xingda International Holdings Ltd		692
	835,098	*,m	Xinyi Automobile Glass Hong Kong Enterprises Ltd		293
	6,680,785		Xinyi Glass Holdings Co Ltd		4,942
	102,844	e	Yamaha Motor Co Ltd		1,569
	69,600	e	Yokohama Rubber Co Ltd		873
	154,700		Yorozu Corp		2,168
	595,187		Yulon Motor Co Ltd		508
	80,000		Zhejiang Shibao Co Ltd		95
			TOTAL AUTOMOBILES & COMPONENTS		2,040,555

BANKS - 7.0%
	34,612		1st Source Corp		1,121
	1,095,030		77 Bank Ltd		3,832
	217,355		Aareal Bank AG.		6,863
	1,589,160	e,g	ABN AMRO Group NV (ADR)		26,127
	3,975,171		Abu Dhabi Commercial Bank PJSC		6,574
	18,693	e	Access National Corp		365
	14,364	e	ACNB Corp		361
	57,398,649		Agricultural Bank of China		21,090
	6,100		Aichi Bank Ltd		258
	2,367,190		Akbank TAS		6,785
	308,000		Akita Bank Ltd		879
	1,263,197		Albaraka Turk Katilim Bankasi AS		585
	1,412,715	*	Aldermore Group plc		2,236
	73,504	*	Alior Bank S.A.		978
	396,528		Allahabad Bank		408
	26,051	*,e	Allegiance Bancshares, Inc		648
	1,002,056		Alliance Financial Group BHD		1,003
	1,487,671	*	Alpha Bank AE		2,788
	315,270	*,m	Amagerbanken AS		0
	20,494		American National Bankshares, Inc		516
	109,418		Ameris Bancorp		3,250
	21,319	e	Ames National Corp		572
	2,185,557	*	Amlak Finance PJSC		804
	3,039,138		AMMB Holdings BHD		3,354
	478,367		Andhra Bank		411
	190,000	e	Aomori Bank Ltd		528

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,635,952		Aozora Bank Ltd	$	29,958
	73,698		Apollo Residential Mortgage		988
	27,838		Arrow Financial Corp		843
	807,600		Ashikaga Holdings Co Ltd		2,591
	151,886	e	Associated Banc-Corp		2,605
	225,734		Astoria Financial Corp		3,461
	38,105	*,e	Atlantic Capital Bancshares, Inc		551
	3,514,004	e	Australia & New Zealand Banking Group Ltd		64,025
	19,329	*,e	Avenue Financial Holdings, Inc		380
	165,721		Awa Bank Ltd		866
	626,056		Axis Bank Ltd		4,975
	317,632		Banc of California, Inc		5,749
	528,642	*,e	Banca Carige S.p.A		217
	32,264,721		Banca Intesa S.p.A.		61,455
	5,794,052	e	Banca Intesa S.p.A. RSP		10,372
	2,536,724	*,e	Banca Monte dei Paschi di Siena S.p.A		1,081
	408,387		Banca Popolare dell’Emilia Romagna Scrl		1,499
	12,007,247	e	Banca Popolare di Milano		4,936
	1,002,162	e	Banca Popolare di Sondrio SCARL		2,576
	19,507	e	Bancfirst Corp		1,177
	206,162		Banche Popolari Unite Scpa		569
	290,779		Banco ABC Brasil S.A.		1,183
	3,480,839	e	Banco Bilbao Vizcaya Argentaria S.A.		19,943
	1,018,321	*,e	Banco BPI S.A.		1,256
	1,405,889	*	Banco Bradesco S.A.		11,821
	4,864,766	*	Banco Bradesco S.A. (Preference)		38,133
	67,429,962	*,e	Banco Comercial Portugues S.A.		1,366
	19,360,614		Banco de Chile		2,075
	60,638		Banco de Credito e Inversiones		2,620
	2,225,990		Banco de Oro Universal Bank		5,318
	1,365,571	e	Banco de Sabadell S.A.		1,808
	1,788,932		Banco do Brasil S.A.		9,568
	768,100		Banco do Estado do Rio Grande do Sul		2,042
	16,063,377	*,m	Banco Espirito Santo S.A.		178
	58,200	*,m	Banco Industrial e Comercial S.A.		150
	6,713,011		Banco Itau Holding Financeira S.A.		63,320
	132,859		Banco Latinoamericano de Exportaciones S.A. (Class E)		3,521
	1,941,324	e	Banco Popolare SC		4,658
	6,796,150	e	Banco Popular Espanol S.A.		8,832
	969,048		Banco Santander Brasil S.A.		5,484
	57,304,344		Banco Santander Chile S.A.		2,764
	11,342,086	e	Banco Santander S.A.		44,015
	928,429		BanColombia S.A. (Preference)		8,099
	384,649		Bancorpsouth, Inc		8,728
	118,800		Bangkok Bank PCL (ADR)		538
	1,122,400		Bangkok Bank PCL (Foreign)		5,196
	53,647		Bank Handlowy w Warszawie S.A.		977
	1,087,379		Bank Hapoalim Ltd		5,478
	2,184,031	*	Bank Leumi Le-Israel		7,668
	398,031	*	Bank Millennium S.A.		472
	142,891		Bank Mutual Corp		1,097
	44,706,530		Bank of America Corp		593,256

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	836,319	*	Bank of Attica	$	85
	500,000		Bank of Baroda		1,146
	126,398,170		Bank of China Ltd		50,800
	1,227,000	e	Bank of Chongqing Co Ltd		948
	22,977,946		Bank of Communications Co Ltd		14,617
	1,194,344	e	Bank of East Asia Ltd		4,619
	97,681		Bank of Georgia Holdings plc		3,421
	82,172		Bank of Hawaii Corp		5,653
	126,297,218	*	Bank of Ireland		26,036
	32,900	e	Bank of Iwate Ltd		1,240
	300,824		Bank of Kaohsiung		84
	450,927		Bank of Kyoto Ltd		2,766
	19,418	e	Bank of Marin Bancorp		939
	980,333	*	Bank of Montreal		62,184
	299,000	e	Bank of Nagoya Ltd		933
	1,668,486		Bank of Nova Scotia		81,762
	28,800	e	Bank of Okinawa Ltd		844
	270,458		Bank of Queensland Ltd		2,158
	243,541	e	Bank of Saga Ltd		529
	207,204	e	Bank of the Ozarks, Inc		7,774
	973,599		Bank of the Philippine Islands		2,016
	186,200		Bank of the Ryukyus Ltd		1,854
	134,996		Bank Pekao S.A.		4,713
	13,775,571		Bank Rakyat Indonesia		11,335
	34,452		Bank Zachodni WBK S.A.		2,304
	59,591		BankFinancial Corp		714
	1,818,648		Bankia S.A.		1,324
	122,233	e	Bankinter S.A.		789
	225,236		BankUnited		6,919
	13,601	e	Bankwell Financial Group, Inc		300
	77,857		Banner Corp		3,312
	7,402		Banque Cantonale Vaudoise		4,956
	1,004,000	e	Banregio Grupo Financiero SAB de C.V.		5,785
	16,112	e	Bar Harbor Bankshares		566
	428,320		Barclays Africa Group Ltd		4,201
	28,719,072		Barclays plc		53,414
	2,209,719		BB&T Corp		78,688
	240,057		BBCN Bancorp, Inc		3,582
	42,523	e	Bear State Financial, Inc		401
	227,745		Bendigo Bank Ltd		1,649
	292,393	*	Beneficial Bancorp, Inc		3,719
	123,765		Berkshire Hills Bancorp, Inc		3,332
	81,062		Blue Hills Bancorp, Inc		1,196
	103,952		BNC Bancorp		2,361
	1,271,176		BNP Paribas		55,748
	9,181,872	e	BOC Hong Kong Holdings Ltd		27,668
	140,657	*,e	BofI Holding, Inc		2,491
	29,870	e	BOK Financial Corp		1,873
	232,747		Boston Private Financial Holdings, Inc		2,742
	12,598		BRE Bank S.A.		991
	37,676		Bridge Bancorp, Inc		1,070
	291,058		Brookline Bancorp, Inc		3,210

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	59,430		Bryn Mawr Bank Corp	$	1,735
	248,660		BS Financial Group, Inc		1,752
	19,213	*,e	BSB Bancorp, Inc		435
	4,272,412		Bumiputra-Commerce Holdings BHD		4,647
	7,745		C&F Financial Corp		347
	24,820	*	C1 Financial, Inc		579
	991,591		CaixaBank S.A.		2,185
	4,905		California First National Bancorp		72
	23,729		Camden National Corp		997
	6,491	*	Can Fin Homes Ltd		118
	634,734	e	Canadian Imperial Bank of Commerce/Canada		47,676
	67,257	e	Canadian Western Bank		1,283
	100,157		Canara Bank		326
	45,732		Capital Bank Financial Corp		1,317
	34,958		Capital City Bank Group, Inc		487
	78,299	e	Capitec Bank Holdings Ltd		3,176
	299,153		Capitol Federal Financial		4,173
	114,600		Cardinal Financial Corp		2,514
	23,639	e	Carolina Financial Corp		442
	121,721	*	Cascade Bancorp		674
	309,944		Cathay General Bancorp		8,740
	218,177		Centerstate Banks of Florida, Inc		3,436
	193,205		Central Pacific Financial Corp		4,560
	20,904		Central Valley Community Bancorp		293
	7,938	e	Century Bancorp, Inc		336
	4,777,975		Chang Hwa Commercial Bank		2,495
	44,516		Charter Financial Corp		591
	140,461	e	Chemical Financial Corp		5,238
	7,475	e	Chemung Financial Corp		219
	545,966		Chiba Bank Ltd		2,580
	27,600		Chiba Kogyo Bank Ltd		100
	8,967,481		China Citic Bank		5,485
	154,234,748		China Construction Bank		102,819
	14,126,861		China Development Financial Holding Corp		3,426
	9,256,685		China Everbright Bank Co Ltd		4,252
	6,278,896	e	China Merchants Bank Co Ltd		14,166
	6,659,810	e	China Minsheng Banking Corp Ltd		6,470
	17,428,242		Chinatrust Financial Holding Co		9,167
	302,000		Chong Hing Bank Ltd		618
	19,332,584		Chongqing Rural Commercial Bank		9,846
	41,705		Chugoku Bank Ltd		426
	79,000	*	Chukyo Bank Ltd		185
	757,708		CIT Group, Inc		24,178
	11,996,180		Citigroup, Inc		508,518
	29,448		Citizens & Northern Corp		595
	1,084,464		Citizens Financial Group, Inc		21,668
	33,561	e	City Holding Co		1,526
	51,836		City Union Bank Ltd		90
	56,804		Clifton Bancorp, Inc		856
	46,472		CNB Financial Corp		827
	100,055	e	CoBiz, Inc		1,171
	18,649		Codorus Valley Bancorp, Inc		380

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	18,586	*,e	Collector AB	$	238
	173,360		Columbia Banking System, Inc		4,864
	23,965		Comdirect Bank AG.		244
	1,764,608		Comerica, Inc		72,578
	218,093		Commerce Bancshares, Inc		10,447
	130,941		Commercial Bank of Qatar QSC		1,335
	2,348,518		Commercial International Bank		10,573
	1,072,700		Commercial International Bank Egypt SAE (ADR)		3,816
	298,868		Commerzbank AG.		1,946
	1,790,313	e	Commonwealth Bank of Australia		100,491
	100,715	e	Community Bank System, Inc		4,138
	38,426		Community Trust Bancorp, Inc		1,332
	39,699	*,e	CommunityOne Bancorp		502
	1,541,500	*	Concordia Financial Group Ltd		5,953
	118,231		ConnectOne Bancorp, Inc		1,855
	517,097,117		Corpbanca S.A.		4,389
	11,205	e	County Bancorp, Inc		231
	128,041		Credicorp Ltd (NY)		19,761
	1,164,021	e	Credit Agricole S.A.		9,786
	68,018	e	Credito Emiliano S.p.A.		413
	69,369	*	CU Bancorp		1,577
	151,420	e	Cullen/Frost Bankers, Inc		9,650
	57,298	*	Customers Bancorp, Inc		1,440
	236,990		CVB Financial Corp		3,884
	1,115,788	*,e	CYBG plc		3,464
	5,646,074	*,m	Cyprus Popular Bank Public Co Ltd		63
	699,627	e	Dah Sing Banking Group Ltd		1,301
	327,508		Dah Sing Financial Holdings Ltd		2,024
	257,000	e	Daishi Bank Ltd		820
	1,458,880		Danske Bank AS		38,398
	3,413,596	e	DBS Group Holdings Ltd		40,249
	129,869	g	Deutsche Pfandbriefbank AG.		1,281
	1,333,051	*	Development Credit Bank Ltd		1,930
	380,273		Dewan Housing Finance Corp Ltd		1,153
	166,326		DGB Financial Group Co Ltd		1,259
	94,789		Dime Community Bancshares		1,612
	847,497		DNB NOR Holding ASA		10,144
	119,594		Doha Bank QSC		1,164
	3,829,865		Dubai Islamic Bank PJSC		5,352
	7,588,182		E.Sun Financial Holding Co Ltd		4,495
	71,350	*	Eagle Bancorp, Inc		3,433
	830,808		East West Bancorp, Inc		28,397
	113,000		Eighteenth Bank Ltd		276
	20,161		Enterprise Bancorp, Inc		484
	45,032		Enterprise Financial Services Corp		1,256
	13,593	*	Equity Bancshares, Inc		301
	1,228,819		Erste Bank der Oesterreichischen Sparkassen AG.		27,978
	16,285		ESSA Bancorp, Inc		218
	320,395	*	Essent Group Ltd		6,988
	2,010,457	*	Eurobank Ergasias S.A.		1,273
	412,618		EverBank Financial Corp		6,132
	2,645,315		Far Eastern International Bank		751

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	18,351		Farmers Capital Bank Corp	$	502
	58,266		Farmers National Banc Corp		513
	88,544	*	FCB Financial Holdings, Inc		3,010
	19,545		Federal Agricultural Mortgage Corp (Class C)		681
	4,764,606		Federal Bank Ltd		4,079
	86,886		Fidelity Southern Corp		1,362
	948,425		Fifth Third Bancorp		16,683
	35,368		Financial Institutions, Inc		922
	180,204	e	FinecoBank Banca Fineco S.p.A		1,177
	46,354		First Bancorp (NC)		815
	605,668	*,e	First Bancorp (Puerto Rico)		2,405
	28,072		First Bancorp, Inc		605
	80,582		First Busey Corp		1,724
	29,206	e	First Business Financial Services, Inc		685
	17,763		First Citizens Bancshares, Inc (Class A)		4,599
	216,504	e	First Commonwealth Financial Corp		1,992
	39,792		First Community Bancshares, Inc		893
	32,252	*,e	First Community Financial Partners, Inc		284
	58,499	e	First Connecticut Bancorp		969
	20,947		First Defiance Financial Corp		814
	184,171		First Financial Bancorp		3,582
	149,482	e	First Financial Bankshares, Inc		4,902
	36,935		First Financial Corp		1,353
	9,211,398		First Financial Holding Co Ltd		4,844
	23,061		First Financial Northwest, Inc		306
	36,198	*	First Foundation, Inc		778
	948,277		First Gulf Bank PJSC		3,260
	228,256		First Horizon National Corp		3,145
	101,366		First International Bank Of Israel Ltd		1,240
	12,936	e	First Internet Bancorp		308
	85,031		First Interstate Bancsystem, Inc		2,389
	109,427		First Merchants Corp		2,728
	13,480	e	First Mid-Illinois Bancshares, Inc		337
	230,118		First Midwest Bancorp, Inc		4,041
	39,923	e	First National Financial Corp		926
	37,500	*	First NBC Bank Holding Co		630
	325,449		First Niagara Financial Group, Inc		3,170
	27,741	*	First Northwest Bancorp		353
	43,982		First of Long Island Corp		1,261
	252,643		First Republic Bank		17,682
	396,917		FirstMerit Corp		8,046
	59,074	*	Flagstar Bancorp, Inc		1,442
	68,977		Flushing Financial Corp		1,371
	846,591		FNB Corp		10,616
	28,240		Fox Chase Bancorp, Inc		574
	62,406	*	Franklin Financial Network, Inc		1,957
	688,412		Fukuoka Financial Group, Inc		2,270
	411,343		Fulton Financial Corp		5,553
	198,743	e	Genworth MI Canada, Inc		5,098
	1,041,032	e	Genworth Mortgage Insurance Australia Ltd		2,158
	32,889		German American Bancorp, Inc		1,051
	1,279,817	*	Get Bank S.A.		140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	653,827	*	Getin Holding S.A.	$	141
	248,437		Glacier Bancorp, Inc		6,603
	32,241		Great Southern Bancorp, Inc		1,192
	234,658		Great Western Bancorp, Inc		7,401
	48,004	*	Green Bancorp, Inc		419
	6,954		Greene County Bancorp, Inc		113
	121,552		Gruh Finance Ltd		518
	2,401,104		Grupo Aval Acciones y Valores		970
	4,582,368		Grupo Financiero Banorte S.A. de C.V.		25,696
	5,107,365	e	Grupo Financiero Inbursa S.A.		8,660
	80,900	e	Grupo Financiero Interacciones S.A. de C.V.		397
	1,821,874		Grupo Financiero Santander Mexico SAB de C.V.		3,302
	133,645	*	Grupo Supervielle S.A. (ADR)		1,709
	60,017		Guaranty Bancorp		1,002
	787,183		Gunma Bank Ltd		2,859
	139,516		Hachijuni Bank Ltd		608
	87,158	*,e	Hampton Roads Bankshares, Inc		156
	308,206		Hana Financial Group, Inc		6,266
	179,987		Hancock Holding Co		4,699
	909,488		Hang Seng Bank Ltd		15,600
	169,693		Hanmi Financial Corp		3,986
	249,664		HDFC Bank Ltd		4,365
	15,713		HDFC Bank Ltd (ADR)		1,043
	88,235		Heartland Financial USA, Inc		3,114
	66,032		Heritage Commerce Corp		695
	125,254		Heritage Financial Corp		2,202
	57,351		Heritage Oaks Bancorp		455
	705,625	*	Hilltop Holdings, Inc		14,811
	3,162	e	Hingham Institution for Savings		389
	169,647		Hiroshima Bank Ltd		567
	635,000		Hokkoku Bank Ltd		1,718
	332,000	e	Hokuetsu Bank Ltd		563
	1,032,000		Hokuhoku Financial Group, Inc		1,175
	13,260		Home Bancorp, Inc		364
	336,010		Home Bancshares, Inc		6,650
	206,499	e	Home Capital Group, Inc		5,118
	42,815	*	HomeStreet, Inc		853
	73,739	*	HomeTrust Bancshares, Inc		1,364
	508,416		Hong Leong Bank BHD		1,668
	80,620		Hong Leong Credit BHD		294
	32,956	e	Horizon Bancorp		829
	3,040,150		Housing Development Finance Corp		56,640
	16,306,843		HSBC Holdings plc		101,030
	6,540,513		Hua Nan Financial Holdings Co Ltd		3,399
	846,297		Huntington Bancshares, Inc		7,566
	208,692		Hyakugo Bank Ltd		720
	506,000		Hyakujushi Bank Ltd		1,474
	164,964		IBERIABANK Corp		9,853
	1,112,677		ICICI Bank Ltd		3,982
	22,814	e	ICICI Bank Ltd (ADR)		164
	188,892	*	IDFC Bank Ltd		127
	17,026	*,e	Impac Mortgage Holdings, Inc		267

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	67,263	e	Independent Bank Corp (MA)	$	3,074
	67,361		Independent Bank Corp (MI)		977
	60,679		Independent Bank Group, Inc		2,604
	234,411		IndusInd Bank Ltd		3,874
	139,633,949		Industrial & Commercial Bank of China		77,869
	696,137		Industrial Bank of Korea		6,783
	130,447		International Bancshares Corp		3,403
	2,325,476		Investors Bancorp, Inc		25,766
	541,290	*,m	Irish Bank Resolution Corp Ltd		0
	871,274	*	Israel Discount Bank Ltd		1,500
	59,745		Iyo Bank Ltd		366
	346,817		Jammu & Kashmir Bank Ltd		355
	921,700		Japan Post Bank Co Ltd		10,838
	75,458		JB Financial Group Co Ltd		373
	373,200		Jimoto Holdings Inc		515
	582,225		Joyo Bank Ltd		2,177
	11,839,339	e	JPMorgan Chase & Co		735,696
	281,555		Juroku Bank Ltd		746
	58,596		Jyske Bank		2,224
	72,600	e	Kansai Urban Banking Corp		634
	56,500		Kanto Tsukuba Bank Ltd		151
	817,852		Karnataka Bank Ltd		1,714
	81,430	*	Karur Vysya Bank Ltd		600
	135,500		Kasikornbank PCL - NVDR		658
	1,853,097		Kasikornbank PCL (Foreign)		9,127
	658,922		KB Financial Group, Inc		18,737
	282,695		KBC Groep NV		13,903
	407,763		Kearny Financial Corp		5,130
	642,000		Keiyo Bank Ltd		2,410
	2,217,741		Keycorp		24,506
	1,458,632		Kiatnakin Bank PCL (Foreign)		1,809
	2,439,000		King’s Town Bank		1,624
	183,800		Kiyo Bank Ltd		2,282
	23,333		KJB Financial Group Co Ltd		177
	185,190		Komercni Banka AS		6,944
	4,114,924		Krung Thai Bank PCL (Foreign)		1,917
	271,700		Kyushu Financial Group, Inc		1,347
	16,509	e	Lake Sunapee Bank Group		282
	144,932		Lakeland Bancorp, Inc		1,649
	35,852		Lakeland Financial Corp		1,685
	28,525	e	Laurentian Bank of Canada		1,065
	19,826		LCNB Corp		313
	242,038		LegacyTexas Financial Group, Inc		6,513
	31,560	*,e	LendingTree, Inc		2,788
	3,279,028		LH Financial Group PCL		164
	305,814	*,e	Liberbank S.A.		206
	1,144,943		LIC Housing Finance Ltd		8,426
	41,382	e	Live Oak Bancshares, Inc		584
	46,639,692		Lloyds TSB Group plc		33,781
	90,332	e	M&T Bank Corp		10,680
	61,407	e	Macatawa Bank Corp		456
	73,162		MainSource Financial Group, Inc		1,613

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,878,391		Malayan Banking BHD	$	13,914
	666,602		Malaysia Building Society		119
	379,363		Masraf Al Rayan		3,549
	184,083		MB Financial, Inc		6,679
	45,304		MBT Financial Corp		362
	13,036,097		Mega Financial Holding Co Ltd		9,860
	55,394		Mercantile Bank Corp		1,322
	16,582		Merchants Bancshares, Inc		505
	130,363		Meridian Bancorp, Inc		1,927
	42,053		Meta Financial Group, Inc		2,143
	3,071,857		Metropolitan Bank & Trust		5,916
	1,094,258	*	MGIC Investment Corp		6,511
	12,041	e	Middleburg Financial Corp		328
	17,340	*,e	Midland States Bancorp, Inc		376
	14,400	e	Midsouth Bancorp, Inc		145
	19,438		MidWestOne Financial Group, Inc		555
	193,000		Mie Bank Ltd		334
	452,000	e	Minato Bank Ltd		672
	19,932,959		Mitsubishi UFJ Financial Group, Inc		89,357
	5,365,461		Mitsui Trust Holdings, Inc		17,458
	341,000		Miyazaki Bank Ltd		850
	100,101		Mizrahi Tefahot Bank Ltd		1,154
	26,303,363		Mizuho Financial Group, Inc		37,852
	4,945,318	*,g	Moneta Money Bank AS.		14,561
	25,468		Musashino Bank Ltd		578
	12,086		MutualFirst Financial, Inc		331
	452,928		Nanto Bank Ltd		1,445
	2,326,324		National Australia Bank Ltd		44,664
	91,682		National Bank Holdings Corp		1,867
	677,884		National Bank of Abu Dhabi PJSC		1,787
	619,906		National Bank of Canada		21,203
	5,942,970	*	National Bank of Greece S.A.		1,318
	16,291	e	National Bankshares, Inc		569
	19,575	*,e	National Commerce Corp		456
	83,941	*,e	Nationstar Mortgage Holdings, Inc		945
	527,702		Natixis		1,986
	98,925		NBT Bancorp, Inc		2,832
	362,078		Nedbank Group Ltd		4,596
	1,588,088	e	New York Community Bancorp, Inc		23,805
	18,580	*,e	Nicolet Bankshares, Inc		708
	695,300		Nishi-Nippon City Bank Ltd		1,222
	304,759	*	NMI Holdings, Inc		1,670
	52,996	g	Nordax Group AB		227
	3,047,599		Nordea Bank AB		25,855
	1,082,300		North Pacific Bank Ltd		2,946
	135,112		Northfield Bancorp, Inc		2,004
	16,354		Northrim BanCorp, Inc		430
	225,282		Northwest Bancshares, Inc		3,341
	52,160		OceanFirst Financial Corp		948
	93,214	*,e	Ocwen Financial Corp		159
	154,531	e	OFG Bancorp		1,283
	236,000		Ogaki Kyoritsu Bank Ltd		653

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	165,000		Oita Bank Ltd	$	476
	21,312		Old Line Bancshares, Inc		384
	309,604		Old National Bancorp		3,879
	72,155		Old Second Bancorp, Inc		493
	407,994		OneSavings Bank plc		1,150
	190,200		Opus Bank		6,429
	62,360		Oriental Bank of Commerce		100
	108,473		Oritani Financial Corp		1,734
	16,485		Orrstown Financial Services, Inc		298
	675,770		OTP Bank		15,122
	4,041,619		Oversea-Chinese Banking Corp		26,279
	72,919		Pacific Continental Corp		1,146
	38,346	*	Pacific Mercantile Bancorp		272
	106,784	*	Pacific Premier Bancorp, Inc		2,563
	298,436		PacWest Bancorp		11,872
	251,194		Paragon Group of Cos plc		815
	30,022	e	Park National Corp		2,755
	208,749		Park Sterling Bank		1,480
	61,928		Peapack Gladstone Financial Corp		1,146
	11,744	e	Penns Woods Bancorp, Inc		493
	36,526	*,e	PennyMac Financial Services, Inc		456
	76,294		Peoples Bancorp, Inc		1,662
	17,528	e	Peoples Financial Services Corp		686
	313,029	e	People’s United Financial, Inc		4,589
	31,304		People’s Utah Bancorp		520
	99,198	*,e	Permanent TSB Group Holdings plc		186
	174,734	*	PHH Corp		2,327
	2,700,000	*	Philippine National Bank		3,301
	4,391,703	e	Piccolo Credito Valtellinese Scarl		2,008
	165,060		Pinnacle Financial Partners, Inc		8,063
	6,999,412	*	Piraeus Bank S.A.		1,306
	689,883		PNC Financial Services Group, Inc		56,150
	550,635		Popular, Inc		16,134
	913,542	*	Powszechna Kasa Oszczednosci Bank Polski S.A.		5,415
	65,592		Preferred Bank		1,894
	19,743		Premier Financial Bancorp, Inc		333
	255,058		PrivateBancorp, Inc		11,230
	181,497		Prosperity Bancshares, Inc		9,255
	10,080	*,e	Provident Bancorp, Inc		155
	11,536	e	Provident Financial Holdings, Inc		211
	191,630		Provident Financial Services, Inc		3,764
	66,937,300		PT Bank Bukopin Tbk		2,893
	11,745,374		PT Bank Central Asia Tbk		11,893
	2,913,957		PT Bank Danamon Indonesia Tbk		783
	21,584,800		PT Bank Jabar Banten Tbk		1,845
	9,781,180		PT Bank Mandiri Persero Tbk		7,078
	10,829,419		PT Bank Negara Indonesia		4,292
	44,500,000	*	PT Bank Pan Indonesia Tbk		2,606
	32,354,700		PT Bank Pembangunan Daerah Jawa Timur Tbk		1,253
	13,135,894		PT Bank Tabungan Negara Tbk		1,715
	3,320,184		Public Bank BHD		15,998
	83,759		Qatar Islamic Bank SAQ		2,212

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	224,616		Qatar National Bank	$	8,655
	29,380		QCR Holdings, Inc		799
	687,084		Radian Group, Inc		7,159
	25,502	*,e	Raiffeisen International Bank Holding AG.		322
	2,779,292		Regions Financial Corp		23,652
	94,220		Renasant Corp		3,046
	26,292		Republic Bancorp, Inc (Class A)		726
	80,343	*,e	Republic First Bancorp, Inc		346
	4,157,094		Resona Holdings, Inc		15,194
	432,802		RHB Capital BHD		551
	68,220		Rizal Commercial Banking Corp		46
	5,200	*,m	Roskilde Bank		0
	2,468,486	*	Royal Bank of Canada		145,860
	31,540		Royal Bank of Canada (Toronto)		1,864
	14,604,091	*	Royal Bank of Scotland Group plc		33,095
	82,261		S&T Bancorp, Inc		2,011
	56,596		Sandy Spring Bancorp, Inc		1,645
	390,500		San-In Godo Bank Ltd		2,550
	6,619,622		Sberbank of Russian Federation (ADR)		58,057
	94,340	*	Seacoast Banking Corp of Florida		1,532
	492,910		Security Bank Corp		2,016
	192,191	*	Sekerbank TAS		88
	391,080		Senshu Ikeda Holdings, Inc		1,458
	58,269	e	ServisFirst Bancshares, Inc		2,878
	657,293		Seven Bank Ltd		2,040
	654,717	*,g	Shawbrook Group plc		1,490
	191,000	e	Shiga Bank Ltd		819
	363,000		Shikoku Bank Ltd		711
	777,534		Shinhan Financial Group Co Ltd		25,557
	5,638,055		Shinsei Bank Ltd		8,215
	289,400		Shizuoka Bank Ltd		2,038
	28,906		Shore Bancshares, Inc		340
	26,115		SI Financial Group, Inc		346
	1,695,417		Siam Commercial Bank PCL (Foreign)		6,740
	41,163		Sierra Bancorp		687
	143,740	*	Signature Bank		17,956
	103,139		Simmons First National Corp (Class A)		4,763
	9,812,848		SinoPac Financial Holdings Co Ltd		2,912
	59,097	*,g	Skandiabanken ASA		376
	1,355,770		Skandinaviska Enskilda Banken AB (Class A)		11,844
	1,124,179	e	Societe Generale		35,171
	2,578,170		South Indian Bank Ltd		749
	148,599		South State Corp		10,112
	13,710	*	Southern First Bancshares, Inc		330
	13,441		Southern Missouri Bancorp, Inc		316
	30,710		Southern National Bancorp of Virginia, Inc		373
	58,367		Southside Bancshares, Inc		1,805
	104,433		Southwest Bancorp, Inc		1,768
	78,567		Spar Nord Bank A/s		630
	254,724	e	Sparebanken Midt-Norge		1,427
	194,674		Sparebanken Nord-Norge		918
	3,107		St Galler Kantonalbank		1,203

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,787,501		Standard Bank Group Ltd	$	24,278
	1,399,647		Standard Chartered plc		10,619
	79,781		State Bank & Trust Co		1,624
	30,377		State Bank of Bikaner & Jaip		297
	3,048,826		State Bank of India		9,932
	538,161		Sterling Bancorp/DE		8,449
	49,976		Stock Yards Bancorp, Inc		1,411
	48,565		Stonegate Bank		1,567
	55,071	e	Suffolk Bancorp		1,724
	3,041,011		Sumitomo Mitsui Financial Group, Inc		87,809
	20,963	e	Summit Financial Group, Inc		367
	27,644	*	Sun Bancorp, Inc		571
	1,258,718		SunTrust Banks, Inc		51,708
	172,390		Suruga Bank Ltd		3,896
	211,790	*	SVB Financial Group		20,154
	409,891		Svenska Handelsbanken AB		4,976
	1,782,555		Swedbank AB (A Shares)		37,439
	203,520		Sydbank AS		5,111
	194,891		Syndicate Bank		211
	288,456		Synovus Financial Corp		8,362
	2,272,311		Taichung Commercial Bank		637
	7,968,055		Taishin Financial Holdings Co Ltd		3,081
	586,750	*	Taiwan Business Bank		149
	7,782,140		Taiwan Cooperative Financial Holding		3,440
	159,384		Talmer Bancorp Inc		3,055
	1,586,995		TCF Financial Corp		20,075
	848,657		TCS Group Holding plc (ADR)		4,328
	18,970		Territorial Bancorp, Inc		502
	146,366	*	Texas Capital Bancshares, Inc		6,844
	215,870	e	TFS Financial Corp		3,717
	3,019,400		Thanachart Capital PCL		3,014
	95,647	*	The Bancorp, Inc		576
	1,012,380		Tisco Bank PCL		1,430
	62,469,387		TMB Bank PCL (Foreign)		3,856
	144,000		Tochigi Bank Ltd		498
	188,000		Toho Bank Ltd		582
	19,893		Tokyo TY Financial Group, Inc		462
	130,800		Tomony Holdings, Inc		393
	33,809		Tompkins Trustco, Inc		2,198
	3,657,732	e	Toronto-Dominion Bank		157,073
	515,000		Towa Bank Ltd		399
	132,017	e	TowneBank		2,858
	99,609		Trico Bancshares		2,749
	53,313	*	Tristate Capital Holdings, Inc		732
	58,370	*	Triumph Bancorp, Inc		934
	498,807		Trustco Bank Corp NY		3,197
	160,486		Trustmark Corp		3,988
	3,994,046		Turkiye Garanti Bankasi AS		10,550
	675,926		Turkiye Halk Bankasi AS		2,012
	1,648,264		Turkiye Is Bankasi (Series C)		2,618
	2,114,631		Turkiye Sinai Kalkinma Bankasi AS		978
	804,952		Turkiye Vakiflar Bankasi Tao		1,264

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	104,716		UMB Financial Corp	$	5,572
	743,005		Umpqua Holdings Corp		11,494
	2,020,084		UniCredit S.p.A		4,443
	579,881		Union Bank of India		1,108
	1,566,039		Union Bank Of Taiwan		429
	135,506		Union Bankshares Corp		3,348
	9,284	e	Union Bankshares, Inc		338
	815,100		United Bank Ltd		1,378
	154,648	e	United Bankshares, Inc		5,801
	313,388		United Community Banks, Inc		5,732
	112,581		United Community Financial Corp		684
	265,655		United Financial Bancorp, Inc (New)		3,448
	1,211,903		United Overseas Bank Ltd		16,698
	47,006	e	Univest Corp of Pennsylvania		988
	5,743,154		US Bancorp		231,621
	32,571		Valiant Holding		3,124
	582,446		Valley National Bancorp		5,312
	20,200	*,e	Veritex Holdings, Inc		324
	462,817		Vijaya Bank		258
	2,014,853		Virgin Money Holdings UK plc		6,760
	4,091,778		VTB Bank OJSC (GDR)		8,466
	127,656	*,e	Walker & Dunlop, Inc		2,908
	55,654	*,e	Walter Investment Management Corp		154
	221,612		Washington Federal, Inc		5,376
	50,261		Washington Trust Bancorp, Inc		1,906
	17,932	e	WashingtonFirst Bankshares, Inc		388
	63,323		Waterstone Financial, Inc		971
	276,944		Webster Financial Corp		9,402
	21,695,162		Wells Fargo & Co		1,026,832
	83,741	e	WesBanco, Inc		2,600
	45,828		West Bancorporation, Inc		852
	57,933	e	Westamerica Bancorporation		2,854
	217,913	*	Western Alliance Bancorp		7,115
	32,883		Westfield Financial, Inc		253
	5,269,365	e	Westpac Banking Corp		116,851
	303,027		Wilshire Bancorp, Inc		3,158
	191,645		Wintrust Financial Corp		9,774
	487,186	*	WMIH Corp		1,082
	1,043,875		Woori Bank		8,679
	64,801		WSFS Financial Corp		2,086
	143,967		Yadkin Financial Corp		3,612
	113,000	e	Yamagata Bank Ltd		444
	117,492	e	Yamaguchi Financial Group, Inc		1,111
	136,000		Yamanashi Chuo Bank Ltd		479
	3,298,679		Yapi ve Kredi Bankasi		4,573
	2,154,051		Yes Bank Ltd		35,491
	11,311		Your Community Bankshares, Inc		420
	2,800,333		Zions Bancorporation		70,372
			TOTAL BANKS		7,761,687

CAPITAL GOODS - 7.8%
	3,009,382		3M Co		527,003

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	169,860		A.O. Smith Corp	$	14,966
	79,891		Aalberts Industries NV		2,395
	93,954		Aaon, Inc		2,585
	152,646		AAR Corp		3,563
	2,475,593		ABB Ltd		48,997
	119,052	e	Abengoa S.A.		74
	225,821	e	Abengoa S.A. (B Shares)		61
	3,202,957		Aboitiz Equity Ventures, Inc		5,318
	372,000		AcBel Polytech, Inc		286
	101,079	*	Accuride Corp		125
	386,278		ACS Actividades Construccion y Servicios S.A.		10,595
	144,108		Actuant Corp (Class A)		3,258
	161,804		Acuity Brands, Inc		40,121
	643,625		Adani Enterprises Ltd		830
	70,157		Aditya Birla Nuvo Ltd		1,273
	482,900		Advan Co Ltd		5,347
	79,344	e	Advanced Drainage Systems, Inc		2,172
	517,461	*	Aecom Technology Corp		16,440
	212,539	e	Aecon Group, Inc		2,892
	154,057	*	Aegion Corp		3,006
	818,551	*	AerCap Holdings NV		27,495
	143,196	*	Aerojet Rocketdyne Holdings, Inc		2,618
	8,450	*	AeroSpace Technology of Korea, Inc		159
	47,779	*	Aerovironment, Inc		1,328
	32,135	*	AFG Arbonia-Forster Hldg		457
	12,672	e	AG Growth International Inc		402
	318,349	e	AGCO Corp		15,004
	46,794		AIA Engineering Ltd		715
	42,299		Aica Kogyo Co Ltd		967
	86,400		Aichi Corp		617
	74,100		Aida Engineering Ltd		609
	266,224		Air Lease Corp		7,129
	116,456	e	Aircastle Ltd		2,278
	641,740		Airtac International Group		4,789
	22,198		Alamo Group, Inc		1,464
	67,663		Alarko Holding AS		78
	146,343		Albany International Corp (Class A)		5,843
	96,668	e	Alfa Laval AB		1,524
	4,586,014		Alfa S.A. de C.V. (Class A)		7,896
	24,562	e,g	Alimak Group AB		234
	333,302		Allegion plc		23,141
	20,512,765		Alliance Global Group, Inc		6,471
	41,226		Allied Motion Technologies, Inc		959
	532,920		Allison Transmission Holdings, Inc		15,044
	31,744		Alstom Projects India Ltd		293
	82,473	*	Alstom RGPT		1,904
	97,738		Alstom T&D India Ltd		516
	58,270		Altra Holdings, Inc		1,572
	350,036		Amada Co Ltd		3,554
	57,169		Amara Raja Batteries Ltd		737
	63,990	*	Ameresco, Inc		280
	19,410	e	American Railcar Industries, Inc		766

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,133	e	American Science & Engineering, Inc	$	604
	29,668	*	American Superconductor Corp		250
	177,391	*	American Woodmark Corp		11,775
	376,110		Ametek, Inc		17,388
	25,466	e	Andritz AG.		1,208
	23,700	*	Anest Iwata Corp		204
	117,422		Apogee Enterprises, Inc		5,443
	139,334		Applied Industrial Technologies, Inc		6,290
	2,659,189	*	Arabtec Holding Co		993
	64,512		Arcadis NV		968
	70,561	*	Arcam AB		1,825
	47,933		Argan, Inc		2,000
	60,820	*	Armstrong Flooring, Inc		1,031
	34,498	*	Armstrong World Industries, Inc		1,351
	45,100	e	Asahi Diamond Industrial Co Ltd		349
	2,225,911	e	Asahi Glass Co Ltd		12,080
	507,912		Aselsan Elektronik Sanayi Ve Ticaret AS		1,663
	1,375,813		Ashok Leyland Ltd		2,012
	41,344		Ashoka Buildcon Ltd		98
	2,797,548	e	Ashtead Group plc		39,960
	1,000,329		Assa Abloy AB		20,580
	510,358	e	Astaldi S.p.A.		2,068
	46,044		Astec Industries, Inc		2,585
	28,802		Astral Polytechnik Ltd		201
	72,080	*	Astronics Corp		2,397
	788,016		Asunaro Aoki Construction Co Ltd		5,290
	155,749		Atlas Copco AB (A Shares)		4,045
	168,551		Atlas Copco AB (B Shares)		3,995
	66,450	*	ATS Automation Tooling Systems, Inc		500
	2,563,923		Austal Ltd		2,362
	3,220,000	*,e	AVIC International Holding HK Ltd		209
	2,545,019		AviChina Industry & Technology Co		1,778
	60,715		AZZ, Inc		3,642
	67,447		B&B Tools AB		1,365
	198,460	*	Babcock & Wilcox Enterprises, Inc		2,915
	31,652	e	Badger Daylighting Ltd		551
	10,340,934		BAE Systems plc		72,392
	585,241	*,e	Balfour Beatty plc		1,682
	153,000		Bando Chemical Industries Ltd		739
	398,000		Baoye Group Co Ltd		265
	200,011		Barloworld Ltd		997
	231,793		Barnes Group, Inc		7,677
	9,111		Bauer AG.		125
	10,910	e	BayWa AG.		327
	169,091		BE Aerospace, Inc		7,808
	53	*	Beacon Power Corp		0	^
	167,199	*	Beacon Roofing Supply, Inc		7,603
	529,299	e	Beijing Enterprises Holdings Ltd		3,001
	1,223,000	g	Beijing Urban Construction Design & Development Group Co Ltd		666
	9,958		BEML Ltd		126
	3,935,100		Berjaya Corp BHD		347

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,237,000		BES Engineering Corp	$	201
	108,452		Bharat Electronics Ltd		2,043
	671,300		Bharat Heavy Electricals		1,276
	353,053		Bidvest Group Ltd		3,331
	75,990		Biesse S.p.A.		957
	112,438		Bird Construction Income Fund		1,164
	851,308		Bizlink Holdings Inc		5,252
	2,482,100		BJC Heavy Industries PCL-F		446
	11,352	*,e	Blue Bird Corp		135
	21,573		Blue Star Ltd		141
	129,775	*,e	BMC Stock Holdings, Inc		2,313
	21,235		Bobst Group AG.		1,055
	7,500	*,g	BOC Aviation Ltd		38
	162,449		Bodycote plc		1,121
	1,422,235	e	Boeing Co		184,706
	1,745,000	e	Boer Power Holdings Ltd		766
	1,463,854	*	Bombardier, Inc		2,198
	92,576		Boskalis Westminster		3,159
	4,668	e	Bossard Holding AG.		495
	261,959		Bouygues S.A.		7,505
	204,329	e	Brammer plc		163
	31,188		Brenntag AG.		1,511
	101,189		Briggs & Stratton Corp		2,143
	13,364	*	Brookfield Business Partners LP		254
	5,653		Bucher Industries AG.		1,323
	20,374		Budimex S.A.		887
	202,664	*	Builders FirstSource, Inc		2,280
	43,900		Bunka Shutter Co Ltd		352
	285,970		Bunzl plc		8,799
	34,803	e	Burckhardt Compression Holding AG.		10,779
	8,514		Burkhalter Holding AG.		1,048
	240,634		BWX Technologies, Inc		8,607
	35,338		Byucksan Corp		201
	422,754		CAE, Inc		5,108
	638,989		Caesarstone Sdot-Yam Ltd		22,211
	32,349	*	CAI International, Inc		243
	11,076		Carbone Lorraine		167
	30,424	e	Cargotec Corp (B Shares)		1,240
	1,191,960	e	Carillion plc		3,722
	191,024		Carlisle Cos, Inc		20,187
	955,506	e	Caterpillar, Inc		72,437
	644,500		CB Industrial Product Holding BHD		327
	1,130,327		Central Glass Co Ltd		4,860
	27,562		CENTROTEC Sustainable AG.		404
	2,803		Cera Sanitaryware Ltd		99
	1,795,000	*	CGN Mining Co Ltd		106
	365,225		CH Karnchang PCL		302
	152,300		Changchai Co Ltd		94
	73,537	*	Chart Industries, Inc		1,774
	81,244		Cheil Industries, Inc		8,747
	240,364		Chemring Group plc		406
	550,300	*,m	Chengde Nanjiang Co Ltd		205

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	64,424		Chicago Bridge & Iron Co NV	$	2,231
	393,283		Chicony Power Technology Co Ltd		440
	164,500	e	China Aircraft Leasing Group Holdings Ltd		155
	12,100,000	*	China Automation Group Ltd		1,837
	2,738,000	*	China Chengtong Development Group Ltd		218
	11,528,192		China Communications Construction Co Ltd		12,498
	1,528,000		China Conch Venture Holdings Ltd		3,038
	1,656,000	e	China Energine International Holdings Ltd		112
	287,750		China Fangda Group Co Ltd		296
	3,403,000		China High Speed Transmission Equipment Group Co Ltd		2,742
	930,800	*,e	China Huarong Energy Co Ltd		62
	1,019,000		China Lesso Group Holdings Ltd		542
	10,240,000	*,e	China Ocean Shipbuilding Industry Group Ltd		227
	8,744,943		China Railway Construction Corp		11,017
	4,104,127		China Railway Group Ltd		3,085
	2,261,400	e	China Singyes Solar Technologies Holdings Ltd		782
	3,102,685		China State Construction International Holdings Ltd		4,117
	28,115,000	*	China Strategic Holdings Ltd		748
	14,615		China Yuchai International Ltd		158
	456,800		Chip Eng Seng Corp Ltd		216
	132,000		Chiyoda Corp		873
	31,300		Chiyoda Integre Co Ltd		579
	17,562,000		Chongqing Machinery & Electric Co Ltd		1,849
	28,900		Chudenko Corp		583
	606,375		Chung Hsin Electric & Machinery Manufacturing Corp		353
	526,875		CIMIC Group Ltd		14,224
	545,712		CIR-Compagnie Industriali Riunite S.p.A.		590
	38,520		CIRCOR International, Inc		2,195
	4,353,796		Citic Pacific Ltd		6,364
	2,695,000	*,e	Citic Resources Holdings Ltd		252
	13,514		CJ Corp		2,386
	3,722,816	e	CK Hutchison Holdings Ltd		40,953
	50,900		CKD Corp		381
	118,119		Clarcor, Inc		7,185
	247,886	e	CNH Industrial NV		1,798
	195,266		Coastal Contracts BHD		75
	682,449		Cobham plc		1,438
	570,835	*	Colfax Corp		15,104
	86,708		Columbus McKinnon Corp		1,227
	292,705		Comfort Systems USA, Inc		9,533
	3,290,119		Compagnie de Saint-Gobain		124,714
	7,344	e	Compagnie d’Entreprises CFE		668
	197,600		COMSYS Holdings Corp		3,204
	72,890		Concentric AB		831
	837,300		Concepcion Industrial Corp		836
	19,000,000		Concord New Energy Group Ltd		1,058
	73,386	*	Consolidated Infrastructure Group Ltd		134
	1,600	e	Construcciones y Auxiliar de Ferrocarriles S.A.		547
	213,585	*	Continental Building Products Inc		4,748
	934,450	*	Continental Engineering Corp		307
	1,608		Conzzeta AG.		1,027
	960,600	e	Cosco Corp Singapore Ltd		216

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	20,485	e	Cosel Co Ltd	$	210
	82,711		Costain Group plc		350
	93,518		Cramo Oyj (Series B)		1,927
	115,666		Crane Co		6,561
	406,500		CRCC High-Tech Equipment Corp Ltd		178
	1,130,762		Crompton Greaves Ltd		1,240
	4,196,321	e	CRRC Corp Ltd		3,774
	6,011		CS Wind Corp		101
	901,590		CSBC Corp Taiwan		426
	33,274	*	CSW Industrials, Inc		1,085
	1,959,000		CTCI Corp		2,866
	59,514		Cubic Corp		2,390
	527,623	e	Cummins, Inc		59,326
	179,028		Curtiss-Wright Corp		15,083
	53,855		Daelim Industrial Co		3,593
	16,331		Daetwyler Holding AG.		2,174
	138,213	*	Daewoo Engineering & Construction Co Ltd		679
	45,559		Daewoo International Corp		1,001
	75,000		Daewoo Shipbuilding & Marine Engineering Co Ltd		278
	75,000		Daifuku Co Ltd		1,343
	88,641	e	Daihen Corp		388
	76,000	*	Daiho Corp		341
	35,000		Daiichi Jitsugyo Co Ltd		151
	182,575		Daikin Industries Ltd		15,344
	24,100		Daiwa Industries Ltd		207
	138,000		Dalian Refrigeration Co Ltd		107
	1,128,573		Danaher Corp		113,986
	10,406		Danieli & Co S.p.A.		185
	56,824		Danieli & Co S.p.A. (RSP)		791
	11,909		Dawonsys Co Ltd		271
	87,530		DCC plc		7,703
	602,073	e	Deere & Co		48,792
	8,600		Denyo Co Ltd		89
	500,332		Deutz AG.		2,067
	29,022	*,e	Dialight plc		195
	3,879,251		Dialog Group BHD		1,485
	319,205	*	DigitalGlobe, Inc		6,828
	215,799		Diploma plc		2,403
	68,133	*	DIRTT Environmental Solutions		284
	7,466,080		DMCI Holdings, Inc		2,009
	38,438		DMG Mori AG.		1,813
	1,034,376	*	Dogan Sirketler Grubu Holdings		165
	114,034	e	Donaldson Co, Inc		3,918
	141,607		Dong Yang Gang Chul Co Ltd		724
	191,169		Dongkuk Structures & Construction Co Ltd		1,066
	21,971	*	Doosan Engine Co Ltd		69
	389,454		Doosan Heavy Industries and Construction Co Ltd		7,229
	231,560	*	Doosan Infracore Co Ltd		1,381
	100,527	e	Douglas Dynamics, Inc		2,587
	799,337		Dover Corp		55,410
	31,948	*	Ducommun, Inc		632
	96,042	e	Duerr AG.		7,293

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	66,382	e	Duro Felguera S.A.	$	81
	63,243	*,e	DXP Enterprises, Inc		944
	108,683	*,e	Dycom Industries, Inc		9,755
	30,630		Dynamic Materials Corp		329
	5,017,800		Dynasty Ceramic PCL		600
	1,268		e Tec E&C Ltd		124
	705,296		Eaton Corp		42,127
	375,828	e	Ebara Corp		2,070
	26,135		Eicher Motors Ltd		7,465
	61,911		Eiffage S.A.		4,401
	61,164		Elbit Systems Ltd		5,539
	1,519		Electra Israel Ltd		187
	474,300	*,g	Elementia SAB de C.V.		546
	44,232	g	Eltel AB		479
	164,229		EMCOR Group, Inc		8,090
	583,153		Emerson Electric Co		30,417
	867,826		Empresa Brasileira de Aeronautica S.A.		4,728
	66,982	e	Encore Wire Corp		2,497
	5,718,000	*,e	Enerchina Holdings Ltd		264
	37,600	*,e	Energous Corp		487
	76,924	*,e	Energy Recovery, Inc		684
	184,880		EnerSys		10,995
	66,722		Engility Holdings, Inc		1,409
	178,369		Engineers India Ltd		540
	73,874		EnPro Industries, Inc		3,279
	546,000	e	Enric Energy Equipment Holdings Ltd		250
	30,000	e	EPCO Co Ltd		371
	66,685	e	ESCO Technologies, Inc		2,663
	48,926		Escorts Ltd		160
	71,123	*	Esterline Technologies Corp		4,412
	534,417		European Aeronautic Defence and Space Co		30,633
	3,504,000		EVA Precision Industrial Holdings Ltd		338
	73,338		Exco Technologies Ltd		693
	15,640	*	FACC AG.		73
	9,245		Faiveley S.A.		903
	57,141	*	Fanuc Ltd		9,295
	672,000		Far East Global Group Ltd		80
	6,623,911		Far Eastern Textile Co Ltd		4,957
	773,507	e	Fastenal Co		34,336
	11,370,000	*,e	FDG Electric Vehicles Ltd		634
	180,349		Federal Signal Corp		2,323
	1,362		Feintool International Holding AG.		129
	171,374	e	Fenner plc		358
	910,380		Ferrovial S.A.		17,823
	448,541	*,e	Fincantieri S.p.A		162
	37,331	*	Finetex EnE, Inc		192
	312,299	*	Finmeccanica S.p.A.		3,158
	248,930		Finning International, Inc		4,054
	139,765		Finolex Cables Ltd		755
	420,000	e	First Tractor Co		217
	179,679		Flowserve Corp		8,116
	32,614	e	FLSmidth & Co AS		1,165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	283,319		Fluor Corp	$	13,962
	152,025	*	Fomento de Construcciones y Contratas S.A.		1,286
	3,185		Force Motors Ltd		144
	558,519		Fortune Brands Home & Security, Inc		32,377
	234,930		Foshan Electrical and Lighting Co Ltd		182
	2,880,624		Fosun International		3,746
	108,518		Franklin Electric Co, Inc		3,587
	104,410		Freightcar America, Inc		1,467
	251,200	e	Fudo Tetra Corp		379
	62,353	*,e	FuelCell Energy, Inc		388
	987,438	*	Fuji Electric Holdings Co Ltd		4,111
	56,692		Fuji Machine Manufacturing Co Ltd		514
	306,978		Fujikura Ltd		1,418
	139,800		Fujitec Co Ltd		1,207
	126,000		Fukuda Corp		1,286
	12,600		Fukushima Industries Corp		371
	357,000		Furukawa Co Ltd		504
	1,296,000		Furukawa Electric Co Ltd		3,003
	107,919		Futaba Corp/Chiba		2,056
	207,948		Galliford Try plc		2,540
	522,915	e	Gamesa Corp Tecnologica S.A.		10,419
	1,911,703		Gamuda BHD		2,305
	105,015	e	GATX Corp		4,618
	15,297		Gayatri Projects Ltd		144
	40,163		GEA Group AG.		1,896
	7,889		Geberit AG.		2,988
	27,600		Gecoss Corp		269
	9,634	*,e	Gencor Industries, Inc		150
	154,579	*,e	Generac Holdings, Inc		5,404
	327,364		General Cable Corp		4,161
	575,084		General Dynamics Corp		80,075
	24,770,508		General Electric Co		779,775
	4,786		Georg Fischer AG.		3,826
	2,514		Gesco AG.		200
	115,187	*	Gibraltar Industries, Inc		3,636
	10,700	e	Giken Seisakusho Co, Inc		200
	190,872		Global Brass & Copper Holdings, Inc		5,209
	48,356		Glory Ltd		1,316
	2,020,439		GMR Infrastructure Ltd		401
	113,856	*,e	GMS, Inc		2,533
	51,487		Gorman-Rupp Co		1,411
	61,405		Graco, Inc		4,850
	224,680		Grafton Group plc		1,486
	24,174	e	Graham Corp		445
	91,872		Granite Construction, Inc		4,185
	148,831	*	Great Lakes Dredge & Dock Corp		649
	68,627		Greaves Cotton Ltd		142
	64,127	e	Greenbrier Cos, Inc		1,868
	94,114	e	Griffon Corp		1,587
	473,284		Grupo Carso S.A. de C.V. (Series A1)		2,020
	142,600	e	Grupo Rotoplas SAB de C.V.		258
	53,052	*	GS Engineering & Construction Corp		1,295

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	399,000		GS Yuasa Corp	$	1,530
	2,220,680		Gunkul Engineering PCL		351
	623,678		GWA International Ltd		983
	72,602		H&E Equipment Services, Inc		1,382
	796,813		Haitian International Holdings Ltd		1,410
	35,642		Haldex AB		342
	105,244	*	Halim Co Ltd		513
	255,696		Hangzhou Steam Turbine Co		266
	61,790	*	Hanjin Heavy Industries & Construction Co Ltd		216
	2,713,395	e	Hanwa Co Ltd		14,176
	40,808		Hanwha Corp		1,268
	472,500		HAP Seng Consolidated BHD		905
	1,950,000	e	Harbin Power Equipment		722
	30,633		Hardinge, Inc		308
	26,900	e	Harmonic Drive Systems, Inc		765
	431,455		Harsco Corp		2,865
	173,513		Havells India Ltd		928
	487,900		Hazama Ando Corp		2,710
	165,990	*,e	HC2 Holdings, Inc		714
	761,620	*	HD Supply Holdings, Inc		26,520
	39,841		HEICO Corp		2,662
	120,121		HEICO Corp (Class A)		6,444
	207,510	*,e	Heidelberger Druckmaschinen		574
	276,369	*	Hellenic Technodomiki Tev S.A.		410
	60,645	e	Hexagon Composites ASA		189
	1,137,211		Hexcel Corp		47,353
	38,800	e	Hibiya Engineering Ltd		575
	141,464		Hillenbrand, Inc		4,250
	413,825	*	Hindustan Construction Co		126
	105,920		Hino Motors Ltd		1,055
	45,000		Hisaka Works Ltd		371
	42,091	*	Hitachi Construction Machinery Co Ltd		614
	42,700	*,e	Hitachi Koki Co Ltd		255
	357,400		Hitachi Zosen Corp		1,729
	208,380		Hiwin Technologies Corp		969
	30,990		Hochtief AG.		4,001
	231,835		Hock Seng Lee BHD		98
	5,104,003		Honeywell International, Inc		593,698
	85,200		Hong Leong Industries BHD		176
	1,416,300		Hopewell Holdings		4,503
	105,609		Hoshizaki Electric Co Ltd		10,339
	115,429		Hosken Consolidated Investments Ltd		942
	1,607,174		Howden Joinery Group plc		8,255
	5,955,000	e	Hsin Chong Construction Group Ltd		580
	109,800	*	Huangshi Dongbei Electrical Appliance Co Ltd		231
	43,941		Hubbell, Inc		4,634
	25,742		Huber & Suhner AG.		1,384
	54,156		Hudaco Industries Ltd		392
	352,890		Huntington Ingalls		59,296
	23,015		Hurco Cos, Inc		641
	8,176		Hy-Lok Corp		158
	22,246		Hyster-Yale Materials Handling, Inc		1,323

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,002		Hyundai Corp	$	141
	62,626		Hyundai Development Co		2,173
	12,724	*	Hyundai Elevator Co Ltd		690
	117,099		Hyundai Engineering & Construction Co Ltd		3,426
	38,447	*	Hyundai Heavy Industries		3,560
	10,250	*	Hyundai Mipo Dockyard		621
	23,563	*	Hyundai Rotem Co Ltd		367
	22,700		Idec Corp		201
	129,319		IDEX Corp		10,617
	15,042	*	IES Holdings, Inc		187
	6,002,312		IJM Corp BHD		5,199
	19,608		Iljin Holdings Co Ltd		132
	487,016		Illinois Tool Works, Inc		50,728
	77,282		IMARKETKOREA, Inc		783
	77,236		IMI plc		1,001
	40,052		Implenia AG.		2,637
	857,984	e	Impregilo S.p.A.		2,435
	10,480		IMS-Intl Metal Service		137
	51,810		Inaba Denki Sangyo Co Ltd		1,775
	126,100		Inabata & Co Ltd		1,145
	41,955		Indus Holding AG.		1,953
	41,826		Industria Macchine Automatiche S.p.A.		2,518
	166,497		Industries Qatar QSC		4,496
	81,455		Indutrade AB		1,611
	8,323		Ingersoll-Rand India Ltd		89
	1,673,978		Ingersoll-Rand plc		106,599
	85,051		Insteel Industries, Inc		2,432
	68,197		Interpump Group S.p.A.		1,068
	161,109		Interserve plc		558
	112,345		Invicta Holdings Ltd		409
	141,983		Inwido AB		1,586
	57,400		Iochpe-Maxion S.A.		245
	792,501		IRB Infrastructure Developers Ltd		2,517
	30,258		IS Dongseo Co Ltd		1,598
	146,000	e	Iseki & Co Ltd		319
	1,847		ISGEC Heavy Engineering Ltd		129
	18,404,301		Ishikawajima-Harima Heavy Industries Co Ltd		49,609
	1,426,950	*	Italian-Thai Development PCL		271
	2,746,433		Itochu Corp		33,598
	83,047		ITT, Inc		2,656
	64,128	*	IVRCL Infrastructures & Projects Ltd		4
	641,000	e	Iwatani International Corp		3,636
	423,479	*	Jacobs Engineering Group, Inc		21,093
	8,817,993		Jain Irrigation Systems Ltd		9,780
	7,300	e	Jamco Corp		134
	172,604		Japan Pulp & Paper Co Ltd		553
	289,000		Japan Steel Works Ltd		1,321
	230,036		Jardine Matheson Holdings Ltd		13,449
	2,876,247		JG Summit Holdings (Series B)		5,255
	50,481		JGC Corp		723
	101,535		John Bean Technologies Corp		6,216
	364,511	g	John Laing Group plc		1,092

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	348,875		Johnson Electric Holdings Ltd	$	781
	498,587	e	Joy Global, Inc		10,540
	1,158,791		JTEKT Corp		13,134
	22,700		Juki Corp		204
	55,488		Jungheinrich AG.		1,670
	3,337	*	JVM Co Ltd		142
	52,902		Kadant, Inc		2,725
	44,079		Kajaria Ceramics Ltd		790
	1,824,724		Kajima Corp		12,676
	38,227		Kalpataru Power Transmission Ltd		145
	230,300	*	Kama Co Ltd		300
	62,618	e	Kaman Corp		2,663
	72,800		Kamei Corp		583
	56,600		Kanamoto Co Ltd		1,103
	376,000	e	Kandenko Co Ltd		3,076
	470,000		Kanematsu Corp		743
	1,395,532		KAP Industrial Holdings Ltd		592
	14,478		Kardex AG.		1,293
	19,400		Katakura Industries Co Ltd		216
	77,000	e	Kato Works Co Ltd		297
	1,835,171		Kawasaki Heavy Industries Ltd		5,175
	562,592		KBR, Inc		7,449
	16,001		KCC Corp		5,322
	61,861		KEC International Ltd		133
	359,146		Keihan Electric Railway Co Ltd		2,489
	79,333		Keller Group plc		959
	9,790		Kendrion NV		252
	228,288	e	Kennametal, Inc		5,047
	12,193		KEPCO Engineering & Construction Co, Inc		284
	1,332,877	e	Keppel Corp Ltd		5,499
	129,068	*,e	KEYW Holding Corp		1,283
	81,455		Kier Group plc		1,147
	371,500		Kinden Corp		4,021
	53,000		King Slide Works Co Ltd		622
	410,039		Kingspan Group plc		8,873
	102,000		Kinik Co		170
	193,829		KION Group AG.		9,394
	70,300		Kitz Corp		334
	63,478		Kloeckner & Co AG.		702
	167,775	*	KLX, Inc		5,201
	1,248,733		KOC Holding AS		5,711
	37,536	*	Koenig & Bauer AG.		1,911
	5,929		Kolon Corp		288
	531,983		Komatsu Ltd		9,241
	8,458	e	Komax Holding AG.		1,748
	149,390		Komori Corp		1,672
	324,311		Kone Oyj (Class B)		14,967
	42,949	e	Konecranes Oyj		1,090
	191,228	e	Koninklijke BAM Groep NV		693
	1,941,885		Koninklijke Philips Electronics NV		48,229
	63,011		Korea Aerospace Industries Ltd		4,040
	8,277		Korea Cast Iron Pipe Industries Co Ltd		79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,918		Korea Electric Terminal Co Ltd	$	384
	4,094	*,e	Kornit Digital Ltd		40
	126,052	*,e	Kratos Defense & Security Solutions, Inc		517
	37,493		Krones AG.		3,960
	544,458		Kubota Corp		7,364
	19,601		KUKA AG.		2,325
	604,000		Kumagai Gumi Co Ltd		1,712
	13,934	*	Kumho Industrial Co Ltd		106
	220,000		Kung Long Batteries Industrial Co Ltd		1,000
	19,498		Kurita Water Industries Ltd		435
	87,470		Kuroda Electric Co Ltd		1,502
	74,200	e	Kyokuto Kaihatsu Kogyo Co Ltd		697
	377,100		Kyowa Exeo Corp		4,718
	61,900	e	Kyudenko Corp		1,832
	4,847		Kyung Dong Navien Co Ltd		233
	562,644		L-3 Communications Holdings, Inc		82,534
	2,565		Lakshmi Machine Works Ltd		140
	347,397		Larsen & Toubro Ltd		7,737
	20,859	*,e	Lawson Products, Inc		414
	46,942	*	Layne Christensen Co		380
	75,188		Legrand S.A.		3,849
	203,519		Lennox International, Inc		29,022
	100,033		LG Corp		5,563
	19,844		LG Hausys Ltd		2,214
	27,303		LG International Corp		901
	50,766		Lincoln Electric Holdings, Inc		2,999
	58,105		Lindab International AB		447
	24,956	e	Lindsay Corp		1,694
	6,177		Lion Chemtech Co Ltd		97
	21,415		LISI		543
	466,065		LIXIL Group Corp		7,654
	633,059	e	Lockheed Martin Corp		157,106
	1,906,000	e	Lonking Holdings Ltd		280
	88,543		LS Cable Ltd		4,351
	13,940		LS Industrial Systems Co Ltd		579
	79,939		LSI Industries, Inc		885
	256,000	*,e	Luoyang Glass Co Ltd		155
	41,914	*	Lydall, Inc		1,616
	11,585		Mabuchi Motor Co Ltd		491
	29,244	e	MacDonald Dettwiler & Associates Ltd		1,907
	2,501,000	e	Maeda Corp		19,573
	15,000		Maeda Kosen Co Ltd		141
	146,000		Maeda Road Construction Co Ltd		2,494
	14,073		Magellan Aerospace Corp		196
	540,914	e	Maire Tecnimont S.p.A		1,361
	371,748		Makino Milling Machine Co Ltd		1,900
	21,707	*	Makita Corp		1,441
	2,035,100		Malaysian Resources Corp BHD		537
	24,764		MAN AG.		2,527
	8,684		Manitou BF S.A.		132
	592,180	e	Manitowoc Co, Inc		3,227
	3,207,234	*	Manitowoc Foodservice, Inc		56,511

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,271		Mannai Corp QSC	$	193
	435,500		Marcopolo S.A.		325
	1,407,058		Marubeni Corp		6,357
	3,466,384		Masco Corp		107,250
	139,635	*	Masonite International Corp		9,235
	191,297	*	Mastec, Inc		4,270
	24,000		Max Co Ltd		273
	1,648,494		Meggitt plc		8,960
	426,000		Meidensha Corp		1,386
	140,202		Melrose Industries plc		797
	173,632	*	Mercury Systems, Inc		4,316
	194,371	*	Meritor, Inc		1,399
	10,100	e	METAWATER Co Ltd		274
	25,774		Metka S.A.		204
	25,914	e	Metso Oyj		609
	71,003		Micron Machinery Co Ltd		2,147
	186,363	*	Middleby Corp		21,478
	30,998	*,e	Milacron Holdings Corp		450
	26,226		Miller Industries, Inc		540
	285,359		Minebea Co Ltd		1,939
	422,100		Miraito Holdings Corp		4,150
	250,900		MISUMI Group, Inc		4,530
	1,293,087		Mitsubishi Corp		22,768
	1,619,757		Mitsubishi Electric Corp		19,337
	3,428,952		Mitsubishi Heavy Industries Ltd		13,789
	23,700		Mitsubishi Nichiyu Forklift Co Ltd		133
	46,700		Mitsuboshi Belting Co Ltd		364
	1,896,064		Mitsui & Co Ltd		22,634
	1,893,000		Mitsui Engineering & Shipbuilding Co Ltd		2,609
	74,400		Miura Co Ltd		1,663
	3,138,230		MMC Corp BHD		1,569
	240,116	e	Monadelphous Group Ltd		1,352
	155,100	e	MonotaRO Co Ltd		5,128
	116,901	*	Moog, Inc (Class A)		6,303
	379,851		Morgan Crucible Co plc		1,174
	95,900	e	Mori Seiki Co Ltd		925
	24,500		Morita Holdings Corp		324
	264,339	e	Mota Engil SGPS S.A.		438
	318,037	*	MRC Global, Inc		4,519
	248,862		MSC Industrial Direct Co (Class A)		17,560
	56,826		MTU Aero Engines Holding AG.		5,309
	181,966		Mueller Industries, Inc		5,801
	639,462		Mueller Water Products, Inc (Class A)		7,303
	1,000,600		Muhibbah Engineering M BHD		547
	1,116,126	e	Murray & Roberts Holdings Ltd		893
	67,639	*	MYR Group, Inc		1,629
	23,327	*	Nabtesco Corp		557
	188,332	e	Nachi-Fujikoshi Corp		574
	2,042,865		Nagarjuna Construction Co		2,263
	273,400		Nagase & Co Ltd		3,024
	41,000		Namura Shipbuilding Co Ltd		227
	366,961		National Central Cooling Co PJSC		140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,403	e	National Presto Industries, Inc	$	1,076
	140,010	*,e	Navistar International Corp		1,637
	2,422	*	NCC AB		56
	339,408		NCC AB (B Shares)		7,881
	188,314	*	NCI Building Systems, Inc		3,011
	6,100	e	NEC Capital Solutions Ltd		84
	31,047	*	Neff Corp		339
	74,420	e	New Flyer Industries, Inc		2,317
	22,028	*	Nexans S.A.		921
	378,054		NGK Insulators Ltd		7,643
	280,752		Nibe Industrier AB		2,335
	116,000		Nichias Corp		888
	12,500	e	Nichiden Corp		382
	23,800		Nichiha Corp		376
	48,125		Nidec Corp		3,663
	7,000	*	Nihon Trim Co Ltd		486
	213,000		Nippo Corp		3,623
	26,800	e	Nippon Densetsu Kogyo Co Ltd		451
	55,000	e	Nippon Koei Co Ltd		167
	113,000		Nippon Road Co Ltd		435
	283,730	*,e	Nippon Sharyo Ltd		745
	745,000	*	Nippon Sheet Glass Co Ltd		469
	227,450		Nippon Steel Trading Co Ltd		735
	49,000		Nippon Thompson Co Ltd		149
	907,000		Nishimatsu Construction Co Ltd		4,228
	14,600		Nishio Rent All Co Ltd		299
	345,400		Nisshinbo Industries, Inc		3,129
	291,500		Nissin Electric Co Ltd		4,315
	29,600		Nitta Corp		671
	374,000	*	Nitto Boseki Co Ltd		1,264
	46,900		Nitto Kogyo Corp		583
	8,373		Nitto Kohki Co Ltd		178
	22,143		NKT Holding AS		1,120
	63,346	e	NN, Inc		886
	708,771	e	Noble Group Ltd		107
	48,656		Nolato AB (B Shares)		1,274
	53,581	*	Nordex AG.		1,521
	178,998		Nordson Corp		14,966
	238,919		Noritake Co Ltd		545
	23,700		Noritz Corp		423
	27,035		NORMA Group		1,281
	22,951	*	Nortek, Inc		1,361
	1,004,947		Northrop Grumman Corp		223,380
	266,526	*,e	NOW, Inc		4,835
	1,388,654		NSK Ltd		10,165
	536,000		NTN Corp		1,446
	18,148	*	NV5 Holdings, Inc		516
	3,111,223		NWS Holdings Ltd		4,925
	32,500	e	Obara Corp		1,208
	2,037,754		Obayashi Corp		21,696
	104,904	e	Obrascon Huarte Lain S.A.		370
	179,070		OC Oerlikon Corp AG.		1,572

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,446		OHB AG.	$	88
	176,600		Oiles Corp		2,782
	28,500	e	Okabe Co Ltd		203
	283,641	e	Okuma Holdings, Inc		1,865
	550,000	e	Okumura Corp		3,041
	6,803		Omega Flex, Inc		259
	52,431	*	Orascom Construction Ltd		262
	226,960		Orbital ATK, Inc		19,323
	71,000		Organo Corp		267
	61,366	*	Orion Marine Group, Inc		326
	74,200	e	OSG Corp		1,236
	114,488	e	Oshkosh Truck Corp		5,462
	405,000		OSJB Holdings Corp		743
	301,732		Osram Licht AG.		15,677
	7,617		Otokar Otobus Karoseri Sanayi AS		257
	132,071	e	Outotec Oyj		598
	3,010,800		Owens Corning, Inc		155,116
	644,203		Paccar, Inc		33,415
	29,066		Palfinger AG.		835
	903,904		Parker Hannifin Corp		97,667
	83,964	*	Patrick Industries, Inc		5,062
	589,718		Peab AB (Series B)		4,474
	179,877	e	Pentair plc		10,485
	372,500		Penta-Ocean Construction Co Ltd		1,970
	41,764		PER Aarsleff A.S.		911
	82,100		PESTECH International Bhd		136
	21,043		Pfeiffer Vacuum Technology AG.		1,975
	115,562	*	Pgt, Inc		1,190
	10,860		Pinguely-Haulotte		165
	18,818	e	Pkc Group Oyj		354
	438,994	*,e	Plug Power, Inc		817
	124,144	*,e	Ply Gem Holdings, Inc		1,809
	11,599	*	PNC Infratech Ltd		99
	160,619		Polypipe Group plc		557
	32,672		Ponsse Oy		830
	20,030		Porr AG.		546
	19,694		Powell Industries, Inc		775
	14,079	*,e	Power Solutions International, Inc		251
	6,569		Preformed Line Products Co		265
	95,441	e	Primoris Services Corp		1,807
	57,371	*,e	Proto Labs, Inc		3,302
	164,371		Prysmian S.p.A.		3,608
	11,477,105		PT Adhi Karya Persero Tbk		2,431
	1,627,200		PT AKR Corporindo Tbk		790
	7,236,600		PT Arwana Citramulia Tbk		335
	1,200,000		PT Asahimas Flat Glass Tbk		639
	2,803,600	*,m	PT Inovisi Infracom Tbk		25
	2,255,800		PT Pembangunan Perumahan Tbk		669
	4,175,900	*	PT Sitara Propertindo Tbk		212
	10,738,700		PT Surya Semesta Internusa Tbk		506
	13,191,100		PT Waskita Karya Persero Tbk		2,561
	1,992,000		PT Wijaya Karya		448

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,814,447		QinetiQ plc	$	5,386
	229,788		Quanex Building Products Corp		4,272
	481,777	*	Quanta Services, Inc		11,139
	74,700		Raito Kogyo Co Ltd		780
	246,586		Ramirent Oyj		1,890
	177,813		Randon Participacoes S.A.		180
	2,894		Rational AG.		1,339
	215,687		Raubex Group Ltd		283
	85,556		Raven Industries, Inc		1,620
	1,585,039		Raytheon Co		215,486
	52,719	*	RBC Bearings, Inc		3,822
	588,917		Rechi Precision Co Ltd		480
	100,194	e	Regal-Beloit Corp		5,516
	467,135		Reunert Ltd		1,985
	559,556		Rexel S.A.		7,035
	319,191	*	Rexnord Corp		6,266
	132,436		Rheinmetall AG.		7,877
	480,583		Rich Development Co Ltd		138
	6,235		Rieter Holding AG.		1,276
	226,522		Rockwell Automation, Inc		26,009
	360,895		Rockwell Collins, Inc		30,727
	7,247		Rockwool International AS (B Shares)		1,311
	1,119,919		Rolls-Royce Group plc		10,690
	468,068	e	Roper Industries, Inc		79,834
	737,975		Rotork plc		2,136
	13,577	*	Rush Enterprises, Inc		282
	73,077	*	Rush Enterprises, Inc (Class A)		1,575
	62,353		Russel Metals, Inc		1,104
	1,107,000		Ryobi Ltd		4,599
	18,088		S&T Dynamics Co Ltd		152
	54,597		Saab AB (Class B)		1,703
	427,376	e	Sacyr Vallehermoso S.A.		704
	121,612		Sadbhav Engineering Ltd		528
	429,132		Safran S.A.		28,899
	23,197		Saft Groupe S.A.		939
	581,736		Salfacorp S.A.		362
	7,439		Sam Yung Trading Co Ltd		142
	22,057	*	Samho International Co Ltd		299
	36,430		Sammok S-Form Co Ltd		539
	244,153	*	Samsung Engineering Co Ltd		2,195
	153,045		Samsung Heavy Industries Co Ltd		1,232
	117,846		Samsung Techwin Co Ltd		5,011
	112,623		San Shing Fastech Corp		210
	261,038		Sandvik AB		2,613
	107,700	e	Sanki Engineering Co Ltd		858
	50,000	e	Sanko Gosei Ltd		132
	19,500		Sankyo Tateyama, Inc		275
	308,800		Sanwa Shutter Corp		2,807
	826,000	*,e	Sany Heavy Equipment International		154
	36,000		Sanyo Denki Co Ltd		163
	21,969		Schindler Holding AG.		3,977
	15,158		Schindler Holding AG. (Registered)		2,759

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	51,824	*	Schneider Electric Infrastructure Ltd	$	107
	2,632,814		Schneider Electric S.A.		153,600
	850		Schweiter Technologies AG.		811
	356,932		Seibu Holdings, Inc		6,045
	122,800		Sekisui Jushi Corp		1,749
	814,783	e	SembCorp Industries Ltd		1,725
	187,003	e	SembCorp Marine Ltd		218
	8,728		Semperit AG. Holding		289
	355,869		Senior plc		979
	5,424	*	Sensata Technologies Holding BV		189
	70,138	e	Seven Network Ltd		318
	15,417		SFS Group AG.		1,082
	90,336	*,e	SGL Carbon AG.		989
	253,908	*,m	SGSB Group Co Ltd		281
	100,200	*,m	Shanghai Automation Instrumentation Co Ltd		148
	336,980		Shanghai Diesel Engine Co Ltd		293
	10,503,025	e	Shanghai Electric Group Co Ltd		4,444
	298,900		Shanghai Highly Group Co Ltd		240
	1,896,508	e	Shanghai Industrial Holdings Ltd		4,312
	2,112,000		Shanghai Prime Machinery Co Ltd		305
	74,266		Shapir Engineering and Industry Ltd		124
	84,200		Shibuya Kogyo Co Ltd		1,388
	247,679		Shikun & Binui Ltd		422
	115,700		Shima Seiki Manufacturing Ltd		2,238
	391,451		Shimizu Corp		3,668
	135,000		Shin Zu Shing Co Ltd		445
	136,590		Shinmaywa Industries Ltd		848
	18,500	e	SHO-BOND Holdings Co Ltd		841
	8,400		Showa Aircraft Industry Co Ltd		74
	1,525,005		Siemens AG.		156,498
	125,272		Siemens India Ltd		2,436
	501,750		SIG plc		753
	2,635,745		Sime Darby BHD		4,966
	103,106		Simpson Manufacturing Co, Inc		4,121
	1,318,000		Singamas Container Holdings Ltd		126
	1,287,587		Singapore Technologies Engineering Ltd		3,031
	16,300	*	Sinko Industries Ltd		182
	599,657		Sino Thai Engineering & Construction PCL		408
	3,706,496		Sinopec Engineering Group Co Ltd		3,363
	1,732,000	e	Sinotruk Hong Kong Ltd		753
	686,329		Sintex Industries Ltd		827
	98,700		Sintokogio Ltd		739
	33,051	*	SiteOne Landscape Supply, Inc		1,123
	69,111		SK C&C Co Ltd		12,215
	121,819		SK Networks Co Ltd		632
	599,916		Skanska AB (B Shares)		12,562
	103,760		SKF AB (B Shares)		1,663
	19,956		SKF India Ltd		410
	535,000		SKP Resources BHD		154
	6,540,000	*	Skyway Securities Group Ltd		198
	34,189	*,e	SLM Solutions Group AG.		890
	197,758		SM Investments Corp		4,088

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,592		SMC Corp	$	4,082
	115,309		Smiths Group plc		1,782
	251,616		Snap-On, Inc		39,710
	300,518		SNC-Lavalin Group, Inc		12,621
	242,016	*	SOCAM Development Ltd		113
	36,300		Sodick Co Ltd		281
	2,692,300		Sojitz Holdings Corp		6,379
	4,411		Solar Holdings AS (B Shares)		205
	121,083	*,e	SolarCity Corp		2,898
	18,810	*	Sparton Corp		409
	461,113		Speedy Hire plc		204
	81,095		SPIE S.A.		1,442
	142,666		Spirax-Sarco Engineering plc		7,144
	885,540	*	Spirit Aerosystems Holdings, Inc (Class A)		38,078
	543,619	*,e	SPX Corp		8,073
	537,238	*	SPX FLOW, Inc		14,006
	89,017		Standex International Corp		7,355
	613,766		Stanley Works		68,263
	29,900	e	Star Micronics Co Ltd		315
	106,697	*	Ste Industrielle d’Aviation Latecoere S.A.		405
	4,404,720		STP & I PCL		1,259
	13,685		Sulzer AG.		1,188
	1,494,468		Sumitomo Corp		15,064
	55,800		Sumitomo Densetsu Co Ltd		608
	4,719,950		Sumitomo Heavy Industries Ltd		20,734
	2,376,700		Sumitomo Mitsui Construction C		2,010
	12,790,000	*	Summit Ascent Holdings Ltd		2,399
	53,680	e	Sun Hydraulics Corp		1,594
	16,459		Sung Kwang Bend Co Ltd		133
	142,702	*,e	Sunrun, Inc		846
	93,000		Sunspring Metal Corp		121
	1,878,922		Sunway Construction Group BHD		748
	58,117		Supreme Industries, Inc		796
	2,137,651	*	Suzlon Energy Ltd		554
	129,583		Sweco AB (B Shares)		2,248
	354,000		Syncmold Enterprise Corp		584
	218,800		Tadano Ltd		1,827
	8,557	*	Taewoong Co Ltd		135
	34,278	*	Taeyoung Engineering & Construction		179
	26,000		Taihei Dengyo Kaisha Ltd		264
	88,900		Taikisha Ltd		2,208
	2,224,158		Taisei Corp		18,275
	938,000	*	Taiwan Glass Industrial Corp		402
	196,993		Takamatsu Corp		4,605
	66,929		Takara Standard Co Ltd		606
	74,900	e	Takasago Thermal Engineering Co Ltd		885
	30,000		Takeuchi Manufacturing Co Ltd		391
	158,000		Takuma Co Ltd		1,402
	79,189		TAL International Group, Inc		1,062
	92,300	*,g	Talgo S.A.		428
	56,706		Tarkett S.A.		1,849
	123,529	*,e	Taser International, Inc		3,073

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	271,000		Tat Hong Holdings Ltd	$	113
	12,900		Tatsuta Electric Wire and Cable Co Ltd		36
	4,652,400	*,e	Tech Pro Technology Development Ltd		1,508
	3,416,679		Teco Electric and Machinery Co Ltd		2,889
	15,000		Teikoku Sen-I Co Ltd		188
	850,427		Tekfen Holding AS		2,183
	93,000	e	Tekken Corp		269
	82,536	*	Teledyne Technologies, Inc		8,175
	40,161		Tennant Co		2,163
	3,114,059		Terex Corp		63,247
	44,229		Texmaco Rail & Engineering Ltd		62
	51,556	e	Textainer Group Holdings Ltd		574
	3,482,408		Textron, Inc		127,317
	359,246		Thales S.A.		29,833
	29,289	*,e	The ExOne Company		310
	43,409		Thermax Ltd		531
	76,162	*	Thermon Group Holdings		1,463
	68,792		THK Co Ltd		1,173
	1,119,987		Timken Co		34,339
	16,827		Timken India Ltd		141
	168,682	e	Titan International, Inc		1,046
	82,361	*,e	Titan Machinery, Inc		918
	65,620		TK Corp		469
	104,749		TKH Group NV		3,525
	165,000	e	Toa Corp/Tokyo		263
	12,900		Tocalo Co Ltd		209
	562,000		Toda Corp		2,431
	93,000		Toenec Corp		472
	180,200	e	Tokai Corp		1,145
	425,160		Tokyu Construction Co Ltd		3,881
	128,694		Toro Co		11,351
	107,739	e	Toromont Industries Ltd		3,139
	916,957	*	Toshiba Corp		2,498
	428,964		Toshiba Machine Co Ltd		1,298
	32,700	e	Toshiba Plant Systems & Services Corp		535
	24,300		Totetsu Kogyo Co Ltd		671
	55,275		Toto Ltd		2,209
	61,600		Toyo Construction Co Ltd		279
	547,000		Toyo Engineering Corp		1,816
	10,500	e	Toyo Tanso Co Ltd		134
	225,353		Toyota Tsusho Corp		4,852
	296,515		Trakya Cam Sanayi AS		236
	217,689	*,e	TransDigm Group, Inc		57,402
	788,935	e	Travis Perkins plc		15,566
	224,228		Trelleborg AB (B Shares)		3,979
	157,431	e	Trencor Ltd		419
	69,910	e	Trevi Finanziaria S.p.A.		96
	71,255	*	Trex Co, Inc		3,201
	131,737	*	Trimas Corp		2,371
	74,489		Trinity Industries, Inc		1,383
	976,515		Triumph Group, Inc		34,666
	18,200		Trusco Nakayama Corp		918

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,700	*	Tsubaki Nakashima Co Ltd	$	202
	187,000	e	Tsubakimoto Chain Co		1,156
	46,000	e	Tsugami Corp		175
	23,200		Tsukishima Kikai Co Ltd		217
	14,200		Tsurumi Manufacturing Co Ltd		171
	481,150		Turk Sise ve Cam Fabrikalari AS		595
	180,133	*	Tutor Perini Corp		4,242
	470,900		UEM Edgenta BHD		421
	59,644		Ultra Electronics Holdings		1,388
	7,900	e	Union Tool Co		216
	459,100		Unique Engineering & Construction PCL		224
	615,300		United Engineers Ltd		1,005
	1,021,000		United Integrated Services Co Ltd		1,532
	312,491	*	United Rentals, Inc		20,968
	578,734		United Technologies Corp		59,349
	158,505	*	Univar, Inc		2,997
	83,323		Universal Forest Products, Inc		7,723
	112,609		Uponor Oyj		1,786
	3,846,066	*	USG Corp		103,690
	755,800		Ushio, Inc		8,880
	384,105		Valmet Corp		5,126
	121,769		Valmont Industries, Inc		16,472
	404,800		Vanachai Group PCL		169
	63,359	*	Vectrus, Inc		1,805
	25,178	*,e	Veritiv Corp		946
	514,941		Vestas Wind Systems AS		35,000
	373,605		Vesuvius plc		1,428
	6,584	*	V-Guard Industries Ltd		137
	43,347	*	Vicor Corp		437
	1,944,829		Vinci S.A.		137,240
	1,018,000	*,e	Vision Fame International Holding Ltd		416
	96,356		Voltas Ltd		462
	41,900		Voltronic Power Technology Corp		586
	519,503		Volvo AB (B Shares)		5,161
	8,630	*	Vossloh AG.		533
	67,482	e	W.W. Grainger, Inc		15,335
	247,977	*	Wabash National Corp		3,149
	249,173	*	WABCO Holdings, Inc		22,817
	53,821	e	Wacker Construction Equipment AG.		835
	18,300	e	Wajax Income Fund		212
	28,300		Wakita & Co Ltd		187
	7,149,000	*	Walsin Lihwa Corp		1,949
	2,601		Walter Meier AG.		86
	37,411		Wartsila Oyj (B Shares)		1,526
	83,183		Watsco, Inc		11,703
	78,016		Watts Water Technologies, Inc (Class A)		4,545
	1,786,212		WCT Berhad		667
	533,618		Weg S.A.		2,282
	2,024,142	e	Weichai Power Co Ltd		2,084
	2,008,304		Weir Group plc		38,787
	3,592,000		Welling Holding Ltd		668
	768,633	*,e	WESCO International, Inc		39,577

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	192,751		Westinghouse Air Brake Technologies Corp	$	13,537
	8,926	*	Willis Lease Finance Corp		198
	41,249		Wilson Bayly Holmes-Ovcon Ltd		352
	350,723		Wolseley plc		18,162
	125,771	e	Woodward Governor Co		7,249
	195,557	e	WSP Global, Inc		5,982
	398,112		Xxentria Technology Materials Corp		1,003
	568,207		Xylem, Inc		25,370
	10,395		Y G-1 Co Ltd		94
	20,800	e	Yahagi Construction Co Ltd		167
	41,900		YAMABIKO Corp		305
	189,600		Yamazen Corp		1,513
	7,847,649	e	Yangzijiang Shipbuilding		5,263
	35,339		Yazicilar Holding AS		150
	460,200		Yinson Holdings BHD		312
	92,687		YIT Oyj		669
	139,500		Yokogawa Bridge Holdings Corp		1,388
	2,056,000	e	Yuanda China Holdings Ltd		62
	52,900		Yuasa Trading Co Ltd		1,091
	855,000		Yungtay Engineering Co Ltd		1,212
	104,000		Yurtec Corp		711
	6,300	e	Yushin Precision Equipment Co Ltd		111
	157,360	e	Zardoya Otis S.A.		1,486
	9,379		Zehnder Group AG.		364
	22,000		Zenitaka Corp		73
	277,400		Zhengzhou Coal Mining Machinery Group Co Ltd		118
	607,141		Zhuzhou CSR Times Electric Co Ltd		3,372
	148,141		Zodiac S.A.		3,456
	23,992		Zumtobel AG.		292
			TOTAL CAPITAL GOODS		8,632,606

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	48,300	*,e	51job, Inc (ADR)		1,416
	137,230		ABM Industries, Inc		5,006
	194,824		Acacia Research (Acacia Technologies)		857
	329,911	*	ACCO Brands Corp		3,408
	361,065		Adecco S.A.		18,211
	99,170	*	Advisory Board Co		3,510
	26,600	e	Aeon Delight Co Ltd		725
	107,934		AF AB		1,795
	72,166		Aggreko plc		1,234
	8,805	e	Akka Technologies S.A.		271
	601,551	e	ALS Ltd		2,227
	11,140		Amadeus Fire AG		705
	60,425		American Banknote S.A.		517
	86,640	e	Applus Services S.A.		848
	26,255	*,e	Aqua Metals, Inc		309
	163,904	*	ARC Document Solutions, Inc		638
	17,558		Assystem		443
	7,500	e	Asukanet Co Ltd		82
	258,651		Atkins WS plc		4,595
	245,159		Babcock International Group		2,964

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,299		Barrett Business Services, Inc	$	715
	376,000	*	Beijing Development HK Ltd		78
	26,600	*	Bell System24 Holdings, Inc		213
	36,100		Benefit One, Inc		1,081
	4,734	e	Bertrandt AG.		464
	29,231		Bilfinger Berger AG.		857
	831,521		Blue Label Telecoms Ltd		1,043
	2,736,000	*	Blue Sky Power Holdings Ltd		217
	156,346		Brady Corp (Class A)		4,778
	2,288,168		Brambles Ltd		21,363
	135,359		Brink’s Co		3,856
	604,000		Broad Greenstate International Co Ltd		97
	54,964		Brunel International NV		1,003
	230,248		Bureau Veritas S.A.		4,834
	86,064	e	Cabcharge Australia Ltd		206
	120,594		Cape plc		310
	608,873		Capita Group plc		7,846
	4,062,000	*	Capital Environment Holdings Ltd		175
	156,054	*	Casella Waste Systems, Inc (Class A)		1,225
	200,745	e	Caverion Corp		1,286
	270,491	*	CBIZ, Inc		2,816
	127,675		CEB, Inc		7,875
	153,722	e	Ceco Environmental Corp		1,344
	21,678		Cewe Color Holding AG.		1,581
	5,169,751	e	China Everbright International Ltd		5,781
	295,435		Cintas Corp		28,991
	325,312	*	Clean Harbors, Inc		16,952
	62,000		Cleanaway Co Ltd		334
	3,508,831		Cleanaway Waste Management Ltd		2,119
	299,349	e	CNH Industrial NV (NYSE)		2,140
	3,293		Compx International, Inc		38
	232,234	*	Copart, Inc		11,382
	440,768		Covanta Holding Corp		7,251
	38,485	*	CRA International, Inc		971
	141,594	e	Credit Corp Group Ltd		1,277
	485,611	e	Dai Nippon Printing Co Ltd		5,412
	31,300		Daiseki Co Ltd		605
	218,475		Davis Service Group plc		3,550
	84,464		De La Rue plc		577
	127,505		Deluxe Corp		8,462
	209,330		Derichebourg		536
	361,148		Downer EDI Ltd		1,037
	131,753		Dun & Bradstreet Corp		16,053
	102,198		Duskin Co Ltd		1,726
	360,271	*,m	Dyax Corp		400
	351,000	e	Dynagreen Environmental Protection Group Co Ltd		155
	1,202,389	e	Edenred		24,620
	400,847	g	Elior Participations S.C.A		8,698
	175,282		Elis S.A.		3,069
	21,200	e	en-japan, Inc		394
	85,508		Ennis, Inc		1,640
	493,835	e	Equifax, Inc		63,408

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	88,072		Essendant, Inc	$	2,691
	1,424,981		Experian Group Ltd		27,035
	84,164		Exponent, Inc		4,916
	52,765	*,e	Franklin Covey Co		809
	123,173	*	FTI Consulting, Inc		5,011
	21,400		Funai Soken Holdings, Inc		290
	15,463,000	*,m	Fung Choi Media Group Ltd		115
	45,842	e	G & K Services, Inc (Class A)		3,510
	20,233		Gategroup Holding AG.		1,068
	10,700		GL Events		178
	38,480	*	GP Strategies Corp		835
	1,458,983		Group 4 Securicor plc		3,575
	10,765		Groupe CRIT		717
	71,102		Gunnebo AB		355
	8,270,065		Hays plc		10,806
	165,545		Healthcare Services Group		6,850
	69,566		Heidrick & Struggles International, Inc		1,174
	30,473	*	Heritage-Crystal Clean, Inc		372
	178,609		Herman Miller, Inc		5,339
	79,359	*	Hill International, Inc		323
	168,416		HNI Corp		7,830
	402,337	e	HomeServe plc		2,823
	60,994	*	Huron Consulting Group, Inc		3,685
	73,856	*	ICF International, Inc		3,021
	25,913	*,e	IDI, Inc		123
	153,082	*	IHS, Inc (Class A)		17,698
	90,610	*	Innerworkings, Inc		749
	128,120		Insperity, Inc		9,895
	294,049		Interface, Inc		4,484
	316,467		Intertek Group plc		14,745
	304,294		Intrum Justitia AB		9,543
	263,354		IPH Ltd		1,272
	232,537		ISS A.S.		8,746
	74,524	e	ITAB Shop Concept AB		611
	92,000		Itoki Corp		508
	13,300	*	JAC Recruitment Co Ltd		224
	9,619		Kaba Holding AG.		6,720
	101,289		KAR Auction Services, Inc		4,228
	26,000		KD Holding Corp		145
	67,280		Kelly Services, Inc (Class A)		1,276
	27,148		KEPCO Plant Service & Engineering Co Ltd		1,535
	182,756		Kforce, Inc		3,087
	131,014		Kimball International, Inc (Class B)		1,491
	144,998		Knoll, Inc		3,521
	208,300		Kokuyo Co Ltd		2,967
	224,116		Korn/Ferry International		4,639
	132,000		Kyodo Printing Co Ltd		405
	194,068		Loomis AB		4,745
	400,113		Manpower, Inc		25,743
	9,762		Matsuda Sangyo Co Ltd		120
	74,121		Matthews International Corp (Class A)		4,124
	72,311		McGrath RentCorp		2,212

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	66,835		McMillan Shakespeare Ltd	$	688
	27,400		Meitec Corp		931
	262,715		Michael Page International plc		1,043
	793,341	e	Mineral Resources Ltd		4,995
	111,356	*	Mistras Group, Inc		2,658
	350,036	e	Mitie Group		1,160
	16,972		Mitsubishi Pencil Co Ltd		795
	103,848		Mobile Mini, Inc		3,597
	321,906		Moleskine S.p.A		770
	38,911		Morneau Sobeco Income Fund		534
	33,200		Moshi Moshi Hotline, Inc		347
	74,337		MSA Safety, Inc		3,905
	45,593		Multi-Color Corp		2,891
	190,933	*	Navigant Consulting, Inc		3,084
	998,703		Nielsen NV		51,903
	14,000		Nippon Kanzai Co Ltd		222
	166,100	e	Nippon Parking Development Co Ltd		200
	108,260	e	Nissha Printing Co Ltd		1,987
	20,760	*,e	NL Industries, Inc		53
	33,100		Nomura Co Ltd		497
	167,400		Okamura Corp		1,667
	124,809	*	On Assignment, Inc		4,612
	21,200	*	Outsourcing, Inc		976
	9,868		Oyo Corp		109
	183,100		Park24 Co Ltd		6,292
	28,900		Pilot Corp		1,246
	703,609		Pitney Bowes, Inc		12,524
	205,665		Programmed Maintenance Services Ltd		271
	235,630	e	Prosegur Cia de Seguridad S.A.		1,420
	184,580		Quad		4,299
	1,037,413		R.R. Donnelley & Sons Co		17,553
	200,818		Randstad Holdings NV		8,031
	350,000	*,e	Realord Group Holdings Ltd		217
	354,459		Recruit Holdings Co Ltd		12,950
	1,445,250		Regus plc		5,588
	4,843,042		Rentokil Initial plc		12,507
	483,530		Republic Services, Inc		24,810
	181,072		Resources Connection, Inc		2,676
	69,908		Restore plc		266
	232,228	e	Ritchie Bros Auctioneers, Inc		7,848
	503,000		Riverstone Holdings Ltd		339
	467,638	e	Robert Half International, Inc		17,845
	227,469		Rollins, Inc		6,658
	758,300	*	Rowsley Ltd		75
	184,829		RPS Group plc		430
	396,678	*	RPX Corp		3,638
	22,201		S1 Corp (Korea)		2,082
	580,755		SAI Global Ltd (New)		1,600
	20,052		Sato Corp		376
	2,750		Seche Environnement S.A.		85
	220,954		Secom Co Ltd		16,336
	579,635		Securitas AB (B Shares)		8,948

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	703,262		Seek Ltd	$	8,073
	932,122	*,e	Serco Group plc		1,387
	335,994		SG Fleet Group Ltd		919
	7,553		SGS S.A.		17,302
	100,500	m	Shanghai Youngsun Investment C		251
	357,500	*	Shanghai Zhongyida Co Ltd		208
	491,718	m	Shanks Group plc		527
	188,225		Shenzhen Dongjiang Environmental Co Ltd		325
	38,346		Societe BIC S.A.		5,403
	50,500		Sohgo Security Services Co Ltd		2,496
	57,806	*	SP Plus Corp		1,305
	59,192		Sporton International, Inc		307
	2,544,902		Spotless Group Holdings Ltd		2,154
	95,561	e	Stantec, Inc		2,317
	241,516		Steelcase, Inc (Class A)		3,277
	342,951	*	Stericycle, Inc		35,708
	54,000		Sunny Friend Environmental Technology Co Ltd		256
	15,784		Synergie S.A		452
	361,520		Taiwan Secom Co Ltd		1,042
	369,670		Taiwan-Sogo Shinkong Security Corp		464
	90,000	e	Takeei Corp		819
	31,300	*	Tanseisha Co Ltd		232
	65,296	*,e	Team, Inc		1,621
	32,500		TechnoPro Holdings, Inc		1,012
	140,751		Teleperformance		11,989
	141,900		Temp Holdings Co Ltd		2,459
	157,049		Tetra Tech, Inc		4,828
	312,000		Tianjin Capital Environmental Protection Group Co Ltd		143
	153,300		Toppan Forms Co Ltd		1,584
	549,669		Toppan Printing Co Ltd		4,726
	28,000	*	Tosho Printing Co Ltd		136
	111,938	m	Towers Watson & Co		13,915
	253,951		Tox Free Solutions Ltd		494
	227,529	e	Transcontinental, Inc		3,084
	112,874	*,e	TransUnion		3,774
	60,128	*	TRC Cos, Inc		380
	220,685	*	TriNet Group, Inc		4,588
	176,765	*	TrueBlue, Inc		3,344
	1,000,169	e	Tyco International plc		42,607
	46,510		Unifirst Corp		5,382
	70,534		US Ecology, Inc		3,241
	692,058	*	Verisk Analytics, Inc		56,112
	49,809		Viad Corp		1,544
	10,320	e	VSE Corp		689
	117,861	*	WageWorks, Inc		7,049
	12,538		Waste Connections, Inc		903
	1,348,316		Waste Management, Inc		89,353
	182,013		West Corp		3,578
	33,200	e	Yumeshin Holdings Co Ltd		216
	9,400	*,e	Zhaopin Ltd (ADR)		137
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,182,132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
CONSUMER DURABLES & APPAREL - 2.3%
	592,000		361 Degrees International Ltd	$	171
	40,866	*	Accell Group NV		841
	1,261,491		Adidas-Salomon AG.		181,086
	22,591	*	Agabang&Company		143
	65,840		Aksa Akrilik Kimya Sanayii		176
	439,300		Alpargatas S.A.		1,430
	34,400		Alpine Electronics, Inc		337
	204,358		Altek Corp		137
	297,142		Amer Sports Oyj (A Shares)		8,152
	2,500,157		AmTRAN Technology Co Ltd		1,568
	1,112,235		Anta Sports Products Ltd		2,241
	233,273		Arcelik AS		1,536
	30,671	e	Arctic Cat, Inc		521
	43,000		Arezzo Industria e Comercio S.A.		358
	843,001		Arvind Ltd		4,124
	28,338		Asics Corp		479
	21,632		Bajaj Electricals Ltd		76
	73,831	*,e	Bang & Olufsen AS (B Shares)		647
	1,292,254		Barratt Developments plc		7,022
	9,919	*	Basic House Co Ltd		74
	26,586		Bassett Furniture Industries, Inc		636
	419,000	*	Basso Industry Corp		1,193
	29,691		Bata India Ltd		241
	131,566	*,e	Beazer Homes USA, Inc		1,020
	10,002,293		Belle International Holdings Ltd		5,887
	358,961		Bellway plc		9,106
	30,158	e	Beneteau S.A.		286
	308,707		Berkeley Group Holdings plc		10,424
	666,000		Best Pacific International Holdings Ltd		498
	4,121	e	Bijou Brigitte AG.		272
	83,684	*	Billabong International Ltd		76
	151,409	*	Bonava AB		1,825
	2,608,000	e	Bosideng International Holdings Ltd		222
	110,275	e	Bovis Homes Group plc		1,076
	77,270		Breville Group Ltd		436
	29,678	*	BRP, Inc		475
	22,533	e	Brunello Cucinelli S.p.A		404
	122,808		Brunswick Corp		5,566
	383,453		Burberry Group plc		5,965
	1,978,000	*	C.banner International Holdings Ltd		733
	197,000		Cabbeen Fashion Ltd		67
	3,589,011	*	Cairn Homes plc		3,824
	146,131	e	CalAtlantic Group, Inc		5,364
	581,896		Callaway Golf Co		5,941
	225,341		Carter’s, Inc		23,992
	59,974	e	Casio Computer Co Ltd		864
	20,428	*	Cavco Industries, Inc		1,914
	21,391		CCC S.A.		869
	37,472	*,e	Century Communities, Inc		650
	27,581,400		China Dongxiang Group Co		4,891
	1,050,000		China Lilang Ltd		670

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,131,000	*,m	China Longevity Group Co Ltd	$	1
	15,800		Chofu Seisakusho Co Ltd		384
	96,502		Christian Dior S.A.		15,459
	491,157		Cie Financiere Richemont S.A.		28,750
	1,338,000		Citychamp Watch & Jewellery Group Ltd		253
	97,000		Clarion Co Ltd		238
	15,200		Cleanup Corp		112
	1,033,702		Coach, Inc		42,113
	79,420		Columbia Sportswear Co		4,570
	1,625,200	e	Consorcio ARA, S.A. de C.V.		582
	9,900		Corona Corp		98
	98,400		Corpovael S.A. de C.V.		81
	539,000	e,g	Cosmo Lady China Holdings Co Ltd		277
	813,364		Crest Nicholson Holdings plc		3,884
	167,193	*,e	CROCS, Inc		1,886
	649,166	*	Crompton Greaves Consumer Electricals Ltd		1,383
	19,319		CSS Industries, Inc		518
	26,289		Culp, Inc		726
	1,043,000		Cyrela Brazil Realty S.A.		3,341
	76,530	*	Deckers Outdoor Corp		4,402
	50,740		De’Longhi S.p.A.		1,209
	24,180	*	Delta Apparel, Inc		545
	7,726		Delta-Galil Industries Ltd		208
	35,890		Descente Ltd		388
	50,126		Dorel Industries, Inc (Class B)		1,334
	1,150,289		DR Horton, Inc		36,211
	64,789		Duni AB		832
	501,311		Eclat Textile Co Ltd		4,862
	1,749,130		Electrolux AB (Series B)		47,690
	35,557		Enex Co Ltd		98
	25,434	e	Escalade, Inc		260
	58,420	e	Ethan Allen Interiors, Inc		1,930
	200,200		Even Construtora e Incorporadora S.A.		239
	326,950		Ez Tec Empreendimentos e Participacoes S.A.		1,628
	325,600		Feng TAY Enterprise Co Ltd		1,354
	12,000		Fields Corp		149
	8,951		Fila Korea Ltd		708
	14,894		Flexsteel Industries, Inc		590
	1,013		Forbo Holding AG.		1,203
	452,852		Formosa Taffeta Co Ltd		439
	220,679		Forus S.A.		667
	98,422	*,e	Fossil Group, Inc		2,808
	141,591		Foster Electric Co Ltd		2,242
	55,600		France Bed Holdings Co Ltd		508
	339,999	e	Fuguiniao Co Ltd		173
	78,000		Fujibo Holdings Inc		188
	133,000		Fujitsu General Ltd		2,962
	83,200	*,e	Funai Electric Co Ltd		733
	313,400		Gafisa S.A.		200
	190,742	*,e	Garmin Ltd		8,091
	65,981	e	Geox S.p.A.		205
	20,249	e	Gerry Weber International AG.		237

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	278,439		Giant Manufacturing Co Ltd	$	1,737
	101,215	*,e	G-III Apparel Group Ltd		4,628
	266,377		Gildan Activewear, Inc		7,802
	4,880,000	*	Global Brands Group Holding Ltd		429
	4,500		Goldwin, Inc		206
	3,782,000		Goodbaby International Holding		1,746
	548,625	*,e	GoPro, Inc		5,931
	58,514	*,e	Green Brick Partners, Inc		425
	7,700		Guararapes Confeccoes S.A.		134
	69,656	e	GUD Holdings Ltd		478
	517,000		Gunze Ltd		1,444
	1,395,944		Haier Electronics Group Co Ltd		2,133
	12,661		Handsome Co Ltd		434
	1,695,620		Hanesbrands, Inc		42,611
	16,729		Hansae Co Ltd		552
	34,480		Hansae Yes24 Holdings Co Ltd		501
	17,231		Hanssem Co Ltd		2,400
	455,573		Harman International Industries, Inc		32,719
	175,718		Hasbro, Inc		14,759
	566,700		Haseko Corp		5,705
	737,348		Hefei Meiling Co Ltd		416
	65,700		Heiwa Corp		1,333
	110,532	*,e	Helen of Troy Ltd		11,367
	24,626		Hermes International		9,180
	24,275		Himatsingka Seide Ltd		83
	347,000		Hisense Kelon Electrical Holdings Co Ltd		159
	6,116		Hitachi Home & Life Solutions India Ltd		127
	26,756	*	HLB, Inc		490
	1,890,000	*	HongDa Financial Holding Ltd		67
	26,333		Hooker Furniture Corp		566
	610,000	e	Hosa International Ltd		208
	301,624	*,e	Hovnanian Enterprises, Inc (Class A)		507
	54,810		Hugo Boss AG.		3,116
	152,000		Hume Industries BHD		117
	353,641		Husqvarna AB (B Shares)		2,633
	40,382		Huvis Corp		275
	10,196		Hyundai Livart Furniture Co Ltd		231
	16,583		IC Companys AS		426
	93,751	*,e	Iconix Brand Group, Inc		634
	440,353		Iida Group Holdings Co Ltd		9,018
	1,117		Ilshin Spinning Co Ltd		121
	9,222		Indo Count Industries Ltd		133
	47,839	*	Installed Building Products Inc		1,736
	62,845	*,e	iRobot Corp		2,205
	39,184	*,e	Jakks Pacific, Inc		310
	154,000		Japan Wool Textile Co Ltd		1,063
	101,965	*,e	Jimmy Choo plc		148
	178,499	*	Jinshan Development & Construction Co Ltd		162
	63,793	e	JM AB		1,603
	82,430		Johnson Health Tech Co Ltd		121
	14,070		Johnson Outdoors, Inc		362
	803,300	e	JVC KENWOOD Holdings, Inc		1,651

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	826,830	*	Kate Spade & Co	$	17,041
	237,366	e	KB Home		3,610
	3,158,000	*	Kinpo Electronics		1,193
	10,800		Kitex Garments Ltd		85
	44,244		KMC Kuei Meng International In		162
	657,500		Kohinoor Textile Mills Ltd		504
	648,500		Konka Group Co Ltd		241
	8,332	*	KPR Mill Ltd		133
	388,000		Kurabo Industries Ltd		688
	808		Kyungbang Ltd		121
	12,693		LA Opala RG Ltd		104
	647,804		Lao Feng Xiang Co Ltd		2,342
	390,288		La-Z-Boy, Inc		10,858
	627,776		Lealea Enterprise Co Ltd		171
	329,867	e	Leggett & Platt, Inc		16,860
	16,883		Lennar Corp (B Shares)		629
	285,408		Lennar Corp (Class A)		13,157
	98,786		LG Electronics, Inc		4,652
	17,386		LG Fashion Corp		321
	36,922	*,e	LGI Homes, Inc		1,179
	40,000		Li Cheng Enterprise Co Ltd		180
	1,228,520	*,e	Li Ning Co Ltd		601
	555,965	*	Li Peng Enterprise Co Ltd		120
	133,646		Libbey, Inc		2,124
	44,380		Lifetime Brands, Inc		648
	1,255		LPP S.A.		1,610
	386,944	*,e	Lululemon Athletica, Inc		28,580
	753,450		Luthai Textile Co Ltd		979
	274,268	e	Luxottica Group S.p.A.		13,367
	289,457		LVMH Moet Hennessy Louis Vuitton S.A.		43,631
	54,852	*	M/I Homes, Inc		1,033
	156,271		Makalot Industrial Co Ltd		736
	44,862	*	Malibu Boats Inc		542
	2,091,200		Man Wah Holdings Ltd		3,017
	6,442	*,m	Mariella Burani S.p.A.		0
	25,086	e	Marine Products Corp		212
	7,700		Mars Engineering Corp		159
	1,818,683		Matsushita Electric Industrial Co Ltd		15,647
	5,964,518		Mattel, Inc		186,630
	321,600		MC Group PCL		123
	82,278		MCBC Holdings, Inc		909
	92,183		MDC Holdings, Inc		2,244
	222,086		Merida Industry Co Ltd		940
	129,150	*	Meritage Homes Corp		4,848
	780,379	*,e	Michael Kors Holdings Ltd		38,613
	21,400		Misawa Homes Co Ltd		145
	82,000		Mitsui Home Co Ltd		347
	81,000		Mizuno Corp		380
	455,887	*	Mohawk Industries, Inc		86,509
	995,770		Moncler S.p.A		15,721
	39,188		Movado Group, Inc		850
	1,330,965		MRV Engenharia e Participacoes S.A.		4,479

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,337		Nacco Industries, Inc (Class A)	$	523
	266,735		Namco Bandai Holdings, Inc		6,883
	35,000		Nan Liu Enterprise Co Ltd		164
	130,419	*	Nautilus, Inc		2,327
	32,948	*,e	New Home Co Inc		314
	38,609	e	New Wave Group AB (B Shares)		172
	2,032,033		Newell Rubbermaid, Inc		98,696
	479,129		Nien Hsing Textile Co Ltd		356
	196,000	*	Nien Made Enterprise Co Ltd		1,788
	3,912,039		Nike, Inc (Class B)		215,945
	62,724	e	Nikon Corp		849
	276,177		Nobia AB		2,403
	39,351	*	NVR, Inc		70,058
	599,531		Onward Kashiyama Co Ltd		3,740
	341,167		Oriental Weavers		205
	1,311,196	g	OVS S.p.A		7,636
	68,020		Oxford Industries, Inc		3,851
	349,000	*,e,g	Ozner Water International Holding Ltd		59
	663,778		Pacific Textile Holdings Ltd		829
	8,908		Page Industries Ltd		1,854
	294,000		PanaHome Corp		2,327
	194,712		Pandora AS		26,520
	3,346	*	PDG Realty S.A.		3
	402,000	*,m	Peace Mark Holdings Ltd		0
	2,603,000		Peak Sport Products Co Ltd		785
	15,011		Pegas Nonwovens S.A.		492
	153,337	*,e	Performance Sports Group Ltd		460
	71,760	*	Perry Ellis International, Inc		1,444
	904,574		Persimmon plc		17,541
	282,677	*	Peter England Fashions and Retail Ltd		601
	380,138		Phillips-Van Heusen Corp		35,820
	39,964		PIK Group (GDR)		155
	267,900	*	Pioneer Corp		470
	8,104,857		Playmates Holdings Ltd		10,638
	1,680,000		Playmates Toys Ltd		320
	68,211	e	Polaris Industries, Inc		5,577
	116,608		Pool Corp		10,965
	6,251,341		Pou Chen Corp		8,414
	7,600	e	Pressance Corp		288
	920,000	*,e	Prime Success International Group Ltd		140
	8,236,400		PT Sri Rejeki Isman Tbk		163
	2,568,474		Pulte Homes, Inc		50,060
	172,260		Rajesh Exports Ltd		1,105
	119,707	e	Ralph Lauren Corp		10,728
	73,080		Raymond Ltd		505
	618,580	e	Redrow plc		2,602
	312,000	*,e,g	Regina Miracle International Holdings Ltd		414
	25,497		Rinnai Corp		2,253
	335,956		Ruentex Industries Ltd		507
	26,571	*,e	Safilo Group S.p.A.		202
	42,814	e	Salvatore Ferragamo Italia S.p.A		873
	51,114		Samick Musical Instruments Co Ltd		122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	906,000		Sampo Corp	$	386
	816,000		Samson Holding Ltd		89
	115,900		Sangetsu Co Ltd		2,179
	66,921		Sankyo Co Ltd		2,509
	77,000	e	Sanyo Shokai Ltd		145
	24,672		SEB S.A.		2,975
	281,194		Sega Sammy Holdings, Inc		3,028
	121,000		Seiko Holdings Corp		363
	1,099,830		Seiren Co Ltd		10,404
	778,195		Sekisui Chemical Co Ltd		9,588
	2,783,477		Sekisui House Ltd		48,744
	99,708	*	Sequential Brands Group, Inc		796
	860,341		Servicios Corporativos Javer SAPI de C.V.		861
	394,500		Shanghai Haixin Group Co		309
	72,300	*	Shanghai Kai Kai Industrial Co Ltd		106
	1,292,000	*,e	Sharp Corp		1,399
	223,400	*	Shenzhen China Bicycle Co Holdings Ltd		147
	557,124	e	Shenzhou International Group Holdings Ltd		2,694
	57,445	e	Shimano, Inc		8,783
	1,160,000	*,e	Silverman Holdings Ltd		271
	5,617		Sioen Industries NV		118
	368,000	e	Sitoy Group Holdings Ltd		148
	351,027	*	Skechers U.S.A., Inc (Class A)		10,433
	5,631,229		Skyworth Digital Holdings Ltd		4,647
	239,499	*,e	Smith & Wesson Holding Corp		6,510
	6,854,312		Sony Corp		201,942
	214,746		Sony Corp (ADR)		6,303
	915,898	*,g	Spin Master Corp		18,893
	13,762		SRF Ltd		268
	30,800	e	SRI Sports Ltd		277
	26,700	e	Starts Corp, Inc		530
	6,170,486		Steinhoff International Holdings NV		35,398
	1,174,112		Steinhoff International Holdings NV (GR)		6,760
	149,574	*	Steven Madden Ltd		5,112
	82,983	e	Sturm Ruger & Co, Inc		5,312
	147,554		Sumitomo Forestry Co Ltd		2,003
	404,000		Sundart Holdings Ltd		240
	17,830	e	Superior Uniform Group, Inc		340
	6,276	*	Surteco SE		143
	25,190	e	Swatch Group AG.		7,330
	160,925		Swatch Group AG. (Registered)		9,216
	6,988		Symphony Ltd		258
	919,602		Tainan Spinning Co Ltd		352
	594,600		Taiwan Paiho Ltd		1,602
	15,100	e	Tamron Co Ltd		203
	1,951,298	*	Tatung Co Ltd		311
	69,144	*	Taylor Morrison Home Corp		1,026
	3,878,560		Taylor Wimpey plc		6,881
	1,762,000	e	TCL Multimedia Technology Holdings Ltd		1,006
	1,709,000		Techtronic Industries Co		7,137
	24,474		Ted Baker plc		795
	252,959		Telford Homes plc		1,013

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	448,988	*,e	Tempur-Pedic International, Inc	$	24,838
	1,052,000		Texhong Textile Group Ltd		995
	1,638,000		Texwinca Holdings Ltd		1,216
	405,542		Thomson		2,511
	85,349	g	Thule Group AB		1,222
	159,042		Titan Industries Ltd		959
	11,232	e	Tod’s S.p.A.		602
	16,190		Token Corp		1,273
	113,025	*	Toll Brothers, Inc		3,042
	447,021	*	TomTom NV		3,416
	57,168		Tomy Co Ltd		482
	124,028	*	TopBuild Corp		4,490
	58,000		Topkey Corp		188
	79,000		Toung Loong Textile Manufacturing		221
	419,434	*	TRI Pointe Homes, Inc		4,958
	28,282		Trigano S.A.		1,631
	16,174,000	e	Trinity Ltd		1,153
	288,500	e	TSI Holdings Co Ltd		1,572
	171,803		Tsutsumi Jewelry Co Ltd		3,370
	2,720		TTK Prestige Ltd		190
	136,440	*	Tumi Holdings, Inc		3,648
	96,079	e	Tupperware Corp		5,407
	21,748	*	UCP, Inc (Class A)		174
	354,334	*	Under Armour, Inc		12,898
	351,684	*,e	Under Armour, Inc (Class A)		14,113
	35,990	*	Unifi, Inc		980
	2,450,000	*	Unitika Ltd		1,318
	43,078	*	Universal Electronics, Inc		3,114
	201,500	e	Universal Entertainment Corp		4,243
	591,479	*,e,m	Urbi Desarrollos Urbanos S.A. de C.V		0	^
	4,853		VAN DE Velde		323
	35,286		Vardhman Textiles Ltd		499
	46,991	*	Vera Bradley, Inc		666
	76,167	*	Vestel Elektronik Sanayi		172
	876,445		VF Corp		53,893
	67,197		Videocon Industries Ltd		105
	73,878	*,e	Vince Holding Corp		405
	116,998	*	Vista Outdoor, Inc		5,584
	374,627		Wacoal Holdings Corp		3,697
	51,252	*,e	WCI Communities, Inc		866
	393,000		Weiqiao Textile Co		298
	596,961		Welspun India Ltd		966
	15,685	e	Weyco Group, Inc		436
	191,741		Whirlpool Corp		31,952
	44,400	*	Whirlpool of India Ltd		547
	57,821	*,e	William Lyon Homes, Inc		932
	409,359		Wolverine World Wide, Inc		8,318
	181,327		Woongjin Coway Co Ltd		16,510
	194,631		Wuxi Little Swan Co Ltd		669
	3,352,000		XTEP International Holdings		1,802
	265,350		Yamaha Corp		7,152
	15,300		Yondoshi Holdings, Inc		309

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,900	e	Yonex Co Ltd	$	551
	20,512		Youngone Corp		742
	11,043		Youngone Holdings Co Ltd		603
	609,407		Yue Yuen Industrial Holdings		2,415
	682,000	e	Yuxing InfoTech Investment Holdings Ltd		228
	68,117	*	Zagg, Inc		358
	170,764		Zeng Hsing Industrial Co Ltd		794
	79,600	*	Zhonglu Co Ltd		181
	30,800	e	Zojirushi Corp		585
			TOTAL CONSUMER DURABLES & APPAREL		2,539,983

CONSUMER SERVICES - 2.0%
	22,000	*,e	500.com Ltd (ADR)		366
	561,758		888 Holdings plc		1,531
	1,102,709		AA plc		3,530
	2,167,138		Accor S.A.		83,036
	54,200		Accordia Golf Co Ltd		568
	16,585,200		Accordia Golf Trust		7,393
	763,864		Advtech Ltd		766
	5,600	*,e	Aeon Fantasy Co Ltd		155
	109,481	e	Ainsworth Game Technology Ltd		177
	13,478,000		Ajisen China Holdings Ltd		5,258
	904,702	e	Alsea SAB de C.V.		3,440
	107,561	*,e	Amaya, Inc		1,650
	344,000		Ambassador Hotel		287
	36,804	*	American Public Education, Inc		1,034
	202,115	*	Apollo Group, Inc (Class A)		1,843
	2,107,029	e	ARAMARK Holdings Corp		70,417
	6,000	*,e	ARCLAND SERVICE Co Ltd		169
	2,410,682	*	Arcos Dorados Holdings, Inc		11,499
	375,484		Ardent Leisure Group		531
	1,100,465		Aristocrat Leisure Ltd		11,448
	51,402	*	Ascent Media Corp (Series A)		791
	77,700	e	Atom Corp		515
	122,822		Autogrill S.p.A.		993
	2,004,804	*	Belmond Ltd.		19,848
	52,025		Benesse Holdings Inc		1,221
	531,589		Berjaya Sports Toto BHD		401
	1,704		bet-at-home.com AG.		130
	96,837		Betsson AB		810
	60,755	*	BJ’s Restaurants, Inc		2,663
	3,576,000		Bloomberry Resorts Corp		507
	582,950		Bloomin’ Brands, Inc		10,417
	56,731	e	Bob Evans Farms, Inc		2,153
	24,888	*,e	Bojangles’, Inc		422
	364,508	*	Boyd Gaming Corp		6,707
	32,600	*	Bravo Brio Restaurant Group, Inc		267
	112,808	*	Bridgepoint Education, Inc		817
	149,284	*	Bright Horizons Family Solutions		9,899
	357,223	e	Brinker International, Inc		16,264
	7,300	*,e	BRONCO BILLY Co Ltd		233
	67,552	*	Buffalo Wild Wings, Inc		9,386

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	135,694	*,e	Caesars Acquisition Co	$	1,522
	153,839	*,e	Caesars Entertainment Corp		1,183
	590,000	e	Cafe de Coral Holdings Ltd		1,853
	34,682	*	Cambium Learning Group, Inc		156
	69,606		Capella Education Co		3,664
	89,476		Cara Operations Ltd		2,081
	417,346	*	Career Education Corp		2,483
	1,553,943		Carnival Corp		68,684
	507,145		Carnival plc		22,497
	35,357		Carriage Services, Inc		837
	197,836	*	Carrols Restaurant Group, Inc		2,354
	53,329	*	Century Casinos, Inc		332
	109,476		Cheesecake Factory		5,270
	195,666	*,e	Chegg, Inc		978
	5,960,000		China LotSynergy Holdings Ltd		206
	3,602,000	e	China Maple Leaf Educational Systems Ltd		3,250
	392,000	*	China Nuclear Energy Technology Corp Ltd		64
	2,330,000	e	China Travel International Inv HK		678
	1,600,000	*,e	China Vanguard Group Ltd		62
	172,253	*,e	Chipotle Mexican Grill, Inc (Class A)		69,377
	33,893	e	Choice Hotels International, Inc		1,614
	34,982		Churchill Downs, Inc		4,420
	39,648	*,e	Chuy’s Holdings, Inc		1,372
	22,439		Cie des Alpes		462
	61,588		City Lodge Hotels Ltd		650
	144,110		ClubCorp Holdings, Inc		1,873
	37,903	*,g	Coffee Day Enterprises Ltd		144
	18,358		Collectors Universe		363
	44,300	e	Colowide Co Ltd		801
	1,030,900		Compass Group plc		19,613
	277,645	e	Corporate Travel Management Lt		2,930
	123,577		Cox & Kings India Ltd		309
	44,880	e	Cracker Barrel Old Country Store, Inc		7,696
	30,200	e	Create Restaurants Holdings, Inc		277
	2,474		Credu Corp		82
	392,659		Crown Resorts Ltd		3,735
	110,744	*,e	Curro Holdings Ltd		293
	298,600		CVC Brasil Operadora e Agencia de Viagens S.A.		2,128
	106,902		Daekyo Co Ltd		820
	130,000		Dahan Development Corp		230
	7,200	e	Daisyo Corp		106
	227,506	e	Darden Restaurants, Inc		14,410
	90,266	*	Dave & Buster’s Entertainment, Inc		4,224
	75,610	*	Del Frisco’s Restaurant Group, Inc		1,083
	47,135	*	Del Taco Restaurants, Inc		429
	53,383		Delta Corp Ltd		76
	368,292	*	Denny’s Corp		3,952
	162,357	e	DeVry Education Group, Inc		2,896
	89,267	*,e	Diamond Resorts International, Inc		2,674
	39,836		Dignity plc		1,368
	51,985		DineEquity, Inc		4,407
	9,374		DO & CO AG.		821

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,449		DO & CO AG. (Istanbul)	$	917
	123,447		Domino’s Pizza Enterprises Ltd		6,352
	1,322,295		Domino’s Pizza Group plc		5,875
	30,005		Domino’s Pizza, Inc		3,942
	400,014	*,e	Donaco International Ltd		125
	25,800	e	Doutor Nichires Holdings Co Ltd		449
	2,993,103	*	Dubai Parks & Resorts PJSC		1,277
	90,996		Dunkin Brands Group, Inc		3,969
	1,734,800		Dynam Japan Holdings Co Ltd		2,472
	144,885		EIH Ltd		243
	82,664	*,e	El Pollo Loco Holdings, Inc		1,075
	69,159	*	Eldorado Resorts, Inc		1,051
	6,018	*	Emerson Pacific, Inc		206
	1,785,000		Emperor Entertainment Hotel Ltd		428
	9,070	*,e	Empire Resorts, Inc		143
	229,384	e	EnerCare, Inc		3,036
	417,113	*	Enterprise Inns plc		447
	1,281,100		Erawan Group PCL		165
	531,700		Estacio Participacoes S.A.		2,807
	35,577	g	Evolution Gaming Group AB		1,073
	1,663,384		Extended Stay America, Inc		24,868
	153,638	e	Famous Brands Ltd		1,325
	86,346	*	Fiesta Restaurant Group, Inc		1,883
	84,481		First Hotel		48
	138,146	e	Flight Centre Travel Group Ltd		3,287
	490,870	*,e	Fogo De Chao, Inc		6,411
	37,990		Formosa International Hotels Corp		217
	794,000	e	Fu Shou Yuan International Group Ltd		562
	45,000	e	Fuji Kyuko Co Ltd		629
	57,000	e	Fujita Kanko, Inc		211
	283,201	e	G8 Education Ltd		807
	31,800		GAEC Educacao S.A.		142
	1,743,155		Galaxy Entertainment Group Ltd		5,216
	2,104,792		Genting BHD		4,287
	4,909,693		Genting Singapore plc		2,663
	974,000	e	GL Ltd		602
	930,363		Gold Reef Resorts Ltd		1,684
	23,270	e	Golden Entertainment, Inc		272
	60,000		Gourmet Master Co Ltd		531
	2,060		Graham Holdings Co		1,008
	107,634	*	Grand Canyon Education, Inc		4,297
	28,802		Grand Korea Leisure Co Ltd		666
	41,008	*	Great Canadian Gaming Corp		570
	261,088		Greene King plc		2,719
	719,854		GVC Holdings plc		5,395
	479,065	e	H&R Block, Inc		11,019
	31,811	*,e	Habit Restaurants, Inc		521
	1,152,000	*,g	Haichang Holdings Ltd		248
	8,150		Hana Tour Service, Inc		595
	12,300		Hiday Hidaka Corp		299
	872,250		Hilton Worldwide Holdings, Inc		19,652
	20,600	e	Hiramatsu Inc		129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	34,200	e	HIS Co Ltd	$	1,105
	280,500	*,e	Hoteles City Express SAB de C.V.		288
	407,042	*	Houghton Mifflin Harcourt Co		6,362
	220,275		Huangshan Tourism Development Co Ltd		314
	143,235	*,e	Hyatt Hotels Corp		7,039
	10,700	e	Ichibanya Co Ltd		372
	101,304	*,e	IDP Education Ltd		311
	446,235	*	Indian Hotels Co Ltd		847
	98,440		InterContinental Hotels Group plc		3,631
	736,037	e	International Game Technology plc		13,793
	69,863		International Speedway Corp (Class A)		2,337
	75,790	*,e	Intertain Group Ltd		613
	483,317		Interval Leisure Group, Inc		7,685
	121,213	*	Intralot S.A.-Integrated Lottery Systems & Services		123
	150,208	*,e	Intrawest Resorts Holdings Inc		1,950
	93,360	e	Invocare Ltd		923
	213,192	*	Isle of Capri Casinos, Inc		3,906
	47,159	*	J Alexander’s Holdings, Inc		468
	138,043		Jack in the Box, Inc		11,861
	32,513	*,e	Jamba, Inc		335
	444,927		Jollibee Foods Corp		2,295
	45,510		Jubilant Foodworks Ltd		769
	315,770	*	K12, Inc		3,944
	19,211	*,e	Kambi Group plc		279
	245,900		Kangwon Land, Inc		8,923
	46,600	e	Kappa Create Co Ltd		582
	16,500	e	Kisoji Co Ltd		361
	391,000	*	KNT-CT Holdings Co Ltd		544
	21,079	*,e	Kona Grill, Inc		226
	7,300		Koshidaka Holdings Co Ltd		152
	295,498	*	Krispy Kreme Doughnuts, Inc		6,194
	3,328,745		Kroton Educacional S.A.		14,093
	8,800		Kura Corp		517
	12,400	e	Kyoritsu Maintenance Co Ltd		830
	359,809	*,e	La Quinta Holdings, Inc		4,102
	777,654		Ladbrokes plc		1,161
	466,787		Las Vegas Sands Corp		20,301
	17,262	e	Liberty Tax, Inc		230
	198,109	*,e	LifeLock, Inc		3,132
	42,245	*	Lindblad Expeditions Holdings, Inc		407
	130,000		Lion Travel Service Co Ltd		371
	49,376	*	Luby’s, Inc		248
	1,706,000	*,e	Macau Legend Development Ltd		223
	593,600		Magnum BHD		339
	21,724		Mahindra Holidays & Resorts India Ltd		134
	284,300		Mantra Group Ltd		749
	87,754		Marcus Corp		1,852
	232,118	e	Marriott International, Inc (Class A)		15,427
	77,213	e	Marriott Vacations Worldwide Corp		5,288
	488,425		Marston’s plc		880
	7,300		Matsuya Foods Co Ltd		193
	1,471,600		Max’s Group, Inc		913

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,078,534		McDonald’s Corp	$	250,131
	16,653	*,e	McDonald’s Holdings Co Japan Ltd		452
	17,400		Meiko Network Japan Co Ltd		212
	2,325,554	e	Melco Crown Entertainment Ltd (ADR)		29,255
	117,926,600	*	Melco Crown Philippines Resorts Corp		9,544
	637,000	e	Melco International Development		598
	76,003		Melia Hotels International S.A.		820
	1,260,491	g	Merlin Entertainments plc		7,423
	948,607	e	MGM China Holdings Ltd		1,239
	4,398,994	*	MGM Resorts International		99,549
	2,743,301		Minor International PCL (ADR)		3,153
	1,623,676		Minor International PCL (Foreign)		1,850
	175,324		Mitchells & Butlers plc		541
	9,914		Modetour Network, Inc		239
	30,884	*	Monarch Casino & Resort, Inc		679
	67,100		MOS Food Services, Inc		1,913
	31,668		MPK Group, Inc		66
	30,750	e	MTY Food Group, Inc		1,033
	8,711	*	Nathan’s Famous, Inc		388
	759,870	e	Navitas Ltd		3,142
	246,814	*	NET Holding AS		253
	176,800	e	New Oriental Education & Technology Group (ADR)		7,404
	185,540	*,e	NH Hoteles S.A.		785
	28,339	*,e	Noodles & Co		277
	55,153	*,e	Nord Anglia Education, Inc		1,166
	2,409,649	*	Norwegian Cruise Line Holdings Ltd		96,000
	9,900	e	Ohsho Food Service Corp		356
	696,077		OPAP S.A.		4,851
	8,159	*	Orascom Development Holding AG.		62
	480,800		Oriental Land Co Ltd		31,132
	399,900	e	Overseas Union Enterprise Ltd		458
	111,292		Paddy Power plc		11,696
	49,308	e	Pandox AB		775
	50,577	*,e	Panera Bread Co (Class A)		10,719
	127,217		Papa John’s International, Inc		8,651
	48,256		Paradise Co Ltd		640
	182,722	*	Penn National Gaming, Inc		2,549
	4,337	*	Pierre & Vacances		186
	257,977	*	Pinnacle Entertainment, Inc		2,858
	36,284	*,e	Planet Fitness, Inc		685
	59,900	e	Plenus Co Ltd		973
	104,800	*	Popeyes Louisiana Kitchen, Inc		5,726
	58,418	*,e	Potbelly Corp		733
	7,360,000		Premium Leisure Corp		185
	318,000		Prestariang BHD		157
	30,559	*	Red Lion Hotels Corp		222
	32,288	*	Red Robin Gourmet Burgers, Inc		1,531
	1,125,373	*	Red Rock Resorts, Inc		24,736
	132,060	*	Regis Corp		1,644
	3,193,329		Resorts World BHD		3,531
	116,600		Resorttrust, Inc		2,519
	2,046		Restaurant Brands International LP		85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,399,645	e	Restaurant Brands International, Inc	$	58,225
	322,653		Restaurant Brands International, Inc (Toronto)		13,431
	379,043		Restaurant Group plc		1,459
	104,585	e	Retail Food Group Ltd		435
	75,728		Rezidor Hotel Group AB		312
	14,000	e	Ringer Hut Co Ltd		323
	116,800		Round One Corp		936
	149,619	e	Royal Caribbean Cruises Ltd		10,047
	23,000	e	Royal Holdings Co Ltd		410
	143,753	*	Ruby Tuesday, Inc		519
	201,095		Ruth’s Chris Steak House, Inc		3,207
	25,300		Saizeriya Co Ltd		452
	6,989,164	e	Sands China Ltd		23,651
	33,347	*,g	Scandic Hotels Group AB		250
	125,913	*,e	Scientific Games Corp (Class A)		1,157
	161,114	e	SeaWorld Entertainment, Inc		2,309
	10,718		Seoul Auction Co Ltd		150
	246,400	g	Ser Educacional S.A.		957
	442,401		Service Corp International		11,963
	475,976	*,e	ServiceMaster Global Holdings, Inc		18,944
	36,777	*,e	Shake Shack, Inc		1,340
	3,808,000	e	Shanghai Jinjiang International Hotels Group Co Ltd		1,253
	61,449		Shanghai Jinjiang International Travel Co Ltd		244
	1,034,120		Shangri-La Asia Ltd		1,038
	1,621		Shinsegae Food Co Ltd		226
	271,492		Six Flags Entertainment Corp		15,733
	4,207,613		SJM Holdings Ltd		2,576
	40,169		SkiStar AB (Series B)		584
	1,905,260	e	Sky City Entertainment Group Ltd		6,237
	90,700	e	Skylark Co Ltd		1,150
	24,595		Sodexho Alliance S.A.		2,635
	296,160		Sonic Corp		8,011
	178,584	e	Sotheby’s (Class A)		4,893
	46,649		Speedway Motorsports, Inc		828
	110,797		Spur Corp Ltd		232
	805,789		SSP Group plc		3,014
	12,800	e	St Marc Holdings Co Ltd		387
	665,546		Star Entertainment Grp Ltd		2,712
	5,331,372		Starbucks Corp		304,528
	90,114		Starwood Hotels & Resorts Worldwide, Inc		6,664
	2,927	*	Steak N Shake Co		1,181
	28,081	*	Strayer Education, Inc		1,380
	15,900	*	Studio Alice Co Ltd		373
	96,923		Sun International Ltd		566
	2,128,100		Ta Enterprise BHD		264
	2,230,690		Tabcorp Holdings Ltd		7,684
	38,100	*,e	TAL Education Group (ADR)		2,364
	32,100	e	Tarena International, Inc (ADR)		332
	1,291,024		Tattersall’s Ltd		3,715
	155,602		Texas Roadhouse, Inc (Class A)		7,095
	1,216,362	*	Thomas Cook Group plc		1,022
	81,408		Thomas Cook India Ltd		262

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	155,000		Tokyo Dome Corp	$	703
	126,000	e	Tokyotokeiba Co Ltd		247
	31,200		Toridoll.corp		839
	6,000		Tosho Co Ltd		272
	508,000	e	Tsui Wah Holdings Ltd		84
	14,200		Tsukada Global Holdings Inc		92
	566,240		TUI AG. (DI)		6,445
	32,200	*,e	Tuniu Corp (ADR)		271
	726,918		Unibet Group plc (ADR)		6,678
	112,429		Vail Resorts, Inc		15,541
	77,000	e	Watami Co Ltd		786
	54,959	*,e	Weight Watchers International, Inc		639
	576,174		Wendy’s		5,543
	111,961	e	Wetherspoon (J.D.) plc		1,052
	68,533		Whistler Blackcomb Holdings, Inc		1,273
	70,464		Whitbread plc		3,297
	294,194		William Hill plc		1,013
	38,492	*,e	Wingstop, Inc		1,049
	54,220		Wowprime Corp		193
	339,116		Wyndham Worldwide Corp		24,155
	1,869,971	e	Wynn Macau Ltd		2,710
	81,773	e	Wynn Resorts Ltd		7,412
	243,000	g	Xiabuxiabu Catering Management China Holdings Co Ltd		120
	325,000		YBM Sisa.com, Inc		1,095
	32,000		Yomiuri Land Co Ltd		138
	55,000	e	Yoshinoya D&C Co Ltd		751
	521,178		Yum! Brands, Inc		43,216
	16,866		Zeal Network SE		596
	178,000		Zensho Co Ltd		2,604
	568,000		Zhuhai Holdings Investment Group Ltd		88
	662,092	*,e	Zoe’s Kitchen, Inc		24,014
			TOTAL CONSUMER SERVICES		2,190,416

DIVERSIFIED FINANCIALS - 2.9%
	1,852,030		3i Group plc		13,589
	117,908		ABC Arbitrage		820
	437,334	e	Aberdeen Asset Management plc		1,641
	52,308		Ackermans & Van Haaren		6,418
	167,750	*,e	Acom Co Ltd		813
	96,700		Aeon Credit Service M BHD		311
	313,048		AEON Financial Service Co Ltd		6,778
	135,134	*	Affiliated Managers Group, Inc		19,023
	1,389,533	*,e,m	African Bank Investments Ltd		1
	122,433	e	AGF Management Ltd		474
	265,100	*	Aiful Corp		787
	1,121,840		AIRA Capital Co Ltd		73
	40,958		Aker ASA (A Shares)		1,051
	2,178,237		Al Waha Capital PJSC		1,171
	34,983	e	Alaris Royalty Corp		776
	685,512		Alexander Forbes Group Holdings Ltd		312
	225,579	*,e	Allied Minds plc		1,106
	772,021	*	Ally Financial, Inc		13,178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	59,041		Altamir Amboise	$	659
	1,167,289		Amanat Holdings PJSC		261
	1,672,150	e	American Express Co		101,600
	1,426,348		Ameriprise Financial, Inc		128,157
	3,875,733		AMP Ltd		15,105
	409,348	g	Amundi S.A.		17,009
	1,796,419	g	Anima Holding S.p.A		8,469
	937,886	e	ARA Asset Management Ltd		962
	49,509	e	Arlington Asset Investment Corp (Class A)		644
	319,821		Arrow Global Group plc		848
	74,320	e	Artisan Partners Asset Management, Inc		2,057
	1,015,656	e	Ashmore Group plc		4,044
	12,981	*,m	Asia Pacific Investment Partners Limited		83
	1,047,600		Asia Plus Group Holdings PCL		99
	11,898		Associated Capital Group, Inc		341
	90,885		Aurelius AG.		5,341
	304,794		Australian Stock Exchange Ltd		10,494
	24,580	e	Avanza AB		944
	326,411		Ayala Corp		5,906
	2,215	*,m	Ayala Corp Preferred		0	^
	97,241		Azimut Holding S.p.A.		1,587
	22,191	e	B. Riley Financial, Inc		213
	14,134	*	Bajaj Auto Finance Ltd		1,676
	49,267		Banca Generali S.p.A		987
	88,301		Banca IFIS S.p.A.		1,789
	219,284		Banca Mediolanum S.p.A		1,505
	4,078,344		Bank of New York Mellon Corp		158,444
	7,709	*,e	BBX Capital Corp		118
	517,724		BGC Partners, Inc (Class A)		4,509
	49,848	e	BinckBank NV		248
	141,880		BlackRock, Inc		48,598
	290,400		Blackstone Group LP		7,126
	3,714,253		BM&F Bovespa S.A.		20,813
	1,141,400	e	Bolsa Mexicana de Valores S.A. de C.V.		1,752
	63,853	e	Bolsas y Mercados Espanoles		1,795
	1,185,835	*,e	Brait S.A.		11,304
	601,358		Brewin Dolphin Holdings plc		1,936
	3,282,000		Bright Smart Securities & Commodities Group Ltd		973
	160,121	e	BT Investment Management Ltd		953
	129,443		Bure Equity AB		1,101
	2,065,600		Bursa Malaysia BHD		4,386
	94,143		Calamos Asset Management, Inc (Class A)		688
	14,881	e	Callidus Capital Corp		184
	156,639		Canaccord Financial, Inc		597
	23,862		Capital First Ltd		201
	1,005,122		Capital One Financial Corp		63,835
	1,513,000		Capital Securities Corp		387
	88,740		Cash America International, Inc		3,782
	214,207		CBOE Holdings, Inc		14,270
	95,858		Cembra Money Bank AG.		6,704
	3,277,000	e	Central China Securities Co Ltd		1,420
	36,201		Century Leasing System, Inc		1,172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	187,908		Cerved Information Solutions S.p.A	$	1,480
	227,764		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		3,105
	1,059,123		Chailease Holding Co Ltd		1,727
	1,174,235		Challenger Financial Services Group Ltd		7,672
	1,769,319		Charles Schwab Corp		44,781
	874,000		China Bills Finance Corp		330
	10,380,105		China Cinda Asset Management Co Ltd		3,520
	1,111,125		China Everbright Ltd		2,156
	3,190,000	*,e	China Financial International Investments Ltd		208
	11,915,545		China Galaxy Securities Co Ltd		10,753
	3,906,000	*	China Innovative Finance Group Ltd		406
	50,800,000	e	China LNG Group Ltd		1,642
	112,665	e	China Merchants China Direct Investments Ltd		151
	435,950	e	CI Financial Corp		9,094
	1,166,272	*	Citadel Capital Corp		131
	3,073,915	e	CITIC Securities Co Ltd		6,821
	401,122		Close Brothers Group plc		6,080
	193,856	*,g	CMC Markets plc		709
	894,260		CME Group, Inc		87,101
	190,464		Coface S.A.		1,288
	49,239		Cohen & Steers, Inc		1,991
	256,981	e	Coronation Fund Managers Ltd		1,166
	12,367		Corp Financiera Alba		501
	88,894		Corp Financiera Colombiana S.A.		1,161
	227,575	*,e	Cowen Group, Inc		674
	39,066	*,e	Credit Acceptance Corp		7,230
	27,262		Credit Analysis & Research Ltd		402
	2,837,600	e	Credit China Holdings Ltd		1,096
	121,264		Credit Saison Co Ltd		2,037
	1,078,786		Credit Suisse Group		11,492
	574,188		Credito Real SAB de C.V.		1,091
	28,758		CRISIL Ltd		859
	198,864		Daewoo Securities Co Ltd		1,360
	126,408		Daishin Securities Co Ltd		1,111
	21,344		Daishin Securities Co Ltd PF		139
	2,867,160		Daiwa Securities Group, Inc		15,105
	13,248		Daou Data Corp		153
	72,388		DeA Capital S.p.A.		85
	1,210,653		Deutsche Bank AG.		16,735
	9,283	*	Deutsche Beteiligungs AG.		272
	832,307		Deutsche Boerse AG.		68,378
	9,475		Diamond Hill Investment Group, Inc		1,785
	1,160,000	*	Differ Group Holding Co Ltd		89
	652,173		Discover Financial Services		34,950
	2,597,899		Dubai Financial Market		897
	61,695	*,e	Dundee Corp		364
	526,784	*	E*TRADE Financial Corp		12,374
	325,558		Eaton Vance Corp		11,505
	424,727	e	Eclipx Group Ltd		1,170
	1,202,622		Edelweiss Capital Ltd		1,357
	7,386	e	EFG Financial Products Holding AG.		410
	59,477		EFG International		225

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	399,221	*	Egyptian Financial Group-Hermes Holding	$	480
	302,726	e	Element Financial Corp		3,210
	11,112,000		Emperor Capital Group Ltd		982
	55,890	*,e	Encore Capital Group, Inc		1,315
	73,788	*,e	Enova International, Inc		543
	65,632	*	Eugene Investment & Securities Co Ltd		144
	43,626		Eurazeo		2,588
	1,190,404	g	Euronext NV		43,670
	156,372		Evercore Partners, Inc (Class A)		6,910
	70,875	e	Exor S.p.A.		2,616
	211,745	*	Ezcorp, Inc (Class A)		1,601
	106,518	e	Factset Research Systems, Inc		17,194
	4,452,276		Far East Horizon Ltd		3,477
	12,751		FBR & Co		190
	1,458,000	*	FDG Kinetic Ltd		230
	344,999		Federated Investors, Inc (Class B)		9,929
	6,073	e	Ferratum Oyj		125
	62,908		Fiera Capital Corp		624
	125,228	e	Financial Engines, Inc		3,240
	189,100	e	Financial Products Group Co Ltd		1,952
	63,978		First Cash Financial Services, Inc		3,284
	2,828,785	e	First Pacific Co		2,054
	5,910,419		FirstRand Ltd		18,038
	1,159,667		FlexiGroup Ltd		1,521
	251,809	g	Flow Traders		8,602
	179,409	*	FNFV Group		2,058
	686,020		Franklin Resources, Inc		22,892
	13,300,000	*	Freeman Financial Corp Ltd		858
	18,331,461		Fubon Financial Holding Co Ltd		21,613
	24,462,242		Fuhwa Financial Holdings Co Ltd		7,943
	15,400		Fuyo General Lease Co Ltd		626
	87,575		Gain Capital Holdings, Inc		553
	23,353		GAMCO Investors, Inc (Class A)		765
	2,312,262	e	Gentera SAB de C.V.		4,112
	1,566,400	*,e	GF Securities Co Ltd		3,593
	17,934		Gimv NV		1,016
	63,215		Gluskin Sheff + Associates, Inc		816
	1,478,213		Goldman Sachs Group, Inc		219,633
	1,410,000	*,e	Good Resources Holdings Ltd		101
	286,414	*	Green Dot Corp		6,585
	65,247	e	Greenhill & Co, Inc		1,050
	8,547		GRENKELEASING AG.		1,493
	415,400		Group Lease PCL		427
	102,394		Groupe Bruxelles Lambert S.A.		8,397
	436,367		Grupo de Inversiones Suramericana S.A.		5,722
	225,127		Grupo de Inversiones Suramericana S.A. (Preference)		2,896
	194,710		GT Capital Holdings, Inc		5,986
	796,497	*	Gulf General Investment Co		121
	382,500		Guolian Securities Co Ltd		210
	8,913,800	e	Guotai Junan International Hol		3,064
	943,751		Haci Omer Sabanci Holding AS		3,097
	4,738,562		Haitong Securities Co Ltd		8,074

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,311		Hankook Tire Worldwide Co Ltd	$	413
	48,429		Hanwha Securities Co		115
	244,183		Hargreaves Lansdown plc		4,073
	56,049		Hellenic Exchanges S.A.		269
	2,832,940		Henderson Group plc		8,054
	7,002		Hennessy Advisors, Inc		234
	237,425		HFF, Inc (Class A)		6,857
	320,500		Hitachi Capital Corp		6,361
	15,702		HMC Investment Securities Co Ltd		134
	92,413	e,g	Hoist Finance AB		816
	639,304		Hong Kong Exchanges and Clearing Ltd		15,577
	61,105	e	Houlihan Lokey, Inc		1,367
	2,647,200	g	Huatai Securities Co Ltd		5,701
	351,991		Hyundai Securities Co		1,926
	32,500		IBJ Leasing Co Ltd		561
	170,432		ICAP plc		959
	683,000	e	Ichigo Holdings Co Ltd		2,698
	28,300	e	Ichiyoshi Securities Co Ltd		204
	1,703,020		IFCI Ltd		678
	822,521		IG Group Holdings plc		8,906
	176,359	e	IGM Financial, Inc		4,801
	199,243		India Infoline Ltd		658
	403,771		Indiabulls Housing Finance Ltd		4,030
	18,736		Indiabulls Securities Ltd		7
	45,524		Industrivarden AB		741
	2,083,669		Infrastructure Development Finance Co Ltd		1,473
	14,236,373		ING Groep NV		147,288
	133,187		Interactive Brokers Group, Inc (Class A)		4,715
	179,983	*,m	Interbolsa S.A.		0	^
	259,887		IntercontinentalExchange Group, Inc		66,521
	262,788		Intermediate Capital Group plc		1,722
	683,308	e	International Personal Finance plc		2,602
	40,551	*,g	Intertrust NV		905
	35,776	*,e	INTL FCStone, Inc		976
	59,091		Inversiones La Construccion S.A.		648
	302,272		Invesco Ltd		7,720
	250,589		Investec Ltd		1,536
	920,938		Investec plc		5,724
	90,714		Investment AB Kinnevik (B Shares)		2,168
	69,523		Investment AB Oresund		982
	76,471		Investment Technology Group, Inc		1,279
	629,169		Investor AB (B Shares)		21,137
	299,195	e	IOOF Holdings Ltd		1,768
	180,650	e	iShares Dow Jones US Real Estate Index Fund		14,868
	231,236	e	iShares MSCI Canada Index Fund		5,668
	1,247,887	e	iShares MSCI EAFE Index Fund		69,645
	657,815	e	iShares MSCI Emerging Markets		22,603
	14,900		Iwai Securities Co Ltd		124
	64,500	e	J Trust Co Ltd		474
	504,000		Jaccs Co Ltd		2,211
	121,217	*	Jafco Co Ltd		3,005
	547,525		Janus Capital Group, Inc		7,622

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,430,900		Japan Securities Finance Co Ltd	$	5,424
	1,731,658		Jih Sun Financial Holdings Co Ltd		367
	205,581		JM Financial Ltd		157
	222,218		JSE Ltd		2,799
	237,539	e	Julius Baer Group Ltd		9,561
	138,640		Julius Baer Holding AG.		1,480
	1,243,880		Jupiter Investment Management Group Ltd		6,108
	214,800		k1 Ventures Ltd		135
	1,271,700		kabu.com Securities Co Ltd		4,120
	70,531		KBC Ancora		2,309
	198,970	*	KCG Holdings, Inc		2,646
	10,376		KIWOOM Securities Co Ltd		649
	41,879		Korea Investment Holdings Co Ltd		1,544
	23,633		KRUK S.A.		1,209
	481,600		Krungthai Card PCL		1,368
	46,166		Kyobo Securities Co		381
	16,900	e	Kyokuto Securities Co Ltd		179
	903,348		L&T Finance Holdings Ltd		1,060
	309,607	*	Ladenburg Thalmann Financial Services, Inc		731
	793,544		Lazard Ltd (Class A)		23,632
	248,865		Legg Mason, Inc		7,339
	835,293	*,e	LendingClub Corp		3,592
	619,551		Leucadia National Corp		10,737
	1,081,366		London Stock Exchange Group plc		36,743
	309,975	e	LPL Financial Holdings, Inc		6,984
	81,228		Lundbergs AB (B Shares)		4,633
	304,267		Macquarie Group Ltd		15,838
	477,961		Magellan Financial Group Ltd		8,057
	308,264		Mahindra & Mahindra Financial Services Ltd		1,530
	21,919,898		Man Group plc		34,057
	854,973		Manappuram General Finance & Leasing Ltd		878
	28,036	*,e	Manning & Napier, Inc		266
	82,462		MarketAxess Holdings, Inc		11,990
	21,366		Marlin Business Services Corp		348
	50,900	*,e	Marusan Securities Co Ltd		438
	9,120,000	*	Mason Financial Holdings Ltd		355
	881,547		Masterlink Securities Corp		237
	413,000		Matsui Securities Co Ltd		3,416
	5,730,331		Mediobanca S.p.A.		33,017
	19,356	e	Medley Management, Inc		114
	39,530		Meritz finance Holdings Co Ltd		404
	975,050		Meritz Securities Co Ltd		2,751
	46,870,606		Metro Pacific Investments Corp		6,980
	162,000		MIN XIN Holdings Ltd		167
	77,732		Mirae Asset Securities Co Ltd		1,572
	1,232,654		Mitsubishi UFJ Lease & Finance Co Ltd		4,737
	53,955		MLP AG.		192
	119,959		Moelis & Co		2,699
	999,500	e	Monex Beans Holdings, Inc		2,267
	436,205		Moody’s Corp		40,877
	3,921,767		Morgan Stanley		101,888
	78,732		Morningstar, Inc		6,439

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	30,163		Motilal Oswal Financial Services Ltd	$	157
	191,018		MSCI, Inc (Class A)		14,731
	462,000		Muangthai Leasing PCL		261
	163,826		Muthoot Finance Ltd		713
	234,709		NASDAQ OMX Group, Inc		15,179
	1,508,716		Navient Corp		18,029
	104,395		Nelnet, Inc (Class A)		3,628
	59,044	*	NewStar Financial, Inc		497
	14,128		NICE Holdings Co Ltd		256
	29,994		NICE Information Service Co Ltd		180
	45,700		Nihon M&A Center, Inc		2,968
	22,500	*,e	Noah Holdings Ltd (ADR)		542
	2,533,339	*	Nomura Holdings, Inc		9,010
	194,835	e	Nordnet AB (Series B)		601
	327,401		Northern Trust Corp		21,694
	342,267		NorthStar Asset Management Group, Inc		3,495
	3,417,866	e	NZX Ltd		2,444
	106,946		Oaktree Capital Group LLC		4,787
	121,000		Okasan Holdings, Inc		541
	290,682		OM Asset Management plc		3,881
	116,409	*,e	On Deck Capital, Inc		600
	181,847	*	OneMain Holdings, Inc		4,150
	81,634		Onex Corp		4,992
	26,483		Oppenheimer Holdings, Inc		409
	406,900	*	Orient Corp		741
	2,709,070		ORIX Corp		35,057
	1,300,300		Osaka Securities Exchange Co Ltd		14,971
	611,375		OSK Holdings BHD		241
	261,367	e	OzForex Group Ltd		456
	94,555		P2P Global Investments plc		1,070
	11,460		Pargesa Holding S.A.		758
	10,057		Partners Group		4,310
	512,910		Peregrine Holdings Ltd		1,024
	517,000	*,m	Peregrine Investment Holdings		0
	103,301	e	Perpetual Trustees Australia Ltd		3,210
	82,264		Philippine Stock Exchange, Inc		462
	55,635	*	Pico Holdings, Inc		526
	238,304	*	Pioneers Holding		263
	47,811	*	Piper Jaffray Cos		1,802
	38,512	e	PJT Partners, Inc		886
	452,033	e	Platinum Asset Mangement Ltd		1,963
	298,992		Plus500 Ltd		2,601
	601,816		Power Finance Corp Ltd		1,518
	8,000	e	PowerShares QQQ Trust Series		860
	110,446	*,e	PRA Group, Inc		2,666
	1,050,509		President Securities Corp		388
	159,339		Provident Financial plc		4,913
	93,992		PSG Group Ltd		1,242
	128,527		PTC India Financial Services Ltd		72
	57,258	e	Pzena Investment Management, Inc (Class A)		436
	12,203		Qatar Industrial Manufacturing Co		138
	593,843		Ratos AB (B Shares)		2,897

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	269,421		Raymond James Financial, Inc	$	13,282
	26,338	*	Regional Management Corp		386
	404,530		Reliance Capital Ltd		2,406
	525,463		Remgro Ltd		9,118
	48,338		Repco Home Finance Ltd		556
	35,209	e	Resource America, Inc (Class A)		342
	33,300		Ricoh Leasing Co Ltd		851
	1,094,909		RMB Holdings Ltd		4,196
	507,998		Rural Electrification Corp Ltd		1,309
	651,263		S&P Global, Inc		69,854
	86,162	*,e	Safeguard Scientifics, Inc		1,076
	79,591		Salam International Investment Co		245
	223,275		Samsung Card Co		8,091
	62,417		Samsung Securities Co Ltd		1,937
	876,889	*	Santander Consumer USA Holdings, Inc		9,058
	270,100	*,e	Sawada Holdings Co Ltd		2,388
	157,644		SBI Holdings, Inc		1,570
	74,490		Schroders plc		2,354
	387,640		SEI Investments Co		18,649
	5	*,m	SFCG Co Ltd		0
	350,000	e	Shenyin Wanguo HK Ltd		180
	9,857		Shinyoung Securities Co Ltd		428
	377,450		Shriram Transport Finance Co Ltd		6,750
	15,892		Silvercrest Asset Management Group, Inc		195
	540,000		Simsen International Corp Ltd		194
	1,669,756		Singapore Exchange Ltd		9,511
	11,065		Sixt Leasing AG.		230
	262,511	*	SK Securities Co Ltd		245
	90,043	*	SKS Microfinance Pvt Ltd		992
	1,095,023	*	SLM Corp		6,767
	768,475	*,e,m	SNS Reaal		9
	8,274		Societe Fonciere Financiere et de Participations FFP		577
	14,530		Sofina S.A.		1,923
	518,000	e	Sparx Group Co Ltd		941
	9,000	e	SPDR Trust Series 1		1,886
	137,032	e	Sprott, Inc		273
	126,832		SREI Infrastructure Finance Ltd		136
	430,461		Srisawad Power 1979 PCL		467
	342,544		State Street Corp		18,470
	156,514	*	Stifel Financial Corp		4,922
	4,989,000	e	Sun Hung Kai & Co Ltd		2,938
	38,117		Sundaram Finance Ltd		863
	157,660	*	SVG Capital plc		1,089
	7,695		Swissquote Group Holding S.A.		180
	6,078,211	*	Synchrony Financial		153,657
	262,164		T Rowe Price Group, Inc		19,130
	4,917,700	e	Tai Fook Securities Group Ltd		2,986
	265,000		Taiwan Acceptance Corp		610
	170,000	*	Takagi Securities Co Ltd		209
	59,897		Tamburi Investment Partners S.p.A.		224
	14,411		Tata Investment Corp Ltd		110
	181,891		TD Ameritrade Holding Corp		5,179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	79,082	e	Tiptree Financial, Inc	$	433
	45,147		TMX Group Ltd		1,878
	279,680		Tokai Tokyo Securities Co Ltd		1,191
	96,220	*	Tong Yang Investment Bank		284
	281,021		Transaction Capital Ltd		219
	108,239	e	Tricon Capital Group, Inc		729
	523,754		Tullett Prebon plc		2,121
	3,699,705		UBS AG.		48,006
	1,577,354	e	Unifin Financiera SAPI de C.V. SOFOM ENR		4,006
	1,071,687		UOB-Kay Hian Holdings Ltd		1,045
	97,173	*	Uranium Participation Corp		303
	2,516		Value Line, Inc		41
	3,794,000	e	Value Partners Group Ltd		3,513
	23,845		Verusa Holding AS.		140
	56,160	e	Virtu Financial, Inc		1,011
	14,752	e	Virtus Investment Partners, Inc		1,050
	54,595		Vontobel Holding AG.		2,353
	121,930		Voya Financial, Inc		3,019
	4,315		VZ Holding AG.		1,280
	194,914	e	Waddell & Reed Financial, Inc (Class A)		3,356
	57,168		Warsaw Stock Exchange		479
	3,238,475		Waterland Financial Holdings		802
	27,253		Wendel		2,818
	21,087		Westwood Holdings Group, Inc		1,092
	2,598	*,e	Wins Finance Holdings, Inc		40
	392,502	e	WisdomTree Investments, Inc		3,843
	40,000	e	WisdomTree Japan Hedged Equity Fund		1,551
	10,694		Woori Financial Co Ltd		211
	154,736		Woori Investment & Securities Co Ltd		1,242
	14,719	*,e	World Acceptance Corp		671
	1,414,595	e	Zeder Investments Ltd		649
	65,900		Zenkoku Hosho Co Ltd		2,407
			TOTAL DIVERSIFIED FINANCIALS		3,161,800

ENERGY - 6.8%
	301,391	*	Abraxas Petroleum Corp		341
	6,154		Adams Resources & Energy, Inc		237
	49,178,804		Adaro Energy Tbk		3,196
	162,901	*	Advantage Oil & Gas Ltd		910
	66,930		Aegis Logistics Ltd		128
	127,869	*,e	Akastor ASA		142
	127,868	e	Aker Solutions ASA		548
	69,412	e	Alon USA Energy, Inc		450
	147,603	e	AltaGas Income Trust		3,587
	1,318,659		AMEC plc		8,670
	695,572	*,e	Amerisur Resources plc		246
	1,546,417		Anadarko Petroleum Corp		82,347
	186,857	*,e	Antero Resources Corp		4,855
	1,094,000	*,e	Anton Oilfield Services Group		116
	2,161,264		Apache Corp		120,318
	1,277,770	e	ARC Resources Ltd		21,867
	264,840		Archrock, Inc		2,495

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	149,652	e	Ardmore Shipping Corp	$	1,013
	956,637	*,e	Athabasca Oil Corp		1,059
	176,783	e	Atwood Oceanics, Inc		2,213
	457,807	*	Australian Worldwide Exploration Ltd		290
	19,601	g	Avance Gas Holding Ltd		62
	2,147,645		Baker Hughes, Inc		96,923
	1,923,700		Bangchak Petroleum PCL-Foreign		1,758
	215,960	*	Bankers Petroleum Ltd		344
	2,131,200		Banpu PCL (ADR)		896
	3,401,510		Banpu PCL (Foreign)		1,430
	471,731	e	Baytex Energy Trust		2,738
	3,663,315		Beach Petroleum Ltd		1,705
	150,045	*,e	Bellatrix Exploration Ltd		147
	552,870		Bharat Petroleum Corp Ltd		8,797
	128,460	*,e	Bill Barrett Corp		821
	92,593	*,e	Birchcliff Energy Ltd		493
	835,275		Bonavista Energy Trust		2,134
	74,411	e	Bonterra Oil & Gas Ltd		1,533
	65,228	e	Bourbon S.A.		757
	712,441		Boustead Singapore Ltd		424
	25,523,156		BP plc		149,400
	441,020	e	BP plc (ADR)		15,661
	4,540,000	e	Brightoil Petroleum Holdings Ltd		1,334
	75,422		Bristow Group, Inc		861
	2,022,500		Bumi Armada BHD		365
	69,847	g	BW LPG Ltd		266
	1,523,852		Cabot Oil & Gas Corp		39,224
	483,697	*	Cairn Energy plc		1,345
	1,123,432		Cairn India Ltd		2,353
	79,554	*,e	California Resources Corp		971
	1,218,625	*	Callon Petroleum Co		13,685
	626,015		Caltex Australia Ltd		15,093
	520,566	e	Cameco Corp (Toronto)		5,718
	303,608	*	Canacol Energy Ltd		1,022
	354,432	e	Canadian Energy Services & Technology Corp		1,117
	1,660,363		Canadian Natural Resources Ltd (Canada)		51,226
	72,753	e	Canyon Services Group, Inc		318
	44,585	e	CARBO Ceramics, Inc		584
	232,330	e	Cardinal Energy Ltd		1,793
	189,179	*,e	Carrizo Oil & Gas, Inc		6,782
	770,632		Cenovus Energy, Inc		10,650
	1,976,641		Cenovus Energy, Inc (Toronto)		27,341
	410,287	*	Cheniere Energy, Inc		15,406
	30,040	*	Chennai Petroleum Corp Ltd		88
	1,222,412	*,e	Chesapeake Energy Corp		5,232
	5,973,212		Chevron Corp		626,172
	4,059,419	e	China Coal Energy Co		2,127
	4,985,826	e	China Oilfield Services Ltd		3,874
	8,113,295		China Shenhua Energy Co Ltd		15,090
	1,567,000	e	China Suntien Green Energy Cor		162
	342,241		Cimarex Energy Co		40,836
	10,670	*,e	Clayton Williams Energy, Inc		293

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	852,140	*,e	Clean Energy Fuels Corp	$	2,957
	40,271,859		CNOOC Ltd		50,268
	1,351,487		Coal India Ltd		6,281
	1,479,404	*,e	Cobalt International Energy, Inc		1,982
	286,171		Columbia Pipeline Group, Inc		7,295
	628,707	*,e	Compagnie Generale de Geophysique S.A.		442
	2,261,784	*	Concho Resources, Inc		269,763
	1,520,596		ConocoPhillips		66,298
	960,222	e	Consol Energy, Inc		15,450
	121,715	*	Contango Oil & Gas Co		1,490
	2,403,882	*,e	Continental Resources, Inc		108,824
	11,931	e	Core Laboratories NV		1,478
	754,928		Cosan SA Industria e Comercio		7,828
	50,300		Cosmo Energy Holdings Co Ltd		617
	559,570		Crescent Point Energy Corp		8,840
	122,483	*,e	Crew Energy, Inc		551
	48,203	e	CVR Energy, Inc		747
	3,013,634	*	Dana Gas PJSC		454
	75,929	*	Dawson Geophysical Co		619
	259,350		Dayang Enterprise Holdings BHD		70
	3,937		Delek Group Ltd		766
	305,719		Delek US Holdings, Inc		4,039
	1,888,811	e	Denbury Resources, Inc		6,781
	421,121	*	Denison Mines Corp		231
	1,438,460	*	Det Norske Oljeselskap ASA		17,533
	873,797	*	Devon Energy Corp		31,675
	552,540		DHT Holdings, Inc		2,779
	490,472	e	Diamond Offshore Drilling, Inc		11,933
	865,927	*	Diamondback Energy, Inc		78,981
	551,768	*	DNO International ASA		619
	61,596	*,e	Dorian LPG Ltd		434
	74,812	*	Dril-Quip, Inc		4,371
	3,752	*,e	Earthstone Energy, Inc		40
	92,472	*,e	Eclipse Resources Corp		309
	6,286,102		Ecopetrol S.A.		3,002
	746,535		Empresas COPEC S.A.		6,567
	154,314	e	Enbridge Income Fund		3,829
	1,333,869		Enbridge, Inc		56,506
	1,338,723	e	EnCana Corp		10,414
	176,868		Enerflex Ltd		1,462
	670,128		Energen Corp		32,307
	1,133,814		Energy Absolute PCL (Foreign)		688
	1,168,600		Energy Earth PCL		157
	1,053,134	*,e	Energy Resources of Australia Ltd		276
	515,168		Enerplus Resources Fund		3,393
	2,782,748		ENI S.p.A.		44,822
	3,990,969	*	Enquest plc (London)		1,712
	616,732		Ensco plc		5,988
	254,762		Ensign Energy Services, Inc		1,430
	4,779,631		EOG Resources, Inc		398,717
	321,138	*,e	EP Energy Corp		1,663
	756,378		EQT Corp		58,566

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	40,991	*	Era Group, Inc	$	385
	49,105	*,e	Erin Energy Corp		118
	2,233	*	Esso SA Francaise		99
	2,696,500	*	Esso Thailand PCL (Foreign)		466
	103,965	*,e	Etablissements Maurel et Prom		335
	560,161		Euronav NV		5,173
	65,348	e	Evolution Petroleum Corp		357
	25,838	e	Exmar NV		186
	164,227	*	Exterran Corp		2,110
	217,952	e	Exxaro Resources Ltd		1,004
	10,887,060	d	Exxon Mobil Corp		1,020,553
	1,044,460	e	Ezion Holdings Ltd		408
	339,734	*,e	Fairmount Santrol Holdings, Inc		2,619
	186,411	*	Faroe Petroleum plc		169
	322,711	*	FMC Technologies, Inc		8,607
	3,756,825		Formosa Petrochemical Corp		10,243
	143,794	*	Forum Energy Technologies, Inc		2,489
	250,899	e	Frank’s International NV		3,666
	108,342	*,e	Fred Olsen Energy ASA		329
	78,296	e	Freehold Royalty Trust		722
	203,724	e	Frontline Ltd		1,603
	328,963	e	Frontline Ltd (Sigmax MTF)		2,572
	50,228	*,e	Fugro NV		884
	1,250,011		Galp Energia SGPS S.A.		17,386
	99,202	e	GasLog Ltd		1,288
	8,041,008		Gazprom OAO (ADR)		34,745
	93,697		Gazpromneft OAO (ADR)		1,194
	38,087		Gaztransport Et Technigaz S.A.		1,155
	105,257	*	Gener8 Maritime, Inc		674
	7,225,000	*	Genesis Energy Holdings Ltd		187
	32,842	*,e	Geospace Technologies Corp		538
	236,620	e	Gibson Energy, Inc		2,745
	366,124	e	Golar LNG Ltd		5,675
	60,000	*,e	Gran Tierra Energy, Inc		203
	116,704		Great Eastern Shipping Co Ltd		543
	91,634		Green Plains Renewable Energy, Inc		1,807
	247,214	*	Grupa Lotos S.A.		1,912
	113,172		GS Holdings Corp		4,700
	131,044		Gujarat Mineral Development Corp Ltd		153
	40,995		Gulf International Services OSC		414
	372,539	*	Gulfport Energy Corp		11,646
	2,500,732		Halliburton Co		113,258
	493		Hankook Shell Oil Co Ltd		190
	321,508	*	Helix Energy Solutions Group, Inc		2,173
	43,773	*	Hellenic Petroleum S.A.		186
	199,618	e	Helmerich & Payne, Inc		13,400
	924,948		Hess Corp		55,589
	601,000		Hilong Holding Ltd		66
	109,369	e	Hoegh LNG Holdings Ltd		1,082
	379,516		HollyFrontier Corp		9,021
	116,806	*,e	Hornbeck Offshore Services, Inc		974
	109,878		Hunting plc		707

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	549,743		Husky Energy, Inc	$	6,710
	148,284		Idemitsu Kosan Co Ltd		3,219
	304,308		Imperial Oil Ltd		9,629
	147,017	*,e	Independence Contract Drilling, Inc		798
	938,900		Inner Mongolia Yitai Coal Co		709
	874,102		Inpex Holdings, Inc		6,836
	914,839	e	Inter Pipeline Ltd		19,402
	16,649,307		IRPC PCL (Foreign)		2,264
	1,830	*,e	Isramco, Inc		151
	132,253		Itochu Enex Co Ltd		1,174
	5,300	e	Japan Drilling Co Ltd		114
	38,500		Japan Petroleum Exploration Co		776
	7,326	*	Jerusalem Oil Exploration		286
	752,412		John Wood Group plc		6,926
	141,087	*,e	Jones Energy, Inc (Class A)		581
	1,660,748		JX Holdings, Inc		6,482
	133,540	*,e	Karoon Gas Australia Ltd		130
	125,758	*	Kelt Exploration Ltd		460
	267	*,e	Key Energy Services, Inc		0	^
	550,028	e	Keyera Corp		16,825
	5,782,915		Kinder Morgan, Inc		108,256
	1,778,024	*	KNM Group BHD		182
	283,141		Koninklijke Vopak NV		14,095
	140,320	*,e	Kosmos Energy LLC		765
	603,170	*,e	Laredo Petroleum Holdings, Inc		6,321
	416,646	*,e	Liquefied Natural Gas Ltd		229
	11,677		Lubelski Wegiel Bogdanka S.A.		107
	808,153		LUKOIL PJSC (ADR)		33,824
	385,737	*,e	Lundin Petroleum AB		7,029
	302,300	*	Malaysia Marine and Heavy Engineering Sdn BHD		85
	1,755,471		Marathon Oil Corp		26,350
	514,703		Marathon Petroleum Corp		19,538
	2,679,084	*,e	Matador Resources Co		53,046
	120,984	*	Matrix Service Co		1,995
	1,177,220	*,e	McDermott International, Inc		5,815
	2,431,483	*	MEG Energy Corp		12,741
	50,928	*	Memorial Resource Development Corp		809
	848,000	*	MIE Holdings Corp		84
	28,200		Modec, Inc		433
	49,247		MOL Hungarian Oil and Gas plc		2,851
	104,928		Motor Oil Hellas Corinth Refineries S.A.		1,140
	86,705	e	Mullen Group Ltd		946
	244,728	e	Murphy Oil Corp		7,770
	2,467,643		Nabors Industries Ltd		24,800
	20,304	*	Naphtha Israel Petroleum Corp Ltd		99
	670,218	e	National Oilwell Varco, Inc		22,553
	39,522	*	Natural Gas Services Group, Inc		905
	487,262	e	Navios Maritime Acq Corp		765
	381,710		Neste Oil Oyj		13,688
	505,152	e	New Zealand Refining Co Ltd		877
	1,622,172	*	Newfield Exploration Co		71,668
	16,450,000	e	Newocean Energy Holdings Ltd		5,402

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	340,055	*	Newpark Resources, Inc	$	1,969
	45,100		Nippon Gas Co Ltd		980
	405,185	e	Noble Corp plc		3,339
	678,329		Noble Energy, Inc		24,332
	206,791	e	Nordic American Tanker Shipping		2,872
	26,760	*,e	North Atlantic Drilling Ltd		180
	145,447		Northern Blizzard Resources, Inc		534
	104,748	*,e	Northern Oil And Gas, Inc		484
	68,549	e	Nostrum Oil & Gas plc		278
	206,370		NovaTek OAO (GDR)		21,114
	135,305	*	NuVista Energy Ltd		655
	539,253	*,e	Oasis Petroleum, Inc		5,037
	4,145,346		Occidental Petroleum Corp		313,222
	35,078	e	Ocean Yield ASA		255
	247,273		Oceaneering International, Inc		7,384
	1,104,602	*	Oil Refineries Ltd		390
	3,346,286		Oil Search Ltd		16,897
	136,413	*	Oil States International, Inc		4,485
	78,302		OMV AG.		2,201
	539,442		Oneok, Inc		25,597
	597,783	*,e	Ophir Energy plc		631
	2,273,476		Origin Energy Ltd		9,933
	71,732	e	Overseas Shipholding Group, Inc		788
	316,100		Pacc Offshore Services Holdings Ltd		86
	63,859	*,e	Pacific Ethanol, Inc		348
	88,436	*	Painted Pony Petroleum Ltd		519
	1,279,194	*,e	Paladin Resources Ltd		179
	44,442	e	Panhandle Oil and Gas, Inc (Class A)		741
	174,008	*,e	Pantheon Resources plc		337
	120,278	*,e	Par Petroleum Corp		1,845
	53,577	*,e	Paramount Resources Ltd (Class A)		445
	193,554	*	Parex Resources, Inc		1,874
	767,591	*,e	Parker Drilling Co		1,758
	231,510	e	Parkland Fuel Corp		4,030
	4,598,718	*	Parsley Energy, Inc		124,441
	64,198		Pason Systems, Inc		887
	1,375,381		Patterson-UTI Energy, Inc		29,323
	13,507		Paz Oil Co Ltd		2,170
	170,256		PBF Energy, Inc		4,049
	126,626	*	PDC Energy, Inc		7,295
	56	*,b	Peabody Energy Corp		0	^
	480,568		Pembina Pipeline Income Fund		14,604
	2,364,591	e	Pengrowth Energy Trust		4,319
	717,948	*	Penn West Energy Trust		1,000
	330,015	e	Petrofac Ltd		3,430
	6,354,505	*	Petroleo Brasileiro S.A.		22,769
	7,253,495	*	Petroleo Brasileiro S.A. (Preference)		21,271
	938,377	e	Petroleum Geo-Services ASA		2,234
	341,959		Petronas Dagangan BHD		1,985
	425,562	e	Peyto Exploration & Development Corp		11,423
	35,091	*,e	PHI, Inc		627
	563,868		Phillips 66		44,737

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	478,890	*	Pioneer Energy Services Corp	$	2,203
	643,909		Pioneer Natural Resources Co		97,365
	595,987		Plains All American Pipeline LP		16,384
	1,971,806		Plains GP Holdings LP		20,566
	4,769,875		Polish Oil & Gas Co		6,800
	542,800		Polski Koncern Naftowy Orlen S.A.		9,535
	100,100	*,m	Poseidon Concepts Corp		1
	134,634	e	PrairieSky Royalty Ltd		2,555
	788,986	e	Precision Drilling Trust		4,183
	537,427	*	Premier Oil plc		548
	189,075	e	ProSafe ASA		19
	1,496,200		PT Indo Tambangraya Megah		1,070
	18,113,600	*	PT Sugih Energy Tbk		439
	4,344,100		PT Tambang Batubara Bukit Asam Tbk		2,556
	3,883,506		PT United Tractors Tbk		4,382
	1,504,400		PTT Exploration & Production PCL (ADR)		3,613
	2,231,821		PTT Exploration & Production PCL (Foreign)		5,272
	216,600		PTT PCL (ADR)		1,943
	1,256,695		PTT PCL (Foreign)		11,271
	546,200		Qatar Gas Transport Co Ltd		3,457
	439,900		QGEP Participacoes S.A.		624
	999,695		Questar Market Resources, Inc		17,625
	182,153	*	Raging River Exploration, Inc		1,449
	716,856	e	Range Resources Corp		30,925
	3,164,210		Reliance Industries Ltd		45,580
	133,202	*,e	Renewable Energy Group, Inc		1,176
	620,783		Repsol YPF S.A.		7,958
	14,141	*,e	Rex American Resources Corp		846
	1,286,779	*	Rice Energy, Inc		28,361
	31,663	*,e	RigNet, Inc		424
	94,838	*	Ring Energy, Inc		836
	3,274,833		Rosneft Oil Co (GDR)		16,848
	888,427	e	Rowan Cos plc		15,690
	5,325,338		Royal Dutch Shell plc (A Shares)		146,261
	4,420,736		Royal Dutch Shell plc (B Shares)		122,139
	2,392,255	*,e	RPC, Inc		37,152
	3,677,627	*	RSP Permian, Inc		128,312
	24,611,066	*	Saipem S.p.A.		9,840
	42,200		San-Ai Oil Co Ltd		240
	441,478	*,e	Sanchez Energy Corp		3,117
	2,064,034		Santos Ltd		7,306
	4,424,776		Sapurakencana Petroleum BHD		1,626
	1,766,874		Saras S.p.A.		3,071
	567,638		Sasol Ltd		15,357
	162,451		SBM Offshore NV		1,883
	3,655,254		Schlumberger Ltd		289,057
	9,727	e	Schoeller-Bleckmann Oilfield Equipment AG.		588
	682,228		Scorpio Tankers, Inc		2,865
	38,099	*,e	SEACOR Holdings, Inc		2,208
	1,120,139	*,e	Seadrill Ltd		3,629
	409,205	*,e	Seadrill Ltd (Oslo Exchange)		1,326
	131,653		Secure Energy Services, Inc		900

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	138,968		SemGroup Corp	$	4,525
	50	*,m	Serval Integrated Energy Services		0
	803,260	*	Seven Generations Energy Ltd		15,332
	292,800	*	Shandong Molong Petroleum Machinery Co Ltd		122
	384,242		Shanxi Guoxin Energy Corp Ltd		473
	163,226		ShawCor Ltd		4,047
	96,100		Shinko Plantech Co Ltd		719
	191,406	e	Ship Finance International Ltd		2,821
	317,565	e	Showa Shell Sekiyu KK		2,964
	2,356,100		Siamgas & Petrochemicals PCL (Foreign)		997
	77,000		Sinanen Co Ltd		297
	762,000	e	Sinopec Kantons Holdings Ltd		394
	167,860		SK Energy Co Ltd		20,683
	15,527		SK Gas Co Ltd		1,168
	445,708	e	SM Energy Co		12,034
	172,986		Soco International plc		329
	82,780		S-Oil Corp		5,486
	1,073,488	*,e	Southwestern Energy Co		13,504
	258,815	*,e	Spartan Energy Corp		679
	1,751,121		Spectra Energy Corp		64,144
	5,271,460	*,e	Statoil ASA		91,083
	564,690	e	Stobart Group Ltd		1,203
	1,012,444	*,e	Subsea 7 S.A.		9,952
	2,035,986		Suncor Energy, Inc		56,480
	1,983,470		Superior Energy Services		36,516
	592,685	e	Surge Energy, Inc		1,170
	1,493,651		Surgutneftegaz (ADR)		7,622
	354,200		Surgutneftegaz (ADR) (London)		1,817
	498,351	*	Synergy Resources Corp		3,319
	26,715	*,e	Tanker Investments Ltd		148
	995,296		Targa Resources Investments, Inc		41,942
	405,597		Tatneft PAO (ADR)		12,520
	164,540		Technip S.A.		8,906
	49,556	e	Tecnicas Reunidas S.A.		1,485
	174,084	e	Teekay Corp		1,241
	474,658	e	Teekay Tankers Ltd (Class A)		1,414
	608,590		Tenaris S.A.		8,796
	102,732		Tesco Corp		687
	226,469		Tesoro Corp		16,967
	88,248		Tethys Oil AB		670
	455,775	*	Tetra Technologies, Inc		2,903
	226,006		TGS Nopec Geophysical Co ASA		3,693
	1,264,955		Thai Oil PCL (Foreign)		2,168
	116,797	e	Tidewater, Inc		515
	99,203		TMK OAO (GDR)		271
	860,848		TonenGeneral Sekiyu KK		7,842
	126,610	e	TORC Oil & Gas Ltd		804
	39,934	*	TORM plc		402
	24,986		Total Energy Services, Inc		251
	3,609,809	*	Total S.A.		173,112
	97,438	*	Tourmaline Oil Corp		2,565
	224,000		Toyo Kanetsu K K		436

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,498,463	e	TransCanada Corp	$	67,805
	8,616		Transocean Ltd		99
	1,071,301	e	Transocean Ltd (NYSE)		12,738
	64,008	*,e	Trilogy Energy Corp		271
	188,437		Trinidad Drilling Ltd		370
	1,687,960	*,e	Tullow Oil plc		5,953
	537,826		Tupras Turkiye Petrol Rafine		11,940
	397,794		Ultrapar Participacoes S.A.		8,806
	516,700		UMW Oil & Gas Corp BHD		121
	195,068	*,e	Unit Corp		3,035
	156,950	e	US Silica Holdings Inc		5,410
	891,192		Valero Energy Corp		45,451
	255,320	e	Vallourec SA		903
	17,850		Verbio AG.		105
	654,662	e	Veresen, Inc		5,549
	53,457	e	Vermilion Energy, Inc		1,702
	29,679		VTTI Energy Partners LP		602
	78,253	*,e	W&T Offshore, Inc		182
	3,921,594	*,e	Weatherford International Ltd		21,765
	209,793	e	Western Refining, Inc		4,328
	66,568	*,e	Westmoreland Coal Co		634
	411,479	e	Whitecap Resources, Inc		3,147
	1,856,359	*,e	Whitehaven Coal Ltd		1,520
	660,166	*,e	Whiting Petroleum Corp		6,113
	154,112	*	Willbros Group, Inc		390
	1,412,028		Williams Cos, Inc		30,542
	2,150,000	*	Wison Engineering Services Co Ltd		235
	1,046,424		Woodside Petroleum Ltd		21,219
	334,140		World Fuel Services Corp		15,868
	322,619	e	WorleyParsons Ltd		1,770
	2,468,631	*	WPX Energy, Inc		22,983
	4,860,000	*,e	Yanchang Petroleum International Ltd		131
	3,219,066	e	Yanzhou Coal Mining Co Ltd		2,097
	397,351	*	YPF S.A. (ADR) (Class D)		7,629
	1,848,000	*	Yuan Heng Gas Holdings Ltd		131
	658,385	e	Z Energy Ltd		3,809
			TOTAL ENERGY		7,510,606

FOOD & STAPLES RETAILING - 1.9%
	1,197,500		7-Eleven Malaysia Holdings BHD		404
	517,326		Aeon Co Ltd		8,032
	31,800		Ain Pharmaciez Inc		2,467
	5,204		Al Meera Consumer Goods Co		302
	681,276		Alimentation Couche Tard, Inc		29,256
	1,790,482		Almacenes Exito S.A.		8,705
	63,139		Andersons, Inc		2,244
	33,679		Arcs Co Ltd		804
	309,785		Axfood AB		5,950
	22,900		Axial Retailing, Inc		793
	8,900		Belc Co Ltd		371
	9,323		BGF retail Co Ltd		1,736
	8,186	*	Bid Corp Ltd		153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	227,854		BIM Birlesik Magazalar AS	$	4,444
	21,349		Bizim Toptan Satis Magazalari AS		105
	3,355,026		Booker Group plc		7,770
	502,483		Carrefour S.A.		12,359
	70,748	e	Casey’s General Stores, Inc		9,304
	159,966	e	Casino Guichard Perrachon S.A.		8,879
	11,700		Cawachi Ltd		279
	5,644,669		Centros Comerciales Sudamericanos S.A.		16,108
	46,916	*	Chefs’ Warehouse Holdings, Inc		751
	530,717		Cia Brasileira de Distribuicao Grupo Pao de Acucar		7,717
	6,265		CJ Freshway Corp		256
	232,894	e	Clicks Group Ltd		1,940
	66,560		Cocokara Fine Holdings, Inc		3,450
	84,608		Colruyt S.A.		4,682
	6,677,200		Cosco Capital, Inc		1,106
	13,000	e	Cosmos Pharmaceutical Corp		2,619
	1,127,844		Costco Wholesale Corp		177,117
	1,484,300		CP Seven Eleven PCL (ADR)		2,129
	5,181,129		CP Seven Eleven PCL (Foreign)		7,432
	114,400		Create SD Holdings Co Ltd		3,245
	3,812,252		CVS Health Corp		364,985
	6,900		Daikokutenbussaan Co Ltd		326
	191,132		Delhaize Group		20,190
	589,937	e	Distribuidora Internacional de Alimentacion S.A.		3,443
	32,844		Dongsuh Co, Inc		956
	66,449		E-Mart Co Ltd		10,027
	190,500		Empire Co Ltd		2,833
	184,231		Eurocash S.A.		2,159
	107,691		FamilyMart Co Ltd		6,563
	58,136		George Weston Ltd		5,031
	344,111		Greggs plc		4,464
	18,400		Growell Holdings Co Ltd		1,163
	257,166	e	Grupo Comercial Chedraui S.a. DE C.V.		643
	27,137		GS Retail Co Ltd		1,290
	90,000		Heiwado Co Ltd		1,753
	4,656		Hyundai C&F, Inc		81
	41,362		Hyundai Greenfood Co Ltd		671
	476,937	e	ICA Gruppen AB		15,985
	3,032	*	Indiabulls Wholesale Service		1
	31,342		Ingles Markets, Inc (Class A)		1,169
	9,200		Itochu-Shokuhin Co Ltd		368
	3,562,893	e	J Sainsbury plc		11,099
	122,538		Jean Coutu Group PJC, Inc		1,897
	528,279		Jeronimo Martins SGPS S.A.		8,332
	19,400		Kato Sangyo Co Ltd		455
	191,062		Kesko Oyj (B Shares)		8,114
	7,000	e	Kobe Bussan Co Ltd		144
	3,165,477		Koninklijke Ahold NV		69,902
	4,306,115		Kroger Co		158,422
	13,600	e	Kusuri No Aoki Co Ltd		887
	476,300	*,e	La Comer SAB de C.V.		469
	380,514		Lawson, Inc		30,378

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	379,000	*	Lianhua Supermarket Holdings Co Ltd	$	148
	42,300	e	Life Corp		1,142
	225,537		Loblaw Cos Ltd		12,065
	220,000	*	Madison Wine Holdings Ltd		330
	569,396		Magnit OAO (GDR)		18,983
	62,093	*,e	Majestic Wine plc		328
	41,223		MARR S.p.A.		781
	108,449		Massmart Holdings Ltd		926
	80,500		Matsumotokiyoshi Holdings Co Ltd		3,935
	2,597,841	*,e	Metcash Ltd		3,723
	531,392		Metro AG.		16,344
	624,570		Metro, Inc		21,759
	32,247	*	Migros Ticaret AS		186
	40,900	e	Ministop Co Ltd		665
	24,139	*,e	Natural Grocers by Vitamin C		315
	29,600		Nihon Chouzai Co Ltd		1,474
	159,121	e	North West Co Fund		3,628
	42,000		Okuwa Co Ltd		438
	2,000		Olam International Ltd		3
	172,751	*	Performance Food Group Co		4,649
	413,153		Pick’n Pay Holdings Ltd		970
	253,261	e	Pick’n Pay Stores Ltd		1,233
	1,411,822		President Chain Store Corp		11,031
	47,059		Pricesmart, Inc		4,403
	1,124,500		PT Matahari Putra Prima Tbk		133
	22,000,000		PT Modern Internasional Tbk		246
	72,700		Qol Co Ltd		957
	232,202		Raia Drogasil S.A.		4,564
	17,810	e	Rallye S.A.		306
	4,074		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		154
	2,393,251	*	Rite Aid Corp		17,925
	4,502,060		Robinsons Retail Holdings, Inc		8,274
	41,579		Ryoshoku Ltd		1,091
	14,900		San-A Co Ltd		735
	926,597		Seven & I Holdings Co Ltd		38,850
	518,800	e	Sheng Siong Group Ltd		341
	1,004,237		Shoprite Holdings Ltd		11,374
	210,913		Shufersal Ltd		704
	56,165	*	Smart & Final Stores, Inc		836
	6,500		Sogo Medical Co Ltd		240
	678,797		Sonae SPGS S.A.		533
	406,229		Spar Group Ltd		5,572
	113,428		Spartan Stores, Inc		3,469
	634,853	*,e	Sprouts Farmers Market, Inc		14,538
	31,500		Sugi Pharmacy Co Ltd		1,756
	9,852,883	e	Sun Art Retail Group Ltd		6,928
	42,100		Sundrug Co Ltd		3,953
	1,496,078	*	Supervalu, Inc		7,061
	1,031,905		Sysco Corp		52,359
	646,000		Taiwan TEA Corp		300
	28,624,254	*	Tesco plc		67,227
	30,400		Tsuruha Holdings, Inc		3,681

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	278,241	*	United Natural Foods, Inc	$	13,022
	148,800		United Super Markets Holdings, Inc		1,519
	864,200		UNY Co Ltd		7,271
	1,607,073	*	US Foods Holding Corp		38,955
	75,000		Valor Co Ltd		1,995
	18,544		Village Super Market (Class A)		536
	2,127,453		Walgreens Boots Alliance, Inc		177,153
	9,940,450		Wal-Mart de Mexico SAB de C.V.		23,874
	4,462,346		Wal-Mart Stores, Inc		325,841
	21,222		Weis Markets, Inc		1,073
	1,263,752		Wesfarmers Ltd		38,111
	644,991	e	Whole Foods Market, Inc		20,653
	3,939,858	e	WM Morrison Supermarkets plc		9,891
	957,109	e	Woolworths Ltd		15,054
	392,404	*	X 5 Retail Group NV (GDR)		7,868
	37,100		Yaoko Co Ltd		1,686
	110,800	e	Yokohama Reito Co Ltd		1,108
			TOTAL FOOD & STAPLES RETAILING		2,116,285

FOOD, BEVERAGE & TOBACCO - 6.0%
	1,114,615	*,e	a2 Milk Co Ltd		1,463
	25,117		AarhusKarlshamn AB		1,793
	60,086	*	Adecoagro S.A.		659
	97,572	*	Advanta Ltd		845
	30,717	e	AGT Food & Ingredients, Inc		844
	298,626		Agthia Group PJSC		630
	719,785		Ajinomoto Co, Inc		16,959
	8,067	e	Alico, Inc		244
	21,587	*	Alliance One International, Inc		332
	6,661,992		Altria Group, Inc		459,411
	7,590,174		AMBEV S.A.		45,012
	162,038	*,e	Amplify Snack Brands, Inc		2,390
	21,122		Amsterdam Commodities NV		515
	169,063		Anadolu Efes Biracilik Ve Malt Sanayii AS		1,143
	1,072,914		Anheuser-Busch InBev NV		141,878
	106,900		Anhui Gujing Distillery Co Ltd		438
	793,783		Archer Daniels Midland Co		34,045
	44,300		Ariake Japan Co Ltd		2,637
	123,504	e	Aryzta AG.		4,564
	332,544		Asahi Breweries Ltd		10,753
	1,966,255		Associated British Foods plc		71,647
	146,753		Astral Foods Ltd		1,259
	13,824		Atria Group plc		137
	254,369		Austevoll Seafood ASA		2,134
	326,210	*,e	Australian Agricultural Co Ltd		432
	813,410		AVI Ltd		4,584
	147,765	e	B&G Foods, Inc (Class A)		7,122
	156,781		Bakkafrost P		5,915
	109,360	*	Balrampur Chini Mills Ltd		204
	2,217		Barry Callebaut AG.		2,730
	116,534	e	Bega Cheese Ltd		497
	153,863	e	Bellamy’s Australia Ltd		1,177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	20,330	*,e	Belvedere S.A.	$	393
	4,899		Binggrae Co Ltd		289
	175,799	e	Biostime Internatonal Holdings Ltd		593
	107,112	*,e	Blue Buffalo Pet Products, Inc		2,500
	11,117		Bonduelle S.C.A.		267
	23,890	*,e	Boston Beer Co, Inc (Class A)		4,086
	1,321,086		BRF S.A.		18,560
	257,004		British American Tobacco Malaysia BHD		3,360
	4,863,366		British American Tobacco plc		315,287
	4,345,691		Britvic plc		34,006
	45,519	e	Brown-Forman Corp		4,917
	117,144		Brown-Forman Corp (Class B)		11,686
	305,300	e	Bumitama Agri Ltd		173
	482,124		Bunge Ltd		28,518
	271,628		C&C Group plc		1,065
	37,499		Calavo Growers, Inc		2,512
	95,642		Calbee, Inc		4,001
	74,026	e	Cal-Maine Foods, Inc		3,281
	386,278	e	Campbell Soup Co		25,699
	192,100		Carabao Group PCL		289
	30,213		Carlsberg AS (Class B)		2,883
	272,800		Carlsberg Brewery-Malay BHD		895
	29,986		CCL Products India Ltd		111
	2,897,900		Century Pacific Food, Inc		1,346
	522,000		Changshouhua Food Co Ltd		235
	8,962,172		Charoen Pokphand Foods PCL		7,347
	4,382,000	*,e	China Agri-Industries Holdings Ltd		1,443
	4,431,889	e	China Huishan Dairy Holdings Co Ltd		1,809
	460,000	*	China Huiyuan Juice Group Ltd		159
	6,981,720		China Mengniu Dairy Co Ltd		12,214
	2,238,000	e	China Modern Dairy Holdings		323
	40,798	*,m	China Ocean Resources Co Ltd		73
	1,345,164	*	China Resources Beer Holdings Company Ltd		2,940
	3,120,000	*,g	China Shengmu Organic Milk Ltd		651
	1,289,000	*,e	China Yurun Food Group Ltd		194
	143,010		Cia Cervecerias Unidas S.A.		1,673
	8,559		CJ CheilJedang Corp		2,899
	20,829		Clearwater Seafoods, Inc		225
	189,222		Cloetta AB		651
	280,276		Clover Industries Ltd		352
	1,040,141		Coca-Cola Amatil Ltd		6,421
	12,716	e	Coca-Cola Bottling Co Consolidated		1,875
	180,298		Coca-Cola Central Japan Co Ltd		3,451
	12,752,269		Coca-Cola Co		578,060
	29,128		Coca-Cola European Partners plc		1,040
	233,747	*	Coca-Cola European Partners plc		8,376
	516,827		Coca-Cola Femsa S.A. de C.V.		4,286
	334,293		Coca-Cola HBC AG.		6,764
	174,177		Coca-Cola Icecek AS		2,128
	175,100		Coca-Cola West Japan Co Ltd		4,952
	2,404,000		Cofco International Ltd		802
	3,532,606		ConAgra Foods, Inc		168,894

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	497,034		Constellation Brands, Inc (Class A)	$	82,209
	11,738		Corby Spirit and Wine Ltd		184
	300,829		Costa Group Holdings Ltd		614
	658,438	e	Cott Corp		9,192
	128,407		Cott Corp (Toronto)		1,795
	30,662	*	Craft Brewers Alliance, Inc		353
	15,490		Crown Confectionery Co Ltd		542
	921		Dae Han Flour Mills Co Ltd		143
	91,075		Daesang Corp		2,190
	12,141		Daesang Holdings Co Ltd		140
	116,542	e	Dairy Crest Group plc		834
	728,589	*	Darling International, Inc		10,856
	3,842,879		Davide Campari-Milano S.p.A.		38,039
	290,879	e	Dean Foods Co		5,262
	313,945	*	Deoleo S.A.		64
	4,174,242		Diageo plc		116,610
	1,093		Dongwon F&B Co Ltd		271
	1,255		Dongwon Industries Co Ltd		340
	707,124		Dr Pepper Snapple Group, Inc		68,329
	25,200		Dydo Drinco, Inc		1,345
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		2
	336,601		Easy Bio, Inc		1,968
	95,916	*,e	Ebro Puleva S.A.		2,208
	274,893		Embotelladora Andina S.A.		979
	1,092,901		Embotelladoras Arca SAB de C.V.		7,834
	2,067		Emmi AG.		1,260
	38,100		Ezaki Glico Co Ltd		2,229
	41,347	*	Farmer Bros Co		1,326
	14,922	*	Farmsco		167
	6,165,204		Felda Global Ventures Holdings BHD		2,318
	414,652		Fevertree Drinks plc		3,987
	460,100	e	First Resources Ltd		537
	256,166		Flowers Foods, Inc		4,803
	2,308,863		Fomento Economico Mexicano S.A. de C.V.		21,365
	289,404	e	Fonterra Shareholders’ Fund		1,131
	169,851		Fresh Del Monte Produce, Inc		9,245
	53,524	*,e	Freshpet, Inc		499
	57,273		Fuji Oil Co Ltd		1,068
	16,332		Fujicco Co Ltd		469
	81,000	*	Fujiya Co Ltd		153
	1,936,835		General Mills, Inc		138,135
	174,814		Genting Plantations BHD		461
	1,877,700		GFPT PCL (Foreign)		581
	163,266		Glanbia plc		3,067
	9,588		GlaxoSmithKline Consumer Healthcare Ltd		840
	6,658,154		Golden Agri-Resources Ltd		1,742
	155,347	e	GrainCorp Ltd-A		1,007
	1,379,272		Great Wall Enterprise Co		1,259
	501,368		Greencore Group plc		2,063
	12,571	*	Greenyard Foods		187
	1,308,222		Groupe Danone		91,553
	352,875		Gruma SAB de C.V.		5,092

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,601,316		Grupo Bimbo S.A. de C.V. (Series A)	$	5,012
	206,695	e	Grupo Herdez SAB de C.V.		454
	1,589,448		Grupo Lala SAB de C.V.		3,488
	192,080	*	Hain Celestial Group, Inc		9,556
	27,493	*	Harim & Co Ltd		113
	105,319		Heineken Holding NV		8,533
	969,165		Heineken NV		88,894
	231,233	e	Hershey Co		26,243
	23,952		High Liner Foods, Inc		349
	7,090		Hite Holdings Co Ltd		83
	23,847		HKScan Oyj		82
	19,100		Hokuto Corp		351
	161,000	g	Honworld Group Ltd		101
	471,455		Hormel Foods Corp		17,255
	191,552		House Foods Corp		4,443
	477,200		Ichitan Group PCL		164
	965,106		Imperial Tobacco Group plc		52,340
	378,978	e	Indofood Agri Resources Ltd		135
	1,218,965		Indofood CBP Sukses Makmur Tbk		1,602
	496,600		Industrias Bachoco SAB de C.V.		2,045
	424,185		Ingredion, Inc		54,894
	47,638	*,e	Inventure Foods, Inc		372
	6,160,097		IOI Corp BHD		6,620
	4,245,995		ITC Ltd		23,246
	46,500	e	Ito En Ltd		1,801
	232,800	*,e	Itoham Yonekyu Holdings, Inc		2,369
	53,850		J&J Snack Foods Corp		6,423
	247,845		J.M. Smucker Co		37,774
	2,665,477		Japan Tobacco, Inc		107,425
	727,100		Japfa Ltd		440
	2,470,297		JBS S.A.		7,690
	25,904		Jinro Ltd		539
	66,640	e	John B. Sanfilippo & Son, Inc		2,841
	247,000		J-Oil Mills, Inc		815
	630,238		Juhayna Food Industries		496
	63,373	e	Kagome Co Ltd		1,676
	10,400		Kameda Seika Co Ltd		595
	76,360		Kaveri Seed Co Ltd		503
	1,061,254		Kellogg Co		86,651
	586,375		Kerry Group plc (Class A)		52,005
	13,100	e	KEY Coffee, Inc		241
	3,184,300		Khon Kaen Sugar Industry PCL		368
	149,671		Kikkoman Corp		5,523
	745,990	e	Kirin Brewery Co Ltd		12,582
	114,468		Koninklijke Wessanen NV		1,205
	19,000	*	Kotobuki Spirits Co Ltd		632
	2,811,855		Kraft Heinz Co		248,793
	71,955		KRBL Ltd		310
	293,659		KT&G Corp		34,780
	1,029,852		Kuala Lumpur Kepong BHD		5,956
	965,900	m	Kulim Malaysia BHD		982
	2,541		KWS Saat AG.		840

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	35,773		La Doria S.p.A	$	449
	44,996		Lancaster Colony Corp		5,742
	65,388	*	Landec Corp		704
	85,320		Leroy Seafood Group ASA		4,026
	2,280,000	*,e	Leyou Technologies Holdings Ltd		294
	510,666		Lien Hwa Industrial Corp		333
	17,235	*,e	Lifeway Foods, Inc		167
	30,684	e	Limoneira Co		541
	482		Lindt & Spruengli AG.		2,875
	31		Lindt & Spruengli AG. (Registered)		2,215
	604		Lotte Chilsung Beverage Co Ltd		939
	5,860		Lotte Confectionery Co Ltd		995
	638		Lotte Samkang Co Ltd		475
	30,860		M Dias Branco S.A.		1,017
	79,298		Maeil Dairy Industry Co Ltd		3,018
	79,928		Maple Leaf Foods, Inc		1,707
	242,500	*	Marfrig Global Foods S.A.		424
	208,000		Marudai Food Co Ltd		991
	35,100	e	Maruha Nichiro Corp		957
	190,557		McCormick & Co, Inc		20,327
	72,096		McLeod Russel India Ltd		207
	382,464		Mead Johnson Nutrition Co		34,709
	192,500		Megmilk Snow Brand Co Ltd		6,716
	147,300		MEIJI Holdings Co Ltd		15,136
	34,462		Mgp Ingredients, Inc		1,318
	243,500	*	Minerva S.A.		694
	303,000		Mitsui Sugar Co Ltd		1,432
	1,541,911		Molson Coors Brewing Co (Class B)		155,933
	5,745,836		Mondelez International, Inc		261,493
	1,347,224	*	Monster Beverage Corp		216,512
	332,302		Morinaga & Co Ltd		2,095
	386,000		Morinaga Milk Industry Co Ltd		2,701
	13,079		Muhak Co Ltd		277
	17,000	*	Nagatanien Co Ltd		202
	153,000		Namchow Chemical Industrial Ltd		321
	299		Namyang Dairy Products Co Ltd		179
	91,118	*,e	National Beverage Corp		5,723
	7,115	*,e	Naturex		566
	34,649		Nestle India Ltd		3,344
	4,078,275		Nestle S.A.		315,978
	2,360,000	*	New Silkroad Culturaltainment Ltd		500
	458,000		Nichirei Corp		4,225
	218,000		Nippon Beet Sugar Manufacturing Co Ltd		389
	158,000		Nippon Flour Mills Co Ltd		1,235
	153,705		Nippon Meat Packers, Inc		3,765
	556,366		Nippon Suisan Kaisha Ltd		2,857
	366,000		Nisshin Oillio Group Ltd		1,679
	74,707		Nisshin Seifun Group, Inc		1,201
	19,773		Nissin Food Products Co Ltd		1,080
	4,813		Nong Shim Co Ltd		1,564
	1,512		Nong Shim Holdings Co Ltd		193
	6,467		Nong Woo Bio Co Ltd		144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	103,705	e	Oceana Group Ltd	$	796
	52,521	*	Omega Protein Corp		1,050
	126,100	e	Origin Enterprises plc		760
	4,808		Orion Corp		3,947
	4,077		Orior AG.		275
	324,698		Orkla ASA		2,888
	1,183		Ottogi Corp		849
	905,292	e	PAN Fish ASA		15,270
	3,678,337		PepsiCo, Inc		389,683
	1,399,000		Pepsi-Cola Products Philippine		98
	72,752	e	Pernod-Ricard S.A.		8,055
	72,987	*,m	Pescanova S.A.		1
	782,000	e	Petra Foods Ltd		1,678
	1,870		Philip Morris CR		947
	6,162,789		Philip Morris International, Inc		626,879
	597,197	e	Pilgrim’s Pride Corp		15,217
	37,347		Pinar SUT Mamulleri Sanayii AS		199
	2,739,678		Pinnacle Foods, Inc		126,820
	131,032		Pioneer Foods Ltd		1,538
	582,267	*,e	Post Holdings, Inc		48,148
	780,891		PPB Group BHD		3,208
	1,601,770	*	Premier Foods plc		880
	66,225	e	Premium Brands Holdings Corp		2,789
	460,000		Prima Meat Packers Ltd		1,388
	72,502	*	Primo Water		856
	1,672,822		PT Astra Agro Lestari Tbk		1,877
	5,692,200	m	PT Austindo Nusantara Jaya		771
	1,389,600		PT Bisi International		185
	8,465,700		PT BW Plantation Tbk		135
	7,367,818		PT Charoen Pokphand Indonesia Tbk		2,109
	1,475,211		PT Gudang Garam Tbk		7,719
	8,817,500		PT Hanjaya Mandala Sampoerna Tbk		2,539
	6,401,791		PT Indofood Sukses Makmur Tbk		3,522
	4,578,200		PT Japfa Comfeed Indonesia Tbk		387
	1,411,300		PT Nippon Indosari Corpindo Tbk		169
	11,854,700		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,246
	8,323,600		PT Salim Ivomas Pratama Tbk		279
	1,837,800		PT Sawit Sumbermas Sarana Tbk		262
	905		Pulmuone Co Ltd		117
	90,400		Q.P. Corp		2,883
	311,719		QAF Ltd		245
	157,029	*,m	Qinqin Foodstuffs Group Cayman Co Ltd		223
	818,250		QL Resources BHD		892
	39,441	g	Refresco Gerber NV		586
	13,923	e	Remy Cointreau S.A.		1,199
	3,084,015		Reynolds American, Inc		166,321
	9,400,000		RFM Corp		835
	88,003		Rhodes Food Group Pty Ltd		141
	6,700	*	Riken Vitamin Co Ltd		310
	29,600		Rock Field Co Ltd		438
	284,888	e	Rogers Sugar, Inc		1,303
	114,235		Royal Unibrew A.S.		5,110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,000	e	S Foods, Inc	$	295
	970,280		SABMiller plc		56,586
	2,260	*	Sajo Industries Co Ltd		118
	24,655	e	Sakata Seed Corp		536
	203,639		Salmar ASA		6,060
	1,948		Samlip General Foods Co Ltd		319
	15,959		Samyang Corp		1,311
	15,170		Samyang Holdings Corp		1,962
	48,306	e	Sanderson Farms, Inc		4,185
	47,800		Sao Martinho S.A.		794
	241,800		Sapporo Holdings Ltd		6,987
	314,226		Saputo, Inc		9,332
	109,319		Scandi Standard AB		780
	45,109		Schouw & Co		2,505
	779	*	Seaboard Corp		2,236
	313,832	e	Select Harvests Ltd		1,606
	15,739	*	Seneca Foods Corp		570
	113,200	*	Shandong Zhonglu Oceanic Fisheries Co Ltd		90
	341,400	*	Shanghai Dajiang Group		202
	972,000		Shenguan Holdings Group Ltd		84
	188,000		Showa Sangyo Co Ltd		798
	5,310		Silla Co Ltd		70
	45,500		SLC Agricola S.A.		210
	241,862		Snyder’s-Lance, Inc		8,197
	1,052,865		Standard Foods Corp		2,591
	169,741		Stock Spirits Group plc		364
	35,425		Strauss Group Ltd		557
	108,470		Suedzucker AG.		2,389
	270,983		Suntory Beverage & Food Ltd		12,262
	395,400	e	Super Coffeemix Manufacturing Ltd		244
	216,788		Swedish Match AB		7,566
	54,317	*,e	Synutra International, Inc		207
	237,400		Takara Holdings, Inc		2,182
	130,081		Tassal Group Ltd		389
	546,371		Tata Tea Ltd		1,063
	477,451		Tate & Lyle plc		4,269
	594,900		TDM BHD		103
	2,143,000		Tenwow International Holdings Ltd		605
	1,320,309		Thai Union Group PCL		829
	1,723,400		Thai Vegetable Oil PCL		1,578
	1,423,000	e	Tibet 5100 Water Resources Holdings Ltd		498
	1,751,300		Tiga Pilar Sejahtera Food Tbk		211
	172,932	e	Tiger Brands Ltd		4,260
	2,031,190	e	Tingyi Cayman Islands Holding Corp		1,929
	101,631		Tongaat Hulett Ltd		810
	39,955	e	Tootsie Roll Industries, Inc		1,539
	67,846		Toyo Suisan Kaisha Ltd		2,752
	830,543		Treasury Wine Estates Ltd		5,771
	119,479	*	TreeHouse Foods, Inc		12,265
	3,920		TS Corp		79
	425,579	e	Tsingtao Brewery Co Ltd		1,480
	141,000		Ttet Union Corp		350

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	23,107	*,e	Turning Point Brands, Inc	$	237
	1,011,686		Tyson Foods, Inc (Class A)		67,571
	155,925		Ulker Biskuvi Sanayi AS		1,139
	6,936,977		Uni-President Enterprises Corp		13,701
	90,155	*	United Spirits Ltd		3,345
	51,421	e	Universal Corp		2,969
	1,428,237		Universal Robina		6,335
	217,595	e	Vector Group Ltd		4,879
	7,472		Vilmorin & Cie		483
	342,910		Vina Concha y Toro S.A.		541
	11,000,000		Vina San Pedro Tarapaca S.A.		111
	35,567		Viscofan S.A.		1,974
	5,680,614	e	Want Want China Holdings Ltd		4,021
	36,400		Warabeya Nichiyo Co Ltd		669
	296,000	*	Wei Chuan Food Corp		194
	8,863,000	g	WH Group Ltd		7,019
	585,905	*	WhiteWave Foods Co (Class A)		27,502
	5,691,667	e	Wilmar International Ltd		13,855
	20,931		Yakult Honsha Co Ltd		1,088
	171,716		Yamazaki Baking Co Ltd		4,794
	903,000		Yashili International		197
	2,899,000	*,e	YuanShengTai Dairy Farm Ltd		165
	8,507		Zydus Wellness Ltd		101
			TOTAL FOOD, BEVERAGE & TOBACCO		6,575,275

HEALTH CARE EQUIPMENT & SERVICES - 4.3%
	24,565	*,e	AAC Holdings, Inc		561
	51,529		Abaxis, Inc		2,434
	6,774,595	e	Abbott Laboratories		266,309
	91,143	*	Abiomed, Inc		9,961
	213,802	*,e	Acadia Healthcare Co, Inc		11,845
	192,149	*,e	Accuray, Inc		997
	114,223		Aceto Corp		2,500
	17,776	*	Addus HomeCare Corp		310
	29,905	*,e	Adeptus Health, Inc		1,545
	451,588		Advanced Medical Solutions Group plc		1,172
	1,278,283		Aetna Inc		156,117
	608,397	*	AGFA-Gevaert NV		1,975
	83,937	*,e	Air Methods Corp		3,007
	542,608		Al Noor Hospitals Group plc		7,944
	113,933	*	Alere, Inc		4,749
	529,819		Alfresa Holdings Corp		11,069
	313,746	*	Align Technology, Inc		25,272
	821,177	*	Allscripts Healthcare Solutions, Inc		10,429
	25,424	*	Almost Family, Inc		1,083
	56,733	e	Ambu A.S.		2,348
	129,401	*	Amedisys, Inc		6,532
	25,938	*,e	American Renal Associates Holdings, Inc		751
	468,124		AmerisourceBergen Corp		37,132
	137,099	*	AMN Healthcare Services, Inc		5,480
	313,565	e	Amplifon S.p.A.		2,935
	224,822	*	Amsurg Corp		17,433

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	29,100		Analogic Corp	$	2,312
	83,115	*	Angiodynamics, Inc		1,194
	33,820	*	Anika Therapeutics, Inc		1,814
	146,921		Ansell Ltd		2,011
	736,208		Anthem, Inc		96,694
	190,237		Apollo Hospitals Enterprise Ltd		3,716
	12,300		As One Corp		495
	85,000		Asahi Intecc Co Ltd		4,154
	44,476	*,e	athenahealth, Inc		6,138
	83,599	*	AtriCure, Inc		1,181
	5,312		Atrion Corp		2,273
	1,903,055		Australian Pharmaceutical Industries Ltd		2,402
	28,384	*,e	Avinger, Inc		339
	52,790	*,e	AxoGen, Inc		363
	1,078,350		Bangkok Chain Hospital PCL		381
	3,837,845		Bangkok Dusit Medical Services PCL		2,616
	273,003		Bard (C.R.), Inc		64,199
	2,366,305		Baxter International, Inc		107,004
	330,506		Becton Dickinson & Co		56,051
	13,128	*,e,g	Biocartis NV		114
	246,699	*,e	BioScrip, Inc		629
	102,748	*	BioTelemetry, Inc		1,675
	51,000	*	Bioteque Corp		255
	50,100		BML, Inc		2,295
	12,906	*	Boditech Med, Inc		319
	5,724,963	*	Boston Scientific Corp		133,792
	306,531	*,e	Brookdale Senior Living, Inc		4,733
	786,665		Bumrungrad Hospital PCL (Foreign)		4,096
	133,281		Cantel Medical Corp		9,160
	57,132	g	Capio AB		316
	66,801	*	Capital Senior Living Corp		1,180
	758,130		Cardinal Health, Inc		59,142
	110,672	*,e	Cardiovascular Systems, Inc		2,034
	27,596		Carl Zeiss Meditec AG.		1,121
	102,286	*,e	Castlight Health, Inc		405
	4,316	*	Cegedim S.A.		132
	153		Celesio AG.		4
	962,634	*,e	Centene Corp		68,703
	1,152,155	*	Cerner Corp		67,516
	244,999	*,e	Cerus Corp		1,529
	35,619	*	CHA Bio & Diostech Co Ltd		483
	72,147		CHC Healthcare Group		116
	38,630		Chemed Corp		5,266
	1,608,000	e	China NT Pharma Group Co Ltd		399
	411,000	e	China Pioneer Pharma Holdings Ltd		90
	4,080,500		Chularat Hospital PCL		361
	1,026,479		Cigna Corp		131,379
	80,244	*	Civitas Solutions, Inc		1,671
	78,709		Cochlear Ltd		7,181
	36,885		Coloplast AS		2,761
	323,239	*,e	Community Health Systems, Inc		3,895
	23,160	e	CompuGroup Medical AG.		967

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	25,655	e	Computer Programs & Systems, Inc	$	1,024
	88,789	*,e	ConforMIS, Inc		623
	66,025		Conmed Corp		3,151
	25,400		Consort Medical plc		354
	93,439		Cooper Cos, Inc		16,031
	900,000	e	Cordlife Group Ltd		848
	141,072	*,e	Corindus Vascular Robotics, Inc		202
	45,832	*	Corvel Corp		1,979
	28,008	*	Cotiviti Holdings, Inc		592
	179,722	*,e	Cross Country Healthcare, Inc		2,502
	95,988		CryoLife, Inc		1,134
	43,753	*	Cutera, Inc		490
	164,685	e	CVS Group plc		1,714
	246,100	*,e	CYBERDYNE, Inc		5,547
	89,444	*	Cynosure, Inc (Class A)		4,351
	50,000	e	Daiken Medical Co Ltd		380
	537,255	*	DaVita, Inc		41,541
	392,947		DENTSPLY SIRONA, Inc		24,378
	210,565	*	DexCom, Inc		16,704
	74,956		DiaSorin S.p.A.		4,584
	10,209	*	DIO Corp		426
	107,578	*,e	Diplomat Pharmacy, Inc		3,765
	6,652		Draegerwerk AG.		406
	2,664		Draegerwerk AG. & Co KGaA		148
	998,005	*	Edwards Lifesciences Corp		99,531
	12,200		Eiken Chemical Co Ltd		267
	312,232	e	Elekta AB (B Shares)		2,540
	186,178	*,e	Endologix, Inc		2,320
	110,427	e	Ensign Group, Inc		2,320
	17,210	*,e	Entellus Medical, Inc		314
	467,802	*	Envision Healthcare Holdings, Inc		11,868
	535,813	e	Essilor International S.A.		70,421
	1,418,584	e	Estia Health Ltd		4,920
	33,973	*,e	Evolent Health, Inc		652
	29,372	*	Exactech, Inc		785
	96,662	*	ExamWorks Group, Inc		3,369
	3,245,510	*,e,n	Express Scripts Holding Co		246,010
	250,296	e	Extendicare, Inc		1,577
	520,578	e	Fagron NV		4,600
	976,438		Fisher & Paykel Healthcare Corp		7,015
	67,600		Fleury S.A.		579
	498,005	*	Fortis Healthcare Ltd		1,167
	219,734		Fresenius Medical Care AG.		19,140
	529,115		Fresenius SE		38,878
	14,500		Fukuda Denshi Co Ltd		839
	11,055	e	Galenica AG.		14,903
	57,194	*,e	Genesis Health Care, Inc		101
	90,782	*,e	GenMark Diagnostics, Inc		790
	74,322		Getinge AB (B Shares)		1,534
	44,000		Ginko International Co Ltd		460
	95,319	*	Glaukos Corp		2,780
	163,883	*	Globus Medical, Inc		3,905

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	423,804		GN Store Nord	$	7,656
	1,504,831	e	Golden Meditech Holdings Ltd		211
	54,400		Green Hospital Supply, Inc		1,693
	13,591		Guerbet		829
	152,295	*	Haemonetics Corp		4,415
	133,130	*	Halyard Health, Inc		4,329
	989,000	e,g	Harmonicare Medical Holdings Ltd		458
	458,600		Hartalega Holdings BHD		493
	1,628,275	*	HCA Holdings, Inc		125,393
	97,947	*	HealthEquity, Inc		2,976
	1,513,612		Healthscope Ltd		3,257
	376,091		Healthsouth Corp		14,600
	63,210	*	HealthStream, Inc		1,676
	103,438	*	Healthways, Inc		1,195
	130,944	*,e	HeartWare International, Inc		7,562
	165,699	*,e	Henry Schein, Inc		29,296
	132,147		Hill-Rom Holdings, Inc		6,667
	309,114	*	HMS Holdings Corp		5,444
	9,700		Hogy Medical Co Ltd		675
	648,541	*	Hologic, Inc		22,440
	167,936	*	Hoya Corp		5,998
	5,110,000	e	Huayi Tencent Entertainment Co Ltd		454
	476,334	n	Humana, Inc		85,683
	3,316		Huons Co Ltd		176
	58,959	*	ICU Medical, Inc		6,648
	217,722	*	Idexx Laboratories, Inc		20,218
	4,127,742		IHH Healthcare BHD		6,758
	109,800	*,e	iKang Healthcare Group, Inc (ADR)		2,014
	34,002	*,e	Imprivata, Inc		476
	204,204	*	IMS Health Holdings, Inc		5,179
	9,730		InBody Co Ltd		347
	88,871	*	Inogen Inc		4,453
	85,205	*,e	Inovalon Holdings, Inc		1,535
	135,425	*	Insulet Corp		4,095
	72,440	*	Integer Holding Corp		2,241
	73,119	*	Integra LifeSciences Holdings Corp		5,833
	6,740		Interojo Co Ltd		268
	232,857	*	Intuitive Surgical, Inc		154,014
	165,212		Invacare Corp		2,004
	82,828	*,e	InVivo Therapeutics Holdings Corp		479
	78,437		Ion Beam Applications		3,716
	11,213	*,e	iRadimed Corp		244
	19,764	*	IRIDEX Corp		292
	66,405	*	i-SENS Inc		2,128
	8,200	*,e	Japan Lifeline Co Ltd		332
	811,204	e	Japara Healthcare Ltd		1,555
	230,000		Jeol Ltd		881
	64,688	*,e	K2M Group Holdings, Inc		1,004
	299,923		Kindred Healthcare, Inc		3,386
	37,084	e	Korian-Medica		1,198
	930,600		Kossan Rubber Industries		1,581
	441,773		KPJ Healthcare BHD		464

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	440,906	*	Laboratory Corp of America Holdings	$	57,437
	23,787		Landauer, Inc		979
	62,977	*	LDR Holding Corp		2,327
	70,037		LeMaitre Vascular, Inc		999
	102,365	*	LHC Group, Inc		4,430
	55,920	e	Lifco AB		1,610
	984,196		Life Healthcare Group Holdings Pte Ltd		2,421
	216,183	*	LifePoint Hospitals, Inc		14,132
	1,898,000	*	Lifetech Scientific Corp		354
	17,636	*	LivaNova plc		886
	6,802		Lutronic Corp		254
	205,935		M3, Inc		7,187
	130,581	*	Magellan Health Services, Inc		8,588
	17,300	e	Mani, Inc		295
	181,634	*	Masimo Corp		9,539
	783,820		McKesson Corp		146,300
	126,497	e	Medical Facilities Corp		1,858
	20,891		Medicare Group		535
	503,237		Mediceo Paltac Holdings Co Ltd		8,274
	129,380	*	Medidata Solutions, Inc		6,064
	27,964	*	Medipost Co Ltd		2,151
	193,956	*	MEDNAX, Inc		14,048
	4,762,691		Medtronic plc		413,259
	8,100		Menicon Co Ltd		232
	99,600		Meridian Bioscience, Inc		1,942
	210,378	*	Merit Medical Systems, Inc		4,172
	696,449	e	Metlifecare Ltd		2,751
	141,500		Microlife Corp		363
	490,000	*	Microport Scientific Corp		246
	96,339		Miraca Holdings, Inc		4,178
	324,000	*	Modern Dental Group Ltd		141
	147,067	*,e	Molina Healthcare, Inc		7,339
	19,436		Nagaileben Co Ltd		467
	18,100		Nakanishi, Inc		533
	183,674	*,e	Nanosonics Ltd		302
	35,750	*	Narayana Hrudayalaya Ltd		166
	36,573		National Healthcare Corp		2,368
	24,012		National Research Corp		329
	142,709	*	Natus Medical, Inc		5,394
	85,523	*	Neogen Corp		4,811
	2,643,271		Network Healthcare Holdings Ltd		5,613
	4,973		Neuca S.A.		435
	55,717	*,e	Nevro Corp		4,110
	121,600	e	Nichii Gakkan Co		825
	99,100		Nihon Kohden Corp		2,788
	50,167	*	Nikkiso Co Ltd		324
	436,600		Nipro Corp		5,424
	170,373		NMC Health plc		2,937
	20,678	g	NNIT A.S.		710
	111,176	*,e	Nobilis Health Corp		248
	115,766	*,e	Novocure Ltd		1,351
	196,766	*	NuVasive, Inc		11,751

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	149,965	*	NxStage Medical, Inc	$	3,251
	234,270		Odontoprev S.A.		971
	1,238,482		Olympus Corp		46,247
	82,297	*	Omnicell, Inc		2,817
	414,355	*,e	OraSure Technologies, Inc		2,449
	217,034		Oriola-KD Oyj (B Shares)		983
	40,708	*	Orion Health Group Ltd		143
	40,599	e	Orpea		3,329
	79,118	*	Orthofix International NV		3,355
	37,271	*	Osstem Implant Co Ltd		2,539
	145,163	e	Owens & Minor, Inc		5,426
	56,221	*,e	Oxford Immunotec Global plc		506
	35,500		Paramount Bed Holdings Co Ltd		1,802
	136,109		Patterson Cos, Inc		6,518
	69,081	*,e	Penumbra, Inc		4,110
	189,875		Pharmaniaga BHD		259
	97,678	*	PharMerica Corp		2,409
	553,000	e	Phoenix Healthcare Group Co Ltd		769
	16,522		Phonak Holding AG.		2,193
	91,000		Pihsiang Machinery Manufacturing Co Ltd		193
	404,361	*	Premier, Inc		13,223
	68,855	*,e	Press Ganey Holdings, Inc		2,709
	1,620,164		Primary Health Care Ltd		4,826
	30,633	*,e	Providence Service Corp		1,375
	322,800		PT Siloam International Hospitals Tbk		284
	2,134,000	*,e	PW Medtech Group Ltd		592
	220,787		Qualicorp S.A.		1,279
	149,699		Quality Systems, Inc		1,783
	384,669		Quest Diagnostics, Inc		31,316
	65,033	*	Quidel Corp		1,162
	117,587	*	Quorum Health Corp		1,259
	95,726	*	RadNet, Inc		511
	1,017,187		Raffles Medical Group Ltd		1,142
	121,496	e	Ramsay Health Care Ltd		6,566
	19,524		RaySearch Laboratories AB		275
	521,727	e	Regis Healthcare Ltd		1,842
	7,710,700		Religare Health Trust		5,652
	405,457	e	Resmed, Inc		25,637
	116,820		Rhoen Klinikum AG.		3,419
	166,000		Rion Co Ltd		2,272
	107,183	*,e	Rockwell Medical, Inc		811
	164,621	*,e	RTI Biologics, Inc		591
	789,078		Ryman Healthcare Ltd		5,267
	73,476		Sartorius AG.		5,429
	71,758		Sartorius Stedim Biotech		4,839
	42,016	*,e	Second Sight Medical Products, Inc		150
	253,668		Selcuk Ecza Deposu Ticaret ve Sanayi AS		243
	253,182	*	Select Medical Holdings Corp		2,752
	92,720	*,e	Senseonics Holdings, Inc		364
	16,920		SEWOONMEDICAL Co Ltd		74
	2,104,415		Shandong Weigao Group Medical Polymer Co Ltd		1,206
	2,293,140		Shanghai Pharmaceuticals Holding Co Ltd		5,085

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	101,227	e	Sienna Senior Living, Inc	$	1,342
	37,000	*,e	Sientra, Inc		243
	3,231,314		Sigma Pharmaceuticals Ltd		2,749
	2,131,871	e	Sinopharm Group Co		10,241
	709,255		Smith & Nephew plc		12,044
	1,480,304		Sonic Healthcare Ltd		24,006
	101,125	*,e	Spectranetics Corp		1,892
	663,130	g	Spire Healthcare Group plc		2,957
	489,330		St. Jude Medical, Inc		38,168
	189,000		St. Shine Optical Co Ltd		4,271
	99,154	*,e	Staar Surgical Co		546
	138,584		STERIS plc		9,528
	10,630		STRATEC Biomedical AG.		615
	24,047		Straumann Holding AG.		9,487
	710,124	e	Stryker Corp		85,094
	5,635		Suheung Capsule Co Ltd		223
	296,673	e	Summerset Group Holdings Ltd		930
	1,957,600		Supermax Corp BHD		1,046
	46,385	*,e	Surgery Partners, Inc		830
	366,564	*	Surgical Care Affiliates, Inc		17,474
	38,348	*	SurModics, Inc		900
	132,491		Suzuken Co Ltd		4,170
	22,992	*,e	Symmetry Surgical, Inc		302
	163,853		Sysmex Corp		11,283
	65,654	*,e	Tandem Diabetes Care, Inc		495
	160,420	*,e	Team Health Holdings, Inc		6,524
	50,781	*,e	Teladoc, Inc		814
	45,144		Teleflex, Inc		8,005
	393,806	*	Tenet Healthcare Corp		10,885
	210,812		Terumo Corp		8,996
	247,300	e	Toho Pharmaceutical Co Ltd		5,959
	20,200		Tokai Corp (GIFU)		610
	979,500		Top Glove Corp BHD		1,118
	3,456,000	e	Town Health International Medical Group Ltd		568
	134,224	*,e	TransEnterix, Inc		164
	133,693	*,e	Triple-S Management Corp (Class B)		3,266
	24,400		Tsuki Corp		432
	438,713		United Drug plc		3,472
	3,018,769		UnitedHealth Group, Inc		426,250
	125,945	e	Universal American Corp		955
	4,625,000	e	Universal Health International Group Holding Ltd		267
	634,679		Universal Health Services, Inc (Class B)		85,110
	497,500	g	Universal Medical Financial & Technical Advisory Services Co Ltd		357
	50,610		US Physical Therapy, Inc		3,047
	5,166	*,e	USMD Holdings, Inc		97
	8,540	e	Utah Medical Products, Inc		538
	7,059		Value Added Technologies Co Lt		232
	124,834	*	Varian Medical Systems, Inc		10,265
	46,864	*	Vascular Solutions, Inc		1,952
	437,013	*	VCA Antech, Inc		29,546
	292,405	*,e	Veeva Systems, Inc		9,977

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	35,388	*,e	Veracyte, Inc	$	178
	3,976,600		Vibhavadi Medical Center PCL (Foreign)		340
	7,196		Vieworks Co Ltd		313
	12,781	*,e	ViewRay, Inc		52
	256,485		Virtus Health Ltd		1,327
	203,700		VITAL KSK Holdings, Inc		1,927
	60,725	*	Vocera Communications, Inc		780
	332,619	*	WellCare Health Plans, Inc		35,683
	16,200	g	Wenzhou Kangning Hospital Co Ltd		87
	160,764		West Pharmaceutical Services, Inc		12,199
	116,054	*	William Demant Holding A.S.		2,259
	247,461	*	Wright Medical Group NV		4,298
	13,161		Ypsomed Holding AG.		2,485
	82,279	*,e	Zeltiq Aesthetics, Inc		2,249
	820,510		Zimmer Holdings, Inc		98,773
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,727,897

HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	89,090		Able C&C Co Ltd		2,735
	34,588		Amorepacific Corp		13,039
	10,127		Amorepacific Corp (Preference)		2,186
	10,900		Artnature, Inc		87
	1,350,386	e	Asaleo Care Ltd		2,137
	1,197,466	e	Avon Products, Inc		4,526
	64,021		Bajaj Corp Ltd		369
	688,707		Beiersdorf AG.		65,203
	8,384		Bioland Ltd		159
	32,026	*,e	Central Garden & Pet Co		731
	96,165	*	Central Garden and Pet Co (Class A)		2,088
	33,000		Chlitina Holding Ltd		172
	276,767		Church & Dwight Co, Inc		28,477
	53,089	*	CKH Food & Health Ltd		139
	329,391		Clorox Co		45,584
	1,542,595		Colgate-Palmolive Co		112,918
	24,008		Coreana Cosmetics Co Ltd		170
	3,813		Cosmax BTI, Inc		213
	42,819	e	Cosmax, Inc		6,419
	13,339	*	COSON Co Ltd		198
	172,037	e	Coty, Inc		4,471
	818,385		Dabur India Ltd		3,749
	64,400		Dr Ci:Labo Co Ltd		1,413
	11,000		Earth Chemical Co Ltd		530
	120,961		Edgewell Personal Care Co		10,210
	136,701		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		159
	59,567	*	Elizabeth Arden, Inc		820
	163,520		Energizer Holdings, Inc		8,420
	1,582,599		Estee Lauder Cos (Class A)		144,048
	51,900	*,e	Euglena Co Ltd		727
	33,849		Eveready Industries India Ltd		134
	153,000		Fancl Corp		2,120
	10,460		Gillette India Ltd		710

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	169,795		Godrej Consumer Products Ltd	$	4,045
	139,000	g	Golden Throat Holdings Group Co Ltd		128
	91,000		Grape King Industrial Co		595
	785,147	e	Hengan International Group Co Ltd		6,576
	39,720		Henkel KGaA		4,296
	234,700		Henkel KGaA (Preference)		28,683
	299,921	*,e	Herbalife Ltd		17,554
	1,131,781		Hindustan Lever Ltd		15,096
	274,505	*	HRG Group, Inc		3,769
	618,067		Hypermarcas S.A.		4,491
	10,444		Inter Parfums S.A.		262
	41,088		Inter Parfums, Inc		1,174
	4,026		It’s Skin Co Ltd		293
	63,325		Jyothy Laboratories Ltd		284
	944,321		Kao Corp		54,999
	6,317,550		Karex BHD		3,786
	1,099,249		Kimberly-Clark Corp		151,125
	2,732,516		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		6,446
	41,800		Kobayashi Pharmaceutical Co Ltd		1,856
	9,602		Kolmar BNH Co Ltd		300
	23,813		Korea Kolmar Co Ltd		2,082
	6,204		Korea Kolmar Holdings Co Ltd		326
	25,400		Kose Corp		2,152
	21,695		LG Household & Health Care Ltd		21,186
	2,423		LG Household & Health Care Ltd (Preference)		1,395
	41,159	*	Lifevantage Corp		560
	319,000		Lion Corp		5,263
	90,722		L’Oreal S.A.		17,369
	18,479		Mandom Corp		850
	867,032		Marico Ltd		3,392
	88,314	e	Medifast, Inc		2,938
	321,924	*	Microbio Co Ltd		241
	10,200		Milbon Co Ltd		460
	160,698		Natura Cosmeticos S.A.		1,276
	39,638	e	Natural Health Trends Corp		1,117
	28,466	e	Nature’s Sunshine Products, Inc		271
	13,500		Noevir Holdings Co Ltd		413
	376,294	e	Nu Skin Enterprises, Inc (Class A)		17,381
	30,475	*	Nutraceutical International Corp		705
	4,839	*	NUTRIBIOTECH Co Ltd		312
	1,045,000		NVC Lighting Holdings Ltd		111
	12,706		Oil-Dri Corp of America		439
	60,818		Ontex Group NV		1,918
	20,167	e	Orchids Paper Products Co		717
	33,703	*	Oriflame Holding AG.		860
	29,917		Pacific Corp		4,390
	108,200	e	Pigeon Corp		3,235
	98,800		Pola Orbis Holdings, Inc		9,298
	9,000,984		Procter & Gamble Co		762,114
	8,430,500		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		322
	3,022,129		PT Unilever Indonesia Tbk		10,329
	296,156	e	PZ Cussons plc		1,302

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,149,629		Reckitt Benckiser Group plc	$	115,275
	35,980	*	Revlon, Inc (Class A)		1,158
	11,641	*	Sansung Life & Science Co Ltd		269
	375,591		Shiseido Co Ltd		9,787
	87,008	e	Spectrum Brands, Inc		10,381
	913,251		Svenska Cellulosa AB (B Shares)		29,343
	3,655		Tonymoly Co Ltd		167
	288,199		Uni-Charm Corp		6,475
	3,284,673		Unilever NV		152,769
	1,737,148		Unilever plc		83,236
	39,205	*,e	USANA Health Sciences, Inc		4,369
	200,000	e	Vinda International Holdings Ltd		348
	54,078		WD-40 Co		6,351
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,065,471

INSURANCE - 3.9%
	148,990		Admiral Group plc		4,051
	635,081		Aegon NV		2,516
	509,446		Aflac, Inc		36,762
	58,338		Ageas		2,028
	15,395,507	e	AIA Group Ltd		92,584
	14,635	*	Alleghany Corp		8,043
	815,324		Allianz AG.		116,312
	876,924		Allied World Assurance Co Holdings Ltd		30,815
	1,094,527		Allstate Corp		76,562
	173,591		Alm Brand AS		1,165
	122,232	*,e	AMBAC Financial Group, Inc		2,012
	327,300		American Equity Investment Life Holding Co		4,664
	214,706		American Financial Group, Inc		15,873
	1,059	*	American Independence Corp		26
	5,298,598		American International Group, Inc		280,243
	9,860		American National Insurance Co		1,116
	54,814	e	Amerisafe, Inc		3,356
	435,396		Amtrust Financial Services, Inc		10,667
	77,460		Anadolu Hayat Emeklilik AS		136
	207,131		Anadolu Sigorta		124
	13,200	e	Anicom Holdings, Inc		373
	386,677		Aon plc		42,237
	166,806	*	Arch Capital Group Ltd		12,010
	402,186		Argo Group International Holdings Ltd		20,873
	160,771		Arthur J. Gallagher & Co		7,653
	299,794		Aspen Insurance Holdings Ltd		13,904
	1,474,281		Assicurazioni Generali S.p.A.		17,385
	67,330		Assurant, Inc		5,811
	236,749		Assured Guaranty Ltd		6,006
	27,433	*	Atlas Financial Holdings, Inc		472
	8,638,170		Aviva plc		45,534
	20,009		AvivaSA Emeklilik ve Hayat AS.		133
	4,877,942		AXA S.A.		96,450
	169,111		Axis Capital Holdings Ltd		9,301
	4,146		Bajaj Finserv Ltd		143
	29,124	e	Baldwin & Lyons, Inc (Class B)		718

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,407		Baloise Holding AG.	$	1,382
	1,035,474		BB Seguridade Participacoes S.A.		9,061
	1,034,830		Beazley plc		5,031
	4,764,276	*	Berkshire Hathaway, Inc (Class B)		689,819
	9,853	e	Blue Capital Reinsurance Holdings Ltd		182
	106,119		Brown & Brown, Inc		3,976
	8,703,316		Cathay Financial Holding Co Ltd		9,539
	231,131		Chesnara plc		851
	1,686,694	*	China Insurance International Holdings Co Ltd		3,174
	9,627,990		China Life Insurance Co Ltd		20,759
	11,449,403		China Life Insurance Co Ltd (Taiwan)		8,913
	2,893,739		China Pacific Insurance Group Co Ltd		9,807
	3,082,111		Chubb Ltd		402,863
	183,927		Cincinnati Financial Corp		13,774
	113,761	*,e	Citizens, Inc (Class A)		865
	14,908	*	Clal Insurance		151
	5,009,957		ClearView Wealth Ltd		3,550
	23,535		CNA Financial Corp		739
	416,303		CNP Assurances		6,142
	421,689		Conseco, Inc		7,363
	3,630,000	*	Convoy Financial Holdings Ltd		168
	2,028,315		Corp Mapfre S.A.		4,455
	277,625	e	Cover-More Group Ltd		253
	50,717		Crawford & Co (Class B)		431
	2,096,011		Dai-ichi Mutual Life Insurance Co		23,464
	573,948		Delta Lloyd NV		2,017
	2,487,978		Direct Line Insurance Group plc		11,502
	378,293	e	Discovery Holdings Ltd		3,160
	32,487		Donegal Group, Inc (Class A)		536
	151,062		Dongbu Insurance Co Ltd		9,093
	20,000		Dream Incubator, Inc		395
	46,115	*	eHealth, Inc		647
	31,007		EMC Insurance Group, Inc		860
	96,177		Employers Holdings, Inc		2,791
	127,586		Endurance Specialty Holdings Ltd		8,569
	25,982	*	Enstar Group Ltd		4,209
	47,793		Erie Indemnity Co (Class A)		4,748
	314,802		esure Group plc		1,199
	24,550		Euler Hermes S.A.		2,039
	133,137		Everest Re Group Ltd		24,320
	21,957		Fairfax Financial Holdings Ltd		11,826
	24,441	*	FBD Holdings plc		155
	21,846		FBL Financial Group, Inc (Class A)		1,325
	82,534		Federated National Holding Co		1,571
	55,367	e	Fidelity & Guaranty Life		1,283
	307,042		First American Financial Corp		12,349
	449,793		FNF Group		16,867
	1,116,235		Fondiaria-Sai S.p.A		1,685
	52,000		FPC Par Corretora de Seguros S.A.		210
	2,142,237	*,e	Genworth Financial, Inc (Class A)		5,527
	216,915		Gjensidige Forsikring BA		3,614
	369,983		Great-West Lifeco, Inc		9,760

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	72,278	*	Greenlight Capital Re Ltd (Class A)	$	1,457
	107,767		Grupo Catalana Occidente S.A.		2,989
	51,892	*	Hallmark Financial Services		601
	148,503		Hannover Rueckversicherung AG.		15,560
	84,893		Hanover Insurance Group, Inc		7,184
	142,635		Hanwha Non-Life Insurance Co Ltd		905
	269,592		Harel Insurance Investments & Finances Ltd		942
	804,055		Hartford Financial Services Group, Inc		35,684
	106,400	g	Hastings Group Holdings Ltd		244
	20,105	e	HCI Group, Inc		548
	10,706		Helvetia Holding AG.		5,570
	218,055	e	Heritage Insurance Holdings, Inc		2,610
	336,021		Hiscox Ltd		4,640
	123,830		Horace Mann Educators Corp		4,184
	277,331		Hyundai Marine & Fire Insurance Co Ltd		7,072
	13,745		IDI Insurance Co Ltd		649
	16,973	e	Independence Holding Co		305
	153,389		Industrial Alliance Insurance and Financial Services, Inc		4,822
	55,577		Infinity Property & Casualty Corp		4,483
	2,574,289		Insurance Australia Group Ltd		10,604
	229,609		Intact Financial Corp		16,402
	3,044		Investors Title Co		290
	32,132		James River Group Holdings Ltd		1,091
	367,122		Japan Post Holdings Co Ltd		4,466
	1,800		Japan Post Insurance Co Ltd		37
	615,820		Just Retirement Group plc		902
	92,619		Kemper Corp		2,869
	616,382		Korea Life Insurance Co Ltd		3,106
	266,469		Korean Reinsurance Co		2,835
	161,105	e	Lancashire Holdings Ltd		1,267
	15,592,349		Legal & General Group plc		39,918
	389,848		Liberty Holdings Ltd		3,182
	96,247		LIG Insurance Co Ltd		2,346
	574,188		Lincoln National Corp		22,261
	208,206		Loews Corp		8,555
	46,768	*	Lotte Non-Life Insurance Co Ltd		104
	165,136	e	Maiden Holdings Ltd		2,021
	2,452,086		Manulife Financial Corp		33,537
	17,372	*	Markel Corp		16,552
	1,514,512		Marsh & McLennan Cos, Inc		103,684
	29,190		Max India Ltd		231
	216,520	*,m	Max India Ltd (New)		135
	330,466	*,e	MBIA, Inc		2,257
	3,428,111		Medibank Pvt Ltd		7,602
	21,475		Menorah Mivtachim Holdings Ltd		167
	635,465		Mercuries & Associates Holding Ltd		365
	588,384		Mercuries Life Insurance Co Lt		264
	33,837	e	Mercury General Corp		1,799
	48,897		Meritz Fire & Marine Insurance Co Ltd		626
	6,004,518		Metlife, Inc		239,160
	923,009		Metropolitan Holdings Ltd		1,424
	330,711		Migdal Insurance Holdings Ltd		189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	73,490		Mirae Asset Life Insurance Co Ltd	$	252
	2,026,254		Mitsui Sumitomo Insurance Group Holdings, Inc		52,500
	397,900	*	MPHB Capital BHD		132
	85,721		Muenchener Rueckver AG.		14,375
	254,320		National General Holdings Corp		5,448
	29,568		National Interstate Corp		894
	5,377		National Western Life Group, Inc		1,050
	51,997		Navigators Group, Inc		4,782
	933,382	e	New China Life insurance Co Ltd		3,342
	567,999		NKSJ Holdings, Inc		15,116
	108,713		NN Group NV		2,993
	8,046,635		Old Mutual plc		21,738
	789,576		Old Republic International Corp		15,231
	119,735		OneBeacon Insurance Group Ltd (Class A)		1,652
	30,813	*,e	Patriot National, Inc		252
	8,249,288		People’s Insurance Co Group of China Ltd		3,176
	181,704		Phoenix Group Holdings		1,952
	105,895		Phoenix Holdings Ltd		243
	13,674,428		PICC Property & Casualty Co Ltd		21,560
	8,352,926		Ping An Insurance Group Co of China Ltd		37,009
	102,574		Porto Seguro S.A.		854
	1,669,111	e,g	Poste Italiane S.p.A		11,083
	978,464		Power Corp Of Canada		20,827
	511,203	e	Power Financial Corp		11,732
	546,871		Powszechny Zaklad Ubezpieczen S.A.		3,985
	112,366	e	Primerica, Inc		6,432
	746,728		Principal Financial Group		30,698
	151,552		ProAssurance Corp		8,116
	618,485		Progressive Corp		20,719
	204,265		Protector Forsikring ASA		1,824
	888,630		Prudential Financial, Inc		63,395
	6,373,119		Prudential plc		108,145
	57,256,000	*	PT Panin Insurance Tbk		2,754
	159,688,900	*	PT Panin Life Tbk		2,551
	125,000		Qatar Insurance Co SAQ		2,530
	1,413,444		QBE Insurance Group Ltd		11,166
	226,300	e	Qualitas Controladora SAB de C.V.		321
	717,159		Rand Merchant Investment Holdings Ltd		2,011
	257,132		Reinsurance Group of America, Inc (Class A)		24,939
	341,831		RenaissanceRe Holdings Ltd		40,145
	90,896		RLI Corp		6,252
	415,583		RSA Insurance Group plc		2,785
	32,640		Safety Insurance Group, Inc		2,010
	664,032		Saga plc		1,708
	1,111,500		Sampo Oyj (A Shares)		45,456
	35,526		Samsung Fire & Marine Insurance Co Ltd		8,160
	149,180		Samsung Life Insurance Co Ltd		13,055
	2,340,346		Sanlam Ltd		9,668
	362,495		SCOR SE		10,717
	135,566		Selective Insurance Group, Inc		5,180
	6,926,361		Shin Kong Financial Holding Co Ltd		1,363
	164,000		Shinkong Insurance Co Ltd		122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	507,454		Societa Cattolica di Assicurazioni SCRL	$	3,216
	238,541		Sony Financial Holdings, Inc		2,697
	542,473		St. James’s Place plc		5,721
	1,735,954		Standard Life plc		6,849
	36,114		State Auto Financial Corp		791
	98,889		State National Cos, Inc		1,041
	624,416		Steadfast Group Ltd		929
	67,503		Stewart Information Services Corp		2,795
	434,174	*	Storebrand ASA		1,647
	154,560		Sul America SA		753
	922,130		Sun Life Financial, Inc		30,292
	923,642		Suncorp-Metway Ltd		8,470
	11,853		Swiss Life Holding		2,739
	705,704		Swiss Re Ltd		61,636
	792,600		Syarikat Takaful Malaysia BHD		796
	1,433,242		T&D Holdings, Inc		12,171
	137,000		Taiwan Fire & Marine Insurance Co		81
	2,600,200	*	Thai Reinsurance PCL		179
	2,209,008	*,e	Third Point Reinsurance Ltd		25,890
	1,056,368		Tokio Marine Holdings, Inc		35,168
	180,379		Tong Yang Life Insurance		1,595
	57,909	*	Topdanmark AS		1,380
	126,033	e	Torchmark Corp		7,791
	780,875	e	Travelers Cos, Inc		92,955
	42,471	*,e	Trupanion, Inc		563
	32,979		Tryg A.S.		590
	476,300		Tune Ins Holdings BHD		174
	1,682,586	e	Unipol Gruppo Finanziario S.p.A		3,962
	103,578		Uniqa Versicherungen AG.		622
	30,621	*	United America Indemnity Ltd		843
	50,113		United Fire & Casualty Co		2,126
	121,062	e	United Insurance Holdings Corp		1,983
	123,019	e	Universal Insurance Holdings, Inc		2,286
	332,206	e	UnumProvident Corp		10,561
	963,414		Validus Holdings Ltd		46,812
	47,991		Vittoria Assicurazioni S.p.A.		463
	675,116	e	W.R. Berkley Corp		40,453
	6,334		White Mountains Insurance Group Ltd		5,333
	32,301		Wiener Staedtische Allgemeine Versicherung AG.		613
	7,289		Willis Towers Watson plc		906
	25,902		Wuestenrot & Wuerttembergische AG.		468
	3,567,730		XL Capital Ltd		118,841
	380,991		Zurich Financial Services AG.		94,251
			TOTAL INSURANCE		4,291,556

MATERIALS - 4.6%
	68,871		A. Schulman, Inc		1,682
	21,230		Aarti Industries		164
	138,851	e	Acerinox S.A.		1,544
	331,000		Achilles Corp		404
	28,535		Acron JSC (GDR)		168
	46,912		Adana Cimento		94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	150,700		ADEKA Corp	$	1,826
	955,947		Adelaide Brighton Ltd		4,008
	244,794		Aeci Ltd		1,380
	20,228		AEP Industries, Inc		1,628
	139,183		African Barrick Gold Ltd		838
	100,864		African Rainbow Minerals Ltd		633
	324,173		Agnico-Eagle Mines Ltd		17,348
	355,695	e	Agrium, Inc		32,182
	48,884	*,e	AgroFresh Solutions, Inc		260
	93,000	*	Aichi Steel Corp		413
	104,746		Air Liquide		10,913
	132,918		Air Products & Chemicals, Inc		18,880
	110,422		Air Water, Inc		1,625
	4,335		AK Holdings, Inc		250
	2,186,472	*,e	AK Steel Holding Corp		10,189
	73,373		Akcansa Cimento AS		348
	9,420		Akzo Nobel India Ltd		222
	407,634		Akzo Nobel NV		25,323
	222,048		Alamos Gold, Inc		1,909
	1,261,384	n	Albemarle Corp		100,040
	2,125,500		Alcoa, Inc		19,703
	310,333	e	Allegheny Technologies, Inc		3,957
	1,632,000	*	Allied Cement Holdings Ltd		149
	1,520,000	e	Alpek SAB de C.V.		2,495
	33,277	e	Altius Minerals Corp		278
	707,747		Altri SGPS S.A.		2,280
	469,786		Alumina Ltd		462
	4,681,445	*,e	Aluminum Corp of China Ltd		1,483
	993,013		Ambuja Cements Ltd		3,761
	2,738,538		Amcor Ltd		30,791
	65,187		American Vanguard Corp		985
	14,683		Ampco-Pittsburgh Corp		166
	4,759,000		AMVIG Holdings Ltd		1,877
	108,585	*	Anadolu Cam Sanayii AS		78
	871,797	*	Anatolia Minerals Development Ltd		2,078
	79,079	*,e	Anglo American Platinum Ltd		1,977
	165,630	*,e	Anglo American plc		1,600
	4,436,877		Anglo American plc (London)		43,491
	1,016,430	*	AngloGold Ashanti Ltd		18,355
	1,456,369		Anhui Conch Cement Co Ltd		3,526
	267,597	e	Antofagasta plc		1,673
	70,602	*	APERAM		2,471
	43,573		Aptargroup, Inc		3,448
	233,068		Arabian Cement Co		171
	2,080,572		ArcelorMittal		9,486
	376,499		Arkema		28,784
	38,474		Asahi Holdings, Inc		557
	1,820,238		Asahi Kasei Corp		12,667
	207,222	*,e	Asanko Gold, Inc		792
	101,031		Ashland, Inc		11,595
	934,500		Asia Cement China Holdings Corp		179
	1,164		Asia Cement Co Ltd		80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,032,190		Asia Cement Corp	$	1,767
	786		Asia Holdings Co Ltd		69
	273,125		Asia Polymer		146
	412,756		Asian Paints Ltd		6,145
	44,459		Associated Cement Co Ltd		1,067
	102,579		Assore Ltd		1,254
	7,639		Atul Ltd		233
	28,426		Aurubis AG.		1,293
	520,409		Avery Dennison Corp		38,901
	149,230	*	Axalta Coating Systems Ltd		3,959
	400,115		Axiall Corp		13,048
	1,370,384	*	B2Gold Corp		3,437
	74,405	e	Balchem Corp		4,438
	153,273	e	Ball Corp		11,080
	344,944		Barrick Gold Corp		7,365
	1,726,766		Barrick Gold Corp (Canada)		36,862
	8,644		BASF India Ltd		145
	388,057		BASF SE		29,756
	14,665		Bayer CropScience Ltd		847
	12,000,000	e	BBMG Corp		3,619
	145,002	e	Bekaert S.A.		6,316
	149,456		Bemis Co, Inc		7,695
	362,200		Bengang Steel Plates Co		114
	241,124		Berger Paints India Ltd		989
	4,187,810	*,e	Berry Plastics Group, Inc		162,696
	3,236,063		BHP Billiton Ltd		45,098
	3,738,571		BHP Billiton plc		47,319
	568,783		Billerud AB		8,488
	1,459,703	*	BlueScope Steel Ltd		7,053
	276,425	*	Boise Cascade Co		6,344
	1,325,197		Boliden AB		25,900
	1,426,444		Boral Ltd		6,697
	212,670		Borregaard ASA		1,593
	35,346		Borusan Mannesmann Boru Sanayi		91
	222,391		Boryszew S.A.		312
	34,386		BRAAS Monier Building Group S.A.		806
	209,500		Bradespar S.A.		577
	417,275		Braskem S.A.		2,473
	148,226		Brickworks Ltd		1,594
	56,119		Buzzi Unicem S.p.A.		983
	88,587		Buzzi Unicem S.p.A. RSP		888
	4,500	e	C Uyemura & Co Ltd		181
	241,202		Cabot Corp		11,013
	491,700		Cahya Mata Sarawak BHD		437
	117,285		Calgon Carbon Corp		1,542
	96,802		Canam Group, Inc		976
	97,360	*	Canfor Corp		983
	73,923		Canfor Pulp Products, Inc		591
	73,144		CAP S.A.		249
	108,564		Carpenter Technology Corp		3,575
	161,708		Cascades, Inc		1,145
	113,356		CCL Industries		19,728

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	418,971		Celanese Corp (Series A)	$	27,422
	46,000		Cementir S.p.A.		184
	891,766		Cementos Argos S.A.		3,639
	153,942	*	Cemex Latam Holdings S.A.		664
	26,681,306	*,e	Cemex S.A. de C.V.		16,491
	3,182,759		Centamin plc		5,607
	599,350		Centerra Gold, Inc		3,572
	221,470	*,e	Century Aluminum Co		1,402
	44,728		Century Plyboards India Ltd		130
	1,868,125		Century Sunshine Ecological Technology Holdings Ltd		86
	26,626		Century Textile & Industries Ltd		261
	590,645		CF Industries Holdings, Inc		14,235
	21,636		Chase Corp		1,278
	440,448		Chemours Co		3,629
	216,201	*	Chemtura		5,703
	707,560		Cheng Loong Corp		254
	314,925		Chia Hsin Cement Corp		82
	364,000	*	Chiho-Tiande Group Ltd		261
	1,676,695	e	China BlueChemical Ltd		296
	4,680,000	*	China Daye Non-Ferrous Metals Mining Ltd		72
	147,000		China Hi-ment Corp		264
	885,000	*	China Manmade Fibers Corp		200
	625,372		China Metal Products		745
	858,455	*,e,m	China Metal Recycling Holdings Ltd		1
	3,099,282	e	China National Building Material Co Ltd		1,363
	1,045,000	e	China National Materials Co Ltd		227
	2,067,628	*	China Petrochemical Development Corp		466
	6,683,200	*,e,m	China Shanshui Cement Group Ltd		4,064
	652,000	e	China Silver Group Ltd		136
	133,000		China Steel Chemical Corp		444
	11,347,303		China Steel Corp		7,394
	431,540		China Synthetic Rubber Corp		311
	292,000	*	China Wood Optimization Holding Ltd		114
	344,000		China XLX Fertiliser Ltd		115
	538,000	*	Chongqing Iron & Steel Co Ltd		118
	160,150		Christian Hansen Holding		10,518
	204,000		Chugoku Marine Paints Ltd		1,253
	325,540		Chung Hwa Pulp Corp		96
	573,700		Cia de Minas Buenaventura S.A. (ADR) (Series B)		6,856
	545,148		Cia Siderurgica Nacional S.A.		1,327
	79,965		Ciech S.A.		1,018
	160,248		Cimsa Cimento Sanayi Ve Tica		844
	288,998		Clariant AG.		4,884
	67,712	*	Clearwater Paper Corp		4,426
	1,345,817	*,e	Cliffs Natural Resources, Inc		7,631
	79,944	*	Codexis, Inc		322
	1,200,110	*,e	Coeur Mining, Inc		12,793
	270,619		Commercial Metals Co		4,573
	86,132	*,m	Companhia Vale do Rio Doce		0
	34,788	e	Compass Minerals International, Inc		2,581
	147,260		Corbion NV		3,537
	105,018		Coromandel International Ltd		412

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,531		Corticeira Amorim SGPS S.A.	$	172
	180,015	g	Covestro AG.		8,018
	346,000	e	CPMC Holdings Ltd		148
	2,007,467		CRH plc		58,498
	570,513		Croda International plc		23,949
	1,133,317	*	Crown Holdings, Inc		57,425
	859,490		CSR Ltd		2,363
	157,303	*,e	CuDeco Ltd		55
	7,789,800		D&L Industries Inc		1,659
	366,000		Da Ming International Holdings Ltd		125
	84,900	*	Dahua Group Dalian Chemical Industry Co		122
	395,107		Daicel Chemical Industries Ltd		4,094
	242,000	e	Daido Steel Co Ltd		829
	244,000		Daiken Corp		778
	87,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		352
	219,085		Dainippon Ink and Chemicals, Inc		4,588
	170,172	e	Daio Paper Corp		1,854
	58,000		Daiso Co Ltd		233
	19,796		Dalmia Bharat Ltd		352
	221,200	*	Danhua Chemical Technology Co Ltd		128
	17,488	e	DC Chemical Co Ltd		1,386
	24,180		Deltic Timber Corp		1,623
	1,487,000		Denki Kagaku Kogyo KK		6,014
	226,187	*	Detour Gold Corp		5,658
	10,699		Dhanuka Agritech Ltd		104
	230,853		Dominion Diamond Corp		2,042
	151,632		Domtar Corp		5,309
	48,784	*	Dongkuk Steel Mill Co Ltd		345
	2,608	*	Dongwha Enterprise Co Ltd		82
	2,946,000	m	Dongyue Group		390
	6,102,935		Dow Chemical Co		303,377
	325,000		Dowa Holdings Co Ltd		1,675
	1,932,238		DS Smith plc		9,997
	167,785		DSM NV		9,680
	4,917	*	Duk San Neolux Co Ltd		106
	330,274		DuluxGroup Ltd		1,572
	169,566		Eagle Materials, Inc		13,082
	619,800		Eastern Polymer Group PCL		233
	306,873		Eastman Chemical Co		20,837
	321,602	e	Ecolab, Inc		38,142
	862,095		EI du Pont de Nemours & Co		55,864
	109,506		EID Parry India Ltd		413
	173,644	*	El Ezz Steel Co		141
	1,266,566		Eldorado Gold Corp		5,696
	392,830	e	Elementis plc		1,048
	2,499,601		Empresas CMPC S.A.		5,201
	25,707		EMS-Chemie Holding AG.		13,273
	715,762		Ence Energia y Celulosa S.A.		1,727
	71,677	*,e	Endeavour Mining Corp		1,217
	541,000		Engro Chemical Pakistan Ltd		1,723
	4,504	*,e	Eramet		147
	1,326,557		Eregli Demir ve Celik Fabrikalari TAS		1,877

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	34,962		Essel Propack Ltd	$	101
	222,632		Essentra plc		1,527
	1,551,880		Eternal Chemical Co Ltd		1,606
	35,500		Eugene Corp		151
	363,932		Everlight Chemical Industrial Corp		241
	1,687,277		Evolution Mining Ltd		2,949
	263,610	*,e	Evolva Holdings S.A.		201
	495,315		Evonik Industries AG.		14,765
	757,045	*	Evraz plc		1,391
	390,050		Feng Hsin Iron & Steel Co		493
	275,306	*	Ferro Corp		3,684
	321,838		Ferroglobe plc		2,771
	245,230		Fibria Celulose S.A.		1,644
	31,790		Finolex Industries Ltd		201
	150,086	*	First Majestic Silver Corp		2,039
	1,327,121		First Quantum Minerals Ltd		9,317
	5,519,345		Fletcher Building Ltd		33,950
	120,781	*,e	Flotek Industries, Inc		1,594
	229,181		FMC Corp		10,613
	47,878	*	Foosung Co Ltd		262
	6,958,354		Formosa Chemicals & Fibre Corp		17,568
	4,506,176		Formosa Plastics Corp		10,928
	382,000		Formosan Rubber Group, Inc		179
	10,084,609	e	Fortescue Metals Group Ltd		26,987
	113,060	*	Fortuna Silver Mines, Inc		790
	169,791	m	Foshan Huaxin Packaging Co Ltd		206
	42,400		FP Corp		2,052
	306,682		Franco-Nevada Corp		23,320
	2,433,705	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		27,111
	229,157	e	Fresnillo plc		5,046
	32,494		Frutarom Industries Ltd		1,500
	101,614		Fuchs Petrolub AG. (Preference)		3,998
	2,709,200	e	Fufeng Group Ltd		753
	17,852		Fuji Seal International, Inc		631
	15,100		Fujimi, Inc		222
	37,300		Fujimori Kogyo Co Ltd		705
	1,589,000	e	Furukawa-Sky Aluminum Corp		3,770
	2,233,800	e	Fushan International Energy Group Ltd		400
	11,500	*	Fuso Chemical Co Ltd		165
	84,723		FutureFuel Corp		922
	1,052,191	*,e	Galaxy Resources Ltd		392
	1,199,933	*	GCP Applied Technologies, Inc		31,246
	290,660		Gem Diamonds Ltd		488
	744,312		Gerdau S.A. (Preference)		1,365
	12,961		Givaudan S.A.		26,097
	647,498	*	Gleichen Resources Ltd		1,158
	11,142,284		Glencore Xstrata plc		22,966
	394,192		Gloria Material Technology Corp		203
	641,000		Godo Steel Ltd		952
	86,086		Godrej Industries Ltd		507
	770,491		Gold Fields Ltd		3,740
	114,103	*,e	Gold Resource Corp		410

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,012,830		Goldcorp, Inc	$	19,379
	8,419,418		Goldsun Development & Construction Co Ltd		2,156
	4,543,000		Grand Pacific Petrochemical		2,212
	259,959		Granges AB		2,264
	1,608,614		Graphic Packaging Holding Co		20,172
	605,755	*,m	Great Basin Gold Ltd		5
	149,000		Great China Metal Industry		120
	2,006,000		Greatview Aseptic Packaging Co		954
	42,000		Green Seal Holding Ltd		196
	12,382	e	Greif, Inc		678
	62,480		Greif, Inc (Class A)		2,329
	75,497,560		G-Resources Group Ltd		1,447
	502,087		Grupo Argos S.A.		3,180
	6,344,744		Grupo Mexico S.A. de C.V. (Series B)		14,954
	85,900	*,e	Grupo Simec SAB de C.V.		253
	85,757		Gubre Fabrikalari TAS		170
	33,234		Gujarat Flourochemicals		259
	343,829	*	Guyana Goldfields, Inc		2,464
	164,049		H.B. Fuller Co		7,217
	29,222		Han Kuk Carbon Co Ltd		158
	6,374	*	Handy & Harman Ltd		167
	10,812		Hanil Cement Manufacturing		772
	8,557		Hansol Chemical Co Ltd		567
	33,437	*	Hansol Paper Co		211
	53,634		Hansol Paper Co Ltd		1,007
	115,522		Hanwha Chemical Corp		2,414
	820,073	*	Harmony Gold Mining Co Ltd		2,925
	23,680		Hawkins, Inc		1,028
	38,972	e	Haynes International, Inc		1,250
	175,614	*	Headwaters, Inc		3,151
	886,147	e	Hecla Mining Co		4,519
	115,746		HeidelbergCement AG.		8,719
	209,642	e	Hexpol AB		2,153
	1,100,413		Hindalco Industries Ltd		2,018
	275,882		Hitachi Chemical Co Ltd		5,152
	244,834		Hitachi Metals Ltd		2,487
	728,837	*	Ho Tung Chemical Corp		155
	255,023	*	Hochschild Mining plc		617
	135,929		Hokuetsu Paper Mills Ltd		935
	108,606		Holcim Ltd		4,544
	42,175		Holmen AB (B Shares)		1,353
	52,024		Honam Petrochemical Corp		12,948
	282,970		HS Industries Co Ltd		2,095
	29,649		HSIL Ltd		121
	1,905,000	*	Huabao International Holdings Ltd		680
	231,420		Huaxin Cement Co Ltd		143
	570,300	m	Hubei Sanonda Co Ltd		501
	19,264		Huchems Fine Chemical Corp		356
	260,422		HudBay Minerals, Inc		1,244
	200,322		Huhtamaki Oyj		8,313
	480,000	*	Huili Resources Group Ltd		119
	1,238,650		Huntsman Corp		16,660

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	44,053		Hyosung Corp	$	4,822
	122,302		Hyundai Steel Co		4,921
	601,385	*,e	IAMGOLD Corp		2,490
	172,054	e,g	Ibstock plc		298
	25,000	e	Ihara Chemical Industry Co Ltd		260
	651,286		Iluka Resources Ltd		3,211
	62,718		IMCD Group NV		2,476
	8,649		Imerys S.A.		552
	640,016	*	Impala Platinum Holdings Ltd		2,062
	45,092	*	Imperial Metals Corp		222
	2,552,148		Incitec Pivot Ltd		5,733
	368,845		Independence Group NL		918
	143,698	*	India Cements Ltd		242
	989,878		Indorama Ventures PCL (Foreign)		821
	131,800	*,e	Industrias CH SAB de C.V.		543
	144,331		Industrias Penoles S.A. de C.V.		3,438
	150,427	*,e	Ingevity Corp		5,121
	272,320	m	Inner Mongolia Eerduosi Resourses Co Ltd		237
	113,703		Innophos Holdings, Inc		4,799
	103,146		Innospec, Inc		4,744
	59,105	*	Interfor Corp		506
	73,301		International Flavors & Fragrances, Inc		9,241
	603,876		International Paper Co		25,592
	149,928		Intertape Polymer Group, Inc		2,446
	1,365,000	*	Ishihara Sangyo Kaisha Ltd		805
	714,096		Israel Chemicals Ltd		2,782
	6,049		Israel Corp Ltd		957
	162,995		Italcementi S.p.A.		1,910
	7,464		Italmobiliare S.p.A.		262
	26,507		Italmobiliare S.p.A. RSP		755
	528,741	*	Ivanhoe Mines Ltd		413
	31,459	*,e,m	Jacana Minerals Ltd		5
	551,558		James Hardie Industries NV		8,542
	46,820	*	Jastrzebska Spolka Weglowa S.A.		205
	332,100		Jaya Tiasa Holdings BHD		95
	452,608		JFE Holdings, Inc		5,904
	1,541,445	e	Jiangxi Copper Co Ltd		1,730
	297,202	*	Jindal Steel & Power Ltd		301
	237,633	*	Jinshan Gold Mines, Inc		430
	16,154		JK Cement Ltd		160
	27,652		JK Lakshmi Cement Ltd		159
	231,865		Johnson Matthey plc		8,697
	46,800		JSP Corp		930
	279,065		JSR Corp		3,696
	86,608		JSW Steel Ltd		1,885
	209,365	e	K&S AG.		4,286
	88,729		Kaiser Aluminum Corp		8,022
	518,638		Kaneka Corp		3,460
	207,865		Kansai Nerolac Paints Ltd		957
	304,824	e	Kansai Paint Co Ltd		6,154
	84,000	e	Kanto Denka Kogyo Co Ltd		829
	280,305		Kapstone Paper and Packaging Corp		3,647

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	657,106		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)	$	293
	268,681	*,e	KAZ Minerals plc		477
	83,344		Kemira Oyj		990
	252,953		KGHM Polska Miedz S.A.		4,269
	2,126,702	*	Kinross Gold Corp		10,436
	245,168	*	Kirkland Lake Gold, Inc		2,019
	18,729		KISCO Corp		604
	5,136		KISWIRE Ltd		166
	585,651		Klabin S.A.		2,811
	2,552,700		Klabin S.A. (Preference)		1,836
	113,861	*	Klondex Mines Ltd		413
	20,152		KMG Chemicals, Inc		524
	2,304,000	*	Ko Yo Chemical Group Ltd		43
	24,000		Koatsu Gas Kogyo Co Ltd		142
	1,875,798	*	Kobe Steel Ltd		1,542
	40,283		Kolon Industries, Inc		2,539
	24,200		Konishi Co Ltd		312
	1,031		Konya Cimento Sanayii		97
	143,498	*	Koppers Holdings, Inc		4,410
	16,824		Korea Kumho Petrochemical		879
	20,722		Korea Petrochemical Ind Co Ltd		4,359
	10,519		Korea Zinc Co Ltd		4,665
	359,853		Koza Altin Isletmeleri AS		1,596
	139,045	*	Kraton Polymers LLC		3,884
	60,121	e	Kronos Worldwide, Inc		316
	974,000	*,e	KuangChi Science Ltd		384
	15,912		Kukdo Chemical Co Ltd		826
	43,900	e	Kumiai Chemical Industry Co Ltd		268
	1,937		Kumkang Kind Co Ltd		79
	182,689		Kuraray Co Ltd		2,180
	118,000		Kureha CORP		414
	100,100		Kyoei Steel Ltd		1,523
	188,199	e	Labrador Iron Ore Royalty Corp		1,808
	418,431		Lafarge Malayan Cement BHD		813
	551		LafargeHolcim Ltd		23
	726,989		Lanxess AG.		31,895
	4,653,000		Lee & Man Paper Manufacturing Ltd		3,476
	2,447,448	*	LEE Chang Yung Chem IND Corp		3,092
	25,477		Lenzing AG.		2,355
	62,169		LG Chem Ltd		14,197
	8,769		LG Chem Ltd (Preference)		1,464
	189,110		Linde AG.		26,350
	42,200		Lintec Corp		826
	18,611		Lock & Lock Co Ltd		236
	1,373,901		Long Chen Paper Co Ltd		682
	235,092	*	Lonmin plc		603
	4,661,796	*	Louisiana-Pacific Corp		80,882
	50,304	*,e	LSB Industries, Inc		608
	1,369,106		Lucara Diamond Corp		3,688
	476,000		Luks Group Vietnam Holdings Ltd		163
	549,537	*	Lundin Mining Corp		1,855

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,027,594		LyondellBasell Industries AF S.C.A	$	76,474
	83,375		Madras Cements Ltd		685
	59,803	*	MAG. Silver Corp		754
	32,260	*	Magnesita Refratarios S.A.		148
	67,997	e	Major Drilling Group International		412
	1,471,500		Maple Leaf Cement Factory Ltd		1,486
	88,859		Martin Marietta Materials, Inc		17,061
	196,372		Maruichi Steel Tube Ltd		6,863
	57,485		Materion Corp		1,423
	43,304	*	Max Ventures & Industries Ltd		41
	199,842		Metals X Ltd		208
	579,800		Metalurgica Gerdau S.A.		361
	90,338	e	Methanex Corp		2,628
	1,268,291		Mexichem SAB de C.V.		2,681
	851,200		Midas Holdings Ltd		165
	948,700	*,e	Minera Frisco SAB de C.V.		641
	146,133		Minerals Technologies, Inc		8,300
	13,580		Miquel y Costas & Miquel S.A.		538
	1,687,965		Mitsubishi Chemical Holdings Corp		7,738
	1,659,158		Mitsubishi Gas Chemical Co, Inc		8,656
	3,573,693		Mitsubishi Materials Corp		8,557
	746,000	*	Mitsubishi Paper Mills Ltd		516
	113,000		Mitsubishi Steel Manufacturing Co Ltd		171
	1,244,066		Mitsui Chemicals, Inc		4,572
	486,000		Mitsui Mining & Smelting Co Ltd		811
	671,507	e	MMC Norilsk Nickel PJSC (ADR)		8,994
	1,468,000	*,e	MMG Ltd		366
	66,841		MOIL Ltd		236
	120,462		Mondi Ltd		2,193
	1,073,875		Mondi plc		20,106
	12,981	*,m	Mongolian Metals Corporation		0
	2,218,985		Monsanto Co		229,465
	4,158		Monsanto India Ltd		160
	174,735		Mosaic Co		4,575
	317,096		Mpact Ltd		643
	560,854		M-real Oyj (B Shares)		2,855
	2,898,590	*	Multi Packaging Solutions International Ltd		38,696
	51,832		Myers Industries, Inc		746
	66,841		Mytilineos Holdings S.A.		284
	531,194	*	Nagarjuna Fertilizers & Chemicals		102
	163,000	*	Nakayama Steel Works Ltd		80
	22,789		Namhae Chemical Corp		173
	549,952	e	Nampak Ltd		714
	5,199,071		Nan Ya Plastics Corp		9,904
	778,910		Nantex Industry Co Ltd		633
	78,628		Neenah Paper, Inc		5,690
	26,600		Neturen Co Ltd		187
	512,187		Nevsun Resources Ltd		1,503
	687,054	*	New Gold, Inc		3,005
	1,188,356	*	Newcrest Mining Ltd		20,596
	35,741		NewMarket Corp		14,810
	1,955,645		Newmont Mining Corp		76,505

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,028,250		Nickel Asia Corp	$	111
	33,900	e	Nihon Nohyaku Co Ltd		153
	78,800		Nihon Parkerizing Co Ltd		829
	1,895,902		Nine Dragons Paper Holdings Ltd		1,454
	78,900	*,e	Nippon Denko Co Ltd		121
	174,000	e	Nippon Kayaku Co Ltd		1,725
	1,388,700	e	Nippon Light Metal Holdings Co Ltd		3,084
	173,132		Nippon Paint Co Ltd		4,280
	313,000	e	Nippon Paper Industries Co Ltd		5,465
	57,700		Nippon Shokubai Co Ltd		3,319
	188,000		Nippon Soda Co Ltd		758
	579,945		Nippon Steel Corp		11,228
	168,810		Nippon Synthetic Chemical Industry Co Ltd		859
	134,300		Nissan Chemical Industries Ltd		3,919
	137,200		Nisshin Steel Holdings Co Ltd		1,759
	43,000		Nittetsu Mining Co Ltd		139
	234,763		Nitto Denko Corp		14,892
	141,921		NOF Corp		1,178
	39,570		Norbord, Inc		774
	964,065		Norsk Hydro ASA		3,529
	10,710,000	*,e	North Mining Shares Co Ltd		254
	586,981	*,e	Northam Platinum Ltd		1,714
	4,058,638		Northern Star Resources Ltd		15,025
	372,047	*,e	Novagold Resources, Inc		2,278
	44,472		Novolipetsk Steel (GDR)		582
	48,324		Novozymes AS		2,321
	907,405		Nucor Corp		44,835
	815,871		Nufarm Ltd		4,536
	381,881		Nuplex Industries Ltd		1,434
	76,034	*,e	Nyrstar NV		716
	156,000	*	Ocean Plastics Co Ltd		121
	1,531,218		OceanaGold Corp		5,843
	79,636	*,e	OCI NV		1,079
	21,387	e	Oeneo S.A.		180
	701,143		OJI Paper Co Ltd		2,692
	78,000	e	Okamoto Industries, Inc		851
	6,287,022		Olin Corp		156,170
	56,198		Olympic Steel, Inc		1,535
	57,950		Omnia Holdings Ltd		576
	118,981	*	Omnova Solutions, Inc		863
	271,598	e	Orica Ltd		2,527
	42,181		Orient Cement Ltd		115
	501,000		Oriental Union Chemical Corp		306
	159,966	*	Orocobre Ltd		574
	3,411,233		Orora Ltd		7,083
	29,100		Osaka Steel Co Ltd		506
	89,516		Osisko Gold Royalties Ltd		1,170
	385,905	*,e	Outokumpu Oyj		1,622
	318,409	*	Owens-Illinois, Inc		5,735
	1,044,399		Oxiana Ltd		4,482
	124,507	e	Pacific Metals Co Ltd		339
	12,700		Pack Corp		326

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	533,993	e	Packaging Corp of America	$	35,740
	171,644		Pact Group Holdings Ltd		779
	175,669		Pan American Silver Corp		2,893
	86,838	e	Papeles y Cartones de Europa S.A.		461
	3,972,234		Petkim Petrokimya Holding		5,308
	431,996	e	Petra Diamonds Ltd		667
	2,740,816		Petronas Chemicals Group BHD		4,494
	150,815		PH Glatfelter Co		2,950
	260,362	e	PhosAgro OAO (ADR)		3,840
	78,146		PI Industries Ltd		839
	264,041	*,m	Pike River Coal Ltd		0
	1,740,217	*	Pilbara Minerals Ltd		798
	301,574	*,e	Platform Specialty Products Corp		2,678
	240,066		PolyOne Corp		8,460
	7,450		Poongsan		265
	95,880		Poongsan Corp		2,444
	710,004	e	Portucel Empresa Produtora de Pasta e Papel S.A.		1,980
	114,007		POSCO		20,196
	18,440		POSCO Refractories & Environment Co Ltd		167
	1,171,843		Potash Corp of Saskatchewan		19,048
	1,526,978	e	PPC Ltd		833
	1,313,319		PPG Industries, Inc		136,782
	222,518		Praxair, Inc		25,009
	141,936	*,e	Premier Gold Mines Ltd		421
	349,800		Press Metal BHD		321
	125,098	*	Pretium Resources, Inc		1,400
	132,251	*	Primero Mining Corp		275
	124,747	*	Prism Cement Ltd		203
	7,742,304	*	PT Aneka Tambang Tbk		427
	1,677,200		PT Holcim Indonesia Tbk		134
	1,548,443		PT Indocement Tunggal Prakarsa Tbk		1,991
	2,723,100	*	PT Krakatau Steel Tbk		126
	8,218,300	*,m	PT Sekawan Intipratama Tbk		0	^
	9,043,689		PT Semen Gresik Persero Tbk		6,442
	2,661,657		PT Timah Tbk		142
	2,416,900		PT Wijaya Karya Beton Tbk		177
	6,443,677		PTT Global Chemical PCL (Foreign)		10,937
	23,035		Qatar National Cement Co		539
	29,590		Qatari Investors Group		376
	30,272		Quaker Chemical Corp		2,700
	47,707		Rallis India Ltd		157
	180,825		Randgold Resources Ltd		20,292
	9,550		Ratnamani Metals & Tubes Ltd		71
	105,441		Rayonier Advanced Materials, Inc		1,433
	66,027	*,e	Real Industry, Inc		513
	1,358,468	e	Regis Resources Ltd		3,481
	368,916		Reliance Steel & Aluminum Co		28,370
	779,767		Rengo Co Ltd		5,044
	23,560	*,e	Resolute Forest Products		125
	23,039	e	RHI AG.		443
	42,504	*	Richmont Mines, Inc		394
	443,246		Rio Tinto Ltd		15,332

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,467,715		Rio Tinto plc	$	45,597
	72,007	*	Royal Bafokeng Platinum Ltd		216
	155,079		Royal Gold, Inc		11,169
	282,315		RPC Group plc		2,955
	189,311		RPM International, Inc		9,456
	106,079	*,e	Ryerson Holding Corp		1,856
	15,239		Sa des Ciments Vicat		858
	69,000		Sakai Chemical Industry Co Ltd		187
	39,100		Sakata INX Corp		449
	127,304	e	Salzgitter AG.		3,366
	2,716		Sam Kwang Glass Ind Co Ltd		196
	16,930		Samsung Fine Chemicals Co Ltd		461
	365,681		San Fang Chemical Industry Co Ltd		433
	126,815		Sandfire Resources NL		504
	117,664	*,e	Sandstorm Gold Ltd		529
	190,000		Sanyo Chemical Industries Ltd		1,473
	402,000		Sanyo Special Steel Co Ltd		1,795
	1,465,705	*	Sappi Ltd		6,823
	1,158,446	*	Saracen Mineral Holdings Ltd		1,246
	304,377		Satipel Industrial S.A.		805
	127,942		Scapa Group plc		450
	431,758	*	Schmolz + Bickenbach AG.		301
	103,743		Schnitzer Steel Industries, Inc (Class A)		1,826
	159,684		Schweitzer-Mauduit International, Inc		5,634
	279,800		Scientex BHD		863
	89,417		Scotts Miracle-Gro Co (Class A)		6,251
	58,211	*,e	Seabridge Gold, Inc		855
	59,859		Seah Besteel Corp		1,299
	17,648		SeAH Steel Corp		1,046
	1,023,212		Sealed Air Corp		47,037
	1,703,000		Sekisui Plastics Co Ltd		5,329
	1,521,021	*	SEMAFO, Inc		7,299
	41,032		Semapa-Sociedade de Investimento e Gestao		451
	106,979		Sensient Technologies Corp		7,600
	1,796,761		Sesa Sterlite Ltd		3,548
	694,595		Severstal (GDR)		7,649
	32,481	g	SH Kelkar & Co Ltd		103
	1,390,000		Shandong Chenming Paper Holdings Ltd		1,034
	1,947,929		Shandong Chenming Paper Holdings Ltd (Class B)		1,488
	386,700	*	Shanghai Chlor-Alkali Chemical Co Ltd		309
	161,987		Shanghai Yaohua Pilkington Glass Co Ltd		110
	18,464		Sharda Cropchem Ltd		107
	706,000		Sheen Tai Holdings Grp Co Ltd		92
	247,963		Sherwin-Williams Co		72,819
	168,000	*	Shihlin Paper Corp		168
	31,000		Shikoku Chemicals Corp		242
	12,878	*	Shine Co Ltd		263
	533,037		Shin-Etsu Chemical Co Ltd		31,230
	89,400		Shin-Etsu Polymer Co Ltd		523
	2,465,032		Shinkong Synthetic Fibers Corp		660
	3,534,000	*	Shougang Concord International Enterprises Co Ltd		100
	157,100	e	Showa Denko KK		1,481

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,611		Shree Cement Ltd	$	1,644
	740,325		Siam Cement PCL (Foreign)		10,055
	1,091,171		Sibanye Gold Ltd		3,715
	288,025		Sidi Kerir Petrochemcials Co		379
	4,842		Sika AG.		20,303
	91,376		Silgan Holdings, Inc		4,702
	113,399	*	Silver Standard Resources, Inc		1,472
	965,576		Silver Wheaton Corp		22,728
	145,507	e	Sims Group Ltd		863
	2,012,000	e	Sinofert Holdings Ltd		248
	15,412,674	e	Sinopec Shanghai Petrochemical Co Ltd		7,092
	1,752,368	*	Sirius Minerals plc		449
	29,244		SK Chemicals Co Ltd		1,854
	100,826		SKC Co Ltd		2,389
	12,081		SKCKOLONPI, Inc		104
	716,428		Smurfit Kappa Group plc		15,775
	464,626		Sociedad Quimica y Minera de Chile S.A. (ADR)		11,486
	103,928		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,571
	176,493		Soda Sanayii AS		280
	5,494		SODIFF Advanced Materials Co Ltd		592
	287,478	m	Solar Applied Materials Technology Co		39
	22,508		Solvay S.A.		2,102
	13,920		Songwon Industrial Co Ltd		276
	108,880		Sonoco Products Co		5,407
	223,172	*	South Valley Cement		123
	9,283,911	*	South32 Ltd		10,888
	13,152	*	South32 Ltd (W/I)		16
	704,766	e	Southern Copper Corp (NY)		19,015
	263,305	*,e	SSAB AB		495
	90,835	*,e	Ssab Svenskt Stal AB (Series A)		212
	454,589	*,e	Ssab Svenskt Stal AB (Series B)		867
	21,421	*	Ssangyong Cement Industrial Co Ltd		349
	1,302,513	*	St Barbara Ltd		2,869
	1,155,421		Steel Dynamics, Inc		28,308
	190,794	e	Stella-Jones, Inc		7,105
	84,505		Stepan Co		5,031
	20,247	*,m	Sterlite Technologies Ltd		27
	336,739	*,e	Stillwater Mining Co		3,994
	4,957		STO AG.		568
	744,243		Stora Enso Oyj (R Shares)		5,985
	738,031	*	Stornoway Diamond Corp		543
	683,221		Sumitomo Bakelite Co Ltd		3,169
	2,977,511		Sumitomo Chemical Co Ltd		12,285
	408,437		Sumitomo Metal Mining Co Ltd		4,155
	1,031,193		Sumitomo Osaka Cement Co Ltd		4,425
	40,000		Sumitomo Seika Chemicals Co Ltd		223
	14,612	*,e	Sumitomo Titanium Corp		179
	149,555	*	Summit Materials, Inc		3,060
	285,543		SunCoke Energy, Inc		1,662
	2,444,500	*,e,m	Superb Summit International Group Ltd		32
	9,502,100	*	Superblock PCL-Foreign		490
	84,007		Supreme Industries Ltd		1,137

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	481,488		Suzano Papel e Celulose S.A.	$	1,698
	55,000		Swancor Ind Co Ltd		223
	181,359		Symrise AG.		12,371
	198,366		Syngenta AG.		76,142
	992,273		Synthos S.A.		909
	166,846	*,e	Syrah Resources Ltd		754
	805,080		Ta Ann Holdings BHD		659
	536,438		TA Chen Stainless Pipe		270
	667		Taekwang Industrial Co Ltd		504
	631,239	e	Tahoe Resources, Inc		9,450
	546,898		Tahoe Resources, Inc (Toronto)		8,191
	2,632,516		Taiheiyo Cement Corp		6,235
	3,194,728		Taiwan Cement Corp		3,195
	2,284,960		Taiwan Fertilizer Co Ltd		3,050
	243,725		Taiwan Hon Chuan Enterprise Co Ltd		363
	2,446,329		Taiwan Styrene Monomer		1,198
	39,300	e	Taiyo Ink Manufacturing Co Ltd		1,216
	263,153		Taiyo Nippon Sanso Corp		2,419
	26,100		Takasago International Corp		703
	33,000		Takiron Co Ltd		147
	1,023,725		Tata Steel Ltd		4,910
	40,446		Technosemichem Co Ltd		1,964
	1,443,077	e	Teck Cominco Ltd		19,000
	9,551,018		Teijin Ltd		31,648
	33,500		Tenma Corp		499
	25,482	*	Tessenderlo Chemie NV		875
	275,521	e	TFS Corp Ltd		291
	346,756		ThyssenKrupp AG.		6,970
	835,000	*	Tianjin TEDA Biomedical Engineering Co Ltd		183
	238,692		TimkenSteel Corp		2,296
	47,248		Titan Cement Co S.A.		970
	288,800	e	Toagosei Co Ltd		2,664
	30,900	e	Toho Titanium Co Ltd		198
	104,000		Toho Zinc Co Ltd		317
	616,000	e	Tokai Carbon Co Ltd		1,546
	190,000		Tokushu Tokai Holdings Co Ltd		646
	342,000	*,e	Tokuyama Corp		937
	36,500		Tokyo Ohka Kogyo Co Ltd		901
	169,796		Tokyo Rope Manufacturing Co Ltd		245
	216,500		Tokyo Steel Manufacturing Co Ltd		1,187
	660,750		Ton Yi Industrial Corp		295
	180,794	b	Tong Yang Major Corp		510
	28,411	*	Tongyang Cement & Energy Corp		108
	505,000		Topy Industries Ltd		1,040
	563,572		Toray Industries, Inc		4,809
	1,175,000		Tosoh Corp		5,420
	463,000		Toyo Ink Manufacturing Co Ltd		1,939
	36,300		Toyo Kohan Co Ltd		87
	116,541		Toyo Seikan Kaisha Ltd		2,227
	2,637,676		Toyobo Co Ltd		5,001
	65,331	*,e	Trecora Resources		681
	105,544		Tredegar Corp		1,701

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	103,663	*	Trinseo S.A.	$	4,450
	515,229	e	Tronox Ltd		2,272
	552,000		TSRC Corp		509
	94,008	e	Tubacex S.A.		231
	1,453,000		Tung Ho Steel Enterprise Corp		862
	5,284,022	*	Turquoise Hill Resources Ltd		17,873
	2,848,647		UBE Industries Ltd		4,715
	15,847	*	UFP Technologies, Inc		357
	56,766		Ultra Tech Cement Ltd		2,877
	27,318		Umicore		1,411
	6,940		Unid Co Ltd		267
	297,204		United Phosphorus Ltd		2,431
	5,820		United States Lime & Minerals, Inc		343
	398,433	e	United States Steel Corp		6,718
	354,520		Universal Cement Corp		241
	622,532		UPC Technology Corp		176
	2,124,914		UPM-Kymmene Oyj		39,036
	41,292	*	US Concrete, Inc		2,515
	724,870		USI Corp		283
	392,600		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		241
	2,395,044		Vale S.A.		12,131
	2,995,093		Vale S.A. (Preference)		12,149
	57,252	e	Valhi, Inc		90
	45,726		Valspar Corp		4,940
	198,041	e	Vedanta Resources plc		1,107
	221,097		Victrex plc		4,476
	10,921		Vinati Organics Ltd		89
	53,725	e	Voestalpine AG.		1,808
	146,528	e	Vulcan Materials Co		17,636
	135,855	e	Wacker Chemie AG.		11,897
	64,261		Welspun-Gujarat Stahl Ltd		76
	2,028,000	e	West China Cement Ltd		284
	228,302		West Fraser Timber Co Ltd		6,674
	201,159	e	Western Areas NL		329
	1,045,232		Western Forest Products, Inc		1,650
	246,706		Westlake Chemical Corp		10,589
	344,079		WestRock Co		13,374
	2,859,523		Wienerberger AG.		40,071
	134,152	e	Winpak Ltd		4,929
	3,094	*	Wonik Materials Co Ltd		158
	142,332	*	Worthington Industries, Inc		6,021
	1,370,516		WR Grace & Co		100,335
	298,600	e	W-Scope Corp		7,064
	723,000	*	Xinjiang Xinxin Mining Industry Co Ltd		71
	1,842,361	e	Yamana Gold, Inc		9,583
	42,700		Yamato Kogyo Co Ltd		969
	306,559		Yara International ASA		9,738
	70,573		Yeong Guan Energy Technology Group Co Ltd		450
	300,000		Yeun Chyang Industrial Co Ltd		217
	747,577		Yieh Phui Enterprise		184
	969,170		Yingde Gases		354
	542,000		Yip’s Chemical Holdings Ltd		175

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	80,800		Yodogawa Steel Works Ltd	$	1,971
	2,876	*	Yonwoo Co Ltd		118
	8,118		Youlchon Chemical Co Ltd		95
	2,443,285		Yuen Foong Yu Paper Manufacturing Co Ltd		738
	587,059		Yule Catto & Co plc		2,550
	64,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		150
	39,024		Zaklady Azotowe w Tarnowie-Moscicach S.A.		682
	305,512		Zeon Corp		1,979
	778,000	e	Zhaojin Mining Industry Co Ltd		827
	20,155		Zignago Vetro S.p.A.		123
	13,146,731	e	Zijin Mining Group Co Ltd		4,416
			TOTAL MATERIALS		5,132,809

MEDIA - 3.1%
	1,691,320		ABS-CBN Holdings Corp (ADR)		1,710
	22,800	e	Adways, Inc		219
	129,766		Aimia, Inc		794
	25,500	*,e	AirMedia Group, Inc (ADR)		87
	11,937,467	*,e	Alibaba Pictures Group Ltd		2,793
	291,128	*,e	Altice NV (Class A)		4,347
	119,124	*	Altice NV (Class B)		1,795
	144,445		AMC Entertainment Holdings, Inc		3,988
	719,587	*	AMC Networks, Inc		43,477
	8,300	*	Amuse, Inc		154
	84,504	e	Antena 3 de Television S.A.		826
	1,018		APG SGA S.A.		417
	141,783	*,e	APN News & Media Ltd		431
	26,200		Asatsu-DK, Inc		620
	8,579,000	e	Asian Pay Television Trust		3,383
	1,410,670		Astro Malaysia Holdings BHD		1,025
	142,859		Avex Group Holdings, Inc		1,617
	42,272		Axel Springer AG.		2,219
	760,248		BEC World PCL (Foreign)		495
	110,937	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		134
	4,936,000	*	Big Media Group Ltd		246
	167,916	e	Borussia Dortmund GmbH & Co KGaA		752
	2,800	*,e	Brangista, Inc		81
	2,934		Cable One, Inc		1,500
	16,653	e	Cairo Communication S.p.A.		83
	57,215	*	Carmike Cinemas, Inc		1,723
	2,647,239		CBS Corp (Class B)		144,116
	68,462	*	Central European Media Enterprises Ltd (Class A)		152
	199,682	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		421
	544,792	*	Charter Communications, Inc		124,561
	74,432		Cheil Communications, Inc		1,099
	235,813		Cinemark Holdings, Inc		8,598
	111,391	e	Cineplex Galaxy Income Fund		4,447
	593,320		Cineworld Group plc		4,328
	23,896		CJ CGV Co Ltd		2,166
	60,680		CJ E&M Corp		3,671
	523,533		CJ Hellovision Co Ltd		5,134

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	47,549		Clear Channel Outdoor Holdings, Inc (Class A)	$	296
	55,073		Cogeco Communications, Inc		2,890
	13,374		Cogeco, Inc		578
	11,315,281		Comcast Corp (Class A)		737,643
	115,593	*,e	Corus Entertainment, Inc		1,192
	40,727		CTS Eventim AG.		1,245
	58,400	e	CyberAgent, Inc		3,535
	417,352	*	Cyfrowy Polsat S.A.		2,335
	64,900	*,e	DA Consortium, Inc		730
	32,000		Daiichikosho Co Ltd		1,342
	2,691	*,e	Daily Journal Corp		638
	615,848		Daily Mail & General Trust		4,916
	43,394	*	DEN Networks Ltd		59
	184,855		Dentsu, Inc		8,665
	452,000	e	DHX Media Ltd		2,316
	5,490,000	*,e	Digital Domain Holdings Ltd		352
	242,494	*,e	Discovery Communications, Inc (Class A)		6,118
	451,956	*	Discovery Communications, Inc (Class C)		10,779
	761,072	*	DISH Network Corp (Class A)		39,880
	181,363	*	DreamWorks Animation SKG, Inc (Class A)		7,412
	108,421		Entercom Communications Corp (Class A)		1,471
	276,711		Entertainment One Ltd		635
	247,864		Entravision Communications Corp (Class A)		1,666
	66,104	*,e	Eros International plc		1,076
	4,000,000	*	eSun Holdings Ltd		300
	42,838		Eutelsat Communications		809
	140,715		EW Scripps Co (Class A)		2,229
	8,934	*	Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		112
	354,000		Fuji Television Network, Inc		3,980
	281,222		Gannett Co, Inc		3,884
	500,548		Gestevision Telecinco S.A.		5,651
	114,661	*,e	Global Eagle Entertainment, Inc		761
	147,521	*	Gray Television, Inc		1,601
	3,897,627	e	Grupo Televisa S.A.		20,345
	104,875	*	Gruppo Editoriale L’Espresso S.p.A.		87
	248,401		Hakuhodo DY Holdings, Inc		2,977
	188,076		Harte-Hanks, Inc		299
	170,021		Havas S.A.		1,311
	30,868	*,e	Hemisphere Media Group, Inc		364
	36,102		Hyundai Hy Communications & Network Co		117
	446,898	*	IBN18 Broadcast Ltd		299
	55,880	*	IHQ, Inc		145
	101,400	*,g	IMAX China Holding, Inc		500
	814,341	*,e	Imax Corp		24,007
	1,477,294		Informa plc		14,406
	31,394		Innocean Worldwide, Inc		2,223
	4,330,489		Interpublic Group of Cos, Inc		100,034
	79,914	e	IPSOS		2,275
	242,330	e	ITE Group plc		459
	6,859,304		ITV plc		16,446
	142,654		Jagran Prakashan Ltd		384
	628,144	e	JC Decaux S.A.		21,179

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	35,087	*	Jcontentree Corp	$	129
	2,053,763		John Fairfax Holdings Ltd		1,438
	105,054		John Wiley & Sons, Inc (Class A)		5,482
	1,028,176	*	Juventus Football Club S.p.A.		291
	70		Kabel Deutschland Holding AG.		8
	68,632		Kadokawa Dwango Corp		903
	18,388		Kinepolis Group NV		822
	21,383		KT Skylife Co Ltd		302
	60,160		Lagardere S.C.A.		1,309
	83,200	*,e	Lee Enterprises, Inc		159
	40,020	*,e	Liberty Braves Group (Class A)		602
	87,757	*,e	Liberty Braves Group (Class C)		1,287
	43,308	*	Liberty Broadband Corp (Class A)		2,573
	167,930	*	Liberty Broadband Corp (Class C)		10,076
	37,397	*	Liberty Global plc		1,071
	146,688	*	Liberty Global plc (Class A)		4,263
	18,340	*,e	Liberty Global plc LiLAC (Class A)		592
	5,731	*,e	Liberty Global plc LiLAC (Class C)		186
	58,805	*	Liberty Media Group (Class A)		1,126
	173,747	*,e	Liberty Media Group (Class C)		3,296
	258,074	*	Liberty SiriusXM Group (Class A)		8,093
	449,100	*	Liberty SiriusXM Group (Class C)		13,864
	491,538	e	Lions Gate Entertainment Corp		9,944
	324,357	*	Live Nation, Inc		7,622
	113,612		Loen Entertainment, Inc		7,253
	29,530	*	Loral Space & Communications, Inc		1,042
	56,912		M6-Metropole Television		946
	47,816	*	Madison Square Garden Co		8,249
	383,300		Major Cineplex Group PCL-Foreign		361
	736,133	e	MDC Partners, Inc		13,464
	351,190	*	Media General, Inc		6,037
	1,675,100		Media Prima BHD		573
	3,352,853		Mediaset S.p.A.		11,725
	478,600		Megacable Holdings SAB de C.V.		1,939
	2,320,000	*	Mei Ah Entertainment Group Ltd		157
	121,765		Meredith Corp		6,321
	44,570		Modern Times Group AB (B Shares)		1,185
	288,512	*	MSG Networks, Inc		4,426
	69,200		Multiplus S.A.		779
	13,000,000	*	Nan Hai Corp Ltd		355
	2,900		Nasmedia Co Ltd		123
	869,222		Naspers Ltd (N Shares)		132,726
	161,579		National CineMedia, Inc		2,501
	159,014		New Media Investment Group, Inc		2,873
	308,089		New York Times Co (Class A)		3,728
	160,647		News Corp		1,823
	40,728		News Corp (Class B)		475
	71,323	e	Nexstar Broadcasting Group, Inc (Class A)		3,394
	43,600	e	Next Co Ltd		390
	13,519	*	Next Entertainment World Co Ltd		139
	772,352	e	Nine Entertainment Co Holdings Ltd		612
	141,783	*,e	NZME Ltd		77

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	352,662		Omnicom Group, Inc	$	28,738
	250,830		oOh!media Ltd		926
	599,952		Pearson plc		7,804
	1,222,000		Phoenix Satellite Television Holdings Ltd		276
	443,900		Plan B Media PCL		67
	83,900		Poly Culture Group Corp Ltd		195
	46,528	*	Promotora de Informaciones S.A.		262
	845,869	e	ProSiebenSat. Media AG.		37,000
	9,700		Proto Corp		113
	6,802,415		PT Global MediaCom Tbk		509
	5,277,338		PT Media Nusantara Citra Tbk		885
	582,870		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		3,527
	5,760,336		PT Surya Citra Media Tbk		1,448
	6,492,500	*	PT Visi Media Asia Tbk		154
	135,191		Publicis Groupe S.A.		9,045
	90,183		PVR Ltd		1,353
	160,436	e	Quebecor, Inc		4,597
	58,292	*	Radio One, Inc		186
	140,318	g	RAI Way S.p.A		631
	448,528	*,e	RCS MediaGroup S.p.A.		402
	96,733		REA Group Ltd		4,341
	45,634	*	Reading International, Inc		570
	2,898,065		Reed Elsevier NV		50,138
	1,881,013		Reed Elsevier plc		34,638
	768,020	e	Regal Entertainment Group (Class A)		16,927
	407,000		RS PCL		135
	314,797		RTL Group		25,709
	8,933	e	Saga Communications, Inc		353
	22,518	e	Salem Communications		163
	123,192	e	Sanoma-WSOY Oyj		722
	36,431		SBS Media Holdings Co Ltd		96
	14,250		Schibsted ASA		427
	103,752		Schibsted ASA (B Shares)		2,968
	62,788		Scholastic Corp		2,487
	457,162	e	Scripps Networks Interactive (Class A)		28,467
	24,800	*	Septeni Holdings Co Ltd		908
	151,759		SES Global S.A.		3,249
	577,654	*,e	Shaw Communications, Inc (B Shares)		11,089
	77,000		Shochiku Co Ltd		801
	27,836		SHOWBOX Corp		179
	159,988		Sinclair Broadcast Group, Inc (Class A)		4,777
	1,219,101	e	Singapore Press Holdings Ltd		3,592
	82,592	e	Sirius XM Canada Holdings, Inc		292
	4,951,024	*,e	Sirius XM Holdings, Inc		19,557
	1,230,182	e	Sky Network Television Ltd		4,198
	793,200		Sky Perfect Jsat Corp		3,669
	10,836,238		Sky plc		123,137
	15,527	*	SM Entertainment Co		494
	5,100,000	e	SMI Holdings Group Ltd		483
	58,100		Smiles S.A.		868
	98,245	e	Societe Television Francaise 1		1,040

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	27,715	*,e	Solocal Group	$	66
	2,501,349		Southern Cross Media Group		2,353
	658,855	*	Starz-Liberty Capital		19,713
	95,993	e	Stroer Out-of-Home Media AG.		4,416
	136,402		Sun TV Network Ltd		738
	460,000		T4F Entretenimento S.A.		945
	142,432		TEGNA, Inc		3,300
	45,906	*	Telenet Group Holding NV		2,099
	281,543	e	Television Broadcasts Ltd		966
	165,217	*,e	Ten Network Holdings Ltd		112
	550,137		Thomson Corp		22,237
	345,318		Thomson Corp (Toronto)		13,971
	4,252,314		Time Warner, Inc		312,715
	309,816		Time, Inc		5,100
	44,200		Toei Animation Co Ltd		2,246
	776,885		Toei Co Ltd		7,305
	86,523		Toho Co Ltd		2,396
	124,900		Tohokushinsha Film Corp		627
	210,100		Tokyo Broadcasting System, Inc		2,842
	1,014,000	*	Tom Group Ltd		258
	16,259	*,e	Townsquare Media, Inc		128
	405,466		Tribune Co		15,886
	138,923	*	tronc, Inc		1,917
	148,800		TV Asahi Corp		2,423
	1,001,600	e	TV Azteca S.A. de C.V.		132
	2,212,191		Twenty-First Century Fox, Inc		59,840
	890,217		Twenty-First Century Fox, Inc (Class B)		24,258
	334,100		UBM plc		2,865
	185,546	*	Usen Corp		550
	1,475,400		VGI Global Media PCL		253
	774,600	*	VHQ Media Holdings Ltd		3,833
	18,031		Viacom, Inc		837
	1,854,615		Viacom, Inc (Class B)		76,911
	436,178	*,e	Videocon d2h Ltd (ADR)		3,699
	66,171		Village Roadshow Ltd		260
	2,517,600	*	Viva China Holdings Ltd		218
	1,224,118		Vivendi Universal S.A.		22,902
	5,220,892		Walt Disney Co		510,708
	2,994,891		West Australian Newspapers Holdings Ltd		2,399
	661,000	e	Wisdom Holdings Group		202
	207,924		Wolters Kluwer NV		8,419
	21,412	*	Woongjin Thinkbig Co Ltd		218
	119,800		Workpoint Entertainment PCL		137
	82,555	e	World Wrestling Entertainment, Inc (Class A)		1,520
	4,900		Wowow, Inc		114
	502,686		WPP AUNZ Ltd		394
	3,587,830		WPP plc		74,775
	23,812	*	Yellow Pages Ltd		338
	7,725		YG Entertainment, Inc		271
	5,569,960	*	Zee Entertainment Enterprises Ltd		8,102
	824,911		ZEE Telefilms Ltd		5,599
	18,700		Zenrin Co Ltd		366
			TOTAL MEDIA		3,407,144

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
	1,293,000	*,e,g	3SBio, Inc	$	1,334
	15,639	*,e	AB Science S.A.		238
	4,927,122		AbbVie, Inc		305,038
	306,187		Abcam plc		3,154
	47,850	*,e	Ablynx NV		626
	215,524	*,e	Acadia Pharmaceuticals, Inc		6,996
	52,317	*,e	Accelerate Diagnostics, Inc		753
	79,919	*,e	Acceleron Pharma, Inc		2,716
	95,562	*,e	AcelRx Pharmaceuticals, Inc		257
	396,259	*,e	Achillion Pharmaceuticals, Inc		3,091
	22,048	*,e	Aclaris Therapeutics, Inc		407
	141,768	*	Acorda Therapeutics, Inc		3,616
	103,946		Actelion Ltd		17,504
	42,061	*,e	Adamas Pharmaceuticals, Inc		637
	53,806	e	Adcock Ingram Holdings Ltd		162
	3,484	*	Adocia		176
	99,042	*,e	Aduro Biotech, Inc		1,120
	80,137	*,e	Advaxis, Inc		648
	127,136	*	Adverum Biotechnologies, Inc		402
	84,860	*,e	Aerie Pharmaceuticals, Inc		1,494
	167,821	*,e	Agenus, Inc		680
	31,849	*,e	Agile Therapeutics, Inc		242
	1,420,411		Agilent Technologies, Inc		63,009
	51,493	*,e	Agios Pharmaceuticals, Inc		2,157
	64,467	*,e	Aimmune Therapeutics, Inc		698
	40,099		Ajanta Pharma Ltd		895
	85,276	*,e	Akebia Therapeutics, Inc		638
	238,276	*	Akorn, Inc		6,787
	65,289	*,e	Albany Molecular Research, Inc		878
	110,376	*,e	Alder Biopharmaceuticals, Inc		2,756
	87,938		Alembic Pharmaceuticals Ltd		750
	1,106,169	*	Alexion Pharmaceuticals, Inc		129,156
	5,078		ALK-Abello AS		890
	146,129	*	Alkermes plc		6,316
	2,060,561	*	Allergan plc		476,175
	105,005	*	Alnylam Pharmaceuticals, Inc		5,827
	103,515	*,e	AMAG Pharmaceuticals, Inc		2,476
	2,144,798		Amgen, Inc		326,331
	6,848		Amicogen, Inc		382
	299,176	*,e	Amicus Therapeutics, Inc		1,634
	105,651	*	Amphastar Pharmaceuticals, Inc		1,703
	112,193	*,e	Ampio Pharmaceuticals, Inc		145
	69,949	*,e	Anavex Life Sciences Corp		427
	95,000	*,e	AnGes MG, Inc		382
	19,864	*,e	ANI Pharmaceuticals, Inc		1,109
	186,452	*,e	Anthera Pharmaceuticals, Inc		576
	85,221	*	Applied Genetic Technologies Corp		1,204
	110,140	*,e	Aralez Pharmaceuticals, Inc		363
	303,978	*,e	Aratana Therapeutics, Inc		1,921

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	55,739	*,e	Ardelyx, Inc	$	487
	606,045	*,e	Arena Pharmaceuticals, Inc		1,036
	29,975	*,e	Argos Therapeutics, Inc		184
	452,512	*,e	Ariad Pharmaceuticals, Inc		3,344
	567,387	*,e	Array Biopharma, Inc		2,020
	149,266	*,e	Arrowhead Research Corp		794
	141,539		Ascendis Health Ltd		231
	19,200		ASKA Pharmaceutical Co Ltd		323
	367,923		Aspen Pharmacare Holdings Ltd		9,076
	2,607,203		Astellas Pharma, Inc		40,887
	67,440	*,e	Asterias Biotherapeutics, Inc		162
	5,855	*	AstraZeneca Pharma India Ltd		93
	1,262,374		AstraZeneca plc		75,469
	417,286	e	AstraZeneca plc (ADR)		12,598
	54,262	*,e	Atara Biotherapeutics, Inc		1,221
	8,348	*	ATGen Co Ltd		297
	196,012	*,e	Athersys, Inc		425
	459,254		Aurobindo Pharma Ltd		5,066
	14,588	*,e	Avexis, Inc		555
	57,697	*,e	Axovant Sciences Ltd		741
	25,430	*,e	Axsome Therapeutics, Inc		192
	10,018	*,e	Basilea Pharmaceutica		696
	26,164	*,e	Bavarian Nordic AS		916
	1,291,967		Bayer AG.		129,758
	552,000	e	Beijing Tong Ren Tang Chinese Medicine Co Ltd		658
	50,498	*,e	Bellicum Pharmaceuticals, Inc		654
	26,190	*	Binex Co Ltd		550
	146,186		Biocon Ltd		1,609
	334,409	*,e	BioCryst Pharmaceuticals, Inc		950
	81,150	*,e	BioDelivery Sciences International, Inc		192
	13,547		Biogaia AB (B Shares)		367
	659,119	*	Biogen Idec, Inc		159,388
	789,284	*	BioMarin Pharmaceutical, Inc		61,406
	200,884	*,e	Bio-Path Holdings, Inc		400
	74,116	*	Bio-Rad Laboratories, Inc (Class A)		10,600
	41,093	*	Biospecifics Technologies Corp		1,641
	110,595		Bio-Techne Corp		12,472
	5,876		Biotest AG.		109
	16,038		Biotest AG. (Preference)		245
	168,672	*,e	BioTime, Inc		440
	272,340	*	Biovitrum AB		3,343
	87,948	*,e	Bluebird Bio, Inc		3,807
	49,235	*,e	Blueprint Medicines Corp		997
	14,223		Boiron S.A.		1,114
	19,462		Boryung Pharmaceutical Co Ltd		1,141
	5,668,030		Bristol-Myers Squibb Co		416,884
	492,132		Bruker BioSciences Corp		11,191
	364,333	*	BTG plc		3,519
	17,394		Bukwang Pharmaceutical Co Ltd		521
	133,636		Cadila Healthcare Ltd		651
	172,699	*	Cambrex Corp		8,934
	121,828	*,e	Cara Therapeutics Inc		586

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,494		Caregen Co Ltd	$	359
	325,858	*	Catalent, Inc		7,491
	73,292	*	Celator Pharmaceuticals, Inc		2,212
	3,330,757	*	Celgene Corp		328,512
	5,571		Cell Biotech Co Ltd		291
	328,532	*,e	Celldex Therapeutics, Inc		1,442
	20,894	*,e	Cellectis S.A.		555
	10,778	*	Celltrion Pharm Inc		225
	75,166	*,e	Celltrion, Inc		6,319
	27,925	*,e	Cellular Biomedicine Group, Inc		335
	4,523	*	Celyad S.A.		111
	95,406	*,e	Cempra, Inc		1,573
	135,485	*	Center Laboratories, Inc		282
	227,215	*	Cepheid, Inc		6,987
	242,179	*	Charles River Laboratories International, Inc		19,965
	48,767	*,e	ChemoCentryx, Inc		219
	196,912	*,e	Chimerix, Inc		774
	10,235,300	*,e,m	China Animal Healthcare Ltd		13
	740,000	*	China Grand Pharmaceutical and Healthcare Holdings Ltd		132
	1,455,900		China Medical System Holdings Ltd		2,231
	19,355,000	*,e	China Regenerative Medicine International Ltd		727
	700,000		China Shineway Pharmaceutical Group Ltd		770
	2,635		Chong Kun Dang Pharm Corp		226
	5,287		Chong Kun Dang Pharmaceutical Corp		513
	10,546		Choongwae Pharma Corp		577
	62,896	*,e	ChromaDex Corp		260
	209,100	e	Chugai Pharmaceutical Co Ltd		7,452
	31,488	*,e	Cidara Therapeutics, Inc		325
	591,170		Cipla Ltd		4,400
	2,556,000	e	CK Life Sciences International Holdings, Inc		232
	67,614	e	Clinigen Group plc		546
	103,023	*,e	Clovis Oncology, Inc		1,413
	62,281	*	CMG Pharmaceutical Co Ltd		334
	8,800		CMIC Co Ltd		136
	703,331	*,e	Coherus Biosciences, Inc		11,879
	32,894	*,e	Collegium Pharmaceutical, Inc		390
	95,167	*	Concert Pharmaceuticals Inc		1,069
	65,696	*	Concordia International Corp		1,415
	889,000	e	Consun Pharmaceutical Group Ltd		456
	228,663	*,e	Corcept Therapeutics, Inc		1,249
	17,361	*	Corvus Pharmaceuticals, Inc		248
	6,252	*,e	COSMO Pharmaceuticals NV		1,021
	17,373	*	CrystalGenomics, Inc		442
	770,528		CSL Ltd		64,981
	4,631,961		CSPC Pharmaceutical Group Ltd		4,139
	11,387	*	CTC BIO, Inc		143
	357,707	*,e	Curis, Inc		558
	83,053	*,e	Cytokinetics, Inc		788
	51,152	*,e	CytomX Therapeutics, Inc		523
	166,422	*,e	CytRx Corp		371
	10,252		Dae Hwa Pharmaceutical Co Ltd		352
	7,535	*	Daehan New Pharm Co Ltd		105

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	50,926		Daewon Pharmaceutical Co Ltd	$	874
	7,689		Daewoong Co Ltd		425
	4,316		Daewoong Pharmaceutical Co Ltd		395
	1,365,583		Daiichi Sankyo Co Ltd		33,177
	1,232,000		Dawnrays Pharmaceutical Holdings Ltd		945
	14,316	*,e	DBV Technologies S.A.		930
	191,428	*,e	Depomed, Inc		3,756
	86,877	*	Dermira, Inc		2,541
	33,118	*,e	Dimension Therapeutics, Inc		199
	290,344		Dishman Pharmaceuticals & Chemicals Ltd		602
	106,530		Divi S Laboratories Ltd		1,756
	14,894		Dong-A Pharmaceutical Co Ltd		2,283
	3,482		Dong-A ST Co Ltd		413
	25,746		DongKook Pharmaceutical Co Ltd		1,617
	194,005		Dr Reddy’s Laboratories Ltd		9,785
	325,975	*,e	Durect Corp		398
	107,810	*,e	Dynavax Technologies Corp		1,572
	19,959	*,e	Eagle Pharmaceuticals, Inc		774
	34,927	*,e	Edge Therapeutics, Inc		353
	14,950	*,e	Editas Medicine, Inc		365
	57,939	*	Egalet Corp		287
	8,362	*,e	Eiger BioPharmaceuticals, Inc		166
	272,961		Eisai Co Ltd		15,241
	3,425,583		Eli Lilly & Co		269,765
	77,152	*,e	Emergent Biosolutions, Inc		2,170
	77,838	*	Enanta Pharmaceuticals, Inc		1,716
	562,775	*,e	Endo International plc		8,774
	106,799	*,e	Endocyte, Inc		343
	171,810	*	Enzo Biochem, Inc		1,026
	100,215	*,e	Epizyme, Inc		1,026
	25,500		EPS Co Ltd		320
	35,611	*,e	Esperion Thereapeutics, Inc		352
	278,000		Essex Bio-technology Ltd		146
	20,877		Eurofins Scientific		7,734
	95,624	*	Evotec AG.		406
	246,750	*,e	Exact Sciences Corp		3,023
	1,008,752	*,e	Exelixis, Inc		7,878
	488,904		Faes Farma S.A. (Sigma)		1,606
	86,030		FDC Ltd		238
	211,923	*	FibroGen, Inc		3,478
	164,069	*,e	Five Prime Therapeutics, Inc		6,784
	26,861	*,e	Flex Pharma, Inc		274
	47,431	*,e	Flexion Therapeutics Inc		710
	74,024	*,e	Fluidigm Corp		668
	88,276	*,e	Fortress Biotech, Inc		237
	33,021	*,e	Foundation Medicine, Inc		616
	74,000		Fuji Pharma Co Ltd		1,639
	33,154	*,e	Galapagos NV		1,822
	520,828	*,e	Galena Biopharma, Inc		243
	8,794	*	Genexine Co Ltd		453
	18,649	*,e	Genfit		509
	58,401	*	Genmab AS		10,649

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	56,686	*,e	Genomic Health, Inc	$	1,468
	1,438,800	*	Genomma Lab Internacional S.A. de C.V.		1,475
	75,048		Genus plc		1,567
	346,663	*,e	Geron Corp		929
	36,885		Gerresheimer AG.		2,841
	5,042,215		Gilead Sciences, Inc		420,622
	11,486,728		GlaxoSmithKline plc		246,677
	136,850		Glenmark Pharmaceuticals Ltd		1,626
	34,700	*,e	Global Blood Therapeutics, Inc		576
	25,056	*,e	GlycoMimetics Inc		182
	46,785		Granules India Ltd		96
	5,466		Green Cross Corp		899
	22,020		Green Cross Holdings Corp		729
	14,200	*,e	GreenPeptide Co Ltd		114
	93,259		Grifols S.A.		2,119
	211,699	*,e	GW Pharmaceuticals plc		1,623
	1,741,994	*	H Lundbeck AS		65,303
	262,971	*,e	Halozyme Therapeutics, Inc		2,269
	21,776	*	Han All Pharmarceutical Co		402
	3,997		Handok Pharmaceuticals Co Ltd		127
	12,637		Hanmi Holdings Co Ltd		1,699
	5,565	e	Hanmi Pharm Co Ltd		3,444
	6,600	*	HEALIOS KK		143
	72,825	*,e	Heron Therapeutics, Inc		1,315
	35,896	*	Heska Corp		1,334
	217,161		Hikma Pharmaceuticals plc		7,151
	119,113		Hisamitsu Pharmaceutical Co, Inc		6,868
	385,314	*,e	Horizon Pharma plc		6,346
	11,004,062	e	Hua Han Bio-Pharmaceutical Holdings Ltd		987
	2,177	*	Hugel, Inc		604
	4,558		Humedix Co Ltd		180
	3,555	*	Huons Co Ltd		294
	15,965	*	Hutchison China MediTech Ltd		402
	227,802	*,e	Idera Pharmaceuticals, Inc		349
	105,426	*,e	Ignyta, Inc		571
	65,481		Il Dong Pharmaceutical Co Ltd		1,650
	489,885	*	Illumina, Inc		68,770
	12,384	*	Ilyang Pharmaceutical Co Ltd		627
	35,039	*,e	Immune Design Corp		286
	230,107	*,e	Immunogen, Inc		709
	195,814	*,e	Immunomedics, Inc		454
	190,256	*	Impax Laboratories, Inc		5,483
	171,645	*	INC Research Holdings, Inc		6,545
	489,684	*	Incyte Corp		39,165
	2,146,433		Indivior plc		7,222
	19,038		Indoco Remedies Ltd		78
	142,270	*,e	Infinity Pharmaceuticals, Inc		189
	163,187	*,e	Innate Pharma S.A.		1,875
	188,054	e	Innoviva, Inc		1,980
	37,053	*,e	Inotek Pharmaceuticals Corp		276
	154,489	*,e	Inovio Pharmaceuticals, Inc		1,427
	190,403	*	Insmed, Inc		1,877

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	53,973	*,e	Insys Therapeutics, Inc	$	698
	15,182	*,e	Intellia Therapeutics, Inc		324
	22,858	*,e	Intercept Pharmaceuticals, Inc		3,261
	64,746	*,e	Intersect ENT, Inc		837
	93,159	*,e	Intra-Cellular Therapies, Inc		3,616
	102,628	*,e	Intrexon Corp		2,526
	10,656	*	iNtRON Biotechnology, Inc		508
	50,545	*,e	Invitae Corp		374
	217,255	*,e	Ionis Pharmaceuticals, Inc		5,060
	68,292		Ipca Laboratories Ltd		496
	284,125		Ipsen		17,409
	304,276	*,e	Ironwood Pharmaceuticals, Inc		3,978
	14,800	*,e	Japan Tissue Engineering Co Lt		181
	190,584	*	Jazz Pharmaceuticals plc		26,931
	14,000		JCR Pharmaceuticals Co Ltd		414
	13,602		Jeil Pharmaceutical Co		1,187
	8,549,108		Johnson & Johnson		1,037,007
	134,041	*	Jubilant Organosys Ltd		626
	258,337	*,e	Juno Therapeutics, Inc		9,930
	76,077		JW Holdings Corp		842
	25,455		JW Shinyak Corp		249
	43,500		Kaken Pharmaceutical Co Ltd		2,852
	59,240	*,e	Karyopharm Therapeutics, Inc		398
	252,247	*,e	Keryx Biopharmaceuticals, Inc		1,670
	106,700		Kissei Pharmaceutical Co Ltd		2,141
	129,971	*,e	Kite Pharma, Inc		6,499
	92,662	*	Knight Therapeutics, Inc		595
	4,557		Kolon Life Science, Inc		629
	58,218	*	Komipharm International Co Ltd		1,719
	7,851		Korea United Pharm Inc		142
	163,431		Kwang Dong Pharmaceutical Co Ltd		1,419
	62,886		Kyongbo Pharmaceutical Co Ltd		1,152
	94,936		Kyorin Co Ltd		1,862
	427,191	e	Kyowa Hakko Kogyo Co Ltd		7,286
	5,888		Kyungdong Pharm Co Ltd		92
	34,541	*,e	La Jolla Pharmaceutical Co		553
	50,393		Laboratorios Almirall S.A.		758
	13,028		Laboratorios Farmaceuticos Rovi S.A		201
	64,063	*,e	Lannett Co, Inc		1,524
	620,000	e	Lee’s Pharmaceutical Holdings Ltd		462
	182,317	*,e	Lexicon Pharmaceuticals, Inc		2,616
	10,819	*	LG Life Sciences Ltd		682
	97,752	*,e	Ligand Pharmaceuticals, Inc (Class B)		11,659
	9,000	*	Linical Co Ltd		143
	112,861	*,e	Lion Biotechnologies, Inc		914
	42,774	*,e	Lipocine, Inc		130
	173,770		Livzon Pharmaceutical Group, Inc		786
	367,625		Lonza Group AG.		61,067
	77,000	*	Lotus Pharmaceutical Co Ltd		151
	30,068	*,e	Loxo Oncology, Inc		697
	95,904	*	Luminex Corp		1,940
	378,902		Lupin Ltd		8,668

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,670,500	*,e	Luye Pharma Group Ltd	$	1,029
	7,802	*	Macrogen, Inc		267
	75,811	*,e	MacroGenics, Inc		2,046
	128,477	*	Mallinckrodt plc		7,809
	458,119	*,e	MannKind Corp		531
	175,620		Marksans Pharma Ltd		125
	582,838	*,e	Mayne Pharma Group Ltd		837
	231,655		Meda AB (A Shares)		4,201
	62,869	*,e	Medgenics, Inc		349
	171,713	*,e	Medicines Co		5,775
	65,847	*,e	MediciNova, Inc		497
	91,918	*	Medigen Biotechnology Corp		236
	365,672	*	Medivation, Inc		22,050
	12,979		Medy-Tox, Inc		4,909
	259,100		Mega Lifesciences PCL		123
	8,068,739		Merck & Co, Inc		464,840
	63,283		Merck KGaA		6,432
	4,636,402	*,e	Merrimack Pharmaceuticals, Inc		24,990
	194,151	*,e	Mesoblast Ltd		158
	88,534	*	Mettler-Toledo International, Inc		32,308
	240,027	*,e	MiMedx Group, Inc		1,915
	39,957	*,e	Minerva Neurosciences, Inc		408
	34,454	*,e	Mirati Therapeutics, Inc		188
	10,700		Mochida Pharmaceutical Co Ltd		865
	5,833	*,e	Molecular Partners AG.		151
	154,617	*	Momenta Pharmaceuticals, Inc		1,670
	33,191	*,e	Morphosys AG.		1,384
	2,131,930	*	Mylan NV		92,185
	38,577	*,e	MyoKardia, Inc		478
	164,781	*,e	Myriad Genetics, Inc		5,042
	29,400	*,e	NanoCarrier Co Ltd		314
	51,390	*,e	NanoString Technologies, Inc		648
	34,292	*,e	NantKwest, Inc		213
	93,173		Natco Pharma Ltd		803
	65,574	*,e	Natera, Inc		791
	13,627	*	Naturalendo Tech Co Ltd		223
	304,342	*	Nektar Therapeutics		4,331
	124,717	*	NeoGenomics, Inc		1,003
	35,072	*,e	Neos Therapeutics, Inc		325
	81,939	*	Neurocrine Biosciences, Inc		3,724
	8,717	*,e	Neuroderm Ltd		142
	86,222	*,e	NewLink Genetics Corp		971
	8,731	*	Newron Pharmaceuticals S.p.A		137
	84,450		Nichi-iko Pharmaceutical Co Ltd		1,726
	56,400	e	Nippon Shinyaku Co Ltd		2,957
	3,886,612		Novartis AG.		320,795
	761,405	*,e	Novavax, Inc		5,535
	3,216,443		Novo Nordisk AS		173,215
	183,000	*	OBI Pharma, Inc		2,912
	48,267	*,e	Ocular Therapeutix, Inc		239
	90,507	*,e	Omeros Corp		952
	43,556	*,e	OncoMed Pharmaceuticals, Inc		536

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	97,000	*,e	OncoTherapy Science, Inc	$	237
	130,923		Oneness Biotech Co Ltd		123
	632,300		Ono Pharmaceutical Co Ltd		27,544
	118,620	*	Ophthotech Corp		6,053
	602,111	*,e	Opko Health, Inc		5,624
	15,760	*	Orexo AB		85
	193,177	*,e	Organovo Holdings, Inc		719
	105,314		Orion Oyj (Class B)		4,089
	53,254	e	Osiris Therapeutics, Inc		271
	59,657	*,e	Otonomy, Inc		947
	629,520		Otsuka Holdings KK		29,010
	128,700		Ouro Fino Saude Animal Participacoes S.A.		1,710
	77,754	*,e	OvaScience, Inc		405
	185,686	*,e	Pacific Biosciences of California, Inc		1,306
	86,441	*,e	Pacira Pharmaceuticals, Inc		2,916
	1,782,786	*,e	Paion AG.		4,194
	39,191	e	Paratek Pharmaceuticals, Inc		545
	166,308	*	Parexel International Corp		10,457
	548,337	e	PDL BioPharma, Inc		1,722
	59,900	*,e	PeptiDream, Inc		3,583
	4,383	*	Peptron, Inc		191
	271,810		PerkinElmer, Inc		14,248
	284,163	e	Perrigo Co plc		25,765
	77,834	*	Pfenex, Inc		651
	18,338		Pfizer Ltd		516
	20,618,172		Pfizer, Inc		725,966
	145,156	*,e	Pharma Mar S.A.		349
	3,775		PHARMA RESEARCH PRODUCTS Co Ltd		174
	51,861		PharmaEngine Inc		358
	221,000		Pharmally International Holding Co Ltd		2,768
	157,834	*	PharmAthene, Inc		385
	35,435	*	Pharmstandard (GDR)		132
	86,924	e	Phibro Animal Health Corp		1,622
	111,946		Piramal Healthcare Ltd		2,398
	197,337	*	Portola Pharmaceuticals, Inc		4,657
	108,343	*	PRA Health Sciences, Inc		4,524
	197,937	*	Prestige Brands Holdings, Inc		10,966
	171,597	*,e	Progenics Pharmaceuticals, Inc		724
	469,118	*	ProMetic Life Sciences, Inc		1,013
	17,082	*,e	Proteostasis Therapeutics, Inc		207
	98,762	*,e	Prothena Corp plc		3,453
	27,232,431		PT Kalbe Farma Tbk		3,169
	106,328	*,e	PTC Therapeutics, Inc		746
	60,766	*,e	Puma Biotechnology, Inc		1,810
	127,055	*	Qiagen NV		2,769
	299,196	*	Qiagen NV (NASDAQ)		6,525
	317,697	*	Quintiles Transnational Holdings, Inc		20,752
	85,826	*,e	Radius Health, Inc		3,154
	209,856	*,e	Raptor Pharmaceutical Corp		1,127
	14,783	*	Reata Pharmaceuticals, Inc		292
	35,833	e	Recipharm AB		501
	446,752		Recordati S.p.A.		13,438

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	167,882	*	Regeneron Pharmaceuticals, Inc	$	58,629
	44,288	*,e	REGENXBIO, Inc		354
	95,555	*,e	Regulus Therapeutics, Inc		276
	116,980	*,e	Relypsa, Inc		2,164
	132,306	*	Repligen Corp		3,620
	135,031	*,e	Retrophin, Inc		2,405
	46,095	*,e	Revance Therapeutics, Inc		627
	3,906		Reyon Pharmaceutical Co Ltd		114
	112,633		Richter Gedeon Rt		2,240
	661,548	*	Rigel Pharmaceuticals, Inc		1,475
	1,269,503		Roche Holding AG.		334,996
	140,600		Rohto Pharmaceutical Co Ltd		2,143
	68,804	*,e	Sage Therapeutics, Inc		2,073
	91,721	*	Sagent Pharmaceuticals		1,374
	53,508		Samjin Pharmaceutical Co Ltd		1,652
	20,842	*	Samsung Pharmaceutical Co Ltd		125
	12,700	*,e	SanBio Co Ltd		214
	174,368	*,e	Sangamo Biosciences, Inc		1,010
	8,685		Sanofi India Ltd		572
	2,093,253		Sanofi-Aventis		173,913
	410,655		Santen Pharmaceutical Co Ltd		6,454
	4,251	*,e	Santhera Pharmaceutical Holding AG.		335
	163,416	*,e	Sarepta Therapeutics, Inc		3,116
	64,200		Sawai Pharmaceutical Co Ltd		4,977
	71,880	*	Schnell Biopharmaceuticals, Inc		371
	159,619	*	Sciclone Pharmaceuticals, Inc		2,085
	201,776		Scinopharm Taiwan Ltd		275
	187,675	*,e	Seattle Genetics, Inc		7,584
	80,932	*	Seegene, Inc		2,351
	1,059,500		Seikagaku Corp		16,497
	69,711	*	Sequent Scientific Ltd		149
	39,748	*,e	Seres Therapeutics, Inc		1,155
	394,000		Shandong Luoxin Pharmacy Stock Co Ltd		599
	748,000		Shandong Xinhua Pharmaceutical Co Ltd		478
	240,000	m	Shanghai Dingli Technology Dev		167
	462,751	e	Shanghai Fosun Pharmaceutical Group Co Ltd		1,134
	239,000	e	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		224
	36,200	g	Shanghai Haohai Biological Technology Co Ltd		169
	49,700	*	Shanghai Shenqi Pharmaceutical Investment Management Co Ltd		88
	19,886		Shilpa Medicare Ltd		148
	532,079		Shionogi & Co Ltd		29,087
	1,151,559		Shire Ltd		71,169
	126,519	e	Shire plc (ADR)		23,290
	2,924	e	Siegfried Holding AG.		562
	4,357,000		Sihuan Pharmaceutical Holdings		832
	7,810,205		Sino Biopharmaceutical		5,126
	64,234	e	Sirtex Medical Ltd		1,237
	976,029	*,m	Skyline Venture Fund III Ltd		10
	211,943	*,e	Sorrento Therapeutics, Inc		1,187
	26,600	e	Sosei Group		4,954
	39,626	*,e	Spark Therapeutics, Inc		2,026

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	416,025	*,e	Spectrum Pharmaceuticals, Inc	$	2,733
	4,957,703	e	SSY Group Ltd		1,606
	182,630		Stada Arzneimittel AG.		9,465
	2,694	*,e	Stallergenes Greer plc		66
	52,282	*,e	Stemline Therapeutics, Inc		354
	146,626		Strides Arcolab Ltd		2,461
	163,325	*	Sucampo Pharmaceuticals, Inc (Class A)		1,792
	331,149	e	Sumitomo Dainippon Pharma Co Ltd		5,740
	56,762	*	Sun Pharma Advanced Research Company Ltd		281
	1,603,054		Sun Pharmaceutical Industries Ltd		18,176
	216,729	*	Supernus Pharmaceuticals, Inc		4,415
	42,688		Suven Life Sciences Ltd		131
	8,499	*	Syndax Pharmaceuticals, Inc		84
	915,574	*,e	Synergy Pharmaceuticals, Inc		3,479
	215,327	*,e	Synthetic Biologics, Inc		388
	31,870	*,e	T2 Biosystems, Inc		251
	235,799	*	Taigen Biopharmaceuticals Holdings Ltd		210
	150,000	*	TaiMed Biologics, Inc		1,011
	42,657		Taisho Pharmaceutical Holdings Co Ltd		4,489
	28,339	*	Taiwan Liposome Co Ltd		128
	40,000	e	Takara Bio, Inc		532
	639,564		Takeda Pharmaceutical Co Ltd		27,583
	411,314		Tanabe Seiyaku Co Ltd		7,432
	22,387	*,e	Taro Pharmaceutical Industries Ltd		3,260
	9,416		Tecan Group AG.		1,469
	102,693	*,e	Teligent, Inc		733
	68,013	*,e	TESARO, Inc		5,717
	204,032	*,e	Tetraphase Pharmaceuticals, Inc		877
	1,251,757		Teva Pharmaceutical Industries Ltd		63,352
	703,523		Teva Pharmaceutical Industries Ltd (ADR)		35,338
	89,177	*,e	TG Therapeutics, Inc		540
	349,232	*,e	TherapeuticsMD, Inc		2,968
	86,553	*,e	Theravance Biopharma, Inc		1,964
	1,253,695		Thermo Electron Corp		185,246
	175,200		Tianjin ZhongXin Pharmaceutical Group Corp Ltd		132
	49,488	*,e	Titan Pharmaceuticals, Inc		271
	22,110	*,e	Tobira Therapeutics, Inc		278
	29,939	*,e	Tokai Pharmaceuticals, Inc		165
	1,394,000	e	Tong Ren Tang Technologies Co Ltd		2,315
	34,100		Torii Pharmaceutical Co Ltd		792
	8,000		Towa Pharmaceutical Co Ltd		418
	192,017	*	Trevena, Inc		1,210
	121,037	*,e	Trovagene, Inc		548
	62,492		Tsumura & Co		1,695
	330,917		TTY Biopharm Co Ltd		1,175
	62,000	*	TWi Pharmaceuticals, Inc		264
	202,392		UCB S.A.		15,197
	126,092	*,e	Ultragenyx Pharmaceutical, Inc		6,167
	62,237		Unichem Laboratories Ltd		265
	423,500	*,e	United Laboratories Ltd		168
	95,689	*	United Therapeutics Corp		10,135
	449,461	*	Valeant Pharmaceuticals International, Inc		9,063

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	40,277	*,e	Valneva SE	$	93
	272,180	*	Vanda Pharmaceuticals, Inc		3,046
	695,674	*	Vectura Group plc		1,496
	68,702	*,e	Versartis, Inc		760
	737,046	*	Vertex Pharmaceuticals, Inc		63,401
	3,506	e	Virbac S.A.		633
	20,348	*	ViroMed Co Ltd		2,532
	85,626	*,e	Vitae Pharmaceuticals, Inc		924
	64,598	*,e	Vital Therapies, Inc		401
	23,644		Vitrolife AB		1,310
	329,490	*,e	Vivus, Inc		369
	37,433	*,e	Voyager Therapeutics, Inc		411
	17,521	*,e	vTv Therapeutics, Inc		102
	206,274	*	VWR Corp		5,961
	224,215	*	Waters Corp		31,536
	22,380	*,e	WaVe Life Sciences Pte Ltd		463
	12,389		Whanin Pharmaceutical Co Ltd		175
	1,882,000	*,e	Winteam Pharmaceutical Group Ltd		746
	26,135		Wockhardt Ltd		363
	39,569	*,e	XBiotech, Inc		828
	114,042	*,e	Xencor Inc		2,166
	163,058	*	Xenoport, Inc		1,148
	8,025		Yuhan Corp		2,145
	83,510	*	Yungjin Pharmaceutical Co Ltd		857
	377,050		YungShin Global Holding Corp		555
	152,292	*,e	Zafgen, Inc		912
	12,398	*,e	Zealand Pharma AS		223
	82,400		Zeria Pharmaceutical Co Ltd		1,193
	367,095	*,e	ZIOPHARM Oncology, Inc		2,015
	1,996,740		Zoetis Inc		94,765
	64,009	*,e	Zogenix, Inc		515
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		9,046,713

REAL ESTATE - 4.2%
	145,842		360 Capital Industrial Fund		298
	16,950,000		8990 Holdings, Inc		2,777
	775,941		Abacus Property Group		1,837
	171,867		Acadia Realty Trust		6,105
	744	*	Activia Properties Inc		3,932
	21,039	*	ADLER Real Estate AG.		267
	22,716	g	ADO Properties S.A.		876
	1,354	*	Advance Residence Investment Corp		3,629
	27,923		Aedifica S.A.		2,159
	30,276		Aeon Mall Co Ltd		396
	16,017	*	AEON REIT Investment Corp		18,300
	10,573		Africa Israel Properties Ltd		164
	64,039		AG Mortgage Investment Trust		925
	1,749,018	e	Agile Property Holdings Ltd		928
	62,389		Agree Realty Corp		3,010
	1,451,084		AIMS AMP Capital Industrial REIT		1,503
	48,788	*	Airport City Ltd		478
	3,018,227		Aldar Properties PJSC		2,225

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	110,443	e	Alexander & Baldwin, Inc	$	3,991
	7,034		Alexander’s, Inc		2,879
	109,726	e	Alexandria Real Estate Equities, Inc		11,359
	76,100		Aliansce Shopping Centers S.A.		334
	10,178,858	e	Allco Commercial Real Estate Investment Trust		9,653
	32,617		Allied Properties Real Estate Investment Trust		977
	15,406		Allreal Holding AG.		2,131
	217,145		Alony Hetz Properties & Investments Ltd		1,775
	96,833	e	Alstria Office REIT-AG.		1,307
	108,775	*,e	Altisource Portfolio Solutions S.A.		3,028
	122,310	e	Altisource Residential Corp		1,124
	31,322	e	Altus Group Ltd		540
	517,400		Amata Corp PCL (Foreign)		189
	1,625,878		Amer Group Holding		47
	245,571		American Assets Trust,Inc		10,422
	294,320		American Campus Communities, Inc		15,561
	886,907		American Capital Agency Corp		17,578
	110,917		American Capital Mortgage, Inc		1,751
	104,750		American Homes 4 Rent		2,145
	978,034		American Tower Corp		111,114
	294,818		Amot Investments Ltd		1,202
	4,497,800		Ananda Development PCL		511
	1,469,851		Anant Raj Industries Ltd		1,069
	5,646		ANF Immobilier		137
	2,091,074	e	Annaly Capital Management, Inc		23,148
	222,348		Anworth Mortgage Asset Corp		1,045
	4,657,960	*	AP Thailand PCL (Foreign)		977
	467,093		Apartment Investment & Management Co (Class A)		20,627
	172,966	e	Apollo Commercial Real Estate Finance, Inc		2,780
	322,698	e	Apple Hospitality REIT, Inc		6,070
	128,499		Ares Commercial Real Estate Corp		1,579
	1,604,461		Argosy Property Ltd		1,313
	219,780		Armada Hoffler Properties, Inc		3,020
	84,808	e	ARMOUR Residential REIT, Inc		1,696
	2,061,188		Arrowhead Properties Ltd (Class A)		1,148
	57,824		Artis Real Estate Investment Trust		604
	2,195,500	e	Ascendas Hospitality Trust		1,100
	1,774,800	e	Ascendas India Trust		1,308
	563,801	e	Ascendas REIT		1,043
	1,941,702		Ascott Residence Trust		1,576
	124,806		Ashford Hospitality Prime, Inc		1,765
	262,212		Ashford Hospitality Trust, Inc		1,408
	1,054,371	*	Attacq Ltd		1,347
	33,261	*,e	AV Homes, Inc		406
	447,731		AvalonBay Communities, Inc		80,766
	1,203,527		Aveo Group		2,870
	60,897		Axia Real Estate SOCIMI S.A.		776
	910,966		Axis Real Estate Investment Trust		384
	7,833,715		Ayala Land, Inc		6,498
	33,613		Azrieli Group		1,429
	12,948,700		Bangkokland PCL		602
	101,900		Barwa Real Estate Co		926

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,411		Bayside Land Corp	$	483
	20,034		Befimmo SCA Sicafi		1,289
	4,392,000		Beijing Capital Land Ltd		1,609
	3,744,000	*	Beijing Enterprises Medical & Health Group Ltd		277
	684,000		Beijing North Star Co		209
	2,186,000	*,e	Beijing Properties Holdings Ltd		140
	4,847,950		Belle Corp		350
	1,202,013	e	Beni Stabili S.p.A.		744
	353,932		Big Yellow Group plc		3,685
	138,736		Blackstone Mortgage Trust, Inc		3,839
	951	*	BLife Investment Corp		2,579
	4,685		Blue Square Real Estate Ltd		154
	57,540	e	Bluerock Residential Growth REIT, Inc		748
	35,346		Boardwalk Real Estate Investment Trust		1,575
	538,337		Boston Properties, Inc		71,007
	1,121,541		BR Malls Participacoes S.A.		4,486
	65,108		BR Properties S.A.		152
	167,941		Brandywine Realty Trust		2,821
	475,050		British Land Co plc		3,857
	326,773		Brixmor Property Group, Inc		8,646
	1,080,429		Brookfield Asset Management, Inc		35,743
	10,104		Brookfield Canada Office Properties		224
	1,188		Brookfield Property Partners LP (Toronto)		27
	1,468,478		Bunnings Warehouse Property Trust		4,013
	177,322	e	BUWOG AG.		4,105
	29,752,414		C C Land Holdings Ltd		7,893
	59,984		CA Immobilien Anlagen AG.		1,002
	664,300	e	Cache Logistics Trust		425
	783,309	e	Cambridge Industrial Trust		320
	124,507		Camden Property Trust		11,009
	134,074		Canadian Apartment Properties REIT		3,441
	33,606		Canadian Real Estate Investment Trust		1,256
	622,500	e	CapitaCommercial Trust		685
	676,393	e	Capital & Counties Properties		2,693
	2,761,580		CapitaLand Ltd		6,341
	1,365,743		CapitaMall Trust		2,172
	1,368,500		CapitaMalls Malaysia Trust		527
	465,032	e	CapitaRetail China Trust		519
	232,710		Capstead Mortgage Corp		2,257
	495,893		Care Capital Properties, Inc		12,997
	263,250		CareTrust REIT, Inc		3,628
	4,180,000	*,e	Carnival Group International Holdings Ltd		540
	800,060		Castellum AB		11,375
	88,833		CatchMark Timber Trust Inc		1,086
	1,833,000		Cathay Real Estate Development Co Ltd		830
	468,272	e	CBL & Associates Properties, Inc		4,360
	923,155	*,e	CBRE Group, Inc		24,445
	545,500	e	CDL Hospitality Trusts		572
	15,000,000		Cebu Holdings, Inc		1,629
	193,218		Cedar Realty Trust, Inc		1,436
	103,032	e	Cedar Woods Properties Ltd		335
	1,281,000		Central China Real Estate Ltd		244

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,333,558		Central Pattana PCL (Foreign)	$	2,272
	5,503,636		Champion Real Estate Investment Trust		3,118
	803,352		Charter Hall Group		3,061
	177,316	e	Chatham Lodging Trust		3,897
	246,168		Chesapeake Lodging Trust		5,723
	4,073,131		Cheuk Nang Holdings Ltd		3,150
	3,271,567		Cheung Kong Property Holdings Ltd		20,613
	497,705		Chimera Investment Corp		7,814
	3,781,500		China Aoyuan Property Group Ltd		829
	1,294,000	e	China Merchants Land Ltd		183
	3,640,000	*	China Minsheng Drawin Technology Group Ltd		170
	12,797,521	*,e	China New Town Development Co Ltd		463
	3,809,000	*,e	China Oceanwide Holdings Ltd		425
	880,000	e	China Overseas Grand Oceans Group Ltd		260
	7,075,127	e	China Overseas Land & Investment Ltd		22,554
	1,230,000		China Overseas Property Holdings Ltd		183
	5,348,083		China Resources Land Ltd		12,602
	3,971,400		China SCE Property Holdings Ltd		857
	2,614,000	e	China South City Holdings Ltd		510
	3,198,722		China Vanke Co Ltd		6,317
	1,342,000	g	China Vast Industrial Urban Development Co Ltd		521
	335,500	e	Chinese Estates Holdings Ltd		713
	111,845		Choice Properties REIT		1,229
	164,088		Chong Hong Construction Co		325
	7,136,758	e	CIFI Holdings Group Co Ltd		1,760
	151,928		City Developments Ltd		923
	64,996	*,e	City Office REIT, Inc		844
	339,818		Citycon Oyj		774
	21,279	e	Cofinimmo		2,502
	62,479		Colliers International Group, Inc		2,134
	448,360	e	Colony Financial, Inc		6,882
	209,411	e	Colony Starwood Homes		6,370
	540,000	e	Colour Life Services Group		375
	415,163	e	Columbia Property Trust, Inc		8,884
	4,269	*	Comforia Residential REIT, Inc		9,601
	186,645		Cominar Real Estate Investment Trust		2,433
	890,468		Communications Sales & Leasing, Inc		25,735
	25,911		Community Healthcare Trust, Inc		548
	408,500		Concentradora Fibra Hotelera Mexicana S.A. de C.V.		323
	12,743	e	Consolidated-Tomoka Land Co		605
	187,445	*	Conwert Immobilien Invest AG.		3,019
	35,444	e	CorEnergy Infrastructure Trust, Inc		1,023
	129,508		Coresite Realty		11,486
	458,436	e	Corp Inmobiliaria Vesta SAB de C.V.		709
	154,601		Corporate Office Properties Trust		4,572
	168,555	e	Corrections Corp of America		5,903
	5,877,628		Country Garden Holdings Co Ltd		2,486
	3,760,500	*	Country Group Development PCL		113
	130,425		Countrywide plc		428
	772,358		Cousins Properties, Inc		8,033
	3,657	*	Crescendo Investment Corp		2,952
	1,117,400		Croesus Retail Trust		677

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	36,861		Crombie Real Estate Investment Trust	$	438
	3,597,137		Cromwell Group		2,734
	1,255,144		Crown Castle International Corp		127,309
	760,000	*	Crown International Corp Ltd		148
	5,588,943	e	CSI Properties Ltd		199
	96,215		CT Real Estate Investment Trust		1,102
	574,097		CubeSmart		17,728
	253,512		CyrusOne, Inc		14,110
	363,963		CYS Investments, Inc		3,046
	118,000	*	D Carnegie & Co AB		1,357
	774	*,e	DA Office Investment Corp		4,583
	199,700		Daibiru Corp		1,718
	890,000		Daikyo, Inc		1,290
	2,595,900		Daiman Development BHD		1,417
	170,746		Daito Trust Construction Co Ltd		27,723
	834,589		Daiwa House Industry Co Ltd		24,509
	733	*	Daiwa House REIT Investment Corp		4,307
	648,100	g	Dalian Wanda Commercial Properties Co Ltd		4,011
	279,289	e	DCT Industrial Trust, Inc		13,417
	204,354		DDR Corp		3,707
	282,235		Derwent London plc		9,846
	391,068		Deutsche Annington Immobilien SE		14,279
	105,589	e	Deutsche Euroshop AG.		4,833
	362,661		Deutsche Wohnen AG.		12,348
	824,733		Dexus Property Group		5,596
	1,292,077	*	Deyaar Development PJSC		209
	683,369		DiamondRock Hospitality Co		6,171
	108,744		DIC Asset AG.		1,030
	465,297	e	Digital Realty Trust, Inc		50,713
	118,582		Dios Fastigheter AB		844
	8,071,927		DLF Ltd		18,052
	72,621	*	Dogus Gayrimenkul Yatirim Ortakligi AS		87
	380,430		Dongwon Development Co Ltd		1,458
	623,830		DoubleDragon Properties Corp		810
	144,011		Douglas Emmett, Inc		5,115
	47,826		Dream Global Real Estate Investment Trust		347
	25,542		Dream Industrial Real Estate Investment Trust		173
	44,845		Dream Office Real Estate Investment Trust		645
	48,891	*,e	Dream Unlimited Corp		302
	458,769		Duke Realty Corp		12,231
	234,504		DuPont Fabros Technology, Inc		11,148
	101,725		Dynex Capital, Inc		706
	70,034	e	Easterly Government Properties, Inc		1,382
	628,762		Eastern & Oriental BHD		259
	97,395		EastGroup Properties, Inc		6,712
	748,900	*	Eco World Development Group BHD		236
	290,684		Education Realty Trust, Inc		13,412
	2,050,491		Emaar Malls Group PJSC		1,579
	7,661,825		Emaar Properties PJSC		13,032
	1,322,919		Emira Property Fund Ltd		1,216
	3,450,662		Emlak Konut Gayrimenkul Yatiri		3,437
	957,333		Emperor International Holdings		192

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	454,984		Empire State Realty Trust, Inc	$	8,640
	356,171		Empiric Student Property plc		511
	173,850		Entertainment Properties Trust		14,026
	174,085	e,g	Entra ASA		1,640
	157,542		Equinix, Inc		61,084
	208,370	*	Equity Commonwealth		6,070
	439,070	e	Equity Lifestyle Properties, Inc		35,148
	237,159		Equity One, Inc		7,632
	1,040,663		Equity Residential		71,681
	1,074,710	*	Eshraq Properties Co PJSC		227
	231,269	e	Essex Property Trust, Inc		52,750
	68,901		Eurobank Properties Real Estate Investment Co		541
	76,090		Eurocommercial Properties NV		3,240
	4,210,000	*	EverChina International Holdings Co. Ltd		153
	17,544,663	e	Evergrande Real Estate Group		10,824
	510,429		Extra Space Storage, Inc		47,235
	827,177		Ezdan Holding Group QSC		4,083
	167,267		Fabege AB		2,845
	3,784,000	e	Fantasia Holdings Group Co Ltd		462
	2,195,407		Far East Consortium		695
	697,500	e	Far East Hospitality Trust		316
	1,124,812		Farglory Land Development Co Ltd		1,302
	29,991	e	Farmland Partners, Inc		339
	145,025	*	Fastighets AB Balder		3,675
	205,292		Federal Realty Investment Trust		33,986
	569,634		FelCor Lodging Trust, Inc		3,549
	344,051		Fibra Shop Portafolios Inmobiliarios SAPI de C.V.		309
	3,926,606		Fibra Uno Administracion S.A. de C.V.		8,346
	18,000,000		Filinvest Development Corp		2,525
	55,728,000		Filinvest Land, Inc		2,361
	101,308		First Capital Realty, Inc		1,738
	355,682		First Industrial Realty Trust, Inc		9,895
	217,603		First Potomac Realty Trust		2,002
	673,708	e	First Real Estate Investment Trust		625
	55,628	e	FirstService Corp		2,544
	160,164		Folkestone Education Trust		319
	3,035		Fonciere de Paris SIIC		473
	8,423		Fonciere Des Regions		744
	539,791		Forest City Realty Trust, Inc		12,043
	79,885	*,e	Forestar Group, Inc		950
	647,177		Fortress Income Fund Ltd		1,583
	368,198		Fortress Income Fund Ltd (A Shares)		396
	217,494		Four Corners Property Trust, Inc		4,478
	309,679	e	Foxtons Group plc		460
	286,938		Franklin Street Properties Corp		3,521
	9,783,725		Franshion Properties China Ltd		2,768
	467,200	e	Frasers Centrepoint Trust		740
	785,100		Frasers Hospitality Trust		450
	410	e	Frontier Real Estate Investment Corp		2,129
	16,550	*	FRP Holdings, Inc		571
	570	*	Fukuoka REIT Corp		1,128
	2,372,000		Future Land Development Holdin		308

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,399,008		Gaming and Leisure Properties, Inc	$	82,718
	402,385		Gateway Lifestyle		867
	82,933		Gazit Globe Ltd		742
	9,951		Gazit, Inc		149
	1,059,575		GDI Property Group		699
	9,081		Gecina S.A.		1,230
	9,588,000		Gemdale Properties and Investment Corp Ltd		511
	2,215,380		General Growth Properties, Inc		66,063
	264,516		Geo Group, Inc		9,041
	74,318		Getty Realty Corp		1,594
	83,911		Gladstone Commercial Corp		1,417
	2,965,891	e	Global Logistic Properties		4,004
	404,160	*,e	Global Net Lease, Inc		3,213
	212	*	Global One Real Estate Investment Corp		782
	1,747,620	*	Globe Trade Centre S.A.		2,946
	3,034,895	*	Glorious Property Holdings Ltd		275
	6,129	*	GLP J-Reit		7,736
	45,237		Godrej Properties Ltd		244
	14,180		Goldcrest Co Ltd		224
	468,000		Golden Land Property Development PCL		81
	970,071		Goodman Property Trust		898
	172,337	e	Government Properties Income Trust		3,974
	884,491		GPT Group (ASE)		3,597
	401,696		Grainger plc		1,136
	1,208,071		Gramercy Property Trust		11,138
	316,885		Grand City Properties S.A.		6,521
	63,577		Granite Real Estate Investment Trust		1,907
	38,209		Great Ajax Corp		530
	234,078		Great Eagle Holdings Ltd		934
	488,821		Great Portland Estates plc		4,092
	5,414,964		Green REIT plc		8,347
	1,390,000	*,e	Greenland Hong Kong Holdings Ltd		484
	611,500	*,e	Greentown China Holdings Ltd		431
	1,511		Griffin Land & Nurseries, Inc (Class A)		46
	335,108	e	Growthpoint Properties Australia Ltd		792
	2,331,666		Growthpoint Properties Ltd		4,074
	692,300	*	Grupo GICSA S.A. de C.V.		491
	542,000	*	Guangdong Land Holdings Ltd		162
	6,326,285	e	Guangzhou R&F Properties Co Ltd		8,020
	832,000	e	Guorui Properties Ltd		293
	171,172		H&R Real Estate Investment Trust		2,982
	53,784	e	Hamborner AG.		581
	2,139,988		Hammerson plc		15,413
	953,495		Hang Lung Group Ltd		2,873
	12,885,419	e	Hang Lung Properties Ltd		26,032
	456		Hankyu REIT, Inc		581
	85,314	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,843
	1,729,408	e	Hansteen Holdings plc		2,348
	222,852		Hatteras Financial Corp		3,655
	882,247		HCP, Inc		31,214
	1,050	*	Health Care & Medical Investment Corp		1,099
	316,353		Healthcare Realty Trust, Inc		11,069

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	486,425		Healthcare Trust of America, Inc	$	15,731
	129,500		Heiwa Real Estate Co Ltd		1,647
	200,397		Helical Bar plc		759
	95,210		Heliopolis Housing		488
	349,344		Hemfosa Fastigheter AB		3,596
	3,545,975		Henderson Land Development Co Ltd		20,030
	119,217	e	Hersha Hospitality Trust		2,045
	26,103,898		Hibernia REIT plc		38,818
	4,179,042		Highwealth Construction Corp		6,914
	351,577		Highwoods Properties, Inc		18,563
	104,973	*,e	Hispania Activos Inmobiliarios SAU		1,228
	5,793,000	*	HKC Holdings Ltd		106
	119,300	*	HNA Innovation Hainan Co Ltd		73
	159,600		Ho Bee Investment Ltd		252
	294,720		Hong Fok Corp Ltd		147
	1,365,094		Hongkong Land Holdings Ltd		8,355
	1,136,000	e	Hopson Development Holdings Ltd		1,006
	63	*	Hoshino Resorts REIT, Inc		793
	378,501		Hospitality Properties Trust		10,901
	1,853,248		Host Marriott Corp		30,041
	240,225	*	Housing Development & Infrastruture Ltd		370
	80,110	*	Howard Hughes Corp		9,158
	224,235		Huaku Development Co Ltd		384
	120,000		Huang Hsiang Construction Co		150
	367,655		Hudson Pacific Properties		10,728
	248,766		Hufvudstaden AB (Series A)		3,904
	2,292	*,e	Hulic Reit, Inc		4,179
	495,362		Hung Poo Real Estate Development Corp		427
	371,000		Hung Sheng Construction Co Ltd		191
	1,066,000		Hydoo International Holding Ltd		128
	673,437		Hyprop Investments Ltd		5,929
	390,752		Hysan Development Co Ltd		1,743
	15,234		Icade		1,070
	1,036	*	Ichigo Real Estate Investment Corp		806
	2,834,000		IGB Real Estate Investment Trust		1,132
	65,800		Iguatemi Empresa de Shopping Centers S.A.		577
	1,468,279		Immobiliare Grande Distribuzione		1,202
	1,355,948	*,e,m	Immoeast AG.		0
	658,721	*,e,m	Immofinanz ANSPR NACHB AG.		0
	646,934	*,e	Immofinanz Immobilien Anlagen AG.		1,388
	231,903	e	Independence Realty Trust, Inc		1,897
	180,065	*	Indiabulls Real Estate Ltd		250
	430	e	Industrial & Infrastructure Fund Investment Corp		2,398
	1,076,847		ING Office Fund		3,464
	1,880,000		Ingenia Communities Group		4,033
	3,263,831	*,e	Inmobiliaria Colonial S.A.		2,384
	57,995		InnVest Real Estate Investment Trust		313
	30,179		InterRent Real Estate Investment Trust		185
	2,729	e	Intershop Holding AG.		1,255
	29,782		Intervest Offices		847
	337,994	e	Intu Properties plc		1,314
	276,648		Invesco Mortgage Capital, Inc		3,787

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,814	e	Invesco Office J-Reit, Inc	$	4,419
	13,400	*,e	Investors Cloud Co Ltd		532
	361,128	e	Investors Real Estate Trust		2,336
	6,689	*	Invincible Investment Corp		4,228
	2,439,593		IOI Properties Group Sdn BHD		1,422
	303,794		Irish Residential Properties REIT plc		374
	643,015		Iron Mountain, Inc		25,611
	1,499,756		Is Gayrimenkul Yatirim Ortakligi AS		878
	170,888	*,e	iStar Financial, Inc		1,639
	1,019	*	Japan Excellent, Inc		1,394
	10,362		Japan Hotel REIT Investment Corp		8,738
	904	*	Japan Logistics Fund Inc		2,108
	329	e	Japan Prime Realty Investment Corp		1,412
	365	*	Japan Real Estate Investment Corp		2,254
	14,892	*	Japan Rental Housing Investments, Inc		12,205
	723	*	Japan Retail Fund Investment Corp		1,846
	1,620	*	Japan Senior Living Investment Corp		2,422
	1,596,750	m	Jiangsu Future Land Co Ltd		2,414
	77,133		Jones Lang LaSalle, Inc		7,517
	56,900	e	Jowa Holdings Co Ltd		2,264
	13,000,000		Joy City Property Ltd		1,772
	2,347,000		K Wah International Holdings Ltd		1,168
	328,480		KEE TAI Properties Co Ltd		148
	897		Kenedix Realty Investment Corp		5,346
	954	e	Kenedix Residential Investment Corp		2,583
	1,752	*	Kenedix Retail REIT Corp		4,717
	596,400	e	Kenedix, Inc		2,241
	384,170		Kennedy-Wilson Holdings, Inc		7,284
	547,100	e	Keppel DC REIT		452
	2,964,353		Kerry Properties Ltd		7,339
	159,900		Killam Apartment Real Estate Investment Trust		1,571
	222,659		Kilroy Realty Corp		14,760
	231,441		Kimco Realty Corp		7,263
	280,000		Kindom Construction Co		156
	201,330		Kite Realty Group Trust		5,643
	2,430,199		Kiwi Property Group Ltd		2,591
	79,600		KLCC Property Holdings BHD		148
	82,651		Klepierre		3,647
	777,577		Klovern AB (B Shares)		899
	129,352		Korea Real Estate Investment Trust Co		422
	3,369,130	e	Kowloon Development Co Ltd		3,224
	2,172,638	e	K-REIT Asia		1,699
	421,249		KSL Holdings BHD		117
	154,269		Kungsleden AB		1,004
	253,185		Kuoyang Construction Co Ltd		91
	2,128,124		KWG Property Holding Ltd		1,242
	90,059		Ladder Capital Corp		1,099
	82,489,163		Lai Fung Holdings Ltd		1,262
	26,773,250		Lai Sun Development Co Ltd		413
	139,593		Lamar Advertising Co		9,255
	39,121	*	Lamda Development S.A.		189
	717,321		Land Securities Group plc		9,982

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,435,500	e	Langham Hospitality Investments Ltd	$	1,918
	49,964	e	Lar Espana Real Estate Socimi S.A.		447
	345,494		LaSalle Hotel Properties		8,147
	6,819	*,e	LaSalle Logiport REIT		6,941
	65,480		LEG Immobilien AG.		6,127
	1,053,868		Lend Lease Corp Ltd		10,011
	376,611		Leopalace21 Corp		2,645
	544,012		Lexington Realty Trust		5,500
	162,973		Liberty Property Trust		6,473
	26,471	*	Lifestyle Properties Development Ltd		7
	1,423,781		Link REIT		9,736
	3,635,200		Lippo-Mapletree Indonesia Retail Trust		944
	340,000		Liu Chong Hing Investment		402
	3,432,000		Logan Property Holdings Co Ltd		1,240
	506,247		London & Stamford Property plc		1,013
	302,000		Long Bon International Co Ltd		168
	3,615,178		Longfor Properties Co Ltd		4,717
	3,307,800		LPN Development PCL (Foreign)		1,218
	236,275		LSR Group (GDR)		670
	147,090		LTC Properties, Inc		7,609
	90,863		Macerich Co		7,759
	307,157		Mack-Cali Realty Corp		8,293
	270,201	e	Macquarie CountryWide Trust		966
	2,863,938		Macquarie Goodman Group		15,361
	1,586,590		Macquarie MEAG Prime REIT		926
	1,540,976		Mah Sing Group BHD		563
	35,779	*,e,m	Mapeley Ltd		0	^
	1,233,141		Mapletree Commercial Trust		1,356
	4,780,200		Mapletree Greater China Commercial Trust		3,596
	3,853,319		Mapletree Industrial Trust		4,929
	1,256,032	e	Mapletree Logistics Trust		935
	70,623	*	Marcus & Millichap, Inc		1,795
	721,674		Matrix Concepts Holdings BHD		445
	25,204		Mazaya Qatar Real Estate Development Q.S.C		92
	601,355		Medical Properties Trust, Inc		9,147
	228,292	*	Medinet Nasr Housing		311
	69,384,116		Megaworld Corp		6,904
	39,544		Melisron Ltd		1,590
	42,957		Mercialys S.A		915
	266,175		Merlin Properties Socimi S.A.		2,809
	1,979,300		Mexico Real Estate Management S.A. de C.V.		2,598
	750,984		MFA Mortgage Investments, Inc		5,460
	1,184,309	e	MGM Growth Properties LLC		31,597
	2,694	*	MID Reit, Inc		9,294
	248,146		Mid-America Apartment Communities, Inc		26,403
	970,929	*	Midland Holdings Ltd		268
	220,035		Milestone Apartments Real Estate Investment Trust		3,217
	962,000	e	Minmetals Land Ltd		114
	1,849,129		Mirvac Group		2,812
	1,055,580		Mitsubishi Estate Co Ltd		19,362
	1,977,241		Mitsui Fudosan Co Ltd		45,379
	216,400		MKH BHD		137

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,929		Mobimo Holding AG.	$	1,121
	263,618	e	Monmouth Real Estate Investment Corp (Class A)		3,496
	397,441		Monogram Residential Trust, Inc		4,058
	26,846		Morguard Real Estate Investment Trust		306
	1,842		Mori Hills REIT Investment Corp		2,892
	1,120	*	Mori Trust Sogo Reit, Inc		2,125
	76,832		Multiplan Empreendimentos Imobiliarios S.A.		1,441
	126,592		National Health Investors, Inc		9,506
	152,204		National Retail Properties, Inc		7,872
	162,094		National Storage Affiliates Trust		3,375
	113,780	*	National Storage REIT		134
	579,266	e	National Storage REIT		723
	1,340,000		Neo-China Land Group Holdings Ltd		272
	320,700		New Europe Property Investments plc		3,658
	733,068		New Residential Investment Corp		10,146
	237,029		New Senior Investment Group, Inc		2,531
	16,074,123		New World Development Co Ltd		16,369
	266,326	e	New York Mortgage Trust, Inc		1,625
	377,131	e	New York REIT, Inc		3,488
	497,017		NewRiver Retail Ltd		1,985
	108,678		Nexity		5,498
	96,449		NexPoint Residential Trust, Inc		1,755
	283,763		Nieuwe Steen Investments NV		1,132
	391		Nippon Accommodations Fund, Inc		1,783
	403	e	Nippon Building Fund, Inc		2,482
	900	*	Nippon Healthcare Investment Corp		1,625
	1,509	*	Nippon ProLogis REIT, Inc		3,686
	4,434	*,e	NIPPON REIT Investment Corp		11,923
	762,101		Nomura Real Estate Holdings, Inc		13,317
	4,467	*	Nomura Real Estate Master Fund, Inc		7,061
	144,486		NorthStar Realty Europe Corp		1,336
	2,057,905		NorthStar Realty Finance Corp		23,522
	18,464		Northview Apartment Real Estate Investment Trust		321
	109,245		NorthWest Healthcare Properties Real Estate Investment Trust		848
	400,068		Norwegian Property ASA		437
	129,136		NTT Urban Development Corp		1,388
	96,906		Oberoi Realty Ltd		391
	475,536		Omega Healthcare Investors, Inc		16,144
	49,372	e	One Liberty Properties, Inc		1,178
	90,900		Open House Co Ltd		2,490
	880,000	*	Optics Valley Union Holding Co Ltd		97
	51,930	e	Orchid Island Capital, Inc		534
	6,374	*	Orix JREIT, Inc		10,977
	831,200		OUE Hospitality Trust		423
	512,545		Outfront Media, Inc		12,388
	920,000		Overseas Chinese Town Asia Holdings Ltd		305
	24,329	e	Owens Realty Mortgage, Inc		405
	6,713,234		Palm Hills Developments SAE		1,687
	370,979		Paramount Group, Inc		5,913
	308,000		Parkway Life Real Estate Investment Trust		554
	191,680		Parkway Properties, Inc		3,207

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,379,556		Parque Arauco S.A.	$	4,816
	146,892	*	Patrizia Immobilien AG.		3,533
	680,200		Pavilion Real Estate Investment Trust		292
	248,478	e	Pebblebrook Hotel Trust		6,523
	164,569	e	Pennsylvania REIT		3,530
	162,140		Pennymac Mortgage Investment Trust		2,632
	733,400	e	Perennial Real Estate Holdings Ltd		491
	1,816,789		Phoenix Mills Ltd		9,313
	415,471		Physicians Realty Trust		8,729
	96,226		Piedmont Office Realty Trust, Inc		2,073
	8,240,000	*	Ping An Securities Group Holdings Ltd		116
	753,200		PLA Administradora Industrial S de RL de C.V.		1,273
	720,100		Platinum Group PCL		129
	1,886		Plazza AG.		439
	1,893,817	e	Poly Hong Kong Investment Ltd		488
	6,766,160		Polytec Asset Holdings Ltd		445
	254,521	e	Post Properties, Inc		15,539
	96,101		Potlatch Corp		3,277
	3,910,000		Powerlong Real Estate Holdings Ltd		787
	1,249,917		Precinct Properties New Zealand Ltd		1,111
	77,418	e	Preferred Apartment Communities, Inc		1,140
	2,072	*	Premier Investment Co		2,722
	482,968		Primary Health Properties plc		686
	2,389,826		Prince Housing & Development Corp		888
	918,400		ProLogis Property Mexico S.A. de C.V.		1,487
	1,667,294		Prologis, Inc		81,764
	2,483,000		Prosperity REIT		1,020
	112,046		PS Business Parks, Inc		11,886
	39,977		PSP Swiss Property AG.		3,879
	5,822,700	*	PT Agung Podomoro Land Tbk		115
	9,616,500		PT Alam Sutera Realty Tbk		352
	6,297,447		PT Bumi Serpong Damai		1,013
	30,615,731		PT Ciputra Development Tbk		3,379
	13,232,143		PT Ciputra Property Tbk		618
	2,836,364		PT Ciputra Surya Tbk		602
	12,412,800	*	PT Hanson International Tbk		738
	5,637,500		PT Intiland Development Tbk		250
	116,098,430		PT Kawasan Industri Jababeka Tbk		2,507
	407,700	*	PT Lippo Cikarang Tbk		240
	100,603,048		PT Lippo Karawaci Tbk		8,740
	22,264,900		PT Modernland Realty Tbk		743
	67,584,900		PT Pakuwon Jati Tbk		3,173
	17,663,600		PT Summarecon Agung Tbk		2,443
	424,221		Public Storage, Inc		108,427
	4,346,170		Puravankara Projects Ltd		3,225
	333,324		Pure Industrial Real Estate Trust		1,329
	1,810,805	*,e	Purplebricks Group plc		3,254
	122,413	e	QTS Realty Trust, Inc		6,853
	16,573,469		Quality House PCL		1,260
	625,433		Radium Life Tech Co Ltd		203
	409,531	e	RAIT Investment Trust		1,282
	995,495		RAK Properties PJSC		164

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	322,417		Ramco-Gershenson Properties	$	6,323
	216,663		Rayonier, Inc		5,685
	5,500		Raysum Co Ltd		38
	40,752		Re/Max Holdings, Inc		1,641
	285,593	*	Realia Business S.A.		312
	373,237	*,e	Realogy Holdings Corp		10,831
	143,797	e	Realty Income Corp		9,974
	852,672	e	Rebosis Property Fund Ltd		583
	918,000	e,g	Redco Properties Group Ltd		640
	1,076,897		Redefine International plc		655
	11,666,641		Redefine Properties Ltd		8,955
	234,306	e	Redwood Trust, Inc		3,236
	26,061,000		Regal Real Estate Investment Trust		6,639
	456,398		Regency Centers Corp		38,214
	159,071		Reit Ltd		474
	13,300		Relo Holdings, Inc		2,354
	14,209,250	*,e	Renhe Commercial Holdings Co Ltd		369
	637,094		Resilient REIT Ltd		5,708
	72,008	e	Resource Capital Corp		926
	466,409		Retail Opportunities Investment Corp		10,107
	244,746		Retail Properties of America, Inc		4,136
	385,186		Rexford Industrial Realty, Inc		8,124
	231,913		RioCan Real Estate Investment Trust		5,265
	409,072		RLJ Lodging Trust		8,775
	41,697	e	RMR Group, Inc		1,291
	466,000		Road King Infrastructure		367
	934,600		Robinsons Land Corp		588
	668,484		Rojana Industrial Park PCL		99
	363,500	*	Ronshine China Holdings Ltd		283
	90,394		Rouse Properties, Inc		1,650
	729,242		Ruentex Development Co Ltd		853
	110,854		Ryman Hospitality Properties		5,615
	4,998,761		S.A. Corporate Real Estate Fund Nominees Pty Ltd		1,748
	1,088,840		Sabana Shari’ah Compliant Industrial REIT		424
	340,436		Sabra Healthcare REIT, Inc		7,025
	705,588		Safestore Holdings plc		3,486
	900	*	Samty Residential Investment Corp		821
	4,964,277		Sansiri PCL		262
	39,555		Saul Centers, Inc		2,441
	340,723		Savills plc		2,788
	1,344,900		SC Asset Corp PCL		126
	10,039,394		Scentre Group		37,185
	468,279		Schroder Real Estate Investment Trust Ltd		315
	1,233,880		Segro plc		6,839
	1,249	*,e	Sekisui House Reit, Inc		1,684
	852		Sekisui House SI Residential Investment Corp		986
	151,975		Select Income REIT		3,950
	85,741		Selvaag Bolig ASA		327
	301,173		Senior Housing Properties Trust		6,273
	59,174	e	Seritage Growth Properties		2,949
	702,062		Shaftesbury plc		8,262
	222,100		Shanghai Erfangji Co Ltd		274

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	73,900	*	Shanghai Huili Building Materials Co Ltd	$	153
	1,601,487		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		2,506
	19,995,430	*	Shanghai Real Estate Ltd		531
	5,065,000	*	Shanghai Zendai Property Ltd		93
	63,700	*	Shenzhen International Enterprise Co Ltd		86
	14,725,668		Shenzhen Investment Ltd		5,912
	233,100		Shenzhen SEG Co Ltd		156
	8,289,815		Shimao Property Holdings Ltd		10,540
	352,913	*	Shining Building Business Co Ltd		121
	54,332		Shoei Co Ltd		573
	622,275		Shopping Centres Australasia Property Group		1,066
	19,930,142		Shui On Land Ltd		5,067
	550	*	SIA Reit, Inc		2,286
	851,716		Siam Future Development PCL		144
	206,051		Silver Bay Realty Trust Corp		3,509
	978,542		Simon Property Group, Inc		212,246
	1,518,500	*	Singha Estate PCL		219
	7,323,332		Sino Land Co		12,058
	1,834,000	*,e	Sinolink Worldwide Holdings Ltd		195
	12,603,820		Sino-Ocean Land Holdings Ltd		5,487
	169,614		Sinyi Realty Co		153
	171,071	*	Six of October Development & Investment		194
	2,799		SK D&D Co Ltd		135
	436,816		SL Green Realty Corp		46,508
	13,138,290		SM Prime Holdings		7,675
	60,251		Smart Real Estate Investment Trust		1,781
	1,361,074		Sobha Developers Ltd		6,621
	2,723,635	e	Soho China Ltd		1,315
	566,600	e	Soilbuild Business Space REIT		289
	55,400		Sonae Sierra Brasil S.A.		298
	153,306		Sovran Self Storage, Inc		16,085
	96,807		Sparkassen Immobilien AG.		906
	1,467,400		SPH REIT		1,015
	1,055,926	e	Spirit Realty Capital, Inc		13,484
	548,209		Sponda Oyj		2,387
	1,010,000	e	Spring Real Estate Investment Trust		439
	439,977	e	ST Modwen Properties plc		1,579
	116,022	*,e	St. Joe Co		2,056
	226,212	*	STAG Industrial, Inc		5,386
	561,409		Standard Life Investment Property Income Trust Ltd		592
	2,200	*	Starts Proceed Investment Corp		3,669
	514,110		Starwood Property Trust, Inc		10,652
	3,438,238		Stockland Trust Group		12,190
	549,449		STORE Capital Corp		16,181
	13,317	*,e	Stratus Properties, Inc		249
	56,840	e	Sumitomo Real Estate Sales Co Ltd		1,117
	424,286		Sumitomo Realty & Development Co Ltd		11,506
	407,544		Summit Hotel Properties, Inc		5,396
	174,531	e	Sun Communities, Inc		13,376
	215,100	e	Sun Frontier Fudousan Co Ltd		2,199
	3,736,620		Sun Hung Kai Properties Ltd		45,097

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,073,522		Sunac China Holdings Ltd	$	1,293
	2,430,000		Sunlight Real Estate Investment Trust		1,389
	983,915		Sunstone Hotel Investors, Inc		11,876
	1,804,098	e	Suntec Real Estate Investment Trust		2,384
	1,828,634		Sunteck Realty Ltd		6,672
	542,458		Sunway BHD		404
	1,169,500		Sunway Real Estate Investment		482
	492,400		Supalai PCL		336
	697,193		Swire Pacific Ltd (Class A)		7,879
	4,857,701		Swire Properties Ltd		12,943
	63,703		Swiss Prime Site AG.		5,767
	104,311		TAG Tegernsee Immobilien und Beteiligungs AG.		1,369
	583,534		Taiwan Land Development Corp		193
	773,600	e	Takara Leben Co Ltd		5,929
	877	*	Takara Leben Infrastructure Fu		1,042
	1,009,277		Talaat Moustafa Group		555
	137,856		Tanger Factory Outlet Centers, Inc		5,539
	268,293		Taubman Centers, Inc		19,907
	174,522		Technopolis plc		688
	33,221	*,e	Tejon Ranch Co		785
	147,411	e	Terreno Realty Corp		3,814
	194,000		Tian Shan Development Holding Ltd		75
	467,280		Ticon Industrial Connection PCL (Foreign)		177
	99,654	e	Tier REIT, Inc		1,528
	172,649		TLG Immobilien AG.		3,631
	52,300		TOC Co Ltd		429
	796,500		Tokyo Tatemono Co Ltd		9,552
	95,015		Tokyu Fudosan Holdings Corp		593
	878	*,e	Tokyu REIT, Inc		1,249
	182		Top REIT Inc		736
	478,611		Torunlar Gayrimenkul Yatirim Ortakligi AS		840
	1,606,100	e	Tosei Corp		11,541
	2,400	*	Tosei Reit Investment Corp		2,749
	43,077	*	Trinity Place Holdings, Inc		331
	2,236,548		Tritax Big Box REIT plc		3,897
	456,000		Tropicana Corp BHD		117
	84,975		Tuan Sing Holdings Ltd		19
	741,827		Two Harbors Investment Corp		6,350
	204,710,396	*	U City PCL		175
	242,256		UDR, Inc		8,944
	1,245,800		UEM Land Holdings BHD		320
	88,081	e	UMH Properties, Inc		991
	106,204	*,e	Unibail-Rodamco		27,474
	452,116		Union Properties PJSC		89
	653,952		Unite Group plc		5,410
	75,497,514	*	Unitech Ltd		7,199
	243,276		United Development Co PSC		1,284
	76,104	e,m	United Development Funding IV		244
	3,167	*,e	United Urban Investment Corp		5,705
	699,400		Univentures PCL		120
	29,298		Universal Health Realty Income Trust		1,675
	958,348		UOA Development BHD		521

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	175,592		UOL Group Ltd	$	716
	220,200		Urban Edge Properties		6,575
	72,234	e	Urstadt Biddle Properties, Inc (Class A)		1,790
	15,882		Vastned Retail NV		644
	981,251		Ventas, Inc		71,455
	1,375,982		VEREIT, Inc		13,952
	3,446,865		Vicinity Centres		8,599
	3,760,200		Vista Land & Lifescapes, Inc		429
	207,894		Vornado Realty Trust		20,814
	1,600,841		Vukile Property Fund Ltd		1,849
	155,530		Wallenstam AB		1,265
	39,802		Warehouses De Pauw SCA		3,738
	174,331		Washington REIT		5,484
	83,102	*	WCM Beteiligungs & Grundbesitz-AG.		300
	73,447		Weingarten Realty Investors		2,998
	735,832		Welltower, Inc		56,048
	36,065		Wereldhave NV		1,629
	93,726	e	Western Asset Mortgage Capital Corp		880
	2,230,918		Westfield Corp		17,920
	1,479,051		Weyerhaeuser Co		44,031
	5,416,235	*	WHA Corp PCL		483
	6,795,728		Wharf Holdings Ltd		41,471
	1,984,064		Wheelock & Co Ltd		9,320
	140,757		Whitestone REIT		2,123
	217,349		Wihlborgs Fastigheter AB		4,449
	371,032	e	Wing Tai Holdings Ltd		450
	270,209		Workspace Group plc		2,494
	102,813		WP Carey, Inc		7,137
	3,563,516	e	WP GLIMCHER, Inc		39,876
	335,628	e	Xenia Hotels & Resorts, Inc		5,632
	35,500		Xinyuan Real Estate Co Ltd (ADR)		174
	1,857,300		Yanlord Land Group Ltd		1,568
	788,200	*	Ying Li International Real Estate Ltd		81
	12,563		YNH Property BHD		6
	904,066	*,e	Yoma Strategic Holdings Ltd		379
	495,700		YTL Hospitality REIT		132
	3,438,000		Yuexiu Real Estate Investment Trust		1,949
	32,582,912		Yuexiul Property Co Ltd		4,020
	5,307,120	e	Yuzhou Properties Co		1,481
	3,671,800	*	Zhong An Real Estate Ltd		329
			TOTAL REAL ESTATE		4,667,086

RETAILING - 4.0%
	128,283	*,e	1-800-FLOWERS.COM, Inc (Class A)		1,157
	229,086		Aaron’s, Inc		5,015
	18,239		ABC-Mart, Inc		1,224
	189,014		Abercrombie & Fitch Co (Class A)		3,366
	114,200		Adastria Holdings Co Ltd		4,525
	135,268		Advance Auto Parts, Inc		21,863
	12,600	e	Alpen Co Ltd		206
	1,438,340	*	Amazon.com, Inc		1,029,305
	407,356	e	American Eagle Outfitters, Inc		6,489

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,060	*,e	America’s Car-Mart, Inc	$	482
	178,627	*,e	AO World plc		333
	42,900		AOKI Holdings, Inc		444
	39,241		Aoyama Trading Co Ltd		1,447
	85,900		Arc Land Sakamoto Co Ltd		954
	11,700	*	Asahi Co Ltd		168
	68,043	*	Asbury Automotive Group, Inc		3,589
	1,797,145	*,e	Ascena Retail Group, Inc		12,562
	18,400	e	ASKUL Corp		680
	210,656	*	ASOS plc		11,253
	57,588		Autobacs Seven Co Ltd		816
	20,543	e	AutoCanada, Inc		352
	268,067	e	Automotive Holdings Group Ltd		759
	49,475	*,e	Autonation, Inc		2,324
	103,954	*	AutoZone, Inc		82,523
	3,825,255		B&M European Value Retail S.A.		13,035
	144,400	*	B2W Companhia Global Do Varejo		423
	718,026	e,m	Baoxin Auto Group Ltd		554
	132,620	*	Barnes & Noble Education, Inc		1,346
	319,676	e	Barnes & Noble, Inc		3,628
	11,208,710		Beauty Community PCL (ADR)		2,639
	1,667,400		Beauty Community PCL (Foreign)		391
	399,554	*	Bed Bath & Beyond, Inc		17,269
	43,700		Belluna Co Ltd		245
	20,540,000		BEP International Holdings Ltd		1,150
	1,447,360		Berjaya Auto BHD		833
	1,289,906	n	Best Buy Co, Inc		39,471
	76,900		BIC CAMERA, Inc		708
	36,334		Big 5 Sporting Goods Corp		337
	120,974	e	Big Lots, Inc		6,062
	154,589		Bilia AB		3,822
	38,936		Blue Nile, Inc		1,066
	1,720,022	*,e	boohoo.com plc		1,322
	34,852	*,e	Boot Barn Holdings, Inc		300
	537,000	*,e,m	Boshiwa International Holding		1
	63,975	e	Buckle, Inc		1,663
	36,071	*	Build-A-Bear Workshop, Inc		484
	217,368	*	Burlington Stores, Inc		14,501
	215,166		Burson Group Ltd		892
	44,664		Byggmax Group AB		341
	152,380	*	Cabela’s, Inc		7,628
	229,415		Caleres, Inc		5,554
	70,685		Canadian Tire Corp Ltd		7,701
	190,400		Canon Marketing Japan, Inc		3,477
	620,285		Card Factory plc		2,642
	548,210	*,e	Carmax, Inc		26,879
	18,128		Cashbuild Ltd		437
	60,796		Cato Corp (Class A)		2,293
	552,671		Chico’s FAS, Inc		5,919
	80,171	e	Children’s Place Retail Stores, Inc		6,428
	366,000	*	China Animation Characters Co Ltd		167
	2,352,000	*	China Beidahuang Industry Group Holdings Ltd		122

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,288,000	e	China Harmony New Energy Auto Holding Ltd	$	694
	2,200,000	e	China Yongda Automobiles Services Holdings Ltd		926
	8,583,500	e	China ZhengTong Auto Services Holdings Ltd		3,174
	13,500		Chiyoda Co Ltd		298
	13,400		Chori Co Ltd		173
	301,000	e	Chow Sang Sang Holding		533
	138,100		Cia Hering		638
	107,531		Citi Trends, Inc		1,670
	55,631		CJ O Shopping Co Ltd		8,511
	79,163		Clas Ohlson AB (B Shares)		1,356
	388,000	*,e,g	Cogobuy Group		628
	93,300		COL PCL (Foreign)		110
	29,251	*,e	Conn’s, Inc		220
	3,134,147	*,a,e	Container Store Group, Inc		16,768
	127,206		Core-Mark Holding Co, Inc		5,961
	283,826		CST Brands, Inc		12,227
	713,338	*,e	Ctrip.com International Ltd (ADR)		29,390
	800,000	e	Dah Chong Hong Holdings Ltd		379
	1,220,000		Daohe Global Group Ltd		100
	459,800	e	DCM Japan Holdings Co Ltd		3,930
	989,612		Debenhams plc		731
	31,633		Delek Automotive Systems Ltd		265
	4,406		Delticom AG.		76
	96,738	*	Destination XL Group, Inc		442
	190,029	b,e,m	Dick Smith Holdings Ltd		1
	133,488		Dick’s Sporting Goods, Inc		6,015
	492,286		Dickson Concepts International Ltd		169
	33,382		Dieteren S.A.		1,450
	52,662	e	Dillard’s, Inc (Class A)		3,191
	1,445,900	*	DNA 2002 PCL		95
	55,422		Dogus Otomotiv Servis ve Ticaret AS		205
	963,961		Dollar General Corp		90,612
	667,727	*	Dollar Tree, Inc		62,927
	319,531		Dollarama, Inc		22,309
	101,400		Don Quijote Co Ltd		3,768
	19,000		Doshisha Co Ltd		365
	197,576	e	DSW, Inc (Class A)		4,185
	35,396	*	Dufry Group		4,234
	21,367	*,e	Duluth Holdings, Inc		523
	263,785		Dunelm Group plc		2,769
	35,549	g	Dustin Group AB		238
	48,900	*	E-Commerce China Dangdang, Inc (ADR)		296
	180,583	e	EDION Corp		1,490
	198,036	e	El Puerto de Liverpool SAB de C.V.		2,091
	2,600,000	*	Empresas La Polar S.A.		120
	1,937,700	e	Esprit Holdings Ltd		1,444
	373,415	*,e	Etsy, Inc		3,581
	92,087	g	Europris ASA		396
	596,287		Expedia, Inc		63,385
	1,713,541	*	Express Parent LLC		24,864
	878,867		Far Eastern Department Stores Co Ltd		475
	57,075		Fast Retailing Co Ltd		15,324

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	30,411	*	FF Group	$	566
	136,180		Finish Line, Inc (Class A)		2,750
	128,232	*,e	Five Below, Inc		5,951
	457,157		Foot Locker, Inc		25,080
	215,831	e	Foschini Ltd		2,038
	143,652	*,e	Francesca’s Holdings Corp		1,587
	82,684	e	Fred’s, Inc (Class A)		1,332
	40,461	*	FTD Cos, Inc		1,010
	15,000		Fuji Co Ltd		362
	544,934	*,m	Future Enterprises Ltd		1,058
	36,597	*	Gaiam, Inc (Class A)		283
	81,960	e	GAME Digital plc		75
	735,081	e	GameStop Corp (Class A)		19,538
	540,756	e	Gap, Inc		11,475
	52,408	*	Genesco, Inc		3,370
	240,262	e	Genuine Parts Co		24,327
	159,500		Geo Corp		2,146
	2,516,000		Giordano International Ltd		1,161
	365,916		GNC Holdings, Inc		8,888
	406,799	e	Golden Eagle Retail Group Ltd		454
	576,000		Goldlion Holdings Ltd		216
	213,368		GOLFZONYUWONHOLDINGS Co Ltd		1,417
	13,393,844	e	GOME Electrical Appliances Holdings Ltd		1,602
	71,462	e	Greencross Ltd		364
	95,138		Group 1 Automotive, Inc		4,696
	8,823	*	Groupe Fnac		473
	3,559,975	*,e	Groupon, Inc		11,570
	242,527	*,e	Grupo Famsa SAB de C.V.		94
	11,030		GS Home Shopping, Inc		1,646
	141,848	e	Guess?, Inc		2,135
	54,100		Gulliver International Co Ltd		444
	649		GwangjuShinsegae Co Ltd		143
	167,053		Halfords Group plc		718
	18,290,000	e	Hang Fat Ginseng Holdings Co Ltd		109
	308,725		Hankyu Department Stores, Inc		4,169
	1,824		Hanwha Galleria Timeworld Co Ltd		82
	1,093,168		Harvey Norman Holdings Ltd		3,804
	47,898		Haverty Furniture Cos, Inc		864
	10,374,762	e	Hengdeli Holdings Ltd		1,197
	914,334		Hennes & Mauritz AB (B Shares)		26,900
	51,394	*,e	Hibbett Sports, Inc		1,788
	15,200		Hikari Tsushin, Inc		1,273
	5,225,628		Home Depot, Inc		667,260
	3,480,294		Home Product Center PCL (Foreign)		984
	690,204		Home Retail Group		1,413
	6,491		Hornbach Baumarkt AG.		175
	250,518		Hotai Motor Co Ltd		2,469
	33,846		Hotel Shilla Co Ltd		2,008
	74,226		HSN, Inc		3,632
	72,043	e	Hudson’s Bay Co		869
	13,436		Hyundai Department Store Co Ltd		1,512
	5,498		Hyundai Home Shopping Network Corp		608

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	256,368		Imperial Holdings Ltd	$	2,618
	851,171		Inchcape plc		7,157
	1,457,270		Industria De Diseno Textil S.A.		48,955
	35,725		Interpark Corp		186
	11,049		Interpark INT Corp		159
	32,190,365	*	Intime Retail Group Co Ltd		26,836
	269,028		Isetan Mitsukoshi Holdings Ltd		2,395
	578,000		IT Ltd		172
	33,500	e	Izumi Co Ltd		1,305
	884,019		J Front Retailing Co Ltd		9,166
	104,109	e	Jardine Cycle & Carriage Ltd		2,848
	364,072	e	JB Hi-Fi Ltd		6,598
	6,626,532	*	JC Penney Co, Inc		58,844
	65,648		JD Sports Fashion plc		1,012
	1,157,221	*,e	JD.com, Inc (ADR)		24,568
	10,000	e	Jin Co Ltd		392
	49,071		John Menzies plc		356
	100,000		Joshin Denki Co Ltd		842
	24,100	e	Joyful Honda Co Ltd		548
	202,883		JUMBO S.A.		2,669
	54,900	*,e	Jumei International Holding Ltd (ADR)		227
	105,901		KappAhl Holding AB		470
	24,687	e	Keiyo Co Ltd		125
	92,480		Kering		14,888
	2,602,616		Kingfisher plc		11,178
	65,000	*	Kintetsu Department Store Co Ltd		216
	30,208		Kirkland’s, Inc		443
	373,102		Kohl’s Corp		14,148
	115,800		Kohnan Shoji Co Ltd		2,145
	18,699		Kolao Holdings		128
	59,400		Komeri Co Ltd		1,549
	549,000		Koradior Holdings Ltd		892
	179,800	e	K’s Holdings Corp		3,355
	333,625		L Brands, Inc		22,396
	32,673	*,e	Lands’ End, Inc		537
	22,800	*,e	Laox Co Ltd		158
	58,527		LEADCORP, Inc		497
	274,903	e	Lewis Group Ltd		821
	5,263,119	e	Li & Fung Ltd		2,552
	1,431,120	*	Liberty Interactive Corp		36,308
	343,158	*	Liberty TripAdvisor Holdings, Inc		7,508
	322,275	*	Liberty Ventures		11,947
	56,335	e	Lithia Motors, Inc (Class A)		4,004
	540,925	*	LKQ Corp		17,147
	51,824		Lojas Americanas S.A.		183
	561,294		Lojas Americanas S.A.(Preference)		2,810
	626,845		Lojas Renner S.A.		4,623
	727,984		Lookers plc		1,044
	25,865		LOTTE Himart Co Ltd		1,041
	9,748		Lotte Shopping Co Ltd		1,724
	3,382,869		Lowe’s Companies, Inc		267,822
	621,000	e	Luk Fook Holdings International Ltd		1,373

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	60,783	*,e	Lumber Liquidators, Inc	$	937
	807,544		Macy’s, Inc		27,142
	1,226,000	e	Maoye International Holdings Ltd		113
	57,171	*	MarineMax, Inc		970
	59,290		Marisa Lojas S.A.		133
	3,481,227		Marks & Spencer Group plc		14,908
	358,723		Marui Co Ltd		4,829
	33,985		Matas A.S.		578
	21,400	e	Matsuya Co Ltd		147
	38,680	*,e	Mattress Firm Holding Corp		1,298
	360,900		MBM Resources BHD		180
	20,772	e	Mekonomen AB		447
	1,009,052	*	Michaels Cos, Inc		28,697
	368,363		Mobile World Investment Corp		2,036
	46,712		Mobilezone Holding AG.		603
	34,000		momo.com, Inc		225
	73,641		Monro Muffler, Inc		4,681
	254,716	e	Mr Price Group Ltd		3,579
	269,997	*	Murphy USA, Inc		20,023
	1,826,971	e	Myer Holdings Ltd		1,542
	135,555		N Brown Group plc		314
	1,272,844	*	NetFlix, Inc		116,440
	824,467		New Carphone Warehouse plc		3,539
	537,000		New World Department Store China Ltd		70
	143,540		Next plc		9,485
	37,000		Nishimatsuya Chain Co Ltd		525
	43,312		Nitori Co Ltd		5,253
	78,700		Nojima Corp		1,297
	565,365	e	Nordstrom, Inc		21,512
	1,585	*	NS Shopping Co Ltd		266
	166,127		Nutri/System, Inc		4,213
	424,558	*,e	Ocado Ltd		1,310
	15,709,563	*,n	Office Depot, Inc		51,999
	43,544	*,e	Ollie’s Bargain Outlet Holdings, Inc		1,084
	618,612	*,e,g	On the Beach Group plc		1,618
	351,376	*,e	O’Reilly Automotive, Inc		95,258
	41,879	e	Outerwall, Inc		1,759
	33,557	*	Overstock.com, Inc		541
	3,124,293	m	Pacific Brands Ltd		2,680
	1,350,100		Padini Holdings BHD		794
	10,600	e	Pal Co Ltd		250
	136,300		Paltac Corp		2,767
	300,000		Pantaloon Retail India Ltd		111
	17,700	e	Parco Co Ltd		142
	325,216	*	Parkson Holdings BHD		65
	985,500	e	Parkson Retail Group Ltd		87
	61,463	*,e	Party City Holdco, Inc		855
	23,100	*,e	PC Depot Corp		347
	102,839		PC Jeweller Ltd		590
	31,533		Penske Auto Group, Inc		992
	45,841	e	PetMed Express, Inc		860
	378,574		Pets at Home Group plc		1,174

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	495,627	e	Pier 1 Imports, Inc	$	2,548
	6,596,500	*	Pou Sheng International Holdings Ltd		1,916
	180,486		Poundland Group plc		496
	71,810		Poya Co Ltd		801
	220,952		Premier Investments Ltd		2,374
	137,923	*	Priceline.com, Inc		172,184
	11,000,700		PT ACE Hardware Indonesia Tbk		773
	7,516,344		PT Matahari Department Store Tbk		11,456
	718,700	*	PT Mitra Adiperkasa Tbk		227
	7,099,600		PT Multipolar Corp Tbk		200
	9,160,400		PT Ramayana Lestari Sentosa Tbk		743
	1,823,200		PTG Energy PCL		1,281
	32,200	*,e	Qunar Cayman Islands Ltd (ADR)		959
	1,281,323	*	Rakuten, Inc		13,907
	610,474	e	RCG Corp Ltd		677
	230,444	e	Rent-A-Center, Inc		2,830
	2,450,000	*	Rentian Technology Holdings Ltd		169
	107,294	*,e	Restoration Hardware Holdings, Inc		3,077
	89,800	*	Right On Co Ltd		1,174
	1,741,164		Ripley Corp S.A.		865
	234,700		Robinson Department Store PCL		454
	779,939		Ross Stores, Inc		44,215
	35,900		Ryohin Keikaku Co Ltd		8,749
	911,184	e	SA SA International Holdings Ltd		358
	457,691		SACI Falabella		3,491
	694,301	*	Sally Beauty Holdings, Inc		20,419
	43,200	e	Sanrio Co Ltd		769
	37,403	*,e	Sears Holdings Corp		509
	26,174	*	Sears Hometown and Outlet Stores, Inc		176
	171,915	*	Select Comfort Corp		3,676
	290,000		Senao International Co Ltd		397
	21,600	e	Senshukai Co Ltd		143
	14,705	*	Seobu Truck Terminal Co Ltd		304
	37,300	e	Seria Co Ltd		3,087
	144,900		Shimachu Co Ltd		3,157
	19,803		Shimamura Co Ltd		2,946
	26,238		Shinsegae Co Ltd		4,465
	2,331		Shinsegae International Co Ltd		138
	37,222		Shoe Carnival, Inc		933
	20,931		Shopper’s Stop Ltd		118
	96,555	*	Shutterfly, Inc		4,500
	957,970		Siam Global House PCL		372
	1,419,000		Sichuan Xinhua Winshare Chainstore Co Ltd		1,538
	637,631	n	Signet Jewelers Ltd		52,547
	2,860,000	*	Sincere Watch Hong Kong Ltd		154
	45,405	g	Sleep Country Canada Holdings, Inc		837
	185,417	e	Sonic Automotive, Inc (Class A)		3,173
	229,344	*	Sports Direct International plc		982
	62,759	*,e	Sportsman’s Warehouse Holdings, Inc		506
	10,628	*,g	SRP Groupe S.A.		218
	53,367	e	Stage Stores, Inc		260
	997,484		Staples, Inc		8,598

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	79,600		Start Today Co Ltd	$	4,208
	73,741	e	Stein Mart, Inc		569
	28,183	*,e	Stockmann Oyj Abp (B Share)		163
	117,112	e	Super Cheap Auto Group Ltd		775
	325,519	*	Super Group Ltd		870
	41,356		SuperGroup plc		700
	1,370,000		Symphony Holdings Ltd		155
	40,000	e	Syuppin Co Ltd		496
	154,208	e	Tailored Brands, Inc		1,952
	56,819		Takashimaya Co Ltd		407
	68,504		Takkt AG.		1,346
	1,874,095		Target Corp		130,849
	23,400		Telepark Corp		330
	7,322,865		Test-Rite International Co		4,549
	279,412	e	Tiffany & Co		16,944
	93,813	*,e	Tile Shop Holdings, Inc		1,865
	83,201	*	Tilly’s, Inc		482
	2,142,331		TJX Companies, Inc		165,452
	13,300	e	Tokyo Derica Co Ltd		130
	394,029		Topps Tiles plc		556
	307,431	e	Tractor Supply Co		28,032
	620,427		Trade Me Ltd		2,057
	224,775	*	TripAdvisor, Inc		14,453
	859,157	e	Truworths International Ltd		5,000
	105,335	*	Tuesday Morning Corp		739
	178,598	*	Ulta Salon Cosmetics & Fragrance, Inc		43,514
	74,969	e	Uni-Select, Inc		1,901
	19,399		United Arrows Ltd		565
	510,264	*	Urban Outfitters, Inc		14,032
	46,003		USS Co Ltd		760
	10,735		Valora Holding AG.		2,984
	120,800		Via Varejo S.A.		280
	475,700	*,e	Vipshop Holdings Ltd (ADR)		5,314
	56,714	*,e	Vitamin Shoppe, Inc		1,734
	65,800	e	VT Holdings Co Ltd		302
	216,049	e	Warehouse Group Ltd		427
	281,544	*,e	Wayfair, Inc		10,980
	73,200	*	West Marine, Inc		614
	209,807		WH Smith plc		4,408
	120,762	e	Williams-Sonoma, Inc		6,295
	5,963	e	Winmark Corp		594
	1,043,877		Woolworths Holdings Ltd		5,977
	20,800	e	Xebio Co Ltd		294
	316,150	g	XXL ASA		3,602
	518,185	e	Yamada Denki Co Ltd		2,735
	20,500		Yellow Hat Ltd		453
	84,701	*,e	Yoox S.p.A		1,966
	67,502	*,e,g	Zalando SE		1,787
	617,523		Zhongsheng Group Holdings Ltd		337
	4,381	*	zooplus AG.		622
	40,393	*	Zumiez, Inc		578
			TOTAL RETAILING		4,599,503

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
	11,828	*,e	Acacia Communications, Inc	$	472
	193,615		A-DATA Technology Co Ltd		255
	178,827	*	Advanced Energy Industries, Inc		6,788
	4,021,667	*,e,n	Advanced Micro Devices, Inc		20,671
	64,877,968		Advanced Semiconductor Engineering, Inc		73,811
	1,279,857	e	Advanced Semiconductor Engineering, Inc (ADR)		7,142
	131,000		Advanced Wireless Semiconductor Co		258
	255,200	e	Advantest Corp		2,847
	90,860	*,e	Aixtron AG.		554
	135,202	*	Alpha & Omega Semiconductor Ltd		1,883
	74,245	*,e	Ambarella, Inc		3,772
	269,225	*	Amkor Technology, Inc		1,548
	55,989	e	ams AG.		1,554
	877,636		Analog Devices, Inc		49,709
	8,114,159		Applied Materials, Inc		194,496
	179,555	*	Applied Micro Circuits Corp		1,153
	356,176		Ardentec Corp		211
	2,843,348		ARM Holdings plc		43,190
	58,099	e	ARM Holdings plc (ADR)		2,644
	19,362	*	Asia Pacific Systems, Inc		295
	41,455		ASM International NV		1,600
	331,204	e	ASM Pacific Technology		2,382
	21,000		ASMedia Technology, Inc		100
	627,187		ASML Holding NV		61,739
	19,000		ASPEED Technology, Inc		177
	30,371	*	Atto Co Ltd		171
	274,524	*	Axcelis Technologies, Inc		739
	190,085		BE Semiconductor Industries NV		5,143
	1,850,726		Broadcom Ltd		287,603
	209,016		Brooks Automation, Inc		2,345
	61,110		Cabot Microelectronics Corp		2,587
	136,151	*	Cavium, Inc		5,255
	50,909	*	Ceva, Inc		1,383
	870,000	e	China Electronics Corp Holdings Co Ltd		211
	11,538	*,e,m	China Energy Savings Technology, Inc		0
	2,926,000	*	China Soft Power Technology Holdings Ltd		99
	549,000		Chipbond Technology Corp		705
	82,651		ChipMOS TECHNOLOGIES Bermuda Ltd		1,497
	600,000		ChipMOS Technologies, Inc		642
	273,511	*	Cirrus Logic, Inc		10,610
	77,615		Cohu, Inc		842
	151,811	*,e	Cree, Inc		3,710
	1,363,676	e	Cypress Semiconductor Corp		14,387
	384,616		Dainippon Screen Manufacturing Co Ltd		4,186
	112,069	*	Dialog Semiconductor plc		3,358
	88,986	*	Diodes, Inc		1,672
	36,972		Disco Corp		3,344
	29,455	*	Dongbu HiTek Co Ltd		476
	70,346	*	DSP Group, Inc		746
	370,000		Elan Microelectronics Corp		414

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	623,400		Elite Advanced Laser Corp	$	2,940
	235,000		Elite Semiconductor Memory Technology, Inc		216
	64,571		eMemory Technology, Inc		642
	331,027	*	Entegris, Inc		4,790
	8,093		Eo Technics Co Ltd		689
	918,000		Epistar Corp		655
	322,167	*	E-Ton Solar Tech Co Ltd		120
	12,242		Eugene Technology Co Ltd		175
	366,000		Everlight Electronics Co Ltd		598
	124,776	*	Exar Corp		1,004
	274,547	*	Fairchild Semiconductor International, Inc		5,450
	200,060		Faraday Technology Corp		211
	200,723	*	First Solar, Inc		9,731
	659,000		Forhouse Corp		244
	246,583	*	Formfactor, Inc		2,217
	263,000		Formosa Advanced Technologies Co Ltd		186
	12,815,308		GCL Poly Energy Holdings Ltd		1,684
	22,605	*	GemVax & Kael Co Ltd		419
	25,686		Giga Solar Materials Corp		398
	287,986	*	Gigastorage Corp		228
	124,976	*	GigOptix, Inc		245
	378,273	*	Gintech Energy Corp		310
	81,000		Global Unichip Corp		185
	124,000	*	Globalwafers Co Ltd		276
	193,500		Globetronics Technology BHD		160
	976,000		Greatek Electronics, Inc		1,150
	241,561	*	Green Energy Technology, Inc		167
	12,960	*	G-SMATT GLOBAL Co Ltd		336
	1,309,600		Hana Microelectronics PCL (Foreign)		1,104
	58,405		Hanmi Semiconductor Co Ltd		714
	13,437	*	Hansol LCD, Inc		221
	50,901		Hermes Microvision, Inc		2,111
	157,000		Holtek Semiconductor, Inc		263
	885,000	g	Hua Hong Semiconductor Ltd		829
	1,224,132		Hynix Semiconductor, Inc		34,835
	225,827	*,e	Imagination Technologies Group plc		584
	1,158,455		Infineon Technologies AG.		16,770
	2,434,718	*	Inotera Memories, Inc		1,907
	170,587	*	Inphi Corp		5,464
	499,580	*	Integrated Device Technology, Inc		10,057
	15,168,387		Intel Corp		497,523
	387,886		Intersil Corp (Class A)		5,252
	7,581		ISC Co Ltd		176
	118,823		IXYS Corp		1,218
	37,900	*,e	JA Solar Holdings Co Ltd (ADR)		260
	14,200	*,e	Japan Material Co Ltd		576
	19,600	*,e	JinkoSolar Holding Co Ltd (ADR)		399
	33,976	*	Jusung Engineering Co Ltd		249
	89,268		KC Tech Co Ltd		1,164
	1,039,000		King Yuan Electronics Co Ltd		925
	247,000		Kinsus Interconnect Technology Corp		544
	355,405		Kla-Tencor Corp		26,033

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,500		Koh Young Technology, Inc	$	375
	224,730	*,e	Kopin Corp		499
	1,549	*	Kulicke & Soffa Industries, Inc		19
	677,283	e	Lam Research Corp		56,932
	36,000		Land Mark Optoelectronics Corp		510
	13,995,000	*	Landing International Development		322
	275,742	*,e	Lattice Semiconductor Corp		1,475
	9,439		LEENO Industrial Inc		335
	344,726		Lextar Electronics Corp		175
	649,656		Linear Technology Corp		30,229
	150,048		Lite-On Semiconductor Corp		101
	36,997		Lumens Co Ltd		122
	53,662	*,e	MA-COM Technology Solutions		1,770
	228,800		Malaysian Pacific Industries BHD		426
	3,775	*,e	Manz Automation AG.		140
	1,456,692	e	Marvell Technology Group Ltd		13,882
	1,106,249		Maxim Integrated Products, Inc		39,482
	184,341	*,e	MaxLinear, Inc		3,314
	1,421,894		MediaTek, Inc		10,866
	9,000	e	Megachips Corp		99
	42,840		Melexis NV		2,692
	459,259	*	Mellanox Technologies Ltd		22,026
	74,452	*,e	Meyer Burger Technology AG.		266
	691,337	e	Microchip Technology, Inc		35,092
	4,461,080	*	Micron Technology, Inc		61,385
	88,100	e	Micronics Japan Co Ltd		784
	682,952	*	Microsemi Corp		22,319
	47,400		Mimasu Semiconductor Industry Co Ltd		445
	19,400		Mitsui High-Tec, Inc		119
	215,314		MKS Instruments, Inc		9,271
	92,309	e	Monolithic Power Systems, Inc		6,307
	342,000	*	Motech Industries, Inc		359
	61,845	*	Nanometrics, Inc		1,286
	722,000	*	Nanya Technology Corp		889
	727,324		Neo Solar Power Corp		406
	153,141	*,e	NeoPhotonics Corp Ltd		1,459
	108,940	*,e	Nordic Semiconductor ASA		446
	527,752		Novatek Microelectronics Corp Ltd		1,978
	11,200	e	Nuflare Technology, Inc		534
	11,085		NVE Corp		650
	1,789,815		Nvidia Corp		84,139
	980,058	*	NXP Semiconductors NV		76,778
	3,246,853	*	ON Semiconductor Corp		28,637
	25,000		On-Bright Electronics, Inc		166
	555,000	*	Orient Semiconductor Electronics Ltd		211
	214,127		Orise Technology Co Ltd		181
	57,401		Parade Technologies Ltd		551
	106,485	*	PDF Solutions, Inc		1,490
	724,895		Phison Electronics Corp		6,283
	196,651	*	Photronics, Inc		1,752
	111,613		Pixart Imaging, Inc		246
	101,618		Power Integrations, Inc		5,088

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,210,397		Powertech Technology, Inc	$	4,935
	456,379	*	Qorvo, Inc		25,220
	3,092,541		Qualcomm, Inc		165,667
	413,000		Radiant Opto-Electronics Corp		652
	256,083	*,e	Rambus, Inc		3,094
	427,333		Realtek Semiconductor Corp		1,333
	1,770,274	*	REC Silicon ASA		317
	157,091		Rohm Co Ltd		6,200
	80,812	*	Rudolph Technologies, Inc		1,255
	184,282		Samsung Electronics Co Ltd		229,496
	26,291		Samsung Electronics Co Ltd (Preference)		27,121
	88,000	e	Sanken Electric Co Ltd		273
	25,774,487	*	Semiconductor Manufacturing International		2,076
	216,250	*	Semtech Corp		5,160
	35,116		Seoul Semiconductor Co Ltd		456
	218,000	*,e	Shanghai Fudan Microelectronics Group Co Ltd		179
	61,000		Shindengen Electric Manufacturing Co Ltd		194
	110,000	*	Shinkawa Ltd		493
	339,600		Shinko Electric Industries		1,663
	35,000		ShunSin Technology Holding Ltd		97
	88,939	*	Sigma Designs, Inc		572
	303,000		Sigurd Microelectronics Corp		222
	47,934		Silergy Corp		567
	107,451	*	Silicon Laboratories, Inc		5,237
	49,831		Silicon Works Co Ltd		1,440
	6,602,256		Siliconware Precision Industries Co		10,068
	9,498	*	Siltronic AG.		154
	486,000		Sino-American Silicon Products, Inc		549
	578,000		Sitronix Technology Corp		1,895
	339,969		Skyworks Solutions, Inc		21,513
	108,542	e	SMA Solar Technology AG.		5,362
	1,639,856	e	STMicroelectronics NV		9,574
	56,651	*	STS Semiconductor & Telecommunications		111
	267,200	e	Sumco Corp		1,712
	460,000		Sunplus Technology Co Ltd		173
	110,183	*,e	SunPower Corp		1,707
	5,309,600		SVI PCL (Foreign)		780
	194,000		Taiwan Semiconductor Co Ltd		235
	50,347,996		Taiwan Semiconductor Manufacturing Co Ltd		253,739
	954,288		Taiwan Surface Mounting Technology Co Ltd		820
	309,466		Teradyne, Inc		6,093
	222,689		Tessera Technologies, Inc		6,823
	2,295,212		Texas Instruments, Inc		143,795
	4,571		Tokai Carbon Korea Co Ltd		148
	441,281		Tokyo Electron Ltd		37,292
	80,000		Tokyo Seimitsu Co Ltd		1,863
	532,854		Topco Scientific Co Ltd		1,103
	14,831		Toptec Co Ltd		247
	65,666	*	Tower Semiconductor Ltd		796
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		2
	314,000		TrueLight Corp		704
	18,934		U-Blox AG.		4,082

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,100	e	UKC Holdings Corp	$	185
	89,136	*	Ultra Clean Holdings		507
	57,433	*	Ultratech, Inc		1,319
	128,900		Ulvac, Inc		3,957
	1,548,900		Unisem M BHD		925
	27,947,871		United Microelectronics Corp		10,961
	3,154,228		Vanguard International Semiconductor Corp		5,214
	122,406	*	Veeco Instruments, Inc		2,027
	221,425		Visual Photonics Epitaxy Co Ltd		339
	478,501		Win Semiconductors Corp		979
	2,534,000	*	Winbond Electronics Corp		706
	23,269	*	WONIK IPS Co Ltd		462
	131,032	*	Xcerra Corp		753
	1,365,122		Xilinx, Inc		62,973
	140,000		XinTec, Inc		92
	4,648,000	e	Xinyi Solar Holdings Ltd		1,846
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,099,792

SOFTWARE & SERVICES - 9.6%
	82,600	*	21Vianet Group, Inc (ADR)		843
	82,256	*,e	2U, Inc		2,419
	101,500	*,e	58.COM, Inc (ADR)		4,658
	312,347	*	A10 Networks, Inc		2,021
	2,164,224		Accenture plc		245,185
	275,530	*	ACI Worldwide, Inc		5,376
	1,518,210		Activision Blizzard, Inc		60,167
	5,391	*	Actoz Soft Co Ltd		93
	150,983	*	Actua Corp		1,363
	228,572	*	Acxiom Corp		5,026
	16,000		Addcn Technology Co Ltd		118
	2,750,191	*	Adobe Systems, Inc		263,441
	2,000,000	*	AGTech Holdings Ltd		482
	5,839		Ahnlab, Inc		259
	417,853	*	Akamai Technologies, Inc		23,371
	23,031	*,e	Alarm.com Holdings, Inc		590
	1,753,771	*,e	Alibaba Group Holding Ltd (ADR)		139,477
	44,736	*,e	ALJ Regional Holdings, Inc		224
	250,225	*,e	Alliance Data Systems Corp		49,024
	249,787		Alpha Systems, Inc		3,992
	936,726	*	Alphabet, Inc (Class A)		659,015
	1,144,693	*	Alphabet, Inc (Class C)		792,242
	55,600		Alten		3,264
	532,182		Altium Ltd		2,586
	111,874		Altran Technologies S.A.		1,482
	545,813		Amadeus IT Holding S.A.		24,048
	103,618	*,e	Amber Road, Inc		799
	948,596	e	Amdocs Ltd		54,753
	60,185	*	American Software, Inc (Class A)		631
	90,528	*,e	Angie’s List, Inc		589
	107,447	*	Ansys, Inc		9,751
	50,755	*,e	Apigee Corp		620
	20,008	*,e	Appfolio, Inc		289

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	428,688	*	Aspen Technology, Inc	$	17,250
	174,179		Asseco Poland S.A.		2,310
	7,700	e	Ateam, Inc		134
	28,192	*,e	Atlassian Corp plc		730
	287,072		Atos Origin S.A.		23,669
	2,219,501	g	Auto Trader Group plc		10,492
	35,960	*	Autobytel, Inc		499
	399,382	*	Autodesk, Inc		21,623
	1,038,802		Automatic Data Processing, Inc		95,435
	54,268		Aveva Group plc		1,231
	142,959	*	AVG Technologies NV		2,715
	13,596		Axway Software S.A.		312
	367,970	*	Baidu, Inc (ADR)		60,770
	148,891	*	Bankrate, Inc		1,114
	19,300	*,e	Baozun, Inc (ADR)		125
	121,171	*,e	Barracuda Networks, Inc		1,835
	362,892	*	Bazaarvoice, Inc		1,455
	37,951		Bechtle AG.		4,005
	29,349	*,e	Benefitfocus, Inc		1,119
	22,500	*,e	Bitauto Holdings Ltd (ADR)		607
	40,824	*,e	Black Knight Financial Services, Inc		1,535
	111,991		Blackbaud, Inc		7,604
	131,971	*	Blackhawk Network Holdings, Inc		4,420
	100,859	*	Blucora, Inc		1,045
	358,095		Booz Allen Hamilton Holding Co		10,614
	96,549	*	Bottomline Technologies, Inc		2,079
	116,522	*,e	Box, Inc		1,205
	999,000	e	Boyaa Interactive International Ltd		364
	162,062	*	Brightcove, Inc		1,426
	16,100		Broadleaf Co Ltd		148
	361,100	e	Broadridge Financial Solutions, Inc		23,544
	67,892	*	BroadSoft, Inc		2,786
	23,900		Brogent Technologies, Inc		170
	1,592,203		CA, Inc		52,272
	70,000	*	CAC Holdings Corp		537
	65,486	*	CACI International, Inc (Class A)		5,921
	640,577	*	Cadence Design Systems, Inc		15,566
	195,961	*	Callidus Software, Inc		3,915
	13,888		Cancom SE		690
	502,618		Cap Gemini S.A.		43,372
	42,186	e	Capcom Co Ltd		974
	62,387	*,e	Carbonite, Inc		607
	108,225	*	Cardtronics, Inc		4,308
	46,769	*,e	Care.com, Inc		546
	272,593	e	carsales.com Ltd		2,526
	26,110		Cass Information Systems, Inc		1,350
	198,234	*	CD Projekt Red S.A.		1,381
	275,047		CDK Global, Inc		15,262
	12,821		Cegid Group		861
	328,918	*	CGI Group, Inc		14,051
	10,900	*	Changyou.com Ltd (ADR)		218
	60,800		Chanjet Information Technology Co Ltd		69

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	76,965	*,e	ChannelAdvisor Corp	$	1,115
	371,020	*,e	Check Point Software Technologies		29,563
	25,900	*,e	Cheetah Mobile, Inc (ADR)		246
	620,000	*,e	China City Railway Transportation Technology Holdings Co Ltd		113
	1,722,000	*,e	Chinasoft International Ltd		677
	1,806,732		Cielo S.A.		19,044
	204,930	*,e	Cimpress NV		18,952
	658,620	*	Citrix Systems, Inc		52,749
	1,280,648	*	Cognizant Technology Solutions Corp (Class A)		73,304
	107,500	e	COLOPL, Inc		2,138
	9,060	*	Com2uSCorp		1,041
	157,975	*	Commvault Systems, Inc		6,823
	170,637		Computer Modelling Group Ltd		1,366
	759,210		Computer Sciences Corp		37,695
	511,807		Computershare Ltd		3,539
	138,694	*	comScore, Inc		3,312
	37,732		Constellation Software, Inc		14,603
	212,353		Convergys Corp		5,309
	105,700	*,e	COOKPAD, Inc		1,296
	194,680	*	Cornerstone OnDemand, Inc		7,410
	62,652	*	CoStar Group, Inc		13,699
	16,900	*,e	CROOZ, Inc		331
	88,684		CSG Systems International, Inc		3,575
	660,679		CSRA, Inc		15,480
	89,682	*	Cvent, Inc		3,203
	245,959	*	CyberArk Software Ltd		11,951
	82,567		Cyberlink Corp		177
	106,679		Cyient Ltd		776
	26,054		Daou Technology, Inc		533
	441,895		Dassault Systemes S.A.		33,317
	54,296	*,e	Datalink Corp		407
	501,400		Datasonic Group BHD		157
	27,529	e	Daum Communications		2,240
	89,653	*	Demandware, Inc		6,715
	230,200	e	Dena Co Ltd		5,385
	64,282	*	Descartes Systems Group, Inc		1,229
	4,179	*	Devsisters Co Ltd		102
	90,316		DH Corp		2,245
	257,905	*	DHI Group, Inc		1,607
	20,380	*,e	Digimarc Corp		651
	45,300	e	Digital Garage, Inc		1,057
	57,500	e	Dip Corp		1,551
	7,852	*	DoubleUGames Co Ltd		262
	136,652		DST Systems, Inc		15,910
	82,400		DTS Corp		1,532
	18,279		DuzonBIzon Co Ltd		375
	782,493		EarthLink Holdings Corp		5,008
	3,121,901	*	eBay, Inc		73,084
	58,437	e	Ebix, Inc		2,799
	30,270		eClerx Services Ltd		649
	136,454		Econocom Group		1,566

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,164,917	*	Electronic Arts, Inc	$	88,254
	108,217	*	Ellie Mae, Inc		9,918
	147,857		Ementor ASA		1,409
	140,443	*,e	Endurance International Group Holdings, Inc		1,263
	80,647	*,e	EnerNOC, Inc		510
	46,211		Enghouse Systems Ltd		1,960
	4,216		Engineering Ingegneria Informatica S.p.A.		308
	96,289	*,e	Envestnet, Inc		3,207
	109,882		EOH Holdings Ltd		1,040
	219,321	*	EPAM Systems, Inc		14,105
	59,665		EPIQ Systems, Inc		871
	167,542	g	Equiniti Group plc		348
	95,303	*	Euronet Worldwide, Inc		6,594
	444,210	e	EVERTEC, Inc		6,903
	89,123	*	Everyday Health, Inc		702
	37,341	*,e	EXA Corp		540
	138,718	*	ExlService Holdings, Inc		7,270
	37,700	e	F@N Communications, Inc		292
	8,016,707	*	Facebook, Inc		916,149
	87,544		Fair Isaac Corp		9,893
	421,500	e,g	Feiyu Technology International Co Ltd		89
	2,400	*,e	FFRI, Inc		87
	671,199		Fidelity National Information Services, Inc		49,454
	388,212	*,e	FireEye, Inc		6,394
	408,053	*	First American Corp		15,702
	863,372	*	First Data Corp		9,558
	688,687	*	Fiserv, Inc		74,881
	125,087	*	Five9, Inc		1,489
	302,691	*	FleetCor Technologies, Inc		43,324
	124,761	*,e	FleetMatics Group plc		5,406
	6,558		Formula Systems 1985 Ltd		213
	23,812		Forrester Research, Inc		878
	827,552	*	Fortinet, Inc		26,142
	75,856	e	F-Secure Oyj		226
	63,600	e	FUJI SOFT, Inc		1,506
	6,673,592		Fujitsu Ltd		24,541
	71,300		Future Architect, Inc		522
	13,489	*	GameHi Co Ltd		141
	30,644	*	GameLoft		266
	4,588	*	Gamevil, Inc		341
	162,034	*	Gartner, Inc		15,784
	380,587	*	Genpact Ltd		10,215
	13,718		GFT Technologies AG.		276
	197,895	*	Gigamon, Inc		7,399
	689,777		Global Payments, Inc		49,236
	17,287	*	Global Sources Ltd		159
	65,623	*,e	Globant S.A.		2,582
	222,017	*,e	Glu Mobile, Inc		488
	90,000	e	GMO internet, Inc		938
	50,201	e	GMO Payment Gateway, Inc		2,853
	308,042	*,e	GoDaddy, Inc		9,608
	135,190	*,e	Gogo, Inc		1,134

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,910		Golfzon co Ltd	$	175
	25,800		Gourmet Navigator, Inc		748
	81,250	*	Gravity Co Ltd (ADR)		382
	94,800	*,e	Gree, Inc		537
	663,921	*,e	GrubHub, Inc		20,628
	15,553	*	G-treeBNT Co Ltd		237
	63,494	*	GTT Communications, Inc		1,173
	59,819	*,e	Guidance Software, Inc		370
	259,532	*	Guidewire Software, Inc		16,029
	350,014	*,e	GungHo Online Entertainment Inc		948
	15,909		Haansoft, Inc		259
	121,539		Hackett Group, Inc		1,686
	340,195		Hansen Technologies Ltd		864
	480,000	*,e	HC International, Inc		309
	796,319		HCL Technologies Ltd		8,644
	90,387		Hexaware Technologies Ltd		308
	1,707,000	*,e	Hi Sun Technology China Ltd		243
	66,354	*	Higher One Holdings, Inc		339
	132,147	*,e	Hortonworks, Inc		1,413
	68,917	*	HubSpot, Inc		2,992
	147,915		IAC/InterActiveCorp		8,328
	12,700	*,e	iDreamsky Technology Ltd (ADR)		173
	1,850,000	e	IGG, Inc		808
	110,781	*	Imperva, Inc		4,765
	137,972	*,e	inContact, Inc		1,911
	90,615	*,e	Indra Sistemas S.A.		963
	4,063		Industrial & Financial Systems		174
	598,900		Ines Corp		5,928
	101,795		Info Edge India Ltd		1,249
	241,355	*	Infoblox, Inc		4,528
	19,300	*	Infocom Corp		296
	842,800	e	Infomart Corp		7,718
	75,971	*	Information Services Group, Inc		285
	11,400		Information Services International-Dentsu Ltd		178
	2,789,751		Infosys Technologies Ltd		48,414
	43,045	*,e	Instructure, Inc		818
	42,225	*,e	Interactive Intelligence, Inc		1,731
	1,970,263		International Business Machines Corp		299,047
	50,000		International Games System Co Ltd		418
	25,000		Internet Initiative Japan, Inc		512
	105,413	*	InterXion Holding NV		3,888
	331,115	*	Intralinks Holdings, Inc		2,152
	1,507,783		Intuit, Inc		168,284
	122,701		iomart Group plc		433
	303,746		Iress Market Technology Ltd		2,493
	169,699		iSentia Group Ltd		442
	238,600	e	Istyle, Inc		1,717
	186,260		IT Holdings Corp		4,290
	107,900		Itochu Techno-Science Corp		2,325
	112,261	e	j2 Global, Inc		7,092
	133,606	e	Jack Henry & Associates, Inc		11,660
	6,277	*	JCEntertainment Corp		155

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,800	*,e	JIG-SAW, Inc	$	118
	133,468	*,e	Jive Software, Inc		502
	34,249		Just Dial Ltd		311
	1,082,659	*	Just Eat plc		6,180
	27,900		Justsystems Corp		232
	52,317		Kainos Group plc		93
	22,820	e	Kakaku.com, Inc		453
	31,000		Kanematsu Electronics Ltd		547
	8,863		KCP Co Ltd		160
	13,674		Kginicis Co Ltd		165
	10,204		KGMobilians Co Ltd		94
	367,406	*	Kinaxis, Inc		14,754
	1,792,000	e	Kingdee International Software Group Co Ltd		559
	948,061	e	Kingsoft Corp Ltd		1,842
	100,000	*,e	KLab, Inc		635
	298,268		Konami Corp		11,379
	21,400	*,e	KongZhong Corp (ADR)		108
	11,919	*	Korea Information & Communications Co Ltd		144
	9,452		Korea Information Certificate Authority, Inc		64
	360,732		KPIT Cummins Infosystems Ltd		988
	13,649	*	KT Hitel Co Ltd		97
	251,092		Leidos Holdings, Inc		12,020
	282,533	*,e	Limelight Networks, Inc		421
	198,437	*	Link Administration Holdings Ltd		1,216
	258,159	*	LinkedIn Corp		48,857
	85,200		Linx S.A.		427
	140,193	*	Lionbridge Technologies		554
	125,505	*,e	Liquidity Services, Inc		984
	195,362	*	Liveperson, Inc		1,239
	69,525	*	LogMeIn, Inc		4,410
	14,574	*	Luxoft Holding, Inc		758
	11,338	*	Majesco		60
	342,087	*	Manhattan Associates, Inc		21,938
	79,098		Mantech International Corp (Class A)		2,991
	105,682		Marchex, Inc (Class B)		336
	97,333	*	Marketo, Inc		3,389
	272,000	e	Marvelous AQL, Inc		2,234
	3,429,439		MasterCard, Inc (Class A)		301,996
	49,125	*,e	Match Group, Inc		741
	85,606		Matrix IT Ltd		548
	166,724		MAXIMUS, Inc		9,232
	115,689	*	MeetMe, Inc		617
	490,530		Mentor Graphics Corp		10,429
	245,096		Micro Focus International plc		5,288
	23,285,717		Microsoft Corp		1,191,530
	205,820	*	MicroStrategy, Inc (Class A)		36,023
	30,944	*,e	MINDBODY, Inc		499
	174,690		MindTree Ltd		1,725
	80,518	*	Mitek Systems, Inc		572
	4,900		Mitsubishi Research Institute, Inc		150
	252,830		Mixi Inc		10,453
	104,690	*,e	MobileIron, Inc		319

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,661,344	*,e	Mobileye NV	$	76,654
	54,683	*	Model N, Inc		730
	31,200	*,e	Momo, Inc (ADR)		315
	103,874	*	MoneyGram International, Inc		712
	1,782,777		Moneysupermarket.com Group plc		6,459
	161,221		Monotype Imaging Holdings, Inc		3,971
	221,355	*	Monster Worldwide, Inc		529
	3,200	*,e	Morpho, Inc		186
	122,889		Mphasis Ltd		1,048
	24,400	*	MTI Ltd		156
	9,665,500		My EG Services BHD		4,728
	217,792		MYOB Ltd		566
	69,570	*,e	Myriad Group AG.		169
	852,000	*	National Agricultural Holdings Ltd		185
	38,981		Naver Corp		24,149
	17,149		NCI, Inc (Class A)		241
	16,465		NCsoft		3,390
	19,400		NEC Networks & System Integration Corp		343
	57,823		Nemetschek AG.		3,136
	12,996	*	Neowiz Games Corp		160
	250,900		NET One Systems Co Ltd		1,445
	162,000	e	NetDragon Websoft, Inc		509
	140,500	e	Netease.com (ADR)		27,147
	174,536		NetEnt AB		1,728
	59,885	*,e	NetSuite, Inc		4,360
	143,960	*,e	NeuStar, Inc (Class A)		3,384
	50,550	*,e	New Relic, Inc		1,485
	8,080,000	*	New Sports Group Ltd		147
	171,816		Nexon Co Ltd		2,543
	210,729	*	NEXTDC Ltd		554
	12,843	*	NHN Entertainment Corp		724
	282,952		NIC, Inc		6,208
	5,361		Nice Information & Telecommunication, Inc		182
	79,013		Nice Systems Ltd		5,028
	337,100		Nihon Unisys Ltd		4,168
	56,041		NIIT Technologies Ltd		427
	147,219		Nintendo Co Ltd		21,155
	30,700		Nippon System Development Co Ltd		489
	91,440		Nomura Research Institute Ltd		3,354
	71,400	*,e	NQ Mobile, Inc (ADR)		264
	71,000		NS Solutions Corp		1,094
	124,651		NTT Data Corp		5,887
	955,550	*	Nuance Communications, Inc		14,935
	32,330	*	Numerex Corp		242
	8,400	e	OBIC Business Consultants Ltd		377
	45,700		Obic Co Ltd		2,516
	279,061		Open Text Corp		16,500
	98,857	e	Opera Software ASA		796
	586,046	*	Optimal Payments plc		3,057
	15,047,327		Oracle Corp		615,887
	70,949	*	Oracle Corp Japan		3,783
	19,095		Otsuka Corp		893

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	291,000		Ourgame International Holdings Ltd	$	131
	413,700		Pacific Online		101
	430,782	*,e	Pandora Media, Inc		5,363
	30,978	*,e	Park City Group, Inc		278
	689,380		Paychex, Inc		41,018
	105,615	*,e	Paycom Software, Inc		4,564
	48,160	*,e	Paylocity Holding Corp		2,081
	4,834,152	*	PayPal Holdings, Inc		176,495
	77,789		PC Home Online		862
	263,000	e	PCA Corp		3,004
	5,240,000	*	Peace Map Holding Ltd		132
	219,535		Pegasystems, Inc		5,916
	94,268	*	Perficient, Inc		1,915
	61,084		Persistent Systems Ltd		632
	82,885	*,e	PFSweb, Inc		787
	20,100	*	Phoenix New Media Ltd (ADR)		74
	91,744	*	Planet Payment, Inc		412
	327,774		Playtech Ltd		3,487
	126,615		Polaris Software Lab Ltd		367
	49,931		POSDATA Co Ltd		277
	195,537	*	Progress Software Corp		5,369
	437,998	*,e	Proofpoint, Inc		27,633
	85,527	*	PROS Holdings, Inc		1,491
	319,044	*	PTC, Inc		11,990
	59,301	*	Q2 Holdings, Inc		1,662
	28,964		QAD, Inc (Class A)		558
	117,200	*	Qihoo 360 Technology Co Ltd (ADR)		8,561
	463,473	*	QLIK Technologies, Inc		13,710
	146,243	*	Qualys, Inc		4,359
	95,379	*	QuinStreet, Inc		339
	147,890	*,e	Quotient Technology, Inc		1,983
	700,239	*	Rackspace Hosting, Inc		14,607
	47,228	*,e	Rapid7, Inc		594
	57,236	*,e	RealNetworks, Inc		247
	211,675	*	RealPage, Inc		4,727
	413,230	*	Red Hat, Inc		30,000
	120,516		Redcentric plc		273
	32,749		Reis, Inc		815
	76,400	*,e	RENREN,Inc (ADR)		137
	10,113		Reply S.p.A.		1,291
	214,967	*	RetailMeNot, Inc		1,657
	31,006	e	RIB Software AG.		302
	248,643		Rightmove plc		12,144
	24,886	*	Rightside Group Ltd		265
	218,678	*	RingCentral, Inc		4,312
	233,299		Rolta India Ltd		223
	62,324	*	Rosetta Stone, Inc		483
	190,147	*,e	Rovi Corp		2,974
	209,873	*	Rubicon Project, Inc		2,865
	625,969		Sabre Corp		16,770
	47,466		SafeCharge International Group Ltd		128
	2,207,772		Sage Group plc		19,083

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	39,334		Saipens International Corp NV	$	457
	3,893,585	*	Salesforce.com, Inc		309,190
	829,300		Samart Corp PCL		401
	33,152		Samsung SDS Co Ltd		4,152
	934,712		SAP AG.		70,202
	57,883	e	Sapiens International Corp NV		678
	7,790		SBSi Co Ltd		75
	122,101		Science Applications International Corp		7,125
	66,929	*	Sciquest, Inc		1,182
	434,673	*,g	Scout24 AG.		16,157
	11,218	*	SecureWorks Corp		158
	1,655,853	*	ServiceNow, Inc		109,949
	188,401	*,e	ServiceSource International LLC		759
	216,260		Shanghai Baosight Software Co Ltd		403
	47,737	*	Shopify, Inc		1,469
	44,232	*,e	Shutterstock, Inc		2,026
	89,643	*	Silver Spring Networks, Inc		1,089
	2,439,700		Silverlake Axis Ltd		936
	35,212		SimCorp AS		1,728
	77,798	*	Sina Corp		4,035
	6,440,000	*	Sino-I Technology Ltd		95
	438,000		Sinosoft Technology Group Ltd		249
	84,000	e	SMS Co Ltd		1,845
	247,877		Softcat plc		1,096
	71,684		Software AG.		2,437
	101,540		Soft-World International Corp		214
	49,730	*	Sohu.com, Inc		1,883
	447,272		Sonda S.A.		821
	229,753	g	Sophos Group plc		645
	44,813	e	Sopra Group S.A.		4,619
	243,500	e	SouFun Holdings Ltd (ADR)		1,225
	202,674	*,e	Splunk, Inc		10,981
	46,795	*	SPS Commerce, Inc		2,836
	159,627		Square Enix Co Ltd		5,182
	134,223	*,e	Square, Inc		1,215
	312,755		SS&C Technologies Holdings, Inc		8,782
	65,407	*,e	Stamps.com, Inc		5,718
	128,525	*	Starbreeze AB		303
	82,942		Sumisho Computer Systems Corp		3,107
	4,385	*	SundayToz Corp		115
	1,374,000		SUNeVision Holdings Ltd		493
	162,502	*	Sykes Enterprises, Inc		4,706
	5,381,927	e	Symantec Corp		110,545
	99,728	*	Synchronoss Technologies, Inc		3,177
	380,098	*	Synopsys, Inc		20,556
	136,658	*	Syntel, Inc		6,185
	26,100	*	Systena Corp		356
	175,000		Systex Corp		306
	177,322	*	Tableau Software, Inc		8,675
	780,425	*,e	Take-Two Interactive Software, Inc		29,594
	69,213	*,e	Tangoe, Inc		534
	734,931		Tata Consultancy Services Ltd		27,853

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,449		Tata Elxsi Ltd	$	188
	254,668		Tech Mahindra Ltd		1,914
	410,893		Technology One Ltd		1,602
	51,867	*	TechTarget, Inc		420
	125,400		Tecmo Koei Holdings Co Ltd		2,311
	109,218	*	TeleNav, Inc		557
	74,287		TeleTech Holdings, Inc		2,015
	53,046		Temenos Group AG.		2,648
	11,292,104		Tencent Holdings Ltd		259,037
	860,929	*	Teradata Corp		21,583
	387,000	e,g	Tian GE Interactive Holdings Ltd		249
	47,099		Tietoenator Oyj		1,290
	227,000	*	TiVo, Inc		2,247
	14,700	*	TKC		387
	495,591		Total System Services, Inc		26,321
	114,033		Totvus S.A.		1,084
	26,900		Trans Cosmos, Inc/Japan		766
	665,858		Travelport Worldwide Ltd		8,583
	1,115,000		Travelsky Technology Ltd		2,156
	111,903	*	Trend Micro, Inc		4,002
	129,805	*,e	TrueCar, Inc		1,019
	54,713	*,e	TubeMogul, Inc		651
	1,228,156	*,e	Twitter, Inc		20,768
	65,953	*	Tyler Technologies, Inc		10,995
	75,494	*	Ubisoft Entertainment		2,750
	64,280	*	Ultimate Software Group, Inc		13,517
	290,698	*,e	Unisys Corp		2,116
	68,674		United Internet AG.		2,855
	34,774	*	United Online, Inc		383
	10,000	e	UNITED, Inc		128
	3,110,000	e	V1 Group Ltd		158
	105,143		Vakrangee Ltd		293
	476,380	*	Vantiv, Inc		26,963
	26,420	*	Varonis Systems, Inc		635
	73,664	*,e	Vasco Data Security International		1,207
	183,055	*	Verint Systems, Inc		6,065
	351,603	*,e	VeriSign, Inc		30,400
	120,114	*,e	VirnetX Holding Corp		480
	102,810	*	Virtusa Corp		2,969
	8,268,580		Visa, Inc (Class A)		613,281
	421,350	*,e	VMware, Inc (Class A)		24,110
	119,656	*,e	WebMD Health Corp (Class A)		6,953
	135,195	*	Website Pros, Inc		2,458
	14,879	*	Webzen, Inc		244
	8,510	*	WeMade Entertainment Co Ltd		188
	1,422,145	e	Western Union Co		27,277
	183,798	*	WEX, Inc		16,297
	925,467		Wipro Ltd		7,671
	349,204	e	Wirecard AG.		15,381
	71,652	*	Wix.com Ltd		2,175
	379,236	*,e	Workday, Inc		28,318
	52,703	*,e	Workiva, Inc		720

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	33,623	*,g	Worldline S.A.	$	978
	4,294,091	*,g	Worldpay Group plc		15,629
	66,383	*,e	Xactly Corp		850
	64,007	*,e	Xero Ltd		835
	1,376,005	e	Xerox Corp		13,058
	2,300		XING AG.		439
	105,252	*	XO Group, Inc		1,835
	79,233		XPEC Entertainment, Inc		253
	25,900	*	Xunlei Ltd (ADR)		136
	62,931	*	Xura, Inc		1,537
	5,442,200		Xurpas, Inc		1,939
	1,343,048		Yahoo! Japan Corp		5,956
	3,732,545	*	Yahoo!, Inc		140,194
	78,170	*	Yandex NV		1,708
	129,558	*	Yelp, Inc		3,933
	31,300	*	YY, Inc (ADR)		1,060
	7,923	*	Zedge, Inc		36
	186,547	*,e	Zendesk, Inc		4,921
	11,179		Zensar Technologies Ltd		161
	100,640	*,e	Zillow Group, Inc		3,688
	199,701	*,e	Zillow Group, Inc (Class C)		7,245
	244,085	*	Zix Corp		915
	500,378	g	Zoopla Property Group plc		1,772
	1,653,867	*	Zynga, Inc		4,118
			TOTAL SOFTWARE & SERVICES		10,650,113

TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%
	279,069	*,e	3D Systems Corp		3,820
	792,422		AAC Technologies Holdings, Inc		6,775
	153,092	*	accesso Technology Group plc		2,325
	2,602,292		Accton Technology Corp		3,508
	2,534,762	*	Acer, Inc		1,197
	107,492		Adlink Technology, Inc		223
	116,600		Adtran, Inc		2,175
	192,911	*	ADVA AG. Optical Networking		1,655
	40,000		Advanced Ceramic X Corp		224
	308,583		Advantech Co Ltd		2,353
	63,963	*,e	Aerohive Networks, Inc		423
	39,671	*	Agilysys, Inc		415
	31,200	e	Ai Holdings Corp		731
	1,910	*	Alcatel S.A.		7
	284,400		Alpha Networks, Inc		165
	810,700		Alps Electric Co Ltd		15,402
	146,600		Amano Corp		2,554
	524,789		Amphenol Corp (Class A)		30,086
	673,685	*	Anixter International, Inc		35,894
	115,600	e	Anritsu Corp		667
	2,796,000	*,e,m	Anxin-China Holdings Ltd		4
	18,749,886	n	Apple, Inc		1,792,489
	42,062	*,e	Applied Optoelectronics, Inc		469
	74,117	*,e	Arista Networks, Inc		4,772
	381,591	*,e	ARRIS International plc		7,998

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	304,578	*	Arrow Electronics, Inc	$	18,853
	36,396		Ascom Holding AG.		579
	203,000	*	Asia Optical Co, Inc		168
	1,778,464		Asia Vital Components Co Ltd		1,344
	663,044		Asustek Computer, Inc		5,488
	188,000		Aten International Co Ltd		510
	30,761,893		AU Optronics Corp		10,649
	259,000		Aurora Corp		421
	43,211	e	Austria Technologie & Systemtechnik AG.		520
	95,645	*,e	Avid Technology, Inc		556
	35,683	*,e	Avigilon Corp		367
	218,337		Avnet, Inc		8,845
	121,388		AVX Corp		1,648
	32,784		Badger Meter, Inc		2,394
	21,635		Barco NV		1,411
	45,448		Bel Fuse, Inc (Class B)		808
	104,672		Belden CDT, Inc		6,319
	195,473	*	Benchmark Electronics, Inc		4,134
	4,528,000		Benq Corp		1,614
	164,000		BenQ Materials Corp		86
	46,597		Black Box Corp		609
	436,134	*	Blackberry Ltd (New)		2,927
	850,000		Boardtek Electronics Corp		1,232
	1,379,483		Brocade Communications Systems, Inc		12,664
	939,177		Brother Industries Ltd		10,074
	4,236,000	*	BYD Electronic International Co Ltd		2,396
	89,126	*	CalAmp Corp		1,320
	7,061,915		CalComp Electronics Thailand PCL		539
	98,081	*	Calix, Inc		678
	14,900	*,e	Canon Electronics, Inc		206
	1,017,182	e	Canon, Inc		29,041
	274,000		Career Technology Co Ltd		143
	653,000		Casetek Holdings Ltd		2,302
	641,857		Catcher Technology Co Ltd		4,786
	288,000		Catic Shenzhen Holdings Ltd		166
	305,857		CDW Corp		12,259
	295,106	*	Celestica, Inc		2,746
	54,000	*	Chaun-Choung Technology Corp		214
	377,602		Cheng Uei Precision Industry Co Ltd		494
	664,838		Chicony Electronics Co Ltd		1,505
	280,663		Chimei Materials Technology Corp		129
	5,834,000		China Aerospace International Holdings Ltd		722
	1,500,000		China All Access Holdings Ltd		468
	489,600	*	China Fiber Optic Network System Group Ltd		42
	2,928,000	*	China Healthcare Enterprise Group Ltd		110
	3,092,000	*,e	China Innovationpay Group Ltd		145
	1,434,000		Chin-Poon Industrial Co		3,104
	301,840		Chroma ATE, Inc		721
	2,652,660	*	Ciena Corp		49,737
	18,980,056		Cisco Systems, Inc		544,538
	630,454		Citizen Watch Co Ltd		3,069
	29,968	*,e	Clearfield, Inc		536

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	441,393		Clevo Co	$	373
	1,550,394	*	CMC Magnetics Corp		182
	197,688		Cognex Corp		8,520
	101,974	*	Coherent, Inc		9,359
	3,063,736	e	Comba Telecom Systems Holdings Ltd		450
	640	e	Comet Holding AG.		485
	305,379	*	CommScope Holding Co, Inc		9,476
	6,400,688		Compal Electronics, Inc		4,049
	5,811,000		Compeq Manufacturing Co		3,106
	59,881		Comtech Telecommunications Corp		769
	52,516	*,e	Control4 Corp		429
	2,663,399	*	Coolpad Group Ltd		498
	1,947,500		Coretronic Corp		1,788
	1,901,609		Corning, Inc		38,945
	305,000		Coxon Precise Industrial Co Ltd		387
	43,268	e	CPI Card Group, Inc		217
	423,401	*	Cray, Inc		12,668
	20,124	*	CrucialTec Co Ltd		181
	75,520		CTS Corp		1,353
	158,475		Daeduck Electronics Co		995
	88,675		Daeduck GDS Co Ltd		1,014
	859,000		Daiwabo Co Ltd		1,822
	83,646		Daktronics, Inc		523
	25,334		Datalogic S.p.A.		408
	185,663	e	DataTec Ltd		553
	1,217,600		Delta Electronics Thai PCL		2,373
	1,876,988		Delta Electronics, Inc		9,158
	45,000		Denki Kogyo Co Ltd		196
	33,100		Dexerials Corp		232
	141,791		Diebold, Inc		3,521
	112,712	*	Digi International, Inc		1,209
	4,425,000	e	Digital China Holdings Ltd		3,359
	18,359		Digital Multimedia Technologies S.p.A.		932
	583,421	*	D-Link Corp		196
	262,285	e	Dolby Laboratories, Inc (Class A)		12,550
	41,917	*,e	DTS, Inc		1,109
	413,000		Dynapack International Technology Corp		612
	282,500		Eastern Communications Co Ltd		214
	42,130	*,e	Eastman Kodak Co		677
	106,590	*	EchoStar Corp (Class A)		4,232
	54,000	*	Egis Technology, Inc		261
	31,771		Eizo Nanao Corp		850
	15,400		Elecom Co Ltd		320
	65,983		Electro Rent Corp		1,017
	59,751		Electro Scientific Industries, Inc		349
	532,374		Electrocomponents plc		1,851
	194,402	*	Electronics for Imaging, Inc		8,367
	7,200		Elematec Corp		145
	356,654		Elite Material Co Ltd		838
	1,332,324		Elitegroup Computer Systems Co Ltd		796
	3,567,091		EMC Corp		96,918
	197,385	*	EMCORE Corp		1,172

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	36,000		Ennoconn Corp	$	484
	9,800		Enplas Corp		258
	14,833	*	ePlus, Inc		1,213
	5,463,386		Ericsson (LM) (B Shares)		41,973
	24,454		Esprinet S.p.A.		140
	47,792		Evertz Technologies Ltd		677
	33,367		EVS Broadcast Equipment S.A.		1,076
	775,338	*	Extreme Networks, Inc		2,628
	458,386	*,e	F5 Networks, Inc		52,183
	120,786	*,e	Fabrinet		4,484
	40,002	*	FARO Technologies, Inc		1,353
	75,783		FEI Co		8,100
	750,819	*,e	Fingerprint Cards AB		7,351
	362,631	*	Finisar Corp		6,350
	174,317		Firich Enterprises Co Ltd		339
	1,230,346	*,e	Fitbit, Inc		15,035
	1,139,990		FLEXium Interconnect, Inc		2,976
	1,710,247	*	Flextronics International Ltd		20,181
	339,720		Flir Systems, Inc		10,514
	102,310		Flytech Technology Co Ltd		325
	855,895		Foxconn Technology Co Ltd		2,022
	947,881		Fujifilm Holdings Corp		36,778
	15,918,000	*,e	GCL New Energy Holdings Ltd		693
	66,487		Gemalto NV		4,028
	1,055,000		General Interface Solution Holding Ltd		2,598
	58,909	*	Genius Electronic Optical Co Ltd		97
	1,577,000		Getac Technology Corp		1,113
	1,437,000		Gigabyte Technology Co Ltd		1,713
	884,000		Goldpac Group Ltd		249
	5,710	*	Green Cross Cell Corp		191
	899,693		Halma plc		12,237
	23,500		Hamamatsu Photonics KK		659
	2,239,330		HannStar Display Corp		350
	183,887	*,e	Harmonic, Inc		524
	171,755		Harris Corp		14,331
	6,783,913		Hewlett Packard Enterprise Co		123,942
	158,944	e	Hexagon AB (B Shares)		5,817
	633,799		High Tech Computer Corp		2,052
	8,400		Hirose Electric Co Ltd		1,033
	724,832		Hitachi High-Technologies Corp		19,837
	44,000	e	Hitachi Kokusai Electric, Inc		737
	11,665,098	*	Hitachi Ltd		48,875
	330,100		Hitachi Maxell Ltd		4,491
	443,100		Holystone Enterprise Co Ltd		461
	25,742,057		Hon Hai Precision Industry Co, Ltd		66,319
	30,695		Horiba Ltd		1,351
	53,600		Hosiden Corp		333
	4,807,232		HP, Inc		60,331
	28,520		Humax Co Ltd		339
	299,200		Ibiden Co Ltd		3,383
	8,200		Icom, Inc		161
	200,476		ICP Electronics, Inc		239

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	315,389	*,e	IDEX ASA	$	298
	228,745	*	II-VI, Inc		4,291
	14,742	*	Iljin Materials Co Ltd		238
	68,373	*,e	Immersion Corp		502
	613,840		Inari Amertron BHD		453
	1,442	e	Inficon Holding AG.		488
	324,228	*,e	Infinera Corp		3,657
	44,234		Ingenico		5,127
	1,089,224		Ingram Micro, Inc (Class A)		37,883
	31,768,219		InnoLux Display Corp		10,734
	146,878	*	Insight Enterprises, Inc		3,819
	5,454,700		Integrated Micro-Electronics, Inc		653
	93,141	e	InterDigital, Inc		5,186
	186,956	*,e	InvenSense, Inc		1,146
	4,123,535		Inventec Co Ltd		2,948
	65,281	*	IPG Photonics Corp		5,222
	7,300	e	Iriso Electronics Co Ltd		408
	83,700		ITC Networks Corp		1,049
	739,357		ITEQ Corp		747
	82,385	*	Itron, Inc		3,551
	24,516	e	Ituran Location and Control Ltd		556
	264,005	*	Ixia		2,593
	805,034	e	Jabil Circuit, Inc		14,869
	153,493		Japan Aviation Electronics Industry Ltd		2,117
	11,400	e	Japan Cash Machine Co Ltd		91
	15,800		Japan Digital Laboratory Co Ltd		215
	292,100	*,e	Japan Display, Inc		475
	121,535		Japan Radio Co Ltd		307
	1,671,400		JCY International BHD		250
	107,223		Jenoptik AG.		1,768
	2,913,125		Ju Teng International Holdings Ltd		1,167
	753,982		Juniper Networks, Inc		16,957
	46,400		Kaga Electronics Co Ltd		525
	12,371		Kapsch TrafficCom AG.		463
	246,900		KCE Electronics PCL		587
	24,303		Keyence Corp		16,583
	459,909	*	Keysight Technologies, Inc		13,379
	13,639		KH Vatec Co Ltd		144
	70,916	*	Kimball Electronics, Inc		883
	977,500		Kingboard Chemical Holdings Ltd		1,949
	861,500		Kingboard Laminates Holdings Ltd		531
	18,000	*	Kingpak Technology, Inc		178
	205,732	*,e	Knowles Corp		2,814
	66,600	e	Koa Corp		470
	11,018		KONA I Co Ltd		163
	596,209		Konica Minolta Holdings, Inc		4,343
	141,633		Kudelski S.A.		2,816
	39,727	*,e	KVH Industries, Inc		306
	272,310		Kyocera Corp		12,957
	516,866		Laird Group plc		2,261
	283,892		Largan Precision Co Ltd		26,255
	7,070,753		Lenovo Group Ltd		4,298

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	286,348	e	Lexmark International, Inc (Class A)	$	10,810
	12,502		LG Innotek Co Ltd		862
	214,276		LG.Philips LCD Co Ltd		4,961
	5,177,272		Lite-On Technology Corp		7,131
	90,698		Littelfuse, Inc		10,720
	555,334	e	Logitech International S.A.		9,028
	58,000		Lotes Co Ltd		166
	1,429,485	*	Lumentum Holdings, Inc		34,594
	97,300		Macnica Fuji Electronics Holdings, Inc		1,007
	123,300		Marubun Corp		701
	45,700		Maruwa Co Ltd		1,343
	80,150	*,e	Maxwell Technologies, Inc		423
	34,200		Melco Holdings, Inc		701
	146,076		Merry Electronics Co Ltd		319
	7,292	e	Mesa Laboratories, Inc		897
	179,954		Methode Electronics, Inc		6,160
	237,561	e	Micronic Laser Systems AB		1,776
	2,729,000		Micro-Star International Co Ltd		5,040
	793,000		MIN AIK Technology Co Ltd		1,069
	2,099,500		Mitac Holdings Corp		1,556
	67,000	e	Mitsumi Electric Co Ltd		270
	367,219		Motorola, Inc		24,225
	44,372		MTS Systems Corp		1,945
	57,312	*	Multi-Fineline Electronix, Inc		1,330
	424,400		Murata Manufacturing Co Ltd		47,581
	592,000		Nan Ya Printed Circuit Board Corp		539
	196,000		Nanjing Panda Electronics		148
	54,000		Nanjing Sample Technology Co Ltd		107
	215,656		National Instruments Corp		5,909
	238,806	*	NCR Corp		6,632
	2,147,382		NEC Corp		5,003
	113,449	e	Neopost S.A.		2,600
	351,318		NetApp, Inc		8,639
	169,119	*	Netgear, Inc		8,040
	227,817	*	Netscout Systems, Inc		5,069
	170,626		Nichicon Corp		1,109
	185,214	*,e	Nimble Storage, Inc		1,474
	18,200	e	Nippon Ceramic Co Ltd		342
	1,850,150		Nippon Electric Glass Co Ltd		7,723
	44,500		Nippon Signal Co Ltd		348
	18,500	e	Nohmi Bosai Ltd		248
	845,865	e	Nokia Corp		4,813
	8,509,399		Nokia Oyj (Turquoise)		48,465
	113,338	*	Novanta, Inc		1,717
	237,408	*,e	Oclaro, Inc		1,159
	688,000		Oki Electric Industry Co Ltd		920
	568,656		Omron Corp		18,561
	12,500	*	Optex Co Ltd		322
	62,287	*	Orbotech Ltd		1,591
	56,135	*	OSI Systems, Inc		3,263
	64,322		Oxford Instruments plc		609
	206,546	*	Palo Alto Networks, Inc		25,331

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	352,224		Pan-International Industrial	$	136
	95,520		Park Electrochemical Corp		1,388
	14,543	*,e	Parrot S.A.		203
	275,801		Partron Co Ltd		2,548
	2,349,000	e	PAX Global Technology Ltd		2,068
	52,319		PC Connection, Inc		1,245
	1,894,917		Pegatron Technology Corp		4,025
	125,916		Plantronics, Inc		5,540
	112,419	*	Plexus Corp		4,857
	327,446	*	Polycom, Inc		3,684
	39,578		Posiflex Technology, Inc		191
	931,606		Premier Farnell plc		2,043
	2,124,000		Primax Electronics Ltd		2,792
	753,000	*	Prime View International Co Ltd		419
	146,714	*,e	Pure Storage, Inc		1,599
	318,944	*	QLogic Corp		4,701
	2,506,338		Quanta Computer, Inc		4,776
	145,709	*	Radisys Corp		653
	48,559	*,e	Radware Ltd		547
	521,930		Redington India Ltd		803
	95,925		Renishaw plc		2,793
	529,311		Ricoh Co Ltd		4,588
	9,879		RICOH INDIA Ltd		31
	50,400		Riso Kagaku Corp		665
	2,461,000	*	Ritek Corp		213
	63,385	*	Rofin-Sinar Technologies, Inc		2,025
	43,326	*	Rogers Corp		2,647
	6,900	*	Roland DG Corp		123
	86,500		Ryosan Co Ltd		2,067
	16,700	e	Ryoyo Electro Corp		219
	9,569		Sam Young Electronics Co Ltd		101
	49,157		Samsung Electro-Mechanics Co Ltd		2,154
	51,060		Samsung SDI Co Ltd		4,834
	551,844		Sandvine Corp		1,136
	357,087	*	Sanmina Corp		9,574
	113,346	*	Scansource, Inc		4,206
	24,677	e	Seagate Technology, Inc		601
	421,900		Seiko Epson Corp		6,764
	120,000		Senao Networks, Inc		596
	394,000		Sercomm Corp		884
	9,193		SFA Engineering Corp		399
	118,300	*	Shanghai Potevio Co Ltd		213
	152,876		Shimadzu Corp		2,298
	438,704	*	ShoreTel, Inc		2,935
	27,438	*,e	Sierra Wireless, Inc		465
	79,800	e	Siix Corp		2,749
	12,193	e	Silicom Ltd		365
	90,713	*,e	Silicon Graphics International Corp		456
	266,404		Simplo Technology Co Ltd		938
	1,114,661		Sinbon Electronics Co Ltd		2,517
	4,332		Sindoh Co Ltd		189
	206,000		SMK Corp		709

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	108,890	*	Sonus Networks, Inc	$	946
	115,215		Spectris plc		2,805
	2,248		Spigen Korea Co Ltd		129
	792,368		Spirent Communications plc		857
	101,236		Sterlite Technologies Ltd		133
	113,937	*,e	Stratasys Ltd		2,608
	35,550,000	*,e	Suncorp Technologies Ltd		486
	1,503,000	e	Sunny Optical Technology Group Co Ltd		5,292
	90,375	*	Super Micro Computer, Inc		2,246
	280,086		SVA Electron Co Ltd		244
	104,633	*,e	Synaptics, Inc		5,624
	69,384		SYNNEX Corp		6,579
	1,156,418		Synnex Technology International Corp		1,255
	47,138	*,e	Systemax, Inc		402
	175,972		Taiflex Scientific Co Ltd		196
	850,577		Taiwan PCB Techvest Co Ltd		801
	228,003	e	Taiyo Yuden Co Ltd		1,990
	1,816,000	e	TCL Communication Technology Holdings Ltd		1,681
	177,990		TDK Corp		9,963
	334,956		TE Connectivity Ltd		19,129
	159,940	*	Tech Data Corp		11,492
	440,000		Technovator International Ltd		226
	237,215	e	Telit Communications plc		772
	139,495		Test Research, Inc		186
	465,291	*,e	Thin Film Electronics ASA		219
	46,099	*	Tobii AB		352
	128,625		Tong Hsing Electronic Industries Ltd		456
	30,920,000	e	Tongda Group Holdings Ltd		6,075
	86,200	e	Topcon Corp		853
	722,000	*	Topsearch International Holdings Ltd		221
	105,000		Toshiba TEC Corp		372
	19,800		Toyo Corp/Chuo-ku		189
	263,000		TPK Holding Co Ltd		514
	1,940,000	e	Tpv Technology Ltd		372
	115,608		Transcend Information, Inc		352
	604,000		Trigiant Group Ltd		96
	459,061	*	Trimble Navigation Ltd		11,183
	1,248,832		Tripod Technology Corp		2,434
	7,134,000	e	Truly International Holdings		3,436
	22,800		TSC Auto ID Technology Co Ltd		185
	388,585	*	TTM Technologies, Inc		2,926
	674,039		TXC Corp		940
	64,804	e	Ubiquiti Networks, Inc		2,505
	1,218,883		Unimicron Technology Corp		538
	772,937		Unitech Printed Circuit Board Corp		252
	170,829	*	Universal Display Corp		11,582
	92,197	*	USA Technologies, Inc		394
	797,895		Venture Corp Ltd		4,904
	243,659	*	VeriFone Systems, Inc		4,517
	104,369	*,e	Viasat, Inc		7,452
	560,560	*	Viavi Solutions, Inc		3,717
	325,602		Vishay Intertechnology, Inc		4,034

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	71,567	*	Vishay Precision Group, Inc	$	960
	3,431,500		VS Industry Bhd		1,008
	1,694,800	e	VST Holdings Ltd		483
	138,000	e	Vtech Holdings Ltd		1,455
	118,300	e	Wacom Co Ltd		461
	1,299,000		Wah Lee Industrial Corp		1,898
	2,363,395		Walsin Technology Corp		2,160
	3,548,000	e	Wasion Group Holdings Ltd		1,897
	1,237,316	e,n	Western Digital Corp		58,476
	4,871		Wincor Nixdorf AG.		283
	25,527	*	Wincor Nixdorf AG. (Tender)		1,364
	190,500	*,b,m	Wintek Corp		0	^
	2,214,959		Wistron Corp		1,549
	224,777		Wistron NeWeb Corp		577
	1,210,732		WPG Holdings Co Ltd		1,414
	1,505,570		WT Microelectronics Co Ltd		1,903
	131,101		Xaar plc		730
	15,750	*,m	Ya Hsin Industrial Co Ltd		0
	426,000		Yageo Corp		709
	54,193		Yamatake Corp		1,596
	560,000	g	Yangtze Optical Fibre and Cable Joint Stock Ltd		636
	70,338		Yaskawa Electric Corp		918
	353,684		Yokogawa Electric Corp		3,989
	111,666	*	Zebra Technologies Corp (Class A)		5,594
	364,405		Zhen Ding Technology Holding Ltd		659
	277,000		Zinwell Corp		344
	784,738	e	ZTE Corp		998
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		4,420,406

TELECOMMUNICATION SERVICES - 3.1%
	9,241		012 Smile.Communications Ltd		221
	234,840	*,e	8x8, Inc		3,431
	968,089		Advanced Info Service PCL (Foreign)		4,362
	498,462		AFK Sistema (GDR)		3,753
	4,846,659	*	Alibaba Health Information Technology Ltd		3,577
	42,392,476		America Movil S.A. de C.V. (Series L)		26,016
	335,750		APT Satellite Holdings Ltd		236
	2,116,836	*	Asia Pacific Telecom Co Ltd		707
	15,324,919		AT&T, Inc		662,190
	37,888		ATN International, Inc		2,948
	717,600	*,e	Axtel SAB de C.V.		246
	1,095,684		BCE, Inc		51,852
	338,473		Belgacom S.A.		10,756
	11,678,068		Bezeq Israeli Telecommunication Corp Ltd		23,133
	1,705,572		Bharti Airtel Ltd		9,293
	2,156,459		Bharti Infratel Ltd		11,050
	126,763	*	Boingo Wireless, Inc		1,131
	9,852,980		BT Group plc		54,158
	135,172	*	Cellcom Israel Ltd		904
	130,596	e,g	Cellnex Telecom SAU		2,049
	1,884,122		CenturyTel, Inc		54,658
	5,865,371		China Communications Services Corp Ltd		3,074

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,137,399	e	China Mobile Hong Kong Ltd	$	117,130
	16,796,457		China Telecom Corp Ltd		7,554
	6,605,681		China Unicom Ltd		6,888
	376,253		Chorus Ltd		1,136
	6,461,988		Chunghwa Telecom Co Ltd		23,371
	766,320	*	Cincinnati Bell, Inc		3,502
	3,565,000		Citic 1616 Holdings Ltd		1,348
	99,569		Cogent Communications Group, Inc		3,989
	313,470		Com Hem Holding AB		2,647
	120,737	e	Consolidated Communications Holdings, Inc		3,289
	6,094,517		Deutsche Telekom AG.		103,925
	3,384,639		Digi.Com BHD		4,017
	37,174	e	Drillisch AG.		1,428
	324,507		Elisa Oyj (Series A)		12,469
	2,825,712		Emirates Telecommunications Group Co PJSC		14,579
	107,296		Empresa Nacional de Telecomunicaciones S.A.		972
	80,697	*,e,g	Euskaltel S.A.		730
	53,929	*,e	Fairpoint Communications, Inc		792
	1,529,236		Far EasTone Telecommunications Co Ltd		3,703
	2,339,562	*	France Telecom S.A.		38,042
	359,312		Freenet AG.		9,254
	2,782,434	e	Frontier Communications Corp		13,745
	92,168	*	General Communication, Inc (Class A)		1,456
	1,827,057	*,e	Globalstar, Inc		2,211
	84,021		Globe Telecom, Inc		4,247
	28,997	*	Hawaiian Telcom Holdco, Inc		614
	364,958		Hellenic Telecommunications Organization S.A.		3,335
	305,763	*	Himachal Futuristic Communications		83
	1,275,000	e	HKBN Ltd		1,345
	2,777,127		HKT Trust and HKT Ltd		4,002
	4,838,651		Hutchison Telecommunications Hong Kong Holdings Ltd		1,639
	1,541,599		Idea Cellular Ltd		2,443
	118,494		IDT Corp (Class B)		1,681
	26,548		Iliad S.A.		5,359
	203,639	g	Infrastrutture Wireless Italiane S.p.A		899
	205,518		Inmarsat plc		2,215
	161,993		Inteliquent, Inc		3,222
	193,486	*,e	Iridium Communications, Inc		1,718
	73,500	*,e	Japan Communications, Inc		166
	2,804,400		Jasmine International PCL		452
	648,026		Kcom Group plc		910
	1,480,000		KDDI Corp		45,006
	25,394		KT Corp		656
	248,674	*,e,m	Let’s GOWEX S.A.		3
	2,022,670	*	Level 3 Communications, Inc		104,147
	199,842		LG Telecom Ltd		1,898
	48,910	*	Lumos Networks Corp		592
	1,275,072		Magyar Telekom		2,000
	21,668	e	Manitoba Telecom Services, Inc		636
	1,768,790		Maxis BHD		2,586
	134,679		MegaFon OAO (GDR)		1,406
	89,830		Millicom International Cellular S.A.		5,510

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	889,918		Mobile TeleSystems (ADR)	$	7,369
	284,409		MobileOne Ltd		578
	28,286	*	Mobistar S.A.		654
	1,775,901		MTN Group Ltd		17,259
	504,317		Netia S.A.		528
	121,062	*	NII Holdings, Inc		385
	1,664,960		Nippon Telegraph & Telephone Corp		78,078
	2,583,688		NTT DoCoMo, Inc		69,678
	27,777		Numericable-SFR SAS		694
	170,263		Ooredoo QSC		4,134
	2,558,208	*	Orascom Telecom Holding SAE		919
	2,379,939	*	Orascom Telecom Media And Technology Holding SAE		145
	148,008	*	Orbcomm, Inc		1,473
	124,738	*	Partner Communications		571
	8,620,276		PCCW Ltd		5,792
	25,252	*	pdvWireless, Inc		540
	213,642		Philippine Long Distance Telephone Co		9,765
	2,964,411	*	PT Excelcomindo Pratama		824
	600,000	*	PT Indosat Tbk		290
	959,500		PT Link Net Tbk		296
	120,185,424		PT Telekomunikasi Indonesia Persero Tbk		36,566
	806,950	*	Reliance Communication Ventures Ltd		612
	951,239		Rogers Communications, Inc (Class B)		38,508
	136,609		Rostelecom (ADR)		1,184
	2,726,102		Royal KPN NV		9,717
	246,019	*	SBA Communications Corp (Class A)		26,555
	128,280	*	Sejong Telecom, Inc		151
	137,302		Shenandoah Telecom Co		5,363
	16,774,116		Singapore Telecommunications Ltd		51,809
	18,884		SK Telecom Co Ltd		3,548
	1,172,035	e	SmarTone Telecommunications Holding Ltd		2,094
	1,246,155		Softbank Corp		70,473
	51,137		Spok Holdings, Inc		980
	1,340,366	*,e	Sprint Corp		6,072
	914,724	e	StarHub Ltd		2,581
	23,602	*,e	Straight Path Communications, Inc		653
	64,287	g	Sunrise Communications Group AG.		4,110
	11,753		Swisscom AG.		5,839
	1,625,942		Taiwan Mobile Co Ltd		5,683
	1,214,817	e	TalkTalk Telecom Group plc		3,545
	111,020		Tata Communications Ltd		793
	309,061		TDC AS		1,515
	177,351		Tele2 AB		1,557
	3,455,669		Telecom Corp of New Zealand Ltd		8,783
	5,199,234		Telecom Italia RSP		3,345
	6,508,955	*	Telecom Italia S.p.A.		5,346
	980,099		Telefonica Brasil S.A.		13,425
	596,030		Telefonica Deutschland Holding AG.		2,455
	143,202		Telefonica O2 Czech Republic AS		1,274
	4,584,826		Telefonica S.A.		43,528
	1,129,383		Telekom Malaysia BHD		1,901
	674,817		Telekomunikacja Polska S.A.		870

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,600,060		Telenor ASA	$	26,486
	941,688		Telephone & Data Systems, Inc		27,931
	1,416,401	*,e	Telesites SAB		876
	2,171,804		TeliaSonera AB		10,285
	822,480		Telkom S.A. Ltd		3,711
	8,207,397		Telstra Corp Ltd		34,305
	285,293		TELUS Corp		9,186
	318,700		Thaicom PCL		195
	1,831,484		Tim Participacoes S.A.		3,900
	442,120		Time dotCom BHD		833
	2,600,146		TM International BHD		3,639
	4,110,258	*	T-Mobile US, Inc		177,851
	2,188,583		Tower Bersama Infrastructure		1,097
	274,457		TPG Telecom Ltd		2,461
	11,818,016		True Corp PCL		2,426
	421,903		Turk Telekomunikasyon AS		889
	889,485		Turkcell Iletisim Hizmet AS		3,270
	30,438	*	US Cellular Corp		1,195
	14,202,904		Verizon Communications, Inc		793,090
	610,953	e,m	Vocus Communications Ltd		3,973
	370,760	e	Vodacom Group Pty Ltd		4,225
	51,530,953		Vodafone Group plc		157,111
	396,423	e	Vodafone Group plc (ADR)		12,246
	401,554		Vodafone Qatar		1,170
	1,630,520	*	Vonage Holdings Corp		9,946
	278,431	e	Windstream Holdings, Inc		2,581
	297,471	*	Zayo Group Holdings, Inc		8,308
			TOTAL TELECOMMUNICATION SERVICES		3,370,685

TRANSPORTATION - 2.2%
	767,851	e	Abertis Infraestructuras S.A. (Continuous)		11,347
	84,844		Aegean Airlines S.A.		586
	249,091	*,g	Aena S.A.		33,017
	29,721		Aeroports de Paris		3,257
	6,806,862		Air Arabia PJSC		2,435
	168,371	*	Air Canada		1,159
	1,829,225		Air China Ltd		1,258
	889,658	*,e	Air France-KLM		5,614
	2,430,703		Air New Zealand Ltd		3,643
	242,005	*	Air Transport Services Group, Inc		3,136
	16,093,958		AirAsia BHD		10,420
	2,009,625	*	AirAsia X BHD		186
	1,238,600		Airports of Thailand PCL (Foreign)		13,773
	11,463	*	AJ Rent A Car Co Ltd		103
	648,764		Alaska Air Group, Inc		37,816
	623,567		All Nippon Airways Co Ltd		1,777
	47,452		Allcargo Logistics Ltd		129
	32,237		Allegiant Travel Co		4,884
	26,931		Amerco, Inc		10,087
	1,287,504	e	American Airlines Group, Inc		36,449
	634,771	*,b,e,m	AMR Corp (Escrow)		6
	1,212,000	e	Anhui Expressway Co		961

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	133,007		Ansaldo STS S.p.A.	$	1,511
	9,119		AP Moller - Maersk AS (Class A)		11,493
	6,803		AP Moller - Maersk AS (Class B)		8,886
	1,898,718		Aramex PJSC		1,680
	170,773		Arkansas Best Corp		2,775
	463,876		Asciano Group		3,078
	12,247,900		Asia Aviation PCL (ADR)		2,183
	98,394	*	Asiana Airlines		375
	108,403	*	Atlas Air Worldwide Holdings, Inc		4,490
	1,058,947		Auckland International Airport Ltd		4,926
	118,866		Autostrada Torino-Milano S.p.A.		1,296
	709,235		Autostrade S.p.A.		17,720
	928,295		Avianca Holdings S.A.		712
	261,160	*	Avis Budget Group, Inc		8,417
	648,200		Bangkok Airways Co Ltd		427
	135,150		Bangkok Aviation Fuel Services PCL		136
	6,041,553		Bangkok Expressway & Metro PCL		1,188
	874,763		BBA Aviation plc		2,588
	1,540,097	e	Beijing Capital International Airport Co Ltd		1,677
	7,955		Blue Dart Express Ltd		703
	809,789	e	Bollore		2,726
	271,880		bpost S.A.		6,960
	5,962,727		BTS Group Holdings PCL (Foreign)		1,631
	1,083,550		Canadian National Railway Co		63,984
	275,327		Canadian Pacific Railway Ltd (Toronto)		35,447
	1,451,928	e	Cathay Pacific Airways Ltd		2,130
	727,420		Cebu Air, Inc		1,515
	184,530	*,e	Celadon Group, Inc		1,508
	159,472		Central Japan Railway Co		28,364
	401,034		CH Robinson Worldwide, Inc		29,777
	1,809,335	*	China Airlines		545
	2,669,921	*,e	China COSCO Holdings Co Ltd		948
	3,100,000	*,e	China Eastern Airlines Corp Ltd (H Shares)		1,554
	1,284,873	e	China Merchants Holdings International Co Ltd		3,440
	894,400		China Merchants Holdings Pacific Ltd		681
	4,110,135	*,e	China Shipping Container Lines Co Ltd		858
	3,475,500		China Southern Airlines Co Ltd		1,966
	350,000		Chu Kong Shipping Development		91
	936,599		Cia de Concessoes Rodoviarias		4,898
	105,699		Cia de Distribucion Integral Logista Holdings SAU		2,233
	1,877,170		ComfortDelgro Corp Ltd		3,855
	9,817,334	*	Compania SudAmericana de Vapores S.A.		196
	105,246		Container Corp Of India Ltd		2,235
	1,151,100	*	Controladora Vuela Cia de Aviacion SAB de C.V.		2,162
	16,000	*	Controladora Vuela Cia de Aviacion SAB de C.V. (ADR)		299
	82,536	e	Copa Holdings S.A. (Class A)		4,313
	1,040,000	e	Cosco International Holdings Ltd		517
	4,428,068	e	COSCO Pacific Ltd		4,421
	232,627		Costamare, Inc		1,784
	28,398	*	Covenant Transportation Group, Inc		513
	2,241,059		CSX Corp		58,447
	414,517	e	CTT-Correios de Portugal S.A.		3,279

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	513,000	e	CWT Ltd	$	819
	21,484	*,e	D/S Norden		300
	550,922		Dart Group plc		3,865
	664,875		Dazhong Transportation Group Co Ltd		529
	3,077,209		Delta Air Lines, Inc		112,103
	647,438	e	Deutsche Lufthansa AG.		7,612
	1,290,140		Deutsche Post AG.		36,346
	110,712		Dfds A.S.		4,860
	583,380		DP World Ltd		9,697
	444,001		DSV AS		18,669
	591,169		East Japan Railway Co		54,786
	2,237,127		easyJet plc		32,509
	66,851	*,e	Echo Global Logistics, Inc		1,499
	809,700		EcoRodovias Infraestrutura e Logistica S.A.		2,112
	85,600	*,e	eHi Car Services Ltd (ADR)		865
	1,424,567		El Al Israel Airlines		942
	65,731	*,e,g	Europcar Groupe S.A.		565
	1,324,414	*	Eva Airways Corp		605
	462,000		Evergreen International Storage & Transport Corp		184
	1,324,055		Evergreen Marine Corp Tawain Ltd		493
	196,918		Expeditors International of Washington, Inc		9,657
	561,833		FedEx Corp		85,275
	1,153,792	*	Firstgroup plc		1,547
	19,000		Flughafen Zuerich AG.		3,362
	73,504		Forward Air Corp		3,273
	39,959		Fraport AG. Frankfurt Airport Services Worldwide		2,139
	294,323		Freightways Ltd		1,361
	118,000	e	Fukuyama Transporting Co Ltd		621
	115,781		Gateway Distriparks Ltd		532
	114,843	*	Genesee & Wyoming, Inc (Class A)		6,770
	19,821		GLOVIS Co Ltd		2,969
	63,704		Go-Ahead Group plc		1,663
	135,365	*	Golden Ocean Group Ltd		86
	431,941	e	Grindrod Ltd		336
	488,238		Groupe Eurotunnel S.A.		5,157
	735,700	*,e	Grupo Aeromexico SAB de C.V.		1,519
	614,750		Grupo Aeroportuario del Centro Norte Sab de C.V.		3,645
	361,431	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,713
	339,615		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		5,395
	972,572		Guangdong Provincial Expressway Development Co Ltd		481
	663,000		Guangdong Yueyun Transportation Co Ltd		374
	203,025	*	Gujarat Pipavav Port Ltd		492
	90,000		Hainan Meilan International Airport Co Ltd		98
	24,405		Hamburger Hafen und Logistik AG.		365
	47,890		Hanjin Kal Corp		690
	136,606	*	Hanjin Shipping Co Ltd		240
	6,953		Hanjin Transportation Co Ltd		194
	2,021,532		Hankyu Hanshin Holdings, Inc		15,074
	218,871	*	Hawaiian Holdings, Inc		8,308
	136,510	e	Heartland Express, Inc		2,374
	2,362,692	*	Hertz Global Holdings, Inc		26,155
	144,200		Hitachi Transport System Ltd		2,372

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,610,739	e	Hopewell Highway Infrastructure Ltd	$	1,302
	259,818	*	Hub Group, Inc (Class A)		9,969
	5,301,853		Hutchison Port Holdings Trust		2,426
	1,939	*	ID Logistics Group		269
	66,157	e	Iino Kaiun Kaisha Ltd		245
	1,047,347	e	International Consolidated Airlines Group S.A.		5,186
	582,961	e	International Consolidated Airlines Group S.A. (London)		2,891
	1,438,887		International Container Term Services, Inc		1,887
	483,183		Irish Continental Group plc		2,252
	93,112		J.B. Hunt Transport Services, Inc		7,536
	533,531		Japan Airlines Co Ltd		17,165
	42,800	e	Japan Airport Terminal Co Ltd		1,553
	8,240		Jeju Air Co Ltd		226
	220,402	*	Jet Airways India Ltd		1,820
	775,014	*	JetBlue Airways Corp		12,834
	1,365,834		Jiangsu Express		1,907
	204,710		Jinzhou Port Co Ltd		109
	62,200		Julio Simoes Logistica S.A.		194
	579,587		Kamigumi Co Ltd		5,357
	986,355		Kansas City Southern Industries, Inc		88,861
	1,375,400	e	Kawasaki Kisen Kaisha Ltd		3,242
	385,338		Keihin Electric Express Railway Co Ltd		3,878
	453,586		Keio Corp		4,279
	55,322		Keisei Electric Railway Co Ltd		713
	919,547		Kerry Logistics Network Ltd		1,188
	1,328,179		Kintetsu Corp		5,684
	29,700		Kintetsu World Express, Inc		360
	131,418	*	Kirby Corp		8,199
	159,961	e	Knight Transportation, Inc		4,252
	60,600	e	Konoike Transport Co Ltd		631
	6,991	*	Korea Express Co Ltd		1,322
	13,558	*	Korea Line Corp		203
	33,045	*	Korean Air Lines Co Ltd		747
	68,831		Kuehne & Nagel International AG.		9,644
	262,100	*	Lan Airlines S.A.		1,735
	176,922		Landstar System, Inc		12,147
	151,202		Localiza Rent A Car		1,624
	3,818		Logistec Corp		118
	358,073		Macquarie Atlas Roads Group		1,396
	139,080		Macquarie Infrastructure Co LLC		10,299
	700,806		Malaysia Airports Holdings BHD		1,066
	56,561	e	Marten Transport Ltd		1,120
	97,000		Maruzen Showa Unyu Co Ltd		356
	191,352		Matson, Inc		6,179
	4,092,856		MISC BHD		7,574
	25,349		Mitsubishi Logistics Corp		355
	712,812		Mitsui OSK Lines Ltd		1,516
	296,610		Mitsui-Soko Co Ltd		794
	1,916,826	e	MTR Corp		9,725
	3,614,156		Mundra Port and Special Economic Zone Ltd		11,124
	669,055		Nagoya Railroad Co Ltd		3,770
	241,100		Namyong Terminal PCL		93

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	657,000		Nankai Electric Railway Co Ltd	$	3,705
	1,002,073		National Express Group plc		3,955
	30,629	*,g	Navkar Corp Ltd		98
	1,540,700	*,e	Neptune Orient Lines Ltd		1,490
	554,261		Nippon Express Co Ltd		2,533
	50,700		Nippon Konpo Unyu Soko Co Ltd		911
	1,896,084		Nippon Yusen Kabushiki Kaisha		3,336
	379,000		Nishi-Nippon Railroad Co Ltd		1,967
	60,000		Nissin Corp		180
	71,524	g	Nobina AB		382
	664,697		Norfolk Southern Corp		56,586
	332,204		Northgate plc		1,442
	24,255	*,e	Norwegian Air Shuttle AS		840
	115,037		Odakyu Electric Railway Co Ltd		1,349
	32,563		Oesterreichische Post AG.		1,052
	2,523,753	*	OHL Mexico SAB de CV		3,078
	144,616	*	Old Dominion Freight Line		8,722
	246,000		Orient Overseas International Ltd		840
	6,696,290	e	Pacific Basin Shipping Ltd		634
	8,026	*	PAM Transportation Services, Inc		128
	9,564	e	Panalpina Welttransport Holding AG.		1,145
	20,823	e	Park-Ohio Holdings Corp		589
	43,832	*	Pegasus Hava Tasimaciligi AS.		207
	7,222		Piraeus Port Authority		98
	57,369		PKP Cargo S.A.		482
	743,600		Pos Malaysia & Services Holdings BHD		519
	511,950	*	Precious Shipping PCL		93
	711,552		Promotora y Operadora de Infraestructura SAB de C.V.		8,815
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	4,504,200	*	PT Garuda Indonesia Tbk		162
	1,836,526		PT Jasa Marga Tbk		737
	4,880,327		Qantas Airways Ltd		10,338
	811,000	g	Qingdao Port International Co Ltd		369
	701,500	*	Qinhuangdao Port Co Ltd		242
	2,126,513		QR National Ltd		7,716
	773,093	e	Qube Logistics Holdings Ltd		1,288
	153,850	*	Radiant Logistics, Inc		462
	387,999	e	Redde plc		811
	96,493	*	Roadrunner Transportation Services Holdings, Inc		720
	1,248,062		Royal Mail plc		8,385
	798,100	*	Rumo Logistica Operadora Multimodal S.A.		1,217
	3,088		Ryanair Holdings plc		39
	314,217		Ryanair Holdings plc (ADR)		21,851
	148,147		Ryder System, Inc		9,058
	406,000	e	Sagami Railway Co Ltd		2,280
	59,304	*	Saia, Inc		1,491
	96	*,m	SAir Group		0
	9,200		Sakai Moving Service Co Ltd		250
	649,000		Sankyu, Inc		3,484
	104,500		Santos Brasil Participacoes S.A.		403
	429,053	*,e	SAS AB		818
	102,579	e	Seaspan Corp		1,432

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,671		Sebang Co Ltd	$	125
	595,600		Seino Holdings Corp		5,460
	159,600	e	Senko Co Ltd		961
	145,800		Shandong Airlines Co Ltd		325
	151,600		Shanghai Jinjiang International Investment Holdings Co		266
	71,200	m	Shenzhen Chiwan Petroleum		153
	121,900		Shenzhen Chiwan Wharf Holdings Ltd		186
	2,332,000		Shenzhen Expressway Co Ltd		2,134
	941,281	e	Shenzhen International Holdings Ltd		1,369
	81,000		Shinwa Kaiun Kaisha Ltd		103
	90,819	*	Shipping Corp of India Ltd		90
	1,335,097		Shun TAK Holdings Ltd		422
	3,014,000	e	Sichuan Expressway Co Ltd		1,024
	292,000		Sincere Navigation		176
	180,149		Singapore Airlines Ltd		1,431
	2,105,200		Singapore Airport Terminal Services Ltd		6,436
	1,423,919	e	Singapore Post Ltd		1,560
	14,464,000		Sinotrans Ltd		6,458
	3,491,000	e	Sinotrans Shipping Ltd		558
	1,366,000	e	SITC International Co Ltd		719
	15,125		Sixt AG.		778
	42,769		Sixt AG. (Preference)		1,688
	298,022		Skywest, Inc		7,886
	1,702,500	e	SMRT Corp Ltd		1,908
	80,441		Societa Iniziative Autostradali e Servizi S.p.A.		694
	2,326,198		Southwest Airlines Co		91,210
	159,990	*	SpiceJet Ltd		155
	217,204	*	Spirit Airlines, Inc		9,746
	1,333,539		Stagecoach Group plc		4,124
	66,138		Stolt-Nielsen S.A.		802
	72,379	e	Student Transportation, Inc		372
	116,767		Sumitomo Warehouse Co Ltd		581
	332,160	*,e	Swift Transportation Co, Inc		5,119
	1,453,883		Sydney Airport		7,592
	291,000		T.Join Transportation Co		382
	148,648		TAV Havalimanlari Holding AS		638
	1,995,900	*	Thai Airways International PCL-Foreign		1,373
	690,935		Thoresen Thai Agencies PCL		179
	5,244,000		Tianjin Port Development Holdings Ltd		756
	354,867	*	TNT NV		1,448
	735,033		Tobu Railway Co Ltd		4,034
	1,778,935		Tokyu Corp		15,618
	6,400		Trancom Co Ltd		422
	557,891	e	TransForce, Inc		10,359
	1,734,111		Transurban Group (ASE)		15,619
	57,323	*,e	Treasure ASA		109
	3,043,023	*	Turk Hava Yollari		6,062
	389,000		U-Ming Marine Transport Corp		320
	3,956,040		Union Pacific Corp		345,164
	931,468	*	United Continental Holdings, Inc		38,227
	2,469,357		United Parcel Service, Inc (Class B)		265,999
	20,707		Universal Truckload Services, Inc		267

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	54,698	*	USA Truck, Inc	$	958
	46,660	*,e	Virgin America, Inc		2,623
	589,122	*	Virgin Australia Holdings Ltd		90
	67,336	*,m	Virgin Australia Int Holdings		0	^
	21,075		VRL Logistics Ltd		100
	28,036	e	VTG AG.		812
	105,353	e	Werner Enterprises, Inc		2,420
	136,940	*	Wesco Aircraft Holdings, Inc		1,838
	285,487		West Japan Railway Co		18,092
	46,580		WestJet Airlines Ltd		760
	896,100		Westports Holdings BHD		935
	192,435	e	Westshore Terminals Investment Corp		2,787
	57,323		Wilh. Wilhelmsen ASA		144
	239,494		Wisdom Marine Lines Co Ltd		256
	42,900	*,e,g	Wizz Air Holdings plc		920
	2,724,000		Xiamen International Port Co Ltd		539
	235,013	*,e	XPO Logistics, Inc		6,171
	274,366		Yamato Transport Co Ltd		6,300
	1,300,000	*	Yang Ming Marine Transport		318
	132,555	*	YRC Worldwide, Inc		1,166
	1,418,000	e	Yuexiu Transport Infrastructure Ltd		915
	14,700		Yusen Air & Sea Service Co Ltd		146
	5,280,194		Zhejiang Expressway Co Ltd		4,996
			TOTAL TRANSPORTATION		2,398,102

UTILITIES - 3.5%
	1,329,117	e	A2A S.p.A.		1,743
	3,347,710		Aboitiz Power Corp		3,286
	78,611	e	Acciona S.A.		5,736
	147,056		ACEA S.p.A.		1,784
	102,596	e	Actelios S.p.A.		80
	786,892	*	Adani Power Ltd		357
	169,028	*	Adani Transmissions Ltd		98
	1,751,861		AES Corp		21,863
	2,090,629		AES Gener S.A.		1,023
	210,900	*	AES Tiete S.A.		971
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0
	815,220		AGL Energy Ltd		11,840
	134,787		AGL Resources, Inc		8,892
	2,856,208		Aguas Andinas S.A.		1,638
	275,162	*	Akenerji Elektrik Uretim AS		91
	170,379	*	Aksa Enerji Uretim AS		144
	292,768	e	Algonquin Power & Utilities Corp		2,694
	203,782		Allete, Inc		13,170
	415,206		Alliant Energy Corp		16,484
	190,865		Alupar Investimento S.A.		832
	795,844		Ameren Corp		42,641
	2,385,394		American Electric Power Co, Inc		167,192
	137,443		American States Water Co		6,023
	667,157		American Water Works Co, Inc		56,381
	918,917		APA Group		6,391

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	195,918		Aqua America, Inc	$	6,986
	20,531		Artesian Resources Corp		696
	269,475		Ascopiave S.p.A.		807
	100,516	e	Atco Ltd		3,526
	141,835		Athens Water Supply & Sewage Co S.A.		874
	298,537	e	Atlantic Power Corp		740
	199,009	e	Atlantic Power Corp (Toronto)		490
	186,706	e	Atlantica Yield plc		3,469
	123,347		Atmos Energy Corp		10,031
	3,188,617		AusNet Services		3,927
	104,648		Avangrid, Inc		4,820
	177,948		Avista Corp		7,972
	238,896		Aygaz AS		928
	21,194,191	e	Beijing Enterprises Water Group Ltd		12,835
	16,138,900		Benpres Holdings Corp		2,678
	49,660	e	BKW S.A.		2,202
	150,066	e	Black Hills Corp		9,460
	53,012		Boralex, Inc		799
	112,418		California Water Service Group		3,927
	449,106	*	Calpine Corp		6,624
	114,159		Canadian Utilities Ltd		3,307
	594,000	*	Canvest Environment Protection Group Co Ltd		270
	136,917	e	Capital Power Corp		2,043
	36,057	e	Capital Stage AG.		237
	1,117,457		Centerpoint Energy, Inc		26,819
	215,079		Centrais Eletricas Brasileiras S.A. (Preference)		1,179
	9,336,424		Centrica plc		28,233
	107,830		CESC Ltd		955
	280,243		CEZ AS		4,781
	4,000,000	e	CGN New Energy Holdings Co Ltd		547
	11,014,000	g	CGN Power Co Ltd		3,078
	161,865	*,m	Chennai Super Kings Cricket Ltd		5
	39,164		Chesapeake Utilities Corp		2,592
	815,344		Cheung Kong Infrastructure Holdings Ltd		7,030
	2,278,000	*,e	China Datang Corp Renewable Power Co Ltd		224
	509,500		China Everbright Water Ltd		241
	4,134,308	e	China Gas Holdings Ltd		6,328
	4,295,627		China Longyuan Power Group Corp		3,586
	4,428,000	*,e	China Oil and Gas Group Ltd		339
	11,045,796		China Power International Development Ltd		4,077
	404,000		China Power New Energy Development Co Ltd		238
	925,580	e	China Resources Gas Group Ltd		2,815
	5,704,983		China Resources Power Holdings Co		8,562
	804,000		China Water Affairs Group Ltd		466
	1,148,000	*,e	China Water Industry Group Ltd		199
	1,452,539		Chubu Electric Power Co, Inc		20,671
	209,052	*	Chugoku Electric Power Co, Inc		2,658
	365,600		Cia de Saneamento Basico do Estado de Sao Paulo		3,310
	60,265		Cia de Saneamento de Minas Gerais-COPASA		555
	3,568	*,m	Cia de Saneamento de Minas Gerais-COPASA (ADR)		33
	1,884,233		Cia Energetica de Minas Gerais		4,270
	722,049		Cia Energetica de Sao Paulo (Class B)		2,675
	11,804		Cia Energetica do Ceara		157

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	408,460		Cia Paranaense de Energia	$	3,715
	2,073,100		CK Power PCL		168
	3,976,859		CLP Holdings Ltd		40,624
	2,096,919		CMS Energy Corp		96,165
	14,423,249		Colbun S.A.		3,496
	24,942		Connecticut Water Service, Inc		1,402
	536,714		Consolidated Edison, Inc		43,173
	43,502	e	Consolidated Water Co, Inc		568
	1,075,546		Contact Energy Ltd		3,993
	207,822		CPFL Energia S.A.		1,332
	2,242,000	e	CT Environmental Group Ltd		652
	16,399		Delta Natural Gas Co, Inc		442
	1,643,055		Dominion Resources, Inc		128,043
	955,000	*,e,g	DONG Energy A.S.		34,242
	1,106,009	e	Drax Group plc		4,800
	979,771		DTE Energy Co		97,115
	3,273,803	e	DUET Group (ASE Exchange)		6,140
	1,941,700		Duke Energy Corp		166,578
	2,661,386	*,e	Dynegy, Inc		45,882
	1,283,492	*	E.CL SA		2,187
	4,720,877		E.ON AG.		47,656
	2,672		E1 Corp		149
	493,600		Eastern Water Resources Development and Management PCL		182
	1,137,766		Edison International		88,370
	1,266,092		EDP - Energias do Brasil S.A.		5,368
	335,813	*	EDP-Energias do Brasil S.A. (ADR)		1,443
	176,364		El Paso Electric Co		8,337
	272,600		Electric Power Development Co		6,351
	860,267	e	Electricite de France		10,431
	93,500		Eletropaulo Metropolitana de Sao Paulo S.A.		246
	33,600		Elia System Operator S.A.		1,878
	104,983		Empire District Electric Co		3,566
	3,866,106		Empresa Nacional de Electricidad S.A.		3,573
	48,461	e	Enagas		1,481
	3,425,472		Endesa Americas S.A.		1,578
	829,418	e	Endesa S.A.		16,643
	166,856		Enea S.A.		420
	9,416,862	e	Enel S.p.A.		41,806
	584,876		Energa S.A.		1,414
	990,814		Energias de Portugal S.A.		3,033
	612,936	*,e	Energy World Corp Ltd		85
	39,382,725		Enersis Chile S.A.		4,616
	45,981,666		Enersis S.A.		7,875
	761,228	e	ENN Energy Holdings Ltd		3,770
	452,500		Entergy Corp		36,811
	199,100		Equatorial Energia S.A.		3,015
	40,000	e	eRex Co Ltd		821
	45,693		ERG S.p.A.		521
	124,888		ERM Power Ltd		79
	246,487		Eversource Energy		14,765
	34,744		EVN AG.		396

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,558,629		Exelon Corp	$	93,032
	347,410	m	Federal Grid Co Unified Energy System JSC (ADR)		382
	3,343,900		First Gen Corp		1,777
	641,050		First Philippine Holdings Corp		925
	1,219,040		FirstEnergy Corp		42,557
	531,616	e	Fortis, Inc		17,970
	283,770		Fortum Oyj		4,559
	462,624		GAIL India Ltd		2,648
	698,000		Gas Malaysia BHD		412
	147,797	e	Gas Natural SDG S.A.		2,938
	2,037,763		Gaz de France		32,720
	1,201,982	e	Genesis Energy Ltd		1,837
	57,570	e	Genie Energy Ltd		390
	2,336,200		Global Power Synergy Co Ltd (Foreign)		2,234
	19,171	*,e	Global Water Resources, Inc		169
	632,871		Glow Energy PCL (Foreign)		1,548
	212,183		Great Plains Energy, Inc		6,450
	2,889,066	e	Guangdong Investments Ltd		4,410
	66,991		Gujarat Gas Co Ltd		556
	145,523		Gujarat State Petronet Ltd		310
	136,095	*	Hawaiian Electric Industries, Inc		4,463
	1,253,303		Hera S.p.A.		3,421
	3,046,000	g	HK Electric Investments & HK Electric Investments Ltd		2,842
	266,800	*	Hokkaido Electric Power Co, Inc		2,167
	127,042	*	Hokuriku Electric Power Co		1,574
	6,471,252	e	Hong Kong & China Gas Ltd		11,824
	1,444,319		Hong Kong Electric Holdings Ltd		13,280
	467,930	*	Huadian Energy Co Ltd		237
	6,520,388		Huadian Power International Co		3,125
	6,613,756	e	Huaneng Power International, Inc		4,108
	21,576,000		Huaneng Renewables Corp Ltd		7,221
	134,177	e,g	Hydro One Ltd		2,696
	1,928,900	e	Hyflux Ltd		864
	9,654,636		Iberdrola S.A.		65,860
	169,528		Idacorp, Inc		13,791
	71,572	*	Indiabulls Infrastructure and Power Ltd		4
	54,451		Indraprastha Gas Ltd		508
	1,100,900	e	Infraestructura Energetica ,NV SAB de C.V.		4,638
	2,115,354		Infratil Ltd		4,829
	136,502	e	Innergex Renewable Energy, Inc		1,531
	1,027,900		Inter Far East Energy Corp		185
	350,361		Interconexion Electrica S.A.		1,072
	993,363		Inversiones Aguas Metropolitanas S.A.		1,582
	1,529,419		Iride S.p.A.		2,357
	222,032	e	ITC Holdings Corp		10,396
	256,536	e	Just Energy Income Fund		1,557
	11,500		K&O Energy Group, Inc		146
	700,000	e,g	Kangda International Environmental Co Ltd		146
	830,215	*	Kansai Electric Power Co, Inc		8,086
	11,771	*	Kenon Holdings Ltd		122
	2,700,000	*,m	Kong Sun Holdings Ltd		136
	16,973		Korea District Heating Corp		964

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	530,689		Korea Electric Power Corp	$	27,857
	27,936		Korea Gas Corp		971
	2,128		KyungDong City Gas Co Ltd		147
	354,477	*	Kyushu Electric Power Co, Inc		3,555
	80,000		Light S.A.		281
	1,865,400		Manila Water Co, Inc		1,077
	879,566	e	MDU Resources Group, Inc		21,110
	2,220,900	*	Meridian Energy Ltd		4,191
	83,383		MGE Energy, Inc		4,712
	53,848	e	Middlesex Water Co		2,336
	502,194		Mighty River Power Ltd		1,084
	166,796		National Fuel Gas Co		9,487
	6,743,321		National Grid plc		99,163
	200,924		New Jersey Resources Corp		7,746
	110,817		NextEra Energy Partners LP		3,367
	2,814,443		NextEra Energy, Inc		367,003
	1,654,394		NiSource, Inc		43,875
	103,659	e	Northland Power Income Fund		1,781
	109,805		Northwest Natural Gas Co		7,118
	115,363	e	NorthWestern Corp		7,276
	673,868		NRG Energy, Inc		10,101
	272,743	e	NRG Yield, Inc (Class A)		4,151
	216,149	e	NRG Yield, Inc (Class C)		3,370
	2,511,812		NTPC Ltd		5,830
	854,324	e	OGE Energy Corp		27,979
	280,500		Okinawa Electric Power Co, Inc		5,882
	140,103		ONE Gas, Inc		9,329
	96,875		Ormat Technologies, Inc		4,239
	2,270,188	*	Osaka Gas Co Ltd		8,728
	99,614		Otter Tail Corp		3,336
	427,693	*	Pampa Energia S.A. (ADR)		11,693
	219,178	e	Pattern Energy Group, Inc		5,035
	455,364		Pennon Group plc		5,759
	1,566,791		Petronas Gas BHD		8,576
	3,029,006		PG&E Corp		193,614
	149,097		Piedmont Natural Gas Co, Inc		8,964
	589,898		Pinnacle West Capital Corp		47,817
	314,460		PNM Resources, Inc		11,144
	9,757,194		PNOC Energy Development Corp		1,152
	1,372,653		Polska Grupa Energetyczna S.A.		4,135
	210,930		Portland General Electric Co		9,306
	639,142		Power Grid Corp of India Ltd		1,548
	2,703,754		PPL Corp		102,067
	13,333,032		PT Perusahaan Gas Negara Persero Tbk		2,377
	1,228,867		PTC India Ltd		1,407
	108,906		Public Power Corp		300
	595,060		Public Service Enterprise Group, Inc		27,736
	27,546		Qatar Electricity & Water Co		1,574
	224,986		Questar Corp		5,708
	22,715	e	Red Electrica de Espana		2,030
	427,393	e	Redes Energeticas Nacionais S.A.		1,202
	433,695		Reliance Energy Ltd		3,520

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	86,387	*,m	Rosseti PJSC (ADR)	$	167
	32,657	e	Rubis		2,496
	1,437,410	e	RusHydro PJSC (ADR)		1,319
	561,238		RWE AG.		8,938
	1,227,090		Saeta Yield S.A.		12,338
	8,448		Samchully Co Ltd		779
	489,400		Scan Inter PCL		103
	261,439		SCANA Corp		19,780
	46,505	g	Scatec Solar ASA		204
	492,848		Scottish & Southern Energy plc		10,258
	20,493		Sechilienne-Sidec		315
	1,376,311		Sempra Energy		156,927
	117,141		Severn Trent plc		3,822
	171,800	*	Shanghai Lingyun Industries Development Co Ltd		241
	122,584		Shikoku Electric Power Co, Inc		1,452
	145,900		Shizuoka Gas Co Ltd		1,028
	677,880	*	SIIC Environment Holdings Ltd		313
	37,708	e	SJW Corp		1,485
	2,549,436		Snam Rete Gas S.p.A.		15,242
	128,000	*,m	Sound Global Ltd		25
	323,984		South Jersey Industries, Inc		10,244
	736,009		Southern Co		39,472
	174,563		Southwest Gas Corp		13,740
	33,196	e	Spark Energy, Inc		1,097
	1,994,736	e	Spark Infrastructure Group		3,655
	388,600		SPCG PCL		226
	117,012		Spire, Inc		8,289
	1,347,592		Suez Environnement S.A.		21,019
	381,480	e	Superior Plus Corp		3,148
	371,450		Taiwan Cogeneration Corp		287
	300,981	*	Talen Energy Corp		4,078
	384,300		Taliworks Corp BHD		135
	1,366,041		Tata Power Co Ltd		1,487
	1,850,469		Tauron Polska Energia S.A.		1,335
	239,413		TECO Energy, Inc		6,617
	145,698	e	Telecom Plus plc		2,021
	4,234,841		Tenaga Nasional BHD		14,828
	46,011		Terna Energy S.A.		123
	1,164,954		Terna Rete Elettrica Nazionale S.p.A.		6,483
	216,798	e	TerraForm Global, Inc		707
	279,272	e	TerraForm Power, Inc		3,044
	1,003,900		Thai Solar Energy PCL		113
	1,334,400		Thai Tap Water Supply PCL		425
	1,818,000		Tianjin Development Hldgs Ltd		823
	664,007		Toho Gas Co Ltd		5,433
	1,420,975		Tohoku Electric Power Co, Inc		17,933
	2,456,719	*	Tokyo Electric Power Co, Inc		10,404
	2,995,813		Tokyo Gas Co Ltd		12,369
	230,769		Torrent Power Ltd		601
	4,187,000	e	Towngas China Co Ltd		2,388
	164,041		Tractebel Energia S.A.		1,956
	255,244		TransAlta Corp		1,328

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	259,008	e	TransAlta Renewables, Inc	$	2,678
	94,321		Transmissora Alianca de Energia Eletrica S.A.		564
	548,067		UGI Corp		24,800
	2,830,000	*,e	United Photovoltaics Group Ltd		217
	170,945		United Utilities Group plc		2,369
	43,049		Unitil Corp		1,837
	36,464		VA Tech Wabag Ltd		321
	121,868	e	Valener, Inc		2,068
	25,000	e	Vanguard FTSE Developed Markets ETF		884
	152,960		Vectren Corp		8,056
	1,223,218		Veolia Environnement		26,415
	64,084	*,e	Vivint Solar, Inc		197
	2,008,560		VPC Specialty Lending Investments plc		2,251
	450,574		WEC Energy Group, Inc		29,423
	133,274		Westar Energy, Inc		7,475
	121,690		WGL Holdings, Inc		8,614
	4,344,445		Xcel Energy, Inc		194,544
	6,425		YESCO Co Ltd		225
	29,378	e	York Water Co		941
	4,104,585		YTL Corp BHD		1,704
	3,003,264		YTL Power International BHD		1,050
	337,000		Yunnan Water Investment Co Ltd		177
	263,591	*	Zorlu Enerji Elektrik Uretim AS		160
			TOTAL UTILITIES		3,892,333
			TOTAL COMMON STOCKS		109,480,955
			(Cost $104,426,993)

PURCHASED OPTIONS - 0.0%

DIVERSIFIED FINANCIALS - 0.0%
	5,000		S&P 500 Index		3
	2,000		S&P 500 Index		4
	300,000		S&P 500 Index		1,575
	4,500		S&P 500 Index		87
			TOTAL DIVERSIFIED FINANCIALS		1,669

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	1,000		Humana, Inc		15
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		15

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	3,000		Apple, Inc		0	^
	53,000		Apple, Inc		1
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1
			TOTAL PURCHASED OPTIONS		1,685
			(Cost $11,661)

PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	6,755,683	*	ITAUSA Investimentos Itau PR		15,962
			TOTAL BANKS		15,962

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
CAPITAL GOODS - 0.0%
	29,949		Villeroy & Boch AG	$	449
			TOTAL CAPITAL GOODS		449

DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2		1,833
			TOTAL DIVERSIFIED FINANCIALS		1,833

REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		18
			TOTAL REAL ESTATE		18
			TOTAL PREFERRED STOCKS		18,262
			(Cost $25,078)

RIGHTS / WARRANTS - 0.0%
CAPITAL GOODS - 0.0%
	452,280		China Singyes Solar Technologies Holdings Ltd		9
	30,914		PDG Realty S.A. Empreendimentos e Participacoes		0	^
			TOTAL CAPITAL GOODS		9

CONSUMER DURABLES & APPAREL - 0.0%
	395,319		ACS Actividades de Construccion y Servicios S.A.		278
			TOTAL CONSUMER DURABLES & APPAREL		278

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

DIVERSIFIED FINANCIALS - 0.0%
	11,467	m	Emergent Capital, Inc		0
	46,156	m	Group Lease PCL		0
			TOTAL DIVERSIFIED FINANCIALS		0

ENERGY - 0.0%
	1,258,470		Banpu PCL		330
	219,692		Ezion Holdings Ltd		25
	620,783		Repsol S.A.		201
			TOTAL ENERGY		556

FOOD & STAPLES RETAILING - 0.0%
	708,771	m	Noble Group Ltd		49
	135,947	m	Safeway Casa Ley		12
	135,947	m	Safeway PDC LLC		12
			TOTAL FOOD & STAPLES RETAILING		73

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	190,191		Community Health Systems, Inc		1
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1

MATERIALS - 0.0%
	138,851		Acerinox S.A.		70
	18,215	m	Sammok S-Form Co Ltd		65

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

								VALUE
SHARES			COMPANY					(000)
	15,273	m	Ssangyong Cement Industrial Co Ltd					$	17
			TOTAL MATERIALS						152

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	339	e	Asterias Biotherapeutics, Inc						0	^
	2,121	e	BioTime, Inc						1
	487,744	e	Fagron						468
	55,620	m	Forest Laboratories, Inc CVR						53
	337,871	m	Mayne Pharma Group Ltd						162
	17,790	e,m	Omthera Pharmaceuticals, Inc						11
	228,016	e,m	Trius Therapeutics, Inc						30
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						725

REAL ESTATE - 0.0%
	21,039	m	ADLER Real Estate AG.						2
	4,761,352	m	BGP Holdings plc						0
	114,905		Cheuk Nang Holdings Ltd						25
	173,780	m	National Storage REIT						12
			TOTAL REAL ESTATE						39

RETAILING - 0.0%
	274,000	m	Symphony Holdings Ltd						0	^
			TOTAL RETAILING						0	^

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

TELECOMMUNICATION SERVICES - 0.0%
	29,402		Empresa Nacional de Telecomunicaciones S.A.						28
	51,955	m	Jay Mart PCL						0
	196,024	m	Leap Wireless International, Inc						494
			TOTAL TELECOMMUNICATION SERVICES						522

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

UTILITIES - 0.0%
	23,045		Alupar Investimento S.A.						11
	9,344	m	Hansol Paper Co Ltd						21
			TOTAL UTILITIES						32

			TOTAL RIGHTS / WARRANTS						2,412
			(Cost $1,296)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 4.3%
GOVERNMENT AGENCY DEBT - 0.2%
$	25,300,000		Federal Home Loan Bank (FHLB)		0.330	%	07/19/16		25,298
	100,000,000		FHLB		0.326		08/24/16		99,963
	100,000,000	d	FHLB		0.330		09/30/16		99,929

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	80,000,000	d	FHLB		0.370	%	10/05/16	$	79,923
			TOTAL GOVERNMENT AGENCY DEBT						305,113

TREASURY DEBT - 0.4%
	8,750,000		United States Treasury Bill		0.215		07/07/16		8,750
	11,315,000		United States Treasury Bill		0.220		07/14/16		11,314
	166,000,000	d	United States Treasury Bill		0.201-0.256		07/21/16		165,983
	10,600,000	d	United States Treasury Bill		0.412		07/28/16		10,599
	65,400,000	d	United States Treasury Bill		0.196-0.253		08/04/16		65,387
	50,000,000	d	United States Treasury Bill		0.248		09/01/16		49,979
	23,100,000	d	United States Treasury Bill		0.252		09/15/16		23,089
	95,600,000	d	United States Treasury Bill		0.210-0.300		09/22/16		95,547
	2,400,000		United States Treasury Bill		0.236		09/29/16		2,398
	50,000,000	d	United States Treasury Bill		0.391		10/20/16		49,962
			TOTAL TREASURY DEBT						483,008

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.7%
CERTIFICATE OF DEPOSIT - 0.8%
	205,000,000		Bank of Montreal		0.250		07/01/16		205,000
	215,000,000		CIBC Bank and Trust Company		0.300		07/01/16		215,000
	215,000,000		Deutsche Bank		0.360		07/01/16		215,000
	215,000,000		National Australia Bank Ltd		0.280		07/01/16		215,000
			TOTAL CERTIFICATE OF DEPOSIT						850,000

REPURCHASE AGREEMENT - 2.8%
	200,000,000	q	Barclays		0.420		07/01/16		200,000
	282,000,000	r	Barclays		0.420		07/01/16		282,000
	25,000,000	s	Barclays		0.430		07/05/16		25,000
	50,000,000	t	Calyon		0.360		07/01/16		50,000
	400,000,000	u	Citigroup		0.370		07/01/16		400,000
	150,000,000	v	Deutsche Bank		0.400		07/01/16		150,000
	200,000,000	w	Deutsche Bank		0.410		07/01/16		200,000
	250,000,000	x	Deutsche Bank		0.370		07/07/16		250,000
	225,000,000	y	Goldman Sachs		0.300		07/05/16		225,000
	350,000,000	z	Goldman Sachs		0.380		07/07/16		350,000
	425,000,000	aa	Nomura		0.420		07/01/16		425,000

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	285,000,000	ab	Royal Bank of Scotland		0.400	%	07/05/16	$	285,000
	300,000,000	ac	Royal Bank of Scotland		0.400		07/07/16		300,000
			TOTAL REPURCHASE AGREEMENT						3,142,000

VARIABLE RATE SECURITIES - 0.1%
	126,237,293	i	SLM Student Loan Trust 2007		0.118		01/25/19		125,261
			TOTAL VARIABLE RATE SECURITIES						125,261

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						4,117,261

			TOTAL SHORT-TERM INVESTMENTS						4,905,382
			(Cost $4,906,188)
			TOTAL INVESTMENTS - 103.4%						114,409,461
			(Cost $109,372,038)
			OTHER ASSETS & LIABILITIES, NET - (3.4)%						(3,864,106	)
			NET ASSETS - 100.0%					$	110,545,355


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

*		Non-income producing
^		Amount represents less than $1,000.
a		Affiliated holding
b		In bankruptcy
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,283,693,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the aggregate value of these securities was $368,212,000, or 0.3% of net assets.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
j		Zero coupon
m		Indicates a security that has been deemed illiquid.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written contracts.
q		Agreement with Barclays, 0.42% dated 6/30/16 to be repurchased at $200,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $204,581,000.
r		Agreement with Barclays, 0.42% dated 6/30/16 to be repurchased at $282,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $287,640,000.
s		Agreement with Barclays, 0.43% dated 6/28/16 to be repurchased at $25,000,000 on 7/05/16, collateralized by U.S. Government Agency Securities valued at $25,500,000.
t		Agreement with Calyon, 0.36% dated 6/24/16 to be repurchased at $50,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $51,000,000.
u		Agreement with Citigroup, 0.37% dated 6/24/16 to be repurchased at $400,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $408,001,000.
v		Agreement with Deutsche Bank, 0.40% dated 6/30/16 to be repurchased at $150,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $153,000,000.
w		Agreement with Deutsche Bank, 0.41% dated 6/30/16 to be repurchased at $200,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $204,000,000.
x		Agreement with Deutsche Bank, 0.37% dated 6/30/16 to be repurchased at $250,000,000 on 7/07/16, collateralized by U.S. Government Agency Securities valued at $255,000,000.
y		Agreement with Goldman Sachs, 0.30% dated 6/27/16 to be repurchased at $225,000,000 on 7/05/16, collateralized by U.S. Government Agency Securities valued at $229,500,000.
z		Agreement with Goldman Sachs, 0.38% dated 6/30/16 to be repurchased at $350,000,000 on 7/07/16, collateralized by U.S. Government Agency Securities valued at $357,001,000.

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

aa		Agreement with Nomura, 0.42% dated 6/30/16 to be repurchased at $425,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $433,500,000.
ab		Agreement with Royal Bank of Scotland, 0.40% dated 6/28/16 to be repurchased at $285,000,000 on 7/05/16, collateralized by U.S. Government Agency Securities valued at $290,705,000.
ac		Agreement with Royal Bank of Scotland, 0.40% dated 6/30/16 to be repurchased at $300,000,000 on 7/07/16, collateralized by U.S. Government Agency Securities valued at $306,003,000.

		Cost amounts are in thousands.

191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)

June 30, 2016

	Value		% of total
Country	(000)		portfolio
DOMESTIC
UNITED STATES	$	80,155,962		70.4	%
TOTAL DOMESTIC		80,155,962		70.4

FOREIGN
ARGENTINA		32,531		0.0
AUSTRALIA		1,427,993		1.2
AUSTRIA		96,384		0.1
BELGIUM		293,579		0.3
BERMUDA		119,273		0.1
BRAZIL		521,293		0.5
CANADA		2,355,168		2.1
CAYMAN ISLANDS		2,671		0.0
CHILE		101,296		0.1
CHINA		1,874,146		1.6
COLOMBIA		39,823		0.0
CYPRUS		63		0.0
CZECH REPUBLIC		28,999		0.0
DENMARK		498,084		0.4
EGYPT		21,121		0.0
FAROE ISLANDS		5,915		0.0
FINLAND		254,789		0.2
FRANCE		2,238,782		2.0
GEORGIA		3,421		0.0
GERMANY		1,855,739		1.6
GREECE		26,271		0.0
GUERNSEY, C.I.		315		0.0
HONG KONG		882,213		0.8
HUNGARY		22,213		0.0
INDIA		785,314		0.7
INDONESIA		213,932		0.2
IRELAND		475,252		0.4
ISLE OF MAN		8,452		0.0
ISRAEL		271,426		0.2
ITALY		505,784		0.4
JAPAN		5,566,399		4.9
JERSEY, C.I.		25,899		0.0
JORDAN		7,151		0.0
KOREA, REPUBLIC OF		1,188,969		1.0
LUXEMBOURG		76,649		0.1
MACAU		4,172		0.0
MALAYSIA		213,521		0.2
MALTA		6,957		0.0
MEXICO		300,877		0.3
MONACO		5,370		0.0
NETHERLANDS		1,050,811		0.9
NEW ZEALAND		116,742		0.1
NORWAY		233,877		0.2

192

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Value		% of total
Country	(000)		portfolio
PAKISTAN	$	5,092		0.0	%
PANAMA		7,834		0.0
PERU		46,247		0.0
PHILIPPINES		160,309		0.1
POLAND		71,668		0.1
PORTUGAL		45,414		0.0
PUERTO RICO		29,990		0.0
QATAR		43,403		0.0
ROMANIA		3,658		0.0
RUSSIA		268,528		0.2
SINGAPORE		583,186		0.5
SOUTH AFRICA		494,761		0.4
SPAIN		458,833		0.4
SWEDEN		561,552		0.5
SWITZERLAND		1,839,437		1.6
TAIWAN		1,060,057		0.9
THAILAND		192,928		0.2
TURKEY		100,637		0.1
UNITED ARAB EMIRATES		72,835		0.1
UNITED KINGDOM		4,445,458		3.9
VIETNAM		2,036		0.0
TOTAL FOREIGN		34,253,499		29.6

TOTAL PORTFOLIO	$	114,409,461		100.0	%

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.1%

ARGENTINA - 0.0%
	1,129,079	*	Arcos Dorados Holdings, Inc	$	5,386
	80,085	*	Pampa Energia S.A. (ADR)		2,189
			TOTAL ARGENTINA		7,575

AUSTRALIA - 1.9%
	197,835		AGL Energy Ltd		2,873
	994,269	e	Alumina Ltd		977
	520,655		Amcor Ltd		5,854
	1,104,784		AMP Ltd		4,306
	184,356		APA Group		1,282
	90,034		Aristocrat Leisure Ltd		937
	321,889	*,m	Arrium Ltd		2
	217,946		Asciano Group		1,446
	294,384		AusNet Services		363
	1,609,299		Australia & New Zealand Banking Group Ltd		29,322
	62,948		Australian Stock Exchange Ltd		2,167
	62,519		Bank of Queensland Ltd		499
	75,977		Bendigo Bank Ltd		550
	2,441,996		BHP Billiton Ltd		34,032
	486,522		BHP Billiton plc		6,158
	126,480		BlueScope Steel Ltd		611
	124,366		Boral Ltd		584
	479,005		Brambles Ltd		4,472
	44,902		Caltex Australia Ltd		1,083
	95,521		Challenger Financial Services Group Ltd		624
	49,965		CIMIC Group Ltd		1,349
	199,868		Coca-Cola Amatil Ltd		1,234
	9,550		Cochlear Ltd		871
	717,212		Commonwealth Bank of Australia		40,257
	162,456		Computershare Ltd		1,123
	60,578		Crown Resorts Ltd		576
	158,837		CSL Ltd		13,395
	160,911		Dexus Property Group		1,092
	48,996		Domino’s Pizza Enterprises Ltd		2,521
	386,033		DUET Group (ASE Exchange)		724
	71,877		DuluxGroup Ltd		342
	9,084	e	Flight Centre Travel Group Ltd		216
	261,302	e	Fortescue Metals Group Ltd		699
	298,789		GPT Group (ASE)		1,215
	90,490		Harvey Norman Holdings Ltd		315
	288,510		Healthscope Ltd		621
	19,559		Iluka Resources Ltd		96
	379,081		Incitec Pivot Ltd		852
	750,855		Insurance Australia Group Ltd		3,093
	211,083		Lend Lease Corp Ltd		2,005

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	295,505		Macquarie Goodman Group	$	1,585
	93,691		Macquarie Group Ltd		4,877
	455,695		Medibank Pvt Ltd		1,011
	1,292,702		Mirvac Group		1,966
	1,021,768		National Australia Bank Ltd		19,617
	431,862	*	Newcrest Mining Ltd		7,485
	228,595		Oil Search Ltd		1,154
	128,883	e	Orica Ltd		1,199
	646,413		Origin Energy Ltd		2,824
	328,034		Orora Ltd		681
	72,671		Oxiana Ltd		312
	38,977	e	Platinum Asset Mangement Ltd		169
	88,039		Qantas Airways Ltd		186
	527,573		QBE Insurance Group Ltd		4,168
	348,862		QR National Ltd		1,266
	23,365	e	Ramsay Health Care Ltd		1,263
	8,768		REA Group Ltd		393
	534,478		Santos Ltd		1,892
	1,651,844		Scentre Group		6,118
	54,560		Seek Ltd		626
	42,421		Shopping Centres Australasia Property Group		73
	65,291		Sonic Healthcare Ltd		1,059
	1,542,304	*	South32 Ltd		1,809
	2,070,000		Star Entertainment Grp Ltd		8,435
	909,227	e	Stockland Trust Group		3,224
	495,695		Suncorp-Metway Ltd		4,545
	872,778		Sydney Airport		4,557
	136,568		Tabcorp Holdings Ltd		470
	242,926		Tattersall’s Ltd		699
	1,705,988		Telstra Corp Ltd		7,131
	54,581		TPG Telecom Ltd		489
	1,160,301		Transurban Group (ASE)		10,451
	123,254		Treasury Wine Estates Ltd		856
	559,270		Vicinity Centres		1,395
	74,999	m	Vocus Communications Ltd		488
	412,111		Wesfarmers Ltd		12,428
	725,352		Westfield Corp		5,827
	1,456,403		Westpac Banking Corp		32,297
	251,052		Woodside Petroleum Ltd		5,091
	410,884	e	Woolworths Ltd		6,463
	14,169	e	WorleyParsons Ltd		78
			TOTAL AUSTRALIA		337,395

AUSTRIA - 0.0%
	9,097		Andritz AG.		431
	34,059		Erste Bank der Oesterreichischen Sparkassen AG.		776
	65,989	*,e,m	Immoeast AG.		0
	18,033		OMV AG.		507
	14,861	*,e	Raiffeisen International Bank Holding AG.		188
	53,640	e	Voestalpine AG.		1,805
			TOTAL AUSTRIA		3,707

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
BELGIUM - 0.3%
	24,333		Ageas	$	846
	346,076		Anheuser-Busch InBev NV		45,764
	18,575		Belgacom S.A.		590
	8,294		Colruyt S.A.		459
	12,633		Delhaize Group		1,335
	9,834		Groupe Bruxelles Lambert S.A.		806
	30,410	*	KBC Groep NV		1,496
	9,062		Solvay S.A.		846
	6,360	*	Telenet Group Holding NV		291
	15,451		UCB S.A.		1,160
	11,818		Umicore		610
			TOTAL BELGIUM		54,203

BERMUDA - 0.0%
	46,436	*	Arch Capital Group Ltd		3,343
	94,694		Marvell Technology Group Ltd		903
	15,235		RenaissanceRe Holdings Ltd		1,789
			TOTAL BERMUDA		6,035

BRAZIL - 0.0%
	808,060		Banco Itau Holding Financeira S.A.		7,622
			TOTAL BRAZIL		7,622

CANADA - 3.6%
	120,645		Agnico-Eagle Mines Ltd		6,456
	34,734	e	Agrium, Inc		3,143
	804,011		Alimentation Couche Tard, Inc		34,527
	27,345	e	AltaGas Income Trust		665
	58,548	e	ARC Resources Ltd		1,002
	32,994		Atco Ltd		1,157
	242,721	*	Bank of Montreal		15,396
	444,573		Bank of Nova Scotia		21,786
	357,037		Barrick Gold Corp (Canada)		7,622
	170,571		BCE, Inc		8,072
	81,113	*	Blackberry Ltd (New)		544
	316,545	*	Bombardier, Inc		475
	280,080		Brookfield Asset Management, Inc		9,266
	3,535	*	Brookfield Business Partners LP		67
	135,184		CAE, Inc		1,633
	228,927	e	Cameco Corp (Toronto)		2,514
	153,199	e	Canadian Imperial Bank of Commerce/Canada		11,507
	259,687		Canadian National Railway Co		15,335
	556,811		Canadian Natural Resources Ltd (Canada)		17,179
	118,523		Canadian Pacific Railway Ltd (Toronto)		15,259
	62,816		Canadian Tire Corp Ltd		6,843
	28,870		Canadian Utilities Ltd		836
	190,617		Cara Operations Ltd		4,434
	5,955		CCL Industries		1,036
	390,000	*	Celestica, Inc		3,629
	1,902,854		Cenovus Energy, Inc (Toronto)		26,320
	96,971	*	CGI Group, Inc		4,142
	124,783	e	CI Financial Corp		2,603
	4,024		Constellation Software, Inc		1,557

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	112,496		Crescent Point Energy Corp	$	1,777
	423,400		Dollarama, Inc		29,561
	503,708		Eldorado Gold Corp		2,265
	63,162	e	Element Financial Corp		670
	29,549		Empire Co Ltd		439
	347,829		Enbridge, Inc		14,735
	430,636		EnCana Corp		3,350
	5,634		Fairfax Financial Holdings Ltd		3,034
	100,302		Finning International, Inc		1,633
	19,220		First Capital Realty, Inc		330
	202,316		First Quantum Minerals Ltd		1,420
	131,960	e	Fortis, Inc		4,460
	77,203		Franco-Nevada Corp		5,871
	59,244		George Weston Ltd		5,127
	271,481		Gildan Activewear, Inc		7,951
	232,903		Goldcorp, Inc		4,456
	66,947		Great-West Lifeco, Inc		1,766
	21,715		H&R Real Estate Investment Trust		378
	213,453		Husky Energy, Inc		2,606
	20,941	e,g	Hydro One Ltd		421
	57,707	e	IGM Financial, Inc		1,571
	113,428		Imperial Oil Ltd		3,589
	52,162		Industrial Alliance Insurance and Financial Services, Inc		1,640
	30,406		Intact Financial Corp		2,172
	168,989	e	Inter Pipeline Ltd		3,584
	15,921		Jean Coutu Group PJC, Inc		246
	94,717	e	Keyera Corp		2,897
	633,211	*	Kinross Gold Corp		3,107
	163,471		Linamar Corp		5,823
	59,693		Loblaw Cos Ltd		3,193
	168,751	*	Magna International, Inc		5,924
	160,000		Magna International, Inc (Class A)		5,611
	616,640		Manulife Financial Corp		8,434
	1,842,327	*	MEG Energy Corp		9,654
	14,665		Methanex Corp		427
	354,568		Metro, Inc		12,353
	125,391		National Bank of Canada		4,289
	16,950		Onex Corp		1,036
	180,645		Open Text Corp		10,681
	165,820		Pembina Pipeline Income Fund		5,039
	92,455	e	Peyto Exploration & Development Corp		2,482
	356,032		Potash Corp of Saskatchewan		5,787
	179,158		Power Corp Of Canada		3,814
	127,550	e	Power Financial Corp		2,927
	33,532	e	PrairieSky Royalty Ltd		636
	1,599		Restaurant Brands International LP		67
	106,400	e	Restaurant Brands International, Inc		4,426
	101,304		Restaurant Brands International, Inc (Toronto)		4,217
	25,513		RioCan Real Estate Investment Trust		579
	99,501		Rogers Communications, Inc (Class B)		4,028
	650,142	*	Royal Bank of Canada		38,416
	109,032		Saputo, Inc		3,238
	30,074	*	Seven Generations Energy Ltd		574

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	87,551	e	Shaw Communications, Inc (B Shares)	$	1,681
	202,371		Silver Wheaton Corp		4,763
	10,627		Smart Real Estate Investment Trust		314
	30,521		SNC-Lavalin Group, Inc		1,282
	247,683	*,g	Spin Master Corp		5,109
	246,928		Sun Life Financial, Inc		8,112
	1,356,993		Suncor Energy, Inc		37,644
	108,150	e	Teck Cominco Ltd		1,424
	102,845		TELUS Corp		3,312
	1,374,244		Toronto-Dominion Bank		59,014
	265,931	*	Tourmaline Oil Corp		7,001
	223,947	e	TransCanada Corp		10,134
	162,941	e	TransForce, Inc		3,026
	251,500	*	Turquoise Hill Resources Ltd		851
	62,179	e	Veresen, Inc		527
	18,372	e	Vermilion Energy, Inc		585
	32,485		Waste Connections, Inc		2,341
	2,458		Waste Connections, Inc		178
	41,051		West Fraser Timber Co Ltd		1,200
	180,000		WestJet Airlines Ltd		2,937
	545,770	e	Yamana Gold, Inc		2,839
			TOTAL CANADA		633,990

CHILE - 0.0%
	49,954	e	Antofagasta plc		312
	130,000		Sociedad Quimica y Minera de Chile S.A. (ADR)		3,214
			TOTAL CHILE		3,526

CHINA - 0.1%
	65,960	*	Alibaba Group Holding Ltd (ADR)		5,246
	4,138,000	e	Beijing Enterprises Water Group Ltd		2,506
	9,579,000	*,e,m	China Animal Healthcare Ltd		12
	1,122,000		China Aoyuan Property Group Ltd		246
	7,346,800		China Everbright International Ltd		8,215
	1,300,255	*	China New Town Development Co Ltd		47
	399,188		China Overseas Land & Investment Ltd		1,272
	203,000		CNOOC Ltd		253
	84,259	*,e	JD.com, Inc (ADR)		1,789
	2,397,612		Sino-Ocean Land Holdings Ltd		1,044
	144,500		Tencent Holdings Ltd		3,315
	314,549		Yangzijiang Shipbuilding		211
			TOTAL CHINA		24,156

DENMARK - 1.1%
	465		AP Moller - Maersk AS (Class A)		586
	808		AP Moller - Maersk AS (Class B)		1,055
	13,099		Carlsberg AS (Class B)		1,250
	12,170		Christian Hansen Holding		799
	14,277		Coloplast AS		1,069
	537,867		Danske Bank AS		14,157
	725,690	*,e,g	DONG Energy A.S.		26,020
	113,532		DSV AS		4,774
	6,761	*	Genmab AS		1,233

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	751,439	*	H Lundbeck AS	$	28,169
	19,612		ISS A.S.		738
	1,593,525		Novo Nordisk AS		85,816
	28,557		Novozymes AS		1,371
	93,844		Pandora AS		12,781
	180,000		Sydbank AS		4,520
	99,978		TDC AS		490
	300,000	*	Topdanmark AS		7,150
	13,979		Tryg A.S.		250
	27,251		Vestas Wind Systems AS		1,852
	15,310	*	William Demant Holding A.S.		298
			TOTAL DENMARK		194,378

FINLAND - 0.5%
	17,197		Elisa Oyj (Series A)		661
	54,463		Fortum Oyj		875
	352,600		Huhtamaki Oyj		14,633
	50,000		Kesko Oyj (B Shares)		2,123
	40,905		Kone Oyj (Class B)		1,888
	13,752	e	Metso Oyj		323
	265,811		Neste Oil Oyj		9,532
	4,208,517	*	Nokia Oyj (Turquoise)		23,969
	13,932		Nokian Renkaat Oyj		499
	12,862		Orion Oyj (Class B)		500
	1,193,600	*,e	Outokumpu Oyj		5,018
	588,254		Sampo Oyj (A Shares)		24,057
	68,398		Stora Enso Oyj (R Shares)		550
	65,337		UPM-Kymmene Oyj		1,200
	17,760		Wartsila Oyj (B Shares)		725
			TOTAL FINLAND		86,553

FRANCE - 2.9%
	402,120		Accor S.A.		15,408
	3,535		Aeroports de Paris		387
	41,833		Air Liquide		4,358
	18,413	*	Alstom RGPT		425
	244,275		Arkema		18,675
	10,563		Atos Origin S.A.		871
	238,450		AXA S.A.		4,715
	377,822		BNP Paribas		16,570
	103,696		Bollore		349
	109,998		Bouygues S.A.		3,151
	32,286		Bureau Veritas S.A.		678
	19,865		Cap Gemini S.A.		1,714
	67,520		Carrefour S.A.		1,661
	6,914		Casino Guichard Perrachon S.A.		384
	1		CGG (ADR)		0	^
	6,672		Christian Dior S.A.		1,069
	20,303		CNP Assurances		300
	736,812		Compagnie de Saint-Gobain		27,929
	128,413		Credit Agricole S.A.		1,080
	257,299		Dassault Systemes S.A.		19,399
	25,927		Edenred		531

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,251		Eiffage S.A.	$	302
	29,833	e	Electricite de France		362
	24,915		Essilor International S.A.		3,275
	5,074		Eurazeo		301
	216,280		European Aeronautic Defence and Space Co		12,397
	21,512		Eutelsat Communications		406
	506,229		Faurecia		16,071
	3,894		Fonciere Des Regions		344
	1,302,362		France Telecom S.A.		21,177
	401,597		Gaz de France		6,448
	4,698		Gecina S.A.		636
	362,901		Groupe Danone		25,397
	56,223		Groupe Eurotunnel S.A.		594
	3,200		Hermes International		1,193
	4,333		Icade		304
	3,261		Iliad S.A.		658
	4,362		Imerys S.A.		278
	6,705		Ingenico		777
	734,429		JC Decaux S.A.		24,763
	9,282		Kering		1,494
	26,518		Klepierre		1,170
	14,118		Lagardere S.C.A.		307
	32,563		Legrand S.A.		1,667
	116,316		L’Oreal S.A.		22,269
	34,051		LVMH Moet Hennessy Louis Vuitton S.A.		5,133
	22,261		Michelin (C.G.D.E.) (Class B)		2,098
	116,958		Natixis		440
	13,913	*	Numericable-SFR SAS		348
	25,812		Pernod-Ricard S.A.		2,858
	56,785	*	Peugeot S.A.		681
	22,967		Publicis Groupe S.A.		1,537
	2,866	e	Remy Cointreau S.A.		247
	110,335		Renault S.A.		8,330
	743,573		Rexel S.A.		9,348
	38,093		Safran S.A.		2,565
	436,599		Sanofi-Aventis		36,274
	273,729		Schneider Electric S.A.		15,969
	19,030		SCOR SE		563
	3,499		Societe BIC S.A.		493
	91,464		Societe Generale		2,862
	11,547		Sodexho Alliance S.A.		1,237
	298,252		Suez Environnement S.A.		4,652
	12,944		Technip S.A.		701
	314,852		Teleperformance		26,820
	12,784		Thales S.A.		1,062
	1,881,089		Total S.A.		90,209
	29,026	e	Unibail-Rodamco		7,509
	460,306		Valeo S.A.		20,435
	54,929		Veolia Environnement		1,186
	226,455		Vinci S.A.		15,980
	141,179		Vivendi Universal S.A.		2,641
	3,399		Wendel		351
	25,140		Zodiac S.A.		586
			TOTAL FRANCE		525,359

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
GERMANY - 2.1%
	59,904		Adidas-Salomon AG.	$	8,599
	126,557		Allianz AG.		18,054
	5,268		Axel Springer AG.		277
	111,968		BASF SE		8,586
	519,933		Bayer AG.		52,219
	41,516		Bayerische Motoren Werke AG.		3,021
	5,283		Bayerische Motoren Werke AG. (Preference)		337
	474,575		Beiersdorf AG.		44,930
	300,000		Borussia Dortmund GmbH & Co KGaA		1,344
	18,806		Brenntag AG.		911
	129,938		Commerzbank AG.		846
	90,936		Continental AG.		17,208
	5,388	g	Covestro AG.		240
	172,372		Daimler AG. (Registered)		10,314
	56,710		Deutsche Annington Immobilien SE		2,071
	168,115	*	Deutsche Bank AG.		2,324
	242,215		Deutsche Boerse AG.		19,899
	28,871	e	Deutsche Lufthansa AG.		339
	118,219		Deutsche Post AG.		3,331
	1,764,139		Deutsche Telekom AG.		30,083
	40,803		Deutsche Wohnen AG.		1,389
	65,000		Duerr AG.		4,936
	243,933		E.ON AG.		2,462
	16,589		Evonik Industries AG.		495
	4,919		Fraport AG. Frankfurt Airport Services Worldwide		263
	180,000		Freenet AG.		4,636
	116,800		Fresenius Medical Care AG.		10,174
	48,665		Fresenius SE		3,576
	8,032		Fuchs Petrolub AG. (Preference)		316
	22,090		GEA Group AG.		1,043
	77,399		Hannover Rueckversicherung AG.		8,110
	17,276		HeidelbergCement AG.		1,301
	12,554		Henkel KGaA		1,358
	21,807		Henkel KGaA (Preference)		2,665
	1,606		Hochtief AG.		207
	8,324		Hugo Boss AG.		473
	137,914		Infineon Technologies AG.		1,997
	23,721	e	K&S AG.		486
	1,034		Kabel Deutschland Holding AG.		119
	10,950		Lanxess AG.		480
	22,656		Linde AG.		3,157
	4,302		MAN AG.		439
	15,818		Merck KGaA		1,608
	21,754		Metro AG.		669
	37,000	*,e	Morphosys AG.		1,543
	50,360		Muenchener Rueckver AG.		8,445
	10,926		Osram Licht AG.		568
	18,676	e	Porsche AG.		863
	552,603	*	ProSiebenSat. Media AG.		24,172
	59,541	*	RWE AG.		948

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	150,906		SAP AG.	$	11,334
	12,751		Schaeffler AG.		168
	295,648	*,g	Scout24 AG.		10,989
	300,810		Siemens AG.		30,870
	75,000	*,e	SLM Solutions Group AG.		1,952
	150,000		Software AG.		5,100
	15,045		Symrise AG.		1,026
	87,159		Telefonica Deutschland Holding AG.		359
	44,499		ThyssenKrupp AG.		894
	60,225		TUI AG. (DI)		686
	14,986		United Internet AG.		623
	9,183		Volkswagen AG.		1,217
	17,017		Volkswagen AG. (Preference)		2,061
	10,986	*,e,g	Zalando SE		291
			TOTAL GERMANY		381,401

HONG KONG - 1.0%
	6,263,958		AIA Group Ltd		37,670
	39,618	e	ASM Pacific Technology		285
	195,736	e	Bank of East Asia Ltd		757
	1,269,853		BOC Hong Kong Holdings Ltd		3,826
	195,431	e	Cathay Pacific Airways Ltd		287
	110,723		Cheung Kong Infrastructure Holdings Ltd		955
	995,543		Cheung Kong Property Holdings Ltd		6,273
	625,000		Chow Sang Sang Holding		1,107
	993,543		CK Hutchison Holdings Ltd		10,929
	615,454		CLP Holdings Ltd		6,287
	365,463		First Pacific Co		265
	389,803		Galaxy Entertainment Group Ltd		1,166
	1,063,434	*	Global Brands Group Holding Ltd		93
	209,000	*	Glorious Property Holdings Ltd		19
	777,517		Hang Lung Group Ltd		2,342
	3,098,803		Hang Lung Properties Ltd		6,260
	419,172		Hang Seng Bank Ltd		7,190
	557,417		Henderson Land Development Co Ltd		3,149
	446,000	g	HK Electric Investments & HK Electric Investments Ltd		416
	442,660		HKT Trust and HKT Ltd		638
	3,010,672		Hong Kong & China Gas Ltd		5,501
	400,776		Hong Kong Electric Holdings Ltd		3,685
	265,768		Hong Kong Exchanges and Clearing Ltd		6,476
	168,800		Hongkong Land Holdings Ltd		1,033
	904,247		Hutchison Port Holdings Trust		414
	105,760		Hysan Development Co Ltd		472
	41,100		Jardine Matheson Holdings Ltd		2,403
	1,570,448		Kerry Properties Ltd		3,888
	2,047,027	e	Li & Fung Ltd		993
	372,968		Link REIT		2,550
	539,795	e	Melco Crown Entertainment Ltd (ADR)		6,791
	565,280		MTR Corp		2,868
	2,116,027		New World Development Co Ltd		2,155
	737,402	*,e	Noble Group Ltd		112
	254,532		NWS Holdings Ltd		403
	704,815		PCCW Ltd		474

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,062,333		Sands China Ltd	$	3,595
	2,770,286	*	Shanghai Real Estate Ltd		74
	201,992		Shangri-La Asia Ltd		203
	4,834,446		Shimao Property Holdings Ltd		6,146
	510,506		Sino Land Co		840
	329,611		SJM Holdings Ltd		202
	1,519,642		Sun Hung Kai Properties Ltd		18,340
	188,628		Swire Pacific Ltd (Class A)		2,132
	1,891,600		Swire Properties Ltd		5,040
	225,902		Techtronic Industries Co		943
	980,000	g	WH Group Ltd		776
	1,718,275		Wharf Holdings Ltd		10,486
	143,334		Wheelock & Co Ltd		673
	122,412		Yue Yuen Industrial Holdings		485
			TOTAL HONG KONG		180,067

INDIA - 0.4%
	200,000		Axis Bank Ltd		1,589
	268,100		Bharat Petroleum Corp Ltd		4,266
	133,600		Container Corp Of India Ltd		2,838
	322,531	*	DEN Networks Ltd		438
	1,308,022		DLF Ltd		2,925
	450,000		HDFC Bank Ltd		7,868
	350,000		Hindustan Petroleum Corp Ltd		5,177
	244,517		Housing Development Finance Corp		4,556
	280,000		ITC Ltd		1,533
	383,129	*	LIC Housing Finance Ltd		2,820
	210,000		Lupin Ltd		4,804
	90,834		Prestige Estates Projects Ltd		250
	1,113,028	*	Puravankara Projects Ltd		826
	111,069		Reliance Industries Ltd		1,600
	322,832	*	Sobha Developers Ltd		1,570
	400,000	*	Sun Pharmaceutical Industries Ltd		4,535
	813,513	*	Sunteck Realty Ltd		2,968
	26,406,156	*	Unitech Ltd		2,518
	886,174		Yes Bank Ltd		14,601
			TOTAL INDIA		67,682

IRELAND - 0.9%
	182,006	*	AerCap Holdings NV		6,114
	17,079,191	*	Bank of Ireland		3,521
	1,699,993		CRH plc		49,538
	117,440		Experian Group Ltd		2,228
	2,902,262		Green REIT plc		4,474
	4,220,177		Hibernia REIT plc		6,276
	147,992	*,m	Irish Bank Resolution Corp Ltd		0
	74,239		James Hardie Industries NV		1,150
	323,765		Kerry Group plc (Class A)		28,714
	9,782		Paddy Power plc		1,028
	6,144	*	Ryanair Holdings plc		77
	436,624		Ryanair Holdings plc (ADR)		30,363
	12,213		Shire plc (ADR)		2,248
	977,088		Smurfit Kappa Group plc		21,514

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	94,998		XL Capital Ltd	$	3,164
			TOTAL IRELAND		160,409

ISRAEL - 0.2%
	5,145		Azrieli Group		219
	125,838		Bank Hapoalim Ltd		634
	169,332	*	Bank Leumi Le-Israel		594
	246,899		Bezeq Israeli Telecommunication Corp Ltd		489
	13,078	*	Check Point Software Technologies		1,042
	224		Delek Group Ltd		44
	61,643		Israel Chemicals Ltd		240
	16,981		Mizrahi Tefahot Bank Ltd		196
	7,336		Nice Systems Ltd		467
	111,751		Teva Pharmaceutical Industries Ltd		5,656
	566,697		Teva Pharmaceutical Industries Ltd (ADR)		28,465
			TOTAL ISRAEL		38,046

ITALY - 0.8%
	4,000,000	e	A2A S.p.A.		5,245
	141,461		Assicurazioni Generali S.p.A.		1,668
	50,185		Autostrade S.p.A.		1,254
	7,142,022		Banca Intesa S.p.A.		13,604
	116,740		Banca Intesa S.p.A. RSP		209
	600,044		Banca Mediolanum S.p.A		4,118
	113,836		Banche Popolari Unite Scpa		314
	38,672		Banco Popolare SC		93
	4,702,964		Enel S.p.A.		20,879
	870,557		ENI S.p.A.		14,022
	123,363	e	Exor S.p.A.		4,554
	15,183	e	Ferrari NV		623
	49,272	*	Finmeccanica S.p.A.		498
	137,495		Fondiaria-Sai S.p.A		208
	299,227		Luxottica Group S.p.A.		14,584
	2,184,673		Mediaset S.p.A.		7,640
	3,613,731		Mediobanca S.p.A.		20,822
	617,000		Moncler S.p.A		9,741
	765,600	g	OVS S.p.A		4,458
	38,952	g	Poste Italiane S.p.A		259
	23,524		Prysmian S.p.A.		516
	2,846	*,e	RCS MediaGroup S.p.A.		3
	713,620	*	Saipem S.p.A.		285
	283,830		Snam Rete Gas S.p.A.		1,697
	731,024		Telecom Italia RSP		470
	1,288,420	*	Telecom Italia S.p.A.		1,058
	185,862		Terna Rete Elettrica Nazionale S.p.A.		1,034
	612,101		UniCredit S.p.A		1,346
	304,209	*	Yoox S.p.A		7,060
			TOTAL ITALY		138,262

JAPAN - 8.1%
	5,500		ABC-Mart, Inc		369
	71,300	*	Acom Co Ltd		345
	500		Activia Properties Inc		2,643

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	990		Advance Residence Investment Corp	$	2,653
	115,246		Aeon Co Ltd		1,789
	18,852		AEON Financial Service Co Ltd		408
	20,297		Aeon Mall Co Ltd		266
	3,700		AEON REIT Investment Corp		4,227
	26,000		Air Water, Inc		383
	216,190		Aisin Seiki Co Ltd		8,806
	288,275		Ajinomoto Co, Inc		6,792
	32,505		Alfresa Holdings Corp		679
	205,435		All Nippon Airways Co Ltd		585
	267,629		Alps Electric Co Ltd		5,085
	60,144		Amada Co Ltd		611
	205,848		Aozora Bank Ltd		714
	228,431		Asahi Breweries Ltd		7,386
	175,005		Asahi Glass Co Ltd		950
	482,134		Asahi Kasei Corp		3,355
	28,100		Asics Corp		475
	741,600		Astellas Pharma, Inc		11,630
	136,105		Bank of Kyoto Ltd		835
	11,753		Benesse Holdings Inc		276
	542,204	e	Bridgestone Corp		17,425
	42,185		Brother Industries Ltd		453
	26,600		Calbee, Inc		1,113
	188,697	e	Canon, Inc		5,387
	39,233	e	Casio Computer Co Ltd		565
	59,644		Central Japan Railway Co		10,609
	310,562		Chiba Bank Ltd		1,468
	254,066		Chubu Electric Power Co, Inc		3,616
	94,658	e	Chugai Pharmaceutical Co Ltd		3,373
	66,600		Chugoku Bank Ltd		680
	110,366		Chugoku Electric Power Co, Inc		1,403
	12,300		Citizen Watch Co Ltd		60
	800		Comforia Residential REIT, Inc		1,799
	476,700	*	Concordia Financial Group Ltd		1,841
	265,600		COOKPAD, Inc		3,256
	26,368		Credit Saison Co Ltd		443
	10,000		CyberAgent, Inc		605
	483,300	*,e	CYBERDYNE, Inc		10,894
	94,076		Dai Nippon Printing Co Ltd		1,048
	51,746		Daicel Chemical Industries Ltd		536
	34,136		Daihatsu Motor Co Ltd		445
	190,800		Dai-ichi Mutual Life Insurance Co		2,136
	107,897		Daiichi Sankyo Co Ltd		2,621
	97,046		Daikin Industries Ltd		8,156
	39,117		Daito Trust Construction Co Ltd		6,351
	102,056		Daiwa House Industry Co Ltd		2,997
	606,480		Daiwa Securities Group, Inc		3,195
	185,000	e	Dena Co Ltd		4,328
	283,287		Denso Corp		9,968
	38,255		Dentsu, Inc		1,793
	70,833		Don Quijote Co Ltd		2,632
	234,782		East Japan Railway Co		21,758
	44,728		Eisai Co Ltd		2,497

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	157,693		Electric Power Development Co	$	3,674
	20,000	*,e	Euglena Co Ltd		280
	9,744		FamilyMart Co Ltd		594
	51,343		Fanuc Ltd		8,352
	22,619		Fast Retailing Co Ltd		6,073
	1,248,822		Fuji Electric Holdings Co Ltd		5,200
	303,680		Fuji Heavy Industries Ltd		10,439
	461,793		Fujifilm Holdings Corp		17,918
	367,991		Fujitsu Ltd		1,353
	317,733		Fukuoka Financial Group, Inc		1,048
	2,850		GLP J-Reit		3,597
	159,400	e	GMO Payment Gateway, Inc		9,060
	79,300	e	GungHo Online Entertainment Inc		215
	108,000		Gunma Bank Ltd		392
	162,173		Hachijuni Bank Ltd		706
	38,200		Hakuhodo DY Holdings, Inc		458
	25,000		Hamamatsu Photonics KK		701
	210,074		Hankyu Hanshin Holdings, Inc		1,566
	700,000		Haseko Corp		7,047
	3,732		Hikari Tsushin, Inc		313
	105,582		Hino Motors Ltd		1,052
	5,532		Hirose Electric Co Ltd		680
	207,000		Hiroshima Bank Ltd		692
	10,775		Hisamitsu Pharmaceutical Co, Inc		621
	18,470		Hitachi Chemical Co Ltd		345
	18,833		Hitachi Construction Machinery Co Ltd		275
	159,200		Hitachi High-Technologies Corp		4,357
	4,722,758		Hitachi Ltd		19,788
	38,800		Hitachi Metals Ltd		394
	327,000		Hokuhoku Financial Group, Inc		372
	69,831		Hokuriku Electric Power Co		865
	576,296		Honda Motor Co Ltd		14,457
	8,512		Hoshizaki Electric Co Ltd		833
	184,853		Hoya Corp		6,602
	15,900		Idemitsu Kosan Co Ltd		345
	25,829		Iida Group Holdings Co Ltd		529
	150		Industrial & Infrastructure Fund Investment Corp		836
	287,400		Infomart Corp		2,632
	168,410		Inpex Holdings, Inc		1,317
	300		Invesco Office J-Reit, Inc		275
	171,481		Isetan Mitsukoshi Holdings Ltd		1,526
	2,960,878		Ishikawajima-Harima Heavy Industries Co Ltd		7,981
	852,200	e	Istyle, Inc		6,132
	105,400		Isuzu Motors Ltd		1,298
	937,870		Itochu Corp		11,473
	22,000		Itochu Techno-Science Corp		474
	98,452		Iyo Bank Ltd		603
	297,500		J Front Retailing Co Ltd		3,085
	242,315		Japan Airlines Co Ltd		7,796
	8,103	e	Japan Airport Terminal Co Ltd		294
	71,446		Japan Post Bank Co Ltd		840
	79,640		Japan Post Holdings Co Ltd		969
	149		Japan Prime Realty Investment Corp		639

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	233		Japan Real Estate Investment Corp	$	1,439
	3,493		Japan Rental Housing Investments, Inc		2,863
	942		Japan Retail Fund Investment Corp		2,405
	643,100		Japan Tobacco, Inc		25,918
	91,104		JFE Holdings, Inc		1,188
	67,978		JGC Corp		973
	257,624		Joyo Bank Ltd		963
	33,386		JSR Corp		442
	438,203		JTEKT Corp		4,967
	827,712		JX Holdings, Inc		3,231
	150,000		kabu.com Securities Co Ltd		486
	376,372		Kajima Corp		2,615
	25,534		Kakaku.com, Inc		507
	84,372		Kamigumi Co Ltd		780
	48,129		Kaneka Corp		321
	284,674	*	Kansai Electric Power Co, Inc		2,773
	39,514		Kansai Paint Co Ltd		798
	302,885		Kao Corp		17,641
	650,510		Kawasaki Heavy Industries Ltd		1,834
	670,200		KDDI Corp		20,381
	90,000		Keihan Electric Railway Co Ltd		624
	306,622		Keihin Electric Express Railway Co Ltd		3,086
	242,123		Keio Corp		2,284
	49,426		Keisei Electric Railway Co Ltd		637
	1,838		Kenedix Realty Investment Corp		10,954
	610		Kenedix Retail REIT Corp		1,642
	15,751		Keyence Corp		10,747
	54,795		Kikkoman Corp		2,022
	405,914		Kintetsu Corp		1,737
	400,749	e	Kirin Brewery Co Ltd		6,759
	551,084		Kobe Steel Ltd		453
	19,400		Koito Manufacturing Co Ltd		893
	50,000		Kokuyo Co Ltd		712
	163,336		Komatsu Ltd		2,837
	16,586		Konami Corp		633
	80,220		Konica Minolta Holdings, Inc		584
	5,428		Kose Corp		460
	1,188,207		Kubota Corp		16,071
	62,474		Kuraray Co Ltd		745
	18,077		Kurita Water Industries Ltd		403
	56,700		Kyocera Corp		2,698
	334,545	e	Kyowa Hakko Kogyo Co Ltd		5,706
	165,484		Kyushu Electric Power Co, Inc		1,660
	61,000		Kyushu Financial Group, Inc		302
	2,177	*	LaSalle Logiport REIT		2,216
	11,480		Lawson, Inc		917
	46,564		LIXIL Group Corp		765
	148,013		M3, Inc		5,166
	20,805		Mabuchi Motor Co Ltd		881
	250,000		Maeda Corp		1,957
	42,536		Makita Corp		2,824
	1,023,672		Marubeni Corp		4,625
	37,509		Marui Co Ltd		505

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,696		Maruichi Steel Tube Ltd	$	339
	1,222,100		Matsui Securities Co Ltd		10,108
	619,755		Matsushita Electric Industrial Co Ltd		5,332
	314,415		Mazda Motor Corp		4,161
	11,900	e	McDonald’s Holdings Co Japan Ltd		323
	28,059		Mediceo Paltac Holdings Co Ltd		461
	50,600		MEIJI Holdings Co Ltd		5,199
	130		MID Reit, Inc		448
	114,200		Minebea Co Ltd		776
	22,641		Miraca Holdings, Inc		982
	170,000		MISUMI Group, Inc		3,069
	340,419		Mitsubishi Chemical Holdings Corp		1,560
	469,211		Mitsubishi Corp		8,262
	688,814		Mitsubishi Electric Corp		8,223
	395,885		Mitsubishi Estate Co Ltd		7,262
	142,160		Mitsubishi Gas Chemical Co, Inc		742
	1,378,150		Mitsubishi Heavy Industries Ltd		5,542
	20,262		Mitsubishi Logistics Corp		283
	198,537		Mitsubishi Materials Corp		475
	118,700		Mitsubishi Motors Corp		548
	5,420,962		Mitsubishi UFJ Financial Group, Inc		24,301
	82,500		Mitsubishi UFJ Lease & Finance Co Ltd		317
	637,320		Mitsui & Co Ltd		7,608
	157,140		Mitsui Chemicals, Inc		577
	596,829		Mitsui Fudosan Co Ltd		13,698
	201,499		Mitsui OSK Lines Ltd		428
	360,009		Mitsui Sumitomo Insurance Group Holdings, Inc		9,328
	1,165,758		Mitsui Trust Holdings, Inc		3,793
	8,300		Mixi Inc		343
	7,511,956		Mizuho Financial Group, Inc		10,810
	516,800	e	MonotaRO Co Ltd		17,086
	196,635		Murata Manufacturing Co Ltd		22,046
	20,339		Nabtesco Corp		485
	310,000		Nagoya Railroad Co Ltd		1,747
	34,006		Namco Bandai Holdings, Inc		878
	979,615		NEC Corp		2,282
	28,600		Nexon Co Ltd		423
	218,431		NGK Insulators Ltd		4,416
	31,493		NGK Spark Plug Co Ltd		475
	32,638		NHK Spring Co Ltd		265
	79,317		Nidec Corp		6,038
	60,381	e	Nikon Corp		818
	56,198		Nintendo Co Ltd		8,076
	567		Nippon Building Fund, Inc		3,493
	74,313		Nippon Electric Glass Co Ltd		310
	147,441		Nippon Express Co Ltd		674
	30,944		Nippon Meat Packers, Inc		758
	28,026		Nippon Paint Co Ltd		693
	2,176		Nippon ProLogis REIT, Inc		5,316
	210,201		Nippon Steel Corp		4,069
	641,900		Nippon Telegraph & Telephone Corp		30,102
	656,673		Nippon Yusen Kabushiki Kaisha		1,155
	934,162		Nissan Motor Co Ltd		8,337

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	35,931		Nisshin Seifun Group, Inc	$	578
	10,645		Nissin Food Products Co Ltd		581
	13,800		Nitori Co Ltd		1,674
	244,237		Nitto Denko Corp		15,493
	61,253		NKSJ Holdings, Inc		1,630
	16,955		NOK Corp		288
	3,840,980		Nomura Holdings, Inc		13,661
	22,074		Nomura Real Estate Holdings, Inc		386
	623		Nomura Real Estate Master Fund, Inc		985
	128,044		Nomura Research Institute Ltd		4,696
	79,135		NSK Ltd		579
	72,700		NTT Data Corp		3,434
	575,900		NTT DoCoMo, Inc		15,531
	20,300		NTT Urban Development Corp		218
	274,296		Obayashi Corp		2,920
	11,500		Obic Co Ltd		633
	255,098		Odakyu Electric Railway Co Ltd		2,991
	146,999		OJI Paper Co Ltd		564
	447,742		Olympus Corp		16,719
	34,213		Omron Corp		1,117
	238,008		Ono Pharmaceutical Co Ltd		10,368
	6,703		Oracle Corp Japan		357
	179,100		Oriental Land Co Ltd		11,597
	1,507,725		ORIX Corp		19,511
	332,106		Osaka Gas Co Ltd		1,277
	92,600		Osaka Securities Exchange Co Ltd		1,066
	12,400		Otsuka Corp		580
	136,900		Otsuka Holdings KK		6,309
	95,400		Outsourcing, Inc		4,394
	360,100		Park24 Co Ltd		12,375
	53,000		Pola Orbis Holdings, Inc		4,988
	528,900		Rakuten, Inc		5,740
	68,313		Recruit Holdings Co Ltd		2,496
	1,087,772		Resona Holdings, Inc		3,976
	459,782		Ricoh Co Ltd		3,986
	6,112		Rinnai Corp		540
	33,324		Rohm Co Ltd		1,315
	4,244		Ryohin Keikaku Co Ltd		1,034
	8,180		Sankyo Co Ltd		307
	2,300	e	Sanrio Co Ltd		41
	131,000		Santen Pharmaceutical Co Ltd		2,059
	109,800		Sawai Pharmaceutical Co Ltd		8,512
	37,591		SBI Holdings, Inc		374
	99,134		Secom Co Ltd		7,329
	32,852		Sega Sammy Holdings, Inc		354
	27,900		Seibu Holdings, Inc		473
	49,600		Seiko Epson Corp		795
	156,351		Sekisui Chemical Co Ltd		1,926
	645,520		Sekisui House Ltd		11,304
	422,112		Seven & I Holdings Co Ltd		17,698
	104,300		Seven Bank Ltd		324
	70,532		Shikoku Electric Power Co, Inc		835
	43,047		Shimadzu Corp		647

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,527		Shimamura Co Ltd	$	1,269
	13,392		Shimano, Inc		2,048
	1,686,962		Shimizu Corp		15,805
	250,700		Shin-Etsu Chemical Co Ltd		14,688
	678,778		Shinsei Bank Ltd		989
	122,540		Shionogi & Co Ltd		6,699
	66,293		Shiseido Co Ltd		1,727
	93,301		Shizuoka Bank Ltd		657
	53,228		Shoei Co Ltd		561
	33,122	e	Showa Shell Sekiyu KK		309
	9,991		SMC Corp		2,458
	262,500		SMS Co Ltd		5,767
	443,166		Softbank Corp		25,062
	12,100		Sohgo Security Services Co Ltd		598
	2,400,000		Sojitz Holdings Corp		5,687
	1,512,582		Sony Corp		44,564
	61,228		Sony Financial Holdings, Inc		692
	105,915		Stanley Electric Co Ltd		2,262
	7,800		Start Today Co Ltd		412
	534,883		Sumitomo Chemical Co Ltd		2,207
	348,663		Sumitomo Corp		3,514
	27,763	e	Sumitomo Dainippon Pharma Co Ltd		481
	204,524		Sumitomo Electric Industries Ltd		2,707
	1,229,625		Sumitomo Heavy Industries Ltd		5,402
	87,631		Sumitomo Metal Mining Co Ltd		891
	1,188,879		Sumitomo Mitsui Financial Group, Inc		34,329
	215,021		Sumitomo Realty & Development Co Ltd		5,831
	30,363		Sumitomo Rubber Industries, Inc		407
	4,900		Sundrug Co Ltd		460
	24,500		Suntory Beverage & Food Ltd		1,109
	155,176		Suruga Bank Ltd		3,507
	13,707		Suzuken Co Ltd		431
	94,634		Suzuki Motor Corp		2,563
	321,822		Sysmex Corp		22,160
	221,431		T&D Holdings, Inc		1,880
	207,000		Taiheiyo Cement Corp		490
	433,368		Taisei Corp		3,561
	6,156		Taisho Pharmaceutical Holdings Co Ltd		648
	24,985		Taiyo Nippon Sanso Corp		230
	52,117		Takashimaya Co Ltd		373
	252,148		Takeda Pharmaceutical Co Ltd		10,875
	177,781		Tanabe Seiyaku Co Ltd		3,212
	21,956		TDK Corp		1,229
	166,613		Teijin Ltd		552
	58,746		Terumo Corp		2,507
	67,494		THK Co Ltd		1,150
	377,878		Tobu Railway Co Ltd		2,074
	20,075		Toho Co Ltd		556
	69,000		Toho Gas Co Ltd		565
	185,215		Tohoku Electric Power Co, Inc		2,338
	319,064		Tokio Marine Holdings, Inc		10,622
	256,668	*	Tokyo Electric Power Co, Inc		1,087
	28,316		Tokyo Electron Ltd		2,393

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	895,924		Tokyo Gas Co Ltd	$	3,699
	43,000		Tokyo Ohka Kogyo Co Ltd		1,061
	36,800		Tokyo Tatemono Co Ltd		441
	627,852		Tokyu Corp		5,512
	90,900		Tokyu Fudosan Holdings Corp		567
	240,383		TonenGeneral Sekiyu KK		2,190
	92,734		Toppan Printing Co Ltd		797
	653,664		Toray Industries, Inc		5,578
	712,554	*,e	Toshiba Corp		1,941
	900,000		Tosoh Corp		4,151
	25,042		Toto Ltd		1,001
	28,539		Toyo Seikan Kaisha Ltd		545
	15,499		Toyo Suisan Kaisha Ltd		629
	191,297		Toyoda Gosei Co Ltd		3,407
	28,893		Toyota Industries Corp		1,149
	1,456,567		Toyota Motor Corp		71,807
	37,694		Toyota Tsusho Corp		812
	19,328		Trend Micro, Inc		691
	4,800		Tsuruha Holdings, Inc		581
	83,912		Uni-Charm Corp		1,885
	506		United Urban Investment Corp		911
	38,530		USS Co Ltd		637
	48,607		West Japan Railway Co		3,080
	349,800	e	W-Scope Corp		8,275
	587,138		Yahoo! Japan Corp		2,604
	15,404		Yakult Honsha Co Ltd		801
	112,031		Yamada Denki Co Ltd		591
	85,406	e	Yamaguchi Financial Group, Inc		808
	29,408		Yamaha Corp		793
	48,591		Yamaha Motor Co Ltd		741
	125,155		Yamato Transport Co Ltd		2,874
	21,553		Yamazaki Baking Co Ltd		602
	43,724		Yaskawa Electric Corp		571
	40,310		Yokogawa Electric Corp		455
	19,000	e	Yokohama Rubber Co Ltd		238
			TOTAL JAPAN		1,444,931

JERSEY, C.I. - 0.0%
	11,527		Randgold Resources Ltd		1,294
			TOTAL JERSEY, C.I.		1,294

JORDAN - 0.0%
	11,086		Hikma Pharmaceuticals plc		365
			TOTAL JORDAN		365

KOREA, REPUBLIC OF - 0.1%
	29,000		Hanssem Co Ltd		4,039
	196,900		Hynix Semiconductor, Inc		5,603
	40,743		KB Financial Group, Inc		1,158
	30,193	*	Osstem Implant Co Ltd		2,057
	20,000		Samsung Fire & Marine Insurance Co Ltd		4,594
	90,000		Woongjin Coway Co Ltd		8,195
			TOTAL KOREA, REPUBLIC OF		25,646

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
LUXEMBOURG - 0.2%
	2,768,142	*	ArcelorMittal	$	12,621
	3,377,524		B&M European Value Retail S.A.		11,509
	8,124		Millicom International Cellular S.A.		498
	4,718		RTL Group		385
	42,198		SES Global S.A.		903
	57,950		Tenaris S.A.		838
			TOTAL LUXEMBOURG		26,754

MACAU - 0.0%
	164,192	e	MGM China Holdings Ltd		214
	260,183	e	Wynn Macau Ltd		377
			TOTAL MACAU		591

MALAYSIA - 0.1%
	8,333,325		Karex BHD		4,994
	1,266,980		Public Bank BHD		6,105
	1,200,000		Tenaga Nasional BHD		4,201
	36,303	*	YNH Property BHD		17
			TOTAL MALAYSIA		15,317

MEXICO - 0.1%
	28,121	e	Fresnillo plc		619
	700,000		Gruma SAB de C.V.		10,101
			TOTAL MEXICO		10,720

NETHERLANDS - 1.8%
	1,992,415	e,g	ABN AMRO Group NV (ADR)		32,757
	222,112		Aegon NV		880
	328,644		Akzo Nobel NV		20,416
	44,930	e	Altice NV (Class A)		671
	14,066	*	Altice NV (Class B)		212
	480,409		ASML Holding NV		47,291
	44,600	e	ASML Holding NV (ADR)		4,425
	10,559		Boskalis Westminster		360
	21,866		DSM NV		1,261
	407,995	g	Euronext NV		14,967
	9,857		Gemalto NV		597
	12,097		Heineken Holding NV		980
	58,002		Heineken NV		5,320
	6,350,230		ING Groep NV		65,699
	481,295		Koninklijke Ahold NV		10,628
	114,226		Koninklijke Philips Electronics NV		2,837
	8,757		Koninklijke Vopak NV		436
	34,901		NN Group NV		961
	114,967	*	NXP Semiconductors NV		9,007
	10,730	*,e	OCI NV		145
	14,882		Randstad Holdings NV		595
	1,510,995		Royal Dutch Shell plc (A Shares)		41,500
	1,409,354		Royal Dutch Shell plc (B Shares)		38,938
	405,769		Royal KPN NV		1,446
	1,517,973		Steinhoff International Holdings NV (GR)		8,740

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,036,400	*	TomTom NV	$	7,919
	206,736		Wolters Kluwer NV		8,371
			TOTAL NETHERLANDS		327,359

NEW ZEALAND - 0.1%
	4,000,000		Air New Zealand Ltd		5,995
	159,292		Auckland International Airport Ltd		741
	120,482		Contact Energy Ltd		447
	114,483		Fletcher Building Ltd		704
	212,112	*	Meridian Energy Ltd		400
	116,474		Mighty River Power Ltd		252
	62,379		Ryman Healthcare Ltd		416
	306,038		Telecom Corp of New Zealand Ltd		778
			TOTAL NEW ZEALAND		9,733

NORWAY - 0.4%
	987,100	*	Det Norske Oljeselskap ASA		12,032
	852,753		DNB NOR Holding ASA		10,207
	24,124		Gjensidige Forsikring BA		402
	164,122		Norsk Hydro ASA		601
	99,187		Orkla ASA		882
	28,886	e	PAN Fish ASA		487
	9,459		Schibsted ASA		284
	10,904		Schibsted ASA (B Shares)		312
	2,982,788		Statoil ASA		51,538
	91,062		Telenor ASA		1,507
	21,948		Yara International ASA		697
			TOTAL NORWAY		78,949

PHILIPPINES - 0.2%
	20,895,900	*	Melco Crown Philippines Resorts Corp		1,691
	5,300,354		Metropolitan Bank & Trust		10,209
	8,245,950		Robinsons Retail Holdings, Inc		15,155
			TOTAL PHILIPPINES		27,055

PORTUGAL - 0.1%
	1,930,528	*,e	Banco Comercial Portugues S.A.		39
	283,851		Energias de Portugal S.A.		869
	56,754	e	Galp Energia SGPS S.A.		789
	678,590	e	Jeronimo Martins SGPS S.A.		10,703
			TOTAL PORTUGAL		12,400

RUSSIA - 0.1%
	2,126,258		Sberbank of Russian Federation (ADR)		18,648
	203,100	*	X 5 Retail Group NV (GDR)		4,073
			TOTAL RUSSIA		22,721

SINGAPORE - 0.7%
	359,845	e	Ascendas REIT		666
	473,713		Broadcom Ltd		73,615
	329,697	e	CapitaCommercial Trust		363
	958,846		CapitaLand Ltd		2,202

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	831,217		CapitaMall Trust	$	1,322
	167,300		City Developments Ltd		1,017
	353,648		ComfortDelgro Corp Ltd		726
	876,562		DBS Group Holdings Ltd		10,336
	1,010,092		Genting Singapore plc		548
	465,695		Global Logistic Properties		629
	1,200,765		Golden Agri-Resources Ltd		314
	17,066		Jardine Cycle & Carriage Ltd		467
	522,468	e	Keppel Corp Ltd		2,155
	54,756		Keppel Infrastructure Trust		20
	78,567		K-REIT Asia		61
	880,175		Oversea-Chinese Banking Corp		5,723
	163,648	e	SembCorp Industries Ltd		347
	432,617	e	SembCorp Marine Ltd		503
	192,984		Singapore Airlines Ltd		1,533
	324,843		Singapore Exchange Ltd		1,850
	635,425	e	Singapore Press Holdings Ltd		1,872
	593,207		Singapore Technologies Engineering Ltd		1,396
	3,185,991		Singapore Telecommunications Ltd		9,840
	100,730		StarHub Ltd		284
	398,300	e	Suntec Real Estate Investment Trust		526
	398,668		United Overseas Bank Ltd		5,493
	80,876		UOL Group Ltd		330
	319,162		Wilmar International Ltd		777
			TOTAL SINGAPORE		124,915

SOUTH AFRICA - 0.1%
	45,303		Al Noor Hospitals Group plc		663
	71,966		Investec plc		448
	584,929		Mondi plc		10,951
	50,800		Naspers Ltd (N Shares)		7,757
	90,000		Sasol Ltd		2,435
			TOTAL SOUTH AFRICA		22,254

SPAIN - 0.7%
	65,379	e	Abertis Infraestructuras S.A. (Continuous)		966
	80,000	e	Acciona S.A.		5,838
	23,465		ACS Actividades Construccion y Servicios S.A.		644
	8,242	*,g	Aena S.A.		1,092
	642,647		Amadeus IT Holding S.A.		28,314
	791,586	e	Banco Bilbao Vizcaya Argentaria S.A.		4,535
	643,400	e	Banco de Sabadell S.A.		852
	475,201	e	Banco Popular Espanol S.A.		618
	1,758,352		Banco Santander S.A.		6,824
	543,353		Bankia S.A.		396
	82,489	e	Bankinter S.A.		532
	325,470		CaixaBank S.A.		717
	131,057	e	Corp Mapfre S.A.		288
	973,308	e	Distribuidora Internacional de Alimentacion S.A.		5,681
	26,904	e	Enagas		822
	1,004,009	e	Endesa S.A.		20,146
	313,187		Ferrovial S.A.		6,132
	42,686	e	Gas Natural SDG S.A.		848

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	300,000		Gestevision Telecinco S.A.	$	3,387
	36,464		Grifols S.A.		828
	2,193,958		Iberdrola S.A.		14,966
	133,087		Industria De Diseno Textil S.A.		4,471
	108,528	*,e,m	Let’s GOWEX S.A.		1
	13,147	e	Red Electrica de Espana		1,175
	396,375		Repsol YPF S.A.		5,081
	235,400	e	Tecnicas Reunidas S.A.		7,055
	889,076		Telefonica S.A.		8,441
	21,401		Zardoya Otis S.A.		202
			TOTAL SPAIN		130,852

SWEDEN - 0.8%
	35,939	e	Alfa Laval AB		566
	170,000	*	Arcam AB		4,397
	347,228		Assa Abloy AB		7,143
	81,801		Atlas Copco AB (A Shares)		2,125
	46,940		Atlas Copco AB (B Shares)		1,113
	19,357	e	Autoliv, Inc		2,080
	624,211		Boliden AB		12,200
	200,000	*	Bonava AB		2,411
	805,120		Electrolux AB (Series B)		21,951
	371,064		Ericsson (LM) (B Shares)		2,851
	24,887		Getinge AB (B Shares)		514
	115,849		Hennes & Mauritz AB (B Shares)		3,408
	316,372	e	Hexagon AB (B Shares)		11,578
	49,589		Husqvarna AB (B Shares)		369
	9,712	e	ICA Gruppen AB		326
	19,424		Industrivarden AB		316
	713,283		Intrum Justitia AB		22,370
	314,610		Investment AB Kinnevik (B Shares)		7,521
	55,147		Investor AB (B Shares)		1,853
	200,000	e	JM AB		5,025
	24,027	*,e	Lundin Petroleum AB		438
	200,000		NCC AB (B Shares)		4,644
	370,316		Nordea Bank AB		3,142
	129,834		Sandvik AB		1,300
	37,744		Securitas AB (B Shares)		583
	184,551		Skandinaviska Enskilda Banken AB (Class A)		1,612
	43,338		Skanska AB (B Shares)		907
	48,629		SKF AB (B Shares)		779
	73,858		Svenska Cellulosa AB (B Shares)		2,373
	182,536		Svenska Handelsbanken AB		2,216
	110,497		Swedbank AB (A Shares)		2,321
	23,923		Swedish Match AB		835
	39,235		Tele2 AB		344
	315,778		TeliaSonera AB		1,495
	578,398		Volvo AB (B Shares)		5,746
			TOTAL SWEDEN		138,852

SWITZERLAND - 3.5%
	249,425		ABB Ltd		4,937
	73,533		Actelion Ltd		12,383

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	413,137		Adecco S.A.	$	20,838
	10,852		Aryzta AG.		401
	58,109		Baloise Holding AG.		6,472
	265		Barry Callebaut AG.		326
	63,424		Cie Financiere Richemont S.A.		3,712
	22,052		Coca-Cola HBC AG.		446
	229,378		Credit Suisse Group		2,443
	5,262	*	Dufry Group		629
	976		EMS-Chemie Holding AG.		504
	36,000		Flughafen Zuerich AG.		6,371
	472		Galenica AG.		636
	4,605		Geberit AG.		1,744
	8,000		Georg Fischer AG.		6,395
	1,119		Givaudan S.A.		2,253
	1,493,572		Glencore Xstrata plc		3,078
	55,176		Holcim Ltd		2,308
	27,089		Julius Baer Group Ltd		1,090
	8,000		Kaba Holding AG.		5,589
	6,471		Kuehne & Nagel International AG.		907
	120		Lindt & Spruengli AG.		716
	13		Lindt & Spruengli AG. (Registered)		929
	300,343		Lonza Group AG.		49,891
	1,576,217		Nestle S.A.		122,123
	1,592,961		Novartis AG.		131,480
	3,887		Pargesa Holding S.A.		257
	2,045		Partners Group		876
	6,334		Phonak Holding AG.		841
	341,836		Roche Holding AG.		90,204
	5,267		Schindler Holding AG.		954
	2,498		Schindler Holding AG. (Registered)		455
	669		SGS S.A.		1,533
	263		Sika AG.		1,103
	79,171		STMicroelectronics NV		462
	640		Sulzer AG.		56
	4,010		Swatch Group AG.		1,167
	4,778		Swatch Group AG. (Registered)		274
	3,921		Swiss Life Holding		906
	8,283		Swiss Prime Site AG.		750
	543,294		Swiss Re Ltd		47,452
	3,137		Swisscom AG.		1,558
	27,352		Syngenta AG.		10,499
	166,789		TE Connectivity Ltd		9,525
	2,577,076		UBS AG.		33,439
	532,190		Wolseley plc		27,559
	18,285		Zurich Financial Services AG.		4,523
			TOTAL SWITZERLAND		622,994

TAIWAN - 0.3%
	16,540,000		Advanced Semiconductor Engineering, Inc		18,818
	871,552		Eclat Textile Co Ltd		8,452
	2,781,746		Hota Industrial Manufacturing Co Ltd		13,053
	60,000		Largan Precision Co Ltd		5,549
	2,300,000		Pegatron Technology Corp		4,885
			TOTAL TAIWAN		50,757

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
THAILAND - 0.0%
	3,000,000		Delta Electronics Thai PCL	$	5,846
			TOTAL THAILAND		5,846

UNITED ARAB EMIRATES - 0.0%
	1,734,000		Emaar Properties PJSC		2,949
			TOTAL UNITED ARAB EMIRATES		2,949

UNITED KINGDOM - 6.9%
	118,947		3i Group plc		873
	110,886	e	Aberdeen Asset Management plc		416
	25,835		Admiral Group plc		702
	31,681		Aggreko plc		542
	172,162		Anglo American plc (London)		1,688
	2,089,518		ARM Holdings plc		31,739
	1,755,468		Ashtead Group plc		25,075
	110,100	*	ASOS plc		5,881
	972,627		Associated British Foods plc		35,441
	494,990		AstraZeneca plc		29,592
	3,660,690	g	Auto Trader Group plc		17,305
	943,381		Aviva plc		4,973
	30,314		Babcock International Group		367
	384,074		BAE Systems plc		2,689
	18,296,086		Barclays plc		34,029
	122,355		Barratt Developments plc		665
	815,200		Beazley plc		3,963
	300,000		Bellway plc		7,610
	381,043	*	Belmond Ltd.		3,772
	16,009		Berkeley Group Holdings plc		541
	9,915,687		BP plc		58,042
	1,036,822		British American Tobacco plc		67,216
	118,120		British Land Co plc		959
	2,459,173		Britvic plc		19,244
	1,367,096		BT Group plc		7,514
	40,624		Bunzl plc		1,250
	54,398		Burberry Group plc		846
	80,066		Capita Group plc		1,032
	654,779		Centrica plc		1,980
	686,400		Cineworld Group plc		5,007
	120,883		CNH Industrial NV		877
	221,910		Cobham plc		468
	46,822		Coca-Cola European Partners plc		1,671
	16,314	*	Coca-Cola European Partners plc		585
	576,622		Compass Group plc		10,970
	136,700		Consort Medical plc		1,905
	192,931		Croda International plc		8,099
	102,330	*,e	CYBG plc		318
	66,706		DCC plc		5,870
	494,037		Delphi Automotive plc		30,927
	506,573		Diageo plc		14,151
	168,168		Direct Line Insurance Group plc		777

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,571,155		easyJet plc	$	22,831
	1,023,200		Fevertree Drinks plc		9,839
	109,880	e	Fiat DaimlerChrysler Automobiles NV		676
	206,060		GKN plc		745
	3,980,154		GlaxoSmithKline plc		85,474
	190,440		Group 4 Securicor plc		467
	93,493		Hammerson plc		673
	31,796		Hargreaves Lansdown plc		530
	8,557,727		Hays plc		11,181
	2,393,224		HSBC Holdings plc		14,827
	66,801		ICAP plc		376
	32,669		IMI plc		423
	257,081		Imperial Tobacco Group plc		13,942
	800,000		Inchcape plc		6,727
	55,225		Inmarsat plc		595
	23,170		InterContinental Hotels Group plc		855
	98,697		International Consolidated Airlines Group S.A.		489
	1,353,373	e	International Consolidated Airlines Group S.A. (London)		6,712
	19,771		Intertek Group plc		921
	114,417	e	Intu Properties plc		445
	450,334		ITV plc		1,080
	164,204	e	J Sainsbury plc		512
	23,568		Johnson Matthey plc		884
	1,866,414	*	Just Eat plc		10,654
	277,333		Kingfisher plc		1,191
	96,223		Land Securities Group plc		1,339
	9,917,061		Legal & General Group plc		25,389
	221,095	*	Liberty Global plc		6,334
	77,503	*	Liberty Global plc (Class A)		2,252
	11,491	*,e	Liberty Global plc LiLAC (Class A)		371
	31,983	*,e	Liberty Global plc LiLAC (Class C)		1,039
	7,496,723		Lloyds TSB Group plc		5,430
	449,198		London Stock Exchange Group plc		15,263
	6,800,024		Man Group plc		10,565
	198,598		Marks & Spencer Group plc		851
	94,712		Meggitt plc		515
	84,571	g	Merlin Entertainments plc		498
	456,773		National Grid plc		6,717
	119,082		New Carphone Warehouse plc		511
	107,473		Next plc		7,101
	601,626		Old Mutual plc		1,625
	100,147		Pearson plc		1,303
	41,172		Pentair plc		2,400
	36,989		Persimmon plc		717
	32,615	e	Petrofac Ltd		339
	17,992		Provident Financial plc		555
	3,075,087		Prudential plc		52,181
	2,933,600	*	Purplebricks Group plc		5,272
	395,003		Reckitt Benckiser Group plc		39,608
	632,201		Reed Elsevier NV		10,937
	134,971		Reed Elsevier plc		2,485
	1,200,000		Regus plc		4,640
	227,462		Rightmove plc		11,109

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	132,956		Rio Tinto Ltd	$	4,599
	649,437		Rio Tinto plc		20,176
	224,025		Rolls-Royce Group plc		2,138
	4,625,329	*	Royal Bank of Scotland Group plc		10,482
	808,187		Royal Mail plc		5,430
	124,120		RSA Insurance Group plc		832
	561,370		SABMiller plc		32,739
	130,391		Sage Group plc		1,127
	15,629		Schroders plc		494
	122,459		Scottish & Southern Energy plc		2,549
	89,489		Segro plc		496
	28,007		Severn Trent plc		914
	511,477		Shire Ltd		31,611
	3,073,963		Sky plc		34,931
	109,147		Smith & Nephew plc		1,853
	48,331		Smiths Group plc		747
	12,580	*	Sports Direct International plc		54
	64,426		St. James’s Place plc		679
	754,192		Standard Chartered plc		5,722
	237,767		Standard Life plc		938
	56,561		Tate & Lyle plc		506
	4,300,498		Taylor Wimpey plc		7,629
	990,299	*	Tesco plc		2,326
	1,117,484		Travis Perkins plc		22,048
	635,265		Unilever NV		29,546
	221,377		Unilever plc		10,607
	83,244		United Utilities Group plc		1,154
	1,000,900		Vesuvius plc		3,825
	1,791,586		Virgin Money Holdings UK plc		6,011
	14,929,036		Vodafone Group plc		45,516
	26,187		Weir Group plc		506
	230,000		WH Smith plc		4,832
	252,608		Whitbread plc		11,819
	108,620		William Hill plc		374
	270,567	e	WM Morrison Supermarkets plc		679
	1,845,737	*,g	Worldpay Group plc		6,718
	2,281,612		WPP plc		47,552
			TOTAL UNITED KINGDOM		1,218,125

UNITED STATES - 59.0%
	111,529		3M Co		19,531
	5,670		A.O. Smith Corp		500
	191,200		Aaron’s, Inc		4,185
	2,295,885		Abbott Laboratories		90,251
	414,961		AbbVie, Inc		25,690
	27,878		Abercrombie & Fitch Co (Class A)		497
	259,277		Accenture plc		29,374
	137,584		Activision Blizzard, Inc		5,452
	22,685		Acuity Brands, Inc		5,625
	339,462	*	Adobe Systems, Inc		32,517
	15,353		Advance Auto Parts, Inc		2,482
	1,195,000	*,e,n	Advanced Micro Devices, Inc		6,142
	200,724		AES Corp		2,505

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	347,193		Aetna Inc	$	42,403
	13,764	*	Affiliated Managers Group, Inc		1,938
	65,914		Aflac, Inc		4,756
	25,116		AGCO Corp		1,184
	146,790		Agilent Technologies, Inc		6,512
	48,755		AGL Resources, Inc		3,216
	28,529		Air Products & Chemicals, Inc		4,052
	520,000	*	AK Steel Holding Corp		2,423
	46,182	*	Akamai Technologies, Inc		2,583
	99,100		Alaska Air Group, Inc		5,777
	167,671		Albemarle Corp		13,298
	179,835		Alcoa, Inc		1,667
	13,627		Alexandria Real Estate Equities, Inc		1,411
	406,313	*	Alexion Pharmaceuticals, Inc		47,441
	35,500	*	Alkermes plc		1,534
	4,124	*	Alleghany Corp		2,266
	16,000		Allegiant Travel Co		2,424
	485,902	*	Allergan plc		112,287
	70,269	*	Alliance Data Systems Corp		13,767
	79,003		Alliant Energy Corp		3,136
	198,908		Allstate Corp		13,914
	53,862	*	Ally Financial, Inc		919
	12,158	*	Alnylam Pharmaceuticals, Inc		675
	131,037	*	Alphabet, Inc (Class A)		92,188
	259,306	*	Alphabet, Inc (Class C)		179,466
	704,637		Altria Group, Inc		48,592
	220,455	*	Amazon.com, Inc		157,762
	65,000	*	AMC Networks, Inc		3,927
	120,000		Amdocs Ltd		6,926
	12,959		Amerco, Inc		4,854
	80,257		Ameren Corp		4,300
	37,237		American Airlines Group, Inc		1,054
	135,171		American Capital Agency Corp		2,679
	212,126		American Electric Power Co, Inc		14,868
	169,949		American Express Co		10,326
	147,500		American Financial Group, Inc		10,905
	286,543		American International Group, Inc		15,155
	69,972		American Tower Corp		7,950
	113,262		American Water Works Co, Inc		9,572
	126,831		Ameriprise Financial, Inc		11,396
	88,226		AmerisourceBergen Corp		6,998
	32,376		Ametek, Inc		1,497
	242,392		Amgen, Inc		36,880
	113,743		Amphenol Corp (Class A)		6,521
	488,820		Anadarko Petroleum Corp		26,030
	86,396		Analog Devices, Inc		4,893
	355,988		Annaly Capital Management, Inc		3,941
	19,848	*	Ansys, Inc		1,801
	30,540	*,e	Antero Resources Corp		793
	193,719		Anthem, Inc		25,443
	71,993		Aon plc		7,864
	269,660		Apache Corp		15,012
	3,105,982		Apple, Inc		296,932

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,342,776		Applied Materials, Inc	$	32,186
	35,622		ARAMARK Holdings Corp		1,190
	100,365		Archer Daniels Midland Co		4,305
	11,979	*	Arrow Electronics, Inc		742
	27,510		Arthur J. Gallagher & Co		1,309
	42,000	*	Asbury Automotive Group, Inc		2,215
	15,241		Ashland, Inc		1,749
	23,015		Assurant, Inc		1,986
	2,839,122		AT&T, Inc		122,678
	23,339		Atmos Energy Corp		1,898
	47,800	*	Autodesk, Inc		2,588
	98,155		Automatic Data Processing, Inc		9,018
	18,547	*,e	Autonation, Inc		871
	27,975	*	AutoZone, Inc		22,208
	27,861		AvalonBay Communities, Inc		5,026
	30,572		Avery Dennison Corp		2,285
	20,837		Avnet, Inc		844
	33,757	*	Axalta Coating Systems Ltd		896
	183,745		Axis Capital Holdings Ltd		10,106
	659,441		Baker Hughes, Inc		29,761
	36,270	e	Ball Corp		2,622
	7,688,173		Bank of America Corp		102,022
	573,581		Bank of New York Mellon Corp		22,284
	23,349		Bard (C.R.), Inc		5,491
	961,404		Baxter International, Inc		43,475
	158,045		BB&T Corp		5,628
	29,901		BE Aerospace, Inc		1,381
	60,174		Becton Dickinson & Co		10,205
	72,569	*	Bed Bath & Beyond, Inc		3,136
	266,045	*	Berkshire Hathaway, Inc (Class B)		38,521
	998,322	*	Berry Plastics Group, Inc		38,785
	524,560		Best Buy Co, Inc		16,052
	76,369	*	Biogen Idec, Inc		18,468
	105,431	*	BioMarin Pharmaceutical, Inc		8,203
	44,095		BlackRock, Inc		15,104
	218,000		Blackstone Group LP		5,350
	110,922		Boeing Co		14,405
	30,297		BorgWarner, Inc		894
	31,459		Boston Properties, Inc		4,149
	1,258,251	*	Boston Scientific Corp		29,405
	90,000		Brinker International, Inc		4,098
	885,184		Bristol-Myers Squibb Co		65,105
	29,335		Brixmor Property Group, Inc		776
	22,761		Broadridge Financial Solutions, Inc		1,484
	660,000		Brocade Communications Systems, Inc		6,059
	23,026		Brown-Forman Corp (Class B)		2,297
	44,422		Bunge Ltd		2,628
	80,049		CA, Inc		2,628
	168,741		Cabot Oil & Gas Corp		4,343
	97,000	*	CACI International, Inc (Class A)		8,770
	73,230	*	Cadence Design Systems, Inc		1,779
	116	e	California Resources Corp		1
	55,000	e	Cal-Maine Foods, Inc		2,438

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	68,794	*	Calpine Corp	$	1,015
	34,163		Camden Property Trust		3,021
	68,221		Campbell Soup Co		4,539
	222,177		Capital One Financial Corp		14,110
	176,080		Cardinal Health, Inc		13,736
	77,932	*,e	Carmax, Inc		3,821
	117,912		Carnival Corp		5,212
	123,098		Carnival plc		5,461
	50,000		Carter’s, Inc		5,324
	386,774		Caterpillar, Inc		29,321
	199,141	*	CBRE Group, Inc		5,273
	547,922		CBS Corp (Class B)		29,829
	21,274		CDK Global, Inc		1,181
	241,848		CDW Corp		9,693
	37,158		Celanese Corp (Series A)		2,432
	625,513	*	Celgene Corp		61,694
	134,431	*	Centene Corp		9,594
	143,267		Centerpoint Energy, Inc		3,438
	148,764		CenturyTel, Inc		4,316
	54,587	*	Cerner Corp		3,199
	377,014		CF Industries Holdings, Inc		9,086
	52,902		CH Robinson Worldwide, Inc		3,928
	270,026		Charles Schwab Corp		6,834
	60,687	*	Charter Communications, Inc		13,875
	40,000		Chemed Corp		5,452
	26,491	*	Cheniere Energy, Inc		995
	16,269	*,e	Chesapeake Energy Corp		70
	1,201,209		Chevron Corp		125,923
	8,517		Chicago Bridge & Iron Co NV		295
	7,564	*	Chipotle Mexican Grill, Inc (Class A)		3,046
	749,340		Chubb Ltd		97,946
	67,778		Church & Dwight Co, Inc		6,974
	196,700	*	Ciena Corp		3,688
	325,275		Cigna Corp		41,632
	24,482		Cimarex Energy Co		2,921
	49,978		Cincinnati Financial Corp		3,743
	33,357		Cintas Corp		3,273
	3,097,905		Cisco Systems, Inc		88,879
	189,381		CIT Group, Inc		6,043
	1,674,474		Citigroup, Inc		70,981
	67,575		Citizens Financial Group, Inc		1,350
	83,091	*	Citrix Systems, Inc		6,655
	233,800	*,e	Cliffs Natural Resources, Inc		1,326
	65,352		Clorox Co		9,044
	61,932		CME Group, Inc		6,032
	207,563		CMS Energy Corp		9,519
	308,763		Coach, Inc		12,579
	2,489,578		Coca-Cola Co		112,853
	102,045	*	Cognizant Technology Solutions Corp (Class A)		5,841
	165,325		Colgate-Palmolive Co		12,102
	67,193		Columbia Pipeline Group, Inc		1,713
	2,680,645		Comcast Corp (Class A)		174,751
	134,276		Comerica, Inc		5,523

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	200,000	*	CommScope Holding Co, Inc	$	6,206
	362,000		Computer Sciences Corp		17,973
	542,652		ConAgra Foods, Inc		25,944
	341,758	*	Concho Resources, Inc		40,761
	202,740		ConocoPhillips		8,839
	300,000		Conseco, Inc		5,238
	106,412		Consolidated Edison, Inc		8,560
	48,418		Constellation Brands, Inc (Class A)		8,008
	104,124	*,e	Continental Resources, Inc		4,714
	17,972		Cooper Cos, Inc		3,083
	30,578	e	Core Laboratories NV		3,788
	266,682		Corning, Inc		5,462
	166,124		Costco Wholesale Corp		26,088
	22,500	*,e	Credit Acceptance Corp		4,164
	102,204		Crown Castle International Corp		10,367
	155,277	*	Crown Holdings, Inc		7,868
	120,000		CSRA, Inc		2,812
	476,729		CSX Corp		12,433
	73,143		Cummins, Inc		8,224
	837,252		CVS Health Corp		80,158
	450,672		Danaher Corp		45,518
	103,412		Darden Restaurants, Inc		6,550
	144,556	*	DaVita, Inc		11,177
	57,153	e	Deere & Co		4,632
	502,510		Delta Air Lines, Inc		18,306
	110,000		Deluxe Corp		7,301
	67,366		DENTSPLY SIRONA, Inc		4,179
	107,248		Devon Energy Corp		3,888
	61,675	*	Diamondback Energy, Inc		5,625
	31,474		Dick’s Sporting Goods, Inc		1,418
	77,992	e	Digital Realty Trust, Inc		8,500
	70,921		Discover Financial Services		3,801
	40,675	*,e	Discovery Communications, Inc (Class A)		1,026
	55,642	*	Discovery Communications, Inc (Class C)		1,327
	96,677	*	DISH Network Corp (Class A)		5,066
	411,185		Dollar General Corp		38,651
	71,250	*	Dollar Tree, Inc		6,715
	108,675		Dominion Resources, Inc		8,469
	3,815		Domino’s Pizza, Inc		501
	38,142		Dover Corp		2,644
	1,415,462		Dow Chemical Co		70,363
	93,040		DR Horton, Inc		2,929
	119,551		Dr Pepper Snapple Group, Inc		11,552
	41,200		DST Systems, Inc		4,797
	109,555		DTE Energy Co		10,859
	118,621		Duke Energy Corp		10,177
	111,985		Duke Realty Corp		2,986
	9,196		Dun & Bradstreet Corp		1,120
	120,000	*	Dynegy, Inc		2,069
	133,816	*	E*TRADE Financial Corp		3,143
	109,300		East West Bancorp, Inc		3,736
	36,165		Eastman Chemical Co		2,456
	111,513		Eaton Corp		6,661

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,430		Eaton Vance Corp	$	1,111
	323,275	*	eBay, Inc		7,568
	46,487		Ecolab, Inc		5,513
	13,352	*	Edgewell Personal Care Co		1,127
	99,574		Edison International		7,734
	105,626	*	Edwards Lifesciences Corp		10,534
	171,127		EI du Pont de Nemours & Co		11,089
	75,026	*	Electronic Arts, Inc		5,684
	423,324		Eli Lilly & Co		33,337
	404,889		EMC Corp		11,001
	103,039		Emerson Electric Co		5,375
	34,649	*	Endo International plc		540
	7,631		Energen Corp		368
	1,784	*	Engility Holdings, Inc		38
	9,794		Ensco plc		95
	57,772		Entergy Corp		4,700
	28,665	*	Envision Healthcare Holdings, Inc		727
	1,252,295		EOG Resources, Inc		104,466
	49,872		EQT Corp		3,862
	39,028		Equifax, Inc		5,011
	21,726		Equinix, Inc		8,424
	76,842		Equity Residential		5,293
	21,448		Essex Property Trust, Inc		4,892
	278,934		Estee Lauder Cos (Class A)		25,389
	120,000	*	Euronet Worldwide, Inc		8,303
	58,930		Everest Re Group Ltd		10,765
	113,518		Eversource Energy		6,800
	212,410		Exelon Corp		7,723
	123,698		Expedia, Inc		13,149
	32,855		Expeditors International of Washington, Inc		1,611
	778,023	*	Express Scripts Holding Co		58,974
	630,584		Extended Stay America, Inc		9,427
	75,442		Extra Space Storage, Inc		6,981
	2,037,836	d	Exxon Mobil Corp		191,027
	97,581	*	F5 Networks, Inc		11,109
	1,144,498	*	Facebook, Inc		130,793
	75,044	e	Fastenal Co		3,331
	25,034		Federal Realty Investment Trust		4,144
	140,412		FedEx Corp		21,312
	54,772		Fidelity National Information Services, Inc		4,036
	150,964		Fifth Third Bancorp		2,655
	25,885	*,e	FireEye, Inc		426
	135,500	*	First American Corp		5,214
	46,051		First Republic Bank		3,223
	136,597		FirstEnergy Corp		4,769
	108,238	*	Fiserv, Inc		11,769
	32,440	*	FleetCor Technologies, Inc		4,643
	690,665	*	Flextronics International Ltd		8,150
	51,419		Flir Systems, Inc		1,591
	29,559		Flowserve Corp		1,335
	34,059		Fluor Corp		1,678
	29,931		FMC Corp		1,386
	58,053	*	FMC Technologies, Inc		1,548

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,894		FNF Group	$	1,196
	146,178		Foot Locker, Inc		8,019
	498,204		Ford Motor Co		6,262
	42,107	*	Fortinet, Inc		1,330
	41,253		Fortune Brands Home & Security, Inc		2,391
	8,357		Four Corners Property Trust, Inc		172
	64,719		Franklin Resources, Inc		2,160
	171,838		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,914
	256,446	e	Frontier Communications Corp		1,267
	204,632	e	GameStop Corp (Class A)		5,439
	1,027,846		Gaming and Leisure Properties, Inc		35,440
	49,393	e	Gap, Inc		1,048
	27,590	e	Garmin Ltd		1,170
	12,774	*	Gartner, Inc		1,244
	127,204		General Dynamics Corp		17,712
	3,544,250		General Electric Co		111,573
	114,505		General Growth Properties, Inc		3,415
	154,058		General Mills, Inc		10,987
	26,439,985	*,m	General Motors Co		0
	29,845,445	*,m	General Motors Co		0
	18,159,000	*,m	General Motors Co		0
	18,106,794	*,m	General Motors Co		0
	19,417,463	*,m	General Motors Co		0
	4,461,000	*,m	General Motors Co		0
	13,592,224	*,m	General Motors Co		0
	530,757	*,m	General Motors Co		0
	180,546		General Motors Co		5,109
	61,921,000	*,e,m	General Motors Co		0
	69,850,000	*,m	General Motors Co		0
	39,890		Genuine Parts Co		4,039
	758,068		Gilead Sciences, Inc		63,238
	277,934		Global Payments, Inc		19,839
	333,171		Goldman Sachs Group, Inc		49,503
	324,088		Goodyear Tire & Rubber Co		8,316
	43,156		H&R Block, Inc		993
	1		H.B. Fuller Co		0	^
	591,603		Halliburton Co		26,794
	126,231		Hanesbrands, Inc		3,172
	35,932	e	Harley-Davidson, Inc		1,628
	10,490		Harman International Industries, Inc		753
	25,729		Harris Corp		2,147
	100,387		Hartford Financial Services Group, Inc		4,455
	40,628		Hasbro, Inc		3,412
	233,027	*	HCA Holdings, Inc		17,945
	106,762		HCP, Inc		3,777
	170,000		Healthsouth Corp		6,599
	21,111	e	Helmerich & Payne, Inc		1,417
	25,387	*	Henry Schein, Inc		4,488
	32,500	*,e	Herbalife Ltd		1,902
	180,000		Herman Miller, Inc		5,380
	36,978		Hershey Co		4,197
	26,575	*	Hertz Global Holdings, Inc		294
	115,578		Hess Corp		6,946

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,489,778		Hewlett Packard Enterprise Co	$	27,218
	123,902		Hilton Worldwide Holdings, Inc		2,792
	33,192		HollyFrontier Corp		789
	305,641	*	Hologic, Inc		10,575
	890,961		Home Depot, Inc		113,767
	842,533		Honeywell International, Inc		98,003
	57,834		Hormel Foods Corp		2,117
	116,475		Host Marriott Corp		1,888
	560,827		HP, Inc		7,038
	63,812		Humana, Inc		11,479
	1,279,195		Huntington Bancshares, Inc		11,436
	60,000		Huntington Ingalls		10,082
	60,000		Icahn Enterprises LP		3,240
	16,203	*	Idexx Laboratories, Inc		1,505
	24,932	*	IHS, Inc (Class A)		2,882
	49,397		Illinois Tool Works, Inc		5,145
	61,814	*	Illumina, Inc		8,677
	343,800	*	Imax Corp		10,135
	20,669	*	IMS Health Holdings, Inc		524
	26,634	*	Incyte Corp		2,130
	115,325		Ingersoll-Rand plc		7,344
	4,959	*	Ingevity Corp		169
	73,578		Ingredion, Inc		9,522
	1,905,007		Intel Corp		62,484
	32,806		IntercontinentalExchange Group, Inc		8,397
	172,853		International Business Machines Corp		26,236
	18,378		International Flavors & Fragrances, Inc		2,317
	107,350		International Paper Co		4,550
	576,199		Interpublic Group of Cos, Inc		13,310
	13,832		Interval Leisure Group, Inc		220
	200,892		Intuit, Inc		22,422
	38,870	*	Intuitive Surgical, Inc		25,709
	55,128		Invesco Ltd		1,408
	14,193	*,e	Ionis Pharmaceuticals, Inc		331
	7,456	*,e	Iron Mountain, Inc		294
	36,096		Iron Mountain, Inc		1,438
	155,959	e	iShares MSCI Canada Index Fund		3,823
	711,308	e	iShares MSCI EAFE Index Fund		39,698
	140,000		ITT, Inc		4,477
	32,023		J.B. Hunt Transport Services, Inc		2,592
	39,419		J.M. Smucker Co		6,008
	32,623	*	Jacobs Engineering Group, Inc		1,625
	15,118	*	Jazz Pharmaceuticals plc		2,136
	1,167,186		Johnson & Johnson		141,580
	98,897		Johnson Controls, Inc		4,377
	43,932		Jones Lang LaSalle, Inc		4,281
	2,583,562		JPMorgan Chase & Co		160,542
	329,416		Juniper Networks, Inc		7,409
	187,441		Kansas City Southern Industries, Inc		16,887
	173,572		Kellogg Co		14,172
	160,139		Keycorp		1,770
	111,929		Kimberly-Clark Corp		15,388
	88,959		Kimco Realty Corp		2,792

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	387,898		Kinder Morgan, Inc	$	7,261
	42,274		Kla-Tencor Corp		3,097
	101,252		Kohl’s Corp		3,839
	130,000		Korn/Ferry International		2,691
	291,991		Kraft Heinz Co		25,835
	447,122		Kroger Co		16,450
	89,626		L Brands, Inc		6,017
	140,861		L-3 Communications Holdings, Inc		20,663
	143,392	*	Laboratory Corp of America Holdings		18,680
	214,255	e	Lam Research Corp		18,010
	117,311		Las Vegas Sands Corp		5,102
	90,000		Lazard Ltd (Class A)		2,680
	202,411		Lear Corp		20,597
	9,679		Legg Mason, Inc		285
	45,190		Leggett & Platt, Inc		2,310
	41,246		Lennar Corp (Class A)		1,901
	52,773		Leucadia National Corp		915
	69,160	*	Level 3 Communications, Inc		3,561
	130,000		Lexmark International, Inc (Class A)		4,908
	2,682	*,e	Liberty Braves Group (Class A)		40
	2,654	*,e	Liberty Braves Group (Class C)		39
	75,842	*	Liberty Interactive Corp		1,924
	6,703	*	Liberty Media Group (Class A)		128
	2,369	*,e	Liberty Media Group (Class C)		45
	46,835		Liberty Property Trust		1,860
	33,955	*	Liberty SiriusXM Group (Class A)		1,065
	24,858	*	Liberty SiriusXM Group (Class C)		767
	259,851		Lincoln National Corp		10,074
	71,262		Linear Technology Corp		3,316
	17,203	*	LinkedIn Corp		3,256
	87,381	*	LKQ Corp		2,770
	77,108		Lockheed Martin Corp		19,136
	61,821		Loews Corp		2,540
	840,195	*	Louisiana-Pacific Corp		14,577
	640,275		Lowe’s Companies, Inc		50,691
	308,373	*,e	Lululemon Athletica, Inc		22,776
	149,131		LyondellBasell Industries AF S.C.A		11,098
	50,345		M&T Bank Corp		5,952
	29,294		Macerich Co		2,501
	135,399		Macy’s, Inc		4,551
	14,716	*	Mallinckrodt plc		894
	77,968		Manpower, Inc		5,016
	114,799		Marathon Oil Corp		1,723
	66,743		Marathon Petroleum Corp		2,534
	5,206	*	Markel Corp		4,960
	29,916	e	Marriott International, Inc (Class A)		1,988
	238,779		Marsh & McLennan Cos, Inc		16,347
	16,162		Martin Marietta Materials, Inc		3,103
	96,827		Masco Corp		2,996
	203,847		MasterCard, Inc (Class A)		17,951
	119,199	*	Matador Resources Co		2,360
	340,197		Mattel, Inc		10,645
	84,364		Maxim Integrated Products, Inc		3,011

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	43,143		McCormick & Co, Inc	$	4,602
	236,919		McDonald’s Corp		28,511
	121,292		McKesson Corp		22,639
	679		MDC Holdings, Inc		17
	54,594		Mead Johnson Nutrition Co		4,954
	35,658	*	Medivation, Inc		2,150
	34,744	*	MEDNAX, Inc		2,517
	365,322		Medtronic plc		31,699
	190,000		Mentor Graphics Corp		4,039
	730,926		Merck & Co, Inc		42,109
	826,065	*,e	Merrimack Pharmaceuticals, Inc		4,453
	703,958		Metlife, Inc		28,039
	7,943	*	Mettler-Toledo International, Inc		2,899
	735,745	*	MGM Growth Properties LLC		19,630
	2,093,341	*	MGM Resorts International		47,372
	56,960	*	Michael Kors Holdings Ltd		2,818
	200,000	*	Michaels Cos, Inc		5,688
	53,371	e	Microchip Technology, Inc		2,709
	532,440	*	Micron Technology, Inc		7,326
	120,000	*	Microsemi Corp		3,922
	3,329,571		Microsoft Corp		170,374
	17,247		Mid-America Apartment Communities, Inc		1,835
	124,055	*,e	Mobileye NV		5,724
	50,715	*	Mohawk Industries, Inc		9,624
	174,856		Molson Coors Brewing Co (Class B)		17,683
	1,465,240		Mondelez International, Inc		66,683
	214,265		Monsanto Co		22,157
	108,295	*	Monster Beverage Corp		17,404
	25,153		Moody’s Corp		2,357
	339,411		Morgan Stanley		8,818
	56,948		Mosaic Co		1,491
	56,598		Motorola, Inc		3,734
	11,793		MSCI, Inc (Class A)		909
	1	*	MSG Networks, Inc		0	^
	31,624	e	Murphy Oil Corp		1,004
	274,205	*	Mylan NV		11,857
	199,000		Nabors Industries Ltd		2,000
	39,947		NASDAQ OMX Group, Inc		2,583
	85,053		National Oilwell Varco, Inc		2,862
	43,328		Navient Corp		518
	106,102		NetApp, Inc		2,609
	96,592	*	NetFlix, Inc		8,836
	10,777	*,e	NetSuite, Inc		785
	152,162		New York Community Bancorp, Inc		2,281
	771,351		Newell Rubbermaid, Inc		37,465
	91,272	*	Newfield Exploration Co		4,032
	193,884		Newmont Mining Corp		7,585
	52,340		News Corp		594
	339,850		NextEra Energy, Inc		44,316
	82,235		Nielsen NV		4,274
	530,042		Nike, Inc (Class B)		29,258
	57,797		NiSource, Inc		1,533
	107,002		Noble Energy, Inc		3,838

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	720,825	e	Nordstrom, Inc	$	27,427
	67,830		Norfolk Southern Corp		5,774
	61,471		Northern Trust Corp		4,073
	284,481		Northrop Grumman Corp		63,234
	304,909	*	Norwegian Cruise Line Holdings Ltd		12,148
	69,962		NRG Energy, Inc		1,049
	104,417	*	Nuance Communications, Inc		1,632
	84,036		Nucor Corp		4,152
	299,527		Nvidia Corp		14,081
	9,945	*	NVR, Inc		17,705
	1,103,372		Occidental Petroleum Corp		83,371
	14,977		Oceaneering International, Inc		447
	46,682		OGE Energy Corp		1,529
	350,059		Olin Corp		8,695
	66,478		Omnicom Group, Inc		5,417
	54,520		Oneok, Inc		2,587
	2,681,473		Oracle Corp		109,753
	132,000		Orbital ATK, Inc		11,238
	42,675	*	O’Reilly Automotive, Inc		11,569
	32,621		Owens Corning, Inc		1,681
	82,657		Paccar, Inc		4,287
	23,921		Packaging Corp of America		1,601
	69,114	*	Palo Alto Networks, Inc		8,476
	90,000	*	Parexel International Corp		5,659
	31,677		Parker Hannifin Corp		3,423
	86,203	*	Parsley Energy, Inc		2,333
	38,357		Patterson Cos, Inc		1,837
	95,840		Paychex, Inc		5,702
	774,809	*	PayPal Holdings, Inc		28,288
	123,427		People’s United Financial, Inc		1,809
	364,258		PepsiCo, Inc		38,590
	91,411		Perrigo Co plc		8,288
	3,586,954		Pfizer, Inc		126,297
	526,925		PG&E Corp		33,681
	920,460		Philip Morris International, Inc		93,629
	140,396		Phillips 66		11,139
	28,532		Phillips-Van Heusen Corp		2,689
	400,000	e	Pilgrim’s Pride Corp		10,192
	680,995		Pinnacle Foods, Inc		31,523
	37,301		Pinnacle West Capital Corp		3,024
	124,797		Pioneer Natural Resources Co		18,871
	135,000		Plains All American Pipeline LP		3,711
	394,423		Plains GP Holdings LP		4,114
	114,319		PNC Financial Services Group, Inc		9,304
	14,491	e	Polaris Industries, Inc		1,185
	340,539		PPG Industries, Inc		35,467
	199,693		PPL Corp		7,538
	75,000	*,e	PRA Group, Inc		1,811
	44,495		Praxair, Inc		5,001
	13,731	*	Priceline.com, Inc		17,142
	37,738		Principal Financial Group		1,551
	1,344,724		Procter & Gamble Co		113,858
	119,376		Progressive Corp		3,999

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	102,086		Prologis, Inc	$	5,006
	131,587		Prudential Financial, Inc		9,387
	162,806		Public Service Enterprise Group, Inc		7,588
	57,617		Public Storage, Inc		14,726
	344,048		Pulte Homes, Inc		6,706
	26,653	*	Qiagen NV		581
	17,759	*	Qorvo, Inc		981
	711,734		Qualcomm, Inc		38,128
	15,106	*	Quanta Services, Inc		349
	68,325		Quest Diagnostics, Inc		5,562
	16,461	*	Quintiles Transnational Holdings, Inc		1,075
	19,237		Ralph Lauren Corp		1,724
	95,913	e	Range Resources Corp		4,138
	34,137		Raymond James Financial, Inc		1,683
	398,827		Raytheon Co		54,221
	101,171	*	Realogy Holdings Corp		2,936
	59,264		Realty Income Corp		4,111
	34,031	*	Red Hat, Inc		2,471
	30,967		Regency Centers Corp		2,593
	18,170	*	Regeneron Pharmaceuticals, Inc		6,346
	374,306		Regions Financial Corp		3,185
	60,000		Reinsurance Group of America, Inc (Class A)		5,819
	99,399		Republic Services, Inc		5,100
	44,639		Resmed, Inc		2,823
	309,663		Reynolds American, Inc		16,700
	131,308	*	Rite Aid Corp		984
	28,334		Robert Half International, Inc		1,081
	32,546		Rockwell Automation, Inc		3,737
	28,655		Rockwell Collins, Inc		2,440
	40,731		Roper Industries, Inc		6,947
	108,268		Ross Stores, Inc		6,138
	66,469		Royal Caribbean Cruises Ltd		4,463
	192,853	*	RSP Permian, Inc		6,729
	54,140		S&P Global, Inc		5,807
	48,003		Sabre Corp		1,286
	554,237	*	Salesforce.com, Inc		44,012
	200,000	*	Sanmina Corp		5,362
	31,633	*	SBA Communications Corp (Class A)		3,414
	51,333		SCANA Corp		3,884
	626,985		Schlumberger Ltd		49,582
	63,662		Scripps Networks Interactive (Class A)		3,964
	69,114	e	Seagate Technology, Inc		1,684
	110,681		Sealed Air Corp		5,088
	34,413		SEI Investments Co		1,656
	130,828		Sempra Energy		14,917
	33,099	*	Sensata Technologies Holding BV		1,155
	146,100	*	ServiceMaster Global Holdings, Inc		5,815
	405,252	*	ServiceNow, Inc		26,909
	31,709		Sherwin-Williams Co		9,312
	25,476	*	Signature Bank		3,182
	18,114		Signet Jewelers Ltd		1,493
	102,724		Simon Property Group, Inc		22,281
	361,390	*,e	Sirius XM Holdings, Inc		1,428

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	75,900	*	Skechers U.S.A., Inc (Class A)	$	2,256
	32,001		Skyworks Solutions, Inc		2,025
	21,725		SL Green Realty Corp		2,313
	35,071		Snap-On, Inc		5,535
	192,974		Southern Co		10,349
	339,774		Southwest Airlines Co		13,323
	127,022	*	Southwestern Energy Co		1,598
	607,956		Spectra Energy Corp		22,269
	128,400	*	Spirit Aerosystems Holdings, Inc (Class A)		5,521
	16,601	*	Splunk, Inc		899
	156,725	*,e	Sprint Corp		710
	60,734		St. Jude Medical, Inc		4,737
	207,485		Stanley Works		23,076
	307,372		Staples, Inc		2,650
	562,285		Starbucks Corp		32,118
	45,488		Starwood Hotels & Resorts Worldwide, Inc		3,364
	145,000	*	Starz-Liberty Capital		4,338
	53,113		State Street Corp		2,864
	48,661	*	Stericycle, Inc		5,067
	88,250		Stryker Corp		10,575
	683,136		SunTrust Banks, Inc		28,063
	256,520	*	Surgical Care Affiliates, Inc		12,228
	391,357		Symantec Corp		8,038
	1,533,544	*	Synchrony Financial		38,768
	47,209	*	Synopsys, Inc		2,553
	440,339		Sysco Corp		22,343
	42,835		T Rowe Price Group, Inc		3,126
	8,454	*	Tableau Software, Inc		414
	62,000		Targa Resources Investments, Inc		2,613
	298,635		Target Corp		20,851
	1,506	*,e	Taro Pharmaceutical Industries Ltd		219
	48,758		TD Ameritrade Holding Corp		1,388
	28,670		TECO Energy, Inc		792
	50,545		TEGNA, Inc		1,171
	97,993	*	Teradata Corp		2,457
	60,023	*,e	Tesla Motors, Inc		12,742
	52,104		Tesoro Corp		3,904
	268,766		Texas Instruments, Inc		16,838
	102,954		Textron, Inc		3,764
	121,568		Thermo Electron Corp		17,963
	95,422		Thomson Corp (Toronto)		3,861
	18,566		Tiffany & Co		1,126
	727,011		Time Warner, Inc		53,464
	485,955		TJX Companies, Inc		37,530
	188,596	*	T-Mobile US, Inc		8,161
	25,552	*	Toll Brothers, Inc		688
	36,954		Torchmark Corp		2,285
	61,546		Total System Services, Inc		3,269
	31,797		Tractor Supply Co		2,899
	13,448	*	TransDigm Group, Inc		3,546
	16,991		Transocean Ltd		195
	154,491		Travelers Cos, Inc		18,391
	68,138	*	Trimble Navigation Ltd		1,660

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	15,506	*	TripAdvisor, Inc	$	997
	85,000		Triumph Group, Inc		3,018
	168,330		Twenty-First Century Fox, Inc		4,553
	72,921		Twenty-First Century Fox, Inc (Class B)		1,987
	92,774	*	Twitter, Inc		1,569
	737,019		Tyco International plc		31,397
	148,398		Tyson Foods, Inc (Class A)		9,912
	81,049		UDR, Inc		2,992
	32,120		UGI Corp		1,453
	24,468	*	Ulta Salon Cosmetics & Fragrance, Inc		5,961
	43,675	*	Under Armour, Inc		1,590
	43,456	*,e	Under Armour, Inc (Class A)		1,744
	726,863		Union Pacific Corp		63,419
	101,905	*	United Continental Holdings, Inc		4,182
	469,521		United Parcel Service, Inc (Class B)		50,577
	231,455	*	United Rentals, Inc		15,531
	111,449		United Technologies Corp		11,429
	46,247	*	United Therapeutics Corp		4,898
	654,410		UnitedHealth Group, Inc		92,403
	30,009		Universal Health Services, Inc (Class B)		4,024
	43,700		UnumProvident Corp		1,389
	277,871		US Bancorp		11,207
	757,600	*	US Foods Holding Corp		18,364
	122,007	*	Valeant Pharmaceuticals International, Inc		2,460
	184,141		Valero Energy Corp		9,391
	65,000		Validus Holdings Ltd		3,158
	5,794		Valspar Corp		626
	50,000	e	Vanguard FTSE Developed Markets ETF		1,768
	65,546	*	Vantiv, Inc		3,710
	25,412	*	Varian Medical Systems, Inc		2,090
	102,643		Ventas, Inc		7,474
	111,730		VEREIT, Inc		1,133
	90,000	*	Verint Systems, Inc		2,982
	31,165	*,e	VeriSign, Inc		2,695
	34,178	*	Verisk Analytics, Inc		2,771
	1,245,617		Verizon Communications, Inc		69,555
	150,466	*	Vertex Pharmaceuticals, Inc		12,943
	203,245		VF Corp		12,498
	275,913		Viacom, Inc (Class B)		11,442
	1,653,453		Visa, Inc (Class A)		122,637
	75,000		Visteon Corp		4,936
	110,389	*,e	VMware, Inc (Class A)		6,316
	33,307		Vornado Realty Trust		3,335
	26,229		Voya Financial, Inc		649
	51,058		Vulcan Materials Co		6,145
	118,439		W.R. Berkley Corp		7,097
	17,903	e	W.W. Grainger, Inc		4,068
	126,026	*	WABCO Holdings, Inc		11,540
	459,772		Walgreens Boots Alliance, Inc		38,285
	599,622		Wal-Mart Stores, Inc		43,784
	609,417		Walt Disney Co		59,613
	101,487		Waste Management, Inc		6,726
	39,590	*	Waters Corp		5,568

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	108,974	*	Weatherford International Ltd	$	605
	135,166		WEC Energy Group, Inc		8,826
	3,961,059		Wells Fargo & Co		187,477
	77,137		Welltower, Inc		5,876
	23,921		Westar Energy, Inc		1,342
	152,515		Western Digital Corp		7,208
	204,300		Western Union Co		3,918
	16,440		Westinghouse Air Brake Technologies Corp		1,155
	7,498		Westlake Chemical Corp		322
	49,129		WestRock Co		1,910
	144,063		Weyerhaeuser Co		4,289
	79,482		Whirlpool Corp		13,245
	205,718	*	WhiteWave Foods Co (Class A)		9,656
	26,108	*	Whiting Petroleum Corp		242
	108,228		Whole Foods Market, Inc		3,465
	100,068		Williams Cos, Inc		2,164
	16,299		Willis Towers Watson plc		2,026
	120,000	e	WisdomTree Japan Hedged Equity Fund		4,654
	93,552	*	Workday, Inc		6,986
	1,130,000		WP GLIMCHER, Inc		12,645
	126,063		WR Grace & Co		9,229
	63,610		Wyndham Worldwide Corp		4,531
	12,997	e	Wynn Resorts Ltd		1,178
	353,144		Xcel Energy, Inc		15,814
	717,213		Xerox Corp		6,806
	224,338		Xilinx, Inc		10,349
	45,356		Xylem, Inc		2,025
	844,970	*	Yahoo!, Inc		31,737
	284,832		Yum! Brands, Inc		23,618
	12,471	*,e	Zillow Group, Inc (Class C)		452
	184,791		Zimmer Holdings, Inc		22,245
	385,369		Zoetis Inc		18,290
			TOTAL UNITED STATES		10,534,576
			TOTAL COMMON STOCKS		17,706,321
			(Cost $17,007,462)

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

HONG KONG - 0.0%
	791,002	m	Noble Group Ltd		55
			TOTAL HONG KONG		55

SPAIN - 0.0%
	22,715		ACS Actividades de Construccion y Servicios S.A.		16
	393,565		Repsol S.A.		128
			TOTAL SPAIN		144

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY					VALUE (000)
UNITED STATES - 0.0%
	21,280		Kinder Morgan, Inc					$	1
			TOTAL UNITED STATES						1

			TOTAL RIGHTS / WARRANTS						200
			(Cost $303)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 3.3%
TREASURY DEBT - 0.5%
$	31,700,000	d	United States Treasury Bill		0.196-0.253	%	08/04/16		31,694
	1,400,000	d	United States Treasury Bill		0.252		09/15/16		1,399
	50,000,000	d	United States Treasury Bill		0.210		09/22/16		49,972
	2,700,000	d	United States Treasury Bill		0.371		09/29/16		2,698
			TOTAL TREASURY DEBT						85,763

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.8%
CERTIFICATE OF DEPOSIT - 0.7%
	30,000,000		Bank of Montreal		0.250		07/01/16		30,000
	30,000,000		CIBC Bank and Trust Co		0.300		07/01/16		30,000
	30,000,000		Deutsche Bank (Cayman) Ltd		0.360		07/01/16		30,000
	30,000,000		National Australia Bank Ltd		0.280		07/01/16		30,000
			TOTAL CERTIFICATE OF DEPOSIT						120,000

REPURCHASE AGREEMENT - 2.0%
	192,000,000	q	Barclays		0.420		07/01/16		192,000
	40,000,000	r	Calyon		0.440		07/01/16		40,000
	60,000,000	s	Nomura		0.420		07/01/16		60,000
	10,000,000	t	Royal Bank of Scotland		0.400		07/01/16		10,000
	65,000,000	u	Royal Bank of Scotland		0.400		07/05/16		65,000
			TOTAL REPURCHASE AGREEMENT						367,000

VARIABLE RATE SECURITIES - 0.1%
	22,277,169	i	SLM Student Loan Trust 2007		0.118		01/25/19		22,105
			TOTAL VARIABLE RATE SECURITIES						22,105

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						509,105

			TOTAL SHORT-TERM INVESTMENTS						594,868
			(Cost $595,024)
			TOTAL INVESTMENTS - 102.4%						18,301,389
			(Cost $17,602,789)
			OTHER ASSETS & LIABILITIES, NET - (2.4)%						(443,478	)
			NET ASSETS - 100.0%					$	17,857,911

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


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

*		Non-income producing
^		Amount represents less than $1,000.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $501,620,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the aggregate value of these securities was $122,316,000, or 0.7% of net assets.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
m		Indicates a security that has been deemed illiquid.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written contracts.
q		Agreement with Barclays, 0.42% dated 6/30/16 to be repurchased at $192,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $195,840,000.
r		Agreement with Calyon, 0.44% dated 6/30/16 to be repurchased at $40,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $40,800,000.
s		Agreement with Nomura, 0.42% dated 6/30/16 to be repurchased at $60,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $61,200,000.
t		Agreement with Royal Bank of Scotland, 0.40% dated 6/30/16 to be repurchased at $10,000,000 on 7/01/16, collateralized by U.S. Government Agency Securities valued at $10,201,000.
u		Agreement with Royal Bank of Scotland, 0.40% dated 6/28/16 to be repurchased at $65,000,000 on 7/05/16, collateralized by U.S. Government Agency Securities valued at $66,304,000.

		Cost amounts are in thousands.

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2016

	VALUE			% OF
SECTOR	(000)			ASSETS
FINANCIALS	$	3,103,898			17.2	%
INFORMATION TECHNOLOGY		2,653,074			14.9
HEALTH CARE		2,513,018			14.1
CONSUMER DISCRETIONARY		2,503,942			14.0
INDUSTRIALS		1,908,472			10.7
CONSUMER STAPLES		1,904,223			10.7
ENERGY		1,390,298			7.8
MATERIALS		782,104			4.4
UTILITIES		477,284			2.7
TELECOMMUNICATION SERVICES		470,208			2.6
SHORT-TERM INVESTMENTS		594,868			3.3
OTHER ASSETS & LIABILITES, NET		(443,478	)		(2.4	)
NET ASSETS	$	17,857,911			100.0	%

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 1.2%
	12,152		BorgWarner, Inc	$	359
	1,712,348		Delphi Automotive plc		107,193
	59,243	e	Gentex Corp		915
	871,800		Goodyear Tire & Rubber Co		22,370
	58,830	e	Harley-Davidson, Inc		2,665
	63,546		Johnson Controls, Inc		2,813
	524,136		Lear Corp		53,336
	188,393	*,e	Tesla Motors, Inc		39,992
	15,629		Thor Industries, Inc		1,012
	232,584		Visteon Corp		15,306
			TOTAL AUTOMOBILES & COMPONENTS		245,961

BANKS - 0.2%
	70,899		Citizens Financial Group, Inc		1,416
	78,439		First Republic Bank		5,490
	10,120	*	Signature Bank		1,264
	12,441	*	SVB Financial Group		1,184
	715,100		Wells Fargo & Co		33,846
	17,120	*	Western Alliance Bancorp		559
			TOTAL BANKS		43,759

CAPITAL GOODS - 6.9%
	1,001,473		3M Co		175,378
	24,128		A.O. Smith Corp		2,126
	52,808		Acuity Brands, Inc		13,094
	15,499		Air Lease Corp		415
	31,391		Allegion plc		2,179
	377,900		Allison Transmission Holdings, Inc		10,668
	13,771		Ametek, Inc		637
	33,796		BE Aerospace, Inc		1,561
	757,050		Boeing Co		98,318
	189,068		BWX Technologies, Inc		6,763
	82,178		Carlisle Cos, Inc		8,685
	154,026		Danaher Corp		15,557
	25,283	e	Deere & Co		2,049
	37,630		Donaldson Co, Inc		1,293
	33,784		Emerson Electric Co		1,762
	94,272	e	Fastenal Co		4,185
	25,663		Flowserve Corp		1,159
	410,404		Fortune Brands Home & Security, Inc		23,791
	196,135		General Dynamics Corp		27,310
	767,736		General Electric Co		24,168
	18,591		Graco, Inc		1,469
	349,997	*	HD Supply Holdings, Inc		12,187
	7,874		HEICO Corp		526
	12,401		HEICO Corp (Class A)		665
	32,378		Hexcel Corp		1,348
	1,928,364		Honeywell International, Inc		224,307
	57,256		Hubbell, Inc		6,039
	216,569		Huntington Ingalls		36,390

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	22,982		IDEX Corp	$	1,887
	96,953		Illinois Tool Works, Inc		10,099
	561,705		Ingersoll-Rand plc		35,769
	11,950		Lennox International, Inc		1,704
	12,518		Lincoln Electric Holdings, Inc		740
	293,331		Lockheed Martin Corp		72,796
	17,991	*	Manitowoc Foodservice, Inc		317
	867,777		Masco Corp		26,849
	228,582	*	Middleby Corp		26,344
	6,413		MSC Industrial Direct Co (Class A)		452
	19,211		Nordson Corp		1,606
	721,445		Northrop Grumman Corp		160,363
	351,100		Owens Corning, Inc		18,089
	9,802		Paccar, Inc		508
	428,537		Parker Hannifin Corp		46,303
	17,288	*	Quanta Services, Inc		400
	577,913		Raytheon Co		78,567
	33,442		Rockwell Automation, Inc		3,840
	234,545		Rockwell Collins, Inc		19,969
	480,431		Roper Industries, Inc		81,942
	96,955		Snap-On, Inc		15,301
	406,056	*	Spirit Aerosystems Holdings, Inc (Class A)		17,460
	54,584		Stanley Works		6,071
	697,450		Textron, Inc		25,499
	17,563		Toro Co		1,549
	80,280	*	TransDigm Group, Inc		21,169
	24,486	*	United Rentals, Inc		1,643
	465,500	*	USG Corp		12,550
	5,762		Valmont Industries, Inc		779
	17,983	e	W.W. Grainger, Inc		4,087
	123,202	*	WABCO Holdings, Inc		11,282
	59,662		Watsco, Inc		8,394
	27,946		Westinghouse Air Brake Technologies Corp		1,963
	30,287		Xylem, Inc		1,352
			TOTAL CAPITAL GOODS		1,421,672

COMMERCIAL & PROFESSIONAL SERVICES - 1.9%
	28,796		Cintas Corp		2,826
	162,644	*	Clean Harbors, Inc		8,475
	649,228	e	CNH Industrial NV (NYSE)		4,642
	33,702	*	Copart, Inc		1,652
	40,603		Covanta Holding Corp		668
	4,771		Dun & Bradstreet Corp		581
	39,350		Equifax, Inc		5,053
	19,490	*	IHS, Inc (Class A)		2,253
	194,526		KAR Auction Services, Inc		8,119
	192,100		Manpower, Inc		12,360
	2,955,389		Nielsen NV		153,592
	61,285		Pitney Bowes, Inc		1,091
	246,735		R.R. Donnelley & Sons Co		4,175
	281,918		Robert Half International, Inc		10,758
	31,889		Rollins, Inc		933
	569,313	*	Stericycle, Inc		59,277
	116,803	*	TransUnion		3,906
	12,054		Tyco International plc		513

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,308,654	*	Verisk Analytics, Inc	$	106,106
	120,781		Waste Management, Inc		8,004
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		394,984

CONSUMER DURABLES & APPAREL - 2.0%
	182,956		Brunswick Corp		8,292
	5,851		CalAtlantic Group, Inc		215
	71,033		Carter’s, Inc		7,563
	17,121		Coach, Inc		698
	60,176		DR Horton, Inc		1,894
	687,978		Hanesbrands, Inc		17,289
	10,588		Harman International Industries, Inc		760
	164,576		Hasbro, Inc		13,823
	42,282	*	Kate Spade & Co		871
	43,127		Leggett & Platt, Inc		2,204
	1,565		Lennar Corp (B Shares)		58
	30,658		Lennar Corp (Class A)		1,413
	446,387	*,e	Lululemon Athletica, Inc		32,970
	1,030,036		Mattel, Inc		32,230
	450,907	*	Michael Kors Holdings Ltd		22,311
	181,549	*	Mohawk Industries, Inc		34,451
	142,931		Newell Rubbermaid, Inc		6,942
	1,508,137		Nike, Inc (Class B)		83,249
	23,236	*	NVR, Inc		41,368
	20,456	e	Polaris Industries, Inc		1,672
	14,237		Pool Corp		1,339
	1,243,836		Pulte Homes, Inc		24,242
	1,279		Ralph Lauren Corp		115
	44,399	*	Skechers U.S.A., Inc (Class A)		1,320
	940,800		Sony Corp		27,718
	388,528	*,e	Tempur-Pedic International, Inc		21,493
	27,528	*	Toll Brothers, Inc		741
	1,040,900	*,e	TomTom NV		7,953
	17,057		Tupperware Corp		960
	60,156	*	Under Armour, Inc		2,190
	59,461	*,e	Under Armour, Inc (Class A)		2,386
	112,402		VF Corp		6,912
	3,631	*	Vista Outdoor, Inc		173
	99,809		Whirlpool Corp		16,632
			TOTAL CONSUMER DURABLES & APPAREL		424,447

CONSUMER SERVICES - 4.2%
	1,631,657		ARAMARK Holdings Corp		54,530
	337,694		Brinker International, Inc		15,375
	227,622	*,e	Chipotle Mexican Grill, Inc (Class A)		91,677
	7,349		Choice Hotels International, Inc		350
	80,451		Darden Restaurants, Inc		5,096
	16,735		Domino’s Pizza, Inc		2,199
	30,163		Dunkin Brands Group, Inc		1,316
	506,289		Extended Stay America, Inc		7,569
	149,835		Hilton Worldwide Holdings, Inc		3,376
	434	*	Hyatt Hotels Corp		21
	862,154		Interval Leisure Group, Inc		13,708
	119,670		Las Vegas Sands Corp		5,204
	53,037		Marriott International, Inc (Class A)		3,525
	610,658		McDonald’s Corp		73,486
	4,664,237	g	Merlin Entertainments plc		27,467

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,310,116	*	MGM Resorts International	$	29,648
	3,222,327	*	Norwegian Cruise Line Holdings Ltd		128,378
	7,288	*,e	Panera Bread Co (Class A)		1,545
	301,549		Restaurant Brands International, Inc		12,544
	64,274		Service Corp International		1,738
	370,721	*	ServiceMaster Global Holdings, Inc		14,755
	23,925		Six Flags Entertainment Corp		1,386
	4,773,405		Starbucks Corp		272,657
	141,794		Starwood Hotels & Resorts Worldwide, Inc		10,486
	11,691		Vail Resorts, Inc		1,616
	38,880		Wendy’s		374
	271,680		Wyndham Worldwide Corp		19,352
	196,711	e	Wynn Resorts Ltd		17,830
	743,278		Yum! Brands, Inc		61,633
			TOTAL CONSUMER SERVICES		878,841

DIVERSIFIED FINANCIALS - 1.9%
	15,224	*	Affiliated Managers Group, Inc		2,143
	351,310		Ameriprise Financial, Inc		31,565
	11,184		Artisan Partners Asset Management, Inc		310
	630,100		Blackstone Group LP		15,463
	26,410		CBOE Holdings, Inc		1,759
	1,796,771		Charles Schwab Corp		45,476
	53,503	*,e	Credit Acceptance Corp		9,902
	44,037		Discover Financial Services		2,360
	35,627		Eaton Vance Corp		1,259
	12,941		Factset Research Systems, Inc		2,089
	29,732		Federated Investors, Inc (Class B)		856
	2,060		Interactive Brokers Group, Inc (Class A)		73
	18,754		IntercontinentalExchange Group, Inc		4,800
	22,462		Invesco Ltd		574
	1,009,500	e	iShares Russell 1000 Growth Index Fund		101,314
	356,777		Lazard Ltd (Class A)		10,625
	4,015	e	LPL Financial Holdings, Inc		90
	32,138		MarketAxess Holdings, Inc		4,673
	49,275		Moody’s Corp		4,618
	6,644		Morningstar, Inc		543
	150,756		MSCI, Inc (Class A)		11,626
	298,841		NorthStar Asset Management Group, Inc		3,051
	701,406		S&P Global, Inc		75,233
	43,473		SEI Investments Co		2,092
	2,345,500	*	Synchrony Financial		59,294
	60,287		T Rowe Price Group, Inc		4,399
	72,097		TD Ameritrade Holding Corp		2,053
			TOTAL DIVERSIFIED FINANCIALS		398,240

ENERGY - 1.0%
	85,094		Apache Corp		4,737
	105,460		Cabot Oil & Gas Corp		2,714
	41,242	*	Chesapeake Energy Corp		176
	4,801		Cimarex Energy Co		573
	249,500	*	Concho Resources, Inc		29,758
	12,521	*,e	Continental Resources, Inc		567
	18,088	*	Devon Energy Corp		656
	5,723	*	Diamondback Energy, Inc		522
	1,400,293		EOG Resources, Inc		116,813

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	13,033	*	Memorial Resource Development Corp	$	207
	16,448	*	Newfield Exploration Co		727
	67,957		Oneok, Inc		3,224
	688,729	*	Parsley Energy, Inc		18,637
	117,200		Pioneer Natural Resources Co		17,722
	487,511	*	Rice Energy, Inc		10,745
	135,180	*	Southwestern Energy Co		1,700
	35,044		Spectra Energy Corp		1,284
	37,179		Williams Cos, Inc		804
	67,100		World Fuel Services Corp		3,187
			TOTAL ENERGY		214,753

FOOD & STAPLES RETAILING - 2.0%
	13,430	e	Casey’s General Stores, Inc		1,766
	1,113,689		Costco Wholesale Corp		174,894
	1,371,272		CVS Health Corp		131,285
	2,015,249		Kroger Co		74,141
	334,120	*	Rite Aid Corp		2,503
	47,285	*,e	Sprouts Farmers Market, Inc		1,083
	172,729		Sysco Corp		8,764
	614,770	*	US Foods Holding Corp		14,902
	308,248		Walgreens Boots Alliance, Inc		25,668
	17,402	e	Whole Foods Market, Inc		557
			TOTAL FOOD & STAPLES RETAILING		435,563

FOOD, BEVERAGE & TOBACCO - 5.2%
	2,197,253		Altria Group, Inc		151,522
	500,000		Associated British Foods plc		18,219
	19,367	*,e	Blue Buffalo Pet Products, Inc		452
	8,587	e	Brown-Forman Corp		928
	31,549		Brown-Forman Corp (Class B)		3,147
	60,576		Campbell Soup Co		4,030
	2,867,411		Coca-Cola Co		129,980
	241,193		Coca-Cola European Partners plc		8,608
	112,243		ConAgra Foods, Inc		5,366
	54,529		Constellation Brands, Inc (Class A)		9,019
	485,125		Dr Pepper Snapple Group, Inc		46,878
	54,565		Flowers Foods, Inc		1,023
	494,343		General Mills, Inc		35,257
	102,050	*	Hain Celestial Group, Inc		5,077
	153,170		Hershey Co		17,383
	134,113		Hormel Foods Corp		4,909
	219,412		Ingredion, Inc		28,394
	75,844		Kellogg Co		6,193
	66,930		Kraft Heinz Co		5,922
	38,566		McCormick & Co, Inc		4,114
	49,832		Mead Johnson Nutrition Co		4,522
	898,499		Molson Coors Brewing Co (Class B)		90,865
	1,436,897	*	Monster Beverage Corp		230,924
	869,058		PepsiCo, Inc		92,068
	350,440		Philip Morris International, Inc		35,647
	2,837	e	Pilgrim’s Pride Corp		72
	541,366		Pinnacle Foods, Inc		25,060
	12,027	*	Post Holdings, Inc		994
	1,428,023		Reynolds American, Inc		77,013
	635,233		Suntory Beverage & Food Ltd		28,745
	5,604	*	TreeHouse Foods, Inc		575

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	169,964		Tyson Foods, Inc (Class A)	$	11,352
	55,508	*	WhiteWave Foods Co (Class A)		2,606
			TOTAL FOOD, BEVERAGE & TOBACCO		1,086,864

HEALTH CARE EQUIPMENT & SERVICES - 5.7%
	13,876	*	Abiomed, Inc		1,517
	8,138	*,e	Acadia Healthcare Co, Inc		451
	439,378		Aetna Inc		53,661
	5,194	*	Alere, Inc		217
	23,445	*	Align Technology, Inc		1,889
	416,831		AmerisourceBergen Corp		33,063
	9,819	*	Amsurg Corp		761
	370,316		Anthem, Inc		48,637
	13,069	*,e	athenahealth, Inc		1,804
	24,321		Bard (C.R.), Inc		5,719
	260,407		Baxter International, Inc		11,776
	154,375		Becton Dickinson & Co		26,180
	680,492	*	Boston Scientific Corp		15,903
	420,929		Cardinal Health, Inc		32,837
	391,546	*	Centene Corp		27,945
	2,223,438	*	Cerner Corp		130,294
	208,753		Cigna Corp		26,718
	11,991		Cooper Cos, Inc		2,057
	229,405	*	DaVita, Inc		17,738
	26,893	*	DexCom, Inc		2,133
	228,027	*	Edwards Lifesciences Corp		22,741
	50,459	*	Envision Healthcare Holdings, Inc		1,280
	1,044,663	*	Express Scripts Holding Co		79,185
	319,593	*	HCA Holdings, Inc		24,612
	362,800		Healthsouth Corp		14,084
	26,845	*	Henry Schein, Inc		4,746
	107,162		Hill-Rom Holdings, Inc		5,406
	676,000	*	Hologic, Inc		23,390
	46,204		Humana, Inc		8,311
	29,920	*	Idexx Laboratories, Inc		2,778
	49,114	*	IMS Health Holdings, Inc		1,246
	19,147	*,e	Inovalon Holdings, Inc		345
	267,946	*	Intuitive Surgical, Inc		177,222
	148,096	*	Laboratory Corp of America Holdings		19,292
	150,200	*	LifePoint Hospitals, Inc		9,819
	317,403		McKesson Corp		59,243
	20,911	*	MEDNAX, Inc		1,515
	585,591		Olympus Corp		21,867
	27,228		Patterson Cos, Inc		1,304
	760,588	*	Premier, Inc		24,871
	45,096		Resmed, Inc		2,851
	386,907		St. Jude Medical, Inc		30,179
	110,491		Stryker Corp		13,240
	2,609		Teleflex, Inc		463
	27,941	*	Tenet Healthcare Corp		772
	999,406		UnitedHealth Group, Inc		141,116
	226,169		Universal Health Services, Inc (Class B)		30,329
	31,949	*	Varian Medical Systems, Inc		2,627
	26,033	*	VCA Antech, Inc		1,760
	31,177	*,e	Veeva Systems, Inc		1,064
	51,941	*	WellCare Health Plans, Inc		5,572

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	24,708		West Pharmaceutical Services, Inc	$	1,875
	111,763		Zimmer Holdings, Inc		13,454
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,189,859

HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
	42,355		Church & Dwight Co, Inc		4,358
	36,601		Clorox Co		5,065
	133,535		Colgate-Palmolive Co		9,775
	8,175	e	Coty, Inc		212
	6,227		Energizer Holdings, Inc		321
	2,043,802		Estee Lauder Cos (Class A)		186,027
	155,152	*,e	Herbalife Ltd		9,081
	110,452		Kimberly-Clark Corp		15,185
	5,144		Nu Skin Enterprises, Inc (Class A)		238
	8,376	e	Spectrum Brands, Inc		999
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		231,261

INSURANCE - 0.5%
	119,800		Allstate Corp		8,380
	1,768		Amtrust Financial Services, Inc		43
	86,558		Aon plc		9,455
	39,101		Arthur J. Gallagher & Co		1,861
	2,274		Brown & Brown, Inc		85
	215,919		Chubb Ltd		28,223
	6,865		Erie Indemnity Co (Class A)		682
	17,616		Lincoln National Corp		683
	10,400	*	Markel Corp		9,909
	478,661		Marsh & McLennan Cos, Inc		32,769
	18,127		Progressive Corp		607
	145,900		Travelers Cos, Inc		17,368
	29,857		XL Capital Ltd		995
			TOTAL INSURANCE		111,060

MATERIALS - 4.1%
	55,875		Air Products & Chemicals, Inc		7,936
	665,800		Albemarle Corp		52,805
	5,115		Aptargroup, Inc		405
	177,716		Avery Dennison Corp		13,284
	53,476	*	Axalta Coating Systems Ltd		1,419
	56,280	e	Ball Corp		4,068
	4,445		Bemis Co, Inc		229
	1,550,574	*	Berry Plastics Group, Inc		60,240
	89,575		Celanese Corp (Series A)		5,863
	426,208	*	Crown Holdings, Inc		21,596
	318,800		Dow Chemical Co		15,847
	15,023		Eagle Materials, Inc		1,159
	582,808		Ecolab, Inc		69,121
	505,226		EI du Pont de Nemours & Co		32,739
	34,980		FMC Corp		1,620
	98,546		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,098
	1,195,026		Graphic Packaging Holding Co		14,986
	26,517		International Flavors & Fragrances, Inc		3,343
	325,400		International Paper Co		13,790
	607,099		LyondellBasell Industries AF S.C.A		45,180
	18,681		Martin Marietta Materials, Inc		3,587

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,901,517		Monsanto Co	$	196,636
	2,224		NewMarket Corp		921
	997,800		Olin Corp		24,785
	52,349	*	Owens-Illinois, Inc		943
	78,147		Packaging Corp of America		5,230
	125,993	*	Platform Specialty Products Corp		1,119
	1,442,837		PPG Industries, Inc		150,271
	82,523		Praxair, Inc		9,275
	1,413		Royal Gold, Inc		102
	41,628		RPM International, Inc		2,079
	13,724		Scotts Miracle-Gro Co (Class A)		959
	203,189		Sealed Air Corp		9,341
	227,629		Sherwin-Williams Co		66,848
	12,897		Silgan Holdings, Inc		664
	11,441	e	Southern Copper Corp (NY)		309
	360,032		Steel Dynamics, Inc		8,821
	26,167		Valspar Corp		2,827
	40,074		Vulcan Materials Co		4,823
	12,675		WR Grace & Co		928
			TOTAL MATERIALS		857,196

MEDIA - 5.5%
	477,007	*	AMC Networks, Inc		28,821
	1,523		Cable One, Inc		779
	795,962		CBS Corp (Class B)		43,332
	80,190	*	Charter Communications, Inc		18,335
	35,878		Cinemark Holdings, Inc		1,308
	5,821		Clear Channel Outdoor Holdings, Inc (Class A)		36
	6,615,527		Comcast Corp (Class A)		431,266
	47,452	*,e	Discovery Communications, Inc (Class A)		1,197
	74,904	*	Discovery Communications, Inc (Class C)		1,787
	271,039	*	DISH Network Corp (Class A)		14,202
	3,395,190		Interpublic Group of Cos, Inc		78,429
	19,612	e	Lions Gate Entertainment Corp		397
	24,319	*	Live Nation, Inc		572
	41,009	*	Madison Square Garden Co		7,075
	77,351		Omnicom Group, Inc		6,303
	7,410	e	Regal Entertainment Group (Class A)		163
	227,352		Scripps Networks Interactive (Class A)		14,157
	578,455	*,e	Sirius XM Holdings, Inc		2,285
	506,342	*	Starz-Liberty Capital		15,150
	1,890,477		Time Warner, Inc		139,026
	436,293		Tribune Co		17,094
	370,317		Twenty-First Century Fox, Inc		10,017
	299,226		Twenty-First Century Fox, Inc (Class B)		8,154
	4,205		Viacom, Inc		195
	1,010,812		Viacom, Inc (Class B)		41,918
	2,511,443		Walt Disney Co		245,669
			TOTAL MEDIA		1,127,667

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.2%
	1,334,727		AbbVie, Inc		82,633
	29,354	*,e	Acadia Pharmaceuticals, Inc		953
	27,663		Agilent Technologies, Inc		1,227
	8,300	*,e	Agios Pharmaceuticals, Inc		348
	28,282	*	Akorn, Inc		806

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,127,194	*	Alexion Pharmaceuticals, Inc	$	131,611
	48,844	*	Alkermes plc		2,111
	1,140,155	*	Allergan plc		263,478
	20,312	*	Alnylam Pharmaceuticals, Inc		1,127
	850,678		Amgen, Inc		129,431
	391,565	*	Biogen Idec, Inc		94,688
	327,865	*	BioMarin Pharmaceutical, Inc		25,508
	11,928		Bio-Techne Corp		1,345
	2,853,122		Bristol-Myers Squibb Co		209,847
	33,414		Bruker BioSciences Corp		760
	3,391,452	*	Celgene Corp		334,499
	129,544	*	Charles River Laboratories International, Inc		10,680
	658,690		Eli Lilly & Co		51,872
	2,614,199		Gilead Sciences, Inc		218,076
	495,000	*	H Lundbeck AS		18,556
	442,265	*	Illumina, Inc		62,085
	54,259	*	Incyte Corp		4,340
	5,205	*,e	Intercept Pharmaceuticals, Inc		743
	21,041	*,e	Intrexon Corp		518
	40,612	*,e	Ionis Pharmaceuticals, Inc		946
	605,226		Johnson & Johnson		73,414
	18,390	*,e	Juno Therapeutics, Inc		707
	199,219	*	Medivation, Inc		12,013
	8,528	*	Mettler-Toledo International, Inc		3,112
	586,460	*	Mylan NV		25,358
	27,909	*	Neurocrine Biosciences, Inc		1,268
	380,000		Novo Nordisk AS		20,464
	103,089	*,e	Opko Health, Inc		963
	71,303		PerkinElmer, Inc		3,738
	139,996		Pfizer, Inc		4,929
	17,548	*	Quintiles Transnational Holdings, Inc		1,146
	26,579	*	Regeneron Pharmaceuticals, Inc		9,282
	31,238	*,e	Seattle Genetics, Inc		1,262
	805,127		Teva Pharmaceutical Industries Ltd (ADR)		40,441
	627,114		Thermo Electron Corp		92,662
	3,977	*	United Therapeutics Corp		421
	407,147	*	Vertex Pharmaceuticals, Inc		35,023
	67,771	*	VWR Corp		1,959
	66,204	*	Waters Corp		9,312
	3,473,872		Zoetis Inc		164,870
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,150,532

REAL ESTATE - 1.2%
	2,394		Alexandria Real Estate Equities, Inc		248
	327,026		American Tower Corp		37,153
	73,920		Boston Properties, Inc		9,750
	2,670		Care Capital Properties, Inc		70
	961,981	*	CBRE Group, Inc		25,473
	97,885		Crown Castle International Corp		9,928
	39,175		CubeSmart		1,210
	69,750		CyrusOne, Inc		3,882
	34,436	e	Digital Realty Trust, Inc		3,753
	130,853		Empire State Realty Trust, Inc		2,485
	22,776		Equinix, Inc		8,831
	25,814		Equity Lifestyle Properties, Inc		2,066
	8,832		Essex Property Trust, Inc		2,014

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	128,853		Extra Space Storage, Inc	$	11,924
	23,581		Federal Realty Investment Trust		3,904
	242,283		Gaming and Leisure Properties, Inc		8,354
	35,369		Healthcare Trust of America, Inc		1,144
	84,561		Iron Mountain, Inc		3,368
	83,400		Jones Lang LaSalle, Inc		8,127
	27,385		Lamar Advertising Co		1,816
	750,000		MGM Growth Properties LLC		20,010
	22,177		Omega Healthcare Investors, Inc		753
	7,237		Outfront Media, Inc		175
	117,289		Public Storage, Inc		29,978
	5,446		Regency Centers Corp		456
	8,944		Senior Housing Properties Trust		186
	195,822		Simon Property Group, Inc		42,474
	10,680		Sovran Self Storage, Inc		1,121
	27,365		Tanger Factory Outlet Centers, Inc		1,100
	9,441		Taubman Centers, Inc		701
	34,503		Ventas, Inc		2,512
			TOTAL REAL ESTATE		244,966

RETAILING - 10.1%
	98,471		Advance Auto Parts, Inc		15,916
	1,027,416	*	Amazon.com, Inc		735,239
	585,000	*	ASOS plc		31,250
	8,384	*	Autonation, Inc		394
	56,100	*	AutoZone, Inc		44,534
	5,063	*	Bed Bath & Beyond, Inc		219
	750,300		Best Buy Co, Inc		22,959
	13,071	*	Burlington Stores, Inc		872
	58,773	*	Cabela’s, Inc		2,942
	1,192,145	*,e	Carmax, Inc		58,451
	765,152	*,e	Ctrip.com International Ltd (ADR)		31,524
	22,180		Dick’s Sporting Goods, Inc		1,000
	380,586		Dollar General Corp		35,775
	74,754	*	Dollar Tree, Inc		7,045
	1,054,176		Expedia, Inc		112,059
	76,932		Fast Retailing Co Ltd		20,655
	685,837		Foot Locker, Inc		37,625
	494,300	e	GameStop Corp (Class A)		13,139
	4,623	e	Gap, Inc		98
	45,129		Genuine Parts Co		4,569
	359,300		GNC Holdings, Inc		8,727
	4,145,972	*,e	Groupon, Inc		13,474
	2,588,932		Home Depot, Inc		330,581
	56,428		L Brands, Inc		3,788
	2,062,354	*	Liberty Interactive Corp		52,322
	8,040	*	Liberty Ventures		298
	335,271	*	LKQ Corp		10,628
	1,897,867		Lowe’s Companies, Inc		150,254
	23,208	*	Michaels Cos, Inc		660
	259,501	*	Murphy USA, Inc		19,245
	976,306	*	NetFlix, Inc		89,313
	41,309	e	Nordstrom, Inc		1,572
	127,609	*	O’Reilly Automotive, Inc		34,595

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	45,606	*	Priceline.com, Inc	$	56,935
	301,164		Ross Stores, Inc		17,073
	49,264	*	Sally Beauty Holdings, Inc		1,449
	172,569		Signet Jewelers Ltd		14,221
	371,653		Target Corp		25,949
	315,000		Tiffany & Co		19,102
	897,506		TJX Companies, Inc		69,314
	44,221		Tractor Supply Co		4,032
	37,003	*	TripAdvisor, Inc		2,379
	19,447	*	Ulta Salon Cosmetics & Fragrance, Inc		4,738
	356,067	*	Urban Outfitters, Inc		9,792
	29,027	e	Williams-Sonoma, Inc		1,513
			TOTAL RETAILING		2,118,219

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
	1,353,076		Applied Materials, Inc		32,433
	350,628	e	ARM Holdings plc (ADR)		15,957
	929,719		Broadcom Ltd		144,478
	11,778	*,e	Cree, Inc		288
	1,443,668		Intel Corp		47,352
	51,518		Kla-Tencor Corp		3,774
	185,512	e	Lam Research Corp		15,594
	194,498		Linear Technology Corp		9,050
	91,874		Maxim Integrated Products, Inc		3,279
	68,317	e	Microchip Technology, Inc		3,468
	167,768		Nvidia Corp		7,887
	615,067	*	NXP Semiconductors NV		48,184
	731,396	*	ON Semiconductor Corp		6,451
	98,442	*	Qorvo, Inc		5,440
	286,094		Qualcomm, Inc		15,326
	141,023		Skyworks Solutions, Inc		8,924
	530,208		Texas Instruments, Inc		33,218
	26,170		Xilinx, Inc		1,207
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		402,310

SOFTWARE & SERVICES - 25.3%
	626,840		Accenture plc		71,015
	2,216,591		Activision Blizzard, Inc		87,843
	3,591,329	*	Adobe Systems, Inc		344,013
	49,777	*	Akamai Technologies, Inc		2,784
	72,657	*	Alliance Data Systems Corp		14,235
	502,999	*	Alphabet, Inc (Class A)		353,875
	870,479	*	Alphabet, Inc (Class C)		602,459
	356,691		Amdocs Ltd		20,588
	7,402	*	Ansys, Inc		672
	77,690	*,e	Atlassian Corp plc		2,012
	456,314	*	Autodesk, Inc		24,705
	400,418		Automatic Data Processing, Inc		36,786
	7,573	*,e	Black Knight Financial Services, Inc		285
	34,708		Booz Allen Hamilton Holding Co		1,029
	37,932		Broadridge Financial Solutions, Inc		2,473
	345,146	*	Cadence Design Systems, Inc		8,387
	51,081		CDK Global, Inc		2,834
	952,354	*,e	Check Point Software Technologies		75,884
	476,057	*	Cimpress NV		44,026

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	279,116	*	Citrix Systems, Inc	$	22,354
	492,190	*	Cognizant Technology Solutions Corp (Class A)		28,173
	10,525	*	CoStar Group, Inc		2,301
	264,195		CSRA, Inc		6,190
	116,566		DST Systems, Inc		13,572
	3,105,797	*	eBay, Inc		72,707
	399,577	*	Electronic Arts, Inc		30,272
	16,186	*	Euronet Worldwide, Inc		1,120
	5,105,176	*	Facebook, Inc		583,419
	60,048		Fidelity National Information Services, Inc		4,424
	11,458	*,e	FireEye, Inc		189
	487,184	*	First American Corp		18,747
	561,401	*	First Data Corp		6,215
	73,132	*	Fiserv, Inc		7,952
	253,951	*	FleetCor Technologies, Inc		36,348
	283,326	*	Fortinet, Inc		8,950
	26,490	*	Gartner, Inc		2,580
	187,923	*	Genpact Ltd		5,044
	584,396		Global Payments, Inc		41,714
	15,120	*	GoDaddy, Inc		472
	1,000,000	*	GrubHub, Inc		31,070
	23,492	*	Guidewire Software, Inc		1,451
	20,733		IAC/InterActiveCorp		1,167
	575,709		International Business Machines Corp		87,381
	3,438,291		Intuit, Inc		383,748
	26,836		Jack Henry & Associates, Inc		2,342
	38,728	*	LinkedIn Corp		7,329
	23,278	*	Manhattan Associates, Inc		1,493
	2,926,444		MasterCard, Inc (Class A)		257,703
	12,040	*,e	Match Group, Inc		181
	13,492,362		Microsoft Corp		690,404
	74,473	*,e	Mobileye NV		3,436
	94,500		Netease.com (ADR)		18,259
	13,008	*,e	NetSuite, Inc		947
	54,908	*	Nuance Communications, Inc		858
	2,202,811		Oracle Corp		90,161
	62,471	*,e	Pandora Media, Inc		778
	106,684		Paychex, Inc		6,348
	2,601,365	*	PayPal Holdings, Inc		94,976
	16,437	*	PTC, Inc		618
	36,702	*	Rackspace Hosting, Inc		766
	994,129	*	Red Hat, Inc		72,174
	361,935		Sabre Corp		9,696
	3,207,532	*	Salesforce.com, Inc		254,710
	628,301	*,g	Scout24 AG.		23,354
	564,923	*	ServiceNow, Inc		37,511
	42,780	*	Splunk, Inc		2,318
	21,679	*	Square, Inc		196
	50,262		SS&C Technologies Holdings, Inc		1,411
	832,409		Symantec Corp		17,098
	4,747	*	Synopsys, Inc		257
	17,834	*	Tableau Software, Inc		872
	1,200,000		Tencent Holdings Ltd		27,528
	42,083	*	Teradata Corp		1,055

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	206,040		Total System Services, Inc	$	10,943
	183,332	*,e	Twitter, Inc		3,100
	10,729	*	Tyler Technologies, Inc		1,789
	8,988	*	Ultimate Software Group, Inc		1,890
	127,926	*	Vantiv, Inc		7,241
	31,425	*,e	VeriSign, Inc		2,717
	6,526,874		Visa, Inc (Class A)		484,098
	8,283	*,e	VMware, Inc (Class A)		474
	163,543		Western Union Co		3,137
	12,866	*	WEX, Inc		1,141
	37,855	*,e	Workday, Inc		2,827
	1,463,448	*	Yahoo!, Inc		54,967
	19,109	*	Yelp, Inc		580
	11,502	*,e	Zillow Group, Inc		421
	23,028	*,e	Zillow Group, Inc (Class C)		835
			TOTAL SOFTWARE & SERVICES		5,294,404

TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%
	98,055		Amphenol Corp (Class A)		5,622
	8,202,546	d	Apple, Inc		784,163
	12,662	*,e	Arista Networks, Inc		815
	13,905	*	ARRIS International plc		292
	52,836		CDW Corp		2,118
	27,916		Cognex Corp		1,203
	41,570	*	CommScope Holding Co, Inc		1,290
	67,329		EMC Corp		1,829
	123,925	*	F5 Networks, Inc		14,108
	13,289		FEI Co		1,420
	53,595	*,e	Fitbit, Inc		655
	10,705	*	IPG Photonics Corp		856
	6,412		Motorola, Inc		423
	26,431		National Instruments Corp		724
	40,111	*	NCR Corp		1,114
	29,104	*	Palo Alto Networks, Inc		3,569
	64,665	*	Trimble Navigation Ltd		1,575
	258,620	*	VeriFone Systems, Inc		4,795
	175,300		Western Digital Corp		8,285
	13,753	*	Zebra Technologies Corp (Class A)		689
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		835,545

TELECOMMUNICATION SERVICES - 1.1%
	680,100		AT&T, Inc		29,387
	326,900		CenturyTel, Inc		9,483
	1,536,385	*	Level 3 Communications, Inc		79,108
	118,768	*	SBA Communications Corp (Class A)		12,820
	57,243	*	T-Mobile US, Inc		2,477
	1,598,150		Verizon Communications, Inc		89,241
	53,012	*	Zayo Group Holdings, Inc		1,481
			TOTAL TELECOMMUNICATION SERVICES		223,997

TRANSPORTATION - 2.3%
	493,788		Alaska Air Group, Inc		28,783
	33,183		Amerco, Inc		12,429
	160,309	*	Avis Budget Group, Inc		5,167

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	46,621		CH Robinson Worldwide, Inc	$	3,462
	1,466,668		Delta Air Lines, Inc		53,431
	41,538		Expeditors International of Washington, Inc		2,037
	337,716		FedEx Corp		51,259
	2,583,334	*	Hertz Global Holdings, Inc		28,597
	29,281		J.B. Hunt Transport Services, Inc		2,370
	367,048	*	JetBlue Airways Corp		6,078
	15,206		Landstar System, Inc		1,044
	13,628	*	Old Dominion Freight Line		822
	175,500		Ryanair Holdings plc (ADR)		12,204
	173,046		Ryder System, Inc		10,580
	1,121,668		Southwest Airlines Co		43,981
	305,000	*	Spirit Airlines, Inc		13,685
	1,615,003		Union Pacific Corp		140,909
	413,066	*	United Continental Holdings, Inc		16,952
	434,956		United Parcel Service, Inc (Class B)		46,852
			TOTAL TRANSPORTATION		480,642

UTILITIES - 0.0%
	12,389		Dominion Resources, Inc		965
	24,167		ITC Holdings Corp		1,132
	1,990		Piedmont Natural Gas Co, Inc		120
			TOTAL UTILITIES		2,217
			TOTAL COMMON STOCKS		20,814,959
			(Cost $17,684,618)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 2.8%

GOVERNMENT AGENCY DEBT - 0.1%

$	600,000	d	Federal Home Loan Bank (FHLB)		0.330	%	07/19/16	600
	24,000,000	d	FHLB		0.330		07/26/16	23,997
			TOTAL GOVERNMENT AGENCY DEBT					24,597

TREASURY DEBT - 0.6%
	50,000,000		United States Treasury Bill		0.195		09/08/16	49,981
	75,700,000	d	United States Treasury Bill		0.236-0.373		09/29/16	75,651
			TOTAL TREASURY DEBT					125,632

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1%
	435,291,380	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		435,291
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		435,291

			TOTAL SHORT-TERM INVESTMENTS		585,520
			(Cost $585,515)
			TOTAL INVESTMENTS - 102.3%		21,400,479
			(Cost $18,270,133)
			OTHER ASSETS & LIABILITIES, NET - (2.3)%		(486,783	)
			NET ASSETS - 100.0%	$	20,913,696

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account


		Abbreviation(s):
ADR		American Depositary Receipt

*		Non-income producing
a		Affiliated holding
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated 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 $428,450,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the aggregate value of these securities was $50,821,000, or 0.2% of net assets.

		Cost amounts are in thousands.

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.0%
	56,324	*	American Axle & Manufacturing Holdings, Inc	$	816
	161,099		BorgWarner, Inc		4,756
	37,696		Cooper Tire & Rubber Co		1,124
	10,380	*	Cooper-Standard Holding, Inc		820
	111,547		Dana Holding Corp		1,178
	200,921		Delphi Automotive plc		12,578
	20,030	*	Dorman Products, Inc		1,146
	17,506		Drew Industries, Inc		1,485
	21,876	*	Federal Mogul Corp (Class A)		182
	2,849,911		Ford Motor Co		35,823
	16,848	*	Fox Factory Holding Corp		293
	1,043,270		General Motors Co		29,525
	210,501	e	Gentex Corp		3,252
	26,543	*	Gentherm, Inc		909
	191,568		Goodyear Tire & Rubber Co		4,916
	134,380	e	Harley-Davidson, Inc		6,087
	13,693	*	Horizon Global Corp		155
	480,652		Johnson Controls, Inc		21,274
	51,268		Lear Corp		5,217
	6,649		Metaldyne Performance Group, Inc		91
	36,302	*	Modine Manufacturing Co		319
	13,147	*	Motorcar Parts of America, Inc		357
	24,709		Spartan Motors, Inc		155
	15,087		Standard Motor Products, Inc		600
	20,247	*	Stoneridge, Inc		302
	2,693		Strattec Security Corp		110
	17,815		Superior Industries International, Inc		477
	40,207	*	Tenneco, Inc		1,874
	86,900	*,e	Tesla Motors, Inc		18,447
	33,978		Thor Industries, Inc		2,200
	15,398		Tower International, Inc		317
	3,298		Unique Fabricating, Inc		44
	25,274		Visteon Corp		1,663
	21,322	e	Winnebago Industries, Inc		489
	9,424	*,e	Workhorse Group, Inc		65
			TOTAL AUTOMOBILES & COMPONENTS		159,046

BANKS - 5.5%
	12,604		1st Source Corp		408
	5,171		Access National Corp		101
	4,570	e	ACNB Corp		115
	7,958	*,e	Allegiance Bancshares, Inc		198
	5,882		American National Bankshares, Inc		148
	24,903		Ameris Bancorp		740
	7,069	e	Ames National Corp		190
	24,400		Apollo Residential Mortgage		327
	7,490		Arrow Financial Corp		227

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	110,942		Associated Banc-Corp	$	1,903
	66,701		Astoria Financial Corp		1,023
	12,656	*,e	Atlantic Capital Bancshares, Inc		183
	5,756	*	Avenue Financial Holdings, Inc		113
	35,106		Banc of California, Inc		635
	5,787		Bancfirst Corp		349
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		569
	63,774		Bancorpsouth, Inc		1,447
	41,404		Bank Mutual Corp		318
	7,653,866		Bank of America Corp		101,567
	31,588		Bank of Hawaii Corp		2,173
	3,864		Bank of Marin Bancorp		187
	61,263	e	Bank of the Ozarks, Inc		2,299
	15,980		BankFinancial Corp		192
	73,818		BankUnited		2,268
	3,897	e	Bankwell Financial Group, Inc		86
	22,254		Banner Corp		947
	4,570		Bar Harbor Bankshares		160
	604,817		BB&T Corp		21,538
	59,137		BBCN Bancorp, Inc		882
	9,956	e	Bear State Financial, Inc		94
	54,253	*	Beneficial Bancorp, Inc		690
	21,508		Berkshire Hills Bancorp, Inc		579
	20,549		Blue Hills Bancorp, Inc		303
	27,830		BNC Bancorp		632
	45,284	*,e	BofI Holding, Inc		802
	19,135	e	BOK Financial Corp		1,200
	59,217		Boston Private Financial Holdings, Inc		698
	12,233		Bridge Bancorp, Inc		347
	54,590		Brookline Bancorp, Inc		602
	12,987		Bryn Mawr Bank Corp		379
	6,346	*	BSB Bancorp, Inc		144
	2,353		C&F Financial Corp		105
	4,588	*	C1 Financial, Inc		107
	7,624		Camden National Corp		320
	16,948		Capital Bank Financial Corp		488
	9,158		Capital City Bank Group, Inc		127
	105,428		Capitol Federal Financial		1,471
	22,480		Cardinal Financial Corp		493
	7,542	e	Carolina Financial Corp		141
	21,201	*	Cascade Bancorp		117
	54,668		Cathay General Bancorp		1,542
	33,881		Centerstate Banks of Florida, Inc		534
	17,227		Central Pacific Financial Corp		407
	6,214		Central Valley Community Bancorp		87
	2,883		Century Bancorp, Inc		122
	13,560		Charter Financial Corp		180
	28,078	e	Chemical Financial Corp		1,047
	2,189	e	Chemung Financial Corp		64
	143,537		CIT Group, Inc		4,580
	2,186,446		Citigroup, Inc		92,683
	9,568		Citizens & Northern Corp		193
	348,106		Citizens Financial Group, Inc		6,955
	10,721		City Holding Co		487
	19,650		Clifton Bancorp, Inc		296

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,772		CNB Financial Corp	$	174
	26,184		CoBiz, Inc		306
	5,576		Codorus Valley Bancorp, Inc		114
	42,696		Columbia Banking System, Inc		1,198
	129,571		Comerica, Inc		5,329
	61,586		Commerce Bancshares, Inc		2,950
	30,550		Community Bank System, Inc		1,255
	12,718		Community Trust Bancorp, Inc		441
	7,261	*,e	CommunityOne Bancorp		92
	21,722		ConnectOne Bancorp, Inc		341
	3,700	e	County Bancorp, Inc		76
	12,656	*	CU Bancorp		288
	39,504	e	Cullen/Frost Bankers, Inc		2,518
	19,196	*	Customers Bancorp, Inc		482
	80,226		CVB Financial Corp		1,315
	23,810		Dime Community Bancshares		405
	22,108	*	Eagle Bancorp, Inc		1,064
	106,767		East West Bancorp, Inc		3,649
	6,481		Enterprise Bancorp, Inc		155
	14,785		Enterprise Financial Services Corp		412
	3,620	*	Equity Bancshares, Inc		80
	6,121		ESSA Bancorp, Inc		82
	55,323	*	Essent Group Ltd		1,207
	57,923		EverBank Financial Corp		861
	5,336		Farmers Capital Bank Corp		146
	18,150		Farmers National Banc Corp		160
	20,788	*	FCB Financial Holdings, Inc		707
	6,481		Federal Agricultural Mortgage Corp (Class C)		226
	15,456		Fidelity Southern Corp		242
	567,748		Fifth Third Bancorp		9,987
	10,211		Financial Institutions, Inc		266
	15,337		First Bancorp (NC)		270
	85,475	*	First Bancorp (Puerto Rico)		339
	6,485		First Bancorp, Inc		140
	23,093		First Busey Corp		494
	6,176		First Business Financial Services, Inc		145
	5,634		First Citizens Bancshares, Inc (Class A)		1,459
	66,434		First Commonwealth Financial Corp		611
	12,139		First Community Bancshares, Inc		272
	9,229	*,e	First Community Financial Partners, Inc		81
	13,926		First Connecticut Bancorp		231
	7,726		First Defiance Financial Corp		300
	44,691		First Financial Bancorp		869
	47,037	e	First Financial Bankshares, Inc		1,542
	8,954		First Financial Corp		328
	6,257		First Financial Northwest, Inc		83
	9,830	*	First Foundation, Inc		211
	172,999		First Horizon National Corp		2,384
	4,089	e	First Internet Bancorp		97
	13,482		First Interstate Bancsystem, Inc		379
	29,933		First Merchants Corp		746
	4,469	e	First Mid-Illinois Bancshares, Inc		112
	57,533		First Midwest Bancorp, Inc		1,010
	11,498	*	First NBC Bank Holding Co		193
	263,698		First Niagara Financial Group, Inc		2,568

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,602	*	First Northwest Bancorp	$	97
	10,308		First of Long Island Corp		296
	108,227		First Republic Bank		7,575
	123,577		FirstMerit Corp		2,505
	15,789	*	Flagstar Bancorp, Inc		385
	23,200		Flushing Financial Corp		461
	151,336		FNB Corp		1,898
	10,372		Fox Chase Bancorp, Inc		211
	6,970	*	Franklin Financial Network, Inc		219
	126,801		Fulton Financial Corp		1,712
	9,802		German American Bancorp, Inc		313
	56,600		Glacier Bancorp, Inc		1,504
	7,809		Great Southern Bancorp, Inc		289
	30,455		Great Western Bancorp, Inc		961
	14,667	*	Green Bancorp, Inc		128
	2,003		Greene County Bancorp, Inc		33
	11,166		Guaranty Bancorp		186
	31,047	*,e	Hampton Roads Bankshares, Inc		56
	57,555		Hancock Holding Co		1,503
	23,963		Hanmi Financial Corp		563
	16,045		Heartland Financial USA, Inc		566
	16,751		Heritage Commerce Corp		176
	22,833		Heritage Financial Corp		401
	14,409		Heritage Oaks Bancorp		114
	55,915	*	Hilltop Holdings, Inc		1,174
	997		Hingham Institution for Savings		123
	4,264		Home Bancorp, Inc		117
	84,058		Home Bancshares, Inc		1,663
	15,022	*	HomeStreet, Inc		299
	16,046	*	HomeTrust Bancshares, Inc		297
	8,007		Horizon Bancorp		201
	588,990		Huntington Bancshares, Inc		5,266
	28,157		IBERIABANK Corp		1,682
	6,123	*,e	Impac Mortgage Holdings, Inc		96
	19,246		Independent Bank Corp (MA)		880
	17,558		Independent Bank Corp (MI)		255
	7,858		Independent Bank Group, Inc		337
	40,567		International Bancshares Corp		1,058
	219,896		Investors Bancorp, Inc		2,436
	2,710,959		JPMorgan Chase & Co		168,459
	69,276		Kearny Financial Corp		871
	622,952		Keycorp		6,884
	5,582		Lake Sunapee Bank Group		95
	28,418		Lakeland Bancorp, Inc		323
	12,420		Lakeland Financial Corp		584
	6,780		LCNB Corp		107
	32,716		LegacyTexas Financial Group, Inc		880
	4,100	*,e	LendingTree, Inc		362
	14,926		Live Oak Bancshares, Inc		211
	111,052		M&T Bank Corp		13,130
	19,210	e	Macatawa Bank Corp		143
	16,944		MainSource Financial Group, Inc		374
	51,779		MB Financial, Inc		1,879
	13,586		MBT Financial Corp		109
	12,428		Mercantile Bank Corp		297

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,784		Merchants Bancshares, Inc	$	115
	41,025		Meridian Bancorp, Inc		606
	5,928		Meta Financial Group, Inc		302
	252,589	*	MGIC Investment Corp		1,503
	3,714	e	Middleburg Financial Corp		101
	2,960	*	Midland States Bancorp, Inc		64
	5,257		MidWestOne Financial Group, Inc		150
	3,816		MutualFirst Financial, Inc		104
	19,324		National Bank Holdings Corp		393
	5,351	e	National Bankshares, Inc		187
	6,167	*,e	National Commerce Corp		144
	25,594	*,e	Nationstar Mortgage Holdings, Inc		288
	32,725		NBT Bancorp, Inc		937
	350,170		New York Community Bancorp, Inc		5,249
	5,394	*	Nicolet Bankshares, Inc		205
	38,864	*	NMI Holdings, Inc		213
	36,323		Northfield Bancorp, Inc		539
	5,019		Northrim BanCorp, Inc		132
	69,442		Northwest Bancshares, Inc		1,030
	14,953		OceanFirst Financial Corp		272
	33,903	e	OFG Bancorp		281
	6,461		Old Line Bancshares, Inc		116
	90,192		Old National Bancorp		1,130
	21,667		Old Second Bancorp, Inc		148
	10,957		Opus Bank		370
	32,883		Oritani Financial Corp		526
	5,318		Orrstown Financial Services, Inc		96
	14,467		Pacific Continental Corp		227
	11,579	*	Pacific Mercantile Bancorp		82
	19,968	*	Pacific Premier Bancorp, Inc		479
	85,767		PacWest Bancorp		3,412
	9,690	e	Park National Corp		889
	38,548		Park Sterling Bank		273
	11,582		Peapack Gladstone Financial Corp		214
	2,964	e	Penns Woods Bancorp, Inc		124
	9,540	*	PennyMac Financial Services, Inc		119
	13,423		Peoples Bancorp, Inc		292
	5,712	e	Peoples Financial Services Corp		224
	229,288	e	People’s United Financial, Inc		3,361
	9,341		People’s Utah Bancorp		155
	36,552	*	PHH Corp		487
	29,441		Pinnacle Financial Partners, Inc		1,438
	375,016		PNC Financial Services Group, Inc		30,523
	75,864		Popular, Inc		2,223
	8,859		Preferred Bank		256
	6,151		Premier Financial Bancorp, Inc		104
	58,098		PrivateBancorp, Inc		2,558
	49,181		Prosperity Bancshares, Inc		2,508
	3,260	*,e	Provident Bancorp, Inc		50
	4,497		Provident Financial Holdings, Inc		82
	45,191		Provident Financial Services, Inc		888
	8,729		QCR Holdings, Inc		237
	146,431		Radian Group, Inc		1,526
	942,757		Regions Financial Corp		8,023
	29,870		Renasant Corp		966

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,104		Republic Bancorp, Inc (Class A)	$	169
	23,825	*,e	Republic First Bancorp, Inc		103
	25,676		S&T Bancorp, Inc		628
	18,232		Sandy Spring Bancorp, Inc		530
	21,395	*	Seacoast Banking Corp of Florida		347
	16,424	e	ServisFirst Bancshares, Inc		811
	8,913		Shore Bancshares, Inc		105
	8,511		SI Financial Group, Inc		113
	8,919		Sierra Bancorp		149
	39,194	*	Signature Bank		4,896
	22,158		Simmons First National Corp (Class A)		1,023
	18,098		South State Corp		1,232
	4,079	*	Southern First Bancshares, Inc		98
	4,139		Southern Missouri Bancorp, Inc		97
	8,140		Southern National Bancorp of Virginia, Inc		99
	17,347		Southside Bancshares, Inc		536
	14,769		Southwest Bancorp, Inc		250
	26,403		State Bank & Trust Co		537
	88,560		Sterling Bancorp/DE		1,390
	16,305		Stock Yards Bancorp, Inc		460
	7,609		Stonegate Bank		246
	8,903		Suffolk Bancorp		279
	6,101	e	Summit Financial Group, Inc		107
	8,249	*	Sun Bancorp, Inc		170
	371,519		SunTrust Banks, Inc		15,262
	38,070	*	SVB Financial Group		3,623
	92,114		Synovus Financial Corp		2,670
	43,304		Talmer Bancorp Inc		830
	116,646		TCF Financial Corp		1,476
	8,286		Territorial Bancorp, Inc		219
	33,717	*	Texas Capital Bancshares, Inc		1,577
	52,879		TFS Financial Corp		911
	26,827	*	The Bancorp, Inc		161
	11,138		Tompkins Trustco, Inc		724
	41,088	e	TowneBank		890
	16,948		Trico Bancshares		468
	16,178	*	Tristate Capital Holdings, Inc		222
	10,668	*	Triumph Bancorp, Inc		171
	71,043		Trustco Bank Corp NY		455
	49,168		Trustmark Corp		1,222
	29,867		UMB Financial Corp		1,589
	161,706		Umpqua Holdings Corp		2,502
	31,837		Union Bankshares Corp		787
	2,885	e	Union Bankshares, Inc		105
	48,255	e	United Bankshares, Inc		1,810
	40,245		United Community Banks, Inc		736
	30,361		United Community Financial Corp		185
	36,948		United Financial Bancorp, Inc (New)		480
	14,493		Univest Corp of Pennsylvania		305
	1,219,663		US Bancorp		49,189
	172,796		Valley National Bancorp		1,576
	6,183	*	Veritex Holdings, Inc		99
	19,235	*	Walker & Dunlop, Inc		438
	14,712	*,e	Walter Investment Management Corp		41
	67,298		Washington Federal, Inc		1,633

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,818		Washington Trust Bancorp, Inc	$	410
	5,698		WashingtonFirst Bankshares, Inc		123
	22,962		Waterstone Financial, Inc		352
	67,195		Webster Financial Corp		2,281
	3,410,582		Wells Fargo & Co		161,423
	26,752		WesBanco, Inc		831
	11,970		West Bancorporation, Inc		223
	18,981	e	Westamerica Bancorporation		935
	64,944	*	Western Alliance Bancorp		2,120
	10,697		Westfield Financial, Inc		82
	52,747		Wilshire Bancorp, Inc		550
	35,315		Wintrust Financial Corp		1,801
	144,782	*	WMIH Corp		321
	20,553		WSFS Financial Corp		662
	31,907		Yadkin Financial Corp		801
	3,477		Your Community Bankshares, Inc		129
	149,549		Zions Bancorporation		3,758
			TOTAL BANKS		904,899

CAPITAL GOODS - 7.5%
	438,061		3M Co		76,713
	54,141		A.O. Smith Corp		4,770
	29,877		Aaon, Inc		822
	24,615		AAR Corp		575
	43,959		Actuant Corp (Class A)		994
	32,117		Acuity Brands, Inc		7,964
	24,758	e	Advanced Drainage Systems, Inc		678
	110,795	*	Aecom Technology Corp		3,520
	28,439	*	Aegion Corp		555
	46,010	*	Aerojet Rocketdyne Holdings, Inc		841
	14,335	*	Aerovironment, Inc		399
	56,061		AGCO Corp		2,642
	71,397		Air Lease Corp		1,912
	34,921		Aircastle Ltd		683
	6,904		Alamo Group, Inc		455
	21,082		Albany International Corp (Class A)		842
	71,508		Allegion plc		4,965
	4,493		Allied Motion Technologies, Inc		104
	104,849		Allison Transmission Holdings, Inc		2,960
	18,514		Altra Holdings, Inc		499
	13,776	*	Ameresco, Inc		60
	5,806	e	American Railcar Industries, Inc		229
	5,344		American Science & Engineering, Inc		200
	9,146	*	American Superconductor Corp		77
	10,171	*	American Woodmark Corp		675
	171,229		Ametek, Inc		7,916
	21,529		Apogee Enterprises, Inc		998
	26,937		Applied Industrial Technologies, Inc		1,216
	9,512		Argan, Inc		397
	17,658	*	Armstrong Flooring, Inc		299
	28,807	*	Armstrong World Industries, Inc		1,128
	14,102		Astec Industries, Inc		792
	14,118	*	Astronics Corp		470
	19,364		AZZ, Inc		1,161
	33,400	*	Babcock & Wilcox Enterprises, Inc		491

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	36,980		Barnes Group, Inc	$	1,225
	78,609		BE Aerospace, Inc		3,630
	38,770	*	Beacon Roofing Supply, Inc		1,763
	3,967	*,e	Blue Bird Corp		47
	40,522	*	BMC Stock Holdings, Inc		722
	450,407		Boeing Co		58,494
	35,415		Briggs & Stratton Corp		750
	51,345	*	Builders FirstSource, Inc		578
	69,405		BWX Technologies, Inc		2,483
	14,411		Caesarstone Sdot-Yam Ltd		501
	12,460	*	CAI International, Inc		93
	46,436		Carlisle Cos, Inc		4,907
	415,054		Caterpillar, Inc		31,465
	22,344	*	Chart Industries, Inc		539
	72,371		Chicago Bridge & Iron Co NV		2,506
	12,045		CIRCOR International, Inc		686
	35,009		Clarcor, Inc		2,130
	73,519	*	Colfax Corp		1,945
	14,727		Columbus McKinnon Corp		208
	27,143		Comfort Systems USA, Inc		884
	25,603	*	Continental Building Products Inc		569
	35,538		Crane Co		2,016
	7,312	*	CSW Industrials, Inc		238
	18,660		Cubic Corp		749
	117,279		Cummins, Inc		13,187
	32,643		Curtiss-Wright Corp		2,750
	438,678		Danaher Corp		44,306
	232,354	e	Deere & Co		18,830
	46,761	*	DigitalGlobe, Inc		1,000
	94,050		Donaldson Co, Inc		3,232
	16,771		Douglas Dynamics, Inc		432
	114,025		Dover Corp		7,904
	8,048	*	Ducommun, Inc		159
	9,738	*,e	DXP Enterprises, Inc		145
	22,543	*	Dycom Industries, Inc		2,023
	9,586		Dynamic Materials Corp		103
	340,356		Eaton Corp		20,329
	44,692		EMCOR Group, Inc		2,202
	476,629		Emerson Electric Co		24,861
	15,305		Encore Wire Corp		571
	11,608	*,e	Energous Corp		150
	8,913	*,e	Energy Recovery, Inc		79
	32,051		EnerSys		1,906
	12,394		Engility Holdings, Inc		262
	15,803		EnPro Industries, Inc		701
	18,556		ESCO Technologies, Inc		741
	21,694	*	Esterline Technologies Corp		1,346
	213,649	e	Fastenal Co		9,484
	46,509		Federal Signal Corp		599
	96,500		Flowserve Corp		4,359
	103,400		Fluor Corp		5,096
	113,402		Fortune Brands Home & Security, Inc		6,574
	34,098		Franklin Electric Co, Inc		1,127
	9,868		Freightcar America, Inc		139
	14,134	*,e	FuelCell Energy, Inc		88

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,063	e	GATX Corp	$	1,322
	3,320	*	Gencor Industries, Inc		52
	48,390	*,e	Generac Holdings, Inc		1,692
	37,226		General Cable Corp		473
	181,598		General Dynamics Corp		25,286
	6,853,281		General Electric Co		215,741
	22,869	*	Gibraltar Industries, Inc		722
	16,574		Global Brass & Copper Holdings, Inc		452
	5,154	*	GMS, Inc		115
	14,132		Gorman-Rupp Co		387
	41,041		Graco, Inc		3,242
	7,763		Graham Corp		143
	29,395		Granite Construction, Inc		1,339
	44,924	*	Great Lakes Dredge & Dock Corp		196
	19,838	e	Greenbrier Cos, Inc		578
	26,499		Griffon Corp		447
	23,777		H&E Equipment Services, Inc		452
	8,975		Hardinge, Inc		90
	59,172		Harsco Corp		393
	26,381	*,e	HC2 Holdings, Inc		113
	136,436	*	HD Supply Holdings, Inc		4,751
	14,478		HEICO Corp		967
	29,540		HEICO Corp (Class A)		1,585
	71,415		Hexcel Corp		2,974
	43,275		Hillenbrand, Inc		1,300
	566,565		Honeywell International, Inc		65,903
	40,778		Hubbell, Inc		4,301
	34,520		Huntington Ingalls		5,800
	4,796		Hurco Cos, Inc		133
	7,224		Hyster-Yale Materials Handling, Inc		430
	56,742		IDEX Corp		4,659
	5,334	*	IES Holdings, Inc		66
	219,031		Illinois Tool Works, Inc		22,814
	191,187		Ingersoll-Rand plc		12,175
	13,472		Insteel Industries, Inc		385
	60,728		ITT, Inc		1,942
	88,889	*	Jacobs Engineering Group, Inc		4,428
	21,706		John Bean Technologies Corp		1,329
	71,908	e	Joy Global, Inc		1,520
	8,084		Kadant, Inc		416
	19,992		Kaman Corp		850
	106,685		KBR, Inc		1,412
	58,766		Kennametal, Inc		1,299
	24,548	*,e	KEYW Holding Corp		244
	38,579	*	KLX, Inc		1,196
	35,813	*,e	Kratos Defense & Security Solutions, Inc		147
	56,871		L-3 Communications Holdings, Inc		8,342
	4,456	*	Lawson Products, Inc		88
	13,681	*	Layne Christensen Co		111
	29,452		Lennox International, Inc		4,200
	45,300		Lincoln Electric Holdings, Inc		2,676
	8,999	e	Lindsay Corp		611
	195,260		Lockheed Martin Corp		48,458
	16,944		LSI Industries, Inc		188
	12,907	*	Lydall, Inc		498

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	100,071	e	Manitowoc Co, Inc	$	545
	93,437	*	Manitowoc Foodservice, Inc		1,646
	246,599		Masco Corp		7,630
	22,281	*	Masonite International Corp		1,474
	48,078	*	Mastec, Inc		1,073
	28,845	*	Mercury Systems, Inc		717
	73,992	*	Meritor, Inc		533
	41,334	*	Middleby Corp		4,764
	9,476	*	Milacron Holdings Corp		137
	7,280		Miller Industries, Inc		150
	23,587	*	Moog, Inc (Class A)		1,272
	75,826	*	MRC Global, Inc		1,077
	34,779		MSC Industrial Direct Co (Class A)		2,454
	42,636		Mueller Industries, Inc		1,359
	114,327		Mueller Water Products, Inc (Class A)		1,306
	15,457	*	MYR Group, Inc		372
	3,938	e	National Presto Industries, Inc		372
	38,145	*,e	Navistar International Corp		446
	19,754	*	NCI Building Systems, Inc		316
	7,962	*	Neff Corp		87
	14,675	e	NN, Inc		205
	42,241		Nordson Corp		3,532
	6,979	*	Nortek, Inc		414
	123,820		Northrop Grumman Corp		27,523
	79,518	*	NOW, Inc		1,442
	5,211	*	NV5 Holdings, Inc		148
	2,354		Omega Flex, Inc		90
	43,366		Orbital ATK, Inc		3,692
	19,593	*	Orion Marine Group, Inc		104
	53,964		Oshkosh Truck Corp		2,575
	85,118		Owens Corning, Inc		4,385
	254,443		Paccar, Inc		13,198
	99,215		Parker Hannifin Corp		10,720
	9,372	*	Patrick Industries, Inc		565
	123,383		Pentair plc		7,192
	36,380	*	Pgt, Inc		375
	125,956	*,e	Plug Power, Inc		234
	15,949	*	Ply Gem Holdings, Inc		232
	7,077		Powell Industries, Inc		278
	3,314	*,e	Power Solutions International, Inc		59
	1,801		Preformed Line Products Co		73
	28,783		Primoris Services Corp		545
	18,284	*,e	Proto Labs, Inc		1,052
	25,291		Quanex Building Products Corp		470
	106,691	*	Quanta Services, Inc		2,467
	27,582		Raven Industries, Inc		522
	221,004		Raytheon Co		30,045
	16,634	*	RBC Bearings, Inc		1,206
	33,217		Regal-Beloit Corp		1,829
	61,005	*	Rexnord Corp		1,198
	96,529		Rockwell Automation, Inc		11,083
	97,885		Rockwell Collins, Inc		8,334
	72,041		Roper Industries, Inc		12,287
	4,597	*	Rush Enterprises, Inc		96
	21,510	*	Rush Enterprises, Inc (Class A)		464

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,268		Simpson Manufacturing Co, Inc	$	1,250
	8,447	*	SiteOne Landscape Supply, Inc		287
	40,812		Snap-On, Inc		6,441
	48,120	*,e	SolarCity Corp		1,152
	7,959	*	Sparton Corp		173
	98,271	*	Spirit Aerosystems Holdings, Inc (Class A)		4,226
	30,406	*	SPX Corp		452
	26,058	*	SPX FLOW, Inc		679
	9,752		Standex International Corp		806
	111,184		Stanley Works		12,366
	16,194		Sun Hydraulics Corp		481
	47,039	*,e	Sunrun, Inc		279
	8,050		Supreme Industries, Inc		110
	24,710		TAL International Group, Inc		331
	38,585	*,e	Taser International, Inc		960
	26,449	*	Teledyne Technologies, Inc		2,620
	13,262		Tennant Co		714
	77,584		Terex Corp		1,576
	15,040	e	Textainer Group Holdings Ltd		168
	205,292		Textron, Inc		7,505
	7,401	*,e	The ExOne Company		78
	24,419	*	Thermon Group Holdings		469
	52,342		Timken Co		1,605
	33,155	e	Titan International, Inc		206
	11,613	*,e	Titan Machinery, Inc		129
	39,587		Toro Co		3,492
	38,976	*	TransDigm Group, Inc		10,278
	24,081	*	Trex Co, Inc		1,082
	34,233	*	Trimas Corp		616
	110,538		Trinity Industries, Inc		2,053
	36,497		Triumph Group, Inc		1,296
	28,503	*	Tutor Perini Corp		671
	65,633	*	United Rentals, Inc		4,404
	577,849		United Technologies Corp		59,259
	25,266	*	Univar, Inc		478
	14,766		Universal Forest Products, Inc		1,369
	64,802	*	USG Corp		1,747
	16,466		Valmont Industries, Inc		2,227
	7,860	*	Vectrus, Inc		224
	6,270	*	Veritiv Corp		236
	12,845	*	Vicor Corp		129
	41,124	e	W.W. Grainger, Inc		9,345
	47,771	*	Wabash National Corp		607
	39,290	*	WABCO Holdings, Inc		3,598
	19,517		Watsco, Inc		2,746
	20,422		Watts Water Technologies, Inc (Class A)		1,190
	31,115	*,e	WESCO International, Inc		1,602
	63,916		Westinghouse Air Brake Technologies Corp		4,489
	3,392	*	Willis Lease Finance Corp		75
	38,996		Woodward Governor Co		2,248
	132,752		Xylem, Inc		5,927
			TOTAL CAPITAL GOODS		1,227,063

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	41,289		ABM Industries, Inc		1,506

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	37,820		Acacia Research (Acacia Technologies)	$	166
	77,675	*	ACCO Brands Corp		802
	31,285	*	Advisory Board Co		1,107
	7,288	*,e	Aqua Metals, Inc		86
	26,021	*	ARC Document Solutions, Inc		101
	6,166		Barrett Business Services, Inc		255
	33,472		Brady Corp (Class A)		1,023
	35,828		Brink’s Co		1,021
	29,675	*	Casella Waste Systems, Inc (Class A)		233
	35,493	*	CBIZ, Inc		369
	25,057		CEB, Inc		1,545
	18,496		Ceco Environmental Corp		162
	65,984		Cintas Corp		6,475
	38,764	*	Clean Harbors, Inc		2,020
	72,462	*	Copart, Inc		3,551
	84,474		Covanta Holding Corp		1,390
	7,013	*	CRA International, Inc		177
	36,092		Deluxe Corp		2,395
	27,024		Dun & Bradstreet Corp		3,293
	107,512	*,m	Dyax Corp		119
	20,052		Ennis, Inc		385
	88,074		Equifax, Inc		11,309
	28,344		Essendant, Inc		866
	19,672		Exponent, Inc		1,149
	9,375	*	Franklin Covey Co		144
	30,776	*	FTI Consulting, Inc		1,252
	15,088		G & K Services, Inc (Class A)		1,155
	9,864	*	GP Strategies Corp		214
	51,852		Healthcare Services Group		2,146
	14,300		Heidrick & Struggles International, Inc		241
	8,893	*	Heritage-Crystal Clean, Inc		109
	43,782		Herman Miller, Inc		1,309
	25,556	*	Hill International, Inc		104
	33,809		HNI Corp		1,572
	17,289	*	Huron Consulting Group, Inc		1,045
	14,961	*	ICF International, Inc		612
	10,504	*,e	IDI, Inc		50
	50,885	*	IHS, Inc (Class A)		5,883
	27,969	*	Innerworkings, Inc		231
	13,423		Insperity, Inc		1,037
	49,074		Interface, Inc		748
	105,770		KAR Auction Services, Inc		4,415
	20,372		Kelly Services, Inc (Class A)		386
	18,302		Kforce, Inc		309
	25,171		Kimball International, Inc (Class B)		286
	35,963		Knoll, Inc		873
	42,402		Korn/Ferry International		878
	56,108		Manpower, Inc		3,610
	23,595		Matthews International Corp (Class A)		1,313
	19,108		McGrath RentCorp		584
	13,300	*	Mistras Group, Inc		317
	33,943		Mobile Mini, Inc		1,176
	22,823		MSA Safety, Inc		1,199
	8,734		Multi-Color Corp		554
	36,256	*	Navigant Consulting, Inc		585

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	270,305		Nielsen NV	$	14,048
	38,425	*	On Assignment, Inc		1,420
	139,962		Pitney Bowes, Inc		2,491
	19,971		Quad		465
	153,250		R.R. Donnelley & Sons Co		2,593
	172,064		Republic Services, Inc		8,829
	28,792		Resources Connection, Inc		425
	100,038		Robert Half International, Inc		3,817
	70,333		Rollins, Inc		2,059
	39,749	*	RPX Corp		364
	12,140	*	SP Plus Corp		274
	61,807		Steelcase, Inc (Class A)		839
	60,743	*	Stericycle, Inc		6,325
	20,907	*,e	Team, Inc		519
	42,802		Tetra Tech, Inc		1,316
	39,266	*	TransUnion		1,313
	12,065	*	TRC Cos, Inc		76
	30,336	*	TriNet Group, Inc		631
	30,958	*	TrueBlue, Inc		586
	302,129		Tyco International plc		12,871
	10,976		Unifirst Corp		1,270
	16,280		US Ecology, Inc		748
	118,895	*	Verisk Analytics, Inc		9,640
	15,178		Viad Corp		470
	2,793		VSE Corp		187
	26,743	*	WageWorks, Inc		1,599
	329,871		Waste Management, Inc		21,861
	38,638		West Corp		760
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		173,638

CONSUMER DURABLES & APPAREL - 1.6%
	9,523	e	Arctic Cat, Inc		162
	7,681		Bassett Furniture Industries, Inc		184
	21,459	*	Beazer Homes USA, Inc		166
	67,005		Brunswick Corp		3,037
	55,638		CalAtlantic Group, Inc		2,042
	69,841		Callaway Golf Co		713
	37,197		Carter’s, Inc		3,960
	6,619	*	Cavco Industries, Inc		620
	11,363	*	Century Communities, Inc		197
	204,773		Coach, Inc		8,342
	19,985		Columbia Sportswear Co		1,150
	56,978	*	CROCS, Inc		643
	6,879		CSS Industries, Inc		184
	6,895		Culp, Inc		191
	26,041	*	Deckers Outdoor Corp		1,498
	5,204	*	Delta Apparel, Inc		117
	241,753		DR Horton, Inc		7,610
	7,865		Escalade, Inc		81
	18,783		Ethan Allen Interiors, Inc		621
	3,991		Flexsteel Industries, Inc		158
	31,215	*,e	Fossil Group, Inc		891
	82,725	*,e	Garmin Ltd		3,509
	30,360	*	G-III Apparel Group Ltd		1,388
	74,136	*,e	GoPro, Inc		801

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,827	*,e	Green Brick Partners, Inc	$	71
	280,007		Hanesbrands, Inc		7,037
	52,481		Harman International Industries, Inc		3,769
	82,316		Hasbro, Inc		6,914
	20,645	*	Helen of Troy Ltd		2,123
	7,913		Hooker Furniture Corp		170
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		157
	34,721	*,e	Iconix Brand Group, Inc		235
	14,775	*	Installed Building Products Inc		536
	21,039	*,e	iRobot Corp		738
	13,358	*,e	Jakks Pacific, Inc		106
	3,583		Johnson Outdoors, Inc		92
	94,263	*	Kate Spade & Co		1,943
	60,650	e	KB Home		922
	36,137		La-Z-Boy, Inc		1,005
	98,505		Leggett & Platt, Inc		5,035
	7,350		Lennar Corp (B Shares)		274
	128,503		Lennar Corp (Class A)		5,924
	10,716	*,e	LGI Homes, Inc		342
	16,013		Libbey, Inc		254
	7,210		Lifetime Brands, Inc		105
	72,052	*,e	Lululemon Athletica, Inc		5,322
	16,714	*	M/I Homes, Inc		315
	13,092	*	Malibu Boats Inc		158
	8,407		Marine Products Corp		71
	250,569		Mattel, Inc		7,840
	6,163		MCBC Holdings, Inc		68
	29,150		MDC Holdings, Inc		710
	28,574	*	Meritage Homes Corp		1,073
	127,585	*	Michael Kors Holdings Ltd		6,313
	45,442	*	Mohawk Industries, Inc		8,623
	12,667		Movado Group, Inc		275
	3,180		Nacco Industries, Inc (Class A)		178
	22,756	*	Nautilus, Inc		406
	6,504	*,e	New Home Co Inc		62
	326,555		Newell Rubbermaid, Inc		15,861
	989,006		Nike, Inc (Class B)		54,593
	2,597	*	NVR, Inc		4,624
	10,973		Oxford Industries, Inc		621
	32,977	*,e	Performance Sports Group Ltd		99
	8,860	*	Perry Ellis International, Inc		178
	58,574		Phillips-Van Heusen Corp		5,519
	44,774	e	Polaris Industries, Inc		3,661
	29,883		Pool Corp		2,810
	255,719		Pulte Homes, Inc		4,984
	42,390		Ralph Lauren Corp		3,799
	27,136	*	Sequential Brands Group, Inc		217
	90,672	*	Skechers U.S.A., Inc (Class A)		2,695
	39,523	*,e	Smith & Wesson Holding Corp		1,074
	44,237	*	Steven Madden Ltd		1,512
	13,899	e	Sturm Ruger & Co, Inc		890
	5,163		Superior Uniform Group, Inc		99
	24,241	*	Taylor Morrison Home Corp		360
	39,568	*,e	Tempur-Pedic International, Inc		2,189
	114,595	*	Toll Brothers, Inc		3,084

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,661	*	TopBuild Corp	$	1,038
	109,987	*	TRI Pointe Homes, Inc		1,300
	41,746	*	Tumi Holdings, Inc		1,116
	36,963		Tupperware Corp		2,080
	135,800	*	Under Armour, Inc		4,943
	134,677	*,e	Under Armour, Inc (Class A)		5,405
	10,905	*	Unifi, Inc		297
	10,485	*	Universal Electronics, Inc		758
	16,444	*	Vera Bradley, Inc		233
	252,966		VF Corp		15,555
	12,128	*,e	Vince Holding Corp		66
	45,102	*	Vista Outdoor, Inc		2,153
	16,063	*	WCI Communities, Inc		271
	5,214		Weyco Group, Inc		145
	55,133		Whirlpool Corp		9,187
	13,294	*,e	William Lyon Homes, Inc		214
	71,476		Wolverine World Wide, Inc		1,452
	21,026	*	Zagg, Inc		110
			TOTAL CONSUMER DURABLES & APPAREL		262,623

CONSUMER SERVICES - 2.2%
	13,862	*	American Public Education, Inc		390
	69,950	*	Apollo Group, Inc (Class A)		638
	163,182		ARAMARK Holdings Corp		5,454
	10,215	*	Ascent Media Corp (Series A)		157
	61,218	*	Belmond Ltd.		606
	17,134	*	BJ’s Restaurants, Inc		751
	83,985		Bloomin’ Brands, Inc		1,501
	14,693		Bob Evans Farms, Inc		558
	6,185	*,e	Bojangles’, Inc		105
	61,116	*	Boyd Gaming Corp		1,125
	13,548	*	Bridgepoint Education, Inc		98
	32,275	*	Bright Horizons Family Solutions		2,140
	45,353		Brinker International, Inc		2,065
	14,166	*	Buffalo Wild Wings, Inc		1,968
	34,686	*	Caesars Acquisition Co		389
	38,423	*,e	Caesars Entertainment Corp		296
	8,227	*	Cambium Learning Group, Inc		37
	8,937		Capella Education Co		470
	46,334	*	Career Education Corp		276
	294,719		Carnival Corp		13,027
	12,748		Carriage Services, Inc		302
	27,792	*	Carrols Restaurant Group, Inc		331
	16,727	*	Century Casinos, Inc		104
	33,449		Cheesecake Factory		1,610
	54,819	*,e	Chegg, Inc		274
	20,976	*,e	Chipotle Mexican Grill, Inc (Class A)		8,448
	24,500		Choice Hotels International, Inc		1,167
	10,291		Churchill Downs, Inc		1,300
	12,474	*,e	Chuy’s Holdings, Inc		432
	47,371		ClubCorp Holdings, Inc		616
	5,623		Collectors Universe		111
	12,006	e	Cracker Barrel Old Country Store, Inc		2,059
	86,491		Darden Restaurants, Inc		5,478
	28,005	*	Dave & Buster’s Entertainment, Inc		1,310

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,725	*	Del Frisco’s Restaurant Group, Inc	$	254
	16,464	*	Del Taco Restaurants, Inc		150
	61,863	*	Denny’s Corp		664
	48,007	e	DeVry Education Group, Inc		856
	27,428	*,e	Diamond Resorts International, Inc		822
	12,802		DineEquity, Inc		1,085
	40,835		Domino’s Pizza, Inc		5,365
	68,211		Dunkin Brands Group, Inc		2,975
	14,501	*,e	El Pollo Loco Holdings, Inc		189
	20,875	*	Eldorado Resorts, Inc		317
	2,242	*,e	Empire Resorts, Inc		35
	44,382		Extended Stay America, Inc		664
	20,469	*	Fiesta Restaurant Group, Inc		446
	3,971	*	Fogo De Chao, Inc		52
	7,389	e	Golden Entertainment, Inc		86
	3,202		Graham Holdings Co		1,568
	34,464	*	Grand Canyon Education, Inc		1,376
	166,865		H&R Block, Inc		3,838
	8,405	*,e	Habit Restaurants, Inc		138
	386,075		Hilton Worldwide Holdings, Inc		8,698
	97,806	*	Houghton Mifflin Harcourt Co		1,529
	22,365	*,e	Hyatt Hotels Corp		1,099
	68,009		International Game Technology plc		1,275
	19,205		International Speedway Corp (Class A)		642
	83,898		Interval Leisure Group, Inc		1,334
	13,700	*	Intrawest Resorts Holdings Inc		178
	18,491	*	Isle of Capri Casinos, Inc		339
	10,324	*	J Alexander’s Holdings, Inc		103
	27,934		Jack in the Box, Inc		2,400
	11,200	*,e	Jamba, Inc		115
	26,055	*	K12, Inc		325
	6,015	*,e	Kona Grill, Inc		65
	42,681	*	Krispy Kreme Doughnuts, Inc		895
	69,470	*,e	La Quinta Holdings, Inc		792
	270,501		Las Vegas Sands Corp		11,764
	3,365		Liberty Tax, Inc		45
	62,061	*,e	LifeLock, Inc		981
	10,890	*	Lindblad Expeditions Holdings, Inc		105
	13,511	*	Luby’s, Inc		68
	14,891		Marcus Corp		314
	139,108		Marriott International, Inc (Class A)		9,245
	16,563		Marriott Vacations Worldwide Corp		1,134
	651,910		McDonald’s Corp		78,451
	352,429	*	MGM Resorts International		7,975
	7,140	*	Monarch Casino & Resort, Inc		157
	2,378	*	Nathan’s Famous, Inc		106
	8,091	*,e	Noodles & Co		79
	112,841	*	Norwegian Cruise Line Holdings Ltd		4,496
	15,868	*,e	Panera Bread Co (Class A)		3,363
	20,085		Papa John’s International, Inc		1,366
	60,160	*	Penn National Gaming, Inc		839
	43,980	*	Pinnacle Entertainment, Inc		487
	10,931	*,e	Planet Fitness, Inc		206
	17,192	*	Popeyes Louisiana Kitchen, Inc		939
	16,455	*,e	Potbelly Corp		206

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,433	*	Red Lion Hotels Corp	$	83
	10,662	*	Red Robin Gourmet Burgers, Inc		506
	22,107	*	Red Rock Resorts, Inc		486
	30,479	*	Regis Corp		379
	124,991		Royal Caribbean Cruises Ltd		8,393
	46,223	*	Ruby Tuesday, Inc		167
	26,831		Ruth’s Chris Steak House, Inc		428
	37,197	*,e	Scientific Games Corp (Class A)		342
	51,334	e	SeaWorld Entertainment, Inc		736
	138,975		Service Corp International		3,758
	100,430	*	ServiceMaster Global Holdings, Inc		3,997
	11,550	*,e	Shake Shack, Inc		421
	53,284		Six Flags Entertainment Corp		3,088
	38,968		Sonic Corp		1,054
	45,449	e	Sotheby’s (Class A)		1,245
	9,984		Speedway Motorsports, Inc		177
	1,062,143		Starbucks Corp		60,669
	125,454		Starwood Hotels & Resorts Worldwide, Inc		9,277
	769	*	Steak N Shake Co		310
	7,659	*	Strayer Education, Inc		376
	48,860		Texas Roadhouse, Inc (Class A)		2,228
	26,754		Vail Resorts, Inc		3,698
	20,932	*,e	Weight Watchers International, Inc		243
	154,822		Wendy’s		1,489
	11,781	*,e	Wingstop, Inc		321
	77,942		Wyndham Worldwide Corp		5,552
	59,328	e	Wynn Resorts Ltd		5,378
	287,216		Yum! Brands, Inc		23,816
	14,098	*	Zoe’s Kitchen, Inc		511
			TOTAL CONSUMER SERVICES		357,716

DIVERSIFIED FINANCIALS - 3.4%
	40,483	*	Affiliated Managers Group, Inc		5,699
	329,397	*	Ally Financial, Inc		5,623
	598,624		American Express Co		36,372
	116,633		Ameriprise Financial, Inc		10,480
	16,506	e	Arlington Asset Investment Corp (Class A)		215
	27,757		Artisan Partners Asset Management, Inc		768
	4,901		Associated Capital Group, Inc		141
	6,841	e	B. Riley Financial, Inc		66
	779,012		Bank of New York Mellon Corp		30,265
	4,100	*,e	BBX Capital Corp		63
	160,048		BGC Partners, Inc (Class A)		1,394
	93,006		BlackRock, Inc		31,857
	16,951		Calamos Asset Management, Inc (Class A)		124
	379,842		Capital One Financial Corp		24,124
	17,742		Cash America International, Inc		756
	60,962		CBOE Holdings, Inc		4,061
	866,815		Charles Schwab Corp		21,939
	251,290		CME Group, Inc		24,476
	15,440		Cohen & Steers, Inc		624
	82,972	*,e	Cowen Group, Inc		246
	6,269	*,e	Credit Acceptance Corp		1,160
	2,179		Diamond Hill Investment Group, Inc		411
	304,503		Discover Financial Services		16,318

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	207,162	*	E*TRADE Financial Corp	$	4,866
	88,158		Eaton Vance Corp		3,116
	19,334	*,e	Encore Capital Group, Inc		455
	18,647	*	Enova International, Inc		137
	28,885		Evercore Partners, Inc (Class A)		1,276
	38,445	*	Ezcorp, Inc (Class A)		291
	29,637		Factset Research Systems, Inc		4,784
	5,066		FBR & Co		76
	69,691		Federated Investors, Inc (Class B)		2,006
	39,058		Financial Engines, Inc		1,010
	20,890		First Cash Financial Services, Inc		1,072
	48,331	*	FNFV Group		554
	280,938		Franklin Resources, Inc		9,375
	23,847		Gain Capital Holdings, Inc		151
	4,901		GAMCO Investors, Inc (Class A)		161
	287,094		Goldman Sachs Group, Inc		42,656
	33,057	*	Green Dot Corp		760
	22,433		Greenhill & Co, Inc		361
	2,353		Hennessy Advisors, Inc		79
	27,225		HFF, Inc (Class A)		786
	8,431		Houlihan Lokey, Inc		189
	47,028		Interactive Brokers Group, Inc (Class A)		1,665
	87,515		IntercontinentalExchange Group, Inc		22,400
	11,369	*	INTL FCStone, Inc		310
	318,549		Invesco Ltd		8,136
	25,877		Investment Technology Group, Inc		433
	42,677	e	iShares Russell 2000 Index Fund		4,907
	109,114		Janus Capital Group, Inc		1,519
	32,261	*	KCG Holdings, Inc		429
	73,441	*	Ladenburg Thalmann Financial Services, Inc		173
	94,587		Lazard Ltd (Class A)		2,817
	77,940		Legg Mason, Inc		2,298
	238,851	*,e	LendingClub Corp		1,027
	242,948		Leucadia National Corp		4,210
	63,483	e	LPL Financial Holdings, Inc		1,430
	10,830	*,e	Manning & Napier, Inc		103
	27,836		MarketAxess Holdings, Inc		4,047
	6,533		Marlin Business Services Corp		107
	5,352		Medley Management, Inc		31
	12,795		Moelis & Co		288
	131,247		Moody’s Corp		12,299
	1,061,977		Morgan Stanley		27,590
	14,154		Morningstar, Inc		1,158
	78,111		MSCI, Inc (Class A)		6,024
	79,974		NASDAQ OMX Group, Inc		5,172
	244,743		Navient Corp		2,925
	14,990		Nelnet, Inc (Class A)		521
	18,457	*	NewStar Financial, Inc		155
	162,400		Northern Trust Corp		10,761
	143,463		NorthStar Asset Management Group, Inc		1,465
	29,274		OM Asset Management plc		391
	36,046	*,e	On Deck Capital, Inc		186
	38,494	*	OneMain Holdings, Inc		878
	7,363		Oppenheimer Holdings, Inc		114
	17,372	*	Pico Holdings, Inc		164

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,046	*	Piper Jaffray Cos	$	454
	13,025	e	PJT Partners, Inc		300
	33,753	*,e	PRA Group, Inc		815
	9,591		Pzena Investment Management, Inc (Class A)		73
	94,509		Raymond James Financial, Inc		4,659
	8,577	*	Regional Management Corp		126
	9,098		Resource America, Inc (Class A)		88
	202,233		S&P Global, Inc		21,692
	16,951	*	Safeguard Scientifics, Inc		212
	66,420	*	Santander Consumer USA Holdings, Inc		686
	102,834		SEI Investments Co		4,947
	5,338		Silvercrest Asset Management Group, Inc		65
	317,527	*	SLM Corp		1,962
	16,599	e	SPDR S&P MidCap 400 ETF Trust		4,521
	209,242	e	SPDR Trust Series 1		43,843
	293,319		State Street Corp		15,816
	49,761	*	Stifel Financial Corp		1,565
	621,629	*	Synchrony Financial		15,715
	193,908		T Rowe Price Group, Inc		14,149
	196,566		TD Ameritrade Holding Corp		5,597
	22,143		Tiptree Financial, Inc		121
	18,355	e	Virtu Financial, Inc		330
	5,194	e	Virtus Investment Partners, Inc		370
	151,871		Voya Financial, Inc		3,760
	62,904		Waddell & Reed Financial, Inc (Class A)		1,083
	5,409		Westwood Holdings Group, Inc		280
	84,317	e	WisdomTree Investments, Inc		825
	5,697	*,e	World Acceptance Corp		260
			TOTAL DIVERSIFIED FINANCIALS		561,790

ENERGY - 6.8%
	70,225	*	Abraxas Petroleum Corp		79
	1,730		Adams Resources & Energy, Inc		67
	23,232	e	Alon USA Energy, Inc		151
	379,816		Anadarko Petroleum Corp		20,225
	122,049	*,e	Antero Resources Corp		3,171
	282,031		Apache Corp		15,701
	51,391		Archrock, Inc		484
	14,064	e	Ardmore Shipping Corp		95
	47,265	e	Atwood Oceanics, Inc		592
	325,615		Baker Hughes, Inc		14,695
	36,170	*,e	Bill Barrett Corp		231
	26,221		Bristow Group, Inc		299
	341,979		Cabot Oil & Gas Corp		8,803
	23,456	*,e	California Resources Corp		286
	88,905	*	Callon Petroleum Co		998
	15,028	e	CARBO Ceramics, Inc		197
	40,960	*	Carrizo Oil & Gas, Inc		1,468
	151,200	*	Cheniere Energy, Inc		5,678
	449,095	*,e	Chesapeake Energy Corp		1,922
	1,400,044		Chevron Corp		146,767
	69,929		Cimarex Energy Co		8,344
	4,222	*	Clayton Williams Energy, Inc		116
	62,618	*,e	Clean Energy Fuels Corp		217
	302,117	*,e	Cobalt International Energy, Inc		405

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	287,658		Columbia Pipeline Group, Inc	$	7,332
	96,868	*	Concho Resources, Inc		11,553
	922,697		ConocoPhillips		40,230
	169,243	e	Consol Energy, Inc		2,723
	12,994	*	Contango Oil & Gas Co		159
	64,271	*,e	Continental Resources, Inc		2,910
	11,149	e	CVR Energy, Inc		173
	15,277	*	Dawson Geophysical Co		124
	42,034		Delek US Holdings, Inc		555
	266,127	e	Denbury Resources, Inc		955
	388,368	*	Devon Energy Corp		14,078
	66,927		DHT Holdings, Inc		337
	47,743	e	Diamond Offshore Drilling, Inc		1,162
	53,183	*	Diamondback Energy, Inc		4,851
	17,982	*,e	Dorian LPG Ltd		127
	28,933	*	Dril-Quip, Inc		1,691
	72,966		Energen Corp		3,518
	205,165		Ensco plc		1,992
	409,176		EOG Resources, Inc		34,133
	25,000	*,e	EP Energy Corp		129
	127,879		EQT Corp		9,902
	14,364	*	Era Group, Inc		135
	17,517		Evolution Petroleum Corp		96
	107,740	*,e	EXCO Resources, Inc		140
	25,695	*	Exterran Corp		330
	3,087,526		Exxon Mobil Corp		289,425
	46,513	*,e	Fairmount Santrol Holdings, Inc		359
	168,886	*	FMC Technologies, Inc		4,504
	43,546	*	Forum Energy Technologies, Inc		754
	26,300	e	Frank’s International NV		384
	47,943	e	Frontline Ltd		377
	32,033	e	GasLog Ltd		416
	20,488	*	Gener8 Maritime, Inc		131
	9,836	*,e	Geospace Technologies Corp		161
	66,097	e	Golar LNG Ltd		1,024
	26,945		Green Plains Renewable Energy, Inc		531
	93,033	*	Gulfport Energy Corp		2,908
	637,803		Halliburton Co		28,886
	77,857	*	Helix Energy Solutions Group, Inc		526
	71,374	e	Helmerich & Payne, Inc		4,791
	209,403		Hess Corp		12,585
	120,104		HollyFrontier Corp		2,855
	23,429	*,e	Hornbeck Offshore Services, Inc		195
	23,510	*	Independence Contract Drilling, Inc		128
	823	*,e	Isramco, Inc		68
	18,447	*	Jones Energy, Inc (Class A)		76
	1,431,389		Kinder Morgan, Inc		26,796
	115,749	*,e	Kosmos Energy LLC		631
	100,057	*,e	Laredo Petroleum Holdings, Inc		1,049
	630,083		Marathon Oil Corp		9,458
	392,213		Marathon Petroleum Corp		14,888
	60,990	*	Matador Resources Co		1,208
	19,934	*	Matrix Service Co		329
	180,710	*	McDermott International, Inc		893
	75,083	*	Memorial Resource Development Corp		1,192

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	123,713	e	Murphy Oil Corp	$	3,928
	226,715		Nabors Industries Ltd		2,278
	281,302		National Oilwell Varco, Inc		9,466
	9,713	*	Natural Gas Services Group, Inc		222
	61,477	e	Navios Maritime Acq Corp		96
	147,391	*	Newfield Exploration Co		6,512
	63,344	*	Newpark Resources, Inc		367
	176,953	e	Noble Corp plc		1,458
	317,190		Noble Energy, Inc		11,378
	68,002	e	Nordic American Tanker Shipping		945
	48,403	*,e	Northern Oil And Gas, Inc		224
	131,516	*	Oasis Petroleum, Inc		1,228
	568,080		Occidental Petroleum Corp		42,924
	73,330		Oceaneering International, Inc		2,190
	38,178	*	Oil States International, Inc		1,255
	155,126		Oneok, Inc		7,361
	26,237		Overseas Shipholding Group, Inc		288
	15,683	*	Pacific Ethanol, Inc		85
	10,734		Panhandle Oil and Gas, Inc (Class A)		179
	21,092	*	Par Petroleum Corp		324
	96,030	*	Parker Drilling Co		220
	112,049	*	Parsley Energy, Inc		3,032
	109,613		Patterson-UTI Energy, Inc		2,337
	71,772		PBF Energy, Inc		1,707
	34,008	*	PDC Energy, Inc		1,959
	9,723	*	PHI, Inc		174
	337,004		Phillips 66		26,738
	42,944	*	Pioneer Energy Services Corp		198
	120,994		Pioneer Natural Resources Co		18,295
	160,111		Questar Market Resources, Inc		2,823
	124,748	e	Range Resources Corp		5,382
	32,964	*,e	Renewable Energy Group, Inc		291
	4,186	*	Rex American Resources Corp		250
	88,506	*	Rice Energy, Inc		1,951
	9,601	*	RigNet, Inc		129
	26,446	*	Ring Energy, Inc		233
	93,726	e	Rowan Cos plc		1,655
	42,512	*,e	RPC, Inc		660
	58,079	*	RSP Permian, Inc		2,026
	39,750	*,e	Sanchez Energy Corp		281
	1,036,312		Schlumberger Ltd		81,951
	121,758		Scorpio Tankers, Inc		511
	11,768	*,e	SEACOR Holdings, Inc		682
	273,827	*,e	Seadrill Ltd		887
	32,387		SemGroup Corp		1,054
	45,041	e	Ship Finance International Ltd		664
	49,819	e	SM Energy Co		1,345
	290,357	*	Southwestern Energy Co		3,653
	515,932		Spectra Energy Corp		18,899
	111,107		Superior Energy Services		2,045
	136,776	*	Synergy Resources Corp		911
	115,767		Targa Resources Investments, Inc		4,878
	34,489	e	Teekay Corp		246
	85,424	e	Teekay Tankers Ltd (Class A)		255
	26,063		Tesco Corp		174

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	89,548		Tesoro Corp	$	6,709
	61,337	*	Tetra Technologies, Inc		391
	34,989	e	Tidewater, Inc		154
	230,146		Transocean Ltd (NYSE)		2,736
	36,980	*	Unit Corp		575
	41,136	e	US Silica Holdings Inc		1,418
	350,488		Valero Energy Corp		17,875
	26,733	*,e	W&T Offshore, Inc		62
	662,803	*	Weatherford International Ltd		3,679
	52,354	e	Western Refining, Inc		1,080
	14,035	*	Westmoreland Coal Co		134
	149,893	*	Whiting Petroleum Corp		1,388
	33,684	*	Willbros Group, Inc		85
	511,638		Williams Cos, Inc		11,067
	54,384		World Fuel Services Corp		2,583
	204,132	*	WPX Energy, Inc		1,900
			TOTAL ENERGY		1,110,894

FOOD & STAPLES RETAILING - 2.1%
	19,849		Andersons, Inc		706
	28,759		Casey’s General Stores, Inc		3,782
	14,374	*	Chefs’ Warehouse Holdings, Inc		230
	324,269		Costco Wholesale Corp		50,923
	799,104		CVS Health Corp		76,506
	10,217		Ingles Markets, Inc (Class A)		381
	707,530		Kroger Co		26,030
	6,410	*,e	Natural Grocers by Vitamin C		84
	19,609	*	Performance Food Group Co		528
	14,319		Pricesmart, Inc		1,340
	763,555	*	Rite Aid Corp		5,719
	17,661	*	Smart & Final Stores, Inc		263
	27,344		Spartan Stores, Inc		836
	103,685	*,e	Sprouts Farmers Market, Inc		2,374
	191,905	*	Supervalu, Inc		906
	390,192		Sysco Corp		19,798
	36,929	*	United Natural Foods, Inc		1,728
	22,653	*	US Foods Holding Corp		549
	4,843		Village Super Market (Class A)		140
	638,679		Walgreens Boots Alliance, Inc		53,183
	1,126,393		Wal-Mart Stores, Inc		82,249
	6,935		Weis Markets, Inc		351
	236,947		Whole Foods Market, Inc		7,587
			TOTAL FOOD & STAPLES RETAILING		336,193

FOOD, BEVERAGE & TOBACCO - 5.3%
	2,319		Alico, Inc		70
	1,448,932		Altria Group, Inc		99,918
	18,848	*,e	Amplify Snack Brands, Inc		278
	427,787		Archer Daniels Midland Co		18,348
	42,015		B&G Foods, Inc (Class A)		2,025
	38,794	*,e	Blue Buffalo Pet Products, Inc		905
	6,759	*,e	Boston Beer Co, Inc (Class A)		1,156
	20,237	e	Brown-Forman Corp		2,186
	73,913		Brown-Forman Corp (Class B)		7,374
	103,143		Bunge Ltd		6,101

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,841		Calavo Growers, Inc	$	726
	22,629	e	Cal-Maine Foods, Inc		1,003
	133,730		Campbell Soup Co		8,897
	3,512		Coca-Cola Bottling Co Consolidated		518
	2,897,162		Coca-Cola Co		131,328
	315,962		ConAgra Foods, Inc		15,106
	121,868		Constellation Brands, Inc (Class A)		20,157
	7,653	*	Craft Brewers Alliance, Inc		88
	122,720	*	Darling International, Inc		1,829
	70,011	e	Dean Foods Co		1,267
	137,423		Dr Pepper Snapple Group, Inc		13,279
	5,320	*	Farmer Bros Co		171
	128,238		Flowers Foods, Inc		2,404
	23,973		Fresh Del Monte Produce, Inc		1,305
	15,781	*,e	Freshpet, Inc		147
	440,990		General Mills, Inc		31,451
	76,104	*	Hain Celestial Group, Inc		3,786
	104,240		Hershey Co		11,830
	198,483		Hormel Foods Corp		7,264
	52,645		Ingredion, Inc		6,813
	14,455	*,e	Inventure Foods, Inc		113
	11,326		J&J Snack Foods Corp		1,351
	85,788		J.M. Smucker Co		13,075
	5,780		John B. Sanfilippo & Son, Inc		246
	184,673		Kellogg Co		15,079
	443,004		Kraft Heinz Co		39,197
	14,003		Lancaster Colony Corp		1,787
	19,323	*	Landec Corp		208
	3,603	*	Lifeway Foods, Inc		35
	8,386	e	Limoneira Co		148
	85,901		McCormick & Co, Inc		9,163
	137,192		Mead Johnson Nutrition Co		12,450
	8,017		Mgp Ingredients, Inc		307
	123,252		Molson Coors Brewing Co (Class B)		12,464
	1,112,347		Mondelez International, Inc		50,623
	110,478	*	Monster Beverage Corp		17,755
	8,815	*	National Beverage Corp		554
	15,084	*	Omega Protein Corp		302
	1,075,424		PepsiCo, Inc		113,931
	1,150,138		Philip Morris International, Inc		116,992
	43,650	e	Pilgrim’s Pride Corp		1,112
	85,273		Pinnacle Foods, Inc		3,947
	44,414	*	Post Holdings, Inc		3,673
	15,145	*	Primo Water		179
	609,022		Reynolds American, Inc		32,845
	14,731	e	Sanderson Farms, Inc		1,276
	192	*	Seaboard Corp		551
	5,451	*	Seneca Foods Corp		197
	51,267		Snyder’s-Lance, Inc		1,737
	14,223	*	Synutra International, Inc		54
	14,407	e	Tootsie Roll Industries, Inc		555
	40,589	*	TreeHouse Foods, Inc		4,166
	4,760	*	Turning Point Brands, Inc		49
	217,034		Tyson Foods, Inc (Class A)		14,496
	16,609		Universal Corp		959

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	59,391	e	Vector Group Ltd	$	1,332
	128,932	*	WhiteWave Foods Co (Class A)		6,052
			TOTAL FOOD, BEVERAGE & TOBACCO		876,690

HEALTH CARE EQUIPMENT & SERVICES - 5.4%
	5,996	*,e	AAC Holdings, Inc		137
	16,624		Abaxis, Inc		785
	1,101,154		Abbott Laboratories		43,286
	30,796	*	Abiomed, Inc		3,366
	52,869	*,e	Acadia Healthcare Co, Inc		2,929
	58,290	*	Accuray, Inc		303
	20,426		Aceto Corp		447
	4,240	*	Addus HomeCare Corp		74
	9,161	*,e	Adeptus Health, Inc		473
	252,769		Aetna Inc		30,871
	26,310	*,e	Air Methods Corp		943
	63,974	*	Alere, Inc		2,666
	57,604	*	Align Technology, Inc		4,640
	133,589	*	Allscripts Healthcare Solutions, Inc		1,697
	5,488	*	Almost Family, Inc		234
	21,596	*	Amedisys, Inc		1,090
	6,596	*,e	American Renal Associates Holdings, Inc		191
	132,253		AmerisourceBergen Corp		10,490
	34,893	*	AMN Healthcare Services, Inc		1,395
	38,347	*	Amsurg Corp		2,973
	9,253		Analogic Corp		735
	18,523	*	Angiodynamics, Inc		266
	10,943	*	Anika Therapeutics, Inc		587
	194,418		Anthem, Inc		25,535
	28,653	*,e	athenahealth, Inc		3,954
	21,089	*	AtriCure, Inc		298
	1,165		Atrion Corp		498
	8,607	*,e	Avinger, Inc		103
	18,090	*	AxoGen, Inc		124
	54,958		Bard (C.R.), Inc		12,924
	378,400		Baxter International, Inc		17,111
	155,607		Becton Dickinson & Co		26,389
	51,896	*,e	BioScrip, Inc		132
	19,708	*	BioTelemetry, Inc		321
	1,002,168	*	Boston Scientific Corp		23,421
	135,933	*	Brookdale Senior Living, Inc		2,099
	25,974		Cantel Medical Corp		1,785
	21,051	*	Capital Senior Living Corp		372
	242,655		Cardinal Health, Inc		18,929
	23,626	*	Cardiovascular Systems, Inc		434
	24,169	*,e	Castlight Health, Inc		96
	124,149	*	Centene Corp		8,860
	218,621	*	Cerner Corp		12,811
	71,510	*,e	Cerus Corp		446
	11,897		Chemed Corp		1,622
	188,472		Cigna Corp		24,123
	11,529	*	Civitas Solutions, Inc		240
	87,364	*,e	Community Health Systems, Inc		1,053
	8,700	e	Computer Programs & Systems, Inc		347
	27,401	*,e	ConforMIS, Inc		192

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,631		Conmed Corp	$	985
	35,303		Cooper Cos, Inc		6,057
	7,512	*	Corvel Corp		324
	9,376	*	Cotiviti Holdings, Inc		198
	22,090	*	Cross Country Healthcare, Inc		307
	23,064		CryoLife, Inc		272
	10,389	*	Cutera, Inc		116
	16,811	*	Cynosure, Inc (Class A)		818
	124,392	*	DaVita, Inc		9,618
	178,595		DENTSPLY SIRONA, Inc		11,080
	60,914	*	DexCom, Inc		4,832
	31,033	*,e	Diplomat Pharmacy, Inc		1,086
	159,040	*	Edwards Lifesciences Corp		15,861
	59,131	*	Endologix, Inc		737
	35,447		Ensign Group, Inc		745
	3,873	*	Entellus Medical, Inc		71
	137,365	*	Envision Healthcare Holdings, Inc		3,485
	8,762	*	Evolent Health, Inc		168
	7,074	*	Exactech, Inc		189
	30,586	*	ExamWorks Group, Inc		1,066
	470,005	*	Express Scripts Holding Co		35,626
	28,070	*	Genesis Health Care, Inc		50
	30,765	*,e	GenMark Diagnostics, Inc		268
	12,233	*	Glaukos Corp		357
	51,975	*	Globus Medical, Inc		1,239
	38,562	*	Haemonetics Corp		1,118
	35,247	*	Halyard Health, Inc		1,146
	225,026	*	HCA Holdings, Inc		17,329
	29,519	*	HealthEquity, Inc		897
	65,205		Healthsouth Corp		2,531
	18,780	*	HealthStream, Inc		498
	23,599	*	Healthways, Inc		273
	12,504	*,e	HeartWare International, Inc		722
	59,318	*	Henry Schein, Inc		10,487
	48,728		Hill-Rom Holdings, Inc		2,458
	65,676	*	HMS Holdings Corp		1,157
	207,113	*	Hologic, Inc		7,166
	110,794		Humana, Inc		19,930
	10,885	*	ICU Medical, Inc		1,227
	69,037	*	Idexx Laboratories, Inc		6,411
	11,555	*,e	Imprivata, Inc		162
	112,213	*	IMS Health Holdings, Inc		2,846
	11,764	*	Inogen Inc		589
	43,464	*,e	Inovalon Holdings, Inc		783
	41,898	*	Insulet Corp		1,267
	22,691	*	Integer Holding Corp		702
	22,370	*	Integra LifeSciences Holdings Corp		1,785
	28,086	*	Intuitive Surgical, Inc		18,576
	23,110		Invacare Corp		280
	19,324	*,e	InVivo Therapeutics Holdings Corp		112
	2,271	*,e	iRadimed Corp		49
	5,587	*	IRIDEX Corp		83
	18,489	*,e	K2M Group Holdings, Inc		287
	61,383		Kindred Healthcare, Inc		693
	72,759	*	Laboratory Corp of America Holdings		9,478

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,415		Landauer, Inc	$	305
	20,219	*	LDR Holding Corp		747
	9,523		LeMaitre Vascular, Inc		136
	9,839	*	LHC Group, Inc		426
	29,927	*	LifePoint Hospitals, Inc		1,956
	20,368	*	Magellan Health Services, Inc		1,340
	32,545	*	Masimo Corp		1,709
	167,194		McKesson Corp		31,207
	40,806	*	Medidata Solutions, Inc		1,913
	67,894	*	MEDNAX, Inc		4,918
	1,044,324		Medtronic plc		90,616
	31,965		Meridian Bioscience, Inc		623
	32,366	*	Merit Medical Systems, Inc		642
	31,755	*	Molina Healthcare, Inc		1,585
	7,753		National Healthcare Corp		502
	5,598		National Research Corp		77
	24,197	*	Natus Medical, Inc		915
	26,800	*	Neogen Corp		1,507
	17,633	*,e	Nevro Corp		1,301
	38,458	*,e	Nobilis Health Corp		86
	37,361	*,e	Novocure Ltd		436
	36,380	*	NuVasive, Inc		2,173
	45,234	*	NxStage Medical, Inc		981
	27,483	*	Omnicell, Inc		941
	36,642	*	OraSure Technologies, Inc		217
	14,876	*	Orthofix International NV		631
	48,050		Owens & Minor, Inc		1,796
	14,688	*,e	Oxford Immunotec Global plc		132
	64,882		Patterson Cos, Inc		3,107
	18,741	*	Penumbra, Inc		1,115
	22,536	*	PharMerica Corp		556
	33,991	*	Premier, Inc		1,111
	16,396	*	Press Ganey Holdings, Inc		645
	10,213	*	Providence Service Corp		458
	37,773		Quality Systems, Inc		450
	105,165		Quest Diagnostics, Inc		8,561
	21,781	*	Quidel Corp		389
	21,841	*	Quorum Health Corp		234
	25,914	*	RadNet, Inc		138
	104,174		Resmed, Inc		6,587
	37,335	*,e	Rockwell Medical, Inc		283
	38,631	*	RTI Biologics, Inc		139
	9,993	*,e	Second Sight Medical Products, Inc		36
	77,335	*	Select Medical Holdings Corp		841
	21,089	*,e	Senseonics Holdings, Inc		83
	30,482	*	Spectranetics Corp		570
	208,009		St. Jude Medical, Inc		16,225
	26,141	*,e	Staar Surgical Co		144
	250,376		Stryker Corp		30,003
	13,353	*,e	Surgery Partners, Inc		239
	19,814	*	Surgical Care Affiliates, Inc		945
	11,439	*	SurModics, Inc		269
	7,474	*	Symmetry Surgical, Inc		98
	13,125	*	Tandem Diabetes Care, Inc		99
	52,951	*,e	Team Health Holdings, Inc		2,154

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,157	*,e	Teladoc, Inc	$	243
	32,425		Teleflex, Inc		5,749
	59,665	*	Tenet Healthcare Corp		1,649
	47,535	*,e	TransEnterix, Inc		58
	18,039	*	Triple-S Management Corp (Class B)		441
	698,049		UnitedHealth Group, Inc		98,564
	42,895		Universal American Corp		325
	63,572		Universal Health Services, Inc (Class B)		8,525
	9,158		US Physical Therapy, Inc		551
	2,349		Utah Medical Products, Inc		148
	73,882	*	Varian Medical Systems, Inc		6,075
	12,709	*	Vascular Solutions, Inc		529
	57,774	*	VCA Antech, Inc		3,906
	71,264	*,e	Veeva Systems, Inc		2,432
	10,409	*,e	Veracyte, Inc		52
	15,934	*	Vocera Communications, Inc		205
	32,655	*	WellCare Health Plans, Inc		3,503
	53,222		West Pharmaceutical Services, Inc		4,038
	76,096	*	Wright Medical Group NV		1,322
	25,871	*,e	Zeltiq Aesthetics, Inc		707
	137,149		Zimmer Holdings, Inc		16,510
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		882,223

HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	323,551		Avon Products, Inc		1,223
	4,290	*	Central Garden & Pet Co		98
	24,471	*	Central Garden and Pet Co (Class A)		531
	92,822		Church & Dwight Co, Inc		9,551
	93,795		Clorox Co		12,980
	646,015		Colgate-Palmolive Co		47,288
	38,803	e	Coty, Inc		1,009
	43,691		Edgewell Personal Care Co		3,688
	18,991	*	Elizabeth Arden, Inc		261
	46,250		Energizer Holdings, Inc		2,381
	157,776		Estee Lauder Cos (Class A)		14,361
	54,206	*,e	Herbalife Ltd		3,173
	66,020	*	HRG Group, Inc		906
	12,258		Inter Parfums, Inc		350
	265,004		Kimberly-Clark Corp		36,433
	4,694	*	Lifevantage Corp		64
	8,647		Medifast, Inc		288
	5,685	e	Natural Health Trends Corp		160
	5,868		Nature’s Sunshine Products, Inc		56
	40,942		Nu Skin Enterprises, Inc (Class A)		1,891
	6,693	*	Nutraceutical International Corp		155
	3,981		Oil-Dri Corp of America		138
	6,476	e	Orchids Paper Products Co		230
	1,984,296		Procter & Gamble Co		168,010
	8,319	*	Revlon, Inc (Class A)		268
	18,325	e	Spectrum Brands, Inc		2,186
	4,308	*	USANA Health Sciences, Inc		480
	10,350		WD-40 Co		1,216
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		309,375

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
INSURANCE - 4.0%
	299,077		Aflac, Inc	$	21,581
	11,198	*	Alleghany Corp		6,154
	65,031		Allied World Assurance Co Holdings Ltd		2,285
	279,290		Allstate Corp		19,536
	32,256	*	AMBAC Financial Group, Inc		531
	59,335		American Equity Investment Life Holding Co		846
	51,139		American Financial Group, Inc		3,781
	825,690		American International Group, Inc		43,671
	5,469		American National Insurance Co		619
	13,468		Amerisafe, Inc		824
	54,870		Amtrust Financial Services, Inc		1,344
	195,580		Aon plc		21,363
	92,386	*	Arch Capital Group Ltd		6,652
	23,095		Argo Group International Holdings Ltd		1,199
	130,135		Arthur J. Gallagher & Co		6,194
	45,798		Aspen Insurance Holdings Ltd		2,124
	45,888		Assurant, Inc		3,961
	98,710		Assured Guaranty Ltd		2,504
	8,461	*	Atlas Financial Holdings, Inc		146
	67,951		Axis Capital Holdings Ltd		3,737
	6,904		Baldwin & Lyons, Inc (Class B)		170
	1,404,516	*	Berkshire Hathaway, Inc (Class B)		203,360
	4,749	e	Blue Capital Reinsurance Holdings Ltd		88
	86,667		Brown & Brown, Inc		3,247
	344,091		Chubb Ltd		44,976
	111,236		Cincinnati Financial Corp		8,330
	32,879	*,e	Citizens, Inc (Class A)		250
	19,762		CNA Financial Corp		621
	132,357		Conseco, Inc		2,311
	11,609		Crawford & Co (Class B)		99
	7,812		Donegal Group, Inc (Class A)		129
	13,558	*	eHealth, Inc		190
	6,754		EMC Insurance Group, Inc		187
	24,104		Employers Holdings, Inc		699
	46,342		Endurance Specialty Holdings Ltd		3,112
	6,955	*	Enstar Group Ltd		1,127
	18,079		Erie Indemnity Co (Class A)		1,796
	31,106		Everest Re Group Ltd		5,682
	8,273		FBL Financial Group, Inc (Class A)		502
	10,321		Federated National Holding Co		197
	8,299		Fidelity & Guaranty Life		192
	80,939		First American Financial Corp		3,255
	194,828		FNF Group		7,306
	368,772	*	Genworth Financial, Inc (Class A)		951
	20,683	*	Greenlight Capital Re Ltd (Class A)		417
	7,438	*	Hallmark Financial Services		86
	31,429		Hanover Insurance Group, Inc		2,660
	290,967		Hartford Financial Services Group, Inc		12,913
	6,789	e	HCI Group, Inc		185
	18,411		Heritage Insurance Holdings, Inc		220
	29,606		Horace Mann Educators Corp		1,000
	5,951		Independence Holding Co		107
	8,975		Infinity Property & Casualty Corp		724
	1,119		Investors Title Co		107
	10,696		James River Group Holdings Ltd		363

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,110		Kemper Corp	$	995
	177,414		Lincoln National Corp		6,878
	208,252		Loews Corp		8,557
	43,759		Maiden Holdings Ltd		536
	10,146	*	Markel Corp		9,667
	387,869		Marsh & McLennan Cos, Inc		26,554
	95,769	*	MBIA, Inc		654
	20,342		Mercury General Corp		1,081
	685,931		Metlife, Inc		27,321
	35,673		National General Holdings Corp		764
	6,453		National Interstate Corp		195
	1,551		National Western Life Group, Inc		303
	8,338		Navigators Group, Inc		767
	179,656		Old Republic International Corp		3,466
	17,609		OneBeacon Insurance Group Ltd (Class A)		243
	6,329	*,e	Patriot National, Inc		52
	40,061	e	Primerica, Inc		2,293
	198,757		Principal Financial Group		8,171
	41,338		ProAssurance Corp		2,214
	434,063		Progressive Corp		14,541
	329,057		Prudential Financial, Inc		23,475
	47,454		Reinsurance Group of America, Inc (Class A)		4,603
	33,807		RenaissanceRe Holdings Ltd		3,970
	30,938		RLI Corp		2,128
	11,093		Safety Insurance Group, Inc		683
	42,211		Selective Insurance Group, Inc		1,613
	11,039		State Auto Financial Corp		242
	21,827		State National Cos, Inc		230
	16,901		Stewart Information Services Corp		700
	58,727	*	Third Point Reinsurance Ltd		688
	88,177		Torchmark Corp		5,451
	217,086		Travelers Cos, Inc		25,842
	14,056	*,e	Trupanion, Inc		186
	6,929	*	United America Indemnity Ltd		191
	16,104		United Fire & Casualty Co		683
	12,682		United Insurance Holdings Corp		208
	22,242		Universal Insurance Holdings, Inc		413
	176,533		UnumProvident Corp		5,612
	55,625		Validus Holdings Ltd		2,703
	71,089		W.R. Berkley Corp		4,260
	3,672		White Mountains Insurance Group Ltd		3,092
	205,883		XL Capital Ltd		6,858
			TOTAL INSURANCE		665,694

MATERIALS - 3.3%
	22,177		A. Schulman, Inc		542
	3,376		AEP Industries, Inc		272
	16,379	*	AgroFresh Solutions, Inc		87
	145,577		Air Products & Chemicals, Inc		20,678
	168,607	*,e	AK Steel Holding Corp		786
	83,129		Albemarle Corp		6,593
	967,634		Alcoa, Inc		8,970
	81,466	e	Allegheny Technologies, Inc		1,039
	20,501		American Vanguard Corp		310
	4,440		Ampco-Pittsburgh Corp		50

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,295		Aptargroup, Inc	$	3,663
	46,088		Ashland, Inc		5,290
	66,121		Avery Dennison Corp		4,943
	111,094	*	Axalta Coating Systems Ltd		2,947
	52,910		Axiall Corp		1,725
	23,190		Balchem Corp		1,383
	102,049	e	Ball Corp		7,377
	69,866		Bemis Co, Inc		3,597
	89,719	*	Berry Plastics Group, Inc		3,486
	29,817	*	Boise Cascade Co		684
	45,418		Cabot Corp		2,074
	39,299		Calgon Carbon Corp		517
	34,250		Carpenter Technology Corp		1,128
	109,510		Celanese Corp (Series A)		7,167
	36,798	*,e	Century Aluminum Co		233
	169,311		CF Industries Holdings, Inc		4,080
	5,158		Chase Corp		305
	133,935		Chemours Co		1,104
	47,225	*	Chemtura		1,246
	12,556	*	Clearwater Paper Corp		821
	117,787	*,e	Cliffs Natural Resources, Inc		668
	23,538	*	Codexis, Inc		95
	112,040	*,e	Coeur Mining, Inc		1,194
	85,866		Commercial Metals Co		1,451
	25,270	e	Compass Minerals International, Inc		1,875
	99,929	*	Crown Holdings, Inc		5,063
	8,022		Deltic Timber Corp		539
	47,043		Domtar Corp		1,647
	828,876		Dow Chemical Co		41,203
	34,706		Eagle Materials, Inc		2,678
	109,907		Eastman Chemical Co		7,463
	193,848		Ecolab, Inc		22,990
	650,748		EI du Pont de Nemours & Co		42,168
	55,318	*	Ferro Corp		740
	47,286		Ferroglobe plc		407
	40,724	*,e	Flotek Industries, Inc		538
	98,927		FMC Corp		4,581
	929,728		Freeport-McMoRan Copper & Gold, Inc (Class B)		10,357
	17,819		FutureFuel Corp		194
	52,340	*	GCP Applied Technologies, Inc		1,363
	39,231	*	Gold Resource Corp		141
	236,879		Graphic Packaging Holding Co		2,970
	22,699		Greif, Inc (Class A)		846
	37,440		H.B. Fuller Co		1,647
	1,617	*	Handy & Harman Ltd		42
	7,923		Hawkins, Inc		344
	9,402		Haynes International, Inc		302
	54,162	*	Headwaters, Inc		972
	266,380	e	Hecla Mining Co		1,359
	146,965		Huntsman Corp		1,977
	32,193	*	Ingevity Corp		1,096
	15,371		Innophos Holdings, Inc		649
	18,027		Innospec, Inc		829
	59,224		International Flavors & Fragrances, Inc		7,466
	304,905		International Paper Co		12,922

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,103		Kaiser Aluminum Corp	$	1,185
	62,146		Kapstone Paper and Packaging Corp		809
	7,156		KMG Chemicals, Inc		186
	15,231	*	Koppers Holdings, Inc		468
	21,628	*	Kraton Polymers LLC		604
	14,288	e	Kronos Worldwide, Inc		75
	104,108	*	Louisiana-Pacific Corp		1,806
	13,887	*,e	LSB Industries, Inc		168
	253,801		LyondellBasell Industries AF S.C.A		18,888
	47,207		Martin Marietta Materials, Inc		9,064
	14,781		Materion Corp		366
	25,740		Minerals Technologies, Inc		1,462
	323,697		Monsanto Co		33,473
	257,110		Mosaic Co		6,731
	15,401	*	Multi Packaging Solutions International Ltd		206
	18,118		Myers Industries, Inc		261
	12,153		Neenah Paper, Inc		879
	5,473		NewMarket Corp		2,268
	394,982		Newmont Mining Corp		15,452
	236,068		Nucor Corp		11,664
	121,769		Olin Corp		3,025
	6,559		Olympic Steel, Inc		179
	32,453	*	Omnova Solutions, Inc		235
	119,497	*	Owens-Illinois, Inc		2,152
	69,449		Packaging Corp of America		4,648
	32,454		PH Glatfelter Co		635
	104,607	*,e	Platform Specialty Products Corp		929
	61,942		PolyOne Corp		2,183
	197,219		PPG Industries, Inc		20,540
	212,370		Praxair, Inc		23,868
	9,804		Quaker Chemical Corp		875
	31,957		Rayonier Advanced Materials, Inc		434
	18,294	*	Real Industry, Inc		142
	51,675		Reliance Steel & Aluminum Co		3,974
	48,353		Royal Gold, Inc		3,482
	96,743		RPM International, Inc		4,832
	8,418	*	Ryerson Holding Corp		147
	19,399		Schnitzer Steel Industries, Inc (Class A)		341
	22,501		Schweitzer-Mauduit International, Inc		794
	33,262		Scotts Miracle-Gro Co (Class A)		2,325
	145,870		Sealed Air Corp		6,706
	32,785		Sensient Technologies Corp		2,329
	59,894		Sherwin-Williams Co		17,589
	30,199		Silgan Holdings, Inc		1,554
	73,849		Sonoco Products Co		3,667
	62,159	e	Southern Copper Corp (NY)		1,677
	174,027		Steel Dynamics, Inc		4,264
	13,671		Stepan Co		814
	90,832	*	Stillwater Mining Co		1,077
	35,682	*	Summit Materials, Inc		730
	48,451		SunCoke Energy, Inc		282
	207,904		Tahoe Resources, Inc		3,112
	29,755		TimkenSteel Corp		286
	15,246	*	Trecora Resources		159
	19,671		Tredegar Corp		317

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,483	*	Trinseo S.A.	$	665
	46,070	e	Tronox Ltd		203
	2,124	*	UFP Technologies, Inc		48
	1,357		United States Lime & Minerals, Inc		80
	101,053	e	United States Steel Corp		1,704
	10,188	*	US Concrete, Inc		621
	58,312		Valspar Corp		6,299
	98,368		Vulcan Materials Co		11,840
	28,083		Westlake Chemical Corp		1,205
	185,895		WestRock Co		7,226
	33,320	*	Worthington Industries, Inc		1,409
	52,361		WR Grace & Co		3,833
			TOTAL MATERIALS		535,324

MEDIA - 3.0%
	16,000		AMC Entertainment Holdings, Inc		442
	44,802	*	AMC Networks, Inc		2,707
	2,614		Cable One, Inc		1,337
	17,686	*	Carmike Cinemas, Inc		533
	300,085		CBS Corp (Class B)		16,337
	57,360	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		121
	151,238	*	Charter Communications, Inc		34,579
	78,739		Cinemark Holdings, Inc		2,871
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		174
	1,794,423		Comcast Corp (Class A)		116,978
	772	*,e	Daily Journal Corp		183
	111,235	*,e	Discovery Communications, Inc (Class A)		2,806
	174,955	*	Discovery Communications, Inc (Class C)		4,173
	160,944	*	DISH Network Corp (Class A)		8,433
	56,592	*	DreamWorks Animation SKG, Inc (Class A)		2,313
	18,269		Entercom Communications Corp (Class A)		248
	50,932		Entravision Communications Corp (Class A)		342
	8,292	*,e	Eros International plc		135
	44,238		EW Scripps Co (Class A)		701
	86,657		Gannett Co, Inc		1,197
	34,321	*,e	Global Eagle Entertainment, Inc		228
	46,930	*	Gray Television, Inc		509
	6,780	*,e	Hemisphere Media Group, Inc		80
	43,669	*	Imax Corp		1,287
	305,436		Interpublic Group of Cos, Inc		7,056
	33,017		John Wiley & Sons, Inc (Class A)		1,723
	7,655	*,e	Liberty Braves Group (Class A)		115
	25,374	*,e	Liberty Braves Group (Class C)		372
	19,204	*	Liberty Broadband Corp (Class A)		1,141
	66,950	*	Liberty Broadband Corp (Class C)		4,017
	19,139	*	Liberty Media Group (Class A)		366
	33,752	*,e	Liberty Media Group (Class C)		640
	67,298	*	Liberty SiriusXM Group (Class A)		2,110
	135,948	*	Liberty SiriusXM Group (Class C)		4,197
	70,064	e	Lions Gate Entertainment Corp		1,417
	108,249	*	Live Nation, Inc		2,544
	9,932	*	Loral Space & Communications, Inc		350
	15,311	*	Madison Square Garden Co		2,641
	37,799	e	MDC Partners, Inc		691
	80,085	*	Media General, Inc		1,377

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,535		Meredith Corp	$	1,377
	45,934	*	MSG Networks, Inc		705
	46,358		National CineMedia, Inc		718
	29,023		New Media Investment Group, Inc		524
	92,052		New York Times Co (Class A)		1,114
	283,916		News Corp		3,222
	86,319		News Corp (Class B)		1,007
	23,355	e	Nexstar Broadcasting Group, Inc (Class A)		1,111
	175,351		Omnicom Group, Inc		14,289
	15,910	*	Radio One, Inc		51
	12,373	*	Reading International, Inc		155
	60,087	e	Regal Entertainment Group (Class A)		1,324
	3,654		Saga Communications, Inc		145
	19,984		Scholastic Corp		792
	61,043		Scripps Networks Interactive (Class A)		3,801
	49,336		Sinclair Broadcast Group, Inc (Class A)		1,473
	1,321,277	*,e	Sirius XM Holdings, Inc		5,219
	63,623	*	Starz-Liberty Capital		1,904
	161,282		TEGNA, Inc		3,737
	227,373		Thomson Corp		9,190
	585,391		Time Warner, Inc		43,050
	81,058		Time, Inc		1,334
	5,104	*	Townsquare Media, Inc		40
	57,786		Tribune Co		2,264
	19,202	*	tronc, Inc		265
	808,385		Twenty-First Century Fox, Inc		21,867
	357,708		Twenty-First Century Fox, Inc (Class B)		9,748
	7,706		Viacom, Inc		358
	256,908		Viacom, Inc (Class B)		10,654
	1,208,288		Walt Disney Co		118,195
	27,047	e	World Wrestling Entertainment, Inc (Class A)		498
			TOTAL MEDIA		489,602

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	1,211,353		AbbVie, Inc		74,995
	66,244	*,e	Acadia Pharmaceuticals, Inc		2,150
	16,937	*,e	Accelerate Diagnostics, Inc		244
	20,273	*	Acceleron Pharma, Inc		689
	28,364	*,e	AcelRx Pharmaceuticals, Inc		76
	86,253	*	Achillion Pharmaceuticals, Inc		673
	6,392	*	Aclaris Therapeutics, Inc		118
	31,389	*	Acorda Therapeutics, Inc		801
	12,735	*,e	Adamas Pharmaceuticals, Inc		193
	26,641	*,e	Aduro Biotech, Inc		301
	22,408	*,e	Advaxis, Inc		181
	14,848	*	Adverum Biotechnologies, Inc		47
	17,596	*	Aerie Pharmaceuticals, Inc		310
	56,789	*,e	Agenus, Inc		230
	7,692	*,e	Agile Therapeutics, Inc		59
	246,217		Agilent Technologies, Inc		10,922
	20,983	*,e	Agios Pharmaceuticals, Inc		879
	19,631	*,e	Aimmune Therapeutics, Inc		212
	26,366	*,e	Akebia Therapeutics, Inc		197
	62,292	*	Akorn, Inc		1,774
	17,375	*,e	Albany Molecular Research, Inc		234

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,564	*,e	Alder Biopharmaceuticals, Inc	$	838
	161,444	*	Alexion Pharmaceuticals, Inc		18,850
	109,475	*	Alkermes plc		4,732
	294,259	*	Allergan plc		68,000
	54,942	*	Alnylam Pharmaceuticals, Inc		3,049
	25,493	*,e	AMAG Pharmaceuticals, Inc		610
	559,399		Amgen, Inc		85,112
	93,275	*	Amicus Therapeutics, Inc		509
	25,774	*	Amphastar Pharmaceuticals, Inc		415
	34,224	*,e	Ampio Pharmaceuticals, Inc		44
	23,093	*,e	Anavex Life Sciences Corp		141
	5,767	*,e	ANI Pharmaceuticals, Inc		322
	26,005	*,e	Anthera Pharmaceuticals, Inc		80
	9,076	*	Applied Genetic Technologies Corp		128
	22,162	*,e	Aratana Therapeutics, Inc		140
	16,020	*,e	Ardelyx, Inc		140
	179,094	*,e	Arena Pharmaceuticals, Inc		306
	8,722	*,e	Argos Therapeutics, Inc		53
	124,166	*,e	Ariad Pharmaceuticals, Inc		918
	103,770	*,e	Array Biopharma, Inc		369
	39,456	*,e	Arrowhead Research Corp		210
	17,138	*,e	Asterias Biotherapeutics, Inc		41
	17,368	*,e	Atara Biotherapeutics, Inc		391
	52,762	*,e	Athersys, Inc		115
	3,387	*	Avexis, Inc		129
	18,230	*	Axovant Sciences Ltd		234
	7,312	*,e	Axsome Therapeutics, Inc		55
	15,642	*,e	Bellicum Pharmaceuticals, Inc		203
	53,741	*	BioCryst Pharmaceuticals, Inc		153
	163,918	*	Biogen Idec, Inc		39,639
	120,472	*	BioMarin Pharmaceutical, Inc		9,373
	59,746	*,e	Bio-Path Holdings, Inc		119
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		2,219
	3,856	*	Biospecifics Technologies Corp		154
	28,168		Bio-Techne Corp		3,177
	37,736	*,e	BioTime, Inc		99
	27,414	*,e	Bluebird Bio, Inc		1,187
	14,832	*	Blueprint Medicines Corp		300
	1,237,854		Bristol-Myers Squibb Co		91,044
	83,145		Bruker BioSciences Corp		1,891
	23,380	*	Cambrex Corp		1,209
	12,327	*,e	Cara Therapeutics Inc		59
	61,808	*	Catalent, Inc		1,421
	21,040	*	Celator Pharmaceuticals, Inc		635
	575,360	*	Celgene Corp		56,748
	73,063	*,e	Celldex Therapeutics, Inc		321
	7,210	*,e	Cellular Biomedicine Group, Inc		86
	30,752	*,e	Cempra, Inc		507
	52,661	*	Cepheid, Inc		1,619
	35,378	*	Charles River Laboratories International, Inc		2,917
	18,304	*,e	ChemoCentryx, Inc		82
	30,594	*	Chimerix, Inc		120
	21,144	*,e	ChromaDex Corp		88
	8,028	*,e	Cidara Therapeutics, Inc		83
	23,470	*,e	Clovis Oncology, Inc		322

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,791	*,e	Coherus Biosciences, Inc	$	368
	9,867	*,e	Collegium Pharmaceutical, Inc		117
	11,239	*	Concert Pharmaceuticals Inc		126
	54,169	*,e	Corcept Therapeutics, Inc		296
	84,568	*	Curis, Inc		132
	25,879	*,e	Cytokinetics, Inc		246
	15,216	*	CytomX Therapeutics, Inc		155
	41,833	*,e	CytRx Corp		93
	44,278	*,e	Depomed, Inc		869
	15,253	*	Dermira, Inc		446
	8,535	*,e	Dimension Therapeutics, Inc		51
	84,059	*	Durect Corp		103
	28,486	*,e	Dynavax Technologies Corp		415
	6,368	*,e	Eagle Pharmaceuticals, Inc		247
	12,202	*,e	Edge Therapeutics, Inc		123
	5,311	*	Editas Medicine, Inc		130
	17,506	*	Egalet Corp		87
	2,424	*,e	Eiger BioPharmaceuticals, Inc		48
	721,760		Eli Lilly & Co		56,839
	24,015	*	Emergent Biosolutions, Inc		675
	11,786	*	Enanta Pharmaceuticals, Inc		260
	152,236	*	Endo International plc		2,373
	33,769	*,e	Endocyte, Inc		108
	27,058	*	Enzo Biochem, Inc		162
	29,818	*,e	Epizyme, Inc		305
	9,694	*,e	Esperion Thereapeutics, Inc		96
	71,707	*,e	Exact Sciences Corp		878
	165,185	*,e	Exelixis, Inc		1,290
	38,418	*	FibroGen, Inc		630
	19,800	*	Five Prime Therapeutics, Inc		819
	7,262	*,e	Flex Pharma, Inc		74
	14,188	*,e	Flexion Therapeutics Inc		212
	20,851	*,e	Fluidigm Corp		188
	24,951	*,e	Fortress Biotech, Inc		67
	8,878	*,e	Foundation Medicine, Inc		166
	129,522	*,e	Galena Biopharma, Inc		60
	12,920	*	Genomic Health, Inc		335
	114,325	*,e	Geron Corp		306
	989,254		Gilead Sciences, Inc		82,524
	10,061	*,e	Global Blood Therapeutics, Inc		167
	7,728	*	GlycoMimetics Inc		56
	79,065	*,e	Halozyme Therapeutics, Inc		682
	23,400	*,e	Heron Therapeutics, Inc		422
	4,132	*	Heska Corp		154
	118,653	*,e	Horizon Pharma plc		1,954
	62,986	*,e	Idera Pharmaceuticals, Inc		96
	22,215	*	Ignyta, Inc		120
	106,890	*	Illumina, Inc		15,005
	8,484	*,e	Immune Design Corp		69
	65,469	*,e	Immunogen, Inc		202
	69,521	*,e	Immunomedics, Inc		161
	53,162	*	Impax Laboratories, Inc		1,532
	30,663	*	INC Research Holdings, Inc		1,169
	120,847	*	Incyte Corp		9,665
	36,466	*	Infinity Pharmaceuticals, Inc		49

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	63,139	e	Innoviva, Inc	$	665
	13,739	*	Inotek Pharmaceuticals Corp		102
	49,160	*,e	Inovio Pharmaceuticals, Inc		454
	45,452	*	Insmed, Inc		448
	17,481	*,e	Insys Therapeutics, Inc		226
	4,943	*,e	Intellia Therapeutics, Inc		106
	12,146	*,e	Intercept Pharmaceuticals, Inc		1,733
	18,642	*,e	Intersect ENT, Inc		241
	25,348	*,e	Intra-Cellular Therapies, Inc		984
	41,392	*,e	Intrexon Corp		1,019
	15,922	*,e	Invitae Corp		118
	89,084	*,e	Ionis Pharmaceuticals, Inc		2,075
	95,014	*,e	Ironwood Pharmaceuticals, Inc		1,242
	2,039,744		Johnson & Johnson		247,421
	46,335	*,e	Juno Therapeutics, Inc		1,781
	17,078	*,e	Karyopharm Therapeutics, Inc		115
	59,203	*,e	Keryx Biopharmaceuticals, Inc		392
	28,782	*,e	Kite Pharma, Inc		1,439
	8,512	*,e	La Jolla Pharmaceutical Co		136
	19,506	*,e	Lannett Co, Inc		464
	30,110	*,e	Lexicon Pharmaceuticals, Inc		432
	13,029	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,554
	34,093	*,e	Lion Biotechnologies, Inc		276
	11,696	*,e	Lipocine, Inc		36
	9,258	*,e	Loxo Oncology, Inc		215
	31,134	*	Luminex Corp		630
	23,459	*	MacroGenics, Inc		633
	81,217	*	Mallinckrodt plc		4,936
	233,256	*	MannKind Corp		271
	18,157	*	Medgenics, Inc		101
	49,764	*,e	Medicines Co		1,674
	22,034	*,e	MediciNova, Inc		166
	118,165	*	Medivation, Inc		7,125
	2,063,097		Merck & Co, Inc		118,855
	90,592	*,e	Merrimack Pharmaceuticals, Inc		488
	19,507	*	Mettler-Toledo International, Inc		7,119
	79,969	*,e	MiMedx Group, Inc		638
	12,264	*,e	Minerva Neurosciences, Inc		125
	7,201	*,e	Mirati Therapeutics, Inc		39
	44,870	*	Momenta Pharmaceuticals, Inc		485
	320,159	*	Mylan NV		13,844
	8,608	*	MyoKardia, Inc		107
	51,524	*,e	Myriad Genetics, Inc		1,577
	10,862	*,e	NanoString Technologies, Inc		137
	12,660	*,e	NantKwest, Inc		79
	19,889	*,e	Natera, Inc		240
	96,260	*	Nektar Therapeutics		1,370
	38,546	*	NeoGenomics, Inc		310
	10,102	*,e	Neos Therapeutics, Inc		94
	63,342	*	Neurocrine Biosciences, Inc		2,879
	14,869	*,e	NewLink Genetics Corp		167
	197,815	*,e	Novavax, Inc		1,438
	9,516	*,e	Ocular Therapeutix, Inc		47
	26,874	*,e	Omeros Corp		283
	12,341	*,e	OncoMed Pharmaceuticals, Inc		152

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,405	*	Ophthotech Corp	$	1,143
	238,337	*,e	Opko Health, Inc		2,226
	60,008	*,e	Organovo Holdings, Inc		223
	12,630	e	Osiris Therapeutics, Inc		64
	18,209	*,e	Otonomy, Inc		289
	17,337	*,e	OvaScience, Inc		90
	55,440	*,e	Pacific Biosciences of California, Inc		390
	27,071	*	Pacira Pharmaceuticals, Inc		913
	9,271		Paratek Pharmaceuticals, Inc		129
	40,956	*	Parexel International Corp		2,575
	120,653	e	PDL BioPharma, Inc		379
	80,589		PerkinElmer, Inc		4,224
	102,293		Perrigo Co plc		9,275
	12,158	*	Pfenex, Inc		102
	4,474,747		Pfizer, Inc		157,556
	43,415	*	PharmAthene, Inc		106
	12,927		Phibro Animal Health Corp		241
	36,240	*	Portola Pharmaceuticals, Inc		855
	14,756	*	PRA Health Sciences, Inc		616
	38,233	*	Prestige Brands Holdings, Inc		2,118
	51,583	*,e	Progenics Pharmaceuticals, Inc		218
	5,062	*,e	Proteostasis Therapeutics, Inc		61
	25,750	*,e	Prothena Corp plc		900
	25,096	*,e	PTC Therapeutics, Inc		176
	18,465	*,e	Puma Biotechnology, Inc		550
	173,674	*	Qiagen NV (NASDAQ)		3,788
	61,215	*	Quintiles Transnational Holdings, Inc		3,999
	23,135	*,e	Radius Health, Inc		850
	59,500	*	Raptor Pharmaceutical Corp		320
	4,072	*	Reata Pharmaceuticals, Inc		80
	58,043	*	Regeneron Pharmaceuticals, Inc		20,270
	15,571	*,e	REGENXBIO, Inc		125
	29,873	*,e	Regulus Therapeutics, Inc		86
	27,773	*,e	Relypsa, Inc		514
	23,464	*	Repligen Corp		642
	25,726	*,e	Retrophin, Inc		458
	15,494	*,e	Revance Therapeutics, Inc		211
	66,996	*	Rigel Pharmaceuticals, Inc		149
	19,717	*,e	Sage Therapeutics, Inc		594
	16,776	*	Sagent Pharmaceuticals		251
	52,234	*,e	Sangamo Biosciences, Inc		302
	30,737	*,e	Sarepta Therapeutics, Inc		586
	38,141	*	Sciclone Pharmaceuticals, Inc		498
	71,265	*,e	Seattle Genetics, Inc		2,880
	13,345	*,e	Seres Therapeutics, Inc		388
	20,814	*,e	Sorrento Therapeutics, Inc		117
	12,588	*,e	Spark Therapeutics, Inc		644
	47,540	*	Spectrum Pharmaceuticals, Inc		312
	12,168	*,e	Stemline Therapeutics, Inc		82
	18,349	*	Sucampo Pharmaceuticals, Inc (Class A)		201
	34,621	*	Supernus Pharmaceuticals, Inc		705
	2,800	*	Syndax Pharmaceuticals, Inc		28
	131,372	*,e	Synergy Pharmaceuticals, Inc		499
	54,879	*,e	Synthetic Biologics, Inc		99
	7,419	*,e	T2 Biosystems, Inc		59

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,885	*,e	Teligent, Inc	$	213
	17,895	*,e	TESARO, Inc		1,504
	26,726	*	Tetraphase Pharmaceuticals, Inc		115
	26,551	*,e	TG Therapeutics, Inc		161
	98,667	*,e	TherapeuticsMD, Inc		839
	26,724	*,e	Theravance Biopharma, Inc		606
	290,044		Thermo Electron Corp		42,857
	13,797	*	Titan Pharmaceuticals, Inc		75
	6,981	*,e	Tobira Therapeutics, Inc		88
	7,534	*,e	Tokai Pharmaceuticals, Inc		42
	32,080	*	Trevena, Inc		202
	17,931	*,e	Trovagene, Inc		81
	26,573	*,e	Ultragenyx Pharmaceutical, Inc		1,300
	33,862	*	United Therapeutics Corp		3,587
	26,593	*	Vanda Pharmaceuticals, Inc		298
	20,135	*,e	Versartis, Inc		223
	183,082	*	Vertex Pharmaceuticals, Inc		15,749
	18,858	*,e	Vitae Pharmaceuticals, Inc		204
	16,565	*,e	Vital Therapies, Inc		103
	8,673	*,e	Voyager Therapeutics, Inc		95
	57,722	*	VWR Corp		1,668
	57,060	*	Waters Corp		8,026
	5,620	*	WaVe Life Sciences Pte Ltd		116
	8,356	*,e	XBiotech, Inc		175
	23,768	*	Xencor Inc		451
	42,869	*	Xenoport, Inc		302
	12,439	*	Zafgen, Inc		75
	90,754	*,e	ZIOPHARM Oncology, Inc		498
	338,766		Zoetis Inc		16,078
	14,763	*	Zogenix, Inc		119
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,431,602

REAL ESTATE - 4.7%
	52,319		Acadia Realty Trust		1,858
	21,134		AG Mortgage Investment Trust		305
	16,903		Agree Realty Corp		815
	36,954		Alexander & Baldwin, Inc		1,336
	1,574		Alexander’s, Inc		644
	54,203		Alexandria Real Estate Equities, Inc		5,611
	8,343	*,e	Altisource Portfolio Solutions S.A.		232
	42,959	e	Altisource Residential Corp		395
	28,646		American Assets Trust,Inc		1,216
	96,842		American Campus Communities, Inc		5,120
	246,292		American Capital Agency Corp		4,882
	34,047		American Capital Mortgage, Inc		538
	130,151		American Homes 4 Rent		2,665
	313,595		American Tower Corp		35,628
	664,625		Annaly Capital Management, Inc		7,357
	70,479		Anworth Mortgage Asset Corp		331
	115,722		Apartment Investment & Management Co (Class A)		5,110
	41,641	e	Apollo Commercial Real Estate Finance, Inc		669
	130,404	e	Apple Hospitality REIT, Inc		2,453
	22,112		Ares Commercial Real Estate Corp		272
	22,700		Armada Hoffler Properties, Inc		312
	28,906	e	ARMOUR Residential REIT, Inc		578

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,771		Ashford Hospitality Prime, Inc	$	294
	61,750		Ashford Hospitality Trust, Inc		332
	7,072	*,e	AV Homes, Inc		86
	101,923		AvalonBay Communities, Inc		18,386
	13,459	e	Bluerock Residential Growth REIT, Inc		175
	113,963		Boston Properties, Inc		15,032
	127,370		Brandywine Realty Trust		2,140
	141,963		Brixmor Property Group, Inc		3,756
	64,335		Camden Property Trust		5,689
	71,072		Capstead Mortgage Corp		689
	61,176		Care Capital Properties, Inc		1,603
	42,178		CareTrust REIT, Inc		581
	29,192		CatchMark Timber Trust Inc		357
	124,137		CBL & Associates Properties, Inc		1,156
	222,671	*	CBRE Group, Inc		5,896
	62,949		Cedar Realty Trust, Inc		468
	28,285		Chatham Lodging Trust		622
	44,088		Chesapeake Lodging Trust		1,025
	130,009		Chimera Investment Corp		2,041
	13,323	*	City Office REIT, Inc		173
	80,158	e	Colony Financial, Inc		1,230
	47,997	e	Colony Starwood Homes		1,460
	92,725		Columbia Property Trust, Inc		1,984
	90,140		Communications Sales & Leasing, Inc		2,605
	9,586		Community Healthcare Trust, Inc		203
	3,235	e	Consolidated-Tomoka Land Co		154
	5,827	e	CorEnergy Infrastructure Trust, Inc		168
	24,799		Coresite Realty		2,199
	69,853		Corporate Office Properties Trust		2,066
	86,682		Corrections Corp of America		3,036
	152,535		Cousins Properties, Inc		1,586
	249,922		Crown Castle International Corp		25,350
	131,589		CubeSmart		4,063
	54,639		CyrusOne, Inc		3,041
	112,419		CYS Investments, Inc		941
	65,501		DCT Industrial Trust, Inc		3,147
	227,125		DDR Corp		4,120
	148,119		DiamondRock Hospitality Co		1,338
	109,102	e	Digital Realty Trust, Inc		11,891
	104,001		Douglas Emmett, Inc		3,694
	256,864		Duke Realty Corp		6,848
	55,010		DuPont Fabros Technology, Inc		2,615
	33,323		Dynex Capital, Inc		231
	17,274		Easterly Government Properties, Inc		341
	23,492		EastGroup Properties, Inc		1,619
	48,917		Education Realty Trust, Inc		2,257
	89,883		Empire State Realty Trust, Inc		1,707
	46,901		Entertainment Properties Trust		3,784
	51,436		Equinix, Inc		19,943
	93,132	*	Equity Commonwealth		2,713
	61,216		Equity Lifestyle Properties, Inc		4,900
	67,836		Equity One, Inc		2,183
	269,127		Equity Residential		18,537
	48,297		Essex Property Trust, Inc		11,016
	89,496		Extra Space Storage, Inc		8,282

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,777	e	Farmland Partners, Inc	$	99
	52,442		Federal Realty Investment Trust		8,682
	100,810		FelCor Lodging Trust, Inc		628
	82,257		First Industrial Realty Trust, Inc		2,288
	42,783		First Potomac Realty Trust		394
	169,880		Forest City Realty Trust, Inc		3,790
	25,631	*,e	Forestar Group, Inc		305
	44,705		Four Corners Property Trust, Inc		920
	72,511		Franklin Street Properties Corp		890
	4,942	*	FRP Holdings, Inc		171
	138,908		Gaming and Leisure Properties, Inc		4,790
	427,695		General Growth Properties, Inc		12,754
	54,016		Geo Group, Inc		1,846
	18,198		Getty Realty Corp		390
	15,436		Gladstone Commercial Corp		261
	125,237	*,e	Global Net Lease, Inc		996
	51,670	e	Government Properties Income Trust		1,192
	309,774		Gramercy Property Trust		2,856
	3,738		Great Ajax Corp		52
	26,910		Hannon Armstrong Sustainable Infrastructure Capital, Inc		581
	72,018		Hatteras Financial Corp		1,181
	347,379		HCP, Inc		12,290
	76,928		Healthcare Realty Trust, Inc		2,692
	100,396		Healthcare Trust of America, Inc		3,247
	36,742		Hersha Hospitality Trust		630
	71,216		Highwoods Properties, Inc		3,760
	110,912		Hospitality Properties Trust		3,194
	546,603		Host Marriott Corp		8,860
	26,825	*	Howard Hughes Corp		3,067
	54,955		Hudson Pacific Properties		1,604
	29,912		Independence Realty Trust, Inc		245
	88,593		Invesco Mortgage Capital, Inc		1,213
	90,609		Investors Real Estate Trust		586
	192,234		Iron Mountain, Inc		7,657
	53,599	*	iStar Financial, Inc		514
	33,300		Jones Lang LaSalle, Inc		3,245
	61,074		Kennedy-Wilson Holdings, Inc		1,158
	67,058		Kilroy Realty Corp		4,445
	305,650		Kimco Realty Corp		9,591
	60,886		Kite Realty Group Trust		1,707
	28,136		Ladder Capital Corp		343
	60,834		Lamar Advertising Co		4,033
	78,833		LaSalle Hotel Properties		1,859
	162,758		Lexington Realty Trust		1,645
	109,119		Liberty Property Trust		4,334
	27,155		LTC Properties, Inc		1,405
	110,934		Macerich Co		9,473
	67,066		Mack-Cali Realty Corp		1,811
	9,904	*	Marcus & Millichap, Inc		252
	174,514		Medical Properties Trust, Inc		2,654
	277,088		MFA Mortgage Investments, Inc		2,014
	55,794		Mid-America Apartment Communities, Inc		5,936
	46,125		Monmouth Real Estate Investment Corp (Class A)		612
	121,396		Monogram Residential Trust, Inc		1,239
	27,658		National Health Investors, Inc		2,077

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	106,194		National Retail Properties, Inc	$	5,492
	17,361		National Storage Affiliates Trust		361
	145,076	e	New Residential Investment Corp		2,008
	55,714		New Senior Investment Group, Inc		595
	72,745	e	New York Mortgage Trust, Inc		444
	124,499		New York REIT, Inc		1,152
	14,395		NexPoint Residential Trust, Inc		262
	42,262		NorthStar Realty Europe Corp		391
	126,786		NorthStar Realty Finance Corp		1,449
	136,847		Omega Healthcare Investors, Inc		4,646
	9,027		One Liberty Properties, Inc		215
	15,520	e	Orchid Island Capital, Inc		160
	101,625		Outfront Media, Inc		2,456
	6,966	e	Owens Realty Mortgage, Inc		116
	133,994		Paramount Group, Inc		2,136
	59,009		Parkway Properties, Inc		987
	53,141	e	Pebblebrook Hotel Trust		1,395
	52,388	e	Pennsylvania REIT		1,124
	49,860		Pennymac Mortgage Investment Trust		809
	99,449		Physicians Realty Trust		2,089
	107,121		Piedmont Office Realty Trust, Inc		2,307
	40,153		Post Properties, Inc		2,451
	30,172		Potlatch Corp		1,029
	16,337		Preferred Apartment Communities, Inc		240
	388,040		Prologis, Inc		19,029
	14,667		PS Business Parks, Inc		1,556
	109,722		Public Storage, Inc		28,044
	34,553		QTS Realty Trust, Inc		1,934
	62,959		RAIT Investment Trust		197
	57,913		Ramco-Gershenson Properties		1,136
	92,432		Rayonier, Inc		2,425
	13,117		Re/Max Holdings, Inc		528
	108,646	*	Realogy Holdings Corp		3,153
	191,583		Realty Income Corp		13,288
	56,629		Redwood Trust, Inc		782
	71,394		Regency Centers Corp		5,978
	22,197	e	Resource Capital Corp		285
	73,323		Retail Opportunities Investment Corp		1,589
	173,060		Retail Properties of America, Inc		2,925
	48,113		Rexford Industrial Realty, Inc		1,015
	90,156		RLJ Lodging Trust		1,934
	5,123		RMR Group, Inc		159
	27,910		Rouse Properties, Inc		509
	32,495		Ryman Hospitality Properties		1,646
	47,769		Sabra Healthcare REIT, Inc		986
	6,582		Saul Centers, Inc		406
	45,730		Select Income REIT		1,189
	174,669		Senior Housing Properties Trust		3,638
	18,501	e	Seritage Growth Properties		922
	28,907		Silver Bay Realty Trust Corp		492
	230,221		Simon Property Group, Inc		49,935
	73,589		SL Green Realty Corp		7,835
	33,914		Sovran Self Storage, Inc		3,558
	354,302		Spirit Realty Capital, Inc		4,524
	39,283	*,e	St. Joe Co		696

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	50,811	*	STAG Industrial, Inc	$	1,210
	173,444		Starwood Property Trust, Inc		3,594
	112,095		STORE Capital Corp		3,301
	4,495	*	Stratus Properties, Inc		84
	65,192		Summit Hotel Properties, Inc		863
	46,368		Sun Communities, Inc		3,554
	158,957		Sunstone Hotel Investors, Inc		1,919
	70,998		Tanger Factory Outlet Centers, Inc		2,853
	43,997		Taubman Centers, Inc		3,265
	10,268	*	Tejon Ranch Co		243
	31,885		Terreno Realty Corp		825
	34,663	e	Tier REIT, Inc		531
	13,643	*	Trinity Place Holdings, Inc		105
	257,463		Two Harbors Investment Corp		2,204
	197,090		UDR, Inc		7,277
	15,857		UMH Properties, Inc		178
	22,512	e,m	United Development Funding IV		72
	9,264		Universal Health Realty Income Trust		530
	66,647		Urban Edge Properties		1,990
	20,808		Urstadt Biddle Properties, Inc (Class A)		516
	251,154		Ventas, Inc		18,289
	672,745		VEREIT, Inc		6,822
	132,088		Vornado Realty Trust		13,225
	50,804		Washington REIT		1,598
	86,814		Weingarten Realty Investors		3,544
	265,618		Welltower, Inc		20,232
	28,538	e	Western Asset Mortgage Capital Corp		268
	548,600		Weyerhaeuser Co		16,332
	19,472		Whitestone REIT		294
	76,656		WP Carey, Inc		5,321
	139,812		WP GLIMCHER, Inc		1,565
	79,064		Xenia Hotels & Resorts, Inc		1,327
			TOTAL REAL ESTATE		775,076

RETAILING - 5.0%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		165
	48,207		Aaron’s, Inc		1,055
	51,631		Abercrombie & Fitch Co (Class A)		920
	52,604		Advance Auto Parts, Inc		8,502
	289,647	*	Amazon.com, Inc		207,277
	122,461	e	American Eagle Outfitters, Inc		1,951
	6,968	*,e	America’s Car-Mart, Inc		197
	14,849	*	Asbury Automotive Group, Inc		783
	125,805	*	Ascena Retail Group, Inc		879
	48,275	*,e	Autonation, Inc		2,268
	21,875	*	AutoZone, Inc		17,365
	29,015	*	Barnes & Noble Education, Inc		294
	36,768		Barnes & Noble, Inc		417
	107,825	*	Bed Bath & Beyond, Inc		4,660
	204,689		Best Buy Co, Inc		6,263
	14,390		Big 5 Sporting Goods Corp		133
	36,770	e	Big Lots, Inc		1,843
	8,578		Blue Nile, Inc		235
	8,549	*,e	Boot Barn Holdings, Inc		74
	21,122	e	Buckle, Inc		549

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,786	*	Build-A-Bear Workshop, Inc	$	118
	52,052	*	Burlington Stores, Inc		3,472
	37,763	*	Cabela’s, Inc		1,890
	32,106		Caleres, Inc		777
	143,597	*,e	Carmax, Inc		7,041
	19,356		Cato Corp (Class A)		730
	106,541		Chico’s FAS, Inc		1,141
	13,847		Children’s Place Retail Stores, Inc		1,110
	11,556		Citi Trends, Inc		179
	11,400	*	Container Store Group, Inc		61
	34,312		Core-Mark Holding Co, Inc		1,608
	55,443		CST Brands, Inc		2,388
	32,976	*	Destination XL Group, Inc		151
	64,932		Dick’s Sporting Goods, Inc		2,926
	13,964	e	Dillard’s, Inc (Class A)		846
	208,864		Dollar General Corp		19,633
	167,177	*	Dollar Tree, Inc		15,755
	54,370		DSW, Inc (Class A)		1,152
	7,236	*,e	Duluth Holdings, Inc		177
	76,812	*,e	Etsy, Inc		737
	88,502		Expedia, Inc		9,408
	55,323	*	Express Parent LLC		803
	33,805		Finish Line, Inc (Class A)		683
	40,021	*,e	Five Below, Inc		1,857
	99,154		Foot Locker, Inc		5,440
	31,625	*	Francesca’s Holdings Corp		349
	27,215		Fred’s, Inc (Class A)		438
	13,967	*	FTD Cos, Inc		349
	10,669	*	Gaiam, Inc (Class A)		83
	75,607	e	GameStop Corp (Class A)		2,010
	164,788	e	Gap, Inc		3,497
	15,061	*	Genesco, Inc		969
	108,483		Genuine Parts Co		10,984
	50,651		GNC Holdings, Inc		1,230
	15,433		Group 1 Automotive, Inc		762
	273,128	*	Groupon, Inc		888
	44,451		Guess?, Inc		669
	16,062		Haverty Furniture Cos, Inc		290
	16,994	*,e	Hibbett Sports, Inc		591
	926,578		Home Depot, Inc		118,315
	24,109		HSN, Inc		1,180
	228,517	*,e	JC Penney Co, Inc		2,029
	12,718		Kirkland’s, Inc		187
	133,211		Kohl’s Corp		5,051
	177,833		L Brands, Inc		11,938
	12,586	*,e	Lands’ End, Inc		207
	329,671	*	Liberty Interactive Corp		8,364
	53,282	*	Liberty TripAdvisor Holdings, Inc		1,166
	98,671	*	Liberty Ventures		3,658
	16,930		Lithia Motors, Inc (Class A)		1,203
	225,488	*	LKQ Corp		7,148
	662,639		Lowe’s Companies, Inc		52,461
	19,294	*,e	Lumber Liquidators, Inc		298
	229,133		Macy’s, Inc		7,701
	18,578	*	MarineMax, Inc		315

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,359	*,e	Mattress Firm Holding Corp	$	415
	59,722	*	Michaels Cos, Inc		1,698
	23,604		Monro Muffler, Inc		1,500
	26,054	*	Murphy USA, Inc		1,932
	304,909	*	NetFlix, Inc		27,893
	91,431	e	Nordstrom, Inc		3,479
	20,499		Nutri/System, Inc		520
	405,707	*	Office Depot, Inc		1,343
	12,772	*,e	Ollie’s Bargain Outlet Holdings, Inc		318
	70,238	*	O’Reilly Automotive, Inc		19,042
	13,643	e	Outerwall, Inc		573
	8,893	*	Overstock.com, Inc		143
	17,507	*,e	Party City Holdco, Inc		244
	28,675		Penske Auto Group, Inc		902
	14,837	e	PetMed Express, Inc		278
	59,095	e	Pier 1 Imports, Inc		304
	36,900	*	Priceline.com, Inc		46,066
	38,310		Rent-A-Center, Inc		470
	25,037	*,e	Restoration Hardware Holdings, Inc		718
	292,668		Ross Stores, Inc		16,591
	107,246	*	Sally Beauty Holdings, Inc		3,154
	9,887	*,e	Sears Holdings Corp		135
	38,951	*	Select Comfort Corp		833
	10,447		Shoe Carnival, Inc		262
	25,881	*	Shutterfly, Inc		1,206
	58,262		Signet Jewelers Ltd		4,801
	20,728		Sonic Automotive, Inc (Class A)		355
	19,952	*	Sportsman’s Warehouse Holdings, Inc		161
	25,073	e	Stage Stores, Inc		122
	477,765		Staples, Inc		4,118
	21,273		Stein Mart, Inc		164
	36,113		Tailored Brands, Inc		457
	437,831		Target Corp		30,569
	81,351		Tiffany & Co		4,933
	24,339	*	Tile Shop Holdings, Inc		484
	6,790	*	Tilly’s, Inc		39
	491,836		TJX Companies, Inc		37,984
	96,551		Tractor Supply Co		8,804
	84,546	*	TripAdvisor, Inc		5,436
	32,864	*	Tuesday Morning Corp		231
	43,466	*	Ulta Salon Cosmetics & Fragrance, Inc		10,590
	64,021	*	Urban Outfitters, Inc		1,761
	22,533	*,e	Vitamin Shoppe, Inc		689
	23,281	*,e	Wayfair, Inc		908
	11,292	*	West Marine, Inc		95
	65,447	e	Williams-Sonoma, Inc		3,412
	1,945		Winmark Corp		194
	15,828	*	Zumiez, Inc		226
			TOTAL RETAILING		826,795

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	3,767	*,e	Acacia Communications, Inc		150
	29,482	*	Advanced Energy Industries, Inc		1,119
	476,593	*,e	Advanced Micro Devices, Inc		2,450
	15,539	*	Alpha & Omega Semiconductor Ltd		216

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,188	*,e	Ambarella, Inc	$	1,178
	73,241	*	Amkor Technology, Inc		421
	225,080		Analog Devices, Inc		12,749
	810,280		Applied Materials, Inc		19,422
	59,771	*	Applied Micro Circuits Corp		384
	83,398	*	Axcelis Technologies, Inc		224
	279,346		Broadcom Ltd		43,410
	52,087		Brooks Automation, Inc		584
	17,924		Cabot Microelectronics Corp		759
	40,828	*	Cavium, Inc		1,576
	15,710	*	Ceva, Inc		427
	46,294	*	Cirrus Logic, Inc		1,796
	18,761		Cohu, Inc		204
	79,931	*,e	Cree, Inc		1,953
	244,851	e	Cypress Semiconductor Corp		2,583
	28,713	*	Diodes, Inc		539
	19,178	*	DSP Group, Inc		203
	105,554	*	Entegris, Inc		1,527
	28,026	*	Exar Corp		226
	85,675	*	Fairchild Semiconductor International, Inc		1,701
	54,056	*	First Solar, Inc		2,621
	47,337	*	Formfactor, Inc		426
	30,864	*	GigOptix, Inc		60
	29,376	*	Inphi Corp		941
	99,540	*	Integrated Device Technology, Inc		2,004
	3,501,435		Intel Corp		114,847
	96,768		Intersil Corp (Class A)		1,310
	16,725		IXYS Corp		171
	115,945		Kla-Tencor Corp		8,493
	50,517	*	Kopin Corp		112
	117,308	e	Lam Research Corp		9,861
	90,159	*	Lattice Semiconductor Corp		482
	176,955		Linear Technology Corp		8,234
	17,278	*,e	MA-COM Technology Solutions		570
	334,640		Marvell Technology Group Ltd		3,189
	206,782		Maxim Integrated Products, Inc		7,380
	40,851	*	MaxLinear, Inc		734
	156,190	e	Microchip Technology, Inc		7,928
	769,984	*	Micron Technology, Inc		10,595
	80,866	*	Microsemi Corp		2,643
	39,433		MKS Instruments, Inc		1,698
	29,204		Monolithic Power Systems, Inc		1,995
	18,167	*	Nanometrics, Inc		378
	21,168	*	NeoPhotonics Corp Ltd		202
	3,184		NVE Corp		187
	383,963		Nvidia Corp		18,050
	306,305	*	ON Semiconductor Corp		2,702
	20,605	*	PDF Solutions, Inc		288
	46,544	*	Photronics, Inc		415
	22,599		Power Integrations, Inc		1,132
	101,737	*	Qorvo, Inc		5,622
	1,093,542		Qualcomm, Inc		58,581
	84,186	*	Rambus, Inc		1,017
	25,190	*	Rudolph Technologies, Inc		391
	49,258	*	Semtech Corp		1,175

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	25,567	*	Sigma Designs, Inc	$	164
	32,473	*	Silicon Laboratories, Inc		1,583
	141,463		Skyworks Solutions, Inc		8,952
	42,585	*,e	SunPower Corp		660
	151,007		Teradyne, Inc		2,973
	39,803		Tessera Technologies, Inc		1,220
	748,169		Texas Instruments, Inc		46,873
	23,500	*	Ultra Clean Holdings		134
	21,651	*	Ultratech, Inc		497
	29,696	*,e	Veeco Instruments, Inc		492
	37,527	*	Xcerra Corp		216
	191,407		Xilinx, Inc		8,830
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		444,829

SOFTWARE & SERVICES - 11.6%
	27,302	*	2U, Inc		803
	32,215	*	A10 Networks, Inc		208
	464,307		Accenture plc		52,601
	86,241	*	ACI Worldwide, Inc		1,683
	406,012		Activision Blizzard, Inc		16,090
	32,107	*	Actua Corp		290
	57,158	*	Acxiom Corp		1,257
	362,937	*	Adobe Systems, Inc		34,766
	129,082	*	Akamai Technologies, Inc		7,220
	5,086	*,e	Alarm.com Holdings, Inc		130
	13,975	*,e	ALJ Regional Holdings, Inc		70
	45,118	*	Alliance Data Systems Corp		8,840
	218,622	*	Alphabet, Inc (Class A)		153,807
	220,979	*	Alphabet, Inc (Class C)		152,940
	11,882	*,e	Amber Road, Inc		92
	109,997		Amdocs Ltd		6,349
	15,720	*	American Software, Inc (Class A)		165
	32,146	*	Angie’s List, Inc		209
	65,392	*	Ansys, Inc		5,934
	11,306	*,e	Apigee Corp		138
	7,274	*,e	Appfolio, Inc		105
	63,153	*	Aspen Technology, Inc		2,541
	13,706	*	Atlassian Corp plc		355
	6,972	*	Autobytel, Inc		97
	164,879	*	Autodesk, Inc		8,927
	340,692		Automatic Data Processing, Inc		31,299
	30,408	*	AVG Technologies NV		577
	34,946	*	Bankrate, Inc		261
	16,098	*	Barracuda Networks, Inc		244
	59,668	*	Bazaarvoice, Inc		239
	9,345	*,e	Benefitfocus, Inc		356
	17,356	*,e	Black Knight Financial Services, Inc		653
	35,258		Blackbaud, Inc		2,394
	40,135	*	Blackhawk Network Holdings, Inc		1,344
	30,473	*	Blucora, Inc		316
	84,561		Booz Allen Hamilton Holding Co		2,506
	29,562	*	Bottomline Technologies, Inc		636
	35,331	*,e	Box, Inc		365
	20,694	*	Brightcove, Inc		182
	88,805		Broadridge Financial Solutions, Inc		5,790

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,331	*	BroadSoft, Inc	$	875
	216,421		CA, Inc		7,105
	17,838	*	CACI International, Inc (Class A)		1,613
	216,614	*	Cadence Design Systems, Inc		5,264
	40,638	*	Callidus Software, Inc		812
	13,412	*	Carbonite, Inc		131
	33,955	*	Cardtronics, Inc		1,352
	13,954	*	Care.com, Inc		163
	8,603		Cass Information Systems, Inc		445
	115,322		CDK Global, Inc		6,399
	15,814	*	ChannelAdvisor Corp		229
	18,524	*	Cimpress NV		1,713
	115,363	*	Citrix Systems, Inc		9,239
	448,762	*	Cognizant Technology Solutions Corp (Class A)		25,687
	33,614	*	Commvault Systems, Inc		1,452
	102,849		Computer Sciences Corp		5,106
	35,972	*	comScore, Inc		859
	73,137		Convergys Corp		1,828
	37,259	*	Cornerstone OnDemand, Inc		1,418
	23,982	*	CoStar Group, Inc		5,244
	24,883		CSG Systems International, Inc		1,003
	121,590		CSRA, Inc		2,849
	21,413	*	Cvent, Inc		765
	15,267	*	Datalink Corp		115
	27,703	*	Demandware, Inc		2,075
	32,513	*	DHI Group, Inc		203
	5,437	*,e	Digimarc Corp		174
	25,409		DST Systems, Inc		2,958
	77,306		EarthLink Holdings Corp		495
	796,847	*	eBay, Inc		18,654
	19,966	e	Ebix, Inc		956
	216,257	*	Electronic Arts, Inc		16,384
	21,694	*	Ellie Mae, Inc		1,988
	43,380	*	Endurance International Group Holdings, Inc		390
	20,747	*,e	EnerNOC, Inc		131
	30,234	*,e	Envestnet, Inc		1,007
	35,527	*	EPAM Systems, Inc		2,285
	17,553		EPIQ Systems, Inc		256
	37,881	*	Euronet Worldwide, Inc		2,621
	48,388		EVERTEC, Inc		752
	20,873	*	Everyday Health, Inc		164
	9,749	*	EXA Corp		141
	24,918	*	ExlService Holdings, Inc		1,306
	1,671,062	*	Facebook, Inc		190,969
	23,064		Fair Isaac Corp		2,606
	241,246		Fidelity National Information Services, Inc		17,775
	112,549	*,e	FireEye, Inc		1,854
	67,170	*	First American Corp		2,585
	232,771	*	First Data Corp		2,577
	164,907	*	Fiserv, Inc		17,930
	24,005	*	Five9, Inc		286
	67,800	*	FleetCor Technologies, Inc		9,704
	28,477	*	FleetMatics Group plc		1,234
	8,265		Forrester Research, Inc		305
	107,542	*	Fortinet, Inc		3,397

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	61,489	*	Gartner, Inc	$	5,990
	118,380	*	Genpact Ltd		3,177
	23,742	*	Gigamon, Inc		888
	113,930		Global Payments, Inc		8,132
	5,647	*	Global Sources Ltd		52
	18,803	*,e	Globant S.A.		740
	88,947	*,e	Glu Mobile, Inc		196
	34,640	*,e	GoDaddy, Inc		1,080
	42,541	*,e	Gogo, Inc		357
	59,590	*,e	GrubHub, Inc		1,851
	18,192	*	GTT Communications, Inc		336
	13,242	*	Guidance Software, Inc		82
	51,316	*	Guidewire Software, Inc		3,169
	17,956		Hackett Group, Inc		249
	23,802	*	Higher One Holdings, Inc		122
	29,372	*,e	Hortonworks, Inc		314
	21,312	*	HubSpot, Inc		925
	52,417		IAC/InterActiveCorp		2,951
	21,130	*	Imperva, Inc		909
	45,794	*	inContact, Inc		634
	41,826	*	Infoblox, Inc		785
	24,668	*	Information Services Group, Inc		93
	7,972	*,e	Instructure, Inc		151
	12,605	*,e	Interactive Intelligence, Inc		517
	654,718		International Business Machines Corp		99,373
	30,239	*	Intralinks Holdings, Inc		197
	181,216		Intuit, Inc		20,226
	35,564		j2 Global, Inc		2,247
	58,179		Jack Henry & Associates, Inc		5,077
	40,906	*	Jive Software, Inc		154
	49,809		Leidos Holdings, Inc		2,384
	50,961	*	Limelight Networks, Inc		76
	87,296	*	LinkedIn Corp		16,521
	44,720	*	Lionbridge Technologies		177
	19,090	*	Liquidity Services, Inc		150
	40,701	*	Liveperson, Inc		258
	18,232	*	LogMeIn, Inc		1,156
	53,305	*	Manhattan Associates, Inc		3,418
	18,418		Mantech International Corp (Class A)		697
	25,119		Marchex, Inc (Class B)		80
	30,071	*	Marketo, Inc		1,047
	724,224		MasterCard, Inc (Class A)		63,775
	24,371	*,e	Match Group, Inc		367
	48,838		MAXIMUS, Inc		2,704
	31,242	*	MeetMe, Inc		167
	73,403		Mentor Graphics Corp		1,561
	5,653,874		Microsoft Corp		289,309
	6,844	*	MicroStrategy, Inc (Class A)		1,198
	10,993	*,e	MINDBODY, Inc		177
	22,456	*	Mitek Systems, Inc		160
	29,654	*	MobileIron, Inc		90
	14,483	*	Model N, Inc		193
	22,389	*	MoneyGram International, Inc		153
	29,292		Monotype Imaging Holdings, Inc		721
	70,908	*	Monster Worldwide, Inc		169

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,876		NCI, Inc (Class A)	$	54
	29,548	*,e	NetSuite, Inc		2,151
	39,936	*	NeuStar, Inc (Class A)		939
	16,291	*,e	New Relic, Inc		479
	48,579		NIC, Inc		1,066
	165,822	*	Nuance Communications, Inc		2,592
	10,739	*	Numerex Corp		80
	2,236,085		Oracle Corp		91,523
	163,222	*,e	Pandora Media, Inc		2,032
	7,197	*,e	Park City Group, Inc		65
	240,713		Paychex, Inc		14,322
	32,485	*,e	Paycom Software, Inc		1,404
	15,762	*,e	Paylocity Holding Corp		681
	861,966	*	PayPal Holdings, Inc		31,470
	24,918		Pegasystems, Inc		672
	25,493	*	Perficient, Inc		518
	8,684	*	PFSweb, Inc		83
	30,646	*	Planet Payment, Inc		138
	38,195	*	Progress Software Corp		1,049
	30,192	*,e	Proofpoint, Inc		1,905
	17,256	*	PROS Holdings, Inc		301
	85,331	*	PTC, Inc		3,207
	18,985	*	Q2 Holdings, Inc		532
	7,729		QAD, Inc (Class A)		149
	69,129	*	QLIK Technologies, Inc		2,045
	20,132	*	Qualys, Inc		600
	20,643	*	QuinStreet, Inc		73
	45,152	*,e	Quotient Technology, Inc		606
	79,313	*	Rackspace Hosting, Inc		1,654
	14,504	*,e	Rapid7, Inc		182
	18,038	*	RealNetworks, Inc		78
	39,496	*	RealPage, Inc		882
	135,645	*	Red Hat, Inc		9,848
	6,528		Reis, Inc		163
	28,776	*	RetailMeNot, Inc		222
	8,995	*	Rightside Group Ltd		96
	43,553	*	RingCentral, Inc		859
	13,437	*	Rosetta Stone, Inc		104
	59,737	*	Rovi Corp		934
	27,990	*	Rubicon Project, Inc		382
	151,223		Sabre Corp		4,051
	476,077	*	Salesforce.com, Inc		37,805
	17,304		Sapiens International Corp NV		203
	34,016		Science Applications International Corp		1,985
	21,075	*	Sciquest, Inc		372
	4,599	*	SecureWorks Corp		65
	117,075	*	ServiceNow, Inc		7,774
	46,932	*,e	ServiceSource International LLC		189
	14,547	*,e	Shutterstock, Inc		666
	26,176	*,e	Silver Spring Networks, Inc		318
	97,313	*	Splunk, Inc		5,272
	12,246	*	SPS Commerce, Inc		742
	38,308	*,e	Square, Inc		347
	113,138		SS&C Technologies Holdings, Inc		3,177
	11,844	*,e	Stamps.com, Inc		1,035

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,262	*	Sykes Enterprises, Inc	$	847
	456,048		Symantec Corp		9,367
	30,290	*	Synchronoss Technologies, Inc		965
	107,461	*	Synopsys, Inc		5,812
	23,254	*	Syntel, Inc		1,052
	40,894	*	Tableau Software, Inc		2,001
	62,894	*	Take-Two Interactive Software, Inc		2,385
	29,444	*,e	Tangoe, Inc		227
	12,153	*	TechTarget, Inc		98
	20,400	*	TeleNav, Inc		104
	13,212		TeleTech Holdings, Inc		358
	100,027	*	Teradata Corp		2,508
	71,591	*	TiVo, Inc		709
	123,217		Total System Services, Inc		6,544
	85,621		Travelport Worldwide Ltd		1,104
	36,314	*,e	TrueCar, Inc		285
	16,240	*,e	TubeMogul, Inc		193
	470,865	*,e	Twitter, Inc		7,962
	24,473	*	Tyler Technologies, Inc		4,080
	20,396	*	Ultimate Software Group, Inc		4,289
	38,674	*,e	Unisys Corp		282
	11,210	*	United Online, Inc		123
	114,898	*	Vantiv, Inc		6,503
	7,614	*	Varonis Systems, Inc		183
	21,489	*,e	Vasco Data Security International		352
	45,384	*	Verint Systems, Inc		1,504
	70,442	*,e	VeriSign, Inc		6,090
	32,131	*,e	VirnetX Holding Corp		129
	21,946	*	Virtusa Corp		634
	1,428,548		Visa, Inc (Class A)		105,955
	60,583	*,e	VMware, Inc (Class A)		3,467
	27,576	*,e	WebMD Health Corp (Class A)		1,602
	32,723	*	Website Pros, Inc		595
	368,084		Western Union Co		7,060
	28,569	*	WEX, Inc		2,533
	86,519	*,e	Workday, Inc		6,460
	16,351	*,e	Workiva, Inc		223
	16,652	*,e	Xactly Corp		213
	750,019		Xerox Corp		7,118
	19,259	*	XO Group, Inc		336
	16,654	*	Xura, Inc		407
	645,675	*	Yahoo!, Inc		24,252
	49,133	*	Yelp, Inc		1,492
	60,059	*,e	Zendesk, Inc		1,584
	38,071	*,e	Zillow Group, Inc		1,395
	76,096	*,e	Zillow Group, Inc (Class C)		2,761
	47,197	*	Zix Corp		177
	565,694	*	Zynga, Inc		1,409
			TOTAL SOFTWARE & SERVICES		1,912,159

TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
	80,518	*,e	3D Systems Corp		1,102
	39,852		Adtran, Inc		743
	16,323	*	Aerohive Networks, Inc		108
	11,056	*	Agilysys, Inc		116

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	222,925		Amphenol Corp (Class A)	$	12,780
	21,094	*	Anixter International, Inc		1,124
	4,087,212		Apple, Inc		390,737
	11,231	*,e	Applied Optoelectronics, Inc		125
	28,921	*,e	Arista Networks, Inc		1,862
	133,254	*	ARRIS International plc		2,793
	66,366	*	Arrow Electronics, Inc		4,108
	24,161	*	Avid Technology, Inc		140
	92,405		Avnet, Inc		3,743
	34,410		AVX Corp		467
	10,374		Badger Meter, Inc		758
	7,316		Bel Fuse, Inc (Class B)		130
	30,967		Belden CDT, Inc		1,870
	39,122	*	Benchmark Electronics, Inc		827
	12,526		Black Box Corp		164
	345,833		Brocade Communications Systems, Inc		3,175
	26,799	*	CalAmp Corp		397
	28,887	*	Calix, Inc		200
	107,106		CDW Corp		4,293
	101,053	*	Ciena Corp		1,895
	3,728,835		Cisco Systems, Inc		106,980
	8,964	*,e	Clearfield, Inc		160
	60,271		Cognex Corp		2,598
	17,685	*	Coherent, Inc		1,623
	94,899	*	CommScope Holding Co, Inc		2,945
	11,551		Comtech Telecommunications Corp		148
	15,682	*,e	Control4 Corp		128
	800,051		Corning, Inc		16,385
	16,854		CPI Card Group, Inc		84
	29,620	*	Cray, Inc		886
	23,637		CTS Corp		424
	27,847		Daktronics, Inc		174
	47,853		Diebold, Inc		1,188
	18,652	*	Digi International, Inc		200
	36,841		Dolby Laboratories, Inc (Class A)		1,763
	13,244	*	DTS, Inc		350
	13,533	*,e	Eastman Kodak Co		218
	32,770	*	EchoStar Corp (Class A)		1,301
	11,677		Electro Rent Corp		180
	21,493		Electro Scientific Industries, Inc		126
	35,264	*	Electronics for Imaging, Inc		1,518
	1,440,723		EMC Corp		39,144
	18,982	*	EMCORE Corp		113
	4,639	*	ePlus, Inc		379
	79,396	*	Extreme Networks, Inc		269
	49,815	*	F5 Networks, Inc		5,671
	26,560	*	Fabrinet		986
	12,851	*	FARO Technologies, Inc		435
	30,368		FEI Co		3,246
	76,718	*	Finisar Corp		1,343
	94,067	*,e	Fitbit, Inc		1,150
	104,125		Flir Systems, Inc		3,223
	67,185	*,e	Harmonic, Inc		191
	91,398		Harris Corp		7,626
	1,267,674		Hewlett Packard Enterprise Co		23,160

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,269,771		HP, Inc	$	15,936
	43,712	*	II-VI, Inc		820
	21,661	*,e	Immersion Corp		159
	103,799	*	Infinera Corp		1,171
	107,218		Ingram Micro, Inc (Class A)		3,729
	26,955	*	Insight Enterprises, Inc		701
	26,730		InterDigital, Inc		1,488
	57,029	*	InvenSense, Inc		350
	25,418	*	IPG Photonics Corp		2,033
	28,730	*	Itron, Inc		1,238
	47,261	*	Ixia		464
	143,551		Jabil Circuit, Inc		2,651
	291,880		Juniper Networks, Inc		6,564
	125,388	*	Keysight Technologies, Inc		3,648
	21,162	*	Kimball Electronics, Inc		263
	64,648	*,e	Knowles Corp		884
	10,929	*	KVH Industries, Inc		84
	45,344		Lexmark International, Inc (Class A)		1,712
	16,323		Littelfuse, Inc		1,929
	37,299	*	Lumentum Holdings, Inc		903
	24,482	*,e	Maxwell Technologies, Inc		129
	1,988		Mesa Laboratories, Inc		245
	26,896		Methode Electronics, Inc		921
	126,381		Motorola, Inc		8,337
	11,234		MTS Systems Corp		493
	6,959	*	Multi-Fineline Electronix, Inc		161
	76,834		National Instruments Corp		2,105
	91,730	*	NCR Corp		2,547
	215,405		NetApp, Inc		5,297
	23,887	*	Netgear, Inc		1,136
	70,523	*	Netscout Systems, Inc		1,569
	45,808	*,e	Nimble Storage, Inc		365
	25,552	*	Novanta, Inc		387
	72,862	*,e	Oclaro, Inc		356
	14,702	*	OSI Systems, Inc		855
	64,548	*	Palo Alto Networks, Inc		7,916
	16,460		Park Electrochemical Corp		239
	8,216		PC Connection, Inc		196
	24,496		Plantronics, Inc		1,078
	25,402	*	Plexus Corp		1,097
	100,006	*	Polycom, Inc		1,125
	44,500	*,e	Pure Storage, Inc		485
	65,614	*	QLogic Corp		967
	26,581	*	Radisys Corp		119
	21,664	*	Rofin-Sinar Technologies, Inc		692
	13,791	*	Rogers Corp		843
	44,266	*	Sanmina Corp		1,187
	21,738	*	Scansource, Inc		807
	49,410	*	ShoreTel, Inc		331
	3,876	e	Silicom Ltd		116
	25,143	*,e	Silicon Graphics International Corp		126
	37,508	*	Sonus Networks, Inc		326
	37,383	*,e	Stratasys Ltd		856
	27,221	*	Super Micro Computer, Inc		676
	27,223	*	Synaptics, Inc		1,463

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,522		SYNNEX Corp	$	2,041
	9,938	*	Systemax, Inc		85
	25,846	*	Tech Data Corp		1,857
	187,156	*	Trimble Navigation Ltd		4,559
	53,380	*	TTM Technologies, Inc		402
	19,221	e	Ubiquiti Networks, Inc		743
	30,627	*	Universal Display Corp		2,077
	28,420	*	USA Technologies, Inc		121
	84,224	*	VeriFone Systems, Inc		1,562
	32,775	*,e	Viasat, Inc		2,340
	173,185	*	Viavi Solutions, Inc		1,148
	100,754		Vishay Intertechnology, Inc		1,248
	9,508	*	Vishay Precision Group, Inc		128
	204,780		Western Digital Corp		9,678
	38,312	*	Zebra Technologies Corp (Class A)		1,919
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		782,155

TELECOMMUNICATION SERVICES - 2.7%
	66,124	*	8x8, Inc		966
	4,588,104		AT&T, Inc		198,252
	7,918		ATN International, Inc		616
	27,406	*	Boingo Wireless, Inc		244
	399,481		CenturyTel, Inc		11,589
	149,815	*	Cincinnati Bell, Inc		685
	34,230		Cogent Communications Group, Inc		1,371
	38,388		Consolidated Communications Holdings, Inc		1,046
	16,551	*	Fairpoint Communications, Inc		243
	861,250	e	Frontier Communications Corp		4,255
	24,304	*	General Communication, Inc (Class A)		384
	280,242	*,e	Globalstar, Inc		339
	7,568	*	Hawaiian Telcom Holdco, Inc		160
	10,513		IDT Corp (Class B)		149
	25,073		Inteliquent, Inc		499
	60,764	*,e	Iridium Communications, Inc		540
	217,035	*	Level 3 Communications, Inc		11,175
	16,622	*	Lumos Networks Corp		201
	28,412	*	NII Holdings, Inc		90
	44,329	*	Orbcomm, Inc		441
	9,439	*	pdvWireless, Inc		202
	95,804	*	SBA Communications Corp (Class A)		10,341
	36,302		Shenandoah Telecom Co		1,418
	17,224		Spok Holdings, Inc		330
	563,564	*,e	Sprint Corp		2,553
	6,721	*,e	Straight Path Communications, Inc		186
	70,982		Telephone & Data Systems, Inc		2,105
	212,044	*	T-Mobile US, Inc		9,175
	9,529	*	US Cellular Corp		374
	3,038,873		Verizon Communications, Inc		169,691
	137,981	*	Vonage Holdings Corp		842
	71,392	e	Windstream Holdings, Inc		662
	111,019	*	Zayo Group Holdings, Inc		3,101
			TOTAL TELECOMMUNICATION SERVICES		434,225

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION - 1.9%
	40,179	*	Air Transport Services Group, Inc	$	521
	88,863		Alaska Air Group, Inc		5,180
	9,487		Allegiant Travel Co		1,437
	4,641		Amerco, Inc		1,738
	425,008		American Airlines Group, Inc		12,032
	19,331		Arkansas Best Corp		314
	18,341	*	Atlas Air Worldwide Holdings, Inc		760
	62,902	*	Avis Budget Group, Inc		2,027
	20,049	*	Celadon Group, Inc		164
	105,693		CH Robinson Worldwide, Inc		7,848
	24,453	e	Copa Holdings S.A. (Class A)		1,278
	8,672	*	Covenant Transportation Group, Inc		157
	710,093		CSX Corp		18,519
	570,622		Delta Air Lines, Inc		20,788
	21,969	*	Echo Global Logistics, Inc		493
	134,751		Expeditors International of Washington, Inc		6,608
	185,697		FedEx Corp		28,185
	22,919		Forward Air Corp		1,021
	41,033	*	Genesee & Wyoming, Inc (Class A)		2,419
	35,630	*	Hawaiian Holdings, Inc		1,352
	36,950	e	Heartland Express, Inc		643
	268,339	*	Hertz Global Holdings, Inc		2,970
	24,562	*	Hub Group, Inc (Class A)		942
	65,830		J.B. Hunt Transport Services, Inc		5,328
	230,681	*	JetBlue Airways Corp		3,820
	80,060		Kansas City Southern Industries, Inc		7,213
	39,101	*	Kirby Corp		2,439
	49,465	e	Knight Transportation, Inc		1,315
	31,224		Landstar System, Inc		2,144
	55,340		Macquarie Infrastructure Co LLC		4,098
	17,739		Marten Transport Ltd		351
	32,238		Matson, Inc		1,041
	219,669		Norfolk Southern Corp		18,700
	50,044	*	Old Dominion Freight Line		3,018
	2,470	*	PAM Transportation Services, Inc		39
	6,136		Park-Ohio Holdings Corp		174
	29,335	*	Radiant Logistics, Inc		88
	20,933	*	Roadrunner Transportation Services Holdings, Inc		156
	39,438		Ryder System, Inc		2,411
	18,094	*	Saia, Inc		455
	37,279		Skywest, Inc		986
	475,324		Southwest Airlines Co		18,637
	53,061	*	Spirit Airlines, Inc		2,381
	63,781	*,e	Swift Transportation Co, Inc		983
	630,233		Union Pacific Corp		54,988
	249,328	*	United Continental Holdings, Inc		10,232
	512,394		United Parcel Service, Inc (Class B)		55,195
	6,297		Universal Truckload Services, Inc		81
	7,128	*	USA Truck, Inc		125
	14,213	*	Virgin America, Inc		799
	32,839		Werner Enterprises, Inc		754
	44,920	*	Wesco Aircraft Holdings, Inc		603
	67,462	*,e	XPO Logistics, Inc		1,772
	23,809	*	YRC Worldwide, Inc		210
			TOTAL TRANSPORTATION		317,932

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
UTILITIES - 3.7%
	502,237		AES Corp	$	6,268
	88,857		AGL Resources, Inc		5,862
	36,666		Allete, Inc		2,370
	168,853		Alliant Energy Corp		6,703
	179,688		Ameren Corp		9,628
	366,238		American Electric Power Co, Inc		25,670
	29,456		American States Water Co		1,291
	132,288		American Water Works Co, Inc		11,180
	132,006		Aqua America, Inc		4,707
	4,909		Artesian Resources Corp		167
	92,825		Atlantic Power Corp		230
	43,641	e	Atlantica Yield plc		811
	73,233		Atmos Energy Corp		5,955
	41,780		Avangrid, Inc		1,924
	45,672		Avista Corp		2,046
	38,044	e	Black Hills Corp		2,398
	35,650		California Water Service Group		1,245
	276,377	*	Calpine Corp		4,077
	320,765		Centerpoint Energy, Inc		7,698
	10,716		Chesapeake Utilities Corp		709
	203,302		CMS Energy Corp		9,323
	8,405		Connecticut Water Service, Inc		472
	216,669		Consolidated Edison, Inc		17,429
	10,961		Consolidated Water Co, Inc		143
	4,925		Delta Natural Gas Co, Inc		133
	441,328		Dominion Resources, Inc		34,393
	133,148		DTE Energy Co		13,198
	504,114		Duke Energy Corp		43,248
	85,842	*	Dynegy, Inc		1,480
	239,987		Edison International		18,640
	30,616		El Paso Electric Co		1,447
	33,239		Empire District Electric Co		1,129
	132,825		Entergy Corp		10,805
	236,089		Eversource Energy		14,142
	679,688		Exelon Corp		24,713
	316,004		FirstEnergy Corp		11,032
	9,378	e	Genie Energy Ltd		64
	6,410	*,e	Global Water Resources, Inc		56
	114,306		Great Plains Energy, Inc		3,475
	79,361	*	Hawaiian Electric Industries, Inc		2,602
	37,236		Idacorp, Inc		3,029
	114,807		ITC Holdings Corp		5,375
	144,429		MDU Resources Group, Inc		3,466
	26,250		MGE Energy, Inc		1,484
	11,759		Middlesex Water Co		510
	62,456		National Fuel Gas Co		3,553
	63,442		New Jersey Resources Corp		2,446
	342,856		NextEra Energy, Inc		44,708
	234,601		NiSource, Inc		6,222
	22,143		Northwest Natural Gas Co		1,435
	35,802		NorthWestern Corp		2,258
	234,043		NRG Energy, Inc		3,508
	21,934		NRG Yield, Inc (Class A)		334
	47,061	e	NRG Yield, Inc (Class C)		734

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	147,340		OGE Energy Corp	$	4,825
	38,369		ONE Gas, Inc		2,555
	28,629		Ormat Technologies, Inc		1,253
	27,545		Otter Tail Corp		922
	42,747	e	Pattern Energy Group, Inc		982
	369,391		PG&E Corp		23,611
	59,917		Piedmont Natural Gas Co, Inc		3,602
	81,970		Pinnacle West Capital Corp		6,644
	58,763		PNM Resources, Inc		2,083
	65,858		Portland General Electric Co		2,906
	504,387		PPL Corp		19,041
	376,219		Public Service Enterprise Group, Inc		17,536
	130,852		Questar Corp		3,320
	104,543		SCANA Corp		7,910
	178,270		Sempra Energy		20,326
	12,005		SJW Corp		473
	49,250		South Jersey Industries, Inc		1,557
	699,529		Southern Co		37,516
	34,400		Southwest Gas Corp		2,708
	3,772	e	Spark Energy, Inc		125
	32,340		Spire, Inc		2,291
	62,722	*	Talen Energy Corp		850
	173,425		TECO Energy, Inc		4,793
	65,781	e	TerraForm Global, Inc		214
	63,597	e	TerraForm Power, Inc		693
	128,103		UGI Corp		5,797
	10,272		Unitil Corp		438
	61,078		Vectren Corp		3,217
	15,334	*,e	Vivint Solar, Inc		47
	233,695		WEC Energy Group, Inc		15,260
	105,075		Westar Energy, Inc		5,894
	36,819		WGL Holdings, Inc		2,606
	378,136		Xcel Energy, Inc		16,933
	9,006		York Water Co		289
			TOTAL UTILITIES		607,142
			TOTAL COMMON STOCKS		16,384,685
			(Cost $9,196,778)

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		3
	28,951	e,m	Trius Therapeutics, Inc		4
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		17

SOFTWARE & SERVICES - 0.0%
	19,206	m	Gerber Scientific, Inc		0
			TOTAL SOFTWARE & SERVICES		0

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 0.0%
	46,753	m	Leap Wireless International, Inc	$	118
			TOTAL TELECOMMUNICATION SERVICES		118

			TOTAL RIGHTS / WARRANTS		135
			(Cost $119)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 3.3%
TREASURY DEBT - 0.1%
$	4,300,000		United States Treasury Bill		0.196	%	08/04/16	4,299
	8,900,000	d	United States Treasury Bill		0.236		09/29/16	8,894
			TOTAL TREASURY DEBT					13,193

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%
	531,235,069	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		531,235
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		531,235

			TOTAL SHORT-TERM INVESTMENTS		544,428
			(Cost $544,429)
			TOTAL INVESTMENTS - 103.1%		16,929,248
			(Cost $9,741,326)
			OTHER ASSETS & LIABILITIES, NET - (3.1)%		(515,386	)
			NET ASSETS - 100.0%	$	16,413,862

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


*		Non-income producing
a		Affiliated holding
c		Investments made with cash collateral received from securites 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 $520,504,000.
m		Indicates a security that has been deemed illiquid.

		Cost amounts are in thousands.

308

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016

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

AUTOMOBILES & COMPONENTS - 0.0%
$	1,076,923		Schaeffler AG		4.250	%	05/15/20	$	1,079
			TOTAL AUTOMOBILES & COMPONENTS						1,079

CAPITAL GOODS - 0.0%
	1,000,000	h,i	TransDigm, Inc		3.750		05/14/22		983
			TOTAL CAPITAL GOODS						983

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	1,000,000	h,i	B/E Aerospace Inc		3.750		12/16/21		1,001
	2,000,000	i	ServiceMaster Co LLC		4.250		07/01/21		2,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						3,001

CONSUMER DURABLES & APPAREL - 0.0%
	1,185,000	i	Hanesbrands, Inc		3.250		04/29/22		1,188
			TOTAL CONSUMER DURABLES & APPAREL						1,188

CONSUMER SERVICES - 0.1%
	2,000,000	h,i	Boyd Gaming Corp		4.000		08/14/20		1,996
	3,806,306	i	Hilton Worldwide		3.500		10/26/20		3,806
	725,000	i	KFC Holding Co		2.750		06/02/23		725
			TOTAL CONSUMER SERVICES						6,527

DIVERSIFIED FINANCIALS - 0.0%
	1,907,410	i	TransUnion LLC		3.500		04/09/21		1,881
			TOTAL DIVERSIFIED FINANCIALS						1,881

ENERGY - 0.0%
	83,270	i	Granite Acquisition, Inc		5.000		12/19/21		79
	1,864,106	i	Granite Acquisition, Inc		5.000		12/19/21		1,774
			TOTAL ENERGY						1,853

FOOD & STAPLES RETAILING - 0.0%
	4,725,559	i	Albertsons LLC		4.500		08/25/21		4,716
	275,000	i	Albertsons LLC		4.750		06/22/23		274
			TOTAL FOOD & STAPLES RETAILING						4,990

FOOD, BEVERAGE & TOBACCO - 0.0%
	2,000,000	h,i	B&G Foods, Inc		3.750		11/02/22		2,001
			TOTAL FOOD, BEVERAGE & TOBACCO						2,001

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	3,548,651	i	Capsugel Holdings US, Inc		4.000		07/31/21		3,528
	300,861	i	CHS/Community Health Systems		4.000		01/27/21		293
	1,666,000	i	DaVita HealthCare Partners, Inc		3.500		06/24/21		1,668
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						5,489

309

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
MATERIALS - 0.1%
$	2,500,000	h,i	Berry Plastics Group, Inc		3.750	%	10/01/22	$	2,480
	4,247,825	i	Minerals Technologies, Inc		3.750		05/10/21		4,237
	1,441,060	h,i	PolyOne Corp		3.500		11/12/22		1,436
			TOTAL MATERIALS						8,153

MEDIA - 0.1%
	4,437,500	i	CBS Outdoor Americas Capital LLC		3.000		02/01/21		4,421
	6,591,560	h,i	EMI Music		4.000		08/19/22		6,563
	1,500,000	h,i	Neptune Finco Corp		5.000		10/09/22		1,500
	3,029,946	i	Virgin Media Investment Holdings Ltd		3.649		06/30/23		2,953
			TOTAL MEDIA						15,437

REAL ESTATE - 0.0%
	3,960,000	i	DTZ US Borrower LLC		4.250		11/04/21		3,898
	1,670,813	i	MGM Growth Properties LLC		4.000		04/25/23		1,673
			TOTAL REAL ESTATE						5,571

RETAILING - 0.0%
	2,992,268	i	Avis Budget Car Rental LLC		3.250		03/15/22		2,994
	480,971	i	Dollar Tree, Inc		3.500		07/06/22		480
	841,500	i	PetSmart, Inc		4.250		03/11/22		837
			TOTAL RETAILING						4,311

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	5,985,000		Avago Technologies Cayman Finance Ltd		4.250		02/01/23		5,988
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						5,988

SOFTWARE & SERVICES - 0.1%
	539,002	i	Activision Blizzard, Inc		3.250		10/11/20		540
	2,723,750	h,i	CSRA, Inc		3.750		11/28/22		2,717
	4,899,749	i	IMS Health, Inc		3.500		03/17/21		4,851
	221,519	i	SS&C Technologies Holdings Europe SARL		4.000		07/08/22		221
	1,618,890	i	SS&C Technologies Holdings, Inc		4.000		07/08/22		1,617
			TOTAL SOFTWARE & SERVICES						9,946

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	1,215,813	i	CommScope, Inc		3.750		12/29/22		1,215
	4,703,275	i	NXP BV		3.250		01/10/20		4,695
	213,280	i	NXP BV		3.750		12/07/20		213
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						6,123

TELECOMMUNICATION SERVICES - 0.0%
	1,000,000	h,i	T-Mobile USA, Inc		3.500		11/09/22		1,003
			TOTAL TELECOMMUNICATION SERVICES						1,003

			TOTAL BANK LOAN OBLIGATIONS						85,524
			(Cost $85,714)

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BONDS - 98.0%

CORPORATE BONDS - 34.2%

AUTOMOBILES & COMPONENTS - 0.3%
$	9,650,000	g	BMW US Capital LLC		2.000	%	04/11/21	$	9,776
	5,750,000	g	BMW US Capital LLC		2.800		04/11/26		5,901
EUR	1,250,000		Daimler AG.		0.875		01/12/21		1,432
$	4,050,000		Delphi Automotive plc		3.150		11/19/20		4,166
	470,000	g	Gates Global LLC		6.000		07/15/22		411
	6,950,000		General Motors Co		6.600		04/01/36		7,974
	4,975,000		General Motors Co		6.750		04/01/46		5,905
	8,675,000		Magna International, Inc		3.625		06/15/24		9,154
	1,250,000	g	Schaeffler Finance BV		4.750		05/15/21		1,277
	1,000,000		Tenneco, Inc		5.000		07/15/26		1,014
	175,000	g	ZF North America Capital, Inc		4.500		04/29/22		177
	350,000	g	ZF North America Capital, Inc		4.750		04/29/25		355
			TOTAL AUTOMOBILES & COMPONENTS						47,542

BANKS - 5.3%
	2,300,000	g	Banco de Bogota S.A.		6.250		05/12/26		2,340
	550,000	g	Banco del Estado de Chile		3.875		02/08/22		584
	3,000,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		3,131
	2,700,000	g	Banco Nacional de Costa Rica		5.875		04/25/21		2,786
	2,000,000		Bancolombia S.A.		5.950		06/03/21		2,187
	5,000,000	g	Bank Nederlandse Gemeenten		2.625		04/28/21		5,291
	15,175,000		Bank of America Corp		3.750		07/12/16		15,182
	18,550,000		Bank of America Corp		5.300		03/15/17		19,045
	8,525,000		Bank of America Corp		6.000		09/01/17		8,962
	16,000,000		Bank of America Corp		4.000		01/22/25		16,325
	12,050,000		Bank of America Corp		3.950		04/21/25		12,252
	10,200,000		Bank of America Corp		3.875		08/01/25		10,856
	200,000		Bank of America Corp		4.250		10/22/26		208
	6,075,000		Bank of America Corp		4.750		04/21/45		6,211
	25,000,000		Bank of Nova Scotia		2.125		09/11/19		25,648
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		5,895
	5,450,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		5,574
	7,100,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250		09/08/24		7,446
	6,700,000		Barclays plc		3.650		03/16/25		6,442
	4,625,000	g	BNP Paribas S.A.		4.375		05/12/26		4,673
	3,200,000		Branch Banking & Trust Co		2.300		10/15/18		3,280
	11,850,000		Capital One Bank USA NA		2.950		07/23/21		12,179
	4,500,000		Capital One Bank USA NA		3.375		02/15/23		4,605
	8,425,000		Citigroup, Inc		1.300		11/15/16		8,429
	12,725,000		Citigroup, Inc		3.300		04/27/25		13,041
	32,000,000		Citigroup, Inc		4.450		09/29/27		32,899
	250,000		Citigroup, Inc		4.650		07/30/45		275
	10,000,000	i	Citigroup, Inc		5.350		12/30/49		9,408
	2,775,000		Citizens Bank NA		2.550		05/13/21		2,802
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,111
	8,650,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		9,125
	10,475,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.250		08/04/45		11,695
	13,700,000		Cooperatieve Rabobank UA		2.500		01/19/21		14,048
	4,825,000	g	Credit Agricole S.A.		2.500		04/15/19		4,936
	5,500,000	g	Credit Agricole S.A.		2.375		07/01/21		5,562
EUR	1,200,000		Credit Agricole S.A.		0.875		01/19/22		1,362
$	3,800,000	g	DBS Group Holdings Ltd		2.246		07/16/19		3,856

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
EUR	1,200,000		Deutsche Bank AG.		1.250	%	09/08/21	$	1,348
$	9,425,000		Discover Bank		3.100		06/04/20		9,641
EUR	1,000,000		FCE Bank plc		1.134		02/10/22		1,113
$	2,500,000	g	GTH Finance BV		7.250		04/26/23		2,600
	7,350,000	g	HSBC Bank plc		4.125		08/12/20		7,912
	10,425,000		HSBC Holdings plc		2.950		05/25/21		10,534
	250,000		HSBC Holdings plc		4.250		08/18/25		252
	12,825,000		HSBC Holdings plc		3.900		05/25/26		13,236
	5,000,000		HSBC USA, Inc		1.625		01/16/18		4,991
AUD	900,000		Inter-American Development Bank		2.750		10/30/25		681
EUR	1,000,000		Intesa Sanpaolo S.p.A		5.150		07/16/20		1,215
EUR	250,000		Intesa Sanpaolo S.p.A		3.500		01/17/22		311
$	400,000	g	Itau Unibanco Holding S.A.		5.125		05/13/23		398
	12,925,000		JPMorgan Chase & Co		2.750		06/23/20		13,319
	4,850,000		JPMorgan Chase & Co		2.700		05/18/23		4,900
	20,400,000		JPMorgan Chase & Co		3.200		06/15/26		20,979
	200,000		JPMorgan Chase & Co		4.950		06/01/45		220
	3,750,000	i	JPMorgan Chase & Co		5.150		12/30/49		3,647
	2,700,000		KeyBank NA		2.500		12/15/19		2,769
	7,675,000		KeyBank NA		2.250		03/16/20		7,781
	250,000		Lloyds Bank plc		3.500		05/14/25		257
	3,325,000		Lloyds Banking Group plc		3.100		07/06/21		3,323
	4,475,000	g	Macquarie Bank Ltd		2.600		06/24/19		4,564
	9,950,000		Manufacturers & Traders Trust Co		2.100		02/06/20		10,068
	5,925,000		Mitsubishi UFJ Financial Group, Inc		3.850		03/01/26		6,467
AUD	500,000		National Australia Bank Ltd		5.000		03/11/24		426
$	1,700,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		1,779
	2,325,000	g	PKO Finance AB		4.630		09/26/22		2,424
	10,400,000		PNC Bank NA		2.200		01/28/19		10,611
	11,475,000		PNC Bank NA		2.250		07/02/19		11,722
	17,000,000		PNC Bank NA		2.600		07/21/20		17,606
	10,950,000		PNC Bank NA		2.700		11/01/22		11,068
	17,395,000		PNC Bank NA		2.950		01/30/23		17,720
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,440
	4,900,000	g,i	Rabobank Nederland NV		11.000		12/30/49		5,843
	12,000,000		Royal Bank of Canada		1.200		09/19/17		12,026
	40,000,000		Royal Bank of Canada		1.875		02/05/20		40,529
EUR	1,200,000		Santander International Debt SAU		1.375		12/14/22		1,357
$	1,300,000	g	Shinhan Bank		3.875		03/24/26		1,345
	15,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		15,010
	13,100,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		13,499
SEK	19,000,000		Skandinaviska Enskilda Banken AB		1.500		12/15/21		2,346
EUR	1,000,000		Societe Generale S.A.		0.750		02/19/21		1,131
$	3,800,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		3,879
	6,650,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		6,796
	4,025,000		Sumitomo Mitsui Banking Corp		3.650		07/23/25		4,366
	6,850,000		SunTrust Banks, Inc		2.900		03/03/21		7,093
	5,700,000		SunTrust Banks, Inc		2.750		05/01/23		5,737
	7,650,000		Toronto-Dominion Bank		1.125		05/02/17		7,656
	13,700,000		Toronto-Dominion Bank		2.500		12/14/20		14,172
	1,325,000	g	Turkiye Garanti Bankasi AS.		4.750		10/17/19		1,363
	1,700,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		1,725
	2,800,000	g,h	Turkiye Halk Bankasi AS.		5.000		07/13/21		2,798
	2,350,000	g	Turkiye Is Bankasi		3.750		10/10/18		2,362

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,775,000	g	Turkiye Is Bankasi		5.500	%	04/21/19	$	2,893
	2,800,000	g	Turkiye Is Bankasi		5.375		10/06/21		2,887
	7,100,000		Union Bank NA		2.125		06/16/17		7,166
	5,700,000		UnionBanCal Corp		3.500		06/18/22		6,052
	17,650,000		US Bank NA		2.800		01/27/25		18,388
	10,000,000	g	Westpac Banking Corp		1.850		11/26/18		10,136
	10,850,000		Westpac Banking Corp		2.250		01/17/19		11,079
AUD	600,000		Westpac Banking Corp		5.250		11/21/23		528
$	13,600,000		Westpac Banking Corp		2.850		05/13/26		13,812
			TOTAL BANKS						741,947

CAPITAL GOODS - 0.7%
EUR	1,000,000		Bayer AG.		1.875		01/25/21		1,189
$	8,000,000		Deere & Co		2.600		06/08/22		8,217
	2,075,000		Eaton Corp		4.000		11/02/32		2,206
	250,000		Eaton Corp		4.150		11/02/42		270
	4,000,000		Embraer Netherlands Finance BV		5.050		06/15/25		3,948
	2,000,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,970
	1,300,000	g	Huntington Ingalls Industries, Inc		5.000		12/15/21		1,360
EUR	1,000,000		Illinois Tool Works, Inc		1.250		05/22/23		1,156
$	4,250,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550		11/01/24		4,474
	6,000,000		John Deere Capital Corp		1.700		01/15/20		6,047
	8,350,000		Lockheed Martin Corp		2.500		11/23/20		8,614
	5,200,000		Lockheed Martin Corp		3.550		01/15/26		5,673
	200,000		Lockheed Martin Corp		4.700		05/15/46		235
	9,800,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		9,758
	8,250,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		8,423
	1,285,280	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		228
	1,734,800	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		321
	4,925,000		Rockwell Automation, Inc		2.050		03/01/20		5,006
	4,000,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		4,060
	2,075,000		Textron, Inc		3.875		03/01/25		2,191
	12,950,000		Timken Co		3.875		09/01/24		13,093
	5,200,000	g	TSMC Global Ltd		1.625		04/03/18		5,207
			TOTAL CAPITAL GOODS						93,646

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	2,105,000		21st Century Fox America, Inc		7.625		11/30/28		2,909
	1,578,000		21st Century Fox America, Inc		6.550		03/15/33		2,017
	7,375,000		21st Century Fox America, Inc		6.900		08/15/39		9,871
	1,250,000		AECOM		5.750		10/15/22		1,275
	4,875,000		AECOM		5.875		10/15/24		4,997
	7,175,000		Air Lease Corp		3.875		04/01/21		7,390
	27,200,000	g	Daimler Finance North America LLC		2.000		07/06/21		27,190
	7,950,000	g	Daimler Finance North America LLC		3.300		05/19/25		8,411
	12,550,000		Equifax, Inc		3.250		06/01/26		12,966
	2,825,000		Quest Diagnostics, Inc		3.450		06/01/26		2,921
	10,290,000		Republic Services, Inc		3.800		05/15/18		10,767
	5,375,000		Republic Services, Inc		3.550		06/01/22		5,806
	6,625,000		Republic Services, Inc		3.200		03/15/25		6,923
	1,925,000	h	Republic Services, Inc		2.900		07/01/26		1,953
	2,000,000		United Rentals North America, Inc		4.625		07/15/23		2,020
	13,700,000		Visa, Inc		2.200		12/14/20		14,116

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,250,000		Visa, Inc		3.150	%	12/14/25	$	9,894
	7,150,000		Waste Management, Inc		2.600		09/01/16		7,166
	15,050,000		Waste Management, Inc		2.900		09/15/22		15,758
	6,725,000		Waste Management, Inc		2.400		05/15/23		6,825
	2,000,000		Waste Management, Inc		3.900		03/01/35		2,097
	2,225,000		Waste Management, Inc		4.100		03/01/45		2,416
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						165,688

CONSUMER DURABLES & APPAREL - 0.2%
	3,000,000		Lennar Corp		4.500		11/15/19		3,125
	3,000,000		Lennar Corp		4.750		04/01/21		3,120
	3,850,000		Newell Rubbermaid, Inc		3.150		04/01/21		4,011
	2,875,000		Newell Rubbermaid, Inc		3.900		11/01/25		3,013
	6,175,000		Newell Rubbermaid, Inc		4.200		04/01/26		6,697
	500,000		PulteGroup, Inc		4.250		03/01/21		516
	1,000,000		PulteGroup, Inc		5.500		03/01/26		1,025
	6,900,000		PVH Corp		4.500		12/15/22		6,995
EUR	1,250,000		Whirlpool Corp		0.625		03/12/20		1,394
$	2,625,000		Whirlpool Corp		3.700		03/01/23		2,784
			TOTAL CONSUMER DURABLES & APPAREL						32,680

CONSUMER SERVICES - 1.1%
	1,500,000	g	1011778 BC / New Red Fin		6.000		04/01/22		1,556
	1,425,000		ADT Corp		6.250		10/15/21		1,523
	1,390,000		ADT Corp		3.500		07/15/22		1,274
	11,000,000		Amherst College		4.100		11/01/45		12,606
	2,000,000	g	Aramark Services, Inc		4.750		06/01/26		1,960
	1,840,000	g	International Game Technology		5.625		02/15/20		1,939
	1,610,000	g	International Game Technology		6.250		02/15/22		1,650
	1,610,000	g	International Game Technology		6.500		02/15/25		1,622
	5,000,000		Johns Hopkins University		4.083		07/01/53		5,563
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		8,590
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		15,552
	11,650,000	g	SABMiller Holdings, Inc		3.750		01/15/22		12,493
	5,000,000		Scientific Games International, Inc		6.250		09/01/20		3,162
	6,475,000		Service Corp International		5.375		05/15/24		6,718
	15,000,000		Smith College		4.620		07/01/45		17,436
	30,000,000		Stanford University		4.013		05/01/42		35,246
	6,600,000		Trustees of Dartmouth College		3.474		06/01/46		7,043
	21,000,000		University of Chicago		4.151		10/01/45		21,322
	13,700,000		Walt Disney Co		2.300		02/12/21		14,256
			TOTAL CONSUMER SERVICES						171,511

DIVERSIFIED FINANCIALS - 4.3%
	1,250,000		Ally Financial, Inc		3.750		11/18/19		1,253
	2,000,000		American Express Centurion Bank		6.000		09/13/17		2,107
	7,000,000		American Express Credit Corp		2.250		05/05/21		7,126
	2,150,000	g,i	Armor Re Ltd		4.709		12/15/16		2,139
	6,250,000	i	Bank of New York Mellon Corp (Step Bond)		1.969		06/20/17		6,304
	4,125,000		Bank of New York Mellon Corp		5.450		05/15/19		4,585
	400,000		Bank of New York Mellon Corp		4.150		02/01/21		441
	10,500,000		Bank of New York Mellon Corp		2.500		04/15/21		10,881
	11,550,000	g	Bayer US Finance LLC		2.375		10/08/19		11,807
	8,100,000	g	Bayer US Finance LLC		3.375		10/08/24		8,424
	5,000,000	g	BBVA Bancomer S.A.		6.750		09/30/22		5,582

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,100,000	g,i	BBVA Bancomer S.A.		5.350	%	11/12/29	$	2,074
EUR	1,000,000		BHP Billiton Finance Ltd		0.750		10/28/22		1,106
$	24,600,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		24,739
	7,175,000		Credit Suisse		2.300		05/28/19		7,271
	5,675,000		Credit Suisse		3.000		10/29/21		5,814
EUR	1,250,000		Credit Suisse Group Funding Guernsey Ltd		1.250		04/14/22		1,354
$	7,225,000		Credit Suisse Group Funding Guernsey Ltd		3.800		09/15/22		7,257
	7,700,000	g	Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		7,685
	10,250,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		10,037
	6,660,000		Ford Motor Credit Co LLC		4.250		02/03/17		6,766
	3,340,000		Ford Motor Credit Co LLC		6.625		08/15/17		3,526
	6,600,000		Ford Motor Credit Co LLC		2.375		03/12/19		6,693
	13,600,000		Ford Motor Credit Co LLC		3.157		08/04/20		14,102
	16,975,000		Ford Motor Credit Co LLC		3.200		01/15/21		17,487
	35,825,000		Ford Motor Credit Co LLC		4.134		08/04/25		38,428
	21,983,000	g	GE Capital International Funding Co		3.373		11/15/25		23,999
	5,228,000	g	GE Capital International Funding Co		4.418		11/15/35		5,865
	1,432,000		General Electric Capital Corp		5.875		01/14/38		1,938
	108,000		General Electric Capital Corp		6.875		01/10/39		163
	4,911,000		General Motors Financial Co, Inc		3.500		07/10/19		5,082
	3,158,000		General Motors Financial Co, Inc		3.200		07/13/20		3,200
	11,725,000		General Motors Financial Co, Inc		4.200		03/01/21		12,267
	17,625,000		General Motors Financial Co, Inc		3.200		07/06/21		17,676
	3,900,000		General Motors Financial Co, Inc		4.375		09/25/21		4,116
	5,000,000		General Motors Financial Co, Inc		3.450		04/10/22		4,997
	5,400,000		General Motors Financial Co, Inc		3.700		05/09/23		5,435
	500,000		General Motors Financial Co, Inc		4.300		07/13/25		513
	5,500,000		General Motors Financial Co, Inc		5.250		03/01/26		5,982
	11,075,000		Goldman Sachs Group, Inc		2.375		01/22/18		11,227
	13,575,000		Goldman Sachs Group, Inc		3.500		01/23/25		13,955
	7,675,000		Goldman Sachs Group, Inc		4.800		07/08/44		8,476
	10,550,000		Goldman Sachs Group, Inc		5.150		05/22/45		10,994
	4,375,000		Goldman Sachs Group, Inc		4.750		10/21/45		4,825
	3,800,000	g	GrupoSura Finance S.A.		5.500		04/29/26		3,961
	1,775,000	g	Hyundai Capital America		2.000		07/01/19		1,786
	5,425,000	g	Hyundai Capital America		2.600		03/19/20		5,523
	1,725,000		Icahn Enterprises LP		5.875		02/01/22		1,621
	2,750,000	g	ICICI Bank Ltd		4.700		02/21/18		2,862
	2,000,000	g	ICICI Bank Ltd		3.500		03/18/20		2,049
	4,850,000	g	ICICI Bank Ltd		4.000		03/18/26		4,931
	400,000		Indian Railway Finance Corp Ltd		3.917		02/26/19		420
	550,000		Intercontinental Exchange, Inc		2.750		12/01/20		576
	8,400,000		International Lease Finance Corp		3.875		04/15/18		8,554
	3,200,000		International Lease Finance Corp		5.875		04/01/19		3,412
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,412
	250,000		Jefferies Group, Inc		6.450		06/08/27		278
	4,900,000	g	KOC Holding AS.		5.250		03/15/23		5,082
	1,625,000		Legg Mason, Inc		2.700		07/15/19		1,663
	2,400,000		Legg Mason, Inc		3.950		07/15/24		2,427
	200,000	g	Lukoil International Finance BV		3.416		04/24/18		203
	2,050,000	g	LUKOIL International Finance BV		4.563		04/24/23		2,076
	21,500,000		Morgan Stanley		1.875		01/05/18		21,624
	9,475,000		Morgan Stanley		3.750		02/25/23		10,037

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	24,800,000		Morgan Stanley		3.700	%	10/23/24	$	25,954
	9,300,000		Morgan Stanley		4.000		07/23/25		9,963
	4,400,000		Morgan Stanley		3.875		01/27/26		4,685
	8,000,000		Morgan Stanley		4.350		09/08/26		8,373
	7,750,000		Morgan Stanley		6.375		07/24/42		10,461
	300,000		Morgan Stanley		4.300		01/27/45		315
	7,900,000	g	Nacional Financiera SNC		3.375		11/05/20		8,050
	3,800,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		4,592
	6,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		6,643
	5,000,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		5,093
	2,000,000	g	Reliance Holdings USA		4.500		10/19/20		2,165
	100,000		State Street Corp		4.375		03/07/21		111
	42,693,884		Tagua Leasing LLC		1.900		07/12/24		43,236
	2,000,000	g	Three Gorges Finance I Cayman Islands Ltd		2.300		06/02/21		2,028
	6,800,000	g	UBS Group Funding Jersey Ltd		2.950		09/24/20		6,916
	5,900,000		Wells Fargo & Co		2.500		03/04/21		6,051
	150,000		Wells Fargo & Co		3.900		05/01/45		158
	13,800,000		Wells Fargo & Co		4.400		06/14/46		14,016
			TOTAL DIVERSIFIED FINANCIALS						599,005

ENERGY - 3.0%
	8,900,000		Anadarko Petroleum Corp		4.850		03/15/21		9,440
	4,200,000		Anadarko Petroleum Corp		5.550		03/15/26		4,640
	2,850,000		Apache Corp		4.750		04/15/43		2,932
	1,900,000		Apache Corp		4.250		01/15/44		1,840
	6,650,000		Ashland, Inc		4.750		08/15/22		6,667
	16,500,000		BP Capital Markets plc		1.375		05/10/18		16,524
	13,300,000		BP Capital Markets plc		2.315		02/13/20		13,615
	5,025,000		BP Capital Markets plc		3.119		05/04/26		5,112
	690,000		California Resources Corp		5.000		01/15/20		364
	3,129,000	g	California Resources Corp		8.000		12/15/22		2,222
	478,000		California Resources Corp		6.000		11/15/24		234
	16,975,000		Chevron Corp		2.419		11/17/20		17,512
	500,000		Cimarex Energy Co		5.875		05/01/22		524
	8,395,000		Cimarex Energy Co		4.375		06/01/24		8,783
	5,475,000		Concho Resources, Inc		5.500		04/01/23		5,489
	3,300,000		Devon Energy Corp		5.000		06/15/45		3,080
	1,750,000		Dynegy, Inc		6.750		11/01/19		1,754
	1,100,000		Ecopetrol S.A.		5.875		09/18/23		1,133
	1,600,000		Ecopetrol S.A.		4.125		01/16/25		1,448
	3,000,000		Ecopetrol S.A.		5.375		06/26/26		2,918
	3,250,000		Enbridge Energy Partners LP		5.200		03/15/20		3,410
	3,375,000		Enbridge Energy Partners LP		4.375		10/15/20		3,464
	6,800,000		Enbridge Energy Partners LP		5.875		10/15/25		7,524
	8,300,000		Energy Transfer Equity LP		5.500		06/01/27		7,802
	3,525,000		Enterprise Products Operating LLC		2.850		04/15/21		3,642
	10,450,000		Enterprise Products Operating LLC		3.750		02/15/25		10,904
	7,500,000		Enterprise Products Operating LLC		5.100		02/15/45		8,253
	5,150,000		EOG Resources, Inc		4.150		01/15/26		5,668
	2,250,000		Exterran Partners LP		6.000		10/01/22		1,991
	13,750,000		Exxon Mobil Corp		2.222		03/01/21		14,178
	14,325,000		Exxon Mobil Corp		3.043		03/01/26		15,167
	7,550,000		Exxon Mobil Corp		4.114		03/01/46		8,497
	400,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		07/19/22		414

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,739,000		Husky Energy, Inc		3.950	%	04/15/22	$	2,833
	1,200,000	g	Indo Energy Finance II BV		6.375		01/24/23		665
	1,000,000	g	KMG Finance Sub BV		6.375		04/09/21		1,093
	5,030,000		Marathon Oil Corp		2.700		06/01/20		4,737
	2,625,000		Noble Energy, Inc		5.625		05/01/21		2,735
	900,000		Noble Energy, Inc		3.900		11/15/24		915
	1,850,000		Noble Energy, Inc		5.250		11/15/43		1,908
	6,675,000		Occidental Petroleum Corp		2.600		04/15/22		6,841
	3,425,000		Occidental Petroleum Corp		3.500		06/15/25		3,621
	3,370,000		Occidental Petroleum Corp		3.400		04/15/26		3,556
	10,850,000		ONE Gas, Inc		2.070		02/01/19		11,012
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,782
	3,900,000		Pemex Project Funding Master Trust		6.625		06/15/35		4,021
	2,000,000	g	Pertamina Persero PT		4.875		05/03/22		2,104
	1,300,000	g	Pertamina Persero PT		4.300		05/20/23		1,322
	2,000,000	i	Petrobras Global Finance BV		2.768		01/15/19		1,807
	1,120,000		Petrobras Global Finance BV		3.000		01/15/19		1,038
	16,600,000		Petrobras Global Finance BV		4.875		03/17/20		15,563
	2,000,000		Petrobras Global Finance BV		8.375		05/23/21		2,064
	500,000		Petrobras International Finance Co		5.750		01/20/20		482
	3,400,000	g	Petroleos Mexicanos		5.500		02/04/19		3,579
	6,750,000	g	Petroleos Mexicanos		6.375		02/04/21		7,339
	1,500,000		Petroleos Mexicanos		4.875		01/24/22		1,533
EUR	375,000		Petroleos Mexicanos		1.875		04/21/22		383
$	13,000,000		Petroleos Mexicanos		1.950		12/20/22		13,198
	6,955,000		Petroleos Mexicanos		2.000		12/20/22		7,073
	9,000,000		Petroleos Mexicanos		3.500		01/30/23		8,525
	1,000,000		Petroleos Mexicanos		4.250		01/15/25		963
	1,000,000		Petroleos Mexicanos		6.500		06/02/41		1,013
	4,180,000		Petroleos Mexicanos		5.500		06/27/44		3,777
	1,400,000		Petroleos Mexicanos		5.625		01/23/46		1,276
	1,750,000		Petroleum Co of Trinidad & Tobago Ltd		6.000		05/08/22		1,689
	614,000		Pioneer Natural Resources Co		7.500		01/15/20		719
	8,675,000		Pioneer Natural Resources Co		3.450		01/15/21		8,958
	6,850,000		Pioneer Natural Resources Co		4.450		01/15/26		7,467
	4,850,000		Plains All American Pipeline LP		4.650		10/15/25		4,899
	2,038,000		Plains All American Pipeline LP		4.900		02/15/45		1,823
	2,674,000		Precision Drilling Trust		6.625		11/15/20		2,447
	1,250,000		Questar Market Resources, Inc		6.875		03/01/21		1,263
	3,335,000		Range Resources Corp		5.000		08/15/22		3,143
	1,425,000		Regency Energy Partners LP		5.875		03/01/22		1,513
	250,000	g	Reliance Industries Ltd		4.125		01/28/25		260
EUR	900,000		Repsol International Finance BV		3.625		10/07/21		1,139
$	6,000,000		Shell International Finance BV		2.375		08/21/22		6,143
	16,250,000		Shell International Finance BV		3.250		05/11/25		17,056
EUR	750,000		Shell International Finance BV		1.875		09/15/25		928
$	11,225,000		Shell International Finance BV		4.000		05/10/46		11,457
	2,075,000		Statoil ASA		1.200		01/17/18		2,078
	5,300,000		Statoil ASA		2.450		01/17/23		5,368
	8,875,000		Statoil ASA		4.250		11/23/41		9,348
	250,000		Suncor Energy, Inc		3.600		12/01/24		264
	2,000,000		Targa Resources Partners LP		5.000		01/15/18		2,035
	2,000,000		Tesoro Corp		5.125		04/01/24		2,010
	1,000,000		Total Capital International S.A.		1.000		01/10/17		1,001

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
EUR	1,000,000		Total Capital International S.A.		2.500	%	03/25/26	$	1,301
$	3,400,000		TransCanada PipeLines Ltd		5.850		03/15/36		3,911
	2,750,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		1,946
	1,000,000		Vale Overseas Ltd		4.375		01/11/22		937
	2,760,000		Vale Overseas Ltd		6.875		11/21/36		2,539
	350,000		WPX Energy, Inc		8.250		08/01/23		351
	2,400,000		WPX Energy, Inc		5.250		09/15/24		2,112
	400,000	g	YPF S.A.		8.500		03/23/21		429
			TOTAL ENERGY						424,437

FOOD & STAPLES RETAILING - 0.9%
	19,700,000		CVS Health Corp		2.800		07/20/20		20,505
	15,925,000		CVS Health Corp		2.125		06/01/21		16,113
	19,030,000		CVS Health Corp		3.875		07/20/25		20,943
	15,950,000		CVS Health Corp		2.875		06/01/26		16,302
	150,000		CVS Health Corp		5.125		07/20/45		186
	4,900,000		Ingles Markets, Inc		5.750		06/15/23		4,961
	2,275,000		SYSCO Corp		2.500		07/15/21		2,325
EUR	1,000,000		SYSCO Corp		1.250		06/23/23		1,120
$	8,250,000		Walgreen Co		4.400		09/15/42		8,368
	10,750,000		Walgreens Boots Alliance, Inc		2.700		11/18/19		11,108
	6,575,000		Walgreens Boots Alliance, Inc		2.600		06/01/21		6,683
	11,775,000		Walgreens Boots Alliance, Inc		3.800		11/18/24		12,481
	5,125,000		Walgreens Boots Alliance, Inc		3.450		06/01/26		5,269
	1,475,000		Walgreens Boots Alliance, Inc		4.650		06/01/46		1,574
			TOTAL FOOD & STAPLES RETAILING						127,938

FOOD, BEVERAGE & TOBACCO - 1.1%
	4,916,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		4,437
	13,700,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		14,197
	23,925,000		Anheuser-Busch InBev Finance, Inc		3.650		02/01/26		25,607
	10,450,000		Anheuser-Busch InBev Finance, Inc		4.900		02/01/46		12,241
	14,775,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		15,005
EUR	1,250,000		BAT Netherlands Finance BV		2.375		01/19/23		1,529
$	3,000,000	g	Corp Lindley S.A.		4.625		04/12/23		3,068
	2,435,000	g	Embotelladora Andina S.A.		5.000		10/01/23		2,672
	4,000,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		3,997
	200,000	g	Grupo Bimbo SAB de C.V.		3.875		06/27/24		208
EUR	1,250,000		Heineken NV		2.875		08/04/25		1,638
$	200,000	g	HJ Heinz Co		5.200		07/15/45		237
	150,000		JM Smucker Co		4.375		03/15/45		163
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,536
	3,650,000		Mead Johnson Nutrition Co		3.000		11/15/20		3,813
	6,200,000		Mondelez International, Inc		4.000		02/01/24		6,783
	680,000		PepsiCo, Inc		7.900		11/01/18		786
	3,950,000		PepsiCo, Inc		2.750		04/30/25		4,084
	5,850,000		PepsiCo, Inc		2.850		02/24/26		6,121
	18,100,000		PepsiCo, Inc		4.450		04/14/46		21,138
	2,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		2,017
	6,850,000	g	Pernod-Ricard S.A.		4.250		07/15/22		7,489
	4,525,000	g	Pernod-Ricard S.A.		3.250		06/08/26		4,634
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,214
			TOTAL FOOD, BEVERAGE & TOBACCO						148,614

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
HEALTH CARE EQUIPMENT & SERVICES - 0.9%
$	3,900,000		Becton Dickinson & Co		1.750	%	11/08/16	$	3,909
	400,000		Becton Dickinson & Co		4.685		12/15/44		453
	1,000,000		CHS/Community Health Systems		5.125		08/01/21		992
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		4,055
	9,800,000		Express Scripts Holding Co		3.900		02/15/22		10,504
	3,975,000		Express Scripts Holding Co		4.500		02/25/26		4,369
	8,850,000		Express Scripts Holding Co		3.400		03/01/27		8,860
	4,500,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		4,995
	4,560,000		HCA, Inc		6.500		02/15/20		5,056
	4,575,000		HCA, Inc		5.875		03/15/22		4,975
	200,000		Laboratory Corp of America Holdings		3.600		02/01/25		208
	10,450,000		McKesson Corp		4.883		03/15/44		11,925
	8,450,000		Medtronic, Inc		3.500		03/15/25		9,216
	9,625,000		Medtronic, Inc		4.625		03/15/45		11,326
	5,000,000		New York and Presbyterian Hospital		3.563		08/01/36		5,229
	7,100,000		Owens & Minor, Inc		3.875		09/15/21		7,349
	6,700,000		Stryker Corp		2.625		03/15/21		6,926
	2,625,000		Stryker Corp		3.375		11/01/25		2,756
	2,000,000		Tenet Healthcare Corp		4.375		10/01/21		1,990
	2,700,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		2,747
	3,100,000		Thermo Fisher Scientific, Inc		3.300		02/15/22		3,227
	4,325,000		Thermo Fisher Scientific, Inc		3.150		01/15/23		4,421
	10,100,000		Zimmer Holdings, Inc		2.700		04/01/20		10,223
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						125,711

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	7,175,000		Clorox Co		3.800		11/15/21		7,797
	4,900,000		Clorox Co		3.500		12/15/24		5,249
	6,800,000		Colgate-Palmolive Co		4.000		08/15/45		7,823
	4,525,000		Ecolab, Inc		1.450		12/08/17		4,533
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						25,402

INSURANCE - 1.7%
	350,000		ACE INA Holdings, Inc		4.350		11/03/45		403
	150,000		Aetna, Inc		4.125		06/01/21		164
	1,925,000		Aetna, Inc		6.625		06/15/36		2,568
	9,050,000		Aetna, Inc		4.375		06/15/46		9,369
	6,200,000		Allstate Corp		3.150		06/15/23		6,594
	6,200,000		Allstate Corp		4.500		06/15/43		7,213
	7,825,000		American International Group, Inc		2.300		07/16/19		7,962
	11,850,000		American International Group, Inc		3.300		03/01/21		12,353
	100,000		Berkshire Hathaway Finance Corp		4.300		05/15/43		112
	19,230,000		Children’s Hospital Medic		4.268		05/15/44		21,467
	3,750,000		Chubb Corp		6.000		05/11/37		5,093
	1,390,000		Cigna Corp		5.125		06/15/20		1,543
	6,900,000		Cigna Corp		4.500		03/15/21		7,576
	4,900,000		Cigna Corp		3.250		04/15/25		5,005
	21,975,000	g	Five Corners Funding Trust		4.419		11/15/23		23,726
	2,800,000		Lincoln National Corp		7.000		06/15/40		3,608
	500,000		Marsh & McLennan Cos, Inc		4.800		07/15/21		554
	2,000,000		MetLife, Inc		4.368		09/15/23		2,215
	3,050,000		MetLife, Inc		4.050		03/01/45		3,007
	6,600,000	i	MetLife, Inc		5.250		12/30/49		6,550
	2,825,000		Principal Financial Group, Inc		1.850		11/15/17		2,840

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,500,000		Progressive Corp		3.750	%	08/23/21	$	6,052
	8,050,000		Prudential Financial, Inc		7.375		06/15/19		9,339
	8,000,000		Prudential Financial, Inc		5.400		06/13/35		9,073
	7,775,000		Prudential Financial, Inc		5.100		08/15/43		8,619
	4,025,000	i	Prudential Financial, Inc		5.200		03/15/44		3,947
	150,000		Prudential Financial, Inc		4.600		05/15/44		161
	9,875,000	i	Prudential Financial, Inc		5.375		05/15/45		9,986
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,648
	2,425,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		2,456
	6,100,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		6,365
	4,250,000		Travelers Cos, Inc		5.800		05/15/18		4,610
	1,350,000		Travelers Cos, Inc		3.750		05/15/46		1,414
	6,650,000		UnitedHealth Group, Inc		3.750		07/15/25		7,288
	3,050,000		UnitedHealth Group, Inc		3.100		03/15/26		3,200
	200,000		UnitedHealth Group, Inc		4.625		07/15/35		232
	13,600,000		UnitedHealth Group, Inc		4.750		07/15/45		16,465
	6,750,000		WellPoint, Inc		3.125		05/15/22		6,984
	7,850,000		WellPoint, Inc		4.625		05/15/42		8,240
	500,000		Willis Group Holdings plc		5.750		03/15/21		559
	2,400,000		WR Berkley Corp		5.375		09/15/20		2,660
			TOTAL INSURANCE						241,220

MATERIALS - 1.2%
	6,630,000		Air Products & Chemicals, Inc		4.375		08/21/19		7,253
	675,000		Alcoa, Inc		5.125		10/01/24		673
	1,365,000		Ball Corp		5.000		03/15/22		1,449
	3,034,000		Barrick Gold Corp		4.100		05/01/23		3,208
	3,417,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		3,952
	2,500,000	g	Blue Cube Spinco, Inc		9.750		10/15/23		2,894
	1,425,000	g	Blue Cube Spinco, Inc		10.000		10/15/25		1,646
	1,300,000		Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		1,354
	2,300,000	g	Cemex Finance LLC		6.000		04/01/24		2,231
	400,000	g	Cemex SAB de C.V.		6.125		05/05/25		389
	1,475,000	g	Cemex SAB de C.V.		7.750		04/16/26		1,549
	3,175,000		CF Industries, Inc		7.125		05/01/20		3,664
	3,550,000		Corning, Inc		1.450		11/15/17		3,548
EUR	300,000	g	Corp Nacional del Cobre de Chile		2.250		07/09/24		326
$	800,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		857
	1,600,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		1,695
	4,225,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		4,179
	2,400,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		2,513
	1,915,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.250		07/17/42		1,770
	1,390,000		Crown Americas LLC		4.500		01/15/23		1,418
	1,000,000		Eastman Chemical Co		5.500		11/15/19		1,107
	5,450,000		Eastman Chemical Co		3.800		03/15/25		5,763
	200,000		EI du Pont de Nemours & Co		2.800		02/15/23		205
	8,775,000	g	Georgia-Pacific LLC		2.539		11/15/19		8,987
	5,375,000	g	Glencore Funding LLC		2.125		04/16/18		5,241
	28,950,000	g	Glencore Funding LLC		2.500		01/15/19		27,828
	6,450,000	g	Glencore Funding LLC		4.625		04/29/24		6,031
	2,025,000	g	GTL Trade Finance, Inc		5.893		04/29/24		1,785
	12,000,000		International Paper Co		4.750		02/15/22		13,333
	6,925,000		Kimberly-Clark Corp		2.750		02/15/26		7,273
	3,200,000	g	Klabin Finance S.A.		5.250		07/16/24		3,144

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,000,000		LyondellBasell Industries NV		5.000	%	04/15/19	$	3,249
	6,840,000		Nucor Corp		4.000		08/01/23		7,308
	3,800,000	g	OCP S.A.		5.625		04/25/24		4,028
	2,860,000	g	Owens-Brockway Glass Container, Inc		5.375		01/15/25		2,839
	3,150,000		Packaging Corp of America		3.650		09/15/24		3,255
	5,000,000		Rock Tenn Co		3.500		03/01/20		5,162
	3,000,000		Rock Tenn Co		4.000		03/01/23		3,134
	665,000	g	Sealed Air Corp		6.500		12/01/20		756
	1,370,000	g	Sealed Air Corp		5.250		04/01/23		1,418
	1,675,000		Steel Dynamics, Inc		5.125		10/01/21		1,711
	3,200,000		Teck Resources Ltd		3.750		02/01/23		2,432
	400,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		401
	2,000,000	g	Union Andina de Cementos SAA		5.875		10/30/21		2,027
			TOTAL MATERIALS						164,985

MEDIA - 1.6%
	6,750,000		CBS Corp		2.300		08/15/19		6,854
	3,500,000		CBS Corp		4.000		01/15/26		3,738
	11,150,000	g	CCO Safari II LLC		3.579		07/23/20		11,658
	8,295,000	g	CCO Safari II LLC		4.464		07/23/22		8,931
	13,900,000	g	Charter Communications Operating LLC		4.908		07/23/25		15,150
	3,500,000		Cinemark USA, Inc		4.875		06/01/23		3,456
	26,000,000		Comcast Corp		4.250		01/15/33		28,709
	2,430,000	g	Gannett Co, Inc		4.875		09/15/21		2,491
	2,925,000	g	Gannett Co, Inc		5.500		09/15/24		3,013
	825,000		Grupo Televisa S.A.		6.000		05/15/18		890
	4,800,000		Grupo Televisa SAB		4.625		01/30/26		5,193
	2,675,000		Grupo Televisa SAB		5.000		05/13/45		2,569
	2,000,000		Lamar Media Corp		5.000		05/01/23		2,060
	2,000,000		Lamar Media Corp		5.375		01/15/24		2,085
	7,250,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		7,329
	7,700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		7,872
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		10,893
	3,735,000		Nielsen Finance LLC		4.500		10/01/20		3,805
	4,650,000		Outfront Media Capital LLC		5.250		02/15/22		4,720
	6,600,000		Scripps Networks Interactive, Inc		2.800		06/15/20		6,704
	5,675,000		Time Warner Cable, Inc		5.875		11/15/40		6,184
	4,075,000		Time Warner Cable, Inc		4.500		09/15/42		3,800
	20,550,000		Time Warner, Inc		2.100		06/01/19		20,895
	19,575,000		Time Warner, Inc		3.600		07/15/25		20,723
	3,825,000		Time Warner, Inc		6.500		11/15/36		4,853
	7,100,000		Time Warner, Inc		4.650		06/01/44		7,468
	150,000		Time Warner, Inc		4.850		07/15/45		163
	1,600,000	g	Time, Inc		5.750		04/15/22		1,504
	4,000,000	g	Univision Communications, Inc		5.125		05/15/23		3,970
	5,400,000		Viacom, Inc		2.500		12/15/16		5,423
	3,000,000		Viacom, Inc		3.500		04/01/17		3,043
	7,375,000		Viacom, Inc		5.850		09/01/43		7,399
	1,525,000	g	Virgin Media Finance plc		6.000		10/15/24		1,498
			TOTAL MEDIA						225,043

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	16,950,000		AbbVie, Inc		2.500		05/14/20		17,351
	9,500,000		AbbVie, Inc		3.200		05/14/26		9,605

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,125,000		Actavis Funding SCS		3.000	%	03/12/20	$	7,342
	19,675,000		Actavis Funding SCS		3.800		03/15/25		20,472
	400,000		Actavis Funding SCS		4.750		03/15/45		419
	7,500,000		Biogen, Inc		2.900		09/15/20		7,817
	7,450,000		Celgene Corp		2.875		08/15/20		7,705
	11,575,000		Celgene Corp		3.875		08/15/25		12,353
	650,000	g	Endo Finance LLC		6.000		02/01/25		564
	6,850,000		Gilead Sciences, Inc		3.500		02/01/25		7,306
	9,850,000		Gilead Sciences, Inc		3.650		03/01/26		10,717
	200,000		Gilead Sciences, Inc		4.750		03/01/46		227
	8,450,000		Johnson & Johnson		1.650		03/01/21		8,599
	13,275,000		Johnson & Johnson		2.450		03/01/26		13,728
	4,100,000	g	Mylan NV		3.750		12/15/20		4,275
	6,600,000	g	Mylan NV		3.150		06/15/21		6,702
	3,725,000		Mylan, Inc		2.550		03/28/19		3,771
	26,725,000		Novartis Capital Corp		3.000		11/20/25		28,402
	13,700,000		Novartis Capital Corp		4.000		11/20/45		15,628
	500,000		Perrigo Finance plc		3.900		12/15/24		507
	2,850,000		Perrigo Finance plc		4.900		12/15/44		2,813
	2,700,000	g	Roche Holdings, Inc		2.625		05/15/26		2,794
	3,075,000		Zoetis, Inc		3.450		11/13/20		3,175
	2,900,000		Zoetis, Inc		4.500		11/13/25		3,200
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						195,472

REAL ESTATE - 1.2%
	1,675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		1,734
	300,000		Boston Properties LP		4.125		05/15/21		327
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,683
	4,500,000		Brixmor Operating Partnership LP		3.875		08/15/22		4,624
	5,825,000		Brixmor Operating Partnership LP		3.850		02/01/25		5,860
	2,650,000		Brixmor Operating Partnership LP		4.125		06/15/26		2,721
	3,965,000		Camden Property Trust		4.625		06/15/21		4,356
	3,000,000		Camden Property Trust		2.950		12/15/22		3,034
	5,175,000		DCT Industrial Operating Partnership LP		4.500		10/15/23		5,483
	3,450,000		DDR Corp		3.625		02/01/25		3,462
	3,250,000		DDR Corp		4.250		02/01/26		3,409
	6,800,000		Developers Diversified Realty Corp		4.750		04/15/18		7,095
	3,460,000		Developers Diversified Realty Corp		7.875		09/01/20		4,179
	1,600,000		Duke Realty LP		3.250		06/30/26		1,623
	2,075,000		Equinix, Inc		4.875		04/01/20		2,153
	2,250,000		Equinix, Inc		5.375		01/01/22		2,323
	2,750,000		Equity One, Inc		3.750		11/15/22		2,796
	210,000		ERP Operating LP		4.625		12/15/21		237
	2,754,000		Essex Portfolio LP		3.375		01/15/23		2,845
	500,000		HCP, Inc		5.375		02/01/21		556
	2,775,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,114
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,631
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		6,643
	3,700,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		3,803
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,640
	1,600,000		Highwoods Realty LP		5.850		03/15/17		1,645
	1,775,000		Host Hotels & Resorts LP		4.500		02/01/26		1,873
	2,800,000		Kimco Realty Corp		3.400		11/01/22		2,935
	5,224,000		Mid-America Apartments LP		4.300		10/15/23		5,621

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,525,000		Mid-America Apartments LP		3.750	%	06/15/24	$	5,733
	4,300,000		Mid-America Apartments LP		4.000		11/15/25		4,530
	3,600,000		National Retail Properties, Inc		3.800		10/15/22		3,803
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,506
	2,575,000		National Retail Properties, Inc		4.000		11/15/25		2,734
	400,000		ProLogis LP		3.350		02/01/21		423
	169,000		Regency Centers LP		5.875		06/15/17		176
	7,225,000		Regency Centers LP		3.900		11/01/25		7,606
	400,000		Shimao Property Holdings Ltd		6.625		01/14/20		420
	3,040,000		Simon Property Group LP		10.350		04/01/19		3,703
	122,000		Simon Property Group LP		4.375		03/01/21		135
	1,255,000	g	Trust F/1401		5.250		12/15/24		1,287
	1,950,000	g	Trust F/1401		5.250		01/30/26		1,984
	450,000		Ventas Realty LP		4.125		01/15/26		484
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,193
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,845
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,217
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		4,054
	13,475,000		Welltower, Inc		4.000		06/01/25		14,169
			TOTAL REAL ESTATE						161,407

RETAILING - 0.6%
	100,000		Amazon.com, Inc		4.950		12/05/44		121
	600,000		Asbury Automotive Group, Inc		6.000		12/15/24		604
	4,150,000		AutoNation, Inc		3.350		01/15/21		4,250
	4,425,000		AutoZone, Inc		3.250		04/15/25		4,589
	100,000		Best Buy Co, Inc		5.500		03/15/21		106
	150,000		Gap, Inc		5.950		04/12/21		157
	1,743,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		1,438
	8,850,000		Home Depot, Inc		2.000		04/01/21		9,091
	8,725,000		Home Depot, Inc		3.350		09/15/25		9,513
	5,175,000		Home Depot, Inc		3.000		04/01/26		5,503
	1,500,000		JD.com, Inc		3.125		04/29/21		1,473
	3,150,000		L Brands, Inc		6.750		07/01/36		3,148
	3,150,000		Limited Brands, Inc		7.000		05/01/20		3,560
	8,315,000		O’Reilly Automotive, Inc		4.625		09/15/21		9,181
	4,550,000		O’Reilly Automotive, Inc		3.800		09/01/22		4,900
	1,300,000		O’Reilly Automotive, Inc		3.550		03/15/26		1,364
	5,050,000	g	Rolls-Royce plc		2.375		10/14/20		5,187
	1,850,000	g	Rolls-Royce plc		3.625		10/14/25		1,965
GBP	1,250,000		Rolls-Royce plc		3.375		06/18/26		1,760
$	11,575,000		Target Corp		2.500		04/15/26		11,874
	5,625,000		Target Corp		3.625		04/15/46		5,772
EUR	750,000		Wal-Mart Stores, Inc		1.900		04/08/22		911
$	150,000		Wal-Mart Stores, Inc		4.300		04/22/44		176
			TOTAL RETAILING						86,643

SOFTWARE & SERVICES - 0.6%
	1,500,000		Baidu, Inc		3.000		06/30/20		1,531
	20,350,000		Fidelity National Information Services, Inc		3.625		10/15/20		21,509
	12,121,000		Fidelity National Information Services, Inc		5.000		03/15/22		12,629
	6,825,000		Microsoft Corp		3.125		11/03/25		7,307
	3,075,000		NCR Corp		4.625		02/15/21		3,044
	525,000		NCR Corp		5.875		12/15/21		533

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,650,000	g	Open Text Corp		5.625	%	01/15/23	$	1,671
	13,600,000	h	Oracle Corp		1.900		09/15/21		13,653
	13,600,000	h	Oracle Corp		2.650		07/15/26		13,616
	13,600,000	h	Oracle Corp		4.000		07/15/46		13,703
			TOTAL SOFTWARE & SERVICES						89,196

TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	3,475,000		Amphenol Corp		3.125		09/15/21		3,593
	13,900,000		Apple, Inc		2.250		02/23/21		14,303
	11,325,000		Apple, Inc		3.250		02/23/26		12,033
	4,525,000		Apple, Inc		4.650		02/23/46		5,098
	1,975,000		CC Holdings GS V LLC		2.381		12/15/17		2,001
	625,000	g	CommScope, Inc		4.375		06/15/20		644
	1,600,000	g	CommScope, Inc		5.000		06/15/21		1,634
	2,600,000	g	CommScope, Inc		5.500		06/15/24		2,639
	3,300,000		General Electric Co		5.250		12/06/17		3,499
EUR	1,200,000		General Electric Co		1.875		05/28/27		1,473
$	4,075,000		General Electric Co		4.125		10/09/42		4,485
	1,475,000	g	Millicom International Cellular S.A.		6.000		03/15/25		1,438
	525,000	g	Sensata Technologies BV		5.625		11/01/24		545
	5,050,000		Tyco Electronics Group S.A.		2.375		12/17/18		5,125
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		7,048
EUR	1,000,000		Tyco Electronics Group S.A.		1.100		03/01/23		1,128
$	2,175,000		Tyco Electronics Group S.A.		3.700		02/15/26		2,294
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						68,980

TELECOMMUNICATION SERVICES - 1.7%
	2,000,000		Alibaba Group Holding Ltd		2.500		11/28/19		2,023
	10,300,000		American Tower Corp		3.300		02/15/21		10,746
	4,350,000		American Tower Corp		3.500		01/31/23		4,502
	2,418,000		American Tower Corp		4.400		02/15/26		2,626
	4,125,000		American Tower Corp		3.375		10/15/26		4,149
	21,350,000		AT&T, Inc		1.400		12/01/17		21,384
	9,650,000		AT&T, Inc		2.450		06/30/20		9,853
	8,200,000		AT&T, Inc		2.625		12/01/22		8,211
	8,800,000		AT&T, Inc		4.450		04/01/24		9,638
	27,225,000		AT&T, Inc		3.400		05/15/25		27,862
EUR	1,250,000		AT&T, Inc		3.500		12/17/25		1,657
$	13,600,000		AT&T, Inc		4.125		02/17/26		14,610
	12,875,000		AT&T, Inc		4.500		05/15/35		13,156
	150,000		AT&T, Inc		4.800		06/15/44		154
	4,525,000		AT&T, Inc		4.750		05/15/46		4,638
	4,400,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		4,755
	200,000	g	Bharti Airtel International Netherlands BV		5.350		05/20/24		221
	3,015,000		Crown Castle International Corp		3.400		02/15/21		3,148
	3,911,000		Crown Castle International Corp		4.875		04/15/22		4,295
	4,000,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		4,026
EUR	1,250,000		Deutsche Telekom International Finance BV		0.625		04/03/23		1,417
$	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		6,027
	3,700,000	g	ENTEL Chile S.A.		4.875		10/30/24		3,771
	3,500,000	g,n	Oi S.A.		5.750		02/10/22		560
	3,950,000		Orange S.A.		5.500		02/06/44		4,975
	2,325,000		T-Mobile USA, Inc		6.375		03/01/25		2,430
	1,700,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,696

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,275,000		Verizon Communications, Inc		3.450	%	03/15/21	$	9,939
	5,625,000		Verizon Communications, Inc		4.150		03/15/24		6,204
	14,025,000		Verizon Communications, Inc		4.400		11/01/34		14,469
	26,220,000		Verizon Communications, Inc		4.272		01/15/36		26,803
	10,550,000		Verizon Communications, Inc		3.850		11/01/42		9,945
	800,000		Verizon Communications, Inc		5.012		08/21/54		850
			TOTAL TELECOMMUNICATION SERVICES						240,740

TRANSPORTATION - 1.0%
	2,600,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		2,586
	5,730,000	g	Asciano Finance Ltd		5.000		04/07/18		5,920
	1,000,000	g	Bombardier, Inc		5.500		09/15/18		990
	1,075,000	g	Bombardier, Inc		4.750		04/15/19		1,027
	4,500,000		Burlington Northern Santa Fe LLC		4.550		09/01/44		5,179
	72,000		Burlington Northern Santa Fe LLC		4.150		04/01/45		78
	9,200,000		Canadian Pacific Railway Co		2.900		02/01/25		9,347
	3,325,000		Canadian Pacific Railway Co		4.800		08/01/45		3,836
	11,000,000		CSX Corp		3.350		11/01/25		11,696
	3,150,000		CSX Corp		4.100		03/15/44		3,368
	6,800,000	g	ERAC USA Finance LLC		2.600		12/01/21		6,912
	3,900,000	g	ERAC USA Finance LLC		3.300		10/15/22		4,059
	3,775,000	g	ERAC USA Finance LLC		3.300		12/01/26		3,877
	4,150,000	g	ERAC USA Finance LLC		5.625		03/15/42		5,035
	5,375,000		FedEx Corp		3.250		04/01/26		5,600
	6,311,000		GATX Corp		1.250		03/04/17		6,302
	7,150,000		GATX Corp		2.500		07/30/19		7,223
	4,425,000		GATX Corp		3.250		03/30/25		4,316
	5,900,000		GATX Corp		5.200		03/15/44		6,116
	6,650,000		GATX Corp		4.500		03/30/45		6,096
	17,344,000	g	Kansas City Southern		2.350		05/15/20		17,335
	9,075,000	g	Kansas City Southern		4.950		08/15/45		10,198
	3,750,000	g	Latam Airlines Group S.A.		7.250		06/09/20		3,633
	9,950,000		Norfolk Southern Corp		4.450		06/15/45		10,973
	2,625,000		Northrop Grumman Corp		1.750		06/01/18		2,650
	2,100,000	g	Transnet SOC Ltd		4.000		07/26/22		1,991
	3,500,000	g	TTX Co		3.600		01/15/25		3,661
			TOTAL TRANSPORTATION						150,004

UTILITIES - 3.6%
	5,175,000	g	Abu Dhabi National Energy Co PJSC		3.625		06/22/21		5,422
	1,250,000		AerCap Ireland Capital Ltd		4.625		10/30/20		1,296
	408,000	i	AES Corp		3.673		06/01/19		407
	4,225,000		AES Corp		4.875		05/15/23		4,172
	1,500,000		AES Corp		5.500		03/15/24		1,536
	8,475,000		AGL Capital Corp		3.875		11/15/25		9,108
	2,125,000		AGL Capital Corp		4.400		06/01/43		2,175
	5,150,000		Alabama Power Co		3.550		12/01/23		5,628
	3,475,000		Alabama Power Co		4.150		08/15/44		3,804
	15,000,000		American Electric Power Co, Inc		1.650		12/15/17		15,043
	6,000,000		American Electric Power Co, Inc		2.950		12/15/22		6,247
	5,850,000		AmeriGas Finance LLC		3.750		05/01/21		6,046
	2,000,000		AmeriGas Finance LLC		7.000		05/20/22		2,111
	2,375,000		AmeriGas Partners LP		5.625		05/20/24		2,393
	3,550,000		AmeriGas Partners LP		5.875		08/20/26		3,559

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,500,000		Atmos Energy Corp		8.500	%	03/15/19	$	6,484
	6,225,000		Black Hills Corp		4.250		11/30/23		6,791
	4,750,000		Carolina Power & Light Co		5.300		01/15/19		5,230
	2,750,000		Carolina Power & Light Co		5.700		04/01/35		3,479
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		3,983
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,191
	3,840,000	g	CEZ AS.		4.250		04/03/22		4,086
EUR	400,000		CEZ AS.		3.000		06/05/28		514
$	2,500,000		CMS Energy Corp		5.050		02/15/18		2,646
	4,675,000		CMS Energy Corp		3.600		11/15/25		4,967
	2,750,000	g	Comision Federal de Electricidad		4.875		05/26/21		2,932
	2,200,000	g	Comision Federal de Electricidad		4.875		01/15/24		2,310
	400,000	g	Comision Federal de Electricidad		6.125		06/16/45		426
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		5,597
	2,750,000		Connecticut Light & Power Co		5.500		02/01/19		3,043
	7,500,000		Consolidated Edison Co of New York, Inc		4.500		12/01/45		8,531
	6,800,000		Consolidated Edison Co of New York, Inc		3.850		06/15/46		7,045
	4,575,000		Consolidated Edison, Inc		2.000		05/15/21		4,623
	6,100,000	g	Diamond Finance Corp		3.480		06/01/19		6,249
	13,175,000	g	Diamond Finance Corp		4.420		06/15/21		13,541
	5,775,000		Dominion Gas Holdings LLC		4.600		12/15/44		6,015
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,558
	750,000		Duke Energy Corp		4.800		12/15/45		869
	17,500,000		Duke Energy Florida Project Finance LLC		1.196		03/01/20		17,513
	5,000,000		Duke Energy Florida Project Finance LLC		1.731		09/01/22		5,083
	1,450,000		Duke Energy Ohio, Inc		3.800		09/01/23		1,601
	13,350,000	g	Electricite de France S.A.		2.350		10/13/20		13,643
	13,350,000	g	Electricite de France S.A.		3.625		10/13/25		13,930
	7,100,000	g,i	Electricite de France S.A.		5.625		12/30/49		6,763
	3,000,000	g	Empresa Electrica Angamos S.A.		4.875		05/25/29		2,949
EUR	1,500,000		Engie S.A.		2.375		05/19/26		1,930
$	3,275,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		3,247
	800,000		Exelon Generation Co LLC		6.200		10/01/17		845
	2,250,000		Ferrellgas Partners LP		6.500		05/01/21		2,064
	1,750,000		Ferrellgas Partners LP		6.750		01/15/22		1,592
	6,250,000	g	FirstEnergy Transmission LLC		4.350		01/15/25		6,611
	2,000,000		Florida Power Corp		6.400		06/15/38		2,851
EUR	1,250,000		General Motors Financial International BV		1.875		10/15/19		1,442
$	3,000,000		Georgia Power Co		5.400		06/01/40		3,723
	1,150,000	g	Golden Legacy Pte Ltd		8.250		06/07/21		1,172
	2,450,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		2,574
EUR	1,500,000		Iberdrola International BV		1.125		04/21/26		1,693
$	5,000,000		Indiana Michigan Power Co		7.000		03/15/19		5,681
	2,650,000		Indiana Michigan Power Co		4.550		03/15/46		2,947
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,996
	1,350,000	g	Israel Electric Corp Ltd		6.700		02/10/17		1,386
	3,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		3,177
	1,300,000	g	Israel Electric Corp Ltd		5.000		11/12/24		1,388
	1,000,000	g	Kansas Gas & Electric		6.700		06/15/19		1,148
	2,825,000		Kinder Morgan, Inc		9.000		02/01/19		3,217
EUR	1,000,000		Kinder Morgan, Inc		2.250		03/16/27		1,020
$	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,537
	1,375,000	g	Korea Hydro & Nuclear Power Co Ltd		2.375		10/28/19		1,398
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,370

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	12,500,000		Mercy Health		3.382	%	11/01/25	$	13,336
	4,240,000	g	MPLX LP		5.500		02/15/23		4,308
	3,800,000		MPLX LP		4.000		02/15/25		3,453
	2,800,000		Nevada Power Co		6.500		08/01/18		3,103
	3,335,000		Nevada Power Co		5.450		05/15/41		4,234
	300,000		NextEra Energy Capital Holdings, Inc		2.056		09/01/17		302
	3,700,000		NiSource Finance Corp		4.800		02/15/44		4,246
	3,375,000		Northeast Utilities		1.450		05/01/18		3,380
	2,000,000		NRG Energy, Inc		6.250		05/01/24		1,904
	2,500,000		NTPC Ltd		5.625		07/14/21		2,836
	1,000,000		NTPC Ltd		4.750		10/03/22		1,102
	7,100,000		Oncor Electric Delivery Co LLC		2.150		06/01/19		7,215
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,565
	8,170,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		9,362
	1,325,000		Oncor Electric Delivery Co LLC		3.750		04/01/45		1,359
	3,900,000		Pacific Gas & Electric Co		8.250		10/15/18		4,492
	5,850,000		Pacific Gas & Electric Co		4.250		03/15/46		6,505
	4,500,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		4,690
	1,500,000	g	Perusahaan Listrik Negara PT		5.500		11/22/21		1,632
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,177
	6,925,000		PPL Capital Funding, Inc		4.200		06/15/22		7,547
	4,725,000		PPL Capital Funding, Inc		3.100		05/15/26		4,779
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,129
	3,825,000		Progress Energy, Inc		7.050		03/15/19		4,366
	8,800,000		Public Service Co of Oklahoma		5.150		12/01/19		9,792
	2,640,000		Public Service Electric & Gas Co		5.300		05/01/18		2,836
	2,850,000		Public Service Electric & Gas Co		3.800		03/01/46		3,094
	2,940,000		QEP Resources, Inc		5.375		10/01/22		2,742
	250,000		Sempra Energy		2.300		04/01/17		252
	5,550,000		Sempra Energy		2.875		10/01/22		5,678
	6,800,000		Southern Co		4.400		07/01/46		7,315
	7,825,000		Southern Power Co		4.150		12/01/25		8,466
	2,000,000	g	SP PowerAssets Ltd		3.250		11/24/25		2,141
	6,600,000		Spectra Energy Partners LP		4.500		03/15/45		6,713
	600,000		TransAlta Corp		6.900		05/15/18		617
	3,250,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		3,246
	3,875,000	g	Transurban Finance Co Pty Ltd		4.125		02/02/26		4,119
	3,680,000		Virginia Electric & Power Co		2.950		01/15/22		3,877
	9,325,000		Virginia Electric and Power Co		3.150		01/15/26		9,850
	1,300,000	h	Western Gas Partners LP		4.650		07/01/26		1,296
	5,075,000		Williams Partners LP		3.600		03/15/22		4,805
	7,250,000		Williams Partners LP		4.500		11/15/23		6,956
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		4,483
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		3,324
			TOTAL UTILITIES						487,172

			TOTAL CORPORATE BONDS						4,814,983
			(Cost $4,603,163)

GOVERNMENT BONDS - 49.5%

AGENCY SECURITIES - 1.7%
	12,156,734		AMAL Ltd		3.465		08/21/21		12,823
	5,500,000		Amber Circle Funding Ltd		3.250		12/04/22		5,744

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,381,241		Export Lease Ten Co LLC		1.650	%	05/07/25	$	5,384
	17,420,000		Lutheran Medical Center		1.982		02/20/30		17,576
	12,179,393		Premier Aircraft Leasing		3.576		02/06/22		12,912
	34,000,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		34,148
	10,000,000		PEFCO		2.250		12/15/17		10,207
	5,000,000		PEFCO		4.375		03/15/19		5,449
	7,240,000		PEFCO		1.450		08/15/19		7,345
	27,750,000		PEFCO		2.250		03/15/20		28,783
	35,000,000		PEFCO		4.300		12/15/21		40,020
	30,000,000		PEFCO		2.050		11/15/22		30,904
	1,471,094		Totem Ocean Trailer Express, Inc		4.514		12/18/19		1,552
	9,000,000		Ukraine Government AID Bonds		1.844		05/16/19		9,162
	13,355,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		14,172
	3,000,000		US Department of Housing and Urban Development (HUD)		5.380		08/01/18		3,014
	10,000,000		Montefiore Medical Center		2.152		10/20/26		10,237
			TOTAL AGENCY SECURITIES						249,432

FOREIGN GOVERNMENT BONDS - 5.9%
	4,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		4,120
	15,000,000		African Development Bank		1.375		12/17/18		15,197
	2,725,000	g	Argentine Republic Government International Bond		6.875		04/22/21		2,909
AUD	1,900,000		Australia Government Bond		3.250		10/21/18		1,470
	1,700,000		Australia Government Bond		5.750		05/15/21		1,510
	1,800,000		Australia Government Bond		3.750		04/21/37		1,595
$	2,250,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		2,031
	6,000,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		5,355
BRL	9,000,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/19		2,683
	5,750,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,672
$	5,750,000		Brazilian Government International Bond		4.250		01/07/25		5,649
	2,000,000		Brazilian Government International Bond		5.625		01/07/41		1,935
EUR	500,000		Bundesrepublik Deutschland		1.500		02/15/23		628
	1,600,000		Bundesrepublik Deutschland		0.500		02/15/26		1,884
$	6,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.500		01/28/19		6,056
	5,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		5,122
	1,850,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,884
	4,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		02/12/22		4,047
EUR	400,000		Caisse d’Amortissement de la Dette Sociale		1.375		11/25/24		491
$	25,275,000		Canada Government International Bond		0.875		02/14/17		25,315
CAD	1,600,000	g	Canada Housing Trust No		2.000		12/15/19		1,284
	1,400,000	g	Canada Housing Trust No		2.250		12/15/25		1,154
	1,460,000		Canadian Government Bond		0.250		05/01/18		1,125
	1,400,000		Canadian Government Bond		0.750		03/01/21		1,093
	600,000		Canadian Government Bond		2.500		06/01/24		523
	600,000		Canadian Government Bond		1.500		06/01/26		483
$	3,000,000		Chile Government International Bond		3.125		01/21/26		3,097
	5,410,000		Colombia Government International Bond		4.375		07/12/21		5,816
	1,775,000		Colombia Government International Bond		2.625		03/15/23		1,717
	2,500,000		Colombia Government International Bond		4.500		01/28/26		2,663
	1,500,000		Colombia Government International Bond		6.125		01/18/41		1,740
COP	2,730,000,000		Colombian TES		7.000		05/04/22		933
$	3,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		3,500
DKK	3,700,000		Denmark Government Bond		1.500		11/15/23		620

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
DKK	3,600,000		Denmark Government Bond		1.750	%	11/15/25	$	620
DOP	63,500,000	g	Dominican Republic International Bond		10.000		01/05/17		1,385
$	1,550,000	g,h	Dominican Republic International Bond		6.875		01/29/26		1,713
	1,070,000	g	Dominican Republic International Bond		7.450		04/30/44		1,177
	3,500,000	g	Ecuador Government International Bond		10.500		03/24/20		3,465
	2,475,000	g	Egypt Government International Bond		5.875		06/11/25		2,166
EUR	25,500,000,000		European Bank for Reconstruction & Development		7.250		08/22/17		1,922
INR	130,000,000	g	European Investment Bank		5.750		10/09/17		1,878
$	10,000,000		European Investment Bank		2.500		04/15/21		10,546
	3,500,000		European Investment Bank		4.875		02/15/36		4,715
	1,200,000		Export Development Canada		1.250		02/04/19		1,212
	5,500,000	g	Export-Import Bank of China		2.500		07/31/19		5,631
	2,000,000	g	Export-Import Bank of China		2.850		09/16/20		2,055
	14,800,000		Export-Import Bank of Korea		2.250		01/21/20		15,025
	5,500,000		Export-Import Bank of Korea		2.625		05/26/26		5,600
	1,800,000		FMS Wertmanagement AoeR		1.375		06/08/21		1,812
EUR	4,000,000		France Government Bond OAT		4.000		04/25/18		4,806
	2,900,000		France Government Bond OAT		1.750		11/25/24		3,688
	3,300,000		France Government Bond OAT		0.500		05/25/26		3,769
	4,000,000		France Government Bond OAT		1.500		05/25/31		5,064
$	5,050,000	g	Guatemala Government Bond		4.500		05/03/26		5,138
	1,100,000	g	Guatemala Government Bond		4.875		02/13/28		1,147
EUR	1,800,000	g	Hellenic Republic Government Bond		4.750		04/17/19		1,800
$	5,400,000		Hungary Government International Bond		5.750		11/22/23		6,147
	15,200,000		Hydro Quebec		1.375		06/19/17		15,280
CAD	1,800,000		Hydro-Quebec		5.000		02/15/45		1,992
EUR	1,000,000	g	Indonesia Government International Bond		2.625		06/14/23		1,120
$	400,000	g	Indonesia Government International Bond		4.125		01/15/25		417
	1,350,000	g	Indonesia Government International Bond		5.950		01/08/46		1,591
IDR	13,000,000,000		Indonesia Treasury Bond		8.375		09/15/26		1,044
AUD	1,300,000		International Bank for Reconstruction & Development		2.800		01/13/21		993
EUR	1,300,000		Ireland Government Bond		3.900		03/20/23		1,800
	950,000		Ireland Government Bond		1.000		05/15/26		1,102
ILS	4,900,000		Israel Government Bond-Fixed		6.250		10/30/26		1,815
	3,100,000		Israel Government Bond-Fixed		5.500		01/31/42		1,205
$	600,000		Israel Government International Bond		2.875		03/16/26		618
	600,000		Israel Government International Bond		4.500		01/30/43		672
EUR	2,100,000		Italy Buoni Poliennali Del Tesoro		4.750		06/01/17		2,435
	2,100,000		Italy Buoni Poliennali Del Tesoro		1.500		08/01/19		2,435
	5,000,000		Italy Buoni Poliennali Del Tesoro		2.500		12/01/24		6,174
	2,300,000	g	Italy Buoni Poliennali Del Tesoro		1.650		03/01/32		2,530
$	5,785,000		Italy Government International Bond		6.875		09/27/23		7,254
	1,900,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,769
	1,200,000		Japan Bank for International Cooperation		1.875		04/20/21		1,220
	8,600,000		Japan Bank for International Cooperation		2.375		04/20/26		8,982
	2,500,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		2,529
	4,000,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		4,067
JPY	100,000,000		Japan Finance Organization for Municipalities		0.539		10/16/24		1,012
	113,000,000		Japan Finance Organization for Municipalities		0.450		03/14/25		1,137
	103,000,000		Japan Finance Organization for Municipalities		0.484		06/13/25		1,041
	140,000,000		Japan Finance Organization for Municipalities		0.020		03/13/26		1,358
	82,000,000		Japan Government Forty Year Bond		0.400		03/20/56		865
	300,000,000		Japan Government Ten Year Bond		0.300		12/20/25		3,061
	350,000,000		Japan Government Thirty Year Bond		2.400		11/20/31		4,685
	350,000,000		Japan Government Thirty Year Bond		2.300		05/20/32		4,669
	300,000,000		Japan Government Thirty Year Bond		2.500		09/20/34		4,212

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
JPY	530,000,000		Japan Government Twenty Year Bond		1.900	%	03/22/21	$	5,671
	400,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		4,768
	430,000,000		Japan Government Twenty Year Bond		0.400		03/20/36		4,435
$	3,400,000	g	Kazakhstan Government International Bond		6.500		07/21/45		3,951
	18,750,000		KFW		2.625		01/25/22		19,979
	4,500,000	g	Kommunalbanken AS.		1.375		06/08/17		4,523
	5,800,000	g,i	Kommunalbanken AS.		0.816		02/20/18		5,790
NOK	1,200,000		Kommunalbanken AS.		2.000		05/03/18		146
$	7,700,000	g	Kommunalbanken AS.		1.625		01/15/20		7,704
	3,750,000	g	Kommunalbanken AS.		1.625		02/10/21		3,797
EUR	500,000		Kommunalbanken AS.		0.625		04/20/26		566
$	5,000,000	g	Kommuninvest I Sverige AB		2.000		11/12/19		5,137
SEK	4,300,000		Kommuninvest I Sverige AB		1.000		09/15/21		524
$	2,400,000		Korea Development Bank		1.500		01/22/18		2,404
	2,600,000		Korea Development Bank		2.500		03/11/20		2,675
	2,750,000		Korea Development Bank		3.000		01/13/26		2,898
	6,000,000	g	Korea Housing Finance Corp		1.625		09/15/18		6,007
KRW	2,150,000,000		Korea Treasury Bond		2.000		03/10/21		1,926
	3,500,000,000		Korea Treasury Bond		2.250		12/10/25		3,246
	1,600,000,000		Korea Treasury Bond		2.625		09/10/35		1,634
	700,000,000		Korea Treasury Bond		2.000		03/10/46		668
$	6,682,000		Landwirtschaftliche Rentenbank		2.000		01/13/25		6,848
	1,100,000	g	Lithuania Government International Bond		6.125		03/09/21		1,281
	5,250,000	g	Lithuania Government International Bond		6.625		02/01/22		6,341
MYR	15,000,000		Malaysia Government Bond		3.800		08/17/23		3,763
	2,400,000		Malaysia Government Bond		4.232		06/30/31		604
	5,000,000		Malaysia Government Bond		4.254		05/31/35		1,239
MXN	21,000,000		Mexican Bonos		6.500		06/10/21		1,200
	56,500,000		Mexican Bonos		5.750		03/05/26		3,065
	16,000,000		Mexican Bonos		10.000		11/20/36		1,230
$	4,797,000		Mexico Government International Bond		4.000		10/02/23		5,163
	2,750,000		Mexico Government International Bond		4.750		03/08/44		2,963
	1,700,000	g	Morocco Government International Bond		5.500		12/11/42		1,836
	6,075,000	g	Namibia International Bonds		5.250		10/29/25		6,189
EUR	500,000	g	Netherlands Government Bond		2.000		07/15/24		651
AUD	500,000		New South Wales Treasury Corp		4.000		04/08/21		410
	500,000		New South Wales Treasury Corp		4.000		05/20/26		432
NZD	500,000		New Zealand Government Bond		6.000		05/15/21		422
	700,000		New Zealand Government Bond		4.500		04/15/27		601
$	1,500,000	g	Nigeria Government International Bond		6.375		07/12/23		1,444
	43,950,000		North American Development Bank		2.400		10/26/22		44,886
NOK	13,000,000	g	Norway Government Bond		2.000		05/24/23		1,680
$	2,500,000	g	Pakistan Government International Bond		8.250		09/30/25		2,641
	1,175,000		Panama Government International Bond		5.200		01/30/20		1,301
	6,782,000		Panama Government International Bond		4.000		09/22/24		7,291
	3,300,000		Panama Government International Bond		3.875		03/17/28		3,498
	2,850,000		Panama Government International Bond		4.300		04/29/53		2,928
	1,100,000	g	Paraguay Government International Bond		5.000		04/15/26		1,169
PEN	3,300,000	g	Peruvian Government International Bond		8.200		08/12/26		1,169
$	3,025,000		Peruvian Government International Bond		4.125		08/25/27		3,328
	1,900,000		Peruvian Government International Bond		8.750		11/21/33		2,993
	1,250,000		Peruvian Government International Bond		6.550		03/14/37		1,684
	2,525,000		Peruvian Government International Bond		5.625		11/18/50		3,137
PHP	29,000,000		Philippine Government International Bond		3.900		11/26/22		614

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,500,000		Philippine Government International Bond		5.000	%	01/13/37	$	3,223
	3,800,000		Philippine Government International Bond		3.700		03/01/41		4,235
PLN	6,600,000		Poland Government Bond		4.000		10/25/23		1,828
$	6,267,000		Poland Government International Bond		5.125		04/21/21		7,041
	15,000,000	g	Province of Alberta Canada		1.000		06/21/17		15,037
CAD	2,200,000		Province of British Columbia Canada		3.250		12/18/21		1,884
$	15,000,000		Province of British Columbia Canada		2.000		10/23/22		15,424
	20,750,000		Province of Manitoba Canada		1.750		05/30/19		21,153
	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,834
	25,000,000		Province of Manitoba Canada		2.125		06/22/26		24,866
	20,000,000		Province of New Brunswick Canada		2.750		06/15/18		20,667
	2,250,000		Province of Quebec Canada		5.125		11/14/16		2,286
	8,835,000		Province of Quebec Canada		4.625		05/14/18		9,443
	22,500,000		Province of Quebec Canada		3.500		07/29/20		24,406
	6,000,000		Province of Quebec Canada		7.500		09/15/29		9,105
	500,000	g	Provincia de Buenos Aires		5.750		06/15/19		506
	2,000,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		2,070
	3,725,000	g	Qatar Government International Bond		3.250		06/02/26		3,800
	375,000	g	Qatar Government International Bond		4.625		06/02/46		408
	2,400,000	g	Republic of Angola		9.500		11/12/25		2,376
	975,000		Republic of Angola Via Northern Lights III BV		7.000		08/16/19		982
	2,000,000	g	Republic of Latvia		2.750		01/12/20		2,054
	2,135,000	g	Republic of Paraguay		6.100		08/11/44		2,311
	1,150,000	g	Republic of Serbia		4.875		02/25/20		1,186
	1,100,000	g	Republic of Serbia		7.250		09/28/21		1,259
	1,167,198	i	Republic of Serbia (Step Bond)		6.750		11/01/24		1,199
	4,500,000		Republic of Turkey		7.500		07/14/17		4,765
	500,000	g	Republic of Zambia		5.375		09/20/22		390
RUB	54,000,000		Russian Federal Bond - OFZ		6.200		01/31/18		807
	95,900,000		Russian Federal Bond - OFZ		7.000		08/16/23		1,401
$	3,250,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		3,545
	1,800,000	g	Russian Foreign Bond - Eurobond		5.625		04/04/42		2,036
SGD	800,000		Singapore Government Bond		2.750		03/01/46		642
$	5,085,000	g	Slovenia Government International Bond		5.500		10/26/22		5,773
	2,000,000	g	Slovenia Government International Bond		5.250		02/18/24		2,253
	1,300,000	g	Socialist Republic of Vietnam		6.750		01/29/20		1,441
ZAR	64,700,000		South Africa Government Bond		8.250		09/15/17		4,428
	12,200,000		South Africa Government Bond		10.500		12/21/26		922
	15,100,000		South Africa Government Bond		8.750		01/31/44		939
$	3,500,000		South Africa Government International Bond		5.500		03/09/20		3,780
	4,000,000		South Africa Government International Bond		5.875		09/16/25		4,454
	2,450,000		South Africa Government International Bond		4.875		04/14/26		2,542
	3,000,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		3,233
EUR	1,100,000		Spain Government Bond		0.250		01/31/19		1,231
	2,700,000		Spain Government Bond		0.750		07/30/21		3,073
	3,400,000	g	Spain Government Bond		2.750		10/31/24		4,297
$	3,100,000	g	Sri Lanka Government International Bond		6.850		11/03/25		3,020
	4,000,000		Svensk Exportkredit AB		1.125		04/05/18		4,012
	4,000,000		Svensk Exportkredit AB		1.750		03/10/21		4,076
SEK	4,100,000		Sweden Government Bond		3.500		06/01/22		594
	6,500,000		Sweden Government Bond		1.000		11/12/26		824
	4,400,000		Sweden Government Bond		2.250		06/01/32		633
THB	35,500,000		Thailand Government Bond		3.850		12/12/25		1,176
	18,500,000		Thailand Government Bond		3.400		06/17/36		607

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
AUD	500,000		Treasury Corp of Victoria		6.000	%	06/15/20	$	433
	500,000		Treasury Corp of Victoria		3.000		10/20/28		395
TRY	3,900,000		Turkey Government Bond		7.100		03/08/23		1,239
$	3,000,000		Turkey Government International Bond		5.625		03/30/21		3,270
	2,000,000		Turkey Government International Bond		3.250		03/23/23		1,938
	5,750,000		Turkey Government International Bond		5.750		03/22/24		6,412
	5,250,000		Turkey Government International Bond		4.875		10/09/26		5,528
	3,975,000		Turkey Government International Bond		6.625		02/17/45		4,827
GBP	1,700,000		United Kingdom Gilt		1.750		07/22/19		2,369
	1,250,000		United Kingdom Gilt		1.500		01/22/21		1,747
	2,800,000		United Kingdom Gilt		2.250		09/07/23		4,133
	3,900,000		United Kingdom Gilt		2.750		09/07/24		5,984
	1,900,000		United Kingdom Gilt		4.750		12/07/30		3,664
	1,985,000		United Kingdom Gilt		4.250		03/07/36		3,827
	550,000		United Kingdom Gilt		3.500		01/22/45		1,019
$	2,352,945		Uruguay Government International Bond		4.375		10/27/27		2,506
	3,750,000		Uruguay Government International Bond		5.100		06/18/50		3,750
	2,000,000	g	Vietnam Government International Bond		4.800		11/19/24		2,058
	2,000,000	g	Zambia Government International Bond		8.970		07/30/27		1,730
			TOTAL FOREIGN GOVERNMENT BONDS						826,622

MORTGAGE BACKED - 22.1%
	41,239,191		Federal Home Loan Mortgage Corp (FHLMC)		3.500		09/15/41		43,322
	14,621,713		FHLMC		3.000		12/15/41		15,324
	35,588,962		FHLMC		3.000		09/15/42		36,919
	16,264,829	i	FHLMC		0.792		07/15/45		16,213
	14,376		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		14
	68,339		FGLMC		7.000		10/01/20		72
	14,158		FGLMC		7.000		05/01/23		16
	194,775		FGLMC		6.000		10/01/23		221
	125,578		FGLMC		6.000		11/01/23		143
	35,843		FGLMC		8.000		01/01/31		42
	76,958		FGLMC		7.000		12/01/31		80
	5,787		FGLMC		7.000		01/01/32		6
	52,568		FGLMC		8.000		02/01/32		55
	1,007,636		FGLMC		4.500		07/01/33		1,103
	2,226,866		FGLMC		5.500		12/01/33		2,520
	1,132,446		FGLMC		5.500		12/01/33		1,261
	6,473,142		FGLMC		7.000		12/01/33		7,834
	7,841,072		FGLMC		5.000		01/01/34		8,777
	2,597,011		FGLMC		4.500		10/01/34		2,840
	1,303,867		FGLMC		4.500		04/01/35		1,425
	2,296,563		FGLMC		7.000		05/01/35		2,768
	437,220		FGLMC		5.000		02/01/36		486
	9,937		FGLMC		6.500		05/01/36		11
	2,598,507		FGLMC		5.000		04/01/38		2,905
	2,135,182		FGLMC		5.000		07/01/39		2,356
	12,157,739	w	FGLMC		4.500		11/01/40		13,613
	13,436,551	w	FGLMC		4.500		12/01/40		15,040
	5,585,900		FGLMC		4.500		10/01/44		6,207
	2,355,292		FGLMC		4.500		11/01/44		2,617
	2,859,553		FGLMC		4.500		11/01/44		3,174
	1,008,096		FGLMC		4.500		12/01/44		1,105
	1,820,756		FGLMC		4.500		12/01/44		2,024

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,311,431		FGLMC		3.500	%	04/01/45	$	12,097
	29,510,743		FGLMC		3.500		07/01/45		31,266
	85,786,276		FGLMC		3.500		10/01/45		91,666
	67,247,728		FGLMC		4.000		12/01/45		73,252
	17,196,790		FGLMC		3.500		03/01/46		18,377
	8,852,077		FGLMC		4.000		05/01/46		9,612
	7,907,646		FGLMC		3.500		06/01/46		8,377
	12,349		Federal National Mortgage Association (FNMA)		8.000		03/01/23		12
	98,522		FNMA		8.000		07/01/24		117
	20,606		FNMA		9.000		11/01/25		24
	50,000,000	h	FNMA		2.500		07/25/31		51,730
	73,000,000	g,h	FNMA		3.000		07/25/31		76,540
	58,000,000	h	FNMA		2.500		08/25/31		59,917
	80,000,000	h	FNMA		3.000		08/25/31		83,792
	25,000,000	h	FNMA		2.500		09/25/31		25,779
	1,189,924		FNMA		6.500		07/01/32		1,404
	95,600		FNMA		7.000		07/01/32		106
	160,436		FNMA		7.000		07/01/32		173
	149,912		FNMA		4.500		03/25/33		151
	8,878,761		FNMA		5.000		06/01/33		9,891
	1,070,234		FNMA		4.500		10/01/33		1,177
	20,283,626		FNMA		5.000		10/01/33		22,638
	2,404,444		FNMA		5.000		11/01/33		2,726
	124,075		FNMA		5.000		11/01/33		140
	1,064,928		FNMA		5.000		03/01/34		1,189
	8,431,722		FNMA		5.500		03/01/34		9,569
	7,633,701		FNMA		5.500		02/01/35		8,653
	1,882,693		FNMA		4.500		05/01/35		2,071
	12,375,625		FNMA		5.000		05/01/35		13,783
	5,514,522		FNMA		5.000		10/01/35		6,135
	4,763,584		FNMA		5.000		02/01/36		5,301
	29,471,060		FNMA		3.500		03/01/36		31,370
	11,484,521		FNMA		3.500		04/01/36		12,224
	5,963,954		FNMA		3.500		05/01/36		6,348
	19,159,908		FNMA		4.000		06/01/36		20,748
	11,762,646	h	FNMA		3.500		07/01/36		12,521
	48,171		FNMA		6.500		03/01/37		56
	2,827,706		FNMA		5.500		08/01/37		3,208
	1,316,155		FNMA		6.000		09/01/37		1,536
	1,246,724		FNMA		6.000		09/01/37		1,446
	1,010,972		FNMA		6.500		09/01/37		1,164
	1,654,556		FNMA		5.500		01/01/38		1,879
	67,987		FNMA		6.500		02/01/38		78
	4,679,523		FNMA		5.500		04/01/38		5,269
	8,564,792		FNMA		5.500		11/01/38		10,038
	5,865,214		FNMA		5.500		12/01/38		6,710
	172,494		FNMA		4.500		04/01/39		193
	4,824,110		FNMA		4.500		05/01/39		5,337
	730,918		FNMA		4.000		07/01/39		793
	4,711,541		FNMA		5.500		08/01/39		5,402
	3,111,192		FNMA		4.500		10/01/39		3,403
	257,976		FNMA		4.500		02/01/40		282
	3,416,850		FNMA		4.500		06/01/40		3,743

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,800,997		FNMA		5.000	%	08/01/40	$	2,005
	10,488,455		FNMA		5.000		09/01/40		11,678
	714,293		FNMA		6.000		10/01/40		817
	734,115		FNMA		4.500		11/01/40		818
	4,118,885		FNMA		4.500		11/01/40		4,515
	1,202,914		FNMA		4.500		01/01/41		1,313
	26,800,693		FNMA		4.500		01/01/41		29,884
	1,033,897		FNMA		4.500		02/01/41		1,159
	14,794,377		FNMA		5.000		05/01/41		16,482
	1,189,186		FNMA		4.500		06/01/41		1,333
	1,293,373		FNMA		4.500		06/01/41		1,441
	890,864		FNMA		5.000		06/01/41		993
	5,198,393		FNMA		5.000		07/01/41		5,794
	1,138,443		FNMA		5.000		08/01/41		1,266
	439,561		FNMA		4.500		09/01/41		482
	5,786,421		FNMA		4.500		09/01/41		6,405
	5,273,607		FNMA		4.500		11/01/41		5,782
	1,598,999		FNMA		4.500		12/01/41		1,782
	27,523,067		FNMA		5.500		12/01/41		31,903
	1,309,670		FNMA		4.500		01/01/42		1,460
	2,488,010		FNMA		4.500		01/01/42		2,768
	6,837,388		FNMA		3.500		02/01/42		7,300
	17,552,093		FNMA		4.500		02/01/42		19,239
	1,490,791		FNMA		4.500		03/01/42		1,670
	25,997,155		FNMA		3.000		03/25/42		27,149
	10,127,962		FNMA		4.500		04/01/42		11,098
	875,413		FNMA		4.500		04/01/42		959
	1,341,226		FNMA		4.500		04/01/42		1,495
	24,114,578		FNMA		4.500		06/01/42		26,385
	1,484,489		FNMA		4.500		06/01/42		1,655
	28,119,015		FNMA		3.000		06/25/42		29,392
	39,706,441		FNMA		3.500		07/01/42		42,391
	1,210,146		FNMA		4.500		07/01/42		1,356
	13,343,714	i	FNMA		0.953		08/25/42		13,366
	233,069		FNMA		3.000		10/01/42		242
	21,123,684		FNMA		3.000		10/01/42		21,969
	12,495,021	i	FNMA		0.853		11/25/42		12,491
	30,047,948		FNMA		3.500		11/25/42		4,698
	23,499,066	w	FNMA		3.000		01/01/43		24,439
	29,914,810	w	FNMA		3.000		02/01/43		31,112
	20,275,575		FNMA		3.000		02/25/43		21,312
	8,165,434	i	FNMA		0.803		03/25/43		8,127
	14,828		FNMA		3.000		04/01/43		15
	19,125,788		FNMA		3.000		08/25/43		20,144
	8,208,365		FNMA		3.500		09/01/43		8,677
	9,806,473		FNMA		4.000		04/01/44		10,632
	5,945,002		FNMA		4.000		06/01/44		6,452
	3,196,587		FNMA		4.000		06/01/44		3,468
	9,844,405		FNMA		4.500		06/01/44		11,000
	3,289,788		FNMA		4.000		07/01/44		3,569
	1,714,249		FNMA		4.000		07/01/44		1,859
	14,320,855		FNMA		4.000		08/01/44		15,537
	2,196,789		FNMA		4.000		08/01/44		2,382
	6,256,993		FNMA		4.000		08/01/44		6,788

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,853,594		FNMA		4.000	%	08/01/44	$	6,350
	1,505,950		FNMA		4.000		09/01/44		1,633
	1,160,893		FNMA		4.000		09/01/44		1,260
	7,092,874		FNMA		4.000		10/01/44		7,695
	9,570,353		FNMA		4.500		10/01/44		10,694
	17,323,659		FNMA		4.500		11/01/44		19,358
	7,548,052		FNMA		4.000		12/01/44		8,141
	14,518,094		FNMA		4.000		12/01/44		15,859
	5,142,033		FNMA		4.500		12/01/44		5,746
	9,226,563		FNMA		4.000		01/01/45		10,080
	1,150,547		FNMA		3.500		03/01/45		1,231
	4,037,714		FNMA		3.500		03/01/45		4,310
	691,941		FNMA		3.500		03/01/45		740
	2,768,338		FNMA		3.500		03/01/45		2,955
	2,402,028		FNMA		4.500		03/01/45		2,684
	13,536,896		FNMA		3.500		04/01/45		14,450
	5,606,813		FNMA		3.500		04/01/45		5,985
	1,280,913		FNMA		3.500		04/01/45		1,367
	763,155		FNMA		4.500		04/01/45		853
	20,766,370		FNMA		3.500		05/01/45		22,239
	2,663,777		FNMA		4.000		05/01/45		2,910
	1,105,209		FNMA		3.500		06/01/45		1,180
	5,927,131		FNMA		4.000		06/01/45		6,476
	8,641,222		FNMA		3.500		07/01/45		9,224
	17,965,433		FNMA		4.000		07/01/45		19,600
	3,022,839		FNMA		4.000		08/01/45		3,333
	14,928,239		FNMA		4.000		08/01/45		16,030
	10,836,223		FNMA		3.500		09/01/45		11,561
	1,678,030		FNMA		4.000		10/01/45		1,850
	10,544,220		FNMA		4.000		11/01/45		11,627
	14,305,811		FNMA		4.000		12/01/45		15,511
	3,391,652		FNMA		4.000		12/01/45		3,740
	44,890,263		FNMA		3.500		01/01/46		47,397
	1,446,338		FNMA		3.500		01/01/46		1,544
	54,859,609		FNMA		4.000		01/01/46		59,851
	27,445,469		FNMA		3.500		02/01/46		29,300
	6,085,412		FNMA		4.000		02/01/46		6,546
	7,976,824		FNMA		4.000		02/01/46		8,703
	68,902,428		FNMA		3.500		03/01/46		72,734
	1,563,536		FNMA		3.500		03/01/46		1,669
	3,284,295		FNMA		3.500		04/01/46		3,506
	119,610,594		FNMA		3.500		06/01/46		126,296
	5,319,426		FNMA		4.000		06/01/46		5,708
	24,000,000	h	FNMA		3.000		07/25/46		24,906
	15,000,000	h	FNMA		3.500		07/25/46		15,824
	11,000,000	h	FNMA		4.000		07/25/46		11,792
	23,000,000	h	FNMA		4.500		07/25/46		25,105
	85,000,000	h	FNMA		3.000		08/25/46		88,048
	8,000,000	h	FNMA		3.500		08/25/46		8,430
	104,000,000	h	FNMA		4.000		08/25/46		111,388
	50,000,000	h	FNMA		4.500		08/25/46		54,544
	55,000,000	h	FNMA		3.000		09/25/46		56,852
	46,000,000	h	FNMA		4.000		09/25/46		49,203
	227		Government National Mortgage Association (GNMA)		9.000		09/15/16		0	^

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,142		GNMA		9.000	%	11/15/16	$	1
	245		GNMA		9.000		12/15/16		0	^
	774		GNMA		9.000		12/15/16		1
	968		GNMA		9.500		12/15/16		1
	6,593		GNMA		8.000		06/15/24		7
	26,396		GNMA		8.500		11/20/30		32
	37,986		GNMA		8.500		12/20/30		46
	696,047		GNMA		5.500		07/15/33		792
	15,623,247		GNMA		3.700		10/15/33		17,580
	441,144		GNMA		5.500		11/20/33		497
	1,543,199		GNMA		5.500		03/20/35		1,738
	757,076		GNMA		5.500		12/20/35		847
	417,700		GNMA		6.000		10/20/36		482
	445,878		GNMA		6.000		01/20/37		514
	1,315,146		GNMA		6.000		02/20/37		1,521
	962,583		GNMA		5.000		04/15/38		1,078
	965,908		GNMA		5.500		07/15/38		1,090
	1,432,485		GNMA		5.500		07/20/38		1,575
	498,840		GNMA		6.000		08/20/38		570
	898,423		GNMA		6.500		11/20/38		1,056
	71,781		GNMA		4.500		02/20/39		79
	818,452		GNMA		2.176		05/16/39		828
	2,721,871		GNMA		5.000		06/15/39		3,089
	1,799,119		GNMA		5.000		06/15/39		2,042
	11,240,348		GNMA		4.500		09/20/39		12,609
	12,066,943		GNMA		3.700		08/15/40		13,114
	133,163		GNMA		4.500		08/20/41		146
	380,066		GNMA		4.500		09/20/41		417
	40,237,660		GNMA		3.500		10/20/42		7,321
	85,424		GNMA		4.500		01/20/44		94
	92,279		GNMA		4.500		02/20/44		100
	1,198,411		GNMA		4.500		05/20/44		1,315
	157,474		GNMA		4.500		05/20/44		173
	1,197,304		GNMA		4.500		08/20/44		1,313
	1,242,286		GNMA		4.500		09/20/44		1,362
	402,707		GNMA		4.500		10/20/44		441
	410,396		GNMA		4.500		11/20/44		450
	759,313		GNMA		4.500		12/20/44		833
	1,125,711		GNMA		4.500		02/20/45		1,233
	1,222,211		GNMA		4.500		08/20/45		1,342
	1,497,872		GNMA		4.500		08/20/45		1,644
	1,244,196		GNMA		4.500		12/20/45		1,366
	96,314,446		GNMA		3.500		05/20/46		102,386
	58,084,912		GNMA		4.000		05/20/46		62,196
	36,000,000	h	GNMA		3.000		07/20/46		37,626
	3,000,000	h	GNMA		3.500		07/20/46		3,183
	27,000,000	h	GNMA		4.000		07/20/46		28,860
	112,000,000	h	GNMA		3.000		08/20/46		116,830
	34,000,000	h	GNMA		3.500		08/20/46		36,032
	50,000,000	h	GNMA		3.000		09/20/46		52,039
	38,000,000	h	GNMA		3.500		09/20/46		40,206
			TOTAL MORTGAGE BACKED						3,096,469

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
MUNICIPAL BONDS - 2.3%
$	10,000,000	h	City of Dallas TX Waterworks & Sewer System Revenue		0.985	%	10/01/18	$	10,020
	8,725,000	h	City of Dallas TX Waterworks & Sewer System Revenue		1.217		10/01/19		8,755
	5,000,000	h	City of Dallas TX Waterworks & Sewer System Revenue		1.868		10/01/22		5,032
	2,775,000	h	City of Dallas TX Waterworks & Sewer System Revenue		2.068		10/01/23		2,837
	1,350,000	h	City of Dallas TX Waterworks & Sewer System Revenue		2.389		10/01/25		1,377
	3,000,000	h	City of Dallas TX Waterworks & Sewer System Revenue		2.439		10/01/26		3,065
	2,025,000		City of San Antonio TX Customer Facility Charge Revenue		4.253		07/01/24		2,181
	1,575,000		City of San Antonio TX Customer Facility Charge Revenue		4.353		07/01/25		1,706
	9,950,000	h	Commonwealth of Massachusetts		3.277		06/01/46		10,047
	980,000	h	Imperial Irrigation District Electric System Revenue		0.945		11/01/16		980
	1,875,000	h	Imperial Irrigation District Electric System Revenue		0.995		11/01/17		1,875
	1,895,000	h	Imperial Irrigation District Electric System Revenue		1.095		11/01/18		1,898
	6,000,000		New York State Dormitory Authority		3.879		07/01/46		6,231
	2,000,000		Permanent University Fund		1.439		07/01/17		2,012
	2,625,000		Permanent University Fund		1.730		07/01/18		2,674
	4,720,000		Permanent University Fund		1.880		07/01/19		4,818
	2,320,000		Permanent University Fund		2.258		07/01/20		2,386
	2,160,000		Permanent University Fund		2.408		07/01/21		2,260
	2,750,000		Permanent University Fund		2.508		07/01/22		2,893
	2,855,000		Permanent University Fund		2.608		07/01/23		3,034
	3,250,000		Permanent University Fund		2.708		07/01/24		3,459
	2,335,000		Permanent University Fund		2.808		07/01/25		2,496
	3,775,000		Permanent University Fund		2.908		07/01/26		4,068
	4,000,000		Permanent University Fund		3.008		07/01/27		4,284
	2,000,000		Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		2,107
	1,700,000		Port of Corpus Christi Authority of Nueces County		3.287		12/01/23		1,811
	1,500,000		Port of Corpus Christi Authority of Nueces County		3.387		12/01/24		1,590
	1,000,000		Port of Corpus Christi Authority of Nueces County		3.487		12/01/25		1,060
	7,500,000		Port of Morrow OR		1.582		09/01/20		7,541
	5,000,000		Port of Morrow OR		1.782		09/01/21		5,053
	3,060,000		State of Georgia		2.000		07/01/20		3,155
	3,215,000		State of Georgia		2.150		07/01/21		3,354
	3,465,000	h	State of Georgia		1.910		02/01/23		3,509
	3,905,000		State of Georgia		2.750		07/01/25		4,068
	4,100,000		State of Georgia		2.850		07/01/26		4,256
	4,305,000		State of Georgia		2.950		07/01/27		4,459
	4,520,000		State of Georgia		3.050		07/01/28		4,681
	3,245,000		State of Georgia		3.150		07/01/29		3,324
	19,760,000		State of Illinois		4.833		02/01/17		20,097
	5,866,667		State of Illinois		4.350		06/01/18		6,047
	7,500,000		State of Illinois		2.000		06/15/19		7,644
	7,160,000		State of Illinois		5.463		02/01/20		7,786
	12,500,000		State of Illinois		1.930		06/15/20		12,579
	12,500,000		State of Illinois		2.250		06/15/21		12,739
	12,500,000		State of Illinois		3.150		06/15/26		12,958
	12,500,000		State of Illinois		3.250		06/15/27		12,877
	20,000,000		State of Michigan		1.579		11/01/20		20,188
	13,000,000		State of Michigan		1.779		11/01/21		13,118
	7,000,000		State of Michigan		1.966		11/01/22		7,064
	6,000,000		University of California		2.570		05/15/22		6,277
	17,045,000		University of California		3.931		05/15/45		18,059
	20,000,000		University of New Mexico		3.532		06/20/32		20,714
			TOTAL MUNICIPAL BONDS						318,503

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
U.S. TREASURY SECURITIES - 17.5%
$	15,185,000		United States Treasury Bond		5.250	%	11/15/28	$	21,377
	49,175,000		United States Treasury Bond		5.250		02/15/29		69,546
	100,686,000		United States Treasury Bond		5.375		02/15/31		149,362
	65,602,000		United States Treasury Bond		4.500		02/15/36		94,500
	4,500,000		United States Treasury Bond		4.750		02/15/37		6,694
	12,000,000		United States Treasury Bond		3.500		02/15/39		15,150
	11,900,000		United States Treasury Bond		3.875		08/15/40		15,805
	19,135,000		United States Treasury Bond		4.375		05/15/41		27,344
	16,434,000		United States Treasury Bond		3.750		08/15/41		21,460
	56,375,000		United States Treasury Bond		3.625		08/15/43		72,792
	35,680,000		United States Treasury Bond		3.000		05/15/45		41,047
	81,710,000		United States Treasury Bond		2.875		08/15/45		91,777
	33,450,000		United States Treasury Bond		2.500		02/15/46		34,863
	135,500,000		United States Treasury Bond		2.500		05/15/46		141,359
	6,000,000		United States Treasury Note		0.500		07/31/16		6,001
	10,000,000		United States Treasury Note		3.125		10/31/16		10,091
	7,750,000		United States Treasury Note		0.750		01/15/17		7,763
	3,900,000		United States Treasury Note		0.625		02/15/17		3,904
	12,195,000		United States Treasury Note		0.625		09/30/17		12,208
	3,000,000		United States Treasury Note		1.000		12/31/17		3,019
	200,000		United States Treasury Note		0.750		02/28/18		201
	70,945,000		United States Treasury Note		0.875		03/31/18		71,297
	37,500,000		United States Treasury Note		0.625		06/30/18		37,518
	189,665,000	p	United States Treasury Note		0.875		07/15/18		190,695
	12,100,000		United States Treasury Note		2.250		07/31/18		12,511
	9,966,900		United States Treasury Note		1.375		09/30/18		10,132
	10,365,000		United States Treasury Note		1.750		10/31/18		10,630
	46,100,000		United States Treasury Note		0.750		02/15/19		46,195
	75,775,000		United States Treasury Note		1.000		03/15/19		76,426
	45,395,000		United States Treasury Note		0.875		04/15/19		45,617
	5,730,000		United States Treasury Note		0.875		05/15/19		5,758
	3,275,000		United States Treasury Note		0.875		06/15/19		3,291
	130,487,000		United States Treasury Note		1.625		07/31/20		134,208
	3,000,000		United States Treasury Note		1.750		12/31/20		3,104
	750,000		United States Treasury Note		1.375		01/31/21		763
	825,000		United States Treasury Note		2.125		01/31/21		868
	19,589,300		United States Treasury Note		1.125		02/28/21		19,729
	12,720,000		United States Treasury Note		2.000		02/28/21		13,308
	67,435,000		United States Treasury Note		1.375		04/30/21		68,610
	3,240,000		United States Treasury Note		2.250		04/30/21		3,430
	4,265,000		United States Treasury Note		1.375		05/31/21		4,343
	16,465,000		United States Treasury Note		2.000		05/31/21		17,246
	20,120,000		United States Treasury Note		1.125		06/30/21		20,222
	1,730,000		United States Treasury Note		2.125		06/30/21		1,823
	11,825,000		United States Treasury Note		2.000		08/31/21		12,388
	133,872,000		United States Treasury Note		8.000		11/15/21		182,301
	73,000,000		United States Treasury Note		1.750		02/28/22		75,461
	1,710,000		United States Treasury Note		1.750		03/31/22		1,767
	8,000,000		United States Treasury Note		1.750		04/30/22		8,267
	4,565,000		United States Treasury Note		2.125		06/30/22		4,815
	23,000,000		United States Treasury Note		2.000		07/31/22		24,088
	106,110,000		United States Treasury Note		1.875		08/31/22		110,317
	125,965,000		United States Treasury Note		1.750		09/30/22		129,990

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,500,000		United States Treasury Note		1.750	%	01/31/23	$	10,825
	25,200,000		United States Treasury Note		1.500		03/31/23		25,568
	10,075,000		United States Treasury Note		1.625		04/30/23		10,304
	74,890,000		United States Treasury Note		1.625		05/31/23		76,596
	132,710,000		United States Treasury Note		1.625		05/15/26		134,410
			TOTAL U.S. TREASURY SECURITIES						2,451,084

			TOTAL GOVERNMENT BONDS						6,942,110
			(Cost $6,708,428)

STRUCTURED ASSETS - 14.3%

ASSET BACKED - 5.5%
	713,313	i	ACE Securities Corp Home Equity Loan Trust		1.188		08/25/35		705
			Series - 2005 HE5 (Class M2)
	2,500,000		Ally Auto Receivables Trust		1.440		08/17/20		2,511
			Series - 2016 3 (Class A3)
	2,125,000		Ally Auto Receivables Trust		1.720		04/15/21		2,143
			Series - 2016 3 (Class A4)
	17,823,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		17,831
			Series - 2013 1 (Class C)
	6,045,000		AmeriCredit Automobile Receivables Trust		1.790		03/08/19		6,050
			Series - 2013 2 (Class C)
	18,920,000		AmeriCredit Automobile Receivables Trust		2.420		05/08/19		18,981
			Series - 2013 2 (Class D)
	6,675,000		AmeriCredit Automobile Receivables Trust		2.720		09/09/19		6,747
			Series - 2013 4 (Class C)
	15,037,000	g	AmeriCredit Automobile Receivables Trust		4.460		11/08/19		15,135
			Series - 2012 3 (Class E)
	12,805,000		AmeriCredit Automobile Receivables Trust		3.340		08/08/21		13,130
			Series - 2015 3 (Class D)
	74,236	g,m	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	1,666,667	g	Avis Budget Rental Car Funding AESOP LLC		3.410		11/20/17		1,674
			Series - 2011 3A (Class A)
	4,583,333	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		4,609
			Series - 2011 3A (Class B)
	9,400,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		9,408
			Series - 2011 5A (Class C)
	11,125,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		11,243
			Series - 2011 5A (Class B)
	4,890,000	g	Avis Budget Rental Car Funding AESOP LLC		3.887		05/20/18		4,940
			Series - 2012 2A (Class B)
	2,701,000	g	Avis Budget Rental Car Funding AESOP LLC		1.920		09/20/19		2,708
			Series - 2013 1A (Class A)
	5,000,000		Cabela’s Credit Card Master Note Trust		1.780		06/15/22		5,027
			Series - 2016 1 (Class A1)
	2,186,967		Capital Auto Receivables Asset Trust		1.290		04/20/18		2,187
			Series - 2013 1 (Class B)
	14,831,000		Capital Auto Receivables Asset Trust		1.740		10/22/18		14,854
			Series - 2013 1 (Class C)
	6,616,000		Capital Auto Receivables Asset Trust		1.620		03/20/19		6,633
			Series - 2015 4 (Class A2)

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	11,525,000		Capital Auto Receivables Asset Trust		2.190	%	09/20/21	$	11,556
			Series - 0 1 (Class D)
	8,000,000	g	Capital Automotive REIT		3.660		10/15/44		7,709
			Series - 2014 1A (Class A)
	2,600,000		CarMax Auto Owner Trust		1.520		02/16/21		2,615
			Series - 2016 2 (Class A3)
	3,000,000		CarMax Auto Owner Trust		1.680		09/15/21		3,010
			Series - 2016 2 (Class A4)
	5,241,411	i,m	CCR, Inc		0.890		07/10/17		5,204
			Series - 2010 CX (Class C)
	922,725	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		816
			Series - 2004 2 (Class 1M2)
	979,798	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		977
			Series - 2002 1 (Class AF6) (Step Bond)
	5,500,000		CNH Equipment Trust		1.630		08/15/21		5,537
			Series - 2016 B (Class A3)
	4,247,757	i	Connecticut Avenue Securities		1.953		02/25/25		4,250
			Series - 2015 C01 (Class 1M1)
	7,900,000	g	DB Master Finance LLC		3.262		02/20/45		7,973
			Series - 2015 1A (Class A2I)
	6,912,500	g	DB Master Finance LLC		3.980		02/20/45		7,098
			Series - 2015 1A (Class A2II)
	5,525,000	g,i	DB/UBS Mortgage Trust		5.884		11/10/46		6,269
			Series - 2011 LC1A (Class C)
	66,504,137	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		68,446
			Series - 2012 1A (Class A2)
	16,915,000	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		17,183
			Series - 2015 1A (Class A2I)
	2,487,500	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		2,542
			Series - 2015 1A (Class A2II)
	5,250,000		Ford Credit Auto Owner Trust		1.150		07/15/18		5,253
			Series - 2013 A (Class B)
	1,595,000		Ford Credit Auto Owner Trust		2.430		01/15/19		1,601
			Series - 2012 C (Class D)
	3,500,000	g	Ford Credit Auto Owner Trust		2.310		08/15/27		3,573
			Series - 2016 1 (Class A)
	10,000,000	g	Ford Credit Auto Owner Trust		2.030		12/15/27		10,053
			Series - 2016 2 (Class A)
	5,000,000		Ford Credit Floorplan Master Owner Trust		2.390		08/15/22		5,106
			Series - 2015 5 (Class A)
	8,000,000		GM Financial Automobile Leasing Trust		1.620		09/20/19		8,061
			Series - 2016 2 (Class A3)
	3,500,000	g	GMF Floorplan Owner Revolving Trust		1.960		05/17/21		3,514
			Series - 2016 1 (Class A1)
	3,500,000		Harley-Davidson Motorcycle Trust		1.340		01/15/21		3,509
			Series - 2016 A (Class A3)
	5,000,000	g	Hertz Vehicle Financing LLC		1.860		08/25/17		4,996
			Series - 2013 1A (Class B1)
	1,520,000	g	Hertz Vehicle Financing LLC		1.830		08/25/19		1,519
			Series - 2013 1A (Class A2)
	5,000,000	g	Hertz Vehicle Financing LLC		2.320		03/25/20		5,044
			Series - 2016 1A (Class A)
	4,875,000	g	Hertz Vehicle Financing LLC		2.270		07/25/20		4,912
			Series - 2016 3A (Class A)

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,500,000	g	Hyundai Auto Lease Securitization Trust		1.240	%	11/15/18	$	2,505
			Series - 2016 B (Class A2A)
	1,782,334	i	Irwin Home Equity Corp		1.213		02/25/34		1,726
			Series - 2005 A (Class A3)
	13,545,532	g	JG Wentworth XXII LLC		3.820		12/15/48		14,085
			Series - 2010 3A (Class A)
	2,429,978	i	Lehman XS Trust		0.703		02/25/36		2,295
			Series - 2006 1 (Class 1A1)
	5,872,688	i	Lehman XS Trust		6.500		06/25/46		4,582
			Series - 2006 13 (Class 2A1)
	1,278,338		Louisiana Public Facilities Authority		5.750		02/01/19		1,292
			Series - 2008 ELL (Class A2)
	5,000,000		Nissan Auto Lease Trust		1.490		03/15/19		5,015
			Series - 2016 A (Class A3)
	288,494	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.398		09/25/34		289
			Series - 2004 WHQ1 (Class M1)
	17,822	i	Renaissance Home Equity Loan Trust		1.333		08/25/33		16
			Series - 2003 2 (Class A)
	74,956	i	Residential Asset Securities Corp		6.489		10/25/30		76
			Series - 2001 KS2 (Class AI6)
	1,153,762	i	Residential Funding Mortgage Securities II, Inc		5.950		08/25/34		1,199
			Series - 2005 HI1 (Class A5) (Step Bond)
	408,195	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		409
			Series - 2006 HI1 (Class M1) (Step Bond)
	350,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		364
			Series - 2006 HI1 (Class M2) (Step Bond)
	12,770,000		Santander Drive Auto Receivables Trust		3.500		06/15/18		12,893
			Series - 2012 4 (Class D)
	5,448,019		Santander Drive Auto Receivables Trust		1.760		01/15/19		5,458
			Series - 2013 1 (Class C)
	5,830,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		5,849
			Series - 2013 2013-1 (Class D)
	39,422,994		Santander Drive Auto Receivables Trust		1.620		02/15/19		39,465
			Series - 2014 2 (Class B)
	4,410,000		Santander Drive Auto Receivables Trust		2.570		03/15/19		4,431
			Series - 2013 2 (Class D)
	1,223,549		Santander Drive Auto Receivables Trust		1.810		04/15/19		1,227
			Series - 2013 3 (Class C)
	4,625,000		Santander Drive Auto Receivables Trust		2.420		04/15/19		4,655
			Series - 2013 3 (Class D)
	79,872,000		Santander Drive Auto Receivables Trust		2.250		06/17/19		80,375
			Series - 2013 5 (Class C)
	5,000,000		Santander Drive Auto Receivables Trust		1.410		07/15/19		5,008
			Series - 2016 1 (Class A2A)
	20,615,000	g	Santander Drive Auto Receivables Trust		3.120		10/15/19		20,864
			Series - 2013 A (Class C)
	5,325,000		Santander Drive Auto Receivables Trust		2.910		04/15/20		5,400
			Series - 2014 1 (Class D)
	4,500,000		Santander Drive Auto Receivables Trust		1.560		05/15/20		4,506
			Series - 2016 2 (Class A3)
	600,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		604
			Series - 2015 5 (Class B)

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	14,172,000		Santander Drive Auto Receivables Trust		2.130	%	08/17/20	$	14,301
			Series - 2014 3 (Class C)
	600,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		608
			Series - 2015 5 (Class C)
	343,447	i	Securitized Asset Backed Receivables LLC		0.753		10/25/35		343
			Series - 2006 OP1 (Class A2C)
	230,798	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		229
			Series - 2013 1A (Class A)
	5,698,990	g	Sierra Receivables Funding Co LLC		2.700		10/20/30		5,689
			Series - 2013 3A (Class B)
	5,918,730	g	Sierra Receivables Funding Co LLC		2.050		06/20/31		5,907
			Series - 2014 2A (Class A)
	2,437,124	g	Sierra Receivables Funding Co LLC		2.400		06/20/31		2,424
			Series - 2014 2A (Class B)
	7,214,149	g	Sierra Receivables Funding Co LLC		2.400		03/22/32		7,230
			Series - 2015 1A (Class A)
	3,765,225	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		3,796
			Series - 2015 3A (Class A)
	1,022,233	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		1,026
			Series - 2015 3A (Class B)
	1,020,000	g	SLM Private Education Loan Trust		2.090		06/15/45		1,022
			Series - 2012 E (Class A2A)
	1,205,000	g	SLM Private Education Loan Trust		3.310		10/15/46		1,229
			Series - 2012 C (Class A2)
	13,303,000	g	SLM Student Loan Trust		3.740		02/15/29		13,630
			Series - 2011 B (Class A2)
	5,352,228	g	SLM Student Loan Trust		3.480		10/15/30		5,455
			Series - 2012 B (Class A2)
	4,360,877	g	SolarCity LMC		4.590		04/20/44		4,258
			Series - 2014 1 (Class A)
	68,304,897	g	SpringCastle America Funding LLC		2.700		05/25/23		68,538
			Series - 2014 AA (Class A)
	2,364,981	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.673		10/25/36		2,352
			Series - 2006 GEL4 (Class A2)
	13,250,000	g	Taco Bell Funding LLC		3.832		05/25/46		13,412
			Series - 2016 1A (Class A2I)
	1,890,000	g	Vornado DP LLC		5.280		09/13/28		2,077
			Series - 2010 VNO (Class C)
	601,409	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		611
			Series - 2006 N1 (Class N1)
	907,744	g,i	Wachovia Loan Trust		0.806		05/25/35		887
			Series - 2005 SD1 (Class A)
	34,737,500	g	Wendys Funding LLC		3.371		06/15/45		34,929
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						769,383

OTHER MORTGAGE BACKED - 8.8%
	3,047,000	g,i	ACRE Commercial Mortgage Trust		2.934		08/15/31		3,003
			Series - 2014 FL2 (Class C)
	6,500,000	g,i	ACRE Commercial Mortgage Trust		3.834		08/15/31		6,239
			Series - 2014 FL2 (Class D)
	2,000,000	i	Banc of America Commercial Mortgage Trust		5.772		05/10/45		1,996
			Series - 2006 2 (Class B)

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,059,000		Banc of America Commercial Mortgage Trust		5.390	%	10/10/45	$	1,068
			Series - 2006 6 (Class AM)
	2,500,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		2,474
			Series - 2006 6 (Class B)
	10,500,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		10,378
			Series - 2007 1 (Class AM)
	14,549,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		14,387
			Series - 2007 1 (Class AMFX)
	12,000,000		Banc of America Commercial Mortgage Trust		3.019		06/15/49		12,620
			Series - 2016 UB10 (Class ASB)
	3,500,000	g,i	Banc of America Commercial Mortgage Trust		5.821		02/10/51		3,084
			Series - 2007 4 (Class E)
	2,000,000	g,i	Banc of America Commercial Mortgage Trust		6.000		02/10/51		1,850
			Series - 2007 4 (Class D)
	18,825,000	i	Bear Stearns Commercial Mortgage Securities Trust		6.101		09/11/42		19,626
			Series - 2007 T28 (Class AJ)
	4,500,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.878		06/11/50		4,418
			Series - 2007 PW17 (Class AJ)
	8,000,000	g	CGBAM Commercial Mortgage Trust		3.516		04/10/28		8,111
			Series - 2015 SMRT (Class C)
	9,000,000	g	CGBAM Commercial Mortgage Trust		3.768		04/10/28		9,102
			Series - 2015 SMRT (Class D)
	8,792,614	i	CHL Mortgage Pass-Through Trust		2.823		02/20/35		8,759
			Series - 2004 HYB9 (Class 1A1)
	14,396,321		Citigroup Commercial Mortgage Trust		1.506		05/10/49		14,502
			Series - 2016 C1 (Class A1)
	6,500,000		Citigroup Commercial Mortgage Trust		3.003		05/10/49		6,805
			Series - 2016 C1 (Class AAB)
	407,847	i	Citigroup Commercial Mortgage Trust		5.713		12/10/49		411
			Series - 2007 C6 (Class ASB)
	7,095,000	i	Citigroup Commercial Mortgage Trust		5.899		12/10/49		7,120
			Series - 2007 C6 (Class AM)
	15,000,000	g,i	Citigroup Commercial Mortgage Trust		5.901		12/10/49		15,113
			Series - 2007 C6 (Class AMFX)
	16,626,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		16,314
			Series - 2007 C3 (Class AJ)
	32,585,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		33,600
			Series - 2007 C3 (Class AM)
	5,640,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		5,767
			Series - 2007 C2 (Class AMFX)
	802,835		COMM Mortgage Trust		1.399		02/10/48		806
			Series - 2015 LC19 (Class A1)
	5,000,000	g,i	COMM Mortgage Trust		1.135		12/10/49		4,735
			Series - 2007 C9 (Class AJFL)
	2,180,000	i	COMM Mortgage Trust		5.650		12/10/49		2,210
			Series - 2007 C9 (Class AJ)
	3,500,000	i	COMM Mortgage Trust		5.813		12/10/49		3,501
			Series - 2007 C9 (Class F)
	1,000,000	i	COMM Mortgage Trust		6.007		12/10/49		1,005
			Series - 2007 C9 (Class C)
	288,505	i	Commercial Mortgage Trust		5.238		04/10/37		288
			Series - 2005 GG5 (Class AJ)
	16,156,810	i	Commercial Mortgage Trust		5.796		12/10/49		16,310
			Series - 2007 C9 (Class B)

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	28,000,000	i	Commercial Mortgage Trust		5.867	%	12/10/49	$	28,965
			Series - 2007 GG11 (Class AM)
	12,771,940	i	Connecticut Avenue Securities		2.603		09/25/28		12,923
			Series - 2016 C02 (Class 1M1)
	206,819		Countrywide Alternative Loan Trust		5.500		08/25/16		207
			Series - 2004 30CB (Class 1A15)
	12,133,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		12,065
			Series - 2007 C4 (Class A1AJ)
	15,500,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		15,437
			Series - 2007 C4 (Class AJ)
	11,120,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		11,223
			Series - 2006 C5 (Class AM)
	11,235,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		11,340
			Series - 2009 RR1 (Class A3C)
	21,335,000	i	Credit Suisse Commercial Mortgage Trust		0.676		01/15/49		20,841
			Series - 2007 C2 (Class AMFL)
	5,052,000	i	Credit Suisse Commercial Mortgage Trust		5.615		01/15/49		5,144
			Series - 2007 C2 (Class AM)
	22,500,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		22,555
			Series - 2007 C2 (Class AJ)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		12,806
			Series - 2006 OMA (Class D)
	3,508,192		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		3,506
			Series - 2006 C4 (Class AM)
	15,775,176		Csail 2015-C2 Commercial Mortgage Trust		1.454		06/15/57		15,853
			Series - 2015 C2 (Class A1)
	30,000,000	g	DBUBS Mortgage Trust		4.537		07/10/44		33,362
			Series - 2011 LC2A (Class A4)
	2,084,000	g,i	DBUBS Mortgage Trust		5.549		08/10/44		2,368
			Series - 2011 LC3A (Class B)
	5,000,000	g	Four Times Square Trust Commercial Mortgage Pass-Through Certificates		5.401		12/13/28		5,666
			Series - 2006 4TS (Class A)
	19,679,135	i	GE Commercial Mortgage Corp		5.606		12/10/49		19,037
			Series - 2007 C1 (Class AM)
	3,665,000	i	GMAC Commercial Mortgage Securities, Inc		4.984		12/10/41		3,759
			Series - 2004 C3 (Class C)
	21,180,000	g	GRACE 2014-GRCE Mortgage Trust		3.369		06/10/28		22,611
			Series - 2014 GRCE (Class A)
	5,000,000	g	GRACE 2014-GRCE Mortgage Trust		3.520		06/10/28		5,280
			Series - 2014 GRCE (Class B)
	5,398,615	i	Greenwich Capital Commercial Funding Corp		6.013		07/10/38		5,393
			Series - 2006 GG7 (Class AM)
	15,943,000	g	GS Mortgage Securities Corp II		3.551		04/10/34		17,252
			Series - 2012 ALOH (Class A)
	5,910,000	g,i	GS Mortgage Securities Corp II		5.357		12/10/43		6,609
			Series - 2010 C2 (Class B)
	1,349,269	i	Impac CMB Trust		1.113		03/25/35		1,236
			Series - 2004 11 (Class 2A1)
	7,965,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		7,957
			Series - 2005 LDP2 (Class C)
	4,000,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		5.520		05/15/45		3,995
			Series - 2006 LDP8 (Class B)

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,145,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.360	%	02/15/46	$	8,812
			Series - 2011 C3 (Class C)
	1,357,254	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.106		07/15/46		1,419
			Series - 2011 C4 (Class A3)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.577		07/15/46		7,098
			Series - 2011 C4 (Class C)
	22,378,932		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		22,522
			Series - 2006 LDP9 (Class A1A)
	3,695,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		3,831
			Series - 2007 LD12 (Class AM)
	118,682,776	i	JPMBB Commercial Mortgage Securities Trust		1.672		11/15/48		9,264
			Series - 2015 C32 (Class XA)
	7,898,166		JPMBB Commercial Mortgage Securities Trust		1.898		12/15/48		8,009
			Series - 2015 C33 (Class A1)
	643,389	i	LB-UBS Commercial Mortgage Trust		5.852		06/15/38		643
			Series - 2006 C4 (Class AJ)
	6,000,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		6,033
			Series - 2007 C1 (Class AJ)
	1,400,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		1,381
			Series - 2007 C1 (Class C)
	4,150,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		3,988
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		773
			Series - 2007 C6 (Class AM)
	7,225,000	g	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		7,438
			Series - 2007 C6 (Class AMFL)
	16,279,118	g,i	LVII Resecuritization Trust		3.257		07/25/47		16,310
			Series - 2015 A (Class A)
	2,210,442	g,i	Merrill Lynch Mortgage Trust		6.472		02/12/51		2,295
			Series - 0 C1 (Class AJAF)
	2,205,000	i	Merrill Lynch Mortgage Trust		6.472		02/12/51		2,290
			Series - 0 C1 (Class AJA)
	5,880,000	g,i	Merrill Lynch Mortgage Trust		6.472		02/12/51		6,101
			Series - 2008 C1 (Class C)
	9,300,000	g,i	ML-CFC Commercial Mortgage Trust		0.627		08/12/48		8,972
			Series - 2007 5 (Class AMFL)
	26,695,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		26,825
			Series - 2007 6 (Class AM)
	1,200,000	g	Morgan Stanley Bank of America Merrill Lynch Trust		3.989		12/15/46		1,243
			Series - 2014 C19 (Class LNC1)
	4,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.194		10/15/47		4,722
			Series - 2014 C18 (Class A2)
	12,400,000	g	Morgan Stanley Capital I Trust		2.695		01/11/32		12,741
			Series - 2013 WLSR (Class A)
	2,265,000	g,i	Morgan Stanley Capital I Trust		6.133		08/12/41		2,260
			Series - 2006 T23 (Class B)
	10,072,629	i	Morgan Stanley Capital I Trust		5.389		11/12/41		9,987
			Series - 2006 HQ10 (Class AJ)
	8,206,801	i	Morgan Stanley Capital I Trust		5.793		07/12/44		8,206
			Series - 2006 HQ9 (Class AJ)
	500,000	i	Morgan Stanley Capital I Trust		5.832		07/12/44		499
			Series - 2006 HQ9 (Class B)
	7,503,399		Morgan Stanley Capital I Trust		5.569		12/15/44		7,761
			Series - 2007 HQ13 (Class A3)

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,550,000	g,i	Morgan Stanley Capital I Trust		5.601	%	09/15/47	$	3,701
			Series - 2011 C1 (Class D)
	8,650,000	i	Morgan Stanley Capital I Trust		5.678		04/12/49		8,671
			Series - 2007 HQ12 (Class B)
	13,800,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		12,966
			Series - 2007 IQ15 (Class AJ)
	11,000,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		11,341
			Series - 2007 IQ15 (Class AM)
	12,121,000	g,i	Morgan Stanley Capital I Trust		6.104		06/11/49		10,022
			Series - 2007 IQ15 (Class B)
	8,750,000	i	Morgan Stanley Capital I Trust		6.080		12/12/49		9,137
			Series - 2007 IQ16 (Class AMA)
	2,330,000	i	Morgan Stanley Capital I Trust		6.115		12/12/49		2,090
			Series - 2007 IQ16 (Class AJ)
	7,205,000	i	Morgan Stanley Capital I Trust		6.281		12/12/49		7,551
			Series - 2007 IQ16 (Class AM)
	12,000,000	i	Morgan Stanley Capital I Trust		6.298		12/12/49		10,755
			Series - 2007 IQ16 (Class AJFX)
	22,229,000	i	Morgan Stanley Capital I Trust		6.319		12/12/49		19,931
			Series - 2007 IQ16 (Class AJA)
	1,084,260		Morgan Stanley Capital I Trust		4.770		07/15/56		1,084
			Series - 0 IQ9 (Class AJ)
	5,000,000	g	RBS Commercial Funding, Inc 2013-SMV Trust		3.260		03/11/31		5,217
			Series - 2013 SMV (Class A)
	4,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.653		09/25/24		4,002
			Series - 2014 HQ2 (Class M2)
	417,478	i	Structured Agency Credit Risk Debt Note (STACR)		1.703		01/25/25		417
			Series - 2015 DN1 (Class M1)
	6,500,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.853		01/25/25		6,553
			Series - 2015 DN1 (Class M2)
	1,984,662	i	Structured Agency Credit Risk Debt Note (STACR)		1.503		03/25/25		1,986
			Series - 2015 HQ1 (Class M1)
	1,548,441	i	Structured Agency Credit Risk Debt Note (STACR)		1.553		05/25/25		1,548
			Series - 2015 HQ2 (Class M1)
	16,250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.403		05/25/25		16,119
			Series - 2015 HQ2 (Class M2)
	24,127,753	i	Structured Agency Credit Risk Debt Note (STACR)		1.903		07/25/28		24,207
			Series - 2016 DNA1 (Class M1)
	6,250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.653		10/25/28		6,301
			Series - 2016 DNA2 (Class M2)
	21,750,000	i	Structured Agency Credit Risk Debt Note (STACR)		1.546		12/25/28		21,757
			Series - 2016 DNA3 (Class M1)
	12,500,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.646		12/15/43		12,029
			Series - 2007 C30 (Class AMFL)
	35,625,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		36,241
			Series - 2007 C30 (Class AM)
	5,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.825		07/15/45		5,484
			Series - 2006 C27 (Class AJ)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.865		07/15/45		2,817
			Series - 2006 C27 (Class B)
	32,910,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		34,422
			Series - 2007 C34 (Class AM)
	3,390,000	i	Wachovia Bank Commercial Mortgage Trust		6.020		05/15/46		1,994
			Series - 2007 C34 (Class F)

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,338,000	i	Wachovia Bank Commercial Mortgage Trust		6.141	%	05/15/46	$	7,265
			Series - 2007 C34 (Class AJ)
	7,175,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		7,332
			Series - 2007 C31 (Class AM)
	8,657,290	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		8,677
			Series - 2007 C31 (Class AJ)
	2,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		1,972
			Series - 2007 C31 (Class B)
	88,795,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		91,172
			Series - 2007 C32 (Class AMFX)
	2,794,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		2,668
			Series - 2007 C32 (Class B)
	49,550,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		48,359
			Series - 2007 C32 (Class AJ)
	33,600,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		34,599
			Series - 2007 C33 (Class AM)
	827,611		Wells Fargo Commercial Mortgage Trust		1.454		02/15/48		830
			Series - 2015 C26 (Class A1)
	6,000,000		Wells Fargo Commercial Mortgage Trust		3.749		03/15/59		6,431
			Series - 2016 C33 (Class AS)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		5,247
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED						1,227,310

			TOTAL STRUCTURED ASSETS						1,996,693
			(Cost $2,007,373)

			TOTAL BONDS						13,753,786
			(Cost $13,318,964)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp						2,094
	1,527,061	*	Federal National Mortgage Association						6,826
			TOTAL BANKS						8,920
			TOTAL PREFERRED STOCKS						8,920
			(Cost $49,941)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 9.0%

GOVERNMENT AGENCY DEBT - 2.5%
$	14,114,000		Federal Agricultural Mortgage Corp		0.200		07/01/16		14,114
	58,798,000		Federal Home Loan Bank (FHLB)		0.335		07/06/16		58,797
	48,894,000		FHLB		0.320		07/12/16		48,891
	26,400,000		FHLB		0.270		07/21/16		26,397
	61,900,000		FHLB		0.340-0.345		07/22/16		61,894
	33,500,000		FHLB		0.400		08/08/16		33,491
	50,000,000		FHLB		0.400		08/12/16		49,985
	32,000,000		FHLB		0.370		08/17/16		31,990
	33,000,000		FHLB		0.451		09/07/16		32,983
			TOTAL GOVERNMENT AGENCY DEBT						358,542

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
TREASURY DEBT - 6.5%
$	10,800,000	United States Treasury Bill		0.215	%	07/07/16	$	10,800
	46,549,000	United States Treasury Bill		0.220-0.225		07/14/16		46,547
	204,500,000	United States Treasury Bill		0.201-0.447		07/21/16		204,479
	18,200,000	United States Treasury Bill		0.235		07/28/16		18,197
	135,000,000	United States Treasury Bill		0.196-0.253		08/04/16		134,973
	5,000,000	United States Treasury Bill		0.235		08/11/16		4,999
	148,300,000	United States Treasury Bill		0.302-0.377		08/18/16		148,255
	50,000,000	United States Treasury Bill		0.261		09/01/16		49,979
	50,000,000	United States Treasury Bill		0.195		09/08/16		49,981
	116,000,000	United States Treasury Bill		0.210-0.241		09/22/16		115,935
	67,800,000	United States Treasury Bill		0.236-0.321		09/29/16		67,756
	50,000,000	United States Treasury Bill		0.323		10/06/16		49,965
		TOTAL TREASURY DEBT						901,866

		TOTAL SHORT-TERM INVESTMENTS						1,260,408
		(Cost $1,260,322)

		TOTAL INVESTMENTS - 107.7%						15,108,638
		(Cost $14,714,941)
		OTHER ASSETS & LIABILITIES, NET - (7.7)%						(1,076,784	)
		NET ASSETS - 100.0%					$	14,031,854

		Abbreviation(s):
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
COP		Columbian Peso
DKK		Danish Krone
DOP		Dominican Peso
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
ILS		Israeli New Sheqel
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PHP		Philippine Peso
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

348

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 6/30/16, the aggregate value of these securities was $1,927,070,000, or 13.7% 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.
n		In default
p		All or a portion of these securities have been segregated to cover requirements on open forward foreign currency contracts.
w		All or a portion of these securities have been segregated to cover collateral requirements on mortgage dollar rolls.

		Cost amounts are in thousands.

349

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016

				VALUE
PRINCIPAL			ISSUER	(000)
GOVERNMENT BONDS - 99.0%

AGENCY SECURITIES - 0.4%
			Montefiore Medical Center
$	18,000,000		2.895%, 04/20/32	$	18,638
			Private Export Funding Corp (PEFCO)
	3,500,000		2.300%, 09/15/20		3,602
	3,000,000		3.250%, 06/15/25		3,326
			Ukraine Government AID Bonds
	3,500,000		1.847%, 05/29/20		3,583
			TOTAL AGENCY SECURITIES		29,149

MORTGAGE BACKED - 0.2%
			Government National Mortgage Association (GNMA)
	13,936,117		3.650%, 02/15/32		15,538
			TOTAL MORTGAGE BACKED		15,538

U.S. TREASURY SECURITIES - 98.4%
		k	United States Treasury Inflation Indexed Bonds
	45,087,440		2.375%, 01/15/17		45,929
	247,428,194		0.125%, 04/15/17		248,971
	140,471,008		2.625%, 07/15/17		146,212
	148,504,095		1.625%, 01/15/18		154,123
	406,811,328		0.125%, 04/15/18		412,882
	150,429,216		1.375%, 07/15/18		157,778
	147,634,150		2.125%, 01/15/19		158,382
	237,876,690		0.125%, 04/15/19		242,919
	137,807,970		1.875%, 07/15/19		149,120
	226,008,918		1.375%, 01/15/20		241,359
	445,897,845		0.125%, 04/15/20		456,227
	292,474,446		1.250%, 07/15/20		314,326
	364,096,525		1.125%, 01/15/21		389,484
	126,673,425		0.125%, 04/15/21		129,820
	345,804,120		0.625%, 07/15/21		364,071
	344,541,301		0.125%, 01/15/22		351,235
	402,584,490		0.125%, 07/15/22		411,674
	272,573,200		0.125%, 01/15/23		276,211
	85,319,850		0.375%, 07/15/23		88,245
	78,176,075		0.625%, 01/15/24		81,858
	95,711,550		0.125%, 07/15/24		96,695
	73,730,000		0.250%, 01/15/25		74,877
	256,690,189		2.375%, 01/15/25		306,558
	77,675,290		0.375%, 07/15/25		80,004
	109,739,020		0.625%, 01/15/26		115,585
	214,933,339		2.000%, 01/15/26		252,913
	161,565,888		2.375%, 01/15/27		198,351
	191,154,060		1.750%, 01/15/28		223,533
	118,361,777		3.625%, 04/15/28		163,805
	181,506,438		2.500%, 01/15/29		230,015

350

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

			VALUE
PRINCIPAL		ISSUER	(000)
$	152,925,917	3.875%, 04/15/29	$	220,293
	11,806,202	3.375%, 04/15/32		17,292
		TOTAL U.S. TREASURY SECURITIES		6,800,747

		TOTAL GOVERNMENT BONDS
		(Cost $6,414,144)		6,845,434

SHORT-TERM INVESTMENTS - 0.6%

GOVERNMENT AGENCY DEBT - 0.6%
		Federal Home Loan Bank (FHLB)
	18,200,000	0.250%, 07/01/16		18,200
	18,150,000	0.150%, 07/08/16		18,150
	7,400,000	0.250%, 07/27/16		7,399
				43,749

		TOTAL SHORT-TERM INVESTMENTS		43,749
		(Cost $43,748)
		TOTAL INVESTMENTS - 99.6%		6,889,183
		(Cost $6,457,892)
		OTHER ASSETS AND LIABILITIES, NET - 0.4%		24,981
		NET ASSETS - 100.0%	$	6,914,164


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

		Cost amounts are in thousands.

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2016

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.5%

CAPITAL GOODS - 0.0%
$	2,996,154	i	Manitowoc Foodservice, Inc		5.750	%	03/03/23	$	3,013
			TOTAL CAPITAL GOODS						3,013

CONSUMER SERVICES - 0.1%
	10,000,000	i	Prime Security Services Borrower LLC		4.750		05/02/22		10,013
	3,150,000	i	Prime Security Services Borrower LLC		4.750		05/02/22		3,154
			TOTAL CONSUMER SERVICES						13,167

ENERGY - 0.1%
	781,801	i	Granite Acquisition, Inc		5.000		12/19/21		744
	17,501,676	i	Granite Acquisition, Inc		5.000		12/19/21		16,656
			TOTAL ENERGY						17,400

MEDIA - 0.0%
	3,167,063	i	CCO Safari III LLC		3.500		01/24/23		3,167
			TOTAL MEDIA						3,167

RETAILING - 0.0%
	2,568,563	i	KAR Auction Services, Inc		4.250		03/09/23		2,574
			TOTAL RETAILING						2,574

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	10,000,000	i	MTS Systems Corp		5.000		12/31/23		9,962
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						9,962

UTILITIES - 0.2%
	9,505,057	i	ExGen Renewables I LLC		5.250		02/06/21		9,487
	15,220,037	i	Terra-Gen Finance Co LLC		5.250		12/09/21		12,861
			TOTAL UTILITIES						22,348

			TOTAL BANK LOAN OBLIGATIONS						71,631
			(Cost $74,373)

BONDS - 38.4%

CORPORATE BONDS - 10.5%

AUTOMOBILES & COMPONENTS - 0.1%
	7,550,000		Delphi Automotive plc		3.150		11/19/20		7,767
	3,250,000		Johnson Controls, Inc		5.000		03/30/20		3,556
	4,675,000		Magna International, Inc		3.625		06/15/24		4,933
			TOTAL AUTOMOBILES & COMPONENTS						16,256

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANKS - 2.4%
$	51,000,000		Bank of America Corp		1.950	%	05/12/18	$	51,300
	18,500,000	e	Bank of Nova Scotia		2.125		09/11/19		18,979
	12,000,000	e	Bank of Nova Scotia		1.875		04/26/21		12,096
	21,000,000	i	BOK Financial Corp		1.316		05/15/17		20,956
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,266
	6,157,000		Discover Bank		4.200		08/08/23		6,511
	5,000,000	e,g	DNB Boligkreditt AS.		2.000		05/28/20		5,094
	10,000,000		First Niagara Financial Group, Inc		6.750		03/19/20		11,393
	30,000,000	e,g	ING Bank NV		2.000		11/26/18		30,319
	11,500,000	e,g	Intesa Sanpaolo S.p.A		5.017		06/26/24		10,569
	10,000,000	e,g	Intesa Sanpaolo S.p.A		5.710		01/15/26		9,485
	6,300,000		KeyBank NA		2.350		03/08/19		6,435
	9,913,000		Manufacturers & Traders Trust Co		6.625		12/04/17		10,578
	14,000,000		Manufacturers & Traders Trust Co		1.450		03/07/18		14,032
	4,644,000	i	Manufacturers & Traders Trust Co		1.664		12/28/20		4,550
	6,076,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		5,909
	2,475,000		Manufacturers & Traders Trust Co		2.900		02/06/25		2,538
	3,314,000		Northern Trust Corp		3.375		08/23/21		3,569
	18,257,000		People’s United Financial, Inc		3.650		12/06/22		18,794
	8,245,000	e	PNC Bank NA		2.950		01/30/23		8,399
	12,000,000	e	Regions Financial Corp		2.000		05/15/18		12,021
	8,450,000	e	Royal Bank of Canada		1.875		02/05/20		8,562
	12,000,000		Royal Bank of Canada		2.100		10/14/20		12,242
	14,500,000	e,g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,510
	14,000,000	e	SVB Financial Group		3.500		01/29/25		13,964
			TOTAL BANKS						320,071

CAPITAL GOODS - 0.4%
	2,500,000	e	3M Co		6.375		02/15/28		3,457
	1,975,000		Anixter, Inc		5.125		10/01/21		2,005
	4,575,000	e	Anixter, Inc		5.500		03/01/23		4,655
	4,600,000	e	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		5,108
	5,155,000		Pall Corp		5.000		06/15/20		5,869
	5,625,000	e	Parker-Hannifin Corp		4.200		11/21/34		6,316
	6,980,000	e	Pentair Finance S.A.		2.650		12/01/19		6,981
	6,400,000		Rockwell Automation, Inc		2.050		03/01/20		6,505
	3,300,000		Rockwell Collins, Inc		3.100		11/15/21		3,477
	6,125,000		Rockwell Collins, Inc		3.700		12/15/23		6,701
			TOTAL CAPITAL GOODS						51,074

COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	5,300,000		Air Lease Corp		2.125		01/15/18		5,274
	9,075,000		Air Lease Corp		3.875		04/01/21		9,347
	6,525,000		Air Lease Corp		4.250		09/15/24		6,607
	2,730,000	e	Waste Management, Inc		4.600		03/01/21		3,035
	3,475,000	e	Waste Management, Inc		3.900		03/01/35		3,643
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						27,906

CONSUMER SERVICES - 0.6%
	4,000,000		American National Red Cross		5.567		11/15/17		4,206
	10,000,000		Henry J Kaiser Family Foundation		3.356		12/01/25		10,505
	1,250,000	e	McDonald’s Corp		5.000		02/01/19		1,361
	19,000,000		Metropolitan Museum of Art		3.400		07/01/45		20,109

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,550,000		Nature Conservancy		6.300	%	07/01/19	$	8,452
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations		4.305		07/01/45		19,567
	5,145,000		Salvation Army		5.637		09/01/26		5,885
	3,450,000		Trustees of Dartmouth College		3.474		06/01/46		3,681
			TOTAL CONSUMER SERVICES						73,766

DIVERSIFIED FINANCIALS - 0.8%
	11,750,000	e	American Express Credit Corp		2.250		05/05/21		11,962
	750,000	g,i	Armor Re Ltd		4.709		12/15/16		746
	2,675,000	e	Bank of New York Mellon Corp		5.450		05/15/19		2,974
	2,169,000		Discover Financial Services		3.850		11/21/22		2,203
	9,000,000	g	EDP Finance BV		4.125		01/15/20		9,284
	9,500,000	g	EDP Finance BV		5.250		01/14/21		10,070
	11,700,000	e	Ford Motor Credit Co LLC		3.200		01/15/21		12,053
	2,300,000		Legg Mason, Inc		3.950		07/15/24		2,326
	34,500,000		Morgan Stanley		2.200		12/07/18		34,972
	9,500,000	g	Nacional Financiera SNC		3.375		11/05/20		9,681
	9,750,000	g	RCI Banque S.A.		3.500		04/03/18		10,068
			TOTAL DIVERSIFIED FINANCIALS						106,339

ENERGY - 0.8%
	2,500,000	e	Devon Energy Corp		6.300		01/15/19		2,708
	3,000,000	e	EOG Resources, Inc		4.100		02/01/21		3,262
	8,450,000		EOG Resources, Inc		3.900		04/01/35		8,477
	6,225,000		EOG Resources, Inc		5.100		01/15/36		7,107
	1,000,000		Marathon Oil Corp		2.700		06/01/20		942
	7,450,000		Marathon Petroleum Corp		4.750		09/15/44		6,359
	3,025,000		National Oilwell Varco, Inc		1.350		12/01/17		3,003
	2,500,000		Noble Energy, Inc		8.250		03/01/19		2,863
	3,290,000	e	Noble Energy, Inc		5.050		11/15/44		3,315
	2,150,000	g	Northern Natural Gas Co		4.100		09/15/42		2,266
	4,175,000	e	Occidental Petroleum Corp		2.600		04/15/22		4,279
	2,760,000	e	Occidental Petroleum Corp		3.400		04/15/26		2,912
	9,000,000		Phillips 66		4.650		11/15/34		9,599
	2,575,000		Southwestern Energy Co		3.300		01/23/18		2,632
	5,300,000	e	Southwestern Energy Co		4.050		01/23/20		5,181
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,358
	9,500,000	e	Statoil ASA		3.150		01/23/22		9,975
	4,500,000	e	Statoil ASA		2.650		01/15/24		4,544
	5,932,000		Statoil ASA		3.950		05/15/43		6,162
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		5,279
	12,350,000	g	Woodside Finance Ltd		3.650		03/05/25		12,069
			TOTAL ENERGY						108,292

FOOD & STAPLES RETAILING - 0.1%
	1,451,000		Safeway, Inc		3.400		12/01/16		1,447
	7,475,000		Starbucks Corp		2.450		06/15/26		7,583
			TOTAL FOOD & STAPLES RETAILING						9,030

FOOD, BEVERAGE & TOBACCO - 0.2%
	4,678,000	e	Kellogg Co		4.000		12/15/20		5,128
	3,250,000	e	Mead Johnson Nutrition Co		3.000		11/15/20		3,395
	5,075,000	e	Mead Johnson Nutrition Co		4.125		11/15/25		5,538
	428,000		PepsiCo, Inc		7.900		11/01/18		495

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,100,000		PepsiCo, Inc		1.500	%	02/22/19	$	5,172
	3,559,000	e	PepsiCo, Inc		4.000		03/05/42		3,826
			TOTAL FOOD, BEVERAGE & TOBACCO						23,554

HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	3,250,000	e	Laboratory Corp of America Holdings		2.625		02/01/20		3,320
	9,000,000		Laboratory Corp of America Holdings		3.200		02/01/22		9,311
	7,700,000		New York and Presbyterian Hospital		4.063		08/01/56		8,231
	5,375,000		Owens & Minor, Inc		3.875		09/15/21		5,563
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						26,425

INSURANCE - 0.3%
	3,100,000	e	Progressive Corp		3.750		08/23/21		3,411
	15,000,000	i	Prudential Financial, Inc		5.200		03/15/44		14,707
	7,450,000	i	Prudential Financial, Inc		5.375		05/15/45		7,534
	10,550,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		10,686
	8,687,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		9,064
			TOTAL INSURANCE						45,402

MATERIALS - 0.4%
	2,275,000	e	Ball Corp		5.000		03/15/22		2,415
	8,930,000	e	Ball Corp		4.000		11/15/23		8,796
	5,750,000	e	Domtar Corp		4.400		04/01/22		5,963
	2,300,000		Eastman Chemical Co		5.500		11/15/19		2,546
	7,500,000		International Paper Co		5.000		09/15/35		8,128
	5,000,000		International Paper Co		6.000		11/15/41		5,930
	4,000,000		International Paper Co		4.800		06/15/44		4,069
	5,000,000		MeadWestvaco Corp		7.375		09/01/19		5,740
	5,000,000	e	Nucor Corp		4.000		08/01/23		5,342
	2,500,000	g	Sealed Air Corp		5.500		09/15/25		2,603
			TOTAL MATERIALS						51,532

MEDIA - 0.2%
	3,125,000	e,g	CCO Safari II LLC		3.579		07/23/20		3,267
	7,925,000	g	CCO Safari II LLC		4.464		07/23/22		8,533
	4,725,000	e,g	Charter Communications Operating LLC		4.908		07/23/25		5,150
	7,225,000		Time Warner Cable, Inc		8.250		04/01/19		8,390
	5,500,000	e	Time Warner Cable, Inc		4.500		09/15/42		5,129
			TOTAL MEDIA						30,469

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	2,550,000		Biogen, Inc		2.900		09/15/20		2,658
	7,000,000	e	Biogen, Inc		3.625		09/15/22		7,431
	5,000,000		Bristol-Myers Squibb Co		3.250		08/01/42		4,978
	3,300,000	e	Zoetis, Inc		3.450		11/13/20		3,407
	10,000,000	e	Zoetis, Inc		3.250		02/01/23		10,192
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						28,666

REAL ESTATE - 0.4%
	3,625,000	e	Alexandria Real Estate Equities, Inc		3.950		01/15/27		3,751
	6,275,000		Brixmor Operating Partnership LP		4.125		06/15/26		6,443
	1,500,000	e	Duke Realty LP		3.250		06/30/26		1,522
	10,000,000	e	Equity One, Inc		3.750		11/15/22		10,169

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,500,000	e	Federal Realty Investment Trust		2.750	%	06/01/23	$	3,556
	3,400,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,816
	4,825,000		Mid-America Apartments LP		4.000		11/15/25		5,083
	15,854,000	e	Regency Centers LP		3.750		06/15/24		16,527
	2,400,000	e	Ventas Realty LP		3.250		08/15/22		2,481
			TOTAL REAL ESTATE						53,348

TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	17,500,000	e	Apple, Inc		2.850		02/23/23		18,391
	3,375,000		CC Holdings GS V LLC		2.381		12/15/17		3,419
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						21,810

TELECOMMUNICATION SERVICES - 0.0%
	3,400,000	e	CenturyLink, Inc		6.750		12/01/23		3,340
			TOTAL TELECOMMUNICATION SERVICES						3,340

TRANSPORTATION - 0.6%
	2,421,376		Delta Air Lines		4.250		07/30/23		2,470
	5,807,645		Delta Air Lines		3.625		07/30/27		6,127
	7,250,000		GATX Corp		5.200		03/15/44		7,516
	9,925,000	g	Kansas City Southern		4.950		08/15/45		11,153
	5,000,000	e	Norfolk Southern Corp		3.250		12/01/21		5,287
	6,894,000	e	Norfolk Southern Corp		2.903		02/15/23		7,125
	475,000		Norfolk Southern Corp		5.590		05/17/25		576
	7,500,000		Norfolk Southern Corp		4.450		06/15/45		8,271
	8,900,000	e	Spirit Airlines, Inc		4.100		04/01/28		9,033
	4,050,000	e	Union Pacific Corp		3.375		02/01/35		4,083
	5,196,109		Union Pacific Railroad Co		3.227		05/14/26		5,451
	9,656,634		Union Pacific Railroad Co		2.695		05/12/27		9,756
	1,360,000	i	United Parcel Service of America, Inc (Step Bond)		8.375		04/01/30		2,037
			TOTAL TRANSPORTATION						78,885

UTILITIES - 2.4%
	2,000,000		Atmos Energy Corp		8.500		03/15/19		2,358
	1,200,000		Connecticut Light & Power Co		5.500		02/01/19		1,328
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,537
	3,000,000		Connecticut Light & Power Co		4.150		06/01/45		3,348
	2,425,000		Consolidated Edison, Inc		2.000		05/15/21		2,451
	8,727,435	g	Continental Wind LLC		6.000		02/28/33		9,701
	10,000,000		Delmarva Power & Light Co		4.150		05/15/45		10,751
	22,500,000	e,g	Electricite de France S.A.		3.625		10/13/25		23,477
	11,250,000	e	Georgia Power Co		3.250		04/01/26		11,959
	872,705	g	Great River Energy		5.829		07/01/17		905
	2,745,000	g	International Transmission Co		4.625		08/15/43		3,071
	6,575,000		Interstate Power & Light Co		3.250		12/01/24		7,034
	5,525,000		Interstate Power & Light Co		3.400		08/15/25		5,975
	4,175,000		ITC Holdings Corp		3.250		06/30/26		4,181
	9,250,000	e,g	Narragansett Electric Co		4.170		12/10/42		9,757
	9,600,000	e,g	Niagara Mohawk Power Corp		4.278		10/01/34		10,419
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		10,245
	1,500,000		Northwest Natural Gas Co		5.620		11/21/23		1,777
	10,000,000		NorthWestern Corp		4.176		11/15/44		10,638
	630,000		Public Service Co of Colorado		4.750		08/15/41		759

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,500,000	e	San Diego Gas & Electric Co		3.000	%	08/15/21	$	5,887
	5,892,865		San Diego Gas & Electric Co		1.914		02/01/22		5,898
	620,000		San Diego Gas & Electric Co		6.000		06/01/39		851
	8,875,000	e	Sierra Pacific Power Co		3.375		08/15/23		9,622
	26,850,000	g	Solar Star Funding LLC		3.950		06/30/35		28,432
	7,950,000	g	Solar Star Funding LLC		5.375		06/30/35		9,430
	2,000,000		Southern California Edison Co		2.400		02/01/22		2,074
	5,975,000	e	Southern Power Co		1.850		12/01/17		6,027
	39,250,000	e	Southern Power Co		4.150		12/01/25		42,464
	16,000,000	e,g	TerraForm Power Operating LLC		5.875		02/01/23		15,229
	20,256,555	g	Topaz Solar Farms LLC		4.875		09/30/39		21,657
	13,913,054	g	Topaz Solar Farms LLC		5.750		09/30/39		15,851
	5,000,000		Washington Gas Light Co		5.440		08/11/25		5,801
	1,400,000	e	WEC Energy Group, Inc		3.550		06/15/25		1,503
	6,400,000		Westar Energy, Inc		2.550		07/01/26		6,408
	16,525,000		WGL Holdings, Inc		2.250		11/01/19		16,776
			TOTAL UTILITIES						326,581

			TOTAL CORPORATE BONDS						1,402,746
			(Cost $1,343,528)

GOVERNMENT BONDS - 24.2%

AGENCY SECURITIES - 4.2%
	7,968,496		Ethiopian Leasing 2012 LLC		2.566		08/14/26		8,333
	3,843,744		Export Lease Ten Co LLC		1.650		05/07/25		3,845
	5,500,000		Federal Home Loan Bank (FHLB)		5.000		11/17/17		5,827
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		5,024
	6,400,000		Federal National Mortgage Association (FNMA)		1.125		04/27/17		6,428
	7,000,000		FNMA		1.625		01/21/20		7,166
	15,500,000		FNMA		2.625		09/06/24		16,684
	2,290,826	g	Genesis Solar 2011 Pass Through Trust		3.875		02/15/38		2,577
	1,096,000	j	Government Trust Certificate		0.000		04/01/19		1,062
	5,000,000	j	Government Trust Certificate		0.000		04/01/21		4,682
	33,000,000		Hashemite Kingdom of Jordan Government AID Bond		2.503		10/30/20		34,950
	7,570,000	g	Hospital for Special Surgery		3.500		01/01/23		8,004
	8,250,000	i	India Government AID Bond		0.737		02/01/27		7,897
	5,805,000		Lutheran Medical Center		1.982		02/20/30		5,857
	8,062,500		Mexican Aircraft Finance V LLC		2.329		01/14/27		8,311
	3,485,000	g	Montefiore Medical Center		3.896		05/20/27		3,605
	9,965,000		NCUA Guaranteed Notes		2.350		06/12/17		10,115
	11,450,000		NCUA Guaranteed Notes		3.000		06/12/19		12,166
	7,000,000		NCUA Guaranteed Notes		3.450		06/12/21		7,584
	17,895,000		New York Society for the Relief of the Ruptured & Crippled		2.881		12/20/31		18,533
	3,000,000	j	Overseas Private Investment Corp (OPIC)		0.000		04/30/17		3,248
	775,000	j	OPIC		0.000		11/11/17		780
	10,750,000	j	OPIC		0.000		11/17/17		10,926
	5,700,000	j	OPIC		0.000		11/15/19		6,073
	4,522,360		OPIC		2.290		09/15/26		4,689
	2,455,100		OPIC		2.040		12/15/26		2,509
	9,750,000		OPIC		2.740		09/15/29		10,037
	12,000,000		OPIC		3.220		09/15/29		12,801
	13,500,000		OPIC		3.280		09/15/29		14,463
	2,459,556		OPIC		2.610		04/15/30		2,510

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,237,000		OPIC		2.930	%	05/15/30	$	4,429
	7,002,200		OPIC		3.040		05/15/30		7,424
	8,235,333		OPIC		3.540		06/15/30		9,070
	21,208,954		OPIC		3.370		12/15/30		23,277
	22,307,071		OPIC		3.820		12/20/32		25,180
	14,391,658		OPIC		3.938		12/20/32		16,283
	12,327,155		OPIC		3.160		06/01/33		13,113
	11,834,069		OPIC		3.430		06/01/33		12,926
	1,250,000		OPIC		2.810		07/31/33		1,293
	2,000,000		OPIC		2.940		07/31/33		2,090
	8,000,000		Private Export Funding Corp (PEFCO)		2.250		12/15/17		8,165
	5,000,000		PEFCO		4.375		03/15/19		5,449
	5,854,000		PEFCO		1.450		08/15/19		5,939
	13,150,000	e	PEFCO		2.250		03/15/20		13,640
	8,000,000		PEFCO		2.300		09/15/20		8,233
	17,500,000		PEFCO		4.300		12/15/21		20,010
	8,250,000		PEFCO		2.050		11/15/22		8,499
	4,000,000		PEFCO		3.550		01/15/24		4,469
	8,000,000	e	PEFCO		3.250		06/15/25		8,870
	2,641,125		Tayarra Ltd		3.628		02/15/22		2,806
	2,545,871		Tricahue Leasing LLC		3.503		11/19/21		2,693
	9,250,000		Ukraine Government AID Bonds		1.844		05/16/19		9,416
	15,300,000		Ukraine Government AID Bonds		1.847		05/29/20		15,662
	7,700,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		8,171
	4,894,000		US Department of Housing and Urban Development (HUD)		2.910		08/01/17		5,016
	8,000,000		HUD		4.560		08/01/17		8,353
	10,750,000		HUD		1.770		08/01/18		10,973
	5,007,000		HUD		5.380		08/01/18		5,030
	750,000		HUD		2.050		08/01/19		777
	9,500,000		HUD		4.870		08/01/19		10,607
	13,967,000		HUD		4.960		08/01/20		15,748
	13,500,000		HUD		5.050		08/01/21		15,232
	3,217,000		HUD		2.910		08/01/23		3,439
	2,916,667		VRG Linhas Aereas S.A.		0.983		03/13/18		2,910
	6,390,000		Montefiore Medical Center		2.152		10/20/26		6,542
	10,000,000		Montefiore Medical Center		2.895		04/20/32		10,354
			TOTAL AGENCY SECURITIES						578,774

FOREIGN GOVERNMENT BONDS - 4.9%
	26,000,000		African Development Bank		1.375		12/17/18		26,342
	13,550,000		African Development Bank		2.375		09/23/21		14,264
	17,500,000		Asian Development Bank		2.125		03/19/25		18,121
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		6,147
	9,000,000		Canada Government International Bond		1.125		03/19/18		9,066
	7,058,784	g	Carpintero Finance Ltd		2.004		09/18/24		7,175
	25,000,000		European Bank for Reconstruction & Development		1.625		04/10/18		25,287
	2,000,000		European Investment Bank		2.000		03/15/21		2,067
	36,350,000		European Investment Bank		2.125		04/13/26		37,257
	2,000,000		European Investment Bank		4.875		02/15/36		2,694
	16,275,000		Export Development Canada		1.250		12/10/18		16,408
	9,000,000		Export Development Canada		1.625		12/03/19		9,188
	18,175,000		Export-Import Bank of Korea		1.750		02/27/18		18,252
	15,000,000	g	Finnvera Oyj		2.375		06/04/25		15,500
	6,082,000		Hydro Quebec		8.400		01/15/22		8,033

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	45,000,000		Inter-American Development Bank		1.185	%	07/09/18	$	45,366
	3,000,000		International Bank for Reconstruction & Development		2.000		10/20/16		3,014
	19,075,000		International Finance Corp		1.250		11/27/18		19,248
	26,250,000	e	International Finance Corp		2.125		04/07/26		27,357
	29,000,000	g,i	International Finance Facility for Immunisation		0.819		07/05/16		29,000
	2,850,000		Italy Government International Bond		5.375		06/12/17		2,950
	5,000,000		Japan Bank for International Cooperation		1.875		04/20/21		5,084
	9,000,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		9,150
	5,000,000		KFW		1.000		01/26/18		5,016
	23,000,000		KFW		1.750		10/15/19		23,553
	11,500,000		KFW		1.500		04/20/20		11,679
	38,200,000		KFW		1.875		11/30/20		39,327
	10,000,000		KFW		2.625		01/25/22		10,655
	12,500,000	g	Kommunalbanken AS.		2.125		02/11/25		12,792
	19,400,000	g	Kommuninvest I Sverige AB		1.500		04/23/19		19,675
	23,500,000	g	Nederlandse Waterschapsbank NV		2.375		03/24/26		24,626
	10,000,000		North American Development Bank		2.300		10/10/18		10,223
	36,075,000		North American Development Bank		2.400		10/26/22		36,843
	15,250,000		Province of Manitoba Canada		1.750		05/30/19		15,546
	15,000,000		Province of Manitoba Canada		2.100		09/06/22		15,433
	12,700,000	e	Province of Manitoba Canada		3.050		05/14/24		13,759
	10,000,000		Province of New Brunswick Canada		2.750		06/15/18		10,333
	9,500,000	e	Province of Ontario Canada		1.200		02/14/18		9,551
	5,000,000		Province of Ontario Canada		4.400		04/14/20		5,568
	10,000,000	e	Province of Quebec Canada		3.500		07/29/20		10,847
	12,000,000	e	Province of Quebec Canada		2.500		04/20/26		12,354
	5,000,000	e	Province of Quebec Canada		7.500		09/15/29		7,587
			TOTAL FOREIGN GOVERNMENT BONDS						652,337

MORTGAGE BACKED - 8.5%
	7,318,878		Federal Home Loan Mortgage Corp (FHLMC)		3.500		09/15/41		7,689
	2,782,842		FHLMC		3.000		12/15/41		2,916
	13,101,350		FHLMC		3.000		09/15/42		13,591
	7,939,803	i	FHLMC		0.792		07/15/45		7,914
	3,744		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		4
	40,617		FGLMC		6.000		12/01/17		42
	56,949		FGLMC		7.000		10/01/20		60
	5,667		FGLMC		7.000		05/01/23		6
	21,305		FGLMC		8.000		01/01/31		25
	442,232		FGLMC		4.500		07/01/33		484
	788,065		FGLMC		5.500		09/01/33		891
	758,177		FGLMC		5.500		09/01/33		861
	1,139,327		FGLMC		5.500		12/01/33		1,289
	2,844,296		FGLMC		7.000		12/01/33		3,442
	1,008,686		FGLMC		7.000		05/01/35		1,216
	127,522		FGLMC		5.000		02/01/36		142
	1,987		FGLMC		6.500		05/01/36		2
	666,730		FGLMC		5.000		07/01/39		736
	3,161,012	w	FGLMC		4.500		11/01/40		3,539
	3,499,079	w	FGLMC		4.500		12/01/40		3,917
	930,983		FGLMC		4.500		10/01/44		1,034
	1,270,912		FGLMC		4.500		11/01/44		1,411
	1,046,796		FGLMC		4.500		11/01/44		1,163
	448,043		FGLMC		4.500		12/01/44		491

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	809,225		FGLMC		4.500	%	12/01/44	$	899
	3,741,937		FGLMC		3.500		04/01/45		4,002
	8,567,635		FGLMC		3.500		07/01/45		9,077
	33,889,558		FGLMC		3.500		10/01/45		36,213
	20,515,965		FGLMC		4.000		12/01/45		22,348
	6,057,960		FGLMC		3.500		03/01/46		6,474
	2,950,692		FGLMC		4.000		05/01/46		3,204
	3,953,823		FGLMC		3.500		06/01/46		4,189
	3,387		Federal National Mortgage Association (FNMA)		8.000		03/01/23		3
	27,258		FNMA		8.000		07/01/24		32
	14,000,000	h	FNMA		2.500		07/25/31		14,485
	25,000,000	g,h	FNMA		3.000		07/25/31		26,212
	21,000,000	h	FNMA		2.500		08/25/31		21,694
	30,000,000	h	FNMA		3.000		08/25/31		31,422
	10,000,000	h	FNMA		2.500		09/25/31		10,312
	369,965		FNMA		6.500		07/01/32		436
	74,956		FNMA		4.500		03/25/33		75
	3,228,640		FNMA		5.000		06/01/33		3,597
	6,960,068		FNMA		5.000		10/01/33		7,768
	365,752		FNMA		5.000		11/01/33		410
	82,135		FNMA		7.000		01/01/34		88
	1,064,928		FNMA		5.000		03/01/34		1,189
	1,803,577		FNMA		5.500		03/01/34		2,047
	5,775,291		FNMA		5.000		05/01/35		6,432
	3,676,348		FNMA		5.000		10/01/35		4,090
	2,847,489		FNMA		5.000		02/01/36		3,169
	10,172,254		FNMA		3.500		03/01/36		10,828
	2,687,117		FNMA		3.500		04/01/36		2,860
	3,478,973		FNMA		3.500		05/01/36		3,703
	5,946,828		FNMA		4.000		06/01/36		6,440
	7,070,000	h	FNMA		3.500		07/01/36		7,526
	1,413,853		FNMA		5.500		08/01/37		1,604
	705,083		FNMA		6.000		09/01/37		823
	667,888		FNMA		6.000		09/01/37		775
	189,557		FNMA		6.500		09/01/37		218
	826,948		FNMA		5.500		01/01/38		939
	18,111		FNMA		6.500		02/01/38		21
	2,807,714		FNMA		5.500		04/01/38		3,161
	3,425,917		FNMA		5.500		11/01/38		4,015
	4,740,673		FNMA		5.500		12/01/38		5,424
	34,499		FNMA		4.500		04/01/39		39
	964,822		FNMA		4.500		05/01/39		1,067
	438,549		FNMA		4.000		07/01/39		476
	1,709,145		FNMA		5.500		08/01/39		1,959
	654,988		FNMA		4.500		10/01/39		716
	51,595		FNMA		4.500		02/01/40		56
	719,337		FNMA		4.500		06/01/40		788
	600,332		FNMA		5.000		08/01/40		668
	2,923,171		FNMA		5.000		09/01/40		3,255
	146,823		FNMA		4.500		11/01/40		164
	1,586,151		FNMA		4.500		11/01/40		1,738
	7,287,908		FNMA		4.500		01/01/41		8,126
	240,583		FNMA		4.500		01/01/41		262
	206,780		FNMA		4.500		02/01/41		232

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,671,908		FNMA		5.000	%	05/01/41	$	5,205
	237,837		FNMA		4.500		06/01/41		267
	258,675		FNMA		4.500		06/01/41		288
	890,864		FNMA		5.000		06/01/41		993
	2,673,459		FNMA		5.000		07/01/41		2,980
	1,928,807		FNMA		4.500		09/01/41		2,135
	2,636,804		FNMA		4.500		11/01/41		2,891
	426,400		FNMA		4.500		12/01/41		475
	13,761,534		FNMA		5.500		12/01/41		15,952
	829,337		FNMA		4.500		01/01/42		923
	261,934		FNMA		4.500		01/01/42		292
	2,182,146		FNMA		3.500		02/01/42		2,330
	7,800,930		FNMA		4.500		02/01/42		8,550
	10,591,434		FNMA		3.000		03/25/42		11,061
	268,245		FNMA		4.500		04/01/42		299
	2,599,691		FNMA		4.500		04/01/42		2,849
	296,898		FNMA		4.500		06/01/42		331
	10,638,784		FNMA		4.500		06/01/42		11,641
	5,336,674		FNMA		3.000		06/25/42		5,578
	12,290,090		FNMA		3.500		07/01/42		13,121
	242,029		FNMA		4.500		07/01/42		271
	5,936,302	i	FNMA		0.953		08/25/42		5,946
	194,224		FNMA		3.000		10/01/42		202
	10,729,490		FNMA		3.000		10/01/42		11,159
	5,558,739	i	FNMA		0.853		11/25/42		5,557
	6,473,415		FNMA		3.500		11/25/42		1,012
	7,915,475	w	FNMA		3.000		01/01/43		8,232
	10,076,568	w	FNMA		3.000		02/01/43		10,480
	5,793,022		FNMA		3.000		02/25/43		6,089
	3,632,608	i	FNMA		0.803		03/25/43		3,616
	12,357		FNMA		3.000		04/01/43		13
	5,737,737		FNMA		3.000		08/25/43		6,043
	3,283,346		FNMA		3.500		09/01/43		3,471
	4,965,888		FNMA		4.000		04/01/44		5,384
	2,354,861		FNMA		4.000		06/01/44		2,555
	3,212,829		FNMA		4.000		06/01/44		3,487
	1,301,353		FNMA		4.500		06/01/44		1,454
	12,492,858		FNMA		4.500		06/01/44		13,959
	914,266		FNMA		4.000		07/01/44		991
	2,349,847		FNMA		4.000		07/01/44		2,549
	7,698,177		FNMA		4.000		08/01/44		8,352
	1,133,221		FNMA		4.000		08/01/44		1,229
	4,209,393		FNMA		4.000		08/01/44		4,567
	2,825,739		FNMA		4.000		08/01/44		3,066
	2,847,495		FNMA		4.500		08/01/44		3,181
	696,535		FNMA		4.000		09/01/44		756
	776,850		FNMA		4.000		09/01/44		842
	4,071,331		FNMA		4.000		10/01/44		4,417
	6,697,403		FNMA		4.500		10/01/44		7,484
	12,990,692		FNMA		4.500		11/01/44		14,516
	2,830,520		FNMA		4.000		12/01/44		3,053
	5,444,285		FNMA		4.000		12/01/44		5,947
	2,865,727		FNMA		4.500		12/01/44		3,202
	4,019,430		FNMA		4.000		01/01/45		4,391

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	830,501		FNMA		3.500	%	03/01/45	$	887
	575,274		FNMA		3.500		03/01/45		616
	345,971		FNMA		3.500		03/01/45		370
	1,211,315		FNMA		3.500		03/01/45		1,293
	800,676		FNMA		4.500		03/01/45		895
	384,275		FNMA		3.500		04/01/45		410
	7,219,677		FNMA		3.500		04/01/45		7,707
	1,682,044		FNMA		3.500		04/01/45		1,796
	763,154		FNMA		4.500		04/01/45		853
	6,613,493		FNMA		3.500		05/01/45		7,082
	887,926		FNMA		4.000		05/01/45		970
	1,105,209		FNMA		3.500		06/01/45		1,180
	1,975,711		FNMA		4.000		06/01/45		2,159
	2,880,407		FNMA		3.500		07/01/45		3,075
	8,910,855		FNMA		4.000		07/01/45		9,722
	5,971,296		FNMA		4.000		08/01/45		6,412
	863,668		FNMA		4.000		08/01/45		952
	4,925,556		FNMA		3.500		09/01/45		5,255
	3,822,794		FNMA		4.000		11/01/45		4,215
	988,905		FNMA		4.000		12/01/45		1,090
	5,109,217		FNMA		4.000		12/01/45		5,540
	723,169		FNMA		3.500		01/01/46		772
	21,469,256		FNMA		3.500		01/01/46		22,668
	13,474,290		FNMA		4.000		01/01/46		14,700
	8,909,864		FNMA		3.500		02/01/46		9,512
	2,028,471		FNMA		4.000		02/01/46		2,182
	1,994,206		FNMA		4.000		02/01/46		2,176
	781,768		FNMA		3.500		03/01/46		835
	22,578,327		FNMA		3.500		03/01/46		23,834
	1,642,149		FNMA		3.500		04/01/46		1,753
	43,541,255		FNMA		3.500		06/01/46		45,975
	974,990		FNMA		4.000		06/01/46		1,046
	4,000,000	h	FNMA		3.000		07/25/46		4,151
	2,000,000	h	FNMA		3.500		07/25/46		2,110
	4,000,000	h	FNMA		4.000		07/25/46		4,288
	19,000,000	h	FNMA		3.000		08/25/46		19,681
	33,000,000	h	FNMA		4.000		08/25/46		35,344
	19,000,000	h	FNMA		4.500		08/25/46		20,727
	13,000,000	h	FNMA		3.000		09/25/46		13,438
	15,000,000	h	FNMA		4.000		09/25/46		16,044
	1,876		Government National Mortgage Association (GNMA)		9.000		12/15/17		2
	3,208,892		GNMA		2.300		10/15/19		3,211
	6,504		GNMA		8.000		06/15/22		7
	19,033		GNMA		6.500		08/15/23		22
	7,237		GNMA		6.500		08/15/23		8
	6,479,243		GNMA		2.580		08/15/25		6,759
	89,188		GNMA		6.500		05/20/31		108
	8,684,202		GNMA		2.640		01/15/33		9,001
	12,164,736		GNMA		2.690		06/15/33		12,934
	197,022		GNMA		5.500		07/15/33		224
	9,712,857		GNMA		3.700		10/15/33		10,929
	111,861		GNMA		6.000		10/20/36		129
	119,404		GNMA		6.000		01/20/37		138
	419,360		GNMA		5.500		02/15/37		472

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	658,407		GNMA		6.000	%	02/20/37	$	761
	292,907		GNMA		5.000		04/15/38		328
	208,737		GNMA		6.000		08/20/38		238
	449,211		GNMA		6.500		11/20/38		528
	26,514		GNMA		4.500		02/20/39		29
	4,598,323		GNMA		4.500		09/20/39		5,158
	8,689,963		GNMA		3.700		08/15/40		9,444
	49,186		GNMA		4.500		08/20/41		54
	140,384		GNMA		4.500		09/20/41		154
	17,081,140		GNMA		3.500		10/20/42		3,108
	31,553		GNMA		4.500		01/20/44		35
	34,085		GNMA		4.500		02/20/44		37
	442,656		GNMA		4.500		05/20/44		486
	58,166		GNMA		4.500		05/20/44		64
	442,248		GNMA		4.500		08/20/44		485
	458,862		GNMA		4.500		09/20/44		503
	148,747		GNMA		4.500		10/20/44		163
	151,589		GNMA		4.500		11/20/44		166
	280,467		GNMA		4.500		12/20/44		308
	415,803		GNMA		4.500		02/20/45		455
	553,269		GNMA		4.500		08/20/45		607
	445,813		GNMA		4.500		08/20/45		489
	459,568		GNMA		4.500		12/20/45		505
	39,902,252		GNMA		3.500		05/20/46		42,418
	20,664,825		GNMA		4.000		05/20/46		22,127
	15,000,000	h	GNMA		3.000		07/20/46		15,677
	5,000,000	h	GNMA		3.500		07/20/46		5,306
	6,000,000	h	GNMA		4.000		07/20/46		6,413
	44,000,000	h	GNMA		3.000		08/20/46		45,897
	14,000,000	h	GNMA		3.500		08/20/46		14,837
	20,000,000	h	GNMA		3.000		09/20/46		20,816
	15,000,000	h	GNMA		3.500		09/20/46		15,871
			TOTAL MORTGAGE BACKED						1,147,375

MUNICIPAL BONDS - 3.9%
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		5,449
	3,790,000		Bay Area Water Supply & Conservation Agency		2.535		10/01/21		3,950
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,795
	1,170,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,244
	7,465,000		California Earthquake Authority		2.805		07/01/19		7,658
	13,000,000		California Housing Finance Agency		2.966		08/01/22		13,625
	6,165,000	g	California Pollution Control Financing Authority		5.000		07/01/27		6,412
	8,020,000	g	California Pollution Control Financing Authority		5.000		07/01/37		8,315
	2,500,000	g	California Pollution Control Financing Authority		5.000		11/21/45		2,587
	3,700,000		Calleguas Municipal Water District		2.030		07/01/18		3,776
	10,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		12,942
	1,250,000		City & County of Honolulu, HI		6.114		07/01/29		1,390
	8,850,000		City of Austin TX Water & Wastewater System Revenue		1.933		05/15/19		9,042
	2,750,000		City of Austin TX Water & Wastewater System Revenue		2.133		11/15/19		2,818
	6,500,000		City of Chicago IL		7.750		01/01/42		6,599
	7,280,000		City of Cincinnati OH Water System Revenue		2.568		12/01/21		7,737
	700,000		City of Eugene, OR		6.320		08/01/22		807
	12,500,000		City of Houston TX Utility System Revenue		2.563		05/15/20		13,145

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,200,000		City of Jersey City NJ		1.509	%	09/01/16	$	2,202
	2,180,000		City of Jersey City NJ		1.829		09/01/17		2,189
	500,000		City of Jersey City NJ		2.079		09/01/18		506
	925,000		City of Jersey City NJ		2.423		09/01/19		946
	1,000,000		Commonwealth Financing Authority		2.675		06/01/21		1,020
	1,150,000		Commonwealth Financing Authority		2.875		06/01/22		1,169
	2,310,000		Commonwealth Financing Authority		3.075		06/01/23		2,344
	6,800,000	h	Commonwealth of Massachusetts		3.277		06/01/46		6,867
	385,000		County of Mercer, NJ		5.380		02/01/17		396
	23,500,000		District of Columbia Water & Sewer Authority		4.814		10/01/14		27,678
	3,500,000		Fiscal Year 2005 Securitization Corp		4.760		08/15/19		3,715
	9,000,000		Florida State Board of Administration Finance Corp		2.163		07/01/19		9,237
	15,630,000	j	Garden State Preservation Trust		0.000		11/01/22		13,887
	1,000,000		Grant County Public Utility District No 2		5.470		01/01/34		1,121
	1,250,000		Grant County Public Utility District No 2		4.164		01/01/35		1,335
	4,135,000		Greene County OH		2.720		12/01/21		4,248
	4,365,000		Greene County OH		3.120		12/01/23		4,480
	4,615,000		Greene County OH		3.270		12/01/24		4,726
	4,755,000		Greene County OH		3.420		12/01/25		4,861
	1,600,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,851
	975,000		Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		1,022
	5,125,000		Imperial Irrigation District Electric System Revenue		4.500		11/01/40		5,806
	2,000,000		Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,213
	540,000		Lavaca-Navidad River Authority		3.850		08/01/26		574
	6,430,000		Lavaca-Navidad River Authority		4.430		08/01/35		6,633
	2,195,000		Massachusetts Housing Finance Agency		4.782		12/01/20		2,309
	3,500,000		Metropolitan Council		1.750		09/01/20		3,589
	5,000,000		Metropolitan Water District of Southern California		6.250		07/01/39		5,578
	750,000		Metropolitan Water Reclamation District of Greater Chicago		2.229		12/01/16		753
	1,590,000		Michigan Finance Authority		5.000		07/01/16		1,590
	8,945,000		Michigan Finance Authority		5.000		07/01/22		10,618
	500,000		Michigan Finance Authority		5.000		07/01/22		584
	8,000,000		Michigan Finance Authority		5.000		07/01/22		9,497
	2,500,000		Michigan Finance Authority		5.000		07/01/30		2,974
	2,000,000		Michigan Finance Authority		5.000		07/01/31		2,373
	1,590,000		New York State Energy Research & Development Authority		2.372		07/01/19		1,646
	1,285,000		New York State Energy Research & Development Authority		2.772		07/01/20		1,347
	1,590,000		New York State Energy Research & Development Authority		3.206		07/01/22		1,726
	1,200,000		New York State Environmental Facilities Corp		2.005		06/15/19		1,225
	1,220,000		New York State Environmental Facilities Corp		2.595		06/15/21		1,276
	1,255,000		New York State Environmental Facilities Corp		3.045		06/15/24		1,345
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,316
	2,120,000		New York State Environmental Facilities Corp		3.520		07/15/27		2,323
	500,000		New York State Environmental Facilities Corp		3.684		12/15/29		534
	800,000		New York State Environmental Facilities Corp		5.807		06/15/39		1,087
	1,915,000		New York State Urban Development Corp		6.500		12/15/18		2,060
	1,250,000	g	Niagara Area Development Corp		4.000		11/01/24		1,284
	4,750,000		Northern California Power Agency		4.320		07/01/24		5,350
	2,450,000		Ohio State Water Development Authority		4.879		12/01/34		2,967
	700,000		Oklahoma Water Resources Board		3.071		04/01/22		759
	1,000,000		Pend Oreille County Public Utility District No Box Canyon		2.417		01/01/17		1,009

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	1,000,000	Pend Oreille County Public Utility District No Box Canyon		2.787	%	01/01/18	$	1,026
	1,000,000	Pend Oreille County Public Utility District No Box Canyon		3.037		01/01/19		1,050
	1,070,000	Pend Oreille County Public Utility District No Box Canyon		3.621		01/01/21		1,155
	5,000,000	Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/30		5,331
	3,000,000	Pittsburgh Water & Sewer Authority		6.610		09/01/24		3,659
	1,000,000	South Dakota Conservancy District		1.620		08/01/18		1,014
	3,330,000	South Dakota Conservancy District		1.648		08/01/18		3,375
	2,920,000	South Dakota Conservancy District		1.898		08/01/19		2,990
	38,830,000	State of California		3.750		10/01/37		42,271
	7,050,000	State of California		4.988		04/01/39		7,750
	4,084,667	State of Illinois		4.350		06/01/18		4,210
	9,000,000	State of Illinois		5.520		04/01/38		8,383
	16,225,000	State of Louisiana		1.260		08/01/18		16,344
	1,500,000	State of Louisiana		1.769		08/01/20		1,531
	4,505,000	State of Michigan		3.375		12/01/20		4,906
	4,405,000	State of Michigan		3.590		12/01/26		4,728
	2,500,000	State of Ohio		5.412		09/01/28		3,187
	3,265,000	State of Texas		4.900		08/01/20		3,275
	5,000,000	State of Texas		6.072		10/01/29		5,693
	2,025,000	State of Texas		3.576		08/01/34		2,075
	3,370,000	State of Texas		3.726		08/01/43		3,484
	1,355,000	State of Washington		5.050		01/01/18		1,356
	3,000	State of Wisconsin		5.700		05/01/26		4
	11,480,000	Suffolk County Water Authority		3.500		06/01/39		12,324
	4,000,000	Suffolk County Water Authority		4.000		06/01/39		4,541
	2,280,000	Tampa Bay Water		2.612		10/01/25		2,396
	3,225,000	Tampa Bay Water		2.782		10/01/26		3,382
	3,000,000	Tampa Bay Water		2.952		10/01/27		3,119
	1,255,000	Texas Water Development Board		4.248		10/15/35		1,320
	4,170,000	Texas Water Development Board		4.648		04/15/50		4,371
	5,000,000	Tuolumne Wind Project Authority		6.918		01/01/34		6,530
	3,035,000	University of California		3.809		05/15/28		3,372
	11,400,000	University of California		4.009		05/15/30		12,933
	1,000,000	University of Cincinnati		3.250		06/01/29		1,072
	1,560,000	University of Cincinnati		3.650		06/01/34		1,689
	1,615,000	University of Cincinnati		3.700		06/01/35		1,750
	18,000,000	University of New Mexico		3.532		06/20/32		18,643
	17,500,000	University of Virginia		3.570		04/01/45		19,162
	1,000,000	Washington County Clean Water Services		5.078		10/01/24		1,228
	600,000	West Virginia Water Development Authority		5.000		11/01/21		713
	1,345,000	West Virginia Water Development Authority		5.000		11/01/22		1,630
	1,000,000	West Virginia Water Development Authority		5.000		11/01/23		1,237
		TOTAL MUNICIPAL BONDS						518,645

U.S. TREASURY SECURITIES - 2.7%
	6,000,000	United States Treasury Bond		3.125		02/15/43		7,079
	1,000,000	United States Treasury Bond		3.375		05/15/44		1,233
	105,945,000	United States Treasury Bond		3.000		11/15/45		121,924
	12,515,000	United States Treasury Bond		2.500		02/15/46		13,043
	2,000,000	United States Treasury Note		0.625		07/15/16		2,000
	2,200,000	United States Treasury Note		0.500		11/30/16		2,201
	4,890,000	United States Treasury Note		0.500		02/28/17		4,892
	10,325,000	United States Treasury Note		0.750		02/28/18		10,354

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	14,600,000		United States Treasury Note		0.875	%	03/31/18	$	14,673
	1,030,000		United States Treasury Note		1.625		04/30/19		1,057
	30,990,000		United States Treasury Note		0.875		05/15/19		31,141
	37,765,000		United States Treasury Note		1.375		05/31/21		38,454
	4,150,000		United States Treasury Note		2.000		07/31/22		4,346
	4,500,000		United States Treasury Note		1.750		09/30/22		4,644
	12,234,500		United States Treasury Note		1.625		11/15/22		12,526
	13,130,000		United States Treasury Note		1.750		01/31/23		13,536
	5,200,000		United States Treasury Note		1.500		03/31/23		5,276
	75,250,000		United States Treasury Note		1.625		05/15/26		76,214
			TOTAL U.S. TREASURY SECURITIES						364,593

			TOTAL GOVERNMENT BONDS						3,261,724
			(Cost $3,142,937)

STRUCTURED ASSETS - 3.7%

ASSET BACKED - 1.7%
	5,748,317	g	Alterna Funding I LLC		1.639		02/15/21		5,590
			Series - 2014 1A (Class NOTE)
	380,993	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635		07/25/35		380
			Series - 2005 HE7 (Class M2)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.780		02/20/18		4,004
			Series - 2011 5A (Class C)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		4,043
			Series - 2011 5A (Class B)
	925,000	i	Basic Asset Backed Securities Trust		0.763		04/25/36		836
			Series - 2006 1 (Class A3)
	4,000,000	g	Capital Automotive REIT		3.660		10/15/44		3,854
			Series - 2014 1A (Class A)
	4,001,302	i	Chase Funding Loan Acquisition Trust		1.308		06/25/34		3,450
			Series - 2004 OPT1 (Class M1)
	3,451,302	i	Connecticut Avenue Securities		1.953		02/25/25		3,454
			Series - 2015 C01 (Class 1M1)
	5,925,000	g	DB Master Finance LLC		3.262		02/20/45		5,980
			Series - 2015 1A (Class A2I)
	1,715,000	g,i	DB/UBS Mortgage Trust		5.884		11/10/46		1,946
			Series - 2011 LC1A (Class C)
	7,671,625	g	Domino’s Pizza Master Issuer LLC		5.216		01/25/42		7,896
			Series - 2012 1A (Class A2)
	1,990,000	g	Domino’s Pizza Master Issuer LLC		3.484		10/25/45		2,022
			Series - 2015 1A (Class A2I)
	895,500	g	Domino’s Pizza Master Issuer LLC		4.474		10/25/45		915
			Series - 2015 1A (Class A2II)
	18,556,613	g	HERO Funding Trust		3.840		09/21/40		18,852
			Series - 2015 1A (Class A)
	3,747,142	g	HERO Funding Trust		3.990		09/21/40		3,767
			Series - 2014 2A (Class A)
	7,500,000	g	HERO Funding Trust		3.750		09/20/41		7,498
			Series - 2016 2A (Class A)
	7,196,357	g	HERO Funding Trust		4.050		09/20/41		7,268
			Series - 2016 1A (Class A)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		522
			Series - 2010 1A (Class B3)
	1,169,934	i	Lehman XS Trust		0.703		02/25/36		1,105
			Series - 2006 1 (Class 1A1)

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	546,265	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		1.233	%	01/25/36	$	543
			Series - 2005 WCH1 (Class M2)
	154,158	i	Residential Asset Mortgage Products, Inc		5.470		09/25/33		158
			Series - 2003 RZ5 (Class A7) (Step Bond)
	326,556	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		327
			Series - 2006 HI1 (Class M1) (Step Bond)
	200,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		208
			Series - 2006 HI1 (Class M2) (Step Bond)
	2,469,283		Santander Drive Auto Receivables Trust		1.760		01/15/19		2,474
			Series - 2013 1 (Class C)
	800,000		Santander Drive Auto Receivables Trust		1.960		05/15/20		805
			Series - 2015 5 (Class B)
	800,000		Santander Drive Auto Receivables Trust		2.740		12/15/21		811
			Series - 2015 5 (Class C)
	129,086	i	Securitized Asset Backed Receivables LLC		0.753		10/25/35		129
			Series - 2006 OP1 (Class A2C)
	1,063,043	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		1,067
			Series - 2012 2A (Class B)
	830,874	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		824
			Series - 2013 1A (Class A)
	1,444,756	g	Sierra Timeshare Receivables Funding LLC		2.580		09/20/32		1,456
			Series - 2015 3A (Class A)
	1,022,233	g	Sierra Timeshare Receivables Funding LLC		3.080		09/20/32		1,026
			Series - 2015 3A (Class B)
	6,261,772	g	SolarCity LMC		4.590		04/20/44		6,115
			Series - 2014 1 (Class A)
	28,693,427	g	SolarCity LMC		4.020		07/20/44		27,742
			Series - 2014 2 (Class A)
	9,750,000	g	SolarCity LMC		4.800		09/20/48		9,792
			Series - 2016 A (Class A)
	7,615,073	g	SpringCastle America Funding LLC		2.700		05/25/23		7,641
			Series - 2014 AA (Class A)
	4,925,057	i	Structured Asset Securities Corp Mortgage Loan Trust		1.957		04/25/35		4,628
			Series - 2005 7XS (Class 2A1A)
	22,500,000		Toyota Auto Receivables Owner Trust		1.270		05/15/19		22,599
			Series - 2015 B (Class A3)
	22,500,000		Toyota Auto Receivables Owner Trust		1.300		04/15/20		22,603
			Series - 2016 B (Class A3)
	22,500,000		Toyota Auto Receivables Owner Trust		1.740		09/15/20		22,755
			Series - 2015 B (Class A4)
	440,056	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		447
			Series - 2006 N1 (Class N1)
	470,683	g,i	Wachovia Loan Trust		0.806		05/25/35		460
			Series - 2005 SD1 (Class A)
	3,970,000	g	Wendys Funding LLC		3.371		06/15/45		3,992
			Series - 2015 1A (Class A2I)
			TOTAL ASSET BACKED						221,984

OTHER MORTGAGE BACKED - 2.0%
	1,800,000		Banc of America Commercial Mortgage Trust		5.480		10/10/45		1,782
			Series - 2006 6 (Class B)
	3,050,000	g	Banc of America Commercial Mortgage Trust		5.416		01/15/49		3,015
			Series - 2007 1 (Class AM)

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,416,386	i	Banc of America Commercial Mortgage Trust		5.482	%	01/15/49	$	5,356
			Series - 2007 1 (Class AMFX)
	760,000	i	Banc of America Commercial Mortgage Trust		5.809		02/10/51		765
			Series - 2007 4 (Class AJ)
	10,250,000	g	BBCMS Trust		3.593		09/15/32		10,954
			Series - 2015 MSQ (Class A)
	6,000,000	g	BBCMS Trust		3.894		09/15/32		6,302
			Series - 2015 MSQ (Class B)
	2,590,000	i	Bear Stearns Commercial Mortgage Securities Trust		6.101		09/11/42		2,700
			Series - 2007 T28 (Class AJ)
	2,500,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.878		06/11/50		2,455
			Series - 2007 PW17 (Class AJ)
	2,575,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		2,655
			Series - 2007 C3 (Class AM)
	3,925,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		3,851
			Series - 2007 C3 (Class AJ)
	2,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.526		04/15/47		2,812
			Series - 2007 C2 (Class AMFX)
	20,761,000	g	COMM Mortgage Trust		3.544		03/10/31		21,084
			Series - 2013 WWP (Class C)
	3,500,000	g,i	COMM Mortgage Trust		6.007		12/10/49		3,426
			Series - 2007 C9 (Class G)
	130,306	i	Commercial Mortgage Trust		5.238		04/10/37		130
			Series - 2005 GG5 (Class AJ)
	4,000,000	i	Commercial Mortgage Trust		5.796		12/10/49		4,038
			Series - 2007 C9 (Class B)
	6,317,426	i	Commercial Mortgage Trust		5.867		12/10/49		6,535
			Series - 2007 GG11 (Class AM)
	101,346		Countrywide Alternative Loan Trust		5.500		08/25/16		101
			Series - 2004 30CB (Class 1A15)
	2,775,000	i	Credit Suisse Commercial Mortgage Trust		5.903		09/15/39		2,759
			Series - 2007 C4 (Class A1AJ)
	6,000,000	i	Credit Suisse Commercial Mortgage Trust		5.949		09/15/39		5,975
			Series - 2007 C4 (Class AJ)
	1,500,000		Credit Suisse Commercial Mortgage Trust		5.343		12/15/39		1,514
			Series - 2006 C5 (Class AM)
	3,500,000	g	Credit Suisse Commercial Mortgage Trust		5.383		02/15/40		3,533
			Series - 2009 RR1 (Class A3C)
	8,450,000	i	Credit Suisse Commercial Mortgage Trust		5.625		01/15/49		8,471
			Series - 2007 C2 (Class AJ)
	2,000,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		2,227
			Series - 2006 OMA (Class D)
	500,000	i	GE Commercial Mortgage Corp		5.606		12/10/49		484
			Series - 2007 C1 (Class AM)
	3,660,000	i	GMAC Commercial Mortgage Securities, Inc		4.984		12/10/41		3,754
			Series - 2004 C3 (Class C)
	10,000,000	g	GRACE 2014-GRCE Mortgage Trust		3.369		06/10/28		10,676
			Series - 2014 GRCE (Class A)
	2,535,000	g,i	GS Mortgage Securities Corp II		5.357		12/10/43		2,835
			Series - 2010 C2 (Class B)
	649,488	i	Impac CMB Trust		1.113		03/25/35		595
			Series - 2004 11 (Class 2A1)
	3,780,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		3,776
			Series - 2005 LDP2 (Class C)

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,025,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.577	%	07/15/46	$	3,326
			Series - 2011 C4 (Class C)
	4,475,786		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		4,504
			Series - 2006 LDP9 (Class A1A)
	2,639,215	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,736
			Series - 2007 LD12 (Class AM)
	1,500,000	i	LB-UBS Commercial Mortgage Trust		5.737		03/15/39		1,499
			Series - 2006 C3 (Class C)
	2,500,000		LB-UBS Commercial Mortgage Trust		5.484		02/15/40		2,514
			Series - 2007 C1 (Class AJ)
	700,000	i	LB-UBS Commercial Mortgage Trust		5.533		02/15/40		690
			Series - 2007 C1 (Class C)
	3,390,000	i	LB-UBS Commercial Mortgage Trust		5.563		02/15/40		3,258
			Series - 2007 C1 (Class D)
	750,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		773
			Series - 2007 C6 (Class AM)
	7,325,603	g,i	LVII Resecuritization Trust		3.257		07/25/47		7,339
			Series - 2015 A (Class A)
	645,000	i	Merrill Lynch Mortgage Trust		6.472		02/12/51		670
			Series - 0 C1 (Class AJA)
	2,750,000	i	ML-CFC Commercial Mortgage Trust		5.526		03/12/51		2,763
			Series - 2007 6 (Class AM)
	12,000,000	g	Morgan Stanley Capital I Trust		3.350		07/13/29		12,753
			Series - 2014 CPT (Class A)
	855,000	g,i	Morgan Stanley Capital I Trust		6.133		08/12/41		853
			Series - 2006 T23 (Class B)
	2,200,000	i	Morgan Stanley Capital I Trust		5.389		11/12/41		2,181
			Series - 2006 HQ10 (Class AJ)
	1,408,762	i	Morgan Stanley Capital I Trust		5.834		10/15/42		1,406
			Series - 2006 IQ11 (Class AJ)
	710,000	g,i	Morgan Stanley Capital I Trust		5.601		09/15/47		740
			Series - 2011 C1 (Class D)
	6,000,000	i	Morgan Stanley Capital I Trust		5.861		04/12/49		5,968
			Series - 2007 HQ12 (Class C)
	2,400,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		2,255
			Series - 2007 IQ15 (Class AJ)
	9,500,000	i	Morgan Stanley Capital I Trust		5.907		06/11/49		9,795
			Series - 2007 IQ15 (Class AM)
	4,000,000	i	Morgan Stanley Capital I Trust		6.298		12/12/49		3,585
			Series - 2007 IQ16 (Class AJFX)
	17,385,000	g	OBP Depositor LLC Trust		4.646		07/15/45		19,159
			Series - 2010 OBP (Class A)
	318,079	i	Structured Agency Credit Risk Debt Note (STACR)		1.703		01/25/25		318
			Series - 2015 DN1 (Class M1)
	7,375,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.853		01/25/25		7,435
			Series - 2015 DN1 (Class M2)
	10,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.653		03/25/25		10,041
			Series - 2015 HQ1 (Class M2)
	750,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.253		03/25/25		776
			Series - 2015 HQ1 (Class M3)
	2,950,623	i	Structured Agency Credit Risk Debt Note (STACR)		1.703		10/25/28		2,951
			Series - 2016 DNA2 (Class M1)
	5,000,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.646		12/15/43		4,812
			Series - 2007 C30 (Class AMFL)

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,585,000		Wachovia Bank Commercial Mortgage Trust		5.383	%	12/15/43	$	4,664
			Series - 2007 C30 (Class AM)
	890,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		931
			Series - 2007 C34 (Class AM)
	1,700,000	i	Wachovia Bank Commercial Mortgage Trust		6.141		05/15/46		1,683
			Series - 2007 C34 (Class AJ)
	1,975,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		2,018
			Series - 2007 C31 (Class AM)
	1,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		1,503
			Series - 2007 C31 (Class AJ)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.700		04/15/47		986
			Series - 2007 C31 (Class B)
	700,000	i	Wachovia Bank Commercial Mortgage Trust		5.829		04/15/47		663
			Series - 2007 C31 (Class C)
	4,000,000	g	Wachovia Bank Commercial Mortgage Trust		5.703		06/15/49		4,107
			Series - 2007 C32 (Class AMFX)
	875,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		836
			Series - 2007 C32 (Class B)
	12,830,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		12,522
			Series - 2007 C32 (Class AJ)
	510,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		525
			Series - 2007 C33 (Class AM)
	5,568,037	i	WaMu Mortgage Pass-Through Certificates		0.883		10/25/45		4,815
			Series - 2005 AR13 (Class A1B2)
			TOTAL OTHER MORTGAGE BACKED						274,913

			TOTAL STRUCTURED ASSETS						496,897
			(Cost $498,877)

			TOTAL BONDS						5,161,367
			(Cost $4,985,342)

SHARES			COMPANY
COMMON STOCKS - 59.6%

AUTOMOBILES & COMPONENTS - 1.5%
	52,700		Aisin Seiki Co Ltd						2,147
	191,823		Bayerische Motoren Werke AG.						13,960
	62,231		Bayerische Motoren Werke AG. (Preference)						3,967
	329		BorgWarner, Inc						10
	2,283		Delphi Automotive plc						143
	301,682		Denso Corp						10,615
	2,892,493		Ford Motor Co						36,359
	315,803		Fuji Heavy Industries Ltd						10,855
	234,290	e	Harley-Davidson, Inc						10,613
	606,980		Honda Motor Co Ltd						15,226
	682,420		Johnson Controls, Inc						30,204
	276,724	*	Magna International, Inc						9,713
	460,400		Mazda Motor Corp						6,093
	59,514	*	Modine Manufacturing Co						524
	1,360,700		Nissan Motor Co Ltd						12,143
	36,378		Renault S.A.						2,746
	277,400		Sumitomo Electric Industries Ltd						3,671
	59,600		Sumitomo Rubber Industries, Inc						798
	103,927	*,e	Tesla Motors, Inc						22,062

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	147,000		Toyota Industries Corp	$	5,845
	96,100	e	Yamaha Motor Co Ltd		1,466
			TOTAL AUTOMOBILES & COMPONENTS		199,160

BANKS - 3.7%
	4,098		1st Source Corp		133
	39,390		Ameris Bancorp		1,170
	48,417		Apollo Residential Mortgage		649
	1,164		Arrow Financial Corp		35
	51,058		Associated Banc-Corp		876
	4,424		Astoria Financial Corp		68
	994,722		Australia & New Zealand Banking Group Ltd		18,124
	5,724,700		Banca Intesa S.p.A.		10,904
	1,311,447		Banca Intesa S.p.A. RSP		2,348
	1,923		Bancfirst Corp		116
	2,406,035	e	Banco Bilbao Vizcaya Argentaria S.A.		13,785
	1,140,166		Bank Hapoalim Ltd		5,744
	38,983		Bank Mutual Corp		299
	25,289		Bank of Hawaii Corp		1,740
	188,267	*	Bank of Montreal		11,942
	388,391		Bank of Nova Scotia		19,032
	3,264	e	Bank of the Ozarks, Inc		122
	14,955		Banner Corp		636
	933,590		BB&T Corp		33,245
	41,699		BBCN Bancorp, Inc		622
	326		Bendigo Bank Ltd		2
	14,612	*	Beneficial Bancorp, Inc		186
	34,584		Berkshire Hills Bancorp, Inc		931
	652,000		BOC Hong Kong Holdings Ltd		1,965
	12,850	e	BOK Financial Corp		806
	74,865		Boston Private Financial Holdings, Inc		882
	21,641		Brookline Bancorp, Inc		239
	12,200		Bryn Mawr Bank Corp		356
	1,748,390		CaixaBank S.A.		3,853
	6,728		Camden National Corp		283
	108,345	e	Canadian Imperial Bank of Commerce/Canada		8,138
	30,030		Capital Bank Financial Corp		865
	7,221		Capitol Federal Financial		101
	19,267		Cardinal Financial Corp		423
	3,360		Cathay General Bancorp		95
	50,975		Centerstate Banks of Florida, Inc		803
	9,720	e	Chemical Financial Corp		362
	134,058		CIT Group, Inc		4,278
	158,480		Citizens Financial Group, Inc		3,166
	5,423		City Holding Co		247
	17,464		CoBiz, Inc		204
	2,120		Columbia Banking System, Inc		59
	164,058		Comerica, Inc		6,748
	64,211		Commerce Bancshares, Inc		3,076
	487,024		Commonwealth Bank of Australia		27,337
	3,936		Community Bank System, Inc		162
	3,149		Community Trust Bancorp, Inc		109
	9,127	e	Cullen/Frost Bankers, Inc		582

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	36,882	*	Customers Bancorp, Inc	$	927
	338,161		DBS Group Holdings Ltd		3,987
	10,051		East West Bancorp, Inc		344
	42,352	*	FCB Financial Holdings, Inc		1,440
	13,011		Federal Agricultural Mortgage Corp (Class C)		453
	5,021		First Bancorp (NC)		88
	451		First Citizens Bancshares, Inc (Class A)		117
	129,973		First Commonwealth Financial Corp		1,196
	2,793		First Community Bancshares, Inc		63
	6,726		First Financial Bancorp		131
	26,945	e	First Financial Bankshares, Inc		883
	29,037		First Interstate Bancsystem, Inc		816
	28,002		First Merchants Corp		698
	277,061		First Niagara Financial Group, Inc		2,699
	15,305		Flushing Financial Corp		304
	16,186		FNB Corp		203
	2,590		Glacier Bancorp, Inc		69
	8,088		Great Southern Bancorp, Inc		299
	5,441		Hancock Holding Co		142
	611,600		Hang Seng Bank Ltd		10,491
	7,159		Hanmi Financial Corp		168
	22,055		Heartland Financial USA, Inc		778
	23,893		Heritage Financial Corp		420
	16,335	*	HomeStreet, Inc		325
	25,514	*	HomeTrust Bancshares, Inc		472
	9,593		IBERIABANK Corp		573
	16,736		Independent Bank Corp (MA)		765
	1,147		International Bancshares Corp		30
	142,650		Investors Bancorp, Inc		1,581
	205,232		KBC Groep NV		10,093
	1,087,506		Keycorp		12,017
	21,058		Lakeland Bancorp, Inc		240
	9,083		Lakeland Financial Corp		427
	171,176		M&T Bank Corp		20,238
	1,800		MB Financial, Inc		65
	61,360	*	MGIC Investment Corp		365
	597,000		Mitsui Trust Holdings, Inc		1,942
	9,690,800		Mizuho Financial Group, Inc		13,946
	922,192		National Australia Bank Ltd		17,705
	39,683		National Bank Holdings Corp		808
	1,266,581		Natixis		4,766
	13,443		NBT Bancorp, Inc		385
	145,456		New York Community Bancorp, Inc		2,180
	1,292,235		Nordea Bank AB		10,963
	29,783		Northfield Bancorp, Inc		442
	57,600	e	OFG Bancorp		478
	19,938		Old National Bancorp		250
	15,709		Opus Bank		531
	22,911		PacWest Bancorp		911
	13,331		Peoples Bancorp, Inc		290
	2,728		People’s United Financial, Inc		40
	67,002	*	PHH Corp		892
	7,054		Pinnacle Financial Partners, Inc		345

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	426,108		PNC Financial Services Group, Inc	$	34,681
	156,690		Popular, Inc		4,591
	20,422		PrivateBancorp, Inc		899
	53,363		Provident Financial Services, Inc		1,048
	244,880		Radian Group, Inc		2,552
	12,261		Renasant Corp		396
	155,400		Resona Holdings, Inc		568
	8,068		S&T Bancorp, Inc		197
	3,136	e	ServisFirst Bancshares, Inc		155
	183,355		Skandinaviska Enskilda Banken AB (Class A)		1,602
	26,731		Southside Bancshares, Inc		826
	1,814,893		Standard Chartered plc		13,769
	18,394		State Bank & Trust Co		374
	9,055		Stock Yards Bancorp, Inc		256
	510,300		Sumitomo Mitsui Financial Group, Inc		14,735
	28,454	*	SVB Financial Group		2,708
	125,439		Swedbank AB (A Shares)		2,635
	800	*	Texas Capital Bancshares, Inc		37
	12,553		TFS Financial Corp		216
	41,386	*	The Bancorp, Inc		249
	554,868	e	Toronto-Dominion Bank		23,828
	11,306	e	TowneBank		245
	10,551		Trico Bancshares		291
	4,770	*	Tristate Capital Holdings, Inc		65
	1,700		Trustmark Corp		42
	9,733		UMB Financial Corp		518
	35,151		Umpqua Holdings Corp		544
	20,673		Union Bankshares Corp		511
	10,908	e	United Bankshares, Inc		409
	21,383		United Financial Bancorp, Inc (New)		278
	8,965		Univest Corp of Pennsylvania		188
	1,079,237		US Bancorp		43,526
	40,066	*	Walker & Dunlop, Inc		913
	37,869	*,e	Walter Investment Management Corp		104
	3,203		Washington Trust Bancorp, Inc		121
	13,956		Webster Financial Corp		474
	9,371		WesBanco, Inc		291
	14,035	e	Westamerica Bancorporation		691
	50,433	*	Western Alliance Bancorp		1,647
	1,048,592		Westpac Banking Corp		23,253
	76,209		Wilshire Bancorp, Inc		794
	1,110		Wintrust Financial Corp		57
	5,244		WSFS Financial Corp		169
	37,356		Zions Bancorporation		939
			TOTAL BANKS		501,021

CAPITAL GOODS - 4.0%
	313,947		3M Co		54,978
	6,541		A.O. Smith Corp		576
	553,052		ABB Ltd		10,946
	91		Acuity Brands, Inc		23
	9,110	e	Advanced Drainage Systems, Inc		249
	75,930	e	Alfa Laval AB		1,197

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	295,373		Ametek, Inc	$	13,655
	19,557		Argan, Inc		816
	368,000	e	Asahi Glass Co Ltd		1,997
	137,861		Assa Abloy AB		2,836
	229,419		Atlas Copco AB (A Shares)		5,959
	242,593		Atlas Copco AB (B Shares)		5,750
	76,144		Barnes Group, Inc		2,522
	2,120	*	Beacon Roofing Supply, Inc		96
	139,175		Bouygues S.A.		3,987
	56,420		Brenntag AG.		2,733
	29,997		Briggs & Stratton Corp		635
	76,755	*	Builders FirstSource, Inc		864
	223,629		Bunzl plc		6,881
	236,647		Caterpillar, Inc		17,940
	918,220		CNH Industrial NV		6,660
	302,187		Compagnie de Saint-Gobain		11,455
	196,231		Cummins, Inc		22,064
	49,700		Daikin Industries Ltd		4,177
	428,149		Danaher Corp		43,243
	118,096	e	Deere & Co		9,571
	52,602	*	DigitalGlobe, Inc		1,125
	7,468		Dover Corp		518
	343,966		Eaton Corp		20,545
	52,280		Eiffage S.A.		3,717
	4,941		EMCOR Group, Inc		243
	19,159	*	Esterline Technologies Corp		1,189
	152,130	e	Fastenal Co		6,753
	211,903		Ferrovial S.A.		4,149
	215		Flowserve Corp		10
	21,626		GEA Group AG.		1,021
	20,413		H&E Equipment Services, Inc		388
	62,217		Hexcel Corp		2,591
	164,600		Hino Motors Ltd		1,639
	16,300	*	Hitachi Construction Machinery Co Ltd		238
	333,469		Illinois Tool Works, Inc		34,734
	134,981		Ingersoll-Rand plc		8,596
	326,000		Kawasaki Heavy Industries Ltd		919
	1,307,770	e	Keppel Corp Ltd		5,395
	50,358	*,e	KEYW Holding Corp		501
	478,400		Komatsu Ltd		8,311
	475,874		Koninklijke Philips Electronics NV		11,819
	531,700		Kubota Corp		7,191
	58,157		Legrand S.A.		2,977
	676		Lincoln Electric Holdings, Inc		40
	12,544		MAN AG.		1,280
	438,365		Masco Corp		13,563
	367,518		Meggitt plc		1,998
	44,954	*	Meritor, Inc		324
	97,004		Metso Oyj		2,281
	1,101	*	Middleby Corp		127
	816,700		Mitsubishi Corp		14,380
	1,063,000		Mitsubishi Electric Corp		12,690
	6,490	*	MYR Group, Inc		156

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	83,000		NGK Insulators Ltd	$	1,678
	95,100		NSK Ltd		696
	150,887		Owens Corning, Inc		7,774
	287,650		Paccar, Inc		14,920
	35,585		Parker Hannifin Corp		3,845
	105,679		Pentair plc		6,160
	260,720	*,e	Plug Power, Inc		485
	75,812	*	Quanta Services, Inc		1,753
	186,394		Rexel S.A.		2,343
	30,501		Rockwell Automation, Inc		3,502
	116,150		Rockwell Collins, Inc		9,889
	36,922		Roper Industries, Inc		6,297
	18,199	*	Rush Enterprises, Inc (Class A)		392
	238,948		Sandvik AB		2,392
	259,862		Schneider Electric S.A.		15,161
	1,554	*	Sensata Technologies Holding BV		54
	84,000		Shimizu Corp		787
	42,500		SKF AB (B Shares)		681
	153		Snap-On, Inc		24
	1,042,300		Sumitomo Corp		10,506
	5,435		TAL International Group, Inc		73
	8,405	*,e	Titan Machinery, Inc		94
	116,300		Toyota Tsusho Corp		2,504
	59,754	*	TransDigm Group, Inc		15,757
	45,231		Travis Perkins plc		892
	18,214	*	United Rentals, Inc		1,222
	7,724	*	Veritiv Corp		290
	78,067		Vestas Wind Systems AS		5,306
	874,087		Volvo AB (B Shares)		8,683
	260	e	W.W. Grainger, Inc		59
	15,766	*	Wabash National Corp		200
	136,421		Wartsila Oyj (B Shares)		5,566
	208,995		Wolseley plc		10,823
	20,710		Woodward Governor Co		1,194
			TOTAL CAPITAL GOODS		545,220

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	2,604		ABM Industries, Inc		95
	161,047	*	ACCO Brands Corp		1,664
	591,285		Brambles Ltd		5,520
	102,222		Bureau Veritas S.A.		2,146
	479,095		Capita Group plc		6,173
	149,207	*	Copart, Inc		7,313
	24,020		Deluxe Corp		1,594
	54,554		Dun & Bradstreet Corp		6,647
	107,898		Equifax, Inc		13,854
	21,199		Exponent, Inc		1,238
	2,000		Heidrick & Struggles International, Inc		34
	7,907	*	ICF International, Inc		323
	9,308	*	IHS, Inc (Class A)		1,076
	17,437		Insperity, Inc		1,347
	74,708		Intertek Group plc		3,481
	10,046		Kelly Services, Inc (Class A)		191

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	5,113		Kforce, Inc	$	86
	30,322		Manpower, Inc		1,951
	21,414	*	Mistras Group, Inc		511
	2,100		Mobile Mini, Inc		73
	61,428	*	Navigant Consulting, Inc		992
	1,000	*	On Assignment, Inc		37
	109,843		R.R. Donnelley & Sons Co		1,859
	15,053		Resources Connection, Inc		223
	113,126		Robert Half International, Inc		4,317
	16,303	*	RPX Corp		150
	26,500		Secom Co Ltd		1,959
	4,657		SGS S.A.		10,668
	1,544	*	SP Plus Corp		35
	8,899	*,e	Team, Inc		221
	27,563		Tetra Tech, Inc		847
	3,462		Tyco International plc		147
	18,776		Viad Corp		582
	49,542		Waste Management, Inc		3,283
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		80,637

CONSUMER DURABLES & APPAREL - 1.0%
	101,772		Adidas-Salomon AG.		14,609
	462,175		Barratt Developments plc		2,511
	4,989		Berkeley Group Holdings plc		167
	324,576		Burberry Group plc		5,049
	87,628		Callaway Golf Co		895
	50,691		Christian Dior S.A.		8,120
	1,447		CSS Industries, Inc		39
	24,000		Electrolux AB (Series B)		654
	21,476		Ethan Allen Interiors, Inc		710
	23,400		Gildan Activewear, Inc		685
	29,168		Hanesbrands, Inc		733
	536		Hasbro, Inc		45
	102,799	*	Kate Spade & Co		2,119
	1,061,800		Matsushita Electric Industrial Co Ltd		9,135
	433,141		Mattel, Inc		13,553
	36,199	*	Meritage Homes Corp		1,359
	362	*	Michael Kors Holdings Ltd		18
	10,272	*	Mohawk Industries, Inc		1,949
	20,763		Movado Group, Inc		450
	607		Newell Rubbermaid, Inc		30
	799,923		Nike, Inc (Class B)		44,156
	28,027		Pandora AS		3,817
	50,000		Sekisui Chemical Co Ltd		616
	98,400		Sekisui House Ltd		1,723
	379,500		Sony Corp		11,181
	762,926		Taylor Wimpey plc		1,354
	51,260	*,e	Under Armour, Inc (Class A)		2,057
	19,426	*	Unifi, Inc		529
	138,658		VF Corp		8,526
	680		Whirlpool Corp		113
	667,500		Yue Yuen Industrial Holdings		2,646
			TOTAL CONSUMER DURABLES & APPAREL		139,548

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
CONSUMER SERVICES - 1.4%
	162,056		Accor S.A.	$	6,209
	1,289		Bob Evans Farms, Inc		49
	25,421		Brinker International, Inc		1,157
	8,508		Carriage Services, Inc		201
	50,305		Choice Hotels International, Inc		2,396
	90,565		Darden Restaurants, Inc		5,736
	7,832		Dunkin Brands Group, Inc		342
	5,999		Hilton Worldwide Holdings, Inc		135
	171,199		InterContinental Hotels Group plc		6,314
	31,082		Interval Leisure Group, Inc		494
	10,177	*	Intrawest Resorts Holdings Inc		132
	88,749	*,e	LifeLock, Inc		1,403
	6,202		Marcus Corp		131
	287,855	e	Marriott International, Inc (Class A)		19,131
	443,571		McDonald’s Corp		53,379
	52,700		Oriental Land Co Ltd		3,412
	26,295	*	Popeyes Louisiana Kitchen, Inc		1,437
	36,382		Royal Caribbean Cruises Ltd		2,443
	95,145	*	ServiceMaster Global Holdings, Inc		3,787
	29,578		Sonic Corp		800
	845,181		Starbucks Corp		48,277
	89,029		Starwood Hotels & Resorts Worldwide, Inc		6,584
	456,579		TUI AG. (DI)		5,197
	167,573		Whitbread plc		7,841
	461		Wyndham Worldwide Corp		33
			TOTAL CONSUMER SERVICES		177,020

DIVERSIFIED FINANCIALS - 3.0%
	877,255		3i Group plc		6,436
	826,230		Aberdeen Asset Management plc		3,100
	93,100		AEON Financial Service Co Ltd		2,016
	30,126	*	Ally Financial, Inc		514
	599,407		American Express Co		36,420
	2,187		Ameriprise Financial, Inc		196
	1,459,833		AMP Ltd		5,689
	910,026		Bank of New York Mellon Corp		35,355
	106,775		BlackRock, Inc		36,574
	1,076,959		Charles Schwab Corp		27,258
	308,966		CME Group, Inc		30,093
	10,439	*,e	Credit Acceptance Corp		1,932
	128,311		Deutsche Boerse AG.		10,541
	567,210		Discover Financial Services		30,397
	13,130	*,e	Encore Capital Group, Inc		309
	29,847		Eurazeo		1,771
	156,725		Exor S.p.A.		5,786
	6,214		Factset Research Systems, Inc		1,003
	366,118		Franklin Resources, Inc		12,217
	64,044	*	Green Dot Corp		1,472
	582,735		Hong Kong Exchanges and Clearing Ltd		14,199
	42,613		Industrivarden AB		693
	1,476,002		ING Groep NV		15,271

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	116,538		IntercontinentalExchange Group, Inc	$	29,829
	274,047		Invesco Ltd		6,999
	726,872		Investec plc		4,518
	35,326		Investment Technology Group, Inc		591
	54,459		Legg Mason, Inc		1,606
	203,802		London Stock Exchange Group plc		6,925
	400,000		Mitsubishi UFJ Lease & Finance Co Ltd		1,537
	76,409		NASDAQ OMX Group, Inc		4,941
	16,056		Nelnet, Inc (Class A)		558
	316,941		Northern Trust Corp		21,001
	5,879	*	Pico Holdings, Inc		56
	112,600		S&P Global, Inc		12,077
	5,280	*	Safeguard Scientifics, Inc		66
	121,850		Schroders plc		3,851
	467		SEI Investments Co		22
	421,536		State Street Corp		22,729
	53,661		T Rowe Price Group, Inc		3,916
	4,056		TD Ameritrade Holding Corp		115
	1,664		Voya Financial, Inc		41
	25,718		Wendel		2,659
	104,555	e	WisdomTree Investments, Inc		1,024
			TOTAL DIVERSIFIED FINANCIALS		404,303

ENERGY - 4.1%
	137,043	e	AltaGas Income Trust		3,331
	646	*,e	Antero Resources Corp		17
	185,013		Apache Corp		10,300
	78,800	e	ARC Resources Ltd		1,349
	74,561	e	Atwood Oceanics, Inc		933
	263,749		Baker Hughes, Inc		11,903
	85,409	*	Callon Petroleum Co		959
	245,239		Caltex Australia Ltd		5,913
	3,077	e	CARBO Ceramics, Inc		40
	676,521		Cenovus Energy, Inc (Toronto)		9,357
	245,497	*	Cheniere Energy, Inc		9,218
	61,417		Cimarex Energy Co		7,328
	132,767	*,e	Clean Energy Fuels Corp		461
	410,734		Columbia Pipeline Group, Inc		10,470
	796	*	Concho Resources, Inc		95
	275,520		ConocoPhillips		12,013
	131,182	*,e	Continental Resources, Inc		5,939
	332,916		Crescent Point Energy Corp		5,259
	2,500		Delek US Holdings, Inc		33
	12,864		Denbury Resources, Inc		46
	368,673	*	Devon Energy Corp		13,364
	396,932		Enbridge, Inc		16,815
	566,298		EnCana Corp		4,405
	2,011		Energen Corp		97
	442,537		EOG Resources, Inc		36,916
	42,434		EQT Corp		3,286
	14,622	*	Exterran Corp		188
	398,930		Galp Energia SGPS S.A.		5,548
	16,052		Green Plains Renewable Energy, Inc		317

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	242,126		Hess Corp	$	14,552
	404,700		Inpex Holdings, Inc		3,165
	161,289	e	Keyera Corp		4,934
	646,835		Kinder Morgan, Inc		12,109
	64,471		Koninklijke Vopak NV		3,209
	514,987		Marathon Oil Corp		7,730
	458,339		Marathon Petroleum Corp		17,399
	40,277	*	Matrix Service Co		664
	358,659	*	McDermott International, Inc		1,772
	419,013		National Oilwell Varco, Inc		14,100
	14,896	*	Natural Gas Services Group, Inc		341
	121,628		Neste Oil Oyj		4,361
	232,452		Noble Energy, Inc		8,338
	492,702		Occidental Petroleum Corp		37,229
	247,314		OMV AG.		6,952
	152,080		Oneok, Inc		7,216
	99,012	*	Parker Drilling Co		227
	39,397	*	PDC Energy, Inc		2,270
	80,977		Pembina Pipeline Income Fund		2,461
	239,747		Petrofac Ltd		2,492
	462,218		Phillips 66		36,672
	128,000		Pioneer Natural Resources Co		19,355
	52,017	*,e	Renewable Energy Group, Inc		459
	950,595		Repsol YPF S.A.		12,186
	7,692	*	RigNet, Inc		103
	24,790	e	Rowan Cos plc		438
	532,628		Schlumberger Ltd		42,120
	894	*	SEACOR Holdings, Inc		52
	20,773	e	SM Energy Co		561
	856,388		Spectra Energy Corp		31,369
	779,966	*	Statoil ASA		13,477
	659,303		Suncor Energy, Inc		18,290
	88,722		Superior Energy Services		1,633
	53,895		Technip S.A.		2,917
	168,796		Tenaris S.A.		2,440
	16,079		Tesco Corp		108
	9,750		Tesoro Corp		730
	119,650	*	Tetra Technologies, Inc		762
	27,062	*	Unit Corp		421
	225,382		Valero Energy Corp		11,494
	493,407	*	Weatherford International Ltd		2,738
	91,978		Western Refining, Inc		1,897
	447,571		Williams Cos, Inc		9,681
	389,247		Woodside Petroleum Ltd		7,893
			TOTAL ENERGY		545,217

FOOD & STAPLES RETAILING - 0.5%
	179,300		Aeon Co Ltd		2,784
	284,796		Carrefour S.A.		7,005
	19,670		Casey’s General Stores, Inc		2,587
	52,471		Casino Guichard Perrachon S.A.		2,913
	34,879		Colruyt S.A.		1,930
	55,107		Delhaize Group		5,821

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	612,987	e	J Sainsbury plc	$	1,910
	5,501		Koninklijke Ahold NV		121
	66,367		Loblaw Cos Ltd		3,550
	165,242		Metro AG.		5,082
	5,869	*,e	Natural Grocers by Vitamin C		77
	161,500		Seven & I Holdings Co Ltd		6,771
	9,498		Spartan Stores, Inc		290
	4,438,693	*	Tesco plc		10,425
	347,886		Wesfarmers Ltd		10,491
	51,153		Whole Foods Market, Inc		1,638
	933,215	e	WM Morrison Supermarkets plc		2,343
			TOTAL FOOD & STAPLES RETAILING		65,738

FOOD, BEVERAGE & TOBACCO - 3.0%
	402,000		Ajinomoto Co, Inc		9,472
	80,895	e	Aryzta AG.		2,990
	330,763		Associated British Foods plc		12,052
	29,826		Bunge Ltd		1,764
	13,259		Calavo Growers, Inc		888
	225,588		Campbell Soup Co		15,008
	511,490		Coca-Cola Amatil Ltd		3,157
	1,255,662		Coca-Cola Co		56,919
	201,634		Coca-Cola HBC AG.		4,080
	19,775	*	Darling International, Inc		295
	51,033		Dr Pepper Snapple Group, Inc		4,931
	5,006		Fresh Del Monte Produce, Inc		272
	512,369		General Mills, Inc		36,542
	249,739		Groupe Danone		17,477
	265,634		Hormel Foods Corp		9,722
	323,360		Kellogg Co		26,402
	110,981		Kerry Group plc (Class A)		9,843
	132,000		Kikkoman Corp		4,871
	455,058		Kraft Heinz Co		40,264
	1,069		Lindt & Spruengli AG.		6,376
	95		Lindt & Spruengli AG. (Registered)		6,789
	1,461		McCormick & Co, Inc		156
	48,901		Mead Johnson Nutrition Co		4,438
	984,215		Mondelez International, Inc		44,792
	52,400		Nissin Food Products Co Ltd		2,862
	32,761	*	Omega Protein Corp		655
	429,922		Orkla ASA		3,824
	627,548		PepsiCo, Inc		66,482
	1,588	*	Seneca Foods Corp		57
	126,300		Suntory Beverage & Food Ltd		5,715
	425,862		Tate & Lyle plc		3,808
	61,200		Toyo Suisan Kaisha Ltd		2,482
	2,039	*	WhiteWave Foods Co (Class A)		96
	79,100		Yakult Honsha Co Ltd		4,111
			TOTAL FOOD, BEVERAGE & TOBACCO		409,592

HEALTH CARE EQUIPMENT & SERVICES - 2.3%
	14,105		Abaxis, Inc		666
	75,884	*,e	Acadia Healthcare Co, Inc		4,204

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	5,828		Aceto Corp	$	128
	87,211		Al Noor Hospitals Group plc		1,277
	61,900	*	Alere, Inc		2,580
	18,400		Alfresa Holdings Corp		384
	8,037	*	Align Technology, Inc		647
	49,048	*	Amedisys, Inc		2,476
	234,730		AmerisourceBergen Corp		18,619
	42,802	*	AMN Healthcare Services, Inc		1,711
	14,038	*	Amsurg Corp		1,088
	8,741		Analogic Corp		694
	21,695	*	Angiodynamics, Inc		312
	214,402		Anthem, Inc		28,160
	59,413	*,e	athenahealth, Inc		8,200
	12,617	*	AtriCure, Inc		178
	216,925		Becton Dickinson & Co		36,788
	38,727	*	Brookdale Senior Living, Inc		598
	19,911	*	Capital Senior Living Corp		352
	372,076		Cardinal Health, Inc		29,026
	142,098	*	Centene Corp		10,141
	123,596	*,e	Cerus Corp		771
	4,495		Chemed Corp		613
	222,186		Cigna Corp		28,438
	101,172		Coloplast AS		7,573
	9,546	e	Computer Programs & Systems, Inc		381
	6,502	*	Corvel Corp		281
	14,991	*	Cross Country Healthcare, Inc		209
	7,258		DENTSPLY SIRONA, Inc		450
	52,344	*,e	Diplomat Pharmacy, Inc		1,832
	269,834	*	Edwards Lifesciences Corp		26,911
	928	*	Envision Healthcare Holdings, Inc		24
	110,599		Essilor International S.A.		14,536
	41,904	*	ExamWorks Group, Inc		1,460
	45,513	*,e	GenMark Diagnostics, Inc		396
	4,374	*	Haemonetics Corp		127
	1,549,670		Healthscope Ltd		3,335
	5,292	*	HealthStream, Inc		140
	4,669	*	Healthways, Inc		54
	23,938	*	Henry Schein, Inc		4,232
	10,561	*	HMS Holdings Corp		186
	79,296	*	Hologic, Inc		2,744
	136,156		Humana, Inc		24,492
	6,176	*	Integer Holding Corp		191
	1,970	*	Laboratory Corp of America Holdings		257
	7,496		Landauer, Inc		309
	35,057	*	LDR Holding Corp		1,295
	14,973	*	LHC Group, Inc		648
	56,692	*	LifePoint Hospitals, Inc		3,706
	1,474	*	Medidata Solutions, Inc		69
	37,285	*	Merit Medical Systems, Inc		739
	38,680	*	Molina Healthcare, Inc		1,930
	43,949	*	NxStage Medical, Inc		953
	53,912	*	Omnicell, Inc		1,845
	63,605	*	OraSure Technologies, Inc		376

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	2,718		Owens & Minor, Inc	$	102
	86,208		Patterson Cos, Inc		4,128
	45,838	*	PharMerica Corp		1,130
	13,346	*	Providence Service Corp		599
	44,964		Quality Systems, Inc		535
	19,707	*	Quidel Corp		352
	126,814	e	Ramsay Health Care Ltd		6,854
	1,152		Resmed, Inc		73
	302,847		Ryman Healthcare Ltd		2,021
	78,658	*	Select Medical Holdings Corp		855
	3,035	*	Spectranetics Corp		57
	44,483	*,e	Staar Surgical Co		245
	9,158	*	Surgical Care Affiliates, Inc		437
	39,900		Suzuken Co Ltd		1,256
	96,000		Sysmex Corp		6,610
	29,075	*	Triple-S Management Corp (Class B)		710
	25,547		Universal American Corp		194
	14,275		US Physical Therapy, Inc		859
	500	*	Varian Medical Systems, Inc		41
	15,165	*	Vascular Solutions, Inc		632
	4,049	*	VCA Antech, Inc		274
	33,652	*	Vocera Communications, Inc		432
	11,103	*	Wright Medical Group NV		193
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		308,321

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	572,038		Colgate-Palmolive Co		41,873
	539		Estee Lauder Cos (Class A)		49
	14,115		Henkel KGaA		1,527
	52,361		Henkel KGaA (Preference)		6,399
	41,500		Kao Corp		2,417
	168,281		Kimberly-Clark Corp		23,135
	69,076		L’Oreal S.A.		13,225
	16,331		Medifast, Inc		544
	11,036	e	Natural Health Trends Corp		311
	1,005,172		Procter & Gamble Co		85,108
	181,889		Reckitt Benckiser Group plc		18,238
	406,687		Unilever NV		18,915
	444,094		Unilever plc		21,279
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		233,020

INSURANCE - 2.8%
	1,041,582		Aegon NV		4,127
	497,930		Aflac, Inc		35,931
	152,637		Allianz AG.		21,775
	6,769		Arthur J. Gallagher & Co		322
	79,754		Aspen Insurance Holdings Ltd		3,699
	541,900		Assicurazioni Generali S.p.A.		6,390
	2,526,279		Aviva plc		13,317
	740,160		AXA S.A.		14,635
	72,699		Axis Capital Holdings Ltd		3,998
	334,058		Chubb Ltd		43,665
	156,945		CNP Assurances		2,315

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	11,746		Employers Holdings, Inc	$	341
	4,246		Endurance Specialty Holdings Ltd		285
	2,599	*	Enstar Group Ltd		421
	279,927		Hartford Financial Services Group, Inc		12,423
	139,294		Insurance Australia Group Ltd		574
	1,916		Kemper Corp		59
	3,118,480		Legal & General Group plc		7,984
	520,307		Marsh & McLennan Cos, Inc		35,620
	64,822		Muenchener Rueckver AG.		10,870
	22,200		NKSJ Holdings, Inc		591
	3,817,181		Old Mutual plc		10,312
	233,299		Principal Financial Group		9,591
	448,068		Progressive Corp		15,010
	435,726		Prudential Financial, Inc		31,085
	1,038,712		Prudential plc		17,626
	6,942		Reinsurance Group of America, Inc (Class A)		673
	43,163		RenaissanceRe Holdings Ltd		5,069
	333,784		RSA Insurance Group plc		2,237
	998,241		Standard Life plc		3,938
	21,338		Stewart Information Services Corp		884
	131,114		Swiss Re Ltd		11,452
	172,600		T&D Holdings, Inc		1,466
	307,934		Travelers Cos, Inc		36,656
	1,038		Willis Towers Watson plc		129
	65,076		Zurich Financial Services AG.		16,099
			TOTAL INSURANCE		381,569

MATERIALS - 2.9%
	61,387		Agnico-Eagle Mines Ltd		3,285
	34,866	e	Agrium, Inc		3,155
	155,253		Air Liquide		16,174
	236,880		Air Products & Chemicals, Inc		33,646
	53,027		Akzo Nobel NV		3,294
	563		Albemarle Corp		45
	61,000		Asahi Kasei Corp		424
	116,427		Avery Dennison Corp		8,703
	63,073	e	Ball Corp		4,560
	298,375		BASF SE		22,879
	256,811		Boliden AB		5,019
	45,761		Celanese Corp (Series A)		2,995
	63,760	*,e	Century Aluminum Co		404
	2,372	*	Clearwater Paper Corp		155
	131,361		Commercial Metals Co		2,220
	188,387		CRH plc		5,490
	27,677		Croda International plc		1,156
	5,941		DSM NV		343
	37,546		Eastman Chemical Co		2,549
	296,124		Ecolab, Inc		35,120
	5,690	*	Ferro Corp		76
	258,032		Fletcher Building Ltd		1,587
	78,866	*,e	Flotek Industries, Inc		1,041
	36,395		Franco-Nevada Corp		2,767
	5,005		Givaudan S.A.		10,078

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	65,302		H.B. Fuller Co	$	2,873
	75,051		HeidelbergCement AG.		5,654
	191,500		Hitachi Metals Ltd		1,945
	304,124		Holcim Ltd		12,724
	8,407		Imerys S.A.		536
	20,564		Innophos Holdings, Inc		868
	201,062		International Paper Co		8,521
	176,702		Johnson Matthey plc		6,628
	500,300	*	Kinross Gold Corp		2,455
	2,792,000	*	Kobe Steel Ltd		2,295
	7,764	*	Kraton Polymers LLC		217
	58,000		Kuraray Co Ltd		692
	173,029	*	Louisiana-Pacific Corp		3,002
	329,993		LyondellBasell Industries AF S.C.A		24,558
	38,519		Minerals Technologies, Inc		2,188
	1,479,000		Mitsubishi Materials Corp		3,541
	120,960		Mitsui Chemicals, Inc		444
	26,440		Mondi plc		495
	104,804		Mosaic Co		2,744
	9,891		Myers Industries, Inc		142
	2,220		Neenah Paper, Inc		161
	478,021	*	Newcrest Mining Ltd		8,285
	21,200		Nitto Denko Corp		1,345
	1,250,445		Norsk Hydro ASA		4,578
	420,122		Nucor Corp		20,758
	11,843		PolyOne Corp		417
	416,308		Potash Corp of Saskatchewan		6,767
	2,189		PPG Industries, Inc		228
	255,124		Praxair, Inc		28,673
	1,380		Quaker Chemical Corp		123
	8,303		Reliance Steel & Aluminum Co		638
	26,167		Royal Gold, Inc		1,885
	19,955		Schnitzer Steel Industries, Inc (Class A)		351
	19,423		Sealed Air Corp		893
	52,085		Sherwin-Williams Co		15,296
	153,100		Shin-Etsu Chemical Co Ltd		8,970
	288,201		Silver Wheaton Corp		6,784
	3,292,091	*	South32 Ltd		3,861
	1,200		Stepan Co		71
	74,982	*	Stillwater Mining Co		889
	1,198,000		Sumitomo Chemical Co Ltd		4,943
	453,000		Sumitomo Metal Mining Co Ltd		4,608
	527,154	e	Teck Cominco Ltd		6,941
	305,000		Toray Industries, Inc		2,603
	43,545	*	Trinseo S.A.		1,869
	57,094		Umicore		2,949
	21,926	*	US Concrete, Inc		1,336
	177,593		WestRock Co		6,903
	66,360	*	Worthington Industries, Inc		2,807
			TOTAL MATERIALS		395,619

MEDIA - 1.7%
	168,474	*	Charter Communications, Inc		38,520

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	42,059		Cinemark Holdings, Inc	$	1,534
	103,369		Clear Channel Outdoor Holdings, Inc (Class A)		643
	49,500		Dentsu, Inc		2,320
	200,245	*,e	Discovery Communications, Inc (Class A)		5,052
	360,535	*	Discovery Communications, Inc (Class C)		8,599
	52,293	*	DreamWorks Animation SKG, Inc (Class A)		2,137
	21,453		Entercom Communications Corp (Class A)		291
	94,077		Entravision Communications Corp (Class A)		632
	18,968	*	Gray Television, Inc		206
	526,783		ITV plc		1,263
	1,894		JC Decaux S.A.		64
	10,069		John Wiley & Sons, Inc (Class A)		525
	20,124	*	Liberty Broadband Corp (Class A)		1,195
	4,448	*	Liberty Global plc		128
	2,960	*	Liberty Global plc (Class A)		86
	369	*	Liberty Global plc LiLAC (Class A)		12
	555	*	Liberty Global plc LiLAC (Class C)		18
	40,644	*	Media General, Inc		699
	177,989		New York Times Co (Class A)		2,154
	534,255		Pearson plc		6,950
	102,176		ProSiebenSat. Media AG.		4,469
	6,739		Reed Elsevier NV		117
	434,083		Reed Elsevier plc		7,993
	1,550		Scholastic Corp		61
	34,566		Scripps Networks Interactive (Class A)		2,152
	85,295		SES Global S.A.		1,826
	162,694	*	Shaw Communications, Inc (B Shares)		3,123
	60,413		Sinclair Broadcast Group, Inc (Class A)		1,804
	545,143		Time Warner, Inc		40,090
	317,818		Vivendi Universal S.A.		5,946
	686,662		Walt Disney Co		67,169
	663,213		WPP plc		13,822
			TOTAL MEDIA		221,600

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.8%
	72,318	*,e	Acadia Pharmaceuticals, Inc		2,347
	68,917		Actelion Ltd		11,605
	372,711		Agilent Technologies, Inc		16,533
	118,240	*	Akorn, Inc		3,368
	151,085	*	Alexion Pharmaceuticals, Inc		17,641
	350,900		Amgen, Inc		53,389
	1,011,588		Astellas Pharma, Inc		15,864
	102,571	*	Biogen Idec, Inc		24,804
	52,764	*	BioMarin Pharmaceutical, Inc		4,105
	35,862	*,e	Bluebird Bio, Inc		1,552
	802,956		Bristol-Myers Squibb Co		59,057
	47,231	*	Cambrex Corp		2,443
	383,194	*	Celgene Corp		37,794
	39,088	*,e	Cempra, Inc		645
	57,720	*	Cepheid, Inc		1,775
	167,900	e	Chugai Pharmaceutical Co Ltd		5,984
	90,451	*,e	Depomed, Inc		1,775
	62,500		Eisai Co Ltd		3,490

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	2,093	*,e	Fluidigm Corp	$	19
	633,366		Gilead Sciences, Inc		52,835
	1,359,546		GlaxoSmithKline plc		29,196
	121,343	*,e	Immunomedics, Inc		282
	100,520	*,e	Inovio Pharmaceuticals, Inc		929
	34,517	*,e	Intersect ENT, Inc		446
	32,759	*,e	Intra-Cellular Therapies, Inc		1,272
	1,495	*,e	Ionis Pharmaceuticals, Inc		35
	932,017		Johnson & Johnson		113,054
	8,898	*,e	Kite Pharma, Inc		445
	89,600	e	Kyowa Hakko Kogyo Co Ltd		1,528
	47,688		Lonza Group AG.		7,922
	1,205,255		Merck & Co, Inc		69,435
	118,434		Merck KGaA		12,038
	2,322	*	Mettler-Toledo International, Inc		847
	115,217	*,e	MiMedx Group, Inc		919
	8,717	*,e	Mirati Therapeutics, Inc		48
	10,621	*	Momenta Pharmaceuticals, Inc		115
	170,288	*	Nektar Therapeutics		2,423
	540,742		Novartis AG.		44,632
	519,974		Novo Nordisk AS		28,002
	19,152	*,e	Ocular Therapeutix, Inc		95
	19,069	*,e	Opko Health, Inc		178
	80,522		Orion Oyj (Class B)		3,127
	12,565		PerkinElmer, Inc		659
	48,719	*	Prestige Brands Holdings, Inc		2,699
	36,792	*,e	Progenics Pharmaceuticals, Inc		155
	52,610	*,e	Prothena Corp plc		1,839
	179,008	*	Qiagen NV		3,901
	547	*	Quintiles Transnational Holdings, Inc		36
	57,168	*,e	Relypsa, Inc		1,058
	34,568	*	Repligen Corp		946
	167,441		Roche Holding AG.		44,184
	90,249	*,e	Sangamo Biosciences, Inc		523
	36,000		Santen Pharmaceutical Co Ltd		566
	64,729	*,e	Sarepta Therapeutics, Inc		1,234
	35,489	*	Sucampo Pharmaceuticals, Inc (Class A)		389
	48,200	e	Sumitomo Dainippon Pharma Co Ltd		835
	325,485		Takeda Pharmaceutical Co Ltd		14,038
	11,642	*,e	Theravance Biopharma, Inc		264
	274,212		Thermo Electron Corp		40,518
	154,340	*	Vertex Pharmaceuticals, Inc		13,276
	23,386	*	Waters Corp		3,289
	88,926	*	Xenoport, Inc		626
	665,917		Zoetis Inc		31,604
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		796,632

REAL ESTATE - 2.8%
	83,800		Aeon Mall Co Ltd		1,096
	17,496	*,e	Altisource Portfolio Solutions S.A.		487
	19,852		American Campus Communities, Inc		1,050
	362,518		American Tower Corp		41,186
	1,199,598		Annaly Capital Management, Inc		13,280

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	65,303	e	Apollo Commercial Real Estate Finance, Inc	$	1,049
	2,022		AvalonBay Communities, Inc		365
	119,509		Boston Properties, Inc		15,763
	899,410		British Land Co plc		7,303
	2,212		Brixmor Property Group, Inc		59
	2,313,849		CapitaLand Ltd		5,313
	1,892,700		CapitaMall Trust		3,009
	167,239	*	CBRE Group, Inc		4,428
	262,900		City Developments Ltd		1,598
	36,833		Coresite Realty		3,267
	332,732		Crown Castle International Corp		33,749
	373,000		Daiwa House Industry Co Ltd		10,954
	198,538		Dexus Property Group		1,347
	5,728	e	Digital Realty Trust, Inc		624
	159,367		Duke Realty Corp		4,249
	19,738		Dynex Capital, Inc		137
	53,626		Equinix, Inc		20,792
	188,574		Equity Residential		12,989
	176,896		First Industrial Realty Trust, Inc		4,921
	2,732		Forest City Realty Trust, Inc		61
	102,870		GPT Group (ASE)		418
	288,979		Hammerson plc		2,081
	466,333		HCP, Inc		16,499
	338,849		Host Marriott Corp		5,493
	361,000		Hysan Development Co Ltd		1,610
	14,974		Icade		1,052
	859,402	e	Intu Properties plc		3,341
	945		Iron Mountain, Inc		38
	597,633		Land Securities Group plc		8,316
	221,014		Lend Lease Corp Ltd		2,099
	55,028		Macerich Co		4,699
	312,176		Macquarie Goodman Group		1,674
	727,767		Mirvac Group		1,107
	522,810		Mitsui Fudosan Co Ltd		11,999
	107,800		Nomura Real Estate Holdings, Inc		1,884
	419,552		Prologis, Inc		20,575
	17,760	e	Resource Capital Corp		228
	43,764		Ryman Hospitality Properties		2,217
	419,971		Segro plc		2,328
	149,100		Shoei Co Ltd		1,571
	207,339		Simon Property Group, Inc		44,972
	1,227,222		Stockland Trust Group		4,351
	494,500		Swire Pacific Ltd (Class A)		5,588
	1,206,800		Swire Properties Ltd		3,215
	51,546	*	Unibail-Rodamco		13,335
	97,312		Ventas, Inc		7,086
	19,943		Vornado Realty Trust		1,997
	218,577		Welltower, Inc		16,649
	1,409		Weyerhaeuser Co		42
			TOTAL REAL ESTATE		375,540

RETAILING - 1.9%
	37,840	*	1-800-FLOWERS.COM, Inc (Class A)		341

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	195		Advance Auto Parts, Inc	$	32
	249,956	e	American Eagle Outfitters, Inc		3,982
	39,176	*	AutoZone, Inc		31,099
	198,255	*	Bed Bath & Beyond, Inc		8,569
	133,587		Best Buy Co, Inc		4,088
	21,019		Big 5 Sporting Goods Corp		195
	16,005		Blue Nile, Inc		438
	7,961	*	Cabela’s, Inc		399
	1,951		Canadian Tire Corp Ltd		213
	82,916	*,e	Carmax, Inc		4,065
	64,600		Dollar General Corp		6,072
	38,019		DSW, Inc (Class A)		805
	84,798	*,e	Etsy, Inc		813
	18,500		Fast Retailing Co Ltd		4,967
	36,865		Finish Line, Inc (Class A)		744
	36,646	*	Francesca’s Holdings Corp		405
	27,449	*	FTD Cos, Inc		685
	307,468	e	Gap, Inc		6,524
	23,293		GNC Holdings, Inc		566
	558,737	*	Groupon, Inc		1,816
	24,931		Haverty Furniture Cos, Inc		450
	267,851		Hennes & Mauritz AB (B Shares)		7,880
	38,478		HSN, Inc		1,883
	483,583		Industria De Diseno Textil S.A.		16,245
	90,000		Jardine Cycle & Carriage Ltd		2,462
	42,131		Kering		6,782
	662,529		Kingfisher plc		2,846
	6,985		Kirkland’s, Inc		103
	232,746		Kohl’s Corp		8,826
	21,997	*,e	Lands’ End, Inc		361
	5,283,620	e	Li & Fung Ltd		2,562
	5,583	*	LKQ Corp		177
	574,180		Lowe’s Companies, Inc		45,458
	32,219	*	MarineMax, Inc		547
	342,665		Marks & Spencer Group plc		1,467
	2,400		Marui Co Ltd		32
	315,716	*	NetFlix, Inc		28,882
	55,137		Next plc		3,643
	67,018	e	Nordstrom, Inc		2,550
	31,038		Nutri/System, Inc		787
	484,272	*	Office Depot, Inc		1,603
	8,683	e	Outerwall, Inc		365
	18,000	*	Overstock.com, Inc		290
	27,507	e	PetMed Express, Inc		516
	35,119	e	Pier 1 Imports, Inc		181
	347,489		Ross Stores, Inc		19,699
	8,634		Shoe Carnival, Inc		216
	53,210	*	Shutterfly, Inc		2,480
	604		Signet Jewelers Ltd		50
	32,052	e	Stage Stores, Inc		156
	763,479		Staples, Inc		6,581
	10,684		Stein Mart, Inc		83
	17,434		Tiffany & Co		1,057

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	16,438	*	Tile Shop Holdings, Inc	$	327
	968		Tractor Supply Co		88
	62,020	*	Ulta Salon Cosmetics & Fragrance, Inc		15,111
	30,336	*	Vitamin Shoppe, Inc		927
	47,778	*,e	Wayfair, Inc		1,863
			TOTAL RETAILING		262,354

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4%
	1,338		Analog Devices, Inc		76
	1,178,807		Applied Materials, Inc		28,256
	154,437		ASML Holding NV		15,203
	15,582	*	Cirrus Logic, Inc		605
	2,018,045		Intel Corp		66,192
	22,521	e	Lam Research Corp		1,893
	816	e	Microchip Technology, Inc		41
	423,571		Nvidia Corp		19,912
	56,958	*	ON Semiconductor Corp		502
	130,676		Skyworks Solutions, Inc		8,269
	70,690	*,e	SunPower Corp		1,095
	703,463		Texas Instruments, Inc		44,072
	59,700		Tokyo Electron Ltd		5,045
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		191,161

SOFTWARE & SERVICES - 5.8%
	392,547		Accenture plc		44,472
	51,181	*	Actua Corp		462
	95,663	*	Alphabet, Inc (Class A)		67,302
	96,888	*	Alphabet, Inc (Class C)		67,056
	36,042		Amadeus IT Holding S.A.		1,588
	66,316	*,e	Angie’s List, Inc		432
	14,539	*	Ansys, Inc		1,319
	32,963		Atos Origin S.A.		2,718
	192,487	*	Autodesk, Inc		10,421
	363,782		Automatic Data Processing, Inc		33,421
	40,208		Blackbaud, Inc		2,730
	404,991		CA, Inc		13,296
	81,498		Cap Gemini S.A.		7,033
	125,414	*	CGI Group, Inc		5,357
	19,254	*	Cimpress NV		1,781
	1,045	*	Citrix Systems, Inc		84
	562,482	*	Cognizant Technology Solutions Corp (Class A)		32,196
	73,662	*	comScore, Inc		1,759
	20,058		Convergys Corp		501
	29,477		CSG Systems International, Inc		1,188
	29,547	*	DHI Group, Inc		184
	44,517	*	Ellie Mae, Inc		4,080
	14,866	*	Euronet Worldwide, Inc		1,029
	7,642		Fair Isaac Corp		864
	1,924		Forrester Research, Inc		71
	1,391,000		Fujitsu Ltd		5,115
	156,154	*,e	Glu Mobile, Inc		344
	75,998	*	Infoblox, Inc		1,426
	402,587		International Business Machines Corp		61,105

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	320,764		Intuit, Inc	$	35,800
	71,343		j2 Global, Inc		4,507
	49,303		Jack Henry & Associates, Inc		4,303
	38,151	*	LogMeIn, Inc		2,420
	72,007	*	Manhattan Associates, Inc		4,618
	62,938	*	Marketo, Inc		2,192
	542,145		MasterCard, Inc (Class A)		47,741
	1,320,361		Microsoft Corp		67,563
	137,764	*	Monster Worldwide, Inc		329
	19,743	*	NeuStar, Inc (Class A)		464
	33,265	*,e	New Relic, Inc		977
	38,014		Open Text Corp		2,248
	1,453,512		Oracle Corp		59,492
	50,853	*	Perficient, Inc		1,033
	10,156	*	Progress Software Corp		279
	41,205	*	Qualys, Inc		1,228
	97,109	*,e	Quotient Technology, Inc		1,302
	162,964	*	Rackspace Hosting, Inc		3,399
	58,416	*	RetailMeNot, Inc		450
	48,225	*	RingCentral, Inc		951
	7,887	*	Rovi Corp		123
	495,727	*	Salesforce.com, Inc		39,366
	309,814		SAP AG.		23,269
	13,504	*	Sciquest, Inc		238
	215,673	*,e	ServiceSource International LLC		869
	24,931	*	SPS Commerce, Inc		1,511
	22,311	*	Sykes Enterprises, Inc		646
	694,356		Symantec Corp		14,262
	12,936	*	Syntel, Inc		585
	15,116	*,e	Tangoe, Inc		117
	20,999	*	Teradata Corp		526
	41,418	*	Tyler Technologies, Inc		6,905
	25,762	*	Ultimate Software Group, Inc		5,418
	37,999	*,e	Vasco Data Security International		623
	66,339	*	Website Pros, Inc		1,206
	2,980		Western Union Co		57
	179,587	*,e	Workday, Inc		13,410
	1,528,864		Xerox Corp		14,509
	964,334	*	Yahoo!, Inc		36,220
			TOTAL SOFTWARE & SERVICES		770,490

TECHNOLOGY HARDWARE & EQUIPMENT - 2.0%
	8,103		Adtran, Inc		151
	50,854	*,e	Arista Networks, Inc		3,274
	4,234		Belden CDT, Inc		256
	2,571	*	Benchmark Electronics, Inc		54
	24,131	*	Calix, Inc		167
	2,241,115		Cisco Systems, Inc		64,298
	7,561		Cognex Corp		326
	909	*	Coherent, Inc		83
	4,145		Comtech Telecommunications Corp		53
	522,374		Corning, Inc		10,698
	61,799	*	Cray, Inc		1,849

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	1,453,363		EMC Corp	$	39,488
	522,480		Ericsson (LM) (B Shares)		4,014
	41,789	*	Fabrinet		1,551
	7,100	*	FARO Technologies, Inc		240
	1,358		FEI Co		145
	103,068	*	Finisar Corp		1,805
	8,777	*	Flextronics International Ltd		104
	4,608		Gemalto NV		279
	1,043,464		Hewlett Packard Enterprise Co		19,064
	2,370,625		HP, Inc		29,751
	221,367		Ingram Micro, Inc (Class A)		7,699
	11,659	*	Insight Enterprises, Inc		303
	7,090		InterDigital, Inc		395
	30,066	*	IPG Photonics Corp		2,405
	41,052		Jabil Circuit, Inc		758
	21,900		Keyence Corp		14,943
	250,500		Konica Minolta Holdings, Inc		1,825
	148,000		Kyocera Corp		7,042
	92,465		Lexmark International, Inc (Class A)		3,491
	194,520		Motorola, Inc		12,833
	90,800		Murata Manufacturing Co Ltd		10,180
	916,819		NEC Corp		2,136
	47,717	*	Netgear, Inc		2,268
	102,600		Omron Corp		3,349
	500	*	OSI Systems, Inc		29
	124,523	*	QLogic Corp		1,836
	2,500	*	Rofin-Sinar Technologies, Inc		80
	19,323	*	Scansource, Inc		717
	74,584	*	Sonus Networks, Inc		648
	55,813	*	Super Micro Computer, Inc		1,387
	1,417		SYNNEX Corp		134
	31,800		TDK Corp		1,780
	6,018		TE Connectivity Ltd		344
	53,027	*	Tech Data Corp		3,810
	2,148	*	Trimble Navigation Ltd		52
	13,773	*	TTM Technologies, Inc		104
	36,195	*	Universal Display Corp		2,454
	132,900		Yokogawa Electric Corp		1,499
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		262,151

TELECOMMUNICATION SERVICES - 1.9%
	53,936	*	Boingo Wireless, Inc		481
	3,286,200		BT Group plc		18,063
	724,928		CenturyTel, Inc		21,030
	252,930	*	Cincinnati Bell, Inc		1,156
	2,650	e	Consolidated Communications Holdings, Inc		72
	3,261	*	Fairpoint Communications, Inc		48
	19,041	*	General Communication, Inc (Class A)		301
	279,982	*,e	Globalstar, Inc		339
	11,301		IDT Corp (Class B)		160
	123,912	*,e	Iridium Communications, Inc		1,100
	572,232		KDDI Corp		17,401
	171,991	*	Level 3 Communications, Inc		8,856

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	5,214	*	Lumos Networks Corp	$	63
	329,600		Nippon Telegraph & Telephone Corp		15,457
	514,500		NTT DoCoMo, Inc		13,875
	115,952		Rogers Communications, Inc (Class B)		4,694
	10,132		Shenandoah Telecom Co		396
	4,236,700		Singapore Telecommunications Ltd		13,085
	1,127,312	*,e	Sprint Corp		5,107
	21,076		Swisscom AG.		10,471
	226,642		Telefonica Deutschland Holding AG.		934
	1,073,907		TeliaSonera AB		5,085
	8,858		TELUS Corp		285
	1,562,138		Verizon Communications, Inc		87,230
	8,112,115		Vodafone Group plc		24,733
	289,491	*	Vonage Holdings Corp		1,766
			TOTAL TELECOMMUNICATION SERVICES		252,188

TRANSPORTATION - 1.6%
	5,192		Aeroports de Paris		569
	4,146		Arkansas Best Corp		67
	417,926		Auckland International Airport Ltd		1,944
	97,236	*	Avis Budget Group, Inc		3,134
	294,530		Canadian National Railway Co		17,392
	72,500		Central Japan Railway Co		12,895
	224,614		CSX Corp		5,858
	274,024		Delta Air Lines, Inc		9,983
	519,591		Deutsche Post AG.		14,638
	125,000		East Japan Railway Co		11,584
	39,834		easyJet plc		579
	25,662	*	Echo Global Logistics, Inc		575
	5		Expeditors International of Washington, Inc		0	^
	37,958		Fraport AG. Frankfurt Airport Services Worldwide		2,032
	307		Kansas City Southern Industries, Inc		28
	723		Kuehne & Nagel International AG.		101
	513,000		Mitsui OSK Lines Ltd		1,091
	1,704,986		MTR Corp		8,650
	695,000		Nippon Yusen Kabushiki Kaisha		1,223
	17,880		Norfolk Southern Corp		1,522
	708,108		Southwest Airlines Co		27,765
	15,919		Sydney Airport		83
	197,000		Tokyu Corp		1,730
	528,959		Union Pacific Corp		46,151
	367,503		United Parcel Service, Inc (Class B)		39,588
			TOTAL TRANSPORTATION		209,182

UTILITIES - 2.2%
	11,651		AGL Energy Ltd		169
	40,063		American Water Works Co, Inc		3,386
	569,057		APA Group		3,958
	30,410		Atco Ltd		1,067
	46,554		Canadian Utilities Ltd		1,349
	223,054		Centerpoint Energy, Inc		5,353
	1,265,500		CLP Holdings Ltd		12,927
	376,114		Consolidated Edison, Inc		30,255

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

								VALUE
SHARES			COMPANY					(000)
	246,655		Dominion Resources, Inc					$	19,222
	76,637		Edison International						5,953
	877,011		Energias de Portugal S.A.						2,685
	331,373		Eversource Energy						19,849
	106,759	e	Fortis, Inc						3,609
	5,906,536		Hong Kong & China Gas Ltd						10,793
	2,279,734		Iberdrola S.A.						15,551
	408,016	*	Meridian Energy Ltd						770
	1,366,116		National Grid plc						20,089
	167,000	*	Osaka Gas Co Ltd						642
	118,418		Piedmont Natural Gas Co, Inc						7,119
	315,612		Public Service Enterprise Group, Inc						14,711
	662,962		Scottish & Southern Energy plc						13,798
	252,764		Sempra Energy						28,820
	1,163,242		Snam Rete Gas S.p.A.						6,954
	37,674		South Jersey Industries, Inc						1,191
	431,048		Southern Co						23,117
	299,994		Suez Environnement S.A.						4,679
	32,615		Terna Rete Elettrica Nazionale S.p.A.						182
	699,790		Tokyo Gas Co Ltd						2,889
	421,810		United Utilities Group plc						5,847
	236,298		WEC Energy Group, Inc						15,430
	2,969		WGL Holdings, Inc						210
	262,591		Xcel Energy, Inc						11,759
			TOTAL UTILITIES						294,333
			TOTAL COMMON STOCKS						8,021,616
			(Cost $6,473,498)

PREFERRED STOCKS - 0.2%
BANKS - 0.2%
	233,115	*,e	Federal Home Loan Mortgage Corp						1,037
	740,991	*	Federal National Mortgage Association						3,312
	14,500	*,e	M&T Bank Corp						15,327
			TOTAL BANKS						19,676
			TOTAL PREFERRED STOCKS						19,676
			(Cost $38,865)

RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	929,390		Repsol S.A.						302
			TOTAL ENERGY						302
			TOTAL RIGHTS / WARRANTS						302
			(Cost $305)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 5.9%
GOVERNMENT AGENCY DEBT - 1.0%
$	73,000,000		Federal Home Loan Bank (FHLB)		0.335	%	07/06/16		72,998
	44,000,000		FHLB		0.345		07/29/16		43,994
	30,300,000		FHLB		0.330		08/10/16		30,292
			TOTAL GOVERNMENT AGENCY DEBT						147,284

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
TREASURY DEBT - 2.5%
$	38,400,000	United States Treasury Bill		0.196-0.300	%	08/04/16	$	38,392
	3,100,000	United States Treasury Bill		0.230		08/11/16		3,099
	32,000,000	United States Treasury Bill		0.279		09/01/16		31,987
	50,000,000	United States Treasury Bill		0.195		09/08/16		49,981
	137,800,000	United States Treasury Bill		0.210-0.255		09/22/16		137,723
	65,100,000	United States Treasury Bill		0.236-0.373		09/29/16		65,057
		TOTAL TREASURY DEBT						326,239

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.4%
GOVERNMENT AGENCY DEBT - 0.8%
	22,000,000	Federal Home Loan Bank (FHLB)		0.340		07/20/16		21,996
	36,000,000	FHLB		0.330		07/28/16		35,991
	11,200,000	FHLB		0.270		08/01/16		11,198
	20,000,000	FHLB		0.451		08/26/16		19,986
	20,000,000	FHLB		0.290		08/30/16		19,990
		TOTAL GOVERNMENT AGENCY DEBT						109,161

TREASURY DEBT - 1.6%
	5,000,000	United States Treasury Bill		0.201		07/14/16		5,000
	3,000,000	United States Treasury Bill		0.155		07/21/16		3,000
	15,000,000	United States Treasury Bill		0.196		08/04/16		14,997
	10,000,000	United States Treasury Bill		0.228		08/11/16		9,997
	8,000,000	United States Treasury Bill		0.335		08/18/16		7,996
	15,000,000	United States Treasury Bill		0.235		08/25/16		14,995
	46,000,000	United States Treasury Bill		0.270-0.442		09/01/16		45,971
	15,000,000	United States Treasury Bill		0.302		09/22/16		14,989
	50,000,000	United States Treasury Bill		0.251		09/29/16		49,969
	50,000,000	United States Treasury Bill		0.313		10/06/16		49,958
		TOTAL TREASURY DEBT						216,872

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						326,033

		TOTAL SHORT-TERM INVESTMENTS						799,556
		(Cost $799,534)
		TOTAL INVESTMENTS - 104.6%						14,074,148
		(Cost $12,371,917)
		OTHER ASSETS & LIABILITIES, NET - (4.6)%						(624,635	)
		NET ASSETS - 100.0%					$	13,449,513

394

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 $329,607,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the aggregate value of these securities was $778,440,000, or 5.8% of net assets.

h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
j		Zero coupon
m		Indicates a security that has been deemed illiquid.
w		All or a portion of these securities have been segregated to cover collateral requirements on mortgage dollar rolls.

		Cost amounts are in thousands.

395

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.0%

CERTIFICATE OF DEPOSIT - 2.9%
$	30,000,000		Banco Del Estado De Chile		0.580	%	07/08/16	$	30,000
	50,000,000		Banco Del Estado De Chile		0.570		07/12/16		50,000
	25,000,000		Banco Del Estado De Chile		0.580		08/17/16		25,000
	25,000,000		Banco Del Estado De Chile		0.600		09/12/16		25,000
	30,000,000		Banco Del Estado De Chile		0.600		09/19/16		30,000
	30,000,000		Banco Del Estado De Chile		0.660		10/04/16		30,000
	40,000,000		Toronto-Dominion Bank		0.450		07/19/16		40,000
	50,000,000		Toronto-Dominion Bank		0.540		08/01/16		50,000
	20,000,000		Toronto-Dominion Bank		0.490		08/31/16		20,000
	25,000,000		Toronto-Dominion Bank		0.590		09/29/16		25,000
			TOTAL CERTIFICATE OF DEPOSIT						325,000

COMMERCIAL PAPER - 33.3%
	25,900,000	y	Apple, Inc		0.440		07/05/16		25,899
	35,000,000	y	Apple, Inc		0.420		07/07/16		34,998
	40,000,000	y	Apple, Inc		0.440		07/11/16		39,995
	20,000,000	y	Apple, Inc		0.440		07/13/16		19,997
	37,700,000	y	Apple, Inc		0.450		07/14/16		37,694
	25,000,000	y	Apple, Inc		0.450		07/19/16		24,994
	26,000,000	y	Apple, Inc		0.460		07/22/16		25,993
	20,000,000	y	Apple, Inc		0.460		08/02/16		19,992
	75,000,000	y	Apple, Inc		0.400		09/06/16		74,944
	25,000,000	y	Australia & New Zealand Banking Group Ltd		0.540		07/26/16		24,991
	35,000,000	y	Australia & New Zealand Banking Group Ltd		0.555		08/03/16		34,982
	35,000,000	y	Australia & New Zealand Banking Group Ltd		0.630		08/04/16		34,979
	50,000,000	y	Australia & New Zealand Banking Group Ltd		0.630		09/06/16		49,941
	10,000,000	y	Australia & New Zealand Banking Group Ltd		0.570		09/14/16		9,988
	30,000,000	y	Australia & New Zealand Banking Group Ltd		0.690		10/03/16		29,946
	6,500,000	y	Bedford Row Funding Corp		0.475		07/18/16		6,498
	5,400,000	y	Bedford Row Funding Corp		0.620		09/15/16		5,393
	10,000,000	y	Bedford Row Funding Corp		0.860		09/20/16		9,981
	5,000,000	y	CAFCO LLC		0.560		08/22/16		4,996
	30,000,000	y	CAFCO LLC		0.600		09/09/16		29,965
	6,470,000	y	CAFCO LLC		0.600		09/12/16		6,462
	50,000,000	y	Chevron Corp		0.520		07/11/16		49,993
	25,000,000	y	Ciesco LLC		0.610		09/01/16		24,974
	11,665,000	y	Ciesco LLC		0.730		09/26/16		11,644
	30,000,000	y	Coca-Cola Co		0.500		07/13/16		29,995
	14,500,000	y	Coca-Cola Co		0.330		08/05/16		14,495
	20,000,000	y	Coca-Cola Co		0.650		10/05/16		19,965
	16,550,000	y	Commonwealth Bank of Australia		0.620		08/01/16		16,541
	25,000,000	y	Commonwealth Bank of Australia		0.580		09/16/16		24,969
	43,595,000	y	DBS Bank Ltd		0.600-0.610		08/25/16		43,555
	6,000,000		Exxon Mobil Corp		0.360		07/06/16		6,000
	3,950,000		Exxon Mobil Corp		0.380		07/08/16		3,950
	40,000,000		Exxon Mobil Corp		0.430		08/09/16		39,981

396

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	25,042,000	y	Fairway Finance Co LLC		0.560	%	07/12/16	$	25,038
	30,000,000	y	Fairway Finance Co LLC		0.560		07/14/16		29,994
	20,000,000	y	Fairway Finance Co LLC		0.560		07/18/16		19,995
	46,000,000	y	Fairway Finance Co LLC		0.490		07/25/16		45,985
	25,000,000	y	Fairway Finance Co LLC		0.560		08/08/16		24,985
	5,000,000	y	Fairway Finance Co LLC		0.570		08/16/16		4,996
	4,600,000	y	Hydro-Quebec		0.300		07/08/16		4,600
	9,000,000	y	Hydro-Quebec		0.410		07/25/16		8,997
	32,500,000	y	Hydro-Quebec		0.400		07/26/16		32,491
	70,000,000	y	Hydro-Quebec		0.500-0.505		08/18/16		69,953
	3,900,000	y	Hydro-Quebec		0.470		09/08/16		3,896
	13,800,000		Korea Development Bank		0.595		07/01/16		13,800
	20,000,000		Korea Development Bank		0.600		07/19/16		19,994
	20,000,000		Korea Development Bank		0.490		07/20/16		19,995
	10,000,000		Korea Development Bank		0.520		07/26/16		9,996
	20,000,000		Korea Development Bank		0.590		08/05/16		19,988
	20,000,000		Korea Development Bank		0.590		08/09/16		19,987
	20,000,000		Korea Development Bank		0.580		08/16/16		19,985
	10,000,000		Korea Development Bank		0.700		10/03/16		9,982
	8,000,000		Korea Development Bank		0.730		10/04/16		7,985
	6,500,000	y	Microsoft Corp		0.400		07/06/16		6,500
	49,700,000	y	Microsoft Corp		0.420		07/13/16		49,693
	35,100,000	y	Microsoft Corp		0.420-0.440		07/27/16		35,089
	5,840,000	y	Microsoft Corp		0.470		08/10/16		5,837
	50,000,000	y	Microsoft Corp		0.470		08/17/16		49,969
	10,000,000	y	Microsoft Corp		0.440		09/07/16		9,992
	2,306,000	y	Microsoft Corp		0.470		09/28/16		2,303
	4,580,000	y	Microsoft Corp		0.460		10/05/16		4,575
	25,000,000	y	National Australia Bank Ltd		0.800		09/19/16		24,956
	25,000,000	y	National Australia Bank Ltd		0.650		10/03/16		24,958
	10,000,000	y	Nestle Capital Corp		0.580		07/12/16		9,998
	20,000,000	y	Nestle Capital Corp		0.570		07/19/16		19,994
	33,735,000	y	Nestle Capital Corp		0.560-0.580		07/22/16		33,724
	14,725,000	y	Nestle Capital Corp		0.550		07/26/16		14,719
	28,600,000	y	Nestle Capital Corp		0.560		08/05/16		28,585
	15,000,000	y	Nestle Capital Corp		0.550		08/12/16		14,990
	28,630,000	y	Nestle Capital Corp		0.550		08/22/16		28,607
	60,000,000	y	Nestle Capital Corp		0.555-0.560		08/23/16		59,951
	33,750,000	y	Nestle Capital Corp		0.530-0.540		08/29/16		33,721
	14,250,000	y	Nestle Capital Corp		0.555		08/30/16		14,237
	10,000,000	y	Nestle Capital Corp		0.580		09/02/16		9,990
	21,580,000	y	Nestle Capital Corp		0.600		09/16/16		21,552
	15,000,000	y	Nestle Capital Corp		0.520-0.590		10/04/16		14,978
	20,000,000	y	Nordea Bank AB		0.618		07/29/16		19,990
	10,000,000	y	Novartis Finance Corp		0.460		07/01/16		10,000
	10,000,000	y	Novartis Finance Corp		0.395		07/05/16		10,000
	1,671,000	y	Novartis Finance Corp		0.440		07/06/16		1,671
	6,000,000	y	Novartis Finance Corp		0.390		07/07/16		6,000
	14,150,000	y	Novartis Finance Corp		0.370		07/08/16		14,149
	42,600,000	y	Novartis Finance Corp		0.470		07/18/16		42,590
	7,165,000	y	Novartis Finance Corp		0.480		07/25/16		7,163
	5,625,000	y	Novartis Finance Corp		0.490		08/08/16		5,622
	14,200,000	y	Novartis Finance Corp		0.520		08/19/16		14,190
	10,000,000	y	Novartis Finance Corp		0.520		08/22/16		9,992

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	30,000,000	y	Old Line Funding LLC		0.470	%	07/20/16	$	29,993
	25,000,000	y	Old Line Funding LLC		0.680		08/08/16		24,982
	25,000,000	y	Old Line Funding LLC		0.670		08/16/16		24,979
	525,000	y	Old Line Funding LLC		0.800		08/29/16		524
	44,500,000	y	Old Line Funding LLC		0.660		09/07/16		44,444
	25,000,000	y	Old Line Funding LLC		0.750		09/15/16		24,960
	20,000,000	y	Old Line Funding LLC		0.630		10/04/16		19,967
	14,995,000	y	Oversea-Chinese Banking Corp Ltd		0.525-0.530		08/02/16		14,988
	10,800,000		PACCAR Financial Corp		0.380		07/01/16		10,800
	16,980,000		PACCAR Financial Corp		0.510		07/13/16		16,977
	1,500,000		PACCAR Financial Corp		0.480		07/18/16		1,500
	15,550,000		PACCAR Financial Corp		0.510		07/21/16		15,546
	3,300,000		PACCAR Financial Corp		0.480		07/22/16		3,299
	50,000,000	y	PepsiCo, Inc		0.420		08/25/16		49,968
	25,000,000	y	Private Export Funding Corp		0.520		07/08/16		24,997
	25,000,000	y	Private Export Funding Corp		0.530		07/13/16		24,996
	55,000,000	y	Private Export Funding Corp		0.520-0.530		08/03/16		54,973
	24,640,000	y	Private Export Funding Corp		0.560		10/03/16		24,604
	25,000,000	y	Private Export Funding Corp		0.640		10/04/16		24,958
	12,000,000		Province of British Columbia Canada		0.720		07/05/16		11,999
	10,000,000		Province of British Columbia Canada		0.450		07/07/16		9,999
	30,000,000		Province of British Columbia Canada		0.445-0.500		07/08/16		29,997
	23,000,000		Province of British Columbia Canada		0.680		07/11/16		22,996
	32,300,000		Province of British Columbia Canada		0.590-0.600		07/12/16		32,294
	15,000,000		Province of British Columbia Canada		0.460		07/15/16		14,998
	14,362,000		Province of British Columbia Canada		0.510		07/22/16		14,358
	15,000,000		Province of British Columbia Canada		0.620		07/29/16		14,993
	13,000,000		Province of British Columbia Canada		0.500		08/02/16		12,994
	34,065,000		Province of British Columbia Canada		0.460		09/21/16		34,029
	31,000,000		Province of British Columbia Canada		0.580		10/03/16		30,953
	20,000,000		Province of Ontario Canada		0.470		07/05/16		19,999
	16,000,000		Province of Ontario Canada		0.490		07/07/16		15,999
	22,565,000		Province of Ontario Canada		0.380		07/14/16		22,562
	6,000,000		Province of Ontario Canada		0.490		07/27/16		5,998
	5,000,000		Province of Ontario Canada		0.480		08/10/16		4,997
	50,000,000		Province of Ontario Canada		0.415-0.470		08/22/16		49,968
	25,000,000		Province of Ontario Canada		0.470		09/08/16		24,977
	25,000,000		Province of Ontario Canada		0.465		09/20/16		24,974
	43,228,000	y	Province of Quebec Canada		0.460-0.520		07/06/16		43,225
	20,000,000	y	Province of Quebec Canada		0.410		07/28/16		19,994
	35,000,000	y	Province of Quebec Canada		0.500		08/11/16		34,980
	25,000,000	y	Province of Quebec Canada		0.405		08/22/16		24,985
	2,500,000	y	Province of Quebec Canada		0.490-0.600		09/01/16		2,498
	29,362,000	y	Province of Quebec Canada		0.510		09/08/16		29,333
	4,050,000	y	Province of Quebec Canada		0.510		10/06/16		4,045
	10,000,000	y	PSP Capital, Inc		0.520		07/05/16		9,999
	6,700,000	y	PSP Capital, Inc		0.480		07/21/16		6,698
	38,910,000	y	PSP Capital, Inc		0.540-0.590		07/28/16		38,893
	12,900,000	y	PSP Capital, Inc		0.600-0.610		08/02/16		12,893
	28,000,000	y	PSP Capital, Inc		0.600		08/08/16		27,982
	35,000,000	y	PSP Capital, Inc		0.610		08/12/16		34,975
	10,000,000	y	PSP Capital, Inc		0.550		08/17/16		9,993
	25,000,000	y	PSP Capital, Inc		0.650		08/26/16		24,975
	20,000,000	y	PSP Capital, Inc		0.580		08/29/16		19,981

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	18,000,000	y	PSP Capital, Inc		0.610	%	09/16/16	$	17,977
	14,070,000	y	PSP Capital, Inc		0.640		09/28/16		14,048
	40,000,000	y	PSP Capital, Inc		0.560-0.630		10/06/16		39,934
	8,000,000	y	Roche Holdings, Inc		0.410		07/05/16		8,000
	25,000,000	y	Roche Holdings, Inc		0.420		07/07/16		24,998
	15,000,000	y	Roche Holdings, Inc		0.400		07/11/16		14,998
	30,000,000	y	Roche Holdings, Inc		0.420		07/12/16		29,996
	30,000,000	y	Roche Holdings, Inc		0.405		07/19/16		29,994
	30,000,000	y	Roche Holdings, Inc		0.420		07/22/16		29,993
	50,000,000	y	Roche Holdings, Inc		0.410-0.420		07/27/16		49,985
	30,000,000	y	Roche Holdings, Inc		0.455		08/02/16		29,988
	25,000,000		Royal Bank of Canada		0.680		07/01/16		25,000
	30,000,000	y	Svenska Handelsbanken AB		0.645		07/05/16		29,998
	1,650,000	y	Svenska Handelsbanken AB		0.520		07/08/16		1,650
	21,800,000	y	Svenska Handelsbanken AB		0.635-0.650		07/11/16		21,796
	1,145,000	y	Svenska Handelsbanken AB		0.640		08/09/16		1,144
	22,000,000	y	Svenska Handelsbanken AB		0.715		09/01/16		21,973
	25,000,000	y	Svenska Handelsbanken AB		0.640		10/05/16		24,957
	20,000,000	y	Toronto-Dominion Holdings USA, Inc		0.590		09/19/16		19,974
	25,000,000	y	Toronto-Dominion Holdings USA, Inc		0.650		10/07/16		24,956
	25,000,000	y	Unilever Capital Corp		0.480		07/05/16		24,999
	36,500,000	y	Unilever Capital Corp		0.460-0.500		07/18/16		36,491
	19,000,000	y	Unilever Capital Corp		0.510		07/28/16		18,993
	9,800,000	y	Unilever Capital Corp		0.520		08/01/16		9,796
	15,000,000	y	Unilever Capital Corp		0.490		08/02/16		14,993
	7,000,000	y	Unilever Capital Corp		0.500		08/05/16		6,997
	25,000,000	y	Unilever Capital Corp		0.510		08/08/16		24,986
	1,565,000	y	United Overseas Bank Ltd		0.580		07/19/16		1,565
	5,550,000	y	United Overseas Bank Ltd		0.590		09/07/16		5,544
	10,000,000		Washington Gas Light Co		0.400		07/01/16		10,000
	10,000,000		Washington Gas Light Co		0.430		07/06/16		9,999
	15,000,000	y	Westpac Banking Corp		0.520		08/19/16		14,989
	2,000,000	y	Westpac Banking Corp		0.560		09/01/16		1,998
	20,000,000	y	Westpac Banking Corp		0.840-0.845		09/16/16		19,964
	5,000,000	y	Westpac Banking Corp		0.610		09/28/16		4,992
			TOTAL COMMERCIAL PAPER						3,761,270

GOVERNMENT AGENCY DEBT - 29.3%
	20,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.260		07/11/16		19,999
	40,000,000		FAMC		0.320-0.325		08/01/16		39,989
	20,000,000		FAMC		0.340		08/26/16		19,990
	4,030,000		FAMC		0.450		09/08/16		4,027
	47,560,000		FAMC		0.395-0.400		10/11/16		47,506
	10,000,000		FAMC		0.460		11/01/16		9,984
	15,000,000		FAMC		0.460		11/02/16		14,976
	6,000,000		FAMC		0.460		11/03/16		5,990
	39,600,000		FAMC		0.010-0.510		11/18/16		39,528
	17,250,000		FAMC		0.520		12/01/16		17,212
	20,000,000		FAMC		0.500		12/16/16		19,953
	28,000,000		Federal Farm Credit Bank (FFCB)		0.500-0.510		10/11/16		27,960
	25,000,000		FFCB		0.360		10/18/16		24,973
	19,750,000		FFCB		0.430		10/26/16		19,722
	5,000,000		FFCB		0.580		10/27/16		4,991
	22,500,000		FFCB		0.390		10/31/16		22,470

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	15,000,000	FFCB		0.370	%	11/04/16	$	14,981
	50,000,000	FFCB		0.520		11/09/16		49,905
	30,710,000	FFCB		0.440-0.540		11/10/16		30,658
	28,250,000	FFCB		0.440		11/16/16		28,202
	14,869,000	FFCB		0.560-0.600		12/06/16		14,831
	65,920,000	Federal Home Loan Bank (FHLB)		0.280-0.285		07/01/16		65,920
	30,000,000	FHLB		0.285		07/05/16		29,999
	107,600,000	FHLB		0.280-0.335		07/06/16		107,595
	53,132,000	FHLB		0.295-0.570		07/08/16		53,128
	8,600,000	FHLB		0.285		07/11/16		8,599
	30,000,000	FHLB		0.323		07/13/16		29,997
	63,475,000	FHLB		0.300-0.305		07/14/16		63,468
	48,231,000	FHLB		0.330-0.345		07/15/16		48,225
	55,000,000	FHLB		0.300		07/18/16		54,992
	7,000,000	FHLB		0.290-0.300		07/19/16		6,999
	103,615,000	FHLB		0.270-0.410		07/20/16		103,597
	13,300,000	FHLB		0.300		07/21/16		13,298
	32,878,000	FHLB		0.345		07/22/16		32,871
	87,460,000	FHLB		0.300-0.390		07/25/16		87,440
	48,950,000	FHLB		0.280-0.390		07/26/16		48,939
	31,600,000	FHLB		0.320-0.340		07/27/16		31,592
	88,626,000	FHLB		0.290-0.365		07/29/16		88,603
	1,300,000	FHLB		0.280		08/01/16		1,300
	30,000,000	FHLB		0.320		08/02/16		29,991
	70,313,000	FHLB		0.305-0.400		08/03/16		70,292
	35,000,000	FHLB		0.310-0.385		08/04/16		34,988
	90,000,000	FHLB		0.330-0.385		08/05/16		89,969
	8,000,000	FHLB		0.311-0.320		08/08/16		7,997
	60,100,000	FHLB		0.260-0.410		08/09/16		60,080
	21,900,000	FHLB		0.308-0.460		08/10/16		21,892
	36,200,000	FHLB		0.310-0.315		08/11/16		36,187
	96,200,000	FHLB		0.300-0.440		08/12/16		96,156
	17,985,000	FHLB		0.435		08/15/16		17,975
	36,881,000	FHLB		0.320		08/16/16		36,866
	29,000,000	FHLB		0.320-0.370		08/17/16		28,988
	15,175,000	FHLB		0.300		08/18/16		15,169
	38,275,000	FHLB		0.320-0.345		08/19/16		38,258
	50,000,000	FHLB		0.320-0.330		08/22/16		49,977
	40,600,000	FHLB		0.320		08/23/16		40,581
	40,000,000	FHLB		0.330		08/24/16		39,980
	49,700,000	FHLB		0.320-0.460		08/26/16		49,666
	80,000,000	FHLB		0.300-0.320		08/29/16		79,959
	66,100,000	FHLB		0.325-0.350		08/30/16		66,064
	19,700,000	FHLB		0.335-0.340		08/31/16		19,689
	25,000,000	FHLB		0.330		09/01/16		24,986
	52,000,000	FHLB		0.390-0.400		09/02/16		51,964
	39,575,000	FHLB		0.350-0.390		09/07/16		39,546
	38,000,000	FHLB		0.400		09/14/16		37,968
	30,300,000	FHLB		0.320-0.480		09/16/16		30,276
	65,900,000	FHLB		0.350-0.400		09/21/16		65,844
	25,000,000	FHLB		0.360		09/22/16		24,979
	25,000,000	FHLB		0.370		09/23/16		24,978
	10,000,000	FHLB		0.395		09/27/16		9,990
	20,000,000	FHLB		0.400		09/28/16		19,980

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	25,000,000	FHLB		0.360	%	10/11/16	$	24,975
	5,700,000	FHLB		0.420		10/12/16		5,693
	10,000,000	FHLB		0.455		10/25/16		9,985
	25,000,000	FHLB		0.450		10/28/16		24,963
	2,300,000	FHLB		0.480		11/14/16		2,296
	13,300,000	FHLB		0.470-0.510		11/16/16		13,275
	24,000,000	FHLB		0.473		12/16/16		23,947
	20,000,000	Federal Home Loan Mortgage Corp (FHLMC)		0.465		08/12/16		19,989
	7,890,000	FHLMC		0.500		08/26/16		7,884
	10,480,000	FHLMC		0.490		09/23/16		10,468
	47,400,000	FHLMC		0.380-0.590		10/19/16		47,337
	52,810,000	FHLMC		0.410-0.415		10/21/16		52,742
	2,165,000	FHLMC		0.430		11/02/16		2,162
	32,810,000	FHLMC		0.402-0.515		11/04/16		32,761
	16,045,000	FHLMC		0.370-0.520		11/07/16		16,018
	20,000,000	FHLMC		0.500-0.530		11/16/16		19,960
	4,600,000	FHLMC		0.540		12/01/16		4,589
	20,000,000	FHLMC		0.370		12/05/16		19,968
	6,165,000	FHLMC		0.470		12/13/16		6,152
	25,163,000	FHLMC		0.500		01/27/17		25,141
	17,000,000	FHLMC		0.875		02/22/17		17,030
	6,546,000	Federal National Mortgage Association (FNMA)		0.545-0.550		07/06/16		6,546
	23,500,000	FNMA		0.350-0.490		10/14/16		23,475
	33,605,000	FNMA		0.360-0.455		10/17/16		33,560
	43,925,000	FNMA		0.360-0.510		10/18/16		43,873
	25,000,000	FNMA		0.430		10/19/16		24,967
	15,000,000	FNMA		0.430-0.480		10/20/16		14,979
	80,000,000	FNMA		0.370-0.440		10/24/16		79,898
	6,340,000	FNMA		0.530		10/28/16		6,329
	10,730,000	FNMA		0.570		11/01/16		10,709
	25,000,000	FNMA		0.380		11/02/16		24,967
	10,000,000	FNMA		0.535		11/04/16		9,981
	12,472,000	FNMA		1.250		01/30/17		12,513
	10,000,000	Tennessee Valley Authority		0.255		07/05/16		10,000
		TOTAL GOVERNMENT AGENCY DEBT						3,304,776

TREASURY DEBT - 17.3%
	95,175,000	United States Treasury Bill		0.155-0.447		07/07/16		95,171
	33,720,000	United States Treasury Bill		0.202-0.310		07/14/16		33,717
	80,000,000	United States Treasury Bill		0.200-0.247		07/21/16		79,991
	75,000,000	United States Treasury Bill		0.196-0.395		07/28/16		74,983
	97,110,000	United States Treasury Bill		0.190-0.430		08/04/16		97,078
	85,135,000	United States Treasury Bill		0.212-0.414		08/11/16		85,106
	56,620,000	United States Treasury Bill		0.204-0.445		08/18/16		56,592
	100,000,000	United States Treasury Bill		0.220-0.396		08/25/16		99,957
	90,000,000	United States Treasury Bill		0.236-0.475		09/01/16		89,943
	64,890,000	United States Treasury Bill		0.225-0.459		09/08/16		64,852
	100,000,000	United States Treasury Bill		0.248-0.452		09/22/16		99,912
	30,000,000	United States Treasury Bill		0.248		09/29/16		29,981
	50,000,000	United States Treasury Bill		0.320-0.395		10/13/16		49,947
	61,190,000	United States Treasury Bill		0.216-0.391		10/20/16		61,129
	10,000,000	United States Treasury Bill		0.384		11/03/16		9,987
	20,000,000	United States Treasury Bill		0.316		11/10/16		19,977
	10,000,000	United States Treasury Bill		0.436		11/25/16		9,982

401

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	10,000,000		United States Treasury Bill		0.291	%	12/22/16	$	9,986
	105,960,000		United States Treasury Note		0.625		07/15/16		105,971
	10,000,000		United States Treasury Note		0.500		07/31/16		10,001
	89,470,000		United States Treasury Note		0.625		08/15/16		89,491
	95,280,000		United States Treasury Note		0.500		08/31/16		95,281
	80,530,000		United States Treasury Note		0.875		09/15/16		80,593
	100,390,000		United States Treasury Note		0.500		09/30/16		100,402
	105,000,000		United States Treasury Note		0.375		10/31/16		104,971
	125,000,000		United States Treasury Note		0.625		11/15/16		125,082
	35,000,000		United States Treasury Note		0.500		11/30/16		35,005
	65,000,000		United States Treasury Note		0.875		11/30/16		65,113
	60,000,000		United States Treasury Note		0.625		12/15/16		60,047
	19,280,000		United States Treasury Note		0.500		01/31/17		19,284
			TOTAL TREASURY DEBT						1,959,532

VARIABLE RATE SECURITIES - 17.2%
	45,000,000	i	Federal Agricultural Mortgage Corp (FAMC)		0.426		11/23/16		45,000
	30,000,000	i	FAMC		0.497		01/03/17		30,000
	45,000,000	i	FAMC		0.572		06/07/17		45,000
	45,000,000	i	FAMC		0.523		09/06/17		45,000
	150,000,000	i	Federal Farm Credit Bank (FFCB)		0.415		08/10/16		149,997
	50,000,000	i	FFCB		0.432		08/24/16		49,998
	10,000,000	i	FFCB		0.467		10/11/16		10,000
	14,500,000	i	FFCB		0.565		12/16/16		14,501
	32,300,000	i	FFCB		0.480		12/30/16		32,288
	22,000,000	i	FFCB		0.450		01/13/17		22,000
	120,000,000	i	FFCB		0.432		01/24/17		119,997
	10,275,000	i	FFCB		0.404		01/30/17		10,268
	6,000,000	i	FFCB		0.487		02/13/17		5,998
	64,000,000	i	FFCB		0.456		02/23/17		63,988
	76,000,000	i	FFCB		0.469		03/02/17		76,000
	50,000,000	i	FFCB		0.500		03/09/17		49,986
	15,200,000	i	FFCB		0.500		04/10/17		15,201
	105,000,000	i	FFCB		0.437		06/15/17		104,993
	50,000,000	i	FFCB		0.540		06/27/17		49,960
	72,000,000	i	FFCB		0.426		07/17/17		71,995
	50,000,000	i	FFCB		0.470		08/04/17		49,989
	40,000,000	i	FFCB		0.476		01/17/18		39,957
	37,000,000	i	FFCB		0.519		02/02/18		36,935
	3,750,000	i	FFCB		0.604		02/06/18		3,749
	25,000,000	i	FFCB		0.601		02/23/18		24,994
	50,000,000	i	FFCB		0.483		03/22/18		49,913
	25,000,000	i	FFCB		0.620		06/13/18		24,995
	16,500,000	i	Federal Home Loan Bank (FHLB)		0.502		01/30/17		16,497
	60,000,000	i	FHLB		0.493		02/17/17		59,986
	50,000,000	i	FHLB		0.538		02/22/17		50,000
	50,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.443		07/21/16		50,000
	9,500,000	i	FHLMC		0.452		01/12/17		9,500
	97,000,000	i	FHLMC		0.452		01/13/17		97,000
	11,300,000	i	FHLMC		0.453		04/20/17		11,296
	30,000,000	i	FHLMC		0.493		04/27/17		29,995
	50,000,000	i	FHLMC		0.578		07/21/17		49,994
	25,000,000	i	FHLMC		0.517		11/13/17		25,000
	21,497,000	i	Federal National Mortgage Association (FNMA)		0.462		08/15/16		21,498

402

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	45,050,000	i	FNMA		0.468	%	01/26/17	$	45,054
	78,000,000	i	FNMA		0.468		07/20/17		77,941
	94,500,000	i	FNMA		0.452		08/16/17		94,489
	66,140,000	i	FNMA		0.473		10/05/17		66,106
			TOTAL VARIABLE RATE SECURITIES						1,947,058

			TOTAL SHORT-TERM INVESTMENTS						11,297,636
			(Cost $11,297,636)

			TOTAL INVESTMENTS - 100.0%						11,297,636
			(Cost $11,297,636)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						2,172
			NET ASSETS - 100.0%					$	11,299,808


i		Floating or variable rate security. Coupon rate reflects the rate at period end.
y		Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/16, the aggregate value of these securities was $3,077,422,000, or 27.2% of net assets.

		Cost amounts are in thousands.

403

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND

Dated: August 11, 2016	By:	/s/Robert G. Leary
		Robert G. Leary Principal Executive Officer and Executive Vice President (principal executive officer)

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

Dated: August 11, 2016	By:	/s/Robert G. Leary
		Robert G. Leary Principal Executive Officer and Executive Vice President (principal executive officer)

Dated: August 11, 2016	By:	/s/Virginia M. Wilson
		Virginia M. Wilson Executive Vice President, Chief Financial Officer and Principal Accounting Officer (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(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